Nextpower Inc (NXT) 2023 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Nextracker fourth-quarter and fiscal year 2023 financial results conference call. (Operator Instructions) This call is being recorded on Wednesday, May 10, 2023.

女士們先生們，下午好，歡迎參加 Nextracker 第四季度和 2023 財年財務業績電話會議。 （操作員說明）此通話記錄於 2023 年 5 月 10 日，星期三。

I would now like to turn the conference over to Don Quinby, Director, Finance and IR. Please go ahead.

我現在想將會議轉交給財務和 IR 總監 Don Quinby。請繼續。

Thank you. Good afternoon, and welcome to Nextracker's inaugural earnings conference call for our fourth-quarter and full year fiscal 2023 results. With me today is our Chief Executive Officer and Founder, Dan Shugar; our President, Howard Wenger; and our Chief Financial Officer, Dave Bennett. All three will give brief remarks, followed by Q&A.

謝謝。下午好，歡迎來到 Nextracker 就我們第四季度和全年 2023 財年業績召開的首次收益電話會議。今天和我在一起的是我們的首席執行官兼創始人 Dan Shugar；我們的總裁 Howard Wenger；以及我們的首席財務官 Dave Bennett。三人都將發表簡短評論，然後進行問答。

Slides for today's call, as well as a copy of the earnings press release and summary financials, are available on the Investor Relations section at nextracker.com. This call is being recorded and will be available for replay on the Investor Relations section of our website.

可在 nextracker.com 的投資者關係部分獲取今天電話會議的幻燈片以及收益新聞稿和財務摘要的副本。此通話正在錄音中，可以在我們網站的投資者關係部分重播。

As a reminder, today's call contains forward-looking statements, which are based on our current expectations and assumptions. These statements involve risks and uncertainties that could cause actual results to differ materially. For a full discussion of these risks and uncertainties, please see the cautionary statements in our presentation, press release, or in the risk factors section of our most recent filings with the SEC. Note, this information is subject to change, and we undertake no obligation to update these forward-looking statements.

提醒一下，今天的電話會議包含前瞻性陳述，這些陳述基於我們當前的預期和假設。這些陳述涉及可能導致實際結果大不相同的風險和不確定性。有關這些風險和不確定性的完整討論，請參閱我們的演示文稿、新聞稿或我們最近提交給美國證券交易委員會的文件的風險因素部分中的警告聲明。請注意，此信息可能會發生變化，我們不承擔更新這些前瞻性陳述的義務。

Please note, we will provide non-GAAP measures on today's conference call. The full non-GAAP-to-GAAP reconciliation can be found in the appendix slides of today's presentation, as well as in the summary financials posted on the Investor Relations section of our website. All growth metrics will be on a year-over-year basis, unless otherwise stated.

請注意，我們將在今天的電話會議上提供非 GAAP 措施。完整的非 GAAP 與 GAAP 對賬可以在今天的演示文稿的附錄幻燈片中找到，也可以在我們網站投資者關係部分發布的財務摘要中找到。除非另有說明，否則所有增長指標都將按年計算。

Now, I'd like to turn the call over to our CEO. Dan?

現在，我想把電話轉給我們的首席執行官。擔？

Thank you for joining Nextracker's first earnings call since our IPO on February 9. We will review our full fiscal year 2023, including the fourth quarter recently completed, and also provide guidance. I'm pleased to be joined today by our President Howard Wenger and Chief Financial Officer Dave Bennett. Given this is our first earnings call, we will spend extra time to introduce you to the company, industry, and the policy landscape in which we are operating.

感謝您參加 Nextracker 自 2 月 9 日首次公開募股以來的首次財報電話會議。我們將回顧整個 2023 財年，包括最近完成的第四季度，並提供指導。我很高興今天有我們的總裁霍華德溫格和首席財務官戴夫貝內特加入。鑑於這是我們的第一次財報電話會議，我們將花額外的時間向您介紹我們運營的公司、行業和政策環境。

Please turn to slide 4. We created Nextracker 10 years ago with a vision of a world powered by renewable energy. Our mission for achieving that was to provide the most intelligent, reliable, and productive solar power system. As a company, and together with our industry colleagues, we've made significant progress advancing our vision. Today, solar leads new power plant additions in many grids around the world.

請轉到幻燈片 4。我們在 10 年前創建了 Nextracker，其願景是建立一個由可再生能源驅動的世界。我們實現這一目標的使命是提供最智能、最可靠和最高效的太陽能發電系統。作為一家公司，並與我們的行業同事一起，我們在推進我們的願景方面取得了重大進展。今天，太陽能在世界各地的許多電網中引領著新電廠的增加。

Slide 5. So what does Nextracker actually do? We design, manufacture, and deliver solar trackers, control systems, and software. Our technology helps customers achieve higher profitability by increasing their energy production, lowering operation costs, and protecting the equipment in extreme weather.

幻燈片 5. 那麼 Nextracker 實際上做了什麼？我們設計、製造和交付太陽能跟踪器、控制系統和軟件。我們的技術通過增加能源產量、降低運營成本和在極端天氣下保護設備來幫助客戶實現更高的盈利能力。

Our trackers enable up to 30% more energy to be produced annually compared with stationary solar arrays. The tracker, typically over 300 feet long, rotates the solar panels to follow the sun during the day. Solar panels, electrical inverters, and switchgear are provided by others to the customer.

與固定式太陽能電池陣列相比，我們的跟踪器每年可以多生產 30% 的能源。跟踪器通常超過 300 英尺長，可旋轉太陽能電池板以在白天跟隨太陽。太陽能電池板、逆變器和開關設備由其他方提供給客戶。

Slide 6. For a sense of scale, consider a 325-megawatt project using Nextracker, such as the project we see in this image. This is a big system, but we have single sites that are five times larger. This typical project covers roughly 4 square miles with thousands of trackers. On average, we delivered a system of this size every week last year.

幻燈片 6。為了獲得規模感，請考慮一個使用 Nextracker 的 325 兆瓦項目，例如我們在此圖中看到的項目。這是一個大系統，但我們的單個站點要大五倍。這個典型的項目佔地大約 4 平方英里，有數千個跟踪器。平均而言，去年我們每週交付一個這種規模的系統。

Slide 7. Nextracker has been the global leader in the market as measured by shipment volume, revenue, and profitability for the last seven consecutive years. But achieving market share metrics is not an objective for Nextracker. Market share is a byproduct of what we are really focused on, innovation, operational excellence, and customer success.

Slide 7. Nextracker 連續七年在出貨量、收入和盈利能力方面一直是市場的全球領導者。但實現市場份額指標並不是 Nextracker 的目標。市場份額是我們真正關注的創新、卓越運營和客戶成功的副產品。

This focus has resulted in more than 80% of our sales orders coming from repeat business. As of today, we've delivered over 2 million trackers to dozens of countries. In total, our systems support over 74 gigawatts of solar power plants, the equivalent power-generating capacity of about 85 coal power plants. We achieve these metrics through innovation that will be covered by Howard, a global footprint, and relentless focus on customer service.

這種關注導致我們 80% 以上的銷售訂單來自重複業務。截至今天，我們已經向數十個國家交付了超過 200 萬個追踪器。總的來說，我們的系統支持超過 74 吉瓦的太陽能發電廠，相當於約 85 個燃煤發電廠的發電量。我們通過霍華德將涵蓋的創新、全球足跡和對客戶服務的不懈關注來實現這些指標。

Nextracker's greatest strength is our team and culture. Our executive leaders have over 20 years of solar experience on average. Six of my six co-founders are still with the company 10 years later, which reflects well on our high-performance culture of teamwork. We have strong, trusted customer relationships and understand the needs of developers, independent power producers, and contractors due to our deep industry domain expertise.

Nextracker 最大的優勢在於我們的團隊和文化。我們的執行領導平均擁有超過 20 年的太陽能經驗。 10 年後，我的六位聯合創始人中有六位仍在公司工作，這很好地反映了我們高績效的團隊合作文化。由於我們深厚的行業領域專業知識，我們擁有強大、值得信賴的客戶關係，並了解開發商、獨立電力生產商和承包商的需求。

Slide 8. We completed our fiscal 2023 on March 31. We optimized our business for annual, not quarterly metrics, and our results validate our approach. Last year, we achieved record annual revenues of $1.9 billion and EBITDA of $209 million.

幻燈片 8。我們在 3 月 31 日完成了 2023 財年。我們針對年度而非季度指標優化了業務，我們的結果驗證了我們的方法。去年，我們實現了創紀錄的 19 億美元年收入和 2.09 億美元的 EBITDA。

Year on year, we achieved a 30% growth in revenue and more than doubled our EBITDA while generating over $100 million of free cash flow. We also achieved phenomenal sales results, finishing the year with record backlog of $2.6 billion. We define backlog as firm orders with deposits.

與去年同期相比，我們的收入增長了 30%，EBITDA 翻了一番多，同時產生了超過 1 億美元的自由現金流。我們還取得了驚人的銷售業績，以創紀錄的 26 億美元積壓訂單結束了這一年。我們將積壓定義為有定金的確定訂單。

A few months ago, amidst turbulent conditions in the financial markets, Nextracker completed a successful IPO. We offer our sincere appreciation to our IPO stakeholders, starting with our global customers. We thank each of our customers for your ongoing confidence and doubling down with Nextracker, enabling our backlog to grow 90% over the prior year.

幾個月前，在金融市場動蕩的情況下，Nextracker 成功完成了 IPO。我們從我們的全球客戶開始，向我們的 IPO 利益相關者表示誠摯的謝意。我們感謝每一位客戶對 Nextracker 的持續信任和加倍努力，使我們的積壓訂單比上一年增長了 90%。

We value our business partners, from contract manufacturers to independent engineers, banks, and consultants that have enabled us to scale and reliably serve the global market. And we are extremely appreciative of our investors who funded our IPO, which was a success for the entire renewable power industry. We believe it is our responsibility to deliver strong investment returns through disciplined performance and ferocious focus on customer satisfaction.

我們重視我們的業務合作夥伴，從合同製造商到獨立工程師、銀行和顧問，他們使我們能夠擴大規模並可靠地服務於全球市場。我們非常感謝為我們的首次公開募股提供資金的投資者，這是整個可再生能源行業的成功。我們相信，我們有責任通過紀律嚴明的表現和對客戶滿意度的高度關注來提供豐厚的投資回報。

In addition to delivering for our investors, we believe this will demonstrate solar is an attractive investment sector, such that additional capital is invested to our industry, necessary for realizing our vision of a renewably powered world. And finally, we thank our entire Nextracker team for your professionalism, customer focus, and dedication.

除了為我們的投資者提供服務外，我們相信這將證明太陽能是一個有吸引力的投資領域，這樣額外的資本就會投資到我們的行業，這對於實現我們對可再生能源世界的願景是必要的。最後，我們感謝整個 Nextracker 團隊的專業精神、以客戶為中心和奉獻精神。

Slide 9. Now, let's focus on key industry drivers. Paramount is solar's tremendous cost reduction progress. Lazard, a leading financial advisory firm, regularly publishes a comprehensive analysis comparing the production costs of power generation technologies.

