SunPower Inc (SPWR) 2025 Q1 法說會逐字稿

Hello. My name is Sioban Hickie, VP of Investor Relations, and I would like to welcome everyone to SunPower's Q1 2025 Earnings Call.

你好。我叫 Sioban Hickie，是投資人關係副總裁，歡迎大家參加 SunPower 2025 年第一季財報電話會議。

A few housekeeping items before we get started today. (Operator Instructions) Please note, today's conference call may contain projections and other forward-looking statements. These statements are subject to known and unknown risks and uncertainties that may cause actual results to differ from those expressed or implied in our statements.

在我們今天開始之前，先來了解一些日常事務。（操作員指示）請注意，今天的電話會議可能包含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我們的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. A reconciliation of the differences between these non-GAAP financial measures and the most directly comparable GAAP financial measures can be found in the press release issued this morning.

此外，在今天的電話會議上，我們可能會討論某些非公認會計準則財務指標。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對帳可以在今天早上發布的新聞稿中找到。

I'll now turn the call over to T.J. Rodgers, SunPower's Chairman and CEO.

我現在將電話轉給 T.J. SunPower 董事長兼首席執行官羅傑斯。

Good morning. My name is T.J. Rodgers. I'm the CEO of SunPower. We've got the quarterly call, and I've got some added remarks that I actually delivered at the company.

早安.我的名字是 T.J。羅傑斯。我是 SunPower 的執行長。我們已經召開了季度電話會議，我還補充了一些我在公司實際發表的評論。

So let's get on with it. Okay. The title of SunPower reports Q1 '25, $80 million in revenue, $1.3 million in profit.

那麼讓我們繼續吧。好的。SunPower 報告稱，25 年第一季其收入為 8,000 萬美元，利潤為 130 萬美元。

That's a big news really. I'll talk later about the ad. I'll actually show it to you. The numbers are here. So we've got, as usual, GAAP and non-GAAP numbers.

這真是個大新聞。我稍後會談論該廣告。我會實際向你展示它。數字就在這裡。因此，像往常一樣，我們得到了 GAAP 和非 GAAP 數據。

The numbers I'm focusing on here are Q1 '25 non-GAAP numbers. So this is a big news. We've got $1.27 million in profit, up from minus $5.9 million in the prior quarter. The GAAP numbers have bigger losses. Those are all related to the acquisition and the write-offs that we've had.

我在這裡關注的數字是 25 年第一季的非 GAAP 數據。所以這是一個大新聞。我們的利潤為 127 萬美元，高於上一季的負 590 萬美元。GAAP 數據的損失更大。這些都與我們的收購和註銷有關。

We actually were profitable -- both profitable and cash flow positive in the quarter. That's a good financial news. I'll point out on the non-GAAP numbers. This is not what we reported last quarter. It was $81.1 million we reported.

本季我們實際上是獲利的——獲利且現金流為正。這是一則很好的財經新聞。我將指出非公認會計準則數字。這不是我們上個季度報告的內容。我們報告的數字是 8,110 萬美元。

This is what we would have reported with the new yjree company revenue recognition rules. The reason I'm telling you that is the number was $81.1 million. This was not 47%. It was 36%. And on advice the lawyers, I put the new numbers in there because these are the "audited" numbers.

這正是我們根據新的 yjree 公司收入確認規則所要報告的內容。我告訴你這個數字的原因是這個數字是 8,110 萬美元。這不是 47%。比例為 36%。根據律師的建議，我將新的數字放進去，因為這些是「經過審計」的數字。

They made our numbers better. And I don't want to report better numbers here today. Okay. This is our profit. Q3 is a truly unofficial number where I simply added the profitability of the three companies. The merger occurred right here. And then we lost $5.9 million in Q4 and made profit in Q1. So that is our curve. These are audited numbers. These are not.

他們使我們的數據變得更好。今天我不想在這裡報告更好的數字。好的。這是我們的利潤。Q3 是一個真正的非官方數字，我只是將三家公司的獲利能力加在一起。合併就在這裡發生。然後我們在第四季度虧損了 590 萬美元，但在第一季實現了盈利。這就是我們的曲線。這些是經過審計的數字。這些都不是。

I'd like to congratulate our team. We broke the profit barrier starting here. 180 days later, bam, we've got profit. The rest of this report, that's really the financial news. We have a relatively simple company.

我要祝賀我們的團隊。我們從這裡開始打破了利潤障礙。 180 天后，我們獲得了利潤。本報告的其餘部分實際上是財經新聞。我們的公司比較簡單。

The rest of the report, I'm going to talk about what went on, and I'm going to talk a little bit about our view of the future. Our $80 million was in line with expectations. We are currently an $80 million plus per quarter company in revenue. The next step is to move away from that. I'll talk about that later.

報告的其餘部分，我將討論發生的事情，並稍微談論我們對未來的看法。我們的 8000 萬美元符合預期。我們目前是一家每季收入超過 8000 萬美元的公司。下一步就是擺脫這種狀況。我稍後會談論這個。

SunPower, the new company, the new name is now properly and leanly staffed. So if you look at the headcount history, if you go back to the third quarter of last year, the three combined companies had 3,500 employees. The first stop was post-merger day 1. We chopped down immediately to 1,341. One quarter post-merger, we were down to 1,140.

SunPower，這家新公司，採用新名稱，目前員工配備合理且精簡。因此，如果你查看員工人數歷史，回到去年第三季度，三家合併後的公司共有 3,500 名員工。第一站是合併後的第一天。我們立即將其削減至 1,341。合併後一個季度，我們的員工人數下降到了 1,140 人。

I'm going to talk about these layoffs. So they're critical, how we do them and whether or not they hurt the company does matter. And today, we're down at 906. The target headcount back here when -- after we merged was 1,225. The target headcount here, including the beginning of this quarter was 980.

我要談論這些裁員事件。所以它們至關重要，我們如何做這些事情以及它們是否會損害公司確實很重要。今天，我們已降至 906。合併後的目標員工人數是 1,225 人。包括本季初在內，這裡的目標員工人數為 980 人。

And there's a reason for those targets I'll show you later. So the good news is, of course, if you're worried about money, this is a dramatic cost-cutting effort. The problem you've got is that you can't let it harm the company, and you have to balance those off against each other. Here's how we do that. This is a memo just in our standard format.

我稍後會向你展示這些目標是有原因的。因此，如果您擔心錢的問題，那麼好消息當然是，這是一項大幅削減成本的舉措。你面臨的問題是你不能讓它損害公司，你必須平衡兩者。以下是我們的操作方法。這是一份符合我們標準格式的備忘錄。

We haven't changed our logos yet. And this is a thing called the requisition auction. It's a process I used back in the semiconductor industry to maintain the right headcount, a very tough industry for maintaining profitability. On Page 1, it says how many people we had at the beginning of the week who left, who wants to come in and what's our ending headcount. So in this particular case, we actually added people very rare, obviously, given that curve and ended up with 907.

我們尚未更改我們的標誌。這就是所謂的徵用拍賣。這是我在半導體產業使用的流程，以維持適當的員工人數，這是一個非常難以維持獲利的產業。第 1 頁顯示了本周初有多少人離開、有多少人想加入以及最終的員工人數是多少。因此，在這種特殊情況下，我們實際上增加了非常稀有的人，顯然，考慮到這條曲線，最終得到了 907 人。

So this was the third day of work week 17. Then, down here is a summary of costs. So if you add and subtract the dollars associated with the bodies, it says quarter-to-date we've saved an annualized $1.6 million. So this is how we track money and get to having profit so quickly. We watch it 3 times a week.

這是第 17 個工作週的第三天。那麼，下面就是成本的摘要。因此，如果加上和減去與屍體相關的美元，就會發現本季迄今為止我們已經節省了 160 萬美元的年化成本。這就是我們追蹤資金並快速獲得利潤的方式。我們每週看三次。

Now this is a very disciplined process. Forget the box for a minute. This is the total company headcount. It says we've gone down over time. These numbers are the actual headcount, and it says our current target is actually lower yet, it's 881 people.

這是一個非常有紀律的過程。暫時忘記盒子。這是公司員工總數。它說我們隨著時間的推移而衰落了。這些數字是實際人數，而且它表明我們目前的目標實際上更低，是 881 人。

So this is for work week 13, 14, 15, 16, 17. So this is something you look at a couple of times a week to make sure it's on track, and you can see it is. The total company headcount is then divided into six parts. There are two divisions. I believe in having profit and loss divisions that control the company.

這是第 13、14、15、16、17 個工作週。因此，您需要每週檢查幾次以確保一切進展順利，而且您會看到一切進展順利。然後將公司總員工人數分成六個部分。有兩個部門。我相信獲利和虧損部門可以控制公司。

So my function in the company is more like that of a middling Director than it is CEO. I am obviously into a lot of details, but these division managers, they make our revenue and they're responsible for making our profit. Then we have the overhead functions. And you can see each of them has a trajectory. So you can see, for example, administration is below its target.

因此，我在公司中的職責更像是中階董事，而不是執行長。我顯然對很多細節很感興趣，但這些部門經理為我們創造了收入，並負責為我們創造利潤。然後我們有開銷函數。你可以看到它們每個都有一條軌跡。因此你可以看到，例如，管理程度低於其目標。

IT is at its target. Finance is getting to its target. This we had -- because we had a quarter closed with three companies, a huge amount of work. And quality and engineering I've got together, one VP running both. We have to have two hats in a company like this in order to make ends meet.

IT 已達到其目標。財務正在實現其目標。我們有這個——因為我們已經與三家公司完成了一個季度的合作，工作量非常大。我將品質和工程兩個部門整合在一起，由一位副總裁負責管理。在這樣的公司裡，我們必須身兼數職才能維持收支平衡。

That is the name of the game of Solar, and that's a challenge for me as a manager. Okay. This is data. We have a set of consultants. They're called Ayana, A-y-a-n-a. They're a spun out of McKinsey. They are excellent consultants. I've used them, for example, in the Enphase turnaround. And they come in and give you a bunch of numbers like this. I'll give you one number.

這就是 Solar 遊戲的名稱，對我這個經理來說也是一個挑戰。好的。這是數據。我們有一組顧問。它們被稱為 Ayana，A-y-a-n-a。他們是麥肯錫的子公司。他們都是優秀的顧問。例如，我在 Enphase 轉型過程中就使用過它們。然後他們就會給你一堆這樣的數字。我給你一個號碼。

It says, for example, in HR, how many people should you have per HR employee? And then you have data for the median and the top quartile this is for a couple of hundred high-tech companies. So the answer is, that's a bad number. It's median. That's a good number.

例如，在人力資源部，每個人力資源員工應該負責多少人？然後你就有了幾百家高科技公司的中位數和上四分位數的數據。所以答案是，這是一個糟糕的數字。這是中位數。這是一個不錯的數字。

It's 75 percentile, and that's a ratio. So you have those ratios per million dollars of revenue, et cetera. And that's how we get the lines for these groups, and that's how we drive them, point one. And point two, they're small and they have to be small. These guys are judged on revenue per employee now.

這是 75 個百分位數，這是一個比率。因此，您就有了每百萬美元收入的比率等等。這就是我們為這些群體制定路線的方式，也是我們推動這些群體的方式，第一點。第二點，它們很小，而且必須很小。現在，這些人的評判標準是每位員工的收入。

They're judged on the bottom line because their bottom line is my bottom line. But the overall metric I'm looking at here is revenue per employee. So the company right now is at $369,000 per employee per year. That's a good number, especially for Solar.

他們是根據底線來評判的，因為他們的底線就是我的底線。但我在這裡關注的整體指標是每位員工的收入。因此，該公司目前每位員工的年薪為 369,000 美元。這是一個不錯的數字，特別是對於 Solar 而言。

If you go check some other companies, I won't name them, but all you have to do is look at their headcount and the revenue from the last quarter times 4, and you'll see numbers as low as $200,000, and that's going out of business plan as I see it.

如果你去查看其他一些公司，我就不點名了，但你只要看看他們的員工總數和上一季的收入乘以 4，你就會發現數字低至 20 萬美元，在我看來，這就是超出商業計劃了。

And then the weighted average pretty much of our two divisions is what the company is. This is our classic Solar division, which is the Blue Raven embedded start-up that we have and the New Homes. This is a separate division which doesn't sell to people, it sells to corporations that make housing developments. And therefore, it's got a lot lower headcount because, for example, we have a very large sales force here and less than 10 here. And that's why their targets are different.

