Enphase Energy Inc (ENPH) 2019 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Enphase Energy's Third Quarter 2019 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, Christina Carrabino. Thank you. Please go ahead, ma'am.

女士們、先生們，感謝大家的支持，並歡迎參加 Enphase Energy 2019 年第三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發言人克里斯蒂娜·卡拉比諾。謝謝。請繼續，女士。

Good afternoon, and thank you for joining us on the conference call to discuss Enphase Energy's third quarter 2019 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.

下午好，感謝您參加我們的電話會議，討論 Enphase Energy 2019 年第三季的業績。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 third quarter ended September 30, 2019. During this conference call, Enphase management will make forward-looking statements, including, but not limited to, statements related to Enphase Energy's financial performance and the capabilities and performance of its technology and products, operations, including service and capacity and current and future market and customer demands and trends for its services and products.

今天收盤後，Enphase 發布新聞稿，宣布截至 2019 年 9 月 30 日的第三季業績。在本次電話會議期間，Enphase 管理層將做出前瞻性陳述，包括但不限於與Enphase Energy 的財務表現及其技術和產品的能力和績效、營運（包括服務和產能）以及當前和未來市場相關的陳述以及客戶對其服務和產品的需求和趨勢。

These forward-looking statements involve significant risks and uncertainties and Enphase Energy's actual results or 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, 2018, which is on file with the SEC and the quarterly report on Form 10-Q for the quarter ended September 30, 2019, which will be filed with the SEC in the fourth quarter of 2019.

這些前瞻性陳述涉及重大風險和不確定性，Enphase Energy 的實際結果或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 2018 年 12 月 31 日止年度的 10-K 表格年度報告以及該季度 10-Q 表格的季度報告截至2019年9月30日，將於2019年第四季向美國證券交易委員會備案。

Enphase Energy cautions you not 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 the financial measures used on this call are expressed on a non-GAAP basis, unless otherwise noted and have been adjusted to exclude certain charges.

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，否則本次電話會議中使用的財務指標均按非公認會計原則表示，並且已進行調整以排除某些費用。

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.

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 third quarter 2019 financial results. We had another very good quarter. We reported revenue of $180.1 million, up 34% from the second quarter and up 131% year-on-year. Demand was strong, as our customers continue to appreciate our differentiated products, services and quality. We stabilized our component supply in the third quarter and shipped approximately 1.8 million microinverters. I will talk in detail about our supply later in the call.

下午好，感謝您今天加入我們討論我們 2019 年第三季的財務表現。我們又度過了一個非常好的季度。我們公佈的營收為 1.801 億美元，較第二季成長 34%，年增 131%。需求強勁，因為我們的客戶持續欣賞我們差異化的產品、服務和品質。第三季我們穩定了組件供應，微型逆變器出貨量約180萬台。我將在稍後的電話會議中詳細討論我們的供應情況。

Our non-GAAP gross margin in the third quarter was 36.2%, and our non-GAAP operating income was $40.2 million. Our gross margin was negatively impacted by approximately 220 basis points due to expedite fees related to component shortages. We expect this expedite fee to decrease within a normal range of 0 to 100 basis points in 2020 and I hope to stop talking about them going forward.

我們第三季的非 GAAP 毛利率為 36.2%，非 GAAP 營業收入為 4,020 萬美元。由於與零件短缺相關的加急費用，我們的毛利率受到約 220 個基點的負面影響。我們預計 2020 年加急費用將在 0 到 100 個基點的正常範圍內下降，我希望今後不再談論它們。

Let me provide some additional color on our gross margins. I often get the question on how high our gross margin can go and how sustainable that would be. The answer is that we are always working on improving our gross margin as it is embedded in our DNA. We see opportunities to increase our gross margin through multiple efforts: optimizing pricing, introducing differentiated products like Ensemble, eliminating expedite fees, addressing tariff costs, optimizing supply chain and implementing engineering cost reduction through ASIC integration.

讓我對我們的毛利率提供一些額外的說明。我經常被問到我們的毛利率可以達到多高以及其可持續性如何。答案是，我們始終致力於提高毛利率，因為它已融入我們的基因中。我們看到了透過多種努力來提高毛利率的機會：優化定價、推出 Ensemble 等差異化產品、取消加急費、解決關稅成本、優化供應鏈以及透過 ASIC 整合降低工程成本。

Let's now talk about cash. We exited the third quarter with a cash balance of $203 million, and generated $5 million of cash flow from operations. We increased inventory on hand in Q3 to better service our customers. We expect to end Q4 '19 with a significantly higher cash balance due to prepayments for the ITC safe harbor product shipments we will make in Q1 of 2020.

現在我們來談談現金。第三季結束時，我們的現金餘額為 2.03 億美元，營運現金流為 500 萬美元。我們在第三季增加了現有庫存，以便更好地服務客戶。由於我們將在 2020 年第一季出貨的 ITC 安全港產品預付款，我們預計到 19 年第四季末，現金餘額將顯著增加。

We also exited Q3 at approximately 36, 14 and 22. What this means is 36% gross margin, 14% operating expenses, 22% operating income, all as a percentage of revenue on a non-GAAP basis. Eric will go into greater detail about our financial results later in the call.

我們也在大約 36、14 和 22 點退出了第三季。這意味著 36% 的毛利率、14% 的營運費用、22% 的營運收入，所有這些都以非 GAAP 基準計算佔收入的百分比。埃里克將在稍後的電話會議中更詳細地介紹我們的財務表現。

Let's now talk about ease of doing business on how customers perceive us. Our Q3 Net Promoter Score was 54% in North America compared to 53% in Q2. Our call wait times at approximately 2 minutes on average, and we are working to get them to less than a minute by the end of Q4.

現在讓我們來談談客戶對我們的看法如何開展業務的便利性。我們第三季北美的淨推薦值為 54%，而第二季為 53%。我們的呼叫等待時間平均約為 2 分鐘，我們正在努力在第四季末將其減少到不到一分鐘。

We are pleased to announce that as of today, more than 6,300 homeowners in North America have joined our Enphase Upgrade Program. This program is for approximately 30,000 early adopters of our legacy microinverters that reflects our commitment to quality and customer service. Our homeowner NPS for this legacy product upgrade program was 64% in Q3 of 2019.

我們很高興地宣布，截至今天，北美已有 6,300 多名房主加入了我們的 Enphase 升級計畫。該計劃面向大約 30,000 名我們傳統微型逆變器的早期採用者，體現了我們對品質和客戶服務的承諾。2019 年第三季度，我們的房主對這項舊產品升級計畫的 NPS 為 64%。

Now let's cover tariffs.

現在我們來討論一下關稅。

As previously stated, we shared the cost increases due to tariffs with our customers. We expanded our manufacturing with Flex in Mexico to help mitigate the section 301 tariffs, increased global capacity as well as improve delivery. We started shipping our IQ 7 family of microinverters from the Flex Mexico factory in late Q2 and increased shipments in Q3. We manufactured approximately 137,000 microinverters in Q3, a little short of the planned 200,000 that I mentioned on the last earnings call. However, our shipping troubles are over and the team is making great progress towards shipping approximately half a million microinverters in Q4. In fact, our weekly run rate right now is 35,000 units a week. Our plan is to service a significant portion of the North American business from Mexico by Q1 of 2020.

如前所述，我們與客戶分擔了關稅導致的成本增加。我們與 Flex 在墨西哥擴大了生產規模，以幫助緩解 301 關稅、增加全球產能並改善交付。我們在第二季末開始從 Flex 墨西哥工廠出貨 IQ 7 系列微型逆變器，並在第三季增加了出貨量。我們在第三季生產了大約 137,000 個微型逆變器，略低於我在上次財報電話會議上提到的 200,000 個計劃。然而，我們的運輸問題已經結束，團隊在第四季度發貨約 50 萬個微型逆變器方面取得了巨大進展。事實上，我們現在的周運行率為 35,000 台。我們的計劃是到 2020 年第一季為墨西哥的大部分北美業務提供服務。

Let's now discuss our capacity in detail. In the past few quarters, we talked about component shortages, which were mainly in the 600 voltage power transistors. As a result of our agreement with Infineon and a few other suppliers, we have now stabilized our component supply. In addition, with Mexico coming online, we have capacity in place for 2.5 million microinverters in Q4. Consistent with our revenue guidance, we expect to ship between 2.1 million and 2.2 million microinverters to our customers in Q4. This represents roughly a 15% buffer between demand and supply.

現在讓我們詳細討論我們的能力。過去幾個季度，我們談到元件短缺，主要是600電壓功率電晶體。由於我們與英飛凌和其他一些供應商達成協議，我們現在已經穩定了我們的組件供應。此外，隨著墨西哥上線，我們在第四季擁有 250 萬台微型逆變器的產能。根據我們的收入指引，我們預計第四季將向客戶出貨 210 萬至 220 萬台微型逆變器。這代表需求和供應之間大約 15% 的緩衝。

We have instituted a 6-quarter forecasting process at Enphase where we review our unconstrained demand on a monthly basis and ensure there is enough storage capacity available in order to service customers well.

我們在 Enphase 制定了 6 季度預測流程，每月審查不受約束的需求，並確保有足夠的可用儲存容量，以便為客戶提供良好服務。

Moving on to the regions. Our U.S. and international mix for Q3 was 84% and 16%, respectively, compared to 74% and 26% in Q2.

繼續到各地區。第三季的美國和國際組合分別為 84% 和 16%，而第二季為 74% 和 26%。

Our third quarter revenue in the U.S. was up 51% sequentially and up 175% year-on-year due to strong demand from new and existing customers. As we have stated over the last year, our channel inventory has been tight. And for the first time this year, our supply was enough to accommodate customer demand.

由於新舊客戶的強勁需求，我們第三季在美國的營收季增 51%，年增 175%。正如我們去年所說，我們的通路庫存一直很緊張。今年我們的供應首次足以滿足客戶的需求。

In Europe, our third quarter revenue was down 21% sequentially and up 47% year-on-year. After a strong Q2 in which our channel inventory returned to normalized levels, our Q3 revenue in Europe was in line with our sales run-rate. Netherlands and France remain strong markets for us. However, we are not satisfied with the progress we are making in rest of Europe. Our executive team was in Brussels during the third quarter and identified many strategic initiatives for growth in the rest of Europe, including bolstering our sales force immediately. Our growth in Europe will be a major focus area for me, personally, in 2020. The opportunities are great, the market is a growing market, and we have a very strong product-market fit. We simply need to execute better.

在歐洲，我們第三季的營收季減 21%，年增 47%。在第二季的強勁表現（我們的通路庫存恢復到正常水平）之後，我們在歐洲的第三季營收與我們的銷售運行率一致。荷蘭和法國仍然是我們的強勁市場。然而，我們對歐洲其他地區的進展並不滿意。我們的執行團隊第三季在布魯塞爾，確定了許多歐洲其他地區成長的策略性舉措，包括立即增強我們的銷售團隊。就我個人而言，2020 年我們在歐洲的成長將是一個主要關注領域。機會是巨大的，市場是一個不斷成長的市場，我們擁有非常強大的產品與市場契合度。我們只是需要更好地執行。

In APAC, our third quarter revenue was down 16% sequentially and down 22% year-on-year. During the quarter, our executive team also reviewed the strategic plan for our Australian business. We are beginning to execute well on that plan by hiring top-notch sales managers, calling on the long tail of installers and selling our value proposition of safe AC on roof, high-quality and superior customer experience. I'm confident that this region is going to bounce back as we transition into 2020.

