Enphase Energy Inc (ENPH) 2024 Q3 法說會逐字稿

Good day, and welcome to the Enphase Energy's third-quarter 2024 financial results conference call.

美好的一天，歡迎參加 Enphase Energy 2024 年第三季財務業績電話會議。

(Operator Instructions) Please note, this event is being recorded.

（操作員說明）請注意，正在記錄此事件。

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

我現在想把會議交給扎克·弗里德曼。

Please go ahead.

請繼續。

Good afternoon, and thank you for joining us on today's conference call to discuss Enphase Energy's third-quarter 2024 results.

下午好，感謝您參加今天的電話會議，討論 Enphase Energy 的 2024 年第三季業績。

On today's call are: Badri Kothandaraman, our President and Chief Executive; Mandy Yang, our Chief Financial Officer; and Raghu Belur, our Chief Products Officer.

今天參加電話會議的有： 我們的總裁兼執行長 Badri Kothandaraman； Mandy Yang，我們的財務長；以及我們的首席產品長 Raghu Belur。

After the market closed today, Enphase issued a press release announcing the results for the third quarter ended September 30, 2024.

今天收盤後，Enphase 發布新聞稿，宣布截至 2024 年 9 月 30 日的第三季業績。

During this conference call, Enphase management will make forward-looking statements, including, but not limited to: statements related to our expected future financial performance, market trends; the capabilities of our technology and products, and the benefits to homeowners and installers; our operations, including manufacturing, customer service and supply and demand; anticipated growth in existing and new markets; the timing of new product introductions; and regulatory and tax matters.

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

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

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。

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.

有關風險和不確定性的更完整討論，請參閱我們向 SEC 提交的最新 10-K 和 10-Q 表格。

We caution you not to place any undue reliance on forward-looking statements and undertake no duty or obligation to update any forward-looking statements as a result of new information, future events, or changes in expectations.

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.

另請注意，除非另有說明，本次電話會議中使用的財務指標均以非公認會計原則為基礎，並已進行調整以排除某些費用。

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.

我們在向 SEC 提供的收益報告中的 8-K 表中提供了這些非 GAAP 財務指標與 GAAP 財務指標的調整表，該表也可以在我們網站的投資者關係部分找到。

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

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)。

Badri?

巴德里？

Good afternoon and thanks for joining us today to discuss our third quarter 2024 financial results.

下午好，感謝您今天加入我們討論我們的 2024 年第三季財務業績。

We reported a quarterly revenue of $380.9 million, shipped approximately 1.7 million microinverters and 172.9 megawatt hours of batteries and generated free cash flow of $161.6 million.

我們公佈的季度收入為 3.809 億美元，出貨量約為 170 萬個微型逆變器和 172.9 兆瓦時的電池，產生的自由現金流為 1.616 億美元。

Our overall channel inventory remained normal as we exited Q3.

隨著第三季的結束，我們的整體通路庫存保持正常。

For the third quarter, we delivered 48% gross margin, 21% operating expense and 27% operating income, all as a percentage of revenue on a non-GAAP basis and including net IRA benefit.

第三季度，我們的毛利率為 48%，營業費用為 21%，營業收入為 27%，所有這些均以非 GAAP 基準計算佔收入的百分比，包括 IRA 淨收益。

Mandy will go into our financials later in the call.

曼迪稍後將在電話會議中討論我們的財務狀況。

Let's discuss customer service.

我們來討論一下客戶服務。

Our worldwide Net Promoter Score was 78% in Q3, slightly down from 79% in Q2.

第三季我們的全球淨推薦值為 78%，略低於第二季的 79%。

Our average call wait time increased to 4.4 minutes from 2.5 minutes, partially due to higher call volumes from disruptions in the installed landscapes.

我們的平均通話等待時間從 2.5 分鐘增加到 4.4 分鐘，部分原因是安裝環境中斷導致通話量增加。

We are actively managing this while rolling out software fixes and automation to reduce wait times.

我們正在積極管理這個問題，同時推出軟體修復和自動化以減少等待時間。

Let's talk about operations.

我們來談談營運。

Our goal capacity is around 7.25 million microinverters per quarter with 5 million in the US.

我們的目標產能是每季約 725 萬台微型逆變器，其中 500 萬台在美國。

In Q3, we shipped ultimately 1.2 million microinverters from our US contract manufacturing facilities, booking 45x production tax credits.

第三季度，我們從美國合約製造工廠最終發貨了 120 萬台微型逆變器，獲得了 45 倍的生產稅收抵免。

We anticipate shipping 1.3 million units from our US facilities in Q4.

我們預計第四季度從我們的美國工廠發貨 130 萬台。

We also introduced a higher domestic content SKU for IQ8HC microinverters to help lease, PPA, and commercial asset owners to qualify for a 10% domestic content ITC adder.

我們還推出了更高國內含量的 IQ8HC 微型逆變器 SKU，以幫助租賃、購電協議和商業資產所有者獲得 10% 國內含量 ITC 加法器的資格。

This translates to about $0.40 per watt in savings for them.

這意味著每瓦特可節省約 0.40 美元。

We are seeing strong traction in the leads and PPA amounts for this product.

我們看到該產品的潛在客戶和購電協議金額具有強勁的吸引力。

We expect to begin shipping our commercial IQ8HC microinverters as well as a residential IQ8X microinverters all from our US contract manufacturing facilities, featuring higher domestic content starting this quarter.

我們預計將從本季開始從我們的美國合約製造工廠開始運輸商用 IQ8HC 微型逆變器以及住宅 IQ8X 微型逆變器，其中國內含量更高。

Our cell pack suppliers in China have enough capacity to support our plans for batteries in 2024 and 2025.

我們在中國的電池組供應商有足夠的產能來支援我們2024年和2025年的電池計畫。

We are on track to producing the battery at our US manufacturing facility in this quarter using domestically need inverters, battery management systems and packaging while continuing to source cell back in China.

我們預計本季在美國製造工廠使用國內所需的逆變器、電池管理系統和包裝生產電池，同時繼續在中國採購電池。

Let's now cover the regions.

現在讓我們介紹一下這些地區。

Our US and international revenue mix for Q3 was 75% and 25%, respectively.

第三季我們的美國和國際收入組合分別為 75% 和 25%。

For more visibility into our business, we were providing regional breakdowns for Q3.

為了更好地了解我們的業務，我們提供了第三季的區域細分。

In the US, our revenue increased 43% compared to Q2.

在美國，我們的營收比第二季成長了 43%。

The overall sell-through of our products in the US was up 6% across all mills in Q3 compared to Q2.

與第二季相比，第三季我們在美國所有工廠的產品整體銷售量成長了 6%。

This increase was despite a large US customer declaring bankruptcy in Q3.

儘管一家美國大客戶在第三季宣布破產，但仍實現了這一成長。

Our distributor sell-through in the US was up 13% compared to Q2, which reflects improving market fundamentals in the US

我們在美國的經銷商銷量比第二季度成長了 13%，反映出美國市場基本面的改善

In California, our distributor sell-through was also up 13% in Q3 compared to Q2.

在加州，第三季我們的經銷商銷售量也比第二季成長了 13%。

In Q3, we saw healthy growth for both microinverters and batteries in California.

第三季度，我們看到加州的微型逆變器和電池都實現了健康成長。

NEM 3.0 now represents approximately 65% of California installs and the attach rate of our own batteries continues to be close to

NEM 3.0 目前約佔加州安裝量的 65%，而我們自己的電池的安裝率繼續接近

[50%].

[50%]。

In non-California states, our distributor sell-through was up 14% in Q3 compared to Q2.

在加州以外的州，第三季我們的經銷商銷售量比第二季成長了 14%。

Looking ahead, we see lower interest rates, ITC adders and higher power prices as the key drivers for 2025 growth.

展望未來，我們認為較低的利率、ITC 加法和較高的電價是 2025 年成長的關鍵驅動力。

In Europe, our revenue was down 15% compared to Q2.

在歐洲，我們的營收比第二季下降了 15%。

The overall set-through of our products in Europe was a little more down, 34% down in Q3 compared to Q2.

我們產品在歐洲的整體銷售量下降幅度更大，第三季比第二季下降了 34%。

While every country in Europe has its nuances, the overall business environment in the region is challenging.

儘管歐洲每個國家都有其細微差別，但該地區的整體商業環境充滿挑戰。

Power prices have declined from the early 2023 highs, the economic growth is slow, and the consumer confidence is limited.

電價已從2023年初的高點回落，經濟成長緩慢，消費者信心有限。

We are focused on what we can control.

我們專注於我們可以控制的事情。

We are focused on building and strengthening relationships with installers.

我們專注於建立和加強與安裝人員的關係。

We are focused on launching many new products, expanding into a lot of new markets as we believe we are underpenetrated as well as collaborating closely with our distribution partners.

我們專注於推出許多新產品，擴展到許多新市場，因為我們認為我們的滲透率還不夠，並與我們的分銷合作夥伴密切合作。

We believe this will position us well for significant growth when the cycle rebounds.

我們相信，這將使我們在經濟週期反彈時顯著成長。

I'll provide some additional color on our key market in Europe, the Netherlands, France and Germany.

我將就歐洲、荷蘭、法國和德國的主要市場提供一些額外的資訊。

In the Netherlands, the solar market is transitioning away from solar-only systems due to regulatory uncertainty around NIM, which is about to expire in early 2027, and export penalties imposed by the energy providers.

在荷蘭，由於 NIM（即將於 2027 年初到期）的監管不確定性以及能源供應商施加的出口處罰，太陽能市場正在從純太陽能係統轉型。

These issues increased the adoption of batteries, which avoids export penalties and allows participation of residential solar plus batteries in energy markets.

這些問題增加了電池的採用，從而避免了出口處罰，並允許住宅太陽能和電池參與能源市場。

While this transition is still in its early stages, we are strongly -- we are encouraged by a strong engagement with the country's energy providers.

雖然這一轉變仍處於早期階段，但我們對與該國能源供應商的強大合作感到強烈鼓舞。

We are well positioned to lead the market recovery in Netherlands with our microinverters along with batteries, along with our upcoming new EV chargers as well as AI powered to energy management software, which is crucial to maximize savings and improve homeowner

我們已做好充分準備，憑藉我們的微型逆變器和電池、即將推出的新型電動車充電器以及人工智慧驅動的能源管理軟體，引領荷蘭市場的復甦，這對於最大限度地節省成本和改善房主狀況至關重要

In France, our Q3 was impacted by summer seasonality.

在法國，我們的第三季受到夏季季節性的影響。

We expect a cooling off period for solar demand in the country, driven by expected utility rate cuts in early 2025.

我們預計，受 2025 年初公用事業費率下調的推動，該國太陽能需求將經歷一段冷靜期。

Overall, France remains a key growth market for us given our market leadership there as well as the country's low solar penetration.

總體而言，鑑於我們在法國的市場領導地位以及該國太陽能滲透率較低，法國仍然是我們的主要成長市場。

We plan to introduce many new products for France, mainly the new EV charger batteries with backup and energy management for hot water heaters.

我們計劃向法國推出許多新產品，主要是用於熱水器的具有備用和能源管理功能的新型電動車充電電池。

In Germany, we are excited about a few upcoming product launches that are remaining.

在德國，我們對即將推出的一些剩餘產品感到興奮。

These will expand our reach in Europe's largest solar market.

這些將擴大我們在歐洲最大太陽能市場的影響力。

Our 3-phase battery backup solution for Germany, Austria and Switzerland, which was unveiled in Intersolar Munich in June has received highly positive feedback.

我們於 6 月在慕尼黑 Intersolar 展會上推出的針對德國、奧地利和瑞士的三相電池備援解決方案獲得了高度正面的回饋。

Our IQ balcony solar is nearing launch.

我們的 IQ 陽台太陽能即將推出。

We are targeting a 400-megawatt market with this product and believe that Enphase microinverters are ideally suited for these very small systems.

我們將該產品瞄準 400 兆瓦市場，並相信 Enphase 微型逆變器非常適合這些非常小的系統。

Additionally, we plan to launch the new IQ EV chargers into Germany in Q4.

此外，我們計劃在第四季在德國推出新的 IQ 電動車充電器。

A bright spot in Europe has been UK, where the sell-through was up approximately 80% comparative -- compared to Q2.

歐洲的一個亮點是英國，與第二季度相比，英國的銷量成長了約 80%。

However, we are still underpenetrated in this market and have a lot more room to grow.

然而，我們在這個市場的滲透率仍然不足，還有很大的成長空間。

There are similar countries in Europe, including Italy, Spain, Belgium, Luxembourg, Austria, Switzerland, Sweden, Denmark.

歐洲也有類似的國家，包括義大利、西班牙、比利時、盧森堡、奧地利、瑞士、瑞典、丹麥。

And while each country faces its own unique challenges and opportunities, homeowners are increasingly prioritizing safety, reliability, quality, savings and a seamless all-in-one app experience for their home energy systems, which perfectly aligns with our core strengths.

儘管每個國家都面臨著自己獨特的挑戰和機遇，但房主越來越重視其家庭能源系統的安全性、可靠性、品質、節約和無縫一體化應用程式體驗，這與我們的核心優勢完美契合。

We plan to introduce our entire product portfolio, the IQ8 series of microinverters, both single and 3-phase batteries with backup; the new IQ EV chargers, which I talked about; AI-powered IQ energy management software, which I'll elaborate later as well as the solar graph installer platform across many more European countries.

我們計劃推出我們的整個產品組合，IQ8 系列微型逆變器，包括單相和三相備用電池；我談到的新 IQ EV 充電器；由人工智慧驅動的 IQ 能源管理軟體（我稍後將詳細介紹）以及更多歐洲國家的太陽能圖安裝程式平台。

We continue to make incremental progress in other regions in the world.

