Array Technologies Inc (ARRY) 2025 Q3 法說會逐字稿

Greetings. Welcome to Array Technologies' third-quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

問候。歡迎參加 Array Technologies 2025 年第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

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

現在我很高興向大家介紹主持人，Array 公司的投資者關係負責人 Sarah Sheppard。請繼續。

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

謝謝。歡迎各位參加 Array Technologies 2025 年第三季財報電話會議。與我一起參加本次電話會議的有：我們的執行長 Kevin Hostetler；我們的財務長 Keith Jennings；以及我們的總裁兼營運長 Neil Manning。

Today's call is being webcast via our Investor Relations site at ir.arraytechinc.com, where the related 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，相關簡報和新聞稿也可在該網站上取得。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 on our website. We encourage you to visit our website at arraytechinc.com for the most current information on our company. 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.

今天對財務表現的討論包括非GAAP指標。有關 GAAP 與非 GAAP 財務指標的調整表，請參閱我們網站上的相關簡報。我們建議您造訪我們的網站 arraytechinc.com，以獲取有關我們公司的最新資訊。再次提醒大家，我們今天討論的事項包括有關市場供需、預期業績及其他事項的前瞻性陳述。這些前瞻性陳述存在風險和不確定性，可能導致實際結果與本次電話會議中所做的陳述有重大差異。

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

有關可能影響我們未來業績的風險的討論，請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。儘管我們認為前瞻性聲明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其與實際結果相符。

I'll now turn the call over to Kevin.

現在我將把電話交給凱文。

Thank you, Sarah. Good afternoon, everyone, and thank you for joining us.

謝謝你，莎拉。各位下午好，感謝各位的參與。

I'll begin with some highlights on the quarter and updates on our APA acquisition and our commercial momentum. Then Neil Manning, our President and Chief Operating Officer, will provide some supply chain and operational updates for the quarter. Keith Jennings, our Chief Financial Officer, will then provide detailed commentary on our third-quarter 2025 financial performance and updates on our full-year 2025 financial guidance. Then we'll open the line up for your questions.

我將首先介紹本季的一些亮點，以及我們收購 APA 和商業發展勢頭的最新情況。接下來，我們的總裁兼營運長尼爾曼寧將介紹本季的供應鏈和營運最新情況。我們的財務長 Keith Jennings 將對我們 2025 年第三季的財務表現進行詳細評論，並更新我們 2025 年全年的財務預期。接下來我們將開放提問環節。

I'll begin on slide 5. We are thrilled to announce another exceptional quarter of commercial, operational, and financial performance. Our revenue reached $393 million, marking an impressive 70% year-over-year revenue growth, driven by a 56% increase in volume in the quarter. The completion of the APA acquisition midway through the quarter contributed approximately $17 million in revenues to our results.

我將從第5張投影片開始。我們很高興地宣布，本季在商業、營運和財務方面均取得了卓越的業績。我們的營收達到 3.93 億美元，年增 70%，這主要得益於本季銷量成長 56%。本季中期完成的 APA 收購為我們的業績貢獻了約 1700 萬美元的收入。

When we assess our performance from a year-to-date standpoint, we have already generated over $1 billion of revenue, surpassing our total annual revenue from 2024, and we have grown volume an impressive 74% year over year. This outcome highlights our team's steadfast dedication and resilience, effectively navigating the uncertain regulatory environment and fluctuating market conditions.

從年初至今的表現來看，我們已經創造了超過 10 億美元的收入，超過了 2024 年的年度總收入，並且銷量同比增長了驚人的 74%。這一結果凸顯了我們團隊堅定不移的奉獻精神和韌性，有效地應對了不確定的監管環境和波動的市場狀況。

We saw sequential adjusted gross margin improvement quarter over quarter, driven by outperformance in our ATI business. Our bottom-line performance remains outstanding with significant net income improvement year over year and an adjusted EBITDA result of $72 million. This achievement, driven by strong execution and substantial volume growth, marks our second highest quarter of adjusted EBITDA on record.

受 ATI 業務的優異表現推動，我們的調整後毛利率較上季有所提高。我們的獲利表現依然出色，淨利潤較去年同期大幅成長，調整後 EBITDA 為 7,200 萬美元。這項成就得益於強有力的執行和顯著的銷售成長，標誌著我們調整後 EBITDA 季度業績創歷史第二高。

Finally, our commercial momentum continued this quarter as we posted sequential order book growth and a book-to-bill ratio of greater than 1. Our diverse portfolio of products, services, and software offerings continues to win, and our robust bookings are a testament to the time and effort invested in our relationships with critical Tier 1 customers.

最後，本季我們的商業動能得以延續，訂單量較上季成長，訂單出貨比大於 1。我們多元化的產品、服務和軟體組合持續贏得市場，我們強勁的預訂量證明了我們投入時間和精力與重要的頂級客戶建立關係所取得的成就。

We are particularly pleased with the market's adoption of our latest new product offerings, OmniTrack, SkyLink, and Hail XP. And we note that these three recently launched products already account for nearly 40% of our order book. It's important to note that this quarter's order book result of $1.9 billion does not yet include APA's backlog.

我們尤其對市場接受我們最新推出的新產品 OmniTrack、SkyLink 和 Hail XP 感到高興。我們注意到，這三款新推出的產品已經占到我們訂單量的近 40%。值得注意的是，本季19億美元的訂單總額還不包括APA的積壓訂單。

As we continue to align and harmonize our commercial policies, we expect to add their customer orders to our metric by year end. Further, we should note that as we've taken a more conservative approach to the addition of international orders to our order book, our quarter-ending order book represents over 95% domestic business.

隨著我們不斷調整和協調商業政策，我們預計到年底將把他們的客戶訂單納入我們的指標體系中。此外，我們應該注意到，由於我們對增加國際訂單採取了更保守的做法，因此我們季度末的訂單簿中超過 95% 為國內業務。

Turning to slide 6. I want to briefly touch on our integration of APA and provide some exciting product and commercial updates. Although we are in the early stages of our APA integration, we are very pleased with their recent commercial progress and pipeline growth.

翻到第6張投影片。我想簡要介紹我們對 APA 的整合，並提供一些令人興奮的產品和商業更新。儘管我們與 APA 的整合還處於早期階段，但我們對他們近期的商業進展和產品線成長感到非常滿意。

Although only a couple of months in, we remain on schedule with our internal objectives and are seeing strong collaboration across our teams. Our priority is to maintain seamless business operations as we align processes and systematically realize synergies. As you would expect, we have taken meaningful steps to achieve our targeted procurement efficiencies by utilizing Array's scale and established supplier partnerships to drive these future benefits.

雖然才過了幾個月，但我們的內部目標仍然按計劃進行，我們看到了團隊之間的強大合作。我們的首要任務是在調整流程、系統性地實現綜效的同時，保持業務營運的順暢進行。正如您所預期的那樣，我們已採取切實有效的措施，利用 Array 的規模和已建立的供應商合作夥伴關係來實現我們預期的採購效率，從而推動這些未來的收益。

We also recently introduced a unified sales strategy for customer engagement and quoting, empowering both the Array and APA teams to seamlessly offer the full Array and APA product portfolios. This collaboration will deliver greater optionality and value to our customers and unlock significant growth in our share of wallet and total addressable market.

我們最近也推出了統一的客戶互動和報價銷售策略，使 Array 和 APA 團隊能夠無縫地提供完整的 Array 和 APA 產品組合。此次合作將為我們的客戶帶來更多選擇和價值，並顯著提升我們的市場份額和潛在市場規模。

APA is already benefiting from Array support, with notable momentum in larger utility-scale project opportunities across both engineered foundations and fixed tilt systems. Array's strong market credibility and bankability are unlocking new growth channels for APA, and we are actively pursuing those prospects.

APA 已經從 Array 的支援中受益，在工程基礎和固定傾斜系統中，大型公用事業規模專案機會方面取得了顯著進展。Array 強大的市場信譽和融資能力正在為 APA 開闢新的成長管道，我們正在積極尋求這些前景。

We are also laser-focused on enhancing our competitive advantage and accelerating our strategic product road map. Our co-development of a suite of integrated tracker and foundation solutions is well underway, and we expect these innovative solutions for customers to be available in the second half of 2026.

我們也專注於增強我們的競爭優勢和加快我們的策略產品路線圖。我們與合作夥伴共同開發的一套整合追蹤器和基礎解決方案正在順利進行中，我們預計這些創新解決方案將於 2026 年下半年向客戶提供。

Finally, APA's innovation pipeline in engineered foundations and fixed tilt mounting systems remains robust and continues to position APA for sustained growth across its product categories. We look forward to sharing more color about APA's exciting strategic initiatives when we provide our 2026 guidance.

最後，APA 在工程基礎和固定傾斜安裝系統方面的創新管道仍然強勁，並繼續為 APA 在其所有產品類別中實現持續成長奠定了基礎。我們期待在發布 2026 年指導方針時，與大家分享更多關於 APA 令人興奮的策略舉措的細節。

Turning to slide 7. I'll focus a bit more on our recent commercial momentum and how that is translating to our expected future growth. Although some regulatory uncertainty persists this year, we continue to observe strong fundamental demand as we stay in close contact with our customers and assess their project pipelines. One indication of that underlying demand, our early-stage project pipeline has impressively achieved double-digit expansion year to date.

翻到第7張投影片。我將重點介紹我們近期的商業發展勢頭，以及這種勢頭如何轉化為我們預期的未來成長。儘管今年監管方面仍存在一些不確定性，但我們與客戶保持密切聯繫並評估他們的專案儲備，因此我們繼續觀察到強勁的基本面需求。從我們早期專案儲備今年迄今的兩位數成長來看，這充分錶明了潛在的​​市場需求。

We remain committed to providing flexibility, helping our customers adapt to changing market conditions by offering a wide range of sourcing options and a broad product portfolio catered to customer feedback. We view this expansion of our funnel as a good indication of our momentum as we close out the year and head into 2026.

