Array Technologies Inc (ARRY) 2022 Q3 法說會逐字稿

Hello, and welcome to the Array Technologies Third Quarter 2022 Earnings Call. (Operator Instructions)

您好，歡迎參加 Array Technologies 2022 年第三季度財報電話會議。 （操作員說明）

It's now my pleasure to do the call over to Cody Mueller, Investor Relations, Array Technologies. Please go ahead, sir.

現在，我很高興致電 Array Technologies 投資者關係部的 Cody Mueller。請繼續，先生。

Good evening, and thank you for joining us on today's conference call to discuss Array Technologies third quarter 2022 results. Slides for today's presentation are available on the Investor Relations section of our website, arraytecinc.com.

晚上好，感謝您參加今天的電話會議，討論 Array Technologies 2022 年第三季度的業績。今天演示的幻燈片可在我們網站arraytecinc.com 的投資者關係部分找到。

During this conference call, management will make forward-looking statements based on current expectations and assumptions, which are subject to risks and uncertainties. Actual results could differ materially from our forward-looking statements if any of our key assumptions are incorrect. We identify the principal risks and uncertainties that may affect our performance in our reports and filings with the Securities and Exchange Commission, which can also be found on our Investor Relations website. We do not undertake any duty to update any forward-looking statements. Today's presentation also includes references to non-GAAP financial measures. You should refer to the information contained in the company's third quarter press release for definitional information and reconciliations of historical non-GAAP measures to the comparable GAAP financial measures.

在本次電話會議期間，管理層將根據當前的預期和假設做出前瞻性陳述，這些預期和假設受到風險和不確定性的影響。如果我們的任何關鍵假設不正確，實際結果可能與我們的前瞻性陳述存在重大差異。我們在向證券交易委員會提交的報告和文件中確定了可能影響我們業績的主要風險和不確定性，這些文件也可以在我們的投資者關係網站上找到。我們不承擔任何更新任何前瞻性陳述的義務。今天的演示文稿還包括對非公認會計原則財務指標的引用。您應該參考公司第三季度新聞稿中包含的信息，以了解歷史非公認會計原則措施與可比公認會計原則財務措施的定義信息和對賬。

Earlier today, the company filed an 8-K and an amended Form 10-Q for the quarter ended June 30, 2022. The restatement was due to an accounting error caused by a clerical error in the sales order entry process for contract value, which overstated revenue and gross profit as well as a consolidation error that understated the reclassification of personnel costs from general and administrative to cost of revenue. The total income statement of impact of these 2 errors for the 3 and 6 months ended June 30, 2022, was a reduction of revenue and adjusted EBITDA of $5.1 million, a reduction of gross profit of $7.4 million, a reduction of G&A expense of $2.4 million and a reduction of net income of $2.4 million. These errors had no impact on the company's previously reported cash flow from operations and does not cause non-compliance with any financial covenants as of June 30. Any reference to the quarter or 6 months ended June 30, 2022, in today's conference call and on our accompanying presentation reflects the restated values. For more information regarding these errors, please refer to the appendix of our accompanying presentation as well as the Form 8-K and the explanatory note in our Form 10-Q.

今天早些時候，該公司提交了截至 2022 年 6 月 30 日的季度的 8-K 和修訂的 10-Q 表格。重述是由於合同價值的銷售訂單輸入過程中的文書錯誤導致的會計錯誤，其中誇大了收入和毛利潤，以及低估了將人事成本從一般和行政成本重新分類為收入成本的合併錯誤。截至 2022 年 6 月 30 日的 3 個月和 6 個月，這兩個錯誤的總損益表影響收入和調整後 EBITDA 減少 510 萬美元，毛利潤減少 740 萬美元，G&A 費用減少 2.4 美元百萬美元，淨收入減少 240 萬美元。這些錯誤對公司先前報告的運營現金流沒有影響，也不會導致不遵守截至 6 月 30 日的任何財務契約。在今天的電話會議中和我們隨附的演示文稿反映了重述的值。有關這些錯誤的更多信息，請參閱我們隨附演示文稿的附錄以及表格 8-K 和表格 10-Q 中的解釋性說明。

With that, let me turn the call over to Kevin Hostetler, Array Technologies Chief Executive Officer.

有了這個，讓我把電話轉給 Array Technologies 首席執行官 Kevin Hostetler。

Thanks, Cody, and good evening, everyone. Thank you for joining us on today's call. In addition to Cody, I'm also joined by Nipul Patel, our Chief Financial Officer.

謝謝，科迪，大家晚上好。感謝您加入我們今天的電話會議。除了 Cody，我們的首席財務官 Nipul Patel 也加入了我的行列。

Let's begin with Slide 4, where I'll provide some highlights for our third quarter. I'm incredibly proud of our performance this quarter as we again delivered results above expectations across the board. Revenue of $515 million this quarter represents our single largest quarter as a company and year-over-year growth of 173% or 112% on an organic basis. The continued organic growth is a particular bright spot for us considering the industry-wide challenges this year due to both AD/CVD and the UFLPAs.

讓我們從幻燈片 4 開始，我將在其中提供第三季度的一些亮點。我對我們本季度的表現感到無比自豪，因為我們再次實現了超出預期的全面業績。本季度 5.15 億美元的收入是我們作為一家公司最大的一個季度，在有機基礎上同比增長 173% 或 112%。考慮到今年由於 AD/CVD 和 UFLPA 帶來的全行業挑戰，持續的有機增長對我們來說是一個特別的亮點。

Our order book at September 30 was $1.8 billion, reflecting an increase year-over-year of 77%, inclusive of STI, and 36% when considering only our legacy Array business. Sequentially, our order book is down approximately $100 million, which is reflective of the strength of our deliveries as new orders totaled almost $400 million in the third quarter, which was an increase sequentially from the second quarter. I will talk more about it in a minute, but I do want to note that with only 3 months since the passage of the Inflation Reduction Act, or IRA, we are still too early in the project development process to expect any new bookings into our order book. As a reminder, our order book only considers named projects which have been awarded to us.

我們在 9 月 30 日的訂單額為 18 億美元，同比增長 77%（包括 STI），僅考慮我們的傳統 Array 業務時增長 36%。隨後，我們的訂單減少了約 1 億美元，這反映了我們的交付實力，因為第三季度的新訂單總額接近 4 億美元，比第二季度環比增加。我將在一分鐘內詳細討論它，但我確實想指出，自《降低通貨膨脹法案》或 IRA 通過僅 3 個月以來，我們在項目開發過程中仍為時過早，無法期待任何新的預訂進入我們的訂單簿。提醒一下，我們的訂單僅考慮已授予我們的指定項目。

Gross margin for the quarter was 15.6%, representing our fourth consecutive quarter of growth as we continue the margin improvement path we've previously laid out. Adjusted EBITDA in the third quarter of $55 million represents a year-over-year improvement of $59 million and a sequential improvement of approximately $35 million from the second quarter after giving effect to a $5 million downward adjustment in the second quarter from the restatement referred to earlier.

本季度的毛利率為 15.6%，代表我們連續第四個季度的增長，因為我們繼續我們之前製定的利潤率改善路徑。第三季度調整後的 EBITDA 為 5500 萬美元，同比增長 5900 萬美元，在第二季度從上述重述中下調 500 萬美元後，比第二季度環比增長約 3500 萬美元早些時候。

Looking at our ending cash flow and liquidity position for the quarter, I'm extremely pleased with our execution. Nipul will walk through this in more detail a bit later, but we delivered $102 million of free cash flow in the quarter, which had significantly strengthened our balance sheet as we prepare for the next phase of our growth. To that end, we currently have $329 million of liquidity, inclusive of the Blackstone preferred shares and $166 million in availability on our revolver. This is up significantly from $153 million of total liquidity in the prior quarter.

看看我們本季度的期末現金流和流動性狀況，我對我們的執行感到非常滿意。 Nipul 稍後將詳細介紹這一點，但我們在本季度提供了 1.02 億美元的自由現金流，這在我們為下一階段的增長做準備時顯著加強了我們的資產負債表。為此，我們目前擁有 3.29 億美元的流動資金，包括 Blackstone 優先股和 1.66 億美元的左輪手槍可用資金。這與上一季度的總流動資金 1.53 億美元相比顯著增加。

Turning to our next slide. As I did last quarter, I'll take some time to provide an update on the domestic market as we continue to operate in a dynamic landscape. First, an update on the IRA and where we currently stand. In the months since the act passed, we have seen an incredible amount of enthusiasm in the industry around the undeniable impact that the IRA will have on solar deployments over the next 10 years. However, it is important for us to remind everyone that this act, one that is certainly not small and easy to implement, is only 3 months old. There is still a lot of work that needs to be done by the various governmental agencies tasked with rolling it out to define and clarify critical aspects of the bill before the industry can wholesale ship to the new paradigm.

轉到我們的下一張幻燈片。正如我上個季度所做的那樣，隨著我們繼續在動態環境中運營，我將花一些時間提供有關國內市場的最新信息。首先，關於 IRA 的更新以及我們目前的立場。自該法案通過以來的幾個月裡，我們看到業界對 IRA 將在未來 10 年對太陽能部署產生的不可否認的影響表現出令人難以置信的熱情。但是，我們需要提醒大家的是，這個肯定不小且易於實施的法案只有三個月的歷史。在行業可以批發到新範式之前，各個政府機構仍然需要做很多工作來定義和澄清法案的關鍵方面。

During this critical rollout period, we are actively engaged with key trade association groups, governmental agencies and legislators to ensure that when completed, the application of this act benefits the solar industry in general, but also Array, specifically. In parallel, we are also continuing to push forward internally with what we do know.

在這個關鍵的推出期間，我們正積極與主要行業協會團體、政府機構和立法者合作，以確保在完成後，該法案的實施不僅有利於整個太陽能行業，而且特別有利於 Array。與此同時，我們也繼續在內部推進我們所知道的。

There are 3 key areas I will point out. First, we are having daily conversations with customers around building out the framework for pricing agreements under the IRA. These have progressed as far as discussing reserved capacity agreements and revisiting pricing for certain orders under varying levels of domestic content. Second, we have engaged with our suppliers on the domestic manufacturing credits to begin to crack the parameters under which these will be shared in the value chain. I can appreciate that everyone would like us to provide our view of those splits, but it is too early to give that definitive of an answer, and we will also avoid having these negotiations in public. Lastly, we are evaluating our own manufacturing footprint along with our key supplier relationships to ensure that we are maximizing the benefit to Array, while ensuring we continue to maintain our key strategic relationships. Overall, with such a large and meaningful piece of legislation, I am thrilled with the progress that has been made to date and look forward to updating everyone on our continued progress as key aspects of the IRA are further defined.

