FTC Solar Inc (FTCI) 2022 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the FTC Solar Earnings Conference Call. (Operator Instructions) Please be advised that today's conference call is being recorded. I would like to turn the conference over now to your speaker for today, Bill Michalek. You may go ahead.

美好的一天，謝謝你的支持。歡迎參加 FTC 太陽能收益電話會議。 （操作員說明）請注意，今天的電話會議正在錄製中。我想現在將會議轉交給今天的發言人 Bill Michalek。你可以繼續。

Thank you, and welcome, everyone, to FTC Solar's fourth quarter 2022 earnings conference call. Before today's call, you'd likely have opportunity to review our earnings release, supplemental financial information and slide presentation, which were posted earlier today. If you've not yet reviewed these documents, they are available on the Investor Relations section of our website at ftcsolar.com.

謝謝大家，歡迎大家參加 FTC Solar 2022 年第四季度收益電話會議。在今天的電話會議之前，您可能有機會查看我們今天早些時候發布的收益發布、補充財務信息和幻燈片演示。如果您尚未查看這些文件，可以在我們網站 ftcsolar.com 的投資者關係部分找到它們。

I'm joined today by Sean Hunkler, FTC Solar's President and Chief Executive Officer; Phelps Morris, the company's Chief Financial Officer; and Patrick Cook, the company's Chief Commercial Officer.

FTC Solar 總裁兼首席執行官 Sean Hunkler 今天加入了我的行列；公司首席財務官 Phelps Morris；和公司首席商務官 Patrick Cook。

Before we begin, I remind everyone that today's discussion contains forward-looking statements based on our assumptions and beliefs in the current environment and speaks only as of the current date. As such, these forward-looking statements include risks and uncertainties, and actual results and events could differ materially from our current expectations. Please refer to our press release and other SEC filings for more information on the specific risk factors. We assume no obligation to update such information, except as required by law.

在我們開始之前，我提醒大家，今天的討論包含基於我們對當前環境的假設和信念的前瞻性陳述，並且僅就當前日期發表意見。因此，這些前瞻性陳述包含風險和不確定性，實際結果和事件可能與我們目前的預期存在重大差異。有關具體風險因素的更多信息，請參閱我們的新聞稿和其他 SEC 文件。除非法律要求，否則我們不承擔更新此類信息的義務。

As you'd expect, we'll discuss both GAAP and non-GAAP financial measures today. Please note that the earnings release issued this morning includes a full reconciliation of each non-GAAP financial measure to the nearest applicable GAAP measure. In addition, we'll discuss our executed contracts and awarded orders, and our definition of this metric is also included in our press release.

如您所料，我們今天將討論 GAAP 和非 GAAP 財務指標。請注意，今天上午發布的收益報告包括每項非 GAAP 財務指標與最接近的適用 GAAP 指標的全面調節。此外，我們將討論我們已執行的合同和授予的訂單，我們對此指標的定義也包含在我們的新聞稿中。

With that, I'll turn it over to Sean.

有了這個，我會把它交給肖恩。

Thanks, Bill, and good morning, everyone. As I reflect on my first full calendar year as CEO in 2022, I am proud of how the team navigated many external challenges. The year began with historically high logistics and steel costs, followed by a rather challenging regulatory market in the U.S., which, as you know, has historically represented the primary source of our revenue. The team has responded well to the challenges, utilizing the downturn to focus on what we can control, improve our competitive positioning and emerge as a stronger company. As we close out the year, I believe we're on a significantly improving trajectory.

謝謝，比爾，大家早上好。當我在 2022 年回顧我擔任 CEO 的第一個完整日曆年時，我為團隊如何應對許多外部挑戰而感到自豪。今年伊始，物流和鋼鐵成本處於歷史高位，隨後美國的監管市場頗具挑戰性，如您所知，美國一直是我們收入的主要來源。該團隊很好地應對了挑戰，利用低迷時期專注於我們可以控制的事情，提高我們的競爭地位並成為一家更強大的公司。當我們結束這一年時，我相信我們正處於顯著改善的軌道上。

We delivered fourth quarter results which showed significant improvement and exceeded the midpoint of our guidance on all metrics. We also continued our operational improvements, which I'll discuss in more detail, one of which includes improving our international exposure, which will allow us to take advantage of near-term opportunities while we wait to unlock our full backlog when the Uyghur Forced Labor Prevention Act, or UFLPA constraint fully resolves.

我們交付的第四季度業績顯示出顯著改善，並超過了我們對所有指標的指導的中點。我們還繼續改進我們的運營，我將對此進行更詳細的討論，其中之一包括提高我們的國際影響力，這將使我們能夠利用近期機會，同時我們等待解開維吾爾強迫勞動預防法或 UFLPA 約束完全解決。

Today, I'll briefly walk through the market and operational improvement categories we've been discussing to summarize what we accomplished during the first 9 months of the year and how we closed out the year on a solid trajectory in Q4. Starting at the market level and perhaps the one constant during the year, the long-term demand trends look great and continue to improve. They have likely never looked better. According to the IEA, renewables are set to become the primary energy source for electricity generation globally in 2027, accounting for about 40% of total electricity output and overtaking coal. Despite higher module pricing, utility scale solar is the lowest cost source of new electricity generation in most countries worldwide and accounts for more than 60% of all renewable capacity expansion. The low cost to install, coupled with additional long-term demand drivers for solar that include existing government policies, including renewable portfolio standards and the current ITC corporate awareness and technological improvements is only further enhanced by current high fossil fuel pricing discussions of energy security in many countries and the recent passage of IRA in the U.S.

今天，我將簡要介紹我們一直在討論的市場和運營改進類別，以總結我們在今年前 9 個月取得的成就，以及我們如何在第四季度以穩健的軌跡結束這一年。從市場層面開始，也許是一年中不變的水平，長期需求趨勢看起來很好，並且會繼續改善。他們可能從來沒有看起來更好。根據國際能源署的數據，可再生能源將在 2027 年成為全球發電的主要能源，約佔總發電量的 40%，並超過煤炭。儘管模塊價格較高，但公用事業規模的太陽能是全球大多數國家新發電成本最低的來源，佔所有可再生能源產能擴張的 60% 以上。安裝成本低，加上額外的太陽能長期需求驅動因素，包括現有的政府政策，包括可再生能源組合標準和當前的 ITC 企業意識和技術改進，只有通過目前關於能源安全的高化石燃料定價討論才能進一步加強許多國家和最近在美國通過 IRA

So we have an incredibly positive market backdrop and tailwinds for long-term global growth. The one gating item required to unlock the potential within the U.S. market, which represents much of our backlog, remains solar module availability. Looking at the U.S. regulatory landscape during the first 9 months of 2022, we saw 80 CBD and WRO concerns transition to one remaining issue in UFLPA. In the fourth quarter and more recently, we have seen some early signs on reports of improvement. These include positive trends in trade import data, market reports of small module shipments being released from customs, some module supply agreements being inked and optimism from some that we are getting closer to a more substantial improvement in the back half of the year. There have also been several announcements about new module capacity outside of China which is an excellent sign for module availability in 2024 and beyond. Overall, we're hopeful that we'll see more substantial improvement in module flow later this year, but as we'll discuss, we don't need to wait for UFLPA resolution to achieve improving financial performance.

因此，我們擁有令人難以置信的積極市場背景和長期全球增長的順風。釋放美國市場潛力所需的一個門控項目仍然是太陽能組件的可用性，這代表了我們的大部分積壓訂單。縱觀 2022 年前 9 個月的美國監管環境，我們看到 80 個 CBD 和 WRO 的擔憂轉變為 UFLPA 中的一個剩餘問題。在第四季度和最近，我們已經看到一些改善報告的早期跡象。其中包括貿易進口數據的積極趨勢、海關發布的小型模塊出貨量市場報告、一些模塊供應協議的簽署以及一些人對我們在今年下半年接近更實質性改善的樂觀態度。中國境外也發布了幾項關於新組件產能的公告，這是 2024 年及以後組件可用性的極好跡象。總的來說，我們希望今年晚些時候我們能看到模塊流程有更實質性的改進，但正如我們將要討論的那樣，我們不需要等待 UFLPA 決議來實現財務績效的改善。

From a supply chain and procurement standpoint, we started 2022 at historically high prices for steel and logistics, but have since seen improvement in both. Steel is now well off its highs and logistics is essentially back to historical norms. Given the improvement in logistics, we have fully transitioned back to containerized shipping from the break bulk solution we had implemented to weather the high and uncertain market conditions.

從供應鍊和採購的角度來看，我們在 2022 年開始時鋼鐵和物流的價格處於歷史高位，但此後兩者均有所改善。鋼鐵價格現在已經脫離高點，物流也基本上回到了歷史常態。鑑於物流的改善，我們已經從我們實施的散裝解決方案完全過渡回集裝箱運輸，以應對高漲和不確定的市場條件。

With that market, regulatory and supply chain backdrop, I'll turn now to our operational improvements. As I have mentioned on recent calls, we have not stood idle through the market uncertainty and have used the time to focus on what we can control to best position ourselves for the coming recovery. One area of significant focus has been on improving our cost and gross margin profile. In the first 9 months of the year, we maximized our design-to-value initiative, allowing us to take more than 20% of the steel content out of our tracker systems. This helped us create a product cost structure that will enable double-digit gross margins on future projects. We also launched a distributed generation business, which has a high margin profile and will be a positive addition to the business. We have received great interest with initial orders and a robust pipeline. In the fourth quarter, we continued our cost reduction focus and launched our design to manufacturing efforts, which aim to ensure that our products are not only designed for constructability, efficiency and effectiveness, but are also cost effective to manufacture.