那麼我們兩個部門的加權平均值就等於公司的實際情況。這是我們經典的太陽能部門，包括我們擁有的 Blue Raven 嵌入式新創公司和 New Homes。這是一個獨立的部門，不向個人銷售，而是向開發房屋的公司銷售。因此，員工人數要少得多，因為例如，我們這裡的銷售人員非常龐大，而這裡的員工人數不到 10 人。這就是他們的目標不同的原因。

The businesses are really different. Okay. So the point here is we track this three days a week, Monday, Wednesday and Friday, 8:00 AM. And I'm involved, and it's what drove the curve and drove the profitability along course with accomplishment of making revenue. This is a disciplined thing.

這些業務確實存在差異。好的。所以這裡的重點是我們每週追蹤三天，即星期一、星期三和星期五，上午 8:00。我參與其中，這就是推動曲線和獲利能力上升的過程，最終實現收入。這是一件有紀律的事。

I don't know start-ups, and I don't know any solar companies that run tightly. This comes from the semiconductor industry. Here's the discipline right here. Director of HR, he does this report. He does it to the specification, and it's always there and it always works, unlike my mouse today.

我不知道新創企業，也不知道任何運作緊密的太陽能公司。這來自半導體產業。這就是這裡的紀律。人力資源總監，他做這份報告。他按照規格要求做了這件事，它總是在那裡，總是能正常工作，不像我今天的滑鼠。

More to come on that. I'm not going to tell you his name because the vultures would be all over him. And your first reaction is the Director of HR, the guy is 19 years old. And no, he's not 19 years old. He's a full 25 years old.

對此，我們還會做更多介紹。我不會告訴你他的名字，因為禿鷹會圍著他。你的第一個反應是人力資源總監，這個人才 19 歲。不，他還不到 19 歲。他已經整整25歲了。

And he's very confident and he is representative of the kind of employees we have in Salt Lake. They work hard. They're young and they're -- and Salt Lake is the center of the world for solar. If you go look at where the solar companies are located by headcount. So, that's there. Salt Lake is the Silicon Valley of solar.

他非常有自信，他是我們鹽湖城員工的典型代表。他們工作很努力。他們很年輕，而且──鹽湖城是世界太陽能中心。如果你去查看太陽能公司的員工人數分佈。所以，它就在那裡。鹽湖城是太陽能產業的矽谷。

I was going to show you the rec auction spec. But when I was timing this thing earlier today, I decided not to go over it. But all those graphs you saw come from a spec that I have, a spec that I wrote years ago and updated 10 times, and it tells us how to run that. And I have transferred approximately 10 business processes, not all the ones, but approximately 10 business processes to the new company and done training.

我本來要向你展示娛樂拍賣規格。但是當我今天早些時候對這件事進行計時時，我決定不再重複它。但是您看到的所有這些圖表都來自我的規範，這是我幾年前編寫的並且更新了 10 次的規範，它告訴我們如何運行它。而且我已經把大約10個業務流程（不是全部，而是大約10個業務流程）轉移到新公司並進行了培訓。

So what you just saw is one little module. Now you can -- I'd say we have discipline. And my joke was going to be, here's a picture of my staff meeting last Wednesday. But we do have discipline. And I didn't have it when I came in.

所以你剛才看到的是一個小模組。現在你可以——我想說我們有紀律。我的笑話是，這是我上週三員工會議的照片。但我們確實有紀律。但我進來的時候還沒有它。

Just back story here, this guy right here, his name is Lee Ermey. The movie is Full Metal Jacket. It's one of the four movies that defined Vietnam, Stanley Kubrick classic. And the story on this guy is they brought him in as a coach to coach the actor who was playing the Gunnery Sergeant, check perfection of the tie and fleets and the shirt and the whole thing. Guy who played the Gunnery Sergeant, how to be that.

這裡只是背景故事，這個人，他的名字叫 Lee Ermey。這部電影是《全金屬外殼》。這是定義越南的四部電影之一，史丹利庫柏力克的經典之作。關於這個人的故事是，他們邀請他來擔任教練，指導扮演槍砲中士的演員，檢查領帶、艦隊、襯衫和所有東西是否完美。扮演槍砲中士的傢伙，怎麼會這樣。

And then Stanley Kubrick, 2001 space Odyssey a genius, said, "Fire the actor. He's my Gunnery Sergeant." So this is a real honestly Gunnery Sergeant. If you ever watch the scene, it's a classic and it's a classic of the drill sergeant who's hated by the recruits right up until the time they get warned and all a sudden, he looks a whole lot better than he did. The first movie that -- this was Sands of Iwo Jima starring John Wayne, and he was Sergeant Stryker. Same story.

然後，《2001太空漫遊》的天才導演史丹利庫柏力克說：「解僱這個演員。他是我的槍砲中士。 」所以，這確實是一位誠實的槍砲中士。如果你看過這個場景，你會發現這是一個經典場景，這是一個典型的被新兵們所憎恨的訓練中士的場景，直到他們受到警告，突然間，他看起來比以前好多了。第一部電影是約翰韋恩主演的《硫磺島浴血戰》，他在劇中飾演斯特賴克中士。同樣的故事。

This guy is the best of all of them. Okay. Another thing I've transferred is to make the point of the dichotomy of having to do two opposite things at the same time. That's always been true. This is a memo I wrote in 1987 and rewrote 4 times up to 2013.

這個傢伙是他們當中最好的。好的。我轉移的另一件事是強調必須同時做兩件相反的事情的二分法。事實一直如此。這是我在 1987 年寫的備忘錄，到 2013 年為止已經重寫了四次。

And the title of the memo, and this is one of my specs, internal specs that I've transferred. So this document exists in our system. It says "10 things to do when a valued employee quits." And -- so here's -- it goes -- this is the first three steps on Page 1. It goes on for five pages and defines a process. So at the very same time, we're going down a roller coaster for headcount.

這是備忘錄的標題，這是我轉移的規格之一，內部規格。所以這個文檔存在於我們的系統中。上面寫著「當一名有價值的員工辭職時要做的 10 件事」。這就是第 1 頁的前三個步驟。它長達五頁並定義了一個流程。因此，同時，我們的員工人數卻像坐雲霄飛車一樣波動。

We have executives working on keeping key people. Just read one thing. "React immediately within five minutes. There is nothing more important than to react immediately to an employee as quick. I repeat, there is nothing that takes priority over working with employee who has resigned, presuming you want to keep them." Then just in case you didn't get it, I say the phrase "Nothing more important" means that your action should happen immediately.

我們的高階主管致力於留住關鍵人才。只讀一件事。「五分鐘內立即做出反應。沒有什麼比盡快對員工做出反應更重要。我再說一遍，沒有什麼比與已辭職的員工一起工作更重要，假設你想留住他們。 」那麼，萬一你不明白，我說「沒有什麼比這更重要的了」這句話意味著你應該立即採取行動。

The next activity you have scheduled should be canceled. Any delay such as "I'll talk to you after our staff meeting" is unacceptable. And I finally got this one across one time when I canceled my own staff meeting because we had an engineer -- that was a really good guy. And I walked out and said, I got to do -- So anyway, this is a process for keeping people. We have a process for evaluating people I didn't show you to save time.

您安排的下一個活動應該被取消。任何諸如“我會在員工會議後與您交談”之類的拖延都是不可接受的。有一次，我取消了自己的員工會議，因為我們有一位工程師——他真的是一位好人，所以我終於明白了這一點。然後我走出去說，我得做──無論如何，這是一個留住人才的過程。我們有一個評估人員的流程，為了節省時間我沒有向您展示。

Key new employees. We are now able to recycle a fraction of the salaries. I showed you savings this quarter today is $1 million and obviously save tens of millions on those curves. We now recycle a fraction of salaries save from headcount reductions, bringing key industry players.

關鍵新員工。我們現在可以回收一小部分工資。我今天向你們展示了本季節省的 100 萬美元，顯然在這些曲線上節省了數千萬美元。我們現在回收從裁員中節省的一小部分工資，以吸引關鍵的行業參與者。

So at the very same time you're cutting, you're hiring and you're hiring people using the money with people that left, and that's a rolling process, happens, like I said, 3 times a week, and you're building it up.

因此，在裁員的同時，你也在招聘，用離開的員工賺來的錢來招聘員工，這是一個滾動的過程，就像我說的，每週發生三次，而且你正在不斷積累。

So last week, we kind of hit the jackpot. We had two great hires, and I brought those guys in to meet you today. And actually, I've got their bios here. The guy sitting next to me used to look like that. That's -- his name is Dick Swanson.

所以上週，我們算是中了大獎。我們聘用了兩位優秀的員工，今天我帶他們來與你們見面。事實上，我在這裡有他們的簡歷。坐在我旁邊的人以前就是這個樣子。那是——他的名字是迪克·斯旺森。

That's me in 1972. And this is what a conference room looked like before whiteboards. This guy became the Head of the Electrical Engineering Department at Stanford. We all worked in the Stanford Integrated Circuits Lab, which at that time put out more papers per capita than Japan, (inaudible) Fujitsu all of them. This was the center of Silicon Valley in the Stanford campus.

那是 1972 年的我。這是白板出現之前的會議室的樣子。這傢伙成為了史丹佛大學電機工程系的系主任。我們都在史丹佛積體電路實驗室工作，當時該實驗室的人均論文發表量比日本（聽不清楚）富士通還多。這裡是史丹佛校園，也是矽谷的中心。

This is why he looks now, actually weathered pretty well. He gave me his resume. He wrote this. I asked for a short resume. I'll make 3 points.

這就是為什麼他現在看起來，實際上經受住了相當好的考驗。他給了我他的履歷。他寫了這個。我要求提供一份簡短的履歷。我要提出 3 點。

He's the Co-Founder, President and CTO of SunPower Corporation. He was -- after that, he was -- and during that time overlapping as Assistant and Associate Professor of Electrical Engineering at Stanford, so he taught students. And in our world, like the National Academy of Sciences and the National Academy of Engineering, that's sort of the Oscar world. He's a member of that. So I called him up this morning, and I said, "Dick, I'm going to introduce you today." And we don't have a title.

他是 SunPower Corporation 的聯合創始人、總裁兼首席技術長。此後，他一直擔任史丹佛大學電機工程助理教授和副教授，負責給學生上課。在我們的世界裡，像是美國國家科學院和美國國家工程院，這就是奧斯卡的世界。他是其中的一員。所以今天早上我打電話給他，我說：“迪克，今天我要向你介紹一下。”我們沒有頭銜。

It's a one-year contract to help us out for obvious things. "We don't have a title. So what do you want to be called?" And he didn't how -- And he said, "Well, I'll be a technology consultant." And I said, "I love it." It gives me a chance to make a point that you [got]. The solar industry is saturated with title-hungry people, Chief Revenue Officer, Chief this, Chief that. And here's the guy that really is the Chief and he's a "technology consultant." So I'll use this as a moral lesson inside the company.

這是一份為期一年的合同，旨在幫助我們解決一些顯而易見的事情。「我們沒有頭銜。那你想被叫什麼名字？ 」他不知道該如何做——然後他說：“好吧，我將成為一名技術顧問。”我說：“我喜歡它。”這讓我有機會表明你[得到]。太陽能產業充斥著渴望頭銜的人，首席營收長、首席這個、首席那個。這才是真正的酋長，他是一名「技術顧問」。所以我會將此作為公司內部的道德教訓。

So right now, I'd like to introduce Dick Swanson to you, and he's got a few words to say.

現在，我想向你們介紹迪克·斯旺森，他有幾句話要說。

Thank you, T.J. Well, today, we're at a pivotal moment in the renewable revolution. About 1.5 years ago, we surpassed a terawatt of installed PV capacity globally. And as we speak right now, we're bumping up to 2 terawatts of global PV capacity. To give you some idea of the magnitude of this, the entire US electrical generation capacity is 1 terawatt.

謝謝你，T.J.今天，我們正處於再生能源革命的關鍵時刻。大約一年半前，全球光電裝置容量突破了一太瓦。正如我們現在所說，全球光伏發電容量正在增加到 2 太瓦。為了讓您了解其規模，我們可以這樣說，整個美國的發電量為 1 太瓦。

We're going to be very soon producing 1 terawatt per year of photovoltaics. And the reason for this is simply that PV has become the lowest cost form of electrical energy. So this is sort of a transition point in our industry, the way I see it. We are entering a new phase where the question is, okay, we've done this, what now?

我們很快將生產每年1太瓦的光伏發電。原因很簡單，因為光電已經成為成本最低的電能形式。所以在我看來，這是我們產業的轉捩點。我們正進入一個新階段，問題是，好吧，我們已經做到了，現在該怎麼辦？

How do we take our energy supply from sub 5% of the global generation to the dominant source generation. How do we do that? And -- so this is a whole new phase in our industry, and I'm really excited about the opportunity to come and help Cypress make that transition and use my 50 years of experience in the industry to work with them on the complex supply chain and technology landscape that we're facing and look forward to great results here.

