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 第四季和截至 2024 年 12 月 31 日的年度電話會議。本次電話會議將在公司網站 www.solaredge.com 的活動日曆頁面的投資者部分進行網路直播。

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.

本次通話是 SolarEdge 的唯一財產和版權，保留所有權利，未經 SolarEdge 明確書面同意，禁止以任何方式錄製、複製或傳輸本次通話。您可以造訪 SolarEdge Investor 網站的事件日曆頁面來收聽本次通話的網路直播重播。

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

現在，我想將電話轉給 SolarEdge 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.感謝您加入我們討論 SolarEdge 截至 2024 年 12 月 31 日的第四季營運表現以及公司對 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.

今天與我在一起的是執行長 Shuki Nir；以及財務長 Ariel Porat。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，隨後預測該公司 2025 年第一季的前景。然後我們將開始提問。

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 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，其中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。我們鼓勵您查看我們的收益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演示以及我們向美國證券交易委員會提交的文件，以獲得對此類風險和不確定性的更完整描述。

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中，我們可能會參考某些非公認會計準則指標，包括非公認會計準則淨收入和非公認會計準則每股淨攤薄收益，這些指標並非依照美國公認會計準則編制。我們之所以提供非公認會計準則指標，是因為我們相信它們可以為投資者提供一種評估方法，以了解公司管理階層如何評估公司的營運表現。

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.

這些措施的協調可以在我們的收益新聞稿、幻燈片演示和 SEC 文件中找到。這些非公認會計準則指標不應被視為與根據美國公認會計準則編制的財務指標分離的、替代的或優於它們的指標。

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.

尚未獲得截至 2024 年 12 月 31 日的季度新聞稿或補充資料的聽眾，可以訪問公司網站的投資者關係部分獲取副本。

I will now turn the call over to Shuki.

現在我將電話轉給 Shuki。

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

謝謝你，J.B。大家早安，感謝你們今天的到來。

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。這就是為什麼我感到榮幸和興奮能夠在如此關鍵的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，我一直致力於深入研究業務、傾聽客戶意見並與我們的全球團隊建立聯繫。這些經驗和學習幫助我清楚地了解了我們目前所處的位置以及未來我們需要採取哪些不同措施。

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.

我所看到和聽到的一切都告訴我，我們擁有巨大的發展優勢。對電力的需求正在不斷增長。太陽能是最具成本效益的能源之一，而 SolarEdge 憑藉其創新的技術、優秀的人才、忠誠的經銷商、超過 70,000 個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，完全有能力引領這個市場。

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.

我們最近幾季的財務業績令股東和員工感到失望，很明顯我們需要大幅改變營運方式，以贏回客戶，擴大我們的技術領先地位，並恢復成長。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、重新獲得市場份額、加速創新和提升美國製造業。

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環境，也能幫助我們實現長期持續成長。我們扭轉局面的一個關鍵支柱是加強我們的財務狀況。在第四季度，我們產生了約 2,600 萬美元的自由現金流，高於我們的預期，也提前完成了計劃。我們預計 2025 年第一季將產生正自由現金流，並且全年保持正自由現金流。

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.

這項進展將由嚴格的現金管理、庫存減少以及向美國國內內容的快速過渡所推動。正現金流是至關重要的第一步，但我們的扭轉局面也包括堅持不懈地專注於營運效率，以推動我們恢復獲利能力。

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，增加員工並削減開支。我們將持續聚焦核心專案、市場和產品線，實施成本節約措施。我們正在評估我們的不動產和 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.

我們的第二個任務是重新獲得市場份額。您可能還記得，2024 年 11 月，我們發起了一項活動，與歐洲和國際市場的通路客戶合作。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，吸引新客戶並增加份額。

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，我們簡化了行銷結構以提高靈活性，並簡化了組織結構以便更貼近我們的客戶。並加強了與分銷商和安裝商的合作夥伴關係。我們的銷售團隊現在專注於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，以產生更多的能源並提高客戶的投資報酬率。我們的解決方案包括先進的安全和網路安全功能，這些功能在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.

我們的價值不僅限於產品。我們一直投入大量資金來提供卓越的客戶體驗。我們相信，我們的服務和支援組織以其卓越的品質在業界脫穎而出，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 年的第三個關鍵任務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，我們繼續優先考慮能源管理軟體，我們認為這是未來成長的關鍵驅動力。我們相信，我們是擁有最先進能源管理軟體能力的硬體供應商之一。

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.

