Shoals Technologies Group Inc (SHLS) 2024 Q3 法說會逐字稿

Hello and welcome to the Shoals Technologies Group, Inc. third quarter 2024 earnings call. My name is Alex and I'll be coordinating the call today. (Operator Instructions)

您好，歡迎參加 Shoals Technologies Group, Inc. 2024 年第三季財報電話會議。我叫亞歷克斯，今天我將協調通話。（操作員說明）

I'll now hand it over to our host Matt Tractenberg to begin. Please go ahead.

現在我將把它交給我們的主持人馬特·特拉滕伯格（Matt Tractenberg）開始。請繼續。

Thank you, Alex, and thank you everyone for joining us today. Hosting the call with me is our CEO, Brandon Moss; and our CFO, Dominic Bardos. On this call, management will be making projections or other forward-looking statements based on current expectations and assumptions which are subject to risks and uncertainties which should not be considered guarantees of performance or results. Actual results could differ materially from our forward-looking statements.

謝謝你，亞歷克斯，也謝謝大家今天加入我們。與我一起主持電話會議的是我們的執行長布蘭登·莫斯 (Brandon Moss)；以及我們的財務長多米尼克·巴爾多斯 (Dominic Bardos)。在這次電話會議上，管理層將根據當前的預期和假設做出預測或其他前瞻性陳述，這些預期和假設受到風險和不確定性的影響，不應被視為業績或結果的保證。實際結果可能與我們的前瞻性陳述有重大差異。

Risk factors include, among other things, those described in our filings with the Securities and Exchange Commission, including economic market and industry conditions, project delays, the effects of competitive dynamics, volume discounts and other customer mix in our key markets, defects or performance problems in our products or their parts, including those related to the wire insulation shrinkback matter, failure to accurately estimate the potential losses related to such matter, and failure to recover those losses from the manufacturer, decreased demand for our products, policy and regulatory changes, supply chain disruptions, and availability and price of our components and materials.

風險因素包括我們向美國證券交易委員會提交的文件中描述的因素，包括經濟市場和行業狀況、項目延誤、競爭動態的影響、批量折扣和我們主要市場中的其他客戶組合、缺陷或績效我們的產品或其零件出現問題，包括與電線絕緣收縮問題相關的問題、未能準確估計與此類問題相關的潛在損失以及未能從製造商處收回這些損失、對我們產品的需求減少、政策和監管變化、供應鏈中斷以及我們的組件和材料的可用性和價格。

Today's presentation also includes references to non-GAAP financial measures. You should refer to the information contained in the company's third quarter press release for definitional information and reconciliations of historical non-GAAP measures to the comparable GAAP financial measures.

今天的演示也提到了非公認會計準則財務指標。您應該參考公司第三季新聞稿中包含的信息，以了解歷史非公認會計準則衡量指標與可比較公認會計準則財務衡量指標的定義資訊和調節表。

Please note, that the slides you see here are available for download from the Investor Relations section of our website at investors.shoals.com.

請注意，您在此處看到的幻燈片可以從我們網站的投資者關係部分下載：investors.shoals.com。

With that, let me turn the call over to Brandon.

現在，讓我把電話轉給布蘭登。

Thank you, Matt, and good afternoon, everyone. I'll begin by sharing some thoughts on the current events that we're all navigating and provide some color on markets we operate in. I'll then spend some time discussing the progress we're making with customers, new products, and growth opportunities. Dominic will then review our financial results for the quarter and provide our outlook on the remainder of 2024.

謝謝你，馬特，大家下午好。首先，我將分享我們正在經歷的當前事件的一些想法，並為我們所在的市場提供一些資訊。然後我將花一些時間討論我們與客戶的進展、新產品和成長機會。然後，多明尼克將回顧我們本季的財務業績，並提供我們對 2024 年剩餘時間的展望。

Like many of you, I'm pleased that the election uncertainty is behind us. While we've seen recent volatility in solar equities, we believe the outlook for US utility scale solar remains bright. While some have expressed concern the new administration will enact policies that harm the domestic solar industry, it is important to remember that there are almost a half a million jobs tied to solar and storage.

和你們許多人一樣，我很高興選舉的不確定性已經過去。儘管我們看到太陽能股票最近出現波動，但我們相信美國公用事業規模太陽能的前景仍然光明。儘管有些人擔心新政府將制定損害國內太陽能產業的政策，但重要的是要記住，有近 50 萬個就業機會與太陽能和儲存相關。

Those jobs are in both red and blue states and have support from both parties. In fact, almost 3 times more clean energy investment occurred in Republican congressional districts than in Democratic districts since the IRA was enacted. Of the top 10 congressional districts that have attracted the most clean energy investments, nine are led by Republican lawmakers. The IRA has not only advanced clean energy, but has had meaningful impact on the local and national economy regardless of political affiliation.

這些工作都在紅州和藍州，並得到了兩黨的支持。事實上，自 IRA 頒布以來，共和黨國會選區的清潔能源投資幾乎是民主黨選區的三倍。在吸引最多清潔能源投資的十大國會選區中，有九個由共和黨議員領導。愛爾蘭共和軍不僅推進了清潔能源的發展，而且無論政治派別如何，都對地方和國家經濟產生了有意義的影響。

While we may see some elements of the clean energy tax credits look different in the coming four years, we believe solar will fare well. Recall that Shoals does not receive any 45x credits and employs over a 1000 people across the US. As a member of the Solar Energy Industries Association, we're proud of the bipartisan work we've done to advance the solar industry in America.

雖然我們可能會看到未來四年清潔能源稅收抵免的某些內容看起來有所不同，但我們相信太陽能將表現良好。回想一下，Shoals 沒有獲得任何 45 倍積分，但在美國擁有超過 1000 名員工。身為太陽能產業協會的成員，我們為兩黨為推動美國太陽能產業所做的工作感到自豪。

In our opinion, the clean energy transition is more important now than ever before and is crucial to meeting the increasing need for more power, both in the US and globally. While nuclear power will play a role in future energy needs, the extended timelines and cost associated with nuclear projects reinforce our belief in solar's position as the most efficient near-term solution for addressing immediate power needs.

我們認為，清潔能源轉型現在比以往任何時候都更加重要，對於滿足美國和全球日益增長的電力需求至關重要。雖然核電將在未來的能源需求中發揮作用，但與核子計畫相關的延長的時間表和成本增強了我們對太陽能作為解決當前電力需求的最有效的近期解決方案的信念。

The recent FERC ruling rejecting the Amazon and talent agreement is telling. We continue to believe that solar is positioned to deliver the power we need today and we will help our customers deploy it as quickly and efficiently as possible. There will always be macro headwinds of some form to navigate. This much we know, but we remain focused on creating value for our customers and shareholders over the long-term.

FERC 最近拒絕亞馬遜和人才協議的裁決很能說明問題。我們仍然相信太陽能能夠提供我們今天所需的電力，我們將幫助我們的客戶盡可能快速、有效率地部署它。總是會有某種形式的宏觀逆風需要應對。我們知道的就這麼多，但我們仍然專注於長期為客戶和股東創造價值。

And from where I'm standing, there's a lot to celebrate. In the near-term, as we've shared with you all year, the timing of when projects are awarded to the EPC by developers and in turn to us by the EPC has been lengthening. Delays are a current reality for us and others and are seen across project size, geography, and choice of panel or tracker. In addition, they are independent of the depth and scope of our relationship with the EPC.

從我現在的立場來看，有很多值得慶祝的事情。短期內，正如我們全年與大家分享的那樣，開發商將專案授予 EPC、EPC 將專案授予我們的時間一直在延長。對於我們和其他人來說，延遲是當前的現實，並且在專案規模、地理位置以及面板或追蹤器的選擇方面都存在延遲。此外，它們獨立於我們與 EPC 關係的深度和範圍。

We remain close to our customers and that color is in turn offered here to you. In some cases, the developer is renegotiating the PPA given the ever shifting financial assumptions. In others, permitting has taken longer than planned. In some, the project's place in the interconnection queue remains too distant to continue construction or financing without adjustment and yet in others rapidly increasing labor costs have required another review of the project's economics.

我們與客戶保持密切聯繫，並為您提供該顏色。在某些情況下，考慮到不斷變化的財務假設，開發商正在重新談判購電協議。在其他國家，獲得許可所需的時間比計劃的要長。在一些國家，該項目在互連隊列中的位置仍然太遠，無法在不進行調整的情況下繼續建設或融資，而在另一些國家，勞動力成本的迅速增加要求對項目的經濟性進行再次審查。

These projects are not canceled and neither are agreements with customers related to these projects. The industry is at a unique point. On one hand, our power needs are off the charts fueled by AI, onshoring, and volatile weather. On the other hand, solar is among the lowest LCOE and quickest time to deploy, but is currently challenged by regulatory and supply chain issues.

這些項目不會被取消，與這些項目相關的客戶協議也不會被取消。該行業正處於一個獨特的時刻。一方面，由於人工智慧、離岸外包和多變的天氣，我們的電力需求超出了預期。另一方面，太陽能是平準化度電成本最低且部署時間最快的產業之一，但目前面臨監管和供應鏈問題的挑戰。

There are more than 2,600 gigawatts of generation and storage capacity actively seeking grid interconnection. It's increased eightfold in the last decade and is now more than twice the total installed capacity of the existing US power plant fleet. Solar, battery storage, and wind accounted for 95% of the active capacity in the queue at the end of 2023.

有超過2,600吉瓦的發電和儲存容量正在積極尋求電網互連。在過去十年中增加了八倍，現在是美國現有發電廠總裝置容量的兩倍多。截至 2023 年底，太陽能、電池儲存和風能佔活躍容量的 95%。

Simply put, it's been a clear bottleneck, but I'm confident these issues will ease in time. Based on EIA data, as of July of this year, only 40% of utility scale solar projects are on schedule. 60% are delayed. That is 10 percentage-points higher than the same time last year and double the percentage of 2022. We do not believe these delays will continue in the long-term and so we remain flexible and stay close to our customers.

簡而言之，這是一個明顯的瓶頸，但我相信這些問題會及時緩解。根據EIA數據，截至今年7月，只有40%的公用事業規模太陽能專案按計畫進行。 60% 被延遲。這比去年同期高出 10 個百分點，是 2022 年百分比的兩倍。我們認為這些延誤不會長期持續，因此我們保持靈活性並與客戶保持密切聯繫。

This quarter was very busy for us. Revenue came in within our guided range at $102.2 million driven by our team's solid execution. In August, Shoals received a favorable initial determination from the ITC regarding our patent infringement case against Voltage. We view this victory as an extremely important step in protecting our intellectual property.

