(SEDG) 2022 Q1 法說會逐字稿

Good day, ladies and gentlemen. Welcome to the SolarEdge Conference Call for the First Quarter ended March 31, 2022. This call is being webcast live on the company's website at www.solaredge.com in the Investors section of 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 express written consent of SolarEdge is prohibited.

女士們，先生們，美好的一天。歡迎參加截至 2022 年 3 月 31 日的第一季度 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。本次通話是 SolarEdge 的專有財產和版權，並保留所有權利，未經 SolarEdge 明確書面同意，禁止對本次通話進行任何錄製、複製或傳輸。

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

您可以訪問 SolarEdge 投資者網站的活動日曆頁面，收聽此次電話會議的網絡重播。

I would now like to turn the call over to Mike Funari with Sapphire Investor Relations, Investor Relations for SolarEdge.

我現在想將電話轉給與 SolarEdge 投資者關係部藍寶石投資者關係部負責的 Mike Funari。

Good afternoon. Thank you for joining us to discuss SolarEdge's operating results for the first quarter ended March 31, 2022, as well as the company's outlook for the second quarter of 2022.

下午好。感謝您與我們一起討論 SolarEdge 截至 2022 年 3 月 31 日的第一季度的經營業績，以及公司對 2022 年第二季度的展望。

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

今天和我在一起的是首席執行官 Zvi Lando；首席財務官 Zvi be 和 Ronen Faier 將首先簡要回顧截至 2022 年 3 月 31 日的第一季度業績。Ronen 將審查第一季度的財務業績，然後是公司對 2022 年第二季度的展望。然後，我們將打開問題電話。

Please note, 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 statement contained in our press release live published today for a more complete description.

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今天發布的新聞稿中包含的安全港聲明，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. 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 the U.S. GAAP.

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。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。

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

本演示文稿中介紹了非公認會計原則措施，因為我們相信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。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。

Listeners who do not have a copy of the quarter ended March 31, 2020 press release or the supplemental material may obtain a copy by visiting the Investors' section of the company's website.

沒有截至 2020 年 3 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'll turn the call over to Zvi.

現在我將把電話轉給 Zvi。

Thank you, Mike. Good afternoon, and thank you all for joining us on our conference call today. Starting with highlights of our first quarter results.

謝謝你，邁克。下午好，感謝大家今天參加我們的電話會議。從我們第一季度業績的亮點開始。

We concluded the quarter with record revenues of approximately $655 million, more than $100 million over our previous record revenues achieved last quarter. Revenues from our Solar business were at a record high of $608 million, while revenues from our Nonsolar business were $47 million.

本季度結束時，我們的收入達到創紀錄的約 6.55 億美元，比上一季度創紀錄的收入高出 1 億多美元。我們的太陽能業務收入達到創紀錄的 6.08 億美元，而我們的非太陽能業務收入為 4700 萬美元。

This quarter, we shipped 5.7 million power optimizers and 211,000 inverters, an increase of 600,000 and 14,000 units, respectively, from last quarter. Our Solar business grew quarter-over-quarter by 21%, driven by growth in all segments and geographies, including record quarterly revenues in the United States and 14 European countries, including the Netherlands, Italy, Poland, Spain, Switzerland and the U.K.

本季度，我們出貨了 570 萬台功率優化器和 211,000 台逆變器，分別比上季度增加了 600,000 台和 14,000 台。我們的太陽能業務環比增長 21%，這得益於所有細分市場和地區的增長，包括美國和 14 個歐洲國家（包括荷蘭、意大利、波蘭、西班牙、瑞士和英國）的創紀錄季度收入。

There's a lot of attention recently to what is happening in Europe, and I would like to add some color on this topic since it is a large source of our revenues. Traditionally, the first quarter in Europe is seasonally lower than other quarters with significant pickup in the second quarter of each year.

最近有很多人關注歐洲正在發生的事情，我想為這個話題添加一些色彩，因為它是我們收入的一大來源。傳統上，歐洲第一季度季節性低於其他季度，每年第二季度顯著回升。

However, this year, we have seen significant increase in demand already in the first quarter and the growth in our megawatt shipments from Q4 2021 to Q1 2022 was 40% in the Residential segment and 52% in the Commercial segment. On top of this, when we examined the sell-out data from our distributors in Europe, it is at an all-time high and inventory days on hand at the distributors are exceptionally low.

然而，今年第一季度，我們已經看到需求顯著增加，從 2021 年第四季度到 2022 年第一季度，我們的兆瓦出貨量在住宅領域增長了 40%，在商業領域增長了 52%。最重要的是，當我們檢查歐洲分銷商的售罄數據時，它處於歷史最高水平，而分銷商的庫存天數異常低。

Considering the current dynamics in Europe of elevated electricity prices, supportive government initiatives and our historically strong position in this region, and taking into account our current portfolio and new products we plan to release in the coming quarters, we expect our strong growth momentum in Europe to continue.

考慮到當前歐洲電價上漲的動態、支持性的政府舉措以及我們在該地區的歷史強勢地位，並考慮到我們目前的產品組合和我們計劃在未來幾個季度發布的新產品，我們預計我們在歐洲的強勁增長勢頭接著說。

In order to meet the high demand in Europe this quarter, we did have to ship additional products by air, which in combination with the euro-to-dollar decline, put pressure on our gross margin. Ronen will elaborate on this in a few moments.

為了滿足本季度歐洲的高需求，我們確實不得不通過空運運送額外的產品，再加上歐元兌美元的下跌，給我們的毛利率帶來了壓力。 Ronen 將在稍後詳細說明這一點。

In the U.S. as well, this was a record revenue quarter. In particular, we saw high quarter-over-quarter growth in the Commercial segment where megawatt shipments grew by over 40%. This correlates with the global strong commercial momentum that we described in the Analyst Day that is associated with corporate ESG focus and high electricity prices.

在美國，這也是創紀錄的收入季度。特別是，我們看到商業領域的季度環比高增長，兆瓦出貨量增長了 40% 以上。這與我們在分析師日中描述的與企業 ESG 關注和高電價相關的全球強勁商業勢頭相關。

We continue to grow also in regions outside Europe and the U.S. with record revenues. Noteworthy among these countries is Taiwan, where we shipped this quarter more than 50 megawatts of products, and in Japan, where we are ramping sales and installations of our newly certified residential offering.

我們還在歐洲和美國以外的地區繼續增長，創紀錄的收入。在這些國家中值得注意的是台灣，我們本季度在台灣運送了超過 50 兆瓦的產品，在日本，我們正在增加我們新認證的住宅產品的銷售和安裝。

On the product side, we shipped this quarter approximately 100-megawatt hours of our SolarEdge home residential battery. We are seeing good market acceptance and strong demand from multiple countries for this product, most recently with the successful launch in Australia.

在產品方面，我們本季度出貨了大約 100 兆瓦時的 SolarEdge 家用電池。我們看到多個國家對該產品的良好市場接受度和強勁需求，最近一次是在澳大利亞成功推出。

Customer feedback continues to be positive, in particular, regarding ease of installation, multiple battery flexibility and the overall advantages of a DC-coupled system. We are on track in ramping our manufacturing facility and plan to ship over 200-megawatt hours of batteries in the second quarter.

客戶的反饋仍然是積極的，特別是在易於安裝、多電池靈活性和直流耦合系統的整體優勢方面。我們正在逐步擴大我們的製造設施，併計劃在第二季度出貨超過 200 兆瓦時的電池。

We are also experiencing strong demands for all of our other SolarEdge home products, including water heaters, meters and most notably, our stand-alone and inverter-integrated EV chargers, of which we shipped approximately 8,000 units worldwide in the first quarter. In the Commercial and Industrial segment this quarter, we released the [S-1200], a high wattage power optimizer based on our fourth generation ASIC that supports the recently available high-power and bifacial modules. We also continue to test our 330-kilowatt, large-scale inverter in sites in Israel and in Europe and are on track for ramp later this year, further strengthening our offer for ground mounted installations.

我們對所有其他 SolarEdge 家用產品的需求也很強勁，包括熱水器、儀表，尤其是我們的獨立和集成逆變器的 EV 充電器，其中我們在第一季度全球出貨約 8,000 台。在本季度的商業和工業領域，我們發布了 [S-1200]，這是一款基於我們的第四代 ASIC 的高功率優化器，支持最近上市的大功率和雙面模塊。我們還將繼續在以色列和歐洲的站點測試我們的 330 千瓦大型逆變器，並有望在今年晚些時候投入使用，進一步加強我們對地面安裝裝置的報價。

I would like now to elaborate on the operational challenges we are facing while ramping production of inverters, optimizers and batteries to meet the continuously increasing demands we are seeing. We are facing 3 main areas of challenge while building our capacity to meet this demand. The first is electronic component availability, in particular, at the elevated volumes we require.

我現在想詳細說明我們在增加逆變器、優化器和電池的生產以滿足我們所看到的不斷增長的需求時所面臨的運營挑戰。在建設滿足這一需求的能力的同時，我們面臨著 3 個主要領域的挑戰。首先是電子元件的可用性，特別是在我們需要的高容量下。

The second is unpredictable COVID-related disruptions such as the recent one in Shanghai, affecting some of our raw material and component suppliers. And third are the longer logistic routes affecting both incoming supply to manufacturing sites and finished good shipments. In order to overcome these challenges and to continue and supply our customers with the products they need, when and where they need them, now and in the future, we are on the one hand, investing and growing our contract manufacturing facilities by adding space, people and equipment and on the other hand, managing the component supply chain with expedited shipments, paying, in some cases, high logistic costs to get components to our factories and to get products to our customers.

