Nextpower Inc (NXT) 2027 Q1 法說會逐字稿

Welcome everyone to Nextpower's first-quarter fiscal year 2027 earnings call. (Operator Instructions)

歡迎各位參加 Nextpower 2027 會計年度第一季財報電話會議。（接線員指示）

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.

現在進入開場致詞，我想把電話交給投資人關係主管 Sarah Lee 女士。Sarah，請開始。

Thank you, and good afternoon, everyone. Welcome to Nextpower's first-quarter fiscal year 2027 earnings call. I'm Sarah Lee, Nextpower'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.

謝謝，各位下午好。歡迎參加 Nextpower 2027 會計年度第一季財報電話會議。我是 Nextpower 投資人關係主管 Sarah Lee；與我一同出席的有我們的執行長暨創辦人 Dan Shugar、總裁 Howard Wenger，以及財務長 Chuck Boynton。

As a reminder, there will be a replay of this call posted on the IR website along with the earnings press release and shareholder letter. Today's call contains statements regarding our business, financial performance and operations, including our business and our industry that may be considered forward-looking statements, and such statements involve risks and uncertainties that may cause actual results to differ materially from our expectations. Those statements are based on current beliefs, assumptions, and expectations and speak only as of the current date.

提醒各位，本次電話會議的重播將與財報新聞稿及股東信一併發布於投資人關係（IR）網站。今天的電話會議包含關於我們業務、財務表現與營運的陳述，包括可能被視為前瞻性陳述的、關於我們業務及產業的陳述；此類陳述涉及風險與不確定性，可能導致實際結果與我們的預期有重大差異。這些陳述係基於目前的信念、假設與預期，且僅截至本日有效。

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.nextpower.com. This information is subject to change, and we undertake no obligation to update any forward-looking statements as a result of new information, future events or changes in our expectations.

如需了解上述風險與不確定性的更多資訊，請查閱我們的財報新聞稿、股東信以及向美國證券交易委員會（SEC）提交的文件，包括最近提交的 Form 10-Q 季度報告與 Form 10-K 年度報告；上述文件可於我們的 IR 網站 investors.nextpower.com 取得。

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

請注意，我們將在今天的電話會議中提供 GAAP 與非 GAAP 指標。完整的非 GAAP 與 GAAP 調節表可於新聞稿與股東信的附錄，以及 IR 網站的財務（Financial）專區中查閱。

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

接下來我把電話交給我們的執行長暨創辦人 Dan。

Good afternoon and thank you for joining us. We are very pleased by the company's performance and positioning as we report on the first quarter of our fiscal year. Nextpower delivered a strong quarter characterized by continued bookings momentum and backlog growth, operational discipline, and execution and significant progress in the expansion of our technology platform.

各位下午好，感謝各位加入我們。在我們報告本會計年度第一季之際，我們對公司的表現與定位感到非常滿意。Nextpower 交出強勁的一季，特色包括訂單動能持續、在手訂單（backlog）成長、營運紀律與執行力，以及在擴展我們技術平台方面取得重大進展。

We achieved a record quarterly revenue of $935 million, with adjusted EBITDA of $233 million. Backlog grew to over $5.5 billion, reflecting healthy customer demand and booking strength across both our Core Tracker business and our expanding portfolio of Non-Tracker products.

我們達成單季營收新高 9.35 億美元，調整後 EBITDA 為 2.33 億美元。在手訂單成長至超過 55 億美元，反映出健康的客戶需求，以及我們核心追日系統（Core Tracker）業務與持續擴張的非追日（Non-Tracker）產品組合皆具強勁接單表現。

On top of the $5.5 billion, Nextpower Energy Storage brings over $300 million of additional backlog. We demonstrated continued progress with our long-term strategy of solving customer problems and delivering tangible value and performance. For most of our history, this meant developing tracker products that help customers lower LCOE, accelerate installation, improve reliability, reduce risk, and increase energy yield. That approach led to global market leadership in solar trackers.

除 55 億美元之外，Nextpower Energy Storage 另帶來超過 3 億美元的額外在手訂單。我們在「解決客戶問題、交付可衡量的價值與績效」這一長期策略上持續展現進展。在我們大部分的歷史中，這意味著開發追日產品，協助客戶降低 LCOE（平準化發電成本）、加速安裝、提升可靠性、降低風險並提高發電量。這種做法使我們在太陽能追日系統領域取得全球市場領導地位。

According to Wood Mackenzie for 2025 Tracker Market Share, Nextpower was recognized as the number one solar tracker company in the US and globally for the 11th consecutive year, growing share to 55% in the US and 30% worldwide. By innovating tracker solutions that solve complex project challenges and improve financial outcomes, we have earned trust and repeat business from our global Tier 1 customer base and deployed our technology across projects totaling more than 160 gigawatts.

根據 Wood Mackenzie 的 2025 年追日系統市場占有率報告，Nextpower 連續第 11 年被認定為美國及全球第一大太陽能追日系統公司；市占率提升至美國 55%、全球 30%。透過創新追日解決方案以解決複雜的專案挑戰並改善財務成果，我們贏得全球一線（Tier 1）客戶群的信任與重複採購，並已在總計超過 160 吉瓦的專案中部署我們的技術。

Each project deepens our customer relationships and gives us greater insight into evolving needs of utility-scale solar and storage customers. Those insights guide how we invest both organically and through disciplined M&A to enhance the value we can deliver to our customers. Customers continue to ask us to do more as utility-scale solar storage and critical power infrastructure projects become larger and more complex.

每一個專案都加深我們與客戶的關係，並讓我們更深入了解公用事業級太陽能與儲能客戶不斷演進的需求。這些洞見引導我們以內生成長與嚴謹的併購（M&A）並行投資，以提升我們能為客戶交付的價值。隨著公用事業級太陽能、儲能與關鍵電力基礎設施專案規模更大、複雜度更高，客戶持續要求我們提供更多服務。

With the acquisition of Prevalon, which closed last Monday, we launched Nextpower Energy Storage. Prevalon brings us a proven team with an excellent track record across 6 gigawatt hours of turnkey storage solutions spanning applications from dispatchable peaking power to data center stabilization, serving blue chip customers. Solar and storage are highly symbiotic technologies for electric grids, enabling low-cost energy and rapid capacity deployment for dispatchable firm power. Energy storage also represents a significant growth factor and opportunity for Nextpower as it is projected to grow at 33% CAGR from 2025 to 2028.

隨著對 Prevalon 的收購於上週一完成交割，我們成立了 Nextpower Energy Storage。Prevalon 為我們帶來一支經驗證的團隊，具備優異的實績，已交付涵蓋 6 吉瓦時的交鑰匙儲能解決方案，應用範圍從可調度的尖峰電力到資料中心穩定化，並服務多家藍籌客戶。太陽能與儲能對電網而言是高度互補的技術，可提供低成本能源並快速部署容量，以形成可調度的穩定電力。儲能亦是 Nextpower 重要的成長驅動因素與機會，預計 2025 至 2028 年將以 33% 的年複合成長率（CAGR）成長。

Since our last call, we also announced the pending acquisition of Zimmermann PV-Steel Group. A very well-respected company based in Germany with an excellent European footprint. Upon closing, Zimmermann is expected to expand Nextpower's offering with five (sic - see press release, "four") new product lines, extending the company's reach into 15 additional countries and creating cross-selling opportunities for Nextpower eBOS, power conditioning systems and batteries.

自上次電話會議以來，我們也宣布擬收購 Zimmermann PV-Steel Group。這是一家總部位於德國、備受尊敬且在歐洲具備優秀布局的公司。交易完成後，Zimmermann 預期將為 Nextpower 擴充五（原文如此——見新聞稿為「四」）條新產品線，將公司的觸角延伸至另外 15 個國家，並為 Nextpower eBOS、電力調節系統與電池創造交叉銷售機會。

These transactions follow our customer-focused playbook: identify critical pain points, invest in differentiated technology, scale through Nextpower's global footprint and trust relationships, and reinvest to strengthen the platform. As we execute on this strategy, we believe we can improve customer outcomes, increase our project participation scope, strengthen Nextpower's competitive moat, and generate attractive long-term returns for shareholders.

這些交易遵循我們以客戶為中心的作戰手冊：辨識關鍵痛點、投資差異化技術、透過 Nextpower 的全球布局與信任關係擴大規模，並再投資以強化平台。在執行此策略的同時，我們相信能改善客戶成果、擴大我們在專案中的參與範圍、強化 Nextpower 的競爭護城河，並為股東創造具吸引力的長期報酬。

I also want to proactively address questions around Tuesday's announcement by the FCC related to imported inverters. Nextpower launched a Power Electronics business to solve customer needs in inverters, which include better operating performance, stronger domestic manufacturing, enhanced cybersecurity, and support from an investment grade US company that has a strong product service culture. Our new Inverter business satisfies these needs and helps to further de-risk customers as we may see additional US government restrictions on overseas inverters. We're pleased to announce today that our acquisition of the Apex inverter business has closed and that our product has achieved Underwriters Laboratories UL 1741 SB certification.

我也想主動回應外界對於週二 FCC 關於進口逆變器公告的疑問。Nextpower 成立電力電子（Power Electronics）事業，以解決客戶在逆變器方面的需求，包括更佳的運轉效能、更強的美國本土製造能力、強化的資安防護，以及由一家具投資等級的美國公司提供支援，並擁有強大的產品服務文化。我們新的逆變器事業滿足上述需求，並在未來可能出現更多美國政府對海外逆變器限制的情況下，進一步協助客戶降低風險。我們很高興今天宣布，我們對 Apex 逆變器業務的收購已完成交割，且我們的產品已取得 Underwriters Laboratories 的 UL 1741 SB 認證。

We are further accelerating our US manufacturing build out across multiple locations. We expect deliveries to begin in early 2027 and plan to have over 10 gigawatts of US capacity online next summer. Our UL- certified Apex inverter is designed to enhance cybersecurity using site-level optical fiber communications and is designed to meet all government requirements.