在這樣的市場、監管和供應鏈背景下，我現在將談談我們的運營改進。正如我在最近的電話會議上提到的那樣，我們並沒有因市場不確定性而袖手旁觀，而是利用這段時間專注於我們可以控制的事情，以便為即將到來的複蘇做好最好的準備。重點關注的領域之一是改善我們的成本和毛利率狀況。在今年的前 9 個月，我們最大限度地發揮了價值設計計劃的作用，使我們能夠從跟踪系統中減少 20% 以上的鋼材含量。這幫助我們創建了一個產品成本結構，使未來項目的毛利率達到兩位數。我們還推出了分佈式發電業務，該業務利潤率高，將對該業務產生積極影響。我們對初始訂單和強大的管道產生了極大的興趣。在第四季度，我們繼續以降低成本為重點，並啟動了從設計到製造的工作，旨在確保我們的產品不僅設計用於可施工性、效率和有效性，而且在製造時也具有成本效益。

As it relates to our product portfolio, in the first part of the year, we were quite busy with the development of innovative new products that resulted in new product announcements during the back half of the year. In the third quarter, we announced a differentiated new 1P tracker solution called Pioneer, which significantly expands our ability to serve new markets, both in the U.S. and worldwide. This gives us more opportunities to win projects, whether it's a preference or benefit for 1P. Customer enthusiasm for our new product has been strong. And as you know, we launched Pioneer along with a 500-megawatt agreement from a top EPC. Our pipeline for Pioneer is growing nicely, and we continue to anticipate first deliveries in the second half of the year.

由於它與我們的產品組合有關，在今年上半年，我們非常忙於開發創新的新產品，因此在下半年發布了新產品。在第三季度，我們宣布了一種名為 Pioneer 的差異化新 1P 追踪器解決方案，它顯著擴展了我們服務美國和全球新市場的能力。這給了我們更多贏得項目的機會，無論是對1P的偏好還是利益。客戶對我們新產品的熱情一直很高。如您所知，我們推出了 Pioneer 以及來自頂級 EPC 的 500 兆瓦協議。我們為 Pioneer 開發的管道正在良好地增長，我們繼續預計今年下半年的首批交付。

In the fourth quarter, we announced the introduction of a new cost-effective first solar module solution for our 2P product, which filled a gap in our offering. We have already received orders for this solution and are recognizing revenue. Combined, these new product introductions expand our addressable market while also serving to bolster the non-UFLPA portion of our backlog as we continue to grow revenue.

在第四季度，我們宣佈為我們的 2P 產品推出一種新的具有成本效益的第一個太陽能組件解決方案，這填補了我們產品的空白。我們已經收到該解決方案的訂單並確認收入。結合起來，這些新產品的推出擴大了我們的目標市場，同時隨著我們繼續增加收入，也有助於加強我們積壓的非 UFLPA 部分。

In terms of geography, we entered 2022 as very much a U.S.-focused company in terms of revenue. However, the investments we've been making to expand our international footprint started to bear fruit early in the year. We have since received awards in 4 new countries, bringing the total to 10 countries with projects outside of the U.S. We also recorded our largest project in Australia to date at 128 megawatts. Just today, we announced that we added $240 million in backlog since early November. Of that amount, more than 80% is from international locations, including 2 more projects in Australia, putting us at more than 25 in that country so far. We believe our new 1P tracker will significantly enhance our ability to further grow internationally. International growth is a key focus for us, particularly with the current regulatory challenges in the U.S. I'm quite pleased to see our continued growth in pipeline and conversion to backlog.

就地域而言，進入 2022 年，我們在收入方面非常專注於美國公司。然而，我們為擴大國際足跡而進行的投資在年初開始見效。從那以後，我們在 4 個新國家/地區獲得了獎項，使在美國以外的 10 個國家/地區擁有項目。我們還在澳大利亞記錄了迄今為止最大的項目，裝機容量為 128 兆瓦。就在今天，我們宣布自 11 月初以來我們增加了 2.4 億美元的積壓訂單。其中，超過 80% 來自國際地點，包括澳大利亞的另外 2 個項目，到目前為止，我們在該國的項目已超過 25 個。我們相信我們新的 1P 追踪器將顯著增強我們在國際上進一步發展的能力。國際增長是我們關注的重點，特別是在美國當前面臨監管挑戰的情況下。我很高興看到我們的管道持續增長並轉化為積壓。

We also recently announced a U.S. manufacturing joint venture utilizing domestic steel to strengthen and bolster our domestic supply chain. With the passage of the Inflation Reduction Act, customers are now asking for quotes with U.S. local content, including projects for delivery in the latter half of this year. While we still await additional details from the government on the mechanics of the IRA, we believe this JV will be instrumental in helping us support our customers' needs in the future. For this JV, we partnered with a known existing supplier. The facility located near Houston, Texas will initially be focused on torque tubes and is expected to begin operation around midyear.

我們最近還宣布了一家美國製造合資企業，利用國內鋼鐵來加強和支持我們的國內供應鏈。隨著通貨膨脹減少法案的通過，客戶現在要求提供美國本地內容的報價，包括今年下半年交付的項目。雖然我們仍在等待政府提供有關 IRA 機制的更多詳細信息，但我們相信該合資企業將有助於幫助我們支持未來客戶的需求。對於這家合資企業，我們與一家知名的現有供應商合作。該工廠位於得克薩斯州休斯頓附近，最初將專注於扭矩管，預計將在年中左右開始運營。

Turning to pipeline. In 2022, we saw robust growth and several new record levels, including the international portion of the pipeline, which more than doubled in the first 9 months of the year. Today, we again achieved new record levels in total pipeline with the international portion now up 150% relative to the start of 2022. International now represents an increasing majority of our pipeline. And as you can see from our near-term project awards is expected to make up a growing portion of our revenue base going forward, further diversifying our revenue and reducing exposure to projects subject to UFLPA review.

轉向管道。 2022 年，我們看到了強勁的增長和幾個新的創紀錄水平，包括管道的國際部分，在今年前 9 個月翻了一番多。今天，我們的總管道再次創下歷史新高，國際部分現在比 2022 年初增長了 150%。國際現在占我們管道的大部分。正如您從我們的近期項目獎勵中看到的那樣，預計未來將占我們收入基礎的越來越大的部分，進一步使我們的收入多樣化並減少受 UFLPA 審查的項目的風險。

And finally, with our continued focus on expanding current customer relationships and forming new ones, our backlog has continued to grow nicely despite the constraints in the module market in the U.S. As I mentioned, since our last earnings call in November, we have added $240 million in backlog, bringing the total above the $1 billion mark for the first time at $1.2 billion. The collective results of these initiatives have led to improved financial performance as we close the year. As we progress through the year, working on these initiatives, we completed shipments of our legacy lower-margin products in Q3 and reached what we believe was a revenue and margin low point in that quarter from which we expect to see improvement going forward. In Q4, our performance did improve as expected, and we came in ahead of the midpoint of our guidance on all metrics. This includes revenue that grew 58% sequentially off the low Q3 base and non-GAAP gross margin that improved from close to negative 50% to approaching breakeven at negative 3.4%. Non-GAAP operating expenses in the quarter were at the low or better end of our guidance range, resulting in adjusted EBITDA also coming in better than the midpoint. We are excited to see the results of our DTV and other initiatives begin to show through in a meaningful way in our results, and we see that continuing.

最後，由於我們繼續專注於擴大現有客戶關係和建立新客戶關係，儘管美國模塊市場存在限制，但我們的積壓訂單繼續增長良好。正如我提到的，自我們去年 11 月的財報電話會議以來，我們已經增加了 240 美元萬美元的積壓，使總額首次超過 10 億美元大關，達到 12 億美元。在我們結束這一年之際，這些舉措的集體成果導致財務業績有所改善。隨著我們在這一年中取得進展，致力於這些舉措，我們在第三季度完成了傳統低利潤產品的出貨，並達到了我們認為該季度的收入和利潤低點，我們預計未來會有所改善。在第 4 季度，我們的業績確實如預期的那樣有所改善，並且我們在所有指標上都領先於我們指導的中點。這包括在第三季度的低基數基礎上連續增長 58% 的收入和非 GAAP 毛利率從接近負 50% 改善至接近盈虧平衡的負 3.4%。本季度的非 GAAP 運營費用處於我們指導範圍的低端或更好端，導致調整後的 EBITDA 也好於中點。我們很高興看到我們的 DTV 和其他計劃的結果開始以有意義的方式在我們的結果中顯示出來，並且我們看到這種情況仍在繼續。

So closing out on 2022, we have utilized the downturn to significantly improve our competitive positioning across nearly all aspects of our business. We now have a strong product cost structure on current and future projects, which puts us on track for double-digit gross margins as our revenue run rate recovers. We have a more comprehensive product line that expands our addressable market in the U.S. and internationally. We are growing and diversifying in new markets and are positioned with a strengthened supply chain, and we have a record backlog and pipeline that shows that customers option globally is increasing as we look ahead to a market that is not only poised to recover but is poised with powerful long-term tailwinds.

因此，到 2022 年結束時，我們利用經濟低迷期顯著提高了我們在幾乎所有業務方面的競爭地位。我們現在在當前和未來的項目中擁有強大的產品成本結構，隨著我們的收入運行率恢復，這使我們有望實現兩位數的毛利率。我們擁有更全面的產品線，可以擴大我們在美國和國際上的潛在市場。我們正在新市場中實現增長和多元化，並定位於加強的供應鏈，我們擁有創紀錄的積壓訂單和管道，這表明全球客戶的選擇正在增加，因為我們展望市場不僅準備好復甦，而且蓄勢待發具有強大的長期順風。

As we look ahead to 2023, our focus is solidly on execution, supporting our customers worldwide, continuing to build on our progress and demonstrating capabilities for our improved business. We believe we can continue to show margin improvement even in a depressed volume environment, followed by a much more significant improvement as module availability and volumes improve in the U.S.

展望 2023 年，我們的重點將堅定地放在執行上，為全球客戶提供支持，繼續鞏固我們的進步並展示我們改進業務的能力。我們相信，即使在銷量低迷的環境下，我們也可以繼續顯示利潤率的改善，隨後隨著美國模塊可用性和銷量的提高，利潤率將有更顯著的改善。

With that, I will turn the call over to Phelps.

有了這個，我會把電話轉給菲爾普斯。

Thanks, Sean, and good morning, everyone. As a follow-up to Sean's comments, I'd like to provide some additional color on the fourth quarter performance and outlook. So let's begin with the discussion of the fourth quarter.

