Array Technologies Inc (ARRY) 2023 Q3 法說會逐字稿

Greetings. Welcome to Array Technologies Third Quarter 2023 Earnings Call. (Operator Instructions). As a reminder, this conference is being recorded.

問候。歡迎參加 Array Technologies 2023 年第三季財報電話會議。 （操作員說明）。提醒一下，本次會議正在錄製中。

It is now my pleasure to introduce your host Cody Mueller, Investor Relations at Array. Please go ahead.

現在我很高興向您介紹主持人 Cody Mueller，他是 Array 投資者關係部門的負責人。請繼續。

Good evening, and thank you for joining us on today's conference call to discuss Array Technologies third quarter 2023 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 2023 年第三季的業績。今天簡報的幻燈片可在我們網站 arraytecinc.com 的投資者關係部分取得。

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.

在本次電話會議期間，管理階層將根據目前的預期和假設做出前瞻性聲明，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有重大差異。

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.

我們在向美國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，這些資訊也可以在我們的投資者關係網站上找到。我們不承擔更新任何前瞻性陳述的責任。

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.

今天的演示也提到了非公認會計準則財務指標。您應該參閱公司第三季新聞稿中包含的信息，以了解歷史非公認會計準則衡量指標與可比較公認會計準則財務衡量指標的定義資訊以及調節表。

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

接下來，讓我將電話轉給 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.

謝謝科迪，歡迎大家。除了 Cody 之外，我們的財務長 Nipul Patel 也加入了我的行列。

Before I start with the discussion on the quarter, I'd like to first discuss our transition in the CFO position that we announced earlier today. Starting on November 13, Kurt Wood will take over as the CFO of Array Technologies replacing Nipul Patel. We are grateful that Nipul has agreed to stay on Board in an advisory role until the end of the year to ensure that we have a smooth transition.

在開始討論本季之前，我想先討論一下我們今天早些時候宣布的財務長職位的過渡。從 11 月 13 日開始，Kurt Wood 將接替 Nipul Patel，擔任 Array Technologies 財務長。我們很感激 Nipul 同意留在董事會擔任顧問直至年底，以確保我們順利過渡。

I would like to thank Nipul for his instrumental role in the success of Array. From leading the company through the IPO to being a driving force behind the gross margin recovery and the improvements in our cash and liquidity position, we certainly would not be where we are today without Nipul. The entire team at Array wishes him the best in his future endeavors.

我要感謝 Nipul 在 Array 的成功中發揮的重要作用。從帶領公司完成首次公開募股，到成為毛利率復甦以及現金和流動性狀況改善的推動力量，如果沒有 Nipul，我們當然不會取得今天的成就。 Array 的整個團隊祝福他在未來的事業中一切順利。

I am also extremely pleased to welcome Kurt Wood on board. Kurt brings an incredibly strong finance and operational background to Array that will be invaluable to us as we continue to grow and mature as a company. With that, let's move to Slide 3, where I'll provide some highlights from the quarter.

我也非常高興地歡迎庫爾特·伍德加入。 Kurt 為 Array 帶來了極其強大的財務和營運背景，隨著我們作為一家公司的不斷發展和成熟，這對我們來說將是無價的。接下來，讓我們轉到投影片 3，我將在其中提供本季的一些亮點。

Array once again delivered a strong performance against all of our key metrics. For the quarter, we delivered $350 million in revenue, which was in line with our expectations, and as Nipul will discuss more later, is inclusive of a roughly $20 million reduction for a year-to-date reclassification of Brazilian ICMS tax incentives.

Array 再次在我們的所有關鍵指標上表現出色。本季度，我們實現了 3.5 億美元的收入，這符合我們的預期，正如 Nipul 將在稍後討論的那樣，其中包括巴西 ICMS 稅收激勵措施年初至今重新分類帶來的約 2000 萬美元的減少。

This quarter, we also continued to over-deliver on our gross margin expectations, reporting 26% on an adjusted basis, which combined with an increased expectation for Q4 has raised our full year outlook on gross margin once again. It is important to point out, this result does not include any benefit from the IRAs 45X manufacturing credits.

本季度，我們也繼續超額實現毛利率預期，調整後為 26%，加上對第四季度預期的提高，再次提高了我們對全年毛利率的預期。需要指出的是，這一結果不包括 IRA 45X 製造信貸帶來的任何好處。

On the strength of our margin performance, we recorded adjusted EBITDA of $57.4 million, which represented 16.4% of sales, an increase of 560 basis points from the same quarter last year. I'm also happy to note that we delivered $69 million in free cash flow this quarter, bringing our year-to-date total to $126 million, which keeps us well on pace to our previously stated target of delivering between $150 million and $200 million of free cash flow in 2023. In the quarter, we also made a $50 million prepayment of our term loan, bringing the total principal balance down to $239 million.

憑藉我們的利潤率表現，我們的調整後 EBITDA 為 5,740 萬美元，佔銷售額的 16.4%，比去年同期成長 560 個基點。我還很高興地註意到，本季度我們交付了6900 萬美元的自由現金流，使我們的年初至今總額達到1.26 億美元，這使我們能夠很好地實現之前提出的1.5 億至2 億美元的目標2023 年的自由現金流。在本季度，我們也預付了 5,000 萬美元的定期貸款，使本金餘額總額降至 2.39 億美元。

Finally, this quarter, I'll only spend a short amount of time talking about the overall demand landscape as not much has changed since last quarter. As shown by our reduced revenue outlook, we have continued to be impacted by short-term project timing challenges that are outside of our control. For instance, this quarter, we had several projects that experienced delays associated with financing as developers are focused on renegotiating PPA rates to improve project returns in this higher interest rate environment, while we fully expect financing and continued delays related to permitting and other items to be sorted out in the near term.

最後，本季我只會花很短的時間談論整體需求格局，因為自上季以來沒有太大變化。正如我們降低的收入前景所表明的那樣，我們繼續受到我們無法控制的短期專案時間挑戰的影響。例如，本季度，我們有幾個項目經歷了與融資相關的延誤，因為開發商專注於重新談判購電協議費率，以在利率較高的環境下提高項目回報，而我們完全預計融資和與許可及其他項目相關的持續延誤將繼續存在。短期內將得到解決。

This is yet another complexity that we are working to understand with our customers. However, it's important to note that we have continued to execute on elements that we can control and have largely maintained our profitability and free cash flow expectations for the full year.

這是我們正在與客戶一起了解的另一個複雜性。然而，值得注意的是，我們繼續執行我們可以控制的要素，並在很大程度上維持了全年的獲利能力和自由現金流預期。

As we look past some of these short-term project timing issues, I remain optimistic about the direction of our industry. Remember, solar accounted for over 50% of all new electrical generating capacity added to the U.S. grid at the start of this year, and there is no reason to believe this will slow down. It still represents the cheapest and fastest form of new energy generation.

當我們審視一些短期專案時間安排問題時，我對我們行業的方向仍然持樂觀態度。請記住，太陽能佔今年年初美國電網新增發電量的 50% 以上，而且沒有理由相信這一趨勢會放緩。它仍然代表著最便宜和最快的新能源發電形式。

Also, utility scale solar is not facing any structural demand weakness or destocking issues. Add to that, the fact that the tracker market is poised to well outpace the strong overall projected utility scale solar growth over the next few years, and we still have many more tailwinds in this industry than headwinds.

此外，公用事業規模太陽能並未面臨任何結構性需求疲軟或去庫存問題。除此之外，追蹤器市場在未來幾年內將遠遠超過預計的公用事業規模太陽能整體強勁成長，而且該行業的順風車仍然多於逆風車。

So while our bookings number this quarter was still reflective of these near-term dynamics, we are seeing lots of positive proof points on the longer-term outlook, which align with these trends. For example, we have seen our domestic project pipeline double from June 30 to September 30. This is a strong sign of the health of our demand overall, but also showcases the traction our new product offerings are gaining with our customers as we already have multiple gigawatts of quoting activity on both the H250 and the OmniTrack.

因此，雖然我們本季的預訂量仍然反映了這些近期動態，但我們看到了許多與這些趨勢相符的長期前景的積極證據。例如，從6 月30 日到9 月30 日，我們的國內專案管道數量翻了一番。這是我們整體需求健康的強烈訊號，同時也展示了我們的新產品對客戶的吸引力，因為我們已經擁有多個產品H250 和 OmniTrack 上的報價活動均為千兆瓦。

Also, we're pleased to note that we have recently signed 3 long-term agreements, which collectively will represent multiple gigawatts in future projects. All of these agreements included deposits tied to dedicated capacity and represent programs that initiate in the second quarter of 2024 and beyond.

此外，我們很高興地註意到，我們最近簽署了 3 項長期協議，這些協議總共將代表未來項目中的多個千兆瓦。所有這些協議都包括與專用容量相關的存款，並代表了 2024 年第二季及以後啟動的計劃。

And finally, of the $320 million of IRA-related projects that were on hold at June 30, we only saw $35 million convert to orders this quarter, which leaves almost $300 million still sitting on the sidelines. This means we have not yet unlocked anywhere near the full value of those projects into our order book. So while we will obviously wait until our fourth quarter call to provide a more detailed discussion about 2024, I am encouraged by the positive indications we have been seeing.

最後，在截至 6 月 30 日被擱置的 3.2 億美元 IRA 相關項目中，本季我們僅看到 3,500 萬美元轉化為訂單，這使得近 3 億美元仍處於觀望狀態。這意味著我們尚未將這些項目的全部價值釋放到我們的訂單中。因此，雖然我們顯然會等到第四季度電話會議來提供有關 2024 年的更詳細討論，但我們看到的積極跡象令我感到鼓舞。

If we turn to the next slide, this quarter, I wanted to give a brief update on 2 exciting business developments. Last week, we announced our plans to expand our operations in Albuquerque by leasing a brand new build-to-spec 216,000 square foot manufacturing campus. This expansion is exciting as it reinforces our long-standing relationship with the community, but also will give us the space to drive even more operational improvements and domestic manufacturing flexibility. We are appreciative of our partners in the state of New Mexico, and we look forward to updating you more on the progress of our new facility as we move forward.