我們如何將我們的能源供應從全球發電量的 5% 以下提升到主導地位。我們該怎麼做呢？所以，這是我們行業的一個全新階段，我很高興有機會來幫助賽普拉斯實現這一轉變，並利用我在該行業 50 年的經驗與他們合作，解決我們面臨的複雜供應鏈和技術格局，並期待在這裡取得豐碩的成果。

So thank you, T.J., for inviting me.

所以，謝謝 T.J. 邀請我。

So he slipped and said the word Cypress, and I'll tell you why.

所以他無意中說出了「Cypress」這個詞，我來告訴你為什麼。

Oh my God.

我的天啊。

It will be obvious why that is. Okay. Next, Mehran Sedigh. He comes in as the Executive Vice President of Storage Systems division. So storage system is not a battery.

其原因顯而易見。好的。接下來是 Mehran Sedigh。他擔任儲存系統部門的執行副總裁。所以儲存系統不是電池。

It's a system that has batteries in it, among other things. And our Chief Technology Officer. He's a PhD in chemical engineering from USC. He just came out of Enphase, where I would point out that he's built a $500 million storage business at Enphase, and he's connected very well with Enphase. Dick said something that's true, but other people would argue with it.

這是一個包含電池等的系統。還有我們的技術長。他是南加州大學化學工程博士。他剛從 Enphase 出來，我想指出的是，他在 Enphase 建立了價值 5 億美元的儲存業務，並且與 Enphase 關係很好。迪克說的話確實有道理，但其他人會對此提出異議。

It's true that if you look at the -- take the cost per kilowatt hour from solar, it's the cheapest, like $0.02. Nuclear is $0.06, gas is $0.06 or $0.08. But you've got this little problem. Sun only shines on an average [brightly] five hours of the day. So you got to work on that one, that's called batteries, but -- and that's what this guy did.

確實，如果你看一下——太陽能每千瓦時的成本，它是最便宜的，例如 0.02 美元。核能為 0.06 美元，天然氣為 0.06 美元或 0.08 美元。但你遇到了這個小問題。一天中太陽平均只照耀五小時。所以你必須研究這個，那就是電池，但是——這就是這個傢伙所做的。

So if you -- today -- what you have to do today and what's going to change the world is during the day, you're going to have what's called a "grid connected battery." Your solar system will be bigger than the consumption of your house and then you'll store that up. And then at 7:00 PM at night when the local utility start screwing you for $0.30, $0.40, $0.50 a kilowatt hour, you'll run off your battery.

所以如果你 — — 今天 — — 你今天要做的事情和將要改變世界的事情是在白天，你就會擁有所謂的「電網連接電池」。你的太陽能係統將比你家的消耗量更大，然後你會把它儲存起來。然後到了晚上 7 點，當地公用事業公司開始向您收取每千瓦時 0.30 美元、0.40 美元、0.50 美元的費用時，您的電池就會耗盡。

So in effect, it's like a bulldozer, you scoop up power during the day and dump it back into your house at night. And the battery will become the most important ROI component of putting in solar. So we need a real battery guy, and that's Mehran, and he's going to run a system where we're going to create system-level storage products, not just sell somebody else's batteries. Mehran?

因此實際上，它就像一台推土機，你在白天收集電力，晚上再將其倒回你的房子。而電池將成為太陽能投資中最重要的投資回報組成部分。所以我們需要一個真正的電池專家，那就是 Mehran，他將運行一個系統，我們將在這個系統中創建系統級儲存產品，而不僅僅是銷售別人的電池。梅赫蘭？

Thank you, T.J. Good morning, everybody. Really excited to be joining SunPower. This is really important junction. SunPower, if you go back to the days that they started and T.J. helped push the company forward. It has its roots in innovation. And this is where we are going to go back to really both in products as well as services. T.J. talked about me coming from Enphase.

謝謝你，T.J.大家早安。非常高興加入 SunPower。這確實是一個重要的路口。SunPower，如果你回顧他們剛開始的日子，T.J.幫助推動公司向前發展。它的根源在於創新。這就是我們真正要回歸的產品和服務。T.J.談到我來自 Enphase 的情況。

I spent six years there developing three generation of energy systems, not just a battery. It is true battery. It's, of course, essential part of any energy management system, but it's not sufficient. Electrification is pushing homes forward more and more to consuming more energy, electricity. AI is coming to the future in everything we do.

我在那裡花了六年時間開發三代能源系統，而不僅僅是電池。這是真正的電池。當然，它是任何能源管理系統的重要組成部分，但這還不夠。電氣化正在推動家庭消耗越來越多的能源和電力。未來，人工智慧將滲透到我們所做的每一件事。

It is going to put more pressure on the grid and having an independent energy source, which is sun on our roof is no longer a nice -- It's a necessity. And using that requires a sophisticated software development, sophisticated AI-enabled algorithm to manage all that, manage interaction with the grid, making sure the homeowner is taking care of financially with ROI and using the cheapest source of energy available.

這將給電網帶來更大的壓力，擁有獨立的能源，也就是屋頂上的陽光不再是好事，而是一種必需品。而使用它需要複雜的軟體開發、複雜的人工智慧演算法來管理所有這些，管理與電網的交互，確保房主在投資回報率方面得到財務上的照顧，並使用最便宜的能源。

So I'm excited to start coming in, contributing to that process forward with SunPower and having some fun along the way.

因此，我很高興能夠加入，與 SunPower 一起為這一進程做出貢獻，並在過程中享受一些樂趣。

We are. My recruitment for these guys was all technical. You guys come in, we get to make changes that will change the world. And that's really the message I'm going to give you for our mission going forward. Okay.

是的。我對這些人的招募完全是技術性的。你們加入我們，我們將做出改變，改變世界。這確實是我要向你們傳達的關於我們未來使命的訊息。好的。

Other stuff. And we formed a strategic partnership with a company you haven't heard of called Sunder. If you lived in Salt Lake City, you would know exactly who they are. They're big, highly regarded in their sales front. So we now have them supporting our growth.

其他東西。我們與一家您沒聽說過的名為 Sunder 的公司建立了策略合作夥伴關係。如果你住在鹽湖城，你就會確切地知道他們是誰。他們的規模很大，在銷售方面享有很高的聲譽。所以現在他們支持我們的成長。

They have more salespeople, by the way, than we have employees, just to scale it for you. They're now supporting our growth, and that will be orders coming in now that will show up in the third quarter. Next point. We strengthened our Board with three public company ex-CEO Directors, that is directors who ran companies. Lothar Maier, former CEO of Linear Technology, a $1.4 billion chip company.

順便說一下，他們的銷售人員比我們的員工多，只是為了方便您擴大規模。他們現在正在支持我們的成長，現在的訂單將在第三季顯現出來。下一點。我們聘請了三位上市公司前執行長董事（即經營過公司的董事）來加強我們的董事會。洛薩·邁爾 (Lothar Maier)，曾任凌力爾特公司 (Linear Technology) 首席執行官，該公司是一家價值 14 億美元的晶片公司。

Dan McCranie, who's right here, can we give a picture of him, please? There he is. He came over. Dan, he's the former Chairman of five high-tech companies, including Freescale and ON, the two halves of Motorola when Motorola spun out their halves and became -- and broke up into two public companies. And then Jamie Haenggi.

丹·麥克克蘭尼 (Dan McCranie) 就在這裡，我們可以給他拍一張照嗎？他就在那兒。他走了過來。丹曾擔任五家高科技公司的董事長，包括飛思卡爾和安森美半導體，後來摩托羅拉將這兩家公司分拆成兩家上市公司。然後是 Jamie Haenggi。

She lives in Wichita, and she's the former CEO of ADT Solar. So we've got -- we're strengthening our Board, and I'll talk about the statistics in a minute. Okay. When we first went from being a start-up to being a public company, we had a start-up Board, and you don't follow the independence rules, you get the best person you can. Now we have independence rules.

她住在威奇托，曾任 ADT Solar 的執行長。所以，我們正在加強我們的董事會，稍後我將討論統計數​​據。好的。當我們剛從一家新創公司轉型為上市公司時，我們有一個新創公司董事會，你不遵循獨立規則，你會找到最優秀的人才。現在我們有了獨立規則。

That is, for example, the people -- person who interfaces with the public. It can't be me because I'm an employee. I'm not independent, and you have to have an Independent Director for that. So in that case, we've got Ron Pasek, who is the Chairman of our Audit Committee, and he's now the Lead Director, and he's the man that interfaces with the public. I'm Chairman, but he's the guy that talks to the public.

例如，與公眾打交道的人。這不可能是我，因為我是員工。我不是獨立的，所以你必須有一位獨立董事。因此，在這種情況下，我們有 Ron Pasek，他是我們的審計委員會主席，他現在是首席董事，他是與公眾打交道的人。我是主席，但他是與公眾對話的人。

And secondly, in the comp committee, we've got a guy who used to run Complete Solar. So he's not independent, won't be for five years. And he's been replaced by Dan McCranie that I just met. And Dan has been on the Board of way bigger, more complex companies than ours. So the two points I'm making here of our 11 Directors, we have a relatively large Board.

其次，在薪酬委員會中，我們有一位曾經經營過 Complete Solar 的人。所以他並不獨立，五年內也不會獨立。他已經被我剛認識的 Dan McCranie 取代了。丹也曾擔任比我們規模更大、更複雜的公司的董事會成員。所以我在這裡要強調的兩點是，我們的董事會有 11 位董事，而且規模相對較大。

We have eight with CEO experience, and we have seven who are independent. So we now have a very strong Board going forward. Last point in the primary presentation. I talked about our -- I won't say it again, but I talked about our economics and everybody is worried about the market right now, market price. And the best we can say is we haven't been damaged as bad as the other guys.

我們有八名執行長經驗，還有七名獨立人士。因此，我們現在擁有一個非常強大的董事會。主要示範的最後一點。我談到了我們的——我不想再說了，但我談到了我們的經濟狀況，現在每個人都擔心市場、市場價格。我們能說的最好的就是，我們受到的傷害沒有其他人那麼嚴重。

So here I've taken three, four important companies. This is Complete Solar. These are stock graphs. And if I summarize those graphs for year-to-date performance up to 4/27 when the snapshot was made, we're a little bit ahead of even and the industry is in the tank. So we feel that we're being recognized for what we're doing financially.

這裡我選了三、四家重要的公司。這就是完整的太陽能。這些是股票圖表。如果我總結一下截至 4 月 27 日製作快照時的年初至今的表現圖表，我們會發現我們略微領先，而且整個行業都陷入了困境。因此，我們覺得我們在財務上所做的努力得到了認可。

Okay. A few things, all hands meeting. So I go to Salt Lake. I go into a big room in the basement. Between that and the people watching, we have 1,000 people, 906.

好的。有幾件事，全體人員開會。所以我去了鹽湖城。我走進地下室的一個大房間。加上觀看的人，我們有 1,000 人，906 人。

We have an all hands meeting. And by the way, the all hands meeting -- let's just say I was considered an alien from Silicon Valley for a while, and I'll talk about that in a minute. Okay. First thing we talked about was SunPower rebranding. Part of the company comes from a start-up called Blue Raven.

我們召開全體會議。順便說一下，全體會議——有一段時間我被認為是來自矽谷的外星人，我稍後會談論這個。好的。我們談論的第一件事是 SunPower 品牌重塑。該公司的部分股權來自一家名為 Blue Raven 的新創公司。

They're very proud of their company and the concept of getting renamed was something I had to sell to them. So that -- I'm going to also talk about that because this is the first meeting we've had since we rebranded to SunPower. There's our logo. I'll explain that in a minute. First of all, SunPower, this is a list of 70 -- the second half of the list of 70 companies that were solar and went bankrupt.

他們為自己的公司感到非常自豪，而更名的概念是我必須向他們推銷的。所以——我也要談論這個，因為這是我們更名為 SunPower 以來舉行的第一次會議。這是我們的標誌。我馬上就解釋這一點。首先是 SunPower，這是 70 家破產的太陽能公司名單的後半部分。

And many of them were private sales companies, but some of them, SunPower being the biggest, were big real companies that really did go bankrupt. So my first point is we have to do everything, including those layoffs you hate, in order to keep solid financials because you don't have that, you don't have anything. And they bought into that.

其中許多是私人銷售公司，但其中一些，其中最大的是 SunPower，是真正破產的大公司。所以我的第一點是，我們必須盡一切努力，包括你們討厭的裁員，以保持穩健的財務狀況，因為沒有這些，你們就什麼都沒有。他們也接受了這一點。

Second point here is that acquiring solar companies to grow rapidly. Now that in the solar business in semiconductors -- when I ran Cypress, I was there for 34 years, we acquired 26 companies.

第二點是收購太陽能公司以實現快速成長。現在，在半導體太陽能業務方面——當我經營賽普拉斯時，我在那裡工作了 34 年，我們收購了 26 家公司。

So if you acquire a company, you acquire designs, you acquire people that designed it, you acquire the marketing people. They all come to a new place. Their products are there and an acquisition just sticks. Solar is not like that. The solar sales forces are mobile.

