SunPower Corporation (SPWR) 2023 Q4 法說會逐字稿

Good morning, welcome to SunPower Corporation's fourth quarter and full-year 2023 earnings call.

早安，歡迎參加 SunPower 公司第四季和 2023 年全年財報電話會議。

(Operator Instructions) Please be advised, today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄製中。

I would now like to turn the call over to Mr. Mike Weinstein, Vice president of Investor Relations at SunPower Corporation.

我現在想將電話轉給 SunPower Corporation 投資者關係副總裁 Mike Weinstein 先生。

You may begin.

你可以開始了。

Good morning.

早安.

I would like to welcome everyone to our fourth-quarter 2023 earnings conference call.

歡迎大家參加我們的 2023 年第四季財報電話會議。

On the call today, we will begin with comments from Peter Faricy, CEO of SunPower, who will provide an update on Q4 business highlights, recent cost reduction actions, and our recent announcement of fresh capital from our majority shareholders along with our entrance into new long-term waivers from key financial partners, and our entry into an amendment to our revolving debt facility.

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，他將提供有關第四季度業務亮點、最近的成本削減行動以及我們最近宣布的大股東新資本以及我們進入新公司的最新資訊。主要金融合作夥伴的長期豁免，以及我們對循環債務安排的修訂。

Peter will also provide a view of key drivers for improved profitability and cash flow in 2024, along with updates on new homes and SunPower Financial.

Peter 也將提供 2024 年獲利能力和現金流改善的關鍵驅動因素的觀點，以及新房和 SunPower Financial 的最新資訊。

Following Peter's comments, Beth Eby, SunPower CFO, will then review our financial results.

根據 Peter 的評論，SunPower 財務長 Beth Eby 將審查我們的財務表現。

Peter will close with guidance for gross margin and cash flow improvement in 2024 and beyond.

Peter 將以 2024 年及以後毛利率和現金流改善的指導結束。

As a reminder, a replay of the call will be available later today on the Investor Relations page of our website.

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, and our actual performance and results may differ materially from our forward-looking statements.

在今天的電話會議中，我們將做出前瞻性陳述，這些陳述受到各種風險和不確定性的影響，我們的實際業績和結果可能與我們的前瞻性陳述有重大差異。

These risks and uncertainties are described in the forward-looking statement disclaimers contained in today's slide presentation, today's press release, our 2022 Form 10-K/A, and our quarterly reports on Form 10-Q.

這些風險和不確定性在今天的幻燈片演示、今天的新聞稿、我們的 2022 年表格 10-K/A 以及我們的表格 10-Q 季度報告中包含的前瞻性聲明免責聲明中進行了描述。

Please see these documents for additional information regarding factors that may affect forward-looking statements and read the forward-looking statement disclaimers contained therein.

請參閱這些文件，了解有關可能影響前瞻性聲明的因素的更多信息，並閱讀其中包含的前瞻性聲明免責聲明。

Also, we will reference certain non-GAP metrics during today's call.

此外，我們將在今天的電話會議中參考某些非 GAP 指標。

Please refer to the appendix of the presentation as well as today's earnings press release for the GAAP to non-GAAP reconciliation.

請參閱簡報的附錄以及今天的收益新聞稿，以了解 GAAP 與非 GAAP 調整表。

Finally, to enhance the call, we have posted PowerPoint slides, which we'll reference during the call on the Events and Presentations page of our Investor Relations website.

最後，為了增強電話會議的效果，我們發布了 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簡報頁面上參考這些幻燈片。

We have also posted a supplemental data sheet detailing additional historical metrics.

我們也發布了補充資料表，詳細說明了其他歷史指標。

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

說到這裡，我想將電話轉給 SunPower 執行長 Peter Faricy。

Peter?

彼得？

Thanks, Mike, and good morning, everyone.

謝謝麥克，大家早安。

Today, I will discuss our Q4 2023 results, our recent injection of new capital, and the expected impact from cost reduction actions taken in the last few months.

今天，我將討論我們 2023 年第四季的業績、我們最近注入的新資本，以及過去幾個月採取的成本削減行動的預期影響。

We believe these cost reductions will make meaningful improvements to profitability and cash flow later this year and beyond.

我們相信，這些成本削減將為今年稍後及以後的獲利能力和現金流帶來有意義的改善。

2023 was one of the toughest years this industry has had to endure, and we know that last year was as frustrating for you as it has been for us.

2023 年是這個行業經歷的最艱難的一年，我們知道去年對您和我們來說都是令人沮喪的。

We have been taking concrete actions designed to position the company for success in 2024 and beyond even if consumer demand declines.

我們一直在採取具體行動，旨在即使消費者需求下降，也能讓公司在 2024 年及以後取得成功。

I look forward to sharing with you how we intend to continue delivering the best customer experience in the industry, while we aim to reduce costs and improve profitability going forward.

我期待與您分享我們打算如何繼續提供業內最佳的客戶體驗，同時我們的目標是降低成本並提高未來的獲利能力。

Please turn to slide number 4.

請翻到第 4 張投影片。

I'm pleased to report that we have successfully raised $200 million of new capital commitments, including $175 million of second lien debt from Sol Holding, the JV between TotalEnergies and GIP that holds a majority of our shares outstanding, which is inclusive of the $45 million of bridge loan financing already provided since December.

我很高興地報告，我們已經成功籌集了2 億美元的新資本承諾，其中包括來自Sol Holding 的1.75 億美元第二留置權債務，Sol Holding 是TotalEnergies 和GIP 之間的合資企業，持有我們大部分已發行股份，其中包括45 美元自12月以來已提供了100萬美元的過橋貸款融資。

In addition, we have also obtained new long-term waivers from key financial partners and entered into an amendment to our revolving debt facility that includes access to an incremental $25 million of revolver capacity.

此外，我們還獲得了主要金融合作夥伴的新的長期豁免，並對我們的循環債務融資進行了修訂，其中包括獲得 2500 萬美元增量的循環債務能力。

Please turn to slide number 5.

請翻到第 5 張投影片。

In the fourth quarter, difficult market conditions continued, driven by higher interest rates and net metering policy changes in California under NEM 3.0. As I will discuss further in a few moments, we've already taken actions that we estimate will result in approximately $100 million of analyzed run rate savings, most of which we expect to be realized by midyear 2024.

第四季度，受 NEM 3.0 下加州利率上升和淨計量政策變化的推動，市場狀況仍然很困難。正如我稍後將進一步討論的那樣，我們已經採取了一些行動，預計將節省約 1 億美元的分析運行率，其中大部分預計將在 2024 年年中實現。

We added 16,000 new customers for the quarter as we transitioned away from NEM 2.0 installations.

隨著我們從 NEM 2.0 安裝過渡，本季我們增加了 16,000 名新客戶。

Our backlog of 52,100 homes this year reflects a combination of retrofit and new homes channels, including a growing multifamily segment.

今年我們積壓的 52,100 套住宅反映了改造和新建住宅管道的結合，其中包括不斷增長的多戶住宅市場。

Retrofit backlog now stands at 15,100, reflecting both our ability to execute on installations as well as a deliberate effort to resolve pending cancellations at year end. new homes backlog remained mostly steady at 37,000, while new homes installations continued to improve and grew 19% in Q4 versus Q3.

目前，改造積壓訂單數量為 15,100 件，這不僅反映了我們執行安裝的能力，也反映了我們為解決年底未決取消問題而做出的刻意努力。新房積壓量基本上穩定在 37,000 套，而新房安裝量持續改善，第四季較第三季增加 19%。

I'll have more to add on our new homes segment in a few minutes.

幾分鐘後我將在我們的新住宅部分添加更多內容。

We began to see some improvement in new sales bookings in September, and overall net bookings for Q4 were down 24% year over year on a revenue basis, including the resolution of cancellations.

我們開始看到 9 月新銷售預訂量有所改善，第四季度的整體淨預訂量按收入計算年減 24%，其中包括取消訂單的解決方案。

Winter is a seasonally slow period for the industry, as many of you know, so we will be looking for further signs of improvement in the spring.

正如許多人所知，冬季是該行業的季節性淡季，因此我們將在春季尋找進一步改善的跡象。

We continue to anticipate a growing value proposition for our customers over the long term as we expect traditional retail electric costs to rise, while solar and storage equipment costs decline in the years to come.

我們繼續預計，從長遠來看，我們的客戶價值主張將持續成長，因為我們預計傳統零售電力成本將上升，而太陽能和儲存設備成本將在未來幾年下降。

And that further clarity on solar tax credits for domestic content will also come to light over time.

隨著時間的推移，國內太陽能稅收抵免的進一步明確也將浮出水面。

Storage and SunPower Financial sales attach rates continue to be bright spots for the quarter, with the storage attach rate at 76% in our California Direct Channel and a 23% attach rate overall.

儲存和 SunPower Financial 銷售附加率繼續成為本季的亮點，我們加州直接通路的儲存附加率為 76%，整體附加率為 23%。

Moreover, storage attach rates for full-year 2024 are expected to continue improving as we transition away from SunVault to expand our offerings and include a grid-tied option for consumers.

此外，隨著我們從 SunVault 過渡到擴大我們的產品範圍並為消費者提供併網選項，預計 2024 年全年的儲存附加率將繼續提高。

SunPower Financial reached a record-setting 65% attach rate for the quarter and continues to benefit from strong consumer interest in lease contracts.

SunPower Financial 本季附加費達到創紀錄的 65%，並繼續受益於消費者對租賃合約的濃厚興趣。

As noted previously, further growth for leasing is expected in 2024 and beyond due to a combination of lease payment competitiveness versus higher utility bills and bonus tax incentives under the Inflation Reduction Act.

如前所述，由於租金支付競爭力與更高的公用事業費用以及《通貨膨脹減少法案》規定的獎金稅收優惠相結合，預計租賃業務將在 2024 年及以後進一步增長。

SunPower remains customer-centric and agnostic toward lease or loan financing, and we believe that our continued access to capital markets as a top-tier residential solar company is a competitive advantage.

