SunPower 公司 (SPWR) 首席执行官 Thomas Werner 在 2019年 第二季度业绩 - 收益电话会议记录

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SunPower Corporation (NASDAQ:SPWR) Q2 2019 Results Earnings Conference Call July 31, 2019 4:30 PM ET

SunPower公司(纳斯达克股票代码:[SPWR])2019年第二季度业绩收益电话会议2019年7月31日美国东部时间下午4:30

公司参与者

Robert Okunski - Senior Director of IR
Thomas Werner - Chairman, President & CEO
Manavendra Sial - Executive VP & CFO
Nam Nguyen - Executive VP & GM of Commercial Solar
Norman Taffe - EVP of North America Residential

  • Robert Okunski - IR的高级主管
  • Thomas Werner - 董事长,总裁兼首席执行官
  • Manavendra Sial - 执行副总裁兼首席财务官
  • Nam Nguyen - 商业太阳能执行副总裁兼总经理
  • Norman Taffe - 北美住宅区的执行副总裁

电话会议参与者

Brian Lee - Goldman Sachs
Maheep Mandloi - Credit Suisse
Julien Dumoulin-Smith - Bank of America
Colin Rusch - Oppenheimer
Pavel Molchanov - Raymond James

  • Brian Lee - Goldman Sachs
  • Maheep Mandloi - 瑞士信贷
  • Julien Dumoulin-Smith - 美国银行
  • Colin Rusch - 奥本海默
  • 帕维尔莫尔查诺夫 - 雷蒙德詹姆斯

会议主持员

Good afternoon. Welcome to the SunPower Corporations Second Quarter 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions]
I would now like to turn the call over to Mr. Bob Okunski, Vice President of Investor Relations at SunPower Corporation. Thank you, sir. You may begin.

下午好。 欢迎来到SunPower公司2019年第二季度收益电话会议。 此时,所有参与者都处于只听模式。 稍后我们将进行问答环节,届时会有说明。 [操作说明]

我现在想把这个电话转给SunPower公司投资者关系副总裁Bob Okunski先生。 谢谢你,先生。 你可以开始吧。

罗伯特奥肯斯基

Thank you, Brenda. I would like to welcome everyone to our second quarter 2019 earnings conference call. On the call today, we will start off with an operational and strategic review from Tom Werner, our CEO; followed by Manu Sial, our CFO, who will review our second quarter 2019 financial results before turning the call back to Tom for guidance.
As a reminder, a replay of this call will be available later today on the Investor Relations page of our website. On 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 release, our 2018 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.
To enhance this call, we have also posted a set of PowerPoint slides, which we will reference during the call on the Events & Presentations page of our Investor Relations website. In the same location we have also posted a supplemental data sheet detailing some of our other historical metrics. Please note, that we have update our metric sheet to be more inline with our new corporate structure, as well as to provide additional transparency for each business unit.
With that, I'd like to turn the call over to Tom Werner, CEO of SunPower. Tom?

谢谢你,布伦达。我想欢迎大家参加我们2019年第二季度的财报电话会议。在今天的电话会议上,我们将从首席执行官Tom Werner开始进行运营和战略评估;其次是我们的首席财务官Manu Sial,他将审核我们2019年第二季度的财务业绩,然后再将电话转回汤姆寻求指导。

提醒一下,此次电话会议的重播将于今天晚些时候在我们网站的“投资者关系”页面上提供。在今天的电话会议上,我们将制作前瞻性陈述,这些陈述受到今天演示文稿的安全港幻灯片,今天的新闻稿,2018年10-K以及10-Q表格季度报告中描述的各种风险和不确定因素的影响。有关可能影响这些前瞻性陈述的因素的其他信息,请参阅这些文件。

为了加强此次通话,我们还发布了一系列PowerPoint幻灯片,我们将在投资者关系网站的“活动和演示”页面上参考。在同一地点,我们还发布了一份补充数据表,详细说明了我们的一些其他历史指标。请注意,我们更新了我们的指标表,以更符合我们的新公司结构,并为每个业务部门提供额外的透明度。

有了这个,我想把这个电话交给SunPower首席执行官Tom Werner。汤姆?

Thomas Werner

Thanks, Bob, and thank you for joining us. On this call, we will provide an overview of our second quarter 2019 performance and provide an update on our strategic initiatives that we feel will drive improved profitability and shareholder value in the second half of the year.
I'd now like to review our Q2 performance. Please turn to Slide 3. The results of our strategic transformation are bearing fruit as we met or exceeded our key financial targets for the quarter, including our adjusted EBITDA forecast. Volume, revenue and margin all came in ahead of plan, driven by strong demand across our global DG business, with particular traction in the U.S., Europe and Japan. Our SPT business delivered record quarterly shipments as we continued to expand our international footprint.
Given our strong first half performance and our significant visibility into the second half, we are raising our adjusted EBITDA guidance for the year.
Now let me discuss our segment performance in greater detail. First, an overview of SunPower Energy services, our North American DG business. Please turn to Slide 4.
SPES executed well in the quarter as both our residential and commercial businesses showed strong year-on-year megawatt growth and sequential financial improvement, benefiting from solid demand in a stable pricing environment. In residential, demand for our recently launched A-Series panels remains very strong, and we are ramping production to meet this need. We continue to build on our industry leadership position in new homes, where our backlog is now over 38,000 homes. The mix of cash, loan and lease remains balanced, in line with forecast, with particularly strong demand for our loan products.
In relation to lease, we were pleased to close our new innovative financing vehicle to not only fund our needs into 2020, but also drive significantly better economics.
Finally, we continue to make progress on our Equinox storage product, and remain on plan to launch this offering in the second half of this year.
In C&I, we maintained our #1 position as volume rose 50% sequentially. We see strong second half momentum in both our direct and CVAR businesses as the balance of the year is more than 75% booked and our pipeline exceeds $3 billion. We expect the business to become profitable in the third quarter on an adjusted EBTIDA basis.
Our Helix storage solution is selling well, and our pipeline now exceeds 135 megawatts, with average attach rates of approximately 35% over the last 12 months. We also recently commissioned our largest multi-site solar-plus-storage project to date, with Whole Foods.
As we have discussed in the past, development of our SPES services business is a key focus. Slide 5 shows our progress in this area.
We believe that services will become a significant driver of long-term profit growth for SPES, for several reasons. First, services allows us to move beyond the solar power market and enable our customers to increasingly participate in the broader energy marketplaces.

谢谢,鲍勃,谢谢你加入我们。在此电话会议中,我们将概述2019年第二季度的业绩,并提供我们认为将在下半年提高盈利能力和股东价值的战略举措的最新情况。

我现在想回顾一下Q2的表现。请转到幻灯片3.由于我们达到或超过了本季度的主要财务目标,包括调整后的EBITDA预测,我们的战略转型结果正在取得成果。由于全球总公司业务需求强劲,尤其是美国,欧洲和日本的牵引力,成交量,收入和利润均超前于计划。随着我们不断扩大国际业务,我们的SPT业务创下了创纪录的季度出货量。

鉴于我们上半年的强劲表现以及我们对下半年的重要可见度,我们正在提高今年的调整后EBITDA指引。

现在让我更详细地讨论我们的细分市场表现。首先,概述SunPower Energy服务,我们的北美DG业务。请转到幻灯片4。

SPES在本季度表现良好,因为我们的住宅和商业业务均表现出强劲的同比增长和连续的财务改善,受益于稳定价格环境下的稳固需求。在住宅方面,对我们最近推出的A系列面板的需求仍然非常强劲,我们正在扩大生产以满足这一需求。我们继续巩固我们在新家的行业领导地位,我们的积压现已超过38,000个家庭。现金,贷款和租赁的组合保持平衡,与预测一致,对我们的贷款产品的需求特别强劲。

在租赁方面,我们很高兴关闭我们的新型创新融资工具,不仅为2020年的需求提供资金,而且还推动了更好的经济效益。

最后,我们继续在Equinox存储产品上取得进展,并继续计划在今年下半年推出此产品。

在C&I,我们保持了第一的位置,因为销量连续增长了50%。我们的直接和CVAR业务的下半年势头强劲,因为今年的余额超过75%,我们的管道超过30亿美元。我们预计该业务将在调整后的EBTIDA基础上在第三季度实现盈利。

我们的Helix存储解决方案销售良好,我们的管道现在超过135兆瓦,过去12个月的平均附着率约为35%。我们最近还与Whole Foods一起委托我们迄今为止最大的多站点太阳能加储存项目。

