SunPower Corporation (SPWR) 2022 Q1 法說會逐字稿

Good afternoon. Welcome to SunPower Corporation's First Quarter 2022 Earnings Call. (Operator Instructions) I would now like to turn the call over to Mr. Mike Weinstein, Vice President of Investor Relations at SunPower Corporation. Thank you, sir. You may begin.

下午好。歡迎參加 SunPower 公司 2022 年第一季度財報電話會議。 （操作員說明）我現在想將電話轉給 SunPower Corporation 投資者關係副總裁 Mike Weinstein 先生。謝謝你，先生。你可以開始了。

Thank you. Good afternoon. I'd like to welcome everyone to our First Quarter 2022 Earnings Conference Call. On the call today, we will begin with a comment from Peter Faricy, CEO of SunPower. We will provide an update with first quarter announcements and business highlights followed by our expectations for the remainder of 2022. Following Peter's comments, Manu Sial, SunPower's CFO, will then review our financial results and guidance for the year.

謝謝你。下午好。我想歡迎大家參加我們的 2022 年第一季度收益電話會議。在今天的電話會議上，我們將從 SunPower 首席執行官 Peter Faricy 的評論開始。我們將提供第一季度公告和業務亮點的更新，然後是我們對 2022 年剩餘時間的預期。在彼得發表評論後，SunPower 的首席財務官 Manu Sial 將審查我們今年的財務業績和指導。

As a reminder, a replay of the call will be available later today on the investor relations page of our website. Now, during today's call, we will make forward-looking statements that are subject to various risks and uncertainties that are described in the safe harbor slide of today's presentation. Today's press releases are 2021 10-K and our quarterly reports on Form 10-Q. Please see those documents for additional information regarding those factors that may affect these forward-looking statements.

提醒一下，今天晚些時候將在我們網站的投資者關係頁面上重播電話會議。現在，在今天的電話會議中，我們將做出前瞻性陳述，這些陳述受到今天演示文稿安全港幻燈片中描述的各種風險和不確定性的影響。今天的新聞稿是 2021 10-K 和我們關於 10-Q 表格的季度報告。有關可能影響這些前瞻性陳述的因素的更多信息，請參閱這些文件。

Also, we will reference certain non-GAAP metrics during today's call. Please refer to the appendix of our presentation, as well as today's earnings press release for the appropriate GAAP to non-GAAP reconciliation. Finally, to enhance this call, we have posted a set of PowerPoint slides which we'll reference during the call in the events and presentations page of our investor relations website. In the same location, we have also posted a supplemental data sheet detailing additional historical metrics. With that, I'd like to turn the call over to Peter Faricy, CEO of SunPower. Peter.

此外，我們將在今天的電話會議中參考某些非 GAAP 指標。請參閱我們演示文稿的附錄以及今天的收益新聞稿，以了解適當的 GAAP 與非 GAAP 對賬。最後，為了加強這次電話會議，我們發布了一組 PowerPoint 幻燈片，我們將在電話會議期間在我們的投資者關係網站的活動和演示頁面中參考這些幻燈片。在同一位置，我們還發布了補充數據表，詳細說明了其他歷史指標。有了這個，我想把電話轉給 SunPower 的首席執行官 Peter Faricy。彼得。

Thanks, Mike, and good afternoon, everyone. It was terrific to get the opportunity to meet most of you last month in person at our Analyst Day. You will recall we presented our 5-pillar strategy that we are using to build SunPower into the world's best renewable energy company. Our full attention is now on the execution of that plan. Today, we will highlight the results we have achieved in the first quarter toward our goals and how we plan to continue working to deliver our full-year 2022 guidance.

謝謝，邁克，大家下午好。上個月有機會在我們的分析師日與你們中的大多數人見面，真是太棒了。您會記得我們介紹了我們用來將 SunPower 打造成世界上最好的可再生能源公司的 5 支柱戰略。我們現在全神貫注於該計劃的執行。今天，我們將重點介紹我們在第一季度為實現目標而取得的成果，以及我們計劃如何繼續努力實現 2022 年全年指導。

Let's discuss some of our Q1 business highlights on Slide 4. I'm pleased to report that customer demand continues to be very strong and that we have added 16,500 new customers in the quarter, a 40% increase year over year, and nearly even sequentially with the new customer count from the seasonally strong Q4. Importantly, we also continued to see strong growth across all of our sales channels with 83 new dealers added and 118% year-over-year growth from the SunPower Direct Channel. Again, this quarter, we set a new backlog record and 13,800 customers.

讓我們在幻燈片 4 上討論我們第一季度的一些業務亮點。我很高興地報告說，客戶需求仍然非常強勁，我們在本季度新增了 16,500 名新客戶，同比增長 40%，甚至幾乎是環比增長來自季節性強勁的第四季度的新客戶數量。重要的是，我們還繼續看到我們所有銷售渠道的強勁增長，新增了 83 家新經銷商，SunPower 直銷渠道同比增長 118%。同樣，本季度，我們創造了新的積壓記錄和 13,800 名客戶。

We also set another record this quarter with over 70,000 New Homes customers in the pipeline, including a growing multi-family segment. Our Sunbelt Energy Storage System continues to benefit from strong customer interest with a 24% SunPower Direct bookings tax rate, and SunPower Financial continues to make progress with a 41% bookings and tax rate in the quarter on its way toward achieving our stated goal of a 45% tax rate on recognized customers by year end. Please turn to Slide #5.

本季度我們還創造了另一項記錄，有超過 70,000 名新房客戶正在籌備中，其中包括不斷增長的多戶家庭細分市場。我們的 Sunbelt 儲能係統繼續受益於強烈的客戶興趣，SunPower Direct 預訂稅率為 24%，SunPower Financial 在本季度繼續取得進展，預訂和稅率為 41%，以實現我們既定的目標到年底對認可客戶徵收 45% 的稅率。請轉到幻燈片#5。

As we announced at Analyst Day, our discussions continue with First Solar to develop the high-efficiency tandem thin-film and polysilicon modules over the next 18 to 24 months. This product would keep SunPower in the forefront of residential solar technology as we move to diversify our supply chain and provide customers with the highest efficiency panels in the industry.

正如我們在分析師日宣布的那樣，我們將繼續與 First Solar 討論在未來 18 至 24 個月內開發高效串聯薄膜和多晶矽模塊。該產品將使 SunPower 保持在住宅太陽能技術的最前沿，因為我們正在努力使我們的供應鏈多樣化並為客戶提供業內最高效率的面板。

Please turn to Slide #6. We recently launched our dealer Accelerator Program to provide new growth and territorial expansion opportunities to our dealer network. Many of our dealers have the desire to grow their businesses but are capital constrained. SunPower is the only company to address this need by making investments in our highest-performing dealers. In Q1, we reached a new agreement within Power Solar in New York City and Long Island, and we continue to see strong interest in the program across our dealer channel.

請轉到幻燈片#6。我們最近啟動了經銷商加速器計劃，為我們的經銷商網絡提供新的增長和地域擴張機會。我們的許多經銷商都有發展業務的願望，但資金有限。 SunPower 是唯一一家通過投資我們表現最好的經銷商來滿足這一需求的公司。在第一季度，我們在紐約市和長島的 Power Solar 內達成了一項新協議，我們繼續看到我們經銷商渠道對該計劃的濃厚興趣。

This program's an important component of our plan to grow our market share over the next few years, and we look forward to providing you with further updates.

該計劃是我們計劃在未來幾年擴大市場份額的重要組成部分，我們期待為您提供進一步的更新。

Please turn to Slide #7. Our growing list of new home builder partnerships is an important part of our growth plan, and we are proud to announce our newest exclusive agreement with Landsea Homes. All homes built by Landsea in California will include a SunPower system, and buyers in Arizona, Florida, and Texas will have the option to add the system as well.

請轉到幻燈片#7。我們不斷增長的新房建築商合作夥伴名單是我們增長計劃的重要組成部分，我們很自豪地宣布我們與朗詩家園的最新獨家協議。 Landsea 在加利福尼亞州建造的所有住宅都將包括 SunPower 系統，亞利桑那州、佛羅里達州和德克薩斯州的買家也可以選擇添加該系統。

Increasingly, we are seeing the home builder industry seeking to emphasize its environmental and ESG focus with a commitment to rooftop solar, and we are proud to be a partner in that effort. With Landsea, we now have national agreements for solar and states outside of California in place with 5 of the top 20 US home builders, and we continue to work on adding more.

我們越來越多地看到住宅建築行業尋求強調其對環境和 ESG 的關注，並致力於屋頂太陽能，我們很自豪能成為這方面的合作夥伴。通過朗詩，我們現在與美國前 20 家住宅建築商中的 5 家簽訂了太陽能和加州以外州的國家協議，我們將繼續努力增加更多。

Please turn to Slide #8. Let me share with you some of the progress we have made executing against the 5 pillars of our strategy. For customer experience, we have already made significant progress in Q1. Our Net Promoter Score improved from 35 to 49, a 32% improvement year over year. Phone and chat service levels also improved, reducing customer wait times 48% to less than a minute when customers contact us by phone. We focus on these and other important measures to ensure that SunPower continues to earn the title of the best customer experience in the business.

