Sunation Energy Inc (SUNE) 2023 Q2 法說會逐字稿

Good morning, and welcome to the Pineapple Energy's second-quarter 2023 conference call. As a reminder, today's call is being recorded. (Operator Instructions)

早上好，歡迎參加 Pineapple Energy 2023 年第二季度電話會議。提醒一下，今天的通話正在錄音。 （操作員說明）

For opening remarks and introductions, I'd like to turn the call over to Eric Ingvaldson, CFO of Pineapple Energy. Mr. Ingvaldson, please go ahead.

對於開場白和介紹，我想將電話轉給 Pineapple Energy 首席財務官 Eric Ingvaldson。英瓦爾德森先生，請繼續。

Thank you. Good morning, and welcome to Pineapple Energy's conference call to discuss results for the second quarter of 2023. With me today is Kyle Udseth, our Chief Executive Officer.

謝謝。早上好，歡迎參加 Pineapple Energy 的電話會議，討論 2023 年第二季度的業績。今天和我在一起的是我們的首席執行官凱爾·烏德塞斯 (Kyle Udseth)。

Our call this morning will include statements that speak to the company's expectations, outlook, and predictions of the future, which are considered forward-looking statements. These forward-looking statements are subject to risks and uncertainties, many of which are beyond our control, which may cause our actual results to differ materially from expressed and are implied by these statements. We are not obliged to revise or update any forward-looking statements except as maybe required by law.

我們今天早上的電話會議將包括有關公司的期望、前景和未來預測的聲明，這些聲明被視為前瞻性聲明。這些前瞻性陳述存在風險和不確定性，其中許多風險和不確定性超出了我們的控制範圍，這可能導致我們的實際結果與這些陳述所表達和暗示的結果存在重大差異。除非法律要求，否則我們沒有義務修改或更新任何前瞻性陳述。

Please refer to our disclosures regarding risk factors and forward-looking statements in today's earnings release and other SEC filings. A copy of our press release has been posted to the Investor Relations page of our website for reference. The non-GAAP financial measures discussed in this call are reconciled to US GAAP equivalent and can be found in the press release that we issued yesterday.

請參閱我們在今天的收益報告和其他 SEC 文件中披露的有關風險因素和前瞻性陳述的信息。我們的新聞稿副本已發佈到我們網站的投資者關係頁面以供參考。本次電話會議中討論的非公認會計原則財務指標已與美國公認會計原則相當，可以在我們昨天發布的新聞稿中找到。

With that, I will turn the call over to our CEO, Kyle Udseth. Kyle, please go ahead.

接下來，我會將電話轉給我們的首席執行官凱爾·烏德賽斯 (Kyle Udseth)。凱爾，請繼續。

Thanks, Eric, and thanks to everyone for joining us on the call this morning. I know this is early, especially for you West Coast folks.

謝謝埃里克，也感謝大家今天早上加入我們的電話會議。我知道現在還為時過早，尤其是對於西海岸的人們來說。

Today, I'm happy to be able to share another strong quarter of operational and financial results at Pineapple Energy. In the second quarter, Hawaii business continued its great sales and installation momentum and exceeded both prior year and our internal plan.

今天，我很高興能夠分享 Pineapple Energy 又一個強勁的季度運營和財務業績。第二季度，夏威夷業務繼續保持良好的銷售和安裝勢頭，超出了去年和我們的內部計劃。

Our New York business showed strong year-over-year growth and we continued deepening their integration into Pineapple. And in the corporate office, we effectively contained overhead costs while continuing to build up our shared services center of excellence model.

我們的紐約業務同比增長強勁，我們繼續深化其與 Pineapple 的整合。在公司辦公室，我們有效地控制了間接成本，同時繼續建立我們的共享服務卓越中心模型。

The US residential solar industry has not been without its challenges this year, as evidenced by weak Q2 earnings results from many of our public peers. But at Pineapple, we were able to buck that trend and deliver both strong top-line growth and another quarter of positive adjusted EBITDA.

美國住宅太陽能行業今年並非沒有遇到挑戰，許多上市同行第二季度盈利疲軟就證明了這一點。但在 Pineapple，我們能夠逆勢而上，實現強勁的營收增長和又一個季度的正調整 EBITDA。

We are continuously improving and by no means finished that we've made great progress in cultivating a lean and hungry mentality with a focus on execution and delivering on goals. I think everybody at the company now understands what's expected of them and the cultural improvements we've made in holding each other accountable, give me confidence that we will continue to perform and thrive over the rest of this year and into 2024.

我們正在不斷改進，而且還沒有結束，我們在培養精益和飢餓心態、注重執行和實現目標方面取得了巨大進步。我認為公司的每個人現在都了解對他們的期望，以及我們在相互問責方面所做的文化改進，這讓我相信我們將在今年剩餘時間和 2024 年繼續表現和蓬勃發展。

For a more detailed look at our performance, let's start in Hawaii, where Chris DeBone and his team turned in a truly excellent quarter.

為了更詳細地了解我們的表現，讓我們從夏威夷開始，克里斯·德博恩 (Chris DeBone) 和他的團隊在夏威夷度過了一個真正出色的季度。

Kilowatt installed, which are the largest driver of in-quarter revenue recognition, were up 36% year over year. This was a monster quarter, and I want to give a shout all of our install crews in Hawaii who worked so hard to help homeowners go solar and deliver this great result.

裝機容量是季度收入確認的最大推動力，同比增長 36%。這是一個巨大的季度，我想對我們在夏威夷的所有安裝人員表示感謝，他們為幫助房主使用太陽能並取得瞭如此出色的成果而付出了巨大的努力。

Battery attach rate in Hawaii remained outstanding at 89%, which is so important as we continue building out the foundation for the grid of the future where people can produce, store, and consume their own electricity.

夏威夷的電池連接率仍然高達 89%，這對於我們繼續為未來的電網奠定基礎非常重要，人們可以在其中生產、存儲和消費自己的電力。

And in Q2, in Hawaii, 75% of our systems sold can be at customer referrals, which is just a phenomenal number and a testament to the great customer experience that Chris and all of our HEC team deliver every day.

在第二季度，在夏威夷，我們售出的系統中有 75% 是通過客戶推薦獲得的，這是一個驚人的數字，也證明了 Chris 和我們所有 HEC 團隊每天提供的出色客戶體驗。

Turning now to our New York business. Scott Maskin and his team also delivered a really strong second quarter. Kilowatt installed were up 26% year over year. And I want to give a shout out as well to our New York installers for working hard to help the company hit our goals and to help the people in their communities go solar. Battery attach rates in New York were only 5% in the quarter, although that's not unexpected and is consistent with historical levels in that market.

現在轉向我們的紐約業務。斯科特·馬斯金和他的團隊在第二季度也表現出色。裝機千瓦數同比增長 26%。我還要讚揚我們的紐約安裝人員，他們努力工作，幫助公司實現我們的目標，並幫助社區中的人們使用太陽能。本季度紐約的電池附加率僅為 5%，但這並不意外，並且與該市場的歷史水平一致。

We do expect batteries paired with solar to really take off starting in January of 2024 when time of day rates are implemented in our Long Island market. When this happens, we'll be poised to capitalize by leveraging our years of experience and know-how from the team in Hawaii.

我們確實預計，從 2024 年 1 月開始，電池與太陽能配對將真正起飛，屆時我們的長島市場將實行分時費率。當這種情況發生時，我們將準備充分利用夏威夷團隊多年的經驗和專業知識。

And 35% of all New York sales in the quarter came from customer referrals. Now this may appear to small just relative to the Hawaii number, but it's truly a great result as well. And just think about that for a minute, over a third of our new business comes from existing satisfied customers. That's a great number.

該季度紐約全部銷售額的 35% 來自客戶推薦。現在，相對於夏威夷的數字來說，這個數字似乎很小，但這確實是一個很好的結果。想一想，我們超過三分之一的新業務來自現有的滿意客戶。這是一個很大的數字。

I used to run the referral programs at both Sunrun and Sunnova. And I don't think we ever had a month where we topped 30% at either company. So this number shows how great of a job Scott and the whole team do at taking care of our customers and delivering on expectations in New York as well.

