Vivint Solar (VSLR) 首席执行官 David Bywater 于 2019年 第二季度业绩 - 收益电话会议记录

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Vivint Solar (NYSE:VSLR) Q2 2019 Earnings Conference Call August 8, 2019 5:00 PM ET

Vivint Solar(纽约证券交易所代码:[VSLR])2019年第二季度收益电话会议2019年8月8日美国东部时间下午5:00

公司参与者

Rob Kain - Vice President, Investor Relations
David Bywater - Chief Executive Officer
Dana Russell - Chief Financial Officer

  • Rob Kain - 投资者关系副总裁
  • David Bywater - 首席执行官
  • Dana Russell - 首席财务官

电话会议参与者

Julien Dumoulin-Smith - Bank of America/Merrill Lynch
Praful Mehta - Citigroup
Joseph Osha - JMP Securities
Philip Shen - ROTH Capital Partners
Colin Rusch - Oppenheimer

  • Julien Dumoulin-Smith - 美国银行/美林证券
  • Praful Mehta - 花旗集团
  • 约瑟夫奥沙 - JMP证券
  • Philip Shen - ROTH Capital Partners
  • Colin Rusch - 奥本海默

会议主持员

Good afternoon. My name is Christine and I will be your conference operator today. At this time, I would like to welcome everyone to the Vivint Solar Inc. Q2 2019 Financial Results Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions] Thank you. Rob Kain, VP, Investor Relations, you may begin your conference.

下午好。 我的名字是Christine,今天我将成为您的会议运营商。 在这个时候,我想欢迎大家参加Vivint Solar Inc.的2019年第二季度财务业绩电话会议。 所有线路都已静音以防止任何背景噪音。 发言者发言后,将会有一个问答环节。 [操作员说明]谢谢。 投资者关系副总裁Rob Kain,您可以开始您的会议。

Rob Kain

Thank you, operator. Good afternoon, everyone and welcome to Vivint Solar’s second quarter 2019 financial results conference call. Joining me today to talk about our financial results are David Bywater, our Chief Executive Officer and Dana Russell, our Chief Financial Officer. This call is being webcast and a supplemental investor deck is available on the Investor Relations section of the Vivint Solar website at investors.vivintsolar.com. In addition, we will be discussing both GAAP and non-GAAP financial measures during today’s call.
We have provided non-GAAP to GAAP reconciliations in our earnings press release that was issued earlier today. This press release is also available on the Investors section of our website. Please note that a replay of this call will be available within a few hours of the call. After management’s remarks, we will host a Q&A session.
During today’s call, some of the statements we will be making constitute forward-looking statements within the meaning of the federal securities laws, including statements regarding our guidance and our expectations for our business, finances, operations and markets. Accordingly, we wish to caution you that such statements are just estimates based on current expectations and assumptions regarding future events and business performance and involve risks and uncertainties that could cause actual results to differ materially. We refer you to the registration statements and periodic reports that we will file with the U.S. Securities and Exchange Commission from time-to-time which are available on our website identifying important factors that could cause the actual results to differ materially from those contained in our projections and other forward-looking statements. We undertake no obligation and expressly disclaim the obligation to update or revise any forward-looking statements whether as a result of new information future developments or otherwise.
With that, I turn the call over to David.

谢谢运营商。大家下午好,欢迎来到Vivint Solar 2019年第二季度财务业绩电话会议。今天和我一起谈论我们的财务业绩的是我们的首席执行官David Bywater和我们的首席财务官Dana Russell。此次电话会议正在进行网络直播,并且可以在Vivint Solar网站的投资者关系部分的投资者网站上找到补充投资者资料.vivintsolar.com。此外,我们将在今天的电话会议中讨论GAAP和非GAAP财务指标。

我们在今天早些时候发布的盈利新闻稿中提供了非GAAP与GAAP对账。本新闻稿也可在我们网站的投资者部分获取。请注意,电话会议后几小时内即可重播此电话。管理层发言后,我们将举办问答会议。

在今天的电话会议中,我们将要做的一些陈述构成联邦证券法意义上的前瞻性陈述,包括有关我们的指导和我们对业务,财务,运营和市场的期望的陈述。因此,我们谨此提醒您,此类陈述仅是基于当前预期和对未来事件和业务绩效的假设的估计,并涉及可能导致实际结果出现重大差异的风险和不确定性。我们将向您推荐我们将不时向美国证券交易委员会提交的注册声明和定期报告,这些报告可在我们的网站上找到可能导致实际结果与我们的实际结果大不相同的重要因素。预测和其他前瞻性陈述。我们不承担任何义务,并明确拒绝更新或修订任何前瞻性陈述的义务,无论是由于新信息未来发展还是其他原因。

有了这个,我把电话转给大卫。

David Bywater

Thanks, Rob. Good afternoon, everyone. We delivered strong results in the second quarter installing 56 megawatts, which was above the high end of our guidance. This represents 19% growth over the second quarter last year and for the first half of 2019, we have grown 16% year-over-year. Our momentum continues to build. We are seeing environment growth across all of our channels with particularly strong growth in the first half of this year coming from our internal direct-to-home sales force, our rapidly expanding dealer channel and our inside sales channel which continues to be our most cost efficient channel adding megawatts with good economics in a reliable and controllable manner.
The growth and momentum we are delivering is expected and planned. We are excluding the way that continues to build an organization that will provide benefits to consumers of solar energy and lead the revolution of clean power to greater heights. We do not expect the momentum to slow down. We will continue to be prudent and deliberate and how we grow and operate the business. We expect to see greater channel mix benefits from our expanding retail and homebuilder efforts in the latter part of this year as we have continued to focus efforts and resources into these channels. In addition to these growth engines, we continue to improve systems, processes and technology to reduce cycle times, improve the customer experience and reduce operating costs. We also continue to work to refine and accelerate our battery offering. Now, that we are delivering nicely on our operational, financial and sales growth initiatives. There has never been a better time to be a business holder. Overall, I am very pleased with our company’s progress and the exciting results we are experiencing.
Our direct-to-home sales force historically has been the core of our business. We believe that by introducing additional channels, we can reach more customers and provide flexibility to the business, while over time significantly lowering our customer acquisition costs. These other channels continue to grow as a proportion of our overall and expanding business and represented 26% of our installations in the second quarter. Although we are still early in the process and we know we will have to overcome obstacles as we learn, we believe that we are on the right track. We are now working with 8 of the top 10 builders in California and are looking forward to the growth that will come from this important channel. I am also happy to announce that we recently signed an agreement to operate in select locations with Sam’s Clubs. This marks the fourth major retailer that has agreed to work with us in delivering the benefits of residential solar to customers.
We are still early in ramping of these channels and exploring what works best for customers, our partners and ourselves. We are just starting to scale actual sales activity and do not expect significant volume until the latter half of this year as we adjust and adapt our processes to best fit the needs of these channels. We are optimistic that our presence with homebuilders and retail locations will help us to reach additional customers and we are excited by the opportunities it gets. Our inside sales team are providing capabilities that we are relying upon to deliver incremental volume and value, this channel augments the direct-to-home sales force and is the group responsible for closing leads generated by our retail and e-commerce channels. This is becoming a lower cost route to market and a larger percentage of our quarterly installation volume.

