SunPower Inc (SPWR) 2024 Q2 法說會逐字稿

Hi, my name is T.J. Rodgers. I'm the CEO of Complete Solaria. And today, we're going to give you the second quarter report. I'm going to introduce the gentleman on the far side, during my pitch. This is Dan Foley, who's our new CFO, started today. Excuse me. This is the first quarterly report.

嗨，我的名字是 T.J.羅傑斯。我是 Complete Solaria 的執行長。今天，我們將為您提供第二季報告。在我的演講過程中，我將介紹遠處的那位紳士。我是 Dan Foley，他是我們今天上任的新任財務長。打擾一下。這是第一份季度報告。

Okay, getting into the quarterly report. This was the document we put out this morning. SunPower seeks court approval for its bankruptcy asset purchase agreement, APA naming Complete Solaria stalking horse. I typically try to write things in English, and simply so people can understand them. But this was rewritten by lawyers a couple of times, so now I'll translate it into English.

好的，進入季度報告。這是我們今天早上發布的文件。SunPower 尋求法院批准其破產資產購買協議，APA 將 Complete Solaria 命名為「追蹤馬」。我通常嘗試用英語寫東西，只是為了讓人們能夠理解。但這被律師重寫了幾次，所以現在我將其翻譯成英文。

SunPower is going through a Chapter 11 bankruptcy process. They are going to court. This is a US bankruptcy court in Delaware, to seek the court's approval for an asset purchase agreement. So this is when companies combine in the sense that, one company buys assets of the other company. Naming Complete Solaria is a stalking horse. And what that means is SunPower chose, to have us be the bidder that comes in first.

SunPower 正在根據美國破產法第 11 章進行破產程序。他們要去法庭。這是位於特拉華州的美國破產法院，尋求法院批准一項資產購買協議。這就是公司合併的意義，即一家公司購買另一家公司的資產。命名 Complete Solaria 是一匹跟蹤馬。這意味著 SunPower 選擇讓我們成為第一個競標者。

What we serve is we give a floor bid that they accept, and then that bid is later subject to an auction. So, we have an asset purchase agreement, which defines what we want and what we're going to pay for it and the rules. And that will be given to the court this week. That typically is not a large hurdle. They wouldn't present it, and do it unless they wanted to get it done.

我們提供的是我們給出他們接受的底價，然後該出價隨後進行拍賣。因此，我們有一份資產購買協議，它定義了我們想要什麼、我們將為此支付什麼以及規則。這將於本週提交給法院。這通常不是一個大障礙。除非他們想完成它，否則他們不會展示它，也不會這樣做。

Okay, so I already said this. Let me talk about the stalking horse. So the stalking horse bid is a term from the 1800s. It is the stalking horse is something used to hide behind. It's like a dummy or a blind. And it is the name of the bid that is, allowed to launch the bidding process in a bankruptcy. The stalking horse motion is scheduled for the 29th coming up, and that's in bankruptcy, US bankruptcy court in Delaware.

好吧，我已經說過了。先說一下那匹馬。所以說，「跟踪馬競標」是 1800 年代的一個術語。它是跟蹤馬，是用來隱藏在後面的東西。它就像一個假人或一個盲人。它是投標的名稱，即允許在破產時啟動投標程序。這項「走馬行動」定於29日在美國特拉華州破產法院審理。

And then the process is a well-defined legal process that will culminate, around the end of September 2024. And our bid is $45 million for "certain assets". So this is not about buying the company, buying everything in it, taking over groups of people. It's about certain assets that we want to bring, obviously, to Complete Solaria, because SunPower is one of the leaders and has been for years.

然後這個過程是一個明確的法律程序，將於 2024 年 9 月底左右達到高潮。我們對「某些資產」的出價是 4500 萬美元。所以這不是要收購公司、收購其中的一切、接管一群人。顯然，這是關於我們想要為 Complete Solaria 帶來的某些資產，因為 SunPower 是領導者之一，多年來一直如此。

In order to stabilize the SunPower business, they have some cash issues they're working on with some of their vendors. Complete Solaria's bid will also assume certain liabilities up to another $7.2 million. So you can look at the sum of those numbers is what we will potentially write checks for. We are currently making what I use the word attractive retention offers for SunPower people, who will come across to Complete Solaria in the event that we are chosen as the acquiring candidate, or not acquiring, but the candidate in the Chapter 11 process.

為了穩定 SunPower 業務，他們正在與一些供應商合作解決一些現金問題。Complete Solaria 的投標還將承擔另外高達 720 萬美元的某些負債。所以你可以看看這些數字的總和就是我們可能會寫支票的內容。我們目前正在為 SunPower 人員提供有吸引力的保留優惠，如果我們被選為收購候選者，或者不是收購者，而是第 11 章流程中的候選者，他們將接觸 Complete Solaria。

We've made retention offers to them. That includes stock options. My philosophy is, we're in the middle of Silicon Valley right here, and people get stock, and that's why Silicon Valley is Silicon Valley. We're doing that with SunPower. The stock they're getting in their contingent offers is Complete Solaria, Complete Solar stock. It says the offers are contingent on executing the APA. The APA says that we're the stalking horse and we're going to merge.

我們已經向他們提出了保留要約。其中包括股票期權。我的理念是，我們就在矽谷的中心，人們可以獲得股票，這就是矽谷之所以是矽谷的原因。我們正在與 SunPower 合作實現這一目標。他們在或有報價中獲得的股票是 Complete Solaria，Complete Solar 股票。它表示，這些要約取決於 APA 的執行。APA 說我們是跟蹤者，我們要合併。

If the APA doesn't happen, for example, because somebody outbids us in the auction, then obviously those offer letters that come to work at our place will not be valid. Why SunPower? It turns out I have a long history with SunPower. I haven't been working with them since 2010, so that's 14 years absent. But I go back a long way with SunPower. This picture is about 2001.

例如，如果 APA 沒有發生，因為有人在拍賣中出價高於我們，那麼顯然那些來我們這裡工作的錄取通知書將無效。為什麼選擇SunPower？事實證明，我與 SunPower 有著悠久的歷史。自 2010 年以來我就沒有再與他們合作過，所以已經有 14 年了。但我很早就使用過SunPower。這張照片拍攝於2001年左右。

That guy right there is Dick Swanson. He's the founder of SunPower with one of his panels. This is the roof of Cypress Semiconductor Mile Company that I retired from in 2016. That's Silicon Valley back there. So, we're promoting SunPower panels. And this was one of the earliest solar installations in Silicon Valley. This is a pitch about me, and I took some slides out of it.

那邊那個人就是迪克·斯旺森。他是 SunPower 的創始人，也是他的一個小組的創始人。這是我 2016 年退休的 Cypress Semiconductor Mile 公司的屋頂。那裡就是矽谷。因此，我們正在推廣 SunPower 面板。這是矽谷最早的太陽能裝置之一。這是關於我的演講，我從中取出了一些幻燈片。

And I talk about I invest in entrepreneurs, and in this case, ones who make all-black high-power panels. The pitch for SunPower at that time, and still, through their Maxeon co-company, their manufacturing is they make very high wattages, half-size panel, 95-watt panel, and the equivalent panel from, I think this was BP, British Petroleum. Okay. So that was the pitch, all-black, look good, high power.

我談到我投資於企業家，在這種情況下，是那些製造全黑高功率面板的人。SunPower 當時的宣傳口號是，透過他們的 Maxeon 聯營公司，他們的製造是生產非常高瓦數的半尺寸面板、95 瓦面板，以及來自英國 BP 的同等面板石油。好的。這就是球場，全黑，看起來不錯，功率大。

The company got in trouble. I couldn't get my company to invest in them, because we were headed to the 2001 crash, and I wrote a personal check for $750,000 way back when. I also had another guy working in the Cypress family of companies, a guy named Tom Werner, and I helped them with a new star CEO. Tom came in and ran the thing for over 20 years. Dick became CTO.