幻燈片 9。現在，讓我們關注關鍵的行業驅動因素。最重要的是太陽能在降低成本方面取得的巨大進步。 Lazard 是一家領先的金融諮詢公司，定期發布一份綜合分析報告，比較發電技術的生產成本。

Their latest report shows a new power plant on an unsubsidized basis is lower cost than new coal, nuclear, or gas power generation in most of the world. In fact, solar, with an average cost of $60 per megawatt-hour unsubsidized, is about half the cost of a new coal plant and about a third the cost of a new nuclear plant. A new gas plant at $70 per megawatt-hour is slightly higher cost than standalone solar and slightly less expensive than solar plus battery storage at $74 per megawatt-hour on average.

他們的最新報告顯示，在世界大部分地區，在無補貼的基礎上新建發電廠的成本低於新建煤炭、核能或天然氣發電廠。事實上，太陽能的無補貼平均成本為每兆瓦時 60 美元，大約是新燃煤電廠成本的一半，是新核電廠成本的三分之一。一個新的天然氣發電廠每兆瓦時 70 美元的成本略高於獨立的太陽能，但比太陽能加電池存儲的平均每兆瓦時 74 美元的成本略低。

Slide 10. We just reviewed solar's competitive economics today, which have decreased in cost about 600% over the last 15 years. When you consider the availability of solar incentives in some markets, it's straightforward to understand why economics are the major factor driving solar demand. Additional policy tailwinds complementing growth are decarbonization, the desire for energy independence further amplified by the Ukraine war, the US Inflation Reduction Act with similar policies overseas, and appetite to invest in renewable energy and electrification programs.

幻燈片 10。我們今天剛剛回顧了太陽能的競爭經濟學，在過去 15 年中成本降低了約 600%。當您考慮某些市場中太陽能激勵措施的可用性時，很容易理解為什麼經濟是推動太陽能需求的主要因素。補充增長的其他政策順風包括脫碳、烏克蘭戰爭進一步放大了對能源獨立的渴望、美國的《降低通脹法案》和海外類似政策，以及投資可再生能源和電氣化計劃的意願。

There are two major headwinds impacting solar growth in the US. The first are trade barriers to importing solar panels, especially those with Chinese contents. While the situation is improving, industry growth has been materially impacted and many project schedules have extended until panels become available.

影響美國太陽能發展的兩大不利因素。首先是進口太陽能電池板的貿易壁壘，尤其是那些含有中國成分的太陽能電池板。雖然情況正在改善，但行業增長受到了實質性影響，許多項目時間表已延長，直到面板可用。

The second major headwind is delays with electrical interconnection and permitting projects for construction. While these issues are usually solved on an individual project basis, they can delay the project implementation significantly. In aggregate consideration of the cost and policy factors, it's insightful to see that since 2010, solar has increased from about 10% to half of new power generation capacity added annually in recent years.

第二個主要逆風是電力互連和建設項目許可的延遲。雖然這些問題通常在單個項目的基礎上得到解決，但它們會大大延遲項目的實施。綜合考慮成本和政策因素，從 2010 年開始，近年來太陽能佔新增發電量的比例從 10% 左右增加到近年的一半，這是很有見地的。

Slide 11. We covered that Nextracker has maintained leading global share. The most recent regional share data from third parties is shown here, superimposed with the estimated total available market through 2030. Nextracker has lead share in North America, Latin America, Africa, and Australia. There is also meaningful markets in Europe, the Middle East, and Asia. In most of these locations, Nextracker has regional offices with sales, engineering, and service to support customers.

幻燈片 11。我們提到 Nextracker 一直保持著全球領先的份額。此處顯示了來自第三方的最新區域份額數據，以及到 2030 年的估計可用市場總量。Nextracker 在北美、拉丁美洲、非洲和澳大利亞擁有領先的份額。歐洲、中東和亞洲也有重要的市場。在大多數這些地點，Nextracker 都設有區域辦事處，負責為客戶提供銷售、工程和服務支持。

Slide 12. Nextracker has intellectual property and know-how regarding manufacturing our products, but our strategy has been to outsource almost entirely with manufacturing partners, which is why our depreciating assets are so minimal. The prior chart illustrated the regional solar market. This chart shows how we map our supply chain to align with those local markets.

幻燈片 12. Nextracker 擁有製造我們產品的知識產權和專業知識，但我們的戰略一直是幾乎完全外包給製造合作夥伴，這就是我們折舊資產如此之少的原因。之前的圖表說明了區域太陽能市場。此圖表顯示了我們如何映射我們的供應鏈以與當地市場保持一致。

In totality, Nextracker has over 50 partners across 16 countries and five continents. This global diversification provides customers with confidence we can deliver and also provides us international trade optionality that mitigates risk. We believe Nextracker has built by far the largest capacity and the most geographically diversified position in our sector.

總的來說，Nextracker 在 16 個國家和五大洲擁有 50 多個合作夥伴。這種全球多元化為客戶提供了我們能夠交付的信心，也為我們提供了降低風險的國際貿易選擇權。我們相信 Nextracker 已經在我們的行業中建立了迄今為止最大的容量和最多元化的位置。

Slide 13. Let's take a deeper look at our US supply chain. During the pandemic, commodities such as logistics and steel suffered steep inflationary cost pressures, and port congestion impacted our ability to deliver on time. We made a decision early on to leverage our know-how to massively ramp US capacity.

幻燈片 13。讓我們更深入地了解一下我們的美國供應鏈。疫情期間，物流、鋼材等大宗商品承受了巨大的通脹成本壓力，港口擁堵影響了我們的準時交貨能力。我們很早就決定利用我們的專業知識來大規模提升美國的產能。

Last summer, we celebrated three factory dedication events in Texas, Arizona, and Pittsburgh. At the time, we reported on 10 gigawatts of reported capacity with additional plans of progress. In response to strong demand and the IRA incentives, we further increased capacity in these plants and worked with additional domestic manufacturers and select overseas partners to relocate equipment to the USA. In fact, we have another factory announcement with a key partner coming next week.

去年夏天，我們在得克薩斯州、亞利桑那州和匹茲堡舉行了三場工廠落成典禮。當時，我們報告了 10 吉瓦的報告容量以及其他進展計劃。為了應對強勁的需求和 IRA 激勵措施，我們進一步提高了這些工廠的產能，並與更多的國內製造商合作，並選擇海外合作夥伴將設備搬遷到美國。事實上，我們將在下週發布另一項重要合作夥伴的工廠公告。

At the end of fiscal 2023, we have over 25 gigawatts of capacity under contract with over 15 US suppliers. Many of these plants are shipping finished goods today and ramping as they add shifts of personnel.

到 2023 財年末，我們與超過 15 家美國供應商簽訂了超過 25 吉瓦的產能合同。許多這些工廠今天都在運送成品，並隨著人員的增加而增加。

Now, I turn the call to Howard to share details about our operations, technology, and customers.

現在，我將電話轉給霍華德，分享有關我們的運營、技術和客戶的詳細信息。

Let me echo Dan by congratulating the Nextracker team. We could not be more pleased with the company's many accomplishments. We had a very strong finish in Q4 with momentum that has put us in a great position for our new fiscal year ahead. Let me provide some background into our technological innovation, which, coupled with the best-in-class team Dan discussed, allows us to win business across all regions and terrains.

讓我通過祝賀 Nextracker 團隊來回應 Dan。我們對公司取得的諸多成就感到非常高興。我們在第四季度取得了非常強勁的成績，勢頭使我們在未來的新財政年度處於有利地位。讓我提供一些關於我們技術創新的背景，再加上 Dan 討論的一流團隊，使我們能夠贏得所有地區和地區的業務。

Please turn to slide 15. We can break down our innovations into three categories covering over 350 patents issued and pending. These innovations are designed to work together to enhance lifetime energy production at the lowest possible capital cost and operations and maintenance cost of the entire solar power plant, while also assuring the highest reliability and control to protect the system. The industry characterizes this as LCOE, which is defined as levelized cost of energy. Offering a lower LCOE is one of the primary factors that enables Nextracker to win in the market.

請轉到幻燈片 15。我們可以將我們的創新分為三類，涵蓋 350 多項已發布和正在申請的專利。這些創新旨在協同工作，以盡可能低的資本成本和整個太陽能發電廠的運營和維護成本提高生命週期的能源生產，同時確保最高的可靠性和控制以保護系統。業界將其描述為 LCOE，即平準化能源成本。提供更低的 LCOE 是 Nextracker 能夠在市場上取勝的主要因素之一。

As you can see from the next slide, 16, our inventions resulted in a leading balanced tracker that enables each tracker to be independently powered and controlled. This tracker architecture has unlocked a series of innovations that further differentiate us.

正如您從下一張幻燈片 16 中看到的那樣，我們的發明產生了領先的平衡跟踪器，使每個跟踪器能夠獨立供電和控制。這種追踪器架構開啟了一系列創新，進一步讓我們脫穎而出。

For example, our patented TrueCapture software optimizes energy yield uniquely for every tracker row. We have over 190 projects with TrueCapture deployed around the world, and we believe we lead the industry by far in this category. Our unique balanced tracker design also enables optimum light capture for bifacial solar panels that are now the standard for large scale systems.

例如，我們獲得專利的 TrueCapture 軟件針對每個跟踪器行獨特地優化了能量輸出。我們在全球部署了 190 多個 TrueCapture 項目，我們相信我們在這一類別中遙遙領先於行業。我們獨特的平衡跟踪器設計還可以為雙面太陽能電池板實現最佳的光捕獲，而雙面太陽能電池板現在已成為大型系統的標準。

Our extreme terrain-following tracker called XTR can eliminate all site grading and enables installations on rolling hills and more challenging terrains. We have sold and deployed XTR on over 65 projects globally, again, leading the industry.

我們稱為 XTR 的極端地形跟踪器可以消除所有場地分級，並支持在連綿起伏的丘陵和更具挑戰性的地形上安裝。我們在全球超過 65 個項目上銷售和部署了 XTR，再次引領行業。

Our Navigator software platform connects all of our trackers back to a central hub that enables single-button control for panel sowing and cleaning, as well as site vegetation management, all backed by an onboard UPS for every single tracker in the field, assuring connectivity and control of the entire solar field, even during grid power outages.

我們的 Navigator 軟件平台將我們所有的跟踪器連接回一個中央集線器，該集線器支持單按鈕控制面板播種和清潔，以及場地植被管理，所有這些都由現場每個跟踪器的機載 UPS 支持，確保連接和控制整個太陽能場，即使在電網停電期間。

In summary, our integrated tracker architecture provides advantages that allows us to win business across all regions and site conditions, all climate zones, and all varieties of terrain around the world. This is illustrated on the next slide, number 17, where you can see Nextracker projects deployed across the United States.