在歐洲，我們最近推出了 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實現節約。

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.

轉向我們的下一代住宅產品組合 Nexus，其中包括迄今為止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，預計在 2025 年第四季交付第一批 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。它可以產生更多的能量，縮短安裝和調試時間，滿足額外的細分市場需求，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，我們的商用電池產品獲得了極大的關注。我們已經在德國、荷蘭、義大利、英國、法國、西班牙、捷克、波蘭、匈牙利、台灣和南非銷售此產品。我們將商業儲存視為我們的策略成長領域，客戶之所以選擇我們的儲存產品，主要是因為我們圍繞它提供了能源管理解決方案。

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強美國製造業。我們目前在美國生產逆變器、優化器和電池，並且已經在我們的工廠創造了近 2,000 個工作機會。我們位於奧斯汀的工廠的逆變器運作能力已提升至每季 70,000 多台，而我們位於佛羅裡達的工廠預計在 2025 年第一季達到每季 200 萬台優化器的運作能力。

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.

透過向我們的客戶提供可靠的國產逆變器、優化器和電池供應，我們已開始從此次建設中獲得收益。這使得該公司在 12 月底與兩家住宅客戶簽署了安全港協議，以支持他們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.

我們也開始加大國產商用逆變器的生產力度，預計第一批產量將在第一季末實現。我們最近與美國最大的 CNI 太陽能開發商之一 Summit Ridge Energy 簽署了供應協議。該協議彰顯了我們的國產產品將帶來的競爭優勢，特別是在大型屋頂太陽能領域。

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.

在交給 Ariel 討論財務狀況之前，我將提供各地區的高層最新情況。我們第四季的銷售規則是大約 4 億美元。在北美，我們的銷售額比上一季下降了 17%。我們這裡的渠道庫存基本上保持正常。雖然由於潛在的政策變化，美國市場存在額外的不確定性，但太陽能市場的長期基本面是健康的。

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，我們的銷售規則與上一季基本持平。由於持續的宏觀不利因素，歐洲市場仍面臨挑戰，我們預計絕大多數分銷合作夥伴將在 2025 年第二季末達到正常化的庫存水準。

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。我們必須在所做的每一件事中實施一流的執行力，並且必須做出快速、有時是艱難的決定來調整公司規模。透過這樣做，我們將加速扭轉局面，並使 SolarEdge 在未來幾年充分發揮其作為太陽能、儲能和智慧能源管理領域領導者的潛力。

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

我期待在未來幾季與您分享我們的進展。現在我將把麥克風交給 Ariel。

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 所討論的，加強我們的財務狀況並特別努力實現正自由現金流的產生是我們的首要任務。11月份，我們出售了第一批45X先進製造業生產信用額。首批貸款由逆變器支持，每把鎖可獲得 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，我們出售了第二批由逆變器和優化器支援的 45X 信用額度，使其有資格獲得每瓦 0.11 美元的全額信用額度。出售這些信貸所提供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。45X積分的銷售現在是我們業務的正常過程，我們將來不會單獨報告它。

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.

在費用方面，我們繼續重新調整業務重點並進一步降低成本。11月，我們宣布關閉韓國的能源儲存部門。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合理化我們的成本結構，重點關注核心項目，將我們的全球足跡集中在獲利市場，退出非策略市場和產品線。

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.

我們採取這些成本削減措施的目標是，到 2025 年底，將非 GAAP 營運支出降低至每季 8,500 萬至 9,000 萬美元。

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.

在回顧第四季的業績之前，我想先談談影響我們第四季財務狀況的兩件事。首先，我們在本季減損並剝離了多項資產。從庫存開始，本季度，我們減記了 1.15 億美元的庫存，其中約 8,700 萬美元的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，由於我們預計歐洲市場的復甦時間將比預期的要長，所以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 2800 萬美元被排除在非 GAAP 之外，與我們在韓國的能源儲存部門相關的庫存以及不可取消、不可退貨的物品有關。此外，我們也減記並減損了 2,300 萬美元的長期資產和其他資產，這些資產均未計入非 GAAP。該金額的大部分與我們韓國倉儲部門的 PP&E 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期間以及提交 2024 年第三季的 10-Q 表之後，公司考慮與客戶簽署了修改後的協議，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.

結合此類修訂，本公司認為有必要對該客戶先前報告的截至 2024 年 9 月 30 日的三個月和九個月的收入和應收貸款進行 2550 萬美元的修訂。對截至 2024 年 9 月 30 日的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以減少貸款，從而減少收入。

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.

