Enphase Energy Inc (ENPH) 2022 Q4 法說會逐字稿

Good afternoon, and welcome to the Enphase Energy Fourth Quarter 2022 Financial Results Conference Call.

下午好，歡迎來到 Enphase Energy 2022 年第四季度財務業績電話會議。

(Operator Instructions)

（操作員說明）

Please note today's event is being recorded. I would now like to turn the conference over to Karen Sagot. Please go ahead.

請注意今天的活動正在錄製中。我現在想將會議轉交給 Karen Sagot。請繼續。

Good afternoon, and thank you for joining us on today's conference call to discuss Enphase Energy's Fourth Quarter 2022 results. On today's call are Badri Kothandaraman, our President and Chief Executive Officer; Mandy Yang, our Chief Financial Officer; and Raghu Belur, our Chief Products Officer.

下午好，感謝您參加今天的電話會議，討論 Enphase Energy 2022 年第四季度的業績。我們的總裁兼首席執行官 Badri Kothandaraman 出席了今天的電話會議；我們的首席財務官 Mandy Yang；和我們的首席產品官 Raghu Belur。

After the market closed today, Enphase issued a press release announcing the results for its fourth quarter ended December 31, 2022. During this conference call, Enphase's management will make forward-looking statements, including, but not limited to, statements related to our expected future financial performance, the capabilities of our technology and products and the benefits to homeowners and installers our operations, including manufacturing, customer service and supply and demand, anticipated growth in existing and new markets, the timing of new product introductions and regulatory matters.

今天收市後，Enphase 發布了一份新聞稿，公佈了截至 2022 年 12 月 31 日的第四季度業績。在本次電話會議期間，Enphase 的管理層將做出前瞻性陳述，包括但不限於與我們預期相關的陳述未來的財務業績、我們的技術和產品的能力以及我們的運營（包括製造、客戶服務和供求）對房主和安裝商的好處、現有市場和新市場的預期增長、新產品推出的時間和監管事項。

These forward-looking statements involve significant risks and uncertainties and our actual results and the timing of events could differ materially from these expectations.

這些前瞻性陳述涉及重大風險和不確定性，我們的實際結果和事件發生的時間可能與這些預期存在重大差異。

For a more complete discussion of the risks and uncertainties, please see our most recent Form 10-K and 10-Qs filed with the SEC. We caution 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 expectations.

有關風險和不確定性的更完整討論，請參閱我們最近向美國證券交易委員會提交的 10-K 和 10-Q 表格。我們告誡您不要過分依賴前瞻性陳述，並且不承擔因新信息、未來事件或預期變化而更新任何前瞻性陳述的責任或義務。

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. We have provided a reconciliation of these non-GAAP financial measures to GAAP financial measures in our earnings release furnished with the SEC on Form 8-K and which can also be found in the Investor Relations section of our website. Now I'd like to introduce Badri Kothandaraman, President and Chief Executive Officer of Enphase's Energy. Badri?

此外，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是在非 GAAP 基礎上表示的，並且已經過調整以排除某些費用。我們在與美國證券交易委員會一起提供的 8-K 表格收益發布中提供了這些非 GAAP 財務措施與 GAAP 財務措施的對賬，也可以在我們網站的投資者關係部分找到。現在我想介紹一下 Enphase 能源公司的總裁兼首席執行官 Badri Kothandaraman。巴德里？

Good afternoon, and thank you for joining us today to discuss our fourth quarter 2022 financial results. We had a good quarter. We reported record quarterly revenue of $724.7 million, shipped approximately 4.9 million microinverters and 122-megawatt hours of batteries and generated free cash flow of $237.3 million. Approximately 55% of our Q4 microinverter shipments were IQ8. We exited the fourth quarter at 44% gross margin, 12% operating expenses and 32% operating income, all as a percentage of revenue on a non-GAAP basis. Mandy will go into our financials later in the call.

下午好，感謝您今天加入我們討論我們 2022 年第四季度的財務業績。我們有一個很好的季度。我們公佈了創紀錄的季度收入 7.247 億美元，運送了大約 490 萬個微型逆變器和 122 兆瓦時的電池，並產生了 2.373 億美元的自由現金流。我們 Q4 微型逆變器出貨量的大約 55% 是 IQ8。我們以 44% 的毛利率、12% 的營業費用和 32% 的營業收入退出了第四季度，所有這些都是按非公認會計原則計算的收入百分比。 Mandy 稍後將在電話會議中討論我們的財務狀況。

Let's now discuss how we are servicing customers. Our Q4 Net Promoter Score worldwide was 71% compared to 70% in Q3. Our North American Net Promoter Score was 74% compared to 71% in Q3. Our average call rate time was quite down to 1.6 minutes compared to 4.8 minutes in Q3. We started our teams well, focused on root cause, fixes of customer issues and improve our business processes.

現在讓我們討論一下我們如何為客戶提供服務。我們在全球範圍內的第四季度淨推薦值是 71%，而第三季度為 70%。我們的北美淨推薦值為 74%，而第三季度為 71%。我們的平均通話時間從第三季度的 4.8 分鐘降至 1.6 分鐘。我們很好地啟動了我們的團隊，專注於根本原因、解決客戶問題並改進我們的業務流程。

Let's talk about microinverter manufacturing. Our overall supply environment remains quite stable in general. There are issues that crop up from time to time. Our teams are staying on top of them. Our quarterly capacity was 5 million microinverters exiting Q4. We are on track to begin manufacturing at Flex Romania starting this quarter, enabling us to service Europe better. This will enable a total quarterly capacity of 6 million microinverters exiting Q1. We are going to increase this capacity even more with U.S. manufacturing.

讓我們談談微型逆變器製造。我們的整體供應環境總體上保持穩定。有時會出現一些問題。我們的團隊始終處於領先地位。第四季度我們的季度產能為 500 萬台微型逆變器。我們有望從本季度開始在 Flex Romania 開始製造，使我們能夠更好地為歐洲服務。這將使退出第一季度的微型逆變器的總季度產能達到 600 萬個。我們將通過美國製造業進一步提高這種能力。

Let's cover that now. As we discussed last quarter, we are pleased that the IRA will help bring back high-tech manufacturing to the U.S. and stimulate the economy through the creation of jobs. We are excited to service the U.S. customers better with local manufacturing. We plan to begin U.S. manufacturing of our microinverters in the second quarter of 2023 with a new contract manufacturing partner and in the second half of 2023 with our 2 existing contract manufacturing partners. We plan to open 6 manufacturing lines by the end of this year adding a quarterly capacity of 4.5 million microinverters, bringing our total quarterly capacity to more than 10 million microinverters as we exit 2023. We continue to await the details of IRA implementation from the U.S. Department of Treasury.

現在讓我們介紹一下。正如我們上個季度所討論的那樣，我們很高興 IRA 將有助於將高科技製造業帶回美國，並通過創造就業機會刺激經濟。我們很高興能夠通過本地製造更好地為美國客戶提供服務。我們計劃在 2023 年第二季度與一個新的合同製造合作夥伴開始在美國製造我們的微型逆變器，並在 2023 年下半年與我們的兩個現有合同製造合作夥伴一起開始製造我們的微型逆變器。我們計劃在今年年底前開設 6 條生產線，增加 450 萬個微型逆變器的季度產能，到 2023 年結束時，我們的季度總產能將超過 1000 萬個微型逆變器。我們將繼續等待美國實施 IRA 的細節。財政部。

Let's cover the regions. Our U.S. and international revenue mix for Q4 was 71% and 29%, respectively. In the U.S., our revenue increased 15% sequentially and 59% year-on-year. We had record quarterly revenue, record quarterly sell-through for our microinverters and record quarterly installer count in the fourth quarter. Our microinverter channel inventory was quite healthy at the end of the fourth quarter, while our storage channel inventory was a little elevated.

讓我們覆蓋這些地區。我們第四季度的美國和國際收入組合分別為 71% 和 29%。在美國，我們的收入環比增長 15%，同比增長 59%。我們的季度收入創紀錄，微型逆變器的季度銷售量創歷史新高，第四季度的季度安裝人數也創歷史新高。我們的微型逆變器渠道庫存在第四季度末相當健康，而我們的存儲渠道庫存略有上升。

I'll go into more details about our batteries later in the call. In Europe, our revenue increased 21% sequentially and more than 130% year-on-year, led by strong demand in Netherlands, France, Germany, Belgium, Spain, Portugal, and the U.K. We had record sell-through and record installer count in Q4, as we continue to grow our business. We started shipping our IQ8 microinverters into Netherlands and France in Q4. We are working hard to introduce IQ8 into other European countries shortly. Also, we are currently shipping IQ batteries into Germany and Belgium. We expect to start shipping IQ batteries into Austria, France, Netherlands and Spain in the first half of this year.

我將在稍後的通話中詳細介紹我們的電池。在歐洲，在荷蘭、法國、德國、比利時、西班牙、葡萄牙和英國的強勁需求帶動下，我們的收入環比增長 21%，同比增長超過 130%。我們的銷售量和安裝人數均創歷史新高在第四季度，隨著我們繼續發展我們的業務。我們在第四季度開始將 IQ8 微型逆變器運往荷蘭和法國。我們正在努力盡快將 IQ8 引入其他歐洲國家。此外，我們目前正在向德國和比利時運送 IQ 電池。我們預計在今年上半年開始將 IQ 電池運往奧地利、法國、荷蘭和西班牙。

Our GreenCom Networks acquisition, which closed in the fourth quarter helps to integrate Enphase microinverters and batteries with third-party EV chargers and heat pumps, enabling homeowners to control their devices from one app, which is the Enphase app. We are integrating the GreenCom offering with the Enphase ecosystem and expect to make it available to our European installers shortly.

我們在第四季度完成的對 GreenCom Networks 的收購有助於將 Enphase 微型逆變器和電池與第三方 EV 充電器和熱泵集成在一起，使房主能夠通過一個應用程序（即 Enphase 應用程序）控制他們的設備。我們正在將 GreenCom 產品與 Enphase 生態系統集成在一起，並希望很快將其提供給我們的歐洲安裝人員。

Now I'll provide some color on Latin America, Australia and Brazil. In Latin America, our revenue doubled year-on-year. We had steady growth in our solar plus storage business in Puerto Rico during 2022. In Australia, the solar market continued to recover in Q4 after a weak first half of the year. We expect to introduce IQ batteries in Australia, along with IQ8 microinverters in the second quarter of '23. As for Brazil, we experienced significant quarter-over-quarter revenue growth, as we saw increased deployment of our IQ7 family of microinverters. The residential solar market in Brazil continues to grow rapidly. We have a very strong team in place. and we are excited about our future growth in the country. The emerging residential markets in Brazil, Mexico, Spain and India are all moving to high-voltage panels. In order to service them better, we plan to introduce a high-power 480 watts AC microinverter in the second quarter.

現在我將提供一些關於拉丁美洲、澳大利亞和巴西的顏色。在拉丁美洲，我們的收入同比翻了一番。 2022 年，我們在波多黎各的太陽能加儲能業務穩步增長。在澳大利亞，太陽能市場在經歷了上半年的疲軟後，在第四季度繼續復甦。我們預計在 2023 年第二季度在澳大利亞推出 IQ 電池以及 IQ8 微型逆變器。至於巴西，由於我們看到 IQ7 系列微型逆變器的部署增加，我們的收入環比大幅增長。巴西的住宅太陽能市場繼續快速增長。我們有一個非常強大的團隊。我們對我們在該國的未來發展感到興奮。巴西、墨西哥、西班牙和印度的新興住宅市場都在轉向高壓面板。為了更好地服務他們，我們計劃在第二季度推出一款大功率的480瓦交流微型逆變器。

Let's discuss our overall company outlook for Q1. We expect our Q1 revenue for the company to be within the range of $700 million to $740 million. We are fully booked for Q1 right now. Let me provide some additional information on the key regions. First about Europe then about the U.S. Our Europe business is doing very -- is very strong as I noted. Note that we also doubled our revenue from 2020 to 2021, and more than doubled the gain from '21 to '22.

讓我們討論一下我們對第一季度的整體公司前景。我們預計公司第一季度的收入將在 7 億美元至 7.4 億美元之間。我們現在第一季度已經訂滿了。讓我提供一些關於關鍵地區的額外信息。首先是關於歐洲，然後是關於美國。正如我指出的那樣，我們的歐洲業務做得非常好。請注意，從 2020 年到 2021 年，我們的收入也翻了一番，從 21 年到 22 年的收益翻了一番多。

We have a strong team in place and are quite bullish about 2023. We expect to introduce IQ batteries and IQ8 microinverters into many more countries in Europe as we progress through the year. Our value proposition is our differentiated home energy management systems, combined with high quality and great customer experience.

