Peter Faricy: Yeah. Well, a couple quick comments. First, I always like to recognize we were the pioneers in this business in building out a dealer network many years ago. The SunPower dealer network, and particularly our master dealers, they’re the gold standard for this industry. We spend a lot of time reviewing both their customer experience and also their financials to make sure that they qualify to be a SunPower master dealer. So it’s still very much a gold star and it’s a critical part of our family and our future. So I’ve said many times but our dealer network will be a part of this company I feel like forever, because it’s such a critical part of our customer experience. We grew our dealer count last year. We grew it, let’s say 10% on the installing dealer side and probably another 10% on the non-installing dealer side.
And so, we still see opportunity out there to expand our dealer network across the country. I think right now in these challenging market conditions, the number one thing we’re focused on is making sure we do everything we can to help these small and medium businesses be successful. Just like a lot of the big companies that have access to capital have struggled this past year with the change in demand, that same dynamic has impacted these dealers as well. So, our number one goal is to focus on helping build a strong, viable, long-term business for each of our dealers in our network.
Colin Rusch: Perfect. Thanks so much, guys.
Operator: Thank you. And one moment as we move on to our next question. Our next question is going to come from the line of Ben Kallo with Baird. Your line is open. Please go ahead.
Ben Kallo: Hey, good morning. Thank you, Peter. Just maybe along those same lines, can you talk about discussions with your dealers or prospective dealers, as well as at the home level, the individual level, just — I know it’s very competitive and with liquidity, question marks that you had in the past, can you just talk about how the environment changed the competitiveness or losing customers, if that’s passed us?
Peter Faricy: Yes. I think this level of capital commitment, it’s our hope that that would put aside any concerns from any of our partners, including dealers on liquidity and the viability of the company as we go forward. That would be our goal. I think, when you’re going through a liquidity challenge like we have, it’s thoughtful to believe that you need to continue to earn trust every single day with all of your key partners. And I would certainly include dealers at the very top of our list of groups that we want to continue to earn and build trust with as we go forward. One of the most important things that dealers tell us is, they love being part of the SunPower brand. We’re really aligned with our dealers on how we think about the customer experience, the importance of growing this business, and the importance of really expanding the market for clean renewable energy.
So I think a lot of the dealers have been working alongside us to really make sure that we all work together to change our business model as we go through this more difficult, challenging year, where demand isn’t as strong as it was a couple of years ago. But from a dealer perspective, I just want to — I can’t iterate enough how terrific our dealers have been. They’ve been a really, really big part of our success. When you take a look at the customer rating that we’ve achieved, I often like to say that is in great part to the fact that our dealers have been aligned with us on really providing a great customer experience all across the U.S.
Ben Kallo: Thank you. As you move to more and more of a technology agnostic model, how does that impact dealers that may have traditionally been used to SunPower equipment only and getting them through over that hump? Thank you.
Peter Faricy: Yes. Thanks, Ben. I think that is a great question, and I think it’s been on the minds of a lot of people. Because our strategy traditionally, going back to the days when we were a panel maker ourselves, was that having an exclusive differentiated panel made a real big difference in the market. And I think for many years that was absolutely true. But part of the reason in the slides we provided this time, we tried to show you our thinking is that, the panel market has really changed a great deal over the past, even just three to five years. And there’s quite a bit of convergence on — particularly among the premium panel makers who can make the highest quality, highest efficiency panel. There isn’t one panel maker anymore that holds that spot.
There’s really two, three or four panel makers globally that I think we believe are high — equally high quality and capable of providing a really great customer experience for the life of the warranty and beyond. So really the next thing then is, how do you provide those high quality products at a much more affordable price? And I think the feedback from our dealers so far has been very strong that in this market in particular, we really collectively need to do a better job of providing not just high-quality products, but high-quality products at a much more affordable price. So it’s early, but I would say the signals for our equipment strategy have been very positive so far.
