Array Technologies Inc (ARRY) 2025 Q2 法說會逐字稿

Greetings. Welcome to Array Technologies' second-quarter 2025 earnings call. (Operator Instructions)

問候。歡迎參加 Array Technologies 2025 年第二季財報電話會議。（操作員指示）

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Sarah Sheppard, Investor Relations at Array. Please go ahead.

提醒一下，本次會議正在錄製中。現在我很高興介紹您的主持人，Array 的投資者關係部門 Sarah Sheppard。請繼續。

Thank you. I would like to welcome everyone to Array Technologies second-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 年第二季財報電話會議。參加此次電話會議的還有我們的執行長 Kevin Hostetler、我們的財務長 Keith Jennings 和我們的總裁兼營運長 Neil Manning。

Today's call is being webcast via our Investor Relations site at ir.arraytechinc.com where the accompanying presentation and press release are also available. In addition, the press release and the presentation detailing our quarterly results have been posted on the website.

今天的電話會議將透過我們的投資者關係網站 ir.arraytechinc.com 進行網路直播，同時還提供隨附的簡報和新聞稿。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。

Today's discussion of financial results includes non-GAAP measures. A reconciliation of GAAP to non-GAAP financial measures can be found in the related presentation and on our website. We encourage you to visit our website at arraytechinc.com for the most current information on our company.

今天討論的財務結果包括非公認會計準則指標。您可以在相關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 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 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提交的文件，包括我們最新的 10-K 表格，其中討論了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, Sarah. Good afternoon, everyone, and thank you for joining us today.

謝謝你，莎拉。大家下午好，感謝大家今天的參與。

I'll begin with the brief business and market update, then Neil Manning, our President and Chief Operating Officer, will provide some product, supply chain, and commercial updates for the quarter. Keith Jennings, our Chief Financial Officer, will then provide our second-quarter 2025 financial highlights and updates on our full year 2025 financial guidance. Then we'll open the line up for your questions.

我將從簡短的業務和市場更新開始，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、供應鏈和商業更新。我們的財務長 Keith Jennings 將提供我們 2025 年第二季的財務亮點以及 2025 年全年財務指導的最新情況。然後我們將開始回答你們的問題。

I'll begin on slide 5. Our strong momentum continued from the first quarter as we delivered second quarter revenue of $362 million, reflecting substantial growth both year over year and sequentially. From a volume standpoint, 2Q was notably our highest volume quarter in the last two years, with over 50% year-over-year volume growth driven by our customer focus mindset and enhanced execution, which is improving market share.

我將從第 5 張投影片開始。我們延續了第一季的強勁勢頭，第二季營收達到 3.62 億美元，年比和季比均有大幅成長。從銷售角度來看，第二季度是我們過去兩年來銷量最高的一個季度，在以客戶為中心的理念和強化的執行力的推動下，銷量同比增長超過 50%，從而提高了市場份額。

Looking at our first half of 2025, our volume was up significantly at 84% year over year. This stands as a testament to our team's commitment to excellence and versatility to quickly adapt to changing business cycles driven by varying project requirements and timelines. We're reaping the benefits of the impactful work we've initiated to strengthen the front end of our business while also expanding and fortifying our supply chain network both domestically and internationally.

綜觀 2025 年上半年，我們的銷售量較去年同期大幅成長了 84%。這證明了我們團隊致力於追求卓越和多功能，以快速適應由不同的專案要求和時間表驅動的不斷變化的業務週期。我們正在從我們發起的有影響力的工作中獲益，這些工作不僅加強了我們業務的前端，還擴大和鞏固了我們在國內和國際的供應鏈網絡。

Thanks to the improved project mix and the roll-off of low margin legacy volume commitment agreement projects, we saw our gross profit margins improve quarter over quarter, overcoming the drag of incremental tariffs. This is despite seeing the first evidence of tariff impacts on margins in the quarter. Our bottom-line performance is also exceptional, driven by those same volume increases and product mix improvements.

由於專案組合的改善和低利潤傳統批量承諾協議項目的推出，我們的毛利率逐季度提高，克服了增量關稅的拖累。儘管本季首次出現關稅對利潤率產生影響的證據，但情況仍然如此。在銷售成長和產品組合改善的推動下，我們的底線表現也十分出色。

Net income to common shareholders came in at $28 million, up over 138% compared to last year, and a sequential improvement of over $26 million. Adjusted EBITDA came in at $64 million, outperforming expectations and driven by strong execution and our exceptional second-quarter volume delivery. I am proud of the recent accomplishments our team was able to achieve within a very active quarter.

普通股股東淨利為 2,800 萬美元，較去年同期成長 138% 以上，較上季成長 2,600 多萬美元。調整後的 EBITDA 達到 6,400 萬美元，超出預期，這得益於強勁的執行力和第二季出色的交付量。我為我們團隊在一個非常活躍的季度內取得的最新成就感到自豪。

In the quarter, we announced our definitive agreement to acquire APA Solar and we remain on track to close the transaction in the coming weeks, subject to the satisfaction of various closing conditions. I look forward to bringing the APA team into the fold and can provide more updates following our anticipated close.

在本季度，我們宣布了收購 APA Solar 的最終協議，並且我們預計在未來幾週內完成交易，但須滿足各種成交條件。我期待著將 APA 團隊納入我們的隊伍，並在我們預期結束後提供更多更新資訊。

We also announced the issuance of new convertible notes that enabled us to eliminate the remaining balance of our high-cost term loan and repurchase a portion of our 2028 convertible notes at a meaningful discount. Keith will talk more about the benefits of the convertible debt issuance, our revised capital structure, and the resulting impact on full-year guidance.

我們也宣布發行新的可轉換票據，這使我們能夠消除高成本定期貸款的剩餘餘額，並以相當大的折扣回購部分 2028 年可轉換票據。基斯將進一步談論可轉換債券發行的好處、我們修訂後的資本結構以及對全年指引的影響。

Finally, our team also made significant strides in commercial efforts this past quarter. While we expected some delays in the quarter relative to order intake activity driven by short-term regulatory uncertainty, we are pleased with our results and our team's execution in this environment.

最後，我們的團隊在過去一個季度的商業努力中也取得了重大進展。雖然我們預計本季訂單接收活動會因短期監管不確定性而出現一些延遲，但我們對我們的業績以及我們團隊在這種環境下的表現感到滿意。

Our customer-centric approach continues to drive value for our business and we have made clear improvements in the quality of our order book as a result. Most notably, we were able to de-scope and reconfigure 2026 and 2027 projects associated with our sole remaining legacy fixed-priced VCA. This effort resulted in an improved higher margin order book with a more diverse product mix.

我們以客戶為中心的方法繼續為我們的業務創造價值，我們的訂單品質也因此得到了明顯的提升。最值得注意的是，我們能夠縮小範圍並重新配置與我們唯一剩餘的遺留固定價格 VCA 相關的 2026 年和 2027 年專案。此項努力帶來了利潤率更高的訂單簿和更多樣化的產品組合。

Excluding the legacy VCA project reconfiguring noted, our gross new bookings were approximately one times booked to bill and our customer mix continues to improve. Our direct engagement with utilities, developers, and independent power producers or IPPs paid dividends as the amount of our business with these tier one customers has accelerated. We continue to add new customers to our order book as well and we remain committed to deepening our collaboration and relationships with the critical decision makers on solar projects.

除掉遺留的 VCA 項目重新配置外，我們的新訂單總額約為訂單總額的 1 倍，且我們的客戶組合持續改善。隨著我們與這些一級客戶的業務量加速成長，我們與公用事業公司、開發商和獨立電力生產商或 IPP 的直接合作獲得了回報。我們也持續增加新客戶，並持續致力於深化與太陽能專案關鍵決策者的合作和關係。

As of quarter end, roughly half of our order book now represents business directly with utilities, IPPs, and developers, several of which are new customers to Array. A clear reflection of our strengthening the front end of our business and our commitment to deepening the collaboration and relationships with these critical decision makers.

截至本季末，我們大約一半的訂單現在代表與公用事業、獨立發電廠和開發商的直接業務，其中一些是 Array 的新客戶。這清楚地反映了我們對業務前端的加強以及我們致力於深化與這些關鍵決策者的合作和關係。

On the product mix front, we are excited by the accelerated market adoption of our new products and as of today, our OmniTrack and SkyLink new products now constitute more than 35% of our order book. We expect the traction of these products to continue as customers look to build solar sites on increasingly difficult terrains.

在產品組合方面，我們對新產品的市場加速採用感到興奮，截至今天，我們的 OmniTrack 和 SkyLink 新產品已占我們訂單的 35% 以上。隨著客戶希望在越來越困難的地形上建造太陽能電站，我們預計這些產品的吸引力將繼續保持。

Additionally, our team achieved a significant milestone through the booking of our first project for our Hail XP platform, our most advanced tracker designed for extreme weather events. We're pleased with the initial customer reception for this groundbreaking offering following its launch in May and Neil will discuss more on its value and relevant use cases later in the call.

此外，我們的團隊透過預訂我們的 Hail XP 平台（我們為極端天氣事件設計的最先進的追蹤器）的第一個專案實現了重要的里程碑。我們很高興看到這款突破性產品自 5 月推出以來就獲得了客戶的初步認可，Neil 將在稍後的電話會議中進一步討論其價值和相關用例。

Turning to slide 6, I want to reiterate the strategic rationale and value we expect from our acquisition of APA Solar. Upon consummation, this deal will mark our first step in expanding our product portfolio beyond the core tracker components and positions Array to unlock significant value for our customers and shareholders.

轉到第 6 張投影片，我想重申我們收購 APA Solar 的策略理由和價值預期。一旦完成，這筆交易將標誌著我們向擴展產品組合邁出的第一步，超越核心追蹤器組件，並使 Array 能夠為我們的客戶和股東釋放巨大的價值。

We believe engineered foundation solutions will continue to grow in importance for utility scale solar projects. APA's ability to build projects in all regions and within all types of soil conditions and to do so with traditional and readily available construction equipment paired with Array's existing suite of products designed to address various terrains, irregular site boundaries, and harsh weather conditions makes us uniquely positioned as a best-in-class partner to address our customers evolving project needs.

