(SEDG) 2021 Q3 法說會逐字稿

Welcome to the SolarEdge conference call for the third quarter ended September 30, 2021.

歡迎參加截至 2021 年 9 月 30 日的第三季度 SolarEdge 電話會議。

This call is being webcast live on the company's website at www.solaredge.com in the Investors section on the Event Calendar page.

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。

This call is the sole property and copyright of SolarEdge with all rights reserved, and any recording, reproduction or transmission of this call without the express written consent of SolarEdge is prohibited.

此通話是 SolarEdge 的唯一財產和版權，保留所有權利，未經 SolarEdge 明確書面同意，禁止錄製、複製或傳輸此通話。

You may listen to a webcast replay of this call by visiting the Event calendar page on the SolarEdge investor website.

您可以通過訪問 SolarEdge 投資者網站上的活動日曆頁面收聽此次電話會議的網絡廣播重播。

I would now like to turn the call over to Erica Mannion at Sapphire Investor Relations, Investor Relations for SolarEdge.

我現在想把電話轉給 Sapphire Investor Relations 的 Erica Mannion，SolarEdge 的投資者關係。

Ma'am, please begin.

女士，請開始。

Good afternoon.

下午好。

Thank you for joining us to discuss SolarEdge's operating results for the third quarter ended September 30, 2021, as well as the company's outlook for the fourth quarter of 2021.

感謝您與我們一起討論 SolarEdge 截至 2021 年 9 月 30 日的第三季度經營業績，以及公司對 2021 年第四季度的展望。

With me today is Zvi Lando, Chief Executive Officer; and Ronen Faier, Chief Financial Officer.

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 will begin with a brief review of the results for the third quarter ended September 30, 2021.

Zvi 將首先簡要回顧截至 2021 年 9 月 30 日的第三季度業績。

Ronen will review the financial results for the third quarter, followed by the company's outlook for the fourth quarter of 2021.

Ronen 將回顧第三季度的財務業績，然後是公司 2021 年第四季度的展望。

We will then open the call for questions.

然後我們將打開問題電話。

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.

請注意，此次電話會議將包括前瞻性陳述，其中涉及可能導致實際結果與管理層當前預期存在重大差異的風險和不確定性。

We encourage you to review the safe harbor statements contained in our press release and the slides published today for a more complete description.

我們鼓勵您查看我們的新聞稿中包含的安全港聲明和今天發布的幻燈片，以獲得更完整的描述。

All material contained in the webcast is the sole property and copyright of SolarEdge Technologies with all rights reserved.

網絡廣播中包含的所有材料均為 SolarEdge Technologies 的獨有財產和版權，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.

請注意，本演示文稿描述了某些非 GAAP 指標，包括非 GAAP 淨收入和非 GAAP 淨稀釋每股收益，這些指標不是根據美國 GAAP 編制的指標。

The non-GAAP measures are presented in this presentation as we believe they provide investors with the means of evaluating and understanding how the company's management evaluates the company's operating performance.

本演示文稿中介紹了非 GAAP 措施，因為我們認為它們為投資者提供了評估和理解公司管理層如何評估公司經營業績的方法。

These non-GAAP measures should not be considered in isolation from, as substitutes for or superior to financial measures prepared in accordance with U.S. GAAP.

這些非 GAAP 措施不應孤立於、替代或優於根據美國公認會計原則編制的財務措施。

Listeners who do not have a copy of the quarter ended September 30, 2021, press release or the supplemental materials, may obtain a copy by visiting the Investors section of the company's website.

沒有截至 2021 年 9 月 30 日的季度、新聞稿或補充材料副本的聽眾，可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.

謝謝你，艾麗卡。

Good afternoon, and thank you all for joining us on our conference call.

下午好，感謝大家參加我們的電話會議。

We are happy to be announcing a record revenue quarter of $526 million.

我們很高興地宣布創紀錄的季度收入達到 5.26 億美元。

We are seeing growing demand for our existing products across all segments and regions and strong interest in our pipeline of new products.

我們看到所有細分市場和地區對我們現有產品的需求不斷增長，並且對我們的新產品線產生了濃厚的興趣。

In fact, we have already secured orders for delivery in Q4 and in Q1 of more than 4 gigawatts of AC nameplate inverters compared to 1.9 gigawatts that we shipped in this quarter, and we are still receiving additional orders for this period.

事實上，我們已經在第 4 季度和第 1 季度獲得了超過 4 吉瓦的交流銘牌逆變器的交付訂單，而本季度我們交付了 1.9 吉瓦，並且我們在此期間仍在收到更多訂單。

In today's call, I will address the temporary headwinds that we are facing on the operational side, which will clarify our next quarter guidance which does not fully reflect the high demand for our products and our anticipated continued growth.

在今天的電話會議中，我將解決我們在運營方面面臨的暫時不利因素，這將闡明我們下一季度的指導意見，該指導意見並未完全反映對我們產品的高需求和我們預期的持續增長。

In the last earnings release, we updated that production in our factory in Vietnam had been partially suspended due to a government-enforced, COVID-related lockdown.

在上一次財報發布中，我們更新了越南工廠的生產由於政府強制實施的與 COVID 相關的封鎖而部分暫停。

We explained that assuming the interruption would be short as we were expecting at the time, we would compensate for it by increasing capacity in our other factories, and this is indeed what we did.

我們解釋說，假設中斷時間會像我們當時預期的那樣短，我們將通過增加其他工廠的產能來彌補這一損失，而這確實是我們所做的。

However, the shutdown ended up being longer and more extensive than expected, practically putting to a halt our manufacturing capacity in Vietnam for 12 weeks.

然而，停產最終比預期的時間更長、範圍更廣，實際上使我們在越南的製造能力停頓了 12 週。

Prior to this event, the Vietnam factory was providing between 20% and 25% of our capacity and the vast majority of our nontariff shipments to the U.S. market.

在此事件之前，越南工廠提供了我們 20% 到 25% 的產能以及我們向美國市場的絕大部分非關稅出貨量。

So while we increased capacity in the other sites to partially compensate for it, this shutdown created a gap in supply of products for the fourth quarter that will take some time to replenish and which will come at a higher cost due to the need for expedited shipments and due to tariffs from shipping more China-made products to the U.S. We are, therefore, guiding moderate revenue growth for the fourth quarter at a reduced gross margin.

因此，雖然我們增加了其他站點的產能以部分彌補這一點，但這次停工造成了第四季度的產品供應缺口，這將需要一些時間來補充，而且由於需要加快發貨，這將帶來更高的成本由於向美國運送更多中國製造產品的關稅。因此，我們指導第四季度收入適度增長，毛利率下降。

The production in the Vietnam factory resumed October 1 and is gradually ramping back to full capacity, which is expected in mid-November.

越南工廠於 10 月 1 日恢復生產，並逐漸恢復滿負荷，預計 11 月中旬。

Unrelated to these events in Vietnam, we have been working for some time to build redundancy and expand our manufacturing footprint with a new contract manufacturing site in Mexico.

與越南的這些事件無關，我們一直在努力建立冗餘並擴大我們的製造足跡，在墨西哥建立了一個新的合同製造基地。

We expect first products to ship from the facility in the first half of 2022.

我們預計首批產品將於 2022 年上半年從該工廠發貨。

And once ramped, this site will significantly increase our capacity and give us further flexibility to manage growing demand from the U.S. markets.

一旦建成，該站點將顯著提高我們的產能，並為我們提供更大的靈活性來管理來自美國市場不斷增長的需求。

As is indicated in our record revenue results in the third quarter, we experienced healthy demand for our products and ended the quarter with record backlog.

正如我們第三季度創紀錄的收入結果所示，我們的產品需求強勁，本季度末積壓量創歷史新高。

While this is not a data point we usually provide and do not plan to do in the future, it is reflective of the commitments of our customers and their strong demand for our products.

雖然這不是我們通常提供的數據點，未來也不打算這樣做，但它反映了我們客戶的承諾以及他們對我們產品的強烈需求。

To that end, other than in some unique cases of extreme logistical costs, where we will share some of those costs with our customers, order level, we do not currently plan to increase prices on deliveries this year.

為此，除了在一些極端物流成本的特殊情況下，我們將與客戶分擔其中一些成本，訂單水平，我們目前不打算提高今年的交貨價格。

Our customers have trusted us with their early orders, and we value their loyalty.

我們的客戶信任我們並提前下單，我們重視他們的忠誠度。

To sum up this topic, we are happy with the record third quarter results and are focused on quickly closing the capacity gap created from the temporary factory closure in Vietnam, while ensuring we are meeting the needs of our customers.

總而言之，我們對創紀錄的第三季度業績感到滿意，並專注於迅速縮小越南工廠臨時關閉造成的產能缺口，同時確保滿足客戶的需求。

I'd like to share now some new product news, which is a big part of the demand increase we are seeing.

我現在想分享一些新產品新聞，這是我們看到的需求增長的重要組成部分。

The first is our Energy Bank residential battery.

第一個是我們的能源銀行住宅電池。

Production of the batteries is ramping at a good pace, and we have installations already in the U.S., Italy, Germany, England, Belgium and first deliveries in Australia.

電池的生產正在快速增長，我們已經在美國、意大利、德國、英國、比利時進行了安裝，並在澳大利亞進行了首批交付。

This quarter, we manufactured and shipped approximately 20-megawatt hour of Energy Bank batteries, a bit below what we had anticipated.

本季度，我們製造並運送了大約 20 兆瓦時的 Energy Bank 電池，略低於我們的預期。

In Q4, we expect to ship approximately 70-megawatt hour compensating for the delays from this quarter.

在第四季度，我們預計將出貨約 70 兆瓦時，以補償本季度的延遲。

By the end of the first quarter of 2022, we expect to reach production output of 300 Energy Bank batteries per day or 180-megawatt hours per quarter.