我曾經在 Sunrun 和 Sunnova 運行推薦計劃。我認為我們在任何一家公司都沒有哪個月的業績超過了 30%。因此，這個數字表明斯科特和整個團隊在照顧我們的客戶以及滿足紐約的期望方面做得多麼出色。

As of quarter end, we have an estimated $38 million of probability weighted installation backlog, giving us good visibility on revenue. Taking together with the revenue numbers we've already delivered in the first half of the year, that backlog gives us continued confidence in our stated full-year revenue range of $80 million to $85 million.

截至季度末，我們估計有 3800 萬美元的概率加權安裝積壓，這使我們能夠很好地了解收入。結合今年上半年我們已經交付的收入數據，積壓訂單讓我們對既定的 8000 萬至 8500 萬美元的全年收入範圍充滿信心。

Additionally, while Eric will provide more details, I'll just state again here that we were able to deliver another quarter of positive adjusted EBITDA like we did in Q1 as well. And so we're continuing to guide the positive adjusted EBITDA for full year 2023. That's something that we, as a leadership team, are extremely focused on, and I think it's a big differentiator versus competitors and other public comps.

此外，雖然埃里克將提供更多細節，但我在此再次聲明，我們能夠像第一季度那樣再交付一個季度的正調整 EBITDA。因此，我們將繼續指導 2023 年全年的正調整 EBITDA。這是我們作為領導團隊非常關注的事情，我認為這是與競爭對手和其他上市公司的一個很大的區別。

The second quarter had a big focus on driving operational excellence and deeper integration across our existing businesses. That will always be our foundation and that organic same-store sales growth style metric is a critical KPI for us. But I founded this company with the strategy of driving a roll-up of leading local and regional residential solar companies, and we've kept our foot on the accelerator on that front as well.

第二季度的重點是推動卓越運營和現有業務的更深層次整合。這將永遠是我們的基礎，有機同店銷售增長方式指標對我們來說是一個關鍵的 KPI。但我創立這家公司的戰略是推動當地和區域領先的住宅太陽能公司的整合，我們也一直在加速這方面的發展。

While we didn't announce any new deals during the quarter, we've made great progress in filling and diligencing our M&A pipeline. And I'll say that at this moment, my faith in our strategy is as strong as it's ever been. This environment in our industry is ripe for consolidation. And I believe in our ability to find the right companies, you've separated themselves from the pack, and you see the benefit of being a part of something bigger. More to come on this front.

雖然我們在本季度沒有宣布任何新交易，但我們在充實和完善併購渠道方面取得了巨大進展。我想說，此時此刻，我對我們的戰略的信心一如既往地堅定。我們行業的整合環境已經成熟。我相信我們有能力找到合適的公司，您已經從眾多公司中脫穎而出，並且您看到了成為更大事物的一部分的好處。這方面還有更多內容。

With that, I'll now turn the call back over to our CFO, Eric Ingvaldson, to walk through our financials in more detail. Eric, please go ahead.

現在，我將把電話轉回給我們的首席財務官埃里克·英瓦爾德森 (Eric Ingvaldson)，以更詳細地介紹我們的財務狀況。埃里克，請繼續。

Thank you, Kyle.

謝謝你，凱爾。

It certainly has been a busy quarter. On June 1, we closed the debt financing round with the Decathlon Capital Partners. This financing was important for Pineapple as it retired destination short-term sellers note with no equity dilution allowed us to fully move forward with the integration destination and begin to fully realize both the cost and revenue synergies of the deal.

這無疑是一個忙碌的季度。 6 月 1 日，我們與迪卡儂資本合作夥伴完成了本輪債務融資。這項融資對 Pineapple 來說非常重要，因為它取消了目的地短期賣方票據，沒有股權稀釋，使我們能夠全面推進目的地整合，並開始充分實現交易的成本和收入協同效應。

Then on June 30, we completed the sale of substantially all of the assets of the legacy subsidiaries, JDL Technologies Inc., and Ecessa Corporation. These sales substantially completed the monetization of all the legacy assets remaining from the CSI merger and allows Pineapple to proceed forward as solely as a solar company.

然後在 6 月 30 日，我們完成了對原有子公司 JDL Technologies Inc. 和 Ecessa Corporation 的幾乎所有資產的出售。這些出售基本上完成了 CSI 合併中剩餘的所有遺留資產的貨幣化，並使 Pineapple 能夠作為一家太陽能公司繼續前進。

Prospectively, the results of JDL and Ecessa will not be included in Pineapple results and all historical results from JDL and Ecessa. JDL and Ecessa will be presented as discontinued operations in prior period comparisons.

今後，JDL 和 Ecessa 的結果將不會包含在 Pineapple 結果以及 JDL 和 Ecessa 的所有歷史結果中。在前期比較中，JDL 和 Ecessa 將作為已停止運營的業務列出。

Now I will review the GAAP financials as required by the SEC and then review certain pro forma numbers that will give you a better sense of the year-over-year performance of our business.

現在，我將按照 SEC 的要求審查 GAAP 財務數據，然後審查某些預計數據，這將使您更好地了解我們業務的同比業績。

The GAAP numbers are less in cycle because Q2 results last year included only the results of our Hawaii operations and not the results of the SUNation, which was acquired in the fourth quarter of 2022.

GAAP 數據的周期較短，因為去年第二季度的業績僅包括我們夏威夷業務的業績，而不包括 2022 年第四季度收購的 SUNation 的業績。

Let's start with the second quarter 2023 GAAP results. Total revenue was $19.8 million, up $15.6 million or 370% from the second quarter of 2022. The increase in revenue was a result of the SUNation acquisition in Q4 of 2022 and strong organic growth in Hawaii.

讓我們從 2023 年第二季度 GAAP 業績開始。總收入為 1,980 萬美元，較 2022 年第二季度增加 1,560 萬美元，增幅為 370%。收入的增長得益於 2022 年第四季度收購 SUNation 以及夏威夷強勁的有機增長。

Our total gross profit was $7.1 million, an increase of $6.2 million or 691% year over year. Gross profit increased due to increased revenue and an improved gross profit margin. Gross profit margin improvements were a result of the SUNation acquisition, normalization of the supply chain, and better buying power has a larger organization.

我們的總毛利潤為 710 萬美元，同比增加 620 萬美元，即 691%。由於收入增加和毛利率提高，毛利潤增加。毛利率的提高是由於收購了 SUNation、供應鏈正常化以及組織規模更大而購買力更強。

Total operating expenses were $8.6 million, an increase of $4.7 million or 122% year over year. The increase in operating expenses was primarily a result of SUNation acquisition in Q4 of 2022.

總運營費用為 860 萬美元，同比增加 470 萬美元，即 122%。運營費用的增加主要是由於 2022 年第四季度收購 SUNation 所致。

Operating loss, which includes $1.2 million of amortization expense and a $105,000 unfavorable remeasurement of the SUNation was $1.4 million, an improvement of 1.5 million or 52% year over year.

運營虧損（包括 120 萬美元的攤銷費用和 105,000 美元的 SUNation 不利重新計量）為 140 萬美元，同比減少 150 萬美元，即 52%。

Other income was $1.1 million, a decrease of $3.6 million or 77% year over year. Other income declined due to the $4.7 million favorable fair value remeasurement of the merger earnout consideration, the $1.2 million gain on sale of assets, and $1.2 million unfavorable fair value remeasurement of contingent value rights in the second quarter 2022, offset by the $1.6 million favorable fair market value remeasurement of the contingent value rights, and an increase in interest expense in the second quarter of 2023.

其他收入為 110 萬美元，同比減少 360 萬美元，即 77%。其他收入下降，原因是2022 年第二季度合併收益對價的470 萬美元有利的公允價值重新計量、120 萬美元的資產出售收益以及或有價值權利的120 萬美元的不利公允價值重新計量，但被160 萬美元的有利公允價值重新計量所抵消或有價值權利的公平市場價值重新計量，以及 2023 年第二季度利息支出的增加。

Net loss from continuing operations attributable to common stockholders was $334,000 or a loss of $0.03 per diluted share in the second quarter of 2023. This was a decline from net income from continuing operations of $1.7 million in the second quarter of 2022. The decline was the result of the $1.5 million operating loss improvement, offset by a $3.6 million decline in other income.