我們也正在多個地點進一步加速美國製造產能的建置。我們預期將於 2027 年初開始出貨，並計畫在明年夏天讓超過 10 吉瓦的美國產能上線。我們通過 UL 認證的 Apex 逆變器，採用場站層級的光纖通訊以強化資安，並設計為符合所有政府要求。

Customer response to our inverter technology, manufacturing, cyber, domestic manufacturing, and service plan has been very strong. We're doubling down on ramp plan for these essential products and services with the goal of having the highest availability operating inverters for solar and storage power plant owners.

客戶對我們的逆變器技術、製造、資安、本土製造與服務計畫的回應非常強勁。我們正加碼投入這些關鍵產品與服務的量產爬坡計畫，目標是為太陽能與儲能電站業主提供市場上可用率最高的運轉中逆變器。

The current market environment represents a structural tailwind for our business. Global electricity demand continues to accelerate, driven by electrification, industrial growth, artificial intelligence, data centers, and the need for more reliable and resilient power infrastructure. Solar and storage are the fastest, lowest cost, and proven ways to add new capacity. As this market moves forward toward terawatt scale annual deployment volumes, customers need partners that can deliver high performing, reliable energy infrastructure solutions at scale. We believe Nextpower is uniquely positioned to meet that demand.

目前的市場環境為我們的業務帶來結構性的順風。全球用電需求持續加速，驅動因素包括電氣化、產業成長、人工智慧、資料中心，以及對更可靠、更具韌性的電力基礎設施之需求。太陽能與儲能是新增容量最快、成本最低且已被驗證的方法。隨著市場朝向每年太瓦（terawatt）級部署量前進，客戶需要能以規模交付高效能、可靠能源基礎設施解決方案的合作夥伴。我們相信 Nextpower 具備獨特優勢，能滿足這項需求。

We will be hosting our second Capital Markets Day on November 16th at RE+ in Las Vegas, where we will provide an update to our 2030 outlook that will reflect a material acceleration due to our strong market momentum, recent strategic acquisitions, and exemplary operational execution.

我們將於11月16日在拉斯維加斯的RE+主辦第二屆資本市場日，屆時我們將更新我們對2030年的展望；該展望將反映出由於我們強勁的市場動能、近期策略性併購以及卓越的營運執行所帶來的顯著加速。

We look forward to seeing many of you there. With that, I'll turn it over to Howard.

我們期待在那裡見到各位中的許多人。接下來，我把時間交給Howard。

Thank you, Dan. Q1 was another great quarter for Nextpower, marked by record revenue, strong customer bookings and backlog growth and operational execution. We continue to see a flight to quality in the market and increasing validation of our platform and bundling strategy. Customers are choosing Nextpower because of our technology, execution, supply chain, bankability, and customer service. We believe these factors are propelling company growth and show up in our sales backlog and market share.

謝謝你，Dan。第一季對Nextpower而言又是一個非常出色的季度，創下營收新高，客戶訂單與在手訂單（backlog）強勁成長，且營運執行到位。我們持續看到市場出現「向高品質靠攏」的趨勢，並且我們的平台與綑綁式（bundling）策略正獲得越來越多的驗證。客戶選擇Nextpower，是因為我們的技術、執行力、供應鏈、可融資性（bankability）以及客戶服務。我們相信這些因素正在推動公司成長，並反映在我們的銷售在手訂單與市占率上。

We had another excellent bookings quarter with strong demand, both in the US and international markets. Tracker sales drove sequential backlog growth to a new record high. We are now also benefiting from meaningful sales and revenue contributions from Non-Tracker products.

我們再度交出一個優異的訂單季度，需求強勁，涵蓋美國與國際市場。追日系統（Tracker）銷售帶動在手訂單連續成長，創下新的歷史新高。我們現在也正受惠於非追日（Non-Tracker）產品帶來的顯著銷售與營收貢獻。

Starting with eBOS, which serves as a proof point of how we are efficiently integrating and operationalizing acquisitions. We had record eBOS bookings in the quarter and the product segment is on track to contribute well over $100 million of revenue for the year. Our eBOS offering has strengthened further with the recent UL certification of our unique and differentiated NX PowerMerge solution. We have currently booked 850 megawatts of PowerM,erge with deliveries expected to begin in the current quarter.

先從eBOS談起，這是我們如何高效率整合併購並將其營運化的有力佐證。本季eBOS訂單創下新高，該產品線預計今年可貢獻遠超過1億美元的營收。隨著我們獨特且具差異化的NX PowerMerge解決方案近期取得UL認證，我們的eBOS產品組合進一步強化。目前我們已簽下850兆瓦的PowerMerge訂單，預計將於本季開始交付。

Secondly, our Foundations business is also growing with a 50% year-over-year increase in the quarter.

第二，我們的基礎（Foundations）業務也在成長，本季年增50%。

Thirdly, our TrueCapture control system delivered record revenue and backlog in the quarter, reinforcing Nextpower's industry-leading position.

第三，我們的TrueCapture控制系統本季創下營收與在手訂單新高，進一步鞏固Nextpower的產業領先地位。

We are also pleased to announce in the Non-Tracker category that the Apex inverter is now UL-certified and is applicable for both solar and storage markets. This certification paves the way for broad commercialization in the US market, and we are highly focused on rapidly building out a scalable and flexible supply chain for these products.

我們也很高興宣布，在非追日（Non-Tracker）類別中，Apex逆變器現已取得UL認證，適用於太陽能與儲能市場。此項認證為在美國市場的廣泛商業化鋪路，我們也高度聚焦於快速建立可擴充且具彈性的供應鏈，以支援這些產品。

Finally, we are very excited to add energy storage to the Nextpower platform. With the launch of Nextpower Energy Storage, we expand our ability to serve our solar customers with a broader set of integrated solutions while expanding our customer base to include hyperscalers, standalone storage developers in a large range of utility customers.

最後，我們非常興奮能將儲能納入Nextpower平台。隨著Nextpower Energy Storage的推出，我們擴大了以更完整的整合式解決方案服務既有太陽能客戶的能力，同時也將客戶基礎擴展至超大規模業者（hyperscalers）、獨立儲能開發商，以及廣泛的公用事業客戶。

Now moving to markets and the demand picture. The US remains our best market globally. We are seeing continued positive demand signals as project pipelines are growing, getting permitted and reaching construction. We have very strong and trusted customer relationships in the US, and this is helping us accelerate growth in our non-tracker business and puts us in great position for addressing the Storage segment.

接著談市場與需求概況。美國仍是我們全球最重要的市場。我們持續看到正向的需求訊號：專案管線在成長、取得許可並進入施工階段。我們在美國擁有非常強且值得信賴的客戶關係，這正協助我們加速非追日業務的成長，並讓我們在切入儲能領域時處於極佳位置。

Internationally, we secured a tracker order for the largest solar plus storage project to date in Australia, a 721-megawatt project incorporating significant locally made steel content. We also continue to expand our global customer footprint in the quarter, taking our customer reach to over 50 countries. The acquisition of Zimmermann PV when closed, will extend our reach further with 15 additional countries.

在國際市場方面，我們在澳洲拿下迄今為止當地最大「太陽能加儲能」專案的追日系統訂單，該專案規模為721兆瓦，並包含大量在地製造的鋼材內容。本季我們也持續擴大全球客戶版圖，客戶觸及範圍已超過50個國家。Zimmermann PV的收購案完成交割後，將再把我們的觸及範圍擴展至額外15個國家。

Zimmermann is a very well-respected brand with a fantastic team with more than 20 gigawatts of cumulative projects and well-established customer relationships across Europe. Importantly, the acquisition of Zimmermann will expand our ability to serve a much broader set of ground mount solar applications with their product portfolio. For example, roughly half of Europe's ground mount PV installations are fixed tilt at about 25 gigawatts per year, and Zimmermann brings deep expertise in fixed tilt and other structural solutions that we expect will significantly increase our addressable market.

Zimmermann是備受尊敬的品牌，擁有一支出色的團隊，累計專案超過20吉瓦，並在歐洲建立了穩固的客戶關係。重要的是，收購Zimmermann將透過其產品組合，擴大我們服務更廣泛地面型（ground mount）太陽能應用的能力。例如，歐洲約一半的地面型光伏（PV）裝置為固定傾角（fixed tilt），每年約25吉瓦；Zimmermann在固定傾角及其他結構解決方案方面具備深厚專業，我們預期這將顯著提升我們的可服務市場（addressable market）。

Zimmermann's German headquarters and strong market position there are key strategic elements for us as Germany is projected by S&P to become Europe's largest solar market by 2030. Germany currently represents approximately 20% of Europe's ground mount solar market, mostly deployed as fixed tilt systems.

Zimmermann位於德國的總部以及其在當地的強勢市場地位，對我們而言是關鍵的策略要素，因為S&P預測德國將在2030年前成為歐洲最大的太陽能市場。目前德國約占歐洲地面型太陽能市場的20%，且多以固定傾角系統部署。

We also see meaningful energy storage opportunities across Europe where installations are expected to grow rapidly. Over time, we believe that Zimmermann's sales channels and customer base, especially across Europe, can facilitate sell-through for Nextpower's product portfolio, including Trackers, eBOS, Power Conversion, Storage, and Software.

我們也看到歐洲各地存在可觀的儲能機會，預期裝置量將快速成長。長期而言，我們相信Zimmermann的銷售通路與客戶基礎，特別是在歐洲，能促進Nextpower產品組合的銷售滲透（sell-through），包括追日系統（Trackers）、eBOS、電力轉換（Power Conversion）、儲能（Storage）與軟體（Software）。

Turning to project timing and pricing globally. Project timing generally remains manageable. As is typical in utility-scale solar, we continue to see some projects accelerate and others move to the right, and we manage those movements across a large and diverse portfolio of customers and geographies. Overall, pricing continues to track the broader solar cost curve and we continue to invest in R&D and scalable infrastructure to reduce costs while improving system performance. Our culture is to relentlessly serve customers and deliver maximum value at competitive cost and pricing.