正如我们过去所讨论的,我们的SPES服务业务的发展是一个重点。幻灯片5显示了我们在这方面的进展。

我们认为服务将成为SPES长期利润增长的重要推动因素,原因有几个。首先,服务使我们能够超越太阳能市场,使我们的客户能够越来越多地参与更广泛的能源市场。

Second, by bundling services offerings, together with our differentiated solar systems, we can increase customer stickiness with expanded margins.
Third, we can mine our existing North American DG customer base, the largest in the industry, to sell services that enhance the performance and value of our existing systems.
Finally, we have designed our services platform to work not only with our own systems, but also to allow us to address the broader opportunity comprising solar systems from other suppliers.
On the right-hand side of the page, you can see how we organized the services space into three main categories - solar services, storage-enabled services and energy market services. I'll spend a few minutes explaining how we are addressing each category.
In solar services, we are focused on providing asset management, O&M and monitoring services to existing customers as well as using digital tools to drive a more efficient and satisfying customer acquisition experience.
For storage, we're focused on enabling our commercial customers to more efficiently manage their electricity consumption, maximizing system performance and providing material cost savings. We are leveraging our C&I storage experience with our Equinox storage solution for residential.
Finally, energy market services that allow our customers to participate in a variety of existing and emerging revenue opportunities. As we mentioned at our capital markets day, we are already active in several energy market programs. For example, last year in the New England ISO, we deployed projects into the capacity market during the second half of 2018, and are currently receiving payments.
In California, we are actively rolling out about 40 megawatts of solar and storage into a local capacity requirement program that will allow Southern California Edison to defer transmission and distribution upgrades.
Now let's take a closer look at one of our digital initiatives. Please turn to Slide 6.
With over 14 years of partnership with our residential dealers, we have developed many tools that enable their business. As many of you know, customer acquisition represents a significant cost for residential retrofit applications. Our digital team developed novel software to quickly and automatically design solar systems on customer roofs. SunPower Design Studio creates optimized systems quickly and efficiently using machine learning, leveraging algorithms trained on our existing design library and continuously improving accuracy. A key advantage of this application is that it reduces design turnaround times from over 30 minutes to 30 seconds, by allowing homeowners to create their own solar designs online. Our proprietary machine learning technology instantly characterizes the home's roof, optimizes systems configuration and calculates performance. Homeowners can then modify designs live, adding or subtracting panels while evaluating the impact on energy and build savings.
We are currently using this platform in 2 pilot markets and expect to roll it out nationally this quarter. We expect to see rapid proliferation of this application throughout our residential business, similar to what we have seen with the growth of our sales appointment generation service over the past 2 years.

其次,通过捆绑服务产品以及我们差异化的太阳能系统,我们可以通过扩大利润来增加客户粘性。

第三,我们可以开采我们现有的北美DG客户群,这是业内最大的客户群,可以销售提升现有系统性能和价值的服务。

最后,我们设计的服务平台不仅可以用于我们自己的系统,还可以让我们应对来自其他供应商的太阳能系统的更广泛机遇。

在页面的右侧,您可以看到我们如何将服务空间分为三大类 - 太阳能服务,存储服务和能源市场服务。我将花几分钟时间解释我们如何处理每个类别。

在太阳能服务领域,我们专注于为现有客户提供资产管理,运维和监控服务,以及使用数字工具来提高客户获取服务的效率和满意度。

对于存储,我们专注于使我们的商业客户能够更有效地管理他们的电力消耗,最大化系统性能并节省材料成本。我们正在利用我们的C&I存储经验和我们的住宅Equinox存储解决方案。

最后,能源市场服务使我们的客户能够参与各种现有和新兴的收入机会。正如我们在资本市场日提到的那样,我们已经积极参与多个能源市场计划。例如,去年在新英格兰ISO,我们在2018年下半年将项目部署到容量市场,目前正在接收付款。

在加利福尼亚州,我们正在积极推出约40兆瓦的太阳能和存储,并将其纳入当地的容量需求计划,该计划将使南加州爱迪生公司推迟输电和配电升级。

现在让我们仔细看看我们的一项数字计划。请转到幻灯片6。

通过与我们的住宅经销商超过14年的合作伙伴关系,我们开发了许多工具,以实现他们的业务。众所周知,客户获取代表了住宅改造应用的重大成本。我们的数字团队开发了新型软件,可以快速自动地在客户屋顶上设计太阳能系统。 SunPower Design Studio使用机器学习快速有效地创建优化系统,利用我们现有设计库中训练的算法并不断提高准确性。该应用程序的一个关键优势是,它允许房主在线创建自己的太阳能设计,从而将设计周转时间从30多分钟缩短到30秒。我们专有的机器学习技术可即时显示家庭屋顶,优化系统配置并计算性能。然后,房主可以在评估对能源的影响和节省成本的同时,实时修改设计,添加或减少面板。

我们目前正在2个试点市场中使用该平台,并预计将在本季度全国推出。我们预计这个应用程序将在我们的住宅业务中迅速扩散,类似于我们在过去两年中我们的销售预约生成服务的增长。

As you can see on the right-hand side of the page, we are on pace to more than double the use of this service in 2019, with more than 25% of dealer sales generated through appointments scheduled by SunPower. These digital applications increase our customer satisfaction and stickiness and support enhanced margins.
Now let's review our SunPower Technologies business. Please turn to Slide 7.
Our manufacturing team executed well again in Q2, exceeding our shipment guidance and meeting cost and yield targets for the quarter with full fab utilization. Our next-generation Maxeon 5 technology is hitting performance goals and our cost reduction roadmaps are on plan. Production of our P-Series technology is also going well, with our DGS joint venture at 2 gigawatts of capacity and our factory in Oregon now in volume production.
Our SPT international sales channels posted strong performance with a record volume quarter in DG, with ASPs and margins coming in above plan, driven by particularly strong traction in Europe and Japan. We continue to drive our mix toward the higher margin DG segment with approximately 65% of our shipments into DG in Q2.
Demand for our newly introduced 400 watt product remains very high, and we are on allocation in our DG channels for the balance of 2019. We further expanded our footprint in the power plant space in Q2, and remain fully booked in power plant for the second half of the year.
I'd now like to provide a brief update on our Maxeon 5 progress. Please turn to Slide 8.
Maxeon 5 offers the highest cell and panel performance in the industry. We recently began volume shipments into the U.S. residential market and are seeing very strong demand. We expect to ship up to 100 megawatts of Maxeon 5 this year. This technology allows us to manufacture a premium product at a significantly lower cost, enabling us to materially expand gross margins.
Our Max 5 ramp plan is on track. We're in full production on our first line, with total install almost complete for our second line. When both lines are complete, our nameplate capacity will reach 250 megawatts.
Our partnership discussions around Max 5 are progressing, and we remain confident that we will reach a final agreement in the coming months.
We have created 3 strong franchises with SunPower, and I would like to spend a few minutes now highlighting the relevant value drivers. Please turn to Slide 9.
Starting on the left with SPT, we're focused on driving top line growth and margin expansion through the ramp of NGT and leveraging our highly CapEx efficient P-Series technology platform. Given our differentiated products and very strong channel position in the rapidly growing DG market, we are confident in SPT's ability to drive material margin improvement as we scale volume.
For North American Residential, we see our recently closed residential lease fund driving margin improvement as we further grow our leasing business. We're deepening our decades-old dealer partnerships with enhanced digital tools, ramping our A-Series panels and introducing Equinox storage in the second half of the year. Our leading share in the new homes market gives us a strong position to capitalize on.

