Nextpower Inc (NXT) 2025 Q3 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 Nextracker's third-quarter fiscal year 2025 earnings call. (Operator Instructions)

我歡迎大家參加 Nextracker 2025 財年第三季財報電話會議。（操作員說明）

At this time, for opening remarks, I would like to pass this conference over to Sarah Lee, Head of Investor Relations. Sarah, you may begin.

現在，我想將會議交給投資人關係主管莎拉李 (Sarah Lee) 致開幕詞。莎拉，你可以開始了。

Thank you, and good afternoon, everyone. Welcome to Nextracker's third-quarter fiscal year 2025 earnings call. I'm Sarah Lee, Head of Investor Relations. I'm joined by Dan Shugar, our CEO and Founder; Howard Wenger, our President; and Chuck Boynton, our CFO. Following our prepared remarks, we will transition to a Q&A session.

謝謝大家，大家下午好。歡迎參加 Nextracker 2025 財年第三季財報電話會議。我是莎拉李，投資人關係主管。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。在我們準備好的發言之後，我們將過渡到問答環節。

As a reminder, there will be a replay of this call posted on the IR website, along with the earnings press release and shareholder letter. 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 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 new information, future events, or changes in our expectations.

提醒一下，IR 網站上將發布本次電話會議的重播，以及收益新聞稿和股東信函。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。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，這些報告可在我們的網站上取得。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 reconciliations can be found in the appendix to the press release and the shareholder letter as well as the financial 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 IR 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 for joining us today to discuss Nextracker's fiscal Q3 financial results, and best wishes to everyone celebrating the Spring Festival. We are pleased to report that our global team's focus on innovative products and operational excellence, combined with robust demand for our products and services has led to exceptional performance and strategic progress across our business.

感謝您今天與我們一起討論 Nextracker 第三季財務業績，並祝大家春節快樂。我們很高興地報告，我們的全球團隊專注於創新產品和卓越運營，加上對我們產品和服務的強勁需求，導致我們整個業務取得了卓越的業績和策略進展。

We achieved strong financial results with revenue growing 15% year over year to approximately $2 billion year to date. Q3 revenue was $679 million. Our adjusted gross profit and adjusted EBITDA also saw meaningful improvements, reflecting our operational efficiency and strong market position. These results underscore our ability to execute effectively in a dynamic market environment, and we remain on track to deliver another strong quarter to close out the year.

我們取得了強勁的財務業績，今年迄今的營收年增 15%，達到約 20 億美元。第三季營收為 6.79 億美元。我們的調整後毛利和調整後 EBITDA 也出現了有意義的改善，反映了我們的營運效率和強大的市場地位。這些結果強調了我們在動態市場環境中有效執行的能力，並且我們仍然有望在今年結束時再提供一個強勁的季度。

Our backlog hit a new record increasing quarter over quarter to significantly over $4.5 billion. This robust backlog provides us with excellent visibility and confidence in our future growth trajectory.

我們的積壓訂單創下了季度環比增長的新紀錄，大幅超過 45 億美元。這種強勁的積壓為我們提供了對未來成長軌蹟的良好可見度和信心。

In Q3, we remain hyper focused on scaling our legacy and new products and project execution to deliver differentiated value to our customers across the five contents we are serving today. To further enhance our results, innovating and delivering cutting-edge solar technology to the market, we expanded our R&D facilities in three regions: the US, Brazil, and India and partnered with UC Berkeley to establish the CAL-NEXT Center for Solar Energy research with a $6.5 million commitment to advance solar power plant technology and develop future engineering leaders. We believe these strategic investments and global expansion reinforce our commitment to innovation and position as a global leader in solar technology and will drive long-term value creation, critical as we anticipate the solar industry to experience unprecedented growth longer term, driven by increasing electricity demand and growth in solar power.

在第三季度，我們仍然高度專注於擴展我們的舊產品和新產品以及專案執行，以便在我們今天提供的五個內容中為客戶提供差異化的價值。為了進一步提高我們的成果，創新並向市場提供尖端太陽能技術，我們在三個地區擴大了研發設施：美國、巴西和印度，並與加州大學柏克萊分校合作建立了 CAL-NEXT 太陽能研究中心承諾投入650萬美元來推進太陽能發電廠技術並培養未來的工程領導者。我們相信，這些策略投資和全球擴張將強化我們對創新的承諾以及作為太陽能技術全球領導者的地位，並將推動長期價值創造，這一點至關重要，因為我們預計在不斷增長的電力需求的推動下，太陽能產業將經歷前所未有的長期成長。

I will now share our perspectives about the market and industry outlook. Solar continues to perform as the fastest-growing power generation being added to most major grids around the world. According to Wood Mackenzie, in the US, in the third quarter of 2024, solar accounted for 64% of all new electricity-generating capacity added to the grid. And last year, the US added approximately 40 gigawatts of solar power. Power demand in the US is expected to increase significantly, about 9% by 2028 according to ICF International, a consulting firm. And the US Department of Energy forecasts 15% to 20% power demand growth over the next decade.

我現在將分享我們對市場和行業前景的看法。太陽能繼續成為全球大多數主要電網中成長最快的發電方式。據Wood Mackenzie稱，在美國，2024年第三季度，太陽能佔電網新增發電量的64%。去年，美國新增了約 40 吉瓦的太陽能發電量。據顧問公司 ICF International 稱，美國電力需求預計將大幅成長，到 2028 年將成長約 9%。美國能源部預測未來十年電力需求將成長 15% 至 20%。

Capacity additions have been dominated by solar, with nearly 7,000 solar and solar plus storage projects in the queue and we believe solar remains the single most practical source of power generation in the US grid and many electric systems around the world.

新增產能以太陽能為主，有近 7,000 個太陽能和太陽能加儲能計畫正在排隊，我們相信太陽能仍然是美國電網和世界各地許多電力系統中最實用的單一發電來源。

Cost, reliability, availability of supply chain, and speed of construction are key drivers of the growing adoption of solar. Significant reductions in battery costs, coupled with a fivefold increase in battery powered in recent years, has helped Solar Power's continued growth by delivering firm power in early morning and evening peak power conditions.

成本、可靠性、供應鏈的可用性和建造速度是太陽能日益普及的關鍵驅動因素。電池成本的顯著降低，加上近年來電池供電量增加了五倍，透過在清晨和晚上的尖峰電力條件下提供穩定的電力，幫助太陽能發電的持續成長。

Robust demand for new power has combined with our sequential growth in backlog and enabled us to raise our fiscal '25 profit target by $75 million to a midpoint of $720 million. Our strong quarterly results, record backlog, and strategic investments in R&D position us to capitalize on the tremendous growth opportunities in the solar industry. We remain committed to driving innovation, operational excellence, and sustainable value creation for our shareholders, and we thank you for your continued support.

對新能源的強勁需求加上我們積壓訂單的連續成長，使我們能夠將 25 財年的利潤目標提高 7,500 萬美元，達到 7.2 億美元的中位數。我們強勁的季度業績、創紀錄的積壓訂單以及研發方面的策略性投資使我們能夠充分利用太陽能產業的巨大成長機會。我們仍然致力於推動創新、卓越營運和為股東創造永續價值，感謝您的持續支持。

I'll now pass the call over to Howard Wenger, President of Nextracker, to provide additional color on our business.

現在我將電話轉給 Nextracker 總裁 Howard Wenger，為我們的業務提供更多資訊。

Thank you, Dan. Our demand profile continued to be positive in the quarter with a book-to-bill ratio greater than 1. We had record bookings for both the US and rest of world regions, driving backlog to significantly greater than $4.5 billion. We would like to highlight this milestone further by noting that we have more than doubled our backlog since our IPO two years ago, which stood at $2.1 billion at the time and we have done so while growing the company's top and bottom lines.

