(SEDG) 2022 Q3 法說會逐字稿

Welcome to the SolarEdge conference call for the third quarter ended September 30, 2022. This call is being webcast live on the company's website at www.solaredge.com in the Investors section on the Event/Calendar 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 expressed written consent of SolarEdge is prohibited.

歡迎參加截至 2022 年 9 月 30 日的第三季度 SolarEdge 電話會議。本次電話會議正在公司網站 www.solaredge.com 的“事件/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. I would now like to turn the call over to Erica Mannion at Sapphire Investor Relations, Investor Relations for SolarEdge.

您可以通過訪問 SolarEdge Investor 網站的活動/日曆頁面收聽此次電話會議的網絡廣播重播。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。

Good afternoon. Thank you for joining us to discuss SolarEdge's operating results for the third quarter ended September 30, 2022, as well as the company's outlook for the fourth quarter of 2022. With me today are Zvi Lando, Chief Executive Officer; and Ronen Faier, Chief Financial Officer. Zvi will begin with a brief review of the results for the third quarter ended September 30, 2022. Ronen will review the financial results for the third quarter followed by the company's outlook for the fourth quarter of 2022. We will then open the call for questions.

下午好。感謝您與我們一起討論 SolarEdge 截至 2022 年 9 月 30 日的第三季度運營業績，以及公司對 2022 年第四季度的展望。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 將首先簡要回顧截至 2022 年 9 月 30 日的第三季度的業績。Ronen 將回顧第三季度的財務業績，然後是公司對 2022 年第四季度的展望。然後我們將開始提問.

Please note that this call will include forward-looking statements that involve risks and uncertainties and 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. All material contained in the webcast is a sole property and copyright of SolarEdge Technologies with all rights reserved.

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，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。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. The non-GAAP measures are presented in this presentation as we believe that 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.

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。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 September 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 9 月 30 日的季度副本、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 today. This quarter, we saw record revenues for the company, led by record revenues from our global solar business driven from significant growth in Europe. In aggregate, we shipped this quarter a record 2.7 gigawatts of our DC-optimized inverter solution and 321-megawatt hour of residential batteries.

謝謝你，艾麗卡。下午好，感謝大家今天參加我們的電話會議。本季度，我們看到了公司創紀錄的收入，這得益於我們在歐洲顯著增長推動的全球太陽能業務創紀錄的收入。總體而言，本季度我們的直流優化逆變器解決方案出貨量達到創紀錄的 2.7 吉瓦，住宅電池容量達到 321 兆瓦時。

This quarter, we shipped 6.1 million optimizers and 265,000 inverters, representing quarter-over-quarter growth of 16%. We're happy with this increased output from our factories following the COVID-related challenges we experienced in the first half of the year in Vietnam and China. However, the demand for our products still outpaces our production and supply chain capacity.

本季度，我們出貨了 610 萬台優化器和 265,000 台逆變器，環比增長 16%。在今年上半年我們在越南和中國經歷了與 COVID 相關的挑戰之後，我們對工廠的產量增加感到高興。然而，對我們產品的需求仍然超過我們的生產和供應鏈能力。

We are working hard to close this gap through the further ramp of production in our new Mexico facility and capacity increases in other locations. On this note, in light of the recent IRA legislation and the increased demand from the U.S. market, we are aiming to establish manufacturing capability in the United States within 2023 and are in active planning and site selection process.

我們正在努力通過在新墨西哥工廠進一步提高產量和增加其他地點的產能來縮小這一差距。在這一點上，鑑於最近的 IRA 立法和美國市場需求的增加，我們的目標是在 2023 年內在美國建立製造能力，並且正在積極規劃和選址過程中。

Our revenue growth this quarter is mostly driven by strong momentum in Europe, where revenues grew by 42% from last quarter and by 90% compared to the same quarter last year. In particular, growth was strong in the largest European market of Germany, where revenue grew by 125% quarter-over-quarter and in the Netherlands, France and the U.K., all with record quarterly revenues.

我們本季度的收入增長主要受到歐洲強勁勢頭的推動，該地區的收入比上一季度增長了 42%，與去年同期相比增長了 90%。尤其是最大的歐洲市場德國的增長強勁，其收入環比增長 125%，而荷蘭、法國和英國的季度收入均創歷史新高。

We expect the strong momentum in Europe to continue into 2023 and are seeing an elevated level of new orders coming from our channels to prepare and support this continued growth. In the third quarter, we prioritized shipments to Europe in light of the challenging winter expected there. This quarter, revenues in the U.S. were lower than the previous quarter. As given the constrained capacity environment, we prioritized the supply to the European residential market, as mentioned earlier.

我們預計歐洲的強勁勢頭將持續到 2023 年，並且看到來自我們渠道的新訂單水平不斷提高，以準備和支持這種持續增長。在第三季度，我們優先考慮向歐洲發貨，因為那裡預計將面臨充滿挑戰的冬季。本季度，美國的收入低於上一季度。鑑於容量受限的環境，如前所述，我們優先考慮向歐洲住宅市場供應。

In the U.S. commercial segment, however, this was a record quarter of inverter and optimizer shipments with an increase of 10% from the last quarter. This is the fourth consecutive quarter of double-digit growth in our commercial megawatt shipments to the U.S., reflecting the market momentum and our position in this market. We expect this growth dynamic in the United States commercial market to continue into 2023.

然而，在美國商業領域，這是逆變器和優化器出貨量創紀錄的季度，比上一季度增長了 10%。這是我們對美國的商業兆瓦出貨量連續第四個季度實現兩位數增長，反映了市場勢頭和我們在這個市場的地位。我們預計美國商業市場的這種增長勢頭將持續到 2023 年。

Outside of Europe and the United States, we also had record quarterly shipments in Taiwan and South Africa and good momentum in quarter-over-quarter growth in Australia. From a segment perspective, this was a record quarter for megawatt shift in both residential and commercial as well as megawatt hours of battery shipments.

在歐洲和美國以外，我們在台灣和南非也有創紀錄的季度出貨量，在澳大利亞也有良好的季度環比增長勢頭。從細分市場的角度來看，這是住宅和商業兆瓦轉變以及兆瓦時電池出貨量的創紀錄季度。

In the commercial segment, which grew 12% quarter-over-quarter in megawatts shipped, we are seeing growth of installations in an increasing number of diverse applications such as floating PV where we commissioned this quarter several large projects in Israel and Taiwan and the agro or agricultural PV application aimed at dual use of land for solar generation and growth of crops.

在商業領域，出貨量環比增長 12%，我們看到越來越多不同應用的安裝量增長，例如浮動光伏，我們本季度在以色列和台灣委託了幾個大型項目以及農業或旨在將土地用於太陽能發電和作物生長的雙重用途的農業光伏應用。

We are engaged in several such projects in Europe and Asia and see this as a potential high-growth application for the future. Overall, our demand globally continues to be strong. Point-of-sale data from our distribution channels are at record levels and growing month-over-month, and our focus is to increase factory output to meet the demand efficiently and with less need for expedited shipments in order to continue the margin improvements we have seen this quarter.

我們在歐洲和亞洲從事多個此類項目，並將其視為未來潛在的高增長應用。總體而言，我們的全球需求繼續強勁。來自我們分銷渠道的銷售點數據處於創紀錄水平，並且逐月增長，我們的重點是增加工廠產量以有效滿足需求，減少對加急發貨的需求，以繼續提高我們的利潤率已經看到了這個季度。

Shifting to products. Our battery shipments grew this quarter in line with our plans and reached a record 321 megawatts hours, driven primarily by our shipments of the 3-phase battery that we announced last quarter. This demand is coming primarily from Germany and other 3-phase European countries, spurred by the increase in energy prices and the growing demand for backup and independence from the grids.

轉向產品。本季度我們的電池出貨量按照我們的計劃增長，達到創紀錄的 321 兆瓦時，主要是由於我們上季度宣布的三相電池出貨量。這種需求主要來自德國和其他三階段歐洲國家，受能源價格上漲以及對備用和獨立於電網的需求不斷增長的推動。

For our single-phase battery, we are seeing good demand from Australia, South Africa and the U.K., countering slower-than-projected growth of battery attach rates this quarter in the United States. That said, in this quarter, the amount of our single-phase batteries in the United States that were installed and connected to our monitoring portal was double that of the previous quarter.

對於我們的單相電池，我們看到來自澳大利亞、南非和英國的良好需求，抵消了本季度美國電池連接率低於預期的增長。也就是說，在本季度，我們在美國安裝並連接到我們監控門戶的單相電池數量是上一季度的兩倍。

On the optimizer side, we recently announced the release of our new Sense Connect technology that detects temperature increase at the connector level to prevent potential electric arcs. By detecting and reacting to abnormal connector overheating that may happen due to faulty installations or connectors, our Sense Connect technology stops power flow before an arc can occur. With module level site visibility, operation and maintenance providers are informed of the pinpointed location of the connector, so repairs can be conducted swiftly and easily.

在優化器方面，我們最近宣布發布新的 Sense Connect 技術，該技術可檢測連接器級別的溫度升高，以防止潛在的電弧。通過檢測和響應可能由於錯誤安裝或連接器而發生的異常連接器過熱，我們的 Sense Connect 技術可以在電弧發生之前停止功率流動。借助模塊級現場可見性，操作和維護提供商可以了解連接器的精確位置，因此可以快速輕鬆地進行維修。

This helps maximize system safety, uptime and reduces operational costs. The Sense Connect technology is in addition to our wide range of safety features, among them the SafeDC technology and rapid shutdown. Additionally, this quarter, we announced the release of our SolarEdge Home Load Controller. This is a wireless device that is designed to optimize energy consumption by controlling heavy loads home appliances. The load controller is easy to install, enabling remote and automatic control of home appliances such as heat pumps, EV chargers, pool and well pumps HVAC and others.

這有助於最大限度地提高系統安全性、正常運行時間並降低運營成本。 Sense Connect 技術是我們廣泛的安全功能的補充，其中包括 SafeDC 技術和快速關機。此外，本季度，我們宣布發布 SolarEdge 家庭負載控制器。這是一種無線設備，旨在通過控制重負載家用電器來優化能源消耗。負載控制器易於安裝，可以遠程和自動控製家用電器，例如熱泵、電動汽車充電器、水池和井泵 HVAC 等。

This technology enables homeowners to increase their self-consumption by using excess energy that would otherwise be lost and extend their battery backup time during grid outages. Once installed, the Load Controller seamlessly integrates with our mySolarEdge app, enabling homeowners to control loads directly from their smartphone.

這項技術使房主能夠通過使用多餘的能源來增加他們的自我消耗，否則這些能源會丟失，並在電網中斷期間延長他們的電池備用時間。安裝後，負載控制器與我們的 mySolarEdge 應用程序無縫集成，使房主能夠直接通過智能手機控制負載。

For homeowners, this means that they can now schedule and track their solar energy production, battery storage level, grid services if they have connectivity and solar cell consumption. The SolarEdge home operating system calculates energy usage and savings according to personal preferences, while considering external factors such as weather events and utility rates.