因此，如果你收購了一家公司，你就收購了設計，收購了設計人員，收購了行銷人員。他們都來到了一個新的地方。他們的產品已經存在，收購也自然而然地發生了。太陽能不是這樣的。太陽能銷售隊伍是流動的。

And if you bring them in and piss them off, then they go away and don't come back. So we will acquire with trepidation, and we will have all kinds of golden handcuffs on the people that we acquire. That's my only point. Okay. Going back in time, saving SunPower.

如果你把它們帶進來並惹怒了它們，它們就會離開並且不會再回來。所以，我們會忐忑不安地進行收購，並且會給我們收購的人戴上各種金手銬。這是我唯一的觀點。好的。回到過去，拯救 SunPower。

San Francisco Chronicle. SunPower had a great idea and strategy, but cash was running short until it received a $750,000 person check from someone who saw the light. I think that's the only thing that San Francisco Chronicle ever wrote about me that was favorable. And here we are on top of Cypress. Cypress was -- this is, I think, like 2002.

舊金山紀事報。SunPower 有一個很棒的想法和策略，但資金卻一直短缺，直到有人看到了希望，它才收到一張 75 萬美元的個人支票。我認為這是《舊金山紀事報》對我唯一正面的評價。現在，我們已經到達了賽普拉斯山頂。賽普拉斯——我想，這就像 2002 年一樣。

And we just to put on a roof, British Petroleum panels. And Dick and I went on the roof, we were doing some sort of promotion. CEOs of the two companies. That is Silicon Valley and that's San Francisco Bay. Okay.

我們只需在屋頂上安裝英國石油公司的面板。迪克和我上了屋頂，我們正在做一些促銷活動。兩家公司的執行長。那是矽谷，那是舊金山灣。好的。

SunPower's reason for being wasn't we have the best sales force in the world. It was we have the best panels in the world. Ours were smaller and higher power. These were half panels that I could get into one picture. But you got a smaller panel, it's pretty, it's all black, and it's more wattage than the competing panel.

SunPower 存在的理由並不是我們擁有世界上最好的銷售團隊。我們擁有世界上最好的面板。我們的體積更小，但功率更高。這些是半面板，我可以將它們合併成一張圖片。但是你的面板更小，它很漂亮，全黑，而且比競爭面板的瓦數更高。

So that's what SunPower sold, technology. And although I'll admit sales is dominant in this industry today, technology still matters. Hence, the techie guys that we didn't have that we took a few percent of our savings from the overstaffing in the company and recycle it into building a technology team, and these guys will both work on that. This is an old slide that was made in 2009. And Cypress still owned SunPower at that time.

這就是 SunPower 銷售的產品——技術。儘管我承認銷售在當今這個行業中佔據主導地位，但技術仍然很重要。因此，對於我們缺少的技術人員，我們從公司人員過剩的節省中拿出百分之幾，並將其用於組建技術團隊，這些人都會為此而努力。這是 2009 年製作的舊幻燈片。當時，Cypress 仍擁有 SunPower。

We built an automatic line for them to make solar panels, and they got $79 million in 2005, made a profit, we took them public. We Cypress took them public, and I was the Chairman. Then they grew a factor of [18]. The guy that did that was Tom Werner. Also, I worked with Tom, and they went up to $1 billion.

我們為他們建造了一條生產太陽能電池板的自動生產線，他們在 2005 年獲得了 7900 萬美元，實現了盈利，我們讓他們上市。我們 Cypress 將其上市，我是董事長。然後他們成長了一個因素[18]。做這件事的人是湯姆沃納 (Tom Werner)。此外，我還與湯姆合作，他們的資產增加至 10 億美元。

So this rocket ride made SunPower the predominant company in the world. At that time, our investors, we own 40% of the economics, but they were 10 vote shares. So we own control and 40% of the economics. Our investors were raising hell, but they didn't give a damn about our little semiconductor company. They wanted direct access to the solar stock.

這次火箭式的飛躍讓 SunPower 成為了全球最主要的公司。當時，我們的投資者擁有 40% 的經濟股份，但他們只有 10 股投票權。因此，我們擁有控制權和 40% 的經濟份額。我們的投資人雖然大吵大鬧，但他們根本不關心我們這家小小的半導體公司。他們希望直接獲得太陽能庫存。

So we spun it out, and that was a onetime stock dividend worth $2.6 billion at the time we did it, putting the value of SunPower at that time to $6 billion. Two years later, the French went in the market, the oil company, Total, BigBox, and they bought 60% of the stock of the company in the open market.

因此，我們將其剝離出來，當時的一次性股票分紅價值 26 億美元，使 SunPower 當時的價值達到 60 億美元。兩年後，法國人進入市場，石油公司道達爾、BigBox 在公開市場上購買了該公司 60% 的股票。

We all enjoyed the share price ride, but they took it over, and it was no longer a Silicon Valley company, which is unique in the way it works. You don't go -- you don't only have your Board meetings in Paris. I'll just let you know that one doesn't work.

我們都享受了股價上漲的樂趣，但他們接管了它，它不再是一家矽谷公司，矽谷公司在運作方式上是獨一無二的。你不必去——你不必只在巴黎召開董事會。我只是想告訴你，其中一個不起作用。

So that's when I left. Okay. So the point is, this is old SunPower after it was "saved" back here. That's where we are right now. Now let me tell you what I didn't say explicitly.

所以我就在那時離開了。好的。所以重點是，這是被「拯救」後的舊 SunPower。這就是我們現在的處境。現在讓我告訴你我沒有明確說的話。

I did not say our next step is [774], and you can write it down, divide it by 4, and that's the next quarter. I'm talking about our vision for the future. And all I'm saying is if you measure our vision of a prior company in a different era, we're moving along, and we're not done. That's all I said. The SunPower brand is hugely valuable.

我沒有說我們的下一步是[774]，你可以把它寫下來，除以 4，這就是下一個季度。我正在談論我們對未來的願景。我想說的是，如果你用不同的時代來衡量我們對之前公司的願景，我們仍在繼續前進，而且我們還沒有完成。我就說這麼多。SunPower 品牌價值極高。

And I'll make that point with this graph. This is a company called EnergySage or East Coast company, and they quote solar deals, and they quote what are called long-tail solar deals. So this is to the homeowner, full retail. And in this case, they have a graph of price difference from the least expensive equipment carrying. So here, the least expensive equipment is Tesla.

我將用這張圖表來說明這一點。這是一家名為 EnergySage 或 East Coast 的公司，他們提供太陽能交易報價，他們提供所謂的長尾太陽能交易報價。所以對於房主來說，這是完整的零售。在這種情況下，他們有一個與最便宜的設備攜帶價格差異的圖表。所以這裡最便宜的設備就是特斯拉。

They brought out a new battery and it's cheap. And then REC is a high-volume manufacturer and there -- they make great panels, fortunately not in China, and we use their panels right now. Okay. So this is 0% to the cheapest, and that's the lowest cost option. And we may have -- we have to be lean enough to compete there.

他們推出了一款新電池，而且很便宜。REC 是一家大批量製造商，他們生產優質的面板，幸運的是，他們不在中國，我們現在使用他們的面板。好的。所以這是最便宜的 0%，也是成本最低的選擇。我們可能必須——我們必須足夠精簡才能在那裡競爭。

But I'll fire the marketing guy who competes there. Simple. Okay. Now you go along and you see there are the guys that sell volume at whatever price is required, then there's a group of companies that have some sort of advantage and they have a premium. In this case, the First Advantage company or group of companies uses Enphase inverters, not Tesla.

但我會解僱在那裡競爭的行銷人員。簡單的。好的。現在你繼續往下看，你會發現有些人會以任何需要的價格出售大量產品，然後有一群公司擁有某種優勢，他們有溢價。在這種情況下，First Advantage 公司或公司集團使用 Enphase 逆變器，而不是 Tesla。

And there's a reason for that. And then REC panels. Then you go up and there's this tier 20% to 30% premium. Then you go up here and you go, who the hell are those guys? And the answer is -- and this, by the way, is last August, the asterisk down here, SunPower filed for bankruptcy in August 5, 2024.

這是有原因的。然後是 REC 面板。然後你再往上走，就會有 20% 到 30% 的溢價。然後你來到這裡，你會想，這些人到底是誰？答案是——順便說一下，這是去年 8 月，下面的星號表示 SunPower 於 2024 年 8 月 5 日申請破產。

So we expect this to be the last report, including its products. But you'd walk in and say, I'm SunPower. What kind of panels do you have? Who are you? From India.

因此我們預計這將是最後一份報告，包括其產品。但你走進來會說，我是 SunPower。你們有什麼樣的面板？你是誰？來自印度。

Who are they? What kind of inverter do you have? We have our own proprietary inverter. I know about that because I'm replacing them right now with Enphase inverters, so the thing works right. So SunPower name even with a lacklustre product line was 50%.

他們是誰？你有什麼樣的逆變器？我們有自己的專有逆變器。我知道這一點，因為我現在正在用 Enphase 逆變器替換它們，所以它運作正常。因此，即使產品線乏善可陳，SunPower 的市佔率也達到了 50%。

And that's what I want to get back. And we don't have good marketing. And we're going to have -- in one of these meetings coming up, I'm going to introduce a marketing star and say how we're going to go forward. Right now, me griping about reading reports and griping about price is "marketing". Okay.

這正是我想要得到的。我們的行銷並不好。在即將舉行的一次會議上，我將介紹一位行銷明星，並告訴他們我們將如何前進。現在，我抱怨閱讀報告和抱怨價格是「行銷」。好的。

Now to get back to where SunPower used to be, I want to replace -- I want to bring back that technology edge, hence the guys you just met. So we're going to partner with REC on panels. We already have. We already use their panels. And when the SunPower inverters go away, we're going to partner -- our partnering with Enphase.

現在回到 SunPower 曾經的處境，我想取代——我想重新帶回技術優勢，因此才有了你剛才見到的這些人。因此我們將與 REC 合作舉辦小組討論。我們已經有。我們已經使用他們的面板了。當 SunPower 逆變器消失時，我們將與 Enphase 合作。

So we use only Enphase inverters right now. One good thing about being the CEOs, we now have a bomb spec, AVL list, and I have to sign it. So that's what's on it, among other things. So that's where we're headed back to having a technology advantage so our sales people can talk why you want this one. And only if you say, "I can't afford it", then they'll say, "Well, we've got one you can afford." Okay.

所以我們現在只使用 Enphase 逆變器。擔任執行長的一件好事是，我們現在有炸彈規格、AVL 清單，我必須簽署它。這就是其中的內容，以及其他內容。因此，我們重新獲得了技術優勢，以便我們的銷售人員可以告訴您為什麼想要這個。只有當你說“我買不起”時，他們才會說“好吧，我們有一個你買得起的。”好的。

The vision. This is one of my favorite pictures ever. It's a real airplane. It was made by NASA through a contractor. It had 65,000 solar cells on it, producing 35,000 watts.

願景。這是我迄今為止最喜歡的照片之一。這是一架真正的飛機。它是由美國宇航局通過承包商製造的。它上面有 65,000 個太陽能電池，可產生 35,000 瓦的電力。

And it had electric motors on it, 2-horsepower electric motors, 1,500-watt motors. You can see these propellers, they look like windmills because they are. Because at 96,800 feet, there's no air. So you need a giant propeller to grab enough air to cause something to fly. And this airplane took off under its own power, flew to 96,000 feet, maintained it.

它上面有電動機，2 馬力的電動機，1,500 瓦的電動機。你可以看到這些螺旋槳，它們看起來像風車，因為它們就是風車。因為在 96,800 英尺的高度，沒有空氣。因此，你需要一個巨大的螺旋槳來獲取足夠的空氣，使物體飛行。這架飛機依靠自身動力起飛，飛到 96,000 英尺的高度，並保持了飛行高度。

And that's a world record that still stands today, and it was done in 2001. And to me, I'm not going in the airplane business. I wish I could. We sold these for $200 a watt. Today, it's $0.31 a watt.

這是一項至今仍保持的世界紀錄，是在 2001 年創造的。對我來說，我不會從事飛機業務。我希望我能。我們以每瓦 200 美元的價格出售這些。如今，電價為每瓦 0.31 美元。

But -- I'm not going in the airplane business, but this is an image of what can happen with solar, with technology and a vision as opposed to selling solar cells in the neighborhood. Okay. I thought about that. This is my kitchen. I was working on this, actually the report I'm giving right now.

