Nextpower Inc (NXT) 2026 Q2 法說會逐字稿

Good afternoon, everyone and thank you for standing by. My name is Nicole, and I will be your conference operator today. Today's call is being recorded. I would like to welcome everyone to Nextracker's second-quarter fiscal year 2026 earnings call. After the speaker's remarks, there will be a Q&A session. (Operator Instructions)

大家下午好，謝謝大家的支持。我叫妮可，今天我將擔任您的會議主持人。今天的通話正在錄音。歡迎大家參加 Nextracker 2026 財年第二季財報電話會議。演講者發言後，將進行問答環節。（操作員指示）

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

現在，為了開場發言，我想將電話轉給投資人關係主管 Sarah Lee 女士。莎拉，你可以開始了。

Thank you, and good afternoon, everyone. Welcome to Nextracker's second-quarter fiscal year 2026 earnings call.

謝謝大家，下午好。歡迎參加 Nextracker 2026 財年第二季財報電話會議。

I'm Sarah Lee, Nextracker's Head of Investor Relations, and I'm joined by Dan Shugar, our CEO and founder; Howard Wenger, our President; and Chuck Boynton, our CFO. 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.

我是 Nextracker 投資者關係主管 Sarah Lee，與我一起出席的還有我們的執行長兼創辦人 Dan Shugar、我們的總裁 Howard Wenger 和我們的財務長 Chuck Boynton。提醒一下，本次電話會議的重播將與收益新聞稿和股東信一起發佈在 IR 網站上。

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 dates. 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 Form 10-Q and annual report on Form 10-K, which are available on our IR website at investors.nexttracker.com.

今天的電話會議包含有關我們業務財務表現和營運的聲明，包括我們的業務和行業，這些聲明可能被視為前瞻性聲明。此類陳述涉及風險和不確定性，可能導致實際結果與我們的預期有重大差異。這些聲明是基於當前的信念、假設和期望，並且僅代表當前日期的觀點。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、股東信函和美國證券交易委員會 (SEC) 文件，包括我們最近提交的季度報告表 10-Q 和年度報告表 10-K，這些文件可在我們的 IR 網站 investors.nexttracker.com 上找到。

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. 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.

該資訊可能會發生變化，我們不承擔因新資訊、未來事件或我們預期的變化而更新任何前瞻性陳述的義務。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 對帳可在新聞稿和股東信函的附錄以及 IR 網站的財務部分中找到。

And now, I'll turn the call over to our CEO and founder, Dan.

現在，我將把電話轉給我們的執行長兼創辦人丹。

Good afternoon and thank you for joining us. We're very pleased to report another quarter of strong execution. Before we cover the company's performance, I'd like to remind everyone we will be hosting our inaugural Capital Markets Day at our headquarters in Fremont on November 12. We look forward to welcoming many of you as we explain the details of our long-term strategy, platform expansion, and growth opportunities. Given that, after Howard, Chuck, and I provide our prepared remarks on the quarter, we will hold a more limited Q&A today.

下午好，感謝您加入我們。我們非常高興地報告又一個季度的強勁執行。在介紹公司業績之前，我想提醒大家，我們將於 11 月 12 日在弗里蒙特總部舉辦首屆資本市場日。我們期待歡迎你們的到來，我們將詳細解釋我們的長期策略、平台擴展和成長機會。鑑於霍華德、查克和我對本季發表準備好的評論後，我們今天將舉辦更為有限的問答活動。

Now, turning to our performance. We delivered yet another solid quarter, reflecting the team's continued focus on innovation, long-term customer partnerships, and execution. In Q2, revenue grew 42% year over year to $905 million, and adjusted EBITDA increased 29% to $224 million. For the first half of fiscal 2026, revenue was up 31% year over year to $1.77 billion, a record first half for the company.

現在，談談我們的表現。我們又完成了一個穩健的季度，反映了團隊對創新、長期客戶合作夥伴關係和執行力的持續關注。第二季度，營收年增 42% 至 9.05 億美元，調整後 EBITDA 成長 29% 至 2.24 億美元。2026 財年上半年，公司營收年增 31%，達到 17.7 億美元，創下公司上半年的最高紀錄。

Over the past year, we've significantly expanded our technology platform, from foundations and electrical balances system solutions to AI and robotics, and our suite of complementary products and services is gaining traction. Last week, we announced a multi-year agreement with a leading US solar panel manufacturer for multi-gigawatt volumes of our advanced module frame technology, a deal valued at over $75 million. This agreement provides tangible value to customers. It significantly increases domestic content of solar panels, which supports eligibility for tax credits.

在過去的一年裡，我們大幅擴展了我們的技術平台，從基礎和電力平衡系統解決方案到人工智慧和機器人技術，我們的配套產品和服務也越來越受歡迎。上週，我們宣布與美國一家領先的太陽能電池板製造商達成多年協議，將提供我們先進的模組框架技術的多千兆瓦容量，該協議價值超過 7500 萬美元。該協議為客戶提供了切實的價值。它大大增加了太陽能電池板的國內含量，從而支持了稅收抵免資格。

Our advanced frame technology also improves durability of solar panels for more reliable, long-term performance for owners and can facilitate faster installation during the construction phase. We also launched NX PowerMerge in September, our new electrical balances system trunk bus product; and achieved record eBOS bookings in Q2, the highest quarterly sales in Bentek's 40-year history.

我們先進的框架技術也提高了太陽能板的耐用性，為業主提供更可靠、更長期的性能，並且可以在施工階段加快安裝速度。我們還在 9 月推出了新的電氣平衡系統主幹線總線產品 NX PowerMerge；並在第二季度實現了創紀錄的 eBOS 預訂量，這是 Bentek 40 年歷史上最高的季度銷售額。

We saw other products gaining traction as well. We booked our first fully integrated NX Earth Truss Foundation, which reduced parts count over an order of magnitude. And we saw strong adoption of our NX Vantage fire identification system, which employs AI-based visual analysis. Together, these product lines broaden the capability of our platform, connecting the tracker, electrical, and digital systems into one cohesive solution that maximizes project value for our customers and enables us to capture increased wallet share.

我們看到其他產品也越來越受歡迎。我們訂購了第一個完全整合的 NX 土桁架基礎，從而將零件數量減少了一個數量級。我們看到採用基於人工智慧的視覺分析的 NX Vantage 火災辨識系統得到了廣泛的應用。這些產品線共同拓展了我們平台的功能，將追蹤器、電氣和數位系統連接成一個統一的解決方案，從而最大限度地提高客戶的專案價值，並使我們能夠獲得更多的錢包份額。

We are scaling these innovations across our high-volume tracker footprint, with over 150 gigawatts shipped today. translating measured R&D and M&A investments into meaningful revenue and profit. Internationally, we continue to expand our market presence and partnerships.

我們正在大批量追蹤器領域推廣這些創新，目前追蹤器出貨量已超過 150 千兆瓦，將衡量的研發和併購投資轉化為有意義的收入和利潤。在國際上，我們繼續擴大我們的市場影響力和合作夥伴關係。

Today, we announced we entered into an agreement to form Nextracker Arabia, a joint venture with Abunayyan Holding, expanding our manufacturing footprint and commercial presence across the Middle East and North Africa. Nextracker has a strong legacy of reliable performance in Saudi Arabia, starting with KSA's first utility-scale installation, the 405-megawatt Sakaka Solar Park, where our system has demonstrated exemplary reliability. The JV will localize production, strengthen regional supply chains, and advance Saudi Arabia's clean energy goals under Vision 2030.

