(SEDG) 2023 Q2 法說會逐字稿

Welcome to the SolarEdge conference call for the second quarter ended June 30, 2023. 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 2023 年 6 月 30 日的第二季度 SolarEdge 電話會議。本次電話會議正在公司網站 www.solaredge.com 活動日曆頁面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 express 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.

本次通話是 SolarEdge 的專有財產和版權，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音、複製或傳播。您可以訪問 SolarEdge Investor 網站的活動/日曆頁面，收聽本次電話會議的網絡廣播重播。

I would now like to turn the call over to J.B. Lowe, Head of Investor Relations for SolarEdge.

我現在想將電話轉給 SolarEdge 投資者關係主管 J.B. Lowe。

Thank you, David, and good afternoon, everyone. Thank you for joining us to discuss SolarEdge's operating results for the second quarter ended June 30, 2023, as well as the company's outlook for the third quarter of 2023.

謝謝大衛，大家下午好。感謝您與我們一起討論 SolarEdge 截至 2023 年 6 月 30 日的第二季度運營業績以及公司 2023 年第三季度的展望。

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 second quarter ended June 30, 2023. Ronen will then review the financial results for the second quarter, followed by the company's outlook for the third quarter of 2023. We will then open the call for questions.

今天與我在一起的有首席執行官茲維·蘭多 (Zvi Lando)；和首席財務官 Ronen Faier。 Zvi 將首先簡要回顧截至 2023 年 6 月 30 日的第二季度業績。然後 Ronen 將回顧第二季度的財務業績，然後是公司對 2023 年第三季度的展望。然後我們將開始電話會議如有疑問。

Please note that this call will include forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from management's current expectations. We encourage you to review the safe harbor statements contained in our press release and the slides published today for a more complete description. All material contained in the webcast is the sole property and copyright of SolarEdge Technologies, with all rights reserved.

請注意，本次電話會議將包括前瞻性陳述，這些陳述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.

請注意，本演示文稿描述了某些非 GAAP 衡量標準，包括非 GAAP 淨利潤和非 GAAP 稀釋每股收益，這些衡量標準並非根據美國 GAAP 制定。本演示文稿中介紹了非公認會計準則衡量標準，因為我們相信它們為投資者提供了評估和理解公司管理層如何評估公司經營業績的方法。

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. Listeners who do not have a copy of the quarter ended June 30, 2023 press release or the supplemental material may obtain a copy by visiting the Investor Relations section of the company's website.

這些非公認會計原則措施不應孤立地視為根據美國公認會計原則制定的財務措施的替代品或優於其。沒有截至 2023 年 6 月 30 日的季度新聞稿或補充材料副本的聽眾可以通過訪問公司網站的投資者關係部分獲取副本。

Now I will turn the call over to Zvi.

現在我將把電話轉給 Zvi。

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

謝謝 J.B. 下午好，感謝大家參加今天的電話會議。

Starting with highlights of our second quarter results. We concluded the quarter with record revenues of approximately $991 million. Revenues from our solar business were at a record $947 million while revenues from our nonsolar businesses were $44 million. This quarter, we shipped 5.5 million power optimizers and 335,000 inverters. This quarter, we also shipped 269-megawatt hours of residential batteries, a 22% increase from last quarter.

首先是我們第二季度業績的亮點。本季度結束時，我們的收入達到創紀錄的約 9.91 億美元。我們的太陽能業務收入達到創紀錄的 9.47 億美元，而非太陽能業務收入為 4400 萬美元。本季度，我們出貨了 550 萬個功率優化器和 335,000 個逆變器。本季度，我們還出貨了 269 兆瓦時的住宅電池，比上季度增長了 22%。

Our solar business revenue grew quarter-over-quarter by 4% and by 38% year-over-year, mostly driven by record revenues in Europe, offset by a decrease in revenue in the United States and Rest of World. We saw record revenues in many countries this quarter, including Germany, the United Kingdom, Switzerland, South Africa and Thailand.

我們的太陽能業務收入環比增長 4%，同比增長 38%，這主要是由歐洲創紀錄的收入推動的，但被美國和世界其他地區收入的下降所抵消。本季度許多國家的收入均創歷史新高，包括德國、英國、瑞士、南非和泰國。

Particularly noteworthy is the growth we have been discussing for several quarters in the commercial segment, which has seen megawatt shift go from 1.5 gigawatts in the fourth quarter of 2022 to 2.1 gigawatts in the first quarter of this year to 2.6 gigawatts of shipments this quarter. The solar market is going through a transition, emerging from the recent period of component shortages, high energy prices and rapid growth to one now impacted by higher interest rates and excess inventory.

特別值得注意的是我們幾個季度一直在討論的商業領域的增長，兆瓦裝量從 2022 年第四季度的 1.5 吉瓦轉變為今年第一季度的 2.1 吉瓦，再到本季度的出貨量 2.6 吉瓦。太陽能市場正在經歷一場轉型，從最近一段時期的組件短缺、能源價格高企和快速增長，轉向目前受到利率上升和庫存過剩影響的市場。

Given this shift, I would like to review the major trends that we are seeing in the various regions and how it affects our company. In Europe, installation rates continue to be high in both residential and commercial. However, the strength in the market is somewhat more moderate than what was anticipated heading into 2023, largely due to a milder winter, reduced concerns over energy resilience and lower electricity prices.

鑑於這種轉變，我想回顧一下我們在各個地區看到的主要趨勢及其對我們公司的影響。在歐洲，住宅和商業的安裝率仍然很高。然而，進入 2023 年市場的強勁勢頭比預期要溫和一些，這主要是由於冬季氣候溫和、對能源彈性的擔憂減少以及電價下降。

With that in mind, our growth in Europe in the second quarter was very strong. Overall, our megawatt shipments to Europe grew by 52% quarter-over-quarter, including 57% in residential and 50% quarter-over-quarter growth in commercial. Additionally, sell-through by our distributors in the second quarter was up 49% year-over-year in residential and up 115% year-over-year in commercial.

考慮到這一點，我們第二季度在歐洲的增長非常強勁。總體而言，我們對歐洲的兆瓦出貨量環比增長了 52%，其中住宅環比增長 57%，商業環比增長 50%。此外，第二季度住宅經銷商的銷量同比增長 49%，商業經銷商的銷量同比增長 115%。

On the supply side, the distribution channels in Europe are experiencing higher-than-optimal inventory levels, especially as it relates to solar modules. During the recent period of shortages and expectations for high growth, distributors placed large orders for modules and inverters in order to ensure stability of supply to support the growing demand.

在供應方面，歐洲的分銷渠道的庫存水平高於最佳水平，特別是與太陽能組件相關的庫存水平。在最近的短缺和高增長預期時期，經銷商大量訂購模塊和逆變器，以確保供應穩定以支持不斷增長的需求。

As growth in demand has tapered off, distributors are taking a more cautious approach in order to better manage their cash flow. In addition to taking actions to reduce inventory levels, distributors are also reducing the number of suppliers in their portfolio, which had expanded during the period of shortages.

隨著需求增長逐漸放緩，分銷商正在採取更加謹慎的態度，以便更好地管理現金流。除了採取行動降低庫存水平外，分銷商還減少了其產品組合中供應商的數量，這些供應商的數量在短缺期間有所增加。

This is the dynamic seen before in the industry during a shift from a period of extreme shortage and accelerated growth to a period of more gradual growth and undisrupted product availability. We expect this inventory adjustment period could continue for the next two quarters, especially when also taking into account the typical fourth quarter seasonality effect in Europe.

這是該行業從極度短缺和加速增長時期轉向更加漸進增長和產品供應不間斷時期的動態。我們預計庫存調整期可能會持續到未來兩個季度，特別是考慮到歐洲典型的第四季度季節性效應。

We see this environment as an opportunity to grow market share based on our offering that is very suitable to the growing complexity of the European grid, where dynamic tariffs and negative rates are becoming more common. To deal with this growing complexity, our customers require advanced energy management hardware and software of the sort we recently announced at Intersolar and about which I will elaborate in a few moments.

我們認為這種環境是一個擴大市場份額的機會，我們的產品非常適合歐洲電網日益複雜的情況，其中動態關稅和負利率變得越來越普遍。為了應對這種日益增長的複雜性，我們的客戶需要先進的能源管理硬件和軟件，就像我們最近在 Intersolar 上宣布的那樣，我將在稍後詳細闡述。

Moving to the U.S. residential market. The combination of higher interest rates and the new net metering 3.0 regime in California has led to a decrease in demand compared to the second half of last year. As a result, inventories of our product in the various channels are higher than normal as they were built in anticipation of substantial market growth that did not materialize.

轉向美國住宅市場。較高的利率和加州新的淨計量3.0制度相結合，導致需求與去年下半年相比有所下降。因此，我們的產品在各個渠道的庫存都高於正常水平，因為它們是在預期市場大幅增長但並未實現的情況下建立的。

As a result, our shipments to the U.S. residential markets were down 29% this quarter from the last quarter. Sell-through of our products by our distributors, however, actually rose by over 10% during the same period. We expect the process of inventory normalization to last at least through the end of the year.

因此，本季度我們對美國住宅市場的發貨量較上季度下降了 29%。然而，同期我們的經銷商對我們產品的銷量實際上增長了 10% 以上。我們預計庫存正常化的過程至少會持續到今年年底。

Looking into 2024, there are two market trends that we view as positive for our business. First, the expected increase of third-party ownership installations, driven by the shift to lease versus loan financing, a subsegment where our market share has traditionally been higher.

展望 2024 年，我們認為有兩個市場趨勢對我們的業務有利。首先，第三方所有權裝置的預期增長是由租賃融資與貸款融資的轉變所推動的，我們的市場份額歷來較高。

And second is the expected increase in storage installations, in particular, the evolving NEM 3.0 battery market, where our DC-coupled system can offer up to 10% more energy on an annual basis, when compared with the non-DC optimized module lever electronics solution.

其次是存儲裝置的預期增長，特別是不斷發展的 NEM 3.0 電池市場，與非直流優化模塊槓桿電子設備相比，我們的直流耦合系統每年可提供高達 10% 的能量解決方案。

In the U.S. commercial market, we continue to see stable demand, which we expect to gradually grow as a result of lower module prices and as projects that were on hold begin to move forward. This is expected that some developers who had halted project in anticipation of IRA clarifications related to the 10% ITC domestic manufacturing adder move forward with the project execution after realizing that IRA clarity will likely take longer than anticipated.

在美國商業市場，我們繼續看到穩定的需求，由於組件價格較低以及擱置的項目開始推進，我們預計需求將逐漸增長。預計一些因預期 IRA 對 10% ITC 國內製造業加法器相關的澄清而暫停項目的開發商在意識到 IRA 澄清可能需要比預期更長的時間後，將繼續執行項目。

In Rest of World, we see a mixed picture, where some countries are experiencing headwinds due to a higher interest rate. While others, such as South Africa and Thailand, are growing rapidly due to grid instability and favorable regulatory environments.

在世界其他地區，我們看到的情況好壞參半，一些國家因利率上升而面臨阻力。而其他國家，例如南非和泰國，由於電網不穩定和有利的監管環境而正在快速增長。

Moving to products. And I want to spend a few moments discussing the increased investments we are making across our digital solution platform, which is focused on three main pillars.

轉向產品。我想花一些時間討論我們在數字解決方案平台上增加的投資，該平台主要集中在三個主要支柱上。

First, our energy management software, known as SolarEdge One, which we recently introduced at Intersolar in Munich. SolarEdge ONE helps home and business owners optimize their energy production, consumption and storage. With the proliferation of time of use and dynamic tariffs and growing attach rate of batteries, we believe this will become an increased area of differentiation for our PV plus storage solutions.

首先是我們的能源管理軟件 SolarEdge One，我們最近在慕尼黑 Intersolar 展會上推出了該軟件。 SolarEdge ONE 幫助家庭和企業主優化能源生產、消耗和存儲。隨著使用時間的延長和動態關稅以及電池附加率的不斷增長，我們相信這將成為我們的光伏+存儲解決方案的差異化領域。

Second is our installer toolkit, which is a set of tools aimed at helping our customers design, sell, install and commission PV and storage systems in a fast and efficient manner. At RE+ in September, in addition to demonstrating improvements to our already-short installation and commissioning times, we will be launching our new installer proposal, too, a sophisticated step-by-step software platform to help installers be more effective when selling a PV plus battery system at the kitchen table.

