Shoals Technologies Group Inc (SHLS) 2025 Q3 法說會逐字稿

Good morning and welcome to the Shoals Technologies Group third-quarter 2025 earnings conference call. Today's call is being recorded and we've allocated one hour for prepared remarks and Q&A.

早安，歡迎參加 Shoals Technologies Group 2025 年第三季財報電話會議。今天的電話會議將進行錄音，我們預留了一個小時來發言和問答環節。

At this time, I'd like to turn the conference over to Matt Tractenberg, Vice President of Finance and investor Relations for Shoals Technologies Group. Thank you. You may begin.

此時，我想把會議交給 Shoals Technologies Group 的財務與投資人關係副總裁 Matt Tractenberg。謝謝。你可以開始了。

Thank you, Charlie, and thank you, everyone, for joining us today. Hosting the call with me is our CEO, Brandon Moss; and our CFO, Dominic Bardos.

謝謝你，查理，也謝謝各位今天蒞臨現場。與我一起主持本次電話會議的有我們的執行長布蘭登·莫斯和財務長多米尼克·巴爾多斯。

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 and should not be considered guarantees of performance or results. Actual results could differ materially. Those risks and uncertainties are listed for investors in our most recent SEC filings.

在本次電話會議上，管理階層將根據目前的預期和假設做出預測或其他前瞻性陳述，這些陳述存在風險和不確定性，不應被視為對績效或結果的保證。實際結果可能與此有重大差異。這些風險和不確定性已列在我們最近提交給美國證券交易委員會的文件中供投資者參考。

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 nearest comparable GAAP financial measures. Please note that the slides you see here are available for download from the Investor Section of our website at investors.shoals.com.

今天的簡報中也提到了非GAAP財務指標。有關定義資訊以及歷史非GAAP指標與最接近的可比較GAAP財務指標的調節表，請參閱本公司第三季新聞稿。請注意，您在此處看到的幻燈片可從我們網站的投資者關係部分（investors.shoals.com）下載。

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

那麼，我把電話交給布蘭登吧。

Thank you, Matt, and thanks to everyone joining us on the call. I'll begin by sharing key results from the third quarter. I'll then discuss the current demand environment in the US, and finally, I will review the progress on our strategic growth initiatives. Dominic will dive deeper into the third-quarter results and provide our outlook on the fourth quarter of 2025. We'll then finish the call with questions from our analysts.

謝謝你，馬特，也謝謝所有參加電話會議的朋友們。我將首先分享第三季的主要成果。接下來，我將討論美國當前的市場需求環境，最後，我將回顧我們策略成長計畫的進展。多明尼克將深入分析第三季業績，並展望 2025 年第四季。最後，我們將回答分析師們的問題，結束本次電話會議。

I'm very pleased with our execution during the third quarter. We delivered record revenue of $135.8 million, slightly above the high end of our expected range. Revenue grew 32.9% over the prior year period and was up 22.5% sequentially over second-quarter results.

我對我們第三季的表現非常滿意。我們實現了創紀錄的 1.358 億美元營收，略高於我們預期範圍的上限。營收較上年同期成長 32.9%，較第二季較上季成長 22.5%。

Our commercial team continues to drive significant growth in our book of business. We added approximately $185.4 million in new orders in the period, helping to achieve a company record for backlog and awarded orders, or BLAO, of $720.9 million a 21% year-over-year increase. This resulted in a very strong book-to-bill of 1.4 times this quarter and supports the continued growth we see as we look ahead to 2026.

我們的銷售團隊持續推動業務量達到顯著成長。本期我們新增訂單約 1.854 億美元，幫助公司實現了積壓訂單和已授予訂單總額 (BLAO) 7.209 億美元的公司歷史最高紀錄，同比增長 21%。這使得本季訂單出貨比達到了非常強勁的 1.4 倍，並支持了我們展望 2026 年時所看到的持續成長。

As of September 30, 2025, approximately $575 million of our BLAO has shipment dates in the upcoming four quarters running through the third quarter of 2026. Next year is shaping up to be another year of strong growth for Shoals.

截至 2025 年 9 月 30 日，我們價值約 5.75 億美元的 BLAO 產品將在未來四季（至 2026 年第三季）出貨。明年對紹爾斯來說，有望繼續保持強勁成長動能。

As you are aware, 2025 brought with it some volatility, largely a function of an uncertain and rapidly shifting political environment. However, as you've seen in our results thus far, our business has been resilient. The actions we've taken to attract and retain customers over the past two years are paying off.

如您所知，2025 年帶來了一些波動，這主要是由於不確定且快速變化的政治環境造成的。但是，正如您從我們目前的業績中所看到的，我們的業務具有很強的韌性。過去兩年我們為吸引和留住客戶所採取的措施正在發揮成效。

We've improved our relationships with EPCs and developers and signed new MSAs that reflect our shared objectives. Our focus on providing innovative solutions to meet customers' needs has led to new product development and additional opportunities for growth.

我們改善了與EPC公司和開發商的關係，並簽署了新的MSA協議，以體現我們的共同目標。我們專注於提供創新解決方案以滿足客戶需求，這促成了新產品的開發和更多成長機會。

We continue to improve our operating model to drive out inefficiencies and increase capacity. And we've maintained excellent liquidity and positive free cash flow despite increased capital expenditures and warranty remediation needs over the past year.

我們將繼續改善營運模式，以消除低效環節並提高產能。儘管過去一年資本支出增加且需要保固補救，但我們仍然保持了良好的流動性和正的自由現金流。

As a result of our strong Q3 results and the current demand environment, we have slightly increased the range of anticipated revenue for the full-year 2025, now representing between 17% and 20% year-over-year growth and above the range presented at our September 2024 Investor Day.

由於我們第三季業績強勁，且當前市場需求良好，我們略微提高了 2025 年全年預期收入範圍，目前預計同比增長 17% 至 20%，高於我們在 2024 年 9 月投資者日上提出的範圍。

Adjusted gross profit percentage remained in the expected range for the quarter, landing at 37%. Gross profit was $50.3 million the highest quarterly amount since 2023. Dominic will provide more insight into the impact of the product mix and tariffs on our margins in a few moments.

本季調整後的毛利率維持在預期範圍內，為 37%。毛利為 5,030 萬美元，是自 2023 年以來最高的季度金額。稍後，Dominic 將更詳細地分析產品組合和關稅對我們利潤率的影響。

The sequential increase in SG&A this quarter was largely a function of increased legal expenses. The ITC hearing during the third quarter was one driver, but we also had elevated legal expenses related to the pending shrinkback litigation as we worked through fact discovery, depositions, and expert analysis.

本季銷售、管理及行政費用較上季成長主要是由於法律費用增加所致。第三季的 ITC 聽證會是一個驅動因素，但我們也因為正在進行的縮水訴訟而增加了法律費用，包括事實調查、證詞陳述和專家分析。

Our third-quarter adjusted EBITDA was within our expected range at $32 million or 23.5% of revenue. And finally, the remediation work for non-shrinkback issues progressed as expected. The probability that some additional work may be required in the coming quarters still remains, so we are not changing our estimated range of expense this quarter.

我們第三季調整後的 EBITDA 為 3,200 萬美元，佔營收的 23.5%，符合預期範圍。最後，非縮水問題的補救工作如預期進展。未來幾季可能仍需進行一些額外工作，因此我們不會改變本季的預計支出範圍。

However, we are pleased with our ability to respond to all customers that expressed concerns thus far and resolve those issues requiring remediation. Congratulations to our customer support team and thank you to our customers for their continued trust and patience.

但是，我們很高興能夠回應迄今為止所有表達過擔憂的客戶，並解決那些需要補救的問題。恭喜我們的客戶支援團隊，並感謝我們的客戶一直以來的信任與耐心。

Turning to the broader US market, while current headlines remain distracting and somewhat disconnected from the underlying demand for solar energy, our customers remain as busy as ever. Developers have Safe Harbor projects for several years, with many projects confirmed through 2030.

放眼更廣闊的美國市場，儘管當前的新聞頭條仍然令人分心，並且與太陽能的潛在需求有些脫節，但我們的客戶仍然像以往一樣忙碌。開發商擁有多年「安全港」項目，其中許多項目已確認持續到 2030 年。

While we do not expect a significant number of projects to be pulled forward, it is reassuring to know that the industry is healthy and growing. As we have discussed, the need for new energy supply is real. A massive investment cycle in AI and data centers, combined with the potential industrialization and onshoring of manufacturing will result in low growth far in excess of what we've seen in recent decades.

雖然我們預計不會有大量項目被提上日程，但令人欣慰的是，該行業發展良好且持續成長。正如我們所討論的，對新能源供應的需求是真實存在的。人工智慧和資料中心的大規模投資週期，加上製造業的潛在工業化和回流，將導致遠低於近幾十年來我們所看到的低成長。

Solar is best positioned to meet these rising energy needs today and through the balance of the decade. The US Department of Energy acknowledged that solar will play a notable role meeting the growing demand given its speed of deployment and favorable cost structure.

太陽能最能滿足當前以及未來十年內不斷增長的能源需求。美國能源部承認，鑑於太陽能部署速度快、成本結構有利，它將在滿足日益增長的需求方面發揮重要作用。

Following the passage of HR 1 in July and the Treasury Guidance issued in August, we believe developers will successfully navigate the tax incentive landscape and as a result, have not seen material changes to project calendars. Less uncertainty and the unrelenting focus on bridging the power supply gap is driving continued investment.

繼 7 月 HR 1 法案通過以及 8 月財政部發布指導意見之後，我們相信開發商將成功應對稅收優惠政策，因此，專案進度安排沒有發生實質變化。不確定性的減少以及對彌合電力供應缺口的持續關注，正在推動持續投資。

Turning to our business units, the third quarter was another strong period of growth within our core Utility Scale Solar Market. Customer project calendars remain tight with little excess capacity to move things around. Labor availability is a focus for the industry and will likely remain so for the foreseeable future.