今天，我們宣布與 Abunayyan Holding 達成協議，成立合資企業 Nextracker Arabia，擴大我們在中東和北非的製造足跡和商業影響力。Nextracker 在沙烏地阿拉伯擁有可靠性能的悠久歷史，從沙烏地阿拉伯的第一個公用事業規模的安裝專案——405 兆瓦的 Sakaka 太陽能園區開始，我們的系統就已展現出卓越的可靠性。該合資企業將實現在地化生產，加強區域供應鏈，並推動沙烏地阿拉伯「2030願景」下的清潔能源目標。

Looking at the broader picture, we continue to benefit from powerful structural tailwinds, including increasing electricity demand, a flight to quality, and very solid long-term customer relationships. Our strategy is clear. Through a combination of internal innovation, targeted acquisitions, and world-class operational execution, we're building a compelling integrated technology platform that delivers the lowest cost, most reliable solutions to meet our customers' needs. Chuck will walk through our updated FY26 outlook shortly, but we're confident in our ability to deliver sustained profitability and cash generation, while scaling our platform globally.

從更廣泛的角度來看，我們繼續受益於強大的結構性順風，包括不斷增長的電力需求、對品質的追求以及非常穩固的長期客戶關係。我們的戰略很明確。透過內部創新、有針對性的收購和世界級的營運執行，我們正在建立一個引人注目的整合技術平台，提供成本最低、最可靠的解決方案來滿足客戶的需求。查克很快就會介紹我們最新的 26 財年展望，但我們有信心能夠實現持續的盈利和現金創造，同時在全球範圍內擴展我們的平台。

And finally, before turning the call over to Howard to review some of the highlights from the quarter, I want to thank our customers for their continued partnership and trust and our employees for their passion in driving innovation and customer satisfaction.

最後，在將電話轉給霍華德回顧本季的一些亮點之前，我要感謝我們的客戶持續的合作和信任，以及我們的員工對推動創新和客戶滿意度的熱情。

Thanks, Dan. We continue to see strong global demand for our products and services, growing backlogged to over $5 billion at quarter end. It has been gratifying to see continued sales gains and customer traction with our emerging solar technology platform. In Q2, we had record bookings for eBOS and foundations, a record number of new customers and contracts added for robotic inspection and fire detection services, and we recently announced a new multi-gigawatt agreement for advanced module frames. The speed of adoption of these additional products and services is very encouraging and a testament to our market footprint and capability to scale quickly.

謝謝，丹。我們繼續看到全球對我們產品和服務的強勁需求，截至本季末，積壓訂單已增至 50 多億美元。我們很高興看到我們新興的太陽能技術平台的銷售額持續成長並受到客戶的青睞。在第二季度，我們的 eBOS 和地基訂單量創下了紀錄，機器人檢查和火災偵測服務新增客戶和合約數量也創下了紀錄，而且我們最近還宣布了一項針對先進模組框架的新的數千兆瓦協議。這些附加產品和服務的採用速度非常令人鼓舞，證明了我們的市場足跡和快速擴展的能力。

We also had record quarterly bookings for TrueCapture and our navigator control system, underscoring the value in energy yield enhancement and plant performance and control. Our strategy is to build a cohesive platform by harmonizing these new products and services with our industry-leading NX Horizon tracker system. This approach will deliver superior economics and reliability, improve installation efficiency, and excellent customer experience. In fact, we are seeing many project orders now with multiple Nextracker products and services, not just the tracker. At Capital Markets Day, we'll go into the details of our solar technology platform.

我們也創下了 TrueCapture 和導航控制系統的季度訂單記錄，凸顯了其在提高能源產量和工廠性能與控制方面的價值。我們的策略是透過協調這些新產品和服務與我們行業領先的 NX Horizo​​n 追蹤系統來建立一個有凝聚力的平台。這種方法將提供卓越的經濟性和可靠性，提高安裝效率，並提供卓越的客戶體驗。事實上，我們現在看到許多項目訂單都包含多種 Nextracker 產品和服務，而不僅僅是追蹤器。在資本市場日，我們將詳細介紹我們的太陽能技術平台。

Now, let's move to regional demand. In the US, bookings and revenue were up significantly year over year, with revenue up 49%. We have benefited from a flight to quality and an ongoing shift toward domestically manufactured systems. Outside of the US, internationally, we highlight Europe in the quarter, which has emerged as a top market for the company. Coming off the strongest year ever for Nextracker and FY25, we see the markets in Europe broadening and gaining momentum, delivering record sales in Q2. We are also excited by our new KSA joint venture to address the growing MENA region.

現在，讓我們來談談區域需求。在美國，預訂量和收入較去年同期大幅成長，營收成長了 49%。我們受益於對品質的追求和向國產系統的持續轉變。除美國以外，在國際上，本季我們將重點放在歐洲，歐洲已成為該公司最大的市場。在 Nextracker 和 FY25 經歷了有史以來最強勁的一年之後，我們看到歐洲市場正在擴大並獲得發展動力，在第二季度實現了創紀錄的銷售額。我們也很高興與沙烏地阿拉伯王國成立了新的合資企業，以應對日益增長的中東和北非地區的需求。

Turning to project timing, cost, and pricing. Project timing remains stable and manageable on a portfolio basis consistent with previous quarters, with some projects accelerating and others pushing out. Our deep backlog and broad project portfolio provide excellent visibility and reduce uncertainty. Pricing continues to track the broader solar cost curve, and we continue to invest in R&D and scalable infrastructure to drive cost out. Our company culture is to relentlessly serve our customers and deliver the most value at competitive cost and pricing. This innovation and customer-centric approach is working as evidenced by increased market share and sustained earnings.

轉向專案時間、成本和定價。與前幾季相比，專案時間保持穩定且在投資組合基礎上易於管理，有些專案正在加速，而有些專案則在推遲。我們豐富的積壓訂單和廣泛的項目組合提供了出色的可視性並減少了不確定性。定價繼續追蹤更廣泛的太陽能成本曲線，我們將繼續投資研發和可擴展基礎設施以降低成本。我們的公司文化是堅持不懈地服務客戶，以具競爭力的成本和價格提供最大的價值。這種創新和以客戶為中心的方法正在發揮作用，市場份額的增加和持續的盈利就是明證。

We always work very closely with our customers, including managing US tariff impacts. The tariffs are substantial, as we all know, but impacts are mitigated by our domestic supply chain with over 25 partner manufacturing facilities producing US components and ability to deliver 100% domestic content to US Treasury guidelines. In parallel, some of our customers have told us they have successfully increased their power purchase agreement pricing both in the near term and beyond the tax credit horizon. This helps buffer some solar supply chain cost impacts and can help bridge the industry going forward as government policy changes get implemented.

我們始終與客戶密切合作，包括管理美國關稅的影響。眾所周知，關稅數額巨大，但我們的國內供應鏈減輕了其影響，我們擁有超過 25 家合作製造工廠，生產美國零件，並能夠按照美國財政部的指導方針提供 100% 的國內產品。同時，我們的一些客戶告訴我們，他們已經成功地提高了短期和稅收抵免期後的購電協議價格。這有助於緩解一些太陽能供應鏈成本的影響，並有助於隨著政府政策變化的實施推動產業向前發展。

In summary, our business fundamentals remain strong. Demand is healthy. Our backlog is large and expanding. Project timing and execution visibility is solid, and we continue to strengthen our competitive position through innovation, operational excellence, and serving our customers.

