Array Technologies Inc (ARRY) 2020 Q4 法說會逐字稿

Good evening and welcome to Array Technologies Fourth Quarter and Full Year 2020 Earnings Conference Call. Today's call is being recorded, and we have allocated one hour for prepared remarks and Q&A.

各位晚安，歡迎參加 Array Technologies 2020 年第四季暨全年財報電話會議。今天的電話會議將進行錄音，我們安排了一小時用於管理層準備發言及問答環節。

At this time, I'd like to turn the call over to Cody Mueller, Investor Relations of Array Technologies. Thank you. You may begin.

此刻，我想將電話會議交給 Array Technologies 投資人關係部的 Cody Mueller。謝謝。您可以開始了。

Good evening, and thank you for joining us on today's conference call to discuss Array Technologies Fourth Quarter and Full Year 2020 Results.

各位晚安，感謝各位參加今天的電話會議，與我們一同討論 Array Technologies 2020 年第四季暨全年業績。

During this conference call, management will make forward-looking statements based on current expectations and assumptions, which are subject to risks and uncertainties. Actual results could differ materially from our forward-looking statements if any of our key assumptions are incorrect because of other factors discussed in today's earnings press release and the comments made during this conference call or in our latest reports and filings with the Securities and Exchange Commission, each of which can be found on our website, arraytechinc.com. We do not undertake any duty to update any forward-looking statements.

在本次電話會議中，管理層將基於目前的預期與假設作出前瞻性陳述，而這些陳述受風險與不確定性影響。若我們的任何關鍵假設不正確，或因今日財報新聞稿所討論的其他因素，以及本次電話會議中的評論，或我們近期向美國證券交易委員會提交的最新報告與申報文件中所述因素影響，實際結果可能與前瞻性陳述存在重大差異。上述資料均可於我們的網站 arraytechinc.com 查閱。我們不承擔更新任何前瞻性陳述的義務。

Today's presentation also includes references to non-GAAP financial measures. You should refer to the information contained in the company's fourth quarter press release for definitional information and reconciliations of historical non-GAAP measures to the comparable GAAP financial measures.

今天的簡報亦包含對非 GAAP 財務衡量指標的引用。請參閱公司第四季新聞稿中所載之定義資訊，以及歷史非 GAAP 指標與可比 GAAP 財務指標之調節表。

With that, let me turn the call over to Jim Fusaro, Array Technologies CEO.

接下來，讓我把電話會議交給 Array Technologies 執行長 Jim Fusaro。

Thanks, Cody, and good evening, everyone. Thank you for joining our earnings call. In addition to Cody, I'm joined today by Nipul Patel, our Chief Financial Officer; and Jeff Krantz, our Chief Commercial Officer.

謝謝你，Cody，各位晚安。感謝各位參加我們的財報電話會議。除 Cody 外，今天與我一同出席的還有我們的財務長 Nipul Patel，以及商務長 Jeff Krantz。

I'm pleased to report that we generated revenues of $181 million in the fourth quarter and $873 million for the full year 2020, exceeding the high end of our full year guidance that we previously provided. Full year 2020 revenues increased 35% versus last year, reflecting continued strong growth in the U.S. solar market, increasing penetration of trackers versus fixed tilt, and continued market share gains by our products.

我很高興報告，我們第四季營收為 1.81 億美元，2020 年全年營收為 8.73 億美元，超出我們先前提供的全年財測區間上緣。2020 年全年營收較去年成長 35%，反映美國太陽能市場持續強勁成長、追日系統（tracker）相對於固定傾角（fixed tilt）的滲透率提升，以及我們產品持續取得市占率。

We anticipate continued strong growth in 2021. Since our last earnings call, there have been several developments that have caused us to set our growth expectations higher. First, the recent 2-year extension of the solar ITC has expanded the number of solar projects that are viable, and we believe it will result in a substantial increase in demand for our products.

我們預期 2021 年將持續強勁成長。自上次財報電話會議以來，出現了數項發展，使我們提高對成長的預期。首先，近期太陽能投資稅額抵免（ITC）延長 2 年，擴大了可行的太陽能專案數量，我們相信這將帶動對我們產品需求的大幅增加。

Second, corporate commitments to decarbonize continue to increase, and most companies plan to meet their sustainability goals by buying renewable energy. Meeting that demand requires a lot more generation. We believe the lion's share of that will be met with solar.

第二，企業去碳化承諾持續增加，多數公司計畫透過購買再生能源來達成其永續目標。要滿足該需求，需要更多的發電量。我們相信其中絕大部分將由太陽能來滿足。

To put some context around that, since our last earnings call in the beginning of November, 323 global companies, including 59 in North America, have announced commitments to source the energy that they use from renewable sources or established targets for emission reductions that rely on using energy from renewable sources. And that's in addition to the 922 global corporations that already have these types of commitments in place.

為提供一些背景，自 11 月初我們上次財報電話會議以來，已有 323 家全球企業（其中北美 59 家）宣布承諾將其使用的能源來源轉為再生能源，或訂定依賴使用再生能源以達成減排的目標。而這還不包括先前已經做出此類承諾的 922 家全球企業。

Third, President Biden's election in combination with Democratic control of Congress increases the probability of major climate change-related legislation that is likely to accelerate solar deployments. In just the past 10 days, there has been 3 new bills introduced in Congress that called for increased incentives for solar, a national clean energy standard, and a green bank to fund renewable energy projects, among other things. While we cannot predict what new incentives and regulations will be enacted, we are confident that there will be new policy that will further accelerate the growth in solar.

第三，拜登總統當選，加上民主黨掌控國會，提高了推出重大氣候變遷相關立法的可能性，而這些立法很可能加速太陽能部署。僅在過去 10 天內，國會就提出了 3 項新法案，內容包括提高太陽能激勵措施、制定全國潔淨能源標準，以及設立綠色銀行為再生能源專案提供資金等。雖然我們無法預測將會通過哪些新激勵與法規，但我們有信心將會有新政策進一步加速太陽能成長。

And lastly, solar's competitiveness versus other forms of fossil and renewable generation continues to increase. The U.S. Energy Information Administration now projects that utility-scale solar projects entering service in 2023 will have an LCOE under $24 a megawatt hour. That's 17% lower than what their forecast for 2022 was only one year ago.

最後，太陽能相對於其他化石燃料與再生能源發電形式的競爭力持續提升。美國能源資訊署（EIA）目前預測，於 2023 年投入運轉的公用事業級太陽能專案，其平準化發電成本（LCOE）將低於每兆瓦時 24 美元。這比其一年前對 2022 年的預測低了 17%。

To put some perspective on how meaningful these developments are for the market, we have noted that many independent consultants' estimates for U.S. utility-scale solar installations over the next 3 years have been increased by at least 20% from where they were only a few months ago. That's a huge change in expectations over a relatively short period of time.

為說明這些發展對市場的重要性，我們注意到，許多獨立顧問對未來 3 年美國公用事業級太陽能裝置量的估計，較僅數月前至少上調了 20%。在相對短的時間內，這是對市場預期的巨大變化。

While the tailwinds behind our business continues to strengthen, our goal remains to grow faster than the market. To achieve that goal, we are focused on 3 core growth strategies that we outlined on our third quarter conference call: continued market share gains in the U.S.; international expansion; and acquisition of companies that provide complementary products, services or technology. We are already making good progress.

儘管推動我們業務的利多因素持續增強，我們的目標仍是成長速度快於市場。為達成此目標，我們聚焦於在第三季電話會議中提出的 3 項核心成長策略：持續提升美國市占率；拓展國際市場；以及併購提供互補產品、服務或技術的公司。我們已經取得良好進展。

In the U.S. market, we are continuing to grow our wallet share with existing customers as well as convert new customers to Array, as demonstrated by our strong order book. During 2020, we added 38 new customers, underscoring our ability to convert new accounts to Array products.

