Enphase Energy Inc (ENPH) 2023 Q4 法說會逐字稿

Good afternoon, and welcome to the Enphase Energy Fourth Quarter 2023 Financial Results Conference Call. (Operator Instructions) Please note, this event is being recorded.

下午好，歡迎參加Enphase Energy 2023年第四季財務業績電話會議。 （操作說明）請注意，本次會議正在錄音。

I would now like to turn the conference over to Zach Freedman. Please go ahead.

現在我將把會議交給扎克·弗里德曼。請開始吧。

Good afternoon, and thank you for joining us on today's conference call to discuss Enphase Energy's Fourth Quarter 2023 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，感謝各位參加今天的電話會議，共同探討Enphase Energy 2023年第四季業績。今天出席會議的有：總裁兼執行長Badri Kothandaraman；財務長Mandy Yang；以及首席產品長Raghu Belur。

After the market closed today, Enphase issued a press release announcing the results for its fourth quarter ended December 31, 2023. During this conference call, Enphase management will make forward-looking statements, including, but not limited to, statements related to our expected future financial performance, market trends, 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 and tax matters. These forward-looking statements involve significant risks and uncertainties, and our actual results and the timing of events could differ materially from these expectations.

今天市場收盤後，Enphase發布新聞稿，公佈了截至2023年12月31日的第四季業績。在本次電話會議上，Enphase管理層將發表前瞻性聲明，包括但不限於與我們預期未來財務業績、市場趨勢、技術和產品性能及其對業主和安裝商的益處相關的聲明；我們的營運情況，包括生產製造、客戶服務以及供需關係；現有市場和新市場的預期增長；新產品上市時間以及監管和稅務事宜。這些前瞻性聲明涉及重大風險和不確定性，我們的實際業績和事件發生時間可能與這些預期有重大差異。

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 undertake no duty or obligation to update any forward-looking statements as a result of new information, future events or changes in expectations.

如需更全面地了解風險和不確定性，請參閱我們最近向美國證券交易委員會提交的10-K表和10-Q表。我們提醒您不要過度依賴前瞻性陳述，並且我們不承擔因新資訊、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, which can also be found in the Investor Relations section of our website.

此外，請注意，除非另有說明，本次電話會議中使用的財務指標均以非公認會計準則 (非GAAP) 為基礎，並已進行調整以剔除某些費用。我們已在向美國證券交易委員會 (SEC) 提交的 8-K 表格獲利報告中提供了這些非GAAP財務指標與GAAP財務指標的調節表，該報告也可在我們網站的投資者關係部分找到。

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

現在我想介紹一下我們的總裁兼執行長巴德里·科坦達拉曼。巴德里？

Good afternoon, and thanks for joining us today to discuss our fourth quarter 2023 financial results. We reported quarterly revenue of $302.6 million, shipped approximately 1.6 million microinverters and 80.7 megawatt hours of battery and generated free cash flow of $15.4 million. On our last earnings call, we said we would reduce channel inventory by approximately $150 million. We achieved a reduction of $147 million in Q4. For the fourth quarter, we delivered 50% gross margin, 29% operating expenses and 22% operating income, all as a percentage of revenue on a non-GAAP basis and including the IRA benefit. Mandy will go into our financials later in the call.

下午好，感謝各位今天參加我們的2023年第四季財務業績討論會。本季營收為3.026億美元，微型逆變器出貨量約160萬台，電池出貨量為80.7兆瓦時，自由現金流為1,540萬美元。在上一次財報電話會議上，我們承諾將通路庫存減少約1.5億美元。第四季度，我們實現了1.47億美元的庫存削減。第四季度，我們的毛利率為50%，營運費用率為29%，營運利潤率為22%（以上數據均以非GAAP準則計算，並已計入IRA收益）。 Mandy稍後將在電話會議中詳細介紹我們的財務數據。

Let's now discuss how we are servicing customers. Our worldwide NPS was 77% in Q4, the same as Q3. Our average call wait time was 1 minute compared to 1.3 minutes in Q3. We have made good progress on solving customer issues by focusing on both automation as well as expanding our field service teams globally.

現在我們來談談如何為客戶提供服務。第四季度，我們的全球淨推薦價值 (NPS) 為 77%，與第三季持平。平均通話等待時間為 1 分鐘，而第三季為 1.3 分鐘。我們透過專注於自動化以及在全球範圍內擴展現場服務團隊，在解決客戶問題方面取得了顯著進展。

Let's talk about operations. The overall supply environment for microinverters and batteries is quite stable.

我們來談談營運情況。微型逆變器和電池的整體供應環境相當穩定。

Let's come to microinverters. We shipped approximately 913,000 microinverters to customers in Q4 from our contract manufacturing facilities in the U.S. We announced in December that we are ceasing operations at our contract manufacturing locations in Romania and Wisconsin. We will manufacture microinverters in the U.S. with our 2 existing partners in South Carolina and Texas. The equipment currently located in Romania and Wisconsin will be redeployed for use at other facilities. Once our restructuring actions are complete in the first half of the year, we expect to have a global capacity of approximately 7.25 million microinverters per quarter, of which 5 million will be in the U.S.

接下來我們來談談微型逆變器。第四季度，我們從位於美國的代工工廠向客戶交付了約91.3萬台微型逆變器。去年12月，我們宣布將停止在羅馬尼亞和威斯康辛州的代工生產。我們將與位於南卡羅來納州和德克薩斯州的兩個現有合作夥伴在美國本土生產微型逆變器。目前位於羅馬尼亞和威斯康辛州的設備將重新部署到其他工廠使用。預計今年上半年完成重組後，我們的全球產能將達到每季約725萬台微型逆變器，其中500萬台將在美國生產。

We expect to ship approximately 500,000 microinverters to customers from our U.S. manufacturing facilities in Q1. We expect that our shipments from U.S. facilities will be lower in the first half of the year as we reduce both factory as well as channel inventory. We anticipate a higher level of shipments in the second half of the year.

我們預計第一季將從美國工廠向客戶交付約50萬個微型逆變器。由於我們將減少工廠和渠道庫存，預計上半年美國工廠的出貨量將會下降。我們預計下半年出貨量將有所回升。

For IQ batteries, we have 2 cell pack suppliers, both in China, which have sufficient manufacturing capacity to support our ramp in 2024. In addition, we will have the capability to manufacture IQ batteries in the U.S. in the third quarter of 2024.

對於IQ電池，我們有兩家電芯供應商，兩者都位於中國，並擁有足夠的產能來支援我們2024年的產能提升。此外，我們將在2024年第三季具備在美國生產IQ電池的能力。

Let's now cover the regions. Our U.S. and international revenue mix for Q4 was 75% and 25%, respectively. For more visibility into our business, we are providing you regional breakdowns and sell-through dollar metrics by region until the channel is healthy. In the U.S., our revenue decreased 35% sequentially as we undershipped to the end customer demand. The overall sell-through of our microinverters and batteries in the U.S. was down 9% in Q4 compared to Q3.

接下來我們來看看各區域的狀況。第四季度，我們美國和國際市場的營收佔比分別為75%和25%。為了讓您更清楚地了解我們的業務，在通路恢復正常之前，我們將按區域提供詳細的收入明細和銷售指標。在美國，由於出貨量未能滿足終端客戶的需求，我們的營收則是季減了35%。第四季度，我們在美國銷售的微型逆變器和電池的整體銷售額較第三季下降了9%。

Let's discuss market trends we are seeing in the U.S. split by non-California states and California. For non-California states, our overall sell-through was only down 1% in Q4 compared to Q3. The sell-through of our microinverters was flat, and the sell-through of our batteries was down 8% in Q4. In California, our overall sell-through was down by 7% in Q4 compared to Q3.

讓我們來探討美國市場的發展趨勢，並分別分析加州以外各州和加州的情況。在加州以外的各州，我們第四季的整體銷售額僅比第三季下降了1%。其中，微型逆變器的銷售額與第三季持平，而電池的銷售額則下降了8%。在加州，我們第四季的整體銷售額比第三季下降了7%。

The sell-through of our microinverters was down 27% in Q4 primarily due to the NEM 3.0 transition. However, the sell-through of our batteries increased by 58% in Q4 due to the high attach rate of NEM 3.0 systems as expected. As we discussed on our last earnings call, it will take a few quarters for our installers to fully transition on NEM 3.0 and normalize sales. I'll provide more statistics on NEM 3.0 later in the call.

第四季度，由於NEM 3.0過渡的影響，我們的微型逆變器銷量下降了27%。然而，如預期，由於NEM 3.0系統的高安裝率，我們的電池銷量在第四季度增長了58%。正如我們在上次財報電話會議上討論的那樣，我們的安裝商需要幾個季度的時間才能完全過渡到NEM 3.0並使銷售恢復正常。稍後我將在電話會議中提供更多關於NEM 3.0的統計數據。

In Europe, our revenue decreased 70% sequentially as we undership to the end customer demand. The overall sell-through of our microinverters and batteries in Europe was down 20% in Q4 compared to Q3. The sell-through of our microinverters was down 23%, and sell-through of batteries was down 2% in Q4 compared to Q3. I'll provide some color on our key markets in Europe, Netherlands, France and Germany.

在歐洲，由於出貨量不足以滿足終端客戶需求，我們的營收季減了70%。第四季度，我們在歐洲的微型逆變器和電池的整體銷售量較第三季下降了20%。其中，微型逆變器的銷量較第三季下降了23%，電池的銷量下降了2%。接下來，我將詳細介紹我們在歐洲的主要市場——荷蘭、法國和德國的情況。

In Netherlands, our overall sell-through in Q4 was down 37% compared to Q3. Customers are fearing an export penalty for solar, and there is confusion about the ending of net metering. We kicked off the new year with the Solar Next event in Netherlands, where we hosted 800-plus installers across the country, promoting a comprehensive solution with solar plus batteries and energy management software that will unlock the full potential of the Dutch energy market. We believe solar plus batteries are going to become the norm as dynamic tariffs and grid services become more prevalent. We are already seeing a steady ramp in batteries in the region and expect the trend to accelerate in 2024.

在荷蘭，我們第四季的整體銷售額較第三季下降了37%。客戶擔心太陽能發電出口會受到處罰，淨計量政策的結束也引發了許多困惑。新年伊始，我們在荷蘭舉辦了Solar Next活動，吸引了來自全國各地的800多家安裝商參與，旨在推廣一套包含太陽能電池、儲能電池和能源管理軟體的綜合解決方案，以充分釋放荷蘭能源市場的潛力。我們相信，隨著動態電價和電網服務的日益普及，太陽能+儲能係統將成為主流。目前，該地區的儲能係統使用量已呈現穩定成長的趨勢，預計這一趨勢將在2024年加速發展。

In France, our overall sell-through in Q4 was only down 1% compared to Q3. We see a lot of potential for this market to grow and evolve into a solar plus battery market as utility rates have moved higher and are expected to move even more in 2024.

在法國，我們第四季的整體銷售額僅比第三季下降了1%。我們看到，隨著公用事業費率的上漲，預計2024年還會進一步上漲，這個市場將有很大的成長潛力，並有望發展成為太陽能+電池市場。

In Germany, our overall sell-through in Q4 was down 32% compared to Q3. However, we saw sequential growth in activations for both solar and batteries as we continue to gain traction in the region.

在德國，我們第四季的整體銷售額比第三季下降了32%。然而，隨著我們在該地區持續獲得市場認可，我們看到太陽能和電池產品的活化量均實現了環比增長。

We are introducing products into more countries in Europe. In the last few months, we have entered U.K., Sweden, Denmark, Greece, Switzerland, Austria, Italy and Belgium markets with our IQ8 microinverters and IQ batteries.

我們正在將產品引入更多歐洲國家。在過去的幾個月裡，我們的IQ8微型逆變器和IQ電池已成功進入英國、瑞典、丹麥、希臘、瑞士、奧地利、義大利和比利時市場。

In Australia, we are seeing growth for our Enphase Energy systems powered by IQ8, microinverters and IQ Battery 5P, our latest third-generation battery, which we introduced in June of 2023. In Brazil, our sell-through is stabilizing nicely as we focus on building the installer base. In India, we are starting to ship our IQ8HC and IQ8P microinverters to support high-power panels. In Mexico, we just recently started shipping IQ8P microinverters for residential applications. As a reminder, IQ8P is our highest-power microinverter at 480 watts AC for both residential and commercial applications.

在澳大利亞，我們採用 IQ8 微型逆變器和 IQ Battery 5P（我們於 2023 年 6 月推出的最新第三代電池）的 Enphase Energy 系統銷售正在成長。在巴西，隨著我們專注於拓展安裝商群，銷售情況已趨於穩定。在印度，我們已開始出貨 IQ8HC 和 IQ8P 微型逆變器，以支援高功率太陽能板。在墨西哥，我們最近也開始出貨用於住宅應用的 IQ8P 微型逆變器。需要提醒的是，IQ8P 是我們功率最高的微型逆變器，交流輸出功率為 480 瓦，適用於住宅和商業應用。

Let me say a few words about our U.S. market share. We see stable share for our microinverters and batteries based on both internal as well as third-party data. We have a large and diverse customer base. Our value proposition is to provide installers the easiest installation process with high-quality and best-in-class service. We also have tools like Solargraf design proposal and permitting software and lead generation through solar lead factory at our disposal to help our installers. As a result, our partnerships go even deeper during downturn.

讓我簡單談談我們在美國市場的佔有率。根據內部數據和第三方數據，我們的微型逆變器和電池市佔率保持穩定。我們擁有龐大且多元化的客戶群。我們的價值主張是為安裝商提供最方便的安裝流程以及高品質、一流的服務。我們還擁有諸如 Solargraf 設計方案和授權軟體以及透過 Solar Lead Factory 進行客戶線索生成等工具，以幫助我們的安裝商。因此，即使在經濟低迷時期，我們與客戶的合作關係也更加緊密。

Let's cover some NEM 3.0 statistics in California. Third-party data shows that the battery attach rate for NEM 3.0 systems is over 80%. Based on our system activations in January last month, approximately half of our solar installations in California were NEM 3.0. Of our NEM 3.0 solar installations, about half of them use Enphase batteries. Our revenue per NEM 3.0 system is approximately 1.5x our average NEM 2.0 system.

我們來看一些加州NEM 3.0系統的統計。第三方數據顯示，NEM 3.0系統的電池安裝率超過80%。根據我們上個月1月的系統活化情況，我們在加州安裝的太陽能係統中，大約一半是NEM 3.0系統。在這些NEM 3.0太陽能係統中，大約一半使用了Enphase電池。我們每個NEM 3.0系統的收入大約是NEM 2.0系統平均收入的1.5倍。

The transition to NEM 3.0 has been a little slower than what we anticipated. Installers are still installing NEM 2.0 systems, and this has caused a delay for some of them to sell NEM 3.0 systems. The ones who started are finding the sales process a little more difficult given the complexity of the tariff structure, the added cost of batteries upfront and high interest rates. One particular challenge we hear is their lack of confidence in the payback of the systems they are selling. This is where Solargraf software, our design and proposal software with NEM 3.0 support, is critical because of its advanced modeling capabilities.

向NEM 3.0的過渡比我們預期的要慢一些。安裝商仍在安裝NEM 2.0系統，這導致部分安裝商延遲了NEM 3.0系統的銷售。那些已經開始銷售NEM 3.0系統的安裝商發現，由於電價結構的複雜性、電池的預付成本以及高利率，銷售過程更加困難。我們聽到的一個特別的挑戰是，他們對所售系統的投資回報缺乏信心。而Solargraf軟體——我們支援NEM 3.0的設計和方案軟體——憑藉其先進的建模功能，在這方面發揮了至關重要的作用。

In addition, installers are still coming up the learning curve on installing batteries. We are addressing this by making a lot of products improvement for ease of installation, commissioning, serviceability and continue to offer in-person trainings and webinars on Solargraf software.

此外，安裝人員在電池安裝方面仍處於學習階段。我們正在透過改進產品來解決這個問題，以提高安裝、調試和維護的便利性，並持續提供關於 Solargraf 軟體的現場培訓和網路研討會。

Let's now come to our Q1 guidance. We are guiding revenue in the range of $260 million to $300 million. We expect the sell-through of our products to be seasonally down in Q1. We plan to undership to the end market demand for our products by approximately $130 million in Q1. We are forecasting to undership in Q2 as well, although at a much reduced level, and expect the channel to be normalized by the end of Q2.

現在讓我們來看看第一季的業績預期。我們預計營收將在2.6億美元至3億美元之間。我們預計第一季產品的銷售量將受季節性因素影響而下降。我們計劃在第一季將產品出貨量比終端市場需求少約1.3億美元。我們預計第二季出貨量也將低於市場需求，但降幅將大大降低，並預計通路將在第二季末恢復正常。

Let's talk about new products, starting with IQ batteries. Our sell-through for batteries has been increasing steadily over the last few quarters. Our third-generation battery delivers the best power specs and commissioning times of any Enphase battery till date at a 15-year industry-leading warranty. The battery adoption rates are on the rise globally, and we are well positioned to grow our battery sales in 2024.