其次是我們的安裝工具包，這是一套旨在幫助客戶快速高效地設計、銷售、安裝和調試光伏和存儲系統的工具。在 9 月的 RE+ 上，除了展示對我們已經很短的安裝和調試時間的改進外，我們還將推出新的安裝程序提案，這是一個複雜的分步軟件平台，可幫助安裝程序在銷售光伏時更有效加上廚房桌子上的電池系統。

And third, digital infrastructure, which includes grid services and other advanced applications. In the field of grid services, our total number of enrolled sites grew by 70% in the second quarter to over 13,000 sites.

第三，數字基礎設施，包括網格服務和其他高級應用程序。在網格服務領域，第二季度我們的註冊站點總數增長了70%，達到13,000多個站點。

In the United States, 16% of our battery installations are now enrolled in grid services programs. In the Netherlands, we launched through two electricity aggregators our first commercial grid services program aimed at grid balancing and already enrolled dozens of commercial sites into the program. We have a high number of additional enrollment requests and are looking at integrating with additional aggregators in the coming months.

在美國，16% 的電池安裝現已加入電網服務計劃。在荷蘭，我們通過兩家電力聚合商推出了第一個旨在實現電網平衡的商業電網服務計劃，並已將數十個商業站點納入該計劃。我們收到了大量額外的註冊請求，並正在考慮在未來幾個月內與其他聚合商進行整合。

Another part of our digital offering is based on our acquisition earlier this year of Hark Systems, which offers commercial customers significant monitoring and connectivity capabilities across increasingly complex energy systems. While still not significant in absolute numbers and likely won't be significant for several quarters, our broad digital offering augments and solidifies our leadership in the residential and particularly in the commercial markets.

我們數字產品的另一部分基於我們今年早些時候收購的 Hark Systems，該公司為商業客戶提供跨日益複雜的能源系統的重要監控和連接功能。雖然從絕對數字來看仍然不顯著，並且在幾個季度內可能不會顯著，但我們廣泛的數字產品增強並鞏固了我們在住宅市場，特別是商業市場的領導地位。

More importantly, as electrical grids become more constrained and penetration of distributed solar and other renewables increases, optimized interaction with the grid as well as optimized energy management at the home and in the business will be critical to the positive functionality and economics of the solar installation. We see this as an opportunity for differentiation for technology companies like SolarEdge and a key reason why we don't believe that the inverter market will become commoditized.

更重要的是，隨著電網變得更加受限，分佈式太陽能和其他可再生能源的滲透率不斷提高，優化與電網的交互以及優化家庭和企業的能源管理對於太陽能裝置的積極功能和經濟性至關重要。我們認為這對於像 SolarEdge 這樣的科技公司來說是一個實現差異化的機會，也是我們認為逆變器市場不會商品化的一個關鍵原因。

More on the product side, we are seeing good progress with our tracker offering as we now have more than 30 megawatts of trackers, either installed or in the process of installation. This new product, which is both lightweight and has a small footprint, provides access for us to new market opportunities and will initially enable us to offer a full solution to the growing agri-PV segment which is lately receiving significant regulatory support.

在產品方面，我們看到跟踪器產品取得了良好進展，因為我們現在已安裝或正在安裝的跟踪器超過 30 兆瓦。這款新產品重量輕、佔地面積小，為我們提供了新的市場機會，並將首先使我們能夠為不斷增長的農業光伏領域提供完整的解決方案，該領域最近獲得了重要的監管支持。

On the electrical vehicle charging front, we continue to supply our AC EV chargers both the inverter integrated and stand-alone versions, and to date, have shipped over 45,000 units globally. As we unveiled at Intersolar, next year, we plan to release our bidirectional DC EV charger that will be DC coupled, enabling greater charging efficiency through fewer AC to DC conversions.

在電動汽車充電方面，我們繼續提供逆變器集成版和獨立版交流電動汽車充電器，迄今為止，全球出貨量已超過 45,000 台。正如我們在 Intersolar 上公佈的那樣，我們計劃明年推出直流耦合的雙向直流電動汽車充電器，通過更少的交流到直流轉換來實現更高的充電效率。

Moving to operations. We are making strides towards building out our U.S. manufacturing footprint. In the third quarter, we expect to ship several thousand inverters from our contract manufacturing partner site, with this number growing to above 30,000 inverters that we expect to ship from the site in the first quarter.

轉向運營。我們正在大力拓展我們在美國的製造足跡。在第三季度，我們預計將從我們的合同製造合作夥伴工廠發貨數千台逆變器，這一數字將增長到我們預計在第一季度從該工廠發貨的 30,000 台以上逆變器。

More broadly, we mentioned earlier the fact that inventory levels are high for some products. However, on certain products such as 3-phase inverters in the European market, even though we increased output significantly in the second quarter, we are still delivering below demand and, thus, air shipments have been required. Part of the relief in this area will be via the long-term purchase agreement we announced last week with Infineon that will help give us assurance in the availability of critical power semiconductor components in the years ahead.

更廣泛地說，我們之前提到過某些產品的庫存水平很高。然而，對於歐洲市場的某些產品，例如三相逆變器，儘管我們在第二季度大幅增加了產量，但我們的交付量仍然低於需求，因此需要空運。該領域的部分緩解將通過我們上週與英飛凌宣布的長期採購協議來實現，該協議將有助於我們保證未來幾年關鍵功率半導體元件的可用性。

In our nonsolar business, our Sella 2 battery factory continues to ramp and is on track to reach its full capacity by the end of this year. Additionally, we have initiated manufacturing of the type of cells that will be used in our portfolio of next-generation batteries, starting with the release of a new residential battery planned for the first half of next year.

在我們的非太陽能業務中，我們的 Sella 2 電池工廠繼續擴大產能，並有望在今年年底達到滿負荷生產。此外，我們已經開始生產將用於我們下一代電池產品組合的電池類型，首先計劃於明年上半年發布新型住宅電池。

In closing, while we discussed the inventory corrections taking place, the actual PV market is continuing to grow in many places around the world. For example, Germany, one of the largest solar markets, is expected to grow from 7.5 gigawatts installed in 2022 to 10 gigawatts installed in 2023, with further growth anticipated in 2024. We I believe that our portfolio and positioning within diverse markets and applications will benefit us as markets continue to grow in some areas and we begin to recover in others.

最後，雖然我們討論了正在進行的庫存調整，但全球許多地方的實際光伏市場仍在持續增長。例如，最大的太陽能市場之一德國預計將從 2022 年的 7.5 吉瓦裝機量增長到 2023 年的 10 吉瓦裝機量，並預計在 2024 年進一步增長。我們相信，我們在不同市場和應用中的產品組合和定位將隨著某些領域的市場繼續增長，而其他領域的市場開始復蘇，我們將受益。

I will now hand it over to Ronen. Ronen?

現在我將把它交給羅南。羅南？

Thank you, Zvi, and good afternoon, everyone. This financial review includes a GAAP and non-GAAP discussion. Full reconciliation of the pro forma to GAAP results discussed on this call is available on our website and in the press release issued today.

謝謝你，Zvi，大家下午好。本財務審查包括 GAAP 和非 GAAP 討論。本次電話會議中討論的備考結果與公認會計準則結果的完全一致可在我們的網站和今天發布的新聞稿中找到。

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 the intangible assets, stock-based compensation expenses and other certain items. Total revenues for the second quarter were a record $991.3 million, a 5% increase compared to $943.9 million last quarter and 36% increase compared to $727.8 million for the same quarter last year.

分部利潤由分部毛利減去經營費用（不包括購買無形資產攤銷、商譽和無形資產減值、股票補償費用及其他某些項目）組成。第二季度總收入達到創紀錄的 9.913 億美元，比上一季度的 9.439 億美元增長 5%，比去年同期的 7.278 億美元增長 36%。

Revenues from our solar segment, which include the sales of residential batteries and trackers, were a record $947.4 million, a 4% increase compared to $908.5 million last quarter and a 38% increase compared to $687.6 million for the same quarter last year. Solar revenues from the United States this quarter were $195.6 million, a 23% decrease from the last quarter and a 37% decrease from the same quarter last year, representing 21% of our solar revenues.

我們太陽能部門的收入（包括住宅電池和跟踪器的銷售）達到創紀錄的 9.474 億美元，比上季度的 9.085 億美元增長 4%，比去年同期的 6.876 億美元增長 38%。本季度來自美國的太陽能收入為1.956億美元，比上季度下降23%，比去年同期下降37%，占我們太陽能收入的21%。

Solar revenues from Europe were a record $688.5 million, a 19% increase from the last quarter and 112% increase from the same quarter last year, representing 73% of our solar revenues. In Europe, we continue to see meaningful quarter-over-quarter revenue growth in general and noticeable records in Germany with 64% growth, reaching close to $300 million of quarterly revenues. Sweden with 106% growth, the United Kingdom with 50% quarter-over-quarter growth and Slovenia with 54% growth.

來自歐洲的太陽能收入達到創紀錄的 6.885 億美元，比上一季度增長 19%，比去年同期增長 112%，占我們太陽能收入的 73%。在歐洲，我們繼續看到總體收入環比大幅增長，德國的收入增長了 64%，季度收入接近 3 億美元。瑞典增長 106%，英國環比增長 50%，斯洛文尼亞增長 54%。

Revenues from batteries grew slightly this quarter in Europe, limited by the fact that we are still constrained by 3-phase inverter supply, which is needed for battery-coupled systems. We do identify some excess battery inventory in the European channels, which will lead to lower battery shipments in the second half of the year.

本季度歐洲電池收入略有增長，但受限於我們仍然受到電池耦合系統所需的三相逆變器供應的限制。我們確實發現歐洲渠道存在一些過剩的電池庫存，這將導致下半年電池出貨量下降。

This inventory buildup will be alleviated as the ramp-up in deliveries of our new 3-phase residential backup inverter catches up with our battery manufacturing and delivering pace. We intend to use air shipments in the third and fourth quarters in order to resolve this in balance and fulfill the demand for our products in this segment as a single inverter is typically installed with two to three batteries. Rest of the World solar revenues were $63.3 million, a 17% decrease compared to the last quarter and the 19% increase from the last year and representing close to 7% of our solar revenues. This quarter, we saw record revenues in South Africa and Thailand. On a megawatt basis, we shipped 666 megawatts of inverters to the United States, a record 3.3 gigawatt to Europe and 397 megawatts to the rest of the world, surpassing at record quarterly inverter shipments. 60% of our megawatt shipped this quarter were commercial products and the remaining 40% were residential, a result of strong European adoptions of our products and higher European revenues in the total mix.

隨著我們新型三相住宅備用逆變器交付量的增加趕上我們電池製造和交付的步伐，這種庫存積累將得到緩解。我們打算在第三季度和第四季度使用空運，以平衡解決這一問題並滿足該領域對我們產品的需求，因為單個逆變器通常安裝兩到三個電池。世界其他地區的太陽能收入為 6330 萬美元，比上一季度下降 17%，比去年增長 19%，占我們太陽能收入的近 7%。本季度，我們在南非和泰國的收入創歷史新高。按兆瓦計算，我們向美國運送了 666 兆瓦逆變器，向歐洲運送了創紀錄的 3.3 兆瓦，向世界其他地區運送了 397 兆瓦，超過了創紀錄的季度逆變器出貨量。本季度我們發貨的兆瓦電量中有 60% 是商業產品，其餘 40% 是住宅產品，這是歐洲對我們產品的大力採用以及歐洲總體收入較高的結果。

In the second quarter, we shipped 269-megawatt hour of our residential batteries. An increase from 221-megawatt hour last quarter. The vast majority of our batteries continue to be shipped to Europe. ASP per watt this quarter, excluding battery revenues, was $0.188, a 14% decrease from $0.22 last quarter. This ASP per watt decrease is predominantly a result of increased commercial inverters in the overall mix. partially offset by a stronger euro. In general, our prices did not change this quarter. Our battery ASP per kilowatt hour was $479 slightly up from $475 last quarter, mostly a result of a stronger euro. Revenues this quarter from our nonsolar segment were $43.7 million, an increase from $35.2 million last quarter, a result of higher storage division revenues. Consolidated GAAP gross margin for the quarter was 32%, a slight increase compared to 31.8% in the prior quarter and 25.1% in the same quarter last year. Non-GAAP gross margin this quarter was 32.7% compared to 32.6% in the prior quarter and 26.7% in the same quarter last year.