對於房主來說，這意味著他們現在可以安排和跟踪他們的太陽能生產、電池存儲水平、電網服務（如果他們有連接性和太陽能電池消耗）。 SolarEdge 家庭操作系統根據個人喜好計算能源使用和節省，同時考慮天氣事件和公用事業費率等外部因素。

Also this quarter in grid services, we joined the Rocky Mountain Power Wattsmart program, making us 1 of the 2 battery suppliers selected thus far for this program. The program provides customers in Utah and Idaho, who enrolled with the SolarEdge home battery, a significant enrollment incentive and an additional monthly incentives. We are already seeing positive interest among existing SolarEdge battery owners and new potential installations.

同樣在本季度的電網服務方面，我們加入了落基山電力 Wattsmart 計劃，使我們成為迄今為止為該計劃選擇的 2 家電池供應商之一。該計劃為猶他州和愛達荷州註冊了 SolarEdge 家用電池的客戶提供了可觀的註冊獎勵和額外的每月獎勵。我們已經看到現有 SolarEdge 電池所有者和新的潛在裝置的積極興趣。

Together with this program, we have to date more than 20,000 systems under various grid services and data programs globally. In this context, our financial results this quarter reflects the capital gain from a sale of shares from an investment we made about 18 months ago in a grid services company that materialized.

連同該計劃，我們在全球範圍內擁有超過 20,000 個系統的各種網格服務和數據計劃。在這種情況下，我們本季度的財務業績反映了我們在大約 18 個月前對一家電網服務公司進行的投資所獲得的股份出售所獲得的資本收益。

Moving to our nonsolar business. In South Korea, the ramp of our Sella 2 factory is on schedule, and we began mass production and are shipping cells to customers in small quantities this quarter. Our e-Mobility revenues are at a steady but reduced rate, much in line with the overall automotive industry supply chain-related instability. And with this, I hand it over to Ronen, who will review our financial results.

轉向我們的非太陽能業務。在韓國，我們的 Sella 2 工廠按計劃投產，本季度我們開始量產並小批量向客戶發貨。我們的電動汽車收入穩定但有所下降，這與整個汽車行業供應鏈相關的不穩定性非常吻合。有了這個，我把它交給 Ronen，他將審查我們的財務業績。

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 purchased intangible assets, impairment 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，減去不包括購買的無形資產攤銷、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 third quarter were a record $836.7 million, a 15% increase compared to $727.8 million last quarter and a 59% increase compared to $526.4 million for the same quarter last year. Revenues from our solar segment, which includes the sales of residential batteries, were a record $788.6 million, a 15% increase compared to $687.6 million last quarter and a 65% increase compared to $476.8 million for the same quarter last year.

第三季度總收入達到創紀錄的 8.367 億美元，比上一季度的 7.278 億美元增長 15%，比去年同期的 5.264 億美元增長 59%。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 7.886 億美元，與上一季度的 6.876 億美元相比增長 15%，與去年同期的 4.768 億美元相比增長 65%。

This quarter, our shipments, while up significantly from the last quarter, are still constrained by manufacturing capacity and not by demand. And as noted by Zvi, we channeled more residential products to Europe in advance of the energy challenges expected there this winter. As such, the geographical mix presented does not necessarily represent the level of demand we see in each region.

本季度，我們的出貨量雖然比上一季度顯著增長，但仍受到製造能力而非需求的限制。正如 Zvi 所指出的，我們在歐洲預計今年冬天將面臨能源挑戰之前將更多的住宅產品引入歐洲。因此，所呈現的地域組合併不一定代表我們在每個地區看到的需求水平。

As we continue to ramp Mexico, we expect to close the supply gap to the United States. Solar revenues from the United States this quarter were $251.6 million, a 19% decrease from the last quarter and represented 32% of our solar revenues. Solar revenues from Europe were a record $475.7 million, a 46% increase from the last quarter and represented 60% of our solar revenues. Sales in Europe are typically denominated in euros, and therefore, the devaluation of the euro negatively impacted our U.S. dollar revenues and gross margin.

隨著我們繼續擴大墨西哥市場，我們預計將縮小與美國的供應缺口。本季度來自美國的太陽能收入為 2.516 億美元，比上一季度下降 19%，占我們太陽能收入的 32%。來自歐洲的太陽能收入達到創紀錄的 4.757 億美元，比上一季度增長 46%，占我們太陽能收入的 60%。歐洲的銷售額通常以歐元計價，因此，歐元貶值對我們的美元收入和毛利率產生了負面影響。

Specifically, the impact of the euro devaluation in comparison to the average exchange rate of the last quarter is translated into a reduction of $31.7 million in revenues and 360 basis points of gross margins. Over the last quarter, we increased our prices in Europe, and we continue to adjust the prices to the devaluating euro. However, the impact of price increases typically lags by 1 or 2 quarters.

具體而言，與上一季度的平均匯率相比，歐元貶值的影響轉化為收入減少 3170 萬美元，毛利率減少 360 個基點。在上個季度，我們提高了歐洲的價格，並繼續調整價格以適應不斷貶值的歐元。然而，價格上漲的影響通常會滯後 1 或 2 個季度。

Rest of the World solar revenues were $61.3 million, a 15% increase compared to the last quarter and represented 8% of our total solar revenues. On a megawatt basis, we shipped 859-megawatt to the United States, a record 1.4-gigawatt to Europe and 470 megawatts to the rest of the world, slightly surpassing 2.7-gigawatt of quarterly product shipment.

世界其他地區的太陽能收入為 6130 萬美元，比上一季度增長 15%，占我們太陽能總收入的 8%。按兆瓦計算，我們向美國出貨了 859 兆瓦，向歐洲出貨了創紀錄的 1.4 兆瓦，向世界其他地區出貨了 470 兆瓦，略高於季度產品出貨量的 2.7 兆瓦。

52% of the megawatt shipment this quarter were commercial products and the remaining 48% were residential. In the third quarter, we continued to see an increase in revenues related to our batteries. Of the 321-megawatt hour batteries, we shipped this quarter, the majority were shipped to Europe driven by the strong adoption of the demand for our 3-phase batteries.

本季度 52% 的兆瓦出貨量為商業產品，其餘 48% 為住宅。在第三季度，我們繼續看到與電池相關的收入增加。在我們本季度出貨的 321 兆瓦時電池中，大部分被運往歐洲，這是由於我們對三相電池的需求強勁。

Average selling price per watt this quarter, excluding battery revenues, was $0.233, a 1% decrease from $0.236 last quarter. This ASP per watt decrease is mainly a result of a weaker euro and an increased portion of commercial products in the mix. We expect to see an increase in ASP per watt over the next quarter resulting from our price increases in Europe and the United States. This quarter, 2 customers accounted for more than 10% of our solar revenues. One of these customers is a European distributor.

本季度每瓦的平均售價（不包括電池收入）為 0.233 美元，比上一季度的 0.236 美元下降 1%。每瓦平均售價的下降主要是由於歐元疲軟和組合中商業產品的比例增加。由於我們在歐洲和美國的價格上漲，我們預計下一季度每瓦的 ASP 將會增加。本季度，2 個客戶占我們太陽能收入的 10% 以上。其中一位客戶是歐洲經銷商。

In general, over the last quarter, we have seen a more even distribution among our top 10 customers. Revenues this quarter from our nonsolar business were $48 million. Consolidated GAAP gross margin for the quarter was 26.5% compared to 25.1% in the prior quarter and 32.8% in the same quarter last year. Non-GAAP gross margin this quarter was 27.3% compared to 26.7% in the prior quarter and 34% in the same quarter last year.

總的來說，在上個季度，我們看到前 10 名客戶的分佈更加均勻。本季度我們非太陽能業務的收入為 4800 萬美元。本季度合併 GAAP 毛利率為 26.5%，上一季度為 25.1%，去年同期為 32.8%。本季度非美國通用會計準則毛利率為 27.3%，上一季度為 26.7%，去年同期為 34%。

Gross margin for the segment -- for the solar segment was 28.3% compared to 28.1% in the prior quarter. Despite the 360 basis points negative impact of the euro devaluation compared to the last quarter and the increased portion of batteries within our overall mix, this quarter-over-quarter increase in gross margin as a result of the price increases we have implemented globally and of our disciplined execution on the operational activities where the increase in manufacturing capacity, coupled with reduction in shipping prices, contributed 140 basis points of reduced shipping costs to our gross margin.

該部門的毛利率——太陽能部門的毛利率為 28.3%，而上一季度為 28.1%。儘管與上一季度相比，歐元貶值帶來了 360 個基點的負面影響，並且電池在我們的整體組合中所佔的比例有所增加，但由於我們在全球範圍內實施的價格上漲以及我們嚴格執行運營活動，製造能力的提高以及運輸價格的下降為我們的毛利率降低了 140 個基點的運輸成本。

In addition, this quarter, we saw component and commodity prices starting to decrease, which positively impacted our payments to contract manufacturers and vendors. And lastly, as our revenues continue to grow, we see efficiencies in our operation and support organizations due to economies of scale. We expect this phenomenon to continue into the next quarters.

此外，本季度，我們看到零部件和商品價格開始下降，這對我們向合同製造商和供應商的付款產生了積極影響。最後，隨著我們的收入持續增長，我們看到我們的運營和支持組織由於規模經濟而提高了效率。我們預計這種現象將持續到下個季度。

Goods subject to tariffs, excluding batteries, shipped into the United States from China accounted for 24% of our U.S. shipments this quarter. This is a decrease compared to 31% in the last quarter and is mainly attributed to the ramp of our manufacturing in Mexico. Gross margin of our nonsolar segment was 11.2% compared to 2.7% in the previous quarter.

本季度，從中國運往美國的受關稅影響的商品（不包括電池）占我們美國發貨量的 24%。與上一季度的 31% 相比有所下降，主要歸因於我們在墨西哥的製造業增長。我們的非太陽能部門的毛利率為 11.2%，而上一季度為 2.7%。

On a non-GAAP basis, operating expenses for the third quarter were $108.3 million or 12.9% of revenues compared to $109.6 million or 15.1% of revenues in the prior quarter and $83.8 million or 15.9% of revenues for the same quarter last year. The main reason for this quarter-over-quarter decrease is the discontinuation of the Critical Power division operations, increased efficiencies in our e-Mobility division and a favorable effect of the new Israeli shekel and other currencies against the U.S. dollar, which reduced our operating expenses as part of our expenses are paid in these currencies.

