SunPower Inc (SPWR) 2024 Q4 法說會逐字稿

Good morning and welcome to complete Solaria's earnings call. We will be reviewing our preliminary unaudited four Q 2024 results which were issued this morning and appear on our website located at www.completes Solaria dotcom.

早安，歡迎參加 Solaria 的收益電話會議。我們將審查今天上午發布的 2024 年第四季初步未經審計業績，該業績刊登在我們的網站 www.completes Solaria dotcom 上。

Today's conference call contains projections and other forward-looking statements within the meaning of the federal securities laws. These statements are subject to known and unknown risks and uncertainties that may cause actual results to differ from those expressed or implied in such statements.

今天的電話會議包含聯邦證券法所定義的預測和其他前瞻性陳述。這些聲明受到已知和未知的風險和不確定性的影響，可能導致實際結果與這些聲明中表達或暗示的結果不同。

Also on today's conference call, we may discuss certain non-GAAP Financial measures and reconciliation of the differences between those non-GAAP financial measures and the most directly comparable GAAP financial measures can be found in the press release issued this morning. I'll now turn the call over to TJ Rogers. Complete Solaria's Chairman and CEO.

此外，在今天的電話會議上，我們可能會討論某些非 GAAP 財務指標，這些非 GAAP 財務指標與最直接可比較的 GAAP 財務指標之間的差異的調整可以在今天早上發布的新聞稿中找到。現在我將把電話轉給 TJ Rogers。完成 Solaria 的董事長和執行長。

Good morning. My name is TJ Rodgers. I'm the chief executive and Chairman of Complete Solaria. I'm here in Silicon Valley. I want to be in Utah, but I have three board meetings here today and I call this meeting right in the middle of them. Because that was the timing I needed. So, I will introduce Dan Foley; our CFO, Dan Myers; our executive Vice President and General Manager of the New Homes Division. And Steve Erickson, our EVP GM of the Blue Raven Division, by voice only. I am here to Novik in Silicon Valley, and I've got one channel and that's me and I've got voice for them. Dan. Say hello, so I can check your voice.

早安.我的名字是 TJ Rodgers。我是 Complete Solaria 的執行長兼董事長。我現在在矽谷。我想去猶他州，但我今天在這裡有三個董事會會議，而我恰好在會議中間召開了這次會議。因為那是我需要的時機。所以，我將介紹 Dan Foley；我們的財務長 Dan Myers；我們的執行副總裁兼新房部門總經理。還有我們藍鴉分部的執行副總裁兼總經理史蒂夫·埃里克森 (Steve Erickson)，僅通過聲音。我現在在矽谷的諾維克，我有一個渠道，那就是我自己，我可以為他們發聲。擔。打個招呼，這樣我就能聽聽你的聲音了。

Hello. TJ?

你好。TJ？

Oh my God. Okay. My, my connection is a cell phone. All right, good luck. Okay, this is the report we sent out. I will refer to certain parts of it. Today we're going to talk about Q4 24 which is a month behind us. Unfortunately, it is subject to a full year audit, which is currently in progress and that audit is currently hampered by the fact that we have to recreate as if merged. Financials for SunPower and some part doesn't have complete financials. So that may take us till mid-March.

我的天啊。好的。我的，我的連線是一部手機。好的，祝你好運。好的，這是我們發出的報告。我將參考其中的某些部分。今天我們將討論一個月前的 2024 年第四季。不幸的是，它需要進行全年審計，審計目前正在進行中，而由於我們必須像合併一樣重新創建，因此審計目前受到阻礙。SunPower 的財務狀況，有些部分沒有完整的財務狀況。所以這可能要等到三月中旬。

Hence, I'm not waiting till mid-March to talk about 2024. So, I call this meeting today that puts me here in Silicon Valley because I got other board meetings here. I apologize for that because this is a preliminary report and it's unaudited for the reasons I just gave, we're only going to talk about what I think you want to know now, which is, how did we do last quarter and here we think we're going in the current quarter and that's what all we're going to do today.

因此，我不會等到三月中旬才談論 2024 年。因此，我今天召開這次會議，因為我在這裡參加了其他董事會會議。我對此表示歉意，因為這是一份初步報告，而且由於我剛才給出的原因，它未經審計，我們只會談論我認為您現在想知道的內容，即我們上個季度的表現如何，我們認為本季度的表現如何，這就是我們今天要做的全部內容。

First of all, accomplishments, we had a great quarter in our last record third quarter, report to you, we gave you a plan for complete solar and that plan was aggressive. It was predicated on a successful $45 million acquisition of business unit assets from SunPower to form a new company.

首先，成就，我們在上一個創紀錄的第三季度取得了巨大的成功，向你們報告，我們為你們提供了一個完整的太陽能計劃，這個計劃非常積極。該計劃以成功以 4500 萬美元收購 SunPower 的業務部門資產並組成新公司為前提。

And the plan had two big accomplishments that were required in it. One that the little company, a $5.5 million company would acquire a much bigger company, the Sun Park Corporation, which has been around for almost 40 years and it's about 10x bigger than us. That was one assumption achieved. And the second assumption in our plan that we wrote in our third quarter report, our revenue would be $80 million in Q4 '24. That is a revenue would jump from $5 million to $80 million in one quarter.

該計劃需要實現兩大目標。這家小公司，一家價值 550 萬美元的公司，將收購一家更大的公司，即 Sun Park Corporation，該公司已經存在近 40 年，規模比我們大 10 倍。這是一個已實現的假設。我們在第三季報告中寫的計畫中的第二個假設是，我們的營收在 2024 年第四季將達到 8,000 萬美元。這意味著一個季度的收入將從 500 萬美元躍升至 8,000 萬美元。

This is a slide I showed to investors. I talked about all complete Solaria, the trouble we had with private equity, we originally marketed $100 million quarter as a likely quarter that turned to be an $80 million quarter which we announced on 11/13.

這是我向投資人展示的幻燈片。我談到了 Solaria 的全部，以及我們在私募股權方面遇到的麻煩，我們最初將 1 億美元的季度作為可能的季度進行行銷，但結果卻是 8000 萬美元的季度，我們在 11 月 13 日宣布了這一消息。

And I was worried about taking a jump from here to here as opposed to a jump from here to here until I watched your response to it and your response was right here. There's 12 November and your response was favourable. You'll take a solid $80 million and that's where we ended up. I would like to talk about our accomplishments for the quarter. I've got a series of bullets on that and a few slides to illustrate it. First of all, the SunPower integration is substantially complete.

我一直擔心從這裡跳到這裡，而不是從這裡跳到這裡，直到我看到了你的反應，發現你的反應就在這裡。現在是 11 月 12 日，您的回覆是正面的。你將獲得 8000 萬美元，這就是我們的最終結果。我想談談我們本季所取得的成就。我對此有一系列的要點和幾張幻燈片來說明。首先，SunPower整合已基本完成。

We're together, we're organized together, we are starting to, we've already got down to our head count. This is a graph by work week, going back to the beginning of October. So, there's the fourth quarter we're reporting right there. We started out when we first agreed to merge with the 3,499 employees. Within three weeks, we were down to 416 in our first storage chart and then a week later, two weeks later, down to 257. So, this is about what the company needed.