如果我們翻到下一張投影片，即本季度，我想簡要介紹兩個令人興奮的業務發展。上週，我們宣布計劃透過租賃全新的按規格建造的 216,000 平方英尺製造園區來擴大我們在阿爾伯克基的業務。這次擴張令人興奮，因為它加強了我們與社區的長期關係，同時也為我們提供了推動更多營運改善和國內製造靈活性的空間。我們感謝新墨西哥州的合作夥伴，並期待在我們前進的過程中向您提供更多有關我們新設施進展的最新資訊。

Next, building upon what I discussed last quarter on non-tracker revenue streams, last week, we also announced the rollout of our services and training offerings. These offerings include commissioning, preparation and process training, installation training with the Golden Row, operations and maintenance, and page turn best practices. While these offerings will be a small portion of our revenue initially, we do see a path for these services to become a larger part of our business over time and will positively contribute to our overall gross margin.

接下來，基於我上季度討論的非追蹤器收入流的內容，上週我們也宣布推出我們的服務和培訓產品。這些服務包括調試、準備和流程培訓、Golden Row 安裝培訓、操作和維護以及翻頁最佳實踐。雖然這些產品最初只占我們收入的一小部分，但我們確實看到，隨著時間的推移，這些服務將成為我們業務的更大組成部分，並將對我們的整體毛利率做出積極貢獻。

Each of these value-added services are designed to reduce operational downtime and increase productivity, while improving our customers' overall experience with each of Array's product platforms. To support these offerings, we have also expanded our customer and product support teams over the last year, which has included hiring of directors of services, product management, and training and development.

這些加值服務均旨在減少營運停機時間並提高生產力，同時改善客戶對每個 Array 產品平台的整體體驗。為了支援這些產品，我們去年還擴大了客戶和產品支援團隊，其中包括僱用服務、產品管理以及培訓和開發總監。

While we remain early in our journey on the expansion of non-tracker offerings, elements like these training offerings have already helped to increase our margin expectations for the full year, as Nipul will now discuss in more detail along with a further analysis of the quarter. Nipul?

雖然我們仍處於擴展非追蹤產品的早期階段，但這些培訓產品等元素已經幫助提高了我們全年的利潤預期，Nipul 現在將更詳細地討論以及對本季度的進一步分析。尼普爾？

Thanks, Kevin, and I appreciate the kind words. After nearly a 5-year run of turning a privately held company into a successful public company listed on NASDAQ, it is the right time for me to step down as the CFO. I am grateful for the opportunity to have worked alongside such a collaborative and talented team. I thank Kevin for his leadership and for supporting my career growth, and I believe Array is well-positioned strategically and financially to continue its growth and drive value for our customers and shareholders.

謝謝，凱文，我很感謝你的客氣話。經過近五年的努力，將一家私人公司轉變為在納斯達克上市的成功上市公司，現在是我辭去財務長職務的最佳時機。我很高興有機會與這樣一個協作且才華橫溢的團隊一起工作。我感謝 Kevin 的領導和對我職業發展的支持，我相信 Array 在策略和財務上處於有利地位，可以繼續發展並為我們的客戶和股東創造價值。

I'm highly confident in Array's leadership and future, and I look forward to working with my successor, Kurt, on the smooth transition in the upcoming months. I'd also like to thank the employees at Array for their hard work and support over the years. It has been an honor working alongside them.

我對 Array 的領導力和未來充滿信心，並期待與我的繼任者 Kurt 合作，在未來幾個月內順利過渡。我還要感謝 Array 員工多年來的辛勤工作和支持。與他們一起工作是一種榮幸。

That being said, let's get into a summary of our third quarter financials. Please turn to Slide 6. In the third quarter, we've reported revenue of $350.4 million compared to $515 million for the prior year period. It's important to note that our third quarter revenue excluded the impact of a $20.1 million Brazil value-added tax, or ICMS, that was reclassified from revenue to cost of revenue. This reclassification was determined to be appropriate after we evaluated the expected treatment of governmental incentives for the 45X manufacturing credits under the Inflation Reduction Act, but has no impact to profitability or cash flow.

話雖這麼說，讓我們來總結一下我們第三季的財務狀況。請參閱投影片 6。第三季度，我們公佈的營收為 3.504 億美元，而去年同期的營收為 5.15 億美元。值得注意的是，我們第三季的收入不包括 2,010 萬美元的巴西增值稅 (ICMS) 的影響，該稅已從收入重新分類為收入成本。在我們評估了《通貨膨脹減少法案》下對 45 倍製造業信貸的政府激勵措施的預期待遇後，我們確定這種重新分類是適當的，但對盈利能力或現金流沒有影響。

The comparable amount in the prior year was $8.2 million and was not reclassified added revenue. Our reported $350 million in revenue reflects roughly $245 million from the Legacy Array segment and $106 million from the STI segment. This result was driven by both a 22% decrease in the total number of megawatts shipped from 4.4 gigawatts to 3.4 gigawatts and a 12% decline in ASP from $0.116 per watt to $0.102 per watt. As communicated last quarter, this was an expected volume decline and change in project timing year-over-year given the scale of project pushouts we've seen due to the various macroeconomic elements at play. Additionally, the ASP decline was also anticipated given the reduction in steel, aluminum and logistics costs year-over-year.

上一年的可比金額為 820 萬美元，未重新分類增加收入。我們報告的 3.5 億美元收入反映了來自 Legacy Array 部門的約 2.45 億美元和來自 STI 部門的 1.06 億美元。這項結果的推動因素包括總出貨兆瓦數從 4.4 吉瓦下降 22% 至 3.4 吉瓦，以及平均售價從每瓦 0.116 美元下降至每瓦 0.102 美元，下降 12%。正如上季所傳達的那樣，考慮到我們所看到的各種宏觀經濟因素導致的專案推出規模，這是預期的數量下降和專案時間同比變化。此外，鑑於鋼鐵、鋁和物流成本較去年同期下降，平均售價也會下降。

This quarter, we introduced adjusted gross profit and margin as a new non-GAAP metric following the reclassification of our developed technology amortization expense from operating expenses to cost of revenue. We believe this reclassification aligns the presentation of our financials more broadly with industry peers, and this change did not affect operating income, net income or earnings per share for any current or historical periods.

本季度，在將我們開發的技術攤銷費用從營運費用重新分類為收入成本後，我們引入了調整後的毛利和利潤率作為新的非公認會計原則指標。我們認為，這種重新分類使我們的財務報表更廣泛地與同業保持一致，而這種變化不會影響任何當前或歷史時期的營業收入、淨利或每股盈餘。

That said, adjusted gross profit increased to $91 million from $82.4 million in the prior year period due to improved gross margin despite the reduction in volume. Gross margin increased to 26% from 16% on an adjusted basis. Adjusted gross margin was 25.3% for the Legacy Array business and 27.6% for the STI business in the quarter. We were pleased to see our margin performance continued to benefit from our operational improvement and focus on our non-tracker revenue opportunities.

儘管如此，儘管銷量減少，但由於毛利率提高，調整後毛利從去年同期的 8,240 萬美元增至 9,100 萬美元。調整後毛利率從 16% 增加至 26%。本季 Legacy Array 業務和 STI 業務的調整後毛利率分別為 25.3% 和 27.6%。我們很高興看到我們的利潤率表現繼續受益於我們的營運改善和專注於我們的非追蹤收入機會。

Operating expenses of $47.2 million were down $12.2 million from $59.4 million during the same period in the previous year. However, we had a $12 million improvement in amortization expense year-over-year due to lower amortization of intangible assets related to the acquisition of STI. Excluding this impact, our operating expenses are roughly flat year-over-year.

營運費用為 4,720 萬美元，比去年同期的 5,940 萬美元減少了 1,220 萬美元。然而，由於與收購 STI 相關的無形資產攤銷減少，我們的攤銷費用比去年同期減少了 1,200 萬美元。排除此影響，我們的營運費用比去年同期大致持平。

Net income attributable to common shareholders was $10.1 million compared to $28.4 million during the same period in the prior year. And basic and diluted income per share was $0.07 compared to basic and diluted income per share of $0.19 during the same period in the prior year. This decline year-over-year was largely due to a $43 million legal settlement we received in the third quarter of 2022.

歸屬於普通股股東的淨利為 1,010 萬美元，而去年同期為 2,840 萬美元。每股基本和稀釋收益為 0.07 美元，而去年同期基本和稀釋每股收益為 0.19 美元。這一同比下降主要是由於我們在 2022 年第三季收到了 4,300 萬美元的法律和解金。

Adjusted EBITDA increased to $57.4 million compared to $55.4 million for the prior year period. Adjusted net income increased to $31.4 million compared to adjusted net income of $28.9 million during the same period in the prior year. And adjusted basic and diluted net income per share was $0.21 compared to adjusted basic and diluted net income per share of $0.19 during the same period in the prior year.

調整後 EBITDA 增至 5,740 萬美元，上年同期為 5,540 萬美元。調整後淨利增至 3,140 萬美元，而上年同期調整後淨利為 2,890 萬美元。調整後的基本和稀釋每股淨利潤為 0.21 美元，而去年同期調整後的基本和稀釋每股淨利潤為 0.19 美元。

Finally, our free cash flow for the period was $69.4 million versus $102 million for the same period in the prior year. On a year-to-date basis, our free cash flow of $126.4 million represented a 238% year-over-year increase.