在美國市場，我們持續提高既有客戶的錢包占有率（wallet share），同時將新客戶轉換為 Array 客戶，這從我們強勁的訂單儲備中可見一斑。2020 年期間，我們新增了 38 位新客戶，凸顯我們將新客戶導入 Array 產品的能力。

Outside of the U.S., we are in the process of building the sales of supply chain and fulfillment infrastructure we need to service international customers. COVID-19 has slowed some of our plans, but we expect to be able to accelerate our international strategy later this year as travel restrictions and other challenges created by the pandemic abate. We believe that by Q4 of 2021, we will be generating approximately 15% of our sales from markets outside of the U.S.

在美國以外，我們正著手建立服務國際客戶所需的銷售、供應鏈與履約基礎設施。COVID-19 使我們部分計畫放緩，但我們預期隨著旅行限制及疫情帶來的其他挑戰逐步緩解，我們將能在今年稍晚加速國際策略。我們相信到 2021 年第四季，我們約 15% 的銷售將來自美國以外的市場。

Lastly, I'm happy to report that we completed our first strategic transaction in January. We took a stake in a company with a unique technology that we believe could revolutionize the way utility-scale solar is installed. Unfortunately, I will not be able to elaborate much on our investment on this call, given confidential agreements that we have with the company, other than to say we are very excited about the prospects for the technology and we are well positioned to acquire the remainder of the company if we choose to.

最後，我很高興報告我們在 1 月完成了第一筆策略性交易。我們入股了一家擁有獨特技術的公司，我們相信該技術可能徹底改變公用事業級太陽能的安裝方式。很遺憾，由於我們與該公司之間的保密協議，我無法在本次電話會議中對此投資多作說明；但我可以說，我們對該技術的前景感到非常振奮，且若我們選擇如此，我們也已具備良好條件收購該公司其餘股權。

Cutting across all 3 of our growth strategies will be product innovation. We are making significant investments this year in new product development, with the goal of addressing common pain points in utility-scale solar installation. Installation constitutes a growing proportion of the total cost of a solar energy project, and the availability of skilled labor can be a constraint on our customers' growth. We have several new products, product features and installation methods in development this year that we believe could significantly reduce the cost and labor required to install our tracker system and further extend our technology lead over competitors. Our product development efforts are focused on 4 key areas: trackers that can be installed on rugged terrain without requiring significant site grading; reducing foundation costs through new installation methods; toolless module mounting systems that can cut installation times; and improving tracking performance through software.

貫穿我們三大成長策略的將是產品創新。今年我們在新產品開發上投入可觀資源，目標是解決公用事業級太陽能安裝中的常見痛點。安裝成本在太陽能專案總成本中的占比日益提高，而熟練勞動力的供給也可能限制客戶的成長。今年我們正在開發多項新產品、產品功能與安裝方法，我們相信這些可大幅降低安裝我們追日系統所需的成本與人力，並進一步擴大我們相對競爭對手的技術領先優勢。我們的產品開發聚焦於 4 個關鍵領域：可在崎嶇地形安裝且不需大量整地的追日系統；透過新安裝方法降低基礎成本；免工具（toolless）的模組安裝系統以縮短安裝時間；以及透過軟體提升追蹤效能。

To demonstrate these new technologies for customers, we recently opened the Array Technology Research Center in Phoenix, which will serve as a proving ground for us to showcase the new products and installation methods that we are developing. We plan to update you in the coming quarters as we establish launch dates for the new products we have underway.

為向客戶展示這些新技術，我們近期在鳳凰城啟用 Array 技術研究中心，作為展示我們正在開發的新產品與安裝方法的驗證場域。隨著我們確立正在推進之新產品的上市時程，我們計畫在未來幾季向各位更新進展。

I'll conclude by saying we're excited about the future. The solar market is getting stronger. Our products are winning over more and more customers. And we are taking market share. And we still have some tricks up our sleeve in terms of technology innovation. There's more to come.

最後我想說，我們對未來感到振奮。太陽能市場正在變得更強勁。我們的產品正贏得越來越多客戶。我們也正在取得市占率。而在技術創新方面，我們仍有一些尚未揭露的招數。後續還有更多值得期待。

Now I'll turn it over to Nipul for an update on the quarter and full year 2020.

現在我把時間交給 Nipul，請他更新第四季與 2020 年全年表現。

Thanks, Jim.

謝謝你，Jim。

Before I talk about our fourth quarter results, it is important to keep in mind that our 2020 results were heavily first half weighted as a result of our customers' attempt to capture incentives by the federal government related to the 2020 step-down in the ITC. This caused our customers to place the bulk of their orders in the back half of 2019 and then take deliveries in the fourth quarter of 2019 and the first 2 quarters in 2020. As a result, comparing a single quarter in 2020 to the same quarter in 2019 is not necessarily indicative of the trajectory of our business, since the ITC step-down skewed revenues in 2020 to Q1 and Q2, while revenues in 2019 were more evenly distributed.

在我談第四季業績之前，重要的是要記住，我們 2020 年的業績明顯偏重上半年，原因是客戶試圖把握聯邦政府就 2020 年 ITC 逐步下調（step-down）所提供的激勵措施。這使得客戶在 2019 年下半年下了大部分訂單，並於 2019 年第四季及 2020 年前兩季完成交付。因此，將 2020 年單一季度與 2019 年同季度相比，未必能反映我們業務的走勢，因為 ITC 的下調使 2020 年營收偏向第一季與第二季，而 2019 年營收分布則較為平均。

For the fourth quarter, we generated revenues of $180.6 million, which was a decrease over the prior year period as a result of these changes in seasonal order patterns. However, our revenues exceeded the high end of our guidance as we had better-than-anticipated project delivery conversion at the end of the year. ASPs in the quarter were up approximately 2% year-over-year.

就第四季而言，我們營收為 1.806 億美元，因上述季節性訂單模式變化而較去年同期下降。然而，由於年末專案交付轉換情況優於預期，我們的營收仍超出財測區間上緣。本季平均銷售價格（ASP）年增約 2%。

Gross margins in the fourth quarter were 19.6%, lower than the prior year period as a result of having less revenue to absorb fixed costs and project mix, but were in line with our expectations for the quarter.

第四季毛利率為 19.6%，較去年同期下降，主要因為營收較少、固定成本吸收不足以及專案組合影響，但仍符合我們對本季的預期。

Operating expenses increased compared to the year-ago period, primarily due to a $10.4 million expense related to the revaluation of contingent consideration mainly related to the earn-out obligation we have with our founder along with higher costs associated with being a public company and increase in headcount.

與去年同期相比，營業費用增加，主要原因為與或有對價重估相關的 1,040 萬美元費用（主要與我們對創辦人的績效給付（earn-out）義務相關），以及作為上市公司所產生的較高成本與員工人數增加。

We recorded a net loss in the quarter of $2.2 million, primarily as a result of the $10.4 million contingent consideration charge. It is important to note that we have now paid out the full amount owed under the earn-out obligation and will not have any further expenses or payments under that agreement. Going forward, any expenses recorded to contingent consideration will only be related to the revaluation of the tax receivable agreement.

本季我們錄得 220 萬美元淨損，主要係因 1,040 萬美元的或有對價費用所致。需要特別指出的是，我們目前已支付完畢該績效給付（earn-out）義務項下所欠的全部金額，未來在該協議下將不再產生任何費用或付款。展望未來，任何記錄於或有對價的費用將僅與稅務應收協議（tax receivable agreement）的重估相關。

Adjusted EBITDA was $20 million for the fourth quarter, which was down from $49.9 million in the prior year, but also exceeded the high end of our guidance.

第四季調整後 EBITDA 為 2,000 萬美元，較去年同期的 4,990 萬美元下降，但也高於我們指引區間的上緣。

Now turning to our full year 2020 results. Revenues for the full year ended December 31, 2020, increased 35% to $872.7 million compared to $647.9 million in 2019, driven by the increases in the volume of trackers delivered anchored by the strength in the U.S. solar industry.

