Enphase Energy Inc (ENPH) 2022 Q1 法說會逐字稿

Thank you for standing by, and welcome to the Enphase Energy's First Quarter 2022 Financial Results Conference Call. (Operator Instructions) After the speaker's presentation, there will be a question-and-answer session. (Operator Instructions) As a reminder, today's program is being recorded.

感謝您的支持，並歡迎參加 Enphase Energy 的 2022 年第一季度財務業績電話會議。 （操作員說明）演講者演講結束後，將進行問答環節。 （操作員說明）提醒一下，今天的節目正在錄製中。

I would now like to introduce your host for today's program, Karen Sagot. Please go ahead.

我現在想介紹一下今天節目的主持人，Karen Sagot。請繼續。

Good afternoon, and thank you for joining us on today's conference call to discuss Enphase Energy's first quarter 2022 results. On today's call are Badri Kothandaraman, Enphase's President and Chief Executive Officer; Mandy Yang, Chief Financial Officer; and Raghu Belur, Chief Products Officer. After the market closed today, Enphase issued a press release announcing the results for its first quarter ended March 31, 2022.

下午好，感謝您參加今天的電話會議，討論 Enphase Energy 2022 年第一季度的業績。今天的電話會議是Enphase公司總裁兼首席執行官Badri Kothandaraman； Mandy Yang，首席財務官；和首席產品官 Raghu Belur。今天收市後，Enphase 發布了一份新聞稿，宣布了截至 2022 年 3 月 31 日的第一季度業績。

During this conference call, Enphase management will make forward-looking statements, including, but not limited to, statements related to our expected future financial performance, the capabilities of our current and future technology and products and the benefits to homeowners and installers; our operations, including manufacturing, customer service and supply and demand; the anticipated growth in the market and in our sales; and regulatory 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. For a more complete discussion of the risks and uncertainties, please see our annual report on Form 10-K for the year ended December 31, 2021, on file with the SEC and our quarterly report form on 10-Q for the quarter ended March 31, 2022, which will be filed with the SEC in the second quarter of 2022.

在本次電話會議期間，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、我們當前和未來技術和產品的能力以及房主和安裝人員的利益相關的陳述；我們的運營，包括製造、客戶服務和供需；市場和我們銷售額的預期增長；和監管事項。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時間可能與這些預期存在重大差異。有關風險和不確定性的更完整討論，請參閱我們在 SEC 存檔的截至 2021 年 12 月 31 日止年度的 10-K 表格年度報告和截至 3 月 31 日季度的 10-Q 季度報告表格, 2022 年，將於 2022 年第二季度向 SEC 提交。

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. 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 posted today, which can also be found in the Investor Relations section of our website.

我們提醒您不要過分依賴前瞻性陳述，並且不承擔因新信息、未來事件或預期變化而更新任何前瞻性陳述的義務或義務。此外，請注意，除非另有說明，否則本次電話會議中使用的財務指標是在非公認會計原則的基礎上表示的，並且已進行調整以排除某些費用。我們在今天發布的收益報告中提供了這些非公認會計原則財務指標與公認會計原則財務指標的對賬，也可以在我們網站的投資者關係部分找到。

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

現在我想介紹一下Enphase Energy 總裁兼首席執行官Badri Kothandaraman。巴德里？

Good afternoon, and thank you for joining us today to discuss our first quarter 2022 financial results. We had a good quarter. We reported record quarterly revenue of $441.3 million, achieved non-GAAP gross margin of 41% and generated free cash flow of $90.1 million. We ramped IQ 8 microinverters in the first quarter and started piloting IQ 8D microinverters to small commercial customers. We exited the first quarter at approximately 41%, 15%, 26%. This means 41% gross margin, 15% operating expenses and 26% operating income, all as a percentage of revenue on a non-GAAP basis. As a reminder, our baseline financial model is 35%, 15%, 20%. We will go into our financials later in the call.

下午好，感謝您今天加入我們討論我們 2022 年第一季度的財務業績。我們有一個很好的季度。我們報告了創紀錄的季度收入 4.413 億美元，實現了 41% 的非公認會計原則毛利率，並產生了 9010 萬美元的自由現金流。我們在第一季度推出了 IQ 8 微型逆變器，並開始向小型商業客戶試用 IQ 8D 微型逆變器。我們以大約 41%、15%、26% 的比例退出第一季度。這意味著 41% 的毛利率、15% 的運營費用和 26% 的運營收入，均以非公認會計準則基礎上的收入百分比計算。提醒一下，我們的基準財務模型是 35%、15%、20%。我們將在稍後的電話會議中討論我們的財務狀況。

Let's now discuss how we are servicing customers. Our Q1 Net Promoter Score worldwide was 68% and compared to 69% in Q4, and our North American Net Promoter Score was 74% compared to 73% in Q4. Our average call wait time decreased to 3.2 minutes in Q1 compared to 8.9 minutes in Q4. We reduced call wait times through staffing and training. During Q1, we added field service technicians in the U.S. and Europe to provide on-site help to our installers, particularly for batteries.

現在讓我們討論一下我們如何為客戶提供服務。我們在全球的第一季度淨推薦值是 68%，而第四季度為 69%，我們的北美淨推薦值為 74%，而第四季度為 73%。第一季度我們的平均呼叫等待時間從第四季度的 8.9 分鐘降至 3.2 分鐘。我們通過人員配備和培訓減少了呼叫等待時間。在第一季度，我們在美國和歐洲增加了現場服務技術人員，為我們的安裝人員提供現場幫助，尤其是電池方面的幫助。

Let's talk about microinverter manufacturing. As we have discussed in the past calls, the global supply chain situation is still under stress, but our situation is stable due to supplier management and qualification of alternate suppliers. With the growing demand for our microinverters, we remain vigilant regarding the global supply chain and logistics challenges due to COVID disruptions. I'm very proud of our teams who have worked hard to manage this difficult situation.

讓我們談談微型逆變器製造。正如我們在過去的電話會議中所討論的那樣，全球供應鏈形勢仍然處於壓力之下，但由於供應商管理和替代供應商的資格，我們的情況是穩定的。隨著對我們的微型逆變器的需求不斷增長，我們對因 COVID 中斷而導致的全球供應鍊和物流挑戰保持警惕。我為我們的團隊努力應對這一困難局面感到非常自豪。

Currently, our quarterly capacity across all contract manufacturing facilities is a little more than 5 million microinverters. Mexico has a quarterly capacity of 2.25 million microinverters, India with Cellcomp has 1.5 million and the rest is in China. To support the increased demand and to improve delivery times to customers in Europe, we are adding an automated line at Flex's factory in Romania. This line will have a quarterly capacity of approximately 750,000 microinverters starting in Q1 of 2023 and will enable a global capacity of nearly 6 million microinverters per quarter.

目前，我們所有合同製造工廠的季度產能略高於 500 萬台微型逆變器。墨西哥的微型逆變器季度產能為 225 萬台，印度的 Cellcomp 有 150 萬台，其餘在中國。為了支持不斷增長的需求並縮短向歐洲客戶交付的時間，我們將在 Flex 位於羅馬尼亞的工廠中增加一條自動化生產線。從 2023 年第一季度開始，這條生產線將擁有約 750,000 台微型逆變器的季度產能，並將實現每季度近 600 萬台微型逆變器的全球產能。

Let's now talk about batteries. Our 2 sources for battery cell packs currently have a total capacity of 180-megawatt hours per quarter. Our existing cell pack suppliers can add more capacity if needed. We are also on track to add a third cell pack supplier in the second half of this year. Our lead times for batteries are still long at about 14 to 16 weeks, primarily due to global logistics challenges. The lead time should come down once shipping and port congestion conditions improve.

現在讓我們談談電池。我們的 2 個電池組來源目前每季度的總容量為 180 兆瓦時。如果需要，我們現有的電池組供應商可以增加更多容量。我們還有望在今年下半年增加第三家電池組供應商。我們的電池交貨時間仍然很長，大約為 14 到 16 週，這主要是由於全球物流方面的挑戰。一旦航運和港口擁堵狀況得到改善，交貨時間應該會下降。

Let's move on to the regions. U.S. and international revenue mix for Q1 was 84% and 16%, respectively. In the U.S., revenue increased 9% sequentially and 49% year-on-year. We are pleased to report record sell-through for microinverters and record revenue for batteries in Q1. The channel inventory for both microinverters and batteries were at a healthy level at the end of Q1.

讓我們繼續討論這些地區。第一季度美國和國際收入組合分別為 84% 和 16%。在美國，收入環比增長 9%，同比增長 49%。我們很高興報告第一季度微型逆變器的創紀錄銷售量和電池創紀錄的收入。微逆變器和電池的渠道庫存在第一季度末處於健康水平。

In Europe, revenue decreased 6% sequentially while increasing 39% year-on-year. The sequential decrease was due to unforeseen shipment delays towards the end of Q1. Homeowners in Europe have a strong desire for energy independence. We recently teamed up with (inaudible), a German installer group to deliver microinverters and batteries to customers in Europe. We are currently shipping IQ batteries to Germany and Belgium and plan to introduce them in other European countries throughout 2022. Our batteries are now compatible with most brands of third-party PV inverters.

在歐洲，收入環比下降 6%，而同比增長 39%。環比下降是由於第一季度末不可預見的發貨延遲。歐洲的房主對能源獨立有著強烈的渴望。我們最近與德國安裝商集團 (聽不清) 合作，為歐洲客戶提供微型逆變器和電池。我們目前正在向德國和比利時運送 IQ 電池，併計劃在 2022 年將它們引入其他歐洲國家。我們的電池現在與大多數品牌的第三方光伏逆變器兼容。

We continue to see a strong growth in our existing markets in Europe, including Netherlands, France and Belgium and are also pleased with our growth in newer markets, including Italy, Spain and Portugal. We expect our momentum in Europe to continue with more than 40% sequential revenue growth expected in Q2 versus Q1. We are continuing to expand the team and are very excited about our growth in the region. In Latin America, revenue increased 13% sequentially and more than doubled year-on-year. We had steady growth in our solar plus storage business in Puerto Rico during the first quarter.

我們繼續看到我們在歐洲現有市場（包括荷蘭、法國和比利時）的強勁增長，並對我們在意大利、西班牙和葡萄牙等新興市場的增長感到滿意。我們預計我們在歐洲的勢頭將繼續，預計第二季度與第一季度相比，收入環比增長超過 40%。我們正在繼續擴大團隊，並對我們在該地區的發展感到非常興奮。在拉丁美洲，收入環比增長 13%，同比增長一倍多。第一季度，我們在波多黎各的太陽能加儲能業務穩步增長。

Now I'll provide some color on Australia, Brazil and India. In Australia, we expect to introduce IQ batteries in the second half of 2022. We think regulatory changes designed to improve solar installation practices will favor our safe AC approach, as grids and utilities require more intelligent and safer solutions. As for Brazil, we have started shipping IQ 7+ microinverters to installers in Q1 and expect to ramp continuously. We also expect to introduce an IQ 8D version into Brazil to optimize cost. In India, we are making steady progress in adding more installers into our network, ramping digital sales and planning to introduce IQ batteries in early 2023.

現在我將提供一些關於澳大利亞、巴西和印度的顏色。在澳大利亞，我們預計將在 2022 年下半年推出 IQ 電池。我們認為旨在改善太陽能安裝實踐的監管變化將有利於我們的安全交流方法，因為電網和公用事業需要更智能和更安全的解決方案。至於巴西，我們已在第一季度開始向安裝人員運送 IQ 7+ 微型逆變器，並預計會持續增加。我們還希望將 IQ 8D 版本引入巴西以優化成本。在印度，我們在增加更多安裝人員到我們的網絡中取得穩步進展，增加數字銷售併計劃在 2023 年初引入 IQ 電池。

Let's now discuss the overall bookings for Q2. Our overall customer demand for Q2 is quite robust for both microinverters and batteries and exceeds the higher end of our guidance range. The component availability is better than what we have experienced in the last 18 months, but there are still global challenges, which are not specific to Enphase. We remain optimistic that the lead times will come down by the end of this year.

現在讓我們討論第二季度的總體預訂情況。對於微型逆變器和電池，我們對第二季度的整體客戶需求非常強勁，並且超出了我們指導範圍的上限。組件可用性比我們過去 18 個月所經歷的要好，但仍然存在全球性挑戰，這些挑戰並非 Enphase 特有的。我們仍然樂觀地認為，交貨時間將在今年年底前縮短。

Let's talk about batteries. We shipped 120.4 megawatt hours of IQ batteries in the first quarter, a 20% increase from Q4 of 2021. We are working diligently on improving commissioning times for installers. While we have done various fixes to improve quality and homeowner experience or the batteries, we are still not where we would like to be on commissioning and installation experience. We are doubling down on this in this quarter and expect to make good progress. Our goal remains to get the commissioning time down to 1 hour and ensure installers have a seamless experience. We expect to shift between 130 and 140-megawatt hours of batteries in Q2. Due to the increase in logistics and component costs driven by inflation, we implemented a modest price increase on our batteries in March of 2022.

讓我們談談電池。我們在第一季度出貨了 120.4 兆瓦時的 IQ 電池，比 2021 年第四季度增長了 20%。我們正在努力改善安裝人員的調試時間。雖然我們已經進行了各種修復以提高質量和房主體驗或電池，但在調試和安裝體驗方面，我們仍然沒有達到我們想要的水平。我們將在本季度加倍努力，並希望取得良好進展。我們的目標仍然是將調試時間縮短到 1 小時，並確保安裝人員獲得無縫體驗。我們預計第二季度的電池容量將在 130 到 140 兆瓦時之間轉換。由於通貨膨脹導致物流和零部件成本增加，我們在 2022 年 3 月對我們的電池實施了適度的提價。

Let's now discuss the installer training and certification on batteries. By the end of the first quarter, we have certified more than 1,300 installers in the U.S. on a cumulative basis. Our hands-on storage training in the U.S. uses mobile vans located in the East and West Coast along with regional training centers. We started with an Enphase YouTube channel in Q1 for training, where installers can access videos to learn installation tips and tricks.

