Enphase Energy Inc (ENPH) 2024 Q1 法說會逐字稿

Good day, and welcome to the Enphase Energy First Quarter 2024 Financial Results Conference Call. (Operator Instructions) Please also note today's event is being recorded. I would now like to turn the conference over to Zach Freedman. Please go ahead.

美好的一天，歡迎參加 Enphase Energy 2024 年第一季財務業績電話會議。 （操作員說明）也請注意今天的活動正在錄製中。我現在想把會議交給扎克·弗里德曼。請繼續。

Good afternoon, and thank you for joining us on today's conference call to discuss Enphase Energy's First Quarter 2024 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. After the market closed today, Enphase issued a press release announcing the results for its first quarter ended March 31, 2024.

下午好，感謝您參加今天的電話會議，討論 Enphase Energy 2024 年第一季的業績。參加今天電話會議的有我們的總裁兼執行長 Badri Kothandaraman； Mandy Yang，我們的財務長；以及我們的首席產品長 Raghu Belur。今天收盤後，Enphase 發布新聞稿，宣布截至 2024 年 3 月 31 日的第一季業績。

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 tax matters.

在本次電話會議期間，Enphase 管理層將做出前瞻性聲明，包括但不限於與我們預期未來財務表現相關的聲明；市場走向;我們的技術和產品的能力以及為房主和安裝人員帶來的好處；我們的運營，包括製造、客戶服務以及供需；現有市場和新市場的預期成長；新產品推出的時間；和監管稅務事宜。

These forward-looking statements involve significant risks and uncertainties and our actual results and the timing of events could differ materially from these expectations. For a more complete discussion of the risks and uncertainties, please see 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.

這些前瞻性陳述涉及重大風險和不確定性，我們的實際結果和事件發生的時間可能與這些預期有重大差異。有關風險和不確定性的更完整討論，請參閱我們向 SEC 提交的最新 10-K 和 10-Q 表格。我們提醒您不要過度依賴前瞻性陳述，並且不承擔因新資訊、未來事件或預期變更而更新任何前瞻性陳述的責任或義務。

Also, please note that financial measures used on this call are expressed on 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. Now I would like to introduce Badri Kothandaraman, our President and Chief Executive Officer. Badri?

另請注意，除非另有說明，本次電話會議中使用的財務指標均以非公認會計原則為基礎，並已進行調整以排除某些費用。我們在向 SEC 提供的收益報告中的 8-K 表中提供了這些非 GAAP 財務指標與 GAAP 財務指標的調整表，該表也可以在我們網站的投資者關係部分找到。現在我想介紹一下我們的總裁兼執行長巴德里·科坦達拉曼 (Badri Kothandaraman)。巴德里？

Good afternoon, and thank you for joining us today to discuss our first quarter 2024 financial results. We reported quarterly revenue of $263.3 million, shipped approximately 1.4 million microinverters and 75.5 megawatt hours of batteries and generated free cash flow of $41.8 million. We reduced our channel inventory by approximately $113 million in Q1, slightly less than anticipated because of softer demand.

下午好，感謝您今天加入我們討論我們 2024 年第一季的財務表現。我們公佈的季度收入為 2.633 億美元，出貨量約為 140 萬個微型逆變器和 75.5 兆瓦時的電池，產生的自由現金流為 4,180 萬美元。由於需求疲軟，我們第一季的通路庫存減少了約 1.13 億美元，略低於預期。

For the first quarter, we delivered 46% gross margin, 31% operating expenses and 15% operating income, all as a percentage of revenue on a non-GAAP basis, including the IRA benefit. Mandy will go into our financials later in the call.

第一季度，我們的毛利率為 46%，營運費用為 31%，營運收入為 15%，所有這些均以非 GAAP 基礎上的收入百分比計算，包括 IRA 福利。曼迪稍後將在電話會議中討論我們的財務狀況。

Let's now discuss how we are servicing customers. Our worldwide NPS was 78% in Q1 compared to 77% in Q4. Our average call wait time was 1.9 minutes in Q1 compared to 1 minute in Q4.

現在讓我們討論一下我們如何為客戶提供服務。第一季我們的全球 NPS 為 78%，而第四季為 77%。第一季的平均通話等待時間為 1.9 分鐘，而第四季為 1 分鐘。

We are adding data scientists, enhancing our analytics to identify problems proactively and fixing them automatically through software. Our field engineers and technicians are assisting installers and complex installations, while bringing back learning to our development teams, enabling continuous improvement.

我們正在增加資料科學家，增強我們的分析能力，以主動識別問題並透過軟體自動修復它們。我們的現場工程師和技術人員正在協助安裝人員和複雜的安裝，同時將學習帶回我們的開發團隊，從而實現持續改進。

Let's cover operations. We shipped approximately 506,000 microinverters in Q1 and from our U.S. contract manufacturing facilities that qualified for 45x production tax credits. Once fully ramped, we expect to have a global capacity of approximately 7.25 million microinverters per quarter, of which 5 million capacity will be in the U.S. We expect to ship approximately 0.5 million microinverters to customers from our U.S. manufacturing facilities in Q2. The number is a little less than what we would like, but our top priority is to reduce our factory inventory. We anticipate resuming a higher level of shipments in the second half of the year.

讓我們來介紹一下操作。我們在第一季從符合 45 倍生產稅收抵免資格的美國合約製造工廠發貨了約 506,000 個微型逆變器。一旦全面投產，我們預計每季的全球產能約為725 萬個微型逆變器，其中500 萬個產能將位於美國。逆變器。這個數字比我們想要的要少一些，但我們的首要任務是減少工廠庫存。我們預計下半年將恢復更高水準的出貨量。

For IQ Batteries, we have 2 cell pack suppliers, both in China, which have sufficient manufacturing capacity to support our ramp in 2024. As previously discussed, we expect to add battery manufacturing capability in the U.S. during the third quarter of 2024.

對於IQ Batteries，我們有2 家電池組供應商，兩者都位於中國，它們有足夠的製造能力來支持我們在2024 年的產能擴張。電池製造能力。

Let's now cover the regions. Our U.S. and international revenue mix for Q1 was 57% and 43%, respectively. For more visibility into our business, we are providing regional breakdowns and sell-through dollar metrics by region. In the U.S., our revenue decreased 34% sequentially as we undershipped to end customer demand. The overall sell-through of our microinverters and batteries in the U.S. was down 23% in Q1 compared to Q4.

現在讓我們介紹一下這些地區。第一季我們的美國和國際收入組合分別為 57% 和 43%。為了更了解我們的業務，我們提供了按地區劃分的地區細分和銷售金額指標。在美國，由於我們的出貨量未能滿足最終客戶的需求，我們的收入較上季下降了 34%。與第四季相比，第一季我們在美國的微型逆變器和電池的整體銷售量下降了 23%。

Let's discuss the 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 21% down in Q1 compared to Q4. The sell-through was similarly down for both microinverters and batteries due to seasonality.

讓我們討論一下美國按非加利福尼亞州和加利福尼亞州劃分的市場趨勢。對於非加州，我們第一季的整體銷售量比第四季下降了 21%。由於季節性因素，微型逆變器和電池的銷售量也同樣下降。

In California, our overall sell-through was down 30% -- down by 30% in Q1 compared to Q4. The sell-through of our microinverters was down 37%, and sell-through of our batteries was down 18% in Q1 due to seasonality and the NEM 3.0 transition. I'll provide more statistics and color on NEM 3.0 later in the call.

在加州，我們的整體銷售量下降了 30%，第一季比第四季下降了 30%。由於季節性和 ​​NEM 3.0 過渡，我們的微型逆變器的銷量在第一季下降了 37%，電池的銷量下降了 18%。我將在稍後的電話會議中提供有關 NEM 3.0 的更多統計數據和顏色。

In Europe, our revenue increased 70% sequentially as channel inventory improved and we introduced new products. The overall sell-through of our microinverters and batteries was up 7% in Q1 compared to Q4. The sell-through of our microinverters was up 3% while the sell-through of our batteries was up 28% in Q1. I'll provide some color on key markets in Europe, particularly Netherlands, France and Germany.

在歐洲，隨著通路庫存的改善和新產品的推出，我們的收入環比增長了 70%。與第四季相比，第一季我們的微型逆變器和電池的整體銷售量成長了 7%。第一季度，我們的微型逆變器的銷量成長了 3%，而電池的銷量成長了 28%。我將提供一些有關歐洲主要市場的信息，特別是荷蘭、法國和德國。

In the Netherlands, our overall sell-through in Q1 was down 4% compared to Q4. The market stabilized during Q1, and we are encouraged by the demand signals we see after seeing the government's decision to support NEM for the foreseeable future. We expect to see the sell-through of microinverters pick up in Q2 as a result of this decision. We continue to believe solar plus batteries are going to become the norm as dynamic tariffs and grid services become more prevalent.

在荷蘭，我們第一季的整體銷售量比第四季下降了 4%。第一季市場趨於穩定，在看到政府決定在可預見的未來支持 NEM 後，我們看到的需求訊號令我們感到鼓舞。由於這項決定，我們預計微型逆變器的銷售量將在第二季回升。我們仍然相信，隨著動態關稅和電網服務變得更加普遍，太陽能加電池將成為常態。

In France, our overall sell-through in Q1 was up 13% compared to Q4. We have been encouraged by the continued strength in this market, supported by higher utility rates. Solar penetration in France is still small, and we see potential for the country to grow and evolve into a significant solar plus battery market for Enphase.

在法國，我們第一季的整體銷售量比第四季成長了 13%。在公用事業費率上升的支持下，該市場的持續強勁令我們感到鼓舞。法國的太陽能普及率仍然很小，我們看到該國有潛力發展並發展成為 Enphase 的重要太陽能加電池市場。

In Germany, our overall sell-through in Q1 was up 28% compared to Q4. We are going from strength to strength in this market. We plan to launch our 3-phase battery solution in the country later this year, along with additional software. We are leveraging AI and ML to enhance our home energy management software and expand grid services participation.

在德國，我們第一季的整體銷售量比第四季成長了 28%。我們在這個市場上正在不斷壯大。我們計劃今年稍後在該國推出三相電池解決方案以及其他軟體。我們正在利用人工智慧和機器學習來增強我們的家庭能源管理軟體並擴大電網服務的參與。

We are continuing to launch our IQ8 Microinverters and IQ Batteries into many new countries across Europe. Notably, we started shipping IQ Batteries into Italy in the first quarter. Our sell-through in the new countries is beginning to ramp, and we anticipate steady growth throughout 2024.

我們將繼續向歐洲許多新國家推出 IQ8 微型逆變器和 IQ 電池。值得注意的是，我們從第一季開始將 IQ 電池運送到義大利。我們在新國家的銷售量開始上升，預計 2024 年將實現穩定成長。

In Australia, our Enphase Energy Systems are powered by IQ8 Microinverters and IQ Batteries 5P, a third-generation battery, which we introduced in June last year. We expect higher battery attachment rates in Australia during the second half of this year.

在澳大利亞，我們的 Enphase 能源系統由 IQ8 微型逆變器和 IQ Batteries 5P（我們在去年 6 月推出的第三代電池）供電。我們預計今年下半年澳洲的電池安裝率將會更高。

In Brazil, we are making good progress in building our installer base. In Mexico and India, we are shipping our highest powered microinverters, IQ8P, to support high-power panels. We just started shipping the same microinverters into Thailand and Philippines in Q1. As a result, yes, the reminder -- IQ8P is a high-power microinverter at 480 watts AC for both residential and commercial applications.

在巴西，我們在建造安裝商基礎方面取得了良好進展。在墨西哥和印度，我們正在運送最高功率的微型逆變器 IQ8P，以支援高功率面板。我們剛剛在第一季開始將相同的微型逆變器運送到泰國和菲律賓。因此，是的，提醒一下——IQ8P 是一款適用於住宅和商業應用的 480 瓦交流高功率微型逆變器。

Let me say a few words about our market share. In the U.S., we see a stable share for our microinverters and batteries based on both internal and third-party data. There have been several changes in the market over the last year, including a shift away from loans and towards lease and PPAs. Our continued strong market share is a testament towards our installer relationships and the differentiated value proposition we provide them with our products. We are fully focused on enhancing our product portfolio, solving installer pain points and deepening our relationships. In Europe, we are using the same strategy to grow market share.

讓我簡單介紹一下我們的市場佔有率。根據內部和第三方數據，我們在美國看到我們的微型逆變器和電池的份額穩定。去年市場發生了一些變化，包括從貸款轉向租賃和購電協議。我們持續強勁的市場佔有率證明了我們的安裝商關係以及我們為他們提供產品的差異化價值主張。我們完全專注於增強我們的產品組合、解決安裝人員的痛點並加深我們的關係。在歐洲，我們正在使用相同的策略來擴大市場佔有率。

Let me provide some color on NEM 3.0. In the last 3 to 4 weeks, I've been on the road, we have visited over 25 installers in California to really understand how their businesses are doing. Many reported that their businesses are down by 50% or more from last year's high and they have all adjusted by becoming much leaner. They are getting better at selling NEM 3.0. They can clearly articulate what works and what doesn't. They are hungry for high-quality leads.

讓我對 NEM 3.0 提供一些說明。在過去的 3 到 4 周里，我一直在路上，我們拜訪了加州超過 25 個安裝商，以真正了解他們的業務狀況。許多人表示，他們的業務比去年的最高點下降了 50% 或更多，但他們都進行了調整，變得更加精簡。他們在銷售 NEM 3.0 方面做得越來越好。他們可以清楚地闡明什麼有效，什麼無效。他們渴望高品質的潛在客戶。

They're also becoming adept at selling batteries, either a grid-type battery or a backup battery with every install. They are becoming flexible in the financing options they offer to the homeowners. If the loans don't work, they aren't afraid to switch over to leases or PPAs, which are becoming increasingly available to the long date. Most of them reported stronger sales in March of this year compared to January and February. I came away feeling that we are beginning to climb out at the bottom, and we should get back to growth shortly.

他們也變得擅長銷售電池，無論是網格型電池還是每次安裝時的備用電池。他們為房主提供的融資選擇變得越來越靈活。如果貸款不起作用，他們不會害怕轉向租賃或購電協議，這些方式越來越適合長期使用。其中大多數公司報告稱，與一月和二月相比，今年三月的銷售額更為強勁。離開時我感覺我們正開始走出谷底，很快就會恢復成長。

Let's cover some NEM 3.0 statistics, which haven't changed that much from our last call. In Q1, 50% of our California installs were NEM 3.0 systems. These systems have a very high battery attach rate over 90% compared to NEM 2.0 systems, which have an attach rate of 15%. Our data also shows that half of our NEM 3.0 systems are using Enphase batteries.