各項項目的修訂均出現在收益報告、簡報和補充表格中。現在，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。我們太陽能部門的收入為 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，我們向美國運送了 384 兆瓦，向歐洲運送了 231 兆瓦，向國際市場運送了 280 兆瓦，總出貨量約為 895 兆瓦。本季總兆瓦出貨量中有 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，我們出貨了 130 兆瓦時的電池，其中大部分是運往歐洲。不包括電池出貨量的每瓦平均售價為 20.8 美元，較第三季上漲 2%。美國市場的定價上漲和對美國市場的出貨量增加，遠遠抵消了我們在歐洲和國際市場的降價和促銷。

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.

我們所有光伏電池每千瓦時的綜合平均售價在第四季為 262 美元，低於第三季的 317 美元。下降的主要原因是降價和促銷，以及非美國出貨量比例增加。本季我們非太陽能業務的營收為 690 萬美元。由於我們已宣布關閉在韓國的能源儲存業務，因此今後我們將不會在財務報告中報告各個部門。

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 毛利率為負 57.2%，上一季為負 309.1%，主要受到第三季和第四季的減損費​​用和減損的影響。本季非公認會計準則綜合毛利率為 39.5%，第三季為負 305%。這在很大程度上受到第三季和第四季的減損費​​用和註銷的影響。

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.

不包括約 8700 萬美元的淨減值和減值，第四季度的非 GAAP 毛利率為 4.8%，高於我們的預期範圍。本季太陽能部門毛利率為 38.8%，第三季為負 285.4%。這在很大程度上受到第三季和第四季的減損費​​用和減損的影響。不包括約 8,700 萬美元的淨減值和減值，第四季太陽能部門的毛利率將達到 7.3%，高於我們的指導範圍。

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.

以非公認會計準則計算，第四季營業費用為 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。第四季非公認會計準則營業虧損為 1.841 億美元，而第三季非公認會計準則營業虧損為 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，而第三季 GAAP 淨虧損為 12.3 億美元。我們第四季的非 GAAP 淨虧損為 2.025 億美元，而第三季的非 GAAP 淨虧損為 8.998 億美元。第四季每股淨虧損為 5 美元，而第三季每股淨虧損為 21.58 美元。第四季非公認會計準則每股淨虧損為 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。本季經營活動提供的現金約為3800萬美元。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.

本季應收帳款淨額下降至 1.604 億美元，而上季為 2.394 億美元。我們的庫存水準（扣除儲備）為 6.459 億美元，而上一季為 7.984 億美元。當然，這個數字包括了我們第四季記入的 1.15 億美元庫存減損。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.

現在談談我們對 2025 年第一季的預期，我們預期營收將在 1.95 億美元至 2.15 億美元之間。我們預計非公認會計準則毛利率在 6% 至 10% 之間。我們預計非公認會計準則下的營業費用將在 9,800 萬美元至 1.03 億美元之間。正如 Shuki 所提到的，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.

我現在將把電話轉給接線員，以便回答問題。

(Operator Instructions) Brian Lee, Goldman Sachs.

（操作員指示） Brian Lee，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.

大家早安，感謝你們回答問題。這裡的現金流表現值得讚許。我想，我第一個問題就是這個主題，第一季的自由現金流為正。你們已經提前完成計劃了。看起來——我認為過去你談論的是今年上半年的正自由現金流。

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，我們預計第一季的自由現金流水準會是多少？它是否應該再次處於 2,000 萬至 3,000 萬美元的正範圍內？那麼預計全年水準會是怎麼樣的呢？然後與此相關——當您想到進入今年下半年時，您需要解決債務到期問題，因為現在您正進入自由現金流正水平，圍繞該問題的策略更新是什麼？然後我有一個後續問題。

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.

你好，布萊恩。非常感謝您的提問。是的，如你所知，我們沒有對下半年或全年做出預測，但我們確實想說我們的現金流將非常為正。就第一季而言，有很多變化因素，因此我們沒有透露自由現金流會有多少，但我們確信它將是正的。

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.

如果我們談論我們的轉變，我們仍然採取迄今為止相同的策略。如果您還記得的話，我相信您知道我們的可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，因為我們知道我們有足夠的現金來這樣做。當然，這也與我們比預期更快地恢復自由現金流產生有關。

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，顯然，我們總是在評估市場上可用的不同選擇，並在正確的時間做出正確的決定。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，夠公平。還有一個問題——我想，Shuki，您提到了 4 億美元的銷售額，根據第四季度的業績和第一季的指南，目前實際確認的收入約為該水平的一半。那麼那裡的增量是怎麼樣的呢？您預計什麼時候銷售量能夠與銷售量相符？這些都只是歐洲的庫存嗎？

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.

