Enphase Energy Inc (ENPH) 2024 Q4 法說會逐字稿

Good afternoon, everyone, and welcome to the Enphase Energy's fourth-quarter 2024 financial results conference call. (Operator Instructions) Please also note today's event is being recorded.

大家下午好，歡迎參加 Enphase Energy 2024 年第四季財務業績電話會議。（操作員指示）另請注意，今天的活動正在被記錄。

At this time, I'd like to turn the floor over to Zach Freedman. Please go ahead.

現在，我想把發言權交給札克‧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 fourth-quarter 2024 results. On today's call are Badri Kothandaraman, our President and Chief Executive Officer; Mandy Yang, our Chief Financial Officer; and Raghuveer 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 年第四季的業績。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 Raghuveer Belur。

After the market closed today, Enphase issued a press release announcing the results for its fourth quarter ended December 31, 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.

今天收盤後，Enphase 發布了一份新聞稿，宣布了截至 2024 年 12 月 31 日的第四季業績。在本次電話會議中，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利益相關的陳述。

Our operations including manufacturing, customer service, and supply and demand, anticipated growth in existing and new markets, the timing of new product introductions, and regulatory and tax matters. These forward-looking statements involve significant risks and uncertainties, and our actual results and the timing of events could differ materially from these expectations.

我們的業務包括製造、客戶服務、供需、現有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。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. 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.

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，並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 fourth-quarter 2024 financial results. We reported quarterly revenue of $382.7 million shipped approximately 2 million microinverters and 152 megawatt hours of batteries and generated free cash flow of $159 million. Our overall channel inventory remained normal as we exited the fourth quarter.

下午好，感謝您今天加入我們討論我們的 2024 年第四季財務表現。我們報告的季度收入為 3.827 億美元，出貨了約 200 萬台微型逆變器和 152 兆瓦時的電池，並產生了 1.59 億美元的自由現金流。第四季結束後，我們的整體通路庫存保持正常。

For Q4, we delivered 53% gross margin, 22% operating expenses, and 31% operating income, all as a percentage of revenue on a non-GAAP basis, including the net IRA benefit. Mandy will cover the financials later in the cost.

第四季度，我們的毛利率為 53%，營業費用為 22%，營業收入為 31%，均以非 GAAP 基礎的收入百分比計算，包括淨 IRA 收益。曼迪（Mandy）稍後會承擔費用中的財務部分。

Let's cover customer service. Our worldwide Net Promoter Score was 78% in Q4, the same compared to Q3. Our average call wait time decreased to 2.8 minutes from 4.4 minutes. We are working to further reduce wait times by leveraging AI and rolling out software fixes.

我們來談談客戶服務。我們第四季的全球淨推薦值為 78%，與第三季相同。我們的平均通話等待時間從 4.4 分鐘減少到 2.8 分鐘。我們正在努力利用人工智慧和推出軟體修復來進一步減少等待時間。

Let's talk about operations. Our global capacity is around 7.25 million microinverters per quarter, with 5 million in the US. In Q4, we shipped approximately 1.7 million microinverters from our US contract manufacturing facilities booking 45x production tax credits. We also introduced a higher domestic content SKU for two of our products, the IQ8X microinverter and the IQ8P commercial microinverters in Q4 to help the commercial asset owners qualify for a 10% domestic content ITC adder.

讓我們談談操作。我們的全球產能為每季約 725 萬台微型逆變器，其中美國為 500 萬台。第四季度，我們從美國合約製造工廠出貨了約 170 萬台微型逆變器，獲得了 45 倍的生產稅收抵免。我們也在第四季度為我們的兩款產品 IQ8X 微型逆變器和 IQ8P 商用微型逆變器推出了更高國內含量的 SKU，以幫助商業資產所有者獲得 10% 國內含量 ITC 附加價值的資格。

We now offer higher domestic content microinverters that covers both residential and commercial solar applications and continue to see good demand for these products from lease, PPA, and commercial markets. We expect to ship 1.2 million units, microinverters, from our US contract manufacturing facilities in Q1.

我們現在提供更高國內含量的微型逆變器，涵蓋住宅和商業太陽能應用，並且繼續看到租賃、PPA 和商業市場對這些產品的良好需求。我們預計第一季將從美國合約製造工廠出貨 120 萬台微型逆變器。

We also began shipping the IQ Battery 5Ps, a third-generation battery system from our US contract manufacturing facilities during Q4, utilizing domestically made microinverters, battery management systems, and enclosures while sourcing cell packs from China.

我們也在第四季開始從美國合約製造工廠出貨第三代電池系統 IQ Battery 5Ps，該系統採用國產微型逆變器、電池管理系統和外殼，同時從中國採購電池組。

We shipped 6.7 megawatt hours of batteries from our Texas contract manufacturing facility in Q4. We continue to evolve our sourcing strategy to maximize domestic content opportunities and diversify our geographic exposure.

我們在第四季度從德克薩斯州合約製造工廠運送了 6.7 兆瓦時的電池。我們將繼續改進我們的採購策略，以最大限度地增加國內內容機會並實現地理覆蓋的多元化。

Let's cover the regions. Our US and international revenue mix for Q4 was 79% and 21% respectively. In the US, our revenue increased 6% in Q4 compared to Q3, driven by 11% increase in microinverter sales. This increase was due to strong demand for our higher domestic content microinverters. Our battery sales were down 8% in Q4 compared to Q3 due to lesser channel restocking as we had previously anticipated. Our overall sell-through of products was flat in Q4 compared to Q3. We are generally seeing stable demand in the US, both in California as well as outside of California.

讓我們覆蓋各個地區。我們第四季的美國和國際營收佔比分別為 79% 和 21%。在美國，我們的第四季營收較第三季成長了 6%，這得益於微型逆變器銷量成長了 11%。這一成長是由於市場對我們國產化程度較高的微型逆變器的需求強勁。正如我們之前預期的那樣，由於通路補貨減少，我們第四季的電池銷售額與第三季相比下降了 8%。與第三季相比，我們第四季的產品整體銷售量持平。我們總體上看到美國的需求穩定，無論是加州內還是加州外。

NEM 3.2 currently represents 66% of our installs in California with a 45% attached rate for our own battery. The adoption of batteries is steadily increasing across the US due to new tariff structures like NEM 3, VPP programs, and the need for resilience.

NEM 3.2 目前占我們在加州安裝量的 66%，我們自己的電池連接率為 45%。由於 NEM 3、VPP 計劃等新的關稅結構以及對彈性的需求，美國各地的電池採用率正在穩步增長。

In Europe, our revenue was down 25% in Q4 compared to Q3, while our overall sell-through declined by 13%. The overall business environment across the region is still challenging, but we are maintaining discipline on controlling the channel and expanding our served available market by introducing new products. I'll provide some additional color on key markets in Europe, the Netherlands, followed by France, Germany, and the UK.

在歐洲，我們第四季的營收較第三季下降了 25%，而整體銷售額下降了 13%。整個地區的整體商業環境仍然充滿挑戰，但我們仍在嚴格控制通路並透過推出新產品來擴大我們服務的可用市場。我將提供一些有關歐洲主要市場的額外信息，首先是荷蘭，其次是法國、德國和英國。

In the Netherlands, demand remains weak but has stabilized. The market is transitioning away from solar-only systems to solar plus batteries, which avoids export penalties and allows participation of residential solar plus battery systems in energy markets. We announced new collaborations with two retail energy providers during Q4 that enabled homeowner access to dynamic tariffs and participation in the imbalanced markets, both of which can improve pay back to better than six years, even without net metering.

在荷蘭，需求仍疲軟，但已趨於穩定。市場正在從單純的太陽能係統轉變為太陽能加電池系統轉變，這可以避免出口處罰，並允許住宅太陽能加電池系統參與能源市場。我們在第四季度宣布與兩家零售能源供應商建立新的合作關係，使房主能夠享受動態電價並參與不平衡的市場，即使沒有淨計量，這兩項措施都可以將回報期提高到六年以上。

We expect to announce more partnerships with Dutch energy providers in the future and see gradual improvement in this market as we progress through 2025. We also started shipping our new IQ EV chargers into Netherlands in the fourth quarter.

我們預計未來將與更多荷蘭能源供應商建立合作夥伴關係，並預計到 2025 年市場將逐步改善。我們也於第四季開始向荷蘭運送新的 IQ EV 充電器。

In France, the market is slowing down due to the recent utility rate cuts. France remains a key long-term growth market for us, given our leadership and low solar penetration. We started shipping our IQ EV chargers into France in the fourth quarter. We plan to introduce hot water heater compatibility in Q2, enabling homeowners to do heating with excess solar car green heating.

在法國，由於近期公用事業費率下調，市場正在放緩。鑑於我們的領導地位和較低的太陽能滲透率，法國仍然是我們長期成長的關鍵市場。我們從第四季開始向法國運送我們的 IQ EV 充電器。我們計劃在第二季度推出熱水器相容性，使房主能夠利用多餘的太陽能汽車綠色供暖進行加熱。

We also plan to introduce backup capability for our batteries for enhancing resilience for homeowners. As the feed-in tariffs in France gradually reduce, the value of solar plus batteries along with home energy management continues to rise.

我們還計劃引入電池備用功能，以增強房主的適應能力。隨著法國上網電價的逐步降低，太陽能加電池以及家庭能源管理的價值持續上升。

In Germany, we are excited about a few new products that will expand our reach. In early January, we started shipping the IQ Battery 5P with FlexPhase, a new product, to customers in Germany, Austria, and Switzerland. The early feedback has been very positive, and we see an opportunity to increase share in the region now that we have 3-phase backup capability.

在德國，我們對一些將擴大我們業務範圍的新產品感到非常興奮。1 月初，我們開始向德國、奧地利和瑞士的客戶運送帶有 FlexPhase 的新產品 IQ Battery 5P。早期的回饋非常積極，而且我們看到了現在我們擁有三相備份能力，可以增加該地區的份額的機會。

We also recently started shipping our new IQ EV chargers into Germany. In addition, we expect to introduce our IQ Balcony solar solution in Q2. We believe Enphase microinverters are ideal for small systems, and this product is expected to increase our served available market in Germany by approximately 400 megawatts per year.

我們最近也開始將新的 IQ EV 充電器運送到德國。此外，我們預計將在第二季推出我們的 IQ Balcony 太陽能解決方案。我們相信 Enphase 微型逆變器非常適合小型系統，預計每年將使我們在德國的服務可用市場增加約 400 兆瓦。

A bright spot for us is the UK, where we are growing steadily. We recently announced that our systems are integrated into Octopus Energy's smart import and export tariffs such as the Intelligent Octopus Flux that is designed to optimize the charging and discharging of solar plus battery systems, aiming to provide customers the best rates for buying and selling electricity. We expect to start shipping our new IQ EV chargers into the UK shortly in Q1.

英國對我們來說是一個亮點，我們正在穩步成長。我們最近宣布，我們的系統已整合到 Octopus Energy 的智慧進出口關稅中，例如智慧型 Octopus Flux，旨在優化太陽能和電池系統的充電和放電，旨在為客戶提供購買和銷售電力的最佳價格。我們預計將在第一季度開始向英國運送我們的新型 IQ EV 充電器。

We are still underpenetrated in many countries in Europe, including the UK, Italy, Spain, Belgium, Luxembourg, Switzerland, Austria, and Poland. While each country faces its own unique challenges and opportunities, homeowners are prioritizing safety, reliability, quality, savings, and an all-in-one app experience for their home energy systems which aligns well with our core strengths.

我們在歐洲許多國家的滲透率仍較低，包括英國、義大利、西班牙、比利時、盧森堡、瑞士、奧地利和波蘭。雖然每個國家都面臨著各自獨特的挑戰和機遇，但房主優先考慮家庭能源系統的安全性、可靠性、品質、節約和一體化應用體驗，這與我們的核心優勢非常吻合。

We plan to introduce our entire suite of products, the IQ8 microinverters, both single and 3-phase batteries with backup, new IQ EV chargers, and the AI-powered home energy management software along with the Solargraf installer platform across a lot more European countries throughout 2025.

我們計劃在 2025 年在更多歐洲國家推出我們的全套產品，包括 IQ8 微型逆變器、帶備用電源的單相和三相電池、新型 IQ EV 充電器、AI 家庭能源管理軟體以及 Solargraf 安裝平台。

We continue to make incremental progress in other regions. In India, our IQ8P and IQ8HC, these are the high-powered microinverters. Those sales continue to ramp. And we began shipping the IQ Battery 5P in December. We also recently started shipping the high-powered IQ8P microinverters into Vietnam and Malaysia, further expanding into Southeast Asia.