總而言之，我們的集成跟踪器架構提供的優勢使我們能夠在全球所有地區和場地條件、所有氣候帶和各種地形上贏得業務。下一張幻燈片（第 17 號）對此進行了說明，您可以在其中看到在美國部署的 Nextracker 項目。

We win business in large, sunny, flat regions like Texas and the deserts of California and Nevada. We win in more diffuse light regions in the south and in the wet, rolling hills of the southeast. We win in colder and higher latitude regions in the Midwest, and also in the northeast where sites frequently are more constrained with irregular boundaries. This highlights the flexibility of our tracker hardware and software system architecture. With various innovations and extensions of our flagship Horizon tracker system solution, we can win everywhere.

我們在得克薩斯州、加利福尼亞州和內華達州的沙漠等陽光明媚、地勢廣闊的地區贏得了業務。我們在南部和東南部潮濕、連綿起伏的丘陵中贏得了更多漫射光區域。我們在中西部的寒冷和高緯度地區以及東北部贏得了勝利，那裡的場地經常受到不規則邊界的限制。這突出了我們跟踪器硬件和軟件系統架構的靈活性。憑藉我們旗艦級地平線跟踪器系統解決方案的各種創新和擴展，我們可以在任何地方取勝。

Please turn to slide 18. Our tracker solutions, global scale, financial stability, and long-time industry experience have enabled deep and trusted customer partnerships. Over 80% of our revenue comes from repeat customers. This underscores how we partner with our customers for mutual success, a model we have deployed across the world to continually win business.

請翻到幻燈片 18。我們的跟踪器解決方案、全球規模、財務穩定性和長期的行業經驗促成了深厚且值得信賴的客戶合作夥伴關係。我們超過 80% 的收入來自回頭客。這強調了我們如何與客戶合作以實現共同成功，這是我們在全球範圍內部署以不斷贏得業務的模式。

For example, on the next slide, 19, we show a selection of global project wins from the last fiscal quarter, quarter 4. Although this is a small subset of our project and customer wins from the quarter, this highlights the breadth of our global reach and portfolio approach to the business spanning multiple continents.

例如，在下一張幻燈片 19 中，我們展示了上一財季第 4 季度的一些全球項目勝利。儘管這只是我們項目和本季度客戶勝利的一小部分，但這凸顯了我們全球範圍的廣度跨越多個大洲的業務範圍和組合方法。

We have a healthy combination of new and repeat customers from North America to South America, from Europe to Asia and Oceania. These sample Q4 project wins also reflect the strength of our global team in sales, marketing, supply chain, training, and support that provide a platform to further scale and grow.

我們擁有從北美到南美、從歐洲到亞洲和大洋洲的新老客戶的健康組合。這些第 4 季度的項目樣本也反映了我們全球團隊在銷售、營銷、供應鏈、培訓和支持方面的實力，為進一步擴大規模和發展提供了平台。

Which brings me to our backlog on slide 20. We ended the year with a record backlog of $2.6 billion, up 90% from the prior year. We define our backlog as signed contracts for specific projects with deposits from customers.

這讓我想到了幻燈片 20 上的積壓訂單。我們以創紀錄的 26 億美元積壓訂單結束了這一年，比上一年增長了 90%。我們將積壓訂單定義為使用客戶定金為特定項目簽訂的合同。

By the end of fiscal year 2023, our backlog includes over $1.8 billion of project-specific purchase orders and over $670 million of VCAs, or volume commitment agreements, comprising multiple specific projects. VCAs are signed contracts with deposits from developers, plant owners, and EPCs, or engineering, procurement, and construction companies.

到 2023 財年末，我們的積壓訂單包括超過 18 億美元的特定項目採購訂單和超過 6.7 億美元的 VCA，或包含多個特定項目的批量承諾協議。 VCA 是與開發商、工廠所有者和 EPC 或工程、採購和建築公司簽訂的定金合同。

We believe our VCA program, which began last year in fiscal year 2023, provides even greater visibility into our future revenue and growth. In general, legacy backlog contracts take three to five quarters to cycle into revenue, while our VCA agreements typically cycle into revenue from three to eight quarters. In summary, as our backlog demonstrates, we are seeing significant demand strength in all of our core markets around the world, where our global revenue mix continues to be comprised of roughly two-thirds US and one-third rest of world.

我們相信，我們於去年 2023 財年開始的 VCA 計劃為我們未來的收入和增長提供了更大的可見性。一般來說，遺留積壓合同需要三到五個季度才能轉化為收入，而我們的 VCA 協議通常需要三到八個季度才能轉化為收入。總之，正如我們的積壓訂單所顯示的那樣，我們在全球所有核心市場都看到了顯著的需求強勁，我們的全球收入組合繼續由大約三分之二的美國和三分之一的世界其他地區組成。

Now, let me turn the call over to Dave Bennett, our Chief Financial Officer, to review the financial details of the quarter and to discuss our guidance for fiscal 2024.

現在，讓我將電話轉給我們的首席財務官 Dave Bennett，以審查本季度的財務細節並討論我們對 2024 財年的指導。

Thank you, Howard, and thank you all for joining us today. Please note that all numbers referenced in my remarks are on a non-GAAP basis, unless otherwise stated. A reconciliation to comparable GAAP metrics and a list of the reasons why the company uses these measures can be found in today's earnings release, which is available on our website and as an exhibit to our Form 8-K files with the SEC.

謝謝你，霍華德，感謝大家今天加入我們。請注意，除非另有說明，否則我的評論中引用的所有數字均基於非公認會計原則。在今天的收益發布中可以找到與可比較的 GAAP 指標的對賬以及公司使用這些措施的原因列表，該發布可以在我們的網站上找到，也可以作為我們向美國證券交易委員會提交的 8-K 表格文件的展示。

Please turn to slide 22. Before we get into our quarterly and annual performance, as well as guidance for fiscal 2024, I'd like to provide some key historical financial information. Note, our fiscal year ends on March 31. Due to the nature of our business, I encourage you to evaluate Nextracker's performance on a full-year basis. The exact timing of project deployments can vary based upon factors such as weather, component availability, and project-specific factors, which may impact the timing of revenue recognition between quarters.

請轉到幻燈片 22。在我們進入季度和年度業績以及 2024 財年的指導之前，我想提供一些關鍵的歷史財務信息。請注意，我們的財政年度於 3 月 31 日結束。由於我們的業務性質，我鼓勵您評估 Nextracker 的全年業績。項目部署的確切時間可能因天氣、組件可用性和項目特定因素等因素而異，這些因素可能會影響季度之間收入確認的時間。

We report revenues in two segments, the US and the rest of the world. For fiscal 2023, the revenue split was approximately two-thirds US and one-third rest of the world. Revenue from TrueCapture, our software solution, has trended historically at approximately 1% to 2% of total revenue. We remain very focused on scaling our software business. It's an important differentiator for Nextracker.

我們報告兩個部分的收入，美國和世界其他地區。在 2023 財年，收入分配約為美國的三分之二和世界其他地區的三分之一。我們的軟件解決方案 TrueCapture 的收入歷來趨向於佔總收入的大約 1% 到 2%。我們仍然非常專注於擴展我們的軟件業務。這是 Nextracker 的一個重要差異化因素。

Now looking at adjusted earnings before income taxes and depreciation, adjusted EBITDA of $209 million for fiscal '23 was a record, with margins stepping up towards historic levels. To understand our margin opportunity, it's important to look at the past few years.

現在看看調整後的所得稅和折舊前收益，23 財年調整後的 EBITDA 為 2.09 億美元，創下歷史新高，利潤率正朝著歷史水平邁進。要了解我們的利潤機會，重要的是要回顧過去幾年。

We ended fiscal '21 with $179 million of EBITDA at a 15% EBITDA margin. We see fiscal '21 as the last normal year before the industry began incurring higher costs associated with logistics and freight issues.

我們以 15% 的 EBITDA 利潤率以 1.79 億美元的 EBITDA 結束了 21 財年。我們將 21 財年視為該行業開始產生與物流和貨運問題相關的更高成本之前的最後一個正常年份。

The $92 million of EBITDA in fiscal '22 reflects the higher operating costs from these supply chain constraints. While the 6.3% EBITDA margin was not optimal, maintaining profitability during a historic downturn validated our disciplined financial execution.

22 財年 9200 萬美元的 EBITDA 反映了這些供應鏈限制導致的更高運營成本。雖然 6.3% 的 EBITDA 利潤率並非最優，但在歷史性低迷時期保持盈利能力驗證了我們嚴格的財務執行。

Turning to fiscal '23, we saw improving sequential EBITDA and margin due to higher pricing, cost reduction, and improved execution. Adjusted EBITDA margin was 11% for fiscal '23, with sequential increases from 7.9% in the first quarter to 14% by Q4, which is trending closer to our margin profile prior to the pandemic.

談到 23 財年，由於更高的定價、成本降低和執行力的提高，我們看到連續 EBITDA 和利潤率有所提高。 23 財年調整後的 EBITDA 利潤率為 11%，從第一季度的 7.9% 連續增加到第四季度的 14%，這趨向於接近大流行之前我們的利潤率狀況。

Now please turn to slide 23 for our fiscal '23 Q4 results. We closed the quarter at a record $518 million of revenue, an increase of approximately 18% year on year versus the fourth quarter of fiscal '22. It is worth noting that rest-of-the-world revenue was up over 42%, driven by continued strong demand in Latin America, Europe, the Middle East, and India. Adjusted EBITDA increased $50 million to $73 million from the fourth quarter of fiscal '22, an increase of 227%.

現在請轉到幻燈片 23，了解我們的 23 財年第四季度業績。本季度末，我們的收入達到創紀錄的 5.18 億美元，與 22 財年第四季度相比同比增長約 18%。值得注意的是，在拉丁美洲、歐洲、中東和印度持續強勁的需求推動下，世界其他地區的收入增長了 42% 以上。調整後的 EBITDA 從 22 財年第四季度增加 5000 萬美元至 7300 萬美元，增幅為 227%。

Looking at our fiscal '23 versus fiscal '22 results on the next slide, for full year 2023, revenue was $1.9 billion, an increase of $444 million and 30% from the prior year. Revenue in the US was $1.2 billion, up $329 million. Rest-of-the-world revenue was up $115 million. The continued challenges with panel availability in the US impacted our software revenue in the second half of the year, which was at the low end of our 1% to 2% of revenue goal.

在下一張幻燈片中查看我們 23 財年與 22 財年的結果，2023 年全年收入為 19 億美元，比上一年增加 4.44 億美元，增長 30%。美國的收入為 12 億美元，增長了 3.29 億美元。世界其他地區的收入增加了 1.15 億美元。美國面板可用性的持續挑戰影響了我們下半年的軟件收入，該收入處於我們 1% 至 2% 收入目標的低端。

Adjusted EBITDA increased $116 million to $209 million from the prior year, an increase of 126%. Again, we are very pleased to have achieved increased EBITDA every quarter during the year. Fiscal '23 adjusted free cash flow was over $100 million, an increase of approximately $250 million from the prior year. Net working capital as of March 31 was approximately 13% of revenue.

