Nextpower Inc (NXT) 2024 Q2 法說會逐字稿

Good afternoon, everyone, and thank you for standing by. My name is Hannah, and I will be your conference operator today. Today's call is being recorded. I would like to welcome everyone to Nextracker's Second Quarter Fiscal Year 2024 Earnings Call. After the speaker's remarks, there will be a Q&A session.

大家下午好，謝謝大家的支持。我叫漢娜，今天我將擔任你們的會議操作員。今天的通話正在錄音。我謹歡迎大家參加 Nextracker 2024 財年第二季財報電話會議。演講者發言後，將進行問答環節。

At this time, for opening remarks, I would like to pass the call over to Ms. Mary Lai, Vice President of Investor Relations. Mary, you may begin.

現在，我想將電話轉給投資人關係副總裁Mary Lai女士致開幕詞。瑪麗，你可以開始了。

Thank you, and good afternoon, everyone. Welcome to Nextracker's Second Quarter Fiscal Year 2024 Earnings Call. I'm Mary Lai, Vice President, Investor Relations. I'm joined by Dan Shugar, our CEO and Founder; Howard Wenger, our President; and Dave Bennett, our CFO.

謝謝大家，大家下午好。歡迎參加 Nextracker 2024 財年第二季財報電話會議。我是瑪麗‧賴 (Mary Lai)，投資者關係副總裁。我們的執行長兼創辦人 Dan Shugar 也加入了我的行列。霍華德‧溫格，我們的總裁；以及我們的財務長戴夫貝內特 (Dave Bennett)。

Following our prepared remarks, we will transition to a Q&A session. As a reminder, there will be a replay of this call posted on the IR website, along with our slide [presentation].

在我們準備好的發言之後，我們將過渡到問答環節。謹此提醒，IR 網站上將發布本次電話會議的重播以及我們的投影片 [簡報]。

Today's call contains statements regarding our business, financial performance and operations, including the impact of our business and industries, that may be considered forward-looking statements, and such statements involve risks and uncertainties that may cause actual results to differ materially from our expectations. Those statements are based on current beliefs, assumptions and expectations and speak only as of the current date.

今天的電話會議包含有關我們的業務、財務業績和營運的聲明，包括我們的業務和行業的影響，這些聲明可能被視為前瞻性聲明，此類聲明涉及風險和不確定性，可能導致實際結果與我們的預期有重大差異。這些陳述是基於當前的信念、假設和期望，並且僅代表當前日期。

For more information on our risk factors and uncertainties, please visit our IR website at investors.nextracker.com, which includes our press release, slides, SEC filings and our most recent filings with the SEC. This information is subject to change, and we undertake no obligation to update these forward-looking statements.

有關我們的風險因素和不確定性的更多信息，請訪問我們的投資者關係網站 Investors.nextracker.com，其中包括我們的新聞稿、幻燈片、SEC 文件以及我們最近向 SEC 提交的文件。該資訊可能會發生變化，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 call. The full non-GAAP to GAAP reconciliations can be found in the appendix slides of today's presentation as well as on the financial section of the IR website.

請注意，我們將在今天的電話會議上提供非公認會計原則措施。完整的非 GAAP 與 GAAP 調整表可以在今天簡報的附錄投影片以及 IR 網站的財務部分找到。

And now I will turn the call over to our CEO and Founder, Dan?

現在我將把電話轉給我們的執行長兼創辦人丹？

Thank you, Mary. We're excited to have you join our team. Good afternoon. Welcome to our second quarter earnings call. Before we cover Nextracker, we offer thoughts on the Middle East tragedy. We are profoundly saddened and distressed by the violent events that took place in Israel a few weeks ago and the subsequent loss of life and tensions in the Middle East. Our hearts go out to all those impacted. We [stand] for peace, where all people are free and safe. We believe our vision of a renewably powered world will contribute to our peace and stability.

謝謝你，瑪麗。我們很高興您加入我們的團隊。午安.歡迎參加我們的第二季財報電話會議。在介紹 Nextracker 之前，我們先來談談對中東悲劇的思考。我們對幾週前在以色列發生的暴力事件以及隨後造成的傷亡和中東緊張局勢深感悲痛和痛心。我們的心與所有受影響的人同在。我們[主張]和平，讓所有人都自由和安全。我們相信，我們對再生能源世界的願景將有助於我們的和平與穩定。

I will provide a high-level summary of our future performance and an update on the separation from Flex. This quarter is what we've come to expect from Nextracker, strong execution. This marks our third consecutive quarter of double-digit growth, with Q2 achieving record revenue, record profits and record backlog. Q2's strong performance, with total revenue of $573 million, growing 23% year-over-year, was driven by broad-based growth in most markets.

我將提供我們未來業績的高度總結以及與 Flex 分離的最新情況。本季 Nextracker 的強勁執行力正是我們所期待的。這標誌著我們連續第三個季度實現兩位數增長，第二季度實現了創紀錄的收入、創紀錄的利潤和創紀錄的積壓訂單。第二季的強勁表現，總營收為 5.73 億美元，年成長 23%，這得益於大多數市場的廣泛成長。

Our adjusted EBITDA expanded to $110 million, a 164% increase compared to this quarter last year. Profitability growth was primarily driven by our strong execution and strategic supply chain repositioning capacity expansion and continued focus on pricing discipline. As stated previously, our financial results this quarter exclude expected benefits from the IRA 45X tax credit related to tracker components.

我們調整後的 EBITDA 擴大至 1.1 億美元，與去年本季相比成長 164%。獲利成長主要得益於我們強大的執行力和策略供應鏈重新定位產能擴張以及對定價紀律的持續關注。如前所述，我們本季的財務表現不包括與追蹤器組件相關的 IRA 45X 稅收抵免的預期收益。

We also delivered another strong quarter of new contract bookings, with strength in both the U.S. and international markets, resulting in a new record backlog, which is significantly over $3 billion, defined to fund contracts with deposits with identified projects and ship dates. With the strong performance in the first half of the year, record backlog and demand momentum, we are raising the midpoint of our annual revenue and profit guidance by $50 million and $100 million, respectively. At midpoint, our new revenue target of $2.35 billion and our new EBITDA target is $415 million for the full fiscal '24. Dave will expand on our quarterly results and annual guidance.

我們也實現了另一個強勁的季度新合約預訂，美國和國際市場均表現強勁，導致積壓訂單創下新紀錄，遠遠超過30 億美元，定義為用已確定項目和發貨日期的定金為合約提供資金。憑藉著上半年的強勁表現、創紀錄的積壓和需求勢頭，我們將年度營收和利潤指引的中位數分別提高了 5,000 萬美元和 1 億美元。 2024 年整個財年中，我們的新營收目標為 23.5 億美元，新的 EBITDA 目標為 4.15 億美元。戴夫將詳細介紹我們的季度業績和年度指導。

Earlier today, both Nextracker and Flex formally announced their plans to fully separate Nextracker from Flex. We are grateful for our time in Flex, which began in 2015 when Nextracker was only 2 years old as a company. Our relationship began with Flex prior to that, with Flex serving as a contract manufacturer of our proprietary electronics, a service which they continue to stay.

今天早些時候，Nextracker 和 Flex 都正式宣布計劃將 Nextracker 從 Flex 中完全分開。我們很感激在 Flex 的時光，它始於 2015 年，當時 Nextracker 作為一家公司只有 2 年。我們與 Flex 的關係始於此之前，Flex 是我們專有電子產品的合約製造商，他們繼續保留這項服務。

While we have always operated our own supply chain and operations, Flex helped us considerably, especially in the early years, maturing our business processes and supporting our expansion into emerging markets. Together, we accomplished our objectives of supporting customers in many global markets, creating extraordinary shareholder value and growing Nextracker as the global market leader of trackers for 8 consecutive years, according to third-party independent data from Wood Mackenzie.

雖然我們一直經營自己的供應鏈和運營，但偉創力為我們提供了很大幫助，尤其是在早期，使我們的業務流程更加成熟，並支持我們向新興市場的擴張。根據 Wood Mackenzie 的第三方獨立數據，我們共同實現了為許多全球市場的客戶提供支援、創造非凡的股東價值以及連續 8 年將 Nextracker 發展為全球追蹤器市場領導者的目標。

We anticipate completing the separation in our fiscal fourth quarter ended March 31, 2024, subject to a number of conditions. We are energized to start our next chapter and believe this is the appropriate time to separate. With Nextracker expecting to achieve annual revenue of over $2.3 billion this fiscal year, operating as a fully independent company will allow us to make additional strategic investments, continue expanding our talented team and pursue the market opportunities ahead.

我們預計在截至 2024 年 3 月 31 日的第四財季完成分拆，但須符合多項條件。我們充滿活力地開始我們的下一個篇章，並相信現在是分離的適當時機。 Nextracker 預計本財年的年收入將超過 23 億美元，作為一家完全獨立的公司營運將使我們能夠進行額外的策略投資，繼續擴大我們的人才團隊並尋求未來的市場機會。

I'd like to recap our innovation history and plans backed by over 400 patents issued and pending. Since founding Nextracker, we have revolutionized the tracker space with a suite of innovations that were first to market and/or first to scale, including the launch of the self-balanced, self-grounded and self-powered tracker system on the NX Horizon flagship product in 2013 and '14, of which more than 2 million trackers have been shipped.

