Solaredge Technologies Inc (SEDG) 2024 Q4 法說會逐字稿

Welcome to the SolarEdge conference call for the fourth quarter and the year ended December 31, 2024. This call is being webcast live on the company's website at www.solaredge.com in the Investors section on the events calendar page.

歡迎參加 SolarEdge 2024 年 12 月 31 日結束的第四季及全年業績電話會議。本次電話會議正在本公司網站 www.solaredge.com 的「投資者」版塊的活動日曆頁面進行網路直播。

This call is the sole property and copyright of SolarEdge with all rights reserved in 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.

本通話內容為 SolarEdge 的專屬財產和版權，未經 SolarEdge 明確書面同意，禁止對本通話進行任何錄音、複製或傳輸，SolarEdge 保留所有權利。您可以造訪 SolarEdge Investor 網站的活動日曆頁面，收聽本次電話會議的網路直播回放。

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

現在我將把電話交給 SolarEdge 的投資者關係主管 J.B. Lowe。請開始。

Good morning. Thank you for joining us to discuss SolarEdge's operating results for the fourth quarter ended December 31, 2024, as well as the company's outlook for the first quarter of 2025.

早安.感謝您參加本次會議，共同探討 SolarEdge 截至 2024 年 12 月 31 日的第四季營運業績，以及公司對 2025 年第一季的展望。

With me today are Shuki Nir, Chief Executive Officer; and Ariel Porat, Chief Financial Officer. Shuki will begin with a brief review of the results for the fourth quarter ended December 31, 2024. Ariel will review the financial results for the fourth quarter, followed by the company's outlook for the first quarter of 2025. We will then open the call for questions.

今天陪同我出席的有執行長舒基·尼爾和財務長阿里爾·波拉特。Shuki 將首先簡要回顧截至 2024 年 12 月 31 日的第四季業績。Ariel 將回顧第四季的財務業績，隨後展望該公司 2025 年第一季的業績。接下來我們將開放提問環節。

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 earnings press release, the slide presentation posted on our website ahead of this call today, and our filings with the SEC for a more complete description of such risks and uncertainties.

請注意，本次電話會議將包含前瞻性陳述，這些陳述涉及風險和不確定性，可能導致實際結果與管理層目前的預期有重大差異。我們建議您查看我們獲利新聞稿中包含的「安全港」聲明、今天電話會議之前在我們網站上發布的幻燈片簡報以及我們向美國證券交易委員會提交的文件，以更完整地了解此類風險和不確定性。

Please note, during this earnings call, we may refer to 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 US GAAP. The non-GAAP measures are being presented because we believe that they provide investors with a means of evaluating and understanding how the company's management evaluates the company's operating performance.

請注意，在本次財報電話會議上，我們可能會提及某些非GAAP指標，包括非GAAP淨利和非GAAP稀釋後每股淨收益，這些指標並非依照美國GAAP編制。之所以列出非GAAP指標，是因為我們認為這些指標能夠提供投資人一種評估和了解公司管理階層如何評估公司經營績效的方法。

Reconciliation of these measures can be found in our earnings press release, slide presentation, and SEC filings. These non-GAAP measures should not be considered in isolation from, as substitutes for, or superior to financial measures prepared in accordance with US GAAP.

這些措施的核對情況可在我們的獲利新聞稿、幻燈片簡報和提交給美國證券交易委員會的文件中找到。這些非GAAP指標不應與依照美國GAAP編製的財務指標割裂看待，也不應被視為替代或優於後者。

Listeners who do not have a copy of the quarter ended December 31, 2024, press release or the supplemental material may obtain a copy by visiting the Investor Relations section of the company's website.

沒有截至 2024 年 12 月 31 日的季度報告、新聞稿或補充資料的聽眾，可以造訪公司網站的投資者關係部分以取得副本。

I will now turn the call over to Shuki.

現在我將把通話轉給舒琪。

Thank you, J.B. Good morning, everyone, and thank you for joining today.

謝謝J.B.。大家早安，感謝各位今天的參與。

SolarEdge is a global leader in renewable energy solutions, recognized for its innovation, engineering excellence, and strong customer relationships. While we face challenges, the long-term potential in solar storage and energy management has never been stronger. That's why I feel both honored and excited to step into this leadership role at such a pivotal time.

SolarEdge是再生能源解決方案的全球領導者，以其創新、卓越的工程技術和強大的客戶關係而聞名。儘管我們面臨挑戰，但太陽能儲存和能源管理的長期潛力從未如此強大。正因如此，我感到無比榮幸和激動，能夠在這樣一個關鍵時刻擔任這一領導職務。

Since joining SolarEdge several months ago, I've spent my time diving into the business, listening to customers, and connecting with our global team. These experiences and my learnings have helped me form a clear understanding of where we are and what we need to do differently moving forward.

自從幾個月前加入 SolarEdge 以來，我一直致力於深入了解業務、傾聽客戶意見並與我們的全球團隊保持聯繫。這些經驗和我的學習幫助我清楚地了解了我們目前所處的位置以及我們未來需要做出哪些改變。

Everything I have seen and heard tells me we have significant strengths to build on. Demand for electricity is growing relentlessly. Solar is among the most cost-effective sources of energy, and SolarEdge is well positioned to lead this market due to the unique combination of our innovative technology, brilliant people, loyal distributors, over 70,000 in solar partners, and the millions of homes and businesses that benefit from solar systems on a daily basis.

我所見所聞都告訴我，我們擁有可以充分利用的巨大優勢。電力需求持續成長。太陽能是最具成本效益的能源之一，而 SolarEdge 憑藉其創新技術、傑出人才、忠誠的分銷商、超過 70,000 家太陽能合作夥伴以及每天受益於太陽能係統的數百萬家庭和企業的獨特組合，在該市場中佔據了領先地位。

Our financial results in recent quarters have been disappointing to our shareholders and employees, and it is clear we need to significantly change the way we operate to win back customers, extend our technological leadership, and return to growth. To drive this turnaround, I have identified four key priorities: strengthening our financials, regaining market share, accelerating innovation, and ramping up US manufacturing.

近幾季的財務業績令股東和員工失望，顯然我們需要大幅改變經營方式，才能贏回客戶，鞏固技術領先地位，重回成長軌道。為了推動這一轉變，我確定了四個關鍵優先事項：增強財務實力、重獲市場份額、加速創新以及提高美國製造業水準。

These initiatives will not only help us navigate the current environment but also position us for sustained long-term growth. A key pillar of our turnaround is strengthening our financials. In Q4, we generated approximately $26 million in free cash flow above our forecast and ahead of schedule. We expect to generate positive free cash flow in Q1 2025 and remain free cash flow positive for the year.

這些舉措不僅有助於我們應對當前的環境，而且還將使我們為持續的長期成長奠定基礎。我們扭虧為盈的關鍵支柱是加強財務狀況。第四季度，我們產生的自由現金流比預期高出約 2,600 萬美元，並且提前完成。我們預計在 2025 年第一季將產生正的自由現金流，並保持全年自由現金流為正。

This progress will be driven by disciplined cash management, inventory reductions, and a fast transition to US domestic content. Positive cash flow is an essential first step, but our turnaround includes a relentless focus on operational efficiency to drive our return to profitability.

這項進展將得益於嚴格的現金管理、庫存削減以及快速向美國國內產品轉型。正現金流是至關重要的第一步，但我們的扭虧為盈計畫也包括不懈地專注於營運效率，以推動我們恢復獲利。

In early 2025, we made a very difficult decision to make additional headcount and expense reduction. We will continue to implement cost-saving measures by focusing on core projects, markets, and product lines. We are evaluating the outlook for our immobility and SolarGik tracker businesses.

2025年初，我們做出了一個非常艱難的決定，即裁減人員和削減開支。我們將繼續透過專注於核心專案、市場和產品線來實施節省成本的措施。我們正在評估我們的行動行程和 SolarGik 追蹤器業務的前景。

Our second priority is regaining market share. As you may recall back in November 2024, we launched a campaign to partner with our channel customers in Europe and international markets. The objective is to bring more attractive offerings to installers, help our distribution partners reduce their inventory levels, attract new customers, and grow shares.

我們的第二要務是重新奪回市場佔有率。您可能還記得，在 2024 年 11 月，我們發起了一項活動，旨在與我們在歐洲和國際市場的通路客戶建立合作關係。我們的目標是為安裝商提供更具吸引力的產品，幫助我們的分銷合作夥伴降低庫存水平，吸引新客戶，並擴大市場份額。

More recently, we have simplified our go-to-market structure to enhance agility, flattened the organization to get closer to our customers. and strengthened our partnership with distributors and installers. Our sales team is now laser-focused on reinforcing our core value propositions.

最近，我們簡化了市場推廣結構以提高靈活性，扁平化了組織架構以更貼近客戶，並加強了與經銷商和安裝商的合作關係。我們的銷售團隊現在正全力以赴地強化我們的核心價值主張。

We are a technology company developing industry-leading hardware and software solutions that enable generation of more energy and increase the ROI of our customers. Our solutions include advanced safety and cybersecurity capabilities, which have become increasingly important in recent quarters.

我們是一家科技公司，致力於開發業界領先的硬體和軟體解決方案，以幫助客戶產生更多能源並提高投資報酬率。我們的解決方案包含先進的安全和網路安全功能，這些功能在最近幾季變得越來越重要。

Our value extends beyond just product. We've been heavily investing in delivering an excellent customer experience. We believe that our service and support organization stands out for its excellence in the industry with less than two minutes average waiting times at our worldwide call centers.