從我們的業務部門來看，第三季我們的核心公用事業規模太陽能市場又經歷了一個強勁的成長期。客戶專案行程依然很緊，幾乎沒有調整的空間。勞動力供應是該行業的焦點，而且在可預見的未來可能仍將如此。

That said, our quote volume exceeded $900 million in the third quarter, a sequential increase of more than 20%. These are projects that will generate revenue in late 2026 and 2027, further supporting our long-term growth trajectory. Our core Utility Scale Market is resilient, and our commercial strategy continues to drive growth.

儘管如此，我們第三季的報價額超過了 9 億美元，季增超過 20%。這些項目將在 2026 年末和 2027 年產生收入，進一步支持我們的長期成長軌跡。我們的核心公用事業規模市場具有韌性，我們的商業策略將繼續推動成長。

I'd like to now discuss progress we are making in other strategic areas of our business. Shoals' additional growth opportunities include International, CC&I, OEM, and BESS. Our progress in each of these is meeting or exceeding our expectations.

現在我想談談我們在公司其他策略領域的進展。Shoals 的其他成長機會包括國際、CC&I、OEM 和 BESS。我們在這些方面所取得的進展均達到或超過預期。

The opportunities set across International markets continues to expand. Our pipeline exceeds 20 gigawatts and includes projects in Latin America, EMEA, and Asia Pacific. We've hired an experienced commercial leader in Australia where the government mandate has been expanded to target 40 gigawatts of new capacity, including 14 gigawatts of clean energy capacity by 2027.

國際市場蘊藏的機會持續擴大。我們的在建工程超過 20 吉瓦，包括拉丁美洲、歐洲、中東和非洲以及亞太地區的計畫。我們在澳洲聘請了一位經驗豐富的商業領袖，澳洲政府已擴大其授權範圍，目標是到 2027 年新增 40 吉瓦的發電容量，其中包括 14 吉瓦的清潔能源發電容量。

This is expected to stimulate approximately $73 billion in overall electricity sector investment. It's a very attractive market and one we're aggressively pursuing. We recognize more than $6 million of revenue in Q3 from two ongoing projects in LatAm and one in Australia. We expect to complete all three of these international projects in the fourth quarter.

預計將刺激電力產業整體投資約730億美元。這是一個極具吸引力的市場，我們正在積極開拓。第三季度，我們從拉丁美洲的兩個在建項目和一個澳洲的項目中獲得超過 600 萬美元的收入。我們預計在第四季度完成這三個國際項目。

Our team anticipates continued acceleration and diversification across our focus markets through 2026. In addition, our relationships with large global developers with ties to the US Export-Import Bank are opening doors and growing our pipeline and developing markets outside our targets of Australia, Latin America, and Europe.

我們的團隊預計到 2026 年，我們在重點市場將繼續加速發展並實現多元化。此外，我們與有美國進出口銀行關係的全球大型開發商建立的合作關係，正在為我們打開大門，拓展業務管道，並在澳洲、拉丁美洲和歐洲等目標市場之外開發市場。

Our Community, Commercial, and Industrial, or CC&I business is performing well. We are engaged with large, well-respected electrical distributors that are driving meaningful volume increases. While this market remains small as compared to our core Utility Scale opportunity, it is one that provides us a path to create lasting relationships and future growth with new customers.

我們的社區、商業和工業（CC&I）業務表現良好。我們與一些大型、備受尊敬的電氣分銷商合作，這些分銷商正在推動銷量顯著成長。雖然與我們核心的公用事業規模市場機會相比，這個市場仍然很小，但它為我們提供了與新客戶建立持久關係和未來成長的途徑。

Our OEM business is tracking ahead of expectations as our partner continues to see strong demand for their panels. Our deep engineering and manufacturing relationship with the largest domestic module provider is a strategic advantage for Shoals and one we're committed to maintain and expand.

由於我們的合作夥伴對其面板的需求持續強勁，我們的OEM業務發展超乎預期。我們與國內最大的組件供應商建立了深厚的工程和製造關係，這是 Shoals 的戰略優勢，我們將致力於保持和擴大這一優勢。

The opportunity we've received the most questions about this year is our battery energy storage solutions or best offering, so I'd like to provide a little bit more detail today. Last year, we introduced a best solution targeting the solar plus storage market, specifically when new solar plants are built with attached storage systems. That opportunity remains exciting for us today since it builds upon our relationships with existing customers and developers.

今年我們收到的諮詢最多的問題是關於我們的電池儲能解決方案或最佳產品，所以今天我想提供更多細節。去年，我們推出了一項針對太陽能+儲能市場的最佳解決方案，特別是針對新建太陽能電站並附帶儲能係統的情況。時至今日，這個機會依然讓我們感到興奮，因為它建立在我們與現有客戶和開發商的關係之上。

In addition to that opportunity, there are also two additional use cases that we are now pursuing: grid firming and data centers. Let's start with grid firming solutions. Utilities are very interested in providing more reliable and consistent power to their customers.

除了上述機會之外，我們目前還在探索另外兩個應用場景：電網穩定和資料中心。我們先從電網穩定解決方案開始。電力公司非常希望為客戶提供更可靠、更穩定的電力供應。

One method is to add grid scale battery storage solutions to their existing grids in order to provide real-time balance between supply and demand. Shoals' product offerings can play a part in providing solutions to system integrators in this area, and we are actively quoting opportunities in this space.

一種方法是在現有電網中添加電網級電池儲能解決方案，以便即時平衡供需。Shoals 的產品可以為該領域的系統整合商提供解決方案，我們正在積極尋求該領域的合作機會。

In addition to grid firming, there are emerging use cases with data centers. Once again, consistent and dependable energy is critical to operations. Battery storage solutions can provide uninterrupted power, as well as to help regulate power demand spikes and troughs created by artificial intelligence processing. This is an area that has significant market potential in the coming years, and we are actively engaged with system integrators in this market as well.

除了電網穩定之外，資料中心也湧現一些新的應用場景。再次強調，穩定可靠的能源供應對營運至關重要。電池儲能解決方案可以提供不間斷的電力，並有助於調節人工智慧處理產生的電力需求高峰和低谷。這是一個未來幾年具有巨大市場潛力的領域，我們也積極與該市場的系統整合商合作。

This is an exciting time in a relatively young market, but one we are investing heavily in. I'm pleased to share with you today that we have already signed two MSAs to deliver products in these emerging best markets and are in conversation with several others about providing Shoals' systems and their unique solutions. At the end of Q3, we had approximately $18 million of best in our backlog and awarded orders.

這是一個令人興奮的時期，市場相對年輕，但我們正大力投資於此。今天我很高興地告訴大家，我們已經簽署了兩份主服務協議，將在這些新興的最佳市場提供產品，並且正在與其他幾家公司洽談，以提供 Shoals 的系統及其獨特的解決方案。第三季末，我們的積壓訂單和已授予訂單總額約為 1800 萬美元。

In summary, our domestic Utility Scale Market is healthy and growing. We are executing our strategic framework of market diversification as anticipated, and we are leveraging our expertise, engineering, and manufacturing capabilities to pursue new opportunities with speed and purpose. It is an exciting time to be at Shoals.

總之，我國國內公用事業規模市場健康且不斷成長。我們正在按預期執行市場多元化策略框架，並利用我們的專業知識、工程和製造能力，快速且有目的地尋求新的機會。現在正是加入紹爾斯公司的絕佳時機。

With that, I'll now turn it over to Dominic, who will discuss our third-quarter financial results in more detail and our outlook for the fourth quarter. Dominic?

接下來，我將把發言權交給多明尼克，他將更詳細地討論我們第三季的財務表現以及我們對第四季的展望。多明尼克？

Thanks, Brandon, and greetings to everyone on the call. Turning to our third-quarter financial results, revenue increased by 32.9% year-over-year to $135.8 million. The increase in revenue was primarily driven by higher domestic project volume from both new and existing customers. In addition, as Brandon mentioned earlier, our strategic growth channels of International, CC&I, and OEM contributed to year over year revenue growth in the quarter.

謝謝布蘭登，也向所有參加電話會議的人問好。再來看我們第三季的財務業績，營收年增 32.9%，達到 1.358 億美元。收入成長主要得益於新舊客戶帶來的國內項目數量增加。此外，正如 Brandon 前面提到的，我們的國際、CC&I 和 OEM 等策略性成長管道也為本季的年收入成長做出了貢獻。

Gross profit increased to $50.3 million, compared to $25.4 million in the prior year period. Our GAAP gross profit percentage was 37.0%, compared to 24.8% in the prior year period, within our expected percentage range of mid- to upper-30s.

毛利增加至 5,030 萬美元，而去年同期為 2,540 萬美元。我們的 GAAP 毛利率為 37.0%，而去年同期為 24.8%，在我們預期的 30% 中高段的範圍內。

There are a few dynamics worth mentioning with regards to gross profit percentage. First, I'd like to discuss product mix. Certain EVOS solutions drive more value for customers than others. As such, those custom and engineered solutions typically carry higher margins than other product lines.

關於毛利率，有幾個值得一提的動態因素。首先，我想談談產品組合。某些 EVOS 解決方案比其他解決方案更能為客戶創造價值。因此，這些客製化和工程解決方案通常比其他產品線具有更高的利潤率。

Some new products, such as Longtail BLA, drive incremental revenue in our shared wallet, but do not carry the same gross profit percentage as our traditional BLA solution. Longtail BLA does, however, provide incremental gross profit dollars and has allowed us to capture additional shares while meeting customer needs.

一些新產品，例如長尾 BLA，雖然能為我們的共享錢包帶來增量收入，但其毛利率不如我們傳統的 BLA 解決方案。然而，長尾 BLA 確實帶來了額外的毛利，並使我們能夠在滿足客戶需求的同時獲得額外的市場份額。

Second, I'd like to provide some color regarding tariffs. Our supply chain team is constantly working to drive material costs out of our products. Months of work to test new raw materials, negotiate terms, and onboard new suppliers can be undone in a moment as trade policies change without notice. Unfortunately, like many others, Shoals has been impacted by these policy shifts this year, and as a result, some margin enhancing savings could not be realized as expected.