讓我們來聊聊新產品，首先是IQ電池。過去幾個季度，我們的電池銷量一直在穩步成長。我們的第三代電池擁有迄今為止Enphase電池中最佳的功率規格和調試速度，並提供業界領先的15年保固。全球電池普及率正在不斷提高，我們已做好充分準備，在2024年實現電池銷量的成長。

Also, we expect our margins on batteries to get better throughout 2024. There are 3 factors in play here: sellback costs, which are coming down; microinverter costs, which are coming down for us due to U.S. manufacturing; and other cost, product costs coming down due to improved architecture on our fourth-generation batteries causing lower bill of material.

此外，我們預計2024年電池利潤率將有所提高。這主要有三個因素：一是回購成本正在下降；二是由於美國製造，微型逆變器成本正在下降；三是由於第四代電池架構改進，物料清單成本降低，導致其他成本和產品成本下降。

We are working on entering more countries in Europe and Asia with our generation battery. We expect to introduce our new 3-phase battery with backup for Germany during the year. We plan to pilot our fourth-generation battery later in the year. This battery will have a great cost structure and elegant form factor due to the integrated battery management and power conversion architectures.

我們正致力於將新一代的電池產品推廣到更多歐洲和亞洲國家。我們預計年內向德國推出新型三相備用電池。我們計劃於今年稍後對第四代電池進行試點。由於採用了整合式電池管理和功率轉換架構，這款電池將擁有極具競爭力的成本結構和精巧的外形設計。

As previously discussed, we have entered many new markets with IQ8 family of microinverters and are in 21 countries. We plan to enter many more new countries in Europe and Asia throughout 2024 with our microinverters. And we plan to increase our served available market by introducing social housing and balcony solar solutions to European countries during the year.

如前所述，我們已憑藉IQ8系列微型逆變器成功進入多個新市場，目前已涵蓋21個國家。我們計劃在2024年繼續拓展歐洲和亞洲市場，進一步擴大微型逆變器的市場份額。此外，我們也計劃在年內向歐洲各國推出社會住宅和陽台的太陽能解決方案，進一步擴大服務市場。

Let's also talk about our latest microinverter for the residential segment. I already mentioned IQ8P, which delivers 480 watts of AC power, supporting panels up to 650-watt DC. We are currently shipping that product into Brazil, India, South Africa, Mexico and Vietnam. We are on track to ship into France and Spain followed by emerging markets in 2024.

我們再來聊聊我們最新的家用微型逆變器。我之前提到過IQ8P，它能輸出480瓦的交流電，支援高達650瓦直流電的太陽能板。目前，我們已經向巴西、印度、南非、墨西哥和越南發貨。我們計劃在2024年將產品推向法國和西班牙市場，隨後拓展到其他新興市場。

The other variant of the IQ8P microinverter with the new 3-phase cabling system is well suited for small commercial solar installations ranging from 20 to 200 kilowatts. We launched this product in North America in December and are seeing strong early adoption. We are very excited about this product and look forward to manufacturing all the flavors of IQ8P microinverters at our U.S. facilities shortly, further reducing our cost structure.

另一款採用新型三相電纜系統的IQ8P微型逆變器非常適合20至200千瓦的小型商業太陽能裝置。我們於去年12月在北美推出了這款產品，並已看到市場對其早期表現的強勁成長。我們對這款產品充滿信心，並期待盡快在美國工廠生產所有型號的IQ8P微型逆變器，進一步降低成本。

Let's discuss EV charging. We shipped over 3,700 chargers in Q4 compared to over 3,500 chargers in Q3. We launched our IQ smart EV chargers in U.S. and Canada in Q4. The WiFi-enabled charger is now integrated to the Enphase Energy system. This enables use cases such as self-consumption and green charging and allows homeowners complete visibility into the operation of their system through the app. We are developing IQ smart EV chargers for many countries in Europe as well and expect to introduce them in the year.

我們來聊聊電動車充電。第四季我們交付了超過3700台充電樁，而第三季交付量為3500多台。第四季度，我們在美國和加拿大推出了IQ智慧電動車充電樁。這款支援Wi-Fi功能的充電樁現已整合到Enphase Energy系統中。這使得用戶能夠實現自用和綠色充電等應用場景，並透過應用程式全面了解系統的運作情況。我們也正在為歐洲多個國家開發IQ智慧電動車充電樁，預計今年內推出。

The team is also working on bidirectional EV charger, which will unlock use cases such as V2G and V2H as part of the Enphase Energy system. The charger will have GaN-based bidirectional inverters, which will interface with EVs, which have high voltage -- high DC voltages.

團隊也正在研發雙向電動車充電器，這將為Enphase Energy系統帶來V2G和V2H等應用場景。這款充電器將採用基於氮化鎵（GaN）的雙向逆變器，可與高壓（高直流電壓）電動車連接。

I've so far discussed our hardware products. Let's cover our energy management software. The importance of this software to deliver a superior customer experience cannot be overstated. The Enphase Energy system is becoming more sophisticated with the addition of solar, batteries, EV chargers, heat pumps, et cetera. In addition, the utility tariffs, which were once fixed rates, are now becoming increasingly complex with time of use rates, NEM 3.0, demand charges, dynamic tariffs. And our software is evolving to manage this complexity by leveraging artificial intelligence and machine learning for forecasting and optimization. We see this as an area of differentiation for us and are developing core IP towards that objective. We expect to release this software beginning in Q2, adding several features throughout the year.

到目前為止，我主要介紹了我們的硬體產品。接下來，我們來談談我們的能源管理軟體。這款軟體對於提供卓越的客戶體驗至關重要，其重要性不言而喻。隨著太陽能、電池、電動車充電器、熱泵等設備的加入，Enphase Energy 系統正變得越來越完善。此外，曾經固定的公用事業費率如今也變得日益複雜，出現了分時電價、NEM 3.0、需量電價和動態電價等多種形式。我們的軟體也在不斷發展，利用人工智慧和機器學習進行預測和優化，以應對這種複雜性。我們認為這是我們的差異化優勢所在，並正在為此開發核心智慧財產權。我們預計第二季開始發布這款軟體，並在年內陸續添加多項功能。

Let's now discuss our installer platform. We released new features in Solargraf during Q4. We introduced electrical design and single-line diagram features while continuing to offer NEM 3.0 functionality for solar and battery systems in California. The software platform is now current -- is now available to installers in U.S., Brazil, Germany and Austria, and we expect it -- we expect to release it to more countries in the coming quarters.

現在我們來討論一下我們的安裝平台。我們在第四季發布了 Solargraf 的新功能。我們引入了電氣設計和單線圖功能，同時繼續為加州的太陽能和電池系統提供 NEM 3.0 功能。該軟體平台目前已更新至最新版本，並已在美國、巴西、德國和奧地利向安裝商開放。我們預計在未來幾季內將其推廣到更多國家。

Let me conclude. We have been managing through a period of slowdown in demand. We think Q1 could be the bottom quarter. Europe is already showing early signs of recovery, and we expect the non-California states to bounce back quickly. California is the exception as NEM 3.0 is having some hiccups in the near term. However, we remain very bullish about NEM 3.0 in the long term. The payback is very attractive for solar plus storage. The utility rates are going up steeply on an annual basis, and the sales teams are learning fast. We see that the demand is going to eventually bounce back up in California as well.

最後我想總結一下。我們一直在努力應對需求放緩的時期。我們認為第一季可能是全年最低點。歐洲已經出現了復甦的早期跡象，我們預計加州以外的其他州也將迅速反彈。加州的情況比較特殊，因為NEM 3.0短期內遇到了一些問題。然而，我們仍然非常看好NEM 3.0的長期前景。太陽能+儲能的投資報酬率非常可觀。公用事業費率正逐年大幅上漲，銷售團隊也正在快速學習。我們認為加州的需求最終也會反彈。

I'll wrap up outlining our approach during these times. We are laser focused on ease of doing business, on both high quality and great customer service. We are doubling down on operational excellence, correcting the channel and factory inventory, concentrating on sell-through and installer count, reducing our expenses and product costs and maintaining healthy gross margins. We are getting many new products out and diversifying our portfolio rapidly. We are expanding worldwide with full systems comprising of IQ8 microinverters, IQ batteries, EV chargers and energy management software. We are introducing products for the small commercial solar markets worldwide and making continuous enhancements to our installer platform. In addition, we are innovating on GaN-based IQ9 and 10 microinverters along with bidirectional EV chargers, our fourth and fifth-generation IQ batteries and AI-based energy management software to position us well for the long term.

最後，我將概述我們目前採取的策略。我們始終專注於簡化業務流程，同時兼顧高品質的產品和卓越的客戶服務。我們正加倍投入營運優化，調整通路和工廠庫存，專注於提升銷售轉換率和安裝商數量，降低營運成本和產品成本，並維持健康的毛利率。我們正在推出眾多新產品，並迅速實現產品組合的多元化。我們正在全球拓展業務，提供包含 IQ8 微型逆變器、IQ 電池、電動車充電器和能源管理軟體的完整系統。我們正在為全球小型商業太陽能市場推出產品，並持續改進我們的安裝商平台。此外，我們也正在研發基於氮化鎵 (GaN) 的 IQ9 和 IQ10 微型逆變器、雙向電動車充電器、第四代和第五代 IQ 電池以及基於人工智慧的能源管理軟體，以確保我們能夠長期保持領先地位。

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

接下來，我將把電話轉給曼迪，請她點評我們的財務表現。曼迪？

Thanks, Badri, and good afternoon, everyone. I will provide more details related to our fourth quarter of 2023 financial results as well as our business outlook for the first quarter of 2024. 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 IR section of our website.

謝謝巴德里，大家下午好。我將提供更多關於我們2023年第四季財務業績以及2024年第一季業務展望的詳細資訊。我們在今天發布的獲利報告中提供了這些非GAAP財務指標與GAAP財務指標的調節表，您也可以在我們網站的投資者關係部分找到該調節表。

Total revenue for Q4 was $302.6 million. We shipped approximately 660.1-megawatt DC of microinverters and 80.7 megawatt hours of IQ batteries in the quarter. Non-GAAP gross margin for Q4 was 50.3% compared to 48.4% in Q3. The increase was driven by increased net IRA benefit. GAAP gross margin was 48.5% for Q4. Non-GAAP gross margin without IRA benefit for Q4 was 41.8% compared to 45.8% in Q3, a decrease of 400 basis points due to microinverter and storage mix while our average selling prices remained stable given non-GAAP gross margin for Q4 included $25.8 million of net IRA benefit for our microinverters made in the U.S. and shipped to customers in the quarter.

第四季總營收為3.026億美元。本季我們交付了約660.1兆瓦直流微型逆變器和80.7兆瓦時的IQ電池。第四季非GAAP毛利率為50.3%，高於第三季的48.4%。毛利率成長主要得益於淨IRA收益的增加。第四季GAAP毛利率為48.5%。第四季不計IRA收益的非GAAP毛利率為41.8%，低於第三季的45.8%，下降了400個基點，主要原因是微型逆變器和儲能產品組合的變化。儘管如此，我們的平均售價仍保持穩定。第四季非GAAP毛利率包含了本季交付給客戶的美國製造微型逆變器的2580萬美元淨IRA收益。

Non-GAAP operating expenses were $86.6 million for Q4 compared to $99 million for Q3. We implemented a restructuring plan in December 2023 to reduce our operating costs and align our workforce and cost structure with current market condition. As part of the plan, we are reducing our global workforce by approximately 10% and expect to reduce our non-GAAP operating expenses to be in the range of $75 million to $80 million a quarter in 2024 when these restructuring actions are substantially complete within the first half of this year. GAAP operating expenses were $156.9 million for Q4 compared to $144 million for the Q3. GAAP operating expenses were -- for Q4 included $51.6 million of stock-based compensation expenses, $14.8 million of restructuring and asset impairment charges and $3.9 million of amortization for acquired intangible assets.

第四季非GAAP營運費用為8,660萬美元，而第三季為9,900萬美元。我們於2023年12月實施了一項重組計劃，旨在降低營運成本，並使我們的員工隊伍和成本結構與當前市場狀況相適應。作為該計畫的一部分，我們將全球員工人數減少約10%，並預計到2024年上半年重組措施基本完成後，我們的非GAAP營運費用將降至每季7,500萬美元至8,000萬美元之間。第四季GAAP營運費用為1.569億美元，第三季為1.44億美元。第四季GAAP營運費用包括5,160萬美元的股權激勵費用、1,480萬美元的重組和資產減損費用以及390萬美元的收購無形資產攤銷。

On a non-GAAP basis, income from operations for Q4 was $65.6 million compared to $167.6 million for Q3. On a GAAP basis, income from operations was a loss of $10.2 million for Q4 compared to income from operations of $118 million for Q3. On a non-GAAP basis, net income for Q4 was $73.5 million compared to $141.8 million for Q3. This resulted in non-GAAP diluted earnings per share of $0.54 for Q4 compared to $1.02 for Q3.

以非GAAP準則計算，第四季營業收入為6,560萬美元，而第三季為1.676億美元。以GAAP準則計算，第四季營業虧損1,020萬美元，而第三季營業收入為1.18億美元。以非GAAP準則計算，第四季淨利為7,350萬美元，而第三季為1.418億美元。由此得出，第四季非GAAP攤薄後每股收益為0.54美元，而第三季為1.02美元。

GAAP net income for Q4 was $20.9 million compared to GAAP net income of $114 million for Q3. This resulted in GAAP diluted earnings per share of $0.15 for Q4 compared to $0.80 for Q3. We exited Q4 with total cash, cash equivalents and marketable securities balance of $1.7 billion compared to $1.78 billion at the end of Q3.

第四季GAAP淨利為2,090萬美元，而第三季GAAP淨利為1.14億美元。由此，第四季GAAP稀釋後每股收益為0.15美元，第三季為0.80美元。截至第四季末，公司現金、現金等價物及有價證券總額為17億美元，而第三季末為17.8億美元。

As part of our $1 billion share repurchase program authorized by our Board of Directors in July 2023, we repurchased approximately 1,183,000 shares of Enphase common stock in Q4 at an average share price of $84.51 or approximately $100 million. In addition, we spent approximately $27.5 million by withholding shares to cover withholding taxes for employee stock vesting and options in Q4. That reduced the diluted shares by approximately 260,700 shares. We expect to continue this anti-dilution plan.

作為董事會於2023年7月批准的10億美元股票回購計畫的一部分，我們在第四季以平均每股84.51美元的價格回購了約118.3萬股Enphase普通股，總計約1億美元。此外，我們在第四季度扣留了約2,750萬美元的股份，用於支付員工股票歸屬和選擇權相關的預扣稅。這使得稀釋後的股份減少了約26.07萬股。我們將繼續實施這項反稀釋計劃。

In Q4, we generated $35.5 million in cash flow from operations and $15.4 million in free cash flow, which included approximately $46 million of income tax payments, an increase of $38 million compared to Q3. Despite the macroeconomic challenges, we continued to generate free cash flow. Capital expenditure was $20.1 million for Q4 compared to $23.8 million for Q3. Capital expenditure requirements decreased due to a reduction in our U.S. manufacturing spending.

第四季度，我們經營活動產生的現金流為3,550萬美元，自由現金流為1,540萬美元，其中包括約4,600萬美元的所得稅支出，較第三季增加3,800萬美元。儘管面臨宏觀經濟挑戰，我們仍持續產生自由現金流。第四季資本支出為2,010萬美元，低於第三季的2,380萬美元。資本支出需求下降是由於我們在美國製造業支出減少所致。

Now let's discuss our outlook for the first quarter of 2024. We expect our revenue for Q1 to be within the range of $260 million to $300 million, which includes shipments of 70 to 90-megawatt hours of IQ batteries. We expect GAAP gross margin to be within a range of 42% to 45%. We expect non-GAAP gross margin to be within a range of 44% to 47% with net IRA benefit and 40% to 43% before net IRA benefit. Non-GAAP gross margin excludes stock-based compensation expense and acquisition-related amortization.

現在讓我們來討論一下2024年第一季的展望。我們預計第一季營收將在2.6億美元至3億美元之間，其中包括70至90兆瓦時的IQ電池出貨量。我們預計GAAP毛利率將在42%至45%之間。我們預期非GAAP毛利率（含IRA淨收益）將介於44%至47%之間，不含IRA淨收益則為40%至43%。非GAAP毛利率不包括股權激勵費用及收購相關攤銷。

We expect the net IRA benefit to be between $12 million and $14 million on estimated shipments of 500,000 units of U.S. made microinverters in Q1. We expect lower microinverter shipments to customers from U.S. manufacturing in the first half of '24 as we continue to reduce inventory in the factory and the channel. We expect to increase the U.S. made microinverter shipments to 2/3 of our overall microinverter shipments in the second half of 2024.

