Enphase Energy Inc (ENPH) 2024 Q2 法說會逐字稿

Good day, and welcome to the Enphase Energy second-quarter 2024 financial results conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Enphase Energy 2024 年第二季財務業績電話會議。（操作員指示）請注意，此事件正在被記錄。

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

現在我想將會議交給扎克·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 second-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.

下午好，感謝您參加今天的電話會議，討論 Enphase Energy 2024 年第二季的業績。參加今天電話會議的有我們的總裁兼執行長 Badri Kothandaraman；我們的財務長 Mandy Yang；以及我們的首席產品長 Raghu Belur。

After the market closed today, Enphase issued a press release announcing the results for second quarter ended June 3, 2024. 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 and productions, and regulatory and tax matters.

今天收盤後，Enphase 發布新聞稿，宣布了截至 2024 年 6 月 3 日的第二季業績。在此次電話會議中，Enphase 管理層將做出前瞻性陳述，包括但不限於與我們預期的未來財務業績、市場趨勢、我們的技術和產品的能力以及對房主和安裝人員的益處、我們的運營，包括製造、客戶服務、供需、現有和新市場的預期成長、新產品和生產的時機以及監管和稅收事項。

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

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，請參閱我們向美國證券交易委員會提交的最新 10-K 表和 10-Q 表。我們提醒您不要過度依賴前瞻性陳述，並且不承擔因新資訊、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 a non-GAAP basis, unless otherwise noted and have been adjusted to exclude certain charges. We have provided a reconciliation of these non-GAAP financial measures to GAAP financial measures in our earnings release furnished with the SEC on Form 8-K, which can also be found in the Investor Relations section of our website.

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 GAAP 為基礎表示，且已進行調整以排除某些費用。我們在向美國證券交易委員會提交的8-K 表收益報告中提供了這些非GAAP 財務指標與GAAP 財務指標的對帳表，您也可以在我們網站的「投資者關係」部分找到該對帳表。

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

現在我想介紹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 thanks for joining us today to discuss our second-quarter 2024 results. We reported quarterly revenue of $303.5 million, shipped approximately 1.4 million microinverters and 120 megawatt hour of batteries and generated free cash flow of $117.4 million. The end market demand for our products was approximately $396 million in Q2, and we reduced total channel inventory by approximately $92 million. Our overall channel inventory returned to normal levels as we exited Q2.

下午好，感謝您今天加入我們討論我們的 2024 年第二季業績。我們報告的季度收入為 3.035 億美元，出貨了約 140 萬台微型逆變器和 120 兆瓦時的電池，並產生了 1.174 億美元的自由現金流。我們產品的終端市場需求在第二季約為 3.96 億美元，我們將通路總庫存減少了約 9,200 萬美元。隨著第二季的結束，我們的整體通路庫存恢復到正常水準。

For the second quarter, we delivered 47% gross margin, 27% operating expenses, and 20% operating income, all as a percentage of it revenue on a non-GAAP basis and including the net IRA benefit. Mandy will go into our financials later in the call.

第二季度，我們的毛利率為 47%，營業費用為 27%，營業收入為 20%，這些均以非 GAAP 基礎的收入百分比計算，其中包括淨 IRA 收益。Mandy 稍後會在電話會議中討論我們的財務狀況。

Let's discuss how we are servicing customers. Our worldwide NPS was 79% in Q2, up from 78% in Q1. Our average call wait time was 2.5 minutes in Q2 compared to 1.9 minutes in Q1. We have several AI and machine learning initiatives to drive automation and further reduce wait times.

讓我們討論如何為客戶提供服務。我們第二季的全球 NPS 為 79%，高於第一季的 78%。我們第二季的平均通話等待時間為 2.5 分鐘，而第一季為 1.9 分鐘。我們有幾個人工智慧和機器學習計劃來推動自動化並進一步減少等待時間。

Let's talk about operations. Our global capacity around 7.25 million microinverters per quarter; 5 million units of those are in the US. In Q2, we shipped approximately 574,000 microinverters from a US contract manufacturing facility that we booked for 45X production tax credits. We expect to ship approximately 1.1 million microinverters from our US facility in Q3. Our US-made IQ8 microinverters can help lease/PPA, and commercial asset owners qualify for that 10% domestic content ITC adder. I'll discuss more on this later in the call.

讓我們談談操作。我們全球的產能每季約為725萬台微型逆變器；其中 500 萬台在美國。在第二季度，我們從一家美國合約製造工廠運送了約 574,000 台微型逆​​變器，並預定了 45 倍的生產稅收抵免。我們預計第三季將從美國工廠出貨約 110 萬台微型逆變器。我們美國製造的 IQ8 微型逆變器可以幫助租賃/PPA，商業資產所有者有資格獲得 10% 的國內內容 ITC 附加價值。我稍後會在通話中進一步討論此問題。

For batteries, our cell pack suppliers in China have sufficient capacity to support our ramp-up in 2024. We also plan to manufacture batteries in the US starting in Q4, with power conversion, battery management and enclosures made domestically while using the cell packs from China.

對於電池而言，我們在中國的電池組供應商有足夠的產能來支持我們在 2024 年的成長。我們還計劃從第四季開始在美國生產電池，並使用來自中國的電池組，實現電源轉換、電池管理和外殼的國產化。

Let's cover the regions. Our US and international revenue mix for Q2 was 65% and 35%, respectively. For more visibility into our business, we are providing the regional breakdown and sell through dollar metrics for Q2. With our channel normalized, we will not be providing detailed sell through statistics going forward.

讓我們覆蓋各個地區。我們第二季的美國和國際營收佔比分別為 65% 和 35%。為了更清楚地了解我們的業務，我們提供了第二季的區域細分和銷售額指標。隨著我們的管道標準化，我們將不再提供未來的詳細銷售統計數據。

In the US, our revenue 32% compared to Q1. The overall sell through of our products in the US was up 8% in Q2 compared to Q1. Let's discuss the market trends. The U.S. split by non-California states and California for non-California understates, our overall sell-through was up 7% in Q2 compared to Q1 we sell to for micro inverters was up 6% and the sell through for batteries was up 10%. In California, our overall sell-through was up 7% in Q2 compared to Q1, indicating that our California business has stabilized.

在美國，我們的營收與第一季相比成長了 32%。與第一季相比，第二季我們產品在美國整體銷售成長了 8%。讓我們討論一下市場趨勢。美國按非加州各州和加州非加州各州劃分，與第一季相比，我們第二季的整體銷售量增加了7%，微型逆變器的銷售量增加了6%，電池的銷售量增加了10% 。在加州，我們第二季的整體銷售額比第一季成長了 7%，這表明我們的加州業務已經穩定下來。

The sell-through of our micro inverters was flat and the sell-through of our batteries was up 14% in Q2, due to the NEM 3.0, battery attach rates. I'll provide more statistics on mentality later in the call. In Europe, our revenue was flat in Q2 compared to Q1. The overall sell-through of our products in Europe was up 3% in Q2 compared to Q1. The sell-through over microinverters was flat and the sell-through of our batteries was up 18% in Q2. And provide color on some key markets in Europe does underline in France and Germany.

由於 NEM 3.0 和電池配售率的提高，我們微型逆變器的銷售量持平，而電池的銷售量在第二季度增長了 14%。我稍後將在電話會議中提供更多有關心態的統計數據。在歐洲，我們第二季的營收與第一季持平。與第一季相比，第二季我們的產品在歐洲的整體銷售量成長了 3%。第二季微型逆變器的銷售量持平，而電池的銷售量增加了 18%。並為歐洲一些主要市場提供色彩，突顯法國和德國。

In the Netherlands, our overall sell through was down 15% in Q2 compared to Q1. The country is still a lot of demand continues to be challenged by regulatory uncertainty. However, we are beginning to see battery demand pickup. This is a trend we expect to continue, especially as dynamic electricity rates become more prevalent. In Netherlands, we launched our IQ energy management software in Netherlands during Q2 that will allow our installed too often Enphase system that can deliver healthy payback even without NEM.

在荷蘭，我們第二季的整體銷售額與第一季相比下降了 15%。該國的大量需求仍繼續受到監管不確定性的挑戰。然而，我們開始看到電池需求回升。我們預計這種趨勢將會持續下去，特別是在動態電價變得越來越普遍的情況下。在荷蘭，我們在第二季在荷蘭推出了 IQ 能源管理軟體，這將使我們經常安裝的 Enphase 系統即使在沒有 NEM 的情況下也能帶來豐厚的回報。

The modularity of our batteries allows homeowners to start either with the 3.5 or 5 kilowatt hour battery, along with debt solar systems, making the economics work well. In France, the overall sell through in Q2 was flat compared to Q1, we recently launched our third generation battery in France and expect that solar plus storage system will become increasingly important for this market as the spread between retail electricity rebates and feed in tariff, what we expect to introduce IQ EV chargers and IQ energy management software in front of me in the year. In Germany, our overall sell through in Q2 was up 7% compared to Q1.

我們的電池具有模組化特點，因此房主可以選擇使用 3.5 或 5 千瓦時的電池，並配合債務太陽能係統，從而實現良好的經濟效益。在法國，第二季的整體銷售量與第一季持平，我們最近在法國推出了第三代電池，預計太陽能加儲能係統將對這個市場變得越來越重要，因為零售電力回扣和上網電價之間的差距，我們預計今年推出IQ EV充電器和IQ能源管理軟體。在德國，我們第二季的整體銷售額較第一季成長了 7%。

Building on the growth we reported in the previous earnings call in June at Intersolar Munich, we unveiled some exciting products, our three-phase battery backup solution for Germany, Austria and Switzerland that will increase our served available market. In addition, we showcase our IQ Balcony Solar Kit, which will also increase our served available market in Germany by approximately 400 megawatts a year. We believe Enphase microinverters was are ideal for these small systems, and we plan to roll out the balcony solutions throughout Europe in the coming quarters.

基於我們在六月慕尼黑國際太陽能展覽會上報告的成長情況，我們推出了一些令人興奮的產品，例如針對德國、奧地利和瑞士的三相電池備用解決方案，這將擴大我們服務的可用市場。此外，我們還展示了 IQ Balcony 太陽能套件，這也將使我們在德國的服務可用市場每年增加約 400 兆瓦。我們相信 Enphase 微型逆變器是這些小型系統的理想選擇，我們計劃在未來幾季在整個歐洲推出陽台解決方案。

A general comment about Europe. We are still underpenetrated in markets like the UK, Italy, Spain, Belgium, Luxembourg, Switzerland, Austria, Sweden and move each country has its own challenges and opportunities, but homeowners increasingly seek safety, high-quality, savings and and all in one app experience from their home energy system, which aligns well with our strengths. We plan to introduce our entire portfolio IQ microinverters, batteries, IQ EV chargers, IQ energy management software and the solar graphs installer platform across most European countries and scale our sales and support accordingly.

關於歐洲的一般性評論。我們在英國、義大利、西班牙、比利時、盧森堡、瑞士、奧地利、瑞典等市場仍未充分滲透，每個國家都有自己的挑戰和機遇，但房主越來越追求安全、高品質、節省和一站式服務。我們計劃在大多數歐洲國家推出我們的整個產品組合，包括 IQ 微型逆變器、電池、IQ EV 充電器、IQ 能源管理軟體和太陽能圖表安裝平台，並相應擴大我們的銷售和支援規模。

Let's come to Asia. We are making incremental progress in Asia. Our revenue in India, although small has doubled from a year ago with introduction of a IQ EV family of microinverters, we are gaining solid traction in Thailand and Philippines, where quality and safety are highly valued. In Brazil, we have a good team in place. We work with approximately 600 long tail installers, to the help of some good distribution partners.

讓我們來到亞洲。我們正在亞洲逐步取得進展。我們在印度的收入雖然不多，但隨著IQ EV 系列微型逆變器的推出，比一年前增長了一倍，我們在泰國和菲律賓也獲得了穩固的發展，因為這些地方非常重視品質和安全。在巴西，我們有一支優秀的團隊。在一些優秀分銷合作夥伴的幫助下，我們與大約 600 名長尾安裝商合作。

We are currently shipping our 480 watt IQ8P microinverters into these emerging residential markets to support newer high power panels. In Australia, there is interest in our Enphase Energy system powered by IQ micro inverters and the third generation battery, we introduced this product approximately a year ago.

我們目前正在向這些新興住宅市場運送 480 瓦 IQ8P 微型逆變器，以支援較新的高功率面板。在澳大利亞，人們對我們的由 IQ 微型逆變器和第三代電池供電的 Enphase Energy 系統很感興趣，我們大約在一年前推出了這款產品。

Later this year, we will be introducing more products into Australia, including the IQ8 micro inverters for higher DC input voltage panels and grid type battery. Let me come to NEM 3.0 and provide some statistics there. As I said before, the end customer demand in California for us has stabilized in the second quarter as of last week, 60% of our California installations with NEM 3.0. These systems have a high battery attach rate over 90% compared to [NEM 2.0] systems with Chairman attach rate of 15%.

今年晚些時候，我們將向澳洲推出更多產品，包括用於更高直流輸入電壓面板和電網型電池的 IQ8 微型逆變器。讓我談談 NEM 3.0 並在那裡提供一些統計數據。正如我之前所說，截至上週，加州終端客戶對我們產品的需求在第二季度已經趨於穩定，60%的加州安裝採用了 NEM 3.0。與 [NEM 2.0] 系統的主席配售率為 15% 相比，這些系統的電池配售率高達 90% 以上。

Our data also shows that half of our NEM 3.0 system are using in NEM size battery consistent with what I have reported in the lab in the last few earnings call. Taking the data into account, our average revenue per [NEM 3.0] system is approximately 1.5 times the average NEM 2.0 system. We believe this will contribute to stabilizing our California revenue in the back half of the year. Let me say a few words about market shares in the US of micro inverters and batteries have stable market share according to both internal and third-party data.

我們的數據還顯示，我們的 NEM 3.0 系統中有一半使用的是 NEM 尺寸的電池，這與我在過去幾次財報電話會議上在實驗室中報告的情況一致。考慮到數據，我們每個 [NEM 3.0] 系統的平均收入大約是平均 NEM 2.0 系統的 1.5 倍。我們相信這將有助於穩定我們下半年加州的收入。我來簡單說一下美國微型逆變器和電池的市場份額，根據內部和第三方數據，它們的市場份額都很穩定。

As batteries become more common in California, there is some interest in centralized inverter solutions. Our success continues to be driven by our unique Casey top-rated architecture, which offers significant advantages over legacy string inverter systems in terms of performance, reliability and safety. We strongly believe in the value proposition. Our system will become even easier and faster to install for backup applications, with further improvements we are making to our balance of system. They include our IQ meter color or fourth generation 10 kilowatt hour battery and the enhanced combiner, which are all expected to be available in early 2025.

