(SEDG) 2022 Q2 法說會逐字稿

Welcome to the SolarEdge conference call for the second quarter ended June 30, 2022. This call is being webcast live on the company's website at www.solaredge.com in the Investors section on the Events and Calender page. This call is the sole property and copyright of SolarEdge with all rights reserved, and any recording, reproduction or transmission of this call without the express written consent of SolarEdge is prohibited.

歡迎參加截至 2022 年 6 月 30 日的第二季度 SolarEdge 電話會議。該電話會議正在公司網站 www.solaredge.com 的“活動和日曆”頁面的“投資者”部分進行網絡直播。本次通話是 SolarEdge 的專有財產和版權，並保留所有權利，未經 SolarEdge 明確書面同意，禁止對本次通話進行任何錄製、複製或傳輸。

You may listen to a webcast replay of this call by visiting the Event/Calendar page of the SolarEdge investor website.

您可以通過訪問 SolarEdge 投資者網站的事件/日曆頁面收聽本次電話會議的網絡廣播重播。

(Operator Instructions)

（操作員說明）

I would now like to turn the call over to Ms. Erica Mannion, of Sapphire Investor Relations, Investor Relations for SolarEdge.

我現在想將電話轉給 SolarEdge 投資者關係部藍寶石投資者關係部的 Erica Mannion 女士。

Thank you. Good afternoon. Thank you for joining us to discuss SolarEdge's operating results for the second quarter ended June 30, 2022, as well as the company's outlook for the third quarter of 2020.

謝謝你。下午好。感謝您與我們一起討論 SolarEdge 截至 2022 年 6 月 30 日的第二季度的經營業績，以及公司對 2020 年第三季度的展望。

With me today are Zvi Lando, Chief Executive Officer; and Ronen Faier, Chief Financial Officer.

今天和我在一起的是首席執行官 Zvi Lando；和首席財務官 Ronen Faier。

Zvi will begin with a brief review of the results for the second quarter ended June 30, 2022. Ronen will review the financial results for the second quarter, followed by the company's outlook for the third quarter of 2022. We will then open the call for questions.

Zvi 將首先簡要回顧截至 2022 年 6 月 30 日的第二季度的業績。Ronen 將回顧第二季度的財務業績，然後是公司對 2022 年第三季度的展望。然後我們將公開徵集問題。

Please note that this call will include forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from management's current expectations. We encourage you to review the safe harbor statements contained in our press release and the slides published today for a more complete description.

請注意，本次電話會議將包括涉及風險和不確定性的前瞻性陳述，這些風險和不確定性可能導致實際結果與管理層當前的預期存在重大差異。我們鼓勵您查看我們的新聞稿和今天發布的幻燈片中包含的安全港聲明，以獲得更完整的描述。

All material contained in the webcast is a sole property and copyright of SolarEdge Technologies with all rights reserved.

網絡廣播中包含的所有材料均為 SolarEdge Technologies 的專有財產和版權，並保留所有權利。

Please note, this presentation describes certain non-GAAP measures, including non-GAAP net income and non-GAAP net diluted earnings per share, which are not measures prepared in accordance with U.S. GAAP.

請注意，本演示文稿描述了某些非 GAAP 措施，包括非 GAAP 淨收入和非 GAAP 每股攤薄淨收益，這些措施不是根據美國 GAAP 編制的措施。

The non-GAAP measures are presented in this presentation as we believe they provide investors with the means of evaluating and understanding how the company's management evaluates the company's operating performance. These non-GAAP measures should not be considered in isolation from, as substitutes for or superior to financial measures prepared in accordance with U.S. GAAP.

本演示文稿中介紹了非公認會計原則措施，因為我們相信它們為投資者提供了評估和了解公司管理層如何評估公司經營業績的方法。這些非公認會計原則措施不應被視為獨立於、替代或優於根據美國公認會計原則編制的財務措施。

Listeners who do not have a copy of the quarter ended June 30, 2022 press release or the supplemental material may obtain a copy by visiting the Investors section of the company's website.

沒有截至 2022 年 6 月 30 日的季度新聞稿或補充材料的聽眾可以通過訪問公司網站的“投資者”部分獲取副本。

Now I will turn the call over to Zvi.

現在我將把電話轉給 Zvi。

Thank you, Erica. Good afternoon, and thank you all for joining us on our conference call.

謝謝你，艾麗卡。下午好，感謝大家參加我們的電話會議。

This quarter, once again, we saw record revenues for the company, led by record revenues from our solar business in the United States and Europe. Our growth in the United States reflects record megawatt ships of commercial inverters, which is more than double from the previous quarter. This is a result of the strong commercial and community solar momentum in the U.S., where we are well positioned. We expect this market to continue to grow, especially in light of the most recently proposed bill and its favorable terms for commercial and community solar projects.

本季度，在我們在美國和歐洲的太陽能業務創紀錄的收入的帶動下，我們再次看到了公司的創紀錄收入。我們在美國的增長反映了創紀錄的兆瓦級商用逆變器出貨量，比上一季度增長了一倍多。這是美國商業和社區太陽能發展勢頭強勁的結果，我們在這方面處於有利地位。我們預計這個市場將繼續增長，特別是考慮到最近提出的法案及其對商業和社區太陽能項目的有利條款。

Additionally, this quarter, we saw a 12% quarter-over-quarter increase in residential inverter megawatt ships to the United States.

此外，本季度，我們看到發往美國的住宅逆變器兆瓦級船舶環比增長 12%。

In Europe, we hit record megawatt shipments of both commercial and residential inverters this quarter. The strength in Europe is led by record revenues in 14 countries, most notably in Italy and in Germany.

在歐洲，我們本季度商用和住宅逆變器的兆瓦出貨量均創下紀錄。歐洲的實力來自 14 個國家創紀錄的收入，其中最引人注目的是意大利和德國。

Outside of Europe and the United States, we are seeing particularly positive momentum in Brazil, Australia, South Africa and India.

在歐洲和美國之外，我們在巴西、澳大利亞、南非和印度看到了特別積極的勢頭。

While our shipment rate continues to increase, channel inventory remains low due to the very high rate of installations of our product. During this quarter, more than 160,000 new sites were added to our monitoring platform, bringing us to a total of more than 2.8 million monitored sites around the world.

雖然我們的出貨率繼續增加，但由於我們產品的安裝率非常高，渠道庫存仍然很低。在本季度，我們的監控平台新增了 160,000 多個站點，使我們的全球監控站點總數超過 280 萬個。

For clarification purposes, a single site can be anywhere from a residential home installation of 2.5 kilowatts to a 77-megawatt sites like the one we discussed last quarter in Taiwan, that was recently commissioned. The importance of this indicator and of getting these sites installed sometimes at the cost of expedited shipments, is that many of these sites are potential for follow-on revenue in the future as we expand our portfolio and offering of commercial storage, residential and commercial EV chargers and other hardware and software products and services.

為澄清起見，單個站點可以是任何地方，從 2.5 千瓦的住宅安裝到 77 兆瓦的站點，例如我們上個季度在台灣討論的站點，該站點最近已投入使用。該指標的重要性以及有時以加快發貨為代價安裝這些站點的重要性在於，隨著我們擴大我們的產品組合和提供商業存儲、住宅和商業電動汽車，這些站點中的許多在未來都有可能獲得後續收入充電器和其他硬件和軟件產品和服務。

Overall, this quarter, we shipped 5.2 million power optimizers and approximately 230,000 inverters, both below our original plan for the quarter. The main cause for this was the extended lockdown in Shanghai, impacting a supplier's back-end manufacturing facility of a set of components used in our inverters and optimizers. The lockdown created discontinuity in our manufacturing. And when the facility finally opened, we expedited shipments of the components to our manufacturing facilities and the finished goods to our customers. Additionally, the event impacted our opening inventory for the third quarter. And as such, we will need to expedite some shipments this quarter as well to enable our customer installations to take place as planned.

總體而言，本季度我們出貨了 520 萬台功率優化器和大約 230,000 台逆變器，均低於我們本季度的原計劃。造成這種情況的主要原因是上海的長期封鎖，影響了供應商的後端製造工廠，該工廠生產了我們的逆變器和優化器中使用的一組組件。封鎖造成了我們製造的不連續性。當工廠最終開業時，我們加快了將組件運送到我們的製造設施和將成品運送到我們的客戶的速度。此外，該事件影響了我們第三季度的期初庫存。因此，我們還需要在本季度加快一些發貨速度，以使我們的客戶安裝能夠按計劃進行。

Our battery shipments grew this quarter in line with our plans and reached 251-megawatt hour, more than doubling shipments from last quarter. We are receiving positive feedback on our battery, in particular, relating to ease of installation and commissioning time.

本季度我們的電池出貨量增長符合我們的計劃，達到 251 兆瓦時，是上一季度出貨量的兩倍多。我們收到了對我們電池的積極反饋，特別是在易於安裝和調試時間方面。

This quarter, we released a new software version that focuses on these elements and we have heard from installers about installation times in the range of 10 to 15 minutes. Note that our average installation time is currently around half an hour, and we continue to roll out the new software and training to enable improved experience and installation times across the installer base.

本季度，我們發布了一個專注於這些元素的新軟件版本，我們從安裝人員那裡得知安裝時間在 10 到 15 分鐘之間。請注意，我們目前的平均安裝時間約為半小時，我們將繼續推出新軟件和培訓，以改善整個安裝程序群的體驗和安裝時間。

At the core of this simplified installation process is our SolarEdge home network, wireless technology that links the inverter, the battery and all of the related components in a seamless way, eliminating the need to physically connect the various system elements with cables and connectors.

這個簡化安裝過程的核心是我們的 SolarEdge 家庭網絡，無線技術以無縫方式連接逆變器、電池和所有相關組件，無需使用電纜和連接器物理連接各種系統元件。

Also related to our battery offering at Intersolar in Munich in May, we highlighted our SolarEdge home residential portfolio, which includes our newly introduced 3-phase SolarEdge home battery designed for the German and other 3 phase European markets. We began shipments of this new battery this quarter.

同樣與我們 5 月份在慕尼黑 Intersolar 提供的電池產品有關，我們重點介紹了 SolarEdge 家用住宅產品組合，其中包括我們新推出的為德國和其他 3 相歐洲市場設計的 3 相 SolarEdge 家用電池。我們本季度開始出貨這種新電池。

With the high attach rate for batteries in Germany, we anticipate healthy demand. The 3-phase battery also includes the SolarEdge home network wireless technology discussed before.

由於德國電池的高附加率，我們預計需求將保持健康。三相電池還包括之前討論過的 SolarEdge 家庭網絡無線技術。

More on the product side. In residential, in addition to the battery focus that I discussed, we are working on releasing higher power inverters to address the global trends we are seeing for large-sized installations, in particular, in self-consumption driven markets.

更多關於產品方面。在住宅方面，除了我討論的電池重點之外，我們正在努力發布更高功率的逆變器，以應對我們看到的大型裝置的全球趨勢，特別是在自我消費驅動的市場中。

In the U.S., we are ramping the 11.4 kilowatt inverter released a couple of quarters ago. And this quarter, we released a 10-kilowatt inverter designated for the Australian market. We expect the segments of large residential system where we are particularly strong due to the favorable economics of our DC architecture to continue to grow with a relatively high attach rate of batteries.

在美國，我們正在增加幾個季度前發布的 11.4 千瓦逆變器。本季度，我們發布了專為澳大利亞市場設計的 10 千瓦逆變器。我們預計，由於我們的 DC 架構的良好經濟性，我們特別強大的大型住宅系統部分將繼續增長，並具有相對較高的電池連接率。

In commercial, we began initial installations of our new S-1400 power optimizer, which enables connection of 2 high-powered G12 modules to a single optimizer, thus significantly reducing system cost per watt while ensuring full harvest of the power generated by the modules.

在商業方面，我們開始安裝新的 S-1400 功率優化器，它可以將 2 個高功率 G12 模塊連接到單個優化器，從而顯著降低每瓦的系統成本，同時確保充分利用模塊產生的功率。

Also in commercial, we recently commissioned a 13-megawatt floating system in Taiwan. As we discussed at the Analyst Day, the strength of our architecture is the adaptability to the different applications of the commercial market, one of which is the growing floating solar application, where in many cases, the practices to apply rapid shutdown safety protection, even in countries where it is not a regulatory requirements.

