Nextpower Inc (NXT) 2025 Q4 法說會逐字稿

Good afternoon, everyone, and thank you for standing by. My name is Joel, 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。我叫喬爾，今天我將擔任您的會議主持人。今天的通話正在錄音。

I would like to welcome everyone to Nextracker's fourth-quarter fiscal year 2025 earnings call. After the speaker's remarks, there will be a Q&A session.

歡迎大家參加 Nextracker 2025 財年第四季財報電話會議。演講者發言後，將進行問答環節。

At this time, for opening remarks, I would like to pass the call over to Mr. Chuck Boynton, CFO. Chuck, you may begin.

現在，為了致開幕詞，我想將電話轉給財務長查克·博因頓先生。查克，你可以開始了。

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

謝謝大家，下午好。歡迎參加 Nextracker 2025 財年第四季財報電話會議。我是 Nextracker 的財務長 Chuck Boynton；和我一起參加的還有我們的執行長兼創辦人 Dan Shugar；以及我們的總裁霍華德·溫格。在簡短的準備好的發言之後，我們將進入問答環節。

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 as such, statements involve risks and uncertainties that may cause actual results differ materially from our expectations.

提醒一下，IR 網站上將會發布此次電話會議的重播，以及收益新聞稿和股東信。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，因此，這些聲明涉及風險和不確定性，可能導致實際結果與我們的預期有重大差異。

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 slightly 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.

這些聲明是基於當前的信念、假設和期望，並且僅代表當前的觀點。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、股東信函和我們向美國證券交易委員會 (SEC) 提交的文件，包括我們最近提交的 10-Q 表季度報告和 10-K 表年度報告，這些文件可在我們的 IR 網站 investors.nextracker.com 上找到。該資訊可能會略有變化，並且我們不承擔因新資訊、未來事件或我們預期的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 our IR website.

請注意，我們將在今天的電話會議上提供 GAAP 和非 GAAP 指標。完整的非 GAAP 與 GAAP 對帳表可在新聞稿和股東信函附錄以及我們的 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兼創辦人。擔？

Thank you for joining us today to discuss our fourth quarter results and to recap our accomplishments for fiscal 2025. Nextracker had a fantastic year and again delivered strong financial performance for the quarter. A year ago, we forecast $2.8 billion to $2.9 billion of revenue, and we achieved $3 billion for the full year. We forecast $600 million to $650 million of adjusted EBITDA and delivered $785 million. For this fiscal year, we are set up for another year of solid growth. Chuck will provide the details shortly, but I want to first lay out three themes that you will hear during today's call.

感謝您今天加入我們討論我們的第四季度業績並回顧我們 2025 財年的成就。Nextracker 度過了出色的一年，並在本季度再次取得了強勁的財務業績。一年前，我們預測收入為 28 億至 29 億美元，而全年收入達到了 30 億美元。我們預測調整後的 EBITDA 為 6 億至 6.5 億美元，實際實現金額為 7.85 億美元。在本財政年度，我們預計再創穩健成長的一年。查克很快就會提供詳細信息，但我想先概述一下大家在今天的電話會議中會聽到的三個主題。

First, Nextracker continues to win in the market. driven by a flake of quality and evidenced by our continued strong bookings growth momentum. At our IPO in February 2023, our backlog was $2.1 billion, and today, it is significantly over $4.5 billion.

首先，Nextracker 繼續在市場上獲勝。受品質的推動，並由我們持續強勁的預訂成長勢頭所證明。在我們 2023 年 2 月首次公開募股時，我們的積壓訂單為 21 億美元，而今天，這一數字已遠遠超過 45 億美元。

We have been the global and US market share leader for nine consecutive years. And according to third-party sources in 2024 we further increased our leading global market share with top share in US, Europe, Latin America, and Australia regions and we hold a strong position in most other major markets.

我們已經連續九年保持全球和美國市場份額領先地位。根據第三方來源的數據，2024 年我們進一步提高了全球領先的市場份額，在美國、歐洲、拉丁美洲和澳洲地區佔據首位，並且在大多數其他主要市場中佔據強勢地位。

Second, we believe that we are best positioned to navigate the current policy uncertainties by -- of our large geographically diversified order backlog with Tier 1 customers, differentiated products that increase customer profitability, our healthy balance sheet and an extremely flexible supply chain comprising over 90 manufacturing sites in 19 countries.

其次，我們相信，我們最有能力應對當前的政策不確定性，因為我們擁有大量地域分散的一級客戶訂單積壓、可提高客戶盈利能力的差異化產品、健康的資產負債表以及由 19 個國家的 90 多個製造基地組成的極其靈活的供應鏈。

Third, we are accelerating our innovation engine, acquiring and organically developing adjacent technologies to create a complete solar power platform by scaling new products and services across Nextracker high-volume global tracker footprint. We can translate modest investments funded from free cash flow into meaningful financial contributions for the company with significant incremental value for our customers.

第三，我們正在加速我們的創新引擎，透過在 Nextracker 大容量全球追蹤器覆蓋範圍內擴展新產品和服務，收購和有機開發相鄰技術，以創建完整的太陽能平台。我們可以將自由現金流的適度投資轉化為對公司有意義的財務貢獻，並為我們的客戶帶來顯著的增量價值。

Our market opportunity is expanding rapidly, driven by the structurally increasing global demand for electricity to power AI data centers, EVs and buildings. This unprecedented surge in electricity demand is approaching the limit of existing generation capacity with terawatts of incremental new capacity needed within the next five years.

我們的市場機會正在迅速擴大，這得益於全球對人工智慧資料中心、電動車和建築物電力需求的結構性成長。電力需求空前激增，已接近現有發電能力的極限，未來五年內需要增加數太瓦的新增發電能力。

Many key customers have been asking us to offer additional products and services in addition to solar trackers to increase installation speed, improve system performance, and enhance long-term operating reliability. Customers value our solar domain expertise, innovation capabilities, supply chain acumen, financial strength, and business culture. In response to these customer requests, we began to transition from a pure-play tracker company to a solar power technology platform supplier last summer when we acquired two specialty foundation companies.

許多主要客戶一直要求我們除了太陽能追蹤器之外還提供其他產品和服務，以提高安裝速度、改善系統性能並增強長期運行可靠性。客戶重視我們在太陽能領域的專業知識、創新能力、供應鏈敏銳度、財務實力和企業文化。為了響應這些客戶要求，去年夏天我們收購了兩家專業基礎公司，開始從純粹的追蹤器公司轉型為太陽能技術平台供應商。

Today's announcement that we've acquired Bentek Corporation, a pioneer and electrical balance of system, or eBOS, extends this strategy and continues our evolution. The Bentek acquisition will enable our customers to source both tracker systems and enables us components from a single, highly bankable supplier. And we've completed additional acquisitions that we will be communicating over the coming months.

今天我們宣布收購了電氣平衡系統（eBOS）的先驅 Bentek Corporation，這擴展了這項策略並繼續了我們的發展。收購 Bentek 將使我們的客戶能夠採購兩種追蹤系統，並使我們能夠從單一、極具吸引力的供應商購買組件。我們還完成了其他收購，並將在未來幾個月內公佈。

I'm really excited about the opportunities that these combinations will unlock. We will be inviting analysts and investors to our headquarters in the fall to see our technologies firsthand and hear more about our longer-term plans to scale our business.

我對這些組合將帶來的機會感到非常興奮。我們將在秋季邀請分析師和投資者到我們的總部親眼看看我們的技術，並了解更多關於我們擴大業務的長期計劃。

Before turning the call over to Howard to review some of the highlights from the quarter and year, let me say how proud I am of the contributions of our employees and how grateful we are for the trust and partnership with our customers and suppliers.