2023 年第二季度，歸屬於普通股股東的持續經營淨虧損為 334,000 美元，即稀釋後每股虧損 0.03 美元。這比 2022 年第二季度持續經營淨利潤 170 萬美元有所下降。這是150萬美元營業虧損改善的結果，被其他收入減少360 萬美元所抵消。

We will not comment on year-over-year US GAAP results for the six months ended June 30 as the comparable results aren't meaningful due to only three days of operations post-merger with CSI represented in the first quarter of 2022.

我們不會對截至 6 月 30 日的六個月美國公認會計原則同比業績發表評論，因為由於 2022 年第一季度與中證指數合併後僅運營三天，因此可比業績沒有意義。

Now let's summarize the second quarter pro forma results, which assumes we own SUNation for the full quarter in 2022. The comparisons are year over year and better represent the operational performance of the business versus acquired growth.

現在讓我們總結第二季度的預計結果，假設我們在 2022 年整個季度擁有 SUNation。比較是逐年進行的，更好地代表了業務的運營績效與獲得的增長。

Q2 pro forma revenue was up 23% from $16.1 million last year, with HEC up 55%, and SUNation up 12%. Pro forma revenue was up 23% due to an increase in residential revenue of 31%, an increase in service and other revenue of 31%, offset by a decline in commercial revenue of 3%. The increase in residential revenue of 31% is a result of an increase in residential kilowatts installed of 29% and an increase in residential battery attach rate of 13% from 38% in the second quarter of 2022 to 43% in the second quarter of 2023.

第二季度預計收入比去年的 1610 萬美元增長 23%，其中 HEC 增長 55%，SUNation 增長 12%。預計收入增長 23%，原因是住宅收入增長 31%，服務和其他收入增長 31%，但被商業收入下降 3% 所抵消。住宅收入增長 31%，是由於住宅裝機容量增加了 29%，住宅電池安裝率從 2022 年第二季度的 38% 增加到 2023 年第二季度的 43%，增加了 13% 。

Average selling price per kilowatt installed remain relatively flat, while the increase in battery attach rate led to a residential revenue increase that outpaced kilowatts installed. The 31% increase in service and other revenue is a result of the success of our service and roofing divisions, as well as the increase in licensing revenue from [eager] products. The decline in commercial revenues is due to the timing of the completion of current commercial projects.

每千瓦裝機的平均售價保持相對平穩，而電池附加率的增加導致住宅收入的增長超過了裝機容量的增長。服務和其他收入增長了 31%，這得益於我們的服務和屋頂部門的成功，以及來自 [eager] 產品的許可收入的增加。商業收入下降是由於當前商業項目的完成時間所致。

While the average selling price of our installed systems remain relatively flat, the costs of these systems declined, resulting in gross profit margin improvement.

雖然我們已安裝系統的平均售價保持相對平穩，但這些系統的成本下降，導致毛利率改善。

Pro forma adjusted EBITDA of positive $319,000 improved 119% from negative $1.7 million the prior year. This improvement was achieved through growth, margin improvement, and operating leverage gained by aggressively managing interrogating and interrogating the operating costs of the business.

預計調整後 EBITDA 為正 319,000 美元，比上一年的負 170 萬美元提高了 119%。這一改進是通過積極管理審查和審查業務運營成本而獲得的增長、利潤率提高和運營槓桿來實現的。

Year-to-date pro forma revenue was up 40% from $29.9 million last year to $41.9 million for the six months ended June 30, 2023. Year-to-date pro forma adjusted EBITDA of $936,000 improved 137% from negative $2.5 million in the prior year. Pro forma adjusted EBITDA includes adjustments for fair value remeasurement of earnout and contingent value right obligations, stock compensation, gain on the sale of assets and impairment losses.

截至2023 年6 月30 日的六個月，年初至今的預計收入從去年的2990 萬美元增長了40%，達到4190 萬美元。年初至今的預計調整後EBITDA 為936,000 美元，比上年同期的負250 萬美元增長了137%。去年。預計調整後的 EBITDA 包括對盈利和或有價值權利義務的公允價值重新計量、股票補償、資產出售收益和減值損失的調整。

We ended the quarter with cash available for Pineapple operations of $2.4 million compared to $3.4 million available at the end of the first quarter. We had another $5.6 million of restricted cash and liquid investments, which is reserved for the [CVR holders].

本季度末，我們用於 Pineapple 業務的可用現金為 240 萬美元，而第一季度末的可用現金為 340 萬美元。我們還有另外 560 萬美元的受限制現金和流動投資，這是為 [CVR 持有者] 保留的。

Net cash used in operating activities was the result of changes in net working capital. Notable changes in net working capital for the year were due to the decrease in other accrued liabilities, accounts payable, and customer deposits. The decrease in other accrued liabilities was the result of a reduction in deferred revenue due to the timing of commercial projects.

經營活動使用的現金淨額是淨營運資本變動的結果。本年度淨營運資本的顯著變化是由於其他應計負債、應付賬款和客戶存款的減少。其他應計負債的減少是由於商業項目的時間安排導致遞延收入減少的結果。

This is expected to improve the expansion of the commercial backlog. The declining customer deposits the result of deferred milestone payments from our financing partners, and the general seasonality of the business. The customer deposit balances are anticipated to improve consistent with the prior year as we accelerate the collection of deposits from customers want to secure an installation date prior to the end of the year.

預計這將改善商業積壓的擴張。客戶存款的減少是我們的融資合作夥伴推遲里程碑付款以及業務總體季節性的結果。隨著我們加快向希望在年底前確保安裝日期的客戶收取押金，預計客戶押金餘額將與上年持平。

Now we would like to open the call for questions. Operator, please go ahead.

現在我們想開始提問。接線員，請繼續。

Thank you. (Operator Instructions) Donovan Schafer, Northland Capital Markets.

謝謝。 （操作員說明）Donovan Schafer，Northland Capital Markets。

Hey guys. Thanks for taking the questions and congratulations on the quarter. It's nice to see the gross margins be good. I want to first ask about the headlines right now. There are these wildfires in Hawaii. I think they made the front page of the Wall Street Journal yesterday. I think it's somewhat isolated and I don't really actually know Hawaii particularly well.

大家好。感謝您提出問題並對本季度表示祝賀。很高興看到毛利率不錯。我想先問一下現在的頭條新聞。夏威夷有這些野火。我想他們昨天登上了《華爾街日報》的頭版。我認為它有點偏僻，而且我實際上對夏威夷也不是特別了解。

But within that market, I'm curious if -- I think as I understand it, the fires themselves are caused by some weather events, storms. It looks like it has caused like an elevated level of power outages in parts of Hawaii. I'm just kind of curious if in general when you get an event like this in Hawaii where it increases headline exposure and outages, even if that's -- I think it was like, I don't know, something on the order of 5% or something of customers without power.

但在這個市場內，我很好奇——我認為據我了解，火災本身是由某些天氣事件、風暴引起的。看起來它已經導致夏威夷部分地區停電程度升高。我只是有點好奇，一般來說，當你在夏威夷遇到這樣的事件時，它會增加頭條新聞曝光和中斷，即使那是 - 我認為這就像，我不知道，大約是 5 % 或其他沒有電的客戶。

But getting that plastered all over the daily news and everything can drive interest and part of what you do provide is backup power. I'm just kind of curious with how that -- if you have any experience with that in Hawaii, if headline events like this can help drive significant upticks in demand, if this event in particular would just be too small to matter, even if it does get headline exposure, just kind of any details or help me understand things there would be great.

但是，將其貼在每日新聞和所有內容上都可以激發人們的興趣，而您提供的部分內容就是備用電源。我只是有點好奇這是如何發生的——如果你在夏威夷有過這方面的經驗，如果像這樣的頭條新聞可以幫助推動需求的大幅上升，如果這個事件太小而無關緊要，即使它確實得到了頭條新聞的曝光，只要有任何細節或幫助我理解事情就會很棒。

Yeah. Sure. And thanks, Donovan, for being on so early. Although with the new baby, maybe this is just your normal pattern every day, so I appreciate you making time for us and congrats on the start to the new family.

是的。當然。感謝多諾萬這麼早就到場。雖然有了新生兒，也許這只是你每天的正常模式，所以我很感謝你為我們騰出時間，並祝賀新家庭的開始。

I appreciate you asking about the fires, and I probably should have mentioned this just in the release, but we've certainly been paying a lot of attention to what's going on there and have talked to Chris and the team in Hawaii. We're not on Maui with operations, we're on Oahu, but some of our folks have family members and certainly friends on Maui.

