Nextpower Inc (NXT) 2025 Q2 法說會逐字稿

Good afternoon, everyone and thank you for standing by. My name is Sierra, and I will be your conference operator today. Today's call is being recorded.

大家下午好，謝謝大家的支持。我叫 Sierra，今天我將擔任你們的會議操作員。今天的通話正在錄音。

I would like to welcome everyone to Nextrackers' second quarter fiscal year 2025 earnings call. After the speaker's remarks, there will be a Q&A session. At this time for opening remarks, I would like to pass the conference over to Mary Lai, Vice President of Investor Relations. Mary, you may begin.

我歡迎大家參加 Nextrackers 2025 財年第二季財報電話會議。演講者發言後，將進行問答環節。現在我想將會議交給投資人關係副總裁Mary Lai 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 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.

謝謝大家，大家下午好。歡迎參加 Nextracker 2025 財年第二季財報電話會議。我是瑪麗·賴，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 Chuck Boynton。

On today's call, we will open with brief remarks from our CEO, 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 our earnings press release and shareholder letter.

在今天的電話會議上，我們將以執行長 Dan 的簡短演講開始，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，以及我們的收益新聞稿和股東信函。

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.

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，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存在重大差異。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 those risks and uncertainties, please review our earnings press release, shareholder letter and our SEC filings, including our most recently filed quarterly report on Form 10-Q and annual report on Form 10-K, which are available on our IR website at investors.nextracker.com. This information is subject to change, and we undertake no obligation to update any forward-looking statements as a result of the new information, future events or changes in our expectations.

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-Q 表格季度報告和10-K 表格年度報告（可在我們的IR上取得）網站 Investors.nextracker.com。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 financial section of the IR website. And now I will turn the call over to our CEO and Founder. Dan?

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 IR 網站的財務部分中找到。現在我將把電話轉給我們的執行長和創辦人。擔？

Thank you, Mary, and thank you all for joining our Q2 earnings call. We are very pleased with the continued strong execution by the company across the board in products, sales and operations. driving solid financial performance. Before we cover the company's performance, I'd like to offer a few comments on the upcoming election in the United States, which is our largest market.

謝謝瑪麗，也謝謝大家參加我們第二季的財報電話會議。我們對公司在產品、銷售和營運方面持續強勁的執行力感到非常高興。推動穩健的財務表現。在我們介紹公司的業績之前，我想對即將到來的美國大選發表一些評論，而美國是我們最大的市場。

There have been questions addressed to Nextracker and our sector regarding the potential impact of the election on solar. We believe our company and industry will grow, regardless of election outcome. As we have steadily grown through prior Democratic and Republican administrations, we believe we will be successful in any scenario because energy projects are less about politics and more about economics, and solar is the lowest cost form of energy in most markets.

我們向 Nextracker 和我們的部門提出了有關選舉對太陽能的潛在影響的問題。我們相信，無論選舉結果如何，我們的公司和產業都會發展。由於我們在前幾屆民主黨和共和黨政府中穩步發展，我們相信在任何情況下我們都會取得成功，因為能源項目與政治無關，更多與經濟有關，而太陽能是大多數市場中成本最低的能源形式。

It's about the maturity of projects in development in the interconnection queue. And it's about the availability of capital to finance projects, where risks are considered. In all of these areas, solar shines. The US has a growing appetite for new power, and we believe solar, and battery projects are best positioned to satisfy that need.

這是關於互連隊列中正在開發的項目的成熟度。這關係到是否有足夠的資金來資助項目，並考慮到風險。所有這些區域都充滿陽光。美國對新能源的需求不斷增長，我們相信太陽能和電池專案最能滿足這項需求。

Further, most of the manufacturing investments and solar power plants in the country are located in red states, and the underpinning economic value delivered to those states is significant and real. So much so that 18 Republican members of the House of Representatives sent a unified letter to speaker Johnson in support of the IRA, demonstrating again the bipartisan support for clean energy and why we believe key elements of the Inflation Reduction Act will persist independent of the outcome of the upcoming election.

此外，該國大部分製造業投資和太陽能發電廠都位於紅色州，為這些州帶來的基礎經濟價值是巨大且真實的。以至於眾議院 18 名共和黨議員向議長約翰遜聯名致信，支持愛爾蘭共和軍，再次表明兩黨對清潔能源的支持，以及為什麼我們相信《通膨削減法案》的關鍵要素將持續存在，而與結果無關即將到來的選舉。

In summary, we believe Nextracker will continue to grow in the US under either administration.

總而言之，我們相信 Nextracker 在任何一屆政府的領導下都將繼續在美國發展。

And now let's turn to our company performance. Q2 was another quarter of strong execution, marking our seventh consecutive quarter of double-digit revenue growth year-over-year. Revenue for the first half of our fiscal '25 was a record, with an increase of 29% year-over-year.

現在讓我們來看看我們公司的業績。第二季度是另一個執行力強勁的季度，標誌著我們連續第七個季度實現兩位數營收年增。我們 25 財年上半年的營收創歷史新高，年增 29%。

We continue to see strong demand for our products globally across all regions, driven in part by a flight to quality across a range of criteria that matter to customers. We strongly believe that Nextracker offers the highest quality and most reliable product on the market with the lowest installed cost, lowest operating cost, highest production and differentiated technology and engineering. We believe these factors will help to drive demand and enable pricing discipline.

我們繼續看到全球各個地區對我們產品的強勁需求，部分原因是人們對客戶關心的一系列標準的品質追求。我們堅信，Nextracker 能夠以最低的安裝成本、最低的營運成本、最高的產量以及差異化的技術和工程提供市場上最高品質、最可靠的產品。我們相信這些因素將有助於推動需求並實現定價紀律。

Our team is also differentiated with sector domain expertise, a robust global supply chain that delivers products on time, and a customer service ethic that measures in response to customer requirements at each phase of the customer journey. Customers are rewarding these values with sales orders. Our backlog increased significantly quarter-over-quarter to a new record of over $4.5 billion, and we are pleased with the margin profile of our backlog for this fiscal year and beyond.

我們的團隊也憑藉著行業領域的專業知識、按時交付產品的強大全球供應鏈以及在客戶旅程的每個階段響應客戶要求的客戶服務道德而脫穎而出。客戶透過銷售訂單來獎勵這些價值。我們的積壓訂單環比顯著增加，達到超過 45 億美元的新紀錄，我們對本財年及以後積壓訂單的利潤率狀況感到滿意。

As a result of the new orders, we are raising our profit target for the full fiscal year by $20 million at the midpoint to $645 million. We are also receiving customer orders for our new products, including NX Horizon, NXTR 1.5, NX Horizon Low Carbon Tracker, NX HailPro75 in both our new NX Foundation technologies. All of these products have been successfully deployed in the field. Most of these products resulted from focused R&D investments made by Nextracker.

由於新訂單的增加，我們將整個財年的利潤目標中位數提高了 2,000 萬美元，達到 6.45 億美元。我們也收到新產品的客戶訂單，包括採用我們新 NX Foundation 技術的 NX Horizo​​n、NXTR 1.5、NX Horizo​​n 低碳追蹤器、NX HailPro75。所有這些產品均已在現場成功部署。這些產品大多源自 Nextracker 的集中研發投資。

In Q2, we inaugurated our third global design facility in Nextracker Center of Solar Excellence in Hyderabad, India, a 13-acre facility with a 30,000 square foot state-of-the-art laboratory. Our three global design labs incubate and commercialize PV technologies, localized for regional needs and optimize products for customer requirements as we are serving projects in over 40 countries around the world.