我想回顧一下我們的創新歷史和由 400 多項已發布和正在申請的專利支持的計劃。自創立 Nextracker 以來，我們透過一系列率先推向市場和/或率先規模化的創新徹底改變了追蹤器領域，包括在 NX Horizo​​n 旗艦產品上推出自平衡、自接地和自供電追蹤器系統2013 年和14 年推出的產品，其中追蹤器已發貨超過200 萬個。

Our proprietary TrueCapture software launch in 2017, providing owners enhanced energy yield on over 200 projects installed today. NX Navigator control systems launched in 2020, providing owners operating benefits, a higher level of control and lower risk for power plant owners and operators. The first tracker Hail protection system, first deployed over 2 years ago. NX Horizon XTR, the industry's most deployed all-terrain solar tracker first delivered in 2018 sold to more than 70 utility-scale projects to date.

我們的專有 TrueCapture 軟體於 2017 年推出，為業主目前安裝的 200 多個專案提供了更高的能源產量。 NX Navigator 控制系統於 2020 年推出，為電廠業主和營運商提供營運效益、更高水準的控制和更低的風險。第一個追蹤冰雹防護系統，兩年多前首次部署。 NX Horizo​​n XTR 是業界部署最廣泛的全地形太陽能追蹤器，於 2018 年首次交付，迄今已銷往 70 多個公用事業規模專案。

Just last month, we launched our next-generation technology suite with 3 new innovations. The tech suite provides next-generation functionality and value in Hail Protection, undulating terrain, and fast-changing atmosphere conditions. Howard will review this section.

就在上個月，我們推出了 3 個新創新的下一代技術套件。該技術套件在冰雹防護、起伏的地形和快速變化的大氣條件方面提供了下一代功能和價值。霍華德將審閱本節。

Based on our strong profitability growth and liquidity position, we have significantly increased our R&D investments. A key element of Nextracker's success is product innovation that add customer value. We believe the additional R&D investments will accelerate the time to market for new products and allow us to continue being a leader in the industry.

基於我們強勁的獲利成長和流動性狀況，我們大幅增加了研發投資。 Nextracker 成功的關鍵因素是增加客戶價值的產品創新。我們相信，額外的研發投資將加快新產品的上市時間，並使我們能夠繼續成為業界的領導者。

We already covered that we have raised our revenue midpoint and profitability guidance for the second consecutive quarter, and that one of the contributing elements is a structural enhancement to our business, including supply chain retooling, with a unique and surge regional manufacturing model, which our team is executing ahead of schedule in major markets, including the U.S., Brazil, India and Australia.

我們已經報道過，我們已經連續第二個季度提高了收入中點和盈利指引，其中一個貢獻因素是我們業務的結構性增強，包括供應鏈重組，以及獨特的激增區域製造模式，我們的團隊正在美國、巴西、印度和澳洲等主要市場提前執行。

We are building out our mutual surge to meet global demand with in-country factory capacity and surge to support demand in other markets to arbitrage commodity, currency, supply disruptions and demand spikes as conditions warrant. We initiated these changes early in the pandemic, completing significant due diligence, supplier development, talent and IT investments and implemented major process improvements across our systems, logistics and import export procedures and enhanced contract terms.

我們正在建立我們的共同增產計劃，以國內工廠產能滿足全球需求，並增產以支持其他市場的需求，以便在條件允許的情況下，對商品、貨幣、供應中斷和需求激增進行套利。我們在疫情大流行初期就發起了這些變革，完成了重大的盡職調查、供應商開發、人才和IT 投資，並對我們的系統、物流和進出口程序實施了重大流程改進，並增強了合約條款。

This was a strategic undertaking and a multiyear transformation. The result is this we re-architected our supply chain, improved our cost structure, our on-time delivery of material sequence to our customers' requirements, and we drove margin expansion. I will provide more details on our Q2 expansion progress in North America and in NX, which includes 2 public dedication.

這是一項策略任務，也是一項多年的轉型。結果是我們重新建立了供應鏈，改善了成本結構，並按客戶要求按時交付材料序列，並推動了利潤率擴張。我將提供有關我們在北美和 NX 的第二季度擴張進展的更多詳細信息，其中包括 2 次公共奉獻。

We celebrated the opening of a new electronics manufacturer line with Asteelflash. Asteelflash facility is located just a few miles from our headquarters in Silicon Valley. This partnership is producing a patented self-power controller and related technology, further deepening the content we are building in the U.S. for our customers.

我們與 Asteelflash 一起慶祝了新電子製造商生產線的開幕。 Asteelflash 工廠距離我們的矽谷總部僅幾英里。此次合作正在生產專利的自供電控制器和相關技術，進一步深化我們在美國為客戶所建造的內容。

We also celebrated the opening of in Las Vegas, Nevada factory with Unimax, where they will produce our critical steel components. In total, we now have over 15 U.S. supplier facilities with dedicated Nextracker manufacturing lines with state presence, including Texas, Arizona, Pennsylvania, Illinois, Tennessee, California and Nevada. And I would like to thank our teams for our tremendous progress in the last few years.

我們還慶祝了 Unimax 在內華達州拉斯維加斯工廠的開業，他們將在那裡生產我們的關鍵鋼製零件。目前，我們總共擁有超過 15 個美國供應商工廠，擁有專門的 Nextracker 生產線，並在德克薩斯州、亞利桑那州、賓夕法尼亞州、伊利諾伊州、田納西州、加利福尼亞州和內華達州開展業務。我要感謝我們的團隊在過去幾年中取得的巨大進步。

On the last earnings call, we announced our contracted capacity in the U.S. exceeded 25 gigawatts. In India, we have achieved 10 gigawatts of annual manufacturing capacity with over 80% of our solar tracker content for India made in India. Customer confidence of our supply position and cost structure has enabled 5 gigawatts contracts under fulfillment for operational [in India].

在上次財報電話會議上，我們宣布我們在美國的合約產能超過 25 吉瓦。在印度，我們已實現 10 吉瓦的年製造能力，其中超過 80% 的印度太陽能追蹤器產品是在印度製造的。客戶對我們的供應狀況和成本結構的信心使 [在印度] 的 5 吉瓦合約得以履行並投入營運。

Now I'll turn the call over to Howard Wenger, our President, to expand on our commercial progress and product innovation. Howard?

現在我將把電話轉給我們的總裁霍華德溫格，以擴大我們的商業進展和產品創新。霍華德？

Thank you, Dan. We are indeed pleased with our team's excellent execution and performance. As noted, our success has been driven by innovation and our differentiated product offering by an unwavering commitment to our customers and by our competitive drive to win and make solar power mainstream.

謝謝你，丹。我們確實對我們團隊出色的執行力和表現感到滿意。如前所述，我們的成功源自於創新和差異化產品供應，源自於對客戶堅定不移的承諾，源自於我們贏得太陽能並使太陽能成為主流的競爭動力。

In Q2, we had continued wins in the marketplace, and we unveiled a trifecta of 3 new and key product innovations. Let me start with sales and a business update. I'm pleased to report we had another strong quarter for new business in both the U.S. and international markets, increasing our backlog quarter-over-quarter to a new record of significantly over $3 billion.

第二季度，我們在市場上繼續取得勝利，並推出了三項新的關鍵產品創新。讓我從銷售和業務更新開始。我很高興地向大家報告，我們在美國和國際市場上的新業務又一個強勁的季度，我們的積壓訂單環比增加，達到了超過 30 億美元的新紀錄。

Let's look a bit closer at the U.S. market, which remains our largest segment, with approximately 2/3 of our total Q2 revenue. We continue to have a healthy combination of new EPC contracts with new and repeat customers and additional volume commitment agreements or VCAs. We signed several new VCA contracts in the quarter, one of which we publicly announced for 2 gigawatts with Clearway Energy Group, a U.S. solar developer and power plant owner.

讓我們仔細看看美國市場，它仍然是我們最大的細分市場，約占我們第二季總收入的 2/3。我們繼續與新客戶和回頭客建立新的 EPC 合約以及額外的批量承諾協議或 VCA 的健康組合。我們在本季簽署了幾份新的 VCA 合同，其中我們公開宣布與美國太陽能開發商和發電廠所有者 Clearway Energy Group 簽署了 2 吉瓦的合約。

I'm pleased to report we continue to make significant strides in our EPC and VCA programs, further developing and solidifying long-term relationships with developers, power plant owners and PPCs. Furthermore, we believe this approach reduces risk in our business, and we believe it is a competitive advantage that plays to our strengths in technology, execution, customer focus and company assets.

我很高興地向大家報告，我們在 EPC 和 VCA 計劃方面繼續取得重大進展，進一步發展和鞏固與開發商、發電廠業主和 PPC 的長期關係。此外，我們相信這種方法可以降低我們業務的風險，我們相信這是一種競爭優勢，可以發揮我們在技術、執行、客戶關注和公司資產方面的優勢。

I would like to reiterate a couple of points we have made previously regarding VCAs. The VCA typically carries a 2-year term and has a specific list of multiple projects that we are committed to supply. These specific projects are included in our backlog as they are contractually binding with elements such as pricing tied to project design, too late retail days or liquidated damages for noncompliance and, like our EPC agreements, have cash deposits or other financial securities.