按非公認會計原則計算，第三季度的運營費用為 1.083 億美元，佔收入的 12.9%，上一季度為 1.096 億美元，佔收入的 15.1%，去年同期為 8380 萬美元，佔收入的 15.9%。這一季度環比下降的主要原因是關鍵電力部門業務的停止、我們電動汽車部門的效率提高以及新以色列謝克爾和其他貨幣兌美元匯率的有利影響，這降低了我們的運營作為我們費用一部分的費用以這些貨幣支付。

Our solar segment operating expense as a percentage of solar revenues were 12.2% compared to 13.7% last quarter. We expect to see increased efficiency in this ratio as our revenues continue to grow faster than our expense base. Non-GAAP operating income for the quarter was a record $120.2 million compared to $84.7 million in the previous quarter and $95.2 million for the same period last year. This quarter, the solar segment generated a record operating profit of $126.7 million compared to an operating profit of $99.2 million last quarter.

我們的太陽能部門運營費用佔太陽能收入的百分比為 12.2%，而上一季度為 13.7%。隨著我們的收入增長繼續快於我們的支出基數，我們預計這一比率的效率將有所提高。本季度非美國通用會計準則營業收入達到創紀錄的 1.202 億美元，上一季度為 8470 萬美元，去年同期為 9520 萬美元。本季度，太陽能部門創造了創紀錄的營業利潤 1.267 億美元，而上一季度的營業利潤為 9920 萬美元。

The nonsolar segment generated an operating loss of $6.5 million compared to an operating loss of $14.6 million in the previous quarter. Non-GAAP financial expense for the quarter was $31.6 million compared to a non-GAAP financial expense of $20.9 million in the previous quarter. $35.4 million are a result of foreign currency devaluation against the U.S. dollars, the majority of which are noncash and nonrealized expenses.

非太陽能部門產生了 650 萬美元的運營虧損，而上一季度的運營虧損為 1460 萬美元。本季度非 GAAP 財務費用為 3160 萬美元，而上一季度非 GAAP 財務費用為 2090 萬美元。 3540 萬美元是外幣兌美元貶值的結果，其中大部分是非現金和未實現的費用。

As a reference, euro cash balances and euro-denominated accounts receivable balances amounted this quarter to approximately EUR 300 million and EUR 500 million, respectively. This amount was partially offset by interest income derived from our investments. Our non-GAAP tax expense was $34.5 million compared to $7 million in the previous quarter and $10.1 million for the same period last year.

作為參考，本季度歐元現金餘額和以歐元計價的應收賬款餘額分別約為 3 億歐元和 5 億歐元。該金額被我們投資產生的利息收入部分抵消。我們的非公認會計原則稅收支出為 3450 萬美元，上一季度為 700 萬美元，去年同期為 1010 萬美元。

I would like to focus a little on our tax expenses and provide guidance on this for the coming quarters. Our corporate structure is such that the parent company of the group is a United States Corporation, while the majority of our research and development activities are performed outside of the United States. Based on U.S. tax regulations, which recently went into effect, R&D expenses performed outside of the United States are to be capitalized for tax purposes and recognized over a period of 15 years as opposed to over a 1-year period to date and a 5-year period beginning next year if expenses are in the United States.

我想稍微關註一下我們的稅收支出，並為接下來的幾個季度提供指導。我們的公司結構使得集團的母公司是一家美國公司，而我們的大部分研發活動都在美國境外進行。根據最近生效的美國稅收法規，在美國境外進行的研發費用將被資本化以用於稅收目的，並在 15 年內確認，而不是迄今為止的 1 年期間和 5-如果費用在美國，則從明年開始的年度期間。

The result is that of our $69.7 million of quarterly R&D expenses, approximately $64 million are not treated as an expense for U.S. tax purposes this year and will be amortized and expensed over a 15 years period. This change in tax treatment creates a tax burden on our financials and will diminish year-over-year as the greater portion of our R&D expenses will be amortized for tax purposes.

結果是，在我們 6970 萬美元的季度研發費用中，約有 6400 萬美元不被視為今年美國稅收目的的費用，並將在 15 年內攤銷和支出。稅收待遇的這種變化給我們的財務帶來了稅收負擔，並且隨著我們研發費用的大部分將用於稅收目的進行攤銷，稅收負擔將逐年減少。

In addition, the impact of our lower stock price on our taxable income was lower this quarter as vested employee stock awards generated lower tax expenses. Under the current stock price, we expect the effective tax rate for the next quarter to be slightly lower, and this rate is expected to reduce year-over-year as our overall income increased and a higher portion of our research and development expenses are recognized for tax.

此外，由於既得員工股票獎勵產生了較低的稅收支出，本季度我們較低的股價對我們的應稅收入的影響較小。在當前股價下，我們預計下一季度的有效稅率會略低，隨著我們的整體收入增加和更高比例的研發費用得到確認，該稅率預計將同比下降為稅。

GAAP net income for the third quarter was $24.7 million compared to a GAAP net income of $15.1 million in the previous quarter and $53 million in the same quarter last year. Our non-GAAP net income was $54.1 million compared to a non-GAAP net income of $56.7 million in the previous quarter and $82.1 million in the same quarter last year.

第三季度的 GAAP 淨收入為 2470 萬美元，而上一季度的 GAAP 淨收入為 1510 萬美元，去年同期為 5300 萬美元。我們的非 GAAP 淨收入為 5410 萬美元，而上一季度的非 GAAP 淨收入為 5670 萬美元，去年同期為 8210 萬美元。

GAAP net diluted earnings per share was $0.43 for the third quarter compared to $0.26 in the previous quarter and $0.96 for the same quarter last year. Non-GAAP net diluted earnings per share was $0.91 compared to $0.95 in the previous quarter and $1.45 in the same quarter last year. The financial expenses related to foreign exchange had a negative impact of approximately $0.37 on our non-GAAP EPS.

GAAP 第三季度每股淨攤薄收益為 0.43 美元，上一季度為 0.26 美元，去年同期為 0.96 美元。 Non-GAAP 每股攤薄淨收益為 0.91 美元，上一季度為 0.95 美元，去年同期為 1.45 美元。與外匯有關的財務費用對我們的非公認會計原則每股收益產生了約 0.37 美元的負面影響。

Turning now to the balance sheet. As of September 30, 2022, cash, cash equivalents, bank deposits, restricted bank deposits and investments were $1.6 billion. Net of debt, this amount is $937.6 million. Accounts receivable net increased this quarter to $785.3 million compared to $669.1 million last quarter. As of September 30, our inventory level net of reserve was at $561.4 million compared to $470.3 million in the prior quarter, mainly a result of higher raw material level, some of which are related to the ramp of our Sella 2 factory.

現在轉向資產負債表。截至 2022 年 9 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 9.376 億美元。本季度應收賬款淨額增至 7.853 億美元，而上一季度為 6.691 億美元。截至 9 月 30 日，我們的庫存淨儲備水平為 5.614 億美元，而上一季度為 4.703 億美元，主要是由於原材料水平較高，其中一些與我們的 Sella 2 工廠的坡道有關。

Turning now to our guidance for the fourth quarter of 2022. We're guiding revenues to be within the range of $855 million to $885 million. We expect non-GAAP gross margins to be within the range of 27% to 30%. We expect our non-GAAP operating profit to be within the range of $115 million to $135 million. Revenues from our solar segment are expected to be within the range of $810 million and $840 million. Gross margins for the solar segment are expected to be within the range of 28% to 31%.

現在轉向我們對 2022 年第四季度的指導。我們將收入指導在 8.55 億美元至 8.85 億美元之間。我們預計非美國通用會計準則毛利率將在 27% 至 30% 之間。我們預計我們的非公認會計原則營業利潤將在 1.15 億美元至 1.35 億美元之間。我們太陽能部門的收入預計將在 8.1 億美元至 8.4 億美元之間。太陽能部門的毛利率預計將在 28% 至 31% 之間。

I will now turn the call over to the operator to open it up for questions. Operator, please.

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) And we'll move first to Brian Lee with Goldman Sachs.

（操作員說明）我們將首先介紹高盛的 Brian Lee。

I'm going to start off with margins since that's been such a focus here for a while. It seems like margins -- gross margins have troughed, would you agree with that assessment? And then maybe walk us through, Ronen, a breakdown a little bit of the 140 basis point benefit you talked about. And then as you think about 4Q guidance, clearly, there's some slight improvement in your alluding to here. Just maybe walk us through that a bit what the drivers are? And then what else is on TAP, whether incremental from the 4Q drivers or new drivers that you think can kick in even after this quarter?

我將從利潤開始，因為這已經有一段時間了。看起來利潤率——毛利率已經觸底，你同意這個評估嗎？然後也許會帶我們了解一下，Ronen，您談到的 140 個基點收益的細分。然後，當您考慮 4Q 指導時，很明顯，您在此處提及的內容略有改善。也許只是讓我們了解一下驅動程序是什麼？然後 TAP 上還有什麼其他內容，無論是來自第四季度驅動程序的增量還是您認為即使在本季度之後也可以啟動的新驅動程序？

Okay. Brian, thank you very much for the question. So generally, yes, we do believe that moving forward, our gross margins are expected to continue and improve. And this is mostly driven by the fact that the reduction in gross margins other than the euro-related income that we have in Europe. And as you can see, Europe is becoming a very large portion of our revenues. Other than this, a lot of our gross margin reduction was coming from increased shipment costs that are a result of the disruptions that we had both in Q3 last year in Vietnam and 1 of our vendors in Q2 in China that actually stopped our operations in our factories. The last one in Q2 lasted almost 6 weeks.

好的。布賴恩，非常感謝你的提問。所以總的來說，是的，我們確實相信，展望未來，我們的毛利率有望繼續提高。這主要是由於我們在歐洲擁有的與歐元相關的收入以外的毛利率下降。正如你所看到的，歐洲正在成為我們收入的很大一部分。除此之外，我們的大部分毛利率下降來自於運輸成本的增加，這是我們去年第三季度在越南和我們在中國的 1 家供應商實際上停止了我們在我們的業務的中斷的結果。工廠。第二季度的最後一個持續了將近 6 週。

And that means that -- 3 weeks, sorry. And that means that we saw very strong demand that we could only fulfill by shipping rapidly to our customers using expedited shipments that are very expensive. And also, of course, additional payments that we needed to pay to our contract manufacturers due to underutilization. What we saw in Q3 was a combination of, first of all, a very disciplined operational work that we did in all of our factories, including the ramp that we do in Mexico that worked as planned.

這意味著—— 3 週，抱歉。這意味著我們看到了非常強勁的需求，我們只能通過使用非常昂貴的加急貨運快速向我們的客戶發貨來滿足這些需求。當然，還有由於利用率不足，我們需要向合同製造商支付的額外費用。我們在第三季度看到的是，首先，我們在所有工廠中都進行了非常有紀律的運營工作，包括我們在墨西哥按計劃進行的坡道。

The result was that we were able to manufacture approximately and ship approximately 16% more products. And this, in turn, first of all, reduced the underutilization prices that we had to pay to our contract manufacturers. In addition to this, we do see, on one hand, that prices of shipping costs or shipping are going down mostly on the regular shipments, not necessarily on expedited shipments. But lately, we also started to see that air freight prices are also going down.