公司遇到麻煩了。我無法讓我的公司投資它們，因為我們正面臨 2001 年的崩盤，而當時我就寫了一張 75 萬美元的個人支票。我還有另一個在賽普拉斯家族公司工作的人，一個名叫湯姆·沃納的人，我幫他們任命了一位新的明星執行長。湯姆進來並經營了這家公司 20 多年。迪克成為首席技術長。

I also, and by the way, I've just made the comment here, Tom has gotten yanked out of retirement to fix SunPower from the recent financial trouble they got into after he left. This is a slide I used for another purpose, but that's Manny Hernandez. He was my CFO at Cypress. He wanted very badly to get into solar, and we arranged for him to go across as well.

我也，順便說一句，我剛剛在這裡發表了評論，湯姆已經從退休狀態中被拉出來，以解決 SunPower 在他離開後最近陷入的財務困境。這是我用於其他目的的幻燈片，但那是曼尼·埃爾南德斯。他是我在賽普拉斯的財務長。他非常想進入太陽能領域，我們也安排他進入。

These are solar cells, so we, SunPower, made solar cells. This is at their plant in the Philippines, and we worked with them both at our plant in Texas, and built this plant in the Philippines for them with new automated equipment to make solar cells. Here you see a river of silicon, four cells wide, going through an automatic machine in the SunPower plant in Manila.

這些是太陽能電池，所以我們 SunPower 製造了太陽能電池。這是他們在菲律賓的工廠，我們在德州的工廠與他們合作，並為他們在菲律賓建造了這座工廠，配備了新的自動化設備來製造太陽能電池。在這裡，您可以看到一條四片電池寬的矽河，流經馬尼拉 SunPower 工廠的自動機器。

SunPower got famous with one of the things that made it famous is this picture. So, this is an airplane. The curve of the wing has got solar cells on it ground down to 100 microns so that they can bend over the wing, and they run 14, two-horsepower electric motors. This is a NASA project that SunPower delivered the solar cells for, and they picked the highest energy they could get at the time, and that was SunPower.

SunPower 因這張照片而出名。所以，這是一架飛機。機翼的曲線將太陽能電池磨細至 100 微米，以便它們可以在機翼上彎曲，並運行 14 個兩馬力的電動馬達。這是一個 NASA 項目，SunPower 為其提供了太陽能電池，他們選擇了當時可以獲得的最高能量，那就是 SunPower。

Interestingly enough, this airplane set a world record of 96,000 feet, which still is not broken. It took for airplanes that are conventionally powered, not rockets, conventionally powered propellers or jets, taking off and landing under their own power. That includes this airplane. I just wanted to make a point of how amazing this thing was. This airplane is, of course, the SR-71 Blackbird, our spy plane, Mach 3.3, and its maximum altitude, its record, if you look it up, is 85,069 feet.

有趣的是，這架飛機創下了 96,000 英尺的世界紀錄，至今仍未被打破。它指的是傳統動力的飛機，而不是火箭、傳統動力的螺旋槳或噴射機，依靠自己的動力起飛和降落。其中包括這架飛機。我只是想強調這件事有多神奇。當然，這架飛機就是 SR-71 黑鳥，我們的間諜飛機，馬赫數為 3.3，它的最高高度，它的記錄，如果你查一下的話，是 85,069 英尺。

So they're now, in about six weeks, going to the Wall Street Journal talking about making artificial satellites, 100 times cheaper by using these stations. Now put batteries in them so they can run at night and stay up all the time. The check was written back just before this period of time. SunPower was controlled by Cypress during this time, but the employees had stock options in SunPower.

因此，他們現在將在大約六週後向《華爾街日報》談論製造人造衛星，透過使用這些衛星站，成本可以降低 100 倍。現在給它們裝上電池，這樣它們就可以在夜間運行並保持睡眠狀態。支票是在這段時間之前寫回的。SunPower 在此期間由 Cypress 控股，但員工擁有 SunPower 的股票選擇權。

This is revenue. They grew to $1.43 billion in 2008. We did an IPO for them in 2005. They weren't that big at that time. Then in 2008, we spun them out. I didn't want to do that, but my shareholders demanded that they get a SunPower. It was a jewel. They didn't care that much about Cypress, the scroungy little chip company, and they wanted their SunPower. So we spun them out.

這是收入。2008 年，這一數字成長至 14.3 億美元。2005 年，我們為他們進行了首次公開募股。那時他們還沒有那麼大。然後在 2008 年，我們將它們剝離出來。我不想這樣做，但我的股東要求他們購買 SunPower。那是一顆寶石。他們不太關心賽普拉斯這個財力雄厚的小晶片公司，他們想要的是 SunPower。所以我們把它們轉出來。

40% of the shares we owned, they were 10-vote shares, and that was worth $2.6 billion. So our shareholders loved us, and SunPower became public. A couple years later, they were bought. They had control taken by purchasing 60% of their shares publicly, and they became a subsidiary, or a controlled company by TotalEnergies, the French oil company. I left in 2010, as I said earlier.

我們擁有 40% 的股份，它們是 10 票表決權的股份，價值 26 億美元。因此，我們的股東喜歡我們，SunPower 也因此上市。幾年後，它們被收購了。他們透過公開購買60%的股份取得了控制權，並成為法國石油公司TotalEnergies的子公司或控股公司。正如我之前所說，我於 2010 年離開。

Anyway, this is why I'm doing this partly, because I have a lot of nostalgia for this, and I personally worked on this in my career. When I got the call, are you interested, I said, of course I'm interested, and I've been working on it ever since. Okay, I divided that in half so I could insert those nostalgia slides in there. Continuing on with the headlines from the quarterly report, we had a terrible revenue quarter.

無論如何，這就是我這樣做的部分原因，因為我對此有很多懷舊之情，而且我個人在我的職業生涯中也致力於此。當我接到電話時，你有興趣嗎？ 我說，我當然感興趣，從那時起我就一直在努力。好吧，我把它分成兩半，這樣我就可以在那裡插入那些懷舊幻燈片。繼續關注季度報告的頭條新聞，我們的收入季度很糟糕。

We only did $4.5 million. That was due to a near total lack of working capital. We were shut down. I remember when we passed over the 200 jobs given back line, because we couldn't buy panels for it, and that drought lasted for the better part of two quarters and obviously clobbered our revenue. I'll talk a little bit about that later. So we had to raise money. We had to pay back the people we owed money.

我們只做了 450 萬美元。這是由於幾乎完全缺乏營運資金。我們被關閉了。我記得當我們放棄了 200 個工作崗位時，因為我們無法為其購買面板，而且乾旱持續了兩個季度的大部分時間，顯然削弱了我們的收入。稍後我會稍微談一下這個問題。所以我們必須籌集資金。我們必須償還欠我們錢的人。

We negotiated, got a figure, and we went out and raised $46 million in July of 2024 with a convertible to venture, 12% convert at a 50% conversion premium, which was $1.68. So it's $1.68 convert pretty much at the strike price as we speak that pays 12% while you're waiting, standard five-year convert, Rule 144A, et cetera. We took that money and we got our working capital, so we turned the factory back on.

我們進行了談判，得到了一個數字，然後我們在 2024 年 7 月透過可轉換為風險投資籌集了 4,600 萬美元，轉換率為 12%，轉換溢價為 50%，即 1.68 美元。因此，它的轉換價格為 1.68 美元，相當於我們所說的執行價格，在您等待時支付 12%，標準五年期轉換，規則 144A 等等。我們拿了這筆錢，得到了營運資金，所以我們重新啟動了工廠。

We paid off the long-term debt. That was the private equity debt, and we paid off. We had a bunch of overdue accounts, some of them overdue by 180 days, and we paid all that off. We announced the total elimination of private equity debt on July 1, and when we did that, the company stock traded up 32.1% on a record 132.7 million shares. This is a picture, courtesy of Cantor Fitzgerald, of the trading record of Complete Solar, and you can see this bar, this one bar is so amazing.

我們還清了長期債務。這就是私募股權債務，我們還清了。我們有很多逾期帳戶，其中一些逾期了 180 天，我們全部還清了。我們在 7 月 1 日宣布徹底消除私募股權債務，當我們這樣做時，公司股票交易量上漲了 32.1%，達到創紀錄的 1.327 億股。這是由 Cantor Fitzgerald 提供的 Complete Solar 交易記錄的圖片，你可以看到這個長條圖，這個長條圖太神奇了。

People came in, and these other bars are actual trading, and it's not really zero market. These other bars averaged 2.55 million shares a day. So whatever we did that day announcing we got out from under the private equity debt struck a chord with the market, and they liked it.