接著說明我們 2020 全年業績。截至 2020 年 12 月 31 日止全年營收較 2019 年的 6.479 億美元成長 35% 至 8.727 億美元，主要受追日系統（tracker）出貨量增加所帶動，而此成長以美國太陽能產業的強勁表現為支撐。

ASPs for the year were approximately 2% higher than the prior year period. Gross profit increased 35% to $202.8 million compared to $150.8 million in 2019, driven primarily by higher volume. Gross margin remained flat at 23.2% as we had lower costs on purchased materials, which offset higher logistics costs.

全年 ASP（平均銷售單價）約較去年同期高 2%。毛利較 2019 年的 1.508 億美元成長 35% 至 2.028 億美元，主要由較高出貨量所驅動。毛利率維持在 23.2% 持平，因採購材料成本下降抵銷了物流成本上升。

Operating expenses increased to $107.6 million compared to $67.4 million last year, primarily as a result of the $26.4 million expense for the contingent consideration discussed earlier as well as a $4 million benefit we reported in 2019 for a bad debt recovery for which we had no comparable benefit in 2020 as well as an increase in equity-based compensation and higher payroll costs as we invest in critical resources to enable our future growth.

營業費用增加至 1.076 億美元，較去年的 6,740 萬美元上升，主要因前述或有對價費用 2,640 萬美元所致；此外，2019 年我們曾因呆帳回收認列 400 萬美元利益，而 2020 年並無可比利益；同時，隨著我們投資關鍵資源以支持未來成長，股權基礎薪酬增加以及薪資成本上升。

Net income increased 49% to $59.1 million compared to $39.7 million in 2019. And basic and diluted income per share was $0.49 compared to $0.33 during the same period in the prior year. And finally, adjusted EBITDA increased 32% to $160.5 million compared to $121.8 million in 2019. Taken as a whole, we are very pleased with our financial performance in 2020, having delivered record revenues and adjusted EBITDA, despite the unique operational challenges created by the pandemic.

淨利較 2019 年的 3,970 萬美元成長 49% 至 5,910 萬美元。基本及稀釋每股盈餘為 0.49 美元，去年同期為 0.33 美元。最後，調整後 EBITDA 較 2019 年的 1.218 億美元成長 32% 至 1.605 億美元。整體而言，我們對 2020 年的財務表現非常滿意；儘管疫情帶來獨特的營運挑戰，我們仍創下營收與調整後 EBITDA 的歷史新高。

Turning now to our guidance. For the year ending December 31, 2021, we expect revenues to be in the range of $1.025 billion to $1.125 billion; adjusted EBITDA to be in the range of $164 million to $180 million; adjusted net income per share to be in the range of $0.82 to $0.92. The midpoint of our revenue guidance represents a 23% year-over-year increase and reflects the strong demand we are seeing for our products.

接著談我們的財測指引。對於截至 2021 年 12 月 31 日止年度，我們預期營收介於 10.25 億至 11.25 億美元；調整後 EBITDA 介於 1.64 億至 1.80 億美元；調整後每股淨利介於 0.82 至 0.92 美元。我們營收指引的中位數代表年增 23%，並反映我們所看到的產品強勁需求。

At December 31, 2020, we had $654 million in executed contracts and awarded orders that are expected to ship in 2021. In years where there was no step-down in ITC, our backlog entering the year typically represented the next 6 months of shipments. That's part of the reason we feel very confident about our revenue growth this year. We entered the year with backlog equivalent to 60% of the midpoint of our revenue guidance, and our order book has grown since then.

截至 2020 年 12 月 31 日，我們已簽署合約與已獲授標訂單合計 6.54 億美元，預計將於 2021 年出貨。在沒有 ITC 逐步下調（step-down）的年度，我們年初的在手訂單（backlog）通常代表接下來 6 個月的出貨量。這也是我們對今年營收成長非常有信心的部分原因。我們在年初的在手訂單相當於營收指引中位數的 60%，且此後我們的訂單簿（order book）已進一步成長。

Our adjusted EBITDA guidance reflects lower margins than we achieved last year. There are several reasons for that. First, as Jim discussed earlier, we have made product innovation a priority, and we are investing in it. In addition to the research center he discussed, we will be adding additional engineering resources and investing more in R&D. These investments have a near-term cost as we will be making the investments ahead of the incremental revenues that we expect to generate from new products, but the long-term results should be higher revenues, greater market share and increased margins.

我們的調整後 EBITDA 指引反映的利潤率低於去年達成的水準，原因有數點。第一，如 Jim 先前所述，我們已將產品創新列為優先事項並投入資源。除他提到的研發中心外，我們也將增加更多工程資源並加大研發投資。這些投資在短期內會帶來成本，因為我們將在預期由新產品帶來的增量營收之前先行投入；但長期成果應是更高的營收、更大的市占率以及更高的利潤率。

Second, we are investing in the sales, supply chain and fulfillment infrastructure we need to service our international customers. Similar to our investments in new product development, we have a short-term mismatch between the costs of our investments and the revenues that they will yield.

第二，我們正投資於服務國際客戶所需的銷售、供應鏈與履約（fulfillment）基礎設施。與新產品開發投資類似，我們在短期內將面臨投資成本與其所帶來營收之間的時間落差。

Third, our 2021 SG&A reflects additional public company costs, which will represent a year-over-year headwind for us. And finally, commodity prices and freight costs have increased significantly over the past several months as a result of the reacceleration of the global economy, while certain transportation and raw material capacity remains off-line as the result of the pandemic. While we expect prices to normalize, and our contracts allow us to pass on these costs to our customers, we have taken a conservative approach to our guidance by baking these costs into the low end of our guidance, assuming a delayed return to more normalized pricing.

第三，我們 2021 年的 SG&A 反映了額外的上市公司成本，這將成為我們年對年表現的逆風。最後，過去幾個月因全球經濟再度加速復甦，大宗商品價格與運費顯著上升；同時，部分運輸與原物料產能仍因疫情而處於停擺狀態。雖然我們預期價格將回歸常態，且我們的合約允許將這些成本轉嫁給客戶，但在指引上我們採取保守作法，將這些成本納入指引下緣，並假設回到較正常的定價水準將有所延遲。

I'd like to close by providing some key modeling assumptions for the full year 2021. As I mentioned earlier, the 2-year pushout of the ITC step-down has impacted how customers time their orders. As a result, we will see a different quarterly distribution of revenues and earnings in 2021 than we did in 2020. We currently expect to generate 20% to 25% of our annual revenues in Q1, 25% to 30% in Q2, 25% to 30% in Q3, and 20% to 25% in Q4. We expect interest expense to be between $26 million to $28 million, diluted weighted average share count for 2021 to be 127.5 million shares, and our effective tax rate to be 25%.

最後我想提供 2021 全年的幾項關鍵建模假設。如我先前提到，ITC 逐步下調延後 2 年已影響客戶下單時點。因此，2021 年的季度營收與獲利分布將不同於 2020 年。我們目前預期第一季將貢獻全年營收的 20% 至 25%，第二季 25% 至 30%，第三季 25% 至 30%，第四季 20% 至 25%。我們預期利息費用介於 2,600 萬至 2,800 萬美元；2021 年稀釋加權平均股數為 1.275 億股；有效稅率為 25%。

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

現在我把時間交還給 Jim 做一些結語。

Thanks, Nipul. I'll close by reiterating how proud oud I am of the Array team for all that we accomplished in 2020. From our hugely successful IPO to our strong financial performance, to the work we have done to lay a foundation for continued growth in 2021, it was truly an incredible year. We appreciate the support of our shareholders as we continue to grow our company.

謝謝你，Nipul。我最後想再次強調，我為 Array 團隊在 2020 年所完成的一切感到非常自豪。從我們極為成功的 IPO、到強勁的財務表現、再到我們為 2021 年持續成長所奠定的基礎，這確實是令人難以置信的一年。我們感謝股東的支持，並將持續推動公司成長。

And with that, operator, please open the line for questions.