感謝您詢問有關火災的問題，我可能應該在新聞稿中提到這一點，但我們確實非常關注那裡正在發生的事情，並與克里斯和夏威夷的團隊進行了交談。我們不在毛伊島開展業務，我們在歐胡島，但我們的一些人在毛伊島有家人，當然還有朋友。

And so for us, fortunately, nobody's been directly impacted by it, everybody's safe, and that's great to hear and a big relief. But it's obviously tragic, and so our hearts go out to those folks. I think that it does -- just underscore, in general, the importance of what we're doing, right? It's hard to tie the specifics of any one event to any one thing, but severe weather events are getting more extreme. We're seeing more of this, not less, and it's going to continue.

因此，對我們來說，幸運的是，沒有人受到直接影響，每個人都很安全，聽到這個消息真是太好了，也讓我們鬆了一口氣。但這顯然是一場悲劇，所以我們的心與那些人同在。我認為確實如此——總的來說，只是強調了我們正在做的事情的重要性，對嗎？很難將任何一件事的具體情況與任何一件事聯繫起來，但惡劣的天氣事件正變得越來越極端。我們看到這樣的情況越來越多，而不是越來越少，而且這種情況還會繼續下去。

And it really is a big motivation for why I wanted to get into this space, why we wanted to found this company. It's not just to help individual homeowners go solar to save money, right? This is where the grid needs to get to, this is what decarbonization looks like, and you can't just rely on regulated monopoly utilities to move in this direction. This has to be distributed generation, this is the grid of the future, and it's what spurs the broader industry to decarbonize and get to where we need to get for the planet and for the climate.

這確實是我為什麼想進入這個領域、為什麼我們想創立這家公司的一個很大的動力。這不僅僅是為了幫助個人房主使用太陽能來省錢，對嗎？這就是電網需要到達的地方，這就是脫碳的樣子，你不能僅僅依靠受監管的壟斷公用事業公司朝這個方向發展。這必須是分佈式發電，這是未來的電網，它會刺激更廣泛的行業脫碳並實現我們需要為地球和氣候而實現的目標。

To your specific question, I wouldn't say we've seen a huge influx in leads just over the last two days on Oahu. But yes, the more extreme weather events that happen, like you can correlate that and tie that back, and you see it post-fact in the data of rising trends and top-of-the-funnel demand.

對於你的具體問題，我不會說過去兩天歐胡島的潛在客戶大量湧入。但是，是的，發生的更極端的天氣事件，就像你可以將其關聯起來並將其聯繫起來，你可以在事後的上升趨勢和漏斗頂部需求的數據中看到它。

I think it's probably just from my broader experience in this space, it's more acute for somebody like Generac with home standby generators, and you see this in places like Texas or Florida or the eastern seaboard when there's a hurricane.

我認為這可能只是從我在這個領域更廣泛的經驗來看，對於像Generac 這樣擁有家用備用發電機的人來說，情況更為嚴重，而且在德克薩斯州、佛羅里達州或東海岸等地發生颶風時，您會看到這種情況。

But, yeah. You see these things, and it's a strange aspect of the industry where you absolutely are horrified when you see these things and you never want to root for it, but you know at some level like it moves the business model forward.

但是，是的。你看到這些東西，這是這個行業的一個奇怪的方面，當你看到這些東西時你絕對會感到震驚，你永遠不想支持它，但你知道在某種程度上它會推動商業模式向前發展。

I don't think of it, again, like it's tied to one acute thing. But I think it's just people have woken up to the fact that this is the new normal. There's going to be more and more extreme of this. And the best thing you can do to get some peace of mind and take some control over the situation is take some agency and make a decision to produce your own power, store your own power, consume your own power, and that helps you directly, and it helps your neighbors, and it helps your community, and it helps the grid.

我再次不認為它與一件尖銳的事情有關。但我認為只是人們已經意識到這是新常態這一事實。這種情況將會越來越極端。為了獲得內心的平靜並控制局勢，你能做的最好的事情就是採取一些行動並做出決定來產生你自己的力量，儲存你自己的力量，消耗你自己的力量，這會直接幫助你，它可以幫助你的鄰居，它可以幫助你的社區，它可以幫助電網。

So paying attention to the situation, certainly hope it ends quickly here, and it just reinforces the mission that we're on, and I know others in the industry feel too.

因此，關注這種情況，當然希望它能盡快結束，這只會強化我們正在執行的使命，我知道業內其他人也有同樣的感覺。

Okay. That's helpful. And then I want to ask about you mentioned peers seeing weakness in kind of the US market, and I know a lot of that's tied to like NEM 3.0 in California where you guys don't really have any of that exposure, and some others talked about weakness in like the southeast and Texas where you also don't really have much exposure.

好的。這很有幫助。然後我想問一下你們提到的同行是否看到了美國市場的疲軟，我知道其中很多與加利福尼亞州的 NEM 3.0 相關，你們在那裡並沒有真正接觸到任何這種風險，其他一些人也談到了關於東南部和德克薩斯州等地區的疲軟，在那裡你也沒有太多的曝光度。

I think you did say SUNation at least kind of had the very beginnings of doing some expansion in Florida, but I imagine that's pretty small at this point. But I'm curious, it looks like revenue did decline at least sequentially, so lower this quarter than last quarter, and I don't think that's a seasonal thing, but I feel like as hard as I try to remember, I somehow seem to keep getting seasonality patterns wrong.

我想你確實說過 SUNation 至少已經開始在佛羅里達州進行一些擴張，但我認為目前規模還很小。但我很好奇，看起來收入確實至少連續下降，所以本季度比上季度低，我不認為這是季節性的事情，但我感覺就像我努力記住的那樣，我不知怎的似乎不斷弄錯季節性模式。

So are you totally kind of immune from some of that weakness or is the sequential decline reflecting some of it maybe more broadly, kind of macroeconomically, or just consumer behavior?

那麼，您是否完全免受某些弱點的影響，或者連續下降是否反映了其中的一些因素，可能更廣泛，宏觀經濟，或者只是消費者行為？

Yeah. That's just kind of the question. Sequential decline, and if you've really totally been immune so far, or are you seeing anything there?

是的。這只是一個問題。連續下降，如果到目前為止你真的完全免疫了，或者你看到了什麼嗎？

Yeah. I think it wasn't unexpected for us. I think we had talked about on the last call how we had some -- I don't know if the right term -- pullback, some residential projects in New York and Hawaii as well that we'd been expecting to install in December of 2022. And for different reasons in each market, those got delayed, and we were able to recognize them because they got completed in Q1 of this year. So we had a stronger Q1 than we otherwise would have, and we had baked that into the revenue range.

是的。我認為這對我們來說並不意外。我想我們在上次電話會議上討論過我們如何進行一些——我不知道這個詞是否正確——撤回，以及紐約和夏威夷的一些住宅項目，我們原本預計在 12 月安裝這些項目。 2022 年。由於每個市場的不同原因，這些項目被推遲了，我們能夠認識到它們，因為它們在今年第一季度完成了。因此，我們的第一季度業績比其他情況下要強勁，並且我們已將其納入收入範圍。

So no, it's not evidence of weakness in the market's demand. I think everybody in this space is impacted to a bit by rising interest rates. I think that in Hawaii, the demand is just so strong given the fundamentals and the value prop there that we've continued to power through and take share there, and the team there is doing a great job of capitalizing on that.

所以不，這並不是市場需求疲軟的證據。我認為這個領域的每個人都受到利率上升的影響。我認為，考慮到夏威夷的基本面和價值支撐，需求是如此強勁，我們將繼續在那裡發揮作用並佔據份額，那裡的團隊在利用這一點方面做得很好。

I think you mentioned markets like Texas and Florida. Yeah, I think that those -- I've been in this space for nine years, and we always talked about those as the sleeping giants in the states with huge populations and sunny and hot, a lot of electricity use. And eventually they'd wake up and you'd start to see that penetration take off.