人們進來了，其他這些酒吧都是實際交易，並不是真正的零市場。這些其他金條平均每天有 255 萬股。因此，無論我們那天宣布擺脫私募股權債務，我們做了什麼，都引起了市場的共鳴，他們喜歡它。

Okay, also in the quarter, our OpEx, which includes commissions the way we reported, but stripping out to classic OpEx. It doesn't include sales commissions paid to third-parties. We've got the company to a two-year low of $4.4 million of OpEx in the quarter, and that's still coming down. My plan is to get that down below $3 million in the next two quarters.

好的，同樣在本季度，我們的營運支出，其中包括我們報告的佣金，但剔除了傳統的營運支出。它不包括支付給第三方的銷售佣金。我們使該公司本季的營運支出降至兩年來的最低點 440 萬美元，而且這一數字仍在下降。我的計劃是在接下來的兩個季度將其降至 300 萬美元以下。

And finally, we acquired a company called Core Energy. When we finally brought it in, there were 37 people, and we gave them all stock options, brought them into the company. We took everybody that wanted to come. In this case, it was a - we'll talk about it later when I introduce Cole. You'll hear a pretty amazing story about how they worked, and what I've learned from them. And they've been integrated. They're part of our company now.

最後，我們收購了一家名為 Core Energy 的公司。當我們最終引進的時候，有37個人，我們給了他們所有的股票選擇權，把他們帶進了公司。我們帶了所有想來的人。在這種情況下，這是一個——我們稍後在介紹科爾時會討論它。您會聽到一個非常精彩的故事，講述他們如何工作以及我從他們身上學到了什麼。並且它們已經整合在一起了。他們現在是我們公司的一部分。

Okay, so here are the non-GAAP financial indices, revenue, gross margin, op inc, and then some cash funding, cash flow, cash balance figures. Going backwards, so here we have the quarter I'm reporting. Going backwards, you see, the period of the impasse in loans. We were technically in default with one of the lenders. And when you're in default, nobody will give you money for any reason, right, because the guy declaring default can call it, come in and take the money.

好的，這是非公認會計準則財務指數、收入、毛利率、營業收入，還有一些現金融資、現金流量、現金餘額資料。倒退一下，這是我正在報告的季度。回顧過去，你會發現，貸款陷入僵局的時期。從技術上講，我們對其中一位貸方有違約行為。當你違約時，沒有人會以任何理由給你錢，對吧，因為宣布違約的人可以打電話進來拿錢。

Therefore, nobody will give you money, and that's what shut us down hard. And that dropped our revenue first in half. We had a little bit of a quarter before this one cut off, and then in half again. So this has been a disaster. If you want to say there's good news here, which is difficult for me, if you look at op inc, we managed to actually reduce our operating losses during this period.

因此，沒有人會給你錢，這就是我們嚴厲關閉的原因。這使我們的收入下降了一半。在這次被切斷之前我們有一點點四分之一，然後又變成了一半。所以這是一場災難。如果你想說這裡有好消息，這對我來說很難，如果你看看 op 公司，我們實際上成功減少了在此期間的營運損失。

And we now have plenty of leverage where when we come back to this number, we will be better and more profitable than we were when we hit $20 million the first time. And here's funding. It turns out that the funding we did in the quarter was $3 million, and the cash flow was minus $739. So bottom line, we were burning a little bit of money. What I just told you, we raised $46 million in July, so that's Q3 beyond the scope of this report.

我們現在擁有足夠的槓桿，當我們回到這個數字時，我們將比第一次達到 2000 萬美元時更好、利潤更高。這是資金。事實證明，我們這個季度的融資額為 300 萬美元，現金流為負 739 美元。所以最重要的是，我們燒了一點錢。我剛剛告訴您，我們在 7 月籌集了 4,600 萬美元，因此第三季超出了本報告的範圍。

And at the end of it, after we paid off our debt and paid off our aged accounts payable to key vendors, we had $26 million left out of the $46 million. I make one comment here. This number, if you're an operating guy like me, you'd tee off on that number and talk about it for the next two hours. It's a horrible number. When you look at gross profit, we had some one-time events.

最後，在我們還清了債務並還清了應付主要供應商的陳舊帳款後，我們在 4,600 萬美元中剩下了 2,600 萬美元。我在這裡發表一則評論。這個數字，如果你是像我一樣的操作人員，你會在接下來的兩個小時內談論這個數字。這是一個可怕的數字。當你看一下毛利時，我們發生了一些一次性事件。

We decided to clean up get rid of some old lots, old jobs in the line, and get rid of some old inventory and decided to take the hit. That's really the reason we got that bad number. We expect that next quarter we'll bounce back to 30% plus gross margin in Q3, '24, which is starting to become where we want to operate.

我們決定清理掉一些舊地塊、生產線中的舊工作，並處理掉一些舊庫存，並決定接受打擊。這確實是我們得到這個糟糕數字的原因。我們預計下個季度我們將在 24 年第三季恢復到 30% 以上的毛利率，這開始成為我們想要的營運水準。

Organization changes. You've known Brian Wuebbels when he was CFO. He was promoted to COO, and he's been commuting on relatively long flights or feeling guilty for not commuting for a while. He lives in Illinois. He's got families, grandchildren, daughters there, and he's just decided he doesn't want to have a remote job. So he's taken a CFO role in a local company, and I asked Brian to get on the phone.

組織變化。您在擔任財務長時就認識 Brian Wuebbels。他被提升為首席營運官，他一直在乘坐相對較長的航班通勤，或者因為有一段時間沒有通勤而感到內疚。他住在伊利諾州。他在那裡有家人、孫子、女兒，但他只是決定不想從事遠距工作。他在當地一家公司擔任財務官，我請布萊恩接電話。

So he can hear me thank him with investors for all that he's done, especially sticking around that extra eight months to get us through, get our auditors changed, get the 10-K done, and the 10-Q done for this quarter. So I asked him that, and that was a big ask, and he helped me out. Brian, thank you.

所以他可以聽到我和投資者一起感謝他所做的一切，特別是堅持額外的八個月來幫助我們渡過難關，更換我們的審計師，完成本季度的 10-K 和 10-Q。所以我問了他這個問題，這是一個很大的問題，他幫助了我。布萊恩，謝謝你。

Yes, thank you, T.J. I appreciate everything as well. It's been a pleasure working with you.

是的，謝謝你，T.J.我也很感激一切。很高興與您合作。

Okay. So the new auditor is BDO. They're the fifth largest auditing firm in the world, and we've gotten off. They're now in control of auditing, and this was their first audit. To replace Brian, given that we're in a potential acquisition mode, we're not recruiting right now. We're waiting to see, because we want to keep as many jobs as we can. I've appointed Linda DeJulio who is our VP of Quality, to be acting CEO and the ranking officer in the company. She's done the work whenever needed to deserve that promotion.

好的。所以新的審計師是 BDO。他們是世界第五大審計公司，而我們已經擺脫了困境。他們現在控制了審計，這是他們的第一次審計。為了取代布萊恩，考慮到我們處於潛在的收購模式，我們現在不進行招募。我們正在觀望，因為我們希望保留盡可能多的工作。我已任命我們的品質副總裁 Linda DeJulio 擔任公司代理執行長和高級官員。她在任何需要的時候都完成了工作，值得升職。

Okay, working on cost. This is a graph of headcount. That's 450 when I came in June a year ago, so it's been a little bit over a year. That was the head count. That was the meetings that explained that that was about right, but maybe a few more people. Yes, I said a few, like minus 200 or minus 300, and we went through a series of rifts. I actually started slowing down in here, because these are traumatic events, and I was worried of overshooting.