請轉到幻燈片#8。讓我與您分享我們在執行戰略的 5 個支柱方面取得的一些進展。在客戶體驗方面，我們已經在第一季度取得了重大進展。我們的淨推薦值從 35 提高到 49，同比提高 32%。電話和聊天服務水平也有所提高，當客戶通過電話聯繫我們時，客戶等待時間減少了 48% 至不到一分鐘。我們專注於這些和其他重要措施，以確保 SunPower 繼續贏得業內最佳客戶體驗的稱號。

Our new products in addition to our late-stage discussions with First Solar, we recently announced our expanded SunVault whole-home backup offerings at 26 and 52 kilowatt-hour options with an industry-leading 10-year warranty. Under growth, we now cover 71% of the US geography with the addition of new dealers and additional investments to expand our business. Our mobile, mySunPower app and website are both receiving new attention for rapid improvement.

除了與 First Solar 進行後期討論之外，我們的新產品還宣布了我們擴展的 SunVault 全家庭備用產品，提供 26 和 52 千瓦時選項，並提供行業領先的 10 年保修。在增長的情況下，我們現在覆蓋了美國 71% 的地區，並增加了新的經銷商和額外的投資來擴大我們的業務。我們的手機、mySunPower 應用程序和網站都因快速改進而受到新的關注。

This has resulted in measurable progress on our customer ratings. We are just getting started here and have plans to expand the functionality and usefulness of our customer in the solar-facing applications and look forward to delivering more updates throughout the year. And finally, SunPower Financial continues to grow quickly with over 8,500 customer finance attachment bookings in Q1 and 86% increase versus last year.

這為我們的客戶評級帶來了可衡量的進步。我們剛剛起步，併計劃在面向太陽能的應用中擴展客戶的功能和實用性，並期待全年提供更多更新。最後，SunPower Financial 繼續快速增長，第一季度有超過 8,500 份客戶金融附件預訂，與去年相比增長了 86%。

SunPower Financial has already added over $2 billion of third-party capital for new multi-year loans and leases this year. Before I turn it over to Manu, I'd like to comment on 2 of the hot topics right now which is rising supply chain prices and concerns about panel supply. On rising supply chain prices, I think it's important to start to remind everyone that SunPower did not raise prices for our dealers and for our customers in 2021.

SunPower Financial 今年已經為新的多年期貸款和租賃增加了超過 20 億美元的第三方資本。在我把它交給 Manu 之前，我想評論一下目前的兩個熱門話題，即供應鏈價格上漲和對面板供應的擔憂。關於供應鏈價格上漲，我認為重要的是要開始提醒大家，SunPower 在 2021 年沒有為我們的經銷商和我們的客戶提高價格。

Therefore, we are in the unique position of being able to fully pass along our supply chain cost increases this year in 2022. When you combine these increases with the fact that consumers are seeing increases in their utility bills, it is clear that residential solar is still a great value, and the strong customer demand for our products reflects this. Regarding panel supply, panel supply has become more challenging with the recent Department of Commerce anti-circumvention investigation.

因此，我們處於獨特的位置，能夠在 2022 年完全轉移我們今年的供應鏈成本增加。當您將這些增加與消費者看到他們的水電費增加的事實結合起來時，很明顯住宅太陽能是仍然具有很大的價值，客戶對我們產品的強烈需求反映了這一點。在面板供應方面，隨著近期商務部的反規避調查，面板供應變得更具挑戰性。

It's important to note that our current main panel supplier has not been named in that investigation, but even with the challenge this brings, we've been able to place additional POs for enough panels to meet our customer demand and meet the guidance goals we laid out for you in Analyst Day. Now, I'll turn the call over to Manu Sial, CFO of SunPower, to share our detailed results for the quarter. Manu.

重要的是要注意，我們目前的主要面板供應商尚未在該調查中被命名，但即使面臨挑戰，我們仍然能夠為足夠的面板放置額外的採購訂單，以滿足我們的客戶需求並實現我們制定的指導目標在分析師日為您服務。現在，我將把電話轉給 SunPower 的首席財務官 Manu Sial，分享我們本季度的詳細業績。馬努。

Thank you, Peter. Please turn to Slide 10. As Peter mentioned earlier, strong demand is the key story for SunPower in the first quarter. And this combined with continued healthy gross margin and platform investment to boost execution should sell us a wealth for a strong second half of the year. For first quarter, we are reporting $11 million of adjusted EBITDA and $336 million of non-GAAP residential revenue.

謝謝你，彼得。請轉到幻燈片 10。正如彼得之前提到的，強勁的需求是 SunPower 在第一季度的關鍵。再加上持續健康的毛利率和平台投資以提高執行力，應該會在今年下半年向我們出售大量財富。第一季度，我們報告了 1100 萬美元的調整後 EBITDA 和 3.36 億美元的非 GAAP 住宅收入。

We added 16,500 new customers in the first quarter of 40% increase year over year that flowed from a 72% increase in gross lead deployments, putting us on track to achieve our guidance of 73, 000 to 80,000 customers by year-end. Residential gross margin of 23% remained in line with Q1 results last year, although we continue to note the impacts of higher panel rate and labor costs that are impacting our results and the industry broadly.

我們在第一季度增加了 16,500 名新客戶，同比增長 40%，這是由於總潛在客戶部署增加了 72%，使我們有望在年底前實現 73,000 至 80,000 名客戶的指導。 23% 的住宅毛利率與去年第一季度的業績保持一致，儘管我們繼續注意到較高的面板費率和勞動力成本對我們的業績和整個行業產生了廣泛影響。

Combined with more spending on sales and marketing this quarter, these factors resulted in a sequential reduction to adjusted EBITDA per customer before platform investment to $1,700 for the quarter. As we highlighted at the Analyst Day, platform investment of $18 million is primarily products, digital and corporate OpEx and in line with the 2022 guidance for $70 million. We expect to get operating leverage as we scale our customer base faster than spending through the remainder of the year.

再加上本季度更多的銷售和營銷支出，這些因素導致本季度每個客戶在平台投資前調整後的 EBITDA 連續下降至 1,700 美元。正如我們在分析師日強調的那樣，1800 萬美元的平台投資主要用於產品、數字和企業運營支出，符合 2022 年 7000 萬美元的指導。隨著我們擴大客戶群的速度超過今年剩餘時間的支出，我們希望獲得運營槓桿。

Finally, our balance sheet continues to remain strong and provides us with a flexibility to invest in the business.

最後，我們的資產負債表繼續保持強勁，並為我們提供了投資業務的靈活性。

Please turn to Slide 11. We are affirming our guidance for 2022 and a target model for 2025 that we most recently discussed at the Analyst Day. As Peter and I have illustrated today, strong customer growth and backlog will add to operating leverage in the coming quarters.

請轉到幻燈片 11。我們正在確認我們對 2022 年的指導以及我們最近在分析師日討論的 2025 年目標模型。正如彼得和我今天所說明的那樣，強勁的客戶增長和積壓訂單將在未來幾個季度增加運營槓桿。

Next, I want to walk you through some of the expected improvements to adjusted EBITDA per customer that we expect to see as we build up to our guidance for $90 million to $110 million of adjusted EBITDA for 2022. Please turn to Slide 12. On this slide, we're highlighting factors that lead to our 2022 whole-year guidance for $2,000 to $2,400 EBITDA per customer before platform investment, starting from a base of $1,700 in the first quarter.

接下來，我想向您介紹每個客戶的調整後 EBITDA 的一些預期改進，我們希望在我們建立 2022 年調整後 EBITDA 9,000 萬美元至 1.1 億美元的指導時看到這些改進。請轉到幻燈片 12。關於這個幻燈片，我們強調了導致我們 2022 年全年指導的因素，即平台投資前每位客戶的 EBITDA 為 2,000 美元至 2,400 美元，從第一季度的 1,700 美元基數開始。

First, we expect to see improvement of gross margin largely in the second half of the year from higher customer pricing to offset cost inflation that will result in a net incremental improvement of $125 to $325 EBITDA per customer for the full year metric. As Peter mentioned, we are in a strong position for this especially since we did not raise prices in 2021. Second, recall that our target model from the Analyst Day also assumes SunPower Financial attached rates grow from 35% to 45% by the end of 2022.