我們始終致力於提供靈活性，透過提供廣泛的採購選擇和根據客戶回饋量身定制的豐富產品組合，幫助客戶適應不斷變化的市場環境。我們認為，此次通路擴張很好地表明了我們在今年結束之際以及邁向 2026 年的發展勢頭。

Our ongoing commitment to customer engagement continues to enhance both the quality and mix of our order book. This year, we have connected with over 300 customers and industry partners through Array days and insurance forms, and we continue to receive outstanding feedback on our enhanced customer engagement. As we strengthen our partnerships with major Tier 1 customers, we're increasingly engaging in conversations around larger volume commitment agreements, fueling our optimism for 2026 and beyond.

我們持續致力於提升客戶參與度，並不斷提升訂單的品質與種類。今年，我們透過 Array 日和保險表格與 300 多位客戶和行業合作夥伴建立了聯繫，我們不斷收到關於我們加強客戶互動方面的出色回饋。隨著我們與一級主要客戶的合作關係不斷加強，我們越來越多地參與到有關更大批量承諾協議的討論中，這增強了我們對 2026 年及以後的樂觀情緒。

A recent proof point is our Q4 award of a multi-year multi-gigawatt portfolio with an independent power producer, underscoring the momentum behind our growth strategy. By clearly communicating the value proposition of our product portfolio, we have deepened customer understanding of the advantages that our unique and patented technology delivers, particularly in reducing LCOE and mitigating severe weather risks.

最近的一個例證是我們第四季度與一家獨立電力生產商簽訂了一份多年期數吉瓦的投資組合合同，這凸顯了我們增長戰略的強勁勢頭。透過清楚傳達我們產品組合的價值主張，我們加深了客戶對我們獨特專利技術所帶來的優勢的理解，尤其是在降低平準化能源成本和減輕極端天氣風險方面。

The strong demand for our latest products is evident with these offerings now representing 40% of our total order book this quarter, as previously noted. Alongside this rapid new product adoption, our SmarTrack software deployments have accelerated significantly. In fact, the number of active installations for hail alert response and backtracking and diffuse underway now exceeds our entire historical installed base, and we expect this traction to continue.

如前所述，市場對我們最新產品的強勁需求顯而易見，這些產品目前已佔本季訂單總量的 40%。隨著新產品的快速普及，我們的 SmarTrack 軟體部署也顯著加速。事實上，目前冰雹警報響應、回溯和擴散的活躍安裝數量已經超過了我們歷史上所有已安裝系統的數量，我們預計這種增長勢頭還將繼續。

Looking ahead to 2026 and beyond, we remain highly optimistic about the demand environment. For next year, we anticipate delivering both organic growth within our core Array business and inorganic growth with the integration of APA. This outlook is underpinned by a robust order book and our improving book-to-bill momentum.

展望2026年及以後，我們對市場需求環境仍保持高度樂觀。明年，我們預計核心業務 Array 將實現有機成長，同時透過整合 APA 實現無機成長。這一前景得益於強勁的訂單儲備和不斷改善的訂單出貨比。

While it is still early in the fourth quarter, we expect to finish the year with strong bookings and further order book expansion. Notably, our current order book is predominantly comprised of domestic projects, reflecting verbal awards and contracts with high-quality customers.

雖然現在才第四季初期，但我們預計今年底預訂量將保持強勁成長，訂單量也將進一步擴大。值得注意的是，我們目前的訂單主要由國內項目組成，這反映了我們與優質客戶達成的口頭協議和合約。

Internationally, we are making steady commercial progress in our selected targeted regions. Importantly, as noted earlier, we have taken a cautious approach regarding the inclusion of international verbal awards in our order book to mitigate any potential risk of de-bookings. We look forward to providing updates on these pivotal projects when we give a more fulsome update on our 2026 guidance.

在國際市場上，我們在選定的目標區域取得了穩定的商業進展。重要的是，正如前面所提到的，我們對將國際口頭授標納入訂單簿採取了謹慎的態度，以降低任何潛在的取消訂單風險。我們期待在發布更全面的 2026 年業績指引時，提供這些關鍵項目的最新進展。

Overall, the progress achieved this year reinforces our confidence as our commercial engine is operating at full strength; our new products, which originated from direct customer engagement are delivering; and our supply chain organization is providing the ultimate flexibility for our customers in a time of uncertainty. These factors are producing strong year-over-year growth in revenues and volumes.

總體而言，今年取得的進展增強了我們的信心，因為我們的商業引擎正在全力運轉；我們源於與客戶的直接互動的新產品正在取得成功；我們的供應鏈組織在不確定的時期為客戶提供了最大的靈活性。這些因素促成了營收和銷售的強勁年成長。

I'll now turn it over to Neil to discuss some important supply chain updates.

現在我將把發言權交給尼爾，讓他來討論一些重要的供應鏈最新進展。

Thank you, Kevin. Let's turn to slide 8. I'd like to provide an update on our supply chain performance and how we're navigating the evolving tariff landscape to deliver strong results for our customers and shareholders.

謝謝你，凱文。讓我們翻到第 8 張投影片。我想向大家報告我們的供應鏈績效，以及我們如何應對不斷變化的關稅環境，從而為我們的客戶和股東帶來良好的業績。

Our team has proactively executed a flexible supply chain strategy that's focused on optimizing costs and maintaining high service levels for our customers. As you know, the global tariff environment remains highly uncertain and dynamic with new regulations and rate changes emerging across multiple regions on almost a weekly basis.

我們的團隊積極執行靈活的供應鏈策略，專注於優化成本並維持為客戶提供高水準的服務。如您所知，全球關稅環境仍然高度不確定且瞬息萬變，幾乎每週都有新的法規和費率變化在多個地區出台。

Our approach centers on resiliency and adaptability. We source from over 50 domestic and 100 international suppliers, giving us the agility to optimize our bill of materials between domestic and imported components to meet the specific needs of our customers. This flexibility allows us to offer our 100% domestic content tracker for treasury guidance, leveraging over 40 gigawatts of US supplier capacity. This also allows us to optimize incentives and routings to drive the lowest landed cost and best outcome for our customers.

我們的方法以韌性和適應性為中心。我們從 50 多家國內供應商和 100 多家國際供應商採購，這使我們能夠靈活地優化國內和進口零件之間的物料清單，以滿足客戶的特定需求。這種靈活性使我們能夠提供 100% 國內含量追蹤器，用於財務指導，利用超過 40 吉瓦的美國供應商產能。這也使我們能夠優化激勵措施和路線，從而為客戶實現最低的落地成本和最佳結果。

For example, when customers don't require domestic content, in some cases, it remains optimal to import a particular component and pay the tariff to attain the lowest landed cost for a project. With the opening of our new and expanded Albuquerque facility and the addition of APA's Ohio manufacturing, which we also intend to expand, our domestic capabilities continue to strengthen. We're exploring optionality for enhanced manufacturing geographies to offer greater flexibility to our customers between our domestic locations.

例如，當客戶不需要國產零件時，在某些情況下，進口特定零件並支付關稅以獲得專案的最低到岸成本仍然是最佳選擇。隨著我們位於阿爾伯克基的新擴建工廠的啟用，以及APA在俄亥俄州的生產（我們也計劃擴大其生產規模），我們的國內生產能力不斷增強。我們正在探索擴大生產地理範圍的選擇方案，以便為我們的客戶提供在我們國內不同生產地點之間更大的靈活性。

A key factor shaping our supply chain strategy this year has been the Section 232 tariffs on steel and aluminum. These tariffs have significantly increased costs for imported steel and aluminum products, sometimes doubling the tariff rate on certain goods. Further, the imported steel and aluminum tariffs created headroom for domestic steel and aluminum suppliers to raise their pricing numerous times throughout 2025.

今年影響我們供應鏈策略的關鍵因素是對鋼鐵和鋁徵收的第 232 條關稅。這些關稅大幅增加了進口鋼鐵和鋁產品的成本，有時甚至使某些商品的關稅稅率增加了一倍。此外，進口鋼鐵和鋁的關稅為國內鋼鐵和鋁供應商在 2025 年多次提高價格創造了空間。

For example, steel peaked at more than 35% higher since January 20, Inauguration Day, and now sits roughly 17% higher. Our team has responded by negotiating tariff relief with the suppliers, leveraging domestic sourcing and utilizing USMCA derivative rules to minimize exposure.

例如，自 1 月 20 日就職典禮以來，鋼鐵價格一度上漲超過 35%，目前上漲幅度約 17%。我們的團隊採取的應對措施包括與供應商談判關稅減免、利用國內採購以及運用美墨加協定衍生規則來最大限度地減少風險。

As part of our long-standing US-centric supply chain strategy, we've historically supplied the majority of our torque tubes domestically with some exceptions for West Coast projects. However now, just about all of our torque tubes and stampings have transitioned to US suppliers, and we're on track to [onshore dampers] by the end of the year. These actions have resulted in cost avoidance, risk mitigation, and further limited our exposure to tariff impacts.

作為我們長期以來以美國為中心的供應鏈戰略的一部分，我們歷來都在國內供應大部分扭矩管，只有西海岸的項目除外。不過現在，我們幾乎所有的扭力管和沖壓件都已轉移到美國供應商，我們預計在年底前實現[陸上減震器]的生產。這些措施避免了成本增加，降低了風險，並進一步限制了我們受關稅影響的風險敞口。

Additionally, many onshore components qualify for 45X IRA credits that further enables our domestic manufacturing and supply chain. When it comes to tariffs overall, our strategy is both active and forward looking. We maximize our scale to drive cost and lead time optimization, and we negotiated tariff pass-through agreements with certain suppliers to streamline recovery processes.

此外，許多本土零件符合 45 倍 IRA 稅收抵免條件，這進一步促進了我們的國內製造和供應鏈。就關稅整體而言，我們的策略既積極主動又具有前瞻性。我們最大限度地利用規模優勢來優化成本和交貨時間，並與某些供應商協商了關稅轉嫁協議，以簡化回收流程。

Tariffs are now incorporated into our upfront quotes, ensuring transparency and predictability for our customers. Through these efforts, we've continuously reduced our tariff exposure, now expecting by the end of the year, less than 14% of the typical bill of materials exposed to tariff impacts. For example, our onshoring initiatives are expected to reduce our exposure to India by roughly 50% by year end.

