Array Technologies Inc (ARRY) 2022 Q1 法說會逐字稿

Hello, and welcome to the Array Technologies First Quarter 2022 Earnings Call. (Operator Instructions)

您好，歡迎參加 Array Technologies 2022 年第一季度財報電話會議。 （操作員說明）

As a reminder, this conference is being recorded. It is now my pleasure to turn the call over to Cody Mueller, Investor Relations, Array. Please go ahead.

提醒一下，本次會議正在錄製中。現在我很高興將電話轉給 Array 投資者關係部門的 Cody Mueller。請繼續。

Good evening. And thank you for joining us on today's conference call to discuss Array Technologies first quarter 2022 results. Slides for today's presentation are available on the Investor Relations section of our website, arraytechinc.com.

晚上好。感謝您參加今天的電話會議，討論 Array Technologies 2022 年第一季度的業績。今天演示的幻燈片可在我們網站 arraytechinc.com 的投資者關係部分獲取。

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, the comments made during this conference call or in our latest reports and filings with the Securities and Exchange Commission, which can be found on our website, arraytechinc.com. We do not undertake any duty to update any forward-looking statements.

在本次電話會議期間，管理層將根據當前的預期和假設做出前瞻性聲明，這些預期和假設存在風險和不確定性。如果我們的任何關鍵假設不正確，由於今天的收益新聞稿中討論的其他因素、本次電話會議期間或我們向證券交易委員會提交的最新報告和文件中發表的評論，實際結果可能與我們的前瞻性陳述存在重大差異佣金，可以在我們的網站 arraytechinc.com 上找到。我們不承擔更新任何前瞻性陳述的責任。

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

今天的演示還提到了非公認會計準則財務指標。您應該參考公司第一季度新聞稿中包含的信息，以了解歷史非公認會計準則衡量指標與可比公認會計準則財務衡量指標的定義信息和調節情況。

With that, let me turn the call over to Kevin Hostetler, Array Technologies' CEO.

接下來，讓我將電話轉給 Array Technologies 首席執行官 Kevin Hostetler。

Thanks, Cody, and good evening, everyone. Thank you for joining us on today's call. In addition to Cody, I'm also joined by Nipul Patel, our Chief Financial Officer. I'm excited to join you on my first Array Technologies earnings call and on day 23 as the CEO of Array. Now there is still a lot of work I need to do and much more time to be spent with employees, customers, suppliers and investors in order to give my full assessment on the state of the company. But I did want to provide some early observations about the company and the industry before turning it over to Nipul for a more detailed discussion of the quarter and our revised outlook for 2022.

謝謝科迪，大家晚上好。感謝您參加今天的電話會議。除了 Cody 之外，我們的首席財務官 Nipul Patel 也加入了我的行列。我很高興能在擔任 Array 首席執行官的第 23 天參加我的第一次 Array Technologies 財報電話會議。現在我還有很多工作要做，需要花更多時間與員工、客戶、供應商和投資者相處，以便對公司的狀況進行全面評估。但我確實想提供一些關於該公司和行業的早期觀察，然後將其交給 Nipul，以便更詳細地討論該季度和我們修訂後的 2022 年前景。

First, and I think this is a critical context for everything else that is going on, my decision to come to Array was largely influenced by 2 fundamental factors. One, the world is transitioning to renewable energy. Combating climate change is no longer a niche pursuit by a few. It is now core to the identity of the world's largest governments, corporations and asset managers. And there is simply no feasible way to meet the stated goals of these entities without significant increases in the amount of solar energy produced.

首先，我認為這是所有其他事情的關鍵背景，我加入 Array 的決定很大程度上受到兩個基本因素的影響。第一，世界正在向可再生能源過渡。應對氣候變化不再是少數人的小眾追求。它現在是世界上最大的政府、企業和資產管理公司身份的核心。如果不大幅增加太陽能發電量，就沒有可行的方法來實現這些實體既定的目標。

And two, Array is positioned incredibly well to be a global leader in the solar energy transition. Array has differentiated products that more and more customers are selecting. It has the bankability of over 30 years in the industry and has an asset-light business model that enables quick and nimble scalability.

第二，Array 處於非常有利的位置，成為太陽能轉型的全球領導者。 Array的差異化產品正在被越來越多的客戶選擇。它在行業內擁有30多年的銀行能力，並擁有可實現快速、靈活的可擴展性的輕資產業務模式。

Now I recognize these are not new statements to many of you. But I start there because despite some of the near-term challenges within our industry, when I think about the long-term horizon and companies and industries that are poised to make a lasting change in the world, while at the same time driving shareholder value. Array operates in a unique space.

現在我認識到這些對你們許多人來說並不新鮮。但我從這裡開始，因為儘管我們行業內近期面臨一些挑戰，但當我考慮長期前景以及準備為世界帶來持久變化，同時推動股東價值的公司和行業時。數組在一個獨特的空間中運行。

Since joining, I have not only experienced firsthand, these differentiated capabilities, but have also been able to deepen my appreciation for the complexity of the problems we are solving and the employees who are solving them. As many of you know, I've now spent decades leading engineered product companies. And I will tell you, experiences taught me if you can find a great product, serving a growing and necessary market, supported by a skilled and dedicated workforce, you have the key elements of a formula to drive strong shareholder value.

自從加入以來，我不僅親身體驗了這些差異化的能力，而且還加深了對我們正在解決的問題以及正在解決問題的員工的複雜性的認識。正如你們許多人所知，我已經花了數十年時間領導工程產品公司。我會告訴你，經驗告訴我，如果你能找到一款出色的產品，服務於不斷增長的必要市場，並得到熟練和敬業的員工隊伍的支持，那麼你就擁有了推動強大股東價值的公式的關鍵要素。

This being said, it's also important to realize we must execute in the near term in order to continue to build the trust of our customers and investors, which we will need for the opportunity to make that lasting change. Over the last year, an extremely volatile cost and logistics landscape coupled with an uneven and constantly shifting demand profile has made execution a bit more challenging. And let's be clear, over the next few quarters, the landscape is not going to get much easier.

話雖如此，重要的是要認識到我們必須在短期內執行，以便繼續建立客戶和投資者的信任，我們需要這種信任才能有機會做出持久的改變。去年，成本和物流形勢極其不穩定，加上需求狀況不均勻且不斷變化，使得執行變得更具挑戰性。讓我們明確一點，在接下來的幾個季度裡，情況不會變得更加容易。

The AD/CVD investigation has placed uncertainty around the timing of some of our projects and has vastly increased the complexity of managing our supply chain and logistics. Adding to this, the conflict in Ukraine has slowed supply chains throughout Europe, and we are seeing the direct impact of this on projects in Europe as component supplies are rerouted. While these issues will reduce our outlook for 2022, they are far from unmanageable. My experience, coupled with the steps that newly reformed senior leadership team have already taken leave me confident we will execute on what is within our control. This includes managing not only our material and logistics costs, but also aligning our SG&A spend with changing volume levels. It also means we will need to have a laser focus on working capital management to ensure we don't incur inefficiencies as projects shift left and shift right.

