(SEDG) 2021 Q4 法說會逐字稿

Welcome to the SolarEdge Conference Call for the fourth quarter and full year ended December 31, 2021. This call is being webcast live on the company's website at www.solaredge.com in the Investors section on the Event Calendar page. This call is the sole property and copyright of SolarEdge with all rights reserved and any recording, reproduction or transmission of this call without the expressed written consent of SolarEdge is prohibited. You may listen to a webcast replay of this call by visiting the Event Calendar page of the SolarEdge Investor website.

歡迎參加截至 2021 年 12 月 31 日的第四季度和全年的 SolarEdge 電話會議。該電話會議正在公司網站 www.solaredge.com 的“活動日曆”頁面的“投資者”部分進行網絡直播。此通話是 SolarEdge 的專有財產和版權，保留所有權利，未經 SolarEdge 明確書面同意，禁止對本通話進行任何錄製、複製或傳輸。您可以通過訪問 SolarEdge Investor 網站的事件日曆頁面收聽本次電話會議的網絡重播。

I would now like to turn the call over to Ms. Erica Mannion at Sapphire Investor Relations, Investor Relations for SolarEdge. Please go ahead, ma'am.

我現在想將電話轉給 SolarEdge 投資者關係部藍寶石投資者關係部的 Erica Mannion 女士。請繼續，女士。

Good afternoon. Thank you for joining us to discuss SolarEdge's operating results for the fourth quarter and full year ended December 31, 2021, as well as the company's outlook for the first quarter of 2022.

下午好。感謝您與我們一起討論 SolarEdge 截至 2021 年 12 月 31 日的第四季度和全年的經營業績，以及公司對 2022 年第一季度的展望。

With me today are Zvi Lando, Chief Executive Officer; and Ronen Faier, Chief Financial Officer. Zvi will begin with a brief review of the results for the fourth quarter and full year ended December 31, 2021. Ronen will review the financial results for the fourth quarter and full year, followed by the company's outlook for the first quarter of 2022. We will then open the call for questions.

今天和我在一起的是首席執行官 Zvi Lando；和首席財務官 Ronen Faier。 Zvi 將首先簡要回顧截至 2021 年 12 月 31 日的第四季度和全年業績。Ronen 將回顧第四季度和全年的財務業績，然後是公司對 2022 年第一季度的展望。我們然後將打開問題電話。

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

請注意，本次電話會議將包括涉及風險和不確定性的前瞻性陳述，這些風險和不確定性可能導致實際結果與管理層當前的預期存在重大差異。我們鼓勵您查看我們的新聞稿和今天發布的幻燈片中包含的安全港聲明，以獲得更完整的描述。網絡廣播中包含的所有材料均為 SolarEdge Technologies 的專有財產和版權，並保留所有權利。

Please note, this presentation describes certain non-GAAP measures, including non-GAAP net income and non-GAAP net diluted earnings per share, which are not measures prepared in accordance with U.S. GAAP. The non-GAAP measures are presented in this presentation as we believe that they provide investors the means of evaluating and understanding how the company's management evaluates the company's operating performance.

請注意，本演示文稿描述了某些非 GAAP 措施，包括非 GAAP 淨收入和非 GAAP 每股攤薄淨收益，這些措施不是根據美國 GAAP 編制的措施。本演示文稿中介紹了非公認會計原則措施，因為我們認為它們為投資者提供了評估和了解公司管理層如何評估公司經營業績的方法。

These non-GAAP measures should not be considered in isolation from, as substitutes for or superior to financial measures prepared in accordance with U.S. GAAP. Listeners who do not have a copy of the quarter ended December 31, 2021 press release or the supplemental material, may obtain a copy by visiting the Investors section of the company's website.

這些非公認會計原則措施不應被視為獨立於、替代或優於根據美國公認會計原則編制的財務措施。沒有截至 2021 年 12 月 31 日的季度新聞稿或補充材料的聽眾，可以通過訪問公司網站的投資者部分獲取副本。

Now I will turn the call over to Zvi.

現在我將把電話轉給 Zvi。

Thank you, Erica. Good afternoon, and thank you all for joining us on our conference call today. We are pleased to report that we have concluded the quarter with record revenues of $552 million and record revenues for the year 2021 of just below $2 billion.

謝謝你，艾麗卡。下午好，感謝大家今天參加我們的電話會議。我們很高興地報告，我們在本季度結束時的收入達到創紀錄的 5.52 億美元，而 2021 年的收入創紀錄的略低於 20 億美元。

During 2021, we released and began to ramp several new products like our Energy Bank residential battery and higher power optimizers and inverters in our residential and commercial offerings. In recent months, we are experiencing a surge in demand for these products which we attribute to the positive reception in the technology in parallel to market growth, spurred by electrical power prices increasing globally and the increased government and corporate focus on sustainability and use of renewable energy.

2021 年，我們發布並開始在我們的住宅和商業產品中推出幾款新產品，例如我們的能源銀行住宅電池和更高功率的優化器和逆變器。近幾個月來，我們正在經歷對這些產品的需求激增，我們將其歸因於在全球電力價格上漲以及政府和企業對可持續性和使用可再生能源的關注度增加的推動下，與市場增長並行的技術的積極接受活力。

We are excited about this rapidly growing opportunity and are intending to do everything needed to capitalize on it. However, in the current challenging operational and supply chain environment, expanding infrastructure and ramping production to meet these higher demand level is putting temporary pressure on our gross margins.

我們對這個快速增長的機會感到興奮，並打算盡一切努力利用它。然而，在當前充滿挑戰的運營和供應鏈環境中，擴大基礎設施和提高產量以滿足這些更高的需求水平正在給我們的毛利率帶來暫時的壓力。

In the call today, we will provide detail on all of these factors.

在今天的電話會議中，我們將提供所有這些因素的詳細信息。

I would like to start with a summary of 2021 and the main themes which shaped the year and how we expect them to impact our business moving forward. Total revenues in 2021 grew 35% over the previous year and 32% in the Solar business. Growth in the solar business was across all segments and regions, and practically in every country in which we operate. The larger year-over-year growth of significant size markets was in Italy, Germany, Taiwan, France, Poland and Israel.

我想從 2021 年的總結和塑造這一年的主要主題開始，以及我們期望它們如何影響我們的業務向前發展。 2021 年的總收入比上一年增長 35%，太陽能業務增長 32%。太陽能業務的增長遍及所有細分市場和地區，幾乎遍及我們經營所在的每個國家。意大利、德國、台灣、法國、波蘭和以色列的大型市場同比增長較大。

While we usually focus our comments on North America and Europe, which grew substantially this year, 29% and [26%] respectively, I want to shed some light on the long-term growth opportunities in Southeast Asia and the Middle East. In these markets, we grew in 2021 by more than 43%, representing not only market share gains, but also the high growth rate of these markets, which is expected to continue.

雖然我們通常將評論重點放在今年分別大幅增長 29% 和 [26%] 的北美和歐洲，但我想闡明東南亞和中東的長期增長機會。在這些市場中，我們在 2021 年增長了 43% 以上，不僅代表了市場份額的增長，而且這些市場的高增長率預計將持續下去。

In these countries, the market consists primarily of commercial installations and our momentum here is indicative of our overall momentum in commercial, which I'll be discussing later. Other noteworthy dynamics of 2021 include significant increase of battery attach rates in residential installations, which increased by more than 50%, most of which were third-party batteries sold by our partners, DC coupled to our inverters as our residential battery ramp was slower than we originally planned.

在這些國家，市場主要由商業裝置組成，我們這裡的勢頭表明了我們在商業方面的整體勢頭，我將在稍後討論。 2021 年其他值得注意的動態包括住宅安裝中的電池連接率顯著增加，增加了 50% 以上，其中大部分是我們的合作夥伴銷售的第三方電池，直流耦合到我們的逆變器，因為我們的住宅電池斜坡比我們原本計劃的。

Also, in residential, we are seeing growth of the average installation size and momentum in our sales of self-consumption devices such as EV chargers and smart water heaters, as consumers seek to optimize their home energy consumption and reduce their dependency on higher-priced energy coming from the grids.

此外，在住宅方面，隨著消費者尋求優化家庭能源消耗並減少對高價位產品的依賴，我們看到平均安裝規模和電動汽車充電器和智能熱水器等自消費設備的銷售勢頭有所增長來自電網的能量。

In the area of grid services, we are now active in programs in 13 states across the United States, in all states in Australia and in some European countries. Also in 2021, we saw 70% increase in use of our designer software, which enables full system design, including advanced features such as shade analysis, battery usage and consumption optimization, bill of materials generation, financial analysis and automated creation of the offers to the end customer.

在電網服務領域，我們現在積極參與美國 13 個州、澳大利亞所有州和一些歐洲國家的計劃。同樣在 2021 年，我們的設計師軟件的使用量增加了 70%，該軟件支持完整的系統設計，包括高級功能，如陰影分析、電池使用和消耗優化、材料清單生成、財務分析和自動創建報價最終客戶。

More than 1.1 million unique site designs were performed by installers on this platform last year. Overall, we are pleased with the growth we have seen in 2021 and the progress we made with our strategic initiatives.

去年，安裝人員在該平台上執行了超過 110 萬個獨特的站點設計。總體而言，我們對 2021 年的增長以及我們在戰略舉措方面取得的進展感到滿意。

Now turning to the fourth quarter results. As mentioned, revenues for the fourth quarter were a record $552 million, driven by North America, where revenue grew quarter-over-quarter by 37% due to higher battery sales, increased residential inverter sales, in particular, of the higher-priced Energy Hub inverter and the growth of sales to the commercial segment.

現在轉向第四季度的結果。如前所述，在北美的推動下，第四季度的收入達到創紀錄的 5.52 億美元，由於電池銷量增加、住宅逆變器銷量增加，尤其是價格較高的能源產品，該地區的收入環比增長了 37%集線器逆變器和商業領域的銷售增長。

Moving to our global residential business where we continue to see strong demand, healthy inventory in our channels, increasing sellout by our distributors and a strong backlog of orders. In fact, we already have firm orders for delivery in 2022 of a megawatt volume that represents 60% of our megawatt residential shipments in the entire year of 2021, not including batteries.

轉向我們的全球住宅業務，我們繼續看到強勁的需求，我們渠道中的健康庫存，我們的分銷商不斷增加的銷售量以及大量積壓的訂單。事實上，我們已經有 2022 年交付的兆瓦量的確定訂單，占我們 2021 年全年兆瓦住宅出貨量的 60%，不包括電池。

In commercial, we are seeing a real shift in market momentum driven by a few factors: the rising electricity prices across Europe and other regions as well as the trend of corporations wishing to progress their ESG programs and offset their carbon emissions. These, together with a stable and favorable regulatory environment in many countries such as Germany where the new government has announced aggressive growth plans for PV, lay the ground for an increase of demand in markets where SolarEdge already has a solid local presence and strong brand awareness.

在商業方面，我們看到市場動力的真正轉變是由幾個因素推動的：歐洲和其他地區的電價上漲，以及企業希望推進其 ESG 計劃並抵消其碳排放的趨勢。這些，再加上德國等許多國家的穩定和有利的監管環境，新政府宣布了積極的光伏增長計劃，為 SolarEdge 已經擁有穩固的本地業務和強大的品牌知名度的市場的需求增加奠定了基礎.

At the same time, we are seeing increased acceptance of our commercial product offering released last year, which includes the Synergy 120-kilowatt inverter and high-power optimizers, supporting the high-power bifacial modules now commonly used in commercial installations. Combined, these market and product dynamics are driving the record demand for our commercial solutions, where our current megawatt firm order for delivery in 2022 are 143% of all commercial megawatts we shipped in 2021.