這個季度對我們來說非常忙碌。在我們團隊紮實的執行力的推動下，收入達到了 1.022 億美元的指導範圍。8 月，Shoals 收到了 ITC 就我們針對Voltage 的專利侵權案作出的有利初步裁決。我們認為這場勝利是保護我們智慧財產權的極其重要的一步。

The target date for completion of the ITC investigation is scheduled for late December and final resolution following a potential presidential review in February 2025. As previously stated, we plan on pursuing damages in our pending district court case. We are also committed to ensuring a new expanded BLA patent portfolio receives the same level of protection.

ITC 調查的目標日期定於 12 月底，並在 2025 年 2 月進行總統審查後得出最終解決方案。如前所述，我們計劃在未決的地區法院案件中尋求損害賠償。我們也致力於確保新擴展的 BLA 專利組合獲得同等水準的保護。

In September, we held our first Investor Day, which is available for replay on our website. We presented a comprehensive strategy and product roadmap, our key growth opportunities, introduced lots of new faces on our leadership team and shared our three year financial objectives.

九月，我們舉辦了第一屆投資者日，可在我們的網站上重播。我們提出了全面的策略和產品路線圖、我們的關鍵成長機會，在我們的領導團隊中引入了許多新面孔，並分享了我們的三年財務目標。

We continue to believe our strategy is sound, and we will win in the marketplace, and operational improvements will drive increased shareholder value. We also came away from customer conversations at RE+ in September increasingly optimistic. Most agree that the industry is poised for growth again and that if some of the transitory issues can be alleviated, current industry forecasts could prove conservative. Our compelling value proposition, new innovative products, and investment in our commercial organization are beginning to deliver results as evidenced by our updated revenue guidance, which is near the high end of our prior outlook.

我們仍然相信我們的策略是合理的，我們將在市場上獲勝，營運改善將推動股東價值的增加。我們在 9 月的 RE+ 客戶對話中也變得越來越樂觀。大多數人都認為，該行業有望再次成長，如果一些暫時性問題能夠得到緩解，當前的行業預測可能會被證明是保守的。我們引人注目的價值主張、新的創新產品以及對商業組織的投資正在開始產生成果，我們更新的收入指導證明了這一點，該指導接近我們之前展望的高端。

We are improving relationships with existing customers, establishing relationships with new customers, and increasing the agility and flexibility in how we deliver our products. The proof points appear not only in the 70% of the market we've traditionally addressed but in the incremental 30 that we are now pursuing. We've built a strong and experienced team that is purely focused on taking exceptional care of our customers. It's exciting to watch and even more encouraging to hear the feedback. We've quoted almost $2 billion worth of projects this year alone.

我們正在改善與現有客戶的關係，與新客戶建立關係，並提高我們交付產品的敏捷性和靈活性。這些證據不僅出現在我們傳統上佔據的 70% 的市場中，而且還出現在我們現在正在追求的 30% 增量的市場中。我們建立了一支強大且經驗豐富的團隊，專注於為客戶提供卓越的服務。觀看令人興奮，聽到回饋更令人鼓舞。光是今年，我們就報價了近 20 億美元的項目。

Following the initial ITC ruling, we signed up four new EPC customers. In 2023, a record revenue year, there were four top 10 EPCs in the US that combined contributed less than $1 million of revenue to Shoals. Those same four customers have driven more than $25 million of revenue this year so far and have a combined four gigawatts in backlog and awarded orders.

在 ITC 做出初步裁決後，我們簽約了四家新的 EPC 客戶。2023 年是營收創紀錄的一年，美國十大 EPC 中有四家為 Shoals 貢獻的收入總計不到 100 萬美元。到目前為止，這四家客戶今年的收入已超過 2,500 萬美元，積壓訂單和已獲訂單總計達 4 吉瓦。

And we've shipped our first project to the new very large EPC we signed an MSA with earlier this year. They have potential to be one of our largest customers going forward. We are very pleased with the quality and diversity of our order book. Wallet share amongst our largest customers remains steady as evidenced by the 12 gigawatt MSA we signed this summer.

我們已將第一個專案交付給新的超大型 EPC，並在今年稍早簽署了 MSA。他們有潛力成為我們未來最大的客戶之一。我們對訂單的品質和多樣性感到非常滿意。我們最大的客戶中的錢包份額保持穩定，我們今年夏天簽署的 12 吉瓦 MSA 證明了這一點。

It's worth noting that no portion of that 12 gigawatt MSA is in our backlog. The investments we've made in our commercial plan are yielding results, and I'm very proud of the progress that we've made. Some of the success we are seeing on the commercial front is driven by a renewed commitment to product innovation. 2kV is a great example. This is an advanced electrical system designed to increase the voltage in solar projects to 2,000 volts, improving the efficiency, sustainability, and cost effectiveness of solar installations. Shoals is uniquely positioned to drive this change.

值得注意的是，12 吉瓦 MSA 中沒有任何一部分處於我們的積壓工作中。我們在商業計劃中所做的投資正在產生成果，我對我們所取得的進展感到非常自豪。我們在商業方面看到的一些成功是由對產品創新的新承諾所推動的。 2kV 就是一個很好的例子。這是一種先進的電氣系統，旨在將太陽能專案的電壓提高到 2,000 伏特，從而提高太陽能裝置的效率、永續性和成本效益。Shoals 具有獨特的優勢來推動這項變革。

Previous transitions to higher voltage have been a game changer, especially for utility scale solar, because they've dramatically reduced the cost per watt of energy production, and we expect the transition to 2kV to have a similar impact. We have an exciting pilot plan with industry leaders like GE Vernova, and we're looking forward to showing customers how 2kV can change their business.

先前向更高電壓的過渡已經改變了遊戲規則，特別是對於公用事業規模的太陽能來說，因為它們大大降低了每瓦能源生產的成本，我們預計向 2kV 的過渡也會產生類似的影響。我們與 GE Vernova 等行業領導者制定了令人興奮的試點計劃，我們期待向客戶展示 2kV 如何改變他們的業務。

One of the growth initiatives we presented at our Investor Day in September was CC&I. This market is approximately 10% of the size of utility scale solar in the US but growing at an attractive pace. Additionally, we believe it leverages our current strengths and application expertise and utilizes many of our current products and manufacturing capabilities.

我們在 9 月的投資者日上提出的成長舉措之一是 CC&I。該市場約占美國公用事業規模太陽能市場規模的 10%，但成長速度頗具吸引力。此外，我們相信它利用了我們當前的優勢和應用專業知識，並利用了我們當前的許多產品和製造能力。

Our value proposition is compelling to these customers as well, so we believe it's a natural fit. Our focus on the CC&I market and the investments made to address this opportunity in 2024 have been significant. We've built an experienced commercial and product development team to focus specifically on this market. In 2024 so far, we've quoted 64 projects and have already begun shipping product.

我們的價值主張對這些客戶也很有吸引力，因此我們相信這是天作之合。我們對 CC&I 市場的關注以及為抓住 2024 年這一機會而進行的投資意義重大。我們建立了一支經驗豐富的商業和產品開發團隊，專門專注於這個市場。2024年至今，我們已報價64個項目，並已開始出貨。

We've also signed an agreement with one of the largest distributors in the space. In summary, we're stepping on the gas, and while we're proud of how far we've come so quickly, I'm even more excited about what 2025 will bring. Battery Energy Storage Solutions is another exciting opportunity and one we're investing in heavily. We've hired an experienced industry veteran to lead the business unit, increased our marketing efforts, and heard very positive feedback from customers on the new standardized configurations we introduced at RE+.

我們還與該領域最大的分銷商之一簽署了協議。總而言之，我們正在加速前進，雖然我們為如此快的進展感到自豪，但我對 2025 年將帶來的事情更加興奮。電池儲能解決方案是另一個令人興奮的機會，也是我們正在大力投資的機會。我們聘請了一位經驗豐富的行業資深人士來領導該業務部門，加大了營銷力度，並聽取了客戶對我們在 RE+ 推出的新標準化配置的非常積極的反饋。

We understand where we fit in the market and we believe that we have the right products today, recombiners and disconnects. The market is expected to experience significant growth in the coming years to more than double in size by 2027. We believe our strategy is sound and our core value proposition is compelling. I look forward to sharing more project wins as this business builds momentum through 2025.

我們了解自己在市場中的定位，並相信我們今天擁有合適的產品、重組和斷開器。預計未來幾年該市場將顯著成長，到 2027 年規模將增加一倍以上。我們相信我們的策略是合理的，我們的核心價值主張是引人注目的。隨著該業務在 2025 年保持強勁勢頭，我期待分享更多專案成果。

In summary, there are always going to be market disruptions or macro issues to navigate and today is no different. We recognize there are numerous and often conflicting views on the state of the sector within our economy. However, markets have historically overestimated the impact of macro disruptions on the downside and underappreciate the abilities of good companies to navigate those challenges.

總之，總是會出現市場混亂或宏觀問題需要解決，今天也不例外。我們體認到，對於我們經濟中的產業狀況，存在著眾多且常常相互矛盾的觀點。然而，市場歷來高估了宏觀經濟下行的影響，而低估了優秀企業應對這些挑戰的能力。

Shoals is a high quality company with a marquee customer list and leading market share in attractive markets with an experienced team. I'm very confident in where we are and the direction we're headed.

Shoals 是一家高品質公司，擁有大量客戶，在有吸引力的市場中擁有領先的市場份額，擁有經驗豐富的團隊。我對我們所處的位置和前進的方向非常有信心。

With that, I'll now turn it over to Dominic, who will discuss our third quarter financial results and

現在，我將把它交給多明尼克，他將討論我們第三季的財務表現和

our outlook for the remainder of the year. Dominic?

我們對今年剩餘時間的展望。多明尼克？

Thanks, Brandon, and good morning to everyone on the call. Turning to our financial results, third quarter net revenue declined 23.9% to $102.2 million year-over-year but increased 2.9% sequentially. The year-over-year decline in net revenue was largely driven by project delays, which we've been discussing all year, and to a lesser extent, the competitive dynamics, volume discounts, and customer mix.

