Array Technologies Inc (ARRY) 2022 Q4 法說會逐字稿

Hello, and welcome to Array Technologies' Fourth Quarter and Full Year 2022 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Cody Mueller, Investor Relations at Array. Please go ahead.

您好，歡迎參加 Array Technologies 2022 年第四季暨全年財報電話會議。（接線員指示）提醒您，本次會議將被錄音。現在很高興把電話會議交給 Array 投資人關係部的 Cody Mueller。請開始。

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

各位晚安，感謝您參加今天的電話會議，一同討論 Array Technologies 2022 年第四季暨全年業績。今日簡報投影片可於我們網站 arraytechinc.com 的投資人關係專區取得。

During this conference call, management will make forward-looking statements based on our 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 a duty to update any forward-looking statements.

在本次電話會議中，管理團隊將基於我們目前的預期與假設發表前瞻性陳述，而這些陳述可能受到風險與不確定性影響。若我們任何關鍵假設不正確，實際結果可能與前瞻性陳述存在重大差異。我們在提交給美國證券交易委員會的報告與申報文件中，揭露可能影響我們表現的主要風險與不確定性；相關文件亦可於我們的投資人關係網站查閱。我們不承擔更新任何前瞻性陳述之義務。

Today's presentation also includes references to non-GAAP financial measures. You should refer to the information contained in the company's fourth quarter press release for definitional information and reconciliations of historical non-GAAP measures to the comparable GAAP financial measures. With that, let me turn the call over to Kevin Hostetler, Array Technologies' Chief Executive Officer.

今日簡報亦包含對非 GAAP 財務衡量指標的引用。請參閱公司第四季新聞稿中所載之定義資訊，以及歷史非 GAAP 指標與可比較 GAAP 財務指標之調節表。接下來，讓我把電話會議交給 Array Technologies 執行長 Kevin Hostetler。

Thanks, Cody, and welcome, everyone. In addition to Cody, I'm also joined by Nipul Patel, our Chief Financial Officer; and Erica Brinker, our Chief Commercial Officer. Let's begin on Slide 4, where I will provide some highlights of our fourth quarter and full year results. We closed out 2022 with continued strong performance as revenue, adjusted EBITDA and adjusted EPS were all above the midpoint of our previously issued full year guidance.

謝謝你，Cody，也歡迎各位。除了 Cody 之外，今天與我一同出席的還有我們的財務長 Nipul Patel，以及商務長 Erica Brinker。讓我們從第 4 頁投影片開始，我將提供第四季與全年業績的一些重點。我們在 2022 年以持續強勁的表現作結，營收、調整後 EBITDA 與調整後 EPS 均高於先前發布之全年財測區間的中位數。

Despite the continued module availability challenges and a number of site closures due to weather late in the year, we were still able to deliver revenue in the quarter of $402 million. This represents an increase of 83% from prior year's fourth quarter, of which 22% was organic growth within our legacy Array segment. This puts our full year revenue at $1,638,000,000, which exceeds the high end of our guidance range for the year and represents organic growth of nearly 50% and total growth of 92% from 2021.

儘管模組供應仍持續面臨挑戰，且年底因天候因素有多個工地停工，我們第四季仍達成 4.02 億美元營收。這較去年第四季成長 83%，其中 22% 來自我們既有 Array 事業部的有機成長。全年營收達 16.38 億美元，超越我們全年財測區間上緣，較 2021 年有機成長近 50%，總成長 92%。

It is important to take a minute and put that growth in context. 2022 was a year marked with consistent module availability challenges, from WRO in the beginning of the year to AD/CVD in the spring and summer, and finally, the UFLPA in the second half of the year. The design of our tracker system, where we do not require pre-drilling into the torque tube, allowed our customers to make more flexible approach to the design of their sites in close conjunction with our applications engineering team.

花一點時間把這樣的成長放在脈絡中理解很重要。2022 年是一個模組供應挑戰持續不斷的一年：年初有 WRO，春夏有 AD/CVD，最後在下半年則是 UFLPA。我們追日系統的設計不需要在扭矩管上預先鑽孔，使客戶能在與我們應用工程團隊密切合作下，以更具彈性的方式進行場址設計。

In instances where module availability was unknown during the design process, Array was able to support customers by designing a site with multiple module options. This ensured that as soon as modules became available, the time to install was greatly reduced. This is a testament to not only the unique design of our products but also to our in-house engineering expertise.

在設計過程中若模組供應狀況不明，Array 能透過以多種模組選項來設計場址以支援客戶。如此一來，一旦模組到位，安裝所需時間便可大幅縮短。這不僅證明我們產品的獨特設計，也展現我們內部工程專業能力。

As I move down to gross margin, I'm happy to report that for the fourth quarter, our total company gross margin was 20%, which represents over a 1,500 basis point increase from the fourth quarter of last year and is well within the high teens to low 20s benchmark we established as an exit point for 2022. This brings full year gross margins to 13.9%, which is a 420 basis point increase from the prior year gross margin of 9.7%.

接著談到毛利率，我很高興報告第四季公司整體毛利率為 20%，較去年第四季提升超過 1,500 個基點，並且完全落在我們設定作為 2022 年退出水準的「高十位數至低 20%」基準區間內。全年毛利率為 13.9%，較前一年的 9.7% 提升 420 個基點。

Almost 2 years ago, when our company felt the impact of the rapid rise in commodity prices, we moved quickly to change the way that our business operates to minimize the potential future impact of rapidly escalating commodities. We also outlined our path to get back to our historical gross margin profile. This quarter marks an important closeout to that journey as we are finally back into the range that we would expect as a baseline gross margin for the business. As we move into 2023 and beyond, I'll be happy to no longer address the impacts of those legacy-priced contracts to our gross margin.

將近兩年前，當公司感受到大宗商品價格快速上漲的衝擊時，我們迅速調整營運方式，以降低未來大宗商品快速飆升可能帶來的影響。我們也說明了回到歷史毛利率水準的路徑。本季為這段旅程畫下重要句點，因為我們終於回到可視為公司基準毛利率的區間。展望 2023 年及之後，我很高興不必再談那些以舊價格簽訂合約對毛利率的影響。

On the back of the volume growth and improved profitability, adjusted EBITDA for the quarter grew to $52 million, up from $0.5 million in the prior year, and, for the full year, grew to $129 million, up from $43 million in 2021. This means our adjusted EBITDA in the fourth quarter of this year was higher than the full year in 2021. This is an indication of just how far our company has come in a short period of time. Finally, we delivered $131 million of free cash flow in 2022, anchored by $86 million in the fourth quarter alone. The results here are indicative of our intense focus on both improving our profitability and our working capital efficiency.

在出貨量成長與獲利能力改善的帶動下，第四季調整後 EBITDA 成長至 5,200 萬美元，較去年同期的 50 萬美元大幅提升；全年調整後 EBITDA 為 1.29 億美元，高於 2021 年的 4,300 萬美元。這代表我們今年第四季的調整後 EBITDA 已高於 2021 年全年水準，顯示公司在短時間內取得的長足進步。最後，我們在 2022 年創造 1.31 億美元自由現金流，其中僅第四季就達 8,600 萬美元。這些成果反映我們對提升獲利能力與營運資金效率的高度專注。

As we wrap up 2022 and move into 2023, we do so with a lot of momentum. Our growth is undeniable, we have the largest market share in the U.S., which will have significant volume gains in the coming years. Our margins are the best in the industry, and we have solidified our balance sheet and liquidity to position us for future growth.

在結束 2022 年並邁入 2023 年之際，我們帶著強勁動能前進。我們的成長無庸置疑；我們在美國擁有最大的市占率，而美國市場在未來幾年將帶來顯著的出貨量增長。我們的利潤率為業界最佳，同時也強化了資產負債表與流動性，為未來成長做好準備。

Now let's move to Slide 5 to talk a little bit more about future growth and the state of the industry, both here in the U.S. and in the rest of the world. Starting first, the more near-term outlook here in the U.S. Our volume outlook for 2023 still supports a healthy level of growth despite ongoing uncertainty in a couple of areas. First, the UFLPA has shown some recent positive signs of improvement, but the fact remains that module availability is still a concern to our customers until we get to a more final resolution. We will continue to approach forecasting the impact to us in a similar fashion as before, assuming a slightly slower conversion of projects as we work to offer flexible solutions to our customers.

接下來請看第 5 頁投影片，進一步談談未來成長與產業現況，包括美國以及全球其他地區。先從美國較近期的展望談起。儘管在幾個面向仍存在不確定性，我們對 2023 年的出貨量展望仍支持健康的成長水準。第一，UFLPA 近期出現一些改善的正面跡象，但事實是，在獲得更最終的解決方案之前，模組供應仍是客戶關切的問題。我們將延續先前的方式來預估其對我們的影響，假設專案轉換速度略為放緩，同時持續為客戶提供彈性解決方案。

And second, the timing of demand acceleration from the implementation of the IRA domestic content provision. Projects are still moving forward in what we would say is a status quo manner. Meaning we have not yet seen an acceleration of new projects but are still seeing a steady level of order activity as demonstrated by the roughly $500 million in orders received in Q4. While there are some other dynamics at play here like permitting, labor availability, et cetera, the main feedback we get is that there needs to be clarification from the Department of Treasury on what qualifies as domestic content under the IRA.

第二，是 IRA 國內含量條款落實後所帶來需求加速的時點。目前專案仍以我們所稱的「維持現狀」方式推進，也就是我們尚未看到新專案明顯加速，但仍持續看到穩定的接單活動，例如第四季約 5 億美元的訂單。雖然還有其他因素在影響，例如許可審批、勞動力供給等，但我們收到的主要回饋是：美國財政部需要釐清在 IRA 下何者符合「國內含量」的認定。

For developers that have some flexibility in their project timing, it is worth waiting to ensure they maximize the returns from this provision. Once we do have resolution in this provision, we would expect to see order activity increase.

對於在專案時程上較有彈性的開發商而言，等待以確保能最大化此條款帶來的報酬是值得的。一旦該條款獲得明確結論，我們預期接單活動將會增加。

On the manufacturing credit side, we remain consistent with our belief that there is a roughly 15% of the overall tracker price worth of value in these credits. This estimate does not include our clamping solution, which is included in the final guidelines, would be an incremental benefit. However, we still do not know the timing of when the credits can be applied for and what the ultimate transferability will be. Because these credits are retroactive applicable to January 1 of this year, we certainly expect some benefit from these credits, but we can't yet estimate what the value will be or where it will show up in our financial statements.

在製造抵免（manufacturing credit）方面，我們仍維持一貫看法：這些抵免的價值約相當於整體追日系統價格的 15%。此估算尚未包含我們的夾持（clamping）解決方案；該方案已納入最終指引，將帶來額外增益。然而，我們仍不清楚何時可以申請抵免，以及最終可轉讓性（transferability）會如何。由於這些抵免可追溯適用至今年 1 月 1 日，我們確實預期可從中受益，但目前仍無法估計其價值大小，或將在財務報表中的何處反映。

Due to the uncertainty in these 2 areas, we have made the determination not to include any potential direct benefits from the IRA to our profitability in our 2023 guidance range. When we do receive more clarification, we will provide as much transparency as we can into the financial impact to Array.