同樣在商業方面，我們最近在台灣委託了一個 13 兆瓦的浮動系統。正如我們在分析師日討論的那樣，我們架構的優勢在於對商業市場不同應用的適應性，其中之一是不斷增長的浮動太陽能應用，在許多情況下，應用快速關機安全保護的做法，甚至在沒有監管要求的國家/地區。

Moving to our nonsolar business. Our revenues from e-Mobility declined this quarter relative to last quarter, due to reduced demand from our customer, which is in line with the overall automotive industry supply chain-related instability. Considering the continued lack of visibility in this space, we believe that revenues for this project this year will be lower than originally expected.

轉向我們的非太陽能業務。與上一季度相比，本季度我們的電動汽車收入有所下降，原因是我們客戶的需求減少，這與汽車行業供應鏈相關的整體不穩定性一致。考慮到該領域持續缺乏知名度，我們認為該項目今年的收入將低於最初的預期。

Moving to Critical Power. This quarter, we made and implemented a decision to discontinue our stand-alone UPS market-related activities. At the time of acquisition 4 years ago, we saw this market as an additional pillar for the growth of the company expecting a potential inflection point in the UPS market. At this time, however, considering the rapid growth and magnitude of the opportunities we face in our core solar market, and as we believe that parts of the UPS market will eventually converge with the solar plus backup market, we judge that both the technology we developed and the teams we built are best utilized within our solar organization. As such, we are discontinuing the development of UPS-specific products and commercial operations in the stand-alone UPS market and the already developed technologies will be integrated in solar products as uninterrupted power supply becomes required or relevant.

轉向關鍵權力。本季度，我們做出並實施了停止我們獨立的 UPS 市場相關活動的決定。在 4 年前收購時，我們將這個市場視為公司增長的額外支柱，預計 UPS 市場可能出現拐點。然而，此時，考慮到我們在核心太陽能市場面臨的快速增長和巨大機遇，並且我們相信部分 UPS 市場最終將與太陽能加備用市場趨同，我們認為我們的技術開發和我們建立的團隊在我們的太陽能組織中得到最好的利用。因此，我們將停止在獨立 UPS 市場中開發 UPS 特定產品和商業運營，並且當需要或相關時，已開發的技術將集成到太陽能產品中。

In this and in recent earnings calls, we have discussed the increase in demand we are seeing globally triggered by elevated power prices and general transition towards renewable energy by corporations, businesses and individuals. Notably, over the last few weeks, multiple governments around the world have implemented or announced their intent to implement new policies aimed to accelerate installations of PV as part of their energy independence and climate control initiatives. This reiterates the exciting opportunities that lay ahead for us and for our industry as a whole. And with this, I hand it over to Ronen, who will review our financial results. Ronen?

在本次和最近的財報電話會議中，我們討論了由於電價上漲以及公司、企業和個人向可再生能源的普遍過渡，我們在全球範圍內看到的需求增加。值得注意的是，在過去的幾周里，世界各地的多個政府已經實施或宣布打算實施旨在加速光伏安裝的新政策，作為其能源獨立和氣候控制計劃的一部分。這重申了擺在我們和整個行業面前的激動人心的機遇。有了這個，我把它交給 Ronen，他將審查我們的財務業績。羅南？

Thank you, Zvi, and good afternoon, everyone. This financial review includes a GAAP and non-GAAP discussion. Full reconciliation of the pro forma to GAAP results discussed on this call is available on our website and in the press release issued today. Segment profit is comprised of gross profit for the segment, less operating expenses that do not include amortization of purchase intangible assets, impairments of goodwill and intangible assets, stock-based compensation expenses and certain other items.

謝謝 Zvi，大家下午好。該財務審查包括 GAAP 和非 GAAP 討論。可在我們的網站和今天發布的新聞稿中獲得本次電話會議中討論的 GAAP 結果與備考結果的完全對賬。分部利潤包括分部的毛利，減去不包括購買無形資產攤銷、商譽和無形資產減值、股票補償費用和某些其他項目的經營費用。

Total revenues for the second quarter of 2022 were a record $727.8 million, an 11% increase compared to $655.1 million last quarter and a 52% increase compared to $480.1 million for the same quarter last year.

2022 年第二季度的總收入達到創紀錄的 7.278 億美元，與上一季度的 6.551 億美元相比增長 11%，與去年同期的 4.801 億美元相比增長 52%。

Revenues from our solar segment, which includes the sales of residential batteries were a record $687.6 million, a 13% increase compared to $608 million in the last quarter and a 59% increase compared to $431.5 million in the same quarter last year.

我們太陽能部門的收入（包括住宅電池的銷售）達到創紀錄的 6.876 億美元，與上一季度的 6.08 億美元相比增長 13%，與去年同期的 4.315 億美元相比增長 59%。

Solar revenues from the United States this quarter were a record $309.8 million, a 17% increase from the last quarter and represented 45% of our solar revenues. Solar revenues from Europe were a record $324.7 million, a 14% increase from the last quarter and represented 47% of our solar revenues.

本季度來自美國的太陽能收入達到創紀錄的 3.098 億美元，比上一季度增長 17%，占我們太陽能收入的 45%。來自歐洲的太陽能收入達到創紀錄的 3.247 億美元，比上一季度增長 14%，占我們太陽能收入的 47%。

Sales in Europe are typically denominated in euros, and therefore, the devaluation of the euro negatively impacted our U.S. dollar-denominated revenues and gross margin. Specifically, the impact of the euro devaluation between last quarter and this one translated into a reduction of $18 million in revenues and 240 basis points of gross margin.

歐洲的銷售通常以歐元計價，因此，歐元貶值對我們以美元計價的收入和毛利率產生了負面影響。具體來說，上一季度和本季度之間歐元貶值的影響導致收入減少 1800 萬美元，毛利率減少 240 個基點。

Rest of the world solar revenues were $53.1 million, a 7% decrease compared to the last quarter and represented 8% of our solar revenues. On a megawatt basis, we shipped a record 936 megawatts to the United States, a record 1.2 gigawatts to Europe and 357 megawatts to the rest of the world, surpassing for the first time, 2.5 gigawatts of quarterly product shipments.

世界其他地區的太陽能收入為 5310 萬美元，與上一季度相比下降了 7%，占我們太陽能收入的 8%。按兆瓦計算，我們向美國出貨了創紀錄的 936 兆瓦，向歐洲出貨了創紀錄的 1.2 兆瓦，向世界其他地區出貨了 357 兆瓦，首次超過了 2.5 吉瓦的季度產品出貨量。

51% of the megawatts shipped this quarter were commercial products and the remaining 49% were residential. This quarter, we also continued to see an increase in revenues related to our batteries that are currently sold in 12 countries.

本季度出貨的 51% 的兆瓦是商業產品，其餘 49% 是住宅。本季度，我們還繼續看到與我們目前在 12 個國家銷售的電池相關的收入增加。

Of the batteries we shipped this quarter, 75% were shipped to Europe, 21% to the United States and 4% to the rest of the world with first shipments and installations in South Africa. ASP per watt, excluding battery revenues, this quarter, was $0.236, a 12% decrease from $0.269 per watt last quarter.

在我們本季度發貨的電池中，75% 運往歐洲，21% 運往美國，4% 運往世界其他地區，首批出貨和安裝在南非。本季度不包括電池收入的每瓦平均售價為 0.236 美元，比上一季度的每瓦 0.269 美元下降 12%。

This ASP per watt decrease is a result of a growing portion of commercial product in our mix and the geographical mix that leaned towards Europe where -- which was subject to currency rate erosion of the euro against the U.S. dollar. This ASP erosion was partially offset by price increases implemented in Q2 that will be fully materialized in Q3. This quarter, 1 U.S. customer accounted for more than 10% of our solar revenues.

每瓦特均價的下降是由於我們組合中商業產品的比例越來越大，而且地理組合傾向於歐洲——這受到歐元兌美元匯率侵蝕的影響。這種平均售價下降被第二季度實施的價格上漲部分抵消，該價格上漲將在第三季度完全實現。本季度，1 個美國客戶占我們太陽能收入的 10% 以上。

Revenues from our nonsolar businesses were $40 million, most of which came from our e-Mobility division. Consolidated GAAP gross margins for the quarter was 25.1% compared to 27.3% in the prior quarter and 32.5% in the same quarter last year.

我們的非太陽能業務收入為 4000 萬美元，其中大部分來自我們的電動汽車部門。本季度合併 GAAP 毛利率為 25.1%，上一季度為 27.3%，去年同期為 32.5%。

Non-GAAP gross margin this quarter was 26.7% compared to 28.4% in the prior quarter and 33.9% in the same quarter last year. Gross margin for the solar segment was 28.1% compared to 30.2% in the prior quarter. The quarter-over-quarter decline in gross margin is the result of a few factors. More battery revenues in our overall product mix, euro to dollar erosion, as discussed above, a higher portion of commercial sales and expedited shipments related mostly to the supply chain issues discussed by Zvi.

本季度非美國通用會計準則毛利率為 26.7%，上一季度為 28.4%，去年同期為 33.9%。太陽能部門的毛利率為 28.1%，而上一季度為 30.2%。毛利率的環比下降是幾個因素的結果。如上所述，我們的整體產品組合中更多的電池收入、歐元兌美元的貶值、更高比例的商業銷售和加快出貨主要與 Zvi 討論的供應鏈問題有關。

The decline in margin was lower than the accumulated impact of all of these factors, thanks to price increases implemented in prior quarters.

由於前幾個季度實施的價格上漲，利潤率的下降低於所有這些因素的累積影響。

Heading into the third quarter, the current USD-to-euro rate -- exchange rate will offset the price increases that we have implemented in Europe. Goods subject to tariffs, excluding batteries shipped to the United States from China accounted for 31% of our U.S. shipments this quarter. This is a slight decrease compared to 32% in the last quarter and is mainly a result of increased supply to the U.S. market from our manufacturing facility in Mexico where ramp-up continues as planned.

進入第三季度，當前的美元兌歐元匯率將抵消我們在歐洲實施的價格上漲。受關稅影響的商品（不包括從中國運往美國的電池）占我們本季度美國發貨量的 31%。與上一季度的 32% 相比略有下降，主要是由於我們在墨西哥的製造工廠對美國市場的供應增加，該工廠按計劃繼續增產。

Gross margin for our nonsolar segment was 2.7% compared to 5.6% in the previous quarter mostly driven by high margins in the storage division and lower margin in the e-Mobility business, a result of lower volumes.

我們的非太陽能部門的毛利率為 2.7%，而上一季度為 5.6%，主要是由於存儲部門的高利潤率和電動汽車業務的利潤率下降，這是銷量下降的結果。

Our GAAP gross margin included a write-down of $4.3 million this quarter as a result of the discontinuation of Critical Power division related activities. On a non-GAAP basis, operating expenses for the second quarter were $109.6 million or 15.1% of revenues compared to $98.9 million or 15.1% of revenues in the prior quarter and $81.5 million or 17% of revenues for the same quarter last year.

由於關鍵電力部門相關活動的終止，我們的 GAAP 毛利率包括本季度 430 萬美元的減記。按非公認會計原則計算，第二季度的運營費用為 1.096 億美元，佔收入的 15.1%，上一季度為 9890 萬美元，佔收入的 15.1%，去年同期為 8150 萬美元，佔收入的 17%。

The main reason for this increase compared to the previous quarter is the annual merit increase to our employees' salaries and its impact on vacation accruals as well as the pickup in marketing activities and travel.

與上一季度相比，這一增長的主要原因是我們員工工資的年度績效增長及其對假期應計以及營銷活動和旅行的回升的影響。

Our solar segment operating expenses as a percentage of solar revenues were 13.7% compared to 13.9% last quarter, representing an improved operating leverage as our revenues continue to expand.

我們的太陽能部門運營費用佔太陽能收入的百分比為 13.7%，而上一季度為 13.9%，這表明隨著我們的收入繼續擴大，運營槓桿有所提高。

Our GAAP operating expenses this quarter included a $4 million write-down of goodwill and intangible assets related to the discontinuation of the Critical Power segment activities.

我們本季度的 GAAP 運營費用包括與停止關鍵電力部門活動相關的商譽和無形資產減記 400 萬美元。

Non-GAAP operating income for the quarter was $84.7 million compared to $87.2 million in the previous quarter and $81.3 million for the same period last year. This quarter, the solar segment generated operating profit of $99.2 million compared to an operating profit of $98.7 million last quarter.

