(SEDG) 2022 Q4 法說會逐字稿

Welcome to the SolarEdge conference call for the fourth quarter and full year ended December 31, 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.

歡迎參加截至 2022 年 12 月 31 日的第四季度和全年的 SolarEdge 電話會議。此次電話會議正在公司網站 www.solaredge.com 的活動/日曆頁面的投資者部分進行網絡直播。

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. You may listen to a webcast replay of this call by visiting the event/calendar page of the SolarEdge Investor website.

此通話是 SolarEdge 的唯一財產和版權，保留所有權利，未經 SolarEdge 明確書面同意，禁止錄製、複製或傳輸此通話。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。

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

我現在想把電話轉給 Sapphire Investor Relations 的 Erica Mannion，SolarEdge 的投資者關係。

Good afternoon. Thank you for joining us to discuss SolarEdge's operating results for the fourth quarter and full year ended December 31, 2022 as well as the company's outlook for the first quarter of 2023.

下午好。感謝您與我們一起討論 SolarEdge 截至 2022 年 12 月 31 日的第四季度和全年的經營業績以及公司 2023 年第一季度的展望。

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 fourth quarter and full year ended December 31, 2022. Ronen will review the financial results for the fourth quarter and full year, followed by the company's outlook for the first quarter of 2023. We will then open the call for questions.

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 12 月 31 日的第四季度和全年業績。Ronen 將回顧第四季度和全年的財務業績，然後是公司 2023 年第一季度的展望。我們然後將打開問題的電話。

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 in the slides published today for a more complete description. All material contained in the webcast is the sole property and copyright of SolarEdge Technologies with all rights reserved. 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，此次電話會議將包括前瞻性陳述，其中涉及可能導致實際結果與管理層當前預期存在重大差異的風險和不確定性。我們鼓勵您在今天發布的幻燈片中查看我們新聞稿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 的獨有財產和版權，保留所有權利。請注意，本演示文稿描述了某些非 GAAP 指標，包括非 GAAP 淨收入和非 GAAP 淨稀釋每股收益，這些指標不是根據美國 GAAP 編制的指標。

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 or as a substitute for or superior to financial measures prepared in accordance with U.S. GAAP.

本演示文稿中介紹了非 GAAP 措施，因為我們認為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 GAAP 措施不應孤立於或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 December 31, 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 12 月 31 日的季度新聞稿副本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. We are pleased to report that we have concluded the quarter with record revenues of $890 million and record revenues for the year 2022 of $3.1 billion. I will start with a summary of 2022 and the main themes which shaped the year and how we expect them to impact our business moving forward. Total revenues in 2022 grew 58% over the previous years -- the previous year and 63% in the solar business.

謝謝你，艾麗卡。下午好，感謝大家今天加入我們的電話會議。我們很高興地報告，我們在本季度結束時的收入達到創紀錄的 8.9 億美元，2022 年的收入達到創紀錄的 31 億美元。我將從 2022 年的總結和塑造這一年的主要主題以及我們期望它們如何影響我們的業務向前發展開始。 2022 年的總收入比前幾年增長了 58%——前一年，太陽能業務增長了 63%。

Growth in the solar business was across all segments and regions and practically in every country in which we operate. Most notable in year-over-year, we saw significant growth in the United States, Germany, the Netherlands, Italy, the U.K. and France. Additionally, in 2022, we saw several new markets reached significant size and generate meaningful revenue, showing significant potential for future growth, including Taiwan and Brazil.

太陽能業務的增長遍及所有部門和地區，幾乎遍及我們開展業務的每個國家。最顯著的同比增長是美國、德國、荷蘭、意大利、英國和法國。此外，在 2022 年，我們看到幾個新市場達到了可觀的規模並產生了可觀的收入，顯示出未來增長的巨大潛力，包括台灣和巴西。

A key highlight of 2022 was the growth of our revenues coming from Europe, which grew by 89% year-over-year. This remarkable growth is a function of the increase in power prices prior to the beginning of the Ukraine Russia conflict and the accelerated increases ever since as well as the expansion of our portfolio to include inverters, EV chargers and batteries addressing the specific European market needs. An additional boost to our annual revenues came from the introduction globally of our own batteries that have been well received by our customers.

2022 年的一個重要亮點是我們來自歐洲的收入增長，同比增長 89%。這一顯著增長是由於烏克蘭與俄羅斯衝突開始之前電價上漲以及此後電價加速上漲，以及我們產品組合的擴展，包括滿足特定歐洲市場需求的逆變器、EV 充電器和電池。我們年收入的另一個增長來自於在全球範圍內推出我們自己的電池，這些電池受到了客戶的好評。

Note that in the first quarter -- fourth quarter of 2022, 52% of the batteries attached to new PV installations with our inverter systems were of our own battery and 48% were batteries from other suppliers attached to our inverter system. This, together with the trend of increased battery attachment rate are an indication of the healthy potential for continued growth of sales for our batteries.

請注意，在第一季度 - 2022 年第四季度，使用我們的逆變器系統連接到新光伏裝置的電池中有 52% 是我們自己的電池，48% 是連接到我們逆變器系統的其他供應商的電池。這與電池附著率增加的趨勢一起表明我們的電池銷售持續增長的健康潛力。

From a segment point of view, we saw significant revenue growth and portfolio expansion in both of our key segments. On the residential side, we launched SolarEdge home, offering a complete energy management system for the home, including PV, battery backup, EV-charging, load control and the homeowner app to manage them all in one single place.

從細分市場的角度來看，我們在兩個關鍵細分市場都看到了顯著的收入增長和投資組合擴張。在住宅方面，我們推出了 SolarEdge home，為家庭提供完整的能源管理系統，包括光伏、備用電池、EV 充電、負載控制和房主應用程序，可在一個地方管理所有這些。

SolarEdge Home is now available in the U.S., Europe, Australia and Brazil. And combined with our designer software, it provides our customers an end-to-end solution for design, proposal, installation and commissioning, all working together out of the box. In the commercial segment, our growth this year is attributed to market share gains, expansion into new applications such as floating PV as well as the successful adoption rate of our commercial portfolio with its safety offering in the fast-growing segment of corporations, progressing their ESG programs.

SolarEdge Home 現已在美國、歐洲、澳大利亞和巴西推出。結合我們的設計師軟件，它為我們的客戶提供了一個端到端的設計、提案、安裝和調試解決方案，所有這些都開箱即用。在商業領域，我們今年的增長歸因於市場份額的增加、向浮動光伏等新應用的擴展以及我們的商業產品組合的成功採用率及其在快速增長的企業領域的安全產品，推進他們的發展ESG 計劃。

Based on the demand we are seeing in our substantial backlog, we expect the momentum in the commercial segment to continue into 2020. On the operational side, we are very pleased with our accomplishments in 2022, which was a very challenging year. In the first half of 2022, we faced COVID-related factory shutdowns and component challenges, in particular, in light of the volumes that were needed to support the growth in demand.

根據我們在大量積壓訂單中看到的需求，我們預計商業領域的勢頭將持續到 2020 年。在運營方面，我們對我們在 2022 年取得的成就感到非常滿意，這是非常具有挑戰性的一年。 2022 年上半年，我們面臨著與 COVID 相關的工廠停工和零部件挑戰，特別是考慮到支持需求增長所需的數量。

Despite these challenges, we were able to ramp the Mexico factory and to increase our overall inverter and optimizer gigawatt shipments 47% year-over-year. We believe that the infrastructure and resilience we developed in 2022 will serve us well as demand for our product continues to increase.

儘管面臨這些挑戰，我們還是能夠擴大墨西哥工廠的產能，並將我們的整體逆變器和優化器出貨量同比增長 47%。我們相信，隨著對我們產品的需求不斷增加，我們在 2022 年開發的基礎設施和彈性將為我們提供良好的服務。

And now let's turn to the fourth quarter. This quarter, we generated record revenues for the company, led by record revenues from our global solar business driven from significant quarter-over-quarter growth in the United States. In aggregate, we shipped this quarter a record 3.1 gigawatts of our DC-optimized inverter solution, and 217-megawatt hour of residential batteries. This quarter, we shipped 6.7 million power optimizers and 315,000 inverters. We also delivered record shipments this quarter to France, the Netherlands, Spain and Brazil.

現在讓我們轉到第四季度。本季度，我們為公司創造了創紀錄的收入，這主要得益於我們全球太陽能業務的創紀錄收入，這得益於美國的顯著季度環比增長。總的來說，本季度我們出貨了創紀錄的 3.1 吉瓦直流優化逆變器解決方案和 217 兆瓦時住宅電池。本季度，我們出貨了 670 萬台電源優化器和 315,000 台逆變器。本季度我們還向法國、荷蘭、西班牙和巴西交付了創紀錄的出貨量。

In these countries, in particular and across our global markets in general, growth this quarter came from a higher portion of sales of inverters and optimizers versus batteries and as a result of the strong demand for our products for new solar installations. From a demand and inventory point of view, we continue to see very strong demand from Europe for all products and relatively low inventory levels in the channel.

在這些國家，尤其是在我們的整個全球市場，本季度的增長來自逆變器和優化器的銷售額比電池更高的比例，以及新太陽能裝置對我們產品的強勁需求。從需求和庫存的角度來看，我們繼續看到歐洲對所有產品的需求非常強勁，而渠道中的庫存水平相對較低。

This is validated by our distribution sales with data for Europe, which was at record levels in November prior to the holiday season for both residential and commercial products. In North America, residential sell-through reports from our distributors for the fourth quarter were seasonally down more so than we have seen in the recent years -- in the recent past.

我們的歐洲分銷銷售數據證實了這一點，該數據在假期前的 11 月住宅和商業產品均創下歷史新高。在北美，我們的分銷商第四季度的住宅銷售報告季節性下降比我們近年來看到的要多——在最近的過去。

Early reports from the start of 2023 are showing an improvement. However, in light of the uncertainties in the market related to NAM 3.0 and the economic environment, we are mindful and cautious at the rate of the recovery. That said, we are confident in the long-term strength of the U.S. residential market and recently strengthened our position in this market by announcing corporations with 2 important players in the market, Sonova and Freedom Forever.