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，作為頂級住宅太陽能公司，我們持續進入資本市場是一種競爭優勢。

As we begin this year, we've decided to simplify the financial metrics we provide to you, and we'll no longer provide a calculation of EBITDA per customer before platform investment.

從今年開始，我們決定簡化向您提供的財務指標，我們將不再提供平台投資前每位客戶的 EBITDA 計算。

With our emphasis on profitability under current market conditions, we are shifting our attention towards gross margin and cash flow going forward, and I'll share the details on that shortly.

由於我們強調當前市場條件下的獲利能力，我們正在將注意力轉向未來的毛利率和現金流，我很快就會分享相關細節。

Please turn to slide number six.

請翻到第六張幻燈片。

We see several factors at work this year that we believe provide a highly visible path towards improved profitability and cash flow.

我們看到今年有幾個因素在發揮作用，我們相信這些因素為提高獲利能力和現金流提供了一條非常明顯的途徑。

First, we've already executed on nearly $100 million of COGS and OpEx savings, which we believe will recur annually with about two-thirds of these savings from reduced COGS, including the previously announced consolidation of SunPower Direct installation sites, lower cost panels, lower freight costs, and reduced overhead.

首先，我們已經節省了近1 億美元的COGS 和營運支出，我們相信每年都會實現這一目標，其中約三分之二的節省來自COGS 的降低，包括先前宣布的SunPower Direct 安裝網站整合、成本更低的面板、降低運費，並減少管理費用。

Furthermore, the majority of OpEx reduction actions are related to labor costs with the remainder from facilities costs.

此外，大部分營運支出削減行動與勞動成本有關，其餘則與設施成本有關。

The cost to achieve these savings is relatively $9 million expected to be incurred in 2024.

預計到 2024 年，實現這些節省的成本預計將達到 900 萬美元。

Second, we expect to benefit in 2024 from new relationships with key suppliers, as well as lower cost of equipment, particularly panels.

其次，我們預計 2024 年將受惠於與主要供應商的新關係，以及設備（尤其是面板）成本的降低。

As our supply chains evolve and diversify, we expect to see opportunities to provide more value to consumers and shareholders without sacrificing quality as supplier competition heats up over the next few years.

隨著我們的供應鏈不斷發展和多元化，隨著未來幾年供應商競爭的加劇，我們預計將有機會在不犧牲品質的情況下為消費者和股東提供更多價值。

We expect to realize as much as a 37% decline in overall equipment expense from lower cost panels, inverters, and racking systems.

我們預計，透過降低面板、逆變器和貨架系統的成本，整體設備費用將減少 37%。

Please turn to slide number seven.

請翻到第七張幻燈片。

We are pleased to be able to achieve material cost savings without having to sacrifice quality.

我們很高興能夠在不犧牲品質的情況下節省材料成本。

Using panels as an example, you can see that premium manufacturers are converging on panel efficiency.

以面板為例，您可以看到優質製造商正在集中精力提高面板效率。

At the same time, best-in-class premium panel makers have also been able to achieve new levels of lower cost.

同時，一流的優質面板製造商也能夠將成本降低到新的水平。

We believe we can continue to offer customers and dealers the highest quality products now at prices that are much more affordable.

我們相信，我們現在可以繼續以更實惠的價格為客戶和經銷商提供最優質的產品。

Please turn to slide number eight.

請翻到第八張幻燈片。

New homes performed better than expected in 2023 as the homebuilding industry proved to be surprisingly resilient in the face of higher mortgage rates.

事實證明，面對抵押貸款利率上升，住宅建築業表現出驚人的彈性，2023 年新房的表現優於預期。

Under our conservative assumption for slow growth and retrofit sales this year, we expect new homes to take a larger share of our overall sales mix in 2024.

根據我們對今年成長緩慢和改造銷售的保守假設，我們預計新房將在 2024 年占我們整體銷售組合的更大份額。

Total Q4 new homes bookings increased 18% versus Q3, and we've seen that momentum continue in early 2024.

第四季新房預訂總量比第三季度增長了 18%，我們看到這種勢頭在 2024 年初仍在持續。

We saw even better momentum in California with an increase of bookings of 32% versus Q3.

我們在加州看到了更好的勢頭，預訂量較第三季度增長了 32%。

New home storage sales under NEM 3.0 in California increased 30% in Q4 versus Q3, holding steady at 22% attach rate.

加州 NEM 3.0 下的新家庭儲存銷售額第四季較第三季成長了 30%，附加率穩定在 22%。

From an install perspective, we saw Q4 installations increase sequentially 19% versus Q3, declining only 4% year over year.

從安裝量來看，第四季安裝量較第三季季增 19%，年比僅下降 4%。

Our latest backlog estimate of 37,000 homes reflects approximately 18 to 24 months of installations depending on the pace of home sales themselves.

我們最新估計的 37,000 套房屋積壓量反映了約 18 至 24 個月的安裝時間，具體取決於房屋銷售本身的速度。

In 2024, we expect installations to grow compared to '23 in tandem with more new home construction.

與 23 年相比，我們預計 2024 年安裝量將會成長，同時新房建設也會增加。

Please turn to slide number nine.

請翻到第九張投影片。

SunPower Financial continues to grow its footprint across our sales operation, achieving a record-high 65% customer attach rate in Q4, already entering the 2025 target range we previously set at our Analyst Day.

SunPower Financial 繼續擴大其在整個銷售業務中的覆蓋範圍，在第四季度實現了創紀錄的 65% 客戶附著率，已經進入我們先前在分析師日設定的 2025 年目標範圍。

This growth has been driven by strong consumer uptake of lease contracts, which comprise 73% of the lease and loan financing in Q4 versus 26% the year prior.

這一成長是由消費者對租賃合約的強勁接受所推動的，第四季度租賃合約佔租賃和貸款融資的 73%，而去年同期為 26%。

We now have raised nearly $1.8 billion of loan and lease funds over the past 24 months.

在過去 24 個月裡，我們已經籌集了近 18 億美元的貸款和租賃資金。

We plan to continue growing this program with additional partner funds over the coming months.

我們計劃在未來幾個月內利用額外的合作夥伴資金繼續發展該計劃。

We're also exploring opportunities to establish a regular programmatic approach to project financing, particularly tax equity, and we continue to keep an eye on the securitized product markets for additional value opportunities.

我們也正在探索建立常規專案融資方法的機會，特別是稅收公平，我們將繼續關注證券化產品市場以尋找額外的價值機會。

Please turn to slide number 10.

請翻到第10張投影片。

We believe that SunPower Financial continues to bring multiple competitive advantages to the table including: one, a lower cost of customer acquisition; two, a customer-focused sales approach whereby SunPower earns similar origination fees for lease or loan products; three, a lower cost of capital driven by lower default rates from customers using higher quality equipment under an industry-leading remote monitoring system employing sophisticated digital analytics to identify problems early; and finally, a longer history of granular customer payment data that goes back to 2009.

我們相信SunPower Financial將持續帶來多種競爭優勢，包括：一是更低的獲客成本；第二，以客戶為中心的銷售方式，SunPower 可以透過租賃或貸款產品賺取類似的起始費；第三，客戶在業界領先的遠端監控系統下使用更高品質的設備，採用先進的數位分析來及早發現問題，從而降低了違約率，從而降低了資本成本；最後，更詳細的客戶付款資料歷史可以追溯到 2009 年。

Please turn to slide number 11.

請翻到第11張投影片。

With US residential solar market penetration of only 4% to 5%, we view conventional electric utility rates as the primary competition for our industry.

由於美國住宅太陽能市場滲透率僅為 4% 至 5%，我們將傳統電費視為我們行業的主要競爭。

The US Energy Information Agency reports that average US retail electric rates remain near all-time highs as of November, despite lower costs of bulk wholesale power and key fuels, such as natural gas.

美國能源資訊署報告稱，儘管大宗批發電力和天然氣等主要燃料的成本較低，但截至 11 月，美國平均零售電價仍接近歷史高點。

Price increases continue to hit the northeastern and mid-Atlantic states and California, with nearly 28 million potential customers in 10 states seeing increases greater than 10% year over year.

東北部和大西洋中部各州以及加州的價格持續上漲，10 個州的近 2,800 萬潛在客戶較去年同期漲幅超過 10%。

We estimate that more than 50 million potential customers reside in states where electric rates rising faster than the cost of inflation.

我們估計，超過 5,000 萬潛在客戶居住在電價上漲速度快於通貨膨脹成本的州。

In California, PG&E rates rose 13% in January, with further increases under review.

在加州，1 月份 PG&E 費率上漲了 13%，進一步的上漲仍在審查中。

We believe that these steep cost increases and the impact of grid and stability 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.

我們相信，成本的急劇增加以及電網和穩定性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 electric utility capital investment from 2023 to 2025 compared to the previous three years.

儘管燃料價格較低，但愛迪生電力研究所預計 2023 年至 2025 年電力公司資本投資將比前三年增加 20%。

As these investments are recovered through electric bills, we continue to believe that the value of rooftop solar is likely to continue rising.

隨著這些投資透過電費收回，我們仍然相信屋頂太陽能的價值可能會繼續上漲。

Please turn to slide number 12.

請翻到第12張投影片。

As we look forward to 2024 with a leaner operation and a recapitalized balance sheet, I want to highlight what we believe is the most important differentiating factor that continues to distinguish SunPower from the rest of the pack.

當我們期待 2024 年實現更精簡的營運和重組的資產負債表時，我想強調我們認為繼續將 SunPower 與其他公司區分開來的最重要的差異化因素。

A customer experience that is second to none.

首屈一指的客戶體驗。

Despite the financial struggles we've seen these past few months, SunPower remains top rated with customers earning an A+ rating with the Better Business Bureau and four- to five-star reviews with thousands of customers across multiple review sites.