好的，正在考慮成本。這是員工人數圖表。我一年前六月來的時候是 450 人，所以現在已經過去一年多了。這就是人數。那次會議解釋說這是正確的，但可能需要更多的人。是的，我說了一些，例如負200或負300，我們經歷了一系列的裂痕。事實上，我在這裡開始放慢速度，因為這些都是創傷性事件，我擔心會過度。

And we finally got down to rift number seven. We got down to 109 people. So we started at 428, got down to 109, and we've been holding at 109. There's a process I use that's called the requisition auction that manages head count in sort of autopilot in the company. You only replace people that leave. Anybody that leaves doesn't get replaced, and then the slot gets auctioned off in an auction of merit, with the executive staff. Who needs this person the most? They argue with each other.

我們終於談到了第七號裂縫。我們的人數減少到 109 人。所以我們從 428 開始，降到 109，並且一直保持在 109。我使用一個稱為申請拍賣的流程，以某種方式在公司中自動管理員工數量。你只能替換那些離開的人。任何離開的人都不會被替換，然後這個職位會在績效拍賣中與高階主管一起被拍賣。誰最需要這個人？他們互相爭論。

The winner is picked by the CEO, and everybody kind of likes the process, because it's fair, and what you end up doing is 80% of the time replacing somebody that you can live without with somebody you really badly need, and that's really worked out for the company. Here I put in the core merger, and I told you earlier we brought in 37 people, but the head count didn't go up, and that's because in the merger based on merit, we actually brought in those people and all of them and replaced people that were currently in the company.

獲勝者是由執行長選出的，每個人都喜歡這個過程，因為它是公平的，而且你最終所做的80%的時間是用你真正急需的人來取代你可以生活的人，這確實有效為公司出去。這裡我把核心合併放進去，我剛才告訴你我們引進了37個人，但是人數沒有增加，那是因為在基於績效的合併中，我們實際上引進了這些人，所有的人，替換了公司目前的人員。

Okay, big graph, a lot of data. This is the inventory and jobs, 2,000, 4,000. This is the inventory, is the flay of where it is. Preconstruction, essentially an order. Post-construction, glass on the roof, but not turned on. Pre-PTO, waiting, pre-PTO and PTO pending, waiting to take the glass that's been installed, the glass being the panels, and turn them on, and then finally cash pending.

好吧，大圖，大量數據。這是庫存和工作崗位，2,000、4,000。這是庫存，是它所在位置的外皮。施工前，本質上是一個命令。施工後，屋頂上有玻璃，但未打開。Pre-PTO，等待，pre-PTO 和 PTO 待定，等待取出已安裝的玻璃，玻璃就是面板，然後將其打開，然後最後現金待定。

So if you want to look at how we see it, these are orders. So that is the unfulfilled part of our backlog. This should happen relatively quickly. This is not timed vertically, but this should happen relatively quickly, and then from the time you have the installation done, you're waiting for the utility to turn you on and for the financing company to pay the cash.

所以如果你想看看我們如何看待它，這些都是命令。這就是我們在積壓工作中未完成的部分。這應該發生得相對較快。這不是垂直計時的，但應該相對較快地發生，然後從安裝完成後，您就等待公用事業公司為您供電並等待融資公司支付現金。

And what happened to us when I came in, I came in right about here, is that we had jammed a line up to 3,635 jobs, and that line ran well. At one time, Complete Solaria was rolling, and that line ran well at 2,000. So for a silicon guy like me, this looks exactly like a silicon fab where they jammed in too many wafers, and found out the more wafers they jammed in, the fewer came out, and it messed it up. And, of course, I made those mistakes and lived that life.

當我進來時，我們就在這裡發生了什麼事，我們已經擠滿了一條多達 3,635 個職位的隊伍，而且這條隊伍運作良好。有一段時間，《Complete Solaria》正在滾動，這條線路運作良好，達到 2,000。所以對於像我這樣的矽人來說，這看起來就像一個矽工廠，他們塞進了太多的晶圓，結果發現塞進去的晶圓越多，出來的晶圓就越少，結果把事情搞砸了。當然，我犯了這些錯誤並過著那樣的生活。

So I shut down the orders here and said, ship what you have, and that brought us down back to the line where we were at, but it wasn't healthy. So over here you see that the, let's say, from construction through the waiting period for cash. So you get cash up here, here you're done with construction. So back here, the time of the number of jobs, rather, from finished construction until money was a small fraction of the inventory.

所以我關閉了這裡的訂單並說，發貨你所擁有的，這讓我們回到了原來的狀態，但這並不健康。所以在這裡你可以看到，比方說，從施工到現金等待期。所以你在這裡得到現金，在這裡你完成了建設。所以回到這裡，工作數量的時間，更確切地說，從完工到賺錢的時間只是庫存的一小部分。

When we got back down to the same inventory level here, that was not true anymore. We had fewer orders, and we had a lot of people waiting for their power to get turned on in this blue stripe. It was a lot of people whose job weren't being paid off yet by the financer. So here we had a company whose line wasn't running well. And, by the way, that was part of the problem up here, but it really shows up down here.

當我們回到相同的庫存水準時，情況就不再是這樣了。我們的訂單較少，而且有很多人在等待藍色條紋中的電源打開。有很多人的工作還沒有得到金融機構的支付。我們這裡有一家公司，其生產線運作狀況不佳。順便說一句，這是問題的一部分，但它確實在這裡顯現出來。

Then we had the trouble with finances, and we had a cash problem, a working cash problem, and this is what's happened. Now, one thing that's interesting is this little bar here is called the model. That model says what you would like your line to be, what you want it to look like. So, this number of runs in the line is good. If I can make a lot of money in small runs, meaning I'm turning my inventory fast and making money.

然後我們遇到了財務問題，我們遇到了現金問題，工作現金問題，這就是發生的事情。現在，有趣的一件事是這裡的這個小條稱為模型。該模型說明了您希望您的生產線是什麼樣子，您希望它是什麼樣子。所以，這個線路的運行次數是不錯的。如果我能在小批量生產中賺很多錢，這意味著我可以快速週轉我的庫存並賺錢。

But what's not good here is the fact that when you are installing panels, which we didn't, then you aren't buying orders, which we weren't. And then, the people who sell you orders go away and sell their orders to somebody else and get used to it. So the problem here, I showed this whole graph, make that point right there, 139 orders in the line pre-construction. And that is the current problem we're trying to break out of as we shake off the cash drought blues. So that's why we got this guy.

但這裡不好的是，當你安裝面板時（我們沒有這樣做），那麼你就不會購買訂單，而我們則沒有。然後，賣給你訂單的人就會離開，把訂單賣給其他人，然後就習慣了。所以問題就在這裡，我展示了整個圖表，使該點就在那裡，線路預構建中有 139 個訂單。這就是我們目前在擺脫現金短缺憂鬱時正在努力解決的問題。這就是我們找到這個人的原因。

He's a Cole Farmer. He's our VP of Sales and Marketing, works for me. He ran Core Energy, which is Core Energy or Core Systems?

他是一名科爾農。他是我們的銷售和行銷副總裁，為我工作。他經營核心能源，這是核心能源還是核心系統？

Core Energy.

核心能量。

He ran Core Energy. Yes, there it is right there, Core Energy, and was the Founder and CEO. He's got a business degree out of Utah State. He lives in Logan. He ran sales for a company that got pretty big, a couple hundred million dollars. And then, he decided to go out on his own. He started and worked as CEO for Core Energy, and that company in the good year of 2022 did $150 million. So he demonstrated the ability to scale. Cole, introduce yourself first, and then I've got a couple stories I want to tell.

他經營核心能源公司。是的，就在那裡，Core Energy，他是創辦人兼執行長。他在猶他州獲得了商業學位。他住在洛根。他負責一家規模相當大的公司的銷售工作，價值數億美元。然後，他決定自己出去。他創辦了 Core Energy 並擔任首席執行官，該公司在 2022 年的好年實現了 1.5 億美元的營收。所以他展示了擴展的能力。科爾，先介紹一下你自己，然後我想講幾個故事。

Cole Farmer acting is the VP of Sales for Complete Solar. Grew up in Logan, Utah. As T.J. said, a Utah State Aggie. And have a family and five kids. Big time background in sales. Somehow I got thrown into the construction world of solar, and as some of us will call the solar coaster, been living that life for 10 years. Big solar fan. I've enjoyed it very much and very excited to be at Complete Solar, building their sales team here.