我們在其他地區繼續取得逐步進展。在印度，我們的 IQ8P 和 IQ8HC 是高功率微型逆變器。其銷售額持續攀升。我們於 12 月開始發售 IQ Battery 5P。我們最近也開始將高功率的 IQ8P 微型逆變器運往越南和馬來西亞，進一步擴展到東南亞。

Additionally, we are building momentum in Thailand and the Philippines, steadily ramping up businesses in these growing markets as demand for high quality, reliable energy solutions continues to rise.

此外，隨著對高品質、可靠能源解決方案的需求不斷增長，我們正在泰國和菲律賓大力發展，穩步擴大這些成長型市場的業務。

Let's cover Japan. We are especially excited about Japan's 1.3-gigawatt solar market, where we recently began piloting installations and planned to ship IQ8HC microinverters in Q2. The Tokyo Metropolitan government subsidies for MLPE makes the market even more attractive for consumers. Japan's solar landscape aligns well with small systems, two to three kilowatts, complex roofs, strong demand for quality. These are all well aligned with our strengths.

讓我們來報道日本吧。我們對日本的 1.3 千兆瓦太陽能市場特別感興趣，我們最近開始在該市場試行安裝，並計劃在第二季度推出 IQ8HC 微型逆變器。東京都政府對 MLPE 的補貼使得該市場對消費者更具吸引力。日本的太陽能前景與小型系統、兩到三千瓦、複雜的屋頂和強烈的品質需求一致。這些都與我們的優勢非常契合。

Let's come to Q1 guidance. We are guiding revenue in the range of $340 to $380 million. We anticipate recognizing approximately $50 million in Safe Harbor revenue in Q1, partially offsetting seasonality. We define Safe Harbor revenue as any sales made to customers who plan to install the inventory over more than one year. We are approximately 85% booked to the midpoint of our overall revenue guidance. We expect to ship between 150 and 170 megawatt hours of IQ batteries, slightly higher than Q4.

讓我們來看看第一季的指引。我們預計營收在 3.4 億美元至 3.8 億美元之間。我們預計第一季的 Safe Harbor 收入約為 5,000 萬美元，部分抵銷季節性影響。我們將安全港收入定義為向計劃在一年以上的時間內安裝庫存的客戶進行的任何銷售。我們的預訂量已達到總收入預期的中位數約 85%。我們預計 IQ 電池的出貨量在 150 至 170 兆瓦時之間，略高於第四季。

Before we talk about new products, let's discuss the growing importance of energy market participation. In many markets worldwide, REPs, or regional energy providers, and VPP programs are offering homeowners attractive ROI by utilizing their solar plus battery systems to buy and sell energy.

在我們討論新產品之前，讓我們先討論一下能源市場參與日益增長的重要性。在全球許多市場中，REP（即區域能源供應商）和 VPP 計劃透過利用太陽能加電池系統來購買和出售能源，為房主提供了相當吸引力的投資回報率。

We believe Enphase Energy systems offer best-in-class reliability, customer support, and API integration which are important for REPs and VPP programs. We look forward to sharing with you our progress in these markets as we go through 2025.

我們相信 Enphase Energy 系統提供一流的可靠性、客戶支援和 API 集成，這對於 REP 和 VPP 計劃至關重要。我們期待與您分享我們在 2025 年在這些市場的進展。

Let's cover new products starting with IQ batteries. As I said before, our third-generation battery continues to gain traction in the US as well as worldwide. In the US, we introduced two key system enhancements to improve flexibility and reduce costs. The first is Busbar Power Control software which allows homeowners to install larger solar and battery systems without costly main panel upgrades.

讓我們從 IQ 電池開始介紹新產品。正如我之前所說，我們的第三代電池在美國和世界各地持續受到歡迎。在美國，我們引入了兩個關鍵的系統增​​強功能，以提高靈活性並降低成本。第一個是母線電源控制軟體，它允許房主安裝更大的太陽能和電池系統，而無需昂貴的主面板升級。

The second is power control software for NEM expansion, enabling homeowners in California to expand legacy NEM systems without any penalty. These advancements provide homeowners with increasing flexibility and cost savings and are being well received by installers.

第二個是用於 NEM 擴展的電源控制軟體，使加州的房主能夠擴展傳統的 NEM 系統而不受任何處罰。這些進步為房主提供了更大的靈活性和成本節省，並受到安裝人員的一致好評。

We are making excellent progress with our fourth-generation IQ Battery which offers 60% less wall space, thanks to its integrated battery management and power conversion architecture. The battery pairs with our IQ Meter Collar and new enhanced Combiner, reducing installed costs by approximately $300 per kilowatt hour for a typical backup system, making us highly competitive across all use cases.

我們的第四代 IQ 電池取得了巨大進展，由於其整合的電池管理和電源轉換架構，其佔用的牆壁空間減少了 60%。電池與我們的 IQ Meter Collar 和新增強型組合器配對，可將典型備用系統的安裝成本降低約每千瓦時 300 美元，使我們在所有用例中都具有很強的競爭力。

We have achieved UL compliance for the Meter Collar, and we are now working on getting approval from the California utilities. We expect to pilot our fourth-generation battery in the US in the first quarter.

我們的電錶環已獲得 UL 認證，目前正在努力獲得加州公用事業公司的批准。我們預計將在第一季在美國試用我們的第四代電池。

The IQ8P-3P Commercial Microinverter, with its new 3-phase cabling system, is ideal for 208-volt small commercial solar installs between 20 and 200 kilowatts. We have over 516 sites in the US, with an average size of 40 kilowatts, and the feedback so far has been positive. These 3-phase microinverters are now shipping from the US with increased domestic content, offering a 10% ITC added for commercial asset owners, which should drive up demand even further.

IQ8P-3P 商用微型逆變器採用全新的三相電纜系統，非常適合 20 至 200 千瓦之間的 208 伏特小型商用太陽能裝置。我們在美國有超過 516 個站點，平均規模為 40 千瓦，到目前為止的回饋都是正面的。這些三相微型逆變器目前從美國發貨，國內內容增加，為商業資產所有者提供了 10% 的附加 ITC，這將進一步推高需求。

One more positive thing to note is that our IQ8 residential and commercial microinverters are now in compliance with the Build America Buy America Act, BABA.

值得注意的另一個積極因素是，我們的 IQ8 家用和商用微型逆變器現已符合「建設美國購買美國法案」（BABA）。

Let me provide an update on IQ9 powered by gallium nitride technology. The IQ9 family is built for higher DC input currents handling up to 18 amperes versus IQ8, which handles up to 14 amperes. IQ9 also supports a wide range of AC grid voltages including 240 volts, 208 volts, and 480 volts for both residential and commercial markets.

讓我提供一下有關採用氮化鎵技術的 IQ9 的最新動態。IQ9 系列可處理更高的直流輸入電流，高達 18 安培，而 IQ8 則可處理高達 14 安培。IQ9 還支援多種交流電網電壓，包括適用於住宅和商業市場的 240 伏特、208 伏特和 480 伏特。

Leveraging again high voltage transistors, these microinverters deliver high AC output power of 427 watts and 548 watts at a lower cost. We remain on track to launch IQ9 in the second half of this year for both residential and commercial markets with a significant SAM expansion driven by compatibility with 480 volts AC commercial systems.

這些微型逆變器再次利用高壓晶體管，以較低的成本提供 427 瓦和 548 瓦的高交流輸出功率。我們仍計劃在今年下半年向住宅和商業市場推出 IQ9，並透過與 480 伏特交流電商用系統的兼容性實現 SAM 的大幅擴展。

Let's dive into EV charging. We started shipping our new IQ EV charger across several countries in Europe, tapping into a $1.4 billion-dollar annual market. The next-generation smart charger is designed to work seamlessly as part of our Enphase Energy system or as a powerful standalone charger.

讓我們深入了解電動車充電。我們開始向歐洲多個國家運送我們的新型 IQ EV 充電器，進入每年 14 億美元的市場。下一代智慧充電器旨在作為我們的 Enphase Energy 系統的一部分或強大的獨立充電器無縫運作。

Key features of this new IQ EV charger include dynamic phase switching and fine grain current control for efficient green charging, dynamic load balancing, ISO 15118 support for AC bidirectional vehicle expansion. And compatibility with MID meter for Germany, as well as compatibility with OCPP cloud software 2.01, making it a very comprehensive and future ready solution.

這款新型 IQ EV 充電器的主要特性包括動態相位切換和細粒度電流控制，可實現高效綠色充電、動態負載平衡、ISO 15118 支持，以實現交流雙向車輛擴展。並且相容於德國 MID 電錶，以及 OCPP 雲端軟體 2.01，使其成為一個非常全面且面向未來的解決方案。

In Q4, we began shipping the IQ PowerPack 1500 products to customers in the US and Canada. This 1.5-kilowatt hour smart portable energy system incorporates all of Enphase's core technologies of power conversion, battery management, and software. You should think about it as Enphase in a box.

在第四季度，我們開始向美國和加拿大的客戶運送 IQ PowerPack 1500 產品。這款 1.5 千瓦時智慧型便攜式能源系統採用了 Enphase 的所有電源轉換、電池管理和軟體核心技術。您應該將它想像成盒子裡的 Enphase。

During the recent LA fires, Enphase donated PowerPack 1500s along with an organization called Empowered by Light to support relief efforts with some firefighters who were using them to power their communications gear. We are excited to enter this growing consumer market and plan to expand the power pack globally in 2025.

在最近的洛杉磯火災中，Enphase 與一個名為 Empowered by Light 的組織一起捐贈了 PowerPack 1500s 來支援救援工作，一些消防員使用這些電池為他們的通訊設備供電。我們很高興進入這個不斷成長的消費市場，並計劃在 2025 年在全球擴展電源組。

Let's talk briefly about Solargraf, our installer platform. We added a lot of new features to Solargraf in 2024 with ease of doing design as a goal. Solargraf is now available to installers in the US, Canada, Brazil, Germany, Austria, Netherlands, France with plans to expand into more countries in the coming quarters.

讓我們簡單談談我們的安裝程式平台 Solargraf。我們在 2024 年為 Solargraf 增加了許多新功能，以便於設計。Solargraf 目前可供美國、加拿大、巴西、德國、奧地利、荷蘭、法國的安裝商使用，並計劃在未來幾季擴展到更多國家。

Looking ahead, we are working on key enhancements to Solargraf, including auto-roof detection, ultrafast proposals, UI/UX overhaul, and expanded CNI features, making Solargraf even more powerful and intuitive.

展望未來，我們正在對 Solargraf 進行關鍵增強，包括自動屋頂檢測、超快速提案、UI/UX 大修和擴展的 CNI 功能，使 Solargraf 更加強大和直觀。

Let me conclude, we successfully navigated a challenging 2024, generating strong free cash flow and profitability while bringing down channel inventory to normalized levels. We entered 2025 with a continued focus on operational efficiency, product reliability, customer service, product breadth, and geographic expansion.

總而言之，我們成功度過了充滿挑戰的 2024 年，創造了強勁的自由現金流和獲利能力，同時將通路庫存降至正常水平。進入 2025 年，我們將繼續專注於營運效率、產品可靠性、客戶服務、產品廣度和地理擴展。

We have also doubled down on US manufacturing for microinverters and batteries, which we believe is good for our customers, economy, and for. There is some uncertainty around government policies for our industry, both in the US and abroad, but one trend is very clear. Centralized grids need more support to keep up with the increased electricity demand.

我們也加倍投入美國微型逆變器和電池的生產，我們相信這對我們的客戶、經濟以及其他方面都有好處。無論美國國內或國外，政府對我們產業的政策都存在一些不確定性，但有一個趨勢非常明顯。集中式電網需要更多的支援才能滿足日益增長的電力需求。

Unsubsidized free markets are increasingly turning to distributed energy systems to help balance the grids through RETs and VPP programs. We see this trend increasing and getting stronger as we look ahead and believe we are well positioned there.

無補貼的自由市場正越來越多地轉向分散式能源系統，透過再生能源目標和虛擬電力生產計劃 (VPP) 來幫助平衡電網。展望未來，我們看到這種趨勢正在不斷增強，我們相信我們已做好準備。

We believe our new products will help drive gradual revenue growth throughout 2025 with Safe Harbor ordering in the US having the potential to accelerate growth as we progress into the second half of 2025. We remain committed to delivering best-in-class solutions and are energized by the road ahead.

