Nextpower Inc (NXT) 2025 Q1 法說會逐字稿

Good afternoon, everyone, and thank you for standing by. My name is Zala, and I'll be your conference operator today. Today's call is being recorded. I would like to welcome everyone to the Nextracker first-quarter fiscal year 2025 earnings call. (Operator Instructions)

大家下午好，謝謝大家的支持。我叫札拉，今天我將擔任你們的會議操作員。今天的通話正在錄音。我歡迎大家參加 Nextracker 2025 財年第一季財報電話會議。（操作員說明）

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 first-quarter fiscal year 2025 earnings call. I'm Mary Lai, Vice President of Investor Relations. I'm joined by Dan Shugar, our CEO and Founder; Howard Wenger, our President; and Chuck Boynton, our CFO. we're excited to have launched a new shareholder letter format along with our press release.

謝謝大家，大家下午好。歡迎參加 Nextracker 2025 財年第一季財報電話會議。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；和我們的財務長查克·博因頓 (Chuck Boynton)。我們很高興在新聞稿中推出了新的股東信函格式。

On today's call, we will open with a brief message from Dan and then immediately transition into a Q&A session. As a reminder, there will be a replay of this call posted on the IR website along with the press release and shareholder letter.

在今天的電話會議上，我們將以 Dan 的簡短訊息開始，然後立即過渡到問答環節。謹此提醒，IR 網站上將發布本次電話會議的重播以及新聞稿和股東信函。

Today's call contains statements regarding our business, financial performance and operations, including our business and our industry, 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. For more information on those risks and uncertainties, please review our earnings press release, shareholder letter and our SEC filings, including our most recently filed Form 10-K, which are available on our IR website. This information is subject to change, and we undertake no obligation to update any forward-looking statements as a result of new information, future events or changes in our expectations.

今天的電話會議包含有關我們的業務、財務業績和營運（包括我們的業務和行業）的聲明，這些聲明可能被視為前瞻性聲明，並且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。有關這些風險和不確定性的更多信息，請查看我們的收益新聞稿、股東信函和 SEC 文件，包括我們最近提交的 10-K 表格（可在我們的 IR 網站上獲取）。該資訊可能會發生變化，我們不承擔因新資訊、未來事件或我們的預期變化而更新任何前瞻性陳述的義務。

Please note, we will provide GAAP and non-GAAP measures on today's call. The full non-GAAP to GAAP reconciliation can be found in the appendix to the press release and the shareholder letter as well as the Financials section of the IR website.

請注意，我們將在今天的電話會議上提供 GAAP 和非 GAAP 衡量標準。完整的非 GAAP 與 GAAP 調整表可在新聞稿附錄、股東信函以及投資者關係網站的財務部分中找到。

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和創辦人。擔？

Thank you, Mary. Welcome to Nextracker's first-quarter fiscal 2025 earnings call. I would like to extend a warm welcome to our new Chief Financial Officer, Chuck Boynton, who joined Nextracker several months ago and will be participating in our question-and-answer session today.

謝謝你，瑪麗。歡迎參加 Nextracker 2025 財年第一季財報電話會議。我熱烈歡迎我們新任財務長 Chuck Boynton，他幾個月前加入 Nextracker，並將參加今天的問答環節。

Our fiscal year is off to a strong start with another quarter of solid execution. Our first quarter had a 50% year-on-year growth in revenue and record adjusted EBITDA. It was our sixth consecutive quarter of year-over-year growth -- of year-over-year double-digit revenue growth.

我們的財年有了一個好的開端，又一個季度的執行力紮實。我們第一季的營收年增 50%，調整後 EBITDA 創歷史新高。這是我們連續第六個季度實現同比增長——收入同比增長兩位數。

In Q1, we saw healthy demand in both the US and international markets. Our backlog increased quarter-over-quarter and is over $4 billion. In the quarter, we also shared new product solutions such as our AgriPV solution and our NX Low Carbon Tracker and celebrated several factory expansions with our manufacturing partners. And today, we announced we are taking orders for solar tracker solutions with 100% US domestic content capability with an expected ship date in early calendar 2025.

第一季度，我們看到美國和國際市場的健康需求。我們的積壓訂單逐季增加，超過 40 億美元。在本季度，我們還分享了新產品解決方案，例如我們的 AgriPV 解決方案和 NX 低碳追蹤器，並與我們的製造合作夥伴慶祝了幾家工廠擴建。今天，我們宣布我們正在接受太陽能追蹤器解決方案的訂單，該解決方案具有 100% 美國國內生產能力，預計發貨日期為 2025 年初。

We are also thrilled to welcome the teams from Ojjo and Solar Pile International to Nextracker. We have extensive experience with foundation design, supply chain, installation and the technologies we acquired broaden the geotechnical use cases for solar. We believe there is value to our customers in combining tracker systems and foundations to form an integrated solution. With these two acquisitions, we can provide a holistic, integrated solution for a broad range of soil conditions for utility-scale projects globally.

我們也很高興歡迎 Ojjo 和 Solar Pile International 的團隊加入 Nextracker。我們在基礎設計、供應鏈、安裝方面擁有豐富的經驗，我們所獲得的技術拓寬了太陽能的岩土工程用例。我們相信，將追蹤系統和基礎結合起來形成整合解決方案對我們的客戶來說是有價值的。透過這兩項收購，我們可以為全球公用事業規模專案的各種土壤條件提供全面、全面的解決方案。

I'm so proud of our team. Fiscal 2025 is off to a great start, and we remain focused on executing our plan. As the world transitions to renewable energy, we are well positioned with our culture, strategy, team and market positions.

我為我們的團隊感到非常自豪。2025 財年有一個良好的開端，我們將繼續專注於執行我們的計劃。隨著世界向再生能源轉型，我們的文化、策略、團隊和市場地位都處於有利地位。

This concludes my comments. We now look forward to your questions. Let me pass the call back to the operator.

我的評論到此結束。我們現在期待您的提問。讓我將電話轉回給接線生。

(Operator Instructions) Mark Strouse, JPMorgan.

（操作員指示）Mark Strouse，摩根大通。

Appreciate the new (inaudible). So I wanted to start with kind of the domestic content. Can you talk about how your customer conversations are shaping up, if you're seeing firm orders yet? Just can you talk about maybe the pipeline activity? Are things kind of firing on all cylinders yet? Or are customers kind of waiting for that language to be finalized? Are they waiting for the election? Just any update there? And then I've got a quick follow-up.

欣賞新的（聽不清楚）。所以我想從國內內容開始。如果您也看到確定的訂單，您能談談您的客戶對話進度如何嗎？您能談談管道活動嗎？事情已經全速運轉了嗎？或者客戶是否在等待該語言最終確定？他們在等待選舉嗎？那裡有更新嗎？然後我會進行快速跟進。

Mark, this is Howard Wenger here. I'm going to start, and then Dan is going to finish. So demand is healthy for trackers and for trackers with domestic content. We'll start there. We have firm orders for domestic content in a wide range of domestic content, typically between 40% all the way up to 100% now we're taking orders, and we actually have an order for 100% domestic content tracker.