我們相信，工程基礎解決方案對於公用事業規模的太陽能專案的重要性將持續增加。APA 有能力在所有地區和所有類型的土壤條件下建造項目，並且能夠使用傳統且現成的施工設備，結合 Array 現有的用於應對各種地形、不規則場地邊界和惡劣天氣條件的產品套件，使我們成為滿足客戶不斷變化的項目需求的最佳合作夥伴。

This acquisition also allows for additional diversification into fixed tilt systems which will increase our total addressable market and further differentiates our portfolio. Hybrid utility scale projects or projects utilizing both tracking and fixed tilt infrastructure are becoming more commonplace and fixed tilt is also uniquely positioned to support both data center growth and manufacturing onshoring trends.

此次收購也使我們對固定傾斜系統實現了進一步的多樣化，這將增加我們的整體可尋址市場並進一步使我們的產品組合更具差異化。混合公用事業規模專案或同時利用追蹤和固定傾斜基礎設施的專案變得越來越普遍，固定傾斜也具有獨特的優勢，可以支持資料中心的成長和製造業在岸化趨勢。

Finally, the benefits of this deal will be notable. The. attractive valuation, expectation of being EPS accretive in its first year, inherent tax advantages, and significant opportunity for bilateral commercial synergies leaves us confident this acquisition will deliver great value for our stakeholders.

最後，這筆交易的好處將是顯而易見的。有吸引力的估值、第一年每股收益成長的預期、固有的稅收優勢以及雙邊商業協同效應的巨大機會使我們相信，此次收購將為我們的利益相關者帶來巨大的價值。

Turning to slide 7, I want to highlight a few of the near-term challenges our customers and the industry are facing and what we are doing as an organization to position ourselves for success. On July 4, the One Big Beautiful Bill was officially signed into law and with its passage brought some significant changes for utility scale solar tax credits.

翻到第 7 張投影片，我想強調我們的客戶和產業面臨的一些近期挑戰，以及我們作為一個組織為取得成功所做的努力。7 月 4 日，《一項美麗法案》正式簽署成為法律，該法案的通過為公用事業規模太陽能稅收抵免帶來了一些重大變化。

Instead of a phase down of the investment and production tax credits, solar projects now must either commence construction on or before July 4, 2026, or be placed in service on or before December 31, 2027 to be eligible.

太陽能專案現在必須在 2026 年 7 月 4 日或之前開始建設，或在 2027 年 12 月 31 日或之前投入使用才有資格，而不是逐步減少投資和生產稅收抵免。

Additionally, the foreign entity of concern or FEOC restrictions apply for projects beginning construction in 2026 but additional clarifications from the Treasury Department are still required. These two meaningful changes are presenting a more challenging environment for our customers to navigate as they re-evaluate their project pipelines and associated timelines and returns.

此外，關注的外國實體或 FEOC 限制適用於 2026 年開始建設的項目，但仍需要財政部的進一步澄清。這兩個有意義的變化為我們的客戶帶來了更具挑戰性的環境，他們需要重新評估他們的專案流程以及相關的時間表和回報。

To address some of these new regulatory challenges, Array will continue to drive enhanced customer engagement, operational excellence and resiliency, and continued expansion of our domestic supply chain.

為了應對這些新的監管挑戰，Array 將繼續加強客戶參與、卓越營運和彈性，並持續擴大我們的國內供應鏈。

Another near-term headwind relates to the executive order issued regarding adjusting Safe Harbor criteria. This order initiated a process for potential changes in safe harbor rules by mid-August which creates additional uncertainty for customers until further guidance is issued.

另一個近期的不利因素與有關調整安全港標準的行政命令有關。該命令啟動了 8 月中旬安全港規則可能發生變化的程序，這給客戶帶來了額外的不確定性，直到進一步的指導發布。

While the industry awaits such guidance on Safe Harbor criteria, Array has sharpened its focus on compliance, efficiency, and customer needs to ensure that we are ready to support a potential acceleration of Safe Harbor tracker sales. We proactively launched a dedicated cross-functional team that has refined our commercial Safe Harbor offerings and streamlined the proposal process so that we are ready to address a potential uplift in demand.

在業界等待安全港標準指導的同時，Array 已將重點放在合規性、效率和客戶需求上，以確保我們準備好支援安全港追蹤器銷售的潛在加速。我們主動成立了專門的跨職能團隊，改進了我們的商業安全港產品並簡化了提案流程，以便我們準備好應對潛在的需求成長。

In addition to our domestic content advantage, Array's differentiated architecture also lends itself well to Safe Harbor strategies as it does not require pre-drilling into the torque tube for specific module selections.

除了我們的國內內容優勢之外，Array 的差異化架構也非常適合安全港策略，因為它不需要在扭矩管中預先鑽孔以選擇特定的模組。

Our IP protected design allows us to readily shift between module brands, versions, and dimensions with our highly adaptable and quick to install clamp offering. Optionality is key in this regulatory environment and our innovative suite of product offerings are well suited to support our customer needs.

我們的 IP 保護設計使我們能夠透過高度適應且快速安裝的夾具產品在模組品牌、版本和尺寸之間輕鬆切換。在這種監管環境下，可選性是關鍵，我們創新的產品套件非常適合滿足客戶的需求。

Tariffs and commodity pressures are also impacting tracker input costs. We've taken proactive steps to mitigate these effects including further increasing our domestic supply base, placing strategic forward buys of steel and ensuring our commercial contract structures allow for tariff cost recovery where possible.

關稅和商品壓力也影響追蹤器的投入成本。我們已採取積極措施來減輕這些影響，包括進一步增加國內供應基礎、策略性地遠期購買鋼鐵，並確保我們的商業合約結構盡可能允許收回關稅成本。

Finally, with the changes to the regulatory environment the industry is now facing, we expect further industry consolidation will start to take place. Developers and EPCs are increasingly looking for integrated solutions that reduce complexity, mitigate risk, and improve project timelines.

最後，隨著產業目前面臨的監管環境的變化，我們預期產業將進一步整合。開發商和 EPC 越來越多地尋求能夠降低複雜性、減輕風險並改善專案時間表的整合解決方案。

Through our pending acquisition of APA and other internal product updates, our goal is to enhance our ability to deliver integrated high-value solutions to our customers that produce significant value over the life of a solar project.

透過即將收購 APA 和其他內部產品更新，我們的目標是增強向客戶提供全面高價值解決方案的能力，從而在太陽能專案的整個生命週期內產生巨大的價值。

I'll now turn it over to Neil to discuss some important product supply chain and commercial milestones.

現在我將把主題交給尼爾，討論一些重要的產品供應鏈和商業里程碑。

Thanks Kevin. Let's turn to slide 8.

謝謝凱文。讓我們翻到第 8 張投影片。

We launched our most advanced tracker, Hail XP in May. In recent years, damaging hailstorms have increased in frequency, driving more and more insurance claims and higher costs for solar developers. Array has been a leader in addressing these challenges with solutions such as our patented hail alert response capability and hosting the first several industry focused insurance forms.

我們在五月推出了最先進的追蹤器 Hail XP。近年來，破壞性冰雹的頻率不斷增加，導致太陽能開發商的保險索賠越來越多，成本也越來越高。Array 在應對這些挑戰方面一直處於領先地位，其解決方案包括我們獲得專利的冰雹警報響應能力以及託管首批以行業為重點的保險表格。

To continue bringing innovative solutions to the market to address extreme weather impacts, Array product and engineering teams conducted deep research in collaboration with our customers to identify the most beneficial stow angle, optimizing the intersection between protecting modules and infrastructure costs.

為了繼續向市場推出創新解決方案以應對極端天氣的影響，Array 產品和工程團隊與我們的客戶合作進行了深入研究，以確定最有利的收起角度，優化保護模組和基礎設施成本之間的交集。

The result of that research is Hail XP with a stow angle of 77 degrees, what we believe is the optimal stow angle on the market. Hail XP is engineered upon the proven reliability of Array's DuraTrack platform and doesn't just protect from extreme weather risks but is built to perform when it matters most.

研究的結果是 Hail XP 的收起角度為 77 度，我們認為這是市場上最佳的收起角度。Hail XP 的設計基於 Array 經過驗證的 DuraTrack 平台的可靠性，不僅可以抵禦極端天氣風險，還可以在最關鍵的時刻發揮作用。

With direct input from our customers, industry insurers, engineering design, and test partners, and purpose-built to meet today's toughest climate challenges, Hail XP features include seamless integration with Array's patented SmarTrack automated hail alert response and passive wind stow technologies.

Hail XP 直接參考了客戶、行業保險公司、工程設計和測試合作夥伴的意見，專為應對當今最嚴峻的氣候挑戰而設計，其功能包括與 Array 專利的 SmarTrack 自動冰雹警報響應和被動風收技術無縫整合。

Array's 77 degree stow capability with Hail XP moves modules to the optimal tilt position in either direction regardless of wind conditions to mitigate hail impact. Since our launch of Hail XP, market response has been fantastic. We provided numerous quotes to customers and booked our first Hail XP project in the Texas hail belt in the second quarter, with shipments planned in early 2026. The high cost related to extreme weather events continue to be a key factor in the economic modeling for projects, and Array intends to remain at the forefront in this critical space.

Array 的 77 度收起功能與 Hail XP 結合，可將模組移動到任一方向的最佳傾斜位置，而不受風力條件影響，從而減輕冰雹的影響。自從我們推出 Hail XP 以來，市場反應非常好。我們向客戶提供了大量報價，並於第二季度在德克薩斯州冰雹帶預訂了我們的第一個 Hail XP 項目，計劃於 2026 年初發貨。與極端天氣事件相關的高成本仍然是專案經濟模型的關鍵因素，Array 打算繼續在這一關鍵領域保持領先地位。

On to slide 9, I'm particularly proud to report that Array has completed the supply chain and certification efforts to deliver a 100% domestic content tracker per table one of the IRA bill. To deliver this capability, Array worked with key supply chain partners to establish new domestic production lines for certain components applicable to our DuraTrack and OmniTrack product platforms.

在第 9 張投影片上，我特別自豪地報告，Array 已經完成了供應鏈和認證工作，為 IRA 法案中每張表提供 100% 的國內內容追蹤器。為了實現這項能力，Array 與主要供應鏈合作夥伴合作，為適用於我們的 DuraTrack 和 OmniTrack 產品平台的某些組件建立了新的國內生產線。

As we announced earlier this week, we will be delivering a 200 megawatt AC 100% domestic content tracker solution to ENGIE with Emerald Green Solar project in Indiana starting in the third quarter of this year. Array's long-standing domestic supply chain continues to be a source of reliability and continuity for our customers. I'd like to thank all the IRA team members involved for their contributions reaching this important milestone.