首先，我們預計下半年毛利率將在很大程度上提高，因為客戶定價較高以抵消成本通脹，這將導致全年每位客戶 EBITDA 淨增量提高 125 美元至 325 美元。正如彼得所提到的，我們在這方面處於有利地位，特別是因為我們在 2021 年沒有提高價格。其次，請回想一下，我們在分析師日的目標模型還假設 SunPower Financial 的附加利率在年底前從 35% 增長到 45% 2022 年。

The target model also assumes a storage attached rates for installed system that grows through 2022. Assuming up to $1,000 to $3,000 of incremental margin for each attached customer, we ultimately expect a broad incremental improvement of $125 to $225 EBITDA per customer for the full year. Third, we expect improvement to come from keeping sales and marketing spending relatively steady across the remainder of the year, allowing it to decline on a per-customer basis for $50 to $150 EBITDA for the full year.

目標模型還假設已安裝系統的存儲附加費率將增長到 2022 年。假設每個附加客戶的增量利潤高達 1,000 美元至 3,000 美元，我們最終預計全年每位客戶的 EBITDA 將大幅增加 125 美元至 225 美元。第三，我們預計，在今年剩餘時間裡保持銷售和營銷支出相對穩定，從而使全年每位客戶的 EBITDA 下降 50 美元至 150 美元，這將帶來改善。

Altogether, that nets out an improvement of roughly $300 to $700 EBITDA per customer for the full year metric, bridging the gap between the $1,700 we are reporting for the first quarter and our annual guidance of $2,000 to $2,400 for 2022. As a result, you should think about our results as seasonally dated towards the latter half of the year as high pricing takes effect and we see the benefits of higher sales and gross margins relative to investments.

總而言之，每位客戶的全年 EBITDA 提高了約 300 至 700 美元，縮小了我們報告的第一季度 1,700 美元與我們 2022 年 2,000 至 2,400 美元的年度指導之間的差距。因此，您隨著高定價的生效，我們應該將我們的業績視為下半年的季節性結果，並且我們看到了相對於投資而言更高的銷售額和毛利率的好處。

Please turn to Slide 13. Before we head into Q&A, I want to tell you a bit more about the new residential lease and PPA fund that we closed this quarter. This will support demand and enable more of our customers to afford and achieve electrical savings. As in the past, Samsung will use the fund to pay SunPower an upfront payment that we recognize as revenue.

請轉到幻燈片 13。在我們開始問答之前，我想告訴你更多關於我們本季度關閉的新住宅租賃和 PPA 基金的信息。這將支持需求並使我們的更多客戶能夠負擔並實現節電。與過去一樣，三星將使用這筆資金向 SunPower 支付一筆我們將其視為收入的預付款。

However, I'm pleased to report that for the first time, SunPower will also be receiving 50% plus of Samsung's remaining equity cash flows for the fund after they could get service in position to the upfront cash payment.

然而，我很高興地報告，SunPower 也將首次獲得三星剩餘股權現金流的 50% 以上，因為他們可以獲得預付現金的服務。

Furthermore, with a lower cost of capital, we have also recalculated our estimated value of SunPower share of SunStrong's lease renewal net retained value to $280 million. With that, I would like to put down the call over for questions.

此外，由於資本成本較低，我們還重新計算了我們在 SunStrong 的續租淨保留值中的 SunPower 份額的估計值至 2.8 億美元。有了這個，我想放下問題的電話。

(Operator Instructions) Your first question is from Sean Morgan with Evercore.

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

Peter, I was interested to see when you guys made the announcement on the First Solar collaboration, so I don't typically think of a thin film on residential roofs, so I was kind of wondering, what are some of the challenges to using thin-film as opposed to a kind of crystalline? Is the cost mostly toxicity? What sort of things do you have to achieve to start integrating that into your systems?

彼得，我很想知道你們何時宣布與 First Solar 合作，所以我通常不會想到住宅屋頂上的薄膜，所以我有點想知道，使用薄薄膜有哪些挑戰- 薄膜相對於一種晶體？成本主要是毒性嗎？要開始將其集成到您的系統中，您必須實現哪些目標？

Thanks, Sean. And I should start off by just saying a quick apology to everybody. I'm a little under the weather, so my voice is -- this is like my radio voice, not my normal earnings call voice. But on the partnership, potential partnership with First Solar, I think we're quite excited for a number of reasons. And I think the first reason for excitement is that this tandem product that we want to build together will really be the first of its kind. And because it will allow light to both be picked up by silicon cells and by thin films, it's really unique and quite innovative, and we think it will lead to great, great efficiencies.

謝謝，肖恩。我應該首先向所有人快速道歉。我有點不舒服，所以我的聲音是 - 這就像我的廣播聲音，而不是我正常的收益電話聲音。但是關於與 First Solar 的潛在合作夥伴關係，我認為出於多種原因我們感到非常興奮。我認為令人興奮的第一個原因是，我們想要共同打造的這種串聯產品將是同類產品中的第一個。而且因為它可以讓矽電池和薄膜同時吸收光，所以它真的很獨特而且很有創新性，我們認為它會帶來巨大的效率。

The big difference in thin film is it also allows you to make a panel very efficiently from a manufacturing standpoint, and also the aesthetics which do matter to consumers. You know, this looks like a flat-screen panel as many of you saw at our Analyst Day, flat-screen TV, I should say. So it's a technology that's proven itself out in the field at utility-scale, and then combined with silicon cells, we really believe it has, you know, the potential to be a great innovator in the residential business.

薄膜的最大區別在於它還可以讓您從製造的角度非常有效地製造面板，以及對消費者很重要的美學。你知道，這看起來就像你們中的許多人在我們的分析師日看到的那樣，平板電視，我應該說。因此，它是一種在公用事業領域證明了自己的技術，然後與硅電池相結合，我們真的相信它有潛力成為住宅行業的偉大創新者。

But most of the panels that First Solar has made today are a larger size than, you know, residential panels, so probably one of the biggest areas of innovation we'll be focused on with them is how we now produce these same panels in residential size and how do we think about what we can do to innovate on the installation experience side. All of that is exciting information. I would say stay tuned, we'd love to talk to you more about that once we get the deal done.

但是今天 First Solar 製造的大多數面板都比住宅面板更大，所以我們將關注的最大創新領域之一可能是我們現在如何在住宅中生產這些相同的面板尺寸以及我們如何思考我們可以做些什麼來在安裝體驗方面進行創新。所有這些都是令人興奮的信息。我想說請繼續關注，一旦我們完成交易，我們很樂意與您討論更多關於這方面的信息。

Well, okay. And this one might be more for Manu, but I was curious because we haven't had a rising rate environment for many years now, so you guys are starting to lean into diversifying away from cash purchases. Are you seeing any impact to customer preferences in terms of PPA, leases, and loans as rates arise, or is that something to anticipate?

哦，那好吧。這對馬努來說可能更多，但我很好奇，因為我們已經很多年沒有經歷過利率上漲的環境了，所以你們開始轉向多樣化，遠離現金購買。隨著利率的上升，您是否看到在 PPA、租賃和貸款方面對客戶偏好有任何影響，或者這是可以預料的？

Go ahead, Manu.

來吧，馬努。

Okay. So look, you know, we've always been about the customer choice, and we are not seeing any major changes in preferences, although I would note that our SunPower Financial attach rates are increasing. Like we said at the Analyst Day, our bookings attach rates are at 41%. And then within the 3 instruments of cash loan and lease, we are seeing, you know, significant growth in all 3, but loan is leading the pack. And then as it relates to the interest rate comment, you know, we've just announced, you know, close to $2 billion of new financing, including the new Dorado lease fund that lowers that all-in cost of capital to less than 5.25% base.

好的。所以看，你知道，我們一直關注客戶的選擇，我們沒有看到偏好發生任何重大變化，儘管我會注意到我們的 SunPower Financial 附加費率正在增加。就像我們在分析師日所說的那樣，我們的預訂附加率為 41%。然後在現金貸款和租賃這 3 種工具中，我們看到所有 3 種工具都有顯著增長，但貸款領先。然後因為它與利率評論有關，你知道，我們剛剛宣布，你知道，近 20 億美元的新融資，包括新的 Dorado 租賃基金，它將總資本成本降低到低於 5.25 ％ 根據。

Okay, so not like a really noticeable headwind.

好吧，所以不像一個真正明顯的逆風。

Your next question is from Ben Kallo with Baird.

您的下一個問題來自 Ben Kallo 和 Baird。

You mentioned you did reprice or raise rates, and I just want to understand how that flows through or how much of your customer base you could do that with as my first question, then I'll follow up.

你提到你確實重新定價或提高利率，我只是想了解這是如何流動的，或者作為我的第一個問題，你可以用多少客戶群來做這件事，然後我會跟進。

Yes. So Ben, the way we thought about it, you know, as we made a point on in our opening remarks, we really feel like we're in this unique position because we did not raise prices in '21. And so there's an opportunity, I think, in this environment for us to do that without hurting the real value that consumers get. So we've been able to raise prices both for panels and for our storage products. And as you saw from our demand and our comments on-demand, demands actually accelerated at the same time we've been raising prices.