其次，我想就關稅問題做一些說明。我們的供應鏈團隊一直在努力降低產品中的材料成本。幾個月來為測試新原材料、談判條款和引入新供應商所做的努力，可能會因為貿易政策的突然變化而瞬間付諸東流。不幸的是，與許多其他公司一樣，Shoals 今年也受到了這些政策變化的影響，因此，一些提高利潤率的節省措施未能如預期般實現。

Moving on to general and administrative expenses. G&A was $29.4 million, which is $10.7 million higher than the prior year period. Our legal expenses, which accounted for approximately $5.7 million of the increase, remain elevated while we make our way through ongoing litigation matters. Approximately $6.8 million of legal expense was specifically related to the ongoing wire installation shrinkback litigation.

接下來是管理費用。一般及行政費用為 2,940 萬美元，較上年同期高出 1,070 萬美元。由於我們正在處理正在進行的訴訟事宜，我們的法律費用（約佔增加額的 570 萬美元）仍然居高不下。約有 680 萬美元的法律費用專門與正在進行的電線安裝收縮訴訟有關。

Income from operations or operating profit was $18.7 million, compared to $4.5 million during the prior year period. Operating profit margin was 13.7% compared to 4.4% a year ago. Net income was $11.9 million, compared to a net loss of $300,000 during the prior year period.

營業收入或營業利潤為 1,870 萬美元，而去年同期為 450 萬美元。營業利益率為 13.7%，而去年同期為 4.4%。淨收入為 1,190 萬美元，而去年同期淨虧損為 30 萬美元。

Adjusted net income was $21.0 million, compared to $13.9 million in the prior year period. Adjusted EBITDA was $32.0 million, compared to $24.5 million in the prior year period, representing 30% growth. Adjusted EBITDA margin was 23.5%, compared to 24.0% a year ago, driven primarily by lower gross margin flow through. Adjusted diluted earnings per share of $0.12 was approximately 50% higher than the prior year period.

調整後的淨收入為 2,100 萬美元，而上年同期為 1,390 萬美元。調整後的 EBITDA 為 3,200 萬美元，而去年同期為 2,450 萬美元，成長了 30%。經調整後的 EBITDA 利潤率為 23.5%，而去年同期為 24.0%，主要原因是毛利率下降。調整後的稀釋每股收益為 0.12 美元，比上年同期成長約 50%。

During the third quarter, we spent $11.9 million on wire insulation shrinkback remediation and had a remaining warranty liability on our balance sheet of $7.2 million as of September 30. The current portion of the remaining liability related to shrinkback is now $4.2 million.

第三季度，我們在電線絕緣層收縮修復方面花費了 1,190 萬美元，截至 9 月 30 日，我們的資產負債表上仍有 720 萬美元的保固負債。與縮水相關的剩餘負債目前為 420 萬美元。

Operationally, we generated $19.4 million of cash in the third quarter, driven by higher net income, an increase in accounts payable, and higher accrued expenses. These increases were partially offset by a higher accounts receivable balance driven by strong sales volumes and increased spend on warranty remediation. On a year-to-date basis, we have generated $21.2 million in operating cash flow.

在營運方面，第三季我們產生了 1,940 萬美元的現金，這主要得益於淨收入增加、應付帳款增加以及應計費用增加。這些成長部分被強勁的銷售量帶來的應收帳款餘額增加以及保固維修支出增加所抵銷。今年迄今為止，我們已產生 2,120 萬美元的營運現金流。

Free cash flow was $9.0 million in the third quarter, reflecting both the $11.9 million impact of remediation costs and elevated capital expenditures related to our new facility. These two items impacted free cash flow by a total of $22.4 million in the quarter.

第三季自由現金流為 900 萬美元，反映了 1,190 萬美元的修復成本影響以及與新設施相關的較高資本支出。這兩項因素導致本季自由現金流減少了 2,240 萬美元。

We received our certificate of occupancy for our new facility in Portland, Tennessee, and we began moving into the new facility in September. We expect to begin consolidating operations from our three existing facilities in the fourth quarter and expect to complete the entire consolidation by mid-2026.

我們已收到位於田納西州波特蘭市的新設施的入住許可證，並於 9 月開始搬入新設施。我們預計將於第四季度開始整合我們現有三個工廠的運營，並預計將於 2026 年年中完成全部整合。

Our balance sheet remains high-quality, and we ended the quarter with cash and equivalent of $8.6 million and net debt-to-adjusted EBITDA of 1.2 times. Our net debt was $118.2 million, a slight decrease over the prior quarter. We paid an additional $5.0 million down on a revolver during the period, which had an outstanding balance of $126.8 million at the end of the quarter.

我們的資產負債表依然保持高品質，本季末我們持有現金及等價物 860 萬美元，淨債務與調整後 EBITDA 比率為 1.2 倍。我們的淨債務為 1.182 億美元，比上一季略有下降。本季末，我們向一筆循環貸款支付了額外 500 萬美元的首付款，該循環貸款截至季末的未償餘額為 1.268 億美元。

With regards to capital allocation, given a number of competing priorities for our cash this year, including shrinkback remediation and factory consolidation, we did not purchase any shares in the third quarter under our share repurchase program.

關於資本配置，鑑於今年我們的現金有許多相互競爭的優先事項，包括縮水補救和工廠整合，我們在第三季度沒有根據我們的股票回購計劃購買任何股票。

Backlog and awarded orders ended the third quarter at a record $721 million, a sequential increase of $50 million. Backlog constitutes $298 million of the total BLAO, providing us with confidence that the growth projections we have for the upcoming periods can be achieved. As of September 30, $575 million of our backlog and awarded orders have planned delivery dates in the coming four quarters, with the remaining $146 million beyond that.

第三季末，積壓訂單和已授予訂單總額達到創紀錄的 7.21 億美元，季增 5,000 萬美元。積壓訂單佔 BLAO 總金額的 2.98 億美元，這讓我們有信心實現我們對未來幾個時期的成長預測。截至 9 月 30 日，我們積壓訂單和已授予訂單中的 5.75 億美元計劃在未來四個季度交付，其餘 1.46 億美元將在此之後交付。

Turning now to the outlook, quarterly pacing within the year has continued to follow the strong back half we've been communicating since February. For the quarter ending December 31, 2025, the company expects revenue now to be in the range of $140 million to $150 million, representing 36% year-over-year growth at the midpoint, and adjusted EBITDA to be the range of $35 million to $40 million.

現在來看前景，今年的季度增速將繼續保持我們自 2 月以來一直強調的下半年強勁增長勢頭。該公司預計截至 2025 年 12 月 31 日的季度營收將在 1.4 億美元至 1.5 億美元之間，以中間值計算，年增 36%；調整後的 EBITDA 將在 3,500 萬美元至 4,000 萬美元之間。

This will result in full-year 2025 revenue between $467 million to $477 million and adjusted EBITDA in the range of $105 million to $110 million. In addition, for the full year, we expect cash flow from operations to remain in the range of 15 million to $25 million, capital expenditures to remain in the range of $30 million to $40 million, and interest expense to remain in the range of $8 million to $12 million.

這將使 2025 年全年營收在 4.67 億美元至 4.77 億美元之間，調整後 EBITDA 在 1.05 億美元至 1.1 億美元之間。此外，我們預計全年經營活動產生的現金流量將維持在 1,500 萬美元至 2,500 萬美元之間，資本支出將維持在 3,000 萬美元至 4,000 萬美元之間，利息支出將維持在 800 萬美元至 1,200 萬美元之間。

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

接下來，我將把發言權交還給布蘭登，請他作總結發言。

Thank you, Dominic. The demand environment over the last few years has been volatile, driven not only by the macroeconomic and political backdrop, but also labor availability, supply chain disruptions, and permitting. That said, 2025 appears to be playing out slightly better than we had anticipated when we provided guidance in February.

謝謝你，多米尼克。過去幾年的需求環境一直波動不定，這不僅受到宏觀經濟和政治背景的影響，也受到勞動力供應、供應鏈中斷和許可審批等因素的影響。也就是說，2025 年的發展似乎比我們在 2 月提供指導時預期的要好一些。

The changes we've implemented, which span both commercial and operational process improvements and shifts and strategic direction and focus, are enabling exciting and visible improvements across the company. The transformation from a company with a narrow customer mix, product offering, and geographic footprint to a diversified multinational energy solutions provider is beginning to take shape.

我們實施的變革涵蓋了商業和營運流程的改進和轉變，以及策略方向和重點，這些變革正在為公司帶來令人振奮和顯而易見的改進。從客戶群、產品種類和地理範圍狹窄的公司向多元化的跨國能源解決方案提供商的轉型正在逐步成形。

These changes do not occur overnight, but through the deployment of repeatable processes that improve productivity, visibility, and scale. Through the hiring of seasoned business leaders who can execute with consistency; through the focus on developing new innovative product solutions for customers facing real world problems; and through an unyielding focus on improving the customer experience from start to finish, we are building the next version of Shoals, one that will deliver attractive returns for our shareholders through profitable growth and strong cash flow generation.

這些變化不會在一夜之間發生，而是透過部署可重複的流程來提高生產力、透明度和規模。透過聘用經驗豐富的商業領袖，確保他們能夠始終如一地執行；透過專注於為面臨實際問題的客戶開發創新產品解決方案；並透過從始至終不懈地致力於改善客戶體驗，我們正在打造下一代 Shoals，它將透過盈利增長和強勁的現金流產生，為我們的股東帶來可觀的回報。

I'm very encouraged about the progress we've made and how well we're set to continue the journey in 2026 and beyond. We want to thank our shareholders and customers for their continued trust and our employees for their hard work and dedication.

我對我們所取得的進展感到非常鼓舞，也對我們在 2026 年及以後繼續前進的步伐充滿信心。我們要感謝股東和客戶一直以來的信任，也要感謝員工的辛勤工作和奉獻精神。

Operator, we are now ready for questions.

操作員，我們現在可以開始接受提問了。

(Operator Instructions) Christine Cho, Barclays.