我們擁有一支強大的團隊，對 2023 年非常樂觀。隨著我們在這一年取得進展，我們希望將 IQ 電池和 IQ8 微型逆變器引入更多歐洲國家。我們的價值主張是我們差異化的家庭能源管理系統，結合高質量和出色的客戶體驗。

As for Q1, we expect healthy growth compared to Q4, consistent with the overall growth in the European market. Let's now cover the U.S. We expect our U.S. business to be slightly down in Q1 compared to Q4, primarily driven by seasonality and the macroeconomic environment. We are seeing that our distributor and installer partners are a little more cautious in booking orders. We normally have a 6-month order visibility, and that has been somewhat reduced as our partners watch their spending closely. On the sell-through of our microinverters, while December was quite strong for us. We saw a more pronounced seasonality in January than normal.

至於第一季度，我們預計與第四季度相比健康增長，與歐洲市場的整體增長一致。現在讓我們來看看美國。我們預計我們的美國業務在第一季度與第四季度相比將略有下降，這主要是受季節性和宏觀經濟環境的推動。我們看到我們的分銷商和安裝商合作夥伴在預訂訂單時更加謹慎。我們通常有 6 個月的訂單可見性，但隨著我們的合作夥伴密切關注他們的支出，該可見性有所降低。關於微型逆變器的銷售，雖然 12 月對我們來說相當強勁。我們在 1 月份看到了比正常情況更明顯的季節性。

There are a couple of interesting observations I thought I will share with you. Even with the pronounced seasonality and sell-through in January, we'd like to point out that our activations are holding up. The second point to also note is that in conversations with our installers and distributor partners, they have started to see originations pick up in January when compared to December. Although the data we have is limited, these 2 points make us cautiously optimistic about Q2. We've also seen some analyst reports about a possible shift from loans to PPA due to the high prevailing interest rates. We work with thousands of installers every quarter. Our installer base is very diverse, both small and large installers that offer cash, loans and PPA options to homeowners. Any shift from one type of financing to another only has a minor impact to our business, almost negligible. No matter what the conditions are, our approach at Enphase does not change.

我想我會與您分享一些有趣的觀察結果。即使在 1 月份明顯的季節性和銷售情況下，我們仍要指出我們的激活仍在持續。還需要注意的第二點是，在與我們的安裝人員和分銷商合作夥伴的對話中，他們已經開始看到與 12 月相比，1 月的來源有所增加。雖然我們掌握的數據有限，但這兩點讓我們對二季度持謹慎樂觀態度。我們還看到一些分析師報告稱，由於現行利率較高，可能會從貸款轉向 PPA。我們每個季度都與數以千計的安裝人員合作。我們的安裝商群體非常多樣化，既有小型安裝商也有大型安裝商，它們為房主提供現金、貸款和 PPA 選項。從一種融資方式向另一種融資方式的任何轉變對我們的業務影響很小，幾乎可以忽略不計。無論條件如何，我們在 Enphase 的方法都不會改變。

We manage for the long term. The basic thesis ongoing solar and storage remains intact, aided by a few factors: first, the utility rates which are rising in many states across the U.S.; second, the 30% ITC tax credit, which has been extended for 10 years with the IRA; and third, the desire for energy independence and tackling climate change.

我們進行長期管理。在幾個因素的幫助下，正在進行的太陽能和儲能的基本論點保持不變：首先，美國許多州的公用事業費率正在上升；第二，30% 的 ITC 稅收抵免，已與 IRA 一起延長了 10 年；第三，對能源獨立和應對氣候變化的渴望。

At Enphase, we will continue to make best-in-class home energy systems with a laser focus on product innovation, quality and customer experience. Let's switch to talking about battery. We shipped 122-megawatt hours of IQ batteries in Q4. We have now certified approximately 2,300 installers worldwide since the introduction of IQ batteries into North America, Germany and Belgium. Our installers in North America experienced a median commissioning time of 91 minutes exiting Q4 compared to 118 in Q3. We made significant software changes to improve communication, big transitions and commissioning time, and I'm quite happy with the performance of the team.

在 Enphase，我們將繼續專注於產品創新、質量和客戶體驗，打造一流的家庭能源系統。讓我們切換到談論電池。我們在第四季度出貨了 122 兆瓦時的 IQ 電池。自從將 IQ 電池引入北美、德國和比利時以來，我們現在已經對全球大約 2,300 名安裝人員進行了認證。我們在北美的安裝人員在第四季度結束時的調試時間中位數為 91 分鐘，而第三季度為 118 分鐘。我們對軟件進行了重大更改，以改善溝通、大過渡和調試時間，我對團隊的表現非常滿意。

As a result, we saw slightly higher sell-through of our batteries in Q4 versus Q3. We've also got a number of feedback from the installers about the fact of improved performance in terms of commissioning. We plan to ship 100- to 120-megawatt hours of IQ batteries in Q1. We also expect to start ramping our third generation IQ battery in North America and Australia in the second quarter. This battery has got 5-kilowatt hour modularity, 2x the power compared to our existing battery and 30-minute commissioning time in addition to being easier to install and service. We expect the higher charge discharge rate as well as the 5-kilowatt hour modularity to be uniquely beneficial to the homeowners under the upcoming NEM 3.0 tariff in California.

因此，我們發現第四季度的電池銷量略高於第三季度。我們還從安裝人員那裡得到了一些關於調試性能提高的反饋。我們計劃在第一季度出貨 100 至 120 兆瓦時的 IQ 電池。我們還預計在第二季度開始在北美和澳大利亞推出我們的第三代 IQ 電池。該電池具有 5 千瓦時的模塊化功能，是我們現有電池的 2 倍功率和 30 分鐘的調試時間，而且更易於安裝和維修。我們預計更高的充電放電率以及 5 千瓦時的模塊化將在即將到來的加利福尼亞 NEM 3.0 關稅下對房主有利。

With the significant changes we are making to our IQ batteries, we are confident that storage installations will become as efficient as microinverters. And as a result, the profitability for installers should get better. We expect our battery business to perform well in the second half of the year, both due to our third-generation battery as well as NEM 3 adoption in California.

隨著我們對 IQ 電池做出重大改變，我們相信儲能裝置將變得與微型逆變器一樣高效。因此，安裝商的盈利能力應該會變得更好。我們預計我們的電池業務將在今年下半年表現良好，這主要歸功於我們的第三代電池以及加州採用 NEM 3。

Let's now talk about our product for the small commercial solar market in the U.S. We are on track to pilot the IQ8P product and release it to production in the second half of the year. As our panel power continues to increase rapidly, we are increasing the power of the microinverter by 50% from 320 watts to 480 watts AC while sticking to the single panel architecture. This product as well as the 480-watt residential microinverter for emerging markets share the same design.

現在讓我們談談我們面向美國小型商業太陽能市場的產品。我們正按計劃試用 IQ8P 產品，並在今年下半年將其投入生產。隨著我們的面板功率繼續快速增加，我們將微型逆變器的功率從 320 瓦增加 50% 到 480 瓦 AC，同時堅持單面板架構。該產品與面向新興市場的 480 瓦家用微型逆變器採用相同的設計。

Let's discuss EV chargers. We shipped approximately 7,600 EV chargers in Q4 as compared to 6,370 chargers in Q3. We began manufacturing Enphase branded EV chargers at our contract manufacturing facility in Mexico this quarter, helping us to increase capacity and reduce costs. We expect to introduce IQ smart EV chargers to customers in the U.S. in the second quarter. These chargers will provide connectivity and control, enabling use cases like green charging and allow homeowners visibility into the operation of their Enphase solar plus storage plus EV chargers system through the app.

讓我們討論電動汽車充電器。我們在第四季度出貨了大約 7,600 個 EV 充電器，而第三季度為 6,370 個。本季度，我們開始在墨西哥的合同製造工廠生產 Enphase 品牌的 EV 充電器，幫助我們提高產能並降低成本。我們預計在第二季度向美國客戶推出 IQ 智能 EV 充電器。這些充電器將提供連接和控制，支持綠色充電等用例，並允許房主通過應用程序查看其 Enphase 太陽能+儲能+電動汽車充電器系統的運行情況。

We recently demonstrated our bidirectional EV charger technology combining vehicle-to-home, vehicle-to-grid and green charging functionality. This new bidirectional EV charger along with Enphase's solar and battery storage can all be controlled from the Enphase app, empowering homeowners to make use, safe and sell their own power. We are working with standards organization, EV manufacturers and regulators to bring this technology to market in 2024.

我們最近展示了我們的雙向 EV 充電器技術，結合了車到家、車到電網和綠色充電功能。這種新型雙向 EV 充電器連同 Enphase 的太陽能和電池存儲都可以通過 Enphase 應用程序進行控制，使房主能夠使用、保護和出售自己的電力。我們正在與標準組織、電動汽車製造商和監管機構合作，以在 2024 年將這項技術推向市場。

Let me give you a quick update on our Enphase installer network, or EIN. We have now onboarded more than 1,300 installers to our EIN worldwide through a highly selective process focused on installed quality and exceptional experience to homeowners across the globe. Let's discuss the installer platform. We made several updates to the Solargraf design and proposal software during the fourth quarter, incorporating battery design and proposal document management, consumption modeling and several other improvements as requested by our installer partners. In addition, we made significant strides in automating the creation of permit plan sets with Solargraf software. We now have over 1,000 installers using Solargraf software.

讓我為您快速更新我們的 Enphase 安裝程序網絡 (EIN)。我們現在已經通過高度選擇性的流程在全球範圍內招募了 1,300 多名安裝人員加入我們的 EIN，該流程專注於為全球房主提供安裝質量和卓越體驗。讓我們討論安裝程序平台。我們在第四季度對 Solargraf 設計和提案軟件進行了多次更新，包括電池設計和提案文件管理、消耗建模以及我們的安裝合作夥伴要求的其他幾項改進。此外，我們在使用 Solargraf 軟件自動創建許可計劃集方面取得了重大進展。我們現在有超過 1,000 名安裝人員使用 Solargraf 軟件。

Next, I'd like to comment on NEM 3.0 in California. The CPUC has finalized its decision on NEM 3.0 in Q4. While we wish the export rates had been stepped down a little more gradually, the policy is generally in the right direction for incentivizing homeowners to adopt storage. The next step is for installers to educate homeowners to increase adoption of NEM 3 and companies like Enphase need to help in making this transition possible. That's where Solargraf design and proposal engine comes in. Installers will be able to use Solargraf to provide homeowners with a proposal that optimizes their bills under NEM 3 tariff to minimize payback and maximize ROI. The advantage with Solargraf is that the underlying algorithm used by [engine] will be the same as what is used in the actual operation of the Enphase Home energy system. As the system complexity increases with solar, batteries, EV chargers and dynamic rate structures such as NEM 3.0, the tight coupling of Solargraf and actual product operation will maximize value to homeowners.

接下來，我想評論一下加州的NEM 3.0。 CPUC 已在第四季度完成了對 NEM 3.0 的決定。雖然我們希望出口利率能逐漸降低一點，但該政策總體上是在激勵房主採用存儲的正確方向上。下一步是讓安裝人員教育房主增加對 NEM 3 的採用，像 Enphase 這樣的公司需要幫助實現這一轉變。這就是 Solargraf 設計和提案引擎的用武之地。安裝人員將能夠使用 Solargraf 為房主提供一項提案，根據 NEM 3 關稅優化他們的賬單，以最大限度地減少投資回報和最大化投資回報率。 Solargraf 的優勢在於，[引擎] 使用的底層算法將與 Enphase 家庭能源系統實際運行中使用的算法相同。隨著系統複雜性隨著太陽能、電池、EV 充電器和動態費率結構（如 NEM 3.0）的增加而增加，Solargraf 與實際產品操作的緊密耦合將為房主帶來最大價值。

In summary, we are quite pleased with our performance. As a reminder, our strategy is to build best-in-class home energy systems and deliver them to homeowners through our installer and distributor partners, enabled by the installer platform. We have many new products that are coming out in 2023, that will increase our served available market and positively contribute to the top line.

總之，我們對我們的表現非常滿意。提醒一下，我們的戰略是構建一流的家庭能源系統，並通過安裝程序平台支持的安裝程序和分銷商合作夥伴將它們交付給房主。我們將在 2023 年推出許多新產品，這將增加我們服務的可用市場並為收入做出積極貢獻。

We look forward to introducing IQ8 microinverters worldwide, introducing IQ batteries into more countries in Europe, launching our third-generation battery in North America and Australia as well as introducing our highest power 480-watt IQ8P microinverter for both the U.S. small commercial and emerging residential markets. We're also excited about the upcoming Solargraf functionality, especially the NEM 3.0 functionality. And finally, the work we are doing to bring both smart EV chargers as well as bidirectional EV charging capabilities to the market.

我們期待在全球推出 IQ8 微型逆變器，將 IQ 電池引入歐洲更多國家，在北美和澳大利亞推出我們的第三代電池，並為美國小型商業和新興住宅推出我們最高功率的 480 瓦 IQ8P 微型逆變器市場。我們也對即將推出的 Solargraf 功能感到興奮，尤其是 NEM 3.0 功能。最後，我們正在努力將智能 EV 充電器和雙向 EV 充電功能推向市場。

With that, I will now turn the call to Mandy for a review of our financials. Mandy?