馬克，我是霍華德‧溫格。我要開始，然後丹要結束。因此，對於追蹤器和具有國內內容的追蹤器的需求是健康的。我們將從這裡開始。我們有各種國內內容的確定訂單，通常是 40% 一直到 100%，現在我們正在接受訂單，而且我們實際上有 100% 國內內容追蹤器的訂單。

And customers are not equivocating with respect to placing those orders. They're not waiting for additional guidance. The guidance came out from Treasury. It's very clear. It's favorable for trackers and for Nextracker. And we, as we've discussed previously, stood up over 20 facilities with manufacturing partners to deliver domestic content with an annual capacity of over 30 gigawatts. So we're really in a very good position to deliver. Dan?

客戶對於下訂單也毫不含糊。他們不會等待額外的指導。該指導意見來自財政部。非常清楚。這對於追蹤器和 Nextracker 來說是有利的。正如我們之前所討論的，我們與製造合作夥伴建立了 20 多個設施，以提供年產能超過 30 吉瓦的國內內容。所以我們確實處於非常有利的位置來交付。擔？

Mark, thanks for asking about domestic content. Building on Howard's answer, it was very hopeful when Treasury came out with the new safe harbor table. Their original rules still can be elected by customers, but what's helpful here is they call out specific components, torque tubes, fasteners, slew drives, dampers, motors, controllers, rails.

馬克，感謝您詢問國內內容。根據霍華德的回答，當財政部推出新的安全港表時，人們充滿希望。他們最初的規則仍然可以由客戶選擇，但這裡有用的是他們列出了特定的組件、扭矩管、緊固件、迴轉驅動器、阻尼器、馬達、控制器、導軌。

And if you can build those components to that guideline, then there's an additional credit that comes in with the production labor. Customers do value that. We stood up and had these public factory openings at eight factories, including our electronic controller. We had an event in Silicon Valley with a partner. And it's very tangible. Customers get it, and we're getting great feedback.

如果您可以按照該準則建立這些元件，那么生產勞動力就會帶來額外的好處。客戶確實重視這一點。我們站起來，在八家工廠開設了這些公共工廠，其中包括我們的電子控制器。我們與合作夥伴在矽谷舉辦了一次活動。這是非常有形的。客戶得到了它，我們也得到了很好的回饋。

Philip Shen, ROTH Capital Partners.

沉飛，羅仕資本合夥人。

To what degree are you guys dealing with the Southeast Asia AD/CVD impacts and the potential for that to be slowing the market down? Our work, as you may know, suggest 2025 slowdown. Have you seen some projects push out? Our checks also suggest that you guys are winning a substantial amount of share as well. So just curious if you're able to offset the challenges with the tariff and maybe some other uncertainty with the share gain.

你們在多大程度上應對東南亞 AD/CVD 的影響以及其可能導致市場放緩的可能性？如您所知，我們的工作表明 2025 年將放緩。你有看過一些專案推出嗎？我們的檢查還表明，你們也贏得了大量份額。因此，我只是好奇您是否能夠抵消關稅帶來的挑戰，以及份額成長帶來的其他不確定性。

And then from a booking standpoint, do you expect the strength in the book-to-bill to continue to be above 1 in the coming quarters?

然後從預訂的角度來看，您預計未來幾季的訂單出貨比是否會繼續保持在 1 以上？

Phil, Dan Shugar here. I'll take the first half of your question dealing with the AV/CVD, and Howard will then comment on bookings. We read your reports, which are always great, and your team is very comprehensive. And actually, we tested some of those questions with our commercial team.

菲爾，丹舒格在這裡。我將回答您有關 AV/CVD 的問題的前半部分，然後霍華德將對預訂發表評論。我們閱讀了你們的報告，這些報告總是很棒，你們的團隊也非常全面。實際上，我們與我們的商業團隊測試了其中一些問題。

We would characterize the AV/CVD issues as a secondary headwind. There -- it could be an issue on some projects being -- happening later than the customer would otherwise want them to. We think the -- we've seen the primary impact of on schedule of projects relates to construction permits or interconnection delays. And our perspective is it is taking longer for projects to be fulfilled in real life due to those factors secondarily for the projects that we've chatted with customers about AV/CVD issues. And so it is a factor, but we've seen that those other issues be larger factors. Howard, do you want to comment on his bookings question?

我們將 AV/CVD 問題視為次要阻力。這對某些專案來說可能是一個問題，發生的時間晚於客戶原本希望的時間。我們認為，我們已經看到專案進度的主要影響與施工許可或互連延遲有關。我們的觀點是，由於這些因素，專案在現實生活中需要更長的時間才能完成，其次是我們與客戶討論 AV/CVD 問題的專案。所以這是一個因素，但我們已經看到其他問題是更大的因素。霍華德，你想對他的預訂問題發表評論嗎？

Sure. So we had a really strong quarter in execution and delivered $720 million in revenue for Q1. And so we're off to a great start, as Dan mentioned in his remarks. And with that, we increased our backlog quarter-over-quarter. And so it continues to be over $4 billion. That gives us a lot of visibility.

當然。因此，我們的季度執行力非常強勁，第一季的營收達到了 7.2 億美元。正如丹在演講中提到的那樣，我們有了一個好的開始。由此，我們的積壓訂單逐季增加。所以它仍然超過 40 億美元。這給了我們很大的知名度。

One of the things we noted in the shareholder letter, which we encourage everybody to read. It's online, gives a lot more detail. One of the things we noted is that 80% of that backlog is expected to be realized over the next eight quarters. And so it gives us a lot of visibility.

我們在股東信中指出了這一點，我們鼓勵每個人都閱讀該信。它是在線的，提供了更多詳細信息。我們注意到的一件事是，80% 的積壓預計將在未來八個季度內實現。所以它給了我們很多可見性。

We did have a strong quarter in bookings once again. And we do not provide guidance but -- on bookings and backlog, but the color is that the market continues to be healthy. And we're getting at least our fair share of the market. Thanks, Phil.

我們的季度預訂量確實再次強勁。我們不提供預訂和積壓的指導，但顏色是市場繼續健康。我們至少獲得了公平的市場份額。謝謝，菲爾。

Brian Lee, Goldman Sachs.

布萊恩李，高盛。

Kudos on the solid start to the year. I guess in that context, I was just curious. If I look at the guidance for the year, you had a strong start here in fiscal Q1. But the adjusted EBITDA midpoint, 22% of sales, that's remaining unchanged. You just did 24% in Q1. So it does imply some moderation when we include the year. Can you kind of speak to what's driving that? Is it price? Is it mix? Is it maybe some conservatism you're baking in? Just curious as to what's driving that cadence.