現在讓我們討論一下電池的安裝人員培訓和認證。截至第一季度末，我們已在美國累計認證了 1,300 多名安裝人員。我們在美國的實踐存儲培訓使用位於東海岸和西海岸的移動貨車以及區域培訓中心。我們從第一季度的 Enphase YouTube 頻道開始進行培訓，安裝人員可以訪問視頻以了解安裝提示和技巧。

Let's talk about new products. In Q1, we ramped shipments on IQ 8 microinverters in North America and are receiving positive feedback about the product in general. As a reminder, IQ 8 solar microinverters can form a micro grid during a power outage using only sunlight, providing backup power even without a battery. IQ 8's grid-forming technology eliminates traditional ratio requirements between solar system size and battery size. And with our sunlight jump start feature, IQ 8 microinverters can start a home energy system using sunlight only after prolonged grid outages that may result in a fully depleted battery. We also expect to introduce IQ 8 microinverters internationally into Europe and Australia during the second half of this year.

讓我們談談新產品。在第一季度，我們在北美增加了 IQ 8 微型逆變器的出貨量，並且總體上收到了對該產品的積極反饋。提醒一下，IQ 8 太陽能微型逆變器可以在停電期間僅使用陽光形成微電網，即使沒有電池也能提供備用電源。 IQ 8 的網格形成技術消除了太陽能係統尺寸和電池尺寸之間的傳統比例要求。借助我們的陽光跳躍啟動功能，IQ 8 微型逆變器只有在長時間電網中斷可能導致電池完全耗儘後才能使用陽光啟動家庭能源系統。我們還預計在今年下半年將 IQ 8 微型逆變器引入歐洲和澳大利亞。

Let's talk about IQ 8D microinverters for small commercial applications. We started piloting IQ 8D 640-watt AC microinverters to select installers in North America during the first quarter, and we expect production shipments in late Q2. The value proposition of IQ 8D is the ease of installation, high-quality and rapid shutdown capability.

讓我們談談用於小型商業應用的 IQ 8D 微型逆變器。我們在第一季度開始在北美選擇安裝商試用 IQ 8D 640 瓦交流微型逆變器，我們預計在第二季度末開始生產出貨。 IQ 8D 的價值主張是易於安裝、高質量和快速關機能力。

On batteries, we plan to introduce our next new product, IQ Battery 5P later this year. This battery will deliver twice the power of our current battery at a lower manufacturing cost, enabling homeowners to start heavier loads. Also going forward, we will enhance our communication using control area network, which is a robust wired protocol for connectivity between the battery, the gateway and the system controller. We expect this to further streamline installations and simplify commission.

在電池方面，我們計劃在今年晚些時候推出我們的下一個新產品 IQ Battery 5P。這種電池將以較低的製造成本提供兩倍於我們當前電池的功率，使房主能夠啟動更重的負載。展望未來，我們將使用控制區域網絡增強我們的通信，這是一種用於電池、網關和系統控制器之間連接的強大有線協議。我們希望這將進一步簡化安裝並簡化調試。

Let's now discuss ClipperCreek, an acquisition, which we completed in Q4 of 2021. The acquisition is performing in line with our expectations, with reasonable gross margins and profitability in Q1. We're doing a few things to ramp the business. We are introducing EV chargers to our solar distributors and installers this quarter. We are also on track to begin manufacturing EV chargers at our Flex facility in Mexico in the fourth quarter of this year. We believe this will help us scale better and drive down costs. As for new products, we expect to introduce a smart EV charger to customers in the U.S. and Europe in early 2023. This will provide connectivity to the cloud through Wi-Fi as well as local connectivity into the Enphase home energy system.

現在讓我們討論一下我們在 2021 年第四季度完成的收購 ClipperCreek。此次收購的表現符合我們的預期，第一季度的毛利率和盈利能力都不錯。我們正在做一些事情來擴大業務。我們將在本季度向我們的太陽能經銷商和安裝商推出電動汽車充電器。我們也有望在今年第四季度在我們位於墨西哥的 Flex 工廠開始生產電動汽車充電器。我們相信這將幫助我們更好地擴展並降低成本。至於新產品，我們預計將在 2023 年初向美國和歐洲的客戶推出智能電動汽車充電器。這將通過 Wi-Fi 提供與雲的連接以及與 Enphase 家庭能源系統的本地連接。

The increasing penetration of electric vehicles has significant implications for home energy management. The energy consumed by the home will significantly increase with an EV. This increase will drive adoption of more solar and storage, which will enable homeowners to save money and charge their vehicle in a green manner. The large EV battery could also be used for home backup called vehicle-to-home as well as helping the grid in the future called vehicle-to-grid. This acquisition plays extremely well to our strength in energy management ultimately helping the homeowner manage solar, storage, EV and other home loads. We are in discussions with a few EV makers to enable proof-of-concept for V2H and V2G features.

電動汽車的日益普及對家庭能源管理具有重要意義。使用電動汽車，家庭消耗的能源將顯著增加。這種增長將推動更多太陽能和存儲的採用，這將使房主能夠省錢並以綠色方式為車輛充電。大型電動汽車電池還可以用於家庭備用，稱為車到家，以及在未來幫助電網，稱為車到電網。此次收購充分發揮了我們在能源管理方面的優勢，最終幫助房主管理太陽能、儲能、電動汽車和其他家庭負載。我們正在與一些電動汽車製造商進行討論，以實現 V2H 和 V2G 功能的概念驗證。

Let me cover grid services. During the first quarter, we announced that Vermont-based utility, Green Mountain Power will offer Enphase Energy systems to its customers in a cutting-edge battery lease grid services pilot program. We have previously announced our participation in connected solutions covering 3 utilities in the Northeast U.S., Hawaiian Electric's Battery Bonus Grid Services Program and Arizona Public Services Residential Battery Grid Services Program. We also recently announced a partnership with Shell Energy to participate in VPP programs in California, New York and Hawaii. We also have many new grid services engagements in the pipeline and look forward to working with utilities and aggregators.

讓我介紹一下網格服務。在第一季度，我們宣布總部位於佛蒙特州的公用事業公司 Green Mountain Power 將在一項尖端的電池租賃電網服務試點計劃中為其客戶提供 Enphase Energy 系統。我們之前宣布參與的互聯解決方案涵蓋美國東北部的 3 個公用事業、夏威夷電力公司的電池獎勵電網服務計劃和亞利桑那州公共服務住宅電池電網服務計劃。我們最近還宣布與殼牌能源合作，參與加利福尼亞、紐約和夏威夷的 VPP 項目。我們還有許多新的電網服務項目正在籌備中，並期待與公用事業和聚合商合作。

Let's discuss the installer platform. We are working on Solargraf Pro, a design and proposal tool with shading analysis, ability to detect obstructions on the roof and 3D modeling of homes. Approximately 900 installers use the Solargraf tool today. We expect to launch the Solargraf Pro, a higher version -- an advanced version of the product in Q2 and already have a few installers piloting the software. In addition, we plan to expand the availability of Solargraf Pro internationally, starting with Germany.

讓我們討論安裝程序平台。我們正在開發 Solargraf Pro，這是一種設計和提案工具，具有陰影分析、檢測屋頂障礙物和房屋 3D 建模的能力。目前約有 900 名安裝人員使用 Solargraf 工具。我們預計將在第二季度推出更高版本的 Solargraf Pro——該產品的高級版本，並且已經有一些安裝人員試用該軟件。此外，我們計劃從德國開始在國際上擴大 Solargraf Pro 的可用性。

In March of 2022, we acquired SolarLeadFactory, which provides high quality leads to solar installers in the U.S. Our objective is to substantially increase lead volumes and conversion rates to help drive down customer acquisition costs for installers. We plan to expand the team, optimize lead management and offer this service broadly to our installer network.

2022 年 3 月，我們收購了 SolarLeadFactory，它為美國的太陽能安裝商提供高質量的潛在客戶。我們的目標是大幅增加潛在客戶數量和轉化率，以幫助降低安裝人員的客戶獲取成本。我們計劃擴大團隊，優化潛在客戶管理，並將這項服務廣泛地提供給我們的安裝網絡。

We have made 4 acquisitions in the last 15 months to strengthen our installer platform in the areas of lead generation, solar design software, permitting services and O&M software. In addition, we have robust and homegrown mobile apps for commissioning and monitoring of solar and storage systems. We plan to integrate all of these seamlessly onto one platform and offer them to our installation network simplifying their lives and reducing soft costs.

在過去的 15 個月中，我們進行了 4 次收購，以加強我們在潛在客戶生成、太陽能設計軟件、許可服務和 O&M 軟件領域的安裝平台。此外，我們還擁有強大的本土移動應用程序，用於調試和監控太陽能和存儲系統。我們計劃將所有這些無縫集成到一個平台上，並將它們提供給我們的安裝網絡，以簡化他們的生活並降低軟成本。

Let me now give you a quick update on our Enphase installer network or EIN. We have now onboarded approximately 1,200 installers to our EIN worldwide through highly selective process focused on installation quality and an exceptional experience to homeowners across the globe.

現在讓我快速更新一下我們的 Enphase 安裝程序網絡或 EIN。我們現在已經通過高度選擇性的流程在全球範圍內為我們的 EIN 招募了大約 1,200 名安裝人員，該流程專注於安裝質量和為全球房主提供卓越的體驗。

Next, I'd like to comment on some recent policy issues that are impacting the U.S. solar industry. As you're aware, the U.S. Department of Commerce is investigating the circumvention of antidumping and countervailing duties on some PV modules. This is a time of great change in the energy market. Utility costs are rising, climate change is happening, geopolitical issues are driving energy security and EVs are taking off. At a time like this, when there needs to be full support for renewables and AD/CVD investigation, creates massive uncertainty in the marketplace which we believe will impact U.S. jobs, raise electricity prices for homeowners and increase import from China, all of which are counter to the goals of the current administration.

接下來，我想評論一下最近影響美國太陽能行業的一些政策問題。如您所知，美國商務部正在調查針對某些光伏組件規避反傾銷和反補貼稅的行為。這是能源市場發生巨大變化的時期。公用事業成本正在上升，氣候變化正在發生，地緣政治問題正在推動能源安全，電動汽車正在起飛。在這種情況下，當需要全力支持可再生能源和 AD/CVD 調查時，會在市場上造成巨大的不確定性，我們認為這將影響美國的就業，提高房主的電價並增加從中國的進口，所有這些都是與現任政府的目標背道而馳。

We are hoping that the current administration takes this problem seriously and resolves it rapidly well before the proposed August time frame.

我們希望現任政府認真對待這個問題，並在提議的 8 月時間框架之前迅速解決它。

As it relates to Enphase, our products aren't directly impacted by AD/CVD as we don't make modules. But based on conversations with some of our partners, it is our opinion that the module supply for the residential segment will be less impacted than other segments. Many of our partners are currently working on securing module supply for the latter part of this year. Module pricing is expected to be higher in the interim, and we think the residential segment may be able to absorb higher prices.

由於與 Enphase 相關，我們的產品不會直接受到 AD/CVD 的影響，因為我們不生產模塊。但根據與我們一些合作夥伴的對話，我們認為住宅領域的模塊供應將比其他領域受到的影響更小。我們的許多合作夥伴目前正在努力確保今年下半年的模塊供應。預計模塊價格在此期間會更高，我們認為住宅板塊可能能夠吸收更高的價格。

All of this further underscores the importance of supporting domestic manufacturing through a production-based tax credit, or PTC, so we can proactively increase domestic manufacturing rather than reacting to such a market disruption.

所有這些進一步強調了通過基於生產的稅收抵免 (PTC) 支持國內製造業的重要性，因此我們可以主動增加國內製造業，而不是對這種市場混亂做出反應。

The support of domestic manufacturing is well aligned with the administration's goals to promote renewables, increase U.S. jobs, reduce electricity pricing for homeowners and lessen the dependency on imports from China. We would like to see rapid resolution of both AD/CVD as well as implementation of PTC as soon as possible.

對國內製造業的支持與政府促進可再生能源、增加美國就業機會、降低房主電價和減少對中國進口產品的依賴的目標非常吻合。我們希望盡快解決 AD/CVD 以及 PTC 的實施。

I would also now like to comment on the California NEM 3.0 proposed decision RPD, which was announced in the December of 2021. We expect a modification to the current PD and an opportunity for stakeholders to participate and provide their feedback to the California PUC. We've been actively participating in the process and will continue to work diligently with various stakeholders to try and influence the best outcome.

我現在還想對 2021 年 12 月宣布的加利福尼亞 NEM 3.0 提議的決策 RPD 發表評論。我們希望對當前的 PD 進行修改，並使利益相關者有機會參與並向加利福尼亞 PUC 提供反饋。我們一直在積極參與這一過程，並將繼續與各利益相關者一起努力工作，以嘗試影響最佳結果。

Let me wrap up. Full home electrification is slowly but surely coming. EVs are ramping up considerably for obvious reasons, so are heat pumps. Climate change, coupled with situations like the Ukraine, is forcing European countries and others to think hard about their reliance on oil, coal and natural gas. Countries like Germany are leading the way in adopting renewable technologies such as solar and batteries to support heat pumps, EVs and other home loads. Self-consumption is becoming the norm and consumers want energy independence. There is no doubt that other countries will follow suit. It is just a matter of time.

讓我總結一下。全面的家庭電氣化正在緩慢但肯定地到來。出於顯而易見的原因，電動汽車正在大幅增長，熱泵也是如此。氣候變化，加上像烏克蘭這樣的情況，正迫使歐洲國家和其他國家認真考慮他們對石油、煤炭和天然氣的依賴。德國等國家在採用太陽能和電池等可再生技術來支持熱泵、電動汽車和其他家庭負載方面處於領先地位。自我消費正在成為常態，消費者希望能源獨立。毫無疑問，其他國家也會效仿。只是時間問題。

Our strategy is pretty simple. We create best-in-class solar plus storage home energy systems. We sell them to homeowners through our installation and distribution partners, enabled by our installer platform. Our topmost core value is customer first, and we are focused on providing a great experience to installers and homeowners. We are well placed to capitalize on the trend towards full home electrification and look forward to ramping our presence in Europe in a significant manner over the coming months and years.