到 2022 年第一季度末，我們預計將達到每天 300 個 Energy Bank 電池的產量或每季度 180 兆瓦時的產量。

In parallel to ramping battery shipments, we continue to see strong demand for our Energy Hub Inverter, where shipments were up from 21,000 units in the second quarter to 37,000 units in the third quarter.

在電池出貨量增加的同時，我們繼續看到對 Energy Hub 逆變器的強勁需求，出貨量從第二季度的 21,000 台增加到第三季度的 37,000 台。

We also began shipments of the high-powered version of the Energy Hub Inverter with up to 11.4 kilowatt AC nameplate capacity and industry-leading 10.3 kilowatt continuous backup power per inverter.

我們還開始出貨 Energy Hub 逆變器的高功率版本，每個逆變器具有高達 11.4 千瓦的交流銘牌容量和行業領先的 10.3 千瓦連續備用電源。

Considering the current trends of increased electrification and needs for resilience, we expect average system size and the required power consumption in case of backup to increase as well, and as such, increased adoption of this configuration due to its capacity and power level.

考慮到當前電氣化程度提高的趨勢和對彈性的需求，我們預計平均係統規模和備份所需的功耗也會增加，因此，由於其容量和功率水平，這種配置的採用率也會增加。

The availability of this inverter will also provide cost savings for our customers, who until today, in many cases, have used multiple inverters to achieve these capacities and power levels.

該逆變器的可用性還將為我們的客戶節省成本，直到今天，在許多情況下，他們使用多個逆變器來實現這些容量和功率水平。

As battery attach rates and the interest in resilience intensifies, we are seeing strong interest globally in the combined Energy Hub, Energy Bank solution, which offers a DC-coupled system that harvests more of the energy generated by the modules and feeds it into the battery, even when the power generated by the solar system exceeds the nameplate capacity of the inverter.

隨著電池附加率和對彈性的興趣增強，我們看到全球對 Energy Hub 和 Energy Bank 解決方案的組合產生了濃厚的興趣，該解決方案提供了一個直流耦合系統，可以收集模塊產生的更多能量並將其饋入電池，即使太陽能係統產生的功率超過逆變器的銘牌容量。

An additional milestone on the product front is that we began installations in Japan of our JET-certified HD Wave inverter, which through a built-in AC socket enables direct power consumption from solar in case of power outage.

產品方面的另一個里程碑是，我們開始在日本安裝經 JET 認證的 HD Wave 逆變器，該逆變器通過內置交流插座在停電時直接從太陽能供電。

This is a significant step for SolarEdge towards opening the large residential market in Japan where this capability is mandated by regulation.

這是 SolarEdge 朝著打開日本大型住宅市場邁出的重要一步，在日本，這種能力是法規強制要求的。

Shifting to our offering of optimizers.

轉向我們提供的優化器。

In the third quarter, we began shipments in some regions of our fourth-generation optimizer that among other improvements, enables high efficiency optimization of newer-generation solar modules with higher electrical currents.

在第三季度，我們的第四代優化器開始在某些地區出貨，除其他改進外，它還可以對具有更高電流的新一代太陽能模塊進行高效優化。

Additionally, this new optimizer is designed to incorporate the new safety mechanism.

此外，這個新的優化器旨在整合新的安全機制。

In some cases, electrical arcs and safety events are caused by loose connectors or damage caused to cabling from rodents or other various causes.

在某些情況下，電弧和安全事件是由鬆動的連接器或囓齒動物或其他各種原因導致的電纜損壞引起的。

In the new optimizer, we have incorporated a capability that actively measures the temperature at the connectors to detect excessive heat even before it turns into electrical arc.

在新的優化器中，我們整合了一項功能，可以主動測量連接器的溫度，甚至在它變成電弧之前就檢測到過熱。

This past quarter, we shipped more than 200,000 of these S-Series generation 4 optimizers, and we will continue to ramp in the coming quarters.

上個季度，我們出貨了超過 200,000 個 S 系列第 4 代優化器，我們將在未來幾個季度繼續增加。

On the commercial side, we continue to see increased activity driven, among other reasons, by corporations looking to reduce their carbon footprint via solar installations on their facilities.

在商業方面，我們繼續看到，除其他原因外，企業希望通過在其設施中安裝太陽能來減少碳足跡，從而推動活動增加。

Many of these corporations choose the SolarEdge solution due to our safety and monitoring capabilities.

由於我們的安全和監控能力，其中許多公司選擇了 SolarEdge 解決方案。

In many cases, we are leveraging success at one site for global proliferation to other sites of these international corporations.

在許多情況下，我們正在利用一個地點的成功在全球擴散到這些國際公司的其他地點。

On the smaller utility side, this quarter, we installed our first ground mount installation of our new 330-kilowatt inverter.

在較小的公用事業方面，本季度，我們安裝了我們新的 330 千瓦逆變器的第一個地面安裝裝置。

This 1 megawatt installation has 3 inverters and thousands of optimizers.

這個 1 兆瓦的安裝有 3 個逆變器和數千個優化器。

These new 1.3 kilowatt optimizers are especially designed for this inverter from a performance and cost point of view, and to fit the solar modules typically used in ground mount installations that are typically high power, and in many cases, bifacial.

從性能和成本的角度來看，這些新的 1.3 千瓦優化器專為該逆變器設計，適用於通常用於高功率地面安裝的太陽能模塊，在許多情況下是雙面的。

The experience from this installation will assist us as we ramp production and sales of this offering in 2022.

此次安裝的經驗將幫助我們在 2022 年提高該產品的產量和銷量。

Turning to our nonsolar business, where we had a record quarter in revenues driven from our nonsolar storage business.

轉向我們的非太陽能業務，我們的非太陽能存儲業務帶來了創紀錄的季度收入。

This is despite the lower-than-planned shipments in the e-mobility business due to instability in the automotive industry.

儘管由於汽車行業的不穩定，電動汽車業務的出貨量低於計劃。

While our ability to deliver has ramped on schedule, considering the current trends in the automotive industry, we expect to end up delivering approximately $70 million from the e-Mobility business for 2021.

雖然我們的交付能力已按計劃提高，但考慮到汽車行業當前的趨勢，我們預計 2021 年電動汽車業務最終將交付約 7000 萬美元。

I will now hand it over to Ronen, who will review our financial results.

我現在將其交給 Ronen，他將審查我們的財務業績。

Ronen?

羅南？

Thank you, Zvi, and good afternoon, everyone.

謝謝 Zvi，大家下午好。

This financial review includes a GAAP and non-GAAP discussion.

此財務審查包括 GAAP 和非 GAAP 討論。

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.

我們的網站和今天發布的新聞稿中提供了本次電話會議上討論的備考結果與 GAAP 結果的完全對賬。

Segment profit is comprised of gross profit of the segment less operating expenses that do not include amortization, stock-based compensation, expenses and certain other items.

分部利潤包括該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 third quarter were a record $526.4 million, a 10% increase compared to $480.1 million last quarter and a 56% increase compared to $338.1 million for the same quarter last year.

第三季度總收入達到創紀錄的 5.264 億美元，與上一季度的 4.801 億美元相比增長 10%，與去年同期的 3.381 億美元相比增長 56%。

Revenues from the solar segment were a record $476.8 million, an 11% increase compared to $431.4 million last quarter and a 53% increase compared to $312.5 million for the same quarter last year.

太陽能部門的收入達到創紀錄的 4.768 億美元，與上一季度的 4.314 億美元相比增長 11%，與去年同期的 3.125 億美元相比增長 53%。

Overall, this quarter, we shipped approximately 4.7 million power optimizers and approximately 231,000 inverters.

總體而言，本季度，我們出貨了大約 470 萬台電源優化器和大約 231,000 台逆變器。

U.S. solar revenues this quarter were $188.6 million and represented 39.5% of our solar revenues.

本季度美國太陽能收入為 1.886 億美元，占我們太陽能收入的 39.5%。

Solar revenues from Europe were a record $234.5 million or 49.2% of our solar revenues.

來自歐洲的太陽能收入達到創紀錄的 2.345 億美元，占我們太陽能收入的 49.2%。

The revenues in Europe were driven by record results in Germany and Italy, which grew over 50% quarter-over-quarter as well as record revenues in Poland and France.

歐洲的收入受到德國和意大利創紀錄業績的推動，這兩個國家的環比增長超過 50%，波蘭和法國的收入也創下歷史新高。

Rest of the world solar revenues were $53.7 million or 11.3% of our total solar revenues.

世界其他地區的太陽能收入為 5370 萬美元，占我們太陽能總收入的 11.3%。

The revenues in rest of the world were led by sales in Australia, Japan and Israel and record quarter in Taiwan and Thailand.

世界其他地區的收入由澳大利亞、日本和以色列的銷售額以及台灣和泰國創紀錄的季度銷售額領銜。

On a megawatt basis, we shipped 592 megawatts to the United States, 1,029 megawatts to Europe and 282 megawatts to the rest of the world.

按兆瓦計算，我們向美國運送了 592 兆瓦，向歐洲運送了 1,029 兆瓦，向世界其他地區運送了 282 兆瓦。

39% of this amount was commercial products and the remaining 61% were residential.

其中 39% 是商業產品，其餘 61% 是住宅產品。

ASP per watt, excluding battery revenues this quarter, was $0.255, a 5.2% decrease from $0.269 last quarter, resulting from a lower portion of U.S. shipments and customer mix as well as higher proportion of inverters in our overall mix.

本季度不包括電池收入的每瓦平均售價為 0.255 美元，比上一季度的 0.269 美元下降 5.2%，這是由於美國出貨量和客戶組合的比例較低，以及逆變器在我們整體組合中的比例較高。

This quarter, our top 10 solar customers represented 63.8% of our solar revenues.

本季度，我們的前 10 大太陽能客戶占我們太陽能收入的 63.8%。

Two U.S. customers accounted for more than 10% of our solar revenues each.