感謝今年的良好開局。我想在這種情況下，我只是好奇。如果我看今年的指導，你會發現第一財季有一個好的開始。但調整後的 EBITDA 中點（佔銷售額的 22%）保持不變。第一季你只完成了 24%。因此，當我們包括年份時，它確實意味著一些適度的調整。您能談談是什麼推動了這個趨勢嗎？是價格嗎？是混合的嗎？也許你正在醞釀一些保守主義？只是好奇是什麼推動了這種節奏。

And then in the shareholder letter, which is great, I think, Dan, you mentioned the grid-enhancing technologies, which I know is getting a lot more focus. Is there an opportunity for you guys to directly participate in that? Is that part of your sort of M&A wheel house, if at all? Just would be curious if that's something you can help the industry out with directly.

然後在股東信中，我認為這很棒，丹，你提到了電網增強技術，我知道這項技術正在得到更多關注。你們有機會直接參與嗎？如果有的話，這是否屬於您的併購駕駛室的一部分？只是很好奇您是否可以直接幫助該行業。

Great. I'll take the first part, and Dan or Howard can take a second. Brian, good to hear from you. So as we look at the strong Q1, really, really strong, both gross margin and EBITDA margin. And we're proud of those results.

偉大的。我將承擔第一部分，丹或霍華德可以承擔第二部分。布萊恩，很高興收到你的來信。因此，當我們看到強勁的第一季時，毛利率和 EBITDA 利潤率都非常非常強勁。我們對這些結果感到自豪。

As you look out to the back half of the year, there's going to be a lot more international mix. Our expectation is -- and again, it's hard to look at it one quarter because we look at this on an annual basis or even a multiyear basis. But we look at the year, and we expect to see stronger revenue contribution from our international markets. And as you know, the margin profile in the US is really, really strong.

展望今年下半年，將會有更多的國際組合。我們的預期是——再說一遍，很難只看一個季度的數據，因為我們會以年度甚至多年的基礎來看待這個問題。但展望今年，我們預期國際市場的營收貢獻將更加強勁。如您所知，美國的利潤率非常非常高。

And so overall, we're off to a great start. We do see the timing. Things move in. They move out. And Q1 really was a real tailwind for us, and we expect to have a strong year, but it's going to be a bit more balanced with our international mix. In the shareholder letter, we outlined our expectation of approximately two-thirds US, one-third international. And in Q1, it was more like 71-29. Thank you, Brian.

總的來說，我們有了一個好的開始。我們確實看到了時機。東西搬進來了。他們搬出去了。第一季對我們來說確實是一個真正的順風車，我們預計今年會表現強勁，但與我們的國際組合相比，它會更加平衡。在股東信中，我們概述了我們對約三分之二美國、三分之一國際的期望。在第一季度，比分更像是71-29。謝謝你，布萊恩。

Okay. Brian, thanks for the question about the grid-enhancing technologies. So when we look at such a strong percentage of the interconnection queuing, solar and solar plus storage. We've covered on previous calls over 7,000 projects have applied to the interconnected to grid. 2,000 gigawatts, much more than the interconnect capacity of the entire US grid today, 80% of the queue being dominated by solar and solar plus storage. The biggest single issue governing those projects is connection with grid.

好的。Brian，感謝您提出有關網格增強技術的問題。因此，當我們看到如此高比例的互連排隊、太陽能和太陽能加儲存時。我們在先前的電話會議中介紹了超過 7,000 個項目已應用於互聯電網。 2,000吉瓦，遠超過當今整個美國電網的互連容量，其中80%的隊列由太陽能和太陽能加儲存主導。管理這些項目的最大的單一問題是與電網的連接。

And so if you look historically, it takes a long time to build a transmission line. I started my career, an electrical engineer, as a transmission planner working for Pacific Gas and Electric Company in the very distant past, in the 1980s. But it's a big deal to build a new line. You need to get rights of way. There's eminent domain. Folks don't like to see long transmission lines built.

因此，如果你回顧歷史，你會發現建造一條輸電線路需要很長時間。我的職業生涯始於電氣工程師，早在 1920 世紀 80 年代，我就在太平洋天然氣和電力公司擔任輸電規劃師。但修建一條新線卻是一件大事。您需要獲得通行權。有徵用權。人們不喜歡看到建造很長的輸電線路。

There are three grid-enhancing technologies that have become commercialized over the years that can -- you can use the existing line or the existing corridors of transmission often with the same transmission towers to get vastly more power transmitted in the same corridor. And those relate to using dynamic thermal rating where you put a device on the line to actually measure the temperature of the line in real time.

多年來，三種電網增強技術已經商業化，可以使用現有的線路或現有的輸電走廊，通常使用相同的輸電塔，在同一走廊中獲得更多的電力傳輸。這些與使用動態熱額定值有關，您可以將裝置在線上實際即時測量線路的溫度。

If the wind is blowing perpendicular across the line, the line is cooler. You can transmit vastly more power on that line. There's new conductors where you can take the same tower and just put a new wire on the line that's the same diameter and get 50% to 100% more power on the same corridor.

如果風垂直吹過線路，則線路溫度較低。您可以在那條線上傳輸更多的電力。有了新的導體，您可以採用同一台塔，只需在相同直徑的線路上放置一條新電線，即可在同一走廊上獲得 50% 至 100% 的電力。

The US has lagged international adoption of these technologies. We've seen India and Europe really taking off on these technologies. We think there's a tremendous opportunity. Recently, I spoke at a major conference. I was there with some US utility executives. We were engaged. There's a tremendous push on this from the Federal Energy Regulatory Commission, the US Department of Energy.

美國在這​​些技術的國際採用方面落後了。我們已經看到印度和歐洲在這些技術上真正起飛。我們認為這是一個巨大的機會。最近，我在一個重要會議上發言。我和一些美國公用事業高層一起在那裡。我們訂婚了。聯邦能源管理委員會和美國能源部對此給予了巨大的推動。

We're seeing some utility commissions pushing on it, some leading utilities starting to lean in and do this work. And we think it's right for the rate payer, and it definitely can help really accelerate renewables. We featured all this in our shareholder letter because it's something that has been sort of not focused on, but in the renewable industry, we think it's very important, and it could provide a big part of the solution to getting these projects connecting quicker. Thanks for your question, Brian.

我們看到一些公用事業委員會正在推動這項工作，一些領先的公用事業公司開始投入並進行這項工作。我們認為這對納稅人來說是正確的，而且它絕對可以幫助真正加速再生能源的發展。我們在股東信中強調了所有這些，因為它一直沒有被關注，但在可再生能源行業，我們認為它非常重要，它可以提供解決方案的重要組成部分，使這些項目更快地連接。謝謝你的提問，布萊恩。

Vikram Bagri, Citi.

維克拉姆·巴格里，花旗銀行。

I wanted to talk about the acquisitions that you guys did. You obviously have a much stronger footing with these two acquisitions, Solar Pile and Ojjo, in the space. I was wondering, what's the attach rate of these two companies combined with your systems? Where do you see that attach rate going forward?

