Enphase Energy Inc (ENPH) 2020 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. And welcome to the Enphase Energy's First Quarter 2020 Financial Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions) I would now like to hand the conference over to your speaker today, Adam Hinckley. Thank you. And please go ahead, sir.

女士們先生們，謝謝你們的支持。歡迎參加 Enphase Energy 2020 年第一季財務業績電話會議。 （操作員指示）請注意，今天的會議正在錄製中。 （操作員指示）我現在想將會議交給今天的演講者亞當·欣克利。謝謝。請繼續，先生。

Good afternoon. And thank you for joining us on today's conference call to discuss Enphase Energy's first quarter 2020 results. On today's call are Badri Kothandaraman, Enphase's President and Chief Executive Officer; Eric Branderiz, Chief Financial Officer; and Raghu Belur, Chief Products Officer.

午安.感謝您參加今天的電話會議，討論 Enphase Energy 2020 年第一季的業績。參加今天電話會議的有 Enphase 總裁兼執行長 Badri Kothandaraman；艾瑞克‧布蘭德里茲 (Eric Branderiz)，財務長；和 Raghu Belur，首席產品長。

After the market closed today, Enphase issued a press release announcing the results for its first quarter ended March 31, 2020. During this conference call, Enphase management will make forward-looking statements, including, but not limited to, statements related to Enphase Energy's expected future financial performance; the capabilities, launch and availability of our technology and products; our performance in sales and operations; and our expectations as to the impact of the COVID-19 pandemic.

今天收盤後，Enphase 發布新聞稿，宣布截至 2020 年 3 月 31 日的第一季業績。在本次電話會議中，Enphase 管理層將做出前瞻性聲明，包括但不限於與 Enphase Energy 相關的聲明預期的未來財務表現；我們的技術和產品的功能、發布和可用性；我們的銷售和營運業績；以及我們對 COVID-19 大流行影響的預期。

These forward-looking statements involve significant risks and uncertainties and Enphase Energy's actual results and the timing of events could differ materially from these expectations. For a more complete discussion of the risks and uncertainties, please see the company's annual report on Form 10-K for the year ended December 31, 2019, which is on file with the SEC, and quarterly report on Form 10-Q for the quarter ended March 31, 2020, which will be filed during the second quarter of 2020.

這些前瞻性陳述涉及重大風險和不確定性，Enphase Energy 的實際結果和事件發生的時間可能與這些預期有重大差異。有關風險和不確定性的更完整討論，請參閱公司向 SEC 備案的截至 2019 年 12 月 31 日的 10-K 表格年度報告以及該季度 10-Q 表格的季度報告截至2020年3月31日，將於2020年第二季提交。

Enphase Energy cautions you not to place any -- to place any undue reliance on forward-looking statements and undertakes no duty or obligation to update any forward-looking statements as a result of new information, future events or changes in its expectations. Also, please note that financial measures used on this call are expressed on a non-GAAP basis unless otherwise noted and have been adjusted to exclude certain charges. The company has provided a reconciliation of these non-GAAP financial measures to GAAP financial measures in its earnings release posted today, which can also be found in the Investor Relations section of its website.

Enphase Energy 提醒您不要過度依賴前瞻性陳述，並且不承擔因新資訊、未來事件或預期變更而更新任何前瞻性陳述的責任或義務。另請注意，除非另有說明，本次電話會議中使用的財務指標均以非公認會計原則為基礎，並已進行調整以排除某些費用。該公司在今天發布的收益報告中提供了這些非公認會計原則財務指標與公認會計原則財務指標的調節表，也可以在其網站的投資者關係部分找到。

Now I'd like to introduce Badri Kothandaraman, President and Chief Executive Officer of Enphase Energy. Badri?

現在我想介紹一下Enphase Energy公司總裁兼執行長Badri Kothandaraman。巴德里？

Good afternoon. And thanks for joining us today to discuss our first quarter 2020 financial results. I hope all of you are staying safe and healthy. We had a good quarter considering the COVID-19 pandemic. We reported revenue of $205.5 million and shipped approximately 2 million microinverters. I am very proud of the fact that our global teams did an excellent job navigating the manufacturing and logistics disruptions in China due to COVID-19 in order to ensure on-time customer deliveries.

午安.感謝您今天加入我們討論我們 2020 年第一季的財務表現。我希望你們所有人都保持安全和健康。考慮到 COVID-19 大流行，我們度過了一個不錯的季度。我們報告的收入為 2.055 億美元，出貨量約為 200 萬個微型逆變器。我感到非常自豪的是，我們的全球團隊在應對新冠肺炎 (COVID-19) 造成的中國製造和物流中斷方面表現出色，以確保按時向客戶交貨。

We reached an all-time record for gross margin, driven by both disciplined pricing and cost management. We exited the first quarter at approximately 40%, 14% and 26%, outperforming our baseline financial model. This means 40% gross margin, 14% operating expenses, 26% operating income, all as a percentage of revenue on a non-GAAP basis. As a reminder, our target baseline financial model is 35%, 15%, 20%.

在嚴格的定價和成本管理的推動下，我們的毛利率創下了歷史新高。第一季我們的回報率約為 40%、14% 和 26%，優於我們的基準財務模型。這意味著 40% 的毛利率、14% 的營運費用、26% 的營運收入，所有這些都以非 GAAP 基準計算佔收入的百分比。提醒一下，我們的目標基準財務模型是 35%、15%、20%。

When we last spoke in middle of February, the general concern was primarily around supply disruptions in China due to COVID-19. At that time, our teams were on top of the situation on a daily basis and managed the situation very well. The demand in the U.S. remained strong through early March as distributors wanted to ensure they had adequate inventory. We were seeing excellent bookings for Q2 at that time, and we're poised to rebound well from a seasonally soft Q1.

當我們上次在 2 月中旬發表演說時，普遍的擔憂主要是由於 COVID-19 導致中國的供應中斷。當時，我們的團隊每天都掌握著局勢，並且很好地控制了局勢。直到 3 月初，美國的需求仍然強勁，因為經銷商希望確保擁有充足的庫存。當時我們看到第二季的預訂量非常好，我們準備好從季節性疲軟的第一季中大幅反彈。

However, since early March, the spread of the pandemic worldwide has resulted in a significant downward pressure on worldwide demand due to current shelter-in-place restrictions. Even though solar installations have been allowed as essential services in some locations, the ability to generate new sales has been hindered due to social distancing and economic uncertainty. I'll give you more color on the regions later in the call.

然而，自3月初以來，疫情在全球蔓延，由於目前的就地避難限制，導致全球需求面臨顯著下行壓力。儘管太陽能裝置在某些地方已被允許作為基本服務，但由於社會距離和經濟不確定性，產生新銷售的能力受到阻礙。我將在稍後的電話會議中為您提供有關這些區域的更多資訊。

Let's now talk about how we are servicing customers in these times. I'm very happy to report that our customer service -- the customer service personnel in all 4 worldwide locations, U.S., Europe, India and Australia, are fully supporting our installers and homeowners while working from home. We have not missed a beat in supporting them as all our systems are cloud-based. I'm particularly pleased that our Q1 Net Promoter Score in North America was 72% compared to 56% in Q4.

現在讓我們談談我們在這個時期如何為客戶提供服務。我很高興地向大家報告，我們的客戶服務——全球 4 個地點（美國、歐洲、印度和澳洲）的客戶服務人員正在全力支持我們的安裝人員和房主在家工作。我們不遺餘力地支持他們，因為我們所有的系統都是基於雲端的。我特別高興的是，我們第一季北美的淨推薦值達到了 72%，而第四季為 56%。

This dramatic quarter-over-quarter improvement was a result of many initiatives such as retraining our agents, matching our fan sites to active installers for better servicing and improving our tools, processes and systems. Our average call wait time increased slightly in Q1 to approximately 90 seconds. We have taken corrective actions, such as optimizing customer notifications from our Enlighten Cloud, enhancing self-service and chat capabilities to reduce call volumes and lower our wait times to 60 seconds or less.

這種顯著的季度環比改善是許多舉措的結果，例如重新培訓我們的代理商、將我們的粉絲網站與活躍的安裝人員相匹配，以提供更好的服務以及改進我們的工具、流程和系統。我們的平均呼叫等待時間在第一季略有增加，達到約 90 秒。我們已採取糾正措施，例如優化來自 Enlighten Cloud 的客戶通知、增強自助服務和聊天功能，以減少通話量並將等待時間縮短至 60 秒或更短。

In addition, we are working regularly on continuous improvement to the Enlighten mobile app for homeowners as well as installers. We are also very pleased towards the momentum of the Enphase online store in the U.S., which now has got many of our latest products, including IQ 7-based AC modules available for sale. I want to spend a couple of minutes on quality. We made excellent progress in 2019, dropping our IQ 7 defects by 1/3 and getting closer to our 0.05% annual failure rate target.

此外，我們也定期為房主和安裝人員不斷改進 Enlighten 行動應用程式。我們也對美國 Enphase 線上商店的勢頭感到非常高興，該商店現在有我們的許多最新產品，包括可供銷售的基於 IQ 7 的交流模組。我想花幾分鐘討論品質。我們在 2019 年取得了巨大進步，將 IQ 7 缺陷減少了 1/3，並更接近我們 0.05% 的年度故障率目標。

Our always-on connectivity strategy, combined with our semiconductor and software-defined architecture, along with a deep problem-solving methodology, were instrumental in making this happen. While we plan to continue these actions aggressively in 2020, we have started focusing on storage as well. For example, our quality teams have been intimately involved in the design and reliability of our Encharge storage system from Day 1. We believe that designing in quality and reliability upfront will improve our top line due to better customer experience and bolster gross margins due to warranty expense reductions in the long term.

我們始終在線的連接策略，與我們的半導體和軟體定義架構相結合，以及深入的問題解決方法，有助於實現這一目標。雖然我們計劃在 2020 年積極繼續這些行動，但我們也開始專注於儲存。例如，我們的品質團隊從第一天起就密切參與Encharge 儲存系統的設計和可靠性。我們相信，預先設計品質和可靠性將改善我們的營收，帶來更好的客戶體驗，並提高保固帶來的毛利率從長遠來看，費用減少。

Let's now turn our attention to Mexico contract manufacturing facility that continues to ramp nicely for us. The facility has been deemed essential and has not experienced any significant production disruptions till date. We manufactured more than 700,000 IQ 7 microinverters in Mexico during Q1 and exited the quarter at a weekly run rate of more than 70,000 units. We feel very confident in the ability to produce over 1 million units by Q4 '20, if justified by product demand.

現在讓我們將注意力轉向墨西哥合約製造工廠，該工廠繼續為我們帶來良好的發展。該設施被認為是必不可少的，迄今為止尚未經歷任何重大生產中斷。第一季度，我們在墨西哥生產了超過 70 萬台 IQ 7 微型逆變器，本季結束時，每週的速度超過 7 萬台。如果產品需求合理的話，我們對 20 年第 4 季生產超過 100 萬台的能力非常有信心。

Let's touch upon overall inventory management. Given the reduced demand situation in Q2 of '20, we are working very closely with our contract manufacturing partners to optimize our inventory builds, both in China and Mexico. Maintaining a tight lid on inventory is very critical for us, especially in times like this. However, it is important to note we are not compromising one bit on our Encharge storage ramp and are executing on all the necessary builds there.

讓我們談談整體庫存管理。鑑於 20 年第二季的需求減少，我們正在與合約製造合作夥伴密切合作，以優化我們在中國和墨西哥的庫存建設。嚴格控制庫存對我們來說非常重要，尤其是在這樣的時期。然而，值得注意的是，我們不會在 Encharge 儲存斜坡上做出任何妥協，並且正在那裡執行所有必要的建造。

Moving on to the regions. Our U.S. and international mix for Q1 was 84% and 16%, respectively, excluding safe harbor revenue. Europe, Asia Pacific and Latin America all demonstrated sequential growth in Q1 compared to the U.S. that had a slight seasonal decline in Q1. We continue to make solid progress in acquiring new installers and growing our U.S. business in Q1.

繼續到各地區。第一季我們的美國和國際組合分別為 84% 和 16%，不包括安全港收入。歐洲、亞太地區和拉丁美洲第一季均較上季成長，而美國第一季略有季節性下降。第一季度，我們在獲取新安裝商和發展美國業務方面繼續取得紮實進展。

As a result, we have seen a strong increase in sell-through from our distributors to installers by approximately 37% over the last 6 months ending March. Recent installer wins include Petersen-Dean, Amicus Solar, RSI Energy and a whole bunch of small and medium-sized installers. A number of these new installers also plan to offer storage, in addition to solar. We are excited about bringing them on board and look forward to ramping the business with them as COVID-19 subsides. In the U.S., we are hearing industry reports of a 30% to 50% drop in residential installations in April. Some states like New York and California are experiencing even bigger drops.