我們相信，我們的新產品將有助於推動 2025 年全年的收入逐步成長，而隨著我們進入 2025 年下半年，美國的安全港訂單有可能加速成長。我們始終致力於提供一流的解決方案，並對未來的道路充滿信心。

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

說完這些，我將把電話轉給 Mandy，讓她審查我們的財務狀況。曼迪？

Thanks, Badri, and good afternoon, everyone. I will provide more details related to our fourth quarter of 2024 financial results, as well as our business outlook for the first quarter of 2025. We have provided reconciliation of this non-GAAP to GAAP financial measures in our earnings release posted today, which can also be found in the IR section of our website.

謝謝，巴德里，大家下午好。我將提供更多與我們 2024 年第四季財務業績以及 2025 年第一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非 GAAP 與 GAAP 財務指標的對帳表，您也可以在我們網站的 IR 部分找到該對帳表。

Total revenue for Q4 was $382.7 million. We ship approximately 878 megawatts DC of microinverters and 152.4 megawatt hours of IQ batteries in the quarter. Non-GAAP gross margin for Q4 was 53.2%, compared to 48.1% in Q3. GAAP gross margin was 51.8% for Q4, compared to 46.8% in Q3. Non-GAAP gross margin without net IRA benefit for Q4 was 39.7%, compared to 38.9% in Q3. GAAP and non-GAAP gross margin for Q4 included $51.9 million of net IRA benefits.

第四季總營收為 3.827 億美元。本季度，我們出貨了約 878 兆瓦直流微型逆變器和 152.4 兆瓦時的 IQ 電池。第四季非公認會計準則毛利率為 53.2%，第三季為 48.1%。第四季 GAAP 毛利率為 51.8%，第三季為 46.8%。第四季不含淨 IRA 收益的非 GAAP 毛利率為 39.7%，第三季為 38.9%。第四季的 GAAP 和非 GAAP 毛利包括 5,190 萬美元的淨 IRA 福利。

Non-GAAP operating expenses were $83.3 million for Q4, compared to $81.6 million for Q3. The increase was driven by higher R&D expenses related to the launch of multiple new products in the first half of 2025. We continue to invest in new products, customer service, and geographic expansion.

第四季非公認會計準則營業費用為 8,330 萬美元，而第三季為 8,160 萬美元。成長的主要原因是 2025 年上半年推出多款新產品導致研發費用增加。我們將繼續投資於新產品、客戶服務和地理擴張。

We implemented a restructuring plan in November 2024 to reduce our operating costs and align our workforce and cost structure with current market conditions. We expect to reduce our non-GAAP operating expenses to be in the range of $75 million to $80 million a quarter by the second quarter of 2025.

我們於 2024 年 11 月實施了重組計劃，以降低營運成本並使我們的勞動力和成本結構與當前的市場狀況保持一致。我們預計到 2025 年第二季度，非 GAAP 營運費用將減少至每季 7,500 萬美元至 8,000 萬美元之間。

GAAP operating expenses were $143.5 million for Q4, compared to $128.4 million for Q3. GAAP operating expenses for Q4 included $47.9 million of stock-based compensation expenses, $2.9 million of amortization for acquired intangible assets, and $9.4 million of restructuring and asset impairment charges.

第四季 GAAP 營業費用為 1.435 億美元，而第三季為 1.284 億美元。第四季的 GAAP 營業費用包括 4,790 萬美元的股票薪酬費用、290 萬美元的收購無形資產攤銷費用以及 940 萬美元的重組和資產減損費用。

On a non-GAAP basis, income from operations for Q4 was $125.9 million, compared to $101.4 million for Q3. On a GAAP basis, income from operations was $54.8 million for Q4, compared to $49.8 million for Q3. On a non-GAAP basis, net income for Q4 was $125.9 million, compared to $88.4 million for Q3. This resulted in non-GAAP diluted earnings per share of $0.94 for Q4, compared to $0.65 for Q3.

以非公認會計準則計算，第四季營業利潤為 1.259 億美元，而第三季營業利潤為 1.014 億美元。根據 GAAP 標準，第四季營業收入為 5,480 萬美元，而第三季營業收入為 4,980 萬美元。以非公認會計準則計算，第四季淨收入為 1.259 億美元，而第三季淨收入為 8,840 萬美元。這導致第四季度非 GAAP 稀釋每股收益為 0.94 美元，而第三季為 0.65 美元。

GAAP income for Q4 was $62.2 million, compared to $45.8 million for Q3. This resulted in GAAP diluted earnings per share of $0.45 for Q4, compared to $0.33 for Q3. We exited Q4 with a total cash, cash equivalent, retreated cash and marketable securities balance of $1.72 billion, compared to $1.77 billion at the end of Q3.

第四季 GAAP 營收為 6,220 萬美元，而第三季為 4,580 萬美元。這導致第四季度的 GAAP 稀釋每股收益為 0.45 美元，而第三季的 GAAP 稀釋每股收益為 0.33 美元。我們在第四季結束時的總現金、現金等價物、回籠現金和有價證券餘額為 17.2 億美元，而第三季末為 17.7 億美元。

As our 2025 [converse] is coming due in March this quarter, we plan to use our existing cash to pay off the entire principal balance of approximately $102 million. As part of our $1 billion share repurchase program authorized by our Board of Directors in July 2023, we repurchased 2,883,438 shares of our common stock in Q4 at an average price of $69.25 per share for a total of approximately $199.7 million. We have a remaining $398 million authorized for further share repurchases.

由於我們的 2025 年 [Converse] 將於本季 3 月到期，我們計劃使用現有現金償還約 1.02 億美元的全部本金餘額。作為我們董事會於 2023 年 7 月批准的 10 億美元股票回購計畫的一部分，我們在第四季以每股 69.25 美元的平均價格回購了 2,883,438 股普通股，總額約為 1.997 億美元。我們還有剩餘的 3.98 億美元授權用於進一步股票回購。

In addition, we spend approximately $5 million by withholding shares to cover taxes for employees stock vesting and options in Q4. That reduced the diluted shares by 68,532 shares. We expect to continue this anti-dilution plan.

此外，我們還花費約 500 萬美元扣留股份，以支付第四季度員工股票歸屬和選擇權的稅金。這減少了 68,532 股稀釋股份。我們希望繼續這項反稀釋計劃。

In Q4, we generated $167.3 million in cash flow from operations and $159.2 million in free cash flow, including approximately $110 million of customer prepayments. Capital expenditure was $8.1 million for Q4, compared to $8.5 million for Q3. We expect our capital expenditure to stay within $50 million in 2025.

第四季度，我們產生了 1.673 億美元的營運現金流和 1.592 億美元的自由現金流，其中包括約 1.1 億美元的客戶預付款。第四季的資本支出為 810 萬美元，而第三季的資本支出為 850 萬美元。我們預計 2025 年的資本支出將維持在 5,000 萬美元以內。

Now let's discuss our outlook for the first quarter of 2025. We spend our revenue for Q1 to be within the range of $340 million to $380 million, which includes shipments of 150 megawatt to 170 megawatt hours of IQ batteries.

現在讓我們來討論一下對 2025 年第一季的展望。我們第一季的營收預計在 3.4 億美元至 3.8 億美元之間，其中包括 150 兆瓦至 170 兆瓦時的 IQ 電池出貨量。

In December 2024, we signed a Safe Harbor sales agreement for a total amount of approximately $95 million to ship in the first half of 2025. As Badri mentioned, we define Safe Harbor revenue as any sales made to customers who plan to install the inventory over more than a year. The first quarter of 2025 revenue outlook includes approximately $50 million from the Safe Harbor sales agreement.

2024 年 12 月，我們簽署了安全港銷售協議，總金額約為 9,500 萬美元，將於 2025 年上半年出貨。正如巴德里所提到的，我們將安全港收入定義為向計劃在一年以上安裝庫存的客戶進行的任何銷售。2025 年第一季的營收預期包括來自 Safe Harbor 銷售協議的約 5,000 萬美元。

Although we received a lump sum of $95 million due to Safe Harbor for expected shipments in the first half of 2025. Under normal circumstances, this would have been recognized organically over eight quarters at an average of approximately $12 million per quarter. Going forward, the $12 million should be considered as part of the baseline each quarter to reflect the two run rate of our business.

儘管我們因安全港協議而收到了一筆 9500 萬美元的款項，用於預計 2025 年上半年的發貨。在正常情況下，這將在八個季度內自然實現，平均每季約為 1200 萬美元。展望未來，這 1200 萬美元應被視為每個季度基線的一部分，以反映我們業務的兩次運行率。

Coming back to Q1 guidance, we expect gross margin to be within a range of 46% to 49%. We expect non-GAAP gross margin to be within a range of 48% to 51% with net IRA benefit and 38% to 41% before net IRA benefit. Non-GAAP gross margin is good stock-based compensation expense and acquisition-related amortization. We expect the net IRA benefit would be between $36 million and $39 million, an estimated shipments of 1.2 million units of US-made microinverters in Q1.

回顧第一季的預期，我們預計毛利率將在 46% 至 49% 之間。我們預計，計入淨 IRA 收益後非 GAAP 毛利率將在 48% 至 51% 之間，計入淨 IRA 收益前非 GAAP 毛利率將在 38% 至 41% 之間。非公認會計準則毛利率是良好的股票薪酬費用和收購相關攤銷。我們預計 IRA 淨收益將在 3,600 萬美元至 3,900 萬美元之間，預計第一季美國製造的微型逆變器出貨量為 120 萬台。

We expect our GAAP operating expenses to be within the range of $143 million to $147 million, including approximately $62 million estimated for stock-based compensation expense, acquisition-related expenses and amortization, and restructuring and asset impairment charges.

我們預計我們的 GAAP 營業費用將在 1.43 億美元至 1.47 億美元之間，其中包括約 6,200 萬美元的股票薪酬費用、收購相關費用和攤銷以及重組和資產減損費用。

We expect our non-GAAP operating expenses to be within the range of $81 million to $85 million. We expect our GAAP and non-GAAP annualized effective tax rate, excluding discrete items for 2025 to be at 18% plus or minus 1% with IRA benefits.

我們預計非公認會計準則下的營業費用將在 8,100 萬美元至 8,500 萬美元之間。我們預計，2025 年 GAAP 和非 GAAP 年度有效稅率（不包括單一項目）為 18%，加上或減去 IRA 福利為 1%。

In closing, we manage well with our financial discipline through a difficult global environment in 2024. We maintain profitability and strong growth margins. In addition, we generated approximately $480.1 million of free cash flow in 2024 and exited the year with $1.72 billion in cash, cash equivalent, retreated cash, and marketable securities, while repurchasing 4.5 million shares of our common stock for approximately $391.4 million.

最後，我們在 2024 年艱難的全球環境中很好地管理了財務紀律。我們保持獲利能力和強勁的成長利潤率。此外，我們在 2024 年產生了約 4.801 億美元的自由現金流，並在年底時持有 17.2 億美元的現金、現金等價物、回購現金和有價證券，同時以約 3.914 億美元回購了 450 萬股普通股。

With that, I will open the line for question.

現在，我將開始回答大家的提問。

Ladies and gentlemen, at this time, we will begin the question-and-answer session. (Operator Instructions)

女士們、先生們，現在我們開始問答環節。（操作員指令）

Brian Lee, Goldman Sachs.

高盛的布萊恩李 (Brian Lee)。

Hey, everyone, good afternoon. Thanks for taking the question and good job on the quarter here. Maybe for Mandy or Badri, just trying to understand the guidance because there's a little bit of moving parts with the Safe Harbor.

大家好，下午好。感謝您回答這個問題，祝您本季工作順利。也許對於 Mandy 或 Badri 來說，只是想了解指導，因為安全港有一些活動部件。

So if we take the $50 million out, obviously, that's implying like a baseline of $310 million for Q1 and, if we look at the past three years or so, typical seasonality may be up like High single digits sequentially in the 2Q. And then we add a $45 million on top of that to be recognized as we think about the framework for Q2 modeling and then just -- is there a visibility for any more Safe Harbor revenue, as you move through the year, second half. What are your customer discussions around that?

因此，如果我們拿出 5000 萬美元，顯然這意味著第一季的基線為 3.1 億美元，如果我們回顧過去三年左右，典型的季節性因素可能會在第二季度連續上升高個位數。然後，我們在考慮第二季建模框架時，又增加了 4,500 萬美元，那麼，隨著今年下半年的到來，是否還會出現更多的安全港收入？您的客戶對此有何討論？

Yeah, so let me just give a brief on that. The way you should think about the $95 million Safe Harbor we think is, there's $95 million if it had not been for Safe Harbor. Would have been recognized over eight quarters, that's approximately $12 million a quarter of core revenue. So when you talk about the $310 million, I would add another $12 million to it, that makes it $322 million. So take roughly the $380 million in Q4, $382 million, and going down to $322 million that is in line with about 15% seasonality, that is typically expected from Q4 into Q1.