（操作說明）克里斯汀·喬，巴克萊銀行。

Good morning. Thank you for taking my question. I just wanted to start with maybe the -- good morning. I just wanted to start with the data center opportunity. Brandon, I think in your prepared remarks you talk about conversations with system integrators. Is that how you expect the data center opportunities to materialize through integrators?

早安.感謝您回答我的問題。我只想先說聲——早安。我只想先談談資料中心方面的機會。布蘭登，我想你在準備好的演講稿中談到了與系統整合商的對話。您是否期望資料中心的機會能夠透過整合商以這種方式實現？

And if that's the case, how should we expect the opportunity will show up in your bookings? Should we think something like this $18 million that you guys talked about this quarter like more consistently every quarter? Or could we see a lumpy large booking?

如果是這樣，我們應該如何預期這個機會會在你的預訂記錄中反映出來？我們是否應該把你們這季提到的1800萬美元之類的收入，爭取每季都能穩定實現？或者我們會看到一筆數額龐大的訂單嗎？

Also, if you could provide some more information on the MSAs? Maybe size, type of counterparty, how we should expect orders from these MSAs to make it into backlog? Thank you.

另外，您能否提供更多關於MSA的資訊？或許規模、交易對手類型，以及我們應該如何預期這些主服務協議 (MSA) 的訂單會進入積壓訂單？謝謝。

Thanks, Christine. Good morning. As you mentioned, we're excited about the two new MSAs. We're excited about the $18 million of backlog and awarded orders. Specifically, our channel to market the question around system integrators, we could be partnering with system integrators directly.

謝謝你，克里斯汀。早安.正如您所說，我們對這兩項新的MSA協議感到非常興奮。我們對積壓訂單和已授予訂單的1800萬美元感到非常興奮。具體來說，我們可以透過與系統整合商直接合作的方式來推廣我們的市場。

We could be partnering with EPCs directly on the projects. We've talked about in past quarters even a sale to a hyperscaler. So it's a new market and how we partner for a particular project may change from project to project.

我們可能會直接與EPC公司合作進行專案。我們過去幾個季度甚至討論過將公司出售給超大規模資料中心營運商。所以這是一個全新的市場，我們針對特定專案的合作方式可能會因專案而異。

Yeah, I think the important thing for us is that we are engaged in some way, shape, or form with these projects and are helping the customers engineer solutions. Many of these solutions at data centers, and I know you asked specifically about who the MSAs are with and the size is, one, the data centers, typically there's a level of confidentiality about where they are and who they are. And specifically with our MSAs, our partners may be deploying some proprietary system architecture, so we're limited about what we can share for those specific opportunities.

是的，我認為對我們來說重要的是，我們以某種方式參與這些專案中，並幫助客戶設計解決方案。資料中心的許多此類解決方案，我知道你特別問到了 MSA 與哪些公司合作以及規模，首先，資料中心通常會對其位置和公司進行一定程度的保密。具體來說，對於我們的主服務協定 (MSA)，我們的合作夥伴可能會部署一些專有系統架構，因此對於這些特定機會，我們能分享的內容有限。

As we talked about in the past, this business for us, because the newness of it and even the size and scale of some of these projects, our backlog and awarded orders may at times be lumpy. I wouldn't specifically count on hey we we've booked $18 million and we're going to continue to book that quarter after quarter. We could have some lumpy bookings.

正如我們過去所討論的，對我們來說，這項業務由於其新穎性，甚至其中一些項目的規模和範圍，我們的積壓訂單和已授予訂單有時可能會出現波動。我不會特別指望「我們已經預定了 1800 萬美元，而且我們會每個季度都繼續預定這個數字」。我們可能會遇到一些預訂量不均衡的情況。

That said, as we begin recognizing revenue on this, the revenue should be somewhat stable as customers take deliveries. On these specific -- or these specific opportunities in our backlog and awarded orders, I would anticipate revenue beginning to materialize in the beginning of second quarter.

也就是說，隨著我們開始確認這部分收入，隨著客戶收貨，收入應該會比較穩定。對於這些具體的機會——或者說我們積壓訂單和已授予訂單中的這些具體機會，我預計收入將在第二季初開始顯現。

So very young and evolving market. New product set for us. We're very excited about it and as we've commented in the past, we're dedicating about 15 % of our floor space, our operating floor space here in our new facility to our best product offering and that build out is underway. So things are progressing as head of plans.

這是一個非常年輕且不斷發展的市場。我們即將推出新產品。我們對此感到非常興奮，正如我們過去所說，我們將把新工廠大約 15% 的廠房面積（即我們的營運廠房面積）用於我們最好的產品，目前這項建設正在進行中。所以，作為計劃負責人，事情正在按計劃進行。

Okay. Great, and then just moving on to gross margins. They were soft this quarter despite system solutions being a bigger part of the business than it has been for a while. Can you just help us parse out how much of this is due to tariffs? Is it lower pricing to get back some share?

好的。很好，接下來我們來看毛利率。儘管系統解決方案在本季業務中所佔比例比以往任何時候都高，但業績依然疲軟。您能幫我們分析一下其中有多少是關稅造成的嗎？降低價格是為了重新奪回市場佔有率嗎？

You talked about the lower margin BLA. Is there a margin drag from the expansion of the new manufacturing? Just help us parse it out and if you can give us some idea of how we should expect it to trend over the next year.

你提到了利潤率較低的BLA。新製造業的擴張是否會對利潤率造成拖累？請幫我們分析一下，如果可以的話，請告訴我們它在未來一年的發展趨勢。

Sure, Christine. It's Dominic here. Yeah, so the margins have been stable this year and right within the range that we've expected, the 35%, the mid-30s, upper 30%. So coming in at 37% was right within our expectations.

當然可以，克里斯汀。我是多明尼克。是的，所以今年的利潤率一直很穩定，完全在我們預期的範圍內，35%、30%中段、30%高段。所以37%的佔比完全符合我們的預期。

In my prepared remarks, I did talk about a couple of things because the new Longtail BLA, as an example, is one where the margins will fall on a percentage basis. There's a large section of that that expands our share of wallet into the solar field for the feeder cable, and that is just not the same amount of value engineering on that section of revenue. So we've talked about that and that is part of what's going on as expected.

在我的演講稿中，我的確談到了一些事情，因為以新的長尾 BLA 為例，利潤率將以百分比計算。其中很大一部分資金用於擴大我們在太陽能領域的饋線電纜份額，但這部分收入的價值工程量卻遠不及其他部分。我們已經討論過這個問題，這也在預料之中。

Now, the tariff thing is also an interesting one for us because while we're largely protected and mitigated from an increase when we're quoting jobs. We can pass those along as we do the final purchase order. There are some things that we're doing behind the scenes to drive costs out of the system and that's what I was referring to on the prepared remarks that all the work of our supply chain team to onboard with our engineers to test the new products and to really get new raw materials ready to go, it was actually undone for us.

現在，關稅問題對我們來說也很意思，因為雖然我們在報價時很大程度上受到保護，免受關稅上漲的影響。我們可以在最終採購訂單中把這些資訊轉交給你們。我們正在幕後做一些事情來降低系統成本，這就是我在準備好的發言稿中所指的，我們供應鏈團隊與工程師合作測試新產品並真正準備好新原材料所做的一切工作，實際上都付諸東流了。

So we did not realize the margin lift that we were expecting. It was still within the range. I would quite honestly hope to have a more pleasant surprise on the upside there, but we were not able to achieve that due to the tariffs that changed in the middle of that process for us.

因此，我們並未實現預期的利潤率提升。仍在範圍內。說實話，我原本希望在那方面能有更令人驚訝的結果，但由於關稅在這過程中發生變化，我們未能實現這一目標。

So on the tariffs alone on that savings, we actually had forecast about a 100 to 200-basis-point improvement in margin. And that was undone for us this year. So while we're still -- have very stable margins, keep in mind that the projects that we've done thus far in 2025 are priced in 2024.

因此，僅就關稅節省而言，我們實際上預測利潤率將提高約 100 至 200 個基點。而今年，這一切都功虧一簣。所以，雖然我們仍然擁有非常穩定的利潤率，但請記住，我們迄今為止在 2025 年完成的項目都是以 2024 年的價格定價的。

They still have some of the new incentives that we provided new customers to come back to Shoals, and I do believe that our stability in the gross profit margin is fine. As I mentioned, we are shifting and have been trying to focus on cash generation, our strong cash flows, and operating profit, and we will continue to do so going forward as well.

他們仍然保留著我們為吸引新客戶重返 Shoals 而提供的一些新優惠，而且我相信我們的毛利率穩定性良好。正如我之前提到的，我們正在轉型，並一直努力專注於現金流的產生、強勁的現金流和營業利潤，未來我們將繼續這樣做。

Thank you, Christine. Charlie, next question, please.

謝謝你，克里斯汀。查理，下一個問題。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，傑富瑞集團。

Hey. Good morning, team. Thank you guys very much. I'm going to try this from a slightly different perspective. You alluded here in your prepared remarks that you're doing slightly better than planned for 2025, but I'd love to hear how you're doing against the longer-term metrics you articulated from September 24's Analyst Day, right?

嘿。早安，各位同事。非常感謝各位。我打算從一個稍微不同的角度來嘗試。您在事先準備好的發言稿中提到，您 2025 年的業績比計劃略好，但我很想听聽您在 9 月 24 日分析師日上闡述的長期指標方面做得如何，對嗎？

You've got this 20%-plus year-over-year increase in backlog, the $900 million quoted here in the quarter. How are you looking at the beyond '25 period at this point versus the targets and ranges that you implied at the time here?

本季積壓訂單年增超過 20%，達到 9 億美元。現在您如何看待2025年後的時期，與您當時提出的目標和範圍相比如何？

Sure, so I'll start and ask Brandon to join in because as he said in his prepared remarks, all of these areas are exceeding our expectations that we laid out at Analyst Day. Of the metrics that we've talked about, I certainly want to focus a little bit on the revenue growth. As we've also said, it's exceeded the expectations and the range that we laid out a year ago.