我們預計，第一季美國製造的微型逆變器出貨量約為50萬台，將為IRA帳戶帶來1,200萬至1,400萬美元的淨收益。由於我們持續減少工廠和通路庫存，預計2024年上半年美國製造的微型逆變器出貨量將會下降。我們預計，到2024年下半年，美國製造的微型逆變器出貨量將占我們微型逆變器總出貨量的三分之二。

We expect our GAAP operating expenses to be within a range of $144 million to $148 million, including approximately $64 million estimated for stock-based compensation expense, acquisition-related expenses, amortization and restructuring and asset impairment charges. We expect our non-GAAP operating expenses to be within a range of $80 million to $84 million. We are reducing our non-GAAP operating expenses by 5% in Q1 as compared to Q4, but we will not compromise on investing in customer service, product innovation and sales.

我們預計，以美國通用會計準則（GAAP）計算的營運費用將在1.44億美元至1.48億美元之間，其中包括約6,400萬美元的股權激勵費用、收購相關費用、攤銷和重組費用以及資產減損費用。我們預計，以非美國通用會計準則（Non-GAAP）計算的營運費用將在8,000萬美元至8,400萬美元之間。與第四季相比，我們第一季的非美國通用會計準則營運費用將減少5%，但我們不會因此而減少對客戶服務、產品創新和銷售的投入。

Moving to tax. Since we have utilized most of our net operating loss and research tax credit carryforwards, we are now a U.S. cash taxpayer. We expect GAAP and non-GAAP annualized effective tax rate, excluding discrete items, for 2024 to be at 20% plus or minus 1% with IRA benefit.

接下來談談稅務方面。由於我們已用盡大部分淨經營虧損和研發稅收抵免結轉額，我們現在是美國現金納稅人。我們預計，2024 年的 GAAP 和非 GAAP 年度實際稅率（不含特殊項目）為 20% 上下浮動 1%，並包含 IRA 優惠。

In closing, we managed well with our financial discipline through a difficult global environment in 2023. While our total revenue decreased year-over-year by 1.7%, our non-GAAP gross margin expanded to 45.3%, excluding the IRA benefit, as compared to 42.6% in 2022. And our non-GAAP gross margin further increased to 47.1% with a net IRA benefit by manufacturing our microinverters in the U.S. In addition, we generated approximately $586 million of free cash flow in 2023 and exited the year with $1.7 billion in cash, cash equivalents and marketable securities, up over $80 million year-over-year, while repurchasing 3.3 million shares of our common stock for approximately $410 million.

綜上所述，在2023年充滿挑戰的全球環境下，我們憑藉穩健的財務管理取得了良好的表現。儘管總營收年減1.7%，但扣除IRA收益後，我們的非GAAP毛利率從2022年的42.6%成長至45.3%。此外，由於我們在美國本土生產微型逆變器，並獲得了IRA淨收益，我們的非GAAP毛利率進一步提升至47.1%。同時，我們在2023年創造了約5.86億美元的自由現金流，年底時現金、現金等價物和有價證券總額達17億美元，年增超過8,000萬美元。此外，我們也回購了330萬股普通股，總額約4.1億美元。

With that, I will open the line for questions.

接下來，我將開放提問環節。

(Operator Instructions). And our first question will come from Brian Lee of Goldman Sachs.

（操作說明）我們的第一個問題將來自高盛的布萊恩李。

I appreciate all the additional color and granularity that you're providing in this uncertain environment. I know you sound like you're pretty confident that Q1 could be the bottom here. You're undershipping by less in Q1 than Q4 and then significantly more magnitude in Q2 based on the early read. So just want to ask like given seasonality, the early read on revenue for 2Q, your view that 1Q is kind of the bottom here, like directionally, can you give us a sense of -- are we back into the low mid-$300 million revenue range? Or is it even something higher than that? Just any directional feel you can provide as to kind of what the magnitude of that pickup will be off the 1Q bottom. And then I had a follow-up.

我非常感謝您在當前充滿不確定性的環境下提供的所有補充資訊和詳細分析。我知道您似乎很有信心第一季可能是底部。根據初步數據，您第一季的出貨量低於第四季度，但第二季的出貨量則明顯低於預期。所以我想問一下，考慮到季節性因素，以及您對第二季度營收的初步預測，您認為第一季是底部，那麼從方向上看，您能否給我們一些建議——營收是否會回到3億美元左右的區間？或者會更高？您能否就第一季觸底反彈的幅度提供一些方向性的看法？之後我還有一個後續問題。

So just to tell the big picture. Basically, I told you that we have 2 problems. One is channel being full problem, channel inventory problem and the other is the native demand problem. And so with the demand reduction of about, let's say, 30% to 35% from our overall highs, what we expect is an end customer demand roughly in the range of $450 million to $500 million. That's what I told you the last time.

簡單來說，我之前說過我們有兩個問題。一個是通路飽和，也就是通路庫存問題；另一個是原生需求問題。鑑於需求量比我們之前的高峰下降了大約30%到35%，我們預期終端客戶的需求量大約在4.5億美元到5億美元之間。這是我上次跟你們說的。

And we were close, our Q3 end customer demand. Q3 '23 end customer demand was approximately $500 million. Our Q4 '23 end customer demand was approximately $450 million. As you know, we -- our numbers are much lower compared to those numbers. So we said we plan to ship $150 million -- undership $150 million compared to the end customer demand. So our end customer demand was $450 million in Q4. We undershipped approximately $147 million. We reported a number of $303 million, which is $450 million minus $147 million.

我們與第三季終端客戶需求預測非常接近。 2023年第三季終端客戶需求約5億美元。 2023年第四季終端客戶需求約4.5億美元。如您所知，我們的實際交付量遠低於這些數字。因此，我們計劃交付1.5億美元，比終端客戶需求少交付1.5億美元。所以，第四季我們的終端客戶需求為4.5億美元，而我們實際交付量少了約1.47億美元。我們公佈的交付量為3.03億美元，即4.5億美元減去1.47億美元。

We expect the sell-through demand is going to be seasonally down approximately by 10% in Q1. And that's typical. And we expect an undershipment of $130 million. So with these 2 undershipments, we would have taken $277 million out of the channel. And we expect -- going forward, Q2, we expect it to be, if nothing happens, it is seasonally better. And for us, since we have taken out a lot of inventory in the channel, we then start to approach a negative demand of $450 million, depending on how much residue undershipment that we have in Q2. So while I cannot tell you the exact numbers, you should generally expect our sell-in numbers to improve as we go into Q2. You should expect the sell-through numbers to be seasonally better as you approach Q2.

我們預計第一季的銷售需求將因季節性因素下降約10%，這屬於正常情況。我們預計缺貨額將達到1.3億美元。因此，這兩筆缺貨將使我們從通路中減少了2.77億美元的收入。展望未來，我們預計第二季的情況會有所好轉，如果一切順利的話。由於我們已經清理了大量通路庫存，因此我們預計第二季的需求將接近負值4.5億美元，具體金額取決於第二季剩餘缺貨額的多少。雖然我無法提供確切的數字，但總體而言，您應該預期我們的銷售數據會隨著第二季的臨近而改善。您應該預期銷售數據也會隨著第二季的臨近而有所改善。

Now other things that are in our favor. We are seeing Europe -- I mean, Europe drop to quite a low level. We are seeing Europe starting to pick back up. We are seeing France is back to the level it was before. We are seeing Netherlands, although Netherlands is not back to the original level, it's far from the original levels, but we see incremental progress on a weekly basis. In addition, we have introduced in the last 6 months several new products in Italy, U.K., Sweden, Denmark and a bunch of other countries. We start to see all of those also kicking in.

現在還有一些對我們有利的因素。我們看到歐洲——我的意思是，歐洲的疫情一度跌至相當低的水平。現在我們看到歐洲的疫情開始回升。法國的疫情已經恢復到先前的水準。荷蘭的疫情雖然還沒有完全恢復到之前的水平，雖然距離之前的水平還有一段距離，但我們每週都能看到逐步的進展。此外，在過去的六個月裡，我們在義大利、英國、瑞典、丹麥以及其他一些國家推出了幾款新產品。我們也開始看到這些新產品的效果開始顯現。

As far as non-California states are concerned, we already said Q4 was stable for non-California compared to Q3. So we think the non-California states will also bounce back in Q2. So while I'm not telling you any numbers, I gave you the directional indication that we expect sell-in numbers to go north. And my assumptions are that sell-through behaves according to the typical seasonality pattern that we have seen. California is, of course, the wild card, but we think that the -- even taking that into account, we expect to do -- we expect sell-in numbers or our revenue numbers to go higher sequentially in June.

就加州以外的州而言，我們之前已經說過，第四季度加州以外州的業績與第三季度相比保持穩定。因此，我們認為加州以外州的業績也會在第二季反彈。雖然我不會透露具體數字，但我已經給出了方向性的信息，即我們預計進貨量將會上升。我的假設是，銷售量將遵循我們觀察到的典型季節性規律。當然，加州的情況存在變數，但我們認為——即使考慮到這一點——我們預計六月的進貨量或收入將環比增長。

Appreciate that. No, that's all super helpful. The second question I had, and I'll pass it on, is on the battery storage segment. If I look, the mix is a bit more heavy on battery in 1Q versus 4Q, but your overall ex IRA margin is still holding steady based on the guidance. So it almost seems like you're already seeing better margins on the batteries here in the near term. I know you alluded to expansion during the year. Can you kind of give us a sense of quantification? Another numbers question, I guess, is to kind of where you're at today and what the cadence could look like. Battery seems like it's going to move the needle a lot more. Just trying to get a sense for what that margin expansion opportunity could be as we move through the next several quarters.

非常感謝。不，這些資訊都非常有幫助。我的第二個問題，我會轉達給您，是關於電池儲能業務的。我看了一下，第一季電池業務的佔比第四季度略高，但根據您先前的指引，扣除IRA（個人退休帳戶）後的整體利潤率仍然保持穩定。所以看起來您似乎已經在短期內看到了電池業務利潤率的提升。我知道您之前提到今年會有擴張計劃。能否具體說明一下？我想再問一個關於數字的問題，那就是您目前的進展以及未來的發展節奏。電池業務似乎會大幅提升業績。我只是想了解一下，在接下來的幾個季度裡，利潤率的提升空間究竟有多大。

The one thing that I did not say in the script, which I will say now, is the sell-through for batteries in Q4 was the highest it has ever been. It was 140 megawatt hours, 1-4-0, sell-through in Q4. Our sell-in was only 80. You might ask why is your sell-in lagging behind. We'd like to get the channel as low as we possibly can. So therefore, we are getting more conservative. We only guided 70 to 90, but because we want the channel to get cleaned up.

我在稿子裡沒提到的一點，現在補上：第四季電池的銷售量創歷史新高，達到了140兆瓦時（1-4-0）。而我們的進貨量只有80兆瓦時。你可能會問，為什麼我們的進貨量落後了？我們希望盡可能降低通路成本，所以採取了更保守的策略。我們原本只預期70到90兆瓦時，因為我們希望清理渠道。

So what is driving that sell-through, if you ask, the answer should be obvious to you based on what I said. California, I told you, sell-through increased by 58%. Just in California due to the NEM 3.0 attach, California numbers, Q4 to Q3 -- Q3 to Q4. Also, we are seeing a good momentum in Europe.

那麼，如果你問是什麼推動了銷售成長，根據我剛才所說，答案應該很明顯。我之前說過，加州的銷售成長了58%。這只是加州的情況，主要得益於NEM 3.0的實施，加州的數據是第四季度與第三季度相比，第三季度與第四季度相比都有所增長。此外，我們在歐洲也看到了良好的成長動能。

We have introduced batteries now to multiple regions. We introduced -- in June, we introduced to Australia. In September, we introduced to the U.K. Then we introduced it to a bunch of other countries, too, along with it. I'm not breaking all of those out. In December, we launched in Italy, and we'll start shipping there very soon. So our battery demand, I'm happy to say, is very robust. And what we plan to do is to basically -- of course, we plan to improve our gross margins.

我們現在已經將電池產品推廣到多個地區。 6月份，我們在澳洲推出了產品；9月份，我們在英國推出了產品；之後，我們又陸續將產品推廣到其他一些國家，這裡就不一一列舉了。 12月份，我們在義大利推出了產品，很快就會開始出貨。所以，我很高興地說，我們的電池需求非常強勁。當然，我們計劃提高毛利率。

Gross margins, there are 3 things in gross margins that are obvious. The first 2 are applicable for our third-generation batteries, and the last one is applicable for the fourth-generation batteries. The cell pack costs are coming down rapidly. Our suppliers are offering very competitive pricing on cell packs, which is definitely moving the needle. That's one.

毛利率方面，有三點顯而易見。前兩點適用於我們的第三代電池，最後一點適用於第四代電池。電芯成本正在快速下降。我們的供應商提供的電芯價格極具競爭力，這無疑是影響毛利率的重要因素。這是其中之一。

Number two, for us specifically, we are transforming our supply chain so that we can make our microinverters for the batteries in the U.S. while we can have the assembly of the batteries in China. That gives us a best-in-class supply chain. And that, we get IRA benefit of $0.11 a watt, multiplied by -- 640 watts multiplied by 6. So for a 5 kilowatt hour battery, that's approximately $75 per kilowatt hour benefit that we get just for making the microinverters in the U.S. And we plan to do that.

第二，就我們而言，我們正在改造供應鏈，以便在美國生產電池用的微型逆變器，而將電池組裝放在中國進行。這將使我們擁有業界一流的供應鏈。這樣一來，我們就能獲得每瓦0.11美元的個人退休帳戶（IRA）補貼，乘以640瓦乘以6。因此，對於5千瓦時的電池，光是在美國生產微型逆變器一項，我們就能獲得每千瓦時約75美元的補貼。我們計劃繼續這樣做。

The third one is an architectural benefit when we go from the third generation to the fourth-generation battery. We are -- in the third-generation battery, we have 6 microinverters. We have a battery management board. We have a couple of other boards, a communication board and an interface board. So we have 9 boards. So those 9 boards will go down to 3 boards because we are integrating battery management, and we are making the power conversion with a lot more power. So we are going to have a total of 3 boards. So 9 is becoming 3.

第三個優勢是架構上的優勢，體現在我們從第三代電池升級到第四代電池。在第三代電池中，我們有6個微型逆變器、一個電池管理板、幾個其他電路板（通訊板和介面板），總共9個電路板。由於我們整合了電池管理功能，並且採用了功率更大的電源轉換板，這9個電路板將減少到3個。所以，總共只需要3個電路板。因此，9個電路板變成了3個。

Our power electronics, therefore, the cost -- bill of materials are dropping down significantly. And basically form factor-wise, we drop in the power electronics, the 2 inverters by the side -- on 2 sides of the cell pack. Therefore, the form factor certainly becomes very elegant. So not only the form factor becomes elegant in the fourth generation. The cost also is lower, along with taking advantage of the cell pack costs plus the DC plus the microinverter assembly -- I mean microinverter manufacturing in the U.S. So we are very encouraged that gross margins on batteries will continuously go north for us. And I think that will reflect positively on overall gross margins.

因此，我們的電力電子元件成本——也就是物料清單成本——正在顯著下降。基本上，在外形尺寸方面，我們將電力電子元件，也就是兩個逆變器，並排放置在電池組的兩側。因此，外形尺寸無疑變得非常精巧。所以，第四代產品不僅外型尺寸精巧，成本也更低，這得益於電池組成本、直流電成本以及微型逆變器組裝成本——我是指在美國生產的微型逆變器。因此，我們非常有信心電池的毛利率將持續成長。我認為這將對整體毛利率產生正面影響。

The next question comes from Colin Rusch of Oppenheimer.

下一個問題來自奧本海默公司的科林·魯什。

Can you talk a little bit about the OpEx and the compensation plan going forward here? Obviously, with the lower non-GAAP numbers that you've talked about and the higher charge here, is that something we should be thinking about on a go-forward basis? Or is there something else going on here that we should be attending to?

您能否談談未來的營運支出和薪酬計畫？顯然，您剛才提到非GAAP指標下降，而費用卻上升，這是否是我們未來需要考慮的問題？還是有其他需要我們關注的因素？

Let me give some color, and then Mandy can add more there. In December, we basically announced the restructuring, where we -- which affected about 10% of our workforce there. And at that time, we were running at an OpEx run rate approximately in the $95 million to $100 million per quarter. Our desire is to drop that non-GAAP OpEx from that level to a $75 million to $80 million number in the second half of 2024.

我先簡單介紹一下，Mandy 可以補充更多。去年 12 月，我們宣布了重組計劃，大約影響了 10% 的員工。當時，我們的營運支出 (OpEx) 大約在每季 9,500 萬美元到 1 億美元之間。我們希望在 2024 年下半年將非 GAAP 營運支出從這個水準降至 7,500 萬美元到 8,000 萬美元。

So we did a few changes. We did a lot of -- we eliminated a bunch of other spending before we came to people, but then we were forced to take the action on the people front as well. So all of that is largely behind us. And we have taken -- Mandy will talk about the charges that we are taking on GAAP, et cetera. But all of those are largely behind us, and we issued an 8-K in December of 2023.