是的，那麼讓我簡單介紹一下這一點。我們認為，您應該這樣看待 9,500 萬美元的安全港計劃：如果沒有安全港計劃，就會有 9,500 萬美元。這將在八個季度內得到確認，即每季的核心收入約為 1200 萬美元。因此，當您談到 3.1 億美元時，我會再增加 1200 萬美元，這樣就達到了 3.22 億美元。因此，將第四季的 3.8 億美元大致計算為 3.82 億美元，然後降至 3.22 億美元，這符合約 15% 的季節性，這通常是從第四季到第一季的預期。

To answer your question, is there any more Safe Harbor deals that will be done later this year? We don't know. But of course there is some drive towards Safe Harbor. One is we saw the domestic content guidance basically reducing for inverters as well as for racking. So that's one incentive.

回答你的問題，今年稍後還會有更多的安全港交易嗎？我們不知道。但當然也存在一些朝向安全港邁進的動力。一是我們看到逆變器和機架的國產化指導基本上減少。這是一種激勵。

Second incentive is, obviously, if there is anything on the step downs, for ITC for example, you know, some customers may want to take that into consideration and do Safe Harbor. So we are having those discussions with the customers and we will inform you, hopefully, in the next conference call if there is anything more.

第二個激勵因素顯然是，如果有任何關於降級的事情，例如對於 ITC，你知道，一些客戶可能希望考慮到這一點並採取安全港措施。所以我們正在與客戶進行這些討論，如果有更多消息，我們將在下次電話會議中通知您。

Okay, fair enough. And then maybe just a follow up question. You're starting off the year with some good momentum on the battery storage front just based on the volume guidance here for Q1. But you're also in the midst of, like you said, piloting the new 10C battery and just wondering how much of this is sort of phasing out the older-generation battery.

好吧，夠公平。然後也許只是一個後續問題。僅根據第一季的銷售預期，您今年在電池儲存方面就取得了良好的開端。但正如您所說，您也正在嘗試新的 10C 電池，並想知道其中有多少會逐步淘汰老一代電池。

What kind of visibility do you have on picking up new volume, maybe market share as you move through 2Q and beyond on the 10C and should we expect in their pocket or are you expecting kind of sequential growth on battery storage volumes throughout the balance of the year, similar to kind of what you've seen in past years. Thank you.

隨著第二季及以後 10C 的到來，您對新容量、市場份額的增加有什麼樣的預期，我們是否應該期待他們的收入，或者您是否預計全年電池儲存量會出現連續增長，類似於您在過去幾年看到的情況。謝謝。

Yeah, good question. We do expect to sequentially grow in batteries throughout 2025. If you see what happened in 2024, our sell-through gradually increased through 2024. Basically, you know, let me cover two things. Internationally, we have the third-generation battery, and it was by and large, a battery that was for grid-type applications in Europe because the power is relatively stable there.

是的，好問題。我們確實預計 2025 年電池銷量將持續成長。如果您了解 2024 年發生的情況，您會發現我們的銷售量在 2024 年逐漸增加。基本上，讓我講兩件事。在國際上，我們有第三代電池，基本上，這種電池適用於歐洲的電網型應用，因為那裡的電力相對穩定。

Now what we did, and you know I'm not sure whether you've got it, we have introduced variant of that battery called FlexPhase. FlexPhase is a battery that is capable of operating in either 3-phase or a single-phase configuration. And it can do back up on all three phases.

現在我們所做的是，你知道我不確定你是否明白，我們推出了這種電池的變體，稱為 FlexPhase。FlexPhase 是一種能夠在三相或單相配置下運作的電池。並且可以對所有三個階段進行備份。

It is perhaps the smallest AC-coupled battery that can do backup on all three phases. And in some regions like Germany, Austria, and Switzerland, backup is more an emotional requirement than a need. So they're all worried about energy security, and so we introduced this FlexPhase battery, and we expect to convert entire Europe to the FlexPhase battery in 2025.

它可能是最小的可以在所有三個階段進行備份的交流耦合電池。在德國、奧地利和瑞士等一些地區，備份更多的是情感需求，而非需求。所以他們都擔心能源安全，所以我們推出了這款 FlexPhase 電池，我們預計在 2025 年整個歐洲將改用 FlexPhase 電池。

So that's the dynamics in Europe. And by the way, every emerging market will need 3-phase battery with backup. The US is a little bit unique. We have single phase here and so in the US, which we are very excited about, we are working on the fourth-generation battery.

這就是歐洲的動態。順便說一句，每個新興市場都需要備用功能的三相電池。美國有一點獨特。我們這裡有單相電池，因此在美國，我們對此感到非常興奮，我們正在研發第四代電池。

That fourth-generation battery is got a much smaller footprint, the wall space is 60% smaller. And we are able to do that because we are able to combine our power conversion battery management, into, you know, we're able to integrate and able to achieve a much smaller form factor.

第四代電池的佔地面積更小，牆壁空間縮小了 60%。我們之所以能夠做到這一點，是因為我們能夠將我們的電源轉換電池管理融入其中，你知道，我們能夠整合並實現更小的尺寸。

So basically, we are very excited about that battery. And then another important development there is this battery will work along with the Meter Collar for backup in addition to a new Combiner that we'll also release in the same time.

所以基本上，我們對該電池感到非常興奮。另一個重要的進展是，除了我們將同時發布新的組合器之外，該電池還將與 Meter Collar 一起工作以提供備用電源。

So originally, we had another component called System Controller, that's going away now, replaced by a combination of the Meter Collar and the Combiner, substantially cheaper. Basically, all the labor in installing the System Controller goes away. Neck net what happens, like I talked about, we reduced the installation cost by $300 per kilowatt hour, making both grid-type as well as backup systems, easy to install with Enphase.

最初，我們有另一個稱為系統控制器的組件，現在這個組件已經不存在了，取而代之的是儀表環和組合器的組合，這樣便宜得多。基本上，安裝系統控制器的所有勞動都消失了。頸網會發生什麼情況，就像我說過的，我們將安裝成本降低了每千瓦時 300 美元，使得電網型系統和備用系統都易於透過 Enphase 安裝。

And following up on that, we have achieved UL compliance on the meter cover. We are now working to gain the approval of the California Utilities. We expect to pilot our energy systems in March of this quarter. And then we do expect to get strong traction from installers.

隨後，我們的電錶蓋已符合 UL 標準。我們目前正在努力獲得加州公用事業局的批准。我們預計將於本季三月試行我們的能源系統。然後我們確實期望獲得安裝人員的強大支援。

We have had multiple meetings with installers. We've introduced the battery, we have had excellent reception, and we look forward to ramping and growing the business continuously.

我們已經與安裝人員舉行了多次會議。我們已經推出了電池，並獲得了極大的反響，我們期待著業務的不斷擴大和成長。

Phil Shen, Roth Capital Partners.

羅斯資本合夥公司的 Phil Shen。

Everyone, thanks for taking my questions. Had a few follow ups on the Safe Harbor. Can you share with us if there was any Safe Harbor revenue in Q4. And then of the $50 million of Safe Harbor and Q1, and maybe $95 million total, how -- what's the split between micros and batteries. And then also, can you share who the $95 million dollar Safe Harbor's with, if you can't share the name, just direction what kind of player and so forth. Thank you.

大家好，謝謝你們回答我的問題。安全港進行了一些跟進。您能否與我們分享第四季度是否有任何安全港收入。那麼，在 Safe Harbor 和 Q1 的 5000 萬美元以及總共 9500 萬美元中，微型計算機和電池之間的分配是多少。另外，您能否分享 9500 萬美元安全港的簽約方是誰？謝謝。

Yeah, we are not going to share any customer names. The Safe Harbor is mostly on microinverters. And then the answer in Q4 is there is -- we define deliberately this time Safe Harbor as essentially what we expect will be installed over one year time frame.

是的，我們不會透露任何客戶姓名。安全港主要針對微型逆變器。那麼第四季度的答案是——我們特意將這次安全港定義為基本上我們預計將在一年的時間範圍內安裝的內容。

There are a few small deals that, are run rate deal, that will get consumed in one to two quarters that happened at a much smaller rate. We do not consider them Safe Harbor. They are usual run rate business. The $95 million is what we considering Safe Harbor, and you should think about that as $12 million of core revenue per quarter.

有一些小交易是按運行率交易，將在一到兩個季度內完成，而且發生的速度要小得多。我們不認為它們是安全港。這些都是正常的經營業務。9500 萬美元是我們認為的安全港金額，您應該將其視為每季 1200 萬美元的核心收入。

Okay. Got it. Thank you. And then in terms of -- on a go-forward basis, I think Brian was talking about how sequentially Q2 could be up single-digit, high-single digits quarter over quarter in terms of growth, for revenue. Can you, in order to get to maybe $1.5 billion of revenue for the year, do you think you can hit $400 million per quarter run rate, maybe in the back half of the year.

好的。知道了。謝謝。然後就未來而言，我認為布萊恩談論的是第二季的營收成長如何比上一季成長個位數、高個位數。為了實現全年 15 億美元的收入，您認為您能達到每季 4 億美元的營業額嗎，也許是在今年下半年？

I know you don't provide official guidance but wanted to just get a feel for what the cadence might be for the rest of the year. And then shifting to tariffs for just a moment. We've learned a lot about this anode ADCVD. You know, there could be 850% type tariffs on the anode part of the battery.

我知道您沒有提供官方指導，但只是想了解今年剩餘時間的節奏。然後我們暫時轉向關稅討論。我們已經了解了很多關於這種陽極 ADCVD 的知識。你知道，電池陽極部分可能會被徵收 850% 的關稅。

To what degree are you guys preparing for that? And how can you deal with it, overall, given that retroactive terrorist could become effective sometime this month? Thank you.

你們為此做了哪些程度的準備？鑑於追溯性恐怖攻擊可能在本月某個時候生效，您總體上將如何應對？謝謝。

Yeah, we don't provide guidance for the second quarter or the rest of the year, but I'm extremely excited by both our progress on new products. We are introducing a whole array of new products. You saw in Q4, we introduced the new EV charger into a $1.4 billion available market. We introduced our IQ portable energy system, which we plan to extend other places.

是的，我們沒有提供第二季或今年剩餘時間的業績指引，但我對我們在新產品方面的進展感到非常興奮。我們正在推出一系列新產品。您在第四季度看到，我們將新型電動車充電器引入了價值 14 億美元的可用市場。我們推出了 IQ 便攜式能源系統，並計劃將其擴展到其他地方。

January, we introduced the FlexPhase battery, that is the 3-phase battery with backup. You know, smallest AC-couple 3-phase battery with backup. We are making excellent progress on our fourth-generation battery, like what I just now answered. The Meter Collar has passed UL compliance. We are looking forward to start piloting that product.

一月份，我們推出了 FlexPhase 電池，即帶有備用電源的三相電池。您知道，最小的交流耦合三相電池帶有備用電源。正如我剛才回答的那樣，我們的第四代電池研究正在取得巨大進展。儀表項圈已通過 UL 認證。我們期待開始試用該產品。

And then, I did mention about IQ9. IQ9, we are also very excited. The IQ9 will provide more power, 10% more power for approximately similar cost and the early results are looking quite good. We expect to finalize our design in the first quarter, and we expect to start doing verification and release that product. So I do expect to grow throughout the year because we're introducing a lot of new products. We are diversifying. IQ9, for example, will allow us to participate in the 480-volt market, which we haven't participated till now. We are only participating in the 208-volt market. So gang allows us to do all of those. We expect to introduce that product later in the second half of 2025, So let me stop there, google answer the question on anode ADCVD.

然後，我確實提到了IQ9。IQ9，我們也非常興奮。IQ9 將提供更大的功率，大約相同的成本可帶來 10% 的額外功率，而且早期結果看起來相當不錯。我們預計將在第一季完成我們的設計，並預計開始進行驗證和發布該產品。因此我確實希望全年能夠成長，因為我們推出了許多新產品。我們正在實現多元化。例如，IQ9 將使我們能夠參與 480 伏特市場，而迄今為止我們還沒有參與過該市場。我們只參與208伏特市場。所以幫派允許我們做所有這些事。我們預計將在 2025 年下半年推出該產品，所以我就此打住，谷歌回答有關陽極 ADCVD 的問題。

Yeah, so with regards to the anode ADCVD, obviously, that is something that's very new. We are tracking it closely. It's still in investigation, and you know, there are still a lot of unknowns with regards to whether it is the anode, the material being imported in that gets the tariffs or will the entire cell or cell packet tariff.

