Array Technologies Inc (ARRY) 2024 Q1 法說會逐字稿

Greetings, and welcome to the Array Technologies' first-quarter 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Sarah Sheppard, Investor Relations at Array. Please go ahead.

您好，歡迎參加 Array Technologies 的 2024 年第一季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向您介紹主持人，Array 投資者關係部門的 Sarah Sheppard。請繼續。

Thank you and welcome to Array Technologies first-quarter 2024 financial conference call. On the call with me today are Kevin Hostetler, our CEO, and Kurt Wood, our CFO. Today's call is being webcast from our Investor Relations site at ir.arraytechinc.com, including audio and slides. In addition, the press release detailing our quarterly results has been posted on the website.

感謝並歡迎參加 Array Technologies 2024 年第一季財務電話會議。今天與我通話的還有我們的執行長 Kevin Hostetler 和我們的財務長 Kurt Wood。今天的電話會議透過我們的投資者關係網站 ir.arraytechinc.com 進行網路直播，包括音訊和幻燈片。此外，詳細介紹我們季度業績的新聞稿已發佈在網站上。

Today's discussion of financial results is presented on a non-GAAP financial basis unless otherwise specified. A reconciliation of GAAP to non-GAAP financial measures can be found on our website. We encourage you to visit our website at arraytechinc.com throughout the quarter for the most current information on the company, including information on financial conferences that we may be attending.

除非另有說明，今天對財務表現的討論是在非公認會計準則財務基礎上進行的。您可以在我們的網站上找到 GAAP 與非 GAAP 財務指標的調整表。我們鼓勵您在整個季度訪問我們的網站 arraytechinc.com，以獲取有關公司的最新信息，包括我們可能參加的財務會議的信息。

As a reminder, the matters we are discussing today include forward-looking statements regarding market demand and supply, our expected results and other matters. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from the statements made today. We refer you to the documents we file with the SEC, including our most recent Form 10-K for a recent discussion of risks that may affect our future results.

提醒一下，我們今天討論的事項包括有關市場供需、我們的預期結果和其他事項的前瞻性陳述。這些前瞻性陳述存在風險和不確定性，可能導致實際結果與今天的陳述有重大差異。我們建議您參閱我們向 SEC 提交的文件，包括我們最新的 10-K 表，以了解最近可能影響我們未來業績的風險的討論。

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. We are under no duty to update any of the forward-looking statements to conform these statements to actual results.

儘管我們認為前瞻性陳述中反映的預期是合理的，但我們不能保證未來的結果、活動水準、績效或成就。我們沒有義務更新任何前瞻性陳述以使這些陳述符合實際結果。

I'll now turn the call over to Kevin.

我現在將電話轉給凱文。

Thank you, Sarah. Good afternoon, everyone. We started 2024 off with the momentum we experienced in the fourth quarter of 2023 continuing into the New Year. Beginning on slide 3, I'll start with key highlights from our first quarter and some company-specific updates around our operational capabilities and product portfolio.

謝謝你，莎拉。大家下午好。我們以 2023 年第四季的勢頭持續到新年，開啟了 2024 年。從幻燈片 3 開始，我將從第一季的主要亮點以及圍繞我們的營運能力和產品組合的一些公司特定更新開始。

We generated $153 million of revenue, slightly above the high end of the range we provided on our February earnings call. Adjusted gross margins came in at 38.3%, inclusive of a one-time $4 million benefit stemming from the successful resolution of a supplier quality issue. Excluding this one-time item, our adjusted gross margin was 35.7%, which was up 10 percentage points sequentially from the prior quarter, and up nearly 9 percentage points from the first quarter of 2023.

我們創造了 1.53 億美元的收入，略高於我們在 2 月財報電話會議上提供的範圍的上限。調整後毛利率為 38.3%，其中包括因成功解決供應商品質問題而獲得的一次性 400 萬美元收益。剔除這項一次性項目，我們調整後的毛利率為35.7%，較上一季連續成長10個百分點，比2023年第一季成長近9個百分點。

As a reminder, starting this quarter, we are reporting gross margins inclusive of the benefits derived from 45X, which to date, only reflects the contribution from domestic content related to our torque tube. Having said that, our core adjusted gross margin, excluding 45X benefits, would have been in the mid-20s range for the quarter, which is consistent with our underlying long-term target.

提醒一下，從本季度開始，我們報告的毛利率包括 45X 帶來的收益，迄今為止，該毛利率僅反映了與我們的扭矩管相關的國內內容的貢獻。話雖如此，我們本季的核心調整後毛利率（不包括 45 倍收益）將處於 20 多歲的範圍內，這與我們的基本長期目標一致。

We delivered $26.2 million of adjusted EBITDA, representing 17.1% of revenue, inclusive of the $4 million benefit mentioned earlier. And we generated $45.1 million of free cash flow to end the quarter with a cash balance of $288 million. Total available liquidity was approximately $465 million, when including the capacity on our undrawn revolving credit facility.

我們實現了 2,620 萬美元的調整後 EBITDA，佔營收的 17.1%，其中包括前面提到的 400 萬美元的收益。截至本季末，我們產生了 4,510 萬美元的自由現金流，現金餘額為 2.88 億美元。包括我們未提取的循環信貸額度在內，可用流動資金總額約為 4.65 億美元。

Moving to slide 4, we continue to see broad demand across all market segments and customer types. This includes EPCs, developers, independent power producers, and utilities across utility scale and distributed generation projects, both domestically and internationally.

轉到投影片 4，我們繼續看到所有細分市場和客戶類型的廣泛需求。這包括國內和國際的 EPC、開發商、獨立電力生產商以及公用事業規模和分散式發電項目的公用事業公司。

In Q1, we booked approximately $400 million of new business and experienced a book-to-bill ratio greater than 2.5 times to end the quarter with an order book of $2.1 billion. With this print, we have won $1.8 billion of new bookings cumulatively over the last four quarters. The quality of our new bookings remains consistent with our historical profile, and approximately 80% of our Q1 activity came from what we classify as Tier 1 customers.

第一季度，我們預訂了約 4 億美元的新業務，訂單出貨比超過 2.5 倍，季度末訂單達到 21 億美元。透過這張印刷品，我們在過去四個季度累計贏得了 18 億美元的新預訂。我們新預訂的品質與我們的歷史狀況保持一致，第一季約 80% 的活動來自我們歸類為 1 級的客戶。

We have also seen success in gaining share of wallet from certain accounts that we strategically targeted over the last year. New orders received in the quarter were strong in both North America and the rest of world, which highlights continued strong global demand for Array products and services, including our energy optimization software and severe weather mitigating solutions.

我們也成功地從去年我們策略定位的某些帳戶中獲得了錢包份額。本季北美和世界其他地區收到的新訂單都很強勁，這凸顯了全球對 Array 產品和服務（包括我們的能源優化軟體和惡劣天氣緩解解決方案）的持續強勁需求。

As was the case in the second half of last year and discussed on our year-end call, customers continue to place orders for projects with more elongated time frames for first deliveries than has historically been the case. As a result, our 12-month conversion rate of order book to revenue will be lower in 2024 than what we have experienced in prior years. This dynamic remains unchanged and is consistent with the commentary and guidance we provided on our year-end call.

正如去年下半年的情況以及我們在年終電話會議上所討論的那樣，客戶繼續為首次交付的項目下訂單，其首次交付時間比以往更長。因此，到 2024 年，我們的 12 個月訂單到收入的轉換率將低於前幾年的水平。這種動態保持不變，並且與我們在年終電話會議上提供的評論和指導一致。

From an overall total perspective, our pipeline of high-quality, high-probability opportunities has continued to grow. This highlights the demand for our portfolio of products and aligns with our expectation of robust industry-wide growth for utility scale solar.

從整體來看，我們的高品質、高機率的機會持續成長。這凸顯了對我們產品組合的需求，並符合我們對公用事業規模太陽能全產業強勁成長的預期。

And solar continues to be one of the lowest cost options for satisfying the growing need for new energy generation capacity and replacement of aging energy-generating assets. This growth is also in part attributable to the trends I mentioned earlier, where customers are developing and contracting projects further out in time than they may have in the past.

太陽能仍然是滿足對新能源發電能力和替換老化發電資產日益增長的需求的成本最低的選擇之一。這種成長也部分歸因於我之前提到的趨勢，即客戶開發和承包專案的時間比過去更晚。

During the quarter, we continue to have focused dialogue with our customers, and in many cases, the asset owners, to ensure we have the appropriate voice of customer represented across all aspects of our business. Throughout these conversations, customers reiterated that they are positive on both the trajectory of the industry and their individual business outlooks.

在本季度，我們繼續與客戶（在許多情況下與資產所有者）進行重點對話，以確保我們在業務的各個方面都能代表客戶的適當聲音。在這些對話中，客戶重申他們對產業發展軌跡和個人業務前景持正面態度。

By and large, customers continue to communicate. They are seeing a softer first half of 2024 before seeing growth in the second half of the year. This is consistent with their prior communication and what we messaged and guided on our last call. The most common issue cited remain around permitting and interconnection, supply chain delays on long lead time equipment, and the timing of financing.

總的來說，客戶會繼續溝通。他們預計 2024 年上半年會較為疲軟，然後下半年才會出現成長。這與他們之前的溝通以及我們在上次通話中傳達的訊息和指導一致。最常見的問題仍然圍繞著許可和互連、長交貨期設備的供應鏈延遲以及融資時間。

These issues continue to be broad-based across all segments and customer profiles as we have discussed in the past. But there are a handful of customers who are not seeing as much of an impact and projects are moving ahead in a normalized manner.

正如我們過去所討論的，這些問題仍然廣泛存在於所有細分市場和客戶檔案中。但有少數客戶沒有看到那麼大的影響，專案正在以正常方式推進。

We are also closely monitoring recent developments related to the AD/CVD petitions filed a few weeks ago. As you may have read in numerous media outlets, it is our stance that more duties will cause uncertainty and unnecessary project delays, holding the US back in meeting our clean energy deployment and manufacturing goals.

我們也正在密切關注與幾週前提交的 AD/CVD 申請相關的最新進展。正如您可能在眾多媒體上讀到的那樣，我們的立場是，更多的關稅將導致不確定性和不必要的專案延誤，從而阻礙美國實現我們的清潔能源部署和製造目標。

One advantage of Array's offerings in this uncertain regulatory environment is the flexibility of our passive planting solutions, which can be adapted to fit virtually any module type for manufacturer at any point in the design and/or construction phase with minimal design changes.

在這種不確定的監管環境中，Array 產品的優勢之一是我們的被動種植解決方案的靈活性，該解決方案可以在設計和/或施工階段的任何階段進行調整，以適應製造商幾乎任何模組類型，並且只需進行最少的設計變更。

This removes the need to complete expensive and time-consuming drilling or modification of the torque tube providing the EPC and asset owners an immense amount of optionality. This becomes even more beneficial during times of uncertainty around module selection or module availability. We will continue to support and work with our customers like we have for many years as they assess and work to minimize any potential impact to their business from the recently filed AD/CVD petitions.

這樣就無需完成昂貴且耗時的鑽孔或扭矩管改造，為 EPC 和資產所有者提供了大量的選擇。在模組選擇或模組可用性不確定的時期，這變得更加有利。我們將像多年來一樣繼續支持客戶並與他們合作，幫助他們評估並努力減少最近提交的 AD/CVD 申請對其業務的潛在影響。

In addition to our typical ongoing customer dialogue, we held a very productive customer summit at our office in Arizona earlier this year. This was part of a periodic program where we host diverse groups of industry participants at our offices around the globe.

除了我們典型的持續客戶對話之外，我們今年早些時候還在亞利桑那州的辦公室舉行了一次非常富有成效的客戶高峰會。這是我們在全球辦事處接待不同行業參與者群體的定期計劃的一部分。

The summits cover a variety of topics, including a showcase of our technology, software and LCOE benefits, discussions on current market dynamics and candid feedback sessions on our products and service levels. The feedback received from our Q1 form was overwhelmingly positive in the event with the success across the board.

