Enphase Energy Inc (ENPH) 2025 Q1 法說會逐字稿

Good day and welcome to the Enphase Energy's first-quarter 2025 financial results call. (Operator Instructions) Please note that this event is being recorded.

大家好，歡迎參加 Enphase Energy 2025 年第一季財務業績電話會議。（操作員指示）請注意，此事件正在被記錄。

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

現在我想將會議交給扎克·弗里德曼。請繼續。

Good afternoon, and thank you for joining us on today's conference call to discuss Enphase Energy's first quarter 2025 results. On today's call are Badri Kothandaraman, our President and Chief Executive Officer; Mandy Yang, our Chief Financial Officer; and Raghu Belur, our Chief Products Officer.

下午好，感謝您參加今天的電話會議，討論 Enphase Energy 2025 年第一季的業績。參加今天電話會議的有我們的總裁兼執行長 Badri Kothandaraman；我們的財務長 Mandy Yang；以及我們的首席產品長 Raghu Belur。

After the market closed today, Enphase issued a press release announcing the results of its first quarter ended March 31, 2025. During this conference call, Enphase management will make forward-looking statements, including, but not limited to, statements related to our expected future financial performance, market trends, the capabilities of our technology and products and the benefits to homeowners and installers our operations, including manufacturing, customer service and supply and demand, anticipated growth in existing and new markets, the timing of new product introductions and regulatory tax tariff and supply chain matters. These forward-looking statements involve significant risks and uncertainties and our actual results and the timing of events could differ materially from these expectations.

今天收盤後，Enphase發布新聞稿，公佈了截至2025年3月31日的第一季業績。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我們的營運為房主和安裝商帶來的好處有關的陳述，包括製造、客戶服務和供需、現有和新市場的預期增長、新產品推出的時間以及監管稅收和供應鏈宜。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 表格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 first quarter 2025 financial results. We reported quarterly revenue of $356.1 million shipped approximately 1.53 million microinverters and 170.1 megawatt hours of batteries and generated free cash flow of $33.8 million. Our Q1 revenue included approximately $54 million of Safe Harbor.

下午好，感謝您今天加入我們討論我們的 2025 年第一季財務業績。我們報告的季度收入為 3.561 億美元，出貨了約 153 萬台微型逆變器和 170.1 兆瓦時的電池，並產生了 3,380 萬美元的自由現金流。我們第一季的收入包括約 5,400 萬美元的安全港條款。

As we exited Q1, our battery channel inventory was normal, while our microinverter channel inventory was a little elevated. For the first quarter, we delivered 49% gross margin, 22% operating expenses and 27% operating income all as a percentage of revenue on a non-GAAP basis and including the net IRA benefit.

當我們退出第一季時，我們的電池渠道庫存正常，而我們的微型逆變器渠道庫存略有上升。第一季度，我們的毛利率為 49%，營業費用為 22%，營業收入為 27%，均以非 GAAP 基礎計算的收入百分比，包括淨 IRA 收益。

Mandy will go into our financials later in the call. Our customer service NPLs are steady at 77% in Q1 as compared to 78% in Q4. The average call wait time increased slightly to 3.5 minutes, largely due to the winter storms in the US. We are continuing to invest in AI and machine learning to make our support experience faster, smarter and more helpful.

曼迪稍後將在電話會議中討論我們的財務狀況。我們的客戶服務不良貸款率在第一季穩定在 77%，而第四季為 78%。平均呼叫等待時間略微增加至 3.5 分鐘，這主要是由於美國冬季風暴的影響。我們將繼續投資人工智慧和機器學習，以使我們的支援體驗更快、更聰明、更有用。

Let's cover operations. Our global capacity is around 7.25 million microinverters per quarter, $5 million of those are in the US. In Q1, we shipped approximately 1.21 million microinverters from our US contract manufacturers, booking 45 times production tax credits. Our domestically produced micro inverters health residential, lease/PPA providers and commercial asset owners to qualify for the 10% domestic content ITC error.

讓我們來討論一下操作。我們的全球產能約為每季 725 萬台微型逆變器，其中 500 萬美元在美國。第一季度，我們從美國合約製造商處發貨了約 121 萬台微型逆變器，獲得了 45 倍的生產稅收抵免。我們的國產微型逆變器健康住宅、租賃/PPA 供應商和商業資產所有者符合 10% 國內內容 ITC 誤差的條件。

We expect to ship approximately 1 million microinverters from the US in Q2. Q1 was our second quarter of building the IQ batteries in the US using domestically manufactured microinverters, battery management systems and packaging while sourcing cell packs from China. We shipped 44-megawatt hours of batteries from our Texas facility, a strong step forward as we continue scaling US production.

我們預計第二季將從美國出貨約 100 萬台微型逆變器。第一季是我們在美國生產 IQ 電池的第二季度，使用美國國內生產的微型逆變器、電池管理系統和封裝，同時從中國採購電池組。我們從德州的工廠運送了 44 兆瓦時的電池，這是我們繼續擴大美國生產規模的一大進步。

Let's cover tariffs. The newly announced 145% tariffs on products from China, along with the 10% reciprocal tariffs on imports from other countries is expected to have minimal impact on our microinverters and accessories, thanks to the excellent work our team has done to diversify the supply chain. However, our batteries will be more impacted as we currently source battery sell-backs from China. These tariffs are expected to reduce our gross margin by approximately 2% in Q2 of '25. The effect of the tariffs is limited in Q2 due to us having pre-tariff inventory.

讓我們討論一下關稅。由於我們的團隊為實現供應鏈多元化所做的出色工作，預計新宣布的對中國產品徵收 145% 的關稅以及對其他國家進口產品徵收 10% 的互惠關稅將對我們的微型逆變器和配件產生極小的影響。然而，由於我們目前的電池回收來自中國，我們的電池將受到更大的影響。預計這些關稅將使我們 2025 年第二季的毛利率降低約 2%。由於我們擁有關稅前的庫存，因此關稅對第二季度的影響有限。

Starting in Q3, we anticipate a 6% to 8% total gross margin impact after accounting for pricing adjustments. We expect the gross margin impact to gradually lessen over the subsequent quarters as our mitigation efforts take effect. We are moving with urgency. We have already identified tangible sourcing options outside China, and we are fast tracking the qualification. These efforts are progressing quickly, and we expect to fully offset the impact starting in Q2 '26. As always, tariff policy remains fluid and may evolve with future government decisions.

從第三季開始，我們預計在考慮價格調整後，總毛利率將受到 6% 至 8% 的影響。我們預計，隨著我們的緩解措施生效，毛利率影響將在接下來的幾季逐漸減輕。我們正在緊急行動。我們已經確定了中國境外切實可行的採購選擇，並且正在加快資格審核。這些努力正在迅速進展，我們預計從 2026 年第二季開始將完全抵消影響。像往常一樣，關稅政策仍在不斷變化，並可能隨著未來政府的決定而演變。

Let's come to the regions. Our US and international revenue mix for Q1 was 74% and 26%, respectively. In the US, our revenue decreased 13% in Q1 compared to Q4, primarily due to seasonality and softening in customer demand, partially offset by safe harbor revenue of $54 million. The overall sell-through of our product was down 18% compared to Q4.

讓我們來到各個地區。我們第一季的美國和國際營收佔比分別為 74% 和 26%。在美國，我們第一季的營收與第四季相比下降了 13%，主要原因是季節性和客戶需求疲軟，但 5,400 萬美元的安全港收入部分抵消了這一影響。與第四季相比，我們產品的整體銷售量下降了 18%。

In addition to seasonality, installation activity was negatively impacted by one of the large national lease providers facing financial challenges. The US solar market remains under pressure from high interest rates and many installers, lease providers and distributors are navigating through a tough environment. That said, there are encouraging signs. In California, installers are growing more confident selling NEM 3.2 systems supported by strong battery attach rates.

除了季節性因素外，安裝活動還受到一家面臨財務挑戰的大型全國租賃供應商的負面影響。美國太陽能市場仍然面臨高利率的壓力，許多安裝商、租賃提供商和分銷商都在艱難的環境中掙扎。儘管如此，還是有令人鼓舞的跡象。在加州，由於電池安裝率較高，安裝人員對銷售 NEM 3.2 系統的信心不斷增強。

At the same time, power prices continue to rise across several key regions. We are staying focused on product innovation, quality and customer experience. Our upcoming fourth-generation battery is designed to lower total system cost for backup. Our complementary offerings like busbar PCS and NEM expansion software help customers unlock even more value.

同時，多個重點地區電價持續上漲。我們始終專注於產品創新、品質和客戶體驗。我們即將推出的第四代電池旨在降低備用系統的總成本。我們的互補產品（如母線 PCS 和 NEM 擴充軟體）可協助客戶釋放更多價值。

In Europe, our revenue increased 7% in Q1 due to shipping the Flex phase battery in Germany as compared to the prior quarter, while our overall sell-through declined a little by about 9%. The overall business environment across the region is still challenging, but we are maintaining our discipline on controlling the channel as well as expanding our served available market by introducing a number of new products. I'll provide additional color on our key markets in Europe, the Netherlands, France, Germany and UK.

在歐洲，由於在德國運送 Flex 相電池，我們第一季的營收與上一季相比成長了 7%，而我們的整體銷售量略有下降，約為 9%。整個地區的整體商業環境仍然充滿挑戰，但我們仍在控制通路方面保持紀律，並透過推出一系列新產品來擴大我們服務的可用市場。我將為我們在歐洲、荷蘭、法國、德國和英國的主要市場提供更多詳細資訊。

In Netherlands, the demand softened slightly in Q1 in line with typical winter seasonality. The market continues to shift from solar only to solar plus battery solutions, which help avoid export penalties and enable participation in retail energy markets. We started shipping our new IQ EV charger into the region and recently introduced backup capability for our batteries, further strengthening the value proposition.

在荷蘭，第一季的需求略有減弱，這與典型的冬季季節性相符。市場繼續從單一太陽能轉向太陽能加電池解決方案，這有助於避免出口處罰並能夠參與零售能源市場。我們開始向該地區運送新的 IQ EV 充電器，並且最近為我們的電池引入了備用功能，進一步加強了價值主張。

In France, the market has slowed down following the recent utility rate cuts and we expect the demand to be muted over the next two quarters. However, a significantly lower VAT is set to begin in October, which should help spark the rebound and solar.

在法國，由於近期公用事業費率下調，市場已經放緩，我們預計未來兩季的需求將會減弱。不過，從十月開始，增值稅將大幅降低，這將有助於刺激經濟反彈和太陽能。

France remains a key long-term growth market for us, given our leadership position and the country's low solar penetration. We started shipping our new IQ EV charger into France, and we also plan to introduce hot water heater compatibility in the second quarter, allowing homeowners to increase their self-consumption. We also added backup capability for our batteries, further strengthening resilience offering.

鑑於我們的領導地位以及該國較低的太陽能滲透率，法國仍然是我們重要的長期成長市場。我們已開始將新型 IQ EV 充電器運往法國，並且還計劃在第二季度推出熱水器相容性，讓房主能夠增加自用電。我們也增加了電池的備用功能，進一步增強了彈性。

In Germany, we are ramping sales of our new IQ Battery 5P with Flex pace and the new IQV charger. The typical installations are three phase in Germany, and we are seeing a 30% backup attach for our batteries, a strong indicator of the growing demand for resilience. We are also preparing to launch our balcony solar product imminently in Germany in Q2, which expands our addressable market by approximately 400 megawatts annually. We believe these product introductions position us well for meaningful growth in both sell-in and sell-through over the coming quarters.