接著談全球專案時程與定價。整體而言，專案時程仍大致可控。如同公用事業級太陽能的典型情況，我們持續看到部分專案加速、另一些專案延後；我們透過龐大且多元的客戶與地理組合來管理這些變動。整體來看，定價仍與更廣泛的太陽能成本曲線一致；我們也持續投資研發與可擴充的基礎設施，以在提升系統效能的同時降低成本。我們的文化是以不懈的精神服務客戶，並以具競爭力的成本與定價交付最大價值。

In summary, our business fundamentals are strong and we are excited by the revenue and growth vectors we added with Power Conversion, Energy Storage, and eBOS Solutions now in the mix. Demand is healthy. Our backlog is large and continues to grow. Execution visibility is solid, and we continue to strengthen our competitive position through innovation, customer focus, and operational excellence.

總結來說，我們的業務基本面強勁；隨著電力轉換（Power Conversion）、儲能（Energy Storage）與eBOS解決方案加入組合，我們對新增的營收與成長動能感到振奮。需求維持健康。我們的在手訂單規模龐大且持續成長。對執行的可視性良好，我們也持續透過創新、以客戶為中心與卓越營運來強化競爭地位。

With that, I'll pass it on to Chuck.

接下來，我把時間交給Chuck。

Thank you, Howard, and good afternoon, everyone. Overall, Q1 was another quarter of strong execution with results that reflected healthy end market demand, disciplined execution, and continued investment in long-term growth.

謝謝你，Howard，各位下午好。整體而言，第一季再次展現強勁的執行力，成果反映終端市場需求健康、執行紀律嚴謹，以及對長期成長的持續投資。

For the first quarter of fiscal 2027, revenue was $935 million, representing 8% year over year and 6% sequential growth. Q1 adjusted gross profit was $342 million, adjusted gross margin was 37% and adjusted EBITDA was $233 million, representing an adjusted EBITDA margin of 25%.

在2027會計年度第一季，營收為9.35億美元，年增8%、季增6%。第一季調整後毛利為3.42億美元，調整後毛利率為37%，調整後EBITDA為2.33億美元，對應調整後EBITDA利潤率為25%。

Q1 geographic revenue mix was approximately 83% US and 17% Rest of World. Our revenue mix remains predominantly solar tracker systems, but Non-Tracker products are becoming a more meaningful part of the business. In Q1, we recognized revenue from TrueCapture, eBOS, foundations, robotic solutions, and other platform offerings. Non-Tracker products represented approximately 14% of total revenue reflecting continued customer adoption.

第一季按地區的營收組合約為：美國83%、世界其他地區17%。我們的營收組合仍以太陽能追日系統為主，但非追日（Non-Tracker）產品正成為業務中更具意義的一部分。在第一季，我們認列了TrueCapture、eBOS、基礎（foundations）、機器人解決方案以及其他平台產品的營收。非追日產品約占總營收的14%，反映客戶採用度持續提升。

Q1 saw solid execution that exceeded our gross margin targets of the low 30s and benefiting from IEEPA tariff recoveries, higher relative US revenue contribution, strong TrueCapture revenue, partially offset by higher logistics costs. Adjusted operating expenses increased year over year as we expanded our platform and increased investment in research and development. This is consistent with the strategy we have discussed previously.

第一季的執行表現穩健，毛利率超越我們原先「30%出頭」的目標，並受惠於IEEPA關稅回收、相對較高的美國營收占比，以及強勁的TrueCapture營收，但部分被較高的物流成本所抵銷。調整後營運費用年增，原因在於我們擴展平台並加大研發投資。這與我們先前討論過的策略一致。

Turning to cash flow and the balance sheet. Our strong balance sheet, cash flow generation and ample liquidity remain competitive advantages. We closed the quarter with over $1.2 billion of total cash and cash equivalents with no debt. We generated $121 million of operating cash flow and $105 million of adjusted free cash flow in the quarter.

接著談現金流與資產負債表。我們強健的資產負債表、現金流創造能力以及充裕的流動性，仍是具競爭力的優勢。本季結束時，我們的現金及約當現金總額超過12億美元，且無負債。本季我們產生1.21億美元的營運現金流，以及1.05億美元的調整後自由現金流。

We operate a capital-efficient business and remain focused on maintaining and improving our cash conversion cycle. Our investment-grade credit rating speaks to the strength of our balance sheet and capital structure and it remains important to customers, suppliers, and project financing partners. Based on our Q1 performance, the strength and quality of our backlog and continued demand across our core and emerging product categories, we are updating our fiscal 2027 outlook. We now expect revenue in the range of $4.1 billion to $4.4 billion, adjusted EBITDA in the range of $870 million to $930 million and adjusted diluted EPS in the range of $4.42 to $4.73.

我們以資本效率為導向經營，並持續專注於維持並改善我們的現金轉換週期。我們的投資等級信用評等反映了資產負債表與資本結構的強度，且對客戶、供應商以及專案融資夥伴仍然重要。基於我們第一季的表現、在手訂單的強度與品質，以及核心與新興產品類別持續的需求，我們正在更新2027會計年度展望。我們目前預期營收介於41億至44億美元，調整後EBITDA介於8.70億至9.30億美元，調整後稀釋每股盈餘（EPS）介於4.42至4.73美元。

As previously communicated, our outlook includes planned investments of approximately $50 million related to growth initiatives, primarily the acceleration of our entry into the power conversion market. I want to spend a minute on margins and returns. Our structural margin framework has not changed. We continue to expect gross margins in the low 30s and operating margins in the low 20s. Quarterly margins will fluctuate based on mix, tariff recoveries, ramping of new businesses and the policy environment, but the long-term framework remains intact.

如先前所溝通，我們的展望包含約5,000萬美元的計畫性投資，與成長計畫相關，主要用於加速我們進入電力轉換市場。我想花一點時間談毛利率與報酬。我們的結構性利潤率框架沒有改變。我們仍預期毛利率在30%出頭、營業利益率在20%出頭。季度利潤率會因產品組合、關稅回收、新業務爬坡以及政策環境而波動，但長期框架仍維持不變。

As we integrate recent acquisitions and scale new product categories, we will see an impact to EBITDA and margin percentages. And many organic initiatives or acquisitions certain costs will come ahead of revenue as we build engineering, manufacturing, go-to-market, and service capabilities. We are making these investments where we see strong customer pull, clear strategic fit, and attractive financial returns.

隨著我們整合近期收購並擴大新產品類別規模，EBITDA與利潤率百分比將受到影響。此外，許多有機計畫或收購案中，某些成本會在營收之前先行發生，因為我們正在建立工程、製造、上市（go-to-market）與服務能力。我們會在看到強勁的客戶拉力、明確的策略契合度，以及具吸引力的財務報酬之處進行這些投資。

eBOS is an early proof point. A little over a year after acquiring and launching that product line, we have delivered multiple quarters of record bookings and revenue, and seeing strong attach rates, and as Howard pointed out earlier, remain on track to generate well over $100 million of revenue this year.

eBOS就是一個早期的驗證案例。在收購並推出該產品線一年多後，我們已連續多個季度創下訂單與營收新高，並看到強勁的搭售率（attach rates）；正如Howard先前指出的，我們仍按計畫在今年創造遠超過1億美元的營收。

Prevalon is another example of our approach. A meaningful portion of the consideration is tied to future profit targets and management incentives that are aligned with cumulative profit. We are not relying on speculative upside or large unproven cost synergies to justify the transaction.

Prevalon是我們做法的另一個例子。對價中有相當一部分與未來獲利目標掛鉤，且管理層激勵與累積獲利相一致。我們不依賴投機性的上行空間或大量尚未驗證的成本協同效益來合理化這筆交易。

We acquired proven deployments, real customer relationships, backlog, life cycle service capabilities, and a platform we believe can scale through Nextpower's customer relationships, engineering, supply chain discipline, and execution model. As Nextpower scales, we believe investors should evaluate us on both absolute profit dollars as well as margin percentages. The objective is not to dilute returns to buy revenue, we are focused on sustaining structural margins on a larger revenue base while growing adjusted EBITDA dollars, free cash flow, and return on invested capital over time.

我們收購的是已被驗證的部署、真實的客戶關係、在手訂單、全生命週期服務能力，以及一個我們相信可透過Nextpower的客戶關係、工程能力、供應鏈紀律與執行模式來擴張的平台。隨著Nextpower擴張，我們認為投資人應同時以絕對獲利金額以及利潤率百分比來評估我們。我們的目標不是為了買營收而稀釋報酬；我們專注於在更大的營收基礎上維持結構性利潤率，同時隨時間成長調整後EBITDA金額、自由現金流與投入資本報酬率。

Finally, on capital allocation. Our priorities remain consistent: first, we continue to prioritize organic investment in new products and services; second, we pursue disciplined M&A that strengthens our technology platform and creates customer value; returning capital to shareholders remains the third pillar of our capital allocation framework with our Board approved $500 million share repurchase authorization. We have increased confidence in our ability to deliver sustained growth and profitability while continuing to invest in innovation and long-term value creation.

最後談資本配置。我們的優先順序保持一致：第一，我們持續優先投入新產品與服務的有機投資；第二，我們進行審慎且有紀律的併購，以強化我們的技術平台並創造客戶價值；回饋股東資本仍是我們資本配置框架的第三支柱，董事會已核准5億美元的庫藏股回購授權。我們對於在持續投資創新與長期價值創造的同時，交付可持續的成長與獲利能力更具信心。

And with that, we'll take your questions. Operator?

接下來我們開始提問。接線員？

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（接線員指示）

Jon Windham, UBS.

UBS的Jon Windham。

Hey, this is David Chow on for Jon Windham. Thanks for taking my question, and congrats on the quarter. I know you mentioned the FCC inverter ban briefly. But I was just wondering, assuming you made the decision to accelerate investment in the Inverter segment prior to that announcement, just wondering how do you view -- or how do you kind of view the change in the scale of the opportunity for you in that product segment post the announcement? Or how incremental is that to kind of your long-term outlook for market share in inverters? Thank you.