正如您在页面右侧所看到的那样,我们在2019年的服务使用量增加了一倍以上,超过25%的经销商销售额来自SunPower预约。这些数字应用程序可提高客户满意度和粘性,并支持更高的利润率。

现在让我们来看看我们的SunPower Technologies业务。请转到幻灯片7。

我们的制造团队在第二季度再次表现良好,超出了我们的出货指导,并满足了本季度的成本和产量目我们的下一代Maxeon 5技术正在实现性能目标,我们的成本降低路线图正在计划之中。我们的P系列技术的生产也很顺利,我们的DGS合资企业的产能为2千兆瓦,而我们在俄勒冈州的工厂现已批量生产。

我们的SPT国际销售渠道表现强劲,DG的季度创纪录,由于欧洲和日本的牵引力特别强劲,平均销售价格和利润率超出计划。我们继续将我们的产品组合推向利润率更高的DG部门,第二季度约有65%的出货量进入DG。

对我们新推出的400瓦产品的需求仍然非常高,我们在我们的DG渠道中分配了2019年的余额。我们在第二季度进一步扩大了在发电厂空间的足迹,并在第二季度保持在电厂的预订一年中的一半。

我现在想简要介绍一下Maxeon 5的最新进展。请转到幻灯片8。

Maxeon 5提供业内最高的电池和面板性能。我们最近开始大量出货到美国住宅市场,并且看到非常强劲的需求。我们预计今年将发运高达100兆瓦的Maxeon 5。这项技术使我们能够以低得多的成本生产优质产品,使我们能够实质性地扩大毛利率。

我们的Max 5坡道计划正在按计划进行。我们的第一条生产线正在全面生产,第二条生产线的总安装量几乎完成。两条线路完成后,我们的铭牌容量将达到250兆瓦。

我们围绕Max 5的合作讨论正在取得进展,我们仍然相信我们将在未来几个月达成最终协议。

我们已经与SunPower建立了3个强大的特许经营权,我想花几分钟时间来突出相关的价值驱动因素。请转到幻灯片9。

从SPT左侧开始,我们专注于通过NGT的发展推动顶线增长和利润率扩张,并利用我们高度CapEx高效的P系列技术平台。鉴于我们在快速增长的DG市场中的差异化产品和非常强大的渠道位置,我们对SPT在扩大产量方面推动材料利润率改善的能力充满信心。

对于北美住宅,我们看到我们最近关闭的住宅租赁基金推动利润率改善,因为我们进一步发展我们的租赁业务。我们正在通过增强的数字工具深化我们几十年前的经销商合作伙伴关系,在今年下半年推出A系列面板并推出Equinox存储。我们在新住宅市场的领先份额使我们有一个强大的地位可以充分利用。

For North American Commercial, our focus is on driving continued share growth enabled by our hybrid direct and independent dealer model. We expect to expand our leadership position in storage and services not only with new customers, but also by leveraging our 1.3 gigawatt installed based for additional revenue opportunity.
Overall, we are well positioned to achieve our target model in each business unit.
Before turning the call over to Manu for the financials, I would like to provide some comments on our confidence in achieving our 2019 financial forecasts for the balance of the year. Please turn to Slide 10.
As you can see on the right, we executed well in the first half of the year versus our plan. Given this ouperformance, our significant second half revenue in margin visibility and further expense management initiatives, we are raising our 2019 adjusted EBITDA forecast. Key drivers for the remainder of 2019 include the continued ramp of our A-Series NGT product for the U.S. residential market and associated margin [uplift], improve economics associated with our new residential lease fund, implementation of our innovative new project fund with Goldman Sachs Renewable Partners that gives us the ability to sell our commercial projects and notice to proceed, improving cash flow and working capital, the continued strong demand in the international DG markets for both our Maxeon and P-Series product lines and, finally, high visibility in our SPT power plant business, which is fully booked for the remainder of the year.
We are, therefore, raising our 2019 adjusted EBITDA forecast to be between $100 million and $120 million.
In conclusion, in Q2, we delivered performance that we believe is clear evidence of the success of our strategic transformation. SunPower is well positioned to meet our second half 2019 targets and to grow profitably into the future.
With that, I would like to turn the call over to Manu to review the financials. Manu?

对于北美商业,我们的重点是通过我们的混合直销和独立经销商模式推动持续的股票增长。我们希望扩大我们在存储和服务领域的领导地位,不仅要与新客户合作,还要利用我们安装的1.3千兆瓦的额外收入机会。

总体而言,我们已准备好在每个业务部门实现目标模型。

在将电话转交给Manu进行财务报告之前,我想就我们对今年余额的2019年财务预测有信心。请转到幻灯片10。

正如您在右侧所看到的,我们在今年上半年与我们的计划相比表现良好。鉴于这种表现,我们在保证金可见性和进一步费用管理计划方面的重要下半年收入,我们正在提高2019年调整后的EBITDA预测。 2019年剩余时间的主要推动因素包括我们的A系列NGT产品在美国住宅市场的持续增长以及相关的利润率[提升],改善与我们的新住宅租赁基金相关的经济效益,与Goldman Sachs一起实施我们的创新项目基金可再生能源合作伙伴,使我们能够出售我们的商业项目,并注意继续,改善现金流和营运资金,国际DG市场对我们的Maxeon和P系列产品线的持续强劲需求,以及最终的高可见性我们的SPT电厂业务,在今年剩余时间内已完全预订。

因此,我们将2019年调整后的EBITDA预测提高至1亿美元至1.2亿美元。

总而言之,在第二季度,我们提供的业绩我们认为是我们战略转型成功的明确证据。 SunPower能够很好地满足2019年下半年的目标,并在未来实现盈利增长。

有了这个,我想把电话转到Manu来审查财务状况。马努?

Manavendra Sial

Thanks, Tom. Now let me review the financials. Please turn to Slide 11.
We were pleased with our results as we met our key financial commitments, including our adjusted EBITDA forecast. Overall our non-GAAP revenue was above our commitment as we benefited from strong international DG demand as well as our strong overall execution.
In SPES, revenue was up sequentially as both our residential and commercial businesses saw improved demand throughout the quarter.
For SPT, we shipped 637 megawatts above our forecast, driven primarily by international DG business.
Our consolidated non-GAAP gross margin was 11%, ahead of our forecast. In SPES, gross margin was up sequentially, driven by and improved mix in our commercial business, while residential margin was impacted by 1x noncash charges. For the quarter, pricing in both residential and commercial remain stable. We expect both resi and commercial margins to improve in the second half of the year, given our strong backlog and improving cost structure.
In SPT, gross margin was better than forecast on increased volumes and strong demand in our higher margin DG business. I also want to highlight that SPT Q2 margin and EBITDA results include the impact of continued ramp costs of our Oregon manufacturing operation. The expected costs we'll be applying the second half of the year.
Non-GAAP OpEx was $61 million for the quarter, down 10% sequentially as we benefited from our cost reduction initiatives and productivity gains from our digital investments. We're increasingly confident that 2019 OpEx will be less than $270 million.
CapEx for the quarter was $12 million, consistent with our NGT ramp at Fab 3, and the continued install of our second line in Malaysia.
Adjusted EBITDA was $8 million. We see 2019 adjusted EBITDA improving on a quarterly basis as we benefit from our (inaudible) initiative, strong backlog, increased volumes of NGT and ramp of our storage and service offerings.
I'd now like to discuss a few financial highlights for the quarter. Please turn to Slide 12.
As previously mentioned, we met or exceeded our key financial commitments for the quarter. We've continued to prudently manage our balance sheet with Q2 cash in line with our forecast. More on this later.
In SPES, we've closed 2 financing agreements in the quarter that we believe will significantly improve our working capital management, including our C&I notice to proceed financing program and a new resale lease bond for better lease economics.
We also positioned ourselves for margin expansion in the second half. We expect this expansion to come from the further execution on our cost and technology roadmaps, including higher NGT and storage volumes, benefits from our recently closed project finance initiative and strong visibility in our global DG business.
We remain confident in achieving our second half goals as we have significant visibility in both our business segments.
Finally, we believe our 3 unit franchises, each with distinct value components and supported by industry tailwinds. As a result, we have updated our quarterly metrics sheet to reflect the key value drivers for each of the franchises that provide greater transparency to investors.