第二季度，我們在印度海得拉巴的 Nextracker 太陽能卓越中心開設了第三個全球設計設施，佔地 13 英畝，擁有 30,000 平方英尺的最先進實驗室。我們的三個全球設計實驗室致力於孵化光伏技術並將其商業化，針對區域需求進行在地化，並根據客戶要求優化產品，為全球 40 多個國家/地區的專案提供服務。

A few months ago, in response to customer demand, we accelerated to Q3 of this year, the availability of our 100% domestically manufactured tracker. We received customer orders for it, which will ship later this quarter. To our knowledge, we are the only tracker manufacturer that can deliver a 100% US manufactured tracker.

幾個月前，為了回應客戶需求，我們加速到今年第三季度，我們100%國產的追蹤器上市。我們收到了客戶訂單，將於本季稍後發貨。據我們所知，我們是唯一一家能夠提供 100% 美國製造的追蹤器的追蹤器製造商。

This capability can provide tremendous benefits to US customers because it enables them to achieve a much higher score on their domestic content and can enable them to capture a 10% bonus investment tax credit, or ITC. On a typical 100-megawatt system, the 10% bonus ITC can have a value to the customer of roughly $10 million, equivalent approximately to the entire cost of the tracker.

這種能力可以為美國客戶帶來巨大的好處，因為它使他們能夠在國內內容上獲得更高的分數，並能夠獲得 10% 的獎勵投資稅收抵免 (ITC)。在典型的 100 兆瓦系統上，10% 的 ITC 獎金可為客戶帶來約 1000 萬美元的價值，大約相當於追蹤器的全部成本。

Last quarter, we announced the closing of two foundation business acquisitions which are on track to be successfully integrated by the end of the fiscal year. At the Yaris North America Conference last month, we debuted our NX Foundation Solutions business. and customer reception exceeded expectations. We have signed new bookings orders for our Foundation solutions and our NX Horizon trackers and see a robust pipeline business.

上個季度，我們宣布完成兩項基礎業務收購，這些收購預計在本財年末成功整合。在上個月的 Yaris 北美會議上，我們首次推出了 NX 基礎解決方案業務。客戶接待超出預期。我們已經為 Foundation 解決方案和 NX Horizo​​n 追蹤器簽署了新的預訂訂單，並看到了強勁的管道業務。

We're excited for what our Foundation Solutions will do for our customers, enabling quicker, safer and more efficient solar project development on a wide range of soil types for EPC and developer customers. In summary, it was a great first half of fiscal '25, and we remain focused on executing our plan to achieve double-digit revenue growth for the full year with a raised profitability target.

我們對基礎解決方案將為客戶所做的事情感到興奮，為 EPC 和開發商客戶在各種土壤類型上實現更快、更安全和更有效率的太陽能專案開發。總而言之，25 財年上半年表現出色，我們仍然專注於執行我們的計劃，以實現全年兩位數的收入成長，並提高獲利目標。

Looking forward, we expect fiscal 2026 to be another growth year, comprised of both our legacy products such as NX Horizon and the five new product offerings I just mentioned. The customer demand for our industry-leading products and our ability to execute and support customers' success give us the confidence to achieve our growth supported by our growing backlog. We now look forward to your questions. Let me pass the call back to the operator.

展望未來，我們預計 2026 財年將是另一個成長年，其中包括 NX Horizo​​n 等傳統產品和我剛才提到的五種新產品。客戶對我們行業領先產品的需求以及我們執行和支援客戶成功的能力使我們有信心在不斷增加的積壓訂單的支持下實現我們的成長。我們現在期待您的提問。讓我將電話轉回給接線生。

(Operator Instructions)

（操作員說明）

Philip Shen, Roth Capital Partners.

菲利普‧沉 (Philip Shen)，羅斯資本合夥人。

Hi, thanks for taking my questions. Congrats on the very strong quarter. wanted to check in on the bookings. Our math suggests bookings were close to, if not greater than $1 billion for the quarter. I was wondering if you could talk through what the margin profile looks like for the bookings. Dan, I think you mentioned in your remarks that you were pleased with the margins. Can you kind of give us a base baseline or comparison to the strong margins from this quarter?

您好，感謝您回答我的問題。祝賀這個非常強勁的季度。想查看預訂情況。我們的計算表明，該季度的預訂量即使不超過 10 億美元，也接近 10 億美元。我想知道您是否可以談談預訂的保證金概況。丹，我想您在演講中提到您對利潤感到滿意。您能給我們一個基本基準或與本季的強勁利潤率進行比較嗎？

And do you think the bookings are in line with that, maybe a little bit lower or higher? And then when you think about the new bookings, how much of that was your new products? And do you have any new MSA agreements or volume commitment orders or obligations in that backlog as well?

您認為預訂量是否與此一致，也許會低一點或高一點？然後，當您考慮新預訂時，其中有多少是您的新產品？您是否還有任何新的 MSA 協議或大量承諾訂單或積壓訂單中的義務？

Thank you, Phil, and thanks for the multifaceted question. Appreciate that. This is Dan. Howard, Can you weigh in on the Phil's question?

謝謝你，菲爾，也謝謝你提出這個多面向的問題。很欣賞這一點。這是丹.霍華德，你能談談菲爾的問題嗎？

Sure. Hey, Phil, this is Howard. So we had another strong quarter of performance, both on revenue, P&L profitability, and bookings. And so raising our backlog to a new record of over $4.5 billion is a great milestone for the company. As far as the -- and the mix matters, what's in the new bookings and what's in the backlog. And what we said is about two-thirds of our business is the guidepost for US domestic, one-third rest of world.

當然。嘿，菲爾，這是霍華德。因此，我們在營收、損益獲利能力和預訂方面又取得了強勁的季度業績。因此，將我們的積壓訂單增加到超過 45 億美元的新紀錄對公司來說是一個偉大的里程碑。就混合而言，新預訂中的內容以及積壓中的內容很重要。我們所說的是，我們大約三分之二的業務是美國國內的路標，三分之一是世界其他地區的路標。

And we call that out because the rest of the world has some select competitive markets such as the Middle East, which is the lowest cost electricity -- solar electricity market in the world, where you have a pricing that's at $0.01 to $0.02 per kilowatt hour, okay? And so our pricing and margins can vary and do vary by region.

我們之所以這麼說，是因為世界其他地區有一些特定的競爭市場，例如中東，這是世界上成本最低的電力——太陽能電力市場，那裡的定價為每千瓦時 0.01 至 0.02 美元， 好的？因此，我們的定價和利潤可能會有所不同，並且確實會因地區而異。

With that said, the new bookings that we have, we're very happy with the mix. It's consistent with the two-third, one-third mix that we talk about two-third, US; one-third, rest of the world. And the margin profile on both for both of those contributions and then to the overall is very much in line with our profitability and going forward. As far as the type of -- do we have MSAs, VCAs in the bookings? And the answer is yes. Thank you, Phil, for your question.