第二季度，我們的住宅電池出貨量為 269 兆瓦時。較上季度的 221 兆瓦時有所增加。我們的絕大多數電池繼續運往歐洲。本季度每瓦平均售價（不包括電池收入）為 0.188 美元，比上季度的 0.22 美元下降 14%。每瓦平均售價的下降主要是由於整體組合中商用逆變器的增加所致。部分被歐元走強所抵消。總的來說，本季度我們的價格沒有變化。我們的電池平均售價為每千瓦時 479 美元，略高於上季度的 475 美元，這主要是歐元走強的結果。由於存儲部門收入增加，本季度非太陽能部門的收入為 4370 萬美元，較上季度的 3520 萬美元有所增加。本季度綜合 GAAP 毛利率為 32%，較上一季度的 31.8% 和去年同期的 25.1% 略有增長。本季度非 GAAP 毛利率為 32.7%，上一季度為 32.6%，去年同期為 26.7%。

Gross margin for the solar segment was 34.7% compared to 35% in the prior quarter and 28.1% in the same quarter last year. The quarterly solar margin change was mostly a result of product mix changes.

太陽能業務的毛利率為 34.7%，上一季度為 35%，去年同期為 28.1%。季度太陽能利潤率變化主要是產品結構變化的結果。

This quarter, in our solar division, our inverter and optimizer gross margins were approximately 37% as residential inverter and optimizer product margin continued to exceed 40%, and our battery margins were slightly below 25% due to a higher portion of single-phase batteries within the mix.

本季度，在我們的太陽能部門，我們的逆變器和優化器毛利率約為 37%，住宅逆變器和優化器產品利潤率繼續超過 40%，而由於單相電池比例較高，我們的電池利潤率略低於 25%混合內。

Good subject to tariffs, excluding batteries shipped into the United States from China, accounted for 6% of our U.S. shipments this quarter, the lowest on record, as a result of the ramp-up in our Mexico manufacturing facility, which is at the level that we expect to maintain in the next quarters. Gross margin for our nonsolar segment was minus 9.6% and compared to minus 31.3% in the previous quarter.

受關稅影響的商品（不包括從中國運往美國的電池）占我們本季度美國出貨量的 6%，這是有記錄以來的最低水平，這是由於我們墨西哥製造工廠的產能增加所致，該水平處於我們預計在接下來的幾個季度中將保持這種狀態。我們的非太陽能部門的毛利率為-9.6%，而上一季度為-31.3%。

Our Sella 2 ramp-up continues as planned, and the increased revenues from our storage division are contributing to the margin improvement in this division. This quarter, we also include, for the first time, results of our newly acquired Hark Systems in our financial results. While still a very small portion of our revenue, Hark software sales are characterized with very high gross margins.

我們的 Sella 2 產能繼續按計劃進行，存儲部門收入的增加也有助於該部門利潤率的提高。本季度，我們還首次將新收購的 Hark Systems 的業績納入財務業績。雖然 Hark 軟件銷售僅占我們收入的一小部分，但毛利率非常高。

On a non-GAAP basis, operating expenses for the second quarter were $133.3 million or 13.4% of revenues compared to $123.6 million or 13.1% of revenues in the prior quarter and $109.6 million or 15.1% of revenues for the same quarter last year. Our operating expenses as a percentage of revenue increased as a result of our annual employee merit process that takes place in the second quarter.

按非公認會計原則計算，第二季度運營費用為 1.333 億美元，佔收入的 13.4%，而上一季度為 1.236 億美元，佔收入的 13.1%，去年同期為 1.096 億美元，佔收入的 15.1%。由於第二季度進行的年度員工績效評估，我們的運營費用佔收入的百分比有所增加。

Our solar segment operating expenses as a percentage of solar revenues were 12.8% compared to 12.3% last quarter, resulting from the same reasons. Non-GAAP operating income for the quarter was a record $191 million compared to $183.8 million in the previous quarter and $84.7 million for the same period last year.

出於同樣的原因，我們的太陽能部門運營支出佔太陽能收入的比例為 12.8%，而上季度為 12.3%。本季度非 GAAP 營業收入達到創紀錄的 1.91 億美元，而上一季度為 1.838 億美元，去年同期為 8470 萬美元。

The solar segment generated a record operating income of $207 million this quarter, slightly up from $206.7 million last quarter. The non-solar segment generated an operating loss of $16.1 million compared to an operating loss of $22.9 million in the previous quarter.

本季度太陽能業務營業收入達到創紀錄的 2.07 億美元，略高於上季度的 2.067 億美元。非太陽能部門的運營虧損為 1610 萬美元，而上一季度的運營虧損為 2290 萬美元。

Non-GAAP financial income for the quarter was $4.4 million compared to a non-GAAP financial income of $24 million in the previous quarter. As the euro to U.S. dollar rate is above $1.1 per euro we continue to reduce our exposure to the euro by higher frequency of currency conversions to the U.S. dollars.

本季度非 GAAP 財務收入為 440 萬美元，而上一季度非 GAAP 財務收入為 2400 萬美元。由於歐元兌美元匯率高於每歐元 1.1 美元，我們通過提高貨幣兌換美元的頻率繼續減少歐元風險敞口。

Our non-GAAP tax expense was $38 million this quarter compared to $33.2 million in the previous quarter and $7 million for the same period last year. And we expect to maintain approximately 20% tax rate on both GAAP and non-GAAP basis for the rest of the year.

本季度我們的非 GAAP 稅務費用為 3800 萬美元，而上一季度為 3320 萬美元，去年同期為 700 萬美元。我們預計今年餘下時間將按照 GAAP 和非 GAAP 稅率維持約 20% 的稅率。

GAAP net income for the second quarter was million compared to GAAP net income of $138.4 million in the previous quarter and $15.1 million for the same quarter last year. Our non-GAAP net income was $157.4 million compared to a non-GAAP net income of $174.5 million in the previous quarter and $56.7 million in the same quarter last year.

第二季度 GAAP 淨利潤為 100 萬美元，而上一季度 GAAP 淨利潤為 1.384 億美元，去年同期為 1510 萬美元。我們的非 GAAP 淨利潤為 1.574 億美元，而上一季度的非 GAAP 淨利潤為 1.745 億美元，去年同期為 5670 萬美元。

GAAP net diluted earnings per share was $2.03 for the second quarter compared to $2.35 in the previous quarter and $0.26 for the same period last year. Non-GAAP net diluted EPS was $2.62 compared to $2.90 in the previous quarter and $0.95 in the same quarter last year.

第二季度 GAAP 攤薄後每股淨收益為 2.03 美元，上一季度為 2.35 美元，去年同期為 0.26 美元。非 GAAP 淨攤薄後每股收益為 2.62 美元，上一季度為 2.90 美元，去年同期為 0.95 美元。

Turning now to the balance sheet. As of June 30, 2023, cash, cash equivalents, bank deposits, restricted cash, restricted bank deposits and investments were $1.5 billion. Net of debt, this amount is $853.5 million. This quarter, cash used in operation was $88.7 million mostly related to inventory buildup as we believe that we have seen the bottom of our cash use.

現在轉向資產負債表。截至 2023 年 6 月 30 日，現金、現金等價物、銀行存款、限制性現金、限制性銀行存款和投資為 15 億美元。扣除債務後，該金額為 8.535 億美元。本季度，運營中使用的現金為 8870 萬美元，主要與庫存積累有關，因為我們相信我們的現金使用已經見底。

We expect substantial cash buildup in the next quarters starting in Q3. Accounts receivable net increased this quarter to $1.15 billion compared to $969.5 million last quarter, representing 126 days outstanding, a reflection of our increased revenues that were skewed towards the end of the quarter and in certain cases, extension of credit terms to our customers, mainly in the United States.

我們預計從第三季度開始，接下來的幾個季度將出現大量現金積累。本季度應收賬款淨額從上季度的 9.695 億美元增加到 11.5 億美元，未償還天數為 126 天，反映了我們在季度末增加的收入，以及在某些情況下延長了對客戶的信貸期限，主要是在美國。

As of June 30, our inventory level net of reserve was $984.2 million compared to $874.2 million in the prior quarter. As a result of the slowdown in the shipments to the United States, slower growth rates in Europe and more streamlined manufacturing, our finished goods inventory increased substantially this quarter. At the same time, we are slowly reducing our component safety stocks and battery sales as the component availability becomes less of an issue.

截至 6 月 30 日，我們的庫存水平（扣除準備金）為 9.842 億美元，而上一季度為 8.742 億美元。由於對美國的出貨量放緩、歐洲增長率放緩以及製造更加精簡，我們的成品庫存本季度大幅增加。與此同時，隨著組件可用性不再成為問題，我們正在慢慢減少組件安全庫存和電池銷售。

Turning to our guidance for the third quarter of 2023. We are guiding revenues to be within the range of $880 million to $920 million. We expect non-GAAP gross margin to be within the range of 28% to 31%. We expect non-GAAP operating income to be within the range of $115 million to $135 million. Revenues from the solar segment are expected to be within the range of $850 million to $880 million. Gross margins from the solar segment is expected to be within the range of 30% to 33%.

轉向我們對 2023 年第三季度的指導。我們指導收入在 8.8 億美元至 9.2 億美元之間。我們預計非 GAAP 毛利率將在 28% 至 31% 之間。我們預計非 GAAP 營業收入將在 1.15 億美元至 1.35 億美元之間。太陽能部門的收入預計在8.5億至8.8億美元之間。太陽能業務的毛利率預計在30%至33%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供提問。接線員，請說。

(Operator Instructions) And we will take our first question from Mark Strouse with JPMorgan.

（操作員說明）我們將回答摩根大通的 Mark Strouse 提出的第一個問題。

Great. I wanted to start with the 3Q revenue guide. When we look at the $80 million, $90 million dip quarter-over-quarter, can you break down how much of that is driven by Europe, U.S., Rest of World? It sounds like the inventory issue is fairly broad-based. But I'm just curious if we should think about that kind of, if Europe is 70% of your revenue and U.S. 20%, is that similar kind of mix for the change quarter-over-quarter?

偉大的。我想從第三季度收入指南開始。當我們看到季度環比下降 8000 萬美元、9000 萬美元時，您能詳細說明其中有多少是由歐洲、美國和世界其他地區推動的嗎？聽起來庫存問題相當廣泛。但我只是好奇我們是否應該考慮一下，如果歐洲佔您收入的 70%，美國占 20%，那麼季度環比變化是否是類似的組合？

Mark, thank you very much for the question. So actually, when we look at the guidance for the next quarter, we need to look a little bit region by region because we see a little bit of a different dynamics. I would say that most of the reduction that we see is coming, first of all, from less revenues of batteries, mostly in Europe.

馬克，非常感謝你的提問。因此，實際上，當我們查看下一季度的指導時，我們需要逐個地區地查看，因為我們看到了一些不同的動態。我想說，我們看到的大部分減少首先來自電池收入的減少，主要是在歐洲。

As we've mentioned in the prepared remarks, we find a solution -- we found a situation that our batteries shipments were a little bit faster than our ability to ramp up the inverters that come with them, mostly 3-phase inverters. And as a result, there is a built inventory within the channels there that needs to be cleared in order to continue and grow. And this will be cleared mostly through the adoption or getting more inverters from us during the third and the fourth quarter.

正如我們在準備好的評論中提到的，我們找到了一個解決方案 - 我們發現我們的電池發貨速度比我們提高隨附逆變器（主要是三相逆變器）的能力要快一些。因此，渠道內建立了庫存，需要清理這些庫存才能繼續增長。這將主要通過在第三和第四季度採用或從我們那裡獲得更多逆變器來解決。

And this is why, by the way, we're also increasing our air shipments. So the first of all, comes this decrease. The second one comes actually from optimizers. Again, in Europe, it's also happening in the United States, but a little bit more in Europe because Europe is more characterized with commercial systems.

順便說一句，這就是為什麼我們也增加了空運量。首先是這種下降。第二個實際上來自優化器。同樣，在歐洲，這種情況也在美國發生，但在歐洲更多一些，因為歐洲更具有商業系統的特點。

Because of the fact that inverter shipments were a little bit slower to ramp compared to the other products, again, because of the 3-phase products that we needed to get more components, what we usually see is that installers and especially commercial installers who are installing the modules faster than they do the inverter. Actually, they install the inverter only at the very last moment, used to take a little bit more optimizers in order to make sure that they can basically complete the installations of the modules in the either on the roof or in the overall installation.