本季度非美國通用會計準則營業收入為 8470 萬美元，上一季度為 8720 萬美元，去年同期為 8130 萬美元。本季度，太陽能部門的營業利潤為 9920 萬美元，而上一季度的營業利潤為 9870 萬美元。

The nonsolar segment generated an operating loss of $14.6 million compared to an operating loss of $11.5 million in the previous quarter. Non-GAAP financial expense for the quarter was $20.9 million compared to a non-GAAP financial expense of $4.9 million in the previous quarter, a result of the erosion of euro-denominated cash balances and euro-denominated accounts receivable balances that amounted to EUR 239.7 million and EUR 354.3 million, respectively.

非太陽能部門產生了 1460 萬美元的運營虧損，而上一季度的運營虧損為 1150 萬美元。本季度非 GAAP 財務費用為 2090 萬美元，而上一季度非 GAAP 財務費用為 490 萬美元，這是由於歐元計價的現金餘額和以歐元計價的應收賬款餘額為 239.7 歐元的侵蝕所致百萬和 3.543 億歐元。

Our non-GAAP tax expense was EUR 7 million this quarter compared to EUR 13.5 million in the previous quarter and EUR 10.5 million for the same period last year. GAAP net income for the second quarter was $15.1 million compared to a GAAP net income of $33.1 million in the previous quarter and $45.1 million for the same quarter last year.

本季度我們的非公認會計原則稅收支出為 700 萬歐元，上一季度為 1350 萬歐元，去年同期為 1050 萬歐元。第二季度的 GAAP 淨收入為 1510 萬美元，而上一季度的 GAAP 淨收入為 3310 萬美元，去年同期為 4510 萬美元。

Our non-GAAP net income was $56.7 million compared to a non-GAAP net income of $68.8 million in the previous quarter and $72.5 million in the same quarter last year. GAAP net diluted earnings per share was $0.26 for the second quarter compared to $0.60 in the previous quarter and $0.82 for the same quarter last year. Non-GAAP net diluted EPS was $0.95 compared to $1.20 in the previous quarter and $1.28 in the same quarter last year.

我們的非 GAAP 淨收入為 5670 萬美元，而上一季度的非 GAAP 淨收入為 6880 萬美元，去年同期為 7250 萬美元。 GAAP 第二季度每股淨攤薄收益為 0.26 美元，上一季度為 0.60 美元，去年同期為 0.82 美元。 Non-GAAP 淨攤薄每股收益為 0.95 美元，上一季度為 1.20 美元，去年同期為 1.28 美元。

The unrealized financial expenses related to foreign exchange had a negative impact of $0.25 on our non-GAAP EPS.

與外匯相關的未實現財務費用對我們的非公認會計原則每股收益產生了 0.25 美元的負面影響。

Turning now to the balance sheet. As of June 30, 2022, cash, cash equivalents, bank deposits, restricted bank deposits and investments were $1.6 billion. Net of debt, this amount is $973.3 million. During the second quarter of 2022, we generated $77.4 million of cash in operating activities, representing a return to cash generation after the last quarter cash consumption. AR net decreased this quarter to $669.1 million compared to $676.8 million last quarter. As of June 30, 2022, our inventory level, net of reserve, was at $470.3 million compared to $432.5 million in the prior quarter.

現在轉向資產負債表。截至 2022 年 6 月 30 日，現金、現金等價物、銀行存款、受限制的銀行存款和投資為 16 億美元。扣除債務後，這一數額為 9.733 億美元。在 2022 年第二季度，我們在經營活動中產生了 7740 萬美元的現金，代表了上一季度現金消耗後的現金產生回報。本季度的 AR 淨額從上一季度的 6.768 億美元降至 6.691 億美元。截至 2022 年 6 月 30 日，我們的庫存水平（扣除儲備）為 4.703 億美元，而上一季度為 4.325 億美元。

This entire increase is related to increased level of raw materials, battery cells and component inventory in the solar segment while our finished goods inventory continued to decrease as a result of growing demand to our products.

整個增長與太陽能部門的原材料、電池和組件庫存水平增加有關，而由於對我們產品的需求不斷增長，我們的成品庫存繼續減少。

Turning now to our guidance for the third quarter of 2022. We're guiding revenues to be within the range of $810 million to $840 million. We expect non-GAAP gross margin to be within the range of 26% to 29%. We expect non-GAAP operating profit to be within the range of $90 million to $110 million.

現在轉向我們對 2022 年第三季度的指導。我們將收入指導在 8.1 億美元至 8.4 億美元之間。我們預計非美國通用會計準則毛利率將在 26% 至 29% 之間。我們預計非公認會計準則營業利潤將在 9000 萬美元至 1.1 億美元之間。

Revenues from the solar segment are expected to be within the range of $765 million and $795 million. Gross margins from the solar segment is expected to be within the range of 27% to 30%, mostly impacted by the euro-dollar exchange rate and amplified by anticipated increase in European revenues within our overall mix. I will now turn the call over to the operator to open it up for questions. Operator, please.

太陽能部門的收入預計在 7.65 億美元至 7.95 億美元之間。太陽能部門的毛利率預計將在 27% 至 30% 的範圍內，主要受歐元兌美元匯率的影響，並受到我們整體組合中歐洲收入預期增長的影響。我現在將把電話轉給接線員，讓他們開口提問。接線員，請說。

(Operator Instructions)

（操作員說明）

We will now take our first question from Stephen Byrd from Morgan Stanley.

我們現在將向摩根士丹利的斯蒂芬·伯德提出第一個問題。

I wondered if you could just speak to your thoughts on the draft legislation in the United States. And just I want to make sure just at a high level that we're thinking through all the potential elements that could benefit you? What you -- I know there's a lot to digest in the language. But just as you look at the support that could be coming in the U.S., how you think about the potential impacts?

我想知道你是否可以談談你對美國立法草案的看法。只是我想確保在高層次上，我們正在考慮所有可能使您受益的潛在要素？你——我知道語言中有很多東西需要消化。但是，正如您看到美國可能獲得的支持一樣，您如何看待潛在影響？

So obviously, it is a positive even before discussing the content itself just for the fact that it gives stability and visibility to the overall industry. Then looking at the content itself, it has favorable acts in many of the segments that we serve. As I mentioned, there was a focus on commercial in general and community solar in particular, which is a segment that we've been having good progress in the last 12 months or so as well as for -- obviously, for residential and for storage. So we feel that it has a potential positive impact across all of our business lines.

因此，很明顯，即使在討論內容本身之前，它也是積極的，因為它為整個行業提供了穩定性和可見性。然後看內容本身，它在我們服務的許多細分市場中都有良好的表現。正如我所提到的，重點是一般的商業太陽能，特別是社區太陽能，這是我們在過去 12 個月左右的時間裡取得了良好進展的一個領域，顯然，在住宅和儲能領域.因此，我們認為它對我們所有的業務線都有潛在的積極影響。

And we're studying the other elements related to a potential benefit for local manufacturing and elements like this. Now as I mentioned in my remarks, this is on the heels of -- similar, although in a very different type of incentives and policies announced in various countries recently in Germany. There was a significant or a meaningful update to the feed-in tariff on top of the very aggressive plans that were introduced a couple of months ago.

我們正在研究與本地製造業的潛在利益相關的其他元素以及類似的元素。現在，正如我在講話中提到的那樣，這是緊隨其後的——類似的，儘管德國最近在不同國家宣布了非常不同類型的激勵措施和政策。除了幾個月前推出的非常激進的計劃之外，上網電價還進行了重大或有意義的更新。

In Italy, there were some very strong government commitments and incentives presented for growth in the agricultural photovoltaic segment, which is a subset of the commercial segment where we have and we believe, a good offering. So overall, it's very evident that there is a very strong drive globally. And here in the U.S., the recent or the intended bill comes -- is the North American share in that momentum. And of course, we are -- we see it positively and are excited about it.

在意大利，政府為農業光伏領域的增長提出了一些非常強有力的承諾和激勵措施，這是我們擁有並且我們相信的商業領域的一個子集，這是一個很好的產品。所以總的來說，很明顯，全球有一個非常強大的驅動力。在美國，最近或預期的法案來了——北美在這一勢頭中的份額。當然，我們是——我們積極地看待它並對此感到興奮。

And if possible, I just wanted to follow up on a remark you made about pricing that you see the ability to increase price and help offset some of the headwinds on margin and things like exchange rate. The -- more broadly, just given the magnitude of demand, I guess we're hearing some commentary from a number of companies that, with kind of just what you just said that the demand is so strong in places like Europe and the United States that -- and also the clean energy looks so much cheaper than sort of conventional energy. Do you see that sort of pricing power extended beyond just the next quarter?

如果可能的話，我只是想跟進您對定價的評論，您認為有能力提高價格並幫助抵消保證金和匯率等方面的一些不利因素。 - 更廣泛地說，考慮到需求的規模，我想我們聽到了一些公司的評論，就像你剛才所說的那樣，歐洲和美國等地的需求如此強勁那——而且清潔能源看起來比傳統能源便宜得多。您是否認為這種定價能力會超出下一季度？

Do you see some ability for margins to expand given that clean energy does look so much more attractive and that demand is just so incredibly strong. In other words, how persistent might your ability to extract better margins over time via pricing as a result of all these dynamics we've been talking about.

鑑於清潔能源確實看起來更具吸引力並且需求如此強勁，您是否認為利潤率有一定的擴大能力。換句話說，由於我們一直在談論的所有這些動態，您通過定價獲得更高利潤的能力有多持久。

Maybe try to divide the answer to 2 and Ronen will back me up with additional information. Our approach has been to increase prices to compensate for the increase of costs related to raw materials and all other standard elements of doing business. And we've been implementing those price increases gradually over the last 2 or 3 quarters. We, as a policy, tend not to implement it on existing backlog for the most part and implement it on orders going forward. So that's why it takes a little bit longer to affect our ASPs and resulting bottom line.

也許嘗試將答案劃分為 2，Ronen 會為我提供更多信息。我們的方法是提高價格，以補償與原材料和所有其他經商標準要素相關的成本增加。在過去的 2 或 3 個季度中，我們一直在逐步實施這些價格上漲。作為一項政策，我們傾向於在大多數情況下不對現有積壓實施它，而是在未來的訂單上實施它。所以這就是為什麼影響我們的 ASP 和由此產生的底線需要更長的時間。

What we did not do, and we don't intend to do is where there are onetime or which we call transitionary challenges like factories, clothing and then the need to expedite and things like that, those type of costs, we typically incur and don't automatically move them on to the customers.

我們沒有做的，我們不打算做的是那些曾經或我們稱之為過渡性挑戰的地方，比如工廠，服裝，然後需要加快速度等等，這些類型的成本，我們通常會承擔和承擔不要自動將它們轉移給客戶。

In terms of looking forward, I think the opportunity is more in the fact that the systems are becoming larger, more complex and include more elements like batteries and accessories, all of which give an opportunity to improve margin. And that comes back to what I commented also about the larger inverters and the larger systems and EV chargers and such elements. That is where we see good opportunity to improve margin. And we are also seeing I would say our early signs of some improvement in the cost structure around logistic costs that are beginning to go the other direction, some raw material costs that are showing signs of -- first signs of decline, et cetera.

展望未來，我認為機會更多在於系統變得更大、更複雜，包括電池和配件等更多元素，所有這些都為提高利潤率提供了機會。這又回到了我對更大的逆變器和更大的系統以及電動汽車充電器和此類元件的評論。這就是我們看到提高利潤率的好機會的地方。而且我們還看到我會說我們的成本結構在開始轉向另一個方向的物流成本方面有所改善的早期跡象，一些原材料成本正在顯示出下降的跡象，等等。

So we think that there is definitely a potential for gradual margin improvement in the coming quarters, not necessarily from direct price increases on existing products.

因此，我們認為未來幾個季度肯定有逐步提高利潤率的潛力，不一定來自現有產品的直接價格上漲。

And if I may add one more thing, and this is a little bit related to the international, I would call it, aspect of our business. If you take, for example, Europe, the average exchange rate, for example, for us during Q1 was approximately EUR 1.9 per euro -- $1.09 per euro. During Q2, the average was about $1.06. And by the way, right now, we see that every euro is $1.02. And that means that if you take the overall price increases that we did and you reflected in the specific market, you see that in Europe, our customers saw a real increase and a relatively large increase in prices because they pay in euro, and they make money in euro, while in our case, this increase was not really translated into gross margin simply because of the erosion of the euro against the U.S. dollar.