接下來，接線員，請開放提問。

(Operator Instructions) Our first question comes from the line of Brian Lee with Goldman Sachs.

（接線員指示）我們的第一個問題來自高盛（Goldman Sachs）的 Brian Lee。

Good job on the first quarter out here. I had a couple here, I guess, with respect to you mentioned, Nipul, the pricing dynamic for 2020. You were up 2% average ASP, I think. How should we be thinking about pricing in 2021? What's embedded in your outlook here?

第一季表現做得很好。我這邊有幾個問題，主要是關於你提到的 2020 年定價動態，Nipul。你們平均 ASP 我記得是上升 2%。我們應該如何看待 2021 年的定價？你們的展望中包含了哪些假設？

Just given some of the comments around cost inflation, are you capturing some of that in price? And can you quantify it to any degree? And then are you able to go out to the market with more price increases, if we continue to see inflation sort of pressure some of your input costs moving throughout the year and there's not a normalization?

另外，考量你們提到一些成本通膨的評論，你們是否有在價格上反映其中一部分？能否在某種程度上量化？再者，如果我們持續看到通膨對你們的投入成本在全年造成壓力、且沒有回歸常態，你們是否能再向市場推出更多漲價？

Yes. Brian, it's Nipul. Thanks for those questions. What I would say, you're right in the 2 -- as I mentioned, the 2% prices -- price increase year-on-year. We've held prices relatively flat, and we think they're stable.

是的，Brian，我是 Nipul。謝謝你的問題。我想說的是，你說得沒錯，正如我提到的，價格年對年上升 2%——2% 的漲價。我們的價格大致維持相對持平，我們也認為價格是穩定的。

However, we do have the option, as mentioned, as -- to go back into the market. We built in that range in our guidance to allow us to evaluate case by case, Brian. But yes, we do have that option.

不過，如前所述，我們確實有選項——也就是回到市場上調整價格。我們在指引中納入了那個區間，讓我們可以逐案評估，Brian。但答案是肯定的，我們有這個選項。

Okay. That's great. And then second question on the contracts and awarded orders. I know you guys aren't going to make this a recurring update per se, but can you speak to -- it sounded directionally like you've seen some growth in that, even off the December 31, 2020 reported level.

好的，很好。第二個問題是關於已簽署合約與已獲授標訂單。我知道你們不會把這當作例行性的更新，但你們能否談談——聽起來方向上你們看到這個數字相較於 2020 年 12 月 31 日所揭露的水準還有一些成長。

Can you give us a sense of where that's at now early on in 2021 and then kind of what the geographic mix is? You said 15% of sales by Q4 '21 will be non-U.S. Is it 85-15 in that kind of contracts awarded order backlog? Or is it different there?

你們能否讓我們了解一下 2021 年初到目前為止大概到什麼水準，以及地理區域組合如何？你們說到 2021 年第四季時，非美國的銷售將占 15%。在這類已獲授標訂單／在手訂單中，是否也是 85/15 這樣的比例？還是那邊的組合不同？

Yes, sure. So regarding the backlog and awarded orders, like you mentioned, we decided we're going to provide that once a year, the concrete number, as part of our annual guidance process. But yes, what we've seen is that it is growing since December 31, and we'll give qualitative measures on that going forward. But we feel pretty good about that.

是的，當然。關於積壓訂單與已獲授予的訂單，如你提到的，我們決定每年提供一次具體數字，作為我們年度指引流程的一部分。不過是的，我們看到自 12 月 31 日以來它一直在成長，未來我們也會就此提供定性指標。但我們對此感覺相當不錯。

The thing to really mention about this, Brian, too, is with the ordering pattern changes in 2020 with the ITC being extended, we feel really good that we have 60% coverage at year-end of our midpoint guidance. So we really feel good about that as well as the increase from January.

Brian，另外這裡真正要提的一點是，隨著 2020 年因 ITC 延長而出現的下單模式變化，我們對於在年末達到我們指引中點的 60% 覆蓋率感到非常有信心。因此，連同自 1 月以來的增加，我們也對此非常有信心。

All right. And then just, Nipul, in terms of the mix. Any kind of geographic color you can provide? Is it that 85-15? Or are you seeing more skew even toward non-U.S. in that mix?

好的。然後，Nipul，就組合而言。你能提供一些地理分布方面的資訊嗎？是 85-15 嗎？還是你看到在該組合中更偏向非美國的比重？

Yes. So what we said, Jim mentioned in his script, is there's a little bit of a ramp in the international sales. And we feel by the end of the year, the fourth quarter will be at 15% mix. Right now I think for the overall blended, I would say it's in the 90-10 for the full year.

是的。所以我們說過，Jim 在他的講稿中提到，國際銷售會有一些爬坡。我們認為到年底，第四季的組合占比會到 15%。目前我認為就全年整體加權來看，大概是 90-10。

Our next question comes from the line of Shar Pourreza with Guggenheim Partners.

我們的下一個問題來自 Guggenheim Partners 的 Shar Pourreza。

So a couple -- just a couple of quick questions here. Obviously, you touched on what's driving the lower EBITDA margin in '21. And sort of that midpoint of the new guidance implies around 16%. And obviously you guys highlight several items like commodity costs, public company costs, sort of that international push as the driver of some of that compression.

我這裡有幾個——就幾個快速問題。顯然你們已談到 2021 年 EBITDA 利潤率較低的驅動因素。而新的指引中點大概暗示約 16%。你們也強調了幾個項目，例如大宗商品成本、上市公司成本，以及國際推進，作為造成部分利潤率壓縮的原因。

But as we sort of think about margins maybe in the medium term, say post-'21, should we assume some incremental margin compression further from what we're seeing today as you're guiding -- as let's say, you expand internationally? Or should we assume maybe that 16% is a pretty good floor for our modeling purposes as we think about post-'21?

但當我們思考中期、例如 2021 年之後的利潤率時，我們是否應該假設在你們——比如說——國際擴張時，利潤率還會在目前所見的基礎上進一步被壓縮？或者我們是否可以假設 16% 對我們在 2021 年後的模型推估而言是一個相當不錯的底部？

Yes. Shar, it's Nipul again. We've given that kind of range in the medium term being 16% to 18% EBITDA. And that's where we feel it still is. With the commodity pricing as it is right now, that's -- and the investments we're making consciously for the revenues that will be coming, we feel that that is kind of near the floor where we feel.

是的，Shar，我是 Nipul。我們給出的中期區間是 EBITDA 16% 到 18%。我們認為仍然是這個水準。以目前的大宗商品價格來看——再加上我們為未來將到來的營收而有意識進行的投資——我們覺得這大致接近我們所認為的底部。

Okay. That's perfect. That's -- I just wanted to make sure that's reiterated.

好的。太好了。這——我只是想確認這點有再次被重申。

And then obviously, you recently increased the size of your revolver. Just maybe highlight why the -- why you saw that increase in capacity. Is it sort of organic or inorganic opportunities? In the past, you've highlighted that you would utilize your revolver for say, let's say, some bolt-on acquisitions, right?

然後顯然，你們最近提高了循環信貸（revolver）的規模。能否說明一下為什麼——為什麼你們會看到需要提高額度？是為了有機或無機的機會嗎？過去你們曾提到會使用循環信貸來做一些補強型併購，對吧？

And then just maybe just a quick refresh, thoughts on M&A in the near term. Are you sort of targeting sort of existing parts of the BOS? Or is there new -- other new innovations that you could look to acquire, similar to the technology investment you made earlier this year?

然後再請你們快速更新一下，對近期併購（M&A）的看法。你們是鎖定 BOS 現有的部分嗎？還是有新的——其他新的創新可能會考慮收購，類似你們今年稍早做的那筆技術投資？

Sure. Shar, I'll take the first half of that, and I'll pass the M&A question to Jim.