2023 年初的早期報告顯示情況有所改善。然而，鑑於與 NAM 3.0 相關的市場和經濟環境的不確定性，我們對複甦的速度持謹慎態度。也就是說，我們對美國住宅市場的長期實力充滿信心，並且最近通過宣佈在市場上擁有兩個重要參與者 Sonova 和 Freedom Forever 的公司加強了我們在該市場的地位。

From a segment point of view, we shipped this quarter 1.6 gigawatts of residential inverters and optimizers 27% more than the last quarter and 1.5 gigawatts of commercial product, a 6% increase from last quarter. In discussing the residential segment, I want to elaborate on the opportunities and dynamics coming from the NEM 3.0, the new metering policy in California, which comes into effect in April. Under the new NEM 3.0 tariffs, average export rates dropped by approximately 70% compared to the current policy.

從細分市場來看，本季度我們出貨了 1.6 吉瓦的住宅逆變器和優化器，比上一季度增加了 27%，商業產品的出貨量為 1.5 吉瓦，比上一季度增加了 6%。在討論住宅部分時，我想詳細說明 NEM 3.0 帶來的機遇和動態，NEM 3.0 是加利福尼亞州的新計量政策，將於 4 月生效。在新的 NEM 3.0 關稅下，與現行政策相比，平均出口率下降了約 70%。

But this number is a bit misleading as there are times in the year and specific days where the export rates are actually higher than they were under NEM 2.0. This will make coupling of solar PV with a battery, a more attractive proposition for California homeowners, especially if the battery is smartly used to import and export power at the right times. We have seen such transitions happen in the past in Europe, in countries like the U.K., Germany and Belgium. And while it takes the market time to adjust to the new reality, we typically experienced significant growth in PV plus battery installation rates following such tariff transition.

但這個數字有點誤導，因為在一年中的某些時候和特定的日子裡，出口率實際上高於 NEM 2.0 下的水平。這將使太陽能光伏與電池的耦合成為加州房主更具吸引力的提議，特別是如果電池在正確的時間巧妙地用於輸入和輸出電力。過去，我們在歐洲、英國、德國和比利時等國家看到過這種轉變。雖然市場需要時間來適應新的現實，但在這種關稅轉變之後，我們通常會經歷光伏加電池安裝率的顯著增長。

Our large installed base of TV plus batteries in time of use or self-consumption markets has enabled us to both gain experience managing such use cases as well as develop specific algorithms to maximize the import and export optimization. Additionally, our DC coupled architecture is specifically suitable for such schemes as the system can maximize the amount of energy at stores from the solar panels without clipping TV power due to the AC inverter size, even at 200% DC oversizing.

我們在使用時間或自我消費市場中擁有龐大的電視加電池安裝基礎，使我們能夠獲得管理此類用例的經驗，並開發特定算法以最大限度地優化導入和導出。此外，我們的 DC 耦合架構特別適用於這樣的方案，因為系統可以最大限度地利用太陽能電池板在商店中提供的能量，而不會因 AC 逆變器尺寸而削減電視功率，即使在 200% DC 過大的情況下也是如此。

DC coupling also means there is only 1 AC to DC conversion for energy stored in the battery, as opposed to 3 conversions in an AC-coupled architecture. We estimate that 5% to 7% of stored energy is lost in these power conversions. And when charging and discharging the battery every day, this can amount to up to 10 days of additional power every year from a DC-coupled system like ours.

直流耦合還意味著電池中存儲的能量只有 1 次交流到直流的轉換，而交流耦合架構中有 3 次轉換。我們估計在這些功率轉換中損失了 5% 到 7% 的存儲能量。如果每天對電池進行充電和放電，像我們這樣的直流耦合系統每年最多可提供 10 天的額外電量。

Finally, in self-consumption mode, DC cup of batteries are simple to install and commission as they only require 1 DC connection to the inverter and did not require main panel upgrades. As such, we believe that after a transition period following NIM 0.3 coming to effect, we will see a gradual market recovery and good adoption of our solar PV plus battery solutions in California.

最後，在自用模式下，DC cup 電池安裝和調試簡單，因為它們只需要 1 個 DC 連接到逆變器並且不需要主面板升級。因此，我們相信，在 NIM 0.3 生效後的過渡期之後，我們將看到市場逐漸復蘇，我們的太陽能光伏加電池解決方案將在加州得到良好採用。

Moving to the commercial segment, where we are seeing strength across all geographies, including Asia Pacific, Europe and the United States. Our growth in the Commercial segment, as I mentioned earlier, is a product of multiple trends, such as corporate ESG, the push to reduce carbon footprint, floating PV, community solar, carports and others.

轉向商業領域，我們在所有地區都看到了實力，包括亞太地區、歐洲和美國。正如我之前提到的，我們在商業領域的增長是多種趨勢的產物，例如企業 ESG、減少碳足蹟的努力、浮動光伏、社區太陽能、車棚等。

And additional segments in which we see increased traction is agri PV and dual use of land. Most recently, we have seen government initiatives to prioritize and grow this segment in countries such as Italy, Japan, Taiwan and others. For this application, we are offering a comprehensive solution based on our inverters optimizers and recently released land adaptable trackers from our subsidiary Solar Geek. The design flexibility of our solutions and the safety features we offer make our portfolio of product attractive for this growing application.

我們看到牽引力增加的其他部分是農業光伏和土地雙重利用。最近，我們看到意大利、日本、台灣等國家/地區政府採取措施優先發展這一細分市場。對於此應用，我們提供基於我們的逆變器優化器和我們子公司 Solar Geek 最近發布的陸地適應性跟踪器的綜合解決方案。我們解決方案的設計靈活性和我們提供的安全功能使我們的產品組合對這種不斷增長的應用具有吸引力。

Moving from segments to products. As mentioned this quarter, we shipped 217-megawatt hour of residential, single and 3-phase batteries. This is lower than our battery shipments last quarter as in some cases, we have not yet caught up on inverter volumes of the specific inverters needed for these battery installations. We are focused on ramping the new 3-phase backup inverter that we discussed last quarter, to address the strong demand for this configuration of inverters plus batteries.

從細分市場轉向產品。如本季度所述，我們運送了 217 兆瓦時的住宅、單相和三相電池。這低於我們上個季度的電池出貨量，因為在某些情況下，我們還沒有趕上這些電池安裝所需的特定逆變器的逆變器數量。我們專注於提升我們上個季度討論的新型三相備用逆變器，以滿足對這種逆變器加電池配置的強烈需求。

Overall, the global attach rate for batteries to our inverters increased this quarter to 11.1% of new residential installations compared to 8.5% of the new installations in the third quarter. The highest attach rates that we see for batteries to our inverters are in Germany, where the attach rate is 61%, Italy with an attach rate of 56% and the U.K. with an attach rate of 31%.

總體而言，本季度我們的逆變器的全球電池附加率增加到新住宅安裝的 11.1%，而第三季度為新安裝的 8.5%。我們看到逆變器的電池連接率最高的是德國，連接率為 61%，意大利連接率為 56%，英國連接率為 31%。

I would like now to address installation signs. As adoption of battery systems grows, the need to better manage time of installation is becoming critical for our customers. They require both short time of installation, often aiming to complete a PV plus battery installation in a single day, as well as predictability of installation times to enable them to better plan the time of their electricians and installation crews. We are focusing on the installer experience from system design to physical installation and commissioning.

我現在想談談安裝標誌。隨著電池系統採用率的增長，更好地管理安裝時間的需求對我們的客戶來說變得至關重要。他們既要求安裝時間短，通常旨在在一天內完成光伏加電池安裝，又要求安裝時間具有可預測性，使他們能夠更好地規劃電工和安裝人員的時間。我們專注於從系統設計到物理安裝和調試的安裝人員體驗。

Our design of software enables the installer to design the exact system to meet homeowner needs and then automatically export it to the SolarEdge installation app, which helps guide the physical installation and then commissioning the entire system. Our SolarEdge home network provides wireless communication between the inverter battery, EV charger and load controls, eliminating time-consuming installation of communication wires, while our DC coupled architecture means you can often avoid costly and time-consuming main panel upgrades. Our step-by-step commissioning process enables commissioning a PV-only system in less than 25 minutes and a complete PV with battery backup system in approximately 45 minutes.

我們的軟件設計使安裝人員能夠設計準確的系統來滿足房主的需求，然後自動將其導出到 SolarEdge 安裝應用程序，這有助於指導物理安裝，然後調試整個系統。我們的 SolarEdge 家庭網絡在逆變器電池、EV 充電器和負載控制之間提供無線通信，消除了耗時的通信線路安裝，而我們的直流耦合架構意味著您通常可以避免昂貴且耗時的主面板升級。我們的分步調試過程可以在不到 25 分鐘的時間內調試僅 PV 系統，並在大約 45 分鐘內調試帶有電池備份系統的完整 PV。

We are aiming to reduce the commissioning time by more than 50% in the coming year. Our goal is to enable our customers to consistently install a PV plus battery system in less than 1 day. Given the increased demand for PV systems worldwide and the fact that the availability of qualified installation crews is becoming a significant bottleneck for growth. We are placing emphasis on installation time and simplicity across all of our product portfolio via product development, training and automated support applications.

我們的目標是在來年將調試時間縮短 50% 以上。我們的目標是讓我們的客戶能夠在不到 1 天的時間內始終如一地安裝光伏加電池系統。鑑於全球對光伏系統的需求不斷增加，以及合格安裝人員的可用性正成為增長的重要瓶頸。我們通過產品開發、培訓和自動化支持應用程序，將重點放在我們所有產品組合的安裝時間和簡單性上。

In early January, we announced the acquisition of Hart Systems. Hart is an energy analytics and industrial IoT company based in Leeds in the U.K. Their Software as a Service, SaaS suite of products allows companies to get granular level of energy transparency, and then start acting on what they are seeing. It integrates with solar storage, EV charging services, HVAC, factory machinery, building management systems, lighting systems, smart meters and other assets.

一月初，我們宣布收購 Hart Systems。 Hart 是一家位於英國利茲的能源分析和工業物聯網公司。他們的軟件即服務 SaaS 產品套件允許公司獲得精細級別的能源透明度，然後開始根據他們所看到的採取行動。它集成了太陽能存儲、電動汽車充電服務、暖通空調、工廠機械、建築管理系統、照明系統、智能電錶和其他資產。

HARC is a start-up at the point of scale up and has demonstrated that it can deliver value to different stakeholders of their customers which includes supermarket chain, industrial processing companies, energy companies and real estate services. Besides the stand-alone product, which we intend to roll out to a selected group of customers in 2023, we believe that the HARC team can play a great role in adding new and innovative capability to our overall commercial offering and support us as we increase our product portfolio in this space.