第二個是不可預測的與 COVID 相關的中斷，例如最近在上海發生的中斷，影響了我們的一些原材料和零部件供應商。第三是較長的物流路線，影響到製造場所的進貨供應和成品出貨。為了克服這些挑戰並繼續為我們的客戶提供他們需要的產品，無論何時何地，無論是現在還是未來，我們一方面通過增加空間來投資和發展我們的合同製造設施，人員和設備，另一方面，通過加快發貨來管理組件供應鏈，在某些情況下，支付高額物流成本以將組件運送到我們的工廠並將產品運送給我們的客戶。

While we have raised prices to cover increased components and material costs, we are not placing all of the infrastructure development and expedited shipment costs on our customers. We expect that some of these costs will be mitigated as we grow manufacturing capabilities such as in Mexico, where this quarter, we began to ship inverters and optimizers into the U.S. and we are on track to supply our entire residential inverter and optimizer U.S. offering from the Mexico factory by year-end.

雖然我們提高了價格以彌補增加的組件和材料成本，但我們並沒有將所有的基礎設施開發和加快運輸成本都交給我們的客戶。我們預計，隨著我們提高製造能力，例如在墨西哥，我們預計其中一些成本將得到緩解，本季度，我們開始向美國運送逆變器和優化器，我們正按計劃提供我們在美國的整個住宅逆變器和優化器產品墨西哥工廠在年底前。

While we do not have clear visibility on when the shortage of components will stabilize and our elevated demands will be met in a more predictable manner, we are optimistic that the work we are doing to qualify additional component suppliers and to align short- and long-term forecasts with top management of our key suppliers, will ease the constraints towards the end of the year.

雖然我們對組件短缺何時會穩定下來以及我們提高的需求何時會以更可預測的方式得到滿足尚不清楚，但我們樂觀地認為，我們正在做的工作是使更多的組件供應商獲得資格並調整短期和長期-與我們的主要供應商高層管理人員進行的長期預測將緩解年底前的限制。

In our Nonsolar business, our e-Mobility division continued delivering full powertrain units and batteries for the Fiat e-Ducato in Europe, doubling our deliveries from the prior quarter and we are expecting to grow another 30% in the coming quarter.

在我們的非太陽能業務中，我們的電動汽車部門繼續為歐洲的菲亞特 e-Ducato 提供完整的動力總成單元和電池，使我們的交付量比上一季度翻了一番，我們預計下一季度將再增長 30%。

In our Energy Storage division, the Stellantis factory for lithium ion cells and batteries in Korea is now fully constructed and has received permits required to initiate test runs for full cell qualification.

在我們的儲能部門，Stellantis 在韓國的鋰離子電池和電池工廠現已全面建成，並已獲得啟動全電池資格測試所需的許可證。

In summary, this is an exciting period where we are capitalizing on our long-term investment in a broad portfolio and global presence and are significantly growing our infrastructure and our business globally, albeit in a challenging operational environment.

總之，這是一個激動人心的時期，我們正在利用我們對廣泛投資組合和全球業務的長期投資，並在全球範圍內顯著發展我們的基礎設施和業務，儘管在充滿挑戰的運營環境中。

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

有了這個，我把它交給 Ronen，他將審查我們的財務業績。

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.

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。

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

分部利潤由分部毛利減去經營費用組成，不包括攤銷、股票補償費用和某些其他項目。

Total revenues for the first quarter were a record $655.1 million, a 19% increase compared to $551.9 million last quarter and a 62% increase compared to $405.5 million for the same quarter last year. Revenues from our Solar segment, which include the sales of residential batteries were a record $608 million, a 21% increase compared to the $502.7 million last quarter and a 62% increase compared to $376.4 million for the same quarter last year.

第一季度總收入達到創紀錄的 6.551 億美元，與上一季度的 5.519 億美元相比增長 19%，與去年同期的 4.055 億美元相比增長 62%。我們太陽能部門的收入（包括住宅電池的銷售）達到創紀錄的 6.08 億美元，與上一季度的 5.027 億美元相比增長 21%，與去年同期的 3.764 億美元相比增長 62%。

U.S. Solar revenues this quarter were a record $265.2 million, a 3% increase from the last quarter and represented 43.6% of our Solar revenues. Solar revenues from Europe were a record $285.4 million, a 48% increase from the last quarter and represented 47% of our Solar revenues.

本季度美國太陽能收入達到創紀錄的 2.652 億美元，比上一季度增長 3%，占我們太陽能收入的 43.6%。來自歐洲的太陽能收入達到創紀錄的 2.854 億美元，比上一季度增長 48%，占我們太陽能收入的 47%。

Rest of the World Solar revenues were a record $57.4 million, a 10% increase compared to the last quarter and represented 9.4% of our total Solar revenues with a very strong quarter in Israel, Australia and Japan and a record quarter in Taiwan.

世界其他地區的太陽能收入達到創紀錄的 5,740 萬美元，比上一季度增長 10%，占我們太陽能總收入的 9.4%，其中以色列、澳大利亞和日本的季度表現非常強勁，台灣的季度則創下歷史新高。

On a megawatt basis, we shipped 721 megawatts to the United States, 1.1 gigawatt to Europe and 309 megawatts to the Rest of the World. Forty-seven percent of the megawatt shipments were commercial products and the remaining 53% were residential. ASP per watt, excluding battery revenues this quarter was $0.269, a 6.2% increase from $0.253 last quarter, a result of our geographic and product sales mix as well as a price increase implemented in several regions.

按兆瓦計算，我們向美國運送了 721 兆瓦，向歐洲運送了 1.1 兆瓦，向世界其他地區運送了 309 兆瓦。 47% 的兆瓦出貨量是商業產品，其餘 53% 是住宅產品。本季度不包括電池收入的每瓦平均售價為 0.269 美元，比上一季度的 0.253 美元增長 6.2%，這是由於我們的地理和產品銷售組合以及在多個地區實施的價格上漲。

These price increases will fully materialize in Q3. This quarter, 1 U.S. customer accounted for more than 10% of our Solar revenues. Revenues from our Nonsolar business were $46.9 million. A significant portion of these revenues came from our E-Mobility division, where the volume of powertrain units delivered to Stellantis continue to grow.

這些價格上漲將在第三季度完全實現。本季度，1 個美國客戶占我們太陽能收入的 10% 以上。我們的非太陽能業務收入為 4690 萬美元。這些收入的很大一部分來自我們的電動汽車部門，該部門交付給 Stellantis 的動力總成單元的數量繼續增長。

Consolidated GAAP gross margins for the quarter was 27.3% compared to 29.1% in the prior quarter and 34.5% in the same quarter last year. Non-GAAP gross margin this quarter was 28.4% compared to 30.3% in the prior quarter and 36.5% in the same quarter last year.

本季度合併 GAAP 毛利率為 27.3%，上一季度為 29.1%，去年同期為 34.5%。本季度非美國通用會計準則毛利率為 28.4%，上一季度為 30.3%，去年同期為 36.5%。

Gross margin for the Solar segment was 30.2% compared to 32.8% in the prior quarter. Since our Solar segment gross margin have gradually eroded over the last few quarters, I would like to spend some time explaining the main drivers compared to the last quarter in order to provide a broader perspective. There were 4 primary factors which impacted our gross margins this quarter versus last.

太陽能部門的毛利率為 30.2%，而上一季度為 32.8%。由於我們的太陽能部門毛利率在過去幾個季度逐漸下降，我想花一些時間解釋與上一季度相比的主要驅動因素，以便提供更廣泛的視角。與上一季度相比，有 4 個主要因素影響了我們本季度的毛利率。

The first was increased shipping expenses, both on finished goods and raw materials for the reasons previously detailed by Zvi. This had a strong impact on our margin and at the current level, it is 480 basis points above where we were in the first quarter of 2021. We expect this to continue in the second quarter and gradually ease from the third quarter onwards as we ramp Mexico and decrease the portion of Chinese-made products for the U.S. market.

首先是由於 Zvi 之前詳述的原因，成品和原材料的運輸費用增加。這對我們的利潤率產生了強烈影響，在目前的水平上，它比我們在 2021 年第一季度的水平高出 480 個基點。我們預計這種情況將在第二季度繼續下去，並隨著我們的增長從第三季度開始逐漸緩解墨西哥，並減少中國產品在美國市場的份額。

The second is related to costs paid to our contract manufacturers in order to continue manufacturing during the Chinese New Year period and are onetime in nature, and for ramp-up expenses in Mexico, China and Vietnam that will continue through the end of this year. The third element is the increase in revenues from batteries out of our total product mix which have lower gross margins.

第二個是為了在農曆新年期間繼續生產而支付給我們的合同製造商的成本，並且是一次性的，以及將持續到今年年底的墨西哥、中國和越南的增產費用。第三個因素是我們總產品組合中的電池收入增加，毛利率較低。

Fourth relates to the devaluation of the euro against the U.S. dollar, which impacted us significantly due to the high volume of sales in Europe. We expect this last factor to continue and negatively impact our gross margins into the second quarter as reflected in our guidance.