AD/CVD 調查給我們一些項目的時間安排帶來了不確定性，並大大增加了管理我們供應鍊和物流的複雜性。除此之外，烏克蘭衝突已經減緩了整個歐洲的供應鏈，隨著零部件供應的改變，我們看到了這對歐洲項目的直接影響。雖然這些問題將降低我們對 2022 年的展望，但它們遠非無法控制。我的經驗，加上新改革的高級領導團隊已經採取的步驟，讓我相信我們將在我們控制範圍內執行任務。這不僅包括管理我們的材料和物流成本，還包括根據不斷變化的產量水平調整我們的銷售、管理和行政費用。這也意味著我們需要高度關注營運資本管理，以確保我們不會因項目左移和右移而導致效率低下。

This near-term market uncertainty presents an opportunity for us to further differentiate ourselves from our competitors. To this end, we will focus intently on working with our customers to solve their module challenges by playing an active and flexible role in their rapid system redesign efforts, all while delivering our products on time with an unparalleled customer experience.

近期市場的不確定性為我們提供了進一步區別於競爭對手的機會。為此，我們將專注於與客戶合作，在快速系統重新設計工作中發揮積極、靈活的作用，解決他們的模塊挑戰，同時按時交付我們的產品，並提供無與倫比的客戶體驗。

Finally, it is also an opportunity to identify and focus on customers and suppliers who are truly willing to be partners. Industry challenges like this require collaboration and a sharing of risk. We are certainly ready to do our part and we'll be evaluating which partners are willing to do the same.

最後，這也是一個識別和關注真正願意成為合作夥伴的客戶和供應商的機會。像這樣的行業挑戰需要協作和分擔風險。我們當然已經準備好儘自己的一份力量，我們將評估哪些合作夥伴也願意這樣做。

Array has made a lot of progress since becoming a public company a little over 1.5 years ago, but we still have room for improvement. Over the coming months, I'll continue my comprehensive review of Array's operating systems and core business processes to further identify areas in which we can drive operational efficiences. I look forward to updating you all on the progress of my reviews in our next quarter's call.

自 1.5 年前成為上市公司以來，Array 取得了很大進步，但我們仍有改進的空間。在接下來的幾個月中，我將繼續對 Array 的操作系統和核心業務流程進行全面審查，以進一步確定我們可以提高運營效率的領域。我期待在下季度的電話會議中向大家通報我的審核進展情況。

With that, I'd like to give a heartfelt thank you to the employees of Array who have been extremely welcoming and turn the call over to Nipul.

在此，我要向 Array 的員工表示衷心的感謝，他們非常熱情，並將電話轉給 Nipul。

Thanks, Kevin. Speaking for the management team and employees of Array, we are excited to have you on board. I want to touch on a few topics today. First, I'll walk through the results for the quarter, which finished better than our expectations. Then I'll provide some color on AD/CVD and the work we have been doing over the last few weeks in order to quantify the impact to our business. And lastly, in light of the impact we are seeing from the investigation, I will provide an updated guidance range for 2022.

謝謝，凱文。對於 Array 的管理團隊和員工來說，我們很高興您的加入。今天我想談幾個話題。首先，我將概述本季度的業績，該季度的業績好於我們的預期。然後我將提供一些關於 AD/CVD 以及我們過去幾週所做的工作的信息，以量化對我們業務的影響。最後，根據我們從調查中看到的影響，我將提供 2022 年更新的指導範圍。

With that, I'll turn to Slide 6 to discuss the quarter. Revenues for the first quarter increased 21% to $300.6 million compared to $248.2 million for the prior year period. The $301 million in revenue reflects $251 million from the legacy Array business and $50 million from the STI business. Revenue in the first quarter of 2021 also included approximately $40 million of ITC-related orders. So excluding those orders, our legacy Array business is up 21% year-over-year. It also represents the third consecutive quarter of revenue growth and a record for a quarter without any ITC-related orders.

接下來，我將轉向幻燈片 6 來討論該季度。第一季度收入增長 21%，達到 3.006 億美元，而上年同期收入為 2.482 億美元。 3.01 億美元的收入包括來自傳統 Array 業務的 2.51 億美元和來自 STI 業務的 5,000 萬美元。 2021 年第一季度的收入還包括約 4000 萬美元的 ITC 相關訂單。因此，排除這些訂單，我們的傳統 Array 業務同比增長 21%。這也代表著收入連續第三個季度增長，並且創下了沒有任何 ITC 相關訂單的季度記錄。

Gross profit decreased to $26.6 million from $46.2 million in the prior year period due to the expected impacts of the lower margin backlog in the legacy Array business as well as a low-margin STI project in the U.S., which had a negative impact. Gross margin decreased from 18.6% to 8.8%. Gross margin for the legacy Array business was 8.5% and represents the second consecutive quarter of margin improvement as it is up 380 basis points from the fourth quarter.

毛利潤從上年同期的 4620 萬美元下降至 2660 萬美元，原因是傳統 Array 業務積壓利潤較低以及美國低利潤 STI 項目的預期影響，產生了負面影響。毛利率從18.6%下降至8.8%。傳統 Array 業務的毛利率為 8.5%，比第四季度增長了 380 個基點，連續第二個季度實現利潤率改善。

The STI business had gross margin of 10.7% in the quarter, which was negatively impacted by higher labor costs in projects where it was providing the construction. This was especially true of a large project in the U.S., where it has significant construction cost overruns.

STI 業務本季度毛利率為 10.7%，受到其提供施工的項目勞動力成本上升的負面影響。對於美國的一個大型項目尤其如此，該項目的建設成本嚴重超支。

Additionally, the war in Ukraine slowed supply chain availability in Europe, which necessitated a change in the location where material was procured, raising the logistics costs. Operating expenses increased to $58.7 million compared to $30.8 million during the same period in the prior year. The higher expense was primarily related to a $16.7 million increase in amortization expense related to the STI acquisition.

此外，烏克蘭戰爭減緩了歐洲供應鏈的可用性，這使得必須改變材料採購地點，從而提高了物流成本。運營費用從去年同期的 3080 萬美元增至 5870 萬美元。費用增加主要與收購 STI 相關的攤銷費用增加 1,670 萬美元有關。

Excluding that impact, the increase is primarily due to the addition of STI Norland in addition to higher payroll-related costs due to an increase in headcount as well as higher professional fees associated with the acquisition. These increases were partially offset by a reduction in contingent consideration of $3.7 million. Net loss attributable to common shareholders was $33.7 million compared to a net income of $4.6 million during the same period in the prior year, and basic and diluted loss per share were negative $0.23 compared to basic and diluted earnings per share of $0.04 during the same period in the prior year.

排除這一影響，這一增長主要是由於 STI Norland 的加入，以及由於員工人數增加而導致的工資相關成本增加以及與收購相關的專業費用增加所致。這些增長被或有對價減少 370 萬美元部分抵消。普通股股東應占淨虧損為 3370 萬美元，而上年同期淨利潤為 460 萬美元，每股基本和稀釋虧損為負 0.23 美元，而同期基本和稀釋每股收益為 0.04 美元在上一年。

Adjusted EBITDA decreased to $700,000 compared to $36.6 million for the prior year period. Looking at free cash flow. As anticipated, we used cash of $52.5 million in the quarter, primarily due to an increase in unbilled receivables as we had a high concentration of deliveries towards the end of the quarter, which limited our ability to get them built prior to quarter end. This is not a trend we expect going forward.