高峰會涵蓋各種主題，包括展示我們的技術、軟體和 LCOE 優勢、討論當前市場動態以及對我們的產品和服務水準進行坦誠的回饋會議。我們從第一季表格中收到的回饋非常積極，活動取得了全面成功。

Finally, I'd be remiss if I did take a few minutes to highlight some of the success we are seeing in Brazil. According to independent third-party data from [ePowerBay], 7 of the top 10 and 13 of the top 20, most efficient solar power plants for 2023 in Brazil, utilized Array-tracking technology. The report side of the efficiency of projects using Array trackers was as much as 2% higher than other projects using different tracker offerings.

最後，如果我花幾分鐘時間強調我們在巴西所取得的一些成功，那我就失職了。根據[ePowerBay]的獨立第三方數據，巴西2023年最高效太陽能發電廠前10名中的7個和前20名中的13個採用了陣列追蹤技術。報告顯示，使用 Array 追蹤器的項目的效率比使用不同追蹤器產品的其他項目高出 2%。

And of course, the greater the energy production, the lower the levelized cost of energy and the better the return on investments. We are very proud of this accomplishment as it is truly a testament to the value of our technology, the breadth of our product and services portfolio and of course, our highly talented team in the region.

當然，能源產量越大，能源的平準化成本就越低，投資回報越好。我們對這項成就感到非常自豪，因為它確實證明了我們技術的價值、我們產品和服務組合的廣度，當然還有我們在該地區的高素質團隊。

We are excited to continue our part in Brazil's clean energy movement. And we feel well positioned with the latest version of our H250 product, which incorporates valuable elements from our flagship DuraTrack offering, including our taped articulated driveline. Our $2.1 billion order book already includes several bookings for this latest version of the H250 in both Brazil and Europe. And we look forward to driving further value to our customers through our enhanced product features and capabilities.

我們很高興能夠繼續參與巴西的清潔能源運動。我們對最新版本的 H250 產品感到非常滿意，該產品融合了我們旗艦 DuraTrack 產品的寶貴元素，包括我們的膠帶鉸接傳動系統。我們價值 21 億美元的訂單已經包括在巴西和歐洲對這款最新版本 H250 的多項預訂。我們期待透過增強的產品特性和功能為客戶帶來更多價值。

Turning to slide 5. We recently hosted US Secretary of Energy, Jennifer Granholm, Senators Heinrich and Ray Luján, Senior President, Abby Hopper, and many of our customers' employees at the groundbreaking of our new state-of-the-art manufacturing facility in Albuquerque. This facility will create good paying New Mexico jobs, strengthen our low-carbon domestic supply chain and boost American energy independence.

轉到投影片 5。最近，我們在阿爾伯克基最先進的新製造工廠奠基儀式上接待了美國能源部長 Jennifer Granholm、參議員 Heinrich 和 Ray Luján、高級總裁 Abby Hopper 以及許多客戶的員工。該設施將為新墨西哥州創造高薪就業機會，加強我們的低碳國內供應鏈並促進美國能源獨立。

We expect this facility to come online in the early 2026 time frame. While this facility is not required as part of our 45X strategy, it is part of our broader supply chain approach to reduce costs and lower enterprise risk around continuity of supply for certain key components.

我們預計該設施將在 2026 年初上線。雖然該設施不是我們 45X 策略的一部分，但它是我們更廣泛的供應鏈方法的一部分，旨在降低成本並降低某些關鍵組件供應連續性的企業風險。

Moving on to slide 6, we've introduced a few exciting hardware and software offerings this quarter. First, we officially launched our patented Hail Alert Response, which is a groundbreaking set of software features designed to autonomously protect solar assets for hail damage and is currently available and backward comparable for use on our DuraTrack and OmniTrack systems. The Hail Alert Response system leverages fast weather prediction algorithms to pre-emotively stop solar trackers before an anticipated hail event.

前往投影片 6，我們在本季推出了一些令人興奮的硬體和軟體產品。首先，我們正式推出了專利的冰雹警報響應，這是一套突破性的軟體功能，旨在自動保護太陽能資產免受冰雹損壞，目前可在我們的 DuraTrack 和 OmniTrack 系統上使用並向後相容。冰雹警報響應系統利用快速天氣預報演算法，在預期的冰雹事件發生之前預先停止太陽能追蹤器。

This approach ensures that solar assets are safeguarded against potential damage, enhancing the longevity and durability of the investments. Some of these capabilities were unfortunately put to the test in a recent hailstorm in Fort Bend County in Texas, which resulted in some sites being subject to 3- to 4-inch size hail.

這種方法可確保太陽能資產免受潛在損害，從而提高投資的壽命和耐用性。不幸的是，其中一些功能在德克薩斯州本德堡縣最近的一場冰雹中受到了考驗，導致一些地點遭受了 3 至 4 英寸大小的冰雹。

There were eight sites with Array trackers in the Fort Bend area with four of these sites located within a 10-mile radius of the worst impact of the storm. We confirm that operators of those four sites successfully utilized our Hail Response capabilities to storm commission solar panels at the optimal 52-degree angle in advance of the storm reaching the sites.

本德堡地區有 8 個配備陣列追蹤器的地點，其中 4 個地點位於風暴影響最嚴重的 10 英里半徑範圍內。我們確認，這四個站點的運營商成功利用我們的冰雹響應功能，在風暴到達站點之前以最佳的 52 度角調試太陽能電池板。

We are happy to report our storm solution worked as designed and was very effective across the board. According to our customers and evaluations performed by our customer support teams, the solar facilities with Array trackers experienced insignificant damage. This is obviously a strong proof point of the robustness of our severe weather mitigation capabilities, including the effectiveness of our hailstorm angle and is another example of how we provide an attractive ROI for the asset owner and help mitigate risk.

我們很高興地報告，我們的風暴解決方案按設計工作，並且全面有效。根據我們的客戶和我們的客戶支援團隊進行的評估，具有陣列追蹤器的太陽能設施受到的損壞並不嚴重。這顯然有力地證明了我們惡劣天氣緩解能力的穩健性，包括冰雹角度的有效性，也是我們如何為資產所有者提供有吸引力的投資回報率並幫助降低風險的另一個例子。

Turning to slide 7, we wanted to highlight the recent work we've completed to educate and promote market participants around the benefits of our patented passive wind stow technology. This work extends out the dialogue we had with a customer. During that discussion, the customer noted they had two similar sites in close proximity of one another.

轉向幻燈片 7，我們想重點介紹我們最近完成的工作，以教育和推廣市場參與者了解我們獲得專利的被動風收技術的優勢。這項工作擴展了我們與客戶的對話。在那次討論中，客戶指出他們有兩個相似的站點，彼此非常接近。

One site utilized in Array tracker with our patented passive wind stow capabilities and the other site utilized a competing tracker technology with active stow technology. Over time, the customer noted that the Array project consistently experienced better energy production and the customer asked for our help and articulating why.

陣列追蹤器中的一個站點使用了我們專利的被動風收起功能，另一個站點則使用了具有主動收起技術的競爭追蹤器技術。隨著時間的推移，客戶注意到 Array 專案的能源生產持續改善，客戶請求我們提供協助並闡明原因。

Our engineering team developed an innovative solution to low and simulate patented passive wind stow algorithms to determine the resulting energy losses from stow events using high-resolution actual wind data. With this model, which was verified by an independent report by DNB, we proved the passive stow can have more energy generation compared to active stow in medium-to-high wind regions. Specifically, the study shows that the energy enhancement can be as much as 4.3% annually. depending upon location and wind behavior.

我們的工程團隊開發了一種創新的解決方案，用於低速模擬專利被動風收存演算法，以使用高解析度實際風數據來確定收存事件造成的能量損失。透過這個經過DNB獨立報告驗證的模型，我們證明了在中強風地區，被動儲存比主動儲存能產生更多的發電量。具體來說，研究表明，每年能源增幅可達4.3%。取決於位置和風的行為。

This is a very significant data point. Let me articulate what this means to the overall economics using a hypothetical 200-megawatt site. The incremental energy production from our patented passive wind stow facility operating in a high wind zone would create a net present value as high as $10 million over a three-year period. That's about half the entire cost of the tracker or $0.05 per watt and is a tremendous ROI benefit to the asset owner.

這是一個非常重要的數據點。讓我用假設的 200 兆瓦站點來闡明這對整體經濟意味著什麼。我們在強風區運作的專利被動式風力儲存設施所產生的增量能源將在三年內創造高達 1,000 萬美元的淨現值。這大約是追蹤器總成本的一半，即每瓦 0.05 美元，對資產所有者來說是巨大的投資回報率收益。

On top of the enhanced energy yield, passive stow technology is a mechanical solution, meaning it is simple and safe by design. Active stow systems, on the contrary, rely on software algorithms and external wind senses. This technology can easily trigger unnecessary stowing or potentially fail to stow at all thus inserting increased complexity and unnecessary risk for the asset owner.

除了提高能源產量之外，被動收起技術還是一種機械解決方案，這意味著它的設計簡單且安全。相反，主動收起系統依賴軟體演算法和外部風感測器。這項技術很容易引發不必要的裝載，或者可能根本無法裝載，從而給資產所有者帶來增加的複雜性和不必要的風險。

We will continue to educate our customers, banking participants, and solar insurers on the inherent advantages and differentiation of our passive wind stow technology. We have made a summary of this report publicly available and encourage you to go to the product features page within the Products and Services section of our website at arraytechinc.com to access it.

我們將繼續向我們的客戶、銀行參與者和太陽能保險公司介紹我們的被動式風力儲存技術的固有優勢和差異化。我們已公開發布此報告的摘要，並鼓勵您訪問我們網站 arraytechinc.com 的「產品和服務」部分中的產品功能頁面來存取它。

Kurt will now provide additional color on the Q1 '24 results and our 2024 outlook. I'll then get some concluding remarks before opening the line for questions.

Kurt 現在將為 24 年第一季的業績和我們的 2024 年展望提供更多資訊。然後，在開始提問之前，我會得到一些結論性意見。

Thank you, Kevin. I would like to start off by providing some additional details around the first-quarter results and ask that you turn your attention to slide 9. As Kevin mentioned, revenue came in slightly above the high end of our guidance range at $153 million, which was down 59% from Q1 '23, and down 55% sequentially from the fourth quarter of 2023.

謝謝你，凱文。首先，我想提供有關第一季業績的一些額外細節，並請您將注意力轉向投影片 9。正如 Kevin 所提到的，收入略高於我們指引範圍的上限 1.53 億美元，比 23 年第一季下降了 59%，比 2023 年第四季連續下降了 55%。

Overall, we experienced declining volume in ASPs year over year in line with what we had communicated on our last call. Sales in North America represented 70% of our revenue for the quarter, with the remainder of our revenue coming from international locations.

總體而言，我們的平均售價年減，這與我們在上次電話會議中傳達的情況一致。北美地區的銷售額占我們本季營收的 70%，其餘營收來自國際地區。

Before moving to gross margin, I'd like to briefly speak to the deferred revenue on our balance sheet and note we saw the balance increase by $20 million in the quarter, as customers made contractual deposits ahead of project deliveries scheduled for later this year. We expect our deferred revenue to increase again in the second quarter as additional deposits come due in advance of our second-half ramp in revenues.