是的。所以本，我們的想法，你知道，正如我們在開場白中指出的那樣，我們真的覺得我們處於這個獨特的位置，因為我們沒有在 21 年提高價格。因此，我認為，在這種環境下，我們有機會在不損害消費者獲得的真正價值的情況下做到這一點。因此，我們能夠提高面板和存儲產品的價格。正如您從我們的需求和我們的按需評論中看到的那樣，需求實際上在我們一直在提高價格的同時加速。

So I don't think those 2 things will normally go together in the long term, but I think in the short term, we feel pretty comfortable being able to pass along all of our supply chain cost increases in the form of higher prices. And, you know, even in the early Q2, I will tell you, demand continues to accelerate, so we feel very good about the demand side effects.

因此，我認為從長遠來看，這兩件事通常不會同時發生，但我認為在短期內，我們能夠以更高的價格轉嫁我們所有的供應鏈成本增加，這讓我們感到很自在。而且，你知道，即使在第二季度初期，我會告訴你，需求繼續加速，所以我們對需求的副作用感覺很好。

And on your customer account, you know, it looks like it's the highest new adds except for last quarter. How much do you think is environment-- how much is your offerings and how much is, you know, a new strategy?

你知道，在你的客戶賬戶上，它看起來是除了上個季度之外的最高新增用戶。您認為環境有多少——您的產品有多少，新戰略有多少？

Yes, believe it or not, I don't think a lot of it is a new strategy yet because we're just making these investments, so we're just getting going. So in my mind, I think some of the new strategic areas have the potential to add to it. But I think the fundamental issue that's going on right now, Ben, is the fact that consumers can save money. And when you read about utility prices going up 15% year-over-year, and I think it's hitting everybody hard in the pocketbook, and there are so many Americans who live paycheck to paycheck, I think solar has been very valuable, but now I think it's even-- there's a bigger spotlight on the fact that this is not only something that's going to help us save the planet, but it's actually going to help save you a lot of money.

是的，信不信由你，我認為其中很多都不是新戰略，因為我們只是在進行這些投資，所以我們才剛剛開始。所以在我看來，我認為一些新的戰略領域有可能增加它。但我認為現在發生的根本問題，本，是消費者可以省錢的事實。當你讀到公用事業價格同比上漲 15%，我認為這對每個人的錢包都造成了沉重的打擊，而且有這麼多美國人靠薪水過活，我認為太陽能非常有價值，但現在我認為它甚至 - 有一個更大的焦點是，這不僅會幫助我們拯救地球，而且實際上會幫助你節省很多錢。

And I think that's the strong interest that we're seeing across the board. And the interesting thing to me is we're seeing strong demand across all of our sales channels. We happen to give some information about our direct sales channel, but I will say that our installing dealer channel, our Blue Raven channel, New Homes, we're in a very strong position but from a demand standpoint across the board. And then we're also seeing a lot of geographic diversity, you know? So we're seeing strong demand in Texas, Florida, and the Northeast. And so this is not just the California Solar business anymore, it's really a strong, healthy business across the entire US.

我認為這是我們全面看到的強烈興趣。對我來說有趣的是，我們在所有銷售渠道中都看到了強勁的需求。我們碰巧提供了一些關於我們的直銷渠道的信息，但我會說我們的安裝經銷商渠道、我們的 Blue Raven 渠道、New Homes，我們處於非常有利的地位，但從全面需求的角度來看。然後我們也看到了很多地理多樣性，你知道嗎？因此，我們看到德克薩斯州、佛羅里達州和東北部的需求強勁。因此，這不再只是加州太陽能業務，它在整個美國確實是一個強大、健康的業務。

And if I can just sneak one in. Coming out of your dealer event before Analyst Day and the Accelerator Program, and you added, you know, new dealers. Can you just talk about your kind of reception and where that stands versus, you know, where just a few months ago, the kind of feedback from all of that, and how you're thinking about it? Thank you.

如果我可以偷偷溜進去。在分析師日和加速器計劃之前退出你的經銷商活動，你添加了，你知道的，新的經銷商。你能談談你的接受方式嗎？與幾個月前相比，你知道的那種接收方式，所有這些反饋的方式，以及你是如何考慮的？謝謝你。

Yes. Thanks, Ben. Well, I was quite excited for this dealer conference. This is my first as CEO. And it was really the first time we've gotten to be in person with our dealers, and the first time they've met quite a few of the new folks in the management team. And the feedback we got during the meeting and afterwards has just been very, very positive. I think the dealers are very aligned with the 5 points of our strategic focus.

是的。謝謝，本。好吧，我對這次經銷商會議感到非常興奮。這是我第一次擔任 CEO。這真的是我們第一次親自與我們的經銷商見面，也是他們第一次見到管理團隊中的許多新人。我們在會議期間和之後得到的反饋非常非常積極。我認為經銷商非常符合我們戰略重點的 5 點。

You know, customer experience is an area where we lead today, and they really feel like we can differentiate ourselves. The product advantages we've had, they're very excited to see what we're going to do now with these next-generation products, whether it's with First Solar or our new battery products. The fact that we're investing in their channel is a really big deal. And so the Dealer Accelerator Program, now to answer the core part of your question, is exciting to us because, you know, for us, it's kind of a win-win-win.

你知道，客戶體驗是我們今天領導的一個領域，他們真的覺得我們可以讓自己與眾不同。我們擁有的產品優勢，他們很高興看到我們現在將使用這些下一代產品做什麼，無論是使用 First Solar 還是我們的新電池產品。我們正在投資他們的渠道這一事實非常重要。因此，經銷商加速器計劃，現在回答您問題的核心部分，對我們來說是令人興奮的，因為，您知道，對我們來說，這是一種雙贏。

The first investment we make helps them grow into new states. So if you take a look at Freedom Solar, they're the most outstanding solar installer in the state of Texas. They want to now take what they've learned there and apply it in the states like Colorado and Florida, and we would love to help them by being a provider of capital. But we also, as part of these investments, lock in exclusivity with these dealers, and so they're exclusive with us on all of their physical products, whether it be panels, storage, EV chargers, and then we also become exclusive with each other in financial products.

我們進行的第一筆投資幫助他們成長為新的州。因此，如果您看看 Freedom Solar，他們是德克薩斯州最傑出的太陽能安裝商。他們現在想把他們在那裡學到的東西應用到科羅拉多州和佛羅里達州等州，我們很樂意通過成為資本提供者來幫助他們。但是，作為這些投資的一部分，我們也鎖定了這些經銷商的獨家經營權，因此他們在所有實體產品上都是我們獨家經營的，無論是面板、存儲、電動汽車充電器，然後我們也成為每個經銷商的獨家經營權其他金融產品。

And so when you combine those 2 things together, faster incremental growth, exclusivity with both companies together, you know, the payback on an investment like this for us is quite quick and quite attractive. And then, of course, you know, we do this for an equity investment in the company, which we believe that these companies would be worth more and more over time. So it's really an attractive model for both parties, and I think one of the ways to earn the trust of dealers is to make promises and deliver against them.

因此，當您將這兩件事結合在一起時，更快的增量增長，兩家公司的排他性，您知道，對我們來說，這樣的投資回報非常迅速且非常有吸引力。然後，當然，你知道，我們這樣做是為了對公司進行股權投資，我們相信隨著時間的推移，這些公司的價值會越來越高。所以這對雙方來說都是一個有吸引力的模式，我認為贏得經銷商信任的方法之一就是做出承諾並兌現。

I think they're quite excited about the investments we're making, and I think they were delighted that part of those investments will be actually investing in many of them and helping them grow faster. In this land grab we're in where there's 77 million homes that would save money today on our way to 100 million homes, where only 4 million homes have solar, we're really taking the approach that we need to invest heavily across all of our sales channels. And one of the things I told the dealers is that our installing dealer channel is critical to our success historically, and it will remain a big focus of this company as we move forward.

我認為他們對我們正在進行的投資感到非常興奮，並且我認為他們很高興這些投資的一部分實際上將投資於其中的許多公司並幫助他們更快地發展。在這次土地搶奪中，我們現在有 7700 萬戶家庭可以省錢，而我們現在正在前往 1 億戶家庭，那裡只有 400 萬戶家庭擁有太陽能，我們真的採取了需要在所有地區進行大量投資的方法我們的銷售渠道。我告訴經銷商的一件事是，我們安裝經銷商渠道對我們歷史上的成功至關重要，隨著我們的前進，它將仍然是這家公司的一大重點。

Your next question is from Brian Lee with Goldman Sachs.

您的下一個問題來自高盛的 Brian Lee。

I just had a couple actually on the financing side, given some of the details here. So you highlighted the Dorado 1 fund, and I think the release implied the combined cost capital is now less than 5 in a quarter. Can you talk about what the cost on Dorado, that fund more specifically, and then also in terms of volume visibility, how many megawatts you now have, you know, kind of funded on the capital side?