但是——我不會涉足飛機行業，但這幅圖展示了利用太陽能、技術和願景可以實現什麼，而不是在附近銷售太陽能電池。好的。我考慮過這個問題。這是我的廚房。我正在研究這個問題，實際上就是我現在正在做的報告。

And I mocked up an old copy of the Wall Street Journal with an ad telling what I'm going to tell you right now. And this is the text of it. I'm also the IR guy in case you haven't figured that out. And my wife and our two-person venture company is the -- helps with this. So that became this.

我模擬了一本舊《華爾街日報》，上面有一則廣告，告訴大家我現在要告訴你的事。這是它的文字。如果您還沒弄清楚的話，我也是 IR 人員。我的妻子和我們二人創業公司對此提供了幫助。所以就變成這樣了。

This is the actual back page -- full back page ad of the Wall Street Journal yesterday. Normally, I would never do such an extravagance, but I figured this change, the branding of SunPower, the new direction, warranted it. So I already told you about that airplane. By the way, 96,000 feet is 30,000 feet above that. That's F-15 Eagle.

這是昨天《華爾街日報》背面的整版廣告。通常情況下，我絕對不會做如此奢侈的事情，但我認為這次改變、SunPower 的品牌塑造和新方向值得我這麼做。我已經告訴你那架飛機的事了。順便說一下，96,000 英尺比那高出 30,000 英尺。那是 F-15 鷹。

In my mind, with 104 to 0 kill ratio, it's hottest fighter plane it's ever been made anywhere. The interesting thing is it's really an interceptor, not a fighter. What that means is when the bad guys come over the border, this thing needs to get to fighting altitude about 30,000 feet fast. So they made it with an engine. It has 1.17 times the thrust of the weight of the airplane.

在我看來，憑藉 104 比 0 的擊殺率，它是有史以來最出色的戰鬥機。有趣的是，它實際上是一種攔截機，而不是戰鬥機。這意味著當壞人越過邊境時，這個東西需要迅速達到約 30,000 英尺的戰鬥高度。所以他們用引擎製造了它。它的推力是飛機重量的1.17倍。

Therefore, it can go vertically. And this airplane can take off, and they're actually -- you can go on the website, not our website, but you can go on the internet and get pictures of a guy taking off and going to 30,000 feet ready to fight. The record from going from ground to 30,000 feet is 56 seconds held by that airplane. So -- but it won't fly high. It won't -- it's not stable high.

因此它可以垂直移動。這架飛機可以起飛，實際上——你可以訪問該網站，不是我們的網站，但你可以上網查看飛機起飛並飛到 30,000 英尺高空準備戰鬥的照片。該飛機保持著從地面飛到 30,000 英尺的記錄，時間為 56 秒。所以——但它不會飛得很高。它不會——它並不穩定。

It's a missile when it gets up there. It's not aerodynamic. Then of course, there's the airplane of all airplanes, the SR-71 Blackbird. This airplane flew over the nuclear missile silos of Russia for two decades, and they never had a problem. The Russians invented a plane called the MiG-25 Foxbat.

當它到達那裡時，它就是一枚導彈。它不符合空氣動力學。當然，還有所有飛機中的飛機——SR-71黑鳥。這架飛機在俄羅斯核子飛彈發射井上空飛行了二十年，從未出現過任何問題。俄羅斯人發明了一種名為米格-25狐蝠的飛機。

It was 1,800-mile an hour airplane, and they couldn't touch it. They actually invented that airplane and long-range missiles so they could take off when they saw the Blackbird coming, get up, get to their highest altitude, then fire a missile to go the rest of the world. Never happened. The same travels twice the speed of a gear hunting rifle. And all the guy has to do is turn 2 degrees to 1.

這是一架時速 1,800 英里的飛機，他們無法觸及它。他們實際上發明了飛機和遠程導彈，這樣當他們看到黑鳥來臨時就可以起飛，爬升，到達最高高度，然後發射導彈飛往世界其他地方。從未發生過。其行進速度是裝備獵槍的兩倍。這個人所要做的就是將 2 度旋轉到 1 度。

And by the time the missile gets there, he's 20 miles away out of radar lock. In July 1976, this airplane set records for speed, 2,193 miles per hour and altitude 85,069. Air breathing airplane taking off under its own power, not a rocket. That is the record this -- By the way, a little fact to add I really like. Everybody knows that in Denver, you have to boil an egg longer in order to get it cooked.

當導彈到達時，他已經離開雷達鎖定區域 20 英里了。1976 年 7 月，這架飛機創下了速度記錄，時速 2,193 英里，高度 85,069 英里。空氣呼吸飛機是依靠自身動力起飛，而不是火箭。這就是記錄——順便說一下，我非常喜歡添加的一個小事實。大家都知道，在丹佛，雞蛋必須煮更久才能煮熟。

And that's because the boiling point of water reduces as the pressure holding the water down reduces. So at 85,000 feet, water boils at 59 degrees Fahrenheit. Said another way, your body temperature is above the boiling point of your blood. So that's another way it's not good to be up there. And these guys can't just wear an oxygen mask.

這是因為水的沸點會隨著水壓的降低而降低。因此，在 85,000 英尺的高度，水沸騰的溫度為 59 華氏度。換句話說，你的體溫高於血液的沸點。所以從另一個角度來說，待在那裡並不好。而這些人不能只戴氧氣面罩。

They actually have to have a full pressure suit and fly that airplane and they would fly for 10 hours at a time over the Soviet Union with the Soviets trying their latest little whizbang take them out, never happened. So this is a statement. I've already gone through it. I won't do it again. There's three companies that have combined, old SunPower New Homes, Complete Solar and Blue Raven Solar.

他們實際上必須穿著全套壓力服駕駛飛機，每次都要在蘇聯上空飛行 10 個小時，而蘇聯人卻試圖用他們最新的小發明將他們消滅，這從未發生過。所以這是一個聲明。我已經經歷過了。我不會再這麼做了。有三家公司已經合併，分別是舊的 SunPower New Homes、Complete Solar 和 Blue Raven Solar。

Complete Solar is my old company. By far, the smallest, we brought 65 people into the 900-person company. I showed you the profit trajectory. I talked about forecast for revenue. And then I pointed out, I was the Chairman of SunPower.

Complete Solar 是我的老公司。到目前為止，我們是規模最小的公司，我們為 900 名員工的公司帶來了 65 名員工。我向你展示了利潤軌跡。我談到了收入預測。然後我指出，我是 SunPower 的董事長。

And hence, I have a emotional stake in this. We're now on NASDAQ. We now an SPRW, our warrants. And that's our website, and that's our new logo. I'm, in case you haven't figured it out, former stamp -- I'm a stamp collector.

因此，我對此懷有感情。我們現在在納斯達克。我們現在有 SPRW，我們的認股權證。這是我們的網站，這是我們的新標誌。如果您還沒弄清楚的話，我以前是一名集郵者。

And -- so I turned this logo into a commemorate to stamp. Okay. Next thing, customers. If you don't treat your customers well, you'll get blown up. And solars, if you've been reading the news lately, some of our competitors are getting famous for not doing well by customers.

所以——我把這個標誌變成了一個紀念印章。好的。接下來是顧客。如果你不善待你的顧客，你就會被打敗。至於太陽能，如果您最近一直在閱讀新聞，您會發現我們的一些競爭對手因未能很好地服務客戶而聲名狼藉。

One thing I learned in my industry is you took care of your customers and working on quality and customers was 1/3 of my job at the end of my career at Cypress. Okay. You recognize this guy. He has a house in Nevada. They had a three-year delay due to quality issues, including a roof leak communication breakdowns, meaning the panels didn't talk to the IoT, legal escalations, et cetera, et cetera, et cetera.

我在業界學到的一件事就是照顧好你的客戶，在賽普拉斯職業生涯結束時，致力於品質和客戶佔據了我工作的三分之一。好的。你認識這個人。他在內華達州有一棟房子。由於品質問題，他們的專案延誤了三年，包括屋頂漏水、通訊故障（意味著面板無法與物聯網通訊）、法律升級等等。

So these guys decided they were going to -- this is in Salt Lake, and this is in our boardroom in Salt Lake. They decided they were going to fix it, and they did. And so you can see it barely there. She had -- her dad signed this jersey, and it now hangs in the hall of fame. And whenever you do something good for a customer, your name goes up.

所以這些人決定要去——這是在鹽湖城，這是我們在鹽湖城的會議室。他們決定修復它，並且他們做到了。所以你幾乎看不到它。她有——她爸爸在這件球衣上簽名，現在它掛在名人堂裡。無論何時，只要你為顧客做了好事，你的名字就會被記住。

Customer escalations. This is a -- We keep a lot of data. This is one graph, but number of customer escalations is down. And guess what, I answer my phone. I read my e-mail. People know how to get to me. And when -- if you screw a customer, you're screwing me and I don't tolerate that. And everybody knows that now. Hence, you can see, we're treating them. We always did.

客戶升級。這是——我們保存了大量數據。這是一張圖表，但客戶升級的數量有所下降。你猜怎麼著，我接了電話。我讀了我的電子郵件。人們知道如何聯絡我。如果你欺騙了顧客，那麼你就是欺騙了我，我不能容忍這種行為。現在每個人都知道這一點。因此，你可以看到，我們正在治療他們。我們一直都是這樣的。

Blue Raven in particular, has always had a high four-star rating, so did SunPower. So the culture is there to begin with. I'm not fighting against the culture. But now we're taking it beyond the right thing to do -- to fetish. I learned this from another guy.

尤其是 Blue Raven，一直擁有四顆星的高評級，SunPower 也是如此。所以文化從一開始就存在。我並不是與文化奮戰。但現在我們做的已經超出正確範圍了——戀物癖。我從另一個人身上學到了這一點。

That's Jerry Sanders. (inaudible) Jerry, Advanced Micro Devices, still lives in L.A. The only difference now is the silver mains are now shoulder length. And I see him every now and then. And he was the salesman.

那是傑瑞·桑德斯。（聽不清楚）傑瑞，高級微設備公司的員工，仍住在洛杉磯。現在唯一的差別是銀色的頭髮已經長到肩膀的長度了。我時不時會見到他。他是一名銷售員。

He had a BSEE, but he was a sales guy out of Fairchild, and he was the advocate for the customer. And if you screwed one of his customers, the wrath of hell would come down on you. And -- so anyway, what the story I just told you about us, that's what I learned when I worked at AMD, I was there for three years. One example, homeowner escalation. This came into my e-mail.

他擁有電機工程學士學位，但他是仙童公司的銷售人員，也是客戶的代言人。如果你欺騙了他的一個顧客，地獄之怒就會降臨到你身上。而且──無論如何，我剛剛告訴你的關於我們的故事，是我在 AMD 工作三年時學到的。一個例子是房主升級。這封郵件寄到了我的電子郵件。

It turns out she had already talked to KCVS reporter in New York. And so it was all set up to be the bad guy to screw the customer and all that. We fixed it. "I just wanted to close the loop here. The techie facilitated -- that came to our house in New Jersey was able to fix our battery issues.

事實證明她已經與紐約的 KCVS 記者交談過了。所以這一切都是被設計成壞人來欺騙顧客之類的。我們修復了它。「我只是想在這裡結束這個循環。來到我們新澤西州家中的技術人員解決了我們的電池問題。

There was a laundry list of errors that they showed us, but the (inaudible) engineer that you line up for us, et cetera, et cetera." Down here, this is a slide again from our company meeting and the heroes, they all go on the hall of fame.

他們向我們展示了一長串錯誤，但是（聽不清楚）你為我們安排的工程師等等等等。 」以下是我們公司會議的幻燈片，其中的英雄們都進入了名人堂。

One more. "Thank you for reading my e-mails and helping me get the two appointments needed to deal with my broken string inverter." I won't tell you that Tesla has a string inverter, and we don't. We have a microinverter. Our inverters optimize one panel at a time for maximum power, whereas the string inverter ties, let's say, 10 panels together and can't optimize all 10 because they're different a little bit from each other.

再來一個。“感謝您閱讀我的電子郵件並幫助我獲得處理損壞的串式逆變器所需的兩次預約。”我不會告訴你特斯拉有串式逆變器，我們也沒有。我們有一個微型逆變器。我們的逆變器每次優化一塊電池板以獲得最大功率，而串式逆變器將 10 個電池板連接在一起，但無法優化所有 10 個電池板，因為它們彼此之間略有不同。

Plus 10 panels at 50 volts each is 500 volts DC, not something you want around your house. String inverters are yesterday's news, and that's why we powered with Enphase -- partnered with Enphase. All right. This is the last section of -- I want to just give you a flavor for the culture of the company. So then I ask for questions.