調整後 EBITDA 下降至 70 萬美元，而上年同期為 3,660 萬美元。看看自由現金流。正如預期的那樣，我們在本季度使用了5250 萬美元的現金，主要是由於未開票應收賬款的增加，因為我們在本季度末的交付高度集中，這限制了我們在季度末之前建造它們的能力。這不是我們預期的未來趨勢。

Overall, we were pleased with the quarter. The changes we instituted in our legacy Array business are continuing to drive improvements in our profitability and our operations team has delivered on progressively higher volumes despite a lot of project timing movement. Our recently acquired STI business did have a few cost challenges this quarter as it went through some growing pains, constructing a project in the U.S., which were compounded by disruption caused by the war in Ukraine.

總體而言，我們對本季度感到滿意。我們對傳統陣列業務進行的變革正在繼續推動我們盈利能力的提高，儘管項目時間發生了很多變化，但我們的運營團隊交付的數量逐漸增加。我們最近收購的 STI 業務本季度確實遇到了一些成本挑戰，因為它經歷了一些成長的陣痛，在美國建設一個項目，而烏克蘭戰爭造成的破壞加劇了這一問題。

These elevated costs will be a short-term overhang, but they are certainly addressable as we more fully integrate.

這些增加的成本將是短期的懸而未決的問題，但隨著我們更加全面的整合，它們肯定是可以解決的。

Now if we move to Slide 7. When we had our last earnings call, you will remember that it was the week after the announcement of the AD/CVD investigation. At that time, we stated on the call, we did not have sufficient information to evaluate any resulting impact. However, since that time, there has been a lot more work done by the industry to quantify the impact of the investigation. At this point, it is inevitable that it will have an impact to the industry. As [SIA] recently noted in their April 26 survey, of the respondents, 83% of projects have had their current module supply either get canceled or delayed and 80% of domestic manufacturers are expecting severe or devastating impacts to their business.

現在，如果我們轉到幻燈片 7。當我們上次召開財報電話會議時，您會記得那是在 AD/CVD 調查宣布後的一周。當時，我們在電話中表示，我們沒有足夠的信息來評估由此產生的影響。然而，從那時起，業界做了很多工作來量化調查的影響。至此，對行業產生影響是不可避免的。 [SIA] 最近在 4 月 26 日的調查中指出，在受訪者中，83% 的項目當前的組件供應被取消或延遲，80% 的國內製造商預計其業務將受到嚴重或毀滅性影響。

Unfortunately, as one of the largest domestic providers of utility-scale trackers, we are not immune to this market disruption. So we do anticipate a portion of our business will be impacted. However, that is the bad news. On a more positive side, we conducted a thorough analysis of our current order book. And at this time, we are forecasting between $225 million to $250 million of revenue will be at risk due to module uncertainty. While that number is not trivial, it only represents about 15% of our previous outlook at the midpoint of $1.6 billion.

不幸的是，作為國內最大的公用事業規模跟踪器供應商之一，我們也不能倖免於這種市場混亂。因此，我們確實預計我們的部分業務將​​受到影響。然而，這是個壞消息。從更積極的一面來看，我們對當前的訂單進行了徹底的分析。目前，我們預測由於模塊的不確定性，2.25 億至 2.5 億美元的收入將面臨風險。雖然這個數字並不小，但它僅占我們之前預期 16 億美元中值的 15% 左右。

Further, in recent weeks, we have seen the industry rally behind its opposition to this investigation, and we have been front and center of it. Our position is clear. We are fully supportive of a more robust domestic source of modules. However, the supply chain does not exist today. So in the meantime, we seek a practical and stable solution for our industry. Erica Brinker, our Chief Commercial Officer, has spent much of the last few weeks meeting with legislators and administration officials outlining that position along with many others in the industry. While there still is uncertainty as to the ultimate outcome, we are hopeful that these efforts are making a positive impact.

此外，最近幾週，我們看到整個行業紛紛反對這項調查，而我們一直是其中的前沿和中心。我們的立場很明確。我們完全支持更強大的國內模塊來源。然而，今天的供應鏈並不存在。因此，與此同時，我們為我們的行業尋求實用且穩定的解決方案。我們的首席商務官埃里卡·布林克 (Erica Brinker) 在過去幾週的大部分時間裡與立法者和政府官員會面，概述了我們以及業內許多其他人的立場。儘管最終結果仍存在不確定性，但我們希望這些努力能夠產生積極影響。

Moving to the next slide. In light of the current expected impact, you will see our updated guidance range for 2022. You can see that we are reflecting a reduction of revenue of $200 million at our midpoint, reflecting the AD/CVD risk, which was partially offset by conversion of new orders. We now expect revenue to be between $1.3 billion and $1.5 billion.

轉到下一張幻燈片。鑑於當前的預期影響，您將看到我們更新的 2022 年指導範圍。您可以看到，我們的中點收入減少了 2 億美元，反映了 AD/CVD 風險，該風險被轉換為部分抵消。新訂單。我們現在預計收入將在 13 億美元至 15 億美元之間。

Looking at adjusted EBITDA, as you might expect, the projects with less module certainty are those that we have signed more recently, and therefore carry higher gross margins, which creates a larger drop-through impact. Further, as discussed earlier, we are also seeing some cost challenges in the STI business that will create a short-term headwind. First, there are elevated labor costs related to the construction of some of their projects, particularly a large U.S.-based project. This project was signed prior to our acquisition and is the first large project in the U.S., where STI is doing the site construction. We have already made changes to the way the company sources its labor on future projects and we'll evaluate in more detail whether construction is a core competency of the business.

從調整後的 EBITDA 來看，正如您所料，模塊確定性較低的項目是我們最近簽署的項目，因此毛利率較高，從而產生較大的下降影響。此外，如前所述，我們還看到海峽時報指數業務面臨一些成本挑戰，這將造成短期阻力。首先，與某些項目建設相關的勞動力成本上升，尤其是美國的大型項目。該項目是在我們收購之前簽署的，是STI在美國進行現場施工的第一個大型項目。我們已經改變了公司在未來項目中尋找勞動力的方式，我們將更詳細地評估建築是否是公司的核心競爭力。

Second, the war in Ukraine has created some supply chain disruption in Europe. This has forced STI to bring materials from Asia, leading to higher logistics costs. Going forward, these elevated costs will be reflected in price increases. However, for projects currently under contract, it will create some margin compression.

其次，烏克蘭戰爭造成歐洲供應鏈中斷。這迫使STI從亞洲進口材料，導致物流成本更高。展望未來，這些增加的成本將反映在價格上漲中。然而，對於目前簽訂合同的項目來說，這將造成一定的利潤壓縮。

Taking these factors together, we're now expecting adjusted EBITDA to be between $120 million and $140 million for 2022 and adjusted EPS to be between $0.25 and $0.35 with the same share count expectations as before. We also expect the AD/CVD pushouts will have a negative impact to our legacy Array margins in the second quarter as several large higher-margin projects are no longer slated to be delivered. This, coupled with STI challenges will create some downward margin pressure for the second quarter. That said, we still anticipate sequential revenue growth and sequential margin improvement in both the legacy Array and STI businesses. For the quarter, we are expecting sequential revenue growth between 20% and 25% and adjusted EBITDA margin to be between 6.5% and 7.5%.