因此，截至 3 月的過去 6 個月裡，我們的經銷商向安裝商的銷售量強勁增長了約 37%。最近贏得的安裝商包括 Petersen-Dean、Amicus Solar、RSI Energy 和一大堆中小型安裝商。除了太陽能之外，許多新安裝商還計劃提供儲存服務。我們很高興能邀請他們加入，並期待隨著 COVID-19 的消退，與他們一起擴大業務。在美國，我們聽到業界報告稱 4 月住宅安裝量下降了 30% 至 50%。紐約和加州等一些州的跌幅甚至更大。

With the near-term demand disruptions in the industry, we are taking all necessary actions to keep our channel inventory in check. With the lower sell-through in April, we are working with -- closely with installers and distributors to optimize their existing inventory. We believe that this will result in a healthier organic pattern when installer sales activities pick up after restrictions on shelter-in-place are relaxed. While the short-term is painful and uncertain, we see a few long-term benefits for Enphase and the solar industry.

由於產業近期需求中斷，我們正在採取一切必要措施來控制通路庫存。由於四月份的銷售量較低，我們正在與安裝商和分銷商密切合作，以優化他們的現有庫存。我們相信，當就地避難的限制放寬後，安裝商銷售活動回升時，這將帶來更健康的有機模式。雖然短期是痛苦且不確定的，但我們看到 Enphase 和太陽能產業的一些長期好處。

Let's talk about the first one. For example, San Luis Obispo County in California introduced electronic permitting for microinverter-based PV systems in early April 2020. We are pleased that the building department recognizes the safety advantages of our AC architecture. The second benefit is installers are rapidly adapting to the COVID-19 challenge by embracing virtual selling using digital tools. This is going to be a major trend in the future. Third, we also believe that the pandemic will bring self-sufficiency to the forefront of the homeowners' mind, particularly around energy storage. And we are in a great position to service homeowners, especially as our high-quality solar and storage solutions can help them save money during difficult economic times as well as providing energy security.

我們先來談談第一點。例如，加州聖路易斯奧比斯波縣於 2020 年 4 月初推出了基於微型逆變器的光伏系統的電子許可。我們很高興建築部門認識到我們交流架構的安全優勢。第二個好處是安裝商正在透過使用數位工具進行虛擬銷售來快速適應 COVID-19 的挑戰。這將是未來的一個大趨勢。第三，我們也相信，疫情將使自給自足成為房主最關心的問題，特別是在能源儲存方面。我們處於為房主提供服務的有利位置，特別是因為我們的高品質太陽能和儲存解決方案可以幫助他們在經濟困難時期節省資金並提供能源安全。

Now let's talk about Europe. Europe, we made nice progress in Q1, more than doubling the revenue from Q4. As previously discussed, we have tripled our sales force in that region, and we are working diligently with installers and distributors while leveraging our high quality and customer service. We are excited by the opportunities in Netherlands, Spain, Germany and Belgium. We also have a couple of AC module solutions that provide us with added differentiation. In fact, we expect Q2 sales to be in line with Q1 despite the pandemic, reflecting the nice progress we are making. We previously indicated that our goal this year was to double sales in Europe from the prior year. It's going to be a little bit difficult given the pandemic, but we have not given up on it yet.

現在我們來談談歐洲。歐洲，我們在第一季取得了不錯的進展，營收比第四季增加了一倍以上。正如前面所討論的，我們在該地區的銷售隊伍增加了兩倍，我們正在與安裝商和分銷商努力合作，同時利用我們的高品質和客戶服務。我們對荷蘭、西班牙、德國和比利時的機會感到興奮。我們還有一些交流模組解決方案，為我們提供了額外的差異化優勢。事實上，儘管發生了大流行，我們預計第二季的銷售額將與第一季保持一致，這反映出我們正在取得的良好進展。我們之前曾表示，今年的目標是將歐洲的銷售額比去年翻倍。考慮到疫情，這會有點困難，但我們還沒有放棄。

Both Asia Pacific and Latin America demonstrated revenue increases compared to Q4. In Australia, we secured RACV, the equivalent of AAA in the United States, with 2.2 million members as the new landmark customer.

與第四季相比，亞太地區和拉丁美洲的營收均有所成長。在澳大利亞，我們獲得了RACV，相當於美國的AAA，擁有220萬會員，成為新的里程碑客戶。

We also introduced a partnership with Rexel to expand our Australian solar distribution network. Again, our strategy here is pretty simple. Focus on the basics, like increasing installer visits and training and promoting high-quality safe AC. We do expect a slowdown in this region in Q2 due to the pandemic, but with our solid growth initiatives and the talented team in place, we believe we are well positioned to grow for the long term.

我們還與 Rexel 建立了合作夥伴關係，以擴大我們的澳洲太陽能分銷網絡。同樣，我們的策略非常簡單。注重基礎知識，例如增加安裝人員的拜訪和培訓以及推廣高品質的安全空調。我們確實預計第二季度該地區的經濟成長會因疫情而放緩，但憑藉我們穩健的成長計劃和優秀的團隊，我們相信我們已做好長期成長的準備。

In Latin America, our Q1 revenue sharply increased, primarily due to sales of our IQ 7 microinverters in Puerto Rico. We expect to make a lot more strides in this region with our Encharge storage product, which is coming soon.

在拉丁美洲，我們第一季的營收大幅成長，主要得益於我們在波多黎各銷售的 IQ 7 微型逆變器。我們希望透過即將推出的 Encharge 儲存產品在該地區取得更大的進步。

Let's now turn to new products. I want to talk a little bit about how our engineers are doing. Despite the restrictions imposed by the lockdowns, our engineers have been working very hard to find ways to accelerate development, automate testing efforts and implement remote debugging. In the U.S., we are in complete lockdown with the exception of very few engineers to support essential business activities or minimum basic operations. In New Zealand, the government imposed a complete lockdown and just allowed partial opening of offices in the last week of April. In India, a handful of engineers were able to get permission from the local authorities to do essential works.

現在讓我們轉向新產品。我想談談我們的工程師的工作情況。儘管受到封鎖的限制，我們的工程師一直在努力尋找加速開發、自動化測試工作和實施遠端除錯的方法。在美國，除了極少數工程師支援基本業務活動或最低限度的基本營運外，我們處於完全封鎖狀態。在新西蘭，政府實施了全面封鎖，並在四月最後一周僅允許部分辦事處開放。在印度，少數工程師能夠獲得地方當局的許可來進行重要的工作。

We acknowledge the effort from all of our employees for their tremendous dedication to Enphase in these times. I'm really proud of them. Nevertheless, the shelter-in-place rules implemented in March impacted our overall engineering activities such as testing and compliance of our Encharge battery storage system. As a result, we were unable to ship beta units before the end of the quarter, first quarter, as we originally planned. As of now, all testing is complete, and we expect to start shipping beta units to installers shortly.

我們感謝所有員工在這段時期對 Enphase 的巨大奉獻。我真的為他們感到驕傲。儘管如此，三月實施的就地避難規則影響了我們的整體工程活動，例如 Encharge 電池儲存系統的測試和合規性。因此，我們無法按照原計劃在第一季末之前交付測試版設備。截至目前，所有測試均已完成，我們預計很快就會開始向安裝人員運送測試版單元。

Barring any further impact from COVID, we do expect to have meaningful revenue in Q2 from production shipments of our Encharge battery storage systems. Installer training is critical for Encharge's success. We trained 654 people at our Fremont headquarters in Q1 and were limited in being able to drain more due to shelter-in-place routes. We are switching over to online training in the coming weeks. And after completing all course work online, installers will receive provisional certification and will have a video inspection of their first install by an Enphase field application engineer. We believe this process adequately ensures the skill verification that we require of our certified installers.

除非受到新冠疫情的進一步影響，我們預計第二季 Encharge 電池儲存系統的生產出貨量將帶來可觀的收入。安裝人員培訓對於 Encharge 的成功至關重要。第一季度，我們在弗里蒙特總部培訓了 654 名人員，但由於就地避難路線，我們的培訓能力受到限制。我們將在未來幾週內轉向線上培訓。在線上完成所有課程後，安裝人員將獲得臨時認證，並由 Enphase 現場應用工程師對首次安裝進行視訊檢查。我們相信這個過程足以確保我們對認證安裝人員的技能驗證。

As I mentioned in my recent letter to shareholders, new products are the lifeblood of Enphase. The IQ 7 family of products has put us in a very solid position today. We have an incredible product lineup awaiting us. First, we are committed to launching IQ 8, the grid-agnostic microinverter for residential rooftops, which will add even more differentiation on top of IQ 7. Second, our small commercial offering, IQ 8D, the 640-watt AC microinverter for 2 panels, is coming along well. We expect this product to provide high-quality rapid shutdown compliance in addition to outstanding CEC efficiency of 97.5%. Third, we are adapting the Ensemble-In-A-Box product we announced at our 2019 Analyst Day, and expect to introduce it initially for the U.S., followed by India. This product will be portable with a battery capacity of 1.7 kilowatt hour, providing energy security inside the home as well as energy on-the-go for outdoor activities such as camping. The battery can be directly charged from the grid or from portable solar panels, depending on whether the product is used indoors or outdoors. The product will have our trademark characteristics, high-quality, always-on connectivity and exceptional customer experience. We are looking forward to introducing the product later this year.

正如我在最近給股東的信中提到的，新產品是 Enphase 的命脈。今天，IQ 7 系列產品使我們處於非常穩固的地位。我們有令人難以置信的產品陣容等著我們。首先，我們致力於推出IQ 8，這是一款適用於住宅屋頂的與電網無關的微型逆變器，這將在IQ 7 的基礎上增加更多差異化。其次，我們的小型商業產品IQ 8D ，這是用於2 個面板的640 瓦交流微型逆變器，進展順利。我們預計該產品除了具有 97.5% 的出色 CEC 效率之外，還能夠提供高品質的快速關斷合規性。第三，我們正在調整我們在 2019 年分析師日宣布的 Ensemble-In-A-Box 產品，並預計首先在美國推出，然後是印度。該產品為便攜式產品，電池容量為1.7千瓦時，可為家庭提供能源安全，並為露營等戶外活動提供移動能源。電池可以直接從電網或便攜式太陽能板充電，具體取決於產品是在室內還是室外使用。該產品將具有我們的商標特徵、高品質、始終在線的連接性和卓越的客戶體驗。我們期待在今年稍後推出該產品。

Let me talk about another big initiative we are embarking on: digital transformation. Today, we are engaged digitally with our installed base of more than 1.1 million sites through the Enlighten mobile and desktop applications, putting us in a unique position to understand our customers' energy needs well. Similarly, we work very closely with a few thousand installers and engage with them through the mobile app, training workshops, customer visitations and installer newsletters. We want to create an incredible experience for both installers and homeowners by developing a comprehensive digital platform.

我來談談我們正在著手的另一個重大舉措：數位轉型。如今，我們透過 Enlighten 行動和桌面應用程式與超過 110 萬個站點的安裝基礎進行數位化合作，使我們處於獨特的地位，可以很好地了解客戶的能源需求。同樣，我們與數千名安裝人員密切合作，並透過行動應用程式、培訓研討會、客戶拜訪和安裝人員通訊與他們互動。我們希望透過開發全面的數位平台為安裝人員和房主創造令人難以置信的體驗。

It is our desire that both existing and new homeowners come on to our platform, are seamlessly connected to our great installer network and have an efficient interaction all the way through installation, activation and O&M, which stands for operations and maintenance. It is our vision that when done right, this platform will serve as a powerful catalyst, accelerating our solar and storage sales.

我們希望現有的和新的房主都進入我們的平台，無縫連接到我們強大的安裝人員網絡，並在安裝、激活和 O&M（運營和維護）的整個過程中進行高效的互動。我們的願景是，如果做得好，該平台將成為強大的催化劑，加速我們的太陽能和儲存銷售。

In order to build such a powerful platform, we are planning to create several tools for the installers to make the entire installation process a lot more efficient. This involves building software expertise, both organically as well as inorganically. We expect to make significant progress on this front in 2020.

為了建立如此強大的平台，我們計劃為安裝人員創建多種工具，以使整個安裝過程更有效率。這涉及到有機和無機地建立軟體專業知識。我們預計 2020 年將在這方面取得重大進展。

Although there is short-term uncertainty due to COVID-19, we have tremendous confidence in the strength of our business in the long term. Our supply chain is flexible and resilient, aided by our strong contract manufacturing partners. We are laser-focused on operational excellence and customer experience.

儘管由於 COVID-19 存在短期不確定性，但我們對長期業務實力充滿信心。在我們強大的合約製造合作夥伴的幫助下，我們的供應鏈靈活且富有彈性。我們專注於卓越營運和客戶體驗。

We have a very strong balance sheet with additional cash from the recent convertible debt offering and good cash flow generation capability. Our strategy is to manage current circumstances by investing in innovation and creating new products with unmatched value based on our 3 pillars of differentiation: semiconductors, software and Ensemble.

我們擁有非常強大的資產負債表，透過最近的可轉換債券發行獲得了額外的現金，並且具有良好的現金流產生能力。我們的策略是透過投資創新和基於我們的三大差異化支柱（半導體、軟體和 Ensemble）創造具有無與倫比價值的新產品來管理當前局勢。

In summary, we are pleased with the results of the first quarter considering COVID-19 pandemic. We extend our deepest sympathy to those impacted by this pandemic. While it is impossible to know how the crisis is going to unfold, our top most priority is to ensure the health and safety of our employees, customers and partners. We will also do whatever possible to ensure uninterrupted supply and support of our high-quality products to our customers and partners.