現在，我們的預報價中已包含關稅，從而確保客戶的透明度和可預測性。透過這些努力，我們不斷降低關稅風險敞口，預計到今年年底，受關稅影響的典型物料清單將不到 14%。例如，我們的本土化措施預計到年底將使我們對印度的風險敞口減少約 50%。

Additionally, we have achieved significant cost avoidance through supplier negotiations in Mexico and Thailand, allowing us to continue to flex between US and international sources to ensure the lowest landed cost for our customers. Our supply chain team has demonstrated exceptional agility responding to tariff changes, negotiating relief, and capturing value for Array. Proactive supply chain strategies and robust tariff management have enabled us to navigate a complex market environment, limit the impact of tariffs, and deliver on our commitments to customers.

此外，我們透過與墨西哥和泰國的供應商談判，實現了顯著的成本規避，使我們能夠繼續在美國和國際資源之間靈活切換，以確保為我們的客戶提供最低的到岸成本。我們的供應鏈團隊展現了卓越的敏捷性，能夠應對關稅變化、協商減免措施，並為 Array 創造價值。積極主動的供應鏈策略和穩健的關稅管理使我們能夠應對複雜的市場環境，限制關稅的影響，並履行我們對客戶的承諾。

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

接下來，我將把發言權交給基思，讓他詳細介紹我們第三季的業績。基思？

Thank you, Neil. Good afternoon. I will begin on slide 10. We had an exceptional third quarter. Revenue was $393 million, representing growth of 70% above the prior-year quarter and 9% sequentially.

謝謝你，尼爾。午安.我將從第10張投影片開始。我們第三季表現非常出色。營收為 3.93 億美元，較上年同期成長 70%，較上季成長 9%。

Our recently closed acquisition of APA contributed $17 million, and we had approximately $30 million of pull-ins from the fourth quarter into this quarter. As Kevin noted, our 2025 year-to-date revenue of over $1 billion has surpassed the full-year 2024 revenues of $916 million, staying on track to post an outstanding year. Our continued sustainable growth will be supported by the ability to drive volume, optimize geographic focus, and our business mix along with the contributions from the acquisition of APA.

我們最近完成的對 APA 的收購貢獻了 1700 萬美元，而且從第四季度到本季度，我們還有大約 3000 萬美元的收入流入。正如凱文所指出的，我們 2025 年迄今的收入已超過 10 億美元，超過了 2024 年全年 9.16 億美元的收入，預計將迎來一個傑出的年份。我們將透過提高銷售量、優化地理佈局和調整業務組合，以及收購 APA 帶來的貢獻，來支持我們持續的永續成長。

Sequentially, ASPs were higher in both our ATI and STI segments, aligned with the forecasted effect of rising commodity prices experienced earlier in the year. Delivered volume measured in megawatts of generation capacity for the quarter increased by 56% over the prior-year quarter, continuing our strong momentum with year-to-date volume up an impressive 74% over the prior year.

從環比來看，ATI 和 STI 板塊的平均售價均有所上升，這與年初大宗商品價格上漲的預期影響相符。本季以兆瓦發電容量衡量的交付量比去年同期成長了 56%，延續了我們強勁的成長勢頭，今年迄今的交付量比去年同期成長了令人矚目的 74%。

In the third quarter, adjusted gross profit increased 35% year-over-year to $111 million, representing an adjusted gross margin of 28.1%. The net effect of the revenue pull-in from the fourth quarter was about $9 million of adjusted gross profit and $0.04 of EPS pulled forward. When compared to the prior year, gross margins declined primarily due to the falloff of the prior year 45X amortization benefit, commodities inflation relative to ASP increases, and approximately 110 basis points of tariff drag in the quarter.

第三季度，調整後毛利年增 35% 至 1.11 億美元，調整後毛利率為 28.1%。第四季營收提前到帳的淨影響是調整後毛利約 900 萬美元，每股收益約 0.04 美元。與去年相比，毛利率下降的主要原因是去年 45 倍攤銷收益的減少、大宗商品價格相對於平均售價上漲的通膨以及本季度約 110 個基點的關稅拖累。

Sequentially, adjusted gross margin improved by 30 basis points, primarily due to a higher mix of domestic projects and ASP improvements to product mix, with an offset from lower international shipments primarily in Brazil. APA also had a slight dilutive impact on overall adjusted gross margin in the quarter of about 20 basis points.

環比來看，調整後的毛利率提高了 30 個基點，主要原因是國內項目佔比提高以及產品組合的平均售價有所改善，但國際出貨量（主要來自巴西）有所下降，部分抵消了這一影響。APA 也對本季整體調整後毛利率產生了約 20 個基點的輕微稀釋影響。

Anticipated 45X benefits and the outcomes of our supply chain synergy initiatives are expected to provide ample opportunity to transition this to an accretive impact in the near future. Adjusted SG&A was $39 million, just under 10% of revenues. This rate compares favorably to the adjusted SG&A of $36 million in the third quarter of 2024, which was 15.5% of revenue. We continue to achieve operating leverage from top-line growth through our relentless focus on operational efficiency and process improvement while making meaningful investments in the customer-facing touch points.

預計 45 倍的收益以及我們供應鏈協同計劃的成果，預計在不久的將來為實現這一目標提供充足的機會，從而產生增值影響。調整後的銷售、一般及行政費用為 3,900 萬美元，略低於收入的 10%。這一比率與 2024 年第三季調整後的銷售、一般及行政費用 3,600 萬美元相比，處於有利地位，當時該費用佔收入的 15.5%。我們透過不斷提高營運效率和改善流程，同時對面向客戶的接觸點進行有意義的投資，持續實現營收成長帶來的營運槓桿效應。

Adjusted EBITDA was $72 million with an adjusted EBITDA margin of 18.3%. This represents 55% earnings growth when compared to adjusted EBITDA of $47 million and adjusted EBITDA margin of 20% in the third quarter of 2024. Sequentially, adjusted EBITDA earnings grew 14%, with adjusted EBITDA margin improving 80 basis points driven by the mix shift towards higher ASP domestic sales.

調整後 EBITDA 為 7,200 萬美元，調整後 EBITDA 利潤率為 18.3%。與 2024 年第三季調整後的 EBITDA 4,700 萬美元和調整後的 EBITDA 利潤率 20% 相比，這意味著獲利成長 55%。經調整的 EBITDA 收益環比增長 14%，經調整的 EBITDA 利潤率提高了 80 個基點，這主要得益於國內銷售平均售價 (ASP) 的提高。

GAAP net income attributable to common stockholders in the third quarter was $18 million compared to a net loss of $155 million in the prior year. Sequentially, net income declined $10 million from the second quarter of 2025, which included the additional gain from repurchasing a portion of our 2028 convertible notes at a discount last quarter. Diluted income per share was $0.12 compared to the diluted loss per share of $1.02 in the prior year, which was primarily driven by the goodwill impairment taken in the quarter.

第三季歸屬於普通股股東的GAAP淨利為1,800萬美元，去年同期淨虧損為1.55億美元。與 2025 年第二季相比，淨收入季減 1,000 萬美元，其中包括上季以折扣價回購部分 2028 年可轉換債券所獲得的額外收益。稀釋後每股收益為 0.12 美元，而去年同期稀釋後每股虧損為 1.02 美元，主要是由於本季提列的商譽減損所致。

Adjusted net income was $46 million, 73% growth above the $26 million in the third quarter of 2024. Adjusted diluted net income per share was $0.30 compared to $0.17 in the prior year and $0.25 in the second quarter.

經調整後的淨收入為 4,600 萬美元，比 2024 年第三季的 2,600 萬美元增長了 73%。經過調整後的稀釋後每股淨收益為 0.30 美元，而去年同期為 0.17 美元，第二季為 0.25 美元。

During the quarter, net cash generated by operating activities was $27 million. Net cash used for investing activities in the quarter was $170 million, primarily driven by the acquisition of APA and the ongoing investment in our new Albuquerque manufacturing facility. Free cash flow for the period was $22 million, bringing the year-to-date total to $44 million and generally in line with our seasonal expectations.

本季經營活動產生的淨現金為 2,700 萬美元。本季用於投資活動的淨現金為 1.7 億美元，主要原因是收購 APA 以及對我們位於阿爾伯克基的新製造工廠的持續投資。本期自由現金流為 2,200 萬美元，使年初至今的自由現金流總額達到 4,400 萬美元，基本上符合我們的季節性預期。

Slide 12 provides an update on our leverage and liquidity position following the completion of the APA Solar acquisition in the quarter. We ended the quarter with $222 million in total cash on hand and total liquidity of over $365 million, including availability under our undrawn revolver. We ended the quarter with a net debt leverage ratio of 2.1 times trailing 12 months adjusted EBITDA. Our exceptional agility and strong balance sheet position us well to capitalize on emerging opportunities and drive sustained growth, giving us greater confidence in our future performance.

第 12 頁介紹了本季完成 APA Solar 收購後，我們的槓桿率和流動性狀況的最新情況。本季末，我們手頭現金總額為 2.22 億美元，總流動資金超過 3.65 億美元，其中包括我們未提取的循環信貸額度下的可用資金。本季末，我們的淨負債槓桿比率為過去 12 個月調整後 EBITDA 的 2.1 倍。我們卓越的敏捷性和強勁的資產負債表使我們能夠更好地掌握新興機會並推動持續成長，這使我們對未來的業績更有信心。

Finally, on slide 13, we have updated our full-year 2025 guidance. Given our strong performance and the inclusion of APA, we are raising our full-year revenue guidance and updating midpoints on several key indicators. We expect full-year 2025 revenue within the range of $1.25 billion to $1.28 billion, increasing the midpoint of our range by over $60 million, inclusive of approximately $50 million of revenue from APA.

最後，在第 13 頁投影片中，我們更新了 2025 年全年業績指引。鑑於我們強勁的業績表現以及APA的加入，我們提高了全年營收預期，並更新了幾個關鍵指標的中位數。我們預計 2025 年全年營收將在 12.5 億美元至 12.8 億美元之間，比我們預期範圍的中點增加 6,000 多萬美元，其中包括來自 APA 的約 5,000 萬美元收入。

We expect adjusted gross margin within the range of 27% to 28%. This includes the negative impact of accounting for tariff pass-through, the gross margin dilution from APA, delayed international project commissioning pushing our high-margin software revenues, and inflationary pressures impacting both inventory and logistics costs.