謝謝，肖恩，大家早上好。作為 Sean 評論的後續，我想對第四季度的表現和前景提供一些額外的色彩。那麼讓我們從第四季度的討論開始。

Overall, I'm happy to share that we delivered results that were better than the midpoint of our guidance trends on all metrics for the quarter. First, revenue was $26.2 million. While on a year-over-year basis, revenue was down 74%, it did represent a 58% increase versus the prior quarter as we begin to build some momentum moving up from the lows in Q3. We are starting to see new production tied to both the international products as well as non-UFLPA projects moving forward. We believe this is a sign that strategy we discussed last quarter of attacking non-UFLPA-impacted projects is beginning to benefit the company. While we saw nice sequential growth in revenue, UFLPA has constrained our near-term ability to convert backlog into revenue with the bulk of our backlog, roughly 2/3 remaining subject to UFLPA. Now on the plus side, our non-UFLPA backlog doubled quarter-over-quarter now represents 1/3 of our total backlog.

總的來說，我很高興與大家分享，我們在本季度的所有指標上取得的結果都好於我們指導趨勢的中點。首先，收入為 2620 萬美元。雖然與去年同期相比，收入下降了 74%，但確實比上一季度增長了 58%，因為我們開始從第三季度的低點開始建立一些向上的勢頭。我們開始看到與國際產品和非 UFLPA 項目相關的新產品在向前發展。我們認為這是一個跡象，表明我們上個季度討論的攻擊不受 UFLPA 影響的項目的戰略開始使公司受益。雖然我們看到收入連續增長不錯，但 UFLPA 限制了我們近期將積壓訂單轉化為收入的能力，我們的大部分積壓訂單中，大約 2/3 仍受 UFLPA 約束。現在有利的一面是，我們的非 UFLPA 積壓訂單比上一季度翻了一番，現在占我們總積壓訂單的 1/3。

Next, our GAAP gross loss for the quarter was $1.9 million or 7.3% of revenue compared to $9.5 million or 57.4% of revenue in the prior quarter. On a non-GAAP basis, the gross loss was $0.9 million or 3.4% of revenue, coming above the midpoint of the guidance range. Compared to our Q3 2022 non-GAAP loss of $8.2 million or 49.8% of revenue, we are able to deliver an impressive 46 point improvement quarter-over-quarter. We were able to accomplish this due to the following: First, the legacy low-margin products we discussed in prior quarters were completed during Q3. Second, the new products we now deliver benefit from our team's efforts on the DTV front, coupled with a more normalized supply chain costs in both steel and shipping. The team is excited to see the early fruits of our labor starting to show in our results.

接下來，我們本季度的 GAAP 毛虧損為 190 萬美元，佔收入的 7.3%，而上一季度為 950 萬美元，佔收入的 57.4%。在非 GAAP 基礎上，毛虧損為 90 萬美元或收入的 3.4%，高於指導範圍的中點。與我們 2022 年第三季度的非公認會計準則虧損 820 萬美元或收入的 49.8% 相比，我們能夠實現令人印象深刻的季度環比改善 46 點。由於以下原因，我們能夠做到這一點：首先，我們在前幾個季度討論的遺留低利潤產品在第三季度完成。其次，我們現在提供的新產品受益於我們團隊在數字電視方面的努力，以及鋼鐵和航運方面更加規範化的供應鏈成本。團隊很高興看到我們勞動的早期成果開始在我們的結果中顯現出來。

On a year-over-year basis, we delivered improvement to non-GAAP gross loss by $6.5 million, even in the face of significantly lower revenue in Q4 of 2022 versus the prior period in 2021, $26.2 million this year versus $101.7 million last year. The improvements were driven primarily by improved tracker and logistics direct margins.

與去年同期相比，即使面對 2022 年第四季度的收入與 2021 年同期相比大幅下降（今年為 2620 萬美元，而去年為 1.017 億美元），我們仍將非美國通用會計準則總虧損改善了 650 萬美元.這些改進主要是由改進的跟踪器和物流直接利潤率推動的。

Our GAAP operating expenses were $17.9 million. On a non-GAAP basis, excluding the stock-based compensation charge associated with the FCX legal settlement and certain other expenses, our operating expenses was $10 million compared to $9 million in the year ago quarter. This was at the lower end of our guidance range. The slight year-over-year increase was driven by an increase in the R&D expenses as well as the absence of credits that we had in the year ago quarter. We continue to keep a keen eye on expenses as we manage through this period. To that end, we executed a targeted headcount reduction during the quarter, representing approximately 8% of our labor force. In addition, we continue to keep a close eye on our nonlabor spend.

我們的 GAAP 運營費用為 1790 萬美元。在非 GAAP 基礎上，不包括與 FCX 法律和解相關的基於股票的補償費用和某些其他費用，我們的運營費用為 1000 萬美元，而去年同期為 900 萬美元。這是我們指導範圍的低端。同比略有增長的原因是研發費用的增加以及我們在去年同期沒有信貸。在這段時間裡，我們將繼續密切關注開支。為此，我們在本季度執行了有針對性的裁員計劃，裁員約占我們勞動力的 8%。此外，我們繼續密切關注我們的非勞動力支出。

Next, GAAP net loss was $20.5 million or $0.20 per share compared to the loss of $25.6 million or $0.25 per share in the prior quarter and compared to a net loss of $23.9 million in the year ago quarter. Collectively, results from our improved margins and careful management of operating expense and overhead slowed down to our adjusted EBITDA results. For the quarter, the adjusted EBITDA loss was excluded approximately $9.1 million, including stock-based compensation expense, certain consulting and legal fees, severance and other noncash items was $11 million, better than the midpoint of our guidance range of $12.3 million. The results represent an improvement of $6.7 million compared to an adjusted EBITDA loss of $17.7 million in the prior quarter and compares to $16.4 million in the year ago quarter.

接下來，GAAP 淨虧損為 2050 萬美元或每股 0.20 美元，而上一季度為虧損 2560 萬美元或每股 0.25 美元，而去年同期為淨虧損 2390 萬美元。總的來說，我們的利潤率提高以及對運營費用和間接費用的謹慎管理導致我們調整後的 EBITDA 結果放緩。本季度，調整後的 EBITDA 損失不包括約 910 萬美元，其中包括基於股票的補償費用、某些諮詢和法律費用、遣散費和其他非現金項目為 1100 萬美元，好於我們指導範圍的中點 1230 萬美元。與上一季度調整後的 EBITDA 損失 1,770 萬美元和去年同期的 1,640 萬美元相比，該結果表明減少了 670 萬美元。

Finally, regarding liquidity, we ended the quarter with a modest usage of cash and ended with $44.4 million. In addition, we continue to hold no debt on the balance sheet, have an undrawn credit revolver as well as a $100 million ATM program, which we have not accessed to date.

最後，關於流動性，我們以適度使用現金結束了本季度，並以 4440 萬美元結束。此外，我們的資產負債表上繼續沒有債務，有未提取的信貸循環以及我們迄今為止尚未使用的 1 億美元 ATM 計劃。

With that, let's turn our focus to the outlook. Based upon our current view, we continue to expect sequential revenue growth in the first quarter. We also expect gross margin to continue to show improvement quarter-over-quarter and cross into the positive territory. Specifically, our targets for the first quarter call for the following: revenue between USD36 million and USD40 million, representing 37% to 53% growth off of the Q4 2022 results. Non-GAAP gross margin between USD0.7 million and USD3.2 million or between 2% and 8% of revenue. Non-GAAP operating expenses between USD10 million and USD11 million; and finally, adjusted EBITDA loss between USD10.3 million and USD6.8 million. And for the second quarter, we expect to see further operational improvements.

有了這個，讓我們把注意力轉向前景。根據我們目前的看法，我們繼續預計第一季度的收入將連續增長。我們還預計毛利率將繼續呈現環比改善並進入正值區域。具體來說，我們第一季度的目標是：收入在 3600 萬美元到 4000 萬美元之間，比 2022 年第四季度的業績增長 37% 到 53%。非美國通用會計準則毛利率在 70 萬美元至 320 萬美元之間，或占收入的 2% 至 8%。非美國通用會計準則運營費用在 1000 萬美元至 1100 萬美元之間；最後，調整後的 EBITDA 虧損在 1030 萬美元至 680 萬美元之間。對於第二季度，我們預計會看到進一步的運營改進。

Overall, we continue to believe the ingredients are in place for a very strong industry recovery and long-term growth. The rate of recovery in our largest market, the U.S., will largely be determined by the pace of improvement from the importation of modules. Once improvements do occur at scale, we believe FTC Solar is increasingly well positioned competitively to capitalize on that growth with a lower cost structure and an innovative product line, a record pipeline and more than $1 billion in backlog.

總的來說，我們仍然相信行業復甦和長期增長的要素已經到位。我們最大的市場美國的複蘇速度將在很大程度上取決於組件進口改善的速度。一旦改進確實大規模發生，我們相信 FTC Solar 在競爭中處於越來越有利的位置，可以通過較低的成本結構和創新的產品線、創紀錄的管道和超過 10 億美元的積壓來利用這種增長。

With that, we conclude our prepared remarks, and I will turn it over to the operator for any questions. Operator?

至此，我們結束了準備好的發言，如有任何問題，我會將其轉交給接線員。操作員？

Thank you. (Operator Instructions) Our first question will be coming from Philip Shen of ROTH.

謝謝。 （操作員說明）我們的第一個問題將來自 ROTH 的 Philip Shen。

I wanted to start with your recent bookings. I was wondering if you might be able to share how much of the $240 million is 1P versus 2P? And also, can you talk through how much of the $240 million you expect to be delivered in 2023? And then for the $1.2 billion overall, what percentage of that do you also expect in 2023 versus maybe 2024 or later?

我想從您最近的預訂開始。我想知道您是否可以分享 2.4 億美元中有多少是 1P 與 2P？此外，您能否談談您預計在 2023 年交付的 2.4 億美元中有多少？然後，對於 12 億美元的總額，您還預計 2023 年與 2024 年或更晚相比，其中的百分比是多少？

Yes. Phil, this is Sean. Thanks for the question. So we're excited about the progress we're making on non-UFLPA and as you described in the most recent bookings. So let me turn it over to Patrick and let him provide a little bit of color on the mix.