我們的價值不僅體現在產品上。我們一直大力投資，致力於提供卓越的客戶體驗。我們相信，我們的服務和支援機構在業界以卓越的品質脫穎而出，我們全球呼叫中心的平均等待時間不到兩分鐘。

Our third key priority for 2025 is accelerating innovation across both residential and commercial markets, ensuring we remain at the forefront of smart energy solutions. In residential, we continue to prioritize energy management software which we see as a key driver for future growth. We believe we are the hard vendor with one of the most sophisticated energy management software capabilities.

我們 2025 年的第三個重點優先事項是加速住宅和商業市場的創新，確保我們始終處於智慧能源解決方案的前沿。在住宅領域，我們繼續優先發展能源管理軟體，我們認為這是未來成長的關鍵驅動力。我們相信我們是實力雄厚的供應商，擁有最先進的能源管理軟體功能之一。

In Europe, we recently introduced the SolarEdge ONE Controller. This new product integrates third-party devices such as EV chargers and heat pumps into the SolarEdge home ecosystem, optimizing energy usage and maximizing savings.

最近，我們在歐洲推出了 SolarEdge ONE 控制器。這款新產品將電動車充電器和熱泵等第三方設備整合到 SolarEdge 家庭生態系統中，優化能源使用並最大限度地節省成本。

Moving to our next-generation residential portfolio called Nexus, which includes our most powerful residential inverter to date, a modular battery, and a meter cooler solution. We have just begun the alpha phase and are on track to deliver initial volumes of Nexus products during the fourth quarter of 2025.

我們將推出名為 Nexus 的下一代住宅產品組合，其中包括我們迄今為止功能最強大的住宅逆變器、模組化電池和電錶冷卻器解決方案。我們剛開始 alpha 階段，並預計在 2025 年第四季交付首批 Nexus 產品。

We believe that the Nexus solution will allow us to be more competitive in the marketplace. It generates more energy, shortens installation and commissioning times, addresses additional market segments, and reduces our cost structure.

我們相信，Nexus解決方案將使我們在市場上更具競爭力。它能產生更多能源，縮短安裝和調試時間，開拓更多市場領域，並降低我們的成本結構。

Moving to CNI, we are getting excellent traction with our commercial battery products. We have already sold this product in Germany, the Netherlands, Italy, the UK, France, Spain, the Czech Republic, Poland, Hungary, Taiwan, and South Africa. We see commercial storage as a strategic growth area for us, and here again, customers are choosing our storage product in particular because of the energy management solution we offer around it.

轉向CNI後，我們的商用電池產品獲得了極佳的市場反應。我們曾在德國、荷蘭、義大利、英國、法國、西班牙、捷克、波蘭、匈牙利、台灣和南非銷售過該產品。我們視商用儲能為我們的策略成長領域，而客戶選擇我們的儲能產品，正是因為我們圍繞著該產品提供的能源管理解決方案。

Our fourth focus area for 2025 is ramping up our US manufacturing. We are now manufacturing inverters, optimizers, and batteries in the US and have already created nearly 2,000 jobs at our facilities. Our Austin facility has ramped up to a run rate capacity of over 70,000 inverters per quarter, and our Florida facility is on track to reach a run rate capacity of 2 million optimizers per quarter in Q1 '25.

我們2025年的第四個重點領域是加大美國製造業投入。我們現在在美國生產逆變器、優化器和電池，並且已經在我們的工廠創造了近 2000 個工作機會。我們在奧斯汀的工廠產能已提升至每季超過 70,000 台逆變器，而我們在佛羅裡達的工廠預計在 2025 年第一季達到每季 200 萬台優化器的產能。

We have started reaping the benefits from this buildout by offering our customers a reliable supply of domestic content inverters, optimizers, and batteries. This allowed the signing of Safe Harbor agreements with two residential customers in late December, supporting them in their goal to lock in attractive project economics.

我們已開始從這項建設中獲益，為客戶提供可靠的國產逆變器、優化器和電池供應。這使得我們得以在 12 月下旬與兩戶住宅客戶簽署安全港協議，以支持他們實現鎖定具有吸引力的專案經濟效益的目標。

We've also started to ramp up our domestic content commercial inverter manufacturing, with initial volumes expected at the end of the first quarter. We recently signed a supply agreement with Summit Ridge Energy, one of the largest developers of CNI solar in the US. This agreement demonstrates the competitive advantage that our domestic content products will deliver, particularly in large-scale rooftop solar.

我們也已開始加大國內商用逆變器的生產力度，預計第一季末將達到初步產量。我們最近與 Summit Ridge Energy 簽署了一項供貨協議，該公司是美國最大的 CNI 太陽能開發商之一。該協議表明，我們的國產產品將帶來競爭優勢，尤其是在大規模屋頂太陽能領域。

Before handing over to Ariel to discuss the financials, I'll provide a high-level update on the regions. Our sales rule for Q4 was approximately $400 million. In North America, our sales rule was down 17% quarter over quarter. Our channel inventories here remained largely normalized. While there is additional uncertainty in the US market due to potential policy changes, the long-term underlying fundamentals of the solar market are healthy.

在將發言權交給 Ariel 討論財務狀況之前，我將先提供各地區的高層次最新情況。我們第四季的銷售額約為4億美元。在北美，我們的銷售額環比下降了 17%。我們這裡的渠道庫存基本上保持正常水準。儘管美國市場由於潛在的政策變化而存在額外的不確定性，但太陽能市場的長期基本面仍然健康。

In Europe, our sales rule was roughly flat quarter over quarter. The European market remains challenged due to continued macro headwinds, and we expect the vast majority of our distribution partners to reach normalized inventory levels by the end of Q2 2025.

在歐洲，我們的銷售額環比基本持平。由於宏觀經濟持續面臨不利因素，歐洲市場仍然面臨挑戰，我們預計到 2025 年第二季末，我們絕大多數的分銷合作夥伴將達到正常的庫存水準。

To summarize, we have to focus on what we can control. We have to get back to our roots of passion for innovation. We have to implement best-in-class execution across everything we do, and we have to make fast and sometimes tough decisions to rightsize the company. By doing so, we will accelerate our turnaround and position SolarEdge to reach its exciting full potential as a leader in solar, storage, and smart energy management in the years to come.

總而言之，我們必須專注於我們能夠控制的事情。我們必須重拾對創新的熱情。我們必須在所有工作中貫徹一流的執行力，並且必須迅速做出有時艱難的決定來調整公司規模。透過這樣做，我們將加快轉型步伐，使 SolarEdge 在未來幾年內充分發揮其在太陽能、儲能和智慧能源管理領域的領導地位，實現其令人興奮的全部潛力。

I look forward to sharing our progress with you in the quarters ahead. And with that, I will turn it over to Ariel.

我期待在接下來的幾個季度與大家分享我們的進展。接下來，我將把鏡頭交給艾瑞爾。

Thank you very much, Shuki, and good morning, everyone. As Shuki discussed, strengthening our financials and specifically working towards positive free cash flow generation is our top priority. In November, we sold the first tranche of 45X advanced manufacturing production credits. This first tranche was backed by inverters that were eligible for a $6.5 per lock credit.

非常感謝Shuki，大家早安。正如 Shuki 所說，加強財務狀況，特別是努力實現正向自由現金流，是我們的首要任務。11 月，我們售出了第一批 45X 先進製造生產積分。第一批資金由逆變器持有者提供，每鎖定一個帳戶可獲得 6.5 美元的信用額度。

In December, we sold the second tranche of 45X credits that were backed by both inverter and optimizers, making them eligible for the full $0.11 per watts credits. The liquidity provided by the sale of these credits has enhanced our cash position and has further strengthened our balance sheet. The sale of 45X credits is now a normal course of our business, and we will not report it separately in the future.

12 月，我們售出了第二批 45X 積分，這些積分由逆變器和優化器支持，因此有資格獲得每瓦 0.11 美元的全部積分。出售這些信貸所得的流動性增強了我們的現金狀況，並進一步加強了我們的資產負債表。出售 45X 積分現在是我們正常的業務流程，以後我們將不再單獨報告。

In terms of our expenses, we continued refocusing our business and further reducing costs. In November, we announced the closure of our energy storage division in Korea. In January, we made the difficult decision to further reduce headcount by approximately 400 employees worldwide. We intend to take further steps to rationalize our cost structure by focusing on core projects, concentrating our global footprint on profitable markets, and exiting non-strategic markets and product lines.

在支出方面，我們持續調整業務方向，進一步降低成本。11月，我們宣布關閉在韓國的儲能部門。今年一月，我們做出了一個艱難的決定，在全球進一步裁員約 400 人。我們打算採取進一步措施，透過專注於核心項目、將全球佈局集中於獲利市場以及退出非策略市場和產品線來合理化我們的成本結構。

Our target with these cost reduction measures is to lower our non-GAAP OpEx to a range of $85 million to $90 million per quarter by the end of 2025.

我們透過這些成本削減措施的目標是，到 2025 年底，將非 GAAP 營運支出降低到每季 8,500 萬美元至 9,000 萬美元之間。

Before reviewing the results of the fourth quarter, I would like to address two items that impacted our financials in Q4. First, we impaired and rolled off various assets during the quarter. Starting with inventory, this quarter, we wrote down $115 million of inventory, of which approximately $87 million net is related to our solar business. This is excess inventory on our balance sheet that we no longer expect to sell, given our expectation that the recovery in the European markets will take longer than anticipated.

在回顧第四季業績之前，我想先談談影響我們第四季財務狀況的兩件事。首先，我們在本季對各種資產進行了減損和註銷。從庫存說起，本季我們減記了 1.15 億美元的庫存，其中約 8,700 萬美元淨額與我們的太陽能業務有關。這是我們資產負債表上的過剩庫存，鑑於我們預計歐洲市場的復甦將比預期的時間更長，我們不再打算出售這些庫存。

The remaining $28 million which was excluded from non-GAAP, is related to both inventory and non-cancellable, non-returnable items that are related to our energy storage division in Korea. In addition, we wrote down and impaired $23 million of long-lived assets and other assets, all excluded from non-GAAP. The majority of this amount relates to impairment of PP&E and other assets of our Korea storage division.