話雖如此，我們對新的預訂感到非常滿意。和我們說的三分之二，美國的三分之二，三分之一的搭配是一致的；三分之一，世界其他地區。這兩項貢獻以及整體的利潤率狀況與我們的獲利能力和未來發展非常一致。至於類型——我們的預訂中是否有 MSA、VCA？答案是肯定的。謝謝菲爾的提問。

Praneeth Satish, Wells Fargo.

普拉尼思‧薩蒂什，富國銀行。

Thanks. I echo Phil's comments on a strong quarter. You mentioned that you expect to realize 90% of the backlog in eight quarters. So I think that's a slight improvement from last quarter where you said you expect to realize backlog in eight quarters. Can you talk about what's helping shrink that time line? Is it simply just a higher mix of international projects with a faster revenue conversion cycle? Or are you seeing an improvement on the US side?

謝謝。我同意菲爾關於強勁季度的評論。您提到預計在八個季度內實現 90% 的積壓。因此，我認為這比上個季度略有改善，上個季度您表示預計在八個季度內積壓。能談談什麼有助於縮短這個時間嗎？只是國際項目的更多組合和更快的收入轉換週期嗎？還是您看到美國方面有所改善？

It's both actually. We're getting orders with shorter horizons, and that's what fed the backlog increase and caused that metric to go from 80% to 90%. 90% of expected revenue -- or 90% of our revenue in backlog, we expect to recognize over the next eight quarters. And so yes, that's -- it's an equal contribution on both with shorter cycles.

其實兩者都是。我們收到的訂單期限較短，這導致了積壓訂單的增加，並導致該指標從 80% 上升到 90%。我們預計在未來八個季度內確認 90% 的預期收入，或 90% 的積壓收入。是的，這對兩者的貢獻是相等的，而且週期更短。

Okay. Thank you.

好的。謝謝。

Yes, thank you.

是的，謝謝。

Mark Strouse, JP Morgan.

馬克‧斯特勞斯，摩根大通。

Great. Thank you very much for taking our questions. Congrats on the quarter. On Page 5 of the shareholder letter, you talked about double-digit growth, revenue growth in fiscal '25, but then the growth in fiscal '26. Maybe I'm splitting hairs here, but is there a reason that you're stopping short of saying double-digit growth in fiscal '26? Are you kind of just talking about the visibility that you have from your backlog? Or is there something else that you're seeing in kind of bookings activity maybe that's making you think that it might be less than double-digit growth next year? Thank you.

偉大的。非常感謝您接受我們的提問。恭喜本季。在股東信的第 5 頁，您談到了 25 財年的兩位數成長和收入成長，然後是 26 財年的成長。也許我在這裡有點吹毛求疵，但是您有理由不說 26 財年實現兩位數增長嗎？您只是在談論積壓訂單的可見性嗎？或者您在預訂活動中看到的其他東西可能讓您認為明年的增長可能低於兩位數？謝謝。

Mark, Dan Shugar here. The -- we'll provide a lot more color on the FY26 revenue plan in subsequent earnings calls is the answer. So we'll provide more than. I will just say, the company has never been in a better position than it is today, $4.5 billion of backlog. We've seen Howard's covered -- we've seen fee growth among many regions around the world.

馬克，丹舒格在這裡。答案是——我們將在隨後的財報電話會議中提供有關 2026 財年收入計劃的更多資訊。所以我們將提供更多。我只想說，公司的處境從未像現在這樣好，積壓訂單達 45 億美元。我們已經看到霍華德的覆蓋率——我們已經看到世界許多地區的費用成長。

It's super to have multiple regions in the world all contributing steady growth. And quarter-to-quarter, one region will be stronger than and other regions. The first half of this fiscal year, we saw -- there's some noise on the phone, not sure where that's coming from. Okay. Thank you.

世界上多個地區都為穩定成長做出了貢獻，這真是太棒了。從季度來看，一個地區將強於其他地區。在本財年的上半年，我們看到電話裡有些噪音，不知道來自哪裡。好的。謝謝。

So we saw very strong growth in higher-value regions, the first half of this year -- our fiscal year. And the second half of the year is we're seeing stronger planned shipments in lower value, more competitive regions, as Howard mentioned, such as the Middle East.

因此，我們在今年上半年（我們的財年）看到高價值地區的成長非常強勁。正如霍華德所提到的，今年下半年我們將看到價值較低、競爭更激烈的地區的計畫出貨量增加，例如中東。

But on balance, we're doing what we said we were going to do: going out, growing this company double-digit growth this year. We're hitting our revenue plan, and we've been able to be raised on our profitability expectations. Thanks for the question.

但總的來說，我們正在做我們說過要做的事情：走出去，讓公司今年實現兩位數的成長。我們正在實現我們的收入計劃，並且我們已經能夠提高我們的獲利預期。謝謝你的提問。

Dimple Gosai, Bank of America.

Dimple Gosai，美國銀行。

Hi, good evening. And thanks for the question. Can you please speak a little bit about some of the competitive dynamics, what we're seeing in terms of customer behavior, also ahead of elections versus rushing to kind of get some of the domestic product through the door. And then also a little bit about your new customer wins, is that more in the US versus international? I think you quoted 12 -- or 8 new customers, sorry.

嗨，晚上好。謝謝你的提問。您能否談談一些競爭動態，我們在客戶行為方面所看到的情況，以及選舉之前與急於將一些國內產品帶入大門的情況。然後還有一些關於您贏得的新客戶的信息，是在美國還是在國際上？我認為您引用了 12 個或 8 個新客戶，抱歉。

Okay. This is Howard. So what we're seeing in the market is continued very solid demand across all of our major regions in North America Middle East, India, Africa, Latin America, Europe, Australia, New Zealand. We're seeing just across the board a lot of demand. And that's being driven by the increase demand for electricity, electrification of the world, data centers, hyperscalers, electric vehicles and demand for clean energy.

好的。這是霍華德。因此，我們在市場上看到的是，北美、中東、印度、非洲、拉丁美洲、歐洲、澳洲、紐西蘭等所有主要地區的需求持續強勁。我們看到了全面的大量需求。這是由電力、世界電氣化、資料中心、超大規模、電動車和清潔能源需求不斷增長的需求所推動的。

And so there is a macro overlay on the demand picture. And the election in the United States is not dampening that from our perspective. As we're showing, we're increasing our backlog in delivering on our metrics and then some. There is -- one thing on the customer side, what we're sensing is a real flight to quality for Nextracker. And that's -- we've articulated the value proposition of the company. We have a very differentiated tracker. Not all trackers are architected the same. They don't operate the same.

因此，需求圖上有一個宏觀覆蓋。從我們的角度來看，美國大選並沒有削弱這一點。正如我們所展示的，我們正在增加交付指標的積壓工作，然後再增加一些。在客戶方面，我們感受到的是 Nextracker 真正追求品質。那就是——我們已經闡明了公司的價值主張。我們有一個非常差異化的追蹤器。並非所有追蹤器的架構都相同。他們的運作方式並不相同。

We have a very different tracker architecture that we believe is superior in that our customers really appreciate. And then it extends from that to operations and operational excellence and the bankability of our company with a -- let Chuck halls a fortress balance sheet, a very strong balance sheet. We have $1.5 billion in liquidity as a company.