是的。菲爾，這是肖恩。謝謝你的問題。因此，我們對我們在非 UFLPA 上取得的進展感到興奮，正如您在最近的預訂中所描述的那樣。所以讓我把它交給帕特里克，讓他為混音提供一點色彩。

Yes, in terms of kind of 1P and 2P, Phil, we didn't give kind of specific numbers in terms of kind of the revenue split, but it will be a mix between kind of our one-in-portrait tracker and our two-in-portrait tracker. And in terms of just kind of overall revenue kind of mix on the non-UFLPA, we do expect to start recognizing revenue for those projects in the non-UFLPA-impacted areas in the near term, and it's not something that's kind of elongated out. So we do expect to start recognizing revenue on that $240 million in the near term.

是的，就 1P 和 2P 而言，Phil，我們沒有給出收入分配方面的具體數字，但它將是我們的單人像跟踪器和我們的兩個人像跟踪器的混合體-縱向跟踪器。就非 UFLPA 的整體收入組合而言，我們確實希望在短期內開始確認非 UFLPA 影響地區的那些項目的收入，而且這不會被拉長.因此，我們確實希望在短期內開始確認這 2.4 億美元的收入。

Great. And looking ahead, can you talk about what you expect in terms of the bookings momentum. You've had a really nice run here in spite of the UFLPA module constraints. Would you expect as we get into Q2 and 3, that the bookings momentum sustains given the Inflation Reduction Act and your international success there?

偉大的。展望未來，您能談談您對預訂勢頭的期望嗎？儘管有 UFLPA 模塊限制，您在這裡的運行非常好。當我們進入第 2 季度和第 3 季度時，鑑於《降低通貨膨脹法案》和你們在國際上的成功，您是否期望預訂勢頭持續？

We are very excited about the bookings momentum. And frankly speaking, I think we've done a lot of work internationally. As we mentioned in the remarks, we've also put a lot of focus on our product portfolio and enhancing our product portfolio now having a first solar solution for our Voyager 2P and developing our 1P Pioneer product, and so for the back half of the year, we're expecting continued momentum. In addition, we're hopeful that there will be some form of relief on UFLPA that we're certainly not counting on it, but we're hopeful that, that would also add to the momentum that we're seeing for the back half of the year. Again, Patrick Cook, our Chief Commercial Officer, is here, and I'll let him provide a little more color.

我們對預訂勢頭感到非常興奮。坦率地說，我認為我們在國際上做了很多工作。正如我們在評論中提到的，我們也非常關注我們的產品組合併增強我們的產品組合，現在我們的 Voyager 2P 擁有第一個太陽能解決方案並開發我們的 1P Pioneer 產品，因此對於後半部分年，我們期待持續的勢頭。此外，我們希望 UFLPA 會有某種形式的緩解，我們當然不會指望它，但我們希望，這也會增加我們看到的後半部分的勢頭的一年。再一次，我們的首席商務官帕特里克庫克在這裡，我會讓他提供更多的顏色。

Yes, Phil, the way I think about that is you look kind of in the U.S., right, our product portfolio set. We've got the first solar solution. We've got our 2P, and we have our one-in-portrait solutions. We feel like we have a pretty sound portfolio set to go attack, not only new customers, but existing customers and grow kind of the share of wallet. We talked about kind of the international expansion that we have. It's typically kind of 2 years to revenue. if you kind of rewind the clock, we've been in a lot of these international locations for 2-plus years, and you're starting to see kind of the same trajectory and trend that we had in the U.S. back in 2019, where you start getting into 2, 3, 4, 5 different customers, you grow the share of wallet, you grow the footprint. And now you've got a backlog and pipeline that's dependable for kind of upcoming revenue. So we're certainly excited about the momentum that we're seeing in the bookings. The customer excitement around IRA in the U.S. is certainly extremely high, and we're looking forward to be able to kind of capture on that as well based on our customer relationships and the customer service that we bring to our customers, both in the U.S. and internationally.

是的，菲爾，我的想法是你看起來有點像在美國，對，我們的產品組合。我們有了第一個太陽能解決方案。我們有我們的 2P，我們有我們的人像解決方案。我們覺得我們有一個非常合理的投資組合可以去攻擊，不僅是新客戶，還有現有客戶，並增加錢包份額。我們談到了我們擁有的某種國際擴張。通常需要 2 年的時間才能實現收入。如果你倒轉時鐘，我們已經在很多這樣的國際地點工作了 2 年多，你開始看到我們在 2019 年在美國的軌跡和趨勢，在那裡你開始接觸 2、3、4、5 個不同的客戶，你增加了錢包份額，你增加了足跡。現在你有一個積壓的訂單和管道，對於即將到來的收入來說是可靠的。因此，我們當然對我們在預訂中看到的勢頭感到興奮。在美國，客戶對 IRA 的熱情肯定是非常高的，我們期待能夠根據我們的客戶關係和我們為美國客戶提供的客戶服務來抓住這一點。和國際上。

Great. One last one, if I may. In terms of the torque tube subsidy. We put out there recently that it seems like for this year, the torque tube manufacturers may secure between 30% and 40% of that subsidy. And then you guys should be able to get the balance of that. And then over the coming 4 or 5 years that decrements maybe by 5% to 10% a year until we get to about 10% in year 5. Does that resonate with you guys in the IRA agreements that you guys are structuring here in the U.S., to what degree does that match and resonate with you guys? And if not, what kind of structures are you guys looking at?

偉大的。最後一張，如果可以的話。在扭力管補貼方面。我們最近發布的消息稱，今年扭力管製造商可能會獲得 30% 至 40% 的補貼。然後你們應該能夠取得平衡。然後在接下來的 4 或 5 年裡，每年可能減少 5% 到 10%，直到我們在第 5 年達到大約 10%。這是否與你們在美國這裡構建的 IRA 協議中產生共鳴？ ，這在多大程度上與你們匹配並產生共鳴？如果不是，你們在看什麼樣的結構？

So we are hearing similar things. And so I would say that indeed, it does resonate with us and what we've heard so far and then what our expectations are for our joint venture. So I'd say, yes, we're somewhat aligned. I mean, we're waiting to see what the final regs I'll say, but your view of things is similar to our own.

所以我們聽到了類似的事情。所以我要說的是，它確實引起了我們的共鳴，以及我們到目前為止所聽到的，以及我們對合資企業的期望。所以我會說，是的，我們有點一致。我的意思是，我們正在等著看我會說的最終規則，但你對事物的看法與我們相似。

Great. Okay. Keep up the bookings momentum, and I'll pass it on.

偉大的。好的。保持預訂勢頭，我會把它傳遞下去。

Our next question will be coming from Donovan Schafer of Northland Capital.

我們的下一個問題將來自 Northland Capital 的 Donovan Schafer。

So I'm going to kind of follow up on Phil's question here, I know you guys probably don't want to get too specific on some of these dynamics that help working around the UFLPA. But I'm curious if we can talk maybe in terms of like broader trends or kind of minority majority of sort of mix. So if I think about the maybe call it like 3 vectors that give you the flexibility to kind of work around the UFLPA. And so I think of those 3 factors is first having a better solution now that pairs with first solar panels is one for solar. And then the second one would be the international sales. And then the third one that maybe kind of overlap in some ways, is having the 1P product now because maybe that's part of what enables a certain amount of international sales. So it's too much to answer in one question, but you can imagine we can make like a 2x3 matrix or table or something and say, we're first solar panels, more than 50% or less than 50% of sales in the fourth quarter or in the backlog or in the pipeline. Our international sales above the 50% or below the 50% mark, fourth quarter backlog pipeline, whatever you're kind of comfortable talking about sensing of 1P, majority 1P, minority 1P. It sounds like the 1P won't be coming out or be deployed until second half of '23. So, of course, that's probably not a factor in Q4 sales. But just between those 3 vectors, having a first solar optimized product and international sales and kind of 1P versus 2P. Are you leaning more heavily on some of those and the other, it sounds like international, and kind of greater than 50%, less than 50%. Anything kind of high level there, just to help us flesh out kind of trends and key drivers.

所以我將在這裡跟進 Phil 的問題，我知道你們可能不想過於具體地了解其中一些有助於圍繞 UFLPA 工作的動態。但我很好奇我們是否可以就更廣泛的趨勢或某種少數多數的混合形式進行討論。因此，如果我考慮可以將其稱為 3 個向量，它們可以讓您靈活地圍繞 UFLPA 進行工作。所以我認為這 3 個因素首先是有一個更好的解決方案，現在與第一個太陽能電池板配對是一個用於太陽能。然後第二個是國際銷售。然後第三個可能在某些方面有所重疊，現在擁有 1P 產品，因為這可能是實現一定數量國際銷售的一部分。所以在一個問題上回答太多了，但你可以想像我們可以製作一個 2x3 矩陣或表格之類的東西，然後說，我們是第一個太陽能電池板，第四季度超過 50% 或低於 50% 的銷售額或在積壓中或在管道中。我們的國際銷售額高於 50% 或低於 50%，第四季度積壓管道，無論你喜歡談論 1P、多數 1P、少數 1P 的感應。聽起來 1P 要到 23 年下半年才會出現或部署。所以，當然，這可能不是第四季度銷售的一個因素。但就在這 3 個向量之間，擁有第一個太陽能優化產品和國際銷售，以及 1P 與 2P。你是不是更依賴其中的一些和另一個，這聽起來像國際化的，有點超過 50%，低於 50%。那裡有任何高層次的東西，只是為了幫助我們充實某種趨勢和關鍵驅動因素。

Sure, Donovan. Thanks for the question. And I think those 3 vectors that you identified, First Solar, international growth and the 1P product, adding that to our portfolio are all critical because as we've said before, we really have tried to pivot the company and not be focused on, hey, when will UFLPA end. But what are the things we can control, how can we improve the company and drive the company's success, independent of UFLPA. So all 3 of these vectors are critical. So as you know, we're shipping for revenue with a First Solar Voyager 2P solution. And as far as the 1P product goes, we're going to ship it in the back half of the year. And it's our intention after we ship the initial crystalline-based product that we will have a First Solar solution as well for the 1P or excuse me, Pioneer product, and then international, like Patrick said, international takes some time. But if you think about sort of a 2-year period, we're in really good shape in many countries, and we talked about some of the great growth we've seen in Australia, where we've really invested over time, and Cameron and the team are doing a phenomenal job. We just announced our largest project ever in Australia. And so all 3 of those vectors are very critical to us. Obviously, we're not guiding for the year. And so it's hard for me to give you any specificity on the 3 vectors. Maybe I'll ask Patrick to provide a little bit more color. But those 3 vectors are all critical to our strategy to basically grow the company and have the company drive success independent of UFLPA.