我們的策略非常簡單。我們創造一流的太陽能加儲能家庭能源系統。我們通過安裝和分銷合作夥伴將它們出售給房主，由我們的安裝平台提供支持。我們最高的核心價值是客戶至上，我們專注於為安裝人員和房主提供出色的體驗。我們已做好充分準備，可以充分利用家庭電氣化的趨勢，並期待在未來幾個月和幾年內以顯著的方式擴大我們在歐洲的影響力。

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

有了這個，我將把電話交給曼迪，讓她審查我們的財務業績。曼迪？

Thanks, Badri, and good afternoon, everyone. I will provide more details related to our first quarter of 2022 financial results, as well as our business outlook for the second quarter of 2022. We have provided a reconciliation of these non-GAAP to GAAP financial results in our earnings release posted today, which can also be found in the IR section of our website.

謝謝，巴德里，大家下午好。我將提供與我們 2022 年第一季度財務業績以及我們 2022 年第二季度業務前景相關的更多詳細信息。我們在今天發布的收益報告中提供了這些非公認會計原則與公認會計原則財務業績的對賬，其中也可以在我們網站的 IR 部分找到。

Total revenue for Q1 was $441.3 million, representing an increase of 7% sequentially and a quarterly record. We shipped approximately 1,029 megawatts DC of microinverters and 120.4 megawatt hours of IQ batteries in the quarter. Non-GAAP gross margin for Q1 was 41.0% compared to 40.2% in Q4. The increase was driven by favorable product mix and lower expedite costs. The gross margin was 40.1% for Q1.

第一季度總收入為 4.413 億美元，環比增長 7%，創季度記錄。我們在本季度出貨了大約 1,029 兆瓦直流微型逆變器和 120.4 兆瓦時 IQ 電池。第一季度非美國通用會計準則毛利率為 41.0%，而第四季度為 40.2%。這一增長是由有利的產品組合和較低的加急成本推動的。第一季度毛利率為 40.1%。

Non-GAAP operating expenses were $66.3 million for Q1 compared to $68.2 million for Q4. The decrease was driven by lower marketing expenses, offset by continuous investment in R&D and customer service. GAAP operating expenses were $115.1 million for Q1 compared to $105.6 million for Q4. GAAP operating expenses for Q1 included $45.3 million of stock-based compensation expenses and $3.6 million of acquisition-related expenses and amortization for acquired intangible assets.

第一季度非美國通用會計準則運營費用為 6630 萬美元，而第四季度為 6820 萬美元。下降的原因是營銷費用下降，但被研發和客戶服務的持續投資所抵消。第一季度的 GAAP 運營費用為 1.151 億美元，而第四季度為 1.056 億美元。第一季度的 GAAP 運營費用包括 4530 萬美元的股票補償費用和 360 萬美元的收購相關費用和所購無形資產的攤銷。

On a non-GAAP basis, income from operations for Q1 was $114.5 million compared to $97.7 million for Q4. On a GAAP basis, income from operations was $61.8 million for Q1 compared to $57.7 million for Q4. On a non-GAAP basis, net income for Q1 was $109.7 million compared to $102.8 million for Q4. This resulted in non-GAAP diluted earnings per share of $0.79 for Q1 compared to $0.73 for Q4. GAAP net income for Q1 was $51.8 million compared to GAAP net income of $52.6 million for Q4. This resulted in GAAP diluted earnings per share of $0.37 for both Q1 and Q4.

按非公認會計原則計算，第一季度的運營收入為 1.145 億美元，而第四季度為 9770 萬美元。按公認會計原則計算，第一季度的運營收入為 6180 萬美元，而第四季度為 5770 萬美元。按非公認會計原則計算，第一季度的淨收入為 1.097 億美元，而第四季度為 1.028 億美元。這導致第一季度非 GAAP 攤薄後每股收益為 0.79 美元，而第四季度為 0.73 美元。第一季度的 GAAP 淨收入為 5180 萬美元，而第四季度的 GAAP 淨收入為 5260 萬美元。這導致第一季度和第四季度的 GAAP 攤薄後每股收益為 0.37 美元。

We exited Q1 with a total cash, cash equivalents and marketable securities balance of approximately $1.1 billion compared to approximately $1.0 billion at the end of Q4. In Q1, we generated $102.4 million in cash flow from operations and $90.1 million in free cash flow. Capital expenditure was $12.4 million for Q1 to increase manufacturing capacity as well as costs related to IT infrastructure, R&D equipment and international facilities.

我們在第一季度末的現金、現金等價物和有價證券餘額總額約為 11 億美元，而第四季度末約為 10 億美元。在第一季度，我們從運營中產生了 1.024 億美元的現金流和 9010 萬美元的自由現金流。第一季度的資本支出為 1240 萬美元，用於提高製造能力以及與 IT 基礎設施、研發設備和國際設施相關的成本。

Now let's discuss our outlook for the second quarter of 2022. We expect our revenue for the second quarter of 2022 to be within a range of $490 million to $520 million, which includes shipments of 130 to 140-megawatt hours of IQ batteries. We expect GAAP gross margin to be within a range of 37% to 40% and non-GAAP gross margin to be within a range of 38% to 41%, which excludes stock-based compensation expenses and acquisition-related amortization. We expect our GAAP operating expenses to be within a range of $127.5 million to $135 million, including a total of approximately $57 million estimated for stock-based compensation expenses and acquisition-related expenses and amortization.

現在讓我們討論一下我們對 2022 年第二季度的展望。我們預計 2022 年第二季度的收入將在 4.9 億美元至 5.2 億美元之間，其中包括 130 至 140 兆瓦時的 IQ 電池的出貨量。我們預計 GAAP 毛利率將在 37% 至 40% 的範圍內，非 GAAP 毛利率將在 38% 至 41% 的範圍內，這不包括基於股票的薪酬費用和與收購相關的攤銷。我們預計我們的 GAAP 運營費用將在 1.275 億美元至 1.35 億美元之間，其中包括基於股票的補償費用以及與收購相關的費用和攤銷估計總額約為 5700 萬美元。

The estimated stock-based compensation expenses include approximately $4.8 million accrual for the earn outs that are tied to certain performance targets to be paid in company stock for the acquisition. We expect our non-GAAP operating expenses to be within a range of $70.5 million to $73.5 million.

估計的基於股票的補償費用包括大約 480 萬美元的應計收益，這些收益與某些績效目標相關，將在公司股票中為收購支付。我們預計我們的非公認會計原則運營費用將在 7050 萬美元至 7350 萬美元之間。

With that, I will now open the line for questions.

有了這個，我現在將打開問題線。

(Operator Instructions) Our first question comes from the line of Julien Dumoulin-Smith from Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Julien Dumoulin-Smith。

Congratulations on the continued results and performance here. If I can, just kicking it off here, can you talk a little bit more about the European expansion that you guys just emphasized here a moment ago in the prepared remarks?

祝賀這裡的持續成果和表現。如果可以的話，就從這裡開始，你能多談談你們剛才在準備好的發言中強調的歐洲擴張嗎？

Can you talk about what exactly you're doing to infiltrate those markets, if you will? You obviously talked a lot about training. How should we expect that to filter through in terms of operating expenses and especially against your model on OpEx? And then related to that, how should we expect that to filter through on top line as you think about your revenue mix here in Europe as well as gross margin impact?

如果你願意的話，你能談談你正在做些什麼來滲透這些市場嗎？你顯然談了很多關於訓練的事情。我們應該如何期望它在運營費用方面過濾，尤其是針對您的運營支出模型？然後與此相關，當您考慮您在歐洲的收入組合以及毛利率影響時，我們應該如何期望它能夠過濾掉您的收入？

Right. So just quick on the background for Europe. In general, we are quite strong in Netherlands, France, Belgium and those businesses or those regions continue to grow pretty well on the solar side. The new regions, if we talk about actually, are Germany, Italy, Spain and Portugal.

對。因此，請快速了解歐洲的背景。總的來說，我們在荷蘭、法國、比利時非常強大，這些企業或這些地區在太陽能方面繼續保持良好增長。新地區，如果我們真正談論的話，是德國、意大利、西班牙和葡萄牙。

So let me talk about Germany. Germany, extremely interesting market. The residential solar is well north of 1 gigawatt a year, maybe even up to 2 gigawatts a year right now on residential. Battery attach 80%. Most of our installers say for a given home when they mean solar, they mean solar, battery, EV chargers and the heat pump. So they are much more advanced, probably the most advanced, I would say, in terms of full home electrification.

那麼讓我談談德國。德國，非常有趣的市場。住宅太陽能遠遠超過每年 1 吉瓦，現在住宅太陽能甚至可能達到每年 2 吉瓦。電池連接 80%。我們的大多數安裝人員說，對於給定的家庭，當他們指的是太陽能時，他們指的是太陽能、電池、電動汽車充電器和熱泵。因此，就全家庭電氣化而言，它們要先進得多，可能是最先進的。

So there's an incredible opportunity there for us. And the companies that will be successful are companies that can manage all of these resources, solar, storage, EVs and heat pumps. That's what we do. We make best-in-class home energy systems. Now with ClipperCreek, we have an EV charger, we are quite strong in solar and storage. And so we are working on expanding our sales force in Germany. We are working on business development. We are working with a lot of installers. We are ramping things there at a pretty nice clip. And our natural advantages are we do things with very high quality that Germans care about. We care a lot about customer experience, customer service. So that's on our side. So we are very optimistic about Germany.

所以這對我們來說是一個難以置信的機會。能夠成功的公司是能夠管理所有這些資源、太陽能、儲能、電動汽車和熱泵的公司。這就是我們所做的。我們製造一流的家庭能源系統。現在有了 ClipperCreek，我們有了一個 EV 充電器，我們在太陽能和存儲方面非常強大。因此，我們正在努力擴大我們在德國的銷售隊伍。我們正在致力於業務發展。我們正在與許多安裝人員合作。我們正在以一個非常好的剪輯在那裡增加東西。我們的天然優勢是我們做的事情質量很高，德國人很關心。我們非常關心客戶體驗和客戶服務。所以這是在我們這邊。所以我們非常看好德國。

I was there late February to early March with our team and it's really, really clear that the opportunity is big and now. When you compare to that, the next biggest is Netherlands. Netherlands is primarily a solar market today, but storage is coming according to all of the installers. And installers are all -- they lag in phase a lot, primarily due to the attributes I told you, quality customer experience. If you go to Italy, Italy has been promoting the heck out of batteries. The Ecobonus and the Superbonus program, the Superbonus almost says that the batteries are virtually free. And there, we are going to participate with some of our partners. And these programs are -- will extend multiple years, may not be the Superbonus, but at least the Ecobonus will be there.

我在 2 月底到 3 月初和我們的團隊一起在那裡，很明顯現在機會很大。與之相比，第二大的是荷蘭。荷蘭今天主要是一個太陽能市場，但根據所有安裝商的說法，儲能即將到來。安裝人員都是 - 他們在階段滯後很多，主要是由於我告訴你的屬性，優質的客戶體驗。如果你去意大利，意大利一直在宣傳電池。 Ecobonus 和 Superbonus 計劃，Superbonus 幾乎說電池幾乎是免費的。在那裡，我們將與我們的一些合作夥伴一起參與。這些計劃是——將延長多年，可能不是超級紅利，但至少生態紅利會在那裡。

So Spain, for example, we have a natural advantage because of small systems in Spain. Each country is a diverse -- each country needs to be understood well because you go from Germany, you have a 12 kilowatt, 13 kilowatts of PV, you go to Spain, which is probably 4 kilowatts -- 3 or 4 kilowatts of PV. So each market is different, requires in-depth understanding. We are going to be there. We are going to have sales force in each region. We are tripling down on Europe in terms of spending. So there is no barriers there, and we're doing well.

以西班牙為例，由於西班牙的小型系統，我們擁有天然優勢。每個國家都是多樣化的——每個國家都需要很好地理解，因為你從德國出發，你有 12 千瓦、13 千瓦的光伏，你去西班牙，可能是 4 千瓦——3 或 4 千瓦的光伏。所以每個市場都不一樣，需要深入了解。我們將在那裡。我們將在每個地區都有銷售人員。在支出方面，我們比歐洲減少了兩倍。所以那裡沒有障礙，我們做得很好。

In fact, this quarter, the second quarter, we expect our revenue to be 40% higher than the first quarter. And with regarding our OpEx, you should continue to think of our OpEx as right at the baseline. We are very disciplined as a company. Our OpEx is our baseline numbers, financial numbers are OpEx equals 15% of sales. That's the number that you need to be thinking about.

事實上，本季度，第二季度，我們預計我們的收入將比第一季度高出 40%。關於我們的 OpEx，您應該繼續將我們的 OpEx 視為基線。作為一家公司，我們非常有紀律。我們的運營支出是我們的基準數字，財務數字是運營支出等於銷售額的 15%。這是您需要考慮的數字。

Excellent. Just super quick, if I can, I'll ask you to elaborate here as well. Just the 15-megawatt hour increase quarter-over-quarter on the battery side. Just what are you seeing on margins today? Do you feel comfortable, which is given the macro that you elaborated on in the prepared remarks, especially relative to raw material inflation i. e., do you think about price inflation again just to pass it along? Or how are you thinking about the battery part of the mix, both in terms of the trajectory and acceleration as well as the price points that you're entering at (inaudible)?

優秀的。超級快，如果可以的話，我也會請你在這裡詳細說明。僅在電池方面增加了 15 兆瓦時。你今天在利潤上看到了什麼？鑑於您在準備好的評論中詳細闡述的宏觀，尤其是相對於原材料通脹 i，您是否感到自在。例如，您是否再次考慮價格通脹只是為了傳遞它？或者您如何看待組合中的電池部分，無論是在軌跡和加速度方面，還是在您進入的價格點（聽不清）方面？

We don't break out the individual products. We don't break out what's the gross margin on microinverters and what's the gross margin on batteries. But what we do is our baseline gross margin is 35%. We never launch a product that does not have the capability to hit 35%. And we are maniacal about costs. You see last quarter, we guided 38% to 41%. We landed at 41%. So with regarding your specific question on raw materials, yes, cell pack costs have been a little bit up because our suppliers are facing issues in their supply chain, too. And we already said we are doing a modest price increase effective March on batteries. So that will keep the gross margins in check. So yes, we are quite healthy in overall gross margin as the company.