我想你提到了德克薩斯州和佛羅里達州等市場。是的，我認為那些——我已經在這個領域工作了九年了，我們總是將這些視為人口眾多、陽光明媚、炎熱、用電量大的州的沉睡巨人。最終他們會醒來，你會開始看到滲透力起飛。

And it seemed like we finally got there at the end of last year and the start of this year. But the economics were always close to get to positive savings, and then with rates going up in those states, it's kind of pushed back down below it.

去年年底和今年年初，我們似乎終於實現了這一目標。但經濟總是接近於實現正儲蓄，然後隨著這些州利率的上升，它又被推回到儲蓄之下。

So we're not directly impacted by it. Although we're ambitious and aspire to grow into each of these markets, and so we've kept an eye on those markets, and we've got various M&A target companies that we look at in those places, and we've been able to see kind of second hand through that.

所以我們並沒有直接受到它的影響。儘管我們雄心勃勃並渴望進入這些市場，所以我們一直在關注這些市場，並且我們在這些地方尋找了各種併購目標公司，並且我們已經能夠通過它看到二手的東西。

Some of those impacts, I think those are real in those states. But no, our demand in our markets has continued to be strong. And I think we touched on this a little on the last call. Rising interest rates aren't good, but what the homeowner is comparing it to or making the decision based on is just what would my electric utility bill continue to be if I don't go solar versus what will it be if I do go solar.

我認為其中一些影響在這些州是真實存在的。但事實並非如此，我們市場的需求仍然強勁。我想我們在上次通話中稍微談到了這一點。利率上升並不是好事，但房主將其進行比較或做出決定的依據是，如果我不使用太陽能，我的電費將繼續是多少，而如果我使用太陽能，我的電費將是多少。

And interest rates are a big variable in that calculus. It determines the size of the monthly payment for the same system. But what you're comparing it to as the alternative is the utility bill and just the rising rates that have just continued to go up, and up double digits year over year in a lot of places. And maybe some moderating on that with gas prices kind of leveling out a little bit. But I think if you look at the grid, and it's just ask yourself at a high level, like, is the grid in good shape or bad shape?

利率是這個計算中的一個很大的變量。它決定了同一系統每月付款的大小。但你將其與替代方案進行比較的是公用事業賬單和不斷上漲的費率，並且在很多地方同比上漲了兩位數。也許隨著汽油價格稍微趨於平穩，情況會有所緩和。但我認為，如果你看一下網格，就從高層次上問自己，比如，網格的形狀是好還是壞？

I think the answer is really bad, and I think it was a couple weeks ago I read a study where they estimated $150 billion of annual CapEx that needs to go into the US grid every year for the next 10 years just to keep the lights on.

我認為答案真的很糟糕，我認為幾週前我讀到了一項研究，其中估計每年需要 1500 億美元的資本支出，在未來 10 年內每年都需要進入美國電網，只是為了保持電力供應。

You don't have to be a deep policy expert to understand that means that gets rate-based and put into your bills, and so I think customers know where things are at right now. But it's not as much just about the month one bill savings, it's about thinking about this over the life of the product, and it gives you savings, and it also just gives you stability over your costs.

您不必是一位資深的政策專家就能理解這意味著基於費率並將其納入您的賬單中，因此我認為客戶知道現在的情況。但這不僅僅是節省第一個月的賬單，而是在產品的整個生命週期中考慮這一點，它可以為您帶來節省，而且還可以讓您的成本保持穩定。

So I think those are some of the factors that have mitigated rising interest rates. But yeah, I will say hard to predict, obviously, what the Fed's going to do. But it does seem like to me there's a better chance than not that they don't raise rates at the next meeting and that maybe rates have topped out and we're seeing inflation start to cool a little bit. So I think that's probably going to provide a tailwind to the industry over the next few quarters.

所以我認為這些是緩解利率上升的一些因素。但是，是的，我想說的是，顯然很難預測美聯儲將做什麼。但在我看來，他們在下次會議上不加息的可能性確實更大，而且利率可能已經見頂，我們看到通脹開始略有降溫。因此，我認為這可能會在未來幾個季度為該行業帶來推動力。

Yeah, and I would just add that the reason we do the pro forma numbers is to better compare the actual operating performance of the businesses that we've acquired. And if you looked at our first quarter results, yeah, our revenue number was higher, but the pro forma results of the underlying operating businesses had a 60% increase Q1 of '23 over Q1 of '22, which was quite substantial, and in the second quarter here, we're up 23% Q2 of '23 or Q2 of '22.

是的，我想補充一點，我們做預估數據的原因是為了更好地比較我們所收購的企業的實際運營績效。如果你看一下我們第一季度的業績，是的，我們的收入數字更高，但基礎運營業務的預計業績在23 年第一季度比22 年第一季度增長了60%，這是相當可觀的，並且第二季度，我們比 23 年第二季度或 22 年第二季度增長了 23%。

So part of the sequence of the decline is just the result of that massive growth number that we had in the first quarter that normalized to 23% in the second quarter.

因此，下降序列的部分原因是我們第一季度的大幅增長數字在第二季度正常化為 23%。

Okay. Yeah, I did forget about the kind of exceptional circumstances for the first quarter, so that's very helpful. Thank you.

好的。是的，我確實忘記了第一季度的特殊情況，所以這非常有幫助。謝謝。

And then on the same kind of theme of the weakness and, you know, other parts of the US, is can you comment on if that has had an impact on kind of either the deal flow or opportunities that come across your desk from an M&A standpoint or maybe the pricing that potential targets are looking for?

然後，關於同樣的弱點主題，你知道，美國其他地區，你能否評論一下這是否對交易流或併購帶來的機會產生了影響？的立場或者潛在目標正在尋找的定價？

I think you said you've been able to get some insight into those markets because you have been actively reviewing opportunities. But just kind of incrementally versus where we were a quarter ago, are you getting more proposals or maybe more people answering your calls or more interest where you can kind of zig when everyone else is zagging? So when there's a weakness here, it kind of opens up those opportunities. Just any kind of any details around that would be helpful.

我想你說過你能夠對這些市場有一些洞察，因為你一直在積極地審視機會。但與一個季度前的情況相比，您是否收到了更多建議，或者可能有更多人接聽您的電話，或者當其他人都在搖擺不定時，您是否有更多的興趣來進行搖擺？因此，當這裡存在弱點時，就會打開這些機會。任何有關這方面的細節都會有所幫助。

Yeah, I think it's a great question. And I think it certainly has made this space dynamic and interesting over the last three months. I think for us, the key thing more than anything else, is we've got to find fit. We've got to find the right companies.

是的，我認為這是一個很好的問題。我認為在過去的三個月裡，這確實讓這個空間變得充滿活力和有趣。我認為對我們來說，最重要的是我們必須找到合適的人選。我們必須找到合適的公司。

And I think there are a bunch of components to that. In no particular order, the company has to be healthy and growing financially and profitable. I think there's a revenue sweet spot we look at, but we're not totally dogmatic and tied down to that. But we want to make sure that we can integrate well, and the new company doesn't swamp the existing company and buy something that's 5x the size, although we look at all the opportunities.

我認為這有很多組成部分。沒有特定的順序，公司必須健康、財務和盈利不斷增長。我認為我們看到了一個收入最佳點，但我們並不完全教條並受此束縛。但我們希望確保能夠很好地整合，新公司不會淹沒現有公司併購買 5 倍規模的公司，儘管我們會考慮所有機會。

But I think there's a sizing piece, there's kind of a financial top-line growth and an EBITDA piece. But I think that the cultural fit is really, really, really important. And I think it's because of, it's one of the reasons why right up there with the revenue growth. We talk about referral rates, and we talk about battery attach rates. Like that is the thesis, that that's how we grow.

但我認為有一個規模部分，有一個財務頂線增長和一個 EBITDA 部分。但我認為文化契合真的非常非常重要。我認為這是因為，這是收入增長的原因之一。我們談論推薦率，我們談論電池附加率。這就是我們的論點，這就是我們成長的方式。

We don't just buy the first company we find that has top line growing or that's profitable. We look for companies that are committed in the same way that we are to delivering a great customer experience, because we think that that customer experience begets referrals. And that's the virtuous cycle where you're able to continue to grow efficiently at a low customer acquisition cost.