我們繼續在世界其他地區取得逐步進展。

Our IQ8P and IQ8HC microinverters are ramping well in India.

我們的 IQ8P 和 IQ8HC 微型逆變器在印度的發展勢頭良好。

We are now taking preorders for the battery in India with shipments to installers to begin in December.

我們目前正在印度接受電池預訂，並於 12 月開始向安裝人員發貨。

In Brazil, we are ramping on the 480 watts IQ8P microinverters into this emerging residential market in order to support newer, higher power panels.

在巴西，我們正在將 480 瓦 IQ8P 微型逆變器推向這個新興住宅市場，以支援更新、更高功率的面板。

In Australia, we recently started shipping IQ8X microinverters for higher DC input voltage panels and now offer a 25-year limited warranty as default for all IQ8 microinverters.

在澳大利亞，我們最近開始運送用於更高直流輸入電壓面板的 IQ8X 微型逆變器，現在為所有 IQ8 微型逆變器預設提供 25 年有限保固。

And this is currently the longest standard residential warranty in the Australian market.

而這也是目前澳洲市場上最長的標準住宅保固。

Let's come to our Q4 guidance.

讓我們來看看第四季的指導。

We are guiding revenue in the range of $360 million to $400 million.

我們預計營收在 3.6 億至 4 億美元之間。

We anticipate incremental improvement in our US business and a continued slowdown in Europe in Q4.

我們預計第四季美國業務將逐步改善，而歐洲業務將持續放緩。

We are approximately booked -- 85% booked to the midpoint of our overall revenue guidance very similar to last quarter.

我們的預訂量大約為 85%，達到我們整體收入指引的中點，與上季非常相似。

We expect to ship between 140- to 160-megawatt hours of IQ batteries in Q4.

我們預計第四季將出貨 140 至 160 兆瓦時的 IQ 電池。

Our battery sell-through is doing well.

我們的電池銷售情況良好。

It continues to increase, and we expect Q4 to reflect a slight uptick in demand.

它繼續增加，我們預計第四季將反映出需求的小幅上升。

The reduced battery shipments in Q4 compared to Q3 is primarily due to channel restocking in Q3 that will not repeat in Q4.

第四季電池出貨量較第三季減少的主要原因是第三季通路補貨，而第四季不會再出現這種情況。

Before we talk about new products, let's discuss the evolution in our industry away from single hardware components and towards total energy systems.

在討論新產品之前，讓我們先討論一下我們行業從單一硬體組件向整體能源系統的演變。

In many countries around the world, solar-only is no longer Our Enphase systems are now composed of IQ microinverters, IQ batteries, EV chargers and increasingly sophisticated IQ Energy Management software to manage multiple use cases, including rate arbitrage, grid resilience, VPP participation wholesale market participation and more.

在世界上許多國家，僅使用太陽能不再是我們的Enphase 系統現在由IQ 微型逆變器、IQ 電池、EV 充電器和日益複雜的IQ 能源管理軟體組成，用於管理多種用例，包括費率套利、電網彈性、VPP 參與批發市場參與等等。

All parts of the system must be best-in-class with software that ties it all seamlessly together in order to win.

系統的所有部分都必須是一流的，並使用將所有部分無縫連接在一起的軟體才能獲勝。

We believe our current and future products uniquely position us to win in this total system solution focused markets.

我們相信，我們目前和未來的產品使我們能夠在這個以整體系統解決方案為中心的市場中獲勝。

Let's talk about IQ batteries.

我們來談談 IQ 電池。

Our third generation IQ battery is continuing to be very well received by the market.

我們的第三代 IQ 電池繼續受到市場的好評。

It offers an industry-leading 15-year warranty with differentiated quality, serviceability, modularity and power capability.

它提供業界領先的 15 年保修，具有差異化的品質、可維護性、模組化和功率能力。

We are on track to pilot our fourth-generation battery in the US in the fourth quarter and begin production in early 2025.

我們預計在第四季在美國試行第四代電池，並於 2025 年初開始生產。

We believe this new battery will be a game changer for us.

我們相信這款新電池將改變我們的遊戲規則。

The battery takes up 6% lesser wall space due to its integrated battery management and power conversion architecture.

由於其整合的電池管理和電源轉換架構，電池佔用的牆壁空間減少了 6%。

In addition, the fourth-generation IQ battery will be paired with our new IQ meter collar and enhanced IQ combiner.

此外，第四代 IQ 電池將與我們的新 IQ 儀表項圈和增強型 IQ 組合器搭配使用。

The battery system will reduce installed cost by approximately $300 per kilowatt hour for a typical system with backup, making us highly competitive for all use cases.

對於具有備用功能的典型系統，該電池系統將降低每千瓦時約 300 美元的安裝成本，使我們在所有用例中都具有高度競爭力。

We have expanded the IQ microinverters family into 51 countries and plans for more by the end of this year.

我們已將 IQ 微型逆變器系列擴展到 51 個國家，並計劃在今年年底前擴展到更多國家。

We are particularly excited about Japan where we expect to launch our IQ8HC microinverters in early 2025, targeting a 1.3 gigawatt market.

我們對日本感到特別興奮，我們預計將於 2025 年初推出 IQ8HC 微型逆變器，目標是 1.3 吉瓦市場。

The Tokyo metropolitan government has offered subsidies for MLPE products, making it very attractive for consumers.

東京都政府為MLPE產品提供補貼，使其對消費者極具吸引力。

Japan solar market, especially Tokyo, with its small system sizes of 2 kilowatts to 3 kilowatts complex roofs and demand for quality aligns well with our strengths.

日本太陽能市場，尤其是東京，其係統規模較小，為2千瓦至3千瓦複雜屋頂，對品質的要求與我們的優勢非常契合。

Let's talk about our commercial microinverter, IQ8P.

我們來談談我們的商用微型逆變器IQ8P。

The IQ8P with its new 3-phase cabling system is perfect for small commercial further installations between 20 and 200 kilowatts.

IQ8P 及其新型三相佈線系統非常適合 20 至 200 千瓦之間的小型商業進一步安裝。

We have over 380 sites in the US with an average size of 50 kilowatts and the feedback so far has been quite positive.

我們在美國擁有 380 多個站點，平均容量為 50 千瓦，迄今為止的回饋非常積極。

These 3-phase microinverters will soon ship from the US factories with increased domestic content, offering a 10% ITC adder for commercial asset owners, which should drive demand up even further.

這些三相微型逆變器很快就會從美國工廠發貨，並增加國內含量，為商業資產所有者提供 10% 的 ITC 加成，這將進一步推動需求。

Let me provide an update on our IQ9 microinverters powered by gallium nitride technology.

讓我介紹一下我們採用氮化鎵技術的 IQ9 微型逆變器的最新情況。

The IQ9 family is designed to handle higher DC input currents up to 18 amperes and support elevated AC grid voltages, including 480 volts for the small commercial market.

IQ9 系列設計用於處理高達 18 安培的更高直流輸入電流，並支援更高的交流電網電壓，包括適用於小型商業市場的 480 伏特電壓。

IQ9 is expected to come in two power variants, 427 watts and 548 watts, offering flexibility and performance.

IQ9 預計將有兩種功率版本：427 瓦和 548 瓦，提供靈活性和效能。

We are on track for a launch in the second half of 2025 positioning us to meet growing market demands.

我們預計將於 2025 年下半年推出，以滿足不斷增長的市場需求。

Let's dive into EV charging.

讓我們深入了解電動車充電。

We are gearing up to launch our second-generation IQ EV charger across several European countries in Q4, tapping into a $1.4 billion annual market with up to 22 kilowatts 3-phase charging.

我們正準備在第四季度在多個歐洲國家推出第二代 IQ EV 充電器，以高達 22 千瓦的三相充電，進軍年價值 14 億美元的市場。

The charger integrates well with Enphase solar and battery systems enabling homeowners to minimize electricity costs by using excess solar energy.

該充電器與 Enphase 太陽能和電池系統完美集成，使房主能夠透過使用多餘的太陽能來最大限度地降低電力成本。

Key features of this new IQ EV charger include dynamic face switching and one control, which results in much more efficient green charging, ISO 15118 support for AC bidirectional charging in the future, and compatibility with MID meter in Germany as well as compatibility with OCP 2.01 software for third-party control making a very comprehensive and future-ready solution.

這款新型 IQ EV 充電器的主要功能包括動態臉部切換和單一控制，從而實現更有效率的綠色充電、ISO 15118 支援未來的交流雙向充電、與德國 MID 儀表相容以及與 OCP 2.01 相容於第三方控制的軟體是一個非常全面且面向未來的解決方案。

Let's cover software.

讓我們來介紹一下軟體。

Our IQ Energy Management software supports grid services programs, VPPs in regulated markets like the US and energy market participation in deregulated markets like Europe and Australia.

我們的 IQ 能源管理軟體支援電網服務計劃、美國等受監管市場的 VPP 以及歐洲和澳洲等非管制市場的能源市場參與。

In the US, we are active in around 25 programs across key states in California, Massachusetts, Texas, and North Carolina, with more than 10,000 customers and 120-megawatt house of battery capacity enrolled.

在美國，我們在加州、麻薩諸塞州、德州和北卡羅來納州的主要州積極開展約 25 個項目，已擁有超過 10,000 名客戶和 120 兆瓦的電池容量。

These programs enable homeowners to discharge batteries during peak demand, supporting the utilities and times of need.

這些計劃使房主能夠在需求高峰期間對電池進行放電，從而支持公用事業和所需的時間。

In deregulated markets, software enables homeowners to earn up to $1,500 annually through energy providers.

在放鬆管制的市場中，軟體使房主每年可以透過能源提供者賺取高達 1,500 美元的收入。

As electricity rates become complex, our AI-powered software differentiates us maximizing ROI and reducing payback period.

隨著電價變得複雜，我們的人工智慧軟體使我們能夠最大限度地提高投資回報率並縮短投資回收期，從而使我們脫穎而出。

Let's discuss solar graph, our installer platform.

讓我們討論一下 Solar graph，我們的安裝平台。

We've added new features to Solar graph in Q3, including an updated battery design tool as well as a due cell permit plan set for US customers.

我們在第三季為 Solar graph 添加了新功能，包括更新的電池設計工具以及為美國客戶設定的到期電池授權方案。

Solar graft is now available to both residential and commercial installers in the US, Canada, Brazil, Germany, Austria, and Netherlands with plans to expand to more countries in the coming quarters.

太陽能移植現已可供美國、加拿大、巴西、德國、奧地利和荷蘭的住宅和商業安裝商使用，並計劃在未來幾季擴展到更多國家。

Let me conclude.

讓我總結一下。

We have worked diligently to manage and phase through an industry slowdown.

我們一直在努力管理和逐步度過行業放緩的時期。

The midpoint of our revenue guidance for Q4 is flat with respect to Q3 and is a [44%] increase from our revenue bottom of $263 million earlier in Q1 '24.

我們第四季營收指引的中點與第三季持平，比 24 年第一季稍早 2.63 億美元的營收底部成長了 [44%]。

We expect Q4 to also be impacted by the same large US customer due to its bankruptcy, but we believe a substantial portion of this revenue will return through our distribution channels in future period.

我們預計第四季度也將受到同一家美國大客戶破產的影響，但我們相信這筆收入的很大一部分將在未來透過我們的分銷管道回歸。

We generated approximately $321 million in free cash flow for the first nine months of 2024 and have maintained strong gross margins throughout the downturn.

2024 年前 9 個月，我們產生了約 3.21 億美元的自由現金流，並在整個經濟低迷時期保持了強勁的毛利率。

Over the last year, we have expanded our global print in microinverters and batteries and are developing a strong pipeline of innovative products that are nearing launch.

去年，我們擴大了微型逆變器和電池的全球印刷範圍，並正在開發一系列即將推出的創新產品。

Our 3-phase batteries, IQ balcony Solar and the new IQ EV charger for Europe are set to expand our served available market by $4 billion.

我們的三相電池、IQ 陽台太陽能和麵向歐洲的新型 IQ 電動車充電器將使我們服務的可用市場擴大 40 億美元。

Our upcoming fourth-generation battery system featuring the IQ and enhanced combiner is expect to significantly reduce installation costs for backup.

我們即將推出的第四代電池系統具有 IQ 和增強型組合器，預計將大幅降低備援的安裝成本。

Our GaN powered IQ9 microinverters will enable our enter new 3-phase commercial markets, which are incremental for us while boosting power and lowering costs in the residential markets.

我們的 GaN 供電 IQ9 微型逆變器將使我們能夠進入新的三相商業市場，這對我們來說是增量的，同時提高了住宅市場的電力並降低了成本。

We are also excited to advance our AI-powered energy management software in collaboration with retail energy providers in the Netherlands as well as cater to complex energy markets around the world.

我們也很高興與荷蘭的零售能源供應商合作，推動我們的人工智慧能源管理軟體，並滿足世界各地複雜的能源市場的需求。

Looking ahead to 2025, we see improving US market fundamentals driven by lower interest rates, ITC adders and higher power prices in key markets that are expected to drive nice growth.

展望 2025 年，我們預期美國市場基本面將有所改善，主要市場的利率下降、ITC 增量和電價上漲，預計將推動良好成長。

Our best-in-class microinverters coupled with our next-generation battery system should allow us to defend and grow our market share in the US Internationally, we believe we are well positioned for growth when the solar market stabilized due to a broadened geographic reach and product portfolio.

我們一流的微型逆變器與我們的下一代電池系統相結合，應該使我們能夠捍衛和擴大我們在美國的市場份額。我們已經做好了成長的準備。

We remain committed to delivering best-in-class solutions and are energized by the road ahead.