兩家美國客戶各自占我們太陽能收入的 10% 以上。

This quarter, revenues from our nonsolar business were a record $49.5 million, led by record sales of lithium-ion batteries from our nonsolar storage business.

本季度，我們非太陽能業務的收入達到創紀錄的 4950 萬美元，這主要得益於我們非太陽能存儲業務的鋰離子電池銷售額創下歷史新高。

GAAP gross margins for the quarter was 32.8% compared to 32.5% in the prior quarter and 32% in the same quarter last year.

本季度 GAAP 毛利率為 32.8%，上一季度為 32.5%，去年同期為 32%。

Non-GAAP gross margin this quarter was 34% compared to 33.9% in the prior quarter and 33.5% in the same quarter last year.

本季度非美國通用會計準則毛利率為 34%，上一季度為 33.9%，去年同期為 33.5%。

Gross margin for the solar segment was 36.6% compared to 37.4% in the prior quarter.

太陽能部門的毛利率為 36.6%，而上一季度為 37.4%。

As detailed by Zvi, the solar segment gross margin was negatively impacted by measures taken to compensate for our temporary shutdown of our manufacturing facility in Vietnam.

正如 Zvi 所詳述的那樣，太陽能部門的毛利率受到為補償我們暫時關閉越南製造工廠而採取的措施的負面影響。

This shutdown, which was compensated by more deliveries from our China factory, reduced our nontariff shipments to a 53% of the products sent to the United States this quarter compared to 88% in the second quarter.

這次停工得到了我們中國工廠更多交貨的補償，本季度我們的非關稅出貨量減少到發往美國的產品的 53%，而第二季度為 88%。

In total, the additional logistic costs and tariffs, together with some component and raw material price increases added 110 basis points compared to our previous quarter.

總的來說，與上一季度相比，額外的物流成本和關稅以及一些零部件和原材料價格上漲增加了 110 個基點。

Our accrual for future warranty claims also rose this quarter, partially because of the increase in product costs and partially due to the increase in our overall installed base.

本季度我們對未來保修索賠的應計費用也有所增加，部分原因是產品成本增加，部分原因是我們整體安裝基數的增加。

We expect this phenomenon to continue in the fourth quarter.

我們預計這種現象將在第四季度繼續。

Gross margin for our nonsolar segment was 8.7% compared to 3.3% in the previous quarter due to healthy margins from the storage business and continued improvement of margins in the e-Mobility business.

我們非太陽能部門的毛利率為 8.7%，而上一季度為 3.3%，這歸功於存儲業務的健康利潤率以及電動汽車業務利潤率的持續改善。

On a non-GAAP basis, operating expenses for the third quarter were $83.8 million or 15.9% of revenues compared to $81.5 million or 17% of revenues in the prior quarter and $63.2 million or 18.7% of revenues for the same quarter last year.

按非美國通用會計準則計算，第三季度運營費用為 8380 萬美元，佔收入的 15.9%，上一季度為 8150 萬美元，佔收入的 17%，去年同期為 6320 萬美元，佔收入的 18.7%。

This growth year-over-year reflects continued investment in our expansion of our R&D and sales capabilities.

這一同比增長反映了我們對擴大研發和銷售能力的持續投資。

Our solar segment operating expenses as a percentage of solar revenues were 14.6% compared to 15.8% last quarter.

我們的太陽能部門運營費用佔太陽能收入的百分比為 14.6%，而上一季度為 15.8%。

Non-GAAP operating income was -- for the quarter was a record $95.2 million compared to $81.3 million in the previous quarter and $50 million for the same period last year.

本季度非美國通用會計準則營業收入為創紀錄的 9520 萬美元，而上一季度為 8130 萬美元，去年同期為 5000 萬美元。

This quarter, solar segment generated a record operating profit of $104.9 million compared to an operating profit of $92.9 million last quarter.

本季度，太陽能部門產生了創紀錄的 1.049 億美元營業利潤，而上一季度的營業利潤為 9290 萬美元。

This number represents 22% of our solar revenues and is above the midpoint of our 20% to 23% long-term operating profit model.

這個數字占我們太陽能收入的 22%，高於我們 20% 至 23% 的長期運營利潤模型的中點。

The nonsolar segment generated an operating loss of $9.7 million, an improvement compared to an operating loss of $11.6 million in the previous quarter.

非太陽能部門產生了 970 萬美元的運營虧損，與上一季度 1160 萬美元的運營虧損相比有所改善。

Non-GAAP financial expenses for the quarter was $3 million compared to non-GAAP financial income of $1.7 million in the previous quarter.

本季度的非 GAAP 財務費用為 300 萬美元，而上一季度的非 GAAP 財務收入為 170 萬美元。

Our non-GAAP tax expense was $10.1 million compared to $10.5 million in the previous quarter and $1.6 million for the same period last year.

我們的非 GAAP 稅收支出為 1010 萬美元，上一季度為 1050 萬美元，去年同期為 160 萬美元。

GAAP net income for the third quarter was $53 million compared to a GAAP net income of $45.1 million in the previous quarter and $43.8 million in the same quarter last year.

第三季度的 GAAP 淨收入為 5300 萬美元，而上一季度的 GAAP 淨收入為 4510 萬美元，去年同期為 4380 萬美元。

Our non-GAAP net income was $82.1 million compared to a non-GAAP net income of $72.5 million in the previous quarter and $65.9 million in the same quarter last year.

我們的非 GAAP 淨收入為 8210 萬美元，而上一季度的非 GAAP 淨收入為 7250 萬美元，去年同期為 6590 萬美元。

GAAP net diluted earnings per share was $0.96 for the third quarter compared to $0.82 in the previous quarter and $0.83 in the same quarter last year.

第三季度 GAAP 每股攤薄淨收益為 0.96 美元，上一季度為 0.82 美元，去年同期為 0.83 美元。

Non-GAAP net diluted EPS was $1.45 compared to $1.28 in the previous quarter and $1.21 in the same quarter last year.

非 GAAP 淨稀釋每股收益為 1.45 美元，上一季度為 1.28 美元，去年同期為 1.21 美元。

Turning now to our balance sheet.

現在轉向我們的資產負債表。

As of September 30, 2021, cash, cash equivalents, bank deposits, restricted bank deposits and investments were $1.2 billion.

截至 2021 年 9 月 30 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。

Net of debt, cash, cash equivalents, bank deposits, restricted bank deposits and investments were $524.1 million.

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 5.241 億美元。

During the third quarter of 2021, we generated $61.8 million of cash flow from operations.

2021 年第三季度，我們產生了 6180 萬美元的運營現金流。

Accounts receivable net increased this quarter to $416.2 million compared to $343.7 million last quarter.

本季度應收賬款淨額從上一季度的 3.437 億美元增至 4.162 億美元。

Day sales outstanding this quarter in the solar business was 90 days, an increase from 76 days last quarter, a result of higher revenues generated in the later part of the quarter and an increase in sales to large customers that enjoy more favorable credit terms in the overall mix.

本季度太陽能業務的未償銷售天數為 90 天，比上一季度的 76 天有所增加，這是由於本季度後期產生的收入增加以及對在本季度享有更優惠信用條件的大客戶的銷售增加整體組合。

As of September 30, 2021, our inventory level net of reserves was at $304.7 million compared to $321.9 million in the prior quarter.

截至 2021 年 9 月 30 日，我們扣除儲備的庫存水平為 3.047 億美元，而上一季度為 3.219 億美元。

Most of this reduction is related to lower level of finished goods in the solar segment, while raw material level increased in the solar segment to support manufacturing amidst the global component shortages and slightly decreased in the nonsolar segment.

減少的主要原因是太陽能部分的成品水平較低，而在全球組件短缺的情況下，太陽能部分的原材料水平增加以支持製造，非太陽能部分的原材料水平略有下降。

Turning to our guidance for the fourth quarter of 2021.

轉向我們對 2021 年第四季度的指導。

As explained throughout this call, due to the shutdown of our factory in Vietnam in the third quarter and its gradual return to normal operations and in light of the strong demand, our fourth quarter guidance is for moderate growth at temporary reduced gross margin.

正如本次電話會議所解釋的那樣，由於我們在越南的工廠在第三季度關閉並逐漸恢復正常運營，並且鑑於強勁的需求，我們第四季度的指導方針是在毛利率暫時下降的情況下適度增長。

As such, for the fourth quarter of 2021, we are guiding revenues to be within the range of $530 million to $560 million.

因此，對於 2021 年第四季度，我們指導收入在 5.3 億美元至 5.6 億美元之間。

Revenues from the solar segment are expected to be within the range of $490 million and $515 million.

太陽能部門的收入預計在 4.9 億美元至 5.15 億美元之間。

In the fourth quarter, we expect to ship approximately 70-megawatt hour of residential storage systems to the United States and Europe as we continue to ramp the manufacturing of this product.

在第四季度，我們預計將向美國和歐洲運送大約 70 兆瓦時的住宅存儲系統，因為我們將繼續擴大該產品的製造。

We expect non-GAAP gross margin to be within the range of 30% to 32%.

我們預計非 GAAP 毛利率將在 30% 至 32% 的範圍內。

Gross margin for the solar segment is expected to be within the range of 31% to 34%.

太陽能業務的毛利率預計在 31% 至 34% 之間。

Before opening the line for questions, I would like to update that we are planning for an Analyst Day to be held towards the end of the first quarter of 2022.

在開始提問之前，我想更新一下，我們計劃在 2022 年第一季度末舉行分析師日。

We will, of course, announce the specific date closer to this time.

當然，我們會在接近這個時間時公佈具體日期。

Operator, we can now take questions, please.

接線員，我們現在可以提問了。

(Operator Instructions) Our first question will come from Brian Lee with Goldman Sachs & Co.

（操作員說明）我們的第一個問題將來自高盛公司的 Brian Lee。

The first one I had was just around the backlog.

我的第一個是關於積壓的。

I appreciate you providing that additional metric and context.