我們在一起，我們一起組織，我們正在開始，我們已經開始統計人數了。這是一個按工作週劃分的圖表，可追溯至十月初。這就是我們正在報告的第四季度的情況。當我們第一次同意與 3,499 名員工合併時，我們就開始了。三週內，我們的第一個儲存圖表中的數字下降到 416，一週後，兩週後，下降到 257。所以，這就是公司所需要的。

We have some people come in on post-merger on day one, we work that number down. We got the number down to 1165 and we thought we were there and then you notice here the number went up and this is when we started discovering employees that let's just say the two companies didn't count very well. And I found 35 Pakistanis that, think I'm their CEO so that comp went back in, and we started working on it again.

我們在合併後的第一天就安排了一些人員加入，我們將這個數字計算下來。我們將數字降到了 1165，我們以為已經達到了這個數字，然後你會發現數字上升了，這時我們開始發現員工，可以說這兩家公司的數量沒有統計清楚。我找到了 35 位巴基斯坦人，他們認為我是他們的首席執行官，於是公司又回來了，我們又開始著手解決這個問題。

And as of the end of the quarter, we're down to 140 employees. Our goal is to get to 980. So, I'm claiming major progress from there to there. And I'm saying we're getting close to the goal, and I actually was going to do that. I pointed we've got two new divisional Gross man. GMs in place. EVP GMs Dan Myers.

截至本季末，我們的員工人數已降至 140 人。我們的目標是達到 980。因此，我認為我們已經取得了重大進展。我說我們已經接近目標了，事實上我也打算這麼做。我指出我們有兩位新的部門主管。總經理已到位。執行副總裁兼總經理 Dan Myers。

I announced about a month ago he was a star manager from the Blue Raven Systems Division. He was a supply, is a supply chain expert and he took over new homes for us. And then more recently, we got Steve Erickson. Steve is a well-known figure in Salt Lake which is, Solar Valley, the middle of Solar Valley. In his career, he had 12 promotions from three companies between 2011 and 2024 when he came in.

大約一個月前，我宣布他是 Blue Raven 系統部門的明星經理。他是一名供應商，也是供應鏈專家，他為我們接手了新家。最近，我們迎來了史蒂夫·埃里克森 (Steve Erickson)。史蒂夫是鹽湖城的知名人物，鹽湖城是太陽谷的中心。在他的職業生涯中，他在 2011 年至 2024 年加入三家公司期間共獲得 12 次晉升。

He hit the ground running, wrote me a comprehensive memo the very first week he was there explaining what he saw that he liked and did not like, and I advised him to fix the stuff he didn't like and move on. Okay. So, we we've got our, we've got our GMS in place. We are forecasting revenue growth next quarter. As you all know, the solar industry has in the winter quarter has the dip orders go down. People aren't interested in ordering solar when the roofs are covered with ice.

他立刻開始工作，在他到任的第一周就給我寫了一份詳盡的備忘錄，解釋了他喜歡和不喜歡的地方，我建議他改正不喜歡的地方，然後繼續前進。好的。所以，我們已經有了我們的 GMS。我們預測下個季度的營收將會成長。眾所周知，太陽能產業在冬季季度的訂單量有所下降。當屋頂被冰覆蓋時，人們對訂購太陽能不感興趣。

And I did some research that number has typically been 5% to 14%. We're going to buck that because we're finally getting our act together and we're going to have a good second quarter and I'm forecasting $82 million up a little bit from the choir prior quarter. Not down. The last point is the company is almost at its fighting rate. I went through that with you showing we're down to 140 employees and we will hit the 980. We need to have; I'll tell you where that number comes from a little bit later.

我做了一些研究，這個數字通常是 5% 到 14%。我們將克服這一困難，因為我們終於齊心協力，我們將迎來一個良好的第二季度，我預測第二季度的營收將比上一季略有增長 8200 萬美元。沒有倒下。最後一點是，該公司幾乎已經恢復了戰鬥力。我和你討論過這個問題，我們的員工人數已減少到 140 人，而最終目標將達到 980 人。我們需要有；稍後我會告訴你這個數字是從哪裡來的。

So, here's the same slide. I already showed you showing the actual against the $80 million forecast last quarter in Q4 and the forecast for the quarter were at $82million. And I'll just tell you we're confident in that number and I'll show you why. And when I show you the daily revenue charts, we've cut our operating expense by a factor of two. That of course comes from headcount reduction. Our OpEx was an incredible $94 million in the third quarter. That's because we had most of the people from both the companies and a lot of expensive software, $5 million a year for salesforce dotcom, et cetera.

這是同一張投影片。我已經向您展示了上個季度第四季度的實際收入與預測收入 8000 萬美元相比的情況，而本季度的預測收入為 8200 萬美元。我只想告訴你們，我們對這個數字很有信心，我會告訴你們原因。當我向您展示每日收入圖表時，我們發現我們的營運費用已削減了一半。這當然是由於裁員造成的。我們的營運支出在第三季達到了驚人的 9,400 萬美元。這是因為我們擁有來自兩家公司的大多數員工，並且擁有大量昂貴的軟體，例如 salesforce.com 每年的花費為 500 萬美元等等。

We've gone from $94 million in Q3 to $35 million in Q4 for the combined cost reduced company that I showed you the curve for a minute ago. I like to look at operating expenses, less sales commissions. GAAP requires that you call OpEx to be general sales and administrative. And if you have sales commissions, then they go and they go into OpEx. I like to look at the OpEx without commissions because commissions come in as directly with sales and I really care about the fixed expense we've got back in the plant also, in that case, you subtract out the numbers.

正如我剛才向你們展示的曲線，我們的合併成本降低了，從第三季的 9,400 萬美元到第四季的 3,500 萬美元。我喜歡看營業費用減去銷售佣金。GAAP 要求您將 OpEx 稱為一般銷售和管理。如果你有銷售佣金，那麼這些佣金就會進入營運支出。我喜歡查看不包含佣金的營運支出，因為佣金直接來自銷售額，而且我非常關心我們在工廠中獲得的固定費用，在這種情況下，您需要減去這些數字。

And in Q3, we were at $84 million again astronomical number. And in Q4 just finished, we had non-GAAP expense of $20 million. So, we actually went down from 80 to 20. It's a factor of four reduction and we're planning on dropping another 30% in Q1. That's the 1140 to 980 that I showed you earlier. We're also forecasting that our cash. We are forecasting. This is a big one, income operating income break even in Q1 '25.

而在第三季度，我們的營收又達到了 8,400 萬美元，這是一個天文數字。在剛結束的第四季度，我們的非公認會計準則支出為 2000 萬美元。因此，我們實際上從 80 下降到了 20。這是四倍的減少，我們計劃在第一季再減少 30%。這就是我之前向您展示的 1140 到 980。我們也預測我們的現金。我們正在預測。這是一個大問題，25 年第一季的營收和營業收入達到收支平衡。

The words carefully chosen, say given our current backlog and cost cutting plan, we're forecasting non-GAAP operating income at break. Even in Q1 '25 I can tell you that that number is plus $800,000 and it includes all the expenses we know about, but that's a kind of a fragile margin to predict operating income break even. And normally in presentations like this, you give numbers, you're absolutely sure of achieving. In this case, we're going to get real close worst case. And I'm announcing it sort of putting, drawing a line in the sand here.

