Array Technologies Inc (ARRY) 2025 Q1 法說會逐字稿

Greetings. Welcome to Array Technologies’ first-quarter 2025 earnings call.

問候。歡迎參加 Array Technologies 2025 年第一季財報電話會議。

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

（操作員指示）提醒一下，本次會議正在錄音。

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

現在我很高興向大家介紹主持人、Array 投資者關係部負責人 Julia Ward。請繼續。

Thank you. I would like to welcome everyone to Array Technologies' first-quarter 2025 earnings conference call. I am joined on this call by Kevin Hostetler, our CEO; Keith Jennings, our CFO; and Neil Manning, our President and COO.

謝謝。歡迎大家參加 Array Technologies 2025 年第一季財報電話會議。我們的執行長 Kevin Hostetler 也參加了此次電話會議；我們的財務長 Keith Jennings；以及我們的總裁兼營運長 Neil Manning。

Today's call is being webcast via our investor relations website at ir.arraytechinc.com, including audio and slides. In addition, the press release and the presentation detailing our quarterly results have been posted on the website. Today's discussion of financial results includes non-GAAP measures. A reconciliation of GAAP to non-GAAP financial measures can be found in the accompanying presentation and on our website. We encourage you to visit our website at arraytechinc.com for the most current information on our company.

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，新聞稿和詳細介紹我們季度業績的簡報已發佈在網站上。今天討論的財務結果包括非公認會計準則指標。您可以在隨附的簡報和我們的網站上找到 GAAP 與非 GAAP 財務指標的對帳表。我們鼓勵您造訪我們的網站 arraytechinc.com，以獲取有關我們公司的最新資訊。

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 statements made on this call.

提醒一下，我們今天討論的事項包括有關市場需求和供應、我們的預期結果和其他事項的前瞻性陳述。這些前瞻性陳述受風險和不確定性的影響，可能導致實際結果與本次電話會議中的陳述有重大差異。

We refer you to the documents we file with the SEC, including our most recent Form 10-K, for a discussion of risks that may affect our future results. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee the 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 except as required by law.

請您參閱我們向美國證券交易委員會 (SEC) 提交的文件，包括我們最新的 10-K 表格，以了解可能影響我們未來業績的風險。儘管我們認為前瞻性陳述中反映的預期是合理的，但我們無法保證未來的結果、活動水準、績效或成就。除法律要求外，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, Julia. Good morning, everyone, and thank you for joining us today. I'll begin with a brief business and market update, then Neil Manning, our President and Chief Operating Officer, will provide some updates on market strategy, supply chain, product, and commercial execution for the quarter. Keith Jennings, our Chief Financial Officer, will provide our first quarter 2025 financial highlights and comments on our full-year 2025 financial guidance. Then we'll open up the line for your questions.

謝謝你，茱莉亞。大家早安，感謝大家今天加入我們。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) 將提供有關本季市場策略、供應鏈、產品和商業執行的一些最新情況。我們的財務長 Keith Jennings 將提供我們 2025 年第一季的財務亮點並對我們 2025 年全年財務指導的評論。然後我們將開通熱線回答您的問題。

Starting on slide 4, I'll begin with the summary and key highlights of the quarter, followed by a discussion on the latest near-term market dynamics and the industry environment. In today's rapidly evolving policy environment, including ongoing tariff negotiations and potential shifts in the Inflation Reduction Act, we remain focused on what we can control, executing our strategy with discipline, maintaining operational agility, and delivering long-term value for our shareholders. While near-term volatility is a reality, we are confident in the strength of our fundamentals and the resilience of our company. Integrity and transparency remain at the core of how our team operates. Through this complex and dynamic environment, we believe staying the course on our mission will continue to earn the trust of our customers and shareholders alike.

從第 4 張投影片開始，我將先介紹本季的總結和主要亮點，然後討論最新的近期市場動態和產業環境。在當今快速變化的政策環境中，包括正在進行的關稅談判和《通膨削減法案》的潛在變化，我們仍然專注於我們能夠控制的事情，嚴格執行我們的策略，保持營運靈活性，並為我們的股東創造長期價值。儘管短期波動是現實，但我們對公司基本面的強勁和韌性充滿信心。誠信和透明仍然是我們團隊運作的核心。在這種複雜而動態的環境中，我們相信堅持我們的使命將繼續贏得客戶和股東的信任。

As shown on slide 5, we had a strong first quarter, driven by focused execution, coupled with robust demand for our offerings, which accelerated volume growth to 143% over the prior year first quarter, achieving the second largest quarter of volume shipped since Q2 of 2023. This strong momentum is reflected in achieving $302 million of revenue in the first quarter, a 97% increase over the prior year first quarter, and a 10% increase sequentially over the fourth quarter of 2024. First quarter adjusted gross margin came in at 26.5%, indicative of the compression we expected in the quarter due to the impacts of the previously mentioned legacy volume commitment agreement project and some additional large international lower margin projects. Our cash position is strong, with a quarter ending cash balance of $348 million.

如投影片 5 所示，在專注的執行力和產品需求強勁的推動下，我們第一季表現強勁，銷量較去年同期第一季成長 143%，實現自 2023 年第二季以來第二大季度出貨量。這一強勁勢頭體現在第一季實現 3.02 億美元的收入，比去年同期第一季成長 97%，比 2024 年第四季環比成長 10%。第一季調整後的毛利率為 26.5%，這表明由於前面提到的遺留批量承諾協議項目和一些額外的大型國際低利潤項目的影響，我們預計本季度的毛利率將有所壓縮。我們的現金狀況強勁，本季末現金餘額為 3.48 億美元。

Turning to slide 6, I'll provide some details on our order book. Despite near-term policy-related headwinds, our order book is resilient and maintained at $2 billion. Robust sales and operational performance delivered accelerated contracting of an 18% increase in the first quarter when compared to the fourth quarter of 2024. This is despite some customers having difficulty in pricing their PPAs and fully understanding their forward project costs in the current environment.

翻到第 6 張投影片，我將提供有關我們訂單的一些詳細資訊。儘管近期存在政策方面的不利因素，但我們的訂單仍然具有韌性，維持在 20 億美元。強勁的銷售和營運業績使得第一季的合約金額與 2024 年第四季相比加速成長 18%。儘管一些客戶在當前環境下難以為其 PPA 定價並完全了解其遠期專案成本，但情況仍然如此。

We continue to strengthen our management team with the addition of several solar industry veterans both domestically and internationally throughout the first quarter. We are already seeing the benefits from these leadership additions to the organization.

我們在第一季持續加強管理團隊，吸收了多位國內外太陽能產業資深人士。我們已經看到了這些領導階層的加入為組織帶來的好處。

Our discipline and customer-centric approach continues to gain traction as new and existing customers are seeing the benefits of Array's innovative products, software, and services portfolio, combined with our outstanding on-time delivery and ease of doing business.

隨著新舊客戶逐漸看到 Array 創新產品、軟體和服務組合以及我們出色的準時交付和便捷的業務方式帶來的好處，我們的紀律和以客戶為中心的方法繼續受到青睞。

Our domestic order book continues to build on the momentum we experienced through the end of last year, with over 9% growth in the first quarter. As of quarter end, over 40% of our order book is set to be delivered in the remaining quarters of 2025, and we would still expect to book some additional DG projects over the next couple of quarters for delivery in 2025.

我們的國內訂單繼續保持去年年底以來的強勁勢頭，第一季成長超過 9%。截至季末，我們超過 40% 的訂單將在 2025 年剩餘季度交付，並且我們仍預計在接下來的幾個季度內預訂一些額外的 DG 項目，以便在 2025 年交付。

We remain pleased with our project by project win rate, and we're seeing great traction with our recently expanded product offerings such as OmniTrack and SkyLink, which together accounted for 15% of revenue in Q1 and 30% of new bookings in the quarter. We are encouraged by our momentum, which we believe is resulting from our strength and organization, high customer engagement, and innovative and differentiated solutions for our customers.

我們對我們的專案成功率感到滿意，我們看到我們最近擴展的產品系列（例如 OmniTrack 和 SkyLink）具有很大的吸引力，它們合計佔第一季營收的 15% 和本季新訂單的 30%。我們對我們的發展勢頭感到鼓舞，我們相信這源於我們的實力和組織、高度的客戶參與度以及為客戶提供的創新和差異化解決方案。

Transitioning to slide 7, I want to reemphasize the need for solar energy as a major portion of an effective all-of-the-above energy strategy. The increasing energy demand globally is unmistakable. According to the Brattle and Conserved America study, the US alone will need 50% more annual electricity production than today to meet demand in 2035, created mostly by manufacturing reshoring, industrial and transportation electrification, and data center growth. While the demand growth may slow slightly and the mix of generation capacity may change slightly, utility scale solar is still faster to deploy, lower in cost both with and without tax credits, has no ongoing variable input costs, and utilizes a proven domestic supply chain. Thus, we see continued growth to meet the increased electricity demand in the coming decade.