最後，我們這段時期的自由現金流為 6,940 萬美元，而去年同期為 1.02 億美元。年初至今，我們的自由現金流為 1.264 億美元，年增 238%。

Now I'd like to go to Slide 7, where I will discuss our updated outlook for 2023. For the full year 2023, we now expect revenue to be in the range of $1.525 billion to $1.575 billion. This update to our top line guidance was driven by 3 factors. First, the ICMS reclassification, which will reduce our outlook by approximately $25 million. Second, we had 4 projects that were delayed due to developer financing challenges. While we fully expect these challenges to be alleviated in the near future, we no longer can count on the deliveries to occur in 2023. And third, we had several projects with permitting delays in Spain, which we now expect to deliver in the beginning of 2024.

現在我想轉到幻燈片 7，我將在其中討論我們對 2023 年的最新展望。對於 2023 年全年，我們現在預計收入將在 15.25 億美元至 15.75 億美元之間。我們對頂線指引的更新是由三個因素推動的。首先，ICMS 重新分類，這將使我們的前景減少約 2500 萬美元。其次，我們有 4 個專案因開發商融資困難而延後。雖然我們完全預計這些挑戰將在不久的將來得到緩解，但我們不再指望 2023 年能夠交付。第三，我們在西班牙有幾個項目允許延遲，我們現在預計將在 2023 年初交付。20​​24 年。

However, as a testament to our continued operational improvements and our focus on high margin non-tracker offerings, we are largely holding our adjusted EBITDA and adjusted EPS guidance as we have increased our gross margin outlook to be in the mid- to high-20s for both segments. We now expect to be in the range of $280 million to $290 million for adjusted EBITDA and $1 and $1.05 on adjusted EPS.

然而，為了證明我們的營運持續改善以及我們對高利潤非追蹤產品的關注，我們在很大程度上維持了調整後的EBITDA 和調整後的EPS 指導，因為我們已將毛利率前景提高到20 多歲左右對於這兩個部分。我們現在預計調整後 EBITDA 為 2.8 億至 2.9 億美元，調整後每股收益為 1 至 1.05 美元。

It's important to note, these changes do not reflect any assumed benefits from the 45X manufacturing credits. Although we are actively finalizing with our suppliers and we'll provide an update to the market when final 45X guidance is provided or once we complete the agreements with our suppliers and have ensured proper recognition on timing under U.S. GAAP.

值得注意的是，這些變化並不反映 45X 製造信用的任何假定好處。儘管我們正在積極與供應商敲定，並且在提供最終 45X 指導時或一旦我們與供應商完成協議並確保根據美國公認會計原則正確認可時間安排，我們將向市場提供最新資訊。

Finally, with the improvement in our adjusted EBITDA margin, we are well on track to deliver our previously provided free cash flow guidance of between $150 million and $200 million for the full year, as Kevin mentioned.

最後，正如 Kevin 所提到的，隨著調整後 EBITDA 利潤率的改善，我們預計將實現先前提供的全年 1.5 億至 2 億美元自由現金流指引。

Now I'll turn it back over to Kevin for some closing remarks.

現在我將把它轉回給凱文做一些結束語。

Thank you, Nipul. I am pleased with our performance this quarter as we once again delivered better-than-anticipated earnings. We continue to work hard on improving our business and our product and service offerings to ensure we deliver increasingly more value to our customers, and we look forward to updating the market on even more exciting progress in this area in the near future.

謝謝你，尼普爾。我對我們本季的表現感到滿意，因為我們再次實現了好於預期的收益。我們繼續努力改善我們的業務以及我們的產品和服務，以確保我們為客戶提供越來越多的價值，我們期待在不久的將來向市場通報這一領域更令人興奮的進展。

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

那麼，接線員，請開通提問線路。

(Operator Instructions) The first question we have comes from Mark Strouse from JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Mark Strouse。

I wanted to start with the projects that have been delayed. So just to be clear, these are delayed, you're not seeing any cancellations other than the Brazilian contract that you mentioned. And then anything on timing? What are you hearing from your customers? Is this kind of a matter of months, quarters? Is it just kind of indefinite until they renegotiate?

我想從已經推遲的項目開始。所以需要明確的是，這些都被推遲了，除了你提到的巴西合約之外，你沒有看到任何取消。然後還有關於時間的事情嗎？您從客戶那裡聽到了什麼？這是幾個月、幾季的問題嗎？在他們重新談判之前，這是否是無限期的？

Mark, this is Kevin. Good question. So we haven't seen any meaningful cancellations yet at all. And what we are seeing is just these project delays and ships. Quite often, it's really relative to these customers going out and trying to renegotiate PPAs prior to moving forward on projects. That's one of the biggest things we're seeing.

馬克，這是凱文。好問題。所以我們還沒有看到任何有意義的取消。我們所看到的只是這些項目的延誤和船舶。很多時候，這實際上與這些客戶在推進專案之前嘗試重新協商購電協議有關。這是我們看到的最重要的事情之一。

And that's new and on top of the interconnect issues and panel availability issues that we've had for a couple of quarters now. So what we're seeing in terms of delays is customers pushing out not 2 weeks or 3 weeks, but they're pushing out measured in months, 3, 4 months at a time right now. And what they're trying to do is push it out and then again, we get into the winter build season in North America, so they're not pushing it out to January or February. They're pushing it out to March, April and May at this point. That's kind of what we're experiencing.

這是新的，除了我們幾個季度以來一直遇到的互連問題和麵板可用性問題之外。因此，我們看到的延遲情況是，客戶推遲的不是兩週或三週，而是以月、三、四個月為單位的延遲。他們想做的就是推遲它，然後，我們又進入了北美的冬季建造季節，所以他們不會把它推遲到一月或二月。他們目前將其推遲到三月、四月和五月。這就是我們正在經歷的事情。

So as expected, when we -- every quarter, we look order by order, go through, talk to the customers, ensure that, that project is on, for example, for a December shipment. And what we're just experiencing now is on some of these, they're pushing out of this year and into the end of Q1, beginning of Q2, and that's really what we're experiencing.

因此，正如預期的那樣，每個季度我們都會逐一查看訂單，進行檢查，與客戶交談，確保該項目正在進行，例如 12 月發貨。我們現在剛剛經歷的是其中一些，他們將在今年推出並進入第一季末、第二季度初，這確實是我們正在經歷的。

And then just a follow-up. On the 45X split or the IRA 45X, understand we're still waiting on the government here. But we were under the impression that there was better clarity that the industry was giving as far as kind of what the splits might be between the different participants within the value chain. Any update there that you can help us kind of quantify how to think about and how you've historically talked about keeping about a 1/3 or so of that 45X credit.

然後只是後續行動。關於 45X 分裂或 IRA 45X，請理解我們仍在等待政府。但我們的印像是，該產業對於價值鏈內不同參與者之間可能存在的分歧給出了更好的明確性。任何更新都可以幫助我們量化如何思考以及您過去如何談論保留 45 倍信用的 1/3 左右。

Another good question, Mark. So I can only say that as usual we won't negotiate against ourselves in a public forum, right? But I will tell you that, while historically you've heard me say we think it's going to be a 1/3, 1/3, 1/3, what we're negotiating now in all cases is greater than half coming to Array. And I think that's a substantial upside to what we thought previously. So I think we're going to continue to negotiate each of those contracts with vendors on an individual basis, but I think we're more optimistic than we were perhaps a few quarters ago.

另一個好問題，馬克。所以我只能說，像往常一樣，我們不會在公共論壇上與自己進行談判，對嗎？但我會告訴你，雖然歷史上你聽過我說我們認為這將是 1/3、1/3、1/3，但我們現在在所有情況下談判的都是超過一半進入 Array 。我認為這比我們之前的想法有很大的好處。因此，我認為我們將繼續與供應商單獨談判每份合同，但我認為我們比幾個季度前更加樂觀。

The next question we have comes from Julien Dumoulin-Smith of Bank of America.

我們的下一個問題來自美國銀行的 Julien Dumoulin-Smith。

I just want to come back to this delay question, first and foremost. Just when you think about the shift in the backlog here or perhaps contemplated within that bucket, how do you think about this adding to the backlog versus, say, just adding novel projects, right? I mean in theory, you should be seeing something of a bloat in the backlog. And then maybe the secondary question here is, as you said, perhaps (technical difficulty).

我只想先回到這個延遲問題。當您考慮此處積壓工作的變化或可能在該桶中考慮時，您如何看待增加積壓工作而不是僅添加新項目，對嗎？我的意思是，從理論上講，您應該會看到積壓的訂單有些臃腫。然後，正如您所說，也許這裡的第二個問題是（技術難度）。

I'm sorry, Julien, we're losing you.

對不起，朱利安，我們要失去你了。

I was saying, about '24, did you expect to step up?

我是說，24 歲的時候，你有想過要站出來嗎？

Step up in terms of volume. Is that what you're asking?

在數量上加大力度。這就是你問的嗎？

Yes. I was saying on '24, a step up here. Just how you're thinking about recovery -- like recognizing these projects that are delayed? And then just why are we not seeing more of a bloat in the backlog, kind of an expansion?

是的。我說的是 24 年，這裡更上一層樓。您如何看待恢復——例如認識到這些被推遲的項目？那為什麼我們沒有看到更多的積壓，某種擴張呢？

So what we're seeing -- where we're seeing the bloat is really in what we call our pipeline, meaning -- and I think it's incredibly significant. It's the fastest growth in the pipeline that we've seen. And for our overall pipeline, that's the stuff that's coming into the top of our funnel to double in one quarter. That's incredibly significant. What we're still seeing is that delay in getting them through the pipeline converted to orders. That's going to continue to be a delay until we have clarity around the IRA for one aspect because, again, our customers are not sure what we need to quote them, right? So they're telling us -- so the pipeline is getting bigger because we need to be planning for demand scenarios that conversion from that overall pipeline into our order book is elongated and delayed simply because we don't know the rules yet.