當然，多諾萬。謝謝你的問題。而且我認為你確定的這 3 個向量，First Solar，國際增長和 1P 產品，將其添加到我們的產品組合中都是至關重要的，因為正如我們之前所說，我們確實試圖讓公司轉向而不是專注於，嘿，UFLPA什麼時候結束。但是我們可以控制哪些事情，我們如何獨立於 UFLPA 來改善公司並推動公司成功。所以所有這 3 個向量都是關鍵的。如您所知，我們正在通過 First Solar Voyager 2P 解決方案進行運輸以獲取收入。至於 1P 產品，我們將在下半年發貨。在我們運送最初的基於晶體的產品之後，我們的意圖是我們將有一個 First Solar 解決方案以及 1P 或對不起，先鋒產品，然後國際化，就像帕特里克說的，國際化需要一些時間。但是如果你考慮一下 2 年的時間，我們在許多國家都處於非常好的狀態，我們談到了我們在澳大利亞看到的一些巨大增長，我們在那裡確實隨著時間的推移進行了投資，並且Cameron 和他的團隊做得非常出色。我們剛剛宣布了我們在澳大利亞有史以來最大的項目。因此，所有這 3 個向量對我們都非常關鍵。顯然，我們沒有為這一年提供指導。所以我很難給你任何關於這 3 個向量的具體信息。也許我會請帕特里克提供更多顏色。但這 3 個向量對於我們基本發展公司並讓公司獨立於 UFLPA 取得成功的戰略都至關重要。

Yes. Donovan, I think the way I look at it, kind of around Q4 and beyond. I mean, obviously, we've had international wins. We talked about kind of the First Solar solution. So you're seeing kind of the historical kind of growth off the Q3, we said lows in relation to us adding those kind of additional product portfolio and as well as kind of ultimately expanding internationally. And we're seeing that kind of in the front half of the year. You see kind of sequential growth from what we delivered in Q4 and our guide ultimately in Q1. So we're seeing adoption of our different product portfolios and ultimately, our expansion internationally, and that is a portion of our overall growth in spite of what's going on in the overall market and UFLPA, which is why we talked about on our last earnings call that Q3, we believe, was our historical lows, and we're going to springboard from that. And I think you're seeing that with our revenue growth as well as kind of our gross margin expansion as well in those products and geographies.

是的。多諾萬，我認為我看待它的方式，大約在第四季度及以後。我的意思是，很明顯，我們贏得了國際比賽。我們談到了 First Solar 的解決方案。所以你看到了第三季度的歷史增長，我們說了與我們增加這些額外產品組合以及最終在國際上擴張有關的低點。我們在今年上半年看到了這種情況。從我們在第四季度交付的產品和最終在第一季度的指南中，您可以看到某種連續增長。因此，我們看到了我們不同產品組合的採用，並最終實現了我們的國際擴張，這是我們整體增長的一部分，儘管整個市場和 UFLPA 正在發生什麼，這就是我們在上次收益中談到的原因我們認為，第三季度是我們的歷史低點，我們將從中跳板。而且我認為你會看到我們的收入增長以及我們的毛利率擴張以及這些產品和地區。

Okay. Great. And then as a follow-up, I know you have with the Q3 trough and still kind of early in coming back from that. You're at a lower revenue number. And so the guidance for Q1 2023 has a healthy range there, maybe in percentage terms, maybe it's not much in absolute terms but I'm curious if the range, I guess, first would just be whether that range really just comes down to project timing. That seems like it's probably quite likely the situation, but just a confirmation there. And then kind of related to that, if it is just around project timing, does that leave potential for sort of significant upside for 2023, like generally? And maybe circling around to kind of UFLPA, we're talking a lot about working around that, but there's always sort of the hypothetical possibility of some meaningful resolution there, right? Tensions are high between the U.S. and China, but with everything going on with Ukraine, some people are interested in picking up with China, some people aren't and so there may be parties that be that try to come to the bargaining table and reach some kinds of agreements or accords or understandings or whatever. So the U.S., given the range for the first quarter and if the UFLPA were kind of (inaudible) sort of resolved with the whole UFLPA, the actual exposed part of your portfolio backlog, would that expose part sort of just come online quickly and you get a really big like pop or super positive performance? Or would that continue at a normal trajectory anyway because of for other reasons or if projects were canceled or postponed or have to file for a permit extension, so on and so forth.

好的。偉大的。然後作為後續行動，我知道你已經經歷了第三季度的低谷，但從中恢復過來還為時過早。您的收入數字較低。因此，2023 年第一季度的指導在那裡有一個健康的範圍，也許是百分比，也許絕對不是很多，但我很好奇，我想，首先這個範圍是否真的只是歸結為項目定時。這似乎很可能是這種情況，但只是在那裡的確認。然後與此相關的是，如果它只是圍繞項目時間安排，那麼這是否會像一般情況一樣為 2023 年留下某種顯著上升的潛力？也許圍繞著某種 UFLPA，我們談論了很多關於解決這個問題的方法，但總有一些假設的可能性可以解決一些有意義的問題，對吧？美國和中國之間的緊張局勢很嚴重，但隨著烏克蘭的一切進展，有些人有興趣與中國接洽，有些人則沒有，所以可能會有各方試圖走到談判桌前並達成協議某些類型的協議或協議或諒解或其他任何內容。因此，美國，考慮到第一季度的範圍，如果 UFLPA 有點（聽不清）與整個 UFLPA 一起解決，你的投資組合積壓的實際暴露部分，會暴露部分只是快速上線，你獲得像流行音樂或超級積極的表現？或者，由於其他原因，或者如果項目被取消或推遲，或者必須申請許可證延期等等，這種情況是否會繼續以正常軌跡進行。

So Donovan, thanks for the question. So if you look at our guide, the revenue guidance is like, I believe, USD36 million to USD40 million. So we tried to provide a reasonable range for what we think we're going to achieve and not a wide range. Obviously, sitting here today, we feel good about the guidance we're providing for Q1. And as we said before, we're looking at UFLPA, if something does happen, and we're hearing what I would call some positive signals from UFLPA in terms of shipments. But if there's something big happens like you described, that UFLPA opens up and indeed modules are in the U.S. and available for projects because those would really have to be the modules that are being held today. But once the factories come back up and modules start flowing again, yes, that's certainly an opportunity for us because we have built into our plan that UFLPA will persist at some level. And frankly speaking, yes, I would believe there would be some upside depending on what level of modules that UFLPA solution put into the U.S. market. I don't know, Phelps, if you want to...

多諾萬，謝謝你的提問。因此，如果你看一下我們的指南，我相信收入指導是 3600 萬美元到 4000 萬美元。所以我們試圖為我們認為我們將要實現的目標提供一個合理的範圍，而不是一個很大的範圍。顯然，今天坐在這裡，我們對我們為第一季度提供的指導感到滿意。正如我們之前所說，我們正在關注 UFLPA，如果確實發生了什麼，我們會聽到 UFLPA 在出貨方面發出的一些積極信號。但是，如果像您描述的那樣發生了大事，那麼 UFLPA 就會開放，而且模塊確實在美國並且可用於項目，因為這些模塊確實必須是今天舉行的模塊。但是一旦工廠恢復並且模塊再次開始流動，是的，這對我們來說當然是一個機會，因為我們已經將 UFLPA 納入我們的計劃，將在某種程度上持續存在。坦率地說，是的，我相信會有一些好處，這取決於 UFLPA 解決方案投放到美國市場的模塊級別。我不知道，菲爾普斯，如果你想...

Yes, no, Donovan, it's Phelps. So as Sean talked about, when we talked about guidance in terms of Q1, it is a relatively narrow range. We're feeling very good about the bookings we've had in Q4. Obviously, to your point, we're a project-based business, we're supporting projects, if there's a delay of timing to any individual products I can delay for revenue recognition. The other thing that we're really excited about for this quarter is the guide in terms of the gross margin range. It's 2% to 8% in positive territory, which what you're seeing here is really a lot of the work in the legacy products that we had last year have rolled off, and we're starting to see the new products take advantage of the DTV initiatives, et cetera. And so that, we think, is a very important thing for us on the margin side. But you're exactly correct. I mean the ramp of the revenue on a quarter-over-quarter basis, will be continued upon projects and really, the people that we've had in our backlog, how quickly they can get modules, it can be the really the pivot point for us to recognize revenue as quickly as possible. Maybe Patrick, you want to add on to that?

是的，不，多諾萬，是菲爾普斯。所以正如肖恩所說，當我們談到第一季度的指導時，這是一個相對狹窄的範圍。我們對第四季度的預訂感覺非常好。顯然，就你的觀點而言，我們是一個基於項目的業務，我們正在支持項目，如果任何個別產品的時間延遲，我可以延遲收入確認。本季度我們真正感到興奮的另一件事是毛利率範圍方面的指南。這是 2% 到 8% 的積極區域，你在這裡看到的確實是我們去年推出的遺留產品中的很多工作，我們開始看到新產品利用DTV 計劃等。因此，我們認為，在保證金方面對我們來說是一件非常重要的事情。但你完全正確。我的意思是收入環比增長，將在項目上繼續，實際上，我們積壓的人員，他們能以多快的速度獲得模塊，這可能是真正的關鍵點以便我們盡快確認收入。也許帕特里克，你想補充一下嗎？

Yes. I think the one thing too Donovan to focus on is just the growth kind of sequentially the last 2 earnings calls of our backlog that's not subject to UFLPA review. We talked about what we were able to achieve in kind of in our Q3 earnings call. Obviously, we grew backlog by another $240 million, and the vast majority of that is not subject to UFLPA review. And so what we've talked about is those have a shorter cycle time to revenue. So we've grown our backlog to kind of historical highs or record highs, but we're getting a majority of the last 2 quarters that have come from non-UFLPA-related zones. And so that time and cycle to revenue is ultimately faster because you're not subject to when or the availability of modules.