我們有一個非常不同的追蹤器架構，我們相信它的優越性在於我們的客戶真正欣賞。然後它延伸到我們公司的營運和卓越營運以及銀行可融資性——讓查克·霍爾擁有一個堡壘般的資產負債表，一個非常強大的資產負債表。我們公司擁有 15 億美元的流動資金。

And our -- these projects are very expensive. They're -- I mean, they're not expenses around work. They require a lot of capital to finance and they produce the lowest form of energy with solar and then some with or storage. -- but they require a lot of capital. And so it's important for the tracker, which is the backbone of the system to operate. And so all of these things feed our value proposition and what we believe is a flight to quality differentially for Nextracker. Really appreciate the question.

我們的這些項目非常昂貴。我的意思是，它們不是工作方面的開支。它們需要大量資金來融資，並且透過太陽能生產最低形式的能源，然後使用儲存來生產一些能源。 ——但它們需要大量資金。因此，追蹤器是系統運作的支柱，這一點非常重要。因此，所有這些都滿足了我們的價值主張，我們相信 Nextracker 會以差異化的方式追求品質。真的很感激這個問題。

Christine Cho, Barclays.

克里斯汀‧曹，巴克萊銀行。

I thought maybe I would hit on margins. So you guys are doing well above the high 20s guidance. And I realize this is the full year guide, and I know your mix shift to the US is slightly higher than the two-third year-to-date. And I think your shareholder letter also talks about software coming in better at 2%.

我想也許我會賺到利潤。所以你們的表現遠高於 20 多歲的指導水準。我意識到這是全年指南，而且我知道您向美國的混合轉移略高於今年迄今為止的三分之二。我認為您的股東信中也談到了軟體的收益在 2% 左右會更好。

But other than that, is there anything else you would point to, to bridge the gap on where in the cost structure you might be doing better than you expected? Or alternatively, anything that should bring gross margins down in the back half of this year, other than the mix shift shifting back towards rest of world?

但除此之外，您還有什麼可以指出的，以彌補您在成本結構中哪些方面可能做得比您預期更好的差距？或者，除了產品結構轉移到世界其他地區之外，還有哪些因素會在今年下半年導致毛利率下降？

And just lastly, when you say structural gross margin, can you help us better understand what that definition is? Does that mean where you think gross margins will naturally settle out without any subsidies? Whether it's explicit 45x credit or lower bill of materials offered instead of the explicit 45x credit?

最後，當您提到結構性毛利率時，您能否幫助我們更好地理解這個定義是什麼？這是否意味著您認為在沒有任何補貼的情況下毛利率會自然穩定下來？是否為明確 45 倍信用或提供較低的物料清單而不是顯性 45 倍信用？

Thank you, Christine, Chuck Boynton here. I appreciate your question. So first of all, Q1 and Q2 were incredibly strong quarters. based on execution. And execution is really the key word. We overdelivered based on our product teams, our customer service teams out in the field, delivering our projects on time with quality. And when you do that with great products, deliver on time, good things tend to happen. Margins tend to be a little bit better than you plan when you deliver a great product on time, on schedule.

謝謝你，克里斯汀，查克·博因頓。我很欣賞你的問題。首先，第一季和第二季的表現非常強勁。基於執行。執行確實是關鍵字。基於我們的產品團隊和現場客戶服務團隊，我們超額交付了項目，按時優質地交付了我們的項目。當你用優秀的產品做到這一點並按時交付時，好事往往會發生。當您按時交付優質產品時，利潤往往會比您的計劃好一點。

The second thing is we've seen a really significant uptake in TrueCapture. TrueCapture is the best industry-leading software that manages the power plant that drives the best sales in the industry. TrueCapture has fairly high margins because of software, and we saw a lot of systems being commissioned in Q2. That allowed us to really accelerate margins in Q2 and that will probably not repeat in Q3 and Q4. It might, but our plan is it will be more like 1% to 2%. It was higher than that in Q2.

第二件事是我們看到 TrueCapture 的使用率非常顯著。TrueCapture 是業界領先的最佳軟體，可管理推動業界最佳銷售的發電廠。由於軟體的原因，TrueCapture 的利潤率相當高，我們看到許多系統在第二季投入使用。這使我們在第二季度真正提高了利潤率，而第三季和第四季可能不會重複這種情況。可能會，但我們的計劃是 1% 到 2% 左右。高於第二季。

So then the third factor is 45x. We had some accumulated 45x benefits from prior quarters that got amortized into Q2, and that will not repeat in the back half of the year. In the letter, we talked about 300 basis points of overachievement in Q2 that are likely not to repeat in Q3 and Q4.

那麼第三個因子就是 45x。我們從前幾季中累積了 45 倍的收益，這些收益已攤銷到第二季度，這種情況在今年下半年不會重複。在信中，我們談到了第二季的超額業績 300 個基點，而第三季和第四季可能不會重演。

And then Howard mentioned the international projects. In the first half, we had a really high share of US projects that delivered really strong margins, great value for our customers. The back half of the year, we have some very large projects, especially in Q4, scheduled deliveries that are in very, very competitive markets, and that effectively averages out the company to effectively two-third-one-third international, US mix.

然後霍華德提到了國際項目。上半年，我們在美國專案中所佔的份額非常高，這些專案為我們的客戶帶來了非常高的利潤率和巨大的價值。今年下半年，我們有一些非常大的項目，特別是在第四季度，預定的交付是在競爭非常非常激烈的市場中進行的，這實際上使該公司的國際和美國產品組合達到了三分之三的三分之一。

The structural margin comment is really taking a step back, thinking about what is the business on average if you blend out the model of 2/3:1/3 international, on average, what would the margin profile look like? And we're saying, structurally, it should be in the high 20s, maybe be low 30s. So that's a comment that the company has made consistently, and we've been overperforming that based on really great execution. Thank you, Christine. Next question.

結構性利潤率評論確實是退一步，思考如果你混合2/3:1/3國際的模型，平均而言，業務的利潤率會是什麼樣子？我們說，從結構上來說，它應該在 20 多歲左右，也許在 30 多歲以下。所以這是公司一貫的評論，而且基於真正出色的執行力，我們的表現已經超越了這一點。謝謝你，克里斯汀。下一個問題。

Brian Lee, Goldman Sachs.

布萊恩李，高盛。

Just a couple of questions I had. Just on the software piece, Chuck or Dan, can you kind of speak to -- I don't know if you think about it in terms of attach rate, but this is the first time you broke out the percent of sales, it seems like it could be an opportunity going forward. I remember you talking to this at the time of the IPO that was probably too small to break out. So just a sense of how you guys think about attach rate?

我有幾個問題。就軟體而言，查克或丹，你能談談嗎——我不知道你是否考慮過附加率，但這似乎是你第一次公佈銷售百分比就像這可能是一個前進的機會。我記得你在首次公開發行（IPO）時談到過這個問題，當時規模可能太小而無法突破。那麼，想了解一下你們對附加率的看法嗎？

And then maybe if you can quantify kind of the margin uplift, I mean, compared to the high 20% structural growth? Like where is software coming in at? And in situations where you aren't able to get a customer to sort of sign up for TrueCapture, what are some of the drivers there outside of maybe just the incremental cost?