感謝您提供額外的指標和上下文。

Can you -- Ronen and Zvi, can you give us some context in terms of how much the backlog at 4 gigawatts is up versus a quarter ago?

你能不能——Ronen 和 Zvi，你能給我們一些背景信息，說明 4 吉瓦的積壓訂單與一個季度前相比增加了多少？

And then in terms of sort of lead times you're quoting on that backlog mix, just to get a sense of how far that stretches out.

然後根據您在積壓混合中引用的交貨時間排序，只是為了了解它延伸了多遠。

And it sounds to me like you're saying that because of the backlog and because of the supply chain and manufacturing issues, Q1 should be seasonally much better, maybe better than the modest growth we're seeing here just for Q4, but can you kind of maybe encompass all of that in the context of your backlog, the trends you're seeing and how it impacts into Q1?

在我看來你是在說，由於積壓以及供應鍊和製造問題，第一季度的季節性應該好得多，也許比我們在這裡看到的第四季度的適度增長要好，但你能在您的積壓工作、您看到的趨勢以及它如何影響第一季度的情況下，可能會包含所有這些？

And then I had a follow-up.

然後我進行了跟進。

Yes, Brian.

是的，布萊恩。

So starting from the backlog, as we mentioned, we're today with backlog -- or orders for shipment in Q4 and Q1 combined of more than 4 gigawatts.

所以從積壓開始，正如我們提到的，我們今天有積壓——或者說第四季度和第一季度的裝運訂單總計超過 4 吉瓦。

And in the third quarter, which was a record quarter, we shipped 1.9 gigawatts of inverters.

在創紀錄的第三季度，我們出貨了 1.9 吉瓦的逆變器。

And we're using here inverters as the reference point.

我們在這裡使用逆變器作為參考點。

It's not a matter of -- it doesn't include batteries and it's not including the optimizers, it's just the way to compare.

這不是問題——它不包括電池，也不包括優化器，這只是比較的方式。

So the record Q3 was 1.9.

所以Q3的記錄是1.9。

And today, we are with backlog for deliveries in the next 2 quarters of more than 4 gigawatts.

而今天，我們在接下來的兩個季度中積壓了超過 4 吉瓦的交付。

To the second part of the question, so indeed, the -- or let me touch on lead times, and I mentioned this as well.

對於問題的第二部分，確實如此 - 或者讓我談談交貨時間，我也提到了這一點。

So as you know, we have a very wide variety of products and offering and the lead times vary by product.

如您所知，我們有各種各樣的產品和服務，交貨時間因產品而異。

We are still taking -- we're taking few orders for delivery in Q4, unless it's some specific products where we have access and availability and -- but we are still taking orders in Q1.

我們仍在接受——我們在第四季度接受的交付訂單很少，除非是一些我們可以訪問和可用性的特定產品——但我們仍在接受第一季度的訂單。

So for most of the products, the lead times are in the range of 12 to 14 weeks.

因此，對於大多數產品而言，交貨時間在 12 到 14 週之間。

On some commercial products, it's a bit longer than that.

在某些商業產品上，它比這長一點。

And on the batteries, it's a bit longer than that as well.

在電池上，它也比那長一點。

So it's anything that ranges from call it, 12 weeks to 16, 18 weeks on batteries.

因此，電池續航時間從 12 周到 16、18 週不等。

And the outlook for Q1 is obviously complex, and there are many, many moving parts and unknowns.

第一季度的前景顯然很複雜，有很多很多變化的因素和未知數。

But generally speaking, with our plans for recovering production capacity in Vietnam as well as from the other factories, we do expect to see growth, in particular, on the top line.

但總的來說，根據我們在越南和其他工廠恢復產能的計劃，我們確實希望看到增長，尤其是收入增長。

From a margin perspective, Q1 will still be challenging in getting that equipment quickly and on time to the customers when and where they need it.

從利潤率的角度來看，第一季度仍然面臨著在客戶需要的時間和地點快速、準時地提供設備的挑戰。

So we expect still some margin headwinds in Q1.

因此，我們預計第一季度仍有一些利潤逆風。

All right.

好的。

That's super helpful.

這非常有幫助。

Maybe just a second question on that margin topic.

也許只是關於邊緣話題的第二個問題。

So you did the 36-and-change gross margin in solar products this quarter.

所以你做了本季度太陽能產品的 36 倍毛利率。

You've got the 31% to 34% view for Q4, a couple of moving pieces there.

你對第四季度有 31% 到 34% 的看法，那裡有幾個移動的部分。

But can you sort of bridge the gap a little bit in terms of the tariff versus nontariff mix, the shipping issues and sort of -- Ronen, I think, mentioned it was temporary.

但是，你能否在關稅與非關稅組合、運輸問題和某種程度上彌合差距——我認為，Ronen 提到這是暫時的。

Like how temporary are some of those factors as you start to kind of get back to a more normal margin moving through 2022?

就像您在 2022 年開始恢復到更正常的利潤率時，其中一些因素有多暫時？

Maybe if you could break down some of the pieces and maybe the potential time frames for when they come back to a more normal state.

也許你可以分解一些片段，也許可以分解它們恢復到更正常狀態的潛在時間框架。

Sure, Brian.

當然，布賴恩。

So first of all, in order to explain this, let's understand the mechanism that is actually creating the margin headwinds.

因此，首先，為了解釋這一點，讓我們了解實際造成利潤逆風的機制。

In general, when your manufacturing capacity disappears by about 20% to 25%, as Zvi mentioned in the call, the first thing that we did was actually to divert a lot of our manufacturing to China.

一般來說，當你的製造能力消失大約 20% 到 25% 時，正如 Zvi 在電話中提到的，我們做的第一件事實際上是將我們的很多製造轉移到中國。

And this is something that creates, first, 2 issues.

這首先會產生兩個問題。

The first one is that you need to start now rotating some of the components that were shipped to Vietnam into China in order to make sure that you have the right components at the right place.

第一個是您現在需要開始將運往越南的一些組件輪換到中國，以確保您在正確的地方擁有正確的組件。

And of course, we remember that this is all happening while there are component challenges worldwide.

當然，我們記得這一切都是在全球面臨組件挑戰的情況下發生的。

And therefore, this by itself creates expenses related to simply mobilizing quickly large amount of components from one site to the other, usually on expedited shipment.

因此，這本身就產生了與簡單地將大量組件從一個站點快速移動到另一個站點相關的費用，通常是加急運輸。

The second part of this diversion, I would call, is the fact that while you're expediting some of the shipments, the cost of these expedited shipments also increased dramatically over the last few months as we know from what we see all over the world.

這種轉移的第二部分，我想，是這樣一個事實，即當你加快一些發貨時，這些加急發貨的成本在過去幾個月裡也急劇增加，正如我們從世界各地看到的那樣.

And therefore, you get like a double effect that even to be able to compensate for the manufacturing in cell itself, you need to pay much more to bring components in.

因此，你會得到雙重效果，即使能夠補償電池本身的製造，你也需要付出更多才能引入組件。

Now we go into the manufacturing.

現在我們進入製造業。

And the idea is that in a normal way of operation, you would usually use your capacity to ship as much as you can using ocean freight to accumulate products close to your customers in our warehouses in Europe and the United States and then ship them locally, all using regular ocean freight and in some cases, of course, ground transportation.

這個想法是，在正常的運營方式中，您通常會使用您的能力盡可能多地使用海運將產品聚集在我們位於歐洲和美國的倉庫中靠近您的客戶，然後在當地運送，全部使用常規海運，在某些情況下，當然還有地面運輸。

Once this capacity is gone, you basically live from the head to -- from your hand to the mouth in a sense.

一旦這種能力消失，從某種意義上說，你基本上是從頭到——從手到嘴。

Meaning that whatever you are manufacturing, in China, in Israel and in Hungary, you're trying to push as quickly as possible to your customers because they count on you and they know that they need to get products in order to install them.

這意味著無論您在中國、以色列和匈牙利製造什麼產品，您都在努力盡快將產品推向您的客戶，因為他們依賴您，並且他們知道他們需要獲得產品才能安裝它們。

And the only way to do it is simply by sending expedited shipments.

唯一的方法就是發送加急貨物。

And again, expedited shipments more than quadrupled and sometimes even 6x more expensive today than they were a few quarters ago.

再一次，加急發貨比幾個季度前貴了四倍多，有時甚至貴了 6 倍。

And then you see a double effect of these expedited shipments.

然後你會看到這些加急發貨的雙重效果。

And the last thing, of course, is the tariffs on Chinese products.

當然，最後一件事是對中國產品徵收關稅。

And as I said in my part of the transcript is that our nontariff shipments to the U.S. went down to 53% from 88% last quarter.

正如我在筆錄中所說的那樣，我們對美國的非關稅出貨量從上個季度的 88% 下降到 53%。

So in Q3, the effect of all of this was relatively marginal because on one hand, we still had inventories that were on more regular shipments coming -- that were manufactured in Q2 and came to Europe and the United States in the regular way.

所以在第三季度，所有這些的影響相對較小，因為一方面，我們仍然有更多定期發貨的庫存——這些庫存是在第二季度製造的，並以定期方式運往歐洲和美國。

And we did absorb some of the costs of shipping the components from one location to the other.

我們確實承擔了將組件從一個地點運送到另一個地點的部分成本。

And you see it in this 110 basis points increase that are also including a little bit of tariffs that were paid when we entered this Chinese product to the United States.

你在這 110 個基點的增長中看到了這一點，其中還包括我們將這種中國產品輸入美國時支付的一點關稅。

But actually, some of these costs are actually capitalized on a product that we brought in Q3 and we're going to sell in Q4.

但實際上，其中一些成本實際上被資本化在我們在第三季度推出的產品上，我們將在第四季度銷售。

And this is the 110%.

這是 110%。

If we look now into Q4, what we're going to see is that we'll see approximately 300 to 350 basis points coming from the accumulations of the effects.