正如我們本週稍早宣布的那樣，我們將從今年第三季開始向印第安納州 Emerald Green Solar 專案 ENGIE 提供 200 兆瓦交流電 100% 國內內容追蹤器解決方案。Array 長期的國內供應鏈繼續成為我們客戶的可靠性和連續性的來源。我要感謝所有參與的 IRA 團隊成員為實現這一重要里程碑所做的貢獻。

We're proud to continue expanding our domestic footprint and working with high quality suppliers across the United States, onshoring production, creating meaningful employment, investing in solar manufacturing capabilities is critical for the future of our industry and our national security. Array is proud to be a long-standing leader in this effort.

我們很自豪能夠繼續擴大我們的國內業務，並與美國各地的高品質供應商合作，實現國內生產，創造有意義的就業機會，投資太陽能製造能力，這對於我們行業的未來和國家安全至關重要。Array 很自豪能夠成為這項工作的長期領導者。

You've heard us share numerous updates on our continued commercial engagement. activities and happy to share news on our most recent event in Chicago during July. Array Days program first started in early 2024, continues to be extremely popular with developers, EPCs, and other industry stakeholders. It gives us the forum to share comprehensive updates on Array's development roadmap and solicit interactive feedback on areas of opportunity and improvement.

您已經聽到我們分享了許多有關我們持續商業參與的最新動態。活動並很高興分享我們七月在芝加哥舉辦的最新活動的新聞。Array Days 計劃於 2024 年初首次啟動，繼續受到開發商、EPC 和其他行業利益相關者的熱烈歡迎。它為我們提供了一個論壇，可以分享 Array 發展路線圖的全面更新，並就機會和改進領域徵求互動回饋。

Actioning prior feedback, we decided to target a highly technical audience for our most recent event and the response was tremendous. We had over 70 engineers attend from all portions of the solar value chain for a largest Array Days event to date.

根據先前的回饋，我們決定將最近的活動的目標受眾定為技術含量較高的觀眾，並且反應非常熱烈。我們有來自太陽能價值鏈各個環節的 70 多名工程師參加了迄今為止最大的 Array Days 活動。

We firmly believe the customer engagement, input, and feedback is an essential part of our success. And Array is pleased to present innovative formats and knowledge sharing mediums to industry stakeholders, driving collective. industry improvement.

我們堅信客戶的參與、投入和回饋是我們成功的關鍵部分。Array 很高興向產業利害關係人展示創新的形式和知識共享媒介，推動產業集體進步。

With that, I'll now turn it over to Keith to provide more details on our second-quarter results. Keith?

現在，我將把時間交給 Keith，讓他提供有關我們第二季業績的更多詳細資訊。基思？

Thank you, Neil. Good afternoon.

謝謝你，尼爾。午安.

My commentary on our second-quarter financial results begin on slide 11. We had a strong quarter. Revenue was $362 million, representing growth of 42% from the prior year and 20% sequentially. Our growth drivers were similar for both comparative periods. Increased volume shipped and business mix improvement towards legacy API.

我對我們第二季財務業績的評論從第 11 張投影片開始。我們本季表現強勁。營收為 3.62 億美元，比上年成長 42%，比上一季成長 20%。在兩個比較時期，我們的成長動力相似。增加了運輸量並改善了針對傳統 API 的業務組合。

Sequentially, consolidated ASPs were higher, driven by higher international ASPs in our STI segment. Delivered volume, measured in megawatts of generation capacity, for the quarter increased by 52% over the prior year and up 13% sequentially, surpassing last quarter's achievement as the second largest quarter of volume shipped since 2023. Year to date, year-over-year volume growth was an impressive 84%.

相較而言，受 STI 部門國際平均售價上漲的推動，合併平均售價有所上漲。本季交付量（以發電容量兆瓦計算）較上年同期成長 52%，較上一季成長 13%，超過上一季的成績，成為 2023 年以來交付量第二大的季度。今年迄今為止，銷量年增高達 84%。

In the second quarter, adjusted gross profit increased 12% year-over-year to $101 million, an adjusted gross margin of 27.8%. When compared to the prior year, gross margins declined due to short-term commodity-driven pricing pressures, logistics-related costs, as we worked to optimally position inventory for our customers, and approximately 100 basis points of timing-related drag from tariffs and other costs.

第二季度，調整後毛利年增12%至1.01億美元，調整後毛利率為27.8%。與前一年相比，由於短期商品定價壓力、物流相關成本（我們努力為客戶優化庫存）以及關稅和其他成本造成的約 100 個基點的時間拖累，毛利率下降。

As we transition to an environment with increased rates and breadth of tariffs, whether the tariff is recovered through an invoiced surcharge or included in the selling price, the net result for the portion of tariffs that are contractually recoverable will often be increased revenue paired with a corresponding increase in cost of goods sold.

隨著我們過渡到稅率和關稅範圍不斷增加的環境，無論關稅是透過發票附加費收回還是包含在銷售價格中，合約可收回的關稅部分的淨結果通常是收入增加，同時銷售成本也相應增加。

While the net results of recoverable tariffs can be neutral from a dollar perspective, we estimate the drag of the denominator map will burden our 2025 gross margins by over 50 basis points. Sequentially, adjusted gross margin improved by 130 basis points, overcoming the drag from tariffs primarily due to a higher mix of domestic projects, a volume increase, volume-driven benefits from 45X, and no shipments in the quarter under our lower margin legacy BCA.

雖然從美元角度來看可收回關稅的淨結果可能是中性的，但我們估計分母圖的拖累將使我們的 2025 年毛利率下降 50 個基點以上。調整後的毛利率環比提高了 130 個基點，克服了關稅帶來的拖累，這主要歸因於國內項目組合增加、產量增加、45X 帶來的產量驅動效益，以及在我們利潤率較低的傳統 BCA 下本季度沒有出貨。

Total operating expenses of $51 million increased approximately $4 million from $46 million in the same period last year, partially driven by some one-time costs associated with the APA transaction. Adjusted SG&A was $38 million at 10.4% of revenues. This is an improvement of approximately 300 basis points in volume-driven operating leverage from the prior year.

總營運費用為 5,100 萬美元，比去年同期的 4,600 萬美元增加了約 400 萬美元，部分原因是與 APA 交易相關的一些一次性成本。調整後的銷售、一般及行政費用為 3,800 萬美元，佔營收的 10.4%。與前一年相比，銷售驅動的經營槓桿提高了約 300 個基點。

Adjusted EBITDA was $64 million, representing an adjusted EBITDA margin of 17.5%. This compares to adjusted EBITDA of $55 million, an adjusted EBITDA margin of 21.7% in the second quarter of 2024.

調整後的 EBITDA 為 6,400 萬美元，調整後的 EBITDA 利潤率為 17.5%。相較之下，2024 年第二季的調整後 EBITDA 為 5,500 萬美元，調整後 EBITDA 利潤率為 21.7%。

Sequentially, adjusted EBITDA was $23 million higher, with adjusted EBITDA margins improving approximately 410 basis points, driven by the volume increase and the mixed shift towards higher ASP domestic sales.

受銷量增加和向更高平均售價國內銷售轉變的推動，調整後的 EBITDA 環比增長 2300 萬美元，調整後的 EBITDA 利潤率提高約 410 個基點。

GAAP net income attributable to common stockholders in the second quarter was $28 million, up 138% compared to $12 million in the prior period. Additionally, net income in the second quarter increased $26 million sequentially from the first quarter of 2025. Our GAAP net income includes the benefit of the net gain on debt refinancing transactions executed in the quarter.

第二季歸屬於普通股股東的 GAAP 淨利為 2,800 萬美元，較上年同期的 1,200 萬美元成長 138%。此外，第二季淨收入較 2025 年第一季季增 2,600 萬美元。我們的 GAAP 淨收入包括本季執行的債務再融資交易的淨收益。

Diluted income per share was $0.19 compared to the diluted income per share of $0.08 in the prior year. This improvement was partially driven by the approximately 20% discount capture gain we achieved on the repurchase of $100 million of our 2028 convertible notes.

每股攤薄收益為 0.19 美元，而去年每股攤薄收益為 0.08 美元。這項改善部分得益於我們在回購 1 億美元 2028 年可轉換票據時獲得的約 20% 的折扣收益。

Adjusted net income was $39 million, up from $31 million in the second quarter of 2024. Adjusted diluted net income per share was $0.25 compared to $0.20 in the prior year and $0.13 in the first quarter. Net cash used for investing activities in the quarter was $7 million, primarily driven by the ongoing investment in our new Albuquerque manufacturing facility. Free cash flow for the period was $37 million compared to $2 million generated for the same period last year, driven by working capital improvements.

調整後淨收入為 3,900 萬美元，高於 2024 年第二季的 3,100 萬美元。調整後每股攤薄淨收益為 0.25 美元，去年同期為 0.20 美元，第一季為 0.13 美元。本季用於投資活動的淨現金為 700 萬美元，主要得益於我們對新阿爾伯克基製造廠的持續投資。本期間的自由現金流為 3,700 萬美元，而去年同期為 200 萬美元，這得益於營運資本的改善。

Slide 13 summarizes our leverage and liquidity position following the financing transactions completed this year. We ended the quarter with $377 million in total cash on hand and total liquidity above $500 million, including availability under our undrawn revolver.

投影片 13 總結了我們今年完成融資交易後的槓桿和流動性狀況。本季末，我們的現金總額為 3.77 億美元，總流動資金超過 5 億美元，其中包括未提取的循環信貸額度。

In the quarter, we successfully executed debt capital market transactions that centered on refinancing near-term maturities. Net cash used in financing activities was $11 million, which included, among other items, the $345 million new convertible notes issued, $233 million to repay the term loan, and $78 million used to repurchase $100 million of face value of the existing 2028 convertible notes. We ended the quarter with net debt leverage ratio of 1.7 times, and after the repayment of the term loan, we have no outstanding senior secured debt.

本季度，我們成功執行了以短期債務再融資為中心的債務資本市場交易。融資活動所用淨現金為 1,100 萬美元，其中包括發行 3.45 億美元的新可轉換票據、償還 2.33 億美元的定期貸款以及用於回購面值 1 億美元的現有 2028 年可轉換票據的 7,800 萬美元。本季末，我們的淨債務槓桿率為 1.7 倍，償還定期貸款後，我們沒有未償還的優先擔保債務。

Slide 14 is a brief recap of the updates to our capital structure. As I shared during my comments in the Q4 2024 earnings call in February, one of my initial priorities upon joining the Array team was to assess our capital structure and allocation strategies.