嗨，我是代替Jon Windham提問的David Chow。謝謝讓我提問，也恭喜本季表現。我知道你們簡短提到FCC對逆變器的禁令。但我想請教的是，假設你們在該公告之前就已決定加速對逆變器部門的投資，那麼在公告之後，你們如何看待該產品領域對你們而言機會規模的變化？或者說，這對你們長期在逆變器市占率展望的增量影響有多大？謝謝。

Hi, David. Dan Shugar. Thanks for the question. We keep saying this, and it's just very basic and so true. We ask customers, what are your greatest pain points? What do you need help with? And it comes back often, inverter, power conditioning unit, those things.

嗨，David。我是Dan Shugar。謝謝你的問題。我們一直在說，這其實很基本，但也非常真實。我們會問客戶，你們最大的痛點是什麼？你們需要我們協助什麼？回饋常常是：逆變器、電力調節單元（power conditioning unit）之類的需求。

And so we actually made a decision over two years ago to really launch a family of products in the inverter business to serve solar and power conditioning business to serve energy storage. So we have a tremendous amount of momentum on organic internal product families. And then we also wanted to double down on that, we did the acquisition of the Apex product line, and we couldn't be more pleased with that.

因此我們其實在兩年多前就做出決定，要在逆變器業務上真正推出一系列產品，以服務太陽能市場；並推出電力調節產品以服務儲能市場。所以我們在有機的內部產品系列上累積了非常強的動能。接著我們也希望在此基礎上加碼，因此收購了Apex產品線，我們對此非常滿意。

Let me be clear about what our objective is. Nextpower will deliver to the market the most available inverter and power conditioning products in the industry. That's our objective, and we will get that done. What that means is from an owner standpoint, these systems are online, okay? When you look back after a year, five years, what have you.

我想清楚說明我們的目標是什麼。Nextpower將為市場提供業界可用性最高的逆變器與電力調節產品。這就是我們的目標，而且我們會做到。這代表從業主的角度來看，這些系統是在線運行的，好嗎？當你回頭看一年、五年或更久之後的表現。

And it's not rocket science. I could take you to systems we did 20 years ago with early inverters, IGBTs inverters that are still operational. So in order to do this, you need to have a great product, a great service model, spare parts, operational excellence, and the right kind of service culture. And we're going to do that.

而這並不是什麼高深的火箭科學。我可以帶你去看我們20年前做的系統，使用早期的逆變器、IGBT逆變器，至今仍在運作。因此要做到這點，你需要優秀的產品、優秀的服務模式、備品、卓越的營運，以及正確的服務文化。而我們會做到。

So in response to -- as we've been rolling this out, the -- and preconditioning the market, we've seen very strong demand and feedback from our customer, which is why at our last earnings call, we announced we're putting this incremental $50 million in, which is real money. And we've hired some of the best and the brightest organically, and then we're extremely pleased to bring the Apex and Legacy Zigor technology team led by Antonio Poveda and Jacob Marshall in the United States to the team.

因此回應你的問題——在我們推進這項布局、並對市場進行鋪墊的過程中，我們看到客戶端非常強勁的需求與回饋；這也是為什麼在上一次財報電話會議上，我們宣布追加投入這5,000萬美元，這是一筆實質的資金。我們也以有機方式延攬了一些最優秀的人才；此外，我們也非常高興能把由Antonio Poveda與Jacob Marshall領導的Apex與Legacy Zigor技術團隊（位於美國）納入團隊。

And so what we're seeing is customers are also really valuing domestic production. They're valuing cybersecurity. This also addresses FIOP concerns. We're going to have a portfolio of product and supply options for these segments or these applications available to the market. And it's also synergistic with the storage business that we announced completion of the acquisition last week.

因此我們看到客戶也非常重視國內生產。他們重視資安。這也能回應FIOP方面的疑慮。我們將為這些細分市場或應用提供一個產品與供應選項的組合，供市場選擇。而且這也與我們上週宣布完成收購的儲能業務具有協同效益。

Brian Lee, Goldman Sachs.

Brian Lee，高盛。

Hey, guys. Good afternoon. Thanks for taking the questions. I have two, so I'll just try to fit them both in here. One, there's been a number of M&A deals here, obviously. So would be curious, Dan, Howard, if you guys have any comments you can make, early read on integration efforts, realization of synergy potential, anything you can quantify. I mean it does sound like margins may be impacted negatively near term, but then should be back to normal by end of fiscal year-end.

嗨，各位。下午好。謝謝讓我提問。我有兩個問題，所以我會盡量都在這裡問完。第一，這裡顯然有不少併購交易。所以想請教 Dan、Howard，你們是否能分享一些看法：對整合工作的初步觀察、協同效益潛力的實現情況，或任何可以量化的內容。我的意思是，聽起來短期內毛利率可能會受到負面影響，但到會計年度年底應該會回到正常水準。

And then related to that, just curious how your direct access, visibility discussions, however you would characterize it with hyperscaler and data center customers has evolved here with the more robust portfolio, and maybe how quickly you expect to realize some of the opportunities across that customer segment, and then maybe in what product category specifically. Thanks, guys.

另外也相關地想請教，隨著產品組合更完整，你們與超大規模雲端業者（hyperscaler）與資料中心客戶之間的直接接觸、能見度與討論（不論你們如何描述）有何演變？以及你們預期能多快在該客群中實現一些機會，可能會是在什麼特定產品類別？謝謝各位。

Sure. I'll take the first part, Brian, related to the acquisitions and how the integration's going. Howard will take the second part related to the hyperscalers in that market segment.

好的。Brian，我先回答第一部分，關於收購案以及整合進展。Howard 會回答第二部分，關於 hyperscaler 與該市場區隔。

So first, we have a history of success with M&A. We did the BrightBox machine learning acquisition 10 or 11 years ago that really helped us developed our TrueCapture and NX Navigator suite of products, which has been an overwhelming success in use on many hundreds of power plants, extremely material to our financial results, but importantly to the customer projects.

首先，我們在併購方面有成功的歷史。我們在 10 或 11 年前收購了 BrightBox 的機器學習業務，這確實幫助我們開發 TrueCapture 與 NX Navigator 產品套件；這在數百座電廠的應用上取得了極大的成功，對我們的財務成果非常關鍵，但更重要的是對客戶專案的價值。

Starting about three years ago, we did a number of smaller acquisitions. Those have been fully integrated. Those are more tuck-in technology acquisitions. We did Ojjo on the foundation. We have many gigawatts of that under fulfillment. That's going great.

大約從三年前開始，我們做了幾筆較小型的收購。這些都已完全整合。這些比較屬於補強式（tuck-in）的技術收購。我們在基礎工程方面收購了 Ojjo。我們有許多 GW 規模的訂單正在履約中。進展非常順利。

Complementary technology on the foundation business that customers are really valuing. And some of the stuff's hard. You have to invest. It takes a few years to operationalize and be able to really get to both volumetric scale, but also tune these businesses up where they're actually hitting the financial metrics you want. So -- I mean, that's going great.

這是基礎工程業務的互補技術，客戶非常重視。而且有些事情很難。你必須投入資源。需要幾年時間才能把它營運化，真正達到量的規模，同時也把這些業務調校到符合你想要的財務指標。所以——我的意思是，進展非常好。

We've done a number of additional earlier stage businesses, and Chuck in his earlier remarks mentioned, for example, our eBOS business. We closed that just about five quarters ago. We're at sort of a $50 -- or $100 million annualized run-rate, which is double what that company did in the 30-year history. And we just announced our new UL-listed product, PowerMerge, which brings the best of both schools of thought through electrical balance of systems to the market. And we've seen great results there.

我們也做了幾個更早期階段的業務收購；Chuck 在先前的發言中提到，例如我們的 eBOS 業務。我們大約在五個季度前完成交割。我們目前的年化 run-rate 約 5,000 萬美元——或 1 億美元，這是那家公司 30 年歷史所達成水準的兩倍。而且我們剛宣布推出新的 UL 認證產品 PowerMerge，透過電氣 BOS（平衡系統）把兩種思路的優點帶到市場。我們在那裡看到了很好的成果。

So it really comes to putting your shoulder into these things, sweating the details, getting the best people to run these businesses, empowering them, and then bringing those forward to customers where we're adding value. And the -- I think our program's going extremely well.

所以關鍵在於你要全力以赴、把細節做到位、找最優秀的人來經營這些業務、賦能他們，然後把這些能力帶給客戶，為客戶創造價值。而且——我認為我們的計畫進展得非常好。

What's different about the Prevalon acquisition is that we had a very mature team that had done about 38 projects with very good references from customers. I was just out at a large utility scale site last week with the team, a 200 megawatt, 800 megawatt hour site that was brought online in under a year. The very sophisticated utility customer was extremely pleased with the performance.

Prevalon 這筆收購不同之處在於，他們有一個非常成熟的團隊，已經做了大約 38 個專案，且客戶口碑非常好。我上週才和團隊一起到一個大型公用事業級場址：200 兆瓦、800 兆瓦時的場址，在不到一年內就完成併網。那位非常成熟、要求很高的公用事業客戶對其表現非常滿意。

So there -- we don't need to integrate those as much because that product line can run. And the last one in that M&A family, the large one that we announced last quarter was a definitive agreement to acquire Zimmermann in Germany, which is a very well-established, respected, stable revenue, cash flow generating company in Germany, that we don't need to do the level of integration we have with the other businesses. So that's how we've thought about that program.

因此——我們不需要做那麼多整合，因為那條產品線本身就能運作。而在這個併購家族中最後一筆、也是我們上季宣布的大型案子，是與德國 Zimmermann 簽署的收購最終協議；這是一家在德國非常成熟、備受尊敬、營收穩定且能產生現金流的公司，我們不需要像其他業務那樣做高強度整合。這就是我們對這個計畫的思考方式。

Howard, can you address the hyperscaler question?

Howard，你可以回答 hyperscaler 的問題嗎？

Sure. So -- hey, Brian. So we are serving hyperscalers both indirectly and directly. And by indirectly, I mean we're working with IPP owner developers who have contracts with hyperscalers, and we're supplying equipment to them. Now that we have a full platform of solar and storage, we can offer much more value for both hyperscalers and the -- our IPP developer partners. We also -- that's indirectly.

