Tigo Energy Inc (TYGO) 2024 Q1 法說會逐字稿

Good afternoon. Welcome to Tigo Energy's Fiscal First Quarter 2024 Earnings Conference Call. (Operator Instructions) Joining us today from Tigo are Zvi Alon, CEO; and Bill Roeschlein, CFO. As a reminder, this call is being recorded.

午安.歡迎參加 Tigo Energy 2024 年第一季財報電話會議。 （操作員說明）今天從 Tigo 加入我們的是執行長 Zvi Alon；和財務長 Bill Roeschlein。提醒一下，此通話正在錄音。

I would now like to turn the call over to Bill Roeschlein, Chief Financial Officer.

我現在想將電話轉給財務長 Bill Roeschlein。

Thank you, operator. We'd like to remind everyone that some of the matters we'll discuss on this call, including our expected business outlook and ability to reach cash flow breakeven, adjusted EBITDA breakeven and long-term growth prospects, expectations regarding a recovery in our industry, statements about current and future inventory levels and their impact on future financial results, inventory, supply and its impact on our customer shipments and our revenue and adjusted EBITDA for the fiscal second quarter 2024, our ability to penetrate new markets and expand our market share, including expansion in international markets, investments in our product portfolio are forward-looking, and as such, are subject to known and unknown risks and uncertainties, including, but not limited to those factors described in today's press release and discussed in the Risk Factors section of our annual report on Form 10-K for the fiscal year ended December 31, 2023, and on the reports we may file with the SEC from time to time. These risks and uncertainties could cause actual results to differ materially from those expressed on this call. These forward-looking statements are made only as of the date when made.

謝謝你，接線生。我們想提醒大家，我們將在本次電話會議上討論的一些事項，包括我們預期的業務前景和實現現金流盈虧平衡的能力、調整後的 EBITDA 盈虧平衡和長期增長前景、對行業復甦的預期、有關當前和未來庫存水準及其對未來財務業績的影響、庫存、供應及其對我們的客戶發貨量和我們的收入的影響以及2024 財年第二季度調整後EBITDA 的聲明，我們滲透新市場和擴大市場份額的能力，包括國際市場的擴張，我們產品組合的投資具有前瞻性，因此會受到已知和未知的風險和不確定性的影響，包括但不限於今天的新聞稿中描述和風險因素中討論的因素我們截至 2023 年 12 月 31 日的財政年度 10-K 表格年度報告以及我們可能不時向 SEC 提交的報告的部分內容。這些風險和不確定性可能導致實際結果與本次電話會議中表達的結果有重大差異。這些前瞻性陳述僅在作出之日作出。

During our call today, we will reference certain non-GAAP financial measures. We include non-GAAP to GAAP reconciliations in our press release furnished as an exhibit to our Form 8-K. The non-GAAP financial measures provided should not be considered a substitute for or superior to the measures of financial performance prepared in accordance with GAAP.

在今天的電話會議中，我們將參考某些非公認會計準則財務指標。我們在作為 8-K 表格附件提供的新聞稿中包含非 GAAP 與 GAAP 調整表。所提供的非公認會計原則財務指標不應被視為替代或優於根據公認會計原則編制的財務績效指標。

Finally, I would like to remind everyone that this conference call is being webcast and a recording will be made available for replay on Tigo's Investor Relations website at investors.tigoenergy.com. I would like to now turn the call over to Tigo's CEO, Zvi Alon. Zvi?

最後，我想提醒大家，本次電話會議正在網路上直播，錄音將在 Tigo 投資者關係網站 Investors.tigoenergy.com 上重播。我現在想將電話轉給 Tigo 的執行長 Zvi Alon。茲維？

Thank you, Bill.

謝謝你，比爾。

To begin today's discussion, I'll give some background on our company, its recent performance and market plans before turning the call over to our CFO, Bill Roeschlein. He will discuss our financial results for the quarter in more depth as well as provide our outlook for the second quarter of 2024. After that, I will share some closing remarks before opening the call for questions.