如果我可以再添加一件事，這與國際有點相關，我會稱之為我們業務的方面。以歐洲為例，我們在第一季度的平均匯率約為每歐元 1.9 歐元——每歐元 1.09 美元。在第二季度，平均價格約為 1.06 美元。順便說一句，現在，我們看到每歐元是 1.02 美元。這意味著，如果您考慮我們所做的整體價格上漲並反映在特定市場中，您會看到在歐洲，我們的客戶看到了真正的上漲和相對較大的價格上漲，因為他們以歐元支付，並且他們使歐元貨幣，而在我們的案例中，這種增長並沒有真正轉化為毛利率，這僅僅是因為歐元兌美元貶值。

So I think that here, this time, it is working against us in other places where the euro will move more favorably. It can help us, but not every price increase or price change is directly impacting our gross margin immediately in the same direction that we've actually implemented it.

所以我認為，這一次，它在歐元將更有利移動的其他地方對我們不利。它可以幫助我們，但並不是每一次價格上漲或價格變化都會直接影響我們的毛利率，這與我們實際實施的方向相同。

We'll take the next question from Brian Lee from Goldman Sachs.

我們將回答高盛的 Brian Lee 的下一個問題。

I had 2 here. First one was -- can you provide a bit more color on the China back-end issue, which components specifically are you referencing were impacted. And do you have any mitigation strategies in place besides the expedited shipments, any new suppliers you're working with or inventory build? Just anything else planned there to kind of get you over the hump from that impact? And then I had a follow-up.

我這裡有2個。第一個是——您能否就中國後端問題提供更多色彩，您具體引用的哪些組件受到了影響。除了加快發貨、與您合作的任何新供應商或建立庫存之外，您是否有任何緩解策略？是否還有其他計劃可以讓您擺脫這種影響？然後我進行了跟進。

So without getting to be too specific, it was about 3 or 4 components. And as I said, also for inverters and also for optimizers and the lockdown was extended. We actually were able, at least for some of them, to qualify alternatives in a reasonable amount of time and start to replace. And that's why the hit was less than it could have potentially have been. And that's an effort that is going on across the board of making sure that we have alternatives available to the critical components that we use. But I think the caveat is that the rate that our manufacture -- or capacity and demand is growing. It's not only about qualifying an alternative, it also sometimes the suppliers need to add additional lines and capacity to meet our elevated demand. So right now, for this specific event, we were -- it's behind us. And as I said, it was less -- it impacted us, but to a lesser extent than it could have, thanks to qualifying components to the ones that we were short on in this case.

所以不用太具體，它大約有 3 或 4 個組件。正如我所說，對於逆變器和優化器也是如此，並且鎖定已延長。實際上，至少對於其中一些人，我們實際上能夠在合理的時間內確定替代品並開始更換。這就是為什麼打擊比它可能的要少的原因。這是一項正在全面開展的工作，以確保我們有可用的替代品來替代我們使用的關鍵組件。但我認為需要注意的是，我們的製造速度——或者說產能和需求正在增長。這不僅是對替代品進行資格認證，有時供應商還需要增加額外的生產線和產能以滿足我們更高的需求。所以現在，對於這個特定的事件，我們已經 - 它在我們身後。正如我所說，它對我們的影響較小，但影響程度比它可能的要小，這要歸功於我們在這種情況下所缺乏的那些合格組件。

Okay. Fair enough. And just my follow-up was with respect to the margin guidance, I guess I'm sort of surprised -- margin guide for the solar segment is down a bit for 3Q from 2Q. Maybe talk to some of the dynamics there. I know you quantified, Zvi and Ronen, the dynamics for 2Q with forex and expedited shipments. But I guess as we think about the 3Q guide here, how much additional headwind from forex are you embedding? What's the expedite cost impact? And then just any other puts and takes, if you can quantify into sort of a basis of gross margin impact you're seeing? And then also maybe within the context of that, prior 35% to 37% gross margin target on optimizers and inverters you've talked about for the second half. I'm not sure if that's still intact. But maybe sort of help us bridge the gap here? That would be helpful.

好的。很公平。我的後續行動是關於利潤率指導，我想我有點驚訝——太陽能部門的利潤率指導在第三季度比第二季度有所下降。也許可以談談那裡的一些動態。我知道你量化了，Zvi 和 Ronen，第二季度的動態與外彙和加急發貨。但我想當我們考慮這裡的 3Q 指南時，你嵌入了多少來自外彙的額外逆風？加急成本的影響是什麼？然後只是任何其他看跌期權，如果您可以量化為您所看到的毛利率影響的基礎？然後也可能在此背景下，您在下半年談到的優化器和逆變器的毛利率目標為 35% 至 37%。我不確定那是否仍然完好無損。但也許可以幫助我們彌合這裡的差距？那會很有幫助。

Sure. So first of all, the main -- or I would say the only impact actually on Q3 margin is foreign exchange rate changes. In general, in the volumes that we see going to Europe into Q3, every cent difference or every lower euro against dollar rate by $0.01 is impacting our margins by 50 basis points. And in general, what we see and what we have planned for this quarter at least is compared to approximately, as I mentioned, if our average U.S. dollar to euro ratio in Q2 was $1.06 per euro. We're now looking at USD 1.01 to euro. And of course, the time that you're making the shipment very much changes as you know because if you do more shipments towards the end of the quarter, where we don't know what is the exchange rates, this may change a little bit.

當然。因此，首先，主要的——或者我會說實際上對第三季度利潤率的唯一影響是外匯匯率的變化。總的來說，在我們看到進入第三季度的歐洲交易量中，每美分差異或歐元兌美元匯率每降低 0.01 美元，都會對我們的利潤率產生 50 個基點的影響。總的來說，我們所看到的以及我們在本季度的計劃至少與我提到的大約相比，如果我們在第二季度的平均美元兌歐元比率為每歐元 1.06 美元。我們現在看的是 1.01 美元兌歐元。當然，正如您所知，您發貨的時間會發生很大變化，因為如果您在本季度末進行更多發貨，我們不知道匯率是多少，這可能會有所變化.

So in essence, if you take only this, we're talking about 250 basis points that we expect this quarter to be impacted only by gross margin. Now it's important to say that exchange rate, sorry. And it's important to say -- the other thing and this is that when we discuss gross margin, there are always those elements that are within our control. We are continuing to increase the manufacturing in Mexico. And this is something that is happening in line with our plans. This quarter already, we saw that we shipped although the percentage was slightly lower, but since the revenues that we ship to the U.S. were record revenues and record megawatts, that means that higher portion of units came from Mexico.

所以從本質上講，如果你只考慮這個，我們談論的是 250 個基點，我們預計本季度只會受到毛利率的影響。現在重要的是要說匯率，對不起。重要的是要說 - 另一件事是，當我們討論毛利率時，總是有我們可以控制的那些因素。我們將繼續增加在墨西哥的生產。這是按照我們的計劃正在發生的事情。本季度，我們已經看到雖然百分比略低，但我們已經出貨，但由於我們運往美國的收入是創紀錄的收入和創紀錄的兆瓦，這意味著更高比例的單位來自墨西哥。

This is something that we do and we were able to do to enjoy. From a logistics point of view, we do see a little bit of an easing in what we see in prices for contracts at least for the next few quarters. Here, the lockdown that Zvi mentioned in Shanghai, not only create a situation where we paid a little bit more in Q2, it actually took away 3 weeks of manufacturing during the quarter that we now need to expedite through Q3. But still, by the way, even had it been for the regular exchange rate, we would see our gross margins going up.

這是我們所做的事情，我們能夠享受。從物流的角度來看，至少在接下來的幾個季度中，我們確實看到合同價格略有下降。在這裡，Zvi 在上海提到的封鎖不僅造成了我們在第二季度多付了一點錢的情況，而且實際上在我們現在需要加快到第三季度的那個季度中佔用了 3 週的製造時間。但是，順便說一句，即使是正常匯率，我們也會看到我們的毛利率上升。

So to summarize it, everything that is within our control is happening exactly as planned, and everything related to the underlying permanent costs that we see for our product is actually improving, including some components price reductions that we are now already starting to hear from vendors for the next quarters. This is a pure game of FX rates, at least in this quarter, the fact that this quarter will be much more heavy on sales to Europe in the overall mix makes it a little bit more tough in this sense. And this is why when we're looking at -- and we know that currencies are moving in a cyclical, I would call it, trends, we still believe that had it been for $1.07, $1.08 per euro and not to talk about higher rates, the 35% to 37% on optimizers and inverters is definitely a rate that we see feasible because all of the underlying costs are actually allowing it to do it and the pricing environment is allowing us to do this.

總而言之，我們控制範圍內的一切都在按計劃進行，我們看到的與產品的潛在永久成本相關的一切實際上都在改善，包括我們現在已經開始從供應商那裡聽到的一些組件降價在接下來的幾個季度。這是一場純粹的匯率博弈，至少在本季度，本季度在整體組合中對歐洲的銷售將更加沉重，這使得它在這個意義上更加艱難。這就是為什麼當我們觀察時 - 我們知道貨幣正在周期性地移動，我稱之為趨勢，我們仍然認為如果它是 1.07 美元，每歐元 1.08 美元，而不是談論更高的利率，優化器和逆變器的 35% 到 37% 絕對是我們認為可行的比率，因為所有基本成本實際上都允許它這樣做，而且定價環境允許我們這樣做。

We'll take the next question from Philip Shen from Roth Capital.

我們將回答來自 Roth Capital 的 Philip Shen 的下一個問題。

Just as a follow-up on the margin theme. I know you haven't provided Q4 guidance. But in the past, you've talked about healthy margin expansion in the back half. And now with Q3 margins flat quarter-over-quarter. I was wondering if you might be able to help us understand the trend in margins in Q4 and Q1 specifically? And then also coming back to the topic of the long-term 35% margin target, as you see the commercial mix growing much more, is that as realistic of a target or because of mix alone, it may not be as achievable?

就像對保證金主題的跟進一樣。我知道你沒有提供第四季度的指導。但在過去，您曾談到後半部分的健康利潤率擴張。現在第三季度的利潤率環比持平。我想知道您是否可以幫助我們具體了解第四季度和第一季度的利潤率趨勢？然後再回到長期 35% 利潤率目標的話題，當您看到商業組合增長得更多時，這是一個現實的目標還是僅僅因為組合，它可能無法實現？

Okay. So again, I'll start, and again, of course, we do not guide for Q4 and Q1, but we do see the direction. And I would like to go back to what we have discussed in the previous calls. When we discussed the margin expansion or return to levels that we were, we said that there are several elements that can get us there.

好的。因此，我再次開始，當然，我們不會為第四季度和第一季度提供指導，但我們確實看到了方向。我想回到我們在之前的電話會議中討論的內容。當我們討論利潤率擴大或恢復到原來的水平時，我們說有幾個因素可以讓我們達到目標。

The first one is to increase the amount of products that we're manufacturing in Mexico that will allow us to reduce the tariffs and will allow us to reduce the ocean freight costs and costs of taking these products and the associated supply chain from China to the United States. This remains intact for Q4 as well, we continue to see the ramp. We've said in the past that we expect Mexico to be 100% run rate at the end of Q4 of everything that goes to residential U.S. This is something that we still have on site. And this is a claim that is still valid.

第一個是增加我們在墨西哥製造的產品數量，這將使我們能夠降低關稅，並使我們能夠降低海運成本以及將這些產品和相關供應鏈從中國運往美國的成本。美國。這在第四季度也保持不變，我們繼續看到斜坡。我們過去曾說過，我們預計墨西哥將在第四季度末達到 100% 的運行率，所有這些都流向美國住宅。這是我們仍然在現場的東西。這是一個仍然有效的主張。

The other issue we discussed is related to prices of components. And this is actually again happening. We already start to see that material prices related to aluminum and copper are decreasing. They are far from the level that they used to be in the past, but they are decreasing, and this is something that we continue to see. And the same apply, by the way, for some of the components because we do see and we do talk to our vendors, and then we see that some, I would call it, capacity that they put online is materializing, which will allow us not only, of course, to get the products at a lower cost, but it will also be in a more constant manner. So this is something that we expect into Q4 as well.

我們討論的另一個問題與組件的價格有關。這實際上再次發生。我們已經開始看到與鋁和銅相關的材料價格正在下降。它們與過去的水平相去甚遠，但它們正在下降，這是我們繼續看到的。順便說一句，這同樣適用於某些組件，因為我們確實看到並且我們確實與我們的供應商進行了交談，然後我們看到一些，我稱之為，他們在線上的容量正在實現，這將使我們當然，不僅要以更低的成本獲得產品，而且還要以更穩定的方式。所以這也是我們對第四季度的期望。

The next one is actually continuity of the supply. And when you have more capacity and when you have your lines working at full pace without being halted for a few weeks or days because of lack of shipments, you're not paying to your contract manufacturers, what we call unutilized capacity charges that are going as charges to your gross margin. And again, you are missing the output there.

