Array Technologies Inc (ARRY) 2024 Q3 法說會逐字稿

Greetings and welcome to Array Technologies' third quarter 2024 earnings call.

歡迎參加 Array Technologies 的 2024 年第三季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Sarah Sheppard of Investor Relations at Array.

現在我很高興向您介紹主持人，Array 投資者關係部門的 Sarah Sheppard。

Please go ahead.

請繼續。

Thank you and welcome to Array Technologies third quarter 2024 financial conference call.

感謝並歡迎參加 Array Technologies 2024 年第三季財務電話會議。

On the call with me today are Kevin Hostetler, our CEO; Neil Manning, our President and COO; and James Zhu, our Chief Accounting Officer.

今天與我通話的是我們的執行長 Kevin Hostetler；尼爾‧曼寧，我們的總裁兼營運長；以及我們的首席會計官 James Zhu。

Today's call is being webcast from our Investor Relations site at ir.arraytechinc.com, including audio and slides.

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。

In addition, the press release detailing our quarterly results has been posted on the website.

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 includes on a non-GAAP financial basis unless otherwise specified.

除非另有說明，否則今天對財務表現的討論均基於非公認會計準則財務基礎。

A reconciliation of GAAP to non-GAAP financial measures can be found on our website.

您可以在我們的網站上找到 GAAP 與非 GAAP 財務指標的調整表。

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.

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.

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。

These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from the statements made today.

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。

We refer you to the documents we filed with the SEC, including our most recent Form 10-K for a recent discussion of risks that may affect our future results.

我們請您參閱我們向 SEC 提交的文件，包括我們最新的 10-K 表格，以了解最近可能影響我們未來業績的風險的討論。

I'll now turn the call over to Kevin.

我現在將電話轉給凱文。

Thank you, Sarah.

謝謝你，莎拉。

Good afternoon, everyone.

大家下午好。

Today, I'll begin with a brief business and market update, then Neil Manning, our President and Chief Operating Officer, will provide some product and commercial updates for the quarter.

今天，我將首先簡要介紹業務和市場最新情況，然後我們的總裁兼營運長尼爾曼寧 (Neil Manning) 將提供本季的一些產品和商業最新情況。

I'll then wrap up the call with third quarter financial highlights and full year financial guidance.

然後，我將透過第三季財務亮點和全年財務指導來結束這次電話會議。

Then we'll open up the line for your questions.

然後我們將開通您的提問熱線。

In the third quarter, we once again saw solid financial performance and execution from the business.

第三季度，我們再次看到了穩健的財務表現和業務執行力。

Starting on Slide 3, I'll begin with the summary and some highlights of the quarter and then discuss the latest near-term market dynamics and industry environment.

從投影片 3 開始，我將從本季的摘要和一些亮點開始，然後討論最新的近期市場動態和產業環境。

We achieved $231 million of revenue, which was in the upper half of the guidance range we provided on our last earnings call.

我們實現了 2.31 億美元的收入，處於我們上次財報電話會議上提供的指導範圍的上半部分。

Adjusted gross margin came in at 35.4%, which included 45X benefits related to both torque tubes and structural fasteners.

調整後的毛利率為 35.4%，其中包括與扭力管和結構緊固件相關的 45 倍收益。

Compared to the prior year, our adjusted gross margin performance reflected a 940 basis point improvement.

與前一年相比，我們調整後的毛利率表現提高了 940 個基點。

We also delivered $46.7 million of adjusted EBITDA, representing 20.2% of revenue, and we generated $43.9 million of free cash flow to end the quarter with a strong cash balance of $332 million.

我們還實現了 4,670 萬美元的調整後 EBITDA，佔營收的 20.2%，並在本季末產生了 4,390 萬美元的自由現金流，現金餘額高達 3.32 億美元。

Our order book remained consistent at $2 billion to end the quarter.

截至本季末，我們的訂單維持在 20 億美元不變。

While this quarter's orders and the number of total projects awarded in the market were a bit muted given the election uncertainty and other market factors, the overall momentum of the business remains strong.

儘管受選舉不確定性和其他市場因素影響，本季市場訂單和中標項目總數略顯低迷，但整體業務動能依然強勁。

At quarter end, our overall domestic pipeline of opportunities was over 3 times larger than at the end of Q3 of 2023.

截至季末，我們國內的總體機會數量是 2023 年第三季末的 3 倍以上。

Our win rate continues to be higher than our historical market share, and we're seeing great traction with our recently expanded product portfolio.

我們的獲勝率繼續高於我們歷史上的市場份額，而且我們最近擴大的產品組合也帶來了巨大的吸引力。

Of note, our OmniTrack terrain following tracker now impressively represents more than 20% of our global order book.

值得注意的是，我們的 OmniTrack 地形追蹤追蹤器目前占我們全球訂單量的 20% 以上。

We believe the continued success of this product is indicative of the wide varieties of terrain now being used for solar projects, both in the US and internationally.

我們相信，該產品的持續成功表明美國和國際上太陽能專案目前使用的地形多種多樣。

It's an exciting trend for the industry to continue to expand its total addressable market and remain one of the lowest cost options for new energy generation.

對於該行業來說，繼續擴大其總目標市場並仍然是新能源發電成本最低的選擇之一是一個令人興奮的趨勢。

Transitioning to Slide 4, I want to take the time to talk through the promising growth trajectory for solar.

轉到幻燈片 4，我想花時間談談太陽能的有希望的成長軌跡。

Looking to 2025 and beyond, we believe the demand and value proposition for utility scale solar remains robust.

展望 2025 年及以後，我們相信公用事業規模太陽能的需求和價值主張仍然強勁。

According to EIA data, solar energy remains the leading source of new electric capacity additions in the US with 59% of all additions in the first half of 2024.

EIA數據顯示，太陽能仍是美國新增電力裝置容量的主要來源，佔2024年上半年新增裝置容量的59%。

Based on planned additions data, it's expected that solar remains at approximately 60% of all new additions to close out the year as well.

根據計劃增加的數據，預計到今年年底，太陽能仍將佔所有新增增加的 60% 左右。

We expect that solar will continue to be the largest driver of new energy generation in the years to come as various reports outline that utility scale solar remains one of the lowest cost options to satisfy rapidly growing energy needs.

我們預計太陽能在未來幾年將繼續成為新能源發電的最大推動力，因為各種報告指出，公用事業規模的太陽能仍然是滿足快速增長的能源需求的成本最低的選擇之一。

We are bullish that these demand drivers, coupled with continued legislative support and emerging tailwinds such as AI data center green energy demand will provide bright prospects for the industry in general and for Array in particular, in the coming years.

我們看好這些需求驅動因素，加上持續的立法支援和人工智慧資料中心綠色能源需求等新興推動因素，將為整個產業，特別是 Array 在未來幾年提供光明的前景。

Looking to nearer-term growth, many are speculating on overall US utility scale installation growth over the next few years.

展望近期成長，許多人猜測未來幾年美國公用事業規模安裝的整體成長。

Looking at 2025 specifically, third-party projections range between mid to high single-digit growth from 2024.

具體到 2025 年，第三方預測自 2024 年起將實現中位數到高個位數的成長。

However, as we look at the year ahead for Array, we anticipate strong double-digit growth within our overall business due to several elements.

然而，當我們展望 Array 的未來一年時，由於幾個因素，我們預計我們的整體業務將出現兩位數的強勁成長。

First of all, a significant portion of our order book is still scheduled for delivery between Q4 2024 through the end of 2025.

首先，我們訂單的很大一部分仍計劃在 2024 年第四季至 2025 年底之間交付。

And I'll remind you, we will still book additional deliveries for 2025 over the next few quarters.

我要提醒您的是，我們仍將在接下來的幾個季度中預訂 2025 年的額外交付。

While this provides us with strong visibility, we continue to frequently engage with our customers to assess expected project time lines.

雖然這為我們提供了強大的可見性，但我們仍然經常與客戶互動以評估預期的專案時間表。

Secondly, we are encouraged by the continued strength in our win rate this year, largely driven by our focus on strategic customer engagement and innovative and differentiated product offerings.

其次，我們對今年贏率的持續強勁感到鼓舞，這主要是由於我們對策略客戶參與以及創新和差異化產品供應的關注。

Outside of the US, we also remain encouraged by our positioning in international markets.

在美國以外，我們在國際市場的定位也仍然令人鼓舞。

For instance, greener consultancy data recently confirmed that Array boasts the leading market share for distributed generation projects in Brazil.

例如，綠色顧問公司的數據最近證實，Array 在巴西分散式發電專案中擁有領先的市場份額。

In Europe, while overall market demand has been modest, we are confident that our targeted customer activities will continue to support share growth in the coming quarters.

在歐洲，雖然整體市場需求不大，但我們有信心我們的目標客戶活動將繼續支持未來幾季的份額成長。

To that end, we will continue to set ourselves up for success to support growth in 2025 and beyond and to navigate near-term challenges to the best of our ability.

為此，我們將繼續為成功做好準備，支持 2025 年及以後的成長，並盡最大努力應對近期挑戰。

Moving to Slide 5.

轉到投影片 5。

I want to specifically cover the current US market dynamics we're seeing.

我想具體介紹一下我們所看到的當前美國市場動態。

In 2024, we've talked at length about the various project pushout elements with which our customers have had to contend.

2024 年，我們詳細討論了客戶必須應對的各種專案推出因素。

Looking to the future, we believe some of these dynamics may be more persistent challenges, while others have opportunity to incrementally improve as we head into 2025.

展望未來，我們相信，其中一些動態可能是更持久的挑戰，而另一些動態則有機會在進入 2025 年時逐步改善。

The more persistent headwinds that customers will continue to navigate include permitting and interconnection delays, shortages of high-voltage circuit breakers and transformers, and EPC labor constraints.

客戶將繼續面臨的更持久的阻力包括許可和互連延遲、高壓斷路器和變壓器的短缺以及 EPC 勞動力限制。

Although there is much discussion around interconnection queue regulation and permitting reform, we believe that in practice, it will take some time to implement these changes to move projects along at a more normalized cadence.

儘管圍繞互聯排隊監管和許可改革有很多討論，但我們認為，在實踐中，實施這些變革以更加規範化的節奏推進專案還需要一些時間。

Similarly, with long lead-times for electrical equipment, although customers are seeing early signs of improvements in these lead-times, the industry will need time to build out additional manufacturing capacity for these components.