所以我們所看到的——我們所看到的膨脹實際上是在我們所說的管道中，意義——我認為這是非常重要的。這是我們所見過的管道中成長最快的。對於我們的整體管道來說，這些東西將進入我們的漏斗頂部，並在一個季度內翻倍。這非常重要。我們仍然看到的是，將它們通過管道轉換為訂單存在延遲。在我們明確 IRA 的某一方面之前，這將繼續是一個延遲，因為我們的客戶再次不確定我們需要向他們報價，對嗎？所以他們告訴我們 - 所以管道變得越來越大，因為我們需要規劃需求場景，從整個管道到我們的訂單簿的轉換被拉長和延遲，僅僅是因為我們還不知道規則。

So we have had a few customers say, listen, I get it, you don't know the rules, so quote me an X percent of domestic content to the best of your knowledge and ability today because we need to give you an order to get moving. So that's happened. But that's what we represent of that $320 million that was sitting on the sidelines waiting for IRA clarity. That's only happened to about $35 million of that, where customers are saying, look, I've got to get an order out to you, let's get going. Others are still waiting for that additional clarity.

所以我們有一些客戶說，聽著，我明白了，你不知道規則，所以今天就盡你所知和能力向我報價 X% 的國內內容，因為我們需要給你下訂單動起來。所以事情就這樣發生了。但這就是我們所代表的 3.2 億美元，它們正處於觀望狀態，等待 IRA 的澄清。這種情況只發生在其中約 3500 萬美元的情況下，客戶會說，聽著，我得把訂單發給你，讓我們開始吧。其他人仍在等待進一步的澄清。

So I think you're still going to see that -- you won't see that bloat up in the order book just yet until we have that clarity. You are going to see some customers need to go forward under a looser set of understanding, if you will, not fully defined. So I think we are going to see that through the end of the year.

所以我認為你仍然會看到這一點——在我們弄清楚之前，你不會在訂單簿中看到膨脹的情況。你會看到一些客戶需要在更寬鬆的理解下前進，如果你願意的話，沒有完全定義。所以我認為我們將在今年年底看到這一點。

And then the second part of your question as it relates to 2024, I think some of these challenges are going to continue into 2024 for the entire industry. And I think, if you recall, you can't just push and add more to the specific size in a given year because of labor constraints, interconnection constraints and things of that nature. So I don't think it's as simple as adding all the push from this year on to next year, plus the overall, what would have been viewed as the market growth rate of 20% to 30% CAGR produced. I think it's going to be a little bit more muted than that. As we go forward into next year, still waiting for some of these things to get cleared up.

然後你問題的第二部分與 2024 年有關，我認為對於整個產業來說，其中一些挑戰將持續到 2024 年。我認為，如果你還記得的話，由於勞動力限制、互連限制和類似性質的因素，你不能只是在特定年份推動和增加更多的具體規模。因此，我認為這並不像將今年到明年的所有推動力相加，再加上總體而言，所產生的市場複合年增長率為 20% 至 30% 那麼簡單。我認為它會比這更安靜一些。當我們進入明年時，仍在等待其中一些事情得到澄清。

In the international backlog, you feel good at this point, just given the dynamics you described on the prepared remarks?

在國際積壓中，考慮到您在準備好的發言中所描述的動態，您此時感覺良好嗎？

Yes, we feel really good about Latin America, feel good about Australia, good about Europe. I think we feel pretty good. We've had a great level of growth as you've seen this year internationally, as we've really focused on working on those businesses and improving the quality of those businesses. So we expect that to continue going forward.

是的，我們對拉丁美洲感覺很好，對澳洲感覺很好，對歐洲感覺很好。我覺得我們感覺很好。正如您今年在國際上看到的那樣，我們取得了巨大的成長，因為我們真正專注於這些業務並提高這些業務的品質。所以我們預計這種情況會持續下去。

The next question we have comes from Donovan Schafer of Northland Capital Markets.

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

So my first question on the project delays is, I guess, Kevin, you just hinted at there could be labor constraints and other things. But if some of the projects that have been delayed, if they're able to ink a PPA tomorrow or the next day with your customers that was around with their customers and find the right price that allows them to proceed with the project, can that drive -- like can that be pretty quickly converted into revenue? Or would it -- even if that was something resolved, hypothetically tomorrow, would then that still take another quarter or something before it could flow through and have an impact?

所以我關於專案延遲的第一個問題是，我想，凱文，你只是暗示可能有勞動力限制和其他問題。但是，如果一些已被推遲的項目，如果他們能夠在明天或後天與您的客戶簽署購電協議，並找到允許他們繼續進行該項目的合適價格，那可以嗎？驅動力——例如可以很快轉化為收入嗎？或者，即使這個問題在明天得到解決，是否還需要另一個季度或其他時間才能解決並產生影響？

You're correct. It will still take a quarter of our standard lead time, right? So what we're trying to be really mindful of this here is that we're not preordering and presupposing all the stuff gets cleaned up by a particular month and therefore, over investing in our supply chain, right? So we're being very mindful. We're communicating with these customers literally on a daily basis as some of them are going out for additional PPAs. We're truly having calls every other day to get an update from them on are they successful?

你是對的。它仍然需要我們標準交貨時間的四分之一，對吧？因此，我們在這裡真正要注意的是，我們不會預先訂購並假設所有東西都會在特定月份之前清理乾淨，因此對我們的供應鏈進行了過度投資，對吧？所以我們非常小心。我們每天都在與這些客戶溝通，因為他們中的一些人正在尋求額外的購電協議。我們確實每隔一天就會接到他們的電話，詢問他們是否成功？

And I can only say that in every case that I'm aware of that I could think of in these communications, they're confident that they're going to get that revised PPA, but they're just saying these are negotiations that take longer than a couple of weeks, right? And the way one of that large developments put it to me is, look, fundamentally, the end utilities that are purchasing this energy have previously made commitments to their customers and to their shareholders of hitting very particular targets in terms of a percentage of renewable energy.

我只能說，據我所知，在這些溝通中我能想到的每一種情況，他們都有信心獲得修訂後的購電協議，但他們只是說這些談判需要比幾週長，對吧？對我來說，這一重大發展的方式之一是，從根本上看，購買這種能源的終端公用事業公司此前已向其客戶和股東做出了在可再生能源百分比方面達到非常特定目標的承諾。

And we all know that the demand for energy is increasing. We all know that that's a definitively lower carbon source of energy that customers are looking for. So again, we feel really good about those fundamentals, and we feel good that they need this renewable energy. So in all cases, we're hearing that they're having very favorable discussions in terms of renegotiating these PPAs. It's just a timing issue. Again, that's almost a verbatim quote from one of our large developers, who is in this very position right now.

我們都知道，對能源的需求正在增加。我們都知道，這絕對是客戶正在尋找的低碳能源。再說一次，我們對這些基本面感到非常滿意，我們對他們需要這種再生能源感到滿意。因此，在所有情況下，我們都聽說他們在重新談判這些購電協議方面進行了非常有利的討論。這只是一個時間問題。再說一遍，這幾乎是我們一位大型開發人員的原話，他現在就處於這個位置。

And then as a follow-up, I know in this space, there can be very large projects, there can be a lot of lumpiness kind of in this business in general. But I have to ask just because we have had some other equipment providers that serve the U.S. utility scale market, whether it's trackers or other kind of equipment, as that showed some sequential improvement this quarter.

作為後續行動，我知道在這個領域，可能會有非常大的項目，一般來說，這個行業可能會有很多混亂。但我不得不問，因為我們還有一些其他設備提供者為美國公用事業規模市場提供服務，無論是追蹤器還是其他類型的設備，因為本季顯示出一些連續的改進。

And so do you think that comes down to just lumpiness and maybe kind of related, as you can comment on it? Is it maybe a case -- is there -- could we see something here like what we saw in Q1, where you're almost sort of being punished for having high domestic content and not like if you're not high domestic content, you're not compromising on price and maybe that leads to more customers kind of holding out again to get the next incremental piece of guidance? Are those any of factors? Anything you can share there would be very helpful.

那麼你認為這是否歸結為塊狀，也許有某種相關性，正如你可以評論的那樣？這是否可能是一種情況——有嗎——我們可以在這裡看到像我們在第一季看到的那樣的情況，你幾乎會因為國內含量高而受到懲罰，而不是如果你的國內含量不高，你就會受到懲罰。不會在價格上妥協，也許這會導致更多的客戶再次堅持以獲得下一個增量指導？這些因素有嗎？您可以在那裡分享的任何內容都會非常有幫助。

I think it's a consistent set of factors that we're seeing as we're really focused on that domestic content customers. Those are the same customers. And that's why we've identified the $300 million sitting on the sideline that we had hoped would have converted, but we all cannot control the pace with which the government is providing this level of clarity that's needed to go forward. We all had hoped it was hitting their previous deadline, which was October, but October obviously has come and gone without any clarity. And now the latest update is that we may hear bits and pieces by the end of the year, but likely not the whole story.

我認為這是我們所看到的一系列一致的因素，因為我們真正關注的是國內內容客戶。這些是相同的客戶。這就是為什麼我們已經確定了我們原本希望能夠轉換的 3 億美元的旁觀資金，但我們都無法控制政府提供前進所需的明確程度的速度。我們都希望它能夠達到之前的最後期限，即十月，但十月顯然來了又去，沒有任何明確的說明。現在最新的消息是，我們可能會在今年年底聽到一些零碎的消息，但可能不會聽到整個故事。

And again, as I just alluded to, so what you have is you have a couple of customers asking for quotes with a lot of, I should say, leeway or liberty on our side is that, well, we could give you this at this price given this definition, but we're not going to guarantee that, that will be the final definition. And some of those customers are saying that's okay to me, I need to get going, right? But that's only -- out of that $320 million, that's $35 million only, right? So it's a small percentage yet that are moving forward despite the lack of clarity, right?

