Solaredge Technologies Inc (SEDG) 2025 Q2 法說會逐字稿

(Operator Instructions) Welcome to the SolarEdge conference call for the quarter ended June 30, 2025. (Operator Instructions) This call is being webcast live on the company's website at www.solaredge.com and the Investors Section on the events calendar page.

（操作員指示）歡迎參加 2025 年 6 月 30 日結束的季度 SolarEdge 電話會議。（操作員指示）本次電話會議將在公司網站 www.solaredge.com 和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 and any recording, reproduction, or transmission of this call without the expressed written consent of SolarEdge is prohibited. You may listen to a webcast replay of this call by visiting the Events 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，禁止對此通話進行任何錄製、複製或傳輸。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重播。

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

現在我想將電話轉給 SolarEdge 投資者關係主管 J.B. Lowe。請繼續。

Good morning, and thank you for joining us to discuss SolarEdge's operating results for the second-quarter ended June 30, 2025, as well as the company's outlook for the third quarter of 2025.

早安，感謝您加入我們討論 SolarEdge 截至 2025 年 6 月 30 日的第二季營運業績以及公司對 2025 年第三季的展望。

With me today are Shuki Nir, Chief Executive Officer; and Asaf Alperovitz, Chief Financial Officer. Shuki will begin with a brief review of the results of the second-quarter ended June 30, 2025. Asaf will review the financial results for the second quarter, followed by the company's outlook for the third quarter of 2025. We will then open the call for questions.

今天與我一起的還有執行長 Shuki Nir 和財務長 Asaf Alperovitz。Shuki 首先將簡要回顧截至 2025 年 6 月 30 日的第二季業績。Asaf 將回顧第二季的財務業績，隨後展望該公司 2025 年第三季的前景。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 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和向美國證券交易委員會提交的文件中包含的安全港聲明，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, 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，在本次收益電話會議中，我們可能會參考某些非 GAAP 指標，這些指標並非依照美國 GAAP 編制。我們之所以採用非公認會計準則衡量指標，是因為我們相信它們能夠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績效。

Reconciliation of these measures can be found in our earnings press release 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和美國證券交易委員會 (SEC) 文件中找到。這些非公認會計準則指標不應被視為與依照美國公認會計準則編製的財務指標分離的、替代的或優於後者。

Listeners who do not have a copy of the quarter ended June 30, 2025, press release may obtain a copy by visiting the Investor Relations section of the company's website.

尚未獲得截至 2025 年 6 月 30 日的季度新聞稿副本的聽眾可以訪問公司網站的投資者關係部分獲取副本。

And with that, I'll turn the call over to Shuki.

說完這些，我會把電話轉給 Shuki。

Thank you, J.B. Good morning, everyone, and thank you for joining us. I'm pleased to share with you today the progress we've made across all four pillars of our turnaround journey. But first, let me review the recent changes to regulatory and tariff policies that removed some uncertainties hanging over the industry.

謝謝你，J.B。大家早安，感謝你們加入我們。今天我很高興與大家分享我們在轉型歷程的四大支柱上所取得的進展。但首先，讓我回顧一下監管和關稅政策的最新變化，這些變化消除了籠罩在行業上的一些不確定性。

The recently enacted One Big Beautiful Bill Act redefined solar and storage markets in several key ways. And I'd like to share with you how we intend to maximize the opportunities and navigate the challenges in this environment.

最近頒布的《一項偉大的美麗法案》從幾個關鍵方面重新定義了太陽能和儲能市場。我想與大家分享我們如何在這種環境下最大限度地利用機會並應對挑戰。

First, and most importantly for SolarEdge, the bill validates our multi-year strategy of onshoring manufacturing to the US by preserving the 45X advanced manufacturing credit for the next seven years. With the improved visibility, this law provides, we intend to manufacture in the US and to ship US made SolarEdge rich products, both domestically and across the globe for years to come.

首先，對 SolarEdge 來說最重要的是，該法案透過在未來七年內保留 45 倍先進製造業信貸，驗證了我們將製造業轉移到美國多年的策略。隨著這項法律提供的可見性的提高，我們打算在未來幾年內在美國製造並向美國國內和全球運送富含 SolarEdge 的產品。

Second, US customers have a built-in incentive to prefer products that are made in the US especially if they comply with (inaudible) requirements and meet domestic content thresholds. This aligns with our US manufacturing and supply chain strategy, which we believe positions us well to support such customers.

其次，美國消費者有內在的動機去選擇在美國製造的產品，特別是如果這些產品符合（聽不清楚）要求並達到國內含量門檻。這與我們的美國製造和供應鏈策略一致，我們相信這使我們能夠很好地支持這些客戶。

Third, the extension of storage tax credits will support the trend of increasing battery adoption. This expands our time and requires just the kind of sophisticated energy management algorithms that we have refined for years by using the vast amount of data source from our large installed base.

第三，儲能稅收抵免的延長將支持電池採用率上升的趨勢。這擴展了我們的時間，並且需要我們多年來透過使用來自我們龐大安裝基礎的大量資料來源不斷改進的那種複雜的能源管理演算法。

Lastly, in the residential space, demand is expected to decline in 2026 with the elimination of the 25D credits. A decline that is expected to be partially offset by a shift to PPOs as the 48e credit continues through 2027. We believe we are well positioned to benefit from this shift, given our strong position and product fit with TPO.

最後，在住宅領域，隨著 25D 積分的取消，預計 2026 年需求將會下降。由於 48e 抵免將持續到 2027 年，預計這一下降將透過向 PPO 的轉變而部分抵消。我們相信，鑑於我們強大的市場地位以及與 TPO 的產品契合度，我們完全有能力從這一轉變中獲益。

Let's talk about tariffs. Since we last spoke, tariff rates on different countries have changed, and we have continued our efforts to optimize our supply chain for prevailing tariffs and domestic content levels. When added together, the gross margin headwind in the second half is expected to decline to approximately 2% from the previous expectation of 4% to 6%.

我們來談談關稅吧。自從我們上次談話以來，不同國家的關稅稅率已經發生了變化，我們一直在努力優化我們的供應鏈，以適應現行關稅和國內含量水平。綜合起來，預計下半年毛利率逆風將從先前預期的4%至6%下降至約2%。

Additionally, we now expect free cash flow to be positive for the full year 2025. We still believe that we will fully offset the tariff headwind in 2026 net of pricing adjustments.

此外，我們現在預計 2025 年全年自由現金流將為正值。我們仍然相信，扣除價格調整後，我們將在 2026 年完全抵銷關稅逆風。

Switching to the progress across our key priorities. Q2 results and Q3 outlook both show that we are firmly moving in the right direction on all four priorities. And I'm proud of how our team has executed despite the challenging global environment.

轉向我們主要優先事項的進展。第二季業績和第三季展望均表明，我們在四個優先事項上堅定地朝著正確的方向前進。儘管全球環境充滿挑戰，我仍為我們的團隊表現感到自豪。

First on financial strength. In Q2, we delivered quarter-over-quarter and year-over-year top line growth and margin expansion for the second straight quarter. The mid point of our Q3 guidance follows the same trajectory. At the same time, we've kept our expenses in check and have focused on our core business.

首先是財務實力。在第二季度，我們連續第二個季度實現了環比和同比增長，利潤率也隨之擴大。我們第三季指引的中點遵循相同的軌跡。同時，我們控制開支並專注於核心業務。

Our second priority is recapturing market share. In US Resi, we have seen a continued shift to the TPO model, which we expect will significantly accelerate in 2026. In recent years, we have built an infrastructure that supports our TPO partners, so we believe we are well prepared to capitalize on this market dynamic.

我們的第二個任務是重新奪回市場份額。在美國房地產市場，我們看到了向 TPO 模式的持續轉變，我們預計這種轉變將在 2026 年顯著加速。近年來，我們已經建立了支援 TPO 合作夥伴的基礎設施，因此我們相信我們已做好充分準備利用這一市場動態。

We believe we have met and plan to continue to make efforts to meet requirements for both domestic content and (inaudible) which allow them to maximize 48e credits and others. And we believe that our products are very well suited to support the scale, performance, and integration needs of the unique TPO business model.