我們不會分解單個產品。我們沒有詳細說明微型逆變器的毛利率是多少，電池的毛利率是多少。但我們所做的是我們的基準毛利率是 35%。我們從不推出無法達到 35% 的產品。我們對成本很狂熱。你看上個季度，我們指導了 38% 到 41%。我們達到了 41%。因此，關於您關於原材料的具體問題，是的，電池組的成本有所上升，因為我們的供應商也面臨著供應鏈中的問題。我們已經說過，從 3 月份開始，我們正在對電池進行適度的提價。因此，這將控制毛利率。所以，是的，作為公司，我們的整體毛利率相當健康。

Our next question comes from the line of Mark Strouse from JPMorgan.

我們的下一個問題來自摩根大通的 Mark Strouse。

In the past, you have talked about how your order visibility into the coming quarter has either been in line or even exceeded at times what your guidance has been. I understand what you're saying about your supply chain being stable at the moment. But just given AD/CVD, lockdowns in China that are happening maybe in other areas of the value chain. Can you just talk about where your visibility into your 2Q guidance stands as of today?

過去，您曾談到您對下一季度的訂單可見性如何與您的指導一致，甚至有時甚至超過您的指導。我理解你所說的你的供應鏈目前是穩定的。但就 AD/CVD 而言，中國的封鎖可能發生在價值鏈的其他領域。您能否談談截至今天您對 2Q 指導的可見性？

Yes. We got a lot of visibility into the second quarter, and we got visibility into the third quarter in terms of backlog, too. So we only guide this quarter, meaning the second quarter, and we are very comfortable with these numbers, like what I said in the prepared remarks, our demand is quite north of the higher end of the guidance range.

是的。我們對第二季度有很多了解，我們也對第三季度的積壓情況有所了解。所以我們只指導這個季度，也就是第二季度，我們對這些數字非常滿意，就像我在準備好的評論中所說的那樣，我們的需求在指導範圍的高端北部。

With regarding COVID shutdowns in general, we are also seeing some shutdowns in China, but our factories remain open. The shipping lines remain open. There are hiccups in raw materials, getting into manufacturing in China from time to time, but we are managing it. The situation with regarding component availability is obviously much better than what it was last year for us. We have made all of the necessary adjustments there. We have a number of suppliers for each part. So we have learned how to mitigate our risks a lot. So I cannot predict what's going to happen tomorrow. But I can say right now, our situation is quite stable.

關於一般的 COVID 停工，我們也看到中國有一些停工，但我們的工廠仍然開放。航運公司保持開放。原材料出現問題，不時進入中國製造，但我們正在管理它。關於組件可用性的情況顯然比我們去年要好得多。我們已經在那裡進行了所有必要的調整。每個零件我們都有許多供應商。因此，我們已經學會瞭如何降低風險。所以我無法預測明天會發生什麼。但我現在可以說，我們的情況相當穩定。

Okay. And then just a quick follow-up to Julien's question on Europe. So you mentioned the new markets you're entering into, you're obviously signing up new dealer partners. I mean, the 40% growth that you're talking about in 2Q, how should we think about that as far as kind of market share gains versus just market expansion?

好的。然後只是對 Julien 關於歐洲的問題的快速跟進。所以你提到了你正在進入的新市場，你顯然是在簽約新的經銷商合作夥伴。我的意思是，你所說的第二季度 40% 的增長，我們應該如何看待市場份額的增長而不是市場擴張？

I think it's both. I mean, in places like Netherlands and Germany, I would say the market is growing so much. It's part of market expansion. And of course, we do take market share because of our quality and customer experience. I can't quantify how much is each, but yes, I would say that it will be a healthy mix of both.

我認為兩者兼而有之。我的意思是，在荷蘭和德國等地，我會說市場正在增長如此之多。這是市場擴張的一部分。當然，由於我們的質量和客戶體驗，我們確實佔據了市場份額。我無法量化每個是多少，但是是的，我會說這將是兩者的健康組合。

Regarding new regions like Spain, et cetera, they come to us because of our quality. Even in Netherlands, we continue to gain market share because of our service and quality. In Germany, we do gain market share from some string inverters because of -- one is we do supply all the components, we can do both solar plus storage and we can manage the complete home energy system in the future, we can add an EV chargers in the future, we are able to work with heat pumps as well. So they like our capability as the energy management -- home energy management supplier and sometimes we get there not because of that. So it's a multitude of both.

關於西班牙等新地區，他們來找我們是因為我們的質量。即使在荷蘭，由於我們的服務和質量，我們繼續獲得市場份額。在德國，我們確實從一些組串式逆變器中獲得了市場份額，原因之一是我們確實提供了所有組件，我們可以同時提供太陽能和儲能，並且我們可以在未來管理完整的家庭能源系統，我們可以添加一輛電動汽車未來的充電器，我們也可以使用熱泵。所以他們喜歡我們作為能源管理的能力——家庭能源管理供應商，有時我們不是因為這個而到達那裡的。所以兩者兼而有之。

Our next question comes from the line of Philip Shen from ROTH Capital Partners.

我們的下一個問題來自 ROTH Capital Partners 的 Philip Shen。

Congrats on the strong quarter. As it relates to the lockdown in Shanghai, I was wondering if you could drill in a little bit deeper on the potential impact, if any, on the cell supply? And then as another follow-up on batteries, with rising battery chemistry costs, can you talk through how much you can reduce your battery COGS ahead as you reduce the board count from 7 to 1 with the new chip? Can you keep margins flat, for example, without raising prices?

祝賀強勁的季度。由於它與上海的封鎖有關，我想知道您是否可以更深入地研究一下對電池供應的潛在影響（如果有的話）？然後作為電池的另一個後續行動，隨著電池化學成本的上升，您能否談談在使用新芯片將電路板數量從 7 個減少到 1 個時，您可以減少多少電池 COGS？例如，您能否在不提高價格的情況下保持利潤率不變？

Yes. So as far as the cell supply is concerned, right now, we have 2 sources of cell packs, both of them are situated in China. And we are adding a third cell pack supplier in the second half of the year.

是的。因此，就電池供應而言，目前我們有兩個電池組來源，它們都位於中國。我們將在下半年增加第三家電池組供應商。

You talked about the lockdowns, I explained it. In terms of the lockdowns, our factories are still operating in China, our shipping is still active, the batteries are generally on the board with a lot of weeks in advance. Now we are planning for a long cycle time, 14 to 16 weeks, we are able to absorb any minor disruptions. We don't see a big deal on the battery side. On the microinverter side, I was mentioning about some of the connectors, some raw materials. We see some hiccups from time to time due to COVID disruptions. But so far, so good. Like I said, I cannot predict tomorrow, but so far, it seems to be okay.

你談到了封鎖，我解釋了。就封鎖而言，我們的工廠仍在中國運營，我們的運輸仍然活躍，電池通常提前很多周就在船上。現在我們正在計劃一個較長的周期時間，14 到 16 週，我們能夠吸收任何輕微的干擾。我們認為電池方面沒有什麼大不了的。在微型逆變器方面，我提到了一些連接器，一些原材料。由於 COVID 中斷，我們不時會看到一些問題。但到目前為止，一切都很好。就像我說的，我無法預測明天，但到目前為止，似乎還可以。

On the battery costs, there are a couple of ways that we are working on battery costs. First is obviously the cell pack cost. And for that, we have multiple sources of cell packs. And therefore, we do all the standard price negotiation, but we are also sensitive to their increasing costs. And so there is limited things we can do in the time frame, but there's a lot of things we can do. partnering with them over the long term in terms of optimizing the battery pack.

關於電池成本，我們有幾種方法可以解決電池成本問題。首先顯然是電池組成本。為此，我們有多種電池組來源。因此，我們進行所有標準的價格談判，但我們也對他們不斷增加的成本很敏感。因此，我們在時間框架內可以做的事情是有限的，但我們可以做很多事情。在優化電池組方面與他們長期合作。

In terms of what we can do is what I call is the overhead, meaning you have the cell pack and then you want to convert that cell pack from DC to AC. This involves battery management, power conversion and associated electronics. And that's where I think we can add a lot of value, which we are.

就我們能做的而言，我稱之為開銷，這意味著您擁有電池組，然後您想將該電池組從直流電轉換為交流電。這涉及電池管理、電源轉換和相關電子設備。這就是我認為我們可以增加很多價值的地方，我們就是這樣。

So first thing we are doing is the battery that's coming out in the second half goes to a slightly higher modularity, meaning instead of 3.3 kilowatt hours, we are going to 5-kilowatt hours, so we can amortize the overhead over the 5-kilowatt hours making the overhead less. And so in addition, that battery has got double the continuous and peak power. So that's got a natural cost advantage due to the amortization, the higher modularity. In addition, it provides customers with a superior customer experience compared to our current generation batteries.

所以我們要做的第一件事是下半年推出的電池採用稍微更高的模塊化，這意味著我們將使用 5 千瓦時而不是 3.3 千瓦時，因此我們可以將開銷分攤到 5 千瓦時小時減少開銷。此外，該電池的連續功率和峰值功率翻了一番。因此，由於攤銷和更高的模塊化，這具有自然的成本優勢。此外，與我們當前的電池相比，它為客戶提供了卓越的客戶體驗。

Then on top of that, we are going next year into our next -- what I call as the next-generation battery, where we are taking individual microinverters, the same microinverters that we use on the rooftop, plus extra battery management circuitry, plus a bunch of connector boards. We are taking overall 7 boards and collapsing them into one, which is integrating the battery management plus power conversion into a big microinverter as well as utilizing some advanced technologies and unique architecture, which we got as a full bridge architecture.

然後最重要的是，我們將在明年進入我們的下一個 - 我稱之為下一代電池，我們將採用單獨的微型逆變器，我們在屋頂上使用的相同微型逆變器，加上額外的電池管理電路，加上一堆連接器板。我們將總共 7 塊板合併為一個，將電池管理和電源轉換集成到一個大型微型逆變器中，並利用一些先進的技術和獨特的架構，我們得到了一個全橋架構。

So that one will help us do a very high-power microinverter and we basically will be able to cut the volume of the battery almost by 40%, because everything is consolidated into a single board versus 7 boards. So the energy density of the batteries is going to be up almost by 50%. The volume is going to be cut by 40%. And it's going to be much easier to install. And along with this deep integration comes cost reduction. So quite significant. We're not ready to quantify yet, but definite reduction in manufacturing cost for us.

因此，這將幫助我們做一個非常高功率的微型逆變器，我們基本上可以將電池的體積減少近 40%，因為所有東西都整合到一個板上而不是 7 個板。因此，電池的能量密度將提高近 50%。體積將減少 40%。而且它會更容易安裝。伴隨這種深度集成而來的是成本降低。所以意義重大。我們還沒有準備好量化，但肯定會降低我們的製造成本。

So all of these initiatives basically blocking and tackling for the present going to the next-generation battery for the second half -- sorry, going to the high power battery for the second half and the next-generation battery for 2023 will continuously improve our gross margins and also enable us to do the appropriate thing for customers in terms of price.

所以所有這些舉措基本上都是針對目前的阻塞和解決的，下半年轉向下一代電池——對不起，下半年轉向高能電池和 2023 年的下一代電池將不斷提高我們的毛利率。利潤，也使我們能夠在價格方面為客戶做適當的事情。

Great. Next question here is on IQ 8 versus 7, our work a couple months ago suggests that you were and are forcing top customers to IQ 8 from IQ 7 starting this quarter in Q2, due, in part I believe, to some chip issues for the IQ 7. Can you talk through that a bit and also the mix of IQ 8 and 7 by quarter this year? And then what exactly caused the IQ 7 shortage? When do you expect it to get resolved, if at all? And does this possibly mean that there could be pent-up demand later?

偉大的。下一個問題是關於 IQ 8 與 7 的問題，我們幾個月前的工作表明，從本季度第二季度開始，您曾經並且正在迫使頂級客戶從 IQ 7 升級到 IQ 8，部分原因是我認為部分原因是IQ 7。你能談談這個問題，以及今年每個季度 IQ 8 和 7 的混合情況嗎？那麼究竟是什麼導致了 IQ 7 短缺呢？如果有的話，您希望它什麼時候得到解決？這是否可能意味著以後可能會有被壓抑的需求？

Yes. Just for the record, we never force customers. Customers have their own choices. They can make all these decisions. We are incredibly respectful of them. Sometimes, if the problem is entirely ours, we will be able to give them the appropriate adjustments for the given time frame. For some customers, the movement to IQ 8, they wanted to be on the latest and greatest product, and they negotiated for a good deal to transition faster and each customer there is a story, each customer we -- is unique, and we don't force anything wholesale on customers. That's one.

是的。只是為了記錄，我們從不強迫客戶。客戶有自己的選擇。他們可以做出所有這些決定。我們非常尊重他們。有時，如果問題完全是我們的問題，我們將能夠在給定的時間範圍內給他們適當的調整。對於一些客戶來說，向 IQ 8 的轉變，他們想要使用最新最好的產品，他們通過談判達成了更快的過渡，每個客戶都有一個故事，每個客戶我們都是獨一無二的，我們不不要強迫客戶做任何批發。那是一個。

And then number two, what caused the issue? IQ 7 uses an ASIC, and that ASIC is made in a foundry in Taiwan, ASMC. And basically, in general, the foundries are on allocation. And so we basically were short of that ASIC. But the beautiful thing is IQ 8 uses another foundry from another manufacturer, and there is plenty of supply there. So basically, we were able to mix and match IQ 7s and IQ 8s and were able to support customers. And we were happy that we supported customers. For some customers, we gave them some concessions for that quarter where it in your language, it seems like we force them. But in reality, we didn't.