在德國，我們正在增加配備 Flex Pace 的新型 IQ Battery 5P 和新型 IQV 充電器的銷售。在德國，典型的安裝是三相的，我們看到我們的電池有 30% 的備用連接，這有力地表明了對彈性的需求不斷增長。我們也準備在第二季在德國推出我們的陽台太陽能產品，這將使我們的潛在市場每年擴大約 400 兆瓦。我們相信，這些產品的推出將使我們在未來幾季的銷售量和銷售率都實現有意義的成長。

The UK market continues to perform well for us as we strengthen our relationships with the retail energy providers in the region. We already started shipping our new IQ EV charger, and we plan to introduce backup capabilities in Q3 of this year, further expanding our energy resilience offering. We remain underpenetrated in several European countries, including Italy, Spain, Belgium, Luxembourg, Switzerland, Austria, Sweden, Poland and others. And we see them as important pillars of our long-term growth strategy.

隨著我們加強與該地區零售能源供應商的關係，英國市場繼續表現良好。我們已經開始運送我們的新型 IQ EV 充電器，並計劃在今年第三季推出備用功能，進一步擴大我們的能源彈性產品。我們在幾個歐洲國家的滲透率仍然不足，包括義大利、西班牙、比利時、盧森堡、瑞士、奧地利、瑞典、波蘭等。我們將它們視為長期成長策略的重要支柱。

Over the coming months, we plan to introduce our full product portfolio across more of Europe, including IQ microinverters, IQ battery flex space with backup, our latest in the greater EV charger, AI-powered energy management software and the solar graph installer platforms.

在接下來的幾個月裡，我們計劃在歐洲更多地區推出我們的全套產品組合，包括 IQ 微型逆變器、帶備用電源的 IQ 電池靈活空間、我們最新的更強大的電動車充電器、人工智慧能源管理軟體和太陽能圖表安裝程式平台。

We continue to make steady progress in other regions. In Puerto Rico, we are seeing a very sharp price in demand for our higher domestic content battery driven by an increased need for resilience. In India, Sales of our IQ microinverters continue to grow, and we are also shipping our batteries into the region. We are encouraged by the early signs of strong product market fit in both the urban and rural areas. In Brazil, new fire safety recommendations such as rapid shutdown should support continuous growth of our IQ microinverters.

我們在其他地區繼續取得穩步進展。在波多黎各，我們看到由於對彈性的需求增加，對國產含量較高的電池的需求價格大幅上漲。在印度，我們的 IQ 微型逆變器的銷售持續成長，我們也將電池運送到該地區。我們對城市和農村地區產品市場強勁契合的早期跡象感到鼓舞。在巴西，快速關閉等新的消防安全建議應該可以支持我們的 IQ 微型逆變器的持續成長。

Now let's turn to our Q2 guidance. We expect Q2 revenue to be in the range of $340 million to $380 million. This includes approximately $40 million in safe harbor revenue, which we define as sales made to customers who plan to install the inventory over more than a year. We are currently about 80% booked to the midpoint of our revenue guidance. For IQ batteries, we expect to ship between 160 and 180-megawatt hours during the quarter.

現在讓我們來看看第二季的指引。我們預計第二季的營收將在 3.4 億美元至 3.8 億美元之間。其中包括約 4000 萬美元的安全港收入，我們將其定義為向計劃在一年多的時間內安裝庫存的客戶的銷售額。目前，我們的預訂量已達到預期收入的 80% 左右。對於 IQ 電池，我們預計本季的出貨量將在 160 至 180 兆瓦時之間。

Let's talk about new products, starting with IQ batteries. Our fourth generation IQ battery is all set to ramp up production in this quarter. This system includes the IQ Battery 10C, the IQ combiner 6C and the meter color. The IQ Battery 10C delivered the same 10-kilowatt hour capacity while using 60% lesser walled space, thanks to its fully integrated battery management and power conversion.

讓我們來談談新產品，從 IQ 電池開始。我們的第四代 IQ 電池已準備好在本季提高產量。系統包括IQ電池10C、IQ組合器6C和儀表顏色。由於完全整合了電池管理和電源轉換，IQ Battery 10C 可提供相同的 10 千瓦時容量，同時佔用的牆壁空間減少了 60%。

When paired with the IQ combiner and the color, the system significantly simplifies backup, eliminating the need to relocate loads, install current transformers or run high current wiring. For both homeowners and installers, the improvement is substantial. What once took four boxes in the wall can now be done with just two. We have successfully completed the required meter color testing with PG&E and four other utility companies. We expect to begin pilots in May. We have now expanded the IQ Microinverter family into 58 countries and plan to grow that number further by the year-end.

當與 IQ 組合器和顏色配對時，該系統顯著簡化了備份，無需重新定位負載、安裝電流互感器或運行大電流佈線。對於房主和安裝人員來說，改進是巨大的。以前需要牆上四個箱子才能完成的工作，現在只需兩個就可以了。我們已與 PG&E 和其他四家公用事業公司成功完成了所需的電錶顏色測試。我們預計將於五月開始試辦。我們現已將 IQ Microinverter 系列擴展到 58 個國家/地區，並計劃在年底前進一步擴大這一數字。

In Japan, we expect to begin production shipments this week. through a distribution agreement with Itochu Corporation, one of the country's largest trading companies. Recently, Tokyo became the first Japanese city to mandate rooftop solar on new home builds. Given the typically small roof areas in Tokyo, system design can be complex, which is exactly where our Enphase IQ8 microinverter shine offering the flexibility and scalability needed to maximize production and reliability from every rooftop.

在日本，我們預計本週開始生產出貨。透過與日本最大的貿易公司之一伊藤忠商事株式會社簽訂的經銷協議。最近，東京成為日本第一個強制要求新建住宅安裝屋頂太陽能的城市。鑑於東京的屋頂面積通常較小，系統設計可能很複雜，這正是我們的 Enphase IQ8 微型逆變器的優勢所在，它提供了所需的靈活性和可擴展性，可以最大限度地提高每個屋頂的產量和可靠性。

In Q2, we plan to launch our IQ balcony solar product in Germany and Belgium, with additional countries in Europe and Asia to follow in 2025. The product offers a simple, efficient way for apartment dwellers to harness solar energy from their balcony. Built on our proven AC-coupled architecture, the system allows the users to plug in one to four panels directly into a standard wall outlet. We plan to offer prewired kits that include IQ microinverters and the balcony Gateway, enabling fast setup and seamless monitoring through the Enphase app. In the event of grid outage, the system also supports Sunlight backup via an auxiliary socket located on the IQ Balcony Gateway product.

我們計劃在第二季在德國和比利時推出我們的 IQ 陽台太陽能產品，並將於 2025 年在歐洲和亞洲的其他國家推出。該產品為公寓居民提供了一種簡單、有效的利用陽台太陽能的方法。該系統基於我們成熟的交流耦合架構，讓使用者可以將一到四塊面板直接插入標準壁式插座。我們計劃提供包括 IQ 微型逆變器和陽台網關在內的預先接線套件，以便透過 Enphase 應用程式實現快速設定和無縫監控。如果發生電網斷電，系統還支援透過 IQ Balcony Gateway 產品上的輔助插座進行陽光備份。

Let's come to our IQ8P-3P commercial microinverter, a product that is steadily gaining traction. We have over 650 commercial sites live across the US, averaging about 35 kilowatts per system with consistent positive feedback from the field. These 3-Phase microinverters now ship from the US with increased domestic content that help qualify for the 10% ITC added, meaningful advantage for commercial asset owners. And we expect the momentum to grow with the upcoming IQ9 microinverter, which is purpose built for 480 volt, 3-Phase systems unlocking even more of the commercial market.

讓我們來看看我們的IQ8P-3P商用微型逆變器，這是一款正在穩步獲得關注的產品。我們在美國各地擁有超過 650 個商業站點，平均每個系統約 35 千瓦，並獲得了現場一致的正面回饋。這些三相微型逆變器現在從美國發貨，增加了國內成分，有助於符合附加 10% ITC 的資格，這對商業資產所有者來說具有重大優勢。我們預計，即將推出的 IQ9 微型逆變器將進一步推動這一發展勢頭，該產品專為 480 伏特、三相繫統而設計，將開拓更多的商業市場。

Let's talk about IQ9. So IQ9, micro inverters are powered by cutting-edge gallium nitride technology. These microinverters are engineered for the future with support for 18 ampere DC input current higher AC voltages and 3-Phase configurations. Designed specifically for small commercial systems, IQ9 will support 480-volt, the most common commercial voltage in the US. The first model will deliver peak output power of 427 watts and 548 watts, making them ideal for pairing with today's most powerful residential and commercial solar talents.

我們來談談IQ9。因此，IQ9 微型逆變器採用尖端氮化鎵技術。這些微型逆變器是為未來而設計的，支援 18 安培直流輸入電流、更高的交流電壓和三相配置。IQ9 專為小型商用系統設計，支援 480 伏特，這是美國最常見的商用電壓。第一款型號的峰值輸出功率分別為 427 瓦和 548 瓦，非常適合與當今最強大的住宅和商業太陽能設備搭配使用。

IQ9 uses GaN-based bidirectional switches that allow us to reduce conduction losses and increased our density. While we are currently operating at similar switching frequencies to maintain compatibility with our existing transformer design, gallium nitride again gives us the foundation to enable much higher frequencies and even greater efficiency in future products like IQ10. Thanks to GaN, IQ9 already delivers efficiencies that meet or exceed prior generations with the sleek compact footprint. We expect to begin internal installations at Enphase facilities soon ahead of a full production launch in Q4.

IQ9 使用基於 GaN 的雙向開關，使我們能夠減少傳導損耗並提高密度。雖然我們目前以相似的開關頻率運行以保持與現有變壓器設計的兼容性，但氮化鎵再次為我們在 IQ10 等未來產品中實現更高的頻率和更高的效率奠定了基礎。由於 GaN，IQ9 已經能夠以時尚緊湊的尺寸提供達到或超過前幾代產品的效率。我們預計將在第四季度全面投入生產之前，在 Enphase 工廠開始內部安裝。

On the portable power front, we began shipping the IQ Powerpack 1,500 to customers in US and Canada. This compact 1.5 kilowatt hour solution brings together our core strengths Enphase and above. which is advanced power electronics, battery management and intelligent software into a smart portable product designed for home backup, travel and emergencies. IQ Powerpack marks our entry into the portable consumer energy market.

在便攜式電源方面，我們開始向美國和加拿大的客戶運送 IQ Powerpack 1,500。這款小巧的 1.5 千瓦時解決方案匯集了我們 Enphase 及以上的核心優勢。它是一款將先進的電力電子、電池管理和智慧軟體融入智慧便攜式產品中，專為家庭備用、旅行和緊急情況而設計。IQ Powerpack 標誌著我們進入便攜式消費能源市場。

We see this as a meaningful growth vector and plan to expand the product family in 2025 to address many more use cases and reach many more countries.

我們認為這是一個有意義的成長方向，並計劃在 2025 年擴大產品系列，以解決更多用例並覆蓋更多國家。

Let's dive into EV charging. In late 2024, we began shipping our next-generation IQ EV charger into Europe. We are now active in 14 countries across the region. This is one of our most advanced residential chargers till they designed to work seamlessly with the Enphase Energy system or as a high-performance stand-alone system, smart features like green charging help homeowners maximize solar usage, while intelligent scheduling reduces energy costs during peak hours, delivering both sustainability and savings.