謝謝你，丹。本季我們的需求狀況持續保持樂觀，訂單出貨比大於 1。我們在美國和世界其他地區的預訂量均創歷史新高，導致積壓訂單大幅超過 45 億美元。我們想進一步強調這一里程碑，指出自兩年前首次公開募股以來，我們的積壓訂單增加了一倍多，當時的金額為21 億美元，而且我們在實現這一目標的同時，還提高了公司的營收和利潤。

Now a bit more detail for sales in Q3. In the US, we had 75% of total bookings in the quarter, covering a diverse mix of new project contracts in over 20 states across the country. Our new foundations business is currently focused on the US market and is helping us get additional wins in a growing pipeline of interest. We believe customers are recognizing the synergy of a more complete solution combining our NX Horizon Tracker platform with innovative foundations that span a wide range of soil conditions.

現在提供有關第三季銷售的更多詳細資訊。在美國，我們佔本季總預訂量的 75%，涵蓋全國 20 多個州的各種新專案合約。我們的新基礎業務目前專注於美國市場，並幫助我們在不斷增長的利益管道中獲得更多勝利。我們相信，客戶正在認識到更完整的解決方案的協同作用，該解決方案將我們的 NX Horizo​​n Tracker 平台與涵蓋各種土壤條件的創新基礎相結合。

We are also pleased with increased bookings in the quarter for our Hail Pro-75 Tracker and Hail Pro-software with auto stow features, which are designed to help protect systems during severe weather storms. And we continue to see new sales in the quarter of our XTR Extreme Train Following Tracker, which can radically reduce the need for expensive site grading as well as strong sales of our TrueCapture software for US projects, which enables power plant owners to boost total energy yield. These innovations are enabling greater siding flexibility and can lower solar power costs to help address rapidly expanding US electricity demand.

我們也對本季 Hail Pro-75 追蹤器和具有自動存放功能的 Hail Pro 軟體的預訂量增加感到高興，這些軟體旨在幫助在惡劣天氣風暴期間保護系統。我們繼續看到XTR Extreme 列車追蹤追蹤器在本季度的新銷售，這可以從根本上減少對昂貴的場地平整的需求，以及我們針對美國項目的TrueCapture 軟體的強勁銷售，這使發電廠業主能夠提高總能源屈服。這些創新可以實現更大的側板靈活性，並可以降低太陽能成本，從而幫助滿足快速增長的美國電力需求。

In the international arena, excluding the US, we signed contracts in 13 different countries in Latin America, Europe, Australia, and the MEIA region of Middle East, India, and Africa. Of note in Q3 we signed 15 new projects, each with the capacity in the range of 100 to 750 megawatts in Australia, Brazil, Chile, Europe, India, Peru, and Saudi Arabia. The international pipeline continues to grow, and we are seeing more countries installing solar, and we are also gaining traction for XTR and TrueCapture Software internationally in the quarter.

在國際上，除美國外，我們在拉丁美洲、歐洲、澳洲以及中東、印度和非洲的MEIA地區的13個不同國家簽訂了合約。值得注意的是，第三季我們在澳洲、巴西、智利、歐洲、印度、秘魯和沙烏地阿拉伯簽署了 15 個新項目，每個項目容量在 100 至 750 兆瓦之間。國際通路持續成長，我們看到越來越多的國家安裝太陽能，本季 XTR 和 TrueCapture Software 也獲得了國際關注。

Shifting for a moment to supply. We believe our global supply chain is one of the strategic advantages that enables more sales. For example, in the US, our partners operate over 20 factories producing our products, which enables us to reduce lead times for our customers with superior on-time delivery performance while increasing flexibility throughout construction. As previously announced, we are now shipping 100% US domestic content per treasury guidance.

暫時轉向供應。我們相信我們的全球供應鏈是實現更多銷售的策略優勢之一。例如，在美國，我們的合作夥伴經營著 20 多家生產我們產品的工廠，這使我們能夠透過卓越的準時交貨性能縮短客戶的交貨時間，同時提高整個施工過程的靈活性。正如先前所宣布的，我們現在按照財政部的指導方針運送 100% 的美國國內內容。

We are finding that our customers increasingly want domestic content for their projects, and we believe we're the first and only company currently shipping a 100% US domestic content tracker.

我們發現我們的客戶越來越希望他們的專案使用國內內容，我們相信我們是目前第一家也是唯一一家提供 100% 美國國內內容追蹤器的公司。

In Q3, we had over 80% of revenue coming from repeat customers. We believe there are many factors that set us apart and enable us to be the preferred tracker partner. We have a relentless customer focus in the company with a service mindset that EPCs, developers, and owners can rely upon and trust.

第三季度，我們超過 80% 的收入來自回頭客。我們相信，有很多因素使我們與眾不同，並使我們成為首選的追蹤器合作夥伴。我們公司堅持以客戶為中心，秉承 EPC、開發商和業主可以信賴和信賴的服務理念。

We believe we have a significantly differentiated and superior product and service offering that delivers the highest-performing and most reliable solar power in the industry at the lowest LCOE. And we have built a strong company operationally and financially with a proven track record. All of these factors set us apart and give our customers and stakeholders peace of mind that we will work with them as partners and deliver.

我們相信，我們擁有顯著差異化的優質產品和服務，能夠以最低的度電成本提供業界性能最高、最可靠的太陽能。我們已經建立了一家在營運和財務方面實力雄厚、擁有良好業績記錄的公司。所有這些因素使我們與眾不同，讓我們的客戶和利害關係人放心，我們將作為合作夥伴與他們合作並交付成果。

Moving to pricing and costs. In Q3, pricing for Nextracker was stable, and the company continues to manage costs well. Pricing and costs vary by region, customer, project size and location, soil condition, panel type, and other factors. Historically, as the solar industry continues to scale, system costs have decreased over time, resulting in solar power becoming among the most competitive generation technologies. We're doing our part to continue this trend with ingenuity and know-how to reduce install costs and to generate more energy.

轉向定價和成本。第三季度，Nextracker 的定價穩定，公司繼續良好地管理成本。定價和成本因地區、客戶、專案規模和位置、土壤狀況、面板類型和其他因素而異。從歷史上看，隨著太陽能產業不斷規模化，系統成本隨著時間的推移而下降，導致太陽能成為最具競爭力的發電技術之一。我們正在盡自己的一份力量，透過獨創性和專業知識來延續這一趨勢，以降低安裝成本並產生更多能源。

Finally, project timing was stable and manageable on a portfolio basis in the quarter with some projects accelerating and some pushing out, which is the nature of large-scale projects spanning multiple quarters and years. In summary, the business performed very well in Q3, and we are on track to deliver another strong quarter to close out our fiscal year.

最後，本季專案組合的時間安排穩定且易於管理，一些專案加速，一些專案推遲，這是跨越多個季度和年份的大型專案的本質。總而言之，該業務在第三季度表現非常出色，我們預計將再次實現強勁的季度業績，以結束我們的財年。

And with that, I'll pass the call over to Chuck Boynton, our Chief Financial Officer. Chuck?

接下來，我會將電話轉給我們的財務長 Chuck Boynton。查克？

Thank you, Howard. Good afternoon, everyone. Thank you for joining us for our third-quarter fiscal year 2025 earnings call. I'm pleased to present our financial results and outlook. We're thrilled to report another quarter of exceptional financial performance demonstrating our team's continued execution in driving customer satisfaction and product innovation globally.

謝謝你，霍華德。大家下午好。感謝您參加我們的 2025 財年第三季財報電話會議。我很高興介紹我們的財務表現和前景。我們很高興報告又一個季度取得了出色的財務業績，這證明了我們的團隊在推動全球客戶滿意度和產品創新方面的持續執行力。

For Q3, we achieved revenue of $679 million, which represents a 7% sequential improvement over Q2. Our year-to-date revenue reached $2 billion, reflecting a strong 15% growth year over year. Our Q3 geographic mix was 66% US and 34% rest of world aligning with our projections.