我想重申我們之前就 VCA 提出的幾點觀點。 VCA 的期限通常為 2 年，並有我們承諾提供的多個項目的具體清單。這些具體項目包含在我們的積壓工作中，因為它們與項目設計相關的定價、太晚的零售天數或不合規的違約金等要素具有合約約束力，並且與我們的EPC 協議一樣，有現金存款或其他金融證券。

The VCA model provides greater visibility and diversification and is working extremely well, delivering benefits to all of our customer partners, which takes me to the inflation Reduction Act, or IRA. As we stated on the last earnings call, we firmly believe that the 30% ITC component of IRA is a key driving force for utility-scale solar demand in the United States.

VCA 模型提供了更大的可見性和多樣化，並且運行得非常好，為我們所有的客戶合作夥伴帶來了好處，這讓我想到了通貨膨脹減少法案（IRA）。正如我們在上次財報電話會議上所說，我們堅信 IRA 的 30% ITC 部分是美國公用事業規模太陽能需求的關鍵驅動力。

The 30% ITC is a well-understood and well-formed consequential policy that has no domestic content requirements. That said, delivering domestic content to enable the capture of the 10% bonus ITC for power plant owners remains a priority for Nextracker.

30% ITC 是一項易於理解且結構良好的後續政策，沒有國內含量要求。也就是說，提供國內內容以便為發電廠所有者獲得 10% 的 ITC 獎金仍然是 Nextracker 的首要任務。

As Dan mentioned in his prepared remarks, we have been successful in building out our U.S. supply chain and deepening our content by adding local manufacturing of electronic controllers and other components. We think it is important to note that Treasury's guidance amid certain clarifications that impact how to precisely calculate domestic content percentage levels for trackers.

正如丹在他準備好的演講中提到的那樣，我們已經成功地建立了我們的美國供應鏈，並透過增加電子控制器和其他組件的本地製造來深化我們的內容。我們認為，值得注意的是，財政部的指導意見中的某些澄清影響瞭如何精確計算追蹤器的國內含量百分比水準。

Therefore, we believe the responsible thing to do is work through domestic content levels and these uncertainties with our customers rather than publicly announce specific domestic content percentages, pending additional verification on open questions impacting the calculation.

因此，我們認為負責任的做法是與客戶一起研究國內含量水平和這些不確定性，而不是公開宣布具體的國內含量百分比，等待對影響計算的未決問題進行進一步驗證。

Please note that we feel very competitive with our domestic manufacturing position and trajectory, as validated by customer feedback and our continued growth. In summary, the U.S. market continued to be robust in the quarter for Nextracker and the outlook is positive.

請注意，我們認為我們的國內製造地位和發展軌跡非常具有競爭力，這一點已得到客戶回饋和我們持續成長的驗證。總而言之，Nextracker 本季美國市場持續強勁，前景樂觀。

Now let's move to the international business. In Q2, we saw continued demand strength distributed across multiple continents, with new wins in Asia, Oceania, Middle East, Africa, Canada and Latin America.

現在讓我們轉向國際業務。第二季度，我們看到需求持續強勁，分佈在多個大陸，其中亞洲、大洋洲、中東、非洲、加拿大和拉丁美洲取得了新的勝利。

Let's focus on 1 particularly exciting international market, India, which is the third largest consumer of electricity in the world behind China and the United States and the world's fifth largest economy. Earlier this year, the government of India announced a national target of 500 gigawatts of renewable energy capacity by 2030, which would reduce the carbon emissions intensity of this economy by 45%.

讓我們專注在一個特別令人興奮的國際市場，印度，它是僅次於中國和美國的世界第三大電力消費國，也是世界第五大經濟體。今年早些時候，印度政府宣佈到2030年全國再生能源裝置容量達到500吉瓦的目標，將使該經濟體的碳排放強度降低45%。

There are less than 200 gigawatts of renewables installed to date in India. Therefore, there is a push to install over 300 gigawatts of renewables in the next 7 years. This renewable energy pushed by the government, together with continued solar energy cost reduction, is causing an acceleration of demand for solar power.

迄今為止，印度安裝的可再生能源裝置容量不足 200 吉瓦。因此，未來7年將推動安裝超過300吉瓦的再生能源。政府推動的再生能源，加上太陽能成本的持續下降，正在導致太陽能需求的加速成長。

We believe Nextracker is very well positioned in India to take advantage of these recent developments. In the quarter, we announced that we have achieved 10 gigawatts of annual domestic manufacturing capacity, with 80% local content that is made in India.

我們相信 Nextracker 在印度處於有利地位，可以利用這些最新發展。本季度，我們宣布國內年產能已達 10 吉瓦，其中 80% 是印度本土製造。

In addition, Nextracker has over 5 gigawatts of systems under fulfillment or already operational in India. This combination have a robust, localized supply chain and being the leading tracker platform in India provides Nextracker the ability to mobilize and serve this rapidly growing and very significant market.

此外，Nextracker 在印度還有超過 5 吉瓦的系統正在部署或已經運作。此次合併擁有強大的本地化供應鏈，並且作為印度領先的追蹤平台，Nextracker 能夠動員並服務這個快速成長且非常重要的市場。

Finally, rounding out our review of demand. We are pleased that TrueCapture, our intelligent, self-adjusting tracker software, continued to gain momentum in Q2. We're seeing adoption increasing and Q2 volume was up quarter-over-quarter and year-over-year. TrueCapture provides typically 1% to 3% annual energy production improvement for the entire power plant, and we have seen annual gains as high as 6%.

最後，完善我們對需求的檢討。我們很高興我們的智慧、自我調整追蹤軟體 TrueCapture 在第二季持續保持強勁勢頭。我們看到採用率不斷增加，第二季的銷售量較上季和年比都有所成長。 TrueCapture 通常可為整個發電廠提供每年 1% 至 3% 的能源產量改進，我們已經看到年收益高達 6%。

This is a material benefit for power plant owners, enabling a further preference for our trackers, in addition to being a feature we continue to monetize. We believe our TrueCapture software platform leads the industry with over 200 projects deployed and validated by multiple leading independent engineering firms with real data that customers can trust.

這對發電廠所有者來說是一項物質利益，除了成為我們繼續貨幣化的功能之外，還可以進一步偏愛我們的追蹤器。我們相信，我們的 TrueCapture 軟體平台引領產業發展，擁有超過 200 個項目，由多家領先的獨立工程公司部署和驗證，並提供客戶可以信賴的真實數據。

Now let me shift gears to products and innovation. We saw many of you at the RE+ conference held in Las Vegas in September. I will quickly recap our new innovations announced there, all of which leverage inherent differentiated features of Nextracker flagship, NX Horizon smart solar tracking system.

現在讓我轉向產品和創新。我們在 9 月在拉斯維加斯舉行的 RE+ 會議上見到了你們中的許多人。我將快速回顧我們在那裡宣布的新創新，所有這些創新都利用了 Nextracker 旗艦產品 NX Horizo​​n 智慧太陽能追蹤系統固有的差異化功能。

First, we announced a new innovation and product set called Hail Pro, building on our Halston technology first deployed over 2 years ago. Hail Pro enables all solar panels to be simultaneously and quickly stowed when there is a hail event that threatens the solar field. Hail Pro also comes equipped with an automatic stowing feature that links to real-time and forecasted national weather service data, enabling an auto command for the entire solar field to go into protective storing mode in advance of approaching storms.

首先，我們宣布推出名為 Hail Pro 的新創新和產品組合，該產品組合以兩年多前首次部署的 Halston 技術為基礎。當發生威脅太陽能場的冰雹事件時，Hail Pro 能夠同時快速收起所有太陽能板。 Hail Pro 還配備了自動儲存功能，可連結到即時和預測的國家氣象服務數據，從而能夠在暴風雨來臨之前自動命令整個太陽能場進入保護儲存模式。

Our Hail Pro system can still panels up to 4x faster than standard tractors and do so even during power outages. We also announced our new Hail Pro 75 solution, which enables a much steeper sow angle of 75 degrees versus our standard cell angle of 60 degrees. Hail Pro 75 is designed for locations subject to extreme hail, which we believe is becoming more prevalent as weather becomes more severe over time.

我們的 Hail Pro 系統的面板速度仍然比標準拖拉機快 4 倍，即使在斷電期間也是如此。我們還發布了新的 Hail Pro 75 解決方案，可實現 75 度的播撒角度，而標準單元角度為 60 度。 Hail Pro 75 專為遭受極端冰雹的地區而設計，我們相信隨著天氣的推移，這種情況會變得越來越普遍。

The second product innovation we announced is a doubling of the capability of our NX and XTR extreme train following tracker. We first shipped XTR in 2018. And to date, we have sold to over 70 utility-scale projects at power plants that are using this technology. With the introduction of our new XT 1.5 we significantly reduce or even eliminate the need for earthwork on even steeper and more undulating sites. XTR 1.5 can lower cost and accelerate Titan's deployment. It also reduces the environmental impact, which comes the permitting process for new projects.