是的。我認為多諾萬也需要關注的一件事就是我們積壓的最後 2 次財報電話會議的連續增長，不受 UFLPA 審查。我們在第三季度的財報電話會議上談到了我們能夠取得的成就。顯然，我們又增加了 2.4 億美元的積壓，其中絕大多數不受 UFLPA 審查。所以我們談論的是那些有更短的收入周期時間。所以我們已經將我們的積壓增加到某種歷史高位或歷史高位，但我們在過去兩個季度中的大部分來自非 UFLPA 相關區域。因此，最終實現收入的時間和周期會更快，因為您不受模塊的時間或可用性的約束。

Right. So if you look at the total backlog in aggregate, 1/3 of it is now nonsubject to UFLPA, right? And so, as Patrick alluded to, that's a very big pivot for us. And that's where the focus of the sales team is. They've done a phenomenal job of building backlog with international projects for solar projects or certain developers are getting crystalline modules and availability in the U.S., and that's going to represent that as well.

正確的。因此，如果您總體查看總積壓工作，其中 1/3 現在不受 UFLPA 的約束，對嗎？因此，正如帕特里克所暗示的那樣，這對我們來說是一個非常重要的支點。這就是銷售團隊的重點所在。他們在太陽能項目的國際項目積壓方面做得非常出色，或者某些開發商正在美國獲得晶體模塊和可用性，這也將代表這一點。

Okay. Fantastic. I'll take the rest of my questions offline.

好的。極好的。我會將其餘的問題離線處理。

The next question will be coming from Jeff Osborne of Cowen.

下一個問題將來自 Cowen 的 Jeff Osborne。

Just a couple of questions. I had one clarification for a comment that Patrick made it. You made a reference to 2 years from an international presence to revenue. Was that from a sales perspective? Or were you trying to say once something is added to backlog, it takes 2 years to record revenue on that?

只是幾個問題。我對 Patrick 發表的評論有一個澄清。您提到了從國際業務到收入的 2 年時間。這是從銷售的角度來看的嗎？或者您是想說，一旦將某些東西添加到待辦事項列表中，就需要 2 年時間才能記錄其收入？

No. Sorry, Jeff. So I appreciate the clarifying question. That's when I say 2 years, really, when you put the boots on the ground and enter a new geography from time to ultimately revenue because it takes time to build the relationships, get certified, build everything around kind of the product portfolio and backlog. So we've been in these geographies for 2-plus years now, and we're seeing the benefits of that. Once we get the PO, it's really pretty quick to revenue. So no it's not...

不，對不起，傑夫。所以我很欣賞澄清問題。那是我說 2 年的時候，真的，當你把靴子放在地上並不時進入一個新的地理區域以最終獲得收入時，因為建立關係、獲得認證、圍繞產品組合和積壓建立一切都需要時間。所以我們現在已經在這些地區工作了 2 年多，並且我們看到了這樣做的好處。一旦我們獲得採購訂單，就可以很快獲得收益。所以不，這不是...

... 8 to 9 months from PO to revenue for these international...

... 8 到 9 個月從 PO 到這些國際收入...

In some of the international locations, it's going to be shorter than that.

在一些國際地點，它會比這更短。

Okay. Good to hear. And then...

好的。很高興聽到。進而...

We got a footprint already, right? So if you look at Australia, for example, where we've done 25 projects, you get a purchase order, you're recognizing revenue in accordance with kind of our lead times. So you're talking about a period of weeks to a few months.

我們已經有了足跡，對吧？因此，如果你看看澳大利亞，例如，我們在那裡完成了 25 個項目，你會收到一份採購訂單，你會根據我們的交貨時間確認收入。所以你說的是幾周到幾個月的時間。

Got it. That's helpful. And then with the JV, how do we think about CapEx for 2023? Is there any capital that you're committing to that? Or is that all through your third party and the use scenario?

知道了。這很有幫助。然後對於合資企業，我們如何看待 2023 年的資本支出？您是否為此投入了任何資金？還是通過您的第三方和使用場景？

So in the partnership, we are making what I would characterize as a modest contribution as is the partner. And then we expect to start and ramp up the facility beginning in the back half of this year.

因此，在合作夥伴關係中，我們和合作夥伴一樣做出了我認為是適度的貢獻。然後我們預計從今年下半年開始啟動並擴大該設施。

Yes. Yes. In terms of context, I just think mid to low millions of dollars. It's not a massive capital investment that will go into an existing facility, and we're going to take 45% of the JVs we disclosed previously.

是的。是的。就上下文而言，我只是認為中低數百萬美元。這不是對現有設施的大量資本投資，我們將獲得我們之前披露的合資企業的 45%。

Got it. And is that all for the Texas area? Would you need one in the Midwest as well?

知道了。這就是德克薩斯地區的全部嗎？你在中西部也需要一個嗎？

No. We can source out of the Texas facility for all of our needs at the current time. And then we have the ability in future phases if we wanted to, that we could add additional capacity at the existing location.

不需要。目前，我們可以從德克薩斯工廠採購來滿足我們的所有需求。然後，如果我們願意，我們可以在未來階段在現有位置增加額外的容量。

Got it. And then the last one I had is just if you could give us a context with the nice backlog growth, why you feel you're winning? Obviously, you've had design to value. It's great to see the margin guidance, but is it something around labor rates and install time? Or is it price? Is it availability? Just any context would be helpful.

知道了。然後我的最後一個問題是，如果你能給我們一個背景，說明積壓增長很好，為什麼你覺得你贏了？顯然，您的設計是有價值的。很高興看到利潤指導，但它與人工費率和安裝時間有關嗎？還是價格？是可用性嗎？任何上下文都會有所幫助。

Yes. So we continue to see very positive feedback on the constructability aspect, and we really do feel like we have the best 2P tracker product out there. And we continue to hear from our customers, and there's a lot of excitement as well given the availability of First Solar modules that we now have a First Solar solution. People also are excited about the expansion of our product portfolio to include now a 1P product as well. I'm sorry, Patrick, I didn't mean to...

是的。所以我們繼續看到關於可構造性方面非常積極的反饋，我們真的覺得我們擁有最好的 2P 追踪器產品。我們不斷收到客戶的來信，鑑於我們現在擁有 First Solar 解決方案的 First Solar 組件的可用性，我們也感到非常興奮。人們也對我們的產品組合的擴展感到興奮，現在還包括 1P 產品。對不起，帕特里克，我不是故意的……

I think Sean is exactly right. I mean I think if you could break it down, I think one is the constructability advantage and especially in kind of inflationary environment, high labor cost rates and shortage of labor, that value gets exacerbated. And customers really look at ways to shape costs and shape labor and certainly, the construction times with our 2P solution, ultimately, does that. The other part that we hear a lot is customer service. If you look at kind of our legacy team, we do have the mindset of the developer and our ability to engage with our developers and EPCs and kind of bring that mindset to the tracker. We're viewed as more than just kind of a racking partner, really viewed as a strategic partner and someone who helps bring solutions to the table. And if I hear more often than not, why we win projects, it's really kind of centered around the customer service. And obviously, you've got to have a competitive price, and we're able to compete against all of our competitors. And obviously, with our gross margin guide, you can see that we're able to do that profitably as well.

我認為肖恩是完全正確的。我的意思是，我認為如果你能把它分解，我認為其中一個是可施工性優勢，尤其是在通貨膨脹環境、高勞動力成本率和勞動力短缺的情況下，這種價值會加劇。客戶確實在尋找控製成本和勞動力的方法，當然，我們的 2P 解決方案的施工時間最終做到了這一點。我們經常聽到的另一部分是客戶服務。如果你看一下我們的遺留團隊，我們確實擁有開發人員的心態以及我們與開發人員和 EPC 互動的能力，並將這種心態帶入跟踪器。我們被視為不僅僅是一種貨架合作夥伴，真正被視為戰略合作夥伴和幫助將解決方案帶到桌面的人。如果我經常聽到，為什麼我們贏得項目，它確實以客戶服務為中心。顯然，你必須有一個有競爭力的價格，而且我們能夠與我們所有的競爭對手競爭。顯然，根據我們的毛利率指南，您可以看到我們也能夠盈利。

Our next question is coming from Pavel Molchanov of Raymond James.

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

On the Alpha Steel joint venture, just to clarify, will this be contributing to revenue? Or is it purely going to reduce your cost of goods? Like how does the accounting work on that?

關於 Alpha Steel 合資企業，澄清一下，這會增加收入嗎？還是純粹是為了降低您的商品成本？比如會計是如何處理的？

Yes. So thanks for the question. So from accounting perspective, we've been working with the latter. We do not anticipate we'll be consolidating the results on our books. So we have a 45% interest in the joint venture. And so it won't be contributed to revenue on the top line.

是的。所以謝謝你的問題。所以從會計的角度來看，我們一直在與後者合作。我們預計我們不會將結果整合到我們的賬簿上。所以我們在合資企業中擁有 45% 的權益。因此，它不會對頂線的收入做出貢獻。

Okay. So you will be minority interest essentially?

好的。所以你本質上是少數人的利益？

That's correct.

這是正確的。

Right? Okay. Okay. That's clear.

正確的？好的。好的。這很清楚。

Yes, that's correct.

對，那是正確的。

Yes, kind of zooming out for a moment, when you guys went public 2 years ago, one of the statistics that you were highlighting was 75% of utility scale projects in the United States were using trackers. But outside the U.S., it was the mirror image only 1 quarter. How have those numbers changed in the past 2 years given everything that's happened?

是的，稍微縮小一下，當你們 2 年前上市時，你們強調的統計數據之一是美國 75% 的公用事業規模項目都在使用跟踪器。但在美國以外，只有 1 個季度是鏡像。考慮到所發生的一切，這些數字在過去 2 年中發生了怎樣的變化？

Yes. I mean I think we've seen the adoption of trackers and kind of continued progress, especially in the regions that we operate. Typically, when more sophisticated capital gets deployed in those regions, you see ways for the developers to maximize their IRR. Australia is a good example. We've seen more and more trackers ultimately get picked up there, places in Africa, for example, where we've won a number of projects to date, that's traditionally been a fixed tilt market, and we've seen more and more growth and adoption there. I mean I think you've seen kind of, we talked about at the IPO roughly 25%. I mean I think the 2023 numbers are somewhere in the low to mid-30s. So we are seeing ultimately kind of forecasted kind of sequential growth in trackers. We expect that to continue to improve as the markets outside of the U.S. become more and more sophisticated and they're focused on IRRs and returns.