在談到毛利率之前，我想簡要談談我們資產負債表上的遞延收入，並指出我們看到本季度的餘額增加了2000 萬美元，因為客戶在計劃於今年稍後的項目交付之前支付了合約存款。我們預計第二季的遞延收入將再次增加，因為在下半年收入增加之前將有額外的存款到期。

We achieved first-quarter adjusted gross margins of 38.3%, an expansion of over 11 percentage points year over year, which was inclusive of the $4 million one-time benefit to cost of goods sold Kevin mentioned earlier. Excluding that one-time benefit, we saw first-quarter adjusted gross margins expand by 880 basis points on a year-over-year basis to 35.7% and by 10 percentage points sequentially versus Q4 of last year, inclusive of 45X benefits associated with our torque tube. Our ability to expand margins on lower volume is a testament to the considerable operational improvements we have made within the business.

第一季調整後毛利率達到 38.3%，年成長超過 11 個百分點，其中包括 Kevin 先前提到的 400 萬美元的一次性銷售成本收益。排除一次性收益，我們看到第一季調整後毛利率年增 880 個基點，達到 35.7%，比去年第四季度連續增長 10 個百分點，其中包括與我們的 45 倍收益相關的收益。 。我們以較低產量擴大利潤的能力證明了我們在業務中取得的巨大營運改善。

Operating expenses of $46.7 million were down approximately 7% from $50.1 million during the same period of the previous year and down 14%, or $7.3 million from the fourth quarter of 2023. This decline was driven by a year-over-year improvement in amortization expense relating to certain intangible assets from the STI acquisition and the non-recurring nature of several one-time items negatively impacting prior quarters.

營運費用為 4,670 萬美元，比去年同期的 5,010 萬美元下降約 7%，比 2023 年第四季下降 14%，即 730 萬美元。這一下降是由於與 STI 收購中的某些無形資產相關的攤銷費用同比改善以及對前幾個季度產生負面影響的幾個一次性項目的非經常性性質所致。

Adjusted EBITDA was $26.2 million when including the one-time $4 million benefit, compared to adjusted EBITDA of $67 million during the first quarter of 2023. GAAP net loss attributable to common shareholders was $11.3 million, compared to a GAAP net income of $17.2 million during the same period in the prior year. And basic and diluted loss per share was $0.07, compared to basic and diluted income per share of $0.11 during the same period in the prior year.

包含一次性 400 萬美元福利後，調整後 EBITDA 為 2,620 萬美元，而 2023 年第一季調整後 EBITDA 為 6,700 萬美元。普通股股東應佔 GAAP 淨虧損為 1,130 萬美元，而去年同期 GAAP 淨利潤為 1,720 萬美元。每股基本和稀釋虧損為 0.07 美元，而去年同期基本和稀釋每股收益為 0.11 美元。

Adjusted net income was $9 million, compared to adjusted net income of $39.6 million during the first quarter of 2023. And adjusted basic and diluted net income per share was $0.06, compared to adjusted and diluted net income per share of $0.26 during the prior year period. Finally, our free cash flow for the period was $45.1 million versus $41.9 million for the same period in the prior year, demonstrating our continued focus on cash generation.

調整後淨利為 900 萬美元，而 2023 年第一季調整後淨利為 3,960 萬美元。調整後基本和稀釋每股淨利潤為 0.06 美元，而去年同期調整後和稀釋每股淨利潤為 0.26 美元。最後，我們本季的自由現金流為 4,510 萬美元，而去年同期為 4,190 萬美元，這表明我們持續關注現金產生。

Now we'd like to go to slide 10 and conclude by affirming no changes to our prior guidance for the full year 2024 at this time. As a recap, we previously guided full-year revenue of $1.25 billion to $1.4 billion, adjusted gross margin in the low 30s percentage range, adjusted EBITDA of $285 billion to $315 billion, and adjusted EPS of $1 to $1.15.

現在，我們想轉到投影片 10，最後確認我們目前對 2024 年全年的先前指導沒有任何變化。回顧一下，我們先前預計全年營收為12.5 億美元至14 億美元，調整後的毛利率在30% 左右，調整後的EBITDA 為2850 億美元至3150 億美元，調整後的每股收益為1 美元至1.15 美元。

As communicated when we issued our 2024 guidance on February call, our revenue profile is back half-loaded. We expect Q2 revenues to grow sequentially from Q1 to the range of $225 million to $235 million and continue to expect sequential growth in both the third and fourth quarters, with the fourth quarter being the peak revenue for 2024.

正如我們在 2 月的電話會議上發布 2024 年指引時所傳達的那樣，我們的收入狀況已恢復一半。我們預計第二季營收將比第一季環比成長至 2.25 億美元至 2.35 億美元之間，並繼續預計第三季和第四季將實現環比成長，其中第四季是 2024 年營收的峰值。

In regards to the recent AD/CVD petition that Kevin touched upon earlier, this does inject some uncertainty into the year. While customers are digesting the news and awaiting further details, we are hearing of some starting to plan scenarios that could mitigate, in part or in whole, potential short-term risks to their business imposed by any new tariff. Part of those mitigation plans may include prioritizing projects designed with models sourced from manufacturers that would potentially be subject to new tariffs ahead of other projects prior to any tariff going into effect.

關於凱文早些時候提到的最近的 AD/CVD 請願書，這確實為今年帶來了一些不確定性。當客戶正在消化訊息並等待更多細節時，我們聽到一些人開始計劃可能部分或全部減輕任何新關稅對其業務造成的潛在短期風險的方案。這些緩解計劃的一部分可能包括優先考慮使用來自製造商的模型設計的項目，這些項目在任何關稅生效之前可能會先於其他項目受到新關稅的影響。

Whether these plans get put into effect remains to be seen and is dependent on how the petitions around AD/CVD play out over the next few months. Given how recent this news is and the many unanswered questions around how the petition will ultimately play out, we are not in a position at the time of this call to quantify any impact for our full-year guidance, whether that be a potential risk or a net opportunity. We will provide further updates on a future earnings call when we have clarity and if there is any material impact for our full-year expectations.

這些計劃是否會付諸實施還有待觀察，並且取決於圍繞 AD/CVD 的請願書在未來幾個月內的進展。考慮到這一消息是最近發生的，以及有關請願書最終將如何進行的許多懸而未決的問題，我們在此次電話會議時無法量化對我們全年指導的任何影響，無論是潛在風險還是一個淨機會。當我們明確情況以及是否對我們的全年預期產生任何重大影響時，我們將在未來的財報電話會議上提供進一步的更新。

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

現在我將把電話轉回給凱文，讓他做一些結束語。

Thank you, Kurt. We are very excited about the continued positive momentum in the business. During the quarter, we officially launched new features to our severe weather mitigation offering, including hail alert response, and we successfully rolled out the next generation of our H250 product.

謝謝你，庫爾特。我們對業務持續的積極勢頭感到非常興奮。本季度，我們正式推出了惡劣天氣緩解產品的新功能，包括冰雹警報響應，並成功推出了下一代 H250 產品。

We continue to see our portfolio of products well-received by our customers as evidenced by approximately $400 million of new bookings in the quarter, with a very healthy order book of $2.1 billion at the end of the quarter, which includes a meaningful amount of orders for 2025. This gives us greater visibility into the next year than historically would be the case at this time of the year.

我們繼續看到我們的產品組合受到客戶的好評，本季約 4 億美元的新訂單就證明了這一點，本季末訂單簿達到了 21 億美元，非常健康，其中包括大量訂單2025 年。這使我們對明年的了解比每年這個時候的歷史情況更加清晰。

We remain very excited for solar in general, and more importantly, for Array to capitalize on the industry growth with our diverse product and service portfolio. We'll now open the call up for questions. Operator?

總的來說，我們對太陽能仍然非常興奮，更重要的是，Array 能夠透過我們多樣化的產品和服務組合來利用產業成長。我們現在將開始提問。操作員？

(Operator Instructions) Mark Strouse, JPMorgan.

（操作員指示）Mark Strouse，摩根大通。

I wanted to start with your pricing strategy for -- I think there's been some concern with investors that you're lowering your pricing. That might be kind of sacrificing margins. Obviously, you're reiterating your guidance for the year, but just kind of curious for your bookings for delivery in 2025 and beyond. Are you still confirming kind of that mid to high 20s gross margin for the non-45X gross margins?

我想從你們的定價策略開始——我認為投資者對你們降低定價感到擔憂。這可能會犧牲利潤。顯然，您重申了今年的指導，但只是對 2025 年及以後的交付預訂感到好奇。您是否仍在確認非 45 倍毛利率的 20 倍以上高毛利率？

Hi, Mark. It's Kevin. Thanks for the question. Look, we're not ready to give 2025 guidance relative to margin at this point. I'll just reiterate that we've been very consistent in our messaging around our margins and our ability to hit those mid-20s margins over time. And we've done that not by our price reductions weren't as a result of sacrificing margin, which is really quite evident here in Q1.

嗨，馬克。是凱文。謝謝你的提問。看，我們目前還沒有準備好給予 2025 年有關利潤率的指導。我只想重申一下，我們在利潤率方面的信息一直非常一致，隨著時間的推移，我們有能力達到 20 多歲的利潤率。我們做到這一點並不是透過降價，也不是犧牲利潤率的結果，這一點在第一季非常明顯。

It was really about those structural cost reductions that we're keeping a piece and passing a piece on to our customers. That's really what drove the increase in the momentum in market share recovery, as well as continued margins at the rate that we thought we would at the mid-20s.

我們保留一部分並將一部分傳遞給我們的客戶，這實際上是為了降低結構性成本。這確實推動了市佔率恢復勢頭的成長，以及我們認為 20 多歲中期的持續利潤率成長。

So we remain confident in our ability to do that as we go forward. We have yet to see how the market plays out relative to passing on 45X benefits. I think that's something we'll just have to wait a few quarters to see how that transpires. But as far as this year, we've reaffirmed our guidance in the low 30s overall gross margin inclusive of 45X benefits. And thus far, we're continuing to see those mid-20s margins without the 45X benefits. So we feel very comfortable in our strategy playing out.

因此，我們對未來實現這一目標的能力充滿信心。我們尚未看到市場相對於傳遞 45 倍收益的表現如何。我認為我們只需要等待幾個季度就能看到結果如何。但就今年而言，我們重申了 30 多倍整體毛利率的指導，其中包括 45 倍的收益。到目前為止，我們繼續看到 20 多歲左右的利潤率，但沒有 45 倍的收益。因此，我們對自己的策略實施感到非常滿意。

Okay. And then this question might be somewhat difficult to answer. So maybe we could follow up offline, but just with the upside and downside with AD/CVD, I know there's a lot of moving parts, but maybe can you talk about kind of what you saw two years ago with the early 2022 AD/CVD investigation kind of puts and takes that you saw with your market share? And how much of that do you think was driven by that AD/CVD case?

好的。然後這個問題可能有點難回答。所以也許我們可以離線跟進，但就 AD/CVD 的優點和缺點而言，我知道有很多變化的部分，但也許你可以談談兩年前在 2022 年初的 AD/CVD 中看到的情況您對市場佔有率的調查是怎樣的？您認為其中有多少是由 AD/CVD 案例驅動的？

I think we were -- look, we were a net benefit of AD/CVD back in 2022. As you recall, we gained several points of market share that were really as a result of our structure in that, as many of you on the call know, that with our torque tubes and our clamp solution, we do not predrill into the torque tube for spacing. We have a very flexible system that allows us to withstand changes in modules much later in the game, all the way up into time of installation.

我認為我們——看，我們在 2022 年就獲得了 AD/CVD 的淨收益。正如您所記得的，我們獲得了幾個市場份額，這實際上是由於我們的結構所致，正如許多參加電話會議的人都知道的那樣，透過我們的扭矩管和夾具解決方案，我們不需要在扭矩管中預鑽孔用於間距。我們有一個非常靈活的系統，使我們能夠承受遊戲後期模組的變化，一直到安裝時。

And I think that benefited us greatly last time as our customers were changing modules, and frankly throughout UFLPA, as our customers were changing modules readily just prior to installation. And our particular product configuration really allowed that and was very supportive of that.