我們相信我們已經滿足並計劃繼續努力滿足國內內容和（聽不清楚）的要求，這使他們能夠最大限度地利用 48e 積分和其他積分。我們相信，我們的產品非常適合支援獨特的 TPO 業務模式的規模、性能和整合需求。

In the US [C&I] segment, we believe that the growing importance of domestic content and increasing (technical difficulty) restrictions offer us a compelling opportunity to gain share. For example, last week, we announced a multi-year agreement with Solar Landscape to deploy solar equipment on more than 500 C&I rooftops across the country.

在美國[C&I]領域，我們認為，國內內容日益增長的重要性和日益增加的（技術難度）限制為我們提供了一個獲得市場份額的絕佳機會。例如，上週，我們宣布與 Solar Landscape 達成多年協議，在全國 500 多個 C&I 屋頂上部署太陽能設備。

In addition, we signed a multi-year frame agreement with a leading US retailer that will see solar products integrated across its locations nationwide. These new agreements underscore the value we bring to enterprises and build on the recent momentum we've had with this customer segment.

此外，我們與一家美國領先零售商簽署了一項多年期框架協議，該協議將在其全國各地的門市整合太陽能產品。這些新協議強調了我們為企業帶來的價值，並鞏固了我們在這個客戶群中取得的最新發展勢頭。

Turning to Europe, last week, I met with our regional leadership team in Europe and visited with key customers. The positive momentum that we discussed on our last earnings call and experience at [Indosolar] has continued.

談到歐洲，上週，我會見了我們在歐洲的區域領導團隊並拜訪了主要客戶。我們在上次收益電話會議上討論的積極勢頭以及[Indosolar]的經驗仍在繼續。

Our pricing and promotion campaigns have shown signs of success, and our improved go-to market strategy is strengthening our partnerships with installers and distributors. As a result, the majority of our distribution partners reached normalized inventory levels at the end of Q2 2025 as we had anticipated. And importantly, we have seen initial market share gains in Europe in the second quarter.

我們的定價和促銷活動已顯示出成功的跡象，我們改進的市場進入策略正在加強我們與安裝商和分銷商的合作夥伴關係。因此，正如我們預期的那樣，我們的大多數分銷合作夥伴在 2025 年第二季末達到了正常的庫存水準。重要的是，我們在第二季度看到歐洲市場份額初步成長。

That said, our share in Europe is still below what SolarEdge commanded in the past and is well below what I think we can and should be. But with our energized team, our leading edge and expanding software and service solutions, and our next generation platform coming soon, I believe we have a very good opportunity to grow our business in Europe even further in the quarters ahead.

話雖如此，我們在歐洲的份額仍然低於 SolarEdge 過去的份額，而且遠低於我認為我們能夠而且應該達到的水平。但憑藉我們充滿活力的團隊、領先優勢和不斷擴展的軟體和服務解決方案以及即將推出的下一代平台，我相信我們有非常好的機會在未來幾季進一步發展我們在歐洲的業務。

Turning to our third priority, accelerating innovation. Our Nexis platform remains on track for initial volume by the end of the year. We already have several operative units in our facilities, and next month at [Arila], we will have a hands-on experience for installers to demonstrate how flexible and easy Nexis is to install, connecting inverters and batteries with a simple click.

談到我們的第三個優先事項，加速創新。我們的 Nexis 平台仍有望在今年底前實現初始交易量。我們的設施中已經有幾個運行單元，下個月在 [Arila]，我們將為安裝人員提供親身體驗，展示 Nexis 安裝的靈活性和簡易性，只需單擊即可連接逆變器和電池。

On Commercial Storage, we had a record sales quarter and we expect growth to continue. While still in the early days, we expect Commercial Storage to follow the same trend of accelerating adoption that we witnessed in the Residential Storage space. Moreover, we believe that our Commercial Storage offering, combined with our software capabilities, position as well as C&I customers increasingly transition to solutions that combine PV storage and energy management software.

在商業儲存方面，我們本季的銷售創下了紀錄，我們預計成長將持續下去。雖然仍處於早期階段，但我們預計商業儲存將遵循我們在住宅儲存領域看到的加速採用的相同趨勢。此外，我們相信，我們的商業儲存產品與我們的軟體功能相結合，以及 C&I 客戶越來越多地轉向結合光伏儲存和能源管理軟體的解決方案。

Speaking of software, we've seen increased traction with our Wevo EV charging software solution. In the US, we was selected by PGNE to manage its nearly 4,000 EV charges. Wevo EV software is also enabling the largest public charging station in New York state located in Queens and backed by a [Con-Ed] program.

說到軟體，我們看到 Wevo EV 充電軟體解決方案的吸引力不斷增強。在美國，我們被 PGNE 選中來管理其近 4,000 個電動車充電樁。Wevo EV 軟體也為位於皇后區的紐約州最大的公共充電站提供支持，該充電站由 [Con-Ed] 計畫支援。

Additionally, as we announced this week, we've entered into a strategic partnership with the Scheffler Group, one of the world's leading manufacturers for the automotive industry. Under the partnership, We've managed the thousands of charge points that she intends to deploy at its facilities around the world. Scheffler has been a solar HPV customer for years. And this agreement highlights the additional software and service capabilities that we can add to our value stack for enterprise customers.

此外，正如我們本周宣布的那樣，我們已與全球領先的汽車行業製造商之一舍弗勒集團建立了戰略合作夥伴關係。在合作關係下，我們管理她打算在世界各地的設施中部署的數千個充電點。多年來，Scheffler 一直是太陽能 HPV 的客戶。該協議強調了我們可以為企業客戶增加的價值堆疊的額外軟體和服務功能。

Our fourth key priority is ramping up our US manufacturing. In Q2, we continue to build out and optimize our US manufacturing footprint, which now includes residential inverters in Texas, optimizers and commercial inverters in Florida, and batteries in Utah. We are also planning to ramp up production towards the end of the year in order to support exports of competitive products to our European and international customers.

我們的第四個重點是加強美國製造業。在第二季度，我們繼續擴大和優化我們的美國製造足跡，目前包括德克薩斯州的家用逆變器、佛羅裡達州的優化器和商用逆變器以及猶他州的電池。我們也計劃在年底前提高產量，以支援向歐洲和國際客戶出口有競爭力的產品。

To summarize, we believe we are in a much better position today than we were a quarter ago. A layer of uncertainty has been removed from our business and we have continued making good progress on all four pillars of our turnaround journey.

總而言之，我們相信我們今天的狀況比一個季度前要好得多。我們的業務中已經消除了一層不確定性，我們在扭虧為盈之旅的所有四大支柱上繼續取得了良好的進展。

While we are encouraged by the progress this quarter, we know there is still plenty of work ahead. We see significant room to improve execution and even more opportunities to grow and build a healthier, more profitable business for the long term.

雖然我們對本季的進展感到鼓舞，但我們知道還有很多工作要做。我們看到了執行力提升的巨大空間，以及更多長期發展和建立更健康、更有利可圖的業務的機會。

With that, I will turn it over to Asaf.

說完這些，我將把麥克風交給阿薩夫。

Thank you, Shuki, and good morning, everyone. Starting with our quarterly results. Total revenues for the second quarter were $289 million. Excluding revenues from our discontinued operations at the core Energy Storage division of $8 million, our non-GAAP revenues were $281 million.

謝謝你，Shuki，大家早安。從我們的季度業績開始。第二季總收入為2.89億美元。不包括核心能源儲存部門已停止營運的 800 萬美元收入，我們的非 GAAP 收入為 2.81 億美元。

Revenues from the US this quarter amounted to $185 million, representing 66% of non-GAAP revenues. Revenues from Europe amounted to $65 million, representing 23% of our neon GAAP revenues. International market revenues amounted to $31 billion representing 11% of our non-GAAP revenues.

本季來自美國的營收為 1.85 億美元，佔非 GAAP 收入的 66%。來自歐洲的收入達到 6,500 萬美元，占我們霓虹燈 GAAP 收入的 23%。國際市場收入達 310 億美元，占我們非 GAAP 收入的 11%。

Non-GAAP gross margin this quarter was up to 13.1% compared to 7.8% in Q1. The higher gross margin is largely due to higher revenue, which drove increased utilization of our operational cost structure, higher US production volume, and favorable regional mix with higher US revenue.

本季非公認會計準則毛利率上升至 13.1%，而第一季為 7.8%。毛利率的提高主要歸因於收入的增加，這推動了我們營運成本結構利用率的提高、美國產量的增加以及有利的區域組合和美國收入的增加。

This was partly offset by incremental tariffs, which impacted the gross margin by 1% compared to an expectation of 2 percentage points. Adjusting for the lower-than-expected tariff impact, or gross margins came in slightly above the high-end of our guidance range.