在亞太地區，我們第三季的營收季減 16%，年減 22%。在本季度，我們的執行團隊也審查了我們澳洲業務的策略計畫。我們開始很好地執行該計劃，聘請頂尖的銷售經理，召集安裝人員的長尾，並推銷我們的價值主張：安全的屋頂空調、高品質和卓越的客戶體驗。我相信，隨著我們進入 2020 年，該地區將會反彈。

In Latin America, our third quarter revenue was up 50% sequentially and up 47% year-on-year. We are excited about the growth opportunities in Latin America and are targeting more areas within Mexico and other LatAm countries.

在拉丁美洲，我們第三季的營收季增 50%，年增 47%。我們對拉丁美洲的成長機會感到興奮，並瞄準了墨西哥和其他拉丁美洲國家的更多地區。

We continue to work with some of our customers in North America on their ITC safe harbor demand. We plan to ship approximately $35 million of product for ITC safe harbor to a new customer in Q4. In addition, we expect Q1 to be an equally significant quarter for safe harbor.

我們繼續與北美的一些客戶合作，滿足他們的 ITC 安全港需求。我們計劃在第四季向新客戶運送約 3,500 萬美元的 ITC 安全港產品。此外，我們預計第一季對於安全港來說也將是同樣重要的季度。

Let's now cover our new products. We are pleased to announce the general availability of our latest product called IQ 7A, a high-power microinverter targeted for modules up to 450 watt DC. Installers will be able to pair the IQ 7A microinverter with monofacial or bifacial modules.

現在讓我們來介紹一下我們的新產品。我們很高興地宣布我們的最新產品 IQ 7A 全面上市，這是一款針對高達 450 瓦直流模組的高功率微型逆變器。安裝人員將能夠將 IQ 7A 微型逆變器與單面或雙面模組配對。

Let's come to AC modules. We continued to make steady progress with our AC module partners during Q3, including SunPower, Panasonic and Solaria, to mention a few. Enphase Energy ACM from our module partners have now been adopted by more than 600 installers in the U.S. as of this date.

讓我們來看看交流模組。第三季度，我們與交流模組合作夥伴（包括 SunPower、Panasonic 和 Solaria 等）繼續取得穩定進展。截至目前，我們的模組合作夥伴提供的 Enphase Energy ACM 現已被美國 600 多家安裝商採用。

I'd now like to talk about Ensemble- first, the off-grid product and then the storage product for North America. Let's come to the upgrade product. We expect to ship several thousand units of the upgrade product, we call that as EQ 8, to our partner in Q4. We plan to deliver the final requirements shortly to our partner in order to enable the plan.

我現在想談談 Ensemble——首先是離網產品，然後是北美的儲存產品。我們來看看升級產品。我們預計將在第四季度向我們的合作夥伴運送數千台升級產品（我們稱之為 EQ 8）。我們計劃很快向我們的合作夥伴提供最終要求，以實現該計劃。

Let's now talk about Ensemble 1.0, which is focused on enabling high capacity storage for North America. Storage is enabled by our Encharge battery, which is a modular 3.3 kilowatt hours solution. The modularity allows for ease of installation, flexibility and scalability while helping to streamline our supply chain.

現在讓我們談談 Ensemble 1.0，它專注於為北美提供高容量儲存。儲存由我們的 Encharge 電池實現，這是一種模組化 3.3 千瓦時解決方案。模組化設計易於安裝、具有靈活性和可擴展性，同時有助於簡化我們的供應鏈。

The Encharge battery will be available in 2 variants: 3.3 kilowatt hour and 10 kilowatt hour. The 3.3 kilowatt-hour battery contains 4 IQ 8 grid-agnostic microinverters internally.

Encharge 電池有 2 種型號：3.3 千瓦時和 10 千瓦時。3.3 千瓦時電池內部包含 4 個 IQ 8 與電網無關的微型逆變器。

As you are all aware, there have been fires in Sonoma County in the last few days. Many of our employees in Petaluma, as well as their families are affected and have been evacuated. Our thoughts are with those whose lives have been impacted. As a side effect from these fires, many of us, including me, have lost power for an extended period of time. The unfortunate reality is that homeowners are not prepared for these blackouts. Encharge powered by Ensemble technology will be an ideal product to address blackouts and keep our homes "Always On."

眾所周知，索諾瑪縣最近幾天發生了火災。我們在佩塔盧馬的許多員工及其家人受到影響並已被疏散。我們與那些生活受到影響的人們同在。由於這些火災的副作用，我們中的許多人，包括我在內，都在很長一段時間內失去了電力。不幸的現實是，房主沒有為這些停電做好準備。由 Ensemble 技術提供支援的 Encharge 將是解決停電問題並讓我們的家庭保持「永遠在線」的理想產品。

What do I mean by "Always On?" Ensemble is a technology that brings together solar, storage, grid and even a generator onto a single energy management platform to keep the home "Always On." This technology optimizes the usage of these resources under all conditions. For example, when the grid is down, Ensemble can balance the usage of solar, storage and the generator to keep the lights on and when the grid is up, it can make an economic decision regarding the source of energy.

「永遠在線」是什麼意思？ Ensemble 是一項將太陽能、儲存、電網甚至發電機整合到單一能源管理平台上的技術，以保持家庭「永遠在線」。該技術在所有條件下優化了這些資源的使用。例如，當電網停電時，Ensemble 可以平衡太陽能、儲能和發電機的使用，以保持燈亮著；當電網恢復正常時，它可以就能源來源做出經濟決策。

Today, we released some installer-specific content for Ensemble on our website. At the recent SPI conference in Utah, we held several installer roundtables with a total of approximately 15 stores. The feedback from the installers was to provide enough information on our website a little bit earlier to make it easier for them to pre-sell Encharge, and we did exactly that.

今天，我們在網站上發布了一些 Ensemble 安裝程式特定的內容。最近在猶他州舉行的 SPI 會議上，我們舉辦了幾場安裝商圓桌會議，總共有大約 15 家商店參加。安裝人員的回饋是提前在我們的網站上提供足夠的信息，以便他們更容易預售 Encharge，我們也確實這樣做了。

We are in the process of installing Ensemble 1.0 alpha systems at a few Enphase sites as well as a few employee's homes. When we complete comprehensive software testing on these alpha systems, we plan to take preorders in December through our distribution partners. We expect production shipments in the first quarter of 2020 after completing real-world beta installations with nearly 20 installers.

我們正在一些 Enphase 網站以及一些員工家中安裝 Ensemble 1.0 alpha 系統。當我們完成這些 alpha 系統的全面軟體測試時，我們計劃在 12 月透過我們的分銷合作夥伴接受預訂。我們預計在近 20 個安裝者完成實際測試版安裝後，將在 2020 年第一季實現生產出貨。

After the release of the storage product, we expect further revisions of Ensemble to be released in 2020 with a focus on IQ 8, PV or IQ 8 solar installations. The advantage of IQ 8s on the roof will be that these grid-forming microinverters will produce power from panels, even during blackout as long as the sun is still shining. It addresses a major pain point without the need for storage and is completely differentiated in that respect.

在儲存產品發布後，我們預計 Ensemble 的進一步修訂版將於 2020 年發布，重點關注 IQ 8、PV 或 IQ 8 太陽能裝置。屋頂上 IQ 8 的優點在於，即使在停電期間，只要陽光仍然照耀，這些形成網格的微型逆變器就能透過面板產生電力。它無需存儲即可解決主要痛點，並且在這方面完全與眾不同。

In summary, we are pleased with our overall progress we have made this year. Our base microinverter business continues to grow and is pretty healthy. Our component supply has stabilized. We are excited about our upcoming storage product and remain focused on delivering Encharge to the market.

總而言之，我們對今年的整體進展感到滿意。我們的基礎微型逆變器業務持續成長且相當健康。我們的零件供應已經穩定。我們對即將推出的儲存產品感到興奮，並將繼續專注於向市場提供 Encharge。

I would like to make one more important announcement. We will be hosting an Analyst Day during the second week of December to provide deeper updates on strategic initiatives, our financial model, as well as new products. More details on our Analyst Day will follow over the next few weeks.

我想宣布一項更重要的消息。我們將在 12 月的第二週舉辦分析師日活動，提供有關策略舉措、我們的財務模型以及新產品的更深入的更新。有關分析師日的更多詳細資訊將在接下來的幾週內公佈。

With that, I will turn the call over to Eric for his review of our financial results. Eric?

這樣，我將把電話轉給埃里克，請他審查我們的財務表現。艾瑞克？

Thanks, Badri. I will provide more details related to our third quarter of 2018 financial results as well as our business outlook for the fourth quarter.

謝謝，巴德里。我將提供有關 2018 年第三季財務業績以及第四季度業務前景的更多詳細資訊。

As a reminder, the financial measures that I'm going to provide are on a non-GAAP basis unless otherwise noted. We have provided reconciliations 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.

提醒一下，除非另有說明，我將提供的財務指標均以非公認會計原則為基礎。我們在今天發布的收益報告中提供了這些非公認會計原則與公認會計原則財務指標的調節表，也可以在我們網站的投資者關係部分找到。

Total revenue for the third quarter of 2019 was $180.1 million, including approximately $8 million of safe harbor revenue. Total revenue for the third quarter of 2019 increased 34% sequentially and increased 131% year-over-year. We shipped approximately 584 megawatts DC in the third quarter of 2019, an increase in megawatts DC of 40% sequentially and an increase of 186% from the year-ago quarter. The megawatts shipped represented approximately 1.8 million microinverters, approximately 99% of which was IQ 7.

2019 年第三季的總收入為 1.801 億美元，其中包括約 800 萬美元的安全港收入。2019年第三季總營收季增34%，年增131%。2019 年第三季度，我們的直流出貨量約為 584 兆瓦，比上一季成長了 40%，比去年同期成長了 186%。出貨的兆瓦級微型逆變器約為 180 萬個，其中約 99% 的 IQ 為 7。

Non-GAAP gross margin for the third quarter of 2019 was 36.2% compared to 34.1% for the second quarter of 2019. Component shortages negatively impacted our Q3 2019 non-GAAP gross margin by approximately 220 basis points.

2019 年第三季非 GAAP 毛利率為 36.2%，而 2019 年第二季為 34.1%。零件短缺對我們 2019 年第三季的非 GAAP 毛利率產生了約 220 個基點的負面影響。

Non-GAAP operating expenses were $25 million for the third quarter of 2019, compared to $22.5 million for the second quarter of 2019 and $18.6 million for the third quarter of 2018.

2019 年第三季非 GAAP 營運費用為 2,500 萬美元，而 2019 年第二季為 2,250 萬美元，2018 年第三季為 1,860 萬美元。

GAAP operating expenses were $31 million for the third quarter of 2019, compared to $27.9 million for the second quarter of 2019 and $25.6 million for the third quarter of 2018. GAAP operating expenses for the third quarter of 2019 included $4.9 million of stock-based compensation expenses, $546,000 of amortization expenses for acquired tangible assets and $469,000 of restructuring expense.