Cole Farmer 是 Complete Solar 的銷售副總裁。在猶他州洛根長大。正如 T.J.猶他州農學家說。並且有一個家庭和五個孩子。有著豐富的銷售背景。不知何故，我進入了太陽能建設世界，我們中的一些人稱之為太陽能過山車，我已經過著這種生活十年了。大太陽能風扇。我非常享受並且非常興奮能夠加入 Complete Solar，在這裡建立他們的銷售團隊。

So Cole's the new guy, and when we gripe about not having enough orders, he explains how that's going to end, and I'll show you some data in a minute. He also, one thing I liked when I, two things. One, he played on a Utah State Championship High School team, so that was wonderful. And second thing is, when I called him, I said, you know, we're looking to try to expand our company growth and non-organic growth, and he said he would be interested in talking to us about acquisition.

所以科爾是新人，當我們抱怨沒有足夠的訂單時，他解釋了這將如何結束，我將在一分鐘內向您展示一些數據。他還有，我喜歡的一件事，兩件事。第一，他在猶他州冠軍高中隊打球，所以這太棒了。第二件事是，當我打電話給他時，我說，你知道，我們正在尋求擴大公司成長和非有機成長，他說他有興趣與我們討論收購事宜。

So I called him up, I deliberately called him on a Sunday to see if he would, work on, would do what he had to do. And he said, sure, and I said, send me over your deck. Deck, what deck? You know, your deck you used to raise money, and he said, we've never raised money. We've been in business four years and we've never raised any money. And I'm going, that's the way solar needs to get run. So those are my two stories, two stories about Cole.

所以我給他打電話，我特意在周日給他打電話，看看他是否願意繼續工作，做他必須做的事情。他說，當然，我說，派我去你的甲板上。甲板，什麼甲板？你知道，你的牌組你曾經籌集過資金，而他說，我們從來沒有籌集過資金。我們已經營業四年了，但從未籌集任何資金。我想說，這就是太陽能的運作方式。這是我的兩個故事，兩個關於科爾的故事。

Here's the first thing he's done. This is the number of active Sales Partners. So a Sales Partner is a company that sells you orders, and they sell you orders that are signed contracts, so they're expensive. They're like $10,000. And there's an entire industry of competing companies that compete with each other for orders. And they're euphemized various ways. Dealers, sales partners is what we call them. And the problem is when we had this happen to us, all of our partners went away.

這是他做的第一件事。這是活躍銷售合作夥伴的數量。因此，銷售合作夥伴是一家向您銷售訂單的公司，他們向您銷售的訂單是簽訂合約的，因此價格昂貴。它們大約是 10,000 美元。整個產業都有相互競爭的公司，相互競爭訂單。它們有多種委婉說法。經銷商、銷售合作夥伴就是我們所說的。問題是當我們遇到這種情況時，我們所有的合作夥伴都離開了。

These guys were partners pretty much in name only, and they weren't producing many orders for us. They were giving into other customers. And this is Cole's first quarter right here. We now have 29 of them, and the things reinvigorated. And then, of course, the question is, reinvigorated enough to cure your finances? And the answer is yes.

這些人只是名義上的合作夥伴，他們並沒有為我們生產很多訂單。他們正在向其他顧客讓步。這是科爾在這裡的第一季。我們現在有 29 家這樣的公司，而這些東西又重新煥發了活力。然後，當然，問題是，是否能夠恢復足夠的活力來治癒你的財務狀況？答案是肯定的。

This is a graph showing the days from 30-day. This is a 30-day rolling sales graph we look at. And this looks at the middle of July to the middle of August. And then the bars, and you've got Saturday and Sunday in there, so they're empty. And there's the 4th of July holiday. The bars, the height, is how many orders you got on a given day. So here, the record was like 20. There's some days where you get one or two.

這是顯示 30 天以來的天數的圖表。這是我們查看的 30 天滾動銷售圖表。這是七月中旬到八月中旬的情況。然後是酒吧，週六和週日那裡都是空的。還有 7 月 4 日假期。長條圖的高度代表您在某一天收到的訂單數量。所以這裡的紀錄大約是 20。有時候你會得到一兩個。

And then the question is, is that enough to fix that problem, 139? Well, in the last 30 days since Cole arrived, he's done 176, so that doubled what we had. That's 5.87 orders per day. An order, even an order, even a signed contract, has a 30% chance of going away as the person changes their mind, he does gets laid off, whatever. So you take the orders and you put on a 70% yield factor. That means we're getting four orders a day. That's 370 orders a quarter, and they're worth $37,500 each on average.

然後問題是，這足以解決這個問題嗎，139？嗯，自從科爾到來後的過去 30 天裡，他完成了 176 次，所以這是我們的兩倍。即每天 5.87 個訂單。一份訂單，甚至是一份訂單，甚至是一份已簽署的合同，都有 30% 的機會隨著這個人改變主意而消失，他確實會被解僱，無論如何。因此，您接受訂單並設定 70% 的收益率。這意味著我們每天會收到四個訂單。每季有 370 個訂單，平均每個訂單價值 37,500 美元。

So that's $13.86 million a quarter. So in 30 days, we've gone from worrying about our future to having a third of the backlog we need to have a $40 million quarter. So, yes, he's done. By the way, I didn't show it, but the motto of his company, which I've appropriated, I declared that, well, we bought that motto since we acquired your company, is start fast, finish strong. So that's now the motto of our company, and he's surely demonstrating that here.

也就是說，每季 1,386 萬美元。因此，在 30 天的時間裡，我們從對未來的擔憂變成了擁有 4000 萬美元季度所需的三分之一的積壓訂單。所以，是的，他已經完成了。順便說一句，我沒有表現出來，但我採用了他公司的座右銘，我宣布，自從我們收購了你們公司以來，我們就接受了這個座右銘，那就是快速開始，強勁結束。這就是我們公司現在的座右銘，他肯定在這裡展示了這一點。

Okay, to round up before questions, the big news really is the SunPower APA, Asset Purchase Agreement, and that's an opportunity for us to scale the company way faster than building back from the problems we've had. And by fast, I mean talking about $100 million quarter kind of numbers. We've got a stalking horse bid in at $45 million, and we have added $7.2 million to that, at least the liability to that to add to what other people would have to bid against us.

好的，在問題之前總結一下，大新聞確實是 SunPower APA（資產購買協議），這對我們來說是一個機會，可以更快地擴大公司規模，而不是從我們遇到的問題中恢復過來。我所說的快速，是指四分之一億美元的數字。我們的出價為 4500 萬美元，我們還增加了 720 萬美元，至少有責任增加其他人必須與我們競爭的價格。

We're working on a detailed financial plan. Since SunPower was spun out of Cypress, they have a lot of our financial planning tools and a lot of our language that they use. So it was real easy to start working with Tom Werner, who's running the show on the SunPower side, and we're already up through revision number four on our plan, and it's becoming more and more credible as we go along.

我們正在製定詳細的財務計劃。由於 SunPower 是從賽普拉斯分離出來的，他們擁有我們的許多財務規劃工具以及他們使用的許多我們的語言。因此，開始與 Tom Werner 合作真的很容易，他負責 SunPower 方面的工作，我們已經完成了計劃的第四次修訂，並且隨著我們的進展，它變得越來越可信。

The theory is we make a plan, and then we hire the people we can afford to hire, to meet the plan and have some money left at the end of the day. That's cash flow management. That's what I've learned in my most recent foray into this very tough business. We've also started making employment offers. I call them, again, attractive, and they include stock options for all retained employees. So we plan to make them all employee shareholders, and then let them do what employee shareholders do, which is do a better job than shareholder employees. Okay, that's it.

理論上，我們制定一個計劃，然後僱用我們有能力僱用的人，以滿足計劃的要求，並在一天結束時留下一些錢。這就是現金流管理。這就是我在最近涉足這個非常艱難的行業時學到的東西。我們也開始提供就業機會。我再次稱它們為有吸引力的，並且它們包括所有保留員工的股票期權。所以我們打算讓他們全部成為員工股東，然後讓他們做員工股東該做的事情，就是比股東員工做得更好。好吧，就是這樣。

We're ready for questions. They come in and get relayed to us.