與此同時，我們看到我們去年發布的商用產品越來越受歡迎，其中包括 Synergy 120 千瓦逆變器和大功率優化器，支持現在商業裝置中常用的大功率雙面組件。綜合起來，這些市場和產品動態正在推動對我們的商業解決方案的創紀錄需求，我們目前在 2022 年交付的兆瓦級確定訂單是我們在 2021 年交付的所有商業兆瓦級的 143%。

While the increased backlog is partially related to longer lead times, the amount of planned projects and the increase in design wins, including for ground-mount projects demonstrates what we believe to be a true inflection point in the commercial market.

雖然增加的積壓部分與更長的交貨時間有關，但計劃項目的數量和設計獲勝的增加，包括地面安裝項目，表明我們認為這是商業市場的真正轉折點。

Ramping production to meet this demand in the current supply chain and logistics environment is having an impact on our top and bottom line as we prioritize expedited shipments in order to meet customer schedules, at times at the expense of our gross margin. We expect this situation to last until the middle of the year as we adjust our infrastructure and ramp manufacturing capacity to this new level of demand.

在當前的供應鍊和物流環境中，為滿足這一需求而增加生產對我們的收入和利潤產生了影響，因為我們優先考慮加快發貨以滿足客戶的日程安排，有時會以犧牲我們的毛利率為代價。隨著我們調整基礎設施並將製造能力提高到這一新的需求水平，我們預計這種情況將持續到年中。

Moving to product updates. In the residential segment, we released last quarter the 10- and 11.6-kilowatt Energy Hub inverter with 10-kilowatt backup power and a new 3-phase EV charger to join the single-phase charger we have been shipping for a couple of years. We are seeing strong demand for the EV charging portfolio, driven by the growing adoption of electric vehicles, in particular, in Europe.

轉向產品更新。在住宅領域，我們上個季度發布了 10 千瓦和 11.6 千瓦的能源中心逆變器，配備 10 千瓦的備用電源和一個新的三相電動汽車充電器，以加入我們幾年來一直在發貨的單相充電器。受電動汽車日益普及的推動，我們看到對電動汽車充電產品組合的強勁需求，尤其是在歐洲。

Our Energy Bank residential battery has now been installed in 11 countries. We are receiving positive customer feedback, in particular, related to the ease of installation with the new Energy Net wireless communication technology incorporated in our residential offering.

我們的能源銀行住宅電池現已安裝在 11 個國家/地區。我們收到了積極的客戶反饋，特別是與我們住宅產品中採用的新能源網絡無線通信技術易於安裝有關。

Our battery manufacturing ramp has been slower than anticipated due to delayed supply of several components used in our DC to DC and BMS boards. For most of these components, we have already qualified additional sources, and we are working closely with suppliers to assure timely and consistent supply for the remainder of the year.

由於我們的 DC 到 DC 和 BMS 板中使用的幾個組件的供應延遲，我們的電池製造速度比預期的要慢。對於這些組件中的大多數，我們已經確定了額外的來源，並且我們正在與供應商密切合作，以確保在今年剩餘時間內及時和一致地供應。

In the fourth quarter, we shipped 42.5-megawatt hour of batteries versus the 70-megawatt hour plant. We plan to close this gap already in Q1 of 2022, reaching a production run rate of 300 Energy Bank batteries per day by end of the quarter, as we discussed in the last quarter's call. In Q1, we plan to ship between 100- to 120-megawatt hour of residential batteries.

在第四季度，我們的電池出貨量為 42.5 兆瓦時，而工廠的出貨量為 70 兆瓦時。正如我們在上一季度的電話會議中討論的那樣，我們計劃在 2022 年第一季度已經縮小這一差距，到本季度末達到每天 300 個能源銀行電池的生產運行率。在第一季度，我們計劃運送 100 到 120 兆瓦時的住宅電池。

In the commercial and industrial segment, we continue to test our third 330-kilowatt large-scale inverter in sites in Israel and Europe. We are on track for ramp later this year, further strengthening our offering for ground mount installations. We will provide more detail on our ground mount offering as well as other new products and services in our Analyst Day scheduled for March 29.

在商業和工業領域，我們繼續在以色列和歐洲的站點測試我們的第三個 330 千瓦大型逆變器。我們有望在今年晚些時候推出坡道，進一步加強我們的地面安裝產品。我們將在定於 3 月 29 日的分析師日提供有關我們的地面安裝產品以及其他新產品和服務的更多詳細信息。

Moving to operational infrastructure and progress in that area. In Q1, we will begin to shift residential inverters and optimizers from the -- for the North American market from our new contract manufacturing facility in Mexico. We expect to be able to deliver practically all of the U.S. residential demand from the Mexico factory by the end of this year. This will have a favorable effect on shipping costs, tariffs, working capital management and timely meeting the U.S. demand and lead times.

轉向運營基礎設施並在該領域取得進展。在第一季度，我們將開始將住宅逆變器和優化器從我們在墨西哥的新合同製造工廠轉移到北美市場。我們預計到今年年底，墨西哥工廠幾乎可以滿足美國所有的住宅需求。這將對運輸成本、關稅、營運資金管理以及及時滿足美國的需求和交貨時間產生有利影響。

The commercial product manufacturing capacity will be expanded in 2 phases to meet the new growing level of demand, which I detailed earlier. We are increasing manufacturing capabilities in Vietnam for delivery of products to all regions, and that will be followed by additional manufacturing growth in Mexico to supply commercial products to the U.S. market.

商業產品製造能力將分兩個階段擴大，以滿足我之前詳述的新增長水平的需求。我們正在提高越南的製造能力，以便向所有地區交付產品，隨後墨西哥的製造能力將進一步增長，以向美國市場供應商業產品。

The surge in demand is creating manufacturing capacity challenges and pressure across the supply chain, where we need our suppliers to allocate component quantities well above those supplied in previous years. We are working closely with our key suppliers who are supporting us in our mutual growth, as they too see the value in this long-term opportunity.

需求激增給整個供應鏈帶來了製造能力挑戰和壓力，我們需要我們的供應商分配遠高於往年供應量的零部件數量。我們正在與支持我們共同發展的主要供應商密切合作，因為他們也看到了這個長期機會的價值。

Moving to our nonsolar businesses. 2021 was a record revenue year for our nonsolar businesses, totaling $176 million, coming mostly from our energy storage and e-Mobility division. Our energy storage division concluded the year with record revenues and was profitable for a second year in a row. Sella 2 construction for the manufacturing of our own lithium ion cells continues per plan and is expected to begin production ramp in the second quarter of 2022.

轉向我們的非太陽能業務。 2021 年是我們非太陽能業務創紀錄的收入年，總計 1.76 億美元，主要來自我們的儲能和電動汽車部門。我們的儲能部門以創紀錄的收入結束了這一年，並連續第二年實現盈利。用於製造我們自己的鋰離子電池的 Sella 2 建設按計劃繼續進行，預計將於 2022 年第二季度開始生產。

In the e-Mobility division, we experienced some slowdown early in Q4 of 2021 due to our customers' temporary halt in production, which resumed to normal levels by the end of the fourth quarter. We expect normal levels of delivery in the first quarter and through the year.

在電動汽車部門，由於我們的客戶暫時停產，我們在 2021 年第四季度初經歷了一些放緩，到第四季度末恢復到正常水平。我們預計第一季度和全年的交付量將達到正常水平。

In our Critical Power Division, we started first shipments of our 3-phased UPS offering, which was designed and productized in house since the acquisition. We will elaborate more about these segments in our Analyst Meeting in March.

在我們的關鍵電源部門，我們開始交付我們的三相 UPS 產品，該產品自收購以來就在內部設計和生產。我們將在 3 月份的分析師會議上詳細介紹這些細分市場。

To summarize, we are facing an accelerated growth opportunity in a challenging operational environment. As we have proven in the past, I am confident that our global team will excel in execution, ensuring our customers have the benefit of our technology when and where they need it.

總而言之，在充滿挑戰的運營環境中，我們面臨著加速增長的機會。正如我們過去所證明的那樣，我相信我們的全球團隊將在執行方面表現出色，確保我們的客戶在他們需要的時間和地點受益於我們的技術。

And with this, I will turn the call over to Ronen.

有了這個，我會把電話轉給 Ronen。

Thank you, Zvi, and good afternoon, everyone. This financial review includes a GAAP and non-GAAP discussion. Full reconciliation of the pro forma to GAAP results discussed on this call is available on our website and in the press release issued today. Segment profit is comprised of gross profit for the segment less operating expenses that do not include amortization, stock-based compensation expenses and certain other items.

謝謝 Zvi，大家下午好。該財務審查包括 GAAP 和非 GAAP 討論。可在我們的網站和今天發布的新聞稿中獲得本次電話會議中討論的 GAAP 結果與備考結果的完全對賬。分部利潤包括分部的毛利減去不包括攤銷、股票補償費用和某些其他項目的運營費用。

Total revenues for the fourth quarter were a record $551.9 million, a 5% increase compared to $526.4 million last quarter and a 54% increase compared to $358.1 million for the same quarter last year. Revenues from our solar segment were a record $502.7 million, a 5% increase compared to $476.8 million last quarter and a 54% increase compared to $327.1 million for the same quarter last year.

第四季度總收入達到創紀錄的 5.519 億美元，與上一季度的 5.264 億美元相比增長 5%，與去年同期的 3.581 億美元相比增長 54%。我們太陽能部門的收入達到創紀錄的 5.027 億美元，與上一季度的 4.768 億美元相比增長 5%，與去年同期的 3.271 億美元相比增長 54%。

Overall, this quarter, we shipped approximately 5.1 million power optimizers, approximately 197,000 inverters and 4,250 batteries, representing 42.5-megawatt hour.

總體而言，本季度，我們出貨了約 510 萬台功率優化器、約 197,000 台逆變器和 4,250 塊電池，相當於 42.5 兆瓦時。

U.S. solar revenues this quarter were a record $257.4 million, a 36.6% increase from the last quarter and represented 51.2% of our solar revenues. Solar revenues from Europe were $193.2 million or 38.4% of our solar revenues, representing strong revenues in Germany, Netherlands, Italy and Poland.

本季度美國太陽能收入達到創紀錄的 2.574 億美元，比上一季度增長 36.6%，占我們太陽能收入的 51.2%。歐洲的太陽能收入為 1.932 億美元，占我們太陽能收入的 38.4%，代表了德國、荷蘭、意大利和波蘭的強勁收入。

Rest of the World solar revenues were $52.1 million or 10.4% of our total solar revenues and included a record revenue quarter in Taiwan.

世界其他地區的太陽能收入為 5210 萬美元，占我們太陽能總收入的 10.4%，其中包括台灣創紀錄的收入季度。

On a megawatt basis, we shipped 751 megawatts to the United States, 752 megawatts to Europe and 419 megawatts to the rest of the world. 45% of shipments were commercial products and the remaining 55% were residential.

按兆瓦計算，我們向美國運送了 751 兆瓦，向歐洲運送了 752 兆瓦，向世界其他地區運送了 419 兆瓦。 45% 的出貨量是商業產品，其餘 55% 是住宅產品。

ASP per watt, excluding battery revenues this quarter, was $ 0.253, a 0.8% decrease from $0.255 last quarter, a result of a high volume of residential product shipments to North America, offset by an increased portion of large U.S. customers that benefit from larger volume discount within the overall mix and the weaker euro, which reduced our ASP on products sold in Europe.