我將指出 3 個關鍵領域。首先，我們每天都在與客戶就 IRA 下的定價協議框架進行對話。在討論保留產能協議和在不同國內含量水平下重新審視某些訂單的定價方面，這些都取得了進展。其次，我們已經與供應商就國內製造信用進行了合作，開始破解在價值鏈中共享這些信用的參數。我可以理解每個人都希望我們提供我們對這些分歧的看法，但現在給出明確的答案還為時過早，我們也將避免公開進行這些談判。最後，我們正在評估我們自己的製造足跡以及我們的主要供應商關係，以確保我們最大限度地為 Array 帶來利益，同時確保我們繼續維持我們的關鍵戰略關係。總體而言，有瞭如此龐大而有意義的立法，我對迄今為止取得的進展感到興奮，並期待隨著 IRA 的關鍵方面的進一步定義，向大家通報我們的持續進展。

Moving to the next area, the UFLPA. We have been consistent in calling this out as Arista project time lines and that we did not expect meaningful resolution by the end of this year. Unfortunately, that is still the case. Documentation requirements from the Customs and Border Patrol have not seemed to get any further clarity since we last discussed this. This has led to more Tier 1 suppliers becoming more risk-averse and a fear that sooner than later it will start to impact Tier 2 suppliers as well. While we have not been informed of any of our projects with module detainment to date, our position on this remains cautious. We continue to expect that the delays are caused by the lack of clarity surrounding the enforcement of this act will provide a headwind on deliveries in the fourth quarter and will carry through to the first quarter of 2023. It is important to note that this is not a change in our outlook, rather a status quo assessment of where we have been all year. In fact, as Nipul will discuss more later, despite this expected slowdown, we are raising our full year revenue outlook at the midpoint by $150 million.

移動到下一個領域，UFLPA。我們一直將其稱為 Arista 項目時間線，並且我們預計到今年年底不會有有意義的解決方案。不幸的是，情況仍然如此。自從我們上次討論以來，海關和邊境巡邏隊的文件要求似乎沒有得到任何進一步的明確。這導致更多的一級供應商變得更加規避風險，並擔心它遲早也會開始影響二級供應商。儘管迄今為止我們尚未獲悉我們的任何模塊被扣留的項目，但我們對此的立場仍然謹慎。我們繼續預計，由於該法案的執行缺乏明確性造成的延誤將在第四季度對交付產生不利影響，並將持續到 2023 年第一季度。重要的是要注意，這並不是我們的前景發生了變化，而是對我們全年的現狀進行了評估。事實上，正如 Nipul 稍後將討論的那樣，儘管預期會放緩，但我們將全年收入預期中點提高了 1.5 億美元。

Finally, FEMA currently has a proposal to increase the structural risk category of large-scale utility projects. We recently had an expert from Array testifying the public hearing on this matter where we opposed the increase to the risk category. We fully support ensuring that solar arrays are designed to work in even the most difficult weather conditions. In fact, this is a critical component of a Array's specific value proposition. Every tracker we design is built to withstand the most severe weather conditions that we encounter. To highlight that point, in recent years, our trackers have withstood both the extreme snowstorm in Texas and more recently, Hurricane Ian in Florida. So we believe there is a balance to achieve with ensuring the structural integrity of the solar array while also ensuring that costs are not unnecessarily increased. If there is a new classification, we are very confident in our ability to support this for our customers.

最後，FEMA 目前提出了增加大型公用事業項目的結構風險類別的建議。我們最近有一位來自 Array 的專家就此事在公開聽證會上作證，我們反對增加風險類別。我們完全支持確保太陽能電池板能夠在最惡劣的天氣條件下工作。事實上，這是 Array 特定價值主張的關鍵組成部分。我們設計的每個跟踪器都可以承受我們遇到的最惡劣的天氣條件。為了突出這一點，近年來，我們的追踪器經受住了德克薩斯州的極端暴風雪以及最近佛羅里達州的伊恩颶風。因此，我們認為在確保太陽能電池陣列的結構完整性和確保成本不會不必要地增加之間取得平衡。如果有新的分類，我們對我們為客戶提供支持的能力非常有信心。

Shifting the focus to our internal operations, I will now move to Slide 6. I'll provide an update on the progress we have made in 5 key areas I outlined last quarter. While many of these areas will take more than 3 months to fully address, I am incredibly pleased with our progress in this brief period. I won't go point by point on these, but there are a couple of key things I will point out. First and may be most impactful in the quarter, is the improvement we have seen in our working capital efficiency, which we measure through cash conversion cycle. This quarter, we improved this metric by 12 days from the second quarter and almost 50 days from the first quarter. Our teams drove significant improvements in both our receivables and our inventory, which we previously highlighted as key focus areas. The net impact of this was seen in our free cash flow performance this quarter. Excluding the impact of the significant legal settlement previously noted, we generated $60 million of cash this quarter. This obviously is incredibly important in strengthening our balance sheet and allowed us to fully pay off our revolving facility as well as paying $12 million in interest on our preferred shares, which had previously been paid in kind.

將重點轉移到我們的內部運營，現在我將轉到幻燈片 6。我將提供我們在上個季度概述的 5 個關鍵領域取得的進展的最新信息。雖然其中許多領域需要 3 個多月的時間才能完全解決，但我對我們在這段短暫的時間內取得的進展感到非常高興。我不會逐點介紹這些，但我會指出一些關鍵的事情。首先並且可能在本季度最具影響力的是我們在營運資本效率方面看到的改善，我們通過現金轉換週期來衡量。本季度，我們將該指標比第二季度改進了 12 天，比第一季度改進了近 50 天。我們的團隊推動了我們的應收賬款和庫存的顯著改善，我們之前強調了這兩個重點領域。我們在本季度的自由現金流表現中看到了這一淨影響。排除之前提到的重大法律和解的影響，我們本季度產生了 6000 萬美元的現金。這顯然對加強我們的資產負債表非常重要，使我們能夠全額償還我們的循環貸款，並為我們以前以實物支付的優先股支付 1200 萬美元的利息。

The other area I will note is the evolution of the STI business. First, on the construction side. Early in my tenure, we noted the need to reduce our focus on the construction activities within our STI business, with a particular focus on construction in Brazil and the U.S. When compared to Q1 quarter ending headcount, we have now reduced our construction head count by approximately 20% in Spain, where we have been more selective in where we offer this service. In Brazil, we have reduced our construction headcount by approximately 70% since the first quarter, and we currently have no active construction projects slated for 2023.

我要注意的另一個領域是 STI 業務的演變。首先，在建設方面。在我任職初期，我們注意到有必要減少對 STI 業務中建築活動的關注，特別關注巴西和美國的建築。與第一季度末的員工人數相比，我們現在已將建築員工人數減少了大約 20% 在西班牙，我們在提供這項服務的地方更加挑剔。在巴西，自第一季度以來，我們已將建築員工人數減少了約 70%，我們目前沒有計劃在 2023 年進行的建設項目。

Next, on the integration side. We recently concluded a 14-week spread on the integration, which delivered several important steps forward for us as a combined company. First, we solidified and formally rolled out our combined organization. We will drive functional activities from a one Array standpoint while enabling our regional leadership to execute for day-to-day activities and to quickly make decisions at a point which is closest to our customers. Next, we've recently announced that the STI H250 will become fully available in the U.S. market in the coming months. This is an important development as the deployment of solar projects becomes more geographically diverse.

接下來，在集成方面。我們最近完成了為期 14 週的整合，這為我們作為一家合併後的公司向前邁出了重要的一步。首先，我們鞏固並正式推出了我們的合併組織。我們將從一個 Array 的角度推動職能活動，同時使我們的區域領導層能夠執行日常活動並在最接近客戶的地點快速做出決策。接下來，我們最近宣布 STI H250 將在未來幾個月內在美國市場全面上市。這是一個重要的發展，因為太陽能項目的部署在地理上變得更加多樣化。

I wanted to close with something not listed on the slide here. We have also had a lot of positive momentum in our innovation and development activities, highlighted by the recent announcement of Omnitrack. We have also been granted 15 new patents over the past 3 years, taking us from 6 active patents protecting our portfolio at the end of 2019 to 21 active patents surrounding our products currently. The largest portion of these patents have been received over the last 12 months. I look forward to more announcements in the future, displaying some of these more recent developments.

我想以此處幻燈片上未列出的內容結束。我們的創新和發展活動也有很多積極的勢頭，最近宣布的 Omnitrack 突顯了這一點。在過去 3 年中，我們還獲得了 15 項新專利，使我們從 2019 年底保護我們產品組合的 6 項有效專利增加到目前圍繞我們產品的 21 項有效專利。這些專利的大部分是在過去 12 個月內收到的。我期待未來有更多的公告，展示其中一些最新的發展。

With this, I will turn the call over to Nipul for a deeper review of our third quarter financial performance and an update on our full year outlook.

有了這個，我將把電話轉給 Nipul，以更深入地審查我們的第三季度財務業績並更新我們的全年展望。

Thanks, Kevin, and glad to speak with you all today. First, turning to Slide 8, I will walk through our results for the quarter. Revenues for the third quarter increased 173% to $515 million compared to $188.7 million for the prior year period. The $515 million in revenue reflects $400 million from the Legacy Array segment and $115 million from the STI segment.

謝謝，凱文，很高興今天與大家交談。首先，轉到幻燈片 8，我將介紹我們本季度的結果。與去年同期的 1.887 億美元相比，第三季度的收入增長了 173% 至 5.15 億美元。 5.15 億美元的收入反映了 Legacy Array 部門的 4 億美元和 STI 部門的 1.15 億美元。

As Kevin mentioned, the $400 million from the legacy array business represents organic growth of 112% compared to the prior year and is reflective of both an increase in the number of megawatts shipped and an increase in ASP of approximately 30%. The better-than-expected revenue performance from Array is a combination of projects moving from award to delivery faster than expected as well as a significant burn down of our past due shipments. The $115 million from the STI segment represents growth of $42 million or 58% from the second quarter and is reflective of the natural seasonality of this business, where more deliveries are expected to occur in the second half of the year.