我們仍然致力於提供一流的解決方案，並對未來的道路充滿活力。

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

這樣，我將把電話轉給曼迪，讓她審查我們的財務表現。

Mandy?

曼迪？

Thanks, Badri, and good afternoon, everyone.

謝謝巴德里，大家下午好。

I will provide more details related to our third quarter of 2024 financial results as well as our business outlook for the fourth quarter of 2024.

我將提供與 2024 年第三季財務業績以及 2024 年第四季業務前景相關的更多詳細資訊。

We have provided reconciliations of these non-GAAP to GAAP financial measures in our earnings release posted today, which can also be found in the IR section of our website.

我們在今天發布的收益報告中提供了這些非 GAAP 與 GAAP 財務指標的調整表，也可以在我們網站的 IR 部分找到。

Total revenue for Q3 was $380.9 million, which approximately 730 megawatts DC of microinverters and 172.9 megawatt hours of IT batteries in the quarter.

第三季的總收入為 3.809 億美元，其中微型逆變器約 730 兆瓦直流電，IT 電池約 172.9 兆瓦時。

Non-GAAP gross margin for Q3 was 48.1%, compared to 47.1% in Q2.

第三季非 GAAP 毛利率為 48.1%，第二季為 47.1%。

GAAP gross margin was 46.8% for Q3.

第三季 GAAP 毛利率為 46.8%。

Non-GAAP gross margin without Net IRA benefit for Q3 was 38.9%, compared to 41% in Q2.

第三季不考慮 IRA 淨收益的非 GAAP 毛利率為 38.9%，而第二季為 41%。

Our GAAP and non-GAAP gross margin was negatively impacted by a onetime 3.3 percentage point charge related to cost of goods sold on batteries.

我們的 GAAP 和非 GAAP 毛利率受到與電池銷售成本相關的一次性 3.3 個百分點的費用的負面影響。

Non-GAAP gross margin for Q3 included $35.2 million of Net IRA benefit.

第三季非 GAAP 毛利率包括 3,520 萬美元的 IRA 淨收益。

Non-GAAP operating expenses were $81.6 million for Q3, compared to $81.1 million for Q2.

第三季非 GAAP 營運費用為 8,160 萬美元，而第二季為 8,110 萬美元。

We continue to invest in new products, customer service and graphic expansion.

我們繼續投資新產品、客戶服務和圖形擴展。

GAAP operating expenses were $128.4 million for Q3 compared to $135.4 million for Q2.

第三季 GAAP 營運費用為 1.284 億美元，而第二季為 1.354 億美元。

GAAP operating expenses for Q3 included $43 million of stock-based compensation expenses, $3.1 million of amortization for our intangible assets, and $677,000 of restructuring-related expenses.

第三季的 GAAP 營運費用包括 4,300 萬美元的股票補償費用、310 萬美元的無形資產攤銷以及 677,000 美元的重組相關費用。

On a non-GAAP basis, income from operations for Q3 was $101.4 million, compared to $61.1 million for Q2.

以非公認會計準則計算，第三季的營運收入為 1.014 億美元，而第二季的營運收入為 6,110 萬美元。

On a GAAP basis, income from operations was $49.8 million for Q3 compared to $1.8 million for Q2.

以 GAAP 計算，第三季的營運收入為 4,980 萬美元，而第二季的營運收入為 180 萬美元。

Our non-GAAP basis net income for Q3 was $8.4 million compared to $58.8 million in Q2.

我們第三季的非 GAAP 基礎淨利潤為 840 萬美元，而第二季為 5,880 萬美元。

This resulted in non-GAAP diluted earnings per share of $0.65 for Q3 compared to $0.43 for Q2.

這導致第三季非 GAAP 攤薄每股收益為 0.65 美元，而第二季為 0.43 美元。

GAAP net income for Q3 was $45.8 million compared to $10.8 million for Q2.

第三季 GAAP 淨利潤為 4,580 萬美元，而第二季為 1,080 萬美元。

This resulted in GAAP diluted earnings per share of $0.33 for Q3 compared to $0.08 for Q2.

這導致第三季 GAAP 攤薄每股收益為 0.33 美元，而第二季為 0.08 美元。

Both our non-GAAP and GAAP diluted earnings per share for Q3 were negatively impacted by $0.09 per share net of tax related to impairment of an investment in a private company.

我們第三季的非 GAAP 和 GAAP 稀釋每股盈餘均受到與私人公司投資減損相關的稅後淨額 0.09 美元的負面影響。

We exited Q3 with a total cash, cash equivalents and amiable securities balance of $1.7 billion compared to $1.65 billion at the end of Q2.

第三季結束時，我們的現金、現金等價物和證券餘額總額為 17 億美元，而第二季末為 16.5 億美元。

As part of our $1 billion share repurchase program authorized by our Board of Directors in July 2023, we repurchased 434,947 shares of our common stock in Q3 at an average price of $114.48 a share for a total of approximately $49.8 million.

作為董事會於 2023 年 7 月授權的 10 億美元股票回購計畫的一部分，我們在第三季以每股 114.48 美元的平均價格回購了 434,947 股普通股，總金額約為 4,980 萬美元。

We had [$998.3] million remaining for further share repurchases.

我們還有 [9.983 億美元] 剩餘資金用於進一步回購股票。

In addition, we spent approximately $6.3 million by withholding shares to cover taxes for employees divesting and options in Q3, that reduced the diluted shares by 59,607 shares.

此外，我們在第三季透過預扣股票支付了約 630 萬美元的費用，以支付員工剝離和選擇權的稅款，這使稀釋後的股票減少了 59,607 股。

We expect to continuous anti-dilution plan.

我們預計反稀釋計劃將會持續。

In Q2, we generated $170.1 million in cash flow from operations and $161.6 million in free cash flow due to our strong working capital management.

第二季度，由於我們強大的營運資本管理，我們產生了 1.701 億美元的營運現金流和 1.616 億美元的自由現金流。

Capital expenditure was $8.5 million for Q3 compared to $9.6 million for Q2.

第三季的資本支出為 850 萬美元，而第二季的資本支出為 960 萬美元。

Now let's discuss our outlook for the fourth quarter of 2024.

現在讓我們來討論一下對 2024 年第四季的展望。

We expect our revenue for Q4 to be within a range of $360 million to $400 million, which includes shipments of 140- to 160-megawatt R2 batteries.

我們預計第四季的營收將在 3.6 億至 4 億美元之間，其中包括 140 至 160 兆瓦 R2 電池的出貨量。

We expect GAAP gross margin to be within the range of 47% to 50%.

我們預計 GAAP 毛利率將在 47% 至 50% 之間。

We expect non-GAAP gross margin to be within a range of 49% to 52% with net IRA benefit, and 39% to 42% before net IRA benefit.

我們預計，扣除 IRA 淨收益後，非 GAAP 毛利率將在 49% 至 52% 之間，扣除 IRA 淨收益之前，毛利率將在 39% 至 42% 之間。

Non-GAAP gross margin excludes stock-based compensation expense and acquisition-related amortization.

非公認會計準則毛利率不包括股票補償費用及收購相關攤銷。

We said the net IRA benefit to be between $38 million and $41 million of estimated shipments of 1.3 million units of our US microinverters in Q4.

我們表示，第四季美國微型逆變器的預計出貨量為 130 萬台，IRA 淨收益將在 3,800 萬美元至 4,100 萬美元之間。

We spend our GAAP operating expenses to be within the range of $135 million to $139 million, including approximately $54 million estimated for stock-based compensation expense, acquisition reliances and amortization.

我們的 GAAP 營運費用在 1.35 億美元至 1.39 億美元之間，其中包括估計約 5,400 萬美元的股票補償費用、收購依賴和攤銷。

We spent our non-GAAP operating expenses to be within a range of $81 million to $85 million.

我們的非 GAAP 營運費用在 8,100 萬美元至 8,500 萬美元之間。

We pay our GAAP and non-GAAP annualized effective excluding discrete items for 2024 to be at 18%, plus or minus 1 IRA benefit.

我們支付的 2024 年 GAAP 和非 GAAP 年化有效利率（不包括離散項目）為 18%，加上或減去 1 個 IRA 福利。

With that, I will open the line for questions.

接下來，我將開通提問專線。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions) Christine Cho, Barclays.

（操作員指示）Christine Cho，巴克萊銀行。

Thank you.

謝謝。

Good evening.

晚安.

I guess I just wanted to start on the batteries.

我想我只是想從電池開始。

You meant that you expect sell-through to be up slightly for batteries in the US quarter over quarter.

您的意思是，您預計美國電池的銷售量將比上一季略有上升。

But shipments are down because you restock during the quarter.

但由於本季補貨，出貨量有所下降。

Can you give us a sense of what sell-through was in 3Q?

能為我們介紹一下第三季的銷售情況嗎？

Is the 4Q guide more in line with what sell-through would actually are?

第四季的指導是否更符合實際的銷售情況？

And if we could get a rough split of the shipments going to the US versus everywhere else?

我們是否可以粗略地劃分運往美國和其他地方的貨物？

Yes.

是的。

I mean -- so basically, we actually told you 90 days ago that the channel on battery is light, and we are going to get the channel to a healthy level.

我的意思是 - 基本上，我們實際上在 90 天前就告訴過您，電池上的通道很輕，我們將使通道達到健康水平。

We have fixed that problem now.

我們現在已經解決了這個問題。

So therefore, basically, our -- you should think of our shipments into the channel and the shipments out of the channel are at equilibrium, which is there the same.

因此，基本上，我們的——你應該認為我們進入渠道的貨物和離開渠道的貨物處於平衡狀態，這是一樣的。

So that's why that number of 140- to 160-megawatt hours.

這就是為什麼這個數字是 140 至 160 兆瓦時。

And you should think of our US roughly in line with a revenue split up, which is the 75-25, you should think about a similar split up for batteries.

你應該認為我們的美國大致符合收入分配，即 75-25，你應該考慮類似的電池分配。

Okay.

好的。

And just a follow-up to that, revenue was up 43% quarter-over-quarter in the US, I think you said and sell-through is something in the single digits across all channels.

緊隨其後的是，我想你說過，美國的收入環比增長了 43%，而且所有通路的銷售量都是個位數。

So was the disconnect here all the batteries as we just mentioned?

那麼這裡斷開的連接是否都是我們剛才提到的電池？

Or is there any restocking here on the MI side?

或是MI這邊有補貨嗎？

And then just as we think about Europe as well, it sounds like your sell-through was worse than what your sell-in was there.

然後，正如我們也考慮歐洲一樣，聽起來您的銷售量比那裡的銷售量還要差。

So maybe weeks of inventory went up there?

那麼也許那裡的庫存增加了幾個星期？

And I guess, how should we assume what you're assuming for 4Q?

我想，我們應該如何假設您對第四季的假設？

Right.

正確的。

So maybe the reason why our revenue increased by 43% is quite simple.

所以也許我們的營收成長43%的原因很簡單。

We stopped under shipping in Q3.

我們在第三季停止出貨。

So therefore, our revenue increased to normal level.

因此，我們的收入增加到正常水平。

So basically, we are now at a place where in the US, we are at equilibrium, sell-in, and sell-through are matching.

所以基本上，我們現在在美國處於均衡狀態，賣出和售出是匹配的。

And that's how we can maintain a healthy weeks on hand.

這就是我們如何保持健康的一周。

For us, a healthy weeks on hand always means between 8 to 10 weeks and not crossing that number -- 10 weeks number, which we have instituted the discipline.

對我們來說，健康的一周總是意味著 8 到 10 週，並且不能超過這個數字——10 週，這是我們制定的紀律。

So that's why you can see that the revenue increased 43%.

這就是為什麼您可以看到收入成長了 43%。

That's the sell-in revenue.

這就是銷售收入。

Now the good news in the US is our overall sell-through across all the channels, both distribution channel and direct channel was up 6% in Q3 compared to Q2.

現在美國的好消息是我們所有通路（分銷通路和直銷通路）的整體銷售量在第三季比第二季成長了 6%。

And I said, this increase was despite a very large US customer declaring bankruptcy in Q3.

我說過，儘管一家非常大的美國客戶在第三季宣布破產，但這項成長還是發生了。

If you just look at our distribution channels, our sell-through for both -- for the US was up 13% and our sell-through in California as well as outside California was up at similar levels at 13% and 14%, respectively.

如果你只看我們的通路，我們在美國的銷售量成長了 13%，在加州和加州以外的銷售量也分別成長了 13% 和 14%。

And in general, the sell-through is healthy across both microinverters and batteries.

總的來說，微型逆變器和電池的銷售情況都很健康。

Coming to Europe.

即將來到歐洲。

In Europe, it's a slightly different story.

在歐洲，情況略有不同。

Our revenue was down because once again, we have learned the discipline when our overall sell-through products are down by 34%, we have to react.

我們的收入下降是因為，當我們的產品整體銷售下降 34% 時，我們再次學會了紀律，我們必須做出反應。

We have to react.

我們必須做出反應。

We have shortened that cycle quite a bit compared to what happened last year.

與去年相比，我們已經大大縮短了這個週期。

So we continue to under ship in Europe even with this reduced sell-through.

因此，即使銷量減少，我們仍繼續在歐洲發貨。

And so our weeks on hand in Europe is a little bit high, but we are extremely disciplined and the moment when things turn around, our weeks on hand will come down very quickly.

因此，我們在歐洲的可用週數有點高，但我們非常有紀律，當情況出現改善時，我們的可用週數會很快下降。

And we are not worried about that.

我們並不擔心這一點。

We are cautious for Q4.

我們對第四季持謹慎態度。

This is why our guidance incorporates a slowdown in Europe in Q4, and we are not pushing more into the channel.