但增量關稅部分抵銷了這一影響，導致毛利率下降 1%，而預期為 2 個百分點。經過低於預期的關稅影響調整後，毛利率略高於我們預期範圍的高端。

During the second quarter, we continue to take action to streamline our operations and exit non-core activities. As a result, we'll call it the one time $18 million expense on the disposition of our trucker business.

在第二季度，我們繼續採取行動精簡營運並退出非核心活動。因此，我們將其稱為處置卡車司機業務的一次性 1800 萬美元支出。

We also recorded a one-time expense of $37 million related to a write down of our two facility, which we're looking to divest, to reflect their market value. These charges were partly offset by a one-time $10 million gain on the sale of our [non-sand] production facility in Korea.

我們還記錄了一筆 3700 萬美元的一次性費用，與我們的兩家工廠的減值有關，我們正在考慮剝離這兩家工廠，以反映它們的市場價值。這些費用被我們在韓國出售[非沙子]生產設施所獲得的 1000 萬美元一次性收益部分抵消。

Going forward, we will continue to seek avenues to right size of business with an emphasis on expense reduction and a focus on our core activities. Non-GAAP operating expenses for the second quarter were $85 million compared to $89 million in the previous quarter.

展望未來，我們將繼續尋求適合業務規模的途徑，重點是降低費用並專注於我們的核心活動。第二季非公認會計準則營運費用為 8,500 萬美元，而上一季為 8,900 萬美元。

Similar to Q1, in the second quarter, we were able to collect certain aged AR balances, which resulted in a reversal of an accrual for bad debt. Excluding this and other non-recurring items, the total approximately $4 million net, our non-GAAP operating expenses would have been approximately $89 million.

與第一季類似，在第二季度，我們能夠收回某些逾期應收帳款餘額，從而逆轉了壞帳應計。不包括此項和其他非經常性項目，總計約 400 萬美元淨額，我們的非 GAAP 營運費用約為 8,900 萬美元。

Non-GAAP operating loss for Q2 was $48.3 million, compared to a non-GAAP operating loss of $72.4 million in Q1. Our non-GAAP net loss was $47.7 million in Q2, compared to a non-GAAP net loss of $66.1 million in Q1.

非公認會計準則第二季的營業虧損為 4,830 萬美元，而第一季的非 GAAP 營業虧損為 7,240 萬美元。我們第二季的非公認會計準則淨虧損為 4,770 萬美元，而第一季的非公認會計準則淨虧損為 6,610 萬美元。

Non-GAAP net loss per share was $0.81 in Q2, compared to $1.14 in Q1. The lower operating and net loss are largely due to higher revenue, higher gross margin, and lower operating expenses.

第二季非公認會計準則每股淨虧損為 0.81 美元，而第一季為 1.14 美元。較低的營業虧損和淨虧損主要是由於較高的收入、較高的毛利率和較低的營業費用。

Turning now to our balance sheet. As of June 30, 2025, our cash and investment portfolio was approximately $812 million. Our cash position, net of short-term debt, was up approximately $19 million to approximately $470 million.

現在來看我們的資產負債表。截至 2025 年 6 月 30 日，我們的現金和投資組合約為 8.12 億美元。我們的現金狀況（扣除短期債務）增加了約 1,900 萬美元，達到約 4.7 億美元。

Great cash flow in the quarter was the use of approximately $9 million, largely due to the timing of certain working capital items. For the first-half of the year, we generated $10.8 million in free cash flow. As Shuki mentioned, considering the recent development in anticipated tariffs and the progress we have made on our turnaround, we now expect to be free cash flow positive for the full year, 2025.

本季的現金流非常充裕，使用了約 900 萬美元，這主要歸功於某些營運資金項目的時機。今年上半年，我們產生了 1,080 萬美元的自由現金流。正如 Shuki 所提到的，考慮到預期關稅的近期發展以及我們在扭虧為盈方面取得的進展，我們現在預計 2025 年全年自由現金流將為正值。

(technical difficulty) increased this quarter to $217 million compared to $133 million last quarter, mostly due to higher revenue, with continuous improvement over DSO of effective collection management. Our inventory was down by $108 million to $529 million, due to mark the fifth consecutive quarter of inventory reduction. This is despite our continued ramp up of US production to support anticipated growth and the introduction of new products.

(技術難度) 本季增加至 2.17 億美元，而上一季為 1.33 億美元，主要由於收入增加，且有效收款管理相對於 DSO 持續改善。我們的庫存減少了 1.08 億美元，降至 5.29 億美元，這是連續第五個季度減少庫存。儘管我們繼續提高美國產量以支持預期的成長和新產品的推出，但情況仍然如此。

As you may know, we have approximately $343 million in convertible notes that come due next month. As we have said previously, we intend to pay off these notes with cash on hand upon maturity.

您可能知道，我們有大約 3.43 億美元的可轉換票據將於下個月到期。正如我們之前所說，我們打算在到期時用手頭上的現金償還這些票據。

Given our healthy cash balance and the reduced uncertainty after the passage of the One Big Beautiful Bill Act, we are confident that our liquidity position is sufficient to both redeem this note and support our business for the foreseeable future.

鑑於我們健康的現金餘額和《一項偉大的美麗法案》通過後不確定性的減少，我們相信我們的流動性狀況足以贖回這張票據並在可預見的未來支持我們的業務。

As Shuki mentioned, by the end of the second quarter, the majority of our distribution partners had normalized their inventory levels. As a result, we will no longer be providing quarterly sales through figures.

正如 Shuki 所提到的，到第二季末，我們的大多數分銷合作夥伴的庫存水準都已恢復正常。因此，我們將不再透過數字提供季度銷售額。

SolarEdge is focused on providing full system solutions, combining inverters, optimizers, EV chargers, storage systems, and energy management software. This aligns with evolving market demand and customer preferences and coincides with the streamlining of a product portfolio. Therefore, we will no longer be providing a breakdown of megawatt shipments by region or by end-markets as management focus is on regional revenue.

SolarEdge 專注於提供完整的系統解決方案，結合逆變器、最佳化器、電動車充電器、儲存系統和能源管理軟體。這符合不斷變化的市場需求和客戶偏好，並與產品組合的精簡一致。因此，我們將不再提供按地區或終端市場劃分的兆瓦出貨量明細，因為管理重點是區域收入。

Turning now to our guidance for the third quarter of 2025. We are expecting revenues to be within the range of $315 million to $355 million. We expect non-GAAP gross margin to be within the range of 15% to 19%, including approximately 2 percentage points of new tariff impact. We expect the non-GAAP operating expenses to be within the range of $85 million to $90 million.

現在來談談我們對 2025 年第三季的指導。我們預計營收將在 3.15 億美元至 3.55 億美元之間。我們預計非公認會計準則毛利率將在 15% 至 19% 之間，其中包括約 2 個百分點的新關稅影響。我們預計非公認會計準則營運費用將在 8,500 萬美元至 9,000 萬美元之間。

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

我現在將把電話轉給接線員，以便回答問題。操作員。

(Operator Instructions) Mark Strouse, JPMorgan.

（操作員指示）摩根大通的馬克‧斯特勞斯 (Mark Strouse)。

I wanted to ask about sustainability of the revenue that you're seeing here. In 2Q and 3Q, was there any benefit that you saw from Safe Harbor or in the 3Q guide, are you assuming any pull forward from maybe some of your 25D customers? I know that's a smaller portion for you guys. Just curious if you're seeing any one timers that you might potentially normalize for? And I have a follow-up.

我想問一下您在這裡看到的收入的可持續性。在第二季和第三季度，您是否從安全港或第三季指南中看到了任何好處，您是否認為您的部分 25D 客戶可能會帶來一些好處？我知道這對你們來說份量較小。只是好奇您是否看到了任何可能標準化的計時器？我還有一個後續問題。

Yes, sure. Thank you, Mark, for your question. And first of all, I'll start by saying that our Q3 guidance does not include a significant pull forward of demand relative to 25D or to Safe Harbor. So we are pleased with the progress that we are making.