綜合考慮這些因素，我們目前預計 2022 年調整後 EBITDA 將在 1.2 億美元至 1.4 億美元之間，調整後每股收益將在 0.25 美元至 0.35 美元之間，股票數量預期與之前相同。我們還預計 AD/CVD 的推出將對我們第二季度的傳統 Array 利潤率產生負面影響，因為幾個大型高利潤率項目不再計劃交付。再加上海峽時報指數的挑戰，將為第二季度的利潤率帶來一些下行壓力。儘管如此，我們仍然預計傳統 Array 和 STI 業務的收入將連續增長，利潤率將連續改善。我們預計本季度收入環比增長在 20% 至 25% 之間，調整後 EBITDA 利潤率在 6.5% 至 7.5% 之間。

Lastly, the reduction of our outlook, we obviously considered the impact to liquidity and free cash flow. We still anticipate to produce free cash flow for the year with the expectation still that it will be more back-half weighted. Further, the reduced volume eases some of the peaks and troughs in our working capital, so there is a little bit of smoothing effect. However, the constant shifting of project timing will mean we have to manage our inventory levels very intently. I'll conclude by stating, while there are near-term headwinds, 2022 will still be a good operational year for us.

最後，在下調我們的前景時，我們顯然考慮了對流動性和自由現金流的影響。我們仍然預計今年會產生自由現金流，並預計它將更多地被後半部分加權。此外，交易量的減少緩解了我們營運資金的一些高峰和低谷，因此有一點平滑效應。然而，項目時間的不斷變化意味著我們必須非常專注地管理我們的庫存水平。最後我要指出的是，雖然近期存在阻力，但 2022 年對我們來說仍然是運營良好的一年。

With that, I'll turn the call over to the operator for questions.

這樣，我會將電話轉給接線員詢問問題。

(Operator Instructions) Our first question is from Brian Lee of Goldman Sachs.

（操作員指令）我們的第一個問題來自高盛的布萊恩·李（Brian Lee）。

And I appreciate some of the color around the guidance update here. I guess with respect to that, first question I would have would just be around when you're talking to some of your customers and you've identified these projects that are moving out of '22, how much, if any, visibility do you have around if these are moving into '23 first half, second half? Or if these are kind of open ended, where they may actually slip into even further out years based on project development time lines? And then I think, Nipul, you mentioned some projects in the legacy Array business actually moved out altogether. Could you elaborate on that? I thought that was a 2Q comment, but could you elaborate on that a bit as well?

我很欣賞這裡指導更新的一些色彩。我想，關於這一點，我會問的第一個問題是，當您與一些客戶交談時，您已經確定了這些將在22 年後推出的項目，您的可見性有多少（如果有的話）如果這些進入 '23 上半場、下半場，還有嗎？或者，如果這些是開放式的，那麼根據項目開發時間線，它們實際上可能會滑入更遠的年份？然後我想，Nipul，你提到了遺留 Array 業務中的一些項目實際上已經完全搬走了。您能詳細說明一下嗎？我以為這是 2Q 的評論，但你能詳細說明一下嗎？

Yes. Sure, Brian. So regarding the discussion. So as we mentioned on the prepared remarks, we've performed a project-by-project analysis of new bookings, we spoke with customers and independently, also evaluated the module certainty. And with that, as of now, the pushouts that we see are moving into 2023. We don't have any further information at this point. And the comments I made about the Q2 margins and the pushouts is, we had some of those projects scheduled in Q2, they have -- some got pushed further into the year and some got pushed into 2023.

是的。當然，布萊恩。所以關於討論。正如我們在準備好的評論中提到的，我們對新預訂進行了逐項目分析，我們與客戶進行了獨立交談，還評估了模塊的確定性。就這樣，截至目前，我們看到的退出將進入 2023 年。目前我們沒有任何進一步的信息。我對第二季度利潤率和延期的評論是，我們在第二季度安排了一些項目，有些項目被推遲到了今年，有些項目被推遲到了 2023 年。

Okay. Fair enough. That's helpful. And then maybe 2 just kind of modeling-related questions. If I look at the sort of $200 million or so in revenue that's being pulled out of the guidance for the year at the midpoint, and then I know in the press release, you said that the EBITDA impact is higher because these are richer margin projects, it implies you're getting like a 30% EBITDA margin on the $200 million revenue or so that's being pulled out of the guide. So I guess, one, is that correct? And then two, I guess what are you seeing on the incremental $200 million of bookings in order contracts you cited in the quarter. Is this kind of the level of EBITDA margin you're expecting going forward on new projects just sort of seems like a very high number. Just trying to get a sense of how sustainable that 30% level is just given what's implied by the pushout in revenues here?

好的。很公平。這很有幫助。然後也許有 2 個與建模相關的問題。如果我看看中點從今年指導中剔除的大約 2 億美元的收入，然後我知道在新聞稿中，您說 EBITDA 影響更高，因為這些是利潤率更高的項目，這意味著您在2億美元的收入中獲得了30% 的EBITDA 利潤率，大約是從指南中刪除的。所以我想，一，這是正確的嗎？第二，我想您對本季度提到的 2 億美元訂單合同增量訂單有何看法。您所期望的新項目的 EBITDA 利潤率水平似乎是一個非常高的數字。只是想了解一下 30% 的水平是否可持續？考慮到這裡收入的增加意味著什麼？

Brian. So just a little clarification. So when we said the push out of the $200 million, that's a legacy margins. So think about low 20s piece that is also in there is our STI business as we mentioned in the prepared remarks, have a bit more higher construction costs and logistics costs. That's -- we're going to see that running for a couple of quarters, so impacting 2022. So a combination of the 2 is what brings the midpoint of that EBITDA range down.

布萊恩.所以請稍微澄清一下。因此，當我們說推出 2 億美元時，這是遺留利潤。因此，考慮一下我們在準備好的評論中提到的 STI 業務中的 20 多塊產品，其建築成本和物流成本更高一些。也就是說，我們將看到這種情況持續幾個季度，從而影響到 2022 年。因此，兩者的結合導致 EBITDA 範圍的中點下降。

Sorry, let me repeat myself. I was looking at what you've taken out of the guide, I guess. So some of that is just the elevated cost, but it does imply the incremental $200 million of revenue had you captured that, that was going to come in at a 30% EBITDA margin. Am I missing something there? Is there something unique about that, that volume projects that is now being assumed in '23, I suppose, reaching those levels of profitability because it's just -- it's the EBITDA delta versus the revenue delta I'm trying to get at, and it implies a pretty healthy margin profile for the amount of projects that are pushing out in the guide here.

抱歉，讓我重複一遍。我想我正在看你從指南中取出的內容。因此，其中一些只是成本上升，但它確實意味著如果你抓住了這一點，就會增加 2 億美元的收入，這將以 30% 的 EBITDA 利潤率實現。我在那裡錯過了什麼嗎？我想，現在假設在 23 年實現的批量項目是否有什麼獨特之處，達到了盈利水平，因為它只是——這是我想要得到的 EBITDA 增量與收入增量的比較，而且它意味著此處指南中推出的項目數量相當健康的利潤狀況。

No, it's not implying anything more. So I would keep it to thinking that we're at the legacy margins of below 20%, pushing out to 2022 and into 2023.