HARC 是一家處於擴張階段的初創企業，已證明它可以為其客戶的不同利益相關者提供價值，其中包括連鎖超市、工業加工公司、能源公司和房地產服務。除了我們打算在 2023 年向選定的客戶群推出的獨立產品外，我們相信 HARC 團隊可以在為我們的整體商業產品增加新的創新能力方面發揮重要作用，並隨著我們的增加而支持我們我們在這個領域的產品組合。

The closing of this transaction is awaiting regulatory approval in the U.K., which we expect to receive within the first half of 2023. Moving to our nonsolar business. Our Seat factory ramp-up is on schedule, and we are shipping sales from the new factory to our customers. The sale we are shipping, which will also be incorporated into our residential and commercial batteries, is designed and optimized for stationary energy storage application, and can reach up to 8,000 cycles, has high energy density and high power throughput through a wide temperature range.

這筆交易的完成正在等待英國監管部門的批准，我們預計將在 2023 年上半年獲得批准。轉向我們的非太陽能業務。我們的座椅工廠如期擴產，我們正在將新工廠的銷售產品運送給我們的客戶。我們正在銷售的電池也將整合到我們的住宅和商用電池中，專為固定式儲能應用而設計和優化，循環次數可達 8,000 次，在很寬的溫度範圍內具有高能量密度和高功率吞吐量。

Our e-mobility revenues continue at a steady rate as we continue to supply powertrain units to Stellantis. In parallel, we are engaged in additional electrification opportunities, however, at a lower scale than initially anticipated, which has led to the write-off of intangible assets related to the original acquisition of this division as will be further detailed by Onam.

隨著我們繼續向 Stellantis 供應動力總成裝置，我們的電動汽車收入繼續保持穩定增長。與此同時，我們正在從事額外的電氣化機會，但規模低於最初預期，這導致與該部門最初收購相關的無形資產被註銷，Onam 將進一步詳細說明。

Before I hand the call over to Ann, I would like to update on our plans for U.S. manufacturing. We are executing a plan for U.S. domestic manufacturing of inverters and optimizers on the basis of a combination of contract manufacturing and owned facilities. We expect first products to be manufactured in the third quarter of 2023 and are aiming for the majority of the IRA credited residential and commercial products for the U.S. market to be manufactured domestically by the second half of 2024. Some of the details of this plan are still dependent on the impending clarifications from the treasury.

在我將電話轉給 Ann 之前，我想更新一下我們在美國製造的計劃。我們正在執行一項計劃，在合同製造和自有設施相結合的基礎上，在美國國內製造逆變器和優化器。我們預計第一批產品將在 2023 年第三季度生產，併計劃到 2024 年下半年在美國國內生產大部分 IRA 信貸的美國市場住宅和商業產品。該計劃的一些細節是仍然取決於財政部即將做出的澄清。

To summarize my remarks, we are pleased with the growth we have seen in the fourth quarter and the entire year, which are a result of our global presence and multi-segment approach. We believe this approach will serve us well during some of the market transition expected transitions expected in 2023.

總而言之，我們對第四季度和全年的增長感到滿意，這是我們全球業務和多部門方法的結果。我們相信這種方法將在 2023 年預期的一些市場轉型期間為我們提供很好的服務。

And now I will hand it over to Ronen.

現在我將把它交給 Ronen。

Thank you, Zvi, and good afternoon, everyone. This financial review includes the 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, impairments of goodwill and intangible assets stock-based compensation expenses and certain other items.

謝謝 Zvi，大家下午好。此財務審查包括 GAAP 和非 GAAP 討論。我們的網站和今天發布的新聞稿中提供了本次電話會議上討論的備考結果與 GAAP 結果的完全對賬。分部利潤包括該分部的毛利減去經營費用，其中不包括已購無形資產的攤銷、商譽減值和無形資產股票補償費用以及某些其他項目。

Before I start the financial review for the quarter, I would like to address 2 issues that impacted our GAAP financials while having minimal to no effect on our non-GAAP results. As part of our year-end procedures, we addressed the existence and valuation of intangible assets related to our past acquisitions. While as mentioned by CV, our E-Mobility divisions continue to deliver product and is part of our future strategy. Following our financial and business analysis, we came to the conclusion that the intangible assets related to this business which included mostly goodwill is no longer justified. As such, we have written off this quarter a GAAP amount of $107.4 million representing our entire intangible assets related to this acquisition. In addition, we wrote off intangible assets in the amount of $7 million related to our automation machine business that continues to operate as usual.

在我開始本季度的財務審查之前，我想解決兩個影響我們的 GAAP 財務但對我們的非 GAAP 結果影響很小甚至沒有影響的問題。作為年終程序的一部分，我們解決了與過去收購相關的無形資產的存在和估值問題。正如 CV 所提到的，我們的電動汽車部門繼續提供產品，這是我們未來戰略的一部分。根據我們的財務和業務分析，我們得出結論，與該業務相關的主要包括商譽的無形資產不再合理。因此，我們在本季度註銷了 1.074 億美元的 GAAP 金額，代表我們與此次收購相關的全部無形資產。此外，我們還註銷了與繼續照常運營的自動化機器業務相關的 700 萬美元無形資產。

The second noteworthy item is related to tax expenses. Under the Israeli tax regime, and Israeli Corporation with sales of over MYR 10 billion approximately $3.1 billion is subject to reduced corporate tax of 6% on income derived from technological products. Following our growth this year, we have crossed this threshold and we are, therefore, eligible for such benefits. The impact on our actual taxes reflected both in our GAAP and our non-GAAP results is minimal since whatever expenses saved in Israel are paid in the United States in the form of GILTI tax.

第二個值得注意的項目與稅收支出有關。根據以色列的稅收制度，銷售額超過 100 億林吉特的以色列公司約 31 億美元的技術產品收入需繳納 6% 的公司稅。隨著我們今年的增長，我們已經跨過了這個門檻，因此我們有資格享受這些福利。我們的 GAAP 和非 GAAP 結果中反映的對我們實際稅收的影響微乎其微，因為在以色列節省的任何費用都以 GILTI 稅的形式在美國支付。

However, the impact on value of our deferred tax assets in Israel is significant since we will be able to utilize these tax assets at the lower corporate tax regime. Turning now to our quarterly review. Total revenues for the fourth quarter were a record $890.7 million a 6% increase compared to $836.7 million last quarter and a 61% increase compared to $551.9 million for the same quarter last year.

然而，對我們在以色列的遞延稅資產價值的影響是巨大的，因為我們將能夠在較低的公司稅制下利用這些稅收資產。現在轉向我們的季度審查。第四季度的總收入達到創紀錄的 8.907 億美元，與上一季度的 8.367 億美元相比增長 6%，與去年同期的 5.519 億美元相比增長 61%。

Revenues from our solar segment, which include the sales of residential batteries were a record $837 million, a 6% increase compared to $788.6 million last quarter and a 66% increase compared to $502.7 million for the same quarter last year. Solar revenues from the United States this quarter were $305.5 million, a 21% increase from the last quarter and a 19% increase from the same quarter last year, representing 36% of our solar revenues. Solar revenues from Europe were $473 million, a 1% decrease from the last quarter and 145% increase from the same quarter last year, representing 57% of our solar revenues. While we sold less batteries in Europe this quarter due to seasonal factors, our inverters and optimizers revenues in Europe grew this quarter by 26% compared to the last quarter.

我們太陽能部門的收入（包括住宅電池的銷售額）達到創紀錄的 8.37 億美元，與上一季度的 7.886 億美元相比增長 6%，與去年同期的 5.027 億美元相比增長 66%。本季度來自美國的太陽能收入為 3.055 億美元，比上一季度增長 21%，比去年同期增長 19%，占我們太陽能收入的 36%。來自歐洲的太陽能收入為 4.73 億美元，比上一季度下降 1%，比去年同期增長 145%，占我們太陽能收入的 57%。由於季節性因素，本季度我們在歐洲銷售的電池較少，但本季度我們在歐洲的逆變器和優化器收入與上一季度相比增長了 26%。

This quarter, we saw record revenue in the Netherlands, Spain and France. Rest of the World solar revenues were $58.5 million, a 5% decrease compared to the last quarter and a 12% increase from the last year, representing 7% of our total solar revenues. On a megawatt basis, we shipped 880 megawatts to the United States, a record 1.8 gigawatt to Europe, a record 481 megawatts to the rest of the world. surpassing 3 gigawatts of record quarterly product shipments.

本季度，我們在荷蘭、西班牙和法國看到了創紀錄的收入。世界其他地區的太陽能收入為 5850 萬美元，比上一季度下降 5%，比去年增長 12%，占我們太陽能總收入的 7%。按兆瓦計算，我們向美國運送了 880 兆瓦，向歐洲運送了創紀錄的 1.8 吉瓦，向世界其他地區運送了創紀錄的 481 兆瓦。超過 3 吉瓦創紀錄的季度產品出貨量。

48% of the megawatt shipments this quarter were commercial products, while the remaining 52% were residential products representing a higher sales mix towards the United States. In the fourth quarter, we shipped 217.6 megawatt hour of our residential battery, the vast majority of which were shipped to Europe driven by the strong adoption and demand for our 3-phase battery.

本季度 48% 的兆瓦出貨量是商業產品，而其餘 52% 是住宅產品，代表了對美國更高的銷售組合。在第四季度，我們的住宅電池出貨量為 217.6 兆瓦時，其中絕大多數運往歐洲，這是由於對我們的三相電池的強勁採用和需求。

ASP per watt this quarter, excluding battery revenues, was $0.237, a 2% increase from $0.233 last quarter. This ASP per watt increase is mainly a result of a stronger euro, decreased portion of commercial product in the mix as well as the result of price increases we have implemented in previous quarters. Our ASP per kilowatt hour was $473 this quarter. It is worth noting that our single and 3-phase batteries are sold at different ASP per kilowatt hour since they are based on different technologies in different markets. This quarter, we had no change in our selling prices for both battery types.