讓我們深入了解電動車充電。2024 年末，我們開始向歐洲運送下一代 IQ EV 充電器。我們目前活躍於該地區的 14 個國家。這是我們最先進的家用充電器之一，它們設計用於與 Enphase Energy 系統無縫協作或作為高性能獨立系統，綠色充電等智慧功能可幫助房主最大限度地利用太陽能，而智慧調度可降低高峰時段的能源成本，實現永續性和節約。

We are excited to expand the availability of the IQ EV charger throughout this year into more European countries as well as into Australia, Brazil, India, and the US, where we will position it as a premium feature rich offering. With strong early momentum, we expect continuous growth this year and beyond.

我們很高興今年能將 IQ EV 充電器的供應範圍擴大到更多歐洲國家以及澳洲、巴西、印度和美國，在這些國家，我們將把它定位為功能豐富的高端產品。憑藉強勁的早期發展勢頭，我們預計今年及以後將繼續成長。

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. In the US, we are active in 26 programs across key states such as California, Colorado, Massachusetts, North Carolina and Texas.

我們的 IQ 能源管理軟體支援美國等受監管市場的電網服務計劃 VPP 以及歐洲和澳洲等非管制市場的能源市場參與。在美國，我們積極參與加州、科羅拉多州、麻薩諸塞州、北卡羅來納州和德州等主要州的 26 個計畫。

These programs discharge batteries during peak demand supporting the utilities as electricity rates become more complex. We believe our AI-powered software differentiates us maximizing ROI and reducing the payback period.

隨著電價變得越來越複雜，這些程式在高峰需求期間放電電池以支援公用事業。我們相信，我們的人工智慧軟體能夠讓我們最大限度地提高投資回報率並縮短回報期。

Let's cover Solar graph, our all-in-one installer platform. we are investing in major enhancements, including a one-click Express editor for customized proposals, Gen AI powered and map assisted integration with racking and expanded C&I capabilities, all aimed at making solar graft even more intuitive.

讓我們介紹一下 Solar graph，我們的一體化安裝平台。我們正在投資進行重大改進，包括用於定制提案的一鍵式 Express 編輯器、由 Gen AI 驅動和地圖輔助的貨架集成以及擴展的 C&I 功能，所有這些都旨在使太陽能嫁接更加直觀。

The platform is now available to residential and commercial installers in the US, Canada, Brazil, Germany, Austria, Netherlands and France, with plans to expand into additional countries in the coming quarters. Solar graph continues to evolve as a strategic part of our software ecosystem helping installers sell faster, design smarter as well as scale efficiently.

該平台目前可供美國、加拿大、巴西、德國、奧地利、荷蘭和法國的住宅和商業安裝商使用，並計劃在未來幾季擴展到其他國家。太陽能圖表作為我們軟體生態系統的策略組成部分不斷發展，幫助安裝人員更快地銷售、更聰明地設計以及更有效地擴展。

Let me conclude. While the global policy environment remains fluid with tariffs, with interest rates and subsidies constantly evolving. We are moving quickly to realign our supply chain to minimize downside across a range of scenarios. While we cannot control the macroeconomic conditions, we can absolutely control our response. This means doubling down on what we have -- what has always made Enphase successful, relentless product innovation, world-class reliability and exceptional customer service.

讓我來總結一下。全球政策環境依然不斷變化，關稅、利率和補貼也在不斷變化。我們正在迅速調整我們的供應鏈，以盡量減少各種情況下的不利影響。雖然我們無法控制宏觀經濟狀況，但我們絕對可以控制我們的反應。這意味著我們要加倍努力，鞏固我們所擁有的東西——Enphase 一直以來的成功之道：不懈的產品創新、世界一流的可靠性和卓越的客戶服務。

Looking ahead, our strategy is clear. We are driving revenue growth through a wave of new products, starting with our fourth generation system which delivers the lowest installation cost of any Enphase solar plus battery solutions to date. In Europe, our SAM is expanding rapidly with the launch of our flex space battery with backup, the IQ EV charger and the upcoming IQ Balcony Solar Kit.

展望未來，我們的戰略很明確。我們正透過一系列新產品推動營收成長，首先是我們的第四代系統，該系統提供了迄今為止所有 Enphase 太陽能加電池解決方案中最低的安裝成本。在歐洲，隨著我們推出備用功能的靈活空間電池、IQ EV 充電器和即將推出的 IQ 陽台太陽能套件，我們的 SAM 正在迅速擴張。

We are empowering installers with tools like NEM expansion software to expand legacy systems, busbar PCS software to avoid main panel ingrate and dynamic tariff optimization software in European markets to help save money for the home more. And with our upcoming IQ9 microinverters, we expect to unlock a 10 gigawatt opportunity in commercial solar, while driving cost per watt improvement across our residential business.

我們為安裝人員提供 NEM 擴展軟體等工具來擴展遺留系統、母線 PCS 軟體以避免主面板整合以及歐洲市場的動態關稅優化軟體，以幫助家庭節省更多資金。隨著我們即將推出的 IQ9 微型逆變器，我們預計將在商業太陽能領域釋放 10 千兆瓦的機會，同時推動整個住宅業務的每瓦成本改善。

As the world faces rising power prices and increasing grid instability, Enphase is becoming leaner, faster and more innovative. We are energized by the future and firmly focused on delivering value for our customers, partners and shareholders.

隨著世界面臨電價上漲和電網不穩定性增加的問題，Enphase 正在變得更加精簡、更快速、更創新。我們對未來充滿熱情，並堅定地致力於為我們的客戶、合作夥伴和股東創造價值。

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 first quarter of 2025 financial results. as well as our business outlook for the second quarter of 2025. We have provided reconciliations of these non-GAAP to GAAP financial measures in our earnings release posted today, which can also be found in the IR section of our website. Total revenue for Q1 was $356.1 million. We shipped approximately 688.5 megawatts DC of micro inverters. -- and 170.1 megawatt hours of IT batteries in the quarter. Q1 revenue included approximately $54 million of Safe Harbor revenue.

謝謝，巴德里，大家下午好。我將提供更多與我們 2025 年第一季財務業績相關的詳細資訊。以及我們對 2025 年第二季的業務展望。我們在今天發布的收益報告中提供了這些非 GAAP 與 GAAP 財務指標的對帳表，您也可以在我們網站的 IR 部分找到該對帳表。第一季總營收為 3.561 億美元。我們運送了約 688.5 兆瓦直流微型逆變器。 ——本季 IT 電池產量為 170.1 兆瓦時。第一季的收入包括約 5,400 萬美元的安全港收入。

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.

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多的時間內安裝庫存的客戶進行的任何銷售。

Non-GAAP gross margin for Q1 was 48.9% compared to 53.2% in Q4, primarily due to lower bookings of 45 times production test credit and product mix. Gross margin was 47.2% for Q1 compared to 51.8% in Q4. Non-GAAP gross margin with our net IRA benefit for Q1 was 38.3% compared to 39.7% in Q4, primarily due to product mix and non-GAAP gross margin for Q1 included $37.9 million of net IRA benefit.

第一季非公認會計準則毛利率為 48.9%，而第四季為 53.2%，主要原因是 45 倍生產測試信用和產品組合的預訂量較低。第一季毛利率為 47.2%，第四季為 51.8%。第一季非 GAAP 毛利率加上淨 IRA 收益為 38.3%，而第四季為 39.7%，這主要由於產品組合以及第一季非 GAAP 毛利率包括 3790 萬美元的淨 IRA 收益。

Non-GAAP operating expenses were $79.4 million for Q1 compared to $83.3 million for Q4. The decrease was the result of restructuring actions initiated in the fourth quarter of 2024. [Ship] operating expenses were $136.3 million for Q1 compared to $143.5 million for Q4. GAAP operating expenses for Q1 included $50.9 million of stock-based compensation expenses, $2.9 million of amortization for acquired intangible assets, and $3.2 million of restructuring asset impairment charges. On a non-GAAP basis, income from operations for Q1 was $94.6 million compared to $120.4 million for Q4.

第一季非公認會計準則營運費用為 7,940 萬美元，而第四季為 8,330 萬美元。這一下降是由於 2024 年第四季啟動的重組行動所致。第一季[船舶]營運費用為 1.363 億美元，而第四季為 1.435 億美元。第一季的 GAAP 營運費用包括 5,090 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 320 萬美元的重組資產減損費用。以非公認會計準則計算，第一季的營業收入為 9,460 萬美元，而第四季的營業收入為 1.204 億美元。

On a GAAP basis, income from operations was $31.9 million for Q1 compared to $54.8 million for Q4. On a non-basis, net income for Q1 was $89.2 million compared to $125.9 million for Q4. This resulted in non-GAAP diluted earnings per share of $0.68 for Q1 compared to $0.94 for Q4. GAAP net income for Q1 was $29.7 million, compared to $62.2 million for Q4. This resulted in GAAP diluted earnings per share of $0.22 for Q1 compared to $0.45 for Q4.

根據 GAAP 計算，第一季營業收入為 3,190 萬美元，而第四季營業收入為 5,480 萬美元。以非基礎計算，第一季淨收入為 8,920 萬美元，而第四季淨收入為 1.259 億美元。這導致第一季非 GAAP 稀釋每股收益為 0.68 美元，而第四季度為 0.94 美元。第一季的 GAAP 淨收入為 2,970 萬美元，而第四季為 6,220 萬美元。這導致第一季的 GAAP 稀釋每股收益為 0.22 美元，而第四季度的 GAAP 稀釋每股收益為 0.45 美元。

We exited Q1 with a total cash, cash equivalents, restricted cash and marketable security balance of $1.53 billion compared to $1.72 billion at the end of Q4, with end of the entire principal amount of $102.2 million for our 2025 convert that came due on March 1.

我們在第一季結束時的現金、現金等價物、限制性現金和有價證券餘額總額為 15.3 億美元，而第四季末為 17.2 億美元，2025 年 3 月 1 日到期的轉換債券本金總額為 1.022 億美元。

As part of our $1 billion share repurchase program authorized by our Board of Directors in July 2023, we repurchased 1,594,105 shares of our common stock in Q1 at an average price of $62.71 per share for a total of approximately $100 million. We have a remaining $298.7 million authorized for further share repurchases. In addition, we spent approximately $12.1 million of reporting shares to cover taxes for employees divesting and actions in Q1 that reduced the diluted shares by 20,358 shares. We expect to continue this anti-dilution point.

作為董事會於 2023 年 7 月批准的 10 億美元股票回購計畫的一部分，我們在第一季以每股 62.71 美元的平均價格回購了 1,594,105 股普通股，總計約 1 億美元。我們還有剩餘的 2.987 億美元授權用於進一步股票回購。此外，我們還花費了約 1,210 萬美元的報告股份來支付員工剝離的稅款以及第一季的行動，這導致稀釋股份減少了 20,358 股。我們期望繼續保持這一反稀釋點。

In Q1, we generated $48.4 million in cash flow from operations and $33.8 million in free cash flow as approximately $70 million of revenue in Q1 was prepaid last quarter. Capital expenditure was $14.6 million for Q1 compared to $8.1 million for Q4.

在第一季度，我們產生了 4,840 萬美元的營運現金流和 3,380 萬美元的自由現金流，因為第一季約有 7,000 萬美元的收入是在上個季度預付的。第一季的資本支出為 1,460 萬美元，而第四季的資本支出為 810 萬美元。

Now let's discuss our outlook for the second quarter of 2025. We expect our revenue for Q2 to be within the range of $340 million to $380 million which includes shipments of 160 to 180-megawatt hours of IQ battery. The Q2 revenue outlook includes approximately $40 million from a Safe Harbor sales agreement signed in December 2024. We expect GAAP gross margin to be within a range of 42% to 45%, including 2-percentage-points of new tariff impact. We expect non-GAAP gross margin to be within the range of 44% to 47% with net IRA benefit and 35% to 38% before net IRA benefit, including 2-percentage-points of new tariff impact.