第四與歐元兌美元貶值有關，由於在歐洲的大量銷售，這對我們產生了重大影響。正如我們的指導所反映的，我們預計最後一個因素將繼續並對我們的毛利率產生負面影響到第二季度。

Goods subject to tariffs shipped into the United States from China accounted for 32% of our U.S. shipments this quarter. Gross margin for the Nonsolar segment was 5.6% compared to 4.2% in the previous quarter, mostly driven by higher margin on the storage product and improved margins in the e-Mobility business.

本季度從中國運往美國的關稅商品占我們美國發貨量的 32%。非太陽能部門的毛利率為 5.6%，而上一季度為 4.2%，主要是由於存儲產品的利潤率提高和電動汽車業務的利潤率提高。

On a non-GAAP basis, operating expenses for the first quarter were $98.9 million or 15.1% of revenues compared to $94.1 million or 17.1% of revenues in the prior quarter and $76.2 million or 18.8% of revenues for the same quarter last year.

按非公認會計原則計算，第一季度的運營費用為 9890 萬美元，佔收入的 15.1%，上一季度為 9410 萬美元，佔收入的 17.1%，去年同期為 7620 萬美元，佔收入的 18.8%。

For the Solar segment, operating expenses as a percentage of Solar revenues were 13.9% compared to 15.8% last quarter, representing an improved operating leverage as our revenues continued to rapidly expand. Non-GAAP operating income for the quarter was $87.2 million compared to $72.9 million in the previous quarter and $71.9 million for the same period last year.

對於太陽能部門，營業費用佔太陽能收入的百分比為 13.9%，而上一季度為 15.8%，隨著我們的收入繼續快速增長，運營槓桿有所改善。本季度非美國通用會計準則營業收入為 8720 萬美元，上一季度為 7290 萬美元，去年同期為 7190 萬美元。

This quarter, the Solar segment generated operating profit of $98.7 million compared to an operating profit of $85.3 million last quarter. The Nonsolar segment generated an operating loss of $11.5 million compared to an operating loss of $12.4 million in the previous quarter.

本季度，太陽能部門的營業利潤為 9870 萬美元，而上一季度的營業利潤為 8530 萬美元。非太陽能部門產生了 1150 萬美元的經營虧損，而上一季度的經營虧損為 1240 萬美元。

Non-GAAP financial expense for the quarter was $4.9 million compared to a non-GAAP financial expense of $2.2 million in the previous quarter. Our non-GAAP tax expense was $13.5 million compared to $7.9 million in the previous quarter and $10.1 million for the same period last year.

本季度非 GAAP 財務費用為 490 萬美元，而上一季度的非 GAAP 財務費用為 220 萬美元。我們的非公認會計原則稅收費用為 1350 萬美元，上一季度為 790 萬美元，去年同期為 1010 萬美元。

It is worth mentioning that due to the way that the tax provision related to GILTI income is calculated, the company's effective tax rate is not linear throughout the year and is generally higher in the first half of the year, and it will decrease in the second half of 2022. This nonlinear calculation reduced our EPS this quarter by approximately $0.05, which is expected to be recovered in the second half of the year.

值得一提的是，由於GILTI收入相關稅項撥備的計算方式，公司有效稅率全年呈現非線性，上半年普遍較高，下半年將下降2022 年下半年。這種非線性計算使我們本季度的每股收益減少了約 0.05 美元，預計將在下半年恢復。

GAAP net income for the first quarter was $33.1 million compared to a GAAP net income of $41 million in the previous quarter and $30.1 million for the same quarter last year. Our non-GAAP net income was $68.8 million compared to a non-GAAP net income of $62.8 million in the previous quarter and $55.5 million in the same quarter last year.

第一季度的 GAAP 淨收入為 3310 萬美元，而上一季度的 GAAP 淨收入為 4100 萬美元，去年同期為 3010 萬美元。我們的非 GAAP 淨收入為 6880 萬美元，而上一季度的非 GAAP 淨收入為 6280 萬美元，去年同期為 5550 萬美元。

GAAP net diluted earnings per share was $0.60 for the first quarter compared to $0.74 in the previous quarter and $0.55 in the same quarter last year. Non-GAAP net diluted EPS was $1.20 compared to $1.10 in the previous quarter and $0.98 for the same quarter last year.

第一季度 GAAP 每股淨攤薄收益為 0.60 美元，上一季度為 0.74 美元，去年同期為 0.55 美元。 Non-GAAP 淨攤薄每股收益為 1.20 美元，上一季度為 1.10 美元，去年同期為 0.98 美元。

Turning now to the balance sheet. As of March 31, 2022, cash, cash equivalents, bank deposits, restricted bank deposits and investments were $1.6 billion. Net of debt, this amount was $979 million. During the first quarter of 2022, we used $163 million of cash for operating activities.

現在轉向資產負債表。截至 2022 年 3 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 16 億美元。扣除債務後，這一數額為 9.79 億美元。在 2022 年第一季度，我們將 1.63 億美元現金用於經營活動。

High cash consumption is not necessarily unusual for a rapidly growing business. In this case, the nontypical cash consumption in the first quarter is a result of the extended shipping times for both finished goods and components, high volume purchases of battery cells from Samsung for batteries to be manufactured and delivered in the second quarter, and the consumption of working capital while increasing our revenues rapidly. We expect this trend to be reversed in the next quarter.

對於快速增長的企業來說，高現金消耗並不一定是不尋常的。在這種情況下，第一季度的非典型現金消耗是由於成品和組件的運輸時間延長、從三星大量採購電池單元用於第二季度製造和交付的電池，以及消耗營運資金，同時迅速增加我們的收入。我們預計這一趨勢將在下一季度扭轉。

Accounts receivable net increased this quarter to $676.8 million compared to $456.3 million in the last quarter as a result of our growing revenues. As of March 31, 2022, our inventory level, net of reserve, was at $432.5 million compared to $380.1 million in the prior quarter. Most of this increase is related to an increased level of raw materials, battery sales and component inventory in the Solar segment, while our finished good inventory continued to decrease as a result of the growing demand for our products. Our Nonsolar inventory levels slightly decreased compared to the previous quarter.

由於我們的收入增長，本季度應收賬款淨額增加至 6.768 億美元，而上一季度為 4.563 億美元。截至 2022 年 3 月 31 日，我們的庫存水平（扣除儲備金）為 4.325 億美元，而上一季度為 3.801 億美元。這一增長大部分與太陽能部門的原材料、電池銷售和組件庫存水平增加有關，而由於對我們產品的需求不斷增長，我們的成品庫存繼續減少。與上一季度相比，我們的非太陽能庫存水平略有下降。

Turning to our guidance for the second quarter of 2022. We are guiding revenues to be within the range of $710 million to $740 million. Revenues from the Solar segment are expected to be within the range of $660 million and $690 million. We expect non-GAAP gross margins to be within the range of 26% to 29%.

轉向我們對 2022 年第二季度的指導。我們將收入指導在 7.1 億美元至 7.4 億美元之間。太陽能部門的收入預計在 6.6 億美元至 6.9 億美元之間。我們預計非美國通用會計準則毛利率將在 26% 至 29% 之間。

Gross margin from the Solar segment is expected to be within the range of 28% to 31%, mostly impacted by the euro-dollar exchange rate and an increased level of European revenues.

太陽能部門的毛利率預計在 28% 至 31% 之間，主要受歐元兌美元匯率和歐洲收入水平提高的影響。

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

我現在將把電話轉給接線員，讓他們開口提問。

(Operator Instructions) We'll take our first question from Brian Lee with Goldman Sachs.

（操作員說明）我們將向高盛的 Brian Lee 提出第一個問題。

I appreciate all the updates here and some of the moving parts on margins. I appreciate you guys walking us through that. Maybe on that topic first, Ronen, for you.

我很欣賞這裡的所有更新以及邊緣上的一些活動部分。我很感激你們帶領我們完成了這些。 Ronen，也許首先是關於這個話題，給你。

I know you had a talked about in the past couple quarters as well as on the recent Analyst Day that your target margins for the inverters and optimizers, specifically, was 35% -- getting back to kind of that 35% to 30% level in the second half of 2022. Just given all that you're facing real time, is that still the target for the back half of the year? Do you have visibility into that and maybe what are the 1 or 2 big pieces that gets you from -- I'm kind of backing into kind of a low 30% gross margin for those particular products right now. So there's maybe a 400- or 500-basis-point pickup you need if you're still targeting that? Where would you get that from over the next couple of quarters?

我知道你在過去幾個季度以及最近的分析師日都談到了你的逆變器和優化器的目標利潤率，特別是 35%——回到 35% 到 30% 的水平2022 年下半年。考慮到您所面臨的所有實時情況，這仍然是下半年的目標嗎？您是否對此有所了解，也許是 1 或 2 大件讓您從中受益 - 我現在有點支持這些特定產品的低 30% 的毛利率。因此，如果您仍然瞄準它，可能需要 400 或 500 個基點的拾取？在接下來的幾個季度裡，你會從哪裡得到這些？

Okay. So first of all, thank you very much for the question, Brian. So first of all, yes, the target is still, as we mentioned in the Analyst Day, to go back on the inverters and optimizers to 35% to 37% gross margin. And I think that when we are analyzing this and what should happen, I think that we need to differentiate between items that are within our control and those that are beyond them.

好的。首先，非常感謝您提出的問題，Brian。所以首先，是的，正如我們在分析師日中提到的，目標仍然是逆變器和優化器的毛利率回到 35% 到 37%。我認為，當我們分析這一點以及應該發生的事情時，我認為我們需要區分我們控制範圍內的項目和超出控制範圍的項目。

In the items that are within our control, the first thing that happens is actually the fact that we are ramping Mexico very nicely next quarter alone. The Mexico factory is supposed to provide about 20% of the products going into the United States. And this obviously reduces the cost of shipment and the need for expedited shipments.