或者也許可以向我們介紹這些內容融合的節奏，然後我知道您提到了安全港。能談談安全港對業績或今年平衡的影響嗎？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。所以關於您的第一個問題，就像您所說，我們的收入和基礎 POS 之間存在差距，而主要原因顯然是歐洲的通路庫存水準。正如我們所提到的，我們預計歐洲的大部分通路庫存將在第二季末清除。因此我們可以預計，賣出量和賣出量將在那個時候匯合。

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.

顯然，它每個月都會發生變化，每個分銷商也會發生變化，但從高層來講，這就是發展方向。至於安全港，正如我們之前提到的，我們不會透露有關安全港的具體細節。

Christine Cho, Barclays.

巴克萊銀行的 Christine Cho。

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。如果我可以對那個安全港問題進行跟進，在現金流量表中我看到預付款和遞延收入略高於 1 億美元。認為這是與安全港相關的預付款合理嗎？或者其中還存在其他我們應該注意的事情嗎？

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，其中一些實際上是安全港，但其中一些實際上是其他主題，我們與客戶達成協議以存入一些限制現金。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次 45 倍的貨幣化。您能否談談我們該如何看待 25 年未來 45 倍貨幣化的節奏？那麼每季一次還是每兩季一次？

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，我認為我很高興我們已經向自己證明我們可以第二次做到這一點。我們在第四季的銷量是這個數字的兩倍。第一次僅由我們的逆變器提供支持，價格為每瓦 6.5 美元，而第二次實際上是由逆變器和優化器一起提供支持，使我們有資格獲得每瓦 0.11 美元的價格。

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.

我們相信我們實際上可以在下一季出售它，這意味著我們可以累積 IRA 稅收抵免並在下一季出售它們。但當然，像往常一樣，這取決於需求以及市場如何發展。

Colin Rusch, Oppenheimer.

奧本海默的科林·拉什。

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，以及您仍未償還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，科林。首先，我認為，修訂是一種保守的會計處理。這與和客戶簽訂的合約的修改有關。正如我們所提到的，我們通常不會向客戶提供貸款。這不是我們正常業務的一部分，所以我不會說——我不相信下次這會再次受到影響。

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。那麼就您正在進行的新產品和開發活動而言，我們什麼時候可以開始看到一些較新的產品和修改過的設計進入市場，以及我們應該如何考慮這些產品的初始目標市場？

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，我們對即將在年底發布的新產品線感到非常興奮。它是我們迄今為止製造的最大的家用逆變器與電池的組合，逆變器既適用於三相，也適用於單相。

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.

我們將首先在美德這兩個市場推出這些產品，因為它們是最大、也是最具機會的市場，我們對於這些產品將為我們帶來的機會感到非常興奮，因為它們開闢了新的細分市場，讓我們能夠透過銷售增加我們的市場份額，而且這也是一種成本較低的產品，希望也能讓我們擴大利潤率。

Mark Strouse, JPMorgan.

摩根大通的馬克‧斯特勞斯 (Mark Strouse)。

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，感謝您回答我們的問題。在上次通話中，我們討論了您主要在歐洲採取的一些定價行動。您能否向我們提供最新情況，因為您預計通路庫存將在第二季末清空，就像您說的，您能談談您們的定價節奏嗎？您是否期望這種情況能在同一時間範圍內正常化，或者有什麼原因可能會以某種方式加速這種情況的發生？

Then I have a follow-up. Thank you.

然後我有一個後續問題。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 11 月就開始與分銷合作夥伴一起進行促銷，正如我們所說，我們預計將在第二季度看到初步結果。由於這些因素，從分銷商到安裝商需要一些時間才能看到對市場份額和實際安裝的影響。因此我們還沒有看到重大影響。每年這個時候，歐洲的市場都不太好。

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為我們的經銷商和客戶帶來的價值將有助於我們在那裡獲得市場份額。我們實際上已經為我們的銷售團隊注入了活力，再加上我們對客戶服務以及與這些客戶的開放和封閉溝通所做的其他改進，我們相信我們將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，然後關於 45X 方面，我明白您所說的關於轉移現在成為正常過程的一部分，所以您不會再突破那筆現金流了。但是，當產生稅收抵免時，您是否仍會在 10-Q 中提供有關每個季度基於單位數量的實際產生情況的信息？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，但正如您正確提到的那樣，這是我們現在正常化業務的一部分，我們不會單獨報告，但是是的，在 10-Q 上，是的。

Andrew Percoco, Morgan Stanley.