由於上述兩個面向存在不確定性，我們決定在 2023 年財測區間中，不納入 IRA 對我們獲利能力可能帶來的任何直接效益。一旦獲得更多釐清，我們將盡可能就其對 Array 的財務影響提供透明資訊。

As we look past 2023, there are a couple of observations that I believe are important to point out. As has been true for a while now, the long-term demand health in the industry remains incredibly strong. We expect that solar energy will become a 50-state solution and that it will lead to an increase in the geographic diversity of the sites that will be built. This means more challenging terrains and weather conditions will become the norm, not the exception. For tracker companies, it will be increasingly important to offer a diverse set of products in order to maximize the site's energy output. In the next slide, I will outline how exactly we are going to do that at Array.

展望 2023 年之後，我認為有幾點觀察值得提出。正如一段時間以來的情況，產業長期需求的健康度仍極為強勁。我們預期太陽能將成為全美 50 州的解決方案，並將帶動建置場址的地理多元性提升。這意味著更具挑戰的地形與天候條件將成為常態，而非例外。對追日系統公司而言，提供多元化的產品組合以最大化場址發電量將愈發重要。在下一頁投影片中，我將說明 Array 將如何具體做到這一點。

Finally, with the level of transparency and sharing of benefits that will occur in the industry due to the IRA, it will be difficult for industry participants to maximize their returns with transactional relationships. Long-term partnerships across the supply chain will be key, and we are confident that the strategic relationships we have built over years and years will enable us to maximize our benefits under this bill.

最後，隨著《通膨削減法案》（IRA）將在產業中帶來更高程度的透明度與利益分享，產業參與者將難以僅透過交易式關係來將報酬最大化。供應鏈上下游的長期夥伴關係將是關鍵，我們有信心，多年來建立的策略性關係將使我們能在此法案下將自身利益最大化。

If we shift towards our non-U.S. business, there is also a lot to be excited about. In Brazil, we expect to see a strong 2023 as many large utility-scale projects move forward post-election. This will augment our already strong distributed portfolio in that region to help deliver healthy growth. Another bright spot for us is in Australia. We just announced our VRET2 win on the Glenrowan project, which was predicated on being able to provide locally sourced products. It is important to note that we were the first tracker company to establish this local content footprint, which we expect will allow us to take advantage of the growth in this region over the coming years.

若我們把焦點轉向非美國業務，同樣有許多令人振奮之處。在巴西，隨著選後多個大型公用事業級專案持續推進，我們預期 2023 年將表現強勁。這將強化我們在該地區原本就很強的分散式專案組合，並有助於帶來健康成長。另一個亮點是在澳洲。我們剛宣布在 Glenrowan 專案中贏得 VRET2，該案的前提是我們能提供在地採購的產品。值得注意的是，我們是第一家建立此在地內容布局的追蹤器公司，我們預期這將使我們在未來幾年能把握該地區的成長機會。

Western Europe continues to see steady installations, but we have yet to see a true catalyst for growth like the IRA here in the U.S. With the energy dynamics in the region, it is hard to imagine that accelerating growth in the utility-scale solar is not coming. But until it does, we expect relatively tempered growth in the near term. And finally, we are constantly evaluating new geographies. But we will continue to do so in a methodical and disciplined way, ensuring that any market we get into is one where we have a strong value proposition and that we can maintain the strength of our margin profile. Being successful in this expansion, both in the U.S. and outside of it, will be highly dependent on products and services we can offer to our customers.

西歐的裝置量仍持續穩定，但我們尚未在當地看到如同美國 IRA 般真正的成長催化劑。考量該地區的能源動態，很難想像公用事業級太陽能的加速成長不會到來。但在其到來之前，我們預期短期內成長將相對溫和。最後，我們也持續評估新的地理市場，但會以有方法且嚴謹自律的方式進行，確保我們進入的任何市場都具備強而有力的價值主張，且我們能維持毛利結構的強度。無論在美國或海外，成功擴張都將高度取決於我們能提供給客戶的產品與服務。

If we turn to Slide 6, I'd like to provide some additional color into our portfolio of offerings. With our announcement late last year of 2 additional product offerings, OmniTrack and the H250's availability for the U.S. market, we offer our customer a broad set of trackers. With our flagship DuraTrack product, we are still the only tracker provider who can offer up to 32 linked rows, thanks to our patented driveline. This remains a key competitive differentiator as it allows for far fewer parts than other independent row systems, which means lower operating costs over the life of the project.

若我們看第 6 頁投影片，我想就我們的產品組合補充一些說明。隨著我們在去年底宣布新增兩項產品—OmniTrack 以及 H250 在美國市場的供應—我們為客戶提供了廣泛的追蹤器選擇。以我們的旗艦產品 DuraTrack 而言，憑藉我們具專利的傳動系統（driveline），我們仍是唯一能提供最多 32 排連結（linked rows）的追蹤器供應商。這仍是關鍵的競爭差異化因素，因為相較於其他獨立排系統，它所需零件大幅更少，意味著專案全生命週期的營運成本更低。

Based on the DuraTrack architecture, we also launched our terrain following tracker, OmniTrack late last year. We are currently quoting for deliveries late in 2023. OmniTrack allows for up to 1% north-south slope change in the torque tube, which is best in the industry. What that means practically is that we can greatly minimize or even eliminate the need to do site preparation work. This benefit is becoming increasingly important to our customers as sites move to regions of the U.S. where flat land is not commonplace. As an added benefit, it also reduces permitting costs and is more environmentally-friendly and the natural landscape does not have to be disrupted.

基於 DuraTrack 的架構，我們也在去年底推出可隨地形調整的追蹤器 OmniTrack。我們目前正就 2023 年底交付進行報價。OmniTrack 允許扭矩管（torque tube）在南北向坡度變化達 1%，為業界最佳。實務上這代表我們能大幅降低，甚至免除場址整地作業的需求。隨著場址逐步轉向美國較少平坦土地的地區，這項優勢對客戶而言愈發重要。額外的好處是，它也能降低許可成本，更加環保，且不必破壞自然地貌。

And finally, with the introduction of the H250 into the U.S. market, we now offer a tracker, which can be optimized for smaller or more irregular shapes where a customer may not get the full benefit of DuraTrack's linked row architecture. This allows us to target projects that may not have previously fit our criteria for profitability, effectively increasing our available market here in the U.S. while still being able to maintain our target gross margin.

最後，隨著 H250 導入美國市場，我們現在也提供一款可針對較小或較不規則形狀的場址進行最佳化的追蹤器；在這些場址中，客戶可能無法充分受益於 DuraTrack 的連結排架構。這使我們能鎖定過去可能不符合我們獲利標準的專案，等同於在仍能維持目標毛利率的同時，有效擴大我們在美國的可服務市場。

Cutting across the tracker portfolio is our SmarTrack software suite. We have already deployed our backtracking and diffuse light versions of this software to multiple gigawatts of projects. But as we move into 2023, I'm happy to announce that we will expand the capabilities of this software to provide even further benefit to our customers. Here in the next few months, we will introduce SmarTrack's weather response. This upgrade will allow the tracker to connect directly to a local weather provider in order to anticipate and adjust to upcoming severe weather events, namely hail and snow.

貫穿整個追蹤器產品組合的是我們的 SmarTrack 軟體套件。我們已將此軟體的回溯追蹤（backtracking）與漫射光（diffuse light）版本部署於多個 GW 等級的專案。但隨著我們邁入 2023 年，我很高興宣布，我們將擴充此軟體的功能，為客戶帶來更進一步的效益。在接下來幾個月內，我們將推出 SmarTrack 的天氣回應（weather response）功能。此升級將使追蹤器能直接連接至當地氣象服務供應商，以預先預測並調整即將到來的嚴重天氣事件，主要是冰雹與降雪。

For hail stow, it will put the tracker in the best defensive position to minimize any damage to the modules. For snow stow, it will put the modules at a maximum tilt to minimize the amount of snow load that accumulates on the tracker at any given time. This will allow a site to be designed with fewer foundations and lowers the strength required in a module mounting interface. These updates further strengthen our software offering and our value proposition to our customers. With that, I will turn the call over to Nipul.

針對冰雹收納（hail stow），系統會將追蹤器調整至最佳防禦位置，以將模組可能受到的損害降至最低。針對雪收納（snow stow），系統會將模組調整至最大傾角，以將任一時間累積在追蹤器上的積雪載重降至最低。這將使場址可用較少的基礎（foundations）來設計，並降低模組安裝介面所需的強度。這些更新進一步強化我們的軟體產品與對客戶的價值主張。接下來我把電話交給 Nipul。

Thanks, Kevin. Please turn to Slide 8. Revenues for the fourth quarter increased 83% to $402.1 million compared to $219.9 million for the prior year period, driven by higher ASP on our DuraTrack product and the acquisition of STI. The $402 million in revenue reflects $269 million from the legacy Array segment and $133 million from the STI segment. Gross profit increased to $80.5 million from $10.3 million in the prior year period, driven primarily by an increase in volume from the acquisition of STI as well as ASP growth in our legacy Array segment. Gross margin increased to 20% from 4.7% as the legacy Array segment had minimal impact from our legacy-priced contracts in addition to strong margin performance in our STI segment.

謝謝，Kevin。請翻到第 8 頁投影片。第四季營收較去年同期增加 83% 至 4.021 億美元，去年同期為 2.199 億美元，主要受 DuraTrack 產品平均售價（ASP）提高以及收購 STI 所帶動。4.02 億美元的營收中，2.69 億美元來自原 Array 事業部，1.33 億美元來自 STI 事業部。毛利由去年同期的 1,030 萬美元增加至 8,050 萬美元，主要受收購 STI 帶來的出貨量增加，以及原 Array 事業部 ASP 成長所驅動。毛利率由 4.7% 提升至 20%，原因是原 Array 事業部受既有低價合約影響已降至最低，且 STI 事業部的毛利表現強勁。

Gross margin for the legacy Array business was 18.2% and the STI business had gross margin of 23.8% in the quarter. Operating expenses increased to $64.2 million compared to $30.3 million during the same period in the prior year. The higher expense is primarily related to a $24.7 million increase in amortization expense related to the STI acquisition. The remaining increase represents the additional operating expenses from the STI business as well as higher headcount-related costs to support the company's growth and innovation.

本季原 Array 業務毛利率為 18.2%，STI 業務毛利率為 23.8%。營業費用增加至 6,420 萬美元，去年同期為 3,030 萬美元。費用上升主要與收購 STI 相關的攤銷費用增加 2,470 萬美元有關。其餘增幅則反映 STI 業務新增的營運費用，以及為支持公司成長與創新而增加的人力相關成本。

Net loss attributable to common shareholders was $17.3 million compared to a net loss of $32.1 million during the same period in the prior year. And basic and diluted loss per share was $0.11 compared to basic and diluted loss per share of $0.24 during the same period in the prior year. Adjusted EBITDA increased to $51.7 million compared to $453,000 for the prior year period. Adjusted net income increased to $15 million compared to adjusted net loss of $7.8 million during the same period in the prior year. And adjusted basic and diluted net income per share was $0.10 compared to adjusted diluted net loss per share of $0.06 during the same period in the prior year. Finally, our free cash flow for the period was $85.7 million versus a use of cash of $98.5 million for the same period in the prior year.