再加上 10 個 50 伏特的電池板，直流電壓就達到 500 伏特，這不是您家裡想要的。串式逆變器已成為昨日黃花，這就是我們與 Enphase 合作的原因。好的。這是最後一部分——我只是想讓你們感受公司的文化。因此我提出問題。

And the questions have been very problematic for me. The first meeting I went to, the questions were passive aggressive insulting. Now that we have to put up with you, question, kind of things. And in my last meeting, I showed this slide. As you might gather, I am a movie buff and this is a scene in front of the Frankenstein Castle from the 1931 movie.

這些問題對我來說非常困難。在我參加的第一次會議中，提出的問題都是負面的、帶有攻擊性的侮辱。現在我們必須忍受你的問題，諸如此類的事情。在上次會議上，我展示了這張投影片。您可能知道，我是一名電影迷，這是 1931 年電影中《科學怪人城堡》前的場景。

And I told them -- I showed them this picture and I said, "That's kind of how I felt when I was looking out into the crowd last quarter when I came here for the meeting." And they laughed a little bit. And then we decided to try to make -- deescalate the question session because they're asking questions, what are you doing here? What are you doing there? Why are you doing this? And obviously, the place is getting cut, so they have valid objections.

我告訴他們——我給他們看了這張照片並說：“上個季度我來這裡開會時，看著人群，就是這種感覺。”他們笑了笑。然後我們決定嘗試讓提問環節降溫，因為他們在問問題，你在這裡做什麼？你在那幹什麼？為什麼要這麼做？顯然，這個地方正在被削減，所以他們的反對意見是合理的。

It's not like they're just being hard to deal with. So then I made -- so this last time, I took this step -- one step further, and I turned the question and answer into a game show. So I started by showing this slide. That's me you see standing in front of the crowd. And then the game is a quiz game, "Let's play poke the monster." And I had a guy with a voice like a game show guy, "And now let's play poke the monster." And then I gave a score for it.

這並不是說他們很難對付。所以，我做了——這是最後一次，我踏出了這一步——更進一步，我把問答變成了遊戲節目。所以我先展示這張投影片。你看到的站在人群前面的就是我。然後遊戲是一個問答遊戲，“我們來玩戳怪物吧。”然後我遇到一個聲音像遊戲節目主持人的人，“現在我們來玩戳怪物的遊戲吧。”然後我給它打了分。

If the monster crowns, growls, lunges, loses his neck or has his head explode, then you get a certain number of points. And we had fun at that. And I had two questions to start out. This may make your head explode, but, and then there was a question. And it was it.

如果怪物出現、咆哮、猛撲、失去脖子或頭部爆炸，那麼你就會獲得一定數量的積分。我們玩得很開心。首先我有兩個問題。這可能會讓你的頭腦爆炸，但是，然後出現了一個問題。就是這樣。

We're starting to be able to work together is my point. This -- they have core values. I haven't talked about core values here. It's a big part of management. We have core values.

我的觀點是，我們開始能夠合作了。這——他們有核心價值。我在這裡還沒有談到核心價值。這是管理的重要組成部分。我們有核心價值。

I'm working on them myself. Every week I work on them. But they had core values. And one thing I really like, I walk into a building, it's in Oram, Utah, and on the wall, there's core values. And I was going to debunk them and then I read them, and they were really good.

我自己也在做這些事。我每週都會進行這些工作。但他們有核心價值。我真正喜歡的一件事是，我走進猶他州奧拉姆的一棟建築，牆上寫著核心價值。我本來想揭穿它們的謊言，然後我讀了它們，發現它們真的很好。

So I just read their own core values to them. Hard to gripe about changing your core values when you're espousing following your core values. Produce results that are worth more than the cost to deliver. That's called make a profit. Obsessively reduce cycle times in every area.

所以我只是向他們宣讀他們自己的核心價值。當你擁護遵循你的核心價值時，很難抱怨改變你的核心價值。產生的成果比交付成本更有價值。這才叫賺錢。極力縮短每個領域的周期時間。

That's get the stuff on the roof and make it work. Keep the sales and field experience simple, even if it means adding complexity elsewhere. And the last one, stay lean, eliminate unnecessary cost. With 10% of the unnecessary costs we had and eliminated, we've now got the seeds of two groups that will change our company.

那就是把東西放到屋頂上並讓它發揮作用。保持銷售和現場體驗簡單，即使這意味著在其他地方增加複雜性。最後一點，保持精簡，消除不必要的成本。透過削減 10% 不必要的成本，我們現在已經擁有了兩個將改變公司的團隊的種子。

And we pay them. This is a bonus. We actually paid them with $100 bills. It was called 10 bins. We prepaid the taxes. So the 10 bins were yours.

我們付錢給他們。這是額外的獎勵。我們實際上用 100 美元的鈔票支付了他們。它被稱為 10 個箱子。我們預付了稅金。所以這 10 個箱子都是你的。

We actually went to the bank, got the money and gave it out to the people. So they walked out. I learned this -- Intel Livermore did a weaker version of this 20 years ago. I did this as Cypress paying cash. And there's something about cash.

我們實際上去了銀行，拿了錢並發給了人們。於是他們就走了出去。我了解到了這一點——英特爾利弗莫爾 20 年前就做過一個較弱的版本。我以 Cypress 現金支付的方式這樣做了。還有關於現金的事情。

You look at it, especially the new dollars that are high tech, for copying reasons, and it has an impact on your head. And you have 10 of those in your hand and you go, "I did something last quarter, it's valuable." And that is different. And it turns out that's the lesson I learned from this guy. I knew him when he was alive. He was a professor at Hoover, at Stanford.

你看看它，特別是那些高科技的新美元，出於複製的原因，它會對你的頭腦產生影響。當你手裡有 10 個這樣的項目時，你會說，“我上個季度做了一些事情，它很有價值。”那是不同的。事實證明，這就是我從這傢伙身上學到的教訓。他在世時我就認識他。他曾擔任史丹佛大學胡佛分校的教授。

He allowed me to call him to get advice, which I did. I've been in his house. And I once asked him, I said, "Did you ever do -- you and me are Adam Smith of my day. "Did you ever do anything you weren't happy with?" And he said, "Yes." And then he told me the story, and you can find it actually, it's well documented. Just before World War II, we realized we'd have to spend half the wealth of our country, half of our gross domestic product to fight that war.

他允許我打電話給他尋求建議，我照做了。我去過他家。我曾經問過他，我說：「你有沒有這樣做過——你和我是我們那個時代的亞當‧斯密。“你曾經做過什麼讓你不開心的事嗎？”他說：“是的。”然後他告訴了我這個故事，你實際上可以找到它，它有詳細的記錄。就在第二次世界大戰前夕，我們意識到我們必須花費國家一半的財富、一半的國內生產毛額來打這場戰爭。

And he was part of the team that figured out how to get Americans to pay because in those days, you paid your -- didn't pay your taxes until March 15. March 15, you filled out the form and mail the check. And he knew that Americans would not write a check equal to half the yearly wage in order to -- even for a war, even if it was adjusting the war.

他是團隊的一員，團隊想出瞭如何讓美國人繳稅的方法，因為在那個年代，你直到 3 月 15 日才繳稅。3月15日，您填寫表格並郵寄支票。他知道，美國人不會為了戰爭而開出一張相當於一年薪水一半的支票，即使是為了調整戰爭。

So he invented withholding tax. He and his team invented the fact that corporations became the tax collectors for the United States of America and that money disappeared from your check before you got your check.

因此他發明了預扣稅。他和他的團隊虛構了這樣一個事實：公司成為了美國的稅務機關，而錢在你收到支票之前就已經從你的支票上消失了。

And in that way, you never had it. You looked at your payment from the company as a payment that you got after taxes. So if you want to make a bonus, not matter, give it to them in their check, which is auto deposited anyway, have it be some line in the check bonus and then don't make a big deal out of it.

從這個意義上來說，你從來沒有擁有過它。您將公司向您支付的款項視為稅後付款。因此，如果您想獲得獎金，沒關係，將其放入他們的支票中，這筆錢無論如何都會自動存入，將其作為支票獎金中的某一項，然後不要將其大驚小怪。

But if you want the bonus to go directly into their head, I did something good and I got paid for it, give a handful of money and pay their taxes upfront, that's yours. And again, Intel did that with one $100 bill in their Livermore plan.

但是如果你想讓獎金直接進入他們的腦海，我做了一件好事，我得到了報酬，給了他們一把錢並預先繳納稅款，那就是你的了。英特爾在其利弗莫爾計劃中再次用一張 100 美元鈔票實現了這一目標。

So anyway, that's the lesson I learned from this guy. That's it. That's our vision. We're now SunPower. Questions?

無論如何，這就是我從這個傢伙身上學到的教訓。就是這樣。這就是我們的願景。我們現在是 SunPower。問題？

Thank you, T.J. A few instructions before we begin Q&A. (Operator Instructions)

謝謝你，T.J.在我們開始問答之前，有幾點說明。（操作員指示）

Derek Soderberg, Cantor Fitzgerald.

德里克索德伯格、康托費茲傑拉。

Congrats on the financial results here. Just continuing on your vision, T.J. You've already gotten the business to a strong margin profile. You lowered sales commissions significantly. But on the revenue side, how do you see the SunPower story playing out over the next year or so just to really set up the business to become a $1 billion annualized revenue company?

恭喜您所取得的財務成果。繼續你的願景吧，T.J.您的企業已經擁有了強勁的利潤率。您大幅降低了銷售佣金。但在營收方面，您認為 SunPower 在未來一年左右的發展前景如何，能否真正成為一家年收入達 10 億美元的公司？

Is that going to be through acquisition, through partnerships, organically? Can you provide some color on that vision and reaching that $1 billion annualized level?

這是透過收購、合作還是有機的方式來實現的？您能否對這一願景以及達到每年 10 億美元水準做出一些解釋？

I'm glad you didn't ask me when are you going to hit the $770 million you showed on the slide. Our target is $1 billion. That is the vision. It is obviously achievable. What that slide shows is whenever you're in a meeting, somebody says, "We can't do that, how can we do that?" It's obvious it can be done.

我很高興你沒有問我什麼時候才能達到幻燈片上顯示的 7.7 億美元。我們的目標是10億美元。這就是我們的願景。這顯然是可以實現的。幻燈片顯示的是，每當你在開會時，有人說，“我們不能這樣做，我們怎麼做？”顯然這是可以做到的。

And in a day when the solar market was 10 times smaller than it is -- even more than 10 times smaller than it is today. So it's obvious it can get done. First thing you have to have a stability. Now we stabilized at $80 million a quarter. Okay.

那時的太陽能市場規模比現在小 10 倍——甚至比現在小 10 倍以上。顯然這是可以完成的。首先你必須要有穩定性。現在我們穩定在每季8000萬美元。好的。

We have a direct sales force that -- so we sell directly to our customers. We have people that knock on doors, and we have people in telephone banks. So that effort can grow. And that's the $80 million per quarter growing at some reasonable rate. And I won't even speculate what it is, but it's a number that would take a while to get to $100 million.

我們擁有一支直銷隊伍－因此我們直接向客戶銷售產品。我們有上門拜訪的人員，也有電話銀行的人員。這樣，我們的努力才能不斷加強。這意味著每季 8000 萬美元的銷售額將以合理的速度成長。我什至不會猜測這個數字是多少，但這個數字需要一段時間才能達到 1 億美元。

Okay. Two, inorganic growth. Based on my career, I'm a fan of inorganic growth. And those new companies, by the way, they come in. There's stuff they do better than you do.

好的。二、無機成長。根據我的職業生涯，我是無機增長的粉絲。順便說一下，這些新公司也加入了。有些事情他們做得比你更好。

There's a mixture of managers. You have merit wins in terms of picking the management team of the combined company. So I'm a big fan of that. It's very positive, and we will do that. But you got the caveat I said that the sticking factor in the solar industry is way lower than the sticking factor in the semiconductor industry.

這裡有各種各樣的經理。在挑選合併後公司的管理團隊方面，您有優勢。所以我非常喜歡它。這是非常積極的，我們會這樣做。但你要知道，我說過，太陽能產業的黏性因素遠低於半導體產業的黏性因素。

So I have a plan for that. Part of it -- oh, thank you. Stock. So I want to tell shareholders who are on here, we have our -- in May, we have our company meeting coming up. That jump from $5.5 million the last quarter of my old company to $80 million came because we got SunPower.

所以我對此有一個計劃。部分原因——哦，謝謝。庫存。所以我想告訴在座的股東，我們－五月，我們將召開公司會議。我原來的公司上一季的銷售額從 550 萬美元躍升至 8,000 萬美元，是因為我們收購了 SunPower。

We added 1,000 SunPower people to 65 Complete Solar people. Those SunPower people got letters saying you're going to get a stock option. Now there's a one-year cliff vesting on that. So they're in their nonvesting period, but I need approval in the company meeting -- in the shareholder meeting for that stock.