谢谢,罗布。大家下午好。我们在第二季度安装了56兆瓦的强劲成果,这超出了我们指导的高端。这比去年第二季度增长了19%,而在2019年上半年,我们同比增长了16%。我们的势头继续增强。我们看到我们所有渠道的环境增长,今年上半年增长尤为强劲,来自我们的内部直接到户销售队伍,我们快速扩张的经销商渠道和内部销售渠道,这仍然是我们最大的成本有效的通道以可靠和可控的方式增加具有良好经济性的兆瓦。

我们正在实现的增长和势头是预期和计划的。我们正在排除继续建立一个能够为太阳能消费者带来利益并将清洁能源革命推向更高境界的组织的方式。我们预计这种势头不会放缓。我们将继续保持谨慎和慎重,以及我们如何发展和经营业务。由于我们继续将努力和资源集中在这些渠道中,我们预计今年下半年我们将继续扩大零售和房屋建筑商的渠道组合效益。除了这些增长引擎,我们还在不断改进系统,流程和技术,以缩短周期时间,改善客户体验并降低运营成本。我们还将继续努力改进和加速我们的电池供应。现在,我们正在为运营,财务和销售增长计划提供良好的服务。现在是成为企业主的最佳时机。总的来说,我对公司的进步和我们正在经历的令人兴奋的结果感到非常满意。

我们的直接销售队伍历来是我们业务的核心。我们相信,通过引入额外渠道,我们可以覆盖更多客户并为业务提供灵活性,同时随着时间的推移显着降低客户获取成本。这些其他渠道继续增长,占我们整体业务和扩展业务的比例,占第二季度安装量的26%。虽然我们还处于初期阶段,但我们知道在学习过程中我们必须克服障碍,我们相信我们正走在正确的轨道上。我们现在正与加利福尼亚州十大建筑商中的八家合作,并期待这一重要渠道的增长。我也很高兴地宣布,我们最近签署了一项协议,在Sam's Clubs的指定地点开展业务。这标志着第四家主要零售商同意与我们合作,为客户提供住宅太阳能的优势。

我们还在尽早开发这些渠道并探索最适合客户,合作伙伴和我们自己的渠道。我们刚刚开始扩大实际销售活动,并且在我们调整和调整我们的流程以最佳地满足这些渠道的需求之前,预计在今年下半年之前不会有大量销量。我们乐观地认为,我们与住宅建筑商和零售店的合作将有助于我们吸引更多客户,我们对其获得的机会感到兴奋。我们的内部销售团队正在提供我们所依赖的功能,以提供增量和价值,该渠道增加了直接到户的销售力量,并且是负责关闭由我们的零售和电子商务渠道产生的潜在客户的团队。这正在成为一种成本较低的上市途径,也是我们季度安装量的较大比例。

We are committed to building the infrastructure for the future and are pursuing programs to lower cost, which will allow us to open new markets and become a viable option for customers who don’t have access to residential solar today. Inside sales is an area of the business that has grown substantially over the past several quarters and we have increased its capabilities and improved our processes. We are encouraged by these enhancements and are looking forward for additional ways to magnify the efficiency of this organization. Competition for our direct sales organization has created inflation over the past several years in customer acquisition costs. This trend continues and competition for direct sales personnel continues to be intense. As a result, costs for direct sales teams have increased. Therefore, we have seen and may continue to see some increase in our overall customer acquisition costs, separate from the portion of that cost driven by compensation structure related to our dynamic pricing model. We do believe that other routes with lower costs are emerging and will continue to expand due to customer awareness of residential solar.
One of the core pillars supporting the growth of renewable energy in the United States in residential solar in particular is the investment tax credit. As many of you are aware, the ITC will be intercepting on beginning next year from its current 30% level to 10% in 2022 for commercial enterprises. On July 25, a bipartisan group of representatives announced the introduction of the Renewable Energy Extension Act that would extend the ITC at 30% for 5 years to promote clean energy investment. A companion bill was also introduced in the Senate. Public polling shows broad support for the growth of solar regardless of party affiliation, because Americans value pollution-free power, job creation and energy independence. Extending the ITC will enable solar industry to continue its growth and bring the economic and environmental benefits of renewable solar energy and solar jobs to all regions of America. Given solar has enabled more than 169,000 American families to benefit from clean affordable energy and in the process we have created more than 4,300 direct jobs at the facility plus many more in the companies that supply our materials and associated services.
Solar energy is an economic engine and extending the ITC will enable this industry to continue growing American economy and contributing to the transition to a cleaner, more resilient energy infrastructure for tomorrow. Supporting the renewable energy industry through the ITC is a proven and efficient government policy that allows for investment in the future of the country. Many American families have benefited from the growth of jobs as a result of solar adoption partially supported by the ITC. In addition, homeowners who have installed solar, energy storage and/or other residential energy upgrades are enjoying clean energy at an affordable price. The fossil fuel industry has benefited from direct and indirect support for well over a century and the renewable energy industry that is employing so many Americans deserves a level playing field.

我们致力于为未来建设基础设施,并正在推行降低成本的计划,这将使我们能够开辟新的市场,并成为今天无法使用住宅太阳能的客户的可行选择。内部销售是业务领域在过去几个季度中大幅增长,我们已经增加了其能力并改进了我们的流程。我们对这些增强功能感到鼓舞,并期待着其他方法来放大这个组织的效率。我们的直销组织的竞争在过去几年中造成了客户获取成本的膨胀。这种趋势仍在继续,直销人员的竞争仍然激烈。结果,直销团队的成本增加了。因此,我们已经看到并可能继续看到我们的整体客户获取成本有所增加,与由与我们的动态定价模型相关的薪酬结构驱动的成本部分分开。我们相信其他成本较低的航线正在出现,并将继续扩大,因为客户对住宅太阳能的认识。

支持美国可再生能源在住宅太阳能领域增长的核心支柱之一是投资税收抵免。正如你们许多人所知,ITC将在明年开始从商业企业的目前30%水平到2022年的10%进行拦截。 7月25日,一个由两党共同组成的代表团宣布推出可再生能源扩展法案,该法案将ITC延长30%,为期5年,以促进清洁能源投资。参议院还提出了一项配套法案。公共民意调查显示,无论党派如何,太阳能的增长都得到了广泛的支持,因为美国人重视无污染的权力,创造就业机会和能源独立。扩大ITC将使太阳能产业继续发展,并将可再生太阳能和太阳能工作的经济和环境效益带到美国所有地区。鉴于太阳能已使超过169,000个美国家庭从清洁的可负担能源中受益,并且在此过程中,我们已在该设施创造了超过4,300个直接就业机会,以及在提供我们的材料和相关服务的公司中创造了更多。

太阳能是一种经济引擎,延伸ITC将使该行业继续发展美国经济,并有助于向明天过渡到更清洁,更具弹性的能源基础设施。通过ITC支持可再生能源产业是一项经过验证的有效政府政策,允许对该国的未来进行投资。由于ITC部分支持太阳能采用,许多美国家庭从就业增长中受益。此外,安装了太阳能,能源存储和/或其他住宅能源升级的房主正以合理的价格享受清洁能源。一个多世纪以来,化石燃料行业受益于直接和间接的支持,而雇用这么多美国人的可再生能源行业应该享有公平的竞争环境。

Over the coming months, we will be vigorously advocating along with many others for the extension of the ITC that has supported enormous job growth, cheaper, cleaner energy and a more resilient grid. One significant priority for us is continuous improvement of our operational processes. We believe our operational processes are the best in the industry. I am proud of the improvements we have made, the trajectory we are on and the value we have created compared to our competition. We are relentless in our efforts to be the leader in residential solar operational excellence. We continue to refine processes, audit and verify performance and add resources to assure quality. Our operational efficiency is the competitive advantage and we believe these capabilities will continue to differentiate us in the future.
Our employees take pride in the quality of our installations and the construction services we provide. We have a meaningful quality assurance program. We believe our operational processes culminating with installation service and maintenance are among the most cost effective in the industry. Our focus on customer satisfaction and quality are paramount in our thinking and guide our actions. We retained ownership of the most of the systems we deployed. We want them to operate and perform as designed and we hold our sales percentage we think are unique in the industry, but necessary for long-term profitability and customer satisfaction. Even though we believe we are the best in the industry then clearly separated from a competition, we know we have room to improve and we are working to do just that.
As we have stated before, no one should buy solar from an organization that is not prepared to maintain and service its systems. There are far too many systems that do not have a sustainable organization maintaining them leading consumers and investors to fend for themselves. Small local dealers don’t have the capital commitment or capabilities to operate as a critical provider for the long-term as market conditions evolve and systems require maintenance or other service. We understand the evolution necessary to educate consumers and much of this will need to be dictated by financial partners who deploy capital to unqualified parties who may leave consumers exposed. Over time, we believe our investment quality of installed maintenance programs and commitment to customers will translate into more volume as consumers become educated and investors understand their potential exposure to underperforming assets. We want to be the voice of the residential solar industry because we believe we leave the market in our commitment to providing the highest quality systems with the best customer experience.
We are passionate about what we do. Our employees are our greatest resource and we operate well as a team. Our overall momentum continues to build. There is a lot to be excited about and we feel we are firmly on track with our expectation to grow at or above market growth rates in a disciplined and sustained moving pattern. We not only perform everyday. We look for ways to rate the standards, improve performance and operate with integrity. We have executed well in the first half of 2019 and are enthusiastic about the second half of the year and the tremendous opportunities we see before us.