剩餘的 2,800 萬美元（未計入非 GAAP 財務報表）與我們在韓國的儲能部門相關的庫存和不可取消、不可退貨的項目有關。此外，我們還減記了 2,300 萬美元的長期資產和其他資產，所有這些資產均不計入非公認會計準則。該金額的大部分與韓國倉儲部門的固定資產和其他資產的減損有關。

The second topic I would like to point out is that during the preparation of the audited financial statements and subsequent to filing the Form 10-Q for the third quarter of 2024, the company considered an amended agreement with a customer, which was signed on December 21, 2024.

我想指出的第二個問題是，在編制經審計的財務報表以及提交 2024 年第三季 10-Q 表格之後，公司考慮與客戶簽訂一份修訂協議，該協議於 2024 年 12 月 21 日簽署。

In connection with such amendments, the company determined it was appropriate to revise previously reported revenues and loans receivables with this customer in the amount of $25.5 million for the three and nine months ended September 30, 2024. The impact on the company's consolidated financial information as of September 30, 2024, was a reallocation of the $25.5 million of cash received in Q3 from the customer to a reduction of the loan and accordingly, a reduction of revenues.

鑑於上述修改，本公司決定適當修改先前報告的截至 2024 年 9 月 30 日止三個月和九個月期間該客戶的收入和應收貸款金額 2,550 萬美元。截至 2024 年 9 月 30 日，對公司合併財務資訊的影響是將第三季從客戶收到的 2,550 萬美元現金重新分配，用於減少貸款，因此收入也會相應減少。

The revision for the various line items appear in the earnings release, presentations, and supplemental tables. And now, I will go into the quarterly results.

各項數據的修訂情況已在收益報告、簡報及補充表格中公佈。接下來，我將介紹季度業績。

Total revenues for the fourth quarter were $196.2 million. Revenues from our solar segment were $189 million. Solar revenues from the US this quarter amounted to $114 million, representing 60% of our solar revenues. Solar revenues from Europe amounted to $44.8 million, representing 24% of our solar revenues. International market solar revenues amounted to $30.3 million, representing 16% of our total solar revenues.

第四季總營收為 1.962 億美元。我們的太陽能業務收入為 1.89 億美元。本季來自美國的太陽能收入為 1.14 億美元，占我們太陽能收入的 60%。來自歐洲的太陽能收入為 4,480 萬美元，占我們太陽能收入的 24%。國際市場太陽能收入達 3,030 萬美元，占我們太陽能總收入的 16%。

On a megawatt basis, we shipped 384 megawatts to the United States, 231 megawatts to Europe, and 280 megawatts to the international markets for approximately 895 megawatts of total shipment. 63% of total megawatt shipments this quarter were commercial and utility products, and the remaining 37% were residential.

以兆瓦計算，我們向美國交付了384兆瓦，向歐洲交付了231兆瓦，向國際市場交付了280兆瓦，總計約895兆瓦。本季總交付量中，63%為商業和公用事業產品，其餘37%為住宅產品。

In Q4, we shipped 130-megawatt hour of batteries with the majority shipped to Europe. ASP per watt, excluding battery shipments, was $20.8, up 2% from Q3. Higher pricing in the US and a higher mix of shipments to the US market more than offset our price reductions and promotions in Europe and international markets.

第四季度，我們交付了 130 兆瓦時的電池，其中大部分是運往歐洲。不包括電池出貨量，每瓦平均售價為 20.8 美元，比第三季上漲 2%。美國市場定價較高，對美國市場的出貨量佔比更高，這完全抵消了我們在歐洲和國際市場上的降價和促銷活動。

Our blended ASP per kilowatt-hour on all PV attached batteries was $262 in Q4, down from $317 in Q3. This decrease is largely due to price reductions and promotions, as well as a higher mix of non-US shipments. Revenues this quarter from our non-solar business amounted to $6.9 million. As we have announced the closure of our energy storage business in Korea, going forward, we will not report segments in our financial reporting.

第四季度，所有光伏附加電池的綜合平均售價為每千瓦時 262 美元，低於第三季的 317 美元。這一下降主要是由於降價和促銷活動，以及非美國貨運量佔比增加。本季非太陽能業務的營收為 690 萬美元。由於我們已經宣布關閉在韓國的儲能業務，今後我們將不再在財務報告中列示業務分部。

Consolidated GAAP gross margin for the quarter was a negative 57.2% compared to negative 309.1% in the previous quarter, largely impacted by the impairment charges and write downs taken in both Q3 and Q4. Non-GAAP consolidated gross margin this quarter was 39.5% compared to the negative 305% in Q3. This was largely impacted by the impairment charges and write-outs taken in both Q3 and Q4.

本季綜合GAAP毛利率為-57.2%，上一季為-309.1%，主要受第三季和第四季提列的減損費用和減記的影響。本季非GAAP合併毛利率為39.5%，第三季為-305%。這主要受到第三季和第四季提列的減損費用和沖銷的影響。

Excluding the net impairments and write downs of approximately $87 million, non-GAAP gross margins in Q4 would have been 4.8%, which was above our guidance range. Solar segment gross margin this quarter was 38.8% compared to the negative 285.4% in Q3. This was largely impacted by the impairment charges and write downs taken in both Q3 and Q4. Excluding the net impairments and write downs of approximately $87 million, solar segment gross margins in Q4 would have been 7.3%, which was above our guidance range.

如果排除約 8,700 萬美元的淨減損和減記，第四季的非 GAAP 毛利率將達到 4.8%，高於我們的預期範圍。本季太陽能業務的毛利率為 38.8%，而第三季為 -285.4%。這主要受到第三季和第四季提列的減損費用和減記的影響。如果排除約 8,700 萬美元的淨減損和沖銷，第四季太陽能業務的毛利率將達到 7.3%，高於我們的預期範圍。

On a non-GAAP basis, operating expenses for the fourth quarter were $106.8 million compared to $116.3 million in the previous quarter. GAAP operating loss in Q4 was $263.7 million compared to an operating loss of $1.11 billion in Q3. Non-GAAP operating loss for Q4 was $184.1 million compared to a non-GAAP operating loss of $833.6 million in Q3.

以非GAAP準則計算，第四季的營運費用為1.068億美元，上一季為1.163億美元。第四季 GAAP 營業虧損為 2.637 億美元，第三季營業虧損為 11.1 億美元。第四季非GAAP營業虧損為1.841億美元，第三季非GAAP營業虧損為8.336億美元。

GAAP net loss was $287.4 million in Q4 compared to a GAAP net loss of $1.23 billion in Q3. Our non-GAAP net loss was $202.5 million in Q4 compared to a non-GAAP net loss of $899.8 million in Q3. Net-net loss per share was $5 in Q4 compared to $21.58 in Q3. Non-GAAP net loss per share was $3.52 in Q4 compared to $15.78 in Q3.

第四季GAAP淨虧損為2.874億美元，第三季GAAP淨虧損為12.3億美元。第四季非GAAP淨虧損為2.025億美元，第三季非GAAP淨虧損為8.998億美元。第四季每股淨虧損為 5 美元，而第三季為 21.58 美元。第四季非GAAP每股淨虧損為3.52美元，而第三季為15.78美元。

Turning now to the balance sheet end of December 31, 2024. Cash, cash equivalents, restricted cash, bank deposits, restricted bank deposits, and investments were approximately $767 million. Net of debt, this amount was approximately $82 million. This quarter, cash provided by operating activities was approximately $38 million. Net of approximately $12 million in CapEx, free cash flow generated in the quarter was approximately $26 million.

現在就來看看截至 2024 年 12 月 31 日的資產負債表。現金、現金等價物、受限現金、銀行存款、受限銀行存款和投資約為 7.67 億美元。扣除債務後，該金額約為 8,200 萬美元。本季經營活動產生的現金流量約為 3,800 萬美元。扣除約 1,200 萬美元的資本支出後，本季產生的自由現金流約為 2,600 萬美元。

AR net decreased this quarter to $160.4 million compared to $239.4 million last quarter. Our inventory level, net of reserves, was $645.9 million compared to $798.4 million in the previous quarter. This figure is of course inclusive of the $115 million in impairments we took in inventory in Q4. During the quarter, we consumed roughly $90 million of finished goods.

本季應收帳款淨額減少至 1.604 億美元，而上季為 2.394 億美元。扣除儲備金後，我們的庫存水準為 6.459 億美元，而上一季為 7.984 億美元。這個數字當然包含了我們在第四季提列的 1.15 億美元存貨減損損失。本季度，我們消耗了約 9,000 萬美元的成品。

Turning now to our guidance for the first quarter of 2025, we are guiding revenues to be within the range of $195 million to $215 million. We expect non-GAAP gross margin to be within the range of 6% to 10%. We expect our non-GAAP operating expenses to be within the range of $98 million to $103 million. As Shuki mentioned, we expect to generate positive free cash flow in the first quarter.

現在來看看我們對 2025 年第一季的業績預期，我們預計營收將在 1.95 億美元至 2.15 億美元之間。我們預計非GAAP毛利率將在6%至10%的範圍內。我們預計非GAAP營運費用將在9,800萬美元至1.03億美元之間。正如Shuki所說，我們預計第一季將產生正的自由現金流。

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

現在我將把電話轉交給接線員，以便回答問題。

(Operator Instructions) Brian Lee, Goldman Sachs.