考慮到這裡的一些細節，我實際上只有一對夫婦在融資方面。因此，您強調了 Dorado 1 基金，我認為該發布意味著合併成本資本現在不到 5 個季度。您能否談談 Dorado 的成本，更具體地說，該基金的成本是多少，然後就容量可見性而言，您現在擁有多少兆瓦，您知道，在資本方面得到了資助？

Yes, so let me start with the second one first. The fund is roughly $350 million. And then that will last us through all of this year, some into early part of next year. And then the way to think about it is, we had previously talked about our cost of capital, all in at 5.5% including loan and lease. And we are talking about more than a 25 basis per introduction. A lot of that is attributable to the lease fund as well.

是的，所以讓我先從第二個開始。該基金約為3.5億美元。然後這將持續到今年全年，有些會持續到明年年初。然後考慮它的方式是，我們之前談到了我們的資本成本，包括貸款和租賃在內，全部為 5.5%。我們所說的每次介紹超過 25 個基數。其中很大一部分也歸因於租賃基金。

Okay, fair enough. And then I guess in terms of new capital, I don't know if maybe you answered this, Manu, but are you contemplating tapping the ABS markets or the bank debt markets, just trying to think about how you're setting up the financing strategy. I know overall yields on some of those, you know, secured innovation products for the solar sector kind of tipping into the 5% range. So can you do something else this year that lowers your cost of capital further, or are we kind of more static here, kind of at this 5 and a quarter if we think about it kind of going forward. Thank you.

好吧，夠公平的。然後我想就新資本而言，我不知道你是否回答了這個問題，Manu，但你是在考慮利用 ABS 市場還是銀行債務市場，只是想想想你是如何設置融資的戰略。我知道其中一些確保太陽能行業創新產品的總體收益率接近 5%。那麼今年你能不能做點別的事情來進一步降低你的資本成本，或者我們在這裡更靜態，如果我們考慮向前發展的話，在這個 5 和 25 季度。謝謝你。

Yes. So, a lot to unpack there, but let me take it into pieces. I think from how to think about going into capital for us, it's about providing the most flexible and the lowest cost of capital to a wide range of consumer. So, these added features into the lease financing, as well as we talked about over $2 billion of overall financing, including loans that allows us to go to a wider consumer base.

是的。所以，有很多東西要解開，但讓我把它分成幾部分。我認為從如何為我們考慮進入資本，它是為廣大消費者提供最靈活和最低成本的資本。因此，這些附加功能添加到了租賃融資中，以及我們談到了超過 20 億美元的整體融資，包括使我們能夠接觸到更廣泛的消費者群的貸款。

So, that's one. I think there are more. We've demonstrated the ability to lower our cost of capital in this interest rate environment, and I think that is a point I want to make. Also, a lot of our, you know, cost of capital comes from depository capital which is less sensitive to interest rates. And then, as I talked about, as our balance sheet gets stronger, which it is, and as we grow our volume, we get the ability to improve our cost of capital, to invest less, hold back, and other things.

所以，這是一個。我認為還有更多。在這種利率環境下，我們已經展示了降低資本成本的能力，我認為這是我想要說明的一點。此外，您知道，我們的很多資本成本來自對利率不太敏感的存款資本。然後，正如我所談到的，隨著我們的資產負債表變得更強大，事實就是如此，隨著我們規模的擴大，我們有能力提高我們的資本成本，減少投資，抑制和其他事情。

So, I would say there are more arrows in our quiver as we think about cost of capital on an apples-to-apples basis or lowering our cost of capital on an apples-to-apples basis, but more importantly to think of us utilizing SunPower Financial to go to a wider customer base.

所以，我想說，當我們考慮以蘋果對蘋果為基礎的資本成本或降低我們在蘋果對蘋果的基礎上的資本成本時，我們的箭袋中有更多的箭頭，但更重要的是要考慮我們利用SunPower Financial 走向更廣泛的客戶群。

Your next question is from Julien Dumoulin-Smith with Bank of America.

您的下一個問題來自美國銀行的 Julien Dumoulin-Smith。

Congratulations, team, on continued progress. Hope you guys are well. Just first quick question here, just probably 2-part, what percent price increase are you guys contemplating earning customers? I know Ben kind of tried to get at that earlier. Just can you kind of talk through that a little bit, you know, how much latitude you perceive yourself as having considering what you said about '21 year? And then, related to that, after the second one, at the same time here, the attach rates and the target, is the supply available out there to get you to 45%?

恭喜團隊，繼續進步。希望你們一切都好。這裡只是第一個快速問題，可能只是兩部分，你們打算增加多少百分比的價格來贏得客戶？我知道本有點想早點解決這個問題。你能不能稍微談談，你知道，你認為自己在考慮你所說的“21 年”時有多大的自由度？然後，與此相關，在第二個之後，同時在這裡，附加率和目標，是否有可用的供應讓你達到 45%？

You know, I know you've commented on panel availability here, but just to reconcile 45% attach rate by the end of the year, given where you are, there's a little bit of ramp, but obviously, there's a ramp and availability supply there too. Just curious on both sides.

你知道，我知道你在這裡評論過面板的可用性，但只是為了在年底前調和 45% 的附加率，考慮到你在哪裡，有一點坡道，但顯然，有一個坡道和可用性供應也有。只是好奇雙方。

Yes, thanks, Julien, and great to see you last month at the Analyst Day. On the pricing front, the way I would describe it is this. As you know, this is one of the most difficult supply chain environments for me, probably the most difficult in my 30-plus year career. So, it's hand to hand combat day-to-day, week-to-week, we're trying to manage and make sure that we can actually not just absorb the cost increases, but ideally, you know, architect and find ways to reduce our costs over time.

是的，謝謝 Julien，很高興在上個月的分析師日見到你。在定價方面，我描述它的方式是這樣的。如您所知，這對我來說是最困難的供應鏈環境之一，可能是我 30 多年職業生涯中最困難的。因此，這是每天、每週的肉搏戰，我們正在努力管理並確保我們實際上不僅可以吸收成本增加，而且理想情況下，你知道，架構師並找到方法隨著時間的推移降低我們的成本。

The way we've been thinking about it this year is for the cost increases that we've had and any others that we anticipate, we believe that we can one for one take those cost increases and turn those into price increases. And so far, you know, without materially hurting demand, demand actually accelerated Q4, Q1, and then to Q2. So we feel really good about that and where that goes from here, you know?

今年我們一直在考慮的方式是針對我們已經擁有的成本增加以及我們預期的任何其他成本增加，我們相信我們可以一對一地接受這些成本增加並將其轉化為價格上漲。到目前為止，你知道，在沒有嚴重損害需求的情況下，需求實際上加速了第四季度、第一季度，然後到第二季度。所以我們對此感覺非常好，從這裡開始，你知道嗎？

Our goal would be to manage our supply chain so that there are fewer costs increases and over time, as I said, architect our products so that they're actually more cost-efficient over time. On the attach rate, I think we feel quite comfortable with where we're headed on SunPower Financial, you know.

我們的目標是管理我們的供應鏈，以便減少成本增加，並且隨著時間的推移，正如我所說，構建我們的產品，以便隨著時間的推移它們實際上更具成本效益。關於附加率，我認為我們對 SunPower Financial 的發展方向感到非常滿意，你知道的。

Our long-term goal is to get well above the 45% target we have this year, but the fact that we're already at 41 in Q1 is terrific, and so we have, from a panel supply perspective, from a SunVault perspective, and obviously, from a capital perspective, we have the inventory we need to serve both customer demand and the numbers that are consistent with the guidance we gave you this year, so we feel good about panels, batteries, and capital relative to the guidance for '22.

我們的長期目標是遠高於今年 45% 的目標，但我們在第一季度已經達到 41 歲這一事實非常棒，所以從面板供應的角度來看，從 SunVault 的角度來看，顯然，從資本的角度來看，我們擁有滿足客戶需求所需的庫存以及與我們今年給您的指導一致的數字，因此相對於指導，我們對面板、電池和資本感覺良好'22.

Yes, and just specific to that at a higher level, you talked about this $2,000 to $2,400 '22 guidance. What's the exit run rate that you're thinking about corresponding to that? Again, I get that there's a $400 per customer range here, but what does that imply as the exit run rate based on where you're starting at $1,700 on Q1? If you can kind of talk about like '22, that range being an average, and you're at $1,700 now, what does that mean kind of 4Q exit?

是的，只是具體到更高的水平，你談到了這個 2,000 美元到 2,400 美元的 22 年指導。您正在考慮的退出運行率是多少？同樣，我知道這裡每個客戶範圍有 400 美元，但這意味著退出運行率基於您在第一季度的起始價為 1,700 美元？如果您可以談論像 22 年這樣的範圍，那麼這個範圍是平均水平，而您現在的價格為 1,700 美元，那麼這意味著第 4 季度的退出是什麼意思？

Yes, so...

是的，所以...

I should have backup with it.