結果是，我們能夠製造大約 16% 的產品，並運送大約 16% 的產品。這反過來又首先降低了我們必須支付給合同製造商的未充分利用價格。除此之外，我們確實看到，一方面，運輸成本或運輸價格主要在常規運輸中下降，不一定是在加急運輸中。但最近，我們也開始看到空運價格也在下降。

The combination of these prices that are going down with more production that we see from our factories that allowed us to reduce a little bit the expedited shipment, we still send many products in an expedited manner, but we did see a reduction allowed us to reduce the shipping cost by approximately 140 basis points. We do expect that we will see an improvement there.

這些價格下降與我們從工廠看到的更多產量相結合，使我們能夠減少一點加急發貨，我們仍然以加急方式發送許多產品，但我們確實看到減少讓我們減少運輸成本約 140 個基點。我們確實希望我們會在那裡看到改進。

The first thing is that we continue to increase the capacity in our factories. Mexico continued to ramp and as we mentioned in previous quarter, we do expect that of the residential products, the majority, if not all of the products, will be at the rates that they can be shipped from Mexico by the end of the fourth quarter. This is reducing substantially the times that it takes product to get to the United States and therefore, reduces the need in expedited shipments. In addition to this, of course, land shipments, at least in this environment, are not as expected as used to be overseas shipments before.

首先是我們繼續增加工廠的產能。墨西哥繼續增長，正如我們在上一季度提到的那樣，我們確實預計住宅產品中的大部分（如果不是全部）產品將達到第四季度末從墨西哥運出的價格.這大大減少了產品到達美國的時間，因此減少了加急發貨的需求。當然除此之外，陸運，至少在這種環境下，已經不像以前想的那樣是海外出貨了。

The second thing is the fact that we are seeing also increasing the other factories, which in turn allows us to use less expedited shipments. On this, I would like to add more elements that are coming. One is also economies of scale and efficiencies that we do see. We are able to grow our operations and our support organizations at a slower pace than the growth in revenues. And that in turn also creates a lower gross margin.

第二件事是我們看到其他工廠也在增加，這反過來又使我們能夠使用更少的加急發貨。在這一點上，我想添加更多即將到來的元素。一是我們確實看到的規模經濟和效率。我們能夠以低於收入增長的速度發展我們的業務和我們的支持組織。而這反過來也造成了較低的毛利率。

So to make the very long story short, combination of increased capacity, reduced shipments and our ability to reduce the payments that we pay to our vendors are impacting this. And now I will add to the last element, and this is referring to your question about what will go into the next quarter, and this is actually our price increases. Over the last 3 quarters and especially in the last 2, we have increased our prices to cope with the devaluating euro.

因此，長話短說，產能增加、出貨量減少以及我們減少支付給供應商的款項的能力正在影響這一點。現在我將添加到最後一個元素，這是指您關於下一季度將進入什麼的問題，這實際上是我們的價格上漲。在過去 3 個季度，尤其是在過去 2 個季度，我們提高了價格以應對不斷貶值的歐元。

Usually, we see a lagging effect of about 1 to 2 quarters of the price increases simply because of the fact that mostly these are done on shipments that are relatively newer or new orders. And that means that we believe that by Q1, most of the increases that we implemented in the third quarter and those that we implemented early fourth quarter will mature.

通常，我們看到價格上漲約 1 到 2 個季度的滯後效應僅僅是因為這些主要是在相對較新或新訂單的發貨上完成的。這意味著我們相信到第一季度，我們在第三季度實施的大部分增長以及我們在第四季度初實施的增長將成熟。

So in general, I think the motive is that we expect to be by the end of the second quarter of '23 in the very neighborhood that we guided to during the Analyst Day last March.

所以總的來說，我認為動機是我們預計到 23 年第二季度末，我們在去年 3 月的分析師日期間指導的社區。

Super, appreciate all that color. And my second question was going to be around the battery shipments. I thought last quarter, Ronen, Zvi, it sounded like you were implying more of a flattish sequential trend. So over 300-megawatt hours of volume seems quite good here. And maybe talk to some of the near-term demand trends you're seeing for the battery segment?

超級，欣賞所有的顏色。我的第二個問題是關於電池出貨量。我認為上個季度，Ronen，Zvi，聽起來你在暗示更多的是平緩的連續趨勢。因此，超過 300 兆瓦時的音量在這裡似乎相當不錯。或許可以談談您在電池領域看到的一些近期需求趨勢？

And then that transition, what that is looking like from your Korean supplier to sell it to maybe the time line? And then what do you think it means for volumes and margins off of these levels?

然後是那個過渡，從你的韓國供應商那裡看起來像什麼，把它賣到可能的時間線？然後你認為這對超出這些水平的銷量和利潤率意味著什麼？

So I think, as we alluded, Brian, during the conversation, we introduced the 3-phase battery a quarter ago aimed for the European market, in particular, Germany, but not only as well as some of the other European 3-phase markets. And the demand there is obviously going up dramatically, and the batteries are typically going with inverters, either inverters that are already shipped and installed and were waiting for batteries or new inverters that shipped this quarter.

所以我認為，正如我們在談話中提到的那樣，布賴恩，我們在一個季度前推出了針對歐洲市場的三相電池，特別是德國，但不僅僅是針對其他一些歐洲三相市場.那裡的需求顯然在急劇上升，電池通常與逆變器一起使用，要么是已經發貨並安裝並等待電池的逆變器，要么是本季度發貨的新逆變器。

So with our ability also to increase the output of inverters that pulled with it additional volumes of batteries, beyond those that were targeted for inverters that were installed previously. So this double effect led to a very strong demand, which we were able to meet and that's the result of the increase that you saw.

因此，我們也有能力增加逆變器的輸出，這些逆變器的電池容量超出了以前安裝的逆變器的目標。因此，這種雙重效應導致了非常強勁的需求，我們能夠滿足，這是您看到的增長的結果。

And as we commented on the single phase, the rate of shipment with the main market over there is the United. In the United States, the rate of shipment was slightly down, but that was partially covered by the fact that we introduced the single-phase battery also in some Rest of the World countries, the U.K., South Africa and Australia, and we're seeing good acceptance there.

而且正如我們對單相的評論，那邊主要市場的出貨率是美聯航。在美國，出貨率略有下降，但部分原因是我們也在世界其他一些國家、英國、南非和澳大利亞推出了單相電池，我們正在在那裡看到了良好的接受度。

So between those phenomenons and the 2 types or the 2 families of batteries that we're offering, we saw the increase to this 320-megawatt hour. Obviously, none of these batteries today are using Sella 2 cells. We're just beginning the ramp right now and beginning to ship cells to some of our cell strictly -- cell customers, not yet -- we're still going into the early phases of qualification at the battery level. And we're still probably a few quarters away from a big portion of our battery shipments being based on our Sella 2 cells.

因此，在這些現象與我們提供的 2 種類型或 2 個電池系列之間，我們看到了 320 兆瓦時的增長。顯然，今天這些電池都沒有使用 Sella 2 電池。我們現在才剛剛開始坡道，並開始嚴格地將電池運送給我們的一些電池——電池客戶，還沒有——我們仍將進入電池級別的早期認證階段。而且我們可能距離我們的大部分電池出貨量基於我們的 Sella 2 電池還有幾個季度的時間。

But obviously, our long-term intent, as we've communicated all along is to maximize usage of our own cells while continuing to maintain a certain portion and active relationships with other cell providers to give us the flexibility in volumes and technology that we're aiming for.

但顯然，正如我們一直在溝通的那樣，我們的長期意圖是最大限度地利用我們自己的電池，同時繼續與其他電池供應商保持一定的份額和積極的關係，從而為我們提供我們在數量和技術方面的靈活性。重新瞄準。

And we'll take our next question from Mark Strouse with JPMorgan.

我們將向摩根大通的 Mark Strouse 提出下一個問題。

Just wanted to go back to the commentary you made about potentially setting up U.S. manufacturing. Understand plans are still being finalized there, but just any more color how we should think about that? Would that be for solar product or potentially storage as well? And kind of -- is that something that you're waiting on the specific guidelines from treasury? Or could we potentially see an announcement being made sooner than that?

只是想回到你關於可能建立美國製造業的評論。了解那裡的計劃仍在最終確定中，但是我們應該如何考慮呢？這是否適用於太陽能產品或潛在的存儲？有點——這是你在等待財政部的具體指導方針嗎？或者我們可能會看到比這更早的公告？

So I'm not sure that we can get into much detail other than suggesting that we're doing both things in parallel. So obviously, to select a location, to define the processes, et cetera, takes time. And we're doing it based on the preliminary assumptions as to the final -- or the preliminary version of the regulations. But since we understand that there is a good chance that there will be some even significant changes in the regulations, we probably won't close anything on -- from a production site and production plan point of view until that is clear.

因此，除了建議我們同時做這兩件事之外，我不確定我們是否可以深入了解更多細節。很明顯，選擇一個位置、定義流程等等都需要時間。我們是根據對最終法規或初步法規的初步假設來做的。但是，由於我們知道法規很有可能會發生一些甚至是重大的變化，所以我們可能不會關閉任何東西——從生產地點和生產計劃的角度來看，直到這一點明確為止。

So we're running both elements in parallel with a lot of focus and sense of urgency. And as things become clear from both sides, we'll be able to give a better picture. But for now, I think it's just -- we're focused on it, we're tracking the regulations. And we're going through the process of planning and site selection. The assumption is based on the current regulation that it is likely we'll be focused on inverters and optimizers, at least in the first phase and not related to batteries.

因此，我們以高度的專注和緊迫感同時運行這兩個元素。隨著雙方的情況變得清晰，我們將能夠提供更好的畫面。但就目前而言，我認為這只是 - 我們專注於它，我們正在跟踪法規。我們正在經歷規劃和選址的過程。該假設基於當前的規定，即我們很可能將重點放在逆變器和優化器上，至少在第一階段，與電池無關。

Okay. And then, Ronen, just real quick. I'm sorry if I missed this. The 4Q guidance, did you say what level of euro you're baking in there?

好的。然後，Ronen，真的很快。如果我錯過了，我很抱歉。第四季度的指導，你有沒有說你在那裡烘焙的歐元水平是多少？

[Over]?

[超過]？

The level of euro.

歐元的水平。

The level of euro, we're basically looking at about $0.98 per euro.

歐元的水平，我們基本上是在每歐元 0.98 美元左右。

And we'll take our next question from Colin Rusch with Oppenheimer.

我們將回答 Colin Rusch 和 Oppenheimer 的下一個問題。

Could you talk a little bit about the volume of energy storage products in the channel? And how much of what you shipped during the quarter was able to sell through during the quarter?

能否談談渠道中儲能產品的數量？您在本季度出貨的產品中有多少能夠在本季度售出？

Yes. So unlike on the inverter and optimizer, the channels are very empty and days on hand are very low. On batteries, particularly on the single phase, the channel is more robust with -- and not on the edge. And that's part of the reason, especially on the single phase that there weren't that many shipment this quarter compared to the 3-phase battery shipments where the channel is not -- is still not loaded.