本季度不包括電池收入的每瓦平均售價為 0.253 美元，比上一季度的 0.255 美元下降 0.8%，原因是向北美的大量住宅產品出貨量，但被受益於更大的美國客戶的比例增加所抵消整體組合內的數量折扣和疲軟的歐元，降低了我們在歐洲銷售的產品的平均售價。

This quarter, 2 U.S. customers accounted for more than 10% of our solar revenues.

本季度，2 個美國客戶占我們太陽能收入的 10% 以上。

In light of the increased costs associated with the manufacturing of our products and the accelerated ramp-up cost associated with meeting the surge in demand for our products, we have initiated price increases in the fourth quarter of 2021 that will continue into the first half of 2022. These price increases vary among product lines and geographies, depending on the competitive environment, demand level and specific cost increases related to specific products.

鑑於與我們的產品製造相關的成本增加以及與滿足我們產品需求激增相關的成本加速上升，我們已在 2021 年第四季度開始提價，並將持續到上半年2022. 這些價格上漲因產品線和地域而異，取決於競爭環境、需求水平和與特定產品相關的特定成本增加。

The price increases are aimed at covering part of the component and manufacturing cost increases and are not focused on a more temporary logistic expenses, which relates to timely meeting increased customer demand. We expect the full impact of these price increases to materialize in the third quarter of 2022.

漲價是為了彌補部分零部件和製造成本的增加，而不是集中在更臨時的物流費用上，這與及時滿足客戶需求的增加有關。我們預計這些價格上漲的全部影響將在 2022 年第三季度實現。

This quarter, revenues from our nonsolar businesses were $49.1 million. Revenues of our energy storage division achieved a record quarterly revenue, while our e-Mobility division revenues reflected lower delivery of powertrain units to the final customer, as explained by Zvi.

本季度，我們非太陽能業務的收入為 4910 萬美元。正如 Zvi 所解釋的那樣，我們的儲能部門的收入實現了創紀錄的季度收入，而我們的電動汽車部門的收入反映了向最終客戶交付的動力總成單元的減少。

Consolidated GAAP gross margin for the quarter was 29.1% compared to 32.8% in the prior quarter and 30.8% in the same quarter last year. Non-GAAP gross margin this quarter was 30.3% compared to 34% in the prior quarter and 32.5% in the same quarter last year. Gross margin for the solar segment was 32.8% compared to 36.6% in the prior quarter. Gross margin within the solar segment is affected by various factors, the combination of the following factors contributed to this result.

本季度合併 GAAP 毛利率為 29.1%，上一季度為 32.8%，去年同期為 30.8%。本季度非美國通用會計準則毛利率為 30.3%，上一季度為 34%，去年同期為 32.5%。太陽能部門的毛利率為 32.8%，而上一季度為 36.6%。太陽能板塊的毛利率受多種因素影響，以下因素共同促成了這一結果。

From a customer geography and product mix perspective, high volumes were shipped this quarter to large customers in the United States that benefit from volume discounts and this contributed to the lower margin. This was coupled with a weaker euro, which eroded our margins on sales in Europe since revenues are euro-denominated, while manufacturing expenses are stated in U.S. dollars. Lastly, the growing share of battery shipments that are characterized with lower gross margins further contributed to this margin decrease.

從客戶地理和產品組合的角度來看，本季度向受益於批量折扣的美國大客戶出貨量很大，這導致利潤率下降。再加上歐元疲軟，這侵蝕了我們在歐洲的銷售利潤率，因為收入以歐元計價，而製造費用以美元計價。最後，以較低毛利率為特徵的電池出貨量份額的增長進一步導致了利潤率下降。

From an operational and supply chain perspective, our accelerated growth, combined with the non-industry challenges of component shortages, limited manufacturing output and constrained and expensive shipment environment continued to adversely affect our margin this quarter while we are still recovering from the forced shutdown of our Vietnam facilities that returned to normal operation in mid-November.

從運營和供應鏈的角度來看，我們的加速增長，加上零部件短缺、製造產量有限以及受限制和昂貴的運輸環境等非行業挑戰，繼續對本季度的利潤率產生不利影響，而我們仍在從強制關閉中恢復過來。我們的越南工廠於 11 月中旬恢復正常運營。

In supply shortage period, component manufacturers tend to allocate goods among their customers based on past quantities. Given our current accelerated growth rate, some of our suppliers are having difficulties supplying sufficient component quantities in a timely manner. This has result in a need for expedited shipping [good] shipments to meet the customer delivery times and in certain cases, payment of unutilized capacity to our contract manufacturers.

在供應短缺時期，零部件製造商傾向於根據過去的數量在客戶之間分配貨物。鑑於我們目前加速的增長速度，我們的一些供應商難以及時供應足夠的組件數量。這導致需要加快運送 [good] 貨物以滿足客戶的交貨時間，並且在某些情況下，需要向我們的合同製造商支付未使用的產能。

As Zvi mentioned, our battery manufacturing suffered this quarter from delayed arrival of components, resulting in lower shipment volumes at a higher cost.

正如 Zvi 所提到的，我們的電池製造在本季度受到組件延遲到達的影響，導致出貨量下降，成本上升。

Goods, subject to tariffs, [shipping] to the United States from China accounted for 66% of our U.S. shipments in Q4. To summarize the solar segment margin discussion, we view the impact on inverters and optimizers margin as transitory and expect to return to our normal level in the second half of 2022.

受關稅影響，從中國運往美國的商品在第四季度占我們美國發貨量的 66%。總結太陽能板塊利潤率討論，我們認為對逆變器和優化器利潤率的影響是暫時的，預計將在 2022 年下半年恢復到我們的正常水平。

Gross margin for our nonsolar segment was 4.2% compared to 8.7% in the previous quarter, mostly related to reduction in e-Mobility revenues and margins.

我們的非太陽能部門的毛利率為 4.2%，而上一季度為 8.7%，主要與電動汽車收入和利潤率的下降有關。

On a non-GAAP basis, operating expenses for the fourth quarter were $94.1 million or 17.1% of revenues compared to $83.8 million or 15.9% of revenues in the prior quarter and $72.9 million or 20.4% of revenues for the same quarter last year. This increase is mainly related to the fact that we have reduced our hiring in the third quarter of 2021 and increased our head count again in Q4, mainly in our R&D and sales and marketing groups worldwide.

按非公認會計原則計算，第四季度的運營費用為 9410 萬美元，佔收入的 17.1%，而上一季度為 8380 萬美元，佔收入的 15.9%，去年同期為 7290 萬美元，佔收入的 20.4%。這一增長主要與我們在 2021 年第三季度減少招聘並在第四季度再次增加員工人數有關，主要是在我們全球的研發和銷售和營銷部門。

This quarter, we also experienced a gradual increase in sales and marketing activities as travel restrictions due to the pandemic are starting to ease and trade show activity as well as customer visits begin to return to normal.

本季度，由於大流行導致的旅行限制開始放寬，貿易展覽活動和客戶訪問開始恢復正常，我們的銷售和營銷活動也逐漸增加。

Our solar segment operating expenses as a percentage of solar revenues were 15.8% compared to 14.6% last quarter. Non-GAAP operating income for the quarter was $72.9 million compared to $95.2 million in the previous quarter and $43.5 million for the same period last year. This quarter, the solar segment generated operating profit of $85.3 million compared to an operating profit of $104.9 million last quarter. The nonsolar segment generated an operating loss of $12.4 million compared to an operating loss of $9.7 million in the previous quarter.

我們的太陽能部門運營費用佔太陽能收入的百分比為 15.8%，而上一季度為 14.6%。本季度非美國通用會計準則營業收入為 7290 萬美元，上一季度為 9520 萬美元，去年同期為 4350 萬美元。本季度，太陽能部門的營業利潤為 8530 萬美元，而上一季度的營業利潤為 1.049 億美元。非太陽能部門產生了 1240 萬美元的運營虧損，而上一季度的運營虧損為 970 萬美元。

Non-GAAP financial expense for the quarter was $2.2 million compared to a non-GAAP financial expense of $3 million in the previous quarter. Our non-GAAP tax expense was $7.9 million compared to $10.1 million in the previous quarter and $4.6 million for the same period last year.

本季度非 GAAP 財務費用為 220 萬美元，而上一季度非 GAAP 財務費用為 300 萬美元。我們的非公認會計原則稅收費用為 790 萬美元，上一季度為 1010 萬美元，去年同期為 460 萬美元。

GAAP net income for the fourth quarter was $41 million compared to a GAAP net income of $53 million in the previous quarter and $17.7 million in the same quarter last year. Our non-GAAP net income was $62.8 million compared to a non-GAAP net income of $82.1 million in the previous quarter and $55.7 million in the same quarter last year.

第四季度的 GAAP 淨收入為 4100 萬美元，而上一季度的 GAAP 淨收入為 5300 萬美元，去年同期為 1770 萬美元。我們的非 GAAP 淨收入為 6280 萬美元，而上一季度的非 GAAP 淨收入為 8210 萬美元，去年同期為 5570 萬美元。

GAAP net diluted earnings per share was $0.74 for the fourth quarter compared to $0.96 in the previous quarter and $0.33 for the same quarter last year. Non-GAAP net diluted earnings per share was $1.10 compared to $1.45 in the previous quarter and $0.98 in the same quarter last year.

第四季度美國通用會計準則每股攤薄淨收益為 0.74 美元，上一季度為 0.96 美元，去年同期為 0.33 美元。 Non-GAAP 每股淨攤薄收益為 1.10 美元，上一季度為 1.45 美元，去年同期為 0.98 美元。

Turning now to the balance sheet. As of December 31, 2021, cash, cash equivalent, bank deposits, restricted bank deposits and investments were $1.2 billion. Net of debt, cash, cash equivalents, bank deposits, restricted bank deposits and investments were $548 million.

現在轉向資產負債表。截至 2021 年 12 月 31 日，現金、現金等價物、銀行存款、受限制的銀行存款和投資為 12 億美元。扣除債務、現金、現金等價物、銀行存款、受限制的銀行存款和投資後為 5.48 億美元。

During the fourth quarter of 2021, we generated $89.6 million in cash from operations. Accounts receivable net increased this quarter to $456.3 million compared to $416.2 million last quarter. As of December 31, 2021, our inventory level, net of reserve, was at $380.1 million compared to $304.7 million in the prior quarter.

在 2021 年第四季度，我們從運營中產生了 8960 萬美元的現金。本季度應收賬款淨額增至 4.563 億美元，而上一季度為 4.162 億美元。截至 2021 年 12 月 31 日，我們的庫存水平（扣除儲備）為 3.801 億美元，而上一季度為 3.047 億美元。

Most of this increase is related to increased raw materials, battery cells and component inventory in our solar segment, while our finished good inventory continued to decrease as a result of the growing demand and limited capacity. Our nonsolar inventory level remained practically similar to the previous quarter.

這一增長大部分與我們太陽能部門的原材料、電池和組件庫存增加有關，而由於需求增長和產能有限，我們的成品庫存繼續減少。我們的非太陽能庫存水平幾乎與上一季度相似。

Let's move now to summarize the full year of 2021. Revenues for the year was $1.96 billion, a 34.6% increase from $1.46 billion in calendar 2020. Revenues related to the solar segment were $1.79 billion or 32% increase compared to 2020. GAAP gross margin was 32% compared to 31.6% in the prior year. Non-GAAP gross margin was 33.5% compared to 33% in the prior year.