謝謝布蘭登，祝所有參加電話會議的人早安。轉向我們的財務業績，第三季淨收入年減 23.9% 至 1.022 億美元，但季增 2.9%。淨收入年減主要是由專案延誤造成的，我們全年都在討論這個問題，其次是競爭動態、批量折扣和客戶組合。

Gross profit increased to $25.4 million compared to $14.2 million in the prior year period. We recorded a $13.3 million charge related to wire insulation shrinkback remediation in the current period. This resulted in GAAP gross profit percentage of 24.8% compared to 10.5% in the prior year period. I'll provide more detail on this in a moment.

毛利增加至 2,540 萬美元，而去年同期為 1,420 萬美元。我們記錄了本期與電線絕緣收縮修復相關的 1,330 萬美元費用。這導致 GAAP 毛利潤率為 24.8%，而去年同期為 10.5%。我稍後將提供更多詳細資訊。

Adjusted gross profit percentage, which excludes the effect of that warranty charge was 37.9% largely driven by higher labor costs, some nonrecurring operational charges, volume discounts, and to a lesser degree, lower fixed cost absorption. We continue to target 42% adjusted gross profit percentage over the longer term.

調整後的毛利率（不包括保固費用的影響）為 37.9%，主要是由於勞動力成本上升、一些非經常性營運費用、批量折扣以及較小程度的固定成本吸收降低所致。長期來看，我們繼續將調整後毛利率目標定為 42%。

Adjusted EBITDA was $24.5 million compared to $48.0 million in the prior year period. Adjusted EBITDA margin was 24.0% compared to 35.8% a year ago, driven largely by lower sales and adjusted gross profit percentage. General and administrative expenses were $18.7 million compared to $22.6 million during the prior year period. The year-over-year decrease in G&A expense was primarily related to lower stock based and incentive compensation. Approximately $2.3 million of G&A expense was specifically related to the ongoing wire insulation shrinkback litigation.

調整後 EBITDA 為 2,450 萬美元，去年同期為 4,800 萬美元。調整後 EBITDA 利潤率為 24.0%，而去年同期為 35.8%，主要是由於銷售額下降和調整後毛利率百分比所致。一般及行政費用為 1,870 萬美元，上年同期為 2,260 萬美元。一般及行政費用較去年同期下降主要與股票薪酬和激勵薪酬下降有關。大約 230 萬美元的一般管理費用與正在進行的電線絕緣收縮訴訟特別相關。

Net loss was $0.3 million compared to net loss of $9.8 million during the prior year period. Adjusted net income was $13.9 million compared to $33.4 million in the prior year period. As I mentioned earlier, I'd like to provide some additional color on the status of our warranty remediation. We've been working hard on identifying and remediating shrinkback of the prysmian wire we've spoken to you about.

淨虧損為 30 萬美元，而去年同期淨虧損為 980 萬美元。調整後淨利為 1,390 萬美元，上年同期為 3,340 萬美元。正如我之前提到的，我想就我們的保固修復狀態提供一些額外的資訊。我們一直在努力識別和修復我們與您討論過的普睿司曼線的收縮問題。

And while the pace of new sites requesting inspection has fallen to one or two per quarter, we have gained a better understanding of the resources, time and expense required to remediate the problem harnesses while minimizing disruption to these operating sites in the field. Due to the performance variability of the prysmian wire in the field together with these other variables, we feel it prudent to continue providing a range.

雖然請求檢查的新站點的速度已降至每季一到兩個，但我們對修復問題線束所需的資源、時間和費用有了更好的了解，同時最大限度地減少對這些現場運營站點的幹擾。由於普睿司曼線材在現場的性能變化以及這些其他變量，我們認為繼續提供一系列產品是謹慎的做法。

As inspections occur, we've noted that some sites exhibit shrinkback while others do not. At this point in the process, based on additional information obtained in the quarter, we are able to tighten the potential range of outcomes. We now believe the likely range is $73 million on the low end to $160 million on the high end and we continue to track to the low end of that range.

在進行檢查時，我們注意到有些站點出現收縮，而有些則沒有。在此過程中，根據本季度獲得的其他信息，我們能夠收緊潛在結果的範圍。我們現在認為可能的範圍是低端 7300 萬美元到高端 1.6 億美元，並且我們將繼續追蹤該範圍的低端。

It is important to note that the increase in the low end this quarter is a function of a higher estimated cost per site requiring remediation, not a higher quantity of sites. We anticipate completing remediation of the identified sites known to us at this time in mid-2025. Customers have been supportive of our plans and are pleased with our efforts. During the quarter, we spent $6.3 million in cash for that remediation and had a remaining shrinkback warranty liability on our balance sheet of $53.0 million as of September 30.

值得注意的是，本季低端的成長是由於每個需要修復的站點的估計成本較高，而不是站點數量增加所致。我們預計將於 2025 年中期完成目前已知的已識別地點的修復。客戶一直支持我們的計劃並對我們的努力感到滿意。本季度，我們花費了 630 萬美元現金進行補救，截至 9 月 30 日，我們的資產負債表上剩餘的縮減保固負債為 5,300 萬美元。

The current portion of the remaining liability related to shrinkback is now $33.0 million. As a reminder, this represents the amount of cash we estimate we will consume during the next four quarters as we continue remediation efforts. This does not reflect any potential recovery from prysmian or increased reserves if our assumptions or knowledge of facts change. We expect this figure will be more than covered by our projected free cash flow over the same period.

目前與縮減相關的剩餘負債部分為 3,300 萬美元。提醒一下，這代表了我們預計在未來四個季度繼續進行補救工作時將消耗的現金數量。這並不反映出如果我們的假設或事實知識發生變化，普睿司曼或增加的儲備可能會帶來任何潛在的恢復。我們預計這一數字將超過我們預期的同期自由現金流量。

Our legal case against prysmian is progressing as planned, and we expect written discovery and depositions to be completed by mid-2025. Cash flow from operations in the third quarter was $15.7 million while capital expenditures were $2.4 million. Approximately $5 million of CapEx that we anticipated spending in 2024 will now occur in 2025. This is purely a function of timing around the planned move to our new consolidated factory next year. This change in timing will be reflected in our revised 2024 CapEx guidance I'll provide today and the 2025 guidance we will provide on our fourth quarter call in February.

我們針對普睿司曼的法律案件正在按計劃進行，我們預計書面取證和證詞將於 2025 年中期完成。第三季營運現金流為 1,570 萬美元，資本支出為 240 萬美元。我們預計 2024 年支出約 500 萬美元的資本支出現在將在 2025 年發生。這純粹是明年計劃搬遷到新的合併工廠的時間表的結果。這一時間上的變化將反映在我們今天提供的修訂後的 2024 年資本支出指南以及我們將在 2 月的第四季度電話會議上提供的 2025 年指南中。

Our balance sheet remains very strong and we ended the quarter with net debt to adjusted EBITDA of 1.2 times. Optimizing our balance sheet is crucial to maximizing financial flexibility and long-term growth. By carefully managing our assets and liabilities, we believe we can ensure efficient use of capital, reduce costs, and position the company to seize new opportunities as they arise.

我們的資產負債表仍然非常強勁，本季末淨負債與調整後 EBITDA 比率為 1.2 倍。優化我們的資產負債表對於最大限度地提高財務靈活性和長期成長至關重要。透過仔細管理我們的資產和負債，我們相信我們可以確保資本的有效利用，降低成本，並使公司能夠抓住出現的新機會。

Turning to our share repurchase program, the initial $25 million accelerated share repurchase was funded in the second quarter of this year. 60% or approximately 2.2 million of the total shares repurchased were delivered in Q2. The remaining 40% or approximately 1.7 million shares were delivered during the third quarter as is normal practice with an ASR.

談到我們的股票回購計劃，最初的 2,500 萬美元加速股票回購是在今年第二季籌集的。第二季交付了回購股份總數的 60%，約 220 萬股。其餘 40% 或約 170 萬股股票在第三季交付，這是 ASR 的正常做法。

There is $125 million currently remaining under the share repurchase authorization. We will continue to evaluate the cash deployment opportunities that we believe yield the highest return for shareholders. While we continue to believe our shares are trading below their intrinsic value, given the current market uncertainties, we value the flexibility that our current liquidity provides.

目前股票回購授權尚剩餘 1.25 億美元。我們將繼續評估我們認為能為股東帶來最高回報的現金配置機會。儘管我們仍然認為我們的股票交易價格低於其內在價值，但考慮到當前市場的不確定性，我們重視當前流動性提供的靈活性。

Backlog and awarded orders ended the third quarter at $596.6 million, a sequential decline of $46 million largely a function of the timing of projects awarded to customers. However, we've seen notable strength in the Q4 so far, adding almost $60 million of new projects to award orders as of last week.

截至第三季末，積壓訂單和已授予訂單為 5.966 億美元，環比下降 4,600 萬美元，這主要是由於授予客戶的專案時間表所致。然而，到目前為止，我們已經看到第四季度的顯著優勢，截至上週已增加近 6000 萬美元的新項目授予訂單。

As of September 30, approximately $455.2 million of our backlog and awarded orders have planned delivery dates in the coming four quarters, with the remaining $141.4 million beyond that. We are coming up on the end of 2024 and are cautiously optimistic as we look ahead to 2025. While we cannot control the regulatory environment or the availability of electrical equipment needed to complete solar fields, we can work to ensure customers get the quality products they need from Shoals in a timely manner and to manage our costs responsibly.

截至 9 月 30 日，我們的積壓訂單和已授予訂單中約 4.552 億美元已計劃在未來四個季度內交付，其餘 1.414 億美元在此之後。2024 年即將到來，我們對 2025 年持謹慎樂觀的態度。雖然我們無法控制監管環境或完成太陽能發電場所需的電氣設備的可用性，但我們可以努力確保客戶及時從 Shoals 獲得所需的優質產品，並負責任地管理我們的成本。

Turning now to our outlook. Based on current business conditions, business trends and other factors, for the quarter ending December 31, 2024, the company expects fourth quarter revenue to be in the range of $97 million to $107 million, adjusted EBITDA to be in the range of $23 million to $28 million. Those figures imply that for the full year 2024, the company now expects revenue to be in the range of $390 million to $400 million and adjusted EBITDA to be in the range of $96 million to $101 million.