轉到第 7 張投影片，我想再次強調太陽能作為有效的全方位能源策略的重要組成部分的必要性。全球能源需求不斷增長是顯而易見的。根據 Brattle 和 Conserved America 的研究，到 2035 年，光是美國就需要每年比現在多生產 50% 的電力才能滿足需求，這主要源於製造業回流、工業和交通電氣化以及資料中心的成長。雖然需求成長可能會略有放緩，發電能力結構也可能略有變化，但公用事業規模的太陽能仍然部署速度更快，無論有無稅收抵免，成本都較低，沒有持續的可變投入成本，並利用成熟的國內供應鏈。因此，我們預計未來十年電力需求將持續成長。

Despite this demand growth long term, market research from organizations such as Wood MacKenzie and the Solar Energy Industries Association, are forecasting US utility scale installations to be flat in 2025, largely due to the uncertain regulatory environments.

儘管長期來看需求將成長，但伍德麥肯齊和太陽能產業協會等機構的市場研究預測，到 2025 年，美國公用事業規模的安裝量將持平，這主要是由於監管環境的不確定性。

With this being set, let's take a look at how we are managing the market dynamics both in the near-term and the long term. I'm on page 8 of the presentation materials where we summarize our thoughts in two distinct buckets, near-term uncertainty and long-term confidence. While utility scale solar remains the lowest-cost and fastest-growing energy source to meet our rapidly increasing demand for electricity, the current geopolitical headwinds have created an unusual amount of uncertainty and volatility.

在確定了這一點之後，讓我們來看看如何管理短期和長期的市場動態。我在演示材料的第 8 頁，我們將我們的想法總結為兩個不同的方面，即近期的不確定性和長期的信心。雖然公用事業規模的太陽能仍然是滿足我們快速增長的電力需求的成本最低、增長最快的能源，但當前的地緣政治逆風造成了異常的不確定性和波動性。

The potential impacts of the current market uncertainty may lead to some project delays in the short term until there is better understanding of tariffs, the associated commodity increases, and the potential reform to IRA tax credits. Having said that, early sunsetting of tax credits could potentially accelerate sales as customers seek to safe harbor projects.

當前市場不確定性的潛在影響可能會導致一些項目在短期內延遲，直到對關稅、相關商品價格上漲以及 IRA 稅收抵免的潛在改革有更好的了解。話雖如此，由於客戶尋求安全港項目，提前取消稅收抵免可能會加速銷售。

Additionally, given the cost structure of utility scale solar projects, we do not anticipate a significant impact from tariffs as equipment typically only accounts for approximately 50% of a utility scale project. As such, a 15% increase in equipment costs would result in less than an 8% increase in the overall cost of a project. We believe developers will have the leverage to increase PPA prices to accommodate higher equipment costs if tariffs and/or commodity price increases remain in place for the longer term.

此外，考慮到公用事業規模太陽能專案的成本結構，我們預計關稅不會產生重大影響，因為設備通常僅佔公用事業規模專案的約 50%。因此，設備成本增加 15% 將導致專案總成本增加不到 8%。我們相信，如果關稅和/或商品價格長期上漲，開發商將有能力提高 PPA 價格以適應更高的設備成本。

We are actively engaging with our customers to help understand the potential impacts of interest rates, tariffs, and commodity price increases on their business models and individual project timing. In the last few weeks, through these conversations with customers, we have confirmed that at least 75% of our remaining 2025 domestic deliveries are for projects that either have domestic panels or panels currently in the United States.

我們積極與客戶合作，幫助了解利率、關稅和商品價格上漲對其商業模式和單一專案時間的潛在影響。在過去的幾周里，透過與客戶的對話，我們已經確認，我們剩餘的 2025 年國內交付量中至少有 75% 是用於擁有國內面板或目前位於美國境內的面板的項目。

We are also active participants with industry association partners like American Clean Power, and the Solar Energy Industry Association, to publicly share the impact that Array and other US solar manufacturers are having on the American economy, delivering both jobs and secure reliable energy. We continue to monitor developments on the IRA tax credits and tariffs, and we are having direct conversations with policymakers in Washington to communicate our support for the energy tax credits.

我們也積極參與美國清潔能源和太陽能產業協會等產業協會合作夥伴的活動，公開分享 Array 和其他美國太陽能製造商對美國經濟的影響，既提供了就業機會，也提供了可靠的能源。我們將繼續關注 IRA 稅收抵免和關稅的發展，並正在與華盛頓的政策制定者直接對話，以表達我們對能源稅收抵免的支持。

To this end, I was in Washington D.C. last week and had constructive meetings at the White House and with several members of both the House and the Senate on both sides of the aisle to discuss our perspective on the importance of the energy tax credits and the alignment of these credits with the administration's goals of growing American manufacturing and meeting rapidly rising electricity demand. As the legislative reconciliation process moves forward, we will continue our direct engagement in D.C. on this topic and share information as it becomes clearer.

為此，我上週在華盛頓特區，在白宮與眾議院和參議院兩黨的幾位議員舉行了建設性的會談，討論了我們對能源稅收抵免重要性的看法，以及這些抵免如何與政府發展美國製造業和滿足快速增長的電力需求的目標相一致。隨著立法和解進程的推進，我們將繼續在華盛頓特區就此問題進行直接接觸，並在情況變得更加明朗時分享資訊。

However, I would note that given the current plan reconciliation process and the necessary steps to clear any required voting thresholds, it will likely be a bit cloudier and chaotic initially before negotiations ensue, and it becomes both clearer and more supportive over time.

然而，我要指出的是，考慮到當前的計劃協調過程以及清除任何所需投票門檻的必要步驟，在談判開始之前，最初可能會有些模糊和混亂，但隨著時間的推移，它會變得更加清晰和更有支持性。

On the international front, in Brazil, the devaluation of the Brazilian real, the volatile interest rate environment, and the newly introduced tariffs on solar components, have significantly slowed market growth in what was traditionally one of the largest solar markets globally. This is expected to continue for three to four more quarters as purchase price agreements are renegotiated across the region, and as Brazil enters a presidential election cycle in 2026.

在國際方面，在巴西，巴西雷亞爾貶值、利率環境波動以及新出台的太陽能組件關稅，已顯著減緩了這個傳統上全球最大太陽能市場之一的市場成長。隨著整個地區對購買價格協議的重新談判，以及巴西在 2026 年進入總統選舉週期，預計這種情況將持續三到四個季度。

In Europe, our business is performing as expected, and we are seeing solid market growth in 2025. We believe we are well positioned to continue to capture market share in the region. We are actively evaluating additional markets for international expansion, including the Middle East, where we announced opportunities in the first half of 2024. We're excited by the positive reception and the potential growth in the region. Amidst this period of global economic uncertainty, our continued focus on what we can control has Array well positioned to navigate the changes in the utility scale and distributed generation solar landscapes, which is why we are reaffirming our full-year 2025 guidance.

在歐洲，我們的業務表現符合預期，我們預期 2025 年市場將穩健成長。我們相信，我們有能力繼續佔領該地區的市場份額。我們正在積極評估其他國際擴張市場，包括中東，我們在 2024 年上半年宣布了在中東的擴張機會。我們對該地區的積極反響和潛在成長感到非常興奮。在全球經濟不確定的時期，我們持續關注我們能夠控制的事情，這使得 Array 能夠很好地應對公用事業規模和分散式發電太陽能格局的變化，這就是我們重申 2025 年全年指導的原因。

Given this backdrop, I'll turn it over to Neil to go into more detail on how we are responding to the near-term uncertainty and to review our products and commercial updates.

有鑑於此背景，我將把主題交給尼爾，讓他更詳細地介紹我們如何應對近期的不確定性，並審查我們的產品和商業更新。

Thanks, Kevin. Moving to slide 9, given the worldwide focus on tariffs, I want to share some additional details on a raised tariff response and our supply chain to help you understand our basis for confidence in navigating current events. As the original provider of high domestic content trackers, Array was already well positioned prior to the changes in the global trade landscape that emerged this year. Our commercial and supply chain teams have been working around the clock to respond to the near-term tariff uncertainty.