由於與其他產品相比，逆變器出貨量的增長速度要慢一些，而且由於三相產品我們需要獲得更多組件，因此我們通常看到的是安裝人員，尤其是商業安裝人員安裝模塊的速度比安裝逆變器的速度快。事實上，他們都是在最後一刻才安裝逆變器，過去多做了一些優化，以確保無論是屋頂安裝還是整體安裝都能基本完成組件的安裝。

And then once the inverter comes, they simply install it and commission it. So since the majority of the revenues came from Europe, the majority of the down this quarter is also coming from Europe because of these two phenomena.

一旦逆變器到來，他們只需安裝並調試即可。因此，由於大部分收入來自歐洲，因此本季度的大部分下降也來自歐洲，因為這兩個現象。

At the same time, when we go to the United States, as Zvi mentioned, we believe that we have basically a lower amount that we do not expect to go much lower in the next quarter because of the fact that, on one hand, indeed, the inventories are high, but still some of the products that are needed are still missing there, and we're going to ship them.

與此同時，當我們去美國時，正如 Zvi 提到的，我們認為我們的金額基本上較低，我們預計下個季度不會大幅降低，因為一方面，確實，庫存很高，但仍然缺少一些需要的產品，我們將發貨。

And when it comes to Rest of the World, again, it's a relatively shift mixed situation where, again, we expect to see, I would say, something that will be relatively flattish. So the majority will come from Europe. The majority will come from batteries and inverters that were, first of all, delivered...

當談到世界其他地區時，這又是一個相對變化的混合情況，我想說，我們再次期望看到相對平坦的情況。所以大多數將來自歐洲。大部分將來自首先交付的電池和逆變器......

And.

和。

Optimizers.

優化器。

Optimizers, sorry, that were first of all delivered. And rest will be relatively flattish to maybe slightly down.

優化器，抱​​歉，首先交付的。其餘部分將相對平穩，甚至可能略有下降。

Okay. That's extremely helpful. I thought your comments were interesting regarding the European distributors and kind of managing the number of suppliers. Just curious if you can give us a fairly high-level update on what you're seeing with the overall competitive environment.

好的。這非常有幫助。我認為您關於歐洲經銷商和供應商數量管理的評論很有趣。只是好奇您能否向我們提供有關您在整體競爭環境中所看到的情況的相當高水平的最新信息。

Yes. So Mark, the phenomena that I described and it is indeed for those that have been active in Europe for years, it's something that we've seen through the cycles. I could give you an example that some of our distributors in Poland are carrying today 10 brands of inverters, 6 or 7 of them are new that they didn't have before. That during the period of shortage, they just took whatever they could get ahold on because that's what the installer needed.

是的。因此，馬克，我所描述的現象確實對於那些多年來活躍在歐洲的人來說，是我們在整個週期中看到的。我可以給你舉個例子，我們在波蘭的一些經銷商今天銷售10個品牌的逆變器，其中6或7個是他們以前沒有的新產品。在短缺期間，他們只是拿走任何他們能拿到的東西，因為這就是安裝人員所需要的。

And now as things stabilize, they are they're paring down the number of brands that they're carrying into a more classical combination of, call it, the high end base and the economic solution, if you will. And this is a dynamic that has repeated itself multiple times and it's more pronounced in the module side.

現在，隨著情況穩定下來，他們正在削減品牌數量，將其納入更經典的組合，可以稱之為高端基礎和經濟解決方案，如果你願意的話。這種動態已經重複了多次，並且在模塊方面更為明顯。

And if you've seen some of the reports and from our discussions in with distributors, they also emphasized that the inventory levels on modules are abnormally high. And a lot of that inventory is by now the module pricing in the market is significantly lower than the prices at which those modules were purchased.

如果您看過一些報告以及我們與分銷商的討論，他們還強調組件的庫存水平異常高。目前，大部分庫存的模塊在市場上的定價明顯低於購買這些模塊的價格。

So they're -- a lot of distributors are in some form of financial challenge. And with that, they are resolving that by going to a -- on the overall offering to low levels of inventory that are maybe lower than those that they would normally carry in this type of a period, especially because the overall demand is still high, but just in order to control their financials.

所以他們——很多分銷商都面臨著某種形式的財務挑戰。有了這個，他們正在解決這個問題，方法是在總體上提供低水平的庫存，這些庫存可能低於他們在這種時期通常持有的庫存，特別是因為總體需求仍然很高，但只是為了控制他們的財務狀況。

So the market is very active. Installations are up and demand for equipment is strong. Just there's an adjustment on the channel side to limit their portfolio, drain the volumes that they've accumulated during the closing months of the shortage period and get back to a more sustainable growth type of module -- model, excuse me.

所以市場非常活躍。安裝量增加，對設備的需求強勁。只是渠道方面進行了調整，以限制他們的投資組合，耗盡他們在短缺期最後幾個月積累的數量，並回到更可持續的增長類型的模塊——模型，對不起。

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

我們將回答高盛布萊恩·李 (Brian Lee) 提出的下一個問題。

I had a couple here. I guess, first off, maybe for you, Ronen. I appreciate some of the color around the different dynamics in Europe, Rest of World, U.S. that played into the weaker maybe than expected 3Q guidance here. It sounds like some of that's persisting though beyond just this quarter. So can you give us sort of an early read into what you're expecting as you think about the timing of inventory balance, battery shipments and weakness in U.S. as well as seasonality you called out?

我這裡有一對。我想，首先，也許對你來說，羅南。我欣賞歐洲、世界其他地區和美國不同動態的一些色彩，這些色彩導致了第三季度指引可能弱於預期。聽起來其中一些問題在本季度之後仍然持續存在。那麼，您能否讓我們提前了解一下您對庫存平衡時間、電池出貨量、美國市場疲軟以及您提到的季節性的預期？

Like is there a path for 4Q to be flat, up, down? Just kind of give us the puts and takes around how we should be exiting the year on the topline. And then I might have missed this, but did you give a specific battery shipment guidance as well?

比如第四季度是否有一條平坦、上升、下降的路徑？只是給我們一些關於我們應該如何結束這一年營收的看跌期權和賣出期權。然後我可能錯過了這一點，但是您也提供了具體的電池運輸指導嗎？

Start from the second. No, we didn't give a specific guidance for batteries, but they are going to be down substantially next quarter compared to this one, given the dynamics that we see, especially in Europe, more batteries in the channels than, I would say, normally, the distributors would like to have because they're still missing the inverter.

從第二個開始。不，我們沒有給出電池的具體指導，但考慮到我們看到的動態，特別是在歐洲，渠道中的電池比我想說的更多，下個季度的電池數量將比本季度大幅下降。通常，經銷商會希望擁有，因為他們仍然缺少逆變器。

So on batteries, it's definitely going to be substantially lower next quarter. Now when it comes to the dynamics in the quarter, and unfortunately, life is very complex in this area, and I will try to give a little bit of the puts and takes there.

因此，在電池方面，下個季度肯定會大幅降低。現在，談到本季度的動態，不幸的是，這個領域的情況非常複雜，我將嘗試給出一些看跌期權和跌幅。

I'll start from Europe, again, being the center of our sales today. In Europe today, what we see is that the inventory levels on one hand are relatively high. But when you look at the days outstanding, which is a result of the sell-through from the channel, they are not high at all. They're actually at the normal level.

我將再次從歐洲開始，那裡是我們今天的銷售中心。今天在歐洲，我們看到一方面庫存水平相對較高。但當你看一下未償還天數（這是渠道銷售的結果）時，你會發現它們根本不高。其實他們都處於正常水平。

And when we are looking at the point-of-sale data of how much is being sold from the channels, we see record levels over the last two quarters that, to our understanding, are continuing. Which means that in that case, the demand is there. The demand is fairly strong, not maybe as strong as people believed from the very beginning of the year, but still very strong.

當我們查看銷售點的渠道銷售數據時，我們看到過去兩個季度的創紀錄水平，據我們了解，這種水平仍在持續。這意味著在這種情況下，需求是存在的。需求相當強勁，可能不像人們年初認為的那麼強勁，但仍然非常強勁。

And therefore, you would say that the levels of inventory that the distributors have and maybe a little bit of change in patterns and making orders a little bit shorter time from the time that they need it because there is enough supply in the market creates a situation, where basically some of them even say that it will be one or two quarters, but not more than this until the inventory levels are adjusted because you don't see a big gap. The problem in Europe is that you go into the fourth quarter.

因此，您可能會說，分銷商的庫存水平以及模式的一點變化以及從他們需要的時間開始的下訂單時間會稍微縮短，因為市場上有足夠的供應，從而造成了一種情況，基本上他們中的一些人甚至說這將是一兩個季度，但不會超過這個時間，直到庫存水平得到調整，因為你看不到很大的差距。歐洲的問題是進入第四季度。

And going back to the normal days of solar, usually, the fourth quarter is seasonally low in Europe compared to the third quarter. First of all, because of the fact that this is start of the winter, and nobody wants to enter the market with -- or the winter with too much inventory.

回到正常的太陽能時代，通常，與第三季度相比，歐洲第四季度的季節性較低。首先，因為現在是冬天的開始，沒有人願意進入庫存過多的市場。

Second, because of the holidays themselves, there are less days to install during the quarter. So here, we see mixed phenomena where we believe that market dynamics are very healthy and will require faster recovery of the inventory levels and faster increase in volumes. And the impact of winter is not known. And let's not forget that there are still a war in Europe. So I'm not sure where it's going to be the concerns about electricity there.

其次，由於假期本身，本季度安裝的天數較少。因此，在這裡，我們看到了混合現象，我們認為市場動態非常健康，需要更快地恢復庫存水平和更快地增加銷量。冬季的影響尚不清楚。我們不要忘記歐洲仍然存在戰爭。所以我不確定那裡的電力問題會在哪裡出現。

In the United States, I think that we see a different phenomenon. In the U.S., we do see that the inventory levels are higher, much higher than the supply -- than the distributors would like to see. We do see that, as Zvi mentioned, point of sale for our products at least improved in the last quarter, but it is still at a relatively lower level.

在美國，我認為我們看到了不同的現象。在美國，我們確實看到庫存水平較高，遠遠高於供應量——這超出了經銷商希望看到的水平。我們確實看到，正如 Zvi 提到的，我們產品的銷售點至少在上個季度有所改善，但仍處於相對較低的水平。

And therefore, we believe there that overall, it's going to be more than 1 or 2 quarters until the situation is being changed. So if I try to summarize everything, I would say that we're cautiously optimistic to see Q4 being flat to up rather the opposite. But again, it is a quarter with many different phenomenas that are sometimes contradicting that are happening at the same time.

因此，我們認為，總體而言，需要一兩個季度以上的時間才能改變情況。因此，如果我嘗試總結一切，我會說我們對第四季度持平到上升持謹慎樂觀態度，而不是相反。但同樣，這個季度同時發生了許多不同的現象，這些現像有時是相互矛盾的。

That's super helpful. I appreciate that. And maybe just a follow-up on that. You didn't mention batteries. Is the battery adjustment happening all into the Q? Do you think it goes back up in 4Q? And then I'll just squeeze in my last one.

這非常有幫助。我很感激。也許只是後續行動。你沒有提到電池。電池調整是否全部發生在 Q 中？您認為第四季度會回升嗎？然後我就擠進最後一個。

On gross margins, you kind of surprised by how much gross margins are being guided down relative to the strong performance at the beginning part of the year here. Is the entire 300 basis points at the midpoint coming from the air freight? And does that go away after 3Q? Or are there other impacts embedded in there? Just trying to understand the 35% solar gross margin going to basically 32% in 3 months? And then what the sort of forward would be in terms of recapturing some of that, what the levers are there?

在毛利率方面，相對於今年年初的強勁表現，毛利率下降了多少，這讓你有點驚訝。中間的300個基點全部來自空運嗎？第三季度之後這種情況會消失嗎？或者其中是否還存在其他影響？只是想了解 35% 的太陽能毛利率將在 3 個月內基本達到 32%？那麼，要重新奪回其中的一部分，會採取什麼樣的方式，有哪些槓桿呢？

Okay. So first of all, I think that the question that was sneaked will be higher answer than the first one. So I'll start from the first one. In general, we expect the batteries in Q4 -- and again, we do not guide yet, but we expect them to be similar and maybe slightly up compared to the third quarter. And here, the reason is, again, it's end of the year. Nobody would like to enter -- to exit the year with too much of an inventory. So we assume that this is more related to less market dynamics and more of inventory management dynamics.