現在轉向我們的展望。根據當前業務狀況、業務趨勢和其他因素，截至2024年12月31日的季度，該公司預計第四季度營收將在9,700萬美元至1.07億美元之間，調整後的EBITDA將在2,300萬美元至1.07億美元之間。這些數字意味著，該公司目前預計 2024 年全年營收將在 3.9 億美元至 4 億美元之間，調整後 EBITDA 將在 9,600 萬美元至 1.01 億美元之間。

In addition, adjusted net income to be in the range of $58 million to $62 million, cash flow from operations to be in the range of $70 million to $80 million, capital expenditures to be in the range of $8 million to $12 million and interest expense to be in the range of $12 million to $16 million.

此外，調整後淨利將在5,800萬美元至6,200萬美元之間，營運現金流將在7,000萬美元至8,000萬美元之間，資本支出將在800萬美元至1,200萬美元之間，利息支出將在800萬美元至1200萬美元之間介於1200萬至1600萬美元之間。

With that, I'll turn it back over to Brandon for closing remarks. Brandon?

至此，我將把它轉回給布蘭登做總結發言。布蘭登？

Thank you, Dominic. I want to close by offering some additional color on the environment we're navigating and the transformation taking place at Shoals. We believe we are at the cusp of a meaningful investment cycle within the clean energy sector. Our long-term financial model incorporates the Wood Mackenzie outlook of conservative growth in the US utility scale solar market, which we believe is realistic and achievable.

謝謝你，多米尼克。最後，我想為我們正在航行的環境以及淺灘正在發生的轉變提供一些額外的色彩。我們相信，我們正處於清潔能源領域有意義的投資週期的風口浪尖。我們的長期財務模型納入了伍德麥肯茲對美國公用事業規模太陽能市場保守成長的展望，我們認為這是現實且可實現的。

At the same time, we cannot ignore the potential energy shortfall we expect over the next decade or fail to recognize the favorable position solar is in to address it. We've detailed at length the processes, capabilities and strategies we've deployed that will help ensure we continue to win in the marketplace. We've identified attractive market segments, geographies and new products that will enable us to leverage our strengths and diversify our portfolio. We've seen incredible traction with existing customers, signed MSAs with multiple new EPCs and are winning back wallet share with others.

同時，我們不能忽視未來十年預期的潛在能源短缺，也不能忽視太陽能在解決這個問題上的有利地位。我們詳細介紹了我們部署的流程、能力和策略，這將有助於確保我們繼續在市場上獲勝。我們已經確定了有吸引力的細分市場、地區和新產品，這些產品將使我們能夠利用我們的優勢並使我們的產品組合多樣化。我們已經看到了現有客戶的巨大吸引力，與多個新的 EPC 簽署了 MSA，並正在贏得其他人的錢包份額。

Our product innovation engine is running on all cylinders and we are releasing exciting new products. We are building a world-class team of seasoned business leaders and are streamlining operations in a new facility that will allow us to optimize our footprint to become lean and agile. The transformation we've been talking about with you is beginning to change the look and feel of Shoals in ways that customers, investors and employees are noticing.

我們的產品創新引擎正在全速運轉，我們正在發布令人興奮的新產品。我們正在建立一支由經驗豐富的商業領袖組成的世界一流團隊，並正在新設施中簡化運營，這將使我們能夠優化我們的足跡，變得精益和敏捷。我們一直在與您討論的轉型正在開始改變 Shoals 的外觀和感覺，客戶、投資者和員工都注意到了這一點。

In closing, 2024 was a challenging year for Shoals and others in the industry. However, given our momentum and supported by our backlog and awarded orders, we believe we'll return to growth in the upcoming year. I want to thank all of our shareholders and customers for their continued trust and our employees for their hard work and dedication.

最後，2024 年對 Shoals 和業內其他公司來說是充滿挑戰的一年。然而，鑑於我們的勢頭以及我們的積壓訂單和已獲訂單的支持，我們相信我們將在來年恢復成長。我要感謝所有股東和客戶的持續信任，感謝我們員工的辛勤工作和奉獻。

Operator, we are now ready to take questions.

接線員，我們現在準備好回答問題。

(Operator Instructions)

（操作員說明）

Brian Lee, Goldman Sachs.

布萊恩李，高盛。

Hey, guys. Good morning. Thanks for taking the questions. I guess one on the ITC decision. I just kind of had maybe a little bit of a clarification or housekeeping question. My understanding was that there was a deadline for review, which is this week, maybe today. Have you heard any updates there? And if there are no updates, does that effectively mean there will be no review and the initial ruling is going to be largely representative of the final ruling? Maybe walk us through that a bit and also if I have the timing right? And I had a follow-up. Thanks.

嘿，夥計們。早安.感謝您提出問題。我猜想這與 ITC 的決定有關。我只是有一點澄清或內務問題。我的理解是審查有一個截止日期，那就是本週，也許是今天。您聽說那裡有任何更新嗎？如果沒有更新，這是否實際上意味著不會進行審查，並且初步裁決將在很大程度上代表最終裁決？也許可以帶我們去了解一下，如果我有合適的時間的話？我有一個後續行動。謝謝。

Brian, hey, thank you for the call. Good morning. I think you're right on the timing. It's either today or tomorrow, if I recall correctly, on the deadline for review. Look, I think there's -- in these cases, there's issues that come up from review from time-to-time. I don't think that, that should lead to any assumptions on how the case would turn out. So if there is something that is reviewed, it is a common occurrence. What we're looking for is that final determination that comes at the end of December.

布萊恩，嘿，謝謝你打電話來。早安.我認為你的時機是對的。如果我沒記錯的話，審核截止日期不是今天，就是明天。聽著，我認為在這些情況下，審查時不時會出現一些問題。我認為這不應該導致對案件結果的任何假設。所以，如果有什麼事情被審查，那是很常見的事情。我們期待 12 月底做出最終決定。

And to your question, have we heard anything about potential items up for review, we have not at this point. Having said all that, look, we still remain excited about the initial determination. It was a win for Shoals. And look I think probably as importantly, we plan to protect our new BLA patent portfolio as we did the last one. And we'll continue to pursue this case in the District Court following the final outcome of the ITC.

至於你的問題，我們是否聽說過任何有關潛在審查項目的消息，目前我們還沒有聽說過。話雖如此，我們仍然對最初的決定感到興奮。這是肖爾斯的一場勝利。我認為可能同樣重要的是，我們計劃像保護上一個專利組合一樣保護我們的新 BLA 專利組合。在美國國際貿易委員會得出最終結果後，我們將繼續在地方法院審理此案。

Okay. Fair enough. That's helpful. And then just a question on bookings. A bit softer this quarter, but then Dominic, I appreciate the commentary around what bookings strength you're seeing at the start of this quarter. Can you, I know it's lumpy, but can you give us a sense of that run rate relative to where you were during the third quarter?

好的。很公平。這很有幫助。然後只是一個關於預訂的問題。本季有點疲軟，但多明尼克，我很欣賞您在本季初看到的預訂量的評論。我知道情況很不穩定，但您能否讓我們了解相對於第三季的運行率？

It would seem like the better competitive landscape, the election out of the way and some of these new opportunities and customers you're talking about, you should see some meaningful strength in bookings activity with some of those headwinds out of the way. And based on the comments you made about the early start to Q4, maybe you're indicating that. But just any sense of how sustained you think the bookings momentum could be here in Q4 and maybe a comp to where you were at this point last quarter? Thanks, guys.

看起來競爭格局更好了，選舉已經結束，您正在談論的一些新機會和客戶，您應該會看到預訂活動中的一些有意義的力量，並且消除了一些不利因素。根據您對第四季度早期開始的評論，也許您正在表明這一點。但您認為第四季度的預訂動能有多持續，也許可以與上季此時的情況進行比較？謝謝，夥計們。

Brian, thanks for that. Yes, we've seen some good strength as we started the quarter. And I think as I mentioned in the remarks, we think there was some timing. There were some just folks holding out, as you mentioned, on some of the order processing. We have a very, very healthy pipeline. We've had quoting activity hit record levels. Some of the projects that are coming back online and coming through now from the award standpoint are represented in both 2025 revenue and some are already for 2026.

布萊恩，謝謝你。是的，在本季伊始，我們就看到了一些好的勢頭。我認為正如我在評論中提到的，我們認為有一些時機。正如您所提到的，有些人堅持不懈地進行某些訂單處理。我們有一個非常非常健康的管道。我們的報價活動達到了創紀錄的水平。從獲獎的角度來看，一些正在重新上線並通過的項目已計入 2025 年收入，有些項目已經計入 2026 年收入。

So we haven't guided to where the quarter is going to land. We just wanted to say, this isn't the first time we've seen this. I think a year ago, we had a dip, and we said, hey, there's some timing issues going on. But we're very pleased with the commercial gains that we've had, the customer engagement that we've had, some of the new customers since the ITC initial determination that we've had. So I'm very, very pleased with where we stand right now with our bookings.

因此，我們還沒有指導該季度的落地情況。我們只是想說，這不是我們第一次看到這種情況。我想一年前，我們經歷了一次下滑，我們說，嘿，出現了一些時機問題。但我們對自 ITC 最初做出決定以來所獲得的商業收益、客戶參與度以及一些新客戶感到非常滿意。所以我對我們目前的預訂情況非常非常滿意。

All right. Thanks, guys. Appreciate it.

好的。謝謝，夥計們。欣賞它。

Mark Strouse, JPMorgan.

馬克‧斯特勞斯，摩根大通。

Yeah, good morning. Thank you very much for taking our questions. Dominic, just one question for me. The gross margins in 3Q came in slightly below your target range of 40% to 45%. You mentioned a few things. Just I think you said some nonrecurring operational items. There might have been some other things. Can you just give us a bit more color on exactly what those were and how to think about gross margin going forward? Thank you.

是的，早安。非常感謝您接受我們的提問。多明尼克，只有一個問題要問我。第三季的毛利率略低於您 40% 至 45% 的目標範圍。你提到了一些事情。我認為您提到了一些非經常性運營項目。可能還有其他一些事情。您能給我們更多的資訊來說明這些具體是什麼以及如何考慮未來的毛利率嗎？謝謝。

Sure, absolutely. So, as you know, we've talked about some of the labor challenges when you're trying to have a volatile revenue plan coming in and out and how we've managed labor. We did run some elevated labor in the period. We also had some more unusual items that hit in the period, some supply chain things, some factors that impacted our efficiency on the floor. We had some expedited freight to make sure we had materials coming in at the right time.