所以我們做了一些調整。在進行人員調整之前，我們削減了許多其他方面的開支，但之後我們也不得不在人員方面採取行動。所以這些基本上都過去了。我們也承擔了——曼迪會談到我們因GAAP等原因而產生的費用。但這些也基本上都過去了，我們在2023年12月發布了8-K表格。

In addition, what we did at that time was we announced that we are shutting down Romania as well as Wisconsin. It didn't make sense for us to have 10 million microinverters per quarter and it -- meaning capacity. And therefore, we worked with the contract manufacturers, and we had to be fair to them. And therefore, we essentially reduced our capacity from 10 to approximately 7. And so that's what we did, and we announced that change as well. So Mandy, don't you elaborate on the...

此外，當時我們宣布關閉羅馬尼亞和威斯康辛州的工廠。每季生產1000萬台微型逆變器對我們來說並不合理——這意味著產能不足。因此，我們與代工廠商協商，必須對他們公平對待。所以，我們實際上將產能從1000萬台減少到大約700萬台。這就是我們所做的，我們也宣布了這項變化。曼迪，你無需詳細說明…

Sure, yes. So our OpEx, we reduced from -- non-GAAP OpEx reduced from $99 million in Q3, right, to $86 million in Q4, right? And that was before the restructuring effect that, that will come into effect in Q1 and Q2, right? But throughout 2023, we have been reducing discretionary spend, right? And also hiring freeze, right? Even attrition, we don't backfill. We only backfill few critical ones, right? And that's why we got our OpEx to reduce from $99 million to $86 million, right? But in December, we implemented a restructuring plan, right? We further reduced our worldwide headcount for the employees and contractors, right, by 10%. So with that, once those restructuring actions are completed by Q2, we would be at $75 million to $80 million run rate a quarter.

當然，沒錯。我們的營運支出（非GAAP營運支出）從第三季的9,900萬美元降至第四季的8,600萬美元，對吧？這還是在重組措施生效之前，重組措施將在第一季和第二季生效，對吧？但在整個2023年，我們一直在削減可自由支配的支出，對吧？而且我們也凍結了招聘，對吧？即使是人員自然流失，我們也不會進行人員補充。我們只會補充少數關鍵崗位，對吧？這就是為什麼我們的營運支出從9900萬美元降至8600萬美元的原因，對吧？但在12月，我們實施了一項重組計劃，對吧？我們進一步削減了全球員工和承包商的數量，對吧，減少了10%。因此，一旦這些重組措施在第二季完成，我們的季度營運支出將達到7,500萬美元至8,000萬美元。

Okay. That's super helpful. And then just from a pricing perspective, you talked about kind of select discounts for folks in the past. Can you give us a sense of how that's trending here, even if the list prices are stable, what sort of discounts you're having to offer up to folks and if there's any sort of dynamics around evolution of the product driving some incremental price benefit for the company?

好的，這很有幫助。從定價的角度來看，您之前提到會給部分客戶一些折扣。能否介紹一下目前的趨勢？即使標價保持穩定，您目前會提供哪些折扣？產品本身的改進是否會帶來一些額外的價格優勢？

No, there is -- I said the same last quarter. I say the same now. And this has been ever since I took over this -- we have always had the special pricing adjustment business process. And we do manage that very tightly across the company. And so there has been notably not much change in general in the pricing environment, and that should be kind of obvious to see based on our gross margins as well.

不，確實如此──我上個季度也這麼說過，現在依然如此。自從我接手以來，我們一直都有特殊的定價來調整業務流程，而且我們在全公司範圍內都嚴格管理這項流程。因此，整體定價環境並沒有太大變化，這一點從我們的毛利率也可以看出。

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

下一個問題來自美國銀行的朱利安·杜穆蘭-史密斯。

Nice inflection. So just in terms of the 0.5 million shipments here in 1Q here, can you talk a little bit about how you plan to scale up to the 5 billion capacity? You have obviously issued the 8-K here, kind of bringing down overall manufacturing. But can you talk about how you anticipate that ramping here, if you will? And then maybe in tandem with that implicit, how do you see underlying demand trending vis-a-vis kind of returning to that $500 million and then back up to, say, $700 million or what have you?

不錯的轉折點。就第一季50萬件的出貨量而言，您能否談談您計劃如何將產能提升至50億件？您顯然已經發布了8-K報告，這在一定程度上降低了整體產量。您能否談談您預計如何逐步提高產能？此外，您能否結合這一隱含因素，談談您如何看待潛在需求的趨勢，例如，能否恢復到5億美元，然後再回升到7億美元或其他水平？

Right. So just to set context, we shipped approximately 900,000 units from our U.S. factories in Q4. So why are we going back to 500,000 in Q1? That's the first question to answer. And that answers that one. It's basically we are -- focused our inventory in terms of dollars. Gross value of our inventory is about $200 million, $210 million roughly. And we think that inventory is high. That corresponds to 110 days of inventory, I think. And we think that the number of days of inventory is high, so we are going on a war path to reduce that to a best-in-class level. I consider the best-in-class level at 30 days. So we -- that's our North Star. We are going back to 30 days. That means we are going to be ensuring that we don't do any unnecessary manufacturing.

好的。為了便於理解，我們先說明一下背景。第四季度，我們從美國工廠出貨了大約90萬台產品。那麼，為什麼第一季的出貨量要降回50萬台呢？這是首先要回答的問題。現在答案也出來了。基本上，我們正​​在調整庫存，以金額計算。我們庫存的總價值大約在2億到2.1億美元之間。我們認為庫存過高，相當於110天的庫存量。我們認為庫存天數過高，因此正在全力以赴地將其降低到行業最佳水平。我認為30天是行業最佳水準。所以，這是我們的目標。我們要回到30天。這意味著我們將確保不進行任何不必要的生產。

So that's -- based on that, our first priority is to get that -- set that boat right. And so that's why we said, okay, in the first half of the year, we would essentially do whatever it takes to clear the factory inventory and clear the channel. So you should expect lower shipments in the first half. In the second half, which is where if the demand approaches to, let's say, for example, what you talked about, the $500 million level, that corresponds to approximately 3-point-something million microinverters. You should expect 2/3 of those microinverters to be made in the U.S.

所以，基於此，我們的首要任務是解決這個問題──把事情理順。因此，我們說，今年上半年，我們將竭盡全力清理工廠庫存和渠道。所以，預計上半年的出貨量會比較低。下半年，如果需求接近，例如您剛才提到的5億美元水平，這大約相當於30多萬台微型逆變器，那麼預計其中三分之二的微型逆變器將在美國生產。

And for example, if we get back to that $700 million run rate, whenever it is, maybe in 2025, the -- we are talking about 4.5 million to 5 million microinverters. And you should again expect the same thing, 2/3 of that will be in the United States. So it is a strong function of demand. We have to balance both the factories inside and outside, and our balancing is 2/3-1/3, right?

例如，如果我們能恢復到7億美元的年化生產水平，無論是什麼時候，也許是2025年，那我們說的就是450萬到500萬台微型逆變器。而且你應該再次預期，其中三分之二將在美國生產。所以很大程度取決於需求。我們必須平衡國內外工廠的產能，而我們的平衡比例是三分之二到三分之一，對吧？

Right. And maybe just a corresponding follow-up there briefly. Just the 130 million undership, when you think about that being split again between U.S. and Europe, you talked about that as 2/3-1/3. How do you think about where that undership and the dynamic of that inventory being today and maybe prospectively?

好的。或許可以簡單跟進一下。關於1.3億噸的未交付船舶，考慮到這部分船舶又被美國和歐洲瓜分，您之前提到美國和歐洲的比例是2/3到1/3。您如何看待目前以及未來可能出現的未交付船舶數量和庫存動態？

Yes. For Q4, that was, I would say -- roughly it was, I would say, 50-50 for Q4 between the U.S. and Europe. I think for Q1, it will be more tilted towards 60-40 U.S.-Europe.

是的。第四季度，美國和歐洲的市佔率大致各佔一半。我認為第一季度，美國和歐洲的市佔率會更接近60:40。

Next question comes from Philip Shen of ROTH MKM.

下一個問題來自 ROTH MKM 的 Philip Shen。

You highlighted that you think the destocking ends in Q2 now. But prior, you had talked about destocking ending at the end of Q1, and then before that, also by the end of '23. What's the probability and confidence in your call now that the destocking truly ends by the end of Q2? I don't know if the answer is different to the U.S. market versus Europe.

您現在強調您認為去庫存將在第二季結束。但此前您曾說過去庫存會在第一季末結束，再之前也說過會在2023年底結束。您現在對去庫存真的會在第二季末結束的預測有多大把握？我不知道這個問題在美國市場和歐洲市場是否有所不同。

And then how does the impact of some of these meaningful shutdowns and bankruptcies impact you, guys, and your confidence in your ability to say it's Q2? You've been talking about this 450 million to 500 million normalized run rate, but then ADT Solar has shut down, Suntuity, Infinity, Vision, so how does that -- are those dynamics? Because that number, 450 million, 500 million back in Q4 of last year when you had the Q3 call, these companies weren't talking about going away or shutting down. So how has that impacted you, guys? Do you assume that others will just pick up the volume? And then we're also watching closely what happens with the SunPower situation. So if that goes negative, what are your thoughts on how that can impact you, too?

那麼，這些規模較大的停產和破產事件對你們以及你們預測第二季業績的信心有何影響？你們之前提到4.5億到5億美元的正常運作率，但現在ADT Solar、Suntuit、Infinity和Vision都倒閉了，這些情況會如何影響你們的表現？因為去年第四季你們召開第三季財報電話會議時，這些公司並沒有宣布倒閉或關閉。所以，這些事件對你們有什麼影響？你們是否認為其他公司會填補這些空缺？另外，我們也密切關注SunPower的狀況。如果SunPower的業績下滑，你們認為這會對你們產生什麼影響？

Yes. As far as the channel is concerned, in the October call, I was quite clear. I said we do expect to undership in both Q4 as well as Q1, and that's right. And we did not -- at that time, you are correct. I did say we could normalize in Q2. Now we executed on what we said for Q4. The $150 million, what I said, we did $147 million. We expect to do $130 million. We expect to do a much reduced level of undershipment in Q2. We don't expect to do $130 million in Q2. We expect to do a much reduced level. So we think the problem will go away for us in Q2, but I was conservative. I did tell you by the end of Q2, and we are sticking with that.

是的。關於通路方面，我在10月的電話會議上已經說得很清楚了。我說我們預計第四季和第一季都會出現出貨不足的情況，沒錯。而且我們當時確實沒有——你說得對。我的確說過我們可以在第二季恢復正常。現在我們實現了第四季的目標。我之前承諾的1.5億美元，我們實際上完成了1.47億美元。我們預計會達到1.3億美元。我們預計第二季的出貨不足情況將大幅減少。我們預計第二季不會達到1.3億美元，而是大幅減少。所以我們認為這個問題會在第二季解決，但我當時的預測比較保守。我之前說過會在第二季末解決，我們堅持這個預測。

The next one, bankruptcies, how do bankruptcies affect. Bankruptcies are definitely causing some friction in the short term, but I think what will happen, the industry is resilient. What happens is the end customer demand doesn't change. So therefore, it is a matter of time, and it is unfortunate that these happen. However, these can be readily picked up. It might take a quarter. As long as the end customer demand stays the same, we think other installers will pick it up.

接下來是破產問題，破產會如何影響產業？短期內，破產無疑會造成一些摩擦，但我認為產業本身俱有很強的韌性。終端客戶的需求不會改變。因此，破產只是時間問題，雖然這些事情的發生令人遺憾，但這些損失可以很快得到彌補。可能需要一個季度的時間。只要終端客戶的需求不變，我們相信其他安裝商會接手這些業務。

We have a diverse group of installers. We have -- we work with almost 1,500 installers in the U.S. And so there's a lot of redundancy there. And so while -- you are correct, it is -- it will cause some short-term friction. But I think that will soon disappear.

我們的安裝人員組成非常多元化。我們在美國與近1500名安裝人員合作。因此，人員冗餘的情況比較多。所以，雖然——你說得對——這會在短期內造成一些摩擦。但我認為這種情況很快就會消失。

Got it. And then as you think about the difference between the U.S. and European markets, do you think -- can you talk about the destocking situation there? When do you think that is done on a blended basis across the countries? And which region feels -- do you feel like it's better for a faster recovery, U.S. or Europe?

明白了。那麼，當您思考美國和歐洲市場的差異時，您認為——您能談談那裡的去庫存情況嗎？您認為各國何時會採取混合式去庫存措施？您覺得哪個地區──美國還是歐洲──更有利於經濟快速復甦？

I think at least our data, our forecasting calculation today show that Europe will be -- will recover a little bit earlier. By the end of Q1, I think we should see Europe doing a little better than the U.S. But I think both of them should be normalized in Q2.

我認為至少根據我們今天的數據和預測計算，歐洲的復甦速度會稍微快一些。到第一季末，我認為歐洲的表現應該會比美國略好。但我認為到第二季度，兩國的經濟狀況都會趨於正常。

The next question will come from Mark Strouse of JPMorgan.

下一個問題將來自摩根大通的馬克·斯特勞斯。

Kind of a follow-up to Phil's question there. Just wondering if you can dig a bit more into the Netherlands. You mentioned that it -- I think you said it's still weak, but it's getting a little bit better every week. When you're talking to your customers in the field, what are their expectations as far as timing of certainty with the policy over there? And then I have a follow-up.

這是對菲爾問題的後續。我想請您再深入探討一下荷蘭的情況。您提到—我想您說過，荷蘭的疫情情況仍然疲軟，但每週都在好轉。當您與客戶進行實地溝通時，他們對荷蘭政策何時才能確定下來有何預期？另外，我還有一個後續問題。

Yes. So basically, Netherlands -- I have to tell you a story in Netherlands. Essentially, what happened is about 3 to 4 -- actually 6 months ago is what I would say. 6 months ago, the end consumer demand started to go down. And it was kicked off by one of the energy companies charging an export penalty for solar. The company's name is Vandebron. So that caused a lot of fear in customers. The customers are facing -- they are certainly worried about an export penalty for solar. And also in Netherlands, there are -- the situation about net metering hasn't been very clear. When is it going to end? Is it going to continue? And that is -- meetings in net metering are actually underway as we speak right now with the new government. So we'll -- all of us will hear about that soon.

是的。所以，基本上，關於荷蘭——我得跟你們講講在荷蘭發生的事。事情大概發生在三、四個月前——確切地說是六個月前。六個月前，終端消費者的需求開始下降。而這一切的導火線是一家能源公司，名叫Vandebron，該公司對太陽能出口徵收罰款。這引起了消費者的極大恐慌。消費者當然很擔心太陽能出口會被罰款。此外，在荷蘭，淨計量政策的情況也一直不太明朗。它什麼時候結束？會繼續嗎？實際上，就在我們說話的時候，新政府正在就淨計量政策召開會議。所以，我們很快就會聽到相關消息。

So what we did, we kicked off the new year, January second week. We had a Solar Next event in Netherlands where we hosted 800 installers. They all came from across the country. We also hosted a bunch of energy providers. And we also hosted even the transmission, transmission line operators. And we then basically had all of them talk, and we all agreed that Netherlands needs a comprehensive solution that consists of solar plus batteries with energy management software. And that will help unlock the full potential of market.

所以，我們在新年伊始，也就是一月份的第二週，在荷蘭舉辦了一場名為「Solar Next」的活動，接待了來自全國各地的800名安裝商。我們也接待了許多能源供應商，甚至包括輸電線路營運商。之後，我們組織了所有與會者進行交流，大家一致認為荷蘭需要一個包含太陽能電池、儲能電池和能源管理軟體的綜合解決方案。這將有助於充分釋放市場的潛力。

Netherlands has got roughly about 8 million homes. Today, 2.4 million homes have solar. And the worry is those solar producing homes will cause excessive export, and that will be unmanaged. But with intelligent energy management, with the addition of batteries, this can turn into a very -- quickly, it can turn into a very positive because every home will have solar plus a 10 kilowatt hour battery with energy management software, and the payback is still fine, between 6 and 8 years.

荷蘭約有800萬戶家庭。目前，其中240萬戶安裝了太陽能係統。人們擔心這些太陽能發電家庭會造成電力過剩，而這種過剩電力將無法有效管理。但透過智慧能源管理，並加裝儲能電池，這種情況可以迅速轉變為積極的局面，因為每戶家庭都將擁有太陽能係統以及一個配備能源管理軟體的10千瓦時儲能電池，而且投資回收期仍然可觀，只需6到8年。

So we painted that picture, and we had general alignment with all of the stakeholders. Now we are following through on all of those with webinars, with actual execution. With our Solargraf tool, for example, select homeowners can basically understand the value proposition a lot better. In addition, the situation on net metering is starting to get -- will start to get clear in the next few weeks.

所以我們描繪了這張藍圖，並與所有利害關係人達成了整體共識。現在，我們正在透過網路研討會和實際執行等方式落實所有這些目標。例如，借助我們的 Solargraf 工具，部分業主可以更好地理解其價值主張。此外，淨計量電價的情況也開始逐漸明朗，並將在未來幾週內變得更加清晰。

So what I'd say in Netherlands is that once again, I think we saw the bottom. The bottom, I think that was the bottom. And then now with the -- with what we talked about, solar plus batteries, we are also seeing more attach rate of batteries in Netherlands now. So we predict a pickup in both solar and batteries. Of course, we don't have a crystal ball. We could be wrong. We do think net metering decision will come, and that will be a big deal. We do have general alignment with the energy providers that as long as there is dynamic tariff, there would be no export penalty. And -- but we don't need batteries to manage dynamic tariffs.