在將電話轉給霍華德回顧本季和本年度的一些亮點之前，請允許我表示，我為我們員工的貢獻感到多麼自豪，以及我們對客戶和供應商的信任和合作感到多麼感激。

As Dan noted, we had a great year and finished with a very strong quarter. Demand strength continued in Q4, helping to drive record bookings and backlog for FY25. We believe Nextracker is benefiting from a general flight to quality, leading to expanded market leadership. Customers continue to recognize our differentiated advantage driven by our technology platform and supply chain, faster installation times, operational superiority, including superb on-time delivery, and overall bankability and strength.

正如丹所說，我們度過了美好的一年，並以非常強勁的季度結束了這一季。第四季需求持續強勁，有助於推動 2025 財年的預訂量和積壓訂單創下紀錄。我們相信 Nextracker 正受益於普遍的品質追求，從而擴大市場領導地位。客戶繼續認可我們的差異化優勢，這種優勢源自於我們的技術平台和供應鏈、更快的安裝時間、營運優勢（包括卓越的準時交貨）以及整體融資能力和實力。

In the US, the general market environment remains strong. Tier 1 owner developers continue to advance their projects and bring them to notice to proceed. Multiple owner developers have told us that their pipelines are secure, including making the necessary safe harbor investments and locking in domestic supply. We are seeing substantially increased demand for a 100% domestic content tracker, which is currently being shipped to many projects.

在美國，整體市場環境依然強勁。一級業主開發商繼續推進他們的項目並引起他們的注意以繼續進行。多家業主開發商告訴我們，他們的管道是安全的，包括進行了必要的安全港投資並鎖定了國內供應。我們看到對 100% 國內內容追蹤器的需求大幅增加，目前該追蹤器已被運往許多項目。

In the international arena, outside the US, we signed contracts in 17 different countries in Q4 alone with dozens of new utility and DG projects across the globe. The international pipeline continues to grow, and we are seeing more countries installing solar.

在國際舞台上，僅在第四季度，我們就與美國以外的 17 個不同國家簽署了合同，在全球範圍內有數十個新的公用事業和 DG 項目。國際管道不斷增長，我們看到越來越多的國家安裝太陽能。

In Europe, we had the strongest year ever, delivering record-breaking volume. Spain was particularly strong and we saw good traction across other countries in Europe. We believe our market share grew to a leading position, benefiting from our XTR terrain following tracker which is critical to this region as well as benefits from our cost reduction programs.

在歐洲，我們經歷了有史以來最強勁的一年，銷售量創下了歷史新高。西班牙的表現尤其強勁，我們也看到歐洲其他國家也表現出良好的勢頭。我們相信，我們的市場份額已增長至領先地位，這得益於我們對該地區至關重要的 XTR 地形追蹤追蹤器以及我們的成本削減計劃。

We had a very solid year in Latin America, led by Brazil, and we extended our region to new countries. We saw increasing sales gains in our true capture yield management platform. Retail independent engineers now recognize the benefits of true capture through extensive measurement and verification programs which owners rely on for their purchase decisions. We were also pleased to see Latin America's first installation of our NX Horizon low-carbon tracker. And finally, we had excellent gains and big wins in other markets, including Australia, New Zealand, India, Saudi Arabia and South Africa.

我們在以巴西為首的拉丁美洲地區度過了非常穩健的一年，並且我們還將業務範圍擴展到了新的國家。我們看到，我們的真實捕獲收益管理平台的銷售收益不斷增加。零售獨立工程師現在認識到透過業主依賴的購買決策的廣泛測量和驗證程序進行真實捕獲的好處。我們也很高興看到拉丁美洲首次安裝我們的 NX Horizo​​n 低碳追蹤器。最後，我們在其他市場也取得了優異的成績和巨大的勝利，包括澳洲、紐西蘭、印度、沙烏地阿拉伯和南非。

Now turning to R&D and Nextracker's innovation DNA. In Q4, we reached a record 1,220 patents, including 646 issued patents and 574 patents pending. These patent assets reflect our focus on engineering excellence and solving real-world challenges at scale. From control algorithms and structural design to tracker performance improvements, each patent represents a meaningful source of value for Nextracker and for our customers.

現在轉向研發和 Nextracker 的創新 DNA。第四季度，我們的專利數量達到創紀錄的 1,220 項，其中包括 646 項已授權專利和 574 項待批專利。這些專利資產反映了我們對卓越工程和大規模解決現實世界挑戰的關注。從控制演算法和結構設計到追蹤器效能改進，每項專利都代表著 Nextracker 和我們客戶的有意義的價值來源。

Our innovation focus drove strong demand for new products in FY25. This includes excellent uptake for our Hail Pro series trackers with over 9 gigawatts of Hail Pro 60, and Hail Pro 75 sold during the year, providing solutions that really matter to owners in the insurance industry. We sold 17 gigawatts of XTR 0.75 and XTR 1.5 during the year, reinforcing our global leading position in terrain following. And we exceeded our sales plan for our recently acquired foundations with 1 gigawatt but (technical difficulty).

我們的創新重點推動了 25 財年對新產品的強勁需求。這包括我們的 Hail Pro 系列追蹤器的出色表現，全年售出的 Hail Pro 60 和 Hail Pro 75 超過 9 千兆瓦，為保險業的業主提供了真正重要的解決方案。我們在這一年銷售了 17 吉瓦的 XTR 0.75 和 XTR 1.5，鞏固了我們在地形追蹤領域的全球領先地位。我們最近收購的基金會的銷售量超過了計劃，達到了 1 千兆瓦，但（技術難度）。

Moving to pricing, costs and project timing. In Q4, pricing for Nextracker was generally stable, and the company continues to manage costs well. Project timing was also stable and manageable on a portfolio basis in the quarter. with some project alerting and some pushing out, which as we have noted previously, is the nature of large-scale projects spanning multiple quarters and years. Our backlog and large project portfolio provide excellent visibility and help reduce uncertainty.

轉向定價、成本和專案時間。第四季度，Nextracker 的定價整體穩定，公司繼續妥善管理成本。本季度，專案時間安排也比較穩定，並且從投資組合角度來看易於管理。有些專案處於預警狀態，有些專案則處於推遲狀態，正如我們之前所指出的，這是跨越多個季度和數年的大型專案的本質。我們的積壓訂單和大型項目組合提供了出色的可視性並有助於減少不確定性。

In summary, we had a great year, and we enter our new fiscal year with momentum. We are well positioned to achieve our FY26 outlook bolstered by strong backlog and the quality of our customer partnerships. Furthermore, we are excited to expand our product offering by adding eBOS, foundations, and enhanced services to our global leading tracker offering. Our customers want us to do more, and we are responding.

總而言之，我們度過了美好的一年，並帶著強勁的勢頭邁入了新的財年。憑藉強勁的訂單積壓和優質的客戶合作關係，我們完全有能力實現 2026 財年的預期目標。此外，我們很高興透過在我們全球領先的追蹤器產品中添加 eBOS、基礎和增強服務來擴展我們的產品範圍。我們的客戶希望我們做得更多，我們也正在回應。

We look forward to the upcoming Analyst Day in the fall where we will discuss in more depth our solar power plant strategy.

我們期待秋季即將到來的分析師日，屆時我們將更深入地討論我們的太陽能發電廠策略。

Now, I'll turn the call over to Chuck to discuss the outlook among other topics.

現在，我將把電話轉給查克，討論前景等話題。

Thank you, Howard, and good afternoon, everyone. I'm pleased to share our financial results for the fourth quarter and fiscal year 2025. We closed the year with yet another exceptional quarter, reflecting strong execution by the global Nextracker team and continued momentum in a utility-scale solar deployment worldwide.

謝謝你，霍華德，大家下午好。我很高興分享我們2025年第四季和財年的財務表現。我們以另一個出色的季度結束了這一財年，這反映了全球 Nextracker 團隊的強大執行力以及全球公用事業規模太陽能部署的持續勢頭。

Let's start with revenue performance. Q4 reached a record $924 million, up 26% year-over-year, bringing our full year revenue to approximately $3 billion, an 18% increase over fiscal '24. Similar to fiscal '24, our full year geographic revenue mix was 69% in the US and 31% from the Rest of the world.