總而言之，我們的業務基礎依然強勁。需求健康。我們的積壓訂單量很大，而且還在增加。專案時間和執行可見性非常可靠，我們將繼續透過創新、卓越營運和服務客戶來加強我們的競爭地位。

With that, I'll hand it over to Chuck to walk through the financials in more detail.

有了這些，我會把話題交給查克，讓他更詳細地介紹一下財務狀況。

Thanks, Howard. And good afternoon, everyone. We again delivered strong financial and operational performance this quarter. Q2 revenue was $905 million and adjusted EBITDA was $224 million, representing a 25% EBITDA margin. Year to date, we've generated approximately $1.8 billion in revenue, up 31% from last year, and $438 million in adjusted EBITDA, demonstrating continued execution across all aspects of the business.

謝謝，霍華德。大家下午好。本季我們再次取得了強勁的財務和營運業績。第二季營收為 9.05 億美元，調整後 EBITDA 為 2.24 億美元，EBITDA 利潤率為 25%。今年迄今為止，我們的營收約為 18 億美元，比去年成長 31%，調整後 EBITDA 為 4.38 億美元，顯示我們在業務的各個方面持續執行。

Adjusted free cash flow was $171 million for the quarter and $241 million year to date. We remain highly capital efficient, and our cash generation continues to support investment in growth and innovation. We close the quarter with $845 million in cash, no debt and total liquidity of nearly $1.8 billion, including our recently renewed $1 billion unsecured revolving credit facility with investment grade terms. This balance sheet strength provides us with significant flexibility to fund future expansion and strategic investments.

本季調整後的自由現金流為 1.71 億美元，年初至今調整後的自由現金流為 2.41 億美元。我們仍然保持高度的資本效率，我們的現金產生繼續支持對成長和創新的投資。本季末，我們擁有 8.45 億美元現金，沒有債務，總流動資金接近 18 億美元，其中包括我們最近續簽的 10 億美元投資級無擔保循環信貸額度。這種資產負債表實力為我們提供了極大的靈活性，可以為未來的擴張和策略投資提供資金。

Turning to profitability, Q2 gross margins and operating margins remain strong, reflecting benefits of 45X manufacturing credits, solid cost management, and a favorable regional mix. We continue to see tariff-related headwinds of approximately 300 bps in Q2, up 200 bps over Q1. Our geographic mix, diversified supply chain, domestic manufacturing footprint, and disciplined execution have helped offset those impacts.

談到獲利能力，第二季的毛利率和營業利潤率仍然強勁，反映了 45 倍製造信貸、穩健的成本管理和有利的區域組合帶來的好處。我們繼續看到第二季與關稅相關的阻力約為 300 個基點，比第一季增加 200 個基點。我們的地理分佈、多樣化的供應鏈、國內製造足跡以及嚴格的執行有助於抵消這些影響。

Looking ahead, we are raising our full-year FY26 outlook. We now expect revenue between $3.275 billion and $3.475 billion, adjusted EBITDA between $775 million and $815 million, and adjusted diluted EPS in the range of $4.04 to $4.25 per share. For the second half of the year, we expect modest margin impact due to Section 232 tariffs and a higher percentage of international projects. Based on project schedules, we expect the second half revenue to be slightly more weighted toward Q4.

展望未來，我們上調了 2026 財年全年業績預期。我們現在預計營收在 32.75 億美元至 34.75 億美元之間，調整後的 EBITDA 在 7.75 億美元至 8.15 億美元之間，調整後的稀釋每股收益在 4.04 美元至 4.25 美元之間。對於下半年，我們預計利潤率將因第 232 條關稅和國際項目比例增加而受到適度影響。根據專案進度，我們預計下半年的營收將略微偏向第四季。

In addition, we expect gross margins to continue to be in the low-30s and operating margins in the low-20s. Our outlook assumes the current US policy environment remains intact and permitting processes and timelines will remain consistent with historical levels. Overall, we feel confident in our ability to deliver sustained growth and profitability, while continuing to invest in innovation and long-term value creation. We continue to execute at a high level while maintaining strong margins and cash flow and strengthening our balance sheet. We believe our strategy, team, and platform uniquely position us to deliver long-term shareholder value.

此外，我們預計毛利率將繼續保持在 30% 出頭，營業利潤率將繼續保持在 20% 出頭。我們的展望假設當前美國的政策環境保持不變，許可流程和時間表將與歷史水準保持一致。整體而言，我們對自己實現持續成長和獲利的能力充滿信心，同時繼續投資於創新和長期價值創造。我們繼續高水準執行，同時保持強勁的利潤率和現金流並加強我們的資產負債表。我們相信，我們的策略、團隊和平台使我們能夠實現長期股東價值。

With that, we'll move to Q&A. Operator?

接下來，我們將進入問答環節。操作員？

(Operator Instructions) Mark Strouse, JPMorgan.

（操作員指示）摩根大通的馬克·斯特勞斯。

Yes, good afternoon. Thank you very much for taking our questions. So Dan, I think being the first quarter that you guys were reporting since one big, beautiful bill, but also Safe Harbor being updated. Just curious for your take, I don't want to steal the thunder from the analyst here in a few weeks, but kind of how you're thinking about industry growth through the next several years, let's call it, through the end of the decade?

是的，下午好。非常感謝您回答我們的問題。所以丹，我認為這是你們自一項重大而美麗的法案以來首次報告季度情況，而且安全港也進行了更新。我只是好奇您的看法，我不想在幾週後搶了分析師的風頭，但是您如何看待未來幾年（我們稱之為到本世紀末）的行業增長？

I think when you first IPO-ed, you were quoting some industry sources for some pretty significant growth. Just curious with everything that's kind of changed between now and then how you're thinking about that going forward? Thank you.

我認為，當您首次進行 IPO 時，您引用了一些行業消息來源，稱其實現了相當顯著的成長。我只是好奇，從現在到那時，一切都改變了，您對未來有何看法？謝謝。

Yeah, thanks, Mark. We feel the fundamentals for solar are very strong. We've spoken to our customers, and in the US, customers have safe harbored immense amounts of projects and gigawatts, orders are continuing, the fundamentals overseas are strong as evidenced by our sustained bookings and backlog. What's interesting is, as the industry moves forward, how the economics of solar stack up when tax credits are gone down the road.

是的，謝謝，馬克。我們認為太陽能的基本面非常強勁。我們已經與客戶進行了交談，在美國，客戶已經安全地保管了大量的項目和千兆瓦，訂單仍在繼續，海外基本面強勁，這從我們持續的預訂和積壓訂單中可以看出。有趣的是，隨著產業的發展，當稅收抵免消失時，太陽能的經濟效益如何。

And way back, about six or seven years ago, Nextracker did the largest solar project in the Western Hemisphere at the time. It was a project in Mexico we did for now called, Villanueva, that we did with our partner, DPC partner, SOLV. And there were no tax credits down there. That was an all-source solicitation. And that project stood on its own. The economics worked with no tax credits in North America.

大約六、七年前，Nextracker 完成了當時西半球最大的太陽能專案。這是我們目前在墨西哥進行的一個名為 Villanueva 的項目，我們與合作夥伴 DPC 合作夥伴 SOLV 共同完成。那裡沒有稅收抵免。這是一次全源徵集。這個項目是獨立的。北美的經濟在沒有稅收抵免的情況下仍然運作。

So since then, solar panels have gotten a lot more efficient. The power of the panels has roughly doubled since that project happened. Inverters are more efficient. The Nextracker platforms are increasing yield. And so, many of our customers share our view that the industry can stand on its own without tax credits and be economically viable in most of the US and most of the world.