當然。所以——嗨，Brian。我們以間接與直接兩種方式服務 hyperscaler。所謂間接，是指我們與擁有 hyperscaler 合約的 IPP 業主/開發商合作，並向他們供應設備。現在我們擁有完整的太陽能與儲能平台，就能為 hyperscaler 以及——我們的 IPP 開發商夥伴提供更高的價值。我們也——這是間接的部分。

And then directly, we are working with hyperscalers directly. One product that Prevalon, now Nextpower Storage, has is Hybrid OS. It's a power stabilizer that provides continuous power. Can respond to data center demand fluctuations that are less than 10 milliseconds. Really fast response. And working directly with hyperscalers and what they're doing on their side of the meter on those kinds of applications.

然後在直接方面，我們也直接與 hyperscaler 合作。Prevalon（現在的 Nextpower Storage）有一項產品叫 Hybrid OS。它是一個電力穩定器，可提供連續供電。能夠回應資料中心在不到 10 毫秒內的需求波動。反應非常快。我們正直接與 hyperscaler 合作，針對他們在電表後端（behind the meter）的這類應用進行部署。

So people ask, is this hyperscaler market and data center market and demand market for electricity real? It's very real. We're seeing expanding pipelines to serve this market segment and closing business on that basis. So we're really excited about that.

所以有人會問：這個 hyperscaler 市場、資料中心市場，以及電力需求市場到底是不是真的？非常真實。我們看到服務這個市場區隔的案源管線正在擴大，並且也以此為基礎成交業務。所以我們對此非常興奮。

I just wanted to add that today we announced the closing of the Inverter acquisition we made and power conditioning system acquisition. Dan noted that that acquisition serves both solar and storage, so there's some synergy there. You asked about synergies, Brian, and that's one of them, taking that inverter power conversion technology from one company and porting it through our Nextpower Storage acquisition and Prevalon. So quite excited about that. Thank you.

我想補充的是，我們今天宣布完成了我們先前進行的逆變器收購，以及電力調節系統（power conditioning system）收購的交割。Dan 提到，這項收購同時服務太陽能與儲能，因此存在一些協同效益。Brian，你問到協同效益，這就是其中之一：把那家公司在逆變器電力轉換方面的技術，導入並延伸到我們的 Nextpower Storage 收購案與 Prevalon。所以我們對此相當興奮。謝謝。

Mark Strouse, JPMorgan.

Mark Strouse，摩根大通。

Great. Good afternoon. Thank you very much for taking our questions. I appreciate you guys are giving us the percentage of your revenue that is coming from the Non-Tracker business. Is there any other color that you can provide us, though, as far as the percentage of your Tracker projects that are coming with other technologies? Maybe kind of the average number of offerings or solutions per project, kind of what that looks in your bookings and maybe how that is trended over the last couple of quarters.

很好。下午好。非常感謝讓我們提問。我很感謝你們提供了營收中來自非追蹤器（Non-Tracker）業務的占比。不過，你們是否還能提供更多資訊，例如：你們的追蹤器（Tracker）專案中，有多少比例會搭配其他技術？也許可以談談每個專案平均包含的產品/解決方案數量，大概在你們的訂單（bookings）中呈現如何，以及過去幾個季度的趨勢。

And then just a quick follow-up if I can get it out there. Chuck, I just want to make sure, the $50 million incremental investment in Power Conversion, is that in line with what you were talking about back in May when you announced the deal? Or is this incremental on top of that? And so we should be thinking about $100 million now? Thank you.

然後如果可以的話，我再快速追問一下。Chuck，我想確認一下，電力轉換（Power Conversion）額外投資 5,000 萬美元，這是否與你們在 5 月宣布交易時所提到的內容一致？還是這是在那之上的增量？因此我們現在應該把它視為 1 億美元？謝謝。

Thanks, Mark. I will go first. This is Chuck. Yeah, it is the same $50 million. We're excited that the Power Conversion business closed today. And so that investment really started a little bit last quarter, but for the most part is kind of over the next four quarters. It's the same numbers, though, not incremental to what we announced in May.

謝謝，Mark。我先說。我是Chuck。對，還是同樣的5,000萬美元。我們很興奮電力轉換（Power Conversion）業務今天完成交割。因此那項投資其實在上一季就已經開始了一點，但大部分會落在接下來四個季度。不過數字是一樣的，並非在我們5月公告的基礎上再額外增加。

Okay. This is Howard. Really pleased with the progress in porting in more products alongside our Tracker platform, including Foundations, which grew 50% year over year in revenue for the quarter. And then our eBOS business, Dan mentioned it in his previous answer, that that's really going extremely well. $100 million-plus revenue run rate for the year, which is beginning to become -- well, it's a meaningful contribution to our annual revenue and growing.

好的。我是Howard。我們很高興看到在Tracker平台旁邊導入更多產品的進展，包括Foundations，本季營收年增50%。接著是我們的eBOS業務，Dan在前一個回答中提到，確實進展非常順利。今年的營收年化運行率超過1億美元，開始成為——嗯，對我們年度營收而言是相當有意義的貢獻，而且還在成長。

The attach rate on eBOS, I think, is particularly striking for us, and it's exceeding the overall attach rate that we noted in our remarks of 14%. So we're really happy with the progress on eBOS. And everything so far points to an affirmation of our strategy, which is to offer a fully-engineered solution, entire bundle, where we're wringing out cost and increasing yield.

我認為eBOS的搭售率（attach rate）對我們來說特別亮眼，而且高於我們在發言中提到的14%整體搭售率。所以我們對eBOS的進展非常滿意。目前的一切都指向對我們策略的肯定，也就是提供完整工程化的解決方案、整套組合，藉此擠出成本並提高發電量（yield）。

Just integrating our foundations with our trackers, we're able to reduce install time by 20%. Part of that, we eliminated all the fasteners between the Foundation and the Tracker. That's another proof point of what we can do to optimize system cost and performance and provide a better solution for our customers. Thanks, Mark.

僅僅是把我們的Foundations與Tracker整合在一起，我們就能把安裝時間縮短20%。其中一部分原因是，我們取消了Foundation與Tracker之間所有的緊固件。這再次證明我們能做什麼來優化系統成本與效能，並為客戶提供更好的解決方案。謝謝，Mark。

Phil Shen, Roth Capital Partners.

Phil Shen，Roth Capital Partners。

Hey, guys. Thanks for taking my questions. First one here is on your margin expansion. You highlighted in your quarter -- or in the shareholder letter that this was driven in part by TrueCapture and tariff recoveries. Was wondering if you could split that out and specifically call out how much TrueCapture benefited you guys there?

嗨，各位。謝謝回答我的問題。第一個問題是關於你們的毛利率擴張。你們在本季——或在致股東信中強調，這部分是由TrueCapture以及關稅回收所帶動。想請問你們能否把這兩項拆開說明，特別指出TrueCapture在其中帶來了多少助益？

And then ultimately, can you give us a more detailed update on TrueCapture? I know at the IPO you guys were a little bit hesitant on that, but you've had some time now, a couple few years here to ramp up that volume. So I was wondering what percentage of your install base has TrueCapture? And then as you book new business, what's the attach rate of TrueCapture there? Given the strong margins, it'd be great to understand what kind of impact TrueCapture is having. Thanks.

然後，整體而言，能否就TrueCapture提供更詳細的更新？我知道在IPO時你們對這部分有點保留，但現在也過了一段時間，這幾年你們也逐步拉升了出貨量。所以我想了解，你們的已安裝基礎（install base）中有多少比例採用TrueCapture？以及在你們新簽訂的業務中，TrueCapture的搭售率是多少？考量到毛利率很強，若能理解TrueCapture帶來的影響會很有幫助。謝謝。

Yeah. Philip, it's Chuck. I'll go first on some of the details, and Howard can fill in on attach rates. So TrueCapture historically was 2% of revenue. We're not giving the exact number, but it's gone higher. So the overall revenue from TrueCapture has accelerated.

好的。Philip，我是Chuck。我先回答一些細節，Howard再補充搭售率。TrueCapture過去大約占營收的2%。我們不提供確切數字，但它已經更高了。因此TrueCapture的整體營收正在加速成長。

We had a great quarter, and it's tied to commissioning. So you'll see some quarters it goes up, some that may be in line. But we expect a very strong year for TrueCapture. Q1 was strong.

我們本季表現很好，且與專案併網/驗收（commissioning）相關。所以你會看到有些季度會上升，有些可能持平。但我們預期TrueCapture今年會非常強勁。第一季就很強。

But the real kind of overall beat on margins was we had pretty significant IEEPA recoveries. And there's still more that we'll get in Q2 and some beyond possibly, but that was a real benefit. And there was a bit of a headwind on freight that kind of offset that a bit. But I would look in our guide overall, was kind of low 20s operating margins, and we delivered 25%. And that overachievement was primarily tariff recoveries that offset a little bit by freight and logistics.

但毛利率整體超預期的主要原因，是我們有相當可觀的IEEPA回收。而且第二季以及之後可能還會有更多回收，但這確實帶來了很大的助益。同時運費方面有一些逆風，部分抵消了這個好處。不過如果看我們的指引，整體大概是低20%區間的營業利益率，而我們交出了25%。這個超出主要來自關稅回收，並被運輸與物流成本部分抵消。

Howard, do you want to talk about the attach rates?

Howard，你要談談搭售率嗎？

Sure. First I want to hum a few bars on TrueCapture, which we love and adore because it represents the best of what we do as a company. We've been working on it for about 10 years. It's really hard thing to do, which is to optimize the performance of every single row of trackers in a field. And there are thousands of tracker rows in every field, typically, for the larger fields.