下一個實際上是供應的連續性。當你有更多的產能，並且當你的生產線全速運轉而沒有因為發貨不足而停工幾週或幾天時，你就沒有向合同製造商付款，我們稱之為未使用產能費用。作為對您的毛利率的費用。再一次，你錯過了那裡的輸出。

All of these impacts are happening exactly as we have planned and as we have thought we will -- the biggest change here is the exchange rate because when we were standing in Carnegie Hall just about like -- I think it was 4 months ago, exchange rates was $1.09 per EUR 1. At that level, the 36% plus/minus 1%, even including commercial, is holding. And if you remember, we even discussed it in my part that since we see that our residential products at that rate is about a 40% gross margin. Then we said that whatever we do in commercial is basically taking the margin down to this 35% to 37%.

所有這些影響都按照我們的計劃發生，正如我們認為我們會發生的那樣——這裡最大的變化是匯率，因為當我們站在卡內基音樂廳時——我想那是 4 個月前，匯率利率為每 1 歐元 1.09 美元。在這個水平上，36% 的加/減 1%，甚至包括商業，都保持不變。如果你還記得的話，我們甚至在我的部分討論過，因為我們看到我們的住宅產品以這個速度大約有 40% 的毛利率。然後我們說，無論我們在商業上做什麼，基本上都是把利潤率降到這 35% 到 37% 之間。

So in that sense, and we could have been -- if the euro rate was 1 plus -- [$1.30], we were standing here saying how smart we are simply because we did everything. But the fact is that from all perspective, this is a foreign currency game more than anything else. And under, I would call it, again, normalize $1.10 or $1.09 to euro. This is definitely a target that we see visible.

所以從這個意義上說，我們本來可以——如果歐元匯率是1加——[1.30美元]，我們站在這裡說我們有多聰明，僅僅是因為我們做了一切。但事實是，從任何角度來看，這都是一場外匯遊戲。在下面，我再次將其稱為正常化 1.10 美元或 1.09 美元對歐元。這絕對是我們看得見的目標。

Okay. And then as it relates to Biden's trip to Saudi Arabia recently, Zvi. I think you guys may have been 1 of the beneficiaries of that Mid-East trip. Can you talk about your recent trip there and share some more details on the agreement that you put in place?

好的。然後因為它與拜登最近的沙特阿拉伯之行有關，Zvi。我想你們可能是那次中東之行的受益者之一。你能談談你最近在那裡的旅行，並分享一些關於你達成的協議的更多細節嗎？

Thank you, Phil. Yes, I'll answer briefly. The topic of renewable energy and climate change is -- has a lot of governments and leadership around the world busy. And what's interesting is that it's also in countries that are strongly linked to fossil fuels like in the case of Saudi Arabia. There is a push from the leadership over there to implement renewable energies and solar, in particular, focusing on this new very modern city that they're building and in -- that is supposed to be net 0. And with that, we've been in a dialogue with local company and signed this MOU agreement to explore what are the opportunities related to the new city and related in general to the Saudi market and the -- the nice thing was that this agreement was culminated and signed as part of the visit of President Biden to Saudi Arabia.

謝謝你，菲爾。是的，我將簡要回答。可再生能源和氣候變化的話題是——世界各地的許多政府和領導層都很忙。有趣的是，它也出現在與化石燃料密切相關的國家，比如沙特阿拉伯。那裡的領導層正在推動實施可再生能源和太陽能，特別是關注他們正在建設的這座非常現代化的新城市——這應該是淨零。有了這個，我們已經一直在與當地公司進行對話並簽署了這份諒解備忘錄協議，以探索與新城市相關的機會以及與沙特市場總體上相關的機會，而且 - 令人高興的是，該協議最終達成並作為協議的一部分簽署拜登總統訪問沙特阿拉伯。

So it was a very exciting and inspiring event. It is not going to translate into any type of meaningful numbers anytime soon. But I think what we see as positive is that it's an indication to the spread of the -- of our industry globally and the interest in the topic all over the world. And it's the interest and the fact that they reached out to us is an indicator to the position and reputation that we built in the market as a leader, not only in inverters, but in the energy transition as a whole. So that's the background story behind this event.

所以這是一個非常令人興奮和鼓舞人心的事件。它不會很快轉化為任何類型的有意義的數字。但我認為我們認為積極的是，這表明我們的行業在全球範圍內的傳播以及全世界對該主題的興趣。他們與我們聯繫的興趣和事實表明了我們在市場中作為領導者建立的地位和聲譽，不僅在逆變器方面，而且在整個能源轉型方面。這就是這個事件背後的背景故事。

We will now take the next question from Mark Strouse from JPMorgan.

我們現在將回答摩根大通的 Mark Strouse 的下一個問題。

So completely understand there's a lot of focus on FX on this call. Ronen, I'm curious, though, if you can talk about kind of the European gross margins excluding FX and how we should think about those compared to the U.S. market. Is that still kind of a 300 to 400 basis point differential or reason to think that, that improves over time.

所以完全理解這次電話會議對外彙的關注很大。羅南，不過，我很好奇，如果你能談談不包括外彙的歐洲毛利率，以及與美國市場相比，我們應該如何看待這些毛利率。這仍然是 300 到 400 個基點的差異，還是有理由認為，隨著時間的推移會有所改善。

So the problem is that it's very hard to relate European margins without looking at exchange rates because the basic fact is that we are selling in euros and we're manufacturing in U.S. dollars. So by definition, the FX rate is embedded. Now the question of whether it is 2 to 3 basis points below, it very much depends to where you are compared to those margins.

所以問題是，如果不考慮匯率，很難將歐洲利潤聯繫起來，因為基本事實是我們以歐元銷售，而我們以美元製造。因此，根據定義，匯率是嵌入的。現在的問題是它是否低於 2 到 3 個基點，這在很大程度上取決於您與這些利潤率相比的位置。

Yes, that makes sense.

是的，這是有道理的。

And by the way, and just to add one more thing, and this is the fact that, again, it also relates to the mix of the products within this market. So for example, if you have battery, usually will be a little bit of a lower one. If it will be a residential system, then margins are a little bit higher. And sometimes you see a little bit of differences there. But in general, I would say that FX is the most, I would say, determining factor.

順便說一句，只是再添加一件事，這就是事實，同樣，它也與這個市場中的產品組合有關。因此，例如，如果您有電池，通常會稍微低一點。如果它將是一個住宅系統，那麼利潤率會更高一些。有時你會在那裡看到一些差異。但總的來說，我會說外匯是最重要的決定因素。

Okay. And then just a quick follow-up. I apologize if I missed it, but did you give a megawatt-hour shipments or revenue recognition target for the 3Q guide and just kind of generally how we should think about that over the coming quarters and years, if that has changed at all?

好的。然後只是快速跟進。如果我錯過了，我深表歉意，但是您是否給出了第三季度指南的兆瓦時出貨量或收入確認目標，以及在未來幾個季度和幾年內我們應該如何考慮這一點，如果情況發生了變化？

So actually, we didn't give it, but I will just rely back to what we said in the previous quarters that we expected to grow to about 250-megawatt hour quarter and to stabilize there, we have reached this goal during Q2, and therefore, we expect to continue to be at that level. This quarter, specifically in Q2 and when the Q will be filed. Of course, it will be -- you'll be able to see, we recognized approximately $105 million of revenues, which is still lower than the number that -- of revenues that we shipped and from next quarter, it's going to be almost 1:1 what we shipped and what we recognize because we're going to be at the same size of -- or same volume of shipments.

所以實際上，我們沒有給出它，但我將僅僅依靠我們在前幾個季度所說的，我們預計將增長到大約 250 兆瓦時的季度並穩定在那裡，我們在第二季度達到了這個目標，並且因此，我們預計將繼續保持在該水平。本季度，特別是在第二季度以及提交 Q 的時間。當然，你會看到，我們確認了大約 1.05 億美元的收入，這仍然低於我們出貨的收入數字，從下個季度開始，它將幾乎是 1 :1 我們發貨的內容和我們認可的內容，因為我們將採用相同大小或相同數量的發貨量。

Next up, we have Julien Dumoulin-Smith from bank of America.

接下來，我們有來自美國銀行的 Julien Dumoulin-Smith。

Yes. Excellent. Appreciate the time. Let me just clean up here on a couple of questions. First off, just the forward trajectory with respect to the EU here. I understand the (inaudible) of different headwinds, including FX. But how do you think about growth beyond just third quarter here compounding. Obviously, your peers really talking it up and yourself quarter-over-quarter having a more modest trajectory here for the second quarter. If you can speak high level again, obviously, cognizant of the dynamics in third quarter, maybe even speaking fourth quarter and beyond, what the sort of normalized trajectory you would think for EU and your product.

是的。出色的。珍惜時間。讓我在這裡清理幾個問題。首先，這裡只是關於歐盟的前進軌跡。我了解包括 FX 在內的不同逆風的（聽不清）。但是，您如何看待第三季度以外的增長複合。顯然，您的同齡人真的在談論它，而您自己在第二季度的季度增長軌跡更為溫和。如果你能再次高談闊論，顯然，認識到第三季度的動態，甚至可能在第四季度及以後發言，你會為歐盟和你的產品想到什麼樣的標準化軌跡。

So and I'm not sure that we heard the question in full. In terms of the general dynamic in Europe, as reported, the market is very, very strong, driven from the high power prices, and we're seeing this also in residential, also in commercial. And across practically every country in Europe, we are -- our portfolio is very strong in Europe. We have close to 500 people in Europe. We added the more specific European battery this quarter and we'll be continuing to -- we added EV charges for the European market a quarter or 2 ago, and we will to be adding solutions that are customized. We're more specific for the European market. So -- and you talk to anybody, no one is indicating any type of expectations for electrical power price reductions that would lead to the market cooling down. But obviously, that's a -- there are a lot of external factors that can impact that.

所以我不確定我們是否完整地聽到了這個問題。據報導，就歐洲的總體動態而言，受高電價的推動，市場非常非常強勁，我們在住宅和商業領域也看到了這一點。在歐洲幾乎每個國家，我們都是——我們的產品組合在歐洲非常強大。我們在歐洲有近 500 人。我們在本季度添加了更具體的歐洲電池，我們將繼續 - 我們在一兩個季度前為歐洲市場增加了電動汽車費用，我們將添加定制的解決方案。我們更專注於歐洲市場。所以 - 你和任何人交談，沒有人表示任何類型的電力降價預期會導致市場降溫。但顯然，這是一個 - 有很多外部因素會影響這一點。

But for the foreseeable future and also based on announcements from various governments, we see this market continuing to grow at a high rate, and we are very confident in our position within this market that we built over the last 10 years or so.

但在可預見的未來，也基於各國政府的公告，我們看到這個市場繼續高速增長，我們對我們在過去 10 年左右建立的這個市場中的地位非常有信心。

Got it. Fair enough. But I'm not prepared to share kind of a specific percentage growth target or something like that. And maybe related to that, if I can, just to talk about this. I mean can you speak a little bit more about manufacturing trends and just the thought process here on committing to further expansion here. Obviously, Mexico underway, et cetera. But what about beyond that? I mean you talked about low inventory levels. You talked about being constrained. Again, admittedly perhaps referencing the last question, the trajectory in the EU and U.S. How do you think about the continued ramp of the product again across your core business as well.

知道了。很公平。但我不准備分享特定的百分比增長目標或類似的東西。也許與此有關，如果可以的話，就談談這個。我的意思是，您能否多談談製造趨勢，以及在這裡承諾進一步擴張的思考過程。顯然，墨西哥正在進行中，等等。但除此之外呢？我的意思是你談到了低庫存水平。你談到了被約束。同樣，誠然，也許是在提到最後一個問題，即歐盟和美國的發展軌跡。您如何看待產品在您的核心業務中的持續增長。

Yes. So first of all, we are definitely right now in a situation where we are capacity limited compared to the magnitude of the demand. And this is not only related to the events like in Shanghai, just in general, demand is progressing at a higher rate than we are able to add capacity. At the same time, we are pushing an added capacity as much as we can. And with the long term vision of having significant manufacturing capability in all of the main continents that we serve and building out also the rest of the supply chain to be able to supply this manufacturing capacity the immediate additional expansion that we are dealing with right now are the expansion of the factory in Mexico and also reaching target capacity levels in our Asian factories in Vietnam and in China.