我們宣布的第二項產品創新是將 NX 和 XTR 極限列車追蹤追蹤器的功能提高一倍。我們於 2018 年首次交付 XTR。迄今為止，我們已向使用該技術的發電廠的 70 多個公用事業規模專案出售產品。隨著我們新的 XT 1.5 的推出，我們大幅減少甚至消除了在更陡峭和更起伏的場地上進行土方工程的需要。 XTR 1.5可以降低成本並加速Titan的部署。它也減少了新專案審批過程對環境的影響。

Third, we introduced the expansion of our TrueCapture software capability with the new innovation we call zonal diffuse. This new tracker control mode enhances energy production during rapidly changing sun conditions, primarily driven by rolling cloud cover, utilizing new control algorithms, real-time hardware measurement capability. Tracker blocks are adjusted according to variations in sunlight, intersecting clouds to increase annual energy gain and lower the LCOE of the project.

第三，我們透過稱為區域擴散的新創新來擴展 TrueCapture 軟體功能。這種新的追蹤器控制模式利用新的控制演算法和即時硬體測量功能，在快速變化的太陽條件下增強了能源生產，主要由滾動的雲層驅動。追蹤器塊根據陽光、交叉雲的變化進行調整，以增加年度能量增益並降低專案的度電成本。

We are excited by the early customer interest in these innovations. And we believe they further enhance our technology lead and value proposition. They also expand the use cases for Nextracker and effectively increase our TAM.

我們對早期客戶對這些創新的興趣感到興奮。我們相信它們進一步增強了我們的技術領先地位和價值主張。他們還擴展了 Nextracker 的用例並有效地增加了我們的 TAM。

In summary, we are very proud of the team's execution, and we carry significant momentum into the second half of our fiscal year. Now let me turn the call over to Dave Bennett, our Chief Financial Officer, to review financials and to further discuss guidance. Dave?

總而言之，我們對團隊的執行力感到非常自豪，我們在本財年下半年保持了強勁的勢頭。現在讓我將電話轉給我們的財務長戴夫貝內特 (Dave Bennett)，以審查財務狀況並進一步討論指導意見。戴夫？

Thank you, Howard. Before I start, I'd like to remind everyone that all references to financial metrics, except for revenue, are non-GAAP adjusted. And all growth rates are year-over-year, unless otherwise stated. We completed our first half of fiscal year 2024 with strong execution.

謝謝你，霍華德。在開始之前，我想提醒大家，除收入外，所有提及的財務指標均經過非 GAAP 調整。除非另有說明，所有成長率均為年成長率。我們以強勁的執行力完成了 2024 財年上半年。

Record revenue for Q2 closed above our expectations at $573 million, up 23% year-over-year. Both the U.S. and the rest of the world equally drove that increase. Current quarter mix was 67% and 33%, respectively. As expected, we saw a sequential uptick to U.S. revenue, primarily due to projects generally progressing on schedule and as planned, and we saw improvements in channel availability.

第二季營收創歷史新高，達到 5.73 億美元，年增 23%，超出我們的預期。美國和世界其他地區同樣推動了這一成長。當前季度的比例分別為 67% 和 33%。正如預期的那樣，我們看到美國收入連續增長，這主要是由於項目總體上按計劃按計劃進展，而且渠道可用性有所改善。

There is no change to our projected full year revenue mix. We still expect the U.S. to be between $60 to 70% of total revenue. Adjusted EBITDA for Q2 was $110 million. This was an increase of $68 million or 164% growth and set a new record for the company. Project gross margins expanded in Q2 and are now tracking in the mid-20s. Our Q2 EBITDA margin of 19.2% was up over 1,000 basis points from the prior year and marks the sixth consecutive quarter of sequential margin improvement.

我們預計的全年收入組合沒有變化。我們仍然預計美國市場的收入將佔總收入的 60% 至 70%。第二季調整後 EBITDA 為 1.1 億美元。增加了 6800 萬美元，即成長 164%，創下了公司的新紀錄。專案毛利率在第二季有所擴大，目前已達 20 多歲。我們第二季的 EBITDA 利潤率為 19.2%，比去年同期成長了 1,000 個基點，標誌著利潤率連續第六個季度實現改善。

As Dan and Howard provided in their remarks, we have made structural enhancements to our business that include expanding our global supply chain that allows for localized content and flexibility servicing our customers. This multiyear transformation, along with our continued pricing discipline, has improved our margin structure was the primary drivers supporting our record profit generation in Q2.

正如 Dan 和 Howard 在他們的演講中所說，我們對我們的業務進行了結構性增強，包括擴大我們的全球供應鏈，從而為我們的客戶提供本地化內容和靈活性服務。這種多年的轉型，加上我們持續的定價紀律，改善了我們的利潤結構，是支持我們在第二季創造創紀錄利潤的主要驅動力。

Adjusted free cash flow was $26 million for the quarter, and $251 million for the first half of fiscal '24, driven by strong net working capital management, increased customer deposits from strong bookings and higher EBITDA. Net working capital at the end of Q2 was less than 10% of annualized revenue, which was favorable to our expected 10% to 15% level.

受強勁淨營運資本管理、強勁預訂帶來的客戶存款增加以及更高的 EBITDA 推動，本季調整後自由現金流為 2,600 萬美元，24 財年上半年為 2.51 億美元。第二季末的淨營運資本不到年化收入的10%，這有利於我們預期的10%至15%的水準。

To support our planned growth in the next 2 quarters, we continue to expect to fund our net working capital, which may temporarily challenge free cash flow. Our high-quality balance sheet, cash flow generation and ample liquidity remain competitive advantages. We closed the quarter with more than $370 million in total cash, which is greater than 2x our total debt of approximately $150 million. Total liquidity at the end of Q2 was nearly $900 million which includes cash and a $500 million undrawn revolver. We continue to operate with a debt-to-EBITDA ratio of less than 1, with no significant debt maturities until fiscal 2028.

為了支持我們未來兩個季度的計劃成長，我們繼續預計為我們的淨營運資本提供資金，這可能會暫時挑戰自由現金流。我們高品質的資產負債表、現金流量產生和充足的流動性仍然是競爭優勢。本季末，我們的現金總額超過 3.7 億美元，是我們總債務（約 1.5 億美元）的兩倍多。第二季末的總流動性接近 9 億美元，其中包括現金和 5 億美元未提取的左輪手槍。我們繼續以低於 1 的債務與 EBITDA 比率運營，並且在 2028 財年之前沒有重大債務到期。

Let me now transition to the 45X benefit considerations for Nextracker. We have analyzed the legislative language extensively. We're comfortable with it and believe there's a high correlation for our torque tubes and fasteners to qualify under 45X. We are also in a strong position to contribute meaningfully to domestic content. We have great relationships and arrangements with top vendors in the industry.

現在讓我轉向 Nextracker 的 45X 效益考量。我們廣泛分析了立法語言。我們對此感到滿意，並相信我們的扭矩管和緊固件與 45X 以下的資格有很高的相關性。我們也有能力為國內內容做出有意義的貢獻。我們與業內頂級供應商有著良好的關係和安排。

From our standpoint, we are well positioned and confident that the expected 45X IRA contribution will be meaningful to our financials, subject to adequate clarifying guidance from the Treasury department and full alignment with our advisers as to the accounting treatment. Consistent with last quarter, we have not factored in any expected IRA 45X profit projection into our guidance at this time.

從我們的角度來看，我們處於有利位置，並且有信心預期的45 倍IRA 繳款將對我們的財務狀況產生重大影響，但前提是財政部提供充分的澄清指導，並與我們的顧問在會計處理方面完全一致。與上季一致，我們目前尚未將任何預期 IRA 45X 利潤預測納入我們的指導中。

Let's walk through a few considerations as to why we are taking this decision. First, we need further clarification on the transferability criteria. Second, the timing of when our vendors can realize their 45X credit is expected to vary. Third, the expected economic benefit derived from the 45X credit through the sharing percentage with our vendors will be reviewed on a contract-by-contract basis.

讓我們透過一些考慮因素來了解我們為何做出此決定。首先，我們需要進一步明確可轉讓性標準。其次，我們的供應商實現 45 倍信用的時間預計會有所不同。第三，透過與供應商分享百分比所獲得的45倍信用額所帶來的預期經濟利益將根據合約進行審查。

Terms, mechanics and timing of receipt may also vary. Lastly, our objective is to bring incremental demand to our high-performing vendors, optimize margins and reduce the cost of materials via the 45X credit. As a result, we expect our fiscal year '24 to be a transitional year as it relates to the impact of this 45X credit.

條款、機制和接收時間也可能有所不同。最後，我們的目標是透過 45 倍信用為我們的高績效供應商帶來增量需求，優化利潤並降低材料成本。因此，我們預計 24 財年將是過渡年，因為這與 45 倍信貸的影響有關。

Before I move on to guidance, let me speak briefly about the expected separation from Flex. As Dan noted earlier today, both Nextracker and Flex formally announced the plan to spin off all Flex's remaining interest in Nextracker to the Flex shareholders. As stated in the press release, the separation transaction is expected to close in our fiscal fourth quarter ending March 31, 2024, but remains subject to a number of conditions. And no assurance can be given that the separation will, in fact, occur.