我們預計調整後的毛利率在 27% 至 28% 之間。這包括關稅轉嫁的負面影響、APA 導致的毛利率稀釋、國際專案調試延遲導致高利潤軟體收入下降，以及通貨膨脹壓力對庫存和物流成本的影響。

Adjusted G&A is expected to range between $160 million to $165 million, primarily due to the inclusion of the APA business and our incremental investments ahead of the anticipated growth in 2026. Adjusted EBITDA is expected to range between $185 million and $195 million, with adjusted diluted earnings per share forecasted to be in the range of $0.64 to $0.70.

調整後的一般及行政費用預計將在 1.6 億美元至 1.65 億美元之間，主要原因是納入了 APA 業務以及我們在 2026 年預期增長之前進行的增量投資。調整後 EBITDA 預計在 1.85 億美元至 1.95 億美元之間，調整後稀釋每股收益預計在 0.64 美元至 0.70 美元之間。

Free cash flow is expected to come in at approximately $100 million for 2025, slightly lower than previously expected, primarily due to acquisition-related expenses and timing of some 45X collections and customer deposits shifting into 2026. Capital expenditures are now expected to be approximately $20 million and primarily driven by project timing at our new Albuquerque facility.

預計 2025 年自由現金流約 1 億美元，略低於先前的預期，主要原因是收購相關費用以及部分 45 倍收款和客戶存款的到帳時間延至 2026 年。目前預計資本支出約 2000 萬美元，主要由我們在阿爾伯克基新工廠的專案進度安排所驅動。

Looking ahead, we are exceptionally well positioned with approximately $1.9 billion of backlog, added capabilities to seize new opportunities, deliver industry-leading growth, and create lasting value for our shareholders.

展望未來，我們擁有約 19 億美元的積壓訂單，具備抓住新機會、實現行業領先成長並為股東創造持久價值的強大能力，因此我們處於非常有利的地位。

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

感謝您今天抽出時間。現在請凱文作總結發言。

Thank you, Keith. To sum up, this quarter's results reflect our team's disciplined execution and our ability to adapt and lead in a dynamic market. With our strong financial position, robust and increasing order book, and ongoing innovation, we remain confident in our strategy and our capacity to deliver sustained value going forward. Thank you for your continued support.

謝謝你，基斯。總而言之，本季的業績反映了我們團隊嚴謹的執行力以及我們在動態市場中適應和引領的能力。憑藉我們強勁的財務狀況、穩健且不斷增長的訂單量以及持續的創新，我們對我們的策略和未來持續創造價值的能力充滿信心。感謝您一直以來的支持。

And with that, I'll now open the call for your questions. Operator?

接下來，我將開放提問環節。操作員？

(Operator Instructions) Mark Strouse, JPMorgan Chase and Co.

（操作說明）Mark Strouse，摩根大通公司

The first one, Kevin, just with -- I appreciate your comments about continued growth in 2026. But just with another couple of months under your belt since RE+, just curious if you can kind of paint a picture for us how you're thinking about the next several years now with Safe Harbor out of the way. Thank you.

凱文，首先，我非常感謝你對 2026 年持續成長的評論。但自從 RE+ 之後又過了幾個月，我很好奇，既然 Safe Harbor 已經結束，您能否為我們描繪一下您對未來幾年的想法。謝謝。

Yeah. I think, Mark, we're returning to a period of more normalized flow of business at this point as I made many comments RE+ about me not expecting this big windfall of safe harbor. We really didn't expect that. As our order book has changed over the last couple of years to have many, many more Tier 1 customers, we made the comment last quarter that over 50% of the order book is what we would call Tier 1. And at that point, these Tier 1 customers have already safe harbored through '29 and '30.

是的。馬克，我認為我們現在正回歸到業務正常化的階段，因為我在 RE+ 上多次評論說，我沒想到會有這麼大一筆意外之財。我們真沒想到會這樣。由於過去幾年我們的訂單簿發生了變化，一級客戶的數量大幅增加，我們在上個季度曾表示，超過 50% 的訂單簿都是我們所說的一級客戶。到那時，這些一級客戶已經安全地度過了 2029 年和 2030 年。

So we didn't expect this influx of Safe Harbor. So the orders we're receiving now are much more normalized demand for the next couple of years. And we feel that's a much better position to be in. We feel that's back to kind of a historical norm rather than have any artificial pull in or pull forward driven by regulatory issues.

所以我們沒想到會有這麼多「安全港」案例湧入。因此，我們現在收到的訂單反映了未來幾年更正常的需求。我們認為這是一個更好的處境。我們認為這回歸到某種歷史常態，而不是由監管問題人為地推動或加速發展。

So we feel really good about what we're seeing. We feel really good about our win rate. The commentary I made about the multi-gigawatt multi-year piece and there's a great example that -- to be clear, that's not in the backlog or order book at this point.

所以我們對目前的情況感到非常滿意。我們對自己的勝率非常滿意。我之前評論過一個耗時數吉瓦、為期多年的項目，其中有一個很好的例子——需要明確的是，目前該項目還沒有進入積壓訂單或訂單簿。

For the numbers we reflected, that $1.9 billion was as of the end of Q3. And while we endeavor to have that land in Q3, we certainly didn't want to push the customer too hard. We're able to get that landed here in Q4. So we feel really good about that type of momentum and the fact that we're winning larger orders and more bundles of orders at this point.

我們所反映的數字是，截至第三季末的 19 億美元。雖然我們努力爭取在第三季實現這一目標，但我們當然不想給客戶太大壓力。我們能夠在第四季度完成這項工作。因此，我們對這種發展勢頭感到非常滿意，目前我們正在贏得更大的訂單和更多的訂單組合。

Okay. I might follow up on that one offline. Keith, the implied 4Q guide for EBITDA margins is a bit lower than history. You talked about some of the factors that are influencing that. I'm just I'm curious, I know you're not going to give formal 2026 guidance yet, but kind of looking a bit further beyond 4Q of 2025, how should we think about the cadence of EBITDA margin?

好的。我可能會私下跟進這件事。Keith，第四季 EBITDA 利潤率的預期略低於歷史水準。你談到了一些影響這種情況的因素。我只是好奇，我知道你們現在還不會給出 2026 年的正式業績指引，但是展望 2025 年第四季之後，我們該如何看待 EBITDA 利潤率的節奏呢？

Mark, thank you for the questions. 4Q is, I would call it, a trough quarter. It is affected primarily by lower revenue volumes than anything else. And so with that, we are losing a bit of P&L leverage in the quarter. I would, at this point, say that we are very happy with how the year is shaping up and how the full-year guidance is holding from where we've guided it in Q3 and earlier and then added APA.

馬克，謝謝你的提問。我認為第四季是一個低谷季度。其主要影響因素是收入下降，而非其他因素。因此，本季我們在損益表上的槓桿作用有所下降。就目前而言，我認為我們對今年的發展趨勢以及全年業績指引與我們在第三季及之前所做的指引（加上APA）相比都非常滿意。

In terms of how we are looking forward, I would say that aligned with Kevin's comments about our confidence in the order book, when I look at it, I looked at it this morning, I was surprised -- not surprised, but it was a confirmatory view that greater than 50% of the order book is now not EPCs, so which means that our expansion into different customer base, IPPs, utilities and developers are taking hold.

展望未來，我想說，這與凱文對我們訂單簿的信心的評論相一致。我今天早上查看了訂單簿，我感到驚訝——不是驚訝，而是印證了我的觀點，即超過 50% 的訂單現在不是 EPC 訂單，這意味著我們向不同客戶群體（獨立發電商、公用事業公司和開發商）的擴張正在取​​得成效。

And so I think that when I think about the margin profile going into 2026, I think where we will close this year will be something that we will try to find good opportunities to hold. So we have guided towards 27% to 28% on the full year. I can't think of any reason other than massive inflation and tariffs that could pull us off that trajectory right now.

因此，我認為，當我考慮 2026 年的利潤率狀況時，我認為我們今年的最終目標將是我們將努力尋找良好機會持有的目標。因此，我們預計全年成長率為 27% 至 28%。除了嚴重的通貨膨脹和關稅之外，我想不出還有什麼原因能讓我們偏離這條發展軌跡。

I think, Mark, one of the things I'll add to that, just to explain the cyclicality. If you go back historically, Array, when you have a disproportionate focus on North America, you have your build season is Q2 and Q3 when we're shipping. Those are typically the highest quarters and then you slow down going into winter. What is different in the last couple of years is we had STI Brazil, which was our second largest operating segment. And when you think about that, their construction is countercyclical to North America, right?

馬克，我想補充一點，就是為了解釋這種循環性。回顧歷史，Array，當你把重心放在北美時，你的生產旺季是第二季和第三季度，也就是我們出貨的季度。這些通常是最高的季度，然後隨著冬季的到來，成長會放緩。近年來的不同之處在於，我們擁有了 STI 巴西公司，這是我們第二大營運部門。仔細想想，它們的建設週期與北美的建設週期是相反的，對吧？

So that always added to our Q4 and Q1. As Brazil is not operating on full cylinders due to all the issues we've talked about on previous calls, you don't have that additional layer to [burry] up Q4 and Q1. So then you're really focusing on disproportionate North American business in Q4 and Q1, which has that cyclicality before the big build in Q2 and Q3, which again, you've known our business for several years, that's much more akin to the historical flow of the business and to the North American construction season.

所以這總是會增加我們第四季和第一季的業績。由於我們在之前的電話會議中討論過的所有問題，巴西的經濟沒有完全運作起來，因此你沒有額外的空間來彌補第四季度和第一季度的損失。所以，你們實際上關注的是第四季度和第一季度北美業務的不成比例增長，這在第二季度和第三季度的大建設之前具有周期性，而你們也了解我們業務好幾年了，這更類似於業務的歷史發展趨勢和北美建築旺季。

Joseph Osha, Guggenheim Securities.