我們已準備好接受提問。他們進來並轉告給我們。

(Operator Instructions). The first question we have today from Achilles Capital, approximately a year ago, the Fab was said to be supply limited. Are you worried about the ramp up now being demand limited due to the solar slowdown?

（操作員說明）。今天我們從 Achilles Capital 收到的第一個問題是，大約一年前，據說該晶圓廠供應有限。您是否擔心由於太陽能放緩而導致需求增加？

Approximately a year ago, the fab was set to be supply limited. Are you worried about the ramp-up now being demand limited due to the solar slowdown?

大約一年前，該工廠的供應受到限制。您是否擔心由於太陽能發展放緩而導致需求成長受到限制？

Yes, right now. Up to a month ago, I had 139 orders. The cupboard was getting bare, and we are worried about demand. Our demand is not huge, so it's a tractable problem. I'd hate to have a big solar company right now and have to feed it. And Cole's came in, like I said, and turned it around. So right now, I'm not worried about demand other than timing. I have to finish out this quarter and have a good backlog for the beginning of the next quarter.

是的，現在。截至一個月前，我有 139 個訂單。櫥櫃已經空了，我們擔心需求。我們的需求並不大，所以這是一個容易處理的問題。我不想現在擁有一家大型太陽能公司並且必須養活它。正如我所說，科爾的到來扭轉了局面。所以現在，除了時間之外，我並不擔心需求。我必須完成本季的工作，並為下個季度初做好積壓工作。

Thank you. There are a series of questions regarding the merger, and many of them acknowledge that some of the information cannot be answered, but we'll endeavor anyway. Can you discuss the rationale behind the acquisitions and your expectations for revenue and margins post SunPower?

謝謝。關於合併存在一系列問題，其中許多人承認有些資訊無法回答，但我們無論如何都會盡力。您能否討論一下收購背後的理由以及您對 SunPower 後營收和利潤率的期望？

I agree with all the stuff that you can't say. I decided to give one revenue number, which is not out of our plan, which is the magnitude of what the combined company will look like at $100 million per quarter. And beyond that, I don't have a good enough plan to start making commitments to investors. What do I expect out of it? Well, I've worked with SunPower before.

我同意所有你不能說的話。我決定給出一個收入數字，這並不超出我們的計劃，即合併後公司每季 1 億美元的規模。除此之外，我沒有足夠好的計劃來開始向投資者做出承諾。我對它有什麼期望？嗯，我以前曾與 SunPower 合作過。

Our fab guys built their first factory in Manila. They did their training for making their cell, the one that turned on in the market in our Austin plant. Actually, the guy who ran that plant is working with us and helping us now. So, I expect to have a company that integrates very quickly, has shared values, and takes advantage of the tailwind in the solar market.

我們的優秀人員在馬尼拉建造了他們的第一家工廠。他們接受了製造電池的培訓，該電池在我們的奧斯汀工廠投入市場。事實上，經營該工廠的人現在正在與我們合作並幫助我們。因此，我希望擁有一家能夠快速整合、具有共同價值觀並利用太陽能市場順風車的公司。

I think, we've gone through the ugliest time. I think it's time to turn on. It's like Warren Buffett. I was listening to something he said a couple weeks ago, and he said it's amazing the bargains you get at the bottom of these recessions. And that's we're all hoping for.

我想，我們已經度過了最難熬的時光。我想是時候開啟了。這就像華倫‧巴菲特。幾週前我聽到他說的話，他說在經濟衰退的底部你能買到便宜貨真是太棒了。這就是我們都希望的。

Thank you. In the same vein question, your next question is, if awarded SunPower, can you discuss your overall growth strategy in the next few years, and do you expect Starbucks to expand their pilot to more than 100 stores?

謝謝。同樣，您的下一個問題是，如果獲得SunPower，您能否討論一下您未來幾年的整體成長策略，以及您預計星巴克將試點範圍擴大到100家以上門市嗎？

Growth strategy. There's one big different thing between semiconductors that was my career, and solar. And that is, in semiconductors, you invest massively in research and development, 25% of revenue. If you don't stay on the Moore's Law curve, you die. This is back in the 80s, 90s, and early 2000s. And you kind of will your own growth. In solar, it's a cash flow business. You may or may not be able to get cash. Cash may be cheap or expensive. People may or may not want to.

成長策略。我的職業生涯是半導體和太陽能之間有一個很大的不同。也就是說，在半導體領域，你需要大量投資研發，佔營收的 25%。如果你不遵循摩爾定律曲線，你就會死。這是 80 年代、90 年代和 2000 年代初期的情況。你也會有自己的成長。在太陽能領域，這是一項現金流業務。您可能或可能無法獲得現金。現金可能很便宜，也可能很昂貴。人們可能願意也可能不願意。

And you've really got to turn it the other way around and look at the demand, have the right products, which we're going to improve products. I'm a technologist, and one thing that SunPower had back in the ancient days when I was there, is they had really great technology, and we're going to have really great technology again. So you don't force your way in.

你真的必須反過來看看需求，擁有合適的產品，我們將改進產品。我是一名技術專家，當我在那裡的時候，SunPower 就擁有一件事，那就是他們擁有非常出色的技術，而且我們將再次擁有非常出色的技術。所以你不要強行闖入。

You, in effect, size your company to the growth rate that you can accommodate in the marketplace. And sometimes it'll be flat. Sometimes it'll be down. In California, the government turned on a little animal called NEM3, N-E-M, Net Electricity Metering. And what they did was they stopped paying full price for solar-generated energy in a home as it went back into the grid to run your meter backwards.

實際上，您可以根據市場可以適應的成長率來調整公司規模。有時它會變得平坦。有時候會掉下來。在加州，政府啟動了一個名為 NEM3（N-E-M，淨電力計量）的小動物。他們所做的是，他們不再為家庭中的太陽能發電支付全價，因為它會回到電網，使你的電錶倒轉。

They stopped paying for it. They cut it down to the price of almost nothing, to a nickel. The same things happened, amazingly enough, in Netherlands, where there's actually a negative tariff, meaning they charge you money to take away your garbage power in the middle of the day. Okay, and that's the way the world's going, because of success. The solar industry has managed to produce more power than we need during daylight hours.

他們停止支付費用。他們把它的價格降到幾乎沒有，只有五分錢。令人驚訝的是，同樣的事情也發生在荷蘭，那裡實際上實行負關稅，這意味著他們會向你收取費用，以便在中午拿走你的垃圾電力。好吧，這就是世界的發展方向，因為成功。太陽能產業已經成功地在白天生產出比我們需要的更多的電力。

So all of a sudden, that excess power isn't needed. They don't want to pay for it, and in the case of some grids, it actually can be destabilizing. So now we're into storage, right? And that means you store your energy during the day and use it at night when utilities typically, at least in California, screw you for high rates. So, we will have to live in a world, unlike silicon, where you don't just put your head down and say, we're changing the world.

所以突然之間，多餘的電力就不再需要了。他們不想為此付費，而對於某些電網來說，這實際上可能會破壞穩定性。現在我們進入儲存領域了，對吧？這意味著您可以在白天儲存能源，並在晚上使用它，而公用事業公司通常（至少在加利福尼亞州）會以高費率欺騙您。因此，我們必須生活在一個與矽不同的世界，在這個世界中，你不能低頭說，我們正在改變世界。

The next transistor will be 7 nanometers and literally 10 angstroms thick gate oxide. We have to say we're going to be a change agent that does what the environment wants, and the environment includes us, our customers, our competitors, and the government, and changing needs in the world. Cole, you got anything to add on that one?

下一個電晶體將是 7 奈米，柵極氧化物厚度實際上為 10 埃。我們必須說，我們將成為一個變革推動者，滿足環境的要求，而環境包括我們、我們的客戶、我們的競爭對手和政府，以及世界不斷變化的需求。科爾，你對此還有什麼要補充的嗎？

There has been certainly a lot of changes in last year especially with NEM 3.0. I think California installers, complete solar in particular, has handled that very well with batteries. So there's exciting opportunity there, additional revenue opportunities for sure, and I would even say additional profitability areas with storage capacity. Batteries have been much easier to integrate than I think any of us thought. I know that from experience, and they've been much easier to sell, and there's a high demand for those.