在接下来的几个月里,我们将与其他许多人一起积极倡导ITC的扩展,以支持巨大的就业增长,更便宜,更清洁的能源和更具弹性的电网。我们的一个重要优先事项是不断改进我们的运营流程。我们相信我们的运营流程是业内最佳的。我为我们所取得的进步,我们所处的发展轨迹以及与竞争对手相比所创造的价值感到自豪。我们不懈努力成为住宅太阳能运营卓越的领导者。我们将继续改进流程,审核和验证性能,并添加资源以确保质量。我们的运营效率是竞争优势,我们相信这些能力将在未来继续使我们与众不同。

我们的员工为我们的设施质量和我们提供的建筑服务感到自豪。我们有一个有意义的质量保证计划。我们相信,我们的操作流程最终会带来安装服务和维护,这是业内最具成本效益的。我们对客户满意度和质量的关注是我们思考和指导行动的关键。我们保留了我们部署的大多数系统的所有权。我们希望他们按照设计运营和执行,我们保持我们认为在行业中独一无二的销售百分比,但这对于长期盈利能力和客户满意度是必要的。即使我们认为我们是业内最好的,然后明显地与竞争分开,我们知道我们有改进的空间,我们正在努力做到这一点。

正如我们之前所说,没有人应该从一个不准备维护和维护其系统的组织购买太阳能。有太多的系统没有可持续的组织来维持它们,导致消费者和投资者自生自灭。当市场条件发展和系统需要维护或其他服务时,小型本地经销商没有资本承诺或能力作为长期关键供应商。我们理解教育消费者所必需的演变,其中大部分需要由金融合作伙伴决定,他们将资金部署到可能让消费者暴露的不合格方。随着时间的推移,我们相信,随着消费者接受教育并且投资者了解他们对表现不佳资产的潜在风险,我们对已安装维护计划的投资质量和对客户的承诺将转化为更多。我们希望成为住宅太阳能行业的代言人,因为我们相信我们的市场承诺是提供最优质的系统和最佳的客户体验。

我们对自己的工作充满热情。我们的员工是我们最大的资源,我们作为一个团队运作良好。我们的整体势头继续增强。我们有很多令人兴奋的事情,我们认为我们已经坚定地走上正轨,我们期望以一种纪律和持续的发展模式以市场增长率或超过市场增长率的方式增长。我们不仅每天都在表演。我们寻找评估标准,提高绩效和诚信经营的方法。我们在2019年上半年表现良好,对今年下半年以及我们面前的巨大机遇充满热情。

With that, let me turn the call over to Dana to provide additional details on our metrics for the quarter.

有了这个,让我把电话转到Dana,提供有关本季度指标的更多详细信息。

Dana Russell

As David mentioned, we are encouraged by the performance of the company and the strength of our outstanding marketplace. We continue to grow and gain momentum in key markets as routes and we remain focused on diversifying our aftermarket in creating new opportunities to expanded growth. Our Q2 unit cost of $3.56 per watt was higher than our original guidance mainly due to financing expenses related to new funds proposed in the quarter. We are happy with the execution of our capital markets team and the overall commitment from investors. We have worked hard to provide investors with assets and performance they can have confidence in and we appreciate our relationships with them.
We are able to expedite financing structures at favorable terms and timing. As a result, we incurred some expenses related to financing activities that were anticipated to occur a little later in the year. In addition, there were some one-time expenses related to our new channel initiatives. In total, one-time expenses were $8.7 million in the quarter. To provide a better build for our current expense run-rate, excluding these items, our unit costs for the quarter would have been $3.41.
With the focus on our best markets, we continue to see improvement in our system attributes with corresponding improvement in our project values and margins. For the second quarter, our project value was $4.67 per watt, a 14% increase over the same period a year ago. The net present value created or estimated margin was just over $49 million, a 21% improvement over the same period a year ago. On a unit basis, the net present value per watt was $0.88 for the quarter. Excluding these one-time expense items would raise the net present value per watt to $1.03 per share.
We increased our net retained value by $27 million in the quarter. On a per share basis, this represents $9.62, up from $8.13 in the second quarter a year ago. Total revenue for the quarter was $91 million, up 12% over the second quarter of 2018. Revenue from systems where we retain ownership was approximately $63 million, up 16% from the year ago period. Revenue from system and product sales in the second quarter was approximately $27 million, up 5% from the year ago period. We continue to expect systems sales to represent 15% to 20% of our volume going forward.
Our liquidity and financial position remained quite strong. We finished the quarter with $278 million in cash and restricted cash. We have $153 million in undrawn loan capacity between our two forward flow agreements. At the end of the second quarter, we had about 186 megawatts in committed tax equity capacity remaining enough to take us into next year. Subsequent to quarter end, we entered into a new revolving warehouse agreement with lenders for $325 million, expandable up to $400 million. This new warehouse replaces our existing aggregation facility and serves the purpose of providing back leverage on new systems until we place them in a longer term take-out facility. The new facility lowers our cost of debt by 87.5 basis points and significantly increases the amount of upfront proceeds on a persistent basis.

正如大卫所说,我们对公司的业绩和优秀市场的实力感到鼓舞。我们继续在主要市场增长并获得增长势头,我们仍然专注于多元化我们的售后市场,为扩大增长创造新的机会。我们的第二季度单位成本为每瓦3.56美元,高于我们原先的指引,主要是由于与本季度新基金相关的融资费用。我们对资本市场团队的执行以及投资者的整体承诺感到满意。我们努力为投资者提供他们可以信赖的资产和业绩,并且我们感谢他们与他们的关系。

我们能够以有利的条件和时间加快融资结构。因此,我们产生了一些与融资活动相关的费用,这些费用预计将在今年稍晚发生。此外,还有一些与我们的新渠道计划相关的一次性费用。本季度,一次性支出总计为870万美元。为了更好地构建我们当前的费用运行率(不包括这些项目),本季度的单位成本为3.41美元。

通过关注我们最好的市场,我们继续看到我们的系统属性得到改善,并相应地改善了我们的项目价值和利润。第二季度,我们的项目价值为每瓦4.67美元,比去年同期增长14%。创造的净现值或估计的保证金刚刚超过4900万美元,比去年同期增长了21%。按单位计算,本季度每瓦净现值为0.88美元。不包括这些一次性费用项目会将每瓦净现值提高到每股1.03美元。

我们在本季度将净保留价值增加了​​2700万美元。按每股计算,这相当于9.62美元,高于一年前第二季度的8.13美元。该季度的总收入为9100万美元,比2018年第二季度增长12%。我们保留所有权的系统的收入约为6300万美元,比去年同期增长16%。第二季度系统和产品销售收入约为2700万美元,比去年同期增长5%。我们继续预计系统销售将占我们未来销量的15%至20%。

我们的流动资金和财务状况依然强劲。我们以2.78亿美元现金和受限制现金完成了本季度。我们的两个远期流动协议之间的未提取贷款能力为1.53亿美元。在第二季度末,我们的承诺税收权益能力约为186兆瓦,足以让我们进入明年。在季度结束之后,我们与贷方达成了一项新的循环仓库协议,价值3.25亿美元,可扩展至4亿美元。这个新仓库取代了我们现有的汇总设施,其目的是为新系统提供反向杠杆,直到我们将其置于长期外卖设施中。新工厂将债务成本降低了87.5个基点,并持续大幅增加了前期收益。

As David discussed during his remarks, there was some movement in Congress towards the extending the ITC for another 5 years. We will continue to vigorously fight for an extension. We strongly believe it is the right thing for the environment, for American jobs and for the renewables industry. However, it is not definitive that the ITC will be extended this year at any point in the future. To that end, we are continuing to evaluate our Safe Harbor strategy attempting to appropriately hedge the possibility of future extension, equipment price deflation and contingent technology obsolescence against the possibility of locking in or increasing our current margins with their current level of the ITC.
Moving on, we expect our third quarter installation volume to be between 62 to 65 megawatts. We are also reiterating our full year guidance for 15% or greater growth. We anticipate our third quarter cost per watt will return to a level that more accurately reflects our current run-rate and will be between $3.36 and $3.44.
With that, I will turn the call back to the operator for questions.