再說一次，正如我剛才提到的，所以你有幾個客戶要求報價，我應該說，我們這邊有很多迴旋餘地或自由，我們可以在這個時候給你這個給出這個定義的價格，但我們不能保證這將是最終的定義。其中一些客戶說這對我來說沒關係，我需要開始，對吧？但這只是——在這 3.2 億美元中，只有 3500 萬美元，對吧？因此，儘管缺乏明確性，但仍在向前推進的比例很小，對吧？

And again, I'd caution people to not think about bookings on a quarterly basis as you did in Q1. And then in Q2, we had a great level of bookings that surprised to the upside significantly. That lumpiness and that seesaw, I think, is going to continue for a couple of quarters.

我再次提醒人們不要像第一季那樣考慮按季度進行預訂。然後在第二季度，我們的預訂量大幅上升，令人驚訝。我認為，這種波動和蹺蹺板現象將持續數季。

The next question we have comes from Tristan Richardson of Scotiabank.

我們的下一個問題來自豐業銀行的特里斯坦·理查森。

Appreciate all the comments on what you're seeing in the market. Maybe if you could just help us out from an update on average project size, either in the pipeline today or at least in the backlog, either from a megawatt perspective or even a dollar perspective.

感謝所有關於您在市場上看到的產品的評論。也許您可以幫助我們更新平均專案規模，無論是在今天的管道中還是至少在積壓中，無論是從兆瓦的角度還是從美元的角度來看。

Tristan, it's Nipul. On average, in our order book and backlog, it's about 150 megawatts.

崔斯坦，我是尼普爾。平均而言，我們的訂單和積壓訂單約為 150 兆瓦。

And then maybe just -- are there any other characteristics kind of where you're seeing this dynamic with respect to developers? Is it for smaller projects or larger projects that are perhaps a little bit more dependent on financing, et cetera? Is this just -- or is this more broad-based?

然後也許只是 - 您是否看到了開發人員的這種動態的任何其他特徵？是較小的專案還是可能更依賴融資的較大專案等等？這只是——還是有更廣泛的基礎？

It is broad-based. So as you know, we do quite a bit of work in the C&I space as well. We believe we're the largest provider of trackers to the C&I space. And while we've been experiencing this for now a couple of quarters on the utility scale, we're also seeing it in the C&I space in the last quarter. It's really coming to light of the delays. So I think it's something that's more broad-based. And I don't think anyone is immune from this in the industry.

它基礎廣泛。如您所知，我們在 C&I 領域也做了很多工作。我們相信我們是 C&I 領域最大的追蹤器提供者。雖然我們已經在公用事業規模上​​經歷了幾個季度的這種情況，但我們在上個季度的工商業領域也看到了這種情況。延誤的情況確實暴露出來了。所以我認為這是基礎更廣泛的事情。我認為業內沒有人能倖免。

So if anyone out there is saying, look, this isn't happening to us at all, I don't believe that. It's consistent. I'm constantly on the phone with developers and our partners, and it's a consistent theme that I'm hearing in the marketplace. It's not an Array issue, to be clear.

因此，如果有人說，看，這根本沒有發生在我們身上，我不相信。這是一致的。我經常與開發人員和我們的合作夥伴通電話，這是我在市場上聽到的一致主題。需要明確的是，這不是數組問題。

(Operator Instructions) Next question we have comes from Jordan Levy from Truist Securities.

（操作員指示）我們的下一個問題來自 Truist Securities 的 Jordan Levy。

I would just echo everyone's comments, Nipul. Thanks for everything. Maybe just to start sort of on -- I'm curious how all of these dynamics in the market right now with the project delays and that sort of thing, if that's had any influence on what you're seeing from a competitive landscape perspective, and just give a broader update there from what you're seeing?

我只是回應大家的評論，Nipul。感謝一切。也許只是為了開始——我很好奇現在市場上所有這些動態以及項目延遲和諸如此類的事情，如果這對你從競爭格局的角度看到的有任何影響，並根據您所看到的內容提供更廣泛的更新？

No, there's nothing we're seeing that's different from a competitive landscape. What we saw earlier in the year was much more price aggression from some of our competitors. I think that's abating somewhat now as we get into the back half. Outside of that, not really seeing any changes in market dynamics that are noteworthy.

不，我們沒有看到任何與競爭格局不同的東西。今年早些時候，我們看到一些競爭對手更激進的價格侵略行為。我認為，當我們進入後半場時，這種情況已經減弱。除此之外，並沒有真正看到市場動態有任何值得注意的變化。

And then maybe just as it relates to the new product rollout in 2024, how should we think about that in light of the IRA guidance? And is it beholden to kind of the same factors we're talking about for the broader order book?

也許正如它與 2024 年新產品的推出相關一樣，根據 IRA 指南，我們應該如何考慮這一點？它是否與我們正在談論的更廣泛的訂單簿相同的因素有關？

New product development going into next year. Look, one of the areas I continue to be most excited about is the amount of effort that we've put into our accelerated new product development. We talked about a little bit on the last call. We still have several exciting announcements to make in terms of new products to come out, both in Q4 and then into next year. And I would just say just stay tuned and let us get through our timing internally, and we'll make those announcements as appropriate. But there are some exciting things going on here in Q4 yet and then again into next year.

新產品開發將於明年進行。看，我仍然最興奮的領域之一是我們在加速新產品開發方面所付出的努力。我們在上次通話中討論了一些內容。在第四季和明年的新產品方面，我們仍然有幾個令人興奮的公告要發布。我只想說，請繼續關注，讓我們在內部確定時間安排，我們將在適當的時候發布這些公告。但第四季和明年都會發生一些令人興奮的事情。

The next question we have comes from Brian Lee of Goldman Sachs.

我們的下一個問題來自高盛的布萊恩李。

Nipul, you will be missed. Pleasure working with you, best of luck in your next venture. I guess a question I had, and I apologize I had to jump on late, if you already covered this. A couple of quarters ago, you mentioned $150 million being pushed from $23 million to $24 million. At the midpoint, there is about another $150 million not quite coming out of the guidance revenue-wise.

尼普爾，我們會想念你的。很高興與您合作，祝您下次創業好運。我想我有一個問題，如果你已經報道過這個問題，我很抱歉我不得不遲到了。幾個季度前，您提到 1.5 億美元從 2,300 萬美元增加到 2,400 萬美元。在中間點，還有大約 1.5 億美元的收入未完全來自指導收入。

So is it fair to assume do you have visibility that, that roughly $300 million of revenue, which has come out of this year, is firmly in '24? Do you have that visibility and sort of timing commitment from these customers that you've seen slip into next year? Or is there some of that where you're having to go back and rewin the business or you're waiting to make sure that these customers are still going to move forward with their projects? Just wondering how much of this is just timing versus some of that stuff actually maybe just moving out into the right and not coming back.

那麼，是否可以公平地假設，今年的約 3 億美元收入完全來自 24 世紀？您是否擁有這些客戶的可見性和時間承諾，這些客戶明年就會進入？或者您必須返回並重新贏得業務，或者您正在等待確保這些客戶仍將繼續推進他們的專案？只是想知道這其中有多少只是時間問題，而有些東西實際上可能只是向右移動而不會回來。

Brian, I think that's a great question. And I'll tell you, it's 100% exclusively timing. We've not had project cancellations at this point. The bulk of these have slid to the right. But historically, if something would have slid to the right, it would have slid to the right weeks or maybe 6 weeks, right? What's happening now is they're sliding to the right, certainly 3 months, right, 4 months. So we do have visibility to these next year.

布萊恩，我認為這是一個很好的問題。我會告訴你，這 100% 完全是時機。目前我們還沒有取消項目。其中大部分已滑至右側。但從歷史上看，如果某件事會向右滑動，那麼它會滑動到正確的周或可能是 6 週，對嗎？現在發生的情況是它們正在向右滑動，當然是 3 個月，對，4 個月。所以我們確實可以預見明年的這些情況。

As I said, none of them have been canceled. We're not renegotiating rates on these for our products. So this is simply about getting financing, getting supply of panels, getting supply of labor and/or getting a revised PPA or [connection date]. That's what we're doing. But none of these projects have been canceled.

正如我所說，它們都沒有被取消。我們不會重新協商我們產品的價格。因此，這只是獲得融資、獲得面板供應、獲得勞動力供應和/或獲得修訂後的購電協議或[連接日期]。這就是我們正在做的事情。但這些項目都沒有被取消。

Fair enough. No, that clarification is super helpful. I guess the second question I have is just around, I know you alluded to it in a prior question, but maybe just diving into it a bit more, if you could elaborate. On a quarter-to-quarter basis, I know we shouldn't get too infatuated with the bookings number and sort of what the implied share ebbs and flows are between you and other tracker players in the space.

很公平。不，這個澄清非常有幫助。我想我的第二個問題就在附近，我知道你在上一個問題中提到過它，但如果你能詳細說明的話，也許只是更深入地探討一下。在每個季度的基礎上，我知道我們不應該太迷戀預訂數量以及您和該領域其他跟踪玩家之間隱含的份額潮起潮落。

But over the balance of this year, there's been a couple of pushouts for you all that maybe others in your peer group haven't been seeing. So the natural question is, are there changes you're seeing in the competitive landscape, market share-wise, anything that is notable just given this is a couple of quarters here where you've had some issues around timing, whereas maybe some of your peers haven't had as much of that through the balance of this year?