有了這個，我現在將把電話轉給曼迪來審查我們的財務狀況。曼迪？

Thanks, Badri, and good afternoon, everyone.

謝謝，Badri，大家下午好。

I will provide more details related to our fourth quarter of 2022 financial results as well as our business outlook for the first quarter of 2023. We have provided a reconciliation of these non-GAAP to GAAP financial measures in our earnings release posted today, which can also be found in the IR section of our website. Total revenue for Q4 was $724.7 million, representing an increase of 14% sequentially and a quarterly record. We ship approximately 1,952.4 megawatts DC of microinverters and 122.1 megawatt hours of IQ batteries in the quarter. Non-debt gross margin for Q4 was 43.8% compared to 42.9% in Q3.

我將提供有關我們 2022 年第四季度財務業績以及 2023 年第一季度業務展望的更多詳細信息。我們在今天發布的收益報告中提供了這些非 GAAP 與 GAAP 財務指標的對賬，這可以也可以在我們網站的 IR 部分找到。第四季度的總收入為 7.247 億美元，環比增長 14%，創下季度記錄。我們在本季度出貨了大約 1,952.4 兆瓦的微型逆變器直流電和 122.1 兆瓦時的 IQ 電池。第四季度的非債務毛利率為 43.8%，而第三季度為 42.9%。

The increase was driven by a favorable I8 product mix. The gross margin was 42.9% for Q4. Non-GAAP operating expenses were $87.7 million for Q4 compared to $78.6 million for Q3. The increase was driven by international growth, customer service and R&D. Same operating expenses were $153.7 million for Q4 compared to $132.5 million for Q3. GAAP operating expenses for Q4 included $59.4 million of stock-based compensation expenses and $4.9 million of acquisition-related expenses and amortization for acquired intangible assets and $1.8 million of restructuring and asset impairment charges.

這一增長是由有利的 I8 產品組合推動的。第四季度的毛利率為 42.9%。第四季度的非美國通用會計準則運營費用為 8770 萬美元，而第三季度為 7860 萬美元。這一增長是由國際增長、客戶服務和研發推動的。第四季度的相同運營費用為 1.537 億美元，而第三季度為 1.325 億美元。第 4 季度的 GAAP 運營費用包括 5940 萬美元的股票薪酬費用和 490 萬美元的收購相關費用和已收購無形資產的攤銷以及 180 萬美元的重組和資產減值費用。

On a non-GAAP basis, income from operations for Q4 was $229.4 million compared to $194 million for Q3. On a GAAP basis, income from operations was $157 million for Q4 compared to $135.4 million for Q3. On a non-GAAP basis, net income for Q4 was $212.4 million compared to $175.5 million for Q3. This resulted in non-GAAP diluted earnings per share of $1.51 for Q4 compared to $1.25 for Q3.

在非美國通用會計準則基礎上，第四季度的運營收入為 2.294 億美元，而第三季度為 1.94 億美元。根據 GAAP，第四季度的運營收入為 1.57 億美元，而第三季度為 1.354 億美元。按非美國通用會計準則計算，第四季度淨收入為 2.124 億美元，而第三季度為 1.755 億美元。這導致第四季度非美國通用會計準則攤薄後每股收益為 1.51 美元，而第三季度為 1.25 美元。

Sales net income for Q4 was $153.8 million compared to a net income of $114.8 million for Q3. This resulted in GAAP diluted earnings per share of $1.06 for Q4 compared to $0.80 for Q3. We exited Q4 with a total cash, cash equivalent and marketable securities balance of $1.61 billion compared to $1.42 billion at the end of Q3.

第四季度的銷售淨收入為 1.538 億美元，而第三季度的淨收入為 1.148 億美元。這導致第四季度的 GAAP 稀釋每股收益為 1.06 美元，而第三季度為 0.80 美元。第四季度結束時，我們的現金、現金等價物和有價證券餘額總額為 16.1 億美元，而第三季度末為 14.2 億美元。

In Q4, we generated $253.7 million in cash flow from operations and $237.3 million in free cash flow. Capital expenditure was $16.4 million for Q4 compared to $8.9 million for Q3. The increase was primarily due to investment in additional content manufacturing sites and R&D equipment. Capital expenditure for the full year of 2022 was $46.4 million.

在第四季度，我們產生了 2.537 億美元的運營現金流和 2.373 億美元的自由現金流。第四季度的資本支出為 1640 萬美元，而第三季度為 890 萬美元。增長主要是由於對額外的內容生產基地和研發設備的投資。 2022 年全年的資本支出為 4640 萬美元。

Now let's discuss our outlook for the first quarter of 2023. We spent our revenue for the first quarter of 2023 to be within a range of $700 million to $740 million, which includes shipments of 100- to 120-megawatt hours of IQ batteries. We expect GAAP gross margin to be within the range of 40% to 43% and non-debt gross margin to be within the range of 41% to 44%, which excludes stock based compensation expenses and acquisition-related amortization. We assume a conservative euro FX rate in our Q1 guidance, and we don't expect significant impact to our financials from fluctuations in FX rates. We set up our debt operating expenses to be within a range of $177 million to $181 million, including approximately $77 million estimated for stock-based compensation expenses, restructuring charges for site consolidation, acquisition-related expenses and amortization. We expect our non-GAAP operating expenses to be within a range of $100 million to $104 million.

現在讓我們討論一下我們對 2023 年第一季度的展望。我們將 2023 年第一季度的收入花費在 7 億至 7.4 億美元之間，其中包括 100 至 120 兆瓦時 IQ 電池的出貨量。我們預計 GAAP 毛利率在 40% 至 43% 的範圍內，非債務毛利率在 41% 至 44% 的範圍內，其中不包括基於股票的補償費用和與收購相關的攤銷。我們在第一季度的指導中假設了保守的歐元匯率，我們預計匯率波動不會對我們的財務狀況產生重大影響。我們將債務運營費用設定在 1.77 億美元至 1.81 億美元的範圍內，其中包括約 7700 萬美元的股票補償費用、現場合併的重組費用、收購相關費用和攤銷。我們預計我們的非 GAAP 運營費用將在 1 億美元至 1.04 億美元之間。

Moving to tax. Since we have utilized most of our net operating loss and research tax credit carryforwards in 2022. We announced a significant U.S. cash taxpayer. We expect GAAP and non-GAAP annualized effective tax rate for 2023 to be at 22% plus or minus 2% before any IRA impact.

轉向稅收。由於我們在 2022 年利用了大部分淨營業虧損和研究稅收抵免結轉。我們宣布了一個重要的美國現金納稅人。我們預計 2023 年的 GAAP 和非 GAAP 年化有效稅率在任何 IRA 影響之前為 22% 上下 2%。

In closing, we are pleased with our 2022 financial performance. We grew our revenue by 59% year-over-year, while spending on non-GAAP gross margin to 42.6% in 2022. We increased non-debt diluted earnings per share by 92% to $4.62 per share in 2022 and generated record free cash flow of $698.4 million more than double from 2021.

最後，我們對 2022 年的財務業績感到滿意。 2022 年，我們的收入同比增長 59%，非 GAAP 毛利率支出達到 42.6%。2022 年，我們的非債務稀釋每股收益增加了 92%，達到每股 4.62 美元，並產生了創紀錄的自由現金6.984 億美元的流量是 2021 年的兩倍多。

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

有了這個，我現在將打開問題熱線。

(Operator Instructions)

（操作員說明）

And our first question will come from Colin Rusch of Oppenheimer.

我們的第一個問題將來自奧本海默的 Colin Rusch。

I appreciate all the detail here. Can you talk about what your -- how your pricing strategy is evolving here as you move into different configurations for the devices, and you continue to try to monetize the value here. Are there areas where you can increase price a little bit? Are you trying to hold it flat? Just talk to us about how that's evolving here.

我很欣賞這裡的所有細節。你能談談你的 - 當你進入不同的設備配置時，你的定價策略是如何在這裡演變的，並且你繼續嘗試在這裡將價值貨幣化。有沒有可以稍微漲價的地方？你想把它放平嗎？只是和我們談談這是如何發展的。

Yes. The pricing in general right now is very stable. We do value-based pricing. We look at pricing versus the next best alternative. And we usually look at what value do we add in compared to that alternative. And typically, the things we focus on for microinverters are how is our quality compared to competition with our customer experience compared to competition. How is our ease of use compared to competition, is the product a lot more easier to install and that matters to the installers.

是的。現在的價格總體上是非常穩定的。我們做基於價值的定價。我們著眼於定價與下一個最佳選擇。我們通常會查看與該替代方案相比我們增加了哪些價值。通常，我們關注微型逆變器的事情是我們的質量與競爭相比如何，我們的客戶體驗與競爭相比如何。與競爭對手相比，我們的易用性如何，產品是否更容易安裝，這對安裝人員來說很重要。

And they -- once they install, they do not want to come back to that site again. So they need excellent support. So if we look at all of these puts and takes, and we look at it versus the next best alternative. We price our products. We are extremely disciplined. There we also have a segmentation strategy, which means that we look at different flavors of power, and we price it according to the value those provide.

他們 - 一旦安裝，他們就不想再次回到該站點。因此，他們需要出色的支持。因此，如果我們查看所有這些投入和投入，我們就會將其與下一個最佳選擇進行比較。我們為我們的產品定價。我們紀律嚴明。我們還有一個細分策略，這意味著我們會查看不同類型的電源，並根據它們提供的價值對其進行定價。

In batteries, our strategy has been similar with the first 2 products in our generation, first generation and second generation batteries, we fell a little bit short in terms of the differentiating features. And now with the third generation, I think we are going to be quite unique. We have modularity of 5-kilowatt hours, we will have double the power compared to the prior generation, which means a 5-kilowatt hour battery will have 3.84 kilowatts of continuous power and 7.68 kilowatts of peak power, which is amazing power. And then in addition, that's going to have 30 minutes commissioning time, the thing that we didn't get right on the first 2 generations. So with batteries, we are back into the value space, again, and we will price those products accordingly. So the short answer to your question, pricing is quite stable now.

在電池方面，我們的策略與我們這一代的前兩個產品相似，第一代和第二代電池，我們在差異化特徵方面有點不足。現在有了第三代，我認為我們將變得非常獨特。我們有5千瓦時的模塊化，我們將比上一代有兩倍的功率，這意味著5千瓦時的電池將具有3.84千瓦的持續功率和7.68千瓦的峰值功率，這是驚人的功率。此外，這將有 30 分鐘的調試時間，這是我們在前兩代中沒有做對的事情。因此，對於電池，我們再次回到價值空間，我們將相應地為這些產品定價。所以對你的問題的簡短回答是，現在定價非常穩定。

Okay. Excellent. And then as you look at making a bigger push into the commercial rooftop market. Can you talk a little bit about the preparation in the channel in terms of education and training on the product, what you're seeing already in terms of sell-through with some of the legacy products as you prepare to really get into full swing by the middle or latter part of the year?

好的。出色的。然後，當您考慮更大力度地進軍商業屋頂市場時。你能談談渠道在產品教育和培訓方面的準備工作嗎？你已經看到一些遺留產品的銷售情況，因為你準備真正全面展開年中還是下半年？

Right. This product, we had originally 3 years ago, we started with introducing the IQ 8D product. And that at that time was a good idea. It was 640-watts AC. And that microinverter covered 2 panels. And we got excited by that. We've worked on it.

正確的。這個產品，我們最初是在 3 年前推出的，我們開始介紹 IQ 8D 產品。這在當時是個好主意。它是 640 瓦交流電。那個微型逆變器覆蓋了 2 個面板。我們對此感到很興奮。我們已經在努力了。

And that product, it took us some time to work on it because not only we had to get the microinverter right, we had to get the entire chain right, which is the microinverter performance, the gateway performance, most important, the software performance. And then we needed a proper design and proposal engine like Solargraf. So it took us quite a bit of time. And then we realized a few months ago that, yes, we can come with that product, we can release that product out, but that product is going to fall short in terms of power because the panel power in the commercial business has moved to, let's say, greater than 500 watts.

而那個產品，我們花了一些時間來研究它，因為我們不僅要使微型逆變器正確，我們還必須使整個鏈條正確，即微型逆變器性能、網關性能，最重要的是軟件性能。然後我們需要像 Solargraf 這樣的合適的設計和提案引擎。所以我們花了很多時間。幾個月前我們意識到，是的，我們可以推出該產品，我們可以發布該產品，但該產品在功率方面將達不到要求，因為商業業務中的面板功率已經轉移到，比方說，大於 500 瓦。

So 2 panels will be 1,000 watts. 1,000 over 640 is a DC/AC ratio of more than 1.5. 1.5 is not acceptable in this business. The right number is between 1.2 and 1.25. So then we regrouped, we told the installers we are going to make a quick change, going back to the single panel, single micro architecture, we are increasing the power, leveraging what we did on the IQ 8D. So it was not lost. We increased -- we used that architecture and we basically are introducing now a product that is a 480-watt AC product. And that will take care up to 650 watts of panel power. So -- and also accompanied by that product, we need the entire platform.