2019 年第三季的 GAAP 營運費用為 3,100 萬美元，而 2019 年第二季為 2,790 萬美元，2018 年第三季為 2,560 萬美元。2019 年第三季的 GAAP 營運費用包括 490 萬美元的股票補償費用、546,000 美元的收購有形資產攤銷費用以及 469,000 美元的重組費用。

On a non-GAAP basis, income from operations was $40.2 million for the third quarter of 2019, compared to $23.2 million for the second quarter of 2019 and $7 million for the year ago quarter. This decrease in operating income is reflective of our continued improvement in our -- in operational excellence and product leadership.

以非公認會計準則計算，2019 年第三季營運收入為 4,020 萬美元，而 2019 年第二季營運收入為 2,320 萬美元，去年同期營運收入為 700 萬美元。營業收入的下降反映了我們在卓越營運和產品領先地位方面的持續改善。

On a GAAP basis, income from operations was $33.7 million for the third quarter of 2019.

以 GAAP 計算，2019 年第三季營運收入為 3,370 萬美元。

On a non-GAAP basis, net income for the third quarter of 2019 was $39.5 million, compared to $23.2 million for the second quarter of 2019 and $4.6 million for the year ago quarter. This resulted in basic earnings per share of $0.32 and diluted earnings per share of $0.30 for the third quarter of 2019, compared to basic earnings per share of $0.20 and diluted earnings per share of $0.18 for the second quarter of 2019.

以非公認會計準則計算，2019 年第三季淨利為 3,950 萬美元，而 2019 年第二季淨利為 2,320 萬美元，去年同期淨利為 460 萬美元。這導致 2019 年第三季的基本每股收益為 0.32 美元，稀釋每股收益為 0.30 美元，而 2019 年第二季的基本每股收益為 0.20 美元，稀釋每股收益為 0.18 美元。

GAAP net income for the third quarter of 2019 was $31.1 million, compared to $10.6 million for the second quarter of 2019 and a loss of $3.5 million for the third quarter of 2018. This resulted in basic earnings per share of $0.25 and diluted earnings per share of $0.23 for the third quarter of 2019, compared to basic earnings per share of $0.09 and diluted earnings per share of $0.08 for the second quarter of 2019.

2019 年第三季 GAAP 淨利為 3,110 萬美元，而 2019 年第二季為 1,060 萬美元，2018 年第三季虧損 350 萬美元。這導致 2019 年第三季的基本每股收益為 0.25 美元，稀釋每股收益為 0.23 美元，而 2019 年第二季的基本每股收益為 0.09 美元，稀釋每股收益為 0.08 美元。

We are happy to report that we achieved the important financial milestone of 4 consecutive quarters of cash generation and GAAP profitability. As we continue to maintain profitability, there is a reasonable possibility that we may release our valuation allowance against the deferred tax assets in the near future as disclosed in our 10-Q.

我們很高興地報告，我們連續 4 個季度實現現金產生和 GAAP 盈利能力這一重要的財務里程碑。隨著我們繼續保持盈利能力，我們有合理的可能性在不久的將來釋放我們在 10-Q 中披露的遞延所得稅資產的估值備抵。

Now turning to the balance sheet. Inventory was $30.2 million at the end of Q3 2019, compared to $20.1 million at the end of Q2 2019 and then $17.9 million at the end of Q3 2018. We ended at 24 days of inventory on hand as of September 30, 2019, significantly below our internal target of 30 days, up from 21 days in the second quarter and down from 31 days in the year ago quarter. The increase in days of inventory on hand as of September 30, 2019 was intended to improve shipping linearity to our customers and better service increasing demand. Inventory management continues to remain one of our key cash management initiatives.

現在轉向資產負債表。2019 年第三季末的庫存為 3,020 萬美元，而 2019 年第二季末的庫存為 2,010 萬美元，2018 年第三季末的庫存為 1,790 萬美元。截至 2019 年 9 月 30 日，我們的庫存天數為 24 天，遠低於我們 30 天的內部目標，高於第二季的 21 天，低於去年同期的 31 天。截至 2019 年 9 月 30 日，現有庫存天數增加的目的是提高對客戶的運輸線性度，並更好地服務不斷增長的需求。庫存管理仍然是我們關鍵的現金管理措施之一。

We exited the third quarter of 2019 with a total cash balance of $203 million, compared to $206 million for the second quarter of 2019. We generated $5 million in cash flows from operations and $769,000 in adjusted free cash flow for the third quarter of 2019. Capital expenditure was $4.2 million for Q3 2019, mainly to ramp up our supply capacity in Mexico and China. As Badri mentioned, we expect to end Q4 2019 with a significantly higher cash balance due to prepayments for the ITC safe harbor product shipment in Q1 2020.

2019 年第三季結束時，我們的現金餘額總額為 2.03 億美元，而 2019 年第二季的現金餘額為 2.06 億美元。2019 年第三季度，我們產生了 500 萬美元的營運現金流和 769,000 美元的調整後自由現金流。2019 年第三季的資本支出為 420 萬美元，主要用於提高我們在墨西哥和中國的供應能力。正如 Badri 所提到的，由於 2020 年第一季 ITC 安全港產品出貨的預付款，我們預計 2019 年第四季末的現金餘額將顯著增加。

Now let's discuss our outlook for the fourth quarter of 2019. We expect our revenue for the fourth quarter of 2019 to be within a range of $200 million to $210 million, including approximately $35 million of shipments for ITC safe harbor to a new customer. Turning to margins, we expect GAAP and non-GAAP gross margin to be within a range of 34% to 37%. And we expect our GAAP operating expenses to be within a range of $31.5 million to $33.5 million, including a total of approximately $7 million estimated for stock-based compensation expenses, restructuring and acquisition-related amortization. We expect non-GAAP operating expenses to be within a range of $24.5 million to $26.5 million.

現在讓我們來討論一下我們對 2019 年第四季的展望。我們預計 2019 年第四季的營收將在 2 億至 2.1 億美元之間，其中包括為 ITC 安全港向新客戶運送約 3,500 萬美元的貨物。談到利潤率，我們預計 GAAP 和非 GAAP 毛利率將在 34% 至 37% 的範圍內。我們預計我們的 GAAP 營運費用將在 3,150 萬美元至 3,350 萬美元之間，其中包括總計約 700 萬美元的股票補償費用、重組和收購相關攤銷。我們預計非 GAAP 營運費用將在 2,450 萬美元至 2,650 萬美元之間。

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 is from Philip Shen from Roth Capital Partners.

（操作員說明）我們的第一個問題來自Roth Capital Partners 的Philip Shen。

In terms of your guidance for Q4 in the $35 million safe harbor for a single customer, to what degree did you prioritize the need of a single customer? And had you not served that customer, how much volume do you think you could have sold into the broader U.S. market?

就您對第四季度單一客戶 3500 萬美元安全港的指導而言，您在多大程度上優先考慮單一客戶的需求？如果您沒有為該客戶提供服務，您認為您可以向更廣泛的美國市場銷售多少銷售？

Well, we gave you a clear view on our capacity. So basically, in Q4 of '19, which is this quarter, we have a capacity of 2.5 million microinverters. And our guidance reflects basically shipments of EUR 2.1 to 2.2 million microinverters. So our capacity problems are over and we are basically back to demand-limited environment.

好吧，我們已經讓您清楚地了解了我們的能力。所以基本上，在 19 年第四季度，也就是本季度，我們擁有 250 萬個微型逆變器的產能。我們的指導基本上反映了 210 至 220 萬歐元微型逆變器的出貨量。所以我們的產能問題已經結束，我們基本上回到了需求有限的環境。

Great. And Badri, I think you mentioned for Q1, you expect a similar level of safe harbor, is that correct?

偉大的。巴德里，我想你在第一季提到過，你期望有類似水平的安全港，對嗎？

That's exactly the...

這正是...

Is it for the same -- okay. Is it for the same customer? Or do you expect it to be for other customers as well?

是不是同樣的目的——好吧。是針對同一個客戶嗎？或是您希望其他客戶也能享受到同樣的服務嗎？

We -- at this time, I am unable to provide you that color. All I know is that it will be the same. It will be the equivalent amount.

我們—目前，我無法為您提供那種顏色。我只知道一切都會一樣。這將是等值的金額。

Got it. Great. And then as it relates to storage, I know you gave us a ramp there. When do you -- can you comment on when you expect to see the storage product really hitting meaningful volumes?

知道了。偉大的。然後，就存儲而言，我知道您在那裡給了我們一個坡道。你什麼時候——你能評論一下你期望什麼時候看到儲存產品真正達到有意義的銷售嗎？

Look, I mean, like what I said, we released our website this afternoon. That is going to give installers a lot of -- install a specific information to help them pre-sell the product. We plan to take preorders in December. Once we have basically installed at a few of our homes, which is myself and Eric, Raghu, and our systems are functioning well. And we personally ensure that it is high quality, then we will begin taking preorders. We will release -- we will start shipping production in the first quarter of 2020. And we are going to be prepared for a good ramp. But ramps are often difficult. Ramps are often uncertain, very difficult to predict. So I would say by the second half, we should have ramped fully. But Q2, I would expect to be reasonably significant as well.

聽著，我的意思是，就像我說的，我們今天下午發布了我們的網站。這將為安裝人員提供很多安裝特定信息，以幫助他們預售產品。我們計劃在 12 月接受預訂。一旦我們基本上在我自己、Eric、Raghu 的幾個家裡安裝完畢，我們的系統就運作良好。我們親自確保它是高品質的，然後我們將開始接受預訂。我們將在 2020 年第一季開始出貨生產。我們將為良好的坡道做好準備。但坡道通常很困難。坡道通常是不確定的，很難預測。所以我想說，到了下半場，我們應該已經全力以赴了。但我預計第二季也將相當重要。

Okay. Great. And one last one for me. Can you talk about the visibility you have into Q1? I know you don't have guidance officially, but can you comment on the seasonality that you might expect to see in Q1 and what the overall direction of Q1 could be relative to Q4.

好的。偉大的。最後一張是給我的。您能談談您對第一季的了解嗎？我知道您沒有正式的指導，但您能否評論一下您可能期望在第一季度看到的季節性以及第一季相對於第四季度的總體方向。

It's too early to give you specific numbers on guidance, but we expect to see the typical seasonality associated with the industry in Q1.

現在為您提供具體的指導數字還為時過早，但我們預計在第一季看到與該行業相關的典型季節性。

Our next question is from Brad Meikle from Williams Trading.

我們的下一個問題來自威廉斯貿易公司的布拉德·米克爾。

As you're well aware, we've been without power in Northern California over the last 5 days, 2.5 million households. And I think if you guys did 100,000 homes, that would be $1 billion in revenues. Could you speak to how much you will or will not be capacity constrained in terms of being able to ramp your battery shipments, and I think you had a couple sources on the sale supply, right? And I've got a follow-up.