當然，那我先開始，然後請布蘭登加入發言，因為正如他在準備好的發言稿中所說，所有這些領域都超出了我們在分析師日上提出的預期。在我們討論過的各項指標中，我尤其想專注於收入成長。正如我們之前所說，它已經超出了我們一年前設定的期望和範圍。

And keeping in mind that a year ago, we also thought that we were victorious in our voltage case with the ITC. So as we look ahead, we're not guiding to 2026 and '27. We are certainly are very encouraged at the growth in our book of business.

考慮到一年前，我們也認為我們在與 ITC 的電壓案件中取得了勝利。所以展望未來，我們不會對 2026 年和 2027 年做出預測。我們對業務成長感到非常鼓舞。

I couldn't be more positive about our backlog and awarded orders. And on our end, I think it was a bit of a glitch when I was talking about the $298 million of backlog, which is approaching records again. So I believe that the metrics that we've laid out remain very strong.

我對我們的積壓訂單和已授予訂單感到非常樂觀。就我們而言，我認為當我談到 2.98 億美元的積壓訂單時，出現了一些小故障，這個數字再次接近紀錄。所以我認為我們制定的這些指標仍然非常強大。

Of those, the metrics that we talked about in terms of the various strategic pillars, the best opportunity is the one that we believe has the opportunity to significantly exceed what we laid out a year ago. And so I will pause on that because Brandon was talking more about that.

在我們討論過的各種策略支柱指標中，我們認為最有希望大幅超越一年前我們所訂定的目標的指標，才是最佳機會。所以我先說到這裡吧，因為布蘭登也談到了更多這方面的內容。

Yeah. Julian, it's a great question. Let me maybe give a big picture view and then step through some of the growth pillars. I think, holistically, the revenue generation is exceeding plan and what we laid out in our Investor Day effectively, probably almost a year ahead of what we've said at Investor Day. So we are very excited about that.

是的。朱利安，這是一個很好的問題。讓我先從宏觀角度談談這個問題，然後再逐步介紹其中的一些成長支柱。我認為，總體而言，收入成長超過了計劃，也超過了我們在投資者日上提出的預期，實際上可能比我們在投資者日上所說的提前了近一年。我們對此感到非常興奮。

Our core focus here has been to protect and grow our core market, return that to growth. The Utility Scale Solar business, as Dominic mentioned, is operating at record levels. Our backlog and awarded orders, fantastic at $720 million. I'm really excited when we can have a record revenue quarte and have a book-to-bill of 1.4 times. That is fantastic execution by our commercial team. So I feel really good about our core business.

我們在此的核心重點是保護和發展我們的核心市場，使其恢復成長。正如多明尼克所提到的那樣，公用事業規模的太陽能業務正處於創紀錄的水平。我們的積壓訂單和已授予訂單總額高達 7.2 億美元，非常可觀。我非常期待我們能夠創下季度營收新高，訂單出貨比達到 1.4 倍。這是我們商務團隊出色的執行力。所以我對我們的核心業務感到非常滿意。

As it relates to our pillars of growth and our diversification strategy, I think all are performing at or above our expected ranges. Our CC&I business, if you think about that alone, we're up 36 % year-over-year. So that is performing at very solid rates of growth.

就我們的成長支柱和多元化策略而言，我認為所有方面都達到了或超過了我們的預期範圍。單就CC&I業務而言，我們年增了36%。所以，它的成長速度非常穩健。

Our OEM business, expanding substantially. As you guys are aware, we have a core customer in that product portfolio that is also expanding and we are partnering and growing with them and we're excited about that.

我們的OEM業務正在大幅擴張。正如你們所知，我們在該產品組合中有一個核心客戶，他們也在不斷擴張，我們正在與他們合作並共同發展，我們對此感到非常興奮。

Our International business, shipping three projects in a quarter is great for us. That probably has not happened in the existence of Shoals. We're excited about the two projects in LatAm and one in Australia. Our pipeline is very strong there and we are building a team out to really focus on that Australian market and New Zealand. So great things to come there.

我們的國際業務，一個季度交付三個項目，這對我們來說非常棒。在肖爾斯島存在的歷史中，這種情況可能從未發生過。我們對在拉丁美洲的兩個計畫和在澳洲的一個計畫感到非常興奮。我們在澳洲和紐西蘭的市場潛力非常強大，我們正在組建一支團隊，真正專注於這兩個市場。所以那裡未​​來會有很棒的事情發生。

As Dominic mentioned, couldn't be more excited about our battery energy storage program, the two MSAs for us in the quarter are big, as well as starting to really see some proof points in that business in those MSAs driving data center and grid scale opportunities. So we are very excited about that.

正如 Dominic 所提到的，我對我們的電池儲能計劃感到無比興奮，本季度我們的兩個 MSA 規模都很大，而且我們也開始真正看到這些 MSA 為數據中心和電網規模的機遇帶來一些實際成果。我們對此感到非常興奮。

Our team, commercial team with operations driving a substantial amount of new product development this year. And quite honestly, that's what is -- which driven some of the International growth. The three International projects that we've started shipping this past quarter all have new products as part of those projects, which is very exciting.

今年，我們的團隊，包括負責營運的商業團隊，將推動大量新產品的開發。坦白說，正是這一點推動了國際市場的部分成長。我們在上個季度開始交付的三個國際項目都包含新產品，這非常令人興奮。

And really finally, from an operations standpoint, our consolidation is underway. We are excited. We are actually sitting in our new facility today. Our SG&A team, our salaried staff, this is probably the first time in the history of the company since maybe it's beginnings that we have all been in one building. And so we're excited to build that sense of community and culture within the organization.

最後，從營運角度來看，我們的整合工作正在進行中。我們很興奮。我們今天確實就坐在我們新的辦公大樓裡。我們的銷售、管理及行政團隊，我們的領薪員工，這可能是公司成立以來，我們所有人第一次齊聚一棟大樓。因此，我們很高興能夠在組織內建立這種社區意識和文化氛圍。

From an operations, a true operations standpoint, just to commend the ops team, we started our plant consolidation in Q3. We actually moved out of one of our facilities. As we previously disclosed, we sold a building in Q2, I believe it would have been, and we moved out of that building.

從營運角度來看，真正從營運角度來說，為了表揚營運團隊，我們在第三季開始了工廠整合。我們實際上已經搬出了其中一處辦公室。正如我們之前披露的那樣，我們在第二季度出售了一棟樓，我相信應該是這樣，然後我們搬出了那棟樓。

For perspective, our team moved 540 truckloads of material out of that facility and still met record production levels in Q3. So a fantastic job by them and, obviously, a confidence boost for us as we complete this consolidation as we can make moves in buildings and produce at record levels at the same time. So I'm excited about how the company is executing for the future.

從這個角度來看，我們的團隊從工廠運出了 540 車貨物，並且在第三季仍然達到了創紀錄的生產水準。所以他們做得非常出色，顯然也增強了我們的信心，因為我們完成了這項整合，可以同時進行建築搬遷並達到創紀錄的生產水平。所以我對公司未來的發展規劃感到非常興奮。

Julian, did you have a follow-up?

朱利安，你還有後續問題嗎？

It's excellent to hear. Can you quantify any of these --? Yeah, can you just quantify real quickly, just within the backlog edition some of these MSAs?

聽到這個消息真是太好了。你能量化這些內容嗎？——？是的，您能否快速量化一下，在積壓版本中，這些 MSA 中的某些內容？

It's -- the MSAs --

是——MSA——

And do any of the best or data center wins with [SES] integrators?

那麼，最好的資料中心或整合商是否與 [SES] 整合商合作呢？

Yeah, so in our awarded orders for the quarter, we had $18 million. Vast majority of that is driven by the MSAs. I can say probably since quarter closed, we have moved a significant portion of that $18 million to backlog and have signed purchase orders.

是的，本季我們獲得的訂單總額為 1800 萬美元。絕大部分是由大都會統計區推動的。我可以肯定地說，自從季度結束以來，我們已經將1800萬美元中的很大一部分轉移到了積壓訂單中，並且已經簽署了採購訂單。

I would think of it maybe in the range of three-quarters of that $18 million. So we do have now signed purchase orders, which we're excited about. And again, we'll begin production in Q2.

我認為大概在 1800 萬美元的四分之三左右。所以我們現在確實有了已簽署的採購訂單，我們對此感到非常興奮。我們同樣會在第二季開始生產。

And perhaps I could help, just on the MSAs themselves. Unlike the MSAs where we've announced specific targets for volume, these MSAs do not give a specific target for volume. It's the partnership. It has all the terms and conditions so that we can move with haste when purchase orders are ready to go.

或許我可以幫上忙，就 MSA 本身而言。與我們已公佈具體交易量目標的 MSA 不同，這些 MSA 並未給出具體的交易量目標。關鍵在於合作關係。它包含了所有條款和條件，以便我們在採購訂單準備就緒時能夠迅速採取行動。

So I don't want -- there is no additional backlog and awarded orders beyond where we actually have those orders, as Brandon mentioned. So nothing else from the MSAs would impact our record the BLAO.

所以我不想——正如布蘭登所提到的那樣，除了我們實際擁有的訂單之外，沒有額外的積壓訂單和已授予的訂單。所以，MSA 中的其他任何事情都不會影響我們的 BLAO 記錄。

Thank you, Julian. Charlie?

謝謝你，朱利安。查理？

Philip Shen, Roth Capital Partners.

Philip Shen，Roth Capital Partners。

Hi. Thanks for taking the questions. Wanted to dig into the margin topic a little bit more. Can you give us a little bit more color on the tariffs? Were they the Section 232 inclusion for aluminum electric cabling that adversely impacted you? I think that came out in August.

你好。謝謝您回答問題。想更深入探討頁邊距這個主題。能再詳細介紹一下關稅方面的情況嗎？是否是第 232 條中關於鋁製電纜的規定對您造成了不利影響？我記得好像是八月發布的。

And as a result, would you expect that to be relieved or would you expect to be able to pass that along because that was a very sudden inclusion, right, of electric cabling. And so do you think that tariff can be passed along in the near term to your customers?