是的，當然。馬克，謝謝你的提問。首先，我要說的是，我們的第三季指引並未包括相對於 25D 或安全港而言的大幅提前需求。因此，我們對所取得的進展感到滿意。

As I said in my prepared remarks, both in Q2 and in the midpoint of the guidance for Q3, we are showing year-over-year and quarter-over-quarter revenue growth and they are a result of building our business back to where it should be.

正如我在準備好的發言中所說，無論是在第二季度還是在第三季度指引的中期，我們都顯示出同比和環比的收入增長，這是我們將業務恢復到應有水平的結果。

And then also on gross margin, good to see the progress that you're making there. Just curious to the extent that you're willing to talk beyond 3Q, how to think about the cadence of margins as your revenue continues to normalize?

另外，就毛利率而言，很高興看到您在那裡取得的進展。我只是好奇，您是否願意談論第三季之後的情況，隨著收入繼續正常化，您如何看待利潤率的節奏？

Thank you for the question. I think we said last time that on margin, the biggest driver is more revenue. Of course, the more revenue, better utilization of our fixed cost infrastructure that we have built in our structure.

謝謝你的提問。我想我們上次說過，就利潤率而言，最大的驅動力是更多的收入。當然，收入越多，我們在結構中建構的固定成本基礎設施的利用率就越高。

On top of this, the expansion of our production footprint as we sell -- produce and sell more. And as we noted, we are going to start towards the end of this year to sell the products overseas and enjoy the 45X credits also for -- on out of the US sales.

除此之外，隨著我們生產和銷售更多產品，我們的生產足跡也不斷擴大。正如我們所指出的，我們將在今年年底開始在海外銷售產品，並且在美國以外的銷售中也能享受 45 倍的積分。

Another positive factor on -- the new product standards are coming up towards the end of the year, we expect better marginality. They are coming with a better cost structure. And of course, I think we have a continuous effort that we related to our fixed cost improvement and reducing by streamlining production. We talked about automation and enhanced inventory and logistics management and so forth.

另一個積極因素是——新的產品標準將在年底出台，我們預計邊際效益會更好。他們正採取更好的成本結構。當然，我認為我們會不斷努力，透過精簡生產來改善和降低固定成本。我們討論了自動化、增強庫存和物流管理等等。

One thing to remember, of course, and related to that there is an impact of mix, all of this between different geographies, different products and market segments, which may vary, and we cannot predict that. But I think all of these levers I talked to will provide better marginality, again, with revenue increase as you can see in our Q3 guidance.

當然，有一件事要記住，與此相關的是混合的影響，所有這些都發生在不同的地理、不同的產品和細分市場之間，這些可能會有所不同，我們無法預測。但我認為，我談到的所有這些槓桿都將提供更好的邊際效益，同時收入也會增加，正如您在我們的第三季指引中所看到的那樣。

Philip Shen, ROTH Capital Partners.

羅仕證券 (ROTH Capital Partners) 的 Philip Shen。

First one is on Safe Harbor again. Some of our checks suggest your C&I business, especially in the US, is doing really well. One distributor said it was booming. And so, I know there's no Safe Harbor in the guide, but was wondering how much could be in the guide? How much more Safe Harbor do you think you could have? You've already done one C&I Safe Harbor. Is there more to come either for C&I or Resi for that matter?

第一個再次出現在安全港。我們的一些檢查表明，您的 C&I 業務（尤其是在美國）表現非常好。一位經銷商表示，生意非常紅火。所以，我知道指南中沒有安全港，但想知道指南中有多少內容？您認為還能擁有多少安全港？您已經完成一次 C&I 安全港。那麼，C&I 或 Resi 是否還會有更多進展？

Thank you, Phil. As you know, and as we stated in the past, we are not going to get into any details as it pertains to the Safe Harbor deal and both in Resi or in C&I. I concur with what you implied. I believe that our customers are looking at us as the best partner if and when they consider such deal.

謝謝你，菲爾。正如您所知，正如我們過去所說的那樣，我們不會深入討論與安全港協議以及 Resi 或 C&I 相關的任何細節。我同意你的暗示。我相信，當我們的客戶考慮這樣的交易時，他們會將我們視為最佳合作夥伴。

And if and when they consider such deals, we will definitely be happy to support them. And we believe that our solution, both from a product perspective as well as from many years of working together and supporting this type of customer, is going to be beneficial for them.

如果他們考慮這樣的交易，我們絕對會很樂意支持他們。我們相信，無論從產品角度或多年來與此類客戶的合作和支援來看，我們的解決方案都將使他們受益。

More generally on the C&I segment is now with the advantage of domestic content and with the FEOC requirements that are coming in, we believe that we are going to have a significant opportunity in this segment to gain share in this segment. And between our product offering, the FEOC requirements and the domestic content adders, I believe that these customers are going to find that very -- our solution very attractive.

更普遍的是，C&I 領域現在擁有國內內容的優勢，隨著 FEOC 要求的出台，我們相信我們將在這一領域擁有重大機會來獲得市場份額。在我們的產品、FEOC 要求和國內內容添加器之間，我相信這些客戶會發現我們的解決方案非常有吸引力。

And I've heard you guys might go into allocation mode soon for C&I, so that's very interesting. Shifting over to 2026 and margins, I know you guys don't guide officially, but I was wondering if you might be able to share what the 2026 margin puts and takes might be?

我聽說你們可能很快就會進入 C&I 的分配模式，這非常有趣。轉到 2026 年和利潤率，我知道你們沒有正式指導，但我想知道你們是否可以分享 2026 年的利潤率是多少？

Like is it safe to use maybe a 15% to 19% range from the Q3 guide and remove the tariff impact? So if you remove the tariff impact, could it even be higher? Just some color on that would be fantastic.

例如，使用第三季指南中 15% 到 19% 的範圍並消除關稅影響是否安全？那麼，如果消除關稅的影響，這個數字還會更高嗎？只要添加一些顏色就非常棒了。

So specifically on the tariff, we related that in the script and noted that we expect for the next two quarters within the year about 2% incremental tariff impact, which is below by an estimation of 4% to 6%. We also said that next year, we are looking to neutralize this entirely with the diversified production basis and some potential price increase.

因此，具體到關稅問題，我們在腳本中提到了這一點，並指出我們預計今年接下來兩個季度的關稅增量影響約為 2%，低於 4% 至 6% 的估計。我們還表示，明年，我們希望透過多樣化的生產基礎和一些潛在的價格上漲來完全消除這種影響。

In terms of the trajectory of next year, overall, so again, I think we talked about the main margin levers, of course, the higher revenue, again with the better utilization of fixed costs, the new products. These new products will enable us actually to present some new revenue streams.

就明年的發展軌跡而言，總體而言，我認為我們再次討論了主要的利潤槓桿，當然，更高的收入，以及更好地利用固定成本和新產品。這些新產品實際上將使我們能夠提供一些新的收入來源。

And the ramping up of the US production is very important to us as you know, the US, from a production basis, is the most economically attractive for us given the higher benefits and credits. And as we start selling US made products globally to the EU and international markets, again, that's another lever we will enjoy from.

如您所知，提高美國的產量對我們來說非常重要，從生產角度來看，美國對我們來說是最具經濟吸引力的國家，因為它提供更高的福利和信貸。當我們開始向歐盟和國際市場銷售美國製造的產品時，這將是我們享受到的另一個槓桿。

Brian Lee, Goldman Sachs.

高盛的 Brian Lee。

I guess, first question just on the guidance for revenue. I know Europe looked pretty strong in 2Q and now that you got the destock complete in that region, presumably it's going to be just as strong in 3Q. So can you give us a sense, I know you don't want to break out C&I, Resi and all the different detailed factors.

我想，第一個問題只是關於收入指引。我知道歐洲在第二季表現相當強勁，現在該地區的去庫存工作已經完成，想必第三季的表現也會同樣強勁。那麼您能否給我們一個概念，我知道您不想單獨列出 C&I、Resi 和所有不同的詳細因素。

But just in terms of the revenue growth guidance for 3Q, just how much more growth are you expecting in Europe? Is the US market expected to be stronger from a sequential growth perspective? Just maybe some of the puts and takes given both of those markets look pretty strong in 2Q. Wondering if you're expecting exactly the same trends or any divergence into 3Q based on the guidance? And I had a follow-up.