當然。首先我想先哼幾句談談TrueCapture——我們非常喜愛它，因為它體現了我們公司最擅長的事情。我們已經投入大約10年。這是一件非常困難的事：要把場站裡每一排追日器（tracker row）的表現都最佳化。而在每個場站裡通常有成千上萬排追日器，尤其是大型場站。

And we operate each one independently to maximize yield, and that's what TrueCapture does. And it does it as several different ways. And we've proven it, third party engineers have proven it that it works. It's validated. And we have many tens of gigawatts of TrueCapture installed with validated performance.

我們會讓每一排獨立運作以最大化發電量，而這正是TrueCapture所做的。而且它透過幾種不同方式來達成。我們已經證明它有效，第三方工程師也證明它有效。它已被驗證。我們已安裝了數十GW的TrueCapture，且其效能已獲驗證。

And we are seeing increasing attach rate for it because over time, the -- it becomes even more valuable the more you have uneven terrain and more difficult locations to install the power plant. And so operating the power plant in a reliable way that maximizes yield is becoming more challenging, but our TrueCapture control system does that.

我們看到它的搭售率正在提高，因為隨著時間推移——地形越不平整、電站越難施工的地點，TrueCapture的價值就越高。因此，要以可靠的方式運行電站並最大化發電量變得更具挑戰，但我們的TrueCapture控制系統能做到這點。

And so we're not publishing attach rates, but I can tell you that it's going up. When we did the IPO, we -- and did the roadshow, we said it was about 1% of revenue. Then we've given indication that it's 2% of revenue. Well, I can tell you in the quarter it was higher than that. And so the attach rates are going up for that, and it is important, Phil. Very insightful question, and much appreciated.

因此我們不公布搭售率，但我可以告訴你它正在上升。我們在IPO與路演時說它大約占營收的1%。之後我們也曾表示它占營收的2%。我可以告訴你，本季高於這個水準。所以它的搭售率正在上升，而且這確實很重要，Phil。問題問得很到位，非常感謝。

Thanks, Howard. A quick follow-up here. On bookings, in the quarter, can you guys share what the mix was between the different products? I know the revenue you guys talked about Non-Tracker was 14%. On the bookings, can you do the same?

謝謝，Howard。我這裡有個簡短追問。關於本季的訂單（bookings），你們能分享不同產品之間的組合占比嗎？我知道你們提到非追日器（Non-Tracker）營收占14%。在訂單方面也能做同樣的拆分嗎？

And then also on a go-forward basis, you guys have been pretty steady in this $1 billion per quarter kind of bookings level. Do you see potential for that to accelerate? Or should we continue to expect this billion-dollar cadence? Thanks.

另外，展望未來，你們的訂單一直相當穩定，約每季10億美元的水準。你們認為這有可能加速嗎？還是我們應該繼續預期這種每季10億美元的節奏？謝謝。

I'll take the first part, Phil, on the numbers, and Howard can fill in more color. Yeah, we raised our backlog number from $5.25 billion to $5.5 billion -- over $5.5 billion. We also want to be clear that our energy storage business, which just closed in July, adds significantly more than $300 million on top of that backlog. We don't break out the details of the over $5.5 billion, but Howard, do you want to add some color?

Phil，我先回答第一部分的數字，Howard再補充一些說明。是的，我們把在手訂單（backlog）從52.5億美元提高到55億美元——超過55億美元。我們也想說清楚，我們的儲能業務在7月剛完成交割，會在這個在手訂單之上再額外增加遠超過3億美元。我們不會拆分超過55億美元的細項，但Howard，你要補充一些說明嗎？

Well, I'll just say that, I like how you framed the question, Phil. And I'm going to affirm that we did book more than $1 billion, well over, for the quarter. We had a great bookings quarter. And it is -- was supported both by strong US and strong international sales and strong sales coming from Non-Tracker business. But we're not breaking out precisely what the mix is, but directionally, very meaningful contributions from the Non-Tracker part of the business.

嗯，我只想說，Phil，我很喜歡你提問的切入方式。我也要確認一下，我們本季的訂單金額確實超過10億美元，而且是遠遠超過。我們這一季的接單表現非常出色。而這主要同時受惠於美國與國際市場的強勁銷售，以及來自非追蹤器（Non-Tracker）業務的強勁銷售。不過我們不會精確拆分組合占比，但就方向性而言，非追蹤器業務對整體有非常顯著的貢獻。

Moses Sutton, BNP Paribas. (Operator Instructions)

Moses Sutton，法國巴黎銀行（BNP Paribas）。（接線員指示）

Thanks for taking my question and congrats on beating well every quarter. The 10 gigawatts of US inverter capacity could push, I don't know, to 8% of 2028 revenue if you start selling that out. Is that the case? Is that sort of the directional view here? And similar to Trackers, would you actually expect to have extra capacity in Inverters on hand for surge shipment needs?

謝謝讓我提問，也恭喜你們每一季都大幅超預期。美國10吉瓦的逆變器產能，如果開始對外銷售，可能會推升到我不知道，大概占2028年營收的8%。是這樣嗎？這是你們在方向性上的看法嗎？另外類似追蹤器（Trackers），你們是否也會預期手上保留額外的逆變器產能，以因應突發的出貨需求？

And I guess my second question, what other areas are you guys looking to conquer next? You're getting into Power Conversion. There could be medium voltage transformers. There could be commercial solar battery kits or integrators, just other areas that are on your mind. Thanks for taking my questions.

我想我的第二個問題是，你們接下來還想攻下哪些領域？你們正在切入電力轉換（Power Conversion）。可能還有中壓變壓器。也可能有商用太陽能電池套件或系統整合商等，就是其他你們正在思考的方向。謝謝回答我的問題。

Yeah. Thanks, Moses. The -- I think what you've seen in the past is we don't screw around when it comes to supply chain, from a capacity, from an operational execution, from having raw materials and our balance sheet certainly supports being able to accomplish all the above. So we're going to size the domestic production capacity in response to what the market needs are.

好的。謝謝你，Moses。我想你過去看到的是，我們在供應鏈這件事上不會含糊，不論是產能規劃、營運執行、原物料備料，而我們的資產負債表也確實支持我們完成上述所有事情。因此，我們會依市場需求來配置國內生產產能的規模。

I also want to just highlight that the energy storage business, the Prevalon business, they do work with third-party power conditioning manufacturers, have great relationships there. We're going to keep respecting those relationships. On the power conditioning side with storage, the business unit can either use an inverter that we would make at the company or a third-party inverter, as long as it's a high-quality product that's supported with on-time delivery and great service.

我也想強調一下，儲能業務，也就是Prevalon業務，他們確實會與第三方電力調節（power conditioning）製造商合作，並且在那裡有很好的合作關係。我們會持續尊重這些合作關係。在儲能的電力調節端，該事業單位可以選擇使用我們公司自製的逆變器，或第三方逆變器，只要是高品質產品，並且能準時交付、服務到位。

So that particular business unit will be free to find the best solution for the customer. But for our internal program to build US inverter capacity, we are very pleased. We announced we brought Rob Vinje in as our Chief Operating Officer. We have a -- and his top priority is that.

因此，該事業單位可以自由為客戶尋找最佳解決方案。但就我們內部建立美國逆變器產能的計畫而言，我們非常滿意。我們宣布聘請Rob Vinje擔任營運長（Chief Operating Officer）。而他的首要任務就是這件事。

We have a long experience with Rob. I first met him 20 years ago with Howard. We were on the roof of the SunPower solar power cell line in Manila, in the Philippines. Rob scaled thousands of buildings with Amazon and is one of the top operational -- well he is the top operating person we know in the industry, period.

我們與Rob合作已久。我第一次見到他是在20年前，和Howard一起。當時我們在菲律賓馬尼拉的SunPower太陽能電池產線屋頂上。Rob曾在Amazon擴展數千棟建築的營運規模，是我們所知業界最頂尖的營運人才——可以說，他就是我們認識的業界第一，沒有之一。

And so we're very pleased to have him join the team in the last few months. And he's working with our existing team with some of the new folks that we've brought on through the acquisitions, and we're adding some additional team members. So we have the resources, we have the strategy, we have the capital, and we've listened to our customers. These inverters and power conditioners have been the Achilles heel of solar and battery, and those days are going to be over.

因此，我們非常高興他在過去幾個月加入團隊。他正與我們既有團隊合作，也與我們透過併購帶進來的一些新同仁協作，我們也正在增補更多團隊成員。所以我們有人才、有策略、有資本，也聽取了客戶的聲音。這些逆變器與電力調節設備一直是太陽能與電池產業的阿基里斯腱，而那樣的日子將要結束了。

We are going to address that issue and deliver the most reliable and available set of products, period. And we -- our customers are begging us for this, and we're going to fulfill that. And I think it's hard, but I don't think it's rocket science. We're going to get it done.

我們會解決這個問題，並交付最可靠、供應最充足的一整套產品，就這麼簡單。而且——我們的客戶一直在懇求我們做到這點，我們會滿足他們。我認為這很難，但我不覺得這是什麼火箭科學。我們會把它做成。

So in terms of -- we're not really thinking about what percentage of the revenue is it exactly. We're just focused on the business case. Ultimately, that product family is actually a higher margin business than our Tracker business. And it will -- if we deliver operational excellence there, which we will, we hope that it lands and performs at a higher margin part of our overall portfolio of products and services for brand new market.

所以就——我們其實沒有在想它到底會占營收的百分之多少。我們只專注在商業可行性（business case）。最終來看，這個產品家族其實是比我們追蹤器業務毛利更高的生意。而且——如果我們在那裡交付卓越的營運表現（我們會做到），我們希望它能在我們整體產品與服務組合中，成為毛利率更高的一部分，並切入全新的市場。

But what we're most focused on is meeting customer expectations with schedule, with product performance, commissioning, reconstruction, design, support getting through the utility process and so forth, and then having both a very strong quality and very strong reliability program at the company to be able to support that operational performance. If we do all the above, the sales, the profitability of those units will then be a byproduct of us doing our job. And we think not only is this an important thing for our customers and Nextpower, but we think it's an important thing for the industry. And so we're going to really lean in on this and provide this portfolio to our customers.