正如大卫在他的讲话中所讨论的那样,国会中有一些运动将ITC延长了5年。我们将继续大力争取延期。我们坚信,对于环境,美国就业机会和可再生能源行业来说,这是正确的。但是,ITC将在未来的任何时候延长,这并不是决定性的。为此,我们将继续评估我们的安全港策略,试图适当对冲未来扩展,设备价格通缩和可能性技术过时的可能性,以防止以当前的ITC水平锁定或增加我们当前的利润率。

继续前进,我们预计第三季度的安装量将介于62至65兆瓦之间。我们也重申我们的全年指导,增长率达到15%或更高。我们预计我们的第三季度每瓦成本将回归到更准确地反映我们当前的运行率的水平,并将介于3.36美元和3.44美元之间。

有了这个,我会把电话转回给操作员提问。

问答环节

Thank you. [Operator Instructions] Your first question comes from the line of Julien Dumoulin-Smith from Bank of America/Merrill Lynch. Your line is open.

谢谢。 [操作员说明]您的第一个问题来自美国银行/美林证券的Julien Dumoulin-Smith。 你的线是开放的。

Julien Dumoulin-Smith

Hey, guys. Good afternoon. Thanks for taking the time and congrats on the results. First, just on the growth side, first and foremost, could we talk about the expectations for the balance of the year, I mean, obviously doing quite well already 2Q, 3Q looks pretty constructive. When you talk about your 15% guidance for the full year here, how are you thinking about that in the back half of the year, obviously 3Q looks as if it’s closer to 17% and that leaves you with less than 15 for the 4Q, is that just conservatism or are you expecting a little bit of a slowdown in 4Q for whatever seasonality?

大家好。 下午好。 感谢您抽出宝贵时间并祝贺结果。 首先,就增长方面而言,首先,我们可以谈谈对今年余额的期望,我的意思是,显然已经做得很好,2Q,3Q看起来很有建设性。 当你在这里讨论你全年的15%指导时,你如何在今年下半年考虑这一点,显然3Q看起来好像接近17%,而第四季你的成绩不到15, 这只是保守主义还是你预计无论季节性在第四季度会有一点点放缓?

David Bywater

Hey, Julien, it’s David. Yes, we are super encouraged by how the first half of the year has gone. We have pretty good visibility into Q3 into the guidance. And that’s why we have changed, it’s 15% or greater. You can do your math on what you can get is – we are just conservative in nature as a company, while we are feeling pretty positive, that’s going to be 15% pretty confident about that and it should be potentially higher. So, it’s trending. Well, I don’t know, Dana, if you want to add anything to that, but that’s kind of what we have had on the growth piece.

嘿,朱利安,这是大卫。 是的,我们对今年上半年的情况感到非常鼓舞。 我们对第3季度的指导有很好的了解。 这就是我们改变的原因,它是15%或更高。 你可以用你能得到的东西来做你的数学 - 我们作为一个公司本质上是保守的,虽然我们感觉非常积极,但对此有15%的信心并且可能更高。 所以,这是趋势。 嗯,我不知道,Dana,如果你想添加任何东西,但这就是我们对增长片的一点点。

Dana Russell

Well, I think our growth has been great. We have seen some very good momentum with our traditional channels. We are seeing growth in new areas and we are optimistic that growth materialized we have talked about with retail homebuilders as well. I think we are still focused on our best markets, our best economic environments and best markets and we will continue to emphasize those markets, but we are still very good about the third quarter and that’s why we said it’s going to be 15% or greater.

好吧,我认为我们的增长很快。 我们已经看到了传统渠道的一些非常好的动力。 我们看到新领域的增长,我们乐观地认为,我们已经与零售房屋建筑商谈论了增长。 我认为我们仍然专注于我们最好的市场,最好的经济环境和最好的市场,我们将继续强调这些市场,但我们仍然非常关注第三季度,这就是为什么我们说它将达到15%或更高。

Julien Dumoulin-Smith

Got it. And similarly just how you think about NPV into the back half of the year, I mean, it looks like your cost per watt guidance would indicate perhaps a little bit over $1 a watt adjusted, can you talk a little bit of value creation into the back half of the year. It seems pretty favorable, but I’d be curious what your commentary is and maybe let me just discuss the third question just little quickly, any latest thinking on Safe Harbor given slightly greater articulation from your peers on going into the last 6 months here?

得到它了。 同样地,你如何看待NPV进入今年下半年,我的意思是,看起来你的每瓦特成本指引可能表明每瓦特调整一点多一点,你能谈谈一点点价值创造吗? 回来的一半。 这看起来非常有利,但我很好奇你的评论是什么,也许让我只是稍微讨论一下第三个问题,任何关于安全港的最新想法在过去的6个月里都会给你的同行稍微提一下?

David Bywater

As far as the value that we created on the system basis for unit basis, we feel good about that. That value has continued to increase as a result of emphasis on the best systems and the best markets. And we are hopeful and we think that those trends will continue. So the costs have been slightly higher and we were slightly higher than our guidance if you exclude those one-time items really as a result of just computing the marketplace in those best markets and we feel like we have taken share in the best economic markets that we are involved in. And in doing that, we have seen an increase in our attributes, in our profitability on a system basis and so we feel good about that going forward. Now, obviously this is a dynamic market things move quickly in David’s prepared remarks, he talked about the competition for our sales talent. We are very happy with and confident in the leadership of our sales organization and our sales professionals and we have had tremendous success with them in the first half of the year and we think that, that will continue, but there is competition there and we expect to meet competition and provide the best environment for our sales professionals to work in while we also develop other routes to market. As far as Safe Harbor goes, we have begun to do some things around Safe Harbor, but in the details of that, I think we are probably not going to have a lot of discussion around that, in terms of more specifics other than that we are working hard. And just as said in the prepared remarks, we are evaluating the different courses that we can’t take and that we have initiated to do the best thing in the business. And it’s a bit complicated, Julien, I mean I think as we evaluate all the potential upside and downside for taking different actions, I think there is a lot to that, but we have initiated and have begun some activity around that.

至于我们在系统基础上为单位基础创造的价值,我们对此感觉良好。由于强调最佳系统和最佳市场,这一价值继续增加。我们充满希望,我们认为这些趋势将继续下去。所以成本略高,我们略高于我们的指导,如果你排除这些一次性项目真的只是计算这些最佳市场的市场,我们觉得我们已经占据了最佳经济市场的份额我们参与其中。在这样做的过程中,我们看到了我们的属性,系统基础上的盈利能力的提高,因此我们对此表现感觉良好。现在,显然这是一个充满活力的市场,在大卫准备的言论中,事情迅速发展,他谈到了我们的销售人才的竞争。我们对我们的销售组织和销售专业人员的领导感到非常满意和自信,我们在今年上半年取得了巨大的成功,我们认为,这将继续下去,但那里有竞争,我们期待为了满足竞争,为我们的销售专业人员提供最佳的工作环境,同时我们也开发其他市场途径。就安全港而言,我们已经开始围绕安全港做一些事情,但在详细情况下,我认为我们可能不会就此进行大量讨论,除了我们之外的更具体的细节正在努力。正如准备好的评论中所述,我们正在评估我们不能采取的不同课程,并且我们已经开始在业务中做最好的事情。而且有点复杂,朱利安,我的意思是我认为当我们评估采取不同行动的所有潜在上行和下行时,我认为有很多这样的事情,但我们已经启动并开始了一些活动。

Julien Dumoulin-Smith

Alright, great. Keep going guys. Thank you.