但僅就第三季的營收成長預期而言，您預期歐洲的成長幅度是多少？從連續成長的角度來看，美國市場是否有望更加強勁？鑑於這兩個市場在第二季表現相當強勁，或許只是一些看跌和看漲交易。想知道根據指導，您是否預計第三季會出現完全相同的趨勢或任何差異？我進行了後續跟進。

Thank you for the question. I'll start with the US market and then I'll get to Europe. In the US, I think as we have said, as Shuki just indicated, we believe that we are in a strong position. One is the expected shift towards the TPO that we discussed.

謝謝你的提問。我將從美國市場開始，然後再到歐洲。在美國，我想正如我們所說的，正如 Shuki 剛才指出的，我們相信我們處於強勢地位。一是我們討論過的向TPO的預期轉變。

Again, the new product introduction, they're coming with a growing focus on the full ecosystem, I would say, solution with incorporating more software and more elements. C&I opportunities that we see are significant as well, especially with enterprise customers.

再次，在新產品的推出中，他們越來越關注完整的生態系統，我想說，解決方案將結合更多的軟體和更多的元素。我們看到的 C&I 機會也很大，尤其是對企業客戶而言。

And now to the US territory, so we did note that channels are largely clear. We expect to see a catch up of revenue to the underlying demand. At the same time, I think it is important to know that new market remains fairly weak and potentially it can go even weaker next year. Of course, our focus is to continue and gain market share.

現在到了美國領土，我們確實注意到渠道基本上暢通。我們預計收入將趕上潛在需求。同時，我認為重要的是要知道新市場仍然相當疲軟，並且明年可能會更加疲軟。當然，我們的重點是繼續贏得市場份額。

So it will be, I would say, an interplay between the weak -- potentially weak European market and our new products, market share expansion efforts that we're focusing every day. And overlaying all of this, I mean, even on a global basis, the fact that the battery attach rates and demand continue to rise, so we certainly expect to see this momentum continues for Q3 and beyond.

因此，我想說，這將是疲軟的——可能疲軟的歐洲市場和我們每天關注的新產品、市場份額擴張努力之間的相互作用。綜上所述，即使從全球範圍來看，電池連接率和需求也在持續上升，因此我們當然預計這種勢頭將在第三季度及以後持續下去。

And then I guess on the gross margin, going back to that question from Phil. If you look at the 3Q guide, I think you're implying an over 40% drop through on gross margin. Is that maybe the right way to think about leverage on the gross margin line going forward? I mean every $100 million of incremental revenue from here seems like you could add another 500 to 700 basis points of gross margin if we do the math that way.

然後我想回到菲爾提出的問題：關於毛利率。如果您看一下第三季指南，我認為您暗示毛利率將下降 40% 以上。這也許是思考未來毛利率槓桿的正確方法嗎？我的意思是，如果我們這樣計算的話，從現在開始每增加 1 億美元的收入似乎可以增加 500 到 700 個基點的毛利率。

And then curious up to what level this underutilization recapture could drive additional margin leverage. I guess, where are you in terms of utilization? Where is the headroom and kind of what does that imply for gross margin step ups from here as you get more volume in?

然後好奇這種未充分利用的重新捕獲可以在多大程度上推動額外的保證金槓桿。我猜，從利用率來看您處於什麼位置？隨著銷量的增加，成長空間在哪裡？這對於毛利率的提升意味著什麼？

Sure. So I think you alluded to the fixed cost infrastructure that we have built in the COGS, which as you know we are trying to reduce in terms of automation and product simplicity, more single SKU, and so forth. I think we told you before that the estimate or the rough number for such fixed costs embedded in our COGS is around $90 million to $95 million.

當然。所以我認為您提到了我們在 COGS 中建立的固定成本基礎設施，正如您所知，我們正在嘗試透過自動化和產品簡化、更多單一 SKU 等方式來降低 COGS 的成本。我想我們之前告訴過您，我們的 COGS 中包含的此類固定成本的估計數或粗略數約為 9000 萬至 9500 萬美元。

And of course we're working to reduce it, as I said. And just in terms of simple math, just divide that by growing revenue, you'll get the incremental impact associated with the better utilization of the fixed cost infrastructure.

當然，正如我所說，我們正在努力減少它。僅就簡單的數學而言，只要將其除以成長的收入，您就會得到與更好地利用固定成本基礎設施相關的增量影響。

Colin Rusch Oppenheimer.

科林·拉什·奧本海默。

Can you talk about some of the key initiatives from an R&D perspective that you're working on? It seems to me that there are some innovations in and around both virtual power plants, as well as just optimization of performance of the inverters here that we could be looking at. Just want to see where you can actually get some real leverage out of those R&D efforts?

您能否從研發角度談談您正在進行的一些關鍵措施？在我看來，這兩個虛擬發電廠內部和周圍都有一些創新，我們可以專注於逆變器的性能最佳化。只是想看看您實際上可以從這些研發工作中獲得哪些真正的優勢？

Yes. Thank you, Colin, for a great question. So as the market evolved, it moved from being a PV-only type of a market in which SolarEdge operated into a market in which batteries and storage play a significant role. So you have to -- and the grid is actually -- with electrification and the growth in demand for electricity, the grid is actually -- finds it harder and harder to manage all the loads.

是的。謝謝科林，你提出了一個很好的問題。因此，隨著市場的發展，它從 SolarEdge 運營的僅限光伏類型的市場轉變為電池和儲存發揮重要作用的市場。因此你必須——而且電網實際上——隨著電氣化和電力需求的增長，電網實際上——發現管理所有負載變得越來越困難。

So between these three, the energy management optimization and knowing when to produce power and export it to the grid, when to store it in the battery, using time of use algorithms and expecting what will happen from a weather perspective and so forth. These are all areas that we are looking at, that our talented team is innovating around.

因此，在這三者之間，能源管理優化和知道何時產生電力並將其輸出到電網，何時將其儲存在電池中，使用使用時間演算法以及預測從天氣角度會發生什麼等等。這些都是我們正在關注的領域，我們的優秀團隊正在圍繞這些領域進行創新。

And we believe that what we have to deliver to the market is eventually a system, a solution that combines PV storage and this energy management capabilities in order to maximize the value and the return that they get from the system. And when you do all of that, then it opens to virtual power plants, like you mentioned, or grid services and other areas that we can potentially look into in the future. Some of them already exist today, they are nascent. But definitely an area that we can look into in the future as well.

我們相信，我們最終要向市場推出的是一個系統，一個結合光伏儲存和能源管理功能的解決方案，以最大限度地提高他們從系統中獲得的價值和回報。當你完成所有這些之後，它就會向虛擬發電廠開放，就像你提到的那樣，或者電網服務和我們將來可能研究的其他領域。其中一些如今已經存在，它們還處於萌芽階段。但這絕對也是我們未來可以研究的領域。

And then from a cost perspective, I mean, are there other areas that you can drive cost out of the system in the organization? Or are you fully stripped down as a company here? Or can we see some incremental cost savings either -- anywhere in the OpEx side of things?

然後從成本角度來看，我的意思是，組織中是否還有其他領域可以降低系統成本？或者說，你們作為一家公司已經完全精簡了嗎？或者我們可以看到一些增量成本節省——在營運支出方面的任何地方？

This is a continuous focus for us and I don't think we ever get to a situation that we cannot strip down. This is something that we are driving management; always look at ways to have improved efficiency. I think we did relate to the upcoming Nexis system that the cost structure it has embedded is more attractive. So we expect a better marginality on that. But I can say that we are constantly looking on avenues to reduce costs and that's something we're very focused on.

這是我們持續關注的重點，我認為我們永遠不會陷入無法剝離的境地。這是我們推動管理的事情；始終尋找提高效率的方法。我認為我們確實與即將推出的 Nexis 系統有關，它所嵌入的成本結構更具吸引力。因此我們期望有更好的邊際效益。但我可以說，我們一直在尋找降低成本的途徑，這是我們非常關注的事情。

Dimple Gosai, Bank of America.

美國銀行的 Dimple Gosai。

Could you please give us more color on what drove the strong battery performance this quarter? And do you anticipate the TPO market shifts more towards a storage-led market with ITC in place? And then I have a follow-up please.

能否詳細介紹本季電池表現強勁的因素？您是否預計在 ITC 到位後，TPO 市場將進一步轉向以儲存為主導的市場？然後我還有一個後續問題。

Yes. Thank you, Dimple. So the storage -- the entire market, I would say in all residential regions, we are seeing an increased attach rate between solar and storage. The value is clear whether you -- even in areas that the tariffs are not dynamic, there is a value of storing what is produced during the day in order to use it overnight.