本季度每瓦平均售價（不包括電池收入）為 0.237 美元，比上一季度的 0.233 美元增長 2%。每瓦 ASP 的增長主要是由於歐元走強、商業產品在組合中的比例下降以及我們在前幾個季度實施的價格上漲的結果。本季度我們每千瓦時的平均售價為 473 美元。值得注意的是，我們的單相和三相電池以不同的每千瓦時平均售價出售，因為它們基於不同市場的不同技術。本季度，我們兩種電池類型的售價都沒有變化。

Revenue this quarter from our nonsolar businesses were $53.6 million. Consolidated GAAP gross margin for the quarter was 29.3% compared to 26.5% in the prior quarter and 29.1% in the same quarter last year. Non-GAAP gross margin this quarter was 30.2% compared to 27.3% in the prior quarter and 30.3% in the same quarter last year.

本季度我們非太陽能業務的收入為 5360 萬美元。本季度綜合 GAAP 毛利率為 29.3%，上一季度為 26.5%，去年同期為 29.1%。本季度非美國通用會計準則毛利率為 30.2%，上一季度為 27.3%，去年同期為 30.3%。

Gross margin for the solar segment was 32.4% compared to 28.3% in the prior quarter. The higher gross margin this quarter is a result of the price increases we have implemented in previous quarters, a stronger euro and a higher mix of residential products. As we continue to ramp our global manufacturing and as a result of the holiday season that impacts our logistic flow in every fourth quarter, we did not have a meaningful improvement in our shipping expenses, which we expect will continue to decrease as a percentage of revenue in the upcoming quarters. Good subject to tariffs, excluding batteries shipped into the United States from China, accounted for a record low of 11% of our U.S. shipments this quarter. This has a further decrease compared to the 24% last quarter and is mainly attributed to the ramp of our manufacturing in Mexico, which is supplying the majority of our inertial products to the United States an increased portion of U.S. commercial products coming from our production site in Vietnam.

太陽能部門的毛利率為 32.4%，而上一季度為 28.3%。本季度較高的毛利率是我們在前幾個季度實施的價格上漲、歐元走強以及住宅產品組合增加的結果。由於我們繼續擴大我們的全球製造，並且由於假日季節每第四季度影響我們的物流，我們的運輸費用沒有顯著改善，我們預計其占收入的百分比將繼續下降在接下來的幾個季度。良好的關稅，不包括從中國運往美國的電池，佔本季度美國出貨量的 11%，創歷史新低。與上一季度的 24% 相比，這一比例進一步下降，這主要歸因於我們在墨西哥的製造業增長，墨西哥向美國供應我們的大部分慣性產品，來自我們生產基地的美國商業產品的比例增加在越南。

Gross margin for our nonsolar segment was minus 6% in compared to 11.2% in the previous quarter, a result of salt ramp-up costs and lower margins on our e-mobility sales. On a non-GAAP basis, operating expenses for the fourth quarter were $119 million or 13.4% of revenue. Compared to $108.3 million or 12.9% of revenues in the prior quarter and $94.1 million or 17.1% of revenues for the same quarter last year. Our solar segment operating expenses as a percentage of solar revenues were 13% compared to 12.2% last quarter.

我們非太陽能部門的毛利率為負 6%，而上一季度為 11.2%，這是由於鹽增加成本和我們的電動汽車銷售利潤率較低。按非美國通用會計準則計算，第四季度運營費用為 1.19 億美元，佔收入的 13.4%。相比之下，上一季度收入為 1.083 億美元，佔收入的 12.9%，去年同期為 9410 萬美元，佔收入的 17.1%。我們的太陽能部門運營費用佔太陽能收入的百分比為 13%，而上一季度為 12.2%。

We expect to see increased efficiency in this ratio in the next quarter as our revenues continue to grow faster than our expense base. Non-GAAP operating income for the quarter was a record $149.6 million compared to $120.2 million in the previous quarter and $72.9 million for the same period last year. This quarter, the solar segment generated a record operating profit of $162.2 million compared to an operating profit of $126.7 million last quarter. The non-solar segment generated an operating loss of $12.5 million compared to an operating loss of $6.5 million in the previous quarter.

隨著我們的收入增長繼續快於我們的費用基數，我們預計下一季度該比率的效率將提高。本季度非美國通用會計準則營業收入達到創紀錄的 1.496 億美元，上一季度為 1.202 億美元，去年同期為 7290 萬美元。本季度，太陽能部門產生了創紀錄的 1.622 億美元營業利潤，而上一季度的營業利潤為 1.267 億美元。與上一季度 650 萬美元的運營虧損相比，非太陽能部門產生了 1250 萬美元的運營虧損。

Non-GAAP financial income for the quarter was $59.4 million compared to a non-GAAP financial expense of $31.6 million in the previous quarter. Our non-GAAP tax expense was $37.5 million compared to $34.5 million of the previous quarter and $7.9 million for the same period (inaudible).

本季度非 GAAP 財務收入為 5940 萬美元，而上一季度的非 GAAP 財務費用為 3160 萬美元。我們的非 GAAP 稅收支出為 3750 萬美元，上一季度為 3450 萬美元，同期為 790 萬美元（聽不清）。

This quarter tax expense includes the capitalization of R&D expenses spent outside of the United States as explained last quarter. GAAP net income for the fourth quarter was $20.8 million, compared to a GAAP net income of $24.7 million in the previous quarter and $41 million in the same quarter last year. Our non-GAAP net income was a record $171.5 million compared to a non-GAAP net income of $54.1 million in the previous quarter and $62.8 million in the same quarter last year. GAAP net diluted earnings per share was $0.36 for the fourth quarter compared to $0.43 in the previous quarter and $0.74 for the same quarter last year. Non-GAAP net diluted EPS was $2.86 compared to $0.91 in the previous quarter and $1.10 in the same quarter last year.

如上一季度所述，本季度的稅收費用包括在美國境外支出的研發費用的資本化。第四季度的 GAAP 淨收入為 2080 萬美元，而上一季度的 GAAP 淨收入為 2470 萬美元，去年同期為 4100 萬美元。我們的非 GAAP 淨收入達到創紀錄的 1.715 億美元，而上一季度的非 GAAP 淨收入為 5410 萬美元，去年同期為 6280 萬美元。第四季度 GAAP 每股攤薄淨收益為 0.36 美元，上一季度為 0.43 美元，去年同期為 0.74 美元。非 GAAP 淨稀釋每股收益為 2.86 美元，上一季度為 0.91 美元，去年同期為 1.10 美元。

Turning now to the balance sheet. As of December 31, 2022, cash, cash equivalents, bank deposits, restricted bank deposits and investments were $1.7 billion. Net of debt, this amount is $1 billion. This quarter, we generated $111.3 million in cash flow from operations. Air net increased this quarter to $905.1 million compared to $785.3 million last quarter. As of December 31, our inventory level, net of reserve, was at $729.2 million compared to $561.4 million in the prior quarter, mainly a result of higher level of battery raw materials, some of which are related to the ramp of our Sella factory.

現在轉向資產負債表。截至 2022 年 12 月 31 日，現金、現金等價物、銀行存款、受限制的銀行存款和投資為 17 億美元。扣除債務後，這一數額為 10 億美元。本季度，我們從運營中產生了 1.113 億美元的現金流。與上一季度的 7.853 億美元相比，Air Net 本季度增長至 9.051 億美元。截至 12 月 31 日，我們的庫存水平（扣除儲備）為 7.292 億美元，而上一季度為 5.614 億美元，這主要是由於電池原材料水平較高，其中一些與我們 Sella 工廠的產能提升有關。

Let me to summarize the full year 2022. Revenues for the year were a record $3.11 billion, a 58% increase from $1.96 billion in calendar year 2021. Revenues related to the solar segment were a record $2.92 billion, a 63% increase compared to 2021. GAAP gross margin was 27.2% compared to 32% in the prior year. Non-GAAP gross margin was 28.2% compared to 33.5% in the prior year. GAAP net income for 2022 was $93.8 million, a 45% decrease compared to $169.2 million in the prior year and GAAP diluted EPS of $1.65 compared to $3.06 in the prior year. Non-GAAP net income for 2022 was a record $351.2 million, a 29% increase compared to $272.9 million in 2021. And a record non-GAAP diluted EPS of $5.95 compared to $4.81 in the prior quarter. This year, we generated $31.3 million of cash flow in operations.

讓我總結一下 2022 年全年。全年收入達到創紀錄的 31.1 億美元，比 2021 日曆年的 19.6 億美元增長 58%。與太陽能部門相關的收入達到創紀錄的 29.2 億美元，比 2021 年增長 63% . GAAP 毛利率為 27.2%，上年同期為 32%。非美國通用會計準則毛利率為 28.2%，而去年同期為 33.5%。 2022 年 GAAP 淨收入為 9380 萬美元，比上年的 1.692 億美元下降 45%，GAAP 攤薄後每股收益為 1.65 美元，上年為 3.06 美元。 2022 年非美國通用會計準則淨收入達到創紀錄的 3.512 億美元，比 2021 年的 2.729 億美元增長 29%。非美國通用會計準則攤薄後每股收益達到創紀錄的 5.95 美元，而上一季度為 4.81 美元。今年，我們產生了 3130 萬美元的運營現金流。

Turning to our guidance for the first quarter of 2023. We're guiding revenues to be within the range of $915 million to $945 million. We expect non-GAAP gross margins to be within the range of 28% to 31%. We expect our non-GAAP operating profit to be within the range of $150 million to $170 million. Revenues from our solar segment are expected to be within the range of $875 million to $905 million. Gross margin from the solar segment is expected to be within the range of 31% to 34%.

轉向我們對 2023 年第一季度的指導。我們指導收入在 9.15 億美元至 9.45 億美元之間。我們預計非 GAAP 毛利率將在 28% 至 31% 的範圍內。我們預計我們的非 GAAP 營業利潤將在 1.5 億美元至 1.7 億美元之間。我們太陽能部門的收入預計在 8.75 億美元至 9.05 億美元之間。太陽能業務的毛利率預計在 31% 至 34% 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以打開它提問。接線員，請說。

(Operator Instructions) And we'll take our first question from Julien Dumoulin-Smith with Bank of America.

（操作員說明）我們將從美國銀行的 Julien Dumoulin-Smith 那裡回答我們的第一個問題。

It's actually Alex Morgan for Julien. If I can kick off with just 1 on European growth. Obviously, year-over-year, really, really robust. When we think about some of the stuff you mentioned in the past, whether it's Italian super bonus or other incentive schemes, there's some moving pieces there as well as I think you mentioned sort of installer constraints as far as their availability to install these things being a governor on growth. What do you expect for European growth here in 2023 with sort of the moving pieces that I'm referencing here? .