當然，絕對。因此，如您所知，我們已經討論了當您試圖制定不穩定的收入計劃時遇到的一些勞動力挑戰以及我們如何管理勞動力。在此期間，我們確實進行了一些高強度的勞動。在此期間，我們也遇到了一些更不尋常的項目，一些供應鏈問題，一些影響我們車間效率的因素。我們有一些加急貨運，以確保我們的材料在正確的時間到達。

And when you're air freight heavy materials because there was just a snafu with some supply chain issues, it has an impact within the period. So I think the margin in and of itself, there are always going to be operational things. It just seemed like we had a few that were all coming in against us in Q3. I do not characterize them as long-term issues. Our guide for the long-term remains solid. We believe that the 40% to 45% target range is absolutely solid for us.

當你因為供應鏈問題而空運重型材料時，它會在這段時間內產生影響。所以我認為利潤率本身總是存在著可操作性的東西。看起來我們在第三季遇到了一些對手。我並不認為它們是長期問題。我們的長期指導仍然可靠。我們相信 40% 到 45% 的目標範圍對我們來說絕對是可靠的。

Next question, Alex.

下一個問題，亞歷克斯。

Philip Shen, ROTH Capital Partners.

沉飛，羅仕資本合夥人。

Thanks for taking my questions here. I wanted to follow up on the bookings thread. So I was wondering with the commercial success you're having, if we see book-to-bill at 1 or 1:1 in Q4? Do you see potential for that? And with the election, sorry, I'll just pause there. I'll start with the next one.

感謝您在這裡提出我的問題。我想跟進預訂線程。所以我想知道你們所取得的商業成功，我們是否會在第四季度看到訂單到帳單比例為 1 或 1:1？您認為這有潛力嗎？對於選舉，抱歉，我就在這裡暫停一下。我將從下一篇開始。

Yes, Phil, absolutely. I'm encouraged where we are in the quarter. We'd like to get that book-to-bill back over 1. So that's absolutely our target.

是的，菲爾，絕對是如此。我對我們本季的進展感到鼓舞。我們希望將訂單出貨率恢復到 1 以上。所以這絕對是我們的目標。

Phil, maybe just to jump on to Dominic's point and to give a little bit more color about our bookings and commercial activity. Look, we've talked about over the course of the last couple of quarters, the investment we've made in our commercial organization. We've done it across sales, product management and marketing, and that's beginning to pay dividends for us. And it's coming through in the results, right? We've quoted $2 billion worth of projects.

菲爾，也許只是為了跳到多明尼克的觀點，並為我們的預訂和商業活動提供更多的資訊。看，我們在過去幾個季度中討論了我們對商業組織的投資。我們在銷售、產品管理和行銷方面都做到了這一點，這開始為我們帶來紅利。結果已經體現出來了，對吧？我們已經報價了價值 20 億美元的項目。

That's up basically 50% year-over-year. A lot of those project quotes are due to our flexibility and new innovations that we're bringing to market, which is really neat to see. We've talked a lot about the past few quarters in talking about our wallet share. We had four EPCs that in 2023 did less than a combined $1 million with us. We've done $25 million year-to-date with those EPCs and we've got four gigs in our backlog and awarded orders.

年比基本上增長了 50%。許多專案報價都是由於我們向市場推出的靈活性和新創新而獲得的，這確實很令人高興。過去幾個季度我們在談論我們的錢包份額時談了很多。我們有四個 EPC，到 2023 年，它們為我們帶來的總收益不到 100 萬美元。今年迄今為止，我們已經透過這些 EPC 完成了 2500 萬美元的投資，並且我們的積壓訂單和已獲得的訂單中有四項演出。

We've seen four new EPCs, as Dominic mentioned, since the ITC ruling become customers, which is fantastic. We've started shipping our new large EPC that we talked about earlier in the year. We've launched a project with them that's now being deployed, which is great. And look we still have things going with our top customers and our historical top customers. None of the 12 gigawatts that we talked about earlier this year in our new MSA is in our backlog today. So we feel really good about the progress we're making on the commercial side of the business, and we are moving. So I expect strong bookings.

正如 Dominic 所提到的，自從 ITC 裁決成為客戶以來，我們已經看到了四個新的 EPC，這真是太棒了。我們已經開始交付今年早些時候討論過的新大型 EPC。我們與他們一起啟動了一個項目，目前正在部署，這非常棒。看起來，我們仍然與我們的頂級客戶和歷史頂級客戶保持著良好的關係。我們今年早些時候在新的 MSA 中談到的 12 吉瓦現在都沒有出現在我們的積壓訂單中。因此，我們對業務商業方面取得的進展感到非常滿意，並且我們正在採取行動。所以我預計會有大量預訂。

Great. Brandon, thanks for the color. Shifting over to the election results. The election is over. We're likely in for a red sweep and that could result in uncertainty around the IRA and the incentives there, including the ITC. So our checks suggest these changes could result in a positive activity in US utility scale solar in '25. I know it's really early, we're just a week out, but have you had those conversations yet with the customers? What's your sense in terms of the risk around slowdowns and pushouts for this new kind of headwind potentially? Thanks.

偉大的。布蘭登，謝謝你的顏色。轉向選舉結果。選舉結束了。我們可能會面臨紅色掃蕩，這可能會導致 IRA 及其激勵措施（包括 ITC）的不確定性。因此，我們的檢查表明，這些變化可能會導致 25 年美國公用事業規模太陽能的積極活動。我知道現在還很早，我們只剩下一週的時間了，但是您已經與客戶進行過這些對話了嗎？您對這種新的逆風可能帶來的經濟放緩和推出的風險有何看法？謝謝。

Yes, Phil, that's a great question. Probably goes without saying. We hear in Portland, Tennessee still love the solar market. We're excited about it. There has been varying degrees of opinions on how things will play out. I lean back just on the power needs here. Specifically in the US, we're seeing 3% to 5% load growth over the course of the next five years.

是的，菲爾，這是一個很好的問題。可能不言而喻。我們聽說田納西州波特蘭仍然熱愛太陽能市場。我們對此感到興奮。對於事情將如何發展，人們有不同程度的看法。我只是依靠這裡的電力需求。特別是在美國，我們預計未來五年負載將成長 3% 到 5%。

That may be an understated number. That's roughly 1,000 terawatt hours of power that is going to be consumed with data centers consuming probably 10% to 15% of that. A lot of conversation around nuclear here, probably more so the last 60 days than before. Obviously, that generation source has its place on the grid. I think it's probably worth pointing out that those plants won't be generating. The new generation probably doesn't come online for five to seven years. And I think we saw some things play out there with the Amazon and Talent situation here in the last couple of weeks.

這可能是個低估的數字。這大約會消耗 1,000 太瓦時的電力，而資料中心可能消耗其中的 10% 到 15%。這裡有很多關於核子的討論，過去 60 天可能比以前更多。顯然，該發電源在電網上佔有一席之地。我認為可能值得指出的是，這些工廠不會發電。新一代可能要五到七年才會上線。我認為過去幾週我們看到亞馬遜和人才的情況發生了一些變化。

So, look, we think solar still being lowest LCOE, quickest to deploy, and we've got projects that are ready to go nationwide, which is exciting. So I think the new administration is going to be supportive of that. I think there's a recognition that US has to dominate on the Gen AI front and we've got to have power to do that. A lot of investments, as you know, in red states. I live in one of those, Georgia, where we've seen substantial investments.

因此，我們認為太陽能仍然是度電成本最低、部署速度最快的項目，而且我們已經準備好在全國推廣的項目，這令人興奮。所以我認為新政府將支持這一點。我認為人們認識到美國必須在新一代人工智慧領域佔據主導地位，並且我們必須有能力做到這一點。如您所知，紅州有大量投資。我住在其中之一，喬治亞州，我們在那裡看到了大量投資。

So you've got some strong governors in red states that have been supportive of the renewables industry and also in Congress as well with 9 out of 10 top invested areas being Republican Congressman. So I'm excited about the new administration and I hope the theories about a pull forward or an acceleration in supporting solar and US manufacturing holds true.

因此，紅色州有一些強大的州長，他們一直支持再生能源產業，國會也是如此，十大投資領域中有九個是共和黨國會議員。因此，我對新政府感到興奮，我希望有關推動或加速支持太陽能和美國製造業的理論是正確的。

Thanks, Phil. Alex, next question, please.

謝謝，菲爾。亞歷克斯，請下一個問題。

Kashy Harrison. Piper Sandler.

卡希·哈里森。派珀·桑德勒.

Good morning, everyone, and thanks for taking my questions. So first one for me, on slide, I think, 16, you talked about $445 million of backlog scheduled to ship within the next 12 months. What are some of the parameters that underpin that statement, just given the lower contracted backlog in Q3 and the delays that we've seen all throughout 2024? Just trying to understand the confidence in that $445 million.

大家早安，感謝您提出我的問題。我認為第一張投影片上的第 16 頁，您談到了計劃在未來 12 個月內發貨的 4.45 億美元的積壓訂單。考慮到第三季的合約積壓量較低以及我們在 2024 年全年看到的延誤，支持該聲明的一些參數是什麼？只是想了解人們對這 4.45 億美元的信心。

Kashy, it's Dominic. Yes. So of the $455 million, you're right that some of that $455 million in the next few quarters, which takes us through three quarters of 2025, include delayed projects from 2024 that we had talked about earlier in the year. So it's not necessarily a forecast of our revenue. We're not necessarily calling our shot for '25, but it is based on our book of business right now, which I think over the past year has gotten healthier. I think there were some delays.

卡西，我是多明尼克。是的。因此，在4.55 億美元中，你是對的，未來幾個季度（這將帶我們度過2025 年的三個季度）的4.55 億美元中的一些項目包括我們今年早些時候討論過的2024 年推遲的項目。所以這不一定是我們收入的預測。我們不一定要為「25」做決定，但它是基於我們現在的業務手冊，我認為在過去的一年裡我們的業務變得更加健康。我認為有一些延誤。

I think projects that were on the fringe may have -- we may have told you about earlier quarters that we pushed some back into the pipeline. So I think our book of business is healthy. We've had good momentum this quarter thus far. The next four quarters are based on project time lines and delivery dates expected by the customers and we remain closer to those customers than ever. So I really believe that the health of our book of business is very strong.