讓我們介紹一些 NEM 3.0 統計數據，這些統計數據與我們上次通話相比沒有太大變化。第一季度，我們在加州安裝的 50% 是 NEM 3.0 系統。與 NEM 2.0 系統（連接率為 15%）相比，這些系統的電池連接率非常高，超過 90%。我們的數據也顯示，我們一半的 NEM 3.0 系統正在使用 Enphase 電池。

Taking this data into account, our average revenue per NEM 3.0 system is approximately 1.5x our average NEM 2.0 system. We believe this will contribute to stabilizing and increasing our California revenue in the second half.

考慮到這些數據，我們每個 NEM 3.0 系統的平均收入約為 NEM 2.0 系統平均收入的 1.5 倍。我們相信這將有助於穩定和增加我們下半年加州的收入。

Let's come to our Q2 guidance. We are guiding revenue in the range of $290 million to $330 million. We expect to ship 100- to 120-megawatt hours of IQ Batteries. We expect sell-through demand of our products to be approximately $400 million in Q2, up from $376 million in Q1 due to seasonal strength in Europe, and non-California states offset by some decline in California.

讓我們來看看第二季的指導。我們預計營收在 2.9 億至 3.3 億美元之間。我們預計將運送 100 至 120 兆瓦時的 IQ 電池。我們預計第二季我們產品的銷售需求約為 4 億美元，高於第一季的 3.76 億美元，因為歐洲的季節性強勁，以及非加州的銷售需求被加州的一些下降所抵消。

We plan to undership to the end market demand for our products by approximately $90 million in Q2. We expect the channel to normalize by the end of Q2 on microinverters as we previously forecasted. Our channel is almost normal on batteries already.

我們計劃在第二季將我們產品的需求減少約 9,000 萬美元。正如我們之前預測的那樣，我們預計微型逆變器的管道將在第二季末正常化。我們的頻道在電池上已經幾乎正常了。

Let's talk about products, starting with IQ batteries. Our third-generation battery calls IQ Battery 5P has been very well received. It delivers the best power specs and commissioning times of any Enphase battery till date as an industry-leading 15-year warranty.

讓我們來談談產品，首先從 IQ 電池開始。我們的第三代電池IQ Battery 5P非常受歡迎。它提供迄今為止所有 Enphase 電池中最佳的功率規格和調試時間，並提供業界領先的 15 年保固。

Battery adoption rates are on the rise globally, and we are well positioned to grow our sales in 2024. As we discussed last quarter, we expect our gross margins on batteries to continuously improve throughout the year. There are 3 factors: cell pack costs, which are coming down rapidly; battery microinverter costs, which are coming down due to IRA benefit from manufacturing in the U.S.; and costs coming down due to improved architecture on our fourth-generation battery.

全球電池採用率正在上升，我們有能力在 2024 年實現銷售成長。有3個因素：電池組成本正在快速下降；電池微型逆變器的成本，由於 IRA 受益於美國製造，成本正在下降；由於我們第四代電池的架構得到改進，成本也隨之下降。

We're already seeing the benefits of the first two factors, and we will benefit from the third factor early next year. We are working on entering more countries in Europe and Asia with our third-generation battery. We expect to also introduce our new 3-phase battery with backup for Germany during this year. We expect to launch several balance of system improvement initiatives for the U.S. that will improve the cost of installing batteries for backup.

我們已經看到了前兩個因素的好處，明年初我們也將受益於第三個因素。我們正在努力讓我們的第三代電池進入歐洲和亞洲的更多國家。我們預計今年也將為德國推出備用電源的新型三相電池。我們預計將在美國推出幾項平衡系統改進舉措，以降低安裝備用電池的成本。

We plan to pilot our fourth-generation battery later in the year. This battery will have a great cost structure and an elegant form factor due to the integrated battery management and power conversion architecture. As previously discussed, we have entered many new markets with the IQ8 family of microinverters and we are now in 24 countries. We plan to enter more new countries in Europe and Asia throughout 2024 with our microinverters. And we plan to increase our served available market further by introducing social housing and balcony solar solutions to European countries during the year.

我們計劃在今年稍後試用第四代電池。由於整合的電池管理和電源轉換架構，該電池將具有良好的成本結構和優雅的外形。如前所述，我們憑藉 IQ8 系列微型逆變器進入了許多新市場，目前業務遍及 24 個國家。我們計劃在 2024 年透過我們的微型逆變器進入歐洲和亞洲的更多新國家。我們計劃在年內向歐洲國家推出社會住宅和陽台太陽能解決方案，進一步擴大我們服務的可用市場。

We recently launched the IQ Combiner Lite in Netherlands to simplify the installation of small solar systems on social housing units. The other variant of the IQ8P Microinverter with the new 3-phase cabling system is well suited for small commercial solar installs, ranging from 20 to 200 kilowatts. We launched this product in North America in December, and we are seeing good early adoption. We are excited about the product and look forward to manufacturing IQ8P Microinverters at our U.S. facilities starting this quarter, further reducing costs.

我們最近在荷蘭推出了 IQ Combiner Lite，以簡化社會住宅單元上小型太陽能係統的安裝。 IQ8P 微型逆變器的另一種變體配備了新的三相佈線系統，非常適合小型商業太陽能安裝，功率範圍為 20 至 200 千瓦。我們於 12 月在北美推出了該產品，並且我們看到了早期的良好採用。我們對該產品感到興奮，並期待從本季開始在我們的美國工廠生產 IQ8P 微型逆變器，進一步降低成本。

Let's cover EV charging. We launched our IQ smart EV chargers in the U.S. and Canada in Q4. We are developing smart EV chargers for European countries, and we expect to introduce them this year. The team is also working on bidirectional EV charger, which will unlock use cases like V2G and V2H as part of the Enphase System. This charger will have a GaN-based bidirectional inverter. We expect to release the product in 2025.

讓我們來討論一下電動車充電。我們於第四季在美國和加拿大推出了 IQ 智慧電動車充電器。我們正在為歐洲國家開發智慧電動車充電器，預計今年推出。該團隊還致力於開發雙向電動車充電器，這將解鎖 V2G 和 V2H 等用例，作為 Enphase 系統的一部分。該充電器將配備基於 GaN 的雙向逆變器。我們預計於 2025 年發布該產品。

Let's cover the latest upgrades to our energy management software. We recently did a press release where we launched Enphase Power Control, or PCS, software that can integrate with our systems in North America. PCS dynamically controls the power produced by the Enphase System, giving installers a lot of flexibility and system design to build larger systems and avoid costly main panel upgrades while meeting utility and national electric code requirements.

讓我們介紹一下我們的能源管理軟體的最新升級。我們最近發布了一份新聞稿，發布了 Enphase Power Control（PCS）軟體，該軟體可以與我們在北美的系統整合。 PCS 動態控制 Enphase 系統產生的電力，為安裝人員提供了很大的靈活性和系統設計來建造更大的系統，避免昂貴的主機板升級，同時滿足公用事業和國家電力規範要求。

Our software is evolving to manage the increased complexity in the energy markets by leveraging AI and ML for forecasting and optimization. Our next software offering will manage dynamic tariffs in countries like Netherlands and Germany. This new software is intended to help maximize ROI and reduce the payback period for solar homeowners throughout Europe, where electricity prices can change by the hour.

我們的軟體不斷發展，透過利用人工智慧和機器學習進行預測和優化，管理能源市場日益複雜的情況。我們的下一個軟體產品將管理荷蘭和德國等國家的動態關稅。這款新軟體旨在幫助歐洲各地的太陽能房主最大限度地提高投資回報率並縮短投資回收期，因為歐洲的電價可能會按小時變化。

Let me provide you with an update on IQ9 Microinverters with gallium nitride also called GaN. We expect IQ9 microinverters to deliver higher power at lower costs. Multiple vendors have been providing us with GaN parts, and we are increasingly confident in the reliability of our design. We expect to launch the product in the first half of 2025 to address the two markets: one is residential and the other is 3-phase small commercial markets, both the 208 volts as well as the 480 volts.

讓我為您提供有關採用氮化鎵（也稱為 GaN）的 IQ9 微型逆變器的最新資訊。我們預計 IQ9 微型逆變器能夠以更低的成本提供更高的功率。多家供應商一直為我們提供 GaN 零件，我們對設計的可靠性越來越有信心。我們預計在 2025 年上半年推出產品，以滿足兩個市場：一個是住宅市場，另一個是三相小型商業市場，包括 208 伏特和 480 伏特。

Let's now discuss our installer platform. We announced some key features and improvements to Solargraf in Q1, including advanced 3D designed with smart design capability, California NEM 3.0 support and enhancements, NREL and NYSERDA verification of shading and support for small commercial projects. Solargraf is currently available to installers in the U.S., Canada, Brazil, Germany and Austria, and we expect to release it to more countries in the coming quarters.

現在讓我們來討論我們的安裝程式平台。我們在第一季宣布了 Solargraf 的一些關鍵功能和改進，包括具有智慧設計功能的先進 3D 設計、加州 NEM 3.0 支援和增強、NREL 和 NYSERDA 遮陽驗證以及對小型商業項目的支援。 Solargraf 目前可供美國、加拿大、巴西、德國和奧地利的安裝人員使用，我們預計在未來幾季將其發佈到更多國家。

Let me conclude. We have been managing through a period of slowdown in demand. We believe Q1 was the bottom quarter. Europe has already begun to recover, and we expect the non-California states to bounce back in Q2. California is becoming less of a wildcard, and we expect demand to stabilize and increase in the back half of 2024. We are bullish about NEM 3.0 in the long term. The payback is attractive for solar plus batteries. The utility rates are going up steeply and the sales teams are learning rapidly.

讓我總結一下。我們一直在應對需求放緩的時期。我們認為第一季是底部季度。歐洲已經開始復甦，我們預計非加州各州將在第二季反彈。加州正在變得不再是一個通配符，我們預計需求將在 2024 年下半年穩定並增加。對於太陽能加電池來說，回報頗具吸引力。公用事業費率急劇上升，銷售團隊正在快速學習。

I am pleased that we have executed well through the market downturn over the last year. We have maintained profitability and free cash flow throughout this period while correcting the channel. We have not sacrificed any new product development or geographic expansion plans and are now entering a growth cycle with a good product portfolio and a growing TAM, and there is still a lot more to come.

我很高興我們在去年的市場低迷時期表現良好。在此期間，我們在糾正管道的同時保持了盈利能力和自由現金流。我們沒有犧牲任何新產品開發或地理擴張計劃，現在正進入一個成長週期，擁有良好的產品組合和不斷增長的 TAM，而且還有更多的事情要做。

We expect to begin field testing our microinverters, IQ9 Microinverters and fourth-generation batteries later in the year. We are making balance of system improvements to enable faster and easier battery installation. We plan to roll out significant software upgrades like PCS and dynamic tariffs in both the U.S. and Europe. We remain laser focused on operational excellence, concentrating on sell-through and installer count, reducing operating expenses and product costs and maintaining healthy gross margin as our company returns to strong growth.

我們預計將在今年稍後開始對我們的微型逆變器、IQ9 微型逆變器和第四代電池進行現場測試。我們正在對系統進行平衡改進，以實現更快、更輕鬆的電池安裝。我們計劃在美國和歐洲推出 PCS 和動態關稅等重大軟體升級。我們仍然專注於卓越運營，專注於銷售和安裝數量，降低營運費用和產品成本，並隨著公司恢復強勁增長而保持健康的毛利率。

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

這樣，我會將電話轉給曼迪，以審查我們的財務表現。曼迪？

Thanks, Badri, and good afternoon, everyone. I will provide more details related to our first quarter of 2024 financial results as well as our business outlook for the second 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。我將提供與 2024 年第一季財務業績以及 2024 年第二季業務前景相關的更多詳細資訊。可在我們網站的IR 部分找到。

Total revenue for Q1 was $263.3 million. We shipped approximately 603.6 megawatts DC of microinverters and 75.5 megawatt hours of IQ Batteries in the quarter. Non-GAAP gross margin for Q1 was 46.2% compared to 50.3% in Q4. The decrease was primarily driven by lower net IRA benefit. GAAP gross margin was 43.9% for Q1. Non-GAAP gross margin without net IRA benefit for Q1 was 41% compared to 41.8% in Q4, mainly driven by lower volume.

第一季總營收為 2.633 億美元。本季我們交付了約 603.6 兆瓦直流微型逆變器和 75.5 兆瓦時 IQ 電池。第一季非 GAAP 毛利率為 46.2%，第四季為 50.3%。這一下降主要是由於 IRA 淨收益減少所致。第一季 GAAP 毛利率為 43.9%。第一季不考慮 IRA 淨收益的非 GAAP 毛利率為 41%，而第四季為 41.8%，這主要是由於銷量下降。

GAAP and non-GAAP gross margin for Q1 included $13.7 million of net IRA benefit. Non-GAAP operating expenses were $82.6 million for Q1 compared to $86.6 million for Q4. The decrease was the result of the restructuring plan we implemented in December 2023. GAAP operating expenses were $144.6 million for Q1 compared to $156.9 million for Q4. GAAP operating expenses for Q1 included $56.7 million of stock-based compensation expenses, $3.5 million of amortization for acquired intangible assets and $1.9 million of restructuring and asset impairment charges.

第一季的 GAAP 和非 GAAP 毛利率包括 1,370 萬美元的 IRA 淨收益。第一季非 GAAP 營運費用為 8,260 萬美元，第四季為 8,660 萬美元。這一下降是我們在 2023 年 12 月實施的重組計劃的結果。第一季的 GAAP 營運費用包括 5,670 萬美元的股票補償費用、350 萬美元的收購無形資產攤銷以及 190 萬美元的重組和資產減損費用。

On a non-GAAP basis, income from operations for Q1 was $39 million compared to $65.6 million for Q4. On a GAAP basis, loss from operations was $29.1 million for Q1 compared to a loss of $10.2 million for Q4. On a non-GAAP basis, net income for Q1 was $48 million compared to $73.5 million for Q4. This resulted in non-GAAP diluted earnings per share of $0.35 for Q1 compared to $0.54 for Q4.

以非公認會計準則計算，第一季的營運收入為 3,900 萬美元，而第四季的營運收入為 6,560 萬美元。以 GAAP 計算，第一季營運虧損為 2,910 萬美元，而第四季營運虧損為 1,020 萬美元。以非公認會計準則計算，第一季淨利為 4,800 萬美元，而第四季淨利為 7,350 萬美元。這導致第一季非 GAAP 攤薄每股收益為 0.35 美元，而第四季為 0.54 美元。

GAAP net loss for Q1 was $16.1 million compared to net income of $20.9 million for Q4. This resulted in GAAP diluted loss per share of $0.12 for Q1 compared to GAAP diluted earnings per share of $0.15 for Q4. We exited Q1 with a total cash, cash equivalents and marketable securities balance of $1.63 billion compared to $1.7 billion at the end of Q4. As part of our $1 billion share repurchase program authorized by our Board of Directors in July 2023. We repurchased 332,735 shares of our common stock and average price of $126.21 per share for a total of approximately $42 million in Q1.