實際上是 Alex Morgan 代表 Julien。如果我能以關於歐洲增長的 1 開始。顯然，年復一年，真的，真的很強勁。當我們考慮你過去提到的一些東西時，無論是意大利的超級獎金還是其他激勵計劃，那裡都有一些動人的部分，而且我認為你提到了安裝程序限制，因為它們可以安裝這些東西經濟增長州長您對歐洲在 2023 年的增長有何期待？ .

Well, I think I think that what we need to add to the factors that you mentioned is actually our production capabilities because as mentioned throughout this year. In many cases, we see that the demand is far exceeding our ability to manufacture and deliver. And as such, this is yet another item that needs to be taken into account. In the Analyst Day that we had last March, we basically guided to 20% to 30% growth year-over-year. we feel comfortable still with this kind of a guidance, and we'll try to do everything in our capabilities to manufacture and actually exceed this number. But other than this, we do not give any annual numbers.

好吧，我想我認為我們需要添加到你提到的因素中，實際上是我們的生產能力，因為正如今年全年所提到的那樣。在許多情況下，我們發現需求遠遠超出了我們的製造和交付能力。因此，這是另一個需要考慮的項目。在去年 3 月的分析師日，我們基本上指導了 20% 到 30% 的同比增長。我們仍然對這種指導感到滿意，我們將盡我們所能製造並實際超過這個數字。但除此之外，我們不提供任何年度數字。

Got it. And then just one on margins. I'm just curious, when we look at the 1Q guide, it seems like there's a pretty big gap between non-GAAP solar only and the non-GAAP consolidated Wondering if you can clarify kind of what the drag is there and the magnitude as well as if you can sort of clarify what are battery margins in the resi segment, I think you referenced 15% margin number in the past. Curious how that's trending.

知道了。然後只有一個在利潤率上。我只是好奇，當我們查看 1Q 指南時，似乎非 GAAP 太陽能和非 GAAP 合併之間存在相當大的差距想知道你是否可以澄清那裡的阻力和幅度好吧，如果你能澄清什麼是 resi 部分的電池利潤率，我認為你過去提到了 15% 的利潤率數字。好奇這是怎麼流行的。

So I think that here, several things to take into account. First of all, what we experienced, especially in the first half of 2023 is that our nonsolar margins reflect expenses related to the ramp-up of CELa-I factory. We need to understand that when we are ramping this kind of a, what we call process factory, which is a little bit different than discrete manufacturing. At the very beginning, the amount or yield of product that is coming out of the production line is relatively small, and it is actually increasing over time once you're stabilizing the process.

所以我認為這裡有幾件事需要考慮。首先，我們所經歷的，尤其是在 2023 年上半年，我們的非太陽能利潤率反映了與 CELa-I 工廠擴產相關的費用。我們需要了解，當我們對這種我們稱之為流程工廠的產品進行升級時，它與離散製造略有不同。一開始，從生產線出來的產品的數量或產量相對較小，一旦你穩定了過程，它實際上會隨著時間的推移而增加。

And by the way, once you've stabilized the process, the yield is usually very consistent. That actually means that throughout this process, we are throwing away a lot of materials until we are stabilizing the process. So I think that what you saw in Q4 and as you mentioned, also in our guidance for Q1 is pretty much reflecting this. We also see a little bit of variance in our e-mobility division, related to the type of powertrain units that we're providing to Selenis, and it is mostly related to what is a portion of batteries that exist in this one, in general, the bigger the battery component is the lower is the margin. And there, there's a little bit of moving pieces.

順便說一句，一旦你穩定了這個過程，產量通常是非常穩定的。這實際上意味著在整個過程中，我們會丟棄大量材料，直到我們穩定該過程。所以我認為你在第四季度看到的，正如你提到的，也在我們對第一季度的指導中看到了這一點。我們還看到我們的電動汽車部門存在一些差異，這與我們提供給 Selenis 的動力總成單元的類型有關，並且通常與該電池中存在的一部分電池有關，電池組件越大，餘量越低。那裡有一些動人的片段。

I would say that in the nonsolar business, the driving factor for margins, at least in the next 2 quarters will actually be seller 2. When it comes to the batteries gross margins on residential batteries that are reported as part of our solar segment, not the nonsolar segment. In this case, we said that our target margin is to get to about 25%. And actually, the 15% was in Q3 2022. And we're actually getting closer and closer to the 25% that we have basically targeted for. And I assume that we will get to it this year. I'll take the rest offline.

我想說的是，在非太陽能業務中，利潤率的驅動因素，至少在接下來的兩個季度實際上將是賣家 2。當談到住宅電池的毛利率時，作為我們太陽能部門的一部分報告的，不是非太陽能部分。在這種情況下，我們說我們的目標利潤率是達到 25% 左右。實際上，15% 是在 2022 年第三季度。我們實際上越來越接近我們基本目標的 25%。我認為我們將在今年實現這一目標。我會把剩下的離線。

And we'll take our next question from Brian Lee with Goldman Sachs.

我們將從高盛的 Brian Lee 那裡回答下一個問題。

This is Miguel on for Brian. Yes, first question is, now that you've got (inaudible) up and running, you mentioned Sellas 1,000 basis points of higher margin than Samsung SDI. So 2 questions here. How should we think about the battery mix from Samsung versus L2 and then going forward? And then when do you expect to realize the 1,000 basis points in margin. .

這是布賴恩的米格爾。是的，第一個問題是，既然你已經（聽不清）啟動並運行，你提到 Sellas 的利潤率比三星 SDI 高 1,000 個基點。所以這裡有 2 個問題。我們應該如何考慮三星與 L2 的電池組合，然後再向前發展？然後你預計什麼時候可以實現 1,000 個基點的保證金。 .

So in general, first of all, we need to remember that today, we have 2 sources of batteries that are going into our RSS residential batteries. One is Samsung and the other one is clear that we cannot disclose. And as I've mentioned, I think in the past, we are going to see a situation where we're going to have a combination of at least sell to cells and maybe 1 of the others that will continue to serve our batteries. So actually, you will see a mixed result here. Now when it comes to overall batteries coming from -- based on CLL, this will come towards the end of the year because not only we need to stabilize and ramp seller to. We also need to remember that usually making a battery on a different cell requires the development of the whole new battery, which is a little bit different, and this is a process that our R&D in the solar segment is going through this year. In general, the way that we see it is that we will start to see sell-based batteries arriving to the market in late 2023.

所以總的來說，首先，我們需要記住，今天，我們有 2 個電池來源正在進入我們的 RSS 住宅電池。一個是三星，另一個很明顯，我們不能透露。正如我所提到的，我認為在過去，我們將看到這樣一種情況，即我們將至少出售給電池，也許還有一個將繼續為我們的電池提供服務。所以實際上，你會在這裡看到一個混合的結果。現在，當談到來自——基於 CLL 的整體電池時，這將在今年年底到來，因為我們不僅需要穩定和增加賣家。我們還需要記住，通常在不同的電池上製造電池需要開發整個新電池，這有點不同，這是我們今年在太陽能領域的研發正在經歷的過程。總的來說，我們看到的方式是我們將開始看到基於銷售的電池將於 2023 年底上市。

And that means that until that time, we will basically continue to have both Samsung and the other players battery coming. And that means that also the gross margin improvement that we expect to see on seat coming happen towards the end of the year. There is one last thing that is important also to mention, and this is actually what is going to be the price environment because gross margin is always a combination of the cost but also the selling price.

這意味著到那個時候，我們基本上會繼續讓三星和其他玩家的電池來。這也意味著我們預計將在年底前看到座位毛利率的提高。最後一件事也很重要，這實際上是價格環境，因為毛利率始終是成本和售價的結合。

And we believe that, as we said in the past, battery prices at a certain time will have to be adjusted most likely downwards over time. So I think that, again, when we're looking at gross margins for batteries, solar batteries for the long term, we should look at the 25% target where even once you will have sell batteries maybe we, together, by the way, with competition that we see out there, we'll have to adjust the prices down.

而且我們相信，正如我們過去所說的那樣，某個時間的電池價格很可能會隨著時間的推移而向下調整。因此，我再次認為，當我們長期關注電池、太陽能電池的毛利率時，我們應該考慮 25% 的目標，即使一旦您將出售電池，也許我們一起，順便說一下，由於我們在那裡看到的競爭，我們將不得不調低價格。

Okay. I appreciate all that color. And then last question for me, and I'll pass it on. The gross margin target long term of, I think, 29% to 31% as outlined in the Analyst Day, you guys are already ahead of that long-term target. So what are the puts and takes on where margins could get to in 2023, given what we think is presumably more upside from freight cost savings and also battery margins improving. Just hoping if you could walk us through that as well.

好的。我很欣賞那種顏色。然後是我的最後一個問題，我會把它傳遞下去。我認為，正如分析師日所概述的，毛利率的長期目標是 29% 至 31%，你們已經領先於該長期目標。那麼，考慮到我們認為運費成本節省和電池利潤率提高可能帶來更多好處，那麼 2023 年利潤率可能達到多少呢？只是希望您也能引導我們完成它。

So I think here, the main factor is going to be actually the mix of batteries within the overall product mix. In general, all of the phenomena that you have mentioned together, by the way, as I said in my prepared remarks, that we have not yet fully, I would say, enjoyed all of the benefits that we can get from lowering shipment expenses as a percentage of revenues are due to continued income in Q1 and to a higher extent in Q2 once the impact of Chinese New Year and additional manufacturing capacity will come online.

所以我認為在這裡，主要因素實際上是整個產品組合中的電池組合。總的來說，順便說一句，正如我在準備好的發言中所說的那樣，你提到的所有現象，我們還沒有完全享受到我們可以從降低運輸費用中獲得的所有好處，因為一定比例的收入來自第一季度的持續收入，一旦中國新年的影響和額外的製造能力上線，第二季度的收入將更高。

Same note, this is also the time when we expect to start to see batteries taking a bigger chunk of our mix in the overall revenues. And that means that this will push the gross margins down. We do believe that the numbers that we see today may have a little bit of an upside to what we guided as the long-term target in our Analyst Day, which was, as you mentioned, 20% to 31%. But here again, all of the improvements will simply be offset by the bigger amount of batteries. The one thing to add to your question, though, is that we do expect to see continued improvement on the operating profit because while batteries are usually carrying lower gross margins, they also carry much better operating profit because of the fact that they require much less OpEx around them, either selling capabilities or R&D. And therefore, while we actually believe that we will see margin stabilizing maybe a little bit higher than what we guided for in the Analyst Day, there is still some way that we expect us to continue and get towards getting to our 20% to 22% of net operating margins on the overall business as we will see more batteries in the mix.