總之，考慮到 COVID-19 大流行，我們對第一季的業績感到滿意。我們向受這場流行病影響的人們致以最深切的同情。雖然不可能知道危機將如何發展，但我們的首要任務是確保員工、客戶和合作夥伴的健康和安全。我們也將盡一切可能確保為我們的客戶和合作夥伴不間斷地供應和支援我們的高品質產品。

With that, I will hand things over to Eric for his review of our finances. Eric?

這樣，我將把事情交給艾瑞克，讓他審查我們的財務狀況。艾瑞克？

Thanks, Badri. I will provide more details related to our first quarter of 2020 financial results as well as our business outlook for the second quarter of 2020. We have provided reconciliation of these non-GAAP to GAAP financial measures in our earnings release posted today, which can also be found in the Investor Relations section of our website.

謝謝，巴德里。我將提供與我們2020 年第一季財務業績以及2020 年第二季業務前景相關的更多詳細資訊。我們在今天發布的收益報告中提供了這些非GAAP 與GAAP 財務指標的調節表，這也可以在我們網站的投資者關係部分找到。

Total revenue for the first quarter of 2020 was $205.5 million, including approximately $44.5 million of safe harbor revenue. Total revenue for the first quarter of 2020 decreased 2% sequentially and increased 105% year-over-year. Excluding safe harbor revenue, first quarter revenue decreased 7% sequentially and increased 61% year-over-year. We are pleased with these results considering the typical industry seasonality in the first quarter and the supply chain disruption in China from COVID-19 pandemic.

2020 年第一季的總收入為 2.055 億美元，其中包括約 4,450 萬美元的安全港收入。 2020年第一季總營收季減2%，年增105%。不包括安全港收入，第一季營收季減 7%，年增 61%。考慮到第一季的典型產業季節性以及 COVID-19 大流行對中國供應鏈的干擾，我們對這些結果感到滿意。

We shipped approximately 643 megawatts DC in the first quarter of 2020. Non-GAAP gross margin for the first quarter of 2020 was 39.5% compared to 37.3% for the fourth quarter of 2019. The sequential improvement resulted from our continuous focus on pricing management and cost-reduction initiatives. Non-GAAP operating expenses were $28.5 million for the third quarter of 2020 compared to $26.1 million for the fourth quarter of 2019. The sequential increase was primarily driven by the hiring of sales personnel in Europe and higher payroll taxes related to equity vesting. A significant portion of expected operating expenses for 2020 has been allocated to sell some marketing to support our international growth, and to research and development for both hardware and software innovation as well as the expansion of our digital platform.

我們在2020 年第一季的直流出貨量約為643 兆瓦。2020 年第一季的非GAAP 毛利率為39.5%，而2019 年第四季為37.3%。連續的改善源自於我們持續關注定價管理和降低成本的措施。 2020 年第三季非公認會計準則營運費用為 2,850 萬美元，而 2019 年第四季為 2,610 萬美元。環比成長主要是由於在歐洲僱用銷售人員以及與股權歸屬相關的工資稅上漲。 2020 年預計營運費用的很大一部分已分配用於銷售一些行銷產品以支援我們的國際成長、硬體和軟體創新的研發以及數位平台的擴展。

GAAP operating expenses were $36 million for the first quarter of 2020 compared to $33.4 million for the fourth quarter of 2019. GAAP operating expenses for the first quarter of 2020, including $6.9 million of stock-based compensation expenses and $546,000 for amortization expenses for acquired intangible assets. On a non-GAAP basis, income from operations was $52.8 million for the first quarter of 2020, a record for the company compared to $52.3 million for the fourth quarter of 2019.

2020 年第一季的GAAP 營運費用為3,600 萬美元，而2019 年第四季的GAAP 營運費用為3,340 萬美元。2020 年第一季的GAAP 營運費用包括690 萬美元的股票補償費用和546,000 美元的收購無形資產攤銷費用資產。以非公認會計準則計算，2020 年第一季的營運收入為 5,280 萬美元，創下該公司的記錄，而 2019 年第四季的營運收入為 5,230 萬美元。

On a GAAP basis, income from operation was $44.7 million for the first quarter of 2020. We are pleased with the increase in non-GAAP income from operation on a sequential basis despite the modest seasonal decline in revenue. On a non-GAAP basis, net income for the first quarter of 2020 was $51.9 million, basically unchanged from the fourth quarter of 2019. This resulted in diluted earnings per share of $0.38 for the first quarter of 2020 compared to $0.39 for the fourth quarter of 2019.

以 GAAP 計算，2020 年第一季的營運收入為 4,470 萬美元。儘管收入略有季節性下降，但我們對非 GAAP 營運收入環比增長感到滿意。以非公認會計原則計算，2020年第一季淨利為5,190萬美元，與2019年第四季基本持平。這導致2020年第一季攤薄後每股收益為0.38美元，而第四季為0.39美元2019 年。

GAAP net income for the first quarter of 2020 was $69 million compared to $116.7 million for the fourth quarter of 2019. GAAP net income in the first quarter of 2020 included $15.3 million benefit from changes in fair value of derivatives and an $11.9 million income tax benefit compared to the prior quarter that included $72.2 million tax benefit for the release of a valuation allowance against deferred tax assets.

2020 年第一季的GAAP 淨利為6,900 萬美元，而2019 年第四季的GAAP 淨利為1.167 億美元。2020 年第一季的GAAP 淨利包括衍生性商品公允價值變動帶來的1,530 萬美元收益和1,190 萬美元所得稅收益與上一季相比，其中包括釋放遞延稅資產估值備抵的 7,220 萬美元稅收優惠。

GAAP diluted earnings per share was $0.50 for the first quarter of 2020 compared to $0.88 for the fourth quarter of 2019. GAAP earnings per share for the first quarter of 2020 included an $0.11 gain from change in fair value of derivatives and a $0.09 income tax benefit compared to the fourth quarter of 2019, which included a $0.54 noncash benefit from the release of the valuation allowance.

2020 年第一季以GAAP 計算的攤薄每股收益為0.50 美元，而2019 年第四季為0.88 美元。2020 年第一季的GAAP 每股收益包括衍生性商品公允價值變動帶來的0.11 美元收益和0.09 美元的所得稅優惠與 2019 年第四季相比，其中包括因釋放估價準備金而帶來的 0.54 美元非現金收益。

Now turning to the balance sheet. Inventory was $34.6 million at the end of Q1 2020 and including approximately $3 million allocated to Encharge battery storage product. Inventory at the end of Q4 2019 was $32.1 million. Accounts receivable were $95.5 million at the end of Q1 2020 compared to $145.4 million at the end of Q4 2019. The reduction was primarily due to safe harbor shipments in Q1 2020 having been prepaid in Q4 2019 and improved shipment linearity in the first quarter of 2020. We exited the first quarter of 2020 with a total cash balance of $593.8 million compared to $296.1 million for the fourth quarter of 2019. The cash balance includes a $320 million aggregate principal convertible notes issuance in March that resulted in net proceeds of $313 million.

現在轉向資產負債表。截至 2020 年第一季末，庫存為 3,460 萬美元，其中包括分配給 Encharge 電池儲存產品的約 300 萬美元。 2019 年第四季末的庫存為 3,210 萬美元。 2020 年第一季末的應收帳款為9,550 萬美元，而2019 年第四季末的應收帳款為1.454 億美元。減少的主要原因是2020 年第一季的安全港出貨已於2019 年第四季預付，以及2020 年第一季的出貨線性度有所改善2020 年第一季結束時，我們的現金餘額總額為5.938 億美元，而2019 年第四季為2.961 億美元。現金餘額包括3 月發行的本金總額為3.2 億美元的可轉換票據，最終淨收益為3.13 億美元。

In addition, the purchase of the coal spread to increase the effective conversion premium to 100% had an additional net cost of $17.5 million. The tax deductibility of the convertible note hedge effectively offsets the upfront net cost over 5 -- over the 5-year duration of the notes. The cash balance in the fourth -- in the quarter was reduced by $34.3 million for employees' withholding taxes to net civil stock compensation grant divested in the first quarter of 2020. This prevented the issuance of 938,000 shares and does not count toward the $200 million share repurchase authorization that I will discuss in a moment.

此外，購買煤炭價差以將有效轉換溢價提高至 100%，額外淨成本為 1,750 萬美元。可轉換票據對沖的稅收減免有效地抵消了超過5年的前期淨成本——在票據的5年期限內。第四季的現金餘額因員工預扣稅減少了 3,430 萬美元，以抵銷 2020 年第一季剝離的民事股票補償補助淨額。這阻止了 938,000 股股票的發行，並且不計入 2 億美元我稍後將討論股票回購授權。

Ending cash balance will have been $628.1 million instead of $593.8 million if we did not execute on this antidiluted transaction. We generated $39.2 million in cash flow from operations and $35.9 million in adjusted free cash flow for the first quarter of 2020. Capital expenditure was $3.4 million for Q1 2020, mainly to increase our microinverter supply capacity in Mexico and Encharge battery capacity to support our ramp in Q2.

如果我們不執行這項反稀釋交易，期末現金餘額將為 6.281 億美元，而不是 5.938 億美元。 2020 年第一季度，我們的營運現金流為3,920 萬美元，調整後自由現金流為3,590 萬美元。2020 年第一季的資本支出為340 萬美元，主要用於增加我們在墨西哥的微型逆變器供應能力和Encharge 電池產能，以支援我們的產能提昇在第二季。

Now let's discuss our outlook for the second quarter of 2020. We expect our revenue for the second quarter of 2020 to be within a range of $115 million to $130 million. Turning to margins. We expect GAAP and non-GAAP gross margin to be within a range of 37% to 40%. We expect our GAAP operating expenses to be within a range of $33 million to $35 million, including a total of approximately $7.5 million estimated for stock-based compensation expenses and acquisition-related amortization. We expect non-GAAP operating expenses to be within a range of $25.5 to $27.5 million. The actual operating expense as a percentage of revenue will be above our target baseline financial model in the near term, but we expect to trend towards this model as demand rebounds later in the year.

現在讓我們討論一下我們對 2020 年第二季的展望。我們預計 2020 年第二季的營收將在 1.15 億美元至 1.3 億美元之間。轉向邊緣。我們預計 GAAP 和非 GAAP 毛利率將在 37% 至 40% 的範圍內。我們預計我們的 GAAP 營運費用將在 3,300 萬美元至 3,500 萬美元之間，其中包括總計約 750 萬美元的股票補償費用和收購相關攤銷。我們預計非 GAAP 營運費用將在 2550 至 2750 萬美元之間。實際營運費用佔收入的百分比將在短期內高於我們的目標基準財務模型，但我們預計隨著今年稍後需求反彈，我們將趨向於這種模型。

I would like to spend a few minutes discussing the resiliency of our business model, considering the current economic backdrop. Our outsourced manufacturing model results in low fixed cost of goods sold, and we have no material minimum volume commitments or take-or-pay provisions with our contract manufacturers or critical vendors. We pay slightly more per unit when volumes decline, and we are working with our contract manufacturers and supplier to navigate through these unique circumstances.

考慮到當前的經濟背景，我想花幾分鐘討論我們商業模式的彈性。我們的外包製造模式導致銷售商品的固定成本較低，並且我們與合約製造商或關鍵供應商沒有實質的最低數量承諾或照付不議的條款。當銷售量下降時，我們每單位支付的費用會略高，並且我們正在與合約製造商和供應商合作，以應對這些獨特的情況。

Based on the gross margin guidance for Q2, it should be clear that these higher cost do not materially affect our gross margin. Then it becomes up to us to control operating expenses in the near term by restricting new hires to essential or strategic positions, deferring travel and discretionary spending actions.

根據第二季的毛利率指引，很明顯，這些較高的成本不會對我們的毛利率產生重大影響。然後，我們需要透過將新員工限制在重要或策略職位、延遲旅行和可自由支配的支出行動來控制近期的營運支出。

We have built a talented global team of employees. We seek to retain and are not reducing any headcount at this time. It is important to note that we are doubling down on our new products and want to introduce them faster. We believe this will enhance our differentiation, making us emerge even stronger after the global economic -- economy gets back on track.

我們建立了一支才華洋溢的全球員工團隊。我們目前尋求保留並且不會減少任何員工人數。值得注意的是，我們正在加倍努力開發新產品，並希望更快推出它們。我們相信，這將增強我們的差異化，使我們在全球經濟重回正軌後變得更強大。

Before turning the call over for questions, I would like to touch on one of our capital allocation strategies. On April 21, our Board of Directors authorized the repurchase of up to $200 million of Enphase Energy common stock to minimize shareholder dilution related to employee equity issuances. The purchases will be completed from time to time in the open market or through structured repurchase agreement with third parties. Such purchases are expected to continue through March 2022, unless otherwise extended or shortened by our Board of Directors. This adds another tool for our toolkit to increase shareholder value when management believes the market value of the stock deviates materially below the conservatively calculated intrinsic value.