從那時起，太陽能電池板的效率就大大提高了。自該專案實施以來，太陽能電池板的功率大約增加了一倍。逆變器效率更高。Nextracker 平台正在提高產量。因此，我們的許多客戶都認同我們的觀點，即該行業無需稅收抵免即可獨立發展，並且在美國大部分地區和世界大部分地區都具有經濟可行性。

While this has happened this year, what we've seen is also significant escalations in the cost of fossil power generating equipment on CapEx, and we've seen a lot of volatility on fuel pricing, things like that. So we're confident in the long-term prospects for our industry, for solar. You know, we feel great about our current position with record backlog today at over $5 billion.

雖然今年發生了這種情況，但我們也看到化石發電設備資本支出成本大幅上升，燃料價格也大幅波動，諸如此類。因此，我們對太陽能產業的長期前景充滿信心。您知道，我們對目前的狀況感到非常滿意，今天的積壓訂單量已超過 50 億美元，創歷史新高。

Brian Lee, Goldman Sachs.

高盛的 Brian Lee。

Hey, everyone. Good afternoon. Thanks for taking the questions. Kudos on the nice execution here.

嘿，大家好。午安.感謝您回答這些問題。讚揚這裡的出色執行。

I guess just one question I have around the cadence for this year. I know you don't necessarily control the project timing, but first half of the fiscal year has been really strong, evident in the numbers here, so it is a bit of a different seasonal cadence. Maybe give us some sense, is this pull forward ahead of policy changes in the US, or are there other factors driving the project timeline this year versus historical?

我想我對今年的節奏只有一個疑問。我知道你不一定能控制專案時間，但財政年度上半年的表現確實很強勁，從這裡的數字就可以看出，所以這是一個有點不同的季節性節奏。也許可以給我們一些啟發，這是在美國政策變化之前進行的提前行動，還是有其他因素推動今年的專案時間表與歷史時間表的不同？

And then I'll just throw one in there. I don't know if I'll get an answer, but given the evolving mix of business, and you stated, Dan, record bookings and eBOS, can you guys provide any kind of rough thoughts around the bookings mix, tracker, non-tracker, US, non-US? I'll take a stab at that one. Thank you, guys.

然後我就把一個丟進去。我不知道我是否會得到答案，但考慮到不斷變化的業務組合，以及你所說的丹、記錄預訂和 eBOS，你們能否就預訂組合、追踪器、非追踪器、美國、非美國提供任何粗略的想法？我會嘗試一下。謝謝你們。

Great. Thanks, Brian. I'll take part one, and Howard will take part two. So we had a really, really strong first half of the year. Kudos to our operations team, an incredibly strong delivery. Our on-time delivery is stellar, and our customers really enjoy how we operate.

偉大的。謝謝，布萊恩。我參加第一部分，霍華德參加第二部分。因此，我們今年上半年的業績確實非常強勁。向我們的營運團隊致敬，他們的交付成果非常出色。我們的準時交貨非常出色，我們的客戶也非常滿意我們的營運方式。

As you know, we look at our business on an annual-slash-multi-year basis, and you can't just look at one quarter and say, that's a trend. Having said that, we have raised our outlook now, both Q1 and in Q2, so we are seeing strength. As you know, the one quarter out, the trucks are scheduled, deliveries are scheduled, and so we feel really good about where Q3 is landing. We did note in the prepared remarks and the shareholder letter that you'll see Q4 is a bigger quarter than Q3.

如您所知，我們以年度或多年為基礎來看待我們的業務，您不能只看一個季度就說這是一種趨勢。話雖如此，我們現在已經提高了第一季和第二季的展望，因此我們看到了強勁的勢頭。如您所知，一個季度後，卡車已經安排好了，交貨也已經安排好了，所以我們對第三季的進展感到非常滿意。我們確實在準備好的評論和股東信中指出，您會發現第四季比第三季更大。

And so I think overall you know we feel good about where the year is landing. And we'll see you know how strong you know Q4 will come in it's going to be bigger we'll let you know next quarter, but right now, we feel really good with the pace and cadence of the business this year. It's a little smoother quite frankly than last year and a year before, so we do think that as we grow and scale it is becoming a little more linear.

所以我認為總體而言，我們對今年的成績感到滿意。我們將拭目以待，看看第四季度的表現有多強勁，它會變得更強勁，我們將在下個季度通知您，但目前，我們對今年業務的步伐和節奏感到非常滿意。坦白說，它比去年和前年更加平穩，因此我們確實認為，隨著我們的成長和擴大，它會變得更加線性。

Howard you want to take the second part?

霍華德你想拍第二部嗎？

Sure. So you asked about e-bots and the mix of non-tracker and tracker and then sort of a regional look. So kind of a multi-part question there. Thank you.

當然。所以你問到了電子機器人以及非追蹤器和追蹤器的混合，然後是某種區域外觀。這是一個由多部分組成的問題。謝謝。

We have a strategy of building out a platform that has our tracker at the core and we're executing to that, both with organic investment in R&D and new products within the company and also inorganic through M&A. We've executed a number of M&A, a number of acquisitions as we've announced. One of them you asked about is the eBOS. We've acquired Bentek. And in the first full quarter that they were with us, we achieved a record booking, and that's over a 40-year history of that company.

我們的策略是建立一個以我們的追蹤器為核心的平台，我們正在執行這項策略，既透過公司內部對研發和新產品的有機投資，也透過併購進行無機投資。正如我們所宣布的，我們已經執行了多項併購和收購。您詢問的其中一個是 eBOS。我們已經收購了 Bentek。在他們與我們合作的第一個完整季度，我們就實現了創紀錄的預訂量，而這已經超過了該公司 40 年的歷史。

So that gives you a sense of our market presence and platform and ability to scale these acquisitions. We're really happy with the start there. We also had record bookings in our advanced foundations business, also through acquisition and internal R&D combined, and we had a record. We purchased onsite, which is a robotic inspection company, had a record number of new customers signed in the quarter and contracts there as well. So we're really happy with the non-tracker part of the business.

這樣您就可以了解我們的市場地位、平台和擴大這些收購的能力。我們對那裡的開始感到非常高興。我們的高級基礎業務也創下了訂單記錄，透過收購和內部研發相結合，我們也創下了記錄。我們收購了現場機器人檢測公司，該公司本季簽約的新客戶數量和合約數量均創下了紀錄。因此，我們對業務的非追蹤部分感到非常滿意。

At the upcoming Capital Markets Day, we'll get into how these -- the tracker and non-tracker business and we'll give a lot more detail on how they fit and how they're going to grow and what the percentages are, et cetera, there. So please come for that day on November 12.

在即將到來的資本市場日，我們將深入探討這些——追蹤和非追蹤業務，並將更詳細地介紹它們如何適應、如何成長、百分比是多少等等。所以請在 11 月 12 日那天來。

And I'll just say that from a US and non-US mixed perspective, the US has really had a very strong run, and we expect that to continue. And meanwhile, as we noted, revenue is up 49% year on year in the US. Okay, quarter on quarter, or year on year for the quarter.

我只想說，從美國和非美國的混合角度來看，美國確實表現非常強勁，我們預計這種勢頭將持續下去。同時，正如我們所注意到的，美國的收入年增了 49%。好的，按季度計算，或按年計算。

Meanwhile, the international business keeps growing. And so we're very pleased with how the strength of our global bookings status is, and now we're over $5 billion on backlog. Thanks for the question.