（操作說明）布萊恩李，高盛。

Hey guys, good morning, thanks for taking the questions. Kudos on the cash flow performance here. I guess, first question I had was on that topic, free cash flow positive in Q1. You guys are ahead of schedule. It looks like -- I think in the past you're talking about positive free cash flow in the first half of this year.

各位早安，感謝你們回答問題。現金流表現值得稱讚。我想，我的第一個問題就是關於這個主題，也就是第一季自由現金流為正。你們進度超前了。看起來──我想你之前說過，今年上半年會有正的自由現金流。

What level of free cash flow compared to Q4 should we be expecting in Q1? Should it be in that $20 million to $30 million positive range again? And then what's the sort of level expected for the full year? And then related to that kind of -- as you think about moving into the back half of the year you've got a debt maturity to address now that you're moving into free cash flow positive levels, kind of what's the update on the strategy around that? And then I have a follow-up.

與第四季相比，我們應該預期第一季的自由現金流達到什麼水準？是否應該再次達到2000萬至3000萬美元的正收益範圍？那麼，全年的預期水準大概是多少呢？然後，與此相關的是——當您考慮進入下半年時，您現在需要解決債務到期問題，而您的自由現金流已經轉正，那麼圍繞這一問題的策略有什麼最新進展？然後我還有一個後續問題。

Hi, Brian. Thank you very much for the question. Yeah, as you know, we're not guiding for the second half or for the full year, but we did want to say that we will be very cash flow positive. In terms of Q1, there are many moving parts, so we did not disclose how much will be the free cash flow, but we are certain it will be positive.

嗨，布萊恩。非常感謝您的提問。是的，正如您所知，我們沒有對下半年或全年業績做出預測，但我們確實想說，我們的現金流將非常強勁。就第一季而言，由於有許多變數，所以我們沒有透露自由現金流的具體數額，但我們確信它將是正數。

If we talk about our convert, we still have the same strategy that we had until now. If you remember, I'm sure you know that our convert has a zero-coupon bond. This is why currently our plan is to continue to wait and pay it out from the balance sheet because we know we have enough cash to do so. This is of course coupled with the fact that we've gone back to free cash flow generation even sooner than expected.

如果談到我們的轉換策略，我們仍然沿用先前的策略。如果你還記得的話，我相信你知道我們的轉換債券是零息債券。這就是為什麼我們目前的計劃是繼續等待，並從資產負債表中支付這筆款項，因為我們知道我們有足夠的現金來這樣做。當然，同時，我們恢復自由現金流的速度甚至比預期還要快。

Having said this, obviously, we're always assessing different options that are available in the market and we'll take the right decision at the right point in time. Thank you.

話雖如此，我們當然會不斷評估市場上各種可行的方案，並在適當的時機做出正確的決定。謝謝。

Okay, fair enough. And just a question on -- I think, Shuki, you mentioned $400 million of sell through, actual revenue recognition right now is running around half that level based on the Q4 results and the Q1 guide. So kind of what's the delta there? When do you expect to sort of have sell in kind of match up to sell through? Is it all just inventory in Europe?

好吧，這說得有道理。還有一個問題——Shuki，你提到銷售額為 4 億美元，但根據第四季度業績和第一季預期，目前實際收入確認金額約為該金額的一半。那麼，兩者之間的差距究竟有多大呢？你預計什麼時候能進行類似銷售洽談會之類的活動來促成交易？歐洲的庫存就全是這些嗎？

Or maybe walk us through kind of the cadence of having those sort of converge a bit and then I know you mentioned on Safe Harbor. Could you talk about the impact of Safe Harbor either on the results or for the balance of this year? Thank you.

或者，也許可以帶我們了解這些事情是如何逐漸融合的，然後我知道你提到了「安全港」。您能否談談「安全港」政策對業績或今年剩餘時間的影響？謝謝。

Thank you, Brian. So as it pertains to your first question, like you said, there is a gap between our revenue and the underlying POS, and the main reason for that is obviously the channel inventory levels that are in Europe. As we mentioned, our expectation is that most of the channel inventory in Europe is going to be cleared by the end of the second quarter. So we could expect that the sell-in and the sell-out are going to converge around that time.

謝謝你，布萊恩。所以，關於你的第一個問題，正如你所說，我們的收入和基礎 POS 之間存在差距，主要原因顯然是歐洲的通路庫存水準。正如我們之前提到的，我們預計歐洲大部分渠道庫存將在第二季末清理。因此我們可以預期，屆時買進量和賣出量將會趨於一致。

Obviously, as it changes from month to month and from distributor to distributor, but high-level speaking, that's going to be the direction. As for the Safe Harbor, as we mentioned before, we are not disclosing specific details about the Safe Harbor.

當然，這種情況每個月都會有所不同，而且不同的經銷商也會有不同的情況，但從整體來看，這將會是發展方向。至於安全港條款，正如我們之前提到的，我們不會透露有關安全港條款的具體細節。

Christine Cho, Barclays.

Christine Cho，巴克萊銀行。

Good morning. Thank you for taking my question. If I could just do a follow-up to that Safe Harbor question, in the cash flow statement I see that there was a little over $100 million in pre-payment slash deferred revenue. Is it reasonable to think that that was prepayments tied to Safe Harbor? Or is there anything else that could be in there that we should be aware about?

早安.感謝您回答我的問題。如果我能夠就那個安全港問題做一個後續說明，我在現金流量表中看到有略高於 1 億美元的預付款/遞延收入。認為那是與「安全港」條款相關的預付款是否合理？或者裡面還有其他我們應該注意的東西嗎？

Hi, Christine. Thank you so much for the question. Yeah, some of this was actually the Safe Harbor, but some of it was actually other topics where we have agreements with our customers to put some restricted cash. So this is definitely not the full amount.

你好，克里斯汀。非常感謝您的提問。是的，其中一部分實際上是安全港條款，但另一部分實際上是我們與客戶達成協議存放一些受限資金的其他事項。所以這肯定不是全部金額。

Okay and then we saw two 45X monetizations during the quarter. Can you just talk about how we should think about the cadence of future 45X monetizations in '25? So like one a quarter, once every two quarters?

好的，然後我們在本季度看到了兩筆 45 倍收益的變現。您能否談談我們應該如何考慮 2025 年未來 45X 變現的節奏？所以就像每季一次，或每兩季一次？

Yeah, so first of all, I think I'm very excited about the fact that we have proven to ourselves that we can do this also already for the second time. We sold to twice this in the fourth quarter. The first time was backed by only by our inverters for $6.5 per watt, and the second time was actually backed up by inverters and optimizers together, making us eligible for $0.11 per watt.

是的，首先，我非常興奮的是，我們已經第二次證明了我們能夠做到這一點。第四季我們的銷量是這個數字的兩倍。第一次僅靠我們的逆變器，每瓦收費 6.5 美元；第二次實際上是由逆變器和優化器共同支持的，使我們有資格獲得每瓦 0.11 美元的補貼。

We believe that we can actually sell this in the following quarter, which means we can accumulate the IRA tax credits and sell them in the following quarter. But of course, as usual, this depends on demand and how the market will develop.

我們相信我們可以在下一季實際出售該資產，這意味著我們可以累積 IRA 稅收抵免並在下一季出售它們。當然，和往常一樣，這取決於需求和市場的發展。

Colin Rusch, Oppenheimer.

科林魯什，奧本海默。

Thanks so much. Given your comments on the restatement, I just want to get a better sense of how many customers may go through similar renegotiations here and what service risk there may be to any of your receivables that you still have outstanding?

非常感謝。鑑於您對重述的評論，我只是想更了解有多少客戶可能會經歷類似的重新談判，以及您尚未結清的應收帳款可能存在哪些服務風險？

Thanks, Colin. Look, I think first of all, the revision was a conservative accounting treatment. It was related to the amendment with the contract with the customer. As we mentioned, we don't usually give loans to customers. This is not part of our normal course of business, so I wouldn't say -- I don't believe this could be affected again in the next time.

謝謝你，科林。首先，我認為這次修訂是一種保守的會計處理方式。這與修改與客戶的合約有關。正如我們之前提到的，我們通常不會向客戶提供貸款。這不屬於我們正常的業務範圍，所以我不會說——我不認為下次還會受到影響。

Okay, thanks for that, and then just in terms of the new products and the development activity that you're working on, when can we start seeing some of the newer products, revised designs start coming to market and how should we think about the initial target markets for those products?

好的，謝謝。那麼，關於您正在進行的新產品和研發活動，我們什麼時候才能看到一些新產品、改進設計開始上市？我們該如何考慮這些產品的初期目標市場？

Yes, thank you for that question, Colin. I'll take it. And so as we said, we are very excited about the new product line that we're about to release towards the end of the year. And it's a combination of our largest residential inverter that we've ever made, together with the battery and the inverters are both for the three-phase and the single phase, so both.

是的，謝謝你的提問，科林。我要買它。正如我們所說，我們對即將於今年年底推出的新產品系列感到非常興奮。它是我們迄今為止製造的最大家用逆變器與電池的組合，而且逆變器既適用於三相也適用於單相，兩者兼備。

And the first markets in which we are going to introduce them are going to be the US and Germany, being the biggest and the largest opportunity market, and we are very excited about the opportunity that these products will bring to us as they open new segments and are going to allow us to sell to increase our market share, but also it's a cost reduced type of product that will hopefully allow us to expand our margins as well.

我們將首先在美國和德國推出這些產品，因為它們是最大的市場，也是最大的機會市場。我們對這些產品將為我們帶來的機會感到非常興奮，因為它們將開拓新的細分市場，使我們能夠擴大市場份額，而且這些產品成本更低，有望幫助我們擴大利潤率。

Mark Strouse, JPMorgan.