是的，就陽極 ADCVD 而言，顯然這是非常新穎的東西。我們正在密切跟踪。它仍在調查中，你知道，關於是否對陽極，進口材料徵收關稅，還是對整個電池或電池包徵收關稅，仍有許多未知數。

In general, our plan is from a supply chain point of view, is to have geographic diversity which we have done on the microinverter side and as well as we are preparing to do that on the battery side.

總的來說，從供應鏈的角度來看，我們的計劃是實現地理多樣性，我們已經在微型逆變器方面做到了這一點，我們正準備在電池方面做到這一點。

So all of these things, given the tariff issues, the ADCVD issues, etc. You're being very proactive, which we have already started in diversifying other supply chain.

因此，考慮到關稅問題、ADCVD問題等，所有這些事情。

Julien Dumoulin-Smith, Jefferies.

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

Hey, good afternoon, team. Thank you, guys, very much. Appreciate the time. Maybe just following up on the last few questions.

嘿，大家下午好。非常感謝你們。珍惜時間。也許只是跟進最後幾個問題。

I know it's a little bit early to guide, shall we say. But obviously, you've got a number of tailwinds here when you think about the IQ9 coming in the back half, also fourth gen introduction. In theory, you guys have alluded to potentially higher margins, maybe 60% of these new products, 45% of fourth gen maybe or upwards of. I mean, as you think about those products bleeding into the back half of the year, can we expect a margin uptick.

我知道現在給予指導還為時過早。但顯然，當您想到後半部分即將推出的 IQ9 以及第四代產品時​​，您會發現這裡有很多順風。理論上，你們提到了潛在的更高利潤率，這些新產品的利潤率可能為 60%，第四代產品的利潤率可能為 45% 或更高。我的意思是，當你想到這些產品會在下半年流失時，我們能否預期利潤率會上升？

I noticed obviously in 1Q here, there's a little bit of a down [take care] of versus what you guys just put up. Is there a mixed dynamic in 1Q and really, if you think about the back half of the year as those new products roll in, are there any offsets that you would otherwise see. And then related, is there a pricing dynamic that we should be watching as it pertains to the updated IRS cost allocation tables for MLPEs, right?

我明顯注意到，在第一季度，與你們剛才提出的相比，情況有所下降。第一季是否存在混合動態？然後相關的是，是否存在我們應該關注的定價動態，因為它涉及更新的 IRS MLPE 成本分配表，對嗎？

I know that that's top tier from 36% to 25% of late. Does that change anything in the pricing and up pricing because we might have seen earlier and could that be a headwind itself or conversely could, maybe, the dynamics around Powerwall 3 and the separation between the solar qualification versus the battery piece help drive incremental sales and stabilize backdrop a little bit.

我知道這是最高等級的，最近從 36% 降至 25%。這會對定價和上漲價格產生任何影響嗎？

Sorry, a lot in there, but I wanted to squeeze it all in.

抱歉，裡面有很多東西，但我想把它們都塞進去。

Yes, our pricing strategy is quite simple. The price on value added with respect to competition. We also have a very robust world-class cost program. So, you know, I keep getting this question all the time in the last six years. My answers are the same.

是的，我們的定價策略非常簡單。相對於競爭的附加價值價格。我們還有一個非常強大的世界級成本計劃。所以，你知道，過去六年來我一直在思考這個問題。我的答案是一樣的。

We have a pricing team, we have a cost team, we make excellent progress on both, and we basically, if we need to drop price on batteries because we don't add that much value, we will, at the same time, we work on cost reduction opportunities, and the results proved that. Today we are at a non-GAAP gross margin without the IRA benefit. We are reporting approximately 39.7%. The number for Q1, the guidance we gave is between 38% and 41%. You should just interpret that as regular product mix that is fluctuating. So our numbers will fluctuate.

我們有一個定價團隊，一個成本團隊，我們在這兩方面都取得了卓越的進展，基本上，如果我們需要降低電池價格，因為我們沒有增加那麼多價值，那麼我們就會同時努力尋找降低成本的機會，結果證明了這一點。今天，我們的非 GAAP 毛利率不包含 IRA 福利。我們的報告約為 39.7%。對於第一季的數字，我們給出的指導是在 38% 到 41% 之間。您應該將其解讀為波動的常規產品組合。因此我們的數字會發生波動。

Do I expect us to get better? I do expect us to get better in general. I do expect us to improve. For example, IQ9 brings in a lot of tricks with gallium nitride. We are able to go from four silicone facts to two gallium nitride facts. And because we are using what is called as a bidirectional switch instead of four unidirectional switches, we will now use two bidirectional switches.

我期望我們會變得更好嗎？我確實希望我們總體上會變得更好。我確實希望我們能夠進步。例如，IQ9 利用氮化鎵引入了許多技巧。我們能夠從四個矽事實得出兩個氮化鎵事實。因為我們使用所謂的雙向交換器而不是四個單向交換機，所以我們現在將使用兩個雙向交換器。

Therefore, there is some intrinsic cost reduction. We expect to be running those facts at a frequency that is greater than 100 kilohertz in the future. And when you run those facts at greater than 100 kilohertz in the future, you no longer need a big transformer.

因此，存在一些內在成本的降低。我們期望將來以超過 100 千赫的頻率運行這些事實。當你將來以超過 100 千赫茲的頻率運行這些事實時，你就不再需要大型變壓器了。

For example, if you are able to run them at 10 times higher frequency from 100 kilohertz if you're able to run at one megahertz, you should be able to get a transformer reduction by one over route three, which is 66% reduction in the transformer size. While we are not there, our, I mean, we call that internally as moonshot so that we can gain that benefit and give our customers ultra small inverters, we are extreme -- which are extremely cost competent.

例如，如果您能夠以 100 千赫茲 10 倍的頻率運行它們，並且如果您能夠以 1 兆赫茲的頻率運行它們，那麼您應該能夠將變壓器數量減少到路線三的一半，即變壓器尺寸減少 66％。雖然我們還沒有達到那個水平，但我們內部稱之為登月計劃，以便我們可以獲得這種好處，並為我們的客戶提供超小型逆變器，我們是極端的——具有極強的成本競爭力。

So it'll help both customers as well as us in terms of gross margin. On the fourth-generation battery, we have excellent levels of integration, and that is about to come in imminently. On the fifth-generation battery, which we are working on, we expect to release our fifth generation. I haven't talked about it too much, but we are always working on [M&N plus 1].

因此，從毛利率方面來看，這將有助於客戶和我們雙方。在第四代電池方面，我們擁有出色的整合水平，而且這項技術即將問世。關於我們正在研發的第五代電池，我們預計將會推出我們的第五代。我沒有談論太多，但我們一直在努力[M&N 加 1]。

So our fifth-generation battery will come out in Q1 '26, one year from today, and that also has got a drastic cost reduction associated with it. I'll give more highlights on that in the next call on why that will use prismatic cells. It's got an energy density that is 50% higher, we share more details.

因此，我們的第五代電池將於一年後的 2026 年第一季推出，且成本也會大幅降低。我將在下次電話會議中進一步強調為什麼要使用方形電池。它的能量密度提高了 50%，我們分享更多細節。

So in general, we are making advances in our products that fundamentally improve the cost structure. So while we will price attractively, price based on value that we add to the end customer, we expect our costs to get continuously better. And the combination of which will result in a steady uptick in gross margins for us.

總的來說，我們的產品正在不斷進步，從根本上改善成本結構。因此，雖然我們的定價具有吸引力，且基於我們為最終客戶增加的價值，但我們預計我們的成本將持續改善。這兩種因素的結合將使我們的毛利率穩定上升。

Colin Rusch, Oppenheimer.

奧本海默的科林拉什 (Colin Rusch)。

Thanks so much, guys. You know, just looking at some of the activity and payments from the treasury and some of the weather, can you just talk about how healthy the channel is right now. You're seeing folks with internal liquidity issues, you know, what are you looking at in terms of payables and some -- or not payables but receivables and any sort of issues around some of those kind of Medium size installers that you guys work with.

非常感謝大家。您知道，只要看一下財政部的一些活動和付款以及一些天氣狀況，您能否談談該管道現在的健康狀況。您看到有人存在內部流動性問題，您知道，您在應付款項方面以及一些——或者不是應付款項而是應收款項方面以及您與之合作的一些中型安裝商的任何問題方面都在關注什麼。

Yeah, I mean, look, we work with distributors. So most of our business goes through distributors who are reasonably healthy. And to tell you the truth, our receivables, the AR is in good shape. It is in good shape in Q4 as compared to Q3.

是的，我的意思是，你看，我們與分銷商合作。因此，我們的大部分業務都是透過健康狀況較好的分銷商進行的。說實話，我們的應收帳款、AR 狀況良好。與第三季相比，第四季的狀況良好。

But if you ask me, if in the channel, you asked me a question, how is the health of the child? While Enphase manages the channel inventory closely, I mean, installers do, are having a difficult time. There is no question.

但如果你問我，如果在頻道裡你問我一個問題，孩子的健康狀況呢？雖然 Enphase 密切管理通路庫存，但安裝人員卻遇到了困難。毫無疑問。

There is no question that installers are having a difficult time. There is, you know, cash flow to installers is always a problem, right. And now the business has moved predominantly from loan to lease. There are a lot of new players coming. There are established players, of course, so installers, robustness, cash flow is always an issue.

毫無疑問，安裝人員正在經歷一段困難時期。你知道，安裝人員的現金流始終是一個問題，對吧。現在業務已從貸款為主轉為租賃為主。有很多新球員加入。當然，也有老牌參與者，因此安裝人員、穩健性和現金流始終是一個問題。

And what is going to change that -- and some of that is probably welcome for the industry because then it weeds out the weak players and then the industry generally becomes stronger. But what the industry needs in order to improve steadily in 2025 is improved quality, improved service, better and more stable financing options. They're all required. So I won't sugarcoat it that everything is okay. It is a stress time.

什麼將會改變這種狀況呢？但為了在 2025 年實現穩步提升，該行業需要提高品質、改善服務以及提供更好、更穩定的融資選擇。它們都是必需的。所以我不會粉飾一切說一切都好。這是一個壓力很大的時期。

Bright spots are in California, things are stabilized. I'll talk about the LA fires briefly as well. A lot of questions on whether the LA fires is causing a problem, causing a disruption. Of course, it is unfortunate, tragic. However, the LA fires probably caused a disruption for a couple of weeks, but now we find that the activity is back in full flow in that region.

加州出現了亮點，情況已經穩定下來。我也會簡單談洛杉磯火災。關於洛杉磯火災是否造成了問題、是否造成了混亂，存在著許多疑問。當然，這是不幸的、悲慘的。然而，洛杉磯火災可能造成了幾週的混亂，但現在我們發現該地區的活動已恢復正常。

There were about 10-plus zip codes that were affected. Enphase homes in those regions, about 500 homes with Enphase solar and storage were damaged. But overall, those zip codes only had a couple of thousand homes. So limited exposure and those are in the process of rebuilding.

大約有 10 多個郵遞區號受到影響。在這些地區的 Enphase 住宅中，約有 500 棟使用 Enphase 太陽能和儲能係統的住宅遭到損害。但總體而言，這些郵遞區號僅有數千戶家庭。因此曝光有限，並且正在重建過程中。

The installers had that problem. But in general, California has, I would say, bounced back from before. I don't find installers saying I don't know how to sell NEM3. On the contrary, they are getting more confident. They know how to sell NEM3. Outside California, it's still tough because the economics in many places aren't there due to low utility rates. The economics aren't, I mean, are weak. The East Coast is doing relatively well, again, due to high utility rates. So, now let me open that.

安裝程式遇到了這個問題。但總體而言，我想說，加州已經比之前恢復了。我沒有找到安裝程式說我不知道如何銷售 NEM3。相反，他們變得更加自信。他們知道如何銷售 NEM3。在加州以外的地區，情況仍然很艱難，因為許多地方由於公用事業費率低而導致經濟不景氣。我的意思是，經濟並不疲軟。由於公用事業費率高，東海岸的表現相對較好。那麼，現在讓我打開它。

All right, thanks so much. And just as you transition to the IQ9 and change some of the componentry, can you talk a little bit about any sort of issues around tariffs and any sort of supply chain elements that you have to navigate here, are at risk as you start looking at production of that new product.