投影片 14 簡要回顧了我們的資本結構更新。正如我在 2 月 2024 年第四季財報電話會議上的評論中所說，加入 Array 團隊後，我的首要任務之一就是評估我們的資本結構和配置策略。

The objectives were to create operating runway and provide balance sheet flexibility with optionality to support strategic growth choices. Since then, we shared on the call last quarter that we successfully amended and extended our revolving credit facility in early May.

目標是創造營運跑道並提供資產負債表靈活性和可選性以支援策略成長選擇。從那時起，我們在上個季度的電話會議上分享了我們在 5 月初成功修改和延長了循環信貸額度的消息。

During the quarter, we continued our capital structure focus, further optimizing the balance sheet, and positioning ourselves with optionality for long-term value creation. We issued $345 million of new 2.875% convertible senior notes maturing in 2031.

本季度，我們繼續關注資本結構，進一步優化資產負債表，並為長期價值創造提供可選性。我們發行了價值 3.45 億美元的新可轉換優先票據，票面利率為 2.875%，將於 2031 年到期。

With the proceeds, we repaid the remaining $233 million of the outstanding balance of our term loan, which unlocked a full maturity extension of our revolving credit facility from mid-2027 to October 2028. We used $78 million to repurchase at a discount $100 million of principal of the 1% convertible senior notes due in 2028, generating meaningful shareholder value. Together, these financing activities extended our average debt maturity by approximately two years and improved the balance and profile of the maturities due in 2028 and 2031.

利用這筆收益，我們償還了定期貸款未償餘額中剩餘的 2.33 億美元，從而解鎖了循環信貸額度的完全到期延長，從 2027 年中期到 2028 年 10 月。我們以 7,800 萬美元以折扣價回購了 2028 年到期的 1% 可轉換優先票據的 1 億美元本金，創造了有意義的股東價值。總而言之，這些融資活動將我們的平均債務期限延長了約兩年，並改善了 2028 年和 2031 年到期債務的餘額和狀況。

Additionally, this reduced our annualized cash interest expense by $9 million. We also used $35 million from the proceeds to acquire capped calls on the new convertible notes, effectively elevating the conversion price of the new notes from $8.12 to $12.74 per share, providing important protection against dilution and aligning with our focus on prudent financial management.

此外，這使我們的年度現金利息支出減少了 900 萬美元。我們還利用所得款項中的 3500 萬美元購買了新可轉換票據的封頂看漲期權，有效地將新票據的轉換價格從每股 8.12 美元提高到 12.74 美元，為防止稀釋提供了重要的保護，並符合我們對審慎財務管理的關注。

Overall, we have strengthened our capital structure, created flexibility for strategic options such as the APA Solar acquisition. We expect to continue to generate strong and consistent cash flow driven by positive earnings. To sum up, we are more confident in our ability to remain agile with ample balance sheet flexibility to respond to both risks and opportunities.

總體而言，我們加強了資本結構，為 APA Solar 收購等策略選擇創造了靈活性。我們預計在正收益的推動下，將繼續產生強勁而穩定的現金流。總而言之，我們對自己保持敏捷的能力更有信心，擁有充足的資產負債表彈性來應對風險和機會。

Let's shift our attention to slide 15 for our updated 2025 guidance, which does not include any benefit from the acquisition of APA, which is yet to close and remains subject to the satisfaction of various closing conditions.

讓我們將注意力轉移到第 15 張投影片上，查看我們更新後的 2025 年指引，其中不包括收購 APA 帶來的任何好處，APA 尚未完成，並且仍需滿足各種成交條件。

Given our strong performance for the first half and the high level of contracted deliveries for the remainder of 2025, we are raising our revenue outlook for the full year and increasing the midpoints of our profitability guidance. We expect continued booking momentum through the second half of 2025.

鑑於我們上半年的強勁表現以及 2025 年剩餘時間的高合約交付量，我們上調了全年收入預期，並提高了盈利預期的中點。我們預計預訂動能將持續到 2025 年下半年。

After very positive actions taken on existing orders, our order book is currently $1.8 billion, which includes $645 million of remaining performance obligations. We now expect full-year 2025 revenue within the range of $1.18 billion to $1.215 billion, increasing the midpoint of our range by nearly $100 million or 9%.

在對現有訂單採取非常積極的行動後，我們的訂單目前為 18 億美元，其中包括 6.45 億美元的剩餘履約義務。我們現在預計 2025 年全年營收將在 11.8 億美元至 12.15 億美元之間，比預期中位數高出近 1 億美元，即 9%。

Additionally, in the second half of the year, we expect a roughly 60-40 split in revenues between Q3 and Q4, reflecting our typical seasonality. We expect adjusted gross margin to be between 28% and 29%. This includes the negative impact of accounting for tariff pass through and elevated inventory and product delivery costs.

此外，我們預計下半年第三季和第四季的營收將大致持平，這反映了我們典型的季節性。我們預計調整後的毛利率在28%至29%之間。這包括關稅轉嫁和庫存及產品運輸成本上升的負面影響。

For adjusted G&A, we now expect a range of $150 million to $155 million, primarily due to incremental investment in sales, customer excellence channels, and additional staffing to support 2026 growth initiatives. Adjusted EBITDA is expected to range between $185 million and $200 million. Adjusted diluted earnings per share is forecasted to be in the range of $0.63 to $0.70.

對於調整後的 G&A，我們現在預計範圍在 1.5 億美元至 1.55 億美元之間，這主要歸因於對銷售、客戶卓越管道和額外人員的增量投資，以支持 2026 年的成長計畫。調整後的 EBITDA 預計在 1.85 億美元至 2 億美元之間。調整後每股攤薄收益預計在 0.63 美元至 0.70 美元之間。

Free cash flow remains between $115 million and $130 million in 2025, after capital expenditures, which is forecasted to remain in the range of $30 million to $35 million and primarily driven by project timing at our new Albuquerque facility.

扣除資本支出後，2025 年的自由現金流仍將保持在 1.15 億美元至 1.3 億美元之間，預計資本支出將保持在 3000 萬美元至 3500 萬美元之間，這主要受我們新阿爾伯克基工廠的項目時間表的推動。

Our results and guidance reflect the strength of our strategy, our team, and our ability to perform in dynamic market conditions.

我們的業績和指導反映了我們的策略、團隊的實力以及我們在動態市場條件下的表現能力。

Thank you for your time today. Now back to Kevin for closing remarks.

感謝您今天抽出時間。現在請凱文作結束語。

Thank you, Keith. To sum up, Q2 is a quarter of strong execution, both commercially and operationally, exceeding expectations for both revenue and earnings performance. Array is executing with discipline, scaling with purpose, and investing in the right areas to capture the opportunity ahead. We remain confident in our strategy, our team, and our ability to deliver long-term value for our shareholders.

謝謝你，基斯。總而言之，第二季度無論是在商業上還是在營運上都表現強勁，營收和獲利表現均超乎預期。Array 正在嚴格執行、有目的地擴展，並在正確的領域進行投資以抓住未來的機會。我們對我們的策略、我們的團隊以及為股東創造長期價值的能力充滿信心。

Thank you for your continued support, and we look forward to updating you again next quarter.

感謝您一直以來的支持，我們期待下個季度再次為您更新。

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

現在，我們將開始回答大家的提問。操作員？

(Operator Instructions) Mark Strouse, JPMorgan.

（操作員指示）摩根大通的馬克·斯特勞斯。

Kevin, I wanted to go back to slide 7. You call out some of the headwinds or kind of uncertainties, I guess, that your customers are facing at the moment. I know Keith mentioned that you are seeing kind of continued booking momentum in the second half of this year, but just kind of curious how we should think about kind of very near term with everything that's going on.

凱文，我想回到第 7 張投影片。我想，您指出了您的客戶目前面臨的一些阻力或不確定性。我知道 Keith 提到過，今年下半年預訂勢頭會持續，但我只是有點好奇，我們應該如何看待近期正在發生的一切。

Obviously, a lot of uncertainty in 2Q as well. And in my opinion, you put up a good bookings number in 2Q. So I'm just kind of curious if you can kind of help us parse out kind of 3Q bookings in particular, or if you're looking more kind of a rebound later this year when hopefully some of these headwinds are out of the way.

顯然，第二季也存在著許多不確定性。在我看來，您第二季的預訂量不錯。所以我只是有點好奇，您是否可以幫助我們分析第三季的預訂情況，或者您是否希望在今年稍後出現反彈，希望其中一些不利因素已經消除。

Yeah, thanks for the question, Mark.

是的，謝謝你的提問，馬克。

So let me start by describing kind of how Q2 unfolded. And as we expected, Q2 was fairly muted until the very last few weeks of the quarter where we saw a really good amount of acceleration in terms of bookings. And this is really about customers trying to get capacity locked in and get their programs locked in.

那麼，讓我先來描述一下第二季的進展。正如我們預期的那樣，第二季的表現相當平淡，直到本季的最後幾週，我們看到預訂量出現了大幅成長。這實際上是關於客戶試圖鎖定容量並鎖定他們的程式。

I think what we're expecting as you go forward, based on what we have, is we have a lot of quotes and a lot of interest and less awards. So separate those two buckets in terms of people really converting the quotes and interest. And even if we're told we're the likely winner of that project, holding back giving the final award until there's real clarity moving forward under the rules and the new definition. So I think that's what we're going to expect to see.

我認為，根據我們現有的情況，我們期望的是，隨著您前進，我們會有很多報價和很多興趣，但獎項會減少。因此，根據人們真正轉換報價和興趣來區分這兩個類別。即使我們被告知我們可能是該專案的贏家，我們也會推遲頒發最終獎項，直到規則和新定義下真正明確地向前推進。所以我認為這就是我們所期望看到的。

Lots of activity. Our customers are telling us their pipelines are as good as ever. And we're just really active. So it's just a matter of how much clarity can we receive in the next near tranche of clarity expected mid-August, and then again, some by the end of August, and whether that clarity will be enough for customers to move forward in a full fashion and load.