然後也許你可以量化利潤率的提升，我的意思是，與 20% 的高結構性成長相比？例如軟體從哪裡來？在無法讓客戶註冊 TrueCapture 的情況下，除了增加成本之外，還有哪些驅動因素？

Thanks, Brian. So over the long term, the attach rate of TrueCapture has increased significantly. This -- we first introduced TrueCapture, which is an adaptive tracking software about seven years ago. It's operating in all our major regions around the world. There are, to my knowledge, over 300 projects that have been commissioned with TrueCapture. We worked with all the leading independent engineers that value TrueCapture.

謝謝，布萊恩。所以從長遠來看，TrueCapture的附加率顯著提高。大約七年前，我們首次推出了 TrueCapture，這是一款自適應追蹤軟體。它的業務遍及全球所有主要地區。據我所知，有 300 多個項目已委託 TrueCapture 進行。我們與所有重視 TrueCapture 的領先獨立工程師合作。

And TrueCapture has been empirically validated in the field. What does that mean? That means we've gone out there, measured it. And customers have become increasingly comfortable with TrueCapture. And so the -- it's well understood. And as markets mature, we go into new markets or early markets as a mature TrueCapture tends to have an increasing attach rate as we go forward.

TrueCapture 已在現場得到了實證驗證。這意味著什麼？這意味著我們已經出去測量了。客戶對 TrueCapture 越來越滿意。所以這是很好理解的。隨著市場的成熟，我們會進入新市場或早期市場，因為成熟的 TrueCapture 往往會隨著我們的發展而增加附加率。

One of the things we discussed during the IPO process around then is TrueCapture does have a different revenue recognition model than our hardware business, where, in the hardware business, revenue and profitability is recognized upon delivery. In the case of TrueCapture, the revenue recognition happens when the TrueCapture systems are turned on. So then you have to -- so there's a lag between hardware delivery and when systems are commissioned, and then TrueCapture is used.

我們在 IPO 流程中討論的一件事是 TrueCapture 確實有與我們的硬體業務不同的收入確認模型，在硬體業務中，收入和盈利能力在交付時確認。就 TrueCapture 而言，收入確認發生在 TrueCapture 系統開啟時。因此，您必須這樣做，因此硬體交付和系統偵錯以及使用 TrueCapture 之間存在延遲。

And so as Chuck mentioned, this last quarter, we saw more TrueCapture revenue because it was building up in terms of the systems were being shipped, but they weren't turned on yet, okay? So that's basically where it stands. We feel really great about the growth in the TrueCapture business globally, about the engagement by the independent engineers. We keep releasing features, technology that increases TrueCapture's efficacy in the field.

正如 Chuck 所提到的，上個季度，我們看到了更多的 TrueCapture 收入，因為它是根據正在出貨的系統而累積的，但它們尚未啟用，好嗎？這基本上就是現狀。我們對 TrueCapture 業務在全球的成長以及獨立工程師的參與感到非常高興。我們不斷發布可提高 TrueCapture 在現場效率的功能和技術。

For example, we released a feature called Zonal Diffuse. And you can go on go on the Internet, on YouTube and look at that. And we also released a feature called Split Boost, which is a highly differentiated feature that generates more energy. So if you go on YouTube and type in Split Boost, Nextracker, you'll actually see how it works. These things increase not only -- well, they increase the amount of energy generated by TrueCapture. Thank you for your question.

例如，我們發布了一項名為「區域漫反射」的功能。你可以繼續上網、YouTube 觀看。而且我們也發布了一個叫做Split Boost的功能，這是一個高度差異化的功能，可以產生更多的能量。因此，如果您在 YouTube 上輸入 Split Boost、Nextracker，您實際上就會看到它是如何運作的。這些東西不僅增加了——嗯，它們還增加了 TrueCapture 產生的能量。謝謝你的提問。

Brian, I'll just add on the margin side, software is a little different animal because you have -- you tend to have higher R&D costs. You spend a lot of money on the IP, developing that technology. And so the gross margin that's reported is very high, but it comes with OpEx in the R&D line. And you'll note this quarter, we've increased our investment in R&D, and we plan to increase our investment in R&D again in Q3 and Q4, and this is what's driving this additional value. Thank you.

布萊恩，我只是在利潤方面補充一下，軟體是一個有點不同的動物，因為你往往有更高的研發成本。您在智慧財產權上花費了大量資金來開發該技術。因此，報告的毛利率非常高，但它伴隨著研發線的營運支出。您會注意到，本季我們增加了研發投資，並且計劃在第三季和第四季再次增加研發投資，這就是推動這項附加價值的原因。謝謝。

Dylan Nassano, Wolfe Research.

迪倫·納薩諾，沃爾夫研究中心。

Peer spoke on their earnings call last night. They're talking about shipping modules to warehouses for customers who aren't yet ready to accept the product. I don't know if you guys listen to that call, but just two questions on that is, have you seen any impact on your projects in your backlog specifically from those actions? And can you also just remind us what kind of recourse do you have when it comes to exercising contractual delivery rights should it be necessary?

Peer 昨晚在財報電話會議上發表了講話。他們正在討論將模組運送到倉庫，供尚未準備好接受產品的客戶使用。我不知道你們是否聽了這個電話，但只有兩個問題：你是否看到這些行動對你的待辦事項中的項目產生了任何影響？您能否提醒我們，如果有必要行使合約交貨權，您有哪些追索權？

Yeah, I'm sorry. Can you repeat who announced their shipping modules to warehouses?

是的，對不起。您能重複一下誰向倉庫宣布了他們的運輸模組嗎？

Yes, sorry, it was First Solar, so they were just talking about yeah, shipping directly to warehouses.

是的，抱歉，這是 First Solar，所以他們只是在談論是的，直接運送到倉庫。

This is Howard. I'll answer the question. My understanding is that it's fairly limited, at least that's what we're saying. I don't want to speak for First Solar. We're we're seeing very consistent activity on a project-by-project basis. What that means is an from quarter-to-quarter, we're seeing some project schedules shifting to the right, some project schedules being pulled in.

這是霍華德。我來回答這個問題。我的理解是它相當有限，至少我們是這麼說的。我不想代表第一太陽能公司發言。我們看到各個項目的活動非常一致。這意味著，從一個季度到另一個季度，我們看到一些專案時間表向右移動，一些專案時間表被拉近。

And on the whole, because of our diversity of the number of EPCs that we work with, the number of owners and the number of projects that we have in the US and internationally, we're able to manage these flows back and forth in totality. I think we've proven that over the last seven quarters since going public.

總體而言，由於我們合作的 EPC 數量、業主數量以及我們在美國和國際上擁有的專案數量的多樣性，我們能夠全面管理這些來回流動。我認為我們在上市以來的過去七個季度中已經證明了這一點。

But we're not seeing -- on an individual project basis, we can see a delay or a shift of a month, six weeks, sometimes even longer. But it's not a very concerted trend. We're not seeing that. It's not going materially up into the right relative to what we talked about last quarter. So we're actually seeing more stability, I would say, in our shipping schedules from last quarter to this quarter. Thanks for the question.