是的。因此，與逆變器和優化器不同的是，渠道非常空曠，可用天數非常少。在電池上，特別是在單相上，通道更加穩健——而不是邊緣。這就是部分原因，特別是在單相電池出貨量方面，本季度與沒有渠道的三相電池出貨量相比 - 仍然沒有加載。

Okay. That's helpful. And then in terms of the tax rate and how we should think about that going forward? You talked about a cadence of some step downs, but you had pretty compelling tax rates historically. Could you talk a little bit about how we should be thinking about the step-down in tax expense, particularly as you have a little bit more robust operation in the U.S. here? Are you able to offset some of the net spending as U.S. R&D and any capacity to start lowering that tax rate?

好的。這很有幫助。然後在稅率方面以及我們應該如何考慮未來？你談到了一些降級的節奏，但從歷史上看，你的稅率非常引人注目。您能否談談我們應該如何考慮減少稅收支出，特別是因為您在美國的業務更加穩健？您是否能夠抵消美國研發的部分淨支出以及開始降低稅率的能力？

Okay. Sure. So first of all, again, I'll just explain a little bit. The vast majority of the impact that we saw this quarter is, although it started in the last quarter and it was already baked in, in a sense, but is the fact that under new regulations, the R&D that is performed outside of the United States is amortized over 15 years and not recognized immediately.

好的。當然。所以首先，再次，我將稍微解釋一下。我們在本季度看到的絕大多數影響是，雖然它從上個季度開始，並且在某種意義上已經開始實施，但事實上，在新法規下，在美國以外進行的研發按 15 年攤銷，不立即確認。

This is something that was actually legislated in the -- under the previous regime, but -- and was supposed to go away as part of the build back better plan together with the plan disappeared to [this] cancellation and therefore, what we see today is that the vast majority of R&D that we are doing today are simply not the taxable income. This year, we're talking about approximately $240 million of R&D expenses that are happening mostly outside of the United States, so you can see the impact.

這實際上是在前政權下立法的，但是應該作為重建更好計劃的一部分而消失是我們今天所做的絕大多數研髮根本不是應稅收入。今年，我們談論的是大約 2.4 億美元的研發費用，這些費用主要發生在美國以外，因此您可以看到其影響。

What we also saw this quarter, usually, we have a very strong expense related to the vesting of employee stock options as a result of the stock price. And now when the stock price is about 30-something percent less than it was just a quarter ago, we also see a little bit of lower income. And that, of course, creates -- sorry, lower tax expense, and this create a relatively high taxable income.

我們在本季度還看到了通常情況下，由於股價的原因，我們與員工股票期權的歸屬相關的費用非常高。現在，當股價比僅僅一個季度前低 30% 左右時，我們也看到了一些較低的收入。當然，這會產生 - 抱歉，較低的稅收支出，這會產生相對較高的應稅收入。

The rate that we're going to see forward is going to be dependent on 3 major items. First one is how quickly we will grow our operating income. And we need to remember that this quarter, the rate was inflated also due to the fact that we had very high interest expenses or currency exchange expenses, and this is something that, of course, created also very large tax rate, I would say, compared to what we saw before.

我們將看到的速度將取決於 3 個主要項目。第一個是我們的營業收入增長速度。我們需要記住，本季度，利率被誇大也是因為我們有非常高的利息費用或貨幣兌換費用，這當然也造成了非常大的稅率，我想說，與我們之前看到的相比。

So the first thing that we -- is going to be impacted is how quickly our operating profits are going to grow, we expect this to continue to happen. Second is the fact that every year, more percentage of our R&D expenses will be allowed for taxes. And lastly is the stock price that we cannot project. I would say that if we see north of 40% tax rate in the third quarter, next quarter should be, I would say, between 30% to 35%, again, dependent on the stock price. And from that point, it's supposed to go down as we move forward.

因此，我們將受到影響的第一件事是我們的營業利潤將以多快的速度增長，我們預計這種情況會繼續發生。其次，每年我們的研發費用中都會有更多的百分比被允許用於稅收。最後是我們無法預測的股價。我想說的是，如果我們看到第三季度的稅率超過 40%，那麼下個季度應該會在 30% 到 35% 之間，再次取決於股價。從那時起，隨著我們前進，它應該會下降。

Operations in the U.S. will not help it a lot. We need to remember that under the IRA, and again, regulations are not out, so I'm not sure how does tax benefits from manufacturing will look like, especially given the fact that at least right now, we see that some of them can be granted as a cash payment instead of just tax credit.

在美國的業務不會有太大幫助。我們需要記住，在 IRA 下，法規還沒有出台，所以我不確定製造業的稅收優惠會是什麼樣子，尤其是考慮到至少現在，我們看到其中一些可以被授予現金支付，而不僅僅是稅收抵免。

And therefore, I do not know how to project this. In general, within the next few years, we should go back to the normal, but it is going to take at least, I would say, 6 to 7 years to around 20%. The one thing I would say is a little bit -- when you look at American corporations next year, R&D in the U.S. is going to be also amortized for 5 years. So in general, what we will see for operations done outside of the United States and inside the U.S., the results will be a little bit more similar than they are today.

因此，我不知道如何投影。總的來說，在未來幾年內，我們應該會恢復正常，但至少需要 6 到 7 年才能達到 20% 左右。我想說的一點是——當你看看明年的美國公司時，美國的研發也將攤銷 5 年。所以總的來說，我們將看到在美國境外和美國境內開展的業務，結果會比今天更相似。

And we'll move next to Philip Shen with ROTH Capital Partners.

我們將與 ROTH Capital Partners 一起搬到 Philip Shen。

First one to follow up on the U.S. manufacturing. I know you can't make any final decisions until we get clarity from the treasury department. But can you help us understand how much in terms of gigawatts for the inverters you might be contemplating? Are we talking about maybe 2 to 4 gigawatts of U.S. manufacturing?

第一個跟進美國製造業。我知道在我們從財政部得到澄清之前，你無法做出任何最終決定。但是您能幫助我們了解您可能正在考慮的逆變器的千兆瓦數嗎？我們是在談論 2 到 4 吉瓦的美國製造嗎？

And then what's your latest view on the difference between the microinverter and the resi inverter credits, $0.11 versus the $0.065 per watt? What's the probability that you think you guys might be able to secure that $0.11 per watt?

那麼您對微型逆變器和 resi 逆變器積分之間的區別的最新看法是什麼，0.11 美元與每瓦 0.065 美元？你認為你們能夠確保每瓦 0.11 美元的概率是多少？

So maybe I'll start with the first one and Zvi will answer the second one. In general, the capacity that we plan is to fulfill the U.S. demand from the United States. This is something that I would just mention that -- and we discussed in the past, we believe that over time, since our products are a large volumetric and relatively heavy, especially when you talk about batteries, we would like to have a manufacturing site in most of our biggest continents or if possible, the biggest countries in which we operate.

所以也許我會從第一個開始，Zvi 會回答第二個。總的來說，我們計劃的產能是滿足美國對美國的需求。這就是我要提到的——我們在過去討論過，我們相信隨著時間的推移，由於我們的產品體積大且相對較重，尤其是當您談論電池時，我們希望擁有一個生產基地在我們最大的大部分大陸，或者如果可能的話，在我們經營所在的最大國家。

So in a sense, manufacturing in the U.S. for the U.S. makes sense operationally better than anything else. The thing that stopped us from doing it right now was the fact that economically, this was less relevant. Once the IRA is there and assuming again that the overall regulations will be sufficient to justify manufacturing in the U.S., it is our intention to make the production in the U.S. of everything that goes to the U.S.

所以從某種意義上說，在美國為美國製造在運營上比其他任何事情都更有意義。阻止我們現在這樣做的原因是，在經濟上，這不太重要。一旦愛爾蘭共和軍在那裡並再次假設總體法規足以證明在美國製造的合理性，我們打算在美國生產所有運往美國的產品。

If it's going to be inverters, it will be inverters. If it's going to be also optimizers, it may be also optimizers, but that's the most favorable thing. And Zvi, maybe you will comment about the microinverters then.

如果是逆變器，那就是逆變器。如果它也是優化器，它可能也是優化器，但這是最有利的事情。 Zvi，也許你會評論微型逆變器。

Yes, fairly. As you know, the act was passed through Congress quickly. And it's no secret that there are a lot of clarifications that are needed. And actually, even the technical definitions, as they are written right now, are not that clear cut in terms of their applicability to one technology versus the other. So together with many other companies, we're involved in reviewing and working with the relevant regulators for appropriate clarifications. And we are quite confident that it will end up being clear and consistent across the various technologies in terms of the way the regulations are applied.

是的，公平的。如您所知，該法案很快在國會獲得通過。需要進行大量澄清已經不是什麼秘密了。實際上，即使是現在編寫的技術定義，就其對一種技術與另一種技術的適用性而言，也不是那麼明確。因此，我們與許多其他公司一起參與審查並與相關監管機構合作，以進行適當的澄清。我們非常有信心，就法規的應用方式而言，它最終將在各種技術中變得清晰和一致。

Great. And then a couple of housekeeping questions. First one is on battery megawatt hours recognized in revenue. Can you share what it was for Q3 and then what might be expected for Q4? And then also in the quarter, Q3, you guys had some higher finance expenses. Can you give a little bit more color on that? And then also, how should we think about how that line item evolves in Q4 and beyond?

偉大的。然後是幾個家務問題。第一個是在收入中確認的電池兆瓦時數。您能否分享第三季度的情況以及第四季度的預期？然後在第三季度，你們有一些更高的財務費用。你能多給點顏色嗎？然後，我們應該如何考慮該訂單項在第四季度及以後如何發展？

Okay. So we'll go on by one. First of all, in the Q that will be filed over the next day or 2, you'll see the recognized revenues, which were approximately $167 million from batteries. And of course, they're all there, but that's the number. From a tax point of view -- sorry, from interest expenses and finance expense point of view, again, it's a matter of how does the euro behave against the U.S. dollar.

好的。所以我們會一個接一個。首先，在第二天或第二天提交的 Q 中，您會看到確認的收入，大約 1.67 億美元來自電池。當然，他們都在那裡，但這就是數字。從稅收的角度來看——抱歉，從利息支出和財務支出的角度來看，這又是歐元兌美元表現如何的問題。

We saw a move that was very strong at the beginning of the last quarter, where the euro devaluated sharply against the U.S. dollar. Actually, over the last, I would say, almost 2.5 months, we see relatively stability -- relative stability in this rate. As long as the euro is staying within the range of $0.98 plus/minus, the impact on finance income or expense should be very, very small.

我們在上個季度初看到了非常強勁的走勢，歐元兌美元大幅貶值。實際上，在過去的近 2.5 個月裡，我們看到了相對穩定——這個比率的相對穩定。只要歐元保持在 0.98 美元上下的範圍內，對財務收入或支出的影響應該非常非常小。

Of course, once the euro is getting stronger against the U.S. dollars, we're benefiting because, as I mentioned in the prepared remarks, we have today over EUR 800 million or euro-denominated balances on our balance sheet, and therefore, simply take $800 million and take the difference in the quarter, and you'll see exactly what's going to be the impact.