這些措辭經過精心選擇，表示考慮到我們目前的積壓訂單和成本削減計劃，我們預測非 GAAP 營業收入將有所下滑。即使在 2025 年第一季度，我可以告訴你，這個數字還增加了 80 萬美元，其中包括了我們所知的所有費用，但對於預測營業收入收支平衡來說，這是一種脆弱的利潤率。通常在這樣的演示中，你會給出數字，你絕對有信心能夠實現目標。在這種情況下，我們將會得到非常接近最壞的情況。我宣布這一決定，就像在這裡劃一條線一樣。

People in the factory listening to what I'm saying, we're going to break even in Q1 '25 and we're going to be positive in cash flow. We raised $80 million for the purpose of buying SunPower for $45 million and having operating expense. Going forward to build a new company. We bottomed out at $13 million of cash left out of the 80 in Q4 and we'll be going up this quarter now the so these are the bullets and now fellow shareholders, the main numbers.

工廠裡的人們聽了我的話，我們將在 2025 年第一季實現收支平衡，現金流將為正值。我們籌集了 8000 萬美元，目的是以 4500 萬美元收購 SunPower 並承擔營運費用。繼續建立一家新公司。我們在第四季的 8000 萬美元現金中只剩下 1300 萬美元，跌到了谷底，而本季度我們的現金將會上升，所以這些就是要點，現在向各位股東們介紹主要數字。

I'm going to turn it over to Dan. Let's no, I'm not going to turn it over today and she's getting her cell phone so she can set it, she can put it in the microphone and we're not and she's got a ring on her phone. I we're not going to do that.

我要把它交給丹。不，我今天不會把它翻過來，她拿著她的手機，這樣她就可以設定它，她可以把它放在麥克風裡，我們不會，她的手機上響了。我認為我們不會這麼做。

So I'll give you the numbers again. It's my fault. I call this meeting out of phase with what we wanted to do because of the long audit revenue. Let me do non-GAAP $81.1, our gross margin you notice has been ugly and up and down, our gross margin is 37% and you notice our GAAP gross margin is the same thing. So, we're kind of flushed the ugly out of the gross margin chain. Our operating expenses are $35.7 GAAP and non-GAAP, our operating expenses less commission $19.7, GAAP and Non-GAAP.

因此我將再次向您提供這些數字。這是我的錯。由於長期審計收入，我認為這次會議與我們想要做的事情不一致。讓我來算一下非 GAAP 毛利率 8,110 萬美元，您會注意到我們的毛利率一直很難看，而且上下波動，我們的毛利率為 37%，而您會注意到我們的 GAAP 毛利率也是一樣的。因此，我們在某種程度上已經將毛利率鏈中不美觀的部分清除掉了。我們的營運費用為 35.7 美元（GAAP 和非 GAAP），我們的營運費用減去佣金為 19.7 美元（GAAP 和非 GAAP）。

So, for our non-GAAP loss excluding extraordinary cost which blew up, the GAAP number was $5,940. So, you can say then this is, you see the small company and then there's the new company that's their first quarter. We've now been defined. We're a $324 million company that's losing money and needs not to lose money as quickly as possible. That's, that's our next goal and we got $13 million in the bank, and we expect it to grow.

因此，對於我們的非公認會計準則損失（不包括爆發的非經常性成本），公認會計準則數字為 5,940 美元。所以，你可以說，這是，你看到的是小公司，然後是新公司，這是他們的第一季。現在我們已經被定義了。我們是一家價值 3.24 億美元的公司，但正在虧損，需要盡快避免虧損。這就是我們的下一個目標，我們在銀行有 1300 萬美元，我們預計它還會成長。

We acquired so far on what I call a Noah's Ark model. Explain that in a minute, I already explained the leaning up process we've gone through and the fact we're not quite yet at our goal. I've mentioned that we are going to grow next quarter and that, that number is conservative. I'm pretty confident in it. Now, what happened was, when we raised money, the $80 million with that plan. And then after we had a flurry of cancellations on the SunPower side because of the bankruptcy, we ended up with the first quarter being $80 million. I'm pretty happy for that and solid.

到目前為止，我們已經獲得了所謂的“諾亞方舟”模型。稍後解釋一下，我已經解釋了我們經歷的學習過程以及我們尚未達到目標的事實。我曾提到我們下個季度將會成長，而且這個數字是保守的。我對此很有信心。現在的情況是，我們透過該計劃籌集了 8000 萬美元。後來，由於 SunPower 破產，我們取消了一系列訂單，最終第一季的營收為 8,000 萬美元。我對此感到非常高興和堅定。

So, we're going to move forward from that number. Now that says, if you look at our model for the company, instead of having 225 employees, we're going to have 980. So, that's the goal we're enforcing at 1,140. We're actually below our first goal and we set a new goal that was more aggressive of head count of 980. To illustrate that to employees, I actually have shown this slide. I will show it again on Friday, the Noal's ark merger theory is actually a typical Silicon Valley startup plan in the skies instead of a big company in trouble asking for and getting too much money. SunPower was trying to raise when I came in $750 million.

因此，我們將從這個數字開始向前邁進。現在，如果你看一下我們公司的模型，你會發現我們的員工人數將不再是 225 人，而是 980 人。所以，這就是我們要實現的 1,140 的目標。實際上，我們的人數低於我們的第一個目標，因此我們設定了一個更積極的新目標，即 980 人。為了向員工說明這一點，我實際上已經展示了這張投影片。我將在星期五再次展示它，諾亞方舟合併理論實際上是一個典型的矽谷空中創業計劃，而不是一個陷入困境的大公司索要並獲得過多的資金。當我加入時，SunPower 正在努力籌集 7.5 億美元。

And of course, what's worse than wanting to raise $750 million? The answer is actually getting it, then you owe interest on it, and it burdens you forever. And so that's not the right way to do it. In my opinion, the art theory which I used once back in Cypress, we did 20 acquisitions in Cypress assert. Your old company has great assets. If I look at what I what I inherited was $80 million it's enough to make the company profitable. Your old company has great assets, get venture funding for those assets. In our case, $80 million and build a new organization that can make profit with what you've got.

當然，還有什麼比想要募得 7.5 億美元更糟糕的呢？答案實際上是，如果你得到了它，那麼你就欠了它的利息，它將永遠成為你的負擔。所以這不是正確的做法。在我看來，我曾經在 Cypress 用過的藝術理論，我們在 Cypress 進行了 20 次收購。您的原公司擁有大量資產。如果我看看我繼承了多少錢，那就是 8000 萬美元，這足以讓公司獲利。您的舊公司擁有大量資產，請為這些資產取得風險投資。在我們的案例中，我們投入 8000 萬美元來建立一個可以利用現有資源獲利的新組織。

So, Noa's Ark, which is to protect us during floods and we're having a flood of interest rate problems right now in the financial markets, got smaller and it's now got 980 seats by the way. Believe it or not, this is actually a four-inch-thick oak hull on a 500 ft long, Noah's ark model that's built in Williamsburg, KY to they claim to biblical standards, okay? A little bit more detail on revenue. This is a picture of my daily revenue report. So, the dots are 91 dots a quarter.