儘管我們在過去幾個月中遇到了財務困難，但SunPower 仍然獲得最高評價，其客戶獲得了商業改善局的A+ 評級，並在多個評論網站上獲得了數千名客戶的四到五星級評論。

Our reputation is hard earned through the hard work and thoughtful interactions of thousands of SunPower employees and our incredible dealers.

我們的聲譽是透過數千名 SunPower 員工和我們出色的經銷商的辛勤工作和深思熟慮的互動贏得的。

It continues to be enhanced with an improving digital experience that encompasses the entire customer life cycle, from system design to energy management, to ongoing and efficient customer support.

它透過不斷改進的數位體驗不斷得到增強，涵蓋整個客戶生命週期，從系統設計到能源管理，再到持續高效的客戶支援。

I'll now turn you over to Beth for more details on our Q4 results and then I'll close with some guidance for 2024.

現在，我將向 Beth 詢問有關我們第四季度業績的更多詳細信息，然後我將以 2024 年的一些指導作為結束語。

Beth?

貝絲？

Thank you, Peter.

謝謝你，彼得。

Please turn to slide 14.

請翻到投影片 14。

For the fourth quarter, we're reporting negative $68 million of adjusted EBITDA and $361 million of non-GAAP revenue.

第四季度，我們報告調整後 EBITDA 為負 6,800 萬美元，非 GAAP 收入為 3.61 億美元。

Lower year-over-year installations at 16,000 reflect the impact of reduced booking since May under higher interest rates and a California NEM 3.0 environment, as well as the winding down of NEM 2.0 installations.

安裝量年減至 16,000 台，反映出自 5 月以來在利率上升和加州 NEM 3.0 環境下預訂量減少以及 NEM 2.0 安裝量逐步減少的影響。

Increasing battery attach rates since 2022 have been driven by NEM 3.0 demand in California, as well as lower cost options.

自 2022 年以來，電池附加率不斷提高，這是由加州的 NEM 3.0 需求以及較低的成本選擇所推動的。

We expect to sell out of SunVault and shift to lower cost third-party batteries in Q2.

我們預計在第二季將出售 SunVault 並轉向成本更低的第三方電池。

Adjusted gross margin declined in Q4 as a result of SunPower Direct pre-install and install costs spread over lower volumes.

由於 SunPower Direct 預安裝和安裝成本分攤在較低的銷售上，第四季度調整後的毛利率有所下降。

Costs are expected to improve in 2024 after recent restructuring actions.

經過最近的重組行動後，成本預計將在 2024 年有所改善。

Several items totaling $48 million are also either not expected to recur in 2024 or were time shifted into Q1, including the restatement impact, adjustment for inventory writedown, warranty costs mostly related to our commercial business that we sold in 2022, a higher lease cost of capital on systems installed due to rapid interest rate increases which were unhedged, and the delay of recognition reduced ITC warranty reserves on legacy projects from Q4 to Q1.

總計4,800 萬美元的幾個項目預計不會在2024 年再次出現，或被時間轉移到第一季度，包括重述影響、庫存減記調整、主要與我們在2022 年出售的商業業務相關的保固成本、更高的租賃成本由於利率快速上漲而安裝的系統資本未對沖，並且延遲確認減少了 ITC 從第四季度到第一季遺留項目的保固準備金。

Please see the appendix for more detail.

請參閱附錄以了解更多詳細資訊。

Turning to the balance sheet, we ended Q4 with $87 million cash on hand and $208 million of net recourse debt.

轉向資產負債表，第四季末我們手頭現金為 8,700 萬美元，淨追索債務為 2.08 億美元。

Inventory levels declined another $64 million to $261 million on December 31 with efforts to reduce further continuing into 2024.

截至 12 月 31 日，庫存水準又下降了 6,400 萬美元，至 2.61 億美元，進一步減少的努力將持續到 2024 年。

We continue to value our ownership of lease renewal, net retained value in SunStrong using a 6% discount rate.

我們繼續使用 6% 的折扣率對 SunStrong 的租賃續約所有權和淨保留價值進行估值。

With growth in the portfolio, we now estimate the value of our stake to be about $320 million.

隨著投資組合的成長，我們現在估計我們所持有的股份價值約為 3.2 億美元。

Before we turn the call over for Q&A, I want to turn you back over to Peter for guidance on 2024 and closing comments.

在我們將電話轉交進行問答之前，我想請您轉回 Peter 以獲取有關 2024 年的指導和結束語。

Peter?

彼得？

Thank you, Beth.

謝謝你，貝絲。

Please turn to slide 15.

請翻到投影片 15。

So I mentioned earlier we are shifting our reporting and guidance approach a bit to emphasize gross margin and cash flow rather than platform investment.

因此，我之前提到，我們正在稍微改變我們的報告和指導方法，以強調毛利率和現金流，而不是平台投資。

That said, we've decided against providing customer EBITDA guidance on '24 demand at this early stage, particularly as we intend to drive results this year through a combination of restructuring, carefully considered cost reductions, and prudent working capital stewardship.

也就是說，我們決定不在這個早期階段就 24 小時需求提供客戶 EBITDA 指導，特別是因為我們打算透過重組、仔細考慮的成本削減和審慎的營運資金管理相結合來推動今年的業績。

Given the challenging market conditions, we are providing guidance on, number one, cash flow; and number two, gross margin.

鑑於充滿挑戰的市場環境，我們提供第一方面的指導：現金流；第二，毛利率。

With respect to cash flow, we are guiding to be cash flow positive for the second half of the year as lower inventory, lower inventory costs, and reduced OpEx all kick in.

就現金流而言，隨著庫存減少、庫存成本降低和營運支出減少，我們預計下半年現金流將達到正值。

We are also guiding to continue this trend to be cash flow positive for 2025 as well.

我們也指導繼續這一趨勢，在 2025 年實現正現金流。

We are projecting a range of full-year gross margins of 17% to 19%, improving to greater than 20% in 2025.

我們預計全年毛利率將在 17% 至 19% 之間，到 2025 年將提高至 20% 以上。

We plan to update you with full-year EBITDA guidance later in the year once we've had the opportunity to complete an evaluation of our ongoing restructuring and recently announced recapitalization impacts.

一旦我們有機會完成對正在進行的重組和最近宣布的資本重組影響的評估，我們計劃在今年稍後向您提供全年 EBITDA 指導。

We've deliberately been conservative in our strategic planning for the year, and we're fully focused on goals for profitability, cash flow, and results as we work to improve our financial strength this year to remain an industry-leading residential solar company for 2025 and beyond.

我們在今年的策略規劃中故意採取保守態度，我們完全專注於盈利能力、現金流和業績的目標，因為我們今年努力提高我們的財務實力，以保持行業領先的住宅太陽能公司的地位。2025 年及以後。

Please turn to slide 16.

請翻到投影片 16。

This slide is largely the same one we showed you last quarter and continues to list our view of the future as we reset and launch forward into 2024 after a difficult 2023.

這張投影片基本上與我們在上個季度向您展示的幻燈片相同，並繼續列出了我們對未來的看法，因為我們在經歷了困難的 2023 年之後重新調整併進入 2024 年。

From a macro perspective, we continue to expect that increasing utility rates and lower equipment pricing will be tailwinds for the industry.

從宏觀角度來看，我們繼續預期公用事業費率的提高和設備定價的降低將成為該行業的推動力。

We also anticipate a more stable interest rate environment as well as improved clarity on the bonus tax credits available under the Inflation Reduction Act.

我們也預期利率環境將更加穩定，而《通貨膨脹減少法案》規定的獎金稅收抵免將更加明確。

For SunPower specifically, we expect to benefit from lower cost products as mentioned earlier.

特別是對於 SunPower，我們預計將從前面提到的低成本產品中受益。

Finally, while we have reduced OpEx and de-emphasized plans for high growth platform investment this year, we plan to keep an eye on long-term opportunities for growth and investment, adjusting our level of cash usage up or down based on our expectations regarding the strength of the market in future periods.

最後，雖然我們今年減少了營運支出並不再強調高成長平台投資的計劃，但我們計劃密切關注成長和投資的長期機會，根據我們的預期上下調整我們的現金使用水平未來時期市場的強度。

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。

Thank you.

謝謝。

(Operator Instructions) James West, Evercore ISI.

（操作員說明）James West，Evercore ISI。

Peter, I'm curious, wonder maybe if you could provide some context around the recent capital commitments that were made particularly with Patrick and Total and GIP and how that all came together.

彼得，我很好奇，想知道您是否可以提供一些有關最近特別是與帕特里克、道達爾和 GIP 做出的資本承諾的背景信息，以及這一切是如何結合在一起的。

Just kind of thinking through their level of support because it's obviously pretty clear that there's a lot of support for SunPower, and I just wanted to get a little more color.

只是想一下他們的支持程度，因為很明顯 SunPower 得到了很多支持，而我只是想獲得更多的色彩。

So I think the number one question on the minds of shareholders and investors has been our liquidity, appropriately so.

因此，我認為股東和投資者心中的首要問題是我們的流動性，這是理所當然的。

And so, most of the reports, I think, that I've read or that came out last year thought that SunPower needed something on the order of $100 million to get liquidity back in order.

因此，我認為我讀過的或去年發布的大多數報告都認為 SunPower 需要大約 1 億美元的資金來恢復流動性。

So I guess the first thing I'd put in perspective is the $200 million capital commitment is we're pleased, I guess, is the way to say it.

因此，我想我首先要考慮的是 2 億美元的資本承諾，我們對此感到高興，我想，這就是表達方式。

We're pleased at that level of capital commitment because I think that puts us in a position to have the liquidity we need to execute against our business plan this year.

我們對這樣的資本承諾水準感到高興，因為我認為這使我們能夠擁有執行今年業務計劃所需的流動性。

And a big part of the business plan, as I mentioned in my opening remarks, is getting us to cash flow positive and getting us back on this positive trail.