是的。因此，首先，與需求量相比，我們現在肯定處於產能有限的情況。這不僅與上海這樣的事件有關，總的來說，需求的增長速度超過了我們能夠增加的產能。與此同時，我們正在盡可能地增加容量。長期願景是在我們服務的所有主要大陸擁有強大的製造能力，並建立供應鏈的其餘部分，以便能夠提供這種製造能力，我們現在正在處理的直接額外擴張是墨西哥工廠的擴建，我們在越南和中國的亞洲工廠也達到了目標產能水平。

In the European factory, right now, we are increasing battery manufacturing capacity, but inverter and optimizer capacity will be increased in Europe in the second phase. So the long-term plan is to have significant volume manufacturing capability in each of the main continents, being Asia, Europe and North America. And right now, we are working hard to increase the capacity in the existing factories to meet the elevated demand that we are seeing and similarly across the supply chain because as I said before, it's also about the capability of the suppliers to meet the type of numbers that we need right now for transistors, magnetics, other components, it's -- these are very, very high numbers, but in some cases, require our suppliers to expand their factories, and that's work in progress as well.

在歐洲工廠，目前我們正在增加電池製造能力，但第二階段將在歐洲增加逆變器和優化器的能力。因此，長期計劃是在亞洲、歐洲和北美等主要大陸擁有大量生產能力。現在，我們正在努力增加現有工廠的產能，以滿足我們在整個供應鏈中看到的不斷增長的需求，因為正如我之前所說，這也關係到供應商滿足此類需求的能力。我們現在需要用於晶體管、磁性元件和其他組件的數字，這是非常非常高的數字，但在某些情況下，需要我們的供應商擴大他們的工廠，這也在進行中。

We will take the next question from Maheep Mandloi from Credit Suisse.

我們將回答瑞士信貸的 Maheep Mandloi 的下一個問題。

Just switching away from FX. Just on the cash side, you have more than $1 billion of net cash right now. Can you talk about like what are the plans at this stage either on M&A or otherwise?

只是從 FX 切換。僅在現金方面，您現在擁有超過 10 億美元的淨現金。您能談談現階段在併購或其他方面的計劃嗎？

Yes. Obviously, Maheep, we're not going to discuss anything specific other than a little bit about what we are looking to do and a little bit about how we are doing it. So what we iterated also in the Analyst Day is that we are looking in terms of our strategy on technologies that help or deal and improved generation of renewable energy, storage of renewable energy and smart consumption of renewable energy. So we're -- and the software that controls all of these. And we are looking at technologies in all of those elements, additional methods of generating clean power, additional technologies of an innovation in chemistry and packaging of batteries, expanding into additional means of energy consumption with EV chargers, we're working on DC EV chargers, and we're looking at advanced technologies in those areas. And a big element is looking at various types of software controls for energy management and all of the segments that we cover, residential, commercial, utility and expanding into various ways that people can benefit from these assets whether it's energy management or trading or whatnot.

是的。顯然，Maheep，我們不會討論任何具體的內容，只是稍微介紹一下我們想要做什麼以及我們是如何做的。因此，我們在分析師日也重申的是，我們正在研究我們的技術戰略，這些技術有助於或處理和改進可再生能源的產生、可再生能源的儲存和可再生能源的智能消費。所以我們是——以及控制所有這些的軟件。我們正在研究所有這些元素的技術，產生清潔能源的其他方法，化學和電池包裝創新的其他技術，通過電動汽車充電器擴展到其他能源消耗方式，我們正在研究直流電動汽車充電器，我們正在研究這些領域的先進技術。一個重要的因素是研究用於能源管理的各種類型的軟件控制以及我們涵蓋的所有領域，住宅、商業、公用事業，並擴展到人們可以從這些資產中受益的各種方式，無論是能源管理還是貿易等等。

And another element is in cyber. So especially as we go more into large commercial sites and utilities, we have some inherent strength for understandable reasons. I think in cyber, we think that cyber will be important in the future for the growth of the industry, and we have access to innovative technologies, and we're looking at those as well.

另一個元素是網絡。因此，尤其是當我們更多地涉足大型商業網站和公用事業時，出於可以理解的原因，我們擁有一些內在的力量。我認為在網絡方面，我們認為網絡在未來對行業的發展很重要，我們可以獲得創新技術，我們也在研究這些技術。

And in terms of the how, we've added a group of professionals with a history of M&A and in our industry, so we are very comfortable with how we're going about it right now and expect to take some actions in the coming future in these areas.

在如何做方面，我們增加了一批具有併購歷史和我們行業的專業人士，所以我們對我們現在的工作方式非常滿意，並期望在未來採取一些行動在這些領域。

Got you. And I look forward to those. And just one last one for me. On grid forming inverters, your competitors are seeing some price premium. Any plans of introducing that product. I know last time, you said you have those products in Japan, but any plans to introduce that in the U.S. markets.

得到你。我期待著那些。對我來說只有最後一個。在並網逆變器上，您的競爭對手看到了一些價格溢價。推出該產品的任何計劃。我知道上次，你說你在日本有這些產品，但有計劃在美國市場推出這些產品。

If you're referring to various ways of non-storage based backup. As we said in the past, we see all over the world, the focus on -- I'll call it proper backup at the -- with the consistency and continuity needed and even, as I mentioned in my reference to the UPS, backup combined with ensuring smooth and continuous electrical power, we see that as the important technology for enabling this transition. And right now, we don't see interest or demand to move out of Japan, the local non-storage based backup capabilities.

如果您指的是各種非基於存儲的備份方式。正如我們過去所說，我們看到全世界都在關注——我稱之為適當的備份——具有所需的一致性和連續性，甚至，正如我在提到 UPS 時提到的，備份結合確保平穩和持續的電力，我們認為這是實現這一轉變的重要技術。目前，我們沒有看到將本地非基於存儲的備份功能移出日本的興趣或需求。

Next up, we have Colin Rusch from Oppenheimer.

接下來，我們有來自奧本海默的 Colin Rusch。

Could you talk a little bit about the mix in Europe in 2Q and 3Q relative to residential, commercial and utility scale, just to get a sense of how that's breaking down for us.

您能否談談歐洲第二季度和第三季度相對於住宅、商業和公用事業規模的混合情況，以了解我們的情況如何。

So utility is a small -- it's a negligible part of what's going on in general and what we are doing in Europe, although there have been some announcements that there's going to be new government effort in some countries towards large projects as well, which were less common in Europe for the last for the last 3 or 4 -- for the last 3 or 4 years. The demand is very strong in both -- actually, what is affecting our mix right now is more related to supply than it is to demand. And our growth rates from the last quarter to this quarter has been pretty much the same in terms of residential versus commercial. But again, it's not so much due to the demand necessarily being even.

所以效用是很小的——它在總體上發生的事情和我們在歐洲所做的事情中可以忽略不計，儘管已經有一些消息稱，一些國家的政府也會為大型項目做出新的努力，這些項目是在過去的 3 或 4 年中，在歐洲不太常見 - 在過去的 3 或 4 年中。兩者的需求都非常強勁——實際上，目前影響我們組合的因素更多地與供應相關，而不是與需求相關。從上一季度到本季度，我們在住宅和商業方面的增長率幾乎相同。但同樣，這並不是因為需求必然是均勻的。

I think that probably although residential is growing very fast -- commercial is probably growing a bit faster for sure in megawatts just because of the dynamics that we mentioned before of companies looking at fitting out tens of factories with solar, also to compensate for the power for the increases in power prices and also for ESG needs. So when you have these large type of commercial installations going on, it covers a lot of megawatts and compared to the very strong growth in residential as well. So I would say that probably the demand growth in commercial is a little bit higher than that in residential in Europe, but the difference is not dramatic. And in our shipments, also there hasn't been a significant change in pattern between the 2.

我認為，儘管住宅的增長速度非常快——商業的增長速度可能會更快，以兆瓦為單位，這僅僅是因為我們之前提到的公司正在考慮為數十家工廠配備太陽能，以補償電力電價上漲以及 ESG 需求。因此，當您進行這些大型商業安裝時，它覆蓋了很多兆瓦，並且與住宅的強勁增長相比。所以我想說，在歐洲，商業的需求增長可能略高於住宅需求，但差異並不顯著。在我們的出貨量中，兩者之間的模式也沒有顯著變化。

Okay. That's super helpful. And then you've had pretty significant operating leverage off the sales and marketing as well as G&A. But R&D is kind of scaling with revenue. I'm curious about, as you go forward, if there are going to be some optimizations around some of the efforts within that R&D spend in terms of some of the technology platforms and your ability to get a little bit of leverage out of that spending.

好的。這非常有幫助。然後，您在銷售和營銷以及 G&A 方面擁有相當大的運營槓桿。但研發在某種程度上隨著收入的增長而擴大。我很好奇，隨著您的前進，在某些技術平台方面，是否會對研發支出中的一些努力進行一些優化，以及您從這些支出中獲得一點槓桿的能力.

So the answer is -- the answer is yes. But to be honest, it's not our main focus. Our main focus is the opportunities that we have out there and expanding the portfolio. So -- and in that regard, if we are looking through more R&D resources and actually, we are a bit optimistic that with some of the challenges that we're seeing in other industries around us, we are seeing access to talent that maybe a few months ago would be more difficult to bring on board. So -- we're focusing on efficiency, and we're definitely leveraging, for instance, our capabilities in storage and sales from residential to commercial to utility and similarly in other areas, but really, we want to do more, and we want to do more in an efficient way and are not focusing right now or trying to do this.

所以答案是——答案是肯定的。但老實說，這不是我們的主要關注點。我們的主要關注點是我們擁有的機會和擴大投資組合。所以——在這方面，如果我們正在尋找更多的研發資源，實際上，我們有點樂觀地認為，由於我們在周圍其他行業看到的一些挑戰，我們看到了可能獲得人才的機會幾個月前將更難帶入。所以——我們專注於效率，我們肯定會利用我們在存儲和銷售方面的能力，從住宅到商業再到公用事業，在其他領域也是如此，但實際上，我們想做更多，我們想要以有效的方式做更多的事情，而不是現在專注或嘗試這樣做。

Next up, we have Jeff Osborne from Cowen & Company.

接下來，我們有來自 Cowen & Company 的 Jeff Osborne。

Two quick ones. I was wondering, Ronen or Zvi, if you can touch on lead times and backlog visibility that you have in both the U.S. and Europe and then I had a follow-up for Ronen.

兩個快的。我想知道，Ronen 或 Zvi，您是否可以談談您在美國和歐洲的交貨時間和積壓可見性，然後我對 Ronen 進行了跟進。

So from a lead time perspective, it is very much related to the product. And because in general, I can tell you that our lead time for residential products is a little bit shorter than the one for commercials. I relate results from component availability and manufacturing capacity. I would say that on the backlog that we're sitting today, it's a backlog that is good for 2, 3 quarters at least that we already have. And from a lead time CV, I would say a few weeks, like 12 weeks.

因此，從交貨時間的角度來看，它與產品非常相關。因為總的來說，我可以告訴你，我們住宅產品的交貨時間比商業產品的交貨時間要短一些。我將組件可用性和製造能力的結果聯繫起來。我想說的是，在我們今天的積壓工作中，我們已經擁有至少 2、3 個季度的積壓工作。從交貨時間簡歷來看，我會說幾週，比如 12 週。

As Ronen said, in residential, it's probably in the 12- to 14-week range. And in commercial, it's a little bit longer. It varies -- it varies a lot by product.

正如 Ronen 所說，在住宅中，它可能在 12 到 14 週的範圍內。在商業廣告中，它會更長一些。它因產品而異 - 它因產品而異。

Got it. That's helpful. And then, Ronen, just for you, why not hedge at all? Can you touch on your hedging cost.

知道了。這很有幫助。然後，Ronen，只為你，為什麼不對沖呢？你能談談你的對沖成本嗎？

So actually, we are hedging, but our hedging philosophy is that we're hedging cash flows and not necessarily a balance sheet item. The main reason for this is that we have a very a fairly large balance sheet, I would call it, items, especially now with seeing the increase in Europe. And this can create a very large actual payments to the banks whenever you are closing a position.