現在讓我們來總結一下 2021 年全年。全年收入為 19.6 億美元，比 2020 日曆年的 14.6 億美元增長 34.6%。與太陽能部門相關的收入為 17.9 億美元，與 2020 年相比增長 32%。GAAP 毛利率為 32%，而去年同期為 31.6%。非美國通用會計準則毛利率為 33.5%，而去年為 33%。

GAAP net income for 2021 was $169.2 million, a 21% increase compared to $140.3 million in the previous year and GAAP diluted EPS of $3.06 compared to $2.66 in the prior year. Non-GAAP net income for 2021 was $272.9 million, a 22% increase compared to $224.4 million in 2020 and GAAP net diluted earnings per share of $4.81 compared to $4.11 in the prior year. This year, we generated $214.1 million of cash from operations.

2021 年 GAAP 淨收入為 1.692 億美元，比上一年的 1.403 億美元增長 21%，GAAP 攤薄後每股收益為 3.06 美元，而上一年為 2.66 美元。 2021 年非 GAAP 淨收入為 2.729 億美元，比 2020 年的 2.244 億美元增長 22%，GAAP 每股攤薄淨收益為 4.81 美元，而上年為 4.11 美元。今年，我們從運營中產生了 2.141 億美元的現金。

Turning to the guidance for the first quarter of 2022. The combination of strong demand for our products and the operational adjustments and efforts in fulfilling this growth within an environment of component constraints, fast manufacturing capacity expansion, which require higher investment, logistic constraints and high shipment charges as well as the expanded rapid growth of our battery shipments that are characterized with lower gross margin, will have a positive effect on our revenue's growth rate for the entire year and will continue to put pressure on our gross margin in the first half of 2022.

轉向 2022 年第一季度的指導。在零部件限制、製造能力快速擴張、需要更高投資、物流限制和出貨費以及毛利率較低的電池出貨量擴大快速增長，將對我們全年的收入增長率產生積極影響，並將繼續對上半年的毛利率構成壓力2022 年。

We expect this impact to be temporary and will be mitigated upon full ramp of our Mexico manufacturing, which is expected to be concluded by the end of the year. On an annual basis, we expect that revenue growth as well as the operational expense leverage will offset the temporary margin impact and will increase our overall expected profit levels. As such, for the first quarter of 2022, we are guiding revenues to be within the range of $615 million to $645 million.

我們預計這種影響是暫時的，並將在我們的墨西哥生產全面投入生產後得到緩解，預計將於今年年底結束。在年度基礎上，我們預計收入增長以及運營費用槓桿將抵消暫時的利潤率影響，並將提高我們的整體預期利潤水平。因此，我們將 2022 年第一季度的收入引導在 6.15 億美元至 6.45 億美元之間。

Revenues of the solar segment are expected to be within the range of $575 million and $595 million. We expect non-GAAP gross margin to be within the range of 28% to 30%. Gross margin of the solar segment is expected to be within the range of 30% to 32%.

太陽能部門的收入預計將在 5.75 億美元和 5.95 億美元之間。我們預計非美國通用會計準則毛利率將在 28% 至 30% 之間。太陽能板塊的毛利率預計在30%至32%之間。

I will now turn the call over to the operator to open it up to questions. Operator, please?

我現在將把電話轉給接線員，讓他們回答問題。接線員，請說？

(Operator Instructions) We will take the first question from Mr. Mark Strouse from JPMorgan.

（操作員說明）我們將從摩根大通的 Mark Strouse 先生那裡回答第一個問題。

Zvi, I just wanted to go back to your comments about potentially seeing an inflection point in the commercial market. Do you think -- just kind of looking out beyond your guidance a bit, but do you think 2022 becomes a year where we start to see the C&I business become the majority of your shipments?

Zvi，我只是想回到你關於可能看到商業市場拐點的評論。你認為 - 只是有點超出你的指導，但你認為 2022 年會成為我們開始看到 C&I 業務成為你出貨量的大部分的一年嗎？

And then I'm trying to remember if you've ever disclosed exact details, but can you just remind us kind of the difference in margins between the resi and the C&I business?

然後我想記住您是否曾經披露過確切的細節，但是您能否提醒我們 resi 和 C&I 業務之間的利潤率差異？

Mark, I'll take the first part, and then I'll hand it to Ronen for the second part. I think the answer is -- from a megawatt perspective, is likely. The demand is such and the rate of increase is such that it is likely that from a megawatt shipment this year, we will ship more commercial. And I think also the word commercial is becoming limiting because a significant part of this is already ground mount installations, in particular, in the U.S. So generally, these larger installations will be a larger portion of our megawatt shipments in 2022, I estimate at this point.

馬克，我會拿第一部分，然後我會把它交給 Ronen 做第二部分。我認為答案是——從兆瓦的角度來看，很可能。需求如此之大，而且增長率如此之高，以至於從今年的兆瓦出貨量來看，我們可能會出貨更多的商業產品。而且我認為商業這個詞也越來越受到限制，因為其中很大一部分已經是地面安裝裝置，特別是在美國。所以一般來說，這些較大的裝置將在 2022 年占我們兆瓦出貨量的很大一部分，我估計在這個觀點。

And Mark, with regards to the gross margins, I'll start with the qualitative and then I will move to the quantitative margin assumption. In general, you usually see that the gross margin for residential, I would say, is 200 to 500 basis points higher than what you see in commercial. And this is depending on, first of all, what is the residential offering?

馬克，關於毛利率，我將從定性開始，然後轉向定量利潤率假設。一般來說，您通常會看到住宅的毛利率比您在商業中看到的高 200 到 500 個基點。這首先取決於住宅產品是什麼？

For example, is it an Energy Hub or is it a regular inverter? And also related to whether we are talking about large commercial or smaller commercial installations. So by definition here, the scenario very much changes, and this is before talking about geographical mix. So 200 to 500 basis points will be the qualitative answer -- the quantitative answer.

例如，它是能源中心還是常規逆變器？並且還與我們談論的是大型商業設施還是小型商業設施有關。因此，根據這裡的定義，情況發生了很大變化，這是在談論地理混合之前。所以 200 到 500 個基點將是定性的答案——定量的答案。

On the qualitative answer, I think that what we need to understand is what is going to be the margin profile on our solar and inverters and optimizers. And here, actually, we expect that to towards the second half of the year, we will be back to our regular 35% to 37% gross margin for inverters and optimizers.

關於定性答案，我認為我們需要了解的是我們的太陽能、逆變器和優化器的利潤率概況。實際上，我們預計到今年下半年，逆變器和優化器的毛利率將恢復到正常的 35% 到 37%。

And here, you actually see a little bit of this polarization. On one hand, we see residential, where the margin is expanding on the unit and [cell]. At the same time, we see the increasing volume of commercial installations and products sold that are characterized with lower margin. But all in all, they are stabilizing to this 35% to 37% margin range. So this is basically a mix issue. But the important thing is that, in general, we continue to see the general model that we used to describe in the past.

在這裡，你實際上看到了這種兩極分化的一點點。一方面，我們看到住宅，其中單元和 [cell] 的利潤正在擴大。同時，我們看到以較低利潤率為特徵的商業裝置和銷售產品的數量不斷增加。但總而言之，他們正在穩定在這個 35% 到 37% 的利潤率範圍內。所以這基本上是一個混合問題。但重要的是，總的來說，我們繼續看到我們過去用來描述的通用模型。

Okay. That's very helpful. And then if I can just squeeze in one more. You mentioned pricing increases in 4Q and continuing in the first half Kind of based on the competitive dynamics in certain markets, just any more color there where you think you have the kind of the most pricing power, least pricing power across products or geographies, whatever it might be?

好的。這很有幫助。然後如果我能再擠一個。您提到第四季度和上半年的價格上漲基於某些市場的競爭動態，只是在您認為您擁有最高定價能力、跨產品或地理區域定價能力最低的地方再增加顏色，無論如何有可能？

I think it's -- the variation is by segment. And generally speaking, the commercial market is split, to a large extent, between lower-cost string inverters and our MLPE solution. And with the introduction of the larger inverters and the larger optimizers, we are able to bring the cost per watt on our MLPE configuration down a bit. And then it gives the people that still have the interest and motivation towards safety, module-level optimization and monitoring the return on investment in order to prefer our solution over a string inverter.

我認為是 - 變化是分段的。一般來說，商業市場在很大程度上被低成本組串式逆變器和我們的 MLPE 解決方案所分割。通過引入更大的逆變器和更大的優化器，我們能夠將我們的 MLPE 配置的每瓦成本降低一點。然後它讓人們仍然對安全、模塊級優化和監控投資回報有興趣和動力，以便更喜歡我們的解決方案而不是組串式逆變器。

So there, the opportunities are relatively tight in terms of the ability to increase prices because it's a very cost-driven analysis, and we are managing a defined gap. And we are now at a point where we are able to, on large scale justify that gap, and that's what is increasing the demand.

因此，就提高價格的能力而言，機會相對較少，因為這是一個非常受成本驅動的分析，我們正在管理一個明確的差距。我們現在處於能夠大規模證明這一差距的地步，這就是增加需求的原因。

Generally, in residential, the opportunity is a bit bigger in that regard and even more in batteries under the current circumstances of shortages in the market and the favorable feedback that we're getting for our battery.

一般來說，在住宅領域，這方面的機會要大一些，在目前市場短缺的情況下，電池方面的機會更大，而且我們的電池獲得了良好的反饋。

We will take the next question from Brian Lee from Goldman Sachs.

我們將回答高盛的 Brian Lee 的下一個問題。

Maybe first one a follow up on the gross margins. Just was wondering, you, Ronen, you're talking about getting back to 35% to 37% gross margin target for solar. Is that in the second half? Is that starting in Q3? Maybe if I could just clarify that.

也許第一個跟進毛利率。只是想知道，你，Ronen，你說的是讓太陽能毛利率回到 35% 到 37% 的目標。是在下半場嗎？是從第三季度開始的嗎？也許如果我能澄清一下。

And then there's a roughly 500 basis point bridge between what you guided here for Q1 versus getting back to those targets. Can you kind of drill into some of the pieces? It sounds like freight, it sounds like some of the supply chain issues, but maybe give us the big piece is that bridge, the 500 basis points between this quarter and a couple from now. And I have a follow-up.

然後，您在第一季度的指導與回到這些目標之間存在大約 500 個基點的橋樑。你能鑽進一些碎片嗎？這聽起來像是運費，聽起來像是一些供應鏈問題，但也許能給我們帶來最大影響的是那座橋樑，即本季度和從現在開始的幾個基點之間的 500 個基點。我有一個後續行動。

Yes, of course. And I would like even to clarify more of the question or my answer before I detail. What we discussed is returning to normal on the 35% to 37% is on the inverters and optimizers and not the batteries, because if you remember, we discussed it, batteries will be approximately 25%.

是的當然。在詳細說明之前，我什至想澄清更多問題或我的答案。我們討論的是 35% 到 37% 恢復正常是在逆變器和優化器上，而不是電池，因為如果你記得，我們討論過它，電池將大約是 25%。

So let me, first of all, talk about the overall, I would call it, bridge to get back to the 35% to 37% on the optimizers and inverters, and I will then try to connect everything to the battery, okay?

所以讓我，首先，談談整體，我稱之為橋接，以恢復優化器和逆變器的 35% 到 37%，然後我將嘗試將所有東西都連接到電池，好嗎？

So in general, we see, I would say, 5 to 6 elements that will enable us to bridge from where we are today into Q3 and Q4. The first one is the fact that once we are increasing our manufacturing capacity, and this means that we're adding Mexico and expanding Vietnam. As Zvi mentioned before, we have much more capacity that can be placed on both and [shipped] and sent to the target without the need for expedited shipments, which are today extremely expensive, especially in the price environment that we see right now.