如果我們現在查看第四季度，我們將看到的是，我們將看到來自影響累積的大約 300 到 350 個基點。

And that means that now, we're not just shipping components that are maybe smaller and in lower volumes from -- in an expedited way from one factory to the other, we actually start shipping large product by air or by expedited shipments to their final destination.

這意味著現在，我們不只是將可能更小、體積更小的組件從一個工廠快速運送到另一個工廠，我們實際上開始通過空運或快速運輸將大型產品運送到他們的最終產品目的地。

And at this point, we do not have any more products coming to the U.S. from our Vietnam facilities from the last quarter, simply because this factory was practically down.

在這一點上，上個季度我們沒有更多的產品從我們的越南工廠運往美國，僅僅是因為這家工廠實際上已經倒閉了。

And those manufacturing that we're doing in Vietnam are not yet coming to the U.S. and allowing us to enjoy the nontariff regions.

我們在越南製造的那些產品還沒有進入美國並允許我們享受非關稅地區。

So in general, what we see is that in Q4, we're basically getting or absorbed most of the hit from the lack of manufacturing in Vietnam and of course, the expedited shipment that is created from this.

所以總的來說，我們看到的是，在第四季度，我們基本上受到或吸收了越南缺乏製造業造成的大部分打擊，當然還有由此產生的加速發貨。

When it is going to clear?

什麼時候清零？

In Q1, first of all, we expect Vietnam sometimes in November, as we said, to go back to normal levels.

在第一季度，首先，正如我們所說，我們預計越南有時會在 11 月恢復正常水平。

And therefore, some of the goods will still be sent in an expedited manner to customers to meet Q4 demand, but some of it will be shipped -- no, no, Q4, and then some of it will be shipped to Q -- for Q1 in order to make sure that we have enough inventories to begin the quarter.

因此，一些貨物仍將以加急方式發送給客戶以滿足 Q4 的需求，但其中一些將被運送——不，不，Q4，然後一些將被運送到 Q——因為第一季度，以確保我們有足夠的庫存來開始本季度。

In the same time, also, again, the manufacturing in China that is now regulated will start to go in a less expedited manner.

與此同時，現在受到監管的中國製造業也將開始以較慢的速度發展。

And therefore, in Q1, we will still see some effect that are residual from Q4, but you'll start to see an improvement.

因此，在第一季度，我們仍然會看到第四季度殘留的一些影響，但你會開始看到改善。

And towards Q2 where, hopefully, unless there are more COVID waves, we will see continued manufacturing in all of our factories that have excess capacity above this demand, we will be able to come back to this, I would call it, normal shipment methodology or system of ocean freight.

在第二季度，除非有更多的 COVID 浪潮，否則我們將看到我們所有產能過剩超過這一需求的工廠繼續生產，我們將能夠回到這種，我稱之為正常的裝運方法或海運系統。

So it's a little bit of a lengthy explanation, but the idea is that lack of manufacturing in Q4 -- Q3 is becoming more expensive in COGS in Q4.

所以這是一個有點冗長的解釋，但我們的想法是第四季度缺乏製造——第三季度的銷貨成本在第四季度變得更加昂貴。

The improvement in Q4 is contributing to improved margins in Q1.

第四季度的改善有助於提高第一季度的利潤率。

And in Q2, hopefully, we're supposed to be back to the normal margins.

希望在第二季度，我們應該回到正常的利潤率。

Our next question comes from Mark Strouse with JPMorgan Securities.

我們的下一個問題來自摩根大通證券的 Mark Strouse。

I wanted to go back to the new facility in Mexico.

我想回到墨西哥的新工廠。

What percentage of your U.S. shipments will come from Mexico versus Vietnam?

您的美國出貨量中有多少來自墨西哥與越南？

[You kind of steady state] once Vietnam is back up and running?

[你有點穩定] 一旦越南恢復正常運行？

And then can you kind of compare and contrast both the manufacturing cost between Mexico and Vietnam as well as the shipping costs into the U.S.?

然後你能比較和對比墨西哥和越南之間的製造成本以及運往美國的運輸成本嗎？

So I might need you to repeat the second part.

所以我可能需要你重複第二部分。

Regarding the first part, so the idea is to reach a point once we're fully ramped where almost all of the products that are intended for the U.S. market are coming from Mexico, and that's how we're designing the capacity.

關於第一部分，我們的想法是一旦我們完全提升，幾乎所有面向美國市場的產品都來自墨西哥，這就是我們設計產能的方式。

At the same time, having the flexibility that we have non-China manufacturing in multiple locations, not only Vietnam, also Israel and Hungary, will allow us to deal with fluctuations in the demand in case we cannot supply everything from Mexico.

與此同時，我們在多個地點（不僅是越南，還有以色列和匈牙利）擁有非中國製造的靈活性，這將使我們能夠應對需求的波動，以防我們無法從墨西哥供應所有產品。

But ideally, we would want to deliver from Mexico all of the volume required by -- intended for the U.S.

但理想情況下，我們希望從墨西哥交付美國所需的所有數量。

Okay.

好的。

The second part -- yes, this -- yes, go ahead, Ronen.

第二部分——是的，這個——是的，繼續，Ronen。

So for the second part, I think that it's relatively early to understand exactly the cost compared to Vietnam because, again, the situation is -- today that all shipment costs are very high.

因此，對於第二部分，我認為與越南相比，現在準確了解成本還為時過早，因為今天的情況是——所有的運輸成本都非常高。

So compared to where we are today, Mexico is going to be dramatically cheaper than Vietnam.

因此，與我們今天所處的位置相比，墨西哥將比越南便宜得多。

I think that once we're starting to manufacture in Mexico, and at the same time, ocean freight is going back to normal, I would assume that the difference is, of course, better in manufacturing in Mexico but not as dramatic.

我認為，一旦我們開始在墨西哥製造，同時海運恢復正常，我認為墨西哥製造的差異當然會更好，但不會那麼顯著。

But I think that there's another thing that needs to be taken into account, and this is also related to inventory levels and the capital -- uses of capital because the line today from Vietnam to the United States is approximately 6 weeks where products are on a ship before they are being distributed.

但我認為還有一件事需要考慮，這也與庫存水平和資本有關——資本的使用，因為今天從越南到美國的線路大約需要 6 週，產品在在分發之前發貨。

And once you're manufacturing in Mexico, we're talking about 1 week to 10 days at most.

一旦你在墨西哥製造，我們最多談論 1 周到 10 天。

And that means that we can also make our inventory management more efficient.

這意味著我們還可以提高庫存管理效率。

So -- and of course, this is something that also save costs.

所以 - 當然，這也可以節省成本。

So I think it's going to be cheaper.

所以我認為它會更便宜。

It's a little bit hard to evaluate it right now.

現在評估它有點困難。

Okay.

好的。

That's helpful.

這很有幫助。

And then just my follow-up, can you just go back to the decision to not increase pricing this year?

然後只是我的後續行動，你能回到今年不提高價格的決定嗎？

I mean you've increased prices in the past.

我的意思是你們過去漲價了。

I'm thinking back to when the Chinese tariffs originally came on a few years ago, why not do it now?

我在想幾年前中國關稅最初是什麼時候開始的，為什麼現在不這樣做呢？

Do you see this as an opportunity to gain market share perhaps?

您是否認為這是獲得市場份額的機會？

Or any other color would be helpful.

或者任何其他顏色都會有所幫助。

I think that the main thing is we're not looking at this as a short-term event.

我認為最主要的是我們沒有將其視為短期事件。

So there's -- it's a complex situation for everybody.

所以這對每個人來說都是一個複雜的情況。

Our customers gave us orders early and budgeted their activity and installations, in particular, commercial projects with certain assumptions.

我們的客戶很早就給了我們訂單，並對他們的活動和安裝進行了預算，特別是具有某些假設的商業項目。

And we feel, as we did throughout the constraints of the last year, that our ability to get them their product when they need it and according to our commitments is very important to our long-term relationship with them, and we see where -- we see the fruits of that already today.

我們覺得，正如我們在去年的限制條件下所做的那樣，我們有能力在他們需要時根據我們的承諾為他們提供產品，這對我們與他們的長期關係非常重要，我們看到——我們今天已經看到了它的成果。

So we don't want to react with anything drastic quickly that will impact the business of our customers.

因此，我們不想對任何會影響客戶業務的劇烈反應做出快速反應。

But again, not so much because we think it's going to have an immediate impact on market share one way or another.

但同樣，並不是因為我們認為它會以某種方式對市場份額產生直接影響。

But it's part of our long-term relationship with our customers.

但這是我們與客戶長期關係的一部分。

Our next question comes from Stephen Byrd with Morgan Stanley.

我們的下一個問題來自摩根士丹利的斯蒂芬伯德。

I wanted to discuss storage.

我想討論存儲。

You gave a discussion of the ramp-up and moving next year into about 180-megawatt hours per quarter.

你討論了明年每季度約 180 兆瓦時的增加和移動。

I wanted to just get your latest thinking in terms of the outlook there for both sort of as you think about the sales and margin potential on storage.

我只想了解您對這兩種前景的最新想法，就像您考慮存儲的銷售和利潤潛力一樣。

It's obviously becoming a bigger part of your business.

它顯然正在成為您業務的重要組成部分。

And we're just interested in your latest thinking about the outlook for that going into 2022.

我們只對您對 2022 年前景的最新想法感興趣。

So in general, as we mentioned before -- first of all, indeed, batteries are going to be a bigger part of our revenues.

所以總的來說，正如我們之前提到的——首先，確實，電池將占我們收入的更大一部分。

And we believe that over time, it's going to be around 25% gross margins that we will see on this product because we believe that some of the prices today reflect the fact that the demand is exceeding the supply dramatically.

我們相信，隨著時間的推移，我們將在該產品上看到大約 25% 的毛利率，因為我們相信今天的一些價格反映了供不應求的事實。

And once volume will come back, this will be reduced in a sense.