我認為處於邊緣的項目可能有——我們可能已經告訴你前幾季我們將一些項目重新推回了籌備中。所以我認為我們的業務是健康的。到目前為止，本季度我們的勢頭良好。接下來的四個季度是基於客戶預期的專案時間表和交付日期，我們比以往任何時候都更接近這些客戶。所以我真的相信我們的業務非常健康。

And did you, sorry, did you talk about?

對不起，你有談過嗎？

Appreciate that. Oh, sorry, go ahead.

很欣賞這一點。哦，抱歉，請繼續。

Sorry, go ahead, Kashy.

抱歉，請繼續，卡西。

Yes, sure. So just my follow-up question. I think last quarter, you highlighted, Brandon, that your top 10 customers represented 61% of your backlog and awarded orders. Can you give us a sense of what that top 10 mix looks right now? Thank you.

是的，當然。這只是我的後續問題。Brandon，我認為上個季度您強調了您的前 10 位客戶佔您積壓訂單和已授予訂單的 61%。能為我們介紹一下目前排名前 10 名的組合是什麼樣子嗎？謝謝。

Yes. Great question. At this point, I don't want to get into details of the specifics of that backlog and the way it is assorted amongst customers. Again the only thing that I would point out is, as I think about our backlog and awarded orders, it's becoming healthier, as Dominic said, and more diverse. Again, I'd lean on the statement that I made earlier that we are really focused on wallet share of customer like we have talked about all year, and we're starting to see the dividends of that being paid with, again, $25 million of revenue of four top 10 EPCs flowing through already this year with 4 gigawatts of backlog and awarded orders. So we're excited about our order book, quality and diversity of that.

是的。很好的問題。在這一點上，我不想詳細介紹積壓的具體情況以及它在客戶中的分類方式。我再次要指出的唯一一件事是，正如多明尼克所說，當我想到我們的積壓訂單和已獲得的訂單時，它變得更加健康，也更加多樣化。再說一次，我會依賴我之前所做的聲明，即我們真正關注的是客戶的錢包份額，就像我們全年討論的那樣，我們開始看到它的股息再次被支付 2500 萬美元今年4 家排名前10 的EPC 企業的收入已達到4 吉瓦，積壓訂單和已獲訂單量達到4 吉瓦。因此，我們對我們的訂單、品質和多樣性感到興奮。

And if I could add just one thing. There is a delay right now at the EDGAR site with SEC. So our Q is not available to you. But in the first nine months of the year, customer A's concentration has now reduced to about 30% from last year, running 34%, 35%. So I think the diversity that Brandon was talking about is manifesting itself in our revenue recognition as well. So I just want to point that out that the Q and our 8-Ks have been filed and accepted, but they're just not published on the edgar.gov website yet. There's an issue on their end technically. I just want to put that out there.

如果我可以添加一件事的話。目前 EDGAR 站點與 SEC 之間存在延遲。所以我們的 Q 不適合您。但今年前9個月，客戶A的集中度已經比去年下降到30%左右，分別運行在34%、35%。因此，我認為布蘭登所說的多樣性也反映在我們的收入確認中。所以我只想指出，Q 和我們的 8-K 已提交並接受，但它們只是尚未在 edgar.gov 網站上發布。他們的技術上存在問題。我只是想把它放在那裡。

Thanks, Kashy. Alex, next question, please.

謝謝，卡什。亞歷克斯，請下一個問題。

Christine Cho, Barclays.

克里斯汀‧曹，巴克萊銀行。

Good morning. Thank you for taking my questions. Just on a follow-up about that backlog and that $455 million of deliveries. When projects are delayed, are you using your discretion of how long it's going to be delayed or do you actually have firmer time lines from the customers of how much it's going to be delayed? And you talked about how there's no cancellations, but that was another thing I wanted to ask like sort of is there any, I guess, what's the, from a customer standpoint, can they just like indefinitely delay or like at what point do they actually cancel?

早安.感謝您回答我的問題。只是關於積壓訂單和 4.55 億美元交付的後續情況。當專案延遲時，您是否自行決定要延遲多長時間，或者您實際上是否從客戶那裡得到了關於延遲時間的更確定的時間表？你談到瞭如何沒有取消，但這是我想問的另一件事，我猜，從客戶的角度來看，他們是否可以無限期延遲，或者他們實際上在什麼時候取消預訂？

Yes, Christine, good question. It's Brandon. Maybe I'll take the first part of that. We do not use our discretion in how we're pacing the backlog and awarded orders out or the potential award date. We're actually sitting down with our top customers on a weekly basis and we go through their construction schedule. So many of our top customers will share that schedule with us from the time that they're putting pilings in to the time that they're putting modules on trackers. So we've got a great understanding of those dates and timing and we blow that through our CRM, which drives these backlog and awarded order numbers. So while not totally perfect, we feel pretty good about that information, and we've been getting better and better and more rigorous around it as the year has gone. Dominic, maybe you want to hit the second part of that?

是的，克里斯汀，好問題。這是布蘭登。也許我會先講第一部分。我們不會自行決定如何調整積壓訂單、授予訂單或潛在授予日期。實際上，我們每週都會與我們的頂級客戶坐下來討論他們的施工計劃。我們的許多頂級客戶都會與我們分享從打樁到將模組安裝到追蹤器上的時間表。因此，我們對這些日期和時間表有了深入的了解，並透過 CRM 來實現這一點，從而推動了這些積壓訂單和已授予的訂單數量。因此，雖然並不完全完美，但我們對這些資訊感覺非常好，而且隨著這一年的過去，我們在這些資訊方面做得越來越好、越來越嚴格。多明尼克，也許你想看第二部分？

I was prepared to do the first one. I'm sorry. What was the second part, Christine, I'd be happy to.

我準備要做第一個。對不起。第二部分是什麼，克莉絲汀，我很樂意。

Like indefinitely postponing versus cancellation like cancellation actually happen?

就像無限期推遲與取消一樣，取消真的會發生嗎？

Yes, I apologize for forgetting that. I'll focus on the first part. Yes. So we have backlog, we actually have a contract. And as you know, we've had one cancellation in the past year. I think it was we talked about in Q1 that was actually a cancellation with one of our top customers that was beyond their control, and we worked with them on cancellation fees, et cetera, how to reapply some things if we could. With awarded orders, those are -- we do not have the contract yet.

是的，我很抱歉忘記了這一點。我將重點放在第一部分。是的。所以我們有積壓，我們實際上有合約。如您所知，去年我們曾取消過一次活動。我認為我們在第一季度討論過，這實際上是與我們的一位頂級客戶的取消，這是他們無法控制的，我們與他們就取消費用等問題進行了合作，如果可以的話，如何重新申請一些東西。對於已獲得的訂單，我們還沒有合約。

And so those can be delayed for a while. We've had some of our European projects or international projects, I should say, that actually if they've had delays, we're still on the slate for the award. We just don't control when those projects are going to go forward. So we don't control that. We don't consider it something that we would remove unless we think the project has lost funding. If we hear that the EPC is now not able to do the work because they have a conflict, we did move some projects like that up back into pipeline to rebid with other EPCs. So that does happen occasionally with awarded orders, but not with backlog.

所以這些可以延後一段時間。我應該說，我們有一些歐洲項目或國際項目，實際上，如果他們有延誤，我們仍然在獲獎名單上。我們只是無法控制這些項目何時進行。所以我們無法控制這一點。我們不認為我們會刪除它，除非我們認為該項目已經失去了資金。如果我們聽說 EPC 由於衝突而無法完成這項工作，我們確實會將一些類似的項目重新納入管道中，以便與其他 EPC 重新投標。因此，這種情況偶爾會發生在已授予的訂單中，但在積壓訂單中則不會。

The move back up the pipeline was Q2, I believe, that we did that. But again, talking about our order book, Christine, we feel very strongly about the quality of it. And I guess just to reiterate, and I know you've all heard this that when these projects delay, they push out. Shoals is not losing the projects. They're just slower to deploy than we had originally scheduled due to the plethora of different situations that we've talked about all year, due to high interest rates, renegotiating PPAs and it could be even EPCs renegotiating construction costs with the owner or developer. So we feel great about our order book moving forward.

我相信，我們在第二季就做到了這一點。但再次，談到我們的訂單簿，Christine，我們對它的品質感到非常強烈。我想重申一下，我知道你們都聽說過，當這些項目延遲時，它們就會被推遲。Shoals 並沒有失去這些項目。它們的部署速度比我們最初計劃的要慢，因為我們一整年都在討論各種不同的情況，包括高利率、重新談判購電協議，甚至可能是 EPC 與業主或開發商重新談判建築成本。因此，我們對訂單簿的進展感到非常高興。

Thanks, Christine. Alex, next question, please.

謝謝，克里斯汀。亞歷克斯，請下一個問題。

Jordan Levy, Truist Securities.

喬丹·利維 (Jordan Levy)，Truist 證券公司。

Thanks for taking my questions. Just a quick one on [Technical Difficulty] project timing. And like you said, there's a lot of complex dynamics here. But just on a high level and kind of a normalized environment, how far out do you typically book projects for the following year? And at what point could you still be booking incremental orders for 2025 delivery?

感謝您回答我的問題。只是簡單介紹一下[技術難度]專案時間安排。正如你所說，這裡有很多複雜的動態。但就高水準和標準化環境而言，您通常會為下一年預訂多長時間的項目？什麼時候您仍然可以預訂 2025 年交付的增量訂單？

Jordan you -- we lost sort of the first part of that question, but I think I've got it. So look, we're booking orders out into 2026 right now. So projects and the project cycle, as we've talked about, has elongated all year, where it used to be closer to a 9 to 12 has stretched out probably more on an average standpoint to 13, 14 months now. So while things are elongating, that's bad, it does give us better visibility for the long-term, which is ultimately a good thing for the business. As far as our book and turn business, we can usually book and turn things within, I'd say, 9 to 12 months is probably typical.