第一季 GAAP 淨虧損為 1,610 萬美元，而第四季淨利為 2,090 萬美元。這導致第一季 GAAP 攤薄後每股虧損為 0.12 美元，而第四季 GAAP 攤薄後每股收益為 0.15 美元。第一季末，我們的現金、現金等價物和有價證券餘額總額為 16.3 億美元，而第四季末為 17 億美元。作為董事會於 2023 年 7 月授權的 10 億美元股票回購計畫的一部分。

In addition, we spent approximately $60 million by withholding shares to cover taxes for employees stock vesting and options in Q1. That reduced the diluted shares by 480,735 shares. We expected to continue this anti-dilution plan. In Q1, we generated $49.2 million in cash flow from operations and $41.8 million in free cash flow. Despite the macroeconomic challenges, we continue to generate free cash flow. Capital expenditure was $7.4 million for Q1 compared to $20.1 million for Q4. Capital expenditure requirements decreased due to a reduction in our U.S. manufacturing spending.

此外，我們在第一季透過預扣股票支付了約 6,000 萬美元的費用，以支付員工股票歸屬和選擇權的稅款。這使得稀釋後的股份減少了 480,735 股。我們預計將繼續實施這項反稀釋計劃。第一季度，我們產生了 4,920 萬美元的營運現金流和 4,180 萬美元的自由現金流。儘管面臨宏觀經濟挑戰，我們仍持續產生自由現金流。第一季的資本支出為 740 萬美元，而第四季的資本支出為 2,010 萬美元。由於美國製造業支出減少，資本支出需求減少。

Now let's discuss our outlook for the second quarter of 2024. We expect our revenue for Q2 to be within a range of $290 million to $330 million. which includes shipments of 100- to 120-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 39% to 42% before net IRA benefit. Non-GAAP gross margin excludes stock-based compensation expense and acquisition-related amortization. We expect the net IRA benefit to be between $14 million and $17 million on estimated shipments of 500,000 units of U.S. made microinverters in Q2.

現在讓我們討論一下我們對 2024 年第二季的展望。其中包括 100 至 120 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。我們預計，扣除 IRA 淨收益後，非 GAAP 毛利率將在 44% 至 47% 之間，扣除 IRA 淨收益之前，毛利率將在 39% 至 42% 之間。非公認會計原則毛利率不包括股票補償費用及收購相關攤銷。我們預計，第二季美國製造的微型逆變器的出貨量預計為 50 萬台，IRA 淨收益將在 1,400 萬美元至 1,700 萬美元之間。

We expect to increase the U.S. made microinverter shipments to 2/3 of our overall microinverter shipments in the second half of this year. We expect our GAAP operating expenses to be within the range of $134 million to $138 million, including approximately $56 million estimated for stock-based compensation expense, acquisition-related amortization and restructuring and asset impairment charges. We expect our non-GAAP operating expenses to be within the range of $78 million to $82 million. We expect our GAAP and non-GAAP annualized effective tax rate, excluding discrete items for 2024 to be at 18%, plus or minus 1% with IRA benefit.

我們預計今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整體出貨量的 2/3。我們預計我們的 GAAP 營運費用將在 1.34 億美元至 1.38 億美元之間，其中包括估計約 5,600 萬美元的股票補償費用、與收購相關的攤銷和重組以及資產減損費用。我們預計我們的非 GAAP 營運費用將在 7,800 萬美元至 8,200 萬美元之間。我們預期 2024 年的 GAAP 和非 GAAP 年化有效稅率（不包括離散項目）為 18%，加上 IRA 福利正負 1%。

With that, I will open the line for questions.

接下來，我將開通提問專線。

(Operator Instructions) And today's first question comes from Colin Rusch with Oppenheimer.

（操作員說明）今天的第一個問題來自科林·魯施（Colin Rusch）和奧本海默（Oppenheimer）。

As you start entering some of these newer markets with energy storage, can you talk about how much of the volume you're guiding to 2Q? Could be considered selling into -- to build a little bit of inventory to support those customers?

當您開始進入一些新的能源儲存市場時，您能談談您在第二季度引導的銷售量有多少嗎？是否可以考慮銷售—建立一點庫存來支持這些客戶？

Yes, could you please repeat that question, Colin? I didn't follow that properly.

是的，科林，你能重複這個問題嗎？我沒有正確遵循這一點。

Sure. So as you start selling energy storage into new markets and looking at the 2Q guide, how much of that energy storage sales dynamic is actually selling into the channel and channel fill, just to get prepared in this one.

當然。因此，當您開始向新市場銷售儲能並查看第二季度指南時，儲能銷售動態中有多少實際上是銷售到通路和通路填充中，只是為了在這方面做好準備。

Not much really because the new markets are just ramping for us. For example, we introduced storage into Italy in Q1. So really, that's the only one where we introduced into a new market, prior to that, if you see, we introduced into a few European countries. Prior to that, we introduced in the U.K. In fact, our storage is -- the channel is very healthy. We are actually normalized as we speak on storage. That's what I said, we are there on storage.

其實沒什麼，因為新市場對我們來說才剛興起。例如，我們在第一季將儲存引入義大利。所以實際上，這是我們引入新市場的唯一一個，在此之前，如果你看到的話，我們引入了一些歐洲國家。在此之前，我們在英國介紹過，事實上，我們的儲存管道非常健康。當我們談論存儲時，我們實際上已經標準化了。這就是我所說的，我們在那裡存儲。

In fact, I'll give you a data that I didn't talk about in the call. Sell-through -- our sell-through of batteries in Q4 overall worldwide was 140-megawatt hours, while the sell-through of batteries in Q1 was 128-megawatt hours, only 8% down. It's much better than the seasonality of 20% that we are seeing on the other products. And so batteries are doing well in general. Yet despite the 128-megawatt hours sell-through, we had the discipline to only ship 75.5-megawatt hour. That means we took 43-megawatt hours out of the channel. The channel is quite lean for storage. That's why you see we are increasing the guidance. When I guided for Q1, I guided 70- to 90-megawatt hours. Now I'm guiding for Q2, I'm guiding 100- to 120-megawatt hours on storage.

事實上，我會​​給你一個我在電話中沒有談到的數據。銷售量－第四季度全球電池銷售量為 140 兆瓦時，而第一季電池銷售量為 128 兆瓦時，僅下降 8%。這比我們在其他產品上看到的 20% 的季節性要好得多。因此，電池整體表現良好。然而，儘管售出了 128 兆瓦時的電量，我們仍嚴格要求只出貨 75.5 兆瓦時。這意味著我們從通道中消耗了 43 兆瓦時的電力。此通道的儲存空間非常有限。這就是為什麼你會看到我們正在增加指導。當我指導第一季時，我指導了 70 至 90 兆瓦時。現在我正在指導第二季度，我正在指導 100 到 120 兆瓦時的儲存。

So storage is a good story. We expect it to continue. We expect, over the long term, every market to transition to solar plus storage. We talked about the color on some of our markets, Netherlands. We talked about France, we talked about -- Germany is already there. California, will get there soon. So in general, storage is a good story for us.

所以儲存是一個好故事。我們預計這種情況會持續下去。我們預計，從長遠來看，每個市場都會過渡到太陽能+儲存。我們討論了荷蘭一些市場的顏色。我們談到了法國，我們談到了──德國已經在那裡了。加州，很快就會到達那裡。所以總的來說，儲存對我們來說是一個好故事。

And then on the pricing dynamic, it looks like microinverter pricing was down maybe 4-ish, 5% quarter-over-quarter on average. Can you talk a little bit about the dynamic around pricing and discounts as you get through the inventory flush and what we can expect as you get into the middle of the year here?

然後就定價動態而言，微型逆變器的定價似乎比上一季平均下降了 4 %左右，即 5%。您能否談談庫存沖淡期間定價和折扣的動態，以及進入年中時我們可以期待什麼？

Right. And we measure something called ASP variance, and we measure something called customer variance. The customer variance means how much pricing did you drop at a particular customer quarter-to-quarter. And ASP variance is simply a function of how your mixed it. For example, if you have a lower pricing for a particular customer and his volume went up, it will show up as an overall reduction in ASP.

正確的。我們測量稱為 ASP 變異數的東西，我們測量稱為客戶變異數的東西。客戶差異意味著您每季對特定客戶的定價下降了多少。 ASP 差異只是您的混合方式的函數。例如，如果您為特定客戶提供較低的定價，而他的銷售量增加，則會顯示為 ASP 的整體下降。

Really, the measure of effectiveness in pricing comes from customer ASP variance. And you dropping pricing at a particular customer? And the answer is we are very disciplined there. So what you are seeing is a result of mix, but we are extremely disciplined when it comes to -- you talked about in order to move inventory, do you need to lower pricing? No. We don't do, we don't play games like that. So we are disciplined. We will be disciplined, we sell on value. And what you're seeing is purely a product mix issue.

實際上，定價有效性的衡量標準來自於客戶 ASP 差異。您是否降低了對特定客戶的定價？答案是我們那裡非常有紀律。所以你看到的是混合的結果，但我們在這方面非常自律——你談到為了轉移庫存，你需要降低價格嗎？不，我們不這樣做，我們不玩那樣的遊戲。所以我們是有紀律的。我們將遵守紀律，我們以價值出售。你所看到的純粹是產品組合問題。

And our next question today comes from Brian Lee at Goldman Sachs.

今天我們的下一個問題來自高盛的布萊恩李。

Badri, can you talk a little bit about -- you said at the onset of the call that you undership demand in Q1 a little bit less than -- or destocked a little bit less than you would have expected just because demand was softer. So the $90 million of destock, that should kind of clear the inventory for micros in 2Q in your guide. You're saying normalized, you're seeing $400 million.

巴德里，您能談談嗎？因此，9000 萬美元的去庫存應該可以清除指南中第二季度微型計算機的庫存。你說的是標準化，你看到的是 4 億美元。

So are you inferring that normalized demand when you strip out the $90 million of destock is running at like $490 million Because I know last call, you were talking about $450 million to $500 million. So maybe just to high level kind of walk us through your thought process of what demand you're seeing out there, what the normalized level looks like once you get through all this inventory reset? And then maybe what time frame you think you kind of get back to those normalized run rates as well?

那麼，當你剔除 9,000 萬美元的去庫存後，你是否會推斷正常化需求約為 4.9 億美元？因此，也許只是從高層次向我們介紹一下您所看到的需求的思考過程，一旦您完成所有這些庫存重置，標準化水平會是什麼樣子？然後，您認為您可以在什麼時間範圍內恢復到正常化的運行率？

Got it. So Brian, in Q1, our sell-through demand, which is end customer demand, was $376 million, in Q1, and we reported revenue of $263.3 million. Therefore, you can do the math, $376 million minus $263 million is $113 million of undershipment.

知道了。因此，布萊恩，在第一季度，我們的銷售需求（即最終客戶需求）為 3.76 億美元，我們報告的收入為 2.633 億美元。因此，您可以計算一下，3.76 億美元減去 2.63 億美元就是 1.13 億美元的出貨不足。

Now in Q2, I guided $290 million to $330 million. Midpoint of guidance is $310 million. And now I said my estimated sell-through in Q2, which is reflective of end customer demand is $400 million. So the difference between the two, $310 million minus $400 million or the other way, $400 million minus $310 million is the $90 million of undershipment.

現在在第二季度，我指引了 2.9 億至 3.3 億美元。指導中位數是 3.1 億美元。現在我說我預計第二季的銷售額（反映了最終客戶的需求）為 4 億美元。因此，兩者之間的差額，3.1 億美元減去 4 億美元，或者反過來，4 億美元減去 3.1 億美元，就是 9,000 萬美元的出貨不足。

Now what could that $400 million be in the second half of the year. That's where we are talking about the markets. We expect Europe, for example, to continuously improve. Netherlands government has approved net metering for the foreseeable future. We are starting to see the lead generation much higher in Netherlands. That should start resulting in increased sell-through and increased activations in Netherlands, which is a big deal.

現在下半年這 4 億美元會是多少？這就是我們談論市場的地方。例如，我們期望歐洲能夠不斷進步。荷蘭政府已批准在可預見的未來實施淨計量。我們開始看到荷蘭的潛在客戶產生率要高得多。這應該會導致荷蘭的銷量增加和激活增加，這是一件大事。

Next one is France. France, the utility rates are helping us. So you can see, despite this environment, we expect France to be strong. Third one is Germany. We reported sell-through of 28% higher in Q1 from Q4. And once again, there, the cost of electricity is high, and we expect solar and storage or solar and batteries to continuously grow.

下一個是法國。法國的公用事業費率正在幫助我們。所以你可以看到，儘管有這樣的環境，我們仍然希望法國能強大。第三個是德國。我們報告稱，第一季的銷量比第四季度高出 28%。再說一次，電力成本很高，我們預計太陽能和儲存或太陽能和電池將持續成長。

On top of it, I talked about our product introductions. In the last year, we have set [ourselves] up nice by introducing IQ8 and batteries everywhere. We are now in 24 countries. Even in Q1, we introduced batteries into Italy. Prior to that, we introduced in the U.K. then we introduced Sweden, Denmark, et cetera, prior to that. I'm not going to list everything. So we are attacking new markets in both Asia as well as Europe.

最重要的是，我談到了我們的產品介紹。去年，我們透過在各地引入 IQ8 和電池，為自己做好了準備。我們現在已遍佈 24 個國家。即使在第一季度，我們也將電池引入義大利。在此之前，我們介紹了英國，然後我們介紹了瑞典、丹麥等等。我不會列出所有內容。因此，我們正在攻擊亞洲和歐洲的新市場。

And now let's come back to the U.S. In the U.S., the dynamics are non-California states and California states -- I mean -- yes -- and California. So non-California states, there are multiple data points for us to tell you that things are improving. In the last few weeks -- let's say, last 4 weeks, we are seeing better sell-through numbers compared to what we saw prior to that. That's the first data point. The second one is we have our internal Solargraf software, which is now being used by over 1,000 plus installers, and therefore, we can look at sales proposals, contracts, we can see those numbers are continuously going up in March. The numbers are up in March versus February numbers are up in April versus March. So that's a good sign.