當然，一旦歐元兌美元走強，我們就會受益，因為正如我在準備好的評論中提到的，我們今天的資產負債表上有超過 8 億歐元或以歐元計價的餘額，因此，只需採取8 億美元並在本季度獲得差額，您將確切地看到將會產生什麼影響。

And if the euro goes down, then, of course, we are hurt by this impact. What it seems, at least to us right now, looking at interest rates, both decorations from the Fed and the Central European bank is that, it seems to be a little bit more stable. And as such, we should see -- when neutralizing FX impact, actually, interest income due to the fact that we do generate several millions of dollars quarterly on our investments.

如果歐元下跌，那麼我們當然會受到這種影響的傷害。至少在我們現在看來，從美聯儲和中歐銀行的裝飾來看，利率似乎更穩定了一點。因此，我們應該看到——在抵消外匯影響時，實際上是利息收入，因為我們確實每季度從我們的投資中產生數百萬美元。

And we'll take our next question from Michael Blum with Wells Fargo.

我們將向富國銀行的 Michael Blum 提出下一個問題。

I wanted to go back to the cadence of gross margins over the next few quarters just to make sure I understand. And I just throw all my questions into one. Do you expect to still have -- be paying expedited shipping costs in Q4? And if so, when do you think you'll no longer be paying those expedited shipping costs?

我想回到未來幾個季度的毛利率節奏，以確保我理解。我只是把我所有的問題都集中在一起。您是否仍然希望在第四季度支付加急運費？如果是這樣，您認為何時不再支付這些加急運輸費用？

And then on the batteries, I know, I think last quarter, you said the gross margins were somewhere around 15%. So I'm wondering where that stands right now? And when would you expect to get to that 25% target?

然後在電池方面，我知道，我想上個季度，你說毛利率在 15% 左右。所以我想知道它現在在哪裡？你預計什麼時候能達到 25% 的目標？

Thanks for the questions, Michael, and I'll go one by one. In general, expedited shipments are mainly a result of limitation of supply compared to the demand that we see. And we do expect them to diminish and be reduced towards the second -- end of the second quarter of 2023, where the biggest issue there is actually the ramp-up of our Mexican facilities that will require less overseas shipments going into the United States and will also free the capacity that we have today in China, Vietnam, Israel and Europe for shipments in Europe itself.

謝謝你的問題，邁克爾，我會一一回答。一般來說，與我們看到的需求相比，加急出貨主要是由於供應受限。我們確實預計它們會減少並在 2023 年第二季度末減少，最大的問題實際上是我們墨西哥設施的增加，這將需要更少的海外貨物進入美國和還將釋放我們今天在中國、越南、以色列和歐洲擁有的運力，以便在歐洲本身運輸。

So in general, we do expect those to reduce. I'm not sure that they will ever disappear completely because we need to understand that expedited shipments are sometimes even related to the needs of customers at that point. For example, at this point of time, and as Zvi mentioned, anyone talk about the expected winter in Europe.

所以總的來說，我們確實希望這些減少。我不確定它們是否會完全消失，因為我們需要了解加急發貨有時甚至與當時客戶的需求有關。例如，在這個時間點，正如 Zvi 提到的，任何人都在談論歐洲的預期冬季。

And when we see customers that are striving for products, we try to expedite shipments to them and also make sure that they're meeting the installation cycles that are very much reduced during the winter there. So I think the expedited shipments will always be there for sure not to the extent that they are today. And therefore, I believe that the relief will be gradual but ever growing towards the second quarter of 2023.

當我們看到客戶正在努力購買產品時，我們會嘗試加快向他們發貨的速度，並確保他們能夠滿足那裡冬季大大縮短的安裝週期。所以我認為加急發貨肯定會一直存在，不會像今天這樣。因此，我相信這種緩解將是漸進的，但在 2023 年第二季度之前會不斷增長。

Just remind in one of the previous questions, we expected that time to be within gross margins that we guided during the Analyst Day being the 28% to 30% on the corporate level and 30% to 32% on the solar level, and we keep feeling comfortable around this. So that's on expedited shipment. And please remind me the second one.

只需在前面的一個問題中提醒一下，我們預計該時間將在我們在分析師日指導的毛利率範圍內，即企業層面的 28% 到 30% 和太陽能層面的 30% 到 32%，我們保持在這周圍感覺很舒服。所以這是加急裝運。請提醒我第二個。

Gross margins of batteries.

電池毛利率。

Gross margin of batteries, thanks Zvi, so gross margins Of batteries. Gross margin of batteries, yes -- thanks, Zvi. So gross margins of batteries, we're aiming at 25%. Last quarter, as you mentioned, it was 15%, with the growing volumes and especially 3 phase batteries that are going to Europe where -- we believe today that the pricing is a little bit more reflecting a little bit better margins. We're not yet there at 25%, but this is certainly on the way to get there.

電池的毛利率，感謝Zvi，所以電池的毛利率。電池的毛利率，是的——謝謝，Zvi。所以電池的毛利率，我們的目標是25%。正如您所提到的，上個季度為 15%，隨著銷量的增長，尤其是 3 相電池將運往歐洲——我們今天認為，定價更多地反映了更高的利潤率。我們還沒有達到 25%，但這肯定是在實現目標的路上。

So in general, we do see an improvement there. 25% gross margin is still the target there. I would like also, by the way, to mention one more thing, Michael, and everyone related to the previous question about expedited shipments. And of course, my answer is given the assumption that COVID is no longer with us. However, as you know, it's still in China, COVID is still very much present and also very restrictive measurements taken against COVID.

所以總的來說，我們確實看到了那裡的改進。 25% 的毛利率仍然是那裡的目標。順便說一句，我還想再提一件事，邁克爾，以及與上一個關於加急發貨的問題有關的每個人。當然，我的回答是假設 COVID 不再與我們同在。但是，如您所知，它仍然在中國，COVID 仍然非常普遍，並且針對 COVID 採取的措施也非常嚴格。

Recently, we heard of a little bit of eruptions in China, not yet or not impacting us. But of course, everything that I say is contingent with China continuing to operate normally.

最近，我們聽說中國有一點火山噴發，還沒有或沒有影響到我們。但當然，我所說的一切都取決於中國能否繼續正常運作。

And we'll take our next question from Kashy Harrison with Piper Sandler.

我們將回答 Kashy Harrison 和 Piper Sandler 的下一個問題。

So first one for me. How much capacity do you currently have on a megawatt basis? And how does that number change once the Mexico facility is fully online? And then I had a follow-up question.

所以第一個給我。您目前擁有多少兆瓦容量？一旦墨西哥工廠完全上線，這個數字將如何變化？然後我有一個後續問題。

Yes. So Kashy, thanks for the question. We don't give exact number on that. But to be clear, the limitation is less capacity related and more supply chain related. So to be able to ramp some of our suppliers, in particular, on some of the components where we are competing with electrical vehicles, in most cases, that's where our limitations are and that is where we are working to qualify alternatives and to get larger allocations and that was reflected in the growth that we saw this quarter and the growth that we're targeting for next quarter and beyond.

是的。所以Kashy，謝謝你的問題。我們沒有給出確切的數字。但需要明確的是，限制與產能相關較少，而與供應鏈相關較多。因此，為了能夠增加我們的一些供應商，特別是在我們與電動汽車競爭的一些組件上，在大多數情況下，這就是我們的局限所在，也是我們正在努力確定替代品並擴大規模的地方這反映在我們本季度看到的增長以及我們下個季度及以後的目標增長中。

It also involves increasing capacity and production lines and testing equipment. But at first approximation, the limitation is around component and component supply.

它還涉及增加產能和生產線和測試設備。但乍一看，限制是圍繞組件和組件供應。

That's very helpful. And as my follow-up, I wanted to ask about cash flow from ops. Working capital has been a big use of cash year-to-date. And it looks like your cash conversion cycles are, I think, a bit higher than they were back in 2019 in the pre-COVID environment. And so just wondering, Ronen, as you look at this business moving forward, how are you thinking about cash conversion cycle, DSO and so forth?

這很有幫助。作為我的後續行動，我想問一下來自運營的現金流。年初至今，營運資金一直是現金的一大用途。我認為，您的現金轉換週期似乎比 2019 年在 COVID 之前的環境中要高一些。所以只是想知道，Ronen，當您看到這項業務向前發展時，您如何看待現金轉換週期、DSO 等？

Okay, sure. So first of all, you're correct. This year, we see a little bit of a slower cash conversion. The two reasons for these are: one, is the fact that we do see an increase in our inventories. As you will see, we had several million -- tens of millions of dollars of inventory just increasing this quarter. Both a result of our, I would call it, passion to avoid what we call the golden screw, the one crew that you don't have that eliminate you from making a whole product.

好的，當然。所以首先，你是對的。今年，我們看到現金轉換速度有所放緩。造成這些的兩個原因是：一是我們確實看到庫存增加了。正如您將看到的，本季度我們有幾百萬 - 幾千萬美元的庫存剛剛增加。兩者都是我們的結果，我會稱之為，避免我們所謂的金螺絲的熱情，一個你沒有的工作人員讓你無法製造一個完整的產品。

And that means that we're simply building inventories to make sure that we have as stabilized as possible manufacturing capacity. And also, by the way, this quarter, we sold approximately 40% -- $40 million more inventory just related of materials coming into Sella 2 of the production that we see there. This is the main usage of cash, and I add to this, the Samsung cell that we're buying.

這意味著我們只是在建立庫存，以確保我們擁有盡可能穩定的製造能力。而且，順便說一句，本季度，我們售出了大約 40%——僅與我們在那裡看到的 Sella 2 生產的材料相關的 4000 萬美元的庫存。這是現金的主要用途，我補充說，我們正在購買的三星電池。

On top of this, we also see that as some of our customers are experiencing longer time of shipment from our factories to theirs, or in some cases, we see lengthening times of inventory spend on ship simply because the shipping time from China to the U.S. extended in some cases to 12 weeks from 7. This is also extending very much the cash cycle.

最重要的是，我們還看到，由於我們的一些客戶從我們的工廠到他們的工廠的運輸時間更長，或者在某些情況下，我們看到船舶庫存支出的時間延長，僅僅是因為從中國到美國的運輸時間。在某些情況下，從 7 周延長到 12 週。這也大大延長了現金周期。

We expect this to revert in 2023. The first issue is given the fact that we do see some relief on the components front, as Zvi mentioned, in the first area. And also due to the fact that we are stabilizing our manufacturing, over time, we will be able to build inventories in the various locations and then we're going to have less working capital used.