因此，諾亞方舟的本意是在洪水期間保護我們，而我們現在正面臨金融市場利率問題的洪流，它的規模變小了，順便說一下，現在有 980 個座位。不管你信不信，這實際上是一艘 500 英尺長的諾亞方舟模型，船體厚度為 4 英寸，採用橡木建造，是在肯塔基州威廉斯堡建造的，他們聲稱這是符合聖經標準的，好嗎？關於收入的更多細節。這是我的每日收入報告的圖片。因此，每季的點數為 91 點。

We came in with a $100 million street number I showed you and we created our beginning of quarter plan, which is the daily plan. For example, you can see the weekends and holidays in here. So, it's a tight well-conceived plan. We took off on the plan and then we got behind right here.

我們帶著我向你們展示的 1 億美元街道號碼來到這裡，並製定了季度初計劃，也就是每日計劃。例如，您可以在這裡看到週末和假期。所以，這是一個嚴密且深思熟慮的計劃。我們開始執行計劃，但結果卻落後了。

We said that we're not going to make the boq beginning of quarter plan. We need another plan. So, we did what we call an end of quarter plan. We decided what level we could get to and have the backlog for the next quarter after that. Hence my certainty on the $82 million this quarter, we picked that target. No more fancy. We took a straight line, and we started tracking daily to it. And this was a pretty good quarter.

我們說過我們不會制定季度初的工程量清單計畫。我們需要另一個計劃。因此，我們制定了所謂的季度末計劃。我們決定了我們能夠達到的水平，並確定了下一季的積壓訂單。因此我對本季 8,200 萬美元的目標很有信心，我們選擇了這個目標。不再花俏。我們採取了一條直線，並開始每天追蹤它。這是一個相當不錯的季度。

The troops did a great job. I was worried because it was the first test and they passed it as a matter of fact, right there, you notice it goes flat that says in the middle of this week instead of working like hell trying to get up here and not quite making it. We told him, you've worked hard. You'd like to have a four-day weekend for the vacation, have a nice weekend, bam. And we went flat and of course, the revenue that we could have accrued there became available to us quickly in the second quarter.

部隊表現十分出色。我很擔心，因為這是第一次測試，事實上他們通過了，就在那裡，你會注意到它在本周中期就變得平坦了，而不是拼命地試圖到達這裡但卻沒有成功。我們告訴他，你已經很努力了。你想有一個四天的週末假期，祝你週末愉快，砰。我們的業績持平，當然，我們在第二季很快就能獲得原本可以累積的收入。

Okay. This is for the whole company, new hopes, different kind of story. They had an aggressive plan, they got behind, they had a new plan back this way. They were spiking here. They probably could have made the original plan. But what they did was they got to where they needed to get for the street. This is their component of the street number of the $80 million number. And they also like everybody else took, took the end of the quarter off.

好的。這對整個公司來說，是一個全新的希望，一個不一樣的故事。他們有一個積極的計劃，但他們落後了，所以他們又制定了一個新計劃。它們在這裡激增。他們或許可以實現最初的計劃。但他們所做的就是到達他們需要到達的街道。這是 8000 萬美元街道號碼的組成部分。他們也像其他人一樣，在本季末休息了。

Great quarter. Then we have Blue Raven, that was their 1st and 2nd expectation. They redefined the quarter as well. Everybody did and they stayed ahead of it for the rest of the quarter, and they also took off. And in this case, I think they probably could have made the original plan so great quarter. Here's the other story dealers. So, we have a dealer network that buys orders from dealers, and they had a modest plan of $17 million.

很棒的一個季度。然後我們有 Blue Raven，這是他們的第一和第二個期望。他們也重新定義了這個季度。每個人都做到了，並且在本季度剩餘的時間裡保持領先，並且也取得了成功。在這種情況下，我認為他們可能已經將原計劃順利完成。以下是經銷商的另一個故事。因此，我們有一個從經銷商購買訂單的經銷商網絡，他們有一個 1700 萬美元的適度計劃。

They started slow and kept on slow and they reduced our plan a big amount. The reduction from $100million to $80 million for our plan. Half of that was, was from the small division missing as planned by a lot. So, we sized up, we're a new company. This quarter defines who we are. And we said this quarter, Q4 defines who we are. And we said we're cutting our head count from 140 to 5 in the dealer division. So instead of having two divisions coming from SunPower new homes and dealer, we had new homes only and then Blue Raven and that's now the company and we took, we took some of the stars and mercy in Blue Raven.

他們開始得很慢，並且一直很慢，並且大大削減了我們的計劃。我們的計劃從 1 億美元減少到 8000 萬美元。其中一半是由於小部門按計劃缺席了很多。因此，我們評估了一下，我們是一家新公司。本季定義了我們是誰。我們在本季說過，第四季定義了我們是誰。我們說過，我們將把經銷商部門的員工人數從 140 人削減至 5 人。因此，我們不再設立 SunPower 新房和經銷商兩個部門，而是只設立新房部門，然後是 Blue Raven，這就是現在的公司，我們吸收了 Blue Raven 的一些明星和仁慈。

So, here's a road chart. So, this half, the company right here is two divisions now that are the company. They have 921 people in this. Although it's got a lot more boxes, there's a lot fewer people, 219 or 19%. And I'm in, I should have drawn that circle up around me. We're all in that. We're support this. These guys make the money, we do things for them. We're CFO, Chief Administrative Legal HR Information Technology. But I would like to introduce Venki. Say it for me.

這是路線圖。因此，這一半，這裡的公司現在有兩個部門。他們這裡有 921 人。雖然箱子多了很多，但人數卻少了很多，只有 219 人，佔 19%。而我，應該在我周圍畫出那個圓圈。我們都處於其中。我們支持這一點。這些人賺錢，我們為他們做事。我們是財務長、首席行政官、法律官、人力資源官、資訊技術官。但我想介紹一下 Venki。為我說話吧。

Sundaresan.

孫達雷桑。

Sundaresan, I'm usually pretty good with names but his is kind of simple enough. It, Josy came from, he came from Enphase. where he ran an important division for them. And before that, he came from Cypress semiconductor, he ran all it and this is going to be transformative for our company, you to be here. He lives in Silicon Valley with me today and we have another senior VP I will write about later.

Sundaresan，我通常很擅長記名字，但他的名字很簡單。Josy 來自這裡，他來自 Enphase。他在那裡管理著一個重要的部門。在此之前，他來自賽普拉斯半導體公司，負責管理該公司的所有業務，而你的到來將為我們公司帶來改變。他現在和我一起住在矽谷，我們還有另一位資深副總裁，我稍後會寫到他。

We have a new quality VP, his name is Surinder Bedi, and he came from Lucid Motors. So, he actually was at SunPower very early in his career. He's also worked at Applied Materials which is a known high quality Silicon Valley company. And in Lucid, an automotive company and automotive companies have as a group of companies better quality control than I think any other group of companies, perhaps, maybe semiconductors might be up there as well.