讓我們從收入表現開始。第四季達到創紀錄的 9.24 億美元，年增 26%，使我們的全年營收達到約 30 億美元，比 24 財年成長 18%。與 24 財年類似，我們全年的地理收入結構中 69% 來自美國，31% 來自世界其他地區。

Now moving to profitability. Q4 adjusted EBITDA expanded to a record $242 million, a 52% increase year-over-year with an adjusted EBITDA margin of 26%. For the year, adjusted EBITDA was $776 million, also a record and up 49% compared to fiscal '24.

現在轉向獲利。第四季調整後 EBITDA 擴大至創紀錄的 2.42 億美元，年增 52%，調整後 EBITDA 利潤率為 26%。全年調整後的 EBITDA 為 7.76 億美元，也創下新高，與 24 財年相比成長 49%。

As a reminder, the '24 adjusted results did not include 45x credits. Adjusted gross profit for the year was just over $1 billion. Q4 adjusted gross margin was 33.4%, down 260 basis points from Q3, primarily driven by onetime benefits recognized in the prior quarter.

提醒一下，24 年調整後的結果不包括 45 倍積分。全年調整後的毛利略高於10億美元。第四季調整後的毛利率為 33.4%，較第三季下降 260 個基點，主要原因是上一季確認的一次性福利。

Adjusted diluted EPS for fiscal '25 was $4.22, up 38% year over year. In Q4, we delivered adjusted EPS of $1.29, a 34% increase compared to the prior year. We also delivered robust cash flow. Adjusted free cash flow was $227 million in Q4 and and $622 million for the full year.

25 財年調整後攤薄每股收益為 4.22 美元，年增 38%。第四季度，我們的調整後每股收益為 1.29 美元，比上年增長 34%。我們也實現了強勁的現金流。第四季調整後的自由現金流為 2.27 億美元，全年調整後的自由現金流為 6.22 億美元。

Operating cash flow in Q4 was $237 million, offset by CapEx of $10 million.

第四季的營運現金流為 2.37 億美元，抵銷了 1,000 萬美元的資本支出。

We closed the year with $766 million in cash with no debt and approximately $1.7 billion of total liquidity. This positions us well to continue investing and our strategic growth initiatives.

截至本財年末，我們的現金餘額為 7.66 億美元，無債務，總流動資金約為 17 億美元。這使我們能夠繼續投資並實施策略性成長計劃。

During fiscal '25, we used $150 million of cash to retire our debt and approximately $152 million of cash to fund key acquisitions including two foundations businesses. Today, we also announced the acquisition of Bentek Corporation a leader in eBOS solutions, expanding our platform, and enabling integrated offerings that reduce system costs and simplify utility-scale solar deployment.

在 25 財年，我們使用了 1.5 億美元現金償還債務，並使用了約 1.52 億美元現金資助包括兩項基金會業務在內的關鍵收購。今天，我們也宣布收購 eBOS 解決方案領導者 Bentek Corporation，擴展我們的平台，並提供整合產品以降低系統成本並簡化公用事業規模的太陽能部署。

Looking ahead to fiscal 2026. We expect revenue in the range of $3.2 billion to $3.4 billion with adjusted EBITDA between $700 million and $775 million, and adjusted diluted EPS in the range of $3.65 to $4.03.

展望2026財年。我們預計營收在 32 億美元至 34 億美元之間，調整後的 EBITDA 在 7 億美元至 7.75 億美元之間，調整後的稀釋每股收益在 3.65 美元至 4.03 美元之間。

As Dan discussed, we are accelerating investments to capitalize on the opportunity ahead of us. This will include some additional OpEx to build out adjacent solutions, particularly around Bentek's technology and go-to-market efforts. More specifically, in FY26, we plan to increase our OpEx as a percentage of revenue by approximately 100 basis points. We also plan to increase our CapEx to approximately $100 million in FY26. And all while generating more than $450 million in free cash flow.

正如丹所討論的，我們正在加快投資，以利用我們面前的機會。這將包括一些額外的營運支出，用於建立相鄰的解決方案，特別是圍繞 Bentek 的技術和上市努力。更具體地說，在 26 財年，我們計劃將營運支出佔收入的百分比提高約 100 個基點。我們也計劃在 26 財年將資本支出增加至約 1 億美元。同時也產生了超過 4.5 億美元的自由現金流。

On the M&A front, in FY25, we spent approximately $152 million in cash to acquire several businesses. As Dan mentioned, we recently closed several new transactions. The payments associated with these deals and our prior transactions will require approximately $110 million in cash this fiscal year. Excluding any additional M&A or capital allocation activity, we expect to end fiscal '26 with over $1 billion in cash. Investing for growth, while driving strong cash generation remains core to our strategy.

在併購方面，25 財年，我們花費約 1.52 億美元現金收購了幾家企業。正如丹所提到的，我們最近完成了幾筆新交易。與這些交易以及我們先前的交易相關的付款將需要本財年約 1.1 億美元的現金。不計任何額外的併購或資本配置活動，我們預計 26 財年結束時的現金將超過 10 億美元。投資成長，同時推動強勁的現金產生，仍是我們策略的核心。

We expect structural gross margins for fiscal '26 in the low-30s. This takes into consideration geographic mix, impact of tariffs and the investment to scale the recently announced acquisitions. While we have taken a prudent approach to guidance due to ongoing macroeconomic uncertainty, our confidence in the business is grounded in several key drivers. The strength of our record backlog a continued flight to quality among solar developers and the deep capability and commitment of our global team.

我們預計 26 財年的結構性毛利率將在 30% 出頭。這考慮了地理分佈、關稅影響以及擴大最近宣布的收購的投資。儘管由於持續的宏觀經濟不確定性，我們採取了審慎的指導方針，但我們對業務的信心基於幾個關鍵驅動因素。我們創紀錄的訂單量體現了太陽能開發商對品質的持續追求，也體現了我們全球團隊的深厚能力和承諾。

In summary, Nextracker delivered another year of record results with strong revenue growth, expanding profitability and excellent cash generation. We are strategically reinvesting into this momentum to grow market share, expand our portfolio and create long-term shareholder value.

總而言之，Nextracker 又創下了新的業績記錄，營收成長強勁，獲利能力不斷提升，現金產生能力出色。我們正在策略性地重新投資這一勢頭，以增加市場份額、擴大我們的投資組合併創造長期股東價值。

With that, we're happy to take your questions. Operator?

我們很樂意回答您的問題。操作員？

(Operator Instructions) Mark Strouse, JPMorgan.

（操作員指示）摩根大通的馬克‧斯特勞斯 (Mark Strouse)。

Great. Congrats on the continued execution. Maybe Dan or Howard, there's a lot to get to here, but I wanted to start with the house tax bill. Just given your long experience in the space, knowing that things can still change, but just kind of based on your experience, based on kind of your initial conversations with partners how workable do you think this package is with regards to some of the new provisions like the timing being based on placed in service. The fee requirements, et cetera, not just for trackers, but for the overall space, just kind of given my view that you're a good spokesperson for the overall industry.

偉大的。恭喜繼續執行。也許是丹或霍華德，這裡有很多事情要做，但我想從房屋稅法案開始。鑑於您在該領域的長期經驗，知道事情仍然會發生變化，但根據您的經驗，基於您與合作夥伴的初步對話，您認為該方案在某些新規定（例如基於投入使用的時間）方面的可行性如何。費用要求等等，不僅適用於追蹤器，也適用於整個領域，只是因為我認為你是整個產業的良好發言人。

Thanks, Mark. This is Dan Shugar. Both Howard and I have been to Washington we've met with professional representatives. We've been working with our trade associations and obviously very focused on these issues. There are things in the reconciliation bill that are favorable and there are things that need attention and ongoing work in the favorable category, the 45x treatment as it relates to incentives to manufacture certain components in the United States.