第三季度，我們營收 6.79 億美元，比第二季度季增 7%。我們今年迄今的營收達到 20 億美元，較去年同期強勁成長 15%。我們第三季的地理組合為 66% 為美國，34% 為世界其他地區，與我們的預測一致。

Our Q3 adjusted EBITDA expanded to $186 million, marking an 11% increase year over year. This translates to an adjusted EBITDA margin of 27%, up 4 percentage points from the prior year. Year to date, our adjusted EBITDA has shown remarkable growth, up 48% compared to the previous year. It's important to note, in fiscal year '24, our adjusted results exclude the impact from 45x credits.

第三季調整後 EBITDA 擴大至 1.86 億美元，年增 11%。這意味著調整後的 EBITDA 利潤率為 27%，比上年增長 4 個百分點。今年迄今為止，我們的調整後 EBITDA 呈現顯著成長，與前一年相比成長了 48%。值得注意的是，在 24 財年，我們的調整後結果排除了 45 倍積分的影響。

We generated $135 million in adjusted free cash flow during Q3, more than doubling the $62 million from the same period last year. Year to date, we've generated $395 million in adjusted free cash flow, a 26% increase from the $314 million in the prior year.

第三季度，我們產生了 1.35 億美元的調整後自由現金流，比去年同期的 6,200 萬美元增加了一倍多。今年迄今為止，我們已產生 3.95 億美元的調整後自由現金流，比前一年的 3.14 億美元成長了 26%。

Our strong balance sheet and cash flow generation remain competitive advantages. We closed Q3 with $694 million in total cash and $145 million in total debt with no significant debt maturities until fiscal 2028. Total liquidity at the end of Q3 increased to $1.6 billion, providing us with significant financial flexibility. Our adjusted gross margins of 36% were roughly in line quarter over quarter.

我們強大的資產負債表和現金流產生仍然是競爭優勢。截至第三季度，我們的現金總額為 6.94 億美元，債務總額為 1.45 億美元，在 2028 財年之前沒有重大債務到期。第三季末的總流動性增加至 16 億美元，為我們提供了巨大的財務彈性。我們的調整後毛利率為 36%，與上一季大致持平。

Similar to last quarter, we're seeing significant year-over-year growth from sales of our TrueCapture Software driven by a higher rate of commissioned projects. Looking forward, we expect our software revenue to be approximately 2% of revenue.

與上季類似，由於委託項目率較高，我們的 TrueCapture 軟體銷售額較去年同期大幅成長。展望未來，我們預計軟體收入將佔收入的 2% 左右。

We continue to experience strong demand for our products across all major global markets. Q3 saw exceptional bookings with our backlog growing to significantly greater than $4.5 billion. This performance not only bolsters our confidence in raising our profitability outlook for the current fiscal year but also lays a solid foundation for 2026 and beyond.

全球所有主要市場對我們產品的需求持續強勁。第三季的訂單量非常出色，我們的積壓訂單大幅成長至 45 億美元以上。這項業績不僅增強了我們提高本財年獲利前景的信心，也為 2026 年及以後的業績奠定了堅實的基礎。

For the full year fiscal '25, we expect revenue to be in the range of $2.8 billion to $2.9 billion. Adjusted EBITDA to be in the range of $700 million to $740 million, adjusted diluted EPS to be in the range of $3.75 to $3.95 per share. US revenue mix to be approximately two-thirds of the total. We expect our structural gross margins to be in the low-30s, reflecting our continued execution, pricing discipline, and cost management.

對於 25 財年全年，我們預計營收將在 28 億美元至 29 億美元之間。調整後的 EBITDA 為 7 億至 7.4 億美元，調整後的稀釋每股收益為 3.75 至 3.95 美元。美國的收入組合約佔總收入的三分之二。我們預計我們的結構性毛利率將在 30 左右，這反映了我們持續的執行力、定價紀律和成本管理。

We manage our business on an annual and multiyear basis, consistent with the nature of the utility scale solar power industry. Our confidence is driven by customer demand for our differentiated industry-leading products ability to execute and support customer success, continued bookings momentum and a strong financial position that's enabling continued innovation and strategic investments. We believe our culture, strategy, team, and market position will enable us to continue delivering strong value for customers, shareholders, and other stakeholders.

我們以年度和多年為基礎管理我們的業務，這與公用事業規模太陽能產業的性質一致。我們的信心來自於客戶對我們差異化的行業領先產品的需求、執行和支持客戶成功的能力、持續的預訂勢頭以及支持持續創新和戰略投資的強大財務狀況。我們相信，我們的文化、策略、團隊和市場地位將使我們能夠繼續為客戶、股東和其他利害關係人提供強大的價值。

Thank you, and we look forward to your questions. Operator?

謝謝您，我們期待您的提問。操作員？

(Operator Instructions) Kashy Harrison, Piper Sandler.

（操作員說明）Kashy Harrison，Piper Sandler。

Congrats again on another strong quarter. I'm only going to ask one because there's a lot to get, so I'm sure. I want to ask about the backlog. You said it's significantly above $4.5 billion and if we just kind of do rough math in the past, it feels like you've done at least $1 billion quarter. So are we right around $5 billion in reality at this point on the backlog? Thank you.

再次恭喜又一個強勁的季度。我只想問一個，因為有很多東西要問，所以我確定。我想問一下積壓的情況。你說它遠遠高於 45 億美元，如果我們過去粗略地算一下，感覺你每個季度至少做了 10 億美元。那麼，目前積壓訂單的實際金額是否在 50 億美元左右？謝謝。

This is Howard Wenger. We're really happy with the quarter and getting to this new milestone. It's actually we've had increasing backlog every quarter since going public and actually before then. So our book-to-bill continues to be greater than 1. We're going to give a precise answer, but the math roughly supports what you're saying that we exceeded $1 billion in the quarter in bookings.

這是霍華德·溫格。我們對這個季度並達到這個新的里程碑感到非常滿意。事實上，自上市以來，甚至在此之前，我們每季的積壓訂單都在增加。因此我們的訂單出貨比繼續大於 1。我們將給出一個精確的答案，但數學大致支持你所說的，即我們本季的預訂量超過了 10 億美元。

Jordan Levy, Truist.

喬丹·利維，真理主義者。

Afternoon all and congratulations on a really strong quarter. Just wanted to see if you could talk around your supply chain around steel. I know you have a pretty solid US manufacturing footprint but just with all the discussions on tariffs and whatnot. I just wanted to see how you all view potential risks there should anything come to fruition on that front?

下午，恭喜這個季度的表現非常強勁。只是想看看您是否可以談論鋼鐵供應鏈。我知道你們在美國擁有相當穩固的製造業足跡，但只是關於關稅等問題的所有討論。我只是想看看你們如何看待潛在的風險，如果這方面有什麼成果的話？

Hi Jordan, Dan Shugar speaking. We feel very good about our supply chain, both in the US and overseas. In the US, we enjoy very strong relationships with the major US mills still producing. In some cases, we've actually with partners, stood up manufacturing facilities on the very campus of some of the newest mills in the United States or nearby. We're making for -- we're making virtually all of the tubes that were, as an example, delivering in the US for manufacturing in the US. Every tube we make in the US uses 100% US steel raw material. And the US steel position has a much cleaner manufacturing mix in terms of the content of the steel. We launch our low carbon tracker product that we sold.