我們有一位新的品質副總裁，他的名字是 Surinder Bedi，他來自 Lucid Motors。所以，他實際上在職業生涯的早期就在 SunPower 工作了。他也曾在矽谷知名的高品質公司應用材料公司工作。我認為，Lucid 是一家汽車公司，作為一個集團，其品質控制比其他任何集團都要好，也許半導體也可能處於領先地位。

So anyway, we've done some bolstering of our, of our administrative side. We've got two divisions. These are the guys that make the numbers for us and our overhead is measured on head count is 19% of our population. Okay. Here's an important point. The board honoured our fourth quarter performance with a modest $1.14 million bonus 1.4% of revenue even in the last quarter. Which is rare. My rule number one bonuses, you never get bonus for losing money. But our performance was so good that the board agreed with me that we should do something.

無論如何，我們已經對我們的行政方面做了一些加強。我們有兩個部門。這些人為我們創造了數字，我們的管理費用是根據員工人數來衡量的，占我們總人數的 19％。好的。這是一個重要的觀點。董事會對我們第四季度的出色表現給予了適度的獎勵，獎金金額為 114 萬美元，相當於最後一個季度收入的 1.4%。這是罕見的。我的第一個獎金規則是，你永遠不能因為虧錢而獲得獎金。但我們的表現非常好，董事會同意我的意見，我們應該採取一些行動。

This is 1.14 for the entire company that is our, our loss could have been that much less, but we decided to make the loss bigger to reward the employee's management. We chose the bonus money that went to all hands equally. So, it's $1,000 a head to recognize that it was rank and file employees who made the quarter. You know, we said I sit here in Silicon Valley, and I work a lot of hours, but the rank and file made this quarter for us, the management team most significant restricted stock. I pointed out if they ever want to gripe about only $1,000 for me.

對於我們整個公司來說，這是 1.14，我們的損失本來可以少得多，但我們決定讓損失更大，以獎勵員工的管理。我們選擇了平等分配給所有人的獎金。因此，我們要向每人支付 1,000 美元，以確認是普通員工創造了本季的利潤。你知道，我們說我坐在矽谷這裡，工作很多時間，但普通員工為我們管理團隊創造了本季最重要的限制性股票。我指出，如果他們想抱怨我只有 1,000 美元的話。

And that's a tiny fraction of my salary. Managements got a lot of restricted stock and we're waiting for them to get rewarded when the market says they meet and beat the street, a bunch of quarters in a row and then they'll be well rewarded. So, this is a great way to do something for the workers now and remind management that they've still got to perform.

這只是我薪水的一小部分。管理層持有大量限制性股票，我們正在等待他們獲得回報，當市場表明他們連續幾個季度達到並超過華爾街預期時，他們就會獲得豐厚的回報。因此，這是現在為工人做些事情的好方法，並提醒管理層他們仍然必須履行職責。

Our $81.1 million revenue last quarter redefined our company with annualized revenue of $324 million and a loss of 5.4. When I did the bullet points up front there of them and all I could think was this is really good. It's bam, bam, bam, bam, bam. And all I could think of was Muhammad Ali in one of his first fights. He fought a bar fighter in England. The guy's name is Brian London. One of those big square jawed, mean looking guys.

我們上季的營收為 8,110 萬美元，年化營收為 3.24 億美元，虧損為 5.4，這重新定義了我們公司。當我把前面的要點列出來時，我唯一能想到的就是這真的很好。就是砰，砰，砰，砰，砰。我所能想到的只是穆罕默德·阿里參加的首場戰鬥之一。他在英國與一名酒吧鬥士打架。這傢伙的名字叫 Brian London。那些有著方下巴、長相兇惡的傢伙之一。

And Ali, the kid from Louisville, Kentucky went to London and they're all worried and they said this guy is no finesse. He will walk directly at Ali put him in a corner and he's got him in a corner. He will punch him once and he'll drop. That was the worry about the fight anyway, in the third quarter of that fight, Ali never got touched, never got touched. He was floating around and the big guy kind of couldn't keep up with him and Ali went up and went, bam, bam, bam, bam, bam, 12,12 punches in two point nine eight seconds.

來自肯塔基州路易斯維爾的小伙子阿里去了倫敦，他們都很擔心，說這傢伙不懂技巧。他會直接走向阿里，把他逼到角落。他會打他一次，然後他就會倒下。無論如何，這就是對這場比賽的擔心，在那場比賽的第三節，阿里從未被觸碰過，從未被觸碰過。他四處漂浮，大個子有點跟不上他，阿里上前，砰，砰，砰，砰，在 2.98 秒內打出了 1212 拳。

And the big guy was standing there, bam, bam, bam, bam, bam and Ali just walked to the centre of the ring. The guy fell flat in his face into the ring. So, that's how I felt about those bullet points.

大個子站在那裡，砰，砰，砰，砰，阿里走到了拳擊台中央。那傢伙臉朝下摔倒在拳擊台上。這就是我對這些要點的感受。

So, I had Ali in my mind, and I want to remind you and the employees that our $5.94 million quarterly loss will not survive in 2025 little rhyme there. Also, I want to thank shareholders. You've stuck with us; you've given us money. We are going to rebuild a classic iconic company. And I want to remind all of you how important SunPower used to be. It wasn't run well at the end by a lot. There was contention between the divisions of the company. I would have been unhappy too, but SunPower is an iconic company. They got founded in 1985.

所以，我心裡想著阿里，我想提醒你和員工們，我們 594 萬美元的季度虧損在 2025 年將無法維持。另外，我還要感謝股東。你一直和我們在一起；你給了我們錢。我們要重塑一家經典的標誌性公司。我想提醒大家，SunPower 曾經是多麼重要。最終的結果並不理想。公司各部門之間存在爭執。我也會不高興，但 SunPower 是一家標誌性公司。他們成立於 1985 年。

They, you can see here the black, the black squares on the wing of the airplane. This airplane's wingspan is bigger than the 747. And it's completely powered by SunPower solar cells that were made in Sunnyvale, California. It takes off under its own power, 1,414 electric motors. So, it was the Tesla of airplanes way back in 1,999. What amazes me about this airplane that really talks about the power of the sun, which I remember when Elon Musk brought out the, brought out the Tesla and everybody said, yeah, golf Court, electric car.

您可以在這裡看到飛機機翼上的黑色方塊。這架飛機的翼展比 747 還要大。它的供電完全由加州桑尼維爾製造的 SunPower 太陽能電池提供。它依靠 1,414 台電動馬達的自身動力起飛。所以，早在 1999 年，它就被認為是飛機界的特斯拉。這架飛機真正體現了太陽能的魅力，令我驚嘆不已，我記得當伊隆馬斯克推出特斯拉時，每個人都說，是的，高爾夫球場，電動車。

All right. So, you bring out the test and you find out you can lay rubber for two blocks. The Tesla pled today does 0 point to 61.9 point seconds. You can take the biggest muscle car GTO supercharged that of any of the older cars and, and it'll blow it off the road and these guys did the same thing way back in 1999 because this airplane flew to a record of 96,863 ft and that record still stands. And I'll point out one of the challenges to that record is the F-15 which is a fighter plane been around. It's a Mach 2.5 fighter and it's capable of accelerating. It's one of two airplanes; we have capable of accelerating while climbing vertically and its service ceiling is 72,000 ft.