我們不只是購買我們發現的第一家營收增長或盈利的公司。我們尋找與我們一樣致力於提供卓越客戶體驗的公司，因為我們認為客戶體驗會帶來推薦。這就是良性循環，您能夠以較低的客戶獲取成本繼續高效增長。

And it opens up even more opportunities down the line for upsell and cross-sell and distributed energy resources, turning into grid services and virtual power plants and recurring revenue streams. And then you have a potentially software piece that you can bring into our hardware. That's the medium and long-term vision in the model. So that fit piece is key.

它還為追加銷售、交叉銷售和分佈式能源資源開闢了更多機會，轉變為電網服務、虛擬發電廠和經常性收入流。然後您就有了一個可以帶入我們硬件的潛在軟件。這是該模型的中長期願景。所以合身的單品是關鍵。

So I'd say, yeah, we've gotten more looks at more opportunities from companies that have struggled to manage the transition both from maybe not as much demand in their market coming in because interest rates are higher and also working capital crunch because the finance companies did away with the M0 or M1 milestone payments, and they don't get all the cash now until they install at the end.

所以我想說，是的，我們從那些一直在努力管理轉型的公司那裡得到了更多的機會，因為利率上升，市場需求可能沒有那麼多，而且營運資金緊縮，因為金融公司取消了M0 或M1里程碑付款，他們現在無法獲得所有現金，直到最後安裝為止。

And it's great to have those looks. But we only want to buy healthy, strong companies that are the right fit for us. And then the other piece to the fit is it's not a founder or an owner who's looking to cash out and ride off into the sunset and buy a boat. We're looking for people who are hungry and motivated and want to keep pushing and keep building this industry and want to keep having the chance to go head to head against the bigger players and win more than their fair share.

擁有這些外觀真是太好了。但我們只想購買健康、強大、適合我們的公司。另一個合適的地方是，創始人或所有者並不是想套現，然後騎著日落去買一艘船。我們正在尋找有飢餓感、有動力、想要繼續推動和建設這個行業、想要繼續有機會與更大的參與者正面對抗並贏得超出其公平份額的人。

And it wasn't our language we came up with. We heard this language time after time when we talked to these folks and the fit was right of say, we want to be a part of something bigger. And so I think those are the companies we're looking for.

而且這不是我們想出的語言。當我們與這些人交談時，我們一次又一次地聽到這種語言，這很適合說，我們想成為更大的事情的一部分。所以我認為這些就是我們正在尋找的公司。

And so I think that, yeah, we've gotten more looks and more opportunities. But I think we kind of had a perspective on who the right companies were to go after before. And that hasn't changed just because it's become maybe more of an opportunistic environment. I do think multiples have come down a bit as just valuations have come down and there's been a bit more concern from some quarters about the industry.

所以我認為，是的，我們得到了更多的關注和更多的機會。但我認為我們之前就已經了解了哪些公司是合適的目標。這並沒有僅僅因為它變得更像是一個機會主義環境而改變。我確實認為市盈率有所下降，因為估值有所下降，而且某些方面對該行業的擔憂有所增加。

But I think we're in a good position here and we continue to want to find the right companies and put fair deals out there and then get them across the finish line. And they have to be audit ready because we're public too.

但我認為我們在這方面處於有利地位，我們仍然希望找到合適的公司並進行公平的交易，然後讓它們衝過終點線。他們必須做好審計準備，因為我們也是上市公司。

Sure. All right. Okay. And then just my last question is around storage. The high attachment rates in Hawaii and the growth, you're certainly deploying a lot of actual batteries. And I remember, if I recall correctly, you really like the Franklin Whole Home product and have been kind of deploying that.

當然。好的。好的。我的最後一個問題是關於存儲的。夏威夷的高附著率和增長，您肯定會部署大量實際電池。我記得，如果我沒記錯的話，您真的很喜歡富蘭克林整體家居產品，並且一直在部署它。

And I believe you either -- I can't recall if there's either an exclusive relationship with you guys in the Hawaii market or if it's more just that you're one of the limited number of folks that are kind of certified with that. Just curious if we can get an update on how you're liking that product, if that really is dominantly what is getting deployed, what you guys are deploying right now, and kind of how that relationship's going and what benefits or competitive advantages or not you get through offering that product versus some of the more mainstream, perhaps better-known products.

我也相信你——我不記得在夏威夷市場上你是否與你們有排他性的關係，或者更重要的是你是少數獲得此認證的人之一。只是好奇我們是否能獲得有關您對該產品的喜歡程度的最新信息，如果這確實是正在部署的主要產品，你們現在正在部署什麼，以及這種關係進展如何以及有什麼好處或競爭優勢或沒有你可以通過提供該產品與一些更主流、也許更知名的產品來比較。

Yeah. I'd say the Franklin Whole Home battery system is a fantastic product. And I think they entered the US market with a mission to produce, in their words, the Tesla Powerwall killer. And I don't know that it's done that quite yet, but it's an impressive piece of hardware and it looks cool too.

是的。我想說富蘭克林全屋電池系統是一個很棒的產品。我認為他們進入美國市場的使命是生產，用他們的話來說，特斯拉 Powerwall 殺手。我不知道它是否已經做到了，但它是一個令人印象深刻的硬件，而且看起來也很酷。

Not one of ours, but just on LinkedIn yesterday, I saw a picture of somebody who had four of them installed in their garage and it just looks cool. And it's a great product. And Franklin's been an excellent partner. Customers have been incredibly happy with them. The product availability in the supply chain is great. The pricing is great. The commissioning time is great.

不是我們的，但昨天在 LinkedIn 上，我看到一張有人在車庫里安裝了四個這樣的照片，看起來很酷。這是一個很棒的產品。富蘭克林一直是一位出色的合作夥伴。客戶對他們非常滿意。供應鏈中的產品可用性非常好。定價很棒。調試時間很長。

We are taking a look at these for the New York market as well. And so it's been a great pivot and hats off to Chris and the team for finding this early and being one of the first scale installers in the US.

我們也在考慮紐約市場的這些。因此，這是一個偉大的轉變，並向克里斯和他的團隊致敬，他們很早就發現了這一點，並成為美國最早的規模安裝商之一。

I think that we always want to be a little bit cautious and prudent to make sure we're not single threaded just from a redundancy and a risk management standpoint. We always want to have multiple partners.

我認為我們總是希望保持一點謹慎和謹慎，以確保我們不僅僅是從冗餘和風險管理的角度來看是單線程的。我們總是希望擁有多個合作夥伴。

And I think that maybe not really my place to say, but some of if you look at what happened with Enphase this quarter, you can get complacent when you're in a duopoly for a long time and you're the only choice and you might think that you've got leverage. Well, the person on the other side of the table is just sitting there, frustrated after every interaction because they don't have choice. And they just keep getting pricing stuck to them.

我認為這也許不是我該說的，但如果你看看本季度 Enphase 發生的事情，當你長期處於雙寡頭壟斷狀態並且你是唯一的選擇並且你可能會認為你有影響力。好吧，桌子另一邊的人只是坐在那裡，每次互動後都很沮喪，因為他們別無選擇。他們只是不斷地被定價所束縛。

So I think it's the beauty of the market system. It's like we're always out there looking for the next product and the next best thing. And on the inverter side, we've installed a lot of Enphase. It's a good product. But Tesla string inverters are really interesting in the right applications in New York. We've been installing those.

所以我認為這就是市場體系的美妙之處。就像我們總是在尋找下一個產品和下一個最好的東西。在逆變器方面，我們安裝了很多Enphase。這是一個好產品。但特斯拉串式逆變器在紐約的正確應用中確實很有趣。我們一直在安裝這些。

Tigo's out. Hoymiles is coming on strong. I think that I have to step back sometimes, like I've been doing this for nine years and that makes me a veteran in the space, kind of. Although compared to Chris and Scott, I'm not. But I think you can get in this mentality of, hey, it's been this way for a while and this is how it's always going to be. And it's always going to be this product set.

蒂戈出去了。 Hoymiles 正在強勢崛起。我認為有時我必須退後一步，就像我已經這樣做了九年一樣，這讓我成為了這個領域的老手。儘管與克里斯和斯科特相比，我不是。但我認為你可能會陷入這樣的心態，嘿，這種情況已經有一段時間了，而且永遠都是這樣。而且永遠都是這個產品組。

But if you look out over the next 10 years and 7 years and 2 years and just especially with what's happening with supply chains and onshoring with the Inflation Reduction Act, like, my goodness, it's an exciting time just in the products and solutions and innovation space too.