正如 Kevin 所提到的，來自傳統陣列業務的 4 億美元與去年相比有機增長了 112%，這反映了出貨量兆瓦數的增加和 ASP 約 30% 的增長。 Array 好於預期的收入表現是項目從授予到交付的速度快於預期以及我們逾期出貨量的顯著消耗的組合。 STI 部門的 1.15 億美元比第二季度增長了 4200 萬美元或 58%，反映了該業務的自然季節性，預計下半年將有更多交付。

Gross profit increased to $80.2 million from $5.9 million in the prior year period, driven primarily by the increase in volume and ASP. Gross margin increased from 3.1% to 15.6%. Gross margin for the legacy array business was 16% and represents the fourth consecutive quarter of margin improvement and was in line with our expectations. The STI business had gross margin of 14.2% in the quarter, which represented sequential improvement as we had less volume on the U.S. construction business and saw improved margins in our Spain projects.

毛利潤從去年同期的 590 萬美元增加到 8020 萬美元，主要是由於銷量和平均售價的增加。毛利率從 3.1% 上升至 15.6%。傳統陣列業務的毛利率為 16%，代表利潤率連續第四個季度提高，符合我們的預期。 STI 業務在本季度的毛利率為 14.2%，這代表了連續改善，因為我們在美國建築業務的數量減少，並且我們的西班牙項目的利潤率有所提高。

Operating expenses increased to $61.7 million compared to $25.4 million during the same period in the prior year. The higher expense is primarily related to a $17.4 million increase in amortization expense related to the STI acquisition. Excluding this impact, the increase is primarily due to the addition of STI Norland, in addition to higher payroll-related costs due to an increase in headcount and professional fees as we invest in key strategic areas for our growth.

運營費用從去年同期的 2540 萬美元增加到 6170 萬美元。較高的費用主要與收購 STI 相關的攤銷費用增加 1740 萬美元有關。排除這一影響，增長主要是由於 STI Norland 的加入，以及由於我們投資於關鍵戰略領域以促進增長而增加的員工人數和專業費用導致的工資相關成本增加。

Net income attributable to common shareholders was $28.6 million compared to a net loss of $33 million during the same period in the prior year, and basic and diluted income per share were $0.19 compared to a basic and diluted loss per share of $0.25 during the same period in the prior year. These increases were partially driven by the legal sum we received in August of approximately $43 million, which was reported in other income in our financial statements.

歸屬於普通股股東的淨收入為 2860 萬美元，而去年同期淨虧損為 3300 萬美元，每股基本和稀釋後收入為 0.19 美元，而同期基本和稀釋後每股虧損為 0.25 美元在前一年。這些增長部分是由我們在 8 月份收到的約 4300 萬美元的法定金額推動的，該金額在我們財務報表的其他收入中報告。

Adjusted EBITDA increased to $55.4 million compared to a loss of $3.9 million for the prior year period. Adjusted EPS was $0.18, up from a loss of $0.09 a year ago and was positively impacted by a larger-than-expected income tax benefit this quarter due to the mix of income between our geographies. We generated $102 million of free cash flow, a $134.8 million improvement from prior year, driven by better working capital efficiency and improved profitability.

調整後的 EBITDA 增加到 5540 萬美元，而去年同期虧損 390 萬美元。調整後的每股收益為 0.18 美元，高於一年前的 0.09 美元，並且由於我們地區之間的收入組合，本季度的所得稅收益大於預期，這對其產生了積極影響。我們產生了 1.02 億美元的自由現金流，比上一年增加了 1.348 億美元，這得益於更好的營運資金效率和更高的盈利能力。

Now if we move to Slide 9, I want to provide an update on our liquidity and cash flow. During last quarter's call, we outlined some of the key metrics we were tracking and where we expected to finish the quarter. I am happy to announce that we have delivered on each one of those metrics. Excluding the Blackstone preferred shares, we ended the quarter with $229 million of liquidity against an outlook of $200 million to $245 million. Inherent in that number is the full availability of our revolver, now that our secured debt-to-EBITDA ratio is 3.4%, far below the 7.1% sealing.

現在，如果我們轉到幻燈片 9，我想提供有關我們流動性和現金流的最新信息。在上個季度的電話會議中，我們概述了我們正在跟踪的一些關鍵指標以及我們預計將在哪裡完成本季度。我很高興地宣布，我們已經實現了這些指標中的每一個。不包括 Blackstone 優先股，我們在本季度末流動性為 2.29 億美元，而預期為 2 億至 2.45 億美元。這個數字固有的是我們的左輪手槍的完全可用性，現在我們的擔保債務與 EBITDA 的比率為 3.4%，遠低於 7.1% 的密封。

As we look forward to the fourth quarter, we still expect $100 million of free cash flow for the full year, inclusive of $12 million to $15 million of capital spend. I will end this slide knowing that as we progress forward, we continue to produce free cash flow. We will first use that cash to fund our organic growth and then evaluate other options, such as delevering should we have excess capital.

在我們展望第四季度的同時，我們仍預計全年將有 1 億美元的自由現金流，包括 1200 萬至 1500 萬美元的資本支出。我將結束這張幻燈片，因為我們知道隨著我們的進步，我們將繼續產生自由現金流。我們將首先使用這筆現金為我們的有機增長提供資金，然後評估其他選擇，例如在我們擁有過剩資本的情況下進行去槓桿化。

Moving to the next slide. We are modestly updating our full year 2022 guidance. We now expect full year '22 revenue to be in the range of $1.5 billion to $1.6 billion. We are modestly raising the lower end of our adjusted EBITDA range to $122 million and narrowing the high end to $132 million. Lastly, we are increasing our adjusted net income per common share to be in the range of $0.32 to $0.37. The increase in our revenue range is reflective of strength in our Array segment, where in the third quarter we saw projects move faster than anticipated, which will provide some tailwinds for the full year. Additionally, a part of this increase is an updated estimate that between $75 million to $100 million of the projects we had pushed out of the year due to AD/CVD will not be delivered in 2022. The remaining projects are still expected to be delivered in 2023.

轉到下一張幻燈片。我們正在適度更新我們的 2022 年全年指南。我們現在預計 22 年全年收入將在 15 億美元至 16 億美元之間。我們將調整後 EBITDA 範圍的下限適度提高至 1.22 億美元，並將上限縮小至 1.32 億美元。最後，我們將調整後的每股普通股淨收入提高到 0.32 美元至 0.37 美元之間。我們收入範圍的增加反映了我們 Array 部門的實力，在第三季度，我們看到項目的發展速度快於預期，這將為全年提供一些順風。此外，這一增長的一部分是更新的估計，我們因 AD/CVD 而推遲的 7500 萬至 1 億美元的項目將不會在 2022 年交付。其餘項目仍預計將在2023 年。

We have slightly reduced our revenue outlook for the STI segment, which is mostly due to FX headwinds, which will reduce the overall contribution to both revenue and adjusted EBITDA and a small amount of delayed project timing. We have reduced the midpoint of our adjusted EBITDA range to reflect a couple of items. First, as we discussed last quarter, we are expecting a lower gross margin from STI for the year due to construction and logistics cost challenges. While we still anticipate STI to exit the year in the high teens, the lower gross margins in the first 3 quarters of the year have our full year expectations in the mid-teens. Second, the FX headwinds are expected to reduce our adjusted EBITDA by $3 million to $5 million from our original assumptions. Third, the updated guidance reflects the $5 million reduction in adjusted EBITDA from the second quarter restatement, which we announced earlier today. Lastly, we are increasing our forecast for SG&A as we are engaging with outside resources to assist in our IRA engagement activities and are accelerating some investments in the business to ensure we are prepared for what will be a dynamic commercial and supply chain environment post IRA.

我們略微下調了 STI 部門的收入前景，這主要是由於外匯逆風，這將減少對收入和調整後 EBITDA 的整體貢獻以及少量延遲的項目時間。我們降低了調整後 EBITDA 範圍的中點以反映幾個項目。首先，正如我們上個季度所討論的，由於建築和物流成本的挑戰，我們預計今年 STI 的毛利率會降低。雖然我們仍預計 STI 將在今年高位退出，但今年前 3 個季度較低的毛利率使我們的全年預期處於高位。其次，預計外匯逆風將使我們調整後的 EBITDA 從我們最初的假設減少 300 萬至 500 萬美元。第三，更新後的指引反映了我們今天早些時候宣布的第二季度重述調整後 EBITDA 減少了 500 萬美元。最後，我們正在提高對 SG&A 的預測，因為我們正在利用外部資源來協助我們的 IRA 參與活動，並正在加快對業務的一些投資，以確保我們為 IRA 後動態的商業和供應鏈環境做好準備。

While our adjusted EBITDA margin slightly down from our previous midpoint and 8.2% for our updated midpoint still represents an increase of over 300 basis points from the prior year. Finally, for adjusted EPS, we are adjusting our expectations for our full year ETR down to a range of 22% to 25% as the geographic mix of our income has changed.

雖然我們調整後的 EBITDA 利潤率較之前的中點略有下降，更新後的中點為 8.2%，但仍比去年增加了 300 多個基點。最後，對於調整後的每股收益，隨著我們收入的地理組合發生變化，我們將對全年 ETR 的預期下調至 22% 至 25% 的範圍。

With that, I will turn it back it over to Kevin to wrap it up.

有了這個，我會把它還給凱文把它包起來。

Thank you, Nipul. I want to close by saying we had another great quarter of progression. Every day we are building a more consistent, resilient and dynamic company that is poised to take advantage of the opportunities that are coming our way. I very much look forward to continuing this journey with the team here at Array, and updating you on all of our progress.

謝謝你，尼普爾。最後，我想說我們又取得了很大的進步。每一天，我們都在建立一個更加一致、更有彈性和充滿活力的公司，準備好利用即將到來的機會。我非常期待與 Array 的團隊一起繼續這一旅程，並向您介紹我們的所有進展。

With that, operator, please open the line for questions.

有了這個，接線員，請打開問題線。

(Operator Instructions) First question will be from Brian Lee, Goldman Sachs.