然後第二個，是什麼導致了這個問題？ IQ 7 使用 ASIC，而該 ASIC 是在台灣 ASMC 的代工廠製造的。基本上，總的來說，代工廠正在分配中。所以我們基本上缺少那個 ASIC。但美妙的是 IQ 8 使用了另一家製造商的另一家代工廠，那裡供應充足。因此，基本上，我們能夠混合搭配 IQ 7 和 IQ 8，並能夠為客戶提供支持。我們很高興我們支持客戶。對於某些客戶，我們在用您的語言的那個季度給了他們一些讓步，似乎我們強迫他們。但實際上，我們沒有。

Then in terms of the customer conversion, I've always said it takes us 4 to 6 quarters to convert from 7s to 8s. In the first quarter, our total shipment of overall microinverters, 20% of them was IQ 8. This meaning, Q1 I'm talking about. So -- and it's just math, as I said, When you take 100% divide it by 5, that's 20% a quarter. And so next quarter, we roughly expect that. Sometimes it may take 5, sometimes it may take 6, sometimes it may take 4, it depends. So North America, we expect that transition. For Europe, we are going to introduce IQ 8 in the second half of 2022. And so that will come with its own transition there. So bottom line, IQ 8 is going quite healthy.

然後在客戶轉換方面，我一直說我們需要 4 到 6 個季度才能從 7 秒轉換為 8 秒。在第一季度，我們整體微型逆變器的總出貨量，其中 20% 是 IQ 8。這意味著，我說的是 Q1。所以——正如我所說，這只是數學，當你把 100% 除以 5 時，就是每季度 20%。所以下個季度，我們大致預計會出現這種情況。有時可能需要 5 個，有時可能需要 6 個，有時可能需要 4 個，這取決於。所以北美，我們期待這種轉變。對於歐洲，我們將在 2022 年下半年推出 IQ 8。這將伴隨其自身的過渡。所以底線是，IQ 8 非常健康。

Great. One very quick follow-up on EU, you already talked a lot about it, but I want to see if there is potential for a new line beyond the one you've already talked about, which is 750,000 units per quarter by year-end. When do you think you might make a decision on yet another line in Europe?

偉大的。關於歐盟的一個非常快速的後續行動，你已經談了很多，但我想看看是否有可能超越你已經談到的新生產線，即到年底每季度 750,000 台.你認為你什麼時候可以決定歐洲的另一條線路？

Well, I mean the easy for us. Now -- once we have Flextronics, great partner, by the way. We have a great relationship. We started -- we are starting with an auto -- with an auto line that 750,000 units. And if we think we need more, it only takes us 3 months. We are now very experienced. We know all the puts and takes it takes to order an extra auto line. So if we need it, we'll pull the plug on ordering it. So we're not worried about that.

好吧，我的意思是對我們來說很容易。現在——順便說一句，一旦我們有了偉大的合作夥伴偉創力。我們關係很好。我們開始 - 我們從汽車開始 - 擁有 750,000 個單位的汽車生產線。如果我們認為我們需要更多，我們只需要 3 個月。我們現在非常有經驗。我們知道訂購一條額外的自動生產線所需的所有投入和投入。因此，如果我們需要它，我們會在訂購時拔掉插頭。所以我們對此並不擔心。

What's interesting is and what's exciting is our demand in Europe. I mean, this quarter, like what I said, I think we'll ship more than 40% compared to last quarter. And we are very excited about Germany, Netherlands, like what I talked about.

有趣的是，令人興奮的是我們在歐洲的需求。我的意思是，本季度，就像我所說的那樣，我認為與上一季度相比，我們的出貨量將超過 40%。我們對德國、荷蘭感到非常興奮，就像我談到的那樣。

Our next question comes from the line of Brian Lee from Goldman Sachs. (Operator Instructions)

我們的下一個問題來自高盛的 Brian Lee。 （操作員說明）

Badri, just on the new battery, I was curious, it sounds like it's going to be higher gross margin than the current battery product you're shipping into the market, but it also sounds like lower costs. So are you going to be in a position in 2023 when you're shipping the new battery to be more aggressive on price? So you're driving both volume upside as well as margins on the new battery and then also similar to how you give us the progression of new generations like IQ 8 versus IQ 7, any sense of how much of your mix you would target for the new battery in '23 versus the current generation?

巴德里，就新電池而言，我很好奇，聽起來它的毛利率會比你要投放市場的當前電池產品更高，但聽起來成本也更低。那麼，您是否會在 2023 年推出新電池以在價格上更具侵略性？因此，您正在推動新電池的銷量和利潤率，然後也類似於您如何為我們提供新一代產品的進展，例如 IQ 8 與 IQ 7，任何關於您的目標組合有多少的感覺'23 年的新電池與當前一代相比？

Yes. The good question on the next-gen battery, that's a little bit out. So it's probably too early to give some numbers out. But the idea is generally that, meaning today, we have extraordinarily -- meaning the situation is extraordinary in terms of inflation, supply chain, et cetera. It's not going to last forever. Eventually, batteries need to come down the cost reduction curve. And this provides us -- we are healthily placed there because we are reducing the fundamental cost structure of our products. And whenever you reduce cost structure, you basically integrate you -- instead of 7 boards, you have 1 board, that's all goodness.

是的。關於下一代電池的好問題，有點過時了。所以現在給出一些數字可能還為時過早。但這個想法通常是，這意味著今天，我們非常 - 意味著在通貨膨脹、供應鍊等方面的情況非常不同。它不會永遠持續下去。最終，電池需要降低成本。這為我們提供了——我們健康地在那裡，因為我們正在降低我們產品的基本成本結構。每當你降低成本結構時，你基本上就整合了你——而不是 7 個板，你有 1 個板，這很好。

So it depends upon the situation at that time. But you're right, we may use it for market share gains while still retaining a healthy gross margin. And it will -- once we come to that, we'll make a decision. And with regarding the next-gen battery, I mean, there is no reason why that cannot follow a similar process like the microinverters. In fact, it can be accelerated. If it provides a lot of benefits for customers like form factor is quite less and other things, we may be able to do the transition in 2 to 3 quarters instead of 4 to 5. So we got to get there first. We've got to make sure our product is -- a new product is released. And then I think our plans will get more firm.

所以要看當時的情況。但你是對的，我們可以用它來增加市場份額，同時仍然保持健康的毛利率。它會——一旦我們做到這一點，我們就會做出決定。關於下一代電池，我的意思是，沒有理由不能遵循與微型逆變器類似的過程。事實上，它可以加速。如果它為客戶提供了很多好處，比如外形尺寸相當小和其他東西，我們可能能夠在 2 到 3 個季度而不是 4 到 5 個季度內完成過渡。所以我們必須先到達那裡。我們必須確保我們的產品——發布了新產品。然後我認為我們的計劃會變得更加堅定。

Okay. That's super helpful. And then just my follow-up on Europe. I know there's a lot of questions on Europe, but the 40% growth sequential here for 2Q is quite robust. Is some of that a function of -- I know that's a VAR reseller market. Are you kind of filling in the channels that you're lure to some of these markets, and that's the big growth? And so how does that translate to kind of what you think sequentially is sustainable through the back half? Like can you keep growing in Europe at those rates? Or is this kind of a big first quarter fill in and then things start to moderate?

好的。這非常有幫助。然後只是我對歐洲的跟進。我知道歐洲存在很多問題，但第二季度 40% 的環比增長非常強勁。其中的一些功能是——我知道這是一個 VAR 經銷商市場。您是否正在填補您吸引到其中一些市場的渠道，這就是巨大的增長？那麼，這如何轉化為您認為在後半部分按順序可持續的東西？就像你能以這樣的速度在歐洲繼續增長嗎？還是這種第一季度的大填充然後事情開始緩和？

Yes. I mean, that's a good question as well. Is it you're filling the channel for the first time with your question, that's relevant for new markets? Usually, we are very disciplined in filling the channel or not, and we always look at point of sales. Point of sales means regardless of what we ship from Enphase to a distributor, are the installers purchasing from the distributors. We have a very meticulous meeting, meaning review every week where we look at point of sales in Europe by country, by distributor. We look at that.

是的。我的意思是，這也是一個好問題。你是不是第一次用你的問題填滿頻道，這與新市場有關？通常，我們在填充渠道方面非常自律，我們總是關註銷售點。銷售點意味著無論我們從 Enphase 向分銷商運送什麼，安裝人員都是從分銷商那裡購買的。我們有一個非常細緻的會議，這意味著我們每週都會按國家和分銷商查看歐洲的銷售點。我們看那個。

So there may be a little bit of creating a channel in some really -- regions where we have never shipped before, but that's not the primary reason. The primary reason is, especially for countries like Netherlands, in general, booming solar, for countries like Germany is especially considering the Ukraine situation, everybody wants to go towards self-consumption. And so basically solar plus storage there.

所以可能會在一些我們以前從未發貨過的真正地區創建一個渠道，但這不是主要原因。主要原因是，特別是對於像荷蘭這樣的國家，總體上來說，太陽能蓬勃發展，對於像德國這樣的國家，特別考慮到烏克蘭的情況，每個人都想走向自我消費。所以基本上太陽能加存儲在那裡。

So these 2 are the biggest markets by large, and of course, closely followed by utility, where the government is making it very easy. All of these 3 regions, actually, Italy, you can argue that some of the channel thing is there. But at least in Netherlands and Germany, we are -- we've been present for some time. So I would say more robust growth. Of course, we cannot say whether we're going to grow every quarter like that, but we'll give you -- we'll do the same thing next quarter. We'll talk about the third quarter. We'll take it one quarter at a time.

因此，這兩個市場總體上是最大的市場，當然，緊隨其後的是公用事業，政府正在使之變得非常容易。所有這三個地區，實際上，意大利，你可以爭辯說那裡有一些渠道。但至少在荷蘭和德國，我們已經存在一段時間了。所以我會說更強勁的增長。當然，我們不能說我們是否會像那樣每個季度都增長，但我們會給你——下個季度我們會做同樣的事情。我們將討論第三季度。我們一次拿四分之一。

Our next question comes from the line of Colin Rusch from Oppenheimer.

我們的下一個問題來自奧本海默的 Colin Rusch。

Can you just give us a sense of where channel inventories are right now? I'm curious to understand a little bit better both in the U.S. and Europe, how much of the guidance is really channel until at this point?

你能告訴我們現在渠道庫存在哪裡嗎？我很想在美國和歐洲更好地理解一點，到目前為止，有多少指導是真正的渠道？

Historically, I've always said that a reasonable channel inventory is 8 to 10 weeks, and we don't usually quantify it every quarter, but that's a healthy inventory. U.S., I would say, is quite healthy. Europe, I would say, is a little bit less in terms of channel inventory, and they need product, and that should be obvious because of the demand increase.

從歷史上看，我一直說合理的渠道庫存是 8 到 10 週，我們通常不會每季度量化一次，但這是一個健康的庫存。我想說，美國是相當健康的。我想說的是，歐洲在渠道庫存方面要少一些，他們需要產品，這應該是顯而易見的，因為需求增加了。

Great. And then the change in the battery volume. I guess I'm curious what's driving that change? Is there some cost reduction driving that? Is there an issue at the installer level in terms of placement event? But just the logic and kind of the purpose of that change and how quickly we can see that shifting to all the product that's out in the field.

偉大的。然後是電池容量的變化。我想我很好奇是什麼推動了這種變化？是否有一些成本降低推動了這一點？就放置事件而言，安裝程序級別是否存在問題？但只是這種變化的邏輯和目的類型，以及我們能多快看到這種變化轉移到該領域的所有產品。

Well, the logic is we release new products and new products get better and better over time. So as simple as that, we, today, our battery basically does 3.84 kilowatts of continuous power for 10-kilowatt hour battery and 5.76 kilowatts of peak power for a 10-kilowatt hour battery. And very often, when you have air conditioners and when you have pool pumps, et cetera, what you do is the tendency is to buy a lot more kilowatt hours to solve the kilowatt problem.

嗯，邏輯是我們發布新產品，隨著時間的推移，新產品會越來越好。就這麼簡單，我們今天，我們的電池基本上可以為 10 千瓦時的電池提供 3.84 千瓦的持續功率，為 10 千瓦時的電池提供 5.76 千瓦的峰值功率。很多時候，當你有空調和泳池泵等等時，你所做的往往是購買更多的千瓦時來解決千瓦問題。

Now with this, we don't need homeowners to buy kilowatt hours just for the heck of it, for solving a power problem. Of course, if they need it for energy, they need it for energy. But at least what we take is right now, with the high-power battery, which is going to be released in the second half of this year, we will be able to support 7.68 kilowatts for a 10-kilowatt hour battery, continuous, and something like 11-point-something kilowatts peak power.

現在有了這個，我們不需要房主僅僅為了解決電力問題而購買千瓦時。當然，如果他們需要它來獲取能量，他們就需要它來獲取能量。但至少我們現在採取的是，隨著今年下半年即將發布的大功率電池，我們將能夠支持7.68千瓦的10千瓦時電池，連續，並且類似於 11 點千瓦的峰值功率。

So we'll be able to start some really nice loads with the 10-kilowatt hour battery, for example. And so that's a customer experience thing. And of course, when we did that design, what we said is, okay, our previous modularity or batteries that we are shipping today have a modularity of 3.3 kilowatt hour. These new batteries, if we have a modularity of 5-kilowatt hour, then you can amortize our overhead, what I call is anything other than the cell pack, over a higher kilowatt hour. So that gets better. The cost gets a little better, manufacturing cost.

因此，例如，我們將能夠使用 10 千瓦時的電池啟動一些非常好的負載。所以這是一個客戶體驗的事情。當然，當我們進行該設計時，我們所說的是，好吧，我們以前的模塊化或我們今天發貨的電池具有 3.3 千瓦時的模塊化。這些新電池，如果我們有 5 千瓦時的模塊化，那麼你可以在更高的千瓦時分攤我們的開銷，我稱之為電池組以外的任何東西。所以情況會好轉。成本變得更好一點，製造成本。

And then you go to the next generation, which is in next year 2023 is we talk about transforming the overhead to something that is -- was a lot to something that's very less, is 7 boards, going to 1 board, which is integrate power conversion, integrate battery management all into one board. And making our microinverter a high-power microinverter and that microinverter will be like approximately a 2,000-watt microinverter, single board. And that single board can be on the side of the cell pack. So you can see a drastic volume reduction of 40%. So...