謝謝，凱文。前往投影片 9，鑑於全世界對關稅的關注，我想分享一些有關提高關稅反應和我們的供應鏈的更多細節，以幫助您了解我們應對當前事件的信心基礎。作為國內含量較高的追蹤器的原始供應商，Array 在今年全球貿易格局發生變化之前就已經佔據了有利地位。我們的商業和供應鏈團隊一直在日以繼夜地工作，以應對近期的關稅不確定性。

On the commercial front, we conducted a comprehensive backlog and pipeline review to identify tariff provisions within our contracts and reconfirm delivery dates with our customers. Over 75% of contracted projects allows us to pass 100% of the tariffs onto the customer. As Kevin mentioned earlier, we also confirmed that at least 75% of our remaining 2025 domestic deliveries are of projects that either have US-made panels or panels already in the United States. Supply chain impacts are often unpredictable, which is why preparedness matters.

在商業方面，我們進行了全面的積壓和管道審查，以確定合約中的關稅條款並與客戶重新確認交貨日期。超過75%的承包項目允許我們將100%的關稅轉嫁給客戶。正如 Kevin 之前提到的，我們還確認，我們剩餘的 2025 年國內交付項目中至少有 75% 是採用美國製造的太陽能電池板或已經在美國使用的太陽能電池板的項目。供應鏈的影響往往是不可預測的，因此做好準備很重要。

At Array, we've been investing in talent, technology and commodity-buying strategies for the past several years, which has paid off in recent months. For example, our CPQ program, which stands for Configure Price Quote, utilizes advanced algorithms to evaluate a range of supply and logistics routing options for a project, with real-time costing, inclusive of raw materials, logistics costs, and tariffs.

在 Array，我們過去幾年一直在人才、技術和商品購買策略方面進行投資，近幾個月來已獲得回報。例如，我們的 CPQ 程式（即配置價格報價）利用先進的演算法來評估專案的一系列供應和物流路線選項，並提供即時成本核算，包括原材料、物流成本和關稅。

This agility, in conjunction with proactive steel purchases from our long-term domestic steel partners, are just a few of the longer-term investments that are now yielding positive outcomes. Keith will speak to the remaining points on our actions related to near-term uncertainty in a few moments.

這種彈性，加上我們向國內長期鋼鐵合作夥伴主動採購鋼鐵，只是我們目前取得正面成果的長期投資的一部分。基斯稍後將談到我們針對近期不確定性採取的行動的其餘要點。

Moving to slide 10. From the supply chain perspective, as you'll see here, Array has built a network of over 50 suppliers in the United States, with a committed capacity in excess of 40 gigawatts. Driven by our efforts over the past several years, the United States source material drives over 93% of the content for domestic bills of material. So, we were in a good position heading into this tariff environment. Additional components are covered by the USMCA treaty with zero tariffs currently.

移至投影片 10。從供應鏈的角度來看，正如您在此處看到的，Array 在美國建立了一個由 50 多家供應商組成的網絡，承諾產能超過 40 千兆瓦。經過我們過去幾年的努力，美國源材料佔據了國內物料清單內容的93%以上。因此，我們在這種關稅環境下處於有利地位。USMCA 條約涵蓋其他組件，目前實施零關稅。

So, the portion of our bill of materials exposed to tariffs is quite low. We were now quoting 100% domestic content trackers under table one of the IRA, so those customers were requesting this capability, and we have booked orders for 100% domestic content trackers to be delivered to customers in the second half of this year. Outside the United States, our global supply chain is focused on our center of excellence strategy where we consolidate our purchasing volume with key partners in Asia and around the world.

因此，我們的物料清單中受關稅影響的部分相當低。我們現在根據 IRA 第一表報價 100% 國內內容追蹤器，因此那些客戶要求這種能力，我們已經預訂了 100% 國內內容追蹤器的訂單，將於今年下半年交付給客戶。在美國以外，我們的全球供應鏈專注於我們的卓越中心策略，我們與亞洲和世界各地的主要合作夥伴整合我們的採購量。

We have over 75 supply partners supporting our international businesses, and together with our 50 in the United States, we maintain a total supply capacity of 75 gigawatts. This offers us tremendous optionality to drive the lowest landed cost solutions for our customers and the ability to adapt to a wide range of potential supply shocks and impacts, including tariffs.

我們擁有超過 75 個供應合作夥伴支持我們的國際業務，加上我們在美國 50 個供應合作夥伴，我們的總供應能力達到 75 千兆瓦。這為我們提供了巨大的選擇空間，可以為客戶提供最低的到岸成本解決方案，並能夠適應包括關稅在內的各種潛在的供應衝擊和影響。

Moving to slide 11, I'll pivot to some exciting product and innovation updates. Our innovative SkyLink platform is seeing strong customer interest in the market. SkyLink was launched in Q3 of last year, and we currently have our initial installation underway, with a healthy pipeline developing. You'll recall, SkyLink offers an eight-link row string-powered solution with wireless capability that eliminates the need for trenching and grid-based power. Marker reception has been very positive with major utilities where SkyLink's capabilities are making it a solid new participant within Array’s product portfolio.

轉到第 11 張投影片，我將轉向一些令人興奮的產品和創新更新。我們創新的 SkyLink 平台在市場上引起了客戶的強烈興趣。SkyLink 於去年第三季推出，目前我們正在進行初始安裝，管道正在健康發展。您會記得，SkyLink 提供了一種具有無線功能的八連桿排串供電解決方案，無需挖溝和基於電網的電力。主要公用事業公司的市場接受度非常積極，SkyLink 的功能使其成為 Array 產品組合中堅實的新參與者。

Our patented hail alert response continues to be well received by customers since its initial installation in 2024. The high cost related to extreme weather events continue to be a factor in the economic modeling for projects, and Array is at the forefront in this critical space, particularly with software. SmartTrack is our IP-protected software platform that enables our differentiated offerings, including automated snow response, hailstorm, diffuse, and backtracking.

我們的專利冰雹警報響應自 2024 年首次安裝以來一直受到客戶的好評。與極端天氣事件相關的高成本仍然是專案經濟模型的一個因素，而 Array 在這個關鍵領域處於領先地位，尤其是在軟體方面。SmartTrack 是我們受 IP 保護的軟體平台，可實現我們的差異化產品，包括自動降雪響應、冰雹、彌散和回溯。

We're very pleased that we've surpassed 5 gigawatts deployed of SmartTrack and are well in our way to 10 gigawatts by the end of the year. We held our second insurance forum event at our office in Chandler in April, where we nearly doubled participation from our initial event in 2024. We were pleased to host 59 attendees, and there's broad appreciation for the information shared to industry participants, with Array leading the way from both a technical and knowledge-sharing standpoint.

我們非常高興，SmartTrack 的部署量已超過 5 千兆瓦，並且預計在今年年底前達到 10 千兆瓦。我們於 4 月在錢德勒辦公室舉辦了第二屆保險論壇活動，與 2024 年首次舉辦的活動相比，參與人數幾乎翻了一番。我們很高興接待了 59 位與會者，大家普遍讚賞與業界參與者分享的訊息，Array 在技術和知識共享方面都處於領先地位。

Moving to Repowering, as the solar industry matures and module performance continues to improve, operators can look back at prior deployments to determine if a module refresh makes economic sense. Array’s longevity in the market, coupled with our flexible architecture, make us ideally suited to support customers considering a site refurbishment. I'll remind everyone that unlike competitors, Array’s architecture does not require drilling into the torque tube to support bespoke module dimensions.

轉向 Repowering，隨著太陽能產業的成熟和模組性能的不斷提高，營運商可以回顧先前的部署，以確定模組更新是否具有經濟意義。Array 在市場上的長期經驗，加上我們靈活的架構，使我們非常適合為考慮進行場地翻新的客戶提供支援。我要提醒大家，與競爭對手不同，Array 的架構​​不需要鑽入扭力管來支援客製化的模組尺寸。

Our IP-protected design allows us to readily shift from module versions and dimensions their adaptable clamp offerings. This adaptability, coupled with our 87 gigawatts of deployed solutions, makes repowering an exciting opportunity for both plan operators and Array in the coming years.

我們的 IP 保護設計使我們能夠輕鬆地從模組版本和尺寸轉換到可適應的夾具產品。這種適應性，加上我們已部署的 87 千兆瓦解決方案，使得重新供電成為未來幾年計劃營運商和 Array 的一個令人興奮的機會。

Finally, on this slide, I'm pleased to report that Array is the first tracker provider to complete the process to have our DuraTrack and OmniTrack platforms fully verified as compatible with the UL 3703 standard for 2,000 volts.

最後，在這張投影片上，我很高興地報告，Array 是第一家完成流程的追蹤器供應商，我們的 DuraTrack 和 OmniTrack 平台已完全驗證符合 2,000 伏特 UL 3703 標準。

So, why does this matter? This 2000-volt capability offers Array the ability to increase power density, with more modules per string, lower balance of systems costs, and higher operating efficiency, leading to an improved levelized cost of energy. Array continues to lead the way with product evolution and drive important industry innovations for the benefit of our customers and stakeholders.