這就是為什麼我們的指引將歐洲第四季的經濟放緩考慮在內，並且我們沒有向該管道投入更多資金。

Colin Rusch, Oppenheimer.

科林‧魯施，奧本海默。

Thanks so much.

非常感謝。

It sounds like you're getting a little bit of traction with these vehicle charges.

聽起來這些車輛收費對你來說有點有吸引力。

Can you talk a little bit about your strategy around evolving the sales of those?

您能談談您圍繞發展這些產品的銷售的策略嗎？

And how we should think about the trajectory on attach rates as we get into 2025?

進入 2025 年，我們該如何考慮附加率的軌跡？

Right.

正確的。

On the EV chargers, basically, there are two interesting markets.

在電動車充電器上，基本上有兩個有趣的市場。

One, of course, is the US. market and the other is the Europe market.

其中之一當然是美國。另一個是歐洲市場。

We bought a company called ClipperCreek towards the end of 2021.

我們在 2021 年底收購了一家名為 ClipperCreek 的公司。

They made high-quality chargers, excellent -- and also excellent service.

他們製造了高品質的充電器，非常出色，而且服務也非常出色。

They had a reasonable market share in the US.

他們在美國擁有合理的市場佔有率。

What we did was we took that, we essentially -- we moved manufacturing to our contract manufacturing facilities in Guad.

我們所做的就是我們將製造轉移到瓜德的合約製造工廠。

We then did some surgery on the product.

然後我們對產品做了一些手術。

Those charges where what you call as unconnected charges.

這些費用稱為未連線費用。

They did not have WiFi in them.

他們沒有無線網路。

So we took our time to make that product.

所以我們花了很多時間來製作該產品。

And last year, we introduced IQ Smart EV chargers in the US.

去年，我們在美國推出了 IQ 智慧電動車充電器。

In the meantime, we've been working furiously in Europe, where the adoption is also quite nice and high.

同時，我們一直在歐洲努力工作，那裡的採用率也相當好而且很高。

Europe market is a very interesting market.

歐洲市場是一個非常有趣的市場。

There are about 14 countries that we will introduce our IQ EV chargers too.

我們還將在大約 14 個國家推出我們的 IQ EV 充電器。

Our SAM, served available market is about $1.4 billion.

我們的 SAM 服務的可用市場約為 14 億美元。

And these charges are a little bit different from the US.

而且這些收費與美國有點不同。

They are all smart charges.

它們都是智慧收費。

And as I mentioned, there are several features there in the EV chargers for Europe.

正如我所提到的，歐洲的電動車充電器有幾個特點。

For example, most of these EV chargers are 3-phase EV chargers.

例如，大多數電動車充電器都是三相電動車充電器。

And when you do, for example, green charging with the EV chargers, many of the competitive products, they need a particular minimum power in order to charge from solar.

例如，當您使用電動車充電器進行綠色充電時，許多競爭產品都需要特定的最小功率才能透過太陽能充電。

Our product has got an innovative feature where it can start with single phase, enabled green charging from solar at a lower power and then switch to 3-phase when the solar energy ramps up.

我們的產品具有創新功能，可以從單相開始，以較低的功率實現太陽能綠色充電，然後在太陽能增加時切換到三相。

That's a big deal.

這是一件大事。

And it integrates, of course, very well with the Enphase solar and battery systems enabling homeowners to view everything from the app.

當然，它與 Enphase 太陽能和電池系統整合得很好，使房主能夠透過應用程式查看所有內容。

The other big thing we are interested in is that there is two ways you can talk about bidirectionally EV charger.

我們感興趣的另一件大事是，有兩種方式可以談論雙向電動車充電器。

That is AC bidirectional charging and there is DC by directional charging.

即交流雙向充電，也有直流定向充電。

AC bidirectional charging means there is no external inverter outside.

交流雙向充電意味著外部無需外接逆變器。

DC bidirectional charging means you take care of the inversion outside.

直流雙向充電意味著您可以處理外部的反轉。

So our product, the latest IQ EV chargers is comparable to a standard called ISO 15118.

因此，我們的產品（最新的 IQ EV 充電器）可與 ISO 15118 標準相媲美。

That ISO 15118 is a standard where the EV charger can talk to the car, and it can get things like the state of charge of the car, which is not possible today.

ISO 15118 是電動車充電器可以與汽車對話的標準，它可以獲得汽車充電狀態等信息，而這在今天是不可能的。

So AC bidirectional -- we could see AC bidirectional standard evolving.

因此，AC 雙向——我們可以看到 AC 雙向標準不斷發展。

This EV charger is capable of doing that.

這款電動車充電器能夠做到這一點。

While we are planning, we are embarking on a AC bidirectional charger as well for the US and for Europe as needed.

在我們規劃的同時，我們還將根據需要為美國和歐洲推出交流雙向充電器。

That AC bidirectional chargers, as I said before, in -- yes, sorry, DC bidirectional charger, I mean, it basically takes the DC input from the car and you have inverters outside, and then it connects to the grid.

交流雙向充電器，正如我之前所說，是的，對不起，直流雙向充電器，我的意思是，它基本上採用來自汽車的直流輸入，並且外部有逆變器，然後連接到電網。

So that's -- that design is all game design.

所以說——這個設計就是所有的遊戲設計。

Each inverter that we are building is about 3.8 kilowatts.

我們正在製造的每個逆變器約為 3.8 千瓦。

It interfaces to 1,000 vold DC on one side, which is interfacing to the car and AC on the other side.

它一側連接 1,000 伏特直流電，另一側連接汽車和交流電。

So for example, in order to have 11-kilowatt bidirectional charger, you will have 3 of those 3.8 kilowatts inverter.

例如，為了擁有 11 千瓦的雙向充電器，您將擁有 3 個 3.8 千瓦的逆變器。

And these 3.8 kilowatt inverters are built according to the same inverter -- microinverter architecture that we have.

這些 3.8 千瓦逆變器是根據我們擁有的相同逆變器——微型逆變器架構建造的。

So zooming back down, right now, the most important thing for us is to introduce the IQ EV charger second generation into 14 countries in Europe, take advantage of the big seed available market of $1.4 billion and then work on both AC bidirectional charging in Europe and DC bidirectional charging in the US.

因此，現在對我們來說最重要的事情是將第二代 IQ EV 充電器引入歐洲 14 個國家，利用 14 億美元的巨大種子市場，然後在歐洲開展交流雙向充電以及美國的直流雙向充電。

Okay.

好的。

And then just very quickly, please.

然後請盡快。

Can you give us an update on the initial traction in the commercial market and the size of systems that you're able to address as you get into 2025?

您能否向我們介紹商業市場的初始吸引力以及進入 2025 年時您能夠解決的系統規模的最新情況？

Are you able to get into the 100 to 500 kW systems?

您能進入 100 至 500 kW 系統嗎？

Or are you still generally in the smaller side on the commercial systems at this point?

或者目前您在商業系統上總體上仍然處於較小的一邊？

Yes.

是的。

Our IQ8P is a commercial-specific microinverter.

我們的 IQ8P 是一款商業專用微型逆變器。

We benefit with the 3-phase cabling system.

我們受益於三相佈線系統。

It's perfect for small commercial solar installs between 20 and 200 kilowatts.

它非常適合 20 至 200 千瓦的小型商業太陽能裝置。

As you know, the commercial projects, they have a slightly longer cycle time.

如您所知，商業項目的周期時間稍長。

So we start shipping this product about 9 months ago, and the traction has been quite good.

所以我們大約 9 個月前開始發貨這個產品，並且牽引力非常好。

We reported, I think, a couple of hundred sites 90 days ago.

我認為我們在 90 天前報告了數百個網站。

Now things are starting to ramp.

現在事情開始加速。

We are over 380 sites.

我們有超過 380 個站點。

In fact, in the Fremont building that I'm sitting right now, I have 396 panels on the roof.

事實上，在我現在所在的弗里蒙特大樓中，屋頂上有 396 個面板。

I can monitor it.

我可以監控它。

I can monitor it nicely.

我可以很好地監控它。

I can immediately find out if an inverter is not working.

我可以立即找出逆變器是否不工作。

That's what the installs value.

這就是安裝的價值。

The higher power production, the per panel monitoring, the immediate focus on quality.

更高的發電量、每塊面板的監控、對品質的直接關注。

It's a 214-kilowatt system.

這是一個 214 千瓦的系統。

It uses 550 panels.

它使用了550塊面板。

So this microinverter is perfect 480 watts.

所以這個微型逆變器的功率是完美的 480 瓦。

So we're very excited by this.

所以我們對此感到非常興奮。

We are doing a couple of things.

我們正在做幾件事。

One is we aren't yet addressing the 480 volt market, which we are going to address with IQ9.

一是我們尚未涉足 480 伏特市場，我們將透過 IQ9 來涉足這一市場。

That product is coming out in the second half of 2025.

該產品將於 2025 年下半年推出。

That's going to be a gallium nitride design, suitable for high power with ultra low cost.

這將是氮化鎵設計，適合以超低成本實現高功率。

And the second important thing that you should note is that domestic contract.

您應該注意的第二件重要事情是國內合約。

These 3-phase micro inverters are going to be shipping from the US where an increased domestic content that enable the commercial asset owners to get the benefit of an additional 10% ITC.

這些三相微型逆變器將從美國發貨，美國國內含量增加，使商業資產所有者獲得額外 10% ITC 的好處。

So we think that will also propeller demand.

所以我們認為這也會推動螺旋槳的需求。

So we are quite excited about that.

所以我們對此感到非常興奮。

Thanks, guys.

謝謝，夥計們。

Mark Strouse, JPMorgan.

馬克‧斯特勞斯，摩根大通。

Yes, good afternoon.

是的，下午好。

Thanks for taking our questions.

感謝您回答我們的問題。

Going back to RE Plus, we were hearing quite a bit of optimism looking into 2025, just based on a view that interest rates would be would be lower.

回到 RE Plus，我們聽到了對 2025 年的相當樂觀的看法，只是基於利率會更低的觀點。

Since then, there's been a pretty big spike in rates in the wrong direction.

從那時起，利率就朝著錯誤的方向大幅上漲。

Just curious, to the extent that you've had very recent conversations with some of your customers, if that's creating any pause in the industry?

只是好奇，就您最近與一些客戶進行的對話而言，這是否會在行業中造成任何停頓？

Well, I mean, our data -- as I told you, our sell-through data for Q3, things are headed in the right direction in the US California, for example, we talked about NEM 3.0 being a drag that is no longer the case.

嗯，我的意思是，我們的數據- 正如我告訴你的，我們第三季度的銷售數據，美國加利福尼亞州的情況正朝著正確的方向發展，例如，我們談到NEM 3.0 是一個拖累，不再是案件。

In dollars have gotten used to NEM 3.0 -- at least some of the dollars have gotten used in MP, and they are finding both solar plus storage working out in terms of economics.

美元已經習慣了NEM 3.0——至少有一些美元已經用於MP，他們發現太陽能和儲存在經濟方面都很有效。

Outside the US -- I mean, outside California also our sell-through data looks fine.

在美國之外——我的意思是，在加州之外，我們的銷售數據看起來也不錯。

We are up about 14%.

我們上漲了約 14%。

I've been monitoring since the six weeks of RE plus, our sell-through data is things are looking better week on week.

自從《RE plus》六週以來我一直在監控，我們的銷售數據顯示情況每週都在好轉。

And we do have -- we think things will be incrementally better in 2025 in the US market.

我們確實認為，到 2025 年，美國市場的情況將會逐漸改善。

The things that are going to contribute to it are, of course, further rate cuts, the 10% domestic ITC adders.

當然，對此做出貢獻的因素是進一步降息，以及國內 ITC 升息 10%。

That is a big deal because it saves the TPO provider or it helps them to make an additional $0.40 -- that $0.40 a watt can be reinvested back into the installers or into increasing demand on the consumer front.

這是一件大事，因為它可以節省 TPO 提供者的費用，或幫助他們額外賺取 0.40 美元——每瓦 0.40 美元可以重新投資回安裝人員或消費者方面不斷增長的需求。

And of course, the utility prices are continuing to increase.

當然，公用事業價格正在持續上漲。

And so we are seeing -- of course, I'm not disputing what you said, but the data still seems to be optimistic towards the growth in 2025 for the overall US market.

所以我們看到——當然，我並不是對你所說的提出異議，但數據似乎仍然對 2025 年美國整體市場的成長持樂觀態度。

Okay.

好的。

That's great to hear.

很高興聽到這個消息。

Thank you.

謝謝。

And then real quick on Europe.

然後很快就到了歐洲。

You mentioned some of the cross currents with some of the the industry headwinds, but maybe offset by new products and market expansion, that thing.

您提到了與一些行業逆風的一些交叉流，但可能會被新產品和市場擴張所抵消。

Adding all of that up, do you care to comment about what 2025 Europe might look like for Enphase?

將所有這些加起來，您是否願意評論一下 Enphase 2025 年的歐洲會是什麼樣子？

Fully appreciating that you do not guide a year out.

完全感謝您不指導一年。

But just generally speaking, any color would be great.

但一般來說，任何顏色都很棒。

Yes.

是的。

I mean, look, we think Europe -- I mean, Q4 might be a little stressed, but we think we are at the bottom there.

我的意思是，我們認為歐洲——我的意思是，第四季度可能有點壓力，但我們認為我們已經處於底部。

And the key about Europe is there are some really great markets, which are very nimble like which have been affected a lot due to NEM uncertainty.

歐洲的關鍵是有一些非常大的市場，這些市場非常靈活，因為新經濟模式的不確定性而受到很大影響。

And that is slowly getting solved.

這個問題正在慢慢解決。

We are confident as we go into 2025, what's going to happen is that Netherlands is going to shift slowly but surely from a solar-only play to a solar plus storage plus software play.