好的。所以首先，我認為偷偷摸摸的問題會比第一個問題有更高的答案。所以我將從第一個開始。總的來說，我們預計第四季度的電池數量——同樣，我們還沒有給出指導，但我們預計它們與第三季度相似，甚至可能略有上升。原因又是，現在已經是年底了。沒有人願意在進入或結束這一年時庫存過多。因此，我們假設這與較少的市場動態和更多的庫存管理動態有關。

And especially, by the way, understanding Brian, that this is a product that is relatively expensive. And Once you have availability in the market and the distributors know that the suppliers do have availability and the availability is relatively close to them. They know that they can get sometimes better is within days, days try to shift a little bit the load at the end of the year because of their financials and the way that they look to the vendors or to the manufacturers themselves.

順便說一句，據布萊恩了解，這是一種相對昂貴的產品。一旦你在市場上有可用性，並且分銷商知道供應商確實有可用性，並且可用性與他們相對接近。他們知道，有時幾天之內他們就能變得更好，幾天后，由於他們的財務狀況以及他們對供應商或製造商本身的看法，他們會在年底嘗試稍微轉移一些負擔。

I would say that, at least from a -- if I would take not one or two quarters, but let's say, like 2 or 3 quarters ahead, the phenomena is going to be of a growth inventory pattern rather than declining or stabilizing one. It's just that, again, there is a little bit of play where end of the year is determining factor.

我想說，至少從——如果我不選擇一兩個季度，而是假設未來兩到三個季度，這種現象將是庫存增長模式，而不是下降或穩定。只是，再次強調，年底是決定因素。

On the margins, actually, here, it's -- again, it's a little bit of a different situation. The first thing is that we are going to ship much more inverters that are 3-phase commercial inverters during Q3 and Q4. This is the product that is mostly missing in Europe, and this is the product that is usually carrying the lowest gross margins of our inverters compared to any other product except for batteries, by the way.

實際上，在邊緣，情況又有點不同。首先，我們將在第三季度和第四季度出貨更多的三相商用逆變器。這是歐洲最缺少的產品，順便說一句，與除電池之外的任何其他產品相比，這種產品通常是我們逆變器毛利率最低的產品。

And the second thing is that when you couple the -- because of the characteristics of the installations, when you usually do two modules per one optimizer, actually, when you look at the gross margin of the entire solution, the optimizer is also contributing to a better gross margin on the entire solution than the inverter. The fact that now we're shipping not only more commercially inverters, but actually more inverters than optimizers in the overall mix, this has a bigger impact of this imbalance on the gross margin.

第二件事是，當您耦合時 - 由於安裝的特點，當您通常為每個優化器執行兩個模塊時，實際上，當您查看整個解決方案的毛利率時，優化器也有助於整個解決方案的毛利率比逆變器更好。事實上，現在我們不僅發貨了更多的商用逆變器，而且實際上在整體組合中逆變器的數量比優化器的數量還要多，這種不平衡對毛利率的影響更大。

This is something that we expect to see into Q3, maybe into Q4. Because Q4, we already see very large amount of commercial inverters that we're going to ship in. So I would say that actually, a major part of it will be more of the inverter rather than the air shipment. The air shipment, of course, is very expensive and is also substantial, and this is something that, again, we expect to go away during Q4. So I would say that these are the two major factors, and both of them are supposed to go away after Q4.

這是我們預計在第三季度甚至第四季度看到的情況。因為第四季度，我們已經看到我們將要運送大量的商用逆變器。所以我想說，實際上，其中的主要部分將更多地是逆變器而不是空運。當然，空運非常昂貴，而且數量也很大，我們再次預計這種情況會在第四季度消失。所以我想說，這是兩個主要因素，並且這兩個因素都應該在第四季度之後消失。

We'll take our next question from Philip Shen with ROTH MKM.

我們將回答 Philip Shen 和 ROTH MKM 提出的下一個問題。

We will next move on to Colin Rusch with Oppenheimer & Company.

接下來我們將轉向奧本海默公司的科林·魯什 (Colin Rusch)。

Can you talk a little bit about the R&D spend and how you're thinking about the relationship with Infineon, anything that we should be attending to from a prepayment perspective, how that might streamline some of your R&D spending? Anything else in and around that agreement?

您能否談談研發支出以及您如何看待與英飛凌的關係，從預付款的角度來看我們應該關注哪些問題，以及如何簡化您的一些研發支出？該協議中和周圍還有其他內容嗎？

Yes, Colin. I think the R&D spending pattern is -- has not changed significantly. We're continuing to invest with mild growth as we're expanding into new areas, new products and continuing to develop next-generation products for the existing markets that we serve. The cooperation with Infineon has two elements to it. The first is assurance of supply to the components that we use in mass in our current product. So this is semiconductors and, most significantly, IGBTs that are used in every inverter that we do.

是的，科林。我認為研發支出模式沒有發生重大變化。隨著我們向新領域、新產品擴張，並繼續為我們服務的現有市場開發下一代產品，我們將繼續以溫和的增長方式進行投資。與英飛凌的合作有兩個要素。首先是保證我們當前產品中大量使用的組件的供應。因此，我們生產的每台逆變器中都使用半導體，最重要的是 IGBT。

That's the first layer of the cooperation with them, and that does not impact R&D, obviously. It's more about -- that's an operational view. The second element is working together on next-generation power semiconductors like silicon carbide and gallium nitride. And that is a long-term cooperation that is -- again, it's not a big swing on R&D investment one way or another.

這是與他們合作的第一層，顯然不會影響研發。它更多的是——這是一種操作視圖。第二個要素正在共同開發下一代功率半導體，如碳化矽和氮化鎵。這是一項長期合作，無論怎樣，這並不是研發投資的大幅波動。

It's preparing the future of our power semiconductors by working with one of the leading companies in this area as well as other companies that we work with. So it's a strategic partnership for us. Obviously, it's not something that has a direct impact on our R&D spend, but more on our road maps and assurance of supply.

通過與該領域的領先公司之一以及我們合作的其他公司合作，它正在為我們功率半導體的未來做好準備。所以這對我們來說是一種戰略合作夥伴關係。顯然，這不會對我們的研發支出產生直接影響，但更多的是對我們的路線圖和供應保證產生影響。

And then from a pricing perspective, obviously, we've gone through multiple rationalizations of the solar demand profile over the years. And you've adjusted pricing in various ways. I guess what would you need to see to start taking some price action in the market at some point to continue to take market share? And how you think about the importance of market share in terms of the long-term growth of the business?

從定價的角度來看，顯然，多年來我們對太陽能需求狀況進行了多次合理化。您還通過各種方式調整了定價。我想你需要看到什麼才能在某個時候開始在市場上採取一些價格行動以繼續佔據市場份額？您如何看待市場份額對於業務長期增長的重要性？

Yes. I think exactly as you described, there's a business-as-usual mode for the market and for being a technology and high-end supplier within the market, where we focus on differentiation and constantly make sure that our pricing is justified by the value and differentiation relative to our -- to our competitors.

是的。我認為正如您所描述的那樣，對於市場以及作為市場內的技術和高端供應商來說，有一種照常經營的模式，我們專注於差異化，並不斷確保我們的定價是基於價值和價值的合理性。相對於我們的競爭對手的差異化。

If you look historically in the market, there is a dynamic where on an annual basis, there's cost improvements that suppliers make. We invest a lot in cost reduction. There is volumes increase and that supports our cost reduction. And that in turn also enables some price reductions and making sure, again, that the gap relative to our competitors is justified by our value.

如果你回顧一下市場的歷史，就會發現供應商每年都會進行成本改進。我們在降低成本方面投入了大量資金。銷量增加，支持我們降低成本。這反過來又可以降低一些價格，並再次確保我們的價值證明了我們與競爭對手之間的差距是合理的。

So the last couple of years have been very disruptive or very different in terms of the dynamics. I do think that it's likely that next year, following some of the dynamics that we described over here, the market will be back in more of its normal type of situation where things are stable.

因此，過去幾年的動態非常具有破壞性或非常不同。我確實認為，明年，按照我們在這裡描述的一些動態，市場很可能會恢復到穩定的正常情況。

And then there is more activity in the area of cost reduction as well as more activity in the area of reasonable price reduction. So I don't rule out that happening sometime next year. Right now, we're still not in that type of environment, and we don't see the need to reduce prices and our prices have been stable recently.

然後，在降低成本方面有更多的活動，在合理降價方面也有更多的活動。所以我不排除明年某個時候發生這種情況。目前，我們還沒有處於那種環境中，我們認為沒有必要降低價格，而且我們的價格最近一直保持穩定。

And we'll go back to the line of Philip Shen with ROTH MKM.

我們將回到 Philip Shen 和 ROTH MKM 的系列。

Sorry about that. You talked about how pricing is stable. That said, are you open to price reductions in early 2024? And perhaps you can talk through it by geography and by end market? And also, can you talk through how many weeks of inventory maybe in the channel by end market and also by geography?

對於那個很抱歉。您談到了定價如何保持穩定。也就是說，您是否願意在 2024 年初降價？也許您可以按地域和終端市場來討論？另外，您能否按終端市場和地理位置談談渠道中可能有多少週的庫存？

Yes. So starting for the -- with the second part. At high level, it's probably in Europe, the inventory levels are still I would say, below a quarter, probably in the range of 2 months for some products like the 3-phase inverters, it's less than a month. For some products like single-phase inverters, it's probably more than 2 months. And historically, these are very reasonable inventory levels for the European market.

是的。所以從第二部分開始。在高水平上，可能是在歐洲，庫存水平仍然低於四分之一，對於某些產品（如三相逆變器）可能在兩個月的範圍內，不到一個月。對於一些產品，比如單相逆變器，可能需要2個月以上。從歷史上看，對於歐洲市場來說，這些庫存水平非常合理。

What's happening is what we described and I described before, is a dynamic where they're sitting on very, very large inventories modules and trying to control financials and in a way, maybe, call it, taking the risk or being on the edge in terms of the overall inventory levels that they are holding. But I think that the inventory levels in Europe are in that range and considered reasonable, maybe on the high end of reasonable. But considering the very high sales through and installation rates, it's not a major bubble, if you will. The U.S., probably the inventory levels are higher. They're closer to two quarter level.

正在發生的事情就是我們所描述的和我之前所描述的，是一種動態，他們坐在非常非常大的庫存模塊上，試圖控制財務狀況，也許可以稱之為冒險或處於邊緣。他們持有的總體庫存水平。但我認為歐洲的庫存水平在這個範圍內，被認為是合理的，也許是合理的高端。但考慮到非常高的銷量和安裝率，如果你願意的話，這並不是一個重大泡沫。美國的庫存水平可能更高。他們更接近四分之二的水平。

And as Ronen described, although we're seeing gradual uptick in installation rates and sell-through to work through that type of inventory will probably take a bit longer, unless there's a significant -- more significant uptick on installation rate as maybe as the NEM3.0 becomes more clear. We are seeing much more activity in terms of understanding the value of our DC coupled architecture for California, and I discussed what we -- the anticipation that we have that commercial will also begin to pick up. But if there isn't a major pickup in installation rates in the U.S., it will take a bit longer to work through that inventory.

正如 Ronen 所描述的，儘管我們看到安裝率和銷售量逐漸上升，但解決此類庫存可能需要更長的時間，除非安裝率出現顯著的、更顯著的上升，就像 NEM3 那樣.0 變得更加清晰。我們看到在了解加州直流耦合架構的價值方面有更多的活動，我討論了我們對商業廣告也將開始回升的預期。但如果美國的安裝率沒有大幅上升，那麼清理庫存將需要更長的時間。

In regards to the first question on pricing, going back to the answer to the previous -- to the previous question. During 2024 I think that this topic will be a relevant topic as we have a better view on our cost management structure and the market is in a more stable condition. So I can't say that we rule it out. At this point, it's just not something that is in discussion for the coming few months.

關於定價的第一個問題，回到上一個問題的答案。在 2024 年，我認為這個話題將是一個相關話題，因為我們對我們的成本管理結構有了更好的了解，而且市場狀況更加穩定。所以我不能說我們排除了這種可能性。目前，這不是未來幾個月討論的問題。

Great. Shifting over to C&I for a bit. I was wondering if you could update us on what the backlog is there. And then in terms of your financial targets, if the implied lower EBIT margin for Q3 is just operating deleverage? Just curious about that or if you think there's something more structural? Can you address whether or not the 2023 exit rate targets of 20% to 22% EBIT margins are still achievable?