歸屬於普通股股東的淨損為 1,730 萬美元，去年同期淨損為 3,210 萬美元。基本及稀釋每股虧損為 0.11 美元，去年同期基本及稀釋每股虧損為 0.24 美元。調整後 EBITDA 增加至 5,170 萬美元，去年同期為 45.3 萬美元。調整後淨利增加至 1,500 萬美元，去年同期為調整後淨損 780 萬美元。調整後基本及稀釋每股淨利為 0.10 美元，去年同期為調整後稀釋每股淨損 0.06 美元。最後，本期自由現金流為 8,570 萬美元，而去年同期為現金流出 9,850 萬美元。

Now turning to our full year results on Slide 9. Revenue for the year increased 92% to $1.64 billion compared to $853.3 million for the prior year, driven by an organic increase of $414.6 million or 49%, attributable to both an increase in the total number of megawatts shipped and an increase in ASP. Revenue growth was also driven by the acquisition of STI Norland, which contributed revenue of $369.7 million. In 2021, we shipped 9.6 gigawatts at an average selling price of $0.088 per watt. In 2022, we shipped 14.4 gigawatts at an average selling price of $0.113 per watt.

接著看第 9 頁投影片的全年結果。全年營收較去年增加 92% 至 16.4 億美元，去年為 8.533 億美元，主要受有機成長增加 4.146 億美元（或 49%）所帶動，該成長可歸因於出貨總 MW 數增加以及 ASP 提升。營收成長亦受收購 STI Norland 推動，其貢獻營收 3.697 億美元。2021 年，我們出貨 9.6 GW，平均售價為每瓦 0.088 美元。2022 年，我們出貨 14.4 GW，平均售價為每瓦 0.113 美元。

Gross profit increased to $227.3 million from $82.9 million in the prior year, driven by the increase in volume, both from the acquisition of STI as well as our organic growth. Gross margin increased to 13.9% from 9.7%, driven by a larger portion of higher-priced contracts and the addition of STI.

毛利由去年 8,290 萬美元增加至 2.273 億美元，主要受出貨量增加所帶動，包含收購 STI 以及我們的有機成長。毛利率由 9.7% 提升至 13.9%，主要因較高價格合約占比提高，以及納入 STI 所致。

Operating expenses increased to $245.4 million compared to $107.6 million in the prior year. The higher expenses primarily related to a $74.7 million increase in amortization expense related to the STI acquisition. The remaining increase represents the additional operating expenses from the STI business as well as higher headcount-related costs to support the company's growth and innovation as well as higher professional fees related to the acquisition of STI and increase in legal and audit fees.

營業費用增加至 2.454 億美元，去年為 1.076 億美元。費用上升主要與收購 STI 相關的攤銷費用增加 7,470 萬美元有關。其餘增幅則反映 STI 業務新增的營運費用，以及為支持公司成長與創新而增加的人力相關成本，並包含與收購 STI 相關的專業費用增加，以及法律與審計費用上升。

Net loss attributable to common shareholders was $43.6 million compared to net loss of $66.1 million during the prior year. And basic and diluted loss per share was $0.29 compared to basic and diluted loss per share of $0.51 during the same period in the prior year. Adjusted EBITDA increased to $128.7 million compared to $43.2 million for the prior year due to higher gross margins. Adjusted net income increased to $57.3 million compared to $8.7 million during the prior year. And adjusted basic and diluted net income per share was $0.38 compared to income per share of $0.07 during the same period in the prior year. Finally, our free cash flow for the year was $131 million versus negative $267 million for the prior year.

歸屬於普通股股東的淨損失為4,360萬美元，較前一年度的6,610萬美元淨損失有所改善。而基本及稀釋每股虧損為0.29美元，較前一年度同期的基本及稀釋每股虧損0.51美元改善。由於毛利率提高，調整後EBITDA增加至1.287億美元，較前一年度的4,320萬美元上升。調整後淨利增加至5,730萬美元，較前一年度的870萬美元上升。而調整後基本及稀釋每股淨利為0.38美元，較前一年度同期的每股淨利0.07美元上升。最後，本年度自由現金流為1.31億美元，而前一年度為負2.67億美元。

The increase was driven by both improved profitability but also an improvement in our cash conversion cycle of 35 days from 110 days in the fourth quarter of 2021 to 75 days in the fourth quarter of this year.

此一增加係由獲利能力改善所帶動，同時我們的現金轉換週期亦改善35天，從2021年第四季的110天縮短至本年度第四季的75天。

Now I'd like to go to Slide 10, where I will discuss our outlook for 2023. For the full year 2023, we expect revenue to be in the range of $1.8 billion to $1.95 billion. We anticipate that the growth we will see will come from an increase in the number of megawatts shipped as we are forecasting flat ASPs for the full year 2023 when compared to the full year in 2022. We expect adjusted EBITDA to be in the range of $240 million to $265 million. We expect adjusted EPS to be in the range of $0.75 to $0.85 per common share.

接下來我想看第10頁投影片，討論我們對2023年的展望。就2023年全年而言，我們預期營收將介於18億至19.5億美元。我們預期成長將來自出貨兆瓦數的增加，因為我們預測2023年全年ASP（平均售價）相較2022年全年將持平。我們預期調整後EBITDA將介於2.40億至2.65億美元。我們預期調整後EPS將介於每股普通股0.75至0.85美元。

Next, I'll break down some further elements of our forecast. From a quarterly perspective, we continue to expect the first quarter to be our lowest of the upcoming year due to normal seasonality, project pull-ins to 2022 and module availability challenges. Accordingly, we expect revenues in the first quarter to be down approximately 20% sequentially from the fourth quarter. After the first quarter, we expect our normal seasonal linearity, with our biggest volumes coming in the second and third quarters before a slightly lower fourth quarter due to seasonality.

接著，我將進一步拆解我們預測中的一些要素。從季度角度來看，由於正常季節性、專案提前拉至2022年以及模組供應可得性挑戰，我們仍預期第一季將是來年最低的一季。因此，我們預期第一季營收將較第四季約季減20%。第一季之後，我們預期將呈現正常的季節性線性走勢，最大出貨量將出現在第二季與第三季，第四季則因季節性而略低。

From a gross margin standpoint, we expect both segments to achieve low 20s for the full year, although we could see single quarters in the high teens based on project mix and absorption of fixed costs. For adjusted SG&A, we expect between $30 million to $33 million per quarter. This spend level does represent an increase from the prior year in dollars as we continue to invest in innovation and building the right business process to efficiently grow in the future. I will note, though, that even as we continue to invest, as a percent of revenue, this spend is relatively flat year-over-year.

就毛利率而言，我們預期兩個事業部門全年皆可達到20%出頭的水準，惟基於專案組合以及固定成本吸收情況，單一季度可能落在高十幾%。就調整後SG&A（銷售、一般及行政費用）而言，我們預期每季介於3,000萬至3,300萬美元。由於我們持續投資創新並建立合適的業務流程以在未來有效率地成長，該支出水準以美元計確實較前一年度增加。不過我也要指出，即便我們持續投資，該支出占營收比重相較去年仍大致持平。

For interest, we expect between $10 million and $11 million per quarter. And for preferred dividends, we expect between $13 million to $14 million per quarter. Both of these ranges are inclusive of the noncash portion. We expect our GAAP effective tax rate to be between 24% and 26%. And finally, we expect that we will again deliver over $100 million in free cash flow.

利息方面，我們預期每季介於1,000萬至1,100萬美元。優先股股利方面，我們預期每季介於1,300萬至1,400萬美元。上述兩個區間均包含非現金部分。我們預期GAAP有效稅率介於24%至26%。最後，我們預期將再次實現超過1億美元的自由現金流。

As we think about our planning parameters, as Kevin mentioned, while we believe the IRA will positively impact our business and financial performance, we do not have enough information about the timing or magnitude of those impacts to include them in our 2023 guidance. Once we receive additional information, we are committed to providing an update to any potential benefits. Also, we have not assumed any negative impact from the recent bank failures.

在思考我們的規劃參數時，如Kevin所提，雖然我們相信IRA將對我們的業務與財務表現帶來正面影響，但我們對這些影響的時點或幅度仍缺乏足夠資訊，因此未將其納入2023年指引。一旦取得更多資訊，我們承諾將就任何潛在效益提供更新。此外，我們亦未假設近期銀行倒閉事件會帶來任何負面影響。

A couple of points on our assessment here. First, we do not have any direct exposure to any of the banks who have recently failed and do not currently have any deposits or investments in any regional banks. As far as indirect exposure on the more immediate cash flow side, we have not yet identified any customers who indicated that they have been impacted or that they will not be able to pay in a timely manner.

關於我們在此的評估，有幾點說明。第一，我們對近期倒閉的任何銀行並無直接曝險，目前也沒有在任何區域性銀行持有存款或投資。就較即時的現金流之間接曝險而言，我們尚未發現有任何客戶表示其受到影響，或表示其將無法及時付款。

On the longer-term project financing side, while we obviously cannot and will not try to predict any potential impacts of a protracted credit tightening, we will note that the vast majority of our business is large utility-scale projects backed by well-capitalized, large developers who would be better suited to withstand this type of event, should it occur. Now I'll turn it back over to Kevin for some closing remarks.

就較長期的專案融資而言，雖然我們顯然無法也不會試圖預測信貸長期緊縮可能帶來的任何影響，但我們要指出，我們絕大多數業務為大型公用事業規模（utility-scale）專案，背後由資本雄厚的大型開發商支持；若此類事件發生，這些客戶更有能力承受。接下來我把時間交回Kevin做結語。

Thank you, Nipul. It has been almost 1 year since I started as the CEO of Array, and I'm incredibly proud of what the team has accomplished during that time. No doubt, there have been some challenges but I firmly believe those challenges have made us a better company. So I want to thank the entire global Array team for all of their hard work over the last year, and I look forward to all we will accomplish in the future together. With that, operator, please open the line for questions.

謝謝你，Nipul。我擔任Array執行長已將近1年，我對團隊在這段期間所完成的成果感到非常自豪。毫無疑問，我們遇到了一些挑戰，但我堅信這些挑戰讓我們成為更好的公司。因此，我要感謝全球Array團隊在過去一年中的辛勤付出，也期待未來我們能一起完成更多成就。接下來，請接線員開放提問。

(Operator Instructions) Our first question comes from Brian Lee with Goldman Sachs.

（接線員指示）我們的第一個問題來自高盛（Goldman Sachs）的Brian Lee。

I guess one question, Nipul, just starting off on the guidance. Appreciate the volume versus price commentary you provided here as to what you're embedding in the outlook. But can you also give us a little bit of color as to per geography, sort of your view on volume versus price trends baked into your '23 outlook? And then also I'm a little surprised to hear that pricing is flat versus '22. I would have thought maybe pricing has a little bit more tailwind into '23.