喬丹，你——我們失去了這個問題的第一部分，但我想我已經明白了。所以看，我們現在正在預訂 2026 年的訂單。因此，正如我們所討論的，專案和專案週期全年都在延長，過去接近 9 到 12 個月，現在平均來看可能會延長到 13、14 個月。因此，雖然事情正在延長，這很糟糕，但它確實為我們提供了更好的長期可見性，這最終對企業來說是一件好事。就我們的預訂和轉交業務而言，我們通常可以在 9 到 12 個月內預訂和轉交貨物。

Yes. There's always some of that. Now when we give guidance for '25 at the end of the year in February, we will really have a really solid idea of the first couple of quarters because the book and turn business with lead times will really be back half generated, but it's still possible up through the first half of the year to book things that would be delivered in 2025. That's part of the business that happens with us every year. In fact, as we talked about last time on our quarterly guidance, we anticipated booking some additional business in the year that will, in fact, play out that way. And we did have some projects push out the way we guided. So we anticipated both sides of that equation happening and that's really how we're seeing it play out this year. So we can still book additional 2025 projects, I'd say, through the first half of '25.

是的。總有那麼一些。現在，當我們在 2 月年底給出 25 年的指導時，我們將對前幾季有一個非常可靠的想法，因為帶交貨時間的預訂和周轉業務將真正產生一半，但它仍然是可能今年上半年就可以預訂2025 年交付的物品。這是我們每年都會發生的業務的一部分。事實上，正如我們上次在季度指導中談到的那樣，我們預計今年將預訂一些額外的業務，而事實上，這些業務將會以這種方式發揮作用。我們確實有一些項目按照我們指導的方式推進。所以我們預計這個等式的兩邊都會發生，這就是我們今年看到的情況。因此，我想說，我們仍然可以在 2025 年上半年預訂額外的 2025 年項目。

Also important to point out, we're talking about the quality scale right now. For our CC&I business, it's a quicker turn business. And as that becomes more impactful to Shoal's overall revenue, I think we've got the ability to generate some quicker book and turn business. We talked about in the remarks, we've quoted 64 projects, and we're starting to see some revenue flow through in 2024, which is great and I'm confident that will accelerate in 2025.

同樣重要的是要指出，我們現在討論的是品質等級。對於我們的 CC&I 業務來說，這是一個週轉更快的業務。隨著這對 Shoal 的整體收入產生更大的影響，我認為我們有能力產生一些更快的預訂和周轉業務。我們在評論中談到，我們已經引用了 64 個項目，我們開始看到 2024 年出現一些收入流，這很棒，我相信這將在 2025 年加速。

Jordan, do you have a follow-up?

喬丹，你有後續嗎？

Yes. Just a quick one. I appreciate that on the international side of things. I know Gary and the team and all of you have worked hard to get a new product set there, super jumper and trench BLA and that sort of thing. I just wanted to see if we could get any color on how customers are responding post the rollout of some of those products.

是的。只是快一點。我很欣賞國際方面的這一點。我知道加里和他的團隊以及你們所有人都在努力工作以在那裡獲得一套新產品，超級跳線和風衣 BLA 之類的東西。我只是想看看我們是否可以了解客戶在推出其中一些產品後的反應。

Yes. Jordan, we have seen substantial quoting activity post Intersolar when we've launched those products, which has been very exciting for us. Again, we're in a long sales cycle business. So no huge wins to report yet as it relates to the new products on the international front, but we are seeing, I would say, pretty drastically increasing quoting activity, which is a positive sign for us. So more to come on international. I like our strategy and the direction we're going there.

是的。Jordan，當我們推出這些產品時，我們在 Intersolar 之後看到了大量的報價活動，這對我們來說非常令人興奮。同樣，我們處於一個銷售週期較長的業務。因此，尚未報告與國際方面的新產品相關的巨大勝利，但我想說，我們看到報價活動大幅增加，這對我們來說是一個積極的信號。國際上還有更多。我喜歡我們的策略和我們前進的方向。

Thanks, Jordan. Alex?

謝謝，喬丹。亞歷克斯？

Andrew Percoco, Morgan Stanley.

安德魯佩爾科科，摩根士丹利。

Thanks. Good morning, guys, and thanks for taking the question. Most of my questions have been answered, but maybe just one quick follow-up on the margin question. In the slides, you mentioned volume-driven discounts as one of the drivers for the lower gross margin in the quarter. Obviously, you guys have been focused with regaining wallet share with some of your top EPCs. Can you just discuss a little bit more about how you're approaching pricing in some of these volume-driven discounts on a go-forward basis and maybe what that means for margin recovery in the fourth quarter of 2024 and then into 2025? Thank you.

謝謝。早上好，夥計們，感謝您提出問題。我的大部分問題都已得到解答，但也許只是關於保證金問題的一個快速跟進。在幻燈片中，您提到銷售驅動的折扣是本季毛利率較低的驅動因素之一。顯然，你們一直致力於重新獲得一些頂級 EPC 的錢包份額。您能否更多地討論您如何在未來的基礎上對其中一些銷量驅動的折扣進行定價，以及這對 2024 年第四季度和 2025 年的利潤恢復意味著什麼？謝謝。

Sure. So as we've talked about, and I think we reiterated at our Investor Day, pricing is always a discussion, and we always look at the volume of business. And historically, we had not had these master supply agreements in place. And so historically, while we may have been negotiating pricing differently based on an EPC and the volume that they provided, we now have MSAs in place have very scripted volume arrangements for some of them, not all, but some do.

當然。因此，正如我們所討論的，我想我們在投資者日重申了定價始終是一個討論，我們總是關注業務量。從歷史上看，我們並沒有製定這些主供應協議。因此，從歷史上看，雖然我們可能會根據EPC 及其提供的數量進行不同的定價談判，但我們現在已經制定了MSA，對其中一些（不是全部）的數量安排進行了非常腳本化的安排，但有些是這樣做的。

And so in the case, as that becomes more significant, we will increase disclosures around that in the future because it's now something that we can calculate. There's a very specific accounting guidance for that. So as we look at those things, I want to make sure that we're very clear that we do want to have partnerships. When we sign a 12.5 gigawatt deal, you certainly want to make sure that you reflect that with your top customers.

因此，在這種情況下，隨著這變得更加重要，我們將來會增加相關的揭露，因為它現在是我們可以計算的東西。對此有一個非常具體的會計指南。因此，當我們考慮這些事情時，我想確保我們非常清楚我們確實希望建立合作關係。當我們簽署 12.5 吉瓦協議時，您當然希望確保向您的頂級客戶反映這一點。

And so as those things become more significant to drive top line growth, there might be some percentages associated with that on the discount side. So it's nothing unusual for us. It's not a new thing. It's just now that it's kind of been memorialized in MSAs, it will become something that we will disclose more about probably in '25.

因此，隨著這些因素對推動營收成長變得更加重要，折扣方面可能會出現一些與之相關的百分比。所以這對我們來說沒什麼不尋常的。這不是什麼新鮮事。現在它已經在 MSA 中得到了紀念，我們可能會在 25 年披露更多相關內容。

Andrew, just to jump on that a little bit, I do want to reiterate our third quarter gross margin being at 37.9%, we did have some nonrecurring issues in there and some other things, as Dominic outlined. Our Q4 guidance and I know we don't guide to gross margin, but it does reflect higher EBITDA margins, which, I mean, would lead you to believe that we're going to drive some higher margins on the gross margin side. So we do not think a 37.9% is a go-forward or acceptable margin for us. Haven't guided to that in Q4 and are confident we can get it back to the range that we have been discussing all year, the 40%, 45% or 42% range.

安德魯，我想重申一下，我們第三季的毛利率為 37.9%，正如多明尼克所概述的那樣，我們確實存在一些非經常性問題和其他一些問題。我們的第四季度指導，我知道我們沒有指導毛利率，但它確實反映了更高的 EBITDA 利潤率，我的意思是，這會讓你相信我們將在毛利率方面推動更高的利潤率。因此，我們認為 37.9% 對我們來說不是一個前進或可接受的利潤率。第四季度尚未對此進行指導，並且有信心我們可以將其恢復到我們全年討論的範圍，即 40%、45% 或 42% 範圍。

Thanks, Andrew. Alex?

謝謝，安德魯。亞歷克斯？

Praneeth Satish, Wells Fargo.

普拉尼思‧薩蒂什，富國銀行。

Thanks. Good morning. Maybe just going back to slide 16. It looks like you expect 76% of the order book to convert to revenue in the next 12 months, which is actually up from last quarter when I think the metric was 72%. I guess what's driving that improvement? And then just given the current macro backdrop, do you think we could see this metric hold steady or continue to improve into Q4?

謝謝。早安.也許只是回到幻燈片 16。看來您預計 76% 的訂單將在未來 12 個月內轉化為收入，這實際上高於上個季度，當時我認為該指標為 72%。我想是什麼推動了這種改進？然後，考慮到當前的宏觀背景，您認為我們可以看到該指標保持穩定還是在第四季度繼續改善？

Yes. So a couple of things on that. One, as we mentioned, some of the projects that we thought were being kind of delayed indefinitely were pushed back out of our awarded order book. The order book, we believe, is healthy, probably the healthiest it's been in a few quarters simply because there was some shakeout in 2024 for everybody in the industry.

是的。關於這一點有幾點。一，正如我們所提到的，一些我們認為無限期推遲的項目被從我們授予的訂單中推遲了。我們認為，訂單簿很健康，可能是幾個季度以來最健康的，因為 2024 年行業中的每個人都經歷了一些洗牌。

So the improvements, I would say, a couple of things are driving that. We believe that some of the delays that we saw earlier in the year that we now have the customers' good time lines. So we have good expectations of when some of those awards and when purchase orders will be coming through for those materials.

所以我想說，這些改進是由幾個因素所推動的。我們相信，我們今年早些時候看到的一些延誤現在已經為客戶提供了良好的時間表。因此，我們對其中一些獎項以及這些材料的採購訂單何時下達抱有良好的期望。

And I believe that the market, now that the election is behind us and PPAs that had to be renegotiated have been renegotiated, those customers that have come to us with projects such as following our victory at the ITC, those are projects that were probably already on the books, and they need to have material. So we feel very confident in that time line of our order book right now.

我相信市場，既然選舉已經過去，必須重新談判的購電協議也已經重新談判，那些帶著項目來找我們的客戶，比如我們在國際貿易委員會獲勝之後，這些項目可能已經完成了。 ，他們需要有材料。因此，我們現在對訂單的時間表非常有信心。

Got it. That's helpful. And maybe just staying on this concept here of revenue conversion cycles. As you kind of look out over the next few years when you compare international utility scale, CC&I, batteries, what are the revenue conversion cycles for each of these verticals look like compared to your traditional domestic utility scale market? And do you think overall, you could see that percentage of the amount of the order book that converts to revenue in the next 12 months? Do you think that could kind of skew up or down over the next few years based on the verticals you're entering?