所以 2 個面板將是 1,000 瓦。 1,000 超過 640 表示 DC/AC 比率超過 1.5。 1.5 在此業務中是不可接受的。正確的數字在 1.2 到 1.25 之間。因此，我們重新組合，我們告訴安裝人員我們將進行快速更改，回到單面板、單微架構，我們正在增加功能，利用我們在 IQ 8D 上所做的工作。所以它沒有丟失。我們增加了 - 我們使用了該架構，我們現在基本上正在推出一種 480 瓦交流產品的產品。這將提供高達 650 瓦的面板功率。所以 - 伴隨著該產品，我們需要整個平台。

What I talk about in the installer platform, which is starting from lead generation qualification because this is a design win business. It's not like the residential business. There is some cycle time. You have to capture opportunities properly. You spend a lot of time in understanding analyzing the ROI, the tools need to be excellent for that. And then you need help the installers through the entire process. And so I think we are finally almost ready that we are looking to introduce -- beat our test with the installers in the second quarter using the entire flow. Then we are planning to release to -- release it start ramping in the third quarter. And it's going to take us a few quarters to ramp because like what I said, this is not like the residential business. It's a design win business. And so we have to work with customers for an extended period of time and then convince them of the value proposition, and we'll start winning. But our basic piece is there is the same. Product innovation great quality and support customers well, which is customer experience.

我在安裝程序平台上談論的內容是從潛在客戶生成資格開始的，因為這是一項設計取勝的業務。這不像住宅業務。有一定的周期時間。你必須正確地抓住機會。您花費大量時間來理解分析 ROI，為此需要出色的工具。然後您需要在整個過程中幫助安裝人員。因此，我認為我們終於準備好要介紹的內容了——在第二季度使用整個流程擊敗了安裝程序的測試。然後我們計劃發佈到 - 發布它在第三季度開始增加。這需要我們幾個季度才能實現，因為就像我說的那樣，這不像住宅業務。這是一項設計取勝的業務。因此，我們必須與客戶長期合作，然後說服他們接受價值主張，這樣我們才能開始取勝。但是我們的基本部分是一樣的。產品創新質量好，支持客戶好，這就是客戶體驗。

The next question comes from Philip Shen of ROTH Capital Partners.

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

Congrats on the strong Q4 and Q1. Badri, one thing that I noted in your prepared remarks was that you talked about how some of your customers are experiencing more caution or they're a little bit more cautious in booking orders. Normally, you have a 6-month order visibility, and that has been somewhat reduced as your partners watch their spending closely. Can you expand on that a little bit and help us understand when do you expect to get back to your 6-month visibility? You talked about originations improving in January. But based on some of the conversations we're having in the industry, it seems like there is a fair amount of tumult and challenge out there with trade credit being pulled back and some bankruptcies and just some challenges out there. So how do you expect to navigate that overall and perhaps share gain is one source of strength. But just wanted to understand, as we look through the rest of the year beyond Q1, how do you expect the year to develop.

恭喜強勁的 Q4 和 Q1。 Badri，我在你準備好的發言中註意到的一件事是，你談到了你的一些客戶如何更加謹慎，或者他們在預訂訂單時更加謹慎。通常，您有 6 個月的訂單可見性，隨著您的合作夥伴密切關注他們的支出，該可見性有所降低。您能否稍微擴展一下，幫助我們了解您預計什麼時候能恢復到 6 個月的可見度？你談到了 1 月份的起源改善。但根據我們在行業中進行的一些對話，似乎存在相當多的動盪和挑戰，貿易信貸被撤回，一些企業破產，還有一些挑戰。因此，您希望如何駕馭整體和分享收益是力量的來源之一。但只是想了解，當我們回顧今年第一季度之後的剩餘時間時，您預計今年會如何發展。

Yes. I mean, look, seasonality has always existed in the solar industry from Q4 to Q1. And historically, I would say that, that seasonality is a 15% number. That means, in general, the sell-through in Q1 is usually 15% down compared to the sell-through in Q4. Now right now, and I'm giving you a lot of data from January, and that's the data we have. Our Q4 was very strong, including December. January, we start to experience a little more than 15%. That's why I said more pronounced seasonality. And of course, we think it is due to the macroeconomic environment, but what we saw interestingly was the activations remain the same. I mean approximately and they were a little bit down they didn't have that much of a seasonality. So that basically was somewhat good because the customer demand at least whatever we saw was -- I mean, did not get that much affected.

是的。我的意思是，從第四季度到第一季度，太陽能行業一直存在季節性。從歷史上看，我會說，季節性是 15% 的數字。這意味著，一般來說，與第四季度的銷售量相比，第一季度的銷售量通常下降 15%。現在，現在，我給你提供了 1 月份的大量數據，這就是我們擁有的數據。我們的第四季度非常強勁，包括 12 月。一月份，我們開始體驗略高於 15%。這就是為什麼我說更明顯的季節性。當然，我們認為這是由於宏觀經濟環境造成的，但有趣的是，我們看到的是激活保持不變。我的意思是大約，他們有點低落，他們沒有那麼多的季節性。所以這基本上有點好，因為客戶的需求至少我們所看到的是 - 我的意思是，沒有受到那麼大的影響。

But having said that, I think the installers are quite cautious. Therefore, they basically are only buying what they need from their distributors, which is a stock difference from 2022, where they were focused on supply. They were focused on maximizing what they had in their warehouse. Now is that they are worried about their spending, they're worried about their OpEx, they are worried about their cash flow. Therefore, they are going to make sure they do exactly what is required. So that's why I think -- and I don't have a crystal ball. I cannot be sure. That's why I think we are seeing some customers who used to book 6, 9 months ahead, now will not book so much ahead. They'll be a little more conservative.

但話雖如此，我認為安裝人員還是相當謹慎的。因此，他們基本上只從分銷商那裡購買他們需要的東西，這與他們專注於供應的 2022 年存在庫存差異。他們專注於最大限度地利用倉庫中的物品。現在是他們擔心自己的支出，他們擔心他們的運營支出，他們擔心他們的現金流。因此，他們將確保他們完全按照要求行事。所以這就是為什麼我認為 - 我沒有水晶球。我不能確定。這就是為什麼我認為我們看到一些過去提前 6、9 個月預訂的客戶現在不會提前那麼多預訂了。他們會更保守一點。

And with regarding your question on more -- that the originations, whether they're improving or not, this is the data. We work with thousands of installers. We have a very strong sample set. We talked to a lot of distributors. Some of our distributors service hundreds of long-tail installers. So we don't see originations ourselves. We only -- what I reported to you is anecdotal information. But we hear that originations and especially originations in California are back to being strong in January. That's what we hear. And I think that is -- that's why I said that -- plus the fact that we are not seeing that much of a link in activation points me to cautiously optimistic Q2 versus Q1.

關於你的更多問題——起源，無論它們是否在改進，這就是數據。我們與數以千計的安裝人員合作。我們有一個非常強大的樣本集。我們與很多經銷商進行了交談。我們的一些分銷商為數百名長尾安裝人員提供服務。所以我們自己看不到起源。我們只是 - 我向您報告的是軼事信息。但我們聽說 1 月份的發源地，尤其是加利福尼亞州的發源地恢復強勁。這就是我們聽到的。我認為這就是——這就是我這麼說的原因——再加上我們沒有看到激活中有太多聯繫這一事實讓我對第二季度和第一季度持謹慎樂觀態度。

Okay. Great. Shifting gears to the IRA historical, I think on the last call, you were talking about the ability to get the majority of that credit. I was wondering if you could comment on the latest you see in terms of the microinverter credits? Do you expect to get the vast majority of that? And then in terms of the timing of the Section 45X or manufacturing PTC guidelines, some of our checks suggest this could be released much later than originally expected maybe a year later. Just curious if that impacts your plans at all? And if you can talk about CapEx required for the facilities and factories, that would be great.

好的。偉大的。換檔到愛爾蘭共和軍的歷史，我想在最後一次電話會議上，你在談論獲得大部分信用的能力。我想知道您是否可以就微型逆變器積分發表評論？你希望得到其中的絕大部分嗎？然後就第 45X 節或製造 PTC 指南的時間而言，我們的一些檢查表明這可能比最初預期的要晚得多，可能會在一年後發布。只是好奇這是否會影響您的計劃？如果你能談談設施和工廠所需的資本支出，那就太好了。

Yes. So I'll answer the question in reverse. CapEx required, basically, an auto line is roughly 750,000 units and auto line cost is including tax, et cetera, anywhere from $8 million to $10 million per line. So if we have to do 6 lines, that's anywhere close to $60 million -- $50 million to $60 million. So that's the CapEx spending.

是的。所以我會反過來回答這個問題。基本上，一條汽車生產線所需的資本支出大約為 750,000 輛，汽車生產線成本包括稅金等，每條生產線 800 萬至 1000 萬美元。因此，如果我們必須做 6 條線，那就接近 6000 萬美元——5000 萬到 6000 萬美元。這就是資本支出。

Now to answer your question, do we expect to get the vast majority? Yes, we do. And then does the announcement of the treasury indication change our plans? No, it does not. We are going to start manufacturing in the second quarter. And we are going to ramp up a couple of lines with a new contract manufacturer in the second quarter. And then we are going to start the remaining lines. So totally, we will have 6 manufacturing lines by the end of 2023 with 3 contract manufacturing partners.

現在回答你的問題，我們是否期望獲得絕大多數？是的，我們有。然後財政部指示的公告是否會改變我們的計劃？不，不是的。我們將在第二季度開始生產。我們將在第二季度與一家新的合同製造商合作增加幾條生產線。然後我們將開始剩餘的線路。因此，到 2023 年底，我們將擁有 6 條生產線，並有 3 個合同製造合作夥伴。

The next question comes from Brian Lee of Goldman Sachs.

下一個問題來自高盛的 Brian Lee。

Kudos on the solid execution. First question I had was just around NEM 3.0. I think there's different implications of that policy uncertainty near term and medium term from what we're hearing. So maybe just wanted to get your thoughts near term, some views out there that maybe there's a pull forward on demand in California. Would be curious what you're seeing with respect to that? And then kind of in the medium term, we're hearing the industry is still maybe trying to figure out how to navigate this. So curious how you specifically are thinking about the second half of 2023 in the U.S.? Are you kind of base case in California to be down significantly?

感謝可靠的執行。我的第一個問題是關於 NEM 3.0。我認為，從我們所聽到的情況來看，短期和中期的政策不確定性有不同的影響。因此，也許只是想了解您近期的想法，一些觀點認為加利福尼亞的需求可能會有所提高。想知道您對此有何看法？然後從中期來看，我們聽說這個行業可能仍在試圖弄清楚如何解決這個問題。很好奇您具體如何看待美國的 2023 年下半年？您是加利福尼亞州的基本案例嗎？

And then how do you see yourself navigating that, if that's the case? Are you driving more product to other states, focusing more in Europe? Just curious just how you'd be thinking about planning into that period of higher policy uncertainty in the back half? And then I had a follow-up.

如果是這樣的話，你如何看待自己的導航呢？您是否正在將更多產品推向其他州，更多地關注歐洲？只是好奇你會如何考慮在後半段政策不確定性較高的時期進行規劃？然後我進行了跟進。

Yes. On NEM 3, we aren't really seeing any pull forward right now. But in talks with few installers in California, both big and small, like what I said, the originations are up strongly. They are all quite optimistic. And maybe we will see something soon that's why I talked about an optimistic Q2. But so far, we haven't seen any pull forward demand yet.

是的。在 NEM 3 上，我們現在並沒有真正看到任何進展。但在與加州少數安裝商的談話中，無論大小，就像我說的那樣，起源都非常強勁。他們都很樂觀。也許我們很快就會看到一些東西，這就是為什麼我談到樂觀的第二季度。但到目前為止，我們還沒有看到任何拉動需求。

Now on talking about NEM 3.0 in general. NEM 3.0 is going to be incredibly positive for us. Because NEM 3.0, I mean, just so everybody gets it, I'll talk about NEM 3.0, the features of NEM 3.0. Basically, the -- previously, the import and export rates were the same. So therefore, when you exported electrons with the solar system didn't really matter. As long as you exported, it got directly subtracted from what you import. That's why it's called net metering, and that was net metering 2.0. With NEM 3.0, it matters when you export these electrons. So you have 24 hours a day, 365 days a year. So basically, 8,760 data points, and there is an export rate for each of those data points. Each of those hours, there is an export rate. And -- but what it works out to be is if you are interested in a pure solar system, your payback dropped understandably from, let's say, 5 years, it increases actually to something like 7 or 7.5 years with the pure solar system.