同樣，由於電氣設備的交貨時間較長，儘管客戶已經看到交貨時間有所改善的早期跡象，但該行業將需要時間來為這些組件建立額外的製造能力。

That being said, we are optimistic that there are a number of factors that have the potential to facilitate incremental improvement in project timing as we move forward.

話雖如此，我們樂觀地認為，隨著我們的前進，有許多因素有可能促進專案時間的逐步改進。

The first factor encompasses the more favorable financing environment due to the Federal Reserve's interest rate cuts.

第一個因素是聯準會降息帶來更有利的融資環境。

Additionally, final clarity on AD/CVD tariffs should allow projects to advance with more certainty.

此外，AD/CVD關稅的最終明確將使專案更加確定地推進。

While we have commented in the past that we believe these tariffs negatively impact the industry as a whole, the biggest factor in AD/CVD-related delays is related to the uncertainty surrounding the total cost of solar panels.

雖然我們過去曾評論過，我們認為這些關稅對整個行業產生了負面影響，但 AD/CVD 相關延誤的最大因素與太陽能板總成本的不確定性有關。

Once developers understand the total tariff-related costs associated with specific panel selections, they can better plan their overall sourcing strategies to optimize overall project costs and returns.

一旦開發商了解了與特定面板選擇相關的總關稅相關成本，他們就可以更好地規劃整體採購策略，以優化整體專案成本和回報。

The preliminary determination on antidumping tariffs is scheduled to be issued later this month, which should help customers with their evaluations.

反傾銷關稅初裁定於本月稍後發布，這將有助於客戶進行評估。

Further clarity around IRA incentives also assists industry participants in understanding their total project costs.

進一步明確 IRA 激勵措施也有助於產業參與者了解其專案總成本。

We were pleased to see the final 45X rules released in October as this represents long-term support for domestic manufacturing initiatives.

我們很高興看到 10 月發布的最終 45X 規則，因為這代表了對國內製造業舉措的長期支持。

Specifically for Array, the 45X tax credits are helping us increase our domestic production and onshore critical components and good-paying jobs through our new Albuquerque manufacturing facility.

特別是對於 Array 而言，45 倍稅收抵免正在幫助我們透過新的阿爾伯克基製造工廠增加國內產量和陸上關鍵零件以及高薪就業機會。

Although the final rule did not broaden the category of structural fastener to be inclusive of our clamps as we had advocated, we are still pleased that 45X is more solidified.

儘管最終規則沒有像我們所主張的那樣擴大結構緊固件的類別以包含我們的夾具，但我們仍然很高興 45X 更加堅固。

As a reminder, our 2024 guidance did not assume clamps would be included in the definition of structural fastener.

提醒一下，我們的 2024 年指南並未假設夾具將包含在結構緊固件的定義中。

Under the final rule, we continue to recognize credits for our clamps under the current longitudinal Perlin definition within the torque tube 45X guidance.

根據最終規則，我們將繼續在扭力管 45X 指南內的當前縱向 Perlin 定義下認可我們的夾具的功勞。

On domestic content, Treasury anticipates releasing updated guidance before the end of the Biden administration to update the elective safe harbor data, make additional technical clarifications, improve accuracy and more.

在國內內容方面，財政部預計在拜登政府結束前發布更新的指導意見，以更新選擇性安全港數據、做出額外的技術澄清、提高準確性等。

We feel that this additional guidance will be helpful for our customers pursuing the domestic content adder through the elective safe harbor table.

我們認為，這項附加指南將有助於我們的客戶透過選擇性安全港表尋求國內內容添加器。

We currently have a significant portion of our domestic order book evaluating domestic content.

目前，我們的國內訂單中有很大一部分正在評估國內內容。

So we view further updates to this guidance as very impactful for project considerations.

因此，我們認為本指南的進一步更新對於專案考慮非常有影響。

Finally, we remain confident that solar maintains bipartisan support and would note that our industry performed well under the First Trump administration.

最後，我們仍然相信太陽能將保持兩黨的支持，並會注意到我們的產業在川普第一屆政府的領導下表現良好。

We have discussed at length how utility-scale solar incentives in the IRA are creating good paying jobs and opportunities for both Republican and Democratic districts alike.

我們已經詳細討論了愛爾蘭共和軍的公用事業規模太陽能激勵措施如何為共和黨和民主黨選區創造高薪就業和機會。

Notably, there is growing bipartisan support for protecting the energy tax credits portion of the IRA as evidenced by a number of house GOP members requesting Speaker Johnson to exclude these provisions from any repeal effort.

值得注意的是，兩黨越來越支持保護愛爾蘭共和軍的能源稅收抵免部分，一些眾議院共和黨成員要求約翰遜議長將這些條款排除在任何廢除努力之外就證明了這一點。

The domestic content bonus credit, in particular, is a critical component of the legislation that strengthens domestic manufacturing while accelerating the deployment of clean energy across the country.

尤其是國內含量獎勵信貸，是加強國內製造業、同時加速清潔能源在全國範圍內部署的立法的重要組成部分。

Overall, there are many challenges and opportunities that customers are currently navigating in the market.

總體而言，客戶目前在市場上面臨許多挑戰和機會。

However, it's important to note that we see the US market stabilizing, not worsening from the level of customer pushouts we witnessed in midyear 2024.

然而，值得注意的是，我們認為美國市場正在趨於穩定，而不是比 2024 年年中看到的客戶流失水準更加惡化。

Now, I'll turn it over to Neil to speak about some exciting product and commercial updates.

現在，我將把它交給尼爾來談論一些令人興奮的產品和商業更新。

Thanks, Kevin.

謝謝，凱文。

Moving to Slide 6.

轉到投影片 6。

I'd like to spend a few moments talking on the recent announcement of our 77-degree tracker in the context of our broader innovation track record as shown here.

我想花一些時間在我們更廣泛的創新記錄的背景下談論我們最近宣布的 77 度追蹤器，如下所示。

With the rising frequency and concern on hail damage in the industry, Array has responded to the challenge with the introduction of the steepest stow angle for protective hail stow in the industry.

隨著業界對冰雹損害的頻率和關注度不斷上升，Array 推出了業界最陡的收起角度來應對冰雹災害的防護。

This new offering will feature our proven DuraTrack and OmniTrack design and is enhanced by our Array SmarTrack Hail Alert Response Software.

這項新產品將採用我們經過驗證的 DuraTrack 和 OmniTrack 設計，並透過我們的 Array SmarTrack 冰雹警報回應軟體進行增強。

This tracker provides unprecedented flexibility and protection from against both hail and wind, significantly reducing the risk of damage to a solar site.

該追蹤器提供了前所未有的靈活性和防冰雹和防風保護，顯著降低了太陽能站點受損的風險。

Providing our customers with the best solutions to reduce the risks imposed by extreme weather events remains one of our top priorities and drives many of our innovation efforts.

為客戶提供最佳解決方案以降低極端天氣事件的風險仍然是我們的首要任務之一，並推動我們許多創新的努力。

To put our track record in context, in 2015, we first introduced passive wind stow capabilities to our DuraTrack products, providing our customers with a premier solution to mitigate stress from high wind loads, and we do this while providing up to 4% increased energy production when compared to active stope protocols provided by our competitors.

為了回顧我們的往績記錄，2015 年，我們首次在DuraTrack 產品中引入了被動風收功能，為我們的客戶提供了緩解高風荷載壓力的首要解決方案，同時我們也提供了高達4% 的增加能源與我們競爭對手提供的主動採場協議相比。

Our Passive Wind Stow technology, which relies on one of Array's key differentiating patents, allows for individual rows to move to high tilt when the wind threshold is exceeded through a clutch in a gearbox.

我們的被動風收起技術依賴 Array 的一項關鍵差異化專利，當超過風力閾值時，透過變速箱中的離合器，可以使各個行移動到高傾斜度。

This allows the net torque to move the road to a predetermined tilt position.

這允許淨扭矩將道路移動到預定的傾斜位置。

Oftentimes, this results in exterior rows moving to the stow position while most interior rows continue to track normally.

通常，這會導致外部行移動到收起位置，而大多數內部行繼續正常追蹤。

This unique architecture allows for higher energy production than competitive offerings.

這種獨特的架構比競爭產品能夠產生更高的能量。

Earlier this year, we introduced hail alert response as part of our SmarTrack suite of controller and software solutions.

今年早些時候，我們推出了冰雹警報響應，作為 SmarTrack 控制器和軟體解決方案套件的一部分。

Hail Alert Response is integrated with third-party weather services to move all rows at a site to a maximum defensive tilt position away from the direction of the storm's wind at a predetermined time line.

冰雹警報響應與第三方氣象服務集成，可在預定時間線將現場的所有行移動到遠離風暴風向的最大防禦傾斜位置。

Moving the modules to a high tilt reduces the kinetic energy impact on the module from hail and significantly reduces the risk of damage of glass breakage and cell cracking.

將組件移至高傾斜度可以減少冰雹對組件動能的影響，並顯著降低玻璃破碎和電池破裂的損壞風險。

In the third quarter of this year, we launched our SkyLink architecture, which works with the existing DuraTrack and OmniTrack solutions.

今年第三季度，我們推出了 SkyLink 架構，可與現有的 DuraTrack 和 OmniTrack 解決方案搭配使用。

SkyLink provides an eight-row string powered solution featuring DC motors and ZigBee wireless communications.

SkyLink 提供八排串供電解決方案，具有直流馬達和 ZigBee 無線通訊功能。

Rated to operate down to minus 40 degrees Celsius, SkyLink provides continuous power to the array to facilitate seamless operation, even when there may be an interruption to grid power due to weather impacts in the area.

SkyLink 的額定運行溫度可低至攝氏 -40 度，即使由於該地區的天氣影響可能導致電網電力中斷，SkyLink 仍可為陣列提供連續電力，以促進無縫運行。

And importantly, SkyLink does not require the use of batteries to do so.

重要的是，SkyLink 不需要使用電池即可實現這一點。

Finally, before year-end, we'll be launching our automated snow response, another solution available as part of the SmarTrack software platform, which uses on-site snow sensors to move rows to high tilt to dump any accumulated snow, reducing the risk of stressing the modules due to high snow loads and eliminating the risk of ice formation on modules as snow melts and refreezes.