不，這並不意味著更多。因此，我認為，到 2022 年和 2023 年，我們的傳統利潤率仍將低於 20%。

Okay. Fair enough. I'll take it offline. And then just on the cash comments on the balance sheet, you have $50 million of cash or so exiting Q1 here. I think the revolver is untapped. But how should we think about cash flow. It sounds like based on your comments and also looking at seasonality, Q2 is going to be another cash burn quarter. Plans to tap the revolver, any covenants we need to be aware of? And just general thoughts around liquidity in the near term until you see better cash flow in the back half of the year?

好的。很公平。我會把它離線。然後，僅根據資產負債表上的現金評論，第一季度就有 5000 萬美元左右的現金退出。我認為左輪手槍尚未開發。但我們應該如何考慮現金流。聽起來根據您的評論並考慮季節性，第二季度將是另一個現金消耗季度。計劃竊聽左輪手槍，有什麼我們需要注意的契約嗎？在下半年看到更好的現金流之前，只是對近期流動性的一般想法？

Yes. So yes, you'll see, we are tapped on the revolver of $52 million at Q1, you'll see, but we do have $50 million of cash on the balance sheet, just timing of that. We feel good about overall cash flow, as we mentioned in the prepared remarks, we would be cash flow positive -- our forecast to be cash flow positive for the year. So back-half weighted. Q2 is a quarter here where some of these projects that we mentioned previously have shifted out of Q2. So that kind of that peak has helped a little bit from a cash flow perspective. So we feel it will be back-half weighted about a little bit of free cash flow positive in Q2 and then that back-half weighted to get to a total free cash flow positive for the year.

是的。所以，是的，你會看到，我們在第一季度動用了 5200 萬美元的左輪手槍，你會看到，但我們的資產負債表上確實有 5000 萬美元的現金，只是時機而已。我們對整體現金流感覺良好，正如我們在準備好的評論中提到的，我們的現金流將是正值——我們預測今年的現金流將是正值。所以後半重。第二季度是我們之前提到的一些項目已經從第二季度轉移出來的季度。因此，從現金流的角度來看，這種峰值有所幫助。因此，我們認為，第二季度的自由現金流將是後半加權的，然後是後半加權的，以獲得今年總自由現金流為正。

Our next question is from Mark Strouse of JPMorgan.

我們的下一個問題來自摩根大通的馬克·斯特勞斯。

I was just hoping you could give a bit more color on kind of demand trends that you're seeing in Europe, either with the STI business or the legacy Array business. We're seeing very strong import data into the European market year-to-date. Obviously, with utility scale projects take time. So I'm just kind of curious if there -- if it's backlog or if it's pipeline, any way to quantify what you've seen in Europe year-to-date.

我只是希望您能夠對您在歐洲看到的需求趨勢（無論是 STI 業務還是傳統的 Array 業務）提供更多的信息。今年迄今為止，我們看到歐洲市場的進口數據非常強勁。顯然，公用事業規模的項目需要時間。所以我只是好奇是否有任何方法可以量化今年迄今為止在歐洲所看到的情況。

Yes. So with both our U.S. and European business, we've seen strength in our bookings. As we, say, our overall backlog order book has gone up to $2 billion from the -- what we had at year-end. So we feel strong about that. STI has gone up as well. We've seen that strength both in STI businesses in both Europe and in Brazil. But Europe is strong as kind of what you said as well, Mark.

是的。因此，在我們的美國和歐洲業務中，我們的預訂量都表現強勁。正如我們所說，我們的總體積壓訂單已比年底增加了 20 億美元。所以我們對此感覺很強烈。 STI 也有所上升。我們在歐洲和巴西的科技創新企業中都看到了這種優勢。但歐洲也像你所說的那樣強大，馬克。

Okay. And then, I mean if we think about a surge in demand in Europe in addition to kind of push outs from AD/CVD in the U.S. kind of gearing up for arguably a very strong 2023. Does that require any kind of temporary elevated investment in order to prepare your ability to meet that demand, those shipments in 2023?

好的。然後，我的意思是，如果我們考慮到歐洲的需求激增，以及美國 AD/CVD 的某種退出，為可以說非常強勁的 2023 年做好準備。這是否需要任何形式的臨時增加投資為了讓您有能力滿足這一需求，2023 年的出貨量是多少？

The other fortunate thing is we have the asset-light model and our supply chain is -- goal is to increase our capacity to handle increases in overall demand. We feel right now we're sending that capacity up for the demand that is pushing out into 2023.

另一件幸運的事情是我們擁有輕資產模式，我們的供應鏈目標是提高我們應對總體需求增長的能力。我們認為現在我們正在增加產能以滿足 2023 年的需求。

Okay. And then just real quick, lastly, this could be a yes or no answer. But kind of getting the sense that the construction costs and everything that you're talking about incremental expenses here do not impact your long-term view of gross margin. So if we should still think about the legacy business being high teens, low 20s gross margins. Is that still accurate?

好的。然後很快，最後，這可能是一個是或否的答案。但有點感覺建築成本和你在這裡談論的增量費用不會影響你對毛利率的長期看法。因此，我們是否仍然應該考慮傳統業務的毛利率高達十幾歲、二十多歲。這仍然準確嗎？

That is accurate.

這是準確的。

Our next question is from Maheep Mandloi of Crédit Suisse.

我們的下一個問題來自瑞士信貸銀行的 Maheep Mandloi。

So just on the guidance, could you just talk about like how much confidence you have for the balance of -- I think the U.S. revenues at the midpoint is roughly around $750 million. So how much confidence do you have on that in terms of module availability from your customers?

因此，就指導而言，您能否談談您對平衡的信心有多大——我認為美國的收入中值大約為 7.5 億美元左右。那麼，您對客戶提供的模塊可用性有多少信心？

Yes. No, we do based on our discussions as well as independent valuations, we feel confident about module availability with the revised guidance that we've provided.

是的。不，我們確實根據我們的討論以及獨立評估，我們對我們提供的修訂指南的模塊可用性充滿信心。

But I will say -- this is Kevin. I just want to make sure that we're noting that, that at this point in time. We've had direct conversations with all our large customers. And this is their direct feedback to us and commitments that have been made to them for module availability. So dealing with some imperfect information from time to time. And at this point in time, we feel pretty confident.

但我會說——這是凱文。我只是想確保我們此時此刻注意到了這一點。我們與所有大客戶進行了直接對話。這是他們對我們的直接反饋以及對模塊可用性的承諾。所以時不時地處理一些不完美的信息。此時此刻，我們感到非常有信心。

Right. And -- but I presume you have access to like the type of modules probably used in those projects, right? But could you say like if those modules are exempted from these investigation? Or are they still at risk of potentially being reviewed later this year.

正確的。而且 - 但我認為您可以訪問這些項目中可能使用的模塊類型，對吧？但你能說這些模塊是否可以免受這些調查嗎？或者它們是否仍面臨今年晚些時候可能接受審查的風險。

I mean, I guess, global state what Kevin said is we did our -- we had discussions with customers, did our independent evaluation. And at this time, this is where we feel we've identified the risks that we know at this time. Based on that information, and that's why we feel comfortable with the guidance range we've provided.