所以總的來說，我會說，我們看到了 5 到 6 個元素，這些元素將使我們能夠從今天的位置過渡到 Q3 和 Q4。第一個事實是，一旦我們提高了製造能力，這意味著我們正在增加墨西哥並擴大越南。正如 Zvi 之前提到的，我們有更多的容量可以同時放置和 [運送] 並發送到目標，而無需加急發貨，這在今天非常昂貴，尤其是在我們現在看到的價格環境中。

So increased capacity means lower expedited shipments and much more regular shipments, this by itself contributes a few hundreds of basis points to the margin.

因此，增加產能意味著降低加急出貨量和更多常規出貨量，這本身就為利潤率貢獻了數百個基點。

The second one is Mexico as a site by itself because not only it contributes for the additional capacity, it also means that now we can eliminate, first of all, increased tariffs that we pay today. As we said on the prepared commentary, 66% of the product that we brought to the U.S. in Q4 were subject to tariffs and this amount will be reduced as Vietnam is back, but most likely when Mexico is down. So this will dramatically reduce the expenses plus the fact that we will not be needing the ocean freight, which is today, again, very expensive compared to land freight.

第二個是墨西哥本身作為一個站點，因為它不僅有助於增加產能，還意味著現在我們可以首先消除我們今天支付的增加的關稅。正如我們在準備好的評論中所說，我們在第四季度帶到美國的產品中有 66% 需要繳納關稅，隨著越南的回歸，這一數額將減少，但最有可能的是在墨西哥衰退時。因此，這將大大減少費用以及我們將不需要海運這一事實，與陸運相比，海運在今天再次非常昂貴。

The next thing will be the price increases that we have implemented. We usually implement price increases on new orders. And that means that most of the price increases that we're implementing because of the lengthening period or a lead time period is taking time until they kick into the system, and we expect to see all of them materializing in Q3.

接下來將是我們實施的價格上漲。我們通常對新訂單實施漲價。這意味著我們正在實施的大部分價格上漲由於延長期或提前期而需要時間才能進入系統，我們預計所有這些都將在第三季度實現。

We also have a few more issues that will help in general. The first one is that today on the batteries and this is already now related to the solar segment, not necessarily on inverters and optimizers, we're using the Samsung energy cells from our 1-gigawatt deal. Once we have Sella 2 towards the end of the year, cells that will be manufactured by our Korean part of the storage division will allow us to reduce this cost.

我們還有其他一些總體上會有所幫助的問題。第一個是今天的電池，這已經與太陽能領域相關，不一定是逆變器和優化器，我們正在使用我們 1 吉瓦交易中的三星能源電池。一旦我們在年底推出 Sella 2，將由我們韓國存儲部門製造的電池將使我們能夠降低成本。

The scale because of the very high revenue that we will see our revenue growth that we will see. The scale of our fixed cost will become lower and eventually, eventually, we will see, of course, a continued increase in the other nonsolar segments that will actually push us again to the better margins. Again, this is not related to solar.

由於收入非常高的規模，我們將看到我們將看到的收入增長。我們的固定成本規模將變得更低，最終，我們當然會看到其他非太陽能領域的持續增長，這實際上將再次推動我們提高利潤率。同樣，這與太陽能無關。

So in the Analyst Day, we will basically layer all of this and we will provide how everything is impacting. But to summarize, yes, we will see solar inverters and optimizers go to 35%, 37%, batteries stay at about 25%. And now the portion of batteries to solar inverters and optimizers will very much determine the end result of the solar segment, and all of the other factors will increase margins in general for solar and nonsolar.

因此，在分析師日，我們將基本上將所有這些分層，我們將提供一切影響的方式。但總而言之，是的，我們將看到太陽能逆變器和優化器達到 35%、37%，電池保持在 25% 左右。現在，太陽能逆變器和優化器的電池部分將在很大程度上決定太陽能領域的最終結果，所有其他因素將總體上提高太陽能和非太陽能的利潤率。

I hope that it answered your question, Brian.

我希望它回答了你的問題，布賴恩。

Yes. That's super detailed and helpful context. I guess related to that last piece, the solar and the storage ratio. I know the battery ramp sounds like it's a little bit behind schedule, but there's a big acceleration here implied in Q1. Can you give us a sense of kind of what we should expect going forward in terms of the battery ramp?

是的。這是非常詳細和有用的上下文。我想與最後一塊有關，太陽能和存儲比。我知道電池斜坡聽起來有點落後於計劃，但第一季度暗示了一個很大的加速。你能告訴我們在電池斜坡方面我們應該期待什麼嗎？

Because you got the SDI volume, but then you also have Sella 2 coming online in Q2, and I would expect that to add some volume in the back half of the year. So just any sense on the battery ramp we should expect off the Q1 acceleration?

因為你獲得了 SDI 的銷量，但你也有 Sella 2 在第二季度上線，我預計這會在今年下半年增加一些銷量。那麼，我們應該期待 Q1 加速後的電池斜坡有什麼意義嗎？

And then in terms of mix for batteries, U.S. versus non-U.S., are you shipping it all into the channel? Or are you seeing direct to Q1 demand, just any sense of kind of where you're seeing that 100 to 120 for Q1?

然後就電池組合而言，美國與非美國，您是否將其全部運送到渠道中？或者您是否直接看到第一季度的需求，只是您看到第一季度的 100 到 120 的任何一種感覺？

Okay. So first of all, from the revenues and the growth of the battery, we need to remember that 2021, we, first of all, utilized the Samsung deal that we have. And this means that at least in the first quarter, as we mentioned, we already guided for 100 to 120 megawatt. And by that, the end of this quarter, we will be at approximately 180-megawatt run rate per quarter. .

好的。所以首先，從收入和電池的增長來看，我們需要記住，2021 年，我們首先利用了我們擁有的三星交易。這意味著至少在第一季度，正如我們所提到的，我們已經指導了 100 到 120 兆瓦。到本季度末，我們將達到每季度大約 180 兆瓦的運行速度。 .

We will continue to ramp these manufacturing capabilities in Q2, where at the end of Q2, we would reach 250-megawatt hour per quarter. And this is actually the run rate of sales that we have from Samsung and we expect to run in this rate for Q3 and Q4.

我們將在第二季度繼續提升這些製造能力，到第二季度末，我們將達到每季度 250 兆瓦時。這實際上是我們從三星獲得的銷售運行率，我們希望在第三季度和第四季度以這個速度運行。

The sales from Kokam and the ramp-up of the manufacturing based on this one will be dependent on 2 major items. The first one is demand again that we will see in the market and assuming that, of course, it can consummate all of the 250 megawatt. And here, the second element will be really, Sella 2 will just start to ramp, as we said, with test runs in the second half and -- sorry, in the second quarter and in the second half, we will start to ramp up the manufacturing. And here, I would say that the manufacturing pace will very much determine what will be the additional volume that we should bring.

Kokam 的銷售和基於此的製造的增加將取決於兩個主要項目。第一個是我們將在市場上看到的需求，當然，它可以滿足所有 250 兆瓦的需求。在這裡，第二個元素將是真的，Sella 2 將開始加速，正如我們所說，在下半年進行試運行 - 抱歉，在第二季度和下半年，我們將開始加速製造業。在這裡，我想說的是製造速度將在很大程度上決定我們應該帶來的額外產量。

So play it safe, I would say, about 250 megawatts from Q3 and forward. And there is an upside coming from the additional Sella 2, and this will guide, of course, as we will move and we'll have much more certainty on Sella 2.

所以請放心，我會說，從第三季度及以後的大約 250 兆瓦。額外的 Sella 2 有一個好處，當然，這將指導我們，因為我們將移動，我們將對 Sella 2 有更多的確定性。

I'll move to Zvi for the second geographic mix.

我將搬到 Zvi 進行第二次地域組合。

Yes. today, we're kind of shipping probably 50%, 50% to North America and to Europe, prioritizing customers that we believe have a potential for consistent large volumes over time. And while there's a huge opportunity also for retrofit of batteries on existing systems, we're making sure that the batteries that we're shipping today are such that they bring a full solar installation with them. And as capacity grows, we'll start making batteries available also for retrofit on existing systems.

是的。今天，我們將大約 50%、50% 的貨物運送到北美和歐洲，優先考慮我們認為隨著時間的推移有可能持續大批量生產的客戶。雖然在現有系統上改造電池也有巨大的機會，但我們要確保我們今天運送的電池能夠帶來完整的太陽能裝置。隨著容量的增長，我們將開始提供電池，也可用於現有系統的改造。

We will take the next question from Mr. Stephen Byrd from Morgan Stanley.

我們將回答摩根士丹利的斯蒂芬·伯德先生的下一個問題。

A lot of my questions on the results have been addressed. I was thinking more about evolution of your technology and thinking about developments around the integrated home and in smart energy management. Are there technology developments that we should be thinking about in the future for you?

我的很多關於結果的問題都得到了解決。我更多地考慮您的技術發展，並考慮圍繞集成家庭和智能能源管理的發展。未來我們應該為您考慮哪些技術發展？

Are there areas where you feel like you need to acquire capabilities outside of sort of organic capabilities there? I'm just curious if you could just speak a little bit more to the evolution on the technology side, especially sort of the idea around the integrated home and just continued evolution there.

是否有一些領域你覺得你需要獲得某種有機能力之外的能力？我只是好奇你是否可以多談談技術方面的發展，尤其是圍繞集成家庭的想法，並在那裡繼續發展。

Yes, it's a good question. And obviously, it would require a long answer, which is, we intend to at least try and give in the Analyst Day at the end of March. But that said, and maybe as an appetizer, we are focused on really expanding our technologies and capabilities that everything that has to do with generation, storage and consumption of electrical power generated from renewable sources.

是的，這是個好問題。顯然，這需要一個很長的答案，也就是說，我們打算至少在 3 月底的分析師日嘗試並做出讓步。但話雖如此，也許作為開胃菜，我們專注於真正擴展我們的技術和能力，這些技術和能力與可再生能源產生的電力的發電、儲存和消耗有關。

So with that being the overriding vision, from a technology point of view, to deliver on that, there are technology areas where -- are not our core strength today that we are gradually building capability in as well. But again, hopefully, in much more detail at the Analyst Day, we can share more on this topic.

因此，從技術的角度來看，這是最重要的願景，為了實現這一目標，有些技術領域——不是我們今天的核心優勢，我們也在逐漸建立能力。但同樣，希望在分析師日更詳細地，我們可以分享更多關於這個主題的信息。

Yes, very fair. It's a big topic that is better suited for the Investor event. I guess stepping -- this is another big picture, I guess, question. But just thinking about demand for storage, it's very clear, storage demand is skyrocketing globally, and you're well positioned there. You've talked a lot about expansion. And just, I guess, longer term, as we think about that potential, how do you think about the best approach to growing your capacity, whether it's in terms of geographic mix, whether it's contracted capacity versus in-house manufacturing?

是的，非常公平。這是一個更適合投資者活動的大話題。我猜是步進——我猜這是另一個大圖，問題。但只要考慮對存儲的需求，就很清楚，全球的存儲需求正在飆升，而你在這方面處於有利地位。你談了很多關於擴張的話題。而且，我想，從長遠來看，當我們考慮這種潛力時，您如何看待提高產能的最佳方法，無論是在地理組合方面，還是合同產能與內部製造？

Just it feels like this is a -- there's a long runway ahead, a lot of growth, but that also means a lot of planning in terms of how you approach having the capacity.