嗨，喬丹，我是丹·舒加爾。我們對我們在美國和海外的供應鏈感覺非常好。在美國，我們與仍在生產的美國主要鋼廠保持著非常牢固的關係。在某些情況下，我們實際上與合作夥伴一起在美國或附近一些最新工廠的園區內建立了製造設施。我們正在製造幾乎所有在美國交付並在美國製造的管子。我們在美國生產的每根管材均採用 100% 美國鋼鐵原料。就鋼材含量而言，美國鋼鐵業的製造結構更加清潔。我們推出了我們銷售的低碳追蹤器產品。

And then overseas, we've built out supply chain in India and other places for those markets. We're in this great position, we can make locally for local markets or we can export to arbitrage depending on what's happening with the global supply chain. So we -- as Howard mentioned in the opening remarks, we really feel like our global supply chain footprint is a competitive strength for Nextracker, and our customers are reflecting that back.

然後在海外，我們在印度和其他地方為這些市場建立了供應鏈。我們處於這個有利的位置，我們可以為當地市場進行本地生產，也可以根據全球供應鏈的情況進行出口套利。因此，正如霍華德在開場白中提到的那樣，我們確實認為我們的全球供應鏈足跡是 Nextracker 的競爭優勢，我們的客戶也反映了這一點。

Brian Lee, Goldman Sachs.

布萊恩李，高盛。

Hey, guys, good afternoon. Kudos on a solid quarter here. I just had two, I guess, first, would you -- Dan or Howard, say that maybe the US is growing faster than your -- than expected based on the bookings momentum here? And is that market share drivers you're seeing or just generally, the environment picking up? Maybe it's a bit of both, but I would love to hear your perspective. And then do you see the 75-25 mix maybe holding even into next year as well?

嘿，夥計們，下午好。值得稱讚的是這裡的季度表現穩定。我剛剛有兩個，我想，首先，你 - 丹或霍華德，會說美國的增長速度可能比你的 - 比基於這裡的預訂勢頭的預期更快嗎？您所看到的市佔率驅動因素是環境的改善嗎？也許兩者都有，但我很想聽聽你的觀點。那麼您認為 75-25 的組合可能會持續到明年嗎？

Well, I'll take the mix question first and then talk about the velocity second. We're -- as you've seen and as we've discussed previously, our mix is typically 60% to 70% in the US. And that is holding in roughly. And so what that means is, as we grow, we're growing both domestically and internationally. And that speaks to the volume in both -- or the velocity in both regions for the company.

好吧，我將首先討論混合問題，然後討論速度。正如您所看到的以及我們之前所討論的，我們的比例在美國通常為 60% 到 70%。這大致保持不變。這意味著，隨著我們的成長，我們在國內和國際上都在成長。這說明了公司在這兩個地區的數量或速度。

And as far as the US market goes, the demand is strong. We had record bookings in the US this quarter. And our pipeline is indicative of continued strength. So we're happy where things are at the moment.

就美國市場而言，需求強勁。本季我們在美國的預訂量創下了紀錄。我們的管道顯示我們的實力持續強勁。所以我們對目前的情況很滿意。

As far as market share, that's not something that we actually can accurately monitor. There really is no data that isn't lagging, most of the data on market share comes six to nine months after the year is over, it's done on an annual basis. But we feel like we're doing well in the marketplace. Thank you for your question.

就市場佔有率而言，我們實際上無法準確監控。確實沒有不滯後的數據，大多數市佔率的數據都是在年底六到九個月後得出的，而且是按年計算的。但我們覺得我們在市場上做得很好。謝謝你的提問。

Philip Shen, Roth Capital Partners.

菲利普‧沉 (Philip Shen)，羅斯資本合夥人。

Congrats on the strong quarter indeed. You guys have consistently surprised to the upside, so great job. First question is on the quarter backlog conversion. You guys highlighted 87%. Is the majority of that in year one? What kind of color can you share there?

恭喜季度的強勁表現。你們一直對正面積極的一面感到驚訝，做得很好。第一個問題是關於季度積壓訂單轉換。你們強調了87%。其中大部分是在第一年嗎？你可以在那裡分享什麼顏色？

And then in terms of pricing, can you talk about if there's been any change or adjustment to pricing in the bookings, but do you see that coming down a touch as we go through '26 and maybe fiscal '27? So just curious if you can share in terms of the pricing outlook. Thanks, guys.

然後在定價方面，您能否談談預訂中的定價是否有任何變化或調整，但是您是否認為隨著我們經歷“26 年”甚至“27 財年”，這種情況會有所下降？所以只是好奇你是否可以分享一下定價前景。謝謝，夥計們。

Thanks, Phil. Yeah, on the 87% of our backlog, realized over the next eight quarters, Yes. Majority of that is slated for being recognized over the next four quarters. So that gives us more visibility into the year ahead, and we'll be commenting more on that in the next earnings call.

謝謝，菲爾。是的，我們 87% 的積壓訂單將在接下來的八個季度內實現，是的。其中大部分預計將在接下來的四個季度內得到確認。因此，這讓我們對未來一年有更多的了解，我們將在下一次財報電話會議中對此進行更多評論。

As for the second part of your question on pricing, what we saw and what we're seeing right now is pricing is quite stable globally for the company and in the United States, where a lot of our shareholders have interest. And as far as the solar industry goes, what we've seen over time is the entire value chain reduces price as the costs are reduced with scale. And we continue to invest in innovation to extend our current tracker platform so that we can lower the installed cost, we can lower the upfront cost, and we can get more energy yield. While lowering price in a measured way over a period of time to be more and more competitive versus other generating technologies.

至於你關於定價的問題的第二部分，我們所看到的以及我們現在所看到的是，公司的全球定價和美國的定價相當穩定，我們的許多股東都對此感興趣。就太陽能產業而言，隨著時間的推移，我們看到的是，隨著規模的擴大，整個價值鏈的價格都在下降。我們繼續投資創新來擴展我們目前的追蹤器平台，以便我們可以降低安裝成本，降低前期成本，並獲得更多的能源產量。同時在一段時間內以有節制的方式降低價格，以便與其他發電技術相比越來越具有競爭力。

And that's what's faulted the whole industry to be in a position where solar as we are -- as Dan remarked, 64% of all generation globally was from solar. That's an astonishing figure. And that's all done through cost reduction and price reduction. But currently, what we're seeing, just to reiterate, the price environment is quite stable. Thanks, Phil.

這就是整個產業陷入太陽能現狀的原因——正如 Dan 所說，全球發電量的 64% 來自太陽能。這是一個驚人的數字。而這一切都是透過降低成本和降價來實現的。但目前，我們所看到的，只是重申一下，價格環境相當穩定。謝謝，菲爾。

Praneeth Satish, Wells Fargo.

普拉尼思‧薩蒂什，富國銀行。

Maybe just following up on Phil's question on that backlog conversion metric. So 87% this quarter, 90% last quarter. I think it was 80% the quarter before that. So is this 80% to 90% band kind of a good way to think about the natural variability of this metric? And then kind of given your view of the macro environment today and everything going on. Do you think there's potential to improve this metric over 90% as we get more clarity on what Trump does with IRA and tariffs and the like?

也許只是跟進菲爾關於積壓轉換指標的問題。本季為 87%，上季為 90%。我認為之前那個季度的比例是 80%。那麼，80% 到 90% 的範圍是考慮該指標自然變異性的好方法嗎？然後給出您對當今宏觀環境和正在發生的一切的看法。隨著我們更清楚地了解川普對 IRA 和關稅等的做法，您認為這項指標是否有可能提高 90% 以上？

This is Howard. So 80% to 90% is probably a good way to think about it. And going from 80% to 90% and back to 87%, it's really not a huge driver because we're -- the important thing is that the -- the vast majority of it is realized over the next eight quarters and as we stated previously, the majority of that amount or on the next eight quarters is over the next four quarters. So what we're seeing is we continue to book more projects, we achieved a record internationally for bookings this quarter, as we noted, and in the US. And so we're going to continue to fill up our backlog along the entire span of eight quarters.