谢谢,汤姆。现在让我回顾一下财务状况。请转到幻灯片11。

我们对我们的主要财务承诺(包括我们调整后的EBITDA预测)的结果感到满意。总体而言,我们的非GAAP收入高于我们的承诺,因为我们受益于强大的国际DG需求以及我们强大的整体执行力。

在SPES,收入增长依然增长,因为我们的住宅和商业业务在整个季度都有所改善。

对于SPT,我们的出货量比我们的预测高637兆瓦,主要受国际DG业务的推动。

我们的非GAAP综合毛利率为11%,高于我们的预测。在SPES中,毛利率连续上升,受我们商业业务组合推动和改善,而住宅利润受到1倍非现金收费的影响。本季度,住宅和商业的价格保持稳定。鉴于我们积压的积压和成本结构的改善,我们预计下半年的人均收入和商业利润率将有所改善。

在SPT,毛利率好于预期的增加量和我们的利润率较高的DG业务需求强劲。我还要强调,SPT第二季度利润率和EBITDA结果包括我们俄勒冈州制造业务持续降低成本的影响。我们将在今年下半年应用的预期成本。

本季度非美国通用会计准则运营支出为6100万美元,比我们的成本削减计划和数字投资带来的生产力提升所带来的顺序下降了10%。我们越来越相信2019年的运营支出将低于2.7亿美元。

本季度的资本支出为1200万美元,与我们在Fab 3的NGT坡道一致,以及我们在马来西亚的第二条线的持续安装。

调整后的EBITDA为800万美元。我们看到2019年调整后的EBITDA每季度有所改善,因为我们受益于我们的(听不清)计划,积压的积压,NGT数量的增加以及我们的存储和服务产品的增加。

我现在想讨论本季度的一些财务亮点。请转到幻灯片12。

如前所述,我们达到或超过了本季度的主要财务承诺。我们继续谨慎管理我们的资产负债表,第二季度现金符合我们的预测。稍后会详细介绍。

在SPES,我们已经关闭了本季度的2份融资协议,我们认为这将大大改善我们的营运资金管理,包括我们的C&I通知会进行融资计划和新的转售租赁债券以获得更好的租赁经济效益。

我们还定位于下半年的利润率扩张。我们预计此扩张将来自我们的成本和技术路线图的进一步执行,包括更高的NGT和存储量,我们最近关闭的项目融资计划的好处以及我们全球DG业务的强大可见性。

我们对实现下半年目标仍然充满信心,因为我们在业务领域都具有显着的知名度。

最后,我们相信我们的3个单位特许经营权,每个特许经营权都有不同的价值组成部分,并受到行业的影响。因此,我们更新了季度指标表,以反映每个特许经营权的关键价值驱动因素,从而为投资者提供更高的透明度。

I'd now like to spend a few minutes discussing these key value drivers as well as the favorable trends that will support our growth. Please note that we have provided historical information on these key drivers in our posted metrics sheet on our IR website. Please turn to Slide 13.
I'll focus my discussion on those elements that we feel best exemplify the value of our businesses and explain our view that investors need to look at SunPower on a sum of the parts basis.
First SPES. We see 2 components of value in both residential and commercial; our development engine and our opportunity for service and upsell. For resi development, we continue to see revenue per watt and megawatt growth enabled by a strong dealer network as core drivers of our business.
Storage will also become more important as we roll out our Equinox product in the second half of this year. We also see significant value in our ability to monetize our ongoing relationship with the customer for services and upsell. For example, drivers here are new customer growth as well as our ability to leverage our greater than 285,000 customer installed base for additional storage and services margin.
In C&I, we continue to see strong demand with project sizes increasing and a healthy second half '19 megawatt backlog. With storage becoming a more important aspect of any commercial deal, our [attach rates] remain high. As we have mentioned before, our more than 1.4 gigawatt installed base and more than $3 billion pipeline provides us significant ability to expand our footprint with new products and services.
SPT is a manufacturing technology business, so megawatt shipments, ASPs, bookings and visibility are the key metrics. In DG, we are driving margin expansion in combination with volume growth as our DG business has significantly higher margin than in power plant.
Finally, I'd like to point out that we are currently valuing our 20% ownership in our China manufacturing JV at $35 million.
Before turning the call back to Tom for our guidance, I would like to provide some transparency and cash forecast for the balance of the year. Please turn to Slide 14.
On the left-hand side chart, we detail our major cash flow moves for the first half of 2019 as well as where we see those items for the year as a whole, and provide a bridge for our goal of ending the year with more than $200 million in cash. We are forecasting that our BUs will generate around $150 million of cash in 2019, given our strong visibility of second half EBITDA as articulated by Tom earlier, and working capital initiatives. We define business unit cash generation to include cash impact from our project financing activities and monetization of our remaining development assets.
In 2019, we also expect to materially pay down our legacy liabilities, including our out-of-market [poly] contract that runs through 2021.
Finally, we expect to benefit from investing in high ROI initiatives such as NGT, digital and solar-plus-storage.
In conclusion, we remain on track for our 2019 plan and feel very confident in our ability to meet our long-term model structure.

我现在想花几分钟讨论这些关键价值驱动因素以及支持我们增长的有利趋势。请注意,我们在IR网站上公布的指标表中提供了有关这些关键驱动因素的历史信息。请转到幻灯片13。

我将重点讨论那些我们认为最能体现我们业务价值的因素,并解释我们的观点,即投资者需要根据零件的总和来看待SunPower。

第一个SPES。我们看到住宅和商业两个有价值的组成部分;我们的开发引擎和我们的服务和追加销售机会。对于resi开发,我们继续看到强大的经销商网络作为我们业务的核心驱动因素,实现每瓦特收入和兆瓦增长。

随着我们在今年下半年推出Equinox产品,存储也将变得更加重要。我们也看到了我们通过服务和追加销售与客户持续关系货币化的能力。例如,这里的驱动因素是新的客户增长以及我们利用我们超过285,000个客户安装基础来增加存储和服务利润的能力。

在C&I,我们继续看到强劲的需求,项目规模不断增加,下半年健康的积压量为19兆瓦。随着存储成为任何商业交易的一个更重要的方面,我们的[附加率]仍然很高。正如我们之前提到的,我们超过1.4千兆瓦的安装基础和超过30亿美元的管道为我们提供了通过新产品和服务扩大我们的足迹的重要能力。

SPT是一家制造技术企业,因此兆瓦的出货量,平均售价,预订和可视性是关键指标。在DG,我们正在推动利润率扩张以及销量增长,因为我们的DG业务的利润率明显高于发电厂。

最后,我想指出的是,我们目前正在估算我们在中国制造业合资企业中的20%所有权为3500万美元。

在将电话转回汤姆作为我们的指导之前,我想提供一些年度余额的透明度和现金预测。请转到幻灯片14。

在左侧的图表中,我们详细介绍了2019年上半年的主要现金流动以及我们在整个年度中看到这些项目的情况,并为我们的目标提供了一个桥梁, 2亿美元现金。我们预测2019年我们的业务部门将产生约1.5亿美元的现金,因为我们对汤姆早些时候提出的下半年EBITDA以及营运资金计划具有很强的可见性。我们将业务单位现金生成定义为包括项目融资活动产生的现金影响以及剩余开发资产的货币化。

在2019年,我们还期望实质性地偿还我们的遗留债务,包括持续到2021年的市场外[合约]合约。

最后,我们期望从投资高投资回报率计划中受益,例如NGT,数字和太阳能加储存。

总之,我们仍然按计划进行2019年计划,并对我们满足长期模型结构的能力充满信心。

With that, I will turn the call back to Tom for our guidance. Tom?

有了这个,我会把电话转回汤姆作为我们的指导。汤姆?

Thomas Werner

Thanks, Manu. For 2019, we expect financial performance to improve on a quarterly basis throughout the balance of the year.
I would now like to discuss our guidance for the third quarter and fiscal year 2019. Please turn to Slide 15.
The company's third quarter 2019 guidance is as follows. On a GAAP basis, revenue of $430 million to $470 million, gross margin of 8% to 12% and net loss of $55 million to $35 million.
On a non-GAAP basis, the company expects revenue of $450 million to $490 million, gross margin of 14% to 17%, adjusted EBITDA of $30 million to $50 million and megawatts deployed in the range of 550 to 600 megawatts.
On Slide 16, the company's fiscal year 2019 GAAP and non-GAAP guidance is as follows. Revenue of $1.8 billion to $2 billion on a GAAP basis, and $1.9 billion to $2.1 billion on a non-GAAP basis. Gigawatts deployed is expected to be in a range of 2.05 gigawatts to 2.25, excluding approximately 200 megawatts for the company's safe harbor program, non-GAAP operational expenses of less than $270 million and capital expenditures of approximately $65 million. Finally, the company is raising its fiscal year 2019 adjusted EBITDA to be in the range of $100 million to $120 million.
In summary, Q2 was a solid quarter for the company as we executed on our strategic initiatives and positioned the company for a strong and profitable second half performance.
With that, I would like to turn the call over for questions.