如您所知，過去 5 天北加州有 250 萬戶家庭斷電。我認為如果你們建造了 10 萬套房屋，那將是 10 億美元的收入。您能否談談在增加電池出貨量方面您將或不會受到多少產能限制，我認為您有幾個銷售供應來源，對吧？我還有後續行動。

A follow-up. Right. So the question is on the capacity of batteries and will we be able to handle the ramp considering there's going to be a huge demand here in Northern California. So the answer is yes, we have -- we have announced partnerships with A123 on the battery supply, that is public. We basically have good capacity with them. We also signed agreements with one other battery supplier, a Chinese-based battery supplier that we have not announced. However, we are well into the qualification stages with them, and we expect them also to come on in early 2020. Both of them have promised that nice capacity number. So I think it would be well aligned with our ramp. And if we need to bring in a third supplier, we will not hesitate to bring one.

後續行動。正確的。因此，問題在於電池的容量，以及考慮到北加州的巨大需求，我們是否能夠應對坡道。所以答案是肯定的，我們已經宣布與 A123 在電池供應方面建立合作夥伴關係，這是公開的。我們基本上對他們有很好的能力。我們也與另一家電池供應商簽署了協議，這是一家中國電池供應商，但我們尚未宣布。然而，我們已經進入了他們的資格賽階段，我們預計他們也能在 2020 年初上場。他們倆都承諾了這個不錯的容量數字。所以我認為它與我們的坡道非常吻合。如果我們需要引入第三家供應商，我們會毫不猶豫地引入一個。

Okay. The follow-up I had was there's been a lot of speculation around inventory in the channel and whether you've been stuffing the channel. Can you tell us how many weeks your distributors have? How many weeks you're direct customers have? And whether the inventory level has been growing and whether you feel like you're stuff in the channel? If you can add some color to that, please?

好的。我的後續行動是，圍繞渠道中的庫存以及您是否一直在填充渠道有很多猜測。您能告訴我們您的經銷商有多少週的時間嗎？您的直接客戶有多少週的時間？庫存水準是否一直在成長，您是否覺得自己在通路中很重要？如果你可以給它一些顏色，好嗎？

Right. So let me give some background there. In the last 4 quarters, we have been unable to meet our customers' demand. We have been supply limited. And every quarter, prior to entering every quarter, we were fully booked. So there was no question that we were building inventory. We will hand them out. We didn't have enough supply. Q3 is the first quarter where supply was able to keep up with demand.

正確的。讓我介紹一些背景知識。在過去的四個季度中，我們一直無法滿足客戶的需求。我們一直供應有限。每個季度，在進入每個季度之前，我們都被訂滿了。所以毫無疑問我們正在建立庫存。我們會把它們分發出去。我們沒有足夠的供應。第三季是供應能夠跟上需求的第一季。

Now let me come to channel management. I have what is called as the ship review every week where we look at the revenue for the corporation. Basically, we have a channel management business process, which means that we look at every distributor. We basically look at what is their sell-through every week. Sell-through is how well that distributor is doing in order to sell to the end customers, which is the installers, the Tier 3, Tier 4 installers particularly. And essentially, we do both the top down as well as bottoms up, which is we do have distribution managers whose job is to watch the inventory. We also have sales speeds regardless the Tier 3 tier 4 sales folks. All they do is they generate a lot of demand, bottoms up. So that the distributors can sell-through the product to those installers. So we do a combination of both.

現在讓我來談談通路管理。我每週都會進行所謂的船舶審查，我們會查看公司的收入。基本上，我們有一個通路管理業務流程，這意味著我們會關注每一個經銷商。我們基本上每週都會查看他們的銷售情況。銷售率是指經銷商向最終客戶銷售產品的情況，最終客戶是安裝商，特別是第 3 級、第 4 級安裝商。本質上，我們既自上而下又自下而上，我們有分銷經理，他們的工作是監視庫存。無論第 3 層第 4 層銷售人員為何，我們也有銷售速度。他們所做的就是產生大量需求，自下而上。這樣分銷商就可以將產品銷售給這些安裝人員。所以我們將兩者結合。

And then we have strict limits, which is, if we find that and distributor does not have enough sell-through for a previous weeks, we have formulas in place where we consciously limit shipment into the channel. So it is no longer an art, it is a science, and it is not yet run by a computer, it will soon be run by a computer. But we -- our channel management is well under control.

然後我們有嚴格的限制，也就是說，如果我們發現經銷商在前幾週沒有足夠的銷售量，我們就會制定公式，有意識地限制進入通路的出貨量。所以它不再是一門藝術，它是一門科學，它還不是由電腦運行，很快就會由電腦運行。但我們的通路管理得到了很好的控制。

How many weeks on average, can you say? Can you say how many weeks on average?

能說一下平均多少週嗎？能說一下平均多少週嗎？

Historically, we have not talked about the weeks of inventory. We do not talk about the weeks of inventory. However, I'll tell you a good best practice that we've talked about in the past is to have 8 to 10 weeks of inventory in the channel. That's the guideline I can give you, Brad.

從歷史上看，我們沒有談論過庫存週數。我們不談論庫存週數。不過，我會告訴您我們過去討論過的一個最佳實踐是在渠道中保留 8 到 10 週的庫存。這就是我可以給你的指導方針，布拉德。

Our next question is from Mark Strouse from JPMorgan.

我們的下一個問題來自摩根大通的馬克·斯特勞斯。

Yes. Just curious if you can comment on any changes you've observed in the competitive environment, if any. Either from anything that you saw at SPI or any conversations that you've had with your distributors or installers over the last quarter?

是的。只是好奇您是否可以評論您在競爭環境中觀察到的任何變化（如果有）。來自您在 SPI 看到的任何內容，或者您​​上個季度與分銷商或安裝人員進行的任何對話？

Yes, there have been a lot of -- I mean, several competitors that emerged with SPI announcements. We are closely watching everyone. But our strategy is the same. While we continue to watch competition. What we do is focus on the value we can provide. And I've always told you and I'm like a broken record here. So basically, we have 3 things: product innovation, quality and customer experience. It comes to product innovation, let's start with IQ 7. We introduced IQ 7 in Q1 of '18. And IQ 7 was a software-defined architecture. Even though it was a software-defined architecture, we still have come with generations of IQ 7, IQ 7+ IQ 7X, IQ 7A progressively increasing power with the same base platform. And soon, we will introduce an even more higher powered version very soon in the coming months.

是的，隨著 SPI 的發布，出現了很多——我的意思是，一些競爭對手。我們正在密切關注每個人。但我們的策略是一樣的。當我們繼續觀看比賽時。我們所做的就是專注於我們所能提供的價值。我一直告訴過你，我在這裡就像一張破唱片。基本上，我們有三件事：產品創新、品質和客戶體驗。說到產品創新，我們先從IQ 7開始。我們在18年第一季就推出了IQ 7。IQ 7 是一個軟體定義的架構。儘管它是軟體定義的架構，但我們仍然推出了幾代 IQ 7、IQ 7+、IQ 7X、IQ 7A，並在相同的基礎平台上逐漸增強了功能。很快，我們將在接下來的幾個月內推出功率更高的版本。

So with the same platform, we were able to leverage the hardware to basically increase the AC power and increasing AC power is important. The more AC power the product has, the more gross margin I mix. So it's extremely important. So having talked about IQ 7, the biggest deal is on Ensemble. What is the fundamental point on Ensemble. It is that -- Ensemble is a unique kind of product. Ensemble can function, meaning microinverters based on Ensemble technology called IQ 8 can function on the roof when the grid is down, when the sun is shining. I have not seen such an elegant product available yet in the research that I have done. So we are unique and differentiated in that respect.

因此，在相同的平台上，我們能夠利用硬體從根本上增加交流電源，並且增加交流電源很重要。產品的交流電源越多，我混合的毛利率就越高。所以這是非常重要的。談完 IQ 7，最重要的是 Ensemble。Ensemble 的基本要點是什麼？Ensemble 是一種獨特的產品。Ensemble 可以運行，這意味著基於 Ensemble 技術（稱為 IQ 8）的微型逆變器可以在電網停電、陽光明媚時在屋頂上運行。在我所做的研究中，我還沒有看到如此優雅的產品。因此，我們在這方面是獨特且與眾不同的。

The second is Ensemble more than the microinverter is the technology. It's an energy management technology. Energy management technology that manages, like what I said, it manages solar, it manages storage, it can even manage the generators and can manage the grid. So if you start -- if you start progressing, if I don't have anything except the grid -- it is very easy. The consumption inputs the grid. If I have solar, then I have solar and the grid to optimize consumption. So it gets -- starting to get a little complex.

第二個是Ensemble，比微型逆變器更重要的是技術。這是一種能源管理技術。能源管理技術，就像我說的，它管理太陽能，它管理存儲，它甚至可以管理發電機，可以管理電網。所以如果你開始——如果你開始進步，如果我除了網格之外什麼都沒有——那就很容易了。消耗量輸入電網。如果我有太陽能，那麼我就有太陽能和電網來優化消耗。所以事情開始變得有點複雜。

If I have storage, I have no solar, storage and the grid. Then if I have a generator, I have solar storage generated out of fewer cells and the grid to optimize consumption. So Ensemble technology can exactly do that. It can keep you always on, regardless of what is happening right now. I just wish our products were a little bit earlier. But regardless of the grid. If the energy sources are managed right, people can have their homes always on during these blackouts. And that's what we are all about.

如果我有儲能，我就沒有太陽能、儲能和電網。然後，如果我有一台發電機，我可以用更少的電池和電網產生太陽能存儲，以優化消耗。所以 Ensemble 技術完全可以做到這一點。無論現在發生什麼，它都可以讓您始終保持在線狀態。我只是希望我們的產品早一點。但與網格無關。如果能源管理得當，人們就可以在停電期間保持家中始終供電。這就是我們的目的。

So bottom line, our focus on product innovation. And of course, product innovation is not enough. We need the quality. We need -- 500 DPPM is our target, which is of 1 million micro inverter shipped annually, 500 come back to us. That's our 500 DPPM, which is 500 defect per -- defective parts per million. And that is not easy to do. This is with a very tight business processes, root cause corrective action methodologies, ASIC integration, over-the-air firmware upgrade. All of these are required in order to achieve this kind of quality level. And of course, customer experience. Next is customer experience.

所以最重要的是，我們專注於產品創新。當然，僅有產品創新還不夠。我們需要品質。我們需要－500 DPPM 是我們的目標，即每年出貨 100 萬台微型逆變器，其中 500 台回饋給我們。這就是我們的 500 DPPM，即每百萬個缺陷零件中有 500 個缺陷。這並不容易做到。這是一個非常嚴格的業務流程、根本原因糾正措施方法、ASIC 整合、無線韌體升級。為了達到這種品質水平，所有這些都是必需的。當然，還有客戶體驗。接下來是客戶體驗。

So customer experience is we pride on ourselves, being able to answer the phone in 2 minutes or less. And I'm not satisfied with that. How about we answer the phone when it rings, that's what I tell my team, which is get down even further. Try to -- we have got together of Q4 with sub 1 minute of wait times and then eventually, get to pick up the call when I drink. So product innovation, quality, customer experience. These are our differentiating aspects. We focus on that all the time. And I hope the answer -- I hope I answered your question a little bit there.