最後，在年底之前，我們將推出自動雪響應，這是SmarTrack 軟體平台的一部分提供的另一種解決方案，該解決方案使用現場雪感測器將行移動到高傾斜度以傾倒任何積雪，從而降低風險減少因高雪荷載而對模組造成的壓力，並消除因雪融化和重新凍結而在模組上形成冰的風險。

Investments in utility-scale PV sites are significant, and Array will continue to develop solutions to protect these investments from damage experienced in severe weather events.

對公用事業規模光電站的投資規模龐大，Array 將繼續開發解決方案，以保護這些投資免受惡劣天氣事件的損害。

Damage from hail and other extreme weather events only represents a small number of the total volume of insurance claims within our industry, but these claims represent more than half of the financial damages incurred.

冰雹和其他極端天氣事件造成的損失僅占我們行業保險索賠總量的一小部分，但這些索賠卻佔所造成財務損失的一半以上。

It will be critical to provide continuous enhancements and solutions to mitigate the risk from extreme weather to alleviate insurance concerns and protect utility-scale PV investments.

提供持續改進和解決方案以減輕極端天氣風險、減輕保險問題並保護公用事業規模的光伏投資至關重要。

And I'm happy to say that we received well over 300 patents since 2015 that validate and predict the innovative solutions delivered by our team.

我很高興地說，自 2015 年以來，我們獲得了 300 多項專利，這些專利驗證並預測了我們團隊提供的創新解決方案。

Additionally, the RE+ Conference in September provided a fantastic forum to receive feedback from our customers on our latest product offering.

此外，9 月的 RE+ 會議提供了一個絕佳的論壇，以接收客戶對我們最新產品的回饋。

Many were eager to learn more about our 77-degree tracker in light of increased stow requirements by insurers for sites in hail-prone regions.

鑑於保險公司對冰雹多發地區場地的存放要求不斷增加，許多人渴望了解有關我們 77 度追蹤器的更多資訊。

SkyLink has also been very well received since its launch with numerous customers praising the design flexibility and site layout advantages the product provides.

SkyLink 自推出以來也廣受好評，眾多客戶稱讚該產品提供的設計彈性和網站佈局優勢。

The SkyLink architecture opens new markets for Array, and in fact, we're thrilled to announce that we have already won an order for SkyLink in early Q4.

SkyLink 架構為 Array 開闢了新市場，事實上，我們很高興地宣布，我們已經在第四季度初贏得了 SkyLink 訂單。

With that, I'll turn it back over to Kevin to give a more detailed update on third quarter financials and full year guidance.

這樣，我將把它轉回給凱文，以提供有關第三季度財務狀況和全年指導的更詳細的更新。

Kevin?

凱文？

Thanks, Neil.

謝謝，尼爾。

Moving to Slide 8.

轉到投影片 8。

I would like to start off by providing some additional details around the third quarter results.

首先，我想提供有關第三季業績的一些額外細節。

As I previously mentioned, we delivered revenue within our guidance range of $231.4 million, which was down 34% from the third quarter of 2023, largely due to the project pushouts we've experienced this year.

正如我之前提到的，我們的收入在 2.314 億美元的指導範圍內，比 2023 年第三季下降了 34%，這主要是由於我們今年經歷的項目推出。

We experienced both declining volume and ASPs year-over-year in the US and internationally.

我們在美國和國際上經歷了銷量和平均售價的同比下降。

Sales in North America represented approximately 70% of our revenue for the quarter, with the remainder of our revenue coming from international locations.

北美地區的銷售額約占我們本季營收的 70%，其餘營收來自國際地區。

We achieved third quarter adjusted gross margin of 35.4%, an improvement of over 900 basis points year-over-year.

第三季調整後毛利率達 35.4%，年增 900 個基點。

Operating expenses of $211 million were up approximately $164 million from $47.2 million during the same period of the previous year.

營運費用為 2.11 億美元，較上年同期的 4,720 萬美元增加約 1.64 億美元。

This increase was driven by a $162 million noncash goodwill impairment charge related to the 2022 STI acquisition.

這一成長是由與 2022 年 STI 收購相關的 1.62 億美元非現金商譽減損費用所推動的。

The goodwill impairment charge was triggered by the sustained decline in our stock price in the second half of Q3, resulting in a decrease in market capitalization, coupled with an update to long-term projections for certain markets for the STI operations.

商譽減損支出是由於第三季下半年我們的股價持續下跌導致市值下降，加上海指業務對某些市場的長期預測更新而引發的。

Adjusted EBITDA was $46.7 million, representing an adjusted EBITDA margin of 20.2%.

調整後 EBITDA 為 4,670 萬美元，調整後 EBITDA 利潤率為 20.2%。

This compares to adjusted EBITDA of $57.4 million and adjusted EBITDA margin of 16.4% in the third quarter of 2023.

相較之下，2023 年第三季調整後 EBITDA 為 5,740 萬美元，調整後 EBITDA 利潤率為 16.4%。

On a GAAP basis, net loss attributable to common shareholders in the third quarter of 2024 was $155.4 million compared to net income of $10 million in the prior year period.

以 GAAP 計算，2024 年第三季普通股股東應佔淨虧損 1.554 億美元，而去年同期淨利為 1,000 萬美元。

Basic and diluted loss per share was $1.02 compared to basic and diluted income per share of $0.07 in the same period last year.

每股基本和稀釋虧損為 1.02 美元，而去年同期基本和稀釋每股收益為 0.07 美元。

Adjusted net income was $26.5 million versus $31.7 million during the third quarter of 2023, and adjusted basic and diluted net income per share was $0.17 compared to $0.21 during the prior year period.

調整後淨利潤為 2,650 萬美元，而 2023 年第三季為 3,170 萬美元；調整後基本和稀釋每股淨利潤為 0.17 美元，而去年同期為 0.21 美元。

Finally, our free cash flow for the period was $43.9 million versus $69.4 million for the same period last year.

最後，我們這段時期的自由現金流為 4,390 萬美元，去年同期為 6,940 萬美元。

Now, I'd like to go to Slide 9 and provide a more detailed update to our full year 2024 guidance.

現在，我想轉到投影片 9，為我們的 2024 年全年指南提供更詳細的更新。

As we addressed within our guidance revision last year, we carefully contemplated a number of different project timing scenarios that could occur within our customer base.

正如我們在去年的指導修訂中所討論的那樣，我們仔細考慮了我們的客戶群中可能出現的許多不同的專案時間場景。

Although we did see some projects shift to the right in Brazil due to continued real weakness impacting PPA negotiations, which resulted in the narrowing of our top line guidance range to $900 million to $920 million, this was certainly considered within those potential outcomes.

儘管我們確實看到巴西的一些項目由於影響購電協議談判的持續實際疲軟而轉向右側，導致我們的頂線指導範圍縮小至9 億至9.2 億美元，但這當然已在這些潛在結果中考慮在內。

To be clear, we only continue to see some project pushouts, not project cancellations, and we feel some customer challenges have abated since the accelerated level of pushouts we witnessed at the midpoint of the year.

需要明確的是，我們只繼續看到一些專案推出，而不是專案取消，我們認為，自今年年中我們見證了加速推出以來，一些客戶挑戰已經減輕。

Notably, within our domestic business, we have not seen our US projects shift substantially from our expectations in our last guidance revision.

值得注意的是，在我們的國內業務中，我們沒有看到我們的美國項目與我們上次指引修訂中的預期發生重大變化。

We are lowering our adjusted EBITDA and adjusted net income per share ranges slightly given a combination of changes in overall project mix within the narrow top line guide and increased strategic investments and additional nonrecurring expenses.

考慮到整體專案組合在狹窄的收入指導範圍內的變化以及策略投資和額外非經常性費用的增加，我們略微降低了調整後的 EBITDA 和調整後的每股淨利潤範圍。

We are anticipating record annual adjusted gross margin of approximately 34% for 2024, largely due to the torque tube and structural fastener 45X benefits we've been able to realize.

我們預計 2024 年調整後年度毛利率將創歷史新高，約為 34%，這主要歸功於我們已經實現的扭力管和結構緊固件 45 倍的優勢。

As a reminder, 2024 represents a transitional year for 45X with some benefit catch-up recognized this year related to 2023 shipments.

需要提醒的是，2024 年是 45X 的過渡年，今年與 2023 年出貨量相關的一些效益將會追趕。

Additionally, within the framework of our updated guidance, we are now expecting adjusted G&A expense to be between $138 million to $140 million, which is reflective of some increased nonrecurring charges and strategic investments we are making as we look to 2025.

此外，在我們更新的指導框架內，我們目前預計調整後的一般管理費用將在1.38 億美元至1.4 億美元之間，這反映了我們展望2025 年時正在進行的一些非經常性費用和策略性投資的增加。

We are now expecting a reduced 2024 effective tax rate of 20% to 21%, excluding the goodwill impairment charge, given our latest anticipated regional income mix and some additional R&D-related tax credits.

鑑於我們最新預期的地區收入組合和一些額外的研發相關稅收抵免，我們目前預計 2024 年有效稅率將降低 20% 至 21%（不包括商譽減損費用）。

Finally, we are pleased to raise our free cash flow guidance to $100 million to $115 million from the prior guidance range of $60 million to $100 million, given our enhanced focus on working capital improvements to close out the year.

最後，我們很高興將自由現金流指引從先前的 6,000 萬美元至 1 億美元的指導範圍提高到 1 億至 1.15 億美元，因為我們更加重視改善營運資本以結束今年。

As I've mentioned, we continue to anticipate a growing, highly profitable cash-generative business as we move into the year ahead, and I'm incredibly proud of the team's efforts on these fronts.

正如我所提到的，隨著我們進入新的一年，我們將繼續預期不斷增長的、高利潤的現金生成業務，我對團隊在這些方面的努力感到非常自豪。

Finally, before opening the line for questions, I want to provide a brief update on our CFO search.

最後，在開始提問之前，我想先介紹一下我們財務長搜尋的最新情況。

We mentioned last quarter that we were in the process of a very thorough vetting of an impressive initial slate of candidates.

我們在上個季度提到，我們正在對令人印象深刻的初始候選人名單進行非常徹底的審查。

After extensive interviews and reviews, we're pleased to have entered the final stage of this process.

經過廣泛的採訪和審查，我們很高興進入這個過程的最後階段。

While we can't disclose more details at this time, we are confident that we are near the goal line.