現在總體上談論 NEM 3.0。 NEM 3.0 將對我們產生難以置信的積極影響。因為 NEM 3.0，我的意思是，為了讓每個人都明白，我將談論 NEM 3.0，NEM 3.0 的功能。基本上，以前，進出口率是相同的。因此，當你向太陽系輸出電子時並不重要。只要你出口，它就直接從你進口的東西中減去。所以叫淨計量，就是淨計量2.0。使用 NEM 3.0，導出這些電子很重要。所以你一天 24 小時，一年 365 天。所以基本上，8,760 個數據點，每個數據點都有一個導出率。每個小時都有一個出口率。而且——但結果是，如果你對一個純太陽系感興趣，你的投資回報率可以理解地從 5 年下降，而對於純太陽系，它實際上增加到 7 或 7.5 年。

But the moment you add batteries, you can add batteries in steps of 5-kilowatt hour, 10-kilowatt hour, 15-kilowatt hour, the moment you add batteries, that payback comes right back in to that 5- to 6-year time, to that 5- to 6-year period. That is the stock difference with NEM 2.0. With NEM 2.0, the grid was the battery. Batteries didn't have an ROI because batteries were primarily for resilience only. With NEM 3.0, batteries are going to be financially attractive. But it is complex. NEM 3.0 is definitely complex.

但是在你添加電池的那一刻，你可以以 5 千瓦時、10 千瓦時、15 千瓦時的步長添加電池，在你添加電池的那一刻，5 到 6 年的時間就會收回投資，到那 5 到 6 年的時間。這就是與 NEM 2.0 的存量差異。在 NEM 2.0 中，電網就是電池。電池沒有投資回報率，因為電池主要只是為了恢復能力。使用 NEM 3.0，電池將在經濟上具有吸引力。但它很複雜。 NEM 3.0 絕對是複雜的。

So the installers need to demystify it for the homeowners. And that's where an engine like Solargraf and other engines come in, where if we are able to show this to the homeowner, we think it is a no-brainer. The homeowner will always pick solar plus storage. Now to add some more variance to it. Germany, for example, if you look at Germany, this is exactly what happened. They call it as a feed-in tariff where -- so that is not 8,760 different rates for those hours, but they have one rate, which is a much reduced rate. And therefore, self-consumption becomes the norm in Germany. No one thinks about exporting solar, right? And batteries have an 80% attach there.

因此，安裝人員需要為房主揭開它的神秘面紗。這就是像 Solargraf 和其他引擎這樣的引擎的用武之地，如果我們能夠向房主展示這一點，我們認為這是顯而易見的。房主總是會選擇太陽能加儲能。現在給它增加一些變化。以德國為例，如果你看看德國，這正是發生的事情。他們將其稱為上網電價——因此在那些小時內不是 8,760 種不同的費率，但他們有一個費率，這是一個大大降低的費率。因此，自我消費成為德國的常態。沒有人考慮出口太陽能，對吧？電池有 80% 的電量附在那裡。

This is going in the same direction, going in the same direction. In Germany, you have grid-tied batteries because power doesn't go out there much. It goes out maybe once a year. We have grid-tied batteries. Grid-tied batteries means you -- the installation is simpler, and it is cheaper.

這是同一個方向，同一個方向。在德國，你有並網電池，因為那裡的電量不多。它可能每年出去一次。我們有並網電池。並網電池意味著你——安裝更簡單，而且更便宜。

I'm not sure whether California will go in that direction. Time will tell because, we do have some color. We do have resilience issues as well. But I'm sure markets will evolve a little in that direction, too. So bottom line, we are incredibly optimistic. We got the right batteries for it with the third-generation battery. We got the modularity, which I think will start becoming popular. Grid-tied may become popular, but we'll be ready to do either grid tied or off grid, on grid with backup. The things that are looking, we like NEM 3.0. Of course, we didn't like the fact the step down happened right away. But I think in the long term, it's an okay decision.

我不確定加州是否會朝那個方向發展。時間會證明一切，因為我們確實有一些顏色。我們也確實有彈性問題。但我相信市場也會朝著這個方向發展。所以歸根結底，我們非常樂觀。我們使用第三代電池為其配備了合適的電池。我們得到了模塊化，我認為它會開始流行。並網可能會變得流行，但我們將準備好在有備份的電網上進行並網或離網。正在尋找的東西，我們喜歡 NEM 3.0。當然，我們不喜歡立即降級的事實。但我認為從長遠來看，這是一個不錯的決定。

Appreciate that...

感謝...

I add one more -- make one more comment to what Badri said. Obviously, the battery is the third generation of our battery is uniquely valuable for -- in this NEM 3 environment. But in addition, it's also the optimization engine that we will be running, right? The engine has to in real, real time, every hour make a decision on whether it is charging the battery, discharging the battery, managing the load, et cetera. All of that energy management engine becomes extremely valuable and extremely critical. It all begins with the design engine itself. What we've mentioned this, as Badri mentioned it in his script, that design engine, the engine that you run in order to design the system is actually the same engine that you run to actually operate the system. And so bringing those 2 pieces together is extremely critical and extremely valuable. And that's what we are spending a lot of time optimizing our engine and building up the design as well as the operation. And that it starts with the battery and it -- that software is becoming extremely critical.

我再補充一點——再對 Badri 所說的發表評論。顯然，該電池是我們第三代電池的獨特價值——在這種 NEM 3 環境中。但除此之外，它也是我們將要運行的優化引擎，對吧？引擎必須實時、實時地每小時做出是否正在為電池充電、放電、管理負載等的決定。所有這些能源管理引擎都變得非常有價值和至關重要。這一切都始於設計引擎本身。正如 Badri 在他的腳本中提到的那樣，我們已經提到了這一點，即設計引擎，您為了設計系統而運行的引擎實際上與您運行以實際操作系統的引擎相同。因此，將這兩個部分結合在一起非常關鍵且非常有價值。這就是我們花費大量時間優化我們的引擎並構建設計和操作的原因。它從電池開始 - 軟件變得極其重要。

Yes. No, I appreciate the color. Maybe 2 quick follow-ups. So the long-term thesis I get, I guess on a shorter to medium-term basis, as you mentioned, Badri, the change is immediate and the industry is still trying to figure it out. So are you -- I guess, what are you hearing from installers? Are they ready to convert customers upsell customers to batteries starting as early as the second half? Or are we going to have pretty meaningful friction here until the market figures out the new rules and I guess, some of the macro uncertainty, which you even alluded to earlier kind of settles out.

是的。不，我喜歡這種顏色。也許 2 次快速跟進。所以我得到的長期論點，我想是在短期到中期的基礎上，正如你提到的，Badri，變化是立竿見影的，業界仍在努力弄清楚。你也是——我想，你從安裝人員那裡聽到了什麼？他們是否準備好最早從下半年開始將追加銷售客戶轉化為電池？或者在市場找出新規則之前，我們是否會在這裡發生相當有意義的摩擦，我想，一些宏觀不確定性，你甚至在早些時候提到過，已經解決了。

And then Secondly, if I just look at your numbers, battery volumes for your shipment guidance in Q1 will be down year-on-year for the first time and you guys started breaking that out. So batteries all of a sudden don't look like they're growing for you. What should we be thinking about for the next few quarters into the back half? Like does NEM 3.0 drive growth again? Or is this a sort of more uncertain period of battery growth at least in the next couple of quarters until, again, the market kind of figures it out.

然後其次，如果我只看你的數字，你在第一季度出貨指導的電池數量將首次同比下降，你們開始打破它。所以突然間電池看起來不像是在為你生長。在接下來的幾個季度進入後半段，我們應該考慮什麼？ NEM 3.0 會再次推動增長嗎？或者這是一個更不確定的電池增長時期，至少在接下來的幾個季度，直到市場再次將其計算出來。

We think you should think that NEM 3.0 is going to be great for us. We are going to be growing with NEM -- along with NEM 3.0, we are going to be growing. In addition, we are going to be growing outside California, too because I'm not sure whether you cut the color on what I said, the -- we are working on the battery transition right now. The second-generation product is going to give way to the third generation. And we have fixed all of our issues in the field for the most part in terms of commissioning and all of the software performance is all in -- is quite stable right now, and we are getting ready for the transition of the third-generation battery.

我們認為您應該認為 NEM 3.0 對我們來說非常好。我們將與 NEM 一起成長——與 NEM 3.0 一起，我們將成長。此外，我們也將在加利福尼亞州以外的地區發展，因為我不確定你是否會削減我所說的顏色——我們現在正在研究電池過渡。第二代產品要讓位給第三代了。我們已經在現場解決了大部分調試方面的所有問題，並且所有軟件性能都在 - 現在非常穩定，我們正在為第三代電池的過渡做好準備.

The third-generation battery appointed to you on the benefits: power; the 30-minute commissioning time; and modularity. So we think that starting in the second half of the year, we think NEM 3.0 will be a huge catalyst for this in California. In addition, we expect to also see very healthy growth outside California.

第三代電池委任給您的好處：省電； 30 分鐘的調試時間；和模塊化。所以我們認為，從今年下半年開始，我們認為 NEM 3.0 將成為加州這方面的巨大催化劑。此外，我們預計加州以外的地區也將出現非常健康的增長。

Your other question, we talk to a number of installers all the time. We recently talked to a bunch of California installers on exactly this, whether are they ready? And most of them are quite optimistic about increasing their battery attach because for the first time, with the batteries, the payback will be a very good payback between 5 and 6 years. And I think many installers and of course, a are worried about the customers having to shell out a little bit more upfront. But with the ITC, 30% tax credit and with an incredible payback they think the sale will be more easier than what you think. So we are quite bullish about NEM 3.0 and especially our third-generation battery in that context.

您的另一個問題，我們一直在與許多安裝人員交談。我們最近與一群加利福尼亞安裝人員就此進行了交談，他們是否準備好？他們中的大多數人對增加電池連接持相當樂觀的態度，因為這是第一次，有了電池，5 到 6 年的回報將是非常好的回報。而且我認為許多安裝人員，當然還有 a 都擔心客戶不得不提前多花一點錢。但有了 ITC、30% 的稅收抵免和令人難以置信的回報，他們認為銷售會比你想像的更容易。因此，在這種情況下，我們非常看好 NEM 3.0，尤其是我們的第三代電池。

The next question comes from Mark Strouse of JPMorgan.

下一個問題來自摩根大通的 Mark Strouse。

So a lot of focus on the U.S. markets, but I just wanted to go back to your comments about Europe. So that's obviously been very strong in the last couple of years, kind of doubling each year. I know you don't guide annually, but just kind of how should we think about that market in 2023? Do you think kind of an approximate doubling is kind of the base case that we should be expecting from here?

所以很多人都關注美國市場，但我只想回到你對歐洲的評論。所以這在過去幾年顯然非常強勁，每年都翻一番。我知道你不會每年指導，但我們應該如何看待 2023 年的市場？你認為近似翻倍是我們應該從這裡期待的基本情況嗎？

Well, as you said, we do not drive something annually, but European market is growing. At least our internal reports talk about served available solar market of about 13 gigawatts, 1-3, in 2023. The markets to really -- the markets that are really driving are Netherlands, Germany, Spain, France, Italy, and even actually Austria, Poland, et cetera. They're all becoming quite significant markets. In addition, attach -- battery attach is also growing. Like what I stated in the prior question -- answering the prior question, the attach rate on batteries in Germany is 80%. So solar plus storage is growing healthily. And the geopolitical situation accelerated it last year, and that's continuing what do -- what's our position is. We have a very differentiated product. We have microinverters on the roof, which are very high quality, easy to install, we have a huge customer service operation there in France and in Germany, and we take care of customers well.

好吧，正如您所說，我們每年都不會開車，但歐洲市場正在增長。至少我們的內部報告談到，到 2023 年，可用的太陽能市場將達到約 13 吉瓦，即 1-3。真正推動市場的是荷蘭、德國、西班牙、法國、意大利，甚至實際上是奧地利、波蘭等。它們都在成為相當重要的市場。此外，附加——電池附加也在增長。就像我在前面的問題中所說的——回答前面的問題，德國電池的附加率為 80%。所以太陽能加儲能正在健康發展。地緣政治形勢在去年加速了它的發展，而且這還在繼續——我們的立場是什麼。我們有一個非常差異化的產品。我們在屋頂上安裝了微型逆變器，質量非常高，易於安裝，我們在法國和德國擁有龐大的客戶服務業務，我們會很好地照顧客戶。

On batteries, we are just starting to ramp -- and we have introduced our batteries in 2 countries, Germany as well as Belgium. We expect to introduce to many more countries this year, and that will happen every quarter. And so we expect to add a lot more battery revenue there. And I forgot to mention, IQ8, we'll be introducing IQ8 into every country in Germany, I mean, every country in Europe shortly. So -- and then on top of it, we bought this company called GreenCom Networks. Their job is to network third-party EV chargers and third-party heat pumps to the Enphase solar and storage system, and therefore, homeowners can operate, can optimize their system from one app, can see everything that is happening.

在電池方面，我們才剛剛開始——我們已經在兩個國家推出了我們的電池，德國和比利時。我們預計今年會向更多國家推出，而且每個季度都會推出。因此，我們希望在那裡增加更多的電池收入。我忘了提，IQ8，我們很快就會將 IQ8 引入德國的每個國家，我的意思是，歐洲的每個國家。所以——除此之外，我們還收購了這家名為 GreenCom Networks 的公司。他們的工作是將第三方 EV 充電器和第三方熱泵聯網到 Enphase 太陽能和存儲系統，因此，房主可以操作，可以從一個應用程序優化他們的系統，可以看到正在發生的一切。

So to answer your question, the market is growing. The market is growing really significantly. That's what I told you 13 gigawatts, we are well positioned due to our differentiating value proposition, and we recently bought a company, GreenCom Networks that is even going to make that situation better where we provide a complete home energy management system to our installers.