但如果你展望未來10 年、7 年和2 年，尤其是供應鍊和《通脹削減法案》的本土化所發生的事情，天哪，這在產品、解決方案和創新方面都是一個激動人心的時刻空間也。

So Franklin's been fantastic. Love working with those guys. And I think it's just a harbinger of what's going to come in the industry.

所以富蘭克林太棒了。喜歡和那些人一起工作。我認為這只是該行業即將發生的事情的預兆。

Okay. So more kind of like a reflection of being a knowledgeable, versatile kind of home integrator in that sense. So not sticking to one product, but here we are showing we were able to get out ahead of an exciting product in a market where it's doing well. And that demonstrates that we can kind of keep doing similar things in the future. Is that kind of more the appropriate way to look at it?

好的。從這個意義上來說，這更像是一種知識淵博、多才多藝的家居集成商的體現。因此，我們不拘泥於一種產品，但在這裡我們展示了我們能夠在一個表現良好的市場中領先於一款令人興奮的產品。這表明我們將來可以繼續做類似的事情。這種看待問題的方式更合適嗎？

Yeah. I think in a sense, we're hardware agnostic on like what the brand is. We're not agnostic on we need really good product that's going to be reliable and deliver the good experience to the customer.

是的。我認為從某種意義上說，我們對硬件的了解就像品牌一樣。我們並不不知道我們需要真正可靠的優質產品，並為客戶提供良好的體驗。

So we're always keeping the finger on the pulse of what's out there. We're always shopping. We're always trying to craft the right product and solution set for homeowners. And that can be different in an AC coupled versus a DC coupled application that can be different by markets depending on the tariffs and the use cases for the batteries, et cetera, et cetera.

因此，我們始終密切關注市場動態。我們總是在購物。我們始終致力於為房主打造合適的產品和解決方案。在交流耦合應用和直流耦合應用中，這可能會有所不同，這可能會因市場的不同而有所不同，具體取決於關稅和電池的使用案例等。

We're starting to install SPAN panels in New York. Those are really cool. I want one in my house in Minnesota. No one installs them here. The New York guys have offered to fly out here and do it for me. Integrating EV charging more. I'm certainly excited to go to RE+ and have a good slate of meetings already and just understanding what's new and what's coming next.

我們開始在紐約安裝 SPAN 面板。這些真的很酷。我想在明尼蘇達州的家裡放一台。沒有人在這里安裝它們。紐約人主動提出飛到這裡來幫我做這件事。更多地集成電動汽車充電。我當然很高興能夠參加 RE+ 並參加一系列會議，了解新內容和接下來會發生什麼。

So yeah, I think that we like to work with good partners who we've got a track record with, who we think are reliable. But there's a lot of innovation happening in the space too, and it's only going to benefit homeowners from choice and quality of product and cost.

所以，是的，我認為我們喜歡與良好的合作夥伴合作，我們與他們有良好的合作記錄，我們認為他們是可靠的。但該領域也發生了很多創新，它只會使房主從產品的選擇、質量和成本中受益。

(Operator Instructions) Jeff Grampp, Alliance Global Partners.

（操作員說明）Jeff Grampp，Alliance Global Partners。

Good morning, guys. A couple of questions on the margin front for you. Again, really nice quarter on the gross margin front, despite a little bit lower revenue sequentially, as you guys already talked about in the mid-30s. But how sustainable do you view that and what might be kind of the gives and takes to that changing for the better or for the worse over the coming quarters? Thanks.

早上好傢伙。有幾個關於保證金方面的問題要問你。再說一遍，儘管收入比上一季度有所下降，但毛利率方面確實是一個不錯的季度，正如你們在 30 年代中期已經討論過的那樣。但是，您認為這種情況的可持續性如何？在未來幾個季度，這種情況會變得更好還是更糟？謝謝。

Just on the on the margin side specifically.

特別是在邊緣方面。

Yeah, just your view of gross margins. I mean, I think it's a super competitive number, which obviously is a testament to how you guys run your business and the efficiencies. But just wondering about the sustainability of that in the coming quarters.

是的，這只是您對毛利率的看法。我的意思是，我認為這是一個極具競爭力的數字，這顯然證明了你們的業務經營方式和效率。但只是想知道未來幾個季度的可持續性。

Yeah. I mean, I would say that it is a sustainable margin number. We're continuing to see better deals out there in the space on being able to buy panels and inverters at better prices. The supply chain has normalized. The distributors are willing to negotiate.

是的。我的意思是，我想說這是一個可持續的利潤率數字。我們繼續看到該領域有更好的交易，能夠以更優惠的價格購買麵板和逆變器。供應鏈已經正常化。經銷商願意洽談。

And as a larger organization with the relationships we have both in Hawaii and New York and the relationships that our future partners have that we will do acquisitions with, we just continue to gain leverage in buying power against our vendors.

作為一個更大的組織，我們在夏威夷和紐約都有關係，而且我們未來的合作夥伴也有我們將與之進行收購的關係，我們將繼續獲得對供應商的購買力影響力。

So we definitely know there's a ton of manufacturing capacity coming online as a result of the Inflation Reduction Act in the United States. And as Kyle mentioned, continued innovation and new entrance to the market such as Franklin Hole Home. And so we see the pricing of the equipment that we're purchasing to continue to be very competitive.

因此，我們肯定知道，由於美國的《通貨膨脹削減法案》，大量的製造能力正在上線。正如凱爾提到的，持續的創新和新的市場進入，例如 Franklin Hole Home。因此，我們看到我們購買的設備的價格仍然非常有競爭力。

Okay, great. Thanks for that. And I'm curious with the changes coming in '24 in the New York market for you guys, is there kind of a ballpark number in terms of the delta and contribution margin from an install with and without a battery? So the way I'm kind of thinking, I assume it's going to be a nice tailwind on revenue. But just thinking about the margin impact, if any, to the extent battery attachment rates in New York have kind of a step change here.

好的，太好了。感謝那。我很好奇你們在 24 年紐約市場將發生的變化，在安裝和不安裝電池的增量和邊際貢獻方面是否有一個大概的數字？因此，按照我的想法，我認為這將成為收入的良好推動力。但只要考慮一下利潤影響（如果有的話），紐約的電池安裝率在這裡會發生某種程度的變化。

We certainly expect the battery tax rate to go up in New York. As we mentioned in some of the comments, they are converting to time of use rates, I believe, in the first part of '24. We have not yet kind of forecasted out the margin impact and the pricing of that yet. So I can't really comment on that intelligently. But we certainly do anticipate battery tax rates to go up in New York with the time of use rates being [higher].

我們當然預計紐約的電池稅率將會上升。正如我們在一些評論中提到的，我相信，在 24 年的第一部分，它們正在轉換為使用時間。我們尚未預測利潤率影響及其定價。所以我無法明智地對此發表評論。但我們確實預計紐約的電池稅率會隨著使用時間的延長而上升。

Okay. I guess I was more thinking, Eric, just kind of on an install today, how does the contribution margin profile look like if a customer has a battery or does not? Is it a material? I assume, obviously, the revenue is higher, but is the contribution margin materially different, if at all, with or without a battery for you guys?

好的。我想我更多地在想，埃里克，今天只是在安裝，如果客戶有電池或沒有電池，貢獻邊際概況會是什麼樣子？是一種材料嗎？顯然，我認為收入更高，但貢獻率是否有實質性不同（如果有的話），無論是否有電池？

I don't have the number in front of me, and I think we can follow up with you as we pull a little bit more. I'd say it's been a -- and especially in a new battery market, I think you have a question about how you want to price.

我面前沒有這個號碼，我想我們可以在再拉一點的時候再聯繫你。我想說，尤其是在新的電池市場上，我認為您對如何定價有疑問。

And in a lot of markets, a part of the reason why I'm asking is because I think it's important to know how you want to price and in a lot of markets apart from Hawaii historically, where just because of the non-export tariffs, you kind of have to have it. So you just bake it into the overall margin of the project. You've had a decision about do you.