在我們控制範圍內的項目中，發生的第一件事實際上是我們僅在下個季度就非常好地增加了墨西哥。墨西哥工廠應該提供大約 20% 的產品進入美國。這顯然降低了運輸成本和加急運輸的需求。

The second issue that we do see as well is the fact that we continue to get components or expect to start getting components in a more regular way that will reduce the necessity to air ship products and sometimes air ship components to the manufacturing sites. And this is, of course, going to impact as well.

我們也確實看到的第二個問題是，我們繼續獲得組件或期望開始以更常規的方式獲得組件，這將減少空運產品的必要性，有時還需要將組件空運到製造現場。當然，這也會產生影響。

And the third issue are the price increases that we have effective starting Q1 and will materialize into Q3 that are compensating for some of these elevated costs and some of the costs associated with increased price of our components.

第三個問題是我們從第一季度開始有效的價格上漲，並將在第三季度實現，這將補償其中一些高成本以及與我們的組件價格上漲相關的一些成本。

All of those items are within our expectation, and we -- we simply execute on them one after -- one quarter after the other. Within the items that are not within our expectation is, first of all, the situation that we see on global supply chain, especially around what happens right now in Shanghai and other ports.

所有這些項目都在我們的預期之內，我們——我們只是一個接一個地執行它們——一個季度一個接一個地執行。在我們預料之外的項目中，首先是我們在全球供應鏈上看到的情況，尤其是在上海和其他港口現在發生的情況。

Some of our component manufacturers have logistic hubs there. And this is something that may affect a little bit the supply of their components and some of the parts that we need into our factories. This is something that may necessitate more expedited shipments. And of course, we also believe that this is something that may create a little bit more pressure on ports once this traffic jam in Shanghai is going to be released.

我們的一些零部件製造商在那裡設有物流中心。這可能會稍微影響他們的組件和我們工廠所需的一些零件的供應。這可能需要加快發貨速度。當然，我們也認為，一旦上海的堵車情況得到緩解，這可能會給港口帶來更多壓力。

The last issue that is beyond our control is actually the euro versus the dollar currency. Our sales in Europe are growing by absolute value and also sometimes as a percentage of the revenues. And when we see dollar to euro that if I'm not mistaken, right now, the rate is at the lowest part since 2002, this is something that has impact as well.

最後一個我們無法控制的問題實際上是歐元兌美元。我們在歐洲的銷售額按絕對值增長，有時也按收入的百分比增長。當我們看到美元兌歐元時，如果我沒記錯的話，現在匯率處於 2002 年以來的最低水平，這也會產生影響。

We, of course, can affect some price increases, but they do not have an immediate effect. So with all those items that within our control, this is the target, and we believe that we can achieve and we hope that things will settle a little bit in Shanghai and that currencies will not work very much against us.

當然，我們可以影響一些價格上漲，但它們不會立即產生影響。因此，對於所有在我們控制範圍內的項目，這是目標，我們相信我們可以實現，我們希望上海的事情會稍微解決，貨幣不會對我們產生太大影響。

All right. No, fair enough. That all helps. So it sounds like, if I summarize, you're sort of looking at margins troughing here in Q2 and depending on some of those factors you don't control even with the shift to Mexico manufacturing, lower freight expenses, you should see a meaningful margin pickup into Q3 and then even into Q4. That's the fair way to summarize that?

好的。不，很公平。這一切都有幫助。所以聽起來，如果我總結一下，你有點看的是第二季度的利潤率低谷，並且取決於一些你無法控制的因素，即使轉移到墨西哥製造，降低運費，你應該看到一個有意義的利潤率回升到第三季度，然後甚至到第四季度。這是總結的公平方式嗎？

That's correct. Yes.

這是正確的。是的。

And then second question on batteries, and I'll pass it on. I appreciate you've given us the ASP on the inverter side. So when we kind of back into the 100-megawatt hours of shipments here this quarter, it implies somewhere in the "$350 to $400 per KWH" range is the implied ASP for the residential battery?

然後是關於電池的第二個問題，我會繼續討論。感謝您為我們提供了逆變器方面的 ASP。因此，當我們回到本季度這裡 100 兆瓦時的出貨量時，這意味著“每千瓦時 350 美元到 400 美元”範圍內的某個地方是住宅電池的隱含 ASP？

First, is that kind of the right ballpark to be in? And second, are there pricing increases on that product, either being contemplated or having already been implemented that'll push that number higher as we move through the year?

首先，這樣的球場合適嗎？其次，該產品的價格是否會上漲，無論是在考慮中還是已經實施，隨著我們這一年的發展，這將推動這個數字更高？

So Brian, thanks. The number is not fully accurate because of the difference between shipment and revenue. So while we shipped 100-megawatt hour this quarter, we did not recognize revenue on a 100-megawatt hour this quarter, and that's part of where the misalignment is coming.

所以布萊恩，謝謝。由於出貨量和收入之間的差異，該數字並不完全準確。因此，雖然我們本季度的出貨量為 100 兆瓦時，但我們沒有確認本季度 100 兆瓦時的收入，這就是錯位出現的部分原因。

And -- but the second part of the question is yes. So there's been -- we've implemented the price increase on the batteries. We typically try not to increase pricing retroactively on orders that customers gave us a significant time in advance.

而且——但問題的第二部分是肯定的。所以有 - 我們已經實施了電池價格上漲。我們通常會盡量不對客戶提前很長時間給我們的訂單增加定價。

So that's why it takes a little bit longer to materialize. And that's what Ronen mentioned that some of the price increases that will materialize in the second and more significantly in the third quarter are on the battery as well.

所以這就是為什麼它需要更長的時間才能實現。這就是 Ronen 提到的，將在第二季度實現的一些價格上漲，以及在第三季度更顯著的價格上漲也與電池有關。

We'll take our next question from Mark Strouse with JPMorgan.

我們將向摩根大通的 Mark Strouse 提出下一個問題。

You talked about strong demand in U.S., but obviously getting a lot of questions on the anti-circumvention case. So I just wanted to specifically ask what you are hearing from your customers in that region and kind of what you're expecting and what you're baking into your guidance in 2Q?

你談到了美國的強勁需求，但顯然在反規避案上收到了很多問題。所以我只是想特別問一下您從該地區的客戶那裡聽到了什麼，您的期望是什麼，以及您在第二季度的指導中考慮了什麼？

So first, obviously, like anybody else in the industry, these type of unpredictable disruptions are not healthy for the business, for the market and especially for the current dynamic where this energy transformation is critical to all of us. So it's not a good situation for anybody.

因此，首先，顯然，與業內其他任何人一樣，這類不可預測的中斷對企業、市場，尤其是對當前能源轉型對我們所有人都至關重要的動態而言，都是不健康的。所以這對任何人來說都不是一個好情況。

That said, taking into account that a big portion of our business is outside of the U.S., and while some people predict that, as a result of that, module prices might decrease outside of the U.S., and there might be an additional cause for momentum, we're not seeing that outside of the U.S. and the business is strong. But -- and module prices are stable and modules are -- module availability is good.

話雖如此，考慮到我們的大部分業務都在美國以外，雖然有些人預測，因此，美國以外的組件價格可能會下降，並且可能還有其他推動勢頭的原因，我們在美國以外沒有看到這種情況，而且業務很強勁。但是——模塊價格穩定，模塊也——模塊可用性很好。

In terms of within the U.S., we have -- other than hearing concern, we haven't seen any type of a pushout delay or changes to any of our backlog in business, for sure, not in residential and also not in the C&I. And we don't expect it to have a short-term impact, definitely not in Q2 and probably not on Q3, as well, if it continues. The backlog is very strong and just the amount of calls that we're getting for expediting is an indication of the situation.

就美國而言，我們有 - 除了聽到擔憂之外，我們沒有看到任何類型的延遲或更改我們的任何積壓業務，當然，不是在住宅中，也不是在 C&I 中。而且我們預計它不會產生短期影響，如果它繼續下去，肯定不會在第二季度，也可能不會在第三季度。積壓的工作量非常大，僅我們收到的加急電話數量就表明了這種情況。

That said, new project development for larger-scale projects into the end of the year and the beginning of next year could be impacted, in particular, in large C&I where we are active and in utility. But that said, again, the U.S. commercial is an important business to us. It's not a very high percentage of our total business.

也就是說，到今年年底和明年年初的大型項目的新項目開發可能會受到影響，特別是在我們活躍和公用事業領域的大型 C&I。但話雖如此，美國商業對我們來說是一項重要的業務。這在我們的總業務中所佔的比例不是很高。

Right. Okay. And then just as a follow-up, just hoping you could give a bit more color on the component constraints that you're talking about, just maybe a bit more color on what those are.

對。好的。然後作為後續行動，只是希望您可以對您正在談論的組件約束提供更多顏色，只是可能對那些是更多顏色。

And then kind of the time that's needed to not only qualify an additional supplier but for that supplier to ramp up with you?

那麼，不僅需要讓額外的供應商獲得資格，而且讓該供應商與您合作，還需要多少時間？

I think we can separate it to tactical and strategic. On a tactical level, as Ronen mentioned, some of our large U.S. component suppliers have distribution hubs in the Shanghai area where they were -- from where they distribute their components after their packaging processes in Asia.