我們增加了 1,000 名 SunPower 員工，而 Complete Solar 的員工數量為 65 名。那些 SunPower 員工收到信說你將獲得股票選擇權。現在，該選擇權有一年的懸崖歸屬期。因此，他們處於非歸屬期，但我需要公司會議——該股票的股東大會的批准。

And I won't go into other details, but you guys need to give me the stock, I need to grow the company. And that's part of it. They don't think about -- like Silicon Valley. I'm an owner of the company. I have a piece of the company. The stock is going to go up.

我不會談論其他細節，但你們需要給我股票，我需要發展公司。這就是其中的一部分。他們不考慮──比如矽谷。我是這家公司的老闆。我擁有該公司的一部分股份。股票將會上漲。

My weekly -- my rent is going to get paid by my salary, but my new house is going to get bought by my stock. And that mindset is going to take a while. It's already started. I've had people tell me, "Yeah, you keep your stock, give me a race." Multiple times in the last company meeting, the guy raised his hand and said, "So how do we sell stock?" I said, "We announced it, you weren't listening. Fidelity, we have the Fidelity service, which all Silicon Valley companies use as the best one.

我的每週房租將由我的薪水支付，但我的新房子將用我的股票購買。而這種心態的形成需要一段時間。已經開始了。有人告訴我，“是的，你保留你的股票，給我一場比賽。”在上次公司會議上，這位先生多次舉手問道：“那麼，我們要如何出售股票？”我說：「我們已經宣布了，但你沒聽。富達，我們有富達服務，所有矽谷公司都將其視為最好的服務。

You have an account in there, you have stock in your account." So it will be partly on stock. The other thing is it will be vesting of anything we pay. So one is I won't -- I'm unlikely to go with the company where the owner owns everything. And there are -- a lot of the small solar companies are that way. A couple of entrepreneurs start a company, they own 99% of the stock.

你在那裡有一個帳戶，你的帳戶裡有股票。 」因此它將部分有庫存。另一件事是，我們所支付的任何款項都將被歸屬。所以，一是我不會——我不太可能選擇老闆擁有一切的公司。很多小型太陽能公司都是這樣的。一對創業家創辦了一家公司，他們擁有 99% 的股份。

Everybody else works for salary, hence, "Give me money, not stock", mentality. And the consideration we give in an acquisition will be partly cash and partly stock. The stock will pay off big for the guys that come, but there will also be cash.

其他人都是為了薪水而工作，因此，存在著「給我錢，不要股票」的心態。我們在收購中給予的對價部分是現金，部分是股票。對於那些加入的人來說，股票將帶來豐厚的回報，但同時也會有現金。

And we're going to revest that. The deal will be, "No, you don't get x dollars at the signing, you get that over a 1 or 2-year period." So using vesting of the consideration for an acquisition plus significant stock options that they're not used to.

我們將重新審視這一點。交易將是，“不，你不會在簽約時獲得 x 美元，而是在 1 年或 2 年內獲得。”因此，使用收購對價的歸屬加上他們不習慣的大量股票選擇權。

That's my theory about how to get and hold people. And once you're on that role, you're profitable, people can see it, they can believe it once you're on that role. That will be a very powerful dynamic in a nonstock economy, which is a solar economy for us. So that will be a winner. That's how Silicon Valley -- That's why we are who we are.

這就是我關於如何吸引和留住人才的理論。一旦你擔任這個角色，你就會獲利，人們可以看到它，一旦你擔任這個角色，他們就會相信它。這對非股票經濟來說將是一個非常強大的動力，對我們來說，這就是太陽能經濟。所以這將是勝利者。這就是矽谷——這就是我們之所以成為我們的原因。

Go ahead, sir.

請說，先生。

Can I get a follow-up? Just T.J., I wanted to quickly touch on the battery systems commentary. You mentioned the importance of that to the ROI and that you're going to create your own battery systems, not just sell somebody else's battery. Can you talk about that a bit? Are you going to build the batteries?

我可以得到後續資訊嗎？只是 T.J.，我想快速談談電池系統的評論。您提到了這對投資回報率的重要性，並且您將創建自己的電池系統，而不僅僅是銷售別人的電池。你能稍微談論一下這個嗎？你要製造電池嗎？

You've got experience with Enovix and SunPower. How should we think about that opportunity in batteries for the company?

您有使用 Enovix 和 SunPower 的經驗。我們該如何看待公司在電池領域的機會？

Thank you for asking that question. I can visualize people pushing the cell button right now. T.J. is going in the battery industry. No.

感謝您提出這個問題。我現在就能想像人們按下手機按鈕的情景。T.J.進軍電池產業。不。

Our batteries are made by Enphase. And it turns out, if you think about the philosophy of the Enphase battery, take a panel, put on an inverter. It's a box that looks like an old-fashioned VHS tape. DC comes in from the panel, let's say, 10 amps at 40 volts, 400 watts, goes into the inverter. The inverter has a completely digital system that converts the DC to AC.

我們的電池由 Enphase 製造。事實證明，如果你考慮 Enphase 電池的原理，那就拿一塊面板，裝上逆變器。這是一個看起來像老式 VHS 錄影帶的盒子。直流電從面板輸入，比方說，10 安培、40 伏特、400 瓦，進入逆變器。逆變器具有將直流電轉換為交流電的完全數位系統。

And it's not a simple electrical engineering thing. The chip that controls that is 4 million [gates] with 2 high-performance computers on it. And then that talks to the grid and after nine -- or eight revisions were on after the [IQ 8], everything the grid can do to screw you, and PG&E, Pacific Gas & Electric, specializes in finding new ways to screw up solar systems, is bulletproof. Okay. So you take that box, and let's say that box right now can be a kilowatt.

這並不是一個簡單的電機工程問題。控制它的晶片有 400 萬個門，上面有 2 台高效能電腦。然後談到電網，在 [IQ 8] 之後進行了九到八次修訂之後，電網可以做任何事情來搞砸你，而 PG&E（太平洋煤氣電力公司）擅長尋找搞砸太陽能係統的新方法，它是無懈可擊的。好的。所以你拿起那個盒子，假設這個盒子現在是一千瓦。

And then you put a battery on it. And the inverter looks out and says, "I see 40 volts. I'll do what I always do. I'll turn it into power. I'll take all the learning I have turning it into power and make it work right." So Enphase batteries are batteries -- lithium-ion batteries, driving through Enphase inverters and connecting to the grid.

然後你給它裝上電池。逆變器顯示：「我看到 40 伏特。我會做我一直在做的事。我會把它轉化為力量。我會把我所學到的一切轉化為力量並讓它正常運作。 」因此，Enphase 電池就是電池——鋰離子電池，透過 Enphase 逆變器驅動並連接到電網。

And that's the hard part. And that's why Enphase inverters are double the price of the [next one] because it really truly systems. So now you think about what does the system look like in the Enphase world, and that is you've got the same box, millions of them. They make like $5 million a quarter, very low cost, talking to the grid and then you hook stuff onto it. So you hook a battery onto it, you hook solar panels on to it.

這就是最困難的部分。這就是為什麼 Enphase 逆變器的價格是 [下一個] 逆變器的兩倍，因為它確實是系統。所以現在您想想 Enphase 世界中的系統是什麼樣的，那就是您擁有相同的盒子，有數百萬個。他們每季賺 500 萬美元，成本非常低，與電網對話，然後將東西掛在上面。所以你把電池掛在上面，把太陽能板掛在上面。

What we're going to do is take that product and we're going to write software for the computer to make that product, do special things. Enphase is already doing that. We'll feature a lot of their products. For example, Enphase now has a plug that charges your electric car and the box to charge it. Okay.

我們要做的就是拿出該產品，然後為電腦編寫軟體來製造該產品，做特殊的事情。Enphase 已經在這麼做了。我們將展示他們的許多產品。例如，Enphase 現在有一個可以為您的電動車充電的插頭和一個可以充電的盒子。好的。

You now can go in your Enphase, you can get the Enphase app, and you can see what the output was from sunrise to the time you're looking at it for every panel one by one on your house. That same application now, you can tell it more sophisticated things. "I want you to charge my car. I want you to charge my car only with solar electrons. I don't want to use grid current that would burn oil to charge my car.

現在，您可以進入 Enphase，獲取 Enphase 應用程序，然後可以看到從日出到您查看房屋上每個面板的時間的輸出。現在，透過同一個應用程序，您可以告訴它更複雜的事情。「我希望你幫我的車充電。我希望你只用太陽能為我的車充電。我不想使用會燒油的電網電流來為我的車充電。

I want to use only solar electrons." And then it will do that. And that's trivial. That's not a trivial problem, right? Sun -- Cloud goes over the sun. It's a foggy day.

我只想使用太陽電子。 」然後它就會這麼做。這很簡單。這不是一個小問題，對吧？太陽——雲遮住了太陽。今天有霧。

Your car needs a certain amount of charging, and you have to have intelligence between the source of power and the use of power. So that's what we're going to build. We're going to use products from people to build that stuff and make it rugged bulletproof and cheap and bring up products where our customers see an end product like that. We're not going to make the components. You don't want to make batteries.

您的汽車需要一定量的充電，並且您必須在電源和電力使用之間實現智慧化。這就是我們要建構的。我們將使用人們提供的產品來製造這些東西，並使其堅固耐用、價格低廉，並推出客戶能夠看到的產品。我們不會製造這些零件。你不想製造電池。

And the batteries -- I'm in a battery company right here at Enovix. They make high-tech batteries. The batteries used in cars and homes are 10 times cheaper than a high-tech battery. I don't want to do that.

至於電池——我就在 Enovix 的一家電池公司工作。他們製造高科技電池。汽車和家用電池比高科技電池便宜 10 倍。我不想那樣做。

Our next question comes from the web. How realistic is further inorganic growth? And how is the current opportunity set for acquisitions of distressed assets of companies such as Sunnova?

我們的下一個問題來自網路。進一步的無機成長有多現實？那麼，目前收購Sunnova等公司不良資產的機會如何？

Well, I don't know about Sunnova. That was a major crash. There's a huge amount of money in it, and they may or may not ever sell assets. If they do, albeit they're bidding, if the assets are priced right. But I gave you a list of 70 companies.

嗯，我不知道 Sunnova 的情況。那是一次重大車禍。其中涉及巨額資金，他們可能永遠不會出售資產。如果他們願意的話，儘管他們只是在競標，只要資產定價正確。但我給了你一份 70 家公司的名單。

So the answer right now is you want some stock and a job and a good salary and work in a company that is going to grow, we can accommodate that. And so right now, it's -- for those of us capable of growing, it's a great market.

所以現在的答案是，你想要一些股票、一份工作、一份不錯的薪水並在一家不斷發展的公司工作，我們可以滿足你的要求。所以現在，對於我們這些有能力成長的人來說，這是一個很好的市場。

On that note, you actually have a question from the web asking about employment opportunities. How open are you to accepting applications from former SunPower employees?

就此而言，您實際上有一個來自網路的問題，詢問就業機會。你們對於接受 SunPower 前員工的申請有多開放？

Well, when these guys ran SunPower, it was a well-run company in the king of the world. For the last three or so years, it wasn't well run. And when I came in there, I found a pretty sick management structure. expensive, aloof, not detail oriented. Having said that, SunPower is -- got thousands of really good people in it.

好吧，當這些人經營 SunPower 時，它是世界之王中經營良好的公司。在過去的三年左右的時間裡，它的運作並不好。當我來到那裡時，我發現那裡的管理結構相當糟糕。昂貴、冷漠、不注重細節。話雖如此，SunPower 確實擁有數千名優秀人才。

People you couldn't get anywhere else. People who came for the vision back when it was what it was. So the answer is if you know solar, if you're smart, you want to work hard and win, send a resume, tjr@tjrodgers.com, Rodgers got a D in it.

你在其他地方找不到這樣的人。當夢想還沒實現時，人們就為了夢想而來。所以答案是，如果你了解太陽能，如果你很聰明，你想努力工作並取得成功，請發送簡歷，tjr@tjrodgers.com，羅傑斯的成績是 D。

Thank you. The next question is from [Kashi Gazack] who asks, if you have any comments on the TCL SunPower panels and potential panel partnerships?

謝謝。下一個問題來自 [Kashi Gazack]，您對 TCL SunPower 面板和潛在的面板合作夥伴關係有何評論？

In the same way I talk about batteries, which the Chinese have driven to prices -- even Chinese companies go -- you understand they've got companies going out of business, too. So when the prices are so bad, Chinese companies go out of business. You don't want to start trying to make them in California. So on panels, it's the same thing. They've driven the price of panels.