隨著電池在加州變得越來越普及，人們對集中式逆變器解決方案產生了一些興趣。我們的成功繼續得益於我們獨特的 Casey 頂級架構，該架構在性能、可靠性和安全性方面比傳統的串式逆變器系統具有顯著優勢。我們堅信價值主張。隨著我們對系統平衡的進一步改進，我們的系統將變得更加容易和更快地安裝備份應用程式。其中包括我們的 IQ 儀表彩色或第四代 10 千瓦時電池和增強型組合器，預計都將於 2025 年初上市。

Additionally, we believe our AI based software is essential for helping homeowners maximize savings with a common (technical difficulty) structure like NEM 3.0. Lets come to Q3 guidance, we are guiding revenue in the range of $370 million to $410 million. We expect to ship between 160 and 180 megawatt hours of IQ battery.

此外，我們相信，我們的基於人工智慧的軟體對於幫助房主利用像 NEM 3.0 這樣的常見（技術難度）結構來最大限度地節省開支至關重要。讓我們來看看第三季的預期，我們預計營收在 3.7 億美元到 4.1 億美元之間。我們預計將運送160至180兆瓦時的IQ電池。

We anticipate incremental improvement in our US business and a seasonal slowdown in Europe. We are over 85% booked to our -- to the midpoint of our overall revenue guidance. This is the healthiest backlog position we have had in the last year. Let's talk about new products, starting with IQ batteries. Our third generation IQ batteries is being well received and we have almost converted to the third generation battery right now.

我們預期美國業務將逐步改善，歐洲業務將出現季節性放緩。我們的預訂率已超過 85%——達到了我們整體收入預期的中點。這是我們去年最健康的積壓狀況。讓我們來談談新產品，從 IQ 電池開始。我們的第三代 IQ 電池廣受好評，目前我們幾乎已經轉換到第三代電池。

It offers an industrial -- industry leading 15-year warranty, differentiated quality, serviceability, modularity and power capability. We have expanded the IQ battery 5p or third generation battery into more countries in North America and Europe. We recently started shipping to customers in Canada, Mexico, France, Netherlands and Luxembourg.

它提供工業——行業領先的 15 年保固、差異化品質、可維護性、模組化和功率能力。我們已將IQ電池5p即第三代電池擴展到北美和歐洲的更多國家。我們最近開始向加拿大、墨西哥、法國、荷蘭和盧森堡的客戶出貨。

We plan to pilot our fourth generation battery in the US later in the year and begin production in early 2025. This new battery will feature and -- will feature a better cost structure and the smaller final form factor thanks to its integrated battery management and power conversion architecture. Additionally, the meter color and the enhanced IQ combiner will be introduced along with the fourth generation battery to reduce our balance of system cost.

我們計劃今年稍後在美國試用我們的第四代電池，並於 2025 年初開始生產。由於整合了電池管理和電源轉換架構，這種新電池將具有更好的成本結構和更小的最終外形尺寸。此外，我們還將引入儀表顏色和增強型 IQ 組合器以及第四代電池，以降低我們的系統成本平衡。

As previously mentioned, we have expanded into many new markets with a IQA family of micro inverters and are now present in 43 countries. We plan to enter many more new countries by the end of the year, we aim to further increase our served available market by simplifying installations of small solar systems and social housing and rolling out balcony solar solutions to more European country starting with German.

如前所述，我們已憑藉 IQA 系列微型逆變器擴展到許多新市場，目前業務範圍已覆蓋 43 個國家。我們計劃在今年年底前進入更多新的國家，我們的目標是透過簡化小型太陽能係統和社會住宅的安裝以及從德國開始向更多歐洲國家推出陽台太陽能解決方案來進一步擴大我們服務的可用市場。

The other variant of [IQA3] microinverter with the new three-phase cabling system is well suited for small commercial solar installation ranging from 20 to 200 kilowatts. We launched this product in North America in December last year and have installed over 200 sites with an average of 45 kilowatts of solar per site.

[IQA3] 微型逆變器的另一種變體採用新的三相電纜系統，非常適合 20 至 200 千瓦的小型商業太陽能裝置。我們去年 12 月在北美推出了該產品，目前已安裝了 200 多個站點，平均每個站點的太陽能為 45 千瓦。

The feedback of this product has been quite positive and we expect the growth to accelerate in the coming quarters. We recently began shipping IQAP commercial microinverters from our contract manufacturing facility in Texas.

該產品的反饋非常積極，我們預計未來幾季的成長將會加速。我們最近開始從位於德克薩斯州的合約製造工廠運送 IQAP 商用微型逆變器。

We are now producing both residential and commercial microinverters from our US manufacturing facility. Some of our US made micro investor SKU, which when paired with select US made solar racking equipment can allow lease PPA and commercial asset owners (technical difficulty) to qualify for the domestic content bonus credit. This credit is valuable for customers that 10% of the overall project cost. We think this will be a good opportunity for us on both microinverters and batteries.

我們目前在美國製造工廠生產家用和商用微型逆變器。我們的一些美國製造的微型投資者 SKU，與精選的美國製造的太陽能支架設備搭配使用時，可使租賃 PPA 和商業資產所有者（技術難度）有資格獲得國內內容獎勵積分。此信用額度對於客戶來說非常有價值，佔整個專案成本的 10%。我們認為這對我們微型逆變器和電池而言都是一個很好的機會。

Let me provide an update on [IQ9] microinverters with gallium nitride. The [IQ9] family will support higher DC input correct up to 18 amperes and higher AC grid voltages, including for 480 votes for the small commercial market, which is a brand new market products using gallium nitride high-voltage transistors, these microinverters will deliver higher output power at lower cost.

讓我提供有關氮化鎵 [IQ9] 微型逆變器的最新資訊。[IQ9] 系列將支援高達18 安培的更高直流輸入和更高的交流電網電壓，其中包括針對小型商業市場的480 票，這是一個全新的市場產品，使用氮化鎵高壓晶體管，這些微型逆變器將提供以更低的成本實現更高的輸出功率。

We are on track to launch this product in 2025. Let's discuss EV charging, we showcased our upcoming EV charger for Europe at Intersolar in Munich in June, the charger offers a 22 kilowatt three-phase option and 11 kilowatt single phase option. It integrates seamlessly with them face solar and batteries, allowing for more not to optimize costs by using excess solar energy. Green charging are charging from solar is what it's got.

我們預計將於 2025 年推出該產品。讓我們討論一下電動車充電，我們在六月份的慕尼黑 Intersolar 展會上展示了即將面向歐洲推出的電動車充電器，該充電器提供 22 千瓦三相選項和 11 千瓦單相選項。它與太陽能和電池無縫集成，從而可以避免透過使用多餘的太陽能來優化成本。綠色充電就是利用太陽能充電。

Other key features include dynamic phase switching that from single phase two, three phase and vice versa and MIT meter for a few countries higher, [ISO 15118] support to talk to that car OCPP cloud software support both and we won the MP at a fine grained current control to maximize green chart. We plan to introduce this charge and in many European countries later in the year.

其他主要功能包括動態相位切換，從單相到兩相、三相，反之亦然，以及MIT 電錶（適用於一些國家/地區），[ISO 15118] 支援與汽車OCPP 雲端軟體對話，同時支援兩者，我們以極低的價格贏得了MP粒度電流控制以最大化綠色圖表。我們計劃在今年稍後在許多歐洲國家引入這項收費。

Additionally, we recently launched our most powerful CS-100 EV Charger for commercial fleet electric vehicles in the US. Our team is developing a bidirectional EV charger that will enable V2H and V2G capabilities as part of the Enphase system. The chart in general will feature new modular GaN-based bidirectional inverters, providing up to 11 kilowatts per single phase applications and 22 kilowatts for three-phase application.

此外，我們最近為美國商用車隊電動車推出了最強大的 CS-100 EV 充電器。我們的團隊正在開發雙向電動車充電器，它將作為 Enphase 系統的一部分實現 V2H 和 V2G 功能。此圖表將整體採用新的模組化基於 GaN 的雙向逆變器，為單相應用提供高達 11 千瓦的功率，為三相應用提供高達 22 千瓦的功率。

The charger will be compatible with both 400 more than 800 more electric makes we are targeting to release this product in late 2025. Let's now cover our IQ energy management software. Our software is rapidly evolving to handle the growing complexity of energy markets by using AI and ML for forecasting and optimization, we train our AI models with data from over 4 million systems.

該充電器將相容於 400 多種電動品牌，我們計劃在 2025 年底發布該產品。現在讓我們來介紹一下我們的 IQ 能源管理軟體。我們的軟體正在迅速發展，透過使用人工智慧和機器學習進行預測和優化來應對日益複雜的能源市場，我們使用來自超過 400 萬個系統的數據來訓練我們的人工智慧模型。

In Q2, we launched our latest software in Netherlands and Belgium to manage dynamic electricity rates, helping homeowners maximize auto line and reduced payback period as electricity prices fluctuate. We see AI is a crucial technology to scale and enhance our products and services.

第二季度，我們在荷蘭和比利時推出了最新的軟體來管理動態電價，幫助房主在電價波動時最大限度地利用自動線路並縮短回報期。我們認為人工智慧是擴展和增強我們的產品和服務的關鍵技術。

Let's discuss our installer platform. We recently introduced solar glass, our design proposal and permitting software platform to the Netherlands with built-in support for dynamic electricity rates. So grab software delivers the financial calculations that address the complexities of energy markets in the Netherlands .

讓我們討論一下我們的安裝程式平台。我們最近向荷蘭推出了太陽能玻璃、我們的設計方案和授權軟體平台，內建對動態電價的支援。So Grab 軟體提供了解決荷蘭能源市場複雜性的財務計算。

Solar gap is also available to residential and commercial installers in the US, Canada, Brazil, Germany and Austria, and we expect to release it many countries in the coming quarters. Let me conclude, we remain dedicated to delivering best in class home energy systems with a strong focus on innovation, quality and customer experience.

Solar Gap 也可供美國、加拿大、巴西、德國和奧地利的住宅和商業安裝商使用，我們預計將在未來幾季內在許多國家推出它。最後，我們將繼續致力於提供一流的家庭能源系統，並專注於創新、品質和客戶體驗。

Over the last year, we have significantly expanded our global reach and have an exciting pipeline of new products that launch worldwide in the coming year. We have successfully normalized our channel inventory by the end of Q2. Our customer demand has increased by 5% in Q2 as compared to Q1, our battery business is also doing very well with growth from quarter to quarter.

過去的一年，我們大幅擴大了全球影響力，並有一系列令人興奮的新產品將於明年在全球推出。我們已於第二季末成功實現通路庫存正常化。與第一季相比，我們第二季的客戶需求成長了 5%，我們的電池業務也表現良好，逐季成長。

Our bookings in Q3 are the healthiest that they have been in a year. Our early commitment, the US manufacturing is positioning us well with lease PPA and commercial asset owners. We also expect the Fed to lower interest rates later the improving solar economics for the US consumers. Our efforts to capture market share in Europe, and other international regions are also promising. Despite continued macroeconomic challenges challenges, we are confident in our revenue recovery and remain bullish about our long-term growth prospects.

我們第三季的預訂量是一年來最好的。我們早期的承諾，美國製造業使我們與租賃 PPA 和商業資產所有者處於有利地位。我們也預計，隨著美國消費者的太陽能經濟狀況改善，聯準會將降低利率。我們為佔領歐洲和其他國際地區的市場份額所做的努力也取得了成果。儘管宏觀經濟挑戰持續，但我們對收入復甦充滿信心，並對我們的長期成長前景保持樂觀。

With that, I will turn the call over to Mandy further review of our Finance Manager. Mandy.

說完這些，我將把電話轉給 Mandy，以便進一步審查我們的財務經理。曼迪。

Thanks, Badri, and good afternoon, everyone. I will provide more details related to our second quarter of 2024 financial results as well as our business outlook for the third quarter of 2025. 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 assets that total revenue for Q2 was $303.5 million.

謝謝，巴德里，大家下午好。我將提供更多與我們 2024 年第二季財務業績以及 2025 年第三季業務展望相關的詳細資訊。我們在今天發布的收益報告中提供了這些非 GAAP 與 GAAP 財務指標的對帳表，也可在資產的 IR 部分找到，第二季的總收入為 3.035 億美元。

We spent approximately 608.3 megawatts PCL microinverters and 120.2 megawatt hours by to better in the quarter. Non-GAAP gross margin for Q2 was 47.1% compared to 46.2% in Q1. GAAP gross margin was 45.4% for Q2. Non-GAAP gross margin without the benefit of Q2 was 41%, flat from Q1.

我們花費了大約 608.3 兆瓦 PCL 微型逆變器和 120.2 兆瓦時的電力來改善本季的狀況。第二季非公認會計準則毛利率為 47.1%，而第一季為 46.2%。第二季 GAAP 毛利率為 45.4%。不計第二季財報的非 GAAP 毛利率為 41%，與第一季持平。

Fed and non-cash cost for Q2 included $18.4 million of net benefit. Non-GAAP operating expenses were $81.7 million for Q2, compared to $82.6 million for Q1. We continue to invest in new product customer service and sales. Operating expenses were $135.4 million for Q2 compared to $144.6 million as of Q1.

第二季的聯準會和非現金成本包括1,840萬美元的淨收益。第二季非公認會計準則營業費用為 8,170 萬美元，而第一季為 8,260 萬美元。我們持續投資於新產品的客戶服務和銷售。第二季的營運費用為 1.354 億美元，而第一季的營運費用為 1.446 億美元。

Operating expenses for Q2 included $49 million of stock-based compensation expenses, $3.5 million of amortization for acquired intangible assets and $1.2 million of restructuring and impairment charges. And a non-GAAP basis, income from operations for Q2 was $61.1 million compared to $39 million for Q1. Net income from operations was $1.8 million for Q2 compared to a loss of $29.1 million for Q1 and a non-GAAP basis net income for Q2 was $58.8 million compared to $48 million for Q1.