但在今年餘下的時間裡，你們所有人都經歷了幾次被淘汰的情況，而你們同齡人中的其他人可能還沒有看到過。因此，自然的問題是，您在競爭格局、市場份額方面是否看到了變化，是否有任何值得注意的變化，因為這幾個季度您在時間安排方面遇到了一些問題，而也許有些今年餘下的時間裡，你的同行還沒有經歷過那麼多的事情嗎？

I think there's a few things to think about. And the first, what I'll tell you, is I think market share flexes from quarter-to-quarter quite a bit with the inclusion of 1, 2 or 3 projects when you're looking at the increasing size of the utility-scale landscape here per project. So that's certainly something. I think there's a secondary component, which really has to do with the percentage of business that's domestic, U.S.-based experiencing these versus international, and we all recognize that we have a higher percentage of domestic revenue in our business than maybe some of our other public peer companies.

我認為有幾件事需要考慮。首先，我要告訴你的是，當你看到公用事業規模不斷擴大時，我認為市場份額在每個季度都會有很大的變化，其中包括 1、2 或 3 個項目每個項目這裡的景觀。所以這肯定是有的事。我認為還有一個次要因素，這確實與經歷這些業務的美國國內業務與國際業務的百分比有關，我們都認識到，我們業務中的國內收入百分比可能比我們其他一些公司更高。上市同行公司。

So if you were sat here and talked about this in Q1 or Q2, you would have been looking at us and our publicly traded competitors and looking at us within 0.5 percentage point of market share domestically, right? And I think that was indicative of a strong gain in 2022 for Array and a rapid loss of market share for one of our competitors.

因此，如果您在第一季或第二季坐在這裡談論這個問題，您會一直關注我們和我們的上市競爭對手，並關注我們在國內市場份額 0.5 個百分點以內的情況，對吧？我認為這表明 Array 在 2022 年取得了強勁增長，而我們的競爭對手之一則迅速失去了市場份額。

Right on the back of that, what we saw was some really aggressive pricing in the market, and we chose to hold our discipline in price. And I think that's still, in my gut, was the right decision to not dilute our value proposition, dilute our price. And I think that will serve us well in maintaining of margins and hitting our margin aspirations as we finish this year and turn into 2024. So outside of that, no different dynamics that really I want to talk about. I don't think there's any real changes.

在此之後，我們看到市場上有一些非常激進的定價，我們選擇保持價格紀律。我認為，在我看來，這仍然是正確的決定，不會削弱我們的價值主張，不會削弱我們的價格。我認為，這將有助於我們在今年結束並進入 2024 年時維持利潤率並實現我們的利潤率目標。因此除此之外，我真正想談論的沒有什麼不同的動態。我認為沒有任何真正的改變。

Look, as it relates to new product and software, every quarter, one of us is one up in the other in a small percentage back and forth, back and forth. And I think that's going to continue. We both are investing a lot in new product development, both in terms of our product portfolio as well as our software portfolio. So I think you're going to continue to see that. And I think it's going to continue to be largely a few players controlling the bulk of the domestic market as we go forward. And we're certainly going to be at that table.

看，因為它與新產品和軟體有關，每個季度，我們中的一個人都會以很小的比例來回地領先另一個人。我認為這種情況將會持續下去。我們都在新產品開發方面投入了大量資金，無論是在產品組合還是軟體組合方面。所以我認為你會繼續看到這一點。我認為，隨著我們的前進，少數幾家公司仍將繼續控制大部分國內市場。我們一定會坐在那張桌子旁。

The next question we have comes from Colin Rusch from Oppenheimer.

我們的下一個問題來自奧本海默的 Colin Rusch。

With the new products in hand, can you talk about the competitive environment outside the U.S.? And just how intense it is at this point and how much progress you're making in terms of moving customers through the sales funnel?

有了新產品，您能談談美國以外的競爭環境嗎？目前的情況有多激烈？您在推動客戶進入銷售管道方面取得了多大進展？

I think that the difference outside of the U.S., again, none of the markets are monolithic. They're all very different. And the experience we're having in Brazil in terms of tremendous market share recovery. And Australia is different than Europe, and the price points are radically different in each one of these regions. And I'd say the biggest focus for us is increasing our competitiveness by leveraging our global supply chain, first.

我認為美國以外的市場也有差異，沒有一個市場是單一的。他們都很不同。我們在巴西獲得的經驗是市場份額的巨大恢復。澳洲與歐洲不同，這些地區的價格點也截然不同。我想說，我們最重要的重點是首先透過利用我們的全球供應鏈來提高我們的競爭力。

Second is taking our joint engineering organization and cost reducing our product portfolio. As an example, as we rapidly launched the H250 for the U.S. and, again, we'll initiate deliveries of that in January of '24, we quickly had such demand for that product for both the EU and LatAm region for that improved product line. And I think -- I don't think we gave the data on the call, but we've got over 6 gigawatts in various stages of quotes of that already on a global basis. And there's a significant amount of that, that is outside the U.S. So that revised product platform is getting a lot of attention globally.

其次是採取我們的聯合工程組織和降低我們產品組合的成本。舉個例子，當我們快速向美國推出 H250 時，我們將在 2024 年 1 月開始交付該產品，因此我們很快就在歐盟和拉丁美洲地區對該產品產生了需求，以改進產品線。我認為——我認為我們沒有在電話會議上提供數據，但我們已經在全球範圍內的各個階段的報價中獲得了超過 6 吉瓦的數據。其中很大一部分是在美國以外的地區，因此修訂後的產品平台在全球範圍內受到了廣泛關注。

It's -- and I think that's probably one of the biggest efforts we'll do to be more competitive internationally. It's the launching of that product on a global basis, the addition of the Array software on top of that product and then leveraging the global supply chain to continue to cost-reduce and be more competitive on a price basis internationally. Those are the 3 levers that we're pulling, and we feel really good about our traction that we have thus far.

我認為這可能是我們為提高國際競爭力所做的最大努力之一。它是在全球範圍內推出該產品，在該產品之上添加 Array 軟體，然後利用全球供應鏈繼續降低成本，並在國際價格基礎上更具競爭力。這些是我們正在拉動的三個槓桿，我們對迄今為止的牽引力感覺非常好。

And then just in terms of how you execute against that and the spend levels on the R&D line, how are you expecting that to trend? You've been able to get some pretty significant operating leverage to date. Is there something that you're going to need to spend in a meaningful way to deliver on all of those elements? Or are you going to be able to do that within a pretty reasonable budget similar to what you've been spending right now, recently?

然後，就您如何執行該計劃以及研發線的支出水平而言，您預計其趨勢如何？迄今為止，您已經獲得了一些相當重要的營運槓桿。您是否需要以有意義的方式花費一些資金來實現所有這些要素？或者您是否能夠在與您最近花費的相當合理的預算內做到這一點？

I think if you look at the uptick, I believe this year we were up circa 40% in terms of R&D as a percentage, and I think that's more respectable level than what we were historically. And I think the team is going to deliver a phenomenal funnel of new product development for that spend. But I want to be absolutely clear on this. I think the use of our profit to generate more incremental new product development, I really believe in. And if the team continues to bring me great new product ideas that are vetted by both sales, product management and the engineering organization, I'm going to continue to fund them, even if I have to increase that, right?

我認為，如果你看一下成長情況，我相信今年我們的研發百分比成長了約 40%，我認為這比我們歷史上的水平更值得尊敬。我認為該團隊將為這筆支出提供一個非凡的新產品開發管道。但我想絕對清楚這一點。我認為利用我們的利潤來產生更多增量新產品開發，我真的相信。如果團隊繼續為我帶來偉大的新產品創意，並經過銷售、產品管理和工程組織的審查，我會繼續資助他們，即使我必須增加資助，對吧？

Running an engineered products company, your new product development is one of the life blood of your company, and we're going to continue to spend there because I think the more we dive in and the more we open our eyes to what adjacencies we could get into with our products, we feel stronger and stronger about it. So we're going to continue to emphasize new product development. We'll be spending at least a similar amount next year, if not accelerated further.

經營一家工程產品公司，新產品開發是公司的命脈之一，我們將繼續在那裡投入，因為我認為我們投入得越多，我們就越能看到我們可以做的事情當我們接觸到我們的產品時，我們的感覺越來越強烈。所以我們將繼續強調新產品的開發。如果不是進一步加速的話，明年我們的支出至少也會是類似的。

The next question we have comes from Joe Osha from Guggenheim Partners.

我們的下一個問題來自古根漢合夥人公司的喬·奧沙。

Nipul, I hope you have some great plans. Just to return to the issue we've all been talking about, obviously, you've got developers going back and trying to open and reopen PPAs. PUCs don't always necessarily roll over. Sometimes they do things like, say, we'll give you half of it, go find the rest elsewhere. So I am just wondering how you feel about the issue potentially with some of these developers coming back to you next year and saying, we didn't get everything we wanted, we need you to reopen conversations on the contract and the price?

Nipul，我希望你有一些很棒的計劃。回到我們一直在討論的問題，顯然，開發人員會回去嘗試開啟和重新開啟 PPA。 PUC 並不總是會滾動。有時他們會做這樣的事情，比如說，我們給你一半，剩下的去別處找。所以我只是想知道你對這個問題有何看法，其中一些開發商明年會回來告訴你，我們沒有得到我們想要的一切，我們需要你重新就合約和價格進行對話？

Yes, that's a great point. So clearly, what you're seeing is that as these developers over the last years have settled for a particular IRR and interest rates are rising, that IRR is no longer attractive when you could go put your money in a CD and get 5% today, right? So they're raising their hurdle rates and they have 2 choices there, right? It's either go back and raise PPA, so they're de facto raising revenues or the flip side of that is they've got to go and reduce costs.