我認為上次我們的客戶更換模組使我們受益匪淺，坦白說，整個 UFLPA 都受益匪淺，因為我們的客戶在安裝前就很容易更換模組。我們特定的產品配置確實允許並且非常支援這一點。

As it relates to this filing, look, we really just don't have a lot to say that it's too new. The filing hasn't been fully taken up yet, and we don't know what those results are, and we're not -- certainly not in a position to yet understand in the first three weeks the impact on this year.

由於它與這份文件有關，看，我們真的沒有太多可說的，因為它太新了。文件尚未完全處理，我們不知道這些結果是什麼，而且我們當然還無法在前三週內了解這對今年的影響。

So we're going to remain silent on that until you get further down the understanding of how this is going to be received by the federal government and what their approach to continuing, either to continue the investigation or not, and then what ideas they have for potential tariffs and the impact of that market. We're certainly in touch with our customers on that, on a daily basis, just coming back from the ACP conference after several days. But again, there's not a set understanding of the full impact of that to our marketplace. And I'd be remiss if I tried to guess at this point.

因此，我們將對此保持沉默，直到您進一步了解聯邦政府將如何接受此事，以及他們繼續採取什麼方法，是否繼續調查，然後他們有什麼想法了解潛在的關稅和該市場的影響。當然，幾天後我們剛從 ACP 會議回來後，我們每天都會就此事與客戶保持聯繫。但同樣，對於這對我們市場的全面影響還沒有一個明確的了解。如果我現在試著猜測那就是我的疏忽了。

Fair enough. Thanks, Kevin.

很公平。謝謝，凱文。

Thanks, Mark.

謝謝，馬克。

Christine Cho, Barclays.

克里斯汀‧曹，巴克萊銀行。

Thank you for taking my call -- my question. So just on the gross margin point, if we back out this $4 million supplier settlement, gross margins was still 35%. You're guiding to low 30s. So just as it pertains to 1Q, was there anything else notable driving this quarter higher like any sort of like catch up from 2023.

感謝您接聽我的電話—我的問題。因此，僅就毛利率而言，如果我們撤銷 400 萬美元的供應商和解協議，毛利率仍為 35%。你正在引導到 30 多歲以下。因此，就像第一季一樣，是否有其他值得注意的因素推動本季上漲，就像 2023 年的任何類似追趕一樣。

And then with respect to the cadence of gross margins, should we think that it should be pretty consistent in the low 30% range for the remainder of the year? Or should we think that maybe it's kind of slowly decreases from like 1Q?

那麼，就毛利率的節奏而言，我們是否應該認為今年剩餘時間它應該在 30% 的低水平範圍內保持相當穩定？或者我們應該認為它可能會從 1 季開始緩慢下降？

Hi, Christine. This is Kurt. I appreciate the question. I think you clocked it right with the onetime benefit of the $4 million, that was about 2.6 percentage points of margin in the quarter. That was clearly a onetime item related to debt settlement. So we did see gross margins, obviously, each project will have a slightly different margin profile. We did see a little bit more that benefited from 45x in this quarter. So you that 35.5-ish that you referenced, that's about where we came in, but it did benefit a little bit more from a heavier weighting of 45X. We do think that as we look through the remainder of the yearly closer to the mid to low 30s that we talked about.

嗨，克里斯汀。這是庫爾特.我很欣賞這個問題。我認為您的一次性收益 400 萬美元是正確的，相當於本季利潤率約 2.6 個百分點。這顯然是與債務清償有關的一次性項目。所以我們確實看到了毛利率，顯然，每個項目的利潤率情況都會略有不同。我們確實看到本季 45 倍的收益有所增加。所以你提到的 35.5 左右，這就是我們進來的地方，但它確實從 45X 的較重權重中受益更多。我們確實認為，當我們回顧一年中剩餘的時間時，我們確實認為這一點接近我們所討論的 30 多歲左右。

And we did mention on the last call that there is a certain amount of 45X, call it, power that we left in case there was some good backs that we had to do. We won't be the first movers in that type of advantage. And that would obviously mean that we're assuming a little bit lower gross margin, you're talking a couple of hundred basis points in any direction in the quarter in the back half than what you're seeing in the first half here. I hope that answered your question.

我們在上次電話會議中確實提到，我們留下了一定量的 45X 功率，以防萬一我們必須做一些好的後衛。我們不會成為這種優勢的先行者。這顯然意味著我們假設毛利率略低，後半季的任何方向的毛利率都比上半年低了幾百個基點。我希望這回答了你的問題。

Yes. That was helpful. And just my follow-up. You mentioned in your prepared remarks that deposits were positive this quarter. And it is positive for the first time in a while, has anything changed contractually on how you collect these? Or is it just a function of your bookings this quarter being a lot larger than what exited your backlog versus last year?

是的。這很有幫助。這只是我的後續行動。您在準備好的發言中提到，本季存款為正值。這是一段時間以來第一次出現積極的情況，關於您如何收集這些的合約有什麼變化嗎？或者這只是因為您本季的預訂量比去年的積壓量大得多？

That necessarily -- Kevin mentioned in his prepared remarks that -- and we've mentioned this even in the call last time that we are seeing a little bit more of a long-dated time frame from when we get the bookings to when the project will actually be shovel ready.

這是必然的——凱文在他準備好的發言中提到——我們甚至在上次的電話會議中也提到過這一點，我們看到從我們收到預訂到項目啟動的時間範圍更長一些實際上會準備好鏟子。

Obviously, from a developer standpoint, ETC they don't want to put cash down on a longer time frame that will hurt their IRR. So what we're seeing is we get bookings, the cash is really meant to be -- to compensate us for any at-risk capital we put to work to buy the inventory.

顯然，從開發商的角度來看，ETC 他們不想在更長的時間範圍內投入現金，這會損害他們的 IRR。所以我們看到的是我們收到了預訂，現金實際上是為了補償我們用於購買庫存的任何風險資本。

So what we do expect is that there will be a little bit of a time lag between the booking itself and when the contract is signed to ultimately when we get the deposit. What we typically try to do is align that deposit to when we get the actual inventory exposure on our end to mitigate that.

因此，我們確實預計，從預訂本身到簽訂合約到最終收到押金之間會有一點時間延遲。我們通常嘗試做的是將押金與我們獲得實際庫存敞口的時間保持一致，以減輕這種情況。

Now obviously, there's some cancellation penalties in there, but that doesn't require them to put any cash upfront for us. So that dynamic has changed a little bit over the last year as these time frames have got elongated. But I think that's pretty consistent, what you'll see throughout the industry.

顯然，那裡有一些取消罰款，但這並不要求他們為我們預付任何現金。因此，隨著這些時間框架的延長，這種動態在去年發生了一些變化。但我認為這在整個行業中都是非常一致的。

(Operator Instructions) Brian Lee, Goldman Sachs.

（操作員指示）Brian Lee，高盛。

Hi, guys. Good afternoon. Thanks for taking the question. I'll try to keep it to one here. Kevin, you mentioned on the guidance, you're reiterating the range for revenue, it's flat volume, which when you back into it, would imply like pricing is down somewhere between 10% to 20% year on year based on the guidance low-high. I know you don't want to get into 2025 margins, but you have some bookings and a decent part of backlog here now that you said gives you better visibility into the next year than you normally would have.

嗨，大家好。午安.感謝您提出問題。我會盡力將其保留在此處。凱文，你在指導中提到，你重申了收入範圍，銷量持平，當你回到它時，這意味著價格根據指導低點同比下降了 10% 到 20% -高的。我知道您不想達到 2025 年的利潤率，但您現在有一些預訂和相當一部分積壓，您說這可以讓您比平時更好地了解明年。

So presumably, you have a view on pricing. Would you think that 2025 relative to the down 10% to 20% you're implying for 2024? It is about an equal price decline year, better or worse? Just trying to get a sense for what you're seeing in terms of the pricing trends based on the early part of the year for bookings and backlog that you have right now? Thank you.

所以想必您對定價有自己的看法。您是否認為 2025 年相對於您所暗示的 2024 年下降 10% 至 20% 而言？今年是同等價格下跌的一年，是好是壞？只是想根據今年年初的預訂和積壓訂單來了解您所看到的定價趨勢嗎？謝謝。

I think, Brian, it's really hard to impact that, because again, we're in a hyper deflationary steel environment here in the very near-term. So when you think about that from a steel pricing, just even year-to-date deals, down from the spot price of last week. The last time I looked, it was down circa 36%, so very significant. So it's really hard to translate that. And I don't think I'm ready to translate that into a margin view for you just yet. It would be too premature to do that.

我認為，布萊恩，這真的很難影響，因為短期內我們再次處於極度通貨緊縮的鋼鐵環境。因此，當你從鋼鐵定價角度考慮時，即使是今年迄今為止的交易，也比上週的現貨價格有所下降。我上次查看時，下降了約 36%，非常顯著。所以翻譯起來真的很難。我認為我還沒有準備好將其轉化為您的邊緣視圖。這樣做還為時過早。

So remember, what we've said on our last call that of that pricing decline, and I certainly have issue with your high end of 20%, it's not nearly that. Of the pricing decline of what we're seeing now and what we're booking now, the disproportionate amount of that pricing decline is purely related to commodities.

所以請記住，我們在上次電話會議中談到了價格下降，我當然對你們 20% 的上限有意見，但實際情況遠非如此。在我們現在看到的和我們現在預訂的價格下降中，價格下降的不成比例的幅度純粹與大宗商品有關。

And then there is a portion that is in the -- I would say, low to mid-single digits that is our passing on of some of our cost savings to our customers. But the far disproportionate amount of ASP decline on a period-over-period is related purely to commodities, which, again, our customers are very savvy and expect us to pass on those costs very effectively. So hopefully, that helps.

然後有一部分是——我想說的是，低到中個位數，這是我們將一些成本節省轉嫁給我們的客戶。但平均售價較去年同期大幅下降純粹與大宗商品有關，我們的客戶非常精明，希望我們能非常有效地轉嫁這些成本。希望這會有所幫助。

Yeah. No, that's helpful. I'll take the rest offline. I appreciate it.

是的。不，這很有幫助。我會把剩下的部分離線。我很感激。

Thanks, Brian.

謝謝，布萊恩。

Joe Osha, Guggenheim Partners.

喬‧奧沙，古根漢合夥人。

Hi, thank you for taking my question. I'm wondering if we can have an update on the status of your clamp, the panel clamps and the 45X saga, has that ship sailed? Or is there still a chance that we might see those be able to qualify? Thank you.

你好，謝謝你回答我的問題。我想知道我們是否可以了解您的夾具、面板夾具和 45X saga 的最新狀態，那艘船已經啟航了嗎？或者我們還有機會看到這些人能夠晉級嗎？謝謝。

I think it's too early to tell. We don't have the final information on that. We continue to lobby for plants. And remember, we've been consistent in saying that there's two different areas that plans may fall under. One is under the structural fastener definition. That one has certainly a higher value to it under that, I think it's $2.28 per kilogram.

我認為現在說還為時過早。我們沒有這方面的最終訊息。我們繼續遊說植物。請記住，我們一直一致認為，計劃可能屬於兩個不同的領域。一是在結構緊固件定義下。在此之下，那個肯定有更高的價值，我認為是每公斤 2.28 美元。

The other one is structural fasteners, under a definition, under the structural steel element that can be considered part of that torque structure, which has a lower dollar amount, but certainly can fit into that definition. We're still doing our part to continue to lobby and to provide our backup for why we think clamps are structural fasteners. If they're not, we feel pretty comfortable that they'll at least be part of the other, but less valuable piece of thing.

另一種是結構緊固件，根據定義，在結構鋼元件下，可以被認為是該扭矩結構的一部分，其金額較低，但肯定可以符合該定義。我們仍在盡自己的努力，繼續遊說並為我們認為夾鉗是結構緊固件的原因提供支援。如果不是，我們會感到很舒服，因為它們至少會成為另一個但價值較低的東西的一部分。

And look, we're still -- when you ask me when do you think we're going to have part of that, wish I knew. This is something that we continue to see the came down the road. We are expecting some form of additional domestic content guidance here in the next few weeks, but we are not unsure of what all will be covered in that release.