我應該有備份。

No, no, I understood your question. I think the way to think about it is as we go through the rest of the year, we have to add clarity on how we get from $1,700 first quarter to an average of -- I'd say, midpoint $2,200. The exit run rate is going to be higher than the midpoint of the range, and that is largely driven by, as I said, the SunPower Financial that I said get up to 45% exiting the year as well as SunVault starts to kick in, in terms of their assets.

不，不，我明白你的問題。我認為考慮這個問題的方式是，在我們度過今年餘下的時間時，我們必須更清楚地說明我們如何從第一季度的 1,700 美元提高到平均水平——我會說，中點 2,200 美元。退出運行率將高於該範圍的中點，正如我所說，這主要是由 SunPower Financial 推動的，我說今年退出率高達 45% 以及 SunVault 開始發揮作用，就他們的資產而言。

Your next question is from Graham Price with Raymond James.

您的下一個問題來自 Graham Price 和 Raymond James。

So it's been about a year since you started the EV charging partnership with Wallbox, so I just wanted to get an update on how that's progressing.

自從您開始與 Wallbox 建立電動汽車充電合作夥伴關係以來，已經過去了大約一年，所以我只是想了解一下進展情況。

Yes, I think, Graham, we're quite excited about the EV charging opportunity for a number of reasons. One of which is we know that EV charging customers people, who have an electric vehicle today, 40% of them have a solar system, solar product on a roof. And so we think there's going to be this strong overlap between people who have electric vehicles and people who need solar.

是的，我認為，格雷厄姆，出於多種原因，我們對電動汽車充電機會感到非常興奮。其中之一是我們知道，如今擁有電動汽車的 EV 充電客戶中，40% 的人擁有太陽能係統，屋頂上的太陽能產品。因此，我們認為擁有電動汽車的人和需要太陽能的人之間會有很強的重疊。

And then the interesting thing is as we look forward in addition to the fact that the OEMs have an enormous number of new EVs coming out there, I think it's been pretty well documented that the grid doesn't have the capacity to support that incremental amount of charging that we'll want to do across the nation. So I think for practical purposes, we really view these things as being interlocked and linked together.

然後有趣的是，當我們期待除了原始設備製造商有大量新電動汽車出現的事實之外，我認為已經有充分的證據表明電網沒有能力支持這一增量數量我們想要在全國范圍內進行的收費。所以我認為出於實際目的，我們真的認為這些事情是相互關聯的。

I think it's still relatively early in the EV strategy with Wallbox. They make a terrific product. We're happy with their partnership. I think where we've had the most success is there's a great opportunity for us on New Homes to really install a complete solar system with panels, batteries, and EV chargers all integrated into one. So that's probably the area that we've seen the, you know, the biggest bump to begin with. But I will say stay tuned. We have more working on that space and we're excited about where this goes as we move forward.

我認為 Wallbox 的 EV 戰略還處於相對早期的階段。他們做出了很棒的產品。我們對他們的合作感到滿意。我認為我們取得最大成功的地方在於，我們在 New Homes 上有一個很好的機會，可以真正安裝一個完整的太陽能係統，將電池板、電池和 EV 充電器集成到一個系統中。所以這可能是我們已經看到的，你知道的，開始時最大的顛簸。但我會說請繼續關注。我們在這個領域有更多的工作，我們對前進的方向感到興奮。

Got it. And then maybe switching gears just a little bit. Florida net metering has been in the headlines recently, so I just wanted to get your thoughts on the veto by Governor DeSantis of HB 741 and (inaudible) situation.

知道了。然後也許只是稍微切換一下。佛羅里達州的淨計量最近一直是頭條新聞，所以我只是想了解一下您對 HB 741 州長 DeSantis 的否決權和（聽不清）情況的看法。

Absolutely. Yes, I'm going to make some comments for the close of our call, but I'm happy to comment on it now. We thought it was obviously very much in line with the needs and desires of Florida residents. You know, I'm pleased to say that we're actually seeing quite a few policy tailwinds in nearly every state where we do business. The Governor DeSantis veto was one that was great to see because I think at the end of the day, Florida residents are really going to be impacted by these higher utility costs. And many of the folks in the state will now benefit from getting their full net energy metering program benefits.

絕對地。是的，我將在電話會議結束時發表一些評論，但我很高興現在對此發表評論。我們認為這顯然非常符合佛羅里達州居民的需求和願望。你知道，我很高興地說，我們幾乎在我們開展業務的每個州都看到了相當多的政策順風。德桑蒂斯州長的否決權是一個很高興看到的決定，因為我認為最終，佛羅里達州的居民真的會受到這些更高的公用事業成本的影響。該州的許多人現在將受益於獲得他們的全部淨能源計量計劃的好處。

And so I thought it was frankly a courageous move, and I thought it was a terrific move that will be very popular or has been very popular in Florida. And if you take a look at California, I think part of the reason there's been a delay in any proposed changing of the program is for this very reason. You know, this is the exact wrong time of history to take away solar benefits at a time when, you know, the UN report suggests we're going to be doing permanent damage to the planet by 2030 at a time when utility rates are rising in record amounts. This is the time where most states are really adding incentives so we're quite pleased to see that.

因此，坦率地說，我認為這是一個勇敢的舉動，而且我認為這是一個了不起的舉動，將非常受歡迎或在佛羅里達州非常受歡迎。如果你看看加利福尼亞，我認為任何提議的計劃更改都被延遲的部分原因就是這個原因。你知道，現在是剝奪太陽能收益的確切錯誤歷史時期，你知道，聯合國報告表明，到 2030 年，在公用事業費率上升的時候，我們將對地球造成永久性破壞創紀錄的數額。這是大多數州真正增加激勵措施的時候，所以我們很高興看到這一點。

Your next question is from Philip Shen with ROTH Capital Partners.

您的下一個問題來自 ROTH Capital Partners 的 Philip Shen。

The first one I have is on module availability. Peter, you were talking about you have enough to meet customer demand and to serve guidance. Our checks suggest that your module supply is actually very tight and that it's actually tough getting modules. And one week, 360 of those are available, and then the next week they're not, and people are needing to dance around. It seems like they're getting through it.

我的第一個是關於模塊可用性的。彼得，你說你有足夠的能力來滿足客戶的需求並提供指導。我們的檢查表明您的模塊供應實際上非常緊張，並且實際上很難獲得模塊。一周，其中的 360 度可用，然後下一周就沒有了，人們需要到處跳舞。似乎他們正在度過難關。

Can you talk through how that could limit what's beyond the guidance? And then also, the PVS6, the key monitoring system or device that you guys have, it seems like there's substantial delays in that equipment which is required for commissioning systems. I was wondering if you could talk through what's going on from an inventory or actually supply chain perspective with a little bit more detail.

你能談談這如何限制超出指導範圍的內容嗎？還有，PVS6，你們擁有的關鍵監控系統或設備，調試系統所需的設備似乎有很大的延遲。我想知道您是否可以從庫存或實際供應鏈的角度更詳細地討論正在發生的事情。

Yes. Thanks, Philip. Let me start with panels. As you might remember, as we made a change to our supplier agreement with our current panel supplier, one of the big improvements to the agreement is that it's a one-way exclusivity, so they're exclusive with us that we have the ability to seek out other panel alternatives. And as you might imagine, we've taken advantage of that, and that was one of the very first things we did once the new supply agreement was finished, is that we have reached out into working with a number of panel suppliers.

是的。謝謝，菲利普。讓我從面板開始。您可能還記得，當我們對與當前面板供應商的供應商協議進行了更改時，該協議的一項重大改進是它是一種單向排他性，因此它們對我們來說是排他性的，我們有能力尋找其他面板替代品。正如您可能想像的那樣，我們已經利用了這一點，這是我們在新的供應協議完成後做的第一件事，就是我們已經與一些面板供應商進行了合作。

From what we can see for both demand this year, and we've got a pretty good view of where demand goes because we can see much higher in the funnel than the report on publicly, but also where our guidance is, I think we feel very comfortable with our total panel supply. Most of those panels will still be from our existing panel supplier, but we do have 2 other panel suppliers we'll be working with as the year goes on.

從我們今年的需求來看，我們對需求的去向有一個很好的了解，因為我們可以在漏斗中看到比公開報告要高得多，而且我們的指導在哪裡，我認為我們覺得對我們的總面板供應非常滿意。這些面板中的大部分仍將來自我們現有的面板供應商，但隨著時間的推移，我們確實還有其他兩家面板供應商將與之合作。

It's premature to announce those on this call, but I'll say that we're well-prepared to make sure that we have enough panel supply across the board to serve customers well. Then, PVS6 is actually not necessarily always quite required for commissioning, but it is required to be able to do panel-level monitoring. There are some delays, primarily chip-related delays on that particular component.