因此，您認為這種情況會得到緩解，還是能夠將其轉嫁出去？因為電纜的引入非常突然，對吧？那麼，您認為短期內可以將這部分關稅轉嫁給您的客戶嗎？

And then as a result, that 100 to 200 basis points operational improvement that, Dominic, you highlighted, can then be realized, perhaps, partially in Q4? Or is it more in the first half of next year? So I wanted to see if you could map out how that might play out? Thanks.

因此，正如多明尼克所強調的，100 到 200 個基點的營運改進，或許可以在第四季部分實現？更可能在明年上半年？所以我想看看你能不能預測這可能會如何發展？謝謝。

So Phil, that's a great question. Section 232 aluminum tariffs, obviously, have impacted us and others in the marketplace. Think about that specifically, almost in equal parts with the country-specific tariffs. We've got a pretty diverse supply chain.

菲爾，這是一個很好的問題。顯然，第 232 條款鋁關稅對我們和市場上的其他企業都產生了影響。具體來說，要考慮到這一點，幾乎與特定國家的關稅同等重要。我們的供應鏈相當多元化。

The way those tariffs are calculated for wire, specifically, is interesting. You can parse out the aluminum piece of that on 232. You can also parse out the country-specific tariffs there. So won't get in the granular detail of that specifically on the call here today.

具體來說，電線關稅的計算方式很有趣。你可以把那塊鋁片從 232 號零件上拆下來。您也可以在那裡查看各個國家/地區的關稅。所以今天電話會議上不會具體討論這方面的細節。

But what I would say, and as Dominic mentioned, we have the ability to pass on tariffs to many of our customers that require tariff documentation, things like that. And we are doing so. And we'll continue to do so into the future.

但我想說的是，正如 Dominic 所提到的，我們有能力將關稅轉嫁給許多需要關稅文件等服務的客戶。我們正在這樣做。未來我們將繼續這樣做。

What Dominic specifically mentioned, around the 100 to 200 basis points, was part of our material cost out savings initiatives that we put together in our annual operating plan. And material cost is very important to us. It drives the profitability of our company, quite frankly. And we had great cost out savings projects identified.

多明尼克特別提到的 100 到 200 個基點，是我們年度營運計畫中製定的材料成本節約計畫的一部分。材料成本對我們來說非常重要。坦白說，它直接影響著我們公司的獲利能力。我們也確定了一些可以大幅節省成本的項目。

And as Dominic mentioned, you switch a supplier and then that supplier is potentially impacted by a tariff, that eliminates any potential savings we may have baked into our business plan. So is the tariff landscape change or if these tariffs are ruled unlawful and we would potentially get reimbursed for tariffs paid, you'll -- through our income statement, it impact us positively.

正如 Dominic 所提到的，如果你更換供應商，那麼該供應商可能會受到關稅的影響，這會抵消我們商業計劃中可能預留的任何潛在節省。因此，如果關稅環境發生變化，或者這些關稅被裁定為非法，我們可能會獲得已支付關稅的補償，那麼——透過我們的損益表——這將對我們產生積極影響。

Yeah. And the point, Phil, about are they passed along? If it's something that comes along and there was an unexpected tariff, we do work with the customers. But we typically look at our market-based pricing for the products as we're quoting going forward.

是的。菲爾，關鍵問題是它們是如何傳承下去的？如果發生意外情況，例如關稅上漲，我們會與客戶協商解決。但我們通常會在報價時參考產品的市場定價。

And if we know that something is going to be tariff, it is going to be baked into the prices that we are that we're quoting. So ultimately, our material costs will drive our profitability there and that's why the material cost out savings are so important to us. It's probably 70% of our cost of goods sold.

如果我們知道某項商品或服務需要繳納關稅，那麼我們會將關稅因素計入我們報價的價格中。所以歸根結底，我們的材料成本將決定我們的獲利能力，這就是為什麼節省材料成本對我們如此重要。這大概占我們銷售成本的70%。

So it is a very important initiative for the team. We'll continue to focus on that.

所以這對團隊來說是一項非常重要的措施。我們將繼續專注於此。

Got it. So looking ahead, can we expect an improvement in the first half of next year on margins? And then can you share what the margins in your recent bookings might be as a comparison to the Q3 levels? Thanks.

知道了。展望未來，我們能否期待明年上半年利潤率有所改善？那麼，您能否分享一下您最近預訂的利潤率與第三季水準相比如何？謝謝。

Yeah. So Phil, if you want to come to a staff meeting here, that'd be great. We'll talk about those internally. I can't obviously discuss that. We do have -- it's too early to guide for 2026. As I said before, our margins have been consistent and within the range that we've been talking about mid- to upper 30s.

是的。菲爾，如果你想來參加這裡的員工會議，那就太好了。我們會內部討論這些問題。我顯然不能討論這個問題。我們有—現在預測 2026 年的情況還為時過早。正如我之前所說，我們的利潤率一直很穩定，在我們之前所說的30%到30%的範圍內。

We are, I think Christine asked the question, are we incurring new facilities expense? And yes, we did incur rent in September, the last month of the quarter, for our new facility, and the depreciation all starts impacting us. And we're not fully operational yet. We haven't received the cost out savings there from a labor standpoint.

我想克里斯汀問的問題是，我們是否會產生新的設施費用？是的，我們在 9 月（季度最後一個月）支付了新廠房的租金，折舊也開始對我們產生影響。我們目前尚未完全投入營運。從勞動成本的角度來看，我們還沒有獲得相應的成本節約。

So we will guide to 2026 margins, if that's really where we need to focus. My preference would be to talk about the growth of our business segments, our excitement around our new growth opportunities, our strategic pillars, and continuing to drive our operating cash, and that's what we're really after. But we'll guide that next quarter.

因此，如果這真的是我們需要關注的重點，我們將以 2026 年的利潤率為指導。我更願意談談我們業務部門的成長、我們對新的成長機會的興奮之情、我們的策略支柱，以及如何繼續推動我們的營運現金流，這才是我們真正追求的。但我們將在下個季度給予指導意見。

Thank you, Phil. Charlie, next question, please.

謝謝你，菲爾。查理，下一個問題。

Brian Lee, Goldman Sachs.

Brian Lee，高盛集團。

Hey, guys. Good morning. Thanks for taking the questions. I guess, just on the best opportunity again, you guys, obviously, are sounding more bullish, have said that of all the different growth verticals here, that's probably the one that's tracking ahead of expectation more so than others. So can you guys maybe provide a bit of an updated TAM for us in terms of the best opportunity with the products that you have?

嘿，夥計們。早安.謝謝您回答問題。我想，就目前來看，你們顯然對這個領域更加樂觀，也說過在所有不同的成長領域中，這個領域可能是成長速度最快、最超乎預期的。你們能否提供最新的市場規模數據，讓我們了解你們現有產品帶來的最佳商機？

And then how much of that is data center tied? Are you able to quantify for every 100-megawatt data center opportunity, it amounts to X dollars' worth of revenue potential for Shoals given the product set? And then maybe any thoughts around margin implications as well? And I have a follow-up.

那麼，其中有多少與資料中心相關呢？您能否量化出，對於每個 100 兆瓦的資料中心項目，考慮到 Shoals 的產品組合，其潛在收入價值是多少美元？那麼，關於利潤率方面有什麼想法嗎？我還有一個後續問題。

Sure, Brian. I'll take that. I think when we initially launched the best opportunity at Investor Day last year, we had approximately $360 million as an available market to us in the solar plus storage space. We've since added data centers and grid farming as two market opportunities.

當然可以，布萊恩。我接受。我認為，去年我們在投資者日上首次推出最佳投資機會時，我們在太陽能加儲能領域擁有約 3.6 億美元的可用市場。我們隨後將資料中心和網格化農業列為兩個市場機會。

We have internal estimates. These markets are changing rapidly, as you can imagine, particularly driven by the data center AI space. The applications of our products within some of these system architectures is proprietary.

我們有內部估算數據。正如你所想，這些市場正在迅速變化，尤其是在資料中心人工智慧領域的推動下。我們的產品在某些系統架構中的應用屬於專有技術。

And so a 100-megawatt data center in a specific situation may result in one use of our product, which drives significantly higher ASPs, up to maybe $100,000 a unit. And in other architectures, we may use a smaller product, a 1,200-amp product that may carry a $25,000 ASP. So it's going to vary architecture to architecture.

因此，在特定情況下，一個 100 兆瓦的資料中心可能會使用我們的產品一次，從而顯著提高平均售價，每台設備可能高達 10 萬美元。在其他架構中，我們可能會使用較小的產品，例如 1,200 安培的產品，其平均售價可能為 25,000 美元。所以，不同的建築架構會有不同的表現。

What is exciting for us is, specifically, our engineering team is engaged with customers to design specific products for their architecture. And we are building prototype products, shipping prototype products to be vetted by these customers. So we are excited about the potential opportunity.

令我們感到興奮的是，我們的工程團隊正在與客戶合作，為他們的架構設計特定的產品。我們正在製造原型產品，並將原型產品寄送給這些客戶進行檢驗。因此，我們對這個潛在的機會感到興奮。

As everybody knows, if you watch the news or read a newspaper, the size and scale of these data centers is changing almost on a daily basis, as is our total available market. So more to come in coming quarters about the actual size of the market.

如大家所知，如果你看新聞或讀報紙，你會發現這些資料中心的規模幾乎每天都在變化，我們整個可用的市場也是如此。因此，未來幾季我們將發布更多關於市場實際規模的資訊。

Okay. Fair enough. We'll look forward to hearing more. Maybe just to follow-up on that, you mentioned the $18 million of best bookings this quarter and then starting to monetize that in Q2 of '26. It's about 3% of backlog today.