調整後的 EBITDA 較上年增加 1.16 億美元至 2.09 億美元，增幅為 126%。同樣，我們很高興在這一年中每個季度都實現了 EBITDA 的增長。 23 財年調整後的自由現金流量超過 1 億美元，比上年增加約 2.5 億美元。截至 3 月 31 日的淨營運資金約為收入的 13%。

Turning to slide 25, cash and liquidity. We believe that financial strength is an important differentiator and that our capital structure, including a strong balance sheet and ample liquidity, is a key competitive advantage. In addition, we outsource our manufacturing to partners, which limits our capital expenditures. In conjunction with the IPO, we closed on a debt syndicate led by tier-one institutions, JP Morgan, Bank of America, Citi, and Barclays.

轉到幻燈片 25，現金和流動性。我們認為，財務實力是一個重要的差異化因素，我們的資本結構，包括強大的資產負債表和充足的流動性，是一個關鍵的競爭優勢。此外，我們將製造外包給合作夥伴，這限制了我們的資本支出。結合首次公開募股，我們關閉了由一級機構摩根大通、美國銀行、花旗和巴克萊銀行牽頭的債務財團。

We executed a $150 million term loan and a $500 million revolver, which further ensures Nextracker can execute independently from Flex and manage our net working capital. Total liquidity as of March 31st, 2023 was $630 million. We have no significant maturities until our fiscal 2028.

我們執行了 1.5 億美元的定期貸款和 5 億美元的循環貸款，這進一步確保 Nextracker 可以獨立於 Flex 執行並管理我們的淨營運資金。截至 2023 年 3 月 31 日，流動資金總額為 6.3 億美元。在我們的 2028 財年之前，我們沒有重大期限。

Note that we are currently operating at a debt-to-EBITDA ratio of less than one. It's important to note that Nextracker did not retain any proceeds from the initial public offering or the debt issuance, as all proceeds were remitted to the pre-IPO owners. We ended the fiscal year with $130 million of cash.

請注意，我們目前的債務與 EBITDA 比率低於 1。值得注意的是，Nextracker 沒有保留首次公開募股或債券發行的任何收益，因為所有收益都匯給了 IPO 前的所有者。我們以 1.3 億美元的現金結束了本財政年度。

Please turn to the next slide for our fiscal '24 guidance. In developing guidance, I want to point out a few factors that influence our outlook. As Dan discussed, we think the first half of fiscal '24 will continue to see some constrained panel availability. As such, we expect slower growth in the first half versus the second half of the year. We expect our adjusted tax rate to raise between 15% and 20% of adjusted pre-tax income based on the current ownership structure.

請翻到下一張幻燈片，了解我們的 24 財年指南。在製定指南時，我想指出幾個影響我們前景的因素。正如 Dan 所討論的那樣，我們認為 24 財年上半年的面板可用性將繼續受到限制。因此，我們預計上半年的增長將低於下半年。根據目前的所有權結構，我們預計調整後的稅率將提高調整後稅前收入的 15% 至 20%。

We continue to invest in the business, including further expanding our supply chain, developing our team, and product offerings. This is reflected in our EBITDA outlook.

我們繼續投資於業務，包括進一步擴大我們的供應鏈、發展我們的團隊和產品供應。這反映在我們的 EBITDA 展望中。

We have not factored in additional profitability resulting from the Inflation Reduction Act. With that context, our full year fiscal 2024 guidance is as follows: EBITDA revenue is expected to be between $2.1 billion to $2.3 billion, an increase of approximately 16% at the midpoint. Adjusted EBITDA is expected to be between $265 million to $305 million, an increase of 36% at the midpoint.

我們沒有考慮通貨膨脹減少法案帶來的額外盈利能力。在此背景下，我們的 2024 財年全年指引如下：EBITDA 收入預計在 21 億美元至 23 億美元之間，中點增長約 16%。調整後的 EBITDA 預計在 2.65 億美元至 3.05 億美元之間，中值增長 36%。

GAAP EPS is expected to be between $1.20 to $1.40 and includes approximately $0.15 related to stock-based compensation and intangible amortization. Adjusted earnings per share is expected to be between $1.35 to $1.55 based upon 146.5 million weighted average shares outstanding.

GAAP 每股收益預計在 1.20 美元至 1.40 美元之間，其中包括與基於股票的薪酬和無形資產攤銷相關的約 0.15 美元。基於 1.465 億股加權平均流通股，調整後每股收益預計在 1.35 美元至 1.55 美元之間。

Our Q1 fiscal 2024 outlook is as follows. Revenue is expected to grow 15% to 20% versus Q1 fiscal 2023. EBITDA margin is expected to be between 12% to 13% up 400 to 500 basis points compared to the same period last year.

我們對 2024 財年第一季度的展望如下。與 2023 財年第一季度相比，收入預計將增長 15% 至 20%。EBITDA 利潤率預計將在 12% 至 13% 之間，與去年同期相比增長 400 至 500 個基點。

I will now turn the call back to Dan for some concluding remarks.

我現在將把電話轉回 Dan 以作一些總結性發言。

Thank you, Dave and Howard. I've been fortunate to be working in solar since the 1980s and I've never been more excited about our industry than today. We look forward to your questions.

謝謝你，戴夫和霍華德。自 1980 年代以來，我一直很幸運地從事太陽能行業的工作，而且我從未像今天這樣對我們的行業感到如此興奮。我們期待您的提問。

Thank you. Ladies and gentlemen, we will now conduct a question-and-answer session. (Operator Instructions)

謝謝。女士們，先生們，我們現在將進行問答環節。 （操作員說明）

Mark Strouse, JP Morgan.

馬克·斯特勞斯，摩根大通。

Great. Good afternoon. Thank you, guys, and welcome to the public markets. So my first question, so it's good to see the bookings momentum continuing here. Curious if you can kind of break that down between what you're seeing US versus internationally. Just curious if you're seeing any kind of temporary slowing of the sales cycle, just as some of your customers might be awaiting the final IRA guidelines here.

偉大的。下午好。謝謝你們，歡迎來到公開市場。所以我的第一個問題，所以很高興看到這裡的預訂勢頭仍在繼續。很好奇您是否可以在美國和國際上看到的情況之間進行區分。只是好奇您是否看到銷售週期出現任何暫時性的放緩，就像您的一些客戶可能正在等待 IRA 最終指南一樣。

Hi, Mark. This is Howard Wenger. I'll take the question. So we're really happy with where we ended up at the year, up 90% on our backlog to $2.6 billion year-on-year growth. We finished very strong, very strong Q4 in terms of bookings. So we have a lot of momentum that we're carrying into the next year.

嗨，馬克。這是霍華德溫格。我來回答這個問題。因此，我們對今年的結果感到非常滿意，積壓訂單增加了 90%，同比增長 26 億美元。我們在預訂方面完成了非常強勁的第四季度。因此，我們有很多動力進入明年。

As Dave mentioned in his remarks and I did as well, our business has recently been comprised of one-third rest of world, two-thirds US in terms of revenue. Historically, we've gone as high as 50-50. And the backlog is reflective roughly of our current ratio there. In terms of the slowing of bookings related to IRA, we're just not seeing that.

正如戴夫在他的發言中提到的那樣，我也提到了，就收入而言，我們的業務最近佔世界其他地區的三分之一，美國占三分之二。從歷史上看，我們已經高達 50-50。積壓大致反映了我們目前的比率。就與 IRA 相關的預訂放緩而言，我們只是沒有看到。

Okay. Thanks, Howard. And then if I can just sneak in one more. On the domestic content, hearing from some folks that that might be getting closer, who knows. But just curious for an update there since the IPO as far as what percentage of the overall bill of materials you think you might be able to offer customers. I know the exact definitions are still to be determined, but any update there and then maybe kind of how you're positioning the supply chain for different scenarios there? Thank you.

好的。謝謝，霍華德。然後，如果我能再偷偷進去一個。關於國內內容，聽一些人說這可能會越來越近，誰知道呢。但只是想知道自 IPO 以來的最新情況，即您認為您可以為客戶提供的材料佔總材料清單的百分比。我知道確切的定義仍有待確定，但是那裡有任何更新，然後可能是你如何為那裡的不同場景定位供應鏈？謝謝。

Sure, Mark. This is Dan Shugar. I'll take that. As you noted, the Treasury Department hasn't defined the rules of what constitutes US domestic content under the IRA, so we can't give a specific informed answer for IRA purposes until those rules are issued. We do intend to do what the customer needs to qualify for the ITC adder.

當然，馬克。這是丹舒加爾。我會接受的。正如您所指出的，財政部尚未定義在 IRA 下什麼構成美國國內內容的規則，因此在這些規則發布之前，我們無法針對 IRA 目的給出具體的知情答案。我們確實打算做客戶需要做的事情，以獲得 ITC 加法器的資格。

In general, for customers that require domestic content, we can accept orders for about 70% to 80% of domestic content. These percentages are approximate. They can fluctuate as a function of commodity cost and other factors. We're also working with manufacturing partners for other components, and we expect to be able to accept orders next year for over 90% domestic content for customers that require it.

一般來說，對於需要國產內容的客戶，我們可以接受70%到80%左右國產內容的訂單。這些百分比是近似值。它們會隨著商品成本和其他因素的變化而波動。我們還與其他組件的製造合作夥伴合作，我們預計明年能夠為有需求的客戶接受超過 90% 國產成分的訂單。

In addition, we are using US steel, meaning steel that's melted, processed, and coated in the United States in our primary components like tubes that are produced domestically. Finally, I would add that in addition to mechanical components, we have proprietary electronic tracker controllers that are manufactured domestically.

此外，我們使用的是美國鋼材，這意味著在我們的主要部件（如國內生產的管子）中在美國熔化、加工和塗層的鋼材。最後，我想補充一點，除了機械部件，我們還有國產的專有電子跟踪器控制器。

Very helpful. Thank you.

很有幫助。謝謝。

Julien Dumoulin-Smith, Bank of America.

Julien Dumoulin-Smith，美國銀行。

Hey, thank you, team. Appreciate it. Maybe just two follow-ups on the last question, [Seth]. First off, just going back to, you know, you talk about pre-pandemic levels and margins, et cetera. Obviously, making good headway against that. Can you talk a little bit about what that trajectory looks like and the cadence getting back to that at this point? I mean, well, I'll leave it there.