所以，我想說的是，在荷蘭，我認為我們已經觸底了。我認為那就是真正的底部。現在，正如我們之前討論的，太陽能加儲能技術，荷蘭的儲能電池安裝率也在不斷提高。因此，我們預測太陽能和儲能電池的市場都會成長。當然，我們沒有水晶球，預測也可能出錯。我們認為淨計量政策的推出將是一件大事。我們與能源供應商的共識是，只要實施動態電價，就不會出現出口懲罰。而且，我們並不需要儲能電池來應付動態電價。

So I gave you a long answer. But in short, I think the -- once again, the bottom, I think, is behind us. Now you should see a steady uptick there.

所以我給了你一個很長的答案。但簡而言之，我認為——再一次，我認為——底部已經過去了。現在你應該會看到穩定上升的趨勢。

Okay. That's very helpful, Badri. And then just a real quick follow-up. I know you don't break out exactly the country by country -- given the puts and takes between France and Netherlands and Germany, all of these new countries that you're entering into, any generic guidelines that you can provide the Street as far as kind of your major countries, let's just say, Netherlands, France, Germany, what they might represent of your business today?

好的，這很有幫助，巴德里。還有一個小問題。我知道你們不會逐個國家列出具體數據——考慮到你們在法國、荷蘭和德國等新市場之間的競爭，以及你們正在進入的這些國家/地區，你們能否為華爾街提供一些通用指南，比如說，你們的主要國家/地區，例如荷蘭、法國和德國，它們目前在你們的業務中扮演著怎樣的角色？

We don't usually break that out. But in the order of significance, at least for 2023, overall revenue, it has been Netherlands followed by France followed by Germany. That's how it has been. You obviously heard the situation on Netherlands. I think like what I said, it will soon bounce back.

我們通常不會單獨列出這些數據。但就2023年的整體營收而言，依重要性排序，荷蘭位居榜首，其次是法國，最後是德國。情況就是這樣。您顯然也聽說了荷蘭的情況。我認為就像我之前說的，它很快就會反彈。

We -- as far as France is concerned, we see steady demand in France. Utility rates are increasing in France. So therefore, I mean, already increased last year, expected to increase again this year. So we think that's a general positive. France is actually growing and -- France is flat right now with all of this, and we expect it to grow given the normal seasonality.

就法國而言，我們看到法國的需求穩定。法國的公用事業費率正在上漲。也就是說，去年已經上漲，預計今年還會繼續上漲。因此，我們認為這是一個整體利好因素。法國實際上正在成長，而且——儘管目前法國經濟處於平穩狀態，但考慮到正常的季節性因素，我們預計未來會成長。

The Germany is tricky. Germany, for us, has been hit by a lot of the inventory problems, destocking there. We do have some strong partners. We do have a lot of other distributors buying in various regions in Europe and shipping product into Germany. But one trend we are seeing is that our activations, which is every week, we monitor how many systems got connected to the cloud and whether they have solar plus storage, et cetera. So we are doing quite well there. Our activations are increasing quarter-on-quarter. So clearly, the installers that are a little more conservative. They are holding on to very less inventory, but they are doing -- they are basically installing more Enphase. And so we'll see how that play out -- how that plays out.

德國市場的情況比較複雜。對我們來說，德國市場受到了庫存問題的嚴重影響，我們不得不進行去庫存。不過，我們確實有一些實力雄厚的合作夥伴。我們還有很多其他經銷商在歐洲各地採購產品，然後運往德國。但我們觀察到的一個趨勢是，我們每週都會監控系統啟動情況，包括有多少系統連接到雲端，以及它們是否配備了太陽能+儲能係統等等。目前來看，我們在德國市場的表現相當不錯。我們的激活量正在逐季增長。顯然，那些比較保守的安裝商雖然庫存很少，但他們實際上正在安裝更多的Enphase系統。所以，我們將拭​​目以待，看看最終結果如何。

The next 2 markets that we care about a lot are Italy and U.K. Italy, basically, it's got about roughly a gigawatt of solar and with about 70%, 80% attach of batteries. Grid-tied batteries, single-phase market. And we just introduce our IQ8 microinverter there, and we launched our batteries as well in December. We expect to start shipping batteries into Italy imminently this quarter.

接下來我們非常關注的兩個市場是義大利和英國。義大利的太陽能裝置容量約有1吉瓦，電池儲能覆蓋率約為70%到80%。我們主要關注併網電池和單相市場。我們剛在義大利推出了IQ8微型逆變器，並在去年12月推出了電池產品。預計本季即可開始向義大利出貨。

In U.K., one more big market, 800 megawatts of solar, attach rate of 80% for storage. And once again there, it's -- we just entered the market in September, and we expect to continuously grow there. So those are the 5 big markets for us in Europe. And then the little ones are, of course, Spain, Austria, Switzerland. We are working on improving both microinverters and batteries, there, Greece, Poland. And we'll enter into all of the other countries in Europe. These countries, we already have batteries.

在英國，還有另一個大市場，太陽能裝置容量達800兆瓦，儲能接取率高達80%。我們今年9月才剛進入英國市場，預計會持續成長。以上就是我們在歐洲的五大市場。當然，還有一些小市場，像是西班牙、奧地利和瑞士。我們正在努力改進這些國家的微型逆變器和電池，以及希臘和波蘭。我們計劃進軍歐洲其他所有國家。在這些國家，我們已經有電池產品了。

Sweden and Denmark, I forgot them. Sweden and Denmark, the battery attach in Sweden and Denmark is particularly nice in the last few weeks and months. So we're optimistic that Sweden and Denmark represents a nice opportunity as well. Do you want to add anything, Raghu?

瑞典和丹麥，我忘了說了。瑞典和丹麥的電池供應情況在過去幾週和幾個月特別好。所以我們樂觀地認為，瑞典和丹麥也是不錯的投資機會。拉古，你還有什麼要補充的嗎？

Yes. I think the trend, if you look at -- what we mentioned, the addition, all of these markets transitioning from -- some have already transitioned solar to solar plus battery, means the energy management software becomes a very critical element of it to deliver whatever the use case the homeowner desires. But dynamic tariffs, as we mentioned in the Netherlands, really can prove -- can be -- requires sophisticated software to manage a day-ahead tariff and hourly day-ahead tariff, but it can bring tremendous amount of value to the homeowners. For example, in a dynamic tariff environment, you could have negative pricing. I mean you have negative pricing, you get paid to charge your battery and charge your EV and turn on your heat pump.

是的。我認為，如果你觀察一下我們剛才提到的趨勢，以及所有這些市場正在從太陽能發電（有些市場已經從太陽能發電過渡到太陽能+儲能係統），那麼能源管理軟體就成為了至關重要的組成部分，它能夠滿足房主的各種使用需求。正如我們在荷蘭所提到的，動態電價確實​​需要複雜的軟體來管理日前電價和小時前電價，但它可以為房主帶來巨大的價值。例如，在動態電價環境下，甚至可以實現負電價。我的意思是，在負電價的情況下，你為電池充電、為電動車充電以及開啟熱泵都能獲得收益。

In addition, in a lot of these markets, you're seeing grid services programs also come into effect that pay you a lot of money. For example, again, in the Netherlands market, because of all the solar that's there, it's a 19-gigawatt grid. And there's 19 gigawatts of solar, and then there's another 8, 9 gigawatts of wind. There are imbalance issues, but there's an imbalanced market that you can participate in and get paid for either charging your battery or discharging your battery.

此外，在許多市場，電網服務項目也開始生效，這些項目能為你帶來豐厚的收益。例如，在荷蘭市場，由於太陽能發電量龐大，其電網總容量達到了19吉瓦。其中，太陽能發電19吉瓦，風力發電8到9吉瓦。雖然有電力供需不平衡的問題，但同時也存在一個不平衡市場，你可以參與其中，透過給電池充電或放電來獲得收益。

Similarly, in some of the other markets, there are frequency regulation markets that you can participate in and provide good value to the homeowner because their battery is now basically generating money for you. Same thing, capacity markets in U.K. are also good markets to participate in grid services. So you're seeing this move from solar plus battery plus energy management plus grid services is a very compelling movement for value creation for the homeowner. And this trend here, we are going to see happening more and more and happening worldwide.

同樣，在其他一些市場，您可以參與頻率調節市場，並從中獲得可觀的價值，因為您的電池現在基本上可以為您賺錢。同樣，英國的容量市場也是參與電網服務的好機會。因此，您可以看到，太陽能+電池+能源管理+電網服務的這種組合方式，對於房主來說，是一種極具吸引力的價值創造模式。而且，這種趨勢將會越來越普遍，並在全球範圍內蔓延。

The next question comes from Praneeth Satish of Wells Fargo.

下一個問題來自富國銀行的普拉尼特·薩蒂什。

So the metric you gave for battery sell-through 140 megawatt hours, it's quite high. I guess as we look to the second half of this year, when you got NEM 3.0 fully under swing and the Netherlands bounces back, do you expect battery shipments to increase sequentially each quarter? And do you think it's possible we get to 200 megawatt hours of battery shipments by the end of this year?

您提到的電池銷售量指標是140兆瓦時，這個數字相當高。我想，展望今年下半年，隨著NEM 3.0全面投入使用，荷蘭市場也逐漸復甦，您預期電池出貨量會逐季成長嗎？您認為到今年年底，電池出貨量有可能達到200兆瓦時嗎？

I don't have a crystal ball, but generally, yes.

我沒有水晶球，但一般來說，是的。

Okay. Fair enough. And then I guess second question here on the C&I market. Just wondering if you could give us an update on the IQ8P introduction, how that's progressing and whether we would see meaningful revenue this year or whether that's a 2025 event.

好的，沒問題。那麼，關於工商業市場，我想問第二個問題。能否請您介紹一下IQ8P的推出情況，進展如何，以及今年是否能看到顯著的收益，還是要等到2025年？

You'll see meaningful revenue this year. However, let me step back and tell you about our product, and then Raghu can talk a little more. So we introduced the product in the fourth quarter in December. And this is a 480-watt 3-phase 208-volt market, primarily addressing the U.S. We think -- we estimate the market size approximately 1 gigawatt. And basically, this helps us to service 20 to 200 kilowatts of installation. And we are talking about examples could be schools, could be hospitals, could be gas stations, could be motels, basically small businesses. So that's the 20 to 200 kilowatts we are talking about.

今年您將看到可觀的營收。不過，讓我先簡單介紹一下我們的產品，然後Raghu可以再詳細說。我們在第四季度，也就是去年12月推出了這款產品。它是一款480瓦三相208伏特的電源，主要面向美國市場。我們估計市場規模約為1吉瓦。這款產品基本上可以滿足20到200千瓦的安裝需求。例如，學校、醫院、加油站、汽車旅館等等，基本上都是小型企業。這就是我們所說的20到200千瓦。

Our product called IQ8P, that generates 480 watts of AC. It can service up to 650-watt DC panels. It has got rapid shutdown. We have per panel monitoring, and, of course, highest quality levels, 25 years of warranty. And till now, our long-tail installers have been asking us for this product because they expect the same quality as the residential product. So therefore, they've been asking us. Now we are able to service it. In addition, we also have the Solargraf software, which is the design and proposal software for those commercial installations.

我們的產品 IQ8P 可產生 480 瓦交流電，並可為高達 650 瓦的直流太陽能板供電。它具有快速關閉功能，並提供單一電池板監控，當然，它還擁有最高品質，並提供 25 年保固。在此之前，我們的長期安裝商一直向我們諮詢這款產品，因為他們期望它能達到與家用產品相同的品質標準。因此，他們一直在向我們諮詢。現在，我們終於能夠提供這款產品了。此外，我們還提供 Solargraf 軟體，這是一款用於商業安裝的設計和方案製定軟體。

So we did ship. We did ship a nontrivial amount of units already in Q4 '23. However, you should understand this is a business where it's got a little bit longer time, and it's a project-based business. So therefore, you have multiple parties here in play, which is the building owner. And then he assigns it to a program manager who basically employs an installer. So the sale is a little bit longer compared to residential sales. So it will take us more time to establish a pipeline. But what I know is our product will be good. Our product is very high quality, like what I said. So we expect to get our fair share of the market. And we also expect our shipments into the channel to be continuously up quarter-on-quarter through the year.

所以，我們確實發貨了。我們在2023年第四季已經出貨了相當數量的產品。但是，您應該明白，這是一個週期較長、以專案為基礎的業務。因此，其中涉及多個參與者，首先是業主。然後業主會將專案分配給專案經理，專案經理負責僱用安裝人員。所以，與住宅銷售相比，這種銷售模式的周期要長一些。因此，我們需要更多的時間來建立銷售管道。但我可以肯定的是，我們的產品品質很好。正如我所說，我們的產品品質非常高。因此，我們預計能夠獲得應有的市場份額。我們也預計，全年各季度的通路出貨量將持續成長。

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

下一個問題來自 Craig-Hallum 公司的 Eric Stine。

So pretty clear from your commentary, in the second half, you're expecting to get somewhat back to normal when the sell-in or the undershipment is starting to go away. I'm just curious, as you think longer term, I mean, do you see a scenario where you can get back to -- I think you mentioned $700 million, those types of levels potentially in '25? I mean is this a market, even if the inventory in the channel is cleared, do you think that growth is possible in a higher interest rate environment? How do you think about things? And I know you don't guide, but how do you think about things as you get into 2025 first and second half?

從您的評論來看，很明顯，您預計下半年隨著缺貨或缺貨情況的逐漸消失，市場將逐漸恢復正常。我只是好奇，從長遠來看，您認為2025年有可能恢復到您之前提到的7億美元左右的水平嗎？我的意思是，即使通路庫存清空，在高利率環境下，您認為市場仍有成長的可能性嗎？您是如何看待這個問題的？我知道您不發佈業績指引，但您如何看待2025年上半年和下半年的市場前景？

I mean that's the whole point where we are starting to diversify our product portfolio rapidly. We are planning to introduce -- we already introduced IQ8 microinverters in 21 countries last year. All of us haven't seen those results yet because of the inventory. But once the channel is lean, we should start to see results from all of those countries. So that's one.

我的意思是，關鍵在於我們正在快速拓展產品組合。我們計劃推出－去年我們已經在21個國家推出了IQ8微型逆變器。由於庫存問題，我們目前還沒有看到實際效果。但一旦通路庫存減少，我們應該就能看到所有這些國家的銷售表現。這是其中一點。

We plan to introduce even more number of countries in 2024, which is there are still a lot of markets in Europe, Nordics that are untapped. We are going to introduce microinverters there. In addition, there are also countries in Asia that we are going to introduce. So you'll see that.

我們計劃在2024年將產品推廣到更多國家，歐洲和北歐仍有許多尚未開發的市場。我們將在那裡推出微型逆變器。此外，我們還將進入亞洲的一些國家。敬請期待。

Next, batteries. You come to batteries. Batteries, I already talked about the sell-through continuously increasing. I already talked about our product introduction into places like Australia, U.K., Italy. These places, we are not that big. And we're going to be introducing batteries into other places as well. India is a big untapped market, for example. So many more places in Asia as well as even, I would say, Latin America, for example. We got a lot of countries there which need both solar and storage. So we are focused on multiple countries for both solar plus storage.

接下來是電池。說到電池，我之前已經提到銷量持續成長。我也提到我們已將產品引進澳洲、英國、義大利等市場。在這些地方，我們的市佔率還不算大。我們計劃將電池產品推廣到其他地區。例如，印度就是一個巨大的未開發市場。亞洲還有很多其他地區，甚至包括拉丁美洲。那裡有很多國家既需要太陽能也需要儲能。因此，我們正致力於在多個國家同時開發太陽能和儲能產品。

In addition, we talked about -- for Europe, we talked about social housing and balcony solar. This social housing, for example, is apartment complexes as well as row houses in Netherlands. You have to picture each house having a small system, about 3 kilowatts, 6 panels, 6-panel system. And our microinverters shine when it comes to small systems. Balcony solar is another example. Countries like Germany, Italy, Austria allow you to export energy into the grid and 800 -- basically 800 watt of export into the grid. And we plan to basically leverage those markets as well. And each of those is a 250-megawatt market. So that will help us address 500 megawatts.

此外，我們也討論了歐洲的社會住宅和陽台太陽能發電。例如，荷蘭的社會住宅包括公寓大樓和聯排別墅。您可以想像一下，每棟房子都安裝一套小型太陽能係統，大約3千瓦，6塊太陽能板。我們的微型逆變器在小型系統中表現出色。陽台太陽能發電是另一個例子。像德國、義大利和奧地利這樣的國家允許將多餘的電力輸送到電網，基本上是800瓦。我們計劃充分利用這些市場。每個國家的市場容量都是250兆瓦。這將有助於我們滿足500兆瓦的需求。

In addition, the other thing we talked about is EV chargers. We are planning to introduce EV chargers in a lot of countries in Europe. And as you know, Europe is at the forefront of electric vehicles. So EV -- for example, U.K., Netherlands, Germany and France. We will have products in the third quarter there that are shipping.