一旦成交量恢復，從某種意義上說就會減少。

There may be an opportunity for larger margins or higher margins in the first few quarters, but we do expect that they will go down a little bit.

前幾個季度可能有機會獲得更大的利潤率或更高的利潤率，但我們確實預計它們會有所下降。

And of course, the first battery is based on our Samsung cells, and once we're moving to our Sella 2 cells coming by the end of next year, then, of course, we have another chance of expanding them.

當然，第一個電池是基於我們的三星電池，一旦我們在明年年底轉向我們的 Sella 2 電池，那麼，當然，我們還有另一個機會來擴展它們。

But in any case, I would say that they would range between 25% to 30%, they will not exceed this number dramatically.

但無論如何，我會說它們的範圍在 25% 到 30% 之間，它們不會顯著超過這個數字。

And I missed the second part of the question.

我錯過了問題的第二部分。

No, that's really -- that's the -- you answered that question.

不，那真的——那是——你回答了那個問題。

That's exactly what I was focused on.

這正是我所關注的。

And my follow-up really is broader, which is as we think about 2022 and even beyond '22, component sourcing challenges.

我的後續行動確實更廣泛，這是我們對 2022 年甚至 22 年後的組件採購挑戰的思考。

You've given discussions quite a bit over time on this.

隨著時間的推移，你已經就此進行了相當多的討論。

But just stepping way back, what is your sense for the timing for resolution of some of the shortages sort of for easing some of these issues around component sourcing challenges.

但退一步說，您對解決某些短缺問題的時機有何看法，以緩解圍繞組件採購挑戰的一些問題。

What's your sense of the time frame over which we're looking at kind of a normalization?

您對我們正在研究某種正常化的時間框架有何看法？

That's an excellent question.

這是一個很好的問題。

And when you know, please let us know as well.

當你知道時，也請告訴我們。

I'd say this, first of all, the situation has not yet -- has not improved yet.

我要說的是，首先，情況還沒有——還沒有好轉。

So we are managing through this complex environment, and there's a lot of juggling going on, and R&D resources that are working on qualifying alternative sources in order to make sure that we are never short on what we really need in order to deliver.

因此，我們正在通過這個複雜的環境進行管理，並且正在進行很多雜耍，並且研發資源正在研究合格的替代來源，以確保我們永遠不會缺少我們真正需要交付的東西。

And it's especially challenging when you're growing, and you're growing in 2 axes.

當你在成長，而且你在兩個軸上成長時，這尤其具有挑戰性。

You're also growing in the volume of the existing products and also trying to release high volumes of new products because the kind of practice in the components business is that they allocate for you something that you received the prior year, maybe with a slight increase, and they expect you to be happy with that.

你也在增加現有產品的數量，並試圖發布大量新產品，因為組件業務的做法是他們為你分配你前一年收到的東西，可能略有增加，他們希望您對此感到滿意。

And -- but if your business is actually growing dramatically as it is in our case, it becomes more complex.

而且 - 但如果您的業務實際上像我們的情況一樣急劇增長，它就會變得更加複雜。

So the situation is challenging.

因此，情況具有挑戰性。

But again, we're managing through it.

但同樣，我們正在通過它進行管理。

In terms of a sense as to when there is a dramatic improvement, I don't know that we have information that someone else doesn't have.

就何時出現顯著改善的感覺而言，我不知道我們擁有其他人沒有的信息。

So there are a couple of our suppliers that we really depend on, that we do have some visibility in terms of new capacity that they are bringing online and when that will happen and how we secure access for ourselves into that capacity, but that helps us on some very specific critical items, but the challenge is much, much broader than that.

因此，我們確實有幾個我們真正依賴的供應商，我們確實對他們正在上線的新容量以及何時發生以及我們如何確保自己訪問該容量有一定的了解，但這有助於我們在一些非常具體的關鍵項目上，但挑戰遠不止於此。

And again, I don't think that we have a better understanding than what is generally reported in the news about this topic.

再說一次，我認為我們對這個話題的理解並不比新聞中普遍報導的更好。

Our next question comes from Maheep Mandloi with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Maheep Mandloi。

One thing which kind of caught my eye was the inverter product you talked about in Japan, which works when the grid is not available.

引起我注意的一件事是您在日本談到的逆變器產品，它可以在電網不可用時工作。

Could you just talk more about it?

你能多談談嗎？

And is that something which you expect to launch in the U.S. as well?

那是你希望在美國推出的東西嗎？

Yes.

是的。

So the practice that in recent -- in the last year has become a regulatory mandate in Japan to have with every installation or with every inverter, a -- what they call a utility outlet or a small AC socket that you can pull power from if there's an outage without any local storage.

因此，最近 - 去年的做法已成為日本的一項監管要求，要求每個安裝或每個逆變器都有 - 他們稱之為公用事業插座或小型交流插座，如果你可以從中拉電在沒有任何本地存儲的情況下發生中斷。

So we developed that technology for the sake of the Japanese market.

所以我們為了日本市場開發了這項技術。

The Japanese residential market is a very interesting market, and it's -- and on one hand, you have to be patient when trying to take market share in Japan.

日本住宅市場是一個非常有趣的市場，而且它是 - 一方面，你在試圖佔據日本市場份額時必須有耐心。

And at the same time, some of the benefit that our system provides like enhanced safety monitoring capability, the ability to fit a complex roost, all of those are very relevant for the Japanese residential market.

與此同時，我們的系統提供的一些好處，如增強的安全監控能力、適應複雜棲息地的能力，所有這些都與日本住宅市場非常相關。

So we're optimistic about the potential within this residential market, and that's why we developed the technology, and we are productizing it for Japan.

所以我們對這個住宅市場的潛力持樂觀態度，這就是我們開發這項技術並為日本生產產品的原因。

It could be productized for other markets, but I think if you look at the global market, there are 2 overriding trends that are impacting the topic of storage.

它可以針對其他市場進行產品化，但我認為如果你看看全球市場，就會發現有 2 個最重要的趨勢正在影響存儲主題。

It's the increase of electrification, of -- in the homes.

這是家庭電氣化的增加。

So whether it's through shifting to EV or electrifying HVAC, the capacity and power requirements of the home are increasing.

因此，無論是通過轉向 EV 還是 HVAC 電氣化，家庭的容量和電力需求都在增加。

And at the same time, grid instability is causing the need and drive towards resilience.

與此同時，電網的不穩定導致了對彈性的需求和推動。

So the real solution for what the North American market or European market in terms of resilience, is what we are seeing.

因此，就彈性而言，北美市場或歐洲市場的真正解決方案就是我們所看到的。

People are going to more batteries, larger batteries, larger inverters and larger systems and more attach rates of batteries.

人們將使用更多的電池、更大的電池、更大的逆變器和更大的系統以及更高的電池連接率。

That's what we are aiming our offerings in those markets and are optimizing for that capability.

這就是我們針對這些市場提供產品的目標，並正在針對該功能進行優化。

That said, we could productize this technology that we have for other markets as well.

也就是說，我們也可以將我們擁有的這項技術用於其他市場。

We'll kind of look and see if that is justified.

我們會看看這是否合理。

And hopefully, we can see more of that at the Analyst Day.

希望我們能在分析師日看到更多這樣的內容。

And just a small kind of housekeeping of follow-up as -- in the cash flow's line item, I see around $19 million of investment in a private company.

在現金流的項目中，我看到對一家私營公司的投資約為 1900 萬美元。

Just wanted to understand, is that anything specific you want to disclose?

只是想了解一下，您有什麼具體要透露的嗎？

So it's basically -- we made early this year an investment -- a minority investment into a company called to AutoGrid and that's what's reflected there.

所以它基本上 - 我們今年早些時候進行了一項投資 - 對一家名為 AutoGrid 的公司的少數投資，這就是那裡所反映的。

Our next question comes from Phil Shen with ROTH Capital Partners.

我們的下一個問題來自 ROTH Capital Partners 的 Phil Shen。

It looks like you're making progress with the battery launch.

看來您在電池啟動方面取得了進展。

Our check suggest customers like the stackability and other -- a number of other features of the product.

我們的檢查表明客戶喜歡可堆疊性和其他 - 產品的許多其他功能。

You shipped 20-megawatt hours in Q3, expect 70-megawatt hours Q4 and expect to ramp up to the 180-megawatt hour production run rate by end of Q1.

您在第三季度出貨量為 20 兆瓦時，預計第四季度為 70 兆瓦時，並預計在第一季度末達到 180 兆瓦時的生產運行率。

How many megawatt hours were recognized in revenue in Q3?

第三季度收入中確認了多少兆瓦時？

And how many megawatt hours do you expect to recognize in revenue for Q4?

您希望在第四季度的收入中確認多少兆瓦時？

So in general, we provide shipment and we do not go into the revenue recognition.

所以一般來說，我們提供發貨，我們不進入收入確認。

I can tell you that the amount was not extremely large of this amount and -- but we do not break this number.

我可以告訴你，這個數額並不是很大，而且 - 但我們不會打破這個數字。

Okay.

好的。

And then as it relates to market share in 2022 in the U.S., I'm picking up that there are a number of customers that are wanting to increase their mix to you guys.

然後，由於它與 2022 年在美國的市場份額有關，我發現有許多客戶希望增加他們對你們的組合。

I was wondering if you could talk through how you see the U.S. resi market share dynamics as we get through and go into the year.

我想知道你是否可以談談你如何看待我們度過這一年並進入這一年的美國 resi 市場份額動態。

Yes, yes, Phil, I think we'll repeat the answer that we usually repeat in that regard.

是的，是的，菲爾，我想我們會重複我們通常在這方面重複的答案。

The -- assessing market share in the U.S. residential market is tough.

評估美國住宅市場的市場份額很困難。

There are indicators, internal and external and third-party that kind of show a small swing in one direction.