現在讓我們來討論一下對 2025 年第二季的展望。我們預計第二季的營收將在 3.4 億美元至 3.8 億美元之間，其中包括 160 至 180 兆瓦時的 IQ 電池出貨量。第二季營收預期包括 2024 年 12 月簽署的安全港銷售協議中的約 4,000 萬美元。我們預計 GAAP 毛利率將在 42% 至 45% 之間，其中包括 2 個百分點的新關稅影響。我們預計非 GAAP 毛利率在計入淨 IRA 收益後將在 44% 至 47% 之間，在計入淨 IRA 收益前將在 35% 至 38% 之間，其中包括 2 個百分點的新關稅影響。

Non-GAAP gross margin excludes stock-based compensation expense and acquisition-related amortization. We expect the net IRA benefit to be between $30 million and $33 million on estimated shipments of 1 million units of US microinverters in Q2. We expect our debt operating expenses to be within a range of $136 million to $140 million, including approximately $58 million estimated for stock-based compensation expense, acquisition-related expenses and amortization and restructuring and asset impairment charges.

非公認會計準則毛利率不包括股票薪酬費用及收購相關攤銷。我們預計，第二季美國微型逆變器出貨量預計為 100 萬台，IRA 淨收益將在 3,000 萬至 3,300 萬美元之間。我們預計債務營運費用將在 1.36 億美元至 1.4 億美元之間，其中包括約 5,800 萬美元的股票薪酬費用、收購相關費用以及攤銷和重組和資產減損費用。

We expect our non-GAAP operating expenses to be within a range of $78 million to $82 million. For the year of 2025, we expect our GAAP tax rate of 21% to 23% and a non-GAAP tax rate of 15% to 17%, including IRA benefits.

我們預計非公認會計準則營運費用將在 7,800 萬美元至 8,200 萬美元之間。到 2025 年，我們預計 GAAP 稅率為 21% 至 23%，非 GAAP 稅率為 15% 至 17%，包括 IRA 福利。

With that, I will open the line for questions.

現在，我將開始回答大家的提問。

(Operator Instructions) Praneeth Satish, Wells Fargo.

（操作員指示） Praneeth Satish，富國銀行。

Maybe just starting with the Q2 guidance. So it includes 2 percentage points of gross margin headwind from the tariffs, it sounds like that could go to 6% to 8% in Q3. So it would seem as if you're not fully passing through the entire incremental tariff cost to customers, and I guess maybe if you could just talk about what's driving your decision to absorb some of these costs versus passing them through because I would imagine that many of your competitors are also sourcing battery cells from China. So maybe if you could talk through that.

也許只是從第二季的指導開始。因此，其中包括關稅帶來的 2 個百分點的毛利率阻力，聽起來第三季的毛利率可能會達到 6% 至 8%。因此看起來好像你們並沒有將全部增量關稅成本轉嫁給客戶，我想也許你們可以談談是什麼促使你們決定吸收部分成本而不是轉嫁成本，因為我想你們的許多競爭對手也從中國採購電池。所以也許你可以談談這個問題。

Yes, you're right. The -- let me give a big picture. First of all, due to these tariffs, and that is the 145% tariffs on imports from China and 10% tariff on imports from other countries. So due to that, we are glad that our microinverters and accessories aren't affected much. And that's because our supply chain has done a fantastic job of diversification -- global diversification. So that's the first good news.

是的，你說得對。讓我來概括一下。首先，由於這些關稅，即對從中國進口的產品徵收145%的關稅，對從其他國家進口的產品徵收10%的關稅。因此，我們很高興我們的微型逆變器和配件沒有受到太大影響。這是因為我們的供應鏈在多元化——全球多元化方面做得非常出色。這是第一個好消息。

On batteries, more than 90%, and I would venture to say 95% of the cells made in the world, they come from China. We are no exception. We use Chinese sources for the cell packs. We have two ways that we produce battles. One is we make batteries overseas, the full system.

就電池而言，全世界 90% 以上的電池，我敢說 95% 的電池，都來自中國。我們也不例外。我們使用中國產的電池組。我們有兩種方式來製造戰鬥。一是我們在海外生產電池，生產全套系統。

And the second is we get sell packs into the US and then we make the entire system, the rest of the system inside the US. As you can see, when we bring it into the US, you have high US cost of manufacturing. But you have your tariff only on the cell pack that is coming in, plus any associated raw materials that are coming in from China or the other places.

第二種是，我們將包裝賣到美國，然後在美國境內製造整個系統，其餘部分則在美國製造。正如你所看到的，當我們將其引入美國時，美國的製造成本很高。但你只需要對進口的電池組以及從中國或其他地方進口的任何相關原料徵收關稅。

So it therefore turns out for us that whether we make it domestically or whether we make it outside the US our costs are becoming approximately the same. And the cost impact is significant. Why did we choose -- yes, we are going to pass has a portion of it, but we are going to absorb a majority of the impact. And why is because, first of all, we think we can recover this effect in a couple of quarters in two to three quarters.

因此，對我們來說，無論我們在美國國內生產還是在美國境外生產，我們的成本都大致相同。而且成本影響巨大。我們為什麼選擇——是的，我們將傳遞其中的一部分，但我們將吸收大部分的影響。原因在於，首先，我們認為我們可以在兩到三個季度內恢復這種效果。

That's what we mentioned. And what are we doing about it? Our job number one is to get cell sources outside China qualified. That's the job number one, which we have already identified the sources. We are working in aggressive task force mode and we expect to qualify these sources early next year.

這就是我們提到的。我們對此採取了什麼措施？我們的首要任務是獲得中國境外合格的細胞來源。這是首要任務，我們已經確定了消息來源。我們正在以積極的特別工作組模式開展工作，預計明年年初將對這些來源進行鑑定。

Therefore, considering that the impact is going to be only for a couple of quarters, two to three quarters, not a couple of quarters, two to three quarters, we decided we would pass on a portion to the installers, and we would absorb the majority ourselves.

因此，考慮到影響只會持續幾個季度、兩到三個季度，而不是幾個季度、兩到三個季度，我們決定將一部分影響轉嫁給安裝人員，而我們自己吸收大部分影響。

Now I said 6% to 8% is the total impact in Q3. First of all, we aren't going to be that much impacted beyond 2% in Q2 because we have pre-tariff inventory. Then from Q3 onwards, that basically goes away. And we essentially are going to have an impact of about 6% to 8% as a result of all of these actions. We expect that impact, the gross margin impact to continuously improve as we go from Q3 to Q4 to Q1 and the impact to become zero in Q2.

現在我說的是第三季的整體影響是 6% 到 8%。首先，由於我們有關稅前的庫存，我們在第二季不會受到超過 2% 的影響。從第三季開始，這種情況基本上就消失了。所有這些行動實際上將產生約 6% 至 8% 的影響。我們預計，從第三季到第四季再到第一季度，毛利率的影響將持續改善，而第二季的影響將變為零。

Got it. That's very helpful. And then just right or wrong, there seems to be a bit of paralysis on the customer side as we wait for clarity around IRA. For the Q2 guide, are you accounting for any worsening of demand trends in Q2. As we wait for clarity or making any adjustments for NOVA exposure in the guide?

知道了。這非常有幫助。不管對錯，當我們等待 IRA 的明確消息時，客戶方面似乎有些癱瘓。對於第二季指南，您是否考慮到第二季需求趨勢的惡化。我們是否在等待指南中明確說明或對 NOVA 曝光做出任何調整？

And then maybe on the flip side, do you think that sell-through could accelerate in the second half once we get IRA clarity I guess what are you hearing from your dealers on any pent-up demand?

那麼另一方面，您是否認為一旦我們獲得 IRA 清晰度，下半年的銷售量可能會加速？我想您從經銷商那裡聽到了什麼關於任何被壓抑的需求的消息？

Yes. I said a few things. I said my bookings right now is about 80%. So the guidance that we gave, we have accommodated that bookings in place, which is actually healthy. So that's the first thing.

是的。我說了幾件事。我說我現在的預訂量大約是80%。因此，根據我們給予的指導，我們已經適應了預訂，這實際上是健康的。這是第一件事。

Yes, the lack of certainty is definitely a factor the -- one of the large national lease providers, as you mentioned, and financial year trouble is another factor. What that financial trouble causes is basically our installers have difficulty in managing their cash flow. When our installers have very difficult in managing the cash flow, the originations suffered in Q1 because the originations suffered, we do not see enough pull-through from the distributors to the installers.

是的，缺乏確定性肯定是一個因素——正如您所說，作為一家大型全國租賃提供商，財政年度的麻煩是另一個因素。財務困難的根本原因是我們的安裝人員難以管理他們的現金流。當我們的安裝人員在管理現金流方面遇到很大困難時，第一季的起源就會受到影響，因為起源受到了影響，我們看不到分銷商對安裝人員的足夠支持。

Because as you must imagine, life must be pretty tough for them in terms of cash flow. And -- but -- but the good news is there are a lot of lease finances now today compared to what they were two years ago. So it is a matter of time where those installers pick up the alternate finance years and hopefully restart the business again. However, that basically created a gap in Q1. And that's what we talked about, our sell-through was a little lower than normal.

因為正如你所想像的，就現金流而言，他們的生活一定相當艱難。但好消息是，與兩年前相比，現在的租賃融資已經很多了。因此，這些安裝人員選擇替代財務年度並希望再次重新啟動業務只是時間問題。然而，這基本上在第一季造成了差距。這就是我們所談論的，我們的銷售量比正常水平略低。

Having said that, we are entering the best seasonal part of the year. Q2 normally is the best in terms of seasonality. Q1 to Q2 is what I'm talking about. . And for Enphase, specifically, what we have going for us, we expect to ramp our fourth-generation batteries in Q2. We expect to ship meaningful volumes in production this quarter. And we -- basically, we expect that our cost for our backup installations will be equivalently as good as almost as good as grid type.

話雖如此，我們正進入一年中最好的季節。從季節角度來看，第二季通常是最好的。我正在談論的是 Q1 到 Q2。。對於 Enphase 來說，具體來說，我們預計將在第二季推出第四代電池。我們預計本季產量將大幅增加。而且我們 — — 基本上，我們預計我們的備份安裝成本將與電網類型相當。

We have done great job in gaining market share till now on our batteries supporting tight installations with our third generation. This presents a huge opportunity for us to capture the backup market as well with a solution that is low cost. Earlier, we used to have a lot more components in our third-generation system for backup. Now those will get significantly lesser because of two things. One is we have the collar.

到目前為止，我們的第三代電池支援緊密安裝，在贏得市場份額方面做得非常出色。這為我們提供了一個巨大的機會，讓我們能夠以低成本的解決方案佔領備援市場。以前，我們的第三代系統中有更多元件用於備份。現在，由於兩件事，這些數字將會大大減少。一是我們有領子。

The second is we have a 10 kilowatt-hour battery now instead of a 5 kilowatt-hour battery. So specifically to Enphase, we are well positioned to capitalize on the battery market. We also -- the clarity in terms of the policy will definitely give us a boost in the latter half.

第二，我們現在有一個10千瓦時的電池，而不是5千瓦時的電池。因此，具體到 Enphase，我們已做好充分準備利用電池市場。我們也——政策方面的明確性肯定會為我們下半年帶來推動。

Phil Shen, ROTH Capital Partners.