是的。我的意思是我認為我們已經看到了追踪器的採用和持續的進步，尤其是在我們運營的地區。通常，當在這些地區部署更成熟的資本時，您會看到開發商最大化其 IRR 的方法。澳大利亞就是一個很好的例子。我們已經看到越來越多的追踪器最終被採納，例如在非洲的地方，迄今為止我們已經贏得了許多項目，傳統上這是一個固定傾斜的市場，我們已經看到越來越多的增長並在那裡收養。我的意思是我認為你已經看到了，我們在 IPO 上談到了大約 25%。我的意思是我認為 2023 年的數字在 30 年代中期左右。因此，我們最終看到了某種預測的跟踪器連續增長。我們預計隨著美國以外的市場變得越來越複雜並且他們關注 IRR 和回報，這種情況將繼續改善。

The next question will be coming from Kashy Harrison of Piper.

下一個問題將來自 Piper 的 Kashy Harrison。

So first one for me. Great to see gross margins with a positive in Q1 and your cost reduction initiatives manifest in those numbers. If you're able to generate 5% gross margins at just under $40 million, I was wondering if you could speak to where your gross margins would be at a $100 million quarterly run rate? And then maybe if you could give us a sensitivity on where gross margins go if you roll in the manufacturing credit?

所以第一個對我來說。很高興看到第一季度的毛利率為正，並且您的成本削減計劃體現在這些數字中。如果你能夠以不到 4000 萬美元的價格產生 5% 的毛利率，我想知道你是否可以談談你的毛利率在 1 億美元的季度運行率下的位置？然後，如果你能在製造業信貸中滾動，你能否讓我們了解毛利率的走向？

So thanks for the question. I think our belief is still that we can achieve the gross margins that were discussed back at the time of the IPO. So that still remains our objective as a company to get to the 20 and ultimately 20-plus percent gross margins.

所以謝謝你的問題。我認為我們仍然相信我們能夠實現 IPO 時討論的毛利率。因此，作為一家公司，我們的目標仍然是達到 20% 並最終達到 20% 以上的毛利率。

Yes. I mean I think the other way to think about it if you want to go out of theoretical, just go back to where I think it was our Q2 deck Kashy in terms of, we are showing kind of that different revenue ranges 12% to 18% at $150 million. That's a good area just at least to put a pin in and start thinking about that. Obviously, this is really good result at this low revenue base. Again, we anticipate these would improve over time as the revenue base grows, as you're willing to get some operating leverage on the business and amortize some of that overhead and COGS overhead, et cetera.

是的。我的意思是，如果你想跳出理論，我想換一種方式來思考它，回到我認為是我們的 Q2 套牌 Kashy 的地方，我們展示了 12% 到 18% 的不同收入範圍% 為 1.5 億美元。這是一個很好的領域，至少可以插一腳並開始考慮它。顯然，在這個低收入基礎上，這確實是一個不錯的結果。同樣，我們預計隨著收入基礎的增長，這些會隨著時間的推移而改善，因為您願意在業務上獲得一些運營槓桿並分攤一些間接費用和 COGS 間接費用等。

Got you. And do you have any sort of comment on where gross margins could go with the manufacturing credits from the 45X?

明白了您對毛利率與 45X 的製造信用有關的地方有何評論？

Yes. So we're not billing the baseline. We think it's going to be upside. As Sean alluded to, we're hearing different share in the pools right now. We think the manufacturing JV was really critical to provide and service our customers with the domestic content. We do think there'll be some benefit coming back to us. With that being said, until we finalize some of the IRA benefits, I think it's a little bit uncertain to this point.

是的。所以我們不對基線收費。我們認為這將是有利的。正如 Sean 提到的那樣，我們現在聽到了池中不同的份額。我們認為製造合資企業對於為我們的客戶提供國內內容和服務至關重要。我們確實認為會有一些好處回到我們身邊。話雖如此，在我們最終確定 IRA 的一些福利之前，我認為這一點還有點不確定。

Yes. The 12% to 18% that Phelps mentioned there, that does not include any benefit from...

是的。菲爾普斯在那裡提到的 12% 到 18%，這不包括來自……的任何好處。

Yes, that was pre IRA.

是的，那是愛爾蘭共和軍之前。

That's pre IRA. So we expect some benefit not forecasting any benefit in, but any benefit would ultimately be accretive to the bottom line. So that 12% to 18% does not include that.

那是愛爾蘭共和軍之前。因此，我們預計會有一些收益不會預測任何收益，但任何收益最終都會增加利潤。所以 12% 到 18% 不包括那個。

Okay. Fair enough. And then I was looking at the guidance section of the earnings release. In the release, you indicated that you expect to see continued operational improvements in the second quarter, but you took out the commentary surrounding your expectation of sequential revenue improvement that you included in the last earnings release. And so I was wondering if you guys could just provide us with some qualitative direction on the revenue trajectory entering the second quarter.

好的。很公平。然後我正在查看收益發布的指導部分。在新聞稿中，您表示您希望在第二季度看到持續的運營改善，但您刪除了關於您在上次收益報告中包含的連續收入改善預期的評論。所以我想知道你們是否可以為我們提供一些關於進入第二季度的收入軌蹟的定性方向。

So we're not guiding beyond the first quarter, obviously. And so I would just say the qualitative guidance we provided is that we feel good given the work that the team has done, given the international success, the product portfolio that now includes the 1P, the product portfolio that now includes First Solar solution. So we feel good about the positive trajectory we're on. but we're really not at this point, given the overall market situation, we're not guiding beyond Q1.

所以我們顯然不會在第一季度之後進行指導。因此，我只想說，我們提供的定性指導是，鑑於團隊所做的工作、國際上的成功、現在包括 1P 的產品組合、現在包括 First Solar 解決方案的產品組合，我們感覺很好。因此，我們對我們所處的積極軌道感到滿意。但我們現在真的沒有，鑑於整體市場情況，我們不會指導超過第一季度。

Yes. And just as I said, when we talk about continued operational improvements, right, I think the way you want to think about that is, as Sean said, there's a lot of uncertainty as you go out in the future quarters. That's why we're not guiding to the full year at this point. But we do think Q3 last year was a low, and we'll continue to build revenue off the revenue base on a quarter-over-quarter basis. It would be our expectation.

是的。正如我所說，當我們談論持續的運營改進時，對，我認為你想要考慮的方式是，正如肖恩所說，未來幾個季度會有很多不確定性。這就是為什麼我們現在不指導全年。但我們確實認為去年第三季度很低，我們將繼續在收入基礎上按季度增加收入。這將是我們的期望。

Absolutely. I feel very optimistic about that given where we are and the great work the team has done.

絕對地。鑑於我們所處的位置以及團隊所做的出色工作，我對此感到非常樂觀。

Got you. Fair enough. And if I could just maybe sneak one more in. Apologies if you may have alluded to this a little bit earlier. But did you give us a sense of the commercial operational date of the $400 million of non-UFLPA projects? I'm just trying to get a sense of what the time line is for that $400 million to be harvested since it's not restricted by UFLPA restrictions? And I'll leave it there.

明白了很公平。如果我能再偷偷溜進去一點。很抱歉，如果你之前提到過這一點。但是您是否讓我們了解了 4 億美元的非 UFLPA 項目的商業運營日期？我只是想了解收穫 4 億美元的時間表是什麼時候，因為它不受 UFLPA 限制？我會把它留在那裡。

Yes. We didn't specifically call out kind of quarter-by-quarter when non-UFLPA items are going to be recognized. I mean, I think kind of the expectation as you look at non-UFLPA, whether it's domestic or international, the cycle time to revenue is obviously much shorter because these projects have modules and they're moving forward in kind of accordance with what we would call a normal course business. So these are projects that are kind of nearing PO and will be recognized over the kind of coming quarters sequentially.

是的。當非 UFLPA 項目將被認可時，我們沒有特別指出每季度的情況。我的意思是，我認為對於非 UFLPA，無論是國內還是國際，收入周期顯然要短得多，因為這些項目具有模塊，並且它們正在按照我們的方式向前推進會稱為正常課程業務。因此，這些項目有點接近 PO，並將在接下來的幾個季度中得到認可。

And one little qualifier. I mean some of those backlog wins would be over a multiyear, though, right? So they're 2023 as well as some 2024 deliveries.

還有一個小資格賽。我的意思是，其中一些積壓的勝利將持續多年，對吧？所以它們是 2023 年以及一些 2024 年的交付。

The next question is from Maheep Mandloi of Credit Suisse.

下一個問題來自瑞士信貸的 Maheep Mandloi。

Maheep Mandloi from Credit Suisse here. Just following on the previous question, how much of that $400 million is in beyond '23?

來自瑞士信貸的 Maheep Mandloi。緊接上一個問題，這 4 億美元中有多少是在 23 年後？

Yes. We're not guiding kind of the breakdown of '23 versus '24. I guess the way I would look at it is there's projects that are going to be delivered over multiple quarters. So purchase orders that you receive in 2023, you're going to recognize in Q2, Q3, Q4 and ultimately, some could spill into 2024 as well just based on project size and ultimate delivery schedule. But the way we're looking at these is they are going to be shorter time to revenue than what we've seen kind of historically on modules or projects that are subject to UFLPA review.

是的。我們不是在指導 23 年與 24 年的細分。我想我看待它的方式是有些項目將在多個季度交付。因此，你在 2023 年收到的採購訂單，你將在第二季度、第三季度、第四季度確認，最終，根據項目規模和最終交付時間表，有些訂單可能會延續到 2024 年。但我們看待這些的方式是，它們將比我們在歷史上看到的受 UFLPA 審查的模塊或項目更短的收入時間。

Got you. And...

明白了和...

I would say with these multi-project awards, what's nice is it gives you a good base and good kind of ability to forecast short and long-term revenue basis. So we're excited about these multi-project, multi-customer award wins because it does build us a nice baseline for revenue and revenue growth for us to be able to feel comfortable about what we're talking about externally as well.