我認為我們可以將其分為戰術和戰略。正如 Ronen 所提到的，在戰術層面上，我們的一些大型美國零部件供應商在他們所在的上海地區設有分銷中心——他們在亞洲完成包裝流程後從那里分銷他們的零部件。

So there's a lot of tactical -- tackling going on in terms of getting stuff in and out of Shanghai or some of the other affected locations in China. That, like everybody else, we're waiting for the situation to ease. I think indications are that it's improving, but obviously, that's going to be a process because with the congestion at the ports coming in and out, even if -- as things begin to relax, it's going to take some time for stuff to flow through freely.

所以有很多戰術 - 在將東西運入和運出上海或中國其他一些受影響的地區方面進行了處理。就像其他人一樣，我們正在等待局勢緩和。我認為有跡象表明情況正在改善，但顯然，這將是一個過程，因為隨著進出港口的擁堵，即使 - 隨著事情開始放鬆，事情需要一些時間才能通過自由地。

On a more strategic level, when we look at the ramp in our business and especially project into 2023, we are already talking of volumes of components that require call it, attention and real high-volume, long-term agreements with some of the component suppliers. And that's something that we've been active in the last 3 months is really going between them meeting -- sharing our forecasts, aligning with many of them that are placing renewable energy higher on their priority list and making sure that as part of their expansion plans for the next 12 to 24 months, they're building in the type of capacity that we expect to need looking at the momentum of our business. And this is across the board.

在更具戰略意義的層面上，當我們看到我們業務的增長，特別是到 2023 年的項目時，我們已經在談論需要調用、關注和與某些組件真正大批量、長期協議的組件數量供應商。這就是我們在過去 3 個月中一直在積極開展的活動，這實際上是在他們之間的會議之間進行 - 分享我們的預測，與他們中的許多人保持一致，他們將可再生能源放在他們的優先事項列表中，並確保將其作為他們擴張的一部分未來 12 到 24 個月的計劃，他們正在建設我們期望看到我們業務發展勢頭所需的能力類型。這是全面的。

It's transistors. It's IGBTs. It's ASICs from the foundries. With each 1 of these key suppliers, we are aligning the midterm forecast and building the relationship to ensure the supply that we need. So the short term, we hope that challenges ease in Shanghai, in particular, and in Asia, in general, the flow will resume, and it will make our next couple of quarters or especially from Q3, a bit easier.

是晶體管。是IGBT。它是來自鑄造廠的 ASIC。對於這些關鍵供應商中的每一個，我們都在調整中期預測並建立關係以確保我們需要的供應。因此，在短期內，我們希望特別是上海的挑戰緩解，總體而言，在亞洲，流動將恢復，這將使我們接下來的幾個季度，尤其是從第三季度開始，變得更容易一些。

Looking into 2023, it's really already about increasing significantly the capacity at some of our suppliers and a more strategic relationships with some of these key component manufacturers.

展望 2023 年，我們的一些供應商的產能確實已經顯著增加，並且與其中一些關鍵零部件製造商建立了更具戰略性的關係。

We'll take our next question from Laura Sanchez with Morgan Stanley.

我們將向摩根士丹利的勞拉桑切斯提出下一個問題。

I think if I can go back to the DOC investigation. I'm wondering, do you think installers have sufficient inventories to supply demand for the rest of the year? Or is it that installers can pass the higher cost to customers in case they start importing from China?

我想如果我可以回到 DOC 調查。我想知道，你認為安裝商有足夠的庫存來滿足今年剩餘時間的需求嗎？還是安裝商可以將更高的成本轉嫁給客戶，以防他們開始從中國進口？

So I think it's probably a little bit of both. And obviously, it starts with the distributors. And I believe, in particular for residential, the distributors probably have some level of inventory and the distributors and installers still have some room to modify pricing without impacting demand.

所以我認為可能兩者兼而有之。顯然，它從分銷商開始。而且我相信，特別是對於住宅，分銷商可能有一定程度的庫存，分銷商和安裝商仍有一定的空間來修改定價而不影響需求。

At a certain point, at a certain point, obviously, that's -- the increase in pricing is going to begin to impact to impact the demand. So I think the duration of this unstable environment is going to be critical to understand if it's a -- if it's a bump, that's just because the whole industry is driving so fast, we are going to pass over without a major impact or if it's a longer and higher bump, it will begin to have some impact towards the end of the year and beginning of next year starting from utility, obviously, which is already impacted, then shifting over to C&I and maybe eventually reaching residential. But probably, it will take longer for that to happen. And hopefully, this whole crisis will be resolved fast enough not to see this type of dynamic.

在某個時刻，在某個時刻，很明顯，那就是——價格的上漲將開始影響需求。因此，我認為這種不穩定環境的持續時間對於了解它是否是一個——如果它是一個顛簸，那僅僅是因為整個行業的發展速度如此之快，我們將在沒有重大影響的情況下通過，或者它是否是一個更長和更高的顛簸，它將在今年年底和明年年初開始產生一些影響，從公用事業開始，顯然已經受到影響，然後轉移到工商業，並可能最終到達住宅。但很可能，這需要更長的時間才能發生。希望整個危機能夠很快得到解決，不會出現這種動態。

Understood. And as a follow-up, do you think, let's say, like the supply in those 4 southeastern countries. Do you think it's possible that they can start supplying the [strong demand] in Europe, in which case, as you highlighted before, a lot of your revenues, I think over 50%, comes from Europe.

明白了。作為後續行動，你認為，比如說，這四個東南部國家的供應情況。你認為他們有可能開始供應歐洲的[強勁需求]，在這種情況下，正如你之前強調的那樣，你的很多收入，我認為超過 50% 來自歐洲。

So I'm trying to think or see if there could be -- if we see an impact in the U.S. from the DOC investigation, if that could be potentially offset by stronger demand in Europe, especially if there is a manufacturing constraint that now those 4 Southeastern countries could supply?

因此，我正在嘗試考慮或看看是否可能——如果我們看到 DOC 調查對美國的影響，是否可能被歐洲更強勁的需求所抵消，特別是如果存在製造限制，現在那些4 東南國家能供應嗎？

I think -- and again, I'm not necessarily that they have exact data, but naturally, that makes a lot of sense. And there has been some messaging about module companies that are diverting capacity -- module capacity that was intended for the U.S. to Europe and the Rest of the World.

我想——再說一次，我不一定說他們有確切的數據，但很自然，這很有意義。並且有一些關於模塊公司正在轉移產能的消息 - 模塊產能原本打算用於美國到歐洲和世界其他地區。

And then in theory, that could lead to, definitely, to robust supply maybe to oversupply and some price decreasing and even further momentum in Europe, which we potentially could capitalize on. But to be frank, the momentum right now in Europe is so strong that it doesn't need another push. And the bottlenecks for the rate of installations in Europe is beginning to reach the point where their labor is in shortage and some other elements.

然後從理論上講，這肯定會導致供應強勁，可能會導致供應過剩和一些價格下跌，甚至是歐洲的進一步發展勢頭，我們可能會利用這些。但坦率地說，歐洲目前的勢頭如此強勁，不需要再推動。歐洲安裝速度的瓶頸開始達到他們勞動力短缺和其他一些因素的地步。

So the momentum is so strong that not necessarily will it become much stronger even when modules intended for the U.S. that diverted to Europe. But that could happen and definitely, in some countries that are more price sensitive. For instance, in Asia, the availability of modules could boost project development rates in countries like Thailand, Taiwan, Philippines and other places, Japan, and create momentum over there, which, again, we would benefit from.

因此，勢頭如此強勁，即使原定用於美國的模塊轉移到歐洲，也不一定會變得更強勁。但這可能會發生，而且肯定會發生在一些對價格更為敏感的國家。例如，在亞洲，模塊的可用性可以提高泰國、台灣、菲律賓和其他地方、日本等國家的項目開發速度，並在那裡創造動力，我們將再次從中受益。

But again, there's potential for this to happen. I think it's still early on to say that this is really the dynamic that is happening and really how quickly the situation is addressed by the administration and resolved here in the U.S. is going to determine if that dynamic evolves or if we're back to some form of business as usual, if you will.

但同樣，這種情況有可能發生。我認為現在說這確實是正在發生的動態還為時過早，而且政府解決這種情況並在美國解決的速度將決定這種動態是否會發展，或者我們是否會回到某些照常營業，如果你願意的話。

That's very helpful. And I think you touched on the labor restrictions. Last question here. Could you comment on the sales channel and your ability to continue to gain micro share in Europe because that does seem to be an area of concern that we're hearing about?

這很有幫助。我認為你談到了勞工限制。最後一個問題在這裡。您能否評論一下銷售渠道以及您繼續在歐洲獲得微份額的能力，因為這似乎確實是我們聽到的一個關注領域？

No, except if I understand correctly, separating the question into 2, the Europe installation rates of solar in general, is growing significantly. We see this in Italy. We see this in Germany.

不，除非我理解正確，將問題分為 2，一般來說，歐洲的太陽能安裝率正在顯著增長。我們在意大利看到了這一點。我們在德國看到了這一點。

A lot of the items that we shared, including by our European General Manager at the Analyst Day in terms of what's happening in Europe, that is a market dynamic. It's not related to us. And that market dynamic in some countries is approaching the constraint of availability of installation crews. Some of the countries in Europe were relying on a lot of installation crews coming from the Ukraine. And that is obviously an issue.