所以要回答你的問題，市場正在增長。市場正在顯著增長。這就是我告訴你的 13 吉瓦，由於我們差異化的價值主張，我們處於有利地位，我們最近收購了一家公司，GreenCom Networks，這甚至將使我們為安裝人員提供完整的家庭能源管理系統的情況變得更好。

Okay. And then maybe, Badri give you a little bit of a break. Mandy, can I ask, I mean, we're all doing the math on the domestic manufacturing tax credits. But I mean is there any color that you can share yet as far as kind of the upside from the tax credit, the potential downside from higher input costs just kind of the blended average, the appropriate way to be thinking about that U.S. manufacturing from here?

好的。然後也許，巴德里會讓你休息一下。曼迪，我能問一下嗎，我的意思是，我們都在計算國內製造業的稅收抵免。但我的意思是，就稅收抵免的好處，投入成本增加的潛在不利因素，混合平均數，從這裡考慮美國製造業的適當方式，你是否可以分享任何顏色？

Yes. I mean, net-net, we expect a net benefit of between $20 and $30 a unit. And giving you a wide range right now because we do have some puts and takes, and we will refine it as we go.

是的。我的意思是，淨值，我們預計每個單位的淨收益在 20 到 30 美元之間。現在給你一個廣泛的範圍，因為我們確實有一些投入和投入，我們會在進行時對其進行完善。

The next question comes from Steve Fleishman of Wolfe Research.

下一個問題來自 Wolfe Research 的 Steve Fleishman。

Yes. Just you're growing your production capacity, you're doubling it from $5 million a quarter to $10 million. You said, I think, by year end of '20 -- '23. Just could you give us a sense of your conviction that the demand will be there to meet that doubling of production.

是的。只要你在提高你的生產能力，你就會把它從每季度 500 萬美元翻一番到 1000 萬美元。你說，我想，到 20 年年底 - 23 年。您能否告訴我們您的信念，即需求將在那裡滿足產量的翻倍。

Yes. Look, if you look at our past growth rates, you can see it, we grew from -- we grew, I think, '21 to '22, we grew 59%. And at that time, I think end of '21, we were doing, if I remember right, around 3-ish million units a quarter. End of '22, we are now -- we just reported 5-ish million units a quarter. So you can see that that's the nice growth. So, our long-term thesis on solar is -- we are extremely bullish. We -- especially with countries like Europe and with a strong position in the U.S. with our rapid entry into other emerging markets. We think it is the right call to basically invest in the right manufacturing, especially given the IRA benefits. So even if we don't use all 10 million units per quarter, we will use it sooner or later. And I think the ROI is well worth especially considering the net benefit to us. So our logic was quite simple.

是的。看，如果你看看我們過去的增長率，你會發現，我們從 21 歲增長到 22 歲，增長了 59%。那時，我想在 21 年底，如果我沒記錯的話，我們每季度大約有 3 萬台左右。 22 年底，我們現在——我們剛剛報告了每季度 5 萬台左右的銷量。所以你可以看到這是很好的增長。因此，我們對太陽能的長期論點是——我們非常看好。我們 - 特別是與歐洲等國家以及在美國擁有強大地位的我們迅速進入其他新興市場。我們認為基本上投資於正確的製造業是正確的，特別是考慮到 IRA 的好處。所以即使每個季度我們不用全部1000萬台，我們遲早要用完。而且我認為投資回報率非常值得，特別是考慮到我們的淨收益。所以我們的邏輯很簡單。

We weren't worried. We did a few back-of-the-envelope calculations. We thought it is the right thing for us to invest in these lines and fortunately, we have very strong and great contract manufacturing partners who need to do a lot of the heavy lifting, all our capital that we set out is quite limited. They do a lot of the heavy lifting, like what they are doing today, and 2 of them are existing contract manufacturers. So we have deep relationships. And we are going to work with them in the long term. So we thought that's the right decision for us to do, and we basically accelerated that effort.

我們並不擔心。我們做了一些粗略的計算。我們認為投資這些生產線是正確的，幸運的是，我們有非常強大和優秀的合同製造合作夥伴，他們需要做很多繁重的工作，我們投入的所有資金都非常有限。他們做了很多繁重的工作，就像他們今天所做的那樣，其中 2 家是現有的合同製造商。所以我們的關係很深。我們將與他們長期合作。所以我們認為這是我們所做的正確決定，並且我們基本上加快了這一努力。

And once we make a decision, it takes us a few quarters. In the past, it has taken us 4 to 6 quarters to ramp up the likes. So our thesis is quite bullish on solar, and we think that's the right call.

一旦我們做出決定，我們需要幾個季度的時間。過去，我們需要 4 到 6 個季度才能增加點贊量。所以我們的論點非常看好太陽能，我們認為這是正確的選擇。

Okay. No, that's -- so ultimately, expect obviously, significant volume growth from that. And then on margins, you mentioned I mean you've had the gross margin held up well, but then the $20 to $30 that you just mentioned, is that a gross margin benefit net of cost?

好的。不，那是——所以最終，很明顯，預計從中會有顯著的銷量增長。然後關於利潤率，你提到我的意思是你的毛利率保持得很好，但是你剛才提到的 20 到 30 美元，這是扣除成本後的毛利率收益嗎？

That's the -- the IRA gives you an incentive, which is $0.11 a unit, $0.11 per AC what -- now every microinverter that we make, let's say, the microinverter that we make 320 AC watts. 320 AC watts multiplied by $11, right? So that number is roughly about $35. So that $35 is the net benefit. Now it takes us some incremental cost to manufacture in the U.S. versus manufacturing in Mexico called that as some delta, right? It also takes us -- we want to make sure our contract manufacturing partners are healthy as well. So therefore, they share a little bit of that incentive. Therefore, the net benefit for us would be that $35 minus the incremental cost adder, minus the benefit we pass on to our contract manufacturing partners, and that number is what I reported as to $20 to $30 net benefit per unit. That's all incremental to what we have today.

那就是——IRA 給你一個激勵，即每台 0.11 美元，每個交流電 0.11 美元——現在我們製造的每個微型逆變器，比方說，我們製造的微型逆變器功率為 320 交流瓦。 320 交流瓦乘以 11 美元，對嗎？所以這個數字大約是 35 美元。所以 35 美元是淨收益。現在在美國製造需要我們增加一些成本，而在墨西哥製造則稱為一些增量，對嗎？這也需要我們——我們要確保我們的合同製造合作夥伴也健康。因此，他們分享了一點這種激勵。因此，我們的淨收益是 35 美元減去增加的增量成本，減去我們傳遞給合同製造合作夥伴的收益，這個數字就是我報告的每單位 20 到 30 美元的淨收益。這都是我們今天所擁有的增量。

The next question comes from Jeff Osborne of Cowen and Co.

下一個問題來自 Cowen and Co 的 Jeff Osborne。

Badri, two quick ones. You touched a lot on Europe, but I was wondering if you can specifically drill down on the visibility you have there in terms of Q1 and Q2.

Badri，兩個快速的。你在歐洲談了很多，但我想知道你是否可以具體深入了解你在第一季度和第二季度的可見性。

Yes, Europe is actually the opposite. We do have good visibility. We do have the strong orders partners, our installer partners, distributor partners, they rely on us for supply a few of them even come to our headquarters quite routinely, that's something that we are starting to see. And we also visit them quite a bit. So I think we do have decent visibility there.

是的，歐洲實際上恰恰相反。我們確實有很好的知名度。我們確實有強大的訂單合作夥伴，我們的安裝商合作夥伴，分銷商合作夥伴，他們依靠我們供應其中一些甚至經常來到我們的總部，這是我們開始看到的。我們也經常拜訪他們。所以我認為我們在那裡確實有不錯的知名度。

Great to hear. And then either for yourself or Mandy, I didn't know if there's a way of doing sort of a gross margin walk between Q3 and Q4. Certainly, the IQ8 cycle is helping. But wasn't sure if that's a complete story, if there's a mix issue in terms of ancillary equipment or softer battery sales that led to the strength in the quarter? And then how do we think about the gross margin walk to get to the high end of the range for next quarter?

很高興聽到。然後對於你自己或曼迪，我不知道是否有辦法在第三季度和第四季度之間進行某種毛利率走動。當然，IQ8 週期有所幫助。但不確定這是否是一個完整的故事，是否存在導致本季度強勁的輔助設備或電池銷售疲軟的混合問題？然後我們如何看待下個季度達到該範圍高端的毛利率？

Yes, it's mostly about IQ8 mix. The IQ 8 mix is 55% in Q4. That means if we -- out of the 4.8 million microinverters that we shipped worldwide, 55% are IQ8. So that's principally contributing to the gross margin. And that number, the 55% was, how much Mandy in Q3?

是的，主要是關於 IQ8 混音。第四季度 IQ 8 組合為 55%。這意味著如果我們——在我們全球出貨的 480 萬個微型逆變器中，55% 是 IQ8。所以這主要是對毛利率的貢獻。那個數字，55% 是，第三季度有多少曼迪？

It was 47% in Q3.

第三季度為 47%。

Yes, 47% in Q3. That number, we expect that number to be a little greater than 60% in Q1. So that explains the margin.

是的，第三季度為 47%。這個數字，我們預計第一季度這個數字會略高於 60%。所以這解釋了保證金。

I appreciate that. A very quick follow-up. As IQ8 grows in Europe, is that accretive or dilutive to the results that you just reported?

我很感激。一個非常快速的跟進。隨著 IQ8 在歐洲的發展，這對您剛剛報告的結果是增加還是稀釋？

That will be accretive.

那將是增值的。

The next question comes from Ameet Thakkar of BMO Capital Markets.

下一個問題來自 BMO Capital Markets 的 Ameet Thakkar。

Just I guess a follow-up on that last line of questioning. But I think you guys have targeted to get to 90% in terms of IQ8 mix by the end of the second quarter, I think you just said 60% is kind of what's baked in for the first quarter. Are you guys running a little bit behind on that?

我只是想對最後一行提問進行跟進。但我認為你們的目標是到第二季度末將 IQ8 組合達到 90%，我認為你剛剛說 60% 是第一季度的目標。你們是不是有點落後了？

We are running a little behind, I would say. I would -- I'm going to -- or rather we are going to introduce IQ8 into several countries in Europe in the near term. So in Q2, we'll probably be at maybe a little lower than 80%. And I think in Q3, we should probably catch up to that 90%.

我想說，我們有點落後了。我會 - 我會 - 或者更確切地說，我們將在短期內將 IQ8 引入歐洲的幾個國家。所以在第二季度，我們可能會略低於 80%。我認為在第三季度，我們應該可以趕上那 90%。

Great. And then I think this time last year when we had this call, and certainly a battery kind of uptake in California will increase, and that might change things. But I think you guys said that like California was roughly 20% of total revenues post the initial NEM 3.0 proposal. I was just wondering if you could kind of give us kind of a refresh on where '22 ended up in terms of California as a percent of total revenues.

偉大的。然後我認為去年這個時候我們接到這個電話，肯定會增加加利福尼亞的電池使用量，這可能會改變事情。但我想你們說過，在最初的 NEM 3.0 提議之後，像加利福尼亞這樣的收入大約佔總收入的 20%。我只是想知道您是否可以讓我們重新了解 22 年加州佔總收入百分比的情況。

Those numbers are right. Yes, California, the revenue is approximately 20% of our total revenue. That's correct.

這些數字是正確的。是的，加利福尼亞州，收入大約占我們總收入的 20%。這是正確的。

And it's still 20% in '22?

22 年還是 20%？

Yes.

是的。

The next question comes from Julien Dumoulin-Smith of Bank of America.

下一個問題來自美國銀行的 Julien Dumoulin-Smith。

Appreciate it. Just first off, I wanted to come back to the margin question and talk a little bit more about structural margin expectations. I know we talked about value pricing earlier. Can you elaborate a little bit on where you stand vis-a-vis your margin expectations for the course of this year. You talked about pricing, pricing integrity. Maybe there's a little bit of mix here question between storage and the other products here.

欣賞它。首先，我想回到利潤率問題並多談談結構性利潤率預期。我知道我們之前討論過價值定價。您能否詳細說明您對今年的利潤率預期的立場。你談到定價，定價誠信。也許存儲和這裡的其他產品之間存在一些混合問題。

How do you think about the evolution of margins here through the course of the year, especially as you think about mix? And then also a little bit of a nuance from earlier, if I can follow-up. on utilization. Obviously, you're fully utilized today. You think about bringing on that capacity. Is there any margin impact from underutilization as you bring on some of this, given the comments about the backlog dynamic?