摩根士丹利的安德魯‧佩科科 (Andrew Percoco)。

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。大家早安。感謝您在此提出這個問題。我只是想回到我們在兩個季度中看到的庫存方面的第二次減記。只是想更好地了解是什麼推動了這一趨勢，以及在我們繼續前進的過程中，下個季度是否存在繼續看到這種情況的潛在風險？

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.

是的，謝謝，安德魯。正如我在準備好的發言中提到的那樣，主要原因基本上是我們看到歐洲比我們想像的要弱。顯然，我們會在每個季度對資產負債表上的所有項目進行持續評估，當然，特別是在年底。

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.

這就是為什麼我們在與市場討論並回顧了一切之後現在做出決定，我們認為歐洲實際上有點弱。就我們的能力而言，這是我們目前所做的最佳判斷，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。也許讓我們將話題轉到美國，我記得您說過銷售額比上一季下降了 17%。您能否討論一下對 2025 年全年成長的最新預期？也許第四季度的部分銷售疲軟是季節性的，但只是好奇，您對美國的最新想法可能導致了一些政策不確定性以及美國利率上升。

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，感謝您的提問。由於我們不提供第二季度或全年的指引，但是話雖如此，我們專注於扭轉業務，正如我們與您分享的那樣，財務穩定是我們的首要任務，我們已經提前實現了正的自由現金流，我們預計自由現金流將保持全年。

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，為市場帶來創新解決方案，加上清理歐洲的庫存，我們相信，在下半年，我們將能夠很好地預見全年發展的更強勁勢頭。

Phil Shen, Roth Capital Partners.

羅斯資本合夥公司的 Phil Shen。

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?

好吧，感謝您回答我的問題。第一個是對 2500 萬美元收入和貸款重新分類的後續行動。我想知道您是否可以向我們詳細介紹這位客戶。他是美國住宅客戶嗎？就該客戶而言，您還有多少未償還貸款，以及這可能帶來的風險有多大？我猜，重新陳述？

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。我相信你能理解，我們已經公開披露了所有可以披露的信息，我們不能透露有關這個話題的更多細節。

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，好的，謝謝 Ariel。作為對定價的後續關注，你們談到了考慮到歐洲市場弱於預期而採取的最近採取的價格行動。您是否預計未來會出現更多的價格走勢？能談談歐洲的競爭動態嗎？它們變得更強烈還是變得更不強烈了？

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.

我們最近寫道，你們的一些中國競爭對手可能會提供類似 Powerwall 的產品，其中將逆變器和儲存箱結合在一起。所以我想知道，我知道你們將在今年年底推出新產品，但是從現在到那時你們可能不得不與其他一些產品競爭，所以我想知道，你們如何與其他公司的新產品競爭，競爭態勢又是什麼？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，感謝您的提問。我會盡力回答所有問題，如果我沒有回答您問題的所有部分，請提醒我。因此，就我們採取的定價行動而言，正如我們所提到的，我們認為這是正確的舉措。它是與我們的分銷合作夥伴一起完成的，我們是為了重新獲得我們的市場份額並增加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。因此在此之前，我們不會考慮任何重大的額外價格變動。當我們獲得結果時，我們將評估我們所處的位置並採取必要的行動。正如我之前提到的，我們的四大舉措之一就是爭取市場佔有率。

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.

定價並不是贏得市場份額的唯一槓桿。我們與客戶密切合作，為他們帶來更多價值，無論是新產品的價值、更好的服務，還是他們認為有價值的其他東西，例如更好的設備可安裝性。

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.

當您提到歐洲的其他競爭對手時，我想提醒您，SolarEdge 解決方案是優質解決方案。我們不僅提供逆變器、優化器和電池，還提供一套軟體解決方案，幫助人們更好地管理住宅和 CNI 領域的能源。特別是在歐洲，由於動態關稅，有時是負關稅，能源管理正為客戶帶來巨大的價值，而實際上智慧管理能源生產和消費的能力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.

對我們有利的第二件事顯然是您非常熟悉的 MLP 解決方案，我們帶來的優化器，基本上，與給定模組組中的其他串式逆變器相比，我們產生的電力更多。

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.