Joseph Osha，古根漢證券。

Congratulations on the solid quarter. Two questions. First, am I doing my math right in understanding that essentially adjusting for APA, you've added about $10 million in non-APA revenue to your guide for the year. Am I getting that right?

恭喜你們本季業績穩健。兩個問題。首先，我的計算是否正確，即根據 APA 調整後，您今年的指南中非 APA 收入增加了約 1000 萬美元。我理解的對嗎？

Joe, this is Keith. Yes, you're getting that right.

喬，這是基斯。是的，你理解得沒錯。

Okay. And did I also hear that you had about $30 million in tracker revenue come from what you'd expected from Q4 into Q3?

好的。我還聽說，你們原本預計第四季會有大約 3000 萬美元的追蹤器收入，提前到第三季了？

Yeah. So that kind of puts more pressure on Q4 in terms of margin.

是的。因此，這在某種程度上會對第四季的利潤率帶來更大的壓力。

Just get my puts and takes right. Other question, I don't imagine you want to give a number, but doing some math and thinking about this multi-gigawatt award that you just talked about, can we fairly say that we can perhaps expect this $1.9 billion visibility number to be up again as we enter 2026?

只要我的買賣操作正確就好。還有一個問題，我想您可能不想給出具體數字，但是經過一些計算，並考慮到您剛才提到的數吉瓦的撥款，我們是否可以合理地預測，到 2026 年，19 億美元的可見度數字可能會再次上升？

That is our expectations internally thus far. Yes.

這是我們目前內部的預期。是的。

Well, now it's external, too.

現在，它也變成外在因素了。

And Joe, you should also adjust for the fact that we don't have APA in the $1.9 billion at this time. So as we conform policies, that should also add to the backlog by the end of the year. While we have the questions on order book, I just want to make a couple of points perfectly clear.

喬，你也應該考慮到，目前這 19 億美元中還沒有 APA。因此，隨著我們政策的調整，到年底積壓的工作量也會增加。趁著訂單簿方面還有疑問，我只想把幾點說清楚。

So as Keith talked about, the quality of our order book has really improved so that that 1.9 is not the same as a 1.9 a year ago for a few factors. The first is the higher percentage of Tier 1 customers, as Keith alluded to. We won't give the exact percentage, but it's continuing at greater than 50% now. And those customers already have strong safe harbor strategies. So the likelihood of pushouts and delays or interconnect issues goes down the more we're going direct to utilities, direct to IPPs, et cetera.

正如基思所說，我們的訂單品質確實有所提高，因此，由於一些因素，目前的 1.9 與一年前的 1.9 並不相同。正如基斯所提到的，第一個原因是一級客戶的比例較高。我們不會給出確切的百分比，但目前已超過 50%。而這些客戶已經擁有完善的安全港策略。因此，我們越是直接與公用事業公司、獨立發電商等合作，出現延期、延誤或連網問題的可能性就越低。

The second thing is we've noted it, and I want to make sure we recognize it, is the higher concentration of domestic content. We experienced in Q1 and Q2 this year, some of those -- we had to introduce a term of net bookings because of de-bookings as projects got delayed and we held to our rules of what would go into the order book, in particular in Brazil.

第二點是我們已經注意到的，而且我想確保我們認識到這一點，那就是國產產品的集中度更高。今年第一季和第二季度，我們經歷了一些這樣的情況——由於項目延期導致訂單取消，我們不得不引入淨預訂條款，並且我們堅持執行訂單簿的規則，尤其是在巴西。

So we took the approach of keeping those orders on the sideline and treating them much more like book and turn business. What I mean by that is as we really see that that is about to ship and go, we'll treat it as book and turn. And as such, it's a higher quality order book because the likelihood of de-bookings is very much diminished at that point. We just talked about the fact that APA is not yet included but will be in Q4.

因此，我們採取的策略是將這些訂單暫時擱置，並像對待短期訂單一樣對待它們。我的意思是，當我們真正看到它即將發貨時，我們會像對待預訂和轉運一樣對待它。因此，訂單品質更高，因為此時取消訂單的可能性大大降低。我們剛剛討論過，APA 目前尚未納入，但將在第四季度納入。

And again, Joe, we've given you that strong signal that we do expect additional backlog to build in Q4. So all in all, we feel very pleased with our order book results here in the quarter and what we expect between now and year-end.

喬，我們再次向你發出了強烈的信號，我們預計第四季將出現更多積壓訂單。總而言之，我們對本季的訂單業績以及從現在到年底的預期都非常滿意。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，傑富瑞集團。

Look, I just wanted to follow up a little bit. Let's start with a little bit macro and then we'll do micro. Look, your peer is talking about doing some diversification. Your peer in EBOS is talking about expanding the scope of their business.

我只是想再補充一點。我們先從宏觀層面入手，然後再進行微觀層面的探討。你看，你的同事正在討論多元化投資。您在 EBOS 的同業正在討論擴大業務範圍。

How do you think about your venture or journey into expanding the scope of your business? Obviously, you guys did this APA. You're talking about foundation here. But any venture to kind of expand the scope here? Or for the time being, let's get this core product right and sell it even more appropriately?

您如何看待您拓展業務範圍的嘗試或歷程？顯然，你們用的是APA格式。你這裡說的是基礎。但有沒有可能嘗試擴大這個範圍呢？或者，就目前而言，我們先把這個核心產品做好，然後更恰當地進行銷售？

Yeah. I think when we -- let me address that let's get this core product right. I think we've done that over the last couple of years with our new product. And look, to give you the signal and show you the chart of how much our new products are hitting the sweet spot of the market is pretty significant. If you would have told me when we launched them two years ago that within two years, we'd be at over 40% of our backlog be those new products, that would be deemed an incredible success. So we're really pleased with that.

是的。我認為當我們——讓我來談談這個問題——讓我們先把這個核心產品做好。我認為在過去的幾年裡，我們已經透過我們的新產品實現了這一點。你看，為了向你發出信號並向你展示圖表，說明我們的新產品在多大程度上擊中了市場的痛點，這意義重大。如果兩年前我們推出這些產品時，有人告訴我兩年內，我們積壓訂單的 40% 以上都是這些新產品，那將被視為一項巨大的成功。我們對此非常滿意。

We will continue to look at how we increase the share of our customers' wallet, in particular, focusing under the panel. And what I mean by that is not the panel. But there's a larger ecosystem there that we can work with, both in terms of partnering, venturing together as well as either acquiring or internally developing other components that would be utilized under the panel to increase the share of wallet. That's been a consistent strategy here for two years. We're going to continue to execute on that.

我們將繼續研究如何提高客戶錢包中的份額，特別是專注於面板下方的產品。我的意思是，這指的不是小組討論。但那裡有一個更大的生態系統，我們可以與之合作，無論是在合作、共同創業方面，還是在收購或內部開發其他組件方面，這些組件將在小組下使用，以提高錢包份額。這兩年來，我們一直堅持採取這種策略。我們將繼續執行這項計劃。

Excellent. And can I really go back to the question about this integrated foundation solution? I mean, can you talk a little bit about early client interest and potential bookings? But more importantly, can you talk about what it costs to get there and the margins potential on this product, right? If you can elaborate again, I know it might be a little sensitive, but to the extent possible, the CapEx or dollars required to get there as well as kind of the margin profile as best you could delineate it?

出色的。我真的可以回到關於這個整合基礎解決方案的問題嗎？我的意思是，您能談談早期客戶的興趣和潛在預訂情況嗎？但更重要的是，你能談談實現這一目標需要多少成本，以及該產品的利潤潛力嗎？如果您能再詳細說明一下，我知道這可能有點敏感，但請盡可能詳細地描述一下實現目標所需的資本支出或金額，以及利潤率情況？

So minimal in terms of additional investment to get there. And to be clear, how we got to the APA from an acquisition standpoint was that we were engaged in co-development of this product prior to completing the acquisition. So this is something we started well over a year ago. I think it's fair to say the designs are done. We're in tooling at this point to be able to put soft launch in the first half of next year and hard launch in the second half.

因此，實現這一目標所需的額外投資微乎其微。需要明確的是，從收購的角度來看，我們是如何獲得 APA 的，是因為在完成收購之前，我們已經參與了該產品的共同開發。這是我們一年多前就開始做的事情。我認為可以肯定地說，設計工作已經完成了。我們目前正在進行工具開發，以便在明年上半年進行試發行，下半年進行正式發行。

So we're fairly far along. And to be clear on what we're doing is when you have the A frame right now, you have a very large heavy chunk of steel, which is an interface required to interface with ours, every one of our competitors' tracker systems requires an interface as well. And what we're doing is adapting the A frame so that the top of that A frame instead of requiring a very large heavy expensive steel interface just becomes the base for our tracker (inaudible). I think it's a very strong play. It creates an incredible set of economics for our customers, and then it begins to bring the engineered foundations from a cost point down to be incredibly competitive with standard piles at that point.

所以我們已經取得了相當大的進展。為了明確我們正在做的事情，我們目前的 A 型框架是一大塊沉重的鋼材，它是與我們的系統連接所必需的接口，我們所有競爭對手的跟踪系統也都需要這樣的接口。我們正在做的是改造A型框架，使其頂部不再需要非常龐大、笨重且昂貴的鋼製接口，而是直接作為我們追蹤器的底座。（聽不清楚）我認為這是一個非常精彩的戰術。它為我們的客戶創造了令人難以置信的經濟效益，然後開始將工程地基的成本降低到與標準樁基極具競爭力的水平。

So you're able to then be able to achieve an engineered foundation solution for non-engineered foundation pricing, if you will. It will have a degree of interoperability that I think is superior, take weight out of the product, take steel costs, all of the above. So we're really excited about it. I think it's fair to say we're fairly far along in that journey, and we expect to be able to put some of that into the ground in the first half of the year. We have some test sites identified, and then we'll go forward from there and open it up for sale in the second half.