在轉交提問之前，我想先談談我們的一項資本配置策略。 4 月 21 日，我們的董事會授權回購最多 2 億美元的 Enphase Energy 普通股，以最大限度地減少與員工股權發行相關的股東稀釋。購買將不時在公開市場或透過與第三方的結構性回購協議完成。除非我們的董事會另行延長或縮短，否則此類購買預計將持續到 2022 年 3 月。當管理階層認為股票的市場價值大幅低於保守計算的內在價值時，這為我們的工具包增加了另一個增加股東價值的工具。

With that, I will now open the line for questions.

現在，我將開通提問熱線。

(Operator Instructions) Our first question comes from the line of Brad Meikle with Williams Trading.

（操作員說明）我們的第一個問題來自 Williams Trading 的 Brad Meikle。

I had 2 main questions. If you could talk about the change in demand patterns that you've seen across different countries in Europe and also the different states in the U.S., that would be great. And then also, secondly, have you seen any supply interruptions? And can you talk about your timing of your new products and that to be -- start shipping in the second half, namely the IQ 8, the rooftop and the Ensemble storage?

我有兩個主要問題。如果您能談談您在歐洲不同國家以及美國不同州看到的需求模式的變化，那就太好了。其次，您是否看到任何供應中斷？您能否談談您的新產品以及下半年開始發貨的時間安排，即 IQ 8、屋頂和 Ensemble 存儲？

Right. So with regarding the demand, the demand situation, let me tell you the story. In the last earnings call in February, we all -- yes, and all of us were looking forward to a nice Q2, and we were quite healthily booked at that time. And then suddenly, in early March, we started seeing the pandemic spreading to the U.S. So in the last 3 weeks of March, we started seeing the residential installations go down. And for Enphase particularly, we were actually 100% linear at that time. And so we had -- we were shipping perfectly. And yes, we did experience slowdown in the last 3 weeks, yet we managed to make our numbers.

正確的。那麼關於需求、需求狀況，我跟大家講一個故事。在二月的最後一次財報電話會議上，我們所有人——是的，我們所有人都期待著第二季度的良好表現，而且當時我們的預訂情況相當不錯。然後突然間，在 3 月初，我們開始看到疫情蔓延到美國。因此，在 3 月的最後 3 週，我們開始看到住宅安裝下降。特別是對於 Enphase，我們當時實際上是 100% 線性的。所以我們的運輸非常完美。是的，過去三週我們確實經歷了放緩，但我們還是成功實現了目標。

Then April, the pandemic spread was a lot more severe. And particularly, we have seen it very severe in, obviously, California due to the shelter-in-place rules, and obviously in New York, where it is really severe, unfortunately, at this point in time. The places where -- so I already said 30% to 50% drop according to industry reports that we see in overall residential installations. In some places like Texas, it's on the side of 30%. In some places, like what I said, New York, California, it's even more than 50%. In Florida, it's a little bit less on the lower side.

然後四月份，疫情蔓延更加嚴重。特別是，由於就地避難的規定，我們顯然在加州看到了非常嚴重的情況，顯然在紐約，不幸的是，目前情況確實非常嚴重。根據我們在整體住宅安裝中看到的行業報告，我已經說過，這些地方下降了 30% 到 50%。在德克薩斯州等一些地方，這一比例在 30% 左右。有的地方，就像我說的紐約、加州，甚至超過50%。在佛羅裡達州，這一比例較低。

And then we also find our -- obviously, in times like this, our small and medium-sized installers are going to be a lot affected. And so what we are doing -- Enphase, if you see our midpoint of guidance this time in Q2, that's about $122.5 million, the midpoint of guidance for Q2. And we are well-booked above that number right now. But we know that we have to work with a lot of customers and make sure that we don't overload the channel. It's important for us that we have -- we support our customers in this time. And so we are working with each customer to make sure that -- make sure they have the right inventory because we have no interest in stuffing the channel. And then we are looking forward to a great Q3.

然後我們也發現，顯然，在這樣的時期，我們的中小型安裝商將會受到很大影響。所以我們正在做的事情——Enphase，如果你看到我們這次在第二季度的指導中點，那就是大約 1.225 億美元，這是第二季度指導的中點。我們現在的預訂量已經超過了這個數字。但我們知道，我們必須與許多客戶合作，並確保我們不會使通路超載。對我們來說，重要的是我們在這段時間為我們的客戶提供支援。因此，我們正在與每個客戶合作，以確保他們擁有正確的庫存，因為我們沒有興趣填充管道。然後我們期待第三季的出色表現。

So right now, we are in the beginning of May. California is on lockdown till the end of May, shelter-in-place till the end of May. The other states, they have been a little bit more aggressive. New York is also going to be similar to California. So we expect, if things are optimistic, we expect to start seeing more activity in -- towards the end of May and June, demand may pick up. But right now, with the visibility we have, we thought it is important for us to be realistic, give you a -- the right guidance to work with our installers to make sure we don't have excess inventory in the channel so that we are ready for a nice ramp in Q3.

現在，我們正處於五月初。加州將封鎖至五月底，居家避難至五月底。其他州則更加激進一些。紐約也將與加州類似。因此，我們預計，如果情況樂觀，我們預計將在 5 月底和 6 月底開始看到更多活動，需求可能會回升。但現在，憑藉我們所擁有的知名度，我們認為對我們來說重要的是要現實一點，為您提供與我們的安裝人員合作的正確指導，以確保我們的渠道中沒有多餘的庫存，以便我們已準備好在第三季實現良好的成長。

Badri, is the change in Europe different from the U.S., more severe or less severe?

Badri，歐洲的變化與美國不同，是更嚴重還是更不嚴重？

Yes. Situation in Europe -- sorry, I didn't answer that question. The situation in Europe -- Italy, we are not in Italy, so -- and unfortunately, Italy has been a lot affected in -- yes, in Europe. But fortunately, we are not there. In Netherlands, we -- despite the pandemic, Netherlands is modestly affected. And our share in Netherlands has been quite low, maybe sub 10%. And what -- we tripled our sales team. We hired some great people in Netherlands. We are working on distributor partnerships. We are working to win installers. And so for us, in Netherlands, I would say it's more a share gain from our perspective because of our efforts.

是的。歐洲的情況——抱歉，我沒有回答這個問題。歐洲的情況——義大利，我們不在義大利，所以——不幸的是，義大利受到了很大的影響——是的，在歐洲。但幸運的是，我們並不在那裡。在荷蘭，儘管發生了大流行，但荷蘭受到的影響不大。我們在荷蘭的份額相當低，可能不到 10%。我們的銷售團隊人數增加了兩倍。我們在荷蘭聘請了一些優秀的人才。我們正在努力建立經銷商夥伴關係。我們正在努力贏得安裝商。因此，對於我們荷蘭人來說，我想說，從我們的角度來看，由於我們的努力，這更多的是份額的成長。

And in terms of Germany, Germany is affected by COVID. Of course, we don't do much business in Germany. That's the nice thing about it. And we were able to make a modest impact -- I mean, in Q1, and we expect to grow that in Q2. Spain is another place where we have started efforts. We have a team of 3, 4 people there, an excellent team of people. We expect them to start making significant progress for us in Q2 and beyond. That's why you've seen Europe -- although Europe is hit by the pandemic, for us, Enphase, we think we will be in line with Q1 for Q2. So that's what -- that's the situation.

就德國而言，德國受到了新冠疫情的影響。當然，我們在德國的業務不多。這就是它的好處。我們能夠產生一定的影響——我的意思是，在第一季度，我們預計在第二季度會擴大這一影響。西班牙是我們開始努力的另一個地方。我們有一個 3、4 個人的團隊，這是一支優秀的團隊。我們預計他們將在第二季及以後開始為我們取得重大進展。這就是為什麼你看到了歐洲——儘管歐洲受到了這場流行病的打擊，但對於我們 Enphase 來說，我們認為第二季將與第一季保持一致。所以這就是——這就是情況。

In Australia -- Australia is similarly affected. They're actually -- right now, Australia is doing a lot better than the U.S., but they do predict a drop in demand. And our numbers in Australia are also flat compared to Q1. Q2 numbers are flat compared to Q1. In fact, the -- so if you were to summarize, the rest of the world business is doing -- is better than the U.S., and the U.S. is a lot affected -- yes, by the pandemic -- yes, basically.

在澳洲—澳洲也受到同樣的影響。事實上，目前澳洲的表現比美國好得多，但他們確實預測需求會下降。與第一季相比，我們在澳洲的數字也持平。與第一季相比，第二季的數字持平。事實上，如果你總結一下，世界其他地方的生意比美國要好，而且美國受到了很大的影響，是的，受到了這場流行病的影響，是的，基本上。

Now there was the question on manufacturing. Manufacturing is not an issue. Supply chain is not an issue. We have a lot of options. We basically are -- we have China. We have Mexico. They're all doing well. We are working with our contract manufacturers to optimize inventory in both places.

現在有關於製造的問題。製造不是問題。供應鏈不是問題。我們有很多選擇。我們基本上是──我們有中國。我們有墨西哥。他們都做得很好。我們正在與合約製造商合作，以優化這兩個地方的庫存。

This is a time where cash is king, and we want to make sure we don't spend money unless we need to. At the same time, we are not compromising on our batteries. We have -- as Eric said, we built an inventory of $3 million for battery at the end of March, and now it is even more. So we are getting ready for the ramp there. And in terms of manufacturing supply chain, we are also diversifying to another place meaning, yes, another location, neither in China nor in Mexico. And we'll announce it when we are ready, but we'll be able to start manufacturing microinverters there in the fourth quarter.

這是一個現金為王的時代，我們希望確保除非必要，否則我們不會花錢。同時，我們不會在電池方面做出妥協。正如艾瑞克所說，我們在 3 月底建立了 300 萬美元的電池庫存，現在甚至更多。所以我們正在為那裡的坡道做好準備。在製造供應鏈方面，我們也在向另一個地方多元化，是的，另一個地方，既不在中國，也不在墨西哥。當我們準備好時我們會宣布這一點，但我們將能夠在第四季度開始在那裡製造微型逆變器。

And our next question comes from the line of Brian Lee with Goldman Sachs.

我們的下一個問題來自高盛的布萊恩李 (Brian Lee)。

I hope everyone is doing well and staying safe. First question I had was on the inventory. Badri, it sounds like you don't think inventory is a problem right now. You're pretty lean. You want to keep it that way as well. So can you give us some sense on where inventory levels are, and also lead times right now in terms of, I guess, number of weeks? And then remind us on kind of where the target or healthy ranges are that you typically try to operate within?

我希望每個人都一切順利並保持安全。我的第一個問題是關於庫存的。 Badri，聽起來您現在不認為庫存是問題。你還蠻瘦的您也想保持這種狀態。那麼您能否讓我們了解一下庫存水準以及目前的交貨時間（我猜是周數）？然後提醒我們您通常嘗試在其中進行操作的目標或健康範圍是多少？

Yes. I mean our inventory target is usually -- have 30 days. And like what --

是的。我的意思是我們的庫存目標通常是 30 天。就像什麼——

I think he is asking for the channel.

我認為他是在要求頻道。

Yes. Are you asking for channel inventory or Enphase inventory, Brad?

是的。 Brad，您要通路庫存還是 Enphase 庫存？

Yes. It sounds like you guys are lean, but the channel would be great, if you have some visibility on the channel. I think you said 8 to 10 weeks in the past, but if you could just kind of refresh us on that and where you are today.

是的。聽起來你們很精簡，但是如果你在頻道上有一定的知名度，那麼頻道會很棒。我想你說的是過去 8 到 10 週，但你能否讓我們了解一下這一點以及你今天的情況。

Got it. So I misunderstood the question, sorry. Yes. So if you're asking about the channel, in the past, we have always said 8 to 10 weeks. Obviously, the break, the downward pressure on demand means that the installations didn't happen. It didn't happen much in April. That means when you look at inventory, forward-looking inventory based upon what actually happened in April, you're going to end up with a big number of weeks of inventory.

知道了。所以我誤解了這個問題，抱歉。是的。因此，如果您詢問頻道，過去我們總是說 8 到 10 週。顯然，需求的下降壓力意味著安裝沒有發生。四月並沒有發生太多事情。這意味著當你查看庫存時，根據四月實際發生的情況進行前瞻性庫存，你最終會得到大量的庫存週數。

But if you -- what we are doing at this time is -- it's pretty clear, right? We are saying, "Okay, yes." But you guys have stopped installing. Therefore, it is no point for us to put more inventory into the channel. And therefore, we will make sure that we work with you, and we push out your orders into the next quarter and ensure that the channel inventory is always healthy.