現在讓我們回到美國。因此，在非加州，我們有多個數據點可以告訴您情況正在改善。在過去幾週——比方說，過去 4 週，我們看到與之前相比，銷售量有所提高。這是第一個數據點。第二個是我們有內部的 Solargraf 軟體，現在有超過 1,000 多個安裝人員在使用該軟體，因此，我們可以查看銷售提案、合同，我們可以看到這些數字在 3 月份持續上升。 3 月的數字較 2 月有所上升，4 月的數字較 3 月有所上升。所以這是一個好兆頭。

Then of course, it is anecdotal. My interactions with customers in California in the last 4 weeks, all of them universally said March is much better sales month than February. The last one is, you do see third-party analytics reports like -- that talk about permitting. And you can see the -- in general, the permits for non-California as well as California are up in the month of March versus February. By the way, the trends that I told you are valid for both non-California as well as California in the last few weeks.

當然，這是軼事。在過去 4 周里，我與加州客戶的互動中，他們普遍表示 3 月的銷售情況比 2 月好得多。最後一個是，您確實會看到第三方分析報告，例如談論許可的內容。您可以看到，總的來說，非加利福尼亞州以及加利福尼亞州的許可證在三月比二月份有所增加。順便說一句，我告訴你的趨勢在過去幾週對非加州和加州都有效。

So we are cautiously optimistic that things are turning. And that's why I said Q1 is the bottom quarter. That's why we are raising our guidance to $290 to $330 million for Q2. That's why we said the sell-through is going up from $376 million to $400 million. And we expect -- with these growth trends, we expect sell-through to continuously go up. And the last one, the point which I wanted to talk about, was interest rates. We now hear that there are going to be likely two interest rates -- two cuts instead of maybe three or four planned before. So anytime that there is a cut that is going to expand the non-California states even further, meaning the demand further, so those all could come into play.

因此，我們對事情正在轉變持謹慎樂觀的態度。這就是為什麼我說第一季是底部季度。這就是為什麼我們將第二季的指引上調至 2.9 億至 3.3 億美元。這就是為什麼我們說銷售額從 3.76 億美元上升到 4 億美元。我們預計，隨著這些成長趨勢，我們預計銷售量將持續上升。最後一個，也是我想談的一點，是利率。我們現在聽說可能會有兩次降息——兩次降息，而不是之前計劃的三到四次。因此，任何時候削減都會進一步擴大非加州各州的規模，這意味著需求進一步增加，因此所有這些都可能發揮作用。

Understood. Okay. No, that's super helpful. I guess if we think about just, again, kind of trying to dissects the normalized demand outlook you have here, if it's -- the channel is clean exiting 2Q and you're looking at barring any meaningful mix changes or pricing changes and demand staying basically where you think it is today, like $400 million. Is there any reason you would not be shipping that level in 3Q?

明白了。好的。不，這非常有幫助。我想，如果我們再次考慮嘗試剖析這裡的正常化需求前景，如果是的話，第二季度的管道是乾淨的，並且您正在考慮禁止任何有意義的組合變化或定價變化以及需求保持不變基本上就是你今天想像的樣子，例如4 億美元。你們有什麼理由不在第三季推出該等級的產品嗎？

I mean is there any structural shifts to what the channel is willing to take or kind of lead times and things of that nature? I guess I'm just trying to understand how that $400 million -- what are the puts and takes for that $400 million -- to stay $400 million versus, again, I think there was a view earlier in the year that it would be higher than $400 million, but right now, it is at $400 million. So what moves that higher? And then what potentially that lower if it were to go into the opposite direction?

我的意思是，頻道願意接受的內容或交付時間以及類似性質的事情是否有任何結構性轉變？我想我只是想了解這 4 億美元——這 4 億美元的看跌期權和期權是多少——如何保持 4 億美元，而我認為今年早些時候有一種觀點認為它會更高超過4 億美元，但現在是4 億美元。那麼是什麼讓股價走得更高呢？那麼如果朝相反的方向發展，可能會降低多少呢？

I think what you said is correct, meaning once the channel is normalized, sell-in and sell-out should be balanced. So that's right. So for example, we do expect the sell-through in Q3 to be higher. But if you were to say it is -- sell-through remains around, let's say, $400 million level, our sell-in would remain similar because now we have taken all the inventory out. We don't need to do any undershipment any longer. So our sell-in and sell-out are balanced at that time. But like what I said, there are several vectors for that sell-through to improve in Q3, which I highlighted, all of the things in Europe, all of the new products we are introducing, non-California states which are improving. California installers learning to do NEM 3.0, more financing options being available to the installers in general than before in the U.S. and us starting to ramp on small commercial products. So all of that makes me optimistic that sell-through would start to become higher in Q3 and beyond.

我覺得你說的是對的，就是通路正常化之後，賣進和賣出應該是平衡的。所以說是這樣的。例如，我們確實預期第三季的銷量會更高。但如果你這麼說——銷售量仍保持在 4 億美元左右的水平，那麼我們的銷售量將保持相似，因為現在我們已經取出了所有庫存。我們不需要再進行任何出貨不足的事情了。所以當時我們的賣出和賣出是平衡的。但就像我所說的，有幾個因素可以在第三季提高銷售量，我強調了這一點，歐洲的所有事情，我們推出的所有新產品，非加州各州都在改善。加州安裝人員正在學習 NEM 3.0，與美國以前相比，安裝人員可以獲得更多的融資選擇，我們開始大力發展小型商業產品。因此，所有這些讓我樂觀地認為，第三季及以後的銷售量將開始變得更高。

And our next question comes from Kashy Harrison with Piper Sandler.

我們的下一個問題來自 Kashy Harrison 和 Piper Sandler。

So Badri, first one, you indicated last quarter sell-through expectations for Q1 of $390 million to $430 million and sell-through, to your point, came in at $376 million. And in the spirit of continuous improvement, I was wondering if you could just walk us through the specific input or approach to your forecasting methodology that was faulty and then how you've adjusted for those errors heading into the second quarter? Essentially, what I'm just trying to get at is are your forecasting approach is improving? And how -- and I'm trying to get to a point where the Street can have confidence that, that sell-through will land about where you expected to in the second quarter?

因此，巴德里，第一個，您表示上季度第一季的銷售收入預期為 3.9 億至 4.3 億美元，而根據您的觀點，銷售收入為 3.76 億美元。本著持續改進的精神，我想知道您是否可以向我們介紹一下您的預測方法中存在錯誤的具體輸入或方法，然後您如何針對進入第二季度的這些錯誤進行調整？從本質上講，我只是想知道您的預測方法是否正在改進？我正在努力讓華爾街有信心，第二季的銷售量將達到您預期的水平，如何做到這一點？

Right. In general, we are not perfect. We forecast based on the seasonality, we were right in most places. And as I reported, the California numbers were a little bit little bit worse. And you can see that the sell-through in California was about 30% lower, 37% on microinverters and about, I think, 18% or 19% on batteries.

正確的。總的來說，我們並不完美。我們根據季節性進行預測，在大多數地方我們都是正確的。正如我所報道的，加州的數字稍微糟糕一些。你可以看到加州的銷量下降了大約 30%，其中微型逆變器的銷量下降了 37%，我認為電池的銷量下降了 18% 或 19%。

So I think California was the wildcard, which I did mention in the prior quarter. And I think we are getting the increasing confidence in California. I outlined everything which we -- which we discussed with the California installers. So we are confident in our forecast right now and the first few weeks of the quarter seem to be trending in that direction.

所以我認為加州是一個通配符，我在上一季確實提到過。我認為我們對加州的信心正在增強。我概述了我們與加州安裝人員討論的所有內容。因此，我們現在對我們的預測充滿信心，本季的前幾週似乎正朝著這個方向發展。

Fair enough. Appreciate it. And as my follow-up question is on IQ9. You indicated the first half 2025 commercial release date, and I think you said pilots later this year. How long would it take for IQ9 to ramp to 100%? And then just strategically, can you talk about how you're thinking about using a lower-cost product, both in the U.S. and in international markets, from a share perspective?

很公平。欣賞它。我的後續問題是關於 IQ9 的。您指出了 2025 年上半年的商業發布日期，我認為您說的是今年稍後的試播日期。 IQ9 需要多長時間才能達到 100%？然後從戰略上講，您能否從份額的角度談談您如何考慮在美國和國際市場上使用低成本產品？

Yes. IQ9, first of all, we're going to -- we are working on two flavors. One is a 427-watt microinverter and the other is the 548-watt microinverter. The 427-watt microinverter would be what I would consider the bread and butter for the U.S. in probably a year from today, which is right in the time frame that we are introducing. And I would say that typically, an introduction and the ramp for a new product like that would be 4 to 6 quarters based upon our experience with IQ8. So two flavors, 427 and 548.

是的。 IQ9，首先，我們正在開發兩種口味。一種是427瓦微型逆變器，另一種是548瓦微型逆變器。我認為 427 瓦微型逆變器將成為美國未來一年的主要經濟來源，而這正是我們介紹的時間範圍內。我想說，根據我們在 IQ8 方面的經驗，這類新產品的推出和升級通常需要 4 到 6 個季度。所以有兩種口味，427 和 548。

In the 548, things get a lot more interesting. We are now going to have the 548 for 3-phase 208 volts as well as 480 volts small commercial installs. So that will be good. The principal thing about IQ9 is it uses gallium nitride. Gallium nitride enables a high -- much higher power with similar form factors. It's got good efficiency. And it doesn't dissipate as much heat. So when we are using it in our -- both the AC as well as DC effects, we are able to get -- we don't need to blow up the microinverter form factor.

在 548 中，事情變得更加有趣。我們現在將擁有用於三相 208 伏特以及 480 伏特小型商業安裝的 548。這樣就很好了。 IQ9的主要特點是它使用氮化鎵。氮化鎵可以在相似的外形尺寸下實現高得多的功率。它的效率很好。而且它不會散發那麼多的熱量。因此，當我們在交流和直流效應中使用它時，我們能夠得到——我們不需要炸毀微型逆變器的外形尺寸。

And the other advantage with gallium nitride is it allows us to operate at a higher frequency. Earlier, we used to operate at -- today in IQ8, we are operating at 100 kilohertz. With gallium nitride, we can go up to 1-megahertz, and we need to -- we are working on our ASIC in order to get to that capability of megahertz. But once you get to a megahertz, then what happens is you can basically get rid of your big transformers and the transformer sizes can all go down. And anyone who knows about inverters now that there is a lot of dollars going in there.

氮化鎵的另一個優點是它允許我們在更高的頻率下運作。早些時候，我們曾經以 IQ8 的頻率運行，而今天，我們的運行頻率為 100 kHz。使用氮化鎵，我們可以達到 1 兆赫茲，而且我們需要——我們正在開發 ASIC，以便達到兆赫茲的能力。但是一旦達到兆赫茲，就會發生的情況是，您基本上可以擺脫大型變壓器，並且變壓器尺寸都可以減少。現在任何了解逆變器的人都知道那裡有很多美元。

So in terms of form factor, things will get a lot more tighter, so that -- now since they get tighter, you're not talking about blowing up the area due to higher power, because one of the concerns always is efficiency. When you have higher power, if you operate at your same efficiency, you're dissipating a lot of heat, like, for example, at 548 watts, you have, let's say, 97% efficiency, that means 548 watts x 3%, that's 16 watts of power and -- 16 watts of heat. But with the gallium nitride FETs, we are able to operate them with good efficiency. And so we don't need to blow up the inverter, and we can keep it with an elegant form factor for installers we can look at bringing the dollars per watt continuously done. Because for us, the more compact we make, the microinverter, the more integration we achieve, the better it is. And just as in FYI, where there are 4 silicon FETs before on the AC side, we will only need 2 silicon FETs or transistors because we got something called as a bidirectional switch for GaN. It can operate both ways.

因此，就外形尺寸而言，事情會變得更加緊密，因此，既然它們變得更加緊密，你就不會談論由於更高的功率而炸毀該區域，因為問題之一始終是效率。當你有更高的功率時，如果你以相同的效率運行，你會散發大量的熱量，例如，在548 瓦時，你有，比方說，97% 的效率，這意味著548 瓦x 3% ，這是 16 瓦的功率和 16 瓦的熱量。但使用氮化鎵 FET，我們能夠以良好的效率運行它們。因此，我們不需要炸毀逆變器，我們可以為安裝人員提供優雅的外形尺寸，我們可以考慮持續實現每瓦特的成本。因為對我們來說，我們製作的微型逆變器越緊湊，實現的整合度越高，就越好。正如僅供參考的那樣，交流側之前有 4 個矽 FET，我們只需要 2 個矽 FET 或晶體管，因為我們有一種稱為 GaN 雙向開關的東西。它可以雙向操作。

So just zooming back to a higher level, GaN will allow us to operate at higher power lower efficiency with the same form factor, thereby dropping the dollar per watt because you're increasing your power line.

因此，只要回到更高的水平，GaN 將使我們能夠在相同的外形尺寸下以更高的功率、更低的效率運行，從而降低每瓦的成本，因為您增加了電源線。

And our next question today comes from Mark Strouse at JPMorgan.

今天我們的下一個問題來自摩根大通的馬克·斯特勞斯。

I got two questions on gross margins. For the 2Q guide, the 39% to 42%, that's down a bit from what you've been guiding the last couple of quarters. In response to Colin's question earlier, you mentioned mix as a part of that. I just want to confirm, are you kind of talking about the mix of just random installers that you're selling to in a given period? Or is there anything to signal as far as international mix or storage mix? Any other color there would help.

我有兩個關於毛利率的問題。對於第二季的指導，即 39% 到 42%，比您過去幾季的指導略有下降。在回答科林之前的問題時，您提到了混合作為其中的一部分。我只是想確認一下，您是在談論在特定時期內向其銷售的隨機安裝商的組合嗎？或就國際組合或儲存組合而言有什麼訊號嗎？任何其他顏色都會有幫助。

Yes, there -- what I was talking on the question from Colin, which was microinverters was installer mix, that's correct. But this question that you are asking, the 39% meaning, we guided 39% to 42% for non-GAAP gross margin without IRA in Q2, and your question is why? And yes, we increased our battery guidance by 30-megawatt hours. As we can see, Q1 guidance was 70 to 90, we increased 100 to 120. That means we are -- the battery to microinverter ratio is increasing from before. We are getting better and better and better on the gross margin of batteries, and you'll see those numbers continuously improve.

是的，我在科林的問題上所說的，即微型逆變器是安裝程式組合，這是正確的。但你問的這個問題，即 39% 的意思，我們在第二季度指導的非 GAAP 毛利率（不含 IRA）為 39% 至 42%，你的問題是為什麼？是的，我們將電池指導增加了 30 兆瓦時。正如我們所看到的，第一季指引為 70 至 90，我們增加了 100 至 120。我們在電池的毛利率方面做得越來越好，你會看到這些數字不斷提高。

On battery specifically, I called out three factors. I said the cell pack costs are continuing to come down rapidly. We are beginning to manufacture now our microinverters, which are used in the battery. We are beginning to manufacture them in the U.S. Those will provide us with the production tax credit, which is exactly the intention that we need to produce that product in the U.S., the inverters made -- and the battery.