我們預計這將在 2023 年恢復。第一個問題是，正如 Zvi 所提到的，在第一個領域，我們確實看到了組件方面的一些緩解。而且由於我們正在穩定我們的製造，隨著時間的推移，我們將能夠在各個地點建立庫存，然後我們將使用更少的營運資金。

And also again, in Mexico, where instead of spending close to sometimes 90 days on a boat, you see products simply spending 10 days on a truck. The combination of all of this should return, I would say, by the later part of 2023 to a situation where our cash generation is very similar to the non-GAAP profit.

同樣，在墨西哥，您看到的產品不是在船上花費近 90 天，而是在卡車上花費 10 天。我想說，所有這一切的結合應該會在 2023 年下半年回到我們的現金產生與非公認會計原則利潤非常相似的情況。

And we'll take our next question from Julian Dumoulin-Smith with Bank of America.

我們將回答美國銀行的 Julian Dumoulin-Smith 提出的下一個問題。

It's Alex available on for Julian. Just one more, if I may, just to sort of like follow on or sort of close out this margin discussion. Ronen, I think in the past, you've been really open about sort of characterizing what the headwinds are today as far as logistics and expedited shipping base and kind of how you see those things rolling off?

朱利安可以使用亞歷克斯。如果可以的話，再講一個，只是為了有點像關注或結束這個邊緣討論。 Ronen，我認為在過去，你一直非常開放地描述今天的逆風是什麼，比如物流和加快航運基地，以及你如何看待這些事情的進展？

So with that in mind, I mean, looking at what you mentioned as far as your tariff volumes, it looks like Mexico is pretty early in the ramp stage. You're still targeting full volume or full resi volume from that facility by year-end. I'm wondering, looking at the next quarter and sort of the one after that, I mean, can you break that down again for us as far as 301 roll-off, logistics expense and an ability to optimize around that as well as potential carried drag from the component space.

因此，考慮到這一點，我的意思是，看看你提到的關稅數量，墨西哥似乎處於起步階段的早期階段。到年底，您仍以該設施的全量或全量為目標。我想知道，看看下一季度和之後的一個季度，我的意思是，你能否再次為我們分解一下，就 301 滾降、物流費用以及圍繞這一點進行優化的能力以及潛力從組件空間進行拖動。

I'll try as much as I can with one correction, and this is the fact that Mexico has [noted] very early stages. This is actually the third quarter in a row that we are shipping products from Mexico in an increasing volumes. And by the way the result -- as a result, as I mentioned in our prepared remarks, only 24% of the products that we brought to the U.S. were bearing Chinese tariffs. I would just remind everyone that it was close to 80% at the beginning of the year.

我會盡可能多地嘗試一次更正，這就是墨西哥已經[注意到]非常早期階段的事實。這實際上是我們連續第三個季度從墨西哥運送越來越多的產品。順便說一句，結果——結果，正如我在準備好的評論中提到的那樣，我們帶到美國的產品中只有 24% 承受了中國的關稅。我只想提醒大家，今年年初它接近 80%。

So in that sense, Mexico is happening. It's on track, and this is definitely our aim to provide resi products at 100% from Mexico by the end of this year. And I think that we're on track. By the way, there's always certain flavors that you need to bring from other places because we have many flavors of inverters. So on that front, actually, Mexico is going as planned.

所以從這個意義上說，墨西哥正在發生。它正在步入正軌，這絕對是我們在今年年底前以 100% 來自墨西哥的樹脂產品的目標。我認為我們正在走上正軌。順便說一句，您總是需要從其他地方帶來某些口味，因為我們有很多口味的逆變器。所以在這方面，實際上，墨西哥正在按計劃進行。

From shipping costs and headwinds, we used to see in the past. As we mentioned in the last quarter, approximately burden of 600 basis points compared to about a year ago. That was at the end of Q2. As we mentioned this quarter, about 140 basis points of this burden were taken away. And we believe that we can take until the end of the second quarter of '23, I wouldn't say all, but a substantial part of the remaining amount.

從運輸成本和不利因素來看，我們過去常常看到。正如我們在上個季度提到的那樣，與大約一年前相比，大約負擔了 600 個基點。那是在第二季度末。正如我們在本季度提到的那樣，這一負擔減少了大約 140 個基點。而且我們相信我們可以在 23 年第二季度末之前完成，我不會說全部，而是剩餘金額的很大一部分。

And this is a pure result of the fact that we do have more capacity and we're able to basically have a more predictable manufacturing that allows us to better plan the capacity with our customers. So on that front, we definitely see an improvement. As it comes to the 301 tariffs, we mentioned before that, that's about 100 basis points load. Now it is going and diminishing. And it will not go to zero because today, some of our, at least commercial products, are still manufactured outside of the United States, but they will move also over time to other locations that are not bearing tariffs, and this will happen during 2023.

這純粹是因為我們確實擁有更多的產能，並且我們基本上能夠擁有更可預測的製造，這使我們能夠更好地與客戶一起規劃產能。所以在這方面，我們肯定看到了進步。至於301關稅，我們之前提到過，這大約是100個基點的負擔。現在它正在減少。它不會歸零，因為今天，我們的一些產品，至少是商業產品，仍然在美國以外製造，但隨著時間的推移，它們也會轉移到其他不徵收關稅的地方，這將在 2023 年發生.

And I also mentioned in the past that there are 2 areas that we cannot control. One, of course, is the issue of foreign exchange rates. We do increase prices in order to overcome it. But sometimes, we see that there is a little bit of a lag here. And we cannot always control the mix of our products given the demand that we see. Again, reiterating my previous answers, we feel comfortable with the fact that we can get closer or to be at the analyst day guided margin by the end of the second quarter of '23.

而且我過去也提到過，有兩個領域是我們無法控制的。其中之一當然是匯率問題。我們確實提高了價格以克服它。但有時，我們看到這裡有一點滯後。鑑於我們看到的需求，我們不能總是控制我們的產品組合。再次重申我之前的回答，我們對我們可以在 23 年第二季度末接近或達到分析師日指導保證金這一事實感到滿意。

Got it. Super helpful. Just one follow-on. I mean if you make -- I mean, can you expand a little bit more on the demand trends you're seeing between single-phase and 3-phase? I think you're really the third in the U.S. market to announce and sort of flag whether directly or indirectly, somewhat weaker demand trends. But curious if you can expand on that, what you're seeing and where you think that trends from here?

知道了。超級有幫助。只有一個後續。我的意思是，如果您製作 - 我的意思是，您能否進一步擴展您在單相和三相之間看到的需求趨勢？我認為你確實是美國市場上第三個直接或間接地宣布並表明需求趨勢有所減弱的人。但是好奇您是否可以對此進行擴展，您所看到的以及您認為從這裡開始的趨勢？

Yes. So let's start with a bit of a geographical spread. So residential single-phase markets, the largest one is the U.S. The second largest one is probably the Netherlands. Italy is a single phase residential market as is most of Australia, South Africa and a few countries like that. So it's not strictly only the U.S.

是的。因此，讓我們從地理分佈開始。所以住宅單相市場，最大的是美國，第二大的可能是荷蘭。意大利是一個單相住宅市場，澳大利亞大部分地區、南非和一些類似的國家也是如此。所以嚴格來說不僅僅是美國

And then 3-phase, the large residential markets are Germany and associated markets around it like Austria and Switzerland. So clearly, the countries that are -- it's not related to them being 3 phase, but the countries that are 3-phase residential markets like Germany, Austria, Switzerland and a couple of smaller European markets. Demand there is very, very strong.

然後是三階段，大型住宅市場是德國及其周邊的相關市場，如奧地利和瑞士。很明顯，這些國家——這與它們是三階段無關，而是三階段住宅市場的國家，如德國、奧地利、瑞士和幾個較小的歐洲市場。那裡的需求非常非常強勁。

The need is essential and our market share position is good and we believe that the offering. And you always have to look at the combined offering. It's not strictly the battery. It's the combination of the battery and the inverter is well differentiated. So we feel -- we see the strong demand, and we feel comfortable about the expected growth in our ability to fulfill it. And attach rates over there are very, very high. So almost every solar installation in these countries is going in with a battery. So that's what's driving the high demand and attach rates.

需求是必不可少的，我們的市場份額地位很好，我們相信這個產品。而且您總是必須查看組合產品。嚴格來說不是電池。它的電池和逆變器的組合很好區分。所以我們覺得——我們看到了強勁的需求，我們對我們實現需求的能力的預期增長感到滿意。那裡的附加率非常非常高。因此，這些國家/地區的幾乎每個太陽能裝置都使用電池。這就是推動高需求和附加率的原因。

In the single-phase markets, as I mentioned, the markets like Australia, South Africa, the U.K., Italy, are strong markets as well. And the demand there for single-phase batteries is strong. Nonetheless, there are still smaller markets compared to the United States and the Netherlands. If you take those very big single-phase residential markets, the Netherlands is still not a big battery market. It is still with net metering and no -- as a result of that, no strong incentive for self-consumption.

正如我所提到的，在單相市場中，澳大利亞、南非、英國、意大利等市場也是強勁的市場。那裡對單相電池的需求強勁。儘管如此，與美國和荷蘭相比，仍有較小的市場。如果拿那些非常大的單相住宅市場來說，荷蘭仍然不是一個很大的電池市場。它仍然是淨計量，沒有——因此，沒有強烈的自我消費動機。

At the same time, our installed base over there is very, very big. And as we mentioned earlier, we had a record quarter this quarter as well. Eventually, as what happens in other markets, there is a good chance that in this market as well, there will be a need for batteries and then there's a huge potential to retrofit on the existing installed base. But that is not something that is expected in the next -- in the short period ahead.

同時，我們在那裡的安裝基數非常非常大。正如我們之前提到的，本季度我們也有創紀錄的季度。最終，正如其他市場所發生的那樣，這個市場也很有可能需要電池，然後在現有安裝基礎上進行改造的潛力巨大。但這不是在接下來的短期內預期的事情。

If you look at the United States, which is obviously a big single-phase residential market, attach rates of batteries are increasing, but they're increasing at a slower rate than I think a lot of people in the market projected. And I mentioned that our installation rates have increased twofold from 1 quarter to the other, but still the projections were for faster growth rate of attach rates of batteries.

如果你看看美國，這顯然是一個很大的單相住宅市場，電池的連接率正在增加，但它們的增長速度比我認為市場上很多人預計的要慢。我提到我們的安裝率從一個季度到另一個季度增長了兩倍，但預測仍然是電池連接率的更快增長。

And as a result of that, also, as I mentioned to answering one of the previous questions, we have a little bit more inventory in the channel on a single phase batteries in the United States. To -- we think that this is a phase of the market learning how to sell, how to install, prices stabilizing and that the battery attach rate will continue to grow in the United States and possibly even accelerate, obviously, some of the acceleration might come from for the NIM.

因此，正如我在回答之前的一個問題時提到的那樣，我們在美國的單相電池渠道中有更多庫存。到——我們認為這是市場學習如何銷售、如何安裝、價格穩定的階段，並且電池連接率將在美國繼續增長，甚至可能加速，顯然，一些加速可能來自為 NIM。

Three changes if they occur and if they occur in a way that encourages cell consumption. So attach rates in the U.S. are slower than projected. They're still growing relatively fast and they have the potential to further accelerate going into the beginning of next year.