然後你去下一代，也就是明年 2023 年，我們談論將開銷轉變為——從很多到非常少的東西，是 7 個板，到 1 個板，即集成電源轉換，將電池管理全部集成到一塊板上。並且使我們的微型逆變器成為大功率微型逆變器，並且該微型逆變器將類似於大約 2,000 瓦的微型逆變器，單板。那個單板可以在電池組的側面。因此，您可以看到 40% 的體積大幅減少。所以...

That's incredibly -- yes, that's super helpful. I'm sorry to get you off there, but yes, I appreciate it.

這太不可思議了——是的，這非常有幫助。很抱歉讓你離開那裡，但是是的，我很感激。

Our next question comes from the line of Kashy Harrison from Piper Sandler.

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

So first one for me, there's been just broader concern in the market about an economic deceleration entering Q2 and beyond just globally. You've already highlighted a meaningful 40% sequential revenue growth in Europe. So we know demand is rocking and rolling over there. However, I was wondering if you could just give us a sense of what you're hearing from your customers in the U.S., specifically in April? I'm trying to get a sense if you're seeing any signs of deceleration in U.S. resi demand in April? Or it seems like demand is still strong within the U.S. based on your most recent discussions?

因此，對我來說，第一個問題是市場對進入第二季度及全球範圍以外的經濟減速的擔憂更為廣泛。您已經強調了歐洲 40% 的有意義的連續收入增長。所以我們知道需求在那裡搖擺不定。但是，我想知道您是否可以讓我們了解您從美國客戶那裡聽到的內容，特別是在 4 月份？我想了解一下您是否看到 4 月份美國矽橡膠需求放緩的跡象？或者根據您最近的討論，美國國內的需求似乎仍然強勁？

Okay. yes, demand is very strong in the U.S. as simple as that. And we -- that's why we told you that demand is well north of our higher end of guidance. And it is broad-based. We work with a number of -- we work with a number of installers of all shapes and sizes. We work with long tail installers. We work with big installers and everywhere, the demand is up. And we are continuing to take market share in the U.S. So that's good. And then we talked about Europe, so those 2 are the biggest for us.

好的。是的，美國的需求非常強勁，就這麼簡單。而且我們 - 這就是為什麼我們告訴你需求遠高於我們的高端指導。而且基礎廣泛。我們與許多人合作——我們與許多各種形狀和大小的安裝人員合作。我們與長尾安裝人員合作。我們與大型安裝商合作，到處都有需求。我們將繼續在美國占據市場份額，這很好。然後我們談到了歐洲，所以這兩個對我們來說是最大的。

That's good to hear. And then maybe just switching gears to the battery side. You said you're adding a third battery supplier in the second half of the year. Can you talk about how much capacity you are adding? And then are you adding the third supplier because you anticipate demand up and beyond what your suppliers are currently capable of delivering? Or is this more so an attempt to get down to that 8- to 10-week target of lead times as opposed to where you are right now at 14 to 16 weeks. And that's it.

聽起來還不錯。然後也許只是將齒輪切換到電池側。您說您將在下半年增加第三家電池供應商。你能談談你增加了多少容量嗎？然後您是否添加了第三家供應商，因為您預計需求超出了您的供應商目前能夠提供的能力？或者這更像是一種嘗試將交貨時間縮短到 8 到 10 週的目標，而不是現在的 14 到 16 週。就是這樣。

Yes. I mean we are adding a third supplier and when we actually add it, I'll provide more details on the capacity. But I have no doubt it will be comparable to the others. Then in terms of the motivation to add, it's all of the above. we have noticed -- I mean, we have realized that based upon the last couple of years on supply chain for the microinverter, there are some products that we need 5 suppliers. And they are critical components.

是的。我的意思是我們正在添加第三個供應商，當我們實際添加它時，我將提供有關容量的更多詳細信息。但我毫不懷疑它將與其他人相媲美。然後就添加的動機而言，就是以上所有內容。我們注意到——我的意思是，我們已經意識到，基於過去幾年的微型逆變器供應鏈，有些產品我們需要 5 個供應商。它們是關鍵組件。

So like that, the battery is very -- the cell pack if we don't get cell packs, we are dead, right? So more number of suppliers, it helps us in terms of -- yes, it helps us in everything. Price negotiation, it helps us in supply. It helps us on delivery. It helps us in volume. So -- it helps us in upside. So this is a long-term strategy. It's got nothing to do with the short term. And we'll continue to add -- this supplier is also based in China, and we will continue to look for diversification opportunities elsewhere outside China. That's a top priority for me. But right now, all of our 3 cell pack suppliers are in China.

就這樣，電池非常——電池組 如果我們沒有電池組，我們就死定了，對吧？所以更多數量的供應商，它可以幫助我們 - 是的，它可以幫助我們一切。價格談判，它有助於我們的供應。它可以幫助我們交付。它可以幫助我們提高音量。所以 - 它幫助我們向上。所以這是一個長期的策略。跟短期沒有關係。我們將繼續補充——這家供應商也位於中國，我們將繼續在中國以外的其他地方尋找多元化機會。這對我來說是頭等大事。但現在，我們所有的 3 個電池組供應商都在中國。

Our next question comes from the line of James West from Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 James West。

So you've made several acquisitions that are going to strengthen your installer platform, including the SolarLeadFactory, I guess, was the most recent one. Is the acquisition phase here done? And then could you talk about the integration of these businesses and how quickly you can get an integrated product after the installer base?

因此，您已經進行了幾項收購，這些收購將加強您的安裝平台，包括 SolarLeadFactory，我猜，是最近的一個。這裡的收購階段完成了嗎？然後你能談談這些業務的整合，以及在安裝程序基礎之後你能多快得到一個整合的產品？

Yes. The installer platform has got a few elements to it: Lead generation and management, number one; design and proposal, number two; with the connectivity to the fintech partners. That's number two. Number three is permitting. Number four is installation and commissioning. Number five is monitoring and number six is operations and maintenance. So we have made acquisitions on lead management through SolarLeadFactory.

是的。安裝程序平台有幾個元素： 潛在客戶生成和管理，第一；設計和提案，第二；與金融科技合作夥伴的連接。那是第二個。第三個是允許的。第四是安裝和調試。第五是監控，第六是運營和維護。因此，我們通過 SolarLeadFactory 對潛在客戶管理進行了收購。

They're very healthy business, profitable business. They work with about 10 installers mostly, 90% of the revenue comes from 10 installers. They are very competed in lead management. Those installers love them. The name of the game for us is to take that business, generate a lot more leads, increase the quality of leads, make sure those leads have a very high conversion rate into actual installs and kind of make sure we proliferate the long tail. So that's the name of the game on the first one, a lead generation and management.

他們是非常健康的生意，有利可圖的生意。他們主要與大約 10 名安裝人員合作，90% 的收入來自 10 名安裝人員。他們在潛在客戶管理方面非常有競爭力。那些安裝人員喜歡他們。對我們來說，遊戲的名稱是開展這項業務，產生更多潛在客戶，提高潛在客戶的質量，確保這些潛在客戶具有非常高的實際安裝轉化率，並確保我們擴大長尾。這就是第一個遊戲的名稱，潛在客戶的產生和管理。

Number two, design and proposal. We bought a company called Solargraf in January of 2021. The business is doing quite healthy. I would say this quarter, that business will do 50% higher than 1 year ago. And essentially, the business service is 900-plus installers right now. But that designed tool lacks shading capability, lacks 3D, lacks storage modeling, which we are all fixing. We are fixing right now. We are piloting that. We are going to introduce it to many more of our installers and all of them are waiting for it, and it's an opportunity for them to utilize that platform there.

第二，設計和建議。我們在 2021 年 1 月收購了一家名為 Solargraf 的公司。該公司的業務狀況相當健康。我想說這個季度，該業務將比一年前高出 50%。本質上，商業服務現在有 900 多名安裝人員。但是那個設計的工具缺乏著色能力，缺乏 3D，缺乏存儲建模，我們都在修復。我們現在正在修復。我們正在試點。我們將把它介紹給我們更多的安裝人員，他們都在等待它，這是他們在那裡利用該平台的機會。

Also, another important thing is Solargraf or Sofdesk, that software has got connectivity to various fintech partners. So that's important -- ease of access of fintech partners is very important for our installers. That's true. So that business doing well. We have lots of plans for it. We are going to introduce these new features, we are going to become the best-in-class there, and we are patient. We don't expect medicals. It's a steady progress.

此外，另一個重要的事情是 Solargraf 或 Sofdesk，該軟件已連接到各種金融科技合作夥伴。所以這很重要——金融科技合作夥伴的便利性對我們的安裝人員來說非常重要。確實如此。所以生意做的不錯。我們對此有很多計劃。我們將推出這些新功能，我們將成為同類產品中的佼佼者，而且我們很有耐心。我們不指望醫療。這是一個穩步的進步。

Now number three, permitting services. We have a team in Noida, approximately 80 installers. We -- the volume that we do is a lot there. We almost do proposal and permitting services meaning an installer says just generate this proposal for me. I don't want to use this software just generate this proposal for me. Or here is the details of the proposal I want to permit plan set from you in 24 hours. So we have a large team there, 80 installers, doing very well, again, that revenue is ramping quite nicely, very profitable. There the name of the game for us is automate the permit plan set so that we can reduce the cycle time from hours to minutes and we can service the long tail well with highest quality. That's permitting services.

現在排名第三，允許服務。我們在諾伊達有一個團隊，大約有 80 名安裝人員。我們——我們所做的工作量很大。我們幾乎提供提案和許可服務，這意味著安裝人員說只需為我生成此提案。我不想使用這個軟件，只是為我生成這個提案。或者這裡是我想允許您在 24 小時內製定計劃的建議的詳細信息。所以我們在那裡有一個龐大的團隊，有 80 名安裝人員，做得很好，再次，收入增長非常好，非常有利可圖。對我們來說，遊戲的名稱是自動化許可計劃集，以便我們可以將周期時間從幾小時縮短到幾分鐘，並且我們可以以最高質量為長尾服務。那是允許服務。

Now installation and commissioning is what we do for a living. Monitoring is what we do for a living. We have over hundreds of man years invested into the installer app and the monitoring app for homeowners. So we are continuing to make that better and better and better. We're still not happy with our commissioning on batteries like what I indicated. And that's the major goal for me. It's got a lot of points for me. And we are going to make that better. So -- but we don't need to buy a company for that. We already have homegrown efforts for the last several years.

現在安裝調試是我們的謀生之道。監控是我們的謀生手段。我們在安裝應用程序和房主監控應用程序上投入了數百年的時間。因此，我們將繼續使其變得越來越好。我們仍然對我所說的電池調試不滿意。這就是我的主要目標。這對我來說有很多積分。我們會做得更好。所以——但我們不需要為此購買一家公司。在過去的幾年裡，我們已經在本土做出了努力。

The last one is the new one that we bought end of December, and that one is probably the most nascent of them is the concept being it's like an Uber, Uber for an installer or Uber for an asset manager. Basically, if I have a problem with the particular asset, and I've already charged the customer for an O&M contract and I'm short of labor, which happens all the time, we can -- the platform can basically find -- the platform is a labor market place for you. There are about 300 installation companies, which are logged into the platform and when you as an asset owner or you are a service provider who want to service a particular asset, but you don't have the manpower to do so because your crew is busy on new installs, you then log into the platform, submit a work order. It automatically gets routed to the next labor service provider who is free, and that is a match that happens and Enphase gets paid for -- at both ends of the platform as a software fee.

最後一個是我們在 12 月底買的新的，它可能是其中最新生的一個，它的概念就像 Uber，對於安裝人員來說是優步，對於資產經理來說是優步。基本上，如果我對特定資產有問題，並且我已經向客戶收取了 O&M 合同的費用並且我缺乏勞動力，這種情況一直都在發生，我們可以——平台基本上可以找到——平台是您的勞動力市場。大約有 300 家安裝公司登錄到該平台，當您作為資產所有者或服務提供商想要為特定資產提供服務時，由於您的工作人員很忙，您沒有人手這樣做在新安裝時，您然後登錄平台，提交工作訂單。它會自動路由到下一個免費的勞務服務提供商，這是一場比賽，Enphase 得到了報酬——在平台的兩端作為軟件費用。

And that's the newest of them all, which we need to basically -- we need to introduce that company to our installers. But we will not do that unless they have a -- the software is high quality. The platform is high quality. We have enough number of service providers on the platform. So those are the aspects we are working on in terms of O&M. So I gave you a very long answer. But the way we think about it is all of these are coming together. We're stitching them all into a seamless flow. Some are basically less mature than the other. But all of them are geared to only one thing, making installers' life simple. I'll stop.

這是最新的，我們基本上需要 - 我們需要將那家公司介紹給我們的安裝人員。但我們不會這樣做，除非他們有——軟件是高質量的。該平台質量很高。我們在平台上有足夠數量的服務提供商。所以這些是我們在運維方面正在努力的方面。所以我給了你一個很長的答案。但我們思考的方式是所有這些都融合在一起。我們將它們全部拼接成一個無縫的流程。有些基本上不如其他成熟。但所有這些都只針對一件事，讓安裝人員的生活變得簡單。我會停下來。

Our next question comes from the line of Maheep Mandloi from Credit Suisse.

我們的下一個問題來自瑞士信貸的 Maheep Mandloi。

Badri, you have a very large installer network, right, in the U.S. and have access to most developers and installers, right? So -- is that something you could do to help installers with procuring these solar modules in the short term to ease some of these issues in the supply chain we're seeing in the short term?

Badri，您在美國有一個非常大的安裝網絡，並且可以訪問大多數開發人員和安裝人員，對嗎？那麼 - 你可以做些什麼來幫助安裝人員在短期內採購這些太陽能模塊，以緩解我們在短期內看到的供應鏈中的一些問題？

No, we're not in that business. No.

不，我們不在那個行業。不。

Got you. And just two other questions from me. Outside of Europe, how fast is the international business growing in Q2? And how should we think about the $1.1 billion of cash used this year in terms of M&A or buybacks?