去年確實發生了很多變化，尤其是 NEM 3.0。我認為加州的安裝商，特別是完整的太陽能安裝商，已經用電池很好地處理了這個問題。因此，那裡有令人興奮的機會，肯定有額外的收入機會，我甚至會說具有存儲容量的額外盈利領域。電池的整合比我們任何人想像的要容易得多。我從經驗中知道這一點，而且它們更容易銷售，而且對它們的需求很高。

So the other shift we've seen is with the higher interest rates, things have moved heavily to leases or power purchase agreements, but those have really kept the industry optimistic in a place where it can continue to grow and figure out how to finance these solar projects.

因此，我們看到的另一個轉變是隨著利率的提高，事情已經嚴重轉向租賃或購電協議，但這確實讓該行業保持樂觀，可以繼續增長並弄清楚如何為這些融資太陽能專案。

One other comment. I've been working on renewables in the, I guess I'll call it the second half of my career, and one of the companies I work with is Enphase Energy. They make batteries. They're the second largest battery maker in the United States, behind the Tesla, the leader that started bringing out batteries for home storage. And they're focusing on batteries that do exactly what Cole was talking about.

另一則評論。我一直在研究再生能源，我想我會稱之為我職業生涯的後半段，與我合作的公司之一是 Enphase Energy。他們生產電池。他們是美國第二大電池製造商，僅次於特斯拉，特斯拉是開始生產家庭儲存電池的領導者。他們專注於生產完全符合科爾所說的電池。

And their battery sales have taken off, and we use their batteries, and we expect to work on them with projects to define the kind of batteries you need for homes. And well, let me leave it there, because I might stumble on some feature that somebody wants to, doesn't want to let out.

他們的電池銷售已經起飛，我們使用他們的電池，我們希望與他們合作項目來定義家庭所需的電池類型。好吧，讓我把它留在那裡，因為我可能會偶然發現一些有人想要但不想透露的功能。

Thank you. Our next question comes from Phil Shen from ROTH. If you were to win the bid to acquire Blue Raven, would you expect to operate Blue Raven as an independent subsidiary as it largely was maintained by SunPower, or would you get rid of the Blue Raven name and integrate it fully with Complete Solaria?

謝謝。我們的下一個問題來自羅仕證券的 Phil Shen。如果您要贏得收購 Blue Raven 的競標，您是否希望將 Blue Raven 作為獨立子公司運營（因為它主要由 SunPower 維護），或者您會放棄 Blue Raven 這個名稱並將其與 Complete Solaria 完全整合嗎？

I'm sitting here thinking about what kind of trouble, can I get in by honestly answering that question. My personal view, which I don't necessarily impose, you've got to, the other thing is you've got a lot of constituents and you have to gain consensus of what to do, is that Blue Raven wisely was not messed with by SunPower. They run an excellent shop. I was really impressed. I spent a whole day there and talked to all their managers.

我坐在這裡思考什麼樣的麻煩，我可以誠實地回答這個問題嗎？我個人的觀點，我不一定強加，你必須這樣做，另一件事是你有很多選民，你必須就該做什麼達成共識，藍烏鴉明智地沒有被搞亂由 SunPower 提供。他們經營著一家很棒的商店。我真的很感動。我在那裡呆了一整天並與他們所有的經理交談。

They run an excellent shop. They have a name that is important to their employees and their customers, and that thing ought to be let alone. And by the way, if you look back at my history, I ran a company with seven different product lines. And making, for example, a programmable logic chip is way different from making a high-performance Internet memory. And I had seven VPs that ran it.

他們經營著一家很棒的商店。他們有一個對他們的員工和客戶來說很重要的名字，而這個東西不應該被打擾。順便說一句，如果你回顧我的歷史，我經營一家擁有七種不同產品線的公司。例如，製造可程式邏輯晶片與製造高效能網路記憶體有很大不同。我有七名副總裁負責管理它。

Tom Werner was one of them. Badri Kothandaraman, who runs Enphase was another. And those guys ran their own businesses, and I did meddle with them. That is, you know, I had certain ideas how companies ought to run, and what processes ought to be used, but on the business side, they did their own thing. And I let them alone, and I'm very happy for that. So I'm not going to dictate the organization.

湯姆·沃納就是其中之一。Enphase 的經營者巴德里·科坦達拉曼 (Badri Kothandaraman) 是另一個人。那些人經營自己的生意，我確實干涉了他們。也就是說，你知道，我對公司該如何運作、應該使用什麼流程有一定的想法，但在業務方面，他們做了自己的事情。我讓他們獨自一人，我對此感到非常高興。所以我不會對組織發號施令。

Right now, we're in the mode where our org charts and our planning is, they've got boxes with titles and functions, but we haven't started sorting that stuff out yet. So I'll just give you one example. The Cypress Semiconductor, my call center. Typically, the President's call center is massive. You've got entertainment. You've got this. You've got that. My call center had my secretary who's sitting over there, me, and my secretary, me, and my NASDAQ dues, and that was it.

現在，我們正處於我們的組織結構圖和規劃的模式中，它們有一個帶有標題和功能的框，但我們還沒有開始整理這些東西。所以我只舉一個例子給你聽。賽普拉斯半導體公司，我的呼叫中心。通常，總統的呼叫中心規模很大。你有娛樂。你已經得到了這個。你已經做到了。我的呼叫中心有我的秘書坐在那裡，我和我的秘書，我和我的納斯達克會費，僅此而已。

And nobody argued about the allocation, because it was so small. Product lines had to talk about their overhead, their excess people, and the groups in the company had to serve the product lines. So, for example, we had 20 lawyers. Now, you say, why do you have lawyers? And the answer was, our lawyers could produce a patent way cheaper and way better, because they were also engineers, than we could get on the outside by renting a law firm or using lawyers outside. So, yes, Blue Raven runs well. Why would you take an asset that runs well and screw it up?

沒有人爭論分配的問題，因為它太小了。產品線必須談論他們的管理費用、多餘的人員，公司中的團隊必須為產品線提供服務。舉例來說，我們有 20 位律師。現在，你說，為什麼你有律師？答案是，我們的律師可以更便宜、更好地生產專利，因為他們也是工程師，比我們透過租用律師事務所或聘請外部律師而獲得的專利便宜得多。所以，是的，Blue Raven 運作得很好。為什麼你要拿一個運作良好的資產然後把它搞砸？

Thank you. Phil Shen had a follow-up to that. He said, T.J., you just mentioned that you will have highly differentiated technology. The module technology is now with Maxeon. What products or product categories specifically do you expect to introduce?

謝謝。Phil Shen 對此進行了跟進。他說，T.J.，你剛才提到你將擁有高度差異化的技術。此模組技術現已由 Maxeon 掌握。您具體希望推出哪些產品或產品類別？

I have a bunch of startups that are related, and they may or may not directly play into the exact market that Complete Solar plays in. And I'll give you one example. There's a company in Rochester, New York, called SunDensity, and I've worked with them for two years. They have a technology. They have two technologies. One of them I'll describe grabs sunlight, absorbs light 400 nanometers in ultraviolet below, high-energy light that doesn't do well in silicon anyway, charges up sites, atoms in the coating.

我有很多相關的新創公司，它們可能會也可能不會直接進入 Complete Solar 所在的市場。我給你舉一個例子。紐約州羅徹斯特有一家名為 SunDensity 的公司，我已經與他們合作了兩年。他們有技術。他們有兩種技術。我將描述的其中一種可以吸收陽光，吸收低於 400 奈米的紫外線（無論如何在矽中效果不佳的高能量光），為塗層中的原子和位置充電。

And then re-emits two photons instead of one, two red photons, which have less energy, conservation of energy, than one blue photon or one ultraviolet photon. And that literally doubles the current you get out of a panel for that one photon. You get two electronic currents for one photon. So that company, the promise there is to work on the basic technology and beat the silicon limit. The fundamental silicon limit is 29.3%, I think. It's the Shockley-Queisser limit.