同時，國際業務不斷成長。因此，我們對全球預訂狀況的強勁程度感到非常滿意，現在我們的積壓訂單已超過 50 億美元。謝謝你的提問。

Philip Shen, Roth.

菲利普·沈，羅斯。

Hey, guys. Thanks for taking my questions. First one is on bookings. Your bookings in Book the Bill have been consistently impressive. With the expansion of your technology platform, our check suggests that your customers who already spend a large chunk of their wallet with you are open to spending yet more. Can you talk about how bookings could continue to trend in the coming quarters, especially with the increased number of product offerings?

嘿，大家好。感謝您回答我的問題。第一個是關於預訂。您在 Book the Bill 中的預訂一直令人印象深刻。隨著您的技術平台的擴展，我們的檢查表明，已經在您這裡花費大量金錢的客戶願意花更多的錢。您能否談談未來幾季預訂量將如何繼續呈現趨勢，尤其是在產品數量增加的情況下？

And my second question here is on the poly 232. I think in your shareholder letter you talk about the steel and aluminum 232 impacting your back half margins, but on the poly 232, which is potentially going to be announced in the next few weeks, how are you and your customers prepared for a potentially high 232 tariff that may have a limited quarter level for the different segments of the value chain? Thanks, guys.

我的第二個問題是關於 poly 232 的。我認為您在致股東的信中談到了鋼鐵和鋁 232 法案對您下半年利潤率的影響，但對於可能在未來幾週內宣布的聚乙烯 232 法案，您和您的客戶如何為可能的高 232 關稅做好準備？此關稅可能會對價值鏈不同環節產生有限的季度水準影響。謝謝大家。

I'll take the first part, Phil. Howard and Dan will take the second part. So yeah, another very good quarter for us on sales, very strong. Demand is still there. For us, we think there's a flight to quality and that our customers want for us to do more. And so that's what we're doing.

我將負責第一部分，菲爾。霍華德和丹將負責第二部分。是的，這對我們來說又是一個銷售表現非常好的季度，非常強勁。需求仍然存在。對我們來說，我們認為這是一個追求品質的過程，我們的客戶希望我們做得更多。這就是我們正在做的事情。

We're responding to the customer demand. And we're unlocking a lot of synergies between the tracker and other elements of what we're selling, as evidenced by record bookings, and particularly for foundations, which we're very pleased about.

我們正在回應客戶的需求。我們正在釋放追蹤器與我們銷售的其他產品之間的許多協同效應，創紀錄的預訂量就是明證，特別是對於基金會而言，我們對此感到非常高興。

Another quarter of increased backlog, so you can infer from that, that monotonically increasing backlog is a good thing. And so, we are going to get into it in a lot more detail at Capital Markets Day on how these different products and services and solutions integrate together and how customers are responding to that.

積壓訂單又增加了四分之一，因此你可以從中推斷，積壓訂單單調增加是一件好事。因此，我們將在資本市場日更詳細地探討這些不同的產品、服務和解決方案如何整合在一起，以及客戶對此的反應。

Thanks for the question, part a, Phil. And Dan will take the next one.

謝謝菲爾提出的問題（第一部分）。丹將接替他。

Hey, Phil. So with respect to 232 as it relates to poly, so we don't buy poly wafered cells. I will say though, last week we toured a major new 5-gigawatt module manufacturing facility. I had the pleasure of meeting some executives from Corning, which has really stepped up to increase their production in the United States of polysilicon and other stuff. We're just very gratified to see the significant build-out of capacity in the United States. But we're not in a position to really comment on how all that's going to play out with respect to raw materials for our customers.

嘿，菲爾。因此，就 232 而言，它與多晶矽有關，因此我們不購買多晶矽晶片電池。不過我要說的是，上週我們參觀了一個大型的新 5 千兆瓦模組製造工廠。我很高興會見了康寧公司的幾位高階主管，康寧公司已加大力度增加其在美國的多晶矽和其他材料的產量。我們非常高興地看到美國產能的大幅提升。但我們無法真正評論這一切將如何影響客戶的原料。

I will say though that with respect to tariffs, that was part of the logic in us doing our launching our steel frame business. So this has just been very well received in the market. The fundamental reason we first started looking at this, and Nextracker's been involved in advanced module frames since we founded the company, we came up -- if you look at almost every solar panel today, there's features in those frames that were Nextracker DNA. So we've done a lot of engineering and research on that.

不過，我要說的是，就關稅而言，這是我們開展鋼架業務的部分邏輯。因此，這款產品在市場上受到了熱烈歡迎。我們最初開始研究這個問題的根本原因在於，自從我們創立公司以來，Nextracker 就一直致力於先進的模組框架研究——如果你看看今天幾乎每一塊太陽能板，你會發現這些框架中都有 Nextracker DNA 的特徵。因此我們對此進行了大量的工程和研究。

The legacy frame have been aluminum. And aluminum was okay when solar panels were small. But today, solar panels are huge, and you have this floppy module problem where the aluminum's not strong enough. Well, our frame designs that we have both our next-gen frames, our amazing acquisition we did with Origami, with their frame design, address those issues by providing more rigidity to the solar panel, which provide longer-term, we believe, greater durability of the performance of the solar panel, as well as facilitate attachments of those panels to reduce installation time and labor.

傳統的框架都是鋁製的。當太陽能電池板較小的時候，鋁是可以接受的。但如今，太陽能板體積龐大，而且由於鋁的強度不夠，所以有軟模組問題。嗯，我們的框架設計，即我們的下一代框架，是我們與 Origami 合作的驚人成果，其框架設計透過為太陽能電池板提供更高的剛性來解決這些問題，我們相信這可以提供更長期的、更持久的太陽能電池板性能，並方便這些電池板的連接，以減少安裝時間和勞動力。

What it also does though, is address the supply chain issue. And essentially, we can manufacture these frames in the United States using US-supplied steel. We're already doing this. It's happening. We have capacity on the ground. And this allows our customers to have a better position with it, it can allow them to have a better position with respect to tax credits, and also increase the content of the product.

但它也能解決供應鏈問題。本質上，我們可以在美國使用美國供應的鋼材來製造這些框架。我們已經在這麼做了。它正在發生。我們擁有實地能力。這使我們的客戶擁有更好的地位，可以讓他們在稅收抵免方面擁有更好的地位，同時也增加了產品的內容。

So we're doing our part, which is to further increase domestic manufacturing of many of the aspects of a solar power system, and the stream thing will help get that done. Thanks for the question. Next question, please.

因此，我們正在盡自己的一份力量，進一步增加太陽能發電系統許多方面的國內製造，而溪流技術將有助於實現這一目標。謝謝你的提問。請問下一個問題。

Praneeth Satish, Wells Fargo.

富國銀行的 Praneeth Satish。

Thanks, good afternoon. Maybe just kind of digging into the T1 Energy partnership that you announced a few weeks ago. Are you viewing this as maybe a blueprint for future deals with other US solar manufacturers? And if so, how far along are those discussions? Could we see more deals this year? Or do you view the T1 deal as kind of more of a one-off or more kind of an exclusive pilot?

謝謝，下午好。也許只是深入了解您幾週前宣布的 T1 Energy 合作夥伴關係。您是否將此視為未來與其他美國太陽能製造商交易的藍圖？如果是的話，這些討論進行到什麼程度了？今年我們能看到更多交易嗎？或者您認為 T1 交易更像是一次性交易或獨家試點？

And then maybe just kind of longer term on the product side, for steel frames, you mentioned some of the benefits. But is there an opportunity to maybe design or develop a new tracker product that better integrates the steel frame designs and enhances the overall performance?