謝謝，馬克。這是丹·舒加。霍華德和我都去過華盛頓，並會見了專業代表。我們一直在與我們的行業協會合作，顯然非常關注這些問題。和解法案中有一些內容是有利的，但也有一些內容需要關注，並且在有利的類別中需要持續開展工作，即 45x 待遇，因為它與在美國製造某些零件的激勵措施有關。

Additionally, the 48x as it relates to the timing of the 30% investment tax credits. The timing of those two are generally favorable. Need for improvement would be the transferability provisions the placed in service versus start of construction timing, as it relates to when tax credits are locked in and the FIOC areas that deal with certain components that are in solar systems that may have the foreign origin how those can impact. So there are opportunities for improvement in those.

此外，48x 與 30% 投資稅收抵免的時間有關。這兩個時機整體來說都是有利的。需要改進的是可轉讓性條款，即投入使用與開始建造的時間，因為這關係到何時鎖定稅收抵免，以及處理太陽能係統中某些可能來自外國的組件的 FIOC 區域如何產生影響。因此，這些方面仍有改進的機會。

I'd say it's fair that collectively, just with the Nextracker people we've met with over 15 representatives, most in the last few weeks or peers and industry associations have met with many more. I'd say generally, very supportive of our make in America initiatives, Nextracker alone has had nine public factory openings of new or massively expanded factories, making our equipment. We have over 25 manufacturer partners across US.

我想說的是，總的來說，僅 Nextracker 人員我們就會見了超過 15 名代表，大多數代表是在過去幾週內會面的，同行和行業協會還會見了更多代表。我想說，總體而言，Nextracker 非常支持我們的「美國製造」計劃，僅 Nextracker 一家就已在公共場所開設了 9 家新工廠或大規模擴建工廠，生產我們的設備。我們在美國有超過 25 家製造商合作夥伴。

Others in the industry are amplify that. And that's really recognized. I think it's also recognized that solar is a really key part of the energy dominance. And that, I mean, solar was over 80% of the capacity installed in the grid last year. So all that stuff is recognized.

業內其他人也對此表示贊同。這是確實公認的。我認為人們也認識到太陽能是能源主導地位的關鍵部分。我的意思是，太陽能佔去年電網安裝容量的 80% 以上。所以所有這些東西都是被認可的。

So we're cautiously optimistic the areas I outlined for need for improvement. We're going to have constructive dialogue with our representatives and be able to move the needle forward. That said, the final bill, it's not done until it's done. So we'll need to see where that lands.

因此，對於我概述的需要改進的領域，我們持謹慎樂觀的態度。我們將與我們的代表進行建設性對話，並推動工作向前發展。也就是說，最終的法案，在完成之前，還不算完成。所以我們需要看看結果如何。

Ben Kallo, Baird.

本卡洛，貝爾德。

Hey, guys. Congrats on results. Maybe if you could just talk about international business there and how we think about margin going forward as it pertains to your backlog? And I have a follow-up.

嘿，大家好。恭喜取得成果。也許您可以談談那裡的國際業務，以及我們如何看待與您的積壓訂單相關的未來利潤？我還有一個後續問題。

Sure. This is Howard. Yeah, we're really pleased with how we ended the quarter, both on the revenue side and bookings side. And we continue to perform within the 30% to 40% of our business being international or Rest of world and the balance 60% to 70% being in the US. And that's where we're at.

當然。這是霍華德。是的，我們對本季的結束感到非常滿意，無論是收入方面還是預訂方面。我們的業務繼續保持在 30% 至 40% 的範圍，即國際業務或世界其他地區，其餘 60% 至 70% 的範圍在美國。這就是我們現在的處境。

We've been very consistent. It's in our shareholder letter on that front. And our backlog reflects that.

我們一直都非常一致。我們的股東信中就有關於此事的內容。我們的積壓工作也反映了這一點。

The international business continues to hum. There are more countries. As we noted in our remarks that we did business in Q4 alone, 17 countries outside the United States. And many of them are kind of countries that we don't talk that much about like Saudi Arabia and Greece and Peru and Chile and Bulgaria.

國際業務持續蓬勃發展。還有更多國家。正如我們在評論中指出的那樣，僅在第四季度，我們的業務就涵蓋了美國以外的 17 個國家。其中許多國家我們很少談論，像是沙烏地阿拉伯、希臘、秘魯、智利和保加利亞。

These were countries where we actually booked and signed contracts in the quarter amongst others. And from a margin perspective, so we've been quite consistent in saying that the margins are lower internationally, generally speaking. And we've been able to as a combined overall company maintained really healthy margins in the past, and that's what we're out looking going forward.

這些是我們在本季度實際預訂並簽署合約的國家。從利潤率的角度來看，我們一直一致認為，一般來說，國際利潤率較低。作為一家綜合性公司，我們過去一直能夠維持非常健康的利潤率，這也是我們未來的期望。

Thanks for the question, Dan.

謝謝你的提問，丹。

Philip Shen, ROTH Capital Partners.

羅仕證券 (ROTH Capital Partners) 的 Philip Shen。

Everyone, thanks for taking the questions. Congrats on the strong results. First one is a follow-up on the house tax bill. Chuck, you mentioned the folk restrictions and then the change in language from construction start to place in service. I was wondering if you might quantify what kind of impact there might be if these provisions were to become law? What kind of impact could we see from each one of these new items on volumes for, let's say, for the industry, calendar '26 and '27.

大家好，感謝你們回答問題。恭喜您取得如此優異的成績。第一個是關於房屋稅法案的後續事宜。查克，你提到了民間限制以及從開始建造到投入使用的語言變化。我想知道您是否可以量化如果這些條款成為法律可能產生什麼樣的影響？我們可以看到這些新項目對產業 26 年和 27 年的銷售量產生什麼樣的影響。

And then on bookings, can you share the directionality of what F Q4 bookings looked like? Was it well above $1 billion, 1 point? If you can give a decimal, that would be great. And then what's your expectation in terms of bookings activity in the coming quarter given the uncertainty in the marketplace, although you have some better understanding of where the changes to the IRA might be up? Thanks.

那麼關於預訂，您能分享一下 F Q4 預訂的方向嗎？它是否遠高於 10 億美元，1 點？如果您能給出小數，那就太好了。那麼，儘管您對 IRA 可能發生的變化有了更好的了解，但考慮到市場的不確定性，您對下一季的預訂活動有何預期？謝謝。

Yeah. Thanks, Phil. I'll take the first part as it relates to the policy and then Howard will jump in on the rest. It's really early days on this bill. This bill has got a long way to go. It was just published. It's going to have a quite a journey. And we don't have precise answers to your question.

是的。謝謝，菲爾。我將討論與政策相關的第一部分，然後霍華德將討論其餘部分。這項法案目前還處於早期階段。這項法案還有很長的路要走。它剛剛出版。這將是一段相當漫長的旅程。我們對您的問題沒有確切的答案。

I would say though, directionally, there'll be little impact for the next few years in terms of what our realized financial results will be what we're looking at is more intermediate term. Three, four years out, how it relates to new projects that as the projects that are grandfathered in now, which can go two to three years become fulfilled. And so it's really the future book of business that will have the most impact due to the policy areas that need work that we outlined earlier on the call.

不過我想說，從方向來看，未來幾年對我們實現的財務表現的影響不大，我們所關注的是中期業績。三到四年後，它與新計畫有何關係？這些新項目目前已被納入祖父條款，需要兩到三年才能完成。因此，由於我們先前在電話會議上概述了需要開展工作的政策領域，未來的業務將產生最大的影響。

Howard, can you take the second part of this question, please?

霍華德，您能回答這個問題的第二部分嗎？

Sure, Phil. So we've had sequential growth in our backlog since going public every quarter, and this last quarter was no exception. We had record revenue and we still at $924 million, and we still increased backlog sequentially. So that gives you some color on the booking strength this quarter. And as far as in the coming quarters, our pipeline is healthy.