此外，我們也討論了電動車充電樁。我們計劃在歐洲許多國家推出電動車充電樁。眾所周知，歐洲在電動車領域處於領先地位。例如，英國、荷蘭、德國和法國等國家，我們的產品將於第三季開始在這些國家出貨。

Additionally, bidirectional EV chargers. Bidirectional EV chargers, yes, you can argue that the price on an EV charger is under $1,000. But when you have a bidirectional charger, all of a sudden, your value is a lot higher. We are already working on a GaN-based bidirectional charger, which will interface to the car's battery around 800-volt D.C. And that will convert DC to AC there. And it will plug in -- it will plug right into our ensemble energy management system that consists of solar and a home battery.

此外，還有雙向電動車充電器。沒錯，你可能會說電動車充電器的價格不到 1000 美元。但是，當你擁有一個雙向充電器時，它的價值就大大提升了。我們已經在研發一款基於氮化鎵 (GaN) 的雙向充電器，它將以大約 800 伏特直流電與汽車電池連接，並將直流電轉換為交流電。然後，它可以直接插入我們由太陽能電池板和家用電池組成的整體能源管理系統。

So I talked about microinverters. I talked about batteries, usual markets, going into many countries, talked about social housing, balcony solar, talked about EV chargers, which is into Europe as well as bidirectional charges overall.

所以我談到了微型逆變器、電池、常規市場、進軍多個國家、​​社會住宅、陽台太陽能、電動車充電器（已進入歐洲市場）以及雙向充電等問題。

And then the last one is software. We are going to have energy management software. This is AI-based software, which will do production, consumption forecasting and make the right decisions, particularly when it comes to serving markets with the dynamic tariffs and imbalance. And that is going to be worth quite a bit for customers. So we do expect to have our fair share there. So of course, we are always looking at how to increase our revenue per home, and that's our focus, but we have a lot more revenues in front of us that we need to execute on.

最後一點是軟體。我們將推出能源管理軟體。這是一款基於人工智慧的軟體，能夠進行生產和消耗預測，並做出正確的決策，尤其是在應對動態電價和供需不平衡的市場時。這對客戶來說意義重大。因此，我們預期會從中分一杯羹。當然，我們一直在研究如何提高每戶的收入，這是我們的工作重點，但我們還有很多收入成長點需要落實。

The next question comes from Christine Cho of Barclays.

下一個問題來自巴克萊銀行的克里斯汀喬。

I just wanted to get some more color on the Netherlands and these dynamic rates. And I was curious, with the way they're structuring these rates, is there any sort of risk that homeowners might elect to just take a battery and no solar system to play the arbitrage in rate? And could you give us an idea of how much better the payback is for solar plus storage versus just storage under the dynamic rate structure? And then just with how things are progressing there, is there any real reason why anyone would buy a solar system without a battery at this point?

我只是想更詳細地了解荷蘭和這種動態電價機制。我很好奇，按照他們目前的電價結構，房主是否有可能為了利用電價套利而選擇只安裝儲能電池而不安裝太陽能係統？您能否介紹一下，在動態電價機制下，太陽能加儲能的投資報酬率比只安裝儲能係統高多少？另外，就目前的情況來看，現在還有什麼理由會有人買不帶儲能電池的太陽能係統？

Yes. So you have to look at the intent. The Dutch market is really very, very focused on converting to renewables. So if we see the solar plus battery to be the predominant market, of course, there may be some corner cases where we may see people purely doing it for arbitrage purposes, but we primarily see the market to be that battery gets associated with solar. It could be battery plus solar -- sorry, solar plus battery plus EV charger plus heat pump and all of that managed by, Badri mentioned, artificial intelligence and machine learning-based energy management software.

是的。所以你必須看意圖。荷蘭市場確實非常非常專注於轉型為再生能源。因此，如果我們認為太陽能+電池是主流市場，當然，可能會有一些特殊情況，例如有人純粹出於套利目的而這樣做，但我們主要看到的市場是電池與太陽能結合使用。它可以是電池+太陽能——抱歉，應該是太陽能+電池+電動車充電器+熱泵，所有這些都由巴德里提到的基於人工智慧和機器學習的能源管理軟體來管理。

So we don't see in the future that there'll be any system that would be solar only. It would be storage only or solar only as well. We expect that it will always be an energy system, and that's the transition that the Netherlands market would also undergo very quickly. And by managing dynamic tariffs, which you need very sophisticated software to do because it's a day-ahead market and the rate is going to change on an hourly basis, you need very good forecasting of both production as well as consumption.

因此，我們認為未來不會出現純太陽能係統，儲能係統或純太陽能係統都可能存在。我們預計能源系統將始終是一個整體，荷蘭市場也將很快經歷這種轉型。由於這是一個日前市場，電價每小時都會變化，因此管理動態電價需要非常複雜的軟體，這就要求對發電量和用電量都進行非常精確的預測。

You need to be able to manage all of that. You need to be able to steer, hey, when am I going to charge my battery? When am I going to discharge my battery? When am I going to charge my EV soon? When am I going to be able to discharge my EV? Manage you heat pump, buy and sell energy from the grid. All of that is done by that sophisticated software that we have. And layer on top of that grid services through participation in an imbalanced market. This is a direction in which the entire Dutch market will move towards, but always solar will be a key element of it because that's the intent.

你需要能夠管理所有這些。你需要能夠掌控一切，例如，什麼時候讓電池充電？什麼時候會為電池放電？什麼時候幫電動車充電？什麼時候給電動車放電？管理你的熱泵，從電網買賣能源。所有這些都由我們先進的軟體完成。此外，你還可以透過參與不平衡的市場來獲得電網服務。這是整個荷蘭市場的發展方向，但太陽能始終是其中的關鍵要素，因為這就是我們的目標。

Right. And to add a little bit more is solar plus battery self-consumption, the payback, let's say, in a world without net metering, that payback will be around 8 to 9 years. And then you add on the savings due to dynamic tariffs where the batteries can help. Batteries as well as solar can help manage the situation. That will reduce the payback by a year or so. Then your imbalance also has the capability. Imbalance management also has the capability to reduce that payback further down by a year or 2. So you get to a very nice payback, which is 6 years -- 6 to 7 years with solar plus batteries and software gives you good payback. And the good thing is if you have net metering, those numbers will get even better.

沒錯。再補充一點，如果太陽能加電池自用，在沒有淨計量電價的情況下，投資回收期大約是 8 到 9 年。然後，再加上動態電價帶來的節省，電池就能發揮作用。電池和太陽能都能幫助管理電價，這樣就能將投資回收期縮短一年左右。此外，不平衡管理也能進一步縮短一到兩年的投資回收期。所以，如果太陽能加電池和軟體配合使用，投資回收期可以縮短到 6 到 7 年，非常可觀。更棒的是，如果實施淨計量電價，這些數字還會更低。

Okay. And then part of the issue of the slowdown in the California recovery is because California installers don't know how to install the batteries. And California homes are bigger, and I suppose there are more rules here around the batteries and placement, which also adds complexity. The Netherlands homes are much smaller. And from what I understand, the rules there are so lax around the permitting for solar. So I can't imagine that they're going to be that different for storage. But should we think that the actual installation for batteries is easier there and less of an obstacle as it has been in California? And given I don't think they really have outages, should we think that the batteries and installations will be primarily for load shifting?

好的。加州復甦放緩的部分原因是加州的安裝人員不知道如何安裝電池。而且加州的房屋面積更大，我想這裡關於電池及其安裝位置的規定也更多，這也增加了複雜性。荷蘭的房屋面積小得多。據我了解，荷蘭對太陽能的審批規定非常寬鬆。所以我估計儲能方面的情況也不會有太大差異。但是，我們是否應該認為荷蘭的電池實際安裝會更容易，不像加州那麼困難？考慮到我認為荷蘭很少停電，我們是否應該認為荷蘭的電池和儲能裝置主要用於負載轉移？

And it's exactly that, meaning there isn't too many outages in Netherlands at all. So right now, if you look at many countries in Europe, they will all talk about only grid-type batteries. These batteries do not need backup. Of course, we offer backup as well. It is what the customer wants. But the customers have been asking for grid-type batteries.

事實正是如此，這意味著荷蘭的停電事故並不多。所以現在，如果你看看歐洲很多國家，他們都會只談論併網型電池。這些電池不需要備用電源。當然，我們也提供備用電源。這是客戶的需求。但客戶一直以來都更傾向併網型電池。

Grid-type batteries have -- are simpler in a sense. You don't need to be about backup panel and all that. It is like installing solar. Grid-type batteries are not in the path of power, like solar. If you want to do backup, you have to insert a switch in between the utility and the home. And so all of that is not required. It is simply an economical place here. And essentially, it stores energy, and you can discharge it for use later.

併網型電池在某種程度上更簡單。你不需要備用電源面板之類的東西。它就像安裝太陽能板一樣。併網型電池不像太陽能板那樣佔用電力線路。如果你想要備用電源，你需要在公用電網和房屋之間加裝一個開關。因此，這些都不是必需的。它在這裡是一種經濟實惠的選擇。本質上，它儲存能量，你可以將其釋放出來以備後用。

So yes, I mean -- and also, the homes are small, as you rightly pointed out. The battery sizes may be between 5 and 10 kilowatt. The sweet spot could be something like a 5 kilowatt hour battery for all the installations. And the attach rates in Netherlands could be very high, 80% to 90% at 5 kilowatt hour, which is not a big dent in the pocket but enough to basically have the energy companies feel happy that, okay, the customers have a way to manage and not export solar all the time in an unmanaged fashion.

是的，我的意思是——而且，正如您所指出的，這些房屋面積較小。電池容量可能在 5 到 10 千瓦之間。對於所有裝置來說，5 千瓦時的電池可能是最佳選擇。在荷蘭，5 千瓦時的電池存取率可能非常高，達到 80% 到 90%，這不會對用戶造成太大的經濟負擔，但足以讓能源公司感到滿意，因為用戶有辦法管理太陽能，而不是一直無序地將電力輸送出去。

The next question comes from Jordan Levy of Truist.

下一個問題來自 Truist 公司的 Jordan Levy。

Thanks for all the detail. Maybe just to start quickly on the U.S. battery manufacturing side. And you may have touched on this, but just to get a sense of how we should think about the trending for margins on the battery side versus micros once you start to bring on that U.S. manufacturing capacity later this year.

感謝您提供的所有細節。或許我們可以先從美國電池製造著手。您可能已經提到過這一點，但我想了解一下，一旦今年稍後美國產能開始投產，電池方面的利潤率與微型電池相比，其趨勢會如何變化。

Yes. Today, our -- I mean, today, our supply chain is predominantly in China, and we assemble our batteries there. Going forward, our supply chain will have 2 paths. One will still have one with the best-in-class cost structure, will have basically the assembly of the battery in China with microinverters made in the United States. So that will help us because the microinverters are made here.

是的。目前，我們的供應鏈主要在中國，電池也在中國組裝。未來，我們的供應鏈將有兩條路徑。其中一條仍將保持一流的成本結構，電池將在中國組裝，微型逆變器則在美國生產。這對我們很有幫助，因為微型逆變器是在美國製造的。

The other is the entire battery is assembled in the U.S., including the microinverters, obviously. And the latter one, we plan to have it in the third quarter of 2024. And of course, some customers, especially the TPO customers, will have the benefit of getting an additional 10% in ITC as long as we meet the domestic content requirement, which we plan to meet. So -- and we expect to get -- we expect to have a slight premium there to compensate for the cost of assembly in the U.S. So I think either way, both paths will have similar gross margins in my mind, but they will all continuously improve as our cell packs get lower cost and our microinverters are manufactured in the U.S.

另一個方案是整個電池組（包括微型逆變器）都在美國組裝。我們計劃在2024年第三季實現這一目標。當然，部分客戶，特別是第三方採購（TPO）客戶，只要我們符合國內含量要求（我們計劃達到此要求），就能獲得額外的10%投資稅收抵免（ITC）。因此，我們預計會獲得少量溢價，以彌補在美國組裝的成本。所以我認為，無論哪種方案，毛利率都會相近，但隨著電池組成本的降低和微型逆變器在美國的生產，毛利率都會持續提高。

Appreciate that. And just a quick follow-up, along those same lines. You've been a big pioneer in increasing U.S. manufacturing capacity. This is a question that will come up probably a lot over the next 12 months, but -- or less, but out of the election in November, I just wanted to get your thoughts as it relates to any existential threats to the IRA or any of the components of the IRA as we approach the election.

非常感謝。還有一個後續問題，也和之前的情況類似。您一直是提升美國製造業產能的先驅。這個問題在未來12個月內可能會被反覆提及，但——或者說，在11月大選之後——我只是想聽聽您對IRA（美國工業關係局）及其任何組成部分在臨近大選時可能面臨的生存威脅有何看法。

Yes. Obviously, we don't have a crystal ball to predict who is going to win elections. But to some extent, we don't think it will matter because at the end of the day, this is about creating jobs and investments and both of which we have done, given our factories both here in -- the 2 factories here in the U.S., both in South Carolina as well as in Texas.

是的。顯然，我們沒有水晶球可以預測誰會贏得選舉。但在某種程度上，我們認為這並不重要，因為歸根結底，這關乎創造就業和投資，而這兩點我們都做到了，我們在美國——南卡羅來納州和德克薩斯州——都設有工廠。

The next question comes from Kasope Harrison of Piper Sandler.

下一個問題來自 Piper Sandler 公司的 Kasope Harrison。

So the first one, just a quick follow-up on the comment, Badri, you made earlier. I think you said half of your activations in January were for NEM 2.0, the balance in NEM 3.0. Can you give us a sense of what the NEM 2.0 mix of sell-through was in 4Q? And then when do you expect that NEM 2.0 backlog to run out completely?

首先，我想快速跟進你之前的評論，Badri。你提到一月一半的活化量是NEM 2.0，另一半是NEM 3.0。你能大概說說第四季NEM 2.0的銷售狀況嗎？還有，你預計NEM 2.0的積壓訂單什麼時候才能全部售罄？

Yes. I mean I leaned in a little bit and gave you the numbers in January. Those correspond those. When I say system activation, this one is even further. It is not -- it is -- sell-through happens when distributors sell to installers. Activation means those installers finish installation, and it goes up on roofs. What I gave you was we see homes coming up on our [Enphase] software platform. And we are able to clearly say how many of them are NEM 2.0, how many of them are NEM 3.0.

是的。我的意思是，我剛才稍微靠近了一點，把一月的資料告訴了你。這些數據和現在的情況相符。我說系統激活，這方面還有更深層的。銷售完成是指分銷商把產品賣給安裝商。啟動是指安裝商完成安裝，把設備安裝到屋頂上。我剛才告訴你的是，我們看到越來越多的房屋接入了我們的[Enphase]軟體平台。而且我們能夠清楚地說明其中有多少是NEM 2.0，有多少是NEM 3.0。

So in January, 50% of them where NEM 3.0. 50% of them, therefore, were NEM 2.0. If you ask me what is that ratio in the prior quarter, I don't know. But my guess is it was approximately 70-30, 70% NEM 2.0 and 30% NEM 3.0 in the prior quarter Q4. And in Q1, I expect it to be more like 50-50.

所以一月份，其中50%是NEM 3.0，另外50%是NEM 2.0。如果你問我上一季的比例是多少，我不知道。但我估計大約是70:30，也就是上一季（第四季）70%是NEM 2.0，30%是NEM 3.0。而我預計第一季的比例會更接近50:50。

Got it. Helpful. And then just a quick follow-up question. In your discussions with your distributors, has there been any indication whatsoever that they may want to hold less inventory on hand moving forward versus the 8 to 10 weeks they used to previously? And really, the root of the question just stems from the fact that a lot -- before you were shipping a bunch of stuff to the U.S. from India. You have longer lead times given you're going across the ocean. That changes once Texas and South Carolina ramp and become 2/3 of your shipments. And so I'm wondering if simplistically shorter lead times means less inventory from a distributor perspective.

明白了，很有幫助。還有一個後續問題。在您與經銷商的討論中，他們是否表示希望減少庫存，而不是像以前那樣保持8到10週的庫存週期？實際上，這個問題的根源在於，以前你們從印度向美國發貨，由於跨越海洋，交貨週期較長。但隨著德州和南卡羅來納州的業務成長，這兩個州的貨運量佔到你們總貨運量的三分之二，情況就改變了。所以我想知道，從經銷商的角度來看，交貨週期縮短是否意味著庫存也會減少。

That's correct. It does mean -- and at the end of the day, look, I mean we need end customer demand at the end of the day. Distributors are definitely a critical part of the equation, but we need end customer demand. So anything that shortens the cycle time is actually good for us. Anything that compresses the overall cycle time, which U.S. manufacturing will do, is good for us because then there is -- inventory doesn't have a lot of money on it. And so we think that's what you pointed out, will be a net positive for us once we come out of this.