在我繼續指導之前，讓我先簡單談談與 Flex 的預期分離。正如 Dan 今天早些時候指出的那樣，Nextracker 和 Flex 均正式宣布計劃將 Flex 在 Nextracker 中的所有剩餘權益分拆給 Flex 股東。如新聞稿所述，此分拆交易預計將在截至 2024 年 3 月 31 日的第四財季完成，但仍需滿足一些條件。並且不能保證分居確實會發生。

Earlier today, we filed a registration statement on Form S-4 with the SEC, which includes additional information on the spin-off. The separation is expected to have an impact on our go-forward tax rate that I'll speak to more in my guidance remarks. The transaction will significantly increase our public float, but we do not anticipate a material impact to our diluted EPS.

今天早些時候，我們向 SEC 提交了 S-4 表格的註冊聲明，其中包括有關分拆的更多資訊。預計這種分離將對我們的未來稅率產生影響，我將在指導方針中詳細討論這一點。此交易將顯著增加我們的公眾持股量，但我們預計不會對我們的攤薄後每股收益產生重大影響。

Now turning to comments for Q3 and full year fiscal '24 guidance. As always, we encourage you to evaluate Nextracker on an annual basis to reflect the nature of our large-scale projects. Therefore, we will not provide quarterly guidance, but will provide Q3 comments as guideposts. For Q3, revenue growth is expected to be approximately 20% year-over-year. And based on the current timing of projects, Q4 revenue is expected to have a larger contribution in Q3.

現在轉向對第三季和 24 財年全年指引的評論。一如既往，我們鼓勵您每年評估 Nextracker 以反映我們大型專案的本質。因此，我們不會提供季度指導，但會提供第三季度的評論作為指導。第三季營收預計將年增約20%。而根據目前的專案進度，預計Q4的收入對Q3的貢獻會更大。

Our revised full year fiscal 2024 guidance is as follows: with a record first half and our anticipation of a strong second half, we have raised the midpoint of our full year revenue guidance by $50 million. The new range is now $2.3 billion to $2.4 billion. At the midpoint, we are expecting a 24% growth year-over-year. We have raised our EBITDA guidance range meaningfully by $100 million. The updated range is now $390 million to $440 million. At the midpoint, we are expecting nearly 100% growth year-over-year.

我們修訂後的 2024 財年全年指引如下：鑑於上半年創紀錄的業績以及下半年強勁的預期，我們將全年收入指引的中位數上調了 5000 萬美元。新的範圍現在為 23 億美元至 24 億美元。我們預計將年增 24%。我們已將 EBITDA 指導範圍有意義地提高了 1 億美元。更新後的範圍現在為 3.9 億美元至 4.4 億美元。在中點，我們預計將同比增長接近 100%。

GAAP EPS is expected to be between $1.60 to $1.80 per share and includes approximately $0.35 on related to stock-based compensation and intangible amortization. Adjusted EPS is expected to be between $1.95 to $2.15 per share based on 148 million weighted average shares outstanding. Interest and other expense is expected to be between $15 million to $20 million. We still expect the adjusted income tax rate to range between 15% and 20% for the full year and includes a slightly higher expected rate post separation from Flex.

GAAP EPS 預計為每股 1.60 美元至 1.80 美元，其中包括約 0.35 美元的股票薪酬和無形攤銷。根據 1.48 億股加權平均流通股計算，調整後每股盈餘預計為每股 1.95 美元至 2.15 美元。利息和其他費用預計在 1500 萬至 2000 萬美元之間。我們仍預計全年調整後的所得稅稅率將在 15% 至 20% 之間，並包括從 Flex 分離後略高的預期稅率。

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

現在，我將把電話轉回給丹，讓其作總結發言。擔？

We achieved record financial results through innovation, our global supply chain, a multiyear strategic supply chain transformation and our relentless focus on customer service. Our performance is supported by our deep industry domain expertise and our trusted customer relationships.

透過創新、全球供應鏈、多年策略供應鏈轉型以及對客戶服務的不懈關注，我們取得了創紀錄的財務表現。我們深厚的行業領域專業知識和值得信賴的客戶關係為我們的業績提供了支持。

We understand the needs of developers, independent power producers and contractors. I'm proud of what we've accomplished as a company. In fact, the SF Chronicle recently recognized Nextracker with the Top Workplaces of 2023 Award. It's an honor to be leading and working with a group of technology innovators.

我們了解開發商、獨立電力生產商和承包商的需求。我為我們公司所取得的成就感到自豪。事實上，《SF Chronicle》最近將 Nextracker 授予了 2023 年最佳工作場所獎。能夠領導一群技術創新者並與他們合作是我的榮幸。

We now look forward to your questions. Let me pass the call back to the operator.

我們現在期待您的提問。讓我將電話轉回給接線生。

(Operator Instructions) Our first question is from the line of Mark Strouse with JPMorgan.

（操作員指示）我們的第一個問題來自摩根大通的 Mark Strouse。

Great, and congrats on a strong print here. Dave, I wanted to start with the margins. So since the IPO, we've been kind of conditioned to think about this business as kind of a mid-teens EBITDA margin business. Your guidance is kind of indicating closer to high teens now. Just kind of the reasons that you stated for the guide sound more structural in nature, but I just want to confirm if that's kind of the new base level of margins we should be expecting with, obviously with the caveat that there's quarterly fluctuations?

太棒了，恭喜這裡有一個強大的印刷品。戴夫，我想從邊距開始。因此，自首次公開募股以來，我們已經習慣將這項業務視為一種 EBITDA 利潤率處於十幾歲左右的業務。你的指導有點顯示現在更接近青少年了。您在指南中所說的原因聽起來更具結構性，但我只是想確認這是否是我們應該期待的新的利潤基準水平，顯然需要注意的是存在季度波動？

Mark, thanks for the question. Yes, confirmed that, if you recall, we've been messaging the last couple of quarters when we've had execution upside and the drivers behind those. After printing a couple of quarters, Q1 over 17% in this current quarter over 19%. We're confident and committed in the higher-margin structure that was driven by that global supply chain and our investments throughout the business to ensure that higher margin profile.

馬克，謝謝你的提問。是的，如果您還記得的話，我們已經確認，在過去的幾個季度中，我們一直在傳達執行力上升的訊息以及背後的驅動因素。經過幾季的印發後，第一季超過 17%，本季超過 19%。我們對由全球供應鏈和我們在整個業務中的投資驅動的更高利潤結構充滿信心並致力於確保更高的利潤率。

Our next question is from the line of Jon Windham with UBS.

我們的下一個問題來自瑞銀集團的 Jon Windham。

Perfect. I was wondering if you could just -- any comments you could share about conversations you're having with customers over the last couple of months. Obviously, the volatility in interest rates is a concern for people. So just any color you have on how those conversations have maybe evolved over the last couple of months.

完美的。我想知道您是否可以就過去幾個月與客戶的對話發表任何評論。顯然，利率波動是人們關心的問題。所以，你對過去幾個月這些對話可能如何演變有任何看法。

This is Howard Wenger. Well, the outlook is very positive, and we continue to have very strong demand in the United States, which is 2/3 of our business as well as international. Regarding interest rates, it is a topic, but we -- what we're hearing is that there are a number of levers that can accommodate higher interest rates, including you have the IRA benefit of a 30% tax credit where a lot of these projects that were developed were under the assumption of a much lower tax credit on the order of 10% even, in many cases, and then you've got the bonus ITC.

這是霍華德·溫格。嗯，前景非常樂觀，我們在美國的需求仍然非常強勁，占我們業務以及國際業務的 2/3。關於利率，這是一個話題，但我們——我們聽到的是，有許多槓桿可以適應更高的利率，包括你有 30% 稅收抵免的 IRA 福利，其中許多在許多情況下，開發的項目假設稅收抵免要低得多，甚至達到10%，然後你就得到了ITC 的獎金。

Plus there's really very strong demand for clean energy in the U.S. and electric demand is increasing. And where the electric demand is increasing, such as data centers, for example, clean energy is something that's very much sought after, which means a higher -- potentially higher power purchase agreement price. So those are just a few of the levers that can accommodate a higher interest rate. But certainly, it's something that is being watched closely.

此外，美國對清潔能源的需求確實非常強勁，電力需求也不斷增加。在電力需求不斷增加的地方，例如資料中心，清潔能源非常受追捧，這意味著更高的——可能更高的購電協議價格。因此，這些只是可以適應更高利率的幾個槓桿。但可以肯定的是，這是正在密切關注的事情。

Our next question is from the line of Julien Smith with Bank of America.

我們的下一個問題來自美國銀行的 Julien Smith。

Just clarifying the last couple real quickly. First, just in terms of project delays, obviously, what you're saying here fairly constructive through the course of the year. Can you clarify, are you seeing churn in your backlog here in terms of projects moving in and out? Or are you seeing fairly consistent schedules executed here for every reason that it looks like supply chain is getting a little bit back in the norm?