所以實際上，我們是在對沖，但我們的對沖理念是我們在對沖現金流，而不一定是資產負債表項目。主要原因是我們有一個非常大的資產負債表，我稱之為項目，特別是現在看到歐洲的增長。每當您平倉時，這都會向銀行產生非常大的實際付款。

In our view, and we saw it, by the way, I saw it in 2015. I saw it in 2018. The fact that we sit on a very large amount of cash allows us to benefit from the fact that we can wait and go through those cycles and when the gross margin -- when the FX is changing, we're able to enjoy converting those balances.

在我們看來，我們看到了，順便說一下，我在 2015 年看到了。我在 2018 年看到了。我們坐擁大量現金這一事實讓我們受益於我們可以等待和走的事實通過這些週期以及毛利率 - 當外匯發生變化時，我們能夠享受轉換這些餘額。

In essence, I can tell you that we do not see any pressure in utilizing the euros. And we simply feel that seeing in this case, if we would hedge the balance sheet, we would have to pay cash $20 million this quarter only for hedging.

本質上，我可以告訴你，我們沒有看到使用歐元有任何壓力。而且我們只是覺得，在這種情況下，如果我們對資產負債表進行對沖，我們將不得不在本季度支付 2000 萬美元現金，僅用於對沖。

We simply believe that waiting and not spending this cash flow makes a little bit more sense in this sense -- in this case, I'm sorry.

我們只是相信等待而不花費這筆現金流在這個意義上更有意義 - 在這種情況下，我很抱歉。

We'll take the next one from Michael Blum from Wells Fargo.

我們將從富國銀行的 Michael Blum 那裡獲得下一個。

My first question, I just want to talk about the battery shipments. You saw a really big -- nice uptick in the second quarter. Wondering if you could just talk about attach rates where that sits today and where you see that heading over the next few years? And then how do you manage the impact to the overall gross margin?

我的第一個問題，我只想談談電池出貨量。你在第二季度看到了非常大的——不錯的上升。想知道您是否可以只談談今天的附加費率以及您在未來幾年看到的情況？然後你如何管理對整體毛利率的影響？

So I'll discuss the attach rate and Ronen will talk about the gross margin. So attach rates are highest in Europe right now in a combination of the places where self-consumption is driving the attach rates. And typically, that's the strongest driver. So wherever the policy is more towards selling consumption and power prices are increasing, that's where the attach rate is the highest, and that's why you see in Germany, attach rates of -- today, on our systems, we might be seeing it at 60%, but that's just as we're ramping the new battery for the German market.

所以我將討論附加率，Ronen 將討論毛利率。因此，結合自我消費推動附加率的地方，目前歐洲的附加率最高。通常，這是最強的驅動程序。因此，在政策更傾向於銷售消費和電價上漲的地方，這就是附加率最高的地方，這就是為什麼你在德國看到的附加率——今天，在我們的系統上，我們可能會看到 60 %，但這就像我們正在為德國市場推出新電池一樣。

But generally speaking, attach rates in Germany can reach 80% and 90% and then similarly in Italy. And in some of the other European countries that are today on net metering as they gradually shift out of net metering like the Netherlands and the U.K., you will start seeing in the coming years, high battery attach rates over there. And that's part of what we see as a very big opportunity because of the magnitude that I mentioned of our installed base in these type of countries.

但一般來說，德國的附加率可以達到 80% 和 90%，意大利也差不多。而在其他一些如今採用淨計量的歐洲國家中，隨著荷蘭和英國等逐漸退出淨計量，您將在未來幾年開始看到那裡的高電池連接率。這是我們認為的一個非常大的機會的一部分，因為我提到了我們在這些國家的安裝基礎的規模。

In the U.S. and Australia, the attach rate is significantly lower. It's -- it can range in the 10%, 15% or so depending on period and depending on an area and the increase in attach rate is gradual. It is not -- I don't think it's going to reach a 50% attach rate across all of the U.S. in a matter of a year or so. It's going to take longer, but the attach rates are going to gradually increase also in the U.S. and also in Australia.

在美國和澳大利亞，附加率要低得多。它的 - 它可以在 10%、15% 左右的範圍內，具體取決於時期和區域，並且附著率的增加是漸進的。不是——我認為它不會在一年左右的時間內在整個美國達到 50% 的附加率。這將需要更長的時間，但在美國和澳大利亞，附加費率也將逐漸增加。

And all of this is residential and commercial storage is probably 2 steps behind with global attach rates today in the low single-digit percentages, but definitely a trend towards a slow trend of increase, and it will follow what is happening in residential in the coming years -- in the coming years as well.

所有這一切都是住宅和商業存儲可能落後 2 步，目前全球附加率處於較低的個位數百分比，但絕對是一個緩慢增長的趨勢，它將跟隨住宅未來發生的事情年——未來幾年也是如此。

And just to conclude on the margin side. The way that we look at it is that we prefer managing the operating profit margins rather than the gross margin. And the reason is that batteries will always be product with a lower gross margin. But still, this is a project that adds to the -- product that adds very much to the overall profitability of the company of the EPS. So if I have, let's say, a very big demand for batteries, let's say, a 15% gross margin. And the alternative is either not to sell them and not make 15% profit or to sell them and erode gross margins, we would prefer to erode gross margins and count the 15% net profit in our EPS. So I think that we don't manage in this case, at least gross margins, but rather operating profit margins.

並且只是在邊際方面得出結論。我們看待它的方式是，我們更喜歡管理營業利潤率而不是毛利率。原因是電池永遠是毛利率較低的產品。但是，這是一個增加產品的項目，它極大地增加了 EPS 公司的整體盈利能力。因此，如果我對電池有非常大的需求，比如說 15% 的毛利率。而另一種選擇是要么不出售它們而不賺取 15% 的利潤，要么出售它們並侵蝕毛利率，我們更願意侵蝕毛利率並將 15% 的淨利潤計入我們的每股收益。所以我認為在這種情況下，我們管理的不是毛利率，而是營業利潤率。

And maybe adding on to that point, one quick point also is the ratio of batteries per installation is also going up. So the amount of kilowatt hours per site is increasing together with the amount of kilowatt peak per site. And this is increasing consistently one quarter after another. We're averaging today, I think, somewhere between 1.1 to 1.2 batteries per site. And that also improves the revenue and the economics because all of this is sitting on the same infrastructure of sales, service and G&A.

也許再加上這一點，還有一個要點是每次安裝的電池比例也在上升。因此，每個站點的千瓦時數量與每個站點的千瓦峰值數量一起增加。而且這個數字一個季度一個接著一個地增加。我認為，我們今天平均每個站點使用 1.1 到 1.2 個電池。這也提高了收入和經濟效益，因為所有這些都位於銷售、服務和 G&A 的相同基礎設施上。

Great. I guess another kind of just high-level question for you. We've got high interest rates, inflation, potential recession and yet it doesn't seem like there's really been any slowdown in solar demand. So I'm wondering if that's from your perspective, an accurate assessment. And if you have any view of why solar demand is seemingly not impacted by any of these macro factors? Or is it just too early to say that.

偉大的。我想對你來說是另一種高級問題。我們面臨高利率、通貨膨脹、潛在的衰退，但太陽能需求似乎並沒有真正放緩。所以我想知道這是否是從你的角度來看，一個準確的評估。如果您對為什麼太陽能需求似乎不受任何這些宏觀因素的影響有任何看法？或者現在說這個還為時過早。

I think using Europe as an example, the return on investment for solar installation in Germany was cut by half, more or less over the last 10 months. So in an inflationary and price increase environment, it's going -- it's already a very -- it's a financial investment in order not to deal with the very high power prices.

我認為以歐洲為例，在過去的 10 個月裡，德國太陽能裝置的投資回報減少了一半，或多或少。因此，在通貨膨脹和價格上漲的環境中，它正在——它已經是一個非常——它是一項金融投資，目的是為了不應對非常高的電價。

And I think that, that's also part of what's driving the business here in the U.S. on top of the incentive is the expectation that over time, there is a certain likelihood that power prices are going up. So people who view it right now as the combination of the financial investment and resilience and choosing -- again, in the cases that they choose to spend their money in this way.

而且我認為，這也是推動美國業務發展的部分原因，除了激勵因素之外，人們還期望隨著時間的推移，電價肯定會上漲。因此，現在將其視為金融投資、彈性和選擇的結合的人——同樣，在他們選擇以這種方式花錢的情況下。

And it's the same for -- at the residential level and at the commercial level. So I -- from everyone I spoke to about this, especially like I say, in Europe, that's where the thinking is. This is a wise financial decision in an unstable financial environment.

在住宅層面和商業層面也是如此。所以我 - 從與我交談過的每個人那裡，特別是就像我說的那樣，在歐洲，這就是思考所在。在不穩定的金融環境下，這是一個明智的財務決策。

Next up, we have Joseph Osha from Guggenheim.

接下來，我們有來自古根海姆的約瑟夫·奧沙。

I'm not going to ask about foreign exchange anymore. I am curious, given all the opportunities you have in your core markets and I think what we just learned about UPS and the fact that you are taking some gross margin dilution and some of your other businesses, not to put too fine a point on it, why are we still in this e-Mobility business? And why would it not make sense at this point to just kind of fold the tent there and focus on the many core opportunities that you have?

我不會再問外匯了。我很好奇，考慮到你們在核心市場擁有的所有機會，而且我認為我們剛剛了解到的關於 UPS 的知識，以及你們正在稀釋毛利率和其他一些業務的事實，不要太強調這一點，為什麼我們仍然從事電動汽車業務？為什麼此時只是折疊帳篷並專注於您擁有的許多核心機會沒有意義？

So it's a valid question, but there are actually very few similarities between the e-Mobility market and Critical Power and UPS and the way we are active within these 2 markets. E-Mobility is a huge -- it's a rapidly growing market with a lot of paths in which is evolving and opportunities, well beyond what's usually spoken about of passenger cars and trucks that are moving to EVs. The opportunities are in areas like construction, agriculture and others that are going through electrification. And these are very -- very closely linked to the need for distributed renewable energy on the site where the electrical vehicle is charging. And we also said this in the Analyst Day, we're focused and interested in this high-growth area. However, we are shifting our focus from where we started off as a Tier 1 component supplier to mainstream OEMs and are evaluating where we can have a system architecture that gives benefit between the -- and link the generation from the solar system to the mobility system that requires and needs this energy. And we're seeing some good traction in that area, and we think that in the long term, it is the right investment for the company. But we are taking it in a slightly different path than the one that we originally intended to.

所以這是一個有效的問題，但實際上電動汽車市場與關鍵電源和 UPS 以及我們在這兩個市場中的活躍方式之間幾乎沒有相似之處。 E-Mobility 是一個巨大的市場——它是一個快速增長的市場，其中有許多不斷發展的道路和機遇，遠遠超出了通常所說的轉向電動汽車的乘用車和卡車。機會出現在建築、農業和其他正在經歷電氣化的領域。這些與電動汽車充電現場對分佈式可再生能源的需求非常非常密切相關。我們在分析師日也說過這一點，我們對這個高增長領域非常關注和感興趣。然而，我們正在將我們的重點從我們作為一級組件供應商開始的地方轉移到主流 OEM 上，並正在評估我們可以在哪裡擁有一個系統架構，該系統架構可以在兩者之間受益 - 並將太陽能係統的發電連接到移動系統這需要並且需要這種能量。我們在該領域看到了一些良好的吸引力，我們認為從長遠來看，這對公司來說是正確的投資。但我們正在採取與我們最初打算的方式略有不同的路徑。

And just one addition, by the way, which will be a little bit of a technical, but as part of our accounting treatment of this specific area, we're reviewing every year some accounting balances related to intangible assets related to this. And this is something that we will view this year. Whatever we do here is more accounting or the checking is more of an accounting from a, I would call it, business perspective, we're staying equally interested and we live in this business.

順便說一句，還有一點是技術性的，但作為我們對這一特定領域的會計處理的一部分，我們每年都會審查一些與此相關的無形資產相關的會計餘額。這是我們今年將看到的。無論我們在這裡做什麼更多的是會計，或者檢查更多的是從商業角度來看的會計，我們保持同樣的興趣，我們生活在這個行業中。

Okay. Is that -- before I go away a diplomatic way of saying we might see you write down part of that investment?

好的。那是 - 在我離開之前，我們可能會看到你記下部分投資的外交方式嗎？

No, just saying that we will need to evaluate it at the end of the year as we do with all of the other investments.

不，只是說我們需要在年底評估它，就像我們對所有其他投資所做的那樣。

Next up, we have Kasope Harrison from Piper Sandler.