就像我談論電池一樣，中國人已經推高了電池的價格——甚至中國公司也是如此——你知道，他們也有一些公司倒閉了。因此，當價格如此糟糕時，中國公司就會倒閉。你不會想在加州嘗試製造它們。所以在面板上也是一樣的。它們推高了太陽能電池板的價格。

When I left SunPower, the price of panels was $2 a watt. It's now $0.31 a watt, and they'll deliver it to your door for you like milk. And if you want to take the risk of buying the panels and importing them through our customs, which you'd really be dumb to do, their pricing is down [$0.10] a watt. So how do you make money on that? On batteries and panels, I don't want to compete.

當我離開 SunPower 時，太陽能板的價格是每瓦 2 美元。現在每瓦 0.31 美元，他們會像送牛奶一樣把它送到你家門口。如果你想冒險購買太陽能電池板並通過我們的海關進口，那麼你這樣做真的很愚蠢，因為它們的價格已經下降了 [0.10 美元] 每瓦。那你要如何利用它賺錢呢？在電池和電池板方面，我不想競爭。

I wish the Chinese would drop the price way down. Then all of the revenue would come from creating with very cheap high-quality products, systems that people can use and make it work right. Because the same guys that run those factories aren't going to answer their phone, come to your house, fix your problem, install it quickly.

我希望中國能把價格降下來。那麼所有的收入都將來自於創造非常便宜的高品質產品和人們可以使用並使其正常運作的系統。因為經營這些工廠的人不會接電話，不會來到你家，不會解決你的問題，也不會快速安裝。

We -- In this industry, the main event is 5,000 AHJs, the last J stands for jurisdiction, all those little building departments that annoy everybody, 5,000 of them all the different rules, all knowing the right, all being slow, all being out to lunch a lot of the time, and that is what we have to do. And they're not going to take that job away from us.

我們——在這個行業中，主要事件是 5,000 名 AHJ，最後一個 J 代表管轄權，所有那些讓每個人都惱火的小型建築部門，其中 5,000 人都有不同的規則，都知道誰對誰錯，都很慢，很多時候都在外面吃午飯，這就是我們必須要做的。他們不會從我們手中奪走這份工作。

And if we do it efficiently, one, we'll be a great service to our customers; and two, they can be profitable. No, I'm not making panels. No, I'm not making batteries -- Low-tech batteries. I'll make high-tech batteries here, way higher energy density.

如果我們有效率地完成這項工作，那麼，第一，我們將為客戶提供優質的服務；二是可以獲利。不，我沒有製作面板。不，我不是製造電池——低技術含量的電池。我將在這裡製造高科技電池，能量密度更高。

Thank you. Our next question surrounds tariffs and exposure to China. What impact might this have on SunPower's profitability and supply?

謝謝。我們的下一個問題涉及關稅和對中國的風險敞口。這會對 SunPower 的獲利能力和供應產生什麼影響？

Well, what everybody is pointing out to our President, he's got a guy named [Navarro], telling him how we're going to build back the industry and factories will spring up from the ground. The guy is hallucinating. So what is the tariff? The tariff is simple, a tax. So if they charge me double, $0.60 a watt instead of $0.30 a watt, then our customers will start paying double.

嗯，每個人都向我們的總統指出，他有一個叫 [納瓦羅] 的人，告訴他我們將如何重建工業，工廠將從地上拔地而起。這傢伙出現幻覺了。那麼關稅是多少呢？關稅很簡單，就是稅。因此，如果他們向我收取雙倍費用，即每瓦 0.60 美元而不是每瓦 0.30 美元，那麼我們的客戶將開始支付雙倍費用。

I'm not going to pay the tariff and have my company go bankrupt. So I'll pay the tariff as tax, pass that tax on to my customers. So I do care about it and the fact there's a larger feedback loop that if solar becomes too expensive again, then the whole market will go down and all the companies in the market will suffer. I'm hoping they will wake up by that time.

我不會支付關稅並讓我的公司破產。因此，我將以稅金形式支付關稅，並將稅款轉嫁給我的客戶。所以我確實關心這個問題，而且事實上存在一個更大的反饋循環，如果太陽能再次變得太昂貴，那麼整個市場就會崩潰，市場上的所有公司都會受到影響。我希望到那時他們就會醒來。

Thank you. The next question is leaning into forward guidance. Can you share any thoughts on revenue growth, margins for the next couple of years and the impact of a potential recession?

謝謝。下一個問題是傾向於前瞻性指引。您能否分享一下對未來幾年的收入成長、利潤率以及潛在經濟衰退的影響的看法？

You guys just saw six months of work, right? It's like the job is kind of like being a goalie and hockey, right? I stand there and catch the pucks before they get in the net. So can I have a long-term forecast? I can, but it's based on positioning more so than actually looking at what you project the P&L to be.

你們剛剛看到了六個月的工作，對嗎？這份工作有點像曲棍球守門員，對吧？我站在那裡，在冰球進入球門之前將其接住。那我可以進行長期預測嗎？我可以，但它更多的是基於定位，而不是真正看你預期的損益表。

Right now, we have a very lean workforce and it's going to get leaner, and it's American, okay? So one good thing about being an American, if you're selling to American houses, you got to be American. They're not going to import that.

目前，我們的勞動力非常精簡，而且會變得更加精簡，而且都是美國勞動力，好嗎？因此，身為美國人的一大好處是，如果你向美國公司銷售產品，你必須是美國人。他們不會進口那個。

So when you have a company that's lean, and we now have a company that's lean, we've actually started, as you heard today, doing some hiring. You know you can survive in the market because, just like my stock graph, your stock will be green and the companies that aren't lean will be red.

因此，當你擁有一家精實的公司時，我們現在擁有一家精實的公司，正如你今天聽到的，我們實際上已經開始進行一些招募。您知道您可以在市場中生存，因為就像我的股票圖一樣，您的股票將是綠色的，而那些不精益的公司將是紅色的。

So that's the main event being -- having a stable company. Will the market go up? The one statistic I like comes from the EIA. It's a government organization that tracks it. And right now, close as I can estimate, the number of houses that have solar on them divided by the number of houses that could have solar on is 4%.

所以最重要的是──擁有一家穩定的公司。市場會漲嗎？我喜歡的一個統計數據來自 EIA。這是一個負責追蹤此事的政府組織。目前，據我估計，安裝有太陽能的房屋數量除以可以使用太陽能的房屋數量是 4%。

So we have a toe in the water. This industry, we talk about being big, is a toe in the water. And what we've got to do is continue to hold cost and now we need to supply what they need and what they need is storage. They need storage more than they need solar. You make the cheapest electricity in the world from 9:00 AM to 3:00 PM. Okay. Then what are you going to do in the other hours in the day? And that's where the problem is right now. Hence, storage division.

因此，我們已經試水溫了。我們所說的這個行業規模很大，但其實只是個嘗試而已。我們要做的就是繼續控製成本，現在我們需要提供他們所需要的東西，他們需要的就是儲存。他們對儲存的需求遠大於對太陽能的需求。從上午 9:00 到下午 3:00，您可以生產世界上最便宜的電力。好的。那麼你在一天中的其他時間打算做什麼呢？這就是現在的問題所在。因此，有儲存部門。

And by the way, when storage becomes spread around the country, that's a big deal. That gets rid of the utilities as having a giant power plant that took 10 years to build and they go to the government and say, I need more money because of --

順便說一句，當存儲遍布全國時，這是一件大事。這樣，公用事業公司就不用再花 10 年建造一座大型發電廠，然後去找政府說，我需要更多的錢，因為--

All of a sudden, you're there with your own battery, and it's not that far to see when you flip the switch and say goodbye and your solar system and you make your house more efficient, too. You can't waste energy. But you can gather enough energy from your solar system and store it that will take care of your house. That vision is not that far away.

突然之間，你就有了自己的電池，當你打開開關，告別太陽能係統時，一切就變得不再遙遠，而且你的房子也變得更有效率。你不能浪費能源。但是你可以從太陽系中收集足夠的能量並將其儲存起來，以照顧你的房子。這願景並不遙遠。

Thank you. We only have a couple more. The next one is, how does stock price and valuation impact your willingness to use stock for acquisitions? And what is your view on the current valuation relative to that?

謝謝。我們只剩下幾個了。下一個問題是，股票價格和估值如何影響您使用股票進行收購的意願？您對目前估值有何看法？

Right now, last time I checked our stock was $2. We have 80 million shares if you check the SEC website. So we're $160 million. So first is, if you're worth $160 million and you want to buy something that's worth $160 million, their proposition is, "Give me half your stock."

目前，我上次檢查時我們的庫存為 2 美元。如果你查看美國證券交易委員會 (SEC) 網站，我們有 8,000 萬股。所以我們的金額是 1.6 億美元。首先，如果你的資產為 1.6 億美元，並且你想買價值 1.6 億美元的東西，他們的建議是「給我你一半的股票」。

Then you have to say, "Look, our stock is not going to be at $2." For the same reason that people invest in it going forward, you need to do that, too. Alternatively, "Okay, you've got your stock." "Oh, you don't have stock." Oh, you've got your stock and your stock is down.

然後你必須說，“你看，我們的股票價格不會是 2 美元。”出於人們未來投資它的相同原因，你也需要這樣做。或者說，“好的，你已經拿到股票了。”“哦，你們沒有庫存。”哦，您有股票，但股票下跌了。

Okay? So what you're doing is swapping your stock for our stock and you're betting which one is going to go up faster. So there are arguments today. Obviously, what I love is the stock to be $20 and then you've got all the currency you want. But what I've discovered in the solar industry, I call it money poisoning that we had in the other industries.

好的？所以你所做的就是用你的股票換我們的股票，然後賭哪一支股票會漲得更快。所以今天就有了爭論。顯然，我喜歡的是股票價格為 20 美元，然後你就可以得到你想要的所有貨幣。但我在太陽能產業發現的現象，我稱之為我們在其他產業也遇到的金錢毒害。

I always -- at Cypress I always had $500 million in the bank. I never thought about cash ever. I thought about beating the bad guys. And right now, for the first time in my life, I'm living in a cash flow dominated world. And I'll tell you, we run a tighter, leaner company because of that.

我在 Cypress 的銀行帳戶裡一直有 5 億美元。我從來沒有想過現金。我想著打敗壞人。而現在，我有生以來第一次生活在一個由現金流主導的世界。我可以告訴你們，正因為如此，我們的公司經營得更加緊密、更加精簡。

So it's a dangerous world, but it's an accelerating world. The market is infinitely large. And if they don't help us to death in Washington, we'll be fine.

所以這是一個危險的世界，但也是一個加速發展的世界。市場無限大。如果他們不在華盛頓幫我們至死，我們就會沒事。

Thank you. With plans to expand capacity, how are you ensuring workforce training aligns with quality benchmarks?

謝謝。在擴大產能的計畫下，您如何確保員工培訓符合品質基準？

Workforce training is a big deal. We're not that good at it. But everything I showed you today, I showed you a couple of management systems, has a spec, has quality process associated with the spec and has training. So you can go in a room, somebody knows, tell you how it works. So my 19-year-old HR guy can run -- as good as reports ever got it at Cypress in a much bigger division.

勞動力培訓是一件大事。我們在這方面不太擅長。但我今天向你們展示的所有內容，我向你們展示了幾個管理系統，有一個規範，有與規範相關的品質流程，還有培訓。所以你可以走進一個房間，有人知道，告訴你它是如何運作的。因此，我 19 歲的人力資源部員工可以勝任這份工作——在 Cypress 更大的部門中，他的報告品質非常高。

So yeah, we're doing it. No, we're not a mature company yet. We are getting more mature every quarter. I didn't introduce him today. I will one of these times.

是的，我們正在這麼做。不，我們還不是一家成熟的公司。我們每季都變得更加成熟。我今天沒有介紹他。我會的。

We have an excellent quality guy, Surinder Bedi. And he is working on the quality of execution right now. Our products are pretty reliable. We don't have -- you saw nine going to two. So the disasters with your stuff not working are gone.

我們有一個非常優秀的人才，Surinder Bedi。他現在正在致力於提高執行品質。我們的產品非常可靠。我們沒有──你看到九變成二了。因此，您的物品無法正常工作的災難已經不存在了。

So for us, quality means quality of execution. Do you have a spec? Do you do it right? Do you do it right the first time? What's your yield? So in our case, quality is almost synonymous with operational excellence.

因此對我們來說，品質意味著執行的品質。你有規格嗎？你做對了嗎？你第一次就做對了嗎？你的收益是多少？因此，就我們而言，品質幾乎就是卓越營運的代名詞。

Thank you. That is all the questions we have in the queue today. I'll turn it back to T.J. Rodgers for any closing remarks.

謝謝。這就是我們今天要問的所有問題。我會把它還給 T.J.羅傑斯先生，請您做最後發言。

Well, I talked long as usual, but I thought this was cool stuff. I appreciate you coming in and listening to us. Thank you.

好吧，我像往常一樣講了很長時間，但我認為這是很酷的東西。感謝您前來聆聽我們的發言。謝謝。