這是霍華德。所以 80% 到 90% 可能是個很好的思考方式。從 80% 到 90%，再回到 87%，這確實不是一個巨大的推動因素，因為我們 - 重要的是 - 絕大多數是在接下來的八個季度實現的，正如我們所說此前，未來八個季度的大部分金額都在接下來的四個季度。因此，我們看到的是，我們繼續預訂更多項目，正如我們所指出的，本季度我們在國際和美國都創下了預訂記錄。因此，我們將在整個八個季度繼續填補積壓的訂單。

We do have these VCA agreements that are multiyear in nature, and they're the ones that contribute more to the back end of that amount. But as those projects get perfected and orders come through the EPCs, they drop into the -- typically into the fourth quarter bucket. So it's sort of this extension of our pipeline, but with a lot more certainty and visibility because those are contracted projects with project schedules, project names, project sites, deposits, et cetera. So -- but getting back just to circle back, 80% to 90% as a bookend is probably the right way to think about that as we move forward. And that's been consistent for us over time.

我們確實有這些多年期的 VCA 協議，它們對這筆金額的後端貢獻更大。但隨著這些項目的完善和訂單通過 EPC 的到來，它們通常會進入第四季度。所以這是我們管道的延伸，但具有更多的確定性和可見性，因為這些是帶有項目時間表、項目名稱、項目地點、存款等的合約項目。所以，但回過頭來回顧一下，80% 到 90% 作為書擋可能是我們前進時思考這個問題的正確方法。隨著時間的推移，這對我們來說是一致的。

Mark Strouse, JPMorgan.

馬克‧斯特勞斯，摩根大通。

I wanted to ask about the domestic content rules that came out a couple of weeks ago. Have you seen any kind of acceleration in quoting activity since that came out? Or are customers just kind of waiting to see potentially how sticky the overall IRA could be under the new administration?

我想詢問幾週前出台的國內內容規則。自從該報告發布以來，您是否看到報價活動有任何加速？或者客戶只是在等待，看看新政府領導下的整體 IRA 的黏性有多大？

And kind of a quick follow-up. I mean, just kind of to the extent that you think that there's any pricing power or change in pricing power with the new rules, obviously, with the percentage assigned to the tracker going higher and with your 100% domestic content capability. Thank you.

並進行快速跟進。我的意思是，在某種程度上，你認為新規則有任何定價能力或定價能力的變化，顯然，分配給追蹤器的百分比更高，並且你的 100% 國內內容能力。謝謝。

Hi Mark, we'll do a two-part answer. I'll answer the first part. Howard will answer the second part. So we were very pleased with the updated rules from treasury related to domestic content. It generally improves the picture for customers.

嗨，馬克，我們將做一個兩部分的回答。我來回答第一部分。霍華德將回答第二部分。因此，我們對財政部更新的與國內內容相關的規則感到非常滿意。它通常會改善客戶的形象。

It simplifies things and they -- it's easier for them to achieve the bonus 10% ITC. And it also really amplified the value we're providing by customers by being in such a strong supply chain position in the US with over 20 factories, shipping finished goods to customers across the United States that are geographically optimized to shorten lead time to site, minimize logistics costs, and ensure they have capacity to meet their needs.

它簡化了事情，他們更容易獲得 10% ITC 的獎金。它也確實放大了我們為客戶提供的價值，因為我們在美國擁有20 多家工廠，處於如此強大的供應鏈地位，將成品運送到美國各地的客戶，這些客戶在地理上進行了優化，以縮短交貨時間，最大限度地降低物流成本，並確保他們有能力滿足他們的需求。

Howard, do you want to take the second part, please?

霍華德，你想看第二部分嗎？

I'll just add that from a customer perspective in our pipeline and our actual bookings, we're seeing more and more domestic content be part of what we're contracted to do and not only to have domestic content, but to have higher and higher levels of domestic content. We're seeing more customers wanting 100% domestic content. As you know, the rules ratcheted it up by 400 basis points on tracker the number of points that you can get on domestic content. And plus some customers are expressing that it gives them more comfort to have the tracker be 100%. So we think it's something that -- well, we know we're seeing that it's a value to customers.

我只想補充一點，從客戶的角度來看，我們的管道和實際預訂中，我們看到越來越多的國內內容成為我們合約內容的一部分，不僅擁有國內內容，而且擁有更高和更高的內容。我們看到越來越多的客戶想要 100% 的國內內容。如您所知，這些規則將追蹤器上國內內容可獲得的積分提高了 400 個基點。另外，一些客戶表示，讓追蹤器保持 100% 的狀態讓他們更放心。所以我們認為這對客戶來說是有價值的。

In terms of pricing, we're as -- we're partners with our customers if -- particularly our repeat customers. 80% of our business is repeat business. So we have very close relationships. If a customer wants domestic content, there will be a modest premium for that in terms of price, but that only -- that's reflective of the increase in cost to the company. Thank you for the question.

在定價方面，我們是客戶的合作夥伴，特別是我們的回頭客。我們80%的業務都是回頭客。所以我們的關係非常密切。如果客戶想要國內內容，價格上將會有適度的溢價，但這僅反映了公司成本的增加。謝謝你的提問。

Dimple Gosai, Bank of America.

Dimple Gosai，美國銀行。

Can you talk a little bit about just your liquidity position, which seems to be pretty healthy. In terms of capital allocation priorities, how do you think about returning cash to shareholders via M&A activity versus expansion opportunities in Europe or otherwise looking to further grow market share in the US?

您能否簡單談談您的流動性狀況，這似乎相當健康。就資本配置優先事項而言，您如何看待透過併購活動向股東返還現金以及在歐洲的擴張機會或以其他方式尋求進一步擴大美國市場份額的情況？

Thank you, Dimple, this is Chuck. Our capitalization policy has not changed. We're focused on growth, prioritizing investments in projects and activities organically. We then are looking at M&A activities and seeing how we can build shareholder value via M&A. And then later this year, we'll look at possible buyback programs.

謝謝你，酒窩，這是查克。我們的資本政策沒有改變。我們專注於成長，有機地優先考慮項目和活動的投資。然後，我們關注併購活動，看看如何透過併購創造股東價值。今年晚些時候，我們將考慮可能的回購計劃。

As we talked before, there are certain restrictions due to the spin. And so we'll talk about that more as we get closer to that date end of this year, calendar year. But we're very pleased with our fortress balance sheet. And I think it is a real competitive advantage. Thank you.

正如我們之前談到的，由於旋轉而存在某些限制。因此，當我們接近今年年底（日曆年）的日期時，我們將更多地討論這個問題。但我們對我們的堡壘資產負債表非常滿意。我認為這是一個真正的競爭優勢。謝謝。

Dylan Nassano, Wolfe Research.

迪倫·納薩諾，沃爾夫研究中心。

Can you talk about what your safe harbor strategy might look like should you need to meet an accelerated demand pull-forward event that could be the result of changes to IRA?

如果您需要滿足 IRA 變化可能導致的加速需求拉動事件，您能否談談您的安全港策略可能會是什麼樣子？

Yeah. We'll do two-part on this, this is Dan. I'll speak to the how are set up from a supply chain standpoint. And then Howard will speak to maybe the commercial aspects of that.

是的。我們將分成兩部分來討論這個問題，這是丹。我將從供應鏈的角度來談談如何設置。然後霍華德可能會談論其中的商業方面。

So first, we are in a position to be able to respond very quickly to customer needs, both on normal day job activity if customers need to, for whatever reason, accelerate their delivery schedule. Or if it's to address the safe harbor need, we can move very, very quickly to respond to those needs given our supply chain strength and geographic position. And so it's all about meeting customer needs, helping them be successful in every project, and then engendering confidence which has then resulted in repeat orders.