我想談談你們所做的收購。顯然，透過 Solar Pile 和 Ojjo 這兩項收購，您在該領域的地位更加穩固。我想知道，這兩家公司與你們的系統結合的附加率是多少？您認為未來的附加率會是如何？

And if you can share the philosophy around acquisitions also. The letter states the acquisitions will be accretive over time. I was wondering like how much time. And what do you think is the acquisition multiple over that time period once the full potential of these acquisitions is shown in your financials?

如果您也能分享有關收購的理念。信中指出，隨著時間的推移，收購將會不斷增加。我想知道大概要花多少時間。一旦這些收購的全部潛力在您的財務數據中得到體現，您認為該時期的收購倍數是多少？

And then I had one housekeeping question. The letter mentioned gross margin was impacted by higher costs. I imagine whose supply chain costs. If you can quantify that, too.

然後我有一個家政問題。信中提到毛利率受到成本上升的影響。我想像誰的供應鏈成本。如果你也能量化這一點。

Thank you, Vikram. We're very excited about the acquisitions of Ojjo and Solar Pile International because they increased the geotechnical and difficult soil areas where solar can be practical to be installed. And we're seeing an increase in the prevalence of difficult sites. For these, Ojjo has very unique means and methods and intellectual property and machines to address hard-rock type applications.

謝謝你，維克拉姆。我們對 Ojjo 和 Solar Pile International 的收購感到非常興奮，因為它們增加了可以實際安裝太陽能的岩土和困難土壤區域。我們發現困難網站的出現率增加。對於這些，Ojjo 擁有非常獨特的手段和方法以及智慧財產權和機器來解決硬岩類型的應用。

Solar Pile International is more on the softer soils and the froth tees, so freezing and fawn type places, et cetera. As solar has proliferated from California to Southwest to other areas in the US and overseas to other places, we've seen a higher percentage of these types of difficult soil conditions, and we've heard from our customers the same thing.

Solar Pile International 更關注較軟的土壤和泡沫 T 卹，因此寒冷和小鹿類型的地方等等。隨著太陽能從加州到西南部再到美國其他地區以及海外其他地方的普及，我們看到此類困難土壤條件的比例更高，而且我們也從客戶那裡聽到了同樣的情況。

Now we're not speaking to attach rate, but what I can share is both of these technologies are fairly early in the adoption curve for these in the market. For Nextracker, when we first saw the Ojjo technology years ago, we did lean in. We supported them. We became the first UL-certified tracker of Ojjo foundation technology. We participated in some of their early projects.

現在我們不是在談論附加率，但我可以分享的是，這兩種技術都處於市場採用曲線的相當早期。對於 Nextracker 來說，當我們幾年前第一次看到 Ojjo 技術時，我們確實有所了解。我們支持他們。我們成為首個獲得 UL 認證的 Ojjo 基礎技術追蹤器。我們參與了他們的一些早期項目。

And what I will say is Howard and I sat down with a number of customers. There was a lot of excitement about the combination. Ojjo has fantastic technology. The company was not well capitalized. They saw Nextracker being able to significantly support the company, and the comfort factor of customers was a lot stronger.

我要說的是霍華德和我與一些客戶坐下來。這個組合讓人非常興奮。Ojjo 擁有出色的技術。該公司資本不足。他們看到 Nextracker 能夠為公司提供大力支持，客戶的舒適度也增強了許多。

But with both Ojjo and Solar Pile International, we had really vetted, validated these technologies, both in our test facilities that we have joining our headquarters in other locations as well as with full-scale projects with customers out in the real world. And so we're very confident about the ability of these technologies to perform and to be able to expand the range of where solar makes sense.

但對於 Ojjo 和 Solar Pile International，我們確實審查和驗證了這些技術，無論是在我們與其他地點的總部相連的測試設施中，還是在現實世界中與客戶合作的全面專案中。因此，我們對這些技術的執行能力以及擴大太陽能應用範圍的能力非常有信心。

Chuck, can you handle the next question, please, on margin?

Chuck，你能回答下一個問題嗎？

Yes. Vikram, on the cost side for supply chain, the backdrop is that the revenue that we recognized in Q1 was booked many, many quarters ago in some cases. These are long projects generally. And the costs that you've seen in transport, freight, logistics, containers, has gone up in the last three quarters. Suez Canal created an issue where shipping rates went up.

是的。Vikram，在供應鏈的成本方面，背景是我們在第一季確認的收入在某些情況下是在很多很多季度前預訂的。這些通常都是長期專案。你所看到的運輸、貨運、物流、貨櫃成本在過去三個季度有所上升。蘇伊士運河造成了運費上漲的問題。

Fast boat costs have gone up. We contemplate showing the cost of steel, and generally, that is kind of hedged with our customers. But a lot of the supply chain costs can be variable. And so this quarter as opposed to last quarter, there was a slight increase in costs.

快船成本上漲了。我們考慮顯示鋼材的成本，一般來說，這是與我們的客戶進行對沖的。但許多供應鏈成本可能是可變的。因此，本季與上季相比，成本略有增加。

Praneeth Satish, Wells Fargo.

普拉尼思‧薩蒂什，富國銀行。

Let me just say I'm a big fan of this new format and the expanded Q&A. So anyway, my question, I guess I just wanted to clarify one thing on your backlog. You mentioned that approximately 80% of the backlog will be recognized over the next eight quarters. Is that a shift at all from the prior commentary where I think you've said the backlog will be realized within eight quarters as some of the deals got elongated at all? And then how long will it take to realize that remaining 20%?

我只想說，我非常喜歡這種新格式和擴充的問答。不管怎樣，我的問題是，我想我只是想澄清你們積壓的一件事。您提到大約 80% 的積壓將在接下來的八個季度內得到確認。這是否與先前的評論完全不同？那麼剩下的20%需要多久才能實現呢？

Thanks for the question, Praneeth. This is Howard Wenger. It is a bit of a shift, honestly. The project life cycles are getting a little bit longer Dan mentioned that permitting and interconnection are now the drivers for the long pole in the tent or getting projects perfected. That has -- is taking more time than it did two years ago, three years ago. And so in addition to things like module availability, which is a secondary or maybe even a tertiary issue, project cycles are moving somewhat to the right.

謝謝你的提問，普拉尼斯。這是霍華德·溫格。老實說，這有點轉變。專案生命週期變得更長了 Dan 提到，許可和互連現在是帳篷中長桿或完善專案的驅動力。這比兩年前、三年前花了更多的時間。因此，除了模組可用性（這是次要甚至第三個問題）之外，專案週期也在某種程度上向右移動。

The flip side is that we're getting even more visibility, longer-term visibility, which is good for the company. Those -- that backlog is still solid. Projects are not dropping out. In fact, we did a review of our projects internally. We had literally one project drop out in the last 12 months.

另一方面是我們獲得了更多的知名度，更長期的知名度，這對公司有利。這些——積壓仍然很嚴重。項目並沒有退出。事實上，我們在內部對我們的專案進行了審查。在過去 12 個月裡，我們確實有一個專案退出了。

So it's a very, very solid backlog. And of course, we've talked about the -- we have a high bar for what goes into our backlog. So yes, project cycles are lengthening to a degree. We're -- we factor that into our outlook and feel really good about it. Chuck, did you have something you want to add?