很多活動。我們的客戶告訴我們他們的管道一如既往的好。我們確實非常活躍。因此，問題只是在於我們能夠在預計於 8 月中旬出現的下一輪明確性中，以及在 8 月底之前，獲得多少明確性，以及這種明確性是否足以讓客戶全面推進並加載。

I think as it relates to safe harboring is a great example. I expect that question to come up relative to this. We are really active in customer dialogs relative to safe harboring. Internally, we formed a really outstanding team meeting daily. We've refined those materials for safe harboring for our customers. We've completed a tour of our major suppliers in North America to ensure they have burst capacity if needed for safe harboring.

我認為它與安全港有關，是一個很好的例子。我預計這個問題會與此相關。我們非常積極地與客戶進行有關安全港的對話。在內部，我們每天都會組成一個非常出色的團隊會議。我們已經完善了這些材料，以便為客戶提供安全保障。我們已經完成了對北美主要供應商的巡視，以確保他們在需要安全儲存時擁有充足的產能。

But I think given still that we have the lack of clarity around the rules of safe harboring, I expect that to be more order flow in Q4 for delivery in H1 than it will be for delivery yet in Q4. So I think that's how we're seeing the order flow moving forward. We still continue to see orders flow in, but there's this pent-up demand of orders waiting for this clarity before we see that whole wave flow through. But we feel pretty good about the ones we're in communication with at this point.

但我認為，鑑於我們對安全港規則仍然缺乏明確的認識，我預計第四季度上半年交付的訂單流將比第四季度交付的訂單流更多。所以我認為這就是我們看到的訂單流向前發展的方式。我們仍然看到訂單不斷湧入，但在看到整波訂單湧入之前，仍有一些被壓抑的訂單需求在等待這種明朗化。但我們對目前與我們進行交流的人感覺非常良好。

Okay. Thank you, Kevin. And then just a quick follow-up. Regarding the legacy fixed price VCA, can you just give us a bit more color on what descoping and reconfiguring exactly means and how to think about the financial impact of that over the next couple of years?

好的。謝謝你，凱文。然後只是快速的跟進。關於傳統的固定價格 VCA，您能否向我們詳細介紹縮小範圍和重新配置的具體含義，以及如何看待其在未來幾年的財務影響？

Yeah. So I think first let's start with the financial. impact over the next couple of years. It's very positive for us.

是的。所以我認為首先讓我們從未來幾年的財務影響開始。這對我們來說非常積極。

So what you have is you have a legacy VCA, as you know, that was fixed price contract on very old, very low steel pricing that we really had no way to get out of despite evaluating it with external law firms and what have you. So we were fixed at incredibly low margin business and in many cases, business that we did not make a profit on.

所以，正如你所知，你有一個遺留的 VCA，這是一份非常古老、非常低的鋼鐵價格的固定價格合同，儘管我們與外部律師事務所進行了評估，但我們真的沒有辦法擺脫它。因此，我們只能從事利潤率極低的業務，在許多情況下，我們無法從這些業務中獲利。

The challenge is this customer in particular had some projects slip. A few of them slipped out of the timeline that the fixed price VCA. Remember, we've talked openly. about that expiring at the end of '26. So as some of these projects slipped from '26 to '27, they fell out of that very favorable pricing position and as such got repriced and became no longer really viable for this customer to move forward with.

挑戰在於，這位客戶的某些專案出現了延誤。其中一些已經脫離了固定價格 VCA 的時間線。請記住，我們已經公開談論過該協議將於 26 年底到期。因此，隨著其中一些項目從 26 年下滑到 27 年，它們失去了非常有利的定價地位，因此需要重新定價，並且對於該客戶來說不再真正可行。

Secondarily, in working with this customer, we found that in order to optimize their programs going forward, they needed some additional, say, componentries and things that were also not covered under the previous negotiated VCA. As we modeled the new bills of materials, the margins went up substantially.

其次，在與該客戶合作的過程中，我們發現，為了優化他們未來的計劃，他們需要一些額外的組件和先前協商的 VCA 中未涵蓋的東西。當我們對新的物料清單進行建模時，利潤率大幅上升。

So you have a positive margin impact in our backlog from two things: one, the cancellation of projects that were no longer viable at those low price points that would have been a 2027 impact; and two, repricing at kind of think of it as current market pricing some of the existing bills of materials that are needed to go forward to 2026.

因此，有兩件事會對我們的積壓訂單產生積極的影響：第一，取消那些在低價位上不再可行的項目，這些項目原本會對 2027 年產生影響；第二，重新定價，可以將其視為當前市場對 2026 年之前所需的一些現有物料清單的定價。

Look, the net of that is a reduction in backlog but an increase in the backlog margin percentage and margin dollars. So we're actually very pleased with the fact that we work with this customer to get more predictable in terms of what they really will build and obviously to get the pricing right for what we'll build remaining in that order.

你看，淨額是積壓訂單的減少，但積壓訂單的保證金百分比和保證金金額的增加。因此，我們實際上非常高興能夠與這位客戶合作，以便更準確地預測他們實際上將要建造什麼，並且顯然能夠為我們在該訂單中剩餘的建造項目確定正確的定價。

Jon Windham, UBS.

瑞銀的喬恩溫德姆。

Okay, perfect. I was hoping if you could talk a little bit about, I know there's been a lot of focus on the US and policy, but any highlights you have on progress internationally. I appreciate it.

好的，完美。我希望您能稍微談一談，我知道人們非常關注美國和政策，但您能否談談國際進展方面有什麼亮點？我很感激。

So, hey, John, it's Neil. I'll take that one. So as we talked about in the prepared remarks, we had a really strong first half in international. So we feel good about that.

嘿，約翰，我是尼爾。我要那個。正如我們在準備好的發言中談到的，我們在國際賽場上的表現非常強勁。所以我們對此感到很高興。

Now, what we are seeing in certain markets also is some unevenness quarter to quarter on bookings. So we'll have a strong quarter followed by a softer quarter. So that's kind of the dynamic we're seeing, particularly as you look at one of our strong legacy markets in Brazil, where interest rates have now hit 15%, which is the highest since 2006.

現在，我們在某些​​市場也看到預訂量各季度之間不均衡的情況。因此，我們將經歷一個強勁的季度，隨後是一個疲軟的季度。這就是我們所看到的動態，特別是當你看到我們強大的傳統市場之一巴西時，那裡的利率現在已達到 15%，這是自 2006 年以來的最高水平。

And that's not really causing projects to cancel, but they are pushing to the right from proceeding. So that macro environment economically, along with what had been a rainy season earlier in the year, driving lower rates due to hydroelectric power coming onto the grid is this causing continuous uncertainty in Brazil.

這實際上並沒有導致項目取消，但它們正在阻礙項目的繼續進行。因此，宏觀經濟環境，加上今年稍早的雨季，導致水力發電進入電網導致電價下降，這給巴西帶來了持續的不確定性。

And then in Europe, we're seeing some of that unevenness I talked about. So now what we're doing about that, obviously, is continuing to diversify our footprint with additional sales and applications and general resources in South America and other areas in Europe, where we feel that the Array value proposition is particularly well received.

然後在歐洲，我們看到了我所說的一些不平衡現象。因此，現在我們正在做的事情顯然是繼續透過在南美和歐洲其他地區增加銷售、應用和一般資源來擴大我們的業務範圍，我們認為 Array 的價值主張在這些地區特別受歡迎。

So we're really focused on the markets where we think our product portfolio is best suited and where customers will appreciate the value that we bring to the table. So we're optimistic overall on international diversification efforts, and we'll see as some of our other markets recover over time, we're very bullish on how our diversification efforts will play out in the coming quarters.

因此，我們真正關注的是我們認為我們的產品組合最適合的市場，以及客戶會欣賞我們帶來的價值的市場。因此，我們對國際多元化努力總體持樂觀態度，隨著我們的其他一些市場逐漸復甦，我們對我們的多元化努力在未來幾季將如何發揮作用非常樂觀。

Maybe if it's okay, I can sneak in a follow-up question. Thanks for going through. I'm talking to slide 14 right now. The obstacles coming into 2025 and how you've addressed them, just on the capital structure, any key sort of items on the to-do list that you want people to be aware of?

如果可以的話，我可以偷偷問一個後續問題。感謝您的閱讀。我現在正在講第 14 張投影片。2025 年將面臨哪些障礙以及您如何應對這些障礙，僅在資本結構方面，待辦事項清單上有哪些關鍵事項是您希望人們注意的？

Thank you for the question. Really good question. At the moment, we are very happy with the outcome of our capital structure and the work that we have done. We view the end result here as an opportunity to operate the business and execute our strategy. over the next few years.

謝謝你的提問。真是個好問題。目前，我們對我們的資本結構和所做的工作的結果非常滿意。我們將最終結果視為未來幾年營運業務和執行策略的機會。

The missing piece from this page in the capital structure is, of course, the preferred equity tranche. We continue to view that as reasonably priced long-term capital in this interest rate environment. If the interest rate environment changes, then we can start to look at that differently because we're always trying to create more value for our shareholders.

當然，本頁資本結構中缺少的部分是優先股權部分。我們仍然認為，在這種利率環境下，長期資本的價格是合理的。如果利率環境發生變化，那麼我們可以開始以不同的方式看待它，因為我們一直在努力為股東創造更多價值。

But at the moment, with the first real maturity being in 2028 now, at this time, we're focused on executing over the next three years, rebuilding this business, going forward, and positioning ourselves as a strong player in the utility-scale solar market.

但目前，第一個真正成熟期是在 2028 年，此時，我們專注於在未來三年內執行，重建這項業務，向前發展，並將自己定位為公用事業規模太陽能市場的強大參與者。

Joseph Osha, Guggenheim Partners.

古根漢合夥公司的約瑟夫‧奧沙。

I just want to double-check some math here. You did mention the book to build one. I know there are lots of puts and takes, but are you saying, leaving aside some of the adjustments to the backlog, that you had $360 million in new bookings this quarter? I just want to make sure I'm getting that right.

我只是想在這裡再檢查一些數學問題。你確實提到過要寫這本書。我知道有很多事情要做，但是您的意思是，撇開對積壓訂單的一些調整不談，本季您的新訂單金額為 3.6 億美元嗎？我只是想確保我做的正確。

Yeah, approximately.

是的，大約。

Okay. Thank you.

好的。謝謝。

Setting that aside, we had a book to build that approximates one.

除此之外，我們還要寫一本與之近似的書。

Okay. Just checking to make sure I was putting those pieces together right. (technical difficulty)

好的。只是檢查一下以確保我正確地把這些碎片拼湊在一起。（技術難度）

To be clear, given the backdrop we're operating under.