正如我在開場白中提到的，商業計劃的一個重要部分是讓我們實現正現金流並讓我們回到這條積極的軌道。

And then I think as you point out, the second part of this that is a very big deal is that, you're looking for signals from your majority shareholders.

然後我認為正如您所指出的，這是一件非常重要的事情的第二部分，您正在尋找來自大股東的訊號。

TotalEnergies and Global Infrastructure Partners are two of the most successful companies and investors in the energy space globally.

TotalEnergies 和 Global Infrastructure Partners 是全球能源領域最成功的兩家公司和投資者。

And when they put their capital behind something, it's after a lot of due diligence and a lot of homework and a strong belief in the future of the company.

當他們將資金投入某件事時，是經過大量的盡職調查、大量的功課以及對公司未來的堅定信念之後。

So I really believe the second message here, besides the fact that $200 million is a very big number, is just the fact that they're so committed to the future of the company.

所以我真的相信這裡的第二個訊息，除了 2 億美元是一個非常大的數字之外，就是他們如此致力於公司的未來。

Right.

正確的。

Totally agree on my side.

完全同意我這邊。

And then what are your thoughts on the need for additional lease capital as we go through this year?

那麼，您對今年我們需要額外租賃資本的需求有何看法？

Yeah, that's a great question.

是的，這是一個很好的問題。

So to take a step back, we had a terrific year in SunPower Financial as we pointed out in the slides and opening remarks, really the idea that we could grow our attach rate from 39% to 65% last year was great.

退一步來說，正如我們在幻燈片和開場白中指出的那樣，我們在 SunPower Financial 度過了輝煌的一年，去年我們能夠將附加率從 39% 提高到 65% 的想法真的很棒。

That's a really great signal that more and more dealers and more and more customers are preferring to get their lease and loan financing from us versus other third parties.

這是一個非常好的訊號，表明越來越多的經銷商和越來越多的客戶更願意從我們這裡獲得租賃和貸款融資，而不是其他第三方。

So that trend is terrific, and we expect that to continue this year.

因此，這種趨勢非常棒，我們預計今年這種趨勢將會持續下去。

And really, if you take a look at the capacity we have undrawn, on the loan side, we're really in great shape.

事實上，如果你看看我們在貸款方面未動用的能力，我們的狀況確實很好。

We have a $900 million of available capacity.

我們有 9 億美元的可用產能。

We're in a year where most people believe interest rates will stabilize, possibly have a chance to decline over the year.

今年，大多數人認為利率將會穩定，並且可能有機會在年內下降。

And if loans begin to be more favorable, we're in a really good position.

如果貸款開始變得更加優惠，我們就處於一個非常有利的位置。

But really where we want to build a lot more capacity is on the lease side.

但我們真正想要建造更多產能的是租賃方面。

And as we pointed out, I think it's true across the industry as well, but we just had enormous growth last year because the value of lease has increased over the value of loans.

正如我們所指出的，我認為整個行業也是如此，但我們去年才取得了巨大的成長，因為租賃價值的成長超過了貸款價值。

So we don't have anything to announce on this call, but I would say stay tuned because increasing our lease capacity is our top priority after today's call.

因此，我們在這次電話會議上沒有任何要宣布的內容，但我想說，請繼續關注，因為增加我們的租賃能力是今天電話會議後我們的首要任務。

Got it.

知道了。

Colin Rusch, Oppenheimer & Co.

科林魯施，奧本海默公司

Can you talk a little bit about the pricing dynamics?

能談談定價動態嗎？

As you've gotten through a couple of quarters in California with NEM 3.0 and you start shifting the mix of what folks are buying, can you just talk about on an apples-to-apples basis how you're seeing pricing evolve in that market over the last, call it, three quarters?

您已經在加州使用 NEM 3.0 度過了幾個季度，並且開始改變人們購買的商品組合，您能否逐一談談您對該市場的定價變化的看法過去，稱之為四分之三？

Yeah.

是的。

So I guess, two things on California.

所以我想，加州有兩件事。

One is, to be frank, we are disappointed that the market hasn't recovered faster than it has.

一是，坦白說，我們對市場的復甦速度沒有比現在更快感到失望。

We did see some, I'd say, very modest recovery as we got to the end of the year, but clearly NEM 3.0 has had a big impact on consumer demand.

我想說，到了年底，我們確實看到了一些非常溫和的復甦，但顯然 NEM 3.0 對消費者需求產生了重大影響。

Having said that, the consumers that are buying under NEM 3.0, there's two characteristics I'd point out so far.

話雖如此，對於在 NEM 3.0 下購買的消費者，到目前為止我要指出兩個特徵。

One is that, as we talked about in my opening remarks, the battery attach rates are very high, and that's just for rational reasons.

一是，正如我們在開場白中談到的，電池連接率非常高，這只是出於理性原因。

For all the customers in California, your savings is maximized by the addition of a battery.

對於加州的所有客戶來說，透過添加電池可以最大限度地節省成本。

And so, I would expect at some point, all customers in California who order solar panels, batteries will be seen as almost a standard product along with solar panels.

因此，我預計在某個時候，加州所有訂購太陽能板、電池的客戶都將被視為幾乎與太陽能板相同的標準產品。

And then, two, what we're seeing is that system sizes have increased a little bit over NEM 2.0. It's a modest increase, but it is a material increase enough that's driving up a little bit higher overall ring per customer in California.

其次，我們看到系統規模比 NEM 2.0 略有增加。這是一個溫和的增長，但它是一個足夠實質性的增長，足以推動加州每個客戶的整體環比有所提高。

But I think that the big deal for California is really, I think -- to me, it's questionable whether California is going to be able to meet its clean energy goals without reassessing whether or not NEM 3.0 had the impact they thought it would.

但我認為，對加州來說，最重要的是——對我來說，如果不重新評估 NEM 3.0 是否具有他們想像的影響，加州是否能夠實現其清潔能源目標是值得懷疑的。

And I think from our perspective, we're concerned that California is not in a position to meet its goals with the current program that's out there.

我認為從我們的角度來看，我們擔心加州無法透過目前的計劃實現其目標。

So we're working with our dealers and customers to make the best of the current program, but I would say the feedback from consumers in California and dealers is very consistent.

因此，我們正在與經銷商和客戶合作，以充分利用當前的計劃，但我想說，加州消費者和經銷商的回饋非常一致。

I think NEM 3.0 has clearly slowed down demand.

我認為NEM 3.0明顯減緩了需求。

And in the long run, that's not great for anybody in California.

從長遠來看，這對加州的任何人來說都不是好事。

That's super helpful.

這非常有幫助。

And then in terms of your dealer strategy and how you're working with those folks, given the evolving landscape both from a regulatory perspective as well as from a capital perspective, and looking at where you run into some issues with that dealer channel, can you talk about where you're seeing incremental need to edit those things, edit those relationships, or evolve that strategy at all?

然後，就您的經銷商策略以及您如何與這些人合作而言，考慮到從監管角度和資本角度不斷變化的格局，並考慮您在經銷商渠道中遇到的問題，可以您談到您在哪裡看到了編輯這些東西、編輯這些關係或發展該策略的增量需求？

Yeah.

是的。

Well, a couple quick comments.

好吧，有幾個簡短的評論。

First, I always like to recognize we were the pioneers in this business in building out a dealer network many years ago.

首先，我總是喜歡認識到，多年前我們是該行業建立經銷商網路的先驅。

The SunPower dealer network, and particularly our master dealers, they're the gold standard for this industry.

SunPower 經銷商網絡，特別是我們的主經銷商，他們是該行業的黃金標準。

We spend a lot of time reviewing both their customer experience and also their financials to make sure that they qualify to be a SunPower master dealer.

我們花費大量時間審查他們的客戶體驗和財務狀況，以確保他們有資格成為 SunPower 主經銷商。

So it's still very much a gold star, and it's a critical part of our family and our future.

所以它仍然是一顆金星，它是我們家庭和未來的重要組成部分。

So I've said many times but our dealer network will be a part of this company, I feel like, forever because it's such a critical part of our customer experience.

所以我已經說過很多次了，但我覺得我們的經銷商網路將永遠成為這家公司的一部分，因為它是我們客戶體驗的重要組成部分。

We grew our dealer count last year.

去年我們增加了經銷商數量。

We grew it, let's say, 10% on the installing dealer side and probably another 10% on the non-installing dealer side.

比方說，我們在安裝經銷商方面成長了 10%，在非安裝經銷商方面可能又成長了 10%。

And so we still see opportunity out there to expand our dealer network across the country.

因此，我們仍然看到了在全國範圍內擴展經銷商網路的機會。

I think right now in these challenging market conditions, the number one thing we're focused on is making sure we do everything we can to help these small and medium businesses be successful.

我認為，目前在這些充滿挑戰的市場條件下，我們關注的第一件事是確保我們盡一切努力幫助這些中小企業取得成功。

Just like a lot of the big companies that have access to capital have struggled this past year with the change in demand, that same dynamic has impacted these dealers as well.

就像許多能夠獲得資金的大公司在過去的一年中因需求變化而苦苦掙扎一樣，同樣的動態也影響了這些經銷商。

So our number one goal is to focus on helping build a strong, viable, long-term business for each of our dealers in our network.

因此，我們的首要目標是專注於幫助我們網路中的每個經銷商建立強大、可行、長期的業務。

Perfect.

完美的。

Thanks so much, guys.

非常感謝，夥計們。

Ben Kallo, Baird.

本卡洛，貝爾德。

Just maybe along those same lines, can you talk about discussions with your dealers or prospective dealers, as well as at the home level, the individual level, just -- I know it's very competitive and with liquidity, question marks that you had in the past, can you just talk about how the environment changed, the competitiveness or losing customers, if that's passed us?

也許沿著同樣的思路，你能談談與你的經銷商或潛在經銷商的討論，以及在家庭層面、個人層面上的討論嗎？我知道它非常有競爭力，並且具有流動性，你在過去，您能談談環境如何改變、競爭力或失去客戶嗎？如果我們過去了的話？

Yes.