羅斯資本合夥公司的 Phil Shen。

You talked earlier, Badri, about the margin trajectory as we get through even the first part of next year. Can we talk about what the revenue cadence might look like? So for Q3, is $375 million on the table, would you expect Q4 to be up quarter-over-quarter or down? And if you feel like you can share even Q1 of next year, that would be fantastic.

巴德里，您之前談到了明年上半年的利潤率走勢。我們可以討論一下收入節奏是什麼樣的嗎？那麼對於第三季度，如果預算為 3.75 億美元，您預計第四季度的環比收入會上升還是下降？如果您願意分享明年第一季的情況，那就太好了。

Right. Phil, you know that we normally don't guide for Q3 or Q4, but we have a few vectors going for us. I just talked about the fourth generation system. We believe that's a huge factor for Enphase. Then we specifically -- regarding the US, we have the IQ9 that is going to be turning on in Q4.

正確的。菲爾，你知道我們通常不會為 Q3 或 Q4 提供指導，但我們有幾個方向可以採取。我剛才講了第四代系統。我們相信這對 Enphase 來說是一個重要因素。然後我們具體來說 - 關於美國，我們有將於第四季度投入使用的 IQ9。

And coming to Europe, all of the new products we have introduced a large area of new products, which we are already seeing some good traction, namely the flex phase battery, which provides 3 Phase backup for many countries in Europe. The balcony solar, which basically we are about to introduce it this quarter, so it's no longer something out there. It's going to ramp in this quarter. Balcony Solar is going to address, for example, the time in Germany alone is 400 megawatts, and after Germany, we are going to go to Belgium and many of the European countries. After that, we will go to Japan and India as well. So we expect that new product to also be introduced in Q2.

來到歐洲，我們所有的新產品都大量引入了新產品，我們已經看到了一些良好的吸引力，即柔性相電池，它為歐洲許多國家提供三相備用電源。陽台太陽能，基本上我們將在本季推出，所以它不再是現成的東西。本季它將會增加。例如，Balcony Solar 將在德國解決 400 兆瓦的問題，繼德國之後，我們將進軍比利時和許多歐洲國家。之後我們也將前往日本和印度。因此我們預計新產品也將在第二季推出。

And the next one is IQ EV charger. The latest EV charger, we did a good job ramping up so that we can service all 14 countries in Q1. And now we got to grow from strength there in terms of installer partnerships and EV charger partnerships in general through other companies there.

下一個是IQ EV充電器。最新的電動車充電器，我們做得很好，以便能夠在第一季為所有 14 個國家提供服務。現在，我們透過那裡​​的其他公司，在安裝商合作夥伴關係和電動車充電器合作夥伴關係方面不斷增強實力。

So while I -- while the policy situation, et cetera, is uncertain, Enphase is trying to control our destiny by introducing new products by having discipline. And these are the new product vectors that we are relying on for growth.

因此，儘管政策情勢等尚不確定，但 Enphase 正試圖透過推出新產品和製定紀律來掌控我們的命運。這些是我們依賴來實現成長的新產品載體。

Okay. Back to margins for a bit here. You talked about, I think, the -- down 6% to 8% or 6% to 8% impact on Q3 margins. I think you mentioned that was the growth -- sorry, the net impact. Can you share what the gross impact is on tariffs on Q3?

好的。回到這裡，稍微討論一下邊距。我認為，您談到了第三季利潤率下降 6% 至 8% 或 6% 至 8% 的影響。我想你提到過那是成長——抱歉，是淨影響。您能否分享一下第三季關稅的整體影響是什麼？

Well, I don't have the gross impact. All we are saying is we are passing a small amount of percentage increase to the customers. We are taking a number of other actions to like, for example, we do have some work that we can do on the raw materials for the batteries, moving them out of China. So all of that work is going to happen. Those are what I call as improvements. And a lot of vectors there 1,000 little things we are going to do in order to continuously improve our gross margin impact.

嗯，我沒有受到太大的影響。我們所說的只是我們將一小部分的百分比成長轉嫁給客戶。我們正在採取其他一些措施，例如，我們可以對電池原料進行一些工作，將其運出中國。所以所有這些工作都會發生。這些就是我所說的改進。為了持續提高我們的毛利率影響，我們將採取許多措施，包括 1,000 件小事。

Brian Lee, Goldman Sachs.

高盛的 Brian Lee。

I guess first question would just be -- it sounds like you're passing through a little bit of the price on the tariff impact on batteries in the back half of the year. So you've been doing pretty well, 170 megawatt hours of shipments quarter here to start the year. You've never had that kind of strength in the first half, second half usually better. But given tariff impact uncertainty and then maybe a little bit of price you're having a pass through. Like what's the view on shipment volumes for battery storage in 3Q and 4Q.

我想第一個問題就是──聽起來你正在稍微討論一下下半年電池關稅對價格的影響。所以你們的表現相當不錯，今年初本季的出貨量為 170 兆瓦時。上半場你從來沒有展現過這樣的實力，下半場通常會更好。但考慮到關稅影響的不確定性，也許會有一點點價格變動。例如，您對第三季和第四季電池儲存的出貨量有何看法？

Can you continue to grow into the second half? I guess that's also in the context of a new battery ramping. So just wondering kind of what's the volume view on top of what's happening with respect to cost and margins.

進入下半場還能繼續成長嗎？我想這也是在新電池普及的背景下。所以只是想知道，除了成本和利潤方面的情況外，銷售情況是怎麼樣的。

Yes. I mean this is a great battery. First of all, our third-generation system was 5-kilowatt hours for generation system is 10 kilowatts. We had separate battery management, separate power conversion in the third generation system, we have combined it, and it's got deep level of integration combination of power conversion as well as battery management, resulting in cost decline. And then we are talking about the balance of systems.

是的。我的意思是這是一個很棒的電池。首先，我們的第三代系統是5千瓦時的發電系統是10千瓦的。在第三代系統中，我們有單獨的電池管理和單獨的電源轉換，我們將其結合起來，並且實現了電源轉換和電池管理的深度集成，從而降低了成本。然後我們討論系統平衡。

In the balance of system, we have eliminated what was called the system controller in the third generation. And now we have eliminated that box, replacing it with a small meter color, which is trivial to install. So bottom line, what I'm trying to tell you, Brian, is that the system cost for the Enphase installed with backup is going to be significantly reduced.

在系統平衡方面，我們消除了第三代中所謂的系統控制器。現在我們已經取消了那個盒子，用一個小的儀表顏色代替它，安裝起來很簡單。所以，布萊恩，我想告訴你的底線是，安裝備份的 Enphase 的系統成本將顯著降低。

And yes, the battery itself might go up a little bit in pricing, but the overall system cost reduction is quite good and quite tremendous. So we expect to continuously grow on better. We also expect to grow on batteries in Europe. For the first time, we have had 3 Phase back up full 3 Phase backup. And that was not available so far. I told you about the Germany -- Germany, the battery attaches 80%, 90%.

是的，電池本身的價格可能會上漲一點，但整個系統成本的降低是相當可觀且巨大的。因此我們期望不斷成長，做得更好。我們也希望歐洲的電池業務能夠成長。這是我們首次擁有 3 相備份，即完整的 3 相備份。但目前為止這還無法實現。我告訴過你關於德國——德國，電池連接率為 80%、90%。

But off that battery attach, how many have back up, 30% and backup. We are able to serve those 30% now, and we are extending that to everywhere in Europe. We expect our batteries to significantly improve. That is why we are taking very swift efforts to realign the supply chain to have non-China self in our source of supply.

但是斷開電池連接後，有多少電池還有備用電量，30% 和備用電量。我們現在能夠為這 30% 的客戶提供服務，並且我們正在將這項服務擴展到歐洲各地。我們預計我們的電池將顯著改善。這就是為什麼我們要迅速努力重新調整供應鏈，讓中國以外的企業成為我們的供應源。

That's super helpful. Maybe just a follow-up on that then for Badri. So I think pre-tariff, you guys were talking about doing something in the close to 35% gross margin on battery storage. If you kind of back out the 6 percentage-point to 8 percentage-point tariff impact in the back half here, it implies battery storage margins are going to be zero or negative, definitely negative in the US. So to get to -- back to kind of that 35% level, which I think you're inferring by Q2 of 2026.

這非常有幫助。也許這只是對巴德里的後續行動。所以我認為在關稅之前，你們正在談論在電池儲存方面採取一些措施，使毛利率接近 35%。如果你把下半年 6 個百分點到 8 個百分點的關稅影響排除在外，這意味著電池儲存利潤率將為零或負值，在美國肯定是負值。因此，要回到 35% 的水平，我認為您是在 2026 年第二季推斷的。

Like how gradual is that? Or is that all just going to happen in like a quarter or two as you basically switched to non-China suppliers. It sounds like over Q1 or Q2? Or is it all going to just happen in Q2? Maybe a little bit more on the cadence, please.

那有多緩慢？或者這一切都會在一兩個季度內發生，因為你們基本上轉向了非中國供應商。聽起來像是 Q1 或 Q2 結束？或者這一切都將在第二季發生？請再稍微調整一下節奏。

Yes. So basically, I told you about the impact in Q2 being small, which is clear. So the remaining quarters left. I also told you, sorry, Q2 '26, I told you the impact is zero. So we are talking about three quarters, basically.

是的。所以基本上，我告訴你第二季的影響很小，這是很明顯的。所以剩下的宿舍就離開了。我還告訴過你，抱歉，26 年第二季度，我告訴過你影響為零。所以我們基本上談論的是四分之三。

And in these three quarters, the efforts we are going to be engaging are two things. We are one is we are going to move cell, the source of cells to outside China and multiple sources. That's what we are already working on.

在這三個季度中，我們將要進行兩項努力。我們的目標是將細胞、細胞來源轉移到中國境外，並有多個來源。這正是我們正在努力的事情。

Then the second is any raw materials used in the batteries, which we use a lot of raw materials that are sourced from China those also, we need to move away to low tariff countries. And as you imagine, that the latter activity is a continuous activity and the cell activity can turn on quickly, but that might need about three months to ramp.

第二個是電池中使用的任何原料，我們使用的許多原料也來自中國，我們需要轉移到低關稅國家。正如您所想像的，後一種活動是一種持續的活動，細胞活動可以快速啟動，但可能需要大約三個月的時間才能完成。

So -- basically, my guidance to you is these numbers are rough numbers, they're 6% to 8% impact in Q3, but every quarter, Q4 '25 should be better than Q3. Q1 '26 will be better than Q4 '25 and Q2 '26 should disappear to zero.

所以 - 基本上，我對您的指導是這些數字是粗略的數字，它們對第三季度的影響為 6％ 到 8％，但每個季度，25 年第四季度都應該比第三季度更好。26 年第一季將比 25 年第四季更好，而 26 年第二季應該會消失為零。

Mark Strouse, JPMorgan.

摩根大通的馬克‧斯特勞斯。

Great. So Badri, I just want to confirm on that last point with the battery adjusting the supply chain. The raw material is the pack, it's still the same LFP chemistries, right? Or is there any redesign or reassert sort of [re-certification] that would be needed on your product? And would that be added on top of this time line that you're talking about through 2Q of '26?