需要明確的是，考慮到我們所處的營運背景。

Pretty good. And just following on that, Keith, in the past, you said that you guys do some work looking at what's out there and assessing your competitive position and you were kind enough to share when I was down there some thoughts about what you think your market share is. Might you be willing to share some updated thoughts based on how the bookings are trending?

不錯。基思，剛才您說了，你們過去會做一些工作來觀察市場情況並評估自己的競爭地位，當我去那裡的時候，您很友好地分享了一些關於您認為您的市場份額的想法。您是否願意根據預訂趨勢分享一些最新的想法？

Look, because of the nature of this industry and the project nature of how things shift, everyone has puts and takes each quarter. But when you look at our business delivering 84% volume growth year to day, year over year, even if someone was to be very precise and ask us to remove whatever volume we thought pushed out from 2024, I think we would still be delivering very strong volume growth ahead of what the. industry is deploying in terms of use of the scales, solar being attached to the grid.

你看，由於這個行業的性質以及事物變化的項目性質，每個人每季都有投入和收益。但是，當你看到我們的業務每年都實現 84% 的銷量增長時，即使有人非常精確地要求我們刪除我們認為從 2024 年開始推遲的銷量，我認為我們仍然會實現非常強勁的銷量增長，領先於行業在使用規模、將太陽能連接到電網方面所部署的水平。

So we are very comfortable with our win rate. We're very comfortable with our position, and we continue to believe that when you measure across the cycle, we are doing far better than whatever the point in time measures were for 2024.

所以我們對我們的勝率非常滿意。我們對自己的處境非常滿意，我們仍然相信，如果以整個週期來衡量，我們的表現將遠遠好於 2024 年的任何時間點的衡量標準。

And I think what you have to -- just adding to that, if you look at the multiple quarter sequential growth, that's pretty significant at this point. We're continuing sequential growth quarter over quarter, again, indicative of the market share recovery that we saw coming in our order book prior.

我認為你必須——只是補充一點，如果你看一下連續多個季度的成長，你會發現這在目前是相當顯著的。我們繼續保持季度環比增長，這再次表明我們之前在訂單中看到的市場份額復甦。

So remember, for multiple quarters now, we've been communicating to the market that on a true project-by-project basis, when we look at an order by order, project by project in our order book, our win rate has been equal to or higher than our historical average market share. That still holds true.

所以請記住，多個季度以來，我們一直在向市場傳達，在真實的逐個項目基礎上，當我們逐個訂單、逐個項目地查看訂單簿中的項目時，我們的中標率等於或高於我們的歷史平均市場份額。這仍然是正確的。

So hopefully that's helpful for you.

希望這對你有幫助。

Brian Lee, Goldman Sachs.

高盛的 Brian Lee。

I guess first one, just on the updated revenue outlook, is that all volume-driven, project timelines firming up here, or is there any price embedded in there as well? I know you talked about price capture potentially in the second half. I'm wondering if you can update us on whether price has been a tailwind or is expected to be so, maybe into 2026, if not showing up in the second half, and then I'd follow up.

我想首先，就更新後的收入前景而言，所有這一切都是由數量驅動的，專案時間表是否在這裡確定，或者其中是否也包含任何價格因素？我知道您談到了下半年可能出現的價格捕獲。我想知道您是否可以告訴我們價格是否一直是順風，或者預計會是這樣，也許到 2026 年，如果下半年沒有出現，那麼我會跟進。

Hi, Brian. Thank you for the question. In terms of the revenue guide upwards of moving the midpoint by 9%, I would say most of that is volume. So if I was to do a quick -- I would say 80-20 of that is volume versus price. I think that we're seeing much more volume movement, project execution, scope increases than we're seeing price in 2025.

你好，布萊恩。謝謝你的提問。就收入指南中點向上移動 9% 而言，我想說其中大部分是數量。因此，如果我要快速做一個 —— 我會說其中 80-20 是數量與價格的關係。我認為，到 2025 年，我們看到的數量變動、專案執行和範圍增加將比價格增加多得多。

Okay. That's helpful. But there is some amount of price in there. And I guess based on bookings --

好的。這很有幫助。但其中也包含一些價格。我猜根據預訂情況--

Some amount in there, given that the commodity steel and aluminum, as commodities have moved up in the first part of 2025, we priced off those. So some Q4 deliveries will see that benefit. But I would say that most of what we're seeing that's driving the revenue outperformance is volume and engineered selling and scope increases.

其中有一些金額，考慮到大宗商品鋼鐵和鋁，隨著 2025 年上半年大宗商品價格上漲，我們對其進行了定價。因此，第四季度的部分交付產品將受益。但我想說，我們看到的推動收入成長的大部分因素是銷售、精心設計的銷售和範圍的擴大。

That makes sense. That's helpful. Second question, just on the gross margins, if we back into what's implied for the second half, it's sort of like a 30% plus or minus gross margin, and you guys were doing much more so in the mid-20s through the first half. I know even the 30% implied for the second half has some tariff embedded in there and other things.

這很有道理。這很有幫助。第二個問題，僅就毛利率而言，如果我們回到下半年的預期，那毛利率大概在 30% 左右，而你們上半年的毛利率則要高得多，在 20% 左右。我知道，即使下半年隱含的 30% 也包含一些關稅和其他因素。

So how should we think about kind of the run rate? I know there was some legacy stuff and mixed-related issues in the first half of the year. Is that all kind of behind you now with some of the de-scoping you mentioned earlier on the legacy VCA, where this run rate in the second half is indicative of kind of the gross margin trend line, we should be thinking you're going to be on heading into 2026? Just trying to parse out whether there's anything in the first half of this year that's repeating or that's all kind of behind you at this point. Thanks, guys.

那我們該如何考慮運行率呢？我知道今年上半年存在一些遺留問題和混合相關問題。您是否已經解決了之前提到的傳統 VCA 的一些問題，下半年的運行率可以表明毛利率趨勢線，我們應該認為您將在 2026 年繼續保持這一趨勢？只是想分析今年上半年是否有任何重複的事情，或者目前這些事情是否都已經過去了。謝謝大家。

Good question, Brian. Look, we don't have any further shipments under the legacy VCA contract for the remainder of 2025.

問得好，布萊恩。你看，根據 2025 年剩餘時間的遺留 VCA 合同，我們不會再有任何發貨。

And as Kevin articulated earlier, we have had a very productive conversation with the customer where we've gone through and we've been able to improve the gross margins. in that project portfolio, but that will hit more so in 2026 and 2027.

正如 Kevin 之前所說，我們與客戶進行了非常富有成效的對話，並且我們能夠提高該專案組合的毛利率，但這將在 2026 年和 2027 年產生更大的影響。

So in terms of the run rate. implied by the guidance in terms of 29% to 30% for the second half of 2025, I think we can model that going forward as the run rate for maybe the first half of next year until we get a chance to come back with a full guide on 2026.

因此，就運行率而言。根據指導意見，2025 年下半年的運行率將在 29% 到 30% 之間，我認為我們可以將其作為明年上半年的運行率模型，直到我們有機會拿出 2026 年的完整指南。

But we're comfortable that the guide we've given for the full year is within reach, and we have a path to it. And also, we're looking forward to the addition of APA, a successful close, and then we'll update the overall guidance at that point in time for the year.

但我們感到欣慰的是，我們給予的全年指導是可以實現的，而且我們有實現它的方法。此外，我們期待 APA 的加入，成功結束，然後我們將在那時更新今年的整體指導。

Brian, I think if I could help just with one of the commentary on the gross margin is really about the tariffs that we talked about. And what you really saw in the tariffs is they kicked in more meaningfully after June 1. So as we were obligated to pay those tariffs, there's a lag in time that we take and we have to take. We've paid those tariffs.

布萊恩，我想如果我能幫忙的話，關於毛利率的評論之一實際上是關於我們談論的關稅。而你真正看到的是，關稅在 6 月 1 日之後開始更有意義。因此，由於我們有義務支付這些關稅，因此我們需要花費一些時間，而且我們必須這樣做。我們已經支付了這些關稅。

Now we have to look at those tariffs and those specific bills of materials that they apply to. Then we have to go back and bill those customers. So part of what you saw there that we used in our commentary, the word transitory tariff, there is a portion of those tariffs that we fully expect to recover as we get through the process of assigning the proportion of those inbound tariffs by bills of materials to our customers and then begin passing those through.

現在我們必須研究這些關稅以及適用的具體物料清單。然後我們必須回去向那些客戶收費。因此，您在評論中看到的我們在「臨時關稅」一詞中提到的部分內容，是我們完全預計會在我們透過物料清單將這些入境關稅的比例分配給客戶，然後開始將這些關稅轉嫁給客戶的過程中收回一部分關稅。

But again, we were clear in our commentary about there's also a portion of the tariffs and as Keith introduced us to that term today, denominator math on the call, that when you pass through a tariff, we don't get to mark up the tariff at our standard gross margin. So there is this natural weight as you pass through tariffs on that gross margin. So we address that on the call as well. Because you're passing through something at zero margins.

但是，我們在評論中明確指出，還有一部分關稅，正如基思今天在電話會議上向我們介紹的這個術語，分母數學，當你通過關稅時，我們不能按照我們的標準毛利率來提高關稅。因此，當你將關稅轉嫁到毛利率上時，就會產生自然的負擔。因此我們也在電話中討論了這個問題。因為你正在以零邊距傳遞某些東西。

But look, the reason I didn't touch tariffs today is because I'm reading on my phone here and India, I think today has been awarded the gift of another 25% tariff. So we have a fair bit of things that we source out of India. So now we have to change our modeling for that. And so it's a very dynamic environment.

但你看，我今天沒有談到關稅的原因是因為我正在用手機閱讀，我認為印度今天又獲得了 25% 關稅的禮物。因此，我們有相當多的東西是從印度採購的。所以現在我們必須改變我們的模型。這是一個非常活躍的環境。

So what we believe when we publish this at this point in time is that the 28% to 29% is doable. Most of that pull down from the prior guide of 29% to 30% really is just denominator math. And so we do have some higher costs for logistics and positioning of inventory and warehousing. But the denominator math is a drag. And so we'll have to try to figure that out as we go forward.

因此，當我們此時發布此消息時，我們相信 28% 到 29% 是可行的。從之前的 29% 到 30% 的指導值下降，大部分實際上只是分母數學。因此，我們在物流、庫存定位和倉儲方面確實存在一些較高的成本。但分母的計算卻很麻煩。因此，我們必須在前進的過程中努力解決這個問題。

Dimple Gosai, Bank of America.