所以這是一個非常非常堅實的積壓。當然，我們已經討論過——我們對積壓的內容有很高的標準。是的，專案週期在某種程度上正在延長。我們將這一點納入我們的前景之中，並且對此感覺非常好。Chuck，你有什麼要補充的嗎？

No, well said, Howard. I think one project is less than 3%. So it's one out of hundreds and hundreds of projects.

不，說得好，霍華德。我認為一個項目不到3%。所以這只是成百上千個項目中的一個。

Yes.

是的。

Yes, just for context.

是的，只是為了上下文。

Yes, less than 1%. Much less than 1%. Okay. Thank you for the question, Praneeth.

是的，不到1%。遠低於1%。好的。謝謝你的提問，普拉尼斯。

Kashy Harrison, Piper Sandler.

卡希·哈里森，派珀·桑德勒。

Just a quick one on the guidance. Q1 was quite strong relative to your expectations, but I think the mid-single-digit growth in Q2 implies a sequential decline. And I was just wondering if you could speak to the driver of the sequential decline into 2Q, whether it's conservatism or if there's something else going on there.

只是簡單介紹一下指導。相對於您的預期，第一季相當強勁，但我認為第二季的中個位數成長意味著連續下降。我只是想知道您是否可以談談第二季度連續下跌的驅動因素，無論是保守主義還是還有其他原因。

Yes, Kash. I'd say first and foremost is we're a customer-driven company. We want to deliver per our customer schedules. They have a lot of scheduled deliveries they wanted in Q1 and deals got pulled into Q1, and that's the real driver. We're not pushing to drive an outcome with our customers.

是的，卡什。我想說首先也是最重要的是我們是一家以客戶為導向的公司。我們希望按照客戶的時間表進行交付。他們在第一季度有很多他們想要的預定交付，並且交易被拉到了第一季度，這才是真正的驅動力。我們不會推動與客戶取得成果。

We're listening to them and driving to what our customers want. And that's why you can't just look at one quarter. Q1 was a fantastic quarter. Q2, we're guiding mid-single-digit growth year-over-year. We still see growth, but it's driven by customer schedules, supported by strong backlog and looking at this really on an annual basis. Thank you.

我們傾聽他們的意見並努力滿足客戶的需求。這就是為什麼你不能只看四分之一。第一季是一個非常棒的季度。第二季度，我們預期年成長為中個位數。我們仍然看到成長，但它是由客戶計劃推動的，有強大的積壓訂單的支持，並且確實每年都在考慮這一點。謝謝。

Dimple Gosai, Bank of America.

Dimple Gosai，美國銀行。

Can we talk a little bit about these domestic adder bonuses. How do I think about that in terms of factoring it into your pricing strategy? Does it -- from a pricing power perspective or sharing benefits, can you speak a little bit more on that?

我們可以談談這些國內的加法器獎金嗎？我如何考慮將其納入您的定價策略？從定價權或分享利益的角度來看，您能多談談嗎？

This is Howard Wenger. It's a factor in the US. And of course, that's two-thirds of our business. It's the most attractive market in the world for Nextracker from a pricing and margin perspective and the strength of our relationships and the size of the market. It's a factor having domestic content.

這是霍華德·溫格。這是美國的一個因素。當然，這占我們業務的三分之二。從定價和利潤角度以及我們的關係強度和市場規模來看，這是世界上對 Nextracker 最具吸引力的市場。這是一個具有國內含量的因素。

And we made the decision actually during the pandemic when we -- there are all those delays in logistics and steel costs going up overseas. We made the decision to reshore/onshore manufacturing, turn out to be a good decision because IRA came along, and we accelerated this transition to now having over 20 factories.

事實上，我們是在疫情期間做出這個決定的，當時海外物流和鋼鐵成本都延誤了。我們做出了將製造業遷回岸上/在岸的決定，事實證明這是一個很好的決定，因為 IRA 的出現，我們加速了這一轉變，現在擁有 20 多家工廠。

And so we believe we are in very good position. We think we're differentially able to offer high levels of domestic content, and we're proud to be the first company to be able to deliver in early 2025 100% domestic content product. Appreciate the question. Thank you.

因此，我們相信我們處於非常有利的位置。我們認為我們有能力提供高水準的國內內容，我們很自豪能夠成為第一家能夠在 2025 年初提供 100% 國內內容產品的公司。感謝這個問題。謝謝。

Jordan Levy, Truist.

喬丹·利維，真理主義者。

I appreciate all the commentary. I know you've done work in the AgriPV space before. And I appreciate everything you put in the shareholder letter about that. Nice to see specific products. So I wanted to get a sense of how you're thinking about the size and market opportunity there and the value you can bring.

我感謝所有的評論。我知道您之前曾在農業光電領域工作過。我很感謝您在股東信中提出的有關此事的所有內容。很高興看到具體的產品。所以我想了解您如何看待那裡的規模和市場機會以及您可以帶來的價值。

Jordan, thanks for that. We've been passionate about AgriPV since founding the company actually at our Center of Solar Excellence in Fremont, which you visited once. So thank you for that. You saw at that time, we've been growing crops amidst the solar panels there. And I think the amount of uptake of AgriPV is going to be very market specific.

喬丹，謝謝你。自從在弗里蒙特太陽能卓越中心成立公司以來，我們一直對農業光伏充滿熱情，您曾經參觀過該中心。非常感謝你的幫忙。你當時看到，我們一直在那裡的太陽能板中間種植農作物。我認為農業光電的採用量將根據市場的具體情況而定。

Some markets, it could be a negligible percent. In some markets, it could be a dominant percent.

在某些市場，這個比例可能可以忽略不計。在某些市場，它可能佔據主導地位。

One of our customer projects, the Mammoth solar project, which is -- was developed by Doral, it's in Indiana. One, there was a conference last month. They won the AgriPV project of the year. On that particular project, it's a combination of ranching and agriculture. They have, for example, 1,500 sheet at that project doing vegetation management, and they are commencing a program to grow produce there with local farmers.

我們的客戶專案之一，Mammoth 太陽能項目，由位於印第安納州的 Doral 開發。一，上個月有一次會議。他們贏得了年度農業光伏項目。在這個特定的項目中，它是牧場和農業的結合。例如，他們在該計畫中有 1,500 張床單進行植被管理，他們正在啟動一項與當地農民一起種植農產品的計畫。

What we've seen is there can be, depending on where you are, much greater community acceptance. And it can provide a dual income stream to existing community that might be involved in agriculture or ranching. And we've developed a number of projects on multiple -- in multiple countries, on multiple continents with that.