同樣，這也是我們預計開始看到電池在我們的總收入中佔據更大份額的時候。這意味著這將壓低毛利率。我們確實相信，我們今天看到的數字可能比我們在分析師日指導的長期目標略有上升，正如您提到的，20% 至 31%。但同樣，所有的改進都將被更多的電池所抵消。不過，要添加到您的問題中的一件事是，我們確實希望看到營業利潤持續改善，因為雖然電池的毛利率通常較低，但它們的營業利潤也高得多，因為它們需要的更少他們周圍的 OpEx，無論是銷售能力還是研發。因此，雖然我們實際上相信我們會看到利潤率穩定下來，可能會比我們在分析師日的指導水平高一點，但我們仍然希望我們繼續以某種方式實現我們的 20% 至 22%整體業務的淨營業利潤率，因為我們將看到更多的電池組合。

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 旁邊。

Zvi, I think you talked about Europe being up 89% year-over-year in '22. Our checks with multiple large distributors suggest that their inverter growth is expected to be 50% to 60% year-over-year. I know you just talked about how you can't quantify the '23 outlook for Europe. But I was wondering if you could talk through the trends you might be seeing by quarter. Are you seeing any signs of a slowdown? For example, do you expect the back half growth to be a little bit weaker versus the first half? Or maybe just compare the 2, do you see strength in the back half perhaps you see that as well. But ultimately, what is it that you see that you might be able to -- from a forward-looking standpoint and a leading indicator standpoint that might give you confidence in the back half.

Zvi，我想你談到歐洲在 22 年同比增長 89%。我們對多家大型分銷商的調查表明，他們的逆變器預計同比增長 50% 至 60%。我知道您剛剛談到瞭如何無法量化 23 世紀歐洲的前景。但我想知道你是否可以按季度討論你可能看到的趨勢。您是否看到任何放緩的跡象？例如，您是否預計後半部分的增長會比上半年稍弱一些？或者只是比較兩者，你是否看到後半部分的力量，也許你也看到了。但最終，你看到的是什麼——從前瞻性的角度和領先指標的角度來看，這可能會讓你對後半部分充滿信心。

Yes, Phil, I think as also indicated by Onto a large extent, our in Europe will be similar to the condition we were in, in 2022, which is more dependent on our ability to produce the volumes than the demand. I can give you an indicator which is true for the company as a whole, but it's most pronounced in Europe. That our current backlog for 2023 is well above what we delivered in 2022 globally and in particular, in Europe. So as far as we can see, the market is -- the demand is good and the market is strong, and we are ramping production to meet that demand. Our constrained -- well, on the single-phase product, I think we're much closer to the run rate that the market is needing right now in ramping our space solutions, the market is still moving a little bit faster than we are able to ramp production, and that's where we are focused. And as I said, I think that, that will be the determining factor on the final growth rate year-over-year from 2022 to 2023, less the question of demand.

是的，菲爾，我認為正如 Onto 在很大程度上所指出的那樣，我們在歐洲的情況將與我們在 2022 年所處的情況相似，這更多地取決於我們的生產能力而不是需求。我可以給你一個對整個公司都適用的指標，但在歐洲最為明顯。我們目前 2023 年的積壓工作遠高於我們 2022 年在全球，尤其是在歐洲交付的工作量。因此，據我們所知，市場是——需求良好，市場強勁，我們正在提高產量以滿足這種需求。我們的限制 - 好吧，在單相產品上，我認為我們在提升我們的空間解決方案方面更接近市場目前需要的運行速度，市場的發展速度仍然比我們的能力快一點提高產量，這就是我們關注的重點。正如我所說，我認為這將是 2022 年至 2023 年最終同比增長率的決定性因素，而不是需求問題。

Great. And then shift over to the U.S. Can you -- I think in your prepared remarks, you talked about a bit of a cautious outlook that you have for the U.S. market. How much of a slowdown could we have in Q2 and the rest of the year? I know you're not giving guidance, but qualitatively, can you talk through that? And could your megawatts be flat or down year-over-year in the U.S.? Are we at that states? Or do you think there's definitely some growth on the table? And then perhaps if you can talk about the share dynamics in the U.S. with Enphase. Is it stable? Or have you seen any recent changes in the acceleration of change?

偉大的。然後轉移到美國，你能不能——我想在你準備好的發言中，你談到了你對美國市場的謹慎前景。我們在第二季度和今年餘下時間會有多少放緩？我知道你沒有提供指導，但從質量上講，你能談談嗎？在美國，您的兆瓦會持平還是同比下降？我們在那個州嗎？或者你認為桌面上肯定有一些增長？然後也許你可以和 Enphase 談談美國的股票動態。穩定嗎？或者您是否看到最近有任何變化加速的變化？

Yes. So I'll try and hit on all of them. First of all, the recent softening that I mentioned for the U.S. is on residential, commercial, we're seeing still strong demand and anticipating meaningful meaningful growth. On residential, I wouldn't speculate right now as I discussed, it's a combination of the interest rates and NIM 3.0, which was impacting California. Now true California is meaningful in our business, but it's not a huge percentage of our business, but the general interest rate environment is affecting residential across the United States.

是的。所以我會嘗試擊中所有這些。首先，我提到的美國最近的疲軟是在住宅、商業方面，我們看到需求仍然強勁，並預計會出現有意義的有意義的增長。在住宅方面，正如我所討論的那樣，我現在不會推測，它是利率和影響加利福尼亞的 NIM 3.0 的結合。現在真正的加州對我們的業務很重要，但它在我們業務中所佔的比例並不大，但總體利率環境正在影響美國各地的住宅。

And I think the recovery will be a function of stabilizing the demand once the -- everyone understands the implications of NAM 3.0 and get set up for them properly in terms of offering and installation capability, et cetera, and the general stabilization of the environment. So I don't think we have a very different outlook than those that you can see and those that you are providing from other from other areas in terms of when things will begin to pick up at a higher rate. But with the predictability of the ITC post IR and the attractiveness for solar installations, we're confident that it will recover and come back to nice growth, but exactly when that is happening, when that's going to happen and at what rate, I'm not going to venture to predict.

而且我認為一旦每個人都了解 NAM 3.0 的含義並在提供和安裝能力等方面為他們正確設置，以及環境的總體穩定性，恢復將是穩定需求的功能。因此，我認為我們的前景與您所看到的以及您從其他地區提供的那些在事情何時開始以更高速度回升方面沒有太大不同。但憑藉 ITC 後 IR 的可預測性和太陽能裝置的吸引力，我們有信心它會恢復並恢復良好的增長，但具體何時發生，何時發生以及以何種速度發生，我'我不會冒險去預測。

And we'll move next to Mark Strouse with JPMorgan.

我們將在摩根大通的 Mark Strouse 旁邊移動。

I wanted to start with one on C&I visibility. I think at the Analyst Day last March, you talked about 5.5 gigawatts that was in your backlog at that time. Can you provide an update on that as well as kind of your ability to -- or what percentage of that backlog you might be able to deliver on this year? .

我想從 C&I 可見性開始。我想在去年 3 月的分析師日，您談到了當時積壓的 5.5 吉瓦。您能否提供有關這方面的最新信息以及您的能力 - 或者您今年可以交付的積壓訂單的百分比是多少？ .

So it's a good memory, Mark. Our current C&I backlog is more than double than it was in the beginning. So it's very healthy looking into 2023. And as I answered earlier, we're very focused to be able to deliver on that backlog. The dynamics that I described in the prepared remarks in terms of the overall market environment and the adoption rate of our solution and the completeness of the portfolio is really putting us in very good momentum. And the backlog and the demand are there, and we're focused on increasing capacity to meet it.

所以這是一個美好的回憶，馬克。我們目前的 C&I 積壓工作比開始時多了一倍多。因此，展望 2023 年是非常健康的。正如我之前回答的那樣，我們非常專注於能夠交付積壓的訂單。我在準備好的評論中描述的關於整體市場環境和我們解決方案的採用率以及產品組合完整性的動態確實讓我們處於非常好的勢頭。並且存在積壓和需求，我們專注於增加滿足它的能力。

Okay. And then I think just a clarifying question for me. With regards to the U.S. production, you mentioned that you're looking into both owned and using contract manufacturers. Is that just planning ahead for whatever comes out of treasury? Or is there a potential scenario where you might have both?

好的。然後我想對我來說只是一個澄清問題。關於美國生產，您提到您正在調查擁有和使用合同製造商。這是否只是為來自國庫的任何東西提前計劃？或者是否存在您可能同時擁有兩者的潛在情況？

Yes, there is a potential scenario where we might have -- where we might have both in order to maximize the flexibility and the benefit out of the legislation.

是的，有一種我們可能會遇到的潛在情況——我們可能同時擁有這兩種方式，以便最大限度地提高立法的靈活性和好處。

And we'll move next to Corinne Blanchard with Deutsche Bank.

我們將搬到德意志銀行的 Corinne Blanchard 身邊。

I want to go back on the U.S. manufacturing. Is there any more detail you can provide in terms of the capacity that you're looking at? And maybe a little bit more on the timing. And then the second question is on the guidance and which FX rate have you taken into consideration for the margin.

我想回到美國製造業。關於您正在查看的容量，您是否可以提供更多詳細信息？也許更多關於時機。然後第二個問題是關於指導以及您考慮了哪種匯率作為保證金。

So regarding the production timing, as I mentioned, is we will -- we believe that we will begin to manufacture and deliver products from the U.S. factory in the -- within the third quarter of 2023 and being able to ramp quickly is part of the reason that we're going in the direction of the combination of own and contract manufacturing that I mentioned before. .

因此，關於生產時間，正如我提到的那樣，我們將 - 我們相信我們將在 2023 年第三季度內開始從美國工廠生產和交付產品，並且能夠快速增加是其中的一部分我們正朝著我之前提到的自有製造和合同製造相結合的方向前進的原因。 .