我們分享的很多項目，包括我們的歐洲總經理在分析師日就歐洲正在發生的事情分享的內容，這是一個市場動態。它與我們無關。一些國家的市場動態正在接近安裝人員可用性的限制。歐洲的一些國家依賴大量來自烏克蘭的安裝人員。這顯然是一個問題。

So Europe could probably grow faster than what we're seeing right now, but it's a little -- but labor availability is a bit of a constraint for the momentum or growth being even stronger than what it is today. Now how does that impact us? Obviously, we're very strong in Europe. We're present in all of the countries that are growing. We're present in the segments that are growing, which are residential and commercial.

因此，歐洲的增長速度可能會比我們現在看到的更快，但這只是一點點——但勞動力的可用性對於勢頭或增長比現在更強勁來說有點限制。現在這對我們有什麼影響？顯然，我們在歐洲非常強大。我們存在於所有正在發展的國家。我們存在於正在增長的領域，即住宅和商業領域。

So we are benefiting from that, and we're very focused on not being the limiter by supplying our products to all of these installations that require them. So also, in our judgment, there's optimism about the current momentum in Europe and the fact that it's likely to become even stronger. And this is even unrelated to the whole dynamic in the U.S. I hope that's not too much detail, but it kind of gives the picture, which is obviously a complex one right now.

因此，我們從中受益，我們非常專注於不成為限制者，向所有需要它們的裝置提供我們的產品。同樣，在我們的判斷中，人們對歐洲目前的勢頭以及它可能變得更加強勁的事實持樂觀態度。這甚至與美國的整體動態無關。我希望這不是太多細節，但它有點給出了畫面，這顯然是一個複雜的畫面。

We'll take our next question from Julien Dumoulin-Smith with Bank of America.

我們將回答美國銀行的 Julien Dumoulin-Smith 的下一個問題。

Just wanted to go back to the gross margin conversation that we were starting with earlier. I'm just trying to understand a little bit more in the back half of the year, specifically on ASPs and pricing increases, you talked about that are really kicking in talk about third quarter, you didn't define the magnitude quite yet. Can you talk about it a little bit? I mean, obviously, ASPs here in the first quarter, up a nice amount on the core Solar side.

只是想回到我們之前開始的毛利率對話。我只是想在今年下半年多了解一點，特別是關於 ASP 和價格上漲，你談到的第三季度真的很重要，你還沒有定義幅度。你能談談嗎？我的意思是，顯然，第一季度的平均售價在核心太陽能方面上升了很多。

Can you talk a little bit more about the order of magnitude that we should be expecting here? And basically, just to hear you out loud about this, as both the shipping and logistics considerations ease themselves up with Mexico and as ASPs improve -- how meaningful of a gross margin improvement can we see? Is this about reversing year-over-year trends? Or is it about better than that, if you will?

你能多談談我們在這裡應該期待的數量級嗎？基本上，只是想听聽你的聲音，因為墨西哥的運輸和物流考慮都在緩解，並且隨著 ASP 的提高——我們能看到毛利率的提高有多大意義？這是要扭轉同比趨勢嗎？或者如果你願意的話，它會比這更好嗎？

So thanks for the question, Julien. First of all, from price increases, the methodology that we're using is the fact that we usually do not increase prices on orders that we already have. And in some cases, we have orders that were given to us, let's say, in the first quarter, that went and extended into the second and the third quarter. When we increase prices, we are not increasing on those orders that we have already received confirmed and confirmed pricing as much as we can do that.

所以謝謝你的問題，朱利安。首先，從價格上漲來看，我們使用的方法是我們通常不會對已有的訂單提高價格。在某些情況下，我們收到了一些訂單，比如說，在第一季度，這些訂單一直延續到第二和第三季度。當我們提高價格時，我們不會盡可能多地增加那些我們已經收到確認和確認定價的訂單。

So in that case, the reason that things will materialize towards Q3 is mostly related to the timing and to the shipment times and delivery times that we have committed. In general, I can tell you that we have commissioned price increases of high single digits moving across regions and across products because, in some cases, like in the commercial product, we see sometimes higher competition in Europe coming from some players, Asian players that are not really increasing prices and have relatively good availability of product. That means that our ability to raise prices is not very large. In some cases, we could be a little bit more free to increase the prices.

因此，在這種情況下，事情將在第三季度實現的原因主要與時間以及我們承諾的發貨時間和交貨時間有關。總的來說，我可以告訴你，我們已經委託了跨地區和跨產品的高個位數價格上漲，因為在某些情況下，比如在商業產品中，我們有時會看到來自歐洲的一些參與者的更高競爭，亞洲參與者並沒有真正提高價格，並且產品的可用性相對較好。也就是說，我們提價的能力不是很大。在某些情況下，我們可以更自由地提高價格。

So in general, we have increased -- we are trying to increase the prices only on those areas that are related to the fact that we see inflation in the costs that are associated with our manufacturing and shipping. We're trying not to pass to customers all of those, I would call it, expenses that are created due to the fact that we're catching up very big demand that we see with building the supply for this one.

所以總的來說，我們已經增加了——我們正試圖只在那些與我們看到與我們的製造和運輸相關的成本通脹這一事實相關的領域提高價格。我們試圖不將所有這些（我稱之為）轉嫁給客戶，這些費用是由於我們正在趕上我們看到的非常大的需求而產生的費用。

But in general, this is how we treat these cost increases. When we talk about the magnitude -- as I mentioned in my prepared remarks, when we looked at Q1 compared to Q1 last year, which, by the way, prices in Q1 last year were already elevated, we saw about 480 additional basis points on the cost or actually a loss of about 480 basis points just compared to last year. We believe that going back to Mexico -- from logistic only. And we expect that going back to Mexico and starting to manufacture from there will take the lion part of it.

但總的來說，這就是我們對待這些成本增加的方式。當我們談論規模時——正如我在準備好的發言中提到的那樣，當我們查看第一季度與去年第一季度相比時，順便說一下，去年第一季度的價格已經上漲，我們看到 480 個額外的基點與去年相比，成本或實際上損失了約 480 個基點。我們相信回到墨西哥——僅從物流。我們預計，回到墨西哥並從那裡開始生產將佔據其中的大部分。

We're not sure that it will take everything away because we do hear and we do know that gas prices are going up, and therefore, also logistics from Mexico into the U.S. is more expensive, but at least you don't need to do the expedited shipments and you do not need to do this kind of ocean freight where you pay about $20,000 sometimes for a container to go from China or Vietnam to the United States.

我們不確定它會帶走一切，因為我們確實聽到並且我們知道天然氣價格正在上漲，因此從墨西哥到美國的物流也更昂貴，但至少你不需要這樣做加急裝運，你不需要做這種海運，有時你需要支付大約 20,000 美元才能將一個集裝箱從中國或越南運到美國。

So in general, I would say that the potential from logistics alone is this -- about 480 basis points. Other than this, there are other potentials that we see. And again, they are more related to the ability to source components, some prices that we can -- some costs that we can decrease once we have stabilized our R&D organization doing cost reduction and not just qualifying new suppliers. So again, we feel comfortable with the ability to go back to the 35% to 37% on the inverters and optimizers.

所以總的來說，我會說僅物流的潛力就是這個——大約 480 個基點。除此之外，我們還看到了其他潛力。再一次，它們與採購組件的能力、我們可以的一些價格有關——一旦我們穩定了我們的研發組織，我們可以降低一些成本，降低成本，而不僅僅是使新供應商合格。因此，我們再次對逆變器和優化器恢復到 35% 到 37% 的能力感到滿意。

We believe that everything that is related to us has the potential to go to these numbers from where we are today, maybe slightly better. But again, we do see phenomena that are now pushing on the other direction like currencies. And the result is that we feel comfortable with everything that we shared in the Analyst Day.

我們相信，與我們相關的一切都有可能從我們今天的位置達到這些數字，也許會稍微好一些。但同樣，我們確實看到了正在向另一個方向發展的現象，比如貨幣。結果是我們對分析師日分享的所有內容感到滿意。

Got it. Excellent. And just to be -- to clarify that on pricing a little bit more. You said pricing high single digits, you were up 6% here in the quarter at least on the core ASP-per-watt metric you disclosed. So kind of a 3% increase in the back half of the year? I know it's apples and oranges because you didn't quite frame it the same way.

知道了。優秀的。而且只是 - 澄清一下定價。你說定價高個位數，至少在你披露的核心 ASP 每瓦指標上，你在本季度上漲了 6%。那麼下半年增長3%？我知道這是蘋果和橙子，因為你沒有完全以同樣的方式構圖。

I just want to understand the order of magnitude that's still left in that ASP increase again. I get that it's not comparable.

我只是想再次了解 ASP 增加的數量級。我知道這沒有可比性。

Okay. So it's not necessarily because -- part of the 6% is also related to mix changes between U.S. and Europe. So I would say that I would believe that about roughly 1/2 of it is still there to utilize.

好的。所以這不一定是因為——6% 的一部分也與美國和歐洲之間的混合變化有關。所以我會說我相信大約 1/2 仍然可以使用。

We'll take our next question from Philip Shen with ROTH Capital Partners.

我們將向 ROTH Capital Partners 的 Philip Shen 提出下一個問題。

First one's is on accounts receivables. The number was up $220 million or so in Q1. Ronen, I think you talked about revenue being up. But when you look at it from a days outstanding perspective, I think days went up from, call it, 70% or 65% historically to 93% or so in Q1. Can you talk through a little bit more on what's going on there?