有內部和外部以及第三方的指標顯示出一個方向的小幅波動。

There's an equal number of indicators by other signs that show a swing in another direction.

其他跡象表明朝另一個方向擺動的指標數量相同。

So looking at all of the data that we see in front of us, I don't think there is a major shift in one direction or another.

所以看看我們面前的所有數據，我認為在一個或另一個方向上沒有重大轉變。

I would say that if you look at something that I think is relatively clear is the growth of the share of the top 10 installers in size of the overall market, and we are typically associated to be stronger with the larger installation companies.

我想說的是，如果你看一些我認為相對清楚的事情，那就是前 10 名安裝商在整個市場規模中所佔份額的增長，而且我們通常與更大的安裝公司聯繫在一起變得更強大。

So that's a positive indicator from our perspective.

所以從我們的角度來看，這是一個積極的指標。

But again, it's just one of a bunch of data points and indicators that I'm not sure a firm conclusion could be drawn from.

但同樣，這只是一堆數據點和指標中的一個，我不確定是否可以從中得出明確的結論。

Our next question comes from Colin Rusch with Oppenheimer & Co.

我們的下一個問題來自 Oppenheimer & Co. 的 Colin Rusch。

Can you just give us an update on the ramp at Kokam and how we should be thinking about that supplementing some of this nonsolar business?

您能否向我們介紹一下 Kokam 的坡道的最新情況，以及我們應該如何考慮補充一些非太陽能業務？

So in general, again, I think that we need to look at ramp in Kokam before Sella 1 -- Sella 2 and after.

所以總的來說，我再次認為我們需要在 Sella 1 之前查看 Kokam 的斜坡 - Sella 2 和之後。

Right now, our factory is 120- to 150-megawatt hour, it's fully booked.

現在，我們工廠的產能為 120 至 150 兆瓦時，已全部預訂完畢。

And we're -- basically, whatever we can manufacture, we're shipping there.

而且我們 - 基本上，無論我們能製造什麼，我們都會在那裡運送。

And I think that in some of the cases, we're simply able to -- around the projects that we do in Australia to sell a little bit more pack business than cell business, which is providing higher revenues from this limited capacity, and this is the record revenues that you see this quarter and last quarter.

而且我認為在某些情況下，我們能夠 - 圍繞我們在澳大利亞開展的項目銷售比電池業務多一點的電池組業務，這從這種有限的產能中提供了更高的收入，而且這是您在本季度和上個季度看到的創紀錄收入。

Once we will go into Sella 2, then, of course, the 2-gigawatt hour capacity that we have and -- can be expanded is something that will allow Kokam to grow much further.

一旦我們進入 Sella 2，那麼，當然，我們擁有並且可以擴展的 2 吉瓦時容量將使 Kokam 進一步發展。

And in the nonsolar storage business that we see in front of us, either as providing batteries for UPS, for special vehicles, high-power applications and ESS like spinning reserves, I think that there are a lot of opportunities there.

在我們眼前的非太陽能存儲業務中，無論是為 UPS、特種車輛、大功率應用和 ESS（如旋轉備用）提供電池，我認為那裡都有很多機會。

But all of those will be, I believe, mostly generated once you'll have Sella 2. And even within this, we need to start producing cells from this product -- this factory, send them to customers to be qualified, and then you'll see an accelerated growth coming after, I believe, 2022 into 2023 and more.

但我相信，一旦你擁有 Sella 2，所有這些將主要產生。即使在這個範圍內，我們也需要開始用這個產品生產細胞——這個工廠，將它們發送給客戶進行鑑定，然後你我相信，在 2022 年到 2023 年甚至更長時間之後，將會看到加速增長。

But all in all, we basically get the best possible out of the very small factory that we have right now.

但總而言之，我們基本上從我們現在擁有的非常小的工廠中獲得了最好的。

Great.

偉大的。

That's helpful.

這很有幫助。

And then just in terms of mix, as you guys look at this 4 gigawatts of orders that you have, can you talk a little bit about the system size and your expectation around how the mix is going to shift from where we were maybe a year ago into this next couple of quarters?

然後就混合而言，當你們看到這 4 吉瓦的訂單時，您能否談談系統規模以及您對混合將如何從我們可能一年的水平轉變的期望進入接下來的幾個季度之前？

And are you picking up a lot of traction on the commercial side or on some of these larger systems at this point?

在這一點上，您是否在商業方面或其中一些較大的系統上獲得了很大的吸引力？

Or are we still thinking about a lot of smaller systems at the end of the day?

或者我們最終是否還在考慮許多更小的系統？

So it's a good point.

所以這是一個很好的觀點。

And I -- and you are correct.

而我——你是對的。

In the backlog, there's a slight tilt towards commercial and commercial intended for larger installations.

在待辦事項列表中，略微傾向於商業和用於大型安裝的商業。

We've been talking for the last few quarters after -- about the recovery in the C&I space from the COVID being slower initially and ramping up recently.

在過去的幾個季度裡，我們一直在談論 C&I 領域從 COVID 中復甦的速度最初較慢，但最近有所加快。

So that's seen in multiple places, including here in the U.S. with more community solar projects and others.

所以這在多個地方都可以看到，包括在美國這裡有更多的社區太陽能項目和其他地方。

And then just in general, the C&I market is in a good momentum right now, and we are capitalizing on some of that.

然後總的來說，C&I 市場目前勢頭良好，我們正在利用其中的一些機會。

So there is a slight tilt in the backlog towards C&I and -- and with the 120-kilowatt inverter that we released a quarter or 2 ago, we're increasing -- or improving our position with larger projects, which will, of course, towards second part or end of next year, will start manifesting itself also because of the release of the 330 kilowatts.

因此，C&I 的積壓訂單略有傾斜，而且我們在一兩個季度前發布了 120 千瓦的逆變器，我們正在增加 - 或者通過更大的項目改善我們的地位，當然，這將是，到第二部分或明年年底，由於 330 千瓦的釋放，它也將開始顯現。

But in the backlog today, that's not reflected, but it is slightly tilted towards C&I.

但在今天的積壓中，這並沒有反映出來，而是略微向 C&I 傾斜。

Our next question comes from J.B. Lowe with Citi.

我們的下一個問題來自花旗的 J.B. Lowe。

Question was kind of a follow-up on Phil's question but on Europe.

問題是 Phil 問題的後續問題，但是是關於歐洲的。

We know Enphase last week came out and put up a -- at least for them, a nice expansion internationally.

我們知道 Enphase 上週出來了——至少對他們來說，這是一個不錯的國際擴張。

I'm just wondering, how do you see the competitive dynamics particularly as it pertains to them?

我只是想知道，您如何看待競爭動態，尤其是與它們相關的競爭動態？

If they're coming into Europe, how do you kind of see those competitive dynamics kind of playing out versus here in the U.S.?

如果他們進入歐洲，你如何看待那些競爭動態與美國這裡的競爭動態？

Yes.

是的。

Of course, I don't -- I won't get into the detail of anything specific for -- related to Enphase.

當然，我不會——我不會詳細討論與 Enphase 相關的任何具體細節。

Generally speaking, and we spoke about this in the past, the markets in Europe and Australia have become much more -- a -- Chinese on one hand and premium, on the other hand, being SolarEdge.

一般來說，我們過去曾談到過這一點，歐洲和澳大利亞的市場一方面變得更加——一個——中國市場，另一方面，成為 SolarEdge。

So it's a different competitive environment in -- than in the U.S. because there are so many -- there's a very broad offering of low-cost and decent-quality Chinese products.

因此，這是一個不同於美國的競爭環境，因為那裡有太多的低成本和優質的中國產品。

And that's the dynamic of competition in these markets, and it's very different in that regards to the U.S.

這就是這些市場的競爭動態，在這方面與美國截然不同。

And we have developed some experience and specific offering for those markets that is -- that reflects that different competitive environment, especially taking to -- into account that there's no rapid shutdown requirements in these markets, so you really are -- or have to be either cost competitive or be able to justify the cost difference compared to the Chinese alternatives that are out there.

我們已經為那些市場開發了一些經驗和特定產品，這些市場反映了不同的競爭環境，特別是考慮到這些市場沒有快速關閉要求，所以你真的是 - 或者必須是與現有的中國替代品相比，要么具有成本競爭力，要么能夠證明成本差異是合理的。

So it's a very different landscape.

所以這是一個非常不同的景觀。

And that requires a special type of approach that we've adopted over the years.

這需要我們多年來採用的一種特殊方法。

Okay.

好的。

Great.

偉大的。

And my other question was on the e-Mobility business, $70 million in sales this year.

我的另一個問題是關於電動汽車業務，今年的銷售額為 7000 萬美元。

I know that it's going to be back-end loaded anyway.

我知道它無論如何都會被後端加載。

And then we had -- I know, Ronen, we had talked previously about kind of that business being $100 million to $120 million-ish annually for the next few years, kind of see how it goes.

然後我們 - 我知道，Ronen，我們之前曾討論過未來幾年每年 1 億至 1.2 億美元的業務，看看它的進展情況。

But do you think some of the delayed sales that you expected to come in at the back half of this year will be pushed into '22 and then kind of hitting that run rate?

但是你認為你預計在今年下半年出現的一些延遲銷售會被推遲到 22 年，然後會達到那個運行率嗎？

Or is it going to be a little bit more lumpier than that?

或者它會比這更笨重一點？

How do you guys kind of see that business for the next 18 months?

你們如何看待未來 18 個月的業務？

Yes.

是的。

So first, to -- the first part, actually, most of that is already done, so -- of what we're saying for 2021.

所以首先，實際上，第一部分大部分已經完成，所以 - 我們所說的 2021 年。

So it's not so much back-end loaded, it's -- on the contrary, the dynamics of the stop and go that we've been experiencing recently is what we expect to see between now and the end of the year, and that's why we're not assuming a large number in Q4 like we might have assumed otherwise.