嘿，謝謝你，團隊。欣賞它。也許只是最後一個問題的兩個跟進，[Seth]。首先，回到你知道的，你談論大流行前的水平和利潤率等等。顯然，在這方面取得了良好進展。你能談談這個軌跡是什麼樣的，以及此時回到那個軌蹟的節奏嗎？我的意思是，好吧，我會把它留在那裡。

Thanks, Julien. This is Dave Bennett. In terms of the margin trajectory and getting back to what we call normal, the 15% EBITDA in fiscal '21, as you can see, coming out of the low of fiscal '22 into fiscal '23, our Q4 closed at 14% EBITDA. That's due to just us closing relative to the quotes, better execution, some cost reductions that would include logistics.

謝謝，朱利安。這是戴夫·貝內特。就利潤率軌跡和回歸正常而言，21 財年的 15% EBITDA，如您所見，從 22 財年的低點進入 23 財年，我們的第四季度 EBITDA 收於 14% .這是由於我們接近報價，更好的執行，包括物流在內的一些成本降低。

But the year came in at 11% EBITDA. That we expect to step up to 13% at the midpoint. On our way to that historic margin without any IRA uplift, you know, we're on track with that. But we're really prudent with how we're looking at going forward because we are continuing to reinvest in the business. That investment includes R&D, expanding our supply chain, building out our team, and innovating our product.

但這一年的 EBITDA 為 11%。我們預計在中點時會上升到 13%。在沒有任何 IRA 提升的情況下，我們正在走向歷史性的利潤率，你知道，我們正在走上正軌。但我們對未來的展望非常謹慎，因為我們將繼續對業務進行再投資。該投資包括研發、擴大我們的供應鏈、建設我們的團隊以及創新我們的產品。

Got it. Okay. So it sounds like it's in the cards, but not quite defined yet. And then vis-a-vis the IRA uplift, you guys, I think, alluded a moment ago, Dan, to a further expansion of US manufacturing. I think that's what you were alluding to, I think, in the next few weeks. Can you try to follow up a little bit and describe maybe in totality, if you can early, on the total quantum of domestically manufactured capacity you might be looking at pro forma for that further addition?

知道了。好的。所以這聽起來像是在卡片中，但還沒有完全定義。然後關於愛爾蘭共和軍的提升，我想你們剛才提到，丹，美國製造業的進一步擴張。我認為這就是你所暗示的，我想，在接下來的幾週內。你能否嘗試跟進一點，並可能在整體上描述一下，如果你能早點，你可能正在考慮進一步增加的國內製造能力的總數量？

Julien, Dan Shugar. So in our slide deck on slide 13, we speak to our US supply chain in more granular detail. So we have over 25 gigawatts of contract capacity for primary components, 10 manufacturing plants currently shipping finished components for various tracker components here in the US, and additional plants in progress. We will be having another factory announcement next week, and so please stay tuned for that. Thank you for your question.

朱利安，丹舒格。因此，在幻燈片 13 的幻燈片中，我們更詳細地討論了我們的美國供應鏈。因此，我們擁有超過 25 吉瓦的主要組件合同容量，目前有 10 家製造工廠在美國運送各種跟踪器組件的成品組件，還有其他工廠正在建設中。下週我們將發布另一個工廠公告，敬請期待。謝謝你的問題。

All right. All good. Cheers.

好的。都好。乾杯。

Christine Cho, Barclays.

Christine Cho，巴克萊銀行。

Hi. Good evening. Thank you for taking my question. I thought I would maybe ask the backlog question a different way. You said you ended the year two-thirds US, one-third rest of world. If I just compare it to what it was last quarter, it would seem that the US backlog went up about $100 million quarter over quarter and a bigger jump in rest of world. Am I sort of in the ballpark there, which I guess would sort of fit with what you have on slide 19? And then are VCAs mostly in US or rest of world?

你好。晚上好。謝謝你提出我的問題。我想我可能會以不同的方式問積壓問題。你說你結束了今年三分之二的美國，三分之一的世界其他地區。如果我只是將其與上一季度進行比較，似乎美國的積壓訂單環比增加了約 1 億美元，而世界其他地區的增幅更大。我是不是有點像那裡的球場，我想這與幻燈片 19 上的內容有點相符？然後 VCA 主要在美國還是在世界其他地方？

Okay. I'll take the second part of the question first, Dave will answer the first part. So VCAs are focused right now in the US. We do have activity outside of the US, but the ones that are signed and contracted are in the US. Dave?

好的。我先回答問題的第二部分，Dave 會回答第一部分。所以 VCA 現在主要集中在美國。我們確實在美國境外開展活動，但簽署和簽約的活動都在美國。戴夫？

Yeah. Thanks for the question. I think, as you can think about our backlog and how we're growing it and then the velocity of how it flows out into revenue, you would think what Howard prepared is a weighted average. So it differs rest of the world because we have different markets and when they come in. So it's really hard to answer in terms of breaking out our backlog by quarter, by segment. So I think it's best to think about it in aggregate with a three-to-five quarter rollout on our legacy backlog and then with the VCAs rolling out over three to eight quarters.

是的。謝謝你的問題。我認為，正如您可以考慮我們的積壓以及我們如何增長它以及它如何流入收入的速度，您會認為霍華德準備的是加權平均值。因此，它與世界其他地區不同，因為我們有不同的市場以及它們何時進入。因此，很難按季度、按細分市場來解決我們的積壓問題。因此，我認為最好綜合考慮我們遺留積壓的三到五個季度推出，然後在三到八個季度推出 VCA。

Okay. Then I didn't really see any guidance for gross margins and it looked like you hit 19% this quarter. You've seen continuous improvement over the last year. How much more running room does this have to move higher? Should we expect this to creep? Was there anything in the quarter that was a benefit that might not recur if we could also get sort of the impact of FX on top line and EBITDA?

好的。然後我真的沒有看到任何毛利率指導，看起來你本季度達到了 19%。在過去的一年裡，你看到了持續的進步。這需要多少運行空間才能移動得更高？我們應該期望這會蔓延嗎？如果我們也能了解外匯對頂線和 EBITDA 的影響，本季度是否有任何可能不會再次出現的好處？

Okay. So let me start with the end. No real one-time benefit, no significant impacts from FX on that. In terms of run rate and increase, as we talked about, our fiscal '21, 15% EBITDA with a run rate of about 5% on SG&A gets you to around 20% gross margin. That's the target we're tracking towards that target. We do expect to continue to improve margins on that path.

好的。所以讓我從結尾開始。沒有真正的一次性收益，外匯對此沒有重大影響。就運行率和增長而言，正如我們所談到的，我們的 21 財年 15% EBITDA 和 SG&A 的運行率約為 5%，使您的毛利率達到 20% 左右。這就是我們正在追踪的目標。我們確實希望繼續提高這條道路上的利潤率。

We're not committing to the exact time to get there, but we are committing to going from around a 13% EBITDA for fiscal '23, which is about 18% gross margin. And that's up from the prior year, 200 basis points on both of those. So we're committing to the continued increase in terms of the timing, you know, the target.

我們沒有承諾到達那裡的確切時間，但我們承諾從 23 財年的 13% 左右的 EBITDA 開始，這大約是 18% 的毛利率。這比前一年高了 200 個基點。因此，我們致力於在時間方面繼續增加目標。

Thank you.

謝謝。

Jordan Levy, Truist.

喬丹·利維 (Jordan Levy)，Truist。

Afternoon all. I thought maybe I'd start on just asking the competitive landscape you're seeing out there. I know there's been some smaller names come up in certain applications here in the US. How's that environment look both domestically and in international markets?

下午。我想也許我會開始問你在那裡看到的競爭格局。我知道在美國的某些應用程序中出現了一些較小的名字。國內和國際市場的環境如何？

Well, it's capitalism works. It's a competitive world. We're very focused on our customers, our technology, our company, and running a sound business. Our backlog increase of 90% reflects that focus.

好吧，這是資本主義的作品。這是一個競爭激烈的世界。我們非常專注於我們的客戶、我們的技術、我們的公司以及經營穩健的業務。我們 90% 的積壓增加反映了這種關注。

But there are new competitors. They have significantly less share in the market, and they have a different customer base. So it's interesting that we actually don't run into some of the new entrants into the market.

但是有新的競爭者。他們在市場上的份額要少得多，而且他們的客戶群也不同。所以有趣的是，我們實際上並沒有遇到一些新進入市場的人。

We also, I'll just add that we have a lot of pricing discipline in the company. What do I mean by that? We want to grow, but we want to grow profitably. So we're not chasing business. We're focused on tier-one customers and going after solid business, the kind of business that we like to do over and over again. As we talked about, 80% of our customers are repeat business. So that's the landscape.

我們也，我只想補充一點，我們公司有很多定價紀律。那是什麼意思？我們想要增長，但我們想要盈利增長。所以我們不是在追逐生意。我們專注於一級客戶並追求穩固的業務，這是我們喜歡一遍又一遍地做的業務。正如我們所說，我們 80% 的客戶都是回頭客。這就是風景。

Do you have a follow-on question, please?

請問你有後續問題嗎？

Yeah. Just a quick follow-on. Just flipping over to the TrueCapture side. It seems like there's been some good traction there with the Atlas announcement. I just wanted to get your thoughts on how the reception and feedback has been as you're growing that business, and then some of the supply chain challenges you're working through on that side.

是的。只是一個快速的後續行動。只需翻到 TrueCapture 一側。 Atlas 的發布似乎引起了一些很好的關注。我只是想了解您在發展該業務時的接待和反饋情況，以及您在這方面正在努力應對的一些供應鏈挑戰。

Thanks, Jordan. I appreciate the question. As Dave mentioned, we are typically 1% to 2% of revenue. We're tracking on the lower end of the range. Bookings are still very strong for TrueCapture. There's a lot of uptake for the software. It's been validated by multiple independent engineers. It provides tangible value.

謝謝，喬丹。我很欣賞這個問題。正如 Dave 提到的，我們通常佔收入的 1% 到 2%。我們正在追踪範圍的低端。 TrueCapture 的預訂量仍然很高。該軟件有很多人使用。它已經過多位獨立工程師的驗證。它提供有形的價值。

So there is some delays in commissioning projects that are impacting the TrueCapture recognition of revenue that is principally driven from delays in mounting the final PV panel on the whole power system. But again, bookings for TrueCapture are strong. Revenue recognition is lagging a bit.

因此，調試項目存在一些延遲，這會影響 TrueCapture 對收入的確認，這主要是由於在整個電力系統上安裝最終光伏面板的延遲所致。但再次強調，TrueCapture 的預訂量很大。收入確認有點滯後。

Really appreciate the questions, Jordan. Next question, please.

非常感謝這些問題，喬丹。請下一個問題。

Tristan Richardson, Scotiabank.

豐業銀行的特里斯坦理查森。

Hey, good evening, guys. Howard, just to follow up on maybe an earlier question about seeing projects move out to the right in anticipation of IRA. Really appreciate that maybe you're not seeing that at all in your existing book. But maybe to ask it another way, thinking about top-of-the-funnel activity or discussions with customers. I mean, do you sense or are you seeing early indications of pent-up demand such that when we do have domestic content clarity, you would see order flow accelerate? I mean, are just -- yeah, any comments on top of the funnel would be helpful.