我們所看到的是，根據您所在的位置，社區的接受度可能會更高。它可以為可能從事農業或牧場的現有社區提供雙重收入來源。我們已經在多個國家、​​多個大陸開發了許多專案。

We -- Nextracker has a very robust R&D program in solar. We have -- in addition to our headquarters R&D center, we have a very extensive Center for Solar Excellence in Brazil, and we have an extensive AgriPV R&D program that's been conducted there for several years. We're measuring things like yield per square area for different crop types, the amount of irradiance, how to optimize the operation of the solar power system in conformance with needs for crops and so forth.

我們－Nextracker 在太陽能領域擁有非常強大的研發計畫。除了我們的總部研發中心之外，我們在巴西還有一個非常廣泛的太陽能卓越中心，我們有一個廣泛的農業光伏研發計劃，該計劃已經在那裡進行了好幾年。我們正在測量不同作物類型的每平方面積產量、輻照度、如何根據作物需求優化太陽能係統的運作等。

So it's early days for AgriPV. We think it's a great use case. And we think our architecture with unimpeded growth to be able to navigate through the systems without a mechanical impediment facilitates more adoption in the AgriPV area. So we're excited about the prospects here. And we'll be reporting on it over time as we learn from our customers and introduce new technologies in this area.

因此，對於農業光伏來說，現在還處於早期階段。我們認為這是一個很好的用例。我們認為，我們的架構能夠無阻礙地成長，能夠在沒有機械障礙的情況下瀏覽系統，從而促進農業光伏領域的更多採用。因此，我們對這裡的前景感到興奮。當我們向客戶學習並引入該領域的新技術時，我們將隨著時間的推移對此進行報告。

Joseph Osha, Guggenheim Partners.

約瑟夫‧奧沙，古根漢合夥人。

Chuck, congratulations on being part of such a great team. I did -- I wanted to -- I guess the question related to what Phil asked. I think we all know that we have this December deadline looming on panels brought in under the tariff exclusion. I'm curious as to whether any of your customers are talking to you about potential complexities related to modules that aren't put in by that December deadline.

Chuck，恭喜你成為如此優秀團隊的一員。我確實——我想——我想這個問題與菲爾問的問題有關。我想我們都知道，關稅排除項下的電池板的最後期限即將在今年 12 月到來。我很好奇您的客戶是否正在與您討論與未在 12 月截止日期之前安裝的模組相關的潛在複雜性。

Thanks for your shout-out for Chuck, Joe. We're thrilled to have Chuck join our amazing finance and accounting team, which I will say, one, the Adam Smith Award last quarter as a testament to the amazing work by our Treasury Department there. Again, on the panel, AD/CVD situation and this end-of-year deadline, we have spoken to customers.

謝謝你對查克的讚揚，喬。我們很高興查克加入我們出色的財務和會計團隊，我想說的是，上季度的亞當斯密獎證明了我們財政部的出色工作。再次，關於面板、AD/CVD 情況和年底截止日期，我們已經與客戶進行了交談。

We engaged our commercial team in preparation for this investor call. We've just seen that as a secondary factor where that's impacted -- that our customers are concerned about or talking to us about. The more -- the larger factors have been construction, permitting and electrical interconnection. So those -- we just haven't seen that be a primary factor.

我們讓我們的商業團隊為這次投資者電話會議做準備。我們只是將其視為影響的次要因素——我們的客戶關心或與我們談論。更多——更大的因素是建築、許可證和電氣互連。所以那些——我們只是還沒有看到這是一個主要因素。

It's also, I will say, very gratifying to see the ramping of quite a few solar panel manufacturing operations in the United States with both legacy producers in the US and new producers. So -- and we encourage more of that. And we're doing everything we can to help them as they validate product on trackers and things like that. Thank you, Joe.

我想說的是，看到美國相當多的太陽能板製造業務不斷擴大，其中既有美國的傳統生產商，也有新的生產商，這也是非常令人欣慰的。所以——我們鼓勵更多這樣的事。我們正在盡一切努力幫助他們在追蹤器和類似設備上驗證產品。謝謝你，喬。

Jon Windham, UBS.

喬恩溫德姆，瑞銀集團。

Perfect. I'll reiterate. I like the format and the extra time for questions. My question would be this, on the two acquisitions. The strategic rationale makes sense. Why now would be my question. I can't help but notice that the total acquisition spend lines almost perfectly with the cumulative 45X tax credit that you received to date. Should we view it that way that the 45X tax credits have given you a little bit of dry powder?

完美的。我會重申一下。我喜歡這種形式和額外的提問時間。我的問題是關於這兩次收購。戰略原理是有道理的。為什麼現在是我的問題。我不禁注意到，總收購支出線與您迄今為止收到的累積 45 倍稅收抵免幾乎完全吻合。我們是否應該這樣看待 45 倍稅收抵免給了你一點乾粉？

Yes. So the rationale, look, we went public 1.5 years ago. And we were -- we completed our spinout just a few quarters -- 1.5 quarters ago. we have -- our liquidity is in a growing and strong place. We mentioned in the shareholder letter we upsized our revolver now. And so we have also the ability to execute those strategic acquisitions.

是的。所以理由是，我們 1.5 年前就上市了。我們在幾個季度——1.5 個季度前完成了分拆。我們的流動性不斷增長且強勁。我們在股東信中提到我們現在加大了左輪手槍的尺寸。因此我們也有能力執行這些策略性收購。

I will say we're very disciplined. We're very diligent. We approach things from a customer value from an engineering standpoint. We want to see things tested in the field. We have a long history with both Ojjo and with Solar Pile International. And in the case of those two technologies, we've just seen an increased prevalence of these very difficult geotechnical site conditions. These two technologies offer real value to customers to lower cost, to have less uncertainty on the project.

我會說我們非常有紀律。我們非常勤奮。我們從工程的角度從客戶價值出發來處理問題。我們希望看到一些東西在現場進行測試。我們與 Ojjo 和 Solar Pile International 有著悠久的歷史。就這兩種技術而言，我們剛剛看到這些非常困難的岩土工程場地條件越來越普遍。這兩項技術為客戶提供了真正的價值，可以降低成本，減少專案的不確定性。

In the case of also the Ojjo technology, it's light on land, meaning that in some of the areas where solar is getting deployed, there's concern around vehicular traffic on the site. Both disturbance to sites that have -- there's concern about the environmental aspects of the site.

就 Ojjo 技術而言，它在陸地上很輕，這意味著在一些部署太陽能的地區，該地區的車輛交通存在問題。這兩種情況都對場地造成乾擾，人們擔心該場地的環境問題。

So if you have -- with the Ojjo technology, one, you pass a machine. You can do the job that two to three legacy type machines would do. And so for all these reasons, there's a market need. We validated it. We're in a position where we can actually transact and add value to customers. So that was -- those were the factors that build on our strategic rationale, Jon. Thank you.

因此，如果您擁有 Ojjo 技術，您可以通過一台機器。您可以完成兩到三台傳統機器可以完成的工作。因此，由於所有這些原因，存在市場需求。我們驗證了它。我們處於能夠實際進行交易並為客戶增加價值的位置。所以，喬恩，這些都是建立在我們的策略基礎上的因素。謝謝。

Dylan Nassano, Wolfe Research.