是的。

So I think this level of capital commitment, it's our hope that that would put aside any concerns from any of our partners, including dealers on liquidity and the viability of the company as we go forward.

因此，我認為這種程度的資本承諾，我們希望能夠消除我們任何合作夥伴（包括經銷商）對我們前進過程中的流動性和公司生存能力的任何擔憂。

That would be our goal.

這將是我們的目標。

I think, when you're going through a liquidity challenge like we have, it's thoughtful to believe that you need to continue to earn trust every single day with all of your key partners.

我認為，當您遇到像我們這樣的流動性挑戰時，請深思熟慮地相信您需要每天繼續贏得所有關鍵合作夥伴的信任。

And I would certainly include dealers at the very top of our list of groups that we want to continue to earn and build trust with as we go forward.

我當然會將經銷商列入我們的團體名單的首位，我們希望在前進的過程中繼續贏得併建立信任。

One of the most important things that dealers tell us is, they love being part of the SunPower brand.

經銷商告訴我們的最重要的事情之一是，他們喜歡成為 SunPower 品牌的一部分。

We're really aligned with our dealers on how we think about the customer experience, the importance of growing this business, and the importance of really expanding the market for clean renewable energy.

我們在如何看待客戶體驗、發展這項業務的重要性以及真正擴大清潔再生能源市場的重要性方面與我們的經銷商保持一致。

So I think a lot of the dealers have been working alongside us to really make sure that we all work together to change our business model as we go through this more difficult, challenging year, where demand isn't as strong as it was a couple of years ago.

因此，我認為許多經銷商一直在與我們合作，真正確保我們共同努力改變我們的商業模式，因為我們正在經歷這個更加困難、充滿挑戰的一年，需求不像前幾年那麼強勁。幾年前的。

But from a dealer perspective, I just want to -- I can't iterate enough how terrific our dealers have been.

但從經銷商的角度來看，我只是想——我無法充分重複我們的經銷商有多出色。

They've been a really, really big part of our success.

他們是我們成功的一個非常非常重要的部分。

When you take a look at the customer rating that we've achieved, I often like to say that is in great part to the fact that our dealers have been aligned with us on really providing a great customer experience all across the US

當您查看我們所獲得的客戶評級時，我經常想說，這在很大程度上是因為我們的經銷商一直與我們保持一致，真正在美國各地提供良好的客戶體驗

As you move to more and more of a technology agnostic model, how does that impact dealers that may have traditionally been used to SunPower equipment only and getting them through over that hump?

隨著您越來越多地採用與技術無關的模式，這對傳統上僅使用 SunPower 設備並幫助他們渡過難關的經銷商有何影響？

I think that is a great question, and I think it has been on the minds of a lot of people because our strategy traditionally, going back to the days when we were a panel maker ourselves, was that having an exclusive differentiated panel made a real big difference in the market.

我認為這是一個很好的問題，而且我認為它一直在許多人的腦海中，因為我們的傳統策略是，回到我們自己作為面板製造商的時代，擁有一個獨特的差異化面板才能真正實現市場差異大。

And I think for many years, that was absolutely true.

我認為多年來，這絕對是正確的。

But part of the reason in the slides we provided this time we tried to show you our thinking is that, the panel market has really changed a great deal over the past, even just three to five years.

但我們這次提供的幻燈片中，我們試圖向您展示我們的想法的部分原因是，面板市場在過去，甚至只是三到五年，確實發生了很大的變化。

And there's quite a bit of convergence on -- particularly among the premium panel makers who can make the highest quality, highest efficiency panel.

尤其是在能夠生產最高品質、最高效率面板的優質面板製造商之間，存在著相當多的趨同。

There isn't one panel maker anymore that holds that spot.

沒有一家面板製造商能夠佔據這一位置。

There's really two, three, or four panel makers globally that, I think, we believe are equally high quality and capable of providing a really great customer experience for the life of the warranty and beyond.

我認為，全球實際上有兩、三或四家面板製造商，我們相信它們具有同樣高的質量，並且能夠在保固期內及之後提供真正出色的客戶體驗。

So really the next thing then is, how do you provide those high-quality products at a much more affordable price?

那麼接下來的問題是，如何以更實惠的價格提供這些高品質的產品？

And I think the feedback from our dealers so far has been very strong that in this market in particular, we really collectively need to do a better job of providing not just high-quality products, but high-quality products at a much more affordable price.

我認為迄今為止我們經銷商的回饋非常強烈，特別是在這個市場上，我們確實需要共同做得更好，不僅提供高品質的產品，而且以更實惠的價格提供高品質的產品。

So it's early, but I would say the signals for our equipment strategy have been very positive so far.

所以現在還為時過早，但我想說，到目前為止，我們的設備策略的訊號非常積極。

Jon Windham, UBS.

喬恩溫德姆，瑞銀集團。

I was wondering if you could add any additional color on the shift in the battery solution away from SunVault.

我想知道您是否可以在電池解決方案遠離 SunVault 的轉變上添加任何額外的顏色。

So is it multiple suppliers, one supplier?

那麼是多個供應商還是一個供應商呢？

Just any comments about the change in the product?

只是對產品的變化有什麼評論嗎？

Yeah.

是的。

So Jon, we will provide more detail on that.

喬恩，我們將提供更多細節。

We're not quite ready to discuss that yet.

我們還沒準備好討論這個問題。

But as we talked about on our previous calls, SunVault is a terrific product.

但正如我們在之前的電話中談到的那樣，SunVault 是一款非常棒的產品。

We're very proud of it.

我們對此感到非常自豪。

It was our first-generation battery.

這是我們的第一代電池。

And we're excited to be able to sell down that remaining inventory and move forward.

我們很高興能夠出售剩餘庫存並繼續前進。

But looking forward in the battery business, it's really a game of scale, and you need to have the size and scale if you want to continue to invest in innovation and be able to provide high-quality, low-cost options.

但展望電池業務，這確實是一場規模遊戲，如果你想繼續投資創新並能夠提供高品質、低成本的選擇，就需要擁有規模和規模。

So as we move forward, I think what you'll see us announce is, partnerships with battery makers who fit that bill.

因此，隨著我們前進，我認為您將看到我們宣布與符合此要求的電池製造商建立合作夥伴關係。

Those battery makers who have the highest quality standards that match our brand and our customer experience, but can also provide a great value.

這些電池製造商擁有與我們的品牌和客戶體驗相符的最高品質標準，但也可以提供巨大的價值。

And we look forward to sharing more of those details with you as we move forward.

我們期待在前進的過程中與您分享更多這些細節。

Perfect.

完美的。

Maybe just a quick follow-up.

也許只是快速跟進。

Any comments -- obviously, some of the other companies we cover have commented about the difficult weather situation in California, whether that was a meaningful impact in 1Q?

有什麼評論嗎？顯然，我們報道的其他一些公司也對加州的惡劣天氣狀況發表了評論，這是否對第一季產生了有意義的影響？

Yeah, the atmospheric rivers, I think this is the second year in a row we've been hit by this in California.

是的，大氣河流，我想這是加州連續第二年受到這種影響。

So it is an ideal.

所以它是一個理想。

We prioritize the safety of our employees and our dealers over anything else.

我們將員工和經銷商的安全放在首位。

So when weather conditions exist that don't allow us to safely put people up on the roof and install residential solar, our highest priority is the health and wellbeing of our people over having more installations done.

因此，當天氣條件不允許我們安全地將人們安置在屋頂上並安裝住宅太陽能時，我們的首要任務是人民的健康和福祉，而不是完成更多的安裝。

So it has been slow, but I would also say, if you recall January of 2023, I believe there was a record number of atmospheric rivers hitting California as well.

所以速度很慢，但我還要說，如果你還記得 2023 年 1 月，我相信襲擊加州的大氣河流數量也創下了紀錄。

So we had relatively modest expectations for January and I think it's been in line with those so far.

因此，我們對一月份的預期相對溫和，我認為這與迄今為止的預期一致。

Appreciate your thoughts.

欣賞你的想法。

Thanks.

謝謝。

Philip Shen, Roth Capital Partners.

菲利普‧沉 (Philip Shen)，羅斯資本合夥人。

Hey guys.

大家好。

Congrats on securing some additional capital here.

恭喜您在這裡獲得了一些額外的資金。

I'm going to ask a bit of a tough question here on dealer health.

我將在這裡問一個關於經銷商健康狀況的棘手問題。

I know you've already touched on this a couple of times.

我知道您已經多次提到這個問題。

That said, checks suggest that some of your master dealer relationships may be strained, as many of them have not been paid for a while for installations already done.

也就是說，檢查表明您的一些主經銷商關係可能會緊張，因為其中許多人已經有一段時間沒有收到已經完成的安裝的付款了。

Can you talk about the health of your relationships with master dealers?

能談談您與主經銷商的關係是否健康嗎？

Have you lost any exclusivity agreements you had talked about and tied to them some of these dealer relationships in the past, Peter.

你是否失去了你曾經談論過的任何獨家協議，並將其與過去的一些經銷商關係聯繫起來，彼得。

How do you rebuild that trust?

你如何重建這種信任？

And then as it relates to the priority of the new capital, can you talk about the order of people getting paid, creditors, vendors, and then dealers, or are you going to prioritize dealers first and then go to creditors and vendors?

然後，涉及到新資本的優先順序，您能否談談獲得付款的順序，債權人，供應商，然後經銷商，或者您是否會先優先考慮經銷商，然後再到債權人和供應商？

So how long ultimately does that capital last and what's the order of that capital flow?

那麼這些資金最終能持續多久以及資金流向的順序是怎麼樣的呢？

Yeah, Phil.

是的，菲爾。

So on the dealer piece, I think I mentioned earlier, really our dealer count has actually increased year over year.

因此，在經銷商方面，我想我之前提到過，我們的經銷商數量實際上逐年增加。

We continue to be very selective about bringing new dealers on board, and the interest level across the US and becoming a SunPower dealer still remains high.