但我們沒有看到——在單一項目的基礎上，我們可以看到一個月、六週、有時甚至更長的延遲或轉變。但這並不是一個非常一致的趨勢。我們沒有看到這一點。相對於我們上個季度討論的內容，它並沒有實質地上升。因此，我想說，從上個季度到本季度，我們的運輸時間表實際上更加穩定。謝謝你的提問。

Maheep Mandloi, Mizuho.

馬希普‧曼德洛伊，瑞穗。

Hey, good evening. Thanks for taking the questions. First, just on the revenue cadence. I think in the new that you've pointed to flattish in Q3. It's how this Q4 weighted. So if you just talk about how many book and billings you still need to do for Q4 or the second half?

嘿，晚上好。感謝您提出問題。首先，就收入節奏而言。我認為在新的內容中，您指出第三季的表現持平。這就是第四季的權重。那麼，如果您只談論第四季度或下半年您還需要完成多少書籍和帳單？

And separately, on the structural margins or ratio of that, could you just talk about the structuring OpEx you expect? I think you talked about higher OpEx in Q3, Q4 for R&D, but how should we think about that going forward?

另外，關於結構性利潤或比率，您能否談談您期望的結構性營運支出？我認為您在第三季、第四季談到了更高的研發營運支出，但我們應該如何看待未來呢？

This is Howard. I'll answer the first part of the question, and Chuck will answer the second part about spending. So we feel very solid about our FY25 because of our backlog and our visibility. So we're really, really good shape there. There is -- so that's what I'll say.

這是霍華德。我將回答問題的第一部分，查克將回答有關支出的第二部分。因此，由於我們的積壓訂單和知名度，我們對 2025 財年感到非常踏實。所以我們的狀態真的非常好。有——所以這就是我要說的。

We've either hit or beat our top line, which is really driven by megawatt shipments each quarter. And we have a lot of confidence going into next quarter and for the year. And that includes Q4, which, as Dan and Chuck and our comments provide color on, is it's going to -- it's -- we expect a very robust quarter. And we're quite confident in delivering on the quarter. Chuck, do you want to take the OpEx?

我們已經達到或超過了我們的營收，這實際上是由每個季度兆瓦級出貨量推動的。我們對下個季度和今年充滿信心。這包括第四季度，正如丹和查克以及我們的評論所提供的那樣，我們預計第四季度將會非常強勁。我們對本季的業績充滿信心。Chuck，你想參加 OpEx 嗎？

I will. Thank you. And just to put context, Q4 will be the single biggest quarter in the company's history, and it's going to put a lot of pressure on our supply chain team. They are amazing and work to the challenge, but we have booked and sold a lot of business, and it's going to be a really, really strong Q4.

我會。謝謝。簡單來說，第四季將是公司歷史上最大的季度，這將給我們的供應鏈團隊帶來很大的壓力。他們非常出色，並且致力於應對挑戰，但我們已經預訂並出售了許多業務，這將是一個非常非常強勁的第四季。

On the OpEx side, we're making really important strategic investments, primarily in technology. We believe the company has a very big moat with our technology, and we want to deepen and widen that moat with investments, key investments in R&D.

在營運支出方面，我們正在進行非常重要的策略投資，主要是在技術方面。我們相信，該公司憑藉我們的技術擁有非常大的護城河，我們希望透過投資、研發方面的關鍵投資來加深和拓寬這條護城河。

You saw in Q2 R&D spend went up by $3 million. SG&A was flat. And we would intend in the back half of the year to continue to invest in R&D as well as sales and go-to-market in key geographies to drive revenue and sales for coming years.

您將看到第二季的研發支出增加了 300 萬美元。銷售及管理費用很平。我們打算在今年下半年繼續投資於研發以及關鍵地區的銷售和上市，以推動未來幾年的收入和銷售。

Joseph Osha, Guggenheim Partners.

約瑟夫‧奧沙，古根漢合夥人。

Turning to your 45x disclosure, I'd like to clarify. The 300 basis point uplift that you referred to is sort of the incremental credit. It does not refer to the totality of the 45x uplift. Am I reading your language correctly?

關於您披露的 45x 信息，我想澄清一下。你提到的300個基點的提升是一種增量信貸。它並不是指 45 倍提升的總和。我正確地閱讀了您的語言嗎？

Joe, yes. Think of that the 300 basis points was a combination of TrueCapture, 45x and other, which is, I would call that great execution of our field teams. And so 45x, think of that as maybe a third of that, the year-over-year benefits, though, just to be clear, Joe.

喬，是的。想想 300 個基點是 TrueCapture、45x 和其他的組合，我稱之為我們現場團隊的出色執行力。因此，45 倍，您可以將其視為同比收益的三分之一，不過，需要明確的是，喬。

45x was not in our prior year ago numbers. We had a cumulative catch up in Q4, as you might recall, that was GAAP only. And so when you compare year-over-year to 45x, we want to just be super transparent and clear that they're not purely comparative. Thank you.

45 倍不在我們前一年的數字。您可能還記得，我們​​在第四季度實現了累積追趕，這只是按照公認會計準則計算的。因此，當您將同比與 45 倍進行比較時，我們希望做到超級透明並明確它們並不是純粹的比較。謝謝。

Thank you.

謝謝。

Jonathan Kees, Daiwa Capital Markets.

喬納森·基斯，大和資本市場。

Hi. Great. Thank you for taking my question and I'll follow your instructions, just limit myself to one. I'll also add my kudos to the quarter, the results. Just wanted to ask about project cancellations. You had mentioned last quarter, you had a customer who had canceled out. It was just a small customer. Just curious if you had anything like that this quarter.

你好。偉大的。感謝您提出我的問題，我會按照您的指示進行操作，但僅限於一個。我還將對本季度的結果表示讚賞。只是想詢問專案取消的情況。您在上個季度提到過，您有一位客戶取消了訂單。這只是一個小客戶。只是好奇這個季度你是否有類似的事情。

Thanks for your question. We have not had any projects canceled this quarter. And the context of that one project that canceled last quarter, the context was there were over -- that was 1 out of over 500 projects. And so that's where we stand.

謝謝你的提問。本季我們沒有取消任何項目。上個季度取消的一個專案的背景是已經結束了——這是 500 多個專案中的一個。這就是我們的立場。

Great, sir.

太棒了，先生。

Kashy Harrison, Piper Sandler.

卡希·哈里森，派珀·桑德勒。

Good afternoon. Thanks for taking the question and congrats on the quarter. Congrats on the quarter. So my question is on Foundation. Just based on your analysis of your pipeline, I was wondering if you could discuss what proportion of sites fall under the definition of hard terrain that would be applicable to Ojjo? And then do you have any US foundation revenues, hard terrain or otherwise in fiscal '25? And then finally, when do you expect to start quantifying the foundation backlog? Thank you.

午安.感謝您提出問題並祝賀本季。恭喜本季。所以我的問題是關於基金會的。根據您對管道的分析，我想知道您是否可以討論一下，有多少比例的場地屬於適用於 Ojjo 的硬地形定義？那麼，在 25 財年，您是否有任何美國基金會收入、硬地收入或其他收入？最後，您預計什麼時候開始量化基金會的積壓工作？謝謝。

Okay. I'll take the first part of the question. And then, Chuck, you take the second part of the question, please?