您如何看待這一年中利潤率的演變，尤其是當您考慮混合時？如果我可以跟進的話，還有一點與之前的細微差別。關於利用。顯然，您今天已經充分利用了。你考慮發揮這種能力。考慮到對積壓動態的評論，當你帶來其中一些時，未充分利用是否會對利潤產生任何影響？

Right. On the margin question, as we convert more of our mix to IQ8, margins will get incrementally better, and we will take care of it in our margin guide. Like what I've told you, margin is not always about pricing. It is about a lot of focus on costs, and we have an initiative called world-class cost in the company, where we continuously focus on every small knit, whether it's a capacitor, whether it's a resistor the gate driver, the AC-fed, the porting, plastics, the cable, the connectors, we have a large team working on the transformers. We have a large team working on it. And what you see is a combination of good cost reduction efforts, plus good pricing efforts.

正確的。關於利潤率問題，隨著我們將更多的組合轉換為 IQ8，利潤率會逐漸提高，我們將在我們的利潤率指南中解決這個問題。就像我告訴過你的那樣，保證金並不總是與定價有關。這是關於成本的很多關注，我們在公司有一個叫做世界級成本的倡議，我們不斷關注每一個小編織物，無論是電容器，無論是柵極驅動器的電阻器，交流饋電，端口，塑料，電纜，連接器，我們有一個龐大的團隊致力於變壓器。我們有一個龐大的團隊致力於此。你所看到的是良好的成本降低努力與良好的定價努力的結合。

So we'll -- if you had noticed, we improved our non-GAAP gross margin guidance from the prior quarter by 1% because of the IQ8 transition plus the progress we are making on world-class costs. And I've told before that batteries, we are in our second generation, every generation, we will improve costs. And we will not be in a business until we are convinced we can meet that our model, the gross margin, the company operating model. So on batteries, we are continuously working on it.

因此，如果您注意到的話，由於 IQ8 過渡以及我們在世界級成本方面取得的進展，我們將上一季度的非 GAAP 毛利率指引提高了 1%。我之前說過電池，我們是第二代，每一代，我們都會提高成本。在我們確信我們能夠滿足我們的模式、毛利率和公司運營模式之前，我們不會開展業務。所以在電池方面，我們一直在努力。

Our third-generation battery will be better than the second-generation battery. We already have a plan on the fourth generation battery to reduce energy density significantly, so that will be even better. So it's a continuous program. And your second...

我們的第三代電池會比第二代電池更好。我們已經有第四代電池的計劃，可以大幅降低能量密度，這樣會更好。所以這是一個連續的程序。而你的第二...

Utilization.

利用。

Okay, utilization. Utilization is to first order negligible impact. That's -- those are the contracts that we have with our partners.

好的，利用率。利用率是一階可忽略的影響。那是——那些是我們與合作夥伴簽訂的合同。

Got it. All right. Great stuff. And then just if you can comment just quickly on just obviously, loan versus lease the evolution, what's your ability to deviate and press volumes into the lease markets here if you think about it that way versus just helping and enabling your loan customer.

知道了。好的。好東西。然後，如果您可以很明顯地快速評論貸款與租賃的演變，那麼如果您以這種方式考慮，那麼您在這裡偏離和將數量壓入租賃市場的能力是什麼，而不是僅僅幫助和支持您的貸款客戶。

We do business with a number of installers who offer leasing. And with some of those, we have 100% share with some of those, we have a healthy share mix. So overall, we are very well positioned. We have a significant shift between loan and lease. I don't think we will miss a beat.

我們與許多提供租賃服務的安裝商有業務往來。對於其中一些，我們與其中一些擁有 100% 的份額，我們擁有健康的份額組合。所以總的來說，我們的定位非常好。我們在貸款和租賃之間發生了重大轉變。我認為我們不會錯過任何一個節拍。

The next question comes from Eric Stine of Craig-Hallum.

下一個問題來自 Craig-Hallum 的 Eric Stine。

So maybe just on the contract manufacturing coming back to the U.S. Obviously, with that, with Romania coming on, it's about better servicing the customer and lead times. But I'm just curious, I mean, is there any margin benefit to that as well, you've been servicing global from Asia and Mexico to this point, any benefit from being closer to the customer?

因此，也許只是合同製造回到美國。顯然，隨著羅馬尼亞的加入，這是為了更好地為客戶提供服務和縮短交貨時間。但我很好奇，我的意思是，這是否也有任何利潤收益，到目前為止，您一直在為亞洲和墨西哥提供全球服務，離客戶更近有什麼好處嗎？

Net-net, it is a wash because if you think about it, it depends upon where the raw materials come from. So if you have manufacturing, for example, in Europe, unless you move all the raw material factories to Europe, to a first order, you will not get that benefit. So basically, you have to look at it as the full chain where your total cost is a function of how you transport the raw materials, then you make the product and then you ship the product to your customers. So in the case of Romania, yes, we are closer to the customers, but you do need to get raw materials to the factory.

淨淨，這是一種洗滌，因為如果您考慮一下，這取決於原材料的來源。因此，例如，如果您在歐洲進行製造，除非您將所有原材料工廠轉移到歐洲，獲得第一筆訂單，否則您將無法獲得這種好處。所以基本上，你必須把它看作是一個完整的鏈條，你的總成本取決於你如何運輸原材料，然後你製造產品，然後將產品運送給你的客戶。所以就羅馬尼亞而言，是的，我們離客戶更近了，但你確實需要把原材料運到工廠。

So I would say it is a wash. It is a wash. It's not significant enough to talk about. But it will become significant if we are able to do exactly what I said, which is us. If we are large enough and if we're able to convince some of our -- some of the suppliers to move factories or to open up factories closer to the manufacturing area. Definitely, there is some cost to be taken out.

所以我會說這是一種洗滌。這是一個洗滌。這還不夠重要，無法談論。但是，如果我們能夠完全按照我所說的去做，那就是我們，這將變得很重要。如果我們足夠大，如果我們能夠說服我們的一些 - 一些供應商搬遷工廠或在離製造區更近的地方開設工廠。當然，要扣除一些成本。

Any indications that, that is starting to happen. I mean, people come into the U.S. the tax credits and that sort of thing?

任何跡象表明，這正在開始發生。我的意思是，人們進入美國可以獲得稅收抵免之類的東西嗎？

Yes. As we get bigger and bigger, those will eventually happen. Right now, it is a process. I can't tell you that it's an event. It will happen one fine day. But for example, in Mexico, we have started to see that. Some of our suppliers have set up factories for enclosure, for example, or for connectors, they have started to set up. We are realizing some gains there, but it is an evolution.

是的。隨著我們變得越來越大，這些最終會發生。現在，這是一個過程。我不能告訴你這是一個事件。它會發生在一個晴朗的日子。但例如，在墨西哥，我們已經開始看到這一點。我們的一些供應商已經建立了外殼工廠，例如，或者連接器工廠，他們已經開始建立。我們在那裡取得了一些成果，但這是一種演變。

The next question comes from Maheep Mandloi of Credit Suisse.

下一個問題來自瑞士信貸的 Maheep Mandloi。

This is David Benjamin on the line for Maheep Mandloi. I was wondering if you could give us a little insight into the mix for Europe in Q1.

我是 Maheep Mandloi 的 David Benjamin。我想知道您是否可以讓我們對第一季度歐洲的組合有一些了解。

We basically told you that the revenue mix between U.S. and international is 71% and 29%. And most of our international revenue is Europe.

我們基本上告訴過你美國和國際之間的收入組合是 71% 和 29%。我們的大部分國際收入來自歐洲。

Okay. And that's the same for Q1 is -- do you think that's going to be in line for Q1 as well.

好的。 Q1 也是如此——你認為這也會與 Q1 一致嗎？

We don't usually talk about that mix for Q1, but I think it will be slightly better because Europe is a little strong in Q1 compared to the U.S.

我們通常不會談論第一季度的這種組合，但我認為它會稍微好一些，因為與美國相比，歐洲在第一季度有點強勁。

Great. And just a follow-up. On batteries, can you talk a little bit about what you think with the new third generation, if you think -- or what do you think the retrofit opportunity is going to look like?

偉大的。只是一個跟進。關於電池，你能談談你對新第三代的看法嗎？或者你認為改造機會會是什麼樣子？

This is Raghu. I think retrofit in general, for storage is going to be better than before because if you recall the IRA now has 30% battery ITC, stand-alone battery ITC, which means that you can be decoupled from solar, you can come in and add battery later on into the system and still get your 30% ITC. And that's -- and for us at Enphase, we have a unique benefit because we are AC-coupled we can very easily do that. So if you have an existing system, even if it's an older generation solar system, you can come in and add an AC coupled battery. And you can add it in modularity of 5-kilowatt hours, you can grow it, how many hour-system you want to add, you can add it over time. All of those things are possible with our system and get access to the 30% ITC credit. So definitely a benefit for retrofit.

這是拉古。我認為總的來說改造，因為存儲會比以前更好，因為如果你記得 IRA 現在有 30% 的電池 ITC，獨立電池 ITC，這意味著你可以與太陽能脫鉤，你可以進來添加電池稍後進入系統，仍然可以獲得 30% 的 ITC。那就是——對於我們在 Enphase 的人來說，我們有一個獨特的好處，因為我們是交流耦合的，我們可以很容易地做到這一點。所以如果你有一個現有的系統，即使它是老一代的太陽能係統，你也可以加入並添加一個交流耦合電池。你可以以 5 千瓦時的模塊化方式添加它，你可以增長它，你想添加多少小時系統，你可以隨著時間的推移添加它。所有這些都可以通過我們的系統實現，並獲得 30% 的 ITC 信用。所以絕對有利於改造。

The next question comes from Kashy Harrison of Piper Sandler.

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

So Badri, in your prepared remarks, you mentioned that distributors -- some of your distributors are starting to see a bit of recovery in January. I was just wondering if you could maybe share some details on what those distributors are now seeing in terms of year-on-year growth and maybe how that compares to what they had seen in the prior quarters?

所以 Badri，在你準備好的發言中，你提到了分銷商 - 你的一些分銷商在 1 月份開始看到一些復甦。我只是想知道您是否可以分享一些細節，說明這些分銷商現在在同比增長方面看到了什麼，以及與他們在前幾個季度看到的情況相比如何？

No. Those are not our data. So we cannot share those. All I said is basically -- there are 2 things, which I said. We are seeing the distributor and installer partners a little more cautious in booking orders. Normally, we have a 6-month order visibility, and that has been -- that is now somewhat reduced as they watch their spending. And then I also talked about the fact that our sell-through, which is what the distributors sell to the installers. Our sell-through was quite strong in December, while we saw a little bit more seasonality in than normal in the month of January.

不，這些不是我們的數據。所以我們不能分享這些。我所說的基本上是——我說了兩件事。我們看到分銷商和安裝商合作夥伴在預訂訂單時更加謹慎。通常情況下，我們有 6 個月的訂單可見性，而且已經 - 現在隨著他們觀察他們的支出而有所減少。然後我還談到了我們的銷售，這是分銷商賣給安裝商的東西。我們在 12 月份的銷售量非常強勁，而我們在 1 月份看到的季節性比正常情況要多一些。

On the originations, which I talked about were basically anecdotal data points from the installers that a few of them have seen the originations pick up in January compared to December. We also have our Solargraf design and proposal engine. We also have another company we bought called SolarLeadFactory, which also deals with selling leads to our installer partners, we have also seen very similar trends that January is better when compared to December. So although the data we have is limited. And so I mentioned that the -- this point makes us cautiously optimistic for Q2.

關於起源，我談到的基本上是來自安裝人員的軼事數據點，其中一些人已經看到與 12 月相比，1 月份的起源有所增加。我們還有 Solargraf 設計和提案引擎。我們還收購了另一家名為 SolarLeadFactory 的公司，該公司也負責向我們的安裝商合作夥伴銷售線索，我們也看到了非常相似的趨勢，即與 12 月相比，1 月更好。所以雖然我們掌握的數據有限。所以我提到——這一點讓我們對第二季度持謹慎樂觀態度。

Fair enough. And this is my follow-up question. In the event that you're the only major player that's able to capture the microinverter credit. Can you speak to your willingness to use the manufacturing credits as a tool to gain market share? In other words, just passing on all those benefits to the customer and just using that to gain share?

很公平。這是我的後續問題。如果您是唯一能夠獲得微型逆變器信用的主要參與者。您能否談談您是否願意使用製造信貸作為獲得市場份額的工具？換句話說，只是將所有這些好處傳遞給客戶並利用它來獲得份額？

Yes. I mean we normally don't think like that. We think we are quite disciplined. The product must add value and it must add value compared to the next best alternative. That's the only way for us to win long term. So this one is an incremental benefit and we have to do a lot of work for that. There's a lot of R&D. There's a lot of work we have to do in reliability in qualifying these factories and having the right operations running there. Of course, I talked about the capital outlay, et cetera. So all of those are we are investing in all of those right now. But we are going to be extremely disciplined. We are not going to use this as an opportunity to lose that discipline in pricing.