我們在引進新經銷商方面仍然非常有選擇性，全美各地對成為 SunPower 經銷商的興趣仍然很高。

And we look forward to adding more dealers as this year goes on.

我們期待今年增加更多的經銷商。

Specifically on master dealers and then the dealers that we call dealer accelerator dealers where we've made an equity investment, that count last year was flat.

特別是在主經銷商以及我們進行股權投資的經銷商加速器經銷商方面，去年的數量持平。

So in a tough down market, that count being flat, I think is probably in line with what our expectations are.

因此，在嚴峻的低迷市場中，這一數字持平，我認為可能符合我們的預期。

And our goal has always been to continue to build a stronger and stronger partnership with all of our dealers.

我們的目標始終是繼續與所有經銷商建立越來越牢固的合作關係。

And that includes our master dealers and our dealer accelerator dealers as we go forward.

隨著我們的發展，這包括我們的主經銷商和經銷商加速經銷商。

And then on the capital piece, we really believe, as I mentioned earlier, that the capital provided puts us in a position to meet our 2024 business plan and get to a point that we're developing -- we're delivering free cash flow and positive cash flow in the second half of the year.

然後在資本方面，正如我之前提到的，我們確實相信所提供的資本使我們能夠實現 2024 年業務計劃並達到我們正在發展的目標——我們正在提供自由現金流為正。

Beth, do you want to add any comments to that as well?

Beth，您也想對此添加任何評論嗎？

Sure.

當然。

The objective, as Peter mentioned, is that we put in a conservative 2024 plan, and that does still get us with the cost reductions that we put in place where we're going to be consistently free cash flow positive in the second half and beyond that.

正如彼得所提到的，我們的目標是製定一個保守的 2024 年計劃，這仍然能讓我們降低成本，在下半年及以後我們將持續保持正的自由現金流那。

As it relates to the second $50 million tranche, do you guys anticipate needing to tap into that?

由於它與第二筆 5000 萬美元相關，你們預計需要利用它嗎？

What might be some of the requirements in order to tap into that, or is that available to you whenever you need it?

為了利用它可能有哪些要求，或者您在需要時可以使用它嗎？

And do you see the need for additional equity or capital outside of the $200 million announced today?

您認為除了今天宣布的 2 億美元之外還需要額外的股權或資本嗎？

So we are going to continue to monitor the residential solar market.

因此，我們將繼續監控住宅太陽能市場。

If it declines below our expectations, we will need to make additional moves.

如果它低於我們的預期，我們將需要採取額外的行動。

The discussions with our sponsors on that additional $50 million are related to us meeting our business plans.

與贊助商就額外 5000 萬美元進行的討論與我們實現業務計劃有關。

And as for additional financing, we are always going to be on the lookout to lower our cost of capital.

至於額外融資，我們總是會尋求降低資本成本。

And we have an ongoing need, as Peter mentioned a couple of times, for additional rounds of project financing particularly in the lease space.

正如彼得多次提到的那樣，我們一直需要額外幾輪的專案融資，特別是在租賃領域。

The only thing I'll add to that, Phil, is that, the thing that looks uncertain this year is really the demand side.

菲爾，我唯一要補充的是，今年看起來不確定的事情實際上是需求方面。

Our forecasts for this year have been much more conservative than we were a year ago, particularly given what happened in 2023.

我們對今年的預測比一年前保守得多，特別是考慮到 2023 年發生的情況。

So I think we're going to be on our toes with regards to our cost structure as well.

因此，我認為我們也會對成本結構保持警覺。

We're constantly taking a look at are the costs we have -- how do we make as many of our fixed costs into the variable costs, and how do we keep our overall cost structure lean, strong, and in line with market conditions as we go forward?

我們不斷關注我們的成本——如何將盡可能多的固定成本轉化為可變成本，以及如何保持整體成本結構精簡、強大並符合市場條件我們繼續前進？

Got it.

知道了。

Jordan Levy, Truist Securities.

喬丹·利維 (Jordan Levy)，Truist 證券公司。

Appreciate all the color guys.

欣賞所有有顏色的人。

Now that you've got the near-term financing concerns taken care of here, I'm just curious how you think about the resiliency profile of the go-forward business?

現在您已經解決了短期融資問題，我只是好奇您如何看待未來業務的彈性狀況？

And maybe just touches on the last question but asked in another way, do you believe now that you're in a position to handle a longer term downtrend in demand?

也許只是觸及最後一個問題，但以另一種方式問，您是否相信現在您有能力應對需求的長期下降趨勢？

And what sort of level, maybe just some thresholds around what demand levels would require additional financing?

什麼樣的水平，也許只是圍繞需求水平的一些閾值需要額外的融資？

Yeah.

是的。

So two comments on that, Jordan.

對此有兩點評論，喬丹。

Thanks for the question.

謝謝你的提問。

I think one of the reasons that we continue to share the cost of retail electric rates is that, fundamentally, that's really the biggest driver of this business in the long term.

我認為我們繼續分擔零售電費成本的原因之一是，從根本上說，從長遠來看，這確實是這項業務的最大推動力。

And I think when you talk to customers, why did they buy residential solar?

我想當你與客戶交談時，他們為什麼要購買住宅太陽能？

There's a group of reasons.

有一組原因。

There's certainly the wanting to do good in the world and use clean energy instead of fossil fuels.

人們肯定希望為世界做好事並使用清潔能源而不是化石燃料。

There's certainly a theme around resiliency with grid instability, but the number one reason at the top of the list is really cost savings.

當然，存在一個圍繞電網不穩定的彈性的主題，但排在首位的原因實際上是節省成本。

And so as we see retail electric rates rising much faster than the cost of residential solar, that spread getting bigger is really the fundamental driver of bigger demand.

因此，當我們看到零售電價的上漲速度遠遠快於住宅太陽能成本的上漲速度時，這種價差的擴大實際上是需求增加的根本驅動力。

And this is still a market, and we have to keep in mind, even though last year was a very tough year, still 4% penetration in this market.

這仍然是一個市場，我們必須記住，儘管去年是非常艱難的一年，但這個市場的滲透率仍然是 4%。

There's tens of millions of customers out there that we could save money for this month if we can get in front of them with a lease offer or a loan offer or cash offer to help them get residential solar.

如果我們能在數千萬客戶面前提供租賃報價、貸款報價或現金報價來幫助他們獲得住宅太陽能，我們可以在本月省錢。

So really the fundamentals of this business from our perspective are still very strong.

因此，從我們的角度來看，這項業務的基本面仍然非常強勁。

On the cost side, what we really tried to do was, for perspective, again, in 2022, we grew revenue 54%.

在成本方面，我們真正想做的是，從長遠來看，2022 年我們的收入成長了 54%。

And I think last year, if I were to be vocally self-critical, one of the areas that we didn't do as well on was, we still had a relatively optimistic revenue plan last year of 22% growth coming into the year.

我認為去年，如果我要口頭自我批評的話，我們做得不好的一個領域是，去年我們仍然有一個相對樂觀的收入計劃，即今年增長 22%。

And obviously that turned out not to be the case for the year.

顯然，今年的情況並非如此。

So the way we thought about it this year is, how do we stress test our top line, and how do we prepare for scenarios in case demand declines and declines even more than we expect?

因此，我們今年的想法是，我們如何對我們的營收進行壓力測試，以及我們如何為需求下降和下降幅度超出我們預期的情況做好準備？

And so we've really thought about building our cost structure to be able to weather that storm this year, if that makes sense.

因此，如果有意義的話，我們確實考慮過建立我們的成本結構，以便能夠度過今年的這場風暴。

That's really helpful.

這真的很有幫助。

I appreciate that, Peter.

我很感激，彼得。

And then maybe just as a follow-up, as we go forward here, what are the major benchmarks or data points you would point to get a good sense of where you're coming in in terms of hitting profitability improvement targets?

然後，也許只是作為後續行動，當我們在這裡前進時，您會指出哪些主要基準或數據點，以便更好地了解您在實現盈利能力改善目標方面的進展情況？

Is it that second half of the year free cash flow inflection, or are there other things we should be tracking as well?

是今年下半年的自由現金流拐點，還是我們還應該追蹤其他事情？

Yeah, definitely.

是的，絕對是。

I mean, I think the -- for color, our year is definitely back half loaded.

我的意思是，我認為對於顏色來說，我們的一年肯定是半載的。

And that's really a function of the fact that we're selling through higher cost equipment in the first half of the year and selling lower cost equipment in the second half of the year.

這其實是因為我們在上半年銷售成本較高的設備，在下半年銷售成本較低的設備。

So that part is pretty straightforward.

所以這部分非常簡單。

But same thing for cost of capital.

但資本成本也是如此。

Our cost of capital is a little higher at the beginning of the year and will be lower in the second half of the year.

我們的資金成本年初會高一些，下半年會低一些。

Those two things plus the full-year kick in of all of our cost of goods sold and OpEx savings really create a very different picture for the second half of the year.

這兩件事加上我們所有銷售成本和營運支出節省的全年影響，確實為下半年創造了截然不同的景象。

Beth, do you want to give any more color on that?

貝絲，你想對此提供更多的顏色嗎？

And I think with the restructuring that we announced a couple of weeks ago, we are in a position where most of the cost reduction for the year has been done.

我認為，透過幾週前宣布的重組，我們今年大部分的成本削減已經完成。

We still have some ongoing productivity improvements that we'll be delivering through the year, but the cost reductions have been implemented.

我們仍將在今年持續實現一些生產力的提高，但成本削減已經實施。

So we're looking forward to a much more cash flow positive year this year.

因此，我們期待今年的現金流量更加積極。

Kashy Harrison, Piper Sandler.

卡希·哈里森，派珀·桑德勒。

So first one for me, I know we're not getting customer guidance for 2024, but I was wondering if you could give us maybe some more color on 4Q '23 installation mix specifically.