好的。我將回答問題的第一部分。然後，查克，請你回答問題的第二部分，好嗎？

We had a fabulous launch event at Ares of our foundations business. And we showed a map from the US geological service that shows when bedrock is within one meter of the surface is my recollection of what the metric was. And it turns out there's a significant portion, just geographically of the US that has rocked near the surface, where if you were putting a traditional pile on the ground, you hit rock.

我們在 Ares 舉辦了一場精彩的基金會業務發布會。我們展示了美國地質部門的一張地圖，其中顯示了基岩何時距地表一公尺以內，這是我對度量標準的記憶。事實證明，就美國地理而言，有很大一部分地區在地表附近發生了晃動，如果你將傳統的樁放在地面上，你就會撞到岩石。

And what we've also seen is, over the years, as the solar market has broadened geographically across the US, a greater prevalence of the number of sites that have rock that have to be addressed or other -- it's not just rock, but also difficult soils such as frosty soils, expansive clay soils, or swampy site-type soils. And the two foundation technologies were quite to address all of the above.

我們也看到，多年來，隨著太陽能市場在美國各地的地理範圍不斷擴大，需要處理岩石或其他問題的場地數量越來越多——不僅僅是岩石，還有其他問題。土壤，如凍土、膨脹粘土或沼澤土壤。這兩項基礎技術足以解決上述所有問題。

In terms of numbers, what we covered in that forum, there were numbers like 20% to 30%-plus of the sites are difficult sites. Some of our customers have over half their sites depending on their geographic range of activity. So it's very significant. That's the answer to the first part of the question. Chuck, in terms of the second half.

就數字而言，我們在該論壇中介紹的內容中，有 20% 到 30% 以上的網站是困難網站。我們的一些客戶擁有一半以上的站點，具體取決於他們的活動地理範圍。所以這是非常有意義的。這是問題第一部分的答案。Chuck，就下半場而言。

Yes. Kashy, thank you for the question. In Q2, we actually booked and reported revenue for our new Foundations business. So we're super real that we have customers paying us money for this technology. We have booked new transactions. We don't expect the dollars to be significant this year. And that's a stay tuned for Analyst Day and our views on next year. We'll be -- we'll provide more color as we think about talking about next fiscal year. Thank you.

是的。卡西，謝謝你的提問。在第二季度，我們實際上登記並報告了新基礎業務的收入。因此，我們非常確信有客戶為這項技術付錢。我們已經預訂了新的交易。我們預計今年的美元不會很大。請繼續關注分析師日和我們對明年的看法。當我們考慮談論下一個財政年度時，我們將提供更多的色彩。謝謝。

Jon Windham, UBS.

喬恩溫德姆，瑞銀集團。

Perfect. I appreciate you taking some time to do the questions. Congratulations on the 100% US domestic content capabilities. As you plan to ramp and ship that next year, just wondering if you could give us some thoughts or guidepost about what proportion of your US business is that likely to be? I appreciate it.

完美的。感謝您抽出一些時間來回答問題。恭喜擁有100%美國本土內容能力。當您計劃明年擴大並發貨時，只是想知道您是否可以給我們一些想法或指導，以了解您的美國業務可能佔多少比例？我很感激。

Thanks, Jon. And just as a point of clarification, we actually have our first 100% US tracker scheduled for delivery this quarter. So we were able to accelerate that based on customer demand. With respect to the percentage of our business next year that could use the 100% domestic tracker. We're we're going to have to wait and see on that and speak to it later. It comes a bit to customer needs. It also relates to the their module mix.

謝謝，喬恩。需要澄清的是，我們的第一個 100% 美國追蹤器實際上計劃於本季交付。因此，我們能夠根據客戶需求加快這一進程。關於明年我們的業務中可以使用100%國內追蹤器的百分比。我們將不得不拭目以待，稍後再討論。這有點符合客戶的需求。它也與他們的模組組合有關。

But what we're working on is, from a supply chain standpoint, getting ahead of the curve. And that's consistent with how Nextracker massively ramped our US business prior to Build Back Better, prior to IRA, we were ramping our US supply chain, and we've ramped it in other key markets such as India. This quarter, in India, we announced we've had a 95% content, for example, in India, with over 10 gigs of capacity in India for India. And in the US, over 30 gigs of our major components in the US for the US

但從供應鏈的角度來看，我們正在努力走在前面。這與 Nextracker 在 Build Back Better 之前大規模拓展我們的美國業務的方式是一致的，在 IRA 之前，我們正在拓展我們的美國供應鏈，並且我們也在印度等其他關鍵市場進行了拓展。本季度，在印度，我們宣布我們已經擁有 95% 的內容，例如在印度，在印度擁有超過 10 兆的容量。在美國，我們有 30 多個主要零件在美國供應給美國

We are seeing continued demand and stronger demand than we anticipated for this 100% US content tracker. We'll have to wait and see before we guide to that number, we could address that potentially on our subsequent or the following earnings call or the Analyst Day that Chuck mentioned. Thank you.

我們看到對這款 100% 美國內容追蹤器的持續需求，而且需求比我們預期的還要強勁。在我們指導這個數字之前，我們必須拭目以待，我們可能會在接下來的財報電話會議或查克提到的分析師日上解決這個問題。謝謝。

Ben Kallo, Baird.

本卡洛，貝爾德。

Hey guys. Just because the international opportunity is so big, and the US opportunity is better margins. What do you guys optimize for? Sales growth or margin or EPS growth, cash flow?

嘿夥計們。只是因為國際機會如此之大，而美國的機會是更好的利潤率。大家優化什麼？銷售成長、利潤率、每股盈餘成長、現金流？

Ben, we're -- we want to grow. We want to keep growing, and we want to do so responsibly. And that means profitably and in an accretive way. So if we go into a new region, we evaluate is accretive to the company, it's sort of like an M&A. And so we see it your way, which is there is a vast international opportunity in addition to the US market.

本，我們－我們想要成長。我們希望不斷成長，並且我們希望以負責任的方式做到這一點。這意味著以增值的方式獲利。因此，如果我們進入一個新地區，我們會評估這是否會對公司產生增值作用，這有點像併購。因此，我們以您的方式看待這一點，即除了美國市場之外，還有巨大的國際機會。

I personally just came back from India. I spent a week there. They have a 500-gigawatt target for renewables by 2030. That translates to 50 gigawatts per year just for India. And that goal is more than a goal. It's really like an RPS. The states are required to comply to get this clean -- to meet this clean power goal. If they don't, they don't receive funding. That's our understanding from this trip.

我個人剛從印度回來。我在那裡待了一個星期。他們的目標是到 2030 年再生能源發電量達到 500 吉瓦。這意味著印度每年發電量為 50 吉瓦。這個目標不只是一個目標。這真的很像 RPS。各州必須遵守規定才能實現清潔能源目標。如果他們不這樣做，他們就不會獲得資金。這是我們這次旅行的感悟。

So there is this movement worldwide happening on electrification and clean energy. And so we are going to -- we are tapping into that, and we're going to keep doing that responsibly. Thanks for your question.

因此，全球範圍內正在發生一場關於電氣化和清潔能源的運動。所以我們將——我們正在利用這一點，我們將繼續負責任地這樣做。謝謝你的提問。

Jordan Levy, Truist.