因此，客戶體驗是我們引以為傲的，能夠在 2 分鐘或更短的時間內接聽電話。我對此並不滿意。我們在電話鈴響時接聽怎麼樣？這就是我告訴我的團隊的，我們的團隊更進一步。嘗試--我們在第四季度聚集在一起，等待時間不到 1 分鐘，然後最終在我喝酒的時候接聽電話。所以產品創新、品質、顧客體驗。這些是我們的差異化方面。我們一直關注這一點。我希望得到答案——我希望我在那裡稍微回答了你的問題。

Yes. That's very helpful, Badri. And then just lastly, if I look at the guidance for Q4 and strip out the $35 million or so for safe harboring and then strip out the $8 million from this quarter, it kind of suggests relatively flattish revenue quarter-over-quarter. Can you just go back to your commentary you provided earlier, kind of by geography? And if you had to boil down that, that flattish revenue quarter-over-quarter to any particular geography or product. Is there a way to do that? Or is that not a really fair way of looking at the revenue?

是的。這非常有幫助，巴德里。最後，如果我查看第四季度的指導，剔除大約 3500 萬美元的安全港資金，然後剔除本季度的 800 萬美元，這表明季度環比收入相對持平。您能回到您之前提供的地理評論嗎？如果你必須歸結為這一點，那麼任何特定地區或產品的收入季度將環比持平。有沒有辦法做到這一點？或者說這不是一種看待收入的真正公平的方式？

Your observations are right. On the base business, there are a lot of puts and takes in the base business. But realize 1 thing, that we have basically been supply limited for the last 4 quarters. So we have never been able to catch up on the demand. And this is the first quarter we actually caught up on the demand. So -- but having said that, to answer your question, I already told you, Europe, I'm not happy with Europe.

你的觀察是正確的。在基礎業務方面，基礎業務中有很多看跌期權和買入期權。但要意識到一件事，過去四個季度我們基本上供應有限。所以我們一直無法趕上需求。這是我們真正滿足需求的第一季。所以，話雖如此，為了回答你的問題，我已經告訴過你，歐洲，我對歐洲不滿意。

The performance of Europe is not that great. Although we have improved a lot compared to last year. We said 47% if I'm right. 47% year-on-year. But I'm not happy with the progress we are making in the rest of Europe. Netherlands is a very nice market for us. Netherlands is the biggest growing market in Europe. We are doing well there. France is we have over -- I mean, we have majority of share in France. France is also growing, but we are still yet to make progress in Germany. We have yet to make progress in Belgium, market share in Belgium is quite low. We look forward to making progress in other Eastern European countries, all in Hungary, those places. So yes, we have work to do.

歐洲的表現就沒那麼出色。雖然與去年相比我們已經進步了很多。如果我沒猜錯的話，我們說是 47%。較去年同期成長47%。但我對我們在歐洲其他地區的進展並不滿意。荷蘭對我們來說是一個非常好的市場。荷蘭是歐洲最大的成長市場。我們在那裡做得很好。法國我們已經結束了——我的意思是，我們在法國擁有大部分份額。法國也在成長，但我們在德國尚未取得進展。我們在比利時還沒有進展，比利時的市佔率相當低。我們期待在其他東歐國家，包括匈牙利這些地方取得進展。所以，是的，我們還有工作要做。

Our next question is from Eric Stine from Craig-Hallum.

我們的下一個問題來自 Craig-Hallum 的 Eric Stine。

Just want to come back to storage a little bit. It sounds like you won't be capacity constrained, and I know it's still early. You're just out with the early units in running those. But based on conversations with the channel, any thoughts on where you think attach rates could be, whether it's early or whether it's when things are really rolling as you get into 2020.

只是想返回一點儲存空間。聽起來您不會受到容量限制，而且我知道現在還為時過早。你剛剛與早期的單位一起運行這些。但根據與頻道的對話，您對附加費率可能達到的任何想法，無論是早期還是在進入 2020 年時事情真正順利進行。

I mean, our suppliers as well as our competitors have kind of provided an attach rate already. So basically, Sunrun talks about 25% attach rate in California, and we expect that to be true. We also expect the blackouts to be accelerating that. And also, for us, it's not only that in addition, we have an installed base. If you look at our installed base, as of today, our installed base is over 1 million homes. Of over 1 million homes, maybe 70% is in Northern -- is in North America. And these are all loyal and safe customers. They've been waiting for some time for Ensemble storage. So there's going to be a lot of demand from there, too in addition to the demand generated from blackouts.

我的意思是，我們的供應商和競爭對手已經提供了附加費率。所以基本上，Sunrun 談到加州的附加費率為 25%，我們預計這是真的。我們也預計停電會加速這種情況。而且，對我們來說，我們不僅擁有安裝基礎。如果您看看我們的安裝基礎，截至今天，我們的安裝基礎已超過 100 萬戶家庭。在超過 100 萬棟房屋中，約有 70% 位於北美洲北部。這些都是忠誠且安全的客戶。他們等待 Ensemble 儲存已經有一段時間了。因此，除了停電產生的需求之外，那裡還會產生大量需求。

Of course, California is -- yes, it got a nice attach. Hawaii has got a nice attach. Other countries are coming. Puerto Rico has got a nice attach, yes. Texas is going to come soon. Massachusetts is going to come soon. So we're going to start seeing an option.

當然，加州——是的，它得到了很好的重視。夏威夷有一個很好的附件。其他國家也來了。是的，波多黎各有一個很好的聯繫。德克薩斯州很快就會到來。馬薩諸塞州很快就會到來。所以我們將開始看到一個選擇。

Okay. And then just when talking about that installed base. I mean, the majority of that installed base is the IQ platform. Is that right? And that is what would be required for those homeowners to use storage?

好的。然後就在談論安裝基礎時。我的意思是，大部分安裝基礎是 IQ 平台。是對的嗎？這就是那些房主使用儲存空間所需要的條件嗎？

Right. Yes, yes, is the answer. A significant portion of the IQ platform, not the majority. We do have our M215 and M250 product. But the customers are quite clear there that that they basically actually want to upgrade to the latest and greatest technology. Technology that gives them superior power reduction, technology compared to -- it is comparable to Ensemble. It is a one-stop shop for -- Enphase will be a one-stop shop for solar storage, communication, so yes.

正確的。是的，是的，就是答案。IQ 平台的一個重要部分，而不是大多數。我們確實有 M215 和 M250 產品。但那裡的客戶非常清楚，他們基本上實際上想要升級到最新、最好的技術。技術使它們具有卓越的功率降低能力，與 Ensemble 技術相比。這是一站式商店——Enphase 將成為太陽能儲存、通訊的一站式商店，所以是的。

Okay. Maybe last one for me, just the recent announcement, the IQ 7A launch. I mean, it seems to me like that's kind of an entry into the C&I market. Just curious, should we view it that way? Is that something that's just based on your installers and what parts of the market they go after? Any thoughts on that would be helpful.

好的。對我來說也許是最後一個，就是最近發布的 IQ 7A。我的意思是，在我看來，這是進入 C&I 市場的一種方式。只是好奇，我們該這樣看嗎？這是否僅基於您的安裝人員以及他們所追求的市場部分？對此的任何想法都會有所幫助。

So -- so to begin with, the 7A was really a big target for the -- I mean, residential market as the power continues to increase. However, I'm sure some of our markets, some of our installers will be optimistically looking at using the 7A on the C&I business as well. Having said that, we really expect -- we really targeted towards the residential. That's what we keep in mind.

因此，首先，7A 確實是住宅市場的一個大目標，因為功率不斷增加。然而，我確信我們的一些市場、我們的一些安裝人員也會樂觀地考慮在 C&I 業務中使用 7A。話雖如此，我們確實期望——我們真正的目標是住宅。這就是我們牢記的。

Our next question is from Jeff Osborne from Cowen & Company.

我們的下一個問題來自 Cowen & Company 的 Jeff Osborne。

I just wanted to circle back to Mark's question about the flattish revenue and asking it a different way. As you look at your 6 quarter pipeline that you highlighted for your forecasting methodology. Can you just give us a sense of the 2.5 million units of capacity where you think that will be exiting next year? Clearly, you had the surge of 4 quarters where your capacity constrained. Now you've been able to catch up, which is great. Customers will be more satisfied with that. And I'm just trying to get a sense of as you have the safe harbor surge in Q1, do you become capacity constrained? And then how do we think about the time line or process for you to add more capacity whether it's in Mexico or China?

我只是想回到馬克關於收入持平的問題，並以不同的方式提出這個問題。當您查看您在預測方法中強調的 6 季度管道時。您能否為我們介紹一下您認為明年退出的 250 萬單位產能？顯然，您的容量在 4 個季度激增的情況下受到了限制。現在你已經能夠趕上來了，這真是太棒了。客戶會對此更加滿意。我只是想了解一下，當第一季出現安全港激增時，您的產能是否會受到限制？然後，我們如何考慮您在墨西哥或中國增加更多產能的時間表或流程？

Right. I mean, as an executive team, we decided that we will never be constrained by capacity. So that's basically our thinking. And we look at our demand, unconstrained demand, on a 6 quarter basis. And then we have enough -- meaning plenty of search capacity, almost 35%, 40% of search capacity that is available so that we can meet abnormally or demand spikes that happen.

正確的。我的意思是，作為一個執行團隊，我們決定永遠不會受到能力的限制。這基本上就是我們的想法。我們以六個季度為基礎來審視我們的需求，即不受限制的需求。然後我們就有足夠的——意味著充足的搜尋能力，幾乎有 35%、40% 的可用搜尋能力，這樣我們就可以滿足異常情況或發生的需求高峰。

Having said that, yes, you can say that in Q4 the base business, if you exclude safe harbor, Q4 and Q3 are flat. But note that the safe harbor business came from a brand-new customer that was not there before. And so that's a big deal. And also, going forward, we expect Ensemble once it kicks in, in Q1 of '20 that to drive major customer adoption. That's what we are all about. So we are getting prepared for Ensemble. Your question on can we add more capacity, for example, if I find I need to go to -- I need to go to 4 million units in Q4 of 2020. And if my 6-quarter forecast shows I need that, it will not be a problem for us to do that. It will take us anywhere from 3 to 6 months in order to build that kind of capacity.

話雖如此，是的，你可以說，在第四季度的基礎業務中，如果排除安全港，第四季度和第三季度持平。但請注意，安全港業務來自於以前不存在的全新客戶。所以這是一件大事。而且，展望未來，我們預計 Ensemble 一旦啟動，即 20 年第一季度，將推動主要客戶的採用。這就是我們的目的。所以我們正在為 Ensemble 做準備。你的問題是我們是否可以增加更多產能，例如，如果我發現我需要在 2020 年第四季增加 400 萬台。如果我的 6 季預測顯示我需要這樣做，那麼我們這樣做就不成問題。為了建立這種能力，我們需要 3 到 6 個月的時間。

But in the meantime, if I'm hearing you right, Badri, that you could do easily $3 million paying over time at Flex if there was a surge next summer? Even though you've got a nameplate of 2.5%. Is the right way to think about it? Right.