在開始今天的討論之前，我將先介紹我們公司的背景、最近的業績和市場計劃，然後再將電話轉給我們的財務長 Bill Roeschlein。他將更深入地討論我們本季的財務業績，並提供我們對 2024 年第二季的展望。

All right, let's begin. For those of you who may be new to our journey, Tigo Energy stands as a global leader in intelligent solar and energy storage solutions. Founded in 2007, our mission is to deliver smart hardware and software solutions that enhance safety, increase energy yield and lower operating costs for residential, commercial and utility scale solar systems. At Tigo, we offer 3 primary product categories. One, TS4 MLPE, our flagship product, which comprises a range of flexible design MLPE solutions to meet diverse needs of installers worldwide.

好吧，讓我們開始吧。對於可能不熟悉我們旅程的人來說，Tigo Energy 是智慧太陽能和儲能解決方案的全球領導者。我們成立於 2007 年，我們的使命是提供智慧硬體和軟體解決方案，以增強住宅、商業和公用事業規模太陽能係統的安全性、提高能源產量並降低營運成本。在 Tigo，我們提供 3 個主要產品類別。其中之一是 TS4 MLPE，我們的旗艦產品，包含一系列靈活設計的 MLPE 解決方案，可滿足全球安裝人員的不同需求。

The second one, GO ESS energy and storage solutions is a line of energy storage solutions built on modular components designed to be intuitive and flexible during the installation. Our GO ESS range includes the GO inverter, GO battery, GO ATS and GO EV charger. And the third one, Energy Intelligence, our EI software platform, which includes monitoring fleet management and our flagship Predict+ software platform. We believe that the opportunity for solar and energy storage solutions is large and durable both in the United States as well as internationally.

第二個是 GO ESS 能源和儲存解決方案，這是一系列基於模組化組件構建的能源儲存解決方案，設計在安裝過程中直觀且靈活。我們的 GO ESS 系列包括 GO 逆變器、GO 電池、GO ATS 和 GO EV 充電器。第三個是能源智能，我們的 EI 軟體平台，其中包括監控車隊管理和我們的旗艦 Predict+ 軟體平台。我們相信，太陽能和儲能解決方案的機會在美國和國際上都是巨大且持久的。

Transitioning now to review of the recent operational results and demand outlook. As discussed in our previous call, our business faced significant challenges in the second half of 2023, primarily due to the elevated inventory levels and the channel. However, we are pleased to report that we have seen revenues stabilize since the start of this year. We reported $9.8 million in revenue and shipped 239,000 MLPEs or approximately 100 megawatts DC at an assumed panel size of 400 watts. We also shipped 3.3 megawatts DC and 1.5 megawatt hours hours of inverter and battery, respectively. Additionally, we continue to make the headway in our AI software services platform, with annual recurring revenue or ARR exceeding $1 million.

現在轉向回顧最近的營運業績和需求前景。正如我們在先前的電話會議中所討論的，我們的業務在 2023 年下半年面臨著重大挑戰，這主要是由於庫存水準和管道的增加。然而，我們很高興地報告，自今年年初以來，我們的收入已經穩定。我們報告的收入為 980 萬美元，出貨量為 239,000 個 MLPE，或在假設面板尺寸為 400 瓦時約 100 兆瓦直流。我們也分別交付了 3.3 兆瓦直流逆變器和 1.5 兆瓦時電池。此外，我們的人工智慧軟體服務平台持續取得進展，年經常性收入或 ARR 超過 100 萬美元。

Geographically, the Americas region, which comprised 28% of revenue, appears to be stabilizing, and we are cautiously optimistic that Tigo will be able to grow its share in the region in the second half of 2024. Specifically, we are beginning to experience slow sales traction in Brazil, where rapid shutdown capabilities for solar products such as ours are increasingly becoming legally required. Within the EMEA region, which generated 59% of revenue, we are beginning to see some inventory replenishment activity and pockets of growth. Notable regions of improvements for us include Germany, Italy and Czech Republic. Within the APAC region, which comprised 13% of the total revenue, results have been uneven due to the nature of the timing of the C&I projects that we are involved in. Still, we see an upward trend in that region continuing into the later half of 2024.