那麼，這為什麼重要？這種 2000 伏特的能力使 Array 能夠提高功率密度，每串可容納更多模組，降低系統平衡成本，提高運作效率，進而改善平準化能源成本。Array 持續引領產品革新，推動重要的產業創新，造福我們的客戶和利害關係人。

With that, I'll turn it over to Keith to provide more details on first quarter results. Keith?

接下來，我將把時間交給 Keith，讓他提供有關第一季業績的更多詳細資訊。基思？

Thank you, Neil. Good morning. My commentary begins on slide 13. First, like Neil and Kevin, I must commend the Array team for the focused execution across the quarter to start 2025. My comments will focus on key financial highlights of the first quarter 2025 results, and sharing some thoughts on the strength of our liquidity position and capital structure. Revenue in the first quarter was $302.4 million, growth of 97% from the prior year, largely due to the substantial increase in volume shipped in the quarter, indicating market share recovery from our customer initiatives and delivering on approximately $60 million of projects that were previously on hold from 2024. When compared to the prior quarter, revenue accelerated by 10%.

謝謝你，尼爾。早安.我的評論從第 13 張投影片開始。首先，與 Neil 和 Kevin 一樣，我必須讚揚 Array 團隊在 2025 年初的整個季度中專注的執行力。我的評論將集中在 2025 年第一季業績的關鍵財務亮點上，並分享一些關於我們流動性狀況和資本結構實力的想法。第一季營收為 3.024 億美元，較上年增長 97%，這主要歸功於本季度出貨量的大幅增加，這表明我們的客戶計劃恢復了市場份額，並完成了先前從 2024 年開始擱置的約 6000 萬美元的項目。與上一季相比，營收成長了 10%。

Delivered volume, measured in megawatts of generation capacity for the quarter, was up 143% over the prior year, achieving the second largest quarter of volume shipped since 2023, and up 7% over the prior quarter. Year-over-year, we continue to experience moderate commodity-related ASP declines in Array legacy operations and slightly higher ASP declines internationally.

本季交付量（以發電容量兆瓦計算）較上年同期成長 143%，為 2023 年以來第二大季度交付量，較上一季成長 7%。與去年同期相比，我們在 Array 傳統業務中持續經歷與商品相關的 ASP 適度下降，在國際上 ASP 下降幅度略高。

When compared with the prior quarter, ASP increased slightly. Sales in North America represented approximately 65% of our revenue in the quarter. This lower-than-average amount of US proportion of revenues was primarily from two large ATI international projects in the quarter. This mix shift impacted our gross margins in the quarter. However, we do not anticipate this having a meaningful impact on our full-year margins.

與上一季相比，平均售價略有上漲。北美地區的銷售額約佔本季我們營收的 65%。美國營收佔比低於平均水準主要源自於本季兩個大型 ATI 國際項目。這種組合變化影響了我們本季的毛利率。然而，我們預計這不會對我們的全年利潤率產生重大影響。

In the first quarter, adjusted gross margin was 26.5%. When compared to the prior year, gross margin declined due to the roll off of prior year 45x benefits, the non-recurring benefit from a one-time legal settlement in the first quarter of 2024, and the commodity-driven compression of ASPs. Sequentially, adjusted gross margin declined by 330 basis points, primarily due to the roll off of prior year 45x amortization benefits, the remaining balance of a large order being shipped in the quarter from a legacy fixed price volume commitment agreement, and a higher mix of international projects.

第一季度，調整後毛利率為26.5%。與前一年相比，毛利率下降是由於去年 45 倍福利的滾存、2024 年第一季一次性法律和解產生的非經常性福利以及商品驅動的平均銷售價格壓縮。調整後的毛利率環比下降了 330 個基點，主要原因是上年 45 倍攤銷收益的減少、本季度根據傳統固定價格批量承諾協議發貨的大額訂單的剩餘金額以及國際項目組合的增加。

Total operating expenses of $49.1 million were up approximately $2 million from $47 million in the same period last year, driven by increased investment in our commercial capabilities, offset by lower depreciation. Adjusted EBITDA was $40.6 million, representing an adjusted EBITDA margin of 13.4%, slightly above the high end of our guidance range provided on the 4Q call. This compares to adjusted EBITDA of $26.3 million and adjusted EBITDA margin of 17.1% for the first quarter of 2024. Sequentially, adjusted EBITDA is $4.6 million lower, and adjusted EBITDA margin declined approximately 300 basis points, driven by a regional mix shift, higher bad debt expense, roll off of 45x prior period amortization, slightly offset by higher volumes and ASP improvements.

總營運費用為 4,910 萬美元，比去年同期的 4,700 萬美元增加了約 200 萬美元，這主要是由於我們對商業能力的投資增加，但折舊費用減少所抵消。調整後的 EBITDA 為 4,060 萬美元，調整後的 EBITDA 利潤率為 13.4%，略高於我們在第四季度電話會議上提供的指導範圍的高端。相較之下，2024 年第一季的調整後 EBITDA 為 2,630 萬美元，調整後 EBITDA 利潤率為 17.1%。環比而言，調整後的 EBITDA 下降了 460 萬美元，調整後的 EBITDA 利潤率下降了約 300 個基點，這主要是由於區域組合變化、壞帳費用增加、45 倍上期攤銷的減少，但被銷售增加和 ASP 改善價格稍微抵消了。

On a GAAP basis, net income attributable to common stockholders in the first quarter of 2025 was $2.3 million, compared to a net loss of $11.3 million in the prior year. Additionally, net income in the first quarter increased $143.6 million sequentially from the fourth quarter of 2024, which had been impacted by the intangible and goodwill write-downs.

根據美國通用會計準則 (GAAP)，2025 年第一季歸屬於普通股股東的淨利為 230 萬美元，而去年同期的淨虧損為 1,130 萬美元。此外，第一季淨收入較 2024 年第四季環比增加 1.436 億美元，受到了無形資產和商譽減記的影響。

Diluted income per share was $0.02 compared to the diluted loss per share of $0.07 in the prior year. Adjusted net income was $19.7 million, up from $9 million in the first quarter of 2024. Adjusted diluted net income per share was $0.13, compared to $0.06 in the prior year. Net cash used for investing activities was $2.4 million, driven primarily by our investment in our new Albuquerque manufacturing facility. Free cash flow for the period was a use of $15.4 million compared to $45.1 million generated for the same period last year, driven by working capital investments.

每股攤薄收益為 0.02 美元，而去年每股攤薄虧損為 0.07 美元。調整後淨收入為 1,970 萬美元，高於 2024 年第一季的 900 萬美元。調整後每股攤薄淨收益為 0.13 美元，而上年度為 0.06 美元。投資活動所用淨現金為 240 萬美元，主要源自於我們對新阿爾伯克基製造廠的投資。本期間自由現金流為 1,540 萬美元，去年同期為 4,510 萬美元，主要受營運資本投資推動。

Slide 15 summarizes our leverage and liquidity position. We ended the quarter with approximately $348 million in total cash on hand and total liquidity of approximately $510 million, including our undrawn revolver. Throughout the quarter, net cash used in financing activities was $1.7 million, primarily driven by reduction of other debt.

投影片 15 總結了我們的槓桿和流動性狀況。本季結束時，我們手頭上的現金總額約為 3.48 億美元，總流動資金約為 5.1 億美元，其中包括未提取的循環信貸額度。整個季度，融資活動所使用的淨現金為 170 萬美元，主要由於其他債務的減少。

We ended the quarter with net debt leverage ratio of 1.8 times. On May 1, we successfully closed the amendment and extension of our revolving credit facility. I want to express my appreciation to our agent, Goldman Sachs, and our banking partners who renewed or are new commitments to the facility. The new facility will expire in October 2028. Unless the term loan remains outstanding, then the facility will mature in July 2027.

本季末，我們的淨債務槓桿率為 1.8 倍。5月1日，我們成功完成了循環信貸額度的修改和延長。我要向我們的代理商高盛以及與該機構續約或做出新承諾的銀行合作夥伴表示感謝。新貸款將於 2028 年 10 月到期。除非定期貸款仍未償還，否則該貸款將於 2027 年 7 月到期。

The updated facility currently will have a capacity of $166 million. The financial covenant of first lien net leverage ratio has been reduced to 5.5 times trailing EBITDA from 7.1 times. All other substantial terms remain largely unchanged. As we navigate a period of broader uncertainty, I want to emphasize the strength of our liquidity position and capital structure.