好的,太好了。 继续前进的人。 谢谢。

David Bywater

Thanks, Julien.

谢谢,朱利安。

Dana Russell

Thanks, Julien.

谢谢,朱利安。

会议主持员

Your next question comes from the line of Praful Mehta from Citigroup. Your line is open.

你的下一个问题来自花旗集团的Praful Mehta。 你的线是开放的。

Praful Mehta

Thanks so much. Hi, guys.

非常感谢。 嗨,大家好。

David Bywater

Hi, Praful.

嗨,Praful。

Praful Mehta

Hi. So, maybe just starting with costs a little bit of a disappointment with the increase in costs relative to your guidance, I guess what people expected, so just wanted to understand a little bit, you talked about financing costs and some other one-time items, a little bit more color on exactly what those are and why they showed up now would be helpful?

你好。 所以,也许只是从成本开始相对于你的指导成本有点令人失望,我想人们的预期,所以只是想了解一点,你谈到融资成本和其他一些一次性项目 ,确切地说那些是什么以及为什么它们现在出现会有所帮助?

David Bywater

Well, we think that our costs were pretty much in line with what we guided to. So we would have been $0.01 above the range of our cost, excluding those one-time items and the one-time items were mainly associated with financing activities, really the forward flow arrangement that we have entered into in the quarter. So, those fees are largely flow through the quarter. They were fairly substantial. We expect it to close that arrangement, a little later in the year. It happened earlier. Otherwise that would have been part of the guidance that we have given. But in terms of the overall cost structure, we feel like we are as efficient or more efficient than anyone in the industry. We certainly feel good about our operational activities. We feel good about what we are creating in terms of value. And even where we were up slightly on our customer acquisition costs, those attributes that we created in the systems values are higher than where we have been. And we feel like as high as anyone in the industry and that we were delivering great margin on them. So, we feel actually quite good about the cost structure.

好吧,我们认为我们的成本几乎与我们所指导的一致。因此,我们的成本范围将高于0.01美元,不包括那些一次性项目,一次性项目主要与融资活动相关,实际上是我们在本季度进行的远期流动安排。因此,这些费用主要流经本季度。他们相当可观。我们预计它会在今年稍晚的时候结束这种安排。它发生得更早。否则,这将成为我们给出的指导的一部分。但就整体成本结构而言,我们觉得我们比业内任何人都高效或更有效率。我们的运营活动当然感觉良好。我们对价值方面的创造感到满意。即使我们略微提高了客户获取成本,我们在系统值中创建的属性也高于我们的目标。我们感觉像行业中的任何人一样高,而且我们正在为他们提供巨大的利润。所以,我们觉得成本结构非常好。

Praful Mehta

Got it. So, just so I understand how would you break up the two pieces right, you said one with the financing which you said was the flow-through agreement where the fees kind of showed up unexpectedly in Q2, but if you can breakout the two components how much of the financing piece versus how much were the other one-time items?

得到它了。 那么,我才明白你怎么会把这两件事分开呢,你说一个融资你所说的是流通协议,其中费用在第二季意外出现,但如果你能突破这两个组成部分 其他一次性项目的融资额与多少相比多少?

Dana Russell

Almost all of it was financing. So, there was about $1 million in other activities, other one-time items, but most of the $8.7 million, the majority of that was financing.

几乎所有这些都是融资。 因此,其他活动大约有100万美元,其他一次性项目,但大部分是870万美元,其中大部分是融资。

Praful Mehta

Got it, okay. So, that’s helpful. And then just so again I understand context, yes, go ahead…

知道了,好的。 所以,这很有帮助。 然后我又理解了背景,是的,继续......

David Bywater

Tough one that one as well as per Dana’s remarks, we gave guidance for Q3, it’s back to $336 or $344. So, that’s our guidance for Q3 until we expect. As you can see it was that one-time that we just misadjusted on when you would hit.

对于那个以及每个Dana的评论,我们给出了Q3的指导,它又回到了336美元或344美元。 所以,这是我们对Q3的指导,直到我们预期为止。 正如你所看到的那样,一次我们只是在你被击中时进行了错误的调整。

Praful Mehta

Yes, I know I appreciate that. That’s helpful context. But then I guess to understand from a volume perspective if you do have volumes that are bigger and clearly you did well in terms of volumes in Q2 and you sound like you are pretty confident on volumes going forward as well. Shouldn’t that allow you to have some economies of scale and help reduce the cost per watt, how should we think about that?

是的,我知道我很欣赏。 这是有用的背景。 但是我想从卷的角度来理解你是否确实拥有更大的音量,而且你在第二季的音量方面做得很好,你听起来对你的音量非常有信心。 这不应该让你有一些规模经济并有助于降低每瓦成本,我们应该怎么想呢?

Dana Russell

I think that’s exactly right, the volumes will help us reduce those fixed cost structures. And I think we feel quite good about our current equipment costs, those things are quite stable, where we have seen increases if there are some increases there, it has really been around the customer acquisition model. Some of that has been investments and these routes to market. So as we have ramped up our inside sale activities, our homebuilder activities, retail channels, those are some investments we are making where volume will follow and we expect volume as we said in the later half of the year. So, as those volumes begin to kick in, those costs that we are incurring will be offset by that volume and it should lower our overall cost per watt…

我认为这是完全正确的,这些数量将帮助我们减少那些固定的成本结构。 而且我认为我们对目前的设备成本感觉非常好,那些东西非常稳定,如果有一些增加我们看到增加,它实际上是围绕客户获取模式。 其中一些是投资和这些上市途径。 因此,随着我们内部销售活动的增加,我们的房屋建筑活动,零售渠道,这些都是我们正在进行的一些投资,我们期望在今年下半年的数量。 因此,随着这些数量开始增加,我们产生的成本将被该数量所抵消,并且应该降低我们的每瓦总成本......

David Bywater

Yes, there are some irrational players in the market and we are trying to make sure we have all the channels needed to bring the discipline over time. So those are investments that we are making today. We feel very confident about them in the path over time. You are preparing for and working towards bringing a rational thought to the market and trying to bring them a cost of acquisition, which is the right long-term answer for this industry. So we are probably making those investments today.

是的,市场上有一些非理性的参与者,我们正在努力确保我们拥有随着时间的推移而需要的所有渠道。 那些是我们今天正在进行的投资。 随着时间的推移,我们对他们充满信心。 您正在准备并努力为市场带来理性思考,并试图为他们带来收购成本,这是该行业的正确长期答案。 所以我们今天可能正在进行这些投资。

Praful Mehta

Got it. That’s great. And I am glad to hear that trajectory. I guess just quickly on the last point just a clean up item, I saw your Q2 cash flow statements and there seems to be like a big $38 million one-time other non-current assets, it might be too specific for you, but in case just wanted to understand what’s driving some of that cash outflow in Q2?

得到它了。 那很棒。 我很高兴听到这个轨迹。 我想最后一点只是一个清理项目,我看到了你的第二季度现金流量表,而且似乎有一个3800万美元的一次性其他非流动资产,它可能对你来说太具体了,但是 案例只是想了解推动第二季度现金流出的原因是什么?

Rob Kain

Hey, Praful. I think this is Rob. I think that’s more the accounting adjustment we talked about in Q1. So if you are looking at Q2 relative to Q2 last year, that’s related to adoption of the I believe its ASC 842 required us to move indirect cost from a system sales on the balance sheet down. So the other non-current assets, if you look in the deck on the investor side, we have recast the 2018 financials and you will see the more comparable number there.