看，我們仍然——當你問我你認為我們什麼時候會參與其中時，我希望我知道。這是我們繼續看到的事情。我們預計在接下來的幾週內會出現某種形式的額外國內內容指南，但我們不確定該版本將涵蓋哪些內容。

Thank you.

謝謝。

And again, I'll take this opportunity to remind everyone on the call that we have yet to put the value of structural factors into our guidance for this year.

我將再次藉此機會提醒與會者，我們尚未將結構性因素的價值納入今年的指導中。

Jordan Levy, Truist Securities.

喬丹·利維 (Jordan Levy)，Truist 證券公司。

Good afternoon, all. Maybe I just want to see if you could provide us some update after a nice bookings quarter again on how customers are reacting to kind of the price decreases in DuraTrack versus the rollout of H250 as well as OmniTrack just the dynamics you're seeing there?

大家下午好。也許我只是想看看您是否可以在預訂季度良好後再次向我們提供一些最新信息，了解客戶對 DuraTrack 降價與 H250 和 OmniTrack 的推出有何反應，以及您在那裡看到的動態？

Yes, sure. So let me unpack it a little bit different. The OmniTrack is starting to really gain traction for no pun intended there. We're starting to see acceleration. And as we've discussed in the past, that the large quantity of quotes that we're starting to see those now turn into orders, and we're very happy with the trend on that. What we're seeing in the DuraTrack versus H250, we internationally, the new version of the H250 is doing really, really well and will very quickly become the dominant platform for our international business, certainly in Spain and in Brazil, at least in those two regions.

是的，當然。那麼讓我以稍微不同的方式來解開它。OmniTrack 開始真正獲得關注，這並非雙關語。我們開始看到加速。正如我們過去所討論的，我們開始看到大量的報價現在變成了訂單，我們對此趨勢感到非常滿意。我們在 DuraTrack 與 H250 中看到的情況，在國際上，新版本的 H250 做得非常非常好，並將很快成為我們國際業務的主導平台，當然在西班牙和巴西，至少在這些地區兩個區域。

And then relative to the H250 in the US, look, it's not gaining any traction as the reduced price on DuraTrack is just winning. What we look at is our win rate internally. And I can just say that our win rate -- we've been very pleased in certainly in the last, say, six months of our win rate just continuing to uptick with our revised pricing. And we think we did a really sweet spot of the value proposition of DuraTrack for our customers. And our win rate versus those lower-priced other offerings in the market, we're just really pleased at this point. So yes, I think that's going to continue.

然後相對於美國的 H250，你看，它並沒有獲得任何吸引力，因為 DuraTrack 上的降價剛剛獲勝。我們看的是我們內在的勝率。我只能說，我們的獲勝率——我們非常高興，在過去六個月中，我們的獲勝率隨著我們修改後的定價而繼續上升。我們認為我們為客戶實現了 DuraTrack 價值主張的真正最佳點。與市場上其他價格較低的產品相比，我們的獲勝率讓我們感到非常高興。所以是的，我認為這種情況將會繼續下去。

This is Kurt. The only thing I would add on the OmniTrack is we've got multiple orders in our order book from that in all regions of our -- that we'd say it. So that's being well received. And as Kevin mentioned, right now, the DuraTrack is winning here in the States. And given the choice between an H250 or DuraTrack, is people will go for the higher quality product or higher featured product, I should say, it was DuraTrack.

這是庫爾特.我要在 OmniTrack 上新增的唯一一件事是，我們的訂單簿中已經有來自我們所有地區的多個訂單——我們會這麼說。所以這很受歡迎。正如 Kevin 所提到的，目前 DuraTrack 在美國取得了勝利。考慮到在 H250 或 DuraTrack 之間進行選擇，人們會選擇更高品質的產品或更高功能的產品，我應該說，它是 DuraTrack。

That really makes sense. Thank you.

這確實有道理。謝謝。

Kashy Harrison, Piper Sandler.

卡希·哈里森，派珀·桑德勒。

Good afternoon. Thanks for taking the question and congrats on the Q1. Kevin, on slide 4 and in your prepared remarks, you talked -- you mentioned that I think more than 80% of your customers are Tier 1 in nature. Can you also give us a sense of what proportion of your backlog has essentially fully derisked the critical equipment, permitting and interconnection, I understand that the backlog is over multiple years, but I'm just trying to get a sense of how derisked the volumes that land in 25 are or even 26%.

午安.感謝您提出問題並祝賀 Q1。凱文，在第 4 張投影片和您準備好的演講中，您提到，我認為您 80% 以上的客戶本質上屬於一級客戶。您是否也讓我們了解您的積壓訂單中，有多少比例基本上完全消除了關鍵設備、許可和互連的風險，我知道積壓的訂單已經持續多年，但我只是想了解一下這些數量的風險程度如何25%甚至26%。

Yes. I think, Kash, you are always putting something into backlog. First of all, we have to be -- we have a high confidence level. We have a start date. We've been awarded the order. And we have, over the last, say, 12 months to 18 months, added several other criteria in that to get to our confidence in this project going forward.

是的。我認為，卡什，你總是把一些東西放入積壓的工作中。首先，我們必須有很高的信心。我們有一個開始日期。我們已獲得訂單。在過去的 12 個月到 18 個月裡，我們添加了其他幾個標準，以增強我們對這個專案前進的信心。

So we do look at the level of comfort in the financing. We look at interconnection permit. And we recently, about maybe six months ago, started adding surety of supply of the high voltage components, the breakers and things of that nature. So I don't know that I have data for you in terms of what percentage of that. I can only say it's better today than it would have been six months ago because we've added several other filters for it to get into our backlog.

因此，我們確實關注融資的舒適度。我們來看看互連許可。最近，大約六個月前，我們開始增加高壓組件、斷路器和類似物品的供應保證。所以我不知道我有多少百分比的數據給你。我只能說今天比六個月前更好，因為我們添加了幾個其他過濾器以使其進入我們的積壓工作。

Appreciate it. Thank you.

欣賞它。謝謝。

Vikram Bagri, Citi.

維克拉姆·巴格里，花旗銀行。

Good afternoon, everyone. Kevin, in your prepared remarks, you mentioned that Array is strategically getting share from, or wallet share from, with some clients. I was wondering, like, what do you do differently with these clients, one? And besides these selected customers, do you believe you're gaining share overall in the market?

大家下午好。Kevin，在您準備好的發言中，您提到 Array 正在策略性地從某些客戶那裡獲取份額或錢包份額。我想知道，你對這些客戶有什麼不同的做法嗎？除了這些選定的客戶之外，您是否認為您正在獲得整體市場份額？

And then, on a relative note, I wanted to ask about pricing differently. Has there been more pricing action on your part beyond what you did earlier in the year, either with the selected clients or overall? Thank you.

然後，相對而言，我想問不同的定價。與今年稍早相比，您​​是否對選定的客戶或整體採取了更多的定價行動？謝謝。

A lot to unpack there, Vikram. Let me just say that what we're doing to gain share is, first of all, taking the analytical approach to our value proposition and ensuring that we've got the right product priced effectively for the market and then ensuring that our organization has been aligned to drive cost savings on a continual basis that we can pass on to our customers. So that's really what's the changed. It's been clarity of value proposition.

維克拉姆，有很多東西要解開。我只想說，我們為獲得份額所做的首先是對我們的價值主張採取分析方法，確保我們擁有適合市場的有效定價的正確產品，然後確保我們的組織已旨在持續節省成本，並將其轉嫁給客戶。這就是真正改變的地方。這是價值主張的明確性。

And then the other thing has been certainly increasing my personal engagement in the marketplace, that's something that we've been doing a great deal of an engaging customers personally and sharing the value propositions with the customers and giving them a sense of the amount of innovation and new product that we have coming this year.

另一件事肯定是增加我個人對市場的參與度，我們一直在做大量的事情來親自吸引客戶，與客戶分享價值主張，讓他們感受到創新的數量以及我們今年推出的新產品。

We've done all of the above, and I think the customers are responding quite well as we've engaged them, such as having a customer forum here 45 days ago where we brought many customers in for a several-day event to give them a sense of that new product development funnel, the value proposition, the software improvements, all of those things.

我們已經完成了上述所有工作，我認為客戶的反應非常好，因為我們與他們互動，例如 45 天前在這裡舉辦了一個客戶論壇，我們邀請了許多客戶參加為期幾天的活動，為他們提供幫助對新產品開發漏斗、價值主張、軟體改進等等的感覺。

And I think the customers are paying attention to those things, and it's making a difference. The thing such -- the two that we highlighted here on the call of the automated hail response and the wind stow study are incredibly significant. And we could empirically show our customers in mid and high wind sites that we generate 2%, 3%, 4% more energy every year for that life of that asset at 30 years, it's incredibly significant.

我認為客戶正在關注這些事情，這正在產生影響。諸如此類的事情——我們在這裡強調的自動冰雹響應和風積研究這兩件事非常重要。我們可以憑經驗向中、高風場的客戶展示，在該資產的 30 年使用壽命內，我們每年多產生 2%、3%、4% 的能源，這是非常重要的。

And I think our customers are responding really well to those things. We're not getting into a pricing war. That's certainly not happening at this point in the market. We're just being smarter and selective about those orders that we really want to a win and pursue.

我認為我們的客戶對這些事情反應非常好。我們不會陷入價格戰。目前市場上肯定不會發生這種情況。我們只是對那些我們真正想要贏得和追求的訂單更加明智和有選擇性。

Thank you.

謝謝。

Dushyant Ailani, Jefferies.

杜希安特·艾拉尼，杰弗里斯。

I just had one on DLM has talked about updating its western solar plant by 22 million acres. How do you see yourself in a position for that? And any timing on that as well?

我剛剛在 DLM 上看到一篇文章談到要更新其西部太陽能發電廠 2200 萬英畝的面積。您認為自己處於什麼位置？還有什麼時間安排嗎？

I'm sorry, I couldn't hear. We have a bad connection. Can you repeat the question?

抱歉，我聽不見。我們的關係不好。你能重複一下這個問題嗎？

Sure. Can you hear me now? The question was, yeah, the question was that DLM has basically talked about updating its western solar plant by 22 million acres on the western -- for the western states. Can you speak on the timing of that and how you see yourself positioning for that?

當然。你聽得到我嗎？問題是，是的，問題是 DLM 基本上已經談到了要在西部各州更新其西部太陽能發電廠 2200 萬英畝的面積。您能談談這樣做的時機以及您如何看待自己對此的定位嗎？

Well, certainly, it will really be up to our customers, those developers that will be out there positioning for that business. And then we'll certainly work with the IPPs, developers, and PCs to take our fair share of that business. We're excited about it. I think it's a very good move and certainly we'll participate. But we'll do that through our customers, not directly.

嗯，當然，這實際上取決於我們的客戶，那些將為該業務定位的開發人員。然後我們肯定會與 IPP、開發商和 PC 合作，以公平地分享該業務。我們對此感到興奮。我認為這是一個非常好的舉措，我們當然會參與。但我們將透過我們的客戶來做到這一點，而不是直接這樣做。

Philip Shen, ROTH MKM.

菲利普·沉，羅斯 MKM。

Hey, Kevin and Kurt. Thanks for taking my questions. How do you expect Q2 and Q3 bookings to trend? Have you seen activity take a pause or be impacted given the uncertainty around the new ADC tariffs? And then separately, from a housekeeping standpoint, can you share what the international versus US mix was in the Q1 bookings? Thanks.