第二季的營業費用包括 4,900 萬美元的股票薪資費用、350 萬美元的收購無形資產攤銷以及 120 萬美元的重組和減損費用。根據非公認會計準則，第二季的營業收入為 6,110 萬美元，而第一季的營業收入為 3,900 萬美元。第二季營業淨收入為 180 萬美元，而第一季虧損 2,910 萬美元；第二季非 GAAP 淨收入為 5,880 萬美元，而第一季為 4,800 萬美元。

This resulting non-GAAP diluted earnings per share of $0.42 for Q2 compared to $0.35 for Q4. Net income for Q2 was $10.8 million compared to a net loss of $16.1 million for Q1. This resulting GAAP diluted earnings per share of $0.08 for Q2 compared to diluted loss per share of $0.12 for Q1 .

這使得第二季度非 GAAP 稀釋每股收益為 0.42 美元，而第四季度為 0.35 美元。第二季淨收入為 1,080 萬美元，而第一季淨虧損為 1,610 萬美元。這使得第二季的 GAAP 攤薄每股收益為 0.08 美元，而第一季的每股攤薄虧損為 0.12 美元。

We exited Q2 with our total cash, cash equivalents and marketable securities balance of $1.65 billion compared to $1.63 billion at the end of Q1. As part of our $1 billion share repurchase program authorized by our Board of Directors into 2023, we repurchased 891,896 shares of common stock in Q2 at an average price of $112.02 per share on a total of approximately $100 million. We had $648.1 million remaining for further share repurchases.

我們第二季末的現金、現金等價物和有價證券總餘額為 16.5 億美元，而第一季末為 16.3 億美元。作為董事會批准的 2023 年 10 億美元股票回購計畫的一部分，我們在第二季以每股 112.02 美元的平均價格回購了 891,896 股普通股，總額約為 1 億美元。我們剩餘 6.481 億美元可用於進一步股票回購。

In addition, we spent approximately 7.5 million tonne as our holding shares to cover taxes for employees divesting and actions. In Q2, we did that diluted shares by 66,126 shares, we expect to continue these anti-dilution point. In Q2, we generated $127 million from cash flow from operations and $117.4 million of free cash flow through to our strong working capital management.

此外，我們還花費了約750萬噸作為我們的控股股份來支付員工撤資和行動的稅款。在第二季度，我們確實稀釋了 66,126 股股份，我們預計這些反稀釋點將繼續存在。在第二季度，我們透過強大的營運資本管理產生了 1.27 億美元的營運現金流和 1.174 億美元的自由現金流。

Capital expenditure was $9.6 million for Q2 compared to $7.4 million for Q1. Capital expenditure increased due to an increase in our US manufacturing spending. Now let's discuss our outlook for the third quarter of 2025. We say our revenue for Q3 to be within a range of $370million to $410 million, which increased shipments of 160 to 180 megawatt hours of IQ battery.

第二季的資本支出為 960 萬美元，而第一季的資本支出為 740 萬美元。由於我們在美國製造業的支出增加，資本支出也隨之增加。現在讓我們來討論一下對 2025 年第三季的展望。我們預計第三季的營收將在 3.7 億美元至 4.1 億美元之間，IQ 電池的出貨量增加了 160 至 180 兆瓦時。

We expect GAAP gross margin to be leading a range of 45% to 48%. We expect non-GAAP gross margin to be within a range of 47% to 50% with net IRA benefit, and 39% to 42% before net IRA benefit. Non-GAAP gross margin is crews are based compensation and acquisition-related amortization. We've had a net benefit to be between $30 million and $33 million.

我們預計 GAAP 毛利率將在 45% 至 48% 之間。我們預計，計入淨 IRA 收益後非 GAAP 毛利率將在 47% 至 50% 之間，計入淨 IRA 收益前非 GAAP 毛利率將在 39% 至 42% 之間。非公認會計準則毛利率是基於工作人員的薪資和收購相關的攤銷。我們的淨收益在 3,000 萬至 3,300 萬美元之間。

Estimated amortization of 1.1 million units of US manufactured microinverters in Q3. We say our GAAP operating expenses to be within a range of $138 million to $142 million, including approximately $59 million estimated for stock based compensation expense, acquisition related amortization and restructuring. We say our non-GAAP operating expenses to be within a range of $79 million to $83 million with pay-out GAAP and non-GAAP annualized effective tax rate, excluding discrete items for 2024 to be at 18% plus or minus 1% with IRA benefit.

預計第三季美國製造的微型逆變器攤位售價為 110 萬台。我們預計，我們的 GAAP 營業費用在 1.38 億美元至 1.42 億美元之間，其中包括預計約 5,900 萬美元的股票薪酬費用、收購相關攤銷和重組費用。我們表示，我們的非 GAAP 營運費用將在 7,900 萬美元至 8,300 萬美元之間，其中 GAAP 和非 GAAP 年度化有效稅率（不包括獨立項目）為 18%，加上或減去 IRA 為 1%。益處。

With that I will now open the line four questions.

我現在要開始討論四個問題。

(Operator Instructions) Philip Shen, Roth Capital Partners.

(操作員指示) Philip Shen，Roth Capital Partners。

Thanks for taking my questions. The first one here on sell through Q2 was $396 million in the mid point of your Q3 guide is $390 million. But batteries are up meaningfully. So I was wondering if you could share what you expect to sell through to be used three. Can you confirm there's no destocking in Q3? And when do you expect to return to the $450 million to $500 million of normalized revenue. Is it still on the table for back half or is it potentially more in '25? Thanks.

感謝您回答我的問題。這裡第二季的第一個銷售額為 3.96 億美元，而第三季指南中位數為 3.9 億美元。但電池價格卻大幅上漲。所以我想知道您是否可以分享您預計銷售的三款產品。您能確認第三季沒有去庫存嗎？您預計何時能恢復到 4.5 億至 5 億美元的正常收入？它是否仍在討論後半段或有可能在 '25 年出現更多？謝謝。

Thanks. Yeah, there is no destocking for Q3 and you should always now think about us as achieving balance between sell-in and sell-through. In other words, we only need to report under shipment or over shipment if we do not have a better. So now going forward, the channel is balanced and we are in good shape. So answering your question on the $415 million, we are very optimistic. As you can see, our sell-in revenue in Q2 was $303.5. Our sell in revenue at the midpoint of guidance for Q3 is $390 million. That's a good growth rate, and we are we are extremely optimistic.

謝謝。是的，第三季沒有去庫存，你現在應該始終認為我們在銷售和銷售之間實現了平衡。換句話說，只有在沒有更好的辦法時，我們才需要報告裝運不足或裝運過多。因此現在，渠道是平衡的，我們處於良好的狀態。所以回答你關於 4.15 億美元的問題，我們非常樂觀。如您所見，我們第二季的銷售收入為 3.035 億美元。我們第三季預期中位數的銷售收入為 3.9 億美元。這是一個很好的成長率，我們非常樂觀。

So like what I talked about, we have successfully normalized our channel inventory. Our battery business is very healthy. We went from 75.5 million -- 75.5 megawatt hours in Q1 to 120 megawatt hours in Q2. Now we are guiding to 160 megawatt hours to 180 in Q3 California is contributing to it addition to the other regions.

正如我所說的，我們已經成功地規範了我們的通路庫存。我們的電池業務非常健康。我們的發電量從第一季的 7,550 萬（75.5 兆瓦時）增加到了第二季的 120 兆瓦時。現在我們預計第三季的發電量將達到 160 兆瓦時至 180 兆瓦時，加州也將為此做出貢獻。

Like what I said, our customer demand in Q2 increased by 5% as compared to Q1. So we are building in a little bit of conservatism there and building in some potential risks into our guidance. That's why we gave you $370 million to $410 million. Our Q3 bookings are the healthiest they have been in a year.

正如我所說的，我們第二季的客戶需求比第一季增加了 5%。因此，我們在其中建立了一點保守主義，並在我們的指導中建立了一些潛在的風險。這就是我們給你 3.7 億至 4.1 億美元的原因。我們第三季的預訂量是一年來最好的。

I told you about over 85% of bookings and that do after removing a bunch of risks that we evaluate continuously on a worldwide basis. Our early commitment the US manufacturing is positioning us well with the lease, PPA, and commercial asset owners. This is a definite bluebird for Q4. We expect the Fed to lower interest rates later in the year, so will also be a tailwind improving solar economics for US consumers, our efforts to capture market share in Europe, like what I said, Europe Q3, there is seasonality but like what I said, we are under penetrated in Europe. There are so many countries where we are making good progress.

我告訴過你超過 85% 的預訂，這是在我們在全球範圍內持續評估消除了一系列風險之後實現的。我們早期對美國製造業的承諾使我們在租賃、PPA 和商業資產所有者方面處於有利地位。這對第四季來說無疑是一個好消息。我們預計聯準會將在今年稍後降低利率，因此這也將對美國消費者改善太陽能經濟起到推動作用，我們努力在歐洲佔領市場份額，就像我說的，歐洲第三季度有季節性，但就像我所說的據說，我們在歐洲的滲透率還不夠。我們在很多國家都取得了良好進展。

So, we feel very optimistic about growth in Q4.

因此，我們對第四季的成長非常樂觀。

Mark Strouse, JP Morgan.

摩根大通的馬克‧斯特勞斯 (Mark Strouse)。

Yeah, good afternoon. Thank you very much for taking our questions. So your gross margins continued to be very resilient. I remember leading up to the micro manufacturing getting ready to scale, you gave guidance as far as the split of the 45X tax credit that you thought you could keep.

是的，下午好。非常感謝您回答我們的問題。因此，您的毛利率持續保持強勁。我記得在微型製造準備擴大規模之前，您就您認為可以保留的 45X 稅收抵免的分割給出了指導。

I'm curious on two things. On the battery side, as that gets ready to ramp in the US, if you can give us a split of what that credit might look like for you?

我對兩件事很好奇。在電池方面，隨著電池在美國的普及，您能否向我們分攤您獲得的信貸額度？

And then also, with the domestic content ITC adder language being out there, if a customer is going to get an incremental $0.30 to $0.40 per watt for much of that, you think that Enphase could potentially keep versus passing on to the customer to stimulate demand? Just any pricing strategy comments would be helpful. Thank you.

此外，考慮到國內內容 ITC 附加條款的存在，如果客戶將獲得每瓦 0.30 到 0.40 美元的增量，您認為 Enphase 可能會保留這些費用，而不是將其轉嫁給客戶以刺激需求？任何定價策略評論都會有幫助。謝謝。

Right. So basically, the first question, we work on gross margins a lot. We have a cost reduction program that is going on continuously for microinverters and batteries. We are making a lot of progress in it. I expect our non-GAAP gross margins without IRA to continuously improve. I'll tell you, the dynamics in the battery business or the cell pack prices are going down.

正確的。所以基本上，第一個問題是，我們非常重視毛利率。我們有一個針對微型逆變器和電池持續進行的成本降低計劃。我們在這方面取得了很大進展。我預計，不含 IRA 的非 GAAP 毛利率將持續提高。我告訴你，電池業務或電池組價格的動態正在下降。

We are making on microinverters are-- starting to make our micro inverters for batteries in the US. And we are also I'm making some fundamental changes in the architecture in going from the third generation to the fourth generation.

我們正在製造微型逆變器——開始在美國製造用於電池的微型逆變器。我們也正在對從第三代到第四代的架構進行一些根本性的改變。

Additionally, even in the third generation, the serviceability of the batteries and the system controllers for backup is approximately 90%. 90% visibility mean that you do not need to take that piece of the wall. You basically service them in situ, which means very often problem becomes simply replacing a board that may be worth only $50 and not taking out the $5,000 battery.

此外，即使在第三代中，電池和備用系統控制器的適用性也約為 90%。 90%的可見度意味著你不需要拆除那塊牆。您基本上是在現場對它們進行維修，這意味著很多時候問題只是簡單地更換一塊價值僅 50 美元的電路板，而不是取出價值 5,000 美元的電池。

That's the advantage of our architecture. It is easily serviceable and we have made it modular. So actually, we are very bullish on gross margins, both with and without IRA. As far as your question on IRA, most of the benefit for us comes from microinverters. We are only now starting to ramp on our batteries.

這就是我們的架構的優勢。它的維修十分方便而且我們已經將其模組化。因此實際上，無論有沒有 IRA，我們對毛利率都非常看好。就您關於 IRA 的問題而言，我們獲得的大部分好處來自微型逆變器。我們現在才剛開始增強電池效能。

The microinverters inside the batteries are increasingly made in the US. Last question is the benefits. It is too early to talk about it. The good news is we have our act together on the domestic content, we are talking to everybody that matter and we are working out the details with them. Our intention is that, you know, this is the entire incentive may be a good thing.

電池內的微型逆變器越來越多地在美國製造。最後一個問題是好處。現在談論這個還為時過早。好消息是我們在國內內容方面已經採取了一致行動，我們正在與所有重要的人進行交流並與他們一起制定細節。我們的意圖是，你知道，整個激勵措施可能都是一件好事。

Ultimately for the end consumer. And I'm not sure what the plans of severance lease and PPA providers or whether they're going to keep it for themselves or are they going to pass it down. I'm sure it is a mixed as far as we are, we are concerned, I mean we will be for us involves setting up even more factories. For example, previously we weren't manufacturing the enclosure for the microinverters in the US.

最終面向最終消費者。我不確定遣散租賃和 PPA 提供者的計劃是什麼，或者他們是否會將其保留給自己，還是會將其傳承下去。我確信就我們而言，這是一個混合體，我的意思是我們將為我們涉及建立更多的工廠。例如，以前我們並沒有在美國生產微型逆變器的外殼。

We are setting up factories, and we basically will be looking to charge for value. But this is a good thing for the end consumer, especially with incentives we are talking about in the range of $0.40 a watt, which is 10% of the project cost.

我們正在建立工廠，我們基本上會尋求按價值收費。但這對最終消費者來說是一件好事，尤其是我們所謂的激勵措施在每瓦 0.40 美元左右，這相當於專案成本的 10%。

Brian Lee, Goldman Sachs.

高盛的布萊恩李 (Brian Lee)。

Hey, guys, good afternoon. Thanks for taking the questions. Maybe this is for either Badri or Raghu. Can you talk about the competitive landscape at all? Just thoughts around Tesla, Powerwall 3 gaining traction? And then maybe on the flip side, your most direct MLPE peer having some struggles. Just what's the market share landscape looking like for you? Are you gaining some traction? And then secondarily, as we think about 4Q, just some of the moving pieces, is it fair to assume battery shipments continue to grow sequentially in 4Q?