嘿,Praful。 我认为这是Rob。 我认为这更多是我们在第一季度谈到的会计调整。 因此,如果你看看去年第二季度相对于第二季度,这与采用我认为其ASC 842要求我们将资产负债表上的系统销售的间接成本降低相关。 所以其他非流动资产,如果你看一下投资者方面的套牌,我们会重新设计2018年的财务数据,你会看到更多可比数字。

David Bywater

So, it’s really just driven by an accounting change.

所以,它实际上只是由会计变革驱动的。

Praful Mehta

Got it. Well, I appreciate it guys. Thanks so much.

得到它了。 好吧,我很欣赏它们。 非常感谢。

Dana Russell

Classification yes.

分类是的。

David Bywater

The accounting change as well as the classification change, so if you look at that with that reconciliation, you would see that, that really wasn’t much – there was no adjustment there really.

会计变更以及分类变更,所以如果你看一下那个和解,你会看到,那真的不多 - 真的没有调整。

Praful Mehta

Understood. Thank you, guys.

了解。 感谢你们。

会议主持员

Your next question comes from the line of Brian Lee from Goldman Sachs. Your line is open.

您的下一个问题来自Goldman Sachs的Brian Lee。 你的线是开放的。

身份不明的分析师

Hi, guys. It’s [indiscernible] on for Brian. Thanks for taking the questions. Can you share – are you seeing any labor constraints, one of your peers had mentioned that bottleneck in the near-term. So just wondering if that’s also impacting your operations or if you are seeing any higher G&A costs due to tight labor markets?

嗨,大家好。 对于布莱恩来说,这是[音频不清晰]。 感谢您提出问题。 你能分享一下 - 你是否看到任何劳动力限制,你的一个同行已经提到了近期的瓶颈。 那么只是想知道这是否会影响您的运营,或者您是否因劳动力市场紧张而看到更高的G&A成本?

David Bywater

This is David, Rebecca. We have executed well in Q1 and Q2. We have been working through those constraints, I think pretty effectively and finding ways to enable the growth. There is the tighter market for sure and it’s challenge out there, but thus far we have been able to – we continue to work really well on our efficiency, how our operation improves and we have a larger percentage of our installs now happening with 3 and 4 person crews than we ever have in our industry with an increase in the quality. That occurs with that. So we have been pretty innovative on how we go about operational efficiency that’s given us some good momentum to make sure we can install and keep up with our sales momentum.

这是大卫,丽贝卡。 我们在第一季度和第二季度表现良好。 我们一直在努力解决这些限制因素,我认为非常有效,并找到实现增长的方法。 肯定有更严格的市场,这是一个挑战,但到目前为止我们已经能够 - 我们继续在我们的效率,我们的运营如何改进以及我们现在安装的更大比例3和 我们的工作人员比我们在行业中的人数增加了4人。 就是这样。 因此,我们在如何提高运营效率方面一直非常具有创新性,这为我们提供了一些良好的动力,以确保我们能够安装并跟上我们的销售势头。

Dana Russell

And we feel, Rebecca, like we have the people to meet the numbers that we have talked about in the third quarter where we are in the process of hiring those people. So we don’t feel like that’s been a constraint for us, we have grown very rapidly in certain markets and I think taking share in markets and ramped up fairly aggressively with operational folks to meet our needs. And we have been quite successful with that thus far. So as far as the constraint goes, there are tight labor markets for sure, but we are not seeing with our business that we have been constrained to-date as a result of that and we anticipate to meet those numbers that we have talked about in the third quarter, which is substantial growth for us as well and not having that also be an issue or constraint for us.

我们觉得,丽贝卡,就像我们让人们满足我们在第三季度所讨论的数字,我们正在招聘这些人。 所以我们不觉得这对我们来说是一个限制因素,我们在某些市场上的增长非常迅速,我认为在市场中占有一席之地,并且与业务人员相当积极地提升以满足我们的需求。 到目前为止,我们已经取得了相当大的成功。 因此,就限制条件而言,确实存在紧张的劳动力市场,但我们并未看到我们的业务因此而受到约束,我们预计会满足我们所讨论的那些数字。 第三季度,这对我们来说也是一个实质性的增长,而且对我们来说也不是一个问题或约束。

身份不明的分析师

Yes, great. That’s good to hear. And then can you just share your latest thoughts on the storage strategy, are there other things that you see as more strategically critical that you would focus on before storage?

对,很好。 听起来还不错。 然后,您是否可以分享您对存储策略的最新想法,还有其他一些您认为在存储之前您会关注的战略性关键事项吗?

David Bywater

No, I think for us you guys know the story for us, we have been very methodical and disciplined I think on the whole process of this company. We have been really pleased with operational improvements we have made. The expansion of channels was a big priority for us and making sure that we are delighted to customers have across the board, the whole financial structure and how we capitalize the and the creative solutions we have put in place there really have been our main focus is. We think batteries in stores are very important and they are very much the future. I think that is the next – we feel that we are all attacking. We have made a lot more progress in the last quarter on that than we have had previously. And I expect our momentum to grow. So, definitely look forward to updates on that in the coming quarters. And I think it will be more elaborate on the detail there, but I am very bullish about where we are positioned now to be able to make and build upon the progress we have actually had the last quarter or two. And I think we will step it up here by going forward. So that is the focus for us and it is very important.

不,我认为对我们来说,你们都知道我们的故事,我们在整个公司的整个过程中都非常有条不紊和纪律严明。我们对我们所做的运营改进非常满意。渠道的扩展对我们来说是一个重中之重,并确保我们对客户全面满意,整个财务结构以及我们如何利用我们所拥有的创造性解决方案感到高兴,我们的主要关注点是。我们认为商店中的电池非常重要,它们是未来的发展方向。我认为这是下一个 - 我们觉得我们都在攻击。我们在上一季度取得了比以往更多的进展。我希望我们的势头能够增长。因此,绝对期待在未来几个季度更新。我认为那里的细节会更详细,但我非常看好我们现在所处的位置,以便能够建立并巩固我们在过去一两个季度实际取得的进展。而且我认为我们将继续向前迈进这一步。所以这是我们关注的焦点,这非常重要。

身份不明的分析师

Okay. Thanks, guys.

好的。 多谢你们。

David Bywater

Thank you, Rebecca.

谢谢你,丽贝卡。

会议主持员

Your next question comes from the line of Joseph Osha from JMP Securities. Your line is open.

您的下一个问题来自JMP Securities的Joseph Osha。 你的线是开放的。

约瑟夫·奥沙

Hello there.

你好。

David Bywater

Hi, Joe.

嗨,乔。

约瑟夫·奥沙

Hi, so a couple of question. First, it’s interesting you have gotten this aggregation facility redone, you have dropped your cost of capital you have improved advanced rate, I am wondering if there is any read across there to what the how the terms are evolving for some of your take-out financing and what the sort of cash realization might look on that end? And then just mapping from that into a slightly broader question, just wondering how I might think about your cash realization over the course of the next couple of quarters here, because I see the balance that go down from Q1 to Q2?

嗨,所以有几个问题。 首先,有趣的是你已经重新设置了这个聚合设施,你已经降低了资本成本,你已经提高了先进的费率,我想知道是否有任何关于那些条款如何演变为你的一些外卖的阅读 融资以及那种现金实现在这方面的目的是什么? 然后只是将其映射到一个稍微宽泛的问题,只是想知道如何在接下来的几个季度中考虑你的现金实现,因为我看到从第一季度到第二季度的平衡?

Dana Russell

Well, I think the balance going down was more of a timing thing. We certainly could have drawn more cash and taking them and beef the cash balance up has been a focus for us. The aggregation facility allows us to take to monetize more, to leverage those assets a little bit more. And so we feel good about that on the front end of the process which should help us on cash flows as we go forward, which in fact will leave us a couple of years down the road here as we begin to put those assets in longer term facilities with a little less to get or to monetize later on. But I think the trade-off is a good one. We have got better facility in place with better terms and the monetization of those assets was a little bit more upfront, I think is an advantage to us.