接下來，我們有來自 Piper Sandler 的 Kasope Harrison。

So just one quick question, Ronen. Just looking at the operating profit guidance for 3Q, I think, it implies another decent increase in operating expenses. And I was wondering if you could just maybe -- just speak some more about what's driving that increase? And then how you think about the trajectory of operating expense leverage moving forward? And then I have a follow-up.

所以只是一個簡單的問題，Ronen。僅看第三季度的營業利潤指引，我認為這意味著營業費用將再次大幅增加。我想知道你是否可以 - 多談談推動這種增長的原因？然後您如何看待運營費用槓桿的發展軌跡？然後我有一個跟進。

So in this case, I can already tell you that actually, what you see there is not a result of the -- of an increase that we plan in the expenses, but rather being a little bit more cautious on the FX side and its impact. In general, I can tell you that when we plan the operating expenses for the remaining part of the year, it is going to be a relatively small. But in the environment that we're now acting and we see so many movements and the base of the expenses is denominated in many cases, not in U.S. dollars. But for example, the Israeli shekels related to our R&D people, we simply prefer to be more cautious.

所以在這種情況下，我已經可以告訴你，實際上，你所看到的並不是我們計劃增加費用的結果，而是在外匯方面更加謹慎及其影響.總的來說，我可以告訴你，當我們計劃今年剩餘部分的運營費用時，它會相對較小。但是在我們現在採取行動的環境中，我們看到瞭如此多的變動，而且在許多情況下，費用的基數都是以美元計價的，而不是以美元計價的。但是例如，與我們的研發人員有關的以色列謝克爾，我們只是希望更加謹慎。

From a realistic point of view, the level of increase, again, had we had FX fixed, you will see a relatively small increase.

從現實的角度來看，增加的水平，同樣，如果我們有固定的外匯，你會看到一個相對較小的增加。

Okay. And then a quick clarification question on the component issue you had in China. With the Mexico facility ramping up, does your risk go to 0 from another lockdown in China? Or would that potential risk still exist? And then if it does, just maybe some thoughts on how you think about just general mitigation, given that China's view on 0 COVID and the high probability of another lockdown over the next 12 to 24 months?

好的。然後是關於您在中國遇到的組件問題的快速澄清問題。隨著墨西哥工廠的增加，您的風險是否會因中國的另一次封鎖而變為 0？還是這種潛在的風險仍然存在？如果確實如此，考慮到中國對 0 COVID 的看法以及未來 12 到 24 個月內再次封鎖的可能性很大，您可能會對您如何看待一般緩解措施有一些想法？

So the answer is no and just to clarify. The event in China was not a lockdown of our factory. It was a back-end facility of a component manufacturer. And as a result of that, we could not get components into our manufacturing lines anywhere for that matter, China or Mexico. And as Ronen said, it has a double impact or literally a triple impact. We didn't produce as much as we wanted. We -- when we -- what we were able to produce and when we were able to resume on some of the lines. We had to expedite the shipments. And in some cases, our actual contract manufacturing sites, we had to participate with the contract manufacturer in some of the cost of the line standing either waiting for components.

所以答案是否定的，只是為了澄清。在中國發生的事件不是我們工廠的封鎖。這是一家零部件製造商的後端設施。因此，我們無法在中國或墨西哥的任何地方將組件放入我們的生產線。正如 Ronen 所說，它具有雙重影響或實際上是三重影響。我們沒有生產出我們想要的那麼多。我們 - 當我們 - 我們能夠生產的東西以及我們能夠恢復某些生產線的時候。我們不得不加快發貨速度。在某些情況下，在我們實際的合同製造現場，我們不得不與合同製造商一起參與生產線的一些成本，要么等待組件。

So this event was in our supply chain, not in our CM manufacturing facility. On the CM side, so the fact that Mexico ramps is very favorable, as Ronen mentioned, for tariffs and for shipping time, et cetera, but it doesn't compensate for the volume that we produce in Asia.

所以這個事件發生在我們的供應鏈中，而不是我們的 CM 製造工廠。在 CM 方面，正如 Ronen 所提到的，墨西哥的斜坡對關稅和運輸時間等非常有利，但這並不能彌補我們在亞洲的產量。

On the contrary, because of the very strong demand, we're ramping capacity everywhere. So if, for whatever reason, a factory of ours would be shut down due to COVID, it would have a significant impact on the output -- our overall output of the company.

相反，由於需求非常強勁，我們正在各地增加產能。因此，無論出於何種原因，如果我們的一家工廠因 COVID 關閉，這將對產量產生重大影響——我們公司的整體產量。

Next up, we have Biju Perincheril from Susquehanna.

接下來，我們有來自 Susquehanna 的 Biju Perincheril。

I had a quick follow-up on the battery attach rates for residential, are you still seeing some third-party batteries being used both SolarEdge and (inaudible)? Or has it all switched over to your batteries now? And if you can quantify that, that would be great, too.

我對住宅的電池附加率進行了快速跟進，您是否仍然看到一些第三方電池同時使用 SolarEdge 和（聽不清）？還是現在全部切換到您的電池上？如果你能量化它，那也很棒。

Yes, we are seeing a meaningful portion of use of third-party batteries and attaching to our systems in particular in areas like in Europe or 3 phase where until recently, we didn't have a battery of our own and in some cases, also with single phase for various reasons. Also, we don't always know because a lot of people are still doing AC cupping of the battery. So our system is a big advantage and the architecture that fits our batteries, the DC company, but you can still attach batteries in an AC cupping structure and it doesn't necessarily -- we don't necessarily have visibility to it, but we do see a lot of reports and pictures and images of people attaching different types of batteries in an AC-coupled manner to our inverters. It would be hard for me to say the ratio on a single phase, I would probably guess that right now the ratio is in the range of 50-50 to 50% with our battery and 50% like third party. On 3 phase in Europe, right now, it's all third-party just until recently when we began -- people began installing our battery as well.

是的，我們看到大量使用第三方電池並連接到我們的系統，特別是在歐洲或 3 階段等地區，直到最近，我們還沒有自己的電池，在某些情況下，還有由於各種原因，單相。此外，我們並不總是知道，因為很多人仍在對電池進行交流拔罐。所以我們的系統是一個很大的優勢，而且架構適合我們的電池，DC 公司，但是你仍然可以將電池連接到 AC 拔罐結構中，這並不一定——我們不一定能看到它，但我們確實看到了很多關於人們以交流耦合方式將不同類型的電池連接到我們的逆變器的報告、圖片和圖像。我很難說單相的比例，我可能猜想現在我們的電池比例在 50-50% 到 50% 之間，而第三方則為 50%。在歐洲的第三階段，現在，直到最近我們開始時，它都是第三方的——人們也開始安裝我們的電池。

Okay. And then if you look at a few quarters, do you have an expectation where that 50-50 could move to?

好的。然後，如果您看幾個季度，您是否期望 50-50 可以移動到哪裡？

Yes. We definitely think that the ideal architecture is the one that is based on our battery in a DC cupping and with the seamless integration. And the trend is definitely in that direction that a higher percentage will be attaching -- will be attaching our battery.

是的。我們絕對認為理想的架構是基於我們的電池在 DC 拔罐中並具有無縫集成的架構。而且趨勢肯定是在那個方向上，更高的百分比將附加 - 將附加我們的電池。

Next up, we have Ameet Thakkar from BMO Capital Markets.

接下來，我們有來自 BMO Capital Markets 的 Ameet Thakkar。

I just wanted to ask, I guess, a couple of quick follow-up questions on kind of -- on how the mix is kind of translating into what you're seeing in operating income margins since that's kind of, I guess, the metric that you're kind of working for. So like the lead times are higher on the commercial side versus the residential side. It looks like the gross margins are a little bit lower. So are you guys saying that you still haven't seen kind of any dilutive impact from kind of the, I guess, the 4 consecutive quarters on growth in commercial versus residential and operating income margins.

我只是想問幾個快速的後續問題 - 關於混合如何轉化為您在營業收入利潤率中看到的東西，因為我猜這是一種指標你正在為之工作。因此，商業方面的交貨時間比住宅方面要長。看起來毛利率有點低。所以你們是說你們仍然沒有看到商業與住宅和營業收入利潤率連續四個季度增長的任何稀釋影響。

And then, I guess, the second question to that is, -- how quickly can you pivot your contract manufacturing lines to produce more residential versus commercial, if lead times or margins kind of diverge from your expectations going forward for those 2 segments?

然後，我想，第二個問題是，如果交貨時間或利潤率與您對這兩個細分市場的預期有所不同，您能多快將您的合同生產線轉向生產更多住宅而不是商業生產線？

Yes, I'll start with the second that relates to the production line. So it's actually the differentiating factor is more single phase versus 3-phase. So because a lot of Europe residential is 3 phases. So we have flexibility to shift our 3-phase production from residential phase to commercial in 3 phase and back and forth, depending on the demand. We have good flexibility in that regard. Right now, demand is super, super strong for both of those.

是的，我將從與生產線相關的第二個開始。所以實際上區別因素更多的是單相與三相。所以因為很多歐洲住宅是三期的。因此，我們可以靈活地將我們的 3 階段生產從住宅階段轉移到商業階段，並在 3 階段來回切換，具體取決於需求。我們在這方面有很好的靈活性。目前，兩者的需求都非常非常強勁。

And then the rest of the residential world is single phase, we don't have very good flexibility to move capacity from single Phase to 3-phase. We have ability to move within these specific lines and adjust if there is a need to adjust from a demand perspective or if from a supply chain point of view, we have available more components and elements for one versus the other, we can adjust production. So I hope that's answered the question in terms of the dilution effect of gross margin of commercial, I think Ronen answered before, but he can clarify more.

然後住宅世界的其餘部分是單相的，我們沒有很好的靈活性將容量從單相轉移到三相。如果需要從需求的角度進行調整，或者從供應鏈的角度來看，我們有能力在這些特定的生產線內移動並進行調整，如果我們有更多的組件和元素可供使用，我們可以調整生產。所以我希望從商業毛利率的稀釋效應的角度回答了這個問題，我認為 Ronen 之前回答過，但他可以澄清更多。

Yes. And here, I think on the heel of EVs answer, when it comes to the operating margin, the difference is not very large between residential and commercial because on one hand, the residential, on a, let's say, kilowatt basis, enjoys a better gross margin but requires a little bit more of a high-touch sales or high touch, I would call it, usage of operating expenses, while at the same time, when you're selling -- when you're making one sale of commercial system, the ASP per watt is smaller, but in essence, the OpEx associated with it is also relatively small simply because it's a single deal.

是的。在這裡，我認為在電動汽車的回答之後，就營業利潤率而言，住宅和商業之間的差異不是很大，因為一方面，住宅，比如說，以千瓦為基礎，享有更好的毛利率，但需要更多的高接觸銷售或高接觸，我稱之為運營費用的使用，同時，當你銷售時 - 當你進行一次商業銷售時系統，每瓦的 ASP 更小，但本質上，與之相關的 OpEx 也相對較小，因為它是單筆交易。

So we don't see a very big difference on the operating margin level between residential and commercial. And right now, and especially in the market situation that we see, it's hard for me to say that we're even planning it or trying to optimize it. We simply try to manufacture and provide as much as possible for customers that are striving to get products and to install them rather than optimizing.

因此，我們認為住宅和商業之間的營業利潤率水平沒有很大差異。現在，特別是在我們看到的市場情況下，我很難說我們甚至正在計劃或嘗試優化它。我們只是嘗試為那些努力獲得產品並安裝它們而不是優化的客戶製造和提供盡可能多的產品。

We do sometimes a little bit of I would call it marginal optimization because we are, for example, sometimes deciding to prioritize areas or regions with higher gross margins of specific products compared to regions that the same products will bear a little bit of lower gross margin, which is, of course, lower operating margin. But I would say that right now, we simply try to manufacture and to sell as much as possible rather than to optimize mix.

我們有時會做一些我稱之為邊際優化的事情，因為例如，我們有時會決定優先考慮特定產品毛利率較高的區域或區域，而不是相同產品的毛利率較低的區域，這當然是較低的營業利潤率。但我想說，現在，我們只是嘗試盡可能多地製造和銷售，而不是優化組合。

It looks like there are no more questions at this time. I would like to turn the call back to over Mr. Zvi Lando for any additional or closing remarks.

看起來現在沒有更多問題了。我想將電話轉回給 Zvi Lando 先生，以獲取任何補充或結束語。

Thank you very much. We will end here and thank you all for joining us on our call today. Thank you.

非常感謝。我們將在此結束，感謝大家今天加入我們的電話會議。謝謝你。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。