第一個是應收賬款。這一數字在第一季度增加了 2.2 億美元左右。 Ronen，我認為你談到了收入的增長。但是，當您從天數突出的角度來看它時，我認為天數從歷史上的 70% 或 65% 上升到第一季度的 93% 左右。你能多談談那裡發生的事情嗎？

Sure, of course. So I think that the phenomena is mostly related to -- first of all, as you mentioned, the absolute value is related to the fact that we have higher revenues. Actually, the phenomena that you see is also related to the pattern of when we are shipping to our customers.

當然，當然。所以我認為這些現象主要與 - 首先，正如你提到的，絕對值與我們有更高收入的事實有關。實際上，您看到的現像也與我們向客戶發貨時的模式有關。

And Q1, in particular, is a complicated quarter because of Chinese New Year. During Chinese New Year, in some cases, we are not manufacturing at all, and ports in China are mostly closed. In our case, during Q1, we actually paid to our contract manufacturers to maintain operations almost as usual but still ports were not open. So that means that a lot of our shipments, at least related to Q1 were more back-end loaded simply because of this closure of the Chinese New Year.

尤其是第一季度，由於農曆新年，這是一個複雜的季度。春節期間，有些情況下，我們根本不生產，中國的港口大多關閉。在我們的案例中，在第一季度，我們實際上向我們的合同製造商付款以維持幾乎像往常一樣的運營，但港口仍然沒有開放。所以這意味著我們的很多貨物，至少與第一季度有關，只是因為中國新年的關閉而更多地被後端裝載。

And this, of course, is increasing. If you look at -- I would say -- and by the way, this is a phenomena that we also saw in Q4, given the fact that we needed to pick up from our shutdown in Vietnam. And again, China needed to grow relatively quickly and then Vietnam was open. So again, it was a little bit of back-end loaded.

當然，這種情況正在增加。如果您看一下-我會說-順便說一句，這是我們在第四季度也看到的現象，因為我們需要從越南的停工中恢復過來。再一次，中國需要相對快速地增長，然後越南才開放。再說一次，它有點後端加載。

In general, I can tell you that our payment terms to customers are not changing. They're ranging between usually 30 to 60 days in general. And this is not changing, at least as far as we see right now. And most of the phenomena that you see is simply related to the patterns of shipments within the quarter.

總的來說，我可以告訴你，我們對客戶的付款條款沒有改變。一般來說，它們通常在 30 到 60 天之間。這並沒有改變，至少就我們現在所看到的而言。而你看到的大部分現像都只是與季度內的出貨模式有關。

Again, we hope that once we'll have the more capacity in Mexico, the more we are regulated and being able to really produce on a regular manner throughout the quarter, then we will see the DSO going back to the levels that we used to see before.

再次，我們希望一旦我們在墨西哥擁有更多的產能，我們受到的監管越多，並且能夠在整個季度真正定期生產，那麼我們將看到 DSO 回到我們過去的水平見前。

Great. That makes a lot of sense. And then in terms of the battery megawatt hours recognized in revenue, can you share what was recognized in Q1? And then how many megawatt hours do you expect to recognize in Q2 and Q3? I know you gave the shipment expectations, but in terms of revenue recognition, that would be great.

偉大的。這很有意義。然後就收入中確認的電池兆瓦時數而言，您能分享一下第一季度確認的情況嗎？然後，您希望在第二季度和第三季度識別出多少兆瓦時？我知道你給出了出貨預期，但就收入確認而言，那會很棒。

So in general, Phil, it's usually between -- we usually recognize as long as we're growing, by the way, because once we stabilize at the manufacturing, everything that you do not recognize in one quarter, you recognize in the next, so you're very much stabilized.

所以總的來說，菲爾，它通常介於——順便說一下，只要我們在成長，我們通常會認識到，因為一旦我們穩定在製造業，你在一個季度沒有認識到的一切，你在下一個季度就會認識到，所以你非常穩定。

I think that right now, in the pace of growth and as you can see, we grew about 100% from Q4 to Q1, and we expect to grow about 100% from Q1 into Q2, we recognized, I would say, roughly around 70% to 80% of the revenues from batteries in the same quarter, and the remaining part is simply delayed to the other one.

我認為現在，按照增長速度，正如你所看到的，我們從第四季度到第一季度增長了大約 100%，我們預計從第一季度到第二季度增長大約 100%，我會說，大約 70 % 到 80% 的收入來自同一季度的電池，而剩下的部分則簡單地推遲到另一部分。

This is also, by the way, very much dependent on how much you're shipping into Europe because we're manufacturing in Europe. So the more shipping we see in Europe the quicker we recognized this quarter, we had a little bit of a higher shipment into the United States, so this also affect it. So short number is about 70% and reasons were detailed.

順便說一句，這也很大程度上取決於您向歐洲運送多少貨物，因為我們在歐洲製造。因此，我們在歐洲看到的出貨量越多，我們在本季度認識到的越快，我們進入美國的出貨量就更高了，所以這也影響了它。如此短的數字約為 70%，原因已詳述。

We'll take our next question from Maheep Mandloi with Credit Suisse.

我們將向瑞士信貸的 Maheep Mandloi 提出下一個問題。

Just on Europe, just going back to it, could you just talk more about which countries do you see more demand from in Q1 and Q2 and just stepping back, like how should we see this European share grow in Q2 and the second half versus Q1?

就歐洲而言，回到它，您能否多談談您在第一季度和第二季度看到哪些國家的需求更多，然後退後一步，例如我們應該如何看到歐洲份額在第二季度和下半年與第一季度相比增長?

Thanks, Maheep. So as we detailed, it was a very broad wave or momentum in Europe, covering also the large countries like Netherlands, where we had a record quarter in Germany, where it was maybe not a record quarter, but still it was a very, very strong quarter in Italy, which, because of some local government incentives, is a very dynamic market right now.

謝謝，馬希普。因此，正如我們詳述的那樣，這是歐洲的一個非常廣泛的浪潮或勢頭，也涵蓋了像荷蘭這樣的大國，我們在德國創下了創紀錄的季度，可能不是創紀錄的季度，但仍然是一個非常非常非常意大利的強勁季度，由於當地政府的一些激勵措施，該市場目前是一個非常活躍的市場。

But what was interesting is that also smaller countries or markets like Austria, Switzerland, Sweden, Poland, for sure, are becoming sizable markets and the drive for -- to increase installation rate is happening all of these because they are all affected by higher electricity prices. And if you assume that those electricity prices are not going to go down anytime soon, then the expectation is for this momentum to continue.

但有趣的是，奧地利、瑞士、瑞典、波蘭等較小的國家或市場肯定正在成為相當大的市場，並且所有這些都在推動提高安裝率，因為它們都受到更高電力的影響價格。如果你假設這些電價不會很快下降，那麼預計這種勢頭會持續下去。

We are definitely in our projections for Q2. There is nice growth in Europe. And again, we assume that continues. And in parallel, also battery shipments and battery attach rates will increase in these markets. Germany is a very battery-heavy country, but the other markets like the U.K., Netherlands and Italy until a couple of quarters ago, were not so heavy on batteries and right now, our markets with a lot of battery installation. So it's kind of an exponential effect where also -- where solar installation rate is going up and the revenue per installation, if you will, or cost per installation is going up as well. So we are projecting continued strong momentum in our numbers coming from Europe.

我們肯定在我們對第二季度的預測中。歐洲有很好的增長。再一次，我們假設這種情況會繼續。與此同時，這些市場的電池出貨量和電池安裝率也將增加。德國是一個非常依賴電池的國家，但直到幾個季度前，英國、荷蘭和意大利等其他市場對電池的需求並不那麼大，而現在，我們的市場安裝了大量電池。所以這也是一種指數效應——太陽能安裝率上升，每次安裝的收入，如果你願意的話，或者每次安裝的成本也在上升。因此，我們預計來自歐洲的數據將繼續保持強勁勢頭。

And then in battery sites that you already at the 200-megawatt run rate closer to that 1 gigawatt capacity from Samsung. Can you talk about like the sources of new supply come Q3, like will Sella 2 be able to contribute to that? Or do you expect to expand your relationship with Samsung?

然後在電池站點中，您已經以 200 兆瓦的運行速率接近三星的 1 吉瓦容量。您能否談談 Q3 的新供應來源，Sella 2 能否為此做出貢獻？或者您希望擴大與三星的關係？

We still have a fair runway on the -- on the Samsung sales and Sella 2 will not be supplying cells for battery assembly in Q3. We still have the whole qualification process to go through. And then in -- with battery cells, there's a longer period between when it's manufactured until it's actually -- when the cell is manufactured until it ends up in an installed battery.

我們仍然有一個公平的跑道 - 在三星銷售方面，Sella 2 將不會在第三季度為電池組裝提供電池。我們還有整個資格認證過程要完成。然後 - 對於電池，從製造到實際製造之間有更長的時間 - 從製造到最終安裝在電池中。

So this year will be completely dominated by Samsung and then next year, at the beginning of the year, it will be a mix. And by then, we will need to decide at what rate to augment our own supply with supply from others or particularly from Samsung. And that's a dynamic that is very open to us. So at some point, we'll look at the projections and see how quickly Sella 2 is ramping to the volumes that we need. And if we need more, we're pretty positive that we'll be able to extend the Samsung contract and volumes.