好吧,我认为平衡下降更多的是时间问题。 我们当然可以汲取更多现金并带走现金余额并成为我们关注的焦点。 聚合工具允许我们采取更多的货币化,以更多地利用这些资产。 所以我们在这个过程的前端感觉很好,这可以帮助我们继续前进现金流,这实际上将让我们在未来几年内开始将这些资产放在更长期内 稍微减少或稍后获利的设施。 但我认为权衡是一个很好的选择。 我们拥有更好的设施,更好的条款,这些资产的货币化更加前期,我认为对我们来说是一个优势。

约瑟夫·奥沙

Okay. And then on the back of that, obviously you did this swap or the deal middle of last year, when might we see you out in the securitization market again?

好的。 然后就此而言,显然你去年中期做过这次交换或交易,我们何时会再次在证券化市场看到你?

Dana Russell

It could be spring to summer kind of timeframe. So next year, we were still pretty consistent there I mean with the new ag facility in place that might slow up a couple of months more a little bit more towards summer from spring, but that kind of timeframe is still what we are thinking what our thoughts are.

这可能是春天到夏天的时间框架。 所以明年,我们仍然非常一致,我的意思是新的农业设施到位可能会从春季到夏季减少几个月,但这种时间框架仍然是我们在想什么 想法是。

约瑟夫·奥沙

Okay. Second question wondering if I can just get some thoughts from you on what the economics of this title point for businesses that you have talked about here with the homebuilder engagement, I would assume that probably the origination costs are lower, but price might be lower as well. Just wondering how it looks like that business is going to shape up?

好的。 第二个问题,想知道我是否可以从你那里得到一些关于这个标题的经济学的一些想法,你在这里谈到了与房屋建筑商合作的业务,我会假设起源成本可能较低,但价格可能会低于 好。 只是想知道该业务将会如何形成?

David Bywater

Right, Joe, it’s David. We are pretty bullish about it. I think it’s actually on the higher end of our profitability in the economics relative to our portfolio, I mean, usually with the efficiencies that we have gained thus far on the homes that we have installed. And now I would add that just you avoid a whole bunch of the electrical upgrades, we are able to put the panels in the most advantageous pieces of the roof – are installed efficiencies where we can put in multiple installs per day with the same crew is by far the best. We are able to actually reduce a fair bit of the permitting costs. So there is a whole bunch of efficiencies that we are able to accomplish with that channel that puts it on the higher end of our portfolio mix. Hence that’s why we are encouraged by the progress we have made there and the backlog we have got going into 2020 for next year. We are also very encouraged by the conversations we are having. They love the fact that we own our own sell teams. They absolutely love the discipline we bring around quality. And so they compare with others. And these partners get how we run our business and they really value it. So, not only we are well positioned, not only we are very happy with the progress we have made, in a very short period of time, this has not been a historical focus for us, but we are also very encouraged by the momentum we have got going forward. So, it’s a good market. It’s a new market. It’s a profitable market and it aligns nicely with our relative strengths.

对,乔,这是大卫。我们非常乐观。我认为,相对于我们的投资组合而言,我们的经济利润率实际上更高,我的意思是,通常我们已经在我们安装的房屋上获得了效率。现在我想补充说,只是你避免了一大堆电气升级,我们能够把面板放在屋顶最有利的部分 - 安装效率,我们可以每天安装多个安装人员,同样的工作人员是到目前为止最好的。我们实际上可以减少相当多的许可费用。因此,我们能够通过该渠道实现一大堆效率,使其处于我们投资组合的更高端。因此,这就是为什么我们在那里取得的进展以及我们明年将要进入2020年的积压工作感到鼓舞。我们的谈话也使我们感到非常鼓舞。他们喜欢我们拥有自己的销售团队这一事实。他们绝对喜欢我们带来的质量。所以他们与其他人比较。这些合作伙伴了解我们如何经营我们的业务,他们真正重视它。所以,不仅我们处于有利位置,不仅我们对我们取得的进展感到非常满意,而且在很短的时间内,这对我们来说并不是历史的焦点,但我们也对这一势头感到非常鼓舞。我们前进了。所以,这是一个很好的市场。这是一个新市场。这是一个有利可图的市场,它与我们的相对优势很好地吻合。

约瑟夫·奥沙

Okay. And then last one for me before I go away, we have seen your peer make a lot of noise about some of these capacity deals I have used in PCAs and whatnot, I am wondering if that we might see you all start to invest more in that element of your storage strategy as well?

好的。 在我离开之前最后一个对我来说,我们已经看到你的同伴对我在PCA中使用过的一些容量交易产生了很多噪音,不知道是什么,我想知道我们是否会看到你们都开始投资更多 您存储策略的那个元素也是如此?

David Bywater

Yes, we are little behind them on that, but as we turn our focus to it, what if we turn our focus till we make the progress on. So as I mentioned earlier on the battery stuff and with services and all those partnerships, it’s in front of us and we will announce the right time what we are doing and the products we are making, but at this point I will reserve that and not elaborate.

是的,我们在这方面落后于他们,但是当我们把注意力转向它时,如果我们把注意力转向我们的进展,那该怎么办? 因此,正如我之前提到的电池材料以及服务和所有这些合作伙伴关系,它在我们面前,我们将宣布正确的时间我们正在做什么以及我们正在制造的产品,但此时我将保留,而不是 阐述。

约瑟夫·奥沙

Okay, thank you very much.

好的,非常感谢。

David Bywater

Thanks Joe.

谢谢乔。

会议主持员

Your next question comes from the line of Philip Shen from ROTH Capital Partners. Your line is open.

您的下一个问题来自ROTH Capital Partners的Philip Shen。 你的线是开放的。

Philip Shen

Hi, guys. Thanks for questions. First one is on partners, I was wondering if you could expand a bit more on goes specifically and how they are ramping the last call you talked about volumes in the back half, could we see some volume in Q3 from either one of these partners and if so can you comment on what that volume could be or do you expect it to be much more Q4?

嗨,大家好。 谢谢你的提问。 首先是关于合作伙伴的问题,我想知道你是否可以进一步扩展一些特定内容,以及他们如何在最后一次谈论你谈到后半部分的交易量,我们是否可以从第三季度看到其中任何一个合作伙伴和 如果可以,你可以评论一下这个数量是多少,或者你预计它会更多Q4?

Dana Russell

We are actually seeing volume today. So, it’s not like it’s not happening, but I think the momentum we believe is going to continue to build as we ramp before and processes and build those organizations out. And we do think it’s more toward the later half of the year we will see substantial volumes. So it’s not that we are not seeing some volumes today we are and where this is kind of as we talked about on our last quarter call, this was our first foray into the retail space. We have announced the number of partners that we are working with and we feel like it’s going well, but it’s going to be a little later in the year before we are expecting meaningful volume there.

我们今天实际上看到量。 所以,它并不像它没有发生那样,但我认为我们相信的势头将继续建立,因为我们在此之前提出并处理和建立这些组织。 我们确实认为,今年下半年我们会看到大量的产品。 因此,并不是说我们今天没有看到一些卷,而且就像我们在上一季度电话会议上谈到的那样,这是我们首次涉足零售领域。 我们已经宣布了我们正在合作的合作伙伴的数量,我们觉得它进展顺利,但是在我们期待那里有意义的数量之前,它会在一年之后发生。

Philip Shen

Great. Thanks, Dana. And David, you commented a lot on the ITC extension, can you give your sense of what the probability might be than extension either this year or next year before the elections or do you think what I have heard is the probability increases meaningfully after the elections and obviously depending on how the election is going 2020, but what kind of chance does the industry have in getting this past before the elections?

非常好。 谢谢,达娜。 大卫,你在ITC扩展上做了很多评论,你能否在选举前的今年或明年给出你的概率可能比延长的意义,或者你认为我听到的是选举后概率有意义地增加 显然取决于选举将如何进行到2020年,但该行业在选举前有什么样的机会才能实现这一目标?