當然。Shar，我先回答前半段，然後把 M&A 的問題交給 Jim。

But as far as the revolver, yes we're always looking for flexibility in our capital structure, obviously to -- the way we look at our capital structures, invest in high ROI projects, but also look at opportunities for bolt-on or inorganic growth. And so we provide ourselves, we believe, the flexibility to expand that revolver to accomplish both of those.

就循環信貸而言，是的，我們一直在尋求資本結構的彈性，顯然是為了——我們看待資本結構的方式，是投資於高投資報酬率（ROI）的專案，同時也尋找補強型或無機成長的機會。因此，我們讓自己具備——我們相信——擴大該循環信貸以同時達成這兩者的彈性。

Jim, do you want to take on the M&A?

Jim，你要回答 M&A 嗎？

Yes, Shar. So we're going to continue to keep that pipeline robust, and our thesis remains the same. To the extent we can tap into additional wallet share, whether it's mechanical balance of system or electrical balance of system, and most importantly technology, that remains really foundational to our strategy on M&A. And I think our investment in technology that we noted is really the first step towards that. So we remain very optimistic about what we have in the M&A pipeline. We're going to continue to vet that going forward.

是的，Shar。所以我們會持續讓那個管線保持充沛，而我們的投資論點也維持不變。只要我們能提高錢包份額（wallet share），不論是機械 BOS 或電氣 BOS，最重要的是技術，這些仍然是我們 M&A 策略的核心基礎。我認為我們提到的那筆技術投資，確實是朝那個方向邁出的第一步。因此，我們對 M&A 管線中的機會仍然非常樂觀。我們也會在未來持續審視與篩選。

Got it. And then just lastly for me. I'm just wondering just from a sentiment, it could be positive, it could be negative. If you've seen any sort of shift from your customers following maybe some of the events we saw in ERCOT, MISO and the SPP regions from the recent weather events. Has sort of -- has that swung any of your sort of your order books as we think about what we just went through a few weeks ago, a couple of weeks ago?

了解。然後最後一個問題。從情緒面來看，可能是正面也可能是負面。你們是否看到在近期天氣事件後——例如我們在 ERCOT、MISO 與 SPP 區域看到的一些事件——客戶端有任何轉變？就我們幾週前、兩週前經歷的情況而言，這是否影響了你們的訂單簿？

No, not at this moment, Shar. But I'm happy to report that we got nearly 40 sites in the affected region, nearly 3 gigawatts, and we have not received any word at any issue on our sites. So probably too early to tell, but really nothing notable.

Shar，目前沒有。但我很高興回報，我們在受影響區域有將近 40 個站點、接近 3 吉瓦，而我們尚未收到任何關於我們站點出現問題的消息。所以可能還太早下結論，但確實沒有什麼值得注意的。

Terrific. Congrats on the execution, guys.

太棒了。恭喜各位執行得很好。

Our next question comes from the line of Paul Coster from JPMorgan.

我們的下一個問題來自 JPMorgan 的 Paul Coster。

It wasn't clear to me as the impact of these investments and other expenses during the year, as to how it's distributed across gross versus EBIT margins. It sounded like it was more below the line, operating expense-related than it was direct costs. Can you just sort of give us some sense there?

我不太清楚這些投資與其他費用在年度中的影響，究竟是如何在毛利率與 EBIT 利潤率之間分配的。聽起來更像是線下（below the line）、與營業費用相關，而不是直接成本。你們能否大致說明一下？

Yes, Paul, this is Jim. It's roughly half and half, with half of it going towards the innovation piece. And it's really about the future here, so this is -- I won't -- I'm not the one that really coined this, but certainly doing 2 things seemingly conflicting at the same time, delivering on the short term while investing in long term. So half of it is on the innovation piece, and I'll let Nipul comment.

是的，Paul，我是 Jim。大約是一半一半，其中一半用在創新部分。這其實是著眼於未來，所以這——我不是最早提出這說法的人，但確實是在同一時間做兩件看似互相衝突的事：一方面交付短期成果，一方面投資長期。一半在創新部分，然後我讓 Nipul 補充。

Yes. So on the other -- on the margin side, we built into our range the impact of higher freight and raw material costs really not abating as quickly. And that's really the other half of that cost that we have in our guidance range, Paul.

是的。所以在另一邊——在利潤率方面，我們在區間中納入了較高的運費與原材料成本影響，且假設它們不會那麼快緩解。這基本上就是我們在指引區間中納入的另一半成本，Paul。

Yes, maybe a little unfair to ask this. But if the pandemic could kind of clear up more quickly, how much more EPS would -- I mean how much EPS has been sort of forfeited as a result of shifting things into the second half of the international growth, in particular?

是的，這問題可能有點不太公平。但如果疫情能更快好轉，EPS 會多多少——我的意思是，特別是因為把國際成長的一些事情往下半年移動，結果大概犧牲了多少 EPS？

I couldn't really give you a quantifiable answer on that. My only wish and desire was that it would clear up faster, but that's just not the reality.

我無法給你一個可量化的答案。我唯一的希望與期待就是它能更快結束，但那並不是現實。

Yes. And it has delayed, as we mentioned, in the second half.

是的。而且如我們提到的，它已經延後到下半年。

Yes.

是的。

All right. Okay, last question. You've talked of China trying to sort of nailed down most of the big EPC customers as your proxies for going into the end market, at least in the United States. What proportion of the largest, say, 10, 20, do you think you've now got secured as sort of regular customers?

好。好的，最後一個問題。你們談到中國，試圖把大多數大型 EPC 客戶鎖定下來，作為你們進入終端市場的代理，至少在美國是如此。在最大的比如說 10 家、20 家之中，你們認為目前已經拿下、成為固定客戶的比例大概是多少？

Paul, I would just lead off by saying we added 38 new customers, 8 of which were international. I would have to get back to you with respect to the mix, which is the IPPs, developers versus EPC. Don't have that readily available, but we can get back to you on that.

Paul，我先說我們新增了 38 個新客戶，其中 8 個是國際客戶。至於你問的組合——也就是獨立電力生產商（IPP）、開發商相對於 EPC 的占比——我得再回覆你，我手邊沒有現成數據，但我們可以之後補給你。

Our next question comes from the line of Stephen Byrd with Morgan Stanley.

我們的下一個問題來自 Morgan Stanley 的 Stephen Byrd。

I wanted to just get your thoughts on the competitive playing field. Are you seeing either new entrants, changes in offerings? And just wonder also in that context, if you could just speak to sort of share that you described a little bit in your prepared remarks. Just wondering if you could give any more specifics on sort of your take on kind of market share position and just relative competitive positioning more broadly.

我想請教你們對競爭格局的看法。你們是否看到新的進入者、產品供給的變化？另外在這個脈絡下，也想請你們談談你們在事先準備的發言中提到的市占。想看看你們是否能提供更具體的內容，談談你們對市場份額位置的看法，以及更廣泛的相對競爭定位。

Yes, Steve, I would first say that we respect all competitors, haven't really seen any new entrants. And with respect to market share, I would really just point you to our year-on-year growth. And then what we've outlined by way of the midpoint of our growth going forward into 2021 and then how that falls out with respect to share of demand. I'll let you do the math there.

是的，Steve，我首先要說我們尊重所有競爭對手，並沒有真的看到新的進入者。至於市占，我會請你參考我們的年對年成長，還有我們所概述的、以 2021 年成長指引中點來看，並進一步推導其相對於需求份額的結果。數學就交給你來算了。

Very good, understood. And then just lastly, you talked to kind of the growth internationally. And it sounds like just -- it's just -- rather, it's just a bit of a delay. It's not as if there's a shift upwards in your cost structure to be able to execute internationally, but more of a delay. Am I sort of reading that properly?