我想先問一個問題，Nipul，從指引開始。感謝你對於展望中「量」相對於「價」的說明。不過你能否也就不同地區，提供一些你們在2023年展望中所隱含的量與價格趨勢的看法？另外，我有點意外聽到定價相較2022年持平。我原本以為2023年的定價可能會有更多順風。

So are you being conservative there? Could we see some potential upside emerge on the pricing side of things, whether IRA-driven or not in the back half of the year? Just trying to get a sense of where your head's at around pricing.

所以你們在這裡是偏保守嗎？今年下半年在定價方面是否可能出現一些上行空間，不論是否由IRA驅動？我只是想了解你們對定價的思考方向。

Sure. Brian, from a pricing perspective, we look at it by geography. Overall, we're relatively flat as we stated. But I would say, we're a little bit higher on the STI side. And as far as pricing staying flat overall, we think that there's probably a little bit of upside in that, but at this point, we can't see that so therefore, we've called it as flat for the year.

當然可以。Brian，從定價角度來看，我們會按地區來看。整體而言，如我們所述，大致持平。但我會說，在STI這一端我們略高一些。至於整體定價維持持平，我們認為可能存在一些上行空間，但就目前而言我們看不到，因此我們將全年定調為持平。

Okay, fair enough. And then I know it's still sort of too early to make a call on the IRA potential impact although you're optimistic. Can you again level set us as to one, where lead times are today for your U.S. shipments. And then two, sort of what the time frame you would expect or need a bit more clarity for some of your ongoing discussions with your supply chain and customers to materialize into some of that upside that's potentially out there.

好的，合理。接著我知道現在要判斷IRA的潛在影響可能仍太早，雖然你們是樂觀的。你能否再幫我們校準一下：第一，你們目前美國出貨的交期（lead times）是多少？第二，你預期需要多長時間、或在什麼時間框架內，才能讓你們與供應鏈及客戶的持續討論獲得更多明確性，進而把外界可能存在的上行空間落實出來？

Yes, sure. So from a lead time perspective, we're still at around 14 weeks lead time for U.S. projects, and we are having continued discussions with our customers. And I think that as the language gets clarified, we feel like we'll be able to come back to the market with any potential upside that comes from that. But say, our lead times have stayed about the same, around 14 weeks.

好的，當然。就交期而言，我們美國專案目前仍約為14週交期，我們也持續與客戶進行討論。我認為隨著相關法規文字更為明確，我們將能夠就由此帶來的任何潛在上行空間回到市場進行更新。不過我們的交期大致維持不變，約14週。

Our next question comes from Philip Shen with ROTH MKM.

我們的下一個問題來自ROTH MKM的Philip Shen。

First one is on bookings year-to-date. Was wondering if you might be able to give a little bit more color on that. I know you haven't seen the full acceleration yet from the IRA, given the timing of the guidance from Treasury. That said, was -- could you share where things stand, thus far? The first quarter is almost over here.

第一個問題是關於年初至今的接單（bookings）。想請問你們是否能提供更多細節。我知道由於財政部指引發布的時點，你們尚未看到IRA帶來的全面加速。不過，在此情況下，你們能否分享截至目前的狀況？第一季也快結束了。

Yes. Phil, it's Nipul. So we continue to have solid bookings for the quarter, and we're essentially done with the first quarter here. We still see strong momentum here in the first quarter of the year so we feel good about heading into 2023.

可以。Phil，我是Nipul。我們本季接單仍然穩健，而第一季基本上也接近結束。我們在今年第一季仍看到強勁動能，因此對邁入2023年感到樂觀。

Great. Shifting over to the backlog, you guys talked about the backlog having high teens to low 20s margin. And your guide for '23 is low -- is at 20s, greater than 20s percent. Does that suggest that the lower-margin backlog could hit more in 2024 and beyond? Or do you think -- can you help us square that up?

很好。再轉到在手訂單（backlog），你們提到在手訂單的毛利率在高十幾%到低20%之間。而你們對2023年的指引是低——是在20%出頭、也就是高於20%的百分比。這是否意味著較低毛利的在手訂單可能會更多落在2024年及以後？或者你們認為——你能幫我們把這點對齊一下嗎？

Yes. That's really a project-by-project basis when we say the low teens and high 20s in the order book. And as mentioned in the prepared remarks, Phil, there'll be certain quarters based on absorption of fixed costs where the margins may be in the high teens versus the low 20s. But overall, as we look at our guide for both segments, we see that throughout the year, we're going to have -- as we look at the full year, we'll have low 20s margins for both segments.

是的。當我們談到訂單簿中有低十幾%到高20%毛利率時，那其實是逐案（project-by-project）而定。如同在事先準備的講稿中提到的，Phil，某些季度因固定成本吸收的關係，毛利率可能落在高十幾%而非低20%。但整體而言，當我們看兩個事業部門的指引時，我們認為全年——以全年角度來看——兩個事業部門都將維持在低20%毛利率水準。

Great. Really appreciate that color. One last one here. In terms of free cash flow, you guys had $130 million last year. You're guiding to more than $100 million this year of free cash flow. Are you planning to delever and not draw down on the preferreds? Specifically, why is the preferred dividend this year higher? It's $13 million to $14 million a quarter versus $48 million total last year. Are you thinking of drawing down more on the preferred Series A? If yes, how much dilution might that imply?

很好。非常感謝這些補充資訊。最後一個問題。就自由現金流而言，你們去年有 1.3 億美元。今年指引是自由現金流超過 1 億美元。你們是否打算去槓桿、而不動用優先股？具體來說，為什麼今年的優先股股利更高？今年每季是 1,300 萬到 1,400 萬美元，而去年全年合計是 4,800 萬美元。你們是否在考慮進一步動用 A 系列優先股？如果是，可能意味著多少稀釋？

Great. No, that doesn't have to do with dilution. We're not planning to draw on the preferred at this point. What that really means there -- if you recall, we had drawn on a bit of the preferred at the beginning of the year so you've got the full year impact of that in there. And then we will make an assessment each quarter on kind of what the lowest cost of capital is when we decide to accrue the dividends and pay down the term loan instead based on the variable rate we have on our term loan. So that's really the reason why you see a little bit higher in the preferred for 2023.

很好。不，這與稀釋無關。我們目前沒有計畫動用優先股。那其實是指——如果你還記得，我們在年初動用了一小部分優先股，所以今年會反映那部分的全年影響。另外，我們會每一季評估一次，當我們決定是計提股利、或改為償還定期貸款時，哪一種資金成本最低，這取決於我們定期貸款的浮動利率。因此，這就是你看到 2023 年優先股費用略高的原因。

I'll pass it on, unless there's something else you guys wanted to share.

我就先把問題交回去，除非你們還有其他想補充的。

No. Thank you.

沒有。謝謝。

Our next question comes from Mark Strouse with JPMorgan.

下一個問題來自摩根大通（JPMorgan）的 Mark Strouse。

It's Drew on for Mark. I just want to touch on the new products quickly. Can you just talk a little bit about what the H250 and OmniTrack are seeing from a market receptivity standpoint, how that's translating into orders? And then what's kind of the timing outlook for future shipments?

我是 Drew，代替 Mark 發問。我想快速談一下新產品。你們能否談談 H250 和 OmniTrack 在市場接受度方面的情況，以及這如何轉化為訂單？另外，未來出貨時程的大致展望是什麼？

This is Erica. I'm happy to speak to it. So from a product perspective, what we're trying to address with customers are each of their individual needs project-by-project. So we want to take a consultative approach, meaning depending on their site's topography, wind speeds, we have a product that addresses those needs. So DuraTrack has been our flagship product for several years.

我是 Erica。我很樂意回答。從產品角度來看，我們試圖針對客戶逐案（project-by-project）的個別需求提供解決方案。我們希望採取顧問式的方法，也就是依據場址的地形、風速等條件，我們都有能滿足需求的產品。DuraTrack 多年來一直是我們的旗艦產品。

And with that, we have the related OmniTrack, which is the terrain-following so that it opens up a lot more land possibilities than ever before without touching the actual terrain. And it also takes into account environmental factors because you're not having to move any dirt.

在此基礎上，我們還有相關的 OmniTrack，它是貼地形（terrain-following）的設計，因此在不改動實際地形的情況下，能開啟比以往更多的土地可能性。同時也會考量環境因素，因為你不需要移動任何土方。

When we talk about the H250, that's allowing us to have more flexibility if you have uneven boundaries in your land. And sometimes the 32 rows works and sometimes the dual-row design with H250 is a much better fit for customers. And so what we're doing is opening up the addressable market that we -- in the way that we partner with our customers.

談到 H250，它讓我們在土地邊界不規則時有更高的彈性。有時 32 排（rows）的配置可行，但有時採用 H250 的雙排（dual-row）設計對客戶而言更合適。因此，我們正在擴大可服務市場（addressable market），以及我們與客戶合作的方式。

And I'll just say from a customer point of view, for them, the demand is very great. When you talk about not having to -- when you can shorten lead times by not moving land and leveraging our OmniTrack product, we are hearing from customers that they can't get it soon enough. So we're excited to be able to have 3 products at our disposal.

我再補充一點，從客戶角度來看，他們的需求非常強勁。當你談到不必——當你可以透過不整地並運用我們的 OmniTrack 產品來縮短交期時，我們聽到客戶回饋說他們等不及要拿到。我們很興奮能同時擁有 3 款產品可供運用。

And just one other thing that I might mention, with all of those products, our intent is to ensure that SmarTrack, our software, runs across all of our tracker lines so that our customers can have that consistency in the software delivery and productivity of their site.

另外我可能還要提一點：對於所有這些產品，我們的目標是確保 SmarTrack（我們的軟體）能在所有追日系統（tracker）產品線上運行，讓客戶在軟體交付與場站生產力方面能保持一致性。

Okay. And then just kind of a follow-up on that. Any thoughts on when shipments might be starting? And then also, is that having any impact on why pricing might be somewhat flat and not increasing in '23?

好的。再追問一下。對於何時開始出貨有什麼想法嗎？另外，這是否對為什麼 2023 年定價可能相對持平、而沒有上漲有任何影響？

Let me address the pricing thing here. So first of all, as many of you understood, steel had been coming down quite a bit up until about the last 3 weeks. We were on this deflationary pathway, and we were having the opposite conversations with analysts of, hey, do you have to reduce price because steel is demonstrably lower than it was last year? Now steel has been reversing for the last 3 to 4 weeks. It's creeping back up.

我先回應定價的部分。首先，如同各位所了解的，鋼材價格一直下滑，直到大約最近 3 週為止。我們原本處在通縮的路徑上，甚至還在和分析師進行相反的對話：也就是，鋼價明顯比去年低，你們是否必須降價？但鋼價在過去 3 到 4 週開始反轉，正逐步回升。

And we're taking a kind of a conservative approach at that because it's changing so quickly. So again, we're protected. The way we do our business, we're protected from a margin perspective on steel, but it certainly does have an impact in the overall price. And so what we see is this, as we've modeled out fairly flat, you've got a combination of things. You've got a combination of steel and aluminum being at lower rates than they were at this time of last year, offset with the more difficult type of sites that require additional engineering and additional content to be able to make those sites work effectively. So that's really what's driving our current view of flat.