（操作員說明）第一個問題來自高盛的 Brian Lee。

I guess first one, just on the guidance update here. I appreciate some of the color around all the moving pieces. So maybe first off, on the AD/CVD project deliveries that are coming back in for '22, could you remind us what that would imply is left to be recaptured in '23? And is it your expectation that it all gets recaptured in '23? Or is some of that still kind of TBD and could be even further out?

我猜是第一個，只是在這裡的指導更新。我很欣賞所有移動部件周圍的一些顏色。因此，也許首先，關於 22 年的 AD/CVD 項目交付，您能否提醒我們這意味著什麼將在 23 年重新獲得？您是否期望這一切都在 23 年重新獲得？還是其中一些仍然是待定的，並且可能會更進一步？

Hey, Brian, it's Nipul. Yes, regarding the AD/CVD projects, we have about $140 million to capture in 2023, and we fully expect to capture them all in 2023.

嘿，布賴恩，我是尼普爾。是的，關於 AD/CVD 項目，我們將在 2023 年獲得大約 1.4 億美元，我們完全希望在 2023 年將它們全部獲得。

And then if I just take the $75 million to $100 million and then also you sort of down ticking the STI a bit at the high end, it seems like you're still seeing growth relative to the original guidance. So how much of that is sort of share gain? How much of that is other drivers, whether price or new volume or mix? Just trying to understand what else kind of surprised to the upside to give you confidence to raise the revenue view for this year? And then I had just one more follow-up.

然後，如果我只是將 7,500 萬美元增加到 1 億美元，然後你在 STI 的高端水平上稍微下調一點，看起來你仍然看到相對於原始指導的增長。那麼其中有多少是份額收益呢？其中有多少是其他驅動因素，無論是價格還是新的數量或組合？只是想了解還有哪些令人驚訝的上行空間讓您有信心提高今年的收入預期？然後我又進行了一次後續行動。

Sure. We're seeing our projects convert faster in our order book. We've a bit tempered in how we've stated our order book would convert, but we've seen some favorability. We've been pretty consistent with our deliveries throughout the quarter, and that's given us the space near the end of the quarter really to allow those projects that drop in that we can deliver at the end of the quarter. So we saw that again here in Q3.

當然。我們在訂單簿中看到我們的項目轉換得更快。我們對如何表示我們的訂單將轉換的方式有些緩和，但我們已經看到了一些支持。我們在整個季度的交付量都非常一致，這為我們在季度末提供了空間，真正允許那些我們可以在季度末交付的項目。所以我們在第三季度再次看到了這一點。

And then just last one for me and I'll pass it on. The STI business, clearly the margins are not where you want them to be. You're seeing some progress. So high teens exiting '22, but this was a 30% gross margin business when you bought it. So how should we think about sort of the normalized margin for this segment for you? And then how much, I guess, margin recovery for STI is feasible as we think about 2023? Thanks, guys.

然後就給我最後一個，我會傳下去的。 STI 業務，顯然利潤不是你想要的。你看到了一些進展。這麼高的青少年退出 '22，但當你買它時，這是一個 30% 的毛利率業務。那麼我們應該如何為您考慮該細分市場的標準化保證金？然後，我猜，在我們考慮 2023 年的情況下，海指的利潤率恢復多少是可行的？多謝你們。

Sure. I'll take that one too. So it's about progress with the STI business, Brian. It was good to see their margins go up sequentially, and we expect to see -- continue to see that trend in the fourth quarter. The Brazil business is largely at the margin range we expect in the acquisition. And now with the U.S. project substantially complete, that removes a big drag from the Spanish business. The way we look at the STI margins for the combined business, we see that in the low 20s, similar to the Array business because of the mix of Brazil with Spain. And we continue to see that as the go-forward gross margin for that combined business.

當然。我也拿那個。所以這是關於 STI 業務的進展，Brian。很高興看到他們的利潤率連續上升，我們預計會在第四季度繼續看到這種趨勢。巴西業務在很大程度上處於我們在收購中預期的利潤率範圍內。現在隨著美國項目的基本完成，這消除了西班牙業務的一大拖累。我們查看合併業務的 STI 利潤率的方式，我們看到在 20 年代的低點，類似於 Array 業務，因為巴西和西班牙的混合。我們繼續將其視為該合併業務的未來毛利率。

Next question will be from Mark Strouse, J.P. Morgan.

下一個問題來自摩根大通的 Mark Strouse。

I wanted to go back to the comments around the FEMA decision. And just can you kind of help me parameterize what that looks like under potential different classifications? I mean, it sounds like if it's kind of a modest increase in the requirements that could actually be a positive for market share, just given your already kind of structural integrity. Kind of what's the -- how do I think about the shift to kind of the worst that gets as far as the incremental cost? Just kind of walk us through maybe a best case, kind of worst-case scenario, please?

我想回到有關 FEMA 決定的評論。你能幫我參數化潛在的不同分類下的樣子嗎？我的意思是，這聽起來像是要求的適度增加，實際上可能對市場份額產生積極影響，只是考慮到您已經具備的結構完整性。是什麼——我如何看待向最壞的轉變，即增量成本？請讓我們了解一下最好的情況，最壞的情況，好嗎？

Mark, I don't think we've -- we're ready to talk externally about the potential change in price at the different varying levels. But suffice to say, your first statement is absolutely correct, that we feel that our structural integrity is the best in the marketplace. And as such, the differential to get to a Class II certification for Array is much lower than maybe some of our competitors. So we think from an overall pricing perspective, we'll have a certain advantage there, for sure. And that's, in fact, goes to Class II. If it goes to Class IV, it's really going to come down to ensuring that everyone is competing on kind of a level playing field with their engineering and their certifications to those classifications, right? So we obviously take a very high road and take structural integrity as a huge competitive advantage. So we don't give on that engineering content. So to the extent the competitors do that, again, I think the more higher classification, the better it is for array. The lower the price differential, we would have to do to pass on that higher level of certification to our customers. So I think we feel -- while we don't think the classification change is needed, if, in fact, it were to go that way, I think we feel we have a pretty good advantage going into it at this point.

馬克，我不認為我們已經準備好在外部討論不同水平的價格潛在變化。但我只想說，您的第一個陳述是絕對正確的，我們認為我們的結構完整性是市場上最好的。因此，獲得 Array II 類認證的差距可能遠低於我們的一些競爭對手。因此，我們認為從整體定價的角度來看，我們肯定會在那裡擁有一定的優勢。事實上，這屬於 II 類。如果它進入 IV 級，它真的要歸結為確保每個人都在一個公平的競爭環境中與他們的工程和他們對這些分類的認證進行競爭，對嗎？因此，我們顯然走的是一條非常高的道路，並將結構完整性作為巨大的競爭優勢。所以我們不會放棄那些工程內容。因此，就競爭對手的做法而言，我再次認為，分類越高，陣列越好。價格差異越低，我們就必須將更高級別的認證傳遞給我們的客戶。所以我認為我們覺得——雖然我們認為不需要改變分類，但如果事實上，它是這樣發展的，我認為我們覺得我們在這一點上有一個很好的優勢。

And then I'm curious, I know it's only been a couple of months since Omnitrack was introduced. But can you just kind of give us initial customer feedback on that? Are you receiving orders there yet? Are you starting to see conversations open up for projects that you might have been precluded from previously?

然後我很好奇，我知道 Omnitrack 推出才幾個月。但是，您能否就此向我們提供初步的客戶反饋？你在那裡收到訂單了嗎？您是否開始看到針對您之前可能被排除在外的項目展開對話？

I wouldn't say we're receiving orders yet. We're receiving lots of opportunities to0. So Omnitrack, if you remember, requires us to do some additional upfront engineering work to qualify that. So we're seeing a lot more inbound opportunities to get into that qualification for Omnitrack view. So that certainly is something that the market is excited about. It's a solution that is allowing some of our customers to look differently at some of their slate of projects that they already have. So it's a very active proposition at this point. To be clear, I wouldn't say that we've got this influx of orders. It's really an influx of opportunities that we're working our way through at this point.

我不會說我們還沒有收到訂單。我們收到了很多機會。因此，如果您還記得的話，Omnitrack 需要我們做一些額外的前期工程工作來證明這一點。因此，我們看到了更多進入 Omnitrack 視圖資格的入站機會。所以這肯定是市場興奮的事情。這是一個解決方案，它允許我們的一些客戶以不同的方式看待他們已經擁有的一些項目。所以在這一點上這是一個非常積極的提議。需要明確的是，我不會說我們有大量的訂單。在這一點上，我們正在努力解決大量的機會。

Our next question will be from Philip Shen, ROTH Capital Partners.

我們的下一個問題將來自 ROTH Capital Partners 的 Philip Shen。

As a follow-up to the $75 million to $100 million that was pulled in, can you talk through the situation as to why that may have been pulled in? Specifically, was it because there was a fair amount of projects that were built with tracker but without modules? And then do you expect that pattern to continue into Q4? And then as you look into 2023, if this UFLPA situation persists, would you think that you might be able to -- the industry might continue to do that or does the industry hit a certain point where it can't continue to build projects without modules but with truck?

作為 7500 萬到 1 億美元的後續行動，你能談談為什麼可能會被拉進來嗎？具體來說，是不是因為有相當多的項目是用跟踪器構建的，但沒有模塊？然後你認為這種模式會持續到第四季度嗎？然後當您展望 2023 年，如果這種 UFLPA 情況持續存在，您是否認為您可能能夠——該行業可能會繼續這樣做，或者該行業是否達到了無法繼續建設項目的某個點？模塊，但有卡車？

So let me take the first part of that. If you remember our commentary around the pullback of the AD/CVD revenues was one that we very early on indicated was a conservative approach. We looked at project-by-project. And if a customer did not have confirmed delivery of those modules already, we decided to consider it at risk and pull it out of the forecast.

所以讓我來談談第一部分。如果您還記得我們關於 AD/CVD 收入回落的評論，我們很早就表示這是一種保守的方法。我們逐個項目地查看。如果客戶尚未確認這些模塊的交付，我們決定將其視為風險並將其排除在預測之外。

So what you've seen transpire over that is some of those customers be able to get those modules in over that six months since we changed that forecast. So that's really what you're seeing. And I think you're seeing that coupled with as we've really focused our operations teams on improving our linearity of business, it's allowed us to ship more and reduce the overall backlog in the business by just really hitting a very high level of linearity. We don't have a big hockey stick at the end of the quarter any longer. It's really -- as we look through the whole quarter, it's about a 45-degree angle of the charts at this point and we've had a couple of consecutive quarters of outstanding operational performance in driving that linearity. So that's helped us pull additional work in as well. So that's really the answer on that.