好的，非常感謝。當您過渡到 IQ9 並更改一些組件時，您能否談談有關關稅的任何問題以及您必須處理的任何供應鏈要素，當您開始考慮生產新產品時，這些問題都面臨風險。

Yeah, look, I mean, the phenomenal thing our team has done, our operations team has done is, we don't expect any impact on tariffs for microinverters. Because over time we've diversified the supply chain so much. We are manufacturing now in the US. We are manufacturing in Chennai, India.

是的，看，我的意思是，我們的團隊、我們的營運團隊所做的非凡的事情是，我們預計微型逆變器的關稅不會受到任何影響。因為隨著時間的推移，我們的供應鏈已經變得非常多樣化。我們現在在美國進行生產。我們的製造基地位於印度金奈。

So you could ask us saying how about the raw materials that come in from China into the US, I mean, we have reduced that exposure to very, limited. So basically, there we have diversified the entire supplier base that it is a non-issue, and I expect it to be a non-issue for IQ9 as well.

所以你可能會問我們，從中國進口到美國的原料怎麼樣，我的意思是，我們已經將這種接觸減少到非常有限的程度。所以基本上，我們已經實現了整個供應商基礎的多樣化，這不是一個問題，而且我預計這對 IQ9 來說不會是一個問題。

If your question is about GAM and GAM, the gallium supply chain, that's also a non-issue. Our suppliers, predominant supplier that we will use, is based in Europe. And you know another supplier based in North America as well as Japan.

如果您的問題是關於 GAM 和 GAM，即鎵供應鏈，這也不是問題。我們的供應商，也就是我們的主要供應商，位於歐洲。您也知道另一家總部位於北美和日本的供應商。

So, our exposure is limited and, in fact, I would say we are not worried about it for IQ9.

所以，我們的曝光率有限，事實上，我想說我們不擔心 IQ9。

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. Maybe just switching gears a little bit. Badri, you sound pretty confident in terms of the outlook for the industry and your business overall. I'm just curious given your balance sheet position, given where the stock is.

非常感謝您回答這個問題。或許只是稍微轉換一下話題。巴德里，聽起來您對這個行業和您們整體業務的前景非常有信心。我只是好奇你的資產負債表狀況，以及股票的現況。

Is there an opportunity to maybe lean into buybacks more heavily, or capital return more heavily just given maybe a dislocation in what you view, the intrinsic value of the stock and where the stock's trading and just given the balance sheet and the outlook for the business that you've kind of portrayed over the balance of this call?

鑑於您對股票的內在價值和股票交易情況的看法可能存在偏差，並且考慮到資產負債表和您在此次電話會議中描述的業務前景，是否有機會更多地傾向於回購或資本回報？

Right, I've articulated our strategy there before. Let me tell you that again. We first, we take care of the needs of the business, number one. We ensure that all of the capital needs for the business are taken care, whether if we want to buy something for manufacturing batteries in the US, manufacturing microinverters in the US, increasing capacity, diversifying with one more contract manufacturers, buying test capacity.

好的，我之前已經闡明了我們的策略。讓我再告訴你一遍。首先，我們要照顧好業務需求，這是第一名。我們確保所有業務的資本需求都得到照顧，無論我們是想購買某些東西在美國製造電池，還是在美國製造微型逆變器，增加產能，還是與多家合約製造商進行多元化，還是購買測試產能。

All of those, that's their first choice or buying, new pieces of software to make the company run better, so that's our first priority. If we have enough left over from there, we look for M&A opportunities, M&A opportunities that increase the total value of the company. What kind of opportunities are out there, new technology on batteries, new technology on home energy management, maybe looking more into the commercial front, small commercial, where I think we could use some.

所有這些，都是他們的首選或購買的新軟體，可以使公司運作得更好，所以這是我們的首要任務。如果我們有足夠的剩餘，我們就會尋找併購機會，可以增加公司總價值的併購機會。有什麼樣的機會，電池的新技術，家庭能源管理的新技術，也許更專注於商業領域，小型商業，我認為我們可以利用一些。

So we look at that. And many of them, I mean, we'll -- over time we become allergic to big acquisitions. We'd like to do small teams, both on acquisitions is what we would like to do. And then once these two are taken care of, as long as the share price is below a conservatively estimated intrinsic value, then we buy stock.

因此我們看一下。我的意思是，我們中的許多人都會——隨著時間的推移，我們對大型收購變得反感。我們希望組成小團隊，進行收購。然後，一旦解決了這兩個問題，只要股價低於保守估計的內在價值，我們就會買進股票。

So last quarter, you'll be happy to note that we bought close to 2.8 million shares. We thought it's a good use, so we spent about $200 million in cash buyback. In the past we had done up to $100 million per quarter.

上個季度，您會很高興地註意到我們購買了近 280 萬股。我們認為這是一個很好的用途，所以我們花了大約 2 億美元現金回購。過去我們每季的營收高達 1 億美元。

And so we plan to do that with the guidance from our Board. We plan to have the same strategy and if we believe the share prices are undervalued, which we think they are, and you can expect similar action from us going forward.

因此，我們計劃在董事會的指導下實現這一目標。我們計劃採取相同的策略，如果我們認為股價被低估了，我們也這麼認為，那麼你可以期待我們今後採取類似的行動。

Christine Cho, Barclays.

巴克萊銀行的 Christine Cho。

Good evening. Thank you for taking my question. You talk about piloting with the California Utilities for the Meter Collar. I think I had heard that the back and forth between Tesla and the Utilities had taken some time for their Meter Collar, and maybe it's just going to be longer because they were first.

晚安.感謝您回答我的問題。您談到了與加州公用事業公司合作試行電錶領圈的情況。我想我聽說過，特斯拉和公用事業公司之間在電錶領上的來回溝通花了一些時間，也許因為他們是第一家，所以時間會更長。

But how long are you expecting your pilot to take? And then I'm sure you need their approval, but can you just walk through what other steps are needed before you can start selling them and the expected timelines.

但是您預計您的飛行員需要多長時間？然後我相信你需要他們的批准，但是你能否介紹一下在開始銷售之前還需要哪些其他步驟以及預期的時間表。

Sure, there is a prescribed timeline that is proposed by the Public Utilities Commission. Of course, I mean, I will not comment about anything that happened before. Our experience, thus far, has been generally very positive.

當然，公共事業委員會提出了一個規定的時間表。當然，我的意思是，我不會對之前發生的任何事情發表評論。到目前為止，我們的經驗總體來說非常積極。

We have -- they've been very engaged with us. They've been -- you have to get through all your certification first. So first and foremost, you have to get through the primary UL certification, which we completed. And that in and of itself is a pretty big deal.

我們已經——他們一直與我們保持著密切的聯繫。他們已經——你必須先通過所有的認證。因此，首先，您必須通過我們已經完成的主要 UL 認證。這本身就是一件大事。

Once you're through that, they have additional tests that they want to do both at the Meter Collar level, which is the unit level, as well as the system level, and that's the process that we are in. There's a lot of discussion that happens with their engineering teams in order for us to explain to them how the whole -- how the device works as well as how the entire system works.

完成這些之後，他們還會在儀表項圈層級（即單位層級）和系統層級進行額外的測試，這就是我們正在進行的過程。我們與他們的工程團隊進行了大量討論，以便向他們解釋整個設備的工作原理以及整個系統的工作原理。

And then we go through systemic testing with them. Each utility is slightly different than the other, so we are working with all three of the IOUs simultaneously, and they're at different stages of testing. That's about what I can say thus far. But our experience has been thus far quite positive.

然後我們與他們一起進行系統測試。每個實用程式都略有不同，因此我們同時使用所有三個 IOU，並且它們處於不同的測試階段。這就是我目前能說的。但迄今為止我們的經驗還是相當正面的。

Okay, great, and then just moving on to the Safe Harbor, the $95 million that you mentioned, was that mostly in response to the domestic content updates that came out last month, and the desire to Safe Harbor under the old DC table since you only have like 90 days to do that. Or was it driven by, section by -- everything going from Section 48 to 48E or something else. So just any color there would be helpful.

好的，太好了，然後我們再談談安全港，您提到的 9500 萬美元，主要是為了應對上個月發布的國內內容更新，以及希望在舊的 DC 表下享受安全港，因為您只有 90 天的時間來這樣做。或它是否受到從第 48 節到第 48E 節或其他內容的推動。所以任何顏色都有用。

Yeah, I think it was mostly a risk mitigation strategy, overall. It could include domestic, it could include ITC, etc.

是的，我認為總的來說這主要是一種風險緩解策略。它可能包括國內，也可能包括 ITC 等等。

Praneeth Satish, Wells Fargo.

富國銀行的 Praneeth Satish。

Thanks, good evening. Just on the fourth-generation battery, I think you previously indicated that the pilot would start in Q4. Now it looks like it's starting in Q1 or March. I guess what drove that slight shift in timing? And then, how should we think about the timeline for ramping battery sales. I guess at what point do you think you could see the next gen battery cross over 50% of your battery mix? Could that happen in Q2 or Q3 of this year?

謝謝，晚上好。就第四代電池而言，我記得您之前曾表示過試點將在第四季度開始。現在看來它將在第一季或三月開始。我猜是什麼導致了時間上的這種輕微轉變？然後，我們應該如何考慮提高電池銷量的時間表。我猜您認為什麼時候可以看到下一代電池佔據電池組合的 50% 以上？這會在今年第二季或第三季發生嗎？

Yeah, I mean we always told you the first quarter, so we are exactly there. We did not talk about Q4. So now the next question is, when do you think we will ramp and how much and when we will get to 50%? We expect, assuming the piloting goes well, and we expect to start ramping in K2.

是的，我的意思是我們總是告訴你第一季度，所以我們就在那裡。我們沒有談論第四季。那麼現在的下一個問題是，您認為我們什麼時候會提高產量、增加多少、什麼時候才能達到 50%？我們預計，假設試點進展順利，我們預計將在 K2 開始推廣。

And, typically, in our experience it takes a couple of quarters for us to ramp to the 50% level and maybe one quarter more to 80% level. That's been our experience. This is a new product, so there could be something more unique there, but this has been our experience.

根據我們的經驗，通常需要幾個季度才能達到 50％ 的水平，甚至可能再需要一個季度才能達到 80％ 的水平。這就是我們的經驗。這是一種新產品，因此可能會有更獨特的東西，但這是我們的經驗。

Okay, that's helpful. And then, the timing between your battery generations from what I can tell, kind of looking historically, it's been around three, four years, but now you're talking about a fifth-generation battery just one year after the fourth generation launch. I guess what's driving this acceleration in your product development cycle.

好的，這很有幫助。然後，就我所知，你們電池各代之間的時間間隔，從歷史上看，大約是三四年，但現在你們談論的是第五代電池，距離第四代電池推出僅一年。我想問一下是什麼推動了你們產品開發週期的加速。

Are you seeing competitors iterate at the same speed and if not, if you're releasing new generations of batteries faster than peers, then can we expect to see the gross margin just continue to climb, at least on the battery side over the next two to three years?

您是否看到競爭對手以相同的速度進行迭代？

Yeah, I mean just for reference, we released a third-generation battery in June of 2023. So we're talking about Q1 and that's approximately let's say 18 to 24 months. Now and just for users to recollect we launched our first-generation battery number one in 2020. That was, we started shipping in Q3 of 2020. Within about 18 months, we launched the second generation. And then like what I said, the third generation in June of 2023.

是的，僅供參考，我們在 2023 年 6 月發布了第三代電池。所以我們談論的是第一季度，大約是 18 到 24 個月。現在，為了讓用戶回想一下，我們在 2020 年推出了第一代電池。也就是說，我們將於 2020 年第三季開始出貨。大約18個月內，我們推出了第二代。然後就像我說的，第三代將於 2023 年 6 月推出。

We have become better at doing these batteries. We have an expert team now which understands how to do this IP, both hardware, software, app. And there is a lot of complications. Sometimes we fall flat. Sometimes we miss our commitments, but we've generally gotten more confident. So our fifth-generation battery, we like the one I said is coming out in Q1 '26.

我們在製造這些電池方面已經做得更好了。我們現在有一個專家團隊，他們了解如何做這個 IP，包括硬體、軟體和應用程式。並且存在許多複雜情況。有時我們會失敗。有時我們無法履行承諾，但總體而言我們變得更加自信。所以我們的第五代電池，就像我說的，將於 26 年第一季推出。

That one we started working on over a year ago. It usually starts off in the CTO team. And then we do, essentially, technology feasibility, then a small team starts off, and then we officially kick it off. So it's not new. There is always overlap, like what I said. We work on both end and then plus one at any point in time.