很好，了解。然後最後，你們談到國際成長。聽起來只是——只是有些延遲。並不是說為了能在國際執行而讓你們的成本結構上移，而是更多是延遲。我這樣理解對嗎？

Yes, that's exactly right. When you think of the delay, think of it in terms of certain countries had travel restrictions. So I couldn't get boots on the ground to really qualify the supply chain, fulfillment and things of that nature. So that was really a delay.

是的，完全正確。當你想到延遲時，要從某些國家有旅行限制的角度來看。因此我無法派人到現場，去真正驗證供應鏈、履約以及諸如此類的事項。所以那確實造成了延遲。

Our next question comes from the line of Michael Weinstein with Credit Suisse.

我們的下一個問題來自 Credit Suisse 的 Michael Weinstein。

I understand that 16% to 18% gross EBITDA margin guidance. As you increase the percentage coming from international, does that actually push things up towards the higher end of that range? Or is it all the same? I'm just curious for the difference between U.S. and international.

我理解你們給出的毛 EBITDA 利潤率指引為 16% 到 18%。隨著國際業務占比提高，是否會把結果推向該區間的高端？還是其實都一樣？我只是好奇美國與國際之間的差異。

Yes. So that's -- the way we look at that, we're still going to maintain the 16% to 18% range. And as the mix changes, there'll be less investments that we're making this year. So we still think we'll be in that range.

是的。所以——我們看待這件事的方式是，我們仍會維持 16% 到 18% 的區間。隨著組合變化，今年我們所做的投資會更少一些。所以我們仍認為會落在那個區間內。

Yes. But I mean just to follow up with Shar's earlier question. I mean is international expected to have higher gross margins just versus the U.S.?

是的。但我的意思是，跟進一下 Shar 先前的問題。國際業務的毛利率是否預期會比美國更高？

Yes, that hasn't changed from what we had said before, Michael. It is initially we know that they're going to be a little bit lower margins. But over the longer term, it's going to be at or higher than the domestic because of the input costs.

是的，Michael，這點與我們之前所說的沒有改變。一開始我們知道國際的利潤率會稍微低一些。但從較長期來看，由於投入成本的因素，它將會與國內相當或更高。

Got you. So what's the -- if you expect to maintain the range, what's the offset to that?

了解。所以——如果你們預期維持這個區間，那抵消因素是什麼？

Well, we're ramping up, if you recall, in international sales. So as the investments abate from this year and international ramps up, that's where you get the offset.

嗯，我們正在加速提升國際銷售，如你所記得的。隨著今年的投資逐步減少、而國際業務逐步放量，這就是你看到抵消的地方。

Okay, I see. I see. In terms of new technologies, you mentioned that you're invested in a new technology that's yet to be revealed. What -- are we talking about something that is still going to be in the tracker field? Or are we -- are you branching out into completely new solar value creation, something new in terms of creating efficiency?

好的，我明白了。我明白了。就新技術而言，你提到你們投資了一項尚未揭露的新技術。我們談的是仍然會在追蹤器（tracker）領域的東西嗎？還是——你們正在拓展到全新的太陽能價值創造領域，在提升效率方面做一些新的事情？

Yes, I would say the way to look at it, Michael, is it's going to be within the tracker itself in utility scale, but certainly we're not limiting ourselves there when we look at technology.

是的，Michael，我會說看待它的方式是：它會在公用事業級（utility scale）的追蹤器本體之內，但當我們看待技術時，當然也不會把自己限制在那裡。

Are you still -- are there other investments that you're working on currently also? Any additional bolt-on acquisitions or major acquisitions?

你們是否——目前也在推進其他投資？有任何額外的補強型收購（bolt-on acquisitions）或大型收購嗎？

I would just go back to what I said earlier that our pipeline remains very robust. And as they mature, they'll become apparent.

我只想回到我先前說的：我們的管線仍然非常強勁。隨著它們成熟，大家自然會看到。

Maybe you could comment a little bit more on the R&D capabilities that you think will be available in Phoenix under the Phoenix facility?

也許你可以多評論一下，你認為在鳳凰城（Phoenix）廠房之下、鳳凰城設施將具備哪些研發能力？

Yes. I would just refer you back to what we said earlier. Some of the pain points that our customers are seeing is the time to install. So labor is an area that we're focusing on. We're also looking at means and ways through which you can minimize grading, so have more flexibility. Foundation count's another, how you can generate more output or energy, maximize that through software. So that's kind of the A to the Z that we're working on. But we're really excited about the tech center.

是的。我會請你回想我們先前提到的內容。客戶目前看到的一些痛點是安裝時間。因此人力（labor）是我們聚焦的領域。我們也在尋找方法來把整地（grading）需求降到最低，從而提高彈性。基礎（foundation）數量也是另一個方向；以及如何透過軟體產生更多輸出或能量、並將其最大化。這大概就是我們從 A 到 Z 正在做的事情。但我們對這個技術中心感到非常興奮。

Just 2 last ones for me. One is the cost of steel becoming a problem for you, world steel? And also where internationally, which continents are you planning on focusing on first and highest priority? And which will be the next ones after that?

我最後兩個問題。第一，鋼材成本上升是否正成為你們的問題、全球鋼材的情況如何？第二，在國際市場方面，你們計畫先聚焦哪些洲作為第一優先？接下來的優先順序又是哪些？

So we obviously manage and monitor all commodities accordingly. And then we build in productivity measures to address that to continue to drive our value.

所以我們顯然會相應地管理並監控所有大宗商品。然後我們會導入生產力提升措施來因應，持續推動我們的價值。

If your question was pertaining to our supply chain -- sorry, Michael, could you clarify your question?

如果你的問題是關於我們的供應鏈——抱歉，Michael，你能澄清一下你的問題嗎？

Yes.

可以。

Yes. So on the supply chain...

可以。所以在供應鏈方面……

I was thinking of supply chain. I mean thinking about the pressure on margins from cost inputs, yes.

我是在想供應鏈。也就是在想投入成本對利潤率造成的壓力，是的。

Yes, I mean there's always going to be pressure on cost. That's pretty much market-agnostic and product-agnostic. But that said, we've actually built out -- we continue to build out our supply chain. We added 15 new suppliers in 4 new countries. So that's just going to be an area that we remain focused on going forward as we grow both domestic here and internationally.

是的，我的意思是成本壓力總是存在。這基本上與市場無關、也與產品無關。不過話說回來，我們其實已經建立——而且仍在持續建立——我們的供應鏈。我們在 4 個新國家新增了 15 家新供應商。所以這將會是我們在未來、隨著國內與國際成長時持續聚焦的領域。

Right. And also in terms of your focus on sales, where are you going to go next? Where -- what's the highest priority in terms of continents and countries? And where -- what's the second after that?

好的。另外就你們的銷售聚焦而言，接下來你們會去哪裡？在洲別與國家別的優先順序上，最高優先是哪些？第二優先又是哪些？

Yes, I would actually point you back to what we've always said, and that is really a strategy of following our customers. We added 38 last year, 8 of which were international, had international reach. We like to follow them into the regions that make the most sense, since they're the ones that are actually investing and connecting to the grid.

是的，我其實會請你回到我們一直以來所說的，也就是「跟著客戶走」的策略。我們去年新增了 38 家客戶，其中 8 家是國際客戶、具有國際佈局。我們喜歡跟著他們進入最合理的區域，因為實際上是他們在投資並接入電網。

So I think you could look at South America and certain countries within there, and then Western Europe as well as Southeast Asia. Not necessarily in that order, but those are areas that our customers seem to be gravitating towards.

所以我想你可以看看南美洲及其中某些國家，然後是西歐以及東南亞。不一定是這個順序，但這些是我們的客戶似乎正在傾向前往的區域。

Our next question comes from the line of Philip Shen with ROTH Capital Partners.

我們的下一個問題來自 ROTH Capital Partners 的 Philip Shen。

First ones are around safe harbor. I was wondering if you might be able to share how many megawatts of safe harbor were in Q4, and then what you expect in Q1, and what you expect overall in the '21 guidance.