只是很快澄清最後一對。首先，就專案延遲而言，顯然，您在這裡所說的內容在這一年中相當有建設性。您能否澄清一下，您是否看到積壓的項目在移入和移出方面出現變化？或者您看到這裡執行的時間表相當一致，因為供應鏈看起來有點恢復正常了？

And then relating to that structural execution here, 19% here as you allude here second quarter, are you guiding up? Is there the potential to sustain at this 19-plus percent such that there could be a little bit more latitude in full year numbers, just to kind of clarify on what you're saying about the back half of the year.

然後與這裡的結構執行相關，正如你在這裡提到的第二季度的 19％，你會指導嗎？是否有可能維持在這個 19% 以上的水平，這樣全年數字可能會有更多的自由度，只是為了澄清你所說的下半年的情況。

Julien, Dan Shugar here. Thanks for your question. One of the benefits of operating globally is we can serve -- we are serving many dozens of countries in parallel, simultaneously, that helps as a global manufacturer. I think in terms of the projects, we've just seen the breadth and the depth of the projects in our Tier 1 customers expand very significantly over the last few years. We've gone from megawatts to gigawatts from projects to programs. And so even within a given customer, they have 1 project that's delayed, often they'll have another project, which can fill its gap.

朱利安、丹舒加爾在這裡。謝謝你的提問。全球營運的好處之一是我們可以提供服務——我們同時為數十個國家提供並行服務，這對作為全球製造商很有幫助。我認為就專案而言，我們剛剛看到一級客戶專案的廣度和深度在過去幾年中顯著擴展。從專案到計劃，我們已經從兆瓦級發展到了千兆瓦級。因此，即使在給定的客戶中，他們也有一個項目被延遲，通常他們會有另一個項目來填補其空白。

Now for sure, there's been individual projects that experienced delays that happens. That's not a new thing. We've just seen just a huge amount of demand in the markets in the U.S. and abroad and our record results in terms of revenue recognition, bear that out from what we've accomplished so far and our confidence that, that's going to continue, has enabled us to increase our guidance on revenue for this year.

現在可以肯定的是，有個別項目經歷過延誤的情況。這不是什麼新鮮事。我們剛剛看到美國和海外市場的巨大需求，以及我們在收入確認方面創紀錄的業績，從我們迄今為止所取得的成就以及我們對這種情況將繼續下去的信心中證明了這一點，使我們能夠提高今年的收入指導。

Dave, can you address Julien's question with respect to margin, please?

Dave，您能回答 Julien 關於保證金的問題嗎？

Sure. Julian, keep in mind, we are longer contract life cycle. So I think in terms of sustainability, absolutely, we would confirm sustaining our midpoint of our guidance, which is almost 18% EBITDA. And that is really derived, if you just look at the first 2 quarters, profitability, it's around in the middle of that. And yes, our guide would be committing us to sustaining that.

當然。朱利安，請記住，我們的合約生命週期更長。因此，我認為就永續性而言，我們絕對會確認維持指引的中點，即幾乎 18% 的 EBITDA。這確實是推導出來的，如果你只看前兩個季度的獲利能力，它大約處於中間位置。是的，我們的指南將致力於維持這一點。

Our next question is from Praneeth Satish with Wells Fargo.

我們的下一個問題來自富國銀行的 Praneeth Satish。

I guess when you look at some of your competitors, they are competing more aggressively with some of the developers that are more price sensitive. Just curious for your thoughts on that part of the market and whether you would consider releasing either a new product or using margin as a weapon to kind of gain some market share there in an NPV positive way.

我想當你看看你的一些競爭對手時，他們正在與一些對價格更敏感的開發商進行更積極的競爭。只是好奇您對這部分市場的想法，以及您是否會考慮發布新產品或使用保證金作為武器，以 NPV 積極的方式獲得一些市場份額。

This is Howard Wenger. So thank you for the question. We're extremely disciplined when it comes to pricing and -- we're not a company that chases business. We partner with Tier 1 customers, both owner developers and EPCs. And we partner with companies who understand our value proposition. And we are relentless in terms of our product offering and innovation.

這是霍華德·溫格。謝謝你的提問。我們在定價方面非常嚴格，而且我們不是一家追逐業務的公司。我們與一級客戶合作，包括業主開發商和 EPC。我們與了解我們價值主張的公司合作。我們在產品提供和創新方面堅持不懈。

When it comes to LCOE, wells cost of energy, which is the governing equation for the power plant owner who is the ultimate customer. And there's 3 components to the LCO inflation, there's the CapEx that you referred to or capital upfront capital costs. There's the operating cost. And then in the denominator, it's the energy output.

說到平準化度電成本，能源成本是最終客戶發電廠所有者的控制方程式。 LCO 通膨由 3 個組成部分組成，即您提到的資本支出或資本前期資本成本。還有營運成本。然後在分母中，它是能量輸出。

So we unveiled just in the last -- this past quarter, 3 upgrades and next generations of key technology the company has that addresses all the of those buckets that contribute to lower LCOE. So our XTR train following 1.5, we can now install on more undulating sites, saving costs and speeding, permitting, our TrueCapture software continues to expand so that we capture more energy on an annual basis. And then we have our Hail Pro, which we announced to enable us to install cost effectively in areas that are prone to hail. So it's just some of the examples of things that we do to address cost.

因此，我們在上個季度公佈了該公司擁有的 3 項升級和下一代關鍵技術，這些技術解決了所有有助於降低 LCOE 的問題。因此，我們的 XTR 列車繼 1.5 版本之後，現在可以安裝在更多起伏的場地上，從而節省成本並加快速度，允許我們的 TrueCapture 軟體繼續擴展，以便我們每年捕獲更多的能量。然後我們推出了 Hail Pro，我們宣布它可以讓我們在容易發生冰雹的地區以經濟高效的方式進行安裝。這只是我們為解決成本問題所做的一些事情的例子。

And our margins are improving, as Dave and Dan mentioned. Sure, that's an additional lever if we need to address price. But as a company, we are extremely disciplined when it comes to price, and it's not our central weapon is to just be the low-price provider.

正如戴夫和丹所提到的，我們的利潤率正在提高。當然，如果我們需要解決價格問題，這是一個額外的槓桿。但作為一家公司，我們在價格方面非常自律，我們的核心武器並不是只是成為低價供應商。

Our next question is from Christine Cho with Barclays.

我們的下一個問題來自巴克萊銀行的 Christine Cho。

Maybe if I could just come back to gross margins and ask it a little differently. Last quarter, you did see, I think, quite a big decline. I think in your Q said it was like 1,000 bps decline in freight and logistics as a percentage of COGS last quarter. Was that a similar tailwind this quarter?

也許我可以回到毛利率並以不同的方式提出問題。我認為上個季度，您確實看到了相當大的下降。我認為您在 Q 中提到上個季度貨運和物流佔 COGS 的百分比下降了 1,000 個基點。本季是否有類似的推動力？

And as raw material costs go down, is that a tailwind for you? I thought there was some back-to-back contracting to -- and you guys fixing your costs when you fix your ASPs. So margin with respect to raw materials was relatively fixed, but just wondering if that has changed.

隨著原材料成本的下降，這對您來說是有利的嗎？我認為有一些背靠背的合約——你們在修復 ASP 時也修復了成本。因此，原材料的利潤率相對固定，但只是想知道這種情況是否發生了變化。

Christine, thanks for the question. So we did message last quarter that logistics was a tailwind in our execution upside. What we were cleared in messaging on top of that was that our structure allowed for us to generate both to actual execution that locked in the margins. And what we're doing now is locking that in. We're a little ahead of schedule on that in terms of our margin structure.

克里斯汀，謝謝你的提問。因此，我們上季確實傳達了這樣的訊息：物流是我們執行力上升的動力。除此之外，我們在訊息傳遞中明確的是，我們的結構允許我們產生鎖定利潤的實際執行。我們現在所做的就是鎖定這一點。就我們的利潤結構而言，我們在這方面比計劃提前了一點。

But now we've locked that in and committed to locking that in to meet our quote to actual. So certainly, our pricing looks at the landscape and that's raw materials, that's logistics, and we lock in our contractual enhancements, I think Dan spoke to as well that give us more confidence in locking in that margin, but they all come together. And that's really the driver behind our increased guide to the midpoint at that 18% EBITDA and mid-20s for the gross margins that you're asking about.

但現在我們已經鎖定了這一點，並承諾鎖定它以滿足我們的實際報價。因此，當然，我們的定價著眼於形勢，即原材料，即物流，我們鎖定了我們的合約增強，我認為丹也談到過，這讓我們更有信心鎖定利潤，但它們都是在一起的。這確實是我們將 EBITDA 中點提高至 18% 以及您所詢問的毛利率中點 20 % 的驅動因素。

And building on your comment, Dave, as Howard mentioned in his prepared remarks, we're seeing increased uptake of our value-add products like TrueCapture. And that has been a factor in our margin growth in the last quarter as well.

Dave，根據您的評論，正如 Howard 在他準備好的演講中提到的那樣，我們看到 TrueCapture 等增值產品的使用量有所增加。這也是我們上季獲利成長的因素。

So we're seeing, as panel availability issues have improved significantly in the U.S. In the last year, project commissioning is progressing nicely. And that also supports commissioning of our TrueCapture software and control system and other features.