美國銀行的 Dimple Gosai。

Mine is more focused on big picture. Kevin, can you talk a little bit about the project lead time that you're seeing today and any impact from the Department of Interior permitting use? Or is that too soon to see anything as yet?

我比較注重的是大局。凱文，您能否談談您今天看到的專案交付週期以及內政部許可使用的影響？還是現在還太早，看不到任何動靜？

Yeah, we haven't seen anything as of yet. Obviously, it's a discussion point with our customers. But we've not had any impacts or impacts either positively or negatively yet. I think everyone's still waiting for the additional guidance and clarity.

是的，目前我們還沒有看到任何東西。顯然，這是我們與客戶討論的要點。但我們尚未受到任何正面或負面的影響。我認為每個人仍在等待額外的指導和澄清。

And I should also note that a big part of the Department of Interior notification applies to federal lands. And it's clear that less than 5% of solar projects have anything to do with federal lands. That's very different if we were on the wind side of the business that has a much higher percentage that's on federal lands. Solar does not utilize federal lands a whole lot. So just know that.

我還應該指出，內政部通知的大部分內容適用於聯邦土地。很明顯，只有不到 5% 的太陽能專案與聯邦土地有關。如果我們從事風力發電業務，而該業務在聯邦土地上的佔比要高得多，那麼情況就大不相同了。太陽能並不需要佔用大量聯邦土地。所以只要知道這一點就可以了。

Philip Shen, Roth Capital Partners

菲利普·沈（Philip Shen），羅斯資本合夥公司

You guys have had some of the bookings and one time VCA issues crop up over the recent quarters. I think, Keith, you were just talking about you don't expect any more for the back half this year. I just want to ask a general question, to what degree are we fully past this? Do you expect not to have these issues beyond this year? And can we focus on net bookings and net book to build ahead?

你們最近幾季遇到了一些預訂和一次 VCA 問題。基思，我想你剛才說你對今年下半年不會再有任何期待了。我只是想問一個普遍性的問題，我們在多大程度上已經完全擺脫了這個困境？您預計今年以後不會再出現這些問題嗎？我們能否專注於網路預訂和網路圖書來取得進展？

I'm not sure that we can make a commitment that we will never have debookings in this business. It's a project focused business. And so as important as delivering on projects are, working and making the best of our order book and backlog is also part of the business.

我不確定我們是否能承諾這項業務永遠不會出現取消預訂的情況。這是一項以專案為中心的業務。因此，雖然完成項目很重要，但充分利用我們的訂單和積壓訂單也是業務的一部分。

I think what we've done this quarter is really a net positive. So as a team, we inherited a large volume commitment agreement that maybe when it was signed, it was viewed very positively, but in the current commodity price environment, it was not.

我認為我們本季所做的確實是一件好事。因此，作為一個團隊，我們繼承了一份大批量的承諾協議，也許在簽署時，它被視為非常積極，但在當前的商品價格環境下，情況並非如此。

And whenever we shift under it, we spent a lot of the earnings calls describing why the margins showed volatility or were down. So we decided that we should take a really good commercial look at it, look at the timetable, the window in which the contract runs, what project can viably be executed and delivered in those contracts. And we had a very definitive conversation with a customer who recognized our positions.

每當我們轉變策略時，我們都會在收益電話會議上花大量時間來解釋利潤率波動或下降的原因。因此，我們決定應該從商業角度認真審視這個問題，看看時間表、合約執行的時間窗口，以及在這些合約中哪些項目可以有效執行和交付。我們與一位認可我們立場的客戶進行了非常明確的對話。

Yes, some things fell out, but that was simply a function of time. They could not execute within the time period. The things that they can execute, then we went through and reconfigured, updated the schematics, added products that weren't under the agreement, different margins and so forth.

是的，有些東西掉了下來，但那隻是時間的結果。他們無法在規定時間內執行。他們可以執行的事情，然後我們進行重新配置，更新示意圖，加入不在協議範圍內的產品，不同的利潤率等等。

So in the net things, even though we were net down in terms of the gross dollars in the DCA, when we calculated the new margin, the whole book moved upwards. And I think we're in this for the margin dollars.

因此，從淨值來看，儘管我們的 DCA 總額是淨下降的，但當我們計算新的利潤時，整個帳簿還是向上移動了。我認為我們這樣做是為了賺取利潤。

Yeah, I think so a couple of things I'll add that outside of the proactive work that our team did to engage that customer and clean that up, we did not have any other debookings. Let me be clear on that.

是的，我想補充幾點，除了我們的團隊為吸引該客戶並解決問題而採取的主動工作之外，我們沒有任何其他取消預訂的情況。讓我明確地說明這一點。

The second thing that we've taken a more conservative approach over the last several quarters of what we do add to the order book. So if we consider it risky or a higher likelihood of being de-booked in the future, for example, some orders in Brazil that we may have been awarded the order, we may choose not to add that to the order book because internally we feel that's more risky.

第二件事是，過去幾季我們對增加訂單採取了更保守的態度。因此，如果我們認為未來取消訂單有風險或可能性較高，例如我們可能已獲得的巴西的一些訂單，我們可能會選擇不將其添加到訂單簿中，因為從內部來看，我們認為這更具風險。

And until that firms up more on a broader basis, we're just simply not going to bring it into the order book in the first place. We'll keep it on the sidelines. So we've taken a much more conservative approach of what goes into the order book.

除非這種情況在更廣泛的基礎上進一步鞏固，否則我們根本不會將其納入訂單簿。我們將保持觀望態度。因此，我們對訂單採取了更保守的態度。

And as you know, for many quarters now, we've been having much more diligent conversations with our customers to ensure that they have the required equipment, timeline, labor availability, all of the above, financing, so that we diminish that debooking thing.

如您所知，許多季度以來，我們一直在與客戶進行更認真的對話，以確保他們擁有所需的設備、時間表、勞動力可用性、上述所有內容以及融資，以便我們減少取消預訂的情況。

So -- and it's actually been much cleaner in the last several quarters. And this was one that I'm really thrilled that we proactively engage the customer. We are thrilled with the result. I think our investors will be thrilled with the result that the overall margin in our backlog just went up significantly.

所以——事實上，過去幾季情況已經變得更加清晰了。我很高興我們能夠積極主動地與客戶互動。我們對結果感到非常興奮。我認為我們的投資者會對我們的積壓訂單整體利潤大幅上升的結果感到興奮。

Great. Very useful color. Thanks to both of that. Shifting to back to the EO, what do you guys expect to come from this based on your lawyers and so forth? Do you expect retroactivity to be off the table or is it a risk that you're closely following? And then depending on the different scenarios, what do you expect in terms of bookings following the EO August 18? Maybe you touched on this a little bit earlier, but Juan, I just understand.

偉大的。非常有用的顏色。感謝這兩位。回到行政命令的問題，根據你們的律師等的說法，你們對此有何期待？您是否認為追溯力不會被考慮，或者這是您正在密切關注的風險？然後根據不同的情況，您對 8 月 18 日行政命令發布後的預訂情況有何預期？也許你剛才提到了這一點，但是胡安，我明白。

Yeah, I think we touched on it. a bit earlier, but I'm not going to fill, I'm not going to go and try to guess what's going to come out, right? I think as you know, I'm very close to this executive committee of ACP getting briefed. on this on a regular basis, but look, this is a really dynamic environment. Things are changing all the time, lots of gamesmanship happening on the Hill. So I'm not going to put myself in the middle of that and try to guess at what's going to come out on the 18.

是的，我想我們之前已經討論過這個問題了，但我不會去猜測會發生什麼，對吧？我想，正如你所知，我非常接近 ACP 執行委員會，並定期聽取有關這方面的簡報，但你看，這是一個真正充滿活力的環境。事情總是在變化，國會山莊發生許多政治陰謀。所以我不會把自己置於其中並試圖猜測 18 日會發生什麼。

I think what we've been doing internally is focused on multiple different avenues and being prepared for any one of the scenarios that come out. We'll be able to be ready to support our customers' needs and that's been our focus is just continuing to control what we can as management and then be ready to react to any news that comes out in any avenue. And we've got multiple plans ready to do that. So that's where I would leave that.

我認為我們內部所做的工作重點是多種不同的途徑，並為出現的任何一種情況做好準備。我們將能夠隨時滿足客戶的需求，而我們的重點只是繼續控制我們作為管理層所能控制的事情，然後隨時準備對任何途徑出現的任何新聞做出反應。我們已經準備好多個計劃來實現這一目標。這就是我要說的。

Colin Rusch, Oppenheimer.

科林·拉什，奧本海默。

This is Andre Adams on for Colin. Just to start, can you walk through how you're thinking about pricing opportunity given the new policy environment that we're in and appreciation in wholesale electricity prices?

這是安德烈亞當斯 (Andre Adams) 代替科林 (Colin)。首先，您能否介紹一下，在我們所處的新政策環境和批發電價上漲的情況下，您對定價機會的看法？

Well, look, we don't pretend to be experts at PPA pricing and, you know, we leave that up to the individual developers and IPPs. However, I will tell you that in our conversations with them, they seem fairly bullish on their abilities to pass through cost increases through higher PPA rates. They've continued to reiterate that to us over the past several months.

嗯，你看，我們不是假裝自己是 PPA 定價的專家，你知道，我們將這項決定權留給個人開發商和 IPP。然而，我要告訴你，在我們與他們的交談中，他們似乎對透過提高 PPA 費率轉嫁成本增加的能力相當樂觀。過去幾個月他們不斷向我們重申這一點。

So I'll leave that for them to opine on. And generally, when we feel in our business relative to pricing, obviously, we have the pricing that we can drive through commodities. And one of the biggest levers we have for pricing is in new product development where we're continuing to develop new products that are compelling and focused on our customers' economics and saving them money.

所以我會把這個問題留給他們來表達意見。一般來說，當我們感覺到我們的業務與定價有關時，顯然，我們有可以透過商品推動的定價。我們定價的最大槓桿之一就是新產品開發，我們將繼續開發引人注目的新產品，專注於客戶的經濟狀況並幫助他們省錢。

More specifically, the OmniTrack, the SkyLink, the Hail XP are all examples of where we're adding greater value to. our customer and that opens the availability for us to raise prices on those product lines versus the DuraTrack, for example.