所以今年將完全由三星主導，然後明年年初，它將是一個混合體。到那時，我們將需要決定以何種速度增加我們自己的供應，以增加來自其他公司，特別是來自三星的供應。這是一種對我們非常開放的動態。因此，在某個時候，我們將查看預測，看看 Sella 2 以多快的速度增長到我們需要的數量。如果我們需要更多，我們非常肯定我們將能夠延長三星的合同和數量。

We'll take our next question from Colin Rusch with Oppenheimer & Company.

我們將向 Oppenheimer & Company 的 Colin Rusch 提出下一個問題。

Could you talk about the availability of the capital equipment for the battery ramp-up? Are you guys seeing any bottlenecks on that front? Any changes in pricing? How should we think about that ramp in the build-out?

您能否談談用於電池產能提升的資本設備的可用性？你們看到這方面的任何瓶頸了嗎？定價有什麼變化嗎？我們應該如何看待擴建中的坡道？

No, that's pretty much done. I mean the equipment is all in the factory. It's all running. We are very close to completing the unit process qualification and now are beginning the integrated factory level qualification. So in that regard, it's behind us.

不，這已經差不多完成了。我的意思是設備都在工廠裡。一切都在運行。我們非常接近完成單元工藝認證，現在正在開始綜合工廠級認證。所以在這方面，它落後於我們。

The capacity for the 2-, 2.5-gigawatt hour that we wanted to start with from an equipment point of view is all there and all installed. When we come to ramping Phase II, that's when we'll start looking again of where capital equipment is going to be, but we don't expect issues, and it's not an issue right now for us.

從設備的角度來看，我們想要開始的 2、2.5 吉瓦時的容量已經全部安裝完畢。當我們進入第二階段時，我們將再次開始尋找資本設備的位置，但我們預計不會出現問題，而且現在對我們來說也不是問題。

Okay. That's super helpful. And then just in terms of sourcing material for the ramp-up, can you talk a little bit about how those contracts are structured and how much variability do you have in them from an input cost perspective?

好的。這非常有幫助。然後就採購材料而言，您能否談談這些合同的結構以及從投入成本的角度來看，您在其中有多少可變性？

Sure. So first of all, when you design a battery, once you've locked the chemistry, you're very much locked with the vendor that you have. So in general, the materials that you're going to use are determined and usually go into supply agreements with the ore manufacturers. The most important will be the cathode materials, electrolyte and anode materials.

當然。所以首先，當你設計電池時，一旦你鎖定了化學成分，你就與你擁有的供應商非常鎖定。所以一般來說，你要使用的材料是確定的，通常會與礦石製造商簽訂供應協議。最重要的將是正極材料、電解質和負極材料。

And in general, we have those in place. So the work -- once you have the agreement in place is the fact that you give a kind of a rolling forecast and you are -- we basically need to make sure that the rolling forecast is matching what you're supposed to make.

總的來說，我們有這些。因此，工作——一旦達成一致，你給出一種滾動預測，你就是——我們基本上需要確保滾動預測與你應該做出的預測相匹配。

Right now, our relationship with all of the vendors related to the cell that we will manufacture in Sella 2 are established. The quantities and expected quantities were provided to them. And at least right now, we do not see any issues with ramping as we plan.

目前，我們與所有與我們將在 Sella 2 中製造的電池相關的供應商建立了關係。向他們提供了數量和預期數量。至少現在，我們沒有看到我們計劃的斜坡有任何問題。

(Operator Instructions) We'll take our next question from Kashy Harrison with Piper Sandler.

（操作員說明）我們將回答 Kashy Harrison 和 Piper Sandler 的下一個問題。

So maybe first one for me. Ronen, you highlighted improving operating leverage in your prepared remarks. I was wondering if you could maybe walk us through how we should be thinking about operating expenses entering Q2 since this is becoming -- since operating leverage is becoming more of an important piece of the story.

所以也許對我來說是第一個。 Ronen，您在準備好的評論中強調了提高運營槓桿。我想知道您是否可以引導我們了解我們應該如何考慮進入第二季度的運營費用，因為這正在成為 - 因為運營槓桿正在成為故事中越來越重要的一部分。

And then I was wondering if you could also share how much working capital you expect to spend this year? And then finally, Rest of the World volumes were down year-over-year. If you could just walk us through that, that would be great.

然後我想知道您是否也可以分享您今年預計花費多少營運資金？最後，世界其他地區的銷量同比下降。如果你能引導我們完成那個，那就太好了。

Okay. So let's go -- let's actually start one by one. So -- and I'm sorry, I lost my train of thought. So can you start with the first one? Sorry, I do not operating leverage, sorry, right, Kashy?

好的。所以讓我們開始吧——讓我們一個一個地開始。所以——我很抱歉，我失去了思路。那麼你可以從第一個開始嗎？對不起，我不操作槓桿，對不起，Kashy？

Yes.

是的。

Okay. So for operating leverage, there are 2 phenomenas that we've seen in Q2. The first one, by the way, is the fact that we see revenues continue to increase. And as you saw in our guidance, we're guiding for $710 million to $740 million. This is approximately close to 10% or even more than 10% increase.

好的。因此，對於經營槓桿，我們在第二季度看到了兩種現象。順便說一句，第一個是我們看到收入繼續增加的事實。正如您在我們的指導中看到的那樣，我們的指導價為 7.1 億美元至 7.4 億美元。這大約是接近 10% 甚至超過 10% 的增長。

We do not expect to see expenses growing. Usually in the second quarter of the year we have 1 phenomena where our salary merit increases are taking place. So you see a little bit of acceleration in the operating expenses in this quarter that is then going down a little bit during the second -- sorry, into the third and fourth quarter.

我們預計費用不會增長。通常在今年的第二季度，我們會出現 1 個現象，即我們的薪水正在發生增長。因此，您看到本季度的運營費用略有加速，然後在第二季度略有下降 - 抱歉，進入第三和第四季度。

So I think that when we shared the model of the Analyst Day showing that we should end up at approximately 20% of operating profit -- and having -- that implies about, I would say, 10% to 11% of operating margins -- sorry, operating expenses out of the revenues -- this is the number we're still aiming. This is what we see. We get a little bit of help here now, by the way, from exchange rate because whatever we are losing on the revenue line in the euro -- euro, we're were saving on the expenses side on the Israeli sheqel weakening and the euro.

所以我認為，當我們分享分析師日的模型顯示我們最終應該獲得大約 20% 的營業利潤 - 並且擁有 - 我會說，這意味著大約 10% 到 11% 的營業利潤率 -抱歉，營業費用從收入中扣除——這是我們仍在瞄準的數字。這就是我們所看到的。順便說一句，我們現在從匯率中得到了一點幫助，因為無論我們在歐元收入線上損失什麼——歐元，我們都在以色列謝克爾疲軟和歐元的開支方面存錢.

And again, we believe that this is on track. So you may see in Q2, at least on the expense side, you're going to see a little bit of a hike up that will be slowing down in Q3, and you will see the jump in revenue that we saw, and this will lead us into that stage. Second question was with what?

再一次，我們相信這正在走上正軌。所以你可能會在第二季度看到，至少在費用方面，你會看到第三季度會放緩的一點點增長，你會看到我們看到的收入增長，這將帶領我們進入那個階段。第二個問題是什麼？

Working capital?

營運資金？

Working capital. Sorry, Kashy, and thank you, very much for reminding. Actually, we expect to see the usage of working capital reversing already in Q2 and we expect for the year to be generating a substantial amount of cash flow from operations.

營運資金。對不起，Kashy，謝謝你，非常感謝你的提醒。實際上，我們預計第二季度營運資金的使用已經逆轉，我們預計今年將從運營中產生大量現金流。

So in that sense, the working capital need that we saw in Q1, we view it as relatively unique and not something that will characterize the expectation -- or I would call it remaining of the year.

因此，從這個意義上說，我們在第一季度看到的營運資金需求，我們認為它是相對獨特的，而不是預期的特徵——或者我稱之為今年剩餘時間。

Last question -- yes, it's more of an internal prioritization. Q4, we delivered a lot to Rest of World and particularly to Asia, and we balanced that out in Q1 using what we have.

最後一個問題——是的，它更多的是內部優先級。第四季度，我們向世界其他地區，尤其是亞洲地區交付了很多產品，我們在第一季度利用現有資源平衡了這一點。

We're -- we are supply constrained, not demand constrained, and we probably could could've delivered a record revenue to Rest of World as well this quarter, from a megawatt perspective, but with the capacity that we had and what we delivered in Q4, this quarter was indeed a lower quarter in the ROW compared to what we wanted to ship to Europe and the U.S.

我們 - 我們是供應受限，而不是需求受限，從兆瓦的角度來看，我們可能本季度也可以為世界其他地區帶來創紀錄的收入，但我們擁有的產能和交付的產品在第四季度，與我們想要運往歐洲和美國的產品相比，本季度在 ROW 中確實是一個較低的季度。

At this time, we have no further questions in the queue. I would like to turn the conference back to Zvi Lando for any additional or closing remarks.

目前，我們在隊列中沒有其他問題。我想將會議轉回 Zvi Lando，以獲取任何補充或結束語。

Thank you, Keith. I just wanted to thank everyone for joining us today. Take care and stay safe and see you in another quarter. Thanks.

謝謝你，基思。我只是想感謝大家今天加入我們。保重並保持安全，我們在另一個季度再見。謝謝。

Thank you. Ladies and gentlemen, this concludes today's conference. We appreciate your participation. You may now disconnect.

謝謝你。女士們，先生們，今天的會議到此結束。我們感謝您的參與。您現在可以斷開連接。