是的。我的意思是我們通常不會那樣想。我們認為我們很有紀律。產品必須增加價值，並且與下一個最佳替代品相比必須增加價值。這是我們贏得長期勝利的唯一途徑。所以這是一個增量收益，我們必須為此做很多工作。有很多研發。在使這些工廠合格並在那裡運行正確的操作方面，我們必須做很多工作來提高可靠性。當然，我談到了資本支出等等。所以所有這些都是我們現在正在投資的所有這些。但我們會非常自律。我們不會以此為契機失去定價紀律。

Next question comes from Praneeth Satish of Wells Fargo.

下一個問題來自富國銀行的 Praneeth Satish。

When you look at the U.S. market, I think you mentioned more than the typical 15% seasonal slowdown in January. Can you maybe just unpack whether that's more concentrated in states like California? Or is it more evenly distributed across the country?

當你看美國市場時，我認為你提到的不僅僅是 1 月份典型的 15% 的季節性放緩。你能不能解釋一下這是否更集中在像加利福尼亞這樣的州？還是全國分佈更均勻？

Well, I mean, in California, there is an added complexity due to the weather in the first few weeks of January. So I would say yes, that's the only difference there. So once the weather is normalized, I think, we are going to find it is equivalent across the states.

好吧，我的意思是，在加利福尼亞州，由於 1 月頭幾週的天氣，情況更加複雜。所以我會說是的，這是唯一的區別。因此，我認為，一旦天氣正常化，我們就會發現它在各州都是一樣的。

Okay. Got it. And then just switching gears, I wanted to ask on the bidirectional charger and what you're working on there. I guess how much demand do you think there'll be for this product down the road? I think it's small now, but down the road? And then when you think about pricing, I mean, how much value do you think you could ascribe to bidirectional charger given all the opportunities that it opens up.

好的。知道了。然後只是切換齒輪，我想問一下雙向充電器以及你在那裡做什麼。我猜你認為這種產品未來會有多少需求？我認為它現在很小，但在路上呢？然後，當你考慮定價時，我的意思是，考慮到雙向充電器帶來的所有機會，你認為你可以賦予它多少價值。

This is Raghu. To begin with, we shouldn't think about a bidirectional EV charger or something stand-alone by itself. It's a core part of our energy management system. Energy management system will include, obviously, solar, stationary batteries, bidirectional EV chargers, grid management, et cetera. So it is part of that full solution that we offer. And within that full solution set, energy management piece, the software that's federating how the energy should flow between all of these resources as well as into the house. So that's the way we think about it. As far as -- on a first principle basis, it would be if you buy an EV, you should buy bidirectional EV charger. It's really as simple as that in order to gain the most benefit out of it because if you think back, as we said, it does both of those use cases we talked about, which is both vehicle-to-home as well as vehicle-to-grid, vehicle-to-home means providing resiliency for the home.

這是拉古。首先，我們不應該考慮雙向 EV 充電器或獨立的東西。它是我們能源管理系統的核心部分。顯然，能源管理系統將包括太陽能、固定電池、雙向 EV 充電器、電網管理等。所以它是我們提供的完整解決方案的一部分。在完整的解決方案集中，能源管理部分，軟件聯合了能源應該如何在所有這些資源之間流動以及進入房屋。這就是我們的思考方式。就第一原則而言，如果您購買電動汽車，則應該購買雙向電動汽車充電器。為了從中獲得最大收益，它真的就這麼簡單，因為如果你回想一下，正如我們所說的，它會做我們談到的兩個用例，即車到家和車-到電網、車到家意味著為家庭提供彈性。

It's the resiliency that the IQ8 on the roof provides So there's resiliency that our battery, modular battery system provides the resiliency now added resiliently that the car can also provide. And when it comes to vehicle-to-grid, this is about the ability to leverage the energy that you have stored in your car to provide things like grid services on act like a virtual power plant. So I think you bring a lot of value to it by being part of our energy system and really, I would expect that anybody who buys an EV would be naturally motivated to buy the Enphase Energy system, which would include the solar, the battery and the bidirectional EV charger.

這是屋頂上的 IQ8 提供的彈性因此我們的電池具有彈性，模塊化電池系統提供了現在汽車也可以提供的彈性。當談到車輛到電網時，這是關於利用您存儲在汽車中的能量來提供類似虛擬發電廠的電網服務的能力。所以我認為你通過成為我們能源系統的一部分為它帶來了很多價值，真的，我希望任何購買電動汽車的人都會自然而然地有動力購買 Enphase Energy 系統，其中包括太陽能、電池和雙向電動汽車充電器。

The next question comes from Sophie Karp of KeyBanc.

下一個問題來自 KeyBanc 的 Sophie Karp。

A lot of my questions have been answered, maybe just one last one, if I may. So you doubling your capacity and presumably, the U.S. market will be going forward served by the manufacturing capacity in the U.S., right? So is there any risk that these capacity additions in the U.S. cannibalize some of your existing lines outside of the U.S. that current be important here? Or is the international growth that you're expecting so strong that basically your international capacity will just serve outside of the U.S. demand?

我的很多問題都得到了回答，如果可以的話，也許只是最後一個問題。因此，您將產能翻了一番，據推測，美國市場將由美國的製造能力提供服務，對嗎？那麼，美國的這些產能增加是否有任何風險會蠶食美國以外的一些現有線路，而這些線路目前在這裡很重要？還是您預期的國際增長如此強勁，以至於您的國際產能基本上只能滿足美國需求之外的需求？

Yes. I mean, once again, we are -- I clarified this actually before. We are very disciplined. We will not -- we are working with the same contract manufacturers. So we can see the business in totality with the -- we are not going to basically shortchange them on their locations elsewhere. So it has to be carefully done and we have orchestrated the right plans. Fortunately, for us, our business is healthy, ramping up in Europe, Europe, for example, as well as U.S. quite strong usually. And it takes us anyway, 4 to 6 quarters to ramp such lines. So what we will do is a careful allocation process to make sure that all of the factories are correctly loaded. That's what we'll do.

是的。我的意思是，再一次，我們 - 我之前已經澄清過這一點。我們非常有紀律。我們不會——我們正在與相同的合同製造商合作。因此，我們可以看到整個業務——我們基本上不會在他們在其他地方的位置上做空。所以它必須小心完成，我們已經制定了正確的計劃。幸運的是，對我們來說，我們的業務是健康的，例如在歐洲，例如歐洲，以及通常相當強勁的美國。無論如何，我們需要 4 到 6 個季度才能使這些線路傾斜。所以我們要做的是一個仔細的分配過程，以確保所有的工廠都被正確加載。這就是我們要做的。

The next question comes from Corinne Blanchard of Deutsche Bank.

下一個問題來自德意志銀行的Corinne Blanchard。

I just wanted to go back on the 1Q guidance and the range from $700 million to $740 million. How much of the softness have you embedded and incorporated into the 1Q guidance? And then I know you commented a little bit, but maybe if you can give even more color on what to expect in California in February and March.

我只想回到 1Q 指導和 7 億美元到 7.4 億美元的範圍。您在 1Q 指南中嵌入並納入了多少軟性？然後我知道您發表了一些評論，但也許您可以對 2 月和 3 月加利福尼亞州的預期情況提供更多顏色。

Can you please repeat that one, we were not able to hear it properly.

你能重複一遍嗎，我們沒聽清楚。

Sure. I just wanted to get more color on the 1Q guidance in terms of how much of the softness you have incorporated into the guidance, and then your view for California market for February and March?

當然。我只是想了解 1Q 指南的更多色彩，了解您在指南中納入了多少軟性，然後是您對 2 月和 3 月加州市場的看法？

Yes. I mean, we gave you $700 million to $740 million number. We told you clearly Europe, it's growing quite well. We expect it to grow healthily in Q1 compared to Q4. And we also told you that the U.S. business will be slightly down as compared to Q4. So that's the color we gave you.

是的。我的意思是，我們給了你 7 億到 7.4 億美元的數字。我們清楚地告訴你歐洲，它發展得很好。與第四季度相比，我們預計它在第一季度將健康增長。我們還告訴您，與第四季度相比，美國業務將略有下降。這就是我們給你的顏色。

As for February and March, I mean, I don't have a crystal ball, but like what I told you, it seems like the originations are starting to improve. So we are optimistic things will get better.

至於 2 月和 3 月，我的意思是，我沒有水晶球，但就像我告訴你的那樣，起源似乎開始好轉了。因此，我們樂觀地認為情況會好轉。

The next question comes from Pavel Molchanov of Raymond James.

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

Two quick ones about Europe. Now that the European Union is talking about this net zero industrial plan, do you envision receiving any credits or other manufacturing subsidies for your operations in Romania?

關於歐洲的兩個快速的。既然歐盟正在談論這個淨零工業計劃，您是否打算為您在羅馬尼亞的業務獲得任何信貸或其他製造補貼？

No, we have not heard about that or any -- I mean, about receiving any additional subsidies for our plant in Romania. However, there is active discussion going on in Europe about something analogous to the IRA that's being done here. But we are tracking pretty closely. And if that happens, and there are some benefits for us. We'll obviously avail of it. But other than that, we are not hearing of anything else.

不，我們沒有聽說過這個或任何 - 我的意思是，關於我們在羅馬尼亞的工廠獲得任何額外補貼。然而，歐洲正在積極討論與這裡正在實施的 IRA 類似的事情。但我們正在密切跟踪。如果發生這種情況，我們將受益匪淺。我們顯然會利用它。但除此之外，我們沒有聽到任何其他消息。

Okay. And then I think other than Europe, your main international exposure is Australia. Can we get a quick update on that?

好的。然後我認為除了歐洲，您的主要國際業務是澳大利亞。我們可以快速更新嗎？

Yes. Australia basically had a weak first half of '22. And the fourth quarter is basically recovering back to original levels. The exciting thing for Australia is we are just about to introduce our third-generation battery into Australia in the second quarter. And in addition, we are also planning to introduce our IQ8 microinverters there. So they're going to have some brand-new products in many Australian installers. We meet with the Australian installers once a quarter in a round table. And many of those Australian installers are excited about the generation product. So that will be an incremental revenue for us once we've released it.

是的。澳大利亞基本上在 22 年上半年表現疲軟。而第四季度基本恢復到原來的水平。對於澳大利亞來說，令人興奮的是我們即將在第二季度將我們的第三代電池引入澳大利亞。此外，我們還計劃在那裡推出我們的 IQ8 微型逆變器。因此，他們將在許多澳大利亞安裝商中推出一些全新的產品。我們每季度在圓桌會議上與澳大利亞安裝人員會面一次。許多澳大利亞安裝人員對這一代產品感到興奮。因此，一旦我們發布它，這將是我們的增量收入。

The next question comes from Sean Milligan of Janney.

下一個問題來自 Janney 的 Sean Milligan。

Could you address or help us understand what percentage of the battery storage sales are going internationally right now? And then I know you're introducing that in a number of new markets. Can you help us understand how the pace of ramp up in new markets, what we should expect for that over this year?

您能否解決或幫助我們了解目前國際電池存儲銷售額的百分比？然後我知道你在許多新市場中引入了它。您能否幫助我們了解新市場的增長速度如何，今年我們應該對此有何期待？

Yes. We normally do not break out batteries between U.S. and Europe. But I'll say this, that Europe is getting started U.S., we have introduced batteries now for the last since Q3 of 2020. So basically, 2.5 years there. Europe guys are getting started, but they're rapidly expanding. We have introduced the product in 2 countries, Germany and Belgium and there are a lot more countries that we plan to introduce in 2023. Immediately, we are going to introduce in 4 countries. Basically, Austria, Netherlands, France and I think Switzerland and the fifth one as well, which is Spain. So we are going to steadily ramp up the megawatt hours there. And when it becomes we'll actually look at it between Mandy and me and see whether we'll start breaking that out for future quarters.

是的。我們通常不會拆解美國和歐洲之間的電池。但我要說的是，歐洲正在開始美國，我們現在已經推出了自 2020 年第三季度以來的最後一次電池。所以基本上，那裡有 2.5 年。歐洲人正在起步，但他們正在迅速擴張。我們已經在德國和比利時這兩個國家推出了該產品，我們計劃在 2023 年推出更多國家。我們將立即在 4 個國家推出。基本上是奧地利、荷蘭、法國，我認為還有瑞士和第五個國家，即西班牙。因此，我們將穩步增加那裡的兆瓦時。當它變成我們實際上會在曼迪和我之間看它，看看我們是否會在未來幾個季度開始打破它。

This concludes our question-and-answer session. I would like to turn the conference back over to Badri Kothandaraman for any closing remarks.

我們的問答環節到此結束。我想將會議轉回給 Badri Kothandaraman，聽取任何閉幕詞。

All right. Thank you for joining us today and for your continued support of Enphase. We look forward to speaking with you again next quarter. Bye.

好的。感謝您今天加入我們以及您對 Enphase 的持續支持。我們期待下個季度再次與您交談。再見。

The conference has now concluded. Thank you for attending today's presentation, and you may now disconnect.

會議現已結束。感謝您參加今天的演講，您現在可以斷開連接了。