In terms of gross margin, since there are many moving parts, at this time, I would only say that we guided based on exchange rate that we feel very comfortable right now.

在毛利率方面，由於有很多變動的部分，此時，我只能說我們是根據我們現在感覺非常舒服的匯率來指導的。

And we move to Jordan Levy with Truist.

我們和 Truist 一起搬到 Jordan Levy。

On the battery attach rate, apologies if this was already answered, but in terms of ramping production of the 3-phase inverters to keep up with sort of the battery demand, can you just talk about how you see that progressing over the coming quarters?

關於電池連接率，如果這個問題已經得到回答，我們深表歉意，但就提高三相逆變器的產量以滿足電池需求而言，您能否談談您如何看待未來幾個季度的進展？

Yes, I mentioned that in Germany, as an example, for us, more than 60% of our people installing our 3-phase inverter are attaching at least 1 battery and actually, in many cases, more than 1 battery. We released last quarter a new 3-phase inverter with backup capability and other features. And there's very strong demand for that -- and that is 1 of the items that I met answered the earlier questions in terms of our focus to ramp.

是的，我提到過在德國，例如，對於我們來說，超過 60% 的安裝我們的三相逆變器的人至少連接了 1 個電池，實際上，在許多情況下，超過 1 個電池。我們在上個季度發布了一款具有備用功能和其他功能的新型三相逆變器。對此有非常強烈的需求——這是我遇到的其中一個項目回答了我們對斜坡關注的早期問題。

It will probably take us quarters from now until we are really at a run rate that matches demand and our supply. So if that's the question, that's probably the time frame towards the third quarter where we will be at the target capacity for manufacturing the 3-phase residential backup inverter.

從現在開始，我們可能需要幾個季度才能真正達到與需求和供應相匹配的運行速度。因此，如果這是問題所在，那可能是第三季度的時間框架，我們將達到製造三相住宅備用逆變器的目標產能。

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

我們將與奧本海默一起接受 Colin Rusch 的下一個問題。

Can you talk a little bit about the cost reduction efforts that you're going through as things start to loosen up on the supply chain side and you're able to free up some engineers to do some incremental engineering. Could you talk a little bit about the plans and cadence around taking cost out of the products? .

你能談談你正在經歷的成本削減工作嗎，因為供應鏈方面的事情開始放鬆，你可以騰出一些工程師來做一些增量工程。你能談談關於從產品中降低成本的計劃和節奏嗎？ .

Yes, I think while the situation is somewhat better in terms of component availability. We are still at the point where a significant portion of the R&D resources are still engaged in qualifying multiple vendors for supply of components, especially in order, not only in order to meet the production capacity and demand, but also to put ourselves in a robust position for the future of having multiple suppliers for various components. That said, we did resume cost reduction R&D activity.

是的，我認為在組件可用性方面情況要好一些。我們仍然處於這樣的地步，即很大一部分研發資源仍在為多家供應商提供組件供應資格，尤其是為了滿足生產能力和需求，同時也是為了讓我們處於穩健的狀態。未來為各種組件提供多個供應商的定位。也就是說，我們確實恢復了降低成本的研發活動。

But I think the majority of the margin improvement that we're expecting this year is still around improvement in logistics areas and things like that. It will take time for R&D-related cost reduction efforts to take effect.

但我認為，我們今年預期的大部分利潤率改善仍然圍繞物流領域等方面的改善。與研發相關的成本削減措施需要時間才能見效。

Okay. That's super helpful. And then in terms of getting to some of the targeted operating margins, can you talk a little bit around the cadence of the operating leverage that you're expecting as you work through the balance of the year, understanding that you're not guiding for the year, but I just want to think about kind of the targeted cadence for how you realize some of that optimization.

好的。這非常有幫助。然後，在達到某些目標營業利潤率方面，您能否談談您在今年餘下時間工作時所期望的經營槓桿的節奏，了解您並沒有指導這一年，但我只想考慮您如何實現某些優化的目標節奏。

So here, it's actually -- it's mostly related to how fast revenues are growing due to the fact that we have more products sold than especially batteries. And here, Colin, when a salesperson is going to an account to a distributor and selling an inverter and a battery, it's actually the same sales efforts as we do -- and he does just going and selling an inverter. And I can tell you that also given the fact that the teams that are working on developing batteries are smaller than the ones working to develop an inverter is much smaller because it's a little bit more of a simple product. This is also relatively low.

所以在這裡，它實際上 - 它主要與收入增長的速度有關，因為我們銷售的產品比電池更多。在這裡，科林，當銷售人員向經銷商開戶並銷售逆變器和電池時，這實際上與我們所做的銷售工作相同——他只是去銷售逆變器。我可以告訴你，考慮到開發電池的團隊比開發逆變器的團隊要小得多，因為它更像是一種簡單的產品。這也是比較低的。

So I think that -- it's not even something that we actively do in order to be more efficient and simply the fact that the more battery we see, the more attachment rate that we see everything is just falling into place when it comes to this efficiency. So I wouldn't say that there is a minded effort or a thought of how to increase the efficiency other than the fact to simply sell more in each and every sale that we do.

所以我認為——這甚至不是我們為了提高效率而積極做的事情，只是事實是我們看到的電池越多，我們看到的附著率就越高，當談到這種效率時，一切都恰到好處.所以我不會說除了在我們所做的每一次銷售中簡單地銷售更多的事實之外，還有如何提高效率的有意識的努力或想法。

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

我們將從富國銀行的 Michael Blum 那裡回答下一個問題。

Sorry to go back to the U.S. U.S. manufacturing, but I wanted to ask just one other question on that. So clearly, you have kind of a cautious language on the U.S. residential market heading into '23. Just trying to understand how you square that with your plans to add capacity later this year. Are you just -- is that implicitly assuming that the U.S. market will recover so you'll need that capacity? And how easy is it to flex that capacity if market weakness persists maybe longer than you expect?

很抱歉回到美國美國製造業，但我只想問一個關於這個的問題。很明顯，您對進入 23 世紀的美國住宅市場持謹慎態度。只是想了解您如何將其與今年晚些時候增加產能的計劃相結合。你只是 - 是否隱含地假設美國市場將會復蘇，所以你需要這種能力？如果市場疲軟持續的時間可能比您預期的要長，那麼調整產能有多容易？

So in any case, I think ramping production is the process. And as I mentioned and I think we are very positive in terms of the outlook for the North American residential for the combination of reasons of the long-term and predictable ITC, gradual price increases, that power price increases that you're seeing in many regions. So it's actually, in a way, we are we are having the time, if you will, of a bit of softness to ramp the factories in advance of what we believe will be long-term strength of the market.

所以無論如何，我認為提高產量是一個過程。正如我所提到的，我認為我們對北美住宅的前景非常樂觀，原因包括長期和可預測的 ITC、價格逐步上漲以及你在許多地方看到的電價上漲地區。所以實際上，在某種程度上，我們有時間，如果你願意的話，在我們認為將成為市場長期強勢的情況之前，先增加工廠的產能。

The combined approach that I mentioned is aimed to be able to give us flexibility among other things, also for fluctuations in demand between our factories and contract manufacturing factories. But generally speaking, we are seeing we are expecting strong momentum and maybe some softness in the next quarter or 2 or a few quarters, but the long-term -- mid- and long-term outlook for the market is positive, and we're building the capacity in order to meet it with domestic manufactured product and not only in the residential segment, obviously.

我提到的組合方法旨在能夠為我們提供靈活性，以及我們工廠和合同製造工廠之間的需求波動。但總的來說，我們看到我們預計下個季度或兩個或幾個季度會出現強勁勢頭，可能會出現一些疲軟，但長期 - 中長期市場前景是積極的，我們'顯然，我們正在重新建設產能以滿足國內製造產品的需求，而不僅僅是在住宅領域。

The commercial segment is a very strong segment for us in the United States, and we expect that one to grow as well, and we are building capability to supply domestic product for that segment as well.

商業部門對我們在美國來說是一個非常強大的部門，我們預計該部門也會增長，我們也在建設為該部門提供國內產品的能力。

And we'll move next to Steve Fleishman with Wolfe Research.

接下來我們將與 Wolfe Research 的 Steve Fleishman 一起討論。

I think on the last call, you mentioned the potential that you're hopeful to get the full $0.11 per watt credit in IRA for mix of inverters and optimizers. Could you give us any update on your views on what level of credit you're likely to be able to get? So we are still optimistic.

我想在上次電話會議上，您提到了您希望在 IRA 中為逆變器和優化器的組合獲得每瓦 0.11 美元的全部信用額度的潛力。您能否就您可能獲得的信用級別的看法向我們提供任何最新信息？所以我們還是很樂觀的。

And our plans to take that into account. But obviously, we are waiting for the official guidance and ruling to come out of treasury on this topic. .

我們計劃考慮到這一點。但顯然，我們正在等待財政部就此主題出台官方指導和裁決。 .

And we'll move next to Kasope Harrison with Piper Sandler.

我們將和 Piper Sandler 一起搬到 Kasope Harrison 旁邊。

So first one is on guidance. It looks like solar gross margins are flat in 1Q versus 4Q despite much more favorable FX in 1Q. Can you just help us bridge why solar gross margins are flat despite FX tailwinds? And then I have a follow-up question. .

所以第一個是指導。儘管 1 季度的外匯有利得多，但 1 季度太陽能毛利率似乎與 4 季度持平。你能幫我們解釋一下為什麼儘管有外匯順風，但太陽能毛利率卻持平嗎？然後我有一個後續問題。 .

Here, Kasope, the main reason is, again, related to mix of products. As we've mentioned in the last quarter in Q4, we basically shipped less batteries as part of the overall mix and of course, the more batteries we sell then gross margins are better. The second is actually the fact that we do expect in Q1 to come back and see more sales into Europe, and these are sales that are usually characterized with higher portion of commercial products that are yielding lower gross margin compared to residential products. The combination of 2 that are related to the mix are the driver of this, I would call it, more cautious gross margin guidance that we gave.