因此，首先，如果客戶出於某種原因需要加快交貨進度，無論是在正常的日常工作活動中，我們都能夠非常快速地回應客戶的需求。或者，如果是為了滿足安全港需求，鑑於我們的供應鏈實力和地理位置，我們可以非常非常迅速地回應這些需求。因此，一切都是為了滿足客戶需求，幫助他們在每個專案中取得成功，然後建立信心，從而帶來重複訂單。

I'll just add that we're open for business if a customer wants a safe harbor, and we'll work with them.

我只想補充一點，如果客戶想要一個安全港，我們將繼續營業，我們將與他們合作。

Ben Kallo, Baird.

本卡洛，貝爾德。

You guys kind of talked about the different international projects that you won. In the past, you've talked about Australia margins being similar to the US. I'm just wondering like how those are trending because you mentioned there's 700-megawatt type projects. And so some of these things are getting big and how we think about that kind of cadence impacting margin as we go forward.

你們談論了你們贏得的不同國際項目。過去，您曾談到澳洲的利潤率與美國相似。我只是想知道這些趨勢如何，因為您提到有 700 兆瓦類型的項目。因此，其中一些事情正在變得越來越大，以及我們如何看待這種節奏對我們前進的利潤率的影響。

This is Howard. So yeah, we're really pleased with the velocity in the international market. As we noted, we had significant sales in the quarter across Australia, Brazil, Chile and Europe, India, Peru, and Saudi Arabia. So kind of all regions and some big projects in there. And the margins do vary by region.

這是霍華德。所以，是的，我們對國際市場的發展速度感到非常滿意。正如我們所指出的，我們本季在澳洲、巴西、智利以及歐洲、印度、秘魯和沙烏地阿拉伯都有大量銷售。所有地區和那裡的一些大型項目都是如此。而且利潤確實因地區而異。

Really, there's no big change from what we've talked about in the past. It is a more competitive environment internationally kind of more CapEx-sensitive upfront cost sensitive. But given our differentiation, our technology differentiation, what we offer to our customers, the reliability of the company, our track record, our delivery, our supply chain, the strength of the company, our balance sheet, we're doing well there, and we had a record quarter. So we're happy with that.

確實，與我們過去談論的內容沒有太大變化。這是一個更具競爭性的國際環境，對資本支出更加敏感，前期成本也更加敏感。但考慮到我們的差異化、我們的技術差異化、我們為客戶提供的服務、公司的可靠性、我們的業績記錄、我們的交付、我們的供應鏈、公司的實力、我們的資產負債表，我們在這方面做得很好，我們的季度創歷史新高。所以我們對此感到滿意。

And so the margin profile guidance really -- there's really no material change at this time. Thanks, Ben.

因此，利潤率指引目前確實沒有重大變動。謝謝，本。

Joseph Osha, Guggenheim Partners.

約瑟夫‧奧沙，古根漢合夥人。

Following on the previous question, I'm wondering if you can talk a bit about demand and pricing trends in Middle East and North Africa, especially in light of what's happened with Soltec going bankrupt. Thank you.

繼上一個問題之後，我想知道您是否可以談談中東和北非的需求和價格趨勢，特別是考慮到 Soltec 破產的情況。謝謝。

So the Middle East and Africa have vast solar potential and very ambitious goals, particularly in the Middle East and in the Kingdom of Saudi Arabia where they have a target on the order of 20 gigawatts per year in Saudi alone. So the market is really substantial. It's has been disclosed, the pricing for power -- solar power in that region can be as low as $1.02 a kilowatt hour. I mean it's like really $12 per megawatt hour, super lowest pricing in the world. And that means everybody along the value chain needs to sharpen their pencils and really do whatever we can to make that happen.

因此，中東和非洲擁有巨大的太陽能潛力和非常雄心勃勃的目標，特別是在中東和沙烏地阿拉伯王國，光是沙烏地阿拉伯就制定了每年 20 吉瓦的目標。所以市場確實很大。據透露，該地區的太陽能電力定價可低至每千瓦時 1.02 美元。我的意思是，每兆瓦時的價格實際上是 12 美元，是世界上超低的價格。這意味著價值鏈上的每個人都需要削尖鉛筆，並盡我們所能實現這一目標。

Now the benefit of operating over there, in part is that there is it's a level playing field. There's no real subsidies there for solar, and there's no tariffs. And so you can see in a market that's unsubsidized, what solar can really know when there's no tariffs in just delivering at $10 to $20 per megawatt hour. It's really quite impressive. So we don't see that changing in terms of trajectory to answer that part of that question.

現在在那裡運作的好處部分在於它有一個公平的競爭環境。那裡對太陽能沒有真正的補貼，也沒有關稅。因此，您可以看到，在一個沒有補貼的市場中，當沒有關稅、每兆瓦時 10 至 20 美元的發電量時，太陽能真正能了解什麼。這確實令人印象深刻。因此，我們沒有看到回答該問題部分的軌跡發生變化。

And I'm going to go to Dan because I think he has some more commentary.

我要去丹，因為我認為他還有更多評論。

Yeah. I just -- within Abu Dhabi at the World Future Energy Summit, Nextracker participated in that event, as we have for many years. I had the opportunity to meet with some of the largest customers in that region. What I will say is there's -- as markets mature, as they are in the Middle East, you're seeing a real flight to quality and appreciation for durability of technology.

是的。我剛剛在阿布達比舉行的世界未來能源高峰會上，Nextracker 參加了這項活動，就像我們多年來所做的那樣。我有機會會見了該地區一些最大的客戶。我要說的是，隨著市場的成熟，就像中東的情況一樣，你會看到人們真正追求品質和對技術耐用性的欣賞。

And so as markets get more -- as Howard mentioned, the intrinsic cost of power there is such that it's a very competitive market, no question about that. But there is appreciation for differentiated technology that has higher performance. And has durability that's proven in the market and Nextracker sells in both those areas.

因此，隨著市場變得越來越多——正如霍華德所提到的那樣，電力的內在成本使得它成為一個競爭非常激烈的市場，這是毫無疑問的。但具有更高性能的差異化技術受到讚賞。其耐用性已在市場上得到驗證，Nextracker 在這兩個領域都有銷售。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

Two quick ones from me. On the international sales growth, I was wondering if you could maybe force rank where the best growth came from in the quarter? And then in terms of the visibility that you're seeing in the backlog, is there anything that you would attribute to why it's been happening, especially the last couple of quarters and why it continues? Thanks.

我的兩個快的。關於國際銷售成長，我想知道您是否可以強制對本季最佳成長來自哪裡進行排名？然後，就您在積壓中看到的可見性而言，您是否可以將其歸因於為什麼會發生這種情況，特別是在過去幾個季度以及為什麼它會持續？謝謝。

Okay, this is Howard. So the areas, the regions where we really saw in the quarter excellent performance was in Latin America, Europe, and Australia. Those were really the three standout regions. And we're really pleased there. It's not to say that the Middle East and India and Africa aren't important. But that's just in the quarter and it can vary from quarter, but that's specific to answer your question on that.

好吧，這是霍華德。因此，我們在本季真正看到出色表現的地區是拉丁美洲、歐洲和澳洲。這些確實是三個突出的地區。我們對此感到非常滿意。這並不是說中東、印度和非洲不重要。但這只是在季度中，可能會因季度而異，但這只是為了回答您的問題。

As far as -- here's the big picture as we see it. Dan used the phrase flight to quality. We believe that that's what's happening, that over time, with scale, these projects are getting bigger and bigger, there's more of them. We're -- we believe we're emerging as really the trusted brand, but we're also differentiated across many of the key buying vectors, proven technology, proven low-cost, proven energy yield, which all contribute to lower LCOE, biggest balance sheet in our sector or in our segment for what we offer. Just an unbelievable team that's so committed to customer service and to innovation and stretching the boundaries of what we can do as a company with just extreme amount of focus and know-how.