但如果你——我們現在正在做的是——那就很清楚了，對吧？我們說：“好吧，是的。”但你們已經停止安裝了。因此，我們在通路中投入更多庫存是沒有意義的。因此，我們將確保與您合作，將您的訂單推遲到下個季度，並確保通路庫存始終保持健康。

If the channel inventory is always healthy, then when the demand comes back up, then we can -- when the channel depletes a bit, we can basically refresh the material back. So it's almost like a mass balance. When the channel depletes from inventory, we can ship back some inventory into the channel. And we are doing it mathematically. We have a lot of experience in this. In good times, obviously, inventory is going to be low. In bad times, the trick is to see how you can prevent inventory from ballooning up. And it's mathematically done, formulaically done, and we work with our installers. So that's what we're doing.

如果渠道庫存始終保持健康，那麼當需求回升時，我們就可以——當渠道稍微耗盡時，我們基本上可以將材料刷新回來。所以這幾乎就像質量平衡。當渠道庫存耗盡時，我們可以將一些庫存運回渠道。我們正在用數學方法來做這件事。我們在這方面有很多經驗。顯然，在景氣時期，庫存會很低。在經濟不景氣的時候，關鍵是看看如何防止庫存激增。它是透過數學、公式化完成的，我們與安裝人員合作。這就是我們正在做的事情。

Okay. That's helpful. And I guess, maybe just relating to that, I wanted to understand one of the comments you made, Badri. You said bookings -- you're well above the midpoint right now for Q2 guidance. You said the $122.5 million, you're well above that from a bookings perspective. Clearly, you don't want to overload your customers with inventory. So is that to suggest you're worried about some of those bookings as you're describing them being canceled? Or are you seeing a high degree of cancels right now? Because it sounds like if we didn't have the COVID uncertainty, maybe with the level of bookings you have you'd be guiding above the targets you're providing today for Q2. Just trying to parse those comments and understand sort of the level of visibility you have versus the level of maybe conservatism you're baking in, just given all that's going on.

好的。這很有幫助。我想，也許只是與此相關，我想了解你發表的評論之一，巴德里。你說的是預訂——你現在遠高於第二季度指導的中點。你說的 1.225 億美元，從預訂的角度來看遠高於這個數字。顯然，您不想讓客戶的庫存過多。那麼，這是否表明您擔心其中一些預訂被取消？或者您現在看到取消的比例很高嗎？因為聽起來如果我們沒有新冠疫情的不確定性，也許根據您的預訂水平，您的指導會高於您今天為第二季度提供的目標。考慮到正在發生的一切，只是試圖解析這些評論並了解您所擁有的可見性水平與您所陷入的保守主義水平。

I think you got it right. I mean, yes, we are booked quite well. We are booked a lot more than the midpoint of the guidance. But our visibility is low at this time, and the uncertainty is high. And we -- if April were a proxy of things, we will expect a little bit more cancellations and pushout. On the other hand, if May or June is a lot more positive, we'll have a chance to hit the high point. So we thought we should give you a number that takes into account all of these puts-and-takes. And that's why I'm giving you full visibility. You guys know what I know.

我認為你說得對。我的意思是，是的，我們已經預訂得很好了。我們的預訂量比指南的中間點多得多。但此時我們的能見度很低，不確定性很高。如果四月是事情的代表，我們預計會出現更多的取消和延遲。另一方面，如果五月或六月的情況更加積極，我們將有機會達到高點。所以我們認為我們應該給你一個考慮到所有這些投入和產出的數字。這就是為什麼我要讓你充分了解。你們知道我所知道的。

Okay. That's great. And then maybe just last one, I'll pass it on. On gross margins, you guided 36% to 39% for Q1. You beat that range. Now you're guiding 37% to 40% on 40% lower revenue. So the model is pretty resilient irrespective of volumes. That's pretty clear. But once volumes do pick up later in the year, coupled with some of the new products that are ramping, it seems like you'd have some upside to that margin range. I'd be curious sort of what your views are on that margins in a healthier volume environment kind of if they pick up from here. And then just on the flip side of that, you also mentioned you've got some of the long-tail customers. Maybe some of those customers are more challenged in this kind of environment right now. Any worries around bad account and sort of charges related to that? Maybe just some context around that, if you're seeing that or if you have anything to suggest that you have the ability to mitigate that excess?

好的。那太棒了。也許只是最後一個，我會把它傳遞下去。就毛利率而言，第一季的毛利率目標為 36% 至 39%。你超過了這個範圍。現在，您的指導價為 37% 到 40%，收入降低了 40%。因此，無論數量如何，該模型都具有相當的彈性。這很清楚。但一旦今年稍後銷售確實回升，再加上一些新產品的推出，那麼這個利潤範圍似乎會有一些上升空間。我很好奇，如果您從這裡開始，在更健康的成交量環境中，您對利潤率的看法如何。另一方面，您也提到您擁有一些長尾客戶。也許其中一些客戶現在在這種環境中面臨更大的挑戰。是否擔心不良帳戶和與之相關的各種費用？也許只是一些相關的背景信息，如果您看到了這一點，或者您有什麼建議表明您有能力減輕這種過度的情況？

Right. Let me ask -- let me answer the question on gross margin. Yes, absolutely. We are highly confident of our gross margins. And that's why we gave you guidance of 37% to 40% despite these times. Why is that? The basic quest than gross margin comprises of 2 things: pricing management and cost management. Pricing management is we are very disciplined in pricing. We have a pricing team, which I established a couple of years ago, and they do a great job optimizing every transaction. That's extremely important for us, and we do value-based pricing. We will continue to do that, absolutely. So pricing is 1 of the big reasons why our gross margin is where it is.

正確的。讓我問一下—讓我回答有關毛利率的問題。是的，一點沒錯。我們對我們的毛利率充滿信心。這就是為什麼儘管如此，我們仍為您提供了 37% 至 40% 的指導。這是為什麼？毛利率的基本追求包括兩件事：定價管理和成本管理。定價管理是我們在定價方面非常有紀律。我們有一個定價團隊，是我幾年前建立的，他們在優化每筆交易方面做得很好。這對我們來說非常重要，我們實行基於價值的定價。我們絕對會繼續這樣做。因此，定價是我們毛利率達到目前水準的重要原因之一。

The second is cost management. Cost management comprises into a lot of tactical pieces and a few strategic pieces. Tactical pieces are blocking and tackling in order to do supply chain optimization, finding second sources here and there, dropping costs, negotiation with customers. The second piece is tariffs. We have systematically designed a supply chain such that microinverters produced in Mexico do not require a tariff, and we are extending the same to accessories in the future. That's two. Number three, also tactical is you saw us doing a lot of expedites 2 or 3 quarters ago. And expedites are no longer required for us because we have solved the power transistor problem. We have solved the component shortage problem. So therefore, expedites are going to be in the nice. That's one more thing there. And then number four is a little bit more strategic piece in the -- when it comes to cost reduction, we have an ASIC strategy. In the ASIC, we have basically the digital portion, and then we also have the analog integration of the ASIC. We are able to integrate analog chips that we use in the microinverter onto the AC. And even if it means $0.2 cost reduction, $0.2 multiplied by, let's say, 8 million units a year, that's big deal, $1.6 million. So every cent for us that we can take out of the micro by integration into the ASIC is extremely critical.

二是成本管理。成本管理包括許多戰術部分和一些戰略部分。戰術部分包括封鎖和解決，以優化供應鏈、到處尋找第二來源、降低成本、與客戶談判。第二部分是關稅。我們有系統地設計了一條供應鏈，使得墨西哥生產的微型逆變器不需要關稅，未來我們也將把同樣的供應鏈延伸到配件領域。那是兩個。第三，也是戰術性的，你看到我們在兩三個季度前進行了很多加急。我們不再需要加急，因為我們已經解決了功率晶體管問題。我們已經解決了零件短缺的問題。因此，加急將會是好事。還有一件事。第四點是更具策略性的部分－在降低成本方面，我們有 ASIC 策略。在ASIC中，我們基本上有數位部分，然後我們還有ASIC的類比整合。我們能夠將微型逆變器中使用的類比晶片整合到交流電中。即使這意味著成本降低 0.2 美元，0.2 美元乘以每年 800 萬台，這也是一筆大買賣，160 萬美元。因此，對我們來說，透過整合到 ASIC 中而從微型晶片中獲得的每一分錢都極為重要。

And then, in addition, the last few things, how can we fundamentally change the architecture of our transformer that is used? How can we go from 300 components down to 50 components? How can we reduce the microinverter to the size of an iPhone? And those are some of the long-term strategic cost reductions that we are thinking about.

然後，除此之外，最後幾件事，我們如何從根本上改變所使用的變壓器的架構？我們怎樣才能從 300 個組件減少到 50 個組件？如何將微型逆變器縮小到iPhone大小？這些是我們正在考慮的一些長期策略成本削減措施。

So to answer your question, we have a very high degree of confidence, especially when the demand comes back, we do have upside in gross margin. Now I'll have Eric talk about the -- whether we are worried about bad debt.

因此，回答你的問題，我們有非常高的信心，特別是當需求回升時，我們的毛利率確實有上升的空間。現在我會讓艾瑞克談談我們是否擔心壞帳。

Yes. So thank you for the question, Brian. As you know, we -- on note 3 of our 10-Q filing that we just published, we disclosed our allowance for doubtful account. And you can see that it's very small. And the reason that is very small is because most of our business is through distribution. And with that, most of the distributors that we do business with, they have pretty strong balance sheets. Not only that. They also manage their cash and their days of inventory very well. So the puts and take that goes into a conversation with the installer about their point-of-sale data from the distributor is normally done on a triage with the distributors as well, which they own the credit phase with the installer.

是的。謝謝你的提問，布萊恩。如您所知，我們在剛發布的 10-Q 備案文件的註 3 中揭露了呆帳準備金。你可以看到它非常小。之所以很小，是因為我們的大部分業務都是透過分銷來進行的。因此，與我們有業務往來的大多數經銷商都擁有相當強勁的資產負債表。不僅。他們還很好地管理現金和庫存天數。因此，與安裝商就來自分銷商的銷售點資料進行對話時，通常也會與經銷商進行分類，他們擁有安裝商的信用階段。

But -- so at this point, we don't hear any issues associated with payment terms or pay. Some of our installers, we actually have a relationship on the right business -- the relationship in which all of them right now are doing fairly well. Some of them requested a little bit of an extended payment term. But for the most part, all of them are okay. So at this point, as of the time of this filing, we don't see or we don't foresee any issues on collections associated with my receivables at the end of the quarter.

但是，目前我們還沒有聽到任何與付款條件或付款相關的問題。我們的一些安裝人員實際上在正確的業務上建立了關係——他們現在都做得相當好。他們中的一些人要求稍微延長付款期限。但在大多數情況下，他們都很好。因此，截至本報告提交時，我們沒有看到或預計不會在本季度末與我的應收帳款相關的收款方面出現任何問題。

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

我們的下一個問題來自科林·魯什（Colin Rusch）和奧本海默（Oppenheimer）的對話。

As you look at the markets for energy storage and your ability to drive costs out, obviously, it's a little bit early days, and you just walked through a lot of detail on the microinverter market. How much opportunity is there for you guys over the next couple of quarters to support your gross margin trajectories as you scale up a little bit on the margins? And then curious about it on a 12- to 18-month basis as well.

當您審視儲能市場以及降低成本的能力時，顯然現在還為時過早，您剛剛了解了微型逆變器市場的許多細節。在接下來的幾個季度裡，當你們擴大利潤率時，你們有多少機會來支持你們的毛利率軌跡？然後在 12 到 18 個月的基礎上對此感到好奇。

Right. I mean if you look at our Encharge battery, the subcomponents inside the Encharge battery or the cell battery pack, then you have the battery management unit, which is the BMS; then you have a battery controller, which basically communicates to the gateway; and then you have the microinverters. As we drop the cost of the microinverters, that's going to go down. We do have plans to integrate the battery management unit and the battery controller into 1 board, and we do plan to use an ASIC to integrate -- to achieve even higher levels of integration.

正確的。我的意思是，如果你看看我們的 Encharge 電池、Encharge 電池內部的子元件或電池組，那麼你就會看到電池管理單元，也就是 BMS；然後你有一個電池控制器，它基本上與網關通訊；然後你就有了微型逆變器。隨著我們降低微型逆變器的成本，它也會下降。我們確實計劃將電池管理單元和電池控制器集成到一塊板上，並且我們確實計劃使用 ASIC 進行集成，以實現更高水平的集成。

Now then we are left with the cell pack. The beautiful thing about that is we work with so many cell pack vendors. And therefore, if they drop their cost, they are going to pass that cost on to us. So I would say there is a nice potential for us. Especially as we start ramping volumes, there is really -- we can probably get a lot of costs out in the first couple of years, and then it more translates into steady progress after that.

現在我們只剩下電池組了。美妙之處在於我們與如此多的電池組供應商合作。因此，如果他們降低成本，他們就會將成本轉嫁給我們。所以我想說我們有很大的潛力。特別是當我們開始增加產量時，我們可能會在頭幾年內消除大量成本，然後更多地轉化為穩定的進展。

Great. And then looking out a couple of quarters and considering the long tail of installers that are customers for you guys, how much visibility do you get into their cash flow dynamics and the strength of their balance sheets? There's an awful lot of small operations in various localities. But how much information and visibility can you really gather at this point to looking at that portion of the customer base?