馬克‧斯特勞斯，摩根大通。

Great, thanks for taking our questions. On the last call we talked about some pricing actions that you were doing primarily in Europe. Can you just give us an update there as you expect the channel inventory to clear by the end of 2Q, like you're saying, can you talk about kind of the cadence of your pricing? Are you expecting that to kind of normalize throughout that same timeframe or any reason that it might be kind of accelerating the pace of those, one way or the other?

太好了，謝謝你們回答我們的問題。在上次通話中，我們討論了一些您主要在歐洲實施的價格策略。您能否提供我們最新情況？您預計通路庫存將在第二季末清理完畢，正如您所說，您能否談談您的定價節奏？你認為這種情況會在同一時間內趨於正常化嗎？或者有什麼原因導致這種情況的進程加快，無論是以何種方式？

Then I have a follow-up. Thank you.

然後我還有一個後續問題。謝謝。

Yeah, thank you for your question. I appreciate that. So yes, as we said before, we started the promotions with our distribution partners back in November, and as we said, we expect to see the initial results coming in the second quarter. As these things, it takes time between the distributor to the installer until we see the impact on market share and actual installations. And so we haven't seen a major impact yet. The market in Europe is not that great at this time of the year.

是的，謝謝你的提問。我很感激。是的，正如我們之前所說，我們從去年 11 月就開始與分銷合作夥伴一起進行促銷活動，而且正如我們所說，我們預計在第二季度會看到初步結果。這些事情都需要時間，從經銷商到安裝商，才能看到對市場份額和實際安裝量的影響。因此，我們尚未看到重大影響。每年的這個時候，歐洲市場行情都不太好。

And we expect that the value we bring to our distributors and our customers with these price promotions is going to help us gain share over there. We've actually energized our sales team and together with the other improvements that we've made to the customer service and the open and closed communication with these customers, we believe that we're going to see some positive results.

我們期望透過這些價格促銷活動，為我們的經銷商和客戶帶來價值，從而幫助我們在那裡獲得市場份額。我們已經激發了銷售團隊的活力，再加上我們對客戶服務以及與客戶的公開和封閉溝通所做的其他改進，我們相信我們將會看到一些積極的成果。

Okay, and then on the 45X side, I understand what you said about the transfers becoming part of normal course now so you're not going to break out that cash flow anymore. When the tax credits are generated though, are you still going to provide information in your 10-Q as far as kind of the actual generation each quarter just based on the unit volume? Thank you.

好的，關於 45X 這邊，我明白你的意思，轉帳現在已經成為正常流程的一部分，所以你不會再單獨列出那部分現金流了。不過，當產生稅收抵免時，您是否仍會在 10-Q 表格中提供信息，說明每個季度根據銷量實際產生的稅收抵免額？謝謝。

Yes, thank you. Of course, we will continue to give this information, but as you mentioned rightfully, this is part of our normalized business now and we won't report separately, but yes, on the 10-Q, yes.

是的，謝謝。當然，我們會繼續提供這些信息，但正如您所說，這已成為我們正常業務的一部分，我們不會單獨報告，但會在 10-Q 表格中列出。

Andrew Percoco, Morgan Stanley.

Andrew Percoco，摩根士丹利。

Thanks so much. Good morning, guys. Thanks for taking the question here. I just wanted to come back to the write down for a second on the inventory side of the second one we've seen in two quarters. Just trying to get a better understanding of what drove that and is there a potential risk that we continue to see that next quarter as we roll ahead?

非常感謝。各位早安。感謝您接受這個問題。我只想再簡單談談庫存方面的減記問題，這是我們兩個季度以來看到的第二次減記。我只是想更了解是什麼原因導致了這種情況，以及隨著我們繼續推進，下個季度是否有可能繼續出現這種情況？

Yeah, thanks, Andrew. As I mentioned in the prepared remarks, the main reason for this was basically that we saw that Europe is weaker than we thought. We obviously consistently evaluate every quarter all the items on our balance sheets, specifically, of course, or especially at the end of the year.

謝謝你，安德魯。正如我在準備好的演講稿中提到的，主要原因基本上是我們看到歐洲比我們想像的要弱。我們顯然會每季對資產負債表上的所有項目進行持續評估，當然，尤其是在年底。

This is why we have decided now after also reviewing everything after having discussed with the markets, we believe that Europe is actually a bit weaker. To the best of our ability, this is currently the best judgment that we have now, and this is why we took these actions.

因此，在與市場討論並重新審視所有情況後，我們現在決定，我們認為歐洲實際上有點疲軟。就我們目前的能力而言，這是我們所能做出的最佳判斷，這也是我們採取這些行動的原因。

Okay, I understood that makes sense. And maybe shifting gears to the US for a second, I think you said sell-through was down 17% quarter over quarter. Can you maybe just discuss your latest expectations for growth throughout the balance of 2025? Maybe some of the sell-through weakness was seasonal in nature in the fourth quarter, but just curious, your latest thinking in the US has given maybe some of the policy uncertainty as well as elevated rates in the US.

好的，我明白了，這很有道理。或許我們可以稍微換個話題談談美國，我記得你說過銷售額較上月下降了 17%。您能否談談您對2025年剩餘時間的成長預期？或許第四季銷售疲軟的部分原因是季節性因素造成的，但我很好奇，您最近對美國的看法是否也反映了美國政策的不確定性以及高利率。

Yeah, thank you for this question. As we don't provide guidance for the second quarter or for the year, but that said, we are focused on turning around the business, and as we shared with you, financial stability is our top priority, and we've already achieved the positive free cash flow ahead of schedule, and we expect that free cash flow to remain through the year.

是的，謝謝你的提問。由於我們不提供第二季或全年的業績指引，但即便如此，我們仍專注於扭轉業務頹勢。正如我們之前與您分享的，財務穩定是我們的首要任務，我們已經提前實現了正自由現金流，並且我們預計這一自由現金流將持續到年底。

And because we are going to continue optimizing our cost structure and bringing innovative solutions to the market, together with the clearing of the inventory in Europe, we believe that towards the back half, we believe that it gives us a good a good view into what I believe will be a stronger momentum as we go forward through the year.

由於我們將繼續優化成本結構，並為市場帶來創新解決方案，再加上清理歐洲的庫存，我們相信，到下半年，這將讓我們對未來一年的發展勢頭有一個很好的展望。

Phil Shen, Roth Capital Partners.

Phil Shen，Roth Capital Partners。

Well, thanks for taking my questions. First one is a follow-up on the $25 million re-categorization of revenue and loans. I was wondering if you could give us a little bit more color on this customer. Was it a US resi customer? How much more in terms of loans do you have outstanding with this customer and how much more risk is there that that could be, I guess, restatements?

謝謝您回答我的問題。首先是對 2500 萬美元收入和貸款重新分類的後續後續。我想請您再詳細介紹一下這位客戶的狀況。是美國居民用戶嗎？您目前還有多少未償還的貸款給這位客戶？存在多大的風險，可能導致財務報表重述？

Hi, Phil. Thank you so much. I'm sure you can understand that we have disclosed publicly everything that we can disclose and we cannot disclose further details on this topic.

你好，菲爾。太感謝了。我相信您能夠理解，我們已經公開了所有可以公開的信息，無法就此話題透露更多細節。

Okay, all right, thanks Ariel. As a follow-up on pricing, you guys talked about the price actions that you recently took, given the fact that the market is weaker than expected in Europe. Do you anticipate more price action ahead and can you talk about the competitive dynamics in Europe? Are they becoming more intense, less intense?

好的，謝謝你，艾瑞爾。關於定價問題，你們談到了最近採取的價格措施，因為歐洲市場比預期疲軟。您預計未來價格還會有更多波動嗎？能否談談歐洲的競爭格局？它們變得更強烈了，還是變得不那麼強烈了？

We wrote recently that some of your Chinese competitors might be offering Powerwall-like offerings where the inverter and the storage box are combined. And so I was wondering, I know you have new products coming up by year end of this year, but between now and then you may have to compete with some of these other offers, so I was wondering, how are you competing against these new offerings from others and just what the competitive dynamics are? Thanks.

我們最近撰文指出，你們的一些中國競爭對手可能會提供類似 Powerwall 的產品，其中逆變器和儲能箱合而為一。所以我想知道，我知道你們今年年底前會推出新產品，但從現在到那時，你們可能需要與其他一些產品競爭，所以我想知道，你們是如何與這些新產品競爭的，競爭格局又是怎樣的？謝謝。

Yeah, thank you for your questions. I'll try to answer all of them, and if by coincidence I don't answer all the parts of your question, please remind me of that. So with regard to the pricing action that we took, as we mentioned, and we feel that it was the right move to make. It is done together with our distribution partners and we are -- it's in an attempt to regain our market share and to Increase our in-house share within current installers and gain new customers.

是的，謝謝你的提問。我會盡量回答所有問題，如果碰巧我沒有回答您問題的全部內容，請提醒我。因此，關於我們採取的定價措施，正如我們之前提到的，我們認為這是正確的舉措。這是與我們的分銷合作夥伴共同完成的，目的是為了重新奪回我們的市場份額，提高我們在現有安裝商中的內部份額，並獲得新客戶。

And as we said, we are going to see initial results for that in the second quarter. So until then we're not entertaining anything significant in terms of additional price move. When we get the results, we'll evaluate where we are and we'll take the necessary action. As I mentioned earlier, one of our four initiatives is to gain market share.

正如我們所說，我們將在第二季度看到初步結果。所以在此之前，我們不考慮任何重大的價格變動。等我們拿到結果後，我們會評估現狀，並採取必要的行動。正如我之前提到的，我們的四大舉措之一是獲取市場份額。

Pricing is not the only lever to gain market share. We are working closely with our customers in order to bring them more value, whether it's value in terms of new products, better service, and other things that they find valuable, such as better installability of the equipment.