當然，菲爾。因此，自上市以來，我們的積壓訂單每季都呈現連續成長態勢，上個季度也不例外。我們的營收創下了歷史新高，仍達到 9.24 億美元，而且積壓訂單量仍在連續增加。這可以讓你了解本季的預訂情況。就未來幾個季度而言，我們的管道是健康的。

The US market, what we're finding is -- and we talk a lot with owner developers. They've saved Harvard and they've secured the Tier 1s, for sure, ones with multi-gigawatt pipelines with a lot of investment behind it. They've safe harbor, and they're telling us their pipelines are secure, which means for us, it's really good news. So in addition to the backlog being significantly over $4.5 billion.

我們發現美國市場是——並且我們與業主開發商進行了許多交流。他們拯救了哈佛大學，並確保了一級市場的安全，這些一級市場擁有數千兆瓦的輸電管道，背後有大量的投資。他們有安全港，告訴我們他們的管道是安全的，這對我們來說，真是個好消息。因此，除了積壓金額遠遠超過 45 億美元之外。

Our pipeline is -- continues to be very healthy. And the flagship of our -- where we do businesses in the United States, and that continues moving forward.

我們的管道—繼續非常健康。我們的旗艦業務是在美國開展業務，並將繼續向前發展。

Brian Lee, Goldman Sachs.

高盛的 Brian Lee。

Thanks for tkaing the questions. Kudos on the great execution here. I had two sort of modeling guidance related ones. First one would just be around the revenue outlook.

感謝您提出這些問題。讚揚這裡的出色執行。我有兩種與建模指導相關的。第一個是關於收入前景。

As you mentioned, Dan, your business is evolving kind of platform solutions model going forward. So can you give us a sense of as we look at the '26 revenue guidance, how much of the revenue is coming from some of your news like foundations and Bentek, how much is coming from maybe some price capture with steel going up? And then what's the sort of delta between what you're seeing in international growth versus domestic?

正如您所說，丹，您的業務正在不斷發展一種平台解決方案模式。那麼，當我們看 26 年的收入指引時，您能否告訴我們，有多少收入來自您的一些新聞，例如地基和 Bentek，有多少收入來自鋼鐵價格上漲帶來的收益？那麼，您所看到的國際成長與國內成長之間的差異是如何的呢？

And then secondly, just on margins, if I look at your guidance implying EBITDA margin sort of in the 22% range, you just came off a year where you did 26%. I know you're talking about a 100 basis point headwind from higher OpEx and investment. But is there a bridge why EBITDA margins are being implicitly guided down year on year? Or is that just your level of conservatism in main there?

其次，僅就利潤率而言，如果我看一下您的指導，暗示 EBITDA 利潤率在 22% 左右，而您去年的利潤率是 26%。我知道您談論的是營運支出和投資增加帶來的 100 個基點的阻力。但是，EBITDA 利潤率為何逐年隱性下降呢？或者那隻是你們那裡主要的保守程度？

Yeah. Thanks, Brian. Chuck will get into some detail. I'll just say at a high level, we're guiding up for another year of solid growth. We will be -- in terms of getting into how much the new product offerings will be contributing to our total picturem we'll be in a position to do that at the upcoming Analyst Day. We're going to have in the fall and we'll be inviting our analysts and investors to participate in that at our headquarters here in Silicon Valley, and we'll be breaking that down at greater detail at that time. Chuck?

是的。謝謝，布萊恩。查克將會講到一些細節。我只想從高層角度說，我們預計今年將實現另一年的穩健成長。我們將在即將到來的分析師日上討論新產品將對我們的整體業績做出多大貢獻。我們將在秋季舉行會議，並邀請我們的分析師和投資者到我們位於矽谷的總部參加會議，屆時我們將對此進行更詳細的說明。查克？

Great. Thank you, Brian. So first of all, fiscal '25 was just a stellar year. The company had a record Q4 and had incredibly strong margins all year. What you saw and we talked about in Q2 and Q3 was we had a number of tailwinds that really helped increase both gross margin and operating margins.

偉大的。謝謝你，布萊恩。首先，25 財年是輝煌的一年。該公司第四季業績創下紀錄，全年利潤率也非常高。您在第二季和第三季看到的以及我們談到的是我們遇到了一些有利因素，這些因素確實有助於提高毛利率和營業利潤率。

As we look forward into fiscal '26, it's really a year where we're leaning in on growth and looking for multiyears of growth. We mentioned in our letter that we see in five years, a third of our business coming from non-tracker revenue. So this strategy is really about leaning in for growth. So we're investing in OpEx, as you mentioned.

展望 26 財年，我們確實將依靠成長並尋求多年成長。我們在信中提到，我們預計五年後，我們的三分之一業務將來自非追蹤收入。因此，這一策略實際上是為了實現成長。正如您所說，我們正在投資營運支出。

We're investing in CapEx, investing in the acquisitions, as well as organic activities to drive growth that we'll talk about in the fall at our Analyst Day. Our margin profile -- if you look at Q4, we were in that 33.4% for Q4.

我們正在投資資本支出、投資收購以及推動成長的有機活動，我們將在秋季的分析師日上討論這些。我們的利潤率狀況—如果你看一下第四季度，我們會發現第四季度的利潤率為 33.4%。

And that's kind of a good number, and that's the structural margins as we talk about are kind of in the low 30s, structural gross margins. And our outlook sort of contemplates that same kind of range for fiscal '26. And so we feel that low-30s gross margins, low-20s EBITDA margins, is a really good place to plan and run our business.

這是一個不錯的數字，這就是我們所說的結構性利潤率，即結構性毛利率，在 30% 以下。我們的展望也考慮了 26 財年的相同範圍。因此，我們認為，30%出頭的毛利率和20%出頭的EBITDA利潤率對於規劃和營運我們的業務來說是一個非常好的水平。

Kashy Harrison, Piper Sandler.

卡西·哈里森、派珀·桑德勒。

Good afternoon. Congrats on the fiscal year. And thanks for taking the question. So minor series just focused on Bentek, could you just walk us through strategic rationale, go-to-market, how much of the supply chain is US versus international, contract manufacturing versus direct manufacturing and then cost structure? I just want to get a whole picture of how to think about the strategy behind this deal?

午安.祝賀財政年度順利。感謝您提出這個問題。因此，本系列小節目只關注 Bentek，您能否向我們介紹戰略原理、市場進入方式、供應鏈中美國和國際的比例、合約製造與直接製造的比例以及成本結構？我只是想全面了解如何看待這筆交易背後的策略？

Yes, we'll do a rwo parts. I'll answer a bit on the strategy. Howard will then fill in some of the details to the extent we can go there.

是的，我們將做兩個部分。我將就策略問題稍微回答一下。霍華德隨後會補充一些我們可以了解的細節。

First, we couldn't be more excited about this. Let me just take a step back. We're systems thinkers. Okay. We've been doing this since the '80s and back in the day, we actually designed manufactured -- down system, as well as mechanical balance system, and they go together, just like they do in your car or a number of other components.

首先，我們對此感到非常興奮。讓我退一步來說。我們是系統思考者。好的。我們從 80 年代就開始這樣做了，實際上我們設計和製造了羽絨系統以及機械平衡系統，它們結合在一起，就像你的汽車或其他一些零件一樣。

And so we really see there's an opportunity to -- for customers to have one provider designing and supplying materials to the projects as in a buildable megawatts and delivering by blocks in a sequence that works for the customer. And also, for these products to work well together, they touch each other.

因此，我們確實看到有一個機會——讓客戶擁有一個供應商來為專案設計和供應材料，就像可建造的兆瓦一樣，並按照適合客戶的順序分塊交付。而且，為了使這些產品能夠很好地協同工作，它們需要相互接觸。

And so, we're going to continue collaborating with the eBOS -- other eBOS providers. We have a great deal of respect for providers that exist. And we're going to have the Bentek platform continue to support the FIC systems work with our tracker, work with other trackers to the extent it's involved with our tracker, we see opportunities to co-optimize the solutions to add increasing value for the customers as we look forward. Howard, would you like to pick it up from there, please?