我的意思是，我想，凱文所說的全球狀態是我們所做的——我們與客戶進行了討論，進行了獨立評估。此時，我們覺得我們已經確定了目前已知的風險。基於這些信息，這就是為什麼我們對我們提供的指導範圍感到滿意。

Got it. And then just 1 last one from me. I think in the past, you kind of talked about shipping trackers as well sometimes ahead of module deliveries, which generally is a rare recurrence, but trying to understand if that's something which could help kind of bring some upside to the guidance later this year.

知道了。然後是我的最後一張。我認為過去，您有時也會在模塊交付之前談論運輸跟踪器，這通常很少見，但試圖了解這是否有助於為今年晚些時候的指導帶來一些好處。

We do currently have a couple of customers requesting that of us now, and we're evaluating that. Fortunately for us with our design, we have a high degree of flexibility. And for our end customers to potentially switch out similar modules without doing major design changes. But we have customers who are operating in every bit of that continuum now from doing full design changes to switch out and to asking us to construct, and then at a later point in time, supply the clamping systems for their module of choice, which may be [influenced]. So we're working really hard with our customers, direct communication on a regular basis and all along that continuum.

目前，我們確實有一些客戶向我們提出了這樣的要求，我們正在對此進行評估。幸運的是，我們的設計具有高度的靈活性。我們的最終客戶可以在不進行重大設計更改的情況下更換類似的模塊。但我們的客戶現在正在連續體的各個方面進行操作，從進行全面的設計更改到切換，再到要求我們進行構建，然後在稍後的時間點為他們選擇的模塊提供夾緊繫統，這可能受到[影響]。因此，我們非常努力地與客戶合作，定期進行直接溝通，並始終保持連續性。

Got you. And I appreciate the response.

明白你了。我很欣賞你的回應。

I guess it should be noted that many of our customers, although the modules may be at risk and pushing out of this year, that doesn't mean they're giving up. They're still trying to find alternative supply and trying to pull and keep things into their original program dates as well. So we're certainly here and willing to support them in all of those (inaudible).

我想應該指出的是，我們的許多客戶雖然這些模塊可能面臨風險並會在今年推出，但這並不意味著他們會放棄。他們仍在努力尋找替代供應，並試圖將事情拉回到原來的計劃日期。因此，我們當然在這裡並願意在所有這些方面支持他們（聽不清）。

Our next question is from Philip Shen of ROTH Capital.

我們的下一個問題來自羅斯資本的 Philip Shen。

I had a follow-up on Maheep's question there on the '22 revenue guide. I was wondering if you might be able to share what percentage of that $1 billion is 1, domestic; and 2, international? And then also, importantly, of the domestic revenue, what percentage of that do you think is supported by First Solar, Maxeon projects as well as safe harbor. Just trying to get a feel for the level of confidence you have in that $1 billion with First Solar, Maxeon and Safe Harbor [hybrid] modules and it seems like you guys are probably in a very good position there with (inaudible).

我在 '22 收入指南中對 Maheep 的問題進行了跟進。我想知道您是否可以分享一下這 10 億美元中 1、國內； 2、國際？然後，同樣重要的是，您認為國內收入中由 First Solar、Maxeon 項目以及安全港支持的比例是多少。只是想感受一下你們對 First Solar、Maxeon 和 Safe Harbor [混合] 組件這 10 億美元的信心程度，看來你們可能在這方面處於非常有利的位置（聽不清）。

Yes Phil. So first, to answer the first part of your question on that $1 billion, that represents the legacy Array portion, it's about a 90-10 split as far as domestic international. As far as the split, we haven't provided the split of kind of that in $1 billion or that [$900 million], I guess, of the particular modules. But again, we'll go back to the discussions we have, but also the independent evaluation we did of what module certainty there was. We feel good about that at this point, where we feel confident enough to put the $1 billion out there as far as the midpoint.

是的，菲爾。首先，要回答關於 10 億美元的問題的第一部分，這代表了 Array 的遺留部分，就國內國際而言，大約是 90:10 的分配。至於分割，我們還沒有提供 10 億美元或 [9 億美元] 的分割，我猜是特定模塊的分割。但我們將再次回顧我們所進行的討論，以及我們對模塊確定性所做的獨立評估。目前我們對此感覺良好，我們有足夠的信心將 10 億美元投入到中點。

Great. And then coming back to the revolver. You mentioned, Nipul, that you guys pulled down $52 million in the quarter. Can you talk through how much more you can pull down without tripping any of the covenants.

偉大的。然後回到左輪手槍。 Nipul，你提到你們在本季度減少了 5200 萬美元。你能談談在不違反任何契約的情況下你還能再做多少事情嗎？

Yes, sure. So we have a covenant that we have to be 7.1x leverage or less. And so with the short-term kind of trailing 12-month adjusted EBITDA that we've had, we have to clear, let's stay under $70 million for the very short term, probably in Q2. But we feel good about our cash flow here in Q2 and the options that we have. Scenario planning we've done to get past the short term. And then after Q2, we see it opening up in the full revolver capacity being available for us.

是的，當然。所以我們有一個約定，槓桿率必須為 7.1 倍或更低。因此，鑑於我們擁有的短期追踪 12 個月調整後 EBITDA，我們必須明確，讓我們在很短期內（可能是在第二季度）保持在 7000 萬美元以下。但我們對第二季度的現金流和我們擁有的選擇感到滿意。我們所做的情景規劃是為了度過短期。然後在第二季度之後，我們看到它以完全可用的左輪手槍容量開放。

Okay. Great. One more here. As it relates to STI, can you just help us understand -- you were talking about these increased construction costs. But I think if you guys are selling widgets and tracker product. So does STI have a business where they actually get involved with EPC as well? And just if you can give us a little bit more color on that. And sorry if I missed it.

好的。偉大的。這裡還有一個。由於它與 STI 相關，您能否幫助我們理解 - 您正在談論這些增加的建設成本。但我認為如果你們銷售小部件和跟踪器產品。那麼STI是否也有真正涉足EPC的業務呢？如果你能為我們提供更多的信息就好了。如果我錯過了，抱歉。

Yes. So Phil, the -- that isn't their core business, but for certain large customers, they have contracted to do the construction projects and what drove -- a large portion of what drove the margin lower than our expected amount for Q1 was a project in the U.S., we've been involved. They have another project in the U.S. where they've committed construction, and we've been involved. The management team is involved in helping them with their labor, choosing labor for that one. So it's not something they do as a core competency, but they have it on a couple of projects.

是的。所以菲爾，這不是他們的核心業務，但對於某些大客戶來說，他們已經簽訂了建設項目合同，導致第一季度利潤率低於我們預期的很大一部分原因是美國的一個項目，我們也參與了。他們在美國還有另一個項目，他們已經在那裡進行建設，我們也參與其中。管理團隊參與幫助他們完成勞動，為他們選擇勞動力。因此，這不是他們作為核心能力所做的事情，但他們在幾個項目中擁有它。

Our next question is from Colin Rusch of Oppenheimer.

我們的下一個問題來自奧本海默的科林·魯施。

I want to dig into the liquidity question a little bit deeper. Can you give us a sense of how much liquidity you have right now? And how much you have been able to collect out of that working capital quarter-to-date?