好的。因此，你進行了測試並發現你可以為兩個街區鋪設橡膠。特斯拉今天以 0 分比 61.9 分秒的成績完賽。你可以駕駛最大的肌肉車 GTO，為任何老式汽車配備增壓裝置，它會把它吹離道路，這些人早在 1999 年就做了同樣的事情，因為這架飛機飛到了 96,863 英尺的記錄，這個記錄仍然保持著。我要指出的是，對這項紀錄的挑戰之一是 F-15，它是一種已經存在的戰鬥機。它是一架速度為 2.5 馬赫的戰鬥機，並且具有加速能力。這是兩架飛機中的一架；具有垂直爬升加速能力，實用升限為72,000英尺。

So, this is iconic picture of the power of the sun. It's already happened. You know, we talk about NEM Net Electricity Metering and on NEMs being cut back, meaning that the grid is no longer giving money back to people who are, who are in California anyway, for people who have solar. Well, why is that? Well, that's actually good news. Solar right now in the middle of the day produces more power than they need and they're not going to pay for it.

所以，這是太陽力量的標誌性圖片。這已經發生了。你知道，我們談論的是 NEM 淨電力計量以及 NEM 的削減，這意味著電網不再向加州使用太陽能的人返還資金。那麼，為什麼呢？嗯，這確實是個好消息。現在，太陽能在一天中產生的電力超過了他們的需求，但他們不願意為此付費。

We have; we have a solution for that. It's called the battery. I'm actually in a battery company right now in Silicon Valley, not the one that's going to make our batteries, but we have systems today that will make money and provide technology people need.

我們有；我們有解決方案。它被稱為電池。實際上，我現在在矽谷的一家電池公司工作，雖然不是生產電池的公司，但我們今天擁有的系統可以賺錢並提供人們所需的技術。

Right now, we're selling solar systems, good ones, we're using good components. My background is technical and we're going to work on technology as Well, so at the end, the loss will not survive in 2025 and we're going to bring back a great tech. We're going to create a great technology company, you can say bring back but create.

目前，我們正在銷售優質的太陽能係統，我們使用優質的組件。我的背景是技術，我們也將致力於技術，所以最終，損失將不會在 2025 年存在，我們將帶回一項偉大的技術。我們要創造一家偉大的科技公司，你可以說回歸，但要創造。

Okay. That's it ready for questions.

好的。好了，準備好提問了。

Thank you, TJ. As a reminder to our audience, you may send questions to us via the text box at the bottom of your screen.

謝謝你，TJ。提醒我們的觀眾，您可以透過螢幕底部的文字方塊向我們發送問題。

Our first question today comes from Derek Soderberg from Cantor Fitzgerald. Two questions. Actually, the first one is how is the portfolio churn trending in new home in the new homes business? And what's the plan to grow that business?

今天我們的第一個問題來自 Cantor Fitzgerald 的 Derek Soderberg。兩個問題。實際上，第一個問題是新房屋業務中新房屋投資組合的流失趨勢如何？那麼，發展該業務的計劃是什麼？

First of all, that businesses are most are more profitable of our two businesses. Right now, its revenues are looking flat, and we have new orders. We're getting, we had a bunch of cancellations. So, the lake went down and we're now putting filling the lake back up. We will be up by the end of the year in new homes, having survived the bankruptcy and the hardest hit part of sun power during its bankruptcy was new homes.

首先，我們兩個業務中，大部分業務的獲利能力都比較強。目前，其收入看起來持平，而且我們有新訂單。我們收到了很多取消訂單的消息。湖水下降了，我們現在正在重新填滿湖水。我們將在年底前建成新房，因為我們經歷了破產，而太陽能在破產期間受打擊最嚴重的部分就是新房。

Derek's second question was how will CSLR effectively leverage the SunPower brand? Do you have any new plans?

Derek 的第二個問題是 CSLR 將如何有效利用 SunPower 品牌？你有什麼新計劃嗎？

I do and this, this little teaser here is part of it.

是的，這裡的這個小預告就是其中的一部分。

Right now, I want to get more baggable in the corporation, but we are we are going to make use of the name. By the way, we were attacked in court to try to take the name. We want so we own the name. We have the division, the home home division of some power still with us and some other people who were in the dealer division are still with us in Blue Raven.

現在，我想在公司中獲得更多機會，但我們將使用這個名字。順便說一句，我們在法庭上遭到攻擊，試圖奪取這個名字。我們想要，所以我們擁有這個名字。我們仍有一些權力部門，家庭部門的一些人員仍在我們這裡，經銷商部門的一些其他人員仍在 Blue Raven 與我們在一起。

Thank you.

謝謝。

The next question is we understand you have contracts with Starbucks. Are there any more commercial deals in the pipeline? And how do you view that business?

下一個問題是，我們了解到您與星巴克簽訂了合約。還有更多商業交易正在籌備中嗎？您如何看待這項業務？

Okay. I don't, unfortunately, I don't have the picture here. Normally I keep an appendix with all my pictures in it. There's a fantastic picture of Starbucks and they've got an awning. So, you're looking at a 3-story high Starbucks with an awning that sticks out over the entire parking lot, all solar and its glass on glass, solar. So, some panels today are made with glass and then the silicon and then below that another layer of glass. So, when you look at them, you can see right, right through parts of them.

好的。不幸的是，我沒有這張照片。通常我會保留一個附錄，其中包含我的所有照片。有一張星巴克的精美照片，裡面有遮陽篷。所以，你看到的是一家三層樓高的星巴克，它的遮陽棚覆蓋了整個停車場，全是太陽能，而且玻璃上還有太陽能。因此，如今的一些面板首先由玻璃製成，然後是矽，然後在矽下面還有一層玻璃。因此，當你看著它們時，你就能看透它們的部分。

That's Starbucks got a 50,000-watt system. We have 57 comp Starbucks we dealt with, I think it's great business, but right now I got two divisions, make a Blue Raven and there they're putting homes all over America throughout the Midwest included. And then I've got new homes. The New Homes division is capable of doing the light commercial. And that may be the place, or we may acquire a company that is in that business?

這就是星巴克擁有的 5 萬瓦系統。我們與 57 家星巴克合作，我認為這是一筆很好的生意，但現在我有兩個部門，一個是 Blue Raven，他們在全美各地，包括中西部地區，開設了分店。然後我就有了新家。新房部門有能力開展輕型商業業務。這可能是我們想要去的地方，或者我們可能會收購一家從事該業務的公司？

Thank you. The next question is the company has moved through its initial integration and cost reduction, quickly, post-acquisition of the SunPower assets. Can you discuss incremental cost reduction efforts and how much more should the market expect on that front?

謝謝。下一個問題是，該公司在收購 SunPower 資產後，迅速完成了初步整合和成本削減。您能否討論一下逐步削減成本的舉措以及市場對此方面的預期有多大？

How much incremental cost reduction should we expect? What you don't know is we're actually ahead of that game. The reason last quarter at a $5.9 million loss was that curve and we had the high part of the curve spending a lot of money then coming down and the average of the quarter was the high part and the low part we're entering the new quarter low.

我們應該預期增量成本減少多少？但你不知道的是，我們其實已經領先了。上個季度虧損 590 萬美元的原因是那條曲線，曲線的高部分我們花了很多錢，然後下降，本季度的平均值是高部分，而低部分我們正在進入新的季度低點。

So that cost cutting is there already built in where else we're still paying some rent that we need to get rid of? We still have some software packages we need to stop paying on. But by and large, the heavy lifting is done cutting costs another 30%.