沒錯。這確實意味著──說到底，我們最終還是需要終端客戶的需求。經銷商固然是關鍵因素，但終端客戶的需求才是最重要的。所以，任何縮短週期時間的措施其實都對我們有利。任何能夠壓縮整體週期時間的措施，例如美國製造業就能做到的，都對我們有利，因為這樣一來，庫存就不會佔用太多資金。因此，我們認為，正如您所指出的，一旦我們走出困境，這將對我們產生積極影響。

The next question will come from Andrew Percoco of Morgan Stanley.

下一個問題將來自摩根士丹利的安德魯·佩爾科科。

Maybe just if you can maybe elaborate or give us an update on your SunPower contract exclusivity there. I think it was set to end at the end of March here. So if you could just provide an update in terms of how those negotiations are going and maybe what's baked into your guidance in terms of run rate revenue for 2024 as it relates to that contract.

您能否詳細說明您與SunPower的獨家合約的最新進展？我記得這份合約原定於3月底到期。所以，如果您能提供一下談判的最新情況，以及這份合約對2024年營收預期的影響，那就太好了。

Yes. I mean we have enjoyed a contract with SunPower for the last 5 years almost. It is going to come to a close in Q1. And of course, we are in discussion with them. And I'll just leave it at that. I don't want to comment on any revenue. We don't comment on revenue associated with one customer like that. All of those discussions are confidential. But if there is something that gets finalized, you'll know.

是的。我的意思是，我們和SunPower的合約已經維持了將近五年。這份合約將在第一季到期。當然，我們正在和他們進行洽談。我就說到這裡吧。我不想評論任何收入。我們不會對與單一客戶相關的收入發表評論。所有這些討論都是保密的。但如果最終達成協議，我們會通知你們的。

Fair enough. And then maybe just one housekeeping item. Badri, I think in your prepared remarks, you mentioned 50% of your customers under NEM 3.0 are using your battery. But I think you also said the industry data is showing battery attach rates of close to 80%. So can you maybe just comment on what's driving that delta and maybe how you can get a higher attach rate for your battery specifically on those NEM 3.0 customers?

好吧。那可能還有一點要補充說明。巴德里，我記得你在準備的演講稿中提到，你們NEM 3.0客戶有50%在使用你們的電池。但你也說過，產業數據顯示電池的安裝率接近80%。所以，你能否解釋一下造成這種差異的原因，以及你們如何提高NEM 3.0客戶的電池安裝率？

Right. So basically, that's right. The -- in general, the attach rate of an NEM 3.0 solar system is 80% according to the industry data. So attachment to our solar system. In the past, for NEM 2.0, for example, for NEM 2.0, it was about 10%. And that has increased now to 50% with -- because it just makes sense to add a battery. That's why we said our sell-through numbers became higher by -- improved by 58% compared to the prior quarter.

沒錯。基本上就是這樣。根據產業數據，NEM 3.0太陽能係統的平均安裝率一般為80%。也就是說，安裝到我們太陽能係統的安裝率很高。例如，過去NEM 2.0的安裝率約為10%。現在，由於加裝電池是合理的，安裝率已提高到50%。這就是為什麼我們說我們的銷售業績比上一季提高了58%。

Now your question is why is Enphase market share not 100%. Why aren't all Enphase solar installations having Enphase battery? Because customers have a choice. Ours is an AC-coupled system. And therefore, we have batteries that can tie into that AC-coupled system. However, the situation is still a net positive for us because the 10% battery attach is now a 50% battery attach rate. And we are constantly working on having this data and getting not the 50%.

現在您的問題是，為什麼Enphase的市佔率不是100%？為什麼不是所有Enphase太陽能裝置都配備了Enphase電池？因為客戶有選擇權。我們的系統是交流耦合式的，因此，我們的電池可以與這種交流耦合式系統連接。不過，這對我們來說仍然是利好消息，因為電池接取率從10%提高到了50%。我們不斷努力，爭取更高的接取率。

I think we are doing a lot of work in improving the product. If you look at both in terms of existing installation, commissioning, serviceability, et cetera, and when [R3] gets better, [R4] gets even better, including -- it's a very simple product to install. As Badri mentioned, the form factor is such that it just makes it much easier to install. So we win the rest of the business as we go, as we continue to make not only hardware product improvements but also all of the software improvements that we are making. Both of those mean that we will win more of our business.

我認為我們在產品改進方面做了很多工作。從現有安裝、調試、可維護性等方面來看，R3 版本不斷改進，R4 版本也會更加出色，安裝非常簡單。正如 Badri 所提到的，它的外形設計使得安裝更加便利。隨著我們不斷改進硬體產品和軟體，我們將繼續贏得更多業務。這兩方面都意味著我們將贏得更多市場份額。

The next question comes from Joseph Osha of Guggenheim Partners.

下一個問題來自古根漢合夥公司的約瑟夫‧奧沙。

Two quick questions. First, talking about storage, you used to talk a lot about commissioning challenges in the time it was -- it seems like that's gotten better. But -- and I'm just wondering, if we look at developers and we think about cost, installation difficulties, explaining things to the consumer, what do you think the real -- biggest challenges are right now in terms of selling storage, especially in California?

兩個問題。首先，關於存儲，您以前經常提到調試方面的挑戰——現在看來情況有所改善。但是——我想問的是，如果我們從開發商的角度出發，考慮成本、安裝難度、向消費者解釋等問題，您認為目前在銷售儲存設備方面，尤其是在加州，最大的挑戰是什麼？

Yes. I mean batteries are hard to sell. First of all, they add cost to your system. I mean in a high interest rate environment, people think twice about adding them. Then second, these batteries are messy. It is like, for example, if you have to do full backup, you do have to plan for it properly, and you cannot shortchange your design. It should be a very high-quality product. It should -- because when power goes, the batteries -- the battery company is the utility company.

是的。我的意思是，電池很難賣出去。首先，它們會增加系統的成本。在高利率環境下，人們會慎重考慮是否要添加電池。其次，這些電池很麻煩。比如說，如果你需要完整的備用電源，就必須做好充分的規劃，設計上不能偷工減料。電池必須是高品質的產品。因為一旦停電，電池──電池公司就是電力公司──就得承擔責任。

So batteries are tough to do properly. Also when there is a problem with the battery, servicing is tough. You have to get it off the wall. You have to ship it to the installer. Installer has to contact the supplier. Supplier has to ship the replacement. Installer has to come back. So for installers, it's very difficult. And they have truck rolls, many truck rolls on batteries, more than inverters, more than solar.

所以電池的安裝很難做好。而且一旦電池出現問題，維修也很麻煩。你得先把電池從牆上拆下來，寄給安裝人員，安裝人員再聯絡供應商，供應商寄來替換電池，最後安裝人員再來取回。所以對安裝人員來說，這非常困難。而且電池的維修出車次數也很多，比變頻器和太陽能的維修出車次數都多。

So what we have tried to do in our third-generation battery, and that is why our battery sales are picking up, is we have tried to take that into account. First of all, the commissioning experience is a lot simpler. So under an hour, you can commission it. Second, if you want to use the battery in a grid-type environment, even simpler, but it can be used for backup, too. The third one, which is a very important one, is 90% of the time, the batteries can be serviced in situ.

因此，我們在第三代電池中努力做到了這一點，這也是我們電池銷售成長的原因。首先，調試過程大大簡化，不到一小時即可完成。其次，如果要在併網環境中使用電池，操作就更加簡單，而且它也可以用作備用電源。第三點非常重要，那就是90%的情況下，電池都可以在現場進行維護。

In situ means on the wall, while the battery is still on the wall, which means the common problems that we see, very rarely, you see a problem with the cell pack. Problems commonly that we see are with battery management and power electronics. For us, all of them are serviceable boards, which means a $40 board gets out and the new $40 board comes in. And our field service people, Enphase field service people are there, and we have 100 of them. And basically, they are there, and they take that off, the installers, especially in a critical time line because you don't want the installer to do the service. You want the company responsible, which is Enphase here. Any issues, we take care of so that installers can sell. So serviceability is becoming a big differentiator.

「現場安裝」指的是電池組仍安裝在牆上，這意味著我們遇到的常見問題（極少情況下是電池組本身的問題）都集中在電池管理系統和電源電子元件上。對我們來說，所有電路板都是可維修的，這意味著只需更換一塊價值 40 美元的電路板即可。我們的現場服務人員（Enphase 的現場服務人員）隨時待命，我們有 100 位這樣的人員。他們負責為安裝人員解決問題，尤其是在關鍵時期，因為我們不希望安裝人員承擔維修工作。我們希望由公司負責，也就是 Enphase。任何問題，我們都會負責解決，以便安裝人員可以繼續銷售。因此，可維修性正成為一項重要的競爭優勢。

So with our third-generation battery, which is the one that we are shipping today in volume, all of those are best in class, commissioning, the quality of the batteries, the serviceability of the batteries, the modularity. We have 5 kilowatt hours. It's an LFP battery, lithium ion phosphate with UL 9540A. It's just a better battery on all fronts.

因此，我們目前批量出貨的第三代電池，在調試、電池品質、可維護性和模組化等方面都達到了同類最佳水平。這款電池容量為5千瓦時，採用磷酸鐵鋰電池（LFP），符合UL 9540A認證標準。它在各方面都更勝一籌。

We also have our design proposal tool, Solargraf, that upfront allows the installer to do a very, very good design for the -- whatever the homeowner's expectations are in terms of payback period and upfront cost, et cetera. You can really fine-tune the design of the solar plus battery system and generate a proposal. It takes it a step further. We can do single -- we do single-line diagrams, permit plan, third generation, everything out of this tool.

我們也開發了一款名為 Solargraf 的設計方案工具，它能讓安裝人員預先根據業主對投資回收期、前期成本等方面的預期，制定出非常完善的設計方案。您可以對太陽能+儲能係統進行精細化設計，並產生方案。它更進一步，我們可以用這款工具繪製單線圖、許可證申請圖、第三代太陽能係統圖等等。

So it's an end-to-end solution that we are providing the homeowner, everything from design to installation, the ease of installation, so visibility and really good customer service. And that's what it's going to take for broad, wide-scale adoption of batteries, and you're seeing that happening. I think it's being reflected in the numbers we shared.

所以，我們為業主提供的是一站式解決方案，涵蓋從設計到安裝的方方面面，包括便利的安裝、清晰的流程以及優質的客戶服務。而這正是電池大規模普及的關鍵所在，而您也看到了這種趨勢正在發生。我認為我們分享的數據也印證了這一點。

Okay. And then just as a follow-on to that, I guess my question is stipulating that you all have fixed the product issues, which clearly you have. Does there need to be some kind of augmented effort to educate dealers and maybe bring them back into the fold, if they've gotten their fingers burned trying to sell batteries in the past or is just saying, hey, we've got a good product, now trust us? Is that enough?

好的。那麼，作為後續，我想問的是，假設你們已經解決了產品問題（顯然你們已經解決了），是否需要加大力度培訓經銷商，讓他們重新信任你們，尤其是那些過去在銷售電池方面吃過虧的經銷商？還是只是告訴他們「嘿，我們的產品很好，相信我們」就夠了？

So yes, absolutely. It's not enough. We have to do a lot more. We have to do the events such as what we did in Netherlands. It's got to be done at a higher frequency because the NEM 3.0 experience is telling us that we don't need to help in whatever way we can. And we are going to do exactly that. We have our sales -- I mean our team actually listening to our installers and their salespeople. We are -- we can do a lot more there in terms of simplifying our software so that we can really make sure that the selling at the kitchen table becomes a lot easier. And that's what we are going to do in the next few months.

所以，是的，絕對的。這還不夠。我們必須做得更多。我們必須舉辦像我們在荷蘭舉辦的那種活動。而且必須更頻繁地舉辦，因為NEM 3.0的經驗告訴我們，我們不需要盡我們所能地提供協助。而我們正打算這麼做。我們的銷售團隊——我是說我們的團隊——正在認真傾聽安裝人員及其銷售人員的意見。我們可以在簡化軟體方面做得更多，從而真正確保在餐桌上的銷售變得更加輕鬆。這就是我們未來幾個月要做的事。

The next question comes from Gus Richard of Northland.

下一個問題來自北地的格斯理查德。

I just had -- first of all, on gross margin, you guided down about 500 basis points sequentially. And I was just wondering, is that a function of mix? Or is it a function of underutilization? Or is it something else?

我剛剛問了——首先，關於毛利率，您環比下調了約500個基點。我想知道，這是產品組合變化導致的嗎？還是產能利用率不足導致的？還是有其他原因？

It's a function of mix and some underutilization reflected.

這反映了產品組合的多樣性以及一些未充分利用的因素。

Okay. Can you sort of allocate to those 2 or...

好的。你能大致分配給那兩個人嗎？

No, we are not breaking down numbers. You can see our microinverters is basically down compared to the prior quarter. So basically primarily attributed to that.

不，我們沒有細分數據。你可以看到，我們的微型逆變器銷量與上一季相比基本下降。所以，這主要是由於微型逆變器銷售下降所造成的。

Fair enough. And then moving forward, you've got a number of cost-downs coming in gen 4 battery and moving to GaN, IQ9, et cetera. I was wondering if you could just talk about how those new products and cost-downs sort of roll into the model over the next couple of quarters and what, if any, impact it will have on gross margin. And that's for me.

好吧。接下來，第四代電池以及氮化鎵（GaN）、IQ9等技術都將帶來一系列成本降低。我想請您談談這些新產品和成本降低措施將在未來幾季如何融入現有模式中，以及它們會對毛利率產生怎樣的影響（如果有的話）。這是我的問題。

Yes. I talked about the 3 things on batteries. Once again, just to refresh, cell pack costs are coming down. Microinverters are going to be made in America and then go into batteries. So that supply chain is going to become best in class. The third is -- the first 2 are for all our batteries. The third is specifically for the fourth generation, which has improved architecture, integrating power conversion, battery management. These 3 initiatives should take the battery gross margins up not in a very nice fashion.

是的。我談到了電池的三個關鍵要素。再次強調一下，電芯成本正在下降。微型逆變器將在美國生產，然後裝入電池中。這樣一來，整個供應鏈將達到行業領先水準。第三點－前兩點適用於我們所有的電池。第三點專門針對第四代電池，它採用了改進的架構，整合了功率轉換和電池管理功能。這三項措施應該會提高電池的毛利率，但提高的方式可能不太理想。

Then the other one, you talked about GaN-based product. For us, GaN, we are essentially looking to release in our next-generation inverter that's called IQ9. IQ9, at this point, we are thinking of 2 power flavors, approximately 427 watts of AC and 540 watts of AC. And the challenge for us, and that's a challenge to the team, is to basically get cost structure of the 427-watt product to actually be smaller than the product we are shipping today, which is IQ8A product. And we think it is possible because of one particular innovation there, is along with GaN, we have something called as BDS, which is bidirectional GaN.

然後，您提到了基於氮化鎵（GaN）的產品。就我們而言，氮化鎵技術主要應用於我們新一代逆變器IQ9。目前，IQ9計劃推出兩種功率版本，分別是427瓦交流電和540瓦交流電。我們團隊面臨的挑戰是如何將427瓦產品的成本降低到低於我們目前在售的IQ8A產品。我們認為這是可以實現的，因為我們採用了一項創新技術：除了氮化鎵之外，我們還擁有一種名為BDS（雙向氮化鎵）的技術。

So today, we use 4 silicon transistors at the output stage. And that can go into 2 GaN FETs because they are bidirectional. So therefore, GaN can actually -- even if the GaN transistors themselves, the overall cost of those transistors may be the same as silicon, even if that is the case, GaN comes with a lot of other advantages. Like for example, your transformers can now become a lot smaller if you run your FETs at a higher frequency. So in general, the inverter can get smaller. And the challenge for us is how do you pack power, 427-watt power, into the same form factor as IQ8 with the reduced cost structure compared to IQ8. That will allow us to make a lot of money, plus make those inverters in the U.S.

所以今天，我們在輸出級使用了4個矽電晶體。由於GaN FET是雙向的，所以它們可以整合到2個GaN FET中。因此，即使GaN電晶體本身的成本可能與矽電晶體相同，GaN也具有許多其他優勢。例如，如果FET的工作頻率較高，變壓器就可以做得更小。總的來說，逆變器可以做得更小。我們面臨的挑戰是如何在與IQ8相同的尺寸內，以更低的成本，實現427瓦的功率輸出。這將使我們能夠獲得豐厚的利潤，並且還能在美國生產這些逆變器。

The next question comes from Moses Sutton of BNP Paribas.

下一個問題來自法國巴黎銀行的摩西·薩頓。

So Badri, just on the sell-through and channel correction points as well as your answer to Phil. What are your thoughts on the still shifting demand? So it looks like if you look at the front-end data, are still states where demand is still dropping in real time, like even into January, and pricing for loans and leases haven't inflected -- haven't at least changed to inflect organic market growth. How do you pull that together when you're thinking through your comments specifically for 2H?