好的。很公平。我們期待聽到更多消息。也許可以跟進一下，您提到本季最佳預訂金額為 1800 萬美元，然後從 2026 年第二季開始將其變現。目前積壓工作量約佔3%。

Is that the sales cycle and the rev-rec cycle we should be thinking about on these projects? And if that's the case, are we talking like a mid-single-digit type of revenue mix from this opportunity next year? Because presumably all the MSAs aren't going to ship in Q2. They just start to ship in Q2.

這些項目是否應該考慮這樣的銷售週期和收入確認週期？如果真是這樣，我們說的明年透過這個機會獲得的收入佔比會是中等個位數嗎？因為想必所有的MSA都不會在第二季出貨。他們要到第二季才開始出貨。

So assuming more bookings coming in, maybe, you get to like mid-single-digit percent of mix next year and then it goes beyond that. Just trying to understand where we should be budgeting expectations on this. Thank you.

所以假設預訂量增加，也許明年就能達到個位數百分比的混合比例，然後還會更高。我只是想了解我們應該如何設定這方面的預算預期。謝謝。

Well, sure. So while we haven't specifically guided to 2026 and it is early for us to try to do that, you're right in that we're ramping up. This is an emerging -- these use cases are emerging. Now, keep in mind that we have had battery storage solutions sold all year long.

當然可以。所以，雖然我們還沒有具體說明到 2026 年的情況，現在就做這樣的預測還為時過早，但你說得對，我們正在加緊推進。這是一個新興領域——這些應用案例正在不斷湧現。請記住，我們全年都在銷售電池儲能解決方案。

It hasn't been to the magnitude of what these two use cases are bringing to us. And so that's why we're excited to share with you the $18 million and the fact that those were driven by the MSAs that have been signed with the alternative use cases.

還沒有達到這兩個用例帶給我們的那種規模。因此，我們很高興與大家分享這 1800 萬美元的資金，以及這些資金是由與替代用例簽署的 MSA 推動的事實。

So we haven't guided yet. But clearly, there'll be some cabinetry and recombiners sold all year long just in our traditional channels. And then we will ramp up these others as the year goes. We will try to provide more color going forward next year. We actually are in discussions about how much we can share, but our expectation is that this is an area of interest and we want to be as transparent as we can.

所以我們還沒有開始指導工作。但很顯然，全年都會有一些櫥櫃和組合器透過我們的傳統管道銷售。然後，隨著時間的推移，我們將逐步增加其他項目。明年我們將努力增加色彩。我們目前正在討論可以分享多少訊息，但我們認為這是一個大家感興趣的領域，所以希望盡可能做到透明。

Brian, maybe just some color around the sales cycle, we can't speak to that a bit. As Dominic mentioned, we've had -- while not significant, we have recognized some revenue on BESS all year. A C&I solar and storage job would have a pretty quick sales cycle. I mean, we make book and turn on order inside of six months.

布萊恩，或許可以談談銷售週期，我們對此完全不了解。正如 Dominic 所提到的，雖然金額不大，但我們全年都從 BESS 獲得了一些收入。工商業太陽能和儲能專案的銷售週期會相當短。我的意思是，我們能在六個月內完成書籍製作並開始接受訂單。

Whereas a larger grid firming or data center project, they probably follow more of a traditional sales cycle that would look at like a Utility Scale Solar site. So we could be engaged, a year, 18 months before we're shipping a unit one to those individuals for inspection and validation. So longer -- probably obvious, smaller sites, shorter sales cycle; larger opportunities, longer sales cycle.

而規模更大的電網穩定或資料中心項目，其銷售週期可能更接近傳統的公用事業規模太陽能電站。因此，在我們向這些人運送第一台設備進行檢驗和驗證之前，我們可能需要一年到一年半的時間才能完成相關工作。所以，時間越長——這可能很明顯——網站越小，銷售週期越短；機會越大，銷售週期越長。

And once we've gotten the actual designs firmed up for certain customers, the sales cycle will shorten. We've been working on these projects for the for the vast majority of the year. And we're just excited now here sitting in November to share with you that we've got purchase orders and revenue will start coming next year.

一旦我們為特定客戶確定了實際設計方案，銷售週期就會縮短。今年大部分時間我們都在致力於這些專案。現在，我們坐在十一月，非常興奮地告訴大家，我們已經收到採購訂單，明年將開始產生收入。

But once we've actually landed that, if we continue -- if they continue to win business and award more business to us, those designs have now been approved and vetted and tested out. So then the sale cycle would shorten.

但一旦我們真正拿下這個項目，如果我們繼續——如果他們繼續贏得業務並把更多的業務授予我們，那麼這些設計現在就已經得到了批准、審查和測試。這樣一來，銷售週期就會縮短。

Thank you, Brian. Charlie?

謝謝你，布萊恩。查理？

John Wyndham, UBS.

約翰溫德姆，瑞銀集團。

Hi. Thanks, everyone, for taking the questions. You made some comments earlier about LatAm and Australia. I was wondering if you just give a little bit more color on how the International business is progressing in terms of specific products being sold, margins, long-term growth? Just any color you have on that. Appreciate your time today.

你好。謝謝大家回答問題。你之前對拉丁美洲和澳洲發表了一些評論。我想請您詳細介紹一下國際業務的進展情況，包括具體產品的銷售情況、利潤率和長期成長？隨便什麼顏色都行。感謝您今天抽出時間。

Thanks, John. We're excited about the International business. We've carried, roughly, 13 % of our backlog and awarded orders has been tied to our International business. I think we're probably 10%, 11 % now of our BLAOs tied. So excited to be shipping these first three projects.

謝謝你，約翰。我們對國際業務充滿期待。我們大約有 13% 的積壓訂單和已授予的訂單與我們的國際業務有關。我認為我們現在可能有 10% 到 11% 的 BLAO 是並列的。非常激動能開始出貨這前三個項目了。

I think of our International business, really, in two buckets. An organic growth bucket in our specific targeted regions, which two of the three projects are entering in LatAm and Australia. And then I think of the rest of the business in an export bucket.

我認為我們的國際業務其實可以分為兩大類。我們在特定目標區域實現了有機成長，其中三個項目中有兩個分別進入了拉丁美洲和澳洲。然後，我想到其餘的業務都歸類在出口範疇。

And so the margin profiles for those two buckets will look slightly different. Our organically developed markets where we're playing in region, we may be building products outside of the United States, which we actually did on these three projects. The market profile will be slightly lower than our norms.

因此，這兩個桶的利潤率曲線會略有不同。在我們自主開發的市場中，我們可能會在美國以外的地方生產產品，事實上，我們在這三個項目中就是這麼做的。市場規模將略低於我們的預期。

That being said, our export business, which constitutes the greatest portion of our backlog and awarded orders, and we expect projects to begin releasing in next year, and we've got a very strong backlog there, those projects, for the most part, are funded by the USXM Bank and they need to be manufactured in the United States. And the margin profiles of those jobs will look, by and large, like a domestic Utility Scale Solar job maybe minus some shipping costs here and there, but largely the same.

也就是說，我們的出口業務占我們積壓訂單和已授訂單的最大部分，我們預計項目將於明年開始交付，而且我們在這方面積壓的訂單非常多，這些項目大部分由 USXM 銀行提供資金，並且需要在美國製造。這些項目的利潤率總體上將與國內公用事業規模的太陽能項目類似，可能只是少了一些運輸成本，但總體上是相同的。

So we are excited about the growth of the International business. As I mentioned, maybe in the prepared remarks, we -- we're focusing heavily on Australia. There's been a mandate there to add 40 gigawatts of new solar in this decade, which we're very excited about. So we've hired an experienced leader and we're building out a team in Australia to capitalize on that.

因此，我們對國際業務的成長感到興奮。正如我之前提到的，在準備好的演講稿中，我們將重點放在澳洲。當地已製定一項指令，要求在本十年內新增 40 吉瓦太陽能發電裝置容量，我們對此感到非常興奮。因此，我們聘請了一位經驗豐富的領導者，並且正在澳洲組建團隊，以充分利用這一優勢。

Australia is also a very, very strong best market, arguably probably stronger than the United States at this point. And we believe there's some opportunity for us, from an international perspective, on our best product line. So tracking is planned and excited that some of these export projects will finally begin to materialize in 2026 and also excited about the growing pipeline there.

澳洲也是一個非常非常強勁的市場，可以說目前可能比美國還要強勁。從國際角度來看，我們相信我們最好的產品線存在一些發展機會。因此，追蹤計劃正在進行中，令人興奮的是，其中一些出口項目終於將在 2026 年開始實現，同時也對不斷增長的項目儲備感到興奮。

Charlie.

查理。

Dimple Gosa, Bank of America.

Dimple Gosa，美國銀行。

Good morning, team. As electrical balance system players and invite to OEMs push into this best opportunity, can you talk a little bit more about what differentiates Shoals architecture and go-to market model? Like where is your mode as the market scales?

早安，各位同事。隨著電氣平衡系統廠商和 OEM 廠商紛紛抓住這一最佳機遇，您能否再詳細談談 Shoals 架構和市場推廣模式的獨特之處？隨著市場規模擴大，你的模式是什麼？

And separately, who are you having conversations with mostly today? Is it more of the alternative chemistry players and so forth, given the FIOC overhang? Thank you.

另外，你今天主要和哪些人交談？考慮到FIOC的影響力，是否更多的是其他化學反應方面的球員等等？謝謝。

Yeah, that's a great question. I guess there are inverter companies that are highly engaged in data center architectures, I would say, in conjunction with the products that we sell to create potentially some alternative architectures that work more efficiently for data center, specifically AI architecture, to try to maybe balance and smooth power frequencies in those larger data centers. So we don't think of them -- we don't think of the inverter companies maybe as competitors. We think of them as partners in this system architecture. So I think that probably answers the first question.

是的，這是一個很好的問題。我想，有一些逆變器公司非常積極地參與資料中心架構，我認為，他們結合我們銷售的產品，可能會創造出一些更有效率的資料中心替代架構，特別是人工智慧架構，以嘗試平衡和平滑大型資料中心的電源頻率。所以我們不會把它們——我們不會把逆變器公司視為競爭對手。我們將他們視為該系統架構中的合作夥伴。所以我覺得這大概可以回答第一個問題了。

Yeah. I was just going to say that in some of these cases, what we're doing is we're actually engineering the solutions in partnership with these innovations out there. So part of that is something that some of the larger electrical companies are not going to be interested in doing.