雖然我們目前無法透露更多細節，但我們有信心我們已經接近目標線。

In conclusion, as I look at the opportunities for our business in the coming years, I'm feeling very encouraged and proud of our employees who have dedicated their time and efforts to set up the company for future success.

總之，當我展望未來幾年我們的業務機會時，我為我們的員工感到非常鼓舞和自豪，他們為公司未來的成功奉獻了時間和精力。

We will continue to manage the elements within our control by focusing on our business momentum, customer engagement, product innovation and operational execution as we move forward.

隨著我們的前進，我們將繼續專注於我們的業務動力、客戶參與、產品創新和營運執行，來管理我們控制範圍內的要素。

With that, we will now open the call for questions.

現在，我們將開始提問。

Operator?

操作員？

(Operator Instructions)

（操作員說明）

Julien Dumoulin-Smith from Jefferies

Jefferies 的 Julien Dumoulin-Smith

Thank you, operator.

謝謝你，接線生。

Good afternoon team.

下午好團隊。

Thanks so much for the time here.

非常感謝您抽出寶貴的時間來到這裡。

Just wanted to follow-up a little bit on the comment with the $2 billion backlog here.

只是想對這裡 20 億美元積壓的評論進行一些跟進。

Can you comment a little bit on the cadence of that realization?

您能評論一下實現這目標的節奏嗎？

I mean, Kevin, you've spoken on that, I think it was last quarter here.

我的意思是，凱文，你已經談到過這一點，我認為這是上個季度的事情。

Any updated thoughts on the realization?

關於實現有什麼更新的想法嗎？

I mean, obviously, things are moving in and out here.

我的意思是，顯然，這裡的事物正在進進出出。

I imagine there's probably been some level of delays and pushouts still.

我想可能仍然存在一定程度的延誤和延遲。

So how is that coming together here as you think about the revenues through 2025, if you will?

那麼，如果您願意的話，當您考慮到 2025 年的收入時，這是如何綜合起來的呢？

And how are you seeing that mix evolve in terms of both layering in versus pushouts, if you will, within that $2 billion?

如果你願意的話，在這 20 億美元內，您如何看待這種組合在分層和推出方面的演變？

Yeah, thanks, Julien.

是的，謝謝，朱利安。

Great question.

很好的問題。

I could say, first of all, in the last quarter's call, we had to talk about that very acute period that was a period of four to five weeks where we had a number of projects push.

我可以說，首先，在上個季度的電話會議中，我們必須談論那個非常緊急的時期，即四到五週的時期，我們推動了許多專案。

And the only thing reflecting back on that, that I could put that to is that we had our customers evaluating their second half of the year plans and making their updates and getting more realistic with their own forecast and plans.

回想起來，我可以說的唯一一件事是，我們讓我們的客戶評估了他們的下半年計劃，並進行了更新，並使他們自己的預測和計劃變得更加現實。

Because once we got through that period, the business very quickly returned to what I would call a normalized level of pushouts and delays, meaning, look, in a project business, you always have pushouts and pull-ins, and that cycles much more what we saw as the quarter progressed back to a normalized level, some projects pulled in.

因為一旦我們度過了那個時期，業務很快就恢復到我所說的推出和延遲的正常水平，這意味著，看，在項目業務中，你總是會有推出和拉入，而且這種循環更多的是我們看到，隨著本季恢復到正常水平，一些專案開始啟動。

Certainly, we saw some pull-ins domestically, a couple of pushouts internationally.

當然，我們在國內看到了一些拉動，在國際上也看到了一些退出。

But back to that very normalized level of cadence that we've seen and that we've always had historically.

但回到我們所看到的、歷史上一直存在的非常正常化的節奏水平。

So I think the -- look, the commentary regarding last time where we said about 80% of that backlog was due to convert between the end of Q2 and 2025, very consistent.

所以我認為，關於上次的評論，我們說大約 80% 的積壓是由於在第二季末到 2025 年之間轉換，非常一致。

It's probably gone up a couple of percentage points, but that would be a very consistent number.

它可能上升了幾個百分點，但這將是一個非常穩定的數字。

And the difference there and what we want to make sure we still communicate is we're still going to be booking orders for 2025, certainly this quarter and for a couple of more quarters.

差別在於，我們仍要確保我們仍能溝通，我們仍將預訂 2025 年的訂單，當然是本季以及接下來的幾季。

So we feel really good about our 2025 at this point.

所以我們現在對 2025 年感覺非常好。

We feel good about being able to put up strong growth.

我們對能夠實現強勁成長感到很高興。

And again, that strong growth without a lot of go-get left in the operating plan, if you think of it that way, right?

再說一遍，這種強勁的成長沒有在營運計畫中留下太多的積極性，如果你這樣想的話，對嗎？

So, this is stuff that's already in our backlog that we'll be executing to.

所以，這是我們將要執行的待辦事項中已經存在的內容。

So we feel really good about what's shaping up for 2025 for us.

因此，我們對 2025 年的前景感到非常滿意。

And Kevin, just to clarify that last comment there, you talked about the 80% being intact.

凱文，只是為了澄清最後的評論，你談到 80% 完好無損。

Is that over six rolling quarters?

已經超過六個滾動季度了嗎？

Or is that kind of on an apples-to-apples basis for the same period that the total revenue implied for 2025 is still kind of comparable as far as the backlog goes?

或者說，就積壓訂單而言，2025 年隱含的總收入在同一時期的同類基礎上仍然具有可比性嗎？

Yes, it's apples-to-apples.

是的，這是同類的。

All right. awesome.

好的。驚人的。

Holding a little bit higher.

保持得高一點。

Little bit higher even.

甚至還高一點點。

Okay, excellent.

好的，非常好。

Mark Strouse from JPMorgan.

摩根大通的馬克‧斯特勞斯。

Yeah, good evening.

是的，晚上好。

It's Drew on for Mark.

德魯替馬克上場。

Thank you for taking the questions.

感謝您提出問題。

Just kind of want to follow up on that, and I appreciate the encouraging commentary on 2025.

我只是想跟進此事，我很欣賞 2025 年令人鼓舞的評論。

But can you just talk a little bit what's giving you confidence in these projects realizing and happening in 2025?

但您能簡單談談是什麼讓您對這些項目在 2025 年實現並發生充滿信心嗎？

Maybe as you hinted on that interconnections may not be getting better as you might have hoped previously?

也許正如您所暗示的那樣，互連可能不會像您之前希望的那樣變得更好？

And maybe just anything you can say on what is giving you the confidence that the project pushouts are going to alleviate somewhat into 2025?

也許您能說的是什麼讓您有信心專案推出將在 2025 年有所緩解？

Well, I think to be clear, I think there will still be some level of pushouts and pull-ins back to kind of what we would say is our normalized cadence.

好吧，我想澄清一點，我認為仍然會有一定程度的推出和拉入，回到我們所說的標準化節奏。

The difference in our 2025 setup from our 2024, if you think about in 2024, we still had -- at the beginning of 2024, we had in our operating plan a level of go-gets that we still needed to convert in to deliver the back half of the year.

我們 2025 年的設定與 2024 年的設定有所不同，如果你想想 2024 年，我們仍然 - 在 2024 年初，我們的營運計劃中有一定程度的目標，我們仍然需要將其轉化為交付時間回到了半年。

And as we look at our 2025 plan, it's all in our backlog already.

當我們審視 2025 年計畫時，我們發現這一切都已經在我們的積壓工作中了。

So that needing to convert additional business is already converted in our backlog, plus a few more quarters of bookings make us feel pretty good about what we see in 2025.

因此，需要轉換額外的業務已經在我們的積壓訂單中轉換，再加上幾個季度的預訂，讓我們對 2025 年的情況感到非常滿意。

I think most of the market is now able to contend with some of the long lead-time equipment, some of the labor shortages.

我認為現在大部分市場都能夠應對一些設備交貨期長、一些勞動力短缺的問題。

And I think as we're getting closer to our customers and really validating their go-forward plans and their project time lines, we feel better about the setup for 2025 certainly than we did coming into 2024.

我認為，隨著我們越來越接近客戶並真正驗證他們的前進計劃和專案時間表，我們對 2025 年的設定肯定比 2024 年的感覺更好。

Okay, great.

好的，太好了。

Thanks.

謝謝。

And then just one other.

然後只是另一個。

On the STI write-down, can you just kind of talk about what went into the longer-term outlook being revised there?

關於海峽時報指數的減記，您能否談談長期展望的修訂內容？

I mean maybe what markets, what's changing?

我的意思是，也許哪些市場、正在發生什麼變化？

And what's been different than you would have expected a year or so ago?

與您大約一年前的預期有何不同？

Yes.

是的。

Let me we have James Zhu with us, our Chief Accounting Officer, and this is his real area of focus.

讓我們請來我們的首席會計官 James Zhu，這是他真正關注的領域。

So let me turn it over and ask him to give you a really great answer here.

所以讓我把它翻過來，請他在這裡給你一個非常好的答案。

Yeah, Thank you.

是的，謝謝。

Thank you, Kevin.

謝謝你，凱文。

Julien, I think just looking at the Brazilian market that we participated in and recently experienced accelerated devaluation of the real, the Brazilian real, that really triggered for us to relook at -- if you look at the volume, look at the pricing, it stayed the same when you have a weaker real, when it translated to US dollar, you're going to have a lower revenue.

朱利安，我認為只要看看我們參與的巴西市場，最近經歷了雷亞爾加速貶值，這確實引發了我們重新審視——如果你看看數量，看看定價，它當你的雷亞爾疲軟時，保持不變，當它轉換為美元時，你的收入將會降低。

I think that will trigger this.

我認為這會觸發這一點。

So, in addition to kind of market capitalization.

因此，除了市值之外。

So that's kind of triggered a rejuggling a little bit in terms of outlook or the projections for the outer years.

因此，這引發了對未來幾年的前景或預測的一些調整。

So, that's one of the triggering events.

所以，這是觸發事件之一。

Okay.

好的。

Thank you

謝謝

Sure.

當然。

Next question.

下一個問題。

Brian Lee from Goldman Sachs.

高盛的布萊恩李。

Hey guys, good afternoon.

嘿夥計們，下午好。

Thanks for taking the questions.

感謝您提出問題。

I guess on the 2025 outlook, talking about strong double-digit growth, that's encouraging to see.

我想，就 2025 年的前景而言，談到強勁的兩位數成長，這是令人鼓舞的。

Can you give us a sense, Kevin, you've done a good job throughout the year talking about volumes up, volumes down, price, et cetera.