我在這裡要提到的第三件事是安全和網路安全的重要性最近有所增加。我們相信，客戶會欣賞我們所提供的安全水準和網路安全彈性水準。

Maheep Mandloi, Mizuho.

Maheep Mandloi，瑞穗。

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 Maheep 的 David Benjamin。您能否詳細介紹今年剩餘時間直至推出新產品期間的電池策略？我知道你們的一些高價投入拖累了利潤。您會繼續提供這些產品嗎？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，我們在歐洲和美國都向客戶提供電池，我們打算繼續這樣做，直到新產品上市。目前美國的環境是這樣的，隨著48E的最新變化，認為電池和太陽能係統出於國內內容目的而分開，這實際上使我們在與競爭對手相比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.

我們實際上看到了一些——我們相信，我們的電池解決方案和儲存解決方案可以期待一些光學性能。總體而言，電池非常好。如您所知，SolarEdge 解決方案包含直流耦合。因此，當您將 SolarEdge 逆變器與 SolarEdge 電池結合在一起時，客戶基本上可以從更少的轉換中受益，或者從定義上講這意味著更好地利用或提高能源效率。

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今年底，到時候我們就會推出下一代產品。這些電池實際上就在那裡，解決方案，正如我所說，是完整的解決方案。我們實際上特別注意電池的可安裝性。這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銷售或購買一種或兩種或三種電池型號，而模組化首先使他們能夠獲得入門級交易，然後再進行追加銷售。其次，攜帶起來更方便。穩定性將會更好。所以這款產品其實會讓我們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。然後，作為後續問題，您能談談歐洲和美國商業領域和住宅的附加利率嗎？

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

目前—您詢問的是商業附加儲存費率嗎？

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，整個行業的商業儲存附加率相當低，我們對該領域的機會感到非常興奮，我們相信附加率實際上會成長。但正如我所說，在現階段，附加率相當低。

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.

我們提供的產品實際上——這就是我們在準備好的評論中說的原因，我們提供的產品實際上在不同的市場受到了積極的歡迎，因為他們確實預計接觸率會上升。

Chris Dendrinos, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Chris Dendrinos。

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，特別是 H1，更多地了解該產品的發布可能產生的任何營運影響。我想這具體與成本結構有關──我們是否應該認為下一代產品的發表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?

然後我想您能否具體評論那裡的利潤率狀況可能發生的任何變化？

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，然後當我們討論利潤概況時，Ariel，如果你還有什麼要補充的，你可以補充。

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.

正如我所提到的，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，在現階段，所有跡像都表明成本結構實際上將會改善，並且我們會嘗試設計這些產品以實現可製造性。我們期望在美國製造工廠中擴大產量。

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.

正如我所提到的，我們轉型的一個重要部分是我們美國製造業的成長。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 2,000 多個就業崗位，並且我們希望能夠在美國加大新產品的生產，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.

是的，謝謝。也許從毛利率的角度來看，當然，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，我們也努力提高我們的成長利潤率。當我們開發和設計新產品時，我們當然也會確保毛利率更高。我們使用不同的組件、不同的功能、不同的軟體可安裝性。

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

與我們目前的產品相比，這實際上可以讓我們提高成長利潤率或降低成本。

Julien Dumoulin-Smith, Jefferies.

朱利安‧杜穆蘭‧史密斯 (Julien Dumoulin-Smith)，傑富瑞 (Jefferies)。

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，各位團隊。非常感謝你們。我很感激。做得很好，很高興認識。就這裡的成本結構而言，您能否稍微談談持續的運行率是多少？我只是想回到之前的談話。您指出了正在進行的成本削減，但也指出了過去幾週和幾個月宣布的一些影響。

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.

您認為這裡的 1Q 指南如何代表這一點，或者您認為良好的運行率是多少？我很感激你們沒有在這裡提供全年的持續指導，但我只是想更多地了解一下。

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?

然後分別來說，您談到年中太陽能產品的庫存似乎已正常化，今天您披露的總庫存約為 6 億美元。你能稍微解釋一下嗎？當您考慮進入年中並且銷售量與銷售率稍微正常化時，該數字中還有什麼其他內容？

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.

是的，謝謝。所以，我再說一次，我認為，正如你正確指出的那樣，我們沒有對今年的業績做出預測，但我們確實認為第一季的收入仍然相對較低。這是季節性。當我們回顧這一年時，我想我們之前談過這個問題，我們相信我們會按照季節性來發展。我們確實有安全港，下半年我們會清理庫存。當然，由於收入較低，這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地的成本結構。我們宣布結束（聽不清楚）以及其他舉措，我們也推出了裁減部隊等舉措。我們給出了新的年底營運費用目標。這樣一來，基本上我們就能夠改善我們的成本狀況。我們也在成本結構中處理一些固定部分，我很高興也很興奮我們已經能夠稍微減少一些了。

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.