在這次電話會議上宣布這些還為時過早，但我會說我們已做好充分準備，以確保我們有足夠的面板供應來為客戶提供良好的服務。那麼，PVS6實際上並不一定總是非常需要調試，但需要能夠進行面板級監控。有一些延遲，主要是該特定組件上與芯片相關的延遲。

That's not really necessarily going to slow down the installation of solar systems, but it may slow down the ability of customers to be able to do their panel-level monitoring as fast as they'd like to. That's one of those delays that we're day-by-day, hand-by-hand combat we're working to see how fast we can get those back in stock and get those back in good supply for customers, but we don't expect that to have a material impact on any of the guidance we've given this year, and we don't expect it to have, frankly, a material impact on our customer experience for this year.

這並不一定會減慢太陽能係統的安裝速度，但可能會減慢客戶盡可能快地進行面板級監控的能力。這是我們每天都在進行的延遲之一，我們正在努力查看我們能以多快的速度讓這些產品恢復庫存並為客戶恢復良好的供應，但我們沒有預計這會對我們今年提供的任何指導產生重大影響，坦率地說，我們不希望它對我們今年的客戶體驗產生重大影響。

Great. The 2 other panel suppliers sounds like can pick up some slack there. And it's probably a good problem to have. In general, the dealers we talked to are very happy with the new management team there. So, it sounds good like you're doing a great job. As it relates to...

偉大的。其他 2 家面板供應商聽起來可以在那裡收拾一些鬆懈。這可能是一個很好的問題。總的來說，我們交談過的經銷商對那裡的新管理團隊非常滿意。所以，聽起來你做得很好。因為它涉及...

Thanks, Philip, I do think -- sorry, go ahead. You first.

謝謝，菲利普，我確實認為 - 抱歉，請繼續。你先。

No, please, Peter. It's okay.

不，請彼得。沒關係。

I'm just going to say, I think, you know, that having demand problems is the highest class business problem I think you can have, you know? So, I think along with our dealers, the fact that we're working hard to get more supply more than we thought we needed this year, that's a delightful problem to work out, you know. So, as far as supply chain problems go, we need more panels, because we got more demand. That's a really good one and we're happy to work on that together. Sorry, go ahead with your next question.

我只想說，我認為，你知道，有需求問題是我認為你可以遇到的最高級別的商業問題，你知道嗎？因此，我認為與我們的經銷商一起，我們正在努力獲得比我們認為今年需要的更多的供應這一事實，這是一個令人愉快的問題，你知道的。所以，就供應鏈問題而言，我們需要更多的面板，因為我們有更多的需求。這是一個非常好的一個，我們很高興一起努力。對不起，繼續你的下一個問題。

Thanks, Peter. And that's what it sounds like the situation is. So, in terms of the First Solar deal, you know, I think at the Analyst Day, it sounded like maybe we could see a commercial offer within 18 to 24 months. That said, when do you think the deal could get signed and finalized? Are we talking about a quarter or 2, or do you think it could drag on to a year before the deal becomes fully consummated? Thanks. And what are the gating factors as well?

謝謝，彼得。這就是聽起來的情況。所以，就 First Solar 的交易而言，你知道，我認為在分析師日，聽起來我們可能會在 18 到 24 個月內看到商業報價。也就是說，你認為交易什麼時候可以簽署和敲定？我們是在談論一個季度還是 2 個季度，還是您認為它可能會拖到一年才能完全完成交易？謝謝。以及什麼是門控因素？

Yes. Well, as you might imagine, I mean, this is quite an exciting opportunity for both companies. I think for First Solar, I'll let them speak for themselves, but I think they'd be quite excited to be able to enter the residential business and become a big player in that part of the world. They've been primarily focused on utilities and utility-scale. And obviously, we're quite excited about the opportunity to really reinvent the panel world and invent something that's never existed before and be able to have something that's a big exclusive for our dealers and something that we think would delight our customers.

是的。好吧，正如你想像的那樣，我的意思是，這對兩家公司來說都是一個令人興奮的機會。我認為對於 First Solar，我會讓他們為自己說話，但我認為他們很高興能夠進入住宅業務並成為該地區的大玩家。他們主要關注公用事業和公用事業規模。顯然，我們很高興有機會真正重塑面板世界並發明以前從未存在過的東西，並且能夠擁有我們的經銷商獨家擁有的東西，以及我們認為會讓我們的客戶滿意的東西。

So, you know, as you might imagine, as we go through a deal like this, it just takes a little bit of time because there are quite a few elements that both companies want to work on together. But, I would expect we'll have an outcome of those discussions in the next couple of quarters. So, I don't think this is something that drags on for years, I think we'll be able to talk more about where that's headed in the next couple of quarters.

因此，您知道，正如您可能想像的那樣，當我們完成這樣的交易時，只需要一點時間，因為兩家公司都希望在很多方面合作。但是，我希望我們將在接下來的幾個季度中獲得這些討論的結果。所以，我不認為這會拖延多年，我認為我們將能夠更多地討論未來幾個季度的發展方向。

And then, as you look forward, I think, you know, our opportunity to work with companies like First Solar and many others, there aren't really any gates to that. I mean, our heritage is really on hardware innovation. We talked about in Analyst Day, we also think that software will be as important as hardware, and we're really committed to the innovators in this business. In addition to be seen by customers as having the highest quality customer experience, we also want to continue to have the most innovative products and the most innovative software. So look for us to continue on to double down in those areas as we roll out this new strategy together. Thank you.

然後，正如你所期待的那樣，我認為，你知道，我們有機會與 First Solar 和許多其他公司合作，實際上並沒有任何大門。我的意思是，我們的傳統實際上是硬件創新。我們在分析師日談到，我們也認為軟件將與硬件一樣重要，我們真的致力於這項業務的創新者。除了被客戶視為擁有最高質量的客戶體驗之外，我們還希望繼續擁有最具創新性的產品和最具創新性的軟件。因此，當我們共同推出這一新戰略時，請期待我們繼續在這些領域加倍努力。謝謝你。

Thanks, Peter. One last question. Which business unit, if that's the right term, do you think is more profitable? Would you say SunPower Direct or the dealer channel? Maybe it's going to be tough for you to specify, but how would you expect that mix to change over time?

謝謝，彼得。最後一個問題。如果這是正確的術語，您認為哪個業務部門更有利可圖？你會說 SunPower Direct 還是經銷商渠道？也許你很難具體說明，但你會如何期望這種組合會隨著時間的推移而改變？

This is like asking which of your children is your favorite, Philip. I think that's a tough question to answer, but how about if I'll give you this for color? I think in most business models, anytime you own a direct business, you would do that with the belief that you could become more efficient and that would be more profitable. You know, there's just fewer intermediaries and there's fewer steps. And I think you'd see that same thing play out here. I think our installing dealer business is very profitable, both for our dealers and for SunPower, but I think it would be fair to say our SunPower Direct business. And by the way, I also include Blue Raven as a direct business even though it's not called SunPower Direct, but I think both of those businesses are even more profitable.

這就像問你最喜歡哪個孩子，菲利普。我認為這是一個很難回答的問題，但是如果我給你這個顏色怎麼樣？我認為在大多數商業模式中，只要您擁有一家直接業務，您就會這樣做，並相信您會變得更有效率並且會更有利可圖。你知道，中間人少了，步驟也少了。我想你會在這裡看到同樣的事情。我認為我們的安裝經銷商業務對我們的經銷商和 SunPower 來說都是非常有利可圖的，但我認為說我們的 SunPower Direct 業務是公平的。順便說一句，我也將 Blue Raven 列為直接業務，儘管它不稱為 SunPower Direct，但我認為這兩個業務都更有利可圖。

Your next question is from Kashy Harrison with Piper Sandler.

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

So just some real quick ones for me. I think in the past, you guys have highlighted year-over-year bookings growth, and so apologies if I miss this, just go around, but can you provide that number for Q1, and then, you know, looking at your quarter-to-quarter growth, it's strong. Looking at your year-to-year growth, it's strong. And so I'm just curious, do you think you're seeing some benefit of a demand pull forward due to the net uncertainty, or do you think that for the most part, the demand you're seeing is rising electricity rates?

所以對我來說只是一些真正快速的。我認為在過去，你們強調了預訂量的同比增長，如果我錯過了這一點，我很抱歉，請四處走走，但是你能提供第一季度的數字嗎，然後，你知道，看看你的季度——季度增長，強勁。看看你的逐年增長，它很強勁。所以我很好奇，你認為你是否看到由於淨不確定性而導致需求增長的一些好處，或者你認為在大多數情況下，你看到的需求是電費上漲？

Yes. Kashy, I don't think we've given during my time the actual bookings growth, you know, or further up in the funnel, but let me give you some color on that. We measure it 2 ways. We measure both the number of customers who signed contracts. So that's booking for us or contracts. And then we also measure the revenue booking growth year over year. And I would describe them in Q1 as that growth rate being well above the 40% actual growth of customers.