是的，這是一個很好的觀點。很明顯，您所看到的是，隨著這些開發商在過去幾年中接受了特定的IRR，並且利率不斷上升，當您今天可以將資金放入CD 並獲得5％ 時，IRR 不再具有吸引力， 正確的？所以他們提高了最低門檻，他們有兩個選擇，對嗎？要么回去提高購電協議，這樣他們實際上就增加了收入，要么相反，他們必須去降低成本。

So are we having conversations with developers on how we could redesign sites to take cost out of those sites for those developers? We absolutely are. That would be a natural occurrence for us at this stage. So we are having those dialogues. I would say, in some cases, there are some pricing concessions on that. But again, thus far, we've been able to offset those with cost reductions. But certainly, that's a natural dynamic that we could see as we go into next year. Absolutely.

那麼，我們是否正在與開發人員討論如何重新設計網站，以便為這些開發人員降低這些網站的成本？我們絕對是。在現階段，這對我們來說是很自然的事。所以我們正在進行這些對話。我想說，在某些情況下，價格會有一些優惠。但到目前為止，我們再次能夠透過降低成本來抵消這些影響。但當然，這是我們進入明年時可以看到的自然動態。絕對地。

And just to follow up, I mean, obviously, this is happening, but the fact that rates are high is not a surprise for anybody. Is the fact that this seems to be hitting now just a function of people getting their ducks in a row for the end of the year or what? It's interesting to me that this appears to be occurring now when the rate environment has been with us for a while.

跟進一下，我的意思是，顯然，這種情況正在發生，但利率高這一事實對任何人來說都不足為奇。事實上，現在這種情況似乎只是人們在年底忙碌的結果還是什麼？對我來說有趣的是，當利率環境已經存在一段時間後，似乎正在發生這種情況。

Yes, I agree. And that's -- we -- absolutely, I 100% agree with you. The rate environment has been with us a while, so we're a little bit caught off guard that this is happening more now more recently. But we've had conversations with developers who are simply raising their internal rates of return expectations given this environment.

是的我同意。那就是——我們——絕對，我100%同意你的觀點。利率環境已經伴隨我們一段時間了，所以我們對最近發生的情況有點措手不及。但我們已經與開發商進行了對話，他們只是在這種環境下提高了內部報酬率預期。

And obviously, where a lot of our customers are counting on the IRA benefits to support that, coupled with falling module prices and then also the domestic content adder is the big piece that I think a lot are counting on to further move forward on some of these projects. And I think that's probably the incremental delay is that piece that we all expected...

顯然，我們的許多客戶都指望 IRA 的福利來支持這一點，再加上模組價格的下降，以及國內內容增加器是我認為很多人都指望進一步推進某些方面的重要組成部分。這些項目。我認為這可能是我們都期望的增量延遲...

I'm sorry to belabor this, but I do want to -- you said something very interesting there I want to clarify. It's less, it sounds like, about bank financing being more expensive since most of these guys have that locked in any way. It's more about developer internal IRR hurdle rates. Is that what you're saying?

我很抱歉要詳細說明這一點，但我確實想——你說了一些非常有趣的事情，我想澄清一下。聽起來，這與銀行融資變得更加昂貴無關，因為大多數人都以某種方式鎖定了這一點。更多的是關於開發商內部IRR最低門檻率。你是這麼說的嗎？

Well, yes, I think it's both. I think it's about one developer I spoke to about a week-and-a-half ago, who's challenged with this very dilemma. Right now, it's also about that developer being able to sell a project at a particular IRR in the future given other interest rates and other investment alternatives, right?

嗯，是的，我認為兩者都是。我認為這是關於我大約一個半星期前採訪過的一位開發人員，他面臨著這種困境。現在，考慮到其他利率和其他投資選擇，開發商未來能夠以特定的 IRR 出售項目，對嗎？

The next question we have comes from Jon Windham from UBS.

我們的下一個問題來自瑞銀集團的喬恩溫德姆。

I just want to talk about the adjustment in revenue. If we exclude the Brazil-related accounting classification, there's about $118 million pushed off into next year. We're more or less maintaining the EBITDA guide, which means basically $21 million of EBITDA that's not being pushed out. So can you talk a little bit about what's driving the higher profitability and what you are shipping?

我只想談談收入的調整。如果我們排除與巴西相關的會計分類，大約有 1.18 億美元被推遲到明年。我們或多或少維持了 EBITDA 指南，這意味著基本上有 2,100 萬美元的 EBITDA 沒有被推出。那麼您能談談是什麼推動了更高的盈利能力以及您正在運送什麼嗎？

Jon, it's Nipul. So the higher profitability is continued favorability in logistics costs and material costs that we're seeing flow through for the balance of the year. We had a couple of projects we talked about that we're delivering in the back half of the year at the lower challenged margins, especially overseas. Those have been a little bit delayed. And so therefore, that's helped with the pricing, that's helped with the overall margins. But that's the reason why we're keeping the mid- to high-teens gross margins for the back -- for the full year.

喬恩，我是尼普爾。因此，更高的獲利能力來自物流成本和材料成本的持續有利，我們看到今年剩餘時間的流動性。我們討論了幾個項目，我們將在今年下半年以較低的利潤率交付這些項目，尤其是在海外。這些已經有點延遲了。因此，這有助於定價，有助於提高整體利潤。但這就是為什麼我們全年毛利率保持在中位數到高位數的水平。

And maybe just a quick follow-up. How much of the project delays do you see as a function of customer selection? Or is it a bit more random and certain developers have certain problems with projects? Or what -- is there anything you could do due diligence wise to try to lessen these in the future?

也許只是快速跟進。您認為專案延遲有多少是因為客戶選擇造成的？還是更隨機一些，某些開發人員在專案中存在某些問題？或者，您可以明智地進行盡職調查，以減少未來的此類情況？

No, there's nothing I can think of that we would do differently. No.

不，我想不出我們會採取什麼不同的做法。不。

The next question we have comes from Tom Curran from Seaport Global Securities.

我們的下一個問題來自 Seaport Global Securities 的 Tom Curran。

Would you share what non-tracker offerings accounted for as a percentage of 3Q's top line? And maybe give us an estimate or range for their likely contribution to full year 2023 revenue? And then I guess part 2 on this topic would be, as I think about the non-tracker side, it seems to consist of 4 drivers; aftermarket sales, engineering services, SmarTrack monetization and then better change order capture. Perhaps would you provide us an update on the progress you're making with each?

您能否分享一下非追蹤產品在第三季營收中所佔的百分比？也許可以給我們一個他們對 2023 年全年收入可能貢獻的估計或範圍？然後我想關於這個主題的第 2 部分將是，正如我對非追蹤器方面的考慮，它似乎由 4 個驅動程式組成；售後市場銷售、工程服務、SmarTrack 貨幣化，然後更好地捕捉變更訂單。也許您可以向我們介紹一下您在每個專案上的最新進展嗎？

No, Tom. Sorry. I don't -- I think it's too premature. We've been at it for a few quarters. It's still going to be lumpy. I think we're going to end the year very pleased with our overall revenues in that space because, again, it's been a high quality of revenue for us. But we're not, at this point, ready to go and delineate by subsegment or to give you a forecast for the full year of 2023.

不，湯姆。對不起。我不——我認為現在還為時過早。我們已經這樣做了幾個季度了。它仍然會是凹凸不平的。我認為我們將在今年年底對該領域的整體收入感到非常滿意，因為這對我們來說是高品質的收入。但目前我們還沒有準備好按細分市場進行劃分或為您提供 2023 年全年的預測。

I'll try again, maybe, in 2024. But Kevin, could you perhaps maybe just highlight, within those 4 subsegments, as I'm categorizing them, are there any that are clearly in the lead right now or that you're more optimistic about or making more progress with faster than others?

也許我會在 2024 年再試一次。但是凱文，您能否強調一下，在我對它們進行分類的這 4 個細分市場中，是否有任何目前明顯處於領先地位，或者您更領先？樂觀還是比別人進步快？

Look, I think they're all contributing at a really exciting rate for us. If I think about SmarTrack software, for example, what's in the order book is 5x what's been deployed to date, right? So that's an exciting piece for us. The better change order management is really about taking what were profit leaks historically and converting them into positive both revenue and margin. And that's going really, really well for us.

看，我認為他們都為我們做出了非常令人興奮的貢獻。例如，如果我考慮 SmarTrack 軟體，訂單簿中的數量是迄今為止已部署數量的 5 倍，對嗎？所以這對我們來說是一個令人興奮的作品。更好的變更單管理實際上是要吸收歷史上的利潤洩漏並將其轉化為正的收入和利潤。這對我們來說真的非常非常好。

And it's really about just having the discipline, as we get changes, to ensure that we're monetizing those changes, and this is about making sure we're balanced and fair with our customers. But again, if we have to take back material or dispose of something, we're doing that in a more effective way than maybe historically where we may have played too much of a nice guy in the middle, if you will. We're doing that. The engineering services are going very well for us.

這實際上是在我們發生變化時遵守紀律，以確保我們能夠將這些變化貨幣化，這是為了確保我們對客戶保持平衡和公平。但同樣，如果我們必須收回材料或處置某些東西，我們正在以一種比歷史上更有效的方式來做這件事，如果你願意的話，我們可能在中間扮演了太多的好人。我們正在這樣做。我們的工程服務進展順利。

So I think every single one of them are beginning to contribute. But to be clear, what's driving it is really the fact that we brought in product management. We decided to productize each of those, which meant clearly delineated value proposition, sales literature, content, value selling, training for the sales team, ensuring that they're quotable up front in the project, going back and looking at how we harvest our installed base and look at some of the additional O&M services we can do after that.

所以我認為他們每個人都開始做出貢獻。但需要明確的是，推動這一趨勢的真正原因是我們引入了產品管理。我們決定將其中每一個產品化，這意味著明確描述價值主張、銷售文獻、內容、價值銷售、銷售團隊培訓，確保它們在項目中預先引用，回過頭來看看我們如何收穫我們的產品。安裝基礎，看看我們之後可以做的一些額外的維運服務。

It is a really comprehensive amount of work that's been done over the last 6 months to drive that. And I'm just really pleased with the level of traction that we're getting on all that. And again, it's a good quality revenue for us as we go forward.