凱文，您能否給我們一個感覺，您全年在談論銷量上升、銷量下降、價格等方面做得很好。

So, as you think about the outlook here for 2025, it sounds like you're pretty optimistic.

因此，當您思考 2025 年的前景時，聽起來您相當樂觀。

How does that shake out between US international?

美國國腳之間的情況如何？

And then kind of what's your baseline thinking around the pricing on a year-on-year basis to get to the strong double-digit growth view?

那麼，為了實現強勁的兩位數成長，您對同比定價的基本想法是什麼？

Yeah.

是的。

So look, we're not really going to guide 2025 today.

所以看，我們今天並不是真的要指導 2025 年。

So I want to be careful.

所以我想小心點。

I don't go too far in discussion.

我不會在討論中走得太遠。

But I'll say what makes us feel good about those numbers is that, that's already coming out of our backlog.

但我要說的是，讓我們對這些數字感到滿意的是，這些數字已經從我們的積壓工作中解決了。

So, if you think about just looking at our backlog and the guidance we've given you, and if you do the math, you see that there's already strong double-digit growth already sitting in the order book already scheduled for delivery.

因此，如果您考慮我們的積壓訂單和我們為您提供的指導，並且進行數學計算，您會發現已經計劃交付的訂單簿中已經出現了強勁的兩位數增長。

And frankly, a lot of that we feel really good about in that, as I mentioned earlier, it's not about a go get to fill a gap.

坦白說，正如我之前提到的，我們對很多事情感到非常滿意，這並不是為了填補空白。

This is already in the order book, already in our SIOP process, already planning for deliveries next year.

這已經在訂單中，已經在我們的 SIOP 流程中，並且已經計劃明年交付。

So we feel really good about the visibility we have now to that.

因此，我們對現在的可見性感到非常滿意。

Look, we don't have any help in that from higher pricing of steel.

看，鋼材價格上漲對我們沒有任何幫助。

In fact, it's not.

事實上，事實並非如此。

And remember that these orders in our order book that are shipping would have been booked in the last three to four quarters that we'll be shipping next year.

請記住，我們訂單簿中正在發貨的這些訂單將在過去三到四個季度內預訂，我們將在明年發貨。

So, those price points and those margins, we feel good about.

因此，我們對這些價格點和利潤率感覺良好。

They've been consistent with those expectations we've set on every call to date.

他們與我們迄今為止在每次通話中設定的期望都是一致的。

So we feel pretty good about the setup for next year in terms of volume, margin, operational gearing and the investments we're making primarily on the front end of our business to even further the acceleration.

因此，我們對明年的銷售、利潤率、營運負債以及我們主要在業務前端進行的投資以進一步加速方面的設置感到非常滿意。

Okay.

好的。

You started the year out high 30s, -- and you're raising the gross margin view for the year.

今年伊始，你的業績就達到了 30 多美元，而且你還提高了今年的毛利率預期。

I mean you back into the math, you're kind of going to be in the low 30s exiting the year.

我的意思是，如果你回到數學上來，今年結束時你的成績可能會在 30 多歲左右。

And you made the comment that some catch-up credits that kind of skew the numbers at least for 2024.

你評論說，一些追趕片尾字幕至少會扭曲 2024 年的數字。

So, as we think about the Q4 run rate, let's say, you're in the low 30s, is that kind of representative of the average you're seeing in your current backlog?

那麼，當我們考慮第四季度的運行率時，假設您處於 30 多歲的水平，這是否代表了您當前積壓的平均水平？

As you said, these are bookings with price points over the past couple of quarters.

正如您所說，這些是過去幾個季度的價格點預訂。

Is Q4 kind of reflective of the run rate you'd be seeing going into 2025?

第四季是否反映了您在 2025 年看到的運行率？

Thank you guys.

謝謝你們。

Yeah, Sorry, I'm going to be again, I'm going to be careful.

是的，對不起，我會再來的，我會小心的。

I'm not ready to guide margins for next year until we thoroughly get through our AOP process project-by-project and what have you.

在我們徹底完成逐一專案的 AOP 流程以及您所擁有的內容之前，我還沒有準備好指導明年的利潤率。

What I will say is that in Q4, obviously, sequentially, you'll see a slight dip in margins, but that's more primarily related to one large order of an old VCA that certainly I inherited from 2021 that is a very low-margin VCA.

我要說的是，顯然，在第四季度，你會看到利潤率略有下降，但這更主要與舊VCA 的一大筆訂單有關，我當然是從2021 年繼承的，這是一個利潤率非常低的VCA 。

And whenever we have large orders come against that VCA, it negatively impacts our margins.

每當我們收到針對 VCA 的大訂單時，就會對我們的利潤產生負面影響。

So that's really what you're seeing in Q4.

這就是您在第四季度看到的情況。

I would say it's a bit of an anomaly, but we're not ready to guide yet margins for next year until we get through our operating process.

我想說這有點反常，但在我們完成營運流程之前，我們還沒有準備好指導明年的利潤率。

Jordan Levy from Truist Securities.

來自 Truist 證券公司的喬丹·利維 (Jordan Levy)。

Good afternoon all and thanks for taking my questions.

大家下午好，感謝您提出我的問題。

I just wanted to see maybe just following on the last question you had, is there any timeline you can give on sort of how far out that VCA extends?

我只是想看看您提出的最後一個問題，您是否可以給出任何時間表來說明 VCA 延伸了多遠？

And then maybe just as sort of a follow-on to that, if there's been any kind of additional shifts in VCA structure versus EPC structure?

那麼，也許 VCA 結構與 EPC 結構之間是否有任何額外的變化？

No, I think this is actually the only one remaining fixed price VCA contract that we have in the company.

不，我認為這實際上是我們公司僅存的一份固定價格 VCA 合約。

It was signed in 2021.

該協議於 2021 年簽署。

It extends through 2026, and there's probably a couple of more projects we'll ship between now and the end of the VCA against this that are lower margin.

它將延續到 2026 年，從現在到 VCA 結束之間，我們可能還會推出幾個利潤率較低的項目。

Jon Windham from UBS

瑞銀 (UBS) 的喬恩溫德姆 (Jon Windham)

Perfect.

完美的。

Thanks for taking some time for the questions.

感謝您抽空回答問題。

I'm just wondering if you anticipate any potential changes in customer behaviors in ordering given the risk under the new administration and their attempts to potentially try to Safe Harbor?

我只是想知道，考慮到新政府的風險以及他們可能試圖尋求安全港的嘗試，您是否預計客戶的訂購行為會發生任何潛在的變化？

thanks

謝謝

No, I think it's too early to tell on that, right?

不，我認為現在說這個還為時過早，對吧？

Certainly, like you, I've read every possible note in the last 48 hours of what different customer behaviors may evolve, be it acceleration or delay, and we truly don't have a good view of that.

當然，就像您一樣，我在過去 48 小時內閱讀了所有可能的註釋，了解不同的客戶行為可能會演變，無論是加速還是延遲，但我們確實對此沒有很好的看法。

It's just far too new, far too fresh for that.

這實在是太新了，太新鮮了。

We'll be ready to serve our customers in any way they need to be served.

我們將隨時準備以客戶需要的任何方式為他們提供服務。

We can certainly accelerate given our strong domestic supply chain.

鑑於我們強大的國內供應鏈，我們當然可以加速。

If that's what they choose to do, we're ready to help them do that.

如果他們選擇這樣做，我們就準備好幫助他們做到這一點。

I think the biggest thing that will determine the cadence of customer orders is clarity around domestic content and clarity around the AD/CVD tariff rates.

我認為，決定客戶訂單節奏的最重要因素是國內含量的明確性以及 AD/CVD 關稅稅率的明確性。

That's what we've continually discussed as being the elements that are causing pause.

這就是我們不斷討論的導致暫停的因素。

Again, we expect these to get cleared up by the end of the year.

同樣，我們預計這些問題將在今年年底前解決。

We feel pretty good about the cadence as we exit the year into next year.

當我們從今年退出到明年時，我們對節奏感覺非常好。

Philip Shen from ROTH Capital Partners.

羅仕資本合夥人 (ROTH Capital Partners) 的 Philip Shen。

Guys. thanks for taking my questions.

夥計們。感謝您回答我的問題。

First group of questions is around bookings.

第一組問題是關於預訂的。

Can you share what the gross bookings were in Q3?

能分享一下第三季的總預訂量嗎？

Do you have any de-grossing or de-booking?

你們有減少消費或取消預訂的措施嗎？

And then how do you expect bookings to transition or be in Q4?

那麼您預計第四季的預訂量將如何轉變？

And then we calculate about $230 million for bookings for Q3, so does that sound about right?

然後我們計算出第三季的預訂量約為 2.3 億美元，聽起來對嗎？

And then the second group of questions is around Brazil.

第二組問題是關於巴西的。

Can you share how much of your latest backlog is for Brazil?

可以分享一下您最新的巴西積壓訂單有多少嗎？

Thanks.

謝謝。

Look, what we've said pretty clearly is that our order book remained flat at $2 billion, Phil, and order activity and projects awarded were slightly muted in the quarter given the uncertainty around the election and also AD/CVD rates.

看，我們已經非常清楚地說過，菲爾，我們的訂單保持在20 億美元不變，而且考慮到選舉的不確定性以及AD/CVD 率，本季度的訂單活動和授予的項目略有減弱。

I think what we're most excited about is that the overall pipeline of opportunities in the US, looking at it year-over-year, is over 3 times larger than it was this time last year, which is incredibly significant.

我認為我們最興奮的是，美國的整體機會管道，逐年來看，比去年同期增加了 3 倍以上，這是非常重要的。

The kind of what we call the higher probability pipeline over 2.5 times larger, so we feel really good about that momentum.

我們稱之為 2.5 倍以上的更高機率管道，因此我們對這種勢頭感到非常滿意。

And the fact that our win rate continues to be higher than our historical market share.

事實上，我們的勝率持續高於我們的歷史市佔率。

We're winning orders with customers that we hadn't seen orders with in over two years at this point.

我們正在贏得兩年多來沒有接到的客戶訂單。

We're excited about the momentum we have with historical low share of wallet customers.

我們對錢包客戶份額歷史較低的勢頭感到興奮。

We're excited about winning with customers that we hadn't in some time.