首先，我知道我們沒有獲得 2024 年的客戶指導，但我想知道您是否可以具體為我們提供有關 23 年第 4 季安裝組合的更多資訊。

What proportion of installations were California NEM 2.0?

加州 NEM 2.0 的安裝比例是多少？

What proportion were California in NEM 3.0?

加州在 NEM 3.0 中所佔比例是多少？

And then how should we think about non-California?

那我們該如何看待非加州地區呢？

Sure.

當然。

So on the customer side, I would say two things for color.

所以在客戶方面，我想說兩點關於顏色的事情。

One is, as I said in my opening remarks, we do believe that the new homes business wind up end up being a greater share of our total customer count this year.

一是，正如我在開場白中所說，我們確實相信新房業務最終將在今年的客戶總數中佔據更大的份額。

That's really due to the fact that there's a new homes deficit in the US, and frankly, new home builders have done a great job of managing higher interest rates in the economic environment.

這實際上是由於美國存在新房屋赤字，坦白說，新房屋建築商在管理經濟環境中的較高利率方面做得很好。

More new housing starts for the most part means more new solar, which is terrific.

更多的新住房開工在很大程度上意味著更多的新太陽能，這是非常棒的。

So I would expect that segment of our business to have an opportunity to grow in 2024.

因此，我預計我們的該業務領域將有機會在 2024 年實現成長。

But we've been, as I mentioned earlier, very conservative in how we thought about the rest of the retrofit market.

但正如我之前提到的，我們對改造市場的其他部分的看法一直非常保守。

And that includes our dealers, SunPower Direct, and Blue Raven.

其中包括我們的經銷商 SunPower Direct 和 Blue Raven。

And we've been -- I would say, our customer expectations there are in line with the Wood Mackenzie and the Home Analytics forecast for this year.

我想說，我們的客戶期望與今年 Wood Mackenzie 和 Home Analytics 的預測一致。

And then back to the fourth quarter for California NEM, most of the California NEM 2.0 installs finished up by the end of the fourth quarter.

然後回到加州 NEM 的第四季度，加州 NEM 2.0 的大部分安裝在第四季度末完成。

As we mentioned, we did actually go through and really work hard to understand what customers in California were serious about really getting residential solar.

正如我們所提到的，我們確實經歷過並努力了解加州的哪些客戶真正想要真正獲得住宅太陽能。

So we weeded out those cancellations and really got the installations done at the end of the year.

因此，我們淘汰了那些取消的項目，並在年底真正完成了安裝。

So I think you're really beginning to see the mix in the first quarter of this year be primarily from NEM 3.0.

因此，我認為您確實開始看到今年第一季的混合主要來自 NEM 3.0。

Got it.

知道了。

And then maybe a question on the business post restructure.

然後可能是關於業務職位重組的問題。

Following all the employee rationalization and cost that you're taking out, can you give us a sense of the level of customer -- the level of installations you could do theoretically in a recovery scenario without adding more employees?

在您進行了所有員工合理化和成本調整之後，您能否讓我們了解客戶的水平——理論上在恢復場景中無需增加更多員工即可完成的安裝水平？

So in other words, what is the level of demand that would require you to start making platform investments?

換句話說，需要什麼程度的需求才需要您開始進行平台投資？

So the way we've thought about it -- it's a great question.

所以我們思考這個問題的方式——這是一個很好的問題。

We really have four different ways to go to market today.

今天我們確實有四種不同的進入市場的方式。

We have our terrific dealer network we talked about earlier.

我們擁有我們之前談到的出色的經銷商網路。

We have Blue Raven, which is, as you know, a part of the SunPower family and growing and thriving across the mid-part of the US.

我們有 Blue Raven，如您所知，它是 SunPower 家族的一部分，在美國中部地區不斷發展和繁榮。

And then within our direct business, to give you some color, we have the ability to do our direct business both with our own employees and also with installing partners.

然後在我們的直接業務中，為了給您一些色彩，我們有能力與我們自己的員工以及安裝合作夥伴開展直接業務。

And so almost think of it as a process with multiple hurdles.

因此，幾乎可以將其視為一個具有多個障礙的過程。

When demand is uncertain or volatile or low, we probably won't put ourselves in a position where we're doing very much, if any, of our direct business.

當需求不確定、波動或較低時，我們可能不會把自己置於一個我們從事大量（如果有的話）直接業務的境地。

And we'll really rely upon the dealer network in those geographies.

我們將真正依賴這些地區的經銷商網路。

When demand levels begin to increase, we'll be thoughtful about participating ourselves to make sure that we can cover customer demand with SunPower Direct.

當需求水準開始增加時，我們將考慮親自參與，以確保我們能夠透過 SunPower Direct 滿足客戶需求。

But even at the beginning of SunPower Direct, we'll be looking for ways to keep those costs as variable as possible and using installation partners is a way to do that in the beginning before you have enough volume to put your own teams in place.

但即使在SunPower Direct 開始時，我們也會尋找方法來盡可能保持這些成本的可變性，並且在您有足夠的容量來組建自己的團隊之前，使用安裝合作夥伴是一種在開始時做到這一點的方法。

The dream scenario is that, demand for residential solar gets so high that SunPower Direct has teams in the major metropolitan areas across the US.

理想的情況是，住宅太陽能的需求如此之高，以至於 SunPower Direct 在美國主要大都市區都設有團隊。

But we're not in that position today, and I think part of the rationalization from 2022 to 2023 was really recognizing this new level set of consumer demand.

但我們今天的處境並非如此，我認為 2022 年至 2023 年合理化的一部分是真正認識到這一新的消費者需求水準。

And so, we're being, I would say, erring on the side of being cautious and thoughtful at this point.

因此，我想說，在這一點上，我們在謹慎和深思熟慮方面犯了錯誤。

Helpful, thanks.

有幫助，謝謝。

And just one final one.

還有最後一件事。

Apologies if this was mentioned and I missed this or there's some details somewhere, but what are the terms on the second lien note specifically?

如果提到這一點而我錯過了這一點，或者某處有一些細節，我深表歉意，但第二張留置權票據上的具體條款是什麼？

What's the interest rate on the loan from Total, GIP and then how should we think about the maturity date?

Total、GIP 的貸款利率是多少，那麼我們該如何考慮到期日呢？

So the interest rate on the second lien is 13% cash or 15% is paid in kind.

因此，第二留置權的利率為 13% 現金或 15% 以實物支付。

And for both the amendment to our first lien, the maturity was pushed out.

對於我們的第一留置權的修正案，到期日都被推遲了。

It's a five-year maturity.

期限是五年。

And the second lien will be after that.

第二留置權將在那之後。

Brian Lee, Goldman Sachs & Co.

布萊恩李，高盛公司

Thanks for squeezing me in.

謝謝你把我擠進去。

Maybe a couple follow-up questions to the prior question around the second lien term loan.

也許有幾個關於第二留置權定期貸款的後續問題。

So 13% to 15% interest rate based on how you pay it.

因此，根據您的付款方式，利率為 13% 至 15%。

There's also, it looks like, about 75 million shares of warrants being granted.

看起來還授予了約 7500 萬股認股權證。

Can you give us this -- just kind of how do they work, the penny warrants work, and then also it's just 13% to 15% cost of debt on top of that.

你能為我們介紹一下它們是如何運作的嗎？便士認股權證如何運作，除此之外還有 13% 到 15% 的債務成本。

That's kind of 40%-plus of the shares out that they potentially could receive in share compensation as well.

這相當於他們可能獲得的股份補償中 40% 以上的股份。

I understand that's a sweetener in any of these financing packages, but thought process around including that level of equity exposure as well for this deal.

我知道這是任何這些融資方案中的甜味劑，但圍繞該交易的股權敞口水平的思考過程也包括在內。

So we actually look at this as excellent support from our key shareholders and very important for improving our liquidity and getting us to the point where we can be free cash flow positive in the second half.

因此，我們實際上認為這是我們主要股東的大力支持，對於提高我們的流動性並使我們在下半年實現自由現金流為正非常重要。

The warrants are our penny warrants for a substantive share of the outstanding.

這些認股權證是我們針對已發行股票的實質份額的便士認股權證。

They do come in tranches.

他們確實是分批來的。

If we don't need to draw that second -- that last $50 million of financing, then there won't be as many warrants outstanding.

如果我們不需要提取第二筆——最後 5000 萬美元的融資，那麼就不會有那麼多未償還的認股權證了。

So it gives us the chance to work through the business plan at a little less dilution.

因此，它使我們有機會以較少的稀釋程度完成業務計劃。

But the financing is there if we need it.

但如果我們需要的話，融資就在那裡。

Okay, fair enough.

好吧，很公平。

And then, Beth, you mentioned the first lien loan also had a maturity pushout.

然後，貝絲，你提到第一筆留置權貸款也有到期期限。

Can you -- I know in the press release you talked about a long-term waiver.

我知道您在新聞稿中談到了長期豁免。

What are the terms around the long-term waiver?

長期豁免有哪些條款？

And also, have any of the key covenants changed?

而且，任何關鍵契約是否改變了？

I know liquidity, interest coverage were the key ones before.

我知道流動性、利息覆蓋率是之前的關鍵。

Have any of the covenants themselves actually changed, or what's sort of the scope of the longer-term waivers that you've received here?

契約本身是否真的發生了變化，或者您在這裡收到的長期豁免的範圍是什麼？

Yeah, so there was a maturity pushout.

是的，所以存在成熟度推出。

The only covenants for 2024 are liquidity covenants, which are lower, as we said in the press release.

正如我們在新聞稿中所說，2024 年唯一的契約是流動性契約，該契約較低。

The Q1 liquidity is $20 million, $30 million for Q2, Q3, $50 million for Q4.

第一季流動性為 2,000 萬美元，第二季、第三季為 3,000 萬美元，第四季為 5,000 萬美元。

And then in 2025, we'll start to ratchet up some of the other covenants that we have had in place in terms of net leverage ratio, interest coverage, and asset ratios.