嘿，凱文和庫爾特。感謝您回答我的問題。您預計第二季和第三季的預訂趨勢如何？鑑於新 ADC 關稅的不確定性，您是否發現活動暫停或受到影響？然後，從客房服務的角度來看，您能否分享一下第一季預訂中國際與美國的組合情況？謝謝。

Kevin, do you want to take the first part on trend and I'll take the --?

凱文，你想參加流行趨勢的第一部分嗎？——？

Yes, I mean -- so we don't give quarterly booking trends, and I think it's -- we've stayed away from that. We're comfortable with the current momentum in our business, and that's as far as I'll go with Q2 or Q3 bookings. We've really tried to get the market off of a quarterly bookings trend to think about the long term of the year just due to the cyclicality, seasonality of the bookings and the fits and stops that we've seen in this industry over the last several years.

是的，我的意思是——所以我們不提供季度預訂趨勢，我認為——我們已經遠離了。我們對當前業務勢頭感到滿意，這就是我對第二季或第三季預訂的看法。我們確實試圖讓市場擺脫季度預訂趨勢，以考慮今年的長期趨勢，只是由於預訂的周期性、季節性以及我們在過去看到的該行業的間歇性幾年。

So from that standpoint, I'm going to stay away from predicting Q2 and Q3 bookings. I'll just say that the underlying momentum in our business, we're pleased with to date. We haven't seen any significant change in that in the near term, but I won't predict what may or may not happen quarters out. I'll let Kurt talk about the second part of your question.

因此，從這個角度來看，我將不再預測第二季和第三季的預訂量。我只想說，迄今為止我們對我們業務的潛在勢頭感到滿意。短期內我們還沒有看到任何重大變化，但我不會預測未來幾季可能會或不會發生什麼。我會讓庫爾特談談你問題的第二部分。

Yes. And I'll just add to that, Phil, as we go in and look at the bookings trends, we've had historically where you have a low quarter that you immediately go back with a high quarter like we saw in Q4 was $600 million. That's why we try and shift away because what we're not going to do is do any type of price concession or anything, just had a booking number by the end of the quarter. That's just not what we price here.

是的。Phil，我要補充一點，當我們進入並查看預訂趨勢時，我們歷史上曾遇到過季度較低的情況，但很快就會出現較高的季度，就像我們在第四季度看到的6 億美元一樣。這就是為什麼我們嘗試轉移，因為我們不會做任何類型的價格優惠或任何事情，只是在季度末之前獲得預訂號碼。這不是我們這裡的定價。

From an international standpoint, we haven't seen any kind of change from our historical revenue mix. It's pretty consistent with what that is. I think from -- when we look at it and our Q should be out right now that you get that we'll look at from a competitive standpoint, we have seen in Brazil is a little bit more competitive than what we've seen in the past there.

從國際角度來看，我們的歷史收入結構並沒有任何變化。這與事實非常一致。我認為，當我們看到這一點時，我們的問題應該立即出來，我們將從競爭的角度來看，我們在巴西看到的競爭比我們在巴西看到的更具競爭力。

But we're still winning our share. Our mix is the same as Kevin alluded to in his prepared remarks, our ability to perform and the track record that we have with the way technology and the energy yield from those fields has been phenomenal, that's certainly helping us in those markets through those proof points.

但我們仍然贏得了我們的份額。我們的組合與凱文在他準備好的演講中提到的相同，我們的執行能力以及我們在技術和這些領域的能源產量方面所擁有的記錄是驚人的，這肯定會通過這些證據幫助我們在這些市場上點。

For example, I know we referenced in my remarks, the full year results, but it's just getting better. In December, we had 16 of the top 20 solar sites in Brazil for our rate sites. And that's significant. And when you think about that data and you unpack it, the difference in the top 5 and say, numbers 16 through 20 is several percentage points' worth of efficiency.

例如，我知道我們在演講中提到了全年業績，但情況正在變得更好。12 月，巴西排名前 20 名的太陽能站點中的 16 個屬於我們的費率站點。這很重要。當你思考這些數據並將其解開時，你會發現前 5 名（例如第 16 名到第 20 名）之間的差異相當於幾個百分點的效率。

So this is where we've talked routinely about results being rhetoric, and we love the third parties out there capturing those results and putting them out there for everyone to see, it's really helping us win additional business down in that marketplace because it's actual results and statistically very significantly better than the competitors that we compete against in those markets --

因此，這就是我們經常談論的結果是說辭的地方，我們喜歡第三方捕獲這些結果並將其放在那裡供每個人查看，這確實幫助我們在該市場贏得了更多業務，因為它是實際結果從統計數據來看，明顯優於我們在這些市場上競爭的競爭對手--

Maheep Mandloi, Mizuho.

馬希普‧曼德洛伊，瑞穗。

Hey, thank you. Maheep Mandloi here. Just a question on the international mix also. It looks like it's 75, 25 US international. Should we expect something similar for the rest of the year? Just trying to get an understanding of the rest of your revenues, which might be exposed to AD/CVD here?

嘿，謝謝你。馬希普·曼德洛伊在這裡。還有一個關於國際組合的問題。看起來是75、25美國國際。我們是否應該期待今年剩餘時間會出現類似的情況？只是想了解您的其餘收入，哪些可能會受到 AD/CVD 的影響？

And second part, on the margins on international, you talked about being competitive, it looks like around 15% for the 10-Q. Should we expect something similar going forward here or any expansions of improvements there?

第二部分，關於國際市場的利潤率，您談到了競爭力，看起來 10 季的競爭力約為 15%。我們是否應該期待這裡發生類似的事情或那裡有任何擴展的改進？

Yes. A couple of things there. Regarding the mix, I think it's going to be fairly consistent. It obviously can move around in any quarter, but we see that fairly consistent with what we're doing in the book, obviously, in Brazil and Spain a little more bookership in that same quarter, how those markets work.

是的。有幾件事。關於混合，我認為它會相當一致。顯然，它可以在任何季度發生變化，但我們看到這與我們在書中所做的相當一致，顯然，在巴西和西班牙，同一季度的預訂量有所增加，這些市場的運作方式。

As far as margins, we mentioned a little bit earlier in the Q&A, there was a little bit more locally sourced supply coming into Brazil and Spain in particular versus some of the lower cost regions where we can source supply. We did that to accelerate some time schedule with some customers. We think we'll -- the margins will improve in the second half year in those regions with what we've already kind of sourced and that’s coming in. But as you know, we got to burn through the inventory that we burn and secured for those projects. So I think you can see the Q2 kind of that similar range, and then you'll see that starting to lift in the second half.

就利潤率而言，我們在問答中早些時候提到過，與我們可以採購供應的一些成本較低的地區相比，巴西和西班牙的本地採購供應量要多一些。我們這樣做是為了加快一些客戶的時間表。我們認為，憑藉我們已經採購的產品和即將進入的產品，這些地區在下半年的利潤率將會提高。但如您所知，我們必須燒毀為這些項目燒毀和確保的庫存。所以我認為你可以看到第二季度類似的範圍，然後你會看到它在下半場開始上升。

Okay. Thank you, all. Take the rest offline.

好的。謝謝你們。將其餘部分離線。

Thank you.

謝謝。

Donovan Schafer, Northland Capital Markets.

多諾萬‧謝弗 (Donovan Schafer)，北國資本市場。

Hi, guys. Thanks for taking the questions. So first, I want to ask someone else earlier in the Q&A asked about the 250 tracker. And Kevin, I think you commented that actually the new design, you seem to be suggesting it's not that it's doing so great in the US because DuraTrack is doing so well with the cost down structure.

嗨，大家好。感謝您提出問題。首先，我想詢問早些時候在問答中詢問過 250 追蹤器的其他人。Kevin，我認為您評論說，實際上新設計，您似乎是在暗示它在美國的表現並不是那麼出色，因為 DuraTrack 在降低成本的結構方面做得很好。

But that the new -- but that the redesign on the H250 that was actually done with the intention of making it more attractive in the US market that, that is driving incremental interest internationally, but there's more -- now that you've got the driveline between tube is kind of the rotating shaft instead of the pendulum swing thing that cause -- is that correct? Am I understanding that correctly?

但新的——但對 H250 的重新設計實際上是為了讓它在美國市場更具吸引力，這正在推動國際上的興趣增加，但還有更多——現在你已經有了管之間的傳動系統是一種旋轉軸，而不是導致鐘擺擺動的東西——這是正確的嗎？我的理解正確嗎？

Yes, that's correct. The enhancements that we made initially targeting in the US market, we frankly weren't going to launch internationally for a much longer period of time. The -- not only did we do product enhancements, but it was much more cost-effective in the redesign. And this was about getting the FTI engineers working closely with the Array engineers and coming up with kind of some hybrid ideas for improving that product and reducing its cost.

對，那是正確的。我們最初針對美國市場進行的增強功能，坦白說，我們不會在更長的時間內在國際市場上推出。我們不僅對產品進行了增強，而且在重新設計中更具成本效益。這是為了讓 FTI 工程師與 Array 工程師密切合作，並提出一些混合想法來改進該產品並降低其成本。

While that was originally targeted at a lower price point here in the US, you're absolutely right, the US is still just migrated to accelerating the purchases of DuraTrack, and then what we saw happen very quickly is our international customers really wanted access to that product line. So we had to accelerate the international versions of that. And I would say that's, by and large, the disproportionate amount of what we're booking now in our international business. Now again, that will be for delivery several quarters out. Its really predicated on that new platform, both in Spain and Brazil. So that platform is being well received.

雖然最初的目標是在美國降低價格，但你說得對，美國仍然只是加速 DuraTrack 的購買，然後我們看到很快發生的事情是我們的國際客戶真正想要訪問該產品線。所以我們必須加快國際版的速度。我想說，總的來說，這與我們現在的國際業務預訂量不成比例。現在，這將在幾個季度後交付。它實際上是基於西班牙和巴西的新平台。所以這個平台很受歡迎。

Okay. And then -- that's interesting. And then following up four kind of still stick with International. There is the press release, the announcement kind of a partnership with the Saudi Arabian, I think it's called like -- I think the name is an aluminum company, but it's -- I believe it's a steel fabrication sort of subsidiary. And so to go after that market and be able to bring in a locally source -- sourcing and so forth. Saudi Arabia and significant portions, I think, of like North Africa and maybe other parts of the Middle East can have such harsh weather conditions. And I remember someone once describing at least the DuraTrack as being built like a tank.

好的。然後——這很有趣。然後後續四種還是堅持用國際。有一份新聞稿，宣布與沙烏地阿拉伯建立合作夥伴關係，我認為它的名稱是——我認為這個名字是一家鋁公司，但它是——我相信它是一家鋼鐵製造類子公司。因此，要追逐這個市場，並且能夠引入本地資源——採購等。我認為沙烏地阿拉伯和北非以及中東其他地區的大部分地區可能會遇到如此惡劣的天氣條件。我記得有人曾經形容 DuraTrack 像坦克一樣建造。

So I'm curious, does your -- does that still -- is that still the sense among market participants. Does that give you an edge in places like that? Is there still a reputation or perception? I mean, you've taken concepts, I don't know, maybe hypothetically --

所以我很好奇，市場參與者仍然有這種感覺嗎？這會為你在類似的地方帶來優勢嗎？還有聲譽或認知嗎？我的意思是，你已經接受了概念，我不知道，也許是假設的--

Yes. I can tell you --

是的。我可以告訴你--

Made in not a --

製造於非--

Yes. Great question. I just came back from a week over in Dubai and Abu Dhabi meeting with several end-use customers as well as supply chain partners. And I'll give you a sense of what we're focused on here. So this is going to be a very quickly developing market, albeit the market at a slightly lower price point than we would enjoy here domestically. But both in -- more broadly in Africa as well as the Middle East, I think it's going to be a huge market.