前幾個問題是關於 safe harbor。我想請問你們是否可以分享第四季有多少兆瓦（MW）的 safe harbor，然後你們預期第一季是多少，以及在 2021 年指引中整體預期是多少。

Yes. Phil, it's Nipul. So we're going to not talk about megawatts, but I'll give it to you on revenues. So we had about $40 million in our Q4 numbers. And we expect to deliver, of course, ITC-related, now that it's extended about $100 million in the first half of the year.

是的，Phil，我是 Nipul。我們不會用兆瓦來談，但我可以用營收來回答。所以我們在第四季數字中大約有 4,000 萬美元。我們預期在上半年交付——當然是與 ITC 相關的，現在它已延長——大約 1 億美元。

Okay. Great. And then should we not expect any in the back half of '21?

好的，很好。那麼在 2021 年下半年我們是否就不應該預期會有了？

Well, the ITC is extended now. So we would assume normal seasonal patterns where Q2 and Q3 are the high-build months.

嗯，ITC 現在已延長。所以我們會假設呈現正常的季節性型態，也就是第二季和第三季是建置高峰月份。

Great. And then you guys gave the backlog numbers $705 million and $654 million for the next 12 months. Was wondering if you could give those same numbers for what -- at the end of 2019?

很好。然後你們給出的積壓訂單（backlog）數字是 7.05 億美元，以及未來 12 個月為 6.54 億美元。我想知道你們是否能提供 2019 年底相同口徑的數字？

Yes. Phil, we didn't track backlog and awarded orders at 2019 the same precision we're doing it in 2020. But the numbers are roughly similar between the 2 periods. And as you know, it doesn't tell the full story because the backlog at the end of 2019, it represented what most of the customers planned for the full year. And you saw that manifested by the concentration of our revenues and profits in the first half of 2020.

是的。Phil，我們在 2019 年並沒有像 2020 年這樣以同等精度追蹤 backlog 與已獲授予訂單（awarded orders）。但兩個期間的數字大致相近。而且如你所知，這並不能說明全部情況，因為 2019 年底的 backlog 代表的是多數客戶對全年所做的規劃。你也看到這點在 2020 年上半年我們營收與利潤的集中度上反映出來。

So that's why we feel really good. The backlog is about the same level, but the $654 million that we have this year is -- really represents about 6 months of deliveries. And so we feel that it's great that already -- we have already covered about 60% of our full year midpoint guide.

所以這就是為什麼我們感覺非常好。backlog 大約在相同水準，但今年我們的 6.54 億美元——其實大致代表約 6 個月的交付。因此我們覺得很棒的是——我們已經覆蓋了全年指引中點大約 60%。

Great. And then as it relates to the margin outlook, I know you're not providing official guidance on this. But given the cadence of the safe harbor revenues being concentrated in the first half, can you talk through what does either the gross or EBITDA margin look like in the first half versus back half?

很好。接著關於利潤率展望，我知道你們沒有提供正式指引。但鑑於 safe harbor 營收節奏集中在上半年，你們能否說明一下，上半年相較於下半年，毛利率或 EBITDA 利潤率大概會是什麼樣子？

Yes, it's -- we're about the same throughout. So I would just take the revenue split that we had and about the same margin.

是的，基本上——我們全年的情況差不多。所以你可以用我們的營收拆分來看，利潤率也大致相同。

Our next question comes from the line of Colin Rusch with Oppenheimer.

我們的下一個問題來自 Oppenheimer 的 Colin Rusch。

It's Joe on for Colin. Given the growth in demand we're expecting to come, some of that's likely going to be from odd lot -- odd-shaped lots or more difficult terrains. And so can you maybe speak to the dynamics around addressing those sorts of sites?

我是代 Colin 提問的 Joe。鑑於我們預期需求將成長，其中一部分很可能來自零碎地塊——不規則形狀的地塊或更困難的地形。因此你能否談談你們在應對這類場址方面的動態？

Yes, I'm sorry. Is it Colin or -- who's speaking?

是的，不好意思。是 Colin 還是——請問是哪位在說話？

This is Joe on for Colin.

我是代 Colin 提問的 Joe。

I didn't catch that. Hey, Joe. Yes, our strategy, our product addresses those quite nicely, whether it's 1 to 20 megawatts. And that was part and parcel of the reason that we went forward with what we did with RPCs because that's exactly what they do well for us. So we don't see any challenges with respect to the terrain flexibility, the odd-shaped sizes themselves. We've been servicing that market quite nicely, and we plan to do so going forward.

我剛剛沒聽清楚。嗨，Joe。是的，我們的策略與產品能很好地應對那些情況，無論是 1 到 20 兆瓦。這也是我們推進與 RPCs 合作的原因之一，因為那正是他們能為我們做得很好的地方。所以我們不認為在地形彈性、不規則地塊尺寸方面會有任何挑戰。我們一直以來都很好地服務這個市場，未來也會繼續。

Okay, great. And then a little bit back to the question around input costs and supply chain. Are you guys looking at any new materials that could potentially reduce your cost of goods sold?

好的，很好。然後再回到投入成本與供應鏈的問題。你們是否在考慮任何新材料，以潛在降低你們的銷貨成本？

Yes. Now don't ask what they are.

是的。現在別問它們是什麼。

Okay. I mean any color you can give there would be good, but...

好。我是說，你能在那裡提供任何顏色都可以，但……

Yes, we're looking at alternative materials. That's just part and parcel of what the R&D team does.

是的，我們正在評估替代材料。這本來就是研發團隊工作的一部分。

Our next question comes from the line of Jeff Osborne with Cowen.

我們的下一個問題來自 Cowen 的 Jeff Osborne。

Most of the questions have been addressed. But just going back to the steel issue. Can you remind us roughly what percentage of the bill of materials is galvanized steel?

大多數問題都已經回答了。但回到鋼材的議題。你能提醒我們一下，鍍鋅鋼大約占物料清單的百分之多少嗎？

Yes. Jeff, it's Nipul. Yes, we're not -- we don't break out the bill of materials, obviously, for competitive products. But obviously we have -- steel is a large component, a commodity that we use in our overall tracker.

是的。Jeff，我是 Nipul。是的，我們不會——我們當然不會拆分物料清單，因為那是具競爭性的產品資訊。但很明顯地——鋼材是我們整體追日系統中使用的一項大型組件與大宗商品。

Got it. So just so I'm clear, that'd be -- you're talking about the first half of the year fully booked based on the backlog. And when would you be buying the steel because it's been moving quite a bit? So have you locked in the steel? Have you locked in that pricing, so you have high visibility into the margins? Or not necessarily so?

了解。那我確認一下——你說的是上半年依據積壓訂單已經完全排滿。那你們會在什麼時候採購鋼材？因為價格波動很大。所以你們有鎖定鋼材嗎？有鎖定那個價格，讓你們對毛利有很高的能見度嗎？還是不一定？

Yes. So we typically -- I'll just give you our typical order pattern. So we typically order material between 6 and 12 weeks from the date of the shipment. So we keep very little inventory. So the impact obviously on the COGS -- of the recent run on prices would impact second half more than it would first half.

是的。我們通常——我先說明我們典型的下單模式。我們通常會在出貨日期前 6 到 12 週訂購材料。因此我們維持的庫存非常少。所以近期價格上漲對銷貨成本（COGS）的影響，顯然會對下半年大於上半年。

Got it. And then on the 8 new customers internationally, can you talk about any particular geographies outside of Australia? Have you had any success? People have tried to ask about continents. But the 8 new people, can you, without naming them, talk about what countries or regions they're from? Or is it all in Australia?

了解。再來關於國際上的 8 個新客戶，你能談談澳洲以外的特定地區嗎？大家一直想問大洲分布。但這 8 個新客戶，在不點名的情況下，你能談談他們來自哪些國家或區域嗎？還是全部都在澳洲？

No, it's not all in Australia. It's still Western Europe, it's South America as well as parts of Asia. So you can think of Brazil, you can think of Spain and some other regions as well in Western Europe.