特別是在電池方面，我指出了三個因素。我說過電池組成本正在持續快速下降。我們現在開始生產電池的微型逆變器。我們開始在美國生產它們。

And then the last one, which is exciting one is where we are moving to more integrated architecture for power conversion and battery management. And basically, -- what's going to happen is our third-generation battery, the Y direction is going to almost get cut by 40%. And instead of 6 microinverters that we have in the third-generation battery, we will now have 2 microinverters, one on each side of the fourth-generation battery significantly cutting down the form factor. So we expect that to bring in another big level of improvement in gross margin. So those are the gross margin puts and takes on our batteries.

最後一個令人興奮的問題是我們正在轉向更整合的電源轉換和電池管理架構。基本上，我們的第三代電池將會發生，Y 方向將幾乎減少 40%。我們現在將使用 2 個微型逆變器，而不是第三代電池中的 6 個微型逆變器，第四代電池的每一側各一個，從而顯著縮小了外形尺寸。因此，我們預計這將帶來毛利率的另一個大幅改善。這些就是我們電池的毛利率。

Okay. Very helpful. And then my quick follow-up question. On the 45X within gross margin, last quarter, you talked about 500,000 units being about a $12 million to $14 million benefit. For 2Q, you're talking about a similar number of units, but with a $14 million to $17 million benefit. I'm not sure if I'm just splitting hairs there, but just wanted to see if you're kind of signaling that you're maybe keeping more of that 45X credit?

好的。很有幫助。然後是我的快速跟進問題。上個季度毛利率為 45 倍，您談到 50 萬件產品帶來的收益約為 1,200 萬至 1,400 萬美元。對於第二季度，您談論的是類似數量的單位，但收益為 1400 萬至 1700 萬美元。我不確定我是否只是在吹毛求疵，但只是想看看你是否在暗示你可能會保留更多的 45X 信用額度？

No. What happens is there is a few things that happened there. It depends upon the power of the microinverters that we are building. Sometimes we may build a 384-watt microinverter, you do the $0.11 per watt math there, or we may build a 640-watt microinverter that is used inside the battery. So it's a function of that and purely a function of that.

不。這取決於我們正在建造的微型逆變器的功率。有時我們可能會建造一個 384 瓦的微型逆變器，您可以在那裡進行每瓦 0.11 美元的計算，或者我們可以建造一個在電池內部使用的 640 瓦微型逆變器。所以它是它的函數，純粹是它的函數。

So it just falls out, the higher power we make, the more advantage we have, which is why we are beginning to -- I told you that we are beginning to make our small commercial IQ8P microinverters starting in Q2 as well from the U.S. So those are 480 watts. So $0.11 a watt is $53 gross benefit, gross production tax credit there.

所以它就出來了，我們製造的功率越高，我們擁有的優勢就越大，這就是為什麼我們開始- 我告訴過你，我們從第二季度開始也在美國開始製造我們的小型商用IQ8P 微型逆變器，所以功率為 480 瓦。因此，每瓦 0.11 美元相當於 53 美元的總效益，即總生產稅收抵免。

And our next question comes from Praneeth Satish with Wells Fargo.

我們的下一個問題來自富國銀行的普拉尼思·薩蒂什 (Praneeth Satish)。

Maybe just staying on the battery. So looking out to the fourth-gen battery, it seems like there's a very large cost reduction coming. I guess, how do you think about keeping this cost savings versus passing it on to customers? I guess, specifically, I'm thinking about this in the context of Tesla Powerwall 3. Today, you can buy a Tesla Powerwall 3 with its integrated inverter and that's going to be cheaper than an Enphase battery and inverter solution.

也許只是停留在電池上。因此，展望第四代電池，成本似乎將會大幅降低。我想，您如何看待保留這種成本節約而不是將其轉嫁給客戶？我想，具體來說，我是在 Tesla Powerwall 3 的背景下考慮這個問題的。

And I know it's apples to oranges because they're using a string inverter. But I guess with the fourth-generation battery, you have the ability to close that gap while still earning more margins. So I guess, I'm just trying to see how you think about that opportunity next year with that new battery?

我知道這是蘋果與橘子之間的區別，因為他們使用的是串式逆變器。但我想，有了第四代電池，您就有能力縮小這一差距，同時仍然獲得更多利潤。所以我想，我只是想看看你如何看待明年使用新電池的機會？

Yes. I mean -- Yes, before that, let me give you a color on -- you talked about many things there. You talked about battery, you talked about competition, you talked about string inverter integrated into the battery. I just want to remind you of our benefits and why we offer tremendous value. So in my trip in the last 4 weeks, many of our customers are -- they're very experienced. They have used string inverters and you have no idea of all of the troubles they have gone through.

是的。我的意思是——是的，在那之前，讓我給你一點顏色——你在那裡談到了很多事情。您談到了電池，您談到了競爭，您談到了整合到電池中的組串逆變器。我只是想提醒您我們的優勢以及我們為何提供巨大價值。因此，在我過去 4 週的旅行中，我們的許多客戶都非常有經驗。他們使用了組串式逆變器，你不知道他們經歷過哪些麻煩。

And they -- for them, some of the customers mentioned safe AC on the roof is religion for us. So safe AC on the roof. You don't want high-voltage DC above you. That's the first point on Enphase. Production, we have microinverters for every panel, MPPT at the panel level, production can be enhanced almost by 5% to 15% when you compare to normal string inverters.

對他們來說，一些顧客提到屋頂上的安全空調對我們來說是宗教。屋頂上的空調很安全。您不希望上方有高壓直流電。這是Enphase 的第一點。生產方面，我們為每個面板配備微型逆變器，在面板層級提供MPPT，與普通組串式逆變器相比，產量可提高近5%至15%。

Per panel monitoring, many of our installers love that. Per panel monitoring and their homeowners love it because they're able to say "okay, this particular thing isn't working" and they are able to get service from Enphase ultrafast. We are open 24/7.

每個面板監控，我們的許多安裝人員都喜歡這一點。每個面板監控及其房主都喜歡它，因為他們能夠說“好吧，這個特定的東西不起作用”，並且他們能夠從 Enphase 獲得超快的服務。我們 24/7 營業。

Reliability you can count on. That's why we provide 25-year warranty, most tough competition -- maybe 10 or 12 years. No single point of failure unlike string inverters, that causes much higher uptime for your system. And that's you're all familiar with. Simple plug-and-play install, our installers love the simplicity, no additional RSD, rapid shutdown devices, needed. Any orientation, if you have roofs in any -- roofs in different orientations, it's got to be Enphase, nothing else.

值得您信賴的可靠性。這就是為什麼我們提供 25 年保固（競爭最激烈）——也許是 10 年或 12 年。與串式逆變器不同，沒有單點故障，這會導致系統的正常運作時間更長。這就是你們都熟悉的。簡單的即插即用安裝，我們的安裝人員喜歡這種簡單性，無需額外的 RSD、快速關閉設備。任何方向，如果你有任何方向的屋頂──不同方向的屋頂，它一定是Enphase，沒有別的。

Grid-forming IQ8 Microinverters enabling sunlight jump start for depleted batteries. Everybody knows this. But if I were to emphasize, you are running off grid, you have a power shutdown, you're running off grid, your battery -- let's say, you've turned on the AC on by accident, your battery runs down. Your battery runs down all the way to a particular percentage. Then the battery has got a capability to do what is called black start. It opens -- it wakes up every few minutes the next day and it says I'm ready and it has solar (inaudible) unit and that can happen for 1 or 2 days.

形成電網的 IQ8 微型逆變器可在陽光下快速啟動耗盡的電池。每個人都知道這一點。但如果我要強調的話，你正在脫離電網，你的電源被關閉，你正在脫離電網，你的電池——比方說，你不小心打開了交流電，你的電池電量耗盡了。您的電池電量會一直下降到特定的百分比。然後電池就有能力進行所謂的黑色啟動。它會打開——第二天每隔幾分鐘就會醒來，它說我已經準備好了，它有太陽能（聽不清楚）裝置，這種情況可能會持續一兩天。

But after 1 or 2 days, that -- even that energy in the battery goes away and the battery is dead. That is the state of charge drops to 1% or below. Now with Enphase IQ Microinverters, you could do sunlight jump start. The -- you have -- even without the grid, sunlight comes, you form the grid, you jump start the battery at that time and the battery state of charge comes up. So that's an example, sunlight jump start that we do.

但一兩天后，即使電池中的能量也消失了，電池也就沒電了。即荷電狀態降至1%或以下。現在，有了 Enphase IQ 微型逆變器，您就可以在陽光下快速啟動。即使沒有電網，陽光照射進來，你就形成了電網，那時你就啟動了電池，電池的充電狀態就會出現。這就是我們所做的陽光跳躍啟動的一個例子。

And of course, our microinverters are now being made in America. That's a big deal. Many of our installers love that. When it comes to storage, safe chemistry, lithium ion phosphate, big deal. UL 9540A fire certification, very big deal. And we have worked with the fire departments and make sure that we have optimized the placement of batteries there. So we have done it for a lot of AHJs in California. Best warranty in the industry. You see competition at 10 years, approximately, our warranty is 15 years, no moving parts or fans. Low-voltage DC operation of the batteries.

當然，我們的微型逆變器現在是在美國製造的。這是一件大事。我們的許多安裝人員都喜歡這一點。當談到儲存、安全化學、磷酸鋰離子時，這是一件大事。 UL 9540A防火認證，意義重大。我們與消防部門合作，確保優化了電池的放置位置。因此，我們已經為加州的許多司法機關做到了這一點。業界最好的保固。您將看到大約 10 年的競爭，我們的保固期為 15 年，沒有活動零件或風扇。電池的低壓直流運轉。

If you see a concept of a hybrid inverter where one inverter takes care of solar and storage, obviously, there is a lot more stress on that. But we have a distributed architecture, which means you've got inverters on the roof that take care of solar. You got inverters in the battery that take care of storage. And even if 1 inverter in the battery goes down, the other inverters are there to help. The system is never down.

如果您看到混合逆變器的概念，其中一個逆變器負責太陽能和存儲，顯然，這方面的壓力要大得多。但我們有分散式架構，這意味著屋頂上有負責太陽能的逆變器。電池中有逆變器負責儲存。即使電池中的 1 個逆變器發生故障，其他逆變器也會提供協助。系統永遠不會宕機。

Field serviceable in situ without taking the battery of the wall minimizing downtime. I talked about gross margin. This time, I didn't say this, but it is a big deal. Our overhead costs in running a battery business are dropping quite a bit because we have figured out how to not do expensive RMAs. An expensive RMA is what, you have a big system hanging off your wall. The worst thing you do is it doesn't work, you take it out off the wall, the homeowner is off commissioned for many days in a row, then you have to take it back to the installers warehouse. The OEM or the component manufacturer or battery manufacturer has to ship product to him and the installer has to spend his valuable time on the field once again installing the new battery.

可現場現場維修，無需使用牆上的電池，最大限度地減少停機時間。我談到了毛利率。這一次，我沒有說這件事，但這是一件大事。我們經營電池業務的間接成本大幅下降，因為我們已經找到瞭如何不進行昂貴的 RMA 的方法。昂貴的 RMA 就是您的牆上掛著一個大型系統。你做的最糟糕的事情就是它不起作用，你把它從牆上取下來，房主連續多天停止調試，然後你必須把它帶回安裝人員倉庫。 OEM或組件製造商或電池製造商必須將產品運送給他，安裝人員必須在現場花費寶貴的時間再次安裝新電池。

The homeowner is down. He is losing solar and storage. He is losing self-consumption dollars and especially in a place like California, that can add up a lot. It can be a major source of annoyance. With our field serviceability in situ instead of taking a $5,000 battery, we can take a $50 board -- PCB board off, take that out, put the new board in a matter of an hour, you're up and running. And -- so enhanced serviceability.

樓主已經下樓了他正在失去太陽能和儲存。他正在損失自我消費的錢，特別是在像加州這樣的地方，這可能會增加很多。它可能是煩惱的主要來源。憑藉我們的現場可維護性，我們無需使用5,000 美元的電池，而是可以取下50 美元的電路板- 將PCB 板取下，將其取出，在一小時內安裝新電路板，即可啟動並運行。而且——因此增強了可維護性。

The next one, LRA. A 48-amp LRA for every 5-kilowatt hour battery, 144 amperes for a 15-kilowatt hours enough to start a 4 ton, 2 batteries -- 2 of our 5-kilowatt hour batteries are enough to start 3-ton air conditioners. And our power is double -- both the peak and continuous power are double that of the previous generation, and our installers love that.

下一個，上帝抵抗軍。每個 5 千瓦時的電池需要一個 48 安培的 LRA，15 千瓦時的電池需要 144 安培，足以啟動 4 噸的 2 個電池——我們的 2 個 5 千瓦時的電池足以啟動 3 噸的空調。我們的功率是上一代的兩倍——峰值功率和連續功率都是上一代的兩倍，我們的安裝人員喜歡這一點。

Simple to install and commission. For example, the NEM 3.0 scenario, much like Germany, our installs -- many of our installs -- most of our installs are what -- called as a grid-tied install. The grid-tied install or a rate saver install or a time of use install or savings battery, they're all identical. That is -- the battery is simply provides economic advantage. And installing such a battery is trivial. You finish your solar, you're done with AC on the roof. You then -- all you need to do is to take 2 of our 5 kilowatt-hour batteries. You hang it off the AC bus, there is nothing to size, there is no main panel upgrade, you don't need to worry about where to place it. You simply hang it off the AC bus, and the installation can be done in less than 2 hours. You connect it to the same combiner bus that you're used for solar, no extra component and you're up and running. So that's becoming very popular, a rate saver battery grid-type battery becoming extremely popular. So that's that.

安裝和調試簡單。例如，NEM 3.0 場景，就像德國一樣，我們的安裝——我們的許多安裝——我們的大部分安裝被稱為併網安裝。併網安裝或節電安裝或使用時間安裝或節省電池，它們都是相同的。也就是說——電池只是提供經濟優勢。安裝這樣的電池是微不足道的。你完成了你的太陽能，你就完成了屋頂上的空調。然後，您所需要做的就是取出 2 個我們的 5 千瓦時電池。您將其掛在交流總線上，無需調整尺寸，無需升級主面板，您無需擔心將其放置在哪裡。您只需將其掛在交流電總線上，安裝即可在 2 小時內完成。您將其連接到用於太陽能的同一匯流器總線，無需額外組件，即可啟動並運行。因此，這種電池變得非常流行，節電電池網格型電池變得非常流行。就是這樣。

So I told you the benefits of Enphase solar and Enphase Storage System. If you look at all in one mobile app. The problem with having multiple solar and storage manufacturers is the homeowner has got a mess of apps. And it's possible, but it's difficult to keep track of all of that.