嘿，晚上好，伙計們。霍華德，只是為了跟進一個較早的問題，即看到項目因預期愛爾蘭共和軍而向右移動。真的很感激，也許您在現有的書中根本看不到這一點。但也許換一種方式來問，考慮漏斗頂部的活動或與客戶的討論。我的意思是，你是否感覺到或看到被壓抑需求的早期跡象，以至於當我們確實有國內內容明確時，你會看到訂單流加速？我的意思是，只是 - 是的，漏斗頂部的任何評論都會有所幫助。

Sure. Our entire funnel is robust. Let me put it that way. The top and the bottom. So -- and honestly, we're seeing very strong demand in the US. I think that it takes three to five years to develop a project, utility-scale project into fruition. And so, a lot of the activity has already begun on these projects. And our take is that the industry is anticipating a very favorable outcome. So sort of all systems are go on the development side, which is feeding the funnel.

當然。我們的整個漏斗是強大的。讓我這樣說吧。頂部和底部。所以 - 老實說，我們看到美國的需求非常強勁。我認為開發一個公用事業規模的項目需要三到五年才能取得成果。因此，這些項目的許多活動已經開始。我們的看法是，該行業正在期待一個非常有利的結果。所以所有系統都在開發方面進行，這是為漏斗提供食物。

Thanks, Howard. And then maybe, Dave, just a follow-up. Yeah, just a minor one on the 2Q commentary. Dave, is there anything we should be thinking about nuanced or project-timing wise driving a sequential decline implied by the year-over-year commentary you gave for 2Q?

謝謝，霍華德。然後也許，戴夫，只是一個後續行動。是的，只是 2Q 評論中的一個小問題。戴夫，我們是否應該考慮細微差別或項目時機明智地推動您對第二季度的同比評論所暗示的連續下降？

Sure. Tristan, you're talking calendar Q2, yeah? Not our fiscal Q1s.

當然。特里斯坦，你說的是日曆 Q2，是嗎？不是我們的財政第一季度。

Apologies. Yes.

道歉。是的。

Okay. So you're right on. The sequential decline is driven by the panel availability, visibility pushing to the second half. If you were looking at it on a sequential basis, we don't. We really look at it on a year-over-year basis, which is why we're guiding to the 15% to 20% year-over-year growth, which is how we're focusing. And that tracks to the annual guidance. But in terms of sequential, yes, we've seen a push out on the panel availability.

好的。所以你是對的。連續下降是由面板可用性推動的，可見性推遲到下半年。如果您按順序查看它，我們不會。我們真的是在逐年的基礎上看待它，這就是為什麼我們指導 15% 到 20% 的同比增長，這就是我們關注的方式。這與年度指導相一致。但就順序而言，是的，我們已經看到了面板可用性的提升。

Super helpful. Appreciate it. Thank you, guys.

超級有幫助。欣賞它。感謝你們。

Sophie Karp, KeyBanc.

索菲卡普，KeyBanc。

Hi. Thank you for squeezing me in here. Congrats on your first quarter as a public company. So I was just wondering if you could comment on what percentage of your backlog is tied to domestically manufactured solar modules, and to that degree, maybe from the delays in the customs, getting them from customs. Thank you.

你好。謝謝你把我擠在這裡。祝賀您作為一家上市公司的第一季度。所以我只是想知道你是否可以評論你的積壓訂單中有多少與國內製造的太陽能組件有關，在這個程度上，可能是由於海關延誤，從海關獲取它們。謝謝。

Thanks, Sophie. Could you repeat your question, please?

謝謝，索菲。請你重複你的問題好嗎？

Yeah. The question is, could you comment on what percentage of your backlog is tied to projects that utilize domestically manufactured solar panels?

是的。問題是，您能否評論一下您的積壓訂單中有多少與使用國產太陽能電池板的項目有關？

Well, first, our plan contemplates the PV that's available. And we're not splitting out which projects have PV that's made in the US versus PV that's being imported.

好吧，首先，我們的計劃考慮了可用的 PV。我們並沒有區分哪些項目有美國製造的光伏項目，哪些項目有進口的光伏項目。

Okay. Thank you. Yeah. If you have a follow-on, I feel like I didn't want to leave your -- hang on. I'm not sure if we fully understood your question, but did you have a follow-on there? We could maybe unpack it further.

好的。謝謝。是的。如果你有後續，我覺得我不想離開你的 - 等一下。我不確定我們是否完全理解您的問題，但是您有後續問題嗎？我們也許可以進一步解壓它。

I guess this is not the breakdown that you're providing. I was just wondering what percentage of that backlog is kind of not tied to customs delays. But it sounds like you're not comfortable providing that data, which is fine.

我想這不是您提供的故障。我只是想知道有多少積壓訂單與海關延誤無關。但聽起來您不願意提供該數據，這很好。

Okay. Great. Thank you.

好的。偉大的。謝謝。

Thank you.

謝謝。

Thank you, Sophie. I appreciate the words of congratulations. Next question, please.

謝謝你，蘇菲。我很欣賞祝賀的話。請下一個問題。

Philip Shen, Roth.

菲利普沉，羅斯。

Hey, guys. I'll echo that congratulations as well. A couple more questions on backlog and bookings. How much of the $1 billion of bookings for FQ4 '23 is the volume commitment agreements? And how much is non-VCA? And then in terms of your booking strength, to what degree has that continued into your FQ1? And how do you expect those bookings to trend in FQ1, 2, and 3? Thanks.

大家好。我也會表示祝賀。關於積壓和預訂的幾個問題。 FQ4 '23 的 10 億美元訂單中有多少是批量承諾協議？非 VCA 是多少？然後就您的預訂強度而言，這種情況在多大程度上持續到您的 FQ1 中？您如何看待這些預訂在 FQ1、2 和 3 中的趨勢？謝謝。

Okay. Sure. Well, on slide 20 of the deck, Phil, we show that $674 million of the $2.559 billion in backlog is attributable to VCAs. So that's part one to your question, I believe. (multiple speakers)

好的。當然。好吧，在幻燈片的第 20 張幻燈片上，Phil，我們顯示 25.59 億美元的積壓訂單中有 6.74 億美元歸因於 VCA。我相信這是你問題的第一部分。 （多個揚聲器）

Let me just jump in. I'm sorry. I guess we're trying to figure out the incremental VCA. So for example, year-end '22 calendar, you guys had about $2.1 billion of backlog. How much of that was VCA, for example? So if the bookings were about $1 billion, how much of those bookings, as opposed to the actual backlog, what was the mix of VCA and non-VCA of the bookings? Thanks.

讓我插進去。對不起。我想我們正在嘗試找出增量 VCA。因此，例如，22 年底的日曆，你們有大約 21 億美元的積壓。例如，其中有多少是 VCA？那麼，如果預訂量約為 10 億美元，那麼這些預訂量中有多少，而不是實際積壓量，預訂量中 VCA 和非 VCA 的組合是多少？謝謝。

We're not giving that level of detail, Phil. And so far, we've had two public announcements of VCAs. You can track those. Those happened, and one of them happened in calendar year '22, one announcement in calendar year '23. But we have other VCAs that we've signed and have commitments and deposits for specific projects. So that's the level of detail we're providing at this time.

菲爾，我們沒有提供那種程度的細節。到目前為止，我們已經發布了兩個 VCA 公告。你可以追踪那些。這些都發生了，其中一個發生在 22 年日曆年，一個公告發生在 23 年日曆年。但我們還有其他已簽署的 VCA，並對特定項目有承諾和存款。這就是我們目前提供的詳細程度。

And then you had a part two to your question, which is kind of booking strengths coming into the current quarter, or --?

然後你的問題有第二部分，即本季度的預訂優勢，或者 -？

Yeah, what kind of strength do you see ahead? Do you see more this kind of momentum carrying through into your next quarter and then even the back half of this calendar year? Thanks.

是啊，你看到前方是什麼樣的力量？您是否看到更多這種勢頭會持續到您的下一個季度甚至本日曆年的下半年？謝謝。

Yes. Yes. To both of those. We do. There's strong momentum.

是的。是的。對這兩個。我們的確是。勢頭強勁。

Great. And then in terms of my final question here, it looks like US steel could be defined as melt-to-coat, potentially. We'll have to see. And sorry if I missed this, but can you talk about how much capacity that you have today could qualify as melt-to-coat steel, and then how much could qualify by year-end calendar this year or some period in the future?

偉大的。然後就我在這裡的最後一個問題而言，看起來美國鋼鐵可能被定義為熔化塗層。我們得拭目以待。很抱歉，如果我錯過了這個，但你能談談你今天有多少產能可以符合熔體塗層鋼的條件，然後有多少可以在今年年底日曆或未來某個時期符合條件？

Yeah, thank you, Phil. I'll take that. This is Dan. As noted on, again, slide 13 of our materials, we have over 25 gigawatts of contracting capacity. That's a large amount of contracting capacity. And it's regionally distributed across the US.

是的，謝謝你，菲爾。我會接受的。這是丹。正如在我們材料的幻燈片 13 中再次指出的那樣，我們擁有超過 25 吉瓦的承包能力。這是一個很大的承包能力。它在美國各地都有區域分佈。

And in some cases, for example, with the JM Steel facility that we dedicated in April, it's co-located with a steel plant. In that case, with the Steel Dynamics facility, one of the newest mills in America, 3-million-ton facility, which can make steel and galvanize within a mile of our contract fabrication partner's facility.

在某些情況下，例如，我們在 4 月份投入使用的 JM Steel 工廠與一家鋼鐵廠位於同一地點。在那種情況下，借助 Steel Dynamics 工廠，這是美國最新的工廠之一，300 萬噸的工廠，可以在我們合同製造合作夥伴的工廠一英里範圍內生產鋼鐵和鍍鋅。

So we very intentionally located these facilities. We have very strong relationships with most of the top steel companies in the United States. And we see the ability to deliver, well, certainly deliver our plan and be able to deliver in excess of our plan with growth, upside growth we could see in the United States with raw material that's melted, coated, and processed in the United States. In this case, rolled -- so it's melted, it's rolled, it's galvanized, it's made in [tractor] components here.

所以我們非常有意地設置了這些設施。我們與美國大多數頂級鋼鐵公司都有非常牢固的關係。我們看到有能力交付，嗯，當然可以交付我們的計劃，並且能夠交付超出我們計劃的增長，我們可以在美國看到的上行增長，原材料在美國熔化、塗層和加工.在這種情況下，軋製——所以它被熔化，被軋製，被鍍鋅，它是在這裡用 [拖拉機] 組件製造的。

So it's a very exciting story. Also because the US steel is so much cleaner on average than the overseas steel. And we're creating thousands of jobs domestically. It's just a great story. Thanks for your questions, Phil.