只是感覺這是一個 - 前面還有很長的路要走，有很多增長，但這也意味著在你如何獲得容量方面進行大量計劃。

And this is all, as you described in an environment of pretty severe supply chain dynamics. So how do you think about kind of longer-term growth strategy to meet this rapidly growing demand for storage?

正如您在供應鏈動態非常嚴峻的環境中所描述的那樣，這就是全部。那麼，您如何看待滿足這種快速增長的存儲需求的長期增長戰略呢？

Again, a good question. Maybe 2 comments. First of all, I think what we are learning and experiencing in the residential environment, that while people talk a lot about the batteries and compare one to each other, it is really the system integration and the system performance that is determining the actual value for the -- in this case, of residential consumer. And we expect that storage attach rates will increase also in commercial, and we are seeing already signs for that in Europe and North America. And we believe that there, too, the issue will be, yes, the battery parameters and the comparison of cost and cycles and the typical parameters in which people compare batteries to each other, but really what will determine the value for the user, whether it's residential or commercial, it's the way the system is integrated and operates and serves the need that they have, whether it's backup power, self-consumption or a combination of both.

又是一個好問題。可能有 2 條評論。首先，我認為我們在住宅環境中學習和體驗到，雖然人們經常談論電池並相互比較，但真正決定電池實際價值的是系統集成和系統性能。 - 在這種情況下，住宅消費者。我們預計商業中的存儲附加率也會增加，我們已經看到歐洲和北美的跡象。而且我們相信，問題也將是，是的，電池參數以及成本和周期的比較以及人們相互比較電池的典型參數，但真正決定用戶價值的是什麼，是否它是住宅或商業，它是系統集成和運行的方式，並滿足他們的需求，無論是備用電源、自用還是兩者的結合。

So that is where we're focused on, and that is at the core of our motivation to have access to -- from the cell -- the technology at the level of the cell to the full system solution. But that doesn't necessarily mean that we will have in-house capacity to deliver on all of the demand. It just means that we will be able to optimize a complete solution from cell to the system and have flexibility to meet some or most of the capacity of our -- on our own and maybe supplement that from others.

所以這就是我們關注的地方，也是我們能夠訪問——從細胞——細胞層面的技術到完整系統解決方案的動力的核心。但這並不一定意味著我們將擁有滿足所有需求的內部能力。這只是意味著我們將能夠優化從單元到系統的完整解決方案，並且可以靈活地滿足我們自己的部分或大部分容量，也可以從其他人那裡補充。

So that's kind of a high level the way we're looking at it. I hope that, that helps explain it.

所以我們看待它的方式有點高。我希望，這有助於解釋它。

The next question is from Julien Dumoulin-Smith from Bank of America.

下一個問題來自美國銀行的 Julien Dumoulin-Smith。

Just going to pick up where Steve left off here. Can you talk specifically about storage supply ramp going into 2023 here? Just as best I understand as the Samsung deal is transient, how do you think about, not just complementing, but supplementing it and expanding that availability into '23. You talked about a 250 run rate here. What could that 23 number look like? And how are you thinking about providing data points to ramp into that here? .

只是要去接史蒂夫離開這裡的地方。您能在這裡具體談談進入 2023 年的存儲供應量增長嗎？正如我所理解的那樣，三星的交易是暫時的，你如何看待，不僅僅是補充，而是補充它並將可用性擴展到 23 年。你在這裡談到了 250 的運行率。那個 23 數字會是什麼樣子？您如何考慮在這裡提供數據點以實現這一目標？ .

So first of all, I will divide the ability to grow in '23 into two. The first one is everything that we get from Sella 2. Sella 2 capacity -- initial capacity is designed for 2 gigawatt hour annually. And of course, we can take this entire amount in direct it if needed for storage in 2023. But actually, we can substantially increase the capacity of Sella 2 within a matter of several months, not even a year to almost double this amount.

所以首先，我將23年的成長能力一分為二。第一個是我們從 Sella 2 獲得的一切。Sella 2 容量——初始容量設計為每年 2 吉瓦時。當然，如果 2023 年需要存儲，我們可以直接拿走全部數量。但實際上，我們可以在幾個月、甚至一年內大幅增加 Sella 2 的容量，使這個數量幾乎翻倍。

So that means that once we will see the Samsung SDI capacity being consumed, and we will understand what are the, I would call it, stabilized level of demand, we will decide whether to make the investment in Sella 2 actually in advance of 2023 in order to open the year with a higher capacity. So this is one thing.

所以這意味著，一旦我們看到三星 SDI 產能被消耗，並且我們將了解什麼是穩定的需求水平，我們將決定是否在 2023 年之前對 Sella 2 進行投資。為了開年產能更高。所以這是一回事。

The second thing is the fact that our strategy has been from the very beginning, not to be dependent necessarily only on one battery. And therefore, we can always try to team or get more capacity from Samsung, should we see that the demand is so big that higher capacity is needed. Of course, we'll always try to take whatever we can, first of all, from Sella 2, both from pricing and of course, because of economies of scale.

第二件事是，我們的戰略從一開始就是，不一定只依賴於一個電池。因此，如果我們看到需求如此之大以至於需要更高的產能，我們總是可以嘗試與三星合作或從三星那裡獲得更多產能。當然，我們將始終嘗試從 Sella 2 中獲取我們所能獲取的任何東西，包括定價，當然還有規模經濟。

But in general, with a little bit of preparation, we believe that 500 megawatt hour per quarter is relatively easy. I would say, almost double this amount with some work is not very complicated and going to Samsung and get more is something that is feasible.

但總的來說，只要稍加準備，我們認為每季度 500 兆瓦時是相對容易的。我想說，這個數量幾乎翻了一番，有些工作並不是很複雜，去三星並獲得更多是可行的。

Got it. So 500 is not the commitment on '23, but that sounds like at least an outline of where you can go?

知道了。所以 500 不是 23 年的承諾，但這聽起來至少是你可以去哪裡的輪廓？

Yes.

是的。

Yes.

是的。

Okay. Great. And then just related here to the component shortage, can you elaborate a little bit more on the strategy here? Just obviously, you had some very specific acute shortages in 4Q. Sort of -- strategy to address it broadly, if you can, 1Q specifically and onwards. I know you addressed it somewhat in the call comments. .

好的。偉大的。然後這裡只是與組件短缺有關，您能詳細說明一下這裡的策略嗎？很明顯，第四季度出現了一些非常具體的嚴重短缺。有點——如果可以的話，廣泛地解決它的策略，特別是第一季度及以後。我知道你在電話評論中有所提及。 .

Yes. I think if you recall, especially at the beginning of the season of shortages, we were relatively in a very good position because we were prepared also with inventories and also with alternatives on most of the critical components that we were using, and that enabled us to execute with less constraint for the first 3 or 4 quarters of the period. .

是的。我認為，如果您還記得，尤其是在短缺季節開始時，我們相對處於非常有利的位置，因為我們還準備了庫存以及我們使用的大多數關鍵組件的替代品，這使我們能夠在該期間的前 3 或 4 個季度執行較少的約束。 .

We're now facing more constraints and a bigger challenge just -- primarily just because of the elevated volumes and people's, they tell us you're getting -- your allocation is what it was or 1.5x what it was, you should be happy. But that doesn't make us happy because we need 2 or 3x of the volumes that we consumed in the past.

我們現在面臨更多的限制和更大的挑戰——主要是因為數量和人數的增加，他們告訴我們你得到了——你的分配是原來的，或者是原來的 1.5 倍，你應該高興.但這並不能讓我們高興，因為我們需要過去消耗的 2 或 3 倍的容量。

Now that's the challenging side. The positive side is that we are becoming a much bigger portion of our suppliers' business, and we did -- and we are consolidating into some specific larger component suppliers, such that on one end, we're more dependent on them. On the other hand, they are dependent or our business is more critical to them and they are and they are bigger and more reliable suppliers.

現在這是具有挑戰性的一面。積極的一面是，我們正在成為供應商業務中更大的一部分，我們做到了——我們正在整合到一些特定的更大的組件供應商中，這樣一方面，我們更加依賴它們。另一方面，他們是依賴者，或者我們的業務對他們來說更重要，他們是，而且他們是更大、更可靠的供應商。

So we're in the process of doing that and in cooperation with some of these big suppliers. And that's giving us reasonable visibility but not complete visibility and there could be still hiccups along the way, and those hiccups usually translate into some type of expedited shipments in one form or another.

因此，我們正在這樣做，並與其中一些大型供應商合作。這給了我們合理的可見性，但不是完全的可見性，並且在此過程中可能仍然存在打嗝，這些打嗝通常會以一種或另一種形式轉化為某種類型的加急發貨。

But generally, we are consolidating into larger suppliers and being a bigger part of their business. And gradually, especially on the new products, also building the alternatives in order not to be dependent on any specific component in any of our products. But this is a process, again, it will likely have some hiccups along the way.

但總的來說，我們正在整合到更大的供應商中，並成為他們業務中更大的一部分。並且逐漸地，尤其是在新產品上，也構建了替代品，以便不依賴於我們任何產品中的任何特定組件。但這是一個過程，同樣，它可能會在此過程中遇到一些問題。

Right. Hence, your comments for back half of the year to normalize, is that in line with the timing that you're thinking about there?

對。因此，您對下半年正常化的評論是否符合您在那裡考慮的時間安排？

Again, hence, the...

再次，因此，...

For the back half of the year for margins to normalize, that assumes that those hiccups to get -- to move past that, if you will, and to ramp with those larger suppliers?

對於下半年的利潤率正常化，假設那些打嗝得到 - 如果你願意的話，可以克服這個問題，並與那些更大的供應商合作？

Yes, that's part of it. And for sure, the big suppliers that we're working with, we have their capacity plans and know when their new fabs are coming online, and that's aligned with that. But at the same time, we still have a lot of components coming from other manufacturers. And it's not that I'm saying with full confidence that in the second half of the year, we won't be experiencing challenges and hiccups in these areas, it's just that the bigger portion of our component supply will be more secure in the second half of the year. .

是的，這是其中的一部分。當然，我們正在與之合作的大型供應商，我們有他們的產能計劃，並且知道他們的新晶圓廠何時上線，這與此一致。但與此同時，我們仍然有很多來自其他製造商的組件。並不是說下半年我們不會在這些領域遇到挑戰和打嗝，而是說我們的零部件供應在下半年會更加安全。半年。 .

The next question is from Mr. Philip Shen from ROTH Capital Partners.

下一個問題來自 ROTH Capital Partners 的 Philip Shen 先生。

A follow-up on the storage megawatt hours. I think you talked about 42-megawatt hours recognized in Q4 or at least shipped. Can you talk to us about how many megawatt hours was recognized in revenue in Q4? And then of the 100- to 120-megawatt hours expected in Q1 shipped, how much do you think you could recognize in revenue in Q1? .

對存儲兆瓦時的跟進。我認為您談到了在第四季度或至少已發貨的 42 兆瓦時。您能否與我們談談第四季度的收入確認了多少兆瓦時？然後在第一季度預計出貨的 100 到 120 兆瓦時，您認為您可以在第一季度確認多少收入？ .

We generally do not give this data simply due to the fact that the ship to revenue may sometimes change simply based on the destination of where you're shipping. I would say that you should assume that generally at this point of time, the majority of what you ship becomes revenue relatively quickly due to the fact that you either ship to Europe or you're trying to time the shipping in a way that shipping to the U.S. will go out from Europe manufacturing at the beginning of the quarter.