我們在一年前就開始致力於這項工作了。它通常從 CTO 團隊開始。然後我們進行本質上的技術可行性研究，然後由一個小團隊開始工作，然後我們正式啟動。所以這並不是什麼新鮮事。正如我所說的，總是存在重疊。我們在兩端進行工作，然後在任何時間點再增加一端。

So that's why we think we will get on, we will lock ourselves on to that time frame 12 to 18 months, you should expect from us is a steady cadence of batteries coming up.

所以這就是為什麼我們認為我們會繼續前進，我們將自己鎖定在12到18個月的時間範圍內，你應該期待我們穩步推出電池。

Mark Strouse, JPMorgan.

摩根大通的馬克‧斯特勞斯 (Mark Strouse)。

Great, thanks for taking our questions. Helpful call. I just have one quick question remaining. When you look at the Safe Harbor activity that's in the 1Q and 2Q guide this year, and maybe even kind of your Safe Harbor activity pre-IRA, is there anything to call out as far as both gross and operating margins. Should we assume that kind of align with corporate average or anything that we should be adjusting for in our model? Thank you.

太好了，感謝您回答我們的問題。很有幫助的電話。我只剩下一個簡短的問題。當您查看今年第一季和第二季指南中的安全港活動，甚至可能是 IRA 之前的安全港活動時，在毛利率和營業利潤率方面有什麼需要注意的嗎？我們是否應該假設這與企業平均值一致，或者我們應該在模型中進行調整？謝謝。

No, you should just be assuming they are at our usual gross margins.

不，你應該只是假設它們的毛利率與我們通常的毛利率相同。

Kashy Harrison, Piper Sandler.

卡西·哈里森，派珀·桑德勒。

Hi. Good afternoon. And thanks for taking the questions. I just want to go back to the original questions earlier in the call just to make sure we're all on the 100%, the same page. So you mentioned $95 million of Safe Harbor that you booked that in 4Q. You highlight $50 million in 1Q. So should we expect the rest of the $45 million to roll over in 2Q or are you saying that there's some other dynamic we need to be thinking about?

你好。午安.感謝您回答這些問題。我只是想回到早些時候通話中提出的原始問題，以確保我們大家的共識 100%。所以您提到了您在第四季度預訂的 9500 萬美元的安全港資金。您強調了第一季的 5000 萬美元。那麼，我們是否應該預計剩餘的 4500 萬美元將在第二季結轉，或者您是說我們需要考慮其他一些動態因素？

No, you're right. It will roll over into Q2. Yeah, 2Q.

不，你是對的。它將延續到第二季​​。是的，第二季。

Okay. Thank you. And then, just one follow up on the domestic content front. Can you speak to what you think the net cost of your system is now that you could theoretically qualify for both the solar and the storage side. And how that would compare to the net cost of, say a Powerwall 3 theoretically that would, that might, qualify on the storage side but not the solar side. I'm trying to see if today, on a net basis for backup, you would be cheaper or because of the domestic content benefit or you would still need the fourth gen to get to that point where you're cheaper? Thank you.

好的。謝謝。然後，我們再來關註一下國內內容方面的問題。您能否談談您認為現在您的系統的淨成本是多少，因為理論上您可以同時滿足太陽能和儲存方面的要求。那麼，這與 Powerwall 3 的淨成本相比如何？我想看看，今天在備份的淨基礎上，您是否會更便宜，或者是因為國內內容的好處，或者您仍然需要第四代才能達到更便宜的程度？謝謝。

Oh, we do qualify today. Our domestic content is well more than 40% on batteries today. So we do qualify already. We are making those batteries in Texas. We shipped 6.7 megawatt hours of batteries in Q4. We expect to ship a lot more in Q1.

哦，我們今天確實有資格。目前，我們的電池國產化率已遠超過40%。因此我們確實已經合格了。我們在德克薩斯州生產這些電池。我們在第四季度運送了 6.7 兆瓦時的電池。我們預計第一季將出貨更多產品。

Joseph Osha, Guggenheim.

古根漢的約瑟夫‧奧沙。

Thank you. Just one question for me as relates to the return of capital. I'm curious if all you have contemplated simply just making a commitment to repurchase a certain amount of stock per year regardless of the level, as opposed to, some of the timing activity you've been engaged in. Wouldn't that make more sense?

謝謝。我只有一個問題與資本回報有關。我很好奇，您是否考慮過只是承諾每年回購一定數量的股票，無論數量多少，而不是像您一直從事的一些計時活動。這不是更有意義嗎？

No, I think I told you our strategy. It is very simple, very clear. First, take care of the needs of the business, take care of M&As, and then, if money is left, we look at buying at a conservative amount, below the intrinsic value.

不，我想我已經告訴你我們的策略了。它非常簡單、非常清晰。首先，我們會照顧好業務需求，處理好併購事宜，然後，如果還有錢，我們會考慮以低於內在價值的保守價格購買。

Okay, perhaps I misspoke, obviously, you need to take care of the business first. (multiple speakers)

好吧，也許我說錯了，顯然你需要先處理好事情。（多位發言者）

We did that exactly and if you saw we did about $200 million of buyback in Q4, we've been very steady. In the past quarters in 2024, we did approximately up to $100 million every quarter and we plan to execute a similar strategy with the approval of our Board in 2025.

我們確實做到了這一點，如果你看到我們在第四季度進行了約 2 億美元的回購，那麼我們一直非常穩定。在 2024 年過去的幾個季度中，我們每季的營收約為 1 億美元，我們計劃在 2025 年經董事會批准實施類似的策略。

Maheep Mandloi, Mizuho.

Maheep Mandloi，瑞穗。

Hey, thanks for taking the question. Just on the Safe Harbor, if you could talk about that. Do you know if the Safe Harbor is financed to third parties or directly to the company or (technical difficulty) gross margins. It looks like gross margin is slightly lower than Europe, but (technical difficulty)

嘿，謝謝你回答這個問題。就在安全港，如果你可以談論這個的話。您是否知道安全港是否由第三方提供資金或直接向公司或（技術難度）毛利率提供資金。看起來毛利率比歐洲略低，但是（技術難度）

We could not hear that question well, but if you're asking about customer details, we aren't going to be talking about customer details then.

我們聽不清楚這個問題，但如果你問的是客戶詳細信息，那麼我們就不會談論客戶詳細資料。

Got it. Now the second part was just on the European gross margins versus the US gross margins.

知道了。現在第二部分只是歐洲毛利率與美國毛利率的比較。

Yeah, in the past I've clarified it. The European gross margins are at similar levels as the US gross margin. Pricing strategy is the same. Our prices are also approximately the same list prices with distributors, so we don't see any difference.

是的，過去我已經澄清過了。歐洲的毛利率與美國的毛利率水準相似。定價策略是一樣的。我們的價格也與分銷商的標價大致相同，因此我們沒有看到任何差異。

Dylan Nassano, Wolfe Research.

迪倫·納薩諾，沃爾夫研究公司。

Yeah, hi, thanks for taking my question. Can you just talk a little bit about what kind of trends you might be seeing with market share across battery markets, solar-only markets, and then specifically within the TPO players?

是的，你好，感謝您回答我的問題。您能否稍微談談您可能看到的電池市場、太陽能市場以及特別是 TPO 參與者的市場份額趨勢？

We don't really comment about market share, but in general, what we can say is that, especially as you look at the gen four product that's coming out, it's the generation four product it's not just the battery to be very clear. It is the battery, it's the new combiner which has a whole host of new capabilities.

我們實際上不會對市場份額發表評論，但總的來說，我們可以說的是，特別是當你看到即將推出的第四代產品時​​，它是第四代產品，它不僅僅是電池，這一點非常清楚。它是電池，它是具有一系列新功能的新型組合器。

It's got a substantial amount of integration that, as we talked about that system controller that we had previously that was doing the actual what's called the micro grid interconnect device function. All of that has been significantly simplified. That is resulting in as much as $300 per kilowatt-hour reduction in cost to the installer.

它具有大量的整合度，正如我們之前談到的系統控制器，它實際上執行著所謂的微電網互連設備功能。所有這些都已大大簡化。這將使安裝人員每千瓦時的成本減少 300 美元。

It's a combination of both savings and labor by going to the Meter Collar as well as the savings in the product cost as well. So just by moving to that new technology, you're seeing a substantial amount of savings. So what that allows us to do is be very competitive, not just in the grid-type case which we have always been, even with the third-generation system.

這是透過使用儀表環節省勞動力以及節省產品成本的結合。因此，只要採用這項新技術，您就能節省大量資金。因此，這使我們能夠保持極強的競爭力，不僅是在我們一直以來的電網類型的情況下，甚至在第三代系統的情況下。

Now we are very very competitive even with the backup scenario, while retaining all the benefits of the Enphase system which is the reliability piece, the safety piece, the simplicity piece, and the performance piece. So I think the next-generation product is going to make a big difference in terms of how competitive we are even in the backup scenario.

現在，即使在備份場景中，我們仍然非常具有競爭力，同時保留了 Enphase 系統的所有優勢，即可靠性、安全性、簡單性和效能。因此我認為下一代產品將會對我們的備份場景競爭力產生重大影響。

And there are a few third-party reports, if you're interested at that. If you want to take a look at our share. I would refer to those, and there are multiple of them, and each of them having their own way of looking at it, so you should take a look at that.

如果您有興趣的話，還有一些第三方報告。如果你想看看我們的分享。我會參考這些，它們有很多，每個人都有自己的看法，所以你應該看看。

Great, thank you. I'll take the rest offline. Thank you.

太好了，謝謝。我將把其餘部分移至離線。謝謝。

(Operator Instructions)

（操作員指令）

Gordon Johnson, GIJ Research.

戈登·約翰遜（Gordon Johnson），GIJ 研究部。

Hey, guys, thanks for taking my question. A lot of them have been answered. But I'm just looking at some of the specific data for the California solar Initiative, and it shows Tesla's Powerwall gaining significant share in the storage space, them also taking share in the inverter space. And I just wanted to know if you guys are still seeing those trends continue or you're taking share back from them and then I have another question.

嘿，夥計們，謝謝你們回答我的問題。許多問題已經得到解答。但我只是查看了加州太陽能計畫的一些具體數據，它顯示特斯拉的 Powerwall 在儲存領域獲得了顯著的份額，並且在逆變器領域也佔據了份額。我只是想知道你們是否仍然看到這些趨勢繼續下去，或者你們正在從他們手中奪回份額，然後我還有另一個問題。

Yeah, like what I said we don't comment on competition. We're focused on making best-in-class products. We had talked about our battery being very popular for grid-type applications in California. With the fourth-generation product, we will not only be best-in-class for grid type, we will also be best-in-class for backup.

是的，就像我說的，我們不對競爭發表評論。我們專注於製造一流的產品。我們曾經討論過，我們的電池在加州的電網應用中非常受歡迎。憑藉第四代產品，我們不僅在電網類型方面達到同類最佳，而且在備份方面也達到同類最佳。

And that has been one of our limitations till now. And we are going to unleash or unblock that limitation very very soon, so we are excited there. Our battery is a modular battery, so you don't need to buy 13 or a 26-kilowatt hour. You can buy 15 kilowatt hours, you can buy 20, so ours is a modular solution.

而這至今仍是我們的限制之一。我們很快就會釋放或解除這項限制，因此我們對此感到興奮。我們的電池是模組化電池，因此您不需要購買 13 或 26 千瓦時的電池。你可以買 15 千瓦時，也可以買 20 千瓦時，所以我們的是模組化解決方案。

And it will be very cost effective. Now coming on the micro side, I talked about it extensively in prior calls. The value proposition of our microinverters are superior-power production, shading, it will -- it compense meaning.

並且它將非常具有成本效益。現在談到微觀方面，我在之前的電話會議中已經詳細討論過這個問題。我們的微型逆變器的價值主張是卓越的電力生產、遮陽、補償意義。

Shading usually can cause a power production that is dramatically lesser. Microinverters optimized at the per panel level and, therefore, able to really maximize the energy production and then a single point of failure, a 25-year warranty versus a 10-year warranty from competition. By the way, on batteries, we do 15-year warranty versus a 10-year warranty from competition.