所以這是一個非常激動人心的故事。也因為美國鋼鐵比海外鋼鐵平均清潔得多。我們正在國內創造數以千計的就業機會。這只是一個偉大的故事。謝謝你的問題，菲爾。

Thanks, guys.

多謝你們。

Maheep Mandloi, Credit Suisse.

Maheep Mandloi，瑞士信貸。

Hey, good evening. And thanks for taking the questions as well. And congratulations coming to the markets in the quarter here. Just curious on the rest-of-the-world growth over here in 2023, 2024, FY24. I'm just curious how should we think about that and how should we think about pricing in general in the US and international markets.

嘿，晚上好。也感謝您提出問題。並祝賀本季度進入市場。只是對 2023 年、2024 年、24 財年世界其他地區的增長感到好奇。我只是很好奇我們應該如何考慮這一點，以及我們應該如何考慮美國和國際市場的總體定價。

Hi, Maheep. Thanks for your question. So both the United States and the rest of the world are growing at a good clip. As Dave noted, our guidance is to grow overall for the company at a rate of 15% to 20% year on year. And we're not giving precise details, but you can think of it as roughly split between the US and rest of world.

嗨，馬希普。謝謝你的問題。因此，美國和世界其他地區都在以良好的速度增長。正如 Dave 指出的那樣，我們的指導方針是公司整體年增長率為 15% 至 20%。我們沒有提供精確的細節，但你可以認為它大致分為美國和世界其他地區。

Rest of world is actually growing a little bit faster in terms of the business. And we're really well-positioned in a couple of markets, a few markets in particular, as Dan noted. Brazil, in particular, is a very strong market for the company. Australia, Spain, multiple continents, things are going quite well.

就業務而言，世界其他地區實際上增長得更快一些。正如 Dan 指出的那樣，我們在幾個市場中確實處於有利地位，特別是一些市場。尤其是巴西，對該公司來說是一個非常強勁的市場。澳大利亞、西班牙、多個大洲，一切進展順利。

And then the second part of your question had to do with pricing. And so we had some pricing adjustments in the double digits year over year upward to compensate largely in part of the impacts from the pandemic and the Ukraine war in combination. And things have equilibrated to a degree.

然後你問題的第二部分與定價有關。因此，我們進行了一些同比兩位數的價格調整，以在很大程度上補償大流行病和烏克蘭戰爭共同造成的部分影響。事情已經達到一定程度的平衡。

As Dan talked about, we're rapidly scaling our domestic supply chain. We're in a good position to continue to grow and exercise extreme price discipline in all markets around the world. And we're going to keep doing that.

正如 Dan 所說，我們正在迅速擴大我們的國內供應鏈。我們處於有利地位，可以繼續發展並在全球所有市場實施極端的價格紀律。我們將繼續這樣做。

Thank you, Maheep. Was that two questions or is there a follow-up?

謝謝你，馬希普。這是兩個問題還是有後續行動？

If I could squeeze a follow-up just on the cash uses here. You have more than $600 million of liquidity and seems to be in a free cash flow position for FY23 and likely for '24 as well. So I was curious, like, what would be the priority here for the cash uses?

如果我可以在這裡就現金使用情況進行跟進。您擁有超過 6 億美元的流動資金，並且似乎在 23 財年和 24 財年都處於自由現金流狀態。所以我很好奇，現金使用的優先級是什麼？

Yeah, so thanks for the question. So for fiscal '24, our strategy, our capital allocation strategy, is to focus on the fundamentals. We're going to, in a growth period that we're in right now, is manage our net working capital to between 10% and 15% and allow EBITDA to drive our cash up.

是的，謝謝你的提問。因此，對於 24 財年，我們的戰略，我們的資本配置戰略，是專注於基本面。在我們現在所處的增長期，我們將把我們的淨營運資本管理在 10% 到 15% 之間，並允許 EBITDA 增加我們的現金。

And like you said, the liquidity of $630 million does provide flexibility and will allow the company to invest at the point in time it's the right time with the right return.

就像你說的那樣，6.3 億美元的流動性確實提供了靈活性，並將允許公司在正確的時間點進行投資，並獲得正確的回報。

Thank you for your questions. We're going to keep rolling. And just so you know, on the call, we're going to go about 10 minutes over until 3:40 PM Pacific Time. We want to get everybody in, but we're going to try and be succinct with our answers. Next question, please.

謝謝你的問題。我們將繼續前進。大家知道，在電話會議上，我們將持續大約 10 分鐘，直到太平洋時間下午 3:40。我們想讓每個人都參與進來，但我們會盡量簡潔地回答我們的問題。請下一個問題。

Derek Soderberg, Cantor Fitzgerald.

德里克·索德伯格，坎托·菲茨杰拉德。

Yeah, hey, guys. Thanks for taking my questions. I also wanted to ask on pricing. Have you guys been in conversation with suppliers and customers for sort of sharing in the benefits of the IRA? And can you talk a bit about how you expect that to play out? It sounds like prices have been adjusted higher a bit this year. But is there an expectation for pricing once we get clarification on the IRA? Can you just talk about that a bit? That would be great.

是的，嘿，伙計們。感謝您回答我的問題。我也想問一下價格。你們有沒有與供應商和客戶討論過分享 IRA 的好處？你能談談你期望它如何發揮作用嗎？聽起來今年價格調高了一點。但是，一旦我們對 IRA 做出澄清，是否會有定價預期？你能談談嗎？那太好了。

Sure. My pleasure. Yeah. So our plan contemplates how we expect things to play out. I'll start with that. And we are not, as we mentioned, however, we are not factoring in any of the 45x incentives that are contemplated to come.

當然。我的榮幸。是的。因此，我們的計劃考慮了我們期望事情如何發展。我會從那個開始。然而，正如我們所提到的，我們並沒有考慮任何預期會出現的 45 倍激勵措施。

And, look, I mean, the IRA, we think it was very well structured. There's a lot of benefits, tremendous benefits to developers and owners of the systems that come with that. Relative to domestic manufacture, not only for trackers, but also for solar panels and other inverters, electronics that are being made in the US, we think those were rightsized to really help us significantly expand the US supply base.

而且，看，我的意思是，IRA，我們認為它的結構非常好。對於隨之而來的系統的開發人員和所有者來說，有很多好處，巨大的好處。相對於國內製造，不僅是跟踪器，還有太陽能電池板和其他逆變器，在美國製造的電子產品，我們認為這些產品經過適當調整，可以真正幫助我們顯著擴大美國供應基地。

So the conversation is really around supply security, supply certainty, on-time delivery. We've been able to really articulate those benefits. And so that's how we see things playing out.

所以談話實際上是圍繞供應安全、供應確定性和準時交貨展開的。我們已經能夠真正闡明這些好處。這就是我們看待事情發展的方式。

Do you have a quick follow-up?

你有快速跟進嗎？

Got it. I do. You mentioned permitting and interconnection delays and the prepared marks. I'm curious if that's geographically specific to the US and less so internationally. Is that true? And is there a path or timeline towards that improving over time? What needs to happen for that to improve? Any detail there would be great. Thanks.

知道了。我願意。您提到了許可和互連延遲以及準備好的標記。我很好奇這是否在地理上特定於美國，而不是在國際上。真的嗎？隨著時間的推移，是否有改善的途徑或時間表？需要做什麼才能改善？那裡的任何細節都會很棒。謝謝。

Sure. So look, these are real head points on the permitting. I'm sure, yeah, you've done some projects at your house. You've tried to get a permit on the construction side with your local jurisdiction. Things can roll out. We're fulfilling many dozens of projects at any given moment. You can have issues where a construction permit is delayed. But in aggregate, there are so many projects and so much demand. That's why we're seeing our revenue keep going up and our plan keep going up.

當然。所以看，這些是許可的真正要點。我敢肯定，是的，你在家裡做過一些項目。您已嘗試在當地司法管轄區獲得建築方面的許可。事情可以展開。我們在任何時候都在完成數十個項目。您可能會遇到施工許可證延遲的問題。但總的來說，有這麼多的項目和這麼多的需求。這就是為什麼我們看到我們的收入不斷增加，我們的計劃不斷增加。

Relative to electrical interconnection, it's a fact that the time required to achieve an interconnection permit or authorization has increased over time significantly. This has been documented. And so, it's a factor, definitely.

相對於電氣互連，獲得互連許可或授權所需的時間隨著時間的推移顯著增加是一個事實。這已記錄在案。因此，這絕對是一個因素。

But the economics of solar are so strong. And so many great developers and IPPs are out developing projects. There are 3,000 utilities in the United States as kind of an interesting data point. And there's many, many projects in the interconnection queue.

但是太陽能的經濟性是如此強大。許多優秀的開發人員和 IPP 都在開發項目。美國有 3,000 家公用事業公司，這是一個有趣的數據點。互連隊列中有很多很多項目。

So we're seeing an army of developer and IPPs just bringing forth high-quality projects that are advancing millions of dollars to perfect their project interconnection. But it goes to why we guide to an annual plan. Just to give you a sense, right?

因此，我們看到一大群開發商和 IPP 正在推出高質量的項目，這些項目正在推進數百萬美元以完善他們的項目互連。但這與我們制定年度計劃的原因有關。只是為了給你一個感覺，對吧？

So our plan for this year, if you look at our $2.2 billion guide on average, we're delivering over $40 million a week during this upcoming period. So if you have a single project that our customer is waiting for a permit to be able to deliver materials, you can have a bit of movement around the edge of the quarter.

所以我們今年的計劃，如果你看看我們平均 22 億美元的指導，我們將在即將到來的時期內每週交付超過 4000 萬美元。因此，如果您有一個項目，我們的客戶正在等待能夠交付材料的許可證，那麼您可以在本季度邊緣進行一些調整。

So we're really focused on annual results, meeting customer needs, and delivering positive profitability for the company. And I believe our results speak to that.

因此，我們真正專注於年度業績、滿足客戶需求並為公司帶來積極的盈利能力。我相信我們的結果說明了這一點。

Thanks, Derek, for your questions. Next question, please.

德里克，謝謝你的提問。請下一個問題。

Christian Schwab, Craig-Hallum Capital Group.

Craig-Hallum 資本集團的 Christian Schwab。

Congrats on a great quarter. I just have one question. Do you guys have any opinion yet on panel availability for your fiscal year '25? The reason I ask is some of our contacts, you know, are much more optimistic about '24 than they are '23. I'm just wondering if you have any opinion you'd like to share.

祝賀一個偉大的季度。我只有一個問題。你們對 25 財年的面板可用性有任何意見嗎？我問的原因是我們的一些聯繫人，你知道，對 24 歲的人比 23 歲的人樂觀得多。我只是想知道您是否有任何意見想要分享。

You're speaking about for 25, correct?

你說的是 25，對嗎？

Yeah, your fiscal year '25. Yep.