谢谢,Manu。对于2019年,我们预计财务业绩将在每年的余额中按季度改善。

我现在想讨论我们对第三季度和2019财年的指导。请转到幻灯片15。

该公司2019年第三季度的指引如下。按GAAP计算,收入为4.3亿美元至4.7亿美元,毛利率为8%至12%,净亏损为5500万美元至3500万美元。

在非美国通用会计准则基础上,该公司预计收入为4.5亿美元至4.9亿美元,毛利率为14%至17%,调整后的EBITDA为3,000万美元至5,000万美元,兆瓦级欧洲光伏发电量为550至600兆瓦。

在幻灯片16中,公司的2019财年GAAP和非GAAP指导如下。按GAAP计算,收入为18亿至20亿美元,非GAAP基础为19亿至21亿美元。部署的Gigawatts预计将在2.05千兆瓦至2.25的范围内,不包括公司安全港计划的约200兆瓦,非GAAP运营费用低于2.7亿美元和资本支出约6500万美元。最后,该公司将2019财年的调整后EBITDA提高到1亿美元至1.2亿美元。

总之,在我们执行战略计划时,第二季度对公司来说是一个稳固的季度,并使公司在下半年表现强劲且盈利。

有了这个,我想转过来问题。

问答环节

[Operator Instructions] Our first question comes from the line of Brian Lee of Goldman Sachs. Your line is open.

[操作员说明]我们的第一个问题来自Goldman Sachs的Brian Lee。 你的线是开放的。

Brian Lee

Hey, guys. Thanks for taking the questions. I had two, maybe first on the gross margins. Pretty encouraging to see you beat guidance for the second straight quarter here. So kudos to you.
But I was a bit surprised to see the components. Resi seemed weaker, commercial better and then SPT was higher. So can you walk through some of that, the moving pieces across the 3 buckets, and then how we should think about each component into 3Q?
And then generally speaking, it seems like you're tracking ahead of plan in commercial and SPT, but there's more upside potential in resi. Any thoughts around the longer term targets you set out at the Analysts Day, if those are still relevant or if maybe you're starting to see potential upside in some of those buckets?

大家好。 感谢您提出问题。 我有两个,也许是第一个毛利润率。 非常鼓舞人心,看到你在这里连续第二节击败指引。 所以对你赞不绝口。

但是看到这些组件我有点意外。 Resi似乎更弱,商业更好,然后SPT更高。 那么你能不能通过其中的一些,3个桶中的移动件,以及我们应该如何将每个组件考虑到3Q?

然后一般来说,看起来你正在追踪商业和SPT的计划,但是在resi中有更多的上行潜力。 如果这些目标仍然具有相关性,或者您是否开始看到其中某些产品的潜在优势,那么您对分析师日的长期目标有何看法?

Thomas Werner

Thanks for your question, Brian. And this is Tom. I'll start, and then Manu can take if from there. You're right, gross margins were good in Q2, trending the way we want. And I appreciate the question about the models that we showed at Analyst Day, because I think that's highly relevant. Commercial is pretty close to model. Volumes in the second half of the year will be substantially higher. So it's really good news for the commercial business, because as margins have now come in closer to model, we capitalize on that with volume.
SPT is benefiting from focusing on the DG business and, of course, the A-Series product. And so we expect both of those things to continue to bear fruit going forward. So the SPT trend, I think is something we're confident in going forward.
I'll let Manu explain resi. Residential does have some accounting in it that he can explain.
What I would say about residential is we're quite confident about the trend towards model and we need to just explain Q2. But in terms of the overall trend, we're still quite confident that we get to model.
I'll end just with my last comments about getting to model. And I believe you can still find those Analyst Day slides on our website if you want to look at the model for others. Is, yes, I wouldn't say we're prepared to raise model on any of the businesses. But I would say that the guidance that we gave, our confidence is higher and maybe we get there a little sooner in some of the businesses than we were suggesting when we had Analyst Day.
In terms of residential, Manu?

谢谢你的问题,Brian。这是汤姆。我会开始,然后Manu可以从那里拿走。你是对的,第二季度的毛利率很好,正如我们想要的那样。我很欣赏有关我们在分析师日展示的模型的问题,因为我认为这是非常相关的。商业非常接近模特。下半年的数量将大幅增加。因此,对于商业业务而言,这确实是个好消息,因为现在利润率已经接近模型,我们可以利用数量来充分利用它。

SPT受益于专注于DG业务,当然还有A系列产品。因此,我们预计这两件事将继续取得成果。所以SPT趋势,我认为是我们对未来的信心。

我会让Manu解释resi。住宅确实有一些可以解释的会计。

我对住宅的看法是我们对模型的趋势非常有信心,我们需要解释Q2。但就整体趋势而言,我们仍然非常有信心进入模型。

我将结束关于进入模型的最后评论。我相信如果你想看看其他人的模型,你仍然可以在我们的网站上找到那些分析师日幻灯片。是的,是的,我不会说我们准备在任何业务上提出模型。但我会说,我们提供的指导,我们的信心更高,也许我们在某些业务中比我们在分析师日时所建议的那样早一点。

在住宅方面,Manu?

Manavendra Sial

Thanks, Tom. So like Tom said, our residential margins are improving throughout the year. Here's the way to think about second quarter. Second quarter had a 1x noncash charge that was effectively a forgiveness of some charge-backs to dealers from prior years. And non-realizing for that, that would have put us at a higher gross margin compared to prior quarter. So the trends are positive with a little bit reclass [ph] as well between OpEx and gross margin that would have enhanced the gross margin for second quarter.
So as Tom said, the trends in residential are positive quarter-on-quarter and expect to continue through the year.

谢谢,汤姆。 就像汤姆所说的那样,我们的住宅利润全年都在改善。 这是考虑第二季度的方式。 第二季度收取了1倍的非现金费用,这实际上是对前几年经销商的一些退款的宽恕。 而且没有意识到这一点,这将使我们的毛利率高于上一季度。 所以趋势是积极的,并且在OpEx和毛利率之间会有一点点重新调整[ph],这将提高第二季度的毛利率。

正如汤姆所说,住宅的趋势与季度相比是正的,并且预计将持续到今年。

Brian Lee

Okay. Fair enough. That's helpful. And then the second question, then I'll pass it on, on revenues, you've been pretty consistent here in kind of the $400 million to $500 million range throughout the year, also what you're inferring here for 3Q as well. So the first real step-up seems to be in Q4, based on the full year outlook you're providing in the 3Q guidance.
But correct me if I'm wrong. If I look at a megawatt guidance, it seems like Q4 will actually be about 500 megawatts, which is actually not higher; if anything, it seems a little bit lower than the recent run rate. So can you kind of parse that out for us, the better Q4 revenue run rate on what seems to not be necessarily higher volumes? Is this all mix-related?
And if that's the case, can you give us some sense as we head into 2020, around the two drivers of top line growth, potential top line growth, I guess organically on mix and then inorganically on incremental capacity and volume additions? Thanks, guys.

好的。 很公平。 这很有帮助。 然后是第二个问题,然后我会传递它,关于收入,你在全年的价值4亿到5亿美元的范围内非常一致,同样也是你在这里推测的第三季。 所以第一次真正的升级似乎是在第四季度,基于您在第三季度指导中提供的全年展望。

但如果我错了,请纠正我。 如果我看一下兆瓦的指导,看起来Q4实际上大约是500兆瓦,实际上并不高; 如果有的话,它似乎比最近的运行率低一点。 那么你可以为我们解析一下,更好的Q4收入运行率似乎不一定是更高的数量吗? 这与混合有关吗?

如果情况确实如此,那么当我们进入2020年时,你能否给我们一些意义,围绕顶线增长的两个驱动因素,潜在的收入增长,我猜有机混合,然后是增量容量和增量的无机增长? 多谢你们。

Manavendra Sial

Great. There were lots of questions rolled into one, so I'll address piece-by-piece.
From a revenue perspective, SPES is a higher mix. Both residential and commercial over at [ph] SunPower revenue in the back half of the year or megawatts in the back half of the year. That drives the higher revenue. Both businesses are doing extremely well with higher bookings, and residential and commercial bookings also very good, stronger backlog coming in the back half of the year, which gives us increasing confidence in the back half revenue number.
Those revenue numbers in SPES we'll expect to grow in line with the model that we laid out at the Analyst Day for both residential and commercial businesses. So that was from a revenue perspective.
From a megawatt perspective, one of the things you have to factor in is that the back half of the year, megawatts includes about 200 megawatts for safe harbor. That is not part of our megawatt guidance, our megawatt deployed guidance. So you have to add 200 megawatts to that, 1/4 of that in third quarter and 3/4 of that in fourth quarter.