我想更深入地探討流動性問題。您能給我們介紹一下您現在有多少流動性嗎？本季度迄今為止，您已從營運資金中收回了多少資金？

Yes, sure. So liquidity, we have the revolver up to another $20 million on the revolver plus the cash we have on the balance sheet, as mentioned previously. We also have, if needed, we have $100 million of preferred shares that we can pull. And then, of course, as you saw, you'll see as our receivables, we have $400 million of receivables at 331 and about $200 million of payables. So that just cash sources and uses, we expect those receivables to be collected here in Q2. So we feel that, that provides us enough liquidity along with the remaining revolver as well as if needed potentially preferred shares.

是的，當然。因此，流動性方面，我們的左輪手槍上還有最多 2000 萬美元的左輪手槍，加上資產負債表上的現金，如前所述。如果需要的話，我們還有 1 億美元的優先股可供提取。當然，正如您所看到的，您會看到我們的應收賬款，我們在 331 有 4 億美元的應收賬款和大約 2 億美元的應付賬款。因此，僅考慮現金來源和用途，我們預計這些應收賬款將在第二季度收回。因此，我們認為，這為我們提供了足夠的流動性以及剩餘的左輪手槍以及如果需要的話潛在的優先股。

Okay. That's helpful. And then can you give us an update on any sort of efforts that you have around engineering and cost out of the solutions and cost reduction efforts and qualification of those redesign?

好的。這很有幫助。那麼您能否向我們介紹一下您在解決方案的工程和成本方面所做的任何努力以及降低成本的努力以及這些重新設計的資格？

Yes, sure. So we continue to look at value engineering our products and taking costs out of it. Nothing very specific at this point, but we continue to work with our customers on producing the cost of install of their product. So whatever we can do on that because that's one of the largest costs, of course, in building the solar farms, so we'll continue to help the customer with that and reduce on installing the trackers as well as foundations and such. So we -- those are the key things we're working on from an engineering innovation standpoint.

是的，當然。因此，我們繼續著眼於對我們的產品進行價值設計並降低成本。目前還沒有什麼非常具體的信息，但我們將繼續與客戶合作計算其產品的安裝成本。因此，無論我們能做什麼，因為這當然是建設太陽能發電場的最大成本之一，所以我們將繼續幫助客戶，並減少安裝跟踪器以及地基等。因此，從工程創新的角度來看，這些是我們正在努力的關鍵事情。

Next question is from Kashy Harrison of Piper Sandler.

下一個問題來自 Piper Sandler 的 Kashy Harrison。

Kevin, congrats on the new role. You made a comment in your prepared remarks about sharing risks with your customers. Could you please elaborate further on what you were referring to specifically?

凱文，祝賀你擔任新角色。您在準備好的評論中發表了有關與客戶分擔風險的評論。您能具體說明一下您所指的內容嗎？

Yes. So this is really about maintaining a level of flexibility for customers. And what I was referencing there in particular was things such as warranty on clients and class design that may be changing from the original design spec to where they find themselves needing a different plan and spec with different modules choice, right? So we have customers coming to us saying, look, could you be a little bit more flexible, extend warranty on that change of design and we'll either pay an additional money for an extended warranty or things like that. So just asking us for a little bit more flexible solutions to get through this time period, and we're certainly willing to do that. Only after we've done the engineering work internally to make sure that, that makes sense for us to do. So it's really about, again, staying in close contact with these large customers of ours and having a degree of flexibility in working with them.

是的。因此，這實際上是為了為客戶保持一定程度的靈活性。我在那里特別提到的是諸如客戶保修和類別設計之類的事情，這些事情可能會從原始設計規範發生變化，他們發現自己需要不同的計劃和規範以及不同的模塊選擇，對吧？因此，有客戶來找我們說，看，您能否更靈活一點，延長設計變更的保修期，我們要么為延長保修期或類似的事情支付額外的費用。因此，只要要求我們提供更靈活的解決方案來度過這個時期，我們當然願意這樣做。只有在我們完成內部工程工作以確保這一點之後，這對我們來說才有意義。因此，這實際上是與我們的這些大客戶保持密切聯繫，並在與他們合作時具有一定程度的靈活性。

That's helpful.

這很有幫助。

Yes. So that also extends in the other direction, right, where as we have some of these large programs slipping out, ensuring that our suppliers, our vendors are being flexible in delaying shipments and what have you -- and keeping it in their inventory instead of ours to help us manage working capital a little bit better. So we're looking for that flexibility in both directions, and we're behaving in a very flexible manner our customers are and thus far, our vendors are as well.

是的。因此，這也延伸到另一個方向，對吧，因為我們有一些大型項目正在退出，確保我們的供應商、我們的供應商能夠靈活地延遲發貨以及你擁有的東西- 並將其保留在他們的庫存中，而不是我們的目標是幫助我們更好地管理營運資金。因此，我們正在尋求雙向的靈活性，並且我們的行為方式非常靈活，我們的客戶如此，到目前為止，我們的供應商也是如此。

That's helpful context and actually dovetails quite nicely to my next question, which is around working capital. I think both you and Nipul mentioned, it's going to be a focus here moving forward. Just looking at the days sales outstanding in like 2019, 2020 relative to where it is today, it seems like days sales outstanding has increased quite a lot over that time period. I'm wondering if something has changed in the way you collect cash from your customers today relative to 2020, and if you have the ability to return to those historical levels across the board, not just receivables, but payables and inventory days, et cetera.

這是有用的背景，實際上與我的下一個問題（有關營運資金的問題）非常吻合。我想你和 Nipul 都提到過，這將成為未來的焦點。只要看看 2019 年、2020 年的應收賬款天數相對於今天的情況，似乎在那段時間內應收賬款天數增加了很多。我想知道與 2020 年相比，您現在向客戶收取現金的方式是否發生了變化，以及您是否有能力全面恢復到歷史水平，不僅是應收賬款，還包括應付賬款和庫存天數等。

Yes. The short-term answer is yes. But we feel we have the ability to get back to those cash in debt. In the short term right now with the supply chain as it is. I'll speak of DOIs versus in inventory. We've increased inventory in certain aspects in Q4 and into Q1 to ensure that, one, there's the costs are higher of inventory so there's inflation in that. But then also to buffer any supply chain issues, we've increased some safety stock to make sure we deliver on time. So we don't delay project builds. On the DSOs, there's a portion of that where -- as we were delivering items at the linearity of the deliveries kind of impacted the unbilled, which is items that we shipped and delivered, but not have gone into the billing cycle yet, that the unbilled has increased, which temporarily as our shipments are getting caught up here at the end of Q1. So we feel that will burn down here in Q2 and the balance of the year and get back toward our kind of historical DSOs and DOI as we burn down the inventory.

是的。短期答案是肯定的。但我們認為我們有能力收回這些債務現金。短期內，供應鏈仍保持現狀。我將討論 DOI 與庫存中的情況。我們在第四季度和第一季度的某些方面增加了庫存，以確保，第一，庫存成本較高，因此存在通貨膨脹。但為了緩衝任何供應鏈問題，我們增加了一些安全庫存，以確保我們按時交貨。所以我們不會延遲項目構建。在 DSO 上，有一部分原因是，當我們以交付的線性方式交付物品時，會影響未開票的物品，即我們已發貨和交付但尚未進入計費周期的物品，因此未開票數量有所增加，這是暫時的，因為我們的發貨量在第一季度末出現了增長。因此，我們認為，這將在第二季度和今年的剩餘時間內燃燒殆盡，並在我們燃燒庫存時回到我們的歷史 DSO 和 DOI。

That's very helpful. And if I could sneak maybe just 1 more in. Just going back to that question on the legacy Array guidance. That $1 billion compares to what you guys did last year at $850 million. I think last year, 97% was U.S.; this year, 90% is U.S. So if you adjust for higher ASPs, would volumes be -- in the U.S. be relatively flat year-over-year? Or would they be down year-over-year for your legacy Array U.S. business?