得到你。我還有另外兩個問題。在歐洲以外，第二季度的國際業務增長速度有多快？我們應該如何看待今年用於併購或回購的 11 億美元現金？

Yes. I mean, we made 5 acquisitions in the last 15 months. All of them are small ones, but they add up. The next -- so what are our priorities for cash. We have $1.1 billion, as you noted. Our first priority is to obviously take care of the needs of the business, make sure we have plenty of cash for working capital, make sure that we make the necessary capital investments on the software side, make sure we invest in anything on batteries that we need. So take care of the current needs of the business. That's number one.

是的。我的意思是，我們在過去 15 個月裡進行了 5 次收購。他們都是小人物，但它們加起來。下一個 - 那麼我們的現金優先事項是什麼。正如你所說，我們有 11 億美元。我們的首要任務顯然是滿足業務需求，確保我們有足夠的現金用於營運資金，確保我們在軟件方面進行必要的資本投資，確保我們投資於我們的電池需要。因此，請注意業務的當前需求。那是第一名。

Number two, we do have a lot of interesting ideas, interesting pipeline in terms of mergers and acquisitions. And obviously, we are rounding out the digital platform. We are looking at energy management like what I talked about in Germany is leading the way in every home, having solar, storage, EV, heat pump and other home loads. And effectively managing that requires a lot of software talent, a lot of software, including buying companies. And because the market in Germany is reasonably mature, like, for example, not all systems may use Enphase -- Enphase, actually, solar. Some may only use Enphase storage, might have third-party solar, might have someone else's EV charger and somebody else's heat pump.

第二，在併購方面，我們確實有很多有趣的想法和有趣的管道。顯然，我們正在完善數字平台。我們正在研究能源管理，就像我在德國談到的那樣，在每個家庭中都處於領先地位，擁有太陽能、儲能、電動汽車、熱泵和其他家庭負載。有效地管理這需要大量的軟件人才，大量的軟件，包括收購公司。而且因為德國的市場相當成熟，例如，並非所有系統都可以使用 Enphase——實際上，Enphase 是太陽能。有些人可能只使用 Enphase 存儲，可能有第三方太陽能，可能有其他人的 EV 充電器和其他人的熱泵。

But Enphase has come to the part -- Enphase needs to come to the party, by having the comprehensive energy management software, that aggregates all of these together and presents a single interface to the homeowner. That's extremely important. That's what I call interoperability. So we are going to do that. So that requires heavy investments in home energy management, which we are prepared to do. So including considering acquisitions. Of course, we got into EV charging, we think most of charging is going to be done at home. 80% of charging is going to be done at home. So we're always looking for networking opportunities on EV chargers that enable -- that basically enable dynamic access, which is both inside and outside the home.

但是 Enphase 已經發揮了作用——Enphase 需要通過擁有全面的能源管理軟件來參加聚會，該軟件將所有這些聚合在一起並為房主提供一個單一的界面。這是極其重要的。這就是我所說的互操作性。所以我們要這樣做。因此，這需要對家庭能源管理進行大量投資，而我們已準備好這樣做。所以包括考慮收購。當然，我們進入了電動汽車充電領域，我們認為大部分充電將在家裡完成。 80% 的充電將在家裡完成。因此，我們一直在尋找能夠在 EV 充電器上聯網的機會——基本上能夠實現家庭內外的動態訪問。

So we are looking -- we're always interested in software companies there and new technologies, where interested batteries are something that we are always also looking for how can we reduce cost, increase performance, those are the areas where we will double down. So once we look at that, make sure we have enough cash for the M&A pipeline. And then we look at okay, if we still have cash left over, how is our -- what's the current share price, how is the current share price? And is the share price below a conservatively calculated intrinsic value. And it's nothing more than taking a page from Warren Buffett's book. We do exactly what he recommends and it just makes sense for us.

所以我們正在尋找——我們一直對那裡的軟件公司和新技術感興趣，感興趣的電池是我們一直在尋找的東西，我們一直在尋找如何降低成本、提高性能，這些是我們將加倍努力的領域。因此，一旦我們看到這一點，請確保我們有足夠的現金用於併購渠道。然後我們看看好吧，如果我們還有現金剩餘，我們的 - 當前股價是多少，當前股價如何？並且股價低於保守計算的內在價值。這只不過是從沃倫巴菲特的書中取一頁而已。我們完全按照他的建議去做，這對我們來說很有意義。

So we did -- for example, last year, we bought back Mandy, we bought back 3.2 million shares?

所以我們做了——例如，去年，我們回購了曼迪，我們回購了 320 萬股？

Right.

對。

We bought back 3.2 million shares last year, bought back at $1.55 a share. And if the share price goes down, we will consider opportunistic scenarios like that to do more buyback, provided #1 and #2 are taken care of.

去年我們回購了 320 萬股，以每股 1.55 美元的價格回購。如果股價下跌，我們將考慮像這樣的機會主義情景進行更多回購，前提是 #1 和 #2 得到照顧。

Just quickly on the other part on international business growth in Q2?

第二季度的國際業務增長是否很快？

International, the biggest is Europe. The other areas that we are working on, as I said, Brazil is something that we are very excited about. I haven't talked about it too much, but we have an outstanding guy running Brazil. We have a very strong team. And I think it's a matter of time before which we start seeing meaningful revenues from Brazil. And they are going to get the IQ 8D variant of the product, which will help them on the cost structure, that's pretty soon.

國際上，最大的是歐洲。正如我所說，我們正在開展的其他領域，巴西是我們非常興奮的事情。我沒有過多地談論它，但是我們有一個出色的人在執掌巴西。我們有一個非常強大的團隊。我認為我們開始看到來自巴西的可觀收入只是時間問題。他們將獲得該產品的 IQ 8D 變體，這將有助於他們的成本結構，這很快。

Other than that, we are ramping up on Australia. We have not introduced our storage yet in Australia, which we are working on and they should have their storage in the second half of this year. So that will provide them some growth. And in addition, we are focusing on other Southeast Asian countries as well. All of them are small efforts and when they become meaningful, I will talk more.

除此之外，我們正在加大對澳大利亞的支持力度。我們還沒有在澳大利亞引入我們的存儲，我們正在努力，他們應該在今年下半年有他們的存儲。因此，這將為他們提供一些增長。此外，我們還專注於其他東南亞國家。都是些小小的努力，等到有意義的時候，我會多說。

Our next question comes from the line of Joseph Osha from Guggenheim Partners.

我們的下一個問題來自 Guggenheim Partners 的 Joseph Osha。

Two questions for you. First, just looking at your installer network, been hearing from different sources that just simple labor availability for the install process has been a bit of a challenge. So I'm just wondering if you can comment on feedback that you're getting from your network?

給你兩個問題。首先，僅查看您的安裝程序網絡，從不同的來源了解到，安裝過程的簡單勞動力可用性一直是一個挑戰。所以我只是想知道您是否可以評論您從網絡中獲得的反饋？

Yes, you're right. The demand is quite high. demand is very robust, like what I pointed out. So installers are always looking for skilled labor. And when I say skilled, the electricians are very hot demand. Then there is a technician, which is slightly below electrician. So labor is in hot demand.

你是對的。要求相當高。正如我所指出的，需求非常強勁。所以安裝人員一直在尋找熟練的勞動力。而當我說熟練時，電工的需求非常火爆。然後是技術員，略低於電工。所以勞動力需求旺盛。

Are you -- is that gating the ability of your dealers to get stuff done at this point, do you think?

您是否——這是否限制了您的經銷商在這一點上完成工作的能力，您認為嗎？

I mean from our case, you saw our guidance, you saw our demand. I'm sure they can do even more. But right now, they are limited by their leader. That's right.

我的意思是，從我們的案例中，你看到了我們的指導，你看到了我們的需求。我相信他們可以做得更多。但是現在，他們受到了他們的領導者的限制。這是正確的。

Okay. Fair enough. And then the other question, yes, we've talked a lot about M&A, but in particular as regards grid services, right, aggregating and bidding assets into frequency regulation markets or what have you. That's pretty challenging. I'm just wondering if you feel like the current skill set you have inside Enphase is sufficient or if that is perhaps one area that you're inclined to do additional shopping? And that's it for me.

好的。很公平。然後另一個問題，是的，我們已經談了很多關於併購的問題，但特別是關於電網服務，對，將資產聚合和競標到頻率調節市場或你有什麼。這很有挑戰性。我只是想知道您是否覺得您在 Enphase 中擁有的當前技能組合已經足夠了，或者這是否可能是您傾向於進行額外購物的一個領域？對我來說就是這樣。

Yes. Grid services really is focused on providing capacity, not necessarily frequency regulation at this time. That really is for front of the meter type application. So we are focused on the residential market. And if you look at all of the grid services programs that we participate in are really focused around that, which means that during periods of stress typically around where the grid is stressed between 4 p.m. and 9 p.m., the batteries get a signal to discharge the batteries for the duration of that period.

是的。電網服務確實專注於提供容量，而不是此時的頻率調節。這確實適用於儀表類型應用程序的前端。所以我們專注於住宅市場。如果您查看我們參與的所有電網服務計劃，實際上都圍繞著這一點，這意味著在壓力期間，通常是在下午 4 點之間電網受到壓力的地方。晚上 9 點，電池會收到一個信號，讓電池在此期間放電。

So we really are focused on that market. We have a very strong team. They're doing some very interesting work and how to enable utilities to provide this service very easily. We also have a very easy way for the homeowner to sign up for these programs through the app. So we have a very strong team, both on the battery side to enable the battery to discharge, the homeowner side for the homeowner to sign up simply as well as a platform or a grid services manager, as we call it, where the utilities are very clean, very simple access, one view access into all of the assets that are available to them.

所以我們真的專注於那個市場。我們有一個非常強大的團隊。他們正在做一些非常有趣的工作，以及如何使實用程序能夠非常輕鬆地提供這項服務。我們還為房主提供了一種非常簡單的方法，可以通過該應用程序註冊這些程序。所以我們有一個非常強大的團隊，無論是在電池方面，以使電池能夠放電，在房主方面，房主可以簡單地註冊，還有一個平台或電網服務經理，正如我們所說，公用事業所在的地方非常乾淨，非常簡單的訪問，一個視圖訪問所有可用的資產。

We, of course, work in some cases, with the utilities, but we also work with aggregators. And in that case, we provide them with APIs and API access for the entire fleet to allow them to discharge the battery. So yes, a very strong team. As you can see, we have made a significant amount of progress with this team, and they're developing very strong tools and products to meet the requirements.

當然，在某些情況下，我們使用實用程序，但我們也使用聚合器。在這種情況下，我們為他們提供整個車隊的 API 和 API 訪問權限，以允許他們為電池放電。所以是的，一個非常強大的團隊。如您所見，我們與這個團隊取得了很大進展，他們正在開發非常強大的工具和產品來滿足要求。

Our next question comes from the line of Eric Stine from Craig-Hallum.

我們的下一個問題來自 Craig-Hallum 的 Eric Stine。

Maybe just on the IQ 8D, you talked about it a little bit, but maybe if you could expand on expectations for the ramp here throughout 2022? And then just curious, I mean, what percentage do you think C&I can be of your business if you look out 3 to 5 years?

也許只是在 IQ 8D 上，你談到了一點，但也許你可以擴大對整個 2022 年的斜坡的期望？然後只是好奇，我的意思是，如果您展望 3 到 5 年，您認為 C&I 可以佔您業務的百分比是多少？

Yes. I mean, so remember, this IQ 8D only addresses the small commercial market. The small commercial market in the U.S. is -- we are talking about a TAM, maybe a little more than 1 gigawatt. And we are talking about small schools, churches, hospitals -- small hospitals, gas stations. And when I say small commercial, it means 20 kilowatts to 200 kilowatts. So we think our microinverters can be extended there with the use of IQ 8D.

是的。我的意思是，請記住，這款 IQ 8D 僅針對小型商業市場。美國的小型商業市場是——我們談論的是一個 TAM，可能比 1 吉瓦多一點。我們談論的是小型學校、教堂、醫院——小型醫院、加油站。當我說小型商業時，它意味著20千瓦到200千瓦。所以我們認為我們的微型逆變器可以通過使用 IQ 8D 進行擴展。

Having said that, we just are getting started. We are piloting with about, I would say, 10-plus installers. And if the pilots go well, which we will find out in the next few weeks, we always make some changes. We always find issues invariably. We basically will do some tweaks, modifications, and then we will release the product to production. We expect that to happen in this quarter. And then onwards, it is a business that will take some time to develop.

話雖如此，我們才剛剛開始。我們正在與大約 10 多個安裝人員進行試點。如果試點進展順利，我們將在接下來的幾週內發現這一點，我們總是會做出一些改變。我們總是會發現問題。我們基本上會做一些調整、修改，然後我們會將產品投入生產。我們預計這將在本季度發生。然後，這是一項需要一段時間才能發展的業務。

But we're confident with our principles, quality, customer service, our wrap and shutdown capability, our easy-to-use product that this will get good adoption. And first, we'll start off with North America. The market size I mentioned was primarily North America, and then we will extend it to other regions as well. And if we are successful and success means that we are like residential where we can capture significant share. And then we will look at the next follow-on, which is the real commercial market. For that, we need a 480 product basically.

但我們對我們的原則、質量、客戶服務、包裝和關機能力以及易於使用的產品充滿信心，相信這將得到很好的採用。首先，我們將從北美開始。我提到的市場規模主要是北美，然後我們會擴展到其他地區。如果我們成功了，成功意味著我們就像住宅一樣，我們可以在其中獲得可觀的份額。然後我們將看看下一個後續，這是真正的商業市場。為此，我們基本上需要一個 480 產品。

Our next question comes from the line of Sophie Karp from KeyBanc.

我們的下一個問題來自 KeyBanc 的 Sophie Karp。

A couple of questions I have. So you mentioned the whole home electrification. And obviously, you've been making acquisitions on the lines of you have an inverter product and storage and now you with ClipperCreek, you have EV charges as well. And you mentioned heat pumps a bunch of times. So just kind of wondering if that is something that could make sense for you to add as the time progresses to your technology package. How should we think about that?