但同時，如果我沒聽錯的話，Badri，如果明年夏天出現激增的話，您可以輕鬆地在 Flex 上支付 300 萬美元嗎？即使你的銘牌是 2.5%。思考的方式正確嗎？正確的。

As of today, like what I said, clearly, our capacity is 2.5 million units. I told you 2 million units, a couple of quarters back. Now we have increased it to 2.5. We increased it because we are hovering around that for demand, and I talked about a buffer. So obviously, we are not going to do capacity changes in a vacuum. It will always be predicated by demand, which is why we have forecasting process. The forecasting process tells me that my demand is going to be 3 million units, it's going to be no problem for me to get to that.

截至今天，正如我所說，顯然我們的產能是 250 萬台。幾個季度前我就告訴你 200 萬台。現在我們已將其提高到 2.5。我們增加它是因為我們徘徊在需求附近，我談到了緩衝。顯然，我們不會在真空中進行容量變化。它總是由需求來預測，這就是我們有預測過程的原因。預測過程告訴我，我的需求將是 300 萬台，而達到這個目標對我來說是沒有問題的。

Got it. Good to hear. I just have 2 financial questions for Eric. One is, you made reference to the valuation allowance, possibly being reversed, given you called it out, I would assume that, that happens at some point. Can you just remind us of how we should be thinking about tax rate modeling and the financial impact of that reversal?

知道了。很高興聽到。我只有 2 個財務問題想問 Eric。一是，您提到了估價津貼，如果您提出的話，可能會被撤銷，我認為這種情況在某個時候會發生。您能否提醒我們應該如何考慮稅率模型以及這種逆轉的財務影響？

Yes. We will provide more clarity on that one. As part of the Analyst Day, but the reversal can be as early as Q4, right? And that will be likely we're going to have for us a GAAP-only treatment. Because it's a big large release of the allowance, which will be a bit credit on the balance sheet and the P&L. So -- and then in [soft] tax rate, I would use for now the corporate tax rate. Remember, we have no else on the books, right? So you can probably back into numbers until we provide more guidance in Analyst Day

是的。我們將進一步澄清這一點。作為分析師日的一部分，但逆轉最早可能會在第四季度出現，對吧？我們很可能會採用僅按照公認會計準則計算的處理方法。因為這是一次大規模的準備金發放，這將在資產負債表和損益表上留下一點信用。因此，在[軟]稅率中，我現在將使用公司稅率。請記住，我們的書上沒有其他內容，對嗎？因此，在我們在分析師日提供更多指導之前，您可能可以回到數字

Got it. And then the last question I had was just as you look at guidance of 34% to 37%. Can you just talk about, given the visibility you have, what would get you to the low end of that range versus the high end of the range?

知道了。我的最後一個問題就是你看到的 34% 到 37% 的指導。您能否談談，考慮到您所擁有的可見性，什麼會讓您達到該範圍的低端與高端？

I mean historically, we have talked about -- we have given a 3 point -- 3 percentage point range. And in general, we give ourselves a lot of room for any execution issues that happen in the quarter, et cetera. So it's basically, yes, short-term fluctuations. But what's more exciting is the long-term view of gross margin. So everybody keeps asking me, is 35% it, and the answer is no. The 35% is not it.

我的意思是，從歷史上看，我們已經討論過——我們已經給出了 3 個百分點——3 個百分點的範圍。總的來說，我們為本季發生的任何執行問題等留出了很大的空間。所以基本上，是的，短期波動。但更令人興奮的是毛利率的長期觀點。所以大家一直問我，是不是 35%，我的答案是否定的。35%不是這樣的。

We have a lot of opportunities for us to improve gross margin. That's what we do. Every week, we run a world-class cost, meaning where the focus is on improving cost of our system, system cost, not microinverter only. Microinverters, cable, batteries, accessories, combiners, everything. We also run a pricing, meaning there, again, the focus is on pricing optimization.

我們有很多提高毛利率的機會。這就是我們所做的。每週，我們都會運行世界級的成本，這意味著重點是改善我們的系統成本，系統成本，而不僅僅是微型逆變器。微型逆變器、電纜、電池、配件、組合器，應有盡有。我們也進行定價，這意味著重點是定價優化。

So multiple initiatives, optimizing pricing, like what I said, introducing products like Ensemble and IQ 7A, eliminating expedite fees as the component supply situation stabilizes, addressing tariff cost, doing cost reductions through ASIC integration. These are all something we're continuously doing. That's why you're seeing the gross margin execution over the last year, we have steadily been climbing on gross margins.

因此，採取多項舉措，優化定價，就像我所說的那樣，推出 Ensemble 和 IQ 7A 等產品，隨著組件供應情況穩定而取消加急費用，解決關稅成本，透過 ASIC 整合降低成本。這些都是我們一直在做的事情。這就是為什麼你會看到去年毛利率的執行情況，我們的毛利率一直在穩步攀升。

Our next question is from Colin Rusch from Oppenheimer.

我們的下一個問題來自奧本海默的 Colin Rusch。

With the Ensemble technology development and kind of the preparedness to ramp that here, we knew that the firmware was one of the last remaining pieces that you guys were working on. Can you talk about where you're at in that development? And then as you think about the updates as you go through testing next year, can you talk about your expected cadence for improvements as you go throughout the year?

隨著 Ensemble 技術的發展以及這裡的準備工作，我們知道韌體是你們正在開發的最後剩下的部分之一。能談談您目前的發展嗎？然後，當您在明年進行測試時考慮更新時，您能談談您全年的預期改進節奏嗎？

Right. So yes, I'll talk about something I've not talked about before. So there are multiple levels of testing that we do. One is called the unit testing on all the boards that we use inside products like Encharge, Enpower, the combiner box sector. That's called the unit testing.

正確的。所以是的，我會談論一些我以前沒有談論過的事情。因此，我們進行了多個層級的測試。一種是對我們在 Encharge、Enpower、匯流箱等產品中使用的所有主機板進行單元測試。這就是所謂的單元測試。

The other is called the product testing, which is product testing means I test the battery using certain stimulus. And that's called as product testing, which is -- if I need to test the battery properly, I need to make sure the battery management unit [de-cell] themselves, the microinverters, the battery controllers, all of them are working together and responding right to stimulus, the external stimulus.

另一種稱為產品測試，產品測試是指我使用某種刺激來測試電池。這就是所謂的產品測試，如果我需要正確測試電池，我需要確保電池管理單元 [de-cell] 本身、微型逆變器、電池控制器，所有這些都可以協同工作，並且對刺激做出正確的反應，即外部刺激。

So we covered the unit testing. We covered the product tests. The third, which is the most important, is actually system testing. What do I mean by a system? A system is how you or me would use it in the house, which means I need to have a solar simulator for solar. I need to have the battery. I need to have my Enpower switch. I need to have the grid. And I need to have my communication equipment and the cloud. All of them will have to be real life. They have to be like how you are living in your home with your normal loads being consumed. So we have to simulate with all kinds of loads. We have to do grid on, grid off simulation.

所以我們討論了單元測試。我們涵蓋了產品測試。第三，也是最重要的，其實是系統測試。我所說的系統是什麼意思？系統是你或我在房子裡使用它的方式，這意味著我需要一個用於太陽能的太陽能模擬器。我需要有電池。我需要擁有我的 Enpower 開關。我需要有網格。我需要有我的通訊設備和雲端。所有這些都必須是現實生活。它們必須像您在家中的生活一樣，消耗正常的負荷。所以我們必須模擬各種負載。我們必須進行網格開啟、網格關閉模擬。

So we have graduated from component testing, which is the -- which is what I said, that's the first basic testing to product testing. Now we are doing system testing. System testing means we install the units like what I said at -- it could be my house. It could be Raghu's house, Eric's house. In fact, they already have the system installed right now. And we need to beat on them to make sure all the use cases are covered.

所以我們已經從組件測試畢業了，這就是我所說的，這是產品測試的第一個基本測試。現在我們正在進行系統測試。系統測試意味著我們像我所說的那樣安裝這些單元——這可能是我的房子。這可能是拉古的房子，艾瑞克的房子。事實上，他們現在已經安裝了系統。我們需要擊敗它們，以確保覆蓋所有用例。

And in all of these, what is unique about Ensemble is that the hardware is done, which is the hardware that makes you grid-agnostic. That is done. But the software that helps you manage all of these resources, which I told you about, solar, storage, grid, even a generator and the loops. That need to be working well in real life, which is why once we finish our alpha installations, which will be primarily focused on the system software testing, once we do that properly, we will then start taking preorders because our confidence moves from 85% to 95% at that point.

在所有這些中，Ensemble 的獨特之處在於硬體已經完成，這就是使您與網格無關的硬體。這樣就完成了。但是，軟體可以幫助您管理所有這些資源，我已經告訴過您，太陽能、儲存、電網，甚至發電機和迴路。這需要在現實生活中運作良好，這就是為什麼一旦我們完成 alpha 安裝（主要關注系統軟體測試），一旦我們做得正確，我們就會開始接受預訂，因為我們的信心從 85% 開始變化到那時95%。

And then we basically start to ship that product after we finish real-life installations. We already have about 24 installers who are ambassadors for us. They already have signed up to receive beta installations from us. We will be installing -- we will be doing these betas. These are real products. And we will be doing so many installs, 24 installs. We will be getting feedback from all of them. We will determine if we have to course-correct or not. And maybe there are minor course-corrections we will do. And then we will release the product to production.

然後我們基本上在完成實際安裝後開始運送該產品。我們已經有大約 24 名安裝人員成為我們的大使。他們已經註冊接收我們的測試版安裝。我們將進行安裝—我們將進行這些測試版。這些都是真實的產品。我們將進行如此多的安裝，24 個安裝。我們將從他們所有人那裡得到回饋。我們將決定是否必須修正路線。也許我們會做一些小小的路線修正。然後我們將產品投入生產。

So it's all coming together right now. I'm just giving you the full picture so you guys know exactly the same thing as me. And of course, we will never release something which does not have the quality and customer experience, which means if I have -- if you have an Ensemble system at home, you should be able to -- or we should be able to upgrade you to the latest software in the event we have to make changes. That's called over-the-air software upgrade. And those are all -- those all need to be working seamlessly. So it's basically that is going on right now, but we are confident that by early December, that will be done and we would start taking pre-orders.

所以現在一切都在一起了。我只是向你們提供完整的情況，這樣你們就知道和我完全一樣的事情。當然，我們永遠不會發布沒有品質和客戶體驗的東西，這意味著如果我有——如果你家裡有 Ensemble 系統，你應該能夠——或者我們應該能夠為你升級如果我們必須進行更改，請使用最新的軟體。這就是所謂的無線軟體升級。這些就是全部——所有這些都需要無縫工作。所以現在基本上就是這樣，但我們有信心到 12 月初，這一切將會完成，我們將開始接受預訂。

Perfect. And then just in terms of the geographies, you mentioned where your sales efforts aren't as productive as you had hoped. Can you talk about what the sticking points are? I mean certainly, getting designed into a base-level design for systems ends up being very important for folks. What are the challenges? Is it familiarity with the product? Is it the design cycle? Is it just availability of product to those geographies? Help us understand what's going on there.