非常好。有很多问题汇集成一个,所以我将逐个解决。

从收入角度来看,SPES是一个更高的组合。住宅和商业都在[Ph] SunPower收入在今年下半年收入或兆瓦在后半年收入。这推动了更高的收入。这两家公司的预订量都很高,住宅和商业预订也非常好,今年下半年的订单更加强劲,这让我们对后半年的收入增加了信心。

我们预计SPES的收入数字将与我们在分析师日为住宅和商业企业制定的模型一致。所以这是从收入角度来看的。

从兆瓦的角度来看,你要考虑的一件事是,今年的后半部分,兆瓦包括大约200兆瓦的安全港。这不是我们兆瓦指导的一部分,我们的兆瓦部署指导。所以你必须增加200兆瓦,第三季度增加1/4,第四季度增加3/4。

Thomas Werner

And then, Brian, in terms of 2020 and beyond, how do you think of revenue growth? So there's the baseline megawatts deployed and we guided our growth on our Analysts Day. And we do have the catalyst of the safe harbor, plus we will have an ITC catalyst again next year in America. And rest of world markets are really strong, places like Europe, of course, Korea, Latin America, other parts of Southeast Asia that are doing quite well. We think that goes into next year as well.
I think it's super important to know as well that we expect revenue per watt to increase meaningfully over the next few years as we increasingly attach storage and services to a lesser extent. And that's the case for residential and commercial.
In SPT, a big driver will be more A-Series focus on DG. And of course we're not done. A-Series, as we ramp A-Series, our SPT team is working on a successor product as well; assume in the out years that'll help revenue as well.
So that's how I would think of longer term revenue growth.

然后,Brian,就2020年及以后而言,您如何看待收入增长?因此,部署了基线兆瓦,我们在分析师日指导了我们的增长。我们确实拥有安全港的催化剂,而且明年我们将在美国再次拥有ITC催化剂。其他世界市场非常强大,欧洲,当然还有韩国,拉丁美洲,东南亚其他地区的市场表现相当不错。我们认为这也将进入明年。

我认为最重要的是要知道,随着我们越来越多地将存储和服务附加到较小程度,我们预计未来几年每瓦收入将有意义地增加。这就是住宅和商业的情况。

在SPT中,一个重要的驱动力将是更多的A系列专注于DG。当然,我们还没有完成。 A系列,随着我们推出A系列,我们的SPT团队也在开发后续产品;假设在外面几年也会有助于增加收入。

这就是我如何看待长期收入增长。

Brian Lee

Okay. Thanks, guys. Appreciate the color.

好的。 多谢你们。 欣赏颜色。

Thomas Werner

Thanks, Brian.

谢谢,Brian。

Manavendra Sial

Thanks, Brian.

谢谢,Brian。

会议主持员

Thank you. And our next question comes from the line of Michael Weinstein of Credit Suisse. Your line is open.

谢谢。 我们的下一个问题来自瑞士信贷的Michael Weinstein。 你的线是开放的。

Maheep Mandloi

Hi. This is Maheep Mandloi on behalf of Michael Weinstein. Could you just touch up on NGT manufacturing roadmap and where we are on adding the third line and beyond the first two lines? And then I will follow.

你好。 这是Maheep Mandloi代表Michael Weinstein。 您是否可以了解NGT制造路线图以及我们在哪里添加第三条线并超出前两条线? 然后我会跟着。

Thomas Werner

Sure. So we think of NGT really comes in line pairs. So we've implemented a line pair, so you could call it two lines. But it's a line pair. The equipment for that second half or that second line is being installed and will be operational soon. And so we expect to be pretty close to the nameplate run rate of 250 megawatts in Q4.
In terms of the next line, depending on how you count, we would expect to make the commitment for that line during the fourth quarter, probably towards the end of the fourth quarter. That commitment right now would be planned to happen after we signed a funding agreement. And so that's the plan that we have in front of us now. And of course, then we ramp subsequently and more aggressively next year post-funding, converting more lines to Maxeon 5.

当然。 所以我们认为NGT真的是成对的。 所以我们已经实现了一个线对,所以你可以把它称为两行。 但它是一对线。 下半部或第二条线的设备正在安装,并将很快投入使用。 因此我们预计第四季度的铭牌运行速度将达到250兆瓦。

就下一行而言,根据您的计算方式,我们期望在第四季度(可能在第四季度末)对该生产线做出承诺。 我们现在计划在签署融资协议后实现这一承诺。 所以这就是我们现在面前的计划。 当然,随后我们会在明年资助后更加积极地进行投资,将更多线路转换为Maxeon 5。

Maheep Mandloi

Got it. And then, typically like could you just touch on the bifacial exemption which was recently granted by the government? And how do you see that technology specifically for your JV in China and for NGT as well? Thanks.

得到它了。 然后,通常你可以谈谈最近由政府授予的双面豁免吗? 您如何看待专门针对您在中国和NGT的合资企业的技术? 谢谢。

Thomas Werner

Yes. So bifacial is not new to us. We shipped bifacial product in 2009 to the Desoto project with NextEra Energy. So we know bifacial extremely well.
The P-Series product actually has a better bifacial ratio or coefficient than does our IBC product. So the P-Series product in China is particularly well-suited for bifacial. We don't actually ship out of that joint venture into America. So the motivation from the 201 exclusion is not there for us, because, of course, we have an IBC technology exclusion.
So if we do bifacial, it would be P-Series most likely, but it would be for rest of world markets. There are things evolving with 201 and tariffs in the AD CVD that may change that, but that would be the current position. And it's important to note bifacial really only makes sense in power plant. In the DG applications, you don't have adequate space between the module and the reflective surface for the math to work. It doesn't mean we won't see bifacial modules in DG; it just doesn't make sense economically.

是。所以双面对我们来说并不陌生。我们在2009年将双面产品运送到了NextEra Energy的Desoto项目。所以我们非常了解双面。

与我们的IBC产品相比,P系列产品实际上具有更好的双面比或系数。因此,中国的P系列产品特别适合双面。我们实际上并没有将该合资企业运往美国。因此,201排除的动机不适合我们,因为当然,我们有IBC技术排除。

因此,如果我们做双面,最有可能是P系列,但它将适用于世界其他市场。随着201年的发展和AD CVD中的关税可能会改变这一点,但那将是当前的立场。重要的是要注意双面真正只在发电厂才有意义。在DG应用程序中,模块和反射表面之间没有足够的空间来使数学运行。这并不意味着我们不会在DG中看到双面模块;它在经济上没有意义。

Maheep Mandloi

That's helpful. And just one last question, and then I'll get back in the queue. Just could you just talk about the improving residential lease economics? And I know Manu there briefly touched upon it. But if you have anything more on that to share, will you? Thanks.

这很有帮助。 还有最后一个问题,然后我会回到队列中。 您能谈谈改善住宅租赁经济吗? 而且我知道Manu在那里简单地触及了它。 但如果你有更多的东西要分享,你呢? 谢谢。

Thomas Werner

Yes. So we've done -- I'm going to let Norm Taffe answer that question here in a second. I'm just going to say a few words. Norm runs the residential business; I think many of you know that. We've done 3 prior funds with BAML. Well, of course, you improve each fund as you work with them. And we've raised a lot of lease funds. And so Norm and his team and Manu's team work closely with BAML to improve the actual implementation of the [forced lease] fund. Do you want to say a few words now?

是。 所以我们已经完成了 - 我将让Norm Taffe在一秒钟内回答这个问题。 我只想说几句话。 Norm经营住宅业务; 我想很多人都知道。 我们用BAML完成了3个先前的资金。 当然,当你使用它们时,你会改进每个基金。 我们筹集了大量的租赁资金。 因此,Norm及其团队和Manu团队与BAML密切合作,以改善[强制租赁]基金的实际执行情况。 你现在想说几句话吗?

Norman Taffe

Yes. Thanks, Tom. Yes. The only thing I'd add there was we are very good partners with BAML, allowed us to really achieve our key objective, both in terms of lowering our cost of capital and allowing us to actually take more money back to ourselves on those leases.
Also, it supported our SunStrong partnership very well in that this lease fund actually allows us to deconsolidate real-time leases. So we get the cash upfront and then we participate with our partner, SunStrong, in the longer term economics of the lease at the same time. That's quite innovative and unique and very supportive with our whole trends for be more transparent about our economics and focus on getting cash up front.