升級後的設施目前的容量為 1.66 億美元。財務第一留置權淨槓桿率已從 7.1 倍降至 5.5 倍 EBITDA。所有其他實質條款基本上保持不變。在我們經歷一段更不確定的時期之際，我想強調我們的流動狀況和資本結構的強勁。

We have strong, consistent cashflow generation driven by positive earnings, which will continue to support our strategic priorities. We have a healthy cash balance, with full access to our revolving credit facility, which we successfully renewed in this difficult macro and credit environment. This amount of available liquidity provides us optionality and flexibility to navigate near-term volatility while preserving our ability to invest strategically for long-term growth. There are additional banking partners who are still going through their credit review processes and may join the facility in the coming weeks. This initial close was important to support our operational requirement to issue letters of credit beyond the maturity date of the existing revolver, which was to expire in October 2025.

我們擁有強勁、持續的現金流，由正收益驅動，這將繼續支持我們的策略重點。我們擁有健康的現金餘額，可以充分使用我們的循環信貸額度，並且在當前困難的宏觀和信貸環境下，我們成功地續簽了該額度。這種可用的流動性為我們提供了應對短期波動的選擇性和靈活性，同時保留了我們為長期成長進行策略性投資的能力。還有其他銀行合作夥伴仍在進行信用審查流程，並可能在未來幾週內加入該計劃。此初步結清對於支援我們的營運需求非常重要，即在現有循環信貸到期日（原定於 2025 年 10 月到期）之後簽發信用狀。

Array has no near-term debt maturities, and we are comfortable with our current leverage profile and required debt service of our interest coverage. To sum up, we are confident in our ability to remain agile, with ample capacity to respond to both risks and opportunities.

Array 沒有近期債務到期，我們對目前的槓桿狀況和利息覆蓋率所需的債務服務感到滿意。總而言之，我們有信心保持敏捷，有足夠的能力應對風險和機會。

For the full year 2025, we are reaffirming and maintaining our original guidance provided on our last call. While the current business environment is challenging, we have communicated with several of our significant customers who are scheduled for deliveries in the second half of the year, and have confidence that the 2025 project schedule will hold, particularly those in North America.

對於 2025 年全年，我們重申並維持上次會議上提供的原始指導。儘管當前的商業環境充滿挑戰，但我們已經與幾位計劃在下半年交貨的重要客戶進行了溝通，並有信心 2025 年的專案計劃能夠順利完成，尤其是北美的客戶。

We closed Q1 2025 maintaining $2 billion in our order book, which includes $640 million of remaining performance obligations, of which we expect to recognize revenue on approximately 97% in the next 12 months. Given this confirmed delivery schedule, we continue to expect full-year 2025 revenue within the range of $1.05 billion to $1.15 billion.

截至 2025 年第一季度，我們的訂單總額仍為 20 億美元，其中包括 6.4 億美元的剩餘履約義務，我們預計其中約 97% 將在未來 12 個月內確認收入。鑑於這項確認的交付時間表，我們繼續預計 2025 年全年收入將在 10.5 億美元至 11.5 億美元之間。

We maintain adjusted gross margin guidance for the year to be within the range of 29% to 30%. As a reminder, the roll off of prior year 45x amortization drives the year-on-year reduction in adjusted gross margin. We also expect margins to fluctuate slightly quarter to quarter due to pull-ins or pushouts of projects, product and geographic mix, as well as fixed cost absorption.

我們維持今年調整後的毛利率指引在29%至30%之間。提醒一下，上一年 45 倍攤提的減少導致調整後毛利率年減。我們也預計，由於專案的引入或推出、產品和地理組合以及固定成本的吸收，利潤率將逐季度略有波動。

For adjusted G&A, we expect a range of $144 million to $152 million. Adjusted EBITDA is still expected to range between $180 million and $200 million. This guidance reflects improved profitability driven by our structural cost announcements to improve efficiency and scale, as well as the benefits from 45x. For adjusted diluted earnings per share, we anticipate a range of $0.60 to $0.70, representing an 8% year-over-year increase at the midpoint.

對於調整後的 G&A 費用，我們預計範圍在 1.44 億美元至 1.52 億美元之間。調整後的 EBITDA 預計仍將在 1.8 億美元至 2 億美元之間。該指引反映了我們為提高效率和規模而發布的結構性成本公告所推動的獲利能力提高，以及 45x 帶來的好處。對於調整後的每股攤薄收益，我們預計範圍在 0.60 美元至 0.70 美元之間，中間值將年增 8%。

We expect our effective tax rate for adjusted net income per share for the year to be between 24% and 25%. Preferred dividends are expected to total approximately $15 million per quarter, with approximately $30 million as the cash or pick portion for the full year, and the remainder attributable to the accretion of the instrument. Free cash flow is expected to be between $115 million and $130 million in 2025 after capital expenditures, which are expected to be in the range of $30 million to $35 million. Overall, we are proud of our strong first quarter results. We will continue to adapt as the business environment requires and drive the desired results for the remainder of 2025.

我們預計今年調整後每股淨收入的有效稅率將在 24% 至 25% 之間。預計每季優先股股息總額約為 1500 萬美元，全年約有 3000 萬美元為現金或精選部分，其餘部分歸因於該工具的增值。扣除資本支出（預計在 3,000 萬美元至 3,500 萬美元之間）後，預計 2025 年自由現金流將在 1.15 億美元至 1.3 億美元之間。總體而言，我們對第一季的強勁業績感到自豪。我們將繼續根據商業環境的要求進行調整，並在 2025 年剩餘時間內推動預期成果。

Now, back to Kevin for closing remarks.

現在，請凱文作結束語。

Thank you, Keith. I'll wrap up with slide 17. As you have heard today, we believe we are well positioned to weather this storm of uncertainty. We have the people and capabilities in place to continue capturing new opportunities given the demand growth momentum of the utility scale solar industry, and we remain optimistic about our ability to deliver value to our shareholders.

謝謝你，基斯。我將用第 17 張投影片來結束我的演講。正如大家今天所聽到的，我們相信我們已做好準備，度過這場不確定的風暴。鑑於公用事業規模太陽能產業的需求成長勢頭，我們擁有人才和能力來繼續抓住新機遇，並且我們對為股東創造價值的能力保持樂觀。

Looking ahead, with the volume growth we experienced in the first quarter, at the midpoint of our forecast, we expect approximately 30% volume growth in 2025, and 9.5% of adjusted EBITDA growth in 2025. This translates to 8.5% adjusted net income per share growth in 2025. As Neil mentioned, momentum remains strong with our new product and innovation pipeline. As a proof point, we are seeing great traction with our OmniTrack product and expect this to represent approximately 30% of our deliveries in 2025. We are laser focused on what we can control, prioritizing business growth, customer relationships, product innovation, and operational efficiency.

展望未來，鑑於我們在第一季經歷的銷售成長（處於我們預測的中點），我們預計 2025 年銷售量將成長約 30%，調整後 EBITDA 將成長 9.5%。這意味著 2025 年調整後每股淨收入將成長 8.5%。正如尼爾所說，我們的新產品和創新管道仍然保持強勁勢頭。作為證明，我們的 OmniTrack 產品獲得了巨大的吸引力，預計到 2025 年，該產品將占我們交付量的約 30%。我們專注於我們能夠控制的事情，優先考慮業務成長、客戶關係、產品創新和營運效率。

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

現在，我們將開始提問環節。

Operator?

操作員？

(Operator Instructions)

（操作員指示）

Mark Strouse, JP Morgan.

摩根大通的馬克‧斯特勞斯。

Good morning. Thank you very much for taking our questions. Are you able to provide any more color on the commentary that you mentioned in the press release about kind of the growing interest in VCAs? Any color on kind of timelines that type those might cover potential kind of safe harbor orders? And to the extent that this plays out, are you thinking about kind of providing us new metrics that can kind of help show investors kind of the increased level of visibility that you have? And then I have a quick follow up. Thank you.

早安.非常感謝您回答我們的問題。您能否就您在新聞稿中提到的有關人們對 VCA 日益增長的興趣的評論提供更多細節？時間線上是否有任何顏色可以涵蓋潛在的安全港命令？如果情況真的如此，您是否考慮為我們提供新的指標，以便向投資者展示您已提高的知名度？然後我有一個快速的跟進。謝謝。

Yeah, let me take that one, Mark. So, we’re in active discussions with several customers now who are approaching us to go back into the mode of longer-term commitments between the customer in Array. I think depending upon the size and relativity of those, we'll do some announcements on those VCAs as we ink them. I don't think we're contemplating any new metrics that we would provide. What we want to do is maintain the integrity of our order book number and the ability to translate that to revenues over the coming periods.