那麼，成本削減是否已經內建其中，我們還需要支付哪些需要擺脫的租金？我們仍有一些軟體包需要停止付費。但整體來說，最繁重的工作已經完成，成本又減少了 30%。

Thank you. In a similar vein, you announced achieving operating income break even in the first quarter of 2025 what are the risks to this?

謝謝。同樣，您宣布將在 2025 年第一季實現營業收入收支平衡，但這有何風險？

The risk is we don't do it. And then I'm making an aggressive announcement which is atypical. As I said earlier, if you could see the spreadsheets actually are in here, but I'm not going to show them. Our, planned profit, including the ability to pay another bonus.

風險在於我們不這麼做。然後我發表了一個不同尋常的激進聲明。正如我之前所說，如果你能看到電子表格實際上就在這裡，但我不會展示它們。我們的計劃利潤，包括支付另一筆獎金的能力。

Our planned profit is $800,000. Disappears like that if you screw something up. But, if we miss, I don't think it'll be much and if we make it and I think it's more likely than not, we will make it. It's not a given, it will be a big deal. We'll celebrate.

我們的計劃利潤是80萬美元。如果你搞砸了某件事，它就會像那樣消失。但是，如果我們失敗了，我認為損失不會太大，如果我們成功了，我認為很有可能，我們就會成功。這不是理所當然的，這將是一件大事。我們要慶祝。

Thank you. The next question is with regards to additional acquisitions, what is your appetite? And if you are seeking them would targets, be built on to current positions or seek to expand your footprint and offerings.

謝謝。下一個問題是，關於進一步收購，您的意願是什麼？如果您正在尋求目標，那麼請建立在當前立場之上，或尋求擴大您的影響力和產品範圍。

Give me the choice he gave me,

給我他給我的選擇，

(inaudible -microphone inaccessible)

（聽不清楚-麥克風無法使用）

I heard that. What are the two choices he gave me? Okay. On expanding. I that can be good or bad problem is you've had in the last two years; you've had 70 solar companies go out of business. Now, you can argue the interest rate is directly what people pay for solar, double the interest rate, double the payment and therefore high interest rates, the inflation that we've unfortunately inflicted on ourselves. He has harmed by solar companies and that's 70. I got a list that's in alphabetical order and so far, is on list having said that solar companies are not run as tightly as other companies.

我聽到了。他給我的兩個選擇是什麼？好的。正在擴展。我認為這可能是好事也可能是壞事，這就是你在過去兩年裡遇到的問題；已經有 70 家太陽能公司倒閉了。現在，你可以說利率直接就是人們為太陽能支付的費用，利率翻倍，付款就會翻倍，因此利率很高，不幸的是，通貨膨脹是我們自己造成的。他受到太陽能公司的損害已經達到 70%。我得到了一份按字母順序排列的清單，到目前為止，清單上的太陽能公司管理並不像其他公司那麼嚴格。

0.1 and 0.2 the backlog of solar companies. The orders are not as solid, for example, in the chip business, we would take backlog and some and we would make chips for somebody not custom, just a bigger number for another company and they didn't take them after that point in time, they would, they would pay a down payment. And therefore, backlog is pretty sacred in our company as most chip companies, you were locked in the last 30 days to take or pay. So, you had, you were informed 30 days before the order is going to ship, the order is going to ship and that was your last chance to bail out.

0.1和0.2是太陽能公司的積壓量。訂單不那麼固定，例如，在晶片業務中，我們會接受積壓訂單，我們會為某些公司生產晶片，而不是定制的，只是為另一家公司生產更大數量的晶片，而他們在那個時間點之後就不會再接受這些晶片，他們會支付定金。因此，在我們公司，積壓訂單非常重要，就像大多數晶片公司一樣，你必須在最後 30 天內領取或付款。所以，您在訂單發貨前 30 天就已收到通知，訂單即將發貨，這是您最後一次機會。

That backlog is in. So, like that in solar, you actually have teams of people calling other people and how, how are things going and you have a real rate, like 20% of people say, I kind of changed my mind and it's a consumer thing and you can't be the big bad corporation pounding on some poor home homeowner somewhere. So, for that reason, solar companies shrink in to get bigger and smaller by huge factors. So, you can't take a solar company that, big and doing well and buy it at a high price.

積壓工作已經完成。因此，就像在太陽能行業一樣，實際上會有團隊打電話給其他人，詢問情況如何，以及你有一個實際利率，比如 20％ 的人說，我有點改變主意了，這是消費者的事情，你不能成為一個大壞公司，打擊某個地方的可憐房主。因此，太陽能公司的規模會因龐大的因素而縮小。因此，你不能以高價收購一家規模如此龐大、經營狀況如此良好的太陽能公司。

So, I look more at potential of companies, and I look more at people and if you've got a solid company that has good practices that has customers who love and hasn't eaten up a lot of cash like some par up. Then, then you've got something worth acquiring. So, I look for companies like that. I look for companies that we acquired a company a year ago. And I talked to the founder, and I said we were thinking about acquiring and I said, send me your deck.

因此，我更專注於公司的潛力，也更專注於人才，如果你擁有一家穩健的公司，擁有良好的實踐，擁有喜愛的客戶，並且沒有像一些公司那樣耗費大量現金。那麼，你就得到了一些值得獲得的東西。所以，我尋找這樣的公司。我尋找的是我們一年前收購的公司。我和創辦人談過，我說我們正在考慮收購，然後我說，把你的簡報寄給我。

The guy's name is Cole Farmer. He's still with us. And he said, I don't have a deck. And I said, I'm thinking, how the hell can you not have a deck? And he said, we never raised any money. We funded our first funded our first systems and then the money from that funded the other systems. And I thought my exact thoughts in that Sunday afternoon phone call, there's a real man. He didn't run to Wall Street and get paid and gripe about the economy. He goes and makes money.

這傢伙的名字叫做科爾法默 (Cole Farmer)。他仍然和我們在一起。他說，我沒有甲板。我說，我在想，你怎麼能沒有甲板呢？他說，我們從來沒有籌集過任何資金。我們資助了我們的第一個系統，然後用這些資金資助了其他系統。我在那個週日下午的電話中想到的正是這個真實存在的男人。他沒有跑到華爾街去領薪水然後抱怨經濟狀況。他去賺錢了。

So that's the kind of company if we acquire and we will acquire if we can non, non-indigenous growth is great, but extra growth through acquisition is fine. That's more like what I'm looking for. Not, some high flying company or a new capability that the consumer commercial rather you talked about earlier. That's a more stable business. You are now dealing with other companies and, and that's a business that, that if we found somebody that was good at it and that means they make bigger systems, they're not talking, not 10 kilowatts on your roof. We're talking about a million watts in a field with control of the angle of the panels to follow the sun.