因此，我們看到，去年美國面板可用性問題已顯著改善，專案調試進展順利。這也支援我們的 TrueCapture 軟體和控制系統以及其他功能的調試。

Our next question is from Philip Shen with ROTH.

我們的下一個問題來自羅仕證券的 Philip Shen。

Congrats on a very strong quarter. You gave us backlog of significantly greater than $3 billion. Can you speak to the bookings at all? The prior quarter you guys gave backlog as greater than $3 billion, and now you're significantly greater. Let's say you're at $3.5 billion now. Would it be reasonable to think that your Q2 bookings were close to $1 billion or maybe over $1 billion? Or at least can you comment on whether or not the book-to-bill was at least over 1?

祝賀一個非常強勁的季度。你們留給我們的積壓訂單遠遠超過 30 億美元。能談談預訂嗎？上一季你們的積壓訂單超過 30 億美元，現在明顯增加了。假設您現在的資產為 35 億美元。您認為第二季的預訂接近 10 億美元或超過 10 億美元是否合理？或者至少您可以評論一下訂單出貨比是否至少超過 1？

And then shifting to software. You talked about the increased adoption of software with potential for strong margin contribution from software. Can you talk about how software adoption could ramp in Q3 and 4 and even in F2025?

然後轉向軟體。您談到了軟體採用率的增加，以及軟體帶來巨大利潤貢獻的潛力。您能否談談軟體採用率如何在第三季和第四季甚至 2025 年大幅成長？

Phil, so this is Howard. So we had another really strong quarter on bookings and customer wins and new contracts, as I mentioned, also several VCAs. And our wins and bookings are very consistent with the last 2 quarters on that front. So that should give you an indication. Certainly, our book-to-bill is greater than 1 for sure. And so that should give you enough color on the strength of demand and bookings.

菲爾，這是霍華德。因此，正如我所提到的，我們在預訂、客戶贏得和新合約方面又經歷了一個非常強勁的季度，還有幾份 VCA。我們的勝利和預訂量與過去兩個季度在這方面非常一致。所以這應該給你一個指示。當然，我們的訂單出貨比肯定大於 1。因此，根據需求和預訂的強度，這應該會給你足夠的色彩。

And as far as our software and adoption, yes, we're really happy with the adoption rate, the attach rate for TrueCapture. We're adding more features. We have -- we haven't guided, but the color is that we see it having a growing impact on our margin going forward. Thanks for the question/2-questions-into-1 combination there, Phil.

就我們的軟體和採用率而言，是的，我們對 TrueCapture 的採用率和附加率感到非常滿意。我們正在添加更多功能。我們已經——我們還沒有提供指導，但顏色是我們看到它對我們未來的利潤率產生越來越大的影響。感謝菲爾提出問題/2 問題合 1 組合。

Our next question is from the line of Vikram Bagri with Citi.

我們的下一個問題來自花旗集團的維克拉姆·巴格里 (Vikram Bagri)。

I wanted to follow up on some of the previous questions on pricing. Really appreciate your disciplined pricing strategy, but I was wondering if the pricing negotiations with customers are somewhat getting tougher? Panel pricing is down, so trackers are now somewhat a larger percentage of total hardware cost in an industry which is dealing with higher financing costs. I was wondering if you are seeing somewhat tougher sort of like negotiations with customers?

我想跟進之前有關定價的一些問題。非常感謝你們嚴格的定價策略，但我想知道與客戶的定價談判是否變得更加艱難？面板價格下降，因此在融資成本較高的行業中，追蹤器現在在硬體總成本中所佔的比例更大。我想知道您是否遇到過更艱難的情況，例如與客戶的談判？

And on the same note, you mentioned the launch of the new tech suite, which gives you an edge over the competition. I was wondering what's next? The 1.5 in XDR 1.5 indicates there are new products underway, so there will be a 2.0, if you can indicate the timing and what should we expect on the new product front?

同樣，您提到了新技術套件的推出，這使您在競爭中具有優勢。我想知道接下來會發生什麼事？ XDR 1.5 中的 1.5 表示正在開發新產品，因此將會有 2.0，您能否指出時間安排以及我們對新產品的期望是什麼？

I'll handle, at least, the first question, and I think Dan is going to add to it. So on the pricing front, I just want to say that I'm glad you brought that up because there's something that I didn't mention. There are a couple of things I didn't mention on the last question regarding pricing.

我至少會處理第一個問題，我認為丹會補充它。所以在定價方面，我只想說，我很高興你提出這個問題，因為有些事情我沒有提到。關於定價的最後一個問題，有幾件事我沒有提到。

We're still very competitive. It's not like we have an enormous premium that we're charging customers. We're still very competitive, and we're offering a lot more. We believe we're the highest quality, most reliable tracker in the world that we deliver a lower cost of energy to the power plant owner that we're a stronger company than our competitors in terms of our balance sheet and capability and domain expertise.

我們還是很有競爭力的。我們並不是向客戶收取巨額溢價。我們仍然非常有競爭力，而且我們提供的東西更多。我們相信，我們是世界上最高品質、最可靠的追蹤器，我們為發電廠所有者提供更低的能源成本，就我們的資產負債表、能力和領域專業知識而言，我們是一家比競爭對手更強大的公司。

And we keep adding features that address both the installed cost. So for our EPCs that we partner with, we're making it easier and easier for them to install our systems, doing it faster, lowering their costs, which gives us more of a preference there, including better tools and better parts and better support.

我們不斷添加功能來解決安裝成本問題。因此，對於我們合作的EPC 來說，我們正在讓他們越來越容易安裝我們的系統，更快地安裝，降低他們的成本，這讓我們在那裡有更多的優先權，包括更好的工具、更好的零件和更好的支援。

And we're adding features that benefit the operators of our power plant, the power plants that use our trackers, and we're offering features that increase energy for the power plant owner and in totality, it's a higher-quality product.

我們正在添加有利於我們發電廠營運商、使用我們追蹤器的發電廠的功能，並且我們正在提供為發電廠所有者增加能源的功能，總的來說，這是一種更高品質的產品。

But it's a competitive world, and we recognize that. And we are competing day in, day out ferociously because that's who we are. We want to win and we feel like we are winning. Dan, did you have any additional comments?

但這是一個競爭激烈的世界，我們認識到這一點。我們日復一日地激烈競爭，因為我們就是這樣的人。我們想要贏球，而且我們感覺自己正在贏球。丹，您還有其他意見嗎？

Yes, building on your comments, Howard, in some markets, we've seen the price in dollars per watt of solar panels drop. And a natural tendency is to think about how that might impact balance system in particular tracker viability. But you have to keep in mind that as the price of the solar panels has dropped in dollars per watt, the efficiency of the solar panels has skyrocketed.

是的，根據您的評論，霍華德，在某些市場，我們已經看到太陽能電池板每瓦美元的價格下降了。一個自然的趨勢是考慮這可能會如何影響平衡系統，特別是追蹤器的可行性。但您必須記住，隨著太陽能板每瓦價格的下降，太陽能板的效率卻大幅上升。

So we're seeing panels now at 600 to 700 watts per panel. That's double what they were 5 years ago. And so you're getting a lot more bang for the buck with the tracker and the tracker also enables bifacial energy to be harvested from the back, whereas with a fixed system, it doesn't.

因此，我們現在看到每塊面板的功率為 600 至 700 瓦。這是 5 年前的兩倍。因此，使用追蹤器您可以獲得更多的性價比，並且追蹤器還可以從背面收集雙面能量，而固定係統則不能。

I would just say also the size of these plants have increased enormously. And the stakes with the tracker system, which is the skeletal system on the track are much higher. We've seen a flight to quality in terms of product and in terms of the ability, the wherewithal of Nextracker as a very strong company to be able to fulfill both our financial capacity.

我只想說這些工廠的規模也大大增加了。追蹤系統（即賽道上的骨骼系統）的風險要高得多。我們看到 Nextracker 作為一家非常強大的公司，在產品和能力以及資金方面都在追求質量，能夠滿足我們的財務能力。

Dave mentioned, we have over $800 million of liquidity, a very low debt position. We've consistently operated the company prudently where we've been profitable for the last 5 years and also on the product where we don't cut any corners on any aspect of the system.

戴夫提到，我們擁有超過 8 億美元的流動資金，債務狀況非常低。我們一貫謹慎地經營公司，在過去的 5 年裡我們一直獲利，而且我們的產品也沒有在系統的任何方面偷工減料。

Also, there is a real focus on how these systems are actually operated and maintained. Howard mentioned our NX Navigator system, which provides operational benefits and also risk reduction in the actual operation of the systems to extreme weather. Thank you for your comment.

此外，人們也真正關注這些系統的實際操作和維護方式。 Howard 提到了我們的 NX Navigator 系統，該系統不僅提供了營運效益，還降低了系統在極端天氣下實際運作的風險。感謝您的評論。

Our next question is from Jordan Levy with Truist.

我們的下一個問題來自 Jordan Levy 和 Truist。

Maybe I appreciate the color you gave on the new tech suite. Maybe if you could just talk to sort of initial customer reaction to those products, Hail Pro, XTR 1.5 and Zonal Diffuse.