這是過去 6 個月為推動這一目標所做的大量工作。我對我們在這一切上所獲得的牽引力感到非常滿意。再說一遍，隨著我們的前進，這對我們來說是一筆優質的收入。

And then Nipul, best of luck. And just as you prepare to pass the baton here, would you refresh us on what was your leverage target as part of the ongoing debt reduction? What were you hoping to get to?

然後是尼普爾，祝你好運。當您準備在這裡傳遞接力棒時，您能否向我們介紹一下，作為持續債務削減的一部分，您的槓桿目標是多少？你希望達到什麼目的？

Yes. It was in the -- the secured leverage is going to be under 1 by the end of the year, and the total debt was going to be around 2 to 2.5.

是的。到今年年底，擔保槓桿率將低於 1，總債務將在 2 至 2.5 左右。

Very much on pace for that. We're very pleased with the cash flow of the business at this point.

非常有節奏地做到這一點。我們對目前業務的現金流非常滿意。

The next question we have comes from Philip Shen of ROTH MKM.

我們的下一個問題來自 ROTH MKM 的 Philip Shen。

I'm jumping on a bit late here. Nipul, it's been great working with you. Sorry to see you go. I know this may have been addressed in some -- from some angles. But want to just see if you could talk about any patterns you're seeing for the pushouts, meaning are you seeing any similarities with the developers? Or are they smaller ones? Or are the utility developers typically not impacted? Or have you seen delayed projects even from the larger utility developers? Are there any other patterns as it relates to access to capital? I know you were talking earlier, Kevin, about just making internal decisions requiring a higher return. But just curious if you could see or share any patterns with these customers.

我在這裡跳得有點晚了。尼普爾，與你合作真是太好了。很遺憾看見您離開。我知道這個問題可能已經從某些角度解決了。但想看看您是否可以談談您所看到的推出模式，這意味著您是否發現與開發人員有任何相似之處？或者它們更小？或者公用事業開發商通常不會受到影響？或者您是否見過大型公用事業開發商的專案被推遲？是否還有其他與獲取資本相關的模式？我知道你之前說過，凱文，只是做出需要更高回報的內在決策。但只是好奇您是否可以看到或與這些客戶分享任何模式。

Phil, it's nothing that we're willing to give any additional color on at this point. I think it's suffice to say it's been actually fairly broad-based. I don't think there's been any customer subsegment that's been immune to it at this point. I'll leave it at that.

Phil，目前我們不願意提供任何額外的資訊。我認為只要說它實際上具有相當廣泛的基礎就足夠了。我認為目前還沒有任何客戶群能夠倖免於難。我就這樣吧。

Yes, that is a great color. Shifting to the implied Q4 EBITDA margin, was wondering -- you may have touched on this earlier as well with international being maybe a bit of a drag. But was wondering if you could give us some more color on the implied Q4 EBITDA margin, which seems closer to 13% versus Q3 of 16% in first half of '20. What's driving that? And would you expect a recovery back to either 16% or even 20% in the first half of next year?

是的，那是一種很棒的顏色。轉向隱含的第四季度 EBITDA 利潤率，我想知道——您可能早些時候也提到過這一點，因為國際可能有點拖累。但我想知道您是否可以給我們更多關於隱含的第四季度 EBITDA 利潤率的信息，該利潤率似乎更接近 13%，而 20 年上半年第三季度為 16%。是什麼推動了這一點？您預計明年上半年會恢復到 16% 甚至 20% 嗎？

Phil, I'll take that one. So the implied EBITDA margin is really related to the gross margins that we talked about. We had some projects that we're going to deliver in the back half of this year, finish up the projects in the U.S. from our STI division there that we're going to finish up, and they were lower than our expected margin rate. And we have -- we had a project or 2 related to the Array side, which we had signed a while ago that we knew that was going to be a little bit challenging on the margins. So similar to what we had said in Q2, those will still deliver here in Q4, providing the lower-than-expected gross margins and therefore, dropping down to the EBITDA margins.

菲爾，我要那個。因此，隱含的 EBITDA 利潤率確實與我們談到的毛利率相關。我們有一些項目將在今年下半年交付，我們的 STI 部門將在美國完成我們將要完成的項目，它們的利潤率低於我們的預期。我們有一個或兩個與 Array 方面相關的項目，我們不久前簽署了該項目，我們知道這在邊緣方面會有點挑戰。與我們在第二季度所說的類似，這些產品仍將在第四季度實現，毛利率低於預期，因此 EBITDA 利潤率會下降。

And so I know you don't have guidance for the first half of next year, but would it be fair to presume that after these projects are taken care of, we get back to the normalized, call it, 16% to 20%?

所以我知道你們沒有明年上半年的指導，但是可以公平地假設，在這些項目得到處理之後，我們會回到正常化的水平，稱之為 16% 到 20% 嗎？

That would be our expectations, yes.

是的，這將是我們的期望。

The final question we have comes from Sean Milligan from Janney.

我們的最後一個問題來自 Janney 的 Sean Milligan。

Just wanted to touch base on the new products, H250. I think you quoted over 6 gigawatts in various, like, bidding stages globally, and then OmniTrack also. I guess, for both of those, you talked about, pretty robust bidding. Curious in terms of, one, do you view that as an incremental opportunity for you relative to like where you would have bid DuraTrack before? Just kind of maybe could you address like what the TAM is for that in terms of gigawatts? And then two, like are those bids for '24 or '25? How should we think about that?

只是想了解新產品 H250。我認為您在全球各個投標階段引用了超過 6 吉瓦的報價，然後 OmniTrack 也是如此。我想，對於這兩者，你談到了相當強勁的出價。好奇的是，第一，相對於您之前競標 DuraTrack 的情況，您是否認為這對您來說是一個增量機會？也許您可以解決一下 TAM 的含義（以千兆瓦為單位）嗎？然後是兩個，例如“24”或“25”的出價？我們該如何思考這個問題？

So the first part of your question relative to -- I think you're asking how much of it's incremental versus replacement or cannibalization. If you think about the Array OmniTrack, we expect that to be a part cannibalization of DuraTrack and a better fit product, but also lead to about a 10% increment in TAM. So that's kind of how we look at it from that product.

所以你的問題的第一部分是關於——我認為你問的是增量與替代或蠶食有多少。如果您考慮 Array OmniTrack，我們預計它將是 DuraTrack 的一部分，是一個更適合的產品，但也會導致 TAM 增加約 10%。這就是我們對該產品的看法。

As it relates to the H250 and the strong bookings that we're seeing there or the strong funnel, if you will, that we're seeing there, there's a portion of that, that is replacing the old STI 250, where customers are just now saying, look, I really want that new product. I would have given Array the order previously for the old version, but I really want that. I was just recently in Brazil, where I was in the room when we were talking to a customer that was placing a very large order who demanded that they get all new product as quickly as possible, right?

因為它與 H250 以及我們在那裡看到的強勁預訂或強大的漏斗有關，如果你願意的話，我們在那裡看到，其中一部分正在取代舊的 STI 250，客戶只是現在說，看，我真的想要那個新產品。對於舊版本，我本來會給 Array 順序，但我真的想要那樣。我最近剛在巴西，當我們與一位下了很大訂單的客戶交談時，我在房間裡，他要求他們盡快獲得所有新產品，對嗎？

So I think a portion of that will be incremental and a portion of that will be replacement. But I will say that's replacement at accretive margins to the product that's displacing. Hopefully, that's helpful.

所以我認為其中一部分將是增量的，一部分將是替代的。但我想說的是，這是對正在取代的產品的替代，增加了利潤。希望有幫助。

That's helpful. And then kind of the second part would just be, in terms of the bidding that you talked about in the 6 gigawatts, is that for '24 or '25? How can we think about that in terms of timing potential?

這很有幫助。然後第二部分就是，就您談到的 6 吉瓦招標而言，是針對 24 年還是 25 年？我們如何從時機潛力上考慮這一點？

I think there's -- it's split. There's at least half of it that I would say is really about '24. And then there's another large multiyear VCA, if you will, that would cover 2 years. That's a big portion of that 6 gigawatts as well. I would say it's largely '24 with a portion of '25.

我認為這是分裂的。我想說，其中至少有一半是關於 24 歲的。然後還有另一個大型的多年期 VCA，如果您願意的話，將涵蓋 2 年。這也是 6 吉瓦的很大一部分。我想說這主要是 24 年的，還有一部分是 25 年的。

And then just in the first response you mentioned kind of the margins being accretive to the legacy project -- legacy product on 250. Are they in line with like corporate margins where you'd expect to see those shake out?

然後，就在第一個回覆中，您提到了遺留項目（250 上的遺留產品）的利潤率有所增加。它們是否與您期望看到的公司利潤率一致？

Yes. I mean what you've seen, if you just look at the gross margins of the STI business, and certainly in this quarter, we've been focused on the recovery of the STI gross margins. I think that focus over the last year has gone very well. They are back to pre-acquisition gross margin levels. So we're quite excited about that. And as we launch the new product, that's, again, a product with really good gross margins for us as we go forward. So I think we're quite satisfied there.

是的。我的意思是你所看到的，如果你只看 STI 業務的毛利率，當然在本季度，我們一直在關注 STI 毛利率的恢復。我認為去年的重點工作進展順利。他們回到了收購前的毛利率水準。所以我們對此感到非常興奮。當我們推出新產品時，這又是一款對我們來說具有非常好的毛利率的產品。所以我認為我們對此非常滿意。

Thank you. Ladies and gentlemen, there are no further questions at this time. This concludes today's conference call. You may now disconnect your lines. Thank you for your participation.

謝謝。女士們、先生們，目前沒有其他問題了。今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。