我想說的是，有了這些多項目獎項，它的好處在於它為您提供了良好的基礎和良好的預測短期和長期收入基礎的能力。因此，我們對這些多項目、多客戶獲獎感到興奮，因為它確實為我們建立了一個很好的收入和收入增長基準，讓我們能夠對我們在外部談論的內容感到舒服。

Got it. And steel prices have gone up almost up 60% since the lows we saw in December, at least in the U.S. How does that impact the discussions you're having with customers either for future orders or existing bookings. Just trying to understand the impact on pricing and margin for you guys in that.

知道了。自 12 月我們看到的低點以來，鋼鐵價格已經上漲了近 60%，至少在美國是這樣。這對您與客戶就未來訂單或現有預訂進行的討論有何影響。只是想了解這對你們定價和利潤的影響。

So we have quite a few lessons learned from the past year when we dealt with the historic highs in both steel and logistics. And while you're right that as of late, some of the steel pricing has gone up, but we continue to provide quotes to our customers that have a limited window of time because we want to prevent any sort of surprises with our customer base, which they like about the approach we've taken. So we basically manage it the same way we managed it before, which is to give quotes that have a limited shelf life.

因此，我們從過去一年應對鋼鐵和物流的歷史高位時吸取了很多教訓。雖然你是對的，最近一些鋼材價格上漲了，但我們繼續在有限的時間內向客戶提供報價，因為我們想防止我們的客戶群出現任何意外，他們喜歡我們採取的方法。因此，我們基本上以與以前相同的方式進行管理，即提供保質期有限的報價。

And then how should we think about like pricing later this year as steel prices remain low? Do you expect pricing to come down over here? Or is pricing relatively stable right now this year?

那麼我們應該如何考慮今年晚些時候的定價，因為鋼鐵價格仍然很低？你預計這裡的價格會下降嗎？或者今年的價格相對穩定？

So we continue to watch the market very, very closely. And there are so many factors at play right now. If, for example, the positive outcome happens for UFLPA and suddenly, there's a significant increase in demand for trackers driven by crystalline module supply with the resolution of UFLPA. I mean there are so many geopolitical issues and things going on. It's hard to predict exactly what's going on, but we continue to have our DTV or design to value and our design to manufacturability initiatives to continue to have a cost down road map. So we can regardless of where the pricing goes, that we'll continue to be able to have a good margin outcome for our shareholders.

因此，我們將繼續非常、非常密切地關注市場。現在有很多因素在起作用。例如，如果 UFLPA 突然出現積極的結果，那麼在具有 UFLPA 分辨率的晶體模塊供應的推動下，對跟踪器的需求就會顯著增加。我的意思是有很多地緣政治問題和事情正在發生。很難準確預測正在發生的事情，但我們繼續讓我們的 DTV 或設計有價值，我們的設計到可製造性計劃繼續制定降低成本的路線圖。因此，無論定價如何，我們都可以繼續為股東帶來良好的利潤率。

And then just one last one from me. I presume like since there's a limited market for the non-UFLPA projects, does that increase competition and that non-UFLPA RFPs? And how should we think about the margins for those projects versus your normalized margins for the UFLPA or your regular projects?

然後是我的最後一個。我想因為非 UFLPA 項目的市場有限，這是否會增加競爭和非 UFLPA RFP？我們應該如何考慮這些項目的利潤率與 UFLPA 或您的常規項目的標準化利潤率？

So we never ever underestimate the competition. But frankly, we're really happy with the way that the sales team has been able to win projects. going up against some pretty stiff competition. But frankly speaking, we feel really good about the manufacturability advantage that we offer our customers. There's more to it than the price. And many of our customers recognize that and give us value for that manufacturability when we go head-to-head against the competition.

所以我們永遠不會低估競爭。但坦率地說，我們對銷售團隊贏得項目的方式感到非常滿意。面對一些相當激烈的競爭。但坦率地說，我們對我們為客戶提供的可製造性優勢感到非常滿意。不僅僅是價格。當我們與競爭對手正面交鋒時，我們的許多客戶都認識到這一點，並為我們的可製造性賦予了價值。

Yes. And the thing I'd add is that I think that's informed by everything Sean said about the Q1 margin guide that we have of positive 2% to positive 8%.

是的。我要補充的是，我認為 Sean 所說的關於第一季度利潤率指南的所有信息都表明我們有 2% 到 8% 的正值。

The next question is coming from Alex (inaudible) of Bank of America.

下一個問題來自美國銀行的亞歷克斯（聽不清）。

Just wanted to ask on the backlog. I mean, it's pretty well, right? If we look at what you guys are guiding to in 1Q, I mean, even on a sort of growing rate through the year or annualized, the level of backlog or line of sight however you want to think about it is really long versus what we would see from your peers. Just wanted to ask because I know you guys include sort of a combination there between contracted and awarded. What portion of that is not contracted currently? And I guess if it's sort of you're on a verbal or there's a negotiation of terms still to come, like what's to prevent somebody from, I guess, adjusting or walking from those contracts as it sits currently?

只是想問一下積壓。我的意思是，這很好，對吧？如果我們看一下你們在 1Q 的指導，我的意思是，即使以全年或年化的某種增長率來看，積壓或視線的水平，無論你想怎麼想，都比我們的要長會從你的同齡人那裡看到。只是想問一下，因為我知道你們在合同和授予之間包含了某種組合。其中哪一部分目前沒有簽約？而且我想如果你是在口頭上，或者還有一個條款的談判還有待進行，就像是什麼阻止某人，我猜，調整或退出目前的合同？

Well, I mean, I think the way we look at kind of the contract and awarded, obviously, these are projects that are, at times, multi-project awards kind of PO date over multiple quarters and multiple years. And so as we look at kind of the non-UFLPA, the 400, as Phelps talked about as well as myself, there's a portion of that, that's going to be recognized in 2023, and there's a portion of that that's going to be recognized ultimately in 2024 as well based on project delivery schedules. But if you think about from the customer's perspective, they're looking to simplify their overall supply chain. And so going out and having these kind of 1Z and 2Z type negotiations, they're really looking at, I've got 3 to 5 to 7 projects that I want to go out and kind of lump together in a portfolio more approach, and certainly, we've been approached by those customers that want to look at kind of these multi project awards and there are certain benefits in doing that.

好吧，我的意思是，我認為我們看待合同和授予的方式，顯然，這些項目有時是多個季度和多年的 PO 日期的多項目授予。因此，當我們看一些非 UFLPA，即 400，正如菲爾普斯和我自己所說的那樣，其中一部分將在 2023 年得到認可，其中一部分將得到認可最終在 2024 年以及基於項目交付時間表。但如果你從客戶的角度考慮，他們正在尋求簡化他們的整體供應鏈。所以出去進行這些 1Z 和 2Z 類型的談判，他們真的在看，我有 3 到 5 到 7 個項目，我想出去並在投資組合中整合更多的方法，並且當然，那些想要查看這些多項目獎項的客戶已經與我們接洽，這樣做有一定的好處。

Got it. That's super helpful. And then just one more. I wanted to ask just on the cash piece. Congrats to gross margins trending back in deposit or territory is a very welcome sign. But I realize you're still going to be negative cash, it looks like on an EBITDA base, at least in the first quarter. When you think about cash on balance sheet, and I know you have, I guess, the debt covenant terms extended the first quarter. What do we think about there just as far as like your liquidity base, anything that has to happen there? I know working capital looks like it's relatively drawn. Just anything we should be watching on the debt covenant versus cash in 1Q specifically. That would be helpful.

知道了。這非常有幫助。然後還有一個。我想問一下現金。恭喜毛利率回歸存款或領土是一個非常受歡迎的跡象。但我意識到你仍然會是負現金，看起來在 EBITDA 基礎上，至少在第一季度是這樣。當你考慮資產負債表上的現金時，我知道你有，我猜，債務契約條款延長了第一季度。就您的流動性基礎而言，我們如何看待那裡必鬚髮生的任何事情？我知道營運資金看起來比較吸引。我們應該特別關注第一季度債務契約與現金的任何事情。那會很有幫助。

No. I mean so cash ended at $44.4 million. If you think about the cash usage for the year, most of that was actually in Q1, right? We are pretty neutral over the last 3 quarters of the year. You are correct, the revolver covenant will go back to $125 million at the end of Q1. But overall, we're thinking that cash should be relatively neutral for the quarter. There will be some potential timing that we could pull some cash in that you have every quarter or push cash out. But overall, we feel good from that perspective. And again, getting the term in terms of getting an improved margin profile, et cetera, we think that's going to help alleviate some of the potential cash usage going forward.

不，我的意思是現金最終為 4440 萬美元。如果您考慮當年的現金使用情況，其中大部分實際上是在第一季度，對嗎？我們在今年的最後三個季度相當中立。你是對的，左輪手槍契約將在第一季度末回到 1.25 億美元。但總的來說，我們認為本季度現金應該相對中性。會有一些潛在的時間，我們可以在每個季度提取一些現金或推出現金。但總的來說，從這個角度來看，我們感覺很好。再一次，在獲得改善的利潤率等方面獲得術語，我們認為這將有助於減輕未來的一些潛在現金使用。

And that concludes the Q&A session for today. I would like to turn the call back over to management for any closing remarks.

今天的問答環節到此結束。我想將電話轉回給管理層以獲取任何結束語。

Thanks, everyone, for joining today. We believe we ended 2022 on an improving trajectory and that we're well positioned for the future. We have a lowered cost structure, innovative product line, a record pipeline and very strong backlog at $1.2 billion, and we're looking for good revenue growth in Q1, along with continued margin improvement. Thanks again, and we look forward to speaking with you next quarter.

謝謝大家今天的加入。我們相信我們在 2022 年結束時走上了改善的軌道，並且我們為未來做好了準備。我們擁有更低的成本結構、創新的產品線、創紀錄的管道和非常強勁的 12 億美元積壓訂單，我們期待第一季度的良好收入增長以及持續的利潤率改善。再次感謝，我們期待下個季度與您交談。

This concludes today's conference call. Thank you all for joining. Enjoy the rest of your day.

今天的電話會議到此結束。謝謝大家的加入。享受你剩下的一天。