嘿，大家下午好。感謝您回答這些問題。或許這對 Badri 或 Raghu 來說都是如此。能談談競爭格局嗎？只是圍繞著特斯拉、Powerwall 3 獲得關注的想法？然後也許另一方面，你最直接的 MLPE 同行會遇到一些困難。您的市佔率狀況是怎樣的？你獲得一些關注了嗎？其次，當我們考慮第四季時，只是一些變動的因素，是否可以合理地假設電池出貨量在第四季繼續連續成長？

Badri, you mentioned Europe is seasonal in 3Q, but do we take that to mean that it bounces back in 4Q? And then can you talk at all about the domestic content demand you are seeing? If you can quantify at all what uplift you might see 4Q. Thanks.

巴德里，您提到歐洲在第三季度具有季節性，但我們是否認為這意味著它會在第四季度反彈？那麼您能談談您所看到的國內內容需求嗎？如果您可以量化您可能會看到的 4Q 的提升。謝謝。

I'm going to give some detailed color on the competitive situation and then Raghu will add more for the people who did not listen to my prepared remarks, our installers are steadily ramping on NEM 3, and we're talking primarily about California here. The battery attached in California is increasing.

我將詳細介紹一下競爭情況，然後 Raghu 將為那些沒有聽我準備好的發言的人補充更多信息，我們的安裝人員正在穩步推進 NEM 3，我們這裡主要討論的是加利福尼亞州。加州連接的電池數量正在增加。

Our numbers, like what I said, overall, overall, worldwide shipments was 75.5 megawatt hours in the Q1, growing to 120 megawatt hours in Q2, and guiding 160 to 180 megawatt hours in Q3. So battery attached and a large it is coming from California, indeed, California as of last week, 60% of our installations happening. So this is brand new data, fresh there data, and we do a lot of installations per week.

我們的數據，就像我說的，總體而言，第一季全球出貨量為 75.5 兆瓦時，第二季成長到 120 兆瓦時，第三季預計為 160 至 180 兆瓦時。因此，電池連接和大量電池都來自加州，事實上，截至上週，加州的安裝量已達到 60％。所以這是全新的數據，新鮮的數據，我們每週進行大量的安裝。

So this is important. 60% is NEM 3, 40% is NEM 2. Battery attach we are noticing is obviously very high for the NEM3, greater than 90% compared to NEM 2. Good news is half of our NEM 3 solar is still attached to Enphase batteries. This data has been consistent for the last two or three quarters.

所以這很重要。 60% 為 NEM 3，40% 為 NEM 2。我們注意到 NEM3 的電池連接率顯然非常高，與 NEM 2 相比超過 90%。好消息是我們的一半 NEM 3 太陽能電池仍然連接到 Enphase 電池。過去兩三個季度，這項數據一直保持一致。

One more point for you to note is we provide a strong value proposition for grid-tied batteries and this data, I did not say in the prepared remarks, but our NEM 3 batteries over 70% are grid-tied batteries are very easy to install.

還有一點要注意的是，我們為併網電池提供了強有力的價值主張，這些數據，我沒有在準備好的評論中提到，但我們的NEM 3 電池中70% 以上都是併網電池，安裝起來非常容易。

Many customers just prefer two five kilowatt hour battery, no extra balance of system, no complexity. The existing combiner box can be used. We have something currently Enphase power control software that will make sure that we can do a lot of things in software and do not need to add any more hardware than what is necessary. And no main panel upgrades are required because of Enphase power control software.

許多客戶只是喜歡兩塊五千瓦時的電池，不需要額外的系統平衡，也不複雜。可以利用現有的匯流箱。我們目前有一些 Enphase 電源控制軟體，它可以確保我們可以在軟體中完成很多事情，而不需要添加任何不必要的硬體。由於採用了 Enphase 電源控制軟體，因此無需升級主面板。

And I talk to you about 24/7 support, easy serviceability, highest warranty in the industry, 15-year warranty. We are able to do that because of our architecture. We don't use fan. We have air cooling, no single point of failure for backup in our backup is a little more complex.

我跟您談論的是全天候支援、簡單的維護、業界最高的保固期——15 年保固。由於我們的架構，我們能夠做到這一點。我們不使用風扇。我們有空氣冷卻，我們的備份沒有單點故障，對於備份來說稍微複雜一些。

There is going to be more dollars the user has to shell out because the useful backup probably about 20 kilowatt hour battery and of for backup, we are streamlining our balance of system. We are going to have them and new 10 kilowatt hour battery and we are basically embedding the neutral. So we are eliminating the system controller and we are enhancing our combiner there.

用戶需要花費更多的錢，因為有用的備用電池大概是 20 千瓦時的，而為了備用，我們正在簡化系統平衡。我們將使用它們和新的 10 千瓦時電池，並且我們基本上嵌入中性線。因此，我們正在消除系統控制器並在那裡增強我們的組合器。

We are reducing the number of things they have to buy. And basically we'll have a best in class solutions there. On the PV side, I didn't explicitly say the advantages over a string inverter are numerous, first of all, obviously high power production, enhanced power production could range anywhere from a couple of percent to 15% more. Safe AC architecture, no high-voltage DC on your roof.

我們正在減少他們需要購買的物品數量。基本上，我們將在那裡擁有一流的解決方案。在光伏方面，我沒有明確地說出與串式逆變器相比有很多優勢，首先，顯然是高功率產量，增強的功率產量可以從幾個百分點到 15% 不等。安全的交流電結構，屋頂上沒有高壓直流電。

That's the single most important factor, for example, that some people in Europe selected our product is simply because no high-voltage DC on roof. Per panel monitoring, I was in Austria and Switzerland recently per panel monitoring was they say we want to see everything that has happened for panel monitoring is very important for them, 25 year warranty versus inverters. We may be talking about a 10-year warranty.

這是最重要的因素，例如，一些歐洲人選擇我們的產品只是因為屋頂上沒有高壓直流電。每個面板監控，我最近去了奧地利和瑞士，每個面板監控都是他們說我們想看到面板監控發生的一切，這對他們來說非常重要，與逆變器相比有25 年保固期。我們可能正在談論十年保固。

I mean 25 year warranty matters and obviously the domestic content readiness. So domestic content regimens, of course, our competition will also be ready. And we believe that we have a good solution there. We are going to make it even better for both microinverters and battery.

我的意思是 25 年保固期很重要，而且國內內容準備情況顯然也很重要。因此，國內內容方案當然我們的競爭對手也會做好準備。我們相信我們有一個好的解決方案。我們將使微型逆變器和電池變得更好。

So we will be able to capture some value there. And so those are all of the puts and takes on the competitive situation in our -- I'll have Raghu to qualify the competitive situation more, but I'll answer the other question.

因此我們將能夠在那裡獲取一些價值。所以這些就是我們在競爭情況下所面臨的所有問題——我將讓 Raghu 更詳細地闡述競爭形勢，但我將回答另一個問題。

Battery do we expect Q4 growth at this point? It's early for me to guide anything, but we do expect Q4 growth. And domestic content, how much of a Q3 number includes domestic content, literally zero domestic content is a conversation that we are having and we expected to pan out in the fourth quarter. Raghu, talk about anything more?

我們現在預計電池第四季會成長嗎？現在對我來說做出任何預測都為時過早，但我們確實預計第四季度將實現成長。至於國內內容，第三季的數字中有多少包括國內內容，實際上是零國內內容，這是我們正在討論的問題，我們預計第四季將會實現。Raghu，還有什麼好說的嗎？

Yeah. I think Badri mentioned we have a very strong value proposition, and really this has been the value proposition from the very onset of the company is that compared to centralized big box solutions just have much better performance, better reliability as reflected in there, 25-year warranty and no high voltage DC anywhere so much greater safety. The value proposition becomes even more important.

是的。我覺得Badri 提到過，我們有一個非常強大的價值主張，實際上，從公司成立之初，這就是我們的價值主張，與集中式大盒子解決方案相比，我們的性能更好，可靠性更好，正如在那裡所反映的那樣，25-年保修，並且任何地方都沒有高壓直流電，因此更加安全。價值主張變得更加重要。

When you think about the new tariff structures like NEM 3, which is all about arbitrage and require batteries, and this is where we are I had a for a homeowner if they can get just a 10 kilowatt hour battery, grid-tied, which means you connected into the existing combiner box your value proposition for NEM 3 significantly improved.

當你考慮新的關稅結構，如NEM 3 時，這都是關於套利和需要電池的，這就是我們所處的情況，對於房主來說，如果他們能得到一個10 千瓦時的電池，併網，這意味著您將其連接到現有的組合箱後，NEM 3 的價值主張將得到顯著改善。

So our battery, the modularity of a battery, the high power and the fact that can be done in 10 kilowatt hours, which with two of the IQ battery 5p makes it a very, very good fit. But you also mentioned that for for backup, yeah, there's a lot of work that we're doing to make it easy to install as the grid-tied solution as well.

因此，我們的電池具有模組化、高功率以及可以在 10 千瓦時內完成的事實，與兩個 IQ 電池 5p 配合使用非常非常適合。但是您也提到，為了備份，是的，我們正在做很多工作，以使其易於安裝，也可以作為併網解決方案。

So we have always said decentralization is the key distributed architectures is just always win in the long run for past performance and reliability.

因此，我們一直說，去中心化是關鍵，而分散式架構從長遠來看總是會因過去的效能和可靠性而獲勝。

Andrew Percoco, Morgan Stanley.

摩根士丹利的安德魯‧佩科科 (Andrew Percoco)。

Great. Thanks so much for taking the question. I did just want to come back to the for $450 million to $500 million run rate that you guys were talking about earlier this year. You guys have obviously done a good job at clearing out the channel inventory, but it just feels like over that time period, demand has stayed relatively stable at about $400 million or so on per quarter basis.

偉大的。非常感謝您回答這個問題。我只是想回到你們今年早些時候談論的 4.5 億至 5 億美元的運行率問題。你們顯然在清理渠道庫存方面做得很好，但感覺在那段時間內，需求保持相對穩定，每季度約為 4 億美元左右。

So I'm just curious where you think the growth come from here if you look at to4Q and then into 2025. I know you guys don't officially guide that far out, but what markets are you expecting the growth to come from in Europe or in the US? And I guess how much of that will be battery-driven versus macro driven? Thank you.

所以我很好奇，如果您看一下第四季度以及 2025 年，您認為成長將從何而來。我知道你們並沒有正式預測那麼遠，但你們預計成長將來自歐洲或美國的哪些市場？我猜想其中有多少是由電池驅動，有多少是由巨集驅動？謝謝。

So I think may be you were not when I answered the question ago. So let me go through those points. As you rightly said, we did not guide Q4, but we are very optimistic based upon what we are seeing. We have successfully normalized of channel inventory by the end of Q2. Our customer demand increased by 5% in Q2 as compared to Q1. Our battery business is doing phenomenally well, 75.5 in Q1, 120 in Q2, midpoint of guidance, 170 in Q3.

所以我想當我之前回答這個問題的時候你可能不是這樣的。讓我來闡述這些要點。正如您所說，我們沒有對第四季度做出指引，但根據目前的情況，我們非常樂觀。我們已於第二季末成功實現通路庫存正常化。與第一季相比，我們第二季的客戶需求增加了 5%。我們的電池業務表現非常好，第一季為 75.5，第二季為 120，達到預期中間值，第三季為 170。

And we naturally expect it to do -- do well. Our Q3 bookings are the healthiest that they have been in the year. These are the leading indicators for you. Our early commitment to US manufacturing is positioning us well with respect to the commercial asset owner, lease, PPA and commercial asset owner. So that one is a huge opportunity for the commercial asset owners, and we expect to offer solutions to them there, and we expect them to be highly value added solutions which can drive demand.

我們自然也期望它能夠做得很好。我們第三季的預訂量是今年以來最好的。這些都是您的領先指標。我們早期對美國製造業的承諾使我們在商業資產所有者、租賃、PPA 和商業資產所有者方面佔據有利地位。因此，對於商業資產所有者來說，這是一個巨大的機會，我們希望為他們提供解決方案，並且我們希望這些解決方案是能夠推動需求的高附加價值解決方案。

Additionally, we are hearing that the Fed will lower interest rates this year at least once improving solar economics for US consumers. On the international side, I talked at length about Netherlands, I talked at length about France, I talked about Germany and there I think in Netherlands, we are going to -- we just introduced solar graph software platform that enables the installers to sell effectively at the kitchen table, incorporating things like the dynamic tariffs in absence of NEM.

此外，我們聽說聯準會今年將至少降低一次利率，以改善美國消費者的太陽能經濟。在國際方面，我詳細討論了荷蘭、法國和德國的情況，我認為在荷蘭，我們剛剛推出了太陽能圖表軟體平台，使安裝人員能夠有效地銷售在廚房的餐桌上，在沒有NEM 的情況下納入諸如動態關稅之類的東西。

So we just introduced five kilowatt hour battery, the latest and greatest battery into Netherlands. We plan to introduce our EV chargers there towards the end of Q3, early Q4. Coming to France -- I mean France is doing phenomenally well for us. Despite all of this, France has stayed very, very healthy. We just introduced our third generation battery in France.

因此，我們剛剛將最新、最好的五千瓦時電池引入荷蘭。我們計劃在第三季末或第四季初在那裡推出我們的電動車充電器。來到法國——我的意思是法國為我們做得非常好。儘管如此，法國的經濟仍然非常非常健康。我們剛剛在法國推出了第三代電池。

We are going to introduce solutions for IQ energy management, meaning software is what we said for effectively managing steering a hot water heater in France. We also expect to introduce the same IQ EV chargers there as well. In Germany, we were doing well. Our overall sell through in Q2 was up compared to Q1 at the June, Intersolar in Munich, we unveiled a three-phase battery backup.

我們將介紹 IQ 能源管理解決方案，也就是我們所說的有效管理法國熱水器的軟體。我們還希望在那裡推出相同的 IQ EV 充電器。在德國，我們做得很好。與第一季相比，我們第二季的整體銷售量有所上升，在 6 月的慕尼黑 Intersolar 展會上，我們推出了三相電池備用電源。

This is a three-phase solution with backup and it's a highly differentiated solutions. It's the smallest size that size battery with three-phase capability. In addition, that battery is going to have phenomenal ground super-efficient because we are innovating on turning off the unused micro inverters, when the consumption of the use of is pretty low, that enhances the efficiency and avoid waste.