是的。 Kashy，我認為我們在我的時間裡沒有給出實際的預訂增長，你知道，或者在漏斗中更進一步，但讓我給你一些顏色。我們以兩種方式測量它。我們衡量簽署合同的客戶數量。這就是我們的預訂或合同。然後我們還衡量了收入預訂的同比增長。我會在第一季度將它們描述為增長率遠高於客戶 40% 的實際增長率。

And, you know, not a little bit above but well above from a customer standpoint. And then the revenue booking was even higher than the customer booking. So, in other words, we're actually growing at a faster rate on the revenue side than we are on the customer side. And the customer bookings is growing a lot faster than our actual customers added. So I think we feel pretty optimistic that this demand right here is strong fundamentally because it's tied to customers being able to save money, and being able to save money matters during all times of the world.

而且，你知道，從客戶的角度來看，不是高於一點點，而是遠遠高於。然後收入預訂甚至高於客戶預訂。因此，換句話說，我們在收入方面的增長速度實際上比在客戶方面的增長速度更快。客戶預訂的增長速度比我們實際客戶增加的速度要快得多。因此，我認為我們非常樂觀地認為，這裡的這種需求從根本上來說是強勁的，因為它與客戶能夠省錢有關，並且能夠在世界任何時候省錢都很重要。

Now having said that, I think the other thing we take a look at is where is the demand coming from, and I don't think it's uniquely focused on California. I think we mentioned in the last call and we saw it again this quarter, quite strong demand from Texas, Florida, and the Northeast. So those areas continue to be very strong. And I think we talked about our California business and non-California being about 50-50 by the end of the year, and so we're on track to achieve that kind of geographic diversity, and we're seeing good growth and good demand outside of California right now.

話雖如此，我認為我們要看的另一件事是需求來自哪裡，我不認為它只專注於加利福尼亞。我想我們在上次電話會議中提到過，我們在本季度再次看到，德克薩斯州、佛羅里達州和東北部的需求非常強勁。所以這些領域仍然非常強大。我認為我們談到我們的加州業務和非加州業務到今年年底約為 50-50，因此我們有望實現這種地理多樣性，我們看到了良好的增長和良好的需求現在在加州以外。

That's very helpful color there, Peter. And then just one quick follow-up. You know, just looking through the cash flow statement, it looks like there was a decent size use of working capital. I'm just wondering what that pertains to, and then maybe if you could just give us some guidance on how to think about changes in working capital over the course of the year. Thank you.

彼得，那裡的顏色非常有用。然後只是一個快速的跟進。你知道，只要看看現金流量表，看起來營運資金的使用規模相當可觀。我只是想知道這與什麼有關，然後也許你能給我們一些關於如何考慮一年中營運資本變化的指導。謝謝你。

Yes, I can take that. So a couple of things Kashy, right? One is we exited first quarter with a very strong balance sheet. That's one. Second, as you pass through the pieces that's in the bridge in the appendix, the use of working capital was related to SunPower Financial, as you know, that our model is not to keep assets on the books, but time to time, they may be working capital that straddles a quarter.

是的，我可以接受。所以有幾件事Kashy，對吧？一個是我們以非常強勁的資產負債表退出第一季度。那是一個。其次，當您通過附錄中的橋樑部分時，營運資金的使用與 SunPower Financial 有關，如您所知，我們的模型不是將資產保留在賬面上，但有時，它們可能是跨越四分之一的營運資金。

I think from a first-quarter perspective, as you bridge that from a modeling point of view to the rest of the year as well as the out years beyond 2022, you would expect to see that number come down and actually we could get cashback onto the balance sheet as we start to utilize third-party capital that we alluded to earlier in the call, but just for reference, we said we raised over $2 billion of third-party capital. So the $60 odd million that you see on the page will reverse over the next few quarters.

我認為從第一季度的角度來看，當您從建模的角度將其與今年剩餘時間以及 2022 年以後的未來幾年聯繫起來時，您會期望看到這個數字下降，實際上我們可以獲得現金返還我們開始利用我們在電話會議早些時候提到的第三方資本時的資產負債表，但僅供參考，我們說我們籌集了超過 20 億美元的第三方資本。因此，您在頁面上看到的 60 多萬美元將在接下來的幾個季度中反轉。

And that ends our question and answer session for today. I will now hand the call back to Mr. Peter Faricy for final comments.

今天的問答環節到此結束。我現在將電話轉回給 Peter Faricy 先生以徵求最終意見。

Terrific. Thank you very much. And thanks to everyone for joining us again today and for your support of SunPower. As I promised, I'm going to leave you with a couple of our thoughts on the state of the industry and government policy. As most of you know, our household electricity bills are rising rapidly across the country, up more than 15% year over year in a number of states according to the US Department of Energy, and consumers urgently need a more affordable, stable, and resilient energy solution.

了不起。非常感謝。感謝大家今天再次加入我們，感謝您對 SunPower 的支持。正如我所承諾的，我將向您介紹我們對行業狀況和政府政策的一些看法。眾所周知，我們的家庭電費在全國范圍內迅速上漲，根據美國能源部的數據，一些州的電費同比增長超過 15%，消費者迫切需要更實惠、更穩定、更有彈性的電費。能源解決方案。

A recent analysis from the White House found that the average American family could save $500 a year from using clean electricity like rooftop solar or heat pumps to power their homes. In order to make solar more accessible to more Americans in all income levels across all geographies, we believe it's imperative that Congress pass energy legislation that includes a long-term extension of the solar investment tax credit or ITC at that 30% value.

白宮最近的一項分析發現，使用屋頂太陽能或熱泵等清潔電力為家庭供電，美國家庭平均每年可以節省 500 美元。為了讓所有地區、不同收入水平的更多美國人更容易獲得太陽能，我們認為國會必須通過能源立法，其中包括將太陽能投資稅收抵免或 ITC 長期延長至 30% 的價值。

As utility rates rise, this extension could extend rooftop solar savings to more than a hundred million homes by the middle of the decade, and the bill would also create more than a million clean energy jobs across the next 10 years, which is a high priority for all of us and for the administration. As I mentioned earlier, the good news at the state level is that we're actually seeing quite a few policy tailwinds, particularly in the states where we do business.

隨著公用事業費率的上升，到本世紀中期，這項延期可以將屋頂太陽能節省擴大到一億多戶家庭，該法案還將在未來 10 年創造超過 100 萬個清潔能源工作崗位，這是一個高度優先事項對於我們所有人和政府。正如我之前提到的，州一級的好消息是我們實際上看到了很多政策順風，特別是在我們開展業務的州。

Governor DeSantis vetoing the bill that would've eroded the state's net energy metering program was terrific. In California, there's been this substantial delay to propose changes to the net energy metering program. And these developments clearly show the popular opposition of the people to policies that would reduce the benefits of rooftop solar. In fact, the majority of states are actually increasing incentives and improving rate designs for consumers to move to sustainable, clean, reliable, and all-electric forms of energy.

州長德桑蒂斯否決了會侵蝕該州淨能源計量計劃的法案，這真是太棒了。在加利福尼亞州，提議對淨能源計量計劃進行更改的時間出現了大幅延遲。這些事態發展清楚地表明，人們普遍反對降低屋頂太陽能收益的政策。事實上，大多數州實際上都在增加激勵措施並改進費率設計，以使消費者轉向可持續、清潔、可靠和全電動形式的能源。

While SunPower would not be significantly impacted by the results of the pending AD/CVD investigation, we are aligned with our solar industry colleagues and urge the commerce secretary to issue a preliminary decision as soon as possible and no later than the end of May. Removing the current uncertainty in the industry is vital for renewable energy jobs, growth, consumer benefits, and the ability of the US to achieve President Biden's ambitious and important climate goals.

儘管未決的 AD/CVD 調查結果不會對 SunPower 造成重大影響，但我們與太陽能行業的同事保持一致，並敦促商務部長盡快且不遲於 5 月底發布初步決定。消除該行業當前的不確定性對於可再生能源就業、增長、消費者利益以及美國實現拜登總統雄心勃勃且重要的氣候目標的能力至關重要。

We are fully supportive of increasing American manufacturing in the solar industry, and, in fact, we hope to be good partners with those who do this, but it will take meaningful and substantial government incentives to make this a viable reality. Big thanks again for everyone tuning in for our first-quarter earnings call. Look forward to talking to you for our next call. Thanks.

我們完全支持在太陽能行業增加美國製造業，事實上，我們希望與這樣做的人成為良好的合作夥伴，但要使這成為可行的現實，需要有意義和大量的政府激勵措施。再次感謝大家收聽我們的第一季度財報電話會議。期待在我們的下一次電話會議上與您交談。謝謝。

That concludes today's conference call. Thank you, everyone, for joining. You may now disconnect. Stay safe and well. Have a great night.

今天的電話會議到此結束。謝謝大家的加入。您現在可以斷開連接。保持安全和良好。有一個美好的夜晚。