偉大的。所以巴德里，我只想確認最後一點，即電池調整供應鏈。原料就是包裝，它仍然是相同的 LFP 化學物質，對嗎？或者您的產品需要重新設計或重新認證？這是否會添加到您所說的 26 年第二季的時間軸之上？

Yes. The good question. It is -- the whole point is to keep our -- [LSP] and we are not moving away from -- . So -- and also the trick is how do we do this without redesigning everything. And so right now, our plan is mainly associated with the cell. However, the normal qualifications will be required because cell is the most basic entity of the battery, and we need to make sure we do the appropriate qualifications.

是的。好問題。重點是保持我們的[LSP]，我們不會放棄-- 。所以——訣竅在於我們如何在不重新設計一切的情況下做到這一點。所以現在，我們的計劃主要與細胞有關。然而，由於電芯是電池最基本的實體，因此需要進行正常的資格認證，我們需要確保適當的資格認證。

Okay. That's great. And then just kind of near term, I wanted to go back to the 2Q guide. You said you're 80% booked into the midpoint of the guide. I think you mentioned this in the past, it's been closer to 85% at least the last couple of quarters. Just kind of your thoughts on going with that 80% number instead of 85%, just kind of what gives you the confidence to go with that higher.

好的。那太棒了。然後就在短期內，我想回到第二季指南。您說您已經預訂了指南中點的 80%。我想您以前提到過這一點，至少在過去幾個季度裡，這個比例已經接近 85%。您對採用 80% 而不是 85% 這個數字有什麼看法？是什麼讓您有信心採用更高的數字？

Last quarter, we reported two weeks late that was February 4. This time, this is April 22. So we are fine, that 80% is good. We expect to be 100% booked soon.

上個季度，我們的報告晚了兩週，即 2 月 4 日。這次是4月22日。所以我們很好，80% 已經很好了。我們預計很快預訂率將達到 100%。

Colin Rusch, Oppenheimer.

奧本海默的科林·拉什。

Given the VPP functionality that you guys can enable as well as some of the analytics, can you talk a little bit about market share gains? How are you seeing that sales process evolve and whether you prices ever to pick up market share a little bit here as you go forward?

鑑於你們可以啟用的 VPP 功能以及一些分析，您能談談市場佔有率的成長嗎？您如何看待銷售流程的演變？隨著銷售的推進，您的定價是否會稍微提升市場佔有率？

Yes. Colin, this is Raghu. When you think about battery sales as well as actually EVSEs as well, it's now more than just batteries being used for providing resiliency or time of use peak shifting. What you're seeing is this new value proposition that adds on to it, which is using your batteries to provide to either to participate in energy markets in deregulated markets. or a VPP construct where the utility can use your battery and discharge it and pay you for it.

是的。科林，這是拉古。當您考慮電池銷售以及實際的電動車充電設備 (EVSE) 時，您會發現電池現在不僅僅是用於提供彈性或使用時間峰值轉移。您所看到的是這個附加的新價值主張，即使用您的電池來提供或參與放鬆管制的市場中的能源市場。或 VPP 結構，其中公用事業公司可以使用您的電池並對其進行放電並向您付費。

And so at the end of the day, what that means is just improves the ROI for the homeowner and reduces the payback period. So the better that you can do it is actually a value proposition. You can be better than the competition. What I mean by that is providing very high-quality APIs for your partners. And I think and then drive the battery and discharge the battery as needed, charge the battery as needed and participate in the energy market.

所以歸根結底，這意味著提高房主的投資回報率並縮短回報期。因此，你做得越好，這其實就是一種價值主張。你可以比競爭對手更優秀。我的意思是為您的合作夥伴提供非常高品質的 API。我認為然後驅動電池並根據需要放電，根據需要充電並參與能源市場。

And all of that value proposition, which is good for the homeowner is the value proposition also that drives the adoption of your batteries. So if we do it better than our competition, then clearly, we gain market share. And that's what we are driving towards. We see that a number of our partners buy batteries because of our BTP and market steering capabilities.

所有這些對房主有利的價值主張也是推動人們採用電池的價值主張。因此，如果我們比競爭對手做得更好，那麼顯然我們就會獲得市場份額。這正是我們努力的方向。我們發現許多合作夥伴因為我們的 BTP 和市場引導能力而購買電池。

That's helpful. And then just from a logistics perspective, it looks like there's going to be some disruption in and around container ships. Can you talk a little bit about how you guys are mitigating that risk and what you're seeing in early returns on any of those elements so far?

這很有幫助。然後從物流角度來看，貨櫃船及其周圍似乎會出現一些中斷。您能否稍微談談您們如何降低這種風險，以及到目前為止你們在這些因素中看到的早期回報如何？

Colin, can you kindly repeat that question?

科林，您能重複一下這個問題嗎？

If you're -- sure. I mean just from a logistics perspective in shipping, like if you're still importing from Asia on key components, what you're seeing from a logistics perspective in terms of disruption on available ships space, getting through customs, any sort of incremental expenses that we could be thinking about just to make sure we're paying attention to all of those software costs.

如果你——確定的話。我的意思是，僅從航運物流的角度來看，如果您仍然從亞洲進口關鍵部件，從物流角度來看，您會看到可用船舶空間的中斷、通過海關以及我們可以考慮的任何增量費用，只是為了確保我們關注所有這些軟體成本。

Yes. We do already see we make -- and maybe all of the folks who not know on this call, 85% of our microinverters are made in the US today, 85% of our global microinverter shipments are from the US. So already, there is a healthy logistics stream of raw materials, et cetera, coming into the US so that we can make our microinverter.

是的。我們確實已經看到我們製造的——也許所有參加此次電話會議的人都不知道，我們目前 85% 的微型逆變器都是在美國製造的，我們全球 85% 的微型逆變器出貨量都來自美國。因此，目前已經有健康的原料等物流流入美國，以便我們能夠生產微型逆變器。

So we don't expect any changes to that because we have diversified that well, and we have not had any problems with logistics so far. On batteries also, 40%, I would say -- let me say, we shipped 170-megawatt hours in Q1. 44-megawatt hours were made in Texas, approximately 25%. So how that works is we ship [10C] into Texas. We make microinverters in Texas. We make battery management in Texas.

因此，我們預計不會發生任何變化，因為我們已經很好地實現了多元化，而且到目前為止我們還沒有遇到任何物流問題。關於電池，我想說，我們在第一季的出貨量是 40%，也就是 170 兆瓦時。德州生產了 44 兆瓦時的電力，約佔 25%。具體的運作方式是，我們將 [10C] 運送到德克薩斯州。我們在德克薩斯州生產微型逆變器。我們在德克薩斯州進行電池管理。

We make the enclosures at another state in the US. We make the chassis also in a neighboring state. So therefore, what is -- what's again important there is the raw materials for making all of those. And our supply chain is we established this over three to four quarters ago. So for us, this is -- although it is a disruption, for us, it's not that we have to learn everything from scratch. We have already ramped up on a few areas. And we expect that 44-megawatt hours, which I said, -- US making batteries. We expect that to keep going up as we proceed into the year.

我們在美國另一個州生產外殼。我們也在鄰近的州生產底盤。因此，再次重要的是製造所有這些的原材料。我們的供應鏈是在三到四個季度前建立的。所以對我們來說，儘管這是一種顛覆，但這並不意味著我們必須從頭開始學習一切。我們已經在一些領域加大了投入。我們預計 44 兆瓦時，正如我所說，是美國製造的電池。我們預計，隨著新年的到來，這一數字將繼續上升。

Christine Cho, Barclays.

巴克萊銀行的 Christine Cho。

I was wondering, could you remind us what the manufacturing plans were for 10C. I thought the initial rollout was going to have the US inverters shipped to China and then assembled there and ship back to the US before all this tariff news and then the domestic content version was going to come out later.

我想知道，您能否提醒我們 10C 的製造計劃是什麼。我以為最初的推出是將美國逆變器運往中國，然後在那裡組裝，並在所有這些關稅新聞發布之前運回美國，然後國內內容版本將在稍後發布。

So first of all, is this correct? And if it is, are you changing these plans so that you're not importing the full battery into the US, which will be subject to a higher nominal tariff. And if that's the case, does this impact the rollout of 10C at all, if you do have to change plans.

那麼首先，這是正確的嗎？如果是的話，您是否會改變這些計劃，以便您不會將整個電池進口到美國，因為美國將受到更高的名義關稅。如果是這樣的話，如果您確實需要更改計劃，這會對 10C 的推出產生任何影響嗎？

No, it does not roll out the impact of 10C. We are starting with the nondomestic version, and that is correct. They are -- the micro inverters for the nondomestic version will be made in the US and the rest of the battery is made outside the US, but being shipped in, but we are quickly in about two to three months' time, we will quickly realign the supply chain to have the domestic content product also available for the 10C. So right now, whatever we plan to ship in the second quarter will be the nondomestic version. And in a couple of months from then, the domestic portion will be available.

不，它不會產生 10C 的影響。我們從非國內版本開始，這是正確的。非國產版本的微型逆變器將在美國製造，其餘電池將在美國境外製造，但會運進來，但我們很快就會在大約兩到三個月的時間內重新調整供應鏈，讓國產產品也適用於 10C。因此目前，我們計劃在第二季推出的產品都將是非國內版本。幾個月後，國內部分將會推出。

Okay. And then your guide for the 2Q quarter on top line and battery shipments are about the same as 1Q. And even if I am to add back the 2 percentage-points, the tariff impact, it would imply your gross margins are still down about 150 bps at the midpoint. What exactly is driving that? And even though you talk about being diversified on the supply chain of for microinverters and having a lot of domestic suppliers.

好的。那麼，您對第二季營收和電池出貨量的預期與第一季大致相同。即使我將這 2 個百分點（關稅影響）加回去，也意味著您的毛利率在中間點仍會下降約 150 個基點。究竟是什麼原因導致這現象？儘管您談到微型逆變器供應鏈的多樣化以及擁有大量國內供應商。

So maybe you might not directly be seeing tariffs, but aren't your suppliers still seeing price increases on their raw materials in this inflationary environment?

所以也許您可能沒有直接看到關稅，但在這種通膨環境下，您的供應商是否仍會看到原物料價格上漲？

Well, I mean, we said that the 2% increase was attributed to the tariffs for the current quarter. However, on batteries, I mean, what you said is right. We not -- we plan to ship a smaller quantity than the usual full quarter quantity on batteries, while the fourth generation battery is new. And let us say, I ship -- let us say I ship and which I'm not guiding to the number, let's say, ship 30-megawatt hours off the fourth generation battery. And that would come with a little more tariff compared to the inventory that we will have on the third generation that of hence, we guided to the 2% there. That's all.

嗯，我的意思是，我們說 2% 的成長歸因於本季的關稅。不過，關於電池，我的意思是，你說的是對的。我們不會——我們計劃運送的電池數量比通常的整個季度數量要少，而第四代電池是新的。假設我發貨——假設我發貨，但我沒有指明具體數量，假設我發貨的是第四代電池 30 兆瓦時的電量。與我們第三代庫存相比，這將產生更多的關稅，因此，我們將其指導為 2%。就這樣。

Andrew Percoco, Morgan Stanley.

摩根士丹利的安德魯·佩科科。

Great. I do just want to again come back to this battery storage concept for a second. I'm just curious, you mentioned at the beginning of Q&A, I think 95% of LFP cells come from China. So presumably, a lot of your competitors and peers are also trying to get their hands on the supply you guys are working on. So just curious how you see the cost environment for that non-China supply evolving over time and the conversations you've had with Summit the suppliers?