是。 谢谢,汤姆。 是。 我唯一要补充的是,我们是BAML的非常好的合作伙伴,让我们真正实现了我们的关键目标,既可以降低资本成本,也可以让我们在这些租约上实际上更多地回报自己。

此外,它很好地支持了我们的SunStrong合作伙伴关系,因为这个租赁基金实际上允许我们拆分实时租赁。 因此,我们预先获得现金,然后我们与合作伙伴SunStrong一起参与租赁的长期经济学。 这是非常创新和独特的,并且非常支持我们的整体趋势,以便更加透明地了解我们的经济状况,并专注于提前获得现金。

会议主持员

Thank you. And our next question comes from the line of Julien Dumoulin-Smith of Bank of America. Your line is open.

谢谢。 我们的下一个问题来自美国银行的Julien Dumoulin-Smith。 你的线是开放的。

Julien Dumoulin-Smith

Good afternoon. Congratulations. Maybe just a quick housekeeping item before I move on. [Technical Difficulty] embedded in your guidance here in the back half of the year and where that's to be accounted for? And then I got a follow-up real quickly.

下午好。恭喜。 在我继续之前,也许只是一个快速的家务项目。 [技术难度]在今年下半年在您的指导中嵌入了哪些内容? 然后我迅速得到了一个真实的后续行动。

Thomas Werner

Julien, we lost your connection there briefly. You said something about something being embedded in the back half guidance. Can you . . .

朱利安,我们在那里短暂地失去了联系。 你在后半部分指导中说了些什么。 你能 。。。

Julien Dumoulin-Smith

Sorry. Apologies about that. The Enphase shares, just where is that reflected in your guidance? And what are you assuming there for the balance of '19 here?

抱歉。 对此抱歉。 Enphase股票,你的指导中反映的是哪里? 你在那里假设'19'的余额是什么?

Manavendra Sial

So from a Enphase perspective, we are assuming that we'll own about 85% of the Enphase stock.

因此,从Enphase的角度来看,我们假设我们将拥有大约85%的Enphase股票。

Thomas Werner

So we've got nothing in our P&L nor our cash forecast from this day forward on Enphase for 2019. We'll be an 85% owner at the end of the year.

因此,我们的盈亏中没有任何内容,也没有我们从现在开始的现金预测2019年Enphase。我们将在年底成为85%的所有者。

Julien Dumoulin-Smith

Got it. Okay. Excellent. And then if I can just turn back to the sustainability of the cash improvement that you're talking about. I suppose, can you give at least a little bit of a flavor as to some of the items in the back half of the year and how you think about that moving forward? I mean, there's a lot of more specific questions, I suppose you could ask. But perhaps at a high level and at risk of being overly specific, that's probably the best way to frame the question at large here.

得到它了。 好的。 优秀。 然后,如果我能够回到你所谈论的现金改善的可持续性。 我想,你能否至少对今年下半年的一些项目给出一点点味道,以及你对前进的看法? 我的意思是,有很多更具体的问题,我想你可以问一下。 但也许在高水平和过于具体的风险,这可能是在这里提出问题的最佳方式。

Thomas Werner

So Julien, you want a summary of how do we think of cash in the back half of the year and what the drivers are for cash?

那么Julien,你想要总结我们如何看待今年下半年的现金以及现金的驱动因素是什么?

Julien Dumoulin-Smith

Yes. But with an eye towards how do you think about the sustainability of the business unit cash as well as corporate and CapEx going into '20, right? So the viewpoint being, what changes?

是。 但是关注你如何看待业务部门现金以及企业和CapEx进入'20'的可持续性,对吗? 所以观点是,有什么变化?

Manavendra Sial

So as you think about the back half of the cash, elements of cash, so 3 big pieces. The business units are generating cash in the back half of the year on the backs of strong EBITDA performance and a better working capital model. That should continue in 2020 and beyond. The legacy liabilities is the second piece. That should start reducing as you think about going from 2019 to 2020 and beyond. And then the CapEx will be primarily invested in high ROI investments, most of it going to NGT.

所以当你想到后半部分的现金,现金元素,那么3件大件。 由于强劲的EBITDA表现和更好的营运资本模式,业务部门在今年下半年产生现金。 这应该在2020年及以后继续。 遗留债务是第二部分。 当您考虑从2019年到2020年及以后,这应该开始减少。 然后,资本支出主要投资于高投资回报率投资,其中大部分投资于NGT。

Thomas Werner

I think, too, Julien, I would just jump on, the upstream part of our business had a pretty significant transformation. That was a significant part of our cash burn in previous years and it's gotten quite a bit better that their business is benefiting from A-Series from the new DG product, from strong markets performing well, by the way, gaining share in those strong markets. So there's been quite a turnaround in SPT that we would expect to continue as we invest in our NGT product.

我想,朱利安,我只是跳上去,我们业务的上游部分有一个非常重要的转变。 这是我们前几年现金消耗的一个重要部分,他们的业务从新的DG产品中受益于A系列,从强劲的市场表现良好,顺便说一下,在这些强大的市场中获得份额,这已经好一点了。 因此,当我们投资NGT产品时,我们预计SPT会出现相当大的转变。

Julien Dumoulin-Smith

The preferred bidder structure, just what's the expectation there on how that would contribute here, as best you at least initially understand it today?

首选的投标人结构,正如我们对此有何贡献的期望一样,至少你最初最初理解它是什么?

Thomas Werner

When you say preferred there, are you referring to NGT funding?

当你说那里的首选时,你指的是NGT资金吗?

Julien Dumoulin-Smith

Yes. Sorry. And what would that structure look like under the preferred bidder, if not specific to who it is, et cetera.

是。 抱歉。 如果不是特定于谁,那么该结构在首选投标人看起来会是什么样的,等等。

Thomas Werner

Yes. Yes. Well, of course, until we're final, definitives, I can't convey exactly what that would look like. What I would say to you broadly is it's significant funding. We're [broadening] an agreement as to what that would look like. It is structured in a way that can be exclusively invested in the upstream business. And (inaudible) to mention, I think I'm comfortable with conveying here is timing, which I would measure in low number of months.

是。 是。 嗯,当然,直到我们最终,权威,我无法准确地传达那样的样子。 我会广泛地对你说,这是重要的资金。 我们正在[扩大]关于那样的协议。 它的结构可以专门投资于上游业务。 而且(听不清楚),我觉得我很满意这里传达的是时间,我会在很短的几个月内测量。

会议主持员

And our next question comes from the line of Colin Rusch of Oppenheimer. Your line is open.

我们的下一个问题来自Oppenheimer的Colin Rusch。 你的线是开放的。

Colin Rusch

So as you look at the energy storage and the services opportunity there, can you talk a little bit about the supply chain's preparedness to help support you guys in terms of that growth? And then how do you think about some of these services in terms of the pricing dynamics? Certainly, what we've seen in terms of fast responding energy storage? And the Mid-Atlantic has been a lesson in terms of not getting too far ahead of ourselves. So just want to get some perspective on that from you guys.

因此,当您查看能源存储和服务机会时,您能否谈谈供应链是否准备好帮助您在增长方面为您提供支持? 然后,您如何根据定价动态思考其中一些服务? 当然,我们在快速响应能量存储方面看到了什么? 而大西洋中部一直是一个教训,就是不要走得太远。 所以只想从你们那里获得一些观点。

Thomas Werner

Okay. So Colin, can you repeat the first part of the question? The second part . . .

好的。 科林,你能否重复问题的第一部分? 第二部分。。。

Colin Rusch

The second part is on energy storage pricing in the open market bidding. And the first part is about supply chain's preparedness to support your growth there.

第二部分是公开市场竞价中的储能定价。 第一部分是关于供应链为支持您在那里的发展做好准备。

Thomas Werner

Thank you. Okay. So I'll say a few words, and Nam Nguyen, who runs the commercial business, may add a few comments.
So in terms of supply chain, the good news is, we've been in the storage market now in production for over a year, year and a half. In the commercial business, we've diversified sources. It would be fair to say that supply and demand isn't always in alignment. And generally speaking, demand is greater than supply. There's also been suppliers that are modulating how aggressive they are in terms of their supply.
We've been able to diversify supply in commercial, and we're fine. The work that we've done there is benefiting how we approached Equinox storage for residential. And sourcing for battery, we think is going to be fine for us when we release that product in the back half of this year.
Then I'll comment on services. For us, when you monetize the services, for sure the customer, the old management is much more revenue generation than grid services than the market pricing for capacity or fast response, as you indicated. So our focus is on demand charge elimination which has way more significant economics.
In terms of grid services, though, mentioned in our prepared comments, we're a year into it. We won a New England ISO capacity bid a year ago. It was not that large, but it gave us experience. We're bidding more significantly as I speak or approximately in this time frame. So that doesn't really materially -- I'm going to give you a broad answer. Doesn't really start to materially affect our P&L as we model it. It takes a couple years before you're going to see that really move the needle in our P&L, 2 or 3 years. Do you want to add anything, Nam?