是的。謝謝你，迪普爾。因此，我想說，在整個儲存市場，在所有住宅區，我們都看到太陽能和儲存之間的附加率正在增加。其價值是明確的，即使在關稅不是動態的地區，儲存白天生產的產品以便在夜間使用也是有價值的。

In more advanced markets in which there are more sophisticated schemes than the battery is playing an even more important role, be it flexibility, or time of use and other models. So this is the main driver and we are supporting the demand that is coming and we are actually helping growing the pie by providing the energy management solutions that I was talking about.

在更先進的市場中，存在著比電池更複雜的方案，電池發揮更重要的作用，無論是靈活性，還是使用時間和其他模型。所以這是主要的驅動力，我們正在支持即將到來的需求，我們實際上正在透過提供我所談論的能源管理解決方案來幫助擴大市場份額。

As for the TPOs, I believe that they operate in the very same market and the requirements coming from their customers are similar. And my expectation at least is that, I believe that the attach rate is going to grow for them as well. And as they increase their attach rates, we will provide them with the solutions that are actually maximizing the benefits from that.

至於TPO，我相信他們在同一個市場運營，並且來自客戶的要求也類似。我的預期是，至少我相信他們的附加率也會成長。隨著他們提高附加率，我們將為他們提供真正實現利益最大化的解決方案。

And then on a more technical note, free cash flow was pretty solid this quarter, can you help quantify how much of that was driven by working capital tailwinds? And how we should think about the sustainability of those drivers going forward?

然後從更技術性的角度來說，本季的自由現金流相當穩健，您能否幫助量化其中有多少是由營運資金順風推動的？我們該如何看待這些驅動力未來的永續性？

And then separately, what was the cash impact from 45X in the quarter? Could you maybe talk a bit about the monetization cadence we can expect going forward on that?

那麼，45X 對本季的現金影響是什麼？您能否談談我們未來可以預期的貨幣化節奏？

So considering the 45X monetization is an ongoing standard part of our business as we have ramped up our production layout in the US. We are not disclosing that. In terms of the cash flow, we did provide an indication and some guidance for the year as a whole.

因此，隨著我們在美國擴大生產佈局，將 45X 貨幣化視為我們業務的持續標準部分。我們不會透露這一點。在現金流方面，我們確實為全年提供了指示和一些指導。

As you remember for H1, Q1 and Q2 together, we generated positive free cash flow of approximately $11 million and we did guide to free cash flow for the entire year, which is also due to the lower incremental tariffs compared to our previous guidance of breaking even. So the incremental positive on that is one of the reasons that resulted in that.

您還記得，上半年、第一季和第二季加起來，我們產生了約 1100 萬美元的正自由現金流，並且我們確實為全年的自由現金流做好了指導，這也是由於增量關稅低於我們之前的盈虧平衡指導。因此，對此的逐步積極是導致這一結果的原因之一。

And then as you well know, I mean, the timing of different cash flow items, working capital items change, we are working to plan and control as much as possible, but things may shift. So that's as much I can say about the future of free cash flow.

然後，如您所知，我的意思是，不同現金流項目、營運資金項目的時間會發生變化，我們正在盡可能地進行規劃和控制，但情況可能會發生變化。關於自由現金流的未來，我能說的就這麼多。

Corinne Blanchard, Deutsche Bank.

科琳‧布蘭查德，德意志銀行。

Just maybe one question on inventory level, if you can comment what you're seeing in the US and maybe in Europe as well. I think one of your peers mentioned seeing an increase here. So just trying to put some context.

關於庫存水平，我只想問一個問題，您能否評論一下美國和歐洲的情況？我認為您的一位同事提到這裡出現了增長。所以只是想提供一些背景資訊。

So I assume that you're referring to the channel inventory. And as we said for Europe, most of our distributors have already resumed normal levels of inventory. There are some that are not, but most of them are, and we are very pleased with that.

所以我假設您指的是渠道庫存。正如我們在歐洲所說的那樣，我們的大多數分銷商已經恢復了正常的庫存水準。有些不是，但大多數是，我們對此感到非常高興。

In the US, we haven't seen anything that is out of the normal in terms of our channel inventory. So I don't know what exactly you're referring to, but in our business, we haven't seen any buildup of inventory in the channel in the US

在美國，我們的通路庫存沒有任何異常情況。所以我不知道你具體指的是什麼，但在我們的業務中，我們沒有看到美國管道有任何庫存積累

No, that's helpful. That's what I was referring to. And then maybe just like a very high-level question or generic question. What's your view on the US market or like US TAM as we go into '26 and potentially '27?

不，這很有幫助。這就是我所指的。然後可能就像一個非常高級的問題或一般性問題。當我們進入 26 年甚至 27 年時，您對美國市場或美國 TAM 有何看法？

Yes. So that's a question that many people are asking today. The way that we look at it is that with the elimination of 25D at the end of the year, most probably the segment that is supported by 25D is going to decline significantly, call it 50%, 60% year-over-year.

是的。這是今天很多人問的問題。我們的看法是，隨著年底 25D 的取消，25D 所支持的部分很可能會大幅下降，年減 50% 或 60%。

And at the same time, the TPO segment is going to benefit from that, although because 48E continues until the end of 2027. And by how much the TPO segment is going to grow, in principle, it can take the entire piece of the pie that people that used to take cash and loan for 25D can all of them -- maybe all of them can switch to TPO.

同時，TPO 領域也將從中受益，儘管 48E 將持續到 2027 年底。就 TPO 細分市場的成長速度而言，原則上，它可以佔據整個市場份額，那些過去用現金和貸款購買 25D 的人都可以——也許他們都可以轉向 TPO。

Maybe only part of it because of consumer preference or because of capital constraints or any other thing. So your guess is as good as mine in terms of what percentage will go there. So I think that when you combine both of them, we will see the market declines by something like 20%, maybe a bit more.

可能只是部分原因是由於消費者偏好或資本限製或其他原因。因此，對於有多少比例會去那裡，你的猜測和我的一樣好。因此我認為，當將這兩者結合起來時，我們會看到市場下跌 20% 左右，甚至更多。

But as it pertains to SolarEdge, our position within the TPO segment is very strong. And we believe that the years that we spent in order to build the infrastructure to specifically support this type of customer, as well as the domestic content and the compliance with field requirements that we have.

但就 SolarEdge 而言，我們在 TPO 領域的地位非常強。我們相信，我們花了數年時間建立專門支援此類客戶的基礎設施，以及我們擁有的國內內容和對現場要求的遵守。

So we think that our products are the best out there to support the scale, the performance and the integration needs of the TPO business model. And because of that, if the TPO segment is actually going to grow. We believe that we are in a good position to leverage or to benefit from that.

因此，我們認為我們的產品是能夠最好地支援 TPO 業務模式的規模、性能和整合需求的產品。正因為如此，TPO 部分才會真正成長。我們相信，我們處於有利地位，可以利用這一點或從中受益。

Chris Dendrinos, RBC Capital Markets.

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

Congrats on the strong quarter. I wanted to focus on the European business here. And you mentioned that it's mostly normalized, but the market share that you all have is still below where you ultimately want to be.

恭喜本季業績強勁。我想專注於這裡的歐洲業務。您提到它基本上已經正常化，但您們的市場份額仍然低於您最終想要的水平。

So maybe looking ahead, I think you mentioned that Nexis is one opportunity, but what other levers do you have in Europe? And how are you thinking about the strategy maybe from a pricing perspective going forward?

所以也許展望未來，我想您提到 Nexis 是一個機會，但您在歐洲還有哪些其他槓桿？從定價角度來看，您如何考慮未來的策略？

Yes. So thank you, Chris. Yes, so as I mentioned, we visited Europe last week, and first of all, we are pleased with the progress that we have made. We do see data that supports that we've started gaining sharing in the second quarter.

是的。所以謝謝你，克里斯。是的，正如我所提到的，我們上週訪問了歐洲，首先，我們對取得的進展感到滿意。我們確實看到數據證明我們在第二季已開始獲得分享。

And as I mentioned, I believe that we have room to grow here in terms of market share in Europe -- in Europe, in general, and in every specific country, in particular. And it will be a result of many different components that we detailed in past calls. We have to continue working very, very closely with our distribution partners, with the installers. We have to win the trust of the installers. They need to want to install SolarEdge. And so that's one element.