偉大的。我只是想再次回顧這個電池儲存概念。我只是好奇，您在問答開始時提到，我認為 95% 的 LFP 電池來自中國。因此，想必你們的許多競爭對手和同行也在試圖獲得你們正在開發的供應。所以我很好奇，您如何看待非中國供應的成本環境隨時間的變化，以及您與 Summit 供應商的對話？

And then second to that, just trying to figure out, when you talk about getting to a 0% gross margin impact by the second quarter of 2026, how much of that is dependent on just completely exiting China from an LFP perspective versus taking action on price? Just trying to get a sense for breakdown there.

其次，我想弄清楚的是，當您談到到 2026 年第二季度實現 0% 的毛利率影響時，從 LFP 的角度來看，這在多大程度上取決於完全退出中國市場，而不是在價格上採取行動？只是想了解那裡的故障情況。

Yes. 95% of LFP sales in China, yes, that's right. Don't forget that there is -- there are some Korean suppliers who do make NMC and we have never used NMC. We've never liked NMC. That's our opinion. LFP is what we like in terms of safety. So that's the first one.

是的。 95% 的 LFP 銷量都在中國，是的，沒錯。別忘了，有些韓國供應商確實生產 NMC，但我們從未使用過 NMC。我們從來都不喜歡 NMC。這是我們的觀點。從安全性方面來說，我們喜歡 LFP。這是第一個。

Then the question that you asked, it is the biggest, the biggest a factor that affects the battery trial is the cell. You cannot get away from that. So if we cannot meaning if our plans do not materialize for transferring the cells, that's a problem.

那你問的問題是，影響電池試驗的最大因素是電芯。你無法逃避這一點。所以如果我們不能，也就是說如果我們的細胞轉移計畫不能實現，那就是一個問題。

And then we would have to look at passing more of the cost impact to our customers. But right now, the right thing to do is we get these batteries. We get the battery cells diversified out of China. And we are working -- we are not talking about -- we are not talking about unnamed suppliers. We are working with two great suppliers, and we have very tangible plans.

然後我們必須考慮將更多的成本影響轉嫁給我們的客戶。但現在，正確的做法是取得這些電池。我們從中國獲得了多樣化的電池單元。我們正在努力——我們不是在談論——我們不是在談論未具名的供應商。我們正在與兩家優秀的供應商合作，我們有非常切實的計劃。

We have tangible schedules. And since the time frame we are talking about is two to three quarters, we thought the right thing to do is to basically absorb a fraction -- significant fraction of it ourselves and return back to normalcy very quickly.

我們有具體的時間表。由於我們討論的時間範圍是兩到三個季度，我們認為正確的做法基本上是自己吸收一小部分——相當大一部分，然後迅速恢復正常。

Understood. And maybe just to ask a higher level question here. I know you guys don't guide beyond one quarter. But I guess, how do you envision the market evolving over the balance of the year? You obviously have IRA uncertainty, which might not be resolved until 3Q, 4Q at some point. Obviously, tariffs have had an impact on recession concerns and consumer sentiment.

明白了。也許只是在這裡問一個更高層次的問題。我知道你們的指導不會超過一個季度。但我想，您如何預測今年全年市場將如何發展？您顯然存在 IRA 不確定性，可能要到第三季或第四季的某個時候才能解決。顯然，關稅對經濟衰退擔憂和消費者情緒產生了影響。

So how do you expect the demand environment to evolve over the balance of the year just given the level of uncertainty and the impact that, that has had on broader consumer sentiment, which obviously could lead into and have an impact on end market demand for potential solar. So just curious how you're thinking about that at a higher level.

那麼，考慮到不確定性程度及其對更廣泛的消費者情緒的影響，您預計今年全年需求環境將如何發展，這顯然會導致並影響終端市場對潛在太陽能的需求。所以我很好奇你是如何從更高層次來考慮這個問題的。

Yes. I mean, look, Q1 is usually -- the seasonally worst quarter, we are past Q1, Q2, Q3 and even Q4 to an extent, are normally are the good seasonal quarters. So we are expecting that. In addition, our value proposition, the value proposition of solar and batteries relies a lot on utility rates. And it is not exactly that the utility rates are going down every bit.

是的。我的意思是，你看，第一季通常是季節性最差的季度，我們已經過了第一季、第二季、第三季度，甚至第四季度，通常都是好的季節性季度。所以我們期待這一點。此外，我們的價值主張、太陽能和電池的價值主張很大程度上依賴公用事業費率。但這並不意味著公用事業費率會完全下降。

They are, in fact, going up. And so as long as that happens, the ROI of tomorrow will be better than today. And so utility rates is an important factor. You saw what is happening to NEM 3. Now NEM 3, just to remind you, we did away with net metering.

事實上，它們正在上漲。只要發生這種情況，明天的投資報酬率就會比今天更好。因此，公用事業費率是一個重要因素。您看到了 NEM 3 發生的情況。現在是 NEM 3，只是提醒您，我們取消了淨計量。

And there is a small feet and only small export compensation. That caused the battery attached in California to go to 90%. So it was a very difficult transition. We don't like how roughly the transition was done. But at the end of the day, things are looking more stable in California in terms of solar and storage with a very healthy value proposition.

而且出口額很小，而且出口補償也很少。這導致加州的電池電量達到 90%。所以這是一個非常困難的轉變。我們不喜歡這種粗暴的轉變。但最終，加州的太陽能和儲能情況看起來更穩定，並且具有非常健康的價值主張。

And that healthy value proposition came from the fact that the utility rates are high. So that's a factor that will always be going for us. Then you have -- then you have the explosion in AI. The explosion in AI, what is going to cause is electricity is electricity supply is going to get stretched both front of the meter as well as behind the meter. And we are not here to our view which one is better. But it is that what we do is behind the meter while a lot of capacity is put in place front of the meter.

而這健康的價值主張源自於高實用率。所以，這是我們始終關注的因素。然後你就會看到——然後你就會看到人工智慧的爆炸性成長。人工智慧的爆炸性成長將導致電力供應緊張，無論是電錶前還是電錶後。我們在這裡並不是要討論哪一個比較好。但我們所做的是在電錶後面，而很多容量都設定在電錶前面。

That's got a long cycle of approved the front of the meter. So we think in order to be balanced or in order to have proper energy security for America, we need to have thriving behind-the-meter business, in addition to front of the meter. And behind the meter, we are talking about every home is a power plant, mini power plant, solar storage. And so I think it is only a matter of time when people start seeing this and there is clarity on IRA, the [IPC and NCPTC]. And I think demand will be unlocked after that.

這需要很長的周期來批准儀表的前端。因此，我們認為，為了實現平衡或為了確保美國的能源安全，除了電錶前業務外，我們還需要發展蓬勃發展的電錶後業務。在電錶後面，我們說每個家庭都是一個發電廠、微型發電廠和太陽能儲存器。所以我認為人們開始看到這一點，對 IRA 有一個清晰的認識，這只是時間問題。[IPC 和 NCPTC]。我認為此後需求將會釋放。

Maheep Mandloi, Mizuho.

Maheep Mandloi，瑞穗。

This is David Benjamin for Maheep. Does your Q2 guide assume any negative impacts from higher tariffs on Southeast Asia modules and the impact on US oil demand?

我是 Maheep 的 David Benjamin。您第二季的指南是否假設提高東南亞組件的關稅以及對美國石油需求的影響會產生任何負面影響？

No, we don't deal with modules from Southeast Asia.

不，我們不處理來自東南亞的模組。

Okay. So you don't see any impact on overall solar demand. And then another question.

好的。因此，您不會看到對整體太陽能需求的任何影響。然後是另一個問題。

Overall, dealer demand, maybe utility scale may be impacted to an extent. We don't expect any demand -- any impact on residue.

總體而言，經銷商需求，也許公用事業規模可能會受到一定影響。我們預計不會有任何需求—對殘留物不會有任何影響。

Okay. And then you did mention that channel inventory was slightly up. Is that in Europe? Or is the US? And does that imply like any potential new destocking?

好的。然後您確實提到渠道庫存略有增加。那是在歐洲嗎？還是美國？這是否意味著可能出現新的去庫存現象？

No. The channel inventory is -- okay, is up because when your sell-through goes down, the channel inventory can go slightly up out of our usual targets. Our targets are between 8 and 10 weeks. So -- but when your sell-through is down more than what you anticipated, then that can go slightly up the ways to recover it back are quite simple, not ship much into the channel and then improve the sell-through in a seasonal quarter like Q2, which is bound to have more sell-through in Q2 than Q1. So we believe it's a normal cycle, and we are disciplined to control the amount of material in the channel with that discipline. It should come back quickly in bound.

不。通路庫存 - 好的，是上升的，因為當你的銷售量下降時，通路庫存可能會略微高於我們的通常目標。我們的目標是8到10週之間。所以 - 但是當你的銷售量下降幅度超過你的預期時，那麼銷售量可能會略有上升，恢復的方法很簡單，不要向渠道運送太多貨物，然後在像第二季度這樣的季節性季度提高銷售量，這必然會使第二季度的銷售量高於第一季度。因此，我們相信這是一個正常的循環，我們會嚴格遵守該規則來控制通道中的材料數量。它應該很快就會返回。

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆林·史密斯（Julien Dumoulin-Smith），傑富瑞集團（Jefferies）。

Maybe just follow up on the last question a little bit further. Can you talk about what you're seeing in terms of end market demand, right? You talked about restocking and now destocking here and seemingly in the second quarter. What are you seeing in terms of year-over-year volumetric trends? I know you provided obviously second quarter, but can you talk about volumetric transit large, a?

也許只要稍微進一步探討最後一個問題。您能談談您對終端市場需求的看法嗎？您談到了補充庫存，現在似乎在第二季又在去庫存。您看到的年比體積趨勢如何？我知道您顯然提供了第二季度的數據，但是您能談談體積運輸大嗎？

And then b, can you talk a little bit more about Safe Harbor as well. It seems like you're implying that the substantive amount of the $95 million is contemplated in the first half and with fairly little Safe Harbor contemplated in the back half. But maybe you could talk about maybe early indications on that front.

然後 b，您能否再多談談安全港問題？看起來你暗示的是，9,500 萬美元的實質金額是在上半年考慮的，而後半年考慮的安全港金額卻很少。但也許您可以談談這方面的早期跡象。

Yes, I'll answer the second question first. Safe Harbor, you're right, we have $54 million was in Q1. We said $40 million approximately in Q2. And right now, we do not yet have Safe Harbor plans, meaning our customers haven't yet asked for them, but I'm sure that if they want to stock due to something else, we will advise in the third quarter -- in the second quarter call.

是的，我先回答第二個問題。安全港，您說得對，我們在第一季有 5400 萬美元。我們說第二季約 4000 萬美元。目前，我們還沒有安全港計劃，這意味著我們的客戶還沒有提出要求，但我確信，如果他們因為其他原因想要存貨，我們會在第三季度——第二季度電話會議上提出建議。

Volumetric trends. So volumetric trends is -- we talked about it so far, the Q1 is the weakest in terms of demand. And now we had -- we talked about a large national leasing provider, basically having some financial difficulties. So because of that, our installers have stumbling blocks and they need to recover, and they will recover by going to new financiers. In that time, the installation start. And so that's why we saw a little bit worse sell-through from our distributors to installers in Q1.

體積趨勢。因此，就體積趨勢而言——我們到目前為止討論過，第一季在需求方面是最弱的。現在我們談到了一家大型全國租賃供應商，他們基本上遇到了一些財務困難。因此，我們的安裝人員遇到了障礙，他們需要恢復，而他們將透過尋找新的融資者來恢復。此時，安裝開始。這就是為什麼我們在第一季看到分銷商對安裝商的銷售情況有點糟糕。

We believe that -- we believe that there are a lot of financiers, other financiers now who can really pick up the business. So we believe that, that trend will stop and normal sell-through will take over. So we expect the normal seasonality to show up from Q1 to Q2. In addition, these onetime effects will take some time to clear.