就我們而言，這是我們所看到的大局。丹使用了「追求品質」這個詞。我們相信這就是正在發生的事情，隨著時間的推移，隨著規模的擴大，這些項目變得越來越大，數量越來越多。我們相信我們正在成為真正值得信賴的品牌，但我們在許多關鍵購買向量、經過驗證的技術、經過驗證的低成本、經過驗證的能源產量方面也具有差異化，這些都有助於降低 LCOE，就我們所提供的產品而言，我們產業或細分市場中最大的資產負債表。這是一支令人難以置信的團隊，致力於客戶服務和創新，並以極大的專注和專業知識拓展了我們作為一家公司的能力範圍。

And we deliver success for our customers, and I think that's what's happening. I think there's some -- there's separation there for us that we want to continue to drive, and that's what we're doing. And the results speak to that. Thank you very much for your question.

我們為客戶帶來成功，我認為這就是正在發生的事情。我認為我們想要繼續推動一些分離，這就是我們正在做的事情。結果證明了這一點。非常感謝您的提問。

Maheep Mandloi, Mizuho.

馬希普‧曼德洛伊，瑞穗。

I'm sorry if I missed this in the prepared remarks, but can you just help us understand the high gross margin beat in Q3? What drove that? And why would it not be a repeat of that in the next quarter or next year? And then secondly, I just wanted to understand the cadence of bookings, how has it been after elections or after the Trump administration started? Thanks.

如果我在準備好的評論中錯過了這一點，我很抱歉，但您能否幫助我們了解第三季的高毛利率？是什麼推動了這一點？為什麼下季或明年不會重演這種情況？其次，我只是想了解預訂的節奏，選舉後或川普政府上任後情況如何？謝謝。

Certainly, I'll take the first part, and Howard can take the second part. Q3 was a very strong margin quarter overall, gross margins at 36%, we did have some tailwinds. Some of these were onetime, some operationalized opportunities that we would hope to repeat. I won't go through them all in detail, but FX was a bit of a tailwind that tends to not repeat. We did have lower freight costs where we really operationalized our team, our operations team is world-class, and they were able to drive savings in freight.

當然，我會接第一部分，霍華德可以接第二部分。第三季整體利潤率非常強勁，毛利率為 36%，我們確實遇到了一些有利因素。其中一些是一次性的，一些是我們希望重複的可操作的機會。我不會詳細介紹它們，但 FX 有點順風順水，而且往往不會重複。我們確實降低了貨運成本，因為我們真正經營了我們的團隊，我們的營運團隊是世界一流的，他們能夠節省運費。

We also had some savings in material and overhead. And so these are real opportunities that we don't necessarily plan on, but we were able to capture in Q3. Looking forward into Q4 and beyond, I'll talk about Q4. Next earnings call, we'll talk about the next fiscal year.

我們也節省了一些材料和管理費用。因此，這些是我們不一定計劃的真正機會，但我們能夠在第三季抓住。展望第四季及以後，我將談論第四季。下次財報電話會議，我們將討論下一個財年。

Q4 margins go down a little bit, mostly because of international mix. And we did talk about last quarter some large -- very large international projects that get delivered this year that bring the overall margin mix down a bit. So you're seeing a really strong Q3, a very strong Q4 with a little margin compression based on international, Howard?

第四季的利潤率略有下降，主要是由於國際組合。我們確實談到了上季度今年一些交付的大型、非常大型的國際項目，這些項目使整體利潤率略有下降。所以你看到了一個非常強勁的第三季度，一個非常強勁的第四季度，但基於國際市場，霍華德的利潤率略有壓縮？

We checked in with our customers and they're really calm and feeling very good about their pipelines and the projects that they've contracted with us on. So we feel really good about the coming year and closing out this fiscal year.

我們與客戶進行了核實，他們非常平靜，對他們的管道以及與我們簽訂合約的專案感覺非常好。因此，我們對來年和本財政年度結束感到非常滿意。

And we kind of toggle to the big picture, which is solar has proven to be a super nimble technology that you can deploy just about anywhere where there's demand constraints and how to deal with rapidly escalating electricity consumption and demand in this country and debottleneck transmission, debottleneck distribution and really be a force for solving rapid electricity demand growth. And the industry has proven that, and we're a big part of that.

我們有點轉向大局，太陽能已被證明是一種超級靈活的技術，您可以在任何有需求限制的地方部署它，以及如何應對這個國家迅速上升的電力消耗和需求以及消除輸電瓶頸，消除配電瓶頸，真正成為解決電力需求快速成長的力量。行業已經證明了這一點，我們是其中的重要組成部分。

So we think the macro story will prevail and we've been successful in every administration. Going back, many of us have been in the industry for 30 years that are in the company or more. And so we've kind of seen it all, and it's just the macro story prevails. Thank you for the question.

因此，我們認為宏觀故事將會盛行，我們在每屆政府中都取得了成功。回想起來，我們很多人已經在這個行業工作了30年甚至更長。所以我們已經看到了這一切，這只是宏觀故事盛行。謝謝你的提問。

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆蘭-史密斯，杰弗里斯。

Look, just following up on the international conversation, a lot of discussion by geography. I wanted to ask a little bit more on the MSA coverage. How are you thinking about expanding that business strategy and origination strategy to these novel international geographies?

聽著，剛剛跟進國際對話，有很多地理方面的討論。我想多問一些有關 MSA 覆蓋範圍的問題。您如何考慮將業務策略和創始策略擴展到這些新的國際地區？

How are you thinking about sort of comparable terms from a duration perspective, kind of thinking beyond the incremental backlog to be added here into thinking maybe longer term and also the sustainability of the margins that you're seeing considering potential adoption of MSA strategy or implementation of an MSA strategy more broadly in international markets?

您如何從持續時間的角度考慮類似的術語，除了增量積壓之外的思考，可能是更長期的思考，以及您在考慮潛在採用 MSA 策略或實施時看到的利潤的可持續性更廣泛的國際市場MSA 策略？

Hey Julien, this is Howard. Our framework agreements have been very much focused in the United States. We've had conversations internationally, of course. Many of our customers are multinational, big energy companies. And so there is interest in a global framework approach, which we welcome. And we think it's really good for the business, reduces friction and is great for us and our partners, and it's proven, and we continue to sign these agreements.

嘿朱利安，這是霍華德。我們的框架協議主要集中在美國。當然，我們在國際上進行過對話。我們的許多客戶都是跨國大型能源公司。因此，人們對全球框架方法感興趣，我們對此表示歡迎。我們認為這對業務確實有好處，減少摩擦，對我們和我們的合作夥伴都有好處，事實已經證明，我們將繼續簽署這些協議。

So can we see -- we'll have more commentary next quarter. But I would say that right now, the core business in the international region continues to be on a more project-by-project basis or several projects at a time. And however, our repeat customers is very similar. It's also at approximately the same clip of 80% repeat internationally. So these are companies that we work with day in and day out.

那麼我們可以看到 - 下個季度我們將有更多評論。但我想說，目前國際地區的核心業務仍然是逐一或一次幾個專案。然而，我們的回頭客非常相似。國際上的重複率也大致相同，為 80%。這些都是我們日復一日合作的公司。

And many of them, when we talk to them about a framework agreement, they're getting more acclimated with it, but they say, hey, we're already in this kind of partnering approach, which is which is really kind of true. So we'll bring it back for more commentary on the next call. Thank you.

他們中的許多人，當我們與他們談論框架協議時，他們越來越適應它，但他們說，嘿，我們已經採取了這種合作方式，這確實是真的。因此，我們將在下次電話會議上將其帶回來以供更多評論。謝謝。

Sean McLoughlin, HSBC.