正如我所提到的，我相信我們在歐洲的市場份額方面還有成長空間——在整個歐洲，尤其是在每個特定國家。這是我們在過去的電話會議中詳述的許多不同因素共同作用的結果。我們必須繼續與我們的分銷合作夥伴和安裝商密切合作。我們必須贏得安裝人員的信任。他們需要安裝 SolarEdge。這就是其中一個要素。

The second element is with Nexis, we are going to open additional segments that, until today, we operated in, but we didn't have the best fit for this segment. At the same time, the Nexis platform, not only that it's designed from the ground up to support the evolution in the market to go into storage and backup, but also the cost structure is better and that will allow us to be more competitive in the market.

第二個要素是與 Nexis 合作，我們將開闢更多細分市場，直到今天我們仍在這些細分市場中運營，但我們還沒有找到最適合該細分市場的方案。同時，Nexis 平台不僅從頭開始設計以支援市場向儲存和備份領域的發展，而且成本結構也更好，這將使我們在市場上更具競爭力。

And the last thing I would say is -- and we've heard it in Intersolar or in different meetings in Europe, the channel in Europe, channel meaning the distributors, the installers and the customers, they are all very happy to see SolarEdge back. The composition of the current market is -- they would have liked to see a stronger SolarEdge, a SolarEdge that has higher market share in each of the countries. And we see their support as also an important element to help us get to where we want to go.

我最後要說的是——我們在 Intersolar 或歐洲的不同會議上都聽說過，歐洲的渠道，渠道意味著分銷商、安裝商和客戶，他們都非常高興看到 SolarEdge 的回歸。目前市場的組成是——他們希望看到更強大的 SolarEdge，在每個國家擁有更高市場份額的 SolarEdge。我們認為他們的支持也是幫助我們達成目標的重要因素。

Got it. And then maybe just as a follow-up on Nexis. You just mentioned, maybe, you had some products or segments that weren't a great fit, but that improves with Nexis. Can you expand on that a little bit? And what specifically is the opportunity there?

知道了。然後也許只是作為 Nexis 的後續行動。您剛才提到，也許您的一些產品或細分市場不太合適，但透過 Nexis 可以得到改善。能稍微詳細說明一下嗎？那麼那裡的具體機會是什麼？

Yes. So for example, in Germany, many of the homeowners they are interested in large systems, maybe 20 kilowatts. And the Nexis -- the three phase Nexis is actually going to support up to 20 kilowatts. Our current solution is less than that. So the installers who are really loyal to SolarEdge are installing two inverters instead of one.

是的。例如，在德國，許多房主對大型系統感興趣，例如 20 千瓦的系統。而 Nexis——三相 Nexis 實際上將支援高達 20 千瓦的功率。我們目前的解決方案還不夠完善。因此，真正忠誠於 SolarEdge 的安裝人員會安裝兩個逆變器，而不是一個。

But in order to seriously address this segment in the market, and it's a growing segment, we're going to offer not only the three phase inverter, but actually a stackable battery that can go all the way up to 19.6 kilowatt hour, which is a -- it's a very, very respectful -- respected solution for large houses in Germany. And we believe that once we introduce that with the quality, reliability, and the SolarEdge brand, we believe that we'll see an uptick in share.

但為了認真解決市場上的這個細分市場，而且這個細分市場還在不斷增長，我們不僅會提供三相逆變器，而且還會提供可堆疊電池，其容量最高可達 19.6 千瓦時，這對於德國的大房子來說是一個非常非常受尊重的解決方案。我們相信，一旦我們推出具有高品質、高可靠性和 SolarEdge 品牌的產品，我們就會看到市場份額的上升。

Christine Cho, Barclays.

巴克萊銀行的 Christine Cho。

Apologies if you've already answered this, but you mentioned that Europe has reached normalized inventory levels by the end of 2Q and I appreciate that you're not going to be providing sell through anymore. But the revenue guide for next quarter is below the $375 million sell through that you gave last quarter.

如果您已經回答了這個問題，請原諒，但您提到歐洲在第二季末已經達到了正常的庫存水平，我很感激您不再提供銷售服務。但下個季度的營收預期低於您上個季度給出的 3.75 億美元的銷售額。

So I was just wondering if you could help us bridge the gap. Can you give us a sense of how much the market is down or are customers keeping less inventory? Just any other puts and takes that we should consider.

所以我只是想知道您是否可以幫助我們彌補差距。您能否告訴我們市場下滑的程度或客戶的庫存是否減少了？我們應該考慮其他任何投入和產出。

Thank you, Christine. It's a very -- you put the numbers together and that's very nice. And as we said, most of the distributors have reached the normalized inventory levels, but there are two things that we have to keep in mind.

謝謝你，克里斯汀。這非常——你把這些數字放在一起，這非常好。正如我們所說，大多數分銷商已經達到了正常的庫存水平，但我們必須記住兩件事。

One is some of them have not yet and this is, I would say, part of the gap between what you would call the sell through and the revenue that we see in the third quarter. And the second piece is, even when the channels are normalized, it goes up and down by quarter, by seasonality, by the way -- by the preference of the distributors in anticipation of a new product or an old product.

一方面是有些公司還沒有這樣做，我想說，這就是所謂的銷售量和我們在第三季看到的收入之間的差距的一部分。第二點是，即使通路已經標準化，其銷售量也會隨著季度、季節的變化而上下波動，順便說一下，這取決於經銷商對新產品或舊產品的偏好。

So there are many different factors that are playing a role here. But these are the two main reasons for what you referred to as the gap.

因此，這裡有許多不同的因素在發揮作用。但這確實是您所說的差距的兩個主要原因。

And you have some products rolling out 4Q, is that right?

你們將在第四季推出一些產品，對嗎？

I'm sorry, again?

再次抱歉？

You have some products rolling out at the end of the year, so that's what you're alluding to?

你們將在年底推出一些產品，這就是你所指的？

Yes. The Nexis platform. Yes.

是的。Nexis 平台。是的。

And then, the follow-up, in Europe, historically, the revenues and costs, I think, were pretty much in the same currency, so margin was hedged internally and regionally. As you guys come down on your European inventory on the books and you start shipping US products to Europe and other parts of the world, that internal hedge is no longer. So should we expect that you guys are going to use hedges to lock this in, especially with FX rates moving around quite a bit these days?

然後，後續情況是，在歐洲，從歷史上看，收入和成本幾乎都是同一種貨幣，因此保證金在內部和區域上進行了對沖。隨著你們減少帳面上的歐洲庫存並開始將美國產品運往歐洲和世界其他地區，這種內部對沖就不再存在了。那麼，我們是否應該預期你們會使用避險來鎖定這一點，特別是最近外匯匯率波動很大的情況下？

Actually, we are hedging our major currencies, which are the euro and US or shekel. Currently, it's mostly versus the expense. Revenues are a little bit more challenging to hedge because we can't really expect the flow, but we can certainly hedge the net impact and we are looking on that constantly. We have a policy and you're absolutely right, this natural hedge will no longer be and we will, of course, spend accordingly and ensure that we have a good and efficient methodology for hedging.

實際上，我們正在對沖我們的主要貨幣，即歐元和美元或謝克爾。目前，這主要是相對於費用而言的。收入對沖更具挑戰性，因為我們無法真正預期流量，但我們肯定可以對沖淨影響，而且我們一直在關注這一點。我們有一項政策，您說得完全正確，這種自然對沖將不再存在，我們當然會相應地花錢，並確保我們有一個良好而有效的對沖方法。

Joe Osha, Guggenheim Partners.

古根漢合夥公司的喬‧奧沙 (Joe Osha)。

You guys have talked about the need to grow into your manufacturing base and absorb fixed cost. I'm wondering if you can give us some sense based on where you are now as to how much revenue you could support with your existing manufacturing base? And I have a follow-up.

你們談到了發展製造基地和吸收固定成本的必要性。我想知道您是否可以根據您目前的狀況告訴我們，您現有的製造基地可以支援多少收入？我還有一個後續問題。

So our current production layout is built to support significant increase in revenue. We plan that and we are executing upon the plan. We cannot give you more than some general color, but certainly, we can increase our revenue and the buildup to support us, the production volume with existing infrastructure.