因此，您所看到的是，自從我們更改預測後，其中一些客戶能夠在六個月內獲得這些模塊。所以這就是你所看到的。而且我認為您已經看到，再加上我們確實將運營團隊的重點放在改善業務線性度上，它使我們能夠交付更多產品並通過真正達到非常高的線性度來減少業務中的整體積壓.在本季度末我們不再有大曲棍球棒了。真的 - 當我們縱觀整個季度時，此時圖表的角度約為 45 度角，我們已經連續幾個季度在推動這種線性度方面取得了出色的運營業績。所以這也幫助我們進行了額外的工作。所以這就是答案。

As it relates to the UFLPA, look, I think what we're doing still, we're still having customers ask us to do multiple module designs in secondary and tertiary module designs as they try to mitigate which modules they may get in and which modules may clear. I think we've always been open about our view that that was going to continue throughout the end of the year and certainly in Q4. And I think we've extended that through Q1 at this point. There's a lot of my peers calling for CVP to get greater level of clarity and to accelerate the clearance of these modules. We certainly -- we will organize with that, right? We need this to get cleared up for the industry to have a robust year next year. But that being said, we're not counting on it in our current Q1 forecast either.

由於它與 UFLPA 相關，看，我認為我們仍在做的事情，我們仍然有客戶要求我們在二級和三級模塊設計中進行多個模塊設計，因為他們試圖減少他們可能進入的模塊以及哪些模塊模塊可能會清除。我認為我們一直對我們的觀點持開放態度，即這將持續到今年年底，當然在第四季度。我認為我們已經將這一點擴展到了第一季度。我的很多同行都呼籲 CVP 獲得更高的清晰度並加速這些模塊的清除。我們當然 - 我們會組織起來，對吧？我們需要澄清這一點，以便該行業明年有一個強勁的一年。但話雖如此，我們在當前的第一季度預測中也不指望它。

As it relates to 2023, from a booking standpoint, you had a nice new orders in Q3 over Q2. How do you see the bookings trending through this quarter? You had a nice order yesterday. But as you look into Q1 and Q2, would you expect the bookings momentum to sustain or do you think it might slow down?

由於它與 2023 年有關，從預訂的角度來看，您在第三季度的新訂單比第二季度要好。您如何看待本季度的預訂趨勢？你昨天的訂單很好。但是，當您查看第一季度和第二季度時，您認為預訂勢頭會持續還是會放緩？

Well, look, I don't think we're ready to give a full year view of next year yet. We'll certainly do that with our earnings call in Q1. But the conversations we're having with customers on the back of the IRA right now is really about how much capacity can they secure with us. So we have customers approaching us looking to purchase a certain level of capacity and then to purchase secondarily a certain level of U.S. content within that capacity.

好吧，看，我認為我們還沒有準備好給出明年的全年展望。我們肯定會在第一季度的財報電話會議上做到這一點。但是，我們現在在 IRA 背後與客戶進行的對話實際上是關於他們可以與我們確保多少容量。因此，我們有客戶來找我們，希望購買一定水平的容量，然後再購買該容量內一定水平的美國內容。

So I think we're fairly excited about next year and certainly the year after relative to our position in the market, our leading domestic supply chain. I think we feel pretty good about our position. And if you just look at the momentum, vis-a-vis, some of the competitors have come out with their numbers, we feel pretty good. We think we're winning rather than losing and our organic growth rates are amongst the best in the industry at this point.

因此，相對於我們在市場中的地位，我們領先的國內供應鏈，我認為我們對明年以及之後的一年相當興奮。我認為我們對自己的位置感覺很好。如果你只看一下勢頭，相對於一些競爭對手已經公佈了他們的數據，我們感覺非常好。我們認為我們是贏了而不是輸了，我們的有機增長率在這一點上是業內最好的。

One last one, if I may. You brought up domestic content. We've picked up on -- there's an EPC maybe that may be able to provide 40% domestic content without the module. Do you see yourself in that kind of position where you think you could really enable that 40% threshold. Of course, we have to get the definitions out from treasury soon, but as the way things are awarded now, do you see a fair path to helping your customers get to that 40% level?

如果可以的話，最後一個。你提出了國內內容。我們已經註意到——有一個 EPC 可能能夠在沒有模塊的情況下提供 40% 的國內內容。你是否認為自己處於那種你認為你可以真正實現 40% 門檻的位置。當然，我們必須盡快從財務部門中獲得定義，但是按照現在的獎勵方式，您是否認為有一條公平的途徑可以幫助您的客戶達到 40% 的水平？

So if you think about our current product without making a whole lot of modifications, we're roughly in that 75%, 76% range of what I would call pure domestic content. Minor tweaks to the bill of materials puts us up in the 90s. And again, when we talk about varying levels for our customers, we're going to be able to provide them that varying level that they need to either get 7 points towards their domestic content or 9 points towards their domestic content. And clearly, there's some pricing differential at that.

因此，如果您考慮我們目前的產品而不進行大量修改，我們大致處於我所說的純國產內容的 75%、76% 範圍內。對材料清單的細微調整使我們進入了 90 年代。同樣，當我們為客戶談論不同級別時，我們將能夠為他們提供不同級別，他們需要獲得 7 分的國內內容或 9 分的國內內容。顯然，這存在一些定價差異。

So if you're a customer out there who needs those additional percentage points, yes, we can shift from some of the offshore suppliers to domestic suppliers to increase that for you. So that's really some of the conversations we're having with our customers is what is that price differential to get from, say, 75% to 95% domestic content where needed.

因此，如果您是需要這些額外百分點的客戶，是的，我們可以從一些離岸供應商轉向國內供應商，為您增加這一點。所以這就是我們與客戶進行的一些對話，即在需要時從 75% 到 95% 的國內內容中獲得的價格差異是多少。

Our next question will be from Martin Malloy of Johnson Rice.

我們的下一個問題將來自 Johnson Rice 的 Martin Malloy。

First question. Given the progress you've made in working off the legacy backlog and your exit rate that you've talked about for gross profit margins for this year, any factors that we should think about that would prohibit you getting from -- or into the low-20%-ish gross profit margin range for next year?

第一個問題。鑑於你在處理遺留積壓工作方面取得的進展以及你談到今年的毛利率的退出率，我們應該考慮的任何因素都會阻止你從 - 或進入低谷-20%-ish 明年的毛利率範圍？

Marty, it's Steve. As we -- as Kevin mentioned, we're not prepared to give our full year 2023 guidance. But if you look at momentum, we still feel we'll exit this year in the high-teens and back to our legacy historical margins in 2023.

馬蒂，是史蒂夫。正如我們——正如凱文所說，我們不准備給出 2023 年全年的指導。但是，如果您看一下勢頭，我們仍然認為我們將在今年的高位退出，並在 2023 年回到我們傳統的歷史利潤率。

And then, my second question. Are there opportunities to introduce some of your products into the geographic areas that STI Norland operates in and vice versa?

然後，我的第二個問題。是否有機會將您的一些產品引入 STI Norland 運營所在的地理區域，反之亦然？

Yeah, that's one of the key things with the integration that we've been cross-pollinating our products into their markets and their products into ours, both from a geographic standpoint as well as top customer standpoint. We've been able to go to some of our larger multinational customers and provide this dual portfolio approach for them, and that's just been well received. We're active in doing that. We're -- it's a little premature for us to talk about some of the orders we won cross-pollinating already. Maybe we'll do that on a future call. But it's certainly been one of the core elements of the integration process.

是的，這是整合的關鍵之一，我們一直在將我們的產品交叉融合到他們的市場中，並將他們的產品交叉融合到我們的市場中，無論是從地理角度還是從頂級客戶的角度來看。我們已經能夠接觸到我們的一些較大的跨國客戶，並為他們提供這種雙重投資組合方法，並且剛剛受到好評。我們正在積極這樣做。我們 - 現在談論我們已經通過異花授粉贏得的一些訂單還為時過早。也許我們會在未來的電話會議上這樣做。但它肯定是集成過程的核心要素之一。

Your next question will be from Donovan Schafer, Northland Capital.

您的下一個問題將來自 Northland Capital 的 Donovan Schafer。

I've kind of playing off of the last question about the portfolio approach of STI Norland's tracker and kind of your additions of products. I'm curious, I know it helps us sort of close rates and winning projects because you can present a couple of different products. But I'm curious if it also factors in if you ever are in a situation where you end up kind of mixing and matching. So I know, for instance, with next trackers, train following solution, they don't use that for the whole project. They only use it on a certain segment where there's a steep grade.

關於 STI Norland 的追踪器的投資組合方法以及您添加的產品的種類，我有點玩弄了最後一個問題。我很好奇，我知道這有助於我們確定收盤價和贏得項目，因為您可以展示幾種不同的產品。但我很好奇它是否也考慮到你是否處於最終混合和匹配的情況。所以我知道，例如，對於下一個跟踪器，訓練跟踪解決方案，他們不會在整個項目中使用它。他們只在坡度陡峭的特定路段使用它。

And so I'm wondering, do you -- does this put you in a position to be able to start working on this or maybe some projects? The kind of core of it would be the traditional ATI tracker, centralized design and then you could do the STI Norland's tracker on where train gets a bit more challenging or vice versa. Maybe you do the traditional Array tracker for higher wind loads on the periphery and then do some STI Norland trackers in the middle? I'm just curious if there's kind of a benefit there for site designs with being able to potentially mix and match if that's of interest to customers?

所以我想知道，你——這是否讓你能夠開始從事這個或一些項目？它的核心將是傳統的 ATI 跟踪器，集中式設計，然後您可以在火車變得更具挑戰性的地方使用 STI Norland 的跟踪器，反之亦然。也許您在外圍使用傳統的 Array 跟踪器以獲得更高的風荷載，然後在中間使用一些 STI Norland 跟踪器？我只是好奇，如果客戶感興趣的話，如果網站設計能夠潛在地混合和匹配，是否有某種好處？

Well, I think Donovan, I don't think that's our current solution. And the challenge with that really comes into software which drives the overall site operation. It's a different software platform between our solutions. So I think our current focus is really about an overall Array platform for certain market conditions. And then obviously, an STI for different. And again, the difference also comes in that they're positioning at the price points.