是的，讓我來接手，馬克。因此，我們目前正在與幾位客戶進行積極討論，他們正在與我們接洽，希望恢復與 Array 客戶之間的長期承諾模式。我認為，根據這些 VCA 的規模和相關性，我們會在簽署這些 VCA 時發布一些公告。我認為我們沒有考慮提供任何新指標。我們想要做的是保持訂單數量的完整性，並能夠在未來一段時間內將其轉化為收入。

So, we don't want to just state that we have this huge backlog full of VCAs without very defined projects to be delivered in the defined time period. So, we'll work our way through that as we look to ink some of those VCAs in the coming months.

因此，我們不想只是說我們有大量的 VCA 積壓工作，而沒有明確的專案需要在規定的時間內交付。因此，我們將努力解決這個問題，並希望在未來幾個月內簽署一些 VCA。

Okay, thank you. And then Keith, a quick follow up. I'm sorry if I missed this, but did you provide any commentary on 2Q, how to think about revenue and the low margin legacy VCA deal that you had, that you called out on the last quarter? Did you wrap that up in 1Q or is there any kind of lingering deliveries in 2Q as well? Thank you.

好的，謝謝。然後是 Keith，快速跟進。如果我錯過了這一點，我很抱歉，但是您是否對第二季度發表了任何評論，如何看待收入以及您在上個季度提到的低利潤率遺留 VCA 交易？您是否在第一季就完成了這項工作，或者在第二季度是否還存在任何延遲交付的情況？謝謝。

Morning, Mark. So, the first question is second quarter guidance, we have not given specific guidance for the second quarter. We maintain the general guidance that we gave last quarter, which says that the first half will be about 55% of the revenue split. And so, we think that holds. On the second question regarding the legacy low price VCA, the customer still has the ability to call off on that contract, but we do not believe that there will be another call off in 2025. We have non-scheduled in our delivery portfolio for 2025. And so, we think that that impact on our margins is behind us for 2025.

早上好，馬克。因此，第一個問題是第二季的指導，我們還沒有給出第二季的具體指導。我們維持上個季度給予的整體指導，即上半年的收入分成將占到 55% 左右。所以，我們認為這是成立的。關於第二個問題，關於傳統的低價 VCA，客戶仍然有權取消該合同，但我們認為 2025 年不會再出現取消合約的情況。我們的 2025 年交付組合尚未確定。因此，我們認為，到 2025 年，這種影響對我們利潤率的影響已經過去了。

Colin Rusch, Oppenheimer and Company.

柯林‧拉許（Colin Rusch），奧本海默公司。

Thanks so much. Can you talk a little bit about the size of orders that you're starting to see and lead times? Just curious about any sort of shifts either up or down, both in terms of project size and if folks are trying to accelerate projects or seeing lead times extend out.

非常感謝。您能否談談您開始看到的訂單規模和交貨時間？我只是好奇在專案規模方面以及人們是否試圖加速專案或看到交貨時間延長方面是否存在任何上升或下降的變化。

Yeah, I would say our lead times, we still have industry-leading lead times of 14 weeks, and obviously we have customers pressure-testing that and saying, if we were, can you do it in 12 and things? So, we're certainly in a lot of dynamic discussions about that. We have yet to have a meaningful amount of influx of safe harbor or early pull-ins into 2025, although those conversations continue to go on.

是的，我想說我們的交貨時間，我們仍然擁有業界領先的 14 週交貨時間，顯然我們有客戶對此進行壓力測試並說，如果我們這樣做，您能在 12 週內完成嗎？因此，我們確實就此進行了許多動態討論。儘管有關這些討論仍在繼續，但我們尚未看到大量安全港的湧入或 2025 年的早期拉動。

Relative to what we're seeing more broadly, while we saw good book-to-bill domestically, as Keith mentioned in his prepared remarks, I think that the domestic business from an inbound order, look, it's going to be a little bit challenging here in terms of our customers’ ability to price PPAs effectively, given the level of uncertainty, and therefore then to press orders on it.

相對於我們更廣泛地看到的情況，雖然我們看到國內的訂單出貨比很好，但正如 Keith 在他的準備好的發言中提到的那樣，我認為從入境訂單來看，國內業務在這裡會有點挑戰性，因為考慮到不確定性的程度，我們的客戶能否有效地為 PPA 定價，從而在其上下訂單。

So, what we're focused on is looking at their backlogs, looking at which portions of their backlogs really fit Array, and being ready to serve them when that clarity comes, that's the type of discussions we're having with our customers. Their backlogs and their volume of business is as big as it's ever been. So, right now it's really about getting clarity on the tariff and IRA elements that will allow them to appropriately price PPAs and have those orders flow down to Array. But we're certainly working with our customers on what those projects look like at this point.

因此，我們關注的是查看他們的積壓訂單，查看他們的積壓訂單中哪些部分真正適合 Array，並在情況明朗時準備為他們提供服務，這就是我們與客戶進行的討論類型。他們的積壓訂單和業務量與以往一樣大。因此，現在真正需要做的就是明確關稅和 IRA 要素，以便他們能夠適當地為 PPA 定價，並讓這些訂單流向 Array。但我們確實正在與客戶合作，確定目前的專案進度。

Thanks so much. And then from a product perspective, can you talk a little bit about the areas of focus where you are seeing some opportunity for incremental competitive advantage and opportunity to simplify installation or get some incremental performance? Just curious about that product relative to other folks and where there's some evolution.

非常感謝。然後從產品角度來看，您能否談談您認為可以增加競爭優勢、簡化安裝或獲得一些增量性能的機會的重點領域？我只是好奇該產品相對於其他產品有哪些進步。

Yeah. Hey, it's Neil. I'll take that one. So, we've talked quite a bit about our focus on extreme weather, and when you look at our prepared remarks and some of what we've been talking about over prior quarters, we really believe that Array provides a differentiating capability in this area, particularly with our architecture with passive stow, along with what we've announced as the highest stow angle in the industry at 77 degrees for hail, along with the other software capabilities we've brought to market in recent quarters, we feel that that brings a really advantageous avenue for Array in the market, and our customers have really indicated a lot of interest with us for that.

是的。嘿，我是尼爾。我要那個。因此，我們已經談論了很多關於我們對極端天氣的關注，當你看到我們準備好的發言稿和我們在前幾個季度談論的一些內容時，我們真的相信 Array 在這一領域提供了差異化的能力，特別是我們的被動收起架構，以及我們宣布的業內最高收起角度 77 度，用於應對冰雹，以及我們在最近幾個季度推向市場的其他軟體功能，我們認為這為應該應對冰雹，以及我們在最近幾個季度推向市場的其他軟體功能，我們認為這為應對冰雹，以及我們在最近幾個季度推向在市場上帶來了一條真正有利的途徑，我們的客戶也對此表現出了濃厚的興趣。

And so, separately to that, then when we talk about SkyLink and simplified installation, SkyLink offers stability for wireless connectivity that minimizes trenching in difficult soil environments. So, when you look at where we really stake the ground, it's around either ease of installation for our EPC partners or helping our overall clients mitigate really challenging weather environments, which are happening more and more frequently, particularly in kind of the southern part of the United States.

因此，除此之外，當我們談論 SkyLink 和簡化安裝時，SkyLink 提供了穩定的無線連接，最大限度地減少了在困難土壤環境中的挖溝。因此，當您考慮我們真正的立足點時，它要么圍繞著為我們的 EPC 合作夥伴提供輕鬆的安裝，要么圍繞著幫助我們的整體客戶緩解真正具有挑戰性的天氣環境，這種天氣環境越來越頻繁地發生，特別是在美國南部。

So, we feel really happy with how our technology and innovation pipeline is continuing to proceed. You'll expect us to continue to focus on that area, and we feel really good about the progress we've made on that front.

因此，我們對我們的技術和創新管道的持續進展感到非常高興。您會期望我們繼續關注該領域，我們對在該領域取得的進展感到非常滿意。

I think the one thing I'll add to that is the OmniTrack. It's significant and we’ve put it in our prepared remarks, but the fact that we launched a product just under two years ago now, and it's already accounting for 30% of our revenues in the year 2025, is quite significant, and really indicative of a really rapid level of adoption for that product line. We're seeing a lot of great success in that, not only domestically, but we began installing that this year internationally as well. So, we're really excited about the OmniTrack product in our portfolio at this point.

我想我要補充的是 OmniTrack。這很重要，我們已經把它寫在了準備好的發言稿中，但事實上，我們在不到兩年前就推出了一款產品，到 2025 年它已經占到我們收入的 30%，這意義重大，並且真正表明了該產品線的採用速度非常快。我們在這方面取得了巨大的成功，不僅在國內，而且我們今年也開始在國際上實施這項措施。因此，我們對目前我們產品組合中的 OmniTrack 產品感到非常興奮。

Thanks so much guys.

非常感謝大家。

Maheep Mandloi, Mizuho Securities.

Maheep Mandloi，瑞穗證券。

Hi, this is David Benjamin on for Maheep. Can you talk about your cash use plan and especially any plan to deliver your term loans?