這是一個帶有備份的三相解決方案，是一個高度差異化的解決方案。這是具有三相功能的最小尺寸電池。此外，電池將具有驚人的超高效率，因為我們正在創新地關閉未使用的微型逆變器，當使用的消耗相當低時，這提高了效率並避免了浪費。

So round-trip is going to be better than competition. So that battery is going to open up a nice TAM in Germany, Austria and Switzerland, where there are large homes and three-phase backup. In a backup, by the way, simply an emotional requirement. They really do not have outages, but it is a requirement because people are worried because of incidents like Ukraine.

因此往返會比競爭更好。因此，該電池將在德國、奧地利和瑞士開闢一個良好的TAM，這些地方有大型住宅和三相備用電源。順便說一句，在備份中，這只是一種情緒要求。他們確實沒有停電，但這是必要的，因為人們擔心烏克蘭等事件。

So additionally, we are launching Balcony Solar in Germany in Q3 and the IQ Balcony Solar product that we introduced at Intersolar in June. That was the head of our show that what we consider the hit of our show because that one is a beautiful product.

此外，我們將於第三季在德國推出 Balcony Solar 產品，並於 6 月在 Intersolar 展會上推出 IQ Balcony Solar 產品。那是我們的節目的主角，也是我們認為的節目的亮點，因為那是一個漂亮的產品。

There are two panels and this Balcony gateway basically connect those two panels. And then you're allowed to export up to 800 watts into the wall socket in Germany. And people can even add they can go from two to four balance, still only exporting 800 watts. But there is an auxiliary socket on the balcony gateway where you can plug in additional loads and make use of the extra solar.

有兩個面板，這個陽台門基本上連接這兩個面板。然後您就可以向德國的牆上插座輸出高達 800 瓦的電力。人們甚至可以添加從二平衡到四平衡的選項，但仍然只輸出 800 瓦。但是陽台門上有一個輔助插座，您可以在那裡插入額外的負載並利用額外的太陽能。

Further mode, if that is a backup, meaning if there is a power outage, there is a relaying the gateway that will automatically open and disconnect the connection to the wall socket, but still maintains powering the appliance connected into the ancillary socket.

進一步的模式，如果那是一種備份模式，意味著如果發生停電，就會有一個中繼網關，它會自動打開並斷開與牆上插座的連接，但仍保持對連接到輔助插座的設備供電。

So sunlight backup is available for ultra low-cost there. So we expect Balcony Solar, that's a TAM of 400 megawatts. We expecting 400 megawatt just in Germany. We expect to replicate that solution everywhere into Europe. So that's what we introduced at Intersolar.

因此，那裡可以以極低的成本獲得陽光備用電源。因此我們預期 Balcony Solar 的 TAM 為 400 兆瓦。我們預計光在德國就有 400 兆瓦。我們希望將該解決方案複製到歐洲各地。這就是我們在 Intersolar 上介紹的內容。

Of course, our EV charger, I talked about it. We are going to introduce our EV charger in all the countries there. And then I made a statement in my prepared remarks that we are strong in France, strong in Netherlands with strong in Germany. We are still underpenetrated in UK, Italy, Spain, Belgium, Luxembourg and Switzerland and Austria, Sweden and more. And we plan to introduce our entire product portfolio of things.

當然，我談到了我們的電動車充電器。我們將向所有國家推出我們的電動車充電器。然後我在準備好的演講中說，我們在法國很強大，在荷蘭很強大，在德國也很強大。我們在英國、義大利、西班牙、比利時、盧森堡、瑞士、奧地利、瑞典等市場的滲透率仍較低。我們計劃推出我們的全系列產品。

I talked about microinverters batteries, EV chargers, energy management, software, Falcon solar and solar graph. And what do homeowners want? They want the same thing. They want safety, no high-voltage DC, they want high quality system to work, they want savings because they have these dynamic rates and they want an all-in-one experience, all in one app. They don't want one thing from one supplier, one thing from another supplier, and it doesn't work for them. They don't want to go two apps, three apps, no. They want to do an all in one app.

我談到了微型逆變器電池、電動車充電器、能源管理、軟體、Falcon 太陽能和太陽能圖表。那麼房主想要什麼呢？他們想要一樣的東西。他們想要安全，不需要高壓直流電，他們想要高品質的系統運行，他們想要節省，因為他們有這些動態費率，他們想要一個一體化的體驗，一個應用程式即可。他們不想從一個供應商那裡得到一種東西，又從另一個供應商那裡得到另一種東西，這對他們來說是行不通的。他們不想使用兩個應用程序，三個應用程序，不。他們想要做一個一體化的應用程式。

So, a lot of new products are coming. Many of them or some of them will be available in Q3. Some of them will be available in Q4. But like what I said, they're all going to propel us in the right direction.

因此，許多新產品不斷湧現。其中許多或部分產品將在第三季上市。其中一些將於第四季度上市。但就像我說的，他們都會推動我們朝著正確的方向前進。

Colin Rusch, Oppenheimer.

奧本海默的科林拉什 (Colin Rusch)。

Thanks so much. Can you talk about the guidance for the batteries? How much of that is for the growth from new geographies and channels down, how much is coming from existing markets? And then as you think about introducing IQ9 and evolution of module sizes and efficiency, can you speak to the product market fit and any potential headwinds you have for bringing that product to market?

非常感謝。您能談談有關電池的指導嗎？其中有多少來自新地區和新通路的成長，有多少來自現有市場？然後，當您考慮推出 IQ9 以及模組尺寸和效率的演變時，您能談談產品市場契合度以及將該產品推向市場的任何潛在阻力嗎？

Yeah. I mean, we usually don't break out the regions, but I will tell you we expect Europe is a little bit seasonal. So I think maybe a little down to flat in Europe, but the growth a -- lot of the growth is coming from from US and a lot of growth in California on batteries . Regarding your second question --?

是的。我的意思是，我們通常不會劃分地區，但我要告訴你，我們預計歐洲有點季節性。所以我認為歐洲可能會略有下降，但成長很大一部分來自美國，加州的電池成長很大。關於你的第二個問題--？

Third product market fit, given the evolution of module efficiency, form factor, et cetera, any headwinds you're expecting as you bring that to market?

第三個產品市場契合度，考慮到模組效率、外形尺寸等的演變，您預期在將其推向市場時會遇到什麼阻力？

We are working very hard on IQ9. IQ9 is going to be GaN-based and GaN is a very interesting technology. It allows us to offer higher power for the same cost structure. So what will be offered. What will Enphase offer for IQ 9, we are going to our first product will be focused on the commercial market where today we do not play, which is the 480 board small commercial market.

我們正在努力開發IQ9。IQ9 將採用 GaN 基技術，GaN 是一項非常有趣的技術。它使我們能夠以相同的成本結構提供更高的功率。那麼將提供什麼呢？Enphase 將為 IQ 9 提供什麼呢？

So we will introduce 427 watt product for the small commercial market, 3 Phase it outstanding cost structure. We are in all the key innovation in GaN is instead of four silicon facts that we have, we will have to buy in directional GaN, GaN switches so that is -- you save cost another way you save cost is if you run those switches at high frequency, even double the frequency 100 kilowatts becomes 200 kilowatts of 300 kilowatts.

因此，我們將針對小型商業市場推出 427 瓦產品，三相產品具有出色的成本結構。我們在 GaN 方面的所有關鍵創新是，我們將不得不購買定向 GaN、GaN 開關，而不是現有的四個矽片，這樣可以節省成本，另一種節省成本的方法是，如果你運行這些開關高頻化，甚至將頻率提高一倍，100千瓦就變成200千瓦、300千瓦了。

That is opportunity to drop the trends, main transformer sites big and therefore the cost structure a bit. So our internal goals are to make the cost on an absolute basis for this product. The same as IQ8, which means cost per watt would be automatically much lower.

這是降低趨勢的機會，主變壓器站點很大，因此成本結構有點。因此，我們的內部目標是使該產品的成本絕對化。與 IQ8 相同，這意味著每瓦成本將自動低得多。

And on the heels of the foot 27 watts, we will also offer a 548 watts that will be for emerging markets as well as for some places in Europe. And that will be available for both the residential as well as commercial and commercial customers. So a lot of plans. We expect, we expect to have the first day Q9 into market in 2025.

繼 27 瓦之後，我們還將提供 548 瓦，適用於新興市場以及歐洲部分地區。這將適用於住宅客戶以及商業客戶。因此有很多計劃。我們預計 Q9 將於 2025 年首次上市。

Great product market fit, right. I mean, you asked the question we are seeing that the module power is continuing to go up. And so our plans, in fact, we have the platform already developed up that can address, you know, for the foreseeable future, any increase in power and uniquely benefits and fit them because the power continues to go up, you can build that same system with fewer number of modules.

非常適合產品市場，對的。我的意思是，你問的問題我們看到模組功率正在持續上升。因此，我們的計劃是，事實上，我們已經開發了平台，可以解決在可預見的未來任何功率的增加，並帶來獨特的優勢和適合它們，因為功率繼續上升，你可以建造同樣的模組數量較少的系統。

You don't need that you are doing it with 20 modules before now we can do it with 18 modules right as opposed to a big inverter doesn't matter or even a 7 kilowatt inverters or 7 kilowatt inverter. So we have some unique benefits when it comes to the direction in which modules are going. And we have the platform, no, both were they in fact, with IQ8 and getting better with with IQ9 to address in on increase in module power.

之前您不需要使用 20 個模組，現在我們可以使用 18 個模組來完成，對吧？因此，在模組的發展方向上，我們擁有一些獨特的優勢。而且我們都有平台，不，事實上兩者都有，有了 IQ8，並且透過 IQ9 得到改進，可以解決模組功率的增加問題。

James West, Evercore ISI.

詹姆斯‧韋斯特 (James West)，Evercore ISI。

Hey, good afternoon, Badri. Quick question about the countries that you've highlighted, where you're underpenetrated in Europe. What is the strategy to increase penetration? Is that the new products? Is it adding more sales and dollars as the first question?

嘿，下午好，巴德里。關於你們所強調的國家的快速問題，你們在歐洲的滲透率還不夠高。增加滲透率的策略是什麼？那是新產品嗎？第一個問題是否是增加銷售和收入？

The second question is around the commercial products business and kind of what you see as the outlook there.

第二個問題是關於商業產品業務以及您對其前景的看法。

Yeah. It's quite simple. It is to introduce new product systematically into all of those regions, which we are. We are following it up, like, for example, every region almost every region has IQ8 microinverter today, some of the regions will need three-phase batteries and even single-phase batteries with backup that will be available by the end of the year.

是的。這很簡單。就是要係統地將新產品引進到我們所在的所有地區。我們正在跟進，例如，今天幾乎每個地區都有 IQ8 微型逆變器，有些地區將需要三相電池，甚至需要備用電源的單相電池，這些電池將在年底前上市。

Then IQ EV chargers. And on what I would have told you similarly will be available again in Q4. We are steadily releasing the solar graphics platform in all of the scenarios to make sure we have a lot of revenue coverage that in those countries and solar wrap platform helps us too and enhance the value proposition that the installer can provide the homeowner at the kitchen table. The last bit is the IQ energy management software.

然後是 IQ EV 充電器。我原本要告訴您的內容將在第四季再次提供。我們正在所有場景中穩步發布太陽能圖形平台，以確保我們在這些國家擁有大量的收入覆蓋，太陽能包裝平台也能幫助我們，並提升安裝人員可以在廚房餐桌上為房主提供的價值主張。最後一點是IQ能源管理軟體。

So in places where there are dynamic electricity rates that aren't that many now in Germany, Sweden, Norway, Netherlands, those are the four, but I'm sure that, that's a phenomenon that will come and every region will have its own thing, their time of use or an entry type tariff or a dynamic tariff and even, you know, imbalance in some countries and how we can help in imbalance, which are much more and instead of a day instead of us getting their head tariff we may be getting enough information in a few minutes ahead.

因此，在德國、瑞典、挪威、荷蘭等四個國家，目前動態電價還不是很多，但我相信，這是一種將要出現的現象，每個地區都會有自己的事情，他們的使用時間或入門型關稅或動態關稅，甚至，你知道，一些國家的不平衡，以及我們如何幫助解決不平衡問題，這些不平衡問題更多，而不是一天，而不是我們得到他們的頭部關稅，我們可能提前幾分鐘就能獲得足夠的資訊。

So we are getting ready for all of that. But the short answer is more sales, more FAE coverage. Great customer service 24 by seven and making sure all our products are available there. And in our handholding, the installers training them well is something that we do and we need to continue to do that for all of these regions. So I don't expect a step function, but I expect steady growth as we introduce products over the years.

所以我們正在為這一切做好準備。但簡短的回答是，銷售額越高，FAE 覆蓋範圍就越廣。每週 7 天、每天 24 小時提供優質客戶服務，確保所有產品均可供應。在我們的指導下，我們將對安裝人員進行良好的培訓，並且我們需要繼續為所有這些地區這樣做。因此，我並不期望階梯式成長，但我希望隨著我們多年來推出產品，能夠實現穩步成長。

Julien Dumoulin-Smith, Jefferies. Go ahead.

朱利安‧杜穆蘭‧史密斯 (Julien Dumoulin-Smith)，傑富瑞 (Jefferies)。前進。

Thank you guys seem very much. Appreciate the time. Could you guys hear me hopefully. Thank you very much. I just wanted to kick off with your first expectations of SunPower and third quarter here. Just wanted to make sure and confirm that has been adjusted for kind of expectations on whatever happens there and then maybe just more holistically as you think about that fourth quarter, I know you provided third quarter guide here, but how do you think about the domestic concepts you thought with the value proposition being split, but how do you think about that impacting sort of more of a step function recovery in the [resin] markets here?

非常感謝你們。珍惜時間。希望你們能聽到我的聲音。非常感謝。我只是想先了解一下您對 SunPower 和第三季的最初期望。只是想確保並確認已經根據那裡發生的任何事情的預期進行了調整，然後也許只是更全面地考慮第四季度，我知道你在這裡提供了第三季度的指南，但你如何看待國內您認為價值主張被分裂的概念，但您認為這對此處[樹脂]市場的階梯函數復甦有何影響？

I mean, clearly, we've seen a little bit of a drag out in backlog as in California, for instance, how do you think about that adding to overall volumetric health as we close out the year with that additional 10%?

我的意思是，很明顯，我們看到積壓問題有所拖延，例如在加州，當我們在今年年底以額外的 10% 的速度增長時，您認為這是否會對整體健康狀況產生影響？

Thank you. First one with respect to SunPower, we will not going to comment on customer specifics here. But as usual, what we do is when we give you guidance. We always take a risk everywhere in the world globally, and we have exactly done that in the guidance that we gave you. That's one on the domestic content, again, it is it's early to tell, but we like what we are seeing, we believe with it and really we'll start to see some output of the domestic content in Q4 that will be positive hopefully for the industry because it is a larger incentive or that incentive can be used to propel demand to improve economics for the PPA providers, improve economics for the industry, making sure installers also their situation get robust.