好吧，我認為多諾萬，我不認為這是我們目前的解決方案。真正的挑戰在於驅動整個網站運營的軟件。這是我們解決方案之間的不同軟件平台。所以我認為我們目前的重點實際上是針對特定市場條件的整體 Array 平台。然後很明顯，不同的性傳播感染。同樣，不同之處還在於它們定位在價格點上。

So where a customer doesn't need the overall full robust Array design and wants something at a different price point, we could then -- and maybe that customer were to go use a third-tier tracker supplier today. We have a different offering at a lower price point if they don't need the level of robustness and structural integrity that the core Array product has. But we really don't see us going to a site today and mixing and matching kind of half STI and half Array at this point because the software control systems would be different.

因此，如果客戶不需要整體強大的 Array 設計並且想要不同價位的東西，那麼我們可以 - 也許該客戶今天會使用第三方跟踪器供應商。如果他們不需要核心 Array 產品所具有的穩健性和結構完整性水平，我們會以更低的價格提供不同的產品。但是我們真的看不到我們今天去一個站點，在這一點上混合和匹配半 STI 和半 Array，因為軟件控制系統會有所不同。

One then kind of related. Before I think when Array first came public and before I think we got kind of distracted with a lot of the steel price stuff and there's just been so many different things going on, there is a trend with the tracker companies. And I think at the time, kind of we were all sort of hyper focused on you guys at Nextracker. But there is a move to the sort of portfolio bidding where the idea was it could either be an EPC or it could be a developer where they would say, well, our plan is to deploy 2 gigawatts over this period of time. And so will you give us better pricing? And so does the variety of products come into that, I guess, kind of where are we at in the trend of portfolio bidding? And then does having the portfolio options support that?

一種是相關的。在我認為 Array 首次上市之前，在我認為我們對很多鋼鐵價格的東西有點分心並且發生了很多不同的事情之前，跟踪器公司有一種趨勢。而且我認為當時，我們都非常關注 Nextracker 的你們。但是有一種投資組合招標的趨勢，其想法是它可以是 EPC，也可以是開發商，他們會說，好吧，我們的計劃是在這段時間內部署 2 吉瓦。那麼你會給我們更好的價格嗎？那麼，我想，產品種類繁多，我們在投資組合競標的趨勢中處於什麼位置？然後擁有投資組合選項是否支持這一點？

So we're very much in that now. But it's less about price concession, it's more about capacity confirmation. So we are actively engaged with many of our large customers now in, hey, look, I've got a 2 gigawatt portfolio to deploy in 2023. I want Array on the entire portfolio that may be comprised of six or eight projects. And what they're looking for now is not nearly as much price concession as it is capacity commitment and domestic content commitment. So those are absolutely active conversations we're having every day now, but it's less about price concessions.

所以我們現在非常喜歡。但與其說是價格讓步，不如說是產能確認。因此，我們現在正在積極與我們的許多大客戶互動，嘿，看，我有一個 2 吉瓦的投資組合要在 2023 年部署。我希望整個投資組合中可能包含 6 個或 8 個項目的 Array。而他們現在所尋求的並不是價格讓步，而是產能承諾和國內內容承諾。因此，這些絕對是我們現在每天都在進行的積極對話，但與價格優惠無關。

And then just one more question and then I'll take the rest offline is just with the Inflation Reduction Act and just even the removal of some of the AD/CVD, but with your first labor stuff still going on, there's again, so much is going on. Are you seeing kind of changes in the mix of project sizes? You announced yesterday the large 750 megawatt project win, and that's fantastic. That's a -- projects like that really move the needle. But do you think we're kind of headed in the direction of a world where it's more of these kind of elephants -- big elephant-sized projects or is it a bunch of more small like your partnership with Russell Pacific that ends up moving things? Are there any kind of trends there that you're seeing?

然後再問一個問題，然後我將把剩下的問題放到下線，只是通過《通貨膨脹減少法》，甚至取消了一些 AD/CVD，但是隨著您的第一次勞動工作仍在進行中，還有很多正在進行。您是否看到項目規模組合的變化？您昨天宣布贏得 750 兆瓦的大型項目，這太棒了。那是一個 - 像這樣的項目真的很重要。但是你認為我們正朝著一個更多類似大象的世界的方向前進 - 大像大小的大型項目，還是像你與羅素太平洋公司的合作那樣更小的項目，最終推動事物的發展?你看到那裡有什麼趨勢嗎？

Well, we split the market to the large utility scale which we focus on. And I think one of the things lost is, we are with our partnership with Russell Pacific, we believe the largest in both community and commercial solar as well, although we don't talk externally about that nearly as much. Those projects tend to be smaller in size and many of them. And then on the utility scale, we're certainly seeing an increase in average project size.

好吧，我們將市場劃分為我們關注的大型公用事業規模。而且我認為失去的一件事是，我們與羅素太平洋公司建立了合作夥伴關係，我們相信社區和商業太陽能領域也是最大的，儘管我們幾乎沒有對外談論這一點。這些項目往往規模較小，而且很多。然後在公用事業規模上，我們肯定看到平均項目規模有所增加。

Look, you're right, the 750 megawatts is a big elephant. It's our second largest project in history only to Gemini. Setting those aside, the average of what we're seeing because of the efficiencies that are driven and the confidence in solar as a great energy source at a great price, we are seeing those project sizes get bigger and bigger.

看，你是對的，750 兆瓦是一頭大象。這是我們歷史上僅次於雙子座的第二大項目。撇開這些不談，由於所驅動的效率和對太陽能作為一種價格合理的優質能源的信心，我們所看到的平均值，我們看到這些項目規模越來越大。

Next we'll have a question from Maheep Mandloi of Credit Suisse.

接下來我們將有一個來自瑞士信貸的 Maheep Mandloi 的問題。

Maheep Mandloi here from Credit Suisse. Firstly, just on the Q3 and Q4 numbers on the top-line. Can you talk about if there were any demand pull-in from Q4 into Q3 and/or is this the reflection of seasonality, because historically, we haven't seen that? So just curious how much is seasonality versus demand pull-in in Q3?

來自瑞士信貸的 Maheep Mandloi。首先，僅在頂線上的 Q3 和 Q4 數字上。您能否談談從第四季度到第三季度是否有任何需求拉動和/或這是季節性的反映，因為從歷史上看，我們沒有看到這一點？所以只是好奇第三季度的季節性與需求拉動有多少？

Maheep, as Kevin mentioned and I did as well, we've had really good linearity of our shipments throughout the quarter. And we've done that purposely really, is to really save space at the end of the quarter for certain projects that the customers did want delivered that we were able to do because we don't have a hockey stick quarter. Look, what we'd say is part of that increase in Q3 was what the availability of projects to ship and customers to accept them and they were originally scheduled for Q4. So we do see that and we continue with our operational execution allows those windows to be able to ship those items.

Maheep，正如凱文提到的和我所做的那樣，我們在整個季度的出貨量線性度非常好。我們確實是故意這樣做的，是為了在季度末真正為客戶確實希望交付的某些項目節省空間，因為我們沒有曲棍球棒季度，所以我們能夠做到。看，我們要說的是第三季度增長的一部分是交付項目的可用性和客戶接受它們的情況，它們最初計劃在第四季度進行。所以我們確實看到了這一點，我們繼續我們的運營執行，讓這些窗口能夠運送這些物品。

And then, in light of UFLPA still being some uncertainty around it, should we expect a similar run rate in the first half of next year, similar to what we saw in the second half of this year?

然後，鑑於 UFLPA 仍然存在一些不確定性，我們是否應該期望明年上半年會有類似的運行率，類似於我們在今年下半年看到的？

So we're not really obviously prepared to provide for guidance for next year. But as Kevin mentioned, we still -- we expect the UFLPA to continue on and cause some delays in Q4 as what we expected and continue on into the first quarter. We'll be in a better position after our fourth quarter call to provide kind of where we think the Q1 will land. But we do still see that sticking around here for a couple of quarters.

因此，我們顯然沒有準備好為明年提供指導。但正如凱文所說，我們仍然 - 我們預計 UFLPA 將繼續進行，並像我們預期的那樣在第四季度造成一些延誤，並繼續到第一季度。在第四季度電話會議之後，我們將處於更好的位置，以提供我們認為第一季度將登陸的地方。但我們仍然看到這種情況在這裡持續了幾個季度。

Got it. And just one like housekeeping. When you talk about like getting back to legacy gross margins. Could you clarify, are we looking at like 20% EBITDA margin or higher than that?

知道了。就像家政一樣。當您談論回到傳統毛利率時。您能否澄清一下，我們的 EBITDA 利潤率是 20% 還是更高？

So when we say legacy margins, we're really speaking of the gross margins of -- in the high-teens, low-20s. We're -- as far as EBITDA margins, we're still -- we're -- Kevin is still kind of relatively new here in his role. We're going to come out with updated guidance. But for now, we're still sticking to the guidance that we provided historically in the 16% to 18% EBITDA margin range.

因此，當我們說傳統利潤率時，我們實際上是在談論 10 多歲、20 歲以下的毛利率。我們 - 就 EBITDA 利潤率而言，我們仍然 - 我們 - 凱文在他的角色中仍然相對較新。我們將提供更新的指南。但就目前而言，我們仍然堅持我們歷史上在 16% 至 18% 的 EBITDA 利潤率範圍內提供的指導。

Our next question will be from Kasope Harrison of Piper Sandler.

我們的下一個問題將來自 Piper Sandler 的 Kasope Harrison。

So it looks like the order book, as you indicated, declined a little bit by $100 million for the legacy business. But as you indicated, bookings were up quarter-over-quarter in Q3. Just wondering, what are you seeing for bookings in 4Q? Do you expect another similar uptick quarter-over-quarter? Just any color there would be greatly appreciated.

因此，正如您所指出的，看起來訂單簿為傳統業務減少了 1 億美元。但正如您所指出的，第三季度的預訂量環比增長。只是想知道，您對第四季度的預訂有何看法？您是否期望另一個類似的季度環比增長？任何顏色都將不勝感激。

We believe that the bookings will stay consistent and strong through Q4. No indications of that slowing down at this point.