大家好，我是 Maheep 的 David Benjamin。您能談談您的現金使用計劃，特別是發放定期貸款的計劃嗎？

So, we've just successfully amended and extended the revolving credit facility. So, short of our liquidity, we're looking at all options. We have the converts that are trading in a discount, which represent a good return for shareholders. If we address a portion of those, we are looking at how to manage the term loan. However, as you can imagine, the debt markets today are not as open for renewable companies as they once were.

因此，我們剛剛成功修改並延長了循環信貸額度。因此，由於缺乏流動性，我們正在考慮所有選擇。我們有一些以折扣價交易的轉換者，這對股東來說意味著良好的回報。如果我們解決其中的一部分問題，我們正在研究如何管理定期貸款。然而，正如你所想像的，如今的債務市場對再生能源公司的開放程度並不像以前那麼高。

So, we're thinking carefully about how we do that. And of course, we're looking at strategic opportunities to grow our business inorganically. So, we are pleased with where we are in terms of the on-balance sheet liquidity, off-balance sheet liquidity and the revolver. We're pleased with our cashflow generation. And so, we’re taking our time and looking at all our options.

因此，我們正在仔細思考如何做到這一點。當然，我們正在尋找策略機會來無機地發展我們的業務。因此，我們對錶內流動性、表外流動性和循環信貸的現況感到滿意。我們對我們的現金流產生感到滿意。因此，我們正在花時間考慮所有的選擇。

Thanks. And then I have a separate question. You mentioned talking to customers. Are you noticing the same kind of comments, regardless if it's an EPC or developer in terms of project schedules, or is there any daylight between the two?

謝謝。然後我還有一個單獨的問題。您提到了與客戶交談。您是否注意到相同的評論，無論就專案進度而言是 EPC 還是開發商，或者兩者之間是否存在差距？

In my conversations, I think the conversations and tone have been very similar in terms of the commitments to their 2025 outlook. I think what I have learned in this journey of speaking to the customers is what are the differences that affect the project near-term versus what affects a project long-term? And so, we focused on what are the things that would affect the projects near-term, and those things all seem to be really aligned.

在我的談話中，我認為他們在 2025 年展望的承諾方面的談話和語氣非常相似。我認為在與客戶交談的過程中我了解到，影響專案的短期和長期差異是什麼？因此，我們將重點放在哪些因素會在短期內影響項目，而這些因素似乎都是一致的。

So, like the PPA agreements and so forth and looking at equipment timelines and so forth, that would affect things long-term. So, both the EPC, both the developers all seem aligned that the interconnections and the PPAs are in line and that the 2025 schedule looks like it'll hold at this point in time.

因此，像 PPA 協議等以及查看設備時間表等都會對事情產生長期影響。因此，EPC 和開發人員似乎都一致認為互連和 PPA 是一致的，並且 2025 年的計劃看起來將在此時保持下去。

Thanks very much.

非常感謝。

Kashy Harrison, Piper Sandler

凱西·哈里森，派珀·桑德勒

Hey, this is Luke on for Kashy. Good morning. I want to circle back to your comments on how the domestic bookings environment might be challenged with all the uncertainty, which makes sense. Do you think that the uncertainty is driven by the IRA, or is it primarily being driven by tariffs?

嘿，這是 Kashy 的 Luke。早安.我想回到您關於國內預訂環境可能面臨各種不確定性挑戰的評論，這是有道理的。您認為這種不確定性是由愛爾蘭共和軍造成的，還是主要由關稅造成的？

Luke, it's both. So, as Keith mentioned, we've had conversations with handfuls of both EPCs and developers, and they're challenging in the near-term and the real -- I mean, it couldn't quote it any other way, but look, how do I really understand what my costs are going to be? And it's not - to be clear, this isn't a 2025, it's probably not even as much a first half 2026, but it's really back half '26, '27 projects that we're focused on now that they'll be filling in the order book.

盧克，兩者都有。因此，正如 Keith 所提到的，我們已經與許多 EPC 和開發商進行了交談，他們在短期和實際方面都面臨著挑戰​​——我的意思是，它無法用其他方式引用，但是你看，我如何真正了解我的成本是多少？需要明確的是，這不是 2025 年，甚至可能不是 2026 年上半年，而是 2026 年上半年、2027 年上半年的項目，我們現在關注的是它們將填寫訂單簿。

And they are really struggling with understanding not the tracker portion of the cost, right? That's 10% of the project costs, but you have lots of other components that they're struggling with understanding the full price, be they the inverters, the modules, the transformers, some of those other things, but still it's not settled on what the full tariff impact of some of those imported components will be yet. Secondarily, the understanding of the timing and what changes would happen to the IRA.

他們確實很難理解追蹤器部分的成本，對嗎？這是專案成本的 10%，但還有很多其他組件，他們很難了解其全部價格，無論是逆變器、模組、變壓器還是其他一些東西，但仍然沒有確定其中一些進口組件的全部關稅影響是什麼。其次，了解 IRA 的時機和將發生哪些變化。

So, I think their view is, look, as long as you will be able to respond to us quickly when we get that clarity, it may be a quarter or two away before we get that full clarity, but Array, we're going to need you guys to respond quickly when we have it because things are going to move fast. And we're like, absolutely. Let's have a peek into what types of projects and scale of projects you're thinking of so we'll be ready for you. That's the type of conversations we're having at this point.

所以，我認為他們的觀點是，看，只要你們能夠在我們獲得明確信息後迅速做出回應，我們可能需要一兩個季度的時間才能獲得完全明確的信息，但是 Array，我們需要你們在我們獲得明確信息後迅速做出回應，因為事情會發展得很快。我們覺得絕對如此。讓我們了解您正在考慮的專案類型和專案規模，以便我們為您做好準備。這就是我們現在正在進行的對話類型。

Okay, that makes sense. And then just as a follow up, can you remind us when the preferred stock distributions have to be paid in cash versus picked?

好的，這很有道理。然後作為後續問題，您能否提醒我們優先股分配何時必須以現金支付而不是選擇支付？

I think it is in the summer of 2026.

我認為是在 2026 年夏天。

Okay. Thank you.

好的。謝謝。

Philip Shen, ROTH Capital Partners.

羅仕證券 (ROTH Capital Partners) 的 Philip Shen。

Hey guys. So, thanks for taking my questions. Wanted to check in on the exposure you guys might have to projects starting construction or being delivered in '25 or early '26 that may be exposed to the battery cell pack challenges, where the 145% China tariff is limiting supply of cells into the country. And so, I know some solar and storage projects, the solar and storage can COD separately, independently, but there are some projects where they need to develop together. And so, I was wondering what kind of risk there might be with that kind of exposure. Thanks.

嘿，大家好。感謝您回答我的問題。想了解你們在 2025 年或 2026 年初開始建造或交付的專案中可能面臨的風險，這些專案可能會面臨電池組的挑戰，因為中國 145% 的關稅限制了電池的供應。所以，我知道一些太陽能和儲能項目，太陽能和儲能可以單獨、獨立地 COD，但也有一些項目需要它們一起開發。所以，我想知道這種暴露可能有什麼樣的風險。謝謝。

So, Phil, what we focused on as a team was going project by project through the balance of 2025. And certainly, we looked a little bit forward into 2026, but we felt what we were really trying to do is shore up our guidance here in '25. And for those projects that are solar and solar and storage in '25, our customers are still saying that the projects that we have in pipeline are still going forward as planned, because most of what they needed for those projects were already in-country from a component standpoint

所以，菲爾，我們團隊的重點是在 2025 年餘下的時間裡逐一進行。當然，我們對 2026 年有一些展望，但我們覺得我們真正想做的是鞏固 2025 年的指導。對於那些在 2025 年開展的太陽能和太陽能儲能項目，我們的客戶仍然表示，我們正在籌備的項目仍在按計劃進行，因為從組件的角度來看，這些項目所需的大部分組件已經在國內了。

That's good to hear. Thanks Kevin.

聽到這個消息真好。謝謝凱文。

Yes, that’s what we felt, as we do - go ahead.

是的，這就是我們的感受，正如我們所做的那樣——繼續吧。

Yeah, so that's great. Really sorry for cutting you off there. If we get the reciprocal tariffs back at the end of the 90 days, how could that impact back half commitments and revenue? Thanks.

是的，那太好了。真的很抱歉打斷你。如果我們在 90 天結束時恢復互惠關稅，這將如何影響一半的承諾和收入？謝謝。

Yes, so we don't think it impacts our back half of this year because again, most of the components that our customers are looking for, look, I think we put a stat in the presentation that about 87% of stuff is already in motion. We're already beginning to deliver to those sites. Our portion of the components, that comes pretty early in the cycle, and most of that's already beginning to get in motion.