遮光通常會導致發電量急劇下降。微型逆變器在每個面板層級都進行了最佳化，因此能夠真正最大限度地提高能量產量，並且不會出現單點故障，保固期為 25 年，而競爭對手的保固期為 10 年。順便說一下，對於電池，我們提供 15 年保修，而競爭對手的保固期為 10 年。

Serviceability is a big deal. When you have a monolithic structure in the battery, and you have to replace your entire battery. That's tough to do that. It results in weeks and months of non-performance for the homeowner. Ours comes with serviceability. I'm proud to say 95% of the issues in our battery systems can be solved in situ. In situ means our field service goes, and he just replaces a $40 board instead of taking a $5000 battery off the wall.

可維護性非常重要。當電池採用單晶片結構時，您必須更換整個電池。做到這一點很難。這會導致房主數週甚至數月無法享受服務。我們的產品具有可維護性。我很自豪地說，我們電池系統中 95％ 的問題都可以就地解決。就地意味著我們的現場服務開始了，他只需更換一塊價值 40 美元的電路板，而不用從牆上取下價值 5,000 美元的電池。

And so we have numerous advantages in terms of modularity, simplicity, warranty, safety, and serviceability. And then the other two things which I talked about which are which are not to be discounted. The ones we introduced in Q4, we introduced something called as a Busbar PCS, Busbar Power Control software.

因此，我們在模組化、簡單性、保固、安全性和可維護性方面擁有眾多優勢。然後我談到的另外兩件事也是不容忽視的。我們在第四季推出的產品是一種稱為 Busbar PCS（母線電源控制）的軟體。

Busbar Power Control software helps in eliminating main panel upgrades 95% of the time. And so our installers are very happy with that. They are starting to use that for every design, and it maximizes the ability or it maximizes the size of the solar plus storage system.

母線電源控制軟體可協助在 95% 的時間內消除主面板升級。我們的安裝人員對此非常滿意。他們開始將其應用於每種設計中，以最大限度地提高太陽能加儲能係統的能力或擴大其規模。

Similarly, one more thing that we introduced another big deal is as users. They have higher consumption because they bought an EV or something. They want to expand their legacy systems. We, basically, provide them a very simple solution once again with power control software.

同樣，我們介紹的另一件大事是作為使用者。由於他們購買了電動車或其他東西，因此他們的消費更高。他們想要擴展他們的遺留系統。我們基本上再次透過電源控制軟體為他們提供了一個非常簡單的解決方案。

Our Enphase Power Control software enables you to do NEM expansion without losing the benefits of your legacy system. So we introduced that also in the fourth quarter. So a lot of benefits working with phase. Most important, we will take care of our installers. And if there is any shortage, supply shortage, they can counter to take care of them.

我們的 Enphase Power Control 軟體可讓您進行 NEM 擴展，而不會失去原有系統的優勢。因此我們也在第四季度推出了此功能。因此，與 Phase 合作有很多好處。最重要的是，我們會照顧好我們的安裝人員。如果出現任何短缺或供應短缺，他們可以彌補。

Austin Moeller, Canaccord.

奧斯汀·莫勒（Austin Moeller），Canaccord。

Hi, good afternoon. So just my first question here in Europe, the data that we've collected on electricity rates shows that key markets, like France and Germany, are still relatively stable. Where do you see electricity rates in Europe needing to go to catalyze the demand recovery there?

嗨，下午好。所以我的第一個問題是，在歐洲，我們收集的電價數據顯示，法國和德國等主要市場仍然相對穩定。您認為歐洲的電價需要漲到何種程度才能刺激當地需求復甦？

Yeah, maybe you should check your data. February 1, in France, the electricity rates came down by 15%. February 1, so that is going to create a headwind for some time. However, that market is a very attractive market, meaning only in a very limited solar penetration so far.

是的，也許你應該檢查一下你的數據。2月1日起，法國電價下調15%。2 月 1 日，因此這會在一段時間內造成不利影響。然而，該市場非常具有吸引力，但迄今為止其太陽能滲透率仍非常有限。

Lots of EV penetration beginning to happen. Feed-in tariffs in France is becoming lesser and lesser, so it's an opportunity for where we excel, which is solar plus batteries, plus our EV chargers, plus home energy management.

電動車開始大規模普及。法國的上網電價越來越低，所以這是我們發揮優勢的機會，就是太陽能加電池，加上我們的電動車充電器以及家庭能源管理。

In home energy management, hot water heaters are a big part of the equation. We're going to be introducing green heating option, which is when you have a small feed-in tariff, you don't want to export any solar back to the grid. You want to utilize every ounce of solar and, therefore we divert, we steer the excess solar onto the hot water heater and increase the self-consumption.

在家庭能源管理中，熱水器是很重要的一環。我們將推出綠色供熱選項，也就是說，當你有少量上網電價時，你不想將任何太陽能輸送回電網。您希望充分利用每一點太陽能，因此我們進行轉移，將多餘的太陽能引導至熱水器並增加自耗。

So we are working on introducing comprehensive home energy management solutions to every country across Europe because that's how we see the market evolution and net metering, while everybody has enjoyed net metering for a while, the practical reality is it will go away sometime or the other.

因此，我們正致力於向歐洲每個國家推出全面的家庭能源管理解決方案，因為這就是我們對市場發展和淨計量的看法，雖然每個人都享受了一段時間的淨計量，但實際情況是，它遲早都會消失。

And we can, we can come to the rescue, still save money for homeowners with solar, with battery, with TV chargers, with home energy management. And you know that's how I predict markets will evolve. It may not evolve in the immediate future, but that's where the trends are going.

我們可以，我們可以伸出援手，透過太陽能、電池、電視充電器和家庭能源管理為房主省錢。你知道，這就是我預測市場將會如何發展。它可能不會在近期發生改變，但這就是趨勢的發展方向。

Great and just to follow up in line with your discussion of a shortage of power in the in the near term, do you think that there could be a demand for solar plus battery in states like Texas or Tennessee where they have, an electricity cost of $0.15, $0.14 per kilowatt hour purely because there's a large number of data centers geolocated there?

非常好，只是想跟進您對短期電力短缺的討論，您是否認為像德克薩斯州或田納西州這樣的州對太陽能加電池的需求很大？ 那裡的電力成本為每千瓦時 0.15 美元到 0.14 美元，純粹是因為那裡有大量的數據中心？

Of course, right, as we have talked about this, the demand environment has not changed. The demand for energy has not changed. There is both front of the meter demand due to data centers, but there is substantial demand behind the meter as well as people are electrifying with the combination of EV charger and heat pumps.

當然，正如我們所討論的，需求環境並沒有改變。對能源的需求沒有改變。由於資料中心的存在，電錶前端的需求很大，但隨著人們使用電動車充電器和熱泵的組合來供電，電錶後端的需求也很大。

When you mention a state like Texas, as well as for that matter, even in Europe, those are deregulated markets. One of the big advantages of a solar plus battery system or solar plus battery plus recharger system is for these distributed energy resources to participate in markets.

當你提到像德州這樣的州，甚至在歐洲，那些都是放鬆管制的市場。太陽能加電池系統或太陽能加電池加充電器系統的一大優勢是這些分散式能源資源能夠參與市場。

So if you think about a day-ahead market, for example, if you have a really smart AI-based energy management system like what we do, we can be very intelligent about when to charge the battery, when to discharge the battery, when to charge your EV, when to buy from the grid, when to sell to the grid, and we can generate substantial amount of savings as well as in some cases revenue for the homeowner. So you're seeing that as a pretty significant play in a number of countries in Europe as well as in places like Texas.

因此，如果您考慮日前市場，例如，如果您擁有像我們這樣的真正智能的基於人工智能的能源管理系統，我們就可以非常智能地了解何時為電池充電、何時給電池放電、何時給電動汽車充電、何時從電網購買、何時向電網出售，並且我們可以為房主節省大量資金，在某些情況下還可以為他們帶來收入。因此，您會看到這在許多歐洲國家以及德克薩斯州等地都具有相當重要的意義。

Excellent, thanks for all the details.

非常好，感謝您提供的所有詳細資訊。

Jeffrey Osborne, TD Cowen.

傑弗裡·奧斯本（Jeffrey Osborne），TD Cowen。

Yeah, thank you. Just two quick ones, Badri. I was wondering that I think in in Q4 there was 1.7 million microinverters that received the 45x credit and then you got it to 1.2, but the Safe Harbor is ramping in Q1. So did you get paid on production and then not on sell-through? I'm just trying to understand what's going on with the manufacturing credit in particular and the seasonality between Q4 and Q1.

是的，謝謝。只需快速問兩個問題，巴德里。我想知道，我認為在第四季度有 170 萬個微型逆變器獲得了 45 倍的信用，然後你把它降到了 120 萬個，但安全港在第一季正在增加。那麼您是根據生產獲得報酬，而不是根據銷售獲得報酬嗎？我只是想知道製造業信貸的具體情況以及第四季和第一季之間的季節性。

Yeah, I mean, look, our folks are usually a little conservative when we give you this. Also, the necessity to balance manufacturing across -- worldwide comes into play. When we say 1.2, we mean 1.2 is from the US facility. That means the balance is covered by elsewhere such as India. Of course, there is desire to maximize profit dollars, but we have to be cautious because we need to be running balanced global manufacturing. That's why.

是的，我的意思是，你看，當我們給你這個的時候，我們的人通常會有點保守。此外，平衡全球製造業的必要性也開始發揮作用。當我們說 1.2 時，我們的意思是 1.2 來自美國工廠。這意味著剩餘部分由印度等其他國家承擔。當然，我們有慾望最大化利潤，但我們必須謹慎，因為我們需要平衡運行全球製造業。這就是原因。

Is there any downtime in Q1 or anything or I'd imagine that would ramp up through the year, no?

第一季是否有停機時間或其他情況，或者我想像這種情況會在全年逐漸增加，不是嗎？

No, I mean that number will fluctuate depending on how we are able to load and how we are able to provide best-in-class service to customers. For example, sometimes we find that for shortly time orders making it in our India factory and shipping it to Europe provides best results and we just cannot idle factories and expect them to start back up later. So best practice is that you should view Q4 as a little more upside and then you should view Q1 as conservative.

不，我的意思是這個數字會根據我們的裝載能力以及我們如何為客戶提供一流的服務而波動。例如，有時我們發現，對於短期訂單，在我們的印度工廠生產並運往歐洲可以提供最好的結果，我們不能閒置工廠並期望它們稍後重新啟動。因此最佳做法是，您應該將第四季度視為略有上行空間，而將第一季視為保守空間。

Got it. And the last question I had is that I think Mandy mentioned $110 million of prepayments in Q4, but the Safe Harbor was for $95 million. What are the other types of products that you received prepayments for?

知道了。我的最後一個問題是，我認為 Mandy 提到了第四季度的 1.1 億美元預付款，但安全港金額是 9,500 萬美元。您收到預付款的其他類型產品有哪些？

Well, in general, we do have pre-paying customer prepayments depending on their credit terms. But however, in this case, there were some customers who did want to place small amounts of orders so that they can secure their capacity and those we view as run rate business to be consumed in the next one to two quarters so that makes up for the balance.

嗯，一般來說，我們確實會根據客戶的信用條款預付預付款。但是，在這種情況下，確實有一些客戶希望下少量訂單，以便他們能夠確保他們的產能，而我們認為這些訂單是運行率業務，將在未來一到兩個季度內消耗，從而彌補差額。

Maybe the $15 million could be consumed in less than the eight quarters, but maybe some of your peers might categorize that as Safe Harbor or at least under the letter of the law, given the cash changed hands and prior to the end of the year. Is that the right way to think about it?

也許這 1500 萬美元可以在不到八個季度的時間內消耗完畢，但也許您的一些同行可能會將其歸類為安全港，或者至少根據法律規定，考慮到現金易手並且是在年底之前。這是正確的思考方式嗎？

It's possible and we expect not, I mean, we expect less than two quarters.

這是有可能的，但我們預計不會，我的意思是，我們預計不會少於兩個季度。

Got it thank you that's all I have.

明白了，謝謝，這就是我所擁有的一切。

And, ladies and gentlemen, at this time we'll be ending today's question and-answer session. I'd like to turn the floor back over to Badri Kothandaraman for any closing remarks.

女士們、先生們，我們今天的問答環節就到此結束。我想將發言權交還給巴德里·科坦達拉曼 (Badri Kothandaraman)，請他做最後發言。

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

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。再見。

And with that, ladies and gentlemen, we'll conclude today's conference call. We do thank you for attending today's presentation. You may now disconnect your lines.

女士們、先生們，今天的電話會議就到此結束。我們非常感謝您參加今天的演講。現在您可以斷開線路了。