我們對此採取相對保守的態度，因為變化非常快。再說一次，我們的商業模式讓我們在鋼材方面的毛利是受保護的，但它確實會影響整體售價。因此我們看到的是：在我們的模型中，ASP 大致持平是多種因素的組合——鋼與鋁的價格仍低於去年同期；同時，較複雜的場址需要額外工程設計與更多內容（content）才能有效運作，這些因素相互抵銷。這就是驅動我們目前「持平」看法的原因。

What we haven't baked in, as Nipul said, not only haven't we baked in any impact of the IRA in terms of the overall manufacturing credits, but we also haven't baked in any potential impact from our -- what we believe is the best-in-class domestic supply chain, right? As you would expect to go forward and depending upon the final nature of the domestic content clarification, we could see some additional pricing power yet in the back half of the year just due to that strength we have in domestic content to customers who will have to pay a premium for a higher percentage of domestic content if they want to get that extra 10% kicker.

我們尚未納入（as Nipul 所說）IRA 的任何影響，不僅沒有把整體製造抵免（manufacturing credits）的影響納入，也沒有把我們——我們認為是同級最佳（best-in-class）的美國本土供應鏈所可能帶來的影響納入。正如你所預期，往後視本土含量（domestic content）最終釐清的內容而定，我們在下半年可能仍會看到一些額外的定價能力，原因在於我們在本土含量方面的優勢；對於想拿到額外 10% 加成（kicker）的客戶，如果他們需要更高比例的本土含量，就必須為此支付溢價。

So what we've done is just taken -- again, as usual, what you've seen with our team is that conservative view of that pricing at this point. And as we get additional information, as we understand further where commodities are going, both steel and aluminum, in particular, we'll come back to the market and update you on what we think our ASPs can do in the back half of the year.

所以我們所做的就是——再一次，如同以往你們從我們團隊看到的——在此時點對定價採取保守觀點。隨著我們取得更多資訊、並進一步了解大宗商品走勢，特別是鋼與鋁，我們會再回到市場，更新我們對下半年 ASP 可能表現的看法。

Our next question comes from Julien Dumoulin-Smith with Bank of America.

下一個問題來自美國銀行（Bank of America）的 Julien Dumoulin-Smith。

Congratulations for everything. Just coming back to domestic content. I just want to really square this away. I mean just what exactly incredible do you need? I mean obviously, you're doing a lot already here. Just in terms of clarity, specifics and guidelines, again, I know you guys are probably in the mix, in discussing these items here but specifically, as we see preliminary and final. And also, are you expecting kind of a little bit of an air pocket in a backlog as you think about that being kind of pent-up demand realized after finalized guidelines here? Is that the commentary as you think about that?

恭喜你們的各項成果。我想回到本土含量（domestic content）這個議題，我只是想把它釐清。我是說，你們到底還需要什麼樣的明確性？顯然你們已經做了很多。就清楚度、細節與指引而言——我知道你們可能也正在參與討論——但具體來說，當我們看到初步與最終版本時會是如何？另外，當你們思考指引最終定案後，先前累積的需求（pent-up demand）被釋放，你們是否預期訂單待交量（backlog）會出現一段「空窗」（air pocket）？你們的評論是這個意思嗎？

Julien, I think the demand we've seen so far is really non-IRA-related, so we haven't yet seen that big pick-up. So we don't really consider that we have an air pocket in our current backlog. That current backlog is all the steady demand that we've seen, the steady increases, setting aside any expected increases we'll see from IRA.

Julien，我認為我們目前看到的需求其實與 IRA 無關，所以我們還沒有看到那一波明顯的拉升。因此，我們不認為目前的在手訂單（backlog）存在空窗。我們目前的在手訂單是我們所看到的穩定需求、穩定增長所累積的，先不把 IRA 預期帶來的增量納入。

And then to answer that, the first part of your question specifically is we're looking at the definition -- there's 2 critical aspects we continue to wait on. The first is the definition of what will be considered domestic content. Again, there's multiple definitions floating around with Treasury that they have to decide upon finally and give the industry. And one would include being able to import steel from China, for example, roll it in the U.S. and call it domestic. The other says that the steel must be from melt to coat in the U.S., right? And those are 2 radically different positions.

至於你問題的第一部分，具體來說，我們關注的是定義——我們仍在等待兩個關鍵面向。第一是什麼會被視為本土含量（domestic content）的定義。再次強調，財政部（Treasury）目前有多種定義在流傳，他們必須最終定案並提供給產業。其中一種定義可能允許例如從中國進口鋼材，在美國進行軋製後就稱為本土；另一種則要求鋼材必須從熔煉到塗層（melt to coat）都在美國完成。這兩種立場差異非常大。

In the position that it would have to be pure U.S. steel, we have a decidedly strong competitive advantage because we have worked on that U.S. supply chain for many, many years. And we have deep relationships, some of which we've talked publicly about in the past versus others in the industry who continue to bring steel in from offshore and have 2 rolling mills in the U.S. and are calling that made in U.S.A., right?

如果採取必須是純美國鋼材的立場，我們將擁有明顯且強大的競爭優勢，因為我們多年來一直在打造這條美國供應鏈。我們也有很深的合作關係，其中一些我們過去曾公開談過；相較之下，產業中仍有其他公司持續從海外進口鋼材，並在美國只有兩座軋鋼廠，卻稱之為美國製造（made in U.S.A.），對吧？

So depending upon that definition, we'll either be at worst case on par. At best case, we'll have a decided competitive advantage in the market. So we're waiting on that. And again, that has implications in terms of market share, in terms of pricing power, all of the above. And that's why we're trying to be very, very cautious until we have more clarity around that.

因此，取決於該定義，我們最差情況是與同業持平；最佳情況則是在市場上擁有明顯的競爭優勢。我們正在等待這一點。而且再次強調，這會影響市占率、定價能力等各方面。因此，在我們對此有更清楚的了解之前，我們才會非常、非常謹慎。

And then the second element we continue to wait for is really further clarification around the torque tube and structural fastener final definitions. We know what the torque tube definition is. That's pretty well defined and we've already communicated that's between 0.15 and 0.17. So call it, 15% of the tracker cost is the benefit there. And we've talked openly about that being shared at some point between our suppliers, ourselves and, to a degree, to our customers as well. We feel really good about that. And it really comes down into the definition of what all gets included into structural fasteners.

接著，我們持續等待的第二個要素，確實是關於扭矩管（torque tube）以及結構緊固件（structural fastener）最終定義的進一步釐清。我們知道扭矩管的定義是什麼；這相當明確，而且我們也已經溝通過其介於 0.15 到 0.17 之間。所以就把它視為追日系統（tracker）成本的 15% 是那裡的效益。我們也一直公開談到，這個效益在某個時間點會在供應商、我們自己，以及在某種程度上也會在客戶之間共享。我們對此感覺非常好。而真正關鍵在於：結構緊固件的定義裡究竟包含哪些項目。

And as that definition becomes more clear, there are some really if, for example, the clams and clamping systems are covered under that definition, that would be very, very meaningful to us as an organization because we manufacture a large proportion of those in our own factory in Albuquerque, New Mexico. So these small nuances of words can have huge swings in terms of the overall ability to get at those credits and the quantum of those credits. And we just don't have enough clarity to go to the market today and say what we think they're going to be.

而隨著那個定義變得更清楚，會出現一些非常關鍵的情況——例如，如果夾具（clamps）與夾持系統（clamping systems）被納入該定義，對我們這個組織而言將非常、非常有意義，因為我們在新墨西哥州阿布奎基（Albuquerque, New Mexico）的自有工廠生產其中很大一部分。所以這些用詞上的細微差異，可能會對整體取得那些抵免（credits）的能力，以及那些抵免的量級（quantum）造成巨大變動。而我們目前還沒有足夠的清晰度，能夠今天就對市場說我們認為它們會是什麼。

Got it. Excellent. And just on the international side, the trajectory here, you mentioned Brazil. It seems nice. At the time of the deal, it seemed like you got it a little bit more flattish in the STI in Brazil specifically. I mean how do you think about that outlook and the compounding for prospects there across the various geographies? Just to quantify your perhaps qualitative comments on the call a little bit more.

了解。很好。另外就國際面來看，這裡的走勢你提到巴西，看起來不錯。在交易當時，感覺你們在巴西（特別是巴西的 STI）似乎拿到的是比較平坦的狀況。我是說，你們如何看待那邊的展望，以及在不同地理區域之間的前景複利成長？想把你在電話會議上偏質性的評論，再多做一點量化。

Yes. So in Brazil, over the last year, what shifted first in Brazil was less of the larger utility-scale programs and much more of the distributed generation programs. And that had to do with 2 things. Obviously, we had a great competitor come into Brazil and work really well. That's one part. And the second part was the funding from the national banks in Brazil who really support a lot of the green initiatives, kind of pulled back waiting for this presidential election.

是的。所以在巴西，過去一年首先出現的轉變是：大型公用事業級（utility-scale）專案較少，反而更多轉向分散式發電（distributed generation）專案。這與兩件事有關。第一，顯然有一家很強的競爭對手進入巴西並且運作得非常好，這是一部分。第二，巴西的國家銀行（national banks）——它們確實支持許多綠色倡議——在總統大選前選擇收縮資金，先觀望等待。

Almost immediately after the presidential election, we started to see a lot of those utility-scale programs go forward. And I'm quite pleased that our outlook in Brazil is very strong for this year. And it's a very good mix of both utility-scale and distributed generation products. But we're very bullish on the growth that we see coming in Brazil this year.

幾乎在總統大選結束後，我們就開始看到許多公用事業級專案往前推進。我很高興我們今年在巴西的展望非常強勁，而且產品組合也很好，兼具公用事業級與分散式發電產品。我們對今年在巴西看到的成長非常看多。

Awesome, guys. Congrats again. See you soon.

太棒了，各位。再次恭喜。很快見。

Our next question comes from Maheep Mandloi with Credit Suisse.

下一個問題來自瑞士信貸（Credit Suisse）的 Maheep Mandloi。

Congratulations on the quarter here. Two questions. First, on the OpEx, if I look at the high end of the range, somewhat implies around 7% OpEx as percentage of revenues. I'm just trying to see like to get to that high teens EBITDA margin, which you kind of talked about in the past, could we expect to hit that 25-plus percent gross margin in 2024? Or just trying to understand like on the OpEx and how to think about leverage going forward here.

恭喜本季表現。有兩個問題。第一，關於營業費用（OpEx），如果我看區間上緣，似乎意味著營業費用占營收比約 7%。我想了解的是，若要達到你們過去談到的 EBITDA 利潤率高十幾個百分點（high teens），我們是否可以預期在 2024 年達到 25% 以上的毛利率？或是我只是想理解：在 OpEx 方面，以及未來如何看待營運槓桿。

Maheep, it's Nipul. So as discussed in the prepared remarks, there's investments that we need to make here in 2023. And as margins continue to steady at the baseline low 20s and potentially increase from there as we get more clarity on the IRA, in 2024, we feel like we'll get the operating expense leverage that this business can absolutely operate under. So that's where we think that we'll get back into the higher EBITDA ranges in 2024 and beyond.