巴德里，關於銷售情況和通路調整點，以及你對菲爾的回答，你對仍在變化的需求有什麼看法？從前端數據來看，似乎有些州的需求仍在即時下降，甚至到了1月也是如此，而貸款和租賃的價格還沒有出現變化——至少沒有改變到足以影響市場自然成長。當你在思考下半年業績時，是如何將這些資訊綜合起來的？

Yes. I mean look, we all know that there is seasonality factor from non-California states. But the fact of the matter is at least our data, non-California states have -- if you look at Q4 versus Q3, they're flat in terms of microinverters. And we think they will bounce back coming off the seasonality. That's what we think.

是的。我的意思是，我們都知道加州以外各州的銷售量會受到季節性因素的影響。但事實是，至少根據我們的數據，加州以外各州的微型逆變器銷售量——如果你對比第四季和第三季的數據——基本上持平。我們認為，隨著季節性因素的消退，銷售量將會反彈。我們就是這麼認為的。

And then I already talked about the puts and takes on Europe and why we think Europe will also move continuously, not because they are at the bottom right now. California is, of course, a wildcard. But there, you see -- I think our downside will be limited because, as I told you, the revenue of a NEM 3.0 system is roughly 1.5x that of an NEM 2.0 system for us considering the attach we are seeing. So I think in general, of course, if -- I could be wrong if Q2 doesn't recover seasonally, but that's not what we have seen in the past.

我之前已經談到了我們對歐洲市場的看跌和買進策略，以及我們為什麼認為歐洲市場也會持續波動，並非因為目前市場觸底。當然，加州市場是個變數。但你看——我認為我們的下行風險有限，因為正如我之前所說，考慮到我們目前看到的市場成長，NEM 3.0系統的收入大約是NEM 2.0系統的1.5倍。所以總的來說，當然，如果——如果第二季沒有出現季節性復甦，我的判斷也可能出錯，但這並非我們過去所見的情況。

Got it. Got it. Very helpful. And I guess just squeezing one more. In the unlikely event that IRA risk is on the table, at least some modification to 45X credit, would you still be comfortable with 70% of manufacturing capacity in the U.S.? Or would you shift back to some other balance?

明白了，明白了，很有幫助。我再問一個問題。萬一IRA風險確實存在，或至少對45倍信用額度進行一些調整，您是否仍然認為70%的製造產能應該在美國？還是會調整到其他比例？

I mean look, we -- at that time, we will analyze the data in front of us. But look, that's why we break out for you gross margin without IRA and gross margin with IRA. Because we never want to -- we want to be straight with the gross margin, the native gross margin of the business. That's why we break it out. So if it doesn't make sense economically to manufacture here that we have the same 2 contract manufacturers worldwide. And our lines can be shipped anywhere in the world. And of course, it is tough and we will work with the contract manufacturer in terms of the labor, et cetera, and it is tough, and we'll do the right thing there. But if the economics aren't there, we will not be here.

我的意思是，到時候我們會分析眼前的數據。但是，這就是為什麼我們要分別列出不含IRA的毛利率和含IRA的毛利率。因為我們始終希望──我們希望坦誠呈現毛利率，也就是企業本身的毛利率。這就是我們將其分開列出的原因。所以，如果在這裡生產在經濟上不划算，我們在全球都有兩家代工廠。我們的生產線可以運往世界各地。當然，這很困難，我們會與代工廠在勞動力等方面進行協商，這很不容易，但我們會盡力做到最好。但如果經濟效益不理想，我們就不會在這裡生產。

Next question comes from Maheep Mandloi of Mizuho.

下一個問題來自瑞穗銀行的Maheep Mandloi。

Just a question on the gross margin. So it looks like the gross margins, excluding 45X, is more or less in line quarter-over-quarter. But I guess the biggest delta is coming from the 45X tax credits in the quarter. Is that just a reflection of lower U.S. shipments? Or anything specific to kind of read into that on Q1 guidance?

關於毛利率，我有個問題。看起來，剔除45倍稅收抵免後，毛利率較上季大致持平。但我猜最大的變化可能來自本季的45倍稅收抵免。這是否僅僅反映了美國出貨量下降？或者說，這與第一季的業績指引有關？

Yes. Based on the Q1 guidance, our non-GAAP gross margin before IRA benefit is more or less in line with Q4 actual. But with IRA benefit, non-GAAP gross margin dropped by 5 points, 100% attributable to the IRA units. We plan to ship only 500,000 units in Q1, and that translates into about $13 million net IRA benefit reduction in Q1 versus Q4, and that $13 million is about 5 points.

是的。根據第一季業績指引，我們扣除IRA收益前的非GAAP毛利率與第四季實際情況基本一致。但計入IRA收益後，非GAAP毛利率下降了5個百分點，這完全歸因於IRA份額的減少。我們計劃第一季僅出貨50萬件，這意味著第一季IRA淨收益較第四季減少約1,300萬美元，這1,300萬美元相當於5個百分點。

Got it. And on the IRA benefits, I'm not sure if this was asked, but is it -- can you talk about like if you can get the benefit on the microinverters added in the IQ batteries going forward?

明白了。關於IRA（個人退休帳戶）的福利，我不確定之前有沒有人問過，但是——您能說說以後在IQ電池中添加微型逆變器是否可以享受IRA福利嗎？

Yes, that's our expectation that the microinverters, as long as they are manufactured here in the U.S., will also get the same benefits.

是的，我們期望只要微型逆變器是在美國製造的，它們也能獲得相同的好處。

The next question comes from Tristan Richardson of Scotiabank.

下一個問題來自加拿大豐業銀行的特里斯坦·理查森。

Just one for me. We'll keep it brief. Badri, I know quarter in and quarter out, you make it clear that there's always competition. And I know earlier in your prepared comments, you said market share has been -- had been stable. Can you just talk about this concept of component integration? If a competing battery that has an integrated central solar inverter, do you see any sort of threat in some of these high-attach geographies where you could see a shift in preference over panel architecture?

我只有一個問題。我們長話短說。巴德里，我知道你每季都強調競爭始終存在。我也知道你之前在準備好的發言稿中提到市場佔有率一直很穩定。能談談組件整合這個概念嗎？如果一款競爭對手的電池整合了中央太陽能逆變器，你認為在一些高存取率地區，消費者對面板架構的偏好會轉變，這會構成什麼威脅？

Yes. I'm going to have Raghu...

是的，我要叫拉古…

Yes. So we have said this before as well. Competition is not new for us. We've been in a very competitive environment since the inception of the company. Specifically, we've been in a very tough competitive environment when it comes to fighting against string inverters or centralized topology. So these are the kind of competitions we actually like. We have a very strong value proposition vis-a-vis centralized or string inverter topologies. The better performance, much higher reliability, much simpler to design, install and maintain as well as safety around not having any high-voltage DC in our system.

是的。我們之前也說過，競爭對​​我們來說並不陌生。自公司成立以來，我們一直身處競爭激烈的環境中。尤其是在與組串式逆變器或集中式拓樸結構競爭時，我們面臨著極為嚴峻的挑戰。而這正是我們樂於面對的競爭。相對於集中式或組串式逆變器拓撲結構，我們擁有非常強大的價值主張：更高的性能、更高的可靠性、更簡單的設計、安裝和維護，以及系統中不存在高壓直流電帶來的安全性。

Now they added sophistication of our system with solar, integration of solar, batteries, EV chargers, heat pumps, and all the energy management software that we layer on top of that creates a better month. So this is not just about a widget sale or a piece of hardware. This is now a complete solution sale.

現在，他們為我們的系統增添了更多功能，包括太陽能、蓄電池、電動車充電器、熱泵以及我們在此基礎上疊加的所有能源管理軟體，從而實現了更好的能源效率。因此，這不僅僅是銷售單個組件或硬件，而是銷售一套完整的解決方案。

Furthermore, the solution means you need to have upfront design tools, which can help the installer design the appropriate system for the homeowner. Of course, make it very simple plug-and-play to install, and then on the other hand, provide great customer service for serviceability so that the homeowner is taken care of. So competition is not new. Particularly, competition against centralized topology is absolutely not new. We have been -- we have honed our skills on that. But we are also very aware and paranoid about competition. So we make sure that we are continually improving our product.

此外，該解決方案意味著您需要預先準備設計工具，以便安裝人員能夠為業主設計合適的系統。當然，安裝必須非常簡便，即插即用；另一方面，還要提供優質的售後服務，確保業主得到妥善照顧。因此，競爭並非新鮮事。尤其是針對集中式拓樸結構的競爭，更是由來已久。我們一直在不斷磨練這方面的技能。但我們也對競爭保持高度警惕，甚至有些擔憂。因此，我們始終致力於持續改進產品。

The next question comes from Vik Bagri of Citigroup.

下一個問題來自花旗集團的維克·巴格里。

Maybe 2 quick questions. I wanted to ask about pricing slightly differently. You say a market share opportunity that you guys see with you holding stronger margin than your peers and room to sacrifice some of that margin through more permanent discounts than SPAs. Especially, Badri, you talked about new markets, Italy and launching batteries in India. Do you see that as an opportunity to gain more market share rapidly? And then both broadly, is there anything else on your radar that may make you rethink pricing? Is it just competition and more sort of like cost cuts -- company cost cuts that will drive pricing? Or is there anything else on your radar that could change your view on pricing?

或許可以問兩個簡短的問題。我想換個角度問定價方面的問題。您提到，你們看到了市場份額方面的機會，因為你們的利潤率高於同行，而且可以透過比SPA（銷售協議）更持久的折扣來犧牲部分利潤。特別是Badri，您提到了義大利等新市場以及在印度推出電池產品。您認為這是快速獲取更多市場份額的機會嗎？另外，從更廣泛的角度來看，您還關注到哪些其他因素可能會讓您重新考慮定價策略？只是競爭，還是公司層級的成本削減會影響價格？或者有其他什麼因素可能會改變您對定價的看法？

Yes. It's a question I keep getting asked. We price products based on value. Value means our pricing is the next best alternative plus the value we generate on top of it. If we don't generate value, then yes, I mean, we are a commodity product. So that's not what our intention is. We have a differentiating value proposition. Microinverters, its quality, its service reliability. It is superior for power production performance. And in batteries, we are getting there.

是的，這個問題我常被問到。我們根據價值來定價。價值指的是我們的定價是次優方案加上我們在此基礎上創造的價值。如果我們不能創造價值，那麼，是的，我的意思是，我們的產品就只是普通商品。所以，這不是我們的初衷。我們擁有差異化的價值主張。微型逆變器，它的品質、服務可靠性，以及卓越的發電性能，都優於同類產品。在電池領域，我們也正在努力追趕。

So high quality for me is high price, right, or we have the ability to demand the premium. And in microinverters, as you can see, even with those high prices, we -- our market share is very healthy. So I don't believe that we will need to drop pricing in order to gain market share. You need to have the product that solves the customer problems at the end of the day. You need to take care of customers well, and they will reward you by paying you the premium that you deserve. So that's our philosophy, and we intend to [take it to that].

對我來說，高品質就意味著高價格，對吧？或者說，我們有能力收取溢價。正如你所看到的，在微型逆變器領域，即使價格很高，我們的市佔率仍然非常健康。所以我認為我們不需要降價來獲取市場份額。歸根究底，你需要提供能夠解決客戶問題的產品。你需要用心服務客戶，他們就會以你應得的溢價回報你。這就是我們的理念，我們打算堅持下去。

And the next question may be for Mandy. I was wondering how you're thinking about use of cash and intrinsic value here. $100 million of buybacks if price is significantly below $100. Given where the stock is trading, should we expect buybacks to meaningfully slow down? Or could you still look to offset these share-based compensation dilution through buybacks in forthcoming quarters?

下一個問題可能要問曼迪。我想知道您是如何考慮現金使用和內在價值的。如果股價遠低於100美元，您將回購1億美元的股票。鑑於目前的股價，我們是否應該預期股票回購會大幅放緩？或者您仍會考慮在接下來的幾季透過股票回購來抵消股權激勵帶來的稀釋？

Sure. So Q4, we said we already buy back $100 million, right, at $85 per share. A quarter before, we bought $110 million at $130 per share, right? Q1, we plan to do similar magnitude of share buyback as soon as we believe our share price is below the intrinsic value, right? We are very disciplined in doing share buyback. Every quarter, we look at the current share price, and then we propose for the Board to approve, and we execute.

當然。第四季度，我們說過已經以每股 85 美元的價格回購了 1 億美元的股票，對吧？再上一個季度，我們以每股 130 美元的價格回購了 1.1 億美元的股票，對吧？第一季度，我們計劃一旦認為股價低於內在價值，就進行類似規模的股票回購，對吧？我們在股票回購方面非常謹慎。每個季度，我們都會查看目前的股價，然後向董事會提出回購方案，並在獲得批准後再執行。

The next question comes from Pavel Molchanov of Raymond James.

下一個問題來自 Raymond James 公司的 Pavel Molchanov。

Just one for me as well. It's been about a year since you last made an acquisition. As I recall, it was one of the software developers. Can you talk about how you're thinking about M&A? And specifically, are there some quasi distressed opportunities in the current environment that perhaps are more interesting than before?

我也只有一個問題。你們上次收購大概是在一年前。我記得好像是收購了一家軟體開發商。能談談您目前的併購思維嗎？特別是，在當前的市場環境下，是否存在一些比以往更有吸引力的、類似困境收購的機會？

Yes. We have -- you are correct. We have made some reasonable acquisitions. Solargraf is an example of one. The permitting services is one. EV charging is one. And we are working on all of them. So we're careful about choosing what we want. And then we try to make them an integral part of the system. So what are the opportunities like that? And we constantly keep looking for those.

是的，你說得對。我們確實進行了一些合理的收購。 Solargraf 就是一個例子。許可服務也是一個例子。電動車充電也是一個例子。我們正在推進所有這些項目。所以我們在選擇收購目標時非常謹慎。然後，我們會努力使它們成為我們系統不可或缺的一部分。那麼，這樣的機會有哪些呢？我們一直在尋找這樣的機會。

The key places where we would look for is, I mean -- okay. First of all, what we are not going to be looking for is we are not an installer. So therefore, we don't buy installation company. We are a technology player. So -- and for example, on microinverters, we have all the necessary IP. We aren't going to do -- aren't going to look for anything outside. In places such as home energy management software, there's always opportunity for us, especially leveraging AI and ML talent to make -- to accelerate our progress there because I think energy management software will become the next frontier. That's one that we are always looking for opportunities.

我們重點關注的領域是－首先，我們不會收購安裝公司。我們是一家技術公司。例如，在微型逆變器領域，我們擁有所有必要的智慧財產權。我們不會尋求外部收購。在家庭能源管理軟體等領域，我們始終擁有發展機會，尤其是在人工智慧和機器學習方面，我們可以利用這些人才加速發展，因為我認為能源管理軟體將成為下一個前沿領域。我們一直在尋找這方面的機會。

The other is on batteries, of course, innovative technologies on batteries, batteries getting better, more reliable, more energy density being -- becoming not higher. That's, of course, an area that we continuously look at. Those are the ones that are on our radar right now. But we look at a lot of companies, and when we make some decisions on those, you'll know. But we are very disciplined. We don't do -- we don't just buy companies because we have cash. Those companies need to fit into our company well. They need to be bolt-on acquisitions, what we like. And we care about integration a lot. That's important for us. If there is an opportunity and a match, we'll move, and you'll know.

當然，另一個重點是電池，我們專注於電池領域的創新技術，電池效能不斷提升，可靠性增強，能量密度也不斷提高。這當然是我們持續關注的領域。這些是我們目前重點關注的方向。我們考察了很多公司，一旦做出決定，我們會第一時間通知大家。但我們非常謹慎。我們不會因為手邊有現金就收購公司。這些公司必須與我們公司完美契合。我們傾向於進行補充性收購。我們非常重視整合。這對我們來說至關重要。如果出現合適的機會，我們會果斷出手，到時大家也會知道。

The next question comes from Austin Moeller of Canaccord.

下一個問題來自 Canaccord 公司的 Austin Moeller。

Just a question for me here. Say in the U.S. market, if interest rates fall by 50 to 100 basis points this year, do you expect to see more demand of combined orders from microinverters with batteries? Or do you expect the initial demand will primarily be for microinverters?

我有個問題想請教一下。假設今年美國市場利率下降50到100個基點，您預期微型逆變器和電池的組合訂單需求會增加嗎？還是您預計最初的需求主要還是集中在微型逆變器上？

I think in the non-California states, it will obviously be for microinverters because the battery attach is small. But in California, it will move the needle for both microinverters and batteries.

我認為在加州以外的州，這項技術顯然會更適用於微型逆變器，因為電池組件的體積較小。但在加州，它將對微型逆變器和電池的市場都產生重大影響。

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

問答環節到此結束。現在我把會議交還給巴德里·科坦達拉曼先生，請他作閉幕致詞。

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

是的。感謝您今天蒞臨，也感謝您一直以來對Enphase的支持。我們期待下個季度再次與您交流。再見。

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

會議到此結束。感謝您參加今天的報告，您可以斷開連接了。