偉大的。然後展望幾個季度，考慮到作為你們客戶的安裝商的長尾，你們對他們的現金流動態和資產負債表的實力有多少了解？各地都有大量的小型企業。但是，此時您可以真正收集多少資訊和可見性來查看這部分客戶群呢？

Yes. So it appears that for the most part, the installers are taking advantage of some of the generous programs issued by the federal government, right? So many of those -- most of them actually qualify for those products. So some of them is taking some time to get them administratively completed because of the fact that they don't have a big accounting group to manage and to -- we chase the reimbursements. But I don't hear -- or I have quite a bit of visibility, and I don't hear any big issues on installers not being able to sustain through their balance sheet through this period for now. Now if this situation continues and deteriorate even more, the first ones to upfront that hit will be distributors in which eventually we will need to triangulate that one into what it means to us, right? But at this point, actually, to my surprise, the small installers, they do pretty well. They -- some of them, they manage their cash very tightly. They don't have a large OpEx or big infrastructure to support, and they can hunker down into a smaller operation and then be ready for the comeback, right, when needed. So I'm actually okay with that.

是的。因此，在大多數情況下，安裝人員似乎都在利用聯邦政府發布的一些慷慨計劃，對吧？其中許多人實際上都符合這些產品的資格。因此，他們中的一些人需要一些時間才能在行政上完成這些工作，因為他們沒有一個龐大的會計團隊來管理和我們追索報銷。但我沒有聽到——或者說我有相當多的知名度，而且我沒有聽到安裝商暫時無法維持資產負債表的任何大問題。現在，如果這種情況持續下去並進一步惡化，那麼第一個受到打擊的將是分銷商，最終我們需要對分銷商進行三角測量，了解它對我們意味著什麼，對嗎？但事實上，令我驚訝的是，小型安裝商在這一點上做得相當不錯。他們——其中一些人，他們非常嚴格地管理他們的現金。他們沒有大型營運支出或大型基礎設施來支持，他們可以專注於較小的運營，然後在需要時為捲土重來做好準備。所以我其實對此沒什麼意見。

And our next question comes from the line of Mark Strouse with JPMorgan.

我們的下一個問題來自摩根大通的馬克‧斯特勞斯 (Mark Strouse)。

Can you just touch on the competitive dynamics? Any signs that some of your weaker competitors may be looking to exit the market? Any evidence that your kind of fortress balance sheet that you've built is allowing you to take any market share? And then kind of lastly, as a follow-on to that, are there any interesting competitors or technologies that are out there that could potentially be struggling during this downturn that you think could be interesting M&A opportunities?

能談談競爭動態嗎？有任何跡象表明您的一些實力較弱的競爭對手可能正在尋求退出市場嗎？有沒有證據表明您建立的堡壘式資產負債表可以讓您佔據任何市場份額？最後，作為後續，是否有任何有趣的競爭對手或技術可能在這次經濟低迷時期苦苦掙扎，而您認為這可能是有趣的併購機會？

So this is Raghu. So let's take your first one, which is on the competitive dynamics. Now we are not hearing of any competitors at this time exiting the market. We obviously keep track of it, but we are not hearing anything, so we expect that to continue.

這就是拉古。那麼，讓我們來看第一個問題，就是競爭動態。目前我們還沒有聽說有任何競爭對手退出市場。顯然我們一直在跟踪它，但我們沒有聽到任何消息，所以我們預計這種情況會繼續下去。

Your second question was on any interesting technologies that are available for us to look at. Absolutely. And Badri mentioned that the 1 area that we are looking at is as part of our digital transformation technology to look at building out an end-to-end software platform that can significantly improve the customer experience. Everything from generation, from the sales lead all the way through procurement, through installation, commissioning, operations and maintenance, and I think we're going to grow that business both organically and look at growing it inorganically as well. And yes, absolutely, we are looking at a bunch of different software companies out there that can help us in that endeavor.

你的第二個問題是關於我們可以研究的任何有趣的技術。絕對地。巴德里提到，我們正在關注的第一個領域是我們數位轉型技術的一部分，旨在建立一個可以顯著改善客戶體驗的端到端軟體平台。從發電、從銷售一直到採購、安裝、調試、營運和維護，我認為我們將有機地發展這項業務，並考慮無機地發展它。是的，絕對的，我們正在尋找一些可以幫助我們實現這一目標的不同軟體公司。

I think in the long run as well, we have talked about, given as Ensemble transitions into a more sophisticated energy management system, there's a tremendous opportunity to look at companies that are doing some interesting work in forecasting engines and machine learning and AI-type work, managing big data, et cetera. So all of those are areas that we are exploring the tremendous opportunity as we start bringing all of our new products into the marketplace.

我認為從長遠來看，我們已經討論過，隨著Ensemble 過渡到更複雜的能源管理系統，我們有巨大的機會來關注那些在預測引擎、機器學習和人工智慧類型方面正在做一些有趣工作的公司。工作、管理大數據等等。因此，當我們開始將所有新產品推向市場時，所有這些領域都是我們正在探索的巨大機會。

And our next question comes from the line of Jeff Osborne with Cowen and Company.

我們的下一個問題來自傑夫奧斯本 (Jeff Osborne) 與考恩公司 (Cowen and Company) 的對話。

Just a couple of questions in response to Colin's question. Could you break out, roughly speaking, the mix of small customers versus larger? I would assume it's 70%, 80% smaller through distribution, but I didn't know if you could...

對於科林的問題，我只回答幾個問題。粗略地說，您能否區分出小客戶和大客戶的組合？我認為透過分發它會小 70%、80%，但我不知道你是否可以...

That's close enough. Yes, that's close enough.

這已經夠接近了。是的，已經夠接近了。

Okay. And then in terms of the -- I know I've asked you this before in past earnings calls, Badri, but the battery piece, a lot of discussion of costs, and certainly, LFP prices have come down. I assume it's still an LFP-based battery. But is that still anticipated to be in line with the corporate average now that you're approaching 40%? Or should we be modeling something less than that as the storage piece ramps up?

好的。然後就——我知道我之前在過去的財報電話會議上問過你這個問題，巴德里，但電池部分，大量關於成本的討論，當然，磷酸鋰鐵的價格已經下降。我認為它仍然是基於 LFP 的電池。但既然您已經接近 40%，那麼這是否仍然符合公司平均值？或者，隨著儲存部件的增加，我們是否應該建模一些比這更少的東西？

Yes. Yes, LFP, yes, in line with 40%.

是的。是的，LFP，是的，符合 40%。

Okay. Good to hear. And then just given the uncertainty in the market, how should we think about share shifts between you and other competitors? Are we at a point in time where people are transitioning from door to door and sitting down at the kitchen table to digital sales where people would want to learn new technologies and potentially replace a different inverter company with yourselves? Or are people still hunkering down with the status quo? I just didn't know if you're seeing over the past, call it, 6 to 8 weeks any inbounds as it relates to people wanting to get trained that maybe you hadn't heard of in the past or were aligned with the competitor.

好的。很高興聽到。然後考慮到市場的不確定性，我們應該如何考慮您和其他競爭對手之間的份額轉移？我們是否正處於這樣一個時間點：人們正在挨家挨戶、坐在餐桌旁轉向數位銷售，人們希望學習新技術，並有可能用自己取代不同的逆變器公司？還是人們仍然安於現狀？我只是不知道你是否在過去看到過，稱之為6 到8 週的任何入境，因為這與那些想要接受培訓的人有關，而這些培訓可能是你過去沒有聽說過的或與競爭對手結盟的。

It's still early days. But the nice things we have seen are our traffic; the leads have increased a lot. We don't do too much of business digitally today, but that is increasing. Our traffic to the online store is increasing. So that's why I talked about the digital platform. And the digital platform, it's not something that we are taking it lightly yet another effort. This is going to be a really powerful platform if we do it right. What does that mean? If you got a homeowner who is coming to you, and you got a lead that is coming to you, and how effectively you transfer that lead to your installer network? Enphase has got an installer network of 500 loyal installers. They are amazing partners for us. They are why we exist. So imagine if we generate thousands of leads, maybe it will become tens of thousands of leads, and maybe it will become hundreds of thousands of leads soon, but let's start with thousands of leads. We pass it to our Enphase loyal installer network. We help the homeowner make a decision there. And then we then create a platform for the homeowner and the installer and Enphase to interact on 1 platform seamlessly. Then we start to take care of things like all the way from appointment setting, design closure, contract closure, bill of materials procurement, permitting, planning and then activation when it shows up on our Enlighten database, and then O&M after that. If we can help our installers to digitize all of these, and these are -- I'm talking about small- and medium-sized installers because they are the ones who have manual systems; they use ad hoc tools for everything. It would be really advantageous for us to introduce this platform where we have everything in 1 place that is contained. And if we do that well -- and I'm not saying that it's easy to do that well. If we do that well -- it's a multiyear effort. If we do that well, then we can sell a lot more solar and storage solutions because as you go -- as you can see, we are going to go from $2,000 a home to over $10,000 a home. And with things we are going to introduce later on for consumption with AC panels, it's only going to become more and more and more. And so we are going to become a much higher fraction of the bill of materials. And so once again, the concept is if we can make it so easy for the homeowner and, in particular, for the installer, the sales of our Ensemble-based solar and storage solutions are going to shoot up. That's really what we want to do long term.

現在還為時過早。但我們看到的美好事物是我們的交通；線索增加了很多。如今，我們的數位化業務並不多，但這種情況正在增加。我們在線商店的流量正在增加。這就是我談論數位平台的原因。而數位平台，這也不是我們掉以輕心的另一個努力。如果我們做得正確的話，這將是一個非常強大的平台。這意味著什麼？如果您有一個房主來找您，而您也有一個潛在客戶來找您，那麼您如何有效地將該潛在客戶轉移到您的安裝人員網路？ Enphase 擁有由 500 名忠實安裝者組成的安裝者網路。他們對我們來說是很棒的合作夥伴。它們是我們存在的原因。因此，想像一下，如果我們產生數千個潛在客戶，也許它會變成數萬個潛在客戶，也許很快就會變成數十萬個潛在客戶，但讓我們從數千個潛在客戶開始。我們將其傳遞給我們的 Enphase 忠實安裝者網路。我們幫助房主在那裡做出決定。然後我們創建一個平台，供房主、安裝人員和 Enphase 在 1 個平台上無縫互動。然後我們開始處理從預約設定、設計結束、合約結束、物料清單採購、許可、規劃，然後當它出現在我們的 Enlighten 資料庫中時激活，然後是維運等所有事情。如果我們可以幫助我們的安裝人員將所有這些數位化，我說的是中小型安裝人員，因為他們擁有手動系統；他們對所有事情都使用臨時工具。引入這個平台對我們來說非常有利，我們將所有內容集中在一個地方。如果我們能做到這一點——我並不是說做到這一點很容易。如果我們做得好——這需要多年的努力。如果我們做得好，那麼我們就可以銷售更多的太陽能和儲存解決方案，因為正如您所看到的，我們將從每戶 2,000 美元增加到每戶 10,000 美元以上。我們稍後將介紹交流面板消費的內容，它只會變得越來越多。因此，我們將在材料清單中佔據更高的比例。因此，我們的理念是，如果我們能讓房主，特別是安裝人員變得如此簡單，我們基於 Ensemble 的太陽能和儲存解決方案的銷售將會激增。這確實是我們想要長期做的事情。

That makes sense. Just -- I was trying to get at with my question, somebody not going through your digital store, but somebody that has an established sales force, are you finding that the 500 installers that are loyal today, do you anticipate that meaningfully growing over the next 3 to 6 months? I'm just trying to get a sense of, with the uncertainty in the space, are you finding that people want to actually shift vendors? Or are people just sticking with what they know and as they transition from selling door to door, sitting face to face with people and moving to online or whatever to stimulate demand?

這就說得通了。只是 - 我試圖回答我的問題，有人不通過您的數位商店，但有人擁有成熟的銷售隊伍，您是否發現今天有 500 名忠誠的安裝者，您是否預計在過去幾年中會有意義地增長未來3到6個月？我只是想了解一下，鑑於該領域的不確定性，您是否發現人們想要真正更換供應商？或者人們只是堅持他們所知道的，從挨家挨戶銷售、面對面地與人坐在一起過渡到線上或其他方式來刺激需求？

Right. I mean, look, we do have -- even in this time, we do have installers. We are winning a lot of installers. Why? It's pretty simple. It's the same thing that I'll keep repeating on, which is quality and customer experience. If we do -- if we get to 0.05% annual failure rate, which is -- we are actually very close to that number. That's an outstanding number, unbeatable number. And if we demonstrate that continuously, which we have for the last couple of years with IQ 7, that is a big factor for people to move to us. And so that transition will happen regardless because in tough times like this, that transition, I believe, will happen fast. People do not have time to screw around with failures. They don't. So if we can keep our NPS, Net Promoter Score, above 60% -- this quarter, we did 72%, that's a phenomenal quarter. If we can do that, if we can answer the phone in less than 60 seconds, 0.05% annual defectivity, if we can extend back to batteries, our all-in-one solar and storage solution is going to dominate, no question.