我們很高興贏得了我們一段時間以來從未贏得的客戶。

We're excited that OmniTrack is now over 20% of our backlog and continuing to accelerate.

我們很高興 OmniTrack 目前已占我們待辦事項的 20% 以上，並且仍在繼續加速。

And we're particularly excited that we won our first order of SkyLink early in Q4 with, again, a targeted customer that we had not received an order in over two years for.

我們特別興奮的是，我們在第四季初再次贏得了 SkyLink 的第一筆訂單，而我們已經兩年多沒有收到該目標客戶的訂單了。

And the SkyLink in particular solved this customer's problems they needed on a site vis-à-vis quick installation, less cabling, all of that was a perfect fit that opened up a new geography to us with a new targeted customer.

SkyLink 特別解決了該客戶在現場所需的問題，即快速安裝、更少的佈線，所有這些都是完美的配合，為我們和新的目標客戶開闢了新的地理空間。

So, we're excited about the momentum we're seeing on the front end of our business.

因此，我們對業務前端所看到的勢頭感到興奮。

Your second question was on Brazil, and what in particular?

你的第二個問題是關於巴西的，具體是什麼？

Which of the backlog is Brazil?

哪一個積壓訂單是巴西的？

Thank you.

謝謝。

I don't think -- we have not historically broken out backlog by region.

我不認為——我們歷史上沒有按地區劃分積壓訂單。

Not a metric we provide.

不是我們提供的指標。

Next question.

下一個問題。

Dimple Gosai from BofA.

來自美國銀行的 Dimple Gosai。

Hi there.

你好呀。

Thank you for taking my question.

感謝您回答我的問題。

Can you speak a little bit about the final manufacturing guidance that came out, where it seems that additional components didn't quite change for qualification.

您能否談談最終發布的製造指南，其中附加組件似乎沒有因資格認證而發生太大變化。

What's kind of included in your margin guide there?

你們的保證金指南包含哪些內容？

To some extent, I think there was some level of optimism that more components could qualify, whereby you qualify for the $2.28 per kilogram versus the $0.87 under new definition.

在某種程度上，我認為有一定程度的樂觀情緒，更多的組件可以符合資格，因此您有資格獲得每公斤 2.28 美元的價格，而新定義下的價格為每公斤 0.87 美元。

If you could just give some more clarity there, that would be really helpful.

如果您能在那裡提供更多清晰的信息，那將非常有幫助。

Thank you.

謝謝。

I'll take that one.

我會接受那個。

This is Neil.

這是尼爾.

And this is around domestic content.

這是圍繞國內內容。

We feel really well established from a domestic content perspective.

從國內內容的角度來看，我們感覺非常成熟。

We announced in Q3 of last year that we were able to provide 85% or better domestic content.

我們在去年第三季宣布，我們能夠提供 85% 或更好的國內內容。

Really not a big lift to get to 100%, which we've already announced that we'll be capable of shipping in the first half of 2025.

達到 100% 確實沒有太大的提升，我們已經宣布我們將能夠在 2025 年上半年發貨。

Now, as a reference to Cable One from our capability to provide that, that gets into a number of components.

現在，作為對電纜一號的參考，從我們提供的能力來看，它涉及許多組件。

As I mentioned before, we're really well suited to already providing many of those from domestic sources already.

正如我之前提到的，我們已經非常適合從國內來源提供其中的許多內容。

And we're working with a few suppliers that were not fully domesticated to be ready for that Q1, that first half of 2025 target.

我們正在與一些尚未完全本土化的供應商合作，為第一季（即 2025 年上半年的目標）做好準備。

We're not in a position where we're going to break out margins specifically for domestic content versus nondomestic content.

我們不會專門針對國內內容與非國內內容劃分利潤率。

But overall, we feel really well suited.

但總的來說，我們感覺非常適合。

As the guidance solidifies, we've been talking with customers, we think that about 20% or so of our current quotations have some level of domestic content required as part of it.

隨著指導意見的落實，我們一直在與客戶交談，我們認為我們目前的報價中約有 20% 左右需要一定程度的國內含量作為其中的一部分。

And we feel really excited and able to be able to meet those requirements for our customers as they look to solidify their planning for 2025.

我們感到非常興奮，能夠滿足客戶的這些要求，因為他們希望鞏固 2025 年的計畫。

And I think I'll answer the specific question regarding the 45X credits.

我想我會回答有關 45X 積分的具體問題。

And in particular, I think you're referencing clamps.

特別是，我認為你指的是夾子。

On our last call, we discussed that we had, we were hopeful but not forecasting to be clear, that clamps would classify or be delineated under structural fasteners and therein by weight get a higher level of credit.

在上次電話會議中，我們討論過，我們希望但沒有明確預測，夾鉗將被分類或劃定為結構緊固件，並在其中按重量獲得更高水平的信用。

Unfortunately, what we found through this last round was they were not in a position to change any of the original language that had already been locked in stone.

不幸的是，我們透過最後一輪發現他們無法改變任何已經鎖定的原始語言。

They could not do that, so we're back to considering clamps under the longitudinal purlins portion of the definition under torque tube at a lower level.

他們無法做到這一點，因此我們重新考慮在較低級別的扭矩管下定義的縱向檁條部分下的夾具。

But again, that was not put into our guidance at the higher level, so we're quite satisfied at this point.

但同樣，這並沒有納入我們更高層次的指導中，所以我們對此感到非常滿意。

I think what we're more focused on is the fact that that level of clarity allows things to move forward.

我認為我們更關注的是這樣的清晰度可以讓事情向前發展。

And we're as excited about that portion that now things can move forward, people understand where they are.

我們對這部分感到興奮，因為現在事情可以向前發展，人們了解他們的處境。

And as Neil indicated, over -- just over 20% of our order book is now focused on some level of domestic content at this point.

正如 Neil 所指出的，目前我們的訂單中 20% 多一點都集中在某種程度的國內內容上。

We're excited about being able to deliver that for our customers.

我們很高興能夠為我們的客戶提供這項服務。

Joe Osha from Guggenheim Partners.

古根漢合夥人公司的喬‧奧沙。

Thank you.

謝謝。

Hello everyone.

大家好。

Back to AD/CVD and November 2027, one of the things that we often see is that not every module maker is treated equally.

回到 AD/CVD 和 2027 年 11 月，我們經常看到的一件事是，並非每個模組製造商都受到平等對待。

How much of a challenge could we see with developers switching out panels from one vendor to another?

如果開發商將面板從一個供應商更換到另一個供應商，我們會面臨多大的挑戰？

And how does that impact your business?

這對您的業務有何影響？

Thanks.

謝謝。

Yeah, I think for us, we're really excited about that.

是的，我認為對我們來說，我們對此感到非常興奮。

First, I can tell you that when we're designing a site now, and this has been this way for about a year since the AD/CVD, we're not giving a vendor a one-site design.

首先，我可以告訴您，當我們現在設計網站時，自 AD/CVD 以來這種方式已經持續了大約一年，我們不會為供應商提供單一網站設計。

One of the challenges we have internally is that our customers rather are asking us for three and four different site designs on three or four different panels, right?

我們內部面臨的挑戰之一是，我們的客戶寧願要求我們在三到四個不同的面板上提供三到四個不同的網站設計，對嗎？

They're unsure which panel they're going to choose in the end.

他們不確定最終會選擇哪個面板。

We're doing multiple site designs for our customers under varying different supply chain strategies they have for different panels.

我們正在為客戶進行多個站點設計，根據他們對不同面板的不同供應鏈策略。

And we've been doing that consistently now for probably eight months or so, right?

我們現在已經持續這樣做了大概八個月左右，對吧？

Where we used to historically give you one quote, one design, we're giving you four quotes with four different designs.

我們過去常常為您提供一份報價、一種設計，現在我們為您提供四種報價、四種不同的設計。

And what happens in that next round of AD/CVD clarity is once our customers understand those economics of those different panel choices, they will then make their supply chain choices and pick one of those four designs and move forward.

在下一輪AD/CVD 清晰度中發生的事情是，一旦我們的客戶了解了這些不同面板選擇的經濟性，他們就會做出供應鏈選擇，並選擇這四種設計中的一種並繼續前進。

Now the benefit for us and our unique ability to do that versus other competitors in the industry is that we don't drill into our torque tubes.

現在，我們的好處以及我們與業內其他競爭對手相比的獨特能力是，我們不需要在扭矩管上鑽孔。

We don't have preset fixed positions for clamping systems, so that as our clamps slide on to the torque tube, you could slide those to the left or right several inches, or feet if need be, but we have a much greater level of flexibility without needing to re-drill torque tubes out in the field.

我們沒有為夾緊繫統預設固定位置，因此當我們的夾具滑到扭矩管上時，您可以將它們向左或向右滑動幾英寸，或者如果需要的話，幾英尺，但我們有更高水平的靈活性強，無需在現場重新鑽孔扭矩管。

Our customers can do those late selection of panels better with an array system than our competitors.

與我們的競爭對手相比，我們的客戶可以使用陣列系統更好地進行面板的後期選擇。

And as such, we're giving them multiple designs and getting them ready to be able to make panel selections late in the process.

因此，我們為他們提供了多種設計，並讓他們做好準備，以便能夠在流程後期進行面板選擇。

Vikram Bagri from Citigroup.

花旗集團的維克拉姆‧巴格里 (Vikram Bagri)。

Good evening everyone.

大家晚上好。

Kevin, can you talk about any changes to contract terms with customers, if there are any?

凱文，您能談談與客戶的合約條款是否有任何變化（如果有的話）？

What percentage of orders do have cash down payments?

有多少百分比的訂單需要現金預付款？

Are you taking some sort of guarantee in every order you receive?

您是否在收到的每份訂單中都採取某種形式的保證？

And in terms of second question, your outlook for Brazilian market, you mentioned that you highlighted you're a leader in that market.

關於第二個問題，即您對巴西市場的展望，您提到您強調您是該市場的領導者。

If you can just talk about how you're thinking about expectations in 2025, 2026, you see year-on-year growth in Brazilian market?

如果您能談談您如何看待2025年、2026年的預期，您認為巴西市場將會較去年同期成長嗎？

Not asking for guidance, but just broad outlook, do you still see that market growing healthily for you?

不尋求指導，只是尋求廣闊的前景，您仍然認為該市場正在健康成長嗎？

And then final question, in terms of 45X, I know you've been talking about sharing 45X in cases where you can gain more wallet share with your customers.