謝謝。第一個關於SunPower的問題，我們不會在這裡評論客戶的具體情況。但和往常一樣，我們所做的就是為您提供指導。我們在全球範圍內始終在世界各地承擔風險，我們在給您的指導中也確實這樣做了。這是關於國內內容的一個問題，再說一遍，現在說還為時過早，但我們喜歡我們所看到的情況，我們相信這一點，而且我們確實會在第四季度開始看到國內內容的一些產出，希望這對因為它是一種更大的激勵，或者這種激勵可用於推動需求，從而改善 PPA 提供者的經濟狀況，改善行業經濟狀況，確保安裝人員的狀況也變得穩健。

So I think it will benefit everybody in some way or the other. And we are happy to provide those solutions and we are some of them our product mix right now. We basically said certain select products that we have today combined with tracking qualify even today for domestic content.

所以我認為這將以某種方式使每個人受益。我們很高興提供這些解決方案，其中一些就是我們目前的產品組合。我們基本上是說，我們今天擁有的某些精選產品結合追蹤技術，即使在今天也符合國內內容的資格。

We are making that better by increasing our domestic content, which is manufacturing enclosures for micro-inverters and getting that ready in the fourth quarter. So once that is in place, then we will be able to increase the percentage of domestic content available there, and we'll be able to service customers better. But I'm very excited by it. I think this along with potentially the [Fed] rate has got the potential to propel the market significantly in Q4.

我們正在透過增加國內含量來改善這一狀況，即製造微型逆變器的外殼並在第四季度做好準備。一旦實現這一點，我們將能夠增加國內內容的百分比，並能夠更好地為客戶提供服務。但我對此感到非常興奮。我認為這與聯準會利率一起有可能在第四季度顯著推動市場。

Eric Stine, Craig-Hallum.

艾瑞克·史坦、克雷格·哈勒姆。

Hey, thanks for sneaking me in here at the end. And just curious, you mentioned the 60% of your installs were number three. I mean, just curious how long you think it takes? I know it's dragged on for some time. How long do you think you're through them too? And then just thinking about the high attach rates, what do you think of any way to ballpark where your energy storage volumes may be when that time comes?

嘿，謝謝你最後讓我偷偷來到這裡。只是好奇，您提到 60% 的安裝都是排在第三名的。我的意思是，只是好奇您認為這需要多長時間？我知道這件事已經拖延了一段時間了。您認為您花了多長時間才完成它們？然後，只要考慮一下高的附加率，您認為有什麼方法可以估算到那時您的能源儲存量可能達到什麼程度？

Yeah. I mean that if history were to tell you something, I think last time I told you approximately 50%, three months ago. So right now it is 60%. So I don't know the end of maybe another two, three quarters is the is when them to eventually go. And yes, I mean, I think the I know you talked about grid type batteries. They provide the right economics.

是的。我的意思是，如果歷史要告訴你一些事情的話，我想我上次告訴你大約是 50%，也就是三個月前。目前這個比例是 60%。所以我不知道也許再過兩到三個季度他們就會最終離開。是的，我的意思是我認為我知道您談論的是網格型電池。它們提供了正確的經濟學。

The bill offset, if you have one five kilowatt hour battery improves from something like 55 to 70. If you have to 5 kilowatt hour batteries, it can go from can go to 85% to 90% use. The sweet spot is to 5 kilowatt hour batteries. And that's it for people who choose to take note that our people who choose backup to what we talked about earlier. So we do expect the full conversion to men three to drive the battery attach some that is still in a mathematically, if you see only 60% is converted now of course, many things plays into this like the health of the installers, et cetera.

如果你有一個五千瓦時的電池，那麼帳單補償將從 55% 提高到 70%。如果您有 5 千瓦時的電池，其使用率可以從 85％ 提高到 90％。最佳點是5千瓦時的電池。這就是那些選擇注意的人，那些選擇備份的人，我們之前談過。因此，我們確實期望完全轉換為三人來驅動電池，這在數學上仍然處於一定水平，如果您看到現在只有60％ 被轉換，當然，很多因素都會影響這一點，例如安裝人員的健康狀況等等。

And so I cannot guide a number, but I think we are quite positive because in our first of all, our revenue sell through revenue in California has stabilized compared to Q1. In fact, it was up by 7% from it Q1 to Q2 and I gave you it's split up, which means micro-inverters were flat and battery was up by I think I said 14%. So it is generally good news, but it is one quarter, we have to be cautious and we remain optimistic that this is going to drive our battery growth battery business significantly.

因此我無法給出一個確切的數字，但我認為我們非常積極，因為首先，與第一季相比，我們在加州的銷售收入已經穩定下來。事實上，從第一季度到第二季度，它增長了 7%，我已經給你把它分開了，這意味著微型逆變器持平，而電池增長了，我記得我說的是 14%。所以這總體來說是個好消息，但這只是一個季度，我們必須謹慎，我們仍然樂觀地認為這將極大地推動我們的電池業務成長。

Jordan Levy, Truist Securities.

喬丹·利維（Jordan Levy），Truist Securities。

Afternoon and appreciate you [squeezing me] in here. Maybe just a quick one for me. Appreciate all the details. You all have continued to provide on US manufacturing and are out there. Just wanted to get your thoughts on obviously a lot going on on the geopolitical front field upcoming elections, both here in the US and in Europe, but I just wanted to see how you're thinking about the risks they're from maybe an IRA perspective and then over in Europe.

下午好，感謝您擠進來。對我來說也許只是快速的。感謝所有的細節。你們一直為美國製造業做出貢獻。我只是想聽聽你對即將舉行的美國和歐洲選舉中發生的許多地緣政治事件的看法，但我只是想看看你如何看待愛爾蘭共和軍可能帶來的風險然後再到歐洲。

We think that, of course, we don't control what happens there, right? So but we feel like we are a very sound business. Our value proposition of the product of that is explained and it the business stand alone independent of some of these incentives.

我們認為，當然，我們無法控制那裡發生的事情，對嗎？但我們覺得我們是一家非常穩健的企業。我們對該產品的價值主張進行了解釋，並且該業務獨立於其中一些激勵措施。

So what now specifically talking about the IRA, and obviously, we have brought high-technology manufacturing back to the US and Europe doing more of that now we're creating jobs, we are making investments. And this, we believe is something that is expected to be supported regardless of who's in the government.

那麼現在具體談談 IRA，顯然，我們已將高科技製造業帶回美國和歐洲，現在我們正在做更多這樣的事，我們正在創造就業機會，我們正在進行投資。我們相信，無論誰在政府中，這一點都應得到支持。

So we think we are doing all the right things that we shared with you, things like gross margin with and without the IRA. So I'm giving you a lot of details about our business regardless of incentives. And so I think what happens if the outcome remains to be seen, it's not in our control, but we are I think we have done all the right things.

因此，我們認為我們正在做與你們分享的所有正確的事情，例如有和沒有 IRA 的毛利率。因此，無論有什麼激勵措施，我都會向您提供大量有關我們業務的細節。所以我認為，如果結果還有待觀察，那會發生什麼，這並不在我們的控制範圍內，但我認為我們已經做了所有正確的事情。

Yeah, absolutely. And then just a quick follow up I noticed you had the number of certified battery installers, so some really nice growth there this quarter. I'm just wondering what the initiatives are kind of driving those (microphone inaccessible)

是的，絕對是如此。然後快速跟進一下，我注意到您擁有經過認證的電池安裝商數量，因此本季的成長確實非常好。我只是想知道這些措施到底是怎麼推動的（麥克風無法使用）

Yeah. I mean, those are reflective of the number of countries we are entering and the training that we are providing. We have a very active training department in worldwide and we have an Enphase University, Of course, we in a battery installations, aren't simple, although the grid tight installation and stuff are getting there. So it does need some training and we have a lot of installers getting trained both in Europe as in the US.

是的。我的意思是，這些反映了我們進入的國家數量和我們提供的培訓。我們在全球擁有非常活躍的培訓部門，並且擁有一所 Enphase 大學，當然，我們的電池安裝並不簡單，儘管電網緊密安裝和其他東西正在實現。所以確實需要一些培訓，我們有很多安裝人員在歐洲和美國接受培訓。

The IQ battery 5P, is a good product, it solves some of the earlier deficiencies that we had in terms of low power and wireless connectivity, et cetera. All of those are fixed. So it's being well received globally, not just the US and now we are following it up with the three phase battery two to enter the market. So that's what you're seeing.

IQ電池5P是一款好產品，它解決了我們之前在低功耗和無線連接等方面存在的一些缺陷。所有這些都已修復。因此，它在全球範圍內都受到了好評，而不僅僅是在美國，現在我們正在跟進三相電池二期進入市場。這就是你所看到的。

You're seeing that strength in our training, not just big installers, focusing on and all the installers like for example, when I was in Austria and Switzerland about a month ago in Switzerland, I met the about 7 installers in a couple of days. And these are anywhere from 1 to 5 megawatts. Those are our installers we celebrate them. We make sure that we provide them the correct guidance. We're not perfect many times there are problems, but once we know it solved the problems quickly.

你可以看到我們培訓的優勢，不僅僅是大型安裝人員，而是專注於所有的安裝人員，例如，大約一個月前我在奧地利和瑞士時，在瑞士，我在幾天內遇到了大約7 名安裝人員。這些電力從 1 兆瓦到 5 兆瓦不等。這些都是我們的安裝人員，我們向他們致敬。我們確保為他們提供正確的指導。我們並不完美，很多時候都會出現問題，但是一旦我們知道了問題，就可以很快解決。

(technical difficulty) What you're seeing is this transformation from solar to energy. I think you should expect this trend to continue. We have talked about it, but now it's really turning into a reality where if you look at a number of markets have made this transition from solar to solar plus battery plus EV charger plus heat pump. And so you can see how our products are aligning with that transformation.

（技術難題）你所看到的是從太陽能到能源的轉變。我想你應該預料到這種趨勢將會持續下去。我們已經討論過這個問題，但現在它真的變成了現實，如果你看看許多市場已經實現了從太陽能到太陽能加電池加電動汽車充電器加熱泵的轉變。所以您可以看到我們的產品是如何適應這種轉變的。

We are doing everything from continuing on the inverter side, growing IQ8 to IQ9 to match module, our increases, you're looking what we are doing on our battery, with the 5P battery and then the next generation10 kilowatt hour battery, introducing the three-phase battery for backup, introducing EV chargers introducing all of the software.

我們所做的一切都是從繼續在逆變器方面，將IQ8 升級到IQ9 以匹配模組，我們的增長，你正在看我們在電池方面所做的工作，使用5P 電池，然後是下一代10 千瓦時電池，引入三個相電池備用，引入電動車充電器，引入所有軟體。

So you're seeing that the do the training that we now need to do to get people more comfortable with selling systems is also on the increase. And all of this is good for us because this is what our DNA is building hardware-software systems, building software systems that are software defined. This is a unique advantage for us.

所以你會發現我們現在需要做的培訓也在增加，以便讓人們更熟悉銷售系統。所有這些對我們來說都是有益的，因為這就是我們的 DNA，建構硬體軟體系統，建構軟體定義的軟體系統。這是我們獨特的優勢。

Christine Cho, Barclays.

巴克萊銀行的 Christine Cho。

Thank you for taking for squeezing me in. In California, I think you said your customers who are getting your inverters are attaching your battery 50% of the time. Is that different in California versus the rest of the US, I think you said 70% of your batteries are grid tied and is great for NEM 3.0 the rate arbitrage. But outside of California, I would think batteries are primarily used for backup and not for rate arbitrage.

感謝您抽空接待我。在加州，我想您說過，使用您的逆變器的客戶有 50% 的時間都在連接您的電池。加州和美國其他地區的情況是否不同？ 我記得您說過 70% 的電池都與電網相連，這對於 NEM 3.0 費率套利來說非常有利。但在加州以外的地區，我認為電池主要用於備用，而不是用於利率套利。

So curious if you find that your market share for batteries is higher in California versus rest of US?

所以好奇的是，您是否發現貴公司的電池市佔率在加州比美國其他地區更高？

You are correct that outside the US batteries are used for backup, but there are some places in the US where there are a lot of good services where you do have a lot of incentives simply for using the battery and helping the grid out, especially during summer. And Massachusetts is an example. The Duke PowerPair program as an example. So you're generally right, though, upside-down in the NEM world a battery. The grid is the better.

你說得對，在美國以外的地方，電池是用來備用的，但在美國有些地方，有很多很好的服務，你只要使用電池幫助電網，就會有很多激勵措施，尤其是在夏天。馬薩諸塞州就是一個例子。以 Duke PowerPair 計劃為例。因此，總體而言你是對的，但是在 NEM 世界中，電池是顛倒的。網格越好。

Therefore, when people add a battery. They really need it for some kind of security, emotional security. That's why it is with backup for most places in the US and California. It is a function of rates. It's not NEM any longer. It's NEM 3. And therefore from there, it makes sense if it's a pure economics game there in California. And so grid type batteries make a lot of sense that market share coming to the market shares. I don't know the answer to that, but I would say the market share between outside California as well as in California, it's probably equivalent.

因此，當人們添加電池時。他們確實需要它來獲得某種安全感、情緒上的安全感。這就是為什麼它為美國和加利福尼亞州的大多數地方提供備份。它是利率的函數。它不再是 NEM 了。這是 NEM 3。因此，從這一點來看，如果這是加州的一場純粹的經濟遊戲，那麼這是有道理的。因此，電網型電池對市場份額的增加具有重要意義。我不知道答案，但我想說加州以外和加州內的市場份額可能是相當的。

Okay. And then I know you gave yourself through numbers quarter over quarter, but would we be able to get yourself through for storage in megawatt hours for 2Q. And I know that you said the channel is clear in general, but would you say that the weeks of inventory for batteries is also currently your standard 8 to 10 weeks?

好的。然後我知道您給出了季度環比的數字，但是我們能否給出第二季度的存儲量（兆瓦時）數字呢？我知道您說過通路總體上是暢通的，但您是否認為電池的庫存週數目前也是標準的 8 到 10 週？

Well, the batteries have opposite problem. I'm really tight on batteries. And I can tell you that the NEM weeks on hand in the US is less than 80 weeks, and that's a good problem for us to have. We do need to make sure that installers have enough inventory. We are always going to stay in the guardrail of 8 to 10 weeks in general, that's where we'd like to get to. But the batteries are very tight right now in the channel, meaning the channel is, I would say, short of batteries.