David Bywater

Well, I am an optimist. Obviously, it drives me. And I believe that we will get a pass, I don’t know probability on it. I do think it’s unlikely this year I hope I am wrong, we will work hard. I would love it to happen before the election that will be fantastic, but we are preparing for the scenario that will not be the case and we will be protected against that. It’s so funny, because it’s such an illogical debate we are having. When you have 90% of Americans saying, please do more so not less and was supposed to be a constituent driven government, it’s just shocking to me that the debate. So like we worked on state level when we get the consumers and voters involved, then the politicians listen. So there has never been something I know of where you have so much common support across the country for this to continue. And the despair between us and substantive list lasted for so long in other industries, right. This is just the right thing to do. So I am hoping that prevails. I think if it happens, it will happen next year. I hope it will happen sooner, but we are planning on it. We are planning on it other ways happening late next year or not happening we will work to hedge our best as best we can.

好吧,我是一个乐观主义者。显然,它驱使我。我相信我们会得到一个通行证,我不知道它的可能性。我认为今年我不太可能希望自己错了,我们会努力工作。我希望它能在大选之前发生,但我们正在为不会出现这种情况的情况做准备,我们将受到保护。这很有趣,因为我们正在进行这种不合逻辑的辩论。当你有90%的美国人说,请做更多,而不是更少,并应该是一个成分驱动的政府,这只是让我震惊的辩论。因此,当我们让消费者和选民参与其中时,我们在州一级工作,然后政治家们倾听。因此,从来没有人知道你在全国各地有如此多的共同支持,以便继续这样做。我们和实质性名单之间的绝望在其他行业中持续了很长时间,对吧。这是正确的做法。所以我希望这种情况占上风。我想如果它发生了,它将在明年发生。我希望它能早日实现,但我们正在计划它。我们正在计划明年晚些时候发生的其他方式或者没有发生,我们将努力尽最大努力对冲我们的最佳状态。

Philip Shen

Great. Thanks for the color. As it relates to modules and securing them, some of our recent conversations with industry players suggest it’s getting really tight now in terms of module availability, what kind of risk do you think there is during Q4 guide based on not being able to secure enough modules?

非常好。 谢谢你的颜色。 由于它涉及模块并保护它们,我们最近与行业参与者的一些谈话表明,现在在模块可用性方面变得非常紧张,您认为在Q4指南中存在哪种风险,因为无法保证足够的模块?

Dana Russell

I think the market certainly is tightening up and we are seeing this is where pricing has been elevated a bit, especially for folks who don’t deliver the kind of volumes that we have and relationships that we have. We feel quite good about our ability to have products. So we certainly purchased and purchased ahead and we have done some purchases and made some contractual commitments for panels that have extended past Q4. So, we don’t think that there is an issue with having the product to meet our needs through 2019.

我认为市场肯定会收紧,而且我们看到价格已经提升了一些,特别是那些没有提供我们拥有的产量和我们拥有的关系的人们。 我们对拥有产品的能力感到非常满意。 所以我们当然购买并购买了我们已经做了一些购买,并为延长到第四季度的面板做出了一些合同承诺。 因此,我们认为到2019年产品无法满足我们的需求存在问题。

Philip Shen

Great. One last question for me I believe you guys are completely standardized on the 20-year lease, would you guys – do you have any 25-year leases in PPA or PPAs, if not are you exploring this at all, what are your thoughts on potentially shifting that lease longer?

非常好。 对我来说最后一个问题我相信你们在20年的租约中完全标准化了,你们 - 你们有PPA或PPA的任何25年租约,如果不是你在探索这个,你有什么想法? 可能会延长租约的时间吗?

David Bywater

Well, we know that there is a list. We do deliver a longer term lease. We have not been – we have been on a 20-year contractual period and we think that, that makes them as we certainly continue to evaluate longer term structures and other products that makes sense that especially if it’s in the management facility through the company that making more offense, but today, we felt like the best product and the one that delivers the best value for consumers has been the 20-year program. And so I think for the most part, we plan on sticking with that.

好吧,我们知道有一个清单。 我们确实提供长期租约。 我们还没有 - 我们已经有20年的合同期,我们认为,这使得我们肯定会继续评估长期结构和其他有意义的产品,特别是如果它通过公司在管理设施中 更加冒犯,但今天,我们觉得最好的产品和为消费者提供最佳价值的产品是20年的计划。 所以我认为,在大多数情况下,我们计划坚持这一点。

Philip Shen

Great. Thanks, Dana. I will pass it on.

非常好。 谢谢,达娜。 我会传递它。

会议主持员

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

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

Colin Rusch

Thank you so much. Guys, could you talk a little bit about the normalized G&A spend as we go forward, is there I guess some meaningful leverage there, is that going to scale up as you scale up?

非常感谢。 伙计们,你能不能谈谈我们前进时规范化的G&A支出,是否有我认为那里有一些有意义的杠杆作用,当你扩大规模时会扩大规模吗?

Dana Russell

We won’t have any significant ramp-ups in G&A expense. There will be some as we develop more programs as we have more volume, there will be some, but it certainly won’t scale proportionate to volume increases or things like that. So, we feel pretty good about the expense structure. I think we have talked about making some investments in e-commerce and in other elements that we think are valuable for us that are investments in the future. And those are the kind of things that we will be proactive about and make investments in, because we think it will contribute and help deliver volume in a more affordable way in the future, but we don’t see any kind of significant ramp up in our G&A or back office expenses.

我们不会在G&A费用方面有任何重大增长。 随着我们开发更多程序会有一些因为我们有更多的数量,会有一些,但它肯定不会与数量增加或类似的事情成比例。 所以,我们对费用结构感觉很好。 我认为我们已经谈到过对电子商务和我们认为对我们有价值的其他元素进行一些投资,这些投资是对未来的投资。 这些是我们将积极主动并进行投资的事情,因为我们认为它将有助于并在未来以更实惠的方式提供数量,但我们认为没有任何显着的增长 我们的G&A或后台费用。

Colin Rusch

Okay. And then just you haven’t got an update in a while, in terms of the sales synergies with the parent company, are you seeing any real changes on that acceleration, deceleration in terms of the benefit you are getting from that relationship?

好的。 然后就你与母公司的销售协同效应而言,你有一段时间没有得到更新,你是否看到加速的真正变化,从你从这种关系中获得的收益减速?

David Bywater

There is no parent company. We are standalone. We have a sister company, but not a parent company. We continue to collaborate with smart home. They have been a significant source of positive growth for us and we still have our guys selling both solutions. So, we still have a commonality and ability to sell both products in both areas. So, we are not doing it in big numbers, because most of our guys have been wanting to sell, but they do bolt-on additions of smart home solutions and we have a formal relationship in the cross-sell with both groups on regeneration of going both ways. So it’s very positive, it’s a great relationship, it’s the one that I value tremendously personally and we value a lot collectively as an organization. So, still very, very positive and something I think that’s our sales force loves having that relationship, but we do it both ways.

没有母公司。 我们是独立的。 我们有一家姐妹公司,但不是母公司。 我们继续与智能家居合作。 它们是我们积极增长的重要来源,我们仍然让我们的人员销售这两种解决方案。 因此,我们仍然具有在这两个领域销售这两种产品的共性和能力。 因此,我们并没有大量参与,因为我们大多数人一直想要出售,但他们确实加入了智能家居解决方案,我们在交叉销售方面与两个集团建立了正式关系,重建 两个方向。 所以这是非常积极的,这是一个很好的关系,它是我个人非常重视的一个,我们作为一个组织集体重视。 所以,仍然是非常非常积极的,我认为我们的销售人员喜欢这种关系,但我们都是这样做的。

Colin Rusch

Alright. Thanks, guys.

好的。 多谢你们。

会议主持员

Thank you. Ladies and gentlemen, this concludes today’s conference call. You may now disconnect.

谢谢。 女士们,先生们,今天的电话会议结束了。 您现在可以断开连接。

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