我們正在研究不同的槓桿，我想說的是，要拉動這些槓桿，才能減少這些槓桿的產生。例如，我們的 ocom 設施利用率過低，我們即將關閉該設施。所以把所有這些放在一起，我想說第一季並不代表全年，我們相信我們甚至可以進一步提高毛利率並改善成本增加。

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，我希望我記得你的問題是正確的。是的，我們現在有價值約 6 億美元的庫存。我們認為，對美國來說，我們仍然需要製造業。我們將繼續生產以服務美國市場，對於歐洲，我們將恢復渠道庫存的正常水平，我們將消耗我們的庫存，到今年年底，我們的資產負債表上的庫存也將恢復到正常水平。

Moses Sutton, BNP Paribas.

法國巴黎銀行的摩西‧薩頓 (Moses Sutton)。

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?

謝謝你擠進我。那麼繼續討論成長利潤率，美國家用逆變器的增量成長利潤率在哪裡？那麼是 25% 到 30% 嗎？基本上，我指的是，如果您排除固定銷貨成本（COGS）的扭曲，這些扭曲阻礙了較低收入水平的利潤率，那麼您認為逆變器（增量銷售）的單位利潤率範圍會在哪裡？

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，我們不會將其分解為不同的部分。

Dylan Nassano, Wolfe Research.

沃爾夫研究公司的 Dylan Nassano。

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。我知道安全港已經被報道過幾次了。如果我錯過了這一點，我很抱歉，但是你有沒有說過 1Q 指南中包含了多少安全港？

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，正如我們所提到的，我們不會透露這一點。與客戶討論後，我們決定不披露該資訊。如果你看一下第一季以及全年的情況，我們預計季節性出貨量將保持正常節奏。我之前說過了，如果我們看美國，特別是今年上半年，安全港當然會產生一定的影響。

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.

而且，在下半年，一旦歐洲的庫存管道暢通，我們預計這將產生非常積極的影響。所以我想說季節性影響以及全年和整個季度的影響。

Kashy Harrison, Piper Sandler.

卡西·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.

感謝您提出這個問題，我只想快速問兩個問題，我現在就把它們分開。關於 1.35 億美元的限制性現金揭露，您能否提供更多相關背景資訊？然後，當您更廣泛地考慮歐洲市場時，您提到它比您預期的要弱。您預計歐洲市場在25年會成長、持平還是下降？也許您可以就您對 2025 年歐洲市場的看法發表一些看法。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.

關於限制性現金，正如您所問的，是的，其中一部分實際上是安全港的一部分，但也有一些是我們與一些客戶和供應商達成的一些商業協議的一部分。所以我無法將其分解，但它肯定不是全部的安全港。

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，我認為我們目前的預期與其他行業的預期類似，不幸的是，今年市場將略有下滑。即使市場將會衰退，我們預期我們的份額仍將增加。正如我在準備好的演講中談到的，我們希望獲得市場份額。

Ameet Thakkar, BMO Capital Markets.

BMO 資本市場的 Ameet Thakkar。

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，謝謝你擠進我。我只想問兩個問題。我理解該計劃仍然是，我想用手頭上的流動資金來償還債務。我只是想知道，在今年下半年，當您的庫存水準接近正常化，並且潛在需求達到 4 億美元左右時，您預計資產負債表上需要有多少流動資金才能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，我們仍然相信，對於我們公司來說，審視這些事情的一個好的經驗法則是查看下個季度的銷售成本以開展業務。

Jeff Osborne, TD Cowen.

傑夫·奧斯本（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。我這邊有幾個簡短的。我想知道，對於第四季度，您是否可以對自由現金流的驅動因素進行排序。我記得您提到過 1900 萬美元的成品減少量，但您能否透露第四季度的 45X 付款是多少？聽起來您似乎不會透露預付款，但也許在這三項中，您可以按順序排列，並在第四季度披露 45X 嗎？

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.

然後就第四季度和第一季度而言，您是否披露過——也許我錯過了，但您在美國製造的優化器和逆變器中有多少需要支付 45 倍的款項，以便我們可以對僅從該項目中在第一季度就能獲得多少現金進行分類或維度化？那將會很有幫助。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.