因此，我們目前的生產佈局是為了支持收入的大幅成長而建立的。我們制定了這樣的計劃並且正在執行。我們無法向您提供更多信息，只能提供一些一般性的信息，但可以肯定的是，我們可以增加收入和積累，以支持我們利用現有基礎設施提高產量。

We're working, as you know, with the major contract manufacturer. But we expect that the current facilities and infrastructure that we've built in with the automation that we're implementing more and more will support us through multiple quarters before we need to ramp up the layout again potentially.

如您所知，我們正在與主要合約製造商合作。但我們預計，我們現有的設施和基礎設施，以及我們正在越來越多地實施的自動化技術，將在我們需要再次擴大佈局之前，支持我們度過多個季度。

And then my follow-up. Looking at Europe, you're talking about new products that will bring new features probably also lower cost. And I'm curious in the European residential markets, do you think that you are where you need to be from a pricing standpoint? Or could we see you take additional actions on the pricing front as you seek to retake market share?

然後是我的後續行動。看看歐洲，你談論的新產品不僅會帶來新功能，而且可能還會降低成本。我對歐洲住宅市場很好奇，從定價的角度來看，您認為您已經達到了應有的水平嗎？或者我們可以看到您在尋求重新奪回市場份額時在定價方面採取額外行動？

Yes. As you know, price is only one factor in the go-to-market strategy. There is the product. There is the partnership that you have with the channel. there is consumer pool. There are so many different things.

是的。如您所知，價格只是市場進入策略的因素。有產品。您與通路之間有合作關係，有消費者群。有很多不同的事情。

As of last week, when we visited with key customers, pricing doesn't seem to be the blocking parameter in terms of if we want to continue growing. And as I said, we started gaining share. We feel confident that we can continue doing that.

截至上週，當我們拜訪主要客戶時，價格似乎不是我們想要繼續成長的阻礙因素。正如我所說，我們的市場佔有率開始增加。我們有信心能夠繼續這樣做。

And at this stage, it doesn't seem as if we need to make a significant price move. At the same time, we're responding to pricing and if the need arises, we will have to do that.

而在現階段，我們似乎不需要對價格進行大幅調整。同時，我們正在對定價做出反應，如果有需要，我們就會這樣做。

Maheep Mandloi, Mizuho.

Maheep Mandloi，瑞穗。

Maybe just one on the battery side. Could you just talk about the battery cell sourcing strategy for this year and next? What changes you're making there? And on the margin side, if you could just talk about, are we back to target margins for the batteries yet or we have to wait for the new products to get there?

也許只是電池側有一個。能談談今年和明年的電池採購策略嗎？您在那裡做了哪些改變？在利潤方面，您能否談談，我們是否已經回到電池的目標利潤率，還是必須等待新產品才能達到目標利潤率？

Thank you, Maheep. So I'll start with the battery sourcing and then you'll have to repeat the gross margin question because we didn't hear it well here.

謝謝你，Maheep。因此，我將從電池採購開始，然後您必須重複毛利率問題，因為我們在這裡沒有聽清楚。

For the battery sourcing, similar to many other components in our supply chain, we first and foremost, are looking for quality and reliability of our products to make sure that the products we deliver are actually providing the value that we intend for them to provide for the long-term. Then we are looking into optimizing the supply chain between different requirements that we have.

對於電池採購，與我們供應鏈中的許多其他組件類似，我們首先要尋求產品的品質和可靠性，以確保我們交付的產品確實能夠提供我們希望它們長期提供的價值。然後，我們正在研究如何優化我們不同需求之間的供應鏈。

And we talked at lengths about tariffs and about FEOC, and about other requirements that are making a difference for our customers and for ourselves. So we'll continuously look into the best possible way to source battery cells or any other component in our supply chain.

我們詳細討論了關稅、FEOC 以及其他對我們的客戶和我們自己有影響的要求。因此，我們將不斷尋找最佳的方式來採購電池或供應鏈中的任何其他組件。

Could you please repeat the gross margin question?

您能重複一下毛利率問題嗎？

Yes. Just trying to understand like on the margins on the batteries, I know historically were lower because of the Samsung batteries. But just curious, are you back to the target levels for battery gross margins or is that something you expect to achieve next year?

是的。只是想了解電池的利潤率，我知道由於三星電池的原因，電池的利潤率從歷史來看一直較低。但只是好奇，您是否回到了電池毛利率的目標水平，或者這是您預計明年能夠實現的水平？

So thank you for the question. As you may know, I don't think we provide gross margin by products, but naturally, batteries are coming with a lower margin and we're working to further improve the battery cost structure. Other than that, we cannot elaborate at this stage.

謝謝你的提問。您可能知道，我認為我們沒有按產品提供毛利率，但自然地，電池的利潤率較低，我們正在努力進一步改善電池成本結構。除此之外，我們現階段無法詳細說明。

Moses Sutton, BNP Paribas.

法國巴黎銀行的摩西·薩頓。

Great to see gross margin improving further. How much is elevated warranty still impacting margins? So I guess, put differently, how many more like hundreds of basis points can you get back just as these issues abate? I noticed there's still some negative flows for warranty in the cash flow from operating section. Just trying to figure out how that can benefit you longer term?

很高興看到毛利率進一步提高。保固期延長對利潤率的影響有多大？所以我想，換句話說，當這些問題消退時，你還能得到多少個基點呢？我注意到營業現金流部分仍然有一些保固負流量。只是想弄清楚這對您有何長期益處？

What we can say is that the quality of our product is improving. We see that continuously and we expect to continue seeing that. Again, with the Nexis, which provides a simplified product structure and a more single SKU structure that is going to even further improve.

我們可以說的是，我們的產品品質正在提高。我們不斷看到這種情況，我們期望繼續看到這種情況。再次，Nexis 提供了簡化的產品結構和更單一的 SKU 結構，並且還將進一步改進。

Beyond that, we don't provide specific guidelines or guidance towards the warranty impact. But overall, again, the serviceability of the product, the installability of the product and the quality of the product is improving. So naturally, that should have an ongoing positive trend going forward in terms of the warranty impact.

除此之外，我們不提供保固影響的具體指南或指導。但總體而言，產品的可維護性、可安裝性和產品品質都在提高。因此，就保固影響而言，這自然會呈現持續的正面趨勢。

(Operator Instructions) Philip Shen, ROTH Capital Partners.

（操作員指示）Roth Capital Partners 的 Philip Shen。

You guys were just talking about the inventory being mostly cleared in Europe, and you talked about price actions on a, perhaps, a case-by-case basis. But just was wondering, we heard that you guys may have cut pricing in Europe last week, effective August 1 by 10%. And so was wondering, can you affirm that at all? And if so, was it across the board or perhaps just for certain countries or just some customers?

你們剛才談到歐洲的庫存大部分都被清理了，並且談到了價格行動，也許是根據具體情況而定的。但我只是想知道，我們聽說你們可能上週在歐洲降低了價格，從 8 月 1 日起降低 10%。所以我很想知道，你能肯定這一點嗎？如果是這樣，那麼它是針對所有國家還是只針對某些國家或部分客戶？

Thank you, Philip, for bringing it up. So just to make sure that we are clear about this thing. We did not take any pricing action in Europe last week or for that matter recently. And what I was referring to and maybe what you heard about is, at the end of the day, the way that the market flows is we are selling to distributors, we are selling to installers.

謝謝你，菲利普，提出這個問題。所以只是為了確保我們清楚這件事。上週或最近我們都沒有在歐洲採取任何定價行動。我所指的，也許你們也聽說過的是，歸根結底，市場流通的方式是我們向分銷商銷售，我們向安裝商銷售。

Maybe, there was some local promotion that people might interpret that as a price move or maybe there were some other things that we or the channel initiated. But overall, we haven't implemented any price move in Europe recently.

也許是有一些本地促銷活動，人們可能會將其解讀為價格變動，也許是我們或通路發起的一些其他活動。但總體而言，我們最近沒有在歐洲實施任何價格變動。

And it appears that there are no further questions at this time. I will now turn the call back to management.

目前似乎沒有其他問題。我現在將電話轉回給管理階層。

So thank you, everyone, for attending this call. As we said earlier, we are very pleased with the progress, but we have our work cut out for us and we are going to continue working very, very hard in order to continue making progress in our turnaround story. Thank you very much.

感謝大家參加這次電話會議。正如我們之前所說，我們對取得的進展感到非常高興，但我們還有很多工作要做，我們將繼續非常非常努力地工作，以便在扭轉局面方面繼續取得進展。非常感謝。

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。