在這裡，Kasope，主要原因再次與產品組合有關。正如我們在第四季度的最後一個季度提到的那樣，作為整體組合的一部分，我們基本上出貨了更少的電池，當然，我們銷售的電池越多，毛利率就越高。第二個事實是，我們確實預計第一季度會回歸併看到更多的歐洲銷售，這些銷售通常以商業產品的較高比例為特徵，與住宅產品相比，這些產品的毛利率較低。與組合相關的 2 的組合是我們給出的更謹慎的毛利率指導的驅動因素。

And then my follow-up question, I just wanted to follow up once again on your cost business on U.S. resi. To the extent that you can, can you give us a sense of how you resi megawatt in compares to the prior year, your Q1 guidance compared to the prior year? And then maybe you can provide some color on U.S. channel inventories for inverters. And that's it for me.

然後是我的後續問題，我只是想再次跟進您在美國 resi 的成本業務。在您可以的範圍內，您能否告訴我們您與上一年相比如何恢復兆瓦，與上一年相比您的 Q1 指導？然後也許您可以提供一些有關美國逆變器渠道庫存的顏色。對我來說就是這樣。

In terms of inventory. So as a result of what I described, we're in the fourth quarter, where typically there is decline in sell-out from distributors and originators, the decline was more significant than in the past. So inventories are higher than they were in the last few quarters. And as I said, we're for a first glance of what's going on in the beginning of 2023, the sellout is improving, and exactly when and how it will reach expected levels and drain a little bit of this over inventory. We're not were not positive.

在庫存方面。因此，根據我的描述，我們處於第四季度，通常經銷商和原創者的銷售量會下降，下降幅度比過去更大。因此庫存高於過去幾個季度。正如我所說，我們第一眼看到的是 2023 年初發生的事情，售罄情況正在改善，以及何時以及如何達到預期水平並消耗一點庫存。我們不是不積極。

We -- in terms of the expectations for North America residential in the first quarter relative to last year, I don't have the exact numbers in front of me, but it's probably in the flattish regime, but we can check later on and provide more specific.

我們 - 就第一季度與去年相比的北美住宅預期而言，我沒有確切的數字，但它可能處於平穩狀態，但我們可以稍後檢查並提供更具體。

And I would like just to add one more thing, Kasope and this is the fact that I mentioned, I think during this call, Today, we're more limited on our ability to supply rather than the demand that we see. So the backlog that we see in front of us in all regions is the best that really allows us to very, I would say, comfortably navigate between various regions.

我想再補充一件事，Kasope，這就是我提到的事實，我認為在這次電話會議中，今天，我們的供應能力比我們看到的需求更受限制。因此，我們在所有地區看到的積壓是最好的，我想說，真正讓我們能夠在不同地區之間輕鬆導航。

And if we see that, for example, the U.S. market is going to be softer than expected in Q1 or Q2 the demand that we see in Europe and rest of the world is always higher. So I would say that here, the guidance is less related to regions that we can ship to, but rather into how much of what quantity of products we can actually manufacture and deliver throughout the quarter. So really, the deviation between U.S. or Europe is not very much impacting our guidance at this point of time.

例如，如果我們看到美國市場在第一季度或第二季度將比預期疲軟，那麼我們在歐洲和世界其他地區看到的需求總是更高。所以我想說，在這裡，指導與我們可以運送到的地區不太相關，而是與我們在整個季度實際製造和交付的產品數量有多少有關。因此，實際上，美國或歐洲之間的偏差目前對我們的指導影響不大。

And we'll move next to Maheep Mandloi with Credit Suisse.

我們將搬到瑞士信貸的 Maheep Mandloi 旁邊。

Maybe if you could just talk about on the U.S. market. What are you seeing from your end customers as they switch from lost leases -- how does that impact the pricing levels for you going forward? And maybe in that same base talk about your new deal with Freedom Forever. Is that exclusive? Is that an indicator of you partnering with the large installers to capital of and then follow up.

也許你可以談談美國市場。當您的最終客戶從丟失的租約中轉換時，您從他們那裡看到了什麼——這對您未來的定價水平有何影響？也許在同一個基地談論你與 Freedom Forever 的新協議。那是獨家的嗎？這是否表明您與大型安裝商合作，投入資金，然後跟進。

Yes. Maheep, I'm not sure we heard it well, but it was the question referring to the -- our position within small and large installers in the United States.

是的。 Maheep，我不確定我們是否聽清楚了，但這個問題是指我們在美國小型和大型安裝商中的地位。

That's right, yes. (inaudible) from loan leases. Yes.

沒錯，是的。 （聽不清）來自貸款租賃。是的。

Sorry, Maheep, we lost you.

抱歉，Maheep，我們失去了你。

Sorry about that. Just curious on your mix and small and large installers and especially as we see a move from loans to leases this year.

對於那個很抱歉。只是對您的組合以及小型和大型安裝程序感到好奇，尤其是當我們看到今年從貸款轉向租賃時。

Yes. I think, as you know, traditionally, our position with the large installation companies and PPOs is historically very strong in the United States and stronger than our position in the long tail. We also as many expect that segment to be stronger in the future due to some of the mechanisms of the IRA, that's part of the reason that we are also positive about our outlook in North America. And that said, we are still investing a lot of effort in increasing our share also in the long tail. But for a variety of reasons, historically and currently, and we believe in the future, we do have strong share and position with large installation companies and Freedom Forever, is an example. Yes.

是的。我認為，正如你所知，傳統上，我們在大型安裝公司和 PPO 中的地位在美國歷史上非常強大，並且比我們在長尾中的地位更強大。我們也和許多人一樣預計，由於 IRA 的某些機制，該部分在未來會變得更強大，這也是我們對北美前景持樂觀態度的部分原因。也就是說，我們仍在投入大量精力來增加我們在長尾中的份額。但出於各種原因，無論是歷史上還是現在，我們相信在未來，我們在大型安裝公司中確實擁有強大的份額和地位，Freedom Forever 就是一個例子。是的。

Got you. And then just on Freedom, is that exclusive? And could you just provide some more details on that relationship.

明白了然後就在 Freedom 上，那是獨家的嗎？你能不能提供更多關於這種關係的細節。

It's not exclusive and there are many details, but unfortunately, I cannot elaborate on them.

它不是唯一的，還有很多細節，但不幸的是，我無法詳細說明。

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

我們將接受 Joseph Osha 和 Guggenheim Partners 的最後一個問題。

I made it. Two quick ones. First, Ronen, you issued sort of guidance in the past of the effect that each $0.01 move in the euro is worth about 50 basis points. Is that still a fair way of thinking about the business? And also, have we seen all of the benefits yet from the sharp Q4 move in the euro? Or is there perhaps some delay there, and we could see some of that still flowing through in Q1?

我做到了。兩個快的。首先，Ronen，你過去發布了某種指導，即歐元每 0.01 美元的波動價值約 50 個基點。這仍然是一種公平的業務思考方式嗎？而且，我們是否看到了歐元第四季度大幅波動帶來的所有好處？或者那裡可能有一些延遲，我們可以看到其中一些仍在第一季度流動？

So first of all, the number usually is sometimes changing between quarters simply given the mix of Europe versus the United States. I would say that right way to look at it is to look at a, I would say, a range of 40 to 50 bps for every dollar set against the euro. And again, usually, you see that Q4 is tending to be a little bit more U.S. trended than the usual. So 40 to 50 is the right number. When it comes to the overall exchange rate, actually, we saw a lower exchange rate -- sorry, lower average exchange rate during Q4 compared to what we see today because when we have guided for the last quarter, and that was over about a month into the quarter. It was about $1 per EUR 1, and then the dollar jumped against -- the euro just against the U.S. dollar, mostly in the last 1.5 months. So by definition, the average last quarter was lower than the levels that we see right now.

因此，首先，考慮到歐洲與美國的混合情況，這個數字通常有時會在季度之間發生變化。我會說正確的看待它的方法是看一個，我會說，每一個美元兌歐元的 40 到 50 個基點的範圍。同樣，通常情況下，您會看到第 4 季度比往常更傾向於美國趨勢。所以40到50是正確的數字。就整體匯率而言，實際上，我們看到了較低的匯率——抱歉，與我們今天看到的相比，第四季度的平均匯率較低，因為當我們為上個季度提供指導時，那是一個多月的時間進入季度。 1 歐元大約是 1 美元，然後美元兌歐元兌美元大幅上漲，主要是在過去 1.5 個月。因此，根據定義，上個季度的平均水平低於我們現在看到的水平。

Okay. And so the idea of being that there should be some incremental benefit even if euro remains flat now flowing through the financials in Q1, yes?

好的。因此，即使歐元現在在第一季度流經金融業，即使歐元持平，也應該有一些增量收益的想法，是嗎？

This is a correct statement. Yes.

這是正確的說法。是的。

Okay. And then just a quick unrelated follow-up. You've written down all of the goodwill in the EV drivetrain business. You're continuing to ship to Stellantis. But are there any plans to continue to invest in that business? Or should we think of it more as something that's just kind of being run down. I'm curious what the plans are for investing in that business or not?

好的。然後只是一個快速的無關跟進。您已經記下了 EV 動力傳動系統業務中的所有商譽。您將繼續運送到 Stellantis。但是否有計劃繼續投資該業務？或者我們應該更多地把它看作是一種被淘汰的東西。我很好奇投資該業務的計劃是什麼？

Yes. We are still -- we still -- we plan to continue and invest in this business, and we are engaged with multiple opportunities. But as I mentioned, -- and as Ronen reflected in the financial comments, the scale and the rate at which we see this evolving is different and thus the write-off. But we are continuing to invest and are focused on the potential in this market.

是的。我們仍然 - 我們仍然 - 我們計劃繼續投資這項業務，並且我們正在參與多種機會。但正如我所提到的，正如 Ronen 在財務評論中所反映的那樣，我們看到這種演變的規模和速度是不同的，因此是註銷的。但我們將繼續投資並專注於這個市場的潛力。

And it does appear there are no further questions at this time. I would now like to turn it back to Zvi Lando for any closing remarks.

現在看來確實沒有其他問題了。我現在想把它轉回 Zvi Lando 的任何結束語。

Thank you. Thank you, everyone, for joining us today. And in summary, we are pleased with the progress we've made this quarter and in 2022 on all operational metrics and are expecting an interesting 2023. Thank you.

謝謝。謝謝大家今天加入我們。總而言之，我們對本季度和 2022 年在所有運營指標上取得的進展感到滿意，並期待一個有趣的 2023 年。謝謝。

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。