最後一個問題，就 45X 而言，我知道您一直在談論共享 45X，以便您可以與客戶獲得更多錢包份額。

Have you shared 45X with any of your customers?

您是否與任何客戶共享過 45X？

And in cases you have, should we think about gross margin that percentage gross margin goes down, but the absolute gross margin goes up as you gain more wallet share by giving up some 45X?

在這種情況下，我們是否應該考慮毛利率：毛利率百分比會下降，但絕對毛利率會隨著你放棄 45 倍而獲得更多錢包份額而上升？

Have you shared any and are we thinking about it the right way?

您有分享過嗎？

Thank you.

謝謝。

Great question.

很好的問題。

We're going to unpack all those questions.

我們將解開所有這些問題。

And let me take the first couple, and I'll turn it over to Neil, as Neil runs the Brazilian operations, so he'll give you a better answer on Brazil.

讓我來談談第一個問題，我會把它交給尼爾，因為尼爾負責巴西業務，所以他會給你一個關於巴西的更好的答案。

I'll say it again, that currently we have no orders within our order book which requires the explicit sharing of 45X credits.

我再說一遍，目前我們的訂單簿中沒有需要明確共享 45X 積分的訂單。

Now, that being said, we recognize our margins.

話雖這麼說，現在我們認識到了我們的利潤率。

And when you look at our Q later today, our margins domestically are doing really, really well, and we're benefiting strongly from 45X credits.

當您今天稍後查看我們的 Q 時，您會發現我們在國內的利潤率非常非常好，並且我們從 45 倍積分中受益匪淺。

We are mindful of this.

我們注意到這一點。

And we're opportunistically providing our customers more competitive pricing, utilizing some of the 45X.

我們會利用部分 45X 機會，為客戶提供更具競爭力的價格。

But it is not an explicit sharing agreement with 45X.

但與45X並沒有明確的共享協議。

It's about us realizing the benefits that we're getting and being able to pass them on in more competitive situations.

這是關於我們認識到我們所獲得的好處並且能夠在更具競爭性的情況下傳遞這些好處。

We feel really good about our ability to use some of that outsized margin domestically to drive additional business.

我們對利用國內部分巨額利潤來推動額外業務的能力感到非常滿意。

And as I said, you'll see that in the Q that our domestic margins are going really, really well at this point.

正如我所說，您會在 Q 中看到我們的國內利潤率目前非常非常好。

The second question or second element of the question was really about terms and contractual terms and what we were seeing relative to that.

第二個問題或問題的第二個要素實際上是關於條款和合約條款以及我們所看到的相關內容。

Look, always on occasion you may negotiate one-off exceptions on terms.

聽著，有時你可能會就條款進行一次性例外的談判。

But we've seen no real material shifts in customer deposit behaviors or requests.

但我們沒有看到客戶存款行為或請求發生真正的重大變化。

I will say that, look, as order cycles have elongated in the last year, I've had a couple of customer conversations where customers are less willing to put full contractual deposits down too early.

我要說的是，隨著去年訂單週期的延長，我與客戶進行了幾次對話，客戶不太願意過早支付全額合約定金。

Historically, where we may have gotten a 20% down payment very early in the process, in a couple of cases, I've worked with those customers to reduce that initial 20% down to a lower percentage initially, and then they provide additional deposits over time as we get closer to the project kickoff.

從歷史上看，我們可能在流程的早期就獲得了 20% 的首付，在某些情況下，我曾與這些客戶合作，將最初的 20% 降低到較低的百分比，然後他們提供額外的押金隨著時間的推移，我們越來越接近專案啟動。

I could say that's only happened on a couple of occasions this year in total.

我可以說今年總共只發生過幾次這樣的情況。

It's not something that's really gone programmatic to us at all.

對我們來說，這根本不是真正程式化的事情。

And our goal is to routinely have as much of our backlog fully contracted, and by fully contracted, that means there are penalties associated with delays, cancellations, things of that nature.

我們的目標是定期讓盡可能多的積壓訂單完全合約化，而完全合約化意味著會因延誤、取消等此類性質的事情而受到處罰。

Our goal is always to have as much of our backlog fully contracted.

我們的目標始終是讓盡可能多的積壓訂單完全收縮。

We're going to continue that practice and continue focusing on customer deposits prior to ordering materials and locking in our pricing.

我們將繼續這種做法，並在訂購材料和鎖定價格之前繼續關注客戶押金。

And as we do that, I'm certainly happy to get a large order fully contracted even if that means say half of my historical deposit upfront on an order.

當我們這樣做時，我當然很高興能夠完全簽訂一份大訂單，即使這意味著我要在訂單上預付一半的歷史存款。

Selectively, we're willing to do that because I really want that contract off the street and in my books with penalties.

有選擇性地，我們願意這樣做，因為我真的希望這份合約能夠在街頭流傳，並在我的書中包含處罰。

Does that make sense?

這樣有道理嗎？

I'll turn it over to Neil.

我會把它交給尼爾。

And just over on the Brazil topic, again, not going to guide for 2025, but let me talk a little bit about the context of what we've seen this year.

再次回到巴西話題，我不會為 2025 年提供指導，但讓我談談我們今年所看到的情況。

As Kevin mentioned, earlier in the year, we saw a lot of project pushes in the period in the kind of that midsummer timeframe.

正如凱文所提到的，今年早些時候，我們在仲夏期間看到了許多項目的進展。

We saw some of the same in Brazil during that time.

那段時間我們在巴西也看到了一些相同的情況。

But at this point, that's largely settled out.

但至此，事情已經基本解決了。

We haven't seen that rate of change since that period early in the summer.

自從夏初那段時期以來，我們還沒有看過這樣的變化率。

And now that market obviously is working through a number of factors.

現在這個市場顯然正受到多種因素的影響。

There's certainly some of the currency challenges.

當然存在一些貨幣挑戰。

There's also the curtailment dynamic that's taking place with the Brazilian power grid.

巴西電網也正在發生限電動態。

We do think it's going to take a couple of quarters for that to settle out.

我們確實認為這個問題需要幾個季度才能解決。

But we do feel confident in our position there.

但我們確實對我們在那裡的地位充滿信心。

We gained a lot of share from 2023 into 2024.

從 2023 年到 2024 年，我們獲得了很多份額。

It's been publicly noted that we're the largest DG provider in Brazil at this point as well, so we feel really well positioned.

據公開指出，我們目前也是巴西最大的 DG 供應商，因此我們感覺自己處於有利地位。

We do think it's going to take a couple of quarters for things to settle out.

我們確實認為事情需要幾個季度才能解決。

But as things then pick up again, we feel really well positioned to pick up where we left off.

但隨著事情再次好轉，我們感覺自己已經準備好繼續我們上次停下的事情了。

If I can add, I think one of the things that the team in Brazil under Neil's leadership has done a great job over the last couple of years is we recognize that the Brazilian market shifts from period to period between large utility scale and DG projects.

如果我可以補充的話，我認為尼爾領導下的巴西團隊在過去幾年中所做的出色工作之一是我們認識到巴西市場在大型公用事業規模和分散式發電項目之間不斷變化。

This means you're going from maybe doing 10 or 15 large projects a year to literally hundreds of five and 10 and 15 and 20-megawatt projects.

這意味著您將從每年執行 10 或 15 個大型項目，變成數百個 5、10、15 和 20 兆瓦項目。

We set up a model that allows our business to shift very, very quickly between the two when we see.

我們建立了一個模型，當我們看到時，它可以讓我們的業務在兩者之間非常非常快速地轉變。

And that's what you're seeing.

這就是你所看到的。

You're seeing the results of that increased process and operating efficiency of being able to pull that shift very quickly is what you're seeing in our DG market share.

您將看到流程和營運效率提高的結果，能夠非常快速地實現這一轉變，這就是您在我們的 DG 市場份額中看到的。

Certainly, in 2023 over 2022, we gained a lot of market share in utility, tying for the number one market share in utility scale solar in Brazil, gaining 9 full percentage points.

當然，與 2022 年相比，我們在 2023 年在公用事業領域獲得了大量市場份額，在巴西公用事業規模太陽能市場份額中並列第一，獲得了整整 9 個百分點。

And then immediately shifting thereafter when the utility scale is getting bogged down a little bit in the near term, shifting to have the largest market share in the DG portion of the Brazilian market.

然後，當公用事業規模在短期內陷入困境時，立即發生轉變，轉變為在巴西市場的 DG 部分中擁有最大的市場份額。

It's really a strong credit to the team in Brazil that's being able to pivot the business very, very quickly for whatever the market throws at us down there.

對於巴西的團隊來說，這確實是一個巨大的榮譽，他們能夠非常非常迅速地調整業務，以適應當地市場的變化。

And I think that's a big note of success in our business model in Brazil to-date

我認為這是我們迄今為止在巴西商業模式中取得成功的一大標誌

Kashy Harrison from Piper Sandler.

派珀·桑德勒的卡希·哈里森。

Good afternoon.

午安.

Thanks for taking my question.

感謝您提出我的問題。

So, just one for me, Kevin.

所以，凱文，只給我一個。

How do you philosophically think about the appropriate level of SG&A for the business, both quantitatively, whether that's relative to sales or backlog or what have you, qualitatively as you think about strategic and R&D and what have you?

您如何從哲學角度思考業務的 SG&A 適當水平，無論是定量方面，無論是相對於銷售還是積壓還是您擁有的東西，還是定性地考慮戰略和研發以及您擁有的東西？

Yeah, I mean we treat the buckets very differently, right?

是的，我的意思是我們對待水桶的方式非常不同，對吧？

Relative to R&D, as the team brings forward really strong projects that pencil out with a high degree of margin accretion and revenue tied to them, we will fund them, period.

相對於研發，當團隊提出真正強大的項目時，這些項目會帶來高度的利潤增長和與之相關的收入，我們將為它們提供資金，就這樣。

That's period, nonstop.

就是這樣的時期，不間斷。

We believe that some of the best use of our funds is driving organic growth through new product development.

我們相信，我們資金的最佳用途是透過新產品開發來推動有機成長。

We're seeing some of the new product development that we started when I got here two years ago finally coming to fruition and finally showing up in meaningful changes in our orderbook, so we're going to continue that.

我們看到兩年前我來到這裡時開始的一些新產品開發終於取得了成果，並最終在我們的訂單中出現了有意義的變化，所以我們將繼續下去。

I think relative to SG&A on the front end of our business, what we found is that we have ample opportunities to continue investing in the front end of our business, both internationally.