我們通常不會簡單地提供此數據，因為運送收入有時可能會僅根據您運送的目的地而改變。我想說的是，您應該假設通常在這個時間點，您運送的大部分貨物相對較快地成為收入，因為您要么運送到歐洲，要么您試圖以運送到的方式安排運送時間美國將在本季度初退出歐洲製造業。

So I would say that here, there is almost a similarity, although, of course, shipment is always larger than revenue. In the future and in Q1, we specifically cannot tell simply because of the fact that we do not know what will get to the customers and at what point of time. So it will be down. It will not be -- it will be lower revenue than shipments, but I think that that's the most what we can say right now.

所以我想說，這裡幾乎有相似之處，當然，出貨量總是大於收入。在未來和第一季度，我們特別不能僅僅因為我們不知道客戶會得到什麼以及在什麼時間點得到什麼。所以它會下降。它不會 - 它的收入將低於出貨量，但我認為這是我們現在能說的最多的。

Okay. As it relates to the battery supply chain dynamics, as you ramp up to the much larger numbers in the back half of the year, do you see any bottlenecks as it relates to lithium or any other raw materials? And if so, how are you addressing that?

好的。由於它與電池供應鏈動態有關，隨著您在今年下半年增加更多的數量，您是否看到與鋰或任何其他原材料有關的任何瓶頸？如果是這樣，你是如何解決這個問題的？

So let's divide between battery cells and the electronics around it. On battery cells, we are still very much secured. Samsung is very organized and precise on their supply of battery cells. So here, we don't see a major issue.

因此，讓我們在電池單元和周圍的電子設備之間進行劃分。在電池方面，我們仍然非常安全。三星在電池供應方面非常有條理和精確。所以在這裡，我們沒有看到一個大問題。

I think that, as Zvi mentioned on the electronic components, here, we believe that we resolved at least for the near future, the problem that we saw before, and we are in a very good contact with the suppliers here. But again, sometimes simply, these kind of delays are not in our hands, and we cannot actually forecast them. Hence, the miss in this 4Q, had we known that we would not even guide for the number that we had.

我認為，正如 Zvi 提到的電子元件，在這裡，我們相信我們至少在不久的將來解決了我們之前看到的問題，並且我們與這裡的供應商保持著非常好的聯繫。但同樣，有時很簡單，這些延誤不在我們手中，我們實際上無法預測它們。因此，如果我們知道我們甚至不會指導我們擁有的數字，那麼第四季度的失誤。

So I think that we are in good alignment with our vendors, but as Zvi mentioned, there are surprise that are happening from time to time. Sometimes the suppliers themselves do not control all of it.

所以我認為我們與我們的供應商保持良好的一致，但正如 Zvi 所說，不時會發生意外。有時供應商自己並不能控制這一切。

Your next question is from Mr. Maheep Mandloi from Credit Suisse.

您的下一個問題來自瑞士信貸的 Maheep Mandloi 先生。

In terms of the Sella 2 expansion, can you just talk about how much of raw material supply visibility do you have for that? And specifically just looking at the lithium carbonate, nickel prices kind of like increasing here versus last year. So I just want to understand your sourcing strategy for that. And how do you think about like expansion beyond '22 for Sella 2?

關於 Sella 2 擴展，您能否談談您對此有多少原材料供應可見性？尤其是碳酸鋰，這裡的鎳價格與去年相比有點上漲。所以我只想了解你的採購策略。您如何看待 Sella 2 22 年後的擴展？

So in general, first of all, the raw materials for battery manufacturing is a little bit more predictable than electronic components simply given the fact that once you have developed the battery cell and the underlying cathode-anode material and the electrolyte, you're basically locked. So in a sense, you do not even complete the development of a cell before you have a viable source and known source for all of this product, and this is the case of Sella 2.

所以一般來說，首先，電池製造的原材料比電子元件更容易預測，因為一旦你開發了電池單元和底層的陰極 - 陽極材料和電解質，你基本上鎖定。所以從某種意義上說，在你擁有所有這些產品的可行來源和已知來源之前，你甚至沒有完成細胞的開發，這就是 Sella 2 的情況。

I would say that in Sella 2, we do not expect to see issues related to the quantities which are there. Actually, most of the issues is related to pricing because the price of all of these materials is related to the London Materials Index (sic) [London Metal Exchange]. And here, this is the place where you can see a little bit of variation.

我想說的是，在 Sella 2 中，我們不希望看到與數量相關的問題。實際上，大部分問題都與定價有關，因為所有這些材料的價格都與倫敦材料指數（原文如此）[倫敦金屬交易所]有關。在這裡，您可以看到一些變化。

So as long as we see -- and in continuation to the answer to Julien, approximately 500-megawatt hour per quarter heading into 2023, this is something that we can cover with raw materials, we believe that we can also cover the expansion that we said can be almost doubled within a period of time because you still need to invest a little bit in the factory itself.

因此，只要我們看到 - 並繼續 Julien 的回答，到 2023 年每季度大約 500 兆瓦時，這是我們可以用原材料覆蓋的東西，我們相信我們也可以覆蓋我們的擴張據說在一段時間內幾乎可以翻倍，因為您仍然需要在工廠本身上投入一點點。

Next question from Mr. Colin Rusch from Oppenheimer.

來自奧本海默的 Colin Rusch 先生的下一個問題。

Guys, can you talk a little bit about the channel inventories and where you're at? And how you see that gain refills over the course of the year, just in terms of order of magnitude and cadence?

伙計們，你能談談渠道庫存和你在哪裡嗎？就數量級和節奏而言，您如何看待這一年的增長？

So I -- we heard the first part, Colin. So generally, inventory levels, I would separate between residential and commercial and a bit between regions. Inventory levels for residential products are relatively healthy in most places in the channel maybe a little bit lower than distributors typically like to have, especially on the newly released larger single-phase inverters, the 10- and 11-kilowatt inverter is probably below normal inventory levels that distributors desire, but still I don't think there is -- we're not experiencing shortages at this time on residential product either in Europe or in the U.S.

所以我——我們聽到了第一部分，科林。所以一般來說，庫存水平，我會在住宅和商業之間分開，在地區之間分開一點。住宅產品的庫存水平在渠道中的大多數地方都相對健康，可能比經銷商通常希望擁有的庫存水平略低，尤其是在新發布的較大型單相逆變器上，10 千瓦和 11 千瓦逆變器的庫存可能低於正常庫存分銷商期望的水平，但我仍然認為沒有——我們目前在歐洲或美國都沒有遇到住宅產品短缺的情況。

On commercial products, I think inventory levels in the U.S. Inventory levels on commercial products are tight everywhere for the reasons that we described before, the demand is super strong and our capacity is not yet there to fulfill it fully with inventory levels on top of the project demand. So we accelerate shipments and airship and these are large volume product and that's where the costs are coming from.

關於商業產品，我認為美國的庫存水平由於我們之前描述的原因，到處都是商業產品的庫存水平，需求非常強勁，我們的能力還沒有完全滿足庫存水平之上的需求項目需求。因此，我們加快了運輸和飛艇的速度，這些都是大批量產品，這就是成本的來源。

So on C&I inventory, levels are low, and they're probably in a lower in Europe and Asia, Australia compared to the U.S. where they're a bit better.

因此，在 C&I 庫存方面，水平較低，與美國相比，歐洲和亞洲、澳大利亞的庫存水平可能較低，而美國則要好一些。

And what was the second part?

第二部分是什麼？

And then -- it was just around the cadence of how the channel inventory gets refilled? So if you could make a couple of comments on that, and then I have a follow-up. .

然後 - 它只是圍繞如何重新填充渠道庫存的節奏？因此，如果您可以對此發表一些評論，然後我會進行跟進。 .

So unfortunately, we're still in a bit of a non smooth flow that started off with the Vietnam shutdown and expand it into Chinese New Year for the last few weeks that obviously affects not only China manufacturing but also Vietnam manufacturing. So the last few months have been more of a pulse supply and less of a continuous flow. .

所以不幸的是，我們仍然處於一個不順暢的流程中，從越南關閉開始，並在過去幾週將其擴展到中國新年，這顯然不僅影響了中國製造業，也影響了越南製造業。因此，過去幾個月更多的是脈衝供應，而不是連續流動。 .

Now we hope that after factories are back to normal operation with the conclusion of Chinese New Year, that we don't have any more pulse events in the next few months and then flow is going to be much more smooth and more simple to forecast and manage inventories.

現在我們希望在農曆新年結束後工廠恢復正常運轉後，未來幾個月我們不會再有任何脈搏事件，然後流程會更加順暢，更易於預測和預測管理庫存。

We'll take the next question from J.B. Lowe from Citi.

我們將回答花旗的 J.B. Lowe 的下一個問題。

My first question is a little bit more detailed. Just on the Mexico contract manufacturing facility, you had mentioned that it would be online by the end of the year. I think you had initially said that you would be able to ship some of the first product out of there in the first half. So I'm just wondering if that's not the case anymore.

我的第一個問題要詳細一點。就在墨西哥的合同製造工廠，您曾提到它將在年底前上線。我認為您最初說過您將能夠在上半年將一些第一批產品運送出去。所以我只是想知道是否不再是這種情況。

And then my second part of it was, given how much you've already booked on the commercial side, for 2022, I think you said it was over 130% of your 2021 shipments booked already. How much more time do you have? How many -- how much more can you book this year? Or what time frame can you book commercial product and still have it delivered before the end of 2022?

然後我的第二部分是，考慮到您已經在商業方面預訂了多少，對於 2022 年，我認為您說已經預訂了 2021 年出貨量的 130% 以上。你還有多少時間？多少——今年你還能預訂多少？或者您可以在什麼時間範圍內預訂商業產品並在 2022 年底之前交付？

Yes. So just to clarify on the first part, what we said was we are beginning to deliver products from Mexico to the U.S. in this quarter already, in Q1. What we said by the end of the year is to reach a point where all of the residential product or almost all of the residential product consumed by the U.S. market will be coming from Mexico. So this is a process that is starting now and will end by the end of the year. But already in the first quarter, there will be meaningful shipments of inverters and optimizers from Mexico to the U.S. market. So that's on the first part of the question.

是的。因此，為了澄清第一部分，我們所說的是我們已經開始在本季度向美國交付產品，在第一季度。我們說到今年年底，美國市場消費的所有住宅產品或幾乎所有住宅產品都將來自墨西哥。所以這是一個從現在開始並將在今年年底結束的過程。但在第一季度，將有大量逆變器和優化器從墨西哥運往美國市場。這就是問題的第一部分。

The second part of the question, the dynamics -- first of all, we are taking orders today in commercial for July, August and on pretty much. The dynamic in C&I is a little bit different. The design phase is longer and -- that's part of the reason we're now we are expediting shipments because customers have trusted our offering and designed in our portfolio a few months ago, and now they need the equipment to execute those projects.

問題的第二部分，動態——首先，我們今天接受了 7 月、8 月和幾乎所有時間的商業訂單。 C&I 的動態有點不同。設計階段更長，這也是我們現在加快發貨的部分原因，因為客戶信任我們的產品並在幾個月前在我們的產品組合中進行了設計，現在他們需要設備來執行這些項目。

And in many cases, that is the first time that they're using our products after they've been able to be -- buy into the technology, and that's why it's so critical for us to support them, even at the expense of the expedited shipments.