價格並非取得市場佔有率的唯一手段。我們與客戶緊密合作，旨在為他們帶來更多價值，無論是新產品、更好的服務，還是他們認為有價值的其他方面，例如設備的更易於安裝性。

When you refer to other competitors in Europe, I'd like to remind you that the SolarEdge solution is the premium solution. We provide not only the inverter and the optimizers and the battery, but actually a suite of software solutions that help people manage their energy better both in residential and the CNI segments. And especially in Europe, energy management is becoming something that brings a ton of value to the customers because of dynamic tariffs, sometimes negative tariffs, and the ability to actually smartly manage the production and consumption of energy is something that can generate a lot of value to our customers.

當您提到歐洲其他競爭對手時，我想提醒您，SolarEdge 解決方案是高端解決方案。我們不僅提供逆變器、優化器和電池，實際上還提供一套軟體解決方案，幫助人們更好地管理住宅和工業、工業及工業領域的能源。尤其是在歐洲，由於動態電價、有時甚至是負電價，能源管理正在成為為客戶帶來巨大價值的事情，而且能夠智慧地管理能源的生產和消費，可以為我們的客戶創造很多價值。

The second thing that is working in our favor is obviously something that you're very familiar with is the MLP solution, the optimizers that we bring, and basically, we generate more power compared to other string inverters in a given set of modules.

第二個對我們有利的因素顯然是你非常熟悉的 MLP 解決方案，也就是我們引入的優化器，基本上，在給定的模組組中，我們比其他組串式逆變器產生更多的功率。

And the third thing that I would mention here is the importance of safety and cybersecurity has increased recently. And we believe that the customers appreciate the level of safety and the level of cybersecurity resilience that we bring to the picture.

第三點我想提的是，安全和網路安全的重要性最近有所提高。我們相信，客戶會欣賞我們所帶來的安全水平和網路安全韌性。

Maheep Mandloi, Mizuho.

Maheep Mandloi，瑞穗銀行。

Hi, this is David Benjamin on for Maheep. Can you give a little bit of more color around your current strategy around batteries for the remainder of the year until we get to the new products? I know you had some higher priced inputs that were dragging the margins. Are you going to continue to offer those products? And I have a follow-up.

大家好，我是David Benjamin，為您帶來Maheep的報道。在推出新產品之前，您能否更詳細地介紹一下貴公司今年剩餘時間的電池策略？我知道你們有一些價格較高的原料，拉低了利潤率。你們還會繼續銷售這些產品嗎？我還有一個後續問題。

Yeah, thank you for your question. So, yes, we have -- both in Europe and in the US we offer batteries to our customers and we intend to continue doing so until the new products are arriving. The current environment in the US is such that, with the recent change of 48E, which considers the battery and the solar system is to separate for domestic content purposes, actually positions us very well, vis-a-vis our competition.

是的，謝謝你的提問。是的，我們一直都有——無論是在歐洲還是在美國，我們都向客戶提供電池，並且我們打算繼續這樣做，直到新產品到貨為止。美國目前的情況是，隨著 48E 法規的最近修改（該法規將電池和太陽能係統分開考慮，以符合國內生產內容的要求），實際上使我們相對於競爭對手處於非常有利的地位。

And we are seeing actually some -- we believe that there is some optics that we can expect for our battery solution, for our storage solution. And overall, the batteries are very good. As you know, the SolarEdge solution comprises of DC coupling. So when you have the SolarEdge inverter coupled with the SolarEdge battery, the customer basically benefits from much less conversions or which by definition means better usage or better efficiency of the energy.

我們確實看到了一些——我們相信，對於我們的電池解決方案和儲存解決方案，我們可以期待一些積極的成果。總的來說，電池性能非常好。如您所知，SolarEdge解決方案採用直流耦合。因此，當 SolarEdge 逆變器與 SolarEdge 電池配合使用時，客戶基本上可以享受到更少的轉換次數，這意味著更好的能源利用率或更高的能源效率。

So that is going to be the case until the end of the year and in that case, we're going to introduce our next generation. And these batteries are actually over there, the solution, as I said, is about the complete solution. We actually paid extra attention to the installability of the batteries. And it's going to be a modular solution.

所以這種情況會持續到年底，屆時我們將推出我們的下一代產品。這些電池實際上就在那裡，正如我所說，解決方案是完整的解決方案。我們特別關注了電池的安裝便利性。而且它將是一個模組化解決方案。

So our customers can choose to sell or to buy one battery model or two or three and that modularity first of all, allows them to have an entry level deal and then to upsell. And secondly, it's much easier to carry them. The stability is going to be better. So it's a product that is actually going to make our customers' lives much better and much easier.

因此，我們的客戶可以選擇出售或購買一種、兩種或三種電池型號，這種模組化設計首先允許他們進行入門級交易，然後再進行追加銷售。其次，它們攜帶起來要方便得多。穩定性會更好。所以，這款產品其實會讓我們的客戶的生活變得更好、更輕鬆。

Right. Thanks for that. And then jus, a follow-up on that, can you talk a little bit about attached rates for the commercial segment and resi in Europe and the US?

正確的。謝謝。那麼，關於這一點，您能否談談歐洲和美國商業地產和住宅地產的附加稅率？

At the moment -- you ask about commercial attached rate of storage?

目前—您詢問的是商業附屬儲存費率嗎？

Yeah.

是的。

Okay. So at the moment, industry-wide, the attached rate of storage to commercial is quite low, and we are excited about the opportunity in that area and we believe that the attached rate is going to actually grow. But at this stage, as I said, it's a pretty low attached rate.

好的。因此，目前整個產業的儲能與商業的結合率相當低，我們對該領域的機會感到興奮，並相信結合率實際上將會成長。但就目前而言，正如我所說，它的附著率相當低。

Our product offering actually -- this is why we said it in the prepared remarks, the product that we offer is actually positively received in different markets because they do anticipate that touch rate to go up.

實際上，我們的產品——這也是我們在準備好的演講稿中提到的——在不同的市場都受到了積極的歡迎，因為他們確實預期接觸率會上升。

Chris Dendrinos, RBC Capital Markets.

克里斯·登德里諾斯，加拿大皇家銀行資本市場。

Good morning and thanks for taking the question. I wanted to go back to the next gen product launches and specifically just kind of H1 in a bit more around any kind of operational impacts that that launch might have. I guess specifically tied to the cost structure and -- should we be thinking that this next-gen launch improves the manufacturing cost structure?

早上好，感謝您回答這個問題。我想回顧一下下一代產品的發布情況，特別是上半年的產品發布可能會對營運產生哪些影響。我想這與成本結構密切相關——我們是否應該認為下一代產品的推出會改善製造成本結構？

And then can you, I guess, specifically comment on anything that might happen with the margin profile there?

那麼，您能否具體談談該區域的利潤率狀況可能會出現哪些變化呢？

Yeah, thank you for your question. I'll start and then when we get to the margin profile, Ariel, if you have something to add, you can.

是的，謝謝你的提問。我先開始，等到講到邊距分析部分時，Ariel，如果你有什麼要補充的，可以再說。

So as I mentioned, we are excited about the new product solution that we are going to introduce. We believe and at this stage, all indications are that the cost structure is going to actually improve and we try to design these products for manufacturability. And we expect to ramp them up in our US manufacturing facility.

正如我剛才提到的，我們對即將推出的新產品解決方案感到非常興奮。我們相信，目前所有跡像都表明，成本結構實際上將會得到改善，我們努力設計這些產品以提高其可製造性。我們預計將在美國的生產工廠提高產量。

As I mentioned, a major part of our turnaround story is the ramp up of our US manufacturing. We've already created more than almost 2,000 jobs in the US, in our Florida and Texas facilities, and we expect to be able to ramp up the manufacturing of the new products in the US and provides for some additional benefits, as you know.

正如我之前提到的，我們轉虧為盈的關鍵在於提升美國製造業的規模。如您所知，我們已經在美國佛羅裡達州和德克薩斯州的工廠創造了近 2000 個就業崗位，我們預計能夠在美國擴大新產品的生產規模，並提供一些額外的福利。

Yeah, thank you. And maybe from a gross margin perspective, of course, as you mentioned before, from a priorities perspective, our number one priority is financial stability and also here, of course, we strive to improve our growth margins. When we develop and design the new products, of course, we also make sure that the gross margins are better. We use different components, different capability, different software installability.

是啊，謝謝。當然，從毛利率的角度來看，正如您之前提到的，從優先事項的角度來看，我們的首要任務是財務穩定，當然，我們也努力提高成長利潤率。當然，在開發和設計新產品時，我們也會確保毛利率更高。我們使用不同的組件、不同的功能、不同的軟體安裝方式。

And this will actually allow us to improve our growth margin or reduce the cost positions compared to our current generation of products.

這將使我們能夠提高成長利潤率或降低成本，與我們目前的產品相比。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，傑富瑞集團。

Hey, good morning, team. Thank you guys very much. I appreciate it. Nicely done, pleasure to meet. Just with respect to the cost structure here, can you speak a little bit to what sort of an ongoing run rate would be? I just want to come back to the conversation from earlier. You identified ongoing cost cuts, but also some of the impacts here from the announcements in the last handful of weeks and months.

嘿，早安，各位同事。非常感謝各位。謝謝。做得好，很高興見到你。就成本結構而言，您能否簡要說明一下持續營運的成本水準？我只想回到之前的話題。您指出了持續的成本削減措施，但也指出了過去幾週和幾個月的公告所帶來的一些影響。

How do you think about 1Q guide here being representative of that, or what do you think a good run rate? I appreciate you guys aren't providing like a full year ongoing guidance here, but I just wanted to get a little bit more sense there.