所以我告訴你 Enphase 太陽能和 Enphase 儲存系統的好處。如果您在一個行動應用程式中查看所有內容。擁有多家太陽能和儲存製造商的問題是房主擁有一堆混亂的應用程式。這是可能的，但很難跟踪所有這些。

So all information and control at your fingertips. The ability to take the home off the grid through an Enphase app. We provide that as well. We provide 24-hour -- 24/7 customer service with 100 field service technicians who will take care of the batteries. The installer doesn't need to spend his valuable type. He can focus on a new install. And as you know, the big advantage is with an AC-coupled system is you have both the power from your solar system as well as from your batteries. So the combination means even more power. You don't have one inverter constraining your output.

因此，所有資訊和控制都觸手可及。透過 Enphase 應用程式讓房屋脫離電網的能力。我們也提供這一點。我們提供 24 小時 - 24/7 客戶服務，並有 100 名現場服務技術人員負責電池維護。安裝人員不需要花費他寶貴的資金。他可以專注於新安裝。如您所知，交流耦合系統的最大優點是您既可以從太陽能係統也可以從電池獲得電力。因此，這種組合意味著更多的力量。您沒有一台逆變器會限制您的輸出。

And of course, the last one is our PCS software, power control system software. That one is invaluable -- going to be invaluable to installers to not do main panel upgrades. And by the way, PCS -- we can do PCS simply even for NEM 2.0 expansion systems. That is, if you want to expand your NEM 2.0 system, as long as you do not export anything beyond your old system, you can still do your NEM 2.0 system to support your current consumption while exporting energy -- maximum energy from the old system. So NEM 2.0 expansion is now a lot easier.

當然，最後一個是我們的PCS軟體，電力控制系統軟體。這是無價的——對於不進行主面板升級的安裝人員來說將是無價的。順便說一句，PCS——即使對於 NEM 2.0 擴展系統，我們也可以簡單地進行 PCS。也就是說，如果你想擴展你的NEM 2.0系統，只要你不輸出舊系統之外的任何東西，你仍然可以讓你的NEM 2.0系統在輸出能量的同時支持你當前的消耗——從舊系統中獲得最大的能量。所以 NEM 2.0 擴充現在容易多了。

So hopefully, I gave you some color on the value that we add, and we are not stopping. We are going to be focused on costs. The batteries are -- our customers are cost sensitive and with every opportunity, we are going to be removing boxes off the wall. Raghu was with me with all of the installers, and we have clear plans on what we are going to do to eliminate more boxes on the wall. So we are ultra sensitive in response to your question. And if we need to drop pricing because we aren't providing as much value compared to competition, we will do so.

希望我能向您介紹我們所增加的價值，而且我們不會停止。我們將重點放在成本上。電池－我們的客戶對成本很敏感，只要有機會，我們就會把牆上的盒子拆掉。 Raghu 和我以及所有安裝人員在一起，我們對如何消除牆上更多的盒子有明確的計劃。所以我們對你的問題的回答非常敏感。如果我們因為與競爭對手相比沒有提供盡可能多的價值而需要降低價格，我們也會這樣做。

Got it. that very extensive answer. Maybe just one more quick one on -- again, on batteries. So you said that the channel is normal for batteries. You are at battery sell-through of 128-megawatt hours in Q1 for a seasonally weak quarter. The guidance for Q2 has battery shipments at 100- to 120-megawatt hours. And I'm assuming there that sell-in equal sell-through in Q2. So maybe if you can just talk about what's driving that slight decrease from 128-megawatt hours to the guidance of 110? Is that conservatism? Or are there other factors? Because it seems like there's a lot of tailwinds in the battery business.

知道了。那個非常廣泛的答案。也許只是再快一點——再說一遍，用電池。所以你說電池的通道是正常的。第一季的電池銷售量為 128 兆瓦時，這是一個季節性疲軟的季度。第二季電池出貨量指引為 100 至 120 兆瓦時。我假設第二季的銷售量與銷售量相等。那麼，也許您能談談是什麼導致發電量從 128 兆瓦時略微下降至 110 兆瓦時？這就是保守主義嗎？還是有其他因素？因為電池業務似乎有很多順風車。

That is conservatism. And yes, I knew that you guys would ask me the questions because you're intelligent. The -- I said -- carefully worded that it is almost there. That's what I said. So -- but you're right in general. The battery -- we expect to run quite lean on batteries. And so yes, we are conservative. It does seem that there is some opportunity for upside there.

這就是保守主義。是的，我知道你們會問我這些問題，因為你們很聰明。我說過，用謹慎的措辭來說，它已經快到了。這就是我所說的。所以——但總的來說你是對的。電池－我們預計運作時會非常依賴電池。所以，是的，我們是保守的。看起來確實有一些上漲的機會。

And our next question today comes from Philip Shen with ROTH MKM.

今天我們的下一個問題來自 ROTH MKM 的 Philip Shen。

Back to Brian's question earlier on the timing of normalized revenue. Badri, I think you said on the last call, the $475 million would come in the back half of this year. Are we still on track for that? So the $475 million could be in either Q3 or Q4? And can you walk us through, is it more likely Q4 or Q3? Or if there is a chance that, that gets pushed out to Q1?

回到布萊恩之前關於收入正常化時間的問題。 Badri，我想您在上次電話會議中說過，4.75 億美元將在今年下半年到位。我們還在朝著這個方向努力嗎？那麼 4.75 億美元可能出現在第三季或第四季？您能否向我們介紹一下，是第四季的可能性更大還是第三季的可能性更大？或者如果有可能被推遲到第一季？

Well, Phil, you know that we don't give guidance for Q3 nor Q4, but I described all of the tailwinds. And we are growing by -- from a sell-through demand of $376 million to $400 million. And we described the growth vectors. We are optimistic about all of the growth vectors. And we talked about the puts and takes in Europe. We talked about Netherlands, we talked about France, we talked about Germany, we are extremely bullish there. We are introducing a lot of new products in those regions.

好吧，菲爾，你知道我們沒有提供第三季或第四季的指導，但我描述了所有的有利因素。我們的銷售需求正從 3.76 億美元成長到 4 億美元。我們描述了成長向量。我們對所有成長向量都持樂觀態度。我們也討論了歐洲的情況。我們談到了荷蘭，我們談到了法國，我們談到了德國，我們非常看好那裡。我們正在這些地區推出許多新產品。

We expect -- we have done that in the last year. We expect them to take off. Then we talked about the non-California states where we are seeing them seasonally bounce back up. So -- and California, I would say California installers are -- like what I said, I was extremely optimistic after my trip. The last 3 to 4 weeks of data also shows good trends. So while we are talking about a sell-through demand and customer demand of $400 million in Q2, I expect the numbers to go continuously up in Q3 and Q4.

我們預計——去年我們已經做到了這一點。我們期待他們起飛。然後我們討論了非加州的情況，我們看到這些州的房價季節性反彈。所以——加州，我想說加州的安裝人員——就像我所說的，我在旅行後非常樂觀。過去 3 至 4 週的數據也顯示出良好的趨勢。因此，當我們談論第二季 4 億美元的銷售需求和客戶需求時，我預計第三季和第四季的數字將持續上升。

Great. Okay. So very much still on path, but there might be a little bit of risk, but you definitely see a path. It sounds like.

偉大的。好的。所以仍然在路上，但可能會有一點風險，但你肯定看到了一條路。這聽起來像。

Yes, I do.

是的，我願意。

Great. Okay. Shifting gears to maybe data that might be even ahead of sell-through. Our channel work suggests in this challenging U.S. resi time, you guys are gaining a healthy amount of share. And whether it's 5% from one source versus a recent poll that we did, you might be gaining 11% share with 5% of the market. That's pretty healthy and potentially can make a big difference.

偉大的。好的。轉向可能甚至在銷售之前的數據。我們的通路工作表明，在這個充滿挑戰的美國剩餘時間裡，你們正在獲得可觀的份額。無論是來自單一來源的 5% 還是我們最近進行的一項民意調查，您都可能以 5% 的市場份額獲得 11% 的份額。這是非常健康的，並且可能會產生很大的影響。

And so I wanted to see if you can help us understand what is the activation implied revenue that you might be seeing versus sell-through and obviously compared to the sell-in? So do you track that in a way that you can articulate what was the activation implied revenue for maybe Q1, maybe what you see for Q2 and beyond?

因此，我想看看您是否可以幫助我們了解您可能看到的激活隱含收入與銷售量以及顯然與銷售量的比較是多少？那麼，您是否以一種可以闡明第一季激活隱含收入的方式來追蹤這一點，也許您在第二季及以後看到了什麼？

Yes. I mean, we do see reports, we do see sell-side reports, we do see third quart reports. We are focused on highlighting our value and working with installers in these times. These are difficult times. So we are trying to help them with all the services we have, whether it's proposal, whether it is permitting, whether it is proper modeling, whether it's leads or whether it's simply to understand their RMAs, how can we help them understand their service, understand their labor, understand how to improve their efficiency, doing Kaizen with the installers.

是的。我的意思是，我們確實看到了報告，我們確實看到了賣方報告，我們確實看到了第三誇脫的報告。在這個時代，我們專注於強調我們的價值並與安裝人員合作。現在是困難時期。因此，我們正在努力幫助他們提供我們擁有的所有服務，無論是提案、是否允許、是否是正確的建模、無論是潛在客戶還是只是了解他們的 RMA，我們如何幫助他們了解他們的服務，了解他們的勞動，了解如何提高他們的效率，並與安裝人員一起進行改善。

So we believe that our relationships with the installers in these times is the single most reason on any market share gain that you're highlighting. Normally, from sell-through to activations for us, it will take us about 4 to 8 weeks. And -- but any market share gains, we will start potentially seeing going forward because, as you know, when installers switched to us, no one switches 100% like that. There is a ramp associated with ramping down what they are using and ramping up with the new product. And I would say that will show up definitely as sell-through increases. And we will report that in Q2 -- I mean, we will report our Q2 results in the Q3 call. That's what I mean.

因此，我們相信，我們與安裝商的關係是您強調的任何市場份額成長的最重要原因。通常，我們從銷售到啟動大約需要 4 到 8 週的時間。而且——但任何市場份額的成長，我們都將開始看到未來的發展潛力，因為如你所知，當安裝商轉向我們時，沒有人會 100% 那樣轉向。有一個與減少他們正在使用的產品和增加使用新產品相關的斜坡。我想說，隨著銷量的增加，這肯定會顯現出來。我們將在第二季報告這一點——我的意思是，我們將在第三季的電話會議中報告第二季的結果。那就是我的意思。

Our next question comes from Christine Cho with Barclays.

我們的下一個問題來自巴克萊銀行的 Christine Cho。

So I'm going to ask the sell-through question a different way. It's $400 million in 2Q and expected to get to somewhere between $450 to $500 million by year-end. So let's just take the midpoint, $75 million. Can you just give us an idea combining all of the comments that you gave us individually, but that $75 million, how much of it is driven by Europe versus U.S.? Is it like half, half? Is it more Europe? Is it more U.S.? And then how much of it is driven by microinverters versus batteries? And then when you guys say that destocking will be done by end of Q2, are you assuming back to the 8 to 10 weeks? Is that what you're considering normalized levels of inventory?

因此，我將以不同的方式提出銷售率問題。第二季為 4 億美元，預計到年底將達到 450 至 5 億美元。那我們就取中間值，7500 萬美元。您能否結合您單獨向我們提供的所有評論給我們一個想法，但這 7500 萬美元，其中有多少是由歐洲和美國驅動的？是不是一半一半？是不是更歐洲化了？是不是更美國了？那麼其中有多少是由微型逆變器驅動的，而不是由電池驅動的？然後，當你們說去庫存將在第二季末完成時，你們是否假設回到 8 到 10 週？這就是您所考慮的標準化庫存水準嗎？

Yes. So let me answer all of them. We expect -- I mean Europe as well as the U.S. have healthy growth vectors for us. We do expect 50-50 from North America and Europe. Your other question was...

是的。那麼讓我來回答所有這些問題。我們預計—我的意思是歐洲和美國都為我們提供了健康的成長載體。我們預計有 50-50 個來自北美和歐洲。你的另一個問題是...

MIs versus batteries.

MI 與電池。

Micro versus battery? Yes, micro versus battery, I would say, considering that non-California states battery attach isn't high. So micro versus battery, I would still say 60-40 on micros versus battery is what I would say. And the last one you asked is that 8 to 10 weeks. The way we measure our weeks on hand is typically backward looking is what we say is over the quarter, this was the sell-through rate, this is the inventory you have on hand today, divide the inventory by the sell-through rate, you get the weeks on hand.

微型與電池？是的，考慮到非加州的電池連接不高，我想說的是微型與電池。因此，微型與電池相比，我仍然會說微型與電池的 60-40 是我想說的。你問的最後一個是 8 到 10 週。我們衡量現有周數的方式通常是向後看的，即我們所說的季度，這是售罄率，這是您今天手頭的庫存，將庫存除以售罄率，您掌握現有的幾週時間。

One of the interesting ways that I would expect distributors will measure it will be forward-looking weeks of inventory, which is, if the demand, for example, in the last 2 or 3 weeks shows a significant uptick, that weeks on hand would be existing amount they have in front of them divided by that increased rate in the last 2, 4 weeks. And so those numbers, in good times, the forward-looking inventory weeks on hand will be lower than the backward-looking weeks on hand.

我希望經銷商衡量庫存的有趣方法之一是前瞻性的庫存週數，也就是說，如果過去 2 或 3 週內的需求顯著上升，則現有周數將是他們面前的現有金額除以過去2、4 週的成長率。因此，在經濟繁榮時期，前瞻性庫存週數將低於回顧性庫存週數。

And so for us, we are consistent in the way we measure it. We always look at whenever I tell you weeks on hand, I will tell you that, okay, this is the sell-through for the quarter that -- what happened in, for example, Q1, this is what happened in Q1. This was the inventory at the end of Q1. That inventory -- channel inventory divided by the sell-through is the weeks on hand. And our number -- rule of thumb, our general number has been always 8 to 10 weeks. If you are on the upswing, forward-looking weeks on hand could be smaller than that.

因此，對我們來說，我們的衡量方式是一致的。每當我告訴你現有的周數時，我們總是會關注，我會告訴你，好吧，這是該季度的銷售情況——例如，第一季度發生的情況，這就是第一季度發生的情況。這是第一季末的庫存。庫存－通路庫存除以銷售量就是現有週數。根據我們的經驗，我們的總體數字始終是 8 到 10 週。如果你正處於上升期，那麼手頭上的前瞻性週數可能會比這個少。

Right. Okay. That's an interesting nuance. I did not realize that you were looking backwards. My second question, the -- you said in your prepared remarks that 50% of your NEM 3.0 systems are attaching your battery. You also mentioned you're meeting with a whole bunch of -- you met with a whole bunch of installers in California. Do you have a sense of whether your -- the installers using your product are leaning more towards load shifting or backup? And I'm not sure if you answered this with Praneeth's question, and I just missed it. But can you also give us a sense of where you are in the development of your meter collar and when we should expect it to roll one out?