進入 2025 年，我們充滿信心，荷蘭將緩慢但堅定地從僅太陽能業務轉向太陽能加儲存加軟體業務。

We are already working with nearly, I would say, 10 energy providers just in Netherlands alone.

我想說，光是在荷蘭，我們就已經與近 10 家能源供應商合作。

Some of them, for example, will need PV curtailing, meaning solar curtailing for very small times during the year where otherwise, they incur a lot of penalties.

例如，其中一些企業需要限制光伏發電，這意味著一年中只有很少的時間限制太陽能發電，否則它們將受到大量處罰。

So that market will need to be transformed a bit, but I think it is at its low point, and we have a tremendous opportunity there to reshape that market.

因此，這個市場需要進行一些改造，但我認為它正處於低點，我們有巨大的機會來重塑這個市場。

Now France is the country where we have historically done very well.

現在法國是我們歷史上做得很好的國家。

We have over 50% share.

我們有超過50%的份額。

And France, basically, what we are hearing, there could be some headwind due to utility rates in the early part of next year.

而法國，基本上，就我們所知，明年初的公用事業費率可能會帶來一些阻力。

But the fundamentals there are strong, and everybody expects things to come back up strongly as we approach the end of 2025.

但那裡的基本面很強勁，每個人都期望隨著 2025 年底的臨近，情況會強勁復甦。

Germany that have been -- there has been general weakness.

德國一直普遍疲軟。

There is a few installers who have gone bankrupt, very similar to what has happened in the US.

有一些安裝商已經破產，這與美國發生的情況非常相似。

And once again, what we are doing there is stick to the basics is, we are introducing new products and adding a self available market -- adding served-available market of $4 billion to our portfolio.

再說一次，我們所做的一切都是堅持基本原則，我們正在推出新產品並增加一個自我可用的市場——將 40 億美元的服務可用市場添加到我們的投資組合中。

And those new products are 3-phase battery with backup.

這些新產品都是有備用的三相電池。

That's for the DAC regions.

這是針對 DAC 區域的。

DAC is Germany, Austria and Switzerland regions.

DAC是德國、奧地利和瑞士地區。

Then we are talking about IQ Balcony solar, which is brand new for us.

然後我們談論的是 IQ Balcony Solar，這對我們來說是全新的。

And we are ideal, Enphase is ideal to play in that very small system.

我們很理想，Enphase 非常適合在這個非常小的系統中發揮作用。

So by the way, Balcony solar is not restricted to only Germany, many other places, like, for example, Austria, Belgium, France, they all have their own versions of balcony solar, and we will be and introducing all of those products as well.

順便說一句，陽台太陽能不僅限於德國，許多其他地方，例如奧地利、比利時、法國，他們都有自己版本的陽台太陽能，我們將介紹所有這些產品出色地。

But Balcony solar in Germany is 400 megawatts.

但德國的陽台太陽能發電量為 400 兆瓦。

Then I already talked about our IQ EV charger.

然後我已經談到了我們的 IQ EV 充電器。

So we are not stopping.

所以我們不會停止。

We are underpenetrated in Europe.

我們在歐洲的滲透率還不夠。

We have a lot more countries to cover.

我們還有很多國家需要覆蓋。

We are focusing on the areas where we can control, which is releasing new products, managing the channel, getting into new regions, working closely with the -- with both the long tail installers plus a few top-tier installers.

我們專注於我們可以控制的領域，即發布新產品、管理管道、進入新地區、與長尾安裝商和一些頂級安裝商密切合作。

So we are doing all of the right things, and we expect the market to rebound sooner or later.

因此，我們正在做所有正確的事情，我們預計市場遲早會反彈。

Brian Lee, Goldman Sachs.

布萊恩李，高盛。

Everyone, thanks for taking the questions.

各位，感謝您提出問題。

I had two, both related to guidance.

我有兩個，都跟指導有關。

I guess -- at the midpoint of the revenue guidance, you're flat for 4Q.

我想，在收入指引的中點，第四季的營收持平。

I think there's three drivers, right, battery storage, Europe and SunPower.

我認為有三個驅動因素，對吧，電池儲存、歐洲和SunPower。

You gave us the guidance for battery storage.

您為我們提供了電池儲存指南。

That seems like it's a $15 million headwind.

這似乎是 1500 萬美元的逆風。

And then Europe was a $5 million to $10 million drag in 3Q.

然後歐洲在第三季拖累了 500 萬至 1,000 萬美元。

Is it similar in 4Q?

第四季也有類似的情況嗎？

Because you're saying it's going to be down.

因為你說它會下降。

And then SunPower might have been doing less than 50 megawatts a quarter at the end of their existence, but that's still $10 million to $15 million of revenue for you.

然後，SunPower 在其存在結束時每季的發電量可能不到 50 兆瓦，但這仍然為您帶來 1,000 萬至 1,500 萬美元的收入。

So really, the question is, can you help quantify what seemed to be 3 meaningful buckets of headwinds for at least the sequential growth into 4Q?

所以，實際上，問題是，您能否幫助量化至少對於第四季度的連續增長似乎是 3 個有意義的逆風？

And then I had a follow-up.

然後我進行了跟進。

Yes.

是的。

In Q4, our overall sell-through of microinverters is doing a little better -- is doing a little better compared to Q3.

在第四季度，我們的微型逆變器的整體銷售量比第三季度要好一些。

And we can see that, and that's what we are guiding towards.

我們可以看到這一點，這就是我們的指導目標。

And as I told you on the battery side, it is -- we are talking about 140- to 160-megawatt hours versus the 170-megawatt hours.

正如我在電池方面告訴您的那樣，我們正在談論 140 至 160 兆瓦時與 170 兆瓦時。

That's -- you're right in the range that you said.

那就是──你在你說的範圍內。

SunPower is a headwind of $10 million to $15 million.

SunPower 面臨 1000 萬至 1500 萬美元的逆風。

You're correct about that.

你是對的。

And we don't expect that to immediately come in Q4, but we are working with all of the installers, and we should be able to get all or most of that in the coming quarters.

我們預計不會在第四季度立即實現這一目標，但我們正在與所有安裝人員合作，我們應該能夠在未來幾季內獲得全部或大部分。

So to answer your question, we expect upside from increased microinverter sell-through.

因此，為了回答您的問題，我們預計微型逆變器銷售量的增加將帶來好處。

The battery sell-through is also doing fine, except for that onetime channel destocking.

除了一度通路去庫存之外，電池銷售也表現良好。

And Europe has got a slightly continued weakness compared to

與歐洲相比，歐洲略有持續疲軟

--

--

Yes, that's super helpful, Badri.

是的，這非常有幫助，巴德里。

Second question on that same line of thought, you strip up the battery storage, microinverter sales, you're saying are going to be up about 5% or so in the 4Q guide at the midpoint.

同樣思路的第二個問題，你剝離了電池儲存、微型逆變器的銷售，你說第四季指南的中點將成長約 5% 左右。

But I would have thought stripping out all these other factors like SunPower, Europe, et cetera, you have less seasonality US domestic content.

但我以為排除所有其他因素，如 SunPower、歐洲等，美國國內內容的季節性會較少。

And also, it sounds like you had some price increases in the US.

而且，聽起來美國的價格有上漲。

So can you talk us through some of the tailwinds that I don't know if they're actually showing up in 4Q or if they're going to show up later.

那麼你能告訴我們一些我不知道它們是否真的會在第四季度出現或是否會在以後出現的有利因素嗎？

But I would have expected those to maybe help you a bit more into 4Q outside of all these other headwinds we just talked about.

但我預計，除了我們剛才談到的所有其他不利因素之外，這些可能會為您在第四季度提供更多幫助。

So domestic content, US price increases.

所以國內含量高，美國價格上漲。

Just any general thoughts around that?

對此有什麼一般想法嗎？

Thank you, guys.

謝謝你們，夥計們。

Yes, we are not increasing any prices in the US.

是的，我們不會提高美國的任何價格。

The domestic content product is a new product and that for increased domestic content, yes, there is an extra adder.

國內含量產品是一個新產品，為了增加國內含量，是的，有一個額外的加法器。

And we do have -- we do expect, like what you said, we think those are the drivers.

我們確實有——我們確實期望，就像你所說的那樣，我們認為這些是驅動因素。

The increased domestic content is a driver.

國內含量的增加是一個驅動力。

The sell-through on microinverter is a driver.

微型逆變器的銷售是一個驅動因素。

Batteries, it's going to be generally strong, and I think we expect to be even stronger from Q1 '25 when we have our fourth generation system.

電池通常會很強勁，我認為當我們擁有第四代系統時，我們預計從 25 年第一季開始會更加強勁。

So that piece.

那麼那一塊。

Yes, but you're generally right.

是的，但你通常是對的。

The way I would characterize it as -- if microinverter is a little bit healthy, it covers the other areas which are weak.

我將其描述為——如果微型逆變器有點健康，它就會覆蓋其他薄弱的領域。

Phil Shen, Roth Capital Partners.

Phil Shen，羅斯資本合夥人。

Yes, thanks for taking my questions.

是的，感謝您回答我的問題。

First one is on -- in the past, you've talked about getting to a $450 million to $500 million sell-through demand run rate.

第一個是——過去，您談到了要達到 4.5 億至 5 億美元的銷售需求運行率。

And back in May, you thought it might be sometime in Q4.

早在五月份，您就認為可能是在第四季度的某個時候。

What's your thinking now in terms of when you can hit that on a quarterly basis?

您現在對於什麼時候可以按季度實現這一目標有何想法？

Is it some time through '25, maybe Q2?

是到 25 年的某個時間，也許是第二季？

Or could it be more in the back half?

或是可以在後半部更多嗎？

Yes.

是的。

I mean, look, we talked about that, and we have had a few things there.

我的意思是，看，我們討論過這個問題，並且我們已經討論了一些事情。

We have had a few installer bankruptcies.

我們已經有一些安裝商破產了。

I mentioned a big one.

我提到了一個大的。

And we've had some headwinds.

我們也遇到了一些阻力。

While the US is proceeding in the right direction, Europe is an entirely different story.

雖然美國正朝著正確的方向前進，但歐洲的情況卻完全不同。

So basically, a few months back, we didn't anticipate the installer bankruptcies, one in the US, we didn't anticipate the European business declining further.

所以基本上，幾個月前，我們並沒有預料到安裝商會破產，其中一個發生在美國，我們也沒有預料到歐洲業務會進一步下滑。

And that's reality right now.

這就是現在的現實。

And that's reality.

這就是現實。

But the fact of the matter is the distribution market in the US, like what I told you, with distributors -- with their distribution sell-through numbers for US, as well as meaning California is very encouraging.

但事實是美國的分銷市場，就像我告訴你的那樣，分銷商在美國的分銷銷售量，這意味著加州非常令人鼓舞。

Non-California in the US is also very encouraging.

美國的非加州地區也非常令人鼓舞。

Of course, customer -- a large customer who went bankrupt, we lost some revenue, we expect to get that revenue back.

當然，客戶－一個破產的大客戶，我們損失了一些收入，我們希望能收回這些收入。

We don't guide our 2025, but those are our growth vectors.

我們不指導 2025 年，但這些是我們的成長向量。

We are going to be introducing our fourth generation system in Q1.

我們將在第一季推出第四代系統。

We expect that fourth generation system to basically reduced the installed cost by $300 per kilowatt hour, making us competitive not only for grid type, which we are today, but for backup.

我們預計第四代系統基本上將降低每千瓦時 300 美元的安裝成本，使我們不僅在電網類型（目前的情況）方面具有競爭力，而且在備用方面也具有競爭力。

So today, for example, on the batteries, our shipments from Q2 to Q3 increased by more than 40%.

那麼今天以電池為例，我們的出貨量從Q2到Q3成長了40%以上。

Our sell-through is climbing up continuously there.

我們的銷量正在不斷攀升。

And we -- for grid tight systems with NEM 3.0, what installers need to do is to treat the installation like a solar installation.

對於採用 NEM 3.0 的電網緊密系統​​，安裝人員需要做的是將安裝視為太陽能安裝。

There is no complicated wiring to take care of.

無需處理複雜的接線。

There is no loads to manage.

沒有需要管理的負載。

So therefore, they hang to IQ battery 5Ps, to 5-kilowatt hour batteries on to the AC bus, they routed to the combiner along with solar, the same combiner and they're done.

因此，它們將 IQ 電池 5Ps、5 千瓦時電池掛到交流總線上，它們與太陽能一起路由到組合器，相同的組合器，然後就完成了。

So that is still quite strong for us.

所以這對我們來說仍然相當強大。

Now with this fourth-generation system, where we have the meter color, we have the battery, we have the enhanced combiner.

現在有了第四代系統，我們有儀表顏色，我們有電池，我們有增強的組合器。

We will be eliminating the system controller cost.

我們將消除系統控制器成本。

We'll be eliminating both the component cost as well as the labor, and we expect to save $300 in installed costs.

我們將消除組件成本和勞動力，預計可節省 300 美元的安裝成本。

So we think that will unleash a spurt of growth for us in terms of backup.

因此，我們認為這將為我們在備份方面帶來井噴式成長。

So basically, the vectors in the US are continued movement in the sell-through.

所以基本上，美國的向量是銷售量的持續變化。

It is the higher utility rates, lower interest rates and domestic content.

它是更高的公用事業費率、更低的利率和國內含量。

In Europe, it's a little bit of a wildcard right now, but outlined our plans very clearly.

在歐洲，它現在有點不確定，但非常清楚地概述了我們的計劃。

We think we are scraping the bottom in Q3 and Q4 for some of the markets.

我們認為某些市場正在第三季和第四季觸底。

The fundamentals are there.