我們相信──我們相信現在有很多金融家、其他金融家能夠真正接手這項業務。因此我們相信，這種趨勢將會停止，正常的銷售將會取而代之。因此，我們預計正常的季節性將從第一季到第二季出現。此外，這些一次性的影響需要一段時間才能消除。

As for Q3 and Q4, I talked about it at length. There is some policy clarity that has to come. For us, we are not stopping like what I said. Our fourth generation system is we expect to ship our fourth generation system product in the current quarter. And that makes backup extremely easy and extremely cost effective.

至於Q3和Q4，我已經詳細談過了。有些政策必須明確。對我們來說，我們並沒有像我說的那樣停下來。我們的第四代系統是我們預計在本季推出我們的第四代系統產品。這使得備份變得極為簡單且極具成本效益。

So we expect to do that. We expect to introduce IQ9 in the fourth quarter, diversifying ourselves into the 480-volt 3-Phase small commercial business. IQ9 by the way, will also -- I talked at length about the innovation with GaN.

因此我們希望這樣做。我們預計在第四季推出 IQ9，進軍 480 伏特三相小型商業業務。順便說一下，IQ9 也將——我詳細討論了 GaN 的創新。

With GaN, we are able to get our cost structure very similar to the prior generation, that provide 10% more power. So that means the cost per watt would be 10% down compared to our prior generation. So we have all of these vectors. And then I talked about the utility rates going up. So we expect general growth through the year, primarily due to our new products and policy clarity will also help a little bit.

借助 GaN，我們的成本結構可以與上一代產品非常相似，但功率卻提高了 10%。這意味著與上一代產品相比，每瓦成本將下降 10%。所以我們有所有這些向量。然後我談到了公用事業費率上漲的問題。因此，我們預計全年整體將實現成長，這主要歸功於我們的新產品，而且政策的清晰度也會有所幫助。

Kashy Harrison with Piper Sandler.

卡西·哈里森 (Kashy Harrison) 和派珀·桑德勒 (Piper Sandler) 在一起。

Just two quick ones for me. My first question -- on the topic of GaN, are there alternative sources for gallium outside of China? Just trying to think through risk mitigation in the event that the trade war potentially gets worse before it gets better.

我只想簡單說兩句話。我的第一個問題——關於 GaN 的話題，中國以外還有其他鎵的替代來源嗎？只是想思考如何在貿易戰可能先惡化後好轉的情況下降低風險。

Yes. We have talked at this at length with our sources. We have more than one source. All of them are comfortable that they have it covered. We are not worried about it.

是的。我們已經與消息來源就此進行了詳細討論。我們有多個消息來源。他們都很放心，因為他們已經把一切都安排好了。我們對此並不擔心。

Okay. And then my follow-up, you indicated you indicated that Europe is still challenging, but your sell-through was down 9%, which doesn't sound that bad from a seasonality perspective. And so I'm just curious, what are you seeing that makes you characterize the entirety of the region as challenging? Is it just France? Or is there some other dynamic that we need to be thinking about?

好的。然後我的後續問題是，您表示歐洲仍然面臨挑戰，但您的銷售額下降了 9%，從季節性角度來看這聽起來並不是那麼糟糕。所以我很好奇，您看到了什麼，讓您認為整個地區都充滿挑戰？只是法國嗎？或者我們需要考慮其他一些動態因素？

No. I think we talked about that, that is the pace. The sell-through was a little down at 9%. But what I said is we introduced new products into the region. That's why our numbers were up, and we talked at length about all of the initiatives in Netherlands.

不。我想我們已經討論過這個問題，這就是節奏。銷售率略有下降，為 9%。但我說的是，我們向該地區推出了新產品。這就是我們的數字上升的原因，我們詳細討論了荷蘭的所有舉措。

In Netherlands, net metering will disappear in 2027. That means all of the customers are going to be looking forward to a battery solution in order to conserve in order to lower their electricity bill. So it is a huge opportunity as well. but that will become a solar plus storage market. We are working with our installers and the retail energy providers to transition that [market] properly.

在荷蘭，淨計量將於 2027 年消失。這意味著所有客戶都將期待電池解決方案，以節省能源並降低電費。所以這也是一個巨大的機會。但這將會成為一個太陽能加儲能市場。我們正在與安裝人員和零售能源供應商合作，以正確轉變該市場。

And the second one in France, we talked about the utility rates going down. But there, again, I think that it is a short-term blip for a couple of quarters. We expect the WAC to be reduced there. And we also expect the utility rates to go back up according to what we -- the public news available. So I think that one -- what we are doing.

第二個是在法國，我們談到了公用事業費率的下降。但我再次認為，這只是幾季的短期波動。我們預計那裡的 WAC 將會減少。根據我們掌握的公開消息，我們也預期公用事業費率將會回升。所以我認為那一個——我們正在做的事情。

We are constantly introducing new products. Our 3-Phase battery with backup, we will introduce there shortly. We have introduced our newest IQ EV charger. We are introducing hot water heater capability there. That is today, today in France, the feed-in tariff is only EUR 0.04 per kilowatt hour.

我們不斷推出新產品。我們的三相電池帶有備用功能，我們很快就會介紹。我們推出了最新的 IQ EV 充電器。我們正在那裡引入熱水器功能。也就是說，今天在法國，上網電價僅每度0.04歐元。

And when you have EUR 0.04 per kilowatt hour, it does not make sense to export energy. You would rather say energy. And if I take that solar energy and divert it steered towards the hot water heater, that's a much better use of the energy. So that solution will be available in this quarter -- current quarter. So I talked about that. Germany is really where we had a nice uptick in Q1, and that is because of the flex-based battery, where we introduced 3-Phase with backup.

當每千瓦時電價為 0.04 歐元時，出口能源就沒有意義了。你更願意說能量。如果我利用太陽能並將其轉向熱水器，那麼能源的利用效果就會好得多。因此該解決方案將在本季（當前季度）推出。所以我談論了這一點。我們第一季在德國的銷售確實出現了不錯的成長，這是因為我們推出了基於柔性電池的三相備用電池。

So what we are doing in Europe, although the market isn't terribly strong yet, we -- our SAM has increased from strength through these new products. And that's why we are more positive on Europe. That's why you saw our revenue went up in Europe.

因此，我們在歐洲所做的是，儘管市場還不是非常強勁，但我們的 SAM 已經透過這些新產品增強了實力。這就是我們對歐洲更加樂觀的原因。這就是為什麼你看到我們在歐洲的收入增加的原因。

Austin Moeller, Canaccord Genuity.

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

Just my first question, given the administration's announcement of new tariffs on panels in Southeast Asia, I assume that your supply chain team is not expecting that a trade deal with China or Vietnam will benefit inverter battery manufacturing and you're just going to accelerate the diversification of your supply chain out of China.

我的第一個問題是，鑑於政府宣布對東南亞太陽能板徵收新關稅，我認為您的供應鏈團隊並不期望與中國或越南的貿易協議將有利於逆變器電池製造，而您只是要加速將供應鏈從中國轉向多元化。

Yes. I mean, that's the general plan. We are accelerating the move specifically for batteries. We have already completed for microinverters, like what I said, microinverters and accessories. We're almost done. That's right.

是的。我的意思是，這是總體計劃。我們正在加快電池領域的步伐。我們已經完成了微型逆變器，就像我說的，微型逆變器和配件。我們快完成了。這是正確的。

Okay. And just a follow-up. So I mean the general assumption here is US installers are advanced procuring inverters and batteries and waiting to sell product probably once interest rates go down. So do you think the persistent high interest rate level right now is limiting some of the demand from customers to install ahead of potentially the 30% investment tax credit being repealed in 2026?

好的。這只是後續行動。所以我的意思是，這裡的一般假設是美國安裝商正在提前採購逆變器和電池，並等待利率下降後出售產品。那麼，您是否認為目前持續的高利率水準會限制部分客戶在 2026 年可能取消 30% 投資稅收抵免之前安裝的需求？

Yes. The high interest rate is absolutely an important factor. In the residential solar business, 60% of the business used to be loans. And now it has changed to leases and probably 30% is still with loans. And anything you do on the interest rates there will help and will help for demand. That's right.

是的。高利率絕對是重要因素。在住宅太陽能業務中，60%的業務曾經是貸款。現在已經改為租賃，大概有 30% 仍是貸款。你對利率所做的任何調整都會有所幫助，也將有助於需求。這是正確的。

(Operator Instructions) Joseph Osha, Guggenheim Partners.

（操作員指示）古根漢合夥公司的約瑟夫·奧沙。

Sorry to belabor this question of cell supply. But are you saying say a year from now that you think you'll be able to source LFP from outside of China at the same price you can get from inside China? Or are you saying that you're going to pay what you have to pay and pass that on to customers? I'm trying to understand what your view of this is.

很抱歉，我過度詢問有關電池供應的問題。但是您是否是說，假設一年後，您認為您將能夠以與中國國內相同的價格從中國境外採購 LFP？或者您是說您要支付必須支付的費用並將其轉嫁給客戶？我試圖了解您對此的看法。

I mean, but meaning the second option that you said, but the prices of those cells aren't that high.

我的意思是，但這意味著您說的第二個選擇，但這些電池的價格並沒有那麼高。

I'm sorry, I don't follow. So you're saying that you think sales will be more expensive relative to your current?

抱歉，我不明白。所以您的意思是，您認為銷售額相對於現在來說會更貴？

Yes. We sell pricing, the cell pricing is affordable, even if it let us say, goes up by 20%. It is affordable. But when you take a cell in China, and you put it into a product, for example, you assemble it in any place, even outside China, even outside the US. You have to pay the 145% extra tariff because the cell is in China.

是的。我們出售定價，即使價格上漲 20%，電池定價也是可以負擔的。價格便宜。但是，當你在中國拿到一個電池，然後把它放入一個產品中時，你可以在任何地方組裝它，甚至在中國以外，甚至在美國以外。由於電池在中國，您必須支付 145% 的額外關稅。

Now what you could do is again to diversify your supply chain. You could make yourselves in, let us say, Eastern Europe. You could make yourselves in Eastern Europe LFP cells, you could bring it in to the US. You could have a packing facility in the US, and you could get in other raw materials into the US. It will be significantly cheaper to do because you no longer pay the 150 -- 145%. So even if those basic sales were 20% higher, it doesn't matter.

現在您可以做的是再次實現供應鏈多樣化。你們可以把自己置身於，比如說，東歐。您可以在東歐自行生產 LFP 電池，然後將其帶到美國。您可以在美國擁有一個包裝設施，並且可以將其他原料運入美國。這樣做會便宜很多，因為你不再需要支付 150% 到 145% 的費用。因此，即使基本銷售額高出 20%，也無關緊要。

Okay. But clearly, it's going to be more expensive than the status quo was prior to the tariffs and when you were able to source out of China without 145%, right?

好的。但顯然，這會比徵收關稅之前以及能夠從中國以外採購而無需繳納 145% 關稅時的現狀更加昂貴，對嗎？

Yes. If you wanted to be legally right, it is going to be expensive. But does it matter? It doesn't matter.

是的。如果你想獲得合法的權利，那麼代價將是昂貴的。但這重要嗎？沒關係。

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

我們的問答環節到此結束。我想將會議交還給 Badri Kothandaraman 並致閉幕詞。

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

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

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。