Maheep，我是 Nipul。正如我們在事先準備的講稿中討論的，2023 年我們需要在這裡進行一些投資。隨著利潤率在 20% 出頭的基準水準（baseline low 20s）持續趨於穩定，並且在我們對 IRA（《降低通膨法案》）有更清楚的掌握後可能進一步提升，我們認為在 2024 年，我們將能取得這項業務絕對可以承受的營業費用槓桿。因此，我們認為 2024 年及之後會回到較高的 EBITDA 區間。

Got it. And just a second question on the UFLPA here. How should we think about any upside here to this year's revenues if we see a UFLPA solution faster here? Or any color, if you can give, on how much time it takes to deliver the tracker once you have a purchase order in place. Any commentary will be helpful.

了解。第二個問題是關於 UFLPA。若我們更快看到 UFLPA 的解決方案，今年營收是否可能有任何上行空間？另外，如果可以的話，也請提供一些資訊：在已經有採購訂單（purchase order）之後，交付追日系統（tracker）通常需要多少時間。任何評論都會有幫助。

Yes. So as far as the UFLPA is concerned, where we would see that is as our order book converting faster. So if UFLPA gets cleared quicker, as modules get cleared quicker, we would see a faster conversion of our order book. So we could potentially see that order book converting and as we add to it, potentially some upside related to that.

是的。就 UFLPA 而言，我們會看到的影響是：我們的訂單簿（order book）轉換得更快。因此，如果 UFLPA 更快被釐清／排除，隨著模組（modules）更快通關，我們會看到訂單簿更快轉換。所以我們可能會看到訂單簿加速轉換，而且在我們持續新增訂單的同時，可能會帶來一些相關的上行空間。

Any way you can kind of like help us quantify how much of that order book could be delivered in '23 year, Nipul?

你能不能幫我們大概量化一下，Nipul，這個訂單簿裡有多少可以在 2023 年交付？

Yes. When you look at our order book, look 12 months ahead, it's about a 1.1x the order book is what our midpoint guide is. So that conversion could happen a little bit quicker if the UFLPA gets cleared quicker.

可以。當你看我們的訂單簿、往前看 12 個月，我們的指引中點（midpoint guide）大約是 1.1 倍的訂單簿。因此，如果 UFLPA 更快被釐清，這個轉換可能會發生得更快一些。

Our next question comes from Donovan Schafer with Northland Capital Markets.

下一個問題來自 Northland Capital Markets 的 Donovan Schafer。

The first question I want to ask is about Nucor specifically since that's a supplier you guys have had for, gosh, coming up on 2 years now. And if you can provide any commentary on kind of the length of that contract, if there's an expiration there with a fixed volume amount. And how much of kind of your run rate capacity or backlog does that cover?

我第一個想問的是關於 Nucor，因為那是你們合作的供應商——天啊——差不多快兩年了。如果可以的話，請你們評論一下該合約的期限，例如是否有到期日、是否有固定的供貨量。以及它涵蓋了你們多少的常態產能（run rate capacity）或在手訂單（backlog）？

Just trying to get a sense -- the underlying idea here is if there's a greater shift to needing to source domestically in the U.S., are you in a position to kind of have some of that locked in and box out other people? Or are there competitors or does that become a negotiation and there's some scrambling there? Trying to give us that higher -- that broader idea, but if you can give any specifics on Nucor, that would be great.

我想掌握的是——背後的想法是：如果美國出現更大的轉向、需要在美國境內採購（domestically source），你們是否已經把部分供應鎖定，能夠把其他人排除在外？還是說競爭對手也會加入，變成需要談判、大家搶料？我想要那個更高層次——更宏觀的概念，但如果你能提供任何關於 Nucor 的具體資訊就太好了。

Yes. I mean let me start -- go ahead. So let me start, Nipul, which is saying that our specific contractual terms with Nucor are confidential and we're going to honor that confidentiality in the contract. So I won't really talk more specifically about that and the terms of the contract. All I will tell you is that Nucor is one of several strong steel suppliers and partnerships that we've put in place over the last few years.

是的。我是說讓我先開始——請繼續。那我先說，Nipul：我們與 Nucor 的具體合約條款屬於機密，我們會遵守合約中的保密義務。所以我不會更具體談論合約內容與條款。我能告訴你的是，Nucor 是我們在過去幾年建立的數個強大鋼材供應商與合作關係之一。

They're a very important part of our business. They're a great partner. We work very closely with them in terms of understanding where our future demand is going to be and ensuring that their geographic footprint is aligned with what our future geographic footprint is, to reduce transportation costs and things.

他們是我們業務非常重要的一部分，是很棒的合作夥伴。我們與他們密切合作，去理解我們未來的需求會是什麼，並確保他們的地理布局（geographic footprint）與我們未來的地理布局一致，以降低運輸成本等。

So we feel that our working relationship is incredibly strong. They're an incredibly strong partner of ours. And again, that's part of how we feel. They're one of the steel suppliers that add to our capacity, that leave us feeling that we have a very well-developed North American capacity and supply chain. And we think we have the best in the market. That's all I can really comment on that.

所以我們覺得彼此的合作關係非常強。他們是我們非常強的合作夥伴。再說一次，這也是我們的感受：他們是能提升我們產能的鋼材供應商之一，讓我們相信我們已建立非常成熟的北美產能與供應鏈。我們認為我們在市場上是最好的。關於這點我能評論的大概就這些。

Yes. And Donovan, I just wanted to add that we've talked about it before by the end of Q1 that we have 40 gigawatts of global capacity of about 32 of that in the U.S. So Nucor, of course, is part of that overall capacity playing.

是的。Donovan，我也想補充一下：我們之前談過，截至第一季末，我們的全球產能是 40 吉瓦，其中約 32 吉瓦在美國。所以 Nucor 當然是整體產能布局的一部分。

And we're increasing, Donovan. Every single quarter, we're increasing that. And so you imagine an exploded bill of materials, Donovan. And what we have is the overall capacity and then the percentage of that capacity that can, today, be turned on to qualify under domestic content as we understand it. So that's what we're focused on. So how do we get -- and we've talked openly on our last call about our standard bill of material today having between 70% and 75% domestic content and us having the ability, with a small premium, to get up to that 90% to 95% domestic content in the bill of material. And that's what we're really focused on is the percentage of that 32 gigawatt that we can get up to that, say, 95% domestic content place.

而且我們還在增加，Donovan。每一季我們都在增加。你可以想像一個展開的物料清單（exploded bill of materials），Donovan。我們有整體產能，然後是其中有多少比例的產能，在今天、依我們對「國產內容」（domestic content）的理解，可以被啟用來符合資格。這就是我們聚焦的重點：我們如何達成——我們在上次電話會議也公開談過——我們目前的標準物料清單大約有 70% 到 75% 的國產內容，而我們有能力在付出小幅溢價（small premium）的情況下，把物料清單的國產內容提高到 90% 到 95%。我們真正聚焦的是：在那 32 吉瓦之中，有多少比例能提升到例如 95% 國產內容的水準。

Okay. And then kind of related to this, I was actually fascinated in the opening remarks -- prepared remarks, you made a comment about not having to puncture the torque tube to clamp on modules and that giving you flexibility. I never connected that. I had always just assume it was just the purlins, the ones that go perpendicular to the torque tube, that was the last piece and you had to figure out where you're going to punch a hole there.

好的。接著有點相關的是，我其實對你在開場——事先準備的講稿——裡的一段話很著迷：你提到不需要在扭矩管上打孔（puncture）就能夾持模組，這會帶來彈性。我以前從沒把這件事連起來。我一直以為只是那些檁條（purlins）——也就是與扭矩管垂直的那一段——才是最後一塊，你必須決定要在哪裡打孔。

But realizing you can use the slide on the north-south dimension along the torque tube, that -- as I understand it, that is enabled by having your unique octagonal cross-section. And that's something you couldn't do with a circle. You can maybe do it with a square, but you couldn't do it with a circle, a circular cross-section. So hadn't made that connection.

但現在理解到，你可以沿著扭矩管在南北向（north-south dimension）使用滑移（slide）——照我的理解，這是因為你們獨特的八角形截面（octagonal cross-section）才做得到。圓形做不到；方形也許可以，但圓形、圓形截面是做不到的。所以我之前沒有把這個關聯想到。

And then I saw RE+ this year, PV Hardware's tracker is actually doing an octagonal torque tube now. And yes, they've kind of followed your lead there in the FTCI. FTC Solar, their 1P design is hexagonal. But the same idea, you're coming up with some kind of a geometry that's noncircular, gives you some of the benefits of circularity with some more maybe bendiness to it versus a square, but giving you that ability to have a puncture-less fixing to the torque tube.

然後我今年在 RE+ 看到，PV Hardware 的追日系統現在實際上在做八角形的扭矩管。是的，他們在 FTCI 那邊某種程度上也算是跟著你們的方向走。FTC Solar 的 1P 設計是六角形。但概念相同：你們提出某種非圓形的幾何形狀，既能保有一些圓形的優點，同時相較於方形可能更有一些可彎曲性，但又能讓你在扭矩管上做到無穿孔的固定方式。

So I guess, are you seeing a trend with other competitors switching to that kind of a unique -- let's think of it as like a nonstandard torque tube cross-section? And then back to the same question, back to that same idea of what I just asked, are there any issues from a capacity standpoint in the U.S.? I mean can any roll-forming operation roll-form for an octagonal cross-section? Or does that get at all more complicated or limited?

所以我想問，你們是否看到其他競爭對手也在轉向這種獨特的——我們把它想成非標準的扭矩管截面？另外回到同一個問題、同一個概念：在美國的產能面是否有任何問題？我的意思是，任何滾壓成型（roll-forming）工廠都能做八角形截面嗎？還是說這會變得更複雜或更受限制？

I think on the first part, yes, we have taken note of several of the recent launches in the industry that look a lot closer to an Array than maybe they do someone else's, right? So that's something we're keeping a watchful eye on. And certainly beyond the torque tube, other elements of their design are starting to look a lot more like Array. So it's an interesting observation, Donovan, and something that we're keenly observing and watching and talking about internally on a regular basis.

我想第一部分，是的，我們注意到產業近期有幾個新產品發表，看起來更像 Array，而不是更像其他人的，對吧？所以這是我們正在密切關注的事情。而且當然不只是在扭矩管，其他設計元素也開始更像 Array。Donovan，這是個有趣的觀察，也是我們在內部定期非常密切觀察、關注並討論的事情。

Relative to whether any tube mill, I mean, I think if you get the correct dyes in place, you could roll it, whether it be octagonal, hexagonal, any of the above. So I don't think that's really the big barrier at this point. It's more in our proprietary clamping system, our rapid clamp system that allows you to build the infrastructure, irrespective of knowing which panels you're going to get. We can design it from multiple panel options and then we're near allowed to get in those panels at the end of the day, We're able to provide a different clamp for that.

至於任何製管廠是否都能做，我是說，我想只要配好正確的模具（dies），不管是八角形、六角形或以上各種形狀，都可以滾壓出來。所以我不認為那會是目前最大的障礙。更關鍵的是我們的專有夾持系統——我們的快速夾（rapid clamp）系統——它讓你在不知道最後會拿到哪一種面板的情況下也能先把基礎結構建好。我們可以針對多種面板選項來設計，然後等到最後真正拿到面板時，我們能為此提供不同的夾具。

Now it's not only in the panel availability, it extends beyond that in terms of being able to have sites with mixed panels, right?