偉大的。暫時轉向 C&I。我想知道您能否向我們介紹一下積壓的最新情況。然後就您的財務目標而言，第三季度隱含的較低息稅前利潤率是否只是經營去槓桿化？只是對此感到好奇，或者您是否認為還有更多結構性的東西？您能否談談 2023 年 20% 至 22% 息稅前利潤率的退出率目標是否仍然可以實現？

So first of all, when we look at the operating margin levels, we don't see anything structural in the way that our financials and our business is working at that point of time. So I would say that the majority of the less of a leverage that we're going to see in Q3, and again, Q4, we're not yet guiding. But this will be exactly the same phenomenon, it's actually related to the level of revenues rather than related to the level of anything that is happening on the margins or on the pricing level.

因此，首先，當我們查看營業利潤水平時，我們沒有看到我們的財務和業務在當時的運作方式有任何結構性的變化。因此，我想說，我們將在第三季度和第四季度看到的大部分槓桿率較低，我們尚未提供指導。但這將是完全相同的現象，它實際上與收入水平有關，而不是與利潤率或定價水平上發生的任何事情的水平有關。

Now in general, I can say that we're relatively restrictive on growing operating expenses in general. We've been and we've seen through various stages of the solar market. We do not see this stage, as was the case in Germany, let's say, or Europe in 2013 when market disappeared. Again, we see it more of a correction rather than a crisis that's going around the overall, I would call it, situation related to financing and a little bit of availability that exists there.

現在總的來說，我可以說我們對總體運營支出的增長相對限制。我們已經經歷了太陽能市場的各個階段。我們沒有看到這個階段，就像德國的情況，或者2013年歐洲的情況，當時市場消失了。同樣，我們認為這更多的是一次調整，而不是一場圍繞總體（我稱之為）與融資相關的情況和那裡存在的一點可用性的危機。

So the operating margin improvement model is exactly the same. It will resume exactly to be the same operating leverage once revenues are up. And I would say that the fourth quarter target will be achievable based on the revenues forecast that we will provide at that point of time. And if -- whether it will be this or not, it's only a revenue issue rather than anything else. And then so I apologize, but I lost the train of thoughts on your first part of the question.

所以營業利潤率改善模型是完全相同的。一旦收入增加，它將恢復到相同的運營槓桿。我想說，根據我們當時提供的收入預測，第四季度的目標是可以實現的。如果——無論是否是這樣，這只是一個收入問題，而不是其他任何問題。然後我道歉，但我對你問題的第一部分失去了思路。

No problem. It's on C&I backlog. Can you just give an update?

沒問題。它處於 C&I 積壓工作中。你能提供一下更新嗎？

Yes, sure. So on C&I backlog, I want to talk about, first of all, volumes and then on -- from a volume point of view, from the very beginning of the year, we have already delivered a volume that is very close to the entire last year. And the backlog that we have is more than what we have already delivered for this first half.

是的，當然。因此，關於工商業積壓，我想首先談談數量，然後是——從數量的角度來看，從今年年初開始，我們已經交付了非常接近去年全年的數量。年。我們的積壓訂單比上半年已經交付的數量還要多。

So when last quarter, we said that we had something, which, with a very simple math, you could see about 11 gigawatts this year. This is still a number that we see happening for this year. And again, based on our availability, we'll have more products, it can even be bigger.

因此，上個季度時，我們說我們有一些東西，通過一個非常簡單的數學計算，今年你可以看到大約 11 吉瓦。這仍然是我們今年看到的一個數字。同樣，根據我們的可用性，我們將提供更多產品，甚至可以更大。

From backlog buildup, on the other hand, this is something that is changing because as long as the distributors knew, installers knew that there is a lead time of sometimes 12 months for a product, they saw very good reasoning to put an order into place, binding orders as soon as possible to make sure that they get product. And sometimes, by the way, they did it simply because they knew that there is going to be a little bit of a location so they wanted to ensure their places.

另一方面，從積壓情況來看，這種情況正在發生變化，因為只要分銷商知道，安裝人員知道產品的交貨時間有時為 12 個月，他們就會看到非常好的理由來下訂單，盡快綁定訂單，確保他們收到產品。順便說一句，有時他們這樣做只是因為他們知道會有一點位置，所以他們想確保自己的位置。

Once we're moving into product availability in the field, and also, if you look at our inventory levels and finished goods inventory levels that are building, by the way, in a healthy way to reduce shipment costs, in the various regions, there is no reason for any particular distributor to put now a backlog into a year from now.

一旦我們進入現場的產品可用性，而且，如果你看看我們的庫存水平和成品庫存水平，順便說一句，以健康的方式減少運輸成本，在各個地區，有任何特定經銷商都沒有理由將積壓的訂單推遲到一年後。

So I can tell you that we have a solid backlog for Q3, of course, Q4 and even Q1. From Q2, where we still take orders sometimes, by the way, we see a smaller backlog. And I would estimate that over the next few quarters, we will see backlogs being shorter in nature compared to where they were a year ago. This is not necessarily indicative of the actual volumes, it simply means that we will turn more orders into revenues in the same quarter than maybe compared to the spoiled situation that we were a few quarters ago, where we knew before we started already that everything that we can manufacture, we can sell.

所以我可以告訴你，我們第三季度、當然第四季度甚至第一季度都有大量積壓訂單。從第二季度開始，我們有時仍然接受訂單，順便說一句，我們看到積壓的情況較小。我估計，在接下來的幾個季度中，我們將看到積壓數量與一年前相比會有所縮短。這並不一定代表實際數量，它只是意味著我們將在同一季度將更多的訂單轉化為收入，這可能比幾個季度前的糟糕情況相比，我們在開始之前就知道，一切都已經發生了。我們可以製造，我們可以銷售。

We'll take our next question from Andrew Percoco with Morgan Stanley.

我們將接受摩根士丹利的安德魯·佩科科 (Andrew Percoco) 提出的下一個問題。

I just had another follow-up question on the commercial segment. That the percentage of total megawatt sales continues to drive -- go higher quarter-over-quarter it sounds like that's going to be a driver of lower margins in the third quarter.

我剛剛還有一個關於商業領域的後續問題。總兆瓦銷量的百分比繼續推動——季度環比上升，聽起來這將成為第三季度利潤率下降的推動因素。

Have you disclosed what the margin level on some of those commercial customers look like on maybe on an average basis? Just trying to think through if commercial continues to grind higher in 4Q and into 2024, what we should think about for a potential floor on gross margins?

您是否透露過其中一些商業客戶的平均保證金水平是多少？只是想思考一下，如果商業業務在第四季度和 2024 年繼續走高，我們應該考慮什麼潛在的毛利率下限？

Sure. So I'll start by, first of all, a little bit of the numbers. We used to say that, usually, commercial margins were 500 to 700 basis points lower than residential margins, and this is, by the way, still the case, dependent on the size of the installation, where, usually, when we have a -- the bigger the installation is, the lower the margin is on the product. So from that point of view, I think that it gives an answer.

當然。首先，我將從一些數字開始。我們過去常常說，商業利潤率通常比住宅利潤率低 500 到 700 個基點，順便說一句，情況仍然如此，具體取決於安裝的規模，通常，當我們有 - - 安裝規模越大，產品的利潤就越低。所以從這個角度來看，我認為它給出了答案。

We also, by the way, need to remember that not all 3-phase inverters that we're shipping are commercial because Europe, and especially Germany, Austria, Switzerland, are markets that 3-phase markets where we sell 3-phase inverters. And again, most of our shortages today are in 3-phase, both in commercial and residential.

順便說一句，我們還需要記住，並非我們運輸的所有三相逆變器都是商業的，因為歐洲，尤其是德國、奧地利、瑞士，是我們銷售三相逆變器的三相市場。再說一次，我們今天的大部分短缺都分為三個階段，無論是商業還是住宅。

I would like to add one more thing, and this is that, yes, of course, the more commercial you see, the lower the gross margins. But at the same time, usually because of the fact that these are installations that are bigger, their contribution to the operating margin is close to similar to what you see in residential, simply because they draw with them much less operating expenses. So while you do see usually lower gross margin, you can see almost similar operating profit when it comes to these products specifically.

我還想補充一件事，那就是，是的，當然，你看到的商業化程度越高，毛利率就越低。但與此同時，通常由於這些裝置規模較大，它們對營業利潤率的貢獻與住宅中所看到的相似，僅僅是因為它們帶來的運營費用要少得多。因此，雖然您確實看到通常較低的毛利率，但當具體涉及這些產品時，您可以看到幾乎相似的營業利潤。

Got it. That's helpful context. And maybe just to follow-up, and apologies if I missed the answer to this. But have you broken down what your expectation is in the third quarter on your solar revenue, specifically between Europe and the U.S. in terms of quarter-over-quarter trends?

知道了。這是有用的背景。也許只是為了跟進，如果我錯過了這個問題的答案，我深表歉意。但是，您是否詳細分析了第三季度太陽能收入的預期，特別是歐洲和美國之間的季度環比趨勢？

No, we usually don't break it on a forward-looking basis.

不，我們通常不會前瞻性地打破它。

We'll take our next question from Jordan Levy with Truist Securities.

我們將接受 Truist Securities 的 Jordan Levy 提出的下一個問題。

Most of my questions are answered, but maybe I'll just ask sort of thinking on the progression on the battery side. The first, kind of on the performance of the current battery state. As you ship them, volumes ramp. And then maybe looking out into next year, as you roll out some of the new initiatives there, and just an updated thought there.

我的大部分問題都得到了解答，但也許我只會問一些關於電池方面進展的想法。第一個是關於當前電池狀態的性能。當您運送它們時，數量就會增加。然後也許展望明年，當你在那裡推出一些新舉措時，只是更新一下想法。

Yes. Sorry, we didn't hear you that great. But if I understand correctly, the question is about the performance of batteries. So specifically, batteries are not yet challenged in terms of lifetime and cycle. So it's hard to give a clear answer on those. It will take a few more years. From the -- the 2 parameters that I would consider a critical at point at this time is the first is ease of installation and commissioning time. And the second is reliability and failure rates. I think we are -- we're far from perfect. But I think we're doing good, and we're getting positive feedback from the market on both.

是的。抱歉，我們沒有聽到你說得那麼好。但如果我理解正確的話，問題是關於電池的性能。具體來說，電池在壽命和循環方面尚未受到挑戰。所以很難對這些給出明確的答案。還需要幾年的時間。我認為目前最關鍵的兩個參數是第一個是易於安裝和調試時間。其次是可靠性和故障率。我認為我們距離完美還很遠。但我認為我們做得很好，並且我們在這兩方面都得到了市場的積極反饋。

We've introduced continuous improvement on installation times, commissioning software, wizard that guides the installers through the installation process and are getting very good feedback from the market on that topic. And on reliability as well, our failure rates have been low and performance has been robust. So we're pretty satisfied in that area. And again, that's it, on lifetime and cycles, there's still -- it will take some time until that picture is clear.

我們不斷改進安裝時間、調試軟件、指導安裝人員完成安裝過程的嚮導，並從市場上獲得了有關該主題的非常好的反饋。在可靠性方面，我們的故障率很低，性能也很強勁。所以我們對這個領域非常滿意。再說一次，就是這樣，在生命週期和周期方面，仍然需要一些時間才能讓情況變得清晰。

We'll take our next question from Corinne Blanchard with Deutsche Bank.

我們將回答德意志銀行科琳·布蘭查德 (Corinne Blanchard) 提出的下一個問題。

Maybe as a follow-up. So you mentioned having probably two quarters or to clean the channel in the U.S. But I think at the beginning of the call, you mentioned that the sell-through of your products did increase by 10% this quarter. So I just wanted to clarify this, and then I will have a follow-up on the battery side after.

也許作為後續行動。所以你提到可能需要兩個季度或清理美國的渠道。但我認為在電話會議開始時，你提到你的產品的銷量本季度確實增加了 10%。所以我只是想澄清這一點，然後我會在電池方面進行跟進。

Yes. I think, again, it's a bit about magnitude. So we are seeing a positive indicator, I would say, of sell-through by our distributors that has increased in the U.S. by 10% quarter-over-quarter. But as I described, I think the inventory levels are still such that this is not a sufficient enough increase to drain the inventories quickly.

是的。我再次認為，這與規模有關。因此，我想說，我們看到了一個積極的指標，即美國經銷商的銷量環比增長了 10%。但正如我所描述的，我認為庫存水平仍然如此，這不足以迅速耗盡庫存。

So either it will take a bit longer for the inventories to decline, unless this is an indicator that will continue to improve, and sell-through and installation rates will go much higher. But at the current rate, it will take at least a couple of quarters to get through the inventory.