是的。很好的問題。我剛剛在杜拜和阿布達比與幾家最終用戶以及供應鏈合作夥伴會面一周回來。我會讓您了解我們在這裡關注的重點。因此，這將是一個發展非常迅速的市場，儘管該市場的價格比我們在國內享受的價格略低。但無論是在非洲還是中東，我認為這都會是一個巨大的市場。

So a few takeaways from my visits. So first, our approach has consistently been to partner with suppliers in region, for example, in Saudi that will allow us to be able to get beneficial pricing because of the amount of domestic content we'll have in those regions. And I think our supply chain team and our Middle Eastern team, have done a great job lining that up and putting us in a great position.

這是我訪問的一些收穫。因此，首先，我們的方法一直是與該地區的供應商合作，例如沙烏地阿拉伯，這將使我們能夠獲得有利的定價，因為我們在這些地區擁有大量的國內內容。我認為我們的供應鏈團隊和中東團隊在這方面做得很好，使我們處於有利的地位。

When we met with several of the EPCs and developers, I would say my biggest takeaway was how well-known our brand was and how welcome we are into the market. Look, the tone, quite honestly, was not only what took you so long, but thank God, you here, how do we get going together. So incredibly positive tone in that market, and we're taking it very seriously. We're actively hiring resources in region and we are actively bidding on a lot of work in that region at this point.

當我們會見幾位 EPC 和開發商時，我想說，我最大的收穫是我們的品牌有多知名以及我們在市場上有多受歡迎。聽著，老實說，這語氣不僅讓你花了這麼長時間，而且感謝上帝，你在這裡，我們如何才能走到一起。市場的氣氛非常積極，我們非常認真地對待它。我們正在積極招募該地區的資源，並且目前正在積極投標該地區的大量工作。

So it is going to be a growth market. We'll talk more about it once we start really converting some of those inquiries into orders. A little premature now, but we're really excited about the market and not spending some of my personal time there with some of the members of the senior leadership team.

因此，這將是一個不斷成長的市場。一旦我們開始真正將其中一些查詢轉化為訂單，我們將更多地討論它。現在有點為時過早，但我們對市場感到非常興奮，並且沒有花一些個人時間與高階領導團隊的一些成員在一起。

All right. I'll take the rest of my questions offline. Thanks.

好的。剩下的問題我會離線回答。謝謝。

Thanks, Donovan.

謝謝，多諾萬。

Tom Curran, Seaport Global Securities.

湯姆柯蘭 (Tom Curran)，海港環球證券公司。

Hey, guys. Thanks for squeezing me in here before last call. Kevin or Kurt, could you give us an idea of maybe just directionally, how total non-tracker revenue did sequentially in 1Q? And then are the two of you working on a plan to eventually break out non-tracker revenue or maybe just provide some more disclosures related to it? And if so, is that something we could expect to see in this year 2024?

大家好。謝謝你在上次打電話之前把我擠到這裡。Kevin 或 Kurt，您能給我們大概介紹一下第一季非追蹤器總收入的連續情況嗎？那麼你們兩人是否正在製定一項計劃，以最終打破非追蹤器收入，或者只是提供更多與之相關的披露？如果是這樣，我們可以在 2024 年看到這樣的情況嗎？

I don't think you'll see it this year. We'll break it out when it becomes material enough to do that. We obviously saw some this quarter coming in. We'll not material enough to disclose part of our active strategy, and we will break it out when it's material, but it won't be in 2024.

我想你今年不會看到它。當它變得足夠重要時，我們會將其分解。我們顯然在本季度看到了一些進來。我們的實質內容不足以揭露我們的部分主動策略，當有實質內容時我們會予以揭露，但不會在 2024 年。

Got it. Thanks for taking my question.

知道了。感謝您提出我的問題。

You got it, Tom.

你明白了，湯姆。

Colin Rusch, Oppenheimer.

科林‧魯施，奧本海默。

Thanks so much. Guys, you talked about the CLIP solution, and I know you've worked on different footing solutions. Can you give us a sense of how much efficiency you can get, or you can give your customers from a labor perspective or a time-to-installation perspective with some of those solutions?

非常感謝。夥計們，你們談到了 CLIP 解決方案，我知道你們已經研究過不同的基礎解決方案。您能否讓我們了解您可以獲得多少效率，或者您可以從勞動力角度或安裝時間角度為您的客戶提供其中一些解決方案？

You're talking relative to our new CLIP on the first solar Series 7 in particular? Is that what you're talking about?

您是在談論我們第一個太陽能係列 7 上的新 CLIP 嗎？你說的是這個嗎？

I'm talking about just in general. It seems like an area of competitive advantage and opportunity for you guys to pick up some market share and drive some value for customers.

我說的只是一般情況。這似乎是一個具有競爭優勢的領域，也是你們獲得一些市場份額並為客戶帶來一些價值的機會。

I don't think we'll quantify it here but suffice to say when we came in and working with Jerry, who's our Head of Engineering, look, it was one of those avenues, one of our six pillars we decided to focus on was ease of installation and speed of installation to reduce the overall installation costs of our customers. So from that, we started several new product development initiatives in order to focus on speed of installation, ease of installation, several of that being better, new enhanced CLIP design, several of them launched over the last six months and several more that'll be launching over the next six months.

我不認為我們會在這裡量化它，但足以說，當我們進來並與我們的工程主管傑裡（Jerry）合作時，看，這是這些途徑之一，我們決定重點關注的六大支柱之一是安裝方便、安裝速度快，降低客戶的整體安裝成本。因此，從那時起，我們開始了幾項新產品開發計劃，重點是安裝速度、安裝簡便性，其中一些更好，新的增強型CLIP 設計，其中一些是在過去六個月推出的，還有一些將在未來六個月內推出。

So I can't quantify it other than telling you it's a huge focus of ours and we've been working with several of our customers in validating those time studies of ease of installation and I could just say that it's being well-received. I guess, I would leave it at that. It's meaningful.

因此，我無法量化它，只能告訴您這是我們的一個重點，我們一直在與我們的幾位客戶合作，驗證這些易於安裝的時間研究，我只能說它受到了好評。我想，我就這樣吧。很有意義。

Thanks so much, guys.

非常感謝，夥計們。

Andrew Percoco, Morgan Stanley.

安德魯佩爾科科，摩根士丹利。

Great. Thanks so much for taking the questions. So I guess, and apologies, if I'm belaboring something that's already been answered multiple times here, but my first question would just be on the pricing environment and what you're seeing from competitors understanding that you've already dropped your price or planning to drop your price this year and it's already embedded in your guidance and you're not sacrificing margin at this point, but what are you seeing from your competitors in response to what you're doing on price? Is it a rational market or is it an environment where pricing continues to get more fierce?

偉大的。非常感謝您提出問題。所以我想，抱歉，如果我在這裡重複已經多次回答過的問題，但我的第一個問題只是關於定價環境以及你從競爭對手那裡看到的情況，了解你已經降低了價格或計劃今年降低價格，並且它已經納入您的指導中，並且您目前並沒有犧牲利潤，但是您從競爭對手那裡看到了對您在價格方面所做的回應？是一個理性的市場，還是定價持續趨於激烈的環境？

So look, this is an industry that price really matters. We've said that many times and between certainly the top few of us in the market, we can use price to take an order off each other on a routine basis if you choose to. So what you're seeing is still somewhat rational behavior, but I will tell you of our larger competitors, certainly some targeted price reductions that maybe that they're putting in place in order to either regain market share or to preserve one or two key orders that they had hoped to win historically. And that's really just nothing new.

所以看，這是一個價格非常重要的行業。我們已經說過很多次，而且在市場上肯定是頂尖的幾家公司之間，如果您願意的話，我們可以定期使用價格來相互取消訂單。所以你看到的仍然是一些理性的行為，但我會告訴你我們更大的競爭對手，當然是一些有針對性的降價，他們可能是為了重新獲得市場份額或保留一兩個關鍵的他們歷史上希望贏得的訂單。這確實不是什麼新鮮事。

So I wouldn't say it's a changed behavior. It's more acute these days, but we feel that our current pricing strategy and our win rate is really sustainable. We feel good about it. And as Kurt said a couple of times now, the fact is in our guide, we've left some room for the back half to use some of our 45X savings to pursue additional programs should we need to use price to do that.

所以我不會說這是一種行為改變。如今情況更加嚴重，但我們認為我們目前的定價策略和勝率確實是可持續的。我們對此感覺很好。正如庫爾特(Kurt) 多次說過的那樣，事實是在我們的指南中，我們為後半部分留出了一些空間，可以使用我們的45 倍節省的部分來追求其他項目，如果我們需要使用價格來做到這一點。

Got it. Understood. Okay. And then my follow-up question is just on capital allocation priorities as you continue to generate pretty healthy free cash flow. What's the top priority? Is it continue deleveraging or is there any other internal investments that you're looking at, whether it be inorganic or organic? I'd just love your thoughts on that. thank you.

知道了。明白了。好的。然後我的後續問題只是關於資本配置優先事項，因為您將繼續產生相當健康的自由現金流。什麼是首要任務？是繼續去槓桿化還是您正在考慮任何其他內部投資，無論是無機投資還是有機投資？我很想聽聽你對此的想法。謝謝。

I'll take that one. This is Kurt. We have priorities, obviously, to continue to de-leverage. That's the focus of ours. We mentioned on the last call, I believe, or maybe some callbacks that we wanted to get through the first half and there's going to be a little bit of an inventory ramp as we get ready for the second half growth. We don't want to dip into the revolver unless we have to share for that, but it's more of an insurance policy. But our intent is to continue to delever at an aggressive pace. If you recall, last year, we did about $84 million, $77 million of which was now on the term loan B.

我會接受那個。這是庫爾特.顯然，我們的首要任務是繼續去槓桿化。這就是我們的重點。我相信，我們在上次電話會議上提到過，或者我們希望在上半年完成一些回調，當我們為下半年的成長做好準備時，庫存將會增加。我們不想動用左輪手槍，除非我們必須分享，但這更像是一種保險。但我們的目的是繼續以激進的步伐去槓桿化。如果你還記得的話，去年我們做了大約 8400 萬美元，其中 7700 萬美元現在是定期貸款 B。

So we'll continue to take out -- even though we don't have any maturities during the next two years, we got some -- the term loan B would be the next, and it's got our highest rate. So that's going to continue to be we'll be able to take out unless we can negotiate something else in a very favorable way.

因此，我們將繼續取出——儘管我們在未來兩年內沒有任何到期日，但我們得到了一些——定期貸款 B 將是下一個，它的利率是最高的。因此，除非我們能夠以非常有利的方式就其他問題進行談判​​，否則我們將能夠繼續這樣做。

Understood. Thanks so much.

明白了。非常感謝。

(Operator Instructions) Sophie Karp, KeyBanc Capital Markets.

（操作員指令）Sophie Karp，KeyBanc 資本市場。

Hi. Good afternoon. Thank you for taking my questions. But I was wondering if you could get a little bit more granular on the delivery push out, I guess, that you guys are talking about into the second half of this year. And like where the predominant cause of it? I know there is a variety of factors you've listed, but just I'm trying to understand if there's a predominant trend that we should be following here? And what is your degree of confidence that this -- the pushouts are going to be in the end of the year, but not beyond that, maybe? Thank you.

你好。午安.感謝您回答我的問題。但我想知道你們是否可以更詳細地了解你們正在談論的今年下半年的交付推出。其主要原因在哪裡？我知道您列出了多種因素，但我只是想了解我們是否應該遵循這裡的主要趨勢？您對今年年底將推出的產品的信心程度如何，但可能不會超過這個時間？謝謝。

I want to reiterate; we're not seeing any push outs in the first half. If you recall, when we gave our guidance, we said we've taken all that into consideration. And I believe at the time we gave the call, we said it would be just under 30% of our full-year revenue coming in the first half. That hasn't changed from that standpoint.