所以，如果我們收購這類公司，我們就會收購，如果可以的話，非本土的成長固然很好，但透過收購實現額外的成長也很好。這更像我所尋找的。不，您之前談到的只是一些高飛的公司或消費者商業的新功能。這是一個更穩定的業務。你現在正在與其他公司打交道，這是一項業務，如果我們找到擅長這項業務的人，這意味著他們製造更大的系統，他們不會說話，不會在你的屋頂上安裝 10 千瓦的電力。我們談論的是在一個領域中控制一百萬瓦特的能量，並控制太陽能電池板的角度以跟隨太陽。

That could be another option. Technology is another option by getting a technology that gives us a better panel or gives us a better panel. And I'm actually working with companies on that right now and that would be something else. So we're not just going to grow. There is there are, there are companies in Salt Lake that tried that, just sort of agglomerating companies and they found out a bunch of small wheat companies equalled one big wheat company, and it didn't work out. That's long answer.

這可能是另一種選擇。技術是另一種選擇，透過獲得一種可以為我們提供更好的面板或為我們提供更好的面板的技術。事實上，我現在正在與一些公司就此展開合作，這將是另一回事。所以我們不僅僅是在成長。鹽湖城的一些公司嘗試過這種方法，他們只是將一些公司聚集在一起，但他們發現，一堆小小麥公司相當於一家大小麥公司，這種方法行不通。這是一個很長的答案。

Thank you. I have a longer one with respect to the dealer division. It sounds like you shrank the dealer's division to create more profitable growth in the long term. Can you please discuss the strategy and your outlook for that segment?

謝謝。關於經銷商部門，我有一個更長的時間。聽起來您縮減了經銷商部門的規模，以便長期創造更多的利潤成長。您能否討論一下該領域的戰略和展望？

It was a real tight call right at the end to stay in the dealer business or not? The way the dealer business works is you have people who sell orders, they go through their process which is complex, and they get a homeowner to sign a contract. I will, I will buy your system, then they can sell that deal to a company that installs and is a full-service company like ours. And amazingly enough that order is worth 30% or even more sometimes of the value of the order that is getting the order costs you 30% of revenue upfront. Then you deal with the guy who changes his mind, halfway through.

最後，是否繼續從事經銷商業務真的是一個艱難的決定？經銷商業務的運作方式是，有人銷售訂單，他們經過複雜的流程，然後讓房主簽署合約。我會，我會購買你們的系統，然後他們可以將交易出售給像我們這樣的安裝並提供全方位服務的公司。令人驚訝的是，該訂單的價值有時佔訂單價值的 30% 甚至更多，即獲得該訂單會花費您 30% 的預付款收入。然後你就去處理那個中途改變主意的人。

Therefore, it's an unstable business and there's, there are tectonic shifts in the business where that goes into fashion goes out of fashion. And what I know from our own experience with the division, we merged into the other division and my company before that complete Solar, the mother of this company--, by the way, oddly enough, complete Solar, the mother of this company is, is grand total of maybe 60 people out of 1,000. And we're spread all over the co company, including my position and, and we're not the company anymore. We are the money and the funding and the guidance for the company.

因此，這是一個不穩定的行業，行業中存在著結構性變化，流行的可能變得過時。從我們自己在該部門的經驗來看，我們與另一個部門和我的公司合併之前，完整的 Solar，這家公司的母公司——順便說一句，奇怪的是，完整的 Solar，這家公司的母公司，總共可能有 1,000 名員工中的 60 名。我們遍佈整個公司，包括我的職位，而且我們不再是公司了。我們是公司的資金、資助和指導。

So, we're looking for solid things. It is not quite reasonable to use Warren Buffett's name here. But we're thinking that way when we look at what we can acquire and bring in and which businesses we should grow. And right now dealer does not look like one of those businesses we grow. And by the way, I want to point out that our Blue Raven division is its own dealer. It has a large group of salespeople and, and we get our own orders and therefore we get all the profit going up.

所以，我們正在尋找堅固的東西。在這裡使用沃倫·巴菲特的名字不太合理。但當我們考慮可以收購和引進什麼以及應該發展哪些業務時，我們就是這樣思考的。而現在，經銷商看起來並不像我們發展的業務之一。順便說一句，我想指出的是，我們的 Blue Raven 部門有自己的經銷商。它擁有大量銷售人員，我們自己獲得訂單，因此利潤全部上漲。

So, we understand how it works. We understand what it costs that 30% is not phony. Is that it really takes that much money to get the order and keep it. So, right now, that's not where we want to be.

因此，我們了解它是如何工作的。我們明白 30% 的利潤並不是虛假的。要拿到訂單並維持訂單真的需要那麼多錢嗎？所以，目前，這並不是我們想要的。

Thank you. Looks like we have two more in the queue. Just a reminder to the audience. If you have any additional questions, you can put them in the text box at the bottom of your screen and we will see them there.

謝謝。看起來我們隊列中還有兩個人。只是提醒一下觀眾。如果您有任何其他問題，您可以將它們放在螢幕底部的文字方塊中，我們會在那裡看到它們。

The next question is how do you see yourself differentiated versus your peers in the next 6 to 12 months?

下一個問題是，您認為在未來 6 到 12 個月內自己與同行有何不同？

We will be financially stable on a cash flow basis in tough times. So, Marine Corps, we're going to come out of this being a difficult company to compete with in a consumer business. We are going and are now we have great consumer ratings. We're going to get better on that and then the new angle is going to be technology and acquisition. Which again, I can't, I right now, I'm working on several technologies and I can't name one for you that I'm ready to move on and in acquisitions, we're always looking at acquisitions. Always.

在困難時期，我們將在現金流基礎上保持財務穩定。因此，海軍陸戰隊，我們將成為消費業務中難以競爭的公司。我們正在前進，現在我們有很高的消費者評價。我們會在這方面做得更好，然後新的角度將是技術和收購。再說一次，我現在不能，我正在研究幾種技術，我無法為你說出一種我準備繼續推進的技術，在收購方面，我們一直在考慮收購。總是。

Thank you. The last question I have here is, can you provide any timing on when your name change to SunPower might occur?

謝謝。我的最後一個問題是，您能否透露貴公司何時會更名為 SunPower？

I'm surprised that that is a major. Well, I asked for it, right? I showed the picture of the airplane. Can't right now problem we've got is the SunPower. I knew I was the Chairman of SunPower when public in the 2000, I think it was 2004. I was Chairman of SunPower Cypress Semiconductor. My company owned them and the SunPower. I remember that conquered the world and built and put the power on that airplane.

我很驚訝這是一個重大事件。嗯，這是我自找的，對吧？我展示了飛機的照片。現在我們遇到的問題是 SunPower。我知道自己在 2000 年 SunPower 上市時擔任該公司董事長，我想那是在 2004 年。我曾擔任 SunPower Cypress Semiconductor 的董事長。我的公司擁有它們和 SunPower。我記得那架飛​​機征服了世界並為其建造了動力。

Wasn't the one that was experienced in Salt Lake. It was a something that would cause dislike if you worked with them. And so, I got half the company that doesn't remember SunPower. Well, but I got a name that's worth half a billion dollars and I got to figure out how to make all that work together.

這不是在鹽湖城經歷過的那次。如果你和他們一起工作，那將會招致厭惡。因此，有一半的公司都不記得 SunPower 了。好吧，但是我的名字價值五億美元，我必須想辦法讓這一切發揮作用。

Thank you very much. That looks like all the questions we have in the queue today.

非常感謝。這看起來就是我們今天排隊等待的所有問題。

Thank you everyone for joining the call today. You may now disconnect.

感謝大家今天參加電話會議。您現在可以斷開連線。