如果它們發生並且它們以鼓勵細胞消耗的方式發生，則發生三個變化。因此，美國的附加率低於預期。它們的增長速度仍然相對較快，並且有可能在明年年初進一步加速。

And we'll take our next question from Jeff Osborne with Cowen and Company.

我們將向 Cowen and Company 的 Jeff Osborne 提出下一個問題。

A couple of questions on my end. I was wondering, Zvi, if you can go over what lead types are for both resi and commercial products in the U.S. and Europe, that would be helpful to understand? As the capacity is ramping up, what's going on there?

我有幾個問題。我想知道，Zvi，如果你能了解一下美國和歐洲的樹脂和商業產品的潛在客戶類型，這將有助於理解嗎？隨著容量的增加，那裡發生了什麼？

Yes. So as reflected in your question, it varies a little bit by product, probably on optimizers and single phase inverters that's in the range of 12, 15 weeks or so. And on 3-phase commercial products, it is a little bit longer than that, probably 18 to 20 weeks, roughly in the commercial fee phase inverters.

是的。因此，正如您的問題所反映的那樣，它因產品而異，可能在 12、15 週左右的優化器和單相逆變器上有所不同。而在三相商用產品上，則比這長一點，大概是18到20週，大致在商用的收費相位逆變器中。

Got it. That's helpful. And last question I had is just what do you attribute the share gains in the U.S. and the commercial side, too? I think you highlighted 4 quarters of double-digit growth.

知道了。這很有幫助。我的最後一個問題是，您將美國和商業方面的份額收益歸因於什麼？我認為您強調了 4 個季度的兩位數增長。

I think we've discussed this in the past. So first of all, the market, I think a lot of people have been waiting for a long time for the U.S. rooftop market to wake up. And in a way, it's a huge untapped market. And I'm not sure that this is the -- it's completely released, but we're definitely seeing growth. And I think the forecasts are for further growth next year.

我想我們過去已經討論過這個問題。所以首先是市場，我想很多人都在等待美國屋頂市場的甦醒。在某種程度上，這是一個尚未開發的巨大市場。我不確定這是不是——它已經完全發布了，但我們肯定會看到增長。我認為預測是明年的進一步增長。

And part of the drivers that we see are corporations investing in solar for a combination of ESG purposes as well as because of the high electricity rates. And there, I think that we are in a good position as a cost-effective commercial solution with all of the safety requirements that these type of corporations might have. So that type of trend works in our favor.

我們看到的部分驅動因素是企業出於 ESG 目的以及高電價投資太陽能。在那裡，我認為我們作為具有成本效益的商業解決方案處於有利地位，具有這些類型的公司可能具有的所有安全要求。所以這種趨勢對我們有利。

And additionally, in the last few quarters, we've introduced versions of the products that are more optimized for small ground mount community solar projects, and we're seeing growth of share in that segment, which is a growth segment as well. So between the growth of the rooftop market and I believe we're in a position of gaining share in that market and the growth of the community solar. And clearly, over there, we know we're gaining share because our share previously was 0, and now we're shipping stuff to this segment. I think that's the -- that's where we are capitalizing on the opportunities.

此外，在過去幾個季度，我們推出了針對小型地面安裝社區太陽能項目更優化的產品版本，我們看到該領域的份額也在增長，這也是一個增長領域。因此，在屋頂市場的增長和我相信我們能夠在該市場和社區太陽能的增長中獲得份額之間。很明顯，在那裡，我們知道我們正在獲得份額，因為我們的份額以前是 0，現在我們正在向這個細分市場運送東西。我認為這就是我們正在利用這些機會的地方。

And we'll take our next question from Joseph Osha with Guggenheim.

我們將向古根海姆的約瑟夫·奧沙提出下一個問題。

Just to return to Europe, obviously, there's significant disconnect between the megawatt growth and revenue growth, which I assume is mostly storage. I just wanted to check if that's correct or whether there's any ASP math going on, on the inverter side?

回到歐洲，顯然，兆瓦級增長和收入增長之間存在顯著脫節，我認為這主要是存儲。我只是想檢查一下這是否正確，或者逆變器端是否正在進行任何 ASP 數學運算？

And then just looking forward, wondering if we could continue to see that kind of disconnect in terms of storage driving growth in Europe well beyond what the megawatt volume on the inverters might suggest?

然後只是向前看，想知道我們是否可以繼續看到這種在歐洲存儲驅動增長方面的脫節，遠遠超出逆變器的兆瓦容量所暗示的水平？

Yes. So that is part of the -- what makes it more difficult to strictly compare revenue to megawatts of shipments is batteries, but not only because Europe is also a very strong market, both in residential and in commercial. And also there, there can be a big variation from 1 quarter to the other and also that has an impact on ASPs.

是的。所以這就是電池的一部分——使收入與兆瓦出貨量進行嚴格比較變得更加困難的是電池，但這不僅是因為歐洲在住宅和商業方面也是一個非常強大的市場。此外，從一個季度到另一個季度可能會有很大的變化，這也會對 ASP 產生影響。

But probably that's a secondary effect to the battery effect that you recognized, which is going to be part of the mix a significant part of the mix going forward, yes.

但這可能是您認識到的電池效應的次要效應，這將成為混合的一部分，是未來混合的重要組成部分，是的。

Okay. So we can -- all right. That's fair enough. And then looking at the U.S. market on single-phase storage, there's been some finger-pointing about commissioning delays and whatnot. Do you all feel like there are some deliverables from your side in terms of additional software or tools to help that installation process? Or how are you working with your customers on that in the U.S.?

好的。所以我們可以——好吧。這很公平。然後看看美國的單相存儲市場，關於調試延遲等等存在一些指責。你們是否都覺得在其他軟件或工具方面有一些可交付成果來幫助安裝過程？或者你是如何在美國與你的客戶合作的？

So actually, on that front, and we reported this in the past. In the past, we're actually seeing good commissioning times and we've invested a lot in training, and we see that as an advantage and not as a limiting -- limiter to adoption. As I said answering one of the previous questions from my conversations with customers, a lot of the adjustment or the progress will be coming from the whole channel learning how to sell batteries to explain the benefits to the consumers.

所以實際上，在這方面，我們過去曾報導過這一點。過去，我們實際上看到了良好的調試時間，我們在培訓方面投入了大量資金，我們認為這是一種優勢，而不是限制——採用的限制因素。正如我在與客戶的交談中回答之前的一個問題時所說的，很多調整或進步將來自整個渠道學習如何銷售電池以向消費者解釋好處。

And then also, obviously, through installation, and simplicity. But I believe we are today with a decent installation times, but we're still working on all of those elements to reduce it, to improve training and to make the process even more seamless.

然後，顯然，通過安裝和簡單性。但我相信我們今天的安裝時間還不錯，但我們仍在努力減少所有這些元素，以改善培訓並使過程更加無縫。

(Operator Instructions) And we'll move next to Ameet Thakkar with BMO Capital Markets.

（操作員說明）我們將在 Ameet Thakkar 旁邊與 BMO Capital Markets 合作。

Just one quick one for me. You guys mentioned a couple of times that you kind of expect to get back to that gross margins you played out at the Analyst Day by the second quarter of '23. I was just kind of wondering, in terms of the trajectory for the operating profit margins you laid out, what's the trajectory for that? It looks like your 4Q guidance implies that, that's going to be kind of flat, I guess, the third quarter, despite a little bit better outlook on gross margins.

對我來說只是一個快速的。你們有幾次提到，你們希望在 23 年第二季度之前恢復到分析師日時的毛利率。我只是想知道，就您列出的營業利潤率軌跡而言，它的軌跡是什麼？看起來你的第 4 季度指引暗示，儘管毛利率前景有所好轉，但我猜，第三季度的情況將持平。

So in general, I mean, I'll start by the general trend and then go to the fourth quarter. The general trend is that while we will see -- as we mentioned, again towards the end of the second quarter of '23 return to the guided margins we believe, at least, to the guided margins of the Analyst Day, this is usually on the heels of the fact that revenues are expected to grow and margins to improve and expenses will usually not grow at the same pace as revenues. And [this operating leverage] is expected to grow the overall operating margin.

所以總的來說，我的意思是，我將從總體趨勢開始，然後進入第四季度。總體趨勢是，雖然我們將看到——正如我們所提到的，在 23 年第二季度末再次回到我們認為的指導利潤率，至少回到分析師日的指導利潤率，這通常是緊隨其後的是，收入預計會增長，利潤率會提高，而費用通常不會與收入同步增長。並且[這種經營槓桿]預計將增加整體經營利潤率。

For Q4, specifically, the reason for the guidance as it is right now is because the Q3 operating expenses were impacted by the fact that we have closed some of our activities in the UPS division and also Critical Power division and our e-Mobility. And also, we had a little bit of a tailwind coming from currencies which we are not sure if it will continue into the fourth quarter.

具體而言，對於第四季度，目前提供指導的原因是因為第三季度運營費用受到我們關閉了 UPS 部門、關鍵電源部門和電動汽車部門的一些活動這一事實的影響。而且，我們有一點來自貨幣的順風，我們不確定它是否會持續到第四季度。

This resulted in actually lower operating expenses compared to the second quarter despite of the fact that we continue to increase in headcount. This will reverse in Q4. In Q4, we will go back to a growth trajectory. And here, of course, the main question and especially in the way that we're guiding is like take the careful margins of errors to any currency movements that may change us -- that may -- sorry, change a little bit the results and we're, of course, not in control.

儘管我們繼續增加員工人數，但與第二季度相比，這實際上導致了較低的運營費用。這將在第四季度逆轉。在第四季度，我們將回到增長軌跡。當然，這裡的主要問題，特別是在我們指導的方式上，就像小心謹慎地對待任何可能改變我們的貨幣變動——這可能——對不起，改變一點結果和當然，我們無法控制。

But in general, the trend is that the more we are going into the higher margin regime, again, we also go to lower regime of operating expenses as revenues and therefore, higher operating margins.

但總的來說，趨勢是我們進入更高利潤率的製度越多，我們也再次進入較低的運營費用制度作為收入，因此，更高的營業利潤率。

And this does conclude the Q&A portion of the call. I would now like to turn it back to Zvi for any closing remarks.

這確實結束了電話的問答部分。我現在想把它轉回 Zvi 的任何結束語。

Thank you. So in summary, we are pleased with the progress we made this quarter on all operational metrics and are looking forward to next quarter. And thank you all for joining us today. Have a great day.

謝謝你。總而言之，我們對本季度在所有運營指標上取得的進展感到滿意，並期待下個季度。感謝大家今天加入我們。祝你有美好的一天。

This does conclude today's program. Thank you for your participation. You may disconnect at any time, and have a wonderful evening.

今天的節目到此結束。感謝您的參與。您可以隨時斷開連接，度過一個美好的夜晚。