我有幾個問題。所以你提到了整個家庭電氣化。顯然，您一直在進行收購，因為您擁有逆變器產品和存儲，現在您擁有 ClipperCreek，您也擁有電動汽車費用。你多次提到熱泵。因此，只是想知道隨著時間的推移，您是否可以將其添加到您的技術包中。我們應該怎麼想？

Yes. This is Raghu. So the way we think about it is we have the technology -- energy management technology platform and its role is to manage a whole family or a disparate set of distributed energy resources. So we obviously do solar today, storage, we manage the grid, we integrate generators. And now we are integrating EV chargers as well by making the EV charger very smart, so we can do green charging.

是的。這是拉古。所以我們的想法是我們擁有技術——能源管理技術平台，它的作用是管理整個家庭或一組不同的分佈式能源。所以我們今天顯然做太陽能，存儲，我們管理電網，我們集成發電機。現在我們也在整合 EV 充電器，讓 EV 充電器變得非常智能，這樣我們就可以進行綠色充電。

But there are other elements also that we need to integrate, and that's -- those are heat pumps. Obviously, we will not be selling heat pumps, but our goal is to either develop or buy companies that can -- that through software, integrate all of these other heat pumps, et cetera, and other loads as well and effectively bring them on to the platform. And when we bring them on to our energy management platform, we can then manage how the loads get services. What's the most economical, what's the most reliable and what's the most green way of servicing the load.

但是我們還需要整合其他元素，那就是 - 那些是熱泵。顯然，我們不會銷售熱泵，但我們的目標是開發或購買能夠通過軟件集成所有其他熱泵等以及其他負載並有效地將它們帶到該平台。當我們將它們帶到我們的能源管理平台時，我們就可以管理負載如何獲得服務。什麼是最經濟、最可靠和最環保的負載服務方式。

In the case of EV, for example, if the homeowner may choose I only want to charge my car from -- charge my car through green electrons, which is, obviously, the first choice would be your own solar system or if you get a signal from the grid that says grid is green at this time, then you can charge from the grid as well. In general, it's about managing all of these different type of resources, and we do that with software primarily.

以電動汽車為例，如果房主可以選擇我只想給我的車充電——通過綠色電子給我的車充電，顯然，首選是你自己的太陽能係統，或者如果你有一個來自電網的信號表示此時電網是綠色的，那麼您也可以從電網充電。一般來說，它是關於管理所有這些不同類型的資源，我們主要通過軟件來做到這一點。

And you're seeing is a lot of standardization that's starting to take place where all of these different kinds of loads, different types of heat pumps and different types of EV charges, et cetera, are starting to adopt certain standards, and those standards will make it easier for us to integrate them onto our platform.

你會看到很多標準化開始發生，所有這些不同類型的負載、不同類型的熱泵和不同類型的電動汽車充電等都開始採用某些標準，這些標準將使我們更容易將它們集成到我們的平台上。

Great. That's very helpful. And my other question was maybe taking another stab at the supply chain situation, right? And you've managed the supply chain much better than your peers and competitors, right? Not just your competitors, but other companies in other sectors, right, the large ones at that. What sets you apart? Like what makes you more or less immune to these trends at this point?

偉大的。這很有幫助。我的另一個問題可能是對供應鏈情況進行另一次嘗試，對吧？而且您對供應鏈的管理比您的同行和競爭對手要好得多，對吧？不僅是你的競爭對手，還有其他行業的其他公司，對，就是那些大公司。是什麼讓你與眾不同？比如是什麼讓你在這一點上或多或少地不受這些趨勢的影響？

I guess, is that the fact that most of the components you use are more specialized and there's less competition for them for maybe bigger industries? Is that just the location of where the manufacturing facilities are? Like what should we think about here?

我想，是不是您使用的大多數組件都更加專業化，對於可能更大的行業而言，它們的競爭較少？那隻是製造設施所在的位置嗎？比如我們應該在這裡思考什麼？

I mean, to tell you, you're giving us a lot of credit. The last year, we didn't -- we had a supply problem last year in 2021. And what we learned from that, the learning is what can we do for critical components, we need to have multiple sources. How can we plan better for critical components, how can we make sure that short-term disruptions? There are always going to be short-term disruptions. How can we smoothen all of those into what's right for the customer? So we have just learned to plan better. And I think planning better and executing on multiple factories, multiple sources. And it also helps that we don't have a lot of SKUs.

我的意思是，告訴你，你給了我們很大的信任。去年，我們沒有——我們去年在 2021 年遇到了供應問題。我們從中學到的是，我們可以為關鍵組件做什麼，我們需要有多個來源。我們如何才能更好地規劃關鍵組件，如何確保短期中斷？總會有短期的中斷。我們如何才能使所有這些都變得適合客戶？所以我們剛剛學會了更好地計劃。而且我認為在多個工廠、多個來源上進行更好的規劃和執行。這也有助於我們沒有很多 SKU。

We -- the way we designed it is one single piece of hardware with -- we try all our microinverters to have one single piece of hardware. And then so that every region we can load the appropriate profile and software so that can get functioning. In that way, we don't need to make one SKU for one country. We try. It's hard to do. It's hard to reduce the number of part count, many companies bloat up on part counts. But again, I think with the software-defined architecture that we have, it helps us a lot.

我們——我們設計它的方式是一個單一的硬件——我們嘗試我們所有的微型逆變器都有一個單一的硬件。然後，我們可以在每個區域加載適當的配置文件和軟件，以便能夠正常運行。這樣一來，我們就不需要為一個國家製作一個 SKU。我們試圖。這很難做到。很難減少零件數量，許多公司在零件數量上膨脹。但同樣，我認為我們擁有的軟件定義架構對我們有很大幫助。

So to answer your thing, it is upfront product architecture, diligent supplier management, qualification of multiple sources, planning better and some luck too. So yes, hopefully, we have had our -- hopefully, luck is on our side. Yes, we don't know what's going to come tomorrow in terms of COVID disruptions. But I think it's safe to say that we anticipate and we are prepared for it.

所以要回答你的問題，它是前期的產品架構、勤奮的供應商管理、多個來源的資格、更好的規劃和一些運氣。所以是的，希望我們有我們的 - 希望運氣在我們這邊。是的，就 COVID 中斷而言，我們不知道明天會發生什麼。但我認為可以肯定地說我們已經預料到並且已經為此做好了準備。

Our next question comes from the line of Cameron Lochridge from Stephens.

我們的下一個問題來自斯蒂芬斯的 Cameron Lochridge。

Well, I was hoping we could start just very quickly on this Department of Commerce investigation. I understand this is on modules, and this is not where you guys play. But you mentioned residential was likely a little bit more insulated from any effects of this. It sounds like your customers are working on module procurement for the second half. If you could just offer just any kind of framework for how you're thinking about the potential impact, if any, to your business in the second half? And -- or even if you want to take stab at it this way, if you think about your outlook for 2022, how has it changed now versus what it may have been 3 months ago?

好吧，我希望我們能很快開始這項商務部的調查。我知道這是在模塊上，這不是你們玩的地方。但你提到住宅可能更不受任何影響。聽起來您的客戶正在為下半年的模塊採購工作。如果您可以提供任何一種框架來說明您如何考慮下半年對您的業務的潛在影響（如果有的話）？而且 - 或者即使您想以這種方式進行嘗試，如果您考慮一下您對 2022 年的展望，與 3 個月前相比，現在發生了怎樣的變化？

Really, we are not -- as we sit here today, based on all of the discussions that we have had with our customers, based on what we see out in the marketplace, we don't see any impact on our business. Obviously, we are expecting and we have heard that module prices are going up. So in our opinion, can those module prices -- increase in module prices be absorbed by the residential customer, and we believe that magnitude of module price increase that we are seeing an easily be absorbed by the customer. So our opinion is that we won't see any impact on our business.

真的，我們不是——因為我們今天坐在這裡，根據我們與客戶進行的所有討論，根據我們在市場上看到的情況，我們認為對我們的業務沒有任何影響。顯然，我們正在期待並且我們聽說模塊價格正在上漲。因此，在我們看來，這些模塊價格 - 模塊價格的上漲能否被住宅客戶吸收，我們相信我們看到的模塊價格上漲幅度很容易被客戶吸收。所以我們的觀點是，我們不會看到對我們的業務產生任何影響。

And also bear in mind that most residential systems are financed systems. So what the homeowner actually sees is a small increase in their monthly payment. And we believe that those monthly payments are not going to be larger than what the utility rate increases that they're experiencing. So all of those things point to residential segment that is probably going to be much more resilient segment than any other segment.

還要記住，大多數住宅系統都是融資系統。因此，房主實際看到的是每月付款的小幅增長。而且我們相信，這些每月付款不會比他們正在經歷的公用事業費率增加的多。因此，所有這些都指向住宅細分市場，該細分市場可能比任何其他細分市場更具彈性。

That's great. That's very helpful. And then just switching gears to your European strategy, I was hoping you could talk a little bit about your installer strategy there. I mean you've had tremendous success in the U.S., obviously, with the long tail installers. Maybe just talk about does the same dynamic exist in Europe? Is it different? And basically, just do you think you can replicate your installer strategy that you've had success with in the U.S., can you replicate that in Europe?

那太棒了。這很有幫助。然後只是切換到你的歐洲策略，我希望你能在那裡談談你的安裝策略。我的意思是你在美國取得了巨大的成功，顯然，長尾安裝人員。也許只是談談歐洲是否存在同樣的動態？有什麼不同嗎？基本上，你認為你可以復制你在美國成功的安裝策略嗎，你能在歐洲複製嗎？

Yes. The same principles. If you say U.S. has got a lot of long-tail installers, Europe is even more long tail. So Germany, for example, has got 5,000 installers. And I think -- yes, I'm not sure about it, but I was told that the top installer is an installer who does approximately 10 to 20 megawatts a year. So basically, it's the same definition over the same principles hold for us is we think those installers will obviously care about quality, care about customer experience. So as long as we do a good job there, good things will happen for us.

是的。相同的原則。如果你說美國有很多長尾安裝者，歐洲就更長尾了。例如，德國有 5,000 名安裝人員。我認為——是的，我不確定，但有人告訴我，頂級安裝人員是每年大約 10 到 20 兆瓦的安裝人員。所以基本上，對於我們來說，對於相同原則的相同定義是我們認為那些安裝人員顯然會關心質量，關心客戶體驗。所以只要我們在那裡做得好，好事就會發生在我們身上。

Our next question comes from the line of Pavel Molchanov from Raymond James.

我們的下一個問題來自 Raymond James 的 Pavel Molchanov。

Two quick ones also about Europe. Obviously, in the current geopolitical situation, all of the frontline states in the eastern portion of Europe are in the headlines. Do you see signs that rooftop solar in places like Poland, Czech Republic, Hungary is starting to develop? And if so, will you be playing in that geography?

兩個快速的也是關於歐洲的。顯然，在當前的地緣政治形勢下，歐洲東部的所有前線國家都登上了頭條。您是否看到波蘭、捷克共和國、匈牙利等地的屋頂太陽能開始發展的跡象？如果是這樣，你會在那個地區玩嗎？

Yes. Obviously, we do pay attention to the regions and pay attention to opportunities that lie and we'll continue to do that. At this time, we are very focused on the countries that we talked about. The market is really expanding very strongly and countries that we are already in, which is Netherlands, France, Belgium, Germany and the new markets, which include Spain, Italy and Portugal and we need to bring all our products. We need to bring IQ 8s there, we need to make sure we have batteries in all of those in all of those countries as well. And so right now, we are focused on these, but we keep an eye out, right? We pay attention to what's happening in the countries that you referred to.

是的。顯然，我們確實關注地區並關注存在的機會，我們將繼續這樣做。在這個時候，我們非常關注我們談論的國家。市場確實在非常強勁地擴張，我們已經進入的國家是荷蘭、法國、比利時、德國和新市場，包括西班牙、意大利和葡萄牙，我們需要帶來我們所有的產品。我們需要將 IQ 8 帶到那裡，我們需要確保我們在所有這些國家的所有電池中都有電池。所以現在，我們專注於這些，但我們會密切關注，對吧？我們關注您提到的國家/地區正在發生的事情。

Okay. Last year, EV market share in Europe was 4x higher than the United States, 19%. Is there room for ClipperCreek to get a slice of that infrastructure build-out?

好的。去年，歐洲的電動汽車市場份額是美國的 4 倍，為 19%。 ClipperCreek 是否有空間從基礎設施建設中分一杯羹？

There is always room for ClipperCreek. And the angle is what I said, which is when an installer basically goes to a homeowner and who is even thinking about an EV, the -- there are so many incentives that an installer actually told us saying, even if the homeowner doesn't have an EV, I still install an EV charger. So what that means is this when an installer is there selling the homeowner solar, storage, EV charger and heat pump. In that sale, if Enphase can make life better by having a comprehensive home energy management system, ClipperCreek definitely has its place.

ClipperCreek 總是有空間。角度就是我所說的，即當安裝人員基本上去找房主並且甚至在考慮電動汽車時，安裝人員實際上告訴我們說，有很多激勵措施，即使房主沒有有電動汽車，我仍然安裝電動汽車充電器。所以這意味著當安裝人員在那裡銷售房主太陽能、存儲、電動汽車充電器和熱泵時。在那次銷售中，如果 Enphase 可以通過擁有全面的家庭能源管理系統來改善生活，那麼 ClipperCreek 絕對有它的位置。

And so we are planning to introduce an EV charger basically into Europe in Q1 of '23. But in the interim, we are working hard to make our system interoperable with other EV chargers, so that the homeowner still gets the right experience.

因此，我們計劃在 23 年第一季度將 EV 充電器引入歐洲。但在此期間，我們正在努力使我們的系統與其他電動汽車充電器互操作，以便房主仍然獲得正確的體驗。

Thank you. This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Badri Kothandaraman for any further remarks.

謝謝你。這確實結束了今天節目的問答環節。我想把程序交還給 Badri Kothandaraman 以作進一步評論。

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

是的。感謝您今天加入我們，感謝您對 Enphase 的持續支持。我們期待下個季度再次與您交談。謝謝你。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們，先生們，感謝你們參加今天的會議。這確實結束了程序。您現在可以斷開連接。再會。