嗯，電池有相反的問題。我的電池真的很緊張。我可以告訴你們，美國現有的 NEM 週數不到 80 週，這對我們來說是個好問題。我們確實需要確保安裝人員有足夠的庫存。我們通常總是將時間保持在 8 到 10 週的範圍內，這就是我們想要達到的目標。但是現在通路的電池供應非常緊張，也就是說，我認為通路缺少電池。

Praneeth Satish, Wells Fargo.

富國銀行的 Praneeth Satish。

Thanks. Just two quick questions on domestic content here. First, you mentioned that the domestic content uplift with lease PPA providers will mostly come in Q4. There's no benefit included in the Q3 guidance.

謝謝。這裡只想問兩個關於國內內容的簡單問題。首先，您提到租賃 PPA 提供者的國內內容提升將主要在第四季度實現。第三季指引中未包含任何福利。

But your inverters qualify today, assuming you use domestic racking. So I guess the first question is, could we see any benefit in Q3 or maybe the tail end of Q3. And then secondly, from SolarEdge is inverter is also on track to be qualifying in Q4. So to the extent you do pick up any market share gain from in Q3 or Q4 tied to domestic content with some of the larger lease PPA providers, do you think those gains will sustain into 2025?

但假設您使用家用貨架，您的逆變器今天就符合條件了。所以我想第一個問題是，我們是否可以在第三季或第三季末看到任何好處。其次，SolarEdge 的逆變器也有望在第四季獲得資格。因此，如果您在第三季或第四季透過與一些較大的租賃 PPA 提供者合作獲得的國內內容獲得了市場份額成長，您認為這些成長會持續到 2025 年嗎？

Yeah. Number one question. First question is right now our guidance doesn't comprehend any domestic content for Q3, but you're right, it could be -- some of them may use what is already available, I don't know. But your guidance doesn't comprehend that yet. And for Q4, yes, all of our competitors will probably come with their own domestic content.

是的。第一個問題。第一個問題是，目前我們的指引不包括第三季的任何國內內容，但您是對的，可能是——其中一些可能會使用現有內容，我不知道。但您的指導還沒有理解這一點。對於第四季度，是的，我們所有的競爭對手都可能會推出自己的國內內容。

So we need to continue to offer the right value to our customers. And for us, the way we see it is MLPE we have the opportunity to do climb up in domestic content quite a bit by making sure our enclosures are also made in the US. And so that can take us to a good number where you only need less percentage from racking or elsewhere. So we're focused on getting that out by the end of Q3 and early Q4. And then we expect the demand to go up there.

因此我們需要繼續為客戶提供正確的價值。對我們來說，我們認為 MLPE 使我們有機會透過確保我們的外殼也在美國製造來大幅提高國內含量。這樣就可以得到一個很好的數字，你只需要從貨架或其他地方獲得較少的百分比。因此，我們致力於在第三季末和第四季初推出這項產品。然後我們預計需求會上升。

Kasope Harrison, Piper Sandler.

卡索佩·哈里森，派珀·桑德勒。

Good evening, everybody, and thanks for taking the questions. Badri, just maybe following up on your commentary that the global channel is normal and into 2Q, you flagged it a prior question that batteries are less than 8 weeks. And so I was just wondering if you could help us think through are there any other notable geographic differences between US than micros for sorry, US and Europe, micros and storage, those we should be thinking through just trying to understand the health of the channel by product by geography?

大家晚上好，感謝你們回答問題。Badri，也許只是跟進您關於全球管道正常且進入第二季度的評論，您在先前的問題中提到了電池使用壽命少於 8 週。所以我想知道你是否能幫助我們思考一下，除了美國和歐洲的微型計算機和存儲之外，美國之間還存在其他值得注意的地理差異，我們應該考慮這些差異，以了解渠道的健康狀況按產品、按地域劃分？

Yeah. I mean, look, I gave you a global number of global numbers is healthy sort of gave you, of course, that is if I start giving you country by country, there will be some variability. I also mentioned that. And on the batteries is a good problem that we are trying to fix, which means -- I mean, it's not a good problem for customers.

是的。我的意思是，你看，我給了你一個全球數字，這個數字是健康的，當然，如果我開始給你每個國家的數據，就會有一些變化。我也提到過這一點。電池問題是一個好問題，我們正在努力解決，但這對客戶來說不是一個好問題。

We've got to fix it to make sure that the channel has enough inventory, but we are focused on that 8 to 10 weeks. Some regions might have might have close to 8 weeks. Some regions might have close to 10 weeks and we are focused on that range. We will never allow that if we exceed that range.

我們必須解決這個問題，以確保渠道有足夠的庫存，但我們專注於這 8 到 10 週。有些地區可能需要接近8週的時間。有些地區可能有接近 10 週的時間，我們專注於這個範圍。如果超出這個範圍，我們絕對不會允許這種事情發生。

We have get statistical process controls in place where we talk about it and we actually will not ship all the 10 or so. And like what I said, you know, we have normalized the channel on a global basis and we plan to keep it that way is why we going forward, we will not be talking about selling.

我們已經建立了統計過程控制，我們對此進行了討論，實際上我們不會運送所有 10 個左右的產品。正如我所說的，您知道，我們已經在全球範圍內實現了通路標準化，並且我們計劃保持這種方式，這就是為什麼我們今後不會談論銷售。

Dylan Nassano, Wolfe Research.

迪倫·納薩諾，沃爾夫研究公司。

Hey, good afternoon. Just on the Q2 bookings being the healthiest they've been in over a year. Can you say how much higher that 85% is compared to last quarter or last year and do you feel like your visibility into forward demand has improved at all has channels cleared?

嘿，下午好。僅就第二季的預訂量而言，這是一年多來最健康的。您能否說出與上一季或去年相比 85% 高出多少？

We don't really given numbers there, but we are talking about Q3 bookings on Q2, Q3 bookings are over 85%, and that's a healthy number. And that to, after considering some puts and takes and considering the risks number, is a good number. We do not have the visibility for Q4, right, because our lead time of the order of 8 weeks. So by definition, distributors will only book within that lead time.

我們實際上並沒有給出具體數字，但我們談論的是第三季的預訂量與第二季的預訂量相比，第三季的預訂量超過 85%，這是一個健康的數字。而且，在考慮了一些優點和缺點並考慮了風險之後，這也是一個不錯的數字。我們對第四季沒有預見，因為我們的交貨時間是 8 週。所以根據定義，分銷商只會在該交貨期內預訂。

Ameet Thakkar, BMO Capital Markets.

BMO 資本市場的 Ameet Thakkar。

Hi, good afternoon. I just had one quick question on kind of just thinking about the balance sheet longer term. You guys have like, I think $730 million of convertible debt telecom do kind of a call over the next 20 months. You obviously have a very advantageous liquidity position.

嗨，下午好。我只想問一個簡單的問題，關於長期資產負債表的想法。你們有這樣的情況，我認為 7.3 億美元的可轉換債務電信將在未來 20 個月內發揮作用。您的流動性狀況顯然非常有利。

Can you just talk to us a little bit about how you think about the balance sheet longer term you buying back shares now? I mean, in terms of kind of what do you just plan on delevering the business? Or are you thinking about maybe accessing the traditional corporate bond market or some bank debt? Thanks.

您能否與我們簡單談談您對長期資產負債表的看法，以及您現在回購股票的情況？我的意思是，就降低業務槓桿而言，您有何計劃？或者您正在考慮進入傳統的公司債市場或一些銀行債務？謝謝。

I mean, look, obviously, first priority to take into account. That means the business and invest in the right things. If we need anything like the domestic content factory investment, we will do that. And second one which we are actively looking is are there any new verticals and M&A is that we can get inorganically software in power conversion time, even in batteries. We're always looking at that.

我的意思是，看起來，顯然，這是首先要考慮的問題。這意味著要開展業務並投資正確的事情。如果我們需要類似國內工廠的投資，我們就會這麼做。我們正在積極尋找的第二個問題是是否有任何新的垂直市場和併購，我們可以在電源轉換時間甚至電池中獲得無機軟體。我們一直在關注這一點。

So and the third is if we find one and two are static, meaning we don't have many opportunities are we have done what we can and then we repurchase shares as long as the share price is below a conservatively estimated influence. And we have done that in the last few quarters. We have done systematically. We have taken out, we have bought back our shares $100 million per quarter.

因此，第三，如果我們發現一和二是靜態的，這意味著我們沒有太多機會，我們已經盡力了，然後只要股價低於保守估計的影響，我們就會回購股票。過去幾個季度我們已經做到了這一點。我們已經有系統地完成了。我們每季都取出並回購了 1 億美元的股票。

And we like working on Mandy said, her team is excellent at free cash flow even in that tight macroeconomic situation on free cash flows, $117 million, and we manage cash well, it's important for us because we will continue to look at these things like that. And we'll make decisions along with our board it on a quarterly basis. Mandy, do you want to add something.

我們喜歡與Mandy 合作，她的團隊在自由現金流方面表現出色，即使在宏觀經濟形勢緊張的情況下，自由現金流也達到1.17 億美元，而且我們管理現金得很好，這對我們很重要，因為我們將繼續關注這些事情，例如那。我們將與董事會一起每季做出決策。曼迪，你想補充一點嗎？

Yeah. In terms of debt maturities, right, we only have about $102 million of principal amount due March next year and that we could easily pay off out of our own cash, right? The 2026 convert that is $632 million still 20 months away. So, we have a lot of optionalities there a year from now, right, whether we pay off or partially refinance, right? In the current rate environment, we are not going to do anything earlier than that.

是的。就債務到期日而言，我們明年 3 月到期的本金只有大約 1.02 億美元，我們可以輕鬆地用自己的現金償還，對嗎？距離 2026 年 6.32 億美元的轉換目標還有 20 個月的時間。所以，從現在起一年後我們有很多選擇，對吧，無論我們是付清還是部分再融資，對吧？在目前的利率環境下，我們不會提前採取任何行動。

Jonathan Kees, Daiwa Capital Markets.

大和資本市場 (Daiwa Capital Markets) 的喬納森·基斯 (Jonathan Kees)。

Great. Thanks for working me in. (technical dificulty) Two things, one is high end one and second is more housekeeping.

偉大的。謝謝你幫我。（技術難度）兩件事，一是高端，二是更多的家務管理。

Badri, if you can (Inaudible), you're bullish in terms of your prospects, you're quite encouraged in terms of your marketing (technical difficulty) and for commercial and industrial utility was fine, and this is back in June. And then your MLPE peer, a couple of months back, it said things are still looking kind of gloomy in Europe. And yeah, they've since announced another forced reduction, that's unfortunate for their staff, their employees.

巴德里，如果你可以（聽不清楚），你對你的前景很樂觀，你對你的行銷（技術難度）感到很鼓舞，商業和工業效用也很好，這是六月份的情況。幾個月前，MLPE 同行表示，歐洲的情況看起來仍然有些暗淡。是的，他們此後又宣布了另一次強制裁員，這對他們的員工來說是不幸的。

So, I know these are peers, but I guess I'm trying to tie in your outlook there, your bullish outlook was what's happening with these data points. Is the market just take off? And in terms of the last couple of months did it really improve? Could you just kick off there? Or are you just doing something different from everybody else?

所以，我知道這些都是同行，但我想我試著與你的觀點聯繫起來，你的看漲觀點就是這些數據點所發生的事情。市場剛起步嗎？那麼從過去幾個月來看，情況真的有改善嗎？你能從那裡開始嗎？還是你只是在做一些與其他人不同的事情？

I think the key is you need to understand in Europe, every country, the dynamic. And for us, like what I said -- I probably said it five times already in call, we are underpenetrated in Europe. We are very strong in Netherlands, strong in France, we're strong in Germany. I gave detailed color on those markets.

我認為關鍵是你需要了解歐洲每個國家的動態。對於我們來說，就像我所說的那樣 - 我可能已經在電話中說過五次了，我們在歐洲的滲透率還不夠。我們在荷蘭非常強大，在法國強大，在德國也強大。我對這些市場進行了詳細介紹。

We are managing inventory well with our distributors and installers. We have a lot of opportunities in other countries where we are underpenetrated, and we are introducing new products there. So, for us it's a, we are still into learning about Europe and penetrating into Europe. So, we have a lot more market left, like, for example, we just introduced our Balcony Solar for Germany and installers love that because they didn't have access to a high-quality solution like that.

我們與分銷商和安裝商一起管理庫存。在我們尚未滲透的其他國家，我們也有很多機會，而且我們正在那裡推出新的產品。所以，對我們來說，我們仍然熱衷於了解歐洲並深入歐洲。因此，我們還有很大的市場空間，例如，我們剛剛在德國推出了陽台太陽能，安裝人員非常喜歡，因為他們以前從未獲得像這樣的高品質解決方案。

Now they have access and we can take that to every country. The three-phase battery, for example, same deal. The IQ EV Charger. If you see, I was like what I said, when I went to Switzerland and Austria, actually, Switzerland, very interesting.

現在他們已經可以訪問該功能，我們可以將其帶到每個國家。以三相電池為例，同樣的交易。IQ EV 充電器。如果你看，就像我說的，當我去瑞士和奧地利時，實際上，瑞士非常有趣。

They are willing to pay a very high price for their EV charger and they just want deep integration, smart EV charger, integrate that with solar plus storage plus EV charger with software and manage heat pumps. We need to get better at all of that, but that's the opportunity for us, and every market is unique. We have to be -- our strength is to work with long tail installer. We are not in the utility scale.

他們願意為他們的電動車充電器支付非常高的價格，他們只是想要深度整合、智慧電動車充電器、將其與太陽能和儲存以及帶有軟體的電動車充電器相結合併管理熱泵。我們需要在所有這些方面做得更好，但這是我們的機會，而且每個市場都是獨一無二的。我們必須—我們的優勢是與長尾安裝程式合作。我們並不屬於公用事業規模。

Unlike some of the news that you heard, we are not yet in large-scale commercial. We are scratching the surface on small commercial, but we are firmly implanted on the residential sector. On the residential side, our strengths are supporting all of the installers managing inventory tightly, helping our distribution partners and growing cities. That's why our sell-through in Europe, we talked about sell-through was up 3% from Q1 to Q2.