肖恩·麥克勞林，匯豐銀行。

I just wanted to come back to new products. If you could maybe quantify just how much of sales and order intake for the quarter was for new products? And with your push on R&D, I mean, this suggests that the new product pipeline is going to continue. Maybe if you can just talk about the kind of pricing or competitive advantage you see over time.

我只是想回到新產品。您是否可以量化該季度新產品的銷售額和訂單量？我的意思是，隨著你們對研發的推動，這表明新產品管道將繼續下去。也許您可以談談您隨著時間的推移看到的定價或競爭優勢。

Hi Sean, I'll answer the first part and Howard, the second. First of all, we're really excited about the progress with our new products in the market. As we've noted, we've more than doubled our investment in R&D and product development. And as we introduce these new products, those products come with validated information that helps those products become accepted in the market.

嗨肖恩，我將回答第一部分，霍華德回答第二部分。首先，我們對新產品在市場上的進展感到非常興奮。正如我們所指出的，我們在研發和產品開發方面的投資增加了一倍以上。當我們推出這些新產品時，這些產品附帶了經過驗證的訊息，有助於這些產品被市場接受。

For example, when we introduced our TrueCapture technology, we had data on utility scale projects that we're operating for a period of time with measurement and verification protocol. So customers know when we bring products to the market, it's real hardware, real software, real firmware, and these products can actually operate.

例如，當我們推出 TrueCapture 技術時，我們擁有正在使用測量和驗證協議運行一段時間的公用事業規模專案的數據。所以客戶知道，當我們將產品推向市場時，它是真正的硬體、真正的軟體、真正的固件，並且這些產品可以實際運作。

Howard, do you want to speak to how we think about that relative to our plan?

霍華德，你想談談我們對這個計劃的看法嗎？

Yeah. I mean we're we talked about this quarter about how we're getting traction with our Hail Pro-75 product as an example of something that we believe we're leading the industry on, which is a solution for areas that experienced extreme weather, including large hail balls. And we had a really strong quarter of new bookings for that product, and we didn't launch it that long ago. So we can -- our approach is basically to really develop new technologies or acquire them in the case of the foundation. But really, invest in R&D and then pilot them with our customers, and then we launch them to market.

是的。我的意思是，我們在本季度討論了我們如何透過我們的 Hail Pro-75 產品獲得吸引力，作為我們相信我們正在引領行業的一個例子，這是一個針對經歷極端天氣的地區的解決方案，包括大冰雹球。我們該產品的季度新預訂量非常強勁，而且我們很久以前才推出它。所以我們可以——我們的方法基本上是真正開發新技術或在基金會的情況下獲取它們。但實際上，投資研發，然後與我們的客戶一起進行試點，然後我們將它們推向市場。

In aggregate, for sure, these new products will be material to our next year. So to answer your question about that. We -- these are very important technologies, XTR, TrueCapture, the Hail Pro, the foundations in aggregate for sure. Those are going to be the important part of the story next year, and we'll have more color next time. And to say that R&D investments are really paying dividends for the company. Thanks for your question.

總的來說，這些新產品肯定會對我們明年產生重大影響。所以回答你的問題。我們——這些都是非常重要的技術，XTR、TrueCapture、Hail Pro，它們無疑是基礎。這些將是明年故事的重要部分，下次我們會有更多的色彩。並說研發投入確實為公司帶來了紅利。謝謝你的提問。

Vikram Bagri, Citi.

維克拉姆·巴格里，花旗銀行。

I wanted to focus on international, too. Although it's a third of the business, there are a lot of moving parts. I was wondering if you can talk about the Brazil business with the rebound in hydro, the real depreciation, and the PPA negotiations going in the country. Obviously, the environment now, what are you seeing there?

我也想專注於國際。儘管它只佔業務的三分之一，但仍有許多變動的部分。我想知道您是否可以談論巴西的業務，包括水電的反彈、實際貶值以及該國正在進行的購電協議談判。顯然，現在的環境，你在那裡看到了什麼？

And on Rest of the World, I was wondering, it seems like margins within the countries are somewhat similar when you look at India, Middle East and Brazil and Australia. I was wondering if you can just quantify in some way what the margin gap is between the lowest and sort of like margin country in the US. And if conversion in those countries going forward can move the margin profile meaningfully at the corporate level?

我想知道，在世界其他地區，當你看看印度、中東、巴西和澳洲時，這些國家內部的利潤率似乎有點相似。我想知道您是否可以以某種方式量化美國最低和類似利潤率國家之間的利潤差距。這些國家的轉型是否能夠在企業層面上有意義地改變利潤狀況？

And then finally, a housekeeping question. I think you mentioned the software will be 2% of the revenues going forward. I was wondering what the attach rate of software is currently to understand if there is an upside or how much of an upside is there to that 2% number that you quoted. Thank you.

最後是一個家政問題。我想你提到該軟體將佔未來收入的 2%。我想知道目前軟體的附加率是多少，以了解是否有上升空間，或者您引用的 2% 數字有多少上升空間。謝謝。

Okay. Chuck will answer the software question. This is Howard. Look, the company has an ethos about not chasing bad business, okay? So we -- we want to be in the best regions in the world in terms of large TAMs, significant TAMs and where our product plays well.

好的。Chuck 將回答軟體問題。這是霍華德。你看，公司有一種不追逐不良業務的精神，好嗎？因此，我們希望進入世界上擁有大型 TAM、重要 TAM 以及我們的產品表現良好的地區。

And right now, for example, we are not present in China. That's not a market for the company. But there's plenty of other markets that are growing internationally and new countries that are being added all the time. And what we're seeing that's driving that are really countries that are setting zero carbon targets and driving to those targets. And that's creating sort of a tops-down drive for more renewables.

例如，現在我們不在中國。這不是該公司的市場。但國際上還有很多其他市場正在成長，新的國家也一直在增加。我們所看到的推動因素實際上是那些正在設定零碳目標並努力實現這些目標的國家。這正在為更多再生能源創造一種自上而下的驅動力。

In concert with that, our technology is in many parts of the world, the lowest cost source of generation, okay? And so the fundamentals for growth in these international markets is really favorable. And we feel good about our position there. We're not talking about margin differentiation at this time around the world. We feel like that is something that's proprietary and so -- but we appreciate the question.

與此一致的是，我們的技術在世界許多地方都是成本最低的發電來源，好嗎？因此，這些國際市場的成長基本面非常有利。我們對自己在那裡的地位感到滿意。目前我們並不是在談論全球範圍內的利潤差異。我們覺得這是專有的東西，所以——但我們很欣賞這個問題。

And now Chuck, why don't you address software?

現在查克，你為什麼不解決軟體問題呢？

Thank you. On the software side, we have built a really great tech stack that our customers really appreciate. We've been selling that at an increasing attach rate to new customers and upselling existing customers which is why last quarter, we saw a fairly significant increase in the software contribution. We don't comment specifically on the exact attach rate, but it's been improving. And there's still room to improve a bit more, but we're really proud of the team's results.

謝謝。在軟體方面，我們建立了一個非常出色的技術堆疊，我們的客戶非常欣賞。我們一直以越來越高的附加率向新客戶銷售該軟體，並對現有客戶進行追加銷售，這就是為什麼上個季度我們看到軟體貢獻出現了相當顯著的成長。我們不會具體評論確切的附加率，但它一直在改善。雖然還有進一步改進的空間，但我們對團隊的成果感到非常自豪。

With that, we'll end the call here. Thank you very much for taking the time today, and we look forward to talking with many of you throughout the quarter and next quarter end.

至此，我們就結束通話了。非常感謝您今天抽出寶貴的時間，我們期待在整個季度和下個季度末與你們中的許多人進行交談。

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

今天的電話會議到此結束。感謝大家的參與。現在您可以斷開線路。