我想重申一下；上半場我們沒有看到任何出局。如果您還記得，當我們提供指導時，我們說過我們已經考慮到了所有這些。我相信，當我們打電話時，我們表示上半年的收入將佔全年收入的 30% 以下。從這個角度來看，這一點並沒有改變。

What we see in the push out early into the year still, I know it's May, but it's still early for what we have. There are -- we did see a project or two move from Q3 to Q4. Still within the realm here. And as we talked about before, we took -- when we did guidance, we looked very carefully around projects that we're waiting in December, and we just artificially in our own mind sitting and customers are signaling they'll put it in this year.

我們在今年年初推出的產品中仍然看到，我知道現在是五月，但對於我們現有的產品來說還為時過早。我們確實看到一兩個項目從第三季轉移到第四季。還在此處的境界之內。正如我們之前談到的，當我們進行指導時，我們非常仔細地審視了 12 月份等待的項目，我們只是人為地在自己的腦海中坐著，客戶表示他們會將其放入此中年。

We put it into next year from that aspect. But obviously, as a CFO, we sleep with one eye open knowing that Q4, as we said on the call, is going to be the largest quarter for us from a revenue standpoint. As far as the reasons for the elongated time frame, not necessary push outs, as we talked about supply chain of critical components, particularly the transformer, we've also got people trying to refinance.

我們從這方面放到明年。但顯然，作為財務官，我們睜著眼睛睡覺，因為我們知道，正如我們在電話會議上所說，從收入的角度來看，第四季將是我們最大的季度。至於延長時間框架的原因，沒有必要推出，當我們談到關鍵零件的供應鏈時，特別是變壓器，我們也有人試圖再融資。

Obviously, rates are going to come down as expected originally as thought at the end of the year that people were thinking and all the other reasons that Kevin mentioned on the call. But just again, I want to reiterate that what we're seeing in the first half, that was anticipated and signaled and included in our guidance in the last call.

顯然，利率將按照人們在年底時的預期以及凱文在電話中提到的所有其他原因最初的預期下降。但我想再次重申，我們在上半場看到的情況是我們在上次電話會議中預期和暗示的，並包含在我們的指導中。

Thank you.

謝謝。

Moses Sutton, BNP Paribas.

摩西‧薩頓，法國巴黎銀行。

Hi. Thanks for squeezing me in. For the 45X credits that were included, can you share like the specific dollar value? I guess put differently, we thought that maybe the $41 million from 4Q would be recognized in 1Q. Just trying to understand the puts and takes of how you recognize 45X credits from the prior period and then the new ones that are generated through COGS over time.

你好。謝謝你把我擠進去。對於其中包含的 45X 積分，您能分享一下具體的美元價值嗎？我想換句話說，我們認為第四季的 4,100 萬美元可能會在第一季得到確認。只是想了解如何識別上一期的 45 倍積分以及隨著時間的推移透過 COGS 產生的新積分的看跌期權和收益。

Again, I want to reiterate what we talked about on the last call was 45x, we're going to just give one number going forward, I would say. As we look at it, we never said it was all going to be in Q1 on that. We said it would be recognized over the remaining volume that we have with those contracts going through, and that wasn't all in Q1. But we're going to just get one number going forward for simplicity within our guidance on that, and we'll leave it at that.

再次，我想重申我們在上次電話會議中討論的內容是 45 倍，我想說的是，我們只會給出一個數字。當我們看到它時，我們從未說過這一切都將在第一季進行。我們表示，這將根據我們正在處理的這些合約的剩餘數量來確認，而這並不是第一季的全部。但為了簡單起見，我們將在我們的指導範圍內得到一個數字，然後就到此為止。

I would just add to that, Kurt, just to make sure we're clear. There wasn't a disproportionate amount of that $40 million included in Q1. There was not.

庫爾特，我想補充一點，只是為了確保我們清楚。第一季的 4,000 萬美元金額並不算過多。這沒有。

Got it. That's helpful. And I guess just shifting to bookings, $2.1 billion, how do you think of that on an annualized basis, just in general? So it used to be we would think of this as, at some point, that would be like a one-year reflection, maybe around IPO, that was how it was discussed, but lead times have extended. Is that something that is a proxy for 15 or 18 months? Is there any way to think about that, or it's just too fluid?

知道了。這很有幫助。我想只是轉向預訂量，21 億美元，您如何看待按年計算的整體情況？因此，過去我們會認為這就像在某個時候進行一年的反思，也許圍繞著首次公開募股，這就是討論的方式，但交付時間已經延長。這是 15 或 18 個月的代理嗎？有沒有辦法可以思考這個問題，或者它太流動了？

I would say it's too fluid in the near term right now. I would say that we feel good about the amount of visibility we're beginning to have into next year, and certainly the first half of next year. But I do think it's too fluid for us to give you that range of conversion. We would typically wait a couple of quarters before we predict that for next year.

我想說，目前短期內的流動性太強了。我想說，我們對明年，尤其是明年上半年開始的可見度感到滿意。但我確實認為我們無法為您提供這樣的轉換範圍，這太不穩定了。我們通常會等待幾個季度才能預測明年的情況。

Great. Thanks again.

偉大的。再次感謝。

You got it, Moses.

你明白了，摩西。

Dylan Nassano, Wolfe Research.

迪倫·納薩諾，沃爾夫研究中心。

Hey, thanks for taking my question. I just wanted to go back to the conversation that we were having around ASP deflation and kind of the margin profile. So, I mean, I guess, you spoke to being able to kind of, in the past, pass on cost savings to the customers, and you have some 45X dry powder, but I'm just trying to figure out, is there any other flex that's kind of left in the actual operating cost structure? And when would it make sense to look for those kinds of levers to pull versus looking at the 45X?

嘿，謝謝你回答我的問題。我只是想回到我們圍繞平均售價通貨緊縮和利潤狀況進行的對話。所以，我的意思是，我想，您談到過去能夠將成本節省轉嫁給客戶，並且您有一些 45X 乾粉，但我只是想弄清楚，是否有任何實際運營成本結構中還剩下其他靈活性嗎？什麼時候尋找這類槓桿比關注 45X 更有意義？

Yes, I'm not quite sure I understand the question. I can just say, look, we're going to continue to improve our business and drive for improved operational gearing. Obviously, you don't get the operational gearing when you have a $150 million quarter. So I think the margin performance that you've seen, given the low volume, is a signal that there's much more operational gearing to be had as the business scales back up. We work really hard on improving the functions within the business and being very mindful of costs, such that we feel this is a business that's going to have great operational leverage as we scale the business back up.

是的，我不太確定我理解這個問題。我只能說，看，我們將繼續改善我們的業務並推動改善營運負債。顯然，當季度營收為 1.5 億美元時，您無法獲得營運負債。因此，我認為，考慮到銷售量較低，您所看到的利潤率表現表明，隨著業務規模的擴大，需要有更多的營運槓桿。我們非常努力地改善業務內部的功能，並且非常專注於成本，因此我們認為，當我們擴大業務規模時，這項業務將具有巨大的營運槓桿。

And I would add to that, this is Kurt, is that, look, there's a couple ways you get that leverage. One is, you know, supplier negotiations and volume. The other is engineering, cost out. An example of that is what Kevin mentioned before on the new H250, where that reduced costs and we rolled it out internationally.

我想補充一點，這是庫爾特，你看，有幾種方法可以讓你獲得這種影響力。一是，你知道，供應商談判和數量。另一個是工程，成本。凱文之前提到的新 H250 就是一個例子，它降低了成本，我們在全球範圍內推出了它。

And then maybe there's a third, which I'd say we put in the script, which was we announced a groundbreaking of our Albuquerque facility, and that's not to hit the 45X. It's to meet cost efficiency and other things that we have.

然後也許還有第三個，我想說我們把它放在劇本中，我們宣布我們的阿爾伯克基工廠破土動工，但這並不是要達到 45X。這是為了滿足成本效率和我們擁有的其他東西。

Now that's not a 2025 thing. It'll start hitting in 2026, but we look at as price comes down, what can we do operationally from a design as well as negotiation, as well as just an overall supply chain infrastructure, including what we in-source versus outsource.

現在這不是 2025 年的事了。它將在 2026 年開始出現，但隨著價格下降，我們會考慮從設計和談判以及整體供應鏈基礎設施（包括我們內包和外包的內容）方面我們可以做些什麼。

Okay. yeah. Makes total sense. Thank you.

好的。是的。完全有道理。謝謝。

Jeff Osborne, TD Cowen.

傑夫·奧斯本，TD·考恩。

Yeah. Thanks. Good evening. Just maybe a follow-up on Moses's question. I was hoping you could help me interpret some numbers that are in the 10-Q. I think there's a reference to a vendor rebate of $57.1 million, of which $45.9 million is in prepaid expenses, and that compares to $44 million last quarter. So as those numbers move around, can you just help us figure out how to interpret them as what was recognized in the quarter, what we should be paying attention to with those numbers that you're now disclosing?

是的。謝謝。晚安.也許只是摩西問題的後續。我希望你能幫我解釋 10-Q 中的一些數字。我認為供應商回扣為 5,710 萬美元，其中 4,590 萬美元為預付費用，而上季為 4,400 萬美元。因此，隨著這些數字的變化，您能否幫助我們弄清楚如何將它們解釋為本季度所確認的內容，以及您現在披露的這些數字我們應該注意什麼？

I'll have to get back to -- I'm just trying to get it in my mind without getting into the details of the Q. That might be the 45X credits that we're talking about that comes back in the form of a vendor rebate.

我得回過頭來——我只是想把它記在心裡，而不去深入了解問題的細節。

With the 45X -- can you walk us through how that is?

對於 45X，您能向我們介紹一下這是怎麼回事嗎？

Remember how the 45X works. You'll see, we will recognize it after the P&L, but there's a couple of different ways that that gets monetized. Some customers will kind of pay you immediately. Some will pay you a quarter in arrears, and some customers will do pay-as-paid, and remember, this is monetized in a tax return.

請記住 45X 的工作原理。你會看到，我們會在損益表之後認識到它，但是有幾種不同的方式可以實現貨幣化。有些客戶會立即向您付款。有些客戶會拖欠您四分之一的費用，有些客戶會按預付費用，請記住，這是在報稅表中貨幣化的。

So what will happen at that standpoint is anything we earn in 2024 that's a pay-as-paid will then not come back to us until they file their corporate tax returns for the 2024 fiscal year, which could be in the fourth quarter of 2025 when they file that. So a variety of different things, but you will see that show up in that line for 45X.

因此，從這個角度來看，我們在2024 年賺取的任何現收現付的收入都不會返還給我們，直到他們提交2024 財年的公司納稅申報表，這可能是在2025 年第四季度，屆時他們將其歸檔。所以有各種各樣不同的東西，但你會看到它們出現在 45X 的那一行中。

So, Jeff, I just want to make sure we're clear on that, that that is not indicative of the total 45X benefit that we're receiving because of the multiple different types of contracts we've engaged with our customers. That will be a portion only.

所以，傑夫，我只是想確保我們清楚這一點，這並不代表我們因與客戶簽訂的多種不同類型的合約而獲得的 45 倍總收益。這只是一部分。

Would you say it's the majority that would flow through that line item, or no?

您認為大部分內容會流經該行項目，還是不會？

I don't think we're going to give that level of clarity. I think what we've tried to provide you is the good guidance of our gross margin and the gross margin with and without 45X. So I think that's probably the best and quickest way to do the math to get an estimate of the 45X in the quarter.

我認為我們不會提供如此程度的清晰度。我認為我們試圖為您提供的是我們的毛利率以及有和沒有45X的毛利率的良好指引。因此，我認為這可能是估算本季 45 倍成長的最佳、最快的數學方法。

Thank you, sir. Ladies and gentlemen, we have reached the end of our question-and-answer session. This concludes today's conference. Thank you for joining us. You may now disconnect your lines.

謝謝你，先生。女士們先生們，我們的問答環節已經結束。今天的會議到此結束。感謝您加入我們。現在您可以斷開線路。