喬丹·利維，真理主義者。

Afternoon. All, thanks for all the commentary. I think Chuck, in an earlier comment -- in an earlier question, you talked to the efforts on the R&D side around expansion into new technologies and also into new markets. I just wanted to see if we could -- not to get into too many specifics, but any additional color we could get there on what sort of opportunities are attractive to you?

下午。全部，謝謝大家的評論。我想查克，在之前的評論中——在之前的問題中，您談到了研發方面圍繞新技術和新市場擴張所做的努力。我只是想看看我們是否可以——不涉及太多細節，但我們可以得到任何額外的顏色來說明什麼樣的機會對您有吸引力？

Yeah. So the question is what new R&D efforts are we taking on, Dan? Maybe you should take that question.

是的。所以問題是我們正在進行哪些新的研發工作，丹？也許你應該回答這個問題。

Sure. Jordan, thank you. Jordan, I think the best way to think about this is if you look at our patents, we have over 600 patents issued and pending in three categories: mechanical, electronic and controls and software. And so we're continuing, and these relate to each other. They're not silos. The mechanical relates to the control system, which relates to the software, for example, in TrueCapture. And these really add value for customers.

當然。喬丹，謝謝你。Jordan，我認為思考這個問題的最佳方式是看看我們的專利，我們擁有 600 多項已頒發和正在申請的專利，分為三類：機械、電子、控制和軟體。所以我們正在繼續，這些都是相互關聯的。它們不是孤島。機械涉及控制系統，控制系統又涉及軟體，例如 TrueCapture。這些確實為客戶增加了價值。

So we're really continuing to invest in all of these categories. And what we have is a very well evolved process to look at where we look at innovation and then how much value does it contribute to a customer, can that value be quantified and monetized by the customer what's the incremental investment and what's the risk and what's the time frame. These are the factors that go in and that we have a list based on the available budget we have.

因此，我們確實在繼續投資所有這些類別。我們擁有一個非常完善的流程，看看我們在哪裡看待創新，然後它為客戶貢獻了多少價值，該價值是否可以由客戶量化和貨幣化，增量投資是什麼，風險是什麼，以及時間範圍。這些都是需要考慮的因素，我們根據可用預算列出了一份清單。

And then we're investing in everything that we can afford, and we've continued to increase that budget. And we've just seen a really great efficacy. And one of the things we speak about is as we release these technologies, they've been piloted in the field. And so it's great. We've got our Hail Pro-75 out there operating with customers in real utility-scale power plants and so forth. So it's been very productive.

然後我們投資於我們所能負擔的一切，並且我們不斷增加預算。我們剛剛看到了非常好的功效。我們談論的一件事是，當我們發布這些技術時，它們已經在該領域進行了試點。所以這很棒。我們已經讓我們的 Hail Pro-75 與真正的公用事業規模發電廠等客戶一起運作。所以這是非常有成效的。

Now having said that, we've also acquired technology. We're open to that. We do -- we're very open to looking at technologies that can be additive to the company. I believe we have time for one more question. And operator?

話雖如此，我們也獲得了技術。我們對此持開放態度。我們確實如此——我們非常願意尋找可以為公司帶來附加價值的技術。我相信我們還有時間再問一個問題。還有運營商？

Julien Dumoulin-Smith, Jeffries.

朱利安·杜穆蘭-史密斯，杰弗里斯。

Guys, can you hear me?

夥計們，你聽得到我說話嗎？

Crystal Julian?

水晶朱利安？

Sorry about that. I wasn't sure if it was coming through earlier. Just to follow up. Earlier on the US content, how many points you qualifying for under the domestic content just to clarify the 100% product? And then just coming back to the margin question quickly here. Obviously, first half versus back half, as you think about that exit run rate in the back half year, is that kind of what you should be thinking about in terms of an EBITDA margin going forward for the remainder of that backlog? Or is the first half of this year really kind of a good indicator of what you can put up as you think about embedded in that backlog across the $4.5 billion?

對此感到抱歉。我不確定它是否提前通過。只是為了跟進。之前美國含量，為了澄清100%產品，你在國內含量下有資格獲得多少分？然後在這裡快速回到保證金問題。顯然，當您考慮下半年的退出運行率時，上半年與下半年的比較，您是否應該考慮剩餘積壓訂單的 EBITDA 利潤率？或者，當您考慮將 45 億美元的積壓訂單嵌入其中時，今年上半年真的是一個很好的指標嗎？

Thank you, Julien, this is Howard. I'll answer the first part. Chuck, the second. So on the domestic content, really happy to be able to deliver that this quarter for our customers. We're seeing a higher take-up than we anticipated for that. Why? In large part because we now can enable that customer to qualify for 24.7 points out of 100. I don't know. So a quarter towards the 40% or 45% that's required, okay?

謝謝你，朱利安，這是霍華德。我來回答第一部分。查克，第二個。因此，就國內內容而言，我們很高興能夠在本季為我們的客戶提供這些內容。我們看到的使用率比我們預期的要高。為什麼？很大程度上是因為我們現在可以讓該客戶獲得 24.7 分（滿分 100 分）。我不知道。那麼四分之一就達到了所需的 40% 或 45%，好嗎？

So if you need -- and that's increasing over time. So if you need 40 or 45 points, we're more than half of the points to get to a 10% credit. So we're seeing customers really interested in that. They're thinking about, okay, tracker plus how much panel domestic panels do they need to achieve that hurdle. So that's the answer to the first part of your question. Chuck?

因此，如果您需要的話，而且這種需求會隨著時間的推移而增加。因此，如果您需要 40 或 45 積分，我們可以為超過一半的積分提供 10% 的積分。所以我們看到客戶對此非常感興趣。他們正在考慮，好吧，追蹤器加上他們需要多少面板國產面板才能實現這一障礙。這就是你問題第一部分的答案。查克？

Yes. Julien, we're not going to sort of do our outlook for next year and beyond today. But a lot of the factors, the structural kind of high 20s, maybe low 30s gross margins would translate into, call it, 20-ish EBITDA margin it's too really right now to say what that's going to look like next year because there's a lot of factors, mix, attach rates of TrueCapture, our new Foundations businesses. And it's more appropriate to talk about that at our Analyst Day or at our Q4 earnings call as we roll out the outlook for next year. Dan, do you want to close?

是的。Julien，今天我們不會對明年及以後的前景進行展望。但很多因素，結構性的20多歲，也許30多歲的低毛利率會轉化為20多歲的EBITDA利潤率，現在很難說明年會是什麼樣子，因為有很多TrueCapture（我們的新基礎業務）的因素、組合和附加率。在我們的分析師日或第四季財報電話會議上，當我們推出明年的前景時，討論這個問題更為合適。丹，你想關門嗎？

Dan, do you want to close?

丹，你想關門嗎？

Yes. First, thank you, everyone, for joining our earnings call. We thank the entire Nextracker team, our shareholders and our highly valued customers and partners as we march ahead for renewably powered world. Thanks for joining our call today.

是的。首先，感謝大家參加我們的財報電話會議。在我們邁向再生能源世界的過程中，我們感謝整個 Nextracker 團隊、我們的股東以及我們高度重視的客戶和合作夥伴。感謝您今天加入我們的電話會議。

This concludes our Q2 earnings call.

我們的第二季財報電話會議到此結束。

That will conclude today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。