你認為這裡的第一季指南是否具有代表性？還是你認為合理的勝率是多少？我知道你們不會提供一整年的持續指導，但我只是想多了解一些情況。

And then separately and related, you talked about mid-year about having inventories seemingly normalized with respect to your solar products, you disclose about a $600 million-ish total inventory today. Can you break that down a little bit? Like what else is in that number as you think about getting to the mid-year and having a little bit more sell-in versus sell-through normalize a little bit?

另外，您在年中談到，您的太陽能產品庫存似乎已經恢復正常，您透露目前總庫存約為 6 億美元。能再詳細解釋一下嗎？考慮到年中時售出量略有增加，而售出量略有下降，這種趨勢可能會有所好轉，那麼除了上述因素之外，這個數字還包含哪些內容呢？

Yeah, thank you. So again, I think, as you rightfully said, we don't guide for the year, but we do believe that Q1 still has a relatively low revenue. This is seasonality. When we look at the year, I think we spoke about this before, we believe that we will go by seasonality. We do have the Safe Harbor, and in the second half of the year we will have the inventory clearing. Of course, with the lower revenue, this will help us increase our gross margins.

是啊，謝謝。所以，我再次認為，正如您所說，我們不提供全年業績指引，但我們確實認為第一季的營收仍然相對較低。這是季節性現象。展望今年，我想我們之前也討論過這個問題，我們相信我們會根據季節性因素來安排。我們有安全港條款，今年下半年我們將進行庫存清理。當然，收入下降將有助於我們提高毛利率。

In addition to that, we're also working on reducing our cost structure everywhere. We announced the closure of (inaudible) and other initiatives that we also launched with reduction in forces and others. We gave a new operating expense target for the end of the year. And with that, basically, we will be able to improve our cost positions. We also have some fixed portions that were Working on in the cost structure and I'm very happy and excited that already we were able to reduce it a bit.

除此之外，我們還在努力降低各方面的成本結構。我們宣布關閉（聽不清楚）以及其他舉措，同時也啟動了裁員等措施。我們為年底設定了新的營運費用目標。這樣一來，我們基本上就能改善我們的成本狀況。成本結構中也有一些固定部分需要調整，我很高興也很激動，我們已經能夠將其減少一些。

We're looking at very at different levers, I would say to pull here in order to reduce those. Some of them, for example, are the underutilization that we had in our ocom facility that we are now closing. So putting all these together, I would say that Q1 does not represent the full year and we believe that we can even increase our gross margin and improve our cost addition going further.

我們正在研究非常不同的槓桿，我認為應該從這裡入手來減少這些問題。例如，我們 OCOM 設施中一些未充分利用的資源就是我們現在正在關閉的設施。綜上所述，我認為第一季的數據並不能代表全年情況，我們相信我們還可以進一步提高毛利率並降低成本。

In terms of the inventory, I hope I remember your question correct. Yeah, we have $600 million, give or take, approximately $600 million of inventory now. And we believe that for the US, we still need to manufacture. We will continue to manufacture to service the US market and for Europe we will go back to normalized levels of inventory in our channels and we'll consume our inventory and we'll go back to normalized levels of inventory also on our balance sheet by the end of the year.

關於庫存方面，我希望我沒有忘記你的問題。是的，我們現在大約有6億美元的庫存。我們認為，對於美國而言，我們仍然需要進行製造業。我們將繼續生產以服務美國市場，而對於歐洲市場，我們將恢復通路內的正常庫存水平，並在年底前消耗掉庫存，同時使我們的資產負債表上的庫存也恢復到正常水平。

Moses Sutton, BNP Paribas.

摩西‧薩頓，法國巴黎銀行。

Thanks for squeezing me in. So just continuing on the growth margins, where are incremental growth margins on US residential inverters? So is it 25% to 30%? Basically, I'm referring to if you exclude the distortions from fixed COGS that have held back the margins at the lower revenue levels, where would you say the range of unit margins are at for an inverter, an incremental one sold?

謝謝你擠出時間陪我。那麼，繼續探討成長空間，美國家用逆變器的增量成長空間在哪裡？所以是25%到30%嗎？基本上，我的意思是，如果排除固定銷售成本造成的利潤率在較低收入水平下受到的扭曲，您認為逆變器（尤其是新增售出的逆變器）的單位利潤率範圍是多少？

Yeah, thank you so much. We don't disclose this is part of a cost structure that we don't break down into different components.

是的，非常感謝。我們不會透露這是成本結構的一部分，因為我們不會將其分解成不同的組成部分。

Dylan Nassano, Wolfe Research.

迪倫·納薩諾，沃爾夫研究中心。

Hey, good morning. I know Safe Harbor has been kind of covered a couple times already. I apologize if I missed this, but did you say how much of the 1Q guide includes Safe Harbor?

嘿，早安。我知道「安全港」條款之前已經被討論過幾次了。如果我錯過了，請見諒，但您有沒有說過 1Q 指南中包含了多少關於 Safe Harbor 的內容？

Yeah, as we mentioned, we're not disclosing this. After discussing with our customers, we decided that we're not disclosing this. And if you look at Q1 and again for the year, we expect normal cadence of seasonal shipments. As I said before, if we look at the US, specifically for the first half of the year, of course, Safe Harbor will have a certain impact.

是的，正如我們所說，我們不會透露此事。與客戶討論後，我們決定不公開此事。如果看一下第一季以及全年情況，我們預計季節性出貨量將保持正常水平。正如我之前所說，如果我們看看美國，特別是今年上半年，當然，「安全港」協議將會產生一定的影響。

But also, in the second half, once the inventory channels in Europe are clear, we expect a very positive impact there. So I would say seasonality impact and for the full for the full year and throughout the quarters.

此外，在下半年，一旦歐洲的庫存管道暢通，我們預計會受到非常正面的影響。所以我認為季節性影響是主要因素，而且這種影響會持續全年以及各個季度。

Kashy Harrison, Piper Sandler.

卡什·哈里森，派珀·桑德勒。

Thanks for taking the question, just two quick ones for me and I'll split them out there right now. On the restricted cash disclosure of $135 million, can you just provide more context on the driver there? And then as you just think about the European market more broadly, you mentioned that it's weaker than you expected. Do you expect the European and market to grow in '25, remain flat, decline? Just maybe some thoughts on how you're thinking about Europe, just broadly as a market in 2025. Thank you.

謝謝你回答這個問題，我這裡還有兩個問題要快速回答，我現在就分開回答。關於披露的 1.35 億美元受限現金，您能否提供更多關於其驅動因素的背景資訊？然後，當你更廣泛地思考歐洲市場時，你提到它比你預期的要疲軟。您預計2025年歐洲市場會成長、持平還是下滑？或許您可以談談您對 2025 年歐洲市場的整體看法。謝謝。

In terms of the restrictive cash, as you asked, yes, part of it is actually some of the Safe Harbor, but also some of it we set aside as part of some commercial agreements that we have with some of our customers and some of our vendors. So I can't break it down, but it's definitely not all the Safe Harbor.

關於受限現金，正如您所問，其中一部分實際上是安全港，但也有一部分是我們根據與一些客戶和供應商達成的一些商業協議預留出來的。所以我無法詳細解釋，但這絕對不完全是安全港條款。

Yes, and as for the European markets, our expectation at the moment, similar, I believe, to others in the industries is that unfortunately, the market is going to slightly decline this year. Even though the market is going to decline, our expectation is that we are going to gain share. We would like to gain share in the market as we talked about in my prepared remarks.

是的，至於歐洲市場，我們目前的預期，我相信與業內其他人士的預期類似，是今年市場將略有下滑。即使市場將會下滑，我們預期市場佔有率仍將增加。正如我在事先準備好的演講稿中提到的，我們希望獲得市場份額。

Ameet Thakkar, BMO Capital Markets.

阿米特·塔卡爾，BMO資本市場。

Hey, thanks for squeezing me in. Just two quick ones for me. Appreciate that the plan is to still, I guess retire the debt with the liquidity on hand. I was just wondering, in the second half of the year as you have approached kind of normalized inventory levels and around $400 million of kind of underlying demand, how much liquid do you kind of expect to kind of need to have on the balance sheet to kind of support the level of working capital that would be associated with that level of demand?

嘿，謝謝你擠出時間幫我。我只需要回答兩個問題。我理解該計劃的最終目的是利用現有流動資金償還債務。我只是想問一下，在下半年，隨著庫存水準接近正常水平，潛在需求約為 4 億美元，您預計資產負債表上需要有多少流動資金來支持與該需求水準相關的營運資本水準？

All right, thank you. Yeah, we still believe that a good rule of thumb to look at these things for our company is looking in next quarters cost of goods sold for this to run the business.

好的，謝謝。是的，我們仍然認為，對於我們公司來說，衡量這些事情的一個好方法是查看下一季的銷售成本，以維持業務運作。

Jeff Osborne, TD Cowen.

Jeff Osborne，TD Cowen。

Thank you. A couple of quick ones on my side. I was wondering if for the fourth quarter, if you could rank order the drivers of free cash flow. I think you mentioned $19 million of finished goods reduction, but could you disclose what the 45X payments were in Q4? It doesn't sound like you're going to disclose the pre-pay, but maybe of those three items, if you could rank order them and disclose 45X for the fourth quarter?

謝謝。我這邊還有幾個簡單的問題。我想知道，對於第四季度，您能否對自由現金流的驅動因素進行排序？我想您提到過成品減少 1900 萬美元，但您能否透露一下第四季度 45X 付款的具體金額？聽起來你似乎不打算披露預付款，但或許你可以對這三項內容進行排序，並披露第四季度的 45X 情況？

And then as it relates to the fourth quarter and looking out to Q1, did you disclose -- maybe I missed it, but how many optimizers and inverters you made in the US that would be subject to 45X payments so that we could sort of bracket or dimensionalize how much cash could be coming in from Q1 from that line item alone? That would be helpful. Thank you.