基本原理就在那裡。

We are working with the right players in Netherlands.

我們正在與荷蘭合適的球員合作。

We are working for Germany, we have served available market increases for Europe.

我們為德國工作，我們為歐洲的可用市場成長提供服務。

We have a served available market increase of $4 billion with a lot of products, specifically for Germany, the 3-phase backup is most relevant for Germany, Austria and Switzerland, and the balcony solar is also relevant for Germany.

我們的可用市場成長了 40 億美元，有很多產品，特別是針對德國，三相備用與德國、奧地利和瑞士最相關，陽台太陽能也與德國相關。

So we have all of those in line.

所以我們所有的人都在排隊。

So I can only give you a qualitative that we aren't waiting for the market to grow.

所以我只能給你一個定性，我們不會等待市場成長。

We are introducing new products we are working with our installers.

我們正在與安裝人員合作推出新產品。

We are not stuffing the channel most importantly.

最重要的是，我們並沒有塞滿頻道。

And we are doing all of that globally.

我們正在全球範圍內開展這一切工作。

Great.

偉大的。

Okay.

好的。

Thanks for the color.

謝謝你的顏色。

Shifting to Powerwall 3 and Tesla.

轉向 Powerwall 3 和 Tesla。

Our work suggests that the Powerwall 3 demand is substantial and widespread.

我們的研究表明，Powerwall 3 的需求量巨大且廣泛。

I know it is a string inverter, and I know and you just laid out how your technology is meaningfully better and more advanced.

我知道這是一個串式逆變器，我也知道，您剛剛闡述了您的技術如何變得更好、更先進。

That said, I know many of your customers are ramping up substantial power all 3 volumes.

也就是說，我知道你們的許多客戶都在增加所有 3 卷的大量功率。

So when you talk to your customers about that, what are they telling you?

那麼，當您與客戶談論這一點時，他們會告訴您什麼？

And then are you surprised by the volume of business that is shifting to Powerwall 3?

那麼您對轉向 Powerwall 3 的業務量感到驚訝嗎？

Some of your larger customers are sharing with me that you may be resigned to losing share to Powerwall 3, especially until your new battery and meter collar and common box comes out.

你們的一些大客戶告訴我，你們可能會接受失去 Powerwall 3 的份額，特別是在你們的新電池、儀表項圈和通用盒子問世之前。

How much do you think -- how much are you planning to lose?

您認為您打算損失多少？

I know it's a tough question, but I think it's important.

我知道這是一個很難回答的問題，但我認為這很重要。

Yes.

是的。

So thank you for the question.

謝謝你的提問。

The key -- I can react to data in front of me, all of the data which we have continuously, we do have third-party reports.

關鍵——我可以對我面前的數據做出反應，我們不斷擁有的所有數據，我們確實有第三方報告。

And we -- those all show basically that we are holding share.

我們——這些基本上都顯示我們持有股份。

That's the data point number one.

這是第一個數據點。

And the second point, which we highlighted is basically our sell-through in California, which is probably the area where you're talking about.

我們強調的第二點基本上是我們在加州的銷售情況，這可能是您正在談論的地區。

Our sell-through in California is up 13% quarter-on-quarter.

我們在加州的銷量較上月成長了 13%。

And our sell-through is on both batteries and microinverters because they go hand in hand with each other.

我們的銷售量集中在電池和微型逆變器上，因為它們是相輔相成的。

And on batteries, as I told you before, our installs, if you see our installations in California, and it makes sense, is 70% of our installs are grid tide installs in California. 70% are grid-tied installs like what I said, the cost that you are talking about is not -- is not higher.

至於電池，正如我之前告訴過你的，如果你看到我們在加州的安裝，這是有道理的，我們的安裝中有 70% 是在加州的電網潮汐安裝。 70% 是併網安裝，就像我說的那樣，你所說的成本並不高。

The cost, in fact, it is cheaper to install an Enphase battery there.

成本，其實在那裡安裝Enphase電池更便宜。

We are talking about 2 5P batteries.

我們談論的是 2 顆 5P 電池。

We are talking about hanging it off the AC bus.

我們正在討論將其掛在交流總線上。

We have the same combiner box that is used, so it's not an extra box.

我們使用的是相同的匯流箱，因此它不是額外的匯流箱。

So that is why probably our market is grid-tied market.

這就是為什麼我們的市場可能是併網市場。

And now we are in the process of fixing that problem.

現在我們正在解決這個問題。

And we are going to release in the first quarter, the latest and greatest battery that we got.

我們將在第一季發布我們最新、最好的電池。

That's a 10-kilowatt hour battery.

那是一個10千瓦時的電池。

That 10 kilowatt-hour battery has got a wall space of 60% lesser compared to our own battery.

與我們自己的電池相比，該 10 千瓦時電池的牆壁空間減少了 60%。

And there is no system controller that used to be there before.

而且以前的系統控制器也沒有了。

Now there is the color.

現在有顏色了。

We expect -- the color is done development.

我們期望－顏色完成開發。

It is in compliance.

這是符合規定的。

We expect to work with utilities in the next few months and get utility approval in Q1 '25.

我們預計在接下來的幾個月內與公用事業公司合作，並在 25 年第一季獲得公用事業公司的批准。

So with the color -- with our battery, which has got neutral farming, by the way, and our enhanced combiner, which has got a lot of bells and rigs that are installers love.

順便說一句，我們的電池，它有中性農業，還有我們的增強組合器，它有很多安裝人員喜歡的鈴鐺和鑽孔機。

The cost of the installation is substantially going down by $300 per kilowatt hour for a typical storage system with backup.

對於具有備份功能的典型儲存系統，安裝成本每千瓦時可大幅下降 300 美元。

So basically, we have solved that problem.

基本上，我們已經解決了這個問題。

We need to get that solution to the market in Q1 '25.

我們需要在 25 年第一季將解決方案推向市場。

And then what will happen is we will grow in both tight markets as well as markets with back up.

然後將會發生的是，我們將在緊張的市場和有支持的市場中成長。

And that will be a key focus for us in 2025 and will contribute to growth.

這將是我們 2025 年的重點，並將有助於成長。

The other things, which you already know, but I will tell for the benefit of the audience is Enphase, the advantages are numerous, our production.

其他的事情，你已經知道了，但為了觀眾的利益，我會告訴你 Enphase，我們的產品有很多優點。

Power production -- between power production with the string inverter and power production with the microinverter, you can get anywhere from 4% to 15% advantage, especially where there is shading, which is there in many places.

發電—在使用串式逆變器發電和使用微型逆變器發電之間，您可以獲得 4% 到 15% 的優勢，特別是在有陰影的地方，這種情況在許多地方都有。

With Enphase that is reliability.

對於 Enphase，這就是可靠性。

There is no single point of failure.

不存在單點故障。

When a microinverter on the roof fails, we still have 95% of the system working, assuming the system has got 20 microinverters.

當屋頂上的微型逆變器發生故障時，假設系統有 20 個微型逆變器，我們仍然有 95% 的系統在運作。

When a microinverter side the battery fails, we still have 83% of the system working.

當微型逆變器一側的電池發生故障時，系統的 83% 仍然可以工作。

Every IQ battery has got 6 microinverters.

每個 IQ 電池都有 6 個微型逆變器。

So reliability and no single pent-up failure.

因此具有可靠性，並且不會出現任何被壓抑的故障。

Our warranty is -- warranty on batteries is 15 years.

我們的保固期是－電池保固期為 15 年。

Warranty on microinverter is 25 years versus common warranty of 10 years on string inverters.

微型逆變器的保固期為 25 年，而串式逆變器的普通保固期為 10 年。

Simplicity, plug-and-play, is just very easy to do on the roof.

簡單、即插即用，在屋頂上非常容易做到。

Low-voltage DC on batteries.

電池上的低壓直流電。

And obviously AC in the roof loved by firefighters.

顯然，屋頂上的空調深受消防員的喜愛。

I've had many firefighters telling me and FEMA, by the way, which is basically the authority in the US.

順便說一句，有很多消防員告訴我和聯邦緊急管理局，這基本上是美國的權威。

They do recommend microinverters because of that.

因此，他們確實推薦微型逆變器。

So other things, 24x7 support.

所以其他事情，24x7 支援。

If there is a problem, Enphase will answer the phone.

如果出現問題，Enphase 將接聽電話。

We never take batteries off the wall.

我們從不把電池從牆上取下來。

We repair them, replace boards in situ.

我們修理它們，就地更換電路板。

In situ means we do not -- customer is not down for more than a few days versus being down for weeks and having complex logistics between the supplier and install.

就地意味著我們不會——客戶的停機時間不會超過幾天，而不會停機數週，而且供應商和安裝之間的物流也很複雜。

All of that doesn't happen.

這一切都不會發生。

Serviceability is very crucial.

可維護性非常重要。

When you have a fleet of batteries and you have service problems, you keep spending your time on service.

當您擁有一批電池並且遇到服務問題時，您將繼續將時間花在服務上。

You know, you made a mistake in taking an architecture.

你知道，你在採用架構時犯了一個錯誤。

And by the way, batteries are notorious for this.

順便說一句，電池因此而臭名昭著。

Inverters, solar inverters, the industry is getting matured, but batteries is still worldwide West.

逆變器、太陽能逆變器這個產業正在日趨成熟，但電池在全球仍是西方的。

AC architecture.

交流架構。

We believe in a distributed architecture, which as I already told you, no single point of failure, all AC.

我們相信分散式架構，正如我已經告訴過你的那樣，沒有單點故障，所有 AC。

Everything is AC covered.

一切都覆蓋了空調。

We have our solar, our storage, our EV chargers, our bidirectional chargers, anything is recovered.

我們有太陽能、儲存、電動車充電器、雙向充電器，一切都可以恢復。

So basically, the power that a homeowner gets, for example, is both solar plus storage.

因此，基本上，房主獲得的電力包括太陽能和儲存電力。

I outlined all of the things that those are our strengths, plus with the fourth generation system, we are going to be very competitive on backup.

我概述了我們的優勢，加上第四代系統，我們在備份方面將非常有競爭力。

And we expect all of these to basically increase our market share on batteries going forward.

我們預計所有這些都將從根本上增加我們未來電池的市場份額。

Thank you for the color, but very professional.

謝謝你的顏色，但非常專業。

Thank you.

謝謝。

Jordan Levy, Truist.

喬丹·利維，真理主義者。

Good afternoon.

午安.

I presume you're squeezing me in here.

我猜你是把我擠在這裡。

I'll stick to one.

我會堅持一個。

Just on the pricing side, I think you gave a lot of commentary, but if I heard correctly, I think you mentioned some pricing concessions in Europe with all the weakness you've been pretty consistent in how you approach pricing on a price-to-value basis.

就定價方面而言，我認為您給出了很多評論，但如果我沒聽錯的話，我認為您提到了歐洲的一些定價讓步，以及您在如何按價格定價的方式上相當一致的弱點。價值基礎。

But just wanted to see if there's -- how you're thinking about that as the 4Q for Europe, especially?

但只是想看看是否有——您如何看待歐洲的第四季度，特別是？

And then any change in the pricing strategy overall, particularly around micros?

那麼整體定價策略有什麼變化，特別是圍繞微型計算機的定價策略？

Pricing, I did not mention we did anything for Europe.

定價，我沒有提到我們為歐洲做了什麼。

So I think you must have heard it or you must have misunderstood it.

所以我想你一定是聽過，或者你一定是誤解了。

So we are not dropping pricing anywhere.

所以我們不會在任何地方降低價格。

But pricing is something that we manage on a daily basis.

但定價是我們日常管理的事。

We instituted a pricing team in 2017, and there is a team of about 6 people.

我們在2017年成立了定價團隊，團隊大約有6人。

Their job is to make sure we always price on value.

他們的工作是確保我們始終按價值定價。

So therefore, they spend an ordinate amount of time in understanding the full system, bill of materials to make sure that there is -- we clearly understand the areas where we can save money for the consumer in terms of the overall system.

因此，他們花了大量的時間來了解整個系統和物料清單，以確保我們清楚地了解在整個系統方面我們可以為消費者省錢的領域。

So we do that very diligently.

所以我們非常努力地做到這一點。

And I'm not saying that we never dropped price, but it is a nonevent for us because sometimes if there is a loyal customer, he needs a little bit of help, we will help them.

我並不是說我們從未降價，但這對我們來說是小事，因為有時如果有忠實的客戶，他需要一點幫助，我們會幫助他們。

But that's not an event, it is a business process.

但這不是一個事件，而是一個業務流程。

And we expect that business process to continue.

我們預計該業務流程將持續下去。

Got it.

知道了。

Thanks so much for all the detail.

非常感謝您提供所有詳細資訊。

Pavel Molchanov, Raymond James.

帕維爾·莫爾恰諾夫，雷蒙德·詹姆斯。

Thanks for taking the question.

感謝您提出問題。

Can I ask high level about Europe.

我可以向高層詢問有關歐洲的情況嗎？

Yes, power prices are R&D down by module pricing is down 30% versus a year ago as well as lithium Why is that not acting as a counterbalance against cheaper electricity?

是的，由於組件價格比一年前下降了 30%，電價也因研發而下降，鋰電價格也下降了。

I think -- this is Raghu.

我想——這就是拉古。

We believe we think that part of the reason you again, look at it by country by country.

我們相信，這也是您再次逐國考察的部分原因。

In the case of the Netherlands, which was a solar-only market before, it was very clear that the NEM uncertainty as well as homeowners being penalized for exporting solar into the grid was a big headwind.

就荷蘭而言，該市場之前只是一個太陽能市場，很明顯，NEM 的不確定性以及房主因將太陽能出口到電網而受到懲罰是一個巨大的阻力。

And so obviously, Netherlands, we really think we are doing all the right things there for that market to completely turn around by the addition of batteries.