而且這不只是在面板供應可得性上，還延伸到能夠讓場址使用混合面板（mixed panels），對吧？

So you imagine that as companies are going to be scrambling to get to their percentage of domestic content that they need on these sites, and they may have a limited availability over the next couple of years of Made in U.S. panels, you imagine a scenario where customers are going to say, "I'm going to start at this site. And the majority of panels in the site may be for solar because I have a certain level of availability of those panels. However, once I get to my 40% domestic content, using more of those at this particular site may be diminishing return versus saving those for another site. And then I can mix panels on that site." Our infrastructure will allow you to do that differently than some others. I think that's something that we're seeing in the market of interest.

所以你可以想像，當各家公司為了在這些場址達到所需的國產含量比例而忙著調度時，未來幾年「美國製造」面板的供應可能有限。你可以想像一種情境：客戶會說，「我會先在這個場址開工。這個場址的大多數面板可能會用某一類，因為我對這些面板有一定的供應量。然而，一旦我達到 40% 的國產含量，在這個特定場址再多用一些可能邊際效益遞減，不如把那些留給另一個場址。然後我就能在這個場址混用面板。」我們的基礎結構能讓你以不同於其他一些人的方式做到這點。我認為這是我們在市場上看到的、大家感興趣的方向。

And our next question comes from Colin Rusch with Oppenheimer.

下一個問題來自 Oppenheimer 的 Colin Rusch。

Could you talk about how many of your customers are fully qualified with the OmniTrack solution at this point? Are you -- is it the full complement of customers or is it a subsegment of it at this point?

你能談談目前有多少客戶已經完全完成 OmniTrack 解決方案的資格認證（fully qualified）嗎？你們——是所有客戶都涵蓋了，還是目前只是一部分客戶？

We're rolling OmniTrack out this year in select areas to make sure that it's properly installed by our partners and obviously looking at the ideal topography in which to install it. But certainly, any of our customers would be welcome to use it with the correct requirements.

我們今年會在特定區域逐步推出 OmniTrack，以確保它能由我們的合作夥伴正確安裝，並且當然也會挑選最理想的地形來安裝。不過，只要符合正確的要求，我們任何客戶都歡迎使用。

Okay. And then secondly, as you guys look at having increasing customer intimacy with some of these new designs, are there other opportunities for incremental engineering improvements that -- on around footings or other areas where you can reduce labor out in the field and have it more in the factory setting in the next couple of years?

好的。第二個問題，當你們透過這些新設計與客戶的互動更緊密時，未來幾年是否還有其他可帶來增量的工程改善機會——例如在基礎桩（footings）或其他領域，能把現場勞務減少、更多轉移到工廠端完成？

Yes. Colin, I think part of what you're seeing in that OpEx spend next year is kind of when I came in, I made a commitment to our engineering organization and our CTO and effectively said, look, one of the best uses of my capital is in new product development. And I looked at Erica's product management team and Thierry's engineering team and made a commitment that if they bring forward really robust new product development initiatives, I will fund them, right?

是的。Colin，我想你在明年的營業費用（OpEx）支出中看到的一部分，就是我上任時對我們工程組織與 CTO 的承諾。我基本上說：你看，我資本最好的用途之一就是新產品開發。我也對 Erica 的產品管理團隊和 Thierry 的工程團隊承諾：只要他們提出非常扎實的新產品開發計畫，我就會提供資金支持，對吧？

And that's really what you see in that OpEx increase. So we've increased our engineering spend this year certainly over 35%, and that's part of where you see in the OpEx line. And that's really all about there's a large number of products that we think we could bring to bear to the market that are really focused on a few areas. Obviously, you've seen us disclose a lot more of what we're doing on the software side of things and there's more to come beyond this. A lot more areas where we can ease installation and reduce installation costs.

而這正是你在 OpEx 增加中看到的內容。所以我們今年的工程支出確實提高了超過 35%，這也是你在 OpEx 科目中看到的部分。這一切的核心在於：我們認為有大量產品可以推向市場，主要聚焦在幾個領域。很明顯，你已經看到我們披露了更多在軟體方面的進展，而且後續還會有更多。也有更多領域能讓我們簡化安裝並降低安裝成本。

So I think this is a year of what I would say a rapid succession of product launches, a lot of, what I would say, maybe small to midsized new product development initiatives. But I think we're going to be really welcomed by our customers as we go forward throughout the year.

所以我認為今年會是一個我所說的「產品發表快速接續」的一年，會有很多我認為可能是小到中型的新產品開發計畫。但我相信，隨著我們在今年持續推進，客戶會非常樂於接受。

Our next question comes from Jeff Osborne with TD Cowen.

下一個問題來自 TD Cowen 的 Jeff Osborne。

I just had 2 quick ones. One is on your Spain business. I was curious what you're seeing there. And I think a couple of quarters ago, you had some challenges on the EPC side of the business there. I was just curious what initiatives you put in place to improve the profitability on that front.

我有兩個很快的問題。第一個是關於你們西班牙的業務。我想了解你們那邊看到的情況。我記得幾個季度前，你們在那邊的 EPC 業務端遇到一些挑戰。我想問你們採取了哪些措施來改善那方面的獲利能力。

Yes. So Jeff, one of the simple things was that the challenge that our -- so remember, the challenge in the Spain business really came out as they attempted to do some construction projects in the U.S., following some of their Spanish customers that do global installations to the U.S. at the request of that customer in particular. And they just didn't have the experience to how to operate in the U.S., right?

是的。Jeff，其中一個簡單的點是，我們——所以請記得，西班牙業務的挑戰其實是源自他們嘗試在美國做一些施工專案，因為他們跟著某些在全球做安裝的西班牙客戶到美國，特別是應該客戶的要求。但他們就是缺乏在美國運作的經驗，對吧？

So a few things we've done. So first, we have, through our partnership with now Array and STI working together, we've assigned several Array team members to support those projects and to serve as project managers in region to help with hiring of labor, management of that labor, negotiating with the unions that we would need on some of these projects and all of that. So that's part of it.

所以我們做了幾件事。首先，透過現在 Array 與 STI 一起合作的夥伴關係，我們指派了幾位 Array 團隊成員去支援那些專案，並在當地擔任專案經理，協助招募勞工、管理勞工、與我們在某些專案上需要面對的工會進行協商等等。這是其中一部分。

I would say the bigger benefit came as a result of the end customer not being able to have a steady supply of panels. And in our contract, that lack of steady supply of panels that created a time break in the program, contractual allowed us to go and renegotiate some of those labor terms and what-have-you that the team originally signed up for, that we're not the best, right? So that's part of what you're seeing here. And as we go to complete those projects, they'll just be under a better set of terms now that we had a great -- much greater understanding of the complexity of the projects and what's needed to bring them to fruition.

我會說更大的好處來自於終端客戶無法穩定取得面板供應。而在我們的合約中，這種不穩定供應造成專案時程中斷，合約上允許我們回頭重新談判一些勞務條款等等——原本團隊簽下的條件並不是最好的，對吧？所以這也是你在這裡看到的部分。隨著我們完成那些專案，因為我們對專案複雜度以及要讓它落地所需的條件有了更深入的理解，現在會是在更好的一套條款下進行。

Got it. That's very helpful. And my follow-up is on a completely different topic but on the backlog developments that you had in Q4 and Q1. Are you actually having conversations around '24 deliveries yet or are folks, developers waiting for the IRA clarity to be announced to have that visibility in place?

了解，這很有幫助。我的追問是完全不同的主題，關於你們在 Q4 和 Q1 的在手訂單（backlog）變化。你們現在已經在談 2024 年的交付了嗎？還是說開發商在等 IRA 的明確指引公布後，才會有那個能見度？

Yes, we're doing both. Obviously, we have customers, as we've continued to discuss, that are talking about larger programs of gigawatts of business over the next several years. Those are conversations that are ongoing. I think some of those programs are coming through. And others are just waiting for that clarity as they determine to what degree they need to put how many eggs in Array's basket, depending upon, for example, the domestic content provisions.

是的，我們兩邊都在做。很明顯，我們有一些客戶——如同我們持續討論的——正在談未來幾年、以 GW 計的大型業務計畫。這些對話仍在進行中。我認為其中一些計畫正在推進；而另一些則是在等待明確性，因為他們要判斷在多大程度上需要把多少「籌碼」放在 Array 這邊，例如取決於國產含量條款。

And are they putting deposits on those multiyear orders or no?

那他們會對這些多年期訂單支付訂金（deposits）嗎？還是不會？

The deposits will stay in the same format as we have today, meaning there will be some minimum requirements annually, for example, on these contracts, almost like a take-or-pay on a minimum basis. And then the deposits come, as we sign up those individual projects, that pull down from that overall volume commitment.

訂金會維持與我們目前相同的形式，也就是說，這些合約通常會有每年一些最低要求，有點像最低量的 take-or-pay。然後當我們簽下那些個別專案時，訂金才會進來，並從整體的量承諾中逐案拉動（pull down）。

Yes, just a little clarification, too, is that our order book is -- would only be -- would only consist of named projects. So what Kevin is talking about are things that we're getting into but they're not in our order book at this point.

是的，再補充澄清一下：我們的訂單簿（order book）——只會——只會包含已命名的專案。所以 Kevin 談的是我們正在洽談的事項，但目前還不在我們的訂單簿裡。

Yes, and that's a clear distinction. We want to make sure that everyone on this call understands is that our order book, when we say order book, does not include volume commitments that don't have very specific, either awarded or contracted, named projects.

是的，這是一個明確的區分。我們想確保所有參與這通電話的人都理解：我們所說的訂單簿（order book），不包含那些沒有非常具體、已得標或已簽約、且有明確專案名稱的量承諾（volume commitments）。

But if I'm hearing you right, you have MSA agreements with developers that might go out 3 or 5 years but named projects might only go out 18 to 24 months. Is that the right way to think about it?

但如果我理解得沒錯，你們與開發商簽有 MSA 主服務協議，期限可能長達 3 到 5 年，但具名專案可能只涵蓋 18 到 24 個月。這樣理解對嗎？

Well, they're projects, so size of the projects, right, will depend on how long they go out, right?

嗯，它們是專案，所以專案的規模，對吧，會取決於它們延伸到多長時間，對吧？

But we wouldn't -- I guess the clarity we want to make is that our backlog -- so when we compare our backlog to others in the industry that have recently discussed their backlog, they've included these long-term megawatt commitments that they may have with a customer. We have not included that in our backlog. So our backlog is more easily translated to a future revenue stream that's more predictable than maybe theirs.

但我們不會——我想我們想釐清的是，我們的在手訂單（backlog）——當我們把我們的在手訂單與業界其他公司近期談到的在手訂單相比時，他們把可能與客戶簽訂的長期兆瓦承諾也算進去了。我們沒有把那部分納入在手訂單。因此，我們的在手訂單更容易對應到未來收入流，且可預測性可能比他們的更高。

If we were to include those, we would have a much higher number that we'd be talking about. But we like that clarity and line of sight of our backlog and conversion to a particular revenue within a particular period of time.