因此，要么庫存下降需要更長的時間，除非這是一個將繼續改善的指標，並且售出率和安裝率將會更高。但按照目前的速度，至少需要幾個季度才能清理完庫存。

Okay. Makes sense. And then the follow-up on the battery. Can you just -- and maybe I missed it, so I apologize if I did. But can you just give like a quick update maybe on Sella 2 and where you trend? And where do you see the pricing on battery going over the next 12 months or so?

好的。說得通。然後是電池的後續。你能不能——也許我錯過了，所以如果我錯過了，我深表歉意。但您能否快速介紹一下 Sella 2 的最新情況以及您的趨勢？您認為未來 12 個月左右的電池定價會怎樣？

Yes. So remember, Sella 2 is -- or our current residential battery offerings are not yet using sales from Sella 2. So Sella 2 is ramping. And as we described in the prepared remarks, we'll reach its full capacity by the end of the year and is in parallel selling sales and batteries for other applications.

是的。所以請記住，Sella 2 是——或者我們當前的住宅電池產品尚未使用 Sella 2 的銷售。因此，Sella 2 正在加速發展。正如我們在準備好的評論中所述，我們將在今年年底前達到滿負荷生產，並同時銷售其他應用的銷售和電池。

Meanwhile, they are also beginning to produce the type of cells that we intend to use in our next-generation batteries that will be introduced -- beginning to be introduced in the first half of next year. So gradually, the capacity of Sella 2 will move more to our own batteries. And that will give us flexibility also in terms of assurance of supply, also in terms of pricing and also in terms of technology of making sure that, really, the sales are optimized for the application and the system of our own batteries and inverters.

與此同時，他們也開始生產我們打算在明年上半年開始推出的下一代電池中使用的電池類型。所以逐漸地，Sella 2 的容量將更多地轉移到我們自己的電池上。這也將為我們在供應保證、定價以及確保銷售針對我們自己的電池和逆變器的應用和系統進行優化的技術方面提供靈活性。

So that's the picture regarding Sella 2. Regarding battery pricing, again, we're not seeing major trends. We did reduce slightly battery prices in -- on our single-phase batteries. But generally, we don't see additional major shifts on battery pricing in the coming couple of quarters.

這就是 Sella 2 的情況。關於電池定價，我們再次沒有看到主要趨勢。我們確實略微降低了單相電池的電池價格。但總的來說，我們認為未來幾個季度電池定價不會發生其他重大變化。

We'll take our next question from Julien Dumoulin-Smith with Bank of America.

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

Excellent. Appreciate it. Just following up on a few different comments here. Actually, first off, if I can, 45x, just would love to get an update here on that front. What percent of the overall production as you think ramping into '24 do you think could ultimately qualify to? What extent could you ultimately leverage even European volume to take advantage of 45x? I just wanted to make sure we double back to that as we get some final clarity here on that front, first off, and then I got a follow-up on the margin conversation.

出色的。欣賞它。只是在這裡跟進一些不同的評論。實際上，首先，如果可以的話，45x，我很想在這方面獲得更新。您認為進入 24 世紀後，您認為最終有資格達到總產量的百分之多少？您最終可以在多大程度上利用歐洲的成交量來利用 45 倍的優勢？我只是想確保我們再次回到這一點，因為我們首先在這方面得到了一些最終的澄清，然後我得到了關於保證金對話的後續跟進。

So as I described, we're starting off with inverter manufacturing that will be -- already, we will be delivering inverters that qualify for 45x in the current quarter. But they won't be significant from a financial point of view. And in the fourth quarter, we will be delivering more than 30,000 inverters, and that's when it will begin to have an impact.

正如我所描述的，我們從逆變器製造開始，我們將在本季度交付符合 45x 要求的逆變器。但從財務角度來看，它們並不重要。在第四季度，我們將交付超過 30,000 台逆變器，那時它將開始產生影響。

We intend to continue to ramp, of course, into 2024 and optimize our manufacturing to the mix and ramp initially, of course, to satisfy the U.S. demand. After we reach that milestone, and we'll continue to add capacity for other purposes, assuming it can -- we can benefit from the same incentives for the regions, but that's still going to take time. And by then, I think a lot of the IRA regulations will be more clear in terms of what is possible and what is not.

當然，我們打算在 2024 年繼續擴大產能，並首先優化我們的製造組合和產能，以滿足美國的需求。在我們達到這一里程碑之後，我們將繼續增加用於其他目的的容量，假設可以的話——我們可以從各地區的相同激勵措施中受益，但這仍然需要時間。到那時，我認為 IRA 的許多法規將更加明確什麼是可能的，什麼是不可能的。

Got it. So it sounds somewhat dynamic, looking to scale off the 30,000 units in 4Q, but the plan, especially as you think about the C&I compliance is still in [influx], it seems like. But if I can actually jump back to the margin question and the conversation on that for real quickly. Just to clarify earlier, right? You talked about this inventory issue persisting on the residential side for some quarters here. But obviously, the C&I looks much healthier.

知道了。因此，這聽起來有些動態，希望在第四季度縮減 30,000 台，但該計劃，尤其是考慮到 C&I 合規性仍然在[湧入]，看起來是這樣。但如果我真的能很快跳回保證金問題並就此進行對話。只是為了早點澄清，對吧？您在這裡談到了住宅方面持續存在的庫存問題。但顯然，C&I 看起來更加健康。

How do you think about the target margin going back to the earlier 20% to 22% as you see or at least as you seem to imply that '24 is going to see materially higher C&I contributions as a percent of the total mix? But yes, and I don't want to read too far into that.

您如何看待目標利潤率回到之前的 20% 至 22%，正如您所看到的，或者至少您似乎暗示，24 年 C&I 貢獻佔總組合的百分比將大幅提高？但是，是的，我不想對此了解太多。

So again, yes, to see 2024 because we were also surprised a little bit by the second half of '23. But I would say that the dynamic should be as follows. What we see right now, especially in Q3 and Q4 is the fact that the U.S. market that is correcting right now, which is usually characterized with high resi and higher margins, by the way, compared to other regions, is slowing down very much, which, of course, impact negatively the margin.

再說一遍，是的，我們期待 2024 年，因為我們對 23 年下半年也感到有點驚訝。但我想說，動態應該如下。我們現在看到的事實是，特別是在第三季度和第四季度，美國市場目前正在調整，通常以高收益和較高利潤率為特徵，順便說一句，與其他地區相比，正在放緩很多，當然，這會對利潤產生負面影響。

And at the same time, Europe is growing and the commercial side is also growing. And this is also something that takes us a little bit down because the portion of commercial compared to residential in our overall mix, at least in Q3, Q4, is higher than we anticipated or anticipate to see. If you combine these two, yes, the expectation should be that, in 2024, where we believe that, first of all, Europe will come back to course -- course much quicker than the United States.

與此同時，歐洲在發展，商業方面也在發展。這也讓我們有點沮喪，因為在我們的整體組合中，商業與住宅的比例，至少在第三季度、第四季度，高於我們的預期或預期。如果你把這兩者結合起來，是的，我們的預期應該是，到 2024 年，我們相信，首先，歐洲將回到正軌——比美國快得多。

And we will also see, of course, again, there an increase in residential, plus the fact that the U.S. market that contributes to margin very nicely is also going to go up within, I don't know, 2, 3, 4 quarters, but this is still within '24. Yes, we do expect the '24 margins should come back to levels that we've seen at least in the last quarters.

當然，我們還將再次看到住宅市場的增長，加上美國市場對利潤率的貢獻非常大，我不知道，在 2、3、4 個季度內也會出現增長，但這仍在 '24 之內。是的，我們確實預計 24 年的利潤率應該會恢復到至少在過去幾個季度看到的水平。

With that said, again, the major ace is going to be here, batteries, because we do see that battery prices continue to go down at least right now. And as we've mentioned before, batteries target gross margin should be around 25%. So even if today or in some quarters, it's higher than this, I'm not sure that this will persist.

話雖如此，主要的王牌將在這裡，電池，因為我們確實看到電池價格至少現在繼續下降。正如我們之前提到的，電池的目標毛利率應該在 25% 左右。因此，即使今天或某些季度高於這個水平，我也不確定這種情況會持續下去。

So I would cautiously say that should be, of course, first of all, back in the model, by the way, which we also believe that this may be the case even this year as well for the next two quarters. And second is that, yes, there are some drivers that suggest that '24 can be on the upside part of it rather than on the downside part of it.

因此，我會謹慎地說，當然，首先應該回到模型中，順便說一句，我們也相信，即使是今年，也可能是未來兩個季度的情況。其次，是的，有一些驅動因素表明 24 可能是它的上行部分，而不是下行部分。

Fair enough. And actually, 45x, any expectations there, just to go back that far?

很公平。事實上，45x，有什麼期望，只是為了回到那麼遠嗎？

So I'm not sure where the expectations are, but at least from a -- as we said, we believe that the $0.065 is something that we have already in our pockets. So everything that will manufacture this year will be at least the $0.065. We believe that we will retain at least 50% of these to our margins given the fact that manufacturing in the U.S. is a little bit more expensive.

所以我不確定期望在哪裡，但至少——正如我們所說，我們相信 0.065 美元是我們已經在口袋裡的東西。因此，今年生產的所有產品的價格將至少為 0.065 美元。我們相信，鑑於美國的製造成本稍高一些，我們將保留至少 50% 的利潤。

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

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

One question. So maybe just at a higher level, just given the increasing availability of equipment supply, do you think that the distributors' definition of normal is going to structurally decline? Or do you think -- just given some of these cash flow dynamics?

一個問題。因此，也許在更高的層面上，考慮到設備供應的可用性不斷增加，您是否認為經銷商對正常的定義會結構性下降？或者您認為——僅考慮到其中一些現金流動態？

Or do you think this is more of a temporary thing, where, if they thought to your point, two months was normal before. By the time you get back to 2024, that's what they define as normal? Or does that two months become a month or half a month? Just want to get some sense of how you think about distributor thought process and cash flow dynamics, et cetera.

或者你認為這只是暫時的事情，如果他們認為你的觀點如此，兩個月之前是正常的。當你回到 2024 年時，這就是他們定義的正常嗎？還是那兩個月變成了一個月或者半個月？只是想了解一下您如何看待分銷商的思維過程和現金流動態等。

So what I'm saying is based on experience and the conversations that we had with distributors recently and -- but it could be different. But our judgment would be that, at some point, it goes back to the type of dynamics that we've seen in the past. If you look today, following the period of shortages, first of all, also installers are holding inventory today, which is the phenomena that usually installers don't want to hold inventory.

所以我所說的是基於經驗以及我們最近與分銷商的對話 - 但情況可能會有所不同。但我們的判斷是，在某些時候，它會回到我們過去看到的動態類型。如果你今天看，在短缺時期之後，首先，今天安裝商也持有庫存，這是通常安裝商不想持有庫存的現象。

So -- and then on top of that, and the picture of how much inventory installers are actually holding is not clear. On top of that, the distributors, they're carrying 7, 8, 9 types of inverters, a similar number of module suppliers for each one, they're holding inventory, many part numbers. It's really and their interest and their classical behavior to bring it down and to have a much smaller line card and much more control.

因此，最重要的是，安裝商實際持有多少庫存的情況尚不清楚。最重要的是，分銷商攜帶 7、8、9 種類型的逆變器，每種逆變器的模塊供應商數量相似，他們持有庫存和許多零件號。這確實是他們的興趣和他們的傳統行為來降低它並擁有更小的線路卡和更多的控制權。

So -- and then -- so in that type of environment where installers don't hold inventory anymore, distributors hold a limited portfolio of products, even though the suppliers and the equipment manufacturers will have availability, it's still, I believe, we'll go back to the classical model of holding in the range of a quarter worth of inventory within the distribution channel, give or take, depending on the type of product and dynamics. But I think that, that's likely going to be the steady state that the channels will return to following this adjustment and the amount of time it takes.

因此，在安裝人員不再持有庫存的環境中，分銷商持有的產品組合有限，即使供應商和設備製造商有可用性，我相信我們仍然會這樣做。我們將回到經典模型，即在分銷渠道內持有四分之一的庫存，根據產品類型和動態，給予或接受。但我認為，這很可能是渠道在這次調整和所需時間之後恢復到的穩定狀態。

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

我們將接受古根海姆合夥人約瑟夫·奧沙提出的下一個問題。

We spent a bunch of time talking about what the inventory drawdown might look like, in particular, in Europe. But as we enter next year, it does seem that we have a few policy headwinds, in particular in Southern Europe. So I'm just wondering, I know it's really if you can opine what you see the demand picture looking like early next year as we come out of this inventory correction in Europe.