然後重新發射兩個光子，而不是一個，兩個紅色光子，這兩個紅色光子比一個藍色光子或一個紫外線光子具有更少的能量，能量守恆。這實際上使你從面板中獲得的一個光子的電流增加了一倍。一個光子會產生兩個電子電流。因此，該公司承諾致力於研究基礎技術並突破矽極限。我認為基本的矽含量上限是 29.3%。這是蕭克利-奎瑟極限。

And it's a calculation that Shockley did after the solar cells invented at Bell Labs, and he was at Bell Labs. So these guys are doing new things, compound semiconductors, layered semiconductors, photon splitting, quantum splitting of photons, to try to beat that limit, because it's a different system that can beat that limit. So I'm working on that. I'm working on batteries, both at Enphase and at Enovix, which is a battery company, which is lending me their studio today so we don't have to pay for it.

這是蕭克利在貝爾實驗室發明太陽能電池後所做的計算，當時他就在貝爾實驗室。所以這些人正在做新的事情，化合物半導體，層狀半導體，光子分裂，光子的量子分裂，試圖打破這個限制，因為這是一個不同的系統，可以打破這個限制。所以我正在努力。我在 Enphase 和 Enovix 從事電池方面的工作，Enovix 是一家電池公司，今天把他們的工作室借給我，這樣我們就不用付錢了。

And in general, I'm going to bring technologies like that, electronic technologies from Enphase, optical technologies from more than one company that I'm working with right now, to bear. And when I find one, it's perfect, right for your customer. We'll make you famous. We'll take your inverter or your panel or whatever to market, and we'll brag about it. So and I'm a technologist, right, so I can go and talk their language.

總的來說，我將帶來類似的技術，來自 Enphase 的電子技術，來自我現在正在合作的不只一家公司的光學技術。當我找到一款時，它是完美的，適合您的客戶。我們會讓你出名。我們會將您的逆變器或面板或其他任何東西推向市場，並且我們會吹噓它。所以我是技術專家，對吧，所以我可以去談論他們的語言。

So that's my hope. I live in Silicon Valley, and I should be able to lever that in the future in the R&D area. I've given my theory, and I've been totally vague about exactly what products we're working on.

這就是我的希望。我住在矽谷，將來我應該能夠在研發領域利用這一點。我已經給出了我的理論，但我對我們正在開發什麼產品卻完全模糊。

Thank you. Our next questions come from Derek Soderberg from Cantor Fitzgerald. His question is to you, Cole. What are the commission rates as a percentage of project revenue you are paying for the signed contracts? Under 30% or 25%, what is the approach to helping complete Solaria reduce selling costs?

謝謝。我們的下一個問題來自坎托·菲茨杰拉德的德里克·索德伯格。他的問題是問你的，科爾。您為簽署的合約支付的佣金率佔專案收入的百分比是多少？在30%或25%以下，如何協助完成Solaria降低銷售成本？

Thank you. Those are in the 25% to 33% range. A lot of that depends on the channel that that sale comes from. A lot of the things that we're doing is working with win-win solutions with the different sales partners that we have. Those solutions help lower and increase the profit margin on our side. There's other things we're doing, such as, you know, some lead generation programs and different partnerships there that can help really maximize the potential there.

謝謝。這些都在 25% 到 33% 的範圍內。這在很大程度上取決於銷售的管道。我們正在做的很多事情都是與我們擁有的不同銷售合作夥伴合作，提供雙贏的解決方案。這些解決方案有助於降低和提高我們的利潤率。我們正在做其他事情，例如，一些潛在客戶開發計劃和不同的合作夥伴關係，可以幫助真正最大限度地發揮那裡的潛力。

But I think most of it comes from a win-win. As someone who comes from a sales background who knows these salespeople, most of the sales companies we deal with now are looking for stable ground. They're looking for an EPC, or a solar installer that shows financial health, and they know they can plant their flag there. That's usually enough to get there, and we're not getting as many conversations about beating each other over price, and it's more of a hand-in-hand approach moving forward.

但我認為大部分來自雙贏。作為一個有銷售出身、了解這些銷售人員的人來說，我們現在合作的大多數銷售公司都在尋找穩定的立足點。他們正在尋找一個 EPC，或者一個顯示出財務狀況良好的太陽能安裝商，並且他們知道他們可以在那裡插上自己的旗幟。這通常足以實現這一目標，而且我們並沒有得到太多關於在價格問題上相互擊敗的對話，而這更多的是一種攜手前進的方式。

Thank you. We have time for one or two more. Our next question comes from Joseph Osha from Guggenheim. His question is, what are your plans for working with financing partners, particularly with respect to leasing and FPA customers?

謝謝。我們還有時間再聊一兩個。我們的下一個問題來自古根漢的約瑟夫·奧沙。他的問題是，您與融資合作夥伴合作的計劃是什麼，特別是在租賃和 FPA 客戶方面？

We're currently working with a few different leasing companies. EverBright, LightReach are two in particular. We're seeing a lot of the traditional loan finance companies getting into that space as well, so I think there will be some additional leasing and PPA offerings that we'll be able to look at and choose from, which is great. Having those options really stabilizes the industry and also shows that there's still pretty good capital looking into that space. So two main ones we'll probably use consistently, but we're seeing a lot of new ones that have good financial backing popping up.

我們目前正在與幾家不同的租賃公司合作。EverBright、LightReach 是特別的兩家。我們看到許多傳統的貸款金融公司也進入了這個領域，所以我認為將會有一些額外的租賃和購電協議產品供我們查看和選擇，這很棒。擁有這些選擇確實可以穩定該行業，也表明仍有相當不錯的資本正在研究該領域。因此，我們可能會一直使用兩個主要的方法，但我們看到許多具有良好財務支持的新方法不斷湧現。

Thank you, everyone. We recognize that there's a bunch of people we have not gotten to their questions in the queue today. We'll be reaching out to you individually in the coming days. T.J., did you have any closing comments?

謝謝大家。我們認識到，今天有很多人的問題尚未得到解答。我們將在未來幾天內單獨與您聯繫。T.J.，您有什麼結束語嗎？

Do we have a time limit?

我們有時間限制嗎？

We can get going if you want, we have a few more?

如果你願意的話我們可以開始，我們還有幾個？

Let's go on until 3 o'clock if they've got more questions.

如果他們還有其他問題，我們就繼續討論到 3 點。

Okay, excellent. We have a couple regarding the APA. Assuming the approval of the APA, what sort of relation, I think you've answered this one already. In general, they're asking about assuming the approval of the APA plans for relationships with Maxeon and Enphase, which you touched on earlier?

好的，非常好。我們有一些關於 APA 的問題。假設APA獲得批准，是什麼樣的關係，我想你已經回答了這個問題。總的來說，他們詢問是否假設 APA 計劃批准與 Maxeon 和 Enphase 建立關係，您之前提到過？

Yes, there's one thing we're going to have to work with Maxeon, because when Maxeon split out of SunPower, they got the rights to put SunPower on their products. Obviously, they had to have that. They split out and they had to be able to use their same manufacturing name. So there's a cloud over the use of the word, or the use of the trade name SunPower, and it's contractual and it's real. So we will work with them. Bill Mulligan runs the company, and he was part of that original SunPower team. When I was standing there with Swanson, Bill Mulligan was the VP of R&D of SunPower at that time. So, we'll try to sort that one out with them.

是的，有一件事我們必須與 Maxeon 合作，因為當 Maxeon 從 SunPower 分離出來時，他們獲得了在其產品中使用 SunPower 的權利。顯然，他們必須這樣做。他們分裂了，並且必須能夠使用相同的製造名稱。因此，這個詞的使用，或 SunPower 商標名稱的使用，存在著一層陰影，而且它是合約性的，也是真實的。所以我們將與他們合作。Bill Mulligan 經營這家公司，他是最初的 SunPower 團隊的一員。當我和 Swanson 站在一起時，Bill Mulligan 當時是 SunPower 的研發副總裁。因此，我們將嘗試與他們一起解決這個問題。

All right. Well, thank you very much for everyone's time today. We look forward to speaking with you in the coming quarters.

好的。嗯，非常感謝大家今天抽出時間。我們期待在未來幾季與您交談。

Thank you.

謝謝。