谢谢。好的。所以我会说几句话,负责商业业务的Nam Nguyen可能会添加一些评论。

所以在供应链方面,好消息是,我们现在已经在存储市场上生产了一年多一年半。在商业领域,我们拥有多元化的资源。可以公平地说,供需并不总是一致的。一般而言,需求大于供给。也有供应商正在调整他们的供应方式。

我们已经能够实现商业多元化供应,我们很好。我们在那里所做的工作有益于我们如何接触住宅的Equinox存储。我们认为,当我们在今年下半年发布该产品时,我们认为对于电池采购来说会很好。

然后我会评论服务。对于我们来说,当您通过服务获利时,对于客户来说,旧的管理层比网格服务的收入要多于容量或快速响应的市场定价,正如您所指出的那样。因此,我们的重点是消除需求费用,这具有更重要的经济效益。

然而,在我们准备的评论中提到的网格服务方面,我们还需要一年的时间。我们一年前赢得了新英格兰ISO的竞标能力。它不是那么大,但它给了我们经验。在我发言时或在此时间范围内,我们的出价更为显着。所以这并不是真正的重要 - 我会给你一个广泛的答案。在我们建模时,并没有真正开始对我们的损益产生重大影响。您需要花费几年的时间才能看到我们的损益在2年或3年内真正发挥作用。你想加点什么吗,Nam?

Nam Nguyen

Yes. Just to add another comment, Tom, to your comment around the supply situation. While there is constraint on the battery supply side, we actually feel pretty comfortable with our position. We have a number of strong suppliers. And I think it speaks to the strength of our pipeline as well as our deployment numbers and our partners being able to count on us for that pipeline and deployment. The certainty of deployment is very, very critical.
On the storage services side, to date, we've mostly deployed applications around demand charge savings as well as energy [arbitrage]. And the key markets that we've seen those types of economics to work for us are California as well as a few of the east coast markets, including New York, Massachusetts and New Jersey. So those are the big markets right now for C&I storage.

是。 只是添加另一条评论,汤姆,关于供应情况的评论。 虽然电池供应方面存在限制,但我们的位置实际上感觉非常舒服。 我们有一些强大的供应商。 我认为这说明了我们管道的优势以及我们的部署数量,我们的合作伙伴能够依靠我们进行管道和部署。 部署的确定性非常非常关键。

在存储服务方面,到目前为止,我们主要部署应用程序围绕需求节省费用以及能源[套利]。 我们看到这些类型的经济学为我们工作的主要市场是加利福尼亚以及东海岸的一些市场,包括纽约,马萨诸塞和新泽西。 所以这些是C&I存储的大市场。

Colin Rusch

Great. That's helpful. And then just following up on Julien's question around the Enphase position. So today it's exiting the market at about $182 million of value. Can you just walk us through the logic of hanging on to that position when we're having so many discussions around cash about the operating business?

非常好。 这很有帮助。 然后就Julien关于Enphase立场的问题采取后续行动。 所以今天它以超过1.82亿美元的价格退出市场。 当我们围绕经营业务进行如此多的现金讨论时,您能否告诉我们坚持这一立场的逻辑?

Thomas Werner

Well, there's actually a form filed that shows prior to today we have sold 1 million shares out of 7.5 million. So that's 13%, and, thus, the answer to the previous question of 85%. And there's contractual reasons in terms of the way we originally got that investment, that affect on how we would monetize that position.
Also, frankly, we have a really good partnership with Enphase, and it's quite effective. And I think holding the 85% gives you some impression of what we think of the partnership. So it's a combination of the contract and the partnership.

嗯,实际上有一份表格显示,在今天之前我们已经卖出了750万股中的100万股。 所以这是13%,因此,回答前一个85%的问题。 就我们最初获得投资的方式而言,存在合同原因,这会影响我们如何通过这种方式货币化。

而且,坦率地说,我们与Enphase有着非常好的合作伙伴关系,而且非常有效。 我认为持有85%可以让您对我们对合作关系的看法有所了解。 所以它是合同和合作伙伴关系的组合。

会议主持员

And our next question comes from the line of Pavel Molchanov of Raymond James.

我们的下一个问题来自Raymond James的Pavel Molchanov。

Pavel Molchanov

In the cash flow statement for the June quarter, there was a $9 million payment to SolarWorld. Is that the entirety of what you paid to acquire the Oregon facility?

在6月季度的现金流量表中,向SolarWorld支付了900万美元。 这是您为获得俄勒冈州设施而支付的全部费用吗?

Thomas Werner

The answer's no. We had an upfront payment back in the fall, and then this is part of that. I think that upfront payment, I don't remember exactly, but it was mid-20.

答案是否定的。 我们在秋季收到了预付款,然后这是其中的一部分。 我认为前期付款,我不记得确切,但它是在20年代中期。

Manavendra Sial

That's right, Tom.

那是对的,汤姆。

Pavel Molchanov

Okay. Can I also ask about the prospect of ITC extension? Some bills introduced in both the House and Senate for a 5-year extension. Obviously, the pre-buying in advance of 2020 would suggest the industry doesn't really believe it. I'm curious if you're expecting this thing to get settled before, let's say the 2020 election.

好的。 我还可以问一下ITC扩展的前景吗? 在众议院和参议院提出的一些法案延长了5年。 显然,2020年之前的预购将表明该行业并不真正相信它。 我很好奇你是否期望这件事能够在之前得到解决,让我们说2020年大选。

Thomas Werner

So our opinion is based on, in my case, several rounds with ITC, and the last one, of course, was the, I believe it was 5-year extension. And that was very late in the process and it was a late part of the agreement that was reached on the Tax Extenders Bill, as I remember it. And I would estimate that that would be what would happen here as well. So in my opinion, given that experience, November or December would be when we would know. That does affect how much we safe harbor, because, of course, the more we safe harbor, if it were extended in December, we'll have that extra material with no economic gain at that point. So we are preplanning for that. I think that's one of the benefits, of course, of being vertically integrated, is we can adjust rapidly.
So on those two bills, we're not optimistic. We wouldn't think that it's going to happen -- I think this is just early signs in positioning for the potential for that. And I believe the whole reason for this is that most people voting believe in climate change, and this is a bipartisan way that's worked in the past to extend renewables.
So it went from 0% at the beginning of the year to maybe 30% now, and we'll see as the year develops. That's how we think of it.

因此,就我而言,我们的观点是基于ITC的几轮,当然最后一个是,我认为这是5年的延期。这是在这个过程中非常晚的时候,这是在延长税收法案中达成的协议的后期部分,我记得它。我估计这也会发生在这里。所以在我看来,鉴于经验,11月或12月是我们知道的时候。这确实会对我们安全港的影响产生影响,因为当然,我们的安全港越多,如果在12月延长,我们就会拥有那些在此时没有经济收益的额外材料。所以我们正在为此预先计划。我认为这是垂直整合的好处之一,我们可以迅速调整。

所以在这两项法案中,我们并不乐观。我们不会认为它会发生 - 我认为这只是定位潜力的早期迹象。我相信这样做的全部原因是大多数人投票都相信气候变化,这是一种过去在扩大可再生能源方面的两党合作方式。

因此它从年初的0%变为现在的30%,我们将看到随着年份的发展。这就是我们如何看待它。

Pavel Molchanov

Okay. Appreciate it.

好的。 欣赏它。

Thomas Werner

Great. Thanks, Pavel. That's all the questions we're going to take today. We really appreciate everybody's time, and we look forward to our next earnings call with you.

非常好。 谢谢,帕维尔。 这就是我们今天要采取的所有问题。 我们非常感谢每个人的时间,我们期待着您的下一次收益电话会议。

会议主持员

ladies and gentlemen, thank you for your participation in today's conference. this does conclude the program. you may now disconnect. everyone have a great day.+

女士们,先生们,感谢您参加今天的会议。 这确实结束了该计划。 你现在可以断开连接。 每个人都有美好的一天。

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