因此，我們將繼續與 eBOS 以及其他 eBOS 提供者合作。我們非常尊重現有的提供者。我們將讓 Bentek 平台繼續支援 FIC 系統與我們的追蹤器協同工作，並在涉及我們追蹤器的範圍內與其他追蹤器協同工作，我們看到了共同優化解決方案的機會，從而為客戶增加更多價值。霍華德，你想從那裡拿嗎？

Sure. So we see massive synergy between electrical balances system in the tracker because they touch each other, literally. And they're designed at the same time. And right now, we don't design eBOS, but we have -- as we've announced today, we are doing that now. So the same project engineering team, which is very large Nextracker will be doing the design and engineering of the tracker and the eBOS.

當然。因此，我們看到追蹤器中的電平衡系統之間存在著巨大的協同作用，因為它們實際上是相互接觸的。而且它們是同時設計的。目前，我們還沒有設計 eBOS，但我們已經——正如我們今天宣布的那樣，我們現在正在做這件事。因此，同一個專案工程團隊，也就是規模非常大的 Nextracker，將負責追蹤器和 eBOS 的設計和工程。

We also see synergies in the product development, as Dan mentioned, like really thinking about what's the best and fastest way to install with our tracker, but we're also going to make the eBOS solutions that we have available for other trackers and including fixed Hill systems. So we see a lot of synergy on the design side, engineering side, and then the sales platform, we touch the same customers.

正如丹所提到的，我們也看到了產品開發中的協同效應，例如真正思考使用我們的追蹤器安裝的最佳和最快方法是什麼，但我們也將使我們的 eBOS 解決方案適用於其他追蹤器，包括固定山系統。因此，我們在設計方面、工程方面以及銷售平台上看到了許多協同效應，我們接觸的是相同的客戶。

We're selling to the EPCs. The owners of the equipment really care about the tracker and they care about the eBOS and longevity, the reliability, the quality. And having our brand and our warranty wrapped around both is going to be very powerful. We've spoken with several customers already about it, and they're really excited.

我們正在向 EPC 銷售產品。設備所有者確實關心追蹤器，他們關心 eBOS 和壽命、可靠性和品質。並且我們的品牌和保固將非常強大。我們已經與幾位客戶討論過此事，他們非常興奮。

So --

所以--

And also, I'll jump in Howard, when you're finished.

另外，霍華德，當你完成的時候，我就會加入。

Sure. There's just a lot of synergy here.

當然。這裡有很多協同作用。

Yes. And just building on Howard's comment, we've actually had customers just tell us point blank, they say, we want to buy more from you, Nextracker, please offer more components. What we really love about Bentek, we did a lot of due diligence, personally went on the floor.

是的。並且基於霍華德的評論，我們實際上已經讓客戶直截了當地告訴我們，他們說，我們想從你們那裡購買更多產品，Nextracker，請提供更多組件。我們真正喜歡 Bentek 的地方在於，我們做了許多盡職調查，親自到現場考察。

Their main operation is in San Jose. It's only 30 minutes from our headquarters in Fremont. They have a very well-provisioned facility with spare capacity, very professionally laid out. Bentek's been an early mover in this category of eBOS for 15 years. We love their quality, reliability, ethos, their culture. They're testing 100% of the electrical harnesses before they ship, which is very important for durability confidence for customers.

他們的主要業務位於聖荷西。距離我們位於弗里蒙特的總部僅 30 分鐘路程。他們的設施配備齊全，有備用容量，佈局非常專業。15 年來，Bentek 一直是 eBOS 這一領域的先驅。我們喜歡他們的品質、可靠性、精神和文化。他們在發貨前對 100% 的電線束進行測試，這對於確保客戶的耐用性信心非常重要。

And we've also spoken to a number of customers that have been working with them for a long time. For example, Solve Energy, which is one of the largest EPCs in the United States and the world and one of the longest operating is both a current customer and a long-term customer of Bentek. There's a quote by George Hirschman in our release, who's CEO saying that he really welcomed this and he's actually been encouraging us to lean in.

我們也與一些長期與他們合作的客戶進行了交談。例如，Solve Energy 是美國和世界上最大的 EPC 之一，也是營運時間最長的 EPC 之一，它既是 Bentek 的現有客戶，也是長期客戶。我們的新聞稿中引用了執行長喬治·赫希曼 (George Hirschman) 的話，他說他非常歡迎這一點，並且他實際上一直在鼓勵我們參與其中。

The other thing I would just say is that we need more manufacturing of all of the above solar in the United States. And Bentek has the ingredients to become a more -- a larger player in the US, but they were lacking financial support, and they were lacking a holistic system design type approach to the system. We bring those things to them. And we're going to help building out the US supply chain for and continuing to be one of the providers in the industry to support the growth of the US solar industry.

我想說的另一件事是，我們需要在美國生產更多上述太陽能產品。Bentek 擁有成為美國更大企業的實力，但他們缺乏資金支持，也缺乏整體的系統設計方法。我們將這些東西帶給他們。我們將協助建立美國供應鏈，並繼續成為產業供應商之一，支持美國太陽能產業的發展。

And down the road, we could look at offering these products overseas. And we could collaborate with others down the road as well.

將來，我們可以考慮向海外提供這些產品。我們將來也可以與其他人合作。

But this was a good first step for us. We have domain expertise in this legacy. This gets us a very prudent step up and running into the segment. And we look forward to supporting their growth and serving customers.

但這對我們來說是好的第一步。我們擁有這一領域遺產的專業知識。這讓我們非常謹慎地邁出並進入該領域。我們期待支持他們的成長並為客戶提供服務。

I'll just close by saying that there's a saying that, culture eats strategy for breakfast. And we are really culturally matched with Bentek. They have a great leadership team over there. we've interacted with them a lot, and there's just -- it's going to be the integration of the companies is already seamless.

最後，我想說一句俗話：文化可以把策略當早餐吃掉。從文化上來說，我們與 Bentek 非常匹配。他們那裡有一支優秀的領導團隊。我們與他們進行了很多互動，而且——兩家公司的整合已經是無縫的了。

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆林·史密斯（Julien Dumoulin-Smith），傑富瑞集團（Jefferies

Hey, good afternoon, team. Thank you very much, and again nicely done. Maybe just to follow up on that last one a little bit. Let's focus on the strategy still. You talked about a third of your business coming from non-track revenues. So that's pretty impressive, right? I mean that's in five years from now, even a third of the revenues would be north of $1 billion. How do you think about reconciling eBOS and/or other categories? I mean how much thinking about scaling this business up to $1 billion plus?

嘿，大家下午好。非常感謝，再次感謝您的出色表現。也許只是稍微跟進一下最後一個。我們還是集中討論一下策略吧。您說過，您的三分之一業務來自非賽道收入。這真是令人印象深刻，對吧？我的意思是，從現在起五年內，甚至三分之一的收入都會超過 10 億美元。您如何看待協調 eBOS 和/或其他類別？我的意思是，有多少人想過將這個業務規模擴大到 10 億美元以上？

And realistically, what is sort of the cadence of that build-out? I mean, what are you reflecting in guidance in '26, for instance? And how do you think about that trajectory as well as given the liquidity and cash profile that you guys are alluding to here, I mean, what is the prospect for having for a subsequent -- acquisitions reflected, say, by this time, when you have this Analyst Day late fall, you can speak to it.

那麼實際上，這種建設的節奏是怎麼樣的呢？我的意思是，例如，您在 26 年的指導中反映了什麼？您如何看待這一軌跡，以及考慮到您在此提到的流動性和現金狀況，我的意思是，後續收購的前景如何？到那時，當您在深秋的分析師日上談論它時，您可以談論它。

Okay. Thanks, Julien. Dan Shugar here. I'll take the first part and then Chuck will jump in on the second.

好的。謝謝，朱利安。這裡是丹‧舒加 (Dan Shugar)。我負責第一部分，然後查克負責第二部分。

In addition to -- Bentek completed some other acquisitions recently that we have not announced yet. And we'll be speaking about those when they're -- when we're ready to in the coming months. And let me just pull back and just say, how do we approach new technology in the market and new products and services?