完美的。然後就地理位置而言，您提到您的銷售工作沒有您希望的那樣富有成效。您能談談癥結所在嗎？我的意思當然是，將系統設計為基礎級設計對人們來說非常重要。面臨哪些挑戰？是對產品的熟悉程度嗎？是設計週期嗎？僅僅是這些地區的產品可用性嗎？幫助我們了解那裡發生了什麼事。

Colin, it's pretty simple. It's a focus issue. We have not paid attention. And basically, the way we paid attention to North America by staffing with the best-in-class salespeople in North America, we need to do the same thing. Our products are world-class. Our products have a great fit for the market. The market is a growing market. We just need to execute.

科林，這很簡單。這是一個焦點問題。我們沒有註意。基本上，就像我們透過配備北美一流的銷售人員來關注北美一樣，我們也需要做同樣的事情。我們的產品是世界一流的。我們的產品非常適合市場。該市場是一個不斷增長的市場。我們只需要執行。

Our next question is from Jeffrey Campbell from Tuohy Brothers.

我們的下一個問題來自 Tuohy Brothers 的 Jeffrey Campbell。

Congratulations on the quarter. My first question is with regard to the safe harbor sales that you've identified in the first quarter of '20. Are they somehow receiving the 30% ITC deduction? Or is this activity that's actually pegged to the lower 2020 ITC?

恭喜本季。我的第一個問題是關於您在 20 年第一季確定的安全港銷售。他們是否以某種方式獲得了 30% 的 ITC 扣除額？或者這項活動實際上與 2020 年較低的 ITC 掛鉤？

They are going to receive the 30%.

他們將獲得 30%。

Okay. Great. And my second question is back to the IQ 7A. Do you envision this as primarily an ACM solution?

好的。偉大的。我的第二個問題又回到了 IQ 7A。您認為這主要是 ACM 解決方案嗎？

Not really, no. It can cater to both discrete as well as AC modules.

不完全是，不是。它可以滿足分立模組和交流模組的需求。

Our next question is from Amit Dayal from H.C. Wainwright.

我們的下一個問題來自 H.C. 的 Amit Dayal。溫賴特。

Badri, just with respect to this million installed base, how are we reaching out to these folks? What is the plan of attack over here? And has that effort already started? Are you waiting until you complete some of this testing, et cetera?

Badri，就這一百萬安裝基數而言，我們如何與這些人接觸？這裡的攻擊計畫是什麼？這項努力已經開始了嗎？您是否正在等待完成一些測試等等？

We'll provide...

我們將提供...

Related to the storage uptake, sorry.

與儲存佔用有關，抱歉。

Right. We'll provide some more color during the Analyst Day, but here is the short story. The million homes or 997,000 homes, they all communicate with us through the Enlighten app. That is a mobile app that basically that we have. That is their gateway to their -- providing a view of their power. So they already contact Enphase all the time, both homeowners as well as installers.

正確的。我們將在分析師日期間提供更多信息，但這是一個簡短的故事。100萬個家庭或997,000個家庭，他們都透過Enlighten應用程式與我們溝通。這是我們基本上擁有的一個行動應用程式。這是他們通往他們的大門——提供他們權力的視角。因此，他們一直在聯繫 Enphase，無論是房主還是安裝人員。

Having said that, our strategy for Ensemble is making sure that these beta installations are right, we have the right customer experience, and then we can introduce our homeowners to do upgrades, upgrade online or introduce them to programs like the legacy product upgrade, which is a very successful program where about nearly 30,000 homeowners who bought product 10 years or 8 years ago are willingly, they want to all replace by IQ 7. So it will be a similar program. But we'll do only when we are ready, when we have finished the beta installations. And then we will start on those.

話雖如此，我們對Ensemble 的策略是確保這些測試版安裝是正確的，我們擁有正確的客戶體驗，然後我們可以介紹我們的房主進行升級、在線升級或向他們介紹諸如遺留產品升級之類的程序，這是一個非常成功的計劃，大約有近30,000名10年前或8年前購買產品的房主願意，他們希望全部更換為IQ 7。所以這將是一個類似的計劃。但只有當我們準備好、完成測試版安裝時我們才會這麼做。然後我們將從這些開始。

Understood. And then with the Ensemble and IQ 8, et cetera, now coming into play, how should we think about the addressable market for Enphase and your opportunity to take a good share of that market?

明白了。然後，隨著 Ensemble 和 IQ 8 等產品的加入，我們應該如何考慮 Enphase 的潛在市場以及您在該市場中佔據良好份額的機會？

Like what I told you, right, the -- today, with pure microinverters, we do roughly about $2,000 a home. With batteries, meaning storage, we will do more than $10,000 a home. And that means even if the attach rate is 20%, it is still significant dollars for us, right? That's the way to think about it.

就像我告訴你的那樣，今天，使用純微型逆變器，我們每個家庭的售價約為 2,000 美元。有了電池（即儲存），我們每個家庭的花費將超過 10,000 美元。這意味著即使附加率為 20%，對我們來說仍然是一筆巨款，對嗎？這就是思考的方式。

Still storage is nascent. There are only a couple of states like California and Hawaii who have really ramped on storage. The value proposition for the other states is not as straightforward as California. For example, there are blackouts. It's simply a peace of mind. And that value proposition needs to come through. And basically, storage is going to start becoming mainstream. That's going to happen very soon. And then with $10,000 a home, we should be getting our fair share of what we get for microinverters today.

儲存仍處於萌芽階段。只有加州和夏威夷州等少數州真正增加了儲存量。其他州的價值主張並不像加州那麼簡單。例如，停電。這簡直就是一種心靈的平靜。這個價值主張需要落實。基本上，儲存將開始成為主流。這很快就會發生。然後，以每戶 10,000 美元的價格，我們應該得到我們今天從微型逆變器中獲得的公平份額。

Got it. And just one last one for me. Your comments on the expedite fee, given that you -- your capacity and shipment sort of expectations you've laid out, I mean, is this expedite fee gone by 1Q '20 results?

知道了。對我來說只是最後一件。您對加急費的評論，考慮到您對產能和出貨量的預期，我的意思是，這筆加急費是否會在 20 年第一季的結果中消失？

That's what I said. I said from 2020, I really hope it's going to be gone. I really hope I'm going to be not talking about it. And it needs to fall within 0 to 100 basis points so that we stop talking about it.

這就是我所說的。我說從2020年開始，我真的希望它會消失。我真的希望我不會談論它。它需要落在 0 到 100 個基點之間，這樣我們就不再談論它了。

Our next question is from Maheep Mandoli (sic) [Maheep Mandloi] from Crédit Suisse.

我們的下一個問題來自瑞士信貸銀行的 Maheep Mandoli（原文如此）[Maheep Mandloi]。

Maheep Mandloi from Crédit Suisse. Most of my questions have been answered. But just maybe if you can touch upon operating expense. It seems more or less flattish in Q4. But how should we think about that going forward in 2020, especially as you increase your focus in European markets and expand the Ensemble attachment rates?

來自瑞士信貸銀行的馬希普‧曼德洛伊 (Maheep Mandloi)。我的大部分問題都得到了解答。但也許你能談談營運費用。第四季似乎或多或少持平。但是，我們應該如何看待 2020 年的發展，尤其是當您更加關注歐洲市場並擴大 Ensemble 附著率時？

Yes. I mean our OpEx, if you look at today, what we reported in Q3 is about 14% of sales, overall OpEx. And our OpEx at the midpoint of guidance for Q4, I think, is around 12.4% or something like that. But OpEx is definitely under control, and we plan to keep it in this range. And of course, if we need to keep it in this range, we are -- our expectation is that we will continue to grow with the vectors of Ensemble, like what I said. So yes, yes, that's it on OpEx, right.

是的。我的意思是我們的營運支出，如果你看看今天，我們在第三季報告的營運支出約佔銷售額的 14%。我認為，我們在第四季度指導中點的營運支出約為 12.4% 左右。但營運支出肯定是在控制範圍內的，我們計劃將其保持在這個範圍內。當然，如果我們需要將其保持在這個範圍內，我們的期望是我們將繼續與 Ensemble 的向量一起成長，就像我所說的那樣。所以是的，是的，這就是營運支出，對吧。

Got it. And probably one last question for me. You earlier spoke about ensemble being able to connect with even generators. Is that something which you could look forward to kind of collaborating with any generators out there? Or have they reached out to you for that?

知道了。也許還有我的最後一個問題。您之前談到 ensemble 甚至能夠與生成器連接。您是否可以期待與任何生成器進行合作？還是他們有沒有為此聯絡過你？

So yes, this is Raghu. We really think about it in a much broader context than any specific type of duration resource, right? If you think about -- we look at solar. We look at storage. We -- if you think about generation resources like fuel cell, fossil fuel, DG, et cetera, and even load for that matter, right, because loads are also controllable. So it's a very comprehensive, what I call, the master platform that can bring all of these resources together and manage them in a very seamless manner.

是的，這就是拉古。我們確實在比任何特定類型的持續時間資源更廣泛的背景下考慮它，對嗎？如果你想一想——我們會關注太陽能。我們看看儲存。我們——如果你考慮燃料電池、化石燃料、分散式發電等發電資源，甚至負載，對吧，因為負載也是可控的。所以這是一個非常全面的，我稱之為主平台，可以將所有這些資源整合在一起並以非常無縫的方式管理它們。

So we are not -- of course, we want to be clean and green. And so our focus on solar and storage is extremely vital. We also manage the grid, as you know. So we have a complete solution, bottom line. And so if there's a particular resource that wants to come on to the platform beyond Ensemble, obviously, we'll do that and we'll manage it in a very effective manner in order to ensure that we have -- that home is always on because at the end of the day, that is the most important function that we are providing for the homeowner.

所以我們不是——當然，我們想要清潔和綠色。因此，我們對太陽能和儲存的關注極為重要。如您所知，我們也管理網格。所以我們有一個完整的解決方案，底線。因此，如果有特定資源想要進入 Ensemble 之外的平台，顯然，我們會這樣做，並且會以非常有效的方式對其進行管理，以確保我們的主頁始終處於開啟狀態因為歸根結底，這是我們為房主提供的最重要的功能。

Maheep, I want to make a clarification on OpEx, the fact that Badri mentioned that the midpoint is about 12.4% that we are guiding for Q4, that doesn't mean that will be a new baseline of OpEx for 2020, right? That's a guiding element of a particular dynamics in Q4. Think about the investments on R&D that we need to continue making. Think about the growth that we continue to experience in Europe and Asia Pacific.

Maheep，我想對營運支出進行澄清，巴德里提到我們為第四季度指導的中點約為 12.4%，這並不意味著這將是 2020 年營運支出的新基線，對吧？這是第四季特定動態的指導元素。想想我們需要繼續進行的研發投資。想想我們在歐洲和亞太地區持續經歷的成長。

So we still have our 30-20-10. Obviously, that is here, much better outcomes than the original target setting on the financial model, and we're going to revisit that one as part of the Analyst Day, right? But I just want to make sure we don't model thinking that, that is the benchmark, the new benchmark for OpEx, right?

所以我們仍然有 30-20-10。顯然，這比財務模型最初設定的目標要好得多，我們將在分析師日重新審視這一目標，對吧？但我只是想確保我們不會認為這就是基準，營運支出的新基準，對吧？

Our next question is from Pavel Molchanov.