是的。我正想說，在某些情況下，我們實際上是在與這些創新者合作，共同設計解決方案。所以，這其中一部分是某些大型電力公司不會有興趣去做的事情。

So when we're working with these integrators, it's very important that our engineers can go work back and forth and come up with their custom solutions. So being first in and driving that value for them is very important to us.

因此，當我們與這些整合商合作時，我們的工程師能夠來回溝通並提出客製化解決方案就顯得非常重要。因此，率先進入市場並為他們創造價值對我們來說非常重要。

And the chemistry, we are agnostic to the chemistry. So yes, if lithium is challenging and someone uses alternative long-form battery discharge power, that's fine, because we're agnostic to that. We are still focusing on the DC coupled side of things with our solutions.

至於化學方面，我們持中立態度。所以，如果鋰電池面臨挑戰，有人使用替代的長放電電源，那也沒關係，因為我們對此持開放態度。我們的解決方案仍然專注於直流耦合方面。

Yeah. That's a great add on, Dominic. And to be more specific about your questions, are we talking to folks that use alternative chemistry technologies? Yes, I mean, we certainly are. So we've got a wide opportunity and quote funnel for this particular end market, and we are very excited about the growth potential.

是的。多明尼克，這真是個很棒的補充。更具體地說，我們是在和使用替代化學技術的人交談嗎？是的，我的意思是，我們當然。因此，我們在這個特定的終端市場擁有廣泛的機會和報價管道，我們對成長潛力感到非常興奮。

Charlie, next question.

查理，下一個問題。

Praneeth Satish, Wells Fargo.

Praneeth Satish，富國銀行。

Thanks. Good morning. Maybe just sticking on the data center best opportunity. Just three quick ones here. First, maybe if you could help us understand how the sizing is trending on some of the quotes that you're looking at? Is it in that 50- to 100-megawatt range? Or are you seeing potential for some larger installation? You did mention hyperscaler as well, so I'd assume that's in the gigawatt range.

謝謝。早安.或許應該抓住資料中心這個最佳機會。這裡就簡單問三個問題。首先，您能否幫助我們了解您正在查看的一些報價的尺寸趨勢？是在 50 到 100 兆瓦的範圍內嗎？或者您認為有潛力進行更大規模的安裝？你也提到了超大規模資料中心，所以我猜它的容量應該在千兆瓦層級。

And then maybe as a follow-up to that, are there meaningful differences in terms of the competitive landscape at each of those different size tiers? And is there a sweet spot for you where there's less competition?

那麼，作為後續問題，不同規模層級的競爭格局是否有實質差異？對你來說，是否存在競爭較小的理想區域？

And then finally the third one here is, in addition to the TAM for data center, new data centers, is there an opportunity maybe to displace some of the diesel generators and drive an expanded TAM from that perspective as well?

最後，第三個問題是，除了資料中心和新建資料中心的TAM之外，是否有機會取代一些柴油發電機，並從這個角度推動TAM的擴大？

Absolutely and great line of questions. I think the simple answer to probably those three questions are yes, yes, and yes. ah So there is a difference, I think, talking about float size, what are we seeing? Do we see 50, 100-megawatt scale opportunities? We do.

沒錯，問得好。我認為這三個問題的簡單答案可能是：是、是、是。啊，所以我覺得確實有差異，說到浮點數大小，我們看到的是什麼？我們是否看到了 50 兆瓦、100 兆瓦規模的機會？是的。

Do we see significantly larger opportunities in that? We do. So we've got a product set, one that is standard and configurable, that blends well to, maybe, the smaller data center opportunities that, as I mentioned, I think it was Brian's question, you think of that as more quick turn C&I business. And then the larger opportunities where we're partnering and designing a specific product for their proprietary architecture is also an opportunity for us.

我們是否看到了其中更大的機會？是的。因此，我們有一套標準且可配置的產品，可以很好地融入規模較小的資料中心機會中。正如我所提到的，我想這是布萊恩提出的問題，你可以將其視為更快速週轉的工商業業務。此外，與我們合作並為他們的專有架構設計特定產品的更大機遇，對我們來說也是機會。

So the competitive landscape varies. As Dominic mentioned, we've got experience here with DC Power. I think that plays well. We've got experience in really building engineered to order, highly configurable solutions at scale. That is probably our core competency.

因此，競爭格局各不相同。正如多明尼克所提到的，我們這裡有直流電源的經驗。我覺得這樣演得很好。我們在大規模建立按需自訂、高度可配置的解決方案方面擁有豐富的經驗。那可能是我們的核心競爭力。

If you really boil down what Shoals does well, we are able to build engineered to order products at scale. That's what we do every single day on the solar market and that runs well into this best data center opportunity. So we can provide both product sets.

如果真正概括 Shoals 的優勢，那就是我們能夠大規模地生產客製化工程產品。這就是我們每天在太陽能市場上所做的事情，而這與這個最佳資料中心機會完美契合。因此，我們可以提供這兩套產品。

As it relates to can these architectures potentially at some point eliminate or reduce diesel backup? Yes, potentially. I think there's probably a lot of information out there, white papers, for instance, that talk about different data center architectures and that's certainly something we've got our eye on.

至於這些架構是否有可能在某些時候消除或減少柴油備用電源？是的，有可能。我認為市面上應該有很多關於不同資料中心架構的信息，例如白皮書，這當然是我們關注的重點。

So Charlie, I believe that's the last question that we have time for today, but Brandon, you had some final comments before we close out and I'll finish this off?

查理，我想這是我們今天最後一個問題了，布蘭登，在結束之前你還有一些補充說明，我來總結一下吧？

Yeah. Absolutely, Matt. I think, look, at end of the year and even the end of the quarter, it's always important to reflect a bit. And I'm very proud of what this company has delivered and the transformation it is making over the past couple years.

是的。當然，馬特。我認為，在年末甚至季度末，進行一些反思總是很重要的。我為公司在過去幾年所取得的成就和轉型感到非常自豪。

Big picture, we have navigated a complex warranty issue and during that warranty issue, we've maintained customer relationships along the way, potentially strengthened customer relationships throughout that. During that period, we have self-funded that $70 million remediation project -- self-funded that project and the legal costs associated with the ongoing Prismean litigation.

從整體來看，我們成功處理了一個複雜的保固問題，並且在處理該保固問題的過程中，我們始終與客戶保持良好的關係，甚至有可能加強了與客戶的關係。在此期間，我們自籌資金完成了這項耗資 7000 萬美元的補救項目——自籌資金完成了該項目以及與正在進行的 Prismean 訴訟相關的法律費用。

And while that's a great accomplishment on its own, we've also invested heavily in our business during that time. If you think about this year alone, we'll invest probably 3x on a normal CapEx rate. And while it's great to spend that money, we also have to implement that CapEx. And so we are creating a sustainable operations platform for the future. And I'm very, very proud of what we're building.

雖然這本身就是一項了不起的成就，但在此期間，我們也對公司業務進行了大量投資。單就今年而言，我們的投資金額可能會是正常資本支出速度的3倍。雖然花這筆錢是件好事，但我們也必須落實這筆資本支出。因此，我們正在為未來打造一個永續的營運平台。我為我們正在打造的事業感到非常非常自豪。

Additionally, during the period, a $25 million share repurchase and we've paid down $50 million of our debt. So I believe this company is very well positioned for the future. We've got a leading market position with a blue-chip customer base. We've got a very strong balance sheet and the ability to generate strong free cash flow.

此外，在此期間，我們進行了 2,500 萬美元的股票回購，並償還了 5,000 萬美元的債務。所以我相信這家公司在未來發展中處於非常有利的地位。我們擁有領先的市場地位和優質的客戶群。我們擁有非常穩健的資產負債表和產生強勁自由現金流的能力。

Our diversification strategy, as we mentioned on this call, is meeting or exceeding plans and we're excited about the new end markets we're entering. We built a fantastic, fantastic management team here that's going to guide this company into the future. Very exciting for both our salaried and hourly staff, we've got one heck of a nice new facility to support our growth for the future.

正如我們在這次電話會議中提到的，我們的多元化策略正在達到或超過計劃目標，我們對即將進入的新終端市場感到興奮。我們組建了一支非常優秀的管理團隊，他們將帶領公司走向未來。對於我們的領固定薪資員工和計時員工來說，這真是令人興奮！我們擁有了一座非常棒的新設施，這將支持我們未來的發展。

So it's a fantastic time to be with this organization. I'm excited about the market backdrop we have. We look forward to fantastic results in the future. So I want to thank everybody that has joined our call today and supports this company. Thank you.

所以現在加入這個組織真是太棒了。我對我們目前的市場環境感到興奮。我們期待未來能取得輝煌的成績。所以，我要感謝今天所有參加我們電話會議並支持這家公司的人。謝謝。

And I just want to remind our audience that before we let them go that we have a very active IR calendar. Throughout the end of the year, we announced those events a few weeks back via press release. They're listed on the Investor Section of our website.

最後，我想提醒各位聽眾，在我們結束今天的活動之前，我們有一個非常活躍的投資者關係日程安排。幾週前，我們透過新聞稿宣布了年底期間的這些活動。它們列在我們網站的投資者關係部分。

So if you're attending any conferences through November and December and you'd like to meet with us, please let us know. We'd love to speak with you. If we can help you further, please reach out to investors at shoals.com with any questions. Have a good day everyone.

所以，如果您在11月和12月期間參加任何會議，並且想與我們見面，請告訴我們。我們很樂意與您交流。如果您需要任何進一步的協助，請聯絡 investors@shoals.com 諮詢相關問題。祝大家今天過得愉快。

Thanks all.

謝謝大家。

Thank you.

謝謝。

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

感謝各位參加今天的電話會議。現在您可以斷開線路了。