迪倫·納薩諾，沃爾夫研究中心。

So I know you guys have shared your views in the past on just IRA risks and election risks. But just curious in your conversations with your customers. Specifically, how do they view the election risks? And is there any way that it would impact their time lines or -- as they wait certainty?

所以我知道你們過去曾就愛爾蘭共和軍風險和選舉風險分享你們的觀點。但只是對與客戶的對話感到好奇。具體來說，他們如何看待選舉風險？有沒有辦法會影響他們的時間表，或者——當他們等待確定性時？

This is Howard Wenger. There's -- of course, you're going to get some differences in views. But I would say the majority is a shared view that solar is bipartisan, that from a manufacturing and jobs perspective, where the projects are going, where the manufacturing is taking place is predominantly or majority in the so-called red states, Republican controlled states. And so it actually benefits both parties. We, as a company, have done well in all administrations. We did well in the Obama administration, the Trump administration previously.

這是霍華德·溫格。當然，你會得到一些不同的觀點。但我想說，大多數人的共同觀點是，太陽能是兩黨合作的，從製造業和就業的角度來看，項目進行的地方、製造業進行的地方主要或大多數在所謂的紅色州、共和黨控制的州。所以這其實對雙方都有好處。作為一家公司，我們在所有管理方面都做得很好。我們在歐巴馬政府、川普政府之前做得很好。

So what -- and so there's the fundamental belief because it's reality that solar is the lowest cost form of energy on the planet. And that's going to be the driver in addition to it being clean power, which if you look at the demand that's increasing the electric demand has increased in the US. It's being driven very much by server farms that are supporting AI, data centers, electric vehicles. And so it's part of the electric and clean power revolution that's taking place in the United States, which is needed and is a fundamental premise and underpinning for the Inflation Reduction Act.

那又怎樣——這是一個基本信念，因為事實上太陽能是地球上成本最低的能源形式。除了清潔能源之外，這將成為驅動因素，如果你看看不斷增長的需求，美國的電力需求也增加。它在很大程度上是由支援人工智慧、資料中心、電動車的伺服器群組推動的。因此，這是美國正在發生的電力和清潔能源革命的一部分，這是必要的，也是《通貨膨脹削減法案》的基本前提和基礎。

And so Dan mentioned that tax credits -- and particularly, the 30% ITC is the fundamental pillar of Inflation Reduction Act. I mean if -- and tax credits historically have not been repealed. In fact, that would be unprecedented. So the vast majority from the customer perspective, they're continuing to develop their pipelines. They're continuing to invest millions, tens of millions, hundreds of millions of dollars.

因此 Dan 提到稅收抵免——特別是 30% 的 ITC 是《通貨膨脹削減法案》的基本支柱。我的意思是，如果稅收抵免歷史上沒有被廢除。事實上，這將是前所未有的。因此，絕大多數從客戶的角度來看，他們正在繼續開發他們的管道。他們繼續投資數百萬、數千萬、數億美元。

You're seeing more money actually going into development and power plant ownership. And so as we mentioned before, the demand for our products is still very healthy in the US even with the election upcoming. Appreciate the question.

你會看到更多的資金實際上投入了開發和發電廠的所有權。正如我們之前提到的，即使大選即將到來，美國對我們產品的需求仍然非常健康。感謝這個問題。

Maheep Mandloi, Mizuho.

馬希普‧曼德洛伊，瑞穗。

And apologize for some background here. And just on the Ojjo and the tracker foundation acquisitions, can you talk about like the market share over there? Trying to think if there's any antitrust concerns with that acquisition. And separately, in the prepared remarks, you kind of talked about other technologies, other great technologies. Is that kind of directing new acquisitions or like the direction that you would move? Or any guidance on that would be appreciated.

並對這裡的一些背景表示歉意。關於 Ojjo 和 tracker 基金會的收購，您能談談那裡的市場份額嗎？試著思考該收購是否有任何反壟斷問題。另外，在準備好的發言中，您談到了其他技術，其他偉大的技術。這是一種指導新收購的方式還是類似於您將採取的方向？或任何有關這方面的指導將不勝感激。

Thanks for your question, Maheep. With respect to the market share of Ojjo and the Solar Pile International acquisitions in the foundation market, it's a very, very small percentage, a de minimis percentage in those markets. As we noted in the Ojjo press release, we do plan to continue to make that technology available to other trackers that have been qualified to use that technology on a go forward. We think it can help really broaden the range for -- that solar can be used out in the market. And so we're very, very excited about that.

謝謝你的提問，馬希普。就 Ojjo 和 Solar Pile International 收購在地基市場上的市佔率而言，這一比例非常非常小，在這些市場中的比例微乎其微。正如我們在 Ojjo 新聞稿中指出的那樣，我們確實計劃繼續向其他有資格使用該技術的追蹤器提供該技術。我們認為它可以幫助真正擴大太陽能在市場上的使用範圍。所以我們對此非常非常興奮。

And I'm sorry, the second half of your question?

抱歉，你問題的後半部？

Both of these deals are closed. So they're -- we looked at them and there's no issue there.

這兩筆交易均已結束。所以他們——我們查看了它們，沒有任何問題。

Yes. So thanks for that question. I appreciate it.

是的。謝謝你提出這個問題。我很感激。

Sean McLoughlin, HSBC.

肖恩·麥克勞林，匯豐銀行。

Appreciate the time to ask questions. And compliments on another (inaudible) set of numbers. I had a two-part question, if I may. Firstly, you talked about higher supply chain costs. I mean where is cost inflation concentrated? And how do you think about your ability to pass through the costs?

珍惜提問的時間。並對另一組（聽不清楚）數字表示讚賞。如果可以的話，我有一個由兩個部分組成的問題。首先，您談到了更高的供應鏈成本。我的意思是成本通膨集中在哪裡？您如何看待自己轉嫁成本的能力？

And secondly, how do I square that with price reductions? Is this a temporary adjustment? Are you working with suppliers and customers to factor in gains from tax credits? Is this related to international volumes? Or am I missing something?

其次，如何將其與降價結合？這是臨時調整嗎？您是否與供應商和客戶合作考慮稅收抵免收益？這與國際銷售有關嗎？還是我錯過了什麼？

I appreciate the question. We'll have a two-part. I'll first speak to the supply chain situation, and then Howard will speak to the commercial aspects of it. I'd like to, again, go back, a little flash back four to five years ago. What happened was we saw in an unprecedented speed, probably since World War II, the biggest disruption in the supply chain.

我很欣賞這個問題。我們將分為兩部分。我先講供應鏈的情況，然後霍華德講商業方面的情況。我想再次回顧一下四、五年前。所發生的事情是我們以前所未有的速度看到的，這可能是自二戰以來供應鏈中最大的中斷。

We saw logistics triple in less than two quarters in cost, and we saw steel roughly double at that time period. Nextracker was largely protected then due to our mature sourcing experience with how we think about placing orders in a back-to-back way with customer orders. But really the logistics piece caught us and most companies really off guard.