我們的下一個問題來自帕維爾·莫爾恰諾夫。

Our next question is from Brad Meikle from Williams Trading.

我們的下一個問題來自威廉斯貿易公司的布拉德·米克爾。

I had a quick follow-up. So I think that the 3 publicly traded installers, they're the only ones really safe harboring this year. And 2 of them are clients, and the largest one historically hasn't been. So are you telling us that the third one has become a client of Enphase?

我進行了快速跟進。所以我認為這 3 個公開交易的安裝商是今年唯一真正安全的。其中兩個是客戶，而最大的一個歷史不是。那你是告訴我們第三個已經成為Enphase的客戶了嗎？

Brad, I'm not going to talk about it.

布拉德，我不會談論這個。

Okay. Well, I guess that some may read through to the way you're reporting the safe harbor that the nonsafe harbor was flat in Q4. Is it your feeling that the business is still growing? Or was this a peak revenue quarter for you guys?

好的。好吧，我想有些人可能會讀到您報告安全港的方式，即第四季度非安全港持平。您是否覺得業務仍在成長？或者這是你們的營收高峰嗎？

I mean what should have been clear from the way I answered is we are very excited about Ensemble. We are very excited about storage. Storage has got a massive potential for us. It takes us from $2,000 a home to $10,000 a home. The attach rate of storage is only going to increase. And the California blackouts,is going to accelerate the adoption of storage. So -- and we are going to be coming out with the product in Q1 of '20. So we are very excited there, and we are very excited about our growth.

我的意思是，從我的回答中應該可以清楚地看出，我們對 Ensemble 感到非常興奮。我們對存儲感到非常興奮。儲存對我們來說具有巨大的潛力。我們的房屋價格從 2,000 美元增加到 10,000 美元。儲存的附加率只會增加。加州的停電將加速儲存的採用。因此，我們將在 20 年第一季推出該產品。所以我們在那裡非常興奮，我們對我們的成長感到非常興奮。

We're going to follow up storage immediately with the IQ 8 PV. The IQ 8 PV is going to be -- you're going to have IQ 8 on the roof, which will produce power when the grid is down, when the sun is still shining. So that's a massively differentiated product. So yes, storage is the next leg. The IQ 8 PV is another leg. So we really have a lot of legs for growth.

我們將立即使用 IQ 8 PV 來跟進儲存。IQ 8 PV 將在屋頂上安裝 IQ 8，當電網停電時，當陽光仍然照耀時，它將發電。所以這是一個差異化巨大的產品。所以，是的，儲存是下一步。IQ 8 PV 是另一條腿。所以我們確實有很多成長的空間。

If you think about Q4, we monitor the point-of-sale data out of distribution, the channel very well, right? And all the numbers that we've seen is that we are growing, right? And the POS data activity is higher, right? So that's a key point. I mean 1 quarter doesn't make a trend, right? And safe harbor created a lot of interesting dynamics into the quarter as well, right? So I just want to point out that this observation about taking the midpoint, carving out a number and trying to look at the trends in the prior quarter, it may not be as logical as you may probably ultimately think it is, right?

如果你想想第四季度，我們監控銷售點的資料分佈，通路非常好，對嗎？我們看到的所有數字都表明我們正在成長，對吧？而且POS數據活躍度更高，對嗎？所以這是一個關鍵點。我的意思是 1 季度並不能形成趨勢，對嗎？安全港也在本季創造了許多有趣的動態，對嗎？所以我只想指出，這種關於取中點、得出一個數字並試圖觀察上一季趨勢的觀察結果可能並不像您最終認為的那樣合乎邏輯，對吧？

How do you think about gross margins, Eric? So if you're -- if most of your non SunPower U.S. business in Q1 is out of Mexico, you basically have a 35% reduction in your cost of goods sold on that product. And how would that -- I guess you pass some of that through to customers at some point. But it sounds like margins are going higher, and you're already above your previously...

艾瑞克，您如何看待毛利率？因此，如果您在第一季的大部分非 SunPower 美國業務都在墨西哥以外，那麼該產品的銷售成本基本上會降低 35%。我想你會在某個時候將其中一些傳遞給客戶。但聽起來利潤率正在上升，而且你已經高於之前的水平了…

Yes. So Badri mentioned how we think about margins very well in the script, right? So you can read the early part of the prepared remarks. We don't see these checkpoints or midpoint numbers as anything more than a new potential target that can be better as we execute on all the other elements that Badri mentioned of cost reduction, the way we are managing pricing, the way we are introducing new value differentiated products, right? In terms of the tariff, 35%. Remember, it's 25, right? So definitely, that is basically closely tied to our ability to have adequate supply to fulfill the domestic non-SunPower demand, right?

是的。所以巴德里提到了我們如何在劇本中很好地考慮利潤，對吧？所以你可以閱讀準備好的發言的前半部。我們認為這些檢查點或中點數字只不過是一個新的潛在目標，當我們執行巴德里提到的降低成本的所有其他要素、我們管理定價的方式、我們引入新產品的方式時，這些目標可以更好。重視差異化產品，對嗎？就關稅而言，為35%。記住，現在是 25 歲，對嗎？因此，這基本上與我們有足夠的供應來滿足國內非 SunPower 需求的能力密切相關，對嗎？

So we're always cautious on how we see that. But we don't see that as a ceiling in any way, right? We look at margins. So we have accretion into the future as long as we can execute and as long as the dynamics of the margin, competitive pricing, our ability to secure, all of those things materialize.

因此，我們始終對如何看待這一點持謹慎態度。但我們不認為這是一個上限，對吧？我們關注的是利潤率。因此，只要我們能夠執行，只要利潤的動態、有競爭力的定價、我們的安全能力，所有這些都能實現，我們就能在未來有所成長。

Our next question is from Pavel Molchanov from Raymond James.

我們的下一個問題來自 Raymond James 的 Pavel Molchanov。

Two quick ones, if I may, about the competitive landscape. You touched already on some of the products launched at SPI. Can you comment specifically on LG's announcement of a module product incorporating its own microinverters and whether you guys are still selling your micros to LG directly?

如果可以的話，我可以簡單說兩句關於競爭格局的內容。您已經談到了 SPI 推出的一些產品。您能否具體評論一下 LG 宣布推出一款包含自家微型逆變器的模組產品以及您們是否仍在直接向 LG 銷售您的微型逆變器？

Pavel, we won't comment about any specific competitor like that. And we just want to be very clear about how we think about a very broad differentiation when it comes to our technology core Ensemble. That's what we are focused on. For us, it is the entire solution. You have to be a one-stop shop, one warranty. You have to have the most resilient solution that's out in the marketplace you have to have a scalable solution and a very simple solution, plug-and-play solution as well. So we really think about it not as a single little widget or a single little device but the entire solution. So I think it's just not -- we're just going in a different direction, bottom line. That's the way to think about it.

帕維爾，我們不會評論任何特定的競爭對手。我們只是想非常清楚地了解，當涉及到我們的技術核心整合時，我們如何看待非常廣泛的差異化。這就是我們關注的重點。對我們來說，這是完整的解決方案。您必須是一站式商店，一項保固。您必須擁有市場上最具彈性的解決方案，您必須擁有可擴展的解決方案和非常簡單的解決方案，以及即插即用的解決方案。因此，我們真正將其視為整個解決方案，而不是單個小部件或單個小設備。所以我認為這不是——我們只是朝著不同的方向前進，底線。這就是思考的方式。

Understood. And can you also touch on a bifacial tariff being revived as of last month? Does that have any impact, positive or negative, on your business, particularly vis-à-vis the AC module product?

明白了。您能否談談自上個月起恢復的雙面關稅？這對您的業務（尤其是交流模組產品）有正面或負面的影響嗎？

Yes. So actually, in general, when power goes up, it's beneficial for us because we get to leverage the same platform and develop products using the same -- leverage the exact same problem to develop higher power products. And the higher the power, it's a more differentiated product as well as you get a family of products that we can optimize pricing better. So in general, higher power is good. And of course, bifacial is one way to get the higher power.

是的。所以實際上，總的來說，當功率增加時，這對我們有利，因為我們可以利用相同的平台並使用相同的平台開發產品——利用完全相同的問題來開發更高功率的產品。功率越高，產品差異化程度就越高，您將獲得一系列產品，我們可以更好地優化定價。所以一般來說，功率越高越好。當然，雙面是獲得更高功率的一種方法。

Now as far as the tariffs on bifacial are concerned, it's been in. It's been out. There's been noise around that. We pay attention to it on a peripheral basis. But we are pretty excited about the IQ 7A product, which really targets those higher power modules, and more importantly, it leverages the base IQ 7 platform, which is completely software-defined.

現在就雙面組件的關稅而言，它已經生效了。已經出來了周圍一直有噪音。我們在外圍基礎上關注它。但我們對 IQ 7A 產品感到非常興奮，它真正針對那些更高功率的模組，更重要的是，它利用了完全軟體定義的基本 IQ 7 平台。

Our next question is from Jeffrey Campbell from Tuohy Brothers.

我們的下一個問題來自 Tuohy Brothers 的 Jeffrey Campbell。

I just wanted to get a little clarity. The 25% Ensemble attach rate that you referenced for California, is this referencing a go-forward new home solar installations under the California all solar mandate? Or is it something else? And I'm asking because we know that SunPower has a high penetration rate of new home solar prior to the mandate.

我只是想弄清楚一點。您提到的加州 25% 的整體附加率，是否指的是根據加州全太陽能指令推進的新家用太陽能裝置？還是別的什麼？我之所以這麼問，是因為我們知道 SunPower 在強制執行之前新家用太陽能的普及率很高。

Right. It's -- first of all, let me actually correct it. This is not an Ensemble attach rate. We were referring to what the customers' competitors basically referred to in their earnings call. So this is public information. So companies have said that they are seeing an attach rate of 25% to their existing installed base, and that is in 2019. So it's got nothing to do with the new home mandate, et cetera. And that is going to influence it, but I do not know the answer there. However, the attach rate right now is what they have seen.

正確的。首先，讓我實際糾正一下。這不是 Ensemble 附加率。我們指的是客戶的競爭對手在財報電話會議中基本上提到的內容。所以這是公開資訊。因此，各公司表示，他們預計 2019 年現有安裝基礎的附加率為 25%。所以這與新的居家令等無關。這會影響它，但我不知道答案。然而，現在的附加率就是他們所看到的。

Okay. So we could at least say that based on the third party, they're seeing a 25% attach rate. The new solar is not [as to that] so there could be upside?

好的。所以我們至少可以說，根據第三方，他們看到了 25% 的附加率。新的太陽能不[就此而言]所以可能有好處嗎？

Sure.

當然。

Thank you. At this time, I'm showing no further questions. I would like to turn the call back over to Badri Kothandaraman for closing remarks.

謝謝。目前，我沒有再提出任何問題。我想將電話轉回巴德里·科坦達拉曼 (Badri Kothandaraman) 進行總結發言。

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 Analyst Day in December.

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 12 月的分析師日期間再次與您交談。

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。您現在可以斷開連線。