正確的。我的意思是，看，我們確實有——即使在這個時候，我們也確實有安裝人員。我們贏得了很多安裝商。為什麼？這很簡單。我會不斷重複同樣的事情，那就是品質和客戶體驗。如果我們做到了——如果我們的年故障率達到 0.05%，也就是說——我們實際上已經非常接近這個數字了。這是一個傑出的數字，無與倫比的數字。如果我們不斷證明這一點（過去幾年我們的智商為 7），這將是人們轉向我們的一個重要因素。因此，無論如何，這種轉變都會發生，因為在這樣的艱難時期，我相信這種轉變會很快發生。人們沒有時間去忍受失敗。他們不這樣做。因此，如果我們能夠將 NPS（淨推薦值）保持在 60% 以上，本季度我們做到了 72%，這將是一個非凡的季度。如果我們能做到這一點，如果我們能夠在60 秒內接聽電話，年缺陷率為0.05%，如果我們能夠延伸到電池，那麼毫無疑問，我們的一體化太陽能和儲存解決方案將佔據主導地位。

And our next question comes from the line of Philip Shen with Roth Capital Partners.

我們的下一個問題來自 Philip Shen 與 Roth Capital Partners 的對話。

Badri, what you were just talking about there in terms of the lead-gen machine, it sounds like it could be very powerful. Can you give us a little bit of a history on that? Meaning, where -- what were your leads at maybe in Q1? And where do you think you could end the year at in terms of your lead generation that you can pass on to your partners? And what kind of close ratios have you experienced? I can imagine they're quite high because there are programs like this out there, and it seems like, again, this could be powerful. So want to see what kind of a ramp we could see ahead and then also what kind of capital are you willing to invest here. So 1 of your peers spends millions of dollars on TV ads, for example. I don't expect you guys to do that, but just curious what kind of money you might be putting behind this.

巴德里，你剛才談到的領先機器，聽起來它可能非常強大。能為我們介紹一下這方面的歷史嗎？意思是，您在第一季的領先優勢是什麼？您認為今年結束時您可以將潛在客戶世代傳遞給您的合作夥伴嗎？你經歷過什麼樣的接近比例？我可以想像它們相當高，因為有這樣的程序，而且看起來，這可能很強大。所以想看看我們未來能看到什麼樣的斜坡，然後你願意在這裡投資什麼樣的資本。例如，您的一位同事在電視廣告上花費了數百萬美元。我不希望你們這麼做，只是好奇你們可能會投入什麼樣的資金。

Right. So, Phil, you know that we are a disciplined company. We are not going to give you metrics without thinking. So you've got to be a little bit more patient for those metrics. But what I'll tell you is this: we have 1.1 million sites today, and these are Enphase sites. And okay, I have the ability to generate leads by spending a lot of extra money on my right hand, and I have all the 1.1 million homeowners on my left hand. What do I choose, right? And the answer is obvious. Those are Enphase customers, and so therefore the low-hanging fruit is those Enphase customers. And we are already working on such upgrade programs. We do talk about 1 particular upgrade program that we constantly issue press releases on, which is the upgrade program for the Enphase's first- and second-generation microinverters. We're transitioning from the M190-based products to IQ 7 and sometimes IQ 7-based AC module. Those are examples of programs that you will start seeing more and more from us. But you're absolutely right, it's a powerful concept, and if we can do it right, we'll be in a different place.

正確的。所以，菲爾，你知道我們是一家紀律嚴明的公司。我們不會不假思索地給你指標。因此，您必須對這些指標多一點耐心。但我要告訴你的是：今天我們有 110 萬個站點，這些都是 Enphase 站點。好吧，我有能力透過在我的右手上花費大量的額外錢來產生潛在客戶，而我的左手上有所有 110 萬名房主。我該選擇什麼，對嗎？答案是顯而易見的。這些都是 Enphase 客戶，因此最容易實現的目標就是那些 Enphase 客戶。我們已經在著手開展此類升級計畫。我們確實談到了一個我們不斷發布新聞稿的特定升級計劃，即Enphase第一代和第二代微型逆變器的升級計劃。我們正在從基於 M190 的產品過渡到 IQ 7，有時甚至過渡到基於 IQ 7 的 AC 模組。這些是您將開始越來越多地從我們這裡看到的計劃範例。但你絕對是對的，這是一個強大的概念，如果我們能做得對，我們就會處於不同的境地。

Great. As it relates to Q3, I know visibility is limiting, uncertainty is high, but I do believe we've seen an inflection point in terms of sales have troughed out, and they're improving week-over-week. So things are improving a little bit. Just curious to see if you guys have seen an improvement in Q3. Like what kind of visibility in Q3 do you have?

偉大的。就第三季而言，我知道能見度有限，不確定性很高，但我確實相信我們已經看到銷售方面的轉折點已經觸底，而且銷量正在逐週改善。所以情況正在改善。只是想知道你們是否看到第三季的改進。例如你在第三季的知名度如何？

Phil, at this point, we don't have visibility for Q3.

菲爾，目前我們還看不到第三季的情況。

Got it. Okay. And one last one here. In terms of your guide for Q2, you talked about meaningful storage revenues in that Q2 guide. I don't think you quantified it. I was wondering if you might be able to quantify Q2 and then also talk about the cadence of how storage revenues ramp in Q3 and 4.

知道了。好的。最後一張在這裡。就第二季指南而言，您在第二季指南中談到了有意義的儲存收入。我認為你沒有量化它。我想知道您是否能夠量化第二季度，然後談論第三季度和第四季度儲存收入如何成長的節奏。

We are not going to quantify it. I mean we may separate it out. We may. And Eric already told you guys that last quarter. But in order for you guys to think about a lower number we gave you, we gave you the inventory of storage product that we built. We gave you that, but that number was at the end of March, and that number was $3 million. So you guys can do the calculation and have a base number. That's the base number. Obviously, that is not all of it, but that will help you to at least have some number instead of shooting in the air.

我們不會量化它。我的意思是我們可以把它分開。我們可能。艾瑞克上個季度已經告訴你們了。但為了讓你們考慮我們給你們的較低數字，我們向你們提供了我們建造的儲存產品的庫存。我們給了你這個數字，但這個數字是 3 月底的，這個數字是 300 萬美元。所以你們可以計算一下並得到一個基數。這就是基數。顯然，這不是全部，但這至少會幫助你擁有一些數字，而不是在空中射擊。

And our next question comes from the line of Eric Stine with Craig-Hallum.

我們的下一個問題來自艾瑞克·史坦與克雷格·哈勒姆的對話。

Most questions asked here, but I guess, I'll just go with the -- so Ensemble-In-A-Box. I know that was a big topic at the Analyst Day in India. Just thought process on bringing that to the U.S. now, how you view it competitively in the market? And then if you have any thoughts on the overall market opportunity.

大多數問題都在這裡提出，但我想，我會選擇——所以 Ensemble-In-A-Box。我知道這是印度分析師日的一個大話題。只是現在將其引入美國的思考過程，您如何看待它在市場上的競爭力？然後您對整體市場機會有什麼想法嗎？

Yes. I think one of the key things, and this is -- this disruption happened, we got together, and we said, what is it that -- what is it that the people are thinking about? And I think you realize that self-sufficiency, resiliency is top of mind for a lot of people, especially here in the U.S. And so that's why we decided not long ago that we were going to first prioritize getting the Ensemble-In-A-Box product here. We did a very competitive analysis. We did our survey out there and really felt that we have a phenomenal technology in Ensemble that we can leverage to bring a competitive product into the marketplace. Like we mentioned, forefront of it being the reliability part, the always-on connectivity. And finally, just the customer experience part, which can address both the resiliency part when you're inside the home or self-sufficiency part when you are inside the home, and then you can also -- it's a mobile device, so it's basically energy on the go, both for whether it's for recreational use or for emergency purposes as well in the event of a catastrophic event. We think it's a really complementary product to the complete Ensemble solution that we have with PV on the roof and big Encharge storage solutions with Enpower. So I think it's a really complementary solution for about 1.7 kilowatt hours, and I think it plays really well with our set of products that we have. So the opportunity, I think, is going to be very big here in the U.S. to begin with. We also plan to, of course, do the India version of that product subsequent to the U.S. version. And there, we shared what our third available market there is going to be, and it's quite large.

是的。我認為關鍵的事情之一是——這種混亂發生了，我們聚在一起，我們說，那是什麼——人們在想什麼？我認為你意識到自給自足、彈性是許多人的首要考慮，尤其是在美國，所以這就是為什麼我們不久前決定我們要先優先考慮讓 Ensemble-In-A-盒子產品在這裡。我們做了非常有競爭力的分析。我們在那裡進行了調查，並確實感覺到我們在 Ensemble 中擁有一項非凡的技術，我們可以利用它將具有競爭力的產品推向市場。正如我們所提到的，最重要的是可靠性部分，即始終在線的連接。最後，只是客戶體驗部分，它可以解決您在家中時的彈性部分或您在家中時的自給自足部分，然後您還可以 - 它是一個移動設備，所以它基本上是移動能源，無論是用於娛樂用途還是用於緊急情況以及發生災難性事件時。我們認為它是完整 Ensemble 解決方案的真正補充產品，我們擁有屋頂光伏發電和 Enpower 大型 Encharge 儲存解決方案。因此，我認為這是一個大約 1.7 千瓦時的真正補充解決方案，而且我認為它與我們擁有的一系列產品配合得非常好。因此，我認為，首先在美國，機會將會非常大。當然，我們也計劃在美國版本之後推出該產品的印度版本。在那裡，我們分享了我們的第三個可用市場，它相當大。

And is that something you think is a contributor -- can be a meaningful contributor in 2021?

您認為這是一個貢獻者嗎？可以在 2021 年成為一個有意義的貢獻者嗎？

Absolutely, yes. That's when we plan to introduce it in the second half of this year, and it will play a big role in 2021.

絕對沒錯。那時我們計劃在今年下半年推出它，它將在2021年發揮重要作用。

And our next question comes from the line of Maheep Mandloi with Crédit Suisse.

我們的下一個問題來自瑞士信貸銀行的 Maheep Mandloi。

I hope you're all doing safe. Could you just talk more about the software strategy? How should we think about it? Is it a new product or a service for the installers? Or should we think more of a platform for your core installers? And apart from any M&A opportunities for the Encharge solutions, do you see any M&A opportunities for the software strategy?

我希望你們一切都平安。能多談談軟體策略嗎？我們該如何思考呢？它是新產品還是為安裝人員提供的服務？或者我們應該更多地考慮為您的核心安裝程式提供一個平台？除了 Encharge 解決方案的任何併購機會之外，您是否認為軟體策略有任何併購機會？

Yes. So we -- as Badri mentioned, it's a very key element of our overall strategy. This is the digital transformation piece. And the key here is to provide fantastic customer experience end-to-end, and which means starting from that lead all the way through matching the installer with the homeowner, managing through the process, all the way through digital permitting. You saw that, you're seeing some of the ATS moving to that environment as well. You see there's a general push towards moving everything into the digital world. So everything we want to provide as a seamless platform, and then the platform then continues to extend beyond into the actual operation of the Ensemble technology, which is the energy management piece. So today, we think about it as disparate elements, meaning the front end, which is about sales and procurement and installation. And then there is this Enlighten piece, which is our Ensemble energy management piece, which is a product-related piece. But imagine if that whole experience was completely seamless, of course, that means there's a lot to do and a lot of software to be developed. And so we are going to be very thoughtful about what are the things that we can build in-house ourselves. Of course, the core Ensemble technology is that's -- there's a significant amount of IP there, and we have built that in-house. But then there is the piece around the front end, which I think we'll build some, and we'll look for some organic and inorganic M&A.

是的。因此，正如巴德里所提到的，這是我們整體策略的一個非常關鍵的要素。這是數位轉型的一部分。這裡的關鍵是提供出色的端到端客戶體驗，這意味著從引導開始，一直到安裝人員與房主的匹配，整個過程的管理，一直到數位許可。您看到了，您也看到一些 ATS 正在遷移到該環境。您會看到，人們普遍推動將一切轉移到數位世界。因此，我們希望作為一個無縫平台提供一切，然後該平台繼續延伸到 Ensemble 技術的實際操作中，即能源管理部分。所以今天，我們將其視為不同的元素，即前端，即銷售、採購和安裝。然後是這個Enlighten 的作品，這是我們Ensemble 能源管理的作品，這是一個與產品相關的作品。但想像一下，如果整個體驗是完全無縫的，當然，這意味著有很多事情要做，有很多軟體需要開發。因此，我們將非常仔細地考慮我們可以自己建造哪些東西。當然，Ensemble 的核心技術是——那裡有大量的 IP，而且我們已經在內部建立了它。但還有前端的部分，我認為我們會建造一些，我們會尋找一些有機和無機的併購。

On the product side, of course, there is the micro part, the battery. I mean there is -- we know what we are going to do. We know where our -- all our IP lies. And all our IP lies in the power management piece, the communications piece, the software piece. The 2 things that we are not in the business of is the manufacturing of solar panels or manufacturing of cell packs. So everything in between with -- is significant IP to be developed, particularly around the software part, which is everything software-defined power conversion all the way through economic optimization, which is what we refer to as tertiary control. That's core IP for us. But I want to point here is that, that whole experience needs to be completely seamless. So that is what we mean by complete digital transformation.