我們相信預訂將在第四季度保持一致和強勁。在這一點上沒有放緩的跡象。

And then my second question, maybe a little bit more of a bigger picture question. Bolsonaro just lost the Brazilian election and Lula has been elected. And so I'm just wondering what your thoughts are on the implications for Lula for solar development in Brazil in the coming years?

然後是我的第二個問題，也許是一個更大的問題。博爾索納羅剛剛在巴西大選中落敗，盧拉當選。所以我只是想知道你對盧拉對未來幾年巴西太陽能發展的影響有何看法？

I mean, look, first of all, we're pleased that the election is over. I think the Brazilian business would have characterized a short period of pause while you just like the clarity. I think now we need this time of unrest to calm down so that the businesses could actually get refocused and continue to move forward. I think from our perspective, we're really extremely excited about the prospects we have in Brazil. And that excitement was never tied to one candidate versus the other. It was about getting into a known and predictable interest rate environment in Brazil where projects can be quantified and then begin to move forward. So we feel generally pretty good about it. And I think the teams on the ground are feeling very positive as we go forward. We're looking at having a really strong year in Brazil next year.

我的意思是，首先，我們很高興選舉已經結束。我認為巴西業務的特點是短暫的停頓，而您只是喜歡清晰。我認為現在我們需要讓這段動蕩的時間平靜下來，這樣企業才能真正重新集中精力並繼續前進。我認為從我們的角度來看，我們對巴西的前景感到非常興奮。這種興奮與一位候選人與另一位候選人無關。這是關於進入巴西已知且可預測的利率環境，在該環境中項目可以量化，然後開始向前發展。所以我們總體上感覺很好。我認為在我們前進的過程中，當地的團隊感覺非常積極。我們期待明年在巴西有一個非常強勁的一年。

And if I could just sneak one more in. And apologies if you mentioned this, I've been having issues with everything breaking up on my end. But you guided to gross margins for the STI business in Q4 in the high-teens, what does that number look like for the legacy Array business in Q4? Are we going to cross the 20% marker or do you think that's also in the high-teens for Q4?

如果我能再偷偷溜進去一次。如果你提到這一點，我很抱歉，我一直對我的所有事情都崩潰了。但是您將 STI 業務在第四季度的毛利率引導到了十幾歲，那麼對於第四季度的傳統 Array 業務，這個數字是什麼樣的？我們是要突破 20% 的大關，還是您認為這也是第四季度的高點？

We're seeing that the legacy Array business is similar to STI in that sense, where we're going to -- what we're seeing in Q4 based on the projects that are lining up that will be in the high-teens.

我們看到，在這個意義上，傳統的 Array 業務與 STI 類似，我們將在第四季度看到基於正在排隊的項目，這些項目將處於青少年階段。

Next question will be from Colin Rusch with Oppenheimer.

下一個問題將來自 Colin Rusch 和 Oppenheimer。

Can you talk about the key areas of investment around -- in the R&D space and really in terms of potentially driving cost out of the structures or other innovations that you're working on?

您能否談談圍繞研發領域的關鍵投資領域，以及真正從您正在從事的結構或其他創新中潛在降低成本的方面？

Look, Colin, you're going to find this answer pretty unfulfilling. And I don't really, as a practice, talk about my innovation and new product development going forward in a public forum. It's just something I don't do. I can tell you that I'm pretty excited about what we have going on within our innovation, new product development organization. We separated out the value engineering organization from new product development. And with that, we're driving many more innovations.

聽著，科林，你會發現這個答案很不令人滿意。作為一種實踐，我並沒有真正在公共論壇上談論我的創新和新產品開發。這只是我不做的事情。我可以告訴你，我對我們在創新、新產品開發組織中所做的事情感到非常興奮。我們將價值工程組織從新產品開發中分離出來。有了這個，我們正在推動更多的創新。

And again, as we discussed, many more patentable innovations in our product line, additional versions of our product line as well as a large focus on where we can take cost out of the product, both from a standpoint of being able to offer our customers a better value, but also to drive improved margins in our business. So suffice to say, we have a lot of efforts going on in both, and I for one am very pleased. We just had an executive debrief with engineering, new product development, value engineering teams on Friday. And this is something we're pretty excited about. But you're going to find as a practice, I'll talk about them after we've delivered rather than prior to delivering them.

同樣，正如我們所討論的，我們的產品線中有更多可申請專利的創新，我們產品線的其他版本，以及從能夠為我們的客戶提供服務的角度來看，我們可以從產品中降低成本的重點更好的價值，同時也推動我們業務的利潤率提高。可以這麼說，我們在這兩個方面都做了很多努力，我對此感到非常高興。週五，我們剛剛與工程、新產品開發、價值工程團隊進行了一次執行匯報。這是我們非常興奮的事情。但是你會發現作為一種練習，我會在我們交付之後而不是在交付之前談論它們。

And then as you guys have a little bit broader geographic footprint, can you talk a little bit about the evolution of the folks that are doing some of the fabrication for you? Are there areas for you guys to drive cost out of that, scale up with certain folks to hit volume breakpoints? Just thinking about the non-commodity costs here and how that evolves, particularly on a geographic basis?

然後，由於你們的地理足跡更廣一些，你能談談為你做一些製造的人的演變嗎？你們是否有一些領域可以降低成本，與某些人一起擴大規模以達到產量斷點？想想這裡的非商品成本以及它是如何演變的，特別是在地理基礎上？

Colin, we're continually with our supply chain, building out our supply base and with the various countries that we operate in and several suppliers. And part of it is, as our share of demand grows and we continue to counter these larger projects in the regions that we operate, our suppliers want to invest with us and invest in our business. So we're seeing more and more of that where our suppliers are investing to get a piece of the solar business as we grow as being one of the leaders in the space.

Colin，我們不斷地與我們的供應鏈合作，建立我們的供應基地，並與我們經營的各個國家和幾家供應商合作。部分原因是，隨著我們需求份額的增長，我們繼續在我們經營的地區應對這些更大的項目，我們的供應商希望與我們一起投資並投資於我們的業務。因此，隨著我們成長為該領域的領導者之一，我們越來越多地看到我們的供應商正在投資以獲取太陽能業務的一部分。

I think the other comment I'll make is that, as you remember, that 80% of our business is domestic. And a lot of the new businesses coming in solar is in those areas that we didn't traditionally build out in. So we've -- for years, we've done the Arizona, New Mexico, Texas, California, Florida. Now it's really about business that's being driven up in the upper Midwest, Northwest.

我想我要說的另一個評論是，正如你所記得的，我們 80% 的業務是國內業務。太陽能領域的許多新業務都在我們傳統上沒有建立的那些領域。所以我們已經 - 多年來，我們已經完成了亞利桑那州、新墨西哥州、德克薩斯州、加利福尼亞州和佛羅里達州。現在它真的是關於在中西部上游和西北地區被推動的業務。

So a lot of what we've been doing is working with our existing supply partners for them to localize manufacturing into those regions because the huge gate forces in reducing the logistics uncertainty and the logistics costs by having the source of our product more closely available to where a lot of the newer developments are going to be happening. And that's really what we've been focusing on to take cost out of the supply chain. It's about localizing the content with some of our already existing proven domestic suppliers.

因此，我們一直在與我們現有的供應合作夥伴合作，讓他們將製造本地化到這些地區，因為通過讓我們的產品來源更接近於我們的供應商，巨大的門禁力可以減少物流不確定性和物流成本。許多新的發展將會發生。這就是我們一直關注的從供應鏈中降低成本的重點。這是關於與我們現有的一些經過驗證的國內供應商對內容進行本地化。

Next we have a question from Joseph Osha of Guggenheim.

接下來我們有一個來自古根海姆的約瑟夫·奧沙的問題。

Anyway, two questions. First, obviously, the complements on the free cash flow this quarter. Obviously, some of that is some of these working capital accounts reversing. How as we look into next year or maybe more generically as you talk about those EBITDA and gross margin longer term targets. How should I think about how free cash flow might relate to those targets over time?

無論如何，兩個問題。首先，顯然是本季度自由現金流的補充。顯然，其中一些是這些營運資金賬戶的逆轉。當我們展望明年或更籠統地談論這些 EBITDA 和毛利率的長期目標時，我們會如何看待。隨著時間的推移，我應該如何考慮自由現金流與這些目標之間的關係？

The way that we look at it here is really our free cash flow conversion and we expect to be in the 75% range -- 60 to 80 kind of percent range of free cash flow conversion, Joe. And as we hit it on the head, there's two pieces of this. It's the merchant recovery which we're on the path of doing four consecutive orders up and we plan on also continuing that in the next quarter as well as just the working capital is becoming more efficient there. Those two levers together give us the confidence that we can get back into that 60% to 80% range of free cash flow conversion.

我們在這裡看待它的方式實際上是我們的自由現金流轉換，我們預計將在 75% 的範圍內 - 60% 到 80% 的自由現金流轉換，喬。當我們擊中它的頭部時，有兩塊。這是商家的複蘇，我們正在連續四次增加訂單，我們計劃在下一季度繼續這樣做，而且那裡的營運資金變得更有效率。這兩個槓桿加在一起讓我們有信心回到 60% 到 80% 的自由現金流轉換範圍。

And that, to be clear, 60% to -- that's as a percentage of EBITDA? What are we talking there?

並且，明確地說，60% 到 - 這是 EBITDA 的百分比？我們在那裡談什麼？

That is EBITDA percentage.

那是 EBITDA 百分比。

And then the other question I had, understanding that things are in a great deal of flocks and we're still up here from Treasury and IRS and all the rest of it. Do you guys think you're going to be able to be in a position to book to the extent that you do have manufacturing tax credits? Are those going to show up as contra cost of sales in your non-GAAP financials starting Q1? Do you think you can have enough information to be able to do that?

然後我的另一個問題是，我知道事情是成群結隊的，我們仍然在財政部和國稅局以及其他所有方面。你們認為你們能夠在擁有製造業稅收抵免的情況下進行預訂嗎？從第一季度開始，這些是否會在您的非公認會計準則財務中顯示為銷售成本？你認為你可以有足夠的信息來做到這一點嗎？

We just -- we simply don't know the answer to that yet. It's just too early to tell.

我們只是——我們根本不知道這個問題的答案。現在說還為時過早。

And just on that note, final question. Is it Treasury and IRS, do you think you also need to hear from SEC and/or maybe FASB? What are the critical pieces of guidance that you all are looking for before you might actually be comfortable making a call there?