但我們最關注的是：在時程、產品性能、試運轉（commissioning）、重建（reconstruction）、設計、協助通過公用事業（utility）流程等方面，滿足客戶期待；同時在公司內建立非常強的品質與可靠度計畫，以支撐上述營運表現。如果我們把以上都做到，那些事業單位的銷售與獲利就會是我們把工作做好之後的自然結果。我們認為這不僅對客戶與Nextpower很重要，對整個產業也很重要。因此我們會全力投入，並把這個產品組合提供給客戶。

On part B, I'll just start, and Dan, if you want to fill in, you were asking about other M&A. As Dan noted, we formulated our platform strategy more than two years ago. We've really executed on it to evolve beyond the tracker to provide a full turnkey solution for both solar and storage. We have the major pieces in place now with the closing of the Prevalon deal for storage and the Apex Power acquisition.

至於B部分，我先簡單說，Dan，如果你想補充也可以——你問的是其他併購（M&A）。如Dan所提，我們在兩年多前就制定了平台策略。我們也確實執行到位，從追蹤器延伸，提供太陽能與儲能的完整交鑰匙（turnkey）解決方案。隨著Prevalon儲能交易完成，以及收購Apex Power，我們現在已把主要拼圖就位。

So -- but there is more to do. There is more to do and more possibilities there, as you noted, Moses. But Dan, do you want to add to that?

所以——但還有更多事情要做。正如你提到的，Moses，還有更多可做之處與更多可能性。Dan，你要補充嗎？

No, I mean, look, we're continuing to invest well over $100 million a year organically in our R&D and develop a suite of products there. The -- again, we're listening where -- what are opportunities to -- that customers have to help them with their IRR on their power plant investments. If there's something we need to do, we'll take it on. If we can develop it organically, that's usually the best thing to do.

不，我是說，你看，我們仍在以內生成長方式，每年持續投入遠超過1億美元在研發（R&D），並在那裡開發一整套產品。另外——同樣地，我們在聽：客戶有哪些機會點——我們能如何協助他們提升電廠投資的內部報酬率（IRR）。如果有我們需要做的事，我們就會承擔起來。如果能以內部開發完成，通常那會是最好的做法。

If we need to do an M&A to accelerate time to market and bring additional experience into our company that we don't have as we did on the energy storage business, we'll do that. The only thing we are committed to is a fully informed decision, and that is objective and delivers value to the customer and also shareholder value. Thanks, Moses. Next question.

如果我們需要透過併購來加速上市時程，並把我們所欠缺的額外經驗帶進公司——就像我們在儲能業務所做的——我們也會這麼做。我們唯一承諾的是：做出充分知情的決策，而且要客觀，能為客戶創造價值，也能為股東創造價值。謝謝你，Moses。下一題。

Dylan Nassano, Wolfe Research.

Dylan Nassano，Wolfe Research。

Yeah, hi. Thanks for taking my question. So now that Prevalon is closed, I just was hoping we could get an update on, I guess, the cell procurement strategy there, and specifically, I guess, just the appetite around offering a US domestic product.

是的，您好。感謝讓我提問。所以現在 Prevalon 已經完成交割，我想請你們更新一下那邊的電芯採購策略，特別是對於提供美國本土產品的意願如何。

And if I could just sneak one more in just on the guidance. I see the bottom end of the range was raised. I'm assuming visibility improved since our last update. Just any color on why not raise the top end here. Is there anything specifically that you're being cautious on?

如果我可以再追問一個關於財測的問題。我看到區間下緣被上調了。我猜測自從我們上次更新以來，可見度有所提升。能否說明一下為什麼沒有上調區間上緣？是否有任何你們特別謹慎看待的事項？

Yeah. Okay, I'll do the first half. So the former Prevalon team, now Nextpower Energy Storage team has, as I mentioned, delivered approximately 38 projects to the market. I personally spoke to eight of the legacy customers, including a very large hyperscaler that the team is currently fulfilling a project over one gigawatt with, and that's going really well.

是的。好，我先回答前半段。如我提到的，原 Prevalon 團隊、現在的 Nextpower Energy Storage 團隊，已向市場交付約 38 個專案。我本人與八位既有客戶談過，包括一家非常大型的超大規模雲端業者（hyperscaler）；該團隊目前正在為其執行一個超過 1 吉瓦的專案，而且進展非常順利。

They have a, I'll say, a portfolio of supply options available to meet the customer's domestic content requirements, just as we do on the tracker side and our other product side with our other products at Nextpower. I haven't heard any customers -- actually, last week we met with over 10 customers, speaking a lot about energy storage, like -- well, with every customer, we spoke about energy storage, and there -- we didn't hear any requirements from them that we can't meet.

他們擁有一個可用的供應選項組合，以滿足客戶的國產內容（domestic content）要求，就像我們在追日系統（tracker）以及 Nextpower 其他產品線上所做的一樣。我沒有聽到任何客戶——其實上週我們與超過 10 位客戶會面，談了很多儲能——可以說我們跟每一位客戶都談到儲能，而我們沒有聽到任何我們無法滿足的需求。

And so it's exciting that just as in solar, with solar panel factories being built out in the US, we're also seeing additional battery factories being built out in the US. And so we have a good position today and we expect that to grow as the capacity grows and customer needs grow.

因此很令人振奮的是，就像太陽能一樣，隨著美國正在建置太陽能板工廠，我們也看到更多電池工廠在美國興建。所以我們目前的布局很不錯，並且預期會隨著產能成長與客戶需求增加而持續擴大。

Chuck, can you take the second part?

Chuck，你可以回答第二部分嗎？

Certainly. Dylan, we had a really strong Q1 and feel like we've got the wind at our backs and are set up for a great year. We did our Q4 earnings call in mid-May, where we outlined our annual guidance. A month or so later, we announced the Prevalon transaction and materially raised top and bottom. And then here we are, a month and a half or so later, raising the bottom end of the range.

當然可以。Dylan，我們第一季表現非常強勁，感覺順風在背、已為今年的優異表現做好準備。我們在 5 月中旬進行第四季財報電話會議，當時提出了全年財測指引。大約一個月後，我們宣布了 Prevalon 交易，並且大幅上調了區間上緣與下緣。而現在又過了大約一個半月，我們再度上調了區間下緣。

But we come in there with strong conviction. Why? Well, we see revenue increasing throughout the year. We noted in the shareholder letter that we'll see modest sequential increases in revenue throughout the year. but importantly, we did not add an outlook for Zimmermann, the company in Germany that has a very strong business and strong profitability, strong cash flow. That's not in our outlook because we're not exactly sure on the timing of when that will close.

但我們對此抱持很強的信心。為什麼？因為我們看到營收會在全年逐步增加。我們在致股東信中提到，全年營收將呈現溫和的逐季成長；但重要的是，我們並未把 Zimmermann——那家位於德國、業務非常強勁且獲利能力強、現金流強的公司——納入我們的展望。這不在我們的展望中，因為我們尚不完全確定該交易何時完成交割。

Prevalon, we did because we had strong conviction on when that would close, and it was basically right on target. And so we are set up for the back half of the year to have an increase likely tied to Zimmermann being closed. But I'd say it's just Q1, we just finished our first quarter. We still have three quarters to go, so we want to be prudent with our overall outlook. Thank you, Dylan.

至於 Prevalon，我們之所以納入，是因為我們對其交割時間點很有把握，而且基本上完全符合預期。因此，我們已為下半年可能因 Zimmermann 完成交割而帶來的增長做好準備。但我想說，現在才第一季，我們剛結束第一個季度。我們還有三個季度要走，所以我們希望在整體展望上保持審慎。謝謝你，Dylan。

Christopher Souther, Truist.

Truist 的 Christopher Souther。

Hey, thanks so much for taking my question here. I'm curious. It was really helpful, you guys framing the inverter opportunity set. As we're looking at storage, are there any concrete numbers you can give around the gating factors there, be it cell supply, be it some of the module capacity or containers that you could talk through?

嗨，謝謝讓我在這裡提問。我很好奇。你們對逆變器機會集合的框架說明非常有幫助。當我們看儲能時，關於那裡的限制因素（gating factors），你們能否提供一些具體數字？例如電芯供應、模組產能或是集裝箱（containers）等，你們可以說明一下嗎？

Yeah. Thanks, Christopher. First, I want to just pull back and compliment the team, the Nextpower Energy Storage team; the CEO of that, Tom Cornell; and Ben Huddle, the CFO; and the Chief Technology Officer, Alejandro, for how they've really brought together a great set of products to the market. They have both a DC block and an AC block solution in the market. And so it really addresses.

好的。謝謝你，Christopher。首先，我想先退一步稱讚一下 Nextpower Energy Storage 團隊；該團隊的執行長 Tom Cornell；財務長 Ben Huddle；以及技術長 Alejandro——他們如何把一套很棒的產品組合帶到市場上。他們在市場上同時提供 DC block 與 AC block 解決方案。因此這確實能夠涵蓋。

There's 10 use cases in battery energy storage, and they address eight of them. And there's -- we spoke about this Power Stabilizer application for data centers, something none of us were talking about a few years ago. And here they are, fulfilling one of the largest projects in the country with that.

電池儲能有 10 種使用情境，而他們涵蓋其中 8 種。另外——我們談到這個用於資料中心的 Power Stabilizer 應用，這是幾年前我們都還沒在談的事情。而他們現在正在以此履行全國最大型的專案之一。

So -- yeah, we just closed last week, so -- and we're out speaking with customers now. So we'll certainly unpack this in much greater depth at our Capital Markets Day on November 16. But what I'll tell you is that I see no impediments to being the company from either a supply, design, financing standpoint to be able to satisfy customer needs.

所以——是的，我們上週才完成交割，所以——我們現在正與客戶交流。我們當然會在 11 月 16 日的資本市場日（Capital Markets Day）更深入地拆解與說明。但我可以告訴你的是，無論從供應、設計或融資角度，我都看不到任何阻礙我們成為能夠滿足客戶需求的公司之因素。

The Battery segment we put in the shareholder letter, latest data that we have is it's growing at a [33%] CAGR through 2030 based on the latest forecast. And we're seeing it, a lot of our legacy -- virtually all our legacy customers on the solar side are doing storage. We're seeing a lot of pure play storage companies. We're seeing utilities go out for bid because it's a way to not only arbitrage power from the middle of the day to later in the evening or in the morning, but also it's a way to deal with limited transmission capacity on the electric transmission side.