在產品方面，當然還有微觀部分，就是電池。我的意思是——我們知道我們要做什麼。我們知道我們所有的知識產權在哪裡。我們所有的知識產權都集中在電源管理部分、通訊部分、軟體部分。我們不從事的兩件事是太陽能電池板的製造或電池組的製造。因此，介於兩者之間的所有內容都是需要開發的重要 IP，特別是圍繞軟體部分，即軟體定義的功率轉換一直到經濟優化的所有內容，這就是我們所說的三級控制。這是我們的核心智慧財產權。但我想指出的是，整個體驗需要完全無縫。這就是我們所說的全面數位轉型。

That's helpful. And just one last for me on batteries. Could you just remind us which countries you'll be buying the batteries from? Just trying to get ahead of any trade escalations in the country. And also, like, does the 5% battery attachment rates by end of the year, does that still hold? I know I've probably been pointing to one small number here, but any clarity on that would be helpful.

這很有幫助。對我來說，這只是電池的最後一擊。您能否提醒我們您將從哪些國家購買電池？只是想在該國任何貿易升級之前先行一步。而且，今年年底 5% 的電池連接率是否仍然有效？我知道我可能在這裡指出了一小部分數字，但對此的任何澄清都會有所幫助。

Right. So the answer is China. And we have 1 source now. We will have 1 more source in the second half of the year. And then yes, the 5% holds in Q4 of '20.

正確的。所以答案是中國。現在我們有 1 個來源。下半年我們將多一個來源。然後是的，5% 在 20 年第四季仍然有效。

And our next question comes from the line of Jeffrey Campbell with Tuohy Brothers.

我們的下一個問題來自 Jeffrey Campbell 和 Tuohy Brothers 的對話。

I wanted to ask you, have you disclosed how many of the 1.1 million installed Enphase customers are on legacy micros at this time?

我想問您，您是否透露過目前已安裝的 110 萬 Enphase 客戶中有多少人使用的是舊版微型電腦？

No, we have not.

不，我們沒有。

Okay. But is it safe to say that it's still a fairly sizable amount?

好的。但可以肯定地說，這仍然是一個相當大的數額嗎？

Correct. Correct.

正確的。正確的。

Okay. As I've listened you describe the digital platform in a number of different ways, it sounds similar to the approach of some large installers. Is it correct, at least optically? Is it correct to say that the main point of the initiative is to increase the sales potential of the smaller installer?

好的。據我所知，您以多種不同的方式描述了數位平台，這聽起來與一些大型安裝商的方法類似。至少在光學上它是正確的嗎？這項措施的主要目的是增加小型安裝商的銷售潛力，這樣說是否正確？

That's correct.

這是正確的。

And kind of following on that, can the digital platform positively impact Enphase internal operations in some way?

接下來，數位平台能否以某種方式對 Enphase 內部營運產生正面影響？

Not really. When you say impact, the digit -- I mean, impact the Enphase operations, I'm not sure what you mean, but...

並不真地。當你說影響時，數字——我的意思是，影響 Enphase 操作，我不確定你的意思，但...

Well, what I'm saying is, for example, would it make your sales effort more efficient, so maybe you'll get more out of less headcount? Or would it somehow positively impact your inventory because it would provide you maybe with another source of feedback that you're not getting now? Just wondering if there's any feedback that's here for you.

嗯，我想說的是，例如，它會讓你的銷售工作更有效率，所以也許你會從更少的員工中獲得更多的收益嗎？或者它會以某種方式對您的庫存產生積極影響，因為它可能會為您提供您現在沒有得到的另一個反饋來源？只是想知道這裡是否有任何反饋給您。

It's going to make our installers' lives a lot better, the small- and medium-sized installers. It's going to make the homeowners' lives a lot better. In order for us to achieve such a seamless experience, it's going to take us time. It's going to -- we need world-class software. So it's going to take us more people in order for us to do this. And unfortunately, for us, we have -- and our gross margins are strong, and we have a nice balance sheet. So we are in the right time to invest and help our -- both our homeowners as well as the small- and medium-sized installers.

這將使我們中小型安裝人員的生活變得更好。這將使房主的生活變得更好。為了讓我們獲得如此無縫的體驗，我們需要時間。我們需要世界一流的軟體。因此，我們需要更多的人才能做到這一點。不幸的是，對我們來說，我們的毛利率很高，而且我們的資產負債表也很好。因此，我們現在正是投資和幫助我們的房主以及中小型安裝商的正確時機。

And, I guess, the final point on this digital platform thing, I think it's been touched on, but just to confirm it. If this works the way that you want it to, is it reasonable to think that it's going to attract additional installers to you that you may not be working with now? And could that be significant?

而且，我想，關於這個數位平台的最後一點，我認為它已經被觸及，但只是為了確認它。如果這按照您希望的方式工作，那麼認為它會吸引您現在可能不使用的其他安裝人員是否合理？這可能很重要嗎？

That's right. Yes, that's right.

這是正確的。恩，那就對了。

Okay. Great. And just one question on a different subject. I was just wondering, is the IQ 8D still -- because I know we have all these COVID-19 headaches. Is it still moving along fairly smoothly? And do you still expect to release it in the fourth quarter?

好的。偉大的。只是關於不同主題的一個問題。我只是想知道，智商仍然是 8D嗎？因為我知道我們有所有這些令人頭痛的 COVID-19 問題。進展還相當順利嗎？您還預計第四季發布嗎？

Right. And I did mention it in the call, actually, earlier. We are pleased with the progress that we are making on IQ 8D. IQ 8D, to remind everyone, it's a small commercial product, 640-watt AC. It will basically service 2 panels. And our differentiation there is, obviously, the trademark Enphase high quality, rapid shutdown in our implementation and essentially very high-efficiency product. But yes, it is on track.

正確的。事實上，我早些時候確實在電話中提到過這一點。我們對 IQ 8D 的進展感到高興。 IQ 8D，提醒大家一下，這是一款小型商用產品，640瓦交流電。它基本上將為 2 個面板提供服務。顯然，我們的差異化在於 Enphase 的高品質、快速關閉以及本質上非常高效的產品。但是，是的，它正在步入正軌。

(Operator Instructions) And our next question comes from the line of Pavel Molchanov with Raymond James.

（操作員說明）我們的下一個問題來自 Pavel Molchanov 和 Raymond James 的線路。

You have not been asked yet about manufacturing. I mean you mentioned that there is no issues, but Mexico has been under a lockdown, maybe a weak one, but a lockdown since the end of March. And I'm curious if there have been any disruptions in terms of labor availability or the social distancing requirements at the fab in Mexico.

尚未詢問您有關製造的問題。我的意思是，你提到沒有問題，但墨西哥一直處於封鎖狀態，可能是較弱的封鎖，但自三月底以來一直處於封鎖狀態。我很好奇墨西哥工廠的勞動力可用性或社交距離要求是否有任何中斷。

Yes. Our factory has been declared as an essential business, and so there have not been interruptions. And also, like what I said in the -- in my prepared remarks, obviously, this is a quarter where we are building less inventory, not more. So we are carefully balancing the inventory between China and Mexico. And due to COVID, the amount of inventory that we have to build is quite small.

是的。我們的工廠已被宣佈為重要業務，因此沒有中斷。而且，就像我在準備好的演講中所說的那樣，顯然，這個季度我們建立的庫存較少，而不是更多。因此，我們正在仔細平衡中國和墨西哥之間的庫存。由於新冠疫情，我們必須建立的庫存量非常小。

Okay. Let me ask one more regulatory question. From the perspective of your customers that are postponing installations, and you referenced the New York area in particular, is that because of lockdowns and stay-at-home orders? Or is it more of a precautionary measure? Because my understanding is most states do not prohibit solar installation because it has been considered an essential business.

好的。讓我再問一個監管問題。從推遲安裝的客戶的角度來看，您特別提到了紐約地區，這是因為封鎖和居家令嗎？還是這更多的是一種預防措施？因為我的理解是大多數州並不禁止太陽能安裝，因為它被認為是一項重要業務。

I think in -- I mean, this is -- from an installation point of view, I think just people are cautious about having other people come and interact with them in their house. And I think that's one slowdown. The second slowdown, obviously, is also on the permitting side. Not everybody is like some of the counties that you're seeing here in California, like San Luis Obispo, et cetera, where -- who have gone completely digital. And then the third element is around permission to operate the PTO, which is in both inspection and PTO. So I think you're seeing that there is friction in the system as a result of just -- of the social distancing element. I think that is the biggest challenge. On the sales side, again, kind -- kitchen table sales are now less likely to happen or not happening. And -- but you are seeing -- we are seeing and where a lot of our installer partners adapting to doing this more virtually using digital tools. So yes, we are going through that, experiencing those processes right now.

我認為——我的意思是，從安裝的角度來看，我認為人們對於讓其他人來到他們的房子裡與他們互動持謹慎態度。我認為這是一種放緩。顯然，第二次放緩也是在允許的情況下。並不是每個人都像您在加利福尼亞州看到的一些縣一樣，例如聖路易斯奧比斯波等，已經完全數位化。第三個要素是關於操作 PTO 的許可，這既包括檢查，也包括 PTO。所以我認為你看到系統中存在摩擦只是因為社交距離因素造成的。我認為這是最大的挑戰。在銷售方面，同樣，廚房餐桌銷售現在不太可能發生或不發生。而且 - 但你看到 - 我們看到我們的許多安裝合作夥伴正在適應使用數位工具以更虛擬的方式完成此操作。所以，是的，我們現在正在經歷這些過程。

And our next question comes from the line of Amit Dayal with H.C. Wainwright.

我們的下一個問題來自 Amit Dayal 和 H.C.溫賴特。

You guys indicated that you're being aggressive on product introductions. But at the same time, you're seeing some pushouts relative to go to market to existing products in the pipeline. Just wanted to understand what the time frame for these new product constructions will look like. Is it something that may transpire in this calendar year? Or are we talking a little bit more further out?

你們表示你們在產品介紹上很正面。但同時，您會看到一些與正在上市的現有產品相關的推出。只是想了解這些新產品構造的時間框架是什麼樣的。今年可能會發生什麼事嗎？或者我們可以談得更遠一點嗎？

Right. The -- I mean, the delay on Encharge is because of social distancing and work from home. Engineers essentially do not have -- they have not been working together. And because of that, some of the engineering activities and the compliance activities were delayed. And that's kind of behind us now because the short-term blip, it affected us. Last February, I thought -- or rather 2 months back, I thought we were going to ship Encharge by the end of March. That didn't happen because of this.

正確的。我的意思是，Encharge 的延遲是因為社交距離和在家工作。工程師基本上沒有——他們沒有一起工作。因此，一些工程活動和合規活動被推遲。現在這種情況已經過去了，因為短期的波動影響了我們。去年二月，我想——或者更確切地說兩個月前，我想我們將在三月底前推出 Encharge。這並沒有因為這個而發生。

And with regarding the other products, I do plan to introduce the IQ 8 grid-agnostic microinverter for residential rooftops. I do plan to introduce it in the second half. And I do also plan to introduce IQ 8D in the second half, along with Ensemble-In-A-Box. Those are -- we have a lot of engineering teams in the company. And the teams, obviously, they are a little bit hampered right now working from home. But hopefully, that will end and June will be a lot better. And at this point, we still see -- so we are on track to getting them in the second half.

至於其他產品，我確實計劃推出適用於住宅屋頂的 IQ 8 與電網無關的微型逆變器。我確實計劃在下半年介紹它。我還計劃在下半年推出 IQ 8D 以及 Ensemble-In-A-Box。我們公司有很多工程團隊。顯然，團隊現在在家工作有點受到阻礙。但希望這一切能結束，六月會好很多。在這一點上，我們仍然看到 - 所以我們有望在下半場擊敗他們。

Understood. Just last one for me. Have you acted on any buybacks so far?

明白了。對我來說只是最後一張。到目前為止，您是否採取過任何回購行動？

No.

不。

(Operator Instructions) And at this time, I'm not showing any further questions on the phone line. This concludes today's question-and-answer session. I would now like to turn the call back to CEO, Badri Kothandaraman for closing remarks.

（操作員說明）此時，我不會在電話線上顯示任何進一步的問題。今天的問答環節到此結束。現在，我想將電話轉回給執行長巴德里·科坦達拉曼 (Badri Kothandaraman)，讓其致閉幕詞。

All right. Thank you for joining us today and for your continued support of Enphase. We look forward to speaking with you again during our Q2 '20 earnings call. Bye.

好的。感謝您今天加入我們並感謝您對 Enphase 的持續支持。我們期待在 20 年第二季財報電話會議上再次與您交談。再見。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating, you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。