更具體地說，OmniTrack、SkyLink、Hail XP 都是我們為客戶增加更大價值的例子，這使我們能夠提高這些產品線的價格（例如相對於 DuraTrack）。

So for us, getting a creative margin and higher price is much more related to continually putting out new products that have a creative margin to the ones they're replacing. That's a big area of focus for us.

因此，對我們來說，獲得創意利潤和更高的價格更多地與不斷推出比所替代產品具有創意利潤的新產品有關。這是我們關注的一個重點領域。

Maheep Mandloi, Mizuho.

Maheep Mandloi，瑞穗。

This one on the OmniTrack and APA kind of being a bigger mix going forward. How should we think about the margins compared to the rest of the business here, and especially for the US?

OmniTrack 和 APA 的這種結合未來將是一個更大的組合。與這裡其他業務相比，尤其是與美國相比，我們應該如何看待利潤率？

Yeah, Maheep, we won't get into individual product margins but suffice to say that as the OmniTrack hits its stride and we begin shipping and refining that, the bill of material as we continue to develop that.

是的，Maheep，我們不會涉及單一產品的利潤，但可以說，隨著 OmniTrack 的普及，我們將開始發貨和改進它，隨著我們繼續開發它，我們將開始製定物料清單。

So start with saying we gave a huge signal on the call that OmniTrack and SkyLink now combine already for 35% of our order book. That is significant traction, significant growth. on two new products that were recently launched. So we're very excited about that.

首先，我們在電話會議上發出了一個強烈的信號，即 OmniTrack 和 SkyLink 現在已經佔據了我們訂單的 35%。對於最近推出的兩款新產品來說，這具有顯著的吸引力和顯著的成長。所以我們對此感到非常興奮。

We'll continue to optimize the OmniTrack bill of material and ensure that it's an accretive product to the portfolio. So we feel very good about that for both products and our ability to price that because, remember, what we're saving is millions of dollars of grading for our customers.

我們將繼續優化 OmniTrack 物料清單並確保它成為產品組合的增值產品。因此，我們對產品和定價能力感到非常滿意，因為請記住，我們為客戶節省了數百萬美元的評級費用。

As it relates to the OmniTrack and its ability to combine with the APA, the APA foundations, they have a great amount of flexibility in terms of terrain following in themselves. When you combine theirs with ours on OmniTrack, we will have by far a leading flexibility in the marketplace.

由於它與 OmniTrack 相關，並且能夠與 APA、APA 基礎相結合，因此它們本身在跟隨地形方面具有很大的靈活性。當您在 OmniTrack 上將他們的產品與我們的產品結合時，我們將在市場上擁有領先的靈活性。

I don't think there's any other product that's going to be able to touch the amount of flexibility in terrain, either if you want to design a site to be perfectly level on uneven terrain or to follow the terrain. We have the ability in combining both products to truly master that entire segment of terrain following systems.

我認為沒有其他產品能夠達到這種地形靈活性，無論您是想設計一個在不平坦的地形上完全水平的場地還是跟隨地形。我們有能力將這兩種產品結合起來，真正掌握整個地形追蹤系統領域。

Dylan Nassano, Wolfe Research.

迪倫·納薩諾，沃爾夫研究中心。

So, just on kind of the 2Q revenue outperformance, it sounds like you were assuming some kind of regulatory-related project delays that didn't show up. Can you just kind of give us a sense on what's embedded in the assumptions for the annual guidance? Are you assuming other delays? And then I think previously on a previous call, you had said that there was no kind of additional go-get business embedded in guidance. Is that still the case?

因此，僅從第二季度收入的優異表現來看，聽起來您假設了某種與監管相關的項目延遲，但這種延遲並沒有出現。您能否向我們簡單介紹一下年度指導的假設內容？您是否認為還有其他延遲？然後我想，在之前的一次電話會議上，您曾說過，指導中沒有包含任何額外的積極業務。現在還是這樣嗎？

Yeah. Let me take the back end of that first. Yeah. So for multiple quarters, we've had no remaining go-get to get to the midpoint of guidance. Although we increased the midpoint of guidance, that statement is still true even now at the higher guidance level.

是的。讓我先討論一下後端。是的。因此，在多個季度中，我們都沒有剩餘的動力去達到指導的中點。儘管我們提高了指導的中點，但即使在更高的指導水平下，該說法仍然適用。

We never intimated that we expected a bunch of pushouts out of Q2, and that was in our numbers. That was not the case. What you saw in the Q2 overdrive was simply our operational ability to accelerate for customers tied with customers' desire or willingness to accelerate projects. So they came to us and asked for acceleration. We were operationally in a position to do so, and we executed.

我們從未暗示過我們預計第二季會出現大量延遲的情況，而這已經體現在我們的數據中了。事實並非如此。您在第二季度看到的超速運轉只是我們為客戶加速的營運能力與客戶加速專案的願望或意願相結合的能力。所以他們來找我們並要求加速。從操作上來說，我們有能力這樣做，而我們也確實做到了。

Dylan, I think what you might have heard was how we viewed the bookings environment in Q2, that we thought it was going to be clouded by the regulatory environment and that it may be softer than we saw. But in the end, as Kevin articulated, we were very happy with how it ended for us despite the regulatory environment, despite the technical order that extended the period on the [1DB] related to solar out to August 16, that we were able to achieve close to a 1:1 book-to-bill ratio when adjusted for all the descoping.

迪倫，我想你可能已經聽說了我們對第二季預訂環境的看法，我們認為它會受到監管環境的影響，而且可能比我們看到的要疲軟。但最終，正如凱文所言，儘管監管環境不佳，儘管技術命令將與太陽能相關的 [1DB] 期限延長至 8 月 16 日，但我們對最終的結果感到非常滿意，在根據所有縮小範圍進行調整後，我們能夠實現接近 1：1 的訂單出貨比。

Vikram Bagri, Citi.

花旗銀行的 Vikram Bagri。

I wanted to ask the market share question slightly differently. I understand ascertaining market share quarter to quarter due to the nature of the business is somewhat difficult. But when you look at the bookings, are these the bookings all of them have happened because of the inability of the developer to execute on the project? Or have you seen in some of these new bookings that they've switched providers for any reason?

我想以稍微不同的方式詢問市場佔有率問題。我知道，由於業務性質的原因，要確定每季的市場佔有率有些困難。但是當您查看預訂時，這些預訂是否都是由於開發商無法執行專案而發生的？或者您發現一些新預訂由於某種原因更換了供應商？

If you can share any thoughts that you've seen like all these projects getting canceled or there have been some projects that have been burned or executed on with a different company.

如果您可以分享您所看到的任何想法，例如所有這些項目都被取消，或者有些項目已被燒毀或由其他公司執行。

Go ahead. So Vikram, I'll start and then I'll turn it over to Kevin. So I can say definitively that from 2024 when the company spoke about the pushouts, we didn't lose any orders to anyone or any other company or competitor.

前進。那麼，維克拉姆，我先開始，然後我會把它交給凱文。因此，我可以肯定地說，從 2024 年公司談到推遲生產以來，我們沒有丟失任何訂單給任何人、任何其他公司或競爭對手。

So if you look at the volume of what we've shipped being up 84% year over year, yes, some of that may well actually does include things that pushed from 2024. But at the same time, we know that based on our win rate project by project, we are doing well.

因此，如果您看一下我們發貨量同比增長 84% 的情況，是的，其中一些可能確實包括從 2024 年開始發貨的產品。但同時，我們知道，根據我們每個專案的成功率，我們做得很好。

When it comes to the de-scoping and reconfiguration exercise, we went through with this particular customer, we know that the things that came out of our order book were simply things that came out of the contract window. And so, we don't think it's going to another competitor.

當談到縮小範圍和重新配置練習時，我們與這位特定的客戶一起經歷了這個過程，我們知道從我們的訂單中出來的東西只是從合約視窗中出來的東西。因此，我們認為它不會被其他競爭對手搶走。

We just believe that in full transparent dialog with the customer, they're just not able to execute on that project because of one reason or another. So that's my view on it.

我們只是相信，在與客戶進行完全透明的對話時，他們只是因為這樣或那樣的原因而無法執行該專案。這就是我的看法。

Kevin?

凱文？

Yeah, I could say sitting here and going through our backlog and pipelines personally with pretty much everyone. around the table now, we do this on a regular basis every other week. We've not had any project that I can recall that have been taken away from a rain given to a competitor.

是的，我可以說，我坐在這裡，和幾乎每個人一起親自檢查我們的積壓工作和管道。現在，我們每隔一週就會定期這樣做。我記得我們還沒有遇到因為競爭對手而失去專案的情況。

That's not what's happened at any of our de-booking or de-scoping. It's typically been a project canceled, or in the case of the ones we're talking about today, it's projects that are no longer viable if they can't get that deep discounted earlier negotiated price point. That project is not viable for them. So they therefore will not move forward. But it's anything.

這並不是我們取消預訂或縮小範圍時發生的情況。通常情況下，項目會被取消，或者像我們今天討論的情況一樣，如果項目無法獲得之前協商好的大幅折扣價格，那麼這些項目就不再可行。該項目對他們來說不可行。因此他們不會繼續前進。但不管怎樣。

As we've said multiple times, when we look at a project by project win rate that we do on a regular basis as a leadership team and we look, we know exactly who we lose a project to, why we lost it to, whether it be price specification, some esoteric geographical limit on ours versus someone else's.

正如我們多次說過的，當我們作為領導團隊定期查看一個專案的中標率時，我們清楚地知道我們把專案輸給了誰，為什麼輸給了誰，是否因為價格規範，還是我們與其他人之間的一些深奧的地理限制。

We look at all that stuff on a regular basis. We're not losing. Our win rate, again, I'll repeat that, that our win rate has been higher than our historical market share, which is gaining. Right? That's indicative of positive momentum.

我們會定期查看所有這些內容。我們並沒有輸。我們的勝率，我再重複一遍，我們的勝率一直高於我們的歷史市場份額，而且我們的歷史市場份額還在不斷增長。正確的？這表明勢頭良好。

And you see that. Again, don't lose sight of 84% volume growth, first half over first half, in an industry that is single to high single digit growth. That's pretty significant.

你看到了。再次強調，不要忽視上半年銷售年增 84% 的現象，而這個產業的成長速度僅為個位數至高個位數。這非常重要。

This does conclude today's conference. We appreciate your participation. You may disconnect your lines at this time and have a wonderful day.

今天的會議到此結束。感謝您的參與。此時您可以斷開線路並享受美好的一天。