所以它沒有那麼多後端負載，相反，我們最近經歷的走走停停的動態是我們期望從現在到今年年底之間看到的，這就是為什麼我們'不要像我們假設的那樣在第四季度假設大量數字。

And the expectation is to -- that the project will catch up, whether that's going to be in the early part of 2022 in terms of the volumes and -- or later or in 2023, it's really related maybe even to the earlier questions about recovery of the component shortages because that's what's causing these stop-and-start motions in the automotive industry.

並且期望 - 該項目將趕上，無論是在 2022 年初的數量和 - 還是晚些時候或在 2023 年，它甚至可能與早期關於恢復的問題有關的組件短缺，因為這就是導致汽車行業停止和啟動運動的原因。

So it's kind of -- we're a secondary effect to the fact that the OEMs are not producing the base vehicles at the rate that they would want to because of availability of components, and then they don't consume our offering at the rate that was originally planned.

所以它有點 - 我們是一個次要影響，因為原始設備製造商沒有以他們想要的速度生產基礎車輛，因為組件的可用性，然後他們不以我們的產品的速度消費我們的產品那是最初計劃的。

So the assumption is, yes, that it's going to catch up.

所以假設是，是的，它會趕上來。

When is -- it's hard to say.

什麼時候——很難說。

Our next question comes from Aric Li with Bank of America Securities.

我們的下一個問題來自美國銀行證券公司的 Aric Li。

First off, I wanted to talk about storage.

首先，我想談談存儲。

Could you just talk about your specific progress on the rollout?

能否簡單談談你們在上線過程中的具體進展？

I know that there was a little bit of a delay in 3Q.

我知道第三季度有一點延遲。

If you could talk to what was driving that and what's giving you confidence in the ramp to 70-megawatt hours for 4Q.

如果你能談談是什麼推動了這一點，是什麼讓你有信心在第四季度達到 70 兆瓦時。

And could you also talk about the ramp thereafter on capacity beyond the 180-megawatt hour out of 1Q?

您能否也談談此後超過 1Q 的 180 兆瓦時容量的增加？

I think you talked to 250-megawatt hours out of 2Q, if you could just -- whether you can affirm that or not.

我想你在第二季度談到了 250 兆瓦時，如果你能的話——不管你能不能肯定。

Yes.

是的。

So I'll start with the first question.

所以我將從第一個問題開始。

So the rollout is progressing well.

因此，推出進展順利。

I think a point that was also an opportunity for us to clarify a bit is there are already about 90,000 installations of our inverters with DC-coupled batteries.

我認為有一點也是我們澄清的一個機會，那就是我們已經安裝了大約 90,000 台帶有直流耦合電池的逆變器。

So in terms of know-how and capability of the broad installer base to connect the DC-coupled battery to a SolarEdge Inverter, that that know-how is out there.

因此，就廣泛安裝人員將直流耦合電池連接到 SolarEdge 逆變器的專業知識和能力而言，這種專業知識就在那裡。

So we are supplementing with training on how to do it with our battery that is a little bit easier to install because of the wireless -- various wireless connections.

因此，我們正在補充有關如何使用我們的電池進行操作的培訓，由於無線 - 各種無線連接，安裝起來更容易一些。

But that part of the rollout is going fine.

但推出的那部分進展順利。

The slightly lower-than-planned output this quarter was really around logistics.

本季度略低於計劃的產出實際上與物流有關。

A lot of the parts are manufactured in China, then it's either pay more to get them delivered quickly or get them on regular ocean freight to the assembly factory and deliver a little bit less.

很多零件都是在中國製造的，然後要么花更多的錢快速交貨，要么通過定期海運將它們運到組裝廠並減少交貨時間。

And here, we defer to the -- to getting a little bit more profitability out of the deals.

在這裡，我們尊重——從交易中獲得更多的盈利能力。

In terms of capacity, definitely, as you mentioned, so the intent is the 130 -- the 180 to 300 batteries a day is the milestone for the end of Q1, and the intent is to ramp that further into 2Q -- Q2 and to consume the capacity of cells that we reported in the previous quarter and even more once we start getting our own cells out of Sella 2 and Kokam.

就容量而言，正如你提到的，所以我們的目標是 130——每天 180 到 300 塊電池是第一季度末的里程碑，我們的目標是將其進一步提升到第二季度——第二季度和消耗我們在上一季度報告的電池容量，一旦我們開始從 Sella 2 和 Kokam 獲得我們自己的電池，甚至更多。

Got it.

知道了。

And as a quick follow-up, I think you mentioned C&I supply commitments locking in pricing earlier.

作為快速跟進，我想你早些時候提到了鎖定定價的 C&I 供應承諾。

But could you just talk to the potential ability to raise prices, even if only on the residential side.

但是你能不能談談提高價格的潛在能力，即使只是在住宅方面。

I know your peers have communicated a second price increase already this year at the low -- mid-single-digit range, if you could just talk through your thoughts and strategy here.

我知道你的同行已經在今年的低 - 中個位數範圍內傳達了第二次價格上漲，如果你能在這裡談談你的想法和策略。

Okay.

好的。

So as we explained, and we're referring to pretty much the period between now and the end of the year, and in particular, considering the challenges that we are facing on margin because of the shutdown in Vietnam, on that event, we decided that it is not the right thing for us in terms of long-term thinking to transfer that cost over to our customers.

因此，正如我們所解釋的那樣，我們指的是從現在到今年年底的這段時間，特別是考慮到我們因越南停產而面臨的利潤挑戰，在那次活動中，我們決定從長遠考慮，將成本轉嫁給我們的客戶是不對的。

In terms of longer term, we're evaluating what to do.

從長遠來看，我們正在評估要做什麼。

We might -- we have to look at it also regionally and also product-wise and assess the long-term implications.

我們可能 - 我們還必須在區域和產品方面對其進行審視，並評估其長期影響。

So what we're referring to is right now in Q4, related to the events in Vietnam, we decided not to increase pricing and shift the cost over to the customers.

所以我們現在指的是第四季度，與越南的事件有關，我們決定不提高定價並將成本轉嫁給客戶。

Our last question will come from Kashy Harrison from Piper Sandler.

我們的最後一個問題將來自 Piper Sandler 的 Kashy Harrison。

So on the utility scale side of the equation, I was wondering if you could just walk us through the investment thesis for a developer to use a power optimizer solution just given limited shading at these sites.

因此，在等式的公用事業規模方面，我想知道您是否可以向我們介紹開發人員的投資主題，以便在這些站點的陰影有限的情況下使用電源優化器解決方案。

And then what regions do you think you might have strong demand for this utility scale product?

那麼您認為哪些地區可能對這種公用事業規模的產品有強烈需求？

So we're -- as I mentioned also, I think, in the call, we're talking right -- this product is aimed initially for the, what we call, small utility and community solar type installations.

所以我們——正如我提到的，我認為，在電話中，我們說得對——這個產品最初是針對我們所說的小型公用事業和社區太陽能類型的裝置。

And as I also mentioned, we are optimizing the cost because the value proposition needs to fit the additional cost to the customer.

正如我還提到的，我們正在優化成本，因為價值主張需要使客戶承擔額外成本。

And there are the classical or the long-term value propositions that we offer in terms of monitoring and reduced O&M expenses and recovering loss of energy due to mismatch in particular, with the extensive use of bifacial modules that are out there.

在監控和減少 O&M 費用以及恢復因失配造成的能量損失方面，我們提供了經典或長期的價值主張，並廣泛使用現有的雙面組件。

So that's a big part of the qualification work that we are going into is ensuring that we know how to quantify for our customers the benefit including adding features and capabilities that will allow them to save some money on other elements of their operational aspects.

因此，我們正在進行的資格認證工作的很大一部分是確保我們知道如何為我們的客戶量化好處，包括增加特性和功能，使他們能夠在運營方面的其他要素上節省一些錢。

So that's indeed the challenge, and that's what we are preparing for this product.

所以這確實是挑戰，這就是我們為這個產品準備的。

And in that regard, I think, encourage you to attend the Analyst Day where we can get into that in more detail.

在這方面，我認為，鼓勵您參加分析師日，我們可以更詳細地了解這一點。

Looking at regions and customers, and this is an experience that we've gone through also initially with residential and then with C&I is you start with early adopters that, for one reason or another, have a view that they need this type of capability.

看看地區和客戶，這是我們最初也經歷過住宅和 C&I 的經歷，你從早期採用者開始，出於某種原因，他們認為他們需要這種能力。

Sometimes it's a large project that are on uneven land.

有時這是一個位於不平坦土地上的大型項目。

Sometimes they might have other constraints that make it an easier decision for them to adopt this type of technology.

有時他們可能有其他限制條件，使他們更容易決定採用此類技術。

And then over time, they understand the broad benefits and then start adopting it for their normal installations and then other people start adopting it as well.

然後隨著時間的推移，他們了解了廣泛的好處，然後開始在他們的正常安裝中採用它，然後其他人也開始採用它。

So I assume that we'll go through a similar path, and we're actually at the beginning of that path already today in small and then larger utility, but all along, optimizing the value compared to the relative increased cost.

所以我假設我們會走一條類似的道路，實際上我們今天已經處於這條道路的開端，從小到大的效用，但一直以來，與相對增加的成本相比，優化價值。

At this time, there are no further questions in the queue, so I would like to turn the call back over to CEO Zvi Lando.

目前，隊列中沒有其他問題，所以我想將電話轉回給首席執行官 Zvi Lando。

Thank you, and thank you, everybody, for joining us on the call today.

謝謝，也謝謝大家今天加入我們的電話會議。

Thanks.

謝謝。

Thank you, ladies and gentlemen.

謝謝你們，女士們，先生們。

This concludes today's teleconference.

今天的電話會議到此結束。

Thank you for your participation, and you may now disconnect.

感謝您的參與，您現在可以斷開連接。