然後到 2025 年，我們將開始加強我們在淨槓桿率、利息覆蓋率和資產比率方面已經制定的一些其他契約。

So it is a pretty good set of covenants that we can meet for 2024, and then start ratcheting back to a normal situation through 2025.

因此，這是一套非常好的契約，我們可以在 2024 年滿足，然後在 2025 年開始逐步恢復正常狀態。

Okay, fair enough.

好吧，很公平。

The last one for me, I mean, presumably based on that, you don't need to post positive EBITDA in 2024, and you'd still stay compliant given the way the '24 scope of the covenants are structured.

對我來說，最後一個，我的意思是，大概基於此，你不需要在 2024 年公佈正的 EBITDA，而且考慮到 24 年契約範圍的結構方式，你仍然會保持合規。

But I guess if -- one, is that right?

但我想如果──一，是這樣嗎？

And then, two, what's the thought rationale behind the no EBITDA per customer?

然後，第二個問題，每位客戶沒有 EBITDA 背後的思考理由是什麼？

I understand customer count, growth visibility, those are kind of impaired given the current environment, the restructuring, the financing packaging having just come together, but in terms of unit economics no longer being relevant, can you kind of walk us through that thought process?

我了解客戶數量、成長可見性，考慮到當前的環境、重組、剛剛整合的融資包裝，這些都受到了損害，但就單位經濟效益而言不再相關，您能否引導我們完成這個思維過程？

Because I always thought that was a key sort of framework around the longer term profit targets for you guys.

因為我一直認為這是圍繞你們的長期利潤目標的關鍵框架。

So the first one is our EBITDA ratios and our covenants have always been a trailing 12 EBITDA.

因此，第一個是我們的 EBITDA 比率，我們的契約始終是尾隨 12 EBITDA。

So given where we are at the moment, not having EBITDA covenants in 2024 is important and does not mean that we aren't going to have EBITDA.

因此，考慮到我們目前的處境，2024 年沒有 EBITDA 契約很重要，但這並不意味著我們不會有 EBITDA。

Also -- yeah, I'd add one other quick point here, which is, you're right, Brian, the unit economics, which was a big topic in our Analyst Day, that still is important.

另外——是的，我想在這裡補充一點，那就是，你是對的，布萊恩，單位經濟學，這是我們分析師日的一個大話題，它仍然很重要。

And I think it's an important part of the story.

我認為這是故事的重要部分。

It's really about the EBITDA per customer before platform investment.

這實際上是關於平台投資之前每個客戶的 EBITDA。

Given that this is a time where platform investment will be a small part of our investment, it really doesn't make sense to talk about a EBITDA per customer before platform investment kind of a metric.

鑑於現在平台投資僅占我們投資的一小部分，因此在平台投資作為指標之前談論每位客戶的 EBITDA 確實沒有意義。

But I think one of the reasons that it was critical for us to make progress on battery attach and storage attach is, if you go to the core economics of the business, we've traditionally been a residential solar company that just sold solar panels, period.

但我認為，我們在電池連接和儲存連接方面取得進展至關重要的原因之一是，如果你關注業務的核心經濟，我們傳統上是一家僅銷售太陽能電池板的住宅太陽能公司，句點。

And so part of our investment thesis is the fact that we believed we could drive a bigger customer ring with batteries, someday EV chargers, other programs.

因此，我們投資論點的一部分是，我們相信我們可以透過電池、電動車充電器和其他項目來推動更大的客戶群。

But also, a critical part of this is making sure that every time someone does their lease or loan, they do the lease or loan with us.

而且，其中的關鍵部分是確保每次有人進行租賃或貸款時，他們都會與我們進行租賃或貸款。

So once we have a chance to reassess this year, particularly on the demand side, and incorporate the capital, we'll come back to you with EBITDA guidance later on in the year.

因此，一旦我們有機會重新評估今年，特別是在需求方面，並整合資本，我們將在今年稍後向您提供 EBITDA 指導。

And I think the EBITDA per customer metric will still make sense as we move forward, particularly once we get through this bottoming out of consumer demand, if you will.

我認為，隨著我們的前進，每個客戶的 EBITDA 指標仍然有意義，特別是一旦我們度過了消費者需求的觸底期（如果你願意的話）。

All right.

好的。

I'll pass it on.

我會把它傳遞下去。

Andrew Percoco, Morgan Stanley.

安德魯佩爾科科，摩根士丹利。

Great.

偉大的。

Thanks so much for squeezing me in.

非常感謝你把我擠進去。

I did just want to come back to the '24 guidance for a second.

我只是想稍微回顧一下 24 世紀的指導方針。

I know you're not giving volume growth expectations, but if I just overlay market expectations, whether that be Wood Mackenzie or other sources, on top of your gross margin expectation, it implies that you still have a good amount of work to do on the OpEx side to get to a point where you're generating positive adjusted EBITDA.

我知道你沒有給出銷量成長預期，但如果我只是將市場預期（無論是 Wood Mackenzie 還是其他來源）疊加到你的毛利率預期之上，這意味著你仍然有大量工作要做運營支出方面達到產生正向調整EBITDA 的水平。

So can you just give us a sense for how much, potentially on a dollar basis, you expect to cut out of cash OpEx in 2024 versus the $330 million or so in 2023?

那麼您能否告訴我們，您預計 2024 年將削減多少現金營運支出（可能以美元計算），而 2023 年將削減約 3.3 億美元？

So I think what we announced a few weeks ago, I think the bulk of that work is already done.

所以我認為我們幾週前宣布的大部分工作已經完成。

We announced pretty significant savings in OpEx, as well as some moves on our cost of goods sold.

我們宣佈在營運支出方面節省了大量資金，並對銷售成本進行了一些調整。

And so the bulk of that work is pretty much done.

所以大部分工作已經完成了。

Yeah.

是的。

And the other comment I'd add, Andrew, for color is that, as the mix between our businesses shifts this year, we'll likely do less panel-only sales to dealers.

安德魯，我要補充的關於顏色的另一條評論是，隨著今年我們業務組合的變化，我們可能會減少對經銷商的純面板銷售。

So think of that as potentially a little lower margin, a little lower ASP.

因此，可以認為這可能會導致利潤率下降一點，平均售價下降一點。

And we'll be mixing out higher in other segments like SunPower Financial and new homes that have higher ASPs or higher margins.

我們將在 SunPower Financial 和具有更高平均售價或更高利潤率的新住宅等其他領域進行更多混合。

So I do think that between being more conservative and how we have planned for the top line, and then really being aggressive on leaning out the company and making it a much stronger OpEx and COGS cost structure, we feel like we're in a good position to endure what's likely to be a still pretty tough 2024.

因此，我確實認為，在更加保守和我們如何規劃營收之間，然後真正積極地傾斜公司並使其成為更強大的營運支出和銷貨成本結構，我們感覺我們處於良好的狀態能夠忍受可能仍然相當艱難的2024 年。

Okay.

好的。

Understood.

明白了。

That that's super helpful.

這非常有幫助。

And then I guess the last question I have just relates to SunStrong.

然後我想我的最後一個問題與 SunStrong 有關。

You clearly still have some residual ownership of that JV, is there an opportunity to potentially rotate that asset or sell down that residual ownership as another source of capital, just thinking through other potential sources of capital from here to the extent demand doesn't improve in line with your expectations?

顯然，您仍然擁有該合資企業的一些剩餘所有權，是否有機會旋轉該資產或出售該剩餘所有權作為另一個資本來源，只要從這裡考慮其他潛在的資本來源，直到需求沒有改善符合您的預期嗎？

While we would always look at all options as sources of capital to reduce our cost of capital, that's not something that we're actively looking at.

雖然我們始終將所有選擇視為降低資本成本的資本來源，但這並不是我們正在積極考慮的事情。

Okay.

好的。

Michael Blum, Wells Fargo.

麥可布魯姆，富國銀行。

I'll just squeeze two quick ones in here if you don't mind.

如果你不介意的話，我就在這裡塞兩個快點。

The first is just -- will this funding that you announced this morning, will that definitively remove the going concern language in your financials and what's the path there?

第一個問題是——您今天早上宣布的這筆資金是否會徹底消除您財務中的持續經營語言，以及那裡的路徑是什麼？

And then kind of unrelated, but can you give us any updates on your contract that's coming up here with Enphase in a little bit?

然後有點無關，但是您能給我們提供有關您與 Enphase 的合約的任何更新嗎？

Thanks.

謝謝。

So while we are still in discussions with auditors and reviewing financial plans, we do not expect at the moment to have a going concern provision in our 10-K that's coming out.

因此，雖然我們仍在與審計師討論並審查財務計劃，但我們目前預計不會在即將發布的 10-K 中包含持續經營條款。

And then regarding Enphase, no update to provide on this call.

然後，關於 Enphase，本次通話沒有提供任何更新。

They're still a terrific partner of ours.

他們仍然是我們出色的合作夥伴。

We really are quite aligned with how they think about the quality and the engineering and the support of their products.

我們確實非常同意他們對產品品質、工程和支援的看法。

And I think they've made also great strides in improving the cost structure and providing better value for consumers over time.

我認為隨著時間的推移，他們在改善成本結構和為消費者提供更好價值方面也取得了巨大進展。

So we've had a terrific partnership with them as we go forward.

因此，在我們前進的過程中，我們與他們建立了良好的合作關係。

And I think when there's new news to announce there, Badri and I are happy to share that more broadly.

我認為當有新消息要宣佈時，巴德里和我很樂意更廣泛地分享。

Great.

偉大的。

Okay.

好的。

Thanks, everyone.

感謝大家。

We're very excited again about this new capital commitment of $200 million, and we're really focused this year on driving positive free cash flow and profitability.

我們再次對 2 億美元的新資本承諾感到非常興奮，今年我們真正關注的是推動積極的自由現金流和獲利能力。

Thank you all for your questions today, and we look forward to talking to you in the next quarter.

感謝大家今天提出的問題，我們期待在下個季度與您交談。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。