如果我們把那些也納入，我們談到的數字會高得多。但我們喜歡我們在手訂單的清晰度與可視性，以及在特定期間內轉換為特定收入的能力。

Our next question comes from Joseph Osha with Guggenheim Partners.

下一個問題來自 Guggenheim Partners 的 Joseph Osha。

I wanted to return to some of the comments that you were making about domestic content and how that reflects its pricing with your customers. I want to understand the logistics of this. If you have an order in hand and you're unclear yet about whether your customers are going to be able to claim the domestic content credit or not, is there something written into the contract that allows you to reopen the conversation, depending on the outcome of IRS guidance or what? I just want to make sure I understand exactly how this works.

我想回到你剛才談到的一些關於國產含量（domestic content）以及它如何反映在你們對客戶定價上的評論。我想了解這裡的運作邏輯。如果你們手上已經有訂單，但你們還不清楚客戶是否能夠申請國產含量抵免（credit），合約裡是否有寫明可依據 IRS 指引的結果之類的情況重新開啟討論？我只是想確保我完全理解這是怎麼運作的。

So to be clear, the orders that we have in our backlog have no -- I would say, largely have no specific domestic content requirement, right, which means we can satisfy them with our, for lack of a better word, standard bill of material today at 70% to 75%. Or we can add more domestic content.

所以先說清楚，我們在手訂單中的訂單沒有——我會說，大多數沒有特定的國產含量要求，對吧？這表示我們可以用我們目前的——姑且這麼說——標準物料清單（BOM），其國產含量約 70% 到 75% 來滿足。或者我們也可以增加更多國產含量。

What will come -- what I foresee is in the future, as the domestic content requirements become clearer and those sites now can start doing the formulaic math of what they need to get to their 40% and then they're increasing 45% up to the 55% in a few years, when they have that clear to be able to do their math, they'll come back to us and say, "Hey Array, on this 125-megawatt project, we need as much domestic content as you can give us. What's the premium to go from that 75% up to that 95%, right?" And again, that would open a change order likely in the contract. But today, we're not specifying any of that enhanced domestic content, put it that way.

我預期未來會發生的是，隨著國產含量要求變得更清楚，而那些案場現在可以開始用公式化的方式計算他們需要達到 40%，然後在幾年內從 45% 提高到 55%，當他們有了足夠清晰度可以做計算時，他們會回來找我們說：「嘿，Array，在這個 125 兆瓦的專案上，我們需要你們能提供的盡可能多的國產含量。把國產含量從 75% 提高到 95% 的溢價是多少？」同樣地，這很可能會在合約中開啟變更單（change order）。但就今天而言，我們並沒有把任何這種加強版的國產含量要求寫死，先這麼說。

Okay. All right, so I get it. So basically, the way it's written now, it leaves you the option basically to say, "Hey, this is a change order," if somebody comes back and hits you with a specific request?

好的。好，我懂了。所以基本上，現在的合約寫法是保留你們的選項，讓你們在有人回來提出具體要求時，可以說：「嘿，這是一張變更單」？

That's correct.

沒錯。

Our next question comes from Jordan Levy with Truist Securities. Our next question comes from Vikram Bagri with Citi.

下一個問題來自 Truist Securities 的 Jordan Levy。下一個問題來自 Citi 的 Vikram Bagri。

I wanted to follow up on the uncertainty caused by the IRA and unavailability of modules. Is there a way to quantify what kind of impact it will have, one, on the backlog? It seems like there are -- there is -- there are orders on the sideline, which are not included in the backlog, which will quickly materialize into backlog once the clarity is provided, one.

我想追問一下 IRA 造成的不確定性以及模組（modules）供應不足的問題。有沒有辦法量化它對在手訂單的影響？看起來有——有一些訂單在觀望中，尚未納入在手訂單，一旦釐清後就會很快轉為在手訂單，這是第一點。

And then two, how much of the decline, the sequential decline in first quarter that you talked about, 20%, is caused by seasonality versus lack of clarity on IRA versus module availability? And have you seen any slippage in timing of any of the projects because of lack of clarity on IRA front and/or the module availability issues?

第二點，你們提到第一季較前一季下滑 20%。這個下滑中，有多少是季節性因素造成的，多少是 IRA 缺乏明確性造成的，多少又是模組供應可得性造成的？另外，因為 IRA 端缺乏明確性和／或模組供應可得性問題，你們是否看到任何專案時程的延後？

Vikram, this is Nipul, I'll start. So on your second question first, of the first quarter 20% down sequentially, as mentioned in the prepared remarks, part of that is just normal seasonality, Q1, and we mostly have a North American business. So that's typically -- depending on weather conditions at sites, we typically have lower deliveries in that first quarter. In addition, we've been stating all along for the last couple of quarters here that the UFLPA and the module availability has slowed down some of the conversion, the order conversion, and we expected that in Q1. So a combination of those 2 items is the reason why we're down sequentially 20%.

Vikram，我是 Nipul，我先回答。先談你第二個問題：第一季較前一季下滑 20%，如同事先準備的講稿所提到，其中一部分就是正常的季節性因素，Q1，而且我們主要是北美業務。所以通常——視案場天候狀況而定——我們在第一季的出貨會比較低。此外，我們在過去幾個季度一直在說，UFLPA 以及模組供應可得性已經放慢了一些轉換，也就是訂單轉換，我們也預期 Q1 會如此。因此，這兩項因素的組合就是我們較前一季下滑 20% 的原因。

As far as quantifying the impact of the IRA, I just -- at this point, we don't feel comfortable because there's a lot of unknowns, right, in that. And once -- as Kevin said earlier, once we get that clarity, we've made the commitment to have that transparency and come out to the market and how that impacts. The bottom line is it should be upside once we get clarity but we just don't have that at this point.

至於量化 IRA 的影響，我只是——在這個時間點我們不覺得舒服，因為其中有很多未知數，對吧？而且一旦——如 Kevin 先前所說，一旦我們取得清晰度，我們已承諾會保持透明，並向市場說明其影響。重點是，一旦釐清，應該會是上行（upside），但目前我們還沒有那個清晰度。

Understood. And then as a follow-up, what is causing or driving the cautious outlook in Europe? Permitting clearly is tough and it seems like EU is taking steps to address that. Is it entirely related to difficult permitting that you're expecting to be addressed? Or is it something else related to Critical Materials Act or Net Zero Act, which is causing some uncertainty in the market? I was trying to understand what's causing the cautious outlook in Europe.

了解。那再追問一下，歐洲展望保守是什麼原因或驅動因素？許可（permitting）確實很困難，而且看起來歐盟正在採取措施解決。這完全是你們預期會被解決的許可困難所致嗎？還是有其他因素，例如《關鍵原材料法案》（Critical Materials Act）或《淨零法案》（Net Zero Act）造成市場的不確定性？我想了解歐洲展望保守的原因。

Yes. Well, it's all relative, first of all.

是的。嗯，首先，一切都是相對的。

Go ahead, Kevin.

Kevin，你先說。

No, that was the only -- go ahead, Nipul. The only point I wanted to make is it's cautious on a relative basis to the hypergrowth we'll expect in the U.S. in the near term, right?

不，我只有——你繼續，Nipul。我唯一想補充的是，這個「保守」是相對於我們預期美國短期內的超高速成長（hypergrowth）而言，對吧？

That's right. And what I would say is in talking to our business is primarily delays related to permitting that's causing that cautiousness in Europe for us.

沒錯。我想說的是，從我們與業務端的交流來看，主要是與許可相關的延遲，導致我們在歐洲保持較保守的看法。

Our next question comes from Jordan Levy with Truist Securities.

下一個問題來自 Truist Securities 的 Jordan Levy。

Just a quick one for me. Wanted to see if we could just get a little more of your thoughts on the Australian market. You mentioned the in-country content you were able to secure there as a key differentiator, certainly key international market. So just wanted to get your thoughts on how you're continuing to think about Australia and your mix and the opportunity presented through being able to get that in-country content.

我這邊只有一個簡短問題。想請你們再多分享一些對澳洲市場的看法。你們提到能在當地取得在地含量（in-country content）是關鍵差異化因素，當然也是重要的國際市場。想聽聽你們如何持續看待澳洲、你們的組合（mix），以及透過取得在地含量所帶來的機會。

Yes. I mean so clearly, what you're seeing is a little bit of protectionism crop up all over the world and some of it in response to the U.S. IRA, right? But certainly, that increasing domestic content requirements are cropping up in other countries around the world as well. In Australia, the team brought that forward, worked very closely with our supply chain organization for a period of months as we quickly went out and looked at all the different component vendors we can utilize, did a lot of rapid testing of their materials, evaluation of the financial strength of each of those partners we would choose. And then we feel we've locked up kind of the best of each of the players into a program to work with Array very closely, right?

是的。我的意思是，很明顯你看到某種程度的保護主義在全球各地浮現，其中一部分是對美國 IRA 的回應，對吧？但可以確定的是，提高國產含量要求也正在世界其他國家出現。在澳洲，團隊把這件事提出來，並與我們的供應鏈組織密切合作了好幾個月；我們迅速外出評估所有可使用的不同零組件供應商，對他們的材料做了大量快速測試，評估我們可能選擇的每一個合作夥伴的財務實力。然後我們覺得，我們已把各家業者中最好的部分整合到一個計畫中，讓他們能與 Array 非常緊密地合作，對吧？

So I think we feel that we've done our work in Australia. We're going to be in a great position as evidenced by the winning of the first award. And I think there'll be several others that as we go throughout this year and next year that we'll win as directly related to our ability to supply that domestic content.

所以我認為我們覺得在澳洲已經做足功課。從拿下第一個案子就能看出，我們將處於非常有利的位置。我也認為在今年和明年接下來的時間裡，我們還會贏得好幾個案子，而這都將直接與我們供應該在地含量的能力相關。

We have a next question from Maheep Mandloi with Credit Suisse.

下一個問題來自 Credit Suisse 的 Maheep Mandloi。

Sorry, just one quick housekeeping. For the 10-K, haven't seen it out yet. Just wondering on the timing for it.

抱歉，只有一個簡單的行政問題。10-K 我還沒看到發布。想請問一下時間點。

Yes, Maheep. Yes, we are working to get that filed here as quickly as possible. Likely, we like to file the 10-K soon after our earnings call so we should see it here today or tomorrow filed with the SEC.

是的，Maheep。是的，我們正在努力盡快完成申報。通常我們喜歡在財報電話會議後不久就提交 10-K，所以你們應該會在今天或明天看到我們向 SEC 申報。

There are no further questions at this time. I'll hand it back to management for closing remarks.

目前沒有其他問題。我把時間交回管理層做結語。

Thank you, Diego. Just in closing, I just, once again, would like to thank the Array associates all around the world who continue to demonstrate a passion for execution and a passion for the mission that we're on for our environment. So thank you, again, and thank you all for attending.

謝謝你，Diego。最後我想再次感謝全球各地的 Array 同仁，他們持續展現對執行的熱情，以及對我們為環境所肩負使命的熱情。所以再次謝謝，也謝謝各位出席。

Thank you. This concludes today's conference. All parties may disconnect. Have a great day.

謝謝。今天的電話會議到此結束。各方可斷線。祝各位有美好的一天。