我們花了很多時間討論庫存減少的情況，特別是在歐洲。但當我們進入明年時，我們似乎確實遇到了一些政策阻力，特別是在南歐。所以我只是想知道，我知道，當我們結束歐洲庫存調整時，您是否能對明年年初的需求情況發表意見。

Yes, yes. Thanks for the question. Actually, our -- just a few data points. Our installation rates and take Italy, for example, right now are higher than they were a year ago despite the fact that some of the programs have changed and some of the installations are less lucrative for the homeowners. So we're not seeing the policy changes having in the countries where there are what you would consider maybe negative policy changes having an impact.

是的是的。謝謝你的提問。實際上，我們的——只是一些數據點。以意大利為例，儘管有些計劃已經改變，而且有些安裝對房主來說利潤較低，但現在的安裝率仍高於一年前。因此，我們沒有看到那些您認為可能產生影響的負面政策變化的國家發生政策變化。

And I think it's an opportunity also to explain a little bit more what Europe is. So you have the large markets like the German market where I mentioned that in 2022, it was 7.5 gigawatts. And this year is going -- expected to be somewhere between 10 to 12 gigawatts of installations and to continue to increase into 2024. And in parallel to that, you have all kinds of different-sized markets with different type of environment.

我認為這也是一個進一步解釋歐洲是什麼的機會。所以你有像德國市場這樣的大市場，我提到 2022 年，它的裝機容量將達到 7.5 吉瓦。今年預計安裝量將在 10 到 12 吉瓦之間，並且到 2024 年將繼續增加。與此同時，還有各種不同規模的市場和不同類型的環境。

And just as an example, in the prepared remarks, Ronen mentioned Slovenia. We -- our revenue in Slovenia in 2022 was EUR 25 million. In 2023, our revenue in a country like Slovenia is expected to be in the range of EUR 70 million to EUR 80 million annually. So these small markets that are evolving, they're not so small. And there are not many, but there are multiple such markets.

舉個例子，羅南在準備好的發言中提到了斯洛文尼亞。 2022 年，我們在斯洛文尼亞的收入為 2500 萬歐元。到 2023 年，我們在斯洛文尼亞這樣的國家的收入預計每年將在 7000 萬歐元至 8000 萬歐元之間。因此，這些正在發展的小市場並不那麼小。而且這樣的市場不多，但有多個。

So all in all, again, things can change, but looking at the European landscape, at least for us, and considering our position in many of these large, small and midsized markets is -- we're very optimistic still about the dynamics in the European market going into 2024.

因此，總而言之，事情可能會發生變化，但看看歐洲的格局，至少對我們來說，並考慮到我們在許多大型、小型和中型市場中的地位，我們仍然對歐洲的動態非常樂觀。歐洲市場進入2024年。

We'll take our next question from Vikram Bagri with Citi.

我們將回答花旗銀行 Vikram Bagri 的下一個問題。

Ron, first off, you mentioned a substantial cash buildup or generation in the next few quarters. Can you talk about capital allocation and particularly about share repurchases that's in the budget?

羅恩，首先，您提到未來幾個季度將有大量現金積累或產生。您能談談預算中的資本配置，特別是股票回購嗎？

So in general, we do not have plans for this right now. We do experience right now because of the phenomenon that replace -- that explained a little bit later, a longer cash-creation cycle. And this is something that will start to play out in Q3, simply given the fact that we are starting to reduce inventories and collection is going to be a little bit faster.

所以總的來說，我們現在沒有這方面的計劃。我們現在確實經歷過這種現象，因為出現了更長的現金創造週期（稍後對此進行了解釋）。這將在第三季度開始顯現，因為我們開始減少庫存，並且收集速度會更快一些。

With that said, we still believe, and this is why we also raised capital last year, is that there are opportunities out there to present faster growth and to present a much more comprehensive growth. We do not believe that we have exhausted these opportunities. We're still reviewing them. Some of them are being due diligence these days as well.

話雖如此，我們仍然相信，這就是我們去年也籌集資金的原因，那就是存在實現更快增長和更全面增長的機會。我們不認為我們已經用盡了這些機會。我們仍在審查它們。他們中的一些人最近也在進行盡職調查。

And at least, at this point, we believe that there is much better creation of value to investors by acquiring companies, building the business and building a portfolio rather than just returning it to the investors. Once -- by the way, we feel that this will not be the case, we will surely consider this, but we don't have any religion against it. But I believe that opportunities are going to be created, I believe, in the near term to use this cash.

至少在這一點上，我們相信通過收購公司、建立業務和建立投資組合，可以為投資者創造更好的價值，而不僅僅是將其返還給投資者。順便說一句，一旦我們覺得情況不會如此，我們肯定會考慮這一點，但我們沒有任何宗教反對它。但我相信，短期內將會創造使用這筆現金的機會。

And my follow-up is on inventory, again, the hundredth question on the same topic. I apologize if this has been answered. Can you provide the magnitude or at least cadence of rebalancing in third and fourth quarter? Ron, you mentioned in your prepared remarks, U.S. -- the shipments were down 29%, but the sell-through rose more than 10%. So inventories in the U.S., it seems like, are already down more than 30% and are still manageable.

我的後續行動是關於庫存的，同樣是關於同一主題的第一百個問題。如果這個問題得到解答，我深表歉意。您能否提供第三和第四季度再平衡的規模或至少節奏？ Ron，您在準備好的發言中提到，美國的出貨量下降了 29%，但銷量卻增長了 10% 以上。因此，美國的庫存似乎已經下降了 30% 以上，並且仍處於可控範圍內。

Your comments on Europe, it sounds like, the inventory rebalancing required is not -- the magnitude is not that big. So it seems like most of the rebalancing happens in third quarter. So the balancing in fourth quarter is more dependent on your projected demand and sort of borne out of caution, and it might not happen. So if you can comment on the magnitude, if you can characterize what the impact on revenue is and the cadence. How much of the rebalancing happens in fourth quarter and third quarter?

您對歐洲的評論聽起來似乎不需要重新平衡庫存，規模並沒有那麼大。因此，似乎大部分重新平衡都發生在第三季度。因此，第四季度的平衡更多地取決於您預計的需求，並且有點出於謹慎，這可能不會發生。因此，如果您可以評論其規模，是否可以描述對收入的影響以及節奏。有多少再平衡發生在第四季度和第三季度？

I'm not sure that I can cover all of it because, again, we see multiple segments, multiple regions and multiple phenomenon such as the, again, Q4 seasonality in Europe, which is usually a big drawback compared to the fact that, as you've mentioned, and rightfully so, that we believe that the inventory corrections, at least in Europe, are going to be a little bit quicker.

我不確定我能否涵蓋所有內容，因為我們再次看到多個細分市場、多個地區和多種現象，例如歐洲第四季度的季節性，與以下事實相比，這通常是一個很大的缺點：您提到過，我們相信庫存調整（至少在歐洲）會更快一些，這是理所當然的。

In general, I would go again one by one. I'd say that in Europe, I think that, yes, the correction within the distributors should be relatively quick, given the fact that the inventories levels that Zvi mentioned before are not so high when it reflects inventory days while we still see very high -- record high point-of-sale data.

總的來說，我會一一再去。我想說的是，在歐洲，我認為，是的，分銷商內部的調整應該相對較快，因為 Zvi 之前提到的庫存水平在反映庫存天數時並沒有那麼高，而我們仍然看到很高——銷售點數據創歷史新高。

And the bigger question there is going to be, how will Q4 look like? And what is going to be, from a cash perspective, the appetite of the larger installers to continue and maintain -- sorry, distributors, continue and maintain inventories? That's, I think, the biggest question. Again, I would say that we're cautiously optimistic there, but I'm not sure that I have a good answer.

更大的問題是，第四季度會是什麼樣子？從現金的角度來看，較大的安裝商繼續和維持庫存的興趣是什麼？對不起，分銷商，繼續並維持庫存？我認為這是最大的問題。我再說一遍，我們對此持謹慎樂觀的態度，但我不確定我是否有一個好的答案。

In the U.S., your analysis is almost correct, other than the fact that we start from a relatively high level of inventory. So even though we decreased the shipment, when we look at the exiting point of the quarter, this is the time where Zvi mentioned that sometimes we've seen some distributors close to two quarters of inventory. This is actually during the quarter. And this is why we think that this is something that would take a little bit more time.

在美國，除了我們從相對較高的庫存水平開始這一事實之外，您的分析幾乎是正確的。因此，儘管我們減少了出貨量，但當我們查看本季度的退出點時，Zvi 提到有時我們會看到一些分銷商的庫存接近兩個季度。這實際上是在本季度。這就是為什麼我們認為這需要更多時間。

In general, we believe that since Europe is very strong for us, since Rest of World, by the way, continues to be very strong, this will be the thing that will -- and this is, by the way, together, today, close to 80% of our business, this will be the area that will be moving quicker from this kind of correction into more normalized patterns of orders where we think that the U.S. will lag, I would say, by, I don't know, maybe 2 or 3 quarters after Europe in this sense.

總的來說，我們相信，由於歐洲對我們來說非常強大，順便說一句，世界其他地區也繼續非常強大，這將是——順便說一句，今天一起，我們接近 80% 的業務，這將是一個將從這種修正更快轉向更正常化的訂單模式的領域，我認為美國將落後，我不知道，從這個意義上說，可能比歐洲晚兩三個季度。

And we will take our next question from Jonathan Kees with Daiwa.

我們將接受大和的 Jonathan Kees 提出的下一個問題。

I'll just ask one in the interest of time here. Just wanted to double-click on, you're seeing one of the trends for 2024, the third-party ownership. I mean when do you -- can you provide some more color? Is that something that has obviously a shift undertaking now?

為了節省時間，我就在這裡問一個。只需雙擊，您就會看到 2024 年的趨勢之一：第三方所有權。我的意思是你什麼時候——你能提供更多的顏色嗎？現在顯然有輪班工作嗎？

Do you see that being -- I guess you're anticipating that to be quite material in 2024? And more the first half, second half, and that you have a big offset for the higher interest rates? Yes, if you could just provide some more color about that, that would be great.

我想您預計這在 2024 年會變得相當重要，您認為這一點嗎？更多的是上半年、下半年，您對較高的利率有很大的抵消嗎？是的，如果你能提供更多關於這一點的顏色，那就太好了。

Yes. This is -- it's a trend that a lot of people in the market anticipate for the reasons that you mentioned there are some benefits in the IRA for third-party ownership and as well as the impact of interest rates on loans. Some of the large installers that we speak to are beginning to see this -- the shift, although not in a dramatic manner yet. So I think it will take some time to build up.

是的。這是市場上很多人都預計的趨勢，因為您提到 IRA 對第三方所有權有一些好處，以及利率對貸款的影響。我們採訪過的一些大型安裝商已經開始看到這一點——這種轉變，儘管還沒有以戲劇性的方式發生。所以我認為這需要一些時間來建立。

And then, of course, that refers to the origination. So that's at the time that the consumer closed the contract for that to move through to purchases and installations takes a little bit longer. So we're not seeing anything rapid happening in this regard, but there is a trend in that direction that is expected by the people. We don't have any special visibility in this. So it's more what we read and hear in the market is expected to be a meaningful shift from loan to third-party ownership to lease.

當然，這指的是起源。因此，在消費者簽訂合同的時候，購買和安裝需要更長的時間。因此，我們在這方面沒有看到任何迅速發生的事情，但有一種朝著人們期望的方向發展的趨勢。我們對此沒有任何特殊的了解。因此，我們在市場上讀到和聽到的更多信息預計將是從貸款到第三方所有權再到租賃的有意義的轉變。

And there are no further questions on the line at this time. So I'll turn the program to SolarEdge CEO, Zvi Lando, for closing comments.

目前線路上沒有其他問題。因此，我將把該計劃轉交給 SolarEdge 首席執行官 Zvi Lando 徵求結束意見。

Thank you. So in summary, we're pleased with our results this quarter, which demonstrate the advantages of our position across diverse markets and applications. So thank you all for joining us today, and have a good evening.

謝謝。總而言之，我們對本季度的業績感到滿意，這證明了我們在不同市場和應用中的地位優勢。感謝大家今天加入我們，祝大家晚上愉快。

This does conclude today's program. Thank you for your participation, and you may now disconnect.

今天的節目到此結束。感謝您的參與，您現在可以斷開連接。