顯然，在荷蘭，我們確實認為我們正在做所有正確的事情，以便透過添加電池來徹底扭轉該市場。

So solar plus batteries in a dynamic electricity market where energy can be traded into the market is a very good way for homeowners to improve their ROI.

因此，在充滿活力的電力市場中，太陽能加電池可以在市場上進行能源交易，這對房主來說是提高投資報酬率的一個非常好的方法。

In general, I think the urgency that was there before during the crisis, during the Ukraine crisis and the steep increase in power was an urgency is gone.

總的來說，我認為先前危機期間、烏克蘭危機期間以及權力急劇增加的迫切性已經消失了。

And then in general, we also know that the economy is also is not doing that well.

總的來說，我們也知道經濟也表現不佳。

So the combination of those things, we believe, are the reasons why Europe seems to be slow.

因此，我們認為，這些因素綜合起來就是歐洲看起來緩慢的原因。

But as Badri mentioned, it's possible that you could be -- that 3Q could be the bottom there.

但正如巴德里所提到的，第三季可能是底部。

And specifically for Enphase with the introduction of all the new products and expansion of our SAM by $4 billion can be a catalyzer for us to get Europe back where it needs to be.

特別是對於 Enphase 而言，隨著所有新產品的推出以及我們的 SAM 規模擴大 40 億美元，可以成為我們讓歐洲回到其需要的狀態的催化劑。

I'll follow up with a quick question about India, which no one has asked about yet.

我將接著問一個關於印度的簡短問題，目前還沒有人問過這個問題。

You recently announced a new product launch in the Indian market, which I typically think of as a very price-sensitive market.

你們最近宣佈在印度市場推出新產品，我通常認為印度市場是一個對價格非常敏感的市場。

Are you going to be competitive there?

你在那裡有競爭力嗎？

Yes.

是的。

Let me tell you about India, there this battery will cater to the premium segment.

讓我告訴你印度的情況，這款電池將迎合印度的高端市場。

There are many single-family homes, parents, Villas, where -- and in India, if you didn't know, you lose power 5 times a day.

有許多單戶住宅、父母、別墅，在印度，如果你不知道，你每天會斷電 5 次。

And the system today is a backup UPS, a lead acid battery, basically.

現在的系統基本上是備用 UPS，一個鉛酸電池。

And you all know how lead acid batteries are.

大家都知道鉛酸電池是怎麼樣的。

That's why we shifted to lithium-ion.

這就是我們轉向鋰離子電池的原因。

So we introduced this battery in India.

所以我們在印度推出了這種電池。

It's a 5-kilowatt hour battery.

這是一個5千瓦時的電池。

And it is our mainstream battery that we are shipping, and it is perfect for India because Indian families, Indian homes, even high-end may not use more than 10-kilowatt hours a day.

我們正在運輸的是我們的主流電池，它非常適合印度，因為印度家庭、印度家庭，甚至高端電池每天的用電量可能不會超過10千瓦時。

So basically, this battery comes with a backup switch.

基本上，該電池帶有一個備用開關。

And that backup switch makes -- you won't even know you're running on backup.

備份開關使您甚至不知道自己正在備份運行。

And so it's a beautiful solution for many of the luxury builders, where they can build it into the -- some of the home switch, which can cost anywhere from $200,000 to a couple of million dollars.

因此，對於許多豪華建築商來說，這是一個完美的解決方案，他們可以將其建造到一些家用交換機中，這些交換機的成本可能從 20 萬美元到幾百萬美元不等。

They can build it into the home and raise the value of the home and provide complete energy independence.

他們可以將其建造到家庭中並提高家庭的價值並提供完全的能源獨立。

So we are working with these builders.

所以我們正在與這些建設者合作。

And of course, granted the volumes we have to see, and it will ramp.

當然，考慮到我們必須看到的數量，它將會增加。

But India is a beautiful market because there is a big problem, which is power shutdowns, and we have a solution for the high-end markets.

但印度是一個美麗的市場，因為有一個大問題，那就是停電，而我們有高端市場的解決方案。

India also has a lot of -- So it's a very, very good solar market.

印度也有很多——所以這是一個非常非常好的太陽能市場。

Now there's a new program for small systems in a very big incentive programs for small systems, 2, 3 and 4 kilowatts.

現在，針對小型系統（2、3 和 4 千瓦）的非常大的激勵計劃中有一項針對小型系統的新計劃。

And so those are all perfect market, a perfect market for India.

所以這些都是完美的市場，對印度來說是個完美的市場。

We are very bullish about that market.

我們非常看好這個市場。

Dylan Nassano, Wolfe Research.

迪倫·納薩諾，沃爾夫研究中心。

Good afternoon.

午安.

I just wanted to comment the market share question from a slightly different angle and ask just specifically on the TPO market.

我只是想從稍微不同的角度來評論市場份額問題，並專門詢問 TPO 市場。

I think you had identified that as an opportunity to take incremental share specifically in 4Q.

我認為您已經將其視為在第四季度獲得增量份額的機會。

And I just want to check in on how that's playing out.

我只是想了解一下進展如何。

Yes.

是的。

We work with all of the TPO providers.

我們與所有 TPO 提供者合作。

We have a great relationship with everybody.

我們與每個人都保持著良好的關係。

And our market share, the way we have built market share to be even more than 50% in the US is by working with everybody.

我們的市場份額，我們在美國取得超過 50% 的市場份額，就是透過與每個人合作。

So we work with Tier 1 installers, Tier 2 installers, long tail installers.

因此，我們與一級安裝人員、二級安裝人員、長尾安裝人員合作。

And now all of those installers are being served by a handful of TPOs.

現在，所有這些安裝人員都由少數 TPO 提供服務。

And all of them are working with us on domestic funding.

他們都在與我們合作進行國內融資。

And once again, it was not clear.

再次不清楚。

We are already shipping domestic content microinverters with increased domestic content right now.

我們現在已經在運輸國內含量增加的微型逆變器。

And that is on our mainstream product called IQ8HC.

這就是我們的主流產品 IQ8HC。

Soon, we start shipping batteries with domestic content in November.

很快，我們將在 11 月開始運送國產電池。

So basically, if they have a reliable supply of domestic content, if they are looking for that right now because there are very few people with clear plans for domestic -- And we are working with each and every one of those TPOs.

所以基本上，如果他們有可靠的國內內容供應，如果他們現在正在尋找這種內容，因為很少有人對國內內容有明確的計劃——我們正在與每一個 TPO 合作。

If I can squeeze in just one more.

如果我能再擠一擠就好了。

You covered managing the battery channel earlier in the call.

您在通話的早些時候介紹如何管理電池通道。

But just looking past 4Q as you get ready to start shipping the fourth gen battery.

但是，當您準備開始運送第四代電池時，請回顧一下第四季。

I mean, how should we think about your strategy to prep the channel ahead of that?

我的意思是，我們應該如何考慮您在此之前準備管道的策略？

Thanks.

謝謝。

Yes.

是的。

There is two, three things you need to note.

有兩三點要注意。

One is as we introduce batteries into a lot more regions.

一是我們將電池引入更多地區。

For example, as I told you, we are underpenetrated in a few regions in Europe, including Germany even.

例如，正如我告訴你的，我們在歐洲的一些地區的滲透率還不夠，甚至包括德國。

So the 3-phase battery is going to come into Germany, that's going to increase our battery volumes.

因此，三相電池將進入德國，這將增加我們的電池產量。

It's going to introduce batteries into many more countries in Europe that's going to increase the volumes.

它將把電池引入歐洲更多國家，從而增加銷售量。

And that, we are still talking about the third-generation battery.

而且，我們仍在談論第三代電池。

In the US, we are going to switch to the fourth-generation battery.

在美國，我們將改用第四代電池。

And that is going to result in a drastic reduction, bill of materials and installation costs like what I said.

正如我所說，這將導致材料清單和安裝成本的大幅減少。

So why did I tell that to you because, therefore, the inventory transition is a little bit easier for us because we have the third generation still shipping for rest of the world, and we will ramp on to the fourth generation.

那麼我為什麼要告訴你這一點，因為庫存過渡對我們來說更容易一些，因為我們的第三代產品仍在向世界其他地區發貨，我們將轉向第四代產品。

So we don't need to have any hard transition.

所以我們不需要進行任何艱難的過渡。

And we expect that transition to be well managed and not leaving any problems in the channel.

我們希望這項過渡能夠得到妥善管理，不會在通路中留下任何問題。

Dimple Gosai, Bank of America.

Dimple Gosai，美國銀行。

Thank you for the question.

謝謝你的提問。

So my understanding is that the increase in ASPs and IRA benefits helped to counter the domestic manufacturing costs and product mix impacts on gross margins.

所以我的理解是，平均售價和個人退休帳戶福利的增加有助於抵消國內製造成本和產品組合對毛利率的影響。

Was this a lever you pulled?

這是你拉的槓桿嗎？

Or how do you think about the sustainability of these higher ASPs going forward?

或者您如何看待這些更高的平均售價未來的可持續性？

Yes.

是的。

I mean it's quite simple, right?

我的意思是這很簡單，對吧？

The cost manufacturing in the US means our cost increases many times by 10% to 15%.

美國製造的成本意味著我們的成本增加了10%到15%很多倍。

So therefore, all we are doing is to make sure that we take care of that in terms of pricing.

因此，我們所做的就是確保我們在定價方面考慮到這一點。

But if you look at the big picture, the few cents of what that we might be adding is creating value of $0.40 to $0.50 a watt for somebody.

但如果你從大局來看，我們可能添加的幾美分可能會為某人創造每瓦 0.40 美元到 0.50 美元的價值。

And that $0.40 to $0.50 of watt can be invested back, can be taken as products and be given to the installers.

這 0.40 美元到 0.50 美元的瓦特可以投資回來，可以作為產品提供給安裝人員。

There are various ways that each TPO will choose to cut it.

每個 TPO 都會選擇多種方式來削減它。

But that's the math.

但這就是數學。

We are generating that value.

我們正在創造這個價值。

We are generating the domestic content.

我們正在製作國內內容。

We are taking a few dollars to do that because in the US manufacturing is a little more expensive.

我們需要花費幾美元來做到這一點，因為美國的製造成本更高。

We are covering for those costs.

我們正在承擔這些費用。

And there is still a lot of value being generated.

而且仍然有很多價值正在產生。

Understood.

明白了。

Kashy Harrison, Piper Sandler.

卡希·哈里森，派珀·桑德勒。

Good afternoon and thank you for taking my questions.

下午好，感謝您回答我的問題。

So my first one, and hopefully, this is in a dumb one.

所以我的第一個，希望是一個愚蠢的。

But -- you highlighted that distribution growth in 3Q was much higher than channels because of the SunPower bankruptcy.

但是，您強調，由於 SunPower 破產，第三季的分銷成長遠高於通路成長。

How do you know that the growth you're seeing in distribution isn't because the bankruptcy occurred and your distribution customers aren't actually just gaining share from SunPower?

您如何知道您所看到的分銷成長不是因為破產的發生以及您的分銷客戶實際上不僅僅只是從 SunPower 獲得份額？

We don't.

我們不這樣做。

But what we know is this, that the time period is too short for installers to adjust their plants, and it typically takes some time for installers to bleed off their current inventory.

但我們知道的是，安裝人員調整設備的時間太短，而且安裝人員通常需要一些時間才能耗盡目前的庫存。

So our projection is there will be some installers who will come through in Q4.

因此，我們的預測是，將有一些安裝人員在第四季度完成安裝。

Majority of the installers will come through from Q1 onwards through the channel.

從第一季開始，大多數安裝人員將透過該管道完成安裝。

The good news is we are working with almost all of them.

好消息是我們正在與幾乎所有人合作。

And the good news is they all know us very well.

好消息是他們都非常了解我們。

We are meeting with them, and they are all making plan for ramping with us.

我們正在與他們會面，他們都在與我們一起制定計劃。

And just a quick follow-up.

只是快速跟進。

A big part of the story going back to your initial -- or the start of your tenure, was just taking out costs year after year and just passing on some of those your customers.

故事的一個重要部分可以追溯到你最初的——或者你任期的開始，只是年復一年地削減成本，並且只是轉移一些你的客戶。

Lately, whether it's the duopoly, inflation, domestic content.

最近，無論是雙寡占、通貨膨脹或國內內容。

It just seems like there haven't really been a lot of cost cuts on the inverter side.

看起來逆變器方面的成本並沒有真正大幅削減。

And I'm just wondering, with IQ9 being released later this year and potentially driving your cost down meaningfully.

我只是想知道，今年稍後發布的 IQ9 可能會顯著降低您的成本。

How are you thinking about potentially returning to the old days of costs out and then passing on some of that to your customers?

您如何考慮回到過去的成本支出時代，然後將其中一些轉嫁給您的客戶？

Thank you.

謝謝。

Yes.

是的。

Basically, if you look at IQ9, our aim, our desire is to deliver increased watts at the same cost installers.

基本上，如果你看看 IQ9，我們的目標、我們的願望是以相同的安裝成本提供更高的瓦數。

So the way we would price that product is appropriate like that, which is utilizing advanced technology like gallium nitride.

因此，我們對該產品的定價方式是合適的，它利用了氮化鎵等先進技術。

We are able to achieve high power with improved form factor and cost.

我們能夠透過改進的外形尺寸和成本來實現高功率。

And how is that possible?

這怎麼可能？

Is -- for example, I'll just describe to you a simple change in the microinverter today, our bread and butter microinverter called IQ8HC.

例如，我今天將向您描述微型逆變器的一個簡單變化，我們的麵包和黃油微型逆變器稱為 IQ8HC。

We have four silicon AC [FETs], which are 600 volt transistors, 600 volt FETs.