這樣一來，你就能以非工程地基的價格獲得工程地基解決方案。它將具有我認為更優越的互通性，減輕產品重量，降低鋼材成本，以及以上所有優點。所以我們對此感到非常興奮。我認為可以公平地說，我們在這條道路上已經走了相當遠的路，我們預計今年上半年就能將其中一些成果付諸實踐。我們已經確定了一些測試地點，然後我們將以此為起點，在下半年開始發售。

And then just a couple of comments on the traction. Look, one of the biggest things we need to add in SG&A in Q4 is additional -- good news is additional sales resources within the APA business. We currently have seven open recs for sales, design, engineers just to handle the influx of inbound orders we're receiving now, inbound quotation requests for the combined solution between APA and Array. So it's getting quite exciting for us.

最後，我想就牽引力問題補充幾點。你看，第四季度我們需要在銷售、管理及行政費用中增加的最大項目之一是額外的——好消息是APA業務內部的額外銷售資源。目前我們有七個銷售、設計、工程師的職缺，只是為了處理我們現在收到的大量訂單，以及APA和Array聯合解決方案的報價請求。所以，這對我們來說真是令人興奮。

Jon Windham, UBS.

瑞銀集團的喬恩‧溫德姆。

Congratulations on the quarter. I was wondering if we could just get some more thoughts and commentary around the international business and if there's any opportunity to manufacture domestically in the US for export. Thanks. Appreciate it.

恭喜你本季取得佳績。我想知道我們能否就國際業務獲得更多一些想法和評論，以及在美國國內生產出口是否有任何機會。謝謝。謝謝。

Yeah. So I'll take international. So we're pleased with our year-to-date progress. If you look at Brazil, despite the challenges that Kevin referenced there (technical difficulty)

是的。所以我選國際課程。因此，我們對今年迄今為止的進展感到滿意。如果你看看巴西，儘管有凱文提到的那些挑戰，（技術難題）

(technical difficulty) Jon Windham, UBS.

（技術問題）Jon Windham，瑞銀集團。

All right. I was just asking for some color about the outlook for the international business and whether there's an opportunity, at least within North America, to manufacture in the United States, capture tax credit to the export market.

好的。我只是想了解國際業務的前景，以及是否有機會（至少在北美地區）在美國生產，從而獲得出口市場的稅收抵免。

Jon, it's Neil. Let me take the international question. I'm not sure where we cut out previously. So we're really pleased with how we performed year-to-date from an international perspective despite the Brazil challenges. So if you look at our STI segment on a year-over-year basis, we're up over 10% despite what's going on in Brazil.

喬恩，我是尼爾。讓我來回答國際問題。我不確定我們之前是從哪裡開始剪輯的。儘管面臨巴西的挑戰，但我們對今年迄今在國際上的表現感到非常滿意。因此，如果我們從同比角度來看我們的STI業務板塊，儘管巴西局勢動盪，我們仍然成長了10%以上。

And then on top of that, we look at Australia as a separate entity, and we're up nicely year-over-year there as well. So we're pleased year-to-date how the international business has progressed. That's really a testament to our diversification strategy that we've been deploying. So both Europe and Latin America, it's been primarily an H250 platform that we've been selling under the old STI business.

此外，我們將澳洲視為一個獨立的實體，我們在那裡的業績也逐年穩定成長。因此，我們對今年迄今國際業務的發展感到滿意。這充分證明了我們一直以來所實施的多元化策略是行之有效的。所以無論是在歐洲或拉丁美洲，我們主要銷售的都是以前 STI 業務旗下的 H250 平台。

And we've introduced DuraTrack and OmniTrack in both of those regions, and we're really seeing a nice progression in the pipeline and interest and attraction for that product line in those markets that appreciate what DuraTrack brings from an applicability in higher wind and difficult soil conditions. It's really a differentiating product for us in those additional markets and brings with it enhanced margin opportunity for that differentiating feature as well. So we feel good about the progress on that front.

我們在這兩個地區推出了 DuraTrack 和 OmniTrack，並且我們確實看到這些市場對該產品線的研發進展順利，並且對該產品線表現出了濃厚的興趣和吸引力，因為這些市場欣賞 DuraTrack 在高風速和惡劣土壤條件下的適用性。在這些額外的市場中，這確實是一款具有差異化優勢的產品，而這種差異化特性也帶來了更高的利潤空間。所以我們對這方面的進展感到滿意。

Separate to that, when it comes to export from the US, one of the things we look at is what is the most appropriate supply chain for a particular project based on its locality. In the US, primarily, it's a domestic production for domestic consumption. On the international business, we look at an international supply chain that's targeted at the most beneficial and lowest landed cost for a particular project.

除此之外，就美國出口而言，我們考慮的因素之一是根據特定項目的所在地，選擇最合適的供應鏈。在美國，主要是國內生產，供國內消費。在國際業務方面，我們著眼於以特定項目最有利、最低落地成本為目標的國際供應鏈。

And so for Europe and South America and elsewhere, we'll do an analysis, on a per project basis, what components come from what supplier at the right mix with the right logistics cost to get you to that lowest landed cost. And obviously, where it makes sense to import from different countries, including the US, we obviously take a look at that and analyze that and do that on a project-specific basis.

因此，對於歐洲、南美和其他地區，我們將逐一進行分析，確定哪些組件來自哪些供應商，以適當的組合和合適的物流成本，從而實現最低的到岸成本。顯然，如果從包括美國在內的不同國家進口是合理的，我們肯定會對此進行考察和分析，並根據具體項目的情況來決定。

Brian Lee, Goldman Sachs.

Brian Lee，高盛集團。

You got [Nick Ash] on here for Brian Lee. Just trying to think across, again, there seems to be a decent bit of moving parts here heading into next year and not looking for guidance or anything, but increase in steel prices, Omnitrack, SkyLink, Hail XP becoming a larger portion of the backlog, accretion from APA, potential 45X from APA and reduction of tariff exposed bill of material. Could you just help us frame us or frame for us what could be accretive to gross margins, accretive to gross margin dollars and just some of the puts and takes heading into next year?

這裡請了[Nick Ash]來取代Brian Lee。我只是想全面思考一下，明年似乎有很多變數，我不是在尋求指導或任何東西，但鋼材價格上漲、Omnitrack、SkyLink、Hail XP 在積壓訂單中所佔比例更大、APA 帶來的增長、APA 可能帶來的 45 倍收益以及受關稅影響的物料清單減少。您能否幫我們分析哪些因素可能有助於提高毛利率、增加毛利率金額，以及明年的一些優缺點分析？

Nick, this is Keith. 2026 for us right now is still on the drawing board. I know we've given some earlier comments both that we expect growth in terms of revenues, given the strength of the order book, the addition of APA and the outlook for the innovative products that we have been adding. We also are committing that we're going to strive to maintain our gross margins in the range that we're currently operating. But beyond that, I think it will be too soon to say much more about '26.

尼克，我是基斯。我們目前對2026年的規劃還在研擬中。我知道我們之前已經發表過一些評論，鑑於訂單充足、APA 的加入以及我們不斷推出的創新產品的前景，我們預計收入將有所增長。我們也承諾，我們將努力維持目前的毛利率水準。但除此之外，我認為現在談論 2026 年還為時過早。

Okay. No worries. And just, I guess, one more. That $9 million of acquisition-related expenses realized this Q, are there any more cleanups expected or I guess, any more expenses that could be a headwind to EBITDA over the coming quarters? Or is it just onetime?

好的。不用擔心。我想，就再來一個吧。本季實現的 900 萬美元收購相關費用，是否還有其他清理費用預計會支付，或者我猜想，是否還有其他費用可能會在未來幾季對 EBITDA 構成不利影響？還是只有一次？

Most of the acquisition-related expenses were adjusted out. So other than being an impact on the GAAP P&L, I think we shouldn't expect any impact from the M&A other than just accretive EBITDA margins.

大部分收購相關費用已被調整扣除。因此，除了對 GAAP 損益表產生影響外，我認為我們不應該期望此次併購除了增加 EBITDA 利潤率之外還有任何其他影響。

Ben Kallo, Baird.

本卡洛，貝爾德。

My first question was just on if you're seeing any kind of flight to quality just between you and Nextracker from other trackers or racking companies in the US. So maybe the easy way is of market share gains, if you could talk about that. And then on the independent power producer in the multi-gigawatt deal, could you just talk maybe about what their solution was, if this is diversification, if they're moving away from someone else or a completely new business? Any color you can give on that would be helpful.

我的第一個問題是，您是否注意到美國其他追蹤器或貨架公司之間出現了任何向品質提升的趨勢，尤其是在您和 Nextracker 之間。所以，或許最簡單的方法就是提高市場份額，如果你能談談這個的話。那麼，關於參與數吉瓦交易的獨立電力生產商，您能否談談他們的解決方案是什麼？這是否屬於多元化經營，他們是在擺脫對其他公司的依賴，還是在開展一項全新的業務？如果您能提供任何相關信息，都將不勝感激。

Yes. I think the answer is actually common for both questions. So look, we do think there's a flight to quality, but a lot of that is really being driven by our strength in the front end of the business. A few things that we've done year-to-date, not only have we revamped our sales team and our sales team leadership, but we've also added an entire group of individuals that we call our technical sales team. These are engineers selling to engineers and ensuring that we revamp our value propositions and get very clear on our value propositions to each individual channel we sell to.

是的。我認為這兩個問題的答案其實是相同的。所以你看，我們確實認為有一種追求品質的趨勢，但這很大程度上是由我們在業務前端的優勢所驅動的。今年以來，我們做了一些事情，不僅重組了銷售團隊和銷售團隊領導層，還增加了一個我們稱之為技術銷售團隊的全新團隊。這些工程師向工程師銷售產品，確保我們改善價值主張，並對我們銷售的每個管道的價值主張有非常清晰的認識。

And the reality is our ability to generate more energy with our passive stow system to have an improved ground coverage ratio relative to some of the peer companies.It's really helpful when we're doing a very highly technical sale to the engineers who then instruct purchasing that this is -- because of the improved LCOE, this is the tracker of choice. That's what's really happening for us out there.