正確的。好的。這是一個有趣的細微差別。我沒有意識到你正在向後看。我的第二個問題，您在準備好的發言中表示，您的 NEM 3.0 系統中有 50% 都連接了電池。您還提到您正在與加州的一大群安裝人員會面。您是否知道使用您產品的安裝人員是否更傾向於負載轉移或備份？我不確定你是否用普拉尼斯的問題回答了這個問題，我只是錯過了。但您能否也讓我們了解一下您的儀表項圈開發進度以及我們應該何時推出一款儀表項圈？

That's right. Load shifting is a significant fraction of our installers, that's right. And then the second is, when is the meter collar coming out. So just for the benefit of the audience, basically, California has something called meter/main combos. These meter/main combos have both the meter and the main panel integrated into one structure. And when you have to insert backup, everybody knows you have to do ugly things like ripping your loads apart, you have to put a backup switch in between. And therefore, there's a lot of labor that is actually spent in doing that.

這是正確的。負載轉移是我們安裝人員的重要組成部分，這是正確的。然後第二個是，儀表項圈什麼時候會出來。所以為了觀眾的利益，基本上，加州有一種叫做儀表/主組合的東西。這些儀表/主組合將儀表和主面板整合到一個結構中。當你必須插入備份時，每個人都知道你必須做一些醜陋的事情，例如拆開你的負載，你必須在兩者之間放置一個備份開關。因此，實際上花費了大量的勞動力來做到這一點。

Typically, a day or 2 is spent in relocating all of those loads and then putting a system controller in between the meter and the main load center. With the meter collar, it's a very elegant way, where you have that switch at the meter. It's a device that comes around the meter. It's got the MID, which is the microgrid interconnect switch relay right there at the meter -- at the collar, and that basically means you don't spend any labor relocating those loads. Our version of the meter collar is coming out shortly. It will be piloting by the end of the year.

通常，需要花費一兩天的時間重新定位所有這些負載，然後將系統控制器放置在儀表和主負載中心之間。使用儀表項圈，這是一種非常優雅的方式，您可以在儀表上安裝開關。這是一種圍繞儀表的設備。它有 MID，即微電網互連開關繼電器，就在儀表處 - 在衣領處，這基本上意味著您無需花費任何人力來重新定位這些負載。我們的儀表項圈版本即將推出。將於今年底進行試行。

And our next question today comes from James West of Evercore ISI.

今天我們的下一個問題來自 Evercore ISI 的 James West。

Badri, a real quick one for me. Based on your conversations in California over the last 3 or 4 weeks, as you met with your -- the installer base and you talked about how they -- you talked a little bit about how they cut costs pretty significantly, is there any concern at all about if growth does come back as you see it, their ability to respond to that growth?

Badri，對我來說真的很快。根據您過去 3 或 4 週在加利福尼亞州的談話，當您與安裝人員會面時，您談到了他們如何大幅削減成本，是否有任何擔憂如果增長確實如你所見，他們對這種增長做出反應的能力是什麼？

No, I think they're all much more savvy than what we think, especially the long tail. The people I met are representative of the segments we service. They typically -- they do between 1 and 5 megawatts a year. That means you can probably see they generate revenues between $5 million and $15 million -- $5 million and $20 million a year annual revenue. They have teams usually 2 to 3 crews or even 1 to 2 crews, very lean team. Company is less than 50 people. And core employees are relatively less. They use contractors if they have to, and they have become very smart in managing money as well.

不，我認為他們都比我們想像的精明得多，尤其是長尾。我遇到的人代表了我們所服務的細分市場。他們通常每年發電 1 到 5 兆瓦。這意味著您可能會看到他們的收入在 500 萬美元到 1500 萬美元之間——年收入為 500 萬美元到 2000 萬美元。他們的團隊通常有2到3名工作人員，甚至1到2名工作人員，非常精簡的團隊。公司人數不足50人。而核心員工相對較少。如果有必要的話，他們會聘請承包商，而且他們在管理資金方面也變得非常聰明。

They know that they shouldn't be -- they should be lean in these times. They don't waste money. They have less inventory. One other big thing that has changed is now they have a lot more financing options available to them. So they have a lot of options available to them. They have -- if loans do not work well, they have leases or PPAs. Many of them, I did meet at least 1/3 -- maybe 30% of the installers were still selling cash to the customers in Southern California as well as Northern California. Those have no problem. But the other folks who are moving to lease or PPA rapidly now that there are multiple suppliers.

他們知道他們不應該——他們應該在這個時候變得精益。他們不浪費錢。他們的庫存較少。另一件發生的大事是，現在他們有了更多的融資選擇。所以他們有很多選擇。如果貸款效果不佳，他們會採取租賃或購電協議。其中很多人，我確實見過至少 1/3——也許 30% 的安裝人員仍在向南加州和北加州的客戶出售現金。這些都沒有問題。但由於有多個供應商，其他人正在迅速轉向租賃或購電協議。

So all in all, I think what I'm trying to say is that they are nimble. They understand exactly what is happening. They are very savvy on the products. They gave us a number of ideas to improve and do even better than what we are doing. And we are going to take that feedback, and I'm not worried whether they will be able to grow. They'll be able to grow exactly like us in these times -- in good times.

總而言之，我想我想說的是他們很靈活。他們清楚地了解正在發生的事情。他們對產品非常了解。他們給了我們很多改進的想法，甚至比我們正在做的更好。我們將接受這些回饋，我不擔心他們是否能夠成長。在這個時代——在美好的時代，他們將能夠像我們一樣成長。

And our next question today comes from Moses Sutton of BNP Paribas.

今天我們的下一個問題來自法國巴黎銀行的摩西·薩頓。

This is Heidi on from Moses. I just have a quick question. Coming back to the $113 million in undershipments in 1Q, can you provide the rough breakout of what was U.S. versus non-U.S.? And then same for the $90 million of expected undershipment in 2Q, how much was U.S. versus non-U.S.?

這是《摩西》中的海蒂。我有一個簡單的問題。回到第一季 1.13 億美元的出貨不足，您能否提供美國與非美國的大致情況？同樣，第二季預計出貨不足 9,000 萬美元，美國與非美國的出貨量分別是多少？

I would basically expect that it is roughly in the ratio that we shipped, which is, I would say, 2/3 U.S. and the 1/3 Europe.

我基本上預計它與我們發貨的比例大致相同，我想說，美國為 2/3，歐洲為 1/3。

And our next question today from Jordan Levy with Truist Securities.

今天我們的下一個問題是來自 Truist Securities 的喬丹·利維 (Jordan Levy)。

I just wanted to see if there's any -- if you had any updates on the exclusivity arrangement with SunPower. I know that, that was scheduled to come to an end, I think, back in March. So just curious if there's anything to touch on there?

我只是想看看您是否有關於與 SunPower 的排他性安排的任何更新。我知道，這原定於三月結束。所以只是好奇那裡有什麼好觸及的嗎？

The question is, is there any update on SunPower? SunPower has new management, as everybody knows, and we know Tom very well. I have been talking to Tom. Right now, it's a business as usual for us. We have a very strong relationship. We are supporting SunPower well and vice versa. And when we sign such a contract, we will let you know.

問題是SunPower有更新嗎？眾所周知，SunPower 有了新的管理階層，我們也非常了解 Tom。我一直在跟湯姆說話。現在，我們一切如常。我們有著非常牢固的關係。我們很好地支持 SunPower，反之亦然。當我們簽署此類合約時，我們會通知您。

And maybe just a follow-up. I know if Dave getting ready to step down, I think, at the end June I'm just curious if you could talk to any updates or if you have someone in mind for that role or any other details as in that process?

也許只是後續行動。我知道戴夫是否準備好在六月底辭職，我只是好奇你是否可以談談任何最新情況，或者你是否已經考慮了這個角色的人選或該過程中的任何其他細節？

Yes, we're having a hard time hearing you, but I think I got the question, this is a replacement for your Chief Commercial Officer is I guess the question. Yes, we've already finalized that, We have 2 very experienced executives that I have put in charge because Europe is so important for us. I wanted a very experienced executive to live in Europe, somebody who understands the headquarters properly. And so one of our executive staff, meaning the one that reported to me his name is Sabbas Daniel, he is going to be running all of Europe and South Africa sales.

是的，我們很難聽到你的聲音，但我想我得到了這個問題，我猜這是你的首席商務官的替代者。是的，我們已經敲定了這一點，我任命了兩位經驗豐富的高階主管來負責，因為歐洲對我們來說非常重要。我想要一位非常有經驗的主管住在歐洲，並且能夠正確了解總部。因此，我們的一位管理人員，即向我報告他名字的人是 Sabbas Daniel，他將負責所有歐洲和南非的銷售。

So basically, he is actually relocating to Europe in order to manage that team. And then the team in the rest of the world, I call it, Americas, Australia, India, Asia, both Americas, north as well as South, that's -- especially North American team is a very seasoned team. We have Ken Fong, runs our North American team, while Mehran, he's the Senior Vice President, who is going to manage rest of the world sales, and Ken Fong will report to him.

所以基本上，他實際上是搬到歐洲來管理該團隊。然後是世界其他地區的球隊，我稱之為美洲、澳洲、印度、亞洲，美洲、北美洲和南美洲，尤其是北美球隊是一支經驗豐富的球隊。我們有 Ken Fong 負責管理我們的北美團隊，而 Mehran 是資深副總裁，負責管理世界其他地區的銷售，Ken Fong 將向他報告。

So -- and Mehran has got a lot of experience in batteries. He is the one who actually created the battery business unit at Enphase and ramped it to high revenue. So both the executive, Sabbas as well as Mehran have lots of experience, and they'll be able to pay a lot more attention to these regions, and we expect it to be incrementally positive for us.

因此，邁赫蘭在電池方面擁有豐富的經驗。他實際上是在 Enphase 創建電池業務部門並將其提升至高收入的人。因此，薩巴斯和邁赫蘭的高層都擁有豐富的經驗，他們將能夠更加關注這些地區，我們預計這將對我們產生越來越積極的影響。

And our next question today comes from Andrew Percoco with Morgan Stanley.

今天我們的下一個問題來自摩根士丹利的安德魯佩爾科科。

Most of my questions at this point have been answered. It's been very comprehensive call. But if I can just maybe zoom out for a second, I'm just curious, how are you guys improving your visibility into the channel, so this inventory issue doesn't happen again? I'm assuming this isn't going to be the last cycle that we all see. So I guess how are you investing in the platform, whether that be software or otherwise, to make sure you have more visibility the next go around, the next time there's a demand side shock and to avoid these channel inventory issues next time?

至此我的大部分問題都已得到解答。這是一次非常全面的通話。但如果我可以縮小一秒鐘，我只是好奇，你們如何提高頻道的可見性，這樣庫存問題就不會再發生？我假設這不會是我們看到的最後一個週期。所以我想你是如何投資這個平台的，無論是軟體還是其他，以確保你在下一次出現需求側衝擊時有更多的可見性，並避免下次出現這些渠道庫存問題？

Right. So I mean, the answer is somewhat simple. It is to basically get hold on the metrics of the front end, which is leads get converted into proposals, converted into contracts, converted into permits and then the installs happen, then you have activations. So we have to get into the front end. And getting into the front end, we have Solargraf.

正確的。所以我的意思是，答案有點簡單。它基本上是為了掌握前端的指標，即將潛在客戶轉換為提案，轉換為合同，轉換為許可證，然後進行安裝，然後進行激活。所以我們必須進入前端。進入前端，我們有 Solargraf。

Solargraf is a platform for us, which helps us because we provide the design and proposal software. And therefore, that gives us the entire visibility on -- it doesn't need to give us the customer -- what every customer is doing, but the broad trends and broad strokes or what we are interested saying, this month, what happened in this particular region, what is the statistics of leads versus contracts signed.

Solargraf 對我們來說是一個平台，它對我們很有幫助，因為我們提供了設計和提案軟體。因此，這使我們能夠全面了解 - 它不需要向我們提供客戶 - 每個客戶正在做什麼，但廣泛的趨勢和廣泛的行程或我們感興趣的內容，本月發生的事情在這個特定區域，潛在客戶與簽訂合約的統計數據是多少。

And then we do have third-party reports for permits. And of course, we do have our own enlighten software for activations. And of course, in between, we have sell-through, which is when the distributors sell our products to installers from the channel.

然後我們確實有第三方許可證報告。當然，我們也有自己的啟動軟體。當然，在這兩者之間，我們有直銷，即分銷商透過通路將我們的產品出售給安裝人員。

So what we are doing is to essentially tighten up that entire chain by putting in metrics at every point there. And by having more and more and more revenue coverage for Solargraf design and proposal tool so that as many installers possible are on that particular tool. So then we have a lot more statistics. We'll continue to get aggregate reports from third parties as much as they are available and putting all of these together to create a regression model, maybe even with the help of some sophisticated machine learning.

因此，我們正在做的就是透過在每個點加入指標來從本質上收緊整個鏈條。透過 Solargraf 設計和提案工具獲得越來越多的收入，以便盡可能多的安裝人員使用該特定工具。那我們就有了更多的統計數據。我們將繼續從第三方獲取盡可能多的匯總報告，並將所有這些報告放在一起創建回歸模型，甚至可能藉助一些複雜的機器學習。

And then the key is for us to then make decisions on selling into how much do we sell into the channel? What are the guard bands of selling into the channel at the end of the day, like don't get -- don't succumb to a rational exuberance? That is -- you think everything is going to be great. Therefore, you ship a lot more into the channel than the sell-through to not ever succumb to that, go always by my ex-boss used to call it as mass balance.

然後關鍵是我們要決定向通路銷售多少？一天結束時進入通道的賣出的保護範圍是什麼，例如不要屈服於理性的繁榮？也就是說——你認為一切都會很棒。因此，你向通路運送的東西比銷售量多得多，永遠不要屈服於這一點，總是按照我的前老闆所說的品質平衡。

Mass balance means whatever you ship out of the channel, you ship into the channel. So we are putting in all of those statistical process control in place, and we are already better for it. Our weekly ship review, every Wednesday, we have exactly the graph, how much is our sell-through, how much is our sell-in, should we really do so much of sell-in, are we going to stay within the guardrails, which is 8 to 10 weeks.