除此之外——Bentek 最近也完成了一些我們尚未宣布的其他收購。當我們在未來幾個月準備好時，我們會談論這些問題。讓我退一步來說，我們該如何對待市場上的新技術、新產品和服務？

First of all, we have a very strong organic internal R&D program. We've roughly tripled the investment in that over the last few years. And we're seeing the fruits of that in our bookings in what our shipments with our, for example, our true capture technology, our Terrain following XCR technology, our Hail Pro systems, all of which we've pioneered in the industry.

首先，我們擁有非常強大的有機內部研發計劃。在過去幾年裡，我們在這方面的投資增加了約兩倍。我們在訂單和出貨量中看到了這些技術的成果，例如我們的真實捕捉技術、我們的地形跟隨 XCR 技術、我們的 Hail Pro 系統，這些都是我們在業界率先採用的技術。

And those are quantified to an extent in the shareholder lighter and the low carbon tracker. So we're innovating, getting the job done with organic development. not all great technologies invented here. And sometimes even if we're working on something, it's more prudent to serving customers and scaling is to partner with others that have been doing it for a while and myopically focused on that.

這些在股東權益指數和低碳追蹤器中都得到了一定程度的量化。因此，我們正在創新，透過有機發展來完成工作。並非所有偉大的技術都是在這裡發明的。有時，即使我們正在做某事，為客戶提供服務和擴大規模的更謹慎的做法是與已經做了一段時間並且目光短淺地專注於此的人合作。

So eBOS is one category. We have other things that are very exciting. We'll be speaking to as soon as we're ready. And we'll be providing a lot more granularity about the build-out of our non-tracker products and services offerings over the coming years during the Analyst Day in the fall. Chuck, can you pick it up from there, please?

因此 eBOS 是一個類別。我們還有其他非常令人興奮的事情。一旦我們準備好，我們就會與您交談。在秋季的分析師日期間，我們將提供有關未來幾年非追蹤產品和服務產品的更多詳細資訊。查克，你能從那裡接過來嗎？

I will. Thank you, Julien. If you think about our cash generation, this is really a great business. We generate a really good return on invested capital. You look at the cash flow duration in '26, even after the CapEx that we're going to do, we expect to generate more than $450 million of free cash flow. And even after paying for the current acquisitions and the prior acquisitions, we expect to end the year with north of $1 billion of cash.

我會。謝謝你，朱利安。如果你考慮我們的現金創造能力，這確實是一項偉大的業務。我們獲得了非常好的投資回報。你看 26 年的現金流持續時間，即使在我們進行資本支出之後，我們預計仍將產生超過 4.5 億美元的自由現金流。即使在支付了當前收購和先前的收購費用後，我們預計到今年年底仍將擁有超過 10 億美元的現金。

Now, that does not include new deals that we might do, but I'll say we're prioritizing organic investment. We're investing heavily in our -- as Dan mentioned, and then we'll continue to evaluate other M&A opportunities. We may or may not do any or announce any, but we're looking for areas we can add value to our customers and companies that will integrate well with our technology platform.

現在，這不包括我們可能達成的新交易，但我想說我們優先考慮有機投資。正如丹所提到的，我們正在大力投資，然後我們將繼續評估其他併購機會。我們可能會或可能不會做任何事情或宣布任何事情，但我們正在尋找可以為我們的客戶和公司增加價值的領域，這些領域將與我們的技術平台很好地整合。

Dimple Gosai, Bank of America.

美國銀行的 Dimple Gosai。

Can you please help unpack the durability of the structural gross margins in the low-30s that you're kind of speaking to, especially for 2026? I think I understand the geographic exposure and the margin differentials there. But how much of that is kind of driven by 45 versus operational execution or product mix improvements, especially post this acquisition that we've just discussed and some of the soft practices?

您能否幫助解釋一下您所說的 30% 出頭的結構性毛利率的持久性，特別是對於 2026 年而言？我想我了解那裡的地理分佈和利潤差異。但是，其中有多少是由 45 與營運執行或產品組合改進所推動的，特別是在我們剛剛討論過的這次收購和一些軟實踐之後？

Thank you, Dimple. Nextracker is such a great company. If you look at our backlog, I'd say not all, but the vast majority of '26 is contracted. And so there's a lot of work to do for sure, but we have very good visibility on pricing, margins and cost for '26.

謝謝你，迪普爾。Nextracker 是一家非常棒的公司。如果你看一下我們的積壓訂單，我會說不是全部，但絕大多數 26 都已簽約。因此肯定還有很多工作要做，但我們對 26 年的定價、利潤和成本有很好的了解。

Now there's still work to do, but this is a business that we look at in terms of years and multiyears. And the structural margins for fiscal '26 are largely booked as of today. And so there's work to do still. But for the most part, we feel like we're really well positioned for '26.

現在仍有工作要做，但這是我們以數年甚至多年時間來看的業務。截至今日，26財年的結構性利潤已基本到帳。因此還有很多工作要做。但總體而言，我們感覺我們已經為 26 年做好了充分的準備。

Moses Sutton, BNP Paribas.

法國巴黎銀行的摩西·薩頓。

Thanks for squeezing me in and two basic ones. First, it's great to see the eBOS entry. What percent market share do you think Bentek has had in recent past? And does it have sufficient manufacturing capacity?

感謝您抽空跟我講兩個基本內容。首先，很高興看到 eBOS 條目。您認為 Bentek 近期的市佔率是多少？且其製造能力是否充足？

And number two, are you starting to see strong pipeline and even bookings visibility for 2028? It seems many specific projects are getting greenlit already even before that draft bill came out.

第二，您是否開始看到 2028 年強勁的銷售管道和預訂可見度？似乎在該法案草案出台之前，許多具體項目已經獲得批准。

This is Howard. Hey, Moses. So Bentek, we put them in like the top three or four eBOS suppliers in the US. So they have a very, I would say, loyal following. They've been undercapitalized, frankly, so that's constrained their growth. So we're really looking forward to unlocking that.

這是霍華德。嘿，摩西。因此，我們將 Bentek 列為美國前三或四大 eBOS 供應商之一。所以我想說，他們擁有非常忠實的追隨者。坦白說，他們的資本不足，所以這限制了他們的成長。所以我們真的很期待解開這個謎。

And as Chuck mentioned, we'll be giving more details on the outlook and impact on our business going forward. But they do have a pipeline that does extend out. We think this is one of the areas of like our sales team is so much larger than their team in our platform for the US, and then internationally, is massive compared to their volume. So we think that we can really increase demand and supply and really ignite this business.

正如查克所提到的，我們將提供更多關於未來業務前景和影響的詳細資訊。但他們確實有一條延伸出去的管道。我們認為這是因為我們的銷售團隊比他們在美國平台上的團隊規模大得多，而且在國際上，我們的銷售團隊規模也比他們大得多。因此我們認為我們確實可以增加需求和供應並真正激發這項業務。

Dylan Nassano, Wolfe Research.

迪倫·納薩諾，沃爾夫研究中心。

Hey, good afternoon. Just a quick modeling one for me on the 45x. It looks like that stepped up by about $25 million in the quarter relative to the kind of run rate of the previous couple of quarters. Is there any onetime items we should think about there?

嘿，下午好。只需在 45x 上對我進行快速建模即可。與前幾季的運行率相比，本季的運行率似乎增加了約 2500 萬美元。有哪些一次性物品是我們應該考慮的嗎？

And then also in terms of 2026 guidance, can you just kind of speak to what kind of tariff framework you're assuming in there? And could we see movement towards the high end if more deals get done by the White House or vice versa tariffs rate back up?

那麼就 2026 年指引而言，您能否談談您假設的關稅框架是什麼樣的呢？如果白宮達成更多協議，或反之關稅回升，我們是否會看到關稅朝高端邁進？

And then similarly, on the big beautiful bill, some of the items that you flagged that need some work. If those get softened could there potentially be any impact to the guidance range?