就在那張紙條上，最後一個問題。是財政部和國稅局，您認為您還需要聽取 SEC 和/或 FASB 的意見嗎？在您真正願意在那裡打電話之前，你們都在尋找哪些重要的指導？

So I think there's a few areas. The first is further definition in terms of specifically what's changing. So where we are now? We're in the comment period. So we had certainly provided lots of commentary back through both trade organizations as well as directly to legislators as well as directly to some of those government agencies you've mentioned earlier.

所以我認為有幾個方面。第一個是根據具體變化的進一步定義。那麼我們現在在哪裡？我們正處於評論期。因此，我們當然通過貿易組織以及直接向立法者以及您之前提到的一些政府機構提供了很多評論。

That comment period will end with more clarity around the definitions of, for example, what is considered a structural fastener. And those definitions could have really meaningful differences relative to what we do to our operational footprint, what we in-source, what we continue to outsource. All of that is what's in flux. So suffice to say that what we've been focusing on internally is driving lots of different optionality. If it comes down this way, this is our move, this is our approach, how we'll execute. If it comes down this way, this is. So we are parallel pathing lots of different ways that we could maximize different rules and regulations for the benefit of Array. And that's the mode we're in now.

該評論期將以更清晰的定義結束，例如，什麼是結構緊固件。相對於我們對運營足跡所做的事情、我們內購的內容、我們繼續外包的內容，這些定義可能會產生真正有意義的差異。所有這些都是不斷變化的。可以這麼說，我們一直在內部關注的是推動許多不同的可選性。如果它以這種方式出現，這就是我們的舉措，這是我們的方法，我們將如何執行。如果它以這種方式下降，就是這樣。因此，我們正在並行探索許多不同的方式，以最大限度地利用不同的規則和法規，以造福 Array。這就是我們現在所處的模式。

The examples of manufacturing tax credits that can be transferred one time, and we're not sure, can it be transferred in twice from some of our suppliers to us or sub-suppliers to suppliers to us. So all that is what's really in flux and we're looking for much better clarity around definitions, which are direct credits from the Department of Commerce versus which are tax credits. All of that is still -- while there's a set of definitions out there, we're in the comment period that will drive -- it's likely that some of that will change here over the next three to four months. And what we're doing is really focusing internally on having an incredible amount of optionality for each direction, some of those may change. That's really -- we have a whole team focused on that, are meeting regularly in the if-then views of what we would do to our business.

可以一次性轉移的製造稅收抵免示例，我們不確定，是否可以從我們的一些供應商或分供應商轉移給我們的供應商兩次。因此，所有這些都是真正在變化的，我們正在尋找更好的定義，即商務部的直接信用與稅收抵免。所有這些仍然存在——雖然有一套定義，但我們正處於評論期，這將推動——其中一些可能會在未來三到四個月內發生變化。我們正在做的實際上是在內部專注於為每個方向提供大量的可選性，其中一些可能會改變。這真的是——我們有一個完整的團隊專注於此，定期開會，討論我們將對我們的業務做些什麼。

(Operator Instructions) Next question will be from Jeff Osborne, Cowen and Company

（操作員說明）下一個問題將來自 Jeff Osborne, Cowen and Company

A quick question or actually three quick ones. Is there a rule of thumb on CapEx per gigawatt? You mentioned possibly making torque tubes or other items yourself, and historically, you're not a capital-intensive business. So I wanted to better appreciate that if that if-then scenario that you just laid out to Joe's question.

一個快速的問題，或者實際上是三個快速的問題。每千兆瓦的資本支出是否有經驗法則？您提到可能自己製造扭矩管或其他物品，從歷史上看，您不是資本密集型企業。所以我想更好地理解如果你剛剛針對喬的問題提出的那種假設情況。

So to be clear, I don't think that us going into the torque tube conversion business adds a lot of value. Our strength in partnerships and relationships, those partners have committed to sharing any benefits, be they tax benefits, manufacturing credits, any of that with us which would preclude the need for us to go into that business.

所以要明確一點，我不認為我們進入扭矩管轉換業務會增加很多價值。我們在夥伴關係和關係方面的優勢，這些合作夥伴承諾與我們分享任何利益，無論是稅收優惠、製造信貸，以及任何與我們無關的東西，這些都會排除我們進入該業務的需要。

There are other elements of what we do in the fastening and systems that combine those torque tubes together. We outsource some of that and we in-source some of that. And we offshore some of that as well. So it's in that balance of those three buckets of what we make in-house, what we also get domestically from a third-party source and then what we outsource. It's in that optimization of that entire mix that we're so focused on. And again, we have our partners that we don't want to in-source 100%. So we have our partners, obviously, willing to share those credits with us.

我們在將這些扭矩管組合在一起的緊固和系統中所做的工作還有其他元素。我們將其中的一些外包，並將其中的一些外包。我們也離岸了其中一些。因此，這是我們在內部製造的這三個方面的平衡，我們也在國內從第三方來源獲得的，然後是我們外包的。正是我們如此專注於對整個組合的優化。再說一次，我們有我們的合作夥伴，我們不想 100% 內購。因此，我們的合作夥伴顯然願意與我們分享這些功勞。

We will accelerate some CapEx here into Q4. It's more so to focus on increasing overall capacity. So we're adding some equipment to better enable us to serve our existing balance of customers, and again, maybe one step function change above that taking a forward look on what we think the additional incremental business from a higher rate. So we're certainly making some capital investments here in Q4 and Q1. But I can tell you, as we spend somewhere between 12 and $15 million a year in CapEx, even if I look at increasing that by 30%, you're never going to see it in our numbers. It's going to be a really smaller portion.

我們將在第四季度加速一些資本支出。更應該專注於提高整體容量。因此，我們正在添加一些設備，以更好地使我們能夠為現有的客戶群提供服務，並且再次，可能會在這之上進行一步功能更改，以前瞻性地看待我們認為更高速率的額外增量業務。因此，我們肯定會在第四季度和第一季度在這裡進行一些資本投資。但我可以告訴你，由於我們每年在資本支出上的花費在 12 到 1500 萬美元之間，即使我考慮將其增加 30%，你也永遠不會在我們的數字中看到它。這將是一個非常小的部分。

So no major things. We're looking at again how we regionalize some of our manufacturing to be closer to some of our new builds, all of that. So all of that is on the table, but I don't think we'll be coming forward with any over-the-top substantial capital needs at this point.

所以沒什麼大不了的。我們正在再次研究如何將我們的一些製造區域化，以更接近我們的一些新建築，所有這些。所以所有這些都擺在桌面上，但我認為目前我們不會提出任何過度的大量資本需求。

That's great to hear. Two other quick ones, similar to go on with the iDoctor good, better, the same type of situation. The UFLPA outlook for Q4 relative to three months ago, would you say it's the same in your eyes in terms of risk, better or worse?

聽到這個消息我很高興。另外兩個快速的，類似於繼續使用 iDoctor 好，更好，相同類型的情況。與三個月前相比，第四季度的 UFLPA 前景，您認為在風險方面是一樣的，是好是壞？

Yeah, I think it's the same.

是的，我認為是一樣的。

And then the last question I had for you is just, do you anticipate any projects in your funnel and potential backlog or bookings to be delayed until the treasury department decision comes out around some of these items as to whether the developer would get the 30% credit or 40% credit? I was just trying to get a sense of perspective for the first half of next year as those items likely come out in Q1.

然後我問你的最後一個問題是，你是否預計你的漏斗中的任何項目以及潛在的積壓或預訂會被推遲，直到財政部圍繞其中一些項目做出關於開發商是否會獲得 30% 的決定信用還是 40% 信用？我只是想了解明年上半年的情況，因為這些項目可能會在第一季度推出。

I think what we're hearing is since most of this will be retroactive and the last state, but it is retroactive. We don't expect there to be a whole lot of holdback, because it won't change. So again, it's all about us keeping optionality out there for our customers and that's what we're really focused on. But we have not heard of anyone saying, we're going to wait until the full clarity here. And I don't think you can wait until full clarity because I think there is this race for securing capacity in the marketplace right now.

我認為我們聽到的是因為其中大部分將是追溯性的，也是最後一個狀態，但它是追溯性的。我們預計不會有很多阻礙，因為它不會改變。再說一次，這一切都是關於我們為我們的客戶保留選擇性，這就是我們真正關注的。但我們還沒有聽到有人說，我們要等到這裡完全清楚。而且我認為你不能等到完全清楚，因為我認為現在市場上存在著確保容量的競賽。

But your contract terms will give that customer the flexibility? I get it that it's attractive, but I wasn't sure if you have flexibility in terms of the (inaudible) of the contract?

但是您的合同條款會給該客戶提供靈活性嗎？我知道它很有吸引力，但我不確定你在合同的（聽不清）方面是否有靈活性？

Just to clarify on that, Jeff. To give you an example, as we look at those varying levels of content, we're not sitting there and saying, maybe like we did last year, we're not saying, look, this is your fixed price for the next year. This is what we see today and how we do it today and it's good for 30 days. We'll reevaluate every 30 days because we're not going to go back into a situation where we're fixing ourselves into a box on a longer term period than we like. So with all these customers that are coming forward, we are having these really great open dialogues with them about here's how we see it today, here's what we're willing to enter into and execute today. We're going to come back and revisit with you every 30 days for anything that changes.

只是為了澄清這一點，傑夫。舉個例子，當我們查看這些不同級別的內容時，我們不會坐在那裡說，也許就像我們去年所做的那樣，我們不會說，看，這是你明年的固定價格。這就是我們今天所看到的以及我們今天如何做到這一點，並且可以持續 30 天。我們將每 30 天重新評估一次，因為我們不會回到我們將自己固定在一個比我們喜歡的更長時間的盒子裡的情況。因此，對於所有這些都挺身而出的客戶，我們正在與他們進行這些非常棒的公開對話，這就是我們今天的看法，這就是我們今天願意參與和執行的內容。我們將每 30 天回來與您重溫一次，以了解任何變化。

We have no further questions. At this time, we'll close the conference. Thank you for attending today's presentation. You may now disconnect.

我們沒有進一步的問題。此時，我們將關閉會議。感謝您參加今天的演講。您現在可以斷開連接。