知道了。這很有幫助。也許只是停留在收入轉換週期的概念。當您在未來幾年比較國際公用事業規模、CC&I、電池時，您會發現，與傳統的國內公用事業規模市場相比，這些垂直行業的收入轉換週期是什麼樣的？您認為總體而言，您是否可以看到訂單量在未來 12 個月內轉換為收入的百分比？您認為根據您正在進入的垂直領域，未來幾年這可能會有所上升或下降嗎？

Yes. So a few things about that. I think at our Investor Day, we did talk about some of the ramp. And as we target our 12% to 18% growth over time, not all of these verticals will grow at the same speed and revenue conversion cycles are certainly a factor in that. As Brandon mentioned, CC&I has a relatively shorter conversion cycle. We can find out about projects.

是的。關於這一點有幾點。我認為在投資者日，我們確實討論了一些成長問題。當我們的目標是隨著時間的推移實現 12% 到 18% 的成長時，並非所有這些垂直產業都會以相同的速度成長，而收入轉換週期肯定是其中的一個因素。正如 Brandon 所提到的，CC&I 的轉換週期相對較短。我們可以了解一下專案情況。

We can build the product, we can recognize revenue in a shorter time line. Some of the things internationally, we have proven to take longer than our US utility scale base. So we factor that in because we still have some awarded orders that have had delays even longer than we've seen here in the US. I don't believe things are getting worse for us from a utility scale standpoint. When we look at projects that went COD, we're still averaging about 13 month lead time in front of when a project goes COD.

我們可以建立產品，我們可以在更短的時間內確認收入。事實證明，在國際上的一些事情上，我們比美國公用事業規模基礎需要更長的時間。因此，我們將這一點考慮在內，因為我們仍然有一些已授予的訂單，其延誤時間甚至比我們在美國看到的還要長。從公用事業規模的角度來看，我不認為我們的情況會變得更糟。當我們查看採用 COD 的專案時，我們發現專案採用 COD 之前的平均交付時間仍然為 13 個月左右。

I think our customers in the construction side, they figured out time lines about when to really maximize their efficiency and use of cash when they build these things. And they now know how to place orders with us. So we're not seeing anything worse in that standpoint. And I think with battery energy storage, those are relatively quick turnarounds. We can get those cabinets, those combiners and disconnects turned around relatively quickly. And so I think it really varies on the vertical. We're excited about all of our growth verticals, but the revenue cycles are certainly not getting any worse at this point.

我認為我們的建築方面的客戶在建造這些東西時，他們制定了何時真正最大化效率和現金使用的時間表。他們現在知道如何向我們下訂單。因此，從這個角度來看，我們並沒有看到更糟糕的情況。我認為對於電池儲能來說，這些週轉相對較快。我們可以相對較快地修復這些機櫃、合路器和斷路器。所以我認為垂直方向上確實有所不同。我們對所有垂直成長領域感到興奮，但收入周期目前肯定不會變得更糟。

Alex?

亞歷克斯？

Joseph Osha, Guggenheim Partners.

約瑟夫‧奧沙，古根漢合夥人。

Thank you. Good morning. Two questions. First, looking at the redesigned voltage product, which was excluded from the ITC, you all have mentioned your patent portfolio a number of times this morning. Might we expect that you begin to look at your other options for addressing competitive outcomes with that redesigned voltage product? And I do have a follow-up.

謝謝。早安.兩個問題。首先，看看重新設計的電壓產品，該產品被排除在ITC之外，今天早上你們都多次提到了你們的專利組合。我們是否可以期望您開始考慮其他選擇，以透過重新設計的電壓產品來解決競爭結果？我確實有後續行動。

Joe, we'll totally tip our hand there. But like we've said, we will continue to protect our patent portfolio. We feel very strongly about our two new patents related to the BLA product line. So more to come there.

喬，我們完全會把手伸過去。但正如我們所說，我們將繼續保護我們的專利組合。我們對與 BLA 產品線相關的兩項新專利感覺非常強烈。所以更多的人會來這裡。

Great. Thank you. And then just returning to this revenue conversion, this bookings conversion question, given how time lines have stretched out and how hard it's been to predict timing, obviously, CC&I and whatnot is a separate issue. But why would it make sense in your 2025 outlook to build in any book and ship just given the way the business looks and given (technical difficulty) 2024 in utility data?

偉大的。謝謝。然後回到收入轉換、預訂轉換問題，考慮到時間線已經延長以及預測時間有多困難，顯然，CC&I 等是一個單獨的問題。但是，考慮到業務的發展方式以及 2024 年公用事業數據（技術難度），為什麼在您的 2025 年展望中建造任何書籍和船舶都有意義呢？

Joe, would you like to come present to our Board of Directors so I can get a good plan approved for next year. Seriously, though, that's a great question.

喬，你願意出席我們的董事會嗎？不過，說真的，這是一個很好的問題。

I'd be glad to. You know me a lot.

我很樂意。你很了解我。

Seriously, that's a great question. We do look at what's been happening. And as we work with our customers, we are starting to have even tighter integration on construction time lines. As we've talked about the master supply agreements that we've signed with some very large EPCs, they share very detailed specs. And so we can really look at projects that they are bidding on that they hope to move forward with in the back half of the year. And if we feel like they have a great shot at winning those projects and they do get an awarded order, we should be able to count on that. We know the percentages of the business that we're going to get. So, yes, it's always risky.

說真的，這是一個很好的問題。我們確實關注正在發生的事情。當我們與客戶合作時，我們開始在施工時間線上進行更緊密的整合。正如我們所討論的，我們與一些非常大的 EPC 簽署了主供應協議，他們共享非常詳細的規格。因此，我們可以真正關注他們正在投標的項目，他們希望在今年下半年推進這些項目。如果我們覺得他們有很大機會贏得這些項目並且他們確實獲得了訂單，那麼我們應該能夠指望這一點。我們知道我們將獲得的業務百分比。所以，是的，這總是有風險的。

As I mentioned before, I think, it was last time that this is the first year where our revenue for the year is going to be below the backlog and awarded orders that we started the year with. Usually, we can target getting another 10% lift or something on top of what the backlog and awarded order book is at the end of the year. So we're going to look at that. We are very sensitive to the dynamics facing our customers, but we're also very confident in our relationships with them that we would have confidence to put those jobs into our back half if they win those jobs.

正如我之前提到的，我認為這是上次我們今年的收入將低於我們年初的積壓訂單和已授予訂單的第一年。通常，我們的目標是在年底的積壓訂單和已授予訂單的基礎上再提升 10% 或其他目標。所以我們要去看看這個。我們對客戶面臨的動態非常敏感，但我們對與他們的關係也非常有信心，如果他們贏得了這些工作，我們就有信心將這些工作放到我們的後半部分。

Alex, let's see if we can squeeze in one last question.

亞歷克斯，讓我們看看是否可以擠出最後一個問題。

Colin Rusch, Oppenheimer.

科林‧魯施，奧本海默。

Thanks so much. Thanks so much for squeezing me in guys. Can you talk a little bit about the competitive environment separate from voltage, any competitors that you're seeing start to emerge and any needs from your customers thinking about second sources or alternate solutions for what you guys provide?

非常感謝。非常感謝你們把我擠進夥計們。您能否談談與電壓無關的競爭環境、您看到的任何競爭對手開始出現以及您的客戶在考慮您提供的第二來源或替代解決方案時的任何需求？

Yes, Colin, great question. We've seen really some exciting engagements between our commercial team and customers. We're working hand-in-hand with them to try to really improve deployments around EBOS. There's been sort of, I guess, a restart of our voice of customer efforts here in the last year so to speak. And we're seeing -- we're starting to see the benefits of that.

是的，科林，好問題。我們確實看到了我們的商業團隊和客戶之間的一些令人興奮的互動。我們正在與他們攜手合作，嘗試真正改進 EBOS 周圍的部署。我想，可以說，去年我們重新啟動了客戶之聲的努力。我們正在看到——我們開始看到這樣做的好處。

So you'll see some new products from us probably over the course of the next year, some adaptation of products as a result of that. We talked about the 2kV product in the prepared remarks. That's an exciting new product line for us. But we're really focused on customer dynamics and making sure that we're meeting their needs, not only on the specific product side, but we have gotten much more flexible around the packaging and how we kit products to deliver them on site to make us more competitive by unlocking additional value for our customers.

因此，您可能會在明年看到我們的一些新產品，並因此對產品進行一些調整。我們在準備好的演講中談到了2kV產品。這對我們來說是一個令人興奮的新產品線。但我們真正關注的是客戶動態，並確保我們滿足他們的需求，不僅在特定產品方面，而且我們在包裝以及如何組裝產品以將其交付到現場方面變得更加靈活。我們更具競爭力。

So that's our focus. In terms of the broader competitive landscape, we're always going to have competition. We command a great share in the marketplace. People understand that. We'll always be nipping in our heels, but I like what we're doing specifically in the space right now to maintain and continue to grow our share.

這就是我們的重點。就更廣泛的競爭格局而言，我們總是會存在競爭。我們在市場上佔有很大的份額。人們明白這一點。我們將永遠緊隨其後，但我喜歡我們現在在該領域所做的具體工作，以維持並繼續擴大我們的份額。

Great. Thanks so much, guys.

偉大的。非常感謝，夥計們。

Thank you. We're at the top of the hour. That's all the time that we have for questions today. I want to note that we do have a very active Investor Relations calendar through the end of the year. It can be found on our IR website. So please join us for one of those events. If you can, we'd love to meet with you. If we can help you further, please reach out to the Investor Relations team at investors@shoals.com with any questions. Thanks, everybody, for joining us today. Have a great day.

謝謝。我們正處於最高峰。這就是我們今天提問的全部時間。我想指出的是，到今年年底，我們確實有一個非常活躍的投資者關係日曆。您可以在我們的 IR 網站上找到它。因此，請加入我們參加其中一項活動。如果可以的話，我們很樂意與您見面。如果我們可以為您提供進一步協助，如有任何疑問，請透過 Investors@shoals.com 聯絡投資者關係團隊。謝謝大家今天加入我們。祝你有美好的一天。

Thanks, all.

謝謝大家。

Thank you all for joining today's call. You may now disconnect your lines.

感謝大家參加今天的電話會議。現在您可以斷開線路。