我們看到物流成本在不到兩個季度的時間內增加了兩倍，而同期鋼鐵成本大約翻了一番。Nextracker 當時在很大程度上受到了保護，因為我們擁有成熟的採購經驗，以及我們如何考慮以與客戶訂單背對背的方式下訂單。但實際上，物流部分讓我們和大多數公司都措手不及。

And so we developed this hybrid strategy for building out significant supply chain within key markets. We speak a lot on these calls about the US, but we've done a similar thing in India, where we built out 10 gigawatts of tracker capacity in India for that market and in other markets around the world, where we can either supply the local market with locally produced materials or we can export or do a hybrid of that.

因此，我們制定了這種混合策略，在關鍵市場內建立重要的供應鏈。我們在這些電話中談論了很多關於美國的事情，但我們在印度做了類似的事情，我們在印度為該市場和世界各地的其他市場建立了10 吉瓦的追蹤器容量，我們可以在這些市場提供當地市場使用當地生產的材料，或者我們可以出口或混合使用。

And so this is hard stuff, okay? It was very difficult for us to achieve 100% domestic content in the United States for deliveries that are happening early in the calendar year. But that's -- what that did was that provided us a natural hedge on logistics because we also optimized the location of our manufacturing partners with the market as we saw and we set up multiple vendors. So we feel we're in a very strong position on that and to be able to give customers confidence and certainty and not have to go back with changes after contracts are being executed.

所以這是一件很難的事情，好嗎？對於年初交付的產品，我們很難在美國實現 100% 的國內含量。但這為我們提供了對物流的自然對沖，因為我們也優化了我們的製造合作夥伴與市場的位置，正如我們所看到的，我們建立了多個供應商。因此，我們認為我們在這方面處於非常有利的地位，能夠給客戶信心和確定性，而不必在合約執行後進行更改。

Howard, can you speak to the commercial aspects of that question, please?

霍華德，您能談談這個問題的商業面嗎？

Yes. I just want to add also that when we reference higher supply chain costs, it's -- the 45X manufacturing credit for the US production is intended to put US production more competitive and on par with international imports. That's the purpose of it.

是的。我還想補充一點，當我們提到更高的供應鏈成本時，美國生產的 45 倍製造信貸旨在使美國生產更具競爭力，並與國際進口產品持平。這就是它的目的。

So we do have higher costs in the US, and the 45X serves to offset that. So that's important in the context of that language in the shareholder letter. Chuck did mention that logistics costs, they peaked up some in the quarter. There's quarter-by-quarter variability in some of the supply chain costs. But we work very hard to lock in our supply chain costs with our customers because we're sharing visibility of their pipeline with our team, and we're able to then forecast and lock in cost.

所以我們在美國的成本確實較高，而 45X 可以抵銷這一點。因此，就股東信中的語言而言，這一點很重要。查克確實提到了物流成本，他們在本季度達到了頂峰。一些供應鏈成本存在逐季度的變化。但我們非常努力地與客戶鎖定供應鏈成本，因為我們與我們的團隊分享他們的管道的可見性，然後我們就能夠預測並鎖定成本。

So -- and on a commercial basis, we've proven that over time, we can -- through cost reduction efforts, through design efforts, through R&D., we can reduce steel while still providing a high reliability, high-quality product that we can stand behind, lowering cost, lowering price, increasing TAM and enabling the company to scale and drive costs down and open up the market more for solar to the point now where the last two or three years, solar's been the number one source of new power generation in the world.

因此，在商業基礎上，我們已經證明，隨著時間的推移，我們可以透過降低成本、透過設計、透過研發，減少鋼材用量，同時仍然提供高可靠性、高品質的產品，我們可以支持，降低成本，降低價格，增加TAM，使公司能夠擴大規模並降低成本，並進一步開放太陽能市場，以至於在過去的兩三年裡，太陽能一直是第一大來源世界新能源發電。

So the formula is working. We're part of that as the market leader. We're pleased to celebrate our ninth year of market leadership. And we have time for one more question and I appreciate your question, Sean.

所以這個公式是有效的。身為市場領導者，我們是其中的一部分。我們很高興慶祝我們佔據市場領導地位的第九個年頭。我們還有時間再問一個問題，謝謝你的提問，肖恩。

Sean Milligan, Janney.

肖恩·米利根，珍妮。

Thanks, everyone, for taking the question today. I was looking at the backlog commentary, the over $4 billion and 80% over eight quarters and kind of thinking that maybe there was a little bit less coverage than I thought previously kind of in the near term. So I was just curious if you could comment historically or kind of expected sort of intra-year book-to-ship, what that maybe looks like because it seems like in any given year, you're also like booking, shipping a lot of revenue and just was trying to get a sense for what that could be.

謝謝大家今天提出這個問題。我正在查看積壓評論，超過 40 億美元，在八個季度中佔 80%，我認為短期內的覆蓋範圍可能比我之前想像的要少一些。所以我只是好奇你是否可以評論歷史或某種預期的年內預訂到發貨，這可能是什麼樣子，因為似乎在任何給定的年份，你也喜歡預訂，發貨很多收入，只是想了解一下這可能是什麼。

Yes. As we talked about in previous calls, most of the backlog is in the two- to five-quarter window, and then the remaining above five quarters, we're giving slightly different color where 80% is over the next eight quarters. You can still think of it as a long tail to the backlog. So as you get further out in 6, 7, 8, 9, 10 quarters out, it's a much lower percentage. So that should address your question.

是的。正如我們在之前的電話會議中談到的，大部分積壓都在兩個到五個季度的時間內，然後剩下的五個季度以上，我們給出的顏色略有不同，其中80% 是在接下來的八個季度。您仍然可以將其視為積壓的長尾。因此，當你在第 6、7、8、9、10 個季度進一步得分時，這個百分比就會低得多。所以這應該可以解決你的問題。

Great. I'd like to -- okay. Great. And thank you for that. Really appreciate all the positive feedback on our shareholder letter. Our team worked really hard on this. Going to this new format could give us more time for questions and provides better resolution, we think, for folks to understand our business.

偉大的。我願意——好吧。偉大的。謝謝你。非常感謝對我們股東信函的所有正面回饋。我們的團隊在這方面非常努力。我們認為，採用這種新的格式可以讓我們有更多的時間來回答問題，並提供更好的解決方案，讓人們了解我們的業務。

We're excited about what's come this year, and we look forward to advancing the clean energy transition with customers and partners. Thank you for joining our call today. Mary?

我們對今年發生的事情感到興奮，並期待與客戶和合作夥伴一起推動清潔能源轉型。感謝您今天加入我們的電話會議。瑪麗？

Thank you. This concludes our earnings call.

謝謝。我們的財報電話會議到此結束。

That will conclude today's conference call. Thank you for your participation, and enjoy the rest of your day.

今天的電話會議到此結束。感謝您的參與，祝您有個愉快的一天。