然後也許只是從產品方面的長期來看，對於鋼架，您提到了一些好處。但是是否有機會設計或開發新的追蹤器產品，以更好地整合鋼框架設計並提高整體性能？

Yeah. Thanks, Praneeth. On question number one, we see the need as universal for solar panels. These panels, the physical area has significantly increased in these panels, and the need to provide more mechanical stability and functionality in these panels applies really to everyone. And so we've had a very positive reaction to the launch of our advanced module frame business at the major trade show of the year, RE+, which was last month, and in the run-up to the T1 transaction you mentioned and afterwards.

是的。謝謝，Praneeth。關於第一個問題，我們認為太陽能板的需求是普遍存在的。這些面板的物理面積顯著增加，每個人都需要在這些面板中提供更多的機械穩定性和功能。因此，我們在上個月舉行的年度主要貿易展 RE+ 上推出了先進的模組框架業務，並在您提到的 T1 交易之前和之後做出了非常積極的反應。

So we see this as a great win for everyone. Really, owners, the IPPs that are operating these plants want to see longer-term durability. The module industry wants to be able to source competitive domestic product and increase their US content. And EPCs want more durable solar panels to handle in the shipment and the installation phase.

因此，我們認為這對每個人來說都是一場偉大的勝利。事實上，業主，營運這些工廠的獨立發電廠 (IPP) 希望看到更長期的耐用性。模組產業希望能夠採購具有競爭力的國內產品並增加其美國含量。EPC 需要更耐用的太陽能板來處理運輸和安裝階段。

Now, the next thing that's possible is, hey, can we co-optimize the frame with the tracker system? And the answer is yes. In another part of our shareholder letter, we commented on how we just launched our integrated Earth Truss product in the foundation space, and there's an analogy here. With that product, we were able to reduce the parts count by an order of magnitude.

現在，下一件可能的事情是，嘿，我們可以使用追蹤系統共同優化框架嗎？答案是肯定的。在我們致股東信的另一部分中，我們評論了我們如何剛剛在基礎領域推出整合地球桁架產品，這裡有一個類比。有了該產品，我們能夠將零件數量減少一個數量級。

So if you look at the existing foundation and the new foundation, we were able to engineer a lot of these parts out. The analogy with the frame, you can think about an automobile. Old cars, they had a very strong automobile frame, okay? And then the panels were just sort of hung on the car, the side panels. And then you came out with these like unibody cars where it's a co-optimized structural element that has to survive dynamic forces. And it seems it's true with the solar panel and the tracker.

因此，如果你看一下現有的基礎和新的基礎，我們就能設計出許多這樣的零件。與車架的類比，你可以想像一輛汽車。老式汽車，它們的汽車框架非常堅固，好嗎？然後，面板就被掛在汽車上，也就是側板上。然後你就發明了這種一體式車身汽車，它是一種共同優化的結構元素，必須能夠承受動態力。太陽能電池板和追蹤器似乎確實如此。

So there's a lot of opportunities to co-optimize these products and to really serve the industry, both for frames that work with Nextracker, as well as other support systems. We're very excited about this product family, and it's been very well received in the market. Next question, please.

因此，有許多機會共同優化這些產品並真正服務於產業，無論是與 Nextracker 配合使用的框架，還是其他支援系統。我們對這個產品系列感到非常興奮，它在市場上受到了熱烈歡迎。請問下一個問題。

Sean Milligan, Needham.

肖恩·米利根，尼德姆。

Thank you for taking my question. Great quarter. I was curious, on the international side. You mentioned a lot of markets, and so I was interested to see what your comments are around tracker uptake in those markets. If you just go back a couple of years, how much additional share have trackers taken in those markets or grown to, and just kind of where you see that heading over time?

感謝您回答我的問題。很棒的一個季度。從國際角度來說，我很好奇。您提到了很多市場，所以我很想知道您對這些市場中追蹤器吸收量的評論。如果回顧過去幾年，追蹤器在這些市場中佔據了多少額外的份額，或者成長了多少，您認為隨著時間的推移，這種趨勢會如何？

Yeah, this is Howard. Yeah, trackers, there's no question. Trackers are the predominant structure for utility scale solar projects, and also larger DG, distributed generation projects, have gone to trackers. And just the energy yield has gone up over time with innovation. We've been able to -- back 20 years ago, for example, even a place like Germany, Southern Germany, a tracker gain was about over fixed till 12%. You fast-forward to today, 20 years later, because a lot of the innovations that Nextracker has implemented were now at 18% to 20% gain over a fixed tilt in the same region.

是的，這是霍華德。是的，追蹤器，毫無疑問。追蹤器是公用事業規模太陽能專案的主要結構，而且更大的 DG（分散式發電專案）也已採用追蹤器。隨著創新的進行，能源產量也隨著時間的推移而提高。我們已經能夠——例如，20 年前，甚至像德國、德國南部這樣的地方，追蹤器增益也固定在 12% 左右。快進到 20 年後的今天，Nextracker 實施的許多創新現在比同一地區的固定傾斜度提高了 18% 到 20%。

So there's just sort of this very important drive for energy yield, lower costs that's happening with scale, this virtuous cycle that's allowed trackers to become the dominant platform. And that's in just about every region of the world. The only place that we're seeing some fixed tilt is like super -- like incredibly -- like on a mountainside, these niche applications that are incredibly difficult. It might be appropriate for fixed tilt. Thanks for the question.

因此，這對能源產量和降低成本有著非常重要的推動作用，而這種推動作用是透過規模化來實現的，這種良性循環使得追蹤器成為主導平台。幾乎全世界每個地區都是如此。我們看到唯一固定傾斜的地方就像超級——就像令人難以置信的——就像在山腰上，這些利基應用非常困難。它可能適合固定傾斜。謝謝你的提問。

Dimple Gosai, Bank of America.

美國銀行的 Dimple Gosai。

Good evening. I appreciate the opportunity to ask a question here. Tim, you mentioned or you called out expansion in the Middle East through Nextracker Arabia JV. Can you help quantify the level of investment in Saudi Arabia JV? Is there any local manufacturing planned or in place?

晚安.我很感謝有機會在這裡提問。提姆，您提到或呼籲透過 Nextracker Arabia JV 向中東地區擴張。您能幫助量化沙烏地阿拉伯合資企業的投資水準嗎？是否有本地製造計劃或已實施？

And then further to that, what kind of revenue contribution or manufacturing footprint do you expect by '27, right? Like, maybe give us a sense of pricing or margins in those regions compared to the US, please.

然後進一步問，您預計到 27 年會有什麼樣的收入貢獻或製造足跡，對嗎？例如，請讓我們了解這些地區與美國相比的定價或利潤情況。

Yeah, hey, Dimple. Dan here. I'll provide a bit of context and ask Howard to provide more color on the market and Chuck to go deeper on the numbers. We're extremely excited to be launching Nextracker Arabia. As noted earlier, we have a long legacy. Seven years ago, we did the first utility scale project in Saudi Arabia, with the 400 megawatts project. We've exported from Saudi Arabia many times from manufacturing capacity that we've set up there.