我認為相對於我們業務前端的SG&A，我們發現我們有足夠的機會繼續投資於我們業務的前端，無論是國際業務。

Certainly, in the last quarter, if I think about some of the adds and those "strategic investments" we referenced in our prepared remarks, that's about sales and marketing talent coming into the company and getting much more aggressive.

當然，在上個季度，如果我考慮我們在準備好的評論中提到的一些新增內容和“戰略投資”，那就是銷售和行銷人才進入公司並變得更加積極進取。

We've added salespeople in Europe.

我們在歐洲增加了銷售人員。

We've added salespeople in the US We've added targeted product marketing specialists in the US to really continue to get the word out of our superior product advantages in the market.

我們在美國增加了銷售人員。

Look, we had been out marketed in this business for some time.

瞧，我們在這個行業的行銷已經落後了一段時間了。

We're just flipping and getting much more aggressive on the front end of our business.

我們只是在業務前端進行翻轉並變得更加積極主動。

We've got new sales leadership in place, new commercial officer named, and several new bodies in the business already in just the last say two to three months coming in to help us accelerate the front end of that business.

我們已經任命了新的銷售領導層，任命了新的商務官，並且在過去的兩到三個月內就已經在該業務中建立了幾個新機構，以幫助我們加速該業務的前端發展。

Colin Rusch from Oppenheimer.

奧本海默的科林魯許。

Sorry about that guys.

對那些人感到抱歉。

I'm curious about the competitive landscape and how much activity you're seeing in terms of cost reduction from any of your peers and the pricing dynamics that you might be seeing as a result of that.

我很好奇競爭格局，以及您看到的同行在降低成本方面有多少活動，以及您可能因此看到的定價動態。

I wouldn't say we're seeing much change between -- historically, look, this is always a competitive marketplace between certainly the top few of us.

我不會說我們看到了很大的變化——從歷史上看，這始終是我們中少數頂尖企業之間的競爭市場。

I would say it continues to be a competitive marketplace for the top three of us.

我想說，對於我們前三名來說，這仍然是一個競爭激烈的市場。

But I can say we're not seeing big deterioration in ASPs or anyone driving down price.

但我可以說，我們沒有看到平均售價大幅惡化，也沒有看到任何人壓低價格。

I think what we're seeing is the beginning of some creeping in of sharing of 45x on behalf of some of our competitors, and that's showing up in some price.

我認為我們所看到的是，我們的一些競爭對手開始悄悄地分享 45 倍，這也反映在一些價格上。

And again, when you look at our strong domestic margins in the Q, you'll see that we've got ample room to do that alongside to even grow our market share even further than we think we've recovered this year.

再說一次，當你看看我們在第二季度強勁的國內利潤率時，你會發現我們有足夠的空間來做到這一點，甚至可以比我們今年想像的恢復得更多地增加我們的市場份額。

We feel it's still fairly disciplined at this point.

我們認為目前它仍然相當有紀律。

It's certainly not -- it's nothing close to a price war out there.

當然不是——這根本不是價格戰。

What we're seeing is targeted projects that maybe fit us or fit a competitor, we're being aggressive to ensure those come into our order book.

我們看到的是可能適合我們或適合競爭對手的目標項目，我們正在積極確保這些項目進入我們的訂單簿。

And I think they're behaving similarly.

我認為他們的行為很相似。

Appreciate that.

很欣賞這一點。

Derek Soderberg, Cantor Fitzgerald.

德里克·索德伯格，康托·菲茨杰拉德。

Yeah. hey guys.

是的。嘿夥計們。

Most of my questions have been asked, but maybe on the 77-degree tracker, curious what's sort of the significance of having this solution for you guys?

我的大部分問題都被問到了，但也許是在 77 度追蹤器上，我想知道這個解決方案對你們來說有什麼意義？

Do you think maybe your architecture is uniquely suited for it?

您認為您的架構是否特別適合它？

I know it's in the early days.

我知道現在還處於早期階段。

Maybe what's the value of this type of solution in the market in terms of selling price increases?

就售價上漲而言，這種解決方案在市場上的價值可能是多少？

Is that material?

那是材料嗎？

Is there a margin improvement attached to that?

利潤率是否會隨之改善？

Anything on that would be helpful.

任何關於這方面的事情都會有幫助。

Thanks.

謝謝。

Yeah. we spent a lot of time with our customers with industry forums this year.

是的。今年我們在行業論壇上花了很多時間與客戶交流。

We held an insurance forum earlier this year at our headquarters.

今年早些時候，我們在總部舉辦了保險論壇。

And we really wanted to hear from our customers and from the industry what they're seeing and feeling and hearing, especially given a lot of the extreme weather events.

我們真的很想聽聽客戶和業界的所見所聞，尤其是考慮到許多極端天氣事件。

Of note, there was a major storm, a set of storms in Texas around the middle of the year, where there's significant damage.

值得注意的是，今年年中左右，德州發生了一場大風暴，造成了嚴重的損失。

And to be clear, we feel that our legacy platform, it stows at 52 degrees, has performed really, really well in the real world.

需要明確的是，我們認為我們的舊平台（其存放角度為 52 度）在現實世界中的表現非常非常好。

And actually, it's performed quite well when you look at competitors' offerings that are right nearby.

事實上，當您查看附近競爭對手的產品時，它的表現相當不錯。

We feel really good about our current product and its ability to perform well in extreme weather for a lot of the reasons we talked about in the prepared remarks.

我們對我們目前的產品及其在極端天氣下表現良好的能力感到非常滿意，原因有很多，我們在準備好的評論中談到了這一點。

But that being said, given that hail claims are like 1% of all claims but represent about 50% of the losses, there's a high degree of sensitivity around anything that can be done to improve, especially when it comes to large-size hail, which is really what provides -- like 3-inch diameter or more is really what drives the predominant amount of damage for these sites.

但話雖這麼說，考慮到冰雹索賠約佔所有索賠的 1%，但約佔損失的 50%，因此任何可以採取的改進措施都具有高度敏感性，特別是當涉及大尺寸冰雹時，這確實是造成這些地點損壞的主要原因——例如3 英寸或更大的直徑。

And there's a prevailing view that we heard from our customers and industry contacts that, hey, a higher degree would be helpful as they look to mitigate potential claims and losses in the analyses that they use despite what's been kind of happening from a real-world perspective out there.

我們從客戶和行業聯繫人那裡聽到了一種普遍的觀點，嘿，更高的學位會有所幫助，因為他們希望減輕他們使用的分析中的潛在索賠和損失，儘管現實世界中發生了一些情況那裡的觀點。

Long story short is, we worked with our technical teams, spent a lot of time discussing and ultimately determined that, hey, there's an opportunity for us to really meet the needs and what is being asked for to come out with what we will believe is this highest degree stow capable to protect against extreme weather events.

長話短說，我們與我們的技術團隊合作，花了很多時間討論並最終確定，嘿，我們有機會真正滿足需求以及我們所相信的需求這種最高程度的存放能夠抵禦極端天氣事件。

That being said, it's going to be set upon the DuraTrack and OmniTrack platform.

話雖這麼說，它將建立在 DuraTrack 和 OmniTrack 平台上。

It's not a brand-new offering, so it's going to be built largely upon the existing platform, which makes it pretty straightforward for us to bring to market.

它不是一個全新的產品，因此它將主要建立在現有平台的基礎上，這使得我們可以輕鬆地將其推向市場。

And ultimately, when it comes to certain design criteria that customers are asking for, specific enhancements do oftentimes bring with it potential margin opportunities, but we're not ready to get into that level of detail at this point.

最終，當涉及客戶要求的某些設計標準時，特定的增強功能通常會帶來潛在的利潤機會，但我們目前還沒有準備好深入了解這一點。

That being said, great response at the RE+ conference that was held in Anaheim in September.

話雖如此，9 月在阿納海姆舉行的 RE+ 會議反應熱烈。

We got great feedback from our customers, a lot of enthusiasm, a lot of interest, and we look forward to talking about it a lot more as it gets closer to coming out.

我們從客戶那裡得到了很好的反饋，充滿了熱情和興趣，我們期待在它臨近發佈時更多地談論它。

Maheep Mandloi from Mizuho Securities.

瑞穗證券 (Mizuho Securities) 的 Maheep Mandloi。

Hi thanks very much.

你好，非常感謝。

It's David on for Maheep.

大衛替補馬希普。

I just have a quick one.

我只有一個快速的。

With your competitor acquiring foundation companies, is that impacting your ability to bid for any projects?

隨著您的競爭對手收購基金會公司，這是否會影響您投標任何項目的能力？

No, from our perspective, those foundation companies that were bought, kind of rocky soil, those types of environments are really a niche kind of part of the market.

不，從我們的角度來看，那些被收購的基礎公司，那種岩石土壤，這些類型的環境確實是市場的利基部分。

And to be clear, we're certified to work with that provider.

需要明確的是，我們已獲得與該提供者合作的認證。

And given that's a niche offering, we're still certified to work with them.

鑑於這是一個利基產品，我們仍然有資格與他們合作。

They're working with us.

他們正在與我們合作。

And we don't really feel that there's any limitation to us from a go-forward standpoint in that niche.

從前進的角度來看，我們並不真正認為在這個利基市場對我們有任何限制。

We're obviously evaluating opportunities in that space and in other spaces where it makes sense from rocky soil, Upper Midwest.

顯然，我們正在評估該領域以及中西部上部岩石土壤中有意義的其他領域的機會。

This is why we talked about with SkyLink, that there are certain opportunities for us to have solutions that are custom tailored to certain geographies and parts of the country and around the world.

這就是我們與 SkyLink 討論的原因，我們有一定的機會獲得針對特定地區、國內和世界各地的客製化解決方案。

And we don't feel any limitation based on that acquisition was made, and we're quite comfortable with our position when it comes to specific soil and terrain.

我們並不覺得這次收購有任何限制，而且當涉及到特定的土壤和地形時，我們對我們的立場感到非常滿意。

Thank you very much.

非常感謝。

Ladies and gentlemen, we have reached the end of the question-and-answer session and this does conclude today's conference.

女士們、先生們，問答環節已經結束，今天的會議也到此結束。

Thank you very much for joining us.

非常感謝您加入我們。

You may now disconnect your lines.

現在您可以斷開線路。