在很多市場中，我問這個問題的部分原因是因為我認為了解您想要如何定價非常重要，而且在歷史上除了夏威夷之外的許多市場中，僅僅因為非出口關稅，你必須擁有它。所以你只需將其計入項目的整體利潤中即可。你已經做出決定了。

They're not in markets like Long Island, traditionally, it's the reason why it's been low-single digit attach rates, it's not really a quote unquote savings product. There's not really an ROI on adding the battery historically to the PV. It's like the solar has savings, the solar has ROI or an NPV. But then if you're going to add the battery onto it, it's more for resilience, backup, peace of mind.

傳統上，它們不在像長島這樣的市場，這就是為什麼它的附加費率較低的原因，它並不是真正的報價不報價儲蓄產品。從歷史上看，將電池添加到光伏發電中並沒有真正的投資回報率。這就像太陽能有儲蓄，太陽能有投資回報率或淨現值。但如果你要給它加裝電池，它更多的是為了彈性、備份、安心。

And so people almost think of it in the whole like, well, okay, I'm going to add the battery and I'm going to use some of the savings from the solar to pay for the battery in markets like that. I think as things flip to time of day, more and more people are going to want batteries, especially at the start. It's not going to be just like a screaming, glaring, I don't think huge ROI financially just to add the battery. So we'll try to be thoughtful about how we price it.

因此，人們幾乎會從整體上考慮，好吧，好吧，我要添加電池，我將使用太陽能節省的一些費用來支付此類市場中的電池費用。我認為隨著時間的推移，越來越多的人會想要電池，尤其是在開始的時候。它不會像尖叫、刺眼一樣，我認為僅僅添加電池就不會帶來巨大的經濟投資回報。因此，我們會盡力考慮如何定價。

You're not necessarily looking for this to be an add on right away where there's this huge extra margin. I think it's more trying to design systems for people that meet their use cases and just holistically with the PV. You know, it's still a product where they save some money and where you make a good margin.

您不一定會立即尋找這個附加功能，因為那裡有巨大的額外利潤。我認為更多的是嘗試為人們設計滿足其用例的系統，並且與光伏整體結合。你知道，這仍然是一種可以節省一些錢並且你可以賺取豐厚利潤的產品。

So I understand that's not specific, but I wouldn't expect it to be a significantly higher gross margin product than just the PV itself. But we're also not going to just sell them and install them at cost on top of the solar.

所以我知道這並不具體，但我不認為它是一個比光伏本身更高毛利率的產品。但我們也不打算只出售它們並以成本價將它們安裝在太陽能之上。

Understood. Okay, I appreciate the commentary. If I can just sneak one more in, any material update on the Florida expansion opportunity that you guys were kind of organically pursuing?

明白了。好的，我很欣賞評論。如果我能再偷偷介紹一下你們一直在追求的佛羅里達擴張機會的任何重大更新嗎？

Yeah, it's early still. I think that we'll start to see some of those results filter through and in three months when we report on Q3. We got a lease signed down there, we're starting our lead gen efforts, we're starting our sales efforts.

是的，現在還早。我認為，當我們報告第三季度時，我們將在三個月內開始看到其中一些結果。我們在那裡簽署了租約，我們正在開始我們的潛在客戶開發工作，我們正在開始我們的銷售工作。

So we're building up. I think that rightfully so, I think we viewed it as a test the entire time. And I think it's part of we mentioned being data driven and metrics based. We talked about accountability. I think another part of the culture and just the mindset we're trying to bring to this company is a test-and-learn approach to it. It's not just do things.

所以我們正在建設。我認為這是正確的，我認為我們一直將其視為一次測試。我認為這是我們提到的數據驅動和基於指標的一部分。我們討論了問責制。我認為文化的另一部分以及我們試圖為這家公司帶來的心態是一種測試和學習的方法。這不僅僅是做事。

It's not just do what we think is best. Then if it doesn't work, you get in trouble for it. It's being thoughtful about laying out an experimental plan and that can showcase in a lot of areas. Marketing is my background and something I'm passionate about. And it's like the whole premise of marketing nowadays is you have to be analytical, and you have to have a test, an experiment plan test, and control plan test, and learn.

這不僅僅是做我們認為最好的事情。如果它不起作用，你就會遇到麻煩。制定一個實驗計劃需要經過深思熟慮，並且可以在很多領域進行展示。營銷是我的背景，也是我的熱情所在。就像現在營銷的整個前提是你必須進行分析，你必須進行測試，實驗計劃測試和控制計劃測試，然後學習。

I think in Florida it's the same. We viewed it as a kind of low investment test to see if we could build outside of our core market in a non-adjacent geography. And I think the verdict's still out on it. But whether it takes off like a rocket ship or whether it doesn't, I think it's that mentality about kind of testing and learning different things that's going to serve us well. And we're going to keep trying that in other markets as well.

我認為在佛羅里達也是一樣。我們將其視為一種低投資測試，看看我們是否可以在我們的核心市場之外的非鄰近地區進行建設。我認為判決還沒有出來。但無論它是否像火箭飛船一樣起飛，我認為這種測試和學習不同事物的心態將對我們很有幫助。我們也將在其他市場繼續嘗試。

But I think we've got -- we're approaching it the right way where it's capital, unintensive, but good personnel who have the tie back to SUNation. And I'm confident that Scott and [John Mucey] and the team in New York are going to be able to make it successful.

但我認為我們已經——我們正在以正確的方式實現這一目標，這是資本、非密集型、但與太陽係有聯繫的優秀人員。我相信斯科特和[約翰·穆西]以及紐約的團隊將能夠取得成功。

Thank you. Seeing no more questions in the queue, let me turn the call back over to Mr. Udseth to conclude the call.

謝謝。看到隊列中沒有更多問題，讓我將電話轉回給烏塞思先生以結束通話。

Thank you, operator. Before we conclude, just a quick mention. I'd said this before, but with the detail, Eric and I, as I'd assume most of you as well, will be in Las Vegas for the RE+ convention, September 11 through the 14. We welcome the chance to connect with all of you in person there. With the time change, I'm sure I'll be up early.

謝謝你，接線員。在我們結束之前，簡單提一下。我之前已經說過，但詳細地說，埃里克和我，我想你們大多數人也一樣，將於 9 月 11 日至 14 日在拉斯維加斯參加 RE+ 大會。我們歡迎有機會與你們所有人都親自到場。隨著時間的變化，我肯定會早起。

And I will say that it's a surreal but cool experience to run a few miles on the strip in the morning as the sun is coming up. So if anybody wants to join me for one of those, I'm bringing my running shoes.

我想說，早上太陽升起時在跑道上跑幾英里是一種超現實但很酷的體驗。因此，如果有人想和我一起參加其中一項活動，我會帶上我的跑鞋。

All right, back to business. Speaking on behalf of the entire Pineapple leadership team, we're excited by the strong first half the company's been able to deliver in 2023. And while at this point three months ago, I told you I had confidence we'd be able to sustain our strong performance after the hard work we put in this past quarter to build out better, more connected, and more real-time reporting, analytics, and scorecards across the entire business.

好吧，回到正題。代表整個 Pineapple 領導團隊發言，我們對公司在 2023 年上半年實現的強勁業績感到興奮。三個月前的這個時候，我告訴過你們，我有信心我們能夠維持下去經過上個季度的努力，我們在整個業務中建立了更好、更互聯、更實時的報告、分析和記分卡，取得了強勁的業績。

Now I can say that we have that same confidence, but with even more robust data to back it up. We're building a data-driven, metrics-based company where accountability is key for each and every employee. That is what will enable Pineapple to continue growing and growing profitably. We're on track to deliver our 2023 guidance while continuing to pursue transformative acquisitions. We look forward to reporting our progress at our next earnings call in November.

現在我可以說，我們有同樣的信心，但有更可靠的數據支持。我們正在建立一家數據驅動、基於指標的公司，其中責任對於每一位員工來說都是關鍵。這將使菠蘿能夠繼續增長並盈利。我們有望在繼續尋求變革性收購的同時，實現 2023 年的指導。我們期待在 11 月份的下一次財報電話會議上報告我們的進展。

Thank you again for joining us this morning and for your continued support. If you have any further questions, please contact Eric or me.

再次感謝您今天早上加入我們並感謝您一如既往的支持。如果您還有任何疑問，請聯繫 Eric 或我。

This concludes our call today. You may all disconnect. Thank you.

我們今天的電話會議到此結束。你們都可以斷開連接。謝謝。