那麼，關於第四季度以及展望第一季度，您是否披露過——也許我錯過了——您在美國生產了多少台優化器和逆變器，這些優化器和逆變器將適用 45 倍付款，以便我們能夠大致估算或衡量僅從這一項目起第一季度可能獲得的現金收入？那會很有幫助。謝謝。

Hi, Jeff. Yeah, sorry, we decided that, again, as I said in the beginning that from a 45X perspective, this is part of our normal business now, and we will not disclose this anymore going forward. We believe that we can generate a lot also going forward even more so than we have generated in the previous quarters and also in 4Q simply because we are ramping up our facility and once we're ramped up, we can generate much more.

嗨，傑夫。是的，抱歉，我們決定，正如我一開始所說，從 45X 的角度來看，這現在是我們正常業務的一部分，我們以後不會再披露此事。我們相信，未來我們還能創造更多收益，甚至比前幾季以及第四季創造的收益還要多，因為我們正在擴大生產規模，一旦產能提升，我們就能創造更多收益。

As I said before, it obviously depends on demand and how the market progresses on this. We have decided not to disclose this. Also from -- regarding your second question, sorry, we decide not to disclose this as well.

正如我之前所說，這顯然取決於需求以及市場對此的發展。我們決定不公開此事。另外，關於您的第二個問題，抱歉，我們決定也不透露。

Jon Windham, UBS.

瑞銀集團的喬恩‧溫德姆。

Perfect. Thanks for taking the questions. In the fourth quarter, looks like you had a good tailwind from working capital with receivables down and deferred revenue up pretty substantially. Your thoughts on how much more runway there is on working capital efficiency?

完美的。謝謝您回答問題。第四季，由於營運資金增加，應收帳款下降，遞延收入大幅成長，看來你們的業績受到了不錯的提振。您認為在提高營運資本效率方面還有多少提升空間？

Yeah, thank you. I'm sure -- first of all, I'm sure that we have much more to do on this as well we're working on improving this all the time part of the things that we're doing is also working with our suppliers and to see how we can also improve our inventory management. We have started using automation in our US facility to help us also improve the efficiency in this and be more accurate on how much we need to produce.

是啊，謝謝。首先，我確信我們在這方面還有很多工作要做，我們一直在努力改進這一點，我們正在做的事情之一就是與供應商合作，看看我們如何改善庫存管理。我們已開始在美國工廠使用自動化技術，以幫助我們提高效率，並更準確地了解我們需要生產多少產品。

I think this will definitely bring and improve our networking capital and as usual, we're very focused on improving our operational efficiency going forward and focusing on improving our cash position. So we are looking very much and closely both on our AR and on our AP as well. And we'll report to you how we progress in the future.

我認為這肯定會帶來並改善我們的網路資本，而且像往常一樣，我們非常注重提高未來的營運效率，並專注於改善我們的現金狀況。因此，我們正在密切關注我們的AR和AP。未來我們將向您報告進度。

Dimple Gosai, Bank of America.

Dimple Gosai，美國銀行。

Hi there, thank you for taking my question. I guess I wanted to talk a little bit more about the gross margin guide. Can you kind of talk to us a little bit about how you're thinking about that? Is that mostly because you've written down all the inventory? Is there a higher mix of US shipments, the fixed COGS components? Just trying to kind of understand or get a better sense of how you kind of have guided that or what's the thinking behind it.

您好，感謝您回答我的問題。我想再多談談毛利率指南。您能跟我們簡單談談您對此的看法嗎？主要原因是你已經把所有庫存都記錄下來了嗎？美國出貨量佔比是否較高，以及固定成本組成部分是否較高？我只是想更好地理解你是如何引導這件事的，或者背後的想法是什麼。

Hi, Dimple, yeah, thank you so much. Basically, I think you mentioned most of the components that we have. First of all, I think the main reason why we're improving is for two main reasons. One, as you mentioned, we reduced the fixed COGS portion. To name a few things is one thing is the underutilization that we had in Sella 2, definitely once we decided to close down our storage division in Korea, and this will go down.

嗨，Dimple，是的，非常感謝。基本上，我認為你已經提到了我們擁有的大部分組件。首先，我認為我們取得進步的主要原因有兩個。第一，正如您所提到的，我們減少了固定成本部分。舉幾個例子來說，其中之一是我們在 Sella 2 的使用率不足，一旦我們決定關閉我們在韓國的倉儲部門，這種情況肯定會惡化。

The second topic is, of course, the warranty. I'm very happy that, as I said in the last few quarters, we have done a lot of progress on improving the quality that's reducing the warranty, which is also a fixed part in our cost. So this also had a really good impact, will have a really good impact also in the future. And I think the third bullet point that you touched, which is also correct, is higher IRA benefits.

第二個話題當然是保固問題。正如我在過去幾個季度所說，我非常高興地看到，我們在提高產品品質方面取得了很大進展，這降低了保固成本，而保固成本也是我們成本中的固定部分。所以這件事也產生了非常好的影響，未來也會產生非常好的影響。我認為你提到的第三點也是正確的，那就是更高的 IRA 福利。

It's higher IRA also, as you can see in the fourth quarter, and I believe or we believe also going forward in the next two quarters, the US market will have a predominant ratio from the entire revenue. So it's both components together. The US is bigger from our perspective currently, and also the fact that we get IRA credits, but baking all of this together, these are the main levers that we see for the gross margin.

第四季 IRA 也更高了，正如你所看到的，而且我相信，或者我們也相信，在接下來的兩個季度裡，美國市場將在整個收入中佔據主導地位。所以它是這兩個部分結合在一起的。從我們的角度來看，美國目前規模更大，而且我們還能獲得 IRA 稅收抵免，但綜合所有這些因素，這些是我們認為影響毛利率的主要槓桿。

Joseph Osha, Guggenheim Partners.

Joseph Osha，古根漢合夥公司。

Thanks. Returning to this question about cash generation in the second half of the year, obviously you are going to be putting some working capital to work as you re-vamp the business. Would you be able to generate, cash flow from operations without 45X or is getting deposit free cash flow dependent on generating those -- monetizing those credits?

謝謝。回到下半年現金流的問題，顯然，在重組業務的過程中，您需要投入一些營運資金。如果不進行 45 倍融資，您能否從營運中產生現金流？或者說，獲得無需存款的現金流是否取決於產生這些融資——即將這些信貸貨幣化？

Yeah, thanks, Joe. I mean, of course monetizing the 45X is part of our ongoing business and is part of our building blocks now. But of course, once we have more demand, our working capital should improve. But as I said, this implies the fact that we have much more demand and better outlook.

是的，謝謝你，喬。我的意思是，當然，45X的商業化是我們持續業務的一部分，也是我們現在發展策略的重要組成部分。當然，一旦需求增加，我們的營運資金狀況就會改善。但正如我所說，這意味著我們擁有更大的需求和更好的前景。

As I said before, I believe that once the situation in Europe improves and we start that and we go back to the normalized channels in the in the second half of 2025, we will continue to sell even more from our balance sheet because we have inventory from our balance sheet that pertains to Europe.

正如我之前所說，我相信一旦歐洲的情況好轉，我們在 2025 年下半年恢復正常管道，我們將繼續從資產負債表中銷售更多產品，因為我們的資產負債表中有與歐洲相關的庫存。

This of course does not mean that we have to invest more cash into it because the inventory already exists and as for the additional working capital that we need for the US, we will fund it and then sell the credits, as you men as you rightfully mentioned, and it will more than fund itself.

這當然並不意味著我們必須投入更多資金，因為庫存已經存在。至於我們在美國需要的額外營運資金，我們將提供資金，然後出售信貸額度，正如你正確提到的那樣，這將足以支付自身所需的資金。

Austin Moeller, Canaccord.

Austin Moeller，Canaccord。

Hi, have the price reductions had a positive impact in the European market relative to competing Chinese products?

您好，與中國同類產品相比，降價是否對歐洲市場產生了正面影響？

Yeah, thank you for your question. As we said, we believe that we will see the impact of the price promotions and the campaigns that we launched back in November, only in the second quarter. So we believe that it will make an impact, but we haven't seen and we haven't reported anything yet.

是的，謝謝你的提問。正如我們所說，我們相信，11月份推出的價格促銷和推廣活動的影響要到第二季才能顯現。所以我們相信它會產生影響，但我們還沒有看到任何影響，也沒有進行任何報導。

Thank you, and it appears that we have reached our allotted time for questions. I will now turn the program back to Shuki Nir for any additional or closing remarks.

謝謝，看來我們的提問時間已經到了。現在我將把發言權交還給舒基·尼爾，請他補充或作總結發言。

Yeah, thank you, everyone, for joining us today. We appreciate that. And just to summarize what we said, we have to focus on what we can control, and we have to get back to our roots of passion for innovation, and we have to implement best-in-class execution across everything we do. And when we do that, we will turn the business around and bring SolarEdge back to where it deserves to be. So we will keep you updated as we make progress and appreciate your time.

是的，謝謝大家今天能來參加我們的節目。我們對此表示感謝。總結一下我們剛才所說的，我們必須專注於我們能夠控制的事情，我們必須回歸我們對創新的熱情，我們必須在我們所做的每一件事中都實施一流的執行力。當我們做到這一點時，我們將扭轉公司局面，讓 SolarEdge 重回應有的地位。我們會隨時向您報告進度，並感謝您的時間。

Thank you very much for joining the call.

非常感謝您參加此通話。

Thank you. This does conclude today's presentation. Thank you for your participation. You may disconnect at any time.

謝謝。今天的演講到此結束。感謝您的參與。您可以隨時斷開連線。