我們在致股東信中提到電池（Battery）領域：根據我們掌握的最新數據與最新預測，至 2030 年其複合年成長率（CAGR）約為 [33%]。而我們也確實看到，許多既有客戶——幾乎所有太陽能端的既有客戶——都在做儲能。我們也看到很多純儲能公司。我們看到公用事業（utilities）發出招標，因為這不僅能把電力從白天中段套利到傍晚或清晨，也是一種因應電力輸電端輸電容量受限的方法。

If you analyze how little transmission is being built in the United States, I'm talking about electric transmission and sub-transmission from 115,000 volts through 500 kilovolts, typically, there's very few circuit miles being built. There's a lot of load being added. And what the battery does is it addresses both the ability to arbitrage power and supply local T&D support.

如果你分析美國輸電建設的稀少程度——我指的是電力輸電與次輸電（sub-transmission），通常電壓範圍從 115,000 伏到 500 千伏——你會發現新增的線路英里（circuit miles）非常少。但負載卻在大量增加。而電池的作用，是同時解決電力套利能力，以及提供在地的輸配電（T&D）支援。

And Howard and I wrote several, actually, technical papers on this in 1990, 1991, using photovoltaics and energy storage for grid support. I wrote a paper with a former colleague called The Distributed Utility in 1991 that basically outlined a model for how distributed renewables, but also storage would help support the grid.

Howard 和我其實在 1990、1991 年就針對此寫過幾篇技術論文，探討使用光伏與儲能來支援電網。我在 1991 年與一位前同事共同撰寫了一篇名為《The Distributed Utility》的論文，基本上提出了一個模型，說明分散式再生能源以及儲能將如何協助支撐電網。

And now that battery is available at huge scale, extremely affordable, what we're seeing is also batteries transitioning from five years ago, these batteries were one hour typically. A few years later, they were two hour. Now with this stuff coming on the grid, it's four hours. Well, the customers we were speaking to last week were seeing a lot of six- and eight-hour applications.

而現在電池已能以巨大規模供應、成本極具競爭力，我們也看到電池的應用時長在轉變：五年前，這些電池通常是一小時。幾年後變成兩小時。現在併網的多是四小時。而我們上週與客戶交流時，看到很多六小時與八小時的應用。

And so we think the batteries are really important for customers to connect loads to the grid, but also highly synergistic with solar, which is why we're bullish on the long term forecast for solar, because solar's -- the costs have come down so much. The only impediment is basically more duration and dispatch ability, and the storage is solving that.

因此，我們認為電池對客戶將負載連接到電網非常重要，同時也與太陽能高度協同，這也是我們看好太陽能長期展望的原因，因為太陽能的成本已經大幅下降。唯一的阻礙基本上是需要更長的持續時間與可調度能力，而儲能正在解決這個問題。

And actually, we just saw also an analysis that the Arizona Public Service put forward in a, I believe, a regulatory proceeding, looking at the what's called the ELCC, it's the effective of load carrying capability. And solar by itself was pretty low. Solar with storage was very high, kind of right up there with gas and so forth.

而且實際上，我們也剛看到亞利桑那公共服務公司（Arizona Public Service）在一項我相信是監管程序中提出的分析，探討所謂的 ELCC，也就是有效負載承載能力（effective load carrying capability）。單靠太陽能的數值相當低。太陽能搭配儲能則非常高，幾乎可與天然氣等相提並論。

And so these storage is essential as we go forward. And we see previously unimagined use cases for it as we go forward, and it really portends well to solar. I'll just -- the final thing I'll note is the first six months of this year today, 90% or 91% of the power generation brought online in the United States, even in this regulatory environment, 91% was solar and storage.

因此，隨著我們向前推進，這些儲能是不可或缺的。而且我們也看到未來會出現過去難以想像的應用情境，這對太陽能而言確實是個很好的前兆。我最後補充一點：截至今年目前為止的前六個月，在美國上線的新增發電量中，即使在這樣的監管環境下，90%或91%——其中 91%——是太陽能與儲能。

So -- and we could speak to you all day long about why solar is going to keep coming down in cost and keep improving in availability and similarly with storage. So we're very bullish on the prospects of these technologies to continue growing. Next question.

所以——我們可以跟各位聊上一整天，說明為什麼太陽能的成本會持續下降、可用性會持續提升，儲能也是同樣的趨勢。因此，我們非常看好這些技術持續成長的前景。下一個問題。

Ben Kallo, Baird.

Ben Kallo，Baird。

Hey, guys. Thanks for fitting me in. I'll try to keep the time here. I know we focus a lot on the US. Maybe could you talk internationally, Tracker, Non-Tracker, the Saudi JV?

嗨，各位。謝謝讓我插個問題。我會盡量控制時間。我知道我們很多時候聚焦在美國。也許你們可以談談國際市場：追日系統（Tracker）、非追日（Non-Tracker）、以及沙烏地合資企業（JV）？

And then -- because Inverter has been such a focus of the call, could you just talk about the non-US strategy? I know you're going to produce in the US, but how you go to market there. Outside of Spain, I'm thinking more Asia there. A couple different questions there, but thanks for your time, guys.

另外——因為逆變器一直是這通電話會議的重點，你們能否談談非美國市場的策略？我知道你們會在美國生產，但你們在海外如何推向市場。除了西班牙之外，我更想到的是亞洲那邊。這裡有幾個不同的問題，謝謝你們的時間，各位。

Yeah, sure. First, I'll talk about NX Arabia, which we banged the gong in January of this year. They're off to a great start. We've booked business there through the JV. It's a structural change in how we report the financials there. We're not recognizing the revenue. So -- but it's -- we are recognizing the profitability of the venture, and we do have a license there. So it's good for the company, and it allows us to get our technology there and be very competitive in that low-cost region.

好的，當然。首先我談 NX Arabia，我們在今年一月正式敲鑼啟動。他們開局非常好。我們已透過這個合資企業（JV）拿到訂單。這在我們如何呈報那邊的財務上是一個結構性的改變。我們不會認列營收。所以——但我們會認列該合資事業的獲利，而且我們在那裡確實有執照。因此這對公司是有利的，也讓我們能把技術帶到那個低成本地區並保持高度競爭力。

And so that's been very good. We're very happy with the leadership there and our partner in Abunayyan Holding Company. It's just an excellent partner for us in NX Arabia. And they're addressing many countries in the region, not just Saudi Arabia, but in MENA, Middle East, North Africa, we're working closely with them there.

因此這一直非常順利。我們對那邊的領導團隊以及我們在 Abunayyan Holding Company 的合作夥伴都非常滿意。他們是我們在 NX Arabia 的絕佳合作夥伴。他們正在涵蓋該區域的許多國家，不僅是沙烏地阿拉伯，也包括 MENA（中東與北非）；我們在那裡與他們密切合作。

And then as far as the international business, we talked about Zimmermann, which is this very well-respected German company. They've been around for about 15 years. Very well-respected brand, great team, headquartered in Germany.

接著談國際業務方面，我們提到 Zimmermann，這是一家備受尊敬的德國公司。他們大約成立 15 年。品牌非常受推崇、團隊很強，總部在德國。

To be honest, Nextpower doesn't have much footprint, Germany historically has been a very strong market in Europe. It's one or two over the last 10 years. We don't have a lot of footprint there because it's largely a fixed-tilt market. And Zimmermann has a very clever, excellent fixed-tilt system and a significant market share in Germany, and they're adding 15 countries to our 50 country market footprint. So we're expanding our market much of that in Europe, which in totality is as big as the US business in terms of -- or as much as the US generating capacity. That's what we see in Europe.

坦白說，Nextpower 在德國的布局不多；德國歷來一直是歐洲非常強勁的市場。在過去 10 年中，它大概是前一、二名。我們在那裡的布局不多，因為那裡主要是固定傾角（fixed-tilt）市場。而 Zimmermann 擁有非常巧妙、優秀的固定傾角系統，並在德國擁有相當可觀的市占率；他們也將為我們原本覆蓋 50 個國家的市場版圖再增加 15 個國家。因此我們正在擴大市場覆蓋，其中很大一部分在歐洲；就整體而言，歐洲的規模在——或就發電容量而言——與美國業務一樣大。這就是我們對歐洲的看法。

So in totality, it's a very significant, important market there. So with Zimmermann and our expanded team in Madrid, and then we have others from the Zigor Apex acquisition for the inverter there in Spain. And so we've just greatly expanded our footprint in Europe and internationally. Thanks for the questions, Ben.

因此整體來看，那是一個非常重要且規模可觀的市場。透過 Zimmermann、我們在馬德里的擴編團隊，以及我們在西班牙透過 Zigor Apex 併購所取得的逆變器相關人員。因此，我們已大幅擴展在歐洲及國際市場的布局。謝謝你的提問，Ben。

Great. So this brings our call to a close. For those of you that didn't get a chance to answer a question, please join us on the callbacks and we'll unpack those. We'd like to thank our customers and partners for their continued trust, our employees around the world for their incredible work, and our shareholders for your confidence and support.

很好。那麼本次電話會議就到此結束。對於沒有機會提問的各位，請參加我們的回撥（callbacks），我們會再逐一說明。我們要感謝客戶與合作夥伴持續的信任，感謝全球員工令人驚豔的工作表現，也感謝股東對我們的信心與支持。

We're really excited about these opportunities ahead and believe our market leadership, expanding technology platform, and outstanding team position us well for the future and look forward to sharing more with you at our Capital Markets Day in November. Thanks for joining our call, and --.

我們對未來的這些機會感到非常振奮，並相信我們的市場領導地位、持續擴展的技術平台，以及卓越的團隊，讓我們在未來具備良好定位；也期待在 11 月的資本市場日（Capital Markets Day）與各位分享更多。感謝各位參加我們的電話會議，並且——。