這非常有幫助。如果我能偷偷溜進去的話，也許再多加一個。回到遺留數組指南中的那個問題。這 10 億美元與你們去年的 8.5 億美元相比。我想去年，97%是美國；今年，90% 來自美國。因此，如果根據較高的平均售價進行調整，美國的銷量是否會與去年同期相對持平？或者您遺留的 Array 美國業務的業績是否會逐年下降？

Yes. When you look at that, we actually see that the volumes are slightly up in the U.S. business ex any increase due to pricing. So we've actually seen being it up with the $1 billion.

是的。當你看到這一點時，我們實際上發現美國業務的銷量略有上升（扣除由於定價而導致的任何增長）。所以我們實際上已經看到了 10 億美元的情況。

Our last question is from Donovan Schafer of Northland Capital Markets.

我們的最後一個問題來自 Northland Capital Markets 的 Donovan Schafer。

I want to follow up asking about kind of the self-performance or doing the EPC work, that's going in North America. One would just be, I think you mentioned that there was 1 other project. If you can give kind of a sense of size, it could be very rough if we're talking larger than 100 megawatts, more than 100 megawatts, something like that, just -- and if there's more beyond that and also outside the U.S.? Is this strictly a U.S. phenomenon where they were doing the outperformance because it's highly wage market, maybe the felt like had to prove it out and execute the labor on their own? Or is there something they also do in Brazil and in Europe?

我想跟進詢問有關北美正在進行的自我表現或 EPC 工作的情況。其中之一就是，我想您提到了還有另外一個項目。如果你能給出一種大小的感覺，如果我們談論的是大於 100 兆瓦、超過 100 兆瓦、類似的東西，那麼這可能會非常粗糙——如果還有更多，而且在美國之外？這是否嚴格來說是美國的一種現象，他們之所以表現出色，是因為這是一個高工資市場，也許他們覺得必須證明這一點並自己執行勞動力？或者他們在巴西和歐洲也做了什麼？

Yes. Donovan, it's Nipul. So the project is over 100 megawatts here in the U.S., the second project. And there's no other scheduled for the U.S. And we've assisted on that one considerably as far as ensuring the labor is at the product cost. And so we've helped them on that one. I think you have -- as I mentioned earlier on the call, it's not [all] for them, but they have projects, both in Brazil and in Spain as they sell or install themselves, but not by any stretch. A majority of their projects is a small portion of them, and we're evaluating that.

是的。多諾萬，我是尼普爾。所以這個項目是美國的第二個項目，發電量超過 100 兆瓦。美國沒有其他計劃，我們在這一計劃上提供了大量協助，以確保勞動力符合產品成本。所以我們在這方面為他們提供了幫助。我認為，正如我之前在電話會議上提到的，這並不是他們的全部，但他們在巴西和西班牙都有項目，他們自己出售或安裝，但不是任何延伸。他們的大部分項目只是其中的一小部分，我們正在評估這一點。

Okay. And then for the depreciation expense that was added with the STI and Norland acquisition, can you give us a sense of kind of what underlies that? Is that for capital equipment produced, tracker components? Is that -- the legacy amortization you guys have had with research and development where you're no longer doing that practice of amortizing it. So is this something where there will be -- it reflects CapEx that is likely to be happening and continuing? Or is this something that's just going to kind of run off? What's kind of underlying that depreciation?

好的。那麼對於收購 STI 和 Norland 所增加的折舊費用，您能否讓我們了解一下其背後的原因？是用於生產固定設備、跟踪器組件嗎？這就是——你們在研發方面所進行的遺留攤銷，而你們不再進行攤銷的做法。那麼，這是否會出現——它反映了可能發生並持續的資本支出？或者這只是某種即將消失的東西？貶值的背後是什麼？

Yes. Donovan, what you see there and what we said in the prepared remarks, is not depreciation, it's amortization related to the acquisition. And that's amortization related to -- primarily to backlog and customer lists. That's what makes up the $16.7 million predominantly.

是的。多諾萬，你在那裡看到的以及我們在準備好的評論中所說的不是折舊，而是與收購相關的攤銷。這是與主要與積壓訂單和客戶列表相關的攤銷。這就是 1670 萬美元的主要部分。

My apologize. One then last question, just in the interest of -- just sort of for my own sake, looking back, I know things have changed. But looking back at the Q2 and the Q3 deck from '21, you guys gave some helpful information around gross margins and how that would kind of be reversing. And then, of course, there was this accounting change that led to the delay in Q4, and that had some impact on gross margins. So I'm just curious if you could share for the first quarter in pretty rough terms what kind of a gross margin would it have been under the old methodology? Is that something where you pick up another 1%, 2%? I'm just trying to kind of recall that and use it based on what you say to kind of look back and how that compares with what you guys are saying about then. And again, I know things have changed. The whole environment has changed. But can you give me any indication of that?

我的道歉。最後一個問題，只是為了——只是為了我自己，回顧過去，我知道事情已經改變了。但回顧 21 年的第二季度和第三季度，你們提供了一些有關毛利率的有用信息以及毛利率將如何扭轉。當然，會計變更導致第四季度的延遲，這對毛利率產生了一些影響。因此，我只是好奇您是否可以粗略地分享一下，在舊方法下，第一季度的毛利率會是多少？那是你再拿1%、2%的東西嗎？我只是想回憶一下，並根據你所說的內容來回顧一下，以及與你們當時所說的進行比較。再一次，我知道事情已經改變了。整個環境都變了。但你能給我任何跡象嗎？

Donovan, we wouldn't have thought the margins would have changed in 2022 based on that accounting change. So the -- what we stated for the legacy Array business at 8.5% is where the margins are. So we feel good about that as a sequential growth as we were saying and we feel -- we also feel that in Q2 will continue that sequential margin growth. So we're staying on a trajectory of the Array business recovery and based on the processes we put in place.

Donovan，我們不會想到 2022 年的利潤率會因為會計變更而發生變化。因此，我們對傳統 Array 業務所說的 8.5% 就是利潤率所在。因此，正如我們所說，我們對連續增長感到滿意，我們也認為第二季度將繼續保持連續利潤增長。因此，我們將繼續遵循 Array 業務復甦的軌跡，並基於我們制定的流程。

And so if I'm hearing this right, you're saying they would have also been 8.5%, that would have also been the gross margin under the old methodology or you...

因此，如果我沒聽錯的話，您是說它們也將是 8.5%，這也是舊方法下的毛利率，或者您...

Yes.

是的。

Ladies and gentlemen, we have reached the end of the question-and-answer session. This concludes today's conference. Thank you for joining us. You may now disconnect your lines.

女士們、先生們，問答環節已經結束。今天的會議到此結束。感謝您加入我們。您現在可以斷開線路。