是的，嘿，酒窩。丹在這裡。我將提供一些背景信息，並要求霍華德提供更多關於市場的信息，查克則對數字進行更深入的分析。我們非常高興能夠推出 Nextracker Arabia。如前所述，我們有著悠久的歷史。七年前，我們在沙烏地阿拉伯完成了第一個公用事業規模項目，即400兆瓦的項目。我們已多次利用在沙烏地阿拉伯設立的生產能力向國外出口產品。

The market is growing very fast in Saudi Arabia. It's one of the top-growing markets in the world. And what's really key is to work with the right partner, and we couldn't be more pleased than to be partnering with Abunayyan. One of the most respected participants in the water, energy, and infrastructure industries with 75 years of experience. And local content matters.

沙烏地阿拉伯市場成長非常快。它是世界上成長最快的市場之一。真正關鍵的是與合適的合作夥伴合作，我們非常高興能與 Abunayyan 合作。擁有 75 年經驗的水、能源和基礎設施行業最受尊敬的參與者之一。本地內容很重要。

So you asked, are we increasing capacity? Yes. There's actually a factory. Typically, we work with other partners to run factories. In this case, we actually stood up an extractor factory in Saudi Arabia and Chuck is going to comment on how we're dealing with that in a moment. And that facility shipping finished goods, we have multi-gigawatt orders we're fulfilling right now and a long history with delivering well over 6 gigawatts across the region.

所以你問，我們是否在增加產能？是的。實際上那裡有一家工廠。通常，我們與其他合作夥伴合作經營工廠。在這種情況下，我們實際上在沙烏地阿拉伯建立了一個提取工廠，查克稍後將評論我們如何處理這個問題。該工廠負責運送成品，我們目前正在履行多千兆瓦的訂單，並且長期以來一直為該地區提供超過 6 千兆瓦的訂單。

Now, that region is very challenging environmentally with extreme temperature, wind, sand, dust and our systems have really stood up well with exemplary performance differentiated reliability, and higher energy yield. Now, the way we've structured this particular business arrangement in Nextracker Arabia is, it's a joint ventur. There's a technology licensing component, and we're not going to consolidate.

現在，該地區的環境非常具有挑戰性，有極端的溫度、風、沙、塵，而我們的系統憑藉卓越的性能、差異化的可靠性和更高的能源產量而表現出色。現在，我們在 Nextracker Arabia 建立這項特定業務安排的方式是，它是一家合資企業。其中有一個技術授權組件，我們不會進行合併。

Chuck -- Howard first, I'm sorry. Can you speak a little more about the market and the regions we serve? And then, Chuck, comment a bit more on the financial aspects?

查克——首先是霍華德，對不起。您能否再多談談我們所服務的市場和地區？然後，查克，您能就財務方面再多評論一下嗎？

Sure, Dan. So first of all, before I get to the market, I just want to say that we couldn't be more pleased, as Dan mentioned, because finding the right partner is non-trivial. We found the right partner. And we believe they found the right partner, too, in Abunayyan Holding.

當然，丹。因此，首先，在我進入市場之前，我只想說，正如丹所提到的，我們非常高興，因為找到合適的合作夥伴並非易事。我們找到了合適的合作夥伴。我們相信他們也找到了合適的合作夥伴—Abunayyan Holding。

And just the culture fit is there. First and foremost, to make a joint venture work, you have to speak the same language, be on the same page, and be highly complementary and synergistic, which we are. They're going to bring the market. We're going to bring the technology. Together, we're going to go and win. And so we feel very good about the plan that we've developed together and to execute.

而文化契合度就在那裡。首先，要讓合資企業成功，雙方必須講同一種語言，達成共識，並且高度互補和協同，而我們正是如此。他們將會帶來市場。我們將帶來這項技術。團結一心，我們一定會取得勝利。因此，我們對共同製定並執行的計劃感到非常滿意。

And we're going to hit the ground running with projects that we've already secured in the region that will go into the joint venture. And as far as the market goes, it's not just Saudi Arabia. I want to make that clear, which is a very strong market. They have a 2030 vision that they're executing on. They need to install 20 gigawatts per year there to execute to that vision in Saudi, KSA. But the joint venture also covers the MENA region, Middle East, North Africa. And there's some very strong markets within that region that we can go and conquer together. So, very exciting.

我們將立即啟動在該地區已經獲得併納入合資企業的項目。就市場而言，不僅僅是沙烏地阿拉伯。我想明確指出的是，這是一個非常強大的市場。他們有一個正在實施的 2030 願景。他們需要每年安裝 20 吉瓦的電力來實現沙烏地阿拉伯和沙烏地阿拉伯的願景。但該合資企業也涵蓋中東和北非地區、中東和北非。該地區有一些非常強大的市場，我們可以一起去征服。所以，非常令人興奮。

And with that, I'll hand it over to Chuck.

說完這些，我就把麥克風交給查克。

Thanks, Howard. Dimple, the -- you know, is really a blue-chip company. It's the kind of partner that a US, you know, and specifically Silicon Valley technology company would want to partner with, and we spent a lot of time with them working on this transaction and they are really incredibly sharp, astute people great partners.

謝謝，霍華德。Dimple，你知道，是一家真正藍籌公司。你知道，這是美國，特別是矽谷科技公司想要合作的那種合作夥伴，我們花了很多時間與他們一起處理這筆交易，他們真的非常敏銳、精明，是優秀的合作夥伴。

As Dan mentioned, this is going to be a roughly 50-50 JV that we do not plan to consolidate. And it really fits with our kind of asset-light model, kind of heroic. And given that the JV will have factories and operations, we think it's better overall for our financials that way. And then, you know, on the revenue side, we will have a license fee and be able to sell our technology in. and then we think this will be a really good business for years to come. I won't comment specifically on 2027, but as Howard mentioned, you know, the aspirations in that market are incredibly strong and we're really excited about the future.

正如丹所提到的，這將是一個大約 50-50 的合資企業，我們不打算合併。這確實符合我們的輕資產模式，有點英雄氣概。鑑於合資企業將擁有工廠和運營，我們認為這樣對我們的財務狀況總體來說更有利。然後，你知道，在收入方面，我們將收取許可費並能夠出售我們的技術。然後我們認為這在未來幾年將是一項非常好的業務。我不會具體評論 2027 年，但正如霍華德所提到的，你知道，那個市場的期望非常強烈，我們對未來感到非常興奮。

Corinne Blanchard, Deutsche Bank.

科琳‧布蘭查德，德意志銀行。

Good afternoon. Thank you for taking my question. Maybe the first one, can you talk about TrueCapture? I think you mentioned it makes up 2% of the quarterly revenues. So maybe if I level, if you can talk about the expected contributions for 2026? And then maybe a quick regional market update for trackers would be great. Thank you.

午安.感謝您回答我的問題。也許是第一個，您能談談 TrueCapture 嗎？我想您提到過它佔季度收入的 2%。因此，如果我按水平計算，您能否談談 2026 年的預期貢獻？然後，也許對追蹤器進行快速的區域市場更新會很棒。謝謝。

I'll take the first part, Corinne. TrueCapture, as we mentioned last quarter, TrueCapture rev rec is really tied to commissioning of systems. And it's been around 2% of revenue. Last quarter, we said it did dip a little bit because of just the timing of commissioning. And as predicted, it rebounded to a really strong quarter of around 2% recognized this quarter. Howard, do you want to take the second part?