也許我很欣賞你為新科技套件賦予的色彩。也許您可以談談客戶對這些產品（Hail Pro、XTR 1.5 和 Zonal Diffuse）的最初反應。

Sure. This is Howard. So we -- Jordan, we are really happy with the release of where we actually fielded it starting in 2018. We've got over 70 projects now with in the field. And so what XTR 1.5, so there's already significant interest and adoption of XTR.

當然。這是霍華德。所以我們——Jordan，我們對從 2018 年開始實際部署的位置的發布感到非常高興。現在我們已經有 70 多個專案在該領域。那麼 XTR 1.5 已經引起了人們對 XTR 的極大興趣和採用。

But with 1.5, which doubles the range, it effectively doubles the ability to conform to undulating terrain and opens up the TAM. So -- which makes it easier for the developer to find sites, not only flat sites, which are ideal, but rolling train sites. So it brings a lot more into play in terms of the market.

但 1.5 使射程加倍，有效地使適應起伏地形的能力加倍，並打開了 TAM。因此，這使得開發商更容易找到場地，不僅是理想的平坦場地，而且還有滾動的火車場地。因此，它在市場方面發揮了更多作用。

So, so far, the interest is extremely high and it is helping with our bookings velocity these new -- the current innovation suite that we have in the next-gen suite that we just announced. Thanks for your question.

因此，到目前為止，人們的興趣非常高，這有助於提高我們剛剛宣布的下一代套件中的新創新套件的預訂速度。謝謝你的提問。

Our next question is from Tristan Richardson with Scotiabank.

我們的下一個問題來自豐業銀行的特里斯坦·理查森。

Can you talk a little bit -- Howard, you mentioned 45x and these would be looked at on a case-by-case basis and customer by customer. Can you talk about the backlog and maybe frame for us perhaps the proportion of domestic backlog where domestic content is absolutely critically important to the customer.

您能談談嗎？Howard，您提到了 45x，這些將根據具體情況和客戶來考慮。您能否談談積壓訂單，也許可以為我們介紹國內積壓訂單的比例，其中國內內容對客戶來說絕對至關重要。

Said another way, is there a proportion of your U.S. funnel of business that where the customer is really looking for the most cost-effective solution in domestic content might not be a priority?

換句話說，在您的美國業務漏斗中，是否有一部分客戶真正尋求國內內容中最具成本效益的解決方案可能不是優先考慮的？

Right. You nailed it with your question. Every customer is different, every project is different. But to generalize, every developer of consequence that we know, they are highly interested in the domestic content and capturing the bonus ITC. And so they're doing everything they can to do that.

正確的。你用你的問題解決了這個問題。每個客戶都是不同的，每個項目都是不同的。但總的來說，我們所知道的每一位有影響力的開發商都對國內內容和獲取 ITC 紅利高度感興趣。因此他們正在盡一切努力來做到這一點。

Are they doing that on every one of their projects. Keep in mind, these developers have tens of projects that they're developing with various equipment sets, especially on the panel side that they're lining up for it. And the panels really matter, of course, where they're sourced as do the trackers.

他們在每一個專案中都這樣做嗎？請記住，這些開發商有數十個項目正在使用各種設備進行開發，特別是在他們正在排隊的面板方面。當然，面板確實很重要，它們的來源和追蹤器一樣。

And so it just depends on the project, but I would say that every -- just about most customers, most customers are looking to take advantage of the bonus ITC, and we are very engaged with them on our ability to fulfill that for them. Of course, that's the U.S. Yes. Thank you.

因此，這僅取決於項目，但我想說的是，幾乎所有客戶、大多數客戶都希望利用 ITC 獎金，我們與他們密切合作，了解我們為他們實現這一目標的能力。當然，那是美國。是的。謝謝。

Our next question is from Derek Soderberg with Cantor Fitzgerald.

我們的下一個問題來自德里克·索德伯格和坎托·菲茨杰拉德。

Yes. So I wanted to actually ask about the Indian market, clearly, a big opportunity there. Wondering if you can first kind of clarify what's your production capacity there today and gigawatts? And how do you think about that going forward?

是的。所以我想實際詢問印度市場，顯然，那裡有很大的機會。想知道您是否可以先澄清一下您目前的生產能力是多少千兆瓦？您如何看待未來的發展？

But just broadly on the Indian market, what sort of gives you the confidence that you can really win in that market? Is that a price-sensitive market? What do they sort of like about Nextracker? Is it the manufacturing model, so you can use domestic content? Is it the actual tracker technology and software? Can you talk a bit about what's going to take to win in that market?

但就印度市場而言，什麼樣的因素讓您有信心真正贏得該市場？這是一個對價格敏感的市場嗎？他們喜歡 Nextracker 的哪些方面？是製造模式，所以可以用國產的嗎？是真正的追蹤器技術和軟體嗎？您能談談如何才能贏得該市場嗎？

Sure. I appreciate that, Derek. Nextracker has been engaged in the India market since our founding 10 years ago. We have our second largest office is in Hyderabad, which is right in the middle of the country. We have a tremendously talented team covering most of the functionality of the company and a very strong engineering base and a super strong support analysis and project engineering team there.

當然。我很感激，德瑞克。 Nextracker自10年前成立以來一直致力於印度市場。我們的第二大辦事處位於海得拉巴，位於該國中部。我們擁有一支才華橫溢的團隊，涵蓋了公司的大部分功能，還有非常強大的工程基礎和超強大的支援分析和專案工程團隊。

And we did our first project in India in 2014, a 1 megawatt system. We did our first -- we did the very first 100-megawatt tracker in India, and that was in 2015. The project continues to operate well. We delivered 27 projects prior to 2020, and those projects have performed very well.

2014 年，我們在印度開展了第一個項目，一個 1 兆瓦的系統。我們在 2015 年做了我們的第一個——我們在印度做了第一個 100 兆瓦的追蹤器。這個專案繼續運作良好。我們在2020年之前交付了27個項目，這些項目表現都非常好。

And we have a very, very good reputation of being able to deliver a cost-effective product, and I'll speak to that without cutting corners on product quality. That has -- and there's been a flight to quality. I mentioned that with customers globally, and that's true also in India.

我們在能夠提供具有成本效益的產品方面享有非常非常好的聲譽，我將在不降低產品品質的情況下談論這一點。這已經——並且已經出現了向品質的轉變。我向全球客戶提到這一點，在印度也是如此。

What's happened, it's really interesting as the panel technology move toward bifacial. The focus on customers on higher efficiency and higher performing systems in India have significantly increased. So we're seeing the market moving towards trackers. We have 5 gigawatts of demand between the systems that are operational and those that are being fulfilled on a go-forward.

隨著面板技術向雙面發展，發生的事情真的很有趣。印度客戶對更高效率和更高性能係統的關注度顯著增加。所以我們看到市場正在向追蹤器發展。我們在運作的系統和未來要滿足的系統之間有 5 吉瓦的需求。

With respect to capacity, our teams worked very hard to build manufacturing in India for India. That's helped us become more -- become very cost effective within India for the customers there. And so we have 10 gigawatts of capacity in India for India or it could be used for export.

在產能方面，我們的團隊非常努力地在印度為印度建立製造工廠。這幫助我們在印度為當地客戶變得更具成本效益。因此，我們在印度擁有 10 吉瓦的產能，或可以用於出口。

We mentioned our meat and surge philosophy in India embodies that. So that's happened through a lot of hard work. And currently, for India, we can manufacture over 80% of the content in India for those customers.

我們提到我們在印度的肉類和激增哲學體現了這一點。所以這是經過很多努力才實現的。目前，對於印度，我們可以為這些客戶生產超過 80% 的內容。

So we've been really committed to the market there, in part because the India is from a power generation and fossil intensity standpoint where the United States was 15 years ago, where between 50% and 60% of the power comes from coal. So there's an opportunity to really radically reduce the carbon intensity of the power generation sector.

因此，我們一直致力於開拓那裡的市場，部分原因是從發電和化石能源強度的角度來看，印度的情況與 15 年前的美國相同，50% 到 60% 的電力來自煤炭。因此，有機會真正從根本上降低發電產業的碳強度。

And we're focused in India. We're delivering high-quality systems. The sophistication of the customers is high and there's been a flight to quality. So we feel great about our position there and supporting India on a go forward.

我們的重點是印度。我們正在提供高品質的系統。客戶的成熟度很高，並且追求品質。因此，我們對自己在那裡的地位感到非常高興，並支持印度的前進。

That is all the time we have for questions today. I will now pass the call over to the Nextracker team for any closing remarks.

這就是我們今天提問的時間了。我現在將把電話轉給 Nextracker 團隊，讓其發表結束語。

Thank you for joining. We look forward to speaking to you next quarter and speak to many of you soon. This concludes our earnings call. Thank you.

感謝您的加入。我們期待下個季度與您交談，並很快與您中的許多人交談。我們的財報電話會議到此結束。謝謝。

That concludes today's Nextracker Q2 2024 earnings call. Thank you for your participation. You may now disconnect your lines.

今天的 Nextracker 2024 年第二季財報電話會議到此結束。感謝您的參與。現在您可以斷開線路。