我們有四個矽 AC [FET]，即 600 伏特電晶體、600 伏特 FET。

We also have a big transform there, the own transformer that you've seen in our microinverters.

我們在那裡還有一個大型變壓器，您在我們的微型逆變器中看到的自己的變壓器。

Now going to GAM.

現在去GAM。

Four FETs will be replaced by two bidirectional FETs.

四個 FET 將被兩個雙向 FET 取代。

That's car BDS, bidirectional GaN switches, four will become two.

那就是汽車BDS，雙向GaN開關，四個將變成兩個。

And then -- if we run the GaN transistors at an increased frequency, by the way, we can -- we are getting ready to run them at a megahertz in IQ10.

然後 - 如果我們以更高的頻率運行 GaN 晶體管，順便說一句，我們可以 - 我們準備以 IQ10 的兆赫茲運行它們。

If we run them at a high frequency, then what happens is all of sudden, the transformer cost and form factor can come down drastically in addition to many passes components that can come down drastically.

如果我們以高頻率運行它們，那麼突然發生的事情是，除了許多通道組件可以大幅下降之外，變壓器成本和外形尺寸也可以大幅下降。

So that's how we are thinking.

這就是我們的想法。

We are thinking in terms of overall component cost reduction.

我們正在考慮降低總體組件成本。

We'd like to give offer installers 10% higher value that is IQ8HC got a power of 384 watts.

我們希望為安裝人員提供 10% 的高價值，即 IQ8HC 的功率為 384 瓦。

IQ9 product, which will release in second half of next year, will have 27 watts, approximately 10%, 12% higher.

明年下半年發布的IQ9產品功率將達到27瓦，約提高10%、12%。

And we'd like to make sure that is given to installers for a similar price, they buy today, thereby the cost per watt for them is much more efficient.

我們希望確保以類似的價格提供給安裝人員，他們今天購買，使他們的每瓦成本更有效率。

And that's our plan on the microinverters.

這就是我們對微型逆變器的計畫。

Now I already told you about our plans and batteries.

現在我已經告訴你我們的計劃和電池了。

Battery cups are continuously going down.

電池杯不斷下降。

Cell pack costs are continuously going down.

電池組成本不斷下降。

According to a market study, cell back cost will soon be well below $100 per kilowatt hour.

根據市場研究，電池成本很快將遠低於每千瓦時 100 美元。

And with designed the system properly, with neutral farming embedded in the batteries, we are able to drastically reduce the installation costs for batteries, which is you no longer meet complicated back a box.

透過正確設計系統，將中性農業嵌入電池中，我們能夠大幅降低電池的安裝成本，這使您不再遇到複雜的後行李箱。

You only meet the collar.

你只遇到領子。

Collar is not a new concept.

領子並不是一個新概念。

It's been there some time.

它已經在那裡有一段時間了。

We need We meet the battery.

我們需要我們認識電池。

Then we need a combiner box that works with both solar, storage, EV.

然後我們需要一個適用於太陽能、儲存、電動車的匯流箱。

It's got load controlling.

它有負載控制。

So we are trying to integrate.

所以我們正在努力整合。

We are trying to make like seven or eight boxes go down to three -- four or three at the end of the day.

我們正在努力將七、八個盒子減少到三個——一天結束時四個或三個。

So that's on the storage systems side.

這是儲存系統方面的。

I talked about microinverters.

我談到了微型逆變器。

I talked about storage.

我談到了存儲。

Then we are also constantly looking at balance of systems.

然後我們也在不斷地關注系統的平衡。

Balance of system is how can we convert, for example, how can we eliminate our combined mark.

系統的平衡就是我們如何轉換，比如說我們如何消除我們的合分。

What can we do?

我們能做什麼？

Maybe we can eliminate our combiner boxes one day by going to solid-state breakers in the main path.

也許有一天我們可以透過主路徑中的固態斷路器來消除匯流箱。

We are looking at that, and that will potentially take several thousands of dollars out because no longer there would need something to be at start.

我們正在考慮這個問題，這可能會花費數千美元，因為不再需要在開始時做一些事情。

So in almost all of these cases, technology is the end, and that's what we are focused on, GaN technology. it's breaker technology, battery technology, and we will continue to innovate.

所以在幾乎所有這些情況下，技術就是終點，這就是我們關注的重點，GaN 技術。是斷路器技術、電池技術，我們會不斷創新。

And also software, right?

還有軟體，對吧？

Software, the quality of the software AI-powered software can really also improve the homeowner's ROI just by being very intelligent about when to charge the battery, went to discharge the battery, when to buy from the grid, when to sell to the grade.

軟體，軟體的品質人工智慧驅動的軟體確實可以提高房主的投資回報率，只需非常聰明地知道何時為電池充電、去放電電池、何時從電網購買、何時出售到等級。

You're making real-time decisions in software to also improve the homeowners ROI.

您可以在軟體中做出即時決策，同時提高房主的投資報酬率。

That's what we care about hear about at the end.

這就是我們最終關心聽到的內容。

We also have power control system software built into our combiner boxes that can avoid main panel upgrades, again, applying technology, hardware and software technology to improve the homeowners ROI.

我們的匯流箱中還內建了電力控制系統軟體，可以避免主面板升級，再次應用技術、硬體和軟體技術來提高房主的投資回報率。

So we are looking at systems.

所以我們正在研究系統。

We started with solar only, but now we have moved to comprehensive energy systems now.

我們一開始只使用太陽能，但現在我們已經轉向綜合能源系統。

And so we have to look at all elements of the system at itself and how to continue to bring cost down.

因此，我們必須審視系統本身的所有要素，以及如何持續降低成本。

And there are numerous examples that give you on what we're doing to drive these costs down.

有很多例子可以讓您了解我們正在採取哪些措施來降低這些成本。

Maheep Mandloi, Mizuho.

馬希普‧曼德洛伊，瑞穗。

Hey.

嘿。

Thanks for taking the questions.

感謝您提出問題。

Maybe just one quick one on the IQ9 timing.

也許只是簡單介紹一下 IQ9 的計時。

I think you said second half of next year.

我想你說的是明年下半年。

Is that for the commercial or the residential?

是商業用的還是住宅用的？

and if just the commercial then, when do you expect the residential launch?

如果只是商業項目，那麼您預計住宅項目何時推出？

We'll start with the commercial microinverters.

我們將從商用微型逆變器開始。

Commercial microinverters will address 427 watts and 548 watts of AC power.

商用微型逆變器將處理 427 瓦和 548 瓦的交流電源。

They will take care of 3-phase 208 volts and 480 volts.

他們將負責三相 208 伏特和 480 伏特電壓。

But that 480 volts, we face is a brand-new market for us.

但我們面對的480伏特對我們來說是一個全新的市場。

And what we have heard in the small commercial market, which we talk about, which consists of schools as small businesses like restaurants, churches apartments, any small-scale building that you can think of, we've heard that 75% of them are 480 volts, and 25% are 208.

我們在小型商業市場中聽到的，我們談論的，包括學校和小型企業，如餐廳、教會公寓、任何你能想到的小型建築，我們聽說其中 75% 是480伏，25%是208。

Today, we are only addressing the 208.

今天我們只討論208。

And we need -- we are going to expand that fan in the second half of '25.

我們需要—我們將在 25 年下半年擴大風扇規模。

Following that, we will introduce our residential microinverter.

接下來，我們將介紹我們的戶用微型逆變器。

There are 2 flavors there.

那裡有2種口味。

One is the 427-watt residential microinverter that we are talking about.

一種是我們正在討論的427瓦戶用微型逆變器。

And the other is 548 watts for emerging markets, very high power panels, for example, in India, for example panels will be 650 to 700 watts.

另一種是針對新興市場的548瓦非常高功率的面板，例如在印度，面板將是650至700瓦。

Similar in Brazil.

巴西也有類似情況。

Similar in Mexico.

墨西哥也有類似情況。

In many emerging markets -- residential markets, we need a high-power solution, while in the US and Europe, we need for 427-watt solution.

在許多新興市場—住宅市場，我們需要高功率的解決方案，而在美國和歐洲，我們需要427瓦的解決方案。

And that will immediately follow.

這將立即發生。

So we expect to introduce all of it in the second half of 2025.

因此，我們預計將在 2025 年下半年推出所有這些內容。

Got it.

知道了。

And just on the cash, you have almost $1.8 billion now.

僅就現金而言，你現在就擁有近 18 億美元。

And any thoughts on how to deploy that or buybacks or anything any other use going forward here?

關於如何部署、回購或任何其他用途的任何想法？

Yes.

是的。

We look at -- as I said before, we look at 3 things.

正如我之前所說，我們專注於三件事。

One is making sure we have enough capital for expansion whether it's a factory, whether it's a contract manufacturing line, whether it's some of the new line of business, first priority.

一是確保我們有足夠的資本進行擴張，無論是工廠、合約生產線、或一些新業務線，都是首要任務。

Second priority is obviously looking at M&As.

第二要務顯然是考慮併購。

For example, we are quite interested in energy management software.

例如，我們對能源管理軟體非常感興趣。

We are also looking at basically interesting things on EV chargers as they become mainstream, which is bidirectional charging will make AV charger integral part of solar and batteries.

隨著電動車充電器成為主流，我們也在關注電動車充電器上基本有趣的事情，即雙向充電將使 AV 充電器成為太陽能和電池不可或缺的一部分。

So we are looking at that.

所以我們正在研究這個。

We are also looking at commercial batteries, there is scope and opportunities for us.

我們也在考慮商用電池，這對我們來說有空間和機會。

So we are casting a wide net.

因此，我們正在廣泛地撒網。

And of course, with this macro, there are many companies who look at.

當然，有了這個宏，就有很多公司在關注。

But of our standards are very high.

但我們的標準非常高。

We will not buy companies that we think don't fit with us.

我們不會購買我們認為不適合我們的公司。

So we are very selective, but we are looking at many of them.

所以我們非常有選擇性，但我們正在考慮其中的許多。

So that's the second one.

這是第二個。

And then the third is if there is enough cash left over, we do a systematic buyback.

第三，如果剩下足夠的現金，我們會進行系統性的回購。

We've been doing a systematic buyback in the last few quarters, and we expect to do so in consultation with the Board, especially whenever we can be opportunistic and do when there is some pressure on the stock, we will do.

在過去的幾個季度中，我們一直在進行系統性的回購，我們希望在與董事會協商的情況下這樣做，特別是當我們可以機會主義並在股票面臨一些壓力時進行回購，我們就會這樣做。

Got it.

知道了。

There are some tax for taking the questions.

回答問題需要繳一些稅。

Thank you.

謝謝。

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆蘭-史密斯，杰弗里斯。

Hey, guys, I'll make it super quick here.

嘿，夥計們，我會在這裡做得超級快。

Just what's the percent mix of domestic content SKU, 3Q, 4Q and what you expect in the 1Q for US product?

國內內容 SKU、第三季、第四季的比例是多少？

\3Q has not ramped.

\3Q還沒上升。

So I should say, close to 0.

所以我應該說，接近0。

And 4Q, our estimate is anywhere something around 10% is our estimate, 10% to 15% and doing a steady ramp from there on.

第四季度，我們的估計是 10% 左右，從 10% 到 15%，並從此開始穩步成長。

Okay, linear off their baseline.

好吧，與他們的基線成線性關係。

Thank you very much.

非常感謝。

Appreciate it.

欣賞它。

Austin Moeller, Canaccord.

奧斯汀·莫勒，Canaccord。

Good Friday evening.

星期五晚上好。

Thanks for taking my question.

感謝您提出我的問題。

Have you -- do you have any concerns about -- the 30% residential tax credit in the IRA being changed by a new Congress or a new presidency next year?

您是否——您是否擔心——明年新國會或新任總統將改變 IRA 中 30% 的住宅稅收抵免？

And how would that affect your expectations for US growth in the out years?

這將如何影響您對美國未來幾年成長的預期？

So obviously, an ITC is very important for the US market.

顯然，ITC 對美國市場非常重要。

So I think if that gets disrupted at this stage, that would not be good for the for the overall market, I think -- but it would also be bad for the general -- we believe it will be bad for the general economy.

因此，我認為，如果在現階段這種情況受到干擾，那對整個市場不利，但對整體市場也不利，我們認為這對整體經濟不利。

If you look at the fact of the matter is demanding up substantially.

如果你看一下事實，要求就大大提高了。

The electrification is taking place in the homes.

電氣化正在家庭中進行。

People are buying EVs, heat pumps.

人們正在購買電動車、熱泵。

That demand has to be met.

這項要求必須滿足。

We know all the data center demand is going up substantially as well.

我們知道所有資料中心的需求也在大幅成長。

And all of this demand met by a vast majority of the demand is being met immediately by renewals.

所有這些需求的絕大多數都可以透過續訂立即滿足。

And so any hit to a 30% ITC is going to be bad for everybody.

因此，任何 30% ITC 的打擊都會對每個人都不利。

And what the IR is created a lot of job here.

IR 在這裡創造了很多工作。

All the manufacturing has come back here.

所有的製造業都回到了這裡。

So we expect the probability of ITC going away at being very, very low, maybe zero.

因此，我們預期 ITC 消失的可能性非常非常低，甚至可能為零。

Great.

偉大的。

Thank you for your time.

感謝您抽出時間。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Badri Kothandaraman for any closing remarks.

我想將會議轉回巴德里·科坦達拉曼 (Badri Kothandaraman) 發表閉幕詞。

Yes.

是的。

Thank you for joining us today and for your continued support of Enphase.

感謝您今天加入我們並感謝您對 Enphase 的持續支持。

We look forward to speaking with you again next quarter.

我們期待下個季度再次與您交談。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。