質量平衡意味著無論您從通道中運出什麼，都會將其運送到通道中。因此，我們正在落實所有這些統計流程控制，我們已經做得更好了。我們的每週船舶審查，每週三，我們都有準確的圖表，我們的銷售量是多少，我們的銷售量是多少，如果我們真的進行這麼多銷售，我們是否會留在護欄內，也就是8 到10 週。

Any time somebody goes above 10 weeks request in saying, why do it? And it helps us -- it's starting to help us in many ways because then we focus on the real growth, which is you then start focusing on training installers to increase sell-through. You start understanding which of the installers aren't doing enough volume with you. Sales guys are focused on the right things versus pushing in stuff into the channel. So I think company has gotten a lot better in this front during the last year.

每當有人提出超過 10 週的要求時就會說，為什麼要這樣做？它幫助了我們——它開始在很多方面幫助我們，因為這樣我們就專注於真正的成長，然後你開始專注於培訓安裝人員以提高銷售量。您開始了解哪些安裝程式沒有為您完成足夠的工作量。銷售人員專注於正確的事情，而不是將東西推入管道。所以我認為去年公司在這方面取得了很大的進展。

And our next question today comes from Maheep Mandloi with Mizuho.

今天我們的下一個問題來自 Mizuho 的 Maheep Mandloi。

This is David Benjamin in for Maheep. I've got a question and then a follow-up. Can you please give us some insights on your thoughts on the Solargraf market share or penetration with installers within the U.S.? Just trying to get some visibility with sales leads in the market.

這是大衛班傑明飾演的馬希普。我有一個問題，然後是後續行動。您能否向我們介紹一下您對 Solargraf 市場份額或美國安裝商滲透率的看法？只是想透過市場上的銷售線索獲得一些知名度。

Yes. We have over 1,000 installers on Solargraf using our design and proposal tool. And we have over a few hundred using our permitting tool.

是的。 Solargraf 上有 1,000 多名安裝人員使用我們的設計和提案工具。我們有超過數百人使用我們的許可工具。

Okay. Great. And then a follow-up, just on the gallium nitride. Can you talk a little bit about like where you plan to source the materials? Is that going to be concentrated mostly from China or other markets?

好的。偉大的。然後是氮化鎵的後續行動。您能談談您計劃從哪裡採購材料嗎？這將主要集中在中國或其他市場嗎？

And lastly, any thoughts on impact from annuities CBD on the U.S. solar demand or thoughts on the NEM 3.0 challenge in the California Courts.

最後，關於年金 CBD 對美國太陽能需求影響的任何想法或對加州法院 NEM 3.0 挑戰的想法。

Gallium nitride, we do have a lot of sources for gallium nitride transistors. Some of the sources are people we already do business with for the silicon FETs. So we aren't worried. We have lots of opportunities. There is many people with good quality gallium nitride FETs. And Raghu will take the question on NEM 3.0.

氮化鎵，我們確實有很多氮化鎵晶體管的來源。其中一些來源是我們已經就矽 FET 開展業務的人員。所以我們並不擔心。我們有很多機會。有很多人擁有優質的氮化鎵 FET。 Raghu 將回答有關 NEM 3.0 的問題。

Yes, NEM 3.0, we are aware of the challenge this -- where it was -- there was -- it's gone into Appeals Court because they actually lost the case in the lower court. It remains to be seen -- the fact is that I think it's going to be difficult to overturn. But if they do, obviously, the market will react differently. But for now, our -- for us, it's business as usual. We are going out there. We recognize that in the long term, solar plus battery is the way to go.

是的，NEM 3.0，我們知道這個挑戰——它曾經存在過——它已經進入上訴法院，因為他們實際上在下級法院輸了這個案子。這還有待觀察——事實是我認為它很難被推翻。但如果他們這樣做，顯然市場會做出不同的反應。但現在，對我們來說，一切如常。我們要去那裡。我們體認到，從長遠來看，太陽能加電池是一條出路。

So -- and we are really working towards making sure that our battery solution -- solar plus battery solution is best-in-class, and that's what we are doing right now. But the courts will take their time, they'll do their thing, but it's not something that we are really focused on.

因此，我們正在努力確保我們的電池解決方案——太陽能加電池解決方案是一流的，這就是我們現在正在做的事情。但法院會慢慢來，他們會做他們的事情，但這不是我們真正關注的事情。

And our next question comes from Austin Moeller with Canaccord.

我們的下一個問題來自 Canaccord 的 Austin Moeller。

Just my first question here. What is the market or growth opportunity look like for home battery sales on new installations versus upgrades of existing solar arrays that are already installed on homes?

這只是我的第一個問題。新安裝的家用電池銷售與已安裝在家庭中的現有太陽能電池陣列的升級相比，市場或成長機會如何？

Yes, Raghu will take it.

是的，拉古會接受的。

Sure. I think both opportunities are equally valuable. Again, it depends on the geography. So if you're in California, for example, all new homes must have solar. And you are going to be part of an NEM 3.0 installed. So you obviously need to have batteries because if you did a solar-only install in NEM 3.0, your bill offset is going to be at about 55%. You add 10-kilowatt hours of NEM 3.0 grid-tied battery, the bill offset could be as high as high as 80%, 85%. So I think it makes complete sense to go ahead and add a battery in that case.

當然。我認為這兩個機會同樣有價值。同樣，這取決於地理位置。例如，如果您在加州，所有新房子都必須配備太陽能。您將成為已安裝的 NEM 3.0 的一部分。因此，您顯然需要有電池，因為如果您在 NEM 3.0 中僅安裝太陽能，則您的帳單抵消額將約為 55%。如果加上10度電的NEM 3.0併網電池，電費抵銷額可能高達80%、85%。因此，我認為在這種情況下添加電池是完全有意義的。

In the retrofit case in California, if you're in an NEM 2.0 environment, not a lot of incentive to go ahead and add battery at least for bill offset because you already get that with NEM 2.0, where, in that case, basically, the grid acts like your battery. The only other use case for battery in that case would be if you want to do it for resiliency or backup purpose.

在加州的改造案例中，如果您處於NEM 2.0 環境中，則沒有太多動力去繼續添加電池，至少是為了抵消賬單，因為您已經通過NEM 2.0 獲得了這一點，在這種情況下，基本上，電網就像你的電池。在這種情況下，電池的唯一其他用例是如果您想出於彈性或備份目的而這樣做。

In other geographies, outside of California, the case for batteries would be -- again, you're seeing more and more of these what are called VPP programs or grid services programs until people may come in and retrofit a battery on their system and avail themselves of whatever the utility provides in terms of incentives, whether that is an upfront dollar per kilowatt hour incentive for adding a battery or an ongoing incentive for participation in the VPP program.

在加州以外的其他地區，電池的情況將是 - 再次，您會看到越來越多的此類所謂的 VPP 計劃或電網服務計劃，直到人們可以進來並在他們的系統上改造電池並利用公用事業公司在激勵方面提供的任何激勵措施，無論是添加電池的每千瓦時預付費激勵，還是參與VPP 計劃的持續激勵。

Very similar situation in Europe as well. If you, for example, look at the Netherlands, obviously, that's a net metering market, but there is a push for retrofitting batteries there because just given the penetration level of solar there, which is about 28%, you do get penalized for uncontrolled export of solar. So it makes sense to move towards what's called self consumption. And the way you do that is by adding a battery. And then managing that solar plus battery system through software, especially by participating in what's called a dynamic tariff program. You also have obviously VPP there. Same thing applies to Germany and other countries in Europe as well.

歐洲的情況也非常相似。例如，如果你看看荷蘭，顯然那是一個淨計量市場，但那裡正在推動電池改造，因為考慮到那裡的太陽能普及率約為 28%，你確實會因不受控製而受到懲罰太陽能出口。因此，走向所謂的自我消費是有道理的。做到這一點的方法是添加電池。然後透過軟體管理太陽能加電池系統，特別是透過參與所謂的動態關稅計劃。顯然你也有 VPP。同樣的情況也適用於德國和歐洲其他國家。

Great. And just a follow-up. What do you see as that key growth driver in demand for Europe and Germany, in particular? Is it primarily current utility rates? And do you see changes to tax credits in countries like Italy as a potential impediment to that?

偉大的。只是後續行動。您認為歐洲和德國需求成長的關鍵驅動力是什麼？主要是當前的公用事業費率嗎？您認為義大利等國家的稅收抵免變化是否會成為實現這一目標的潛在障礙？

Yes. So usually, you're seeing more and more particularly in Europe, I refer to it as feeding tariff inversion wherein the buy rate is significantly higher than sell rate. So the amount of what you get paid for feeding energy into the grid is significantly lower than the retail cost of energy. So it makes no economic sense to export even a single electron into the grid. So that's the driver. It is self-consumption.

是的。因此，通常情況下，您會越來越多地看到，特別是在歐洲，我將其稱為關稅倒掛，其中購買率明顯高於銷售率。因此，向電網輸送能源所獲得的費用遠低於能源零售成本。因此，即使將一個電子輸出到電網中也是沒有經濟意義的。所以這就是司機。這是自我消費。

Layered on top of that is if you participate in supporting the grid through a VPP program, you get paid additional monies. So it's all a driver towards better ROI. But it goes beyond that. It goes beyond solar plus batteries because now you're seeing in Europe, you're adding EV chargers and heat pumps. And those are additional steerable assets that are sitting behind the meter. And if you have a very sophisticated home energy management system, which like we do with all the AI and ML work that we are doing, you can really do some very, very fine optimization and deliver the best economics for the homeowner, a combination of solar, battery, EV charger and heat pump. And for that matter, any combination thereof.

最重要的是，如果您透過 VPP 計劃參與支援電網，您將獲得額外的報酬。因此，這都是實現更高投資報酬率的驅動力。但它還不止於此。它超越了太陽能加電池，因為現在你在歐洲看到，你正在添加電動車充電器和熱泵。這些是位於儀表後面的額外可操縱資產。如果你有一個非常複雜的家庭能源管理系統，就像我們正在做的所有人工智慧和機器學習工作一樣，你真的可以做一些非常非常精細的優化，並為房主提供最好的經濟效益，這結合了太陽能、電池、電動車充電器和熱泵。就此而言，可以是它們的任何組合。

So you're going to see Italy included all of these markets in Europe moving towards a whole energy management system with all of these assets. Now imagine what happens at a year or 2 from now when EVs become fully bidirectional, you get yet another powerful asset that's sitting behind the meter that you can use to optimize your consumption and optimize your bill.

因此，您將看到義大利包括歐洲的所有這些市場，正在朝著擁有所有這些資產的整個能源管理系統邁進。現在想像一下，當電動車變得完全雙向時，一兩年後會發生什麼，您將獲得另一個強大的資產，它位於電錶後面，您可以用它來優化您的消費並優化您的帳單。

And our next question today comes from Dylan Nassano with Wolfe Research.

今天我們的下一個問題來自沃爾夫研究中心的迪倫·納薩諾。

Just a quick one for me on buybacks. So it looks like share repurchases in the quarter more or less matched up with your free cash flow generation, whereas in 4Q, I think you bought back a little more than you actually generated. So just curious how you're thinking about the attractiveness of repurchases at these levels? And how should we think about your cash allocation as demand hopefully ramps back up from here?

我只是簡單介紹一下回購事宜。因此，看起來本季的股票回購或多或少與您的自由現金流產生相匹配，而在第四季度，我認為您回購的金額比實際產生的多一點。那麼只是好奇您如何看待這些水平上回購的吸引力？隨著需求預計從現在開始回升，我們該如何考慮您的現金分配？

Yes. I'll add some color, and then Mandy can add more. The -- we did approximately similar amount in both quarters, but I'll explain the nuance is -- in Q4, we bought back shares for $100 million. While in Q1, what we did was we did a combination, which is we bought back shares for about $40-odd million. And we -- some of our stock options which basically were actually vesting. Those stock options, essentially Mandy, didn't allow them to dilute the market.

是的。我會添加一些顏色，然後曼迪可以添加更多。我們在兩個季度的金額大致相似，但我將解釋其中的細微差別，在第四季度，我們以 1 億美元回購了股票。在第一季度，我們所做的是組合，即以約 40 萬多美元回購股票。我們的一些股票選擇權基本上實際上是歸屬的。這些股票選擇權，主要是曼迪，不允許他們稀釋市場。

So we basically spent about $60 million as anti-dilution there. So in a sense, we spent the same money, $100 million, $40 million for buying back shares out of the market, $60 million for preventing shares into the market, we did that. And we continue to -- I mean, you should expect us to continue to do a similar amount as long as the stock is attractive, which it is right now.

所以我們基本上花了大約 6000 萬美元作為反稀釋措施。所以從某種意義上說，我們花了同樣的錢，1億美元，4000萬美元用於從市場上回購股票，6000萬美元用於阻止股票進入市場，我們做到了。我們會繼續做——我的意思是，只要股票具有吸引力，你應該期望我們會繼續做類似的事情，就像現在一樣。

Our next question comes from Dushyant Ailani with Jefferies.

我們的下一個問題來自 Jefferies 的 Dushyant Ailani。

Just one on how much NEM 2.0 backlog is remaining with the installers? I think you talked about 50% being NEM 3.0. So going into 2Q, how can we expect the backlog cadence to dwindle down from NEM 2.0?

只是一個關於安裝人員還剩下多少 NEM 2.0 積壓工作的問題？我想你談到了 50% 是 NEM 3.0。那麼進入第二季度，我們如何預期積壓節奏會比 NEM 2.0 下降？

Yes. I mean that is an interesting question. All our conversations with installers, there was 1 installer who had a backlog of 9 months. And there was -- there are installers with the backlog of 3 months. So we don't really know what the answer is. Like you, we were surprised that the number is still 50% NEM 2.0. But installers are learning on NEM 3.0 rapidly. They are depleting through their NEM 2.0 backlog. I'm not sure, I can't forecast the number. But I'm sure that within 6 months, it will dwindle down.

是的。我的意思是這是一個有趣的問題。在我們與安裝人員的所有對話中，有 1 位安裝人員已經積壓了 9 個月。還有一些安裝人員積壓了 3 個月。所以我們真的不知道答案是什麼。和您一樣，我們對這個數字仍然是 50% NEM 2.0 感到驚訝。但安裝人員正在快速學習 NEM 3.0。他們的 NEM 2.0 積壓工作正在耗盡。我不確定，我無法預測這個數字。但我確信6個月內，它會減少。

And ladies and gentlemen, this concludes our question-and-answer session. I'd like to turn the conference back over to Badri Kothandaraman for any closing remarks.

女士們、先生們，我們的問答環節到此結束。我想將會議轉回巴德里·科坦達拉曼 (Badri Kothandaraman) 進行閉幕致辭。

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

Thank you. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

謝謝。今天的電話會議到此結束。我們感謝大家參加今天的演講。您現在可以斷開線路，度過美好的一天。