而現實情況是，與一些同業公司相比，我們的被動式儲能係統能夠產生更多能量，從而提高地面覆蓋率。這在我們向工程師進行高技術含量的銷售時非常有用，工程師會指示採購部門，由於平準化能源成本 (LCOE) 的降低，這款產品是首選的追蹤器。這就是我們目前所面臨的真實情況。

And to be absolutely clear, we were not the lowest priced tracker presented in this multi-gigawatt. We were the best value selected by the customer. Not at all the lowest price, but we were able to generate value for that price for the customer, utilizing some of the very technical subsets of issues we just talked about. The passive stow, hail mitigation, severe weather and ground coverage ratio were all critical elements that this customer valued and put into their return matrix that all yielded that order in our direction despite being higher priced.

需要明確的是，我們並不是這次多吉瓦級評測中價格最低的追蹤器。我們是客戶選擇的最佳性價比供應商。雖然價格並非最低，但我們利用剛才討論的一些非常專業的技術問題，為客戶創造了物有所值的價值。被動式收納、冰雹防護、惡劣天氣防護和地面覆蓋率都是這位客戶非常重視的關鍵因素，並被納入了他們的考慮範圍，儘管價格較高，但最終還是將訂單給了我們。

If I could just quickly follow on with electricity prices increasing in the LCOE proposition, are you getting better pricing as electricity prices increase? Or does it not work like that?

如果我直接問到 LCOE 方案中電價上漲的問題，隨著電價上漲，您是否獲得了更優惠的價格？或者，事情並非如此運作？

It doesn't work that way. Our pricing typically flows more relative to commodities. And then your win rate goes up with your improved LCOE. But it doesn't -- look, there's narrow ranges of the above. But what you saw, and it should not go unnoticed, but our ASPs increased for the first time in six quarters as we predicted earlier in the year that as the steel prices rose, over time, that would be reflected in ASPs, and we did see that this quarter.

事情並非如此。我們的定價通常更接近大宗商品定價。然後，隨著LCOE的改善，你的勝率也會提高。但事實並非如此──你看，以上各項的範圍都很窄。但你們也看到了，而且不應該被忽視，我們的平均售價六個季度以來首次上漲，正如我們年初預測的那樣，隨著鋼鐵價格上漲，隨著時間的推移，這將反映在平均售價上，而我們本季度確實看到了這一點。

So you had an increase in ASPs this quarter, but ASPs for us is more a function of the commodity inputs and then win rate is more of a function of our ability to communicate our strong value proposition to the market.

所以你們本季的平均售價有所提高，但對我們來說，平均售價更多地取決於商品投入，而成交率更多地取決於我們向市場傳達我們強大的價值主張的能力。

Philip Shen, ROTH Capital Partners.

Philip Shen，ROTH Capital Partners。

Congrats on the strong bookings in the quarter. I wanted to check in with you on the international side of the business. Would love to understand if there's any potential upside from Brazil or LatAm in the Q4 guide. Given the removal from the backlog, perhaps there can be some business there near term that might be an upside for us.

恭喜本季預訂量取得強勁成長。我想和您了解貴公司國際業務方面的情況。很想了解第四季業績指引中，巴西或拉丁美洲市場是否有任何潛在的成長潛力。鑑於積壓訂單已移除，或許近期內會有一些業務機會，這對我們來說可能是一個利好。

Phil, it's Neil. So let me explain it this way. So certainly, the Brazil business and macroeconomic climate has been a challenge over the last quarters that we've talked about quite often, and we've been diversifying in that market.

菲爾，我是尼爾。讓我這樣解釋一下。因此，過去幾季巴西的商業和宏觀經濟環境確實給我們帶來了挑戰，我們對此也經常談到，因此我們一直在該市場進行多元化投資。

And one of the interesting things that we've seen, and Kevin articulated earlier about our order book rules around having a defined project with a start date with a PPA in place. And those rules apply really well for the domestic market here in the US that what we've seen elsewhere in other markets, those sometimes get a little bit out of sequence. So we may see an awarded order that then our customer takes the contract with us that then they take into their PPA finalization.

我們看到一件很有趣的事情，凱文之前也闡述過，我們的訂單簿規則是，項目必須有明確的開始日期，並且有採購協議 (PPA)。這些規則在美國國內市場非常適用，而我們在其他市場看到的規則有時會有點不合時宜。因此，我們可能會看到客戶獲得訂單，然後客戶將合約帶給我們，然後將其納入購電協議的最終簽訂流程。

So what that really means is that we have awarded business that is not shown in the order book that will convert in future periods. And we're seeing that more and more, particularly in South America. So I guess to get to your point that in that $1.9 billion order book, there is business that we do expect to see on top of that that will turn over the next couple of quarters.

所以，這實際上意味著我們已經授予了一些訂單簿上沒有顯示的、將在未來期間轉化為實際訂單的業務。我們越來越看到這種情況，尤其是在南美洲。所以我想說的是，在那19億美元的訂單簿中，我們預計未來幾季還會出現一些額外的業務。

Got it. Okay. And then shifting to APA again. Is it fair to conclude that the APA revenue in '25 will be roughly flat year-over-year? And then what kind of growth should we expect from APA in '26? I know you haven't given guidance yet, but -- and so far as you can give a little bit of color, that would be fantastic.

知道了。好的。然後又切換回APA格式。可以合理地得出結論，2025 年 APA 的收入將與上年大致持平嗎？那麼，我們應該期待APA在2026年實現什麼樣的成長呢？我知道你還沒有給出指導，但是——如果你能提供一些細節，那就太好了。

And then if you can, and I know a lot of people are asking about this at RE+ when you announced the acquisition, but what is the APA revenue mix by tracker, if you can give a rough sense, assuming a baseline of about $130 million of revenue? Like how much of it historically or is now with your tracker versus one of your peers like a GameChange or Nextracker? And so just trying to get a feel for what kind of exposure you might have to other trackers?

如果可以的話，我知道很多人在 RE+ 上宣布收購時都問過這個問題，但 APA 的收入組成（按追蹤器劃分）是多少？能否粗略估計一下，假設收入基數約為 1.3 億美元？例如，你的追蹤器在歷史上或現在所佔的比例，與你的同行（如 GameChange 或 Nextracker）相比如何？所以，我只是想了解一下你可能接觸過哪些其他追蹤器？

And then how quickly you might need to make up for some of that lost revenue if one of those trackers steps away from wanting to use APA?

那麼，如果其中一個追蹤器不再願意使用 APA，你又該如何迅速地彌補部分損失的收入呢？

Phil, this is Keith Jennings. Let me start with just the math. So yes, APA 2025, based on our guide, will have slight growth, I think, just over 1% given what we had to disclose in terms of pro formas in our 10-Q. I think that was an understandable performance given the distraction in the market with [1BB] and particularly even the outcome of 1BB, which I think hit mostly the residential and community solar market more than the utility scale markets.

菲爾，我是基斯‧詹寧斯。我先從數學部分說起。所以，根據我們的指導，APA 2025 將略有增長，我認為，考慮到我們在 10-Q 表格中披露的備考數據，增長幅度將略高於 1%。我認為，考慮到 [1BB] 對市場帶來的干擾，尤其是 1BB 的結果，這樣的表現是可以理解的。我認為，1BB 對住宅和社區太陽能市場的影響比對公用事業規模市場的影響更大。

And so as they've come in-house, we feel fairly strongly about the outlook for APA with Array as a partnership, particularly as we introduce them to more utility scale customers and clients that find them more attractive now that they have a bankable partner. And so our outlook for them is really strong, and we're still very excited about the acquisition that we just executed.

因此，隨著他們加入公司內部，我們對 APA 與 Array 的合作關係前景充滿信心，尤其是在我們向更多公用事業規模的客戶介紹他們之後，這些客戶現在有了可靠的合作夥伴，覺得他們更有吸引力。因此，我們對他們的前景非常樂觀，我們仍然對剛剛完成的收購感到非常興奮。

In terms of the breakout between the various partners that they have been supporting, we're not prepared to disclose that. And I think that we remain committed to the customers of APA, regardless of which tracker company they choose to go with. We believe that APA and its engineered foundation is the best technical solution in the market. All customers should be able to benefit from that.

至於他們支持的各個合作夥伴之間的具體情況，我們不方便透露。我認為，無論 APA 的客戶最終選擇哪家追蹤器公司，我們都會繼續致力於服務他們的客戶。我們相信，APA及其工程基礎是市場上最好的技術解決方案。所有客戶都應該能夠從中受益。

With that, Kevin, anything to add?

凱文，還有什麼要補充的嗎？

Yes. Look, so to be clear, Phil, there's not been any of APA's customers that have said, hey, we're going to pull business away. There's only one meaningful competitor that has any backlog with APA. The they have backlog with APA because their existing solution doesn't solve what APA solves, right? They have their own foundation solution. And if they could solve it with their own, I promise you they would. That's the case.

是的。聽著，菲爾，說清楚點，APA 的任何客戶都沒有說過，嘿，我們要把生意搶走。只有一家真正意義上的競爭對手與APA存在訂單積壓。他們之所以積壓了 APA 的訂單，是因為他們現有的解決方案無法解決 APA 能夠解決的問題，對嗎？他們有自己的基礎解決方案。如果他們能自己解決這個問題，我保證他們會這麼做。確實如此。

So what we focus on is allowing APA to continue to serve their customers, continue to work on new product development with peer tracker companies. We're going to continue to allow that level of support. I have personally engaged in senior management discussions with each of those competing tracker companies and given them my personal assurance that we will continue to behave accordingly.

因此，我們關注的是讓 APA 能夠繼續為客戶提供服務，並繼續與同行追蹤公司合作開發新產品。我們將繼續允許這種程度的支持。我已親自與每家競爭追蹤器公司的高階主管進行了討論，並向他們保證，我們將繼續採取相應的行為。

We have created separate firewalls in the company to allow them to conduct that business with our competitors such that Array cannot see their engineering, their pricing, any of the above. So we've taken a very high road approach to ensure that we allow them to maintain those relationships and, in fact, continue to do aggressive new product development with those customers that on a tracker may be a competitor of ours. So I think we're taking a very good approach there. We feel really good about that as we move forward.