我來回答第一部分，科琳。TrueCapture，正如我們上個季度提到的，TrueCapture rev rec 實際上與系統調試相關。約佔收入的 2%。上個季度，我們表示由於調試時間的原因，它確實有所下降。正如預測的那樣，本季它反彈至非常強勁的 2% 左右。霍華德，你想拍第二部嗎？

I'll just say that adoption continues to increase. When we did the IPO back two and a half years ago, almost three, we were at about 1%. So the adoption of our TrueCapture software continues, and we keep adding features and capability, and the energy yield keeps going up. So it's more and more compelling with a very strong backlog for TrueCapture. Thank you.

我只想說採用率持續增加。當我們兩年半前（差不多三年前）進行 IPO 時，我們的市佔率約為 1%。因此，我們繼續採用 TrueCapture 軟體，並不斷添加功能和能力，能源產量也不斷提高。因此，TrueCapture 的強勁積壓訂單越來越引人注目。謝謝。

Ben Kallo, Baird.

本卡洛，貝爾德。

Hey, thanks for fitting me in, guys. My question was just about -- you know, you guys made several acquisitions, maybe half a dozen, and just thinking about your appetite going forward. And then also how we think about how you feed the different acquisitions with capital, whether that's R&D or other types of capital going forward, how you allocate that, how we should think about that in numbers as we go forward to next year as you grow each of those businesses and integrate them?

嘿，謝謝大家給我安排時間。我的問題是關於——你知道，你們進行了幾次收購，可能有六次，只是在考慮你們未來的興趣。然後，我們還要考慮如何為不同的收購提供資金，無論是研發資金還是其他類型的資金，如何分配這些資金，在明年發展和整合這些業務時，我們應該如何從數字上考慮這些資金？

Thanks, Ben. I'll take the first part. This is Dan. Chuck will take the second.

謝謝，本。我將選擇第一部分。這是丹。查克將獲得第二名。

So first, we view the new products, services we do, holistically; meaning that we look to internally generated products and services, as well as acquisitions that we can do are very close to customers and really just ask them, like, what are your pain points? Like, how is it going? Like, where are you having issues? What do you see as opportunities for greater yield?

因此，首先，我們要全面地看待我們推出的新產品和新服務；這意味著我們要專注於內部產生的產品和服務，以及我們可以進行的收購，這些都非常貼近客戶，我們實際上只是問他們，你的痛點是什麼？怎麼樣？例如，您在哪裡遇到了問題？您認為有哪些機會可以提高收益？

And we factored that into our, also complement that with our own thinking and experience about, you know, how to get more profitability out of these systems and help drive lower LCOE and so forth. We've significantly increased our internal R&D budget. We've roughly tripled it in the last two to three years to roughly $100 million today.

我們將其納入考慮範圍，並結合我們自己的思考和經驗進行補充，了解如何從這些系統中獲得更高的盈利能力，並幫助降低 LCOE 等等。我們大幅增加了內部研發預算。在過去的兩三年裡，我們將其增加了大約兩倍，達到今天的約 1 億美元。

And then with respect to acquisitions, we try to have a very objective evaluation of what we can do in the market and needs in the market. I'll give you a case study, which is our advanced module frame activity. As I mentioned, Nextracker's worked on that for many years. There're features in almost every module frame that's sold today that has our DNA there. We really saw we needed to really help control that to provide value to the module companies, EPCs, and owners.

關於收購，我們試圖對我們在市場上能做什麼以及市場需求做出非常客觀的評估。我給大家舉一個案例，就是我們高階模組框架活動。正如我所提到的，Nextracker 已經為此工作了很多年。如今出售的幾乎每個模組框架都具有我們的 DNA。我們確實看到我們需要真正幫助控制這一點，以便為模組公司、EPC 和業主提供價值。

And so we had an internal program for the last few years to develop the next generation advanced module frame. We were also supporting a third party, Origami Solar, that had developed a beautiful universal frame which has the same sort of fit and function as traditional aluminum frames. So we really evaluated on an objective basis that they'd taken the company as far as they could.

因此，過去幾年我們有一個內部計劃來開發下一代先進的模組框架。我們也支援第三方 Origami Solar，該公司開發了一個美觀的通用框架，其貼合度和功能與傳統鋁製框架相同。因此，我們確實客觀地評估了他們是否已經盡其所能地帶領公司走下去。

They needed sort of an exit. And so we evaluated that and thought, hey, we like what we're doing internally, but this helps our speed to market, and it provides an initial immediate customer need. And then that team provided incredible engineering and other merits to complement our internal effort. So it's really how we think about things in terms of solving customer needs that brings that forward.

他們需要一個出口。因此，我們對此進行了評估並認為，嘿，我們喜歡我們內部所做的事情，但這有助於我們加快產品上市速度，並滿足客戶的初步即時需求。然後，團隊提供了令人難以置信的工程和其他優點來補充我們的內部努力。因此，我們實際上是從解決客戶需求的角度來思考問題，從而實現這一目標。

And in terms of capital allocation, can you speak to that, Chuck?

關於資本配置，查克，你能談談嗎？

Yeah, certainly. And Ben, one of your questions was funding these post-close. We do have a very experienced M&A team in the company, both sourcing and integration. And we are really, really intentional with not making the mistake of killing the company you've acquired by not investing in it.

是的，當然。本，你的一個問題是關於這些交易完成後的資金問題。我們公司確實擁有一支經驗豐富的併購團隊，包括採購和整合方面。我們確實非常有意避免犯下這樣的錯誤：不要投資你所收購的公司，從而毀掉它。

We actually buy the company, we have an investment case, and we stick to our guns. We're playing the long game, Ben. We're not looking at the short-term results. So we're heavily investing in things like R&D and marketing and sales to ensure success.

我們確實收購了這家公司，我們有投資案例，我們堅持自己的立場。我們正在打一場持久戰，本。我們不看短期結果。因此，我們在研發、行銷和銷售等方面投入了大量資金，以確保成功。

We've built out a really capable team to manage these investments, and I'm really proud of the work. And it's really bearing fruit, you can tell. And I think so, we're excited about the investments that we're making. We're not going to slow down, and we appreciate that.

我們已經建立了一支真正有能力的團隊來管理這些投資，我為這項工作感到非常自豪。並且你可以看出它確實取得了成果。我認為是這樣，我們對正在進行的投資感到非常興奮。我們不會放慢腳步，我們對此表示感謝。

Dan, do you want to close?

丹，你想結束嗎？

Yeah. I do want to just say on these new businesses, we're growing. It takes time to operationalize these and get the leverage of scale when it drops through into like significant margin. And so, we feel great about the portfolio as we've brought in the foundations. I mentioned we just launched this integrated product which reduces the part count significantly, lowers the cost. We love the margin profile of as we optimize products, how they contribute to the overall company. And so both with the organic and the new businesses we're bringing in, we look forward to unpacking those in our Capital Market Day upcoming.

是的。我只想說，在這些新業務上，我們正​​在成長。當這些因素下降到相當大的幅度時，需要時間來實施這些因素並獲得規模效應。因此，我們對投資組合感到非常滿意，因為我們已經建立了基礎。我提到我們剛剛推出了這款整合產品，它大大減少了零件數量，並降低了成本。我們喜歡在優化產品時產生的利潤狀況，以及它們如何為整個公司做出貢獻。因此，對於我們引入的有機業務和新業務，我們都期待在即將到來的資本市場日上展開討論。

Thank you all for joining. We look forward to welcoming you either in person or on our Capital Markets Day on November 12.

感謝大家的加入。我們期待親自或在 11 月 12 日的資本市場日歡迎您的到來。

This concludes today's -- (technical difficulty).

今天的－（技術難題）就到此結束。