不，不是全部都在澳洲。仍然有西歐、南美以及部分亞洲。所以你可以想到巴西、想到西班牙，以及西歐的其他一些地區。

Got it. And then the last one I had is just can you remind us, given your pricing at $0.10 or $0.11, whatever the number is, you're now talking about lowering labor costs with this investment that you made.

了解。最後一個問題是，能否提醒我們一下，考量你們的定價在 0.10 美元或 0.11 美元（不管實際數字是多少），你們現在談到透過這項投資來降低人工成本。

Can you remind us what the labor cost is if utility-scale solar projects is roughly $1 a watt? What would you think is the direct labor attributable to specifically the tracker that you're trying to lower?

你能提醒我們一下，如果公用事業級太陽能專案大約是每瓦 1 美元，直接人工成本大概是多少？特別是你們想要降低的、可歸因於追日系統（tracker）的那部分直接人工，你認為大概是多少？

Yes. I couldn't give you an absolute number, Jeff, simply because every site, every project has its own D&A, depending on what the site construct looks like, the number of modules per row and things of that nature. All I can say is just reinforce that the technology that we're looking at substantially reduces that. So we're quite excited about that.

是的。Jeff，我無法給你一個絕對數字，因為每個場址、每個專案都有其自身的 D&A（取決於場址施工樣態、每排模組數量等因素）。我能說的是，再次強調我們正在評估的技術能大幅降低那部分成本，所以我們對此非常興奮。

Our next question comes from the line of Martin Malloy with John Rice -- with Johnson Rice.

我們的下一個問題來自 Johnson Rice 的 Martin Malloy。

Could you give us an update maybe on your strategy for monetizing the software?

你能否更新一下你們軟體變現策略的進展？

Yes, Marty. So the strategy remains kind of threefold here. And that is first and foremost, to the extent we can use that to create greater value at the point of sale with our tracker, that will always be included. And we're very pleased with the uptake that we currently have on our SmarTrack.

是的，Marty。我們的策略大致仍是三個面向。第一也是最重要的是，只要我們能在銷售追日系統時用它創造更高的銷售端價值，它就會一直被包含在內。我們也很高興目前 SmarTrack 的採用率表現。

The second one would be with respect to in the event the customer has already a Array tracker out there and is interested in purchasing that by way of license and/or annuity going forward. We're working with several customers on that front.

第二個是，如果客戶已經有 Array 的追日系統在現場，並且有興趣以授權和／或後續年金（annuity）的方式購買，我們正與多位客戶在這方面合作。

And then thirdly would be to the extent there's opportunity for us to deploy and then to deploy the software at a later date, depending on the customer's request at commissioning, we have that means as well. We're still very early in the throes of deployment of the software solution, but are certainly quite excited about the uptake that we've seen thus far in the performance gains that is providing to customers where we have deployed.

第三個是，只要有機會，我們可以先部署，並依客戶在投運（commissioning）時的要求於較晚時間再部署該軟體；我們也具備這樣的方式。我們仍處於軟體解決方案部署的早期階段，但對目前看到的採用情況，以及在已部署客戶端所帶來的效能提升，確實感到非常振奮。

Our final question comes from the line of Kashy Harrison with Simmons Energy.

我們最後一個問題來自 Simmons Energy 的 Kashy Harrison。

So in the guidance, you highlight your expectation that commodity prices and freight charges to normalize over time. Just curious what drives that normalization view and then how long it would take -- how long the costs would need to remain elevated before you seriously decided or considered passing it on to customers and then how to think about any concerns surrounding implications to demand from customers from higher costs.

在你們的指引中，你們強調預期大宗商品價格與運費將隨時間正常化。我想了解是什麼驅動你們對正常化的看法，以及大概需要多久——成本需要維持在高檔多久，你們才會認真決定或考慮轉嫁給客戶？另外，如何看待成本上升對客戶需求可能造成的影響疑慮？

Kashy, it's Nipul. So as far as that first part of the question, as far as how long we think it is. Obviously, it's unknown. We're in unprecedented times as far as the commodity prices increasing. And it's really just -- it's a lot of the -- as the economy begins to reopen, there's a lot of prepandemic capacity that still remains idle. So we're thinking second half and late second half is when it's coming back online.

Kashy，我是 Nipul。關於問題的第一部分，也就是我們認為會持續多久。很明顯這是未知數。就大宗商品價格上漲而言，我們正處於前所未有的時期。主要是——隨著經濟開始重新開放，仍有許多疫情前的產能處於閒置狀態。因此我們認為下半年、尤其是下半年後段，這些產能會重新上線。

And as far as your second half of the question, we're always evaluating all pricing on our projects. And we know that we have that ability, and we'll look at it on a case-by-case basis.

至於你問題的第二部分，我們一直在評估各專案的所有定價。我們知道我們具備那樣的能力，並會逐案評估。

So okay, fair enough. And then on the M&A front, I know you -- there's not a lot you can talk about. But I was just wondering if you could, at least, give us a time line on when you think you might be able to buy the technology company that you referred to, the remaining portion?

好，合理。那在併購（M&A）方面，我知道你——你能談的不多。但我想問你是否至少能給我們一個時間表，說明你認為何時可能買下你提到的那家科技公司剩餘的持股／部分？

I couldn't give you a definitive time line other than we have certain milestones that need to be met by way of technology assessment and things of that nature. As they pan themselves out, we'll check the box and then proceed accordingly. But I couldn't give you a definitive time line because there's elements that need to be satisfied as we go through the process.

我無法給你一個明確的時間表；只能說我們有一些里程碑需要達成，例如技術評估等。當這些事項逐步明朗後，我們會逐項完成，然後再依此推進。但我無法給出確切時間表，因為在流程進行中仍有一些要件需要被滿足。

I guess maybe asking it a different way, do you think this is a 2021 event maybe? Or is it probably longer term?

那我換個方式問，你覺得這可能會在 2021 年發生嗎？還是可能是更長期？

Yes, I couldn't tell you. I couldn't commit to a date on that.

是的，我無法告訴你。我無法對此承諾一個日期。

Okay, fair enough. And then the last one for me, good to see you all investing in R&D for the future of the business. I was just wondering if you could talk about the 4 innovations that you highlight on that separate press release. How to think about the impact to ASPs over the medium term? And that's it for me.

好，合理。那我最後一個問題，很高興看到你們為了公司未來持續投資研發。我想問你是否能談談你們在那份獨立新聞稿中提到的 4 項創新。中期來看，對 ASP（平均售價）的影響該如何思考？我就這些。

Yes. Medium term, I don't think you'll see a large or an impact on medium term. This is long -- this is a longer play as we deploy. You can think of it out in the out years of '22, first half '22 and beyond.

是的。中期來看，我不認為你會看到很大——或是對中期有明顯影響。這是長——這是一個更長期的布局，會隨著我們逐步部署而展開。你可以把它想成在 2022 年的後續年度、2022 年上半年以及之後。

We have reached the end of our question-and-answer session. I would like to turn the call back over to management for any closing remarks.

我們的問答環節到此結束。我想把電話交回管理層，請他們做結語。

Yes. Thank you. Again, I just want to reiterate how proud I am of the Array team for all that we accomplished last year. We're certainly excited about our performance and plan to carry that forward into 2021 and where we are certainly excited about our growth going forward. So with that, I'd like to thank everyone.

是的，謝謝。再次重申，我為 Array 團隊去年所完成的一切感到非常自豪。我們對自身表現感到振奮，並計畫在 2021 年延續這股動能；我們也對未來的成長感到非常期待。因此，謝謝大家。

And with that, this concludes today's teleconference. You may now disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

至此，今天的電話會議結束。您現在可以掛斷電話線路。感謝您的參與，祝您有美好的一天。