我們在公司內部創建了獨立的防火牆，讓他們與我們的競爭對手進行業務往來，這樣 Array 就無法看到他們的工程設計、定價以及上述任何資訊。因此，我們採取了非常高標準的做法，以確保我們允許他們維持這些關係，並且實際上，繼續與那些在追蹤器上可能是我們的競爭對手的客戶積極進行新產品開發。所以我認為我們在這方面採取的方法非常好。我們對此感到非常樂觀，並期待未來的發展。

I would say the influx of opportunities on the utility scale segment, when you think about moving from C&I to utility scale, it only takes a handful of utility scale projects in a given year for APA to win to totally and very dramatically change the scale of that business. I am very pleased with the amount of traction we're getting in that at this point and the amount of opportunities we are now getting in the business on utility scale foundation solutions. So we're quite excited about the trajectory of that business.

我認為，從工商業領域轉向公用事業領域，會帶來大量機會。 APA 每年只需贏得幾個公用事業規模的項目，就能徹底且非常顯著地改變其業務規模。我對我們目前在該領域取得的進展以及我們在公用事業規模基礎解決方案業務中獲得的機會感到非常滿意。因此，我們對該業務的發展軌跡感到非常興奮。

Tom Curran, Seaport Research Partners.

湯姆‧柯倫，海港研究夥伴公司。

Kevin or Keith, does Array currently have any contracts with BP in the order book via Lightsource or any other BP affiliates? And if so, could you give us an indication of what that total BP exposure represents as a portion of the backlog?

Kevin 或 Keith，Array 目前是否透過 Lightsource 或任何其他 BP 關聯公司與 BP 簽訂了任何合約？若情況屬實，您可否告知我們BP總風險敞口佔積壓訂單的比例是多少？

We don't give specific backlog or business numbers with any customer, but BP has historically been a good customer of Array, but we don't put that out publicly, sorry.

我們不會透露任何客戶的體積壓訂單或業務數字，但BP歷來是Array的優質客戶，不過很抱歉，我們不會公開這些資訊。

Understood. Maybe I'll just try a different angle. Have you been given any reasons to believe or seeing any signals that there could be any issues with upcoming expected deliveries to BP affiliated projects?

明白了。或許我該換個角度試試。您是否有任何理由相信或看到任何跡象表明，即將交付給 BP 關聯項目的貨物可能會出現問題？

We've not been made aware of any that I can think of.

據我所知，我們還沒有收到任何相關資訊。

Dimple Gosai, Bank of America.

Dimple Gosai，美國銀行。

With domestic steel pricing moving around and tariffs tightening, can you maybe help us quantify the degree of cost pass-through you're achieving today? How much price discipline is holding in bids as the market normalizes around domestic content?

鑑於國內鋼鐵價格波動和關稅收緊，您能否幫助我們量化一下您目前實現的成本轉嫁程度？隨著市場逐漸恢復正常，國產化率上升，競標的物價紀律還能維持多久？

Dimple, this is Keith. A few things. We tend to be able to price our products in line with expected delivery dates and steel prices at the time of contracting. And that achieves some level of locking on most of our materials. We do have some materials that may float. But for the most part, we're able to hold our margins.

小酒窩，這位是基斯。幾件事。我們通常能夠根據簽訂合約時的預期交貨日期和鋼材價格來為我們的產品定價。這樣就能對我們大多數的材料達到一定程度的鎖定。我們確實有一些材料可能會漂浮在水面上。但總的來說，我們能夠保持利潤率。

If you think about where spot market for steel is today at around USD847 a metric ton, that was roughly 13% lower in 2024. And when we spoke earlier in the year and we saw these forward prices then, we talked about expecting ASPs to go up, and you've seen that now.

想想看，目前現貨鋼鐵市場價格約為每噸 847 美元，而 2024 年的價格大約會下降 13%。今年稍早我們談到這些遠期價格時，我們預計平均售價會上漲，現在你們也看到了這一點。

Sitting here today, when I look forward to 2025 and look at the forward curve, I see an average for 2025 at [USD849], which is in line with where we are. I see 2026 at [USD874], which is marginally up. So I'm sure our customers are seeing all these things. So when we have conversations, we are all having all having informed conversations about where pricing should be so that we can all have healthy margins and continue to do business.

今天，當我展望 2025 年並查看遠期曲線時，我看到 2025 年的平均價格為 [849 美元]，這與我們目前的處境一致。我看到 2026 年的收益率為 [874 美元]，略有上漲。所以我相信我們的客戶都看到了所有這些情況。所以當我們進行對話時，我們都在進行充分了解情況的對話，討論定價應該如何，這樣我們才能獲得健康的利潤，並繼續開展業務。

Let me just add on to that as far as passing through both from a steel pricing from a tariff standpoint. With steel up 22% year-to-date, we also saw, as Kevin mentioned earlier, a sequential increase in ASPs. It's demonstrating that steel pricing is flowing through into ASPs, which as we've talked about previously, flows through from a gross profit dollar perspective, which is helpful from obviously a P&L standpoint.

我只想補充一點，關於從關稅角度來看，鋼鐵定價如何同時受到這兩個因素的影響。今年迄今為止，鋼鐵價格上漲了 22%，正如 Kevin 之前提到的那樣，我們也看到平均售價環比上漲。這表明鋼鐵價格正在影響平均售價，正如我們之前討論過的，這從毛利的角度來看是有幫助的，從損益表的角度來看顯然如此。

Something to add on tariffs, as we've also communicated previously, 70%, 75% of our contracts allow us to pass through those tariffs directly to customers. There are times where we'll negotiate with customers on a commercial basis for the best overall outcome of their project for us to go forward. So we may negotiate on a project basis that pass-through. But ultimately, as tariffs normalize, we then bake it into ASPs. So overall, we feel quite good that steel pricing is certainly flowing through. And obviously, the vast majority of tariffs are as well.

關於關稅，我們之前也溝通過，70%到75%的合約允許我們將這些關稅直接轉嫁給客戶。有時我們會與客戶進行商業談判，以獲得他們專案的最佳整體結果，從而推動專案進度。因此，我們可以按項目協商，以轉嫁費用的方式進行談判。但最終，隨著關稅正常化，我們會將其計入平均售價中。總的來說，我們對鋼材價格的正常趨勢感到非常滿意。顯然，絕大多數關稅也是。

Don't forget that the tariffs create a drag on the margin rate because we don't get a lot of markup on tariffs even when they flow through prices. I would say just one more -- sorry, operator. Just one more clarifying point on the other side of that equation would be pricing, and we continue to see rational pricing behaviors in the market. I want to make sure that's clear.

別忘了，關稅會拉低利潤率，因為即使關稅會轉嫁到價格上，我們也無法從中獲得許多利潤。我只想再說一句——抱歉，接線員。等式另一邊還需要澄清一點，那就是定價，我們繼續看到市場上的定價行為是理性的。我想確保這一點很清楚。

Colin Rusch, Oppenheimer.

科林魯什，奧本海默。

Given the concern around timeline for a lot of these projects, can you talk a little bit about your opportunity for driving incremental labor efficiency within the existing designs? And if you're working on any updated designs that could drive incremental or shorter time frames out in the field?

鑑於許多此類專案的時間安排都令人擔憂，您能否談談在現有設計中提高勞動效率的機會？如果您正在進行任何可以加快或縮短現場施工時間的更新設計，那會怎麼樣？

Yes. This is Neil. I'll take that one, Colin. So yes, so when you look at our innovations we brought to market over the last couple of years, we've talked that has really manifested itself really well into the pipeline at this point with OmniTrack and SkyLink and others. One of the key factors there is around ease of installation and making things easier for our customers.

是的。這是尼爾。我來做這個，科林。所以，是的，回顧我們過去幾年推向市場的創新，我們已經討論過，這些創新在目前的產品線中得到了很好的體現，例如 OmniTrack、SkyLink 等。其中一個關鍵因素是安裝的便利性，以及讓我們的客戶使用起來更方便。

So you look at SkyLink, for example, with wireless connectivity, minimizing the need to trench on a site, that certainly brings with it installation efficiencies that our customers certainly appreciate on certain parcels where they're deploying where they have difficult soil conditions where trenching is problematic.

例如，SkyLink 採用無線連接，最大限度地減少了現場挖溝的需要，這無疑提高了安裝效率，當我們的客戶在某些地塊上部署時，由於土壤條件複雜，挖溝很困難，因此他們非常欣賞這一點。

Separate to that, when you look at DuraTrack and OmniTrack, from a sheer number of parts perspective, we're several folds smaller or fewer quantity in components than competitors, which also bring with it an installation efficiency that our EPC customers, in particular, appreciate. So they're oftentimes put in a factor that gives us a credit for the overall cost of our solution because of the ease of installation.

除此之外，從零件數量的角度來看，DuraTrack 和 OmniTrack 的組件數量比競爭對手少好幾倍，這也帶來了安裝效率，我們的 EPC 客戶尤其對此表示讚賞。因此，由於安裝簡便，它們通常會被計入一個因素，從而為我們的解決方案的總成本提供抵免。

And we continue to hear that time and time again from EPCs as recently as I had when I was down in Australia last week in a number of meetings. So when you think about what our innovations going forward look like, they're on a couple of fronts, right? It's to continue to drive effectiveness and ease of installation for our customers, along with protecting their assets.

我們不斷地從能源績效合約商那裡聽到這樣的說法，就像我上週在澳洲參加的幾次會議一樣。所以，當我們思考未來的創新方向時，會發現它們主要體現在幾個方面，對吧？其目的在於持續提升客戶的安裝效率和便利性，同時保護他們的資產。

When you look at extreme weather with Hail Alert Response, Hail XP and other factors, those are the things that we're driving towards ease of customer, more value for installation and more value for the long-term asset over the lifetime of the installation.

當你考慮到冰雹警報響應、冰雹 XP 和其他因素帶來的極端天氣問題時，這些都是我們努力的方向，旨在為客戶帶來便利，提高安裝價值，並在安裝的整個生命週期內為資產帶來長期價值。

Thank you. Ladies and gentlemen, we have reached the end of our question-and-answer session and the end of our conference. Thank you for joining us.

謝謝。女士們、先生們，我們的問答環節和本次會議都到此結束。感謝您的參與。