是的，你的 25 財年。是的。

Got it. Okay. Well, first, let me just kickstart what's happening today. We're seeing increased panels coming into the United States with less issues with customs and border protection as a general statement. And a significant increase for panels coming from India, a significant increase in panels coming from Southeast Asia.

知道了。好的。好吧，首先，讓我開始介紹今天發生的事情。我們看到越來越多的面板進入美國，作為一般聲明，海關和邊境保護問題較少。來自印度的面板顯著增加，來自東南亞的面板顯著增加。

What's really exciting is also the -- since the IRA was announced, according to the American Clean Power Association, over 25 new PV manufacturing facilities have been announced for the United States. In some cases, those are expansions. In some cases, those are new plants.

真正令人興奮的是——根據美國清潔能源協會的數據，自 IRA 宣布以來，美國已經宣布了超過 25 個新的光伏製造設施。在某些情況下，這些是擴展。在某些情況下，這些是新工廠。

So we're hopeful the market will respond quickly, as we did on the -- we executed with tremendous speed on the tracker manufacturing side. We're optimistic that we're going to see more domestic manufacturing of solar panels and all the incoming components while these trade barriers have been reduced to allow us to fulfill the intermediate-term market.

因此，我們希望市場能像我們所做的那樣迅速做出反應——我們在跟踪器製造方面以驚人的速度執行。我們樂觀地認為，我們將看到更多的太陽能電池板和所有進口組件在國內製造，同時這些貿易壁壘已經減少，使我們能夠滿足中期市場的需求。

Thank you, Christian, for your question.

謝謝你，克里斯蒂安，你的問題。

Thanks.

謝謝。

Next question, please.

請下一個問題。

Martin Malloy, Johnson Rice.

馬丁·馬洛伊，約翰遜·賴斯。

Good afternoon. I just have one question as well. Are there -- is there any trends that you could maybe highlight in terms of customer interest or orders for some of your different products you've introduced, the Horizon-XTR, Gemini?

下午好。我也只有一個問題。有沒有 - 在客戶興趣或您推出的一些不同產品的訂單方面，您是否可以強調任何趨勢，Horizon-XTR，Gemini？

Yeah, I really appreciate that question. We -- I want to really speak to some of the technologies that are delivering extreme value to customers, the software, TrueCapture, and our terrain-following technology, XTR.

是的，我真的很欣賞這個問題。我們——我真的想談談一些為客戶提供極端價值的技術，軟件、TrueCapture 和我們的地形跟踪技術 XTR。

So we introduced TrueCapture over six years ago. And when we introduced it, we had data from multiple utility-scale field trials that had been validated by independent engineers and socialized with the independent engineers that represent owners and so forth, which is why we've achieved such strong commercial traction on that technology. As Howard mentioned, over 190 customers are using it, and that's around the world, I believe, on five continents.

所以我們在六年前推出了 TrueCapture。當我們推出它時，我們擁有來自多個公用事業規模現場試驗的數據，這些數據已經過獨立工程師的驗證，並與代表所有者的獨立工程師進行了交流等等，這就是為什麼我們在該技術上取得瞭如此強大的商業吸引力.正如霍華德所提到的，超過 190 位客戶正在使用它，我相信這遍布全球五大洲。

Similarly, for our terrain-following technology, XTR, we first deployed that in 2018 and then worked really closely with a leading APC to field dozens of projects, and then we released it globally. Today, we have over 60 projects around the world using XTR, and this is really about having real hardware backed up by real software, real firmware to be able to extract the value, have it validated by the engineers, and this stuff works. I can speak to that as an engineer. And that is definitely driving our commercial activity.

同樣，對於我們的地形跟踪技術 XTR，我們首先在 2018 年部署了它，然後與領先的 APC 密切合作，部署了數十個項目，然後我們在全球發布了它。今天，我們在全球有超過 60 個項目使用 XTR，這實際上是讓真正的硬件由真正的軟件支持，真正的固件能夠提取價值，由工程師驗證，並且這些東西有效。作為一名工程師，我可以這麼說。這無疑推動了我們的商業活動。

Thank you for your question, Marty. Next question, please.

謝謝你的問題，馬蒂。請下一個問題。

Thank you.

謝謝。

Thomas Martin, BNP.

托馬斯·馬丁，法國巴黎銀行。

Hi there. Thanks for taking the questions. Just a quick clarification, first of all. Are you able to indicate how much of the bottom end of your guidance range can be covered from existing project awards in the backlog?

你好呀。感謝您提出問題。首先，快速澄清一下。您能否指出積壓的現有項目獎勵可以涵蓋您的指導範圍底端的多少？

Sure. Our existing backlog allows us to, in terms of meeting our guidance, we're very comfortable that the majority is booked up. And so that's why we're providing the range that we are. Quick follow-up?

當然。我們現有的積壓使我們能夠滿足我們的指導，我們很高興大多數人都被預訂了。這就是為什麼我們提供我們的範圍。快速跟進？

Thanks. Sorry, quick follow-up. You probably answered this. On the software side, panel supply, you've spoken about that, has been part of the reason for your revenue recognition lacking. You've spoken about panel supply being an issue for the next quarter. We've got them coming into the market and coming through customs. However, it's perhaps in the near term not perhaps allowing all the projects to accelerate dramatically.

謝謝。抱歉，快速跟進。你可能回答了這個問題。在軟件方面，面板供應，你已經說過，是你缺乏收入確認的部分原因。您曾談到面板供應是下個季度的一個問題。我們讓它們進入市場並通過海關。然而，它可能在短期內不允許所有項目大幅加速。

Is this likely to be a calendar H2 normalization cycle in terms of panel delivery also enabling you to unlock the software revenues that are currently not turned on? And are you able to give us any quantification of what sort of level of software revenues you've got deferred awaiting panels?

這是否可能是面板交付方面的日曆 H2 標準化週期，也使您能夠解鎖當前未打開的軟件收入？你能給我們任何關於你推遲等待小組的軟件收入水平的量化嗎？

Okay. I think I understand your question. You're asking the timing if our backlog for our software, which has grown, impacts the rollout of the revenue recognition related to software revenue? Is that your question?

好的。我想我明白你的問題。您是在問時間問題，我們的軟件積壓數量已經增加，是否會影響與軟件收入相關的收入確認的推出？那是你的問題嗎？

Correct me if I'm wrong, but my understanding was that you also got effectively a backlog of revenue recognition that hasn't come through on the software side related to the panel supply issues. It sounds like the panel supply issues are getting better, maybe not in the next calendar quarter. But does your guidance assume in the second half of the year that the revenue recognition on the software side is improving quite significantly because the panels are coming through and allowing you to actually turn on the software or allowing the customers to turn on the software?

如果我錯了，請糾正我，但我的理解是，您還有效地積壓了與面板供應問題相關的軟件方面尚未完成的收入確認。聽起來面板供應問題正在好轉，也許不會在下一個日曆季度出現。但是，您的指導意見是否假設下半年軟件方面的收入確認正在顯著改善，因為面板正在通過並允許您實際打開軟件或允許客戶打開軟件？

Yeah. And the guidance does contemplate the timing of our software revenue recognition, and it will be weighted to the second half.

是的。該指南確實考慮了我們軟件收入確認的時間，並將加權到下半年。

Thank you for your questions, Thomas. Appreciate it. Next question. And I believe this will be our last question. Thank you.

謝謝你的問題，托馬斯。欣賞它。下一個問題。我相信這將是我們的最後一個問題。謝謝。

Donovan Schafer, Northland Capital Markets.

多諾萬謝弗，北國資本市場。

Hey, guys. Thanks for taking my questions. I want to just ask, just focusing on hardware for a moment, just the hardware side of things, about new product innovation or introductions, if there's anything on the hardware side you're looking at or most interested in or developing.

大家好。感謝您回答我的問題。我只想問一下，暫時只關注硬件，只是硬件方面，關於新產品創新或介紹，是否有您正在關注或最感興趣或正在開發的硬件方面的內容。

And then just tightly related to that, it does look like a lot of companies have come out with these dual-row trackers where you use a pretty simple kind of push-pull setup to have one motor driving two rows. I know you guys are very pioneers of the independent row idea, but I'm just wondering if there's a place for that.

然後與此緊密相關的是，看起來確實有很多公司推出了這些雙排跟踪器，您可以使用一種非常簡單的推拉設置讓一個電機驅動兩排。我知道你們是獨立划船理念的先驅，但我只是想知道是否有適合它的地方。

We've got Trina, GameChange, PV Hardware, Arctec, STI [in Orleans]. There's a lot of them out there now. And so, just is there substance to it, or is there something you see where you feel like you couldn't see yourselves going there and just doesn't make sense somehow?

我們有 Trina、GameChange、PV Hardware、Arctec、STI [在奧爾良]。現在有很多這樣的人。因此，它是否有實質內容，或者您是否看到了一些您感覺自己看不到自己去那裡並且不知何故沒有意義的東西？

Yeah, Donovan, I appreciate the question. Let me just say we have a deep technology and product roadmap that covers each of our three buckets in mechanical, electronics and controls, and software. And we're going to have a range of new offerings covering all three of those this year and on a go-forward.

是的，多諾萬，我很欣賞這個問題。我只想說，我們有一個深入的技術和產品路線圖，涵蓋了我們在機械、電子和控制以及軟件方面的三個領域中的每一個領域。我們將在今年和未來推出一系列新產品，涵蓋所有這三個產品。

With respect to the architecture of our system, we're very open to evaluating different architectures. You know, in prior companies, we -- actually, we didn't invent the concept of tracking, but we commercialized it in prior companies. And so, we've been working on trackers since the 1980s, and we're always evaluating things.

關於我們系統的架構，我們非常願意評估不同的架構。你知道，在之前的公司中，我們 - 實際上，我們並沒有發明跟踪的概念，但我們在之前的公司中將其商業化。因此，自 1980 年代以來，我們一直在研究追踪器，並且我們一直在評估事物。

We believe, as Howard mentioned, that our solutions can allow us to win across a wide range of geographies and a wide range of site conditions. And our backlog with a 90% year-on-year growth reflects that outcome. Thank you for your question, Donovan.

我們相信，正如霍華德所提到的，我們的解決方案可以讓我們在廣泛的地域和廣泛的場地條件下取勝。我們積壓的訂單同比增長 90% 反映了這一結果。謝謝你的問題，多諾萬。

And I'd like to take this opportunity to thank everyone for listening in to our first earnings call, supporting the company through our journey from when we started 10 years ago in the IPO process, and really the industry. We're looking forward to working with our other industry partners to fulfill our vision of a renewably-powered world. Thank you.

我想藉此機會感謝大家收聽我們的第一次財報電話會議，感謝大家從 10 年前我們開始 IPO 過程開始，支持公司走過我們的旅程，並真正支持整個行業。我們期待與我們的其他行業合作夥伴合作，以實現我們對可再生能源世界的願景。謝謝。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。