同樣，在這張漂亮的大鈔上，您標記的一些項目需要做一些工作。如果這些變得軟化，可能會對指導範圍產生任何影響嗎？

Great. I'll take the first two, and then Dan or Howard can take the third one. So on 45x, Dylan, yes. Q4 was a little better in the 45x than planned. There was a couple of kind of onetime benefits. It was small.

偉大的。我會選擇前兩個，然後丹或霍華德可以選擇第三個。所以在 45x 上，Dylan，是的。Q4 在 45x 方面比計劃的要好一些。有幾種一次性福利。它很小。

I think as we've looked in the past, if you look throughout fiscal '25, we averaged about 11% of US revenue. That's probably the upper end of what we'd outlook for '26. So I'd look at roughly 11% of US revenue.

我認為，正如我們過去所看到的，如果你回顧整個 25 財年，我們的平均收入約占美國收入的 11%。這可能是我們對 26 年前景的上限。因此我認為其約占美國收入的 11%。

On the tariff side, we've taken a prudent approach with our outlook. We feel like we're covered for the year. It could be a little better, it could be a little worse. But I think we feel like our outlook contemplates, where things are going to land. And so we feel comfortable with our prudent outlook.

在關稅方面，我們對前景採取了審慎的態度。我們感覺今年的保障已經到位。情況可能會好一點，也可能會差一點。但我認為，我們感覺到我們的前景在思考事情最終會如何發展。因此，我們對我們的審慎態度感到滿意。

Dan, do you want to cover the third part?

丹，你想報道第三部分嗎？

I'm sorry, could you restate the third part of that question, please?

抱歉，您能重述一下問題的第三部分嗎？

Yes. I mean, you guys identified some parts of the Republican proposal that maybe could use a little more work to be more beneficial for the industry? If that were to happen and we get things kind of softer with the Senate part of the bill, could you see movement towards the higher end of the range of guidance?

是的。我的意思是，你們發現共和黨提案中的一些部分也許需要進一步改進才能對該行業更有利？如果這種情況真的發生，而參議院對該法案的部分內容的處理變得更加溫和，您是否會看到朝著指導範圍的高端邁進？

Well, I think what Chuck said is and Howard, this year is pretty baked. I don't see that stuff impacting this year at all. Do you, Howard?

嗯，我認為查克和霍華德都說過，今年的運氣相當不錯。我認為這些事情根本不會對今年產生影響。你呢，霍華德？

Yeah. I mean, look, the important thing is that it's kind of for this year, next year, all of our partners that we've talked with and I'm talking about many, many developer owners and EPCs, they're saying that their pipelines are secure -- all the major Tier 1s, yeah, and so of course, is could there be upside.

是的。我的意思是，你看，重要的是，對於今年、明年來說，我們與之交談過的所有合作夥伴，包括很多開發商、業主和 EPC，都表示他們的管道是安全的——所有主要的一級供應商，是的，所以當然，可能會有好處。

Yes, anything is possible. But we feel really good right now where we stand, we manage it on an annual basis. We provided the outlook for the year. This is the first quarter. We feel very, very good about our outlook.

是的，一切都有可能。但我們目前的情況感覺很好，我們每年都會進行管理。我們提供了今年的展望。這是第一季。我們對我們的前景感到非常非常滿意。

Yes. And look, I'll just taking the long view, we went public a little over two years ago. At that time, our backlog was $2.1 billion. Today, it's well over $4.5 billion. And we just had a great quarter in many quarters in a row of book-to-bill over one. So we feel very good about the business.

是的。從長遠來看，我們兩年多前就上市了。當時，我們的積壓訂單為 21 億美元。如今，這一數字已遠遠超過 45 億美元。我們的訂單出貨比連續多個季度超過 1，表現十分出色。因此我們對這項業務感到非常滿意。

We feel great about our margin profile. Our position in the market. We're going to continue operating with price discipline and really lean in on the innovation and customer service, new customer identify what their pain points are, either develop technology that addresses it or acquire those if we can and move with operational excellence to crush it and basically have a fantastic customer satisfaction.

我們對我們的利潤率狀況感到非常滿意。我們在市場中的地位。我們將繼續嚴格遵守價格紀律，真正依靠創新和客戶服務，新客戶會確定他們的痛點，要么開發解決該痛點的技術，要么盡可能收購這些技術，並通過卓越的運營來克服它，並從根本上獲得極高的客戶滿意度。

That's our and our team is myopically focused on that.

這就是我們，而且我們的團隊也只關注這一點。

Operator, we have time for one more question, please.

接線員，我們還有時間再回答一個問題。

Praneeth Satish, Wells Fargo.

富國銀行的 Praneeth Satish。

Thanks for squeezing me in here. So I know you mentioned that customers have been coming to you asking for a combined tracker eBOS solutions. So it seems like there could be some pent-up demand here.

謝謝你把我擠到這裡。所以我知道您提到過，客戶一直向您尋求組合追蹤器 eBOS 解決方案。因此看起來這裡可能存在一些被壓抑的需求。

When we think about the go-to-market strategy where you really kind of scale up the eBOS revenue, is that something that could start immediately in fiscal 2026? Or is it contingent on you finishing out some of the CapEx build that you referenced? Or is it a more gradual ramp that will take you into fiscal '27?

當我們考慮真正擴大 eBOS 收入的市場進入策略時，這是否可以在 2026 財政年度立即開始實施？或者它取決於您完成所提到的部分資本支出建構？或者這是一個更漸進的過程，可以帶你進入 27 財年？

Just trying to understand how to think about and model the attach rate for the eBOS offering? Thank you.

只是想了解如何思考和模擬 eBOS 產品的附加率？謝謝。

Sure. Thanks. We'll do a two-part. Well, let me say they have real bookings, they're serving customers something. And there's extra capacity at Bentek continue scaling to take incremental business. So that's the fact. Howard?

當然。謝謝。我們將分為兩部分。好吧，我想說他們有真正的預訂，他們正在為客戶提供一些服務。Bentek 擁有額外的產能，可繼續擴大規模以承接增量業務。事實就是這樣。霍華德？

Yeah. We think that we can realize some benefits relative to their current run rate today and it's been like a week since we -- since we acquired them and realize those benefits this year in FY26. We do think that we can increase their run rate this year.

是的。我們認為，相對於他們目前的運行率，我們可以實現一些收益，自從我們收購他們並在今年 26 財年實現這些收益以來已經過去了一周的時間。我們確實認為今年我們可以提高他們的運行率。

And just as a point of clarification, customers have asked us to do more than eBOS. In terms of they want -- there's other things customers have asked us to do in terms of adding neuroscope. I mean we're systems-oriented. In the earlier days in the industry, we were doing many parts of the pie in terms of the value pie for customers. And so we're looking at where we can add value and where we can also complement the existing industry, and basically, help systems achieve higher levels of actual performance, which is a major thing.

需要澄清的是，客戶要求我們做的不只是 eBOS。就他們的需求而言——客戶還要求我們在添加神經鏡方面做其他事情。我的意思是我們以系統為導向。在產業發展的早期，我們根據客戶的價值來做很多事情。因此，我們正在研究哪些方面可以增加價值，哪些方面可以補充現有產業，基本上，幫助系統實現更高水準的實際效能，這是一件重要的事情。

Okay. We'd like to thank you all so much for joining us for this earnings call to recap our fiscal year 2025 business and as we set guidance for fiscal year 2026 and announced our launch of our eBOS business. We very much look forward to speaking with you in callbacks and to hosting you at our Analyst Day coming up in the fall. This concludes the call. Thank you very much.

好的。非常感謝大家參加本次財報電話會議，回顧我們 2025 財年的業務，並為 2026 財年制定指導方針，並宣布推出我們的 eBOS 業務。我們非常期待在回電時與您交談，並在秋季即將舉行的分析師日上接待您。通話到此結束。非常感謝。

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

今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。