在許多情況下，這是他們在能夠使用我們的產品之後第一次使用我們的產品——購買技術，這就是為什麼我們支持他們如此重要，即使以犧牲加急發貨。

So that time frame is typically, it can range anywhere from 3, 4 or 5 months between design in and when the product is actually needed. So the lead times that we're giving right now and we're still taking orders for July, August is a bit longer than the design cycle, but still reasonable to give customers the confidence that they can continue to design us in at the rate that they have been recently.

因此，這個時間範圍通常是從設計到實際需要產品之間的 3、4 或 5 個月不等。因此，我們現在給出的交貨時間，我們仍在接受 7 月、8 月的訂單，比設計週期長一點，但仍然合理地讓客戶相信他們可以繼續以這種速度設計我們他們最近一直如此。

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

我們將回答 Piper Sandler 的 Kashy Harrison 的下一個問題。

So my questions are all on Sella 2. So with respect to the second half of the year, if, for whatever reason, there's not enough demand on the residential side for Sella 2 -- or for batteries powered by Sella 2, how easy is it? And is there enough demand for you to redirect that capacity to nonresidential segments.

所以我的問題都是關於 Sella 2 的。所以關於下半年，如果無論出於何種原因，住宅方面對 Sella 2 的需求不足 - 或者對由 Sella 2 供電的電池，有多容易它？並且是否有足夠的需求讓您將這種能力重新定向到非住宅領域。

And then, Ronen, I was just wondering if you could just help us think about the difference in returns associated with building capacity like you did with Sella 2 versus buying capacity like you did with Samsung SDI using whatever preferred metric you want to use?

然後，Ronen，我只是想知道您是否可以幫助我們考慮一下與使用 Sella 2 進行的產能建設與使用您想要使用的任何首選指標對三星 SDI 所做的購買產能相關的回報差異？

Okay. So I'll start with the capacity. So first of all, our storage division has sales of storage products that are independent of the solar residential battery, of course. So by definition, we can take -- and by the way, we plan to take capacity from Sella 2 into this area as well. We simply, of course, prioritize the solar-related business rather the nonrelated business, but we believe that the capacity is there, and it's enough.

好的。所以我將從容量開始。所以首先，我們的儲能部門當然有獨立於太陽能住宅電池的儲能產品的銷售。因此，根據定義，我們可以採取 - 順便說一句，我們也計劃將 Sella 2 的容量納入該領域。當然，我們只是簡單地優先考慮與太陽能相關的業務而不是非相關業務，但我們相信能力是存在的，這就足夠了。

So yes, if we do not see that there is enough capacity coming from Sella 2, first of all, we need -- or for Sella 2, we need to consume the amount from Samsung because this is a contractual obligation, and we will direct the excess capacity to the other sources. And here, we can actually either sell them as battery sales or as packed products. And our storage division have both sell and pack deliveries, we, of course, prefer to sell everything as a pack rather than in a sell because in this case, we have better margins. And of course, we have a better ASP per watt hour.

所以是的，如果我們沒有看到來自 Sella 2 的足夠容量，首先，我們需要——或者對於 Sella 2，我們需要消耗三星的數量，因為這是一項合同義務，我們將指示其他來源的產能過剩。在這裡，我們實際上可以將它們作為電池銷售或作為包裝產品銷售。而且我們的存儲部門同時進行銷售和包裝交付，當然，我們更喜歡將所有東西作為包裝出售而不是出售，因為在這種情況下，我們有更好的利潤。當然，我們每瓦時的 ASP 更好。

So in general, we can take this and we can divert, not maybe 100% of this capacity, but still enough to make Sella 2 operating and able to grow.

所以總的來說，我們可以接受這個，我們可以轉移，也許不是這個容量的 100%，但仍然足以讓 Sella 2 運行並能夠增長。

When it comes to the return on the investment, this is a little bit more tricky because, first of all, again, the question is what are you using the factory for? And whether you use it for more tax or more cells that you're selling?

當談到投資回報時，這有點棘手，因為首先，問題是你用工廠做什麼？以及您是否將其用於更多稅收或更多您正在銷售的電池？

In general, I would say that the way the metric that we have used is returned on capital investment. And I can tell you that our return on investment on Sella 2 compared to the buy option, and this is before taking the fact that you get certainty on the number of cells that you can get and the capacity that you can get was a multiple, I would say, single digit -- low single digit of years for return on the investment of Sella 2 compared to buying from other sources. So we view it as an extremely attractive ROI model.

一般來說，我會說我們使用的度量方式是資本投資回報率。我可以告訴你，我們在 Sella 2 上的投資回報與購買選項相比，這是在你確定可以獲得的電池數量和可以獲得的容量是倍數之前，我想說，與從其他來源購買相比，Sella 2 的投資回報率是個位數的低個位數年份。因此，我們將其視為極具吸引力的 ROI 模型。

We will take the next question from Biju Perincheril from Susquehanna.

我們將回答來自 Susquehanna 的 Biju Perincheril 的下一個問題。

Maybe one more question on the long-term battery demand. As you sort of see the surge in commercial demand for inverters, what's the range you get from those customers for their appetite for storage products? Could this be an avenue for the additional capacity from Sella 2?

也許還有一個關於長期電池需求的問題。當您看到逆變器的商業需求激增時，您從這些客戶那裡獲得的存儲產品需求範圍是多少？這可能是 Sella 2 增加容量的途徑嗎？

So I'll separate the answer to two, and I addressed it a bit earlier. We see the commercial storage dynamic repeating in the way the residential storage dynamic, just a few years later and maybe a slightly slower evolution. But we definitely expect it to come, and there are already early signs of it today.

因此，我將把答案分成兩部分，並在前面提到了一點。我們看到商業存儲動態以住宅存儲動態的方式重複，僅僅幾年後，可能會稍微緩慢的演變。但我們絕對希望它會到來，而且今天已經有早期跡象。

And for the same motivations and whether it is continuity of power supply in areas of grid instability or controlling demand charges or increasing self-consumption in order to save on the pricing coming from the grid. We have a large solar installation on Sella 1 factory here in Israel, and we will put a large installation in Sella 2 and in both cases, for economic reasons.

出於同樣的動機，無論是電網不穩定地區的電力供應連續性，還是控制需求費用或增加自用電，以節省來自電網的定價。我們在以色列的 Sella 1 工廠安裝了一個大型太陽能裝置，出於經濟原因，我們將在 Sella 2 和兩種情況下都安裝一個大型太陽能裝置。

When will we add storage? It's probably depending on the region, probably a couple of years out still before attach rates begin to be double-digit on commercial installations. And by that time, capacity from Sella 2 or by then from a additional expansions that we will do is definitely what we have in mind and where we are aiming to go.

我們什麼時候添加存儲空間？這可能取決於地區，可能還需要幾年時間，商業安裝的附加費率才開始達到兩位數。到那時，Sella 2 的容量或屆時我們將要做的額外擴展的容量絕對是我們的想法和目標。

Your next question is from Mr. Michael Blum from Wells Fargo.

您的下一個問題來自富國銀行的 Michael Blum 先生。

A little bit of a high-level question, I guess. I know NEM 3.0 in California is not finalized yet, but I wanted to get your views on how this and similar changes in other states here could impact demand of the U.S. market? And how does that impact your long-term thinking on sales trends to the U.S. versus Europe and rest of the world?

有點高層次的問題，我猜。我知道加利福尼亞的 NEM 3.0 尚未最終確定，但我想了解您對這裡其他州的這種變化和類似變化如何影響美國市場的需求的看法？這對您對美國與歐洲和世界其他地區的銷售趨勢的長期思考有何影響？

Yes. I think the latter part of your question is very valid to the first part. We are and we have been operating in Europe and other places in the world for a very long time. And if you look at some of the countries in Europe, their regulatory environment is very, I don't know, it's very similar, but it has some similar characteristics to what was intended in the original NEM 3 proposal.

是的。我認為您問題的後半部分對第一部分非常有效。我們已經並且我們已經在歐洲和世界其他地方運營了很長時間。如果你看看歐洲的一些國家，他們的監管環境非常，我不知道，非常相似，但它與最初的 NEM 3 提案中的意圖有一些相似的特徵。

And then it turns into a self-consumption market with much, much higher battery attach rate. As you see today in Germany, battery attach rates are 70% to 80% and a much stronger demand for cell consumption, enhancing components like solar-driven water heaters, EV chargers, smart switches and other elements.

然後它變成了一個電池連接率高得多的自我消費市場。正如您今天在德國看到的那樣，電池連接率為 70% 至 80%，並且對電池消耗的需求更加強勁，從而增強了太陽能驅動的熱水器、電動汽車充電器、智能開關和其他元件等組件。

So this is already the environment we live in, in Germany and some of the other European countries. And if that is the direction that eventually California takes, we believe the market will be similar. Maybe bigger, maybe smaller, but at the same time, installations will be much more, call it, complex, expensive, technological because of the potential return through self-consumption.

所以這已經是我們生活的環境，在德國和其他一些歐洲國家。如果這是加利福尼亞最終採取的方向，我們相信市場將是相似的。也許更大，也許更小，但與此同時，由於通過自我消費的潛在回報，裝置將會更多，稱之為複雜、昂貴、技術性。

So overall, it will change the characteristics of the market, but we don't think it will erase the market. And we think actually ourselves that we're pretty ready and familiar with that type of environment if and when it comes to the U.S.

所以總的來說，它會改變市場的特徵，但我們認為它不會抹殺市場。我們實際上認為，如果涉及到美國，我們已經準備好並熟悉這種類型的環境。

The next question is from Mr. Ameet Thakkar from BMO Capital Markets.

下一個問題來自 BMO Capital Markets 的 Ameet Thakkar 先生。

I just wanted to follow up on the prior question real quick. And can you give us a sense for kind of the percentage of your '21 revenues that were from California residential markets?

我只是想快速跟進前面的問題。你能告訴我們你 21 年收入中來自加州住宅市場的百分比嗎？

I don't have the exact numbers in front of me. It is -- U.S. was -- typically is around 40%, 50% of our revenue. And then in the U.S., it's made of residential and commercial, and then residential is split across many states, with California being the larger one.

我面前沒有確切的數字。它是——美國曾經——通常是我們收入的 40% 或 50% 左右。然後在美國，它由住宅和商業組成，然後住宅分佈在許多州，加利福尼亞是最大的一個。

So I would venture to say that it's a significant number in the double-digit range, but probably in the lower double-digit as a result of the fact that it's a part of our global business, both geographically and segmental.

因此，我敢說這是兩位數範圍內的一個重要數字，但可能是較低的兩位數，因為它是我們全球業務的一部分，無論是在地理上還是在細分市場上。

It appears that there are no further questions at this time. I'd like to turn the conference back to Mr. Zvi Lando for any additional or closing remarks. Please go ahead, sir.

目前似乎沒有進一步的問題。我想將會議轉回給 Zvi Lando 先生，以獲取任何補充或閉幕詞。請繼續，先生。

Yes. Thank you. So in summary, we concluded an operationally challenging yet positive year on all fronts with record revenue, all of this while continuing to invest in laying the ground for future growth and expansion into adjacent markets, the first of which we are already beginning to see today.

是的。謝謝你。總而言之，我們以創紀錄的收入結束了在各方面都具有運營挑戰性但積極的一年，所有這一切同時繼續投資為未來的增長和擴展到鄰近市場奠定基礎，我們今天已經開始看到第一個市場.

Thank you all for joining our call today, and have a good rest of the week.

感謝大家今天加入我們的電話會議，祝您本週休息愉快。

This concludes today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。