是的，所以我們認為這不會影響我們今年下半年的業績，因為再說一次，我們的客戶正在尋找的大多數組件，看，我認為我們在演示中給出了一個統計數據，大約 87％ 的東西已經在運轉了。我們已經開始向這些站點發貨。我們的零件部分出現在週期的早期階段，並且大部分已經開始運作。

Our customers have even indicated on these calls that Keith and I had that in many cases, it would cause more heartache to try to slow down than it would to speed up because so much is in motion vis-à-vis their labor for the field and everything scheduled out for this year.

我們的客戶甚至在電話中表示，基斯和我在許多情況下都認為，放慢速度會比加快速度帶來更多的痛苦，因為與現場工作和今年安排的所有事情相比，有太多事情正在進行中。

So, the view of most of the EPCs and developers that we spoke to were that 2025 looks fairly solid at this point in terms of continuing the projects on pace to the schedule that they previously provided us. So, that's as far as we're willing to go at this point is 2025 seems fairly solid at this point.

因此，我們採訪過的大多數 EPC 和開發商都認為，從按照他們之前提供給我們的時間表繼續推進專案的角度來看，2025 年看起來相當穩固。所以，這就是我們目前願意走的路，2025 年目前看來似乎相當穩固。

Okay. Thank you for the color and detail, Kevin. I'll pass it on.

好的。謝謝你的色彩和細節，凱文。我會傳達的。

Brian Lee, Goldman Sachs.

高盛的 Brian Lee。

Hey guys, good morning. Thanks for taking my questions. It's been a busy morning, so I was unfortunately hopping on late. I apologize if some of these things were covered. But I had two questions. On steel pricing, maybe the pricing capture potential, you're now into May. Kevin, how are you thinking about the impact in 3Q and 4Q on your business? Have you seen this sort of 9% to 11% price increase you kind of alluded to in the last call? Is that playing into bookings already? And then what sort of impact on gross margins could that have? And I had a follow up.

大家好，早安。感謝您回答我的問題。這是一個忙碌的早晨，所以不幸的是我遲到了。如果其中有些內容被掩蓋了，我深感抱歉。但我有兩個問題。就鋼鐵定價而言，也許是定價捕獲潛力，現在已經進入五月。凱文，您認為第三季和第四季對您的業務有何影響？您是否看過上次通話中提到的這種 9% 到 11% 的價格上漲？這已經影響到預訂量了嗎？那麼這會對毛利率產生什麼樣的影響呢？我進行了跟進。

Yeah. So, remember, the steel prices that we're purchasing steel in the US largely for our domestic business. And what you've seen year-to-date is still a pretty substantial increase in steel prices on a year-to-date basis. While it's back down slightly in the last couple of weeks, it's still predicted on a full-year basis to be up circa 25% to 28%. So, that does translate into some ASP increases.

是的。因此，請記住，我們在美國購買的鋼材主要用於國內業務。而今年迄今為止，鋼鐵價格仍呈現大幅上漲。儘管過去幾週略有回落，但預計全年仍將上漲約 25% 至 28%。因此，這確實會導致 ASP 增加。

So, for the projects that we would be booking now, you'll see those at a higher ASP than you would've prior. And you even saw that in Q1 had a sequential, very slight, but beginning the uptick of ASPs as you started to see that.

因此，對於我們現在預訂的項目，您會看到它們的平均售價比以前更高。您甚至可以看到，第一季的平均銷售價格出現了連續的、非常輕微的上漲，但正如您開始看到的那樣，它已經開始上漲了。

So, but as you know with our cycles, you won't see that for a couple of quarters before it starts rolling through the real P&L because a lot of the stuff we're booking now with those higher steel things are going to be set for 2026. There may be some that'll be shipping in say, Q4 of 2025 as well, but we are seeing in the orders that the ASPs are beginning to increase slightly.

所以，但如你所知，根據我們的週期，在它開始滾動到實際損益表之前，你不會在幾個季度內看到這一點，因為我們現在預訂的許多鋼材價格較高的產品都將在 2026 年確定。可能有些產品也會在 2025 年第四季出貨，但我們從訂單中看到，平均售價開始略有上漲。

Awesome to hear how things are starting to play out. That's good to hear. And then, again, my second question was around the bookings here. They were pretty solid. I think there was some concern coming into the year that uncertainty levels across the industry, tariffs, et cetera, just it's a tougher backdrop than what you had the past few quarters. And yet bookings seem to be slightly modestly moving back up.

很高興聽到事情開始有了進展。聽到這個消息真好。然後，我的第二個問題又是關於這裡的預訂情況。它們非常堅固。我認為，人們對今年整個行業的不確定性水平、關稅等感到擔憂，這比過去幾季的情況更加嚴峻。然而預訂量似乎略有回升。

So, should we expect further momentum here just off of these levels, even off what, again, we were kind of thinking might be a seasonally softer Q1 period. I think you, you exceeded expectations at least what seemed to be pretty low expectations going in. What’s sort of the forward momentum off these levels that we should maybe be anticipating? Thanks, guys.

那麼，我們是否應該預期在這些水平上會出現進一步的勢頭，甚至我們認為在第一季可能會出現季節性疲軟的情況。我認為你超出了預期，至少超出了看起來相當低的預期。我們應該預期這些水準的前進動力是什麼樣的？謝謝大家。

I think the honest answer is it's too early to tell. As I said, as we're talking to our customers and our partners, the amount of quotes is still really high. So, the activity level is really high. But again, whether or not, and remember that the tracker being 10% of the overall site cost, and we can be pretty definitive because as we put in our prepared remarks, the fact that 93% of our basic build material is already domestic-sourced, that that tariff impact is fairly minimal on an - even on an unmitigated basis.

我認為誠實的回答是現在下結論還為時過早。正如我所說，當我們與客戶和合作夥伴交談時，報價數量仍然很高。所以，活動量確實很高。但不管怎樣，請記住，追蹤器佔整個場地成本的 10%，我們可以非常肯定，因為正如我們在準備好的評論中所說，我們 93% 的基本建築材料已經是國內採購的，即使沒有減輕，關稅的影響也相當小。

So, our view is that we are not the issue that's going to hold up our customers being able to price their projects effectively. It's a lot of the other components, again, the modules that are 30% of the cost of a site, it's the transformers, it's the inverters, those other components. And as Phil indicated earlier on his question, the batteries are probably one of the biggest question marks out there in terms of how do you price these projects going forward, knowing that somewhere between 40% and 50% of these solar sites are now combined with battery storage, or at least planned currently to be combined with battery storage.

因此，我們認為，我們不會成為阻礙客戶有效定價項目的原因。還有許多其他組件，例如佔站點成本 30% 的模組、變壓器、逆變器和其他組件。正如菲爾之前在提問中指出的那樣，電池可能是未來這些項目如何定價的最大疑問之一，因為目前大約有 40% 到 50% 的太陽能場地與電池存儲相結合，或者至少目前計劃與電池存儲相結合。

So, I think it's too early to tell what that bookings momentum. I can tell you that the underlying demand momentum is still very, very strong. It's whether or not customers can convert them, for example this quarter, given the uncertainty around IRA and given the uncertainty around tariffs, or are we going to have this period of a lull in bookings followed by hyper acceleration when we get a level of clarity there. That's what we're not sure. We're talking to our customers every day. They're certainly focused on now that pivot towards a few more - talking to us about longer-term VCAs to preserve capacity. That's kind of the discussions we're currently having with our partners.

所以，我認為現在判斷預訂勢頭還為時過早。我可以告訴你，潛在的需求動能仍然非常非常強勁。例如，考慮到 IRA 的不確定性和關稅的不確定性，客戶是否可以轉換它們，例如本季度，或者當我們獲得一定程度的清晰度時，我們是否會經歷一段預訂的平靜期，然後是超加速期。這就是我們不確定的。我們每天都在與客戶交談。他們現在當然專注於轉向更多——與我們討論長期 VCA，以保持產能。這就是我們目前正在與合作夥伴進行的討論。

Okay. Appreciate all that color. Thanks a lot, guys.

好的。欣賞所有這些顏色。非常感謝大家。

With no further questions, I would like to turn the conference back over to management for closing comments.

如果沒有其他問題，我想將會議交還給管理層進行最後評論。

Thank you. Once again, I just want to thank the Array team globally for delivering such a strong quarter, and I look forward to talking to you guys again at the end of Q2. Thanks, everyone.

謝謝。我再次感謝 Array 全球團隊在本季取得如此強勁的業績，並期待在第二季末再次與你們交談。謝謝大家。

Thank you. This will conclude today’s conference. You may disconnect your lines at this time, and thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開您的線路，感謝您的參與。