你好，傑夫。是的，抱歉，我們決定，正如我在開始時所說的那樣，從 45X 的角度來看，這是我們正常業務的一部分，今後我們不會再披露此事。我們相信，未來我們能夠創造更多利潤，甚至比前幾季和第四季創造的利潤還要多，因為我們正在擴大產能，一旦產能擴大，我們就能創造更多利潤。

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如何發展。我們決定不披露此事。另外——關於您的第二個問題，抱歉，我們也決定不透露這一點。

Jon Windham, UBS.

瑞銀的喬恩·溫德姆（Jon Windham）。

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。感謝您回答這些問題。在第四季度，您似乎從營運資本中獲得了良好的順風，應收帳款下降，遞延收入大幅增加。您認為營運資本效率還有多少提升空間？

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.

是的，謝謝。我確信——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，我們所做的事情的一部分也是與我們的供應商合作，看看我們如何改善我們的庫存管理。我們已經開始在美國工廠使用自動化技術，以幫助我們提高效率，並更準確地確定我們需要生產多少。

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，和往常一樣，我們非常注重提高未來的營運效率，並致力於改善我們的現金狀況。因此，我們也密切關注我們的 AR 和 AP。我們將向您報告我們未來的進展。

Dimple Gosai, Bank of America.

美國銀行的 Dimple Gosai。

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。我想進一步談談毛利率指南。您能否跟我們稍微談談您對此的看法？這主要是因為您記下了所有庫存嗎？美國出貨量和固定銷貨成本成分的比例是否較高？只是想了解或更好地理解您是如何引導這一點的或其背後的想法。

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，非常感謝你。基本上，我認為您提到了我們擁有的大多數組件。首先，我認為我們進步的主要原因有二。首先，正如您所提到的，我們減少了固定 COGS 部分。舉幾個例子，其中之一就是 Sella 2 的使用率不足，一旦我們決定關閉韓國的儲存部門，這種情況就會減少。

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。我很高興，正如我在過去幾個季度所說的那樣，我們在提高品質方面取得了很大進展，從而減少了保固費用，這也是我們成本中的固定部分。所以這也產生了非常好的影響，未來也會產生非常好的影響。我認為您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.

正如您在第四季度看到的，IRA 也更高，我相信或我們相信在接下來的兩個季度中，美國市場將在整個收入中佔據主導地位。因此，這是兩個組成部分的結合。從我們目前的角度來看，美國市場更大，而且我們還獲得了 IRA 信貸，但將所有這些結合起來，這些是我們看到毛利率的主要槓桿。

Joseph Osha, Guggenheim Partners.

古根漢合夥人公司的約瑟夫‧奧沙 (Joseph Osha)。

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。回到關於下半年現金創造的問題，顯然，當你重組業務時，你將投入一些營運資金。如果沒有 45X，您是否能夠從營運中產生現金流，或者獲得無存款現金流是否取決於產生這些現金流——將這些信用貨幣化？

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，喬。我的意思是，將 45X 貨幣化當然是我們正在進行的業務的一部分，也是我們現在的基礎部分。但當然，一旦我們有更多的需求，我們的營運資金就會改善。但正如我所說，這意味著我們有更多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，我相信一旦歐洲局勢好轉，我們開始行動並在 2025 年下半年回到正常化管道，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.

當然，這並不意味著我們必須投入更多現金，因為庫存已經存在，至於美國所需的額外營運資金，我們將為其提供資金，然後出售信貸，正如你們正確提到的那樣，它將獲得足夠的資金。

Austin Moeller, Canaccord.

奧斯汀·莫勒（Austin Moeller），Canaccord。

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

您好，與競爭的中國產品相比，降價對歐洲市場產生了正面影響嗎？

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，只有在第二季度，我們才能看到去年 11 月推出的價格促銷和活動的影響。因此我們相信它會產生影響，但我們還沒有看到，也沒有報告任何影響。

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。現在我將節目單交還給 Shuki Nir，請他發表補充意見或結束語。

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，感謝大家今天的加入我們。我們對此表示感謝。總結我們所說的，我們必須專注於我們能夠控制的事情，我們必須回歸對創新的熱情的根源，我們必須在我們所做的每一件事中實現一流的執行。當我們做到這一點時，我們將扭轉業務並讓 SolarEdge 回到它應有的位置。因此，我們會及時向您通報進展，感謝您的時間。

Thank you very much for joining the call.

非常感謝您參加此次電話會議。

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。