與大家聽到的一些新聞不同，我們尚未進行大規模商業化。我們在小型商業領域還處於起步階段，但我們在住宅領域已根深蒂固。在住宅方面，我們的優勢是支持所有安裝人員嚴格管理庫存，幫助我們的分銷合作夥伴和不斷發展的城市。這就是為什麼我們在歐洲的銷售量，我們談到的銷售量從第一季到第二季成長了 3%。

Netherlands was down 15%, but France was flat, Germany was up 7%, and you had a bunch of growing countries, which weren't present before. So, long answer, but we are very optimistic there about all of these countries and our plans to introduce robust solutions to each of them.

荷蘭下降了 15%，但法國持平，德國成長了 7%，而且還有很多以前沒有出現過的成長中的國家。所以，答案很長，但我們對所有這些國家以及我們為每個國家推出強有力解決方案的計劃都非常樂觀。

Maheep Mandloi, Mizuho.

Maheep Mandloi，瑞穗。

Hi. This is David Benjamin from Maheep. I've got a quick question. Thanks for squeezing me in.

你好。這是來自 Maheep 的 David Benjamin。我有一個簡單的問題。謝謝你擠進我。

I was wondering, if you could clarify the timing on IQ9. Is that a first half or second half launch? And then on Europe, we were hearing about 5% to 10% decline in pricing in Europe. I was wondering, if you had any comments on the pricing competition there in Europe?

我想知道您是否可以澄清 IQ9 的時間表。這是上半年還是下半年的發布？然後在歐洲，我們聽說歐洲的價格下降了 5％ 到 10％。我想知道您對歐洲的價格競爭有何評論？

Yeah. I mean, on IQ9, we think it will be in the second half of the year and not too much beyond Q2, though. That's what we think. And then on the other one, pricing comment, no, we are not planning to do. We don't have any plans today to change our pricing.

是的。我的意思是，就 IQ9 而言，我們認為它將在今年下半年推出，而且不會在第二季之後推出太多。我們就是這麼想的。然後另一方面，關於定價的評論，不，我們沒有計劃這樣做。我們目前沒有任何改變定價的計劃。

Dimple Gosai, Bank of America.

美國銀行的 Dimple Gosai。

Thank you. I appreciate you taking the time. Can you just elaborate on that, please? I think on the last call, Badri, I think you guys spoke about being open to price concessions if needed. And I think the market from what we're hearing from our peers is becoming increasingly promotional.

謝謝。感謝您抽出時間。能詳細說明一下嗎？巴德里，我想在最後一次通話中，你們談到如果需要的話願意接受價格優惠。而且我認為，從我們從同行那裡聽到的情況來看，市場變得越來越具有促銷性。

Just how your strategy might differ between the two markets, US. and Europe on ASP strategy?

您的策略在美國和這兩個市場之間可能會有何不同。以及歐洲的 ASP 戰略？

Yeah. I mean, look, we have done the same thing for six years or seven years, our strategy is no different. We do have special pricing adjustments based on installers, the value that we provide. So, there isn't anything extraordinary we are planning to do.

是的。我的意思是，你看，我們已經做同樣的事情六年或七年了，我們的策略沒有什麼不同。我們確實根據安裝人員和我們提供的價值對價格進行了特殊的調整。所以，我們並沒有計劃做什麼特別的事情。

At the end of the day, Enphase products need to add value compared to the next best alternative, and we are focused on that. The moment we feel we don't add value, we will take the appropriate action. But at this point in time, there is nothing very different going on between the US and Europe. The pricing situation is relatively stable in my opinion.

最終，Enphase 產品需要比下一個最佳替代品具有增加價值的功能，而我們專注於此。一旦我們感覺到我們沒有增加價值，我們就會採取適當的行動。但目前，美國和歐洲之間並沒有什麼不同。我認為定價情況相對穩定。

Austin Moeller, Canaccord Genuity.

奧斯汀·莫勒（Austin Moeller），Canaccord Genuity。

It's Andrew Steinhardt for Austin. Thanks for squeezing me in. Two-part question. I'm sorry if I missed this on the first part.

奧斯汀的代表是安德魯‧史坦哈特 (Andrew Steinhardt)。謝謝你擠進我。問題分為兩部分。如果我錯過了第一部分，我很抱歉。

Is the US battery facility on target to be up and running in Q3 in line with previous guidance? And then second, is the Q3 net IRA benefit guide of $30 million to $33 million includes the forecasted sales for the IQ8P commercial inverters in the US and the new US battery manufacturing facilities operations? Thank you.

美國電池設施是否能按照先前的預期在第三季投入營運？其次，第三季淨 IRA 收益指南為 3,000 萬至 3,300 萬美元，是否包括美國 IQ8P 商用逆變器的預測銷售額以及新的美國電池製造設施營運？謝謝。

Yeah. To answer, we are a little late on the battery manufacturing. We only expect it to begin in Q4, and that is because we are changing our approach due to the domestic content guidance from the treasury, there are a few more things we have to manufacture in the US. They're already going to do power conversion, battery management in the US.

是的。回答一下，我們在電池製造方面有點晚了。我們預計它將在第四季度開始，這是因為我們根據財政部的國內內容指導改變了我們的方法，還有一些產品我們必須在美國製造。他們已經開始在美國進行電力轉換和電池管理。

We need to pull in the enclosure and the chassis also, which we are working on. So, that's going to take us to the fourth quarter. And regarding your question on the $30 million to $33 million, yes, it includes IQ8P, true, and it does include the micro-inverters for the batteries as well.

我們還需要拉進外殼和底盤，我們正在對其進行處理。因此，這將帶我們進入第四季度。關於您提到的 3000 萬到 3300 萬美元的問題，是的，它包括 IQ8P，沒錯，它還包括電池的微型逆變器。

Graham Price, Raymond James.

格雷厄姆·普萊斯、雷蒙·詹姆斯。

Hi. Good afternoon. Just one quick one for me on the Netherlands. Sell-through was down 15% quarter over quarter.

你好。午安.我只想簡單問一下關於荷蘭的問題。銷售量比上一季下降了 15%。

You mentioned Europe overall was up 3%. So, just wondering what impact does the slowdown in the Netherlands have on your normalized overall [PBEU] revenue?

您提到歐洲整體上漲了 3%。那麼，您想知道荷蘭經濟放緩對您們的正常化整體 [PBEU] 收入有何影響？

I mean you're seeing it already. This is the impact it is having. Our Europe numbers were flat from Q1 to Q2 and the sell-through was only up by 3%, but there is an opportunity here. While Q3 will still be seasonally weak, there is an opportunity to turn Netherlands into having a very high battery attached.

我的意思是你已經看到了。這就是它正在產生的影響。我們的歐洲銷量從第一季到第二季持平，銷售額僅成長了 3%，但這裡有一個機會。儘管第三季仍將處於季節性疲軟期，但荷蘭仍有機會成為電池產能過剩的國家。

And that is what we are working on. We do have several hundred thousand homes in Netherlands as an installed base. And we just introduced Solargraf software platform. We're going to be working with installers to help them sell this to consumers better at the kitchen table because right now, consumers are little spooked on the exact regulatory uncertainty.

這正是我們正在努力的。我們在荷蘭確實有數十萬戶家庭作為安裝基地。我們剛剛介紹了Solargraf軟體平台。我們將與安裝人員合作，幫助他們在餐桌上更好地向消費者推銷產品，因為目前，消費者對確切的監管不確定性並不感到擔心。

They don't know when NEM is going to go. They're worried about penalties from the energy providers. We can take care of penalties by doing intelligent things like with the IQ software, IQ Energy Management. For example, you'll find this in our investor deck now.

他們不知道 NEM 什麼時候會離開。他們擔心能源供應商的處罰。我們可以透過使用 IQ 軟體、IQ 能源管理等智慧手段來處理處罰。例如，您現在可以在我們的投資者平台中找到這一點。

Let's say, for example, there is excess energy that the grid has and it doesn't mean any more solar, it can provide an intelligent signal or a day ahead tariff, that's called as negative tariff. Negative tariff means that you don't produce PV, you actually are paid to consume and charge your battery. You're paid to consume power. You don't export PV.

舉例來說，假設電網有過剩的能量，但這並不意味著有更多的太陽能，它可以提供智慧訊號或提前一天的關稅，稱為負關稅。負關稅意味著你不生產光伏能源，實際上你是透過消費和電池充電來獲得報酬的。你是為了消耗電力而獲得報酬的。您不出口光伏。

You curtail PV. And business models like that are going to come. Many of the utilities would want some of that capability because many times, they are losing several millions of dollars dealing with this imbalance. We do have a unique opportunity to assist there because we have a nice installed base.

您限制了 PV。類似的商業模式將會出現。許多公用事業公司都希望獲得這樣的能力，因為很多時候，他們在處理這種不平衡問題上損失了數百萬美元。我們確實有一個獨特的機會來協助那裡，因為我們擁有良好的安裝基礎。

We can add a 5 kilowatt hour battery and we can assist there. So, I think Netherlands will -- might remain weak for some time, but I clearly see good potential, actually enormous potential batteries in that market. And I talked about other regions as well and we have several new products for the region. The IQ EV charger, Balcony Solar, three-phase battery, Solargraf everywhere.

我們可以添加一個 5 千瓦時的電池，並且可以提供幫助。因此，我認為荷蘭可能會在一段時間內保持疲軟，但我清楚地看到了良好的潛力，實際上荷蘭市場上有巨大的電池潛力。我也談到了其他地區，我們為該地區推出了幾款新產品。IQ EV 充電器、陽台太陽能、三相電池、Solargraf 無所不在。

So, we're going to be introducing a lot of products into Europe.

所以，我們將向歐洲推出許多產品。

Tom Curran, Seaport Partners.

湯姆柯倫 (Tom Curran)，海港合作夥伴。

Thank you. Badri, Raghu, are you still expecting to hit the battery gross margin target of 35% at some point in the second half year, so let's say, before calendar 2024. And then my second question, sticking with batteries in California under NEM 3. When it comes to the 50% of your NEM 3 systems that are attaching a rival's battery, I think we've been assuming that's mainly been Tesla Powerwall 3 with maybe a smattering of SolarEdge's home battery and then Franklin Home Power systems in there.

謝謝。Badri、Raghu，你們是否仍預計在下半年某個時候（比如說，在 2024 年之前）達到 35% 的電池毛利率目標？然後我的第二個問題是，是否堅持在加州使用符合 NEM 3 標準的電池。當談到 50% 的 NEM 3 系統連接競爭對手的電池時，我想我們一直假設這主要是 Tesla Powerwall 3，也許還有少量 SolarEdge 家用電池，然後是 Franklin Home Power 系統。

But has there been any interesting changes in that 50%? And how is your strategy evolving for trying to capture a higher portion of that?

但這 50% 有什麼有趣的改變嗎？為了佔據更大的市場份額，你們的策略是如何演變的？

Yeah. We talked about it, but let me clarify. Gross margin on batteries is, we don't really break the gross margin between batteries and inverters. But our battery margins are doing healthy.

是的。我們討論過這個問題，但請讓我澄清一下。電池的毛利率是，我們實際上並沒有打破電池和逆變器之間的毛利率。但我們的電池利潤率仍然健康。

Cell pack pricing is coming down rapidly. Our serviceability is increasing. That means service costs, warranty costs are going down. Then we have some benefit from the IRA where we make microinverters for the batteries in the US.

電池組價格正在快速下降。我們的服務能力正在不斷增強。這意味著服務成本、保固成本正在下降。然後我們從 IRA 獲得一些好處，我們在美國為電池製造微型逆變器。

So, those three contribute toward very good GM, improving GM on the battery sequentially quarter over quarter. And then, we do have architecturally fourth generation battery, where we are cutting down the form factor by doing some deep integration of battery management and power conversion, and we are cutting the number of boots on that from the third generation to the fourth generation significantly. And so, that one also helps us architecturally. So, that will continuously improve our gross margin.

因此，這三項貢獻對非常好的 GM 做出了貢獻，使電池的 GM 逐季度連續提高。然後，從架構上來說，我們確實有第四代電池，我們透過對電池管理和電源轉換進行深度整合來縮小電池體積，我們正在大幅減少從第三代到第四代電池的啟動次數。所以，這對我們架構也有幫助。因此，這將不斷提高我們的毛利率。

And then to answer the other question, we cannot name who is the other 50%. But that 50% attach for Enphase to NEM 3 solar systems has remained steady, like what I reported in the last two or three quarters. It's been steady and I cannot confirm the rival names. I can say one thing.

然後回答另一個問題，我們無法說出另外 50% 是誰。但 Enphase 對 NEM 3 太陽能係統的 50% 附加價值一直保持穩定，就像我在過去兩三個季度報告的那樣。情況一直很穩定，我無法確認對手的名字。我可以說一件事。

We talked about our plans. Today, we are over 70% of those installations are grid-tied, and we are going to be introducing a brand-new battery, meter collar, and an enhanced system controller. The battery will be 10 kilowatt hours. So, that means the modularity will be 10-kilowatt hours and not 5.

我們談論了我們的計劃。今天，我們已經有超過 70％的安裝實現了電網互聯，並且我們將推出全新的電池、電錶環和增強型系統控制器。電池容量為10千瓦時。所以，這意味著模組化將是10千瓦時，而不是5千瓦時。

Also, the battery will have a neutral in it, which means that we are eliminating the system controller in fewer boxes. And we are enhancing the combiner to have a lot of bells and whistles. So, the installer feedback is taken and they can connect even EV chargers, it's just enhanced functionality there. So, I think we are well on our way there.

此外，電池中會有中性線，這意味著我們可以用更少的盒子來消除系統控制器。我們正在增強組合器，使其擁有更多的功能。因此，安裝人員的回饋被採納，他們甚至可以連接電動車充電器，這只是增強了功能。所以我認為我們已經在順利實現這一目標了。

We expect to introduce our fourth-generation system, which is the battery, the collar, enhanced combiner in the first quarter of 2025, and we expect that to do well.

我們預計將在 2025 年第一季推出我們的第四代系統，即電池、項圈、增強型組合器，我們預計它會表現良好。

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

我們的問答環節到此結束。我想將會議交還給 Badri Kothandaraman，請他作最後發言。

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

是的。感謝您今天加入我們並繼續對 Enphase 的支持。我們期待下個季度再次與您交談。

The conference is now conclueded. Thank you for attending today's presentation. You may now disconnect your lines at this time.

會議現已結束。感謝您參加今天的演講。現在您可以斷開您的線路了。