從地理位置上看，佔收入 28% 的美洲地區似乎正在穩定，我們對 Tigo 在 2024 年下半年擴大其在該地區的份額持謹慎樂觀態度。勢頭強勁，該國對像我們這樣的太陽能產品的快速關閉能力越來越成為法律要求。在佔收入 59% 的歐洲、中東和非洲地區，我們開始看到一些庫存補充活動和部分成長。我們值得關注的改進地區包括德國、義大利和捷克共和國。在佔總收入 13% 的亞太地區，由於我們參與的工商業項目的時間安排，結果並不均衡。

We are also very pleased to announce the introduction of our newest line of MLPE, the TS4-X. The TS4-X family represents a culmination of multiyear effort to provide the C&I and utility marketplace with leading-edge MLPE that are designed to satisfy several key industry needs. The TS4 MLPE products provide customers with higher power, higher current solutions and maximum design flexibility, all while enabling a lower overall cost than alternatives. We also designed the TS4-X to provide the highest available level of safety through its unique multifactor technology that activates its rapid shutdown capabilities. Particular use case include high power panels, bifacial panels and systems designed to support the mixture of optimization, monitoring and rapid shutdown in a single installation. And the TS4-X family is especially useful for customers who are searching for a product with selective deployment abilities that enables maximum energy generation and safety.

我們也非常高興地宣布推出最新的 MLPE 系列 TS4-X。 TS4-X 系列代表了多年來為工商業和公用事業市場提供領先的 MLPE 的努力成果，旨在滿足多個關鍵行業需求。 TS4 MLPE 產品為客戶提供更高功率、更高電流的解決方案和最大的設計彈性，同時比替代產品更低的整體成本。我們還設計了 TS4-X，透過其獨特的多因素技術來啟動其快速關閉功能，從而提供最高等級的安全性。特定用例包括高功率面板、雙面面板和旨在支援單一安裝中的最佳化、監控和快速關閉組合的系統。 TS4-X 系列對於正在尋找具有選擇性部署能力、可實現最大發電量和安全性的產品的客戶特別有用。

In summary, we believe that the TS4-X represents the safest, most reliable and most cost-effective, most flexible at the higher power MLPE solutions in the marketplace today. In addition, the TS4-X, we would like to highlight some other recent announcements we have made, including the introduction of GO EV charger into the European market, a complement to our existing GO product portfolio and a new market for our EV charger. And its first installation and commissioning of the Tigo EI residential solar solution with whole own backup as part of the solution introduction to the Puerto Rican market. The Tigo EI residential solar solution consists of Tigo TS4 Flex MLPE products, the Tigo EI inverter, a modular DC-coupled EI battery and everything else required for fast, flexible, dependable installation and is designed to protect the households from grid disruptions.

總之，我們相信 TS4-X 代表了當今市場上最安全、最可靠、最具成本效益、最靈活的更高功率 MLPE 解決方案。此外，對於 TS4-X，我們想重點介紹我們最近發布的其他一些公告，包括將 GO EV 充電器引入歐洲市場、對我們現有 GO 產品組合的補充以及我們 EV 充電器的新市場。作為波多黎各市場推出解決方案的一部分，它首次安裝和調試了具有完全自有備份的 Tigo EI 住宅太陽能解決方案。 Tigo EI 住宅太陽能解決方案由Tigo TS4 Flex MLPE 產品、Tigo EI 逆變器、模組化直流耦合EI 電池以及快速、靈活、可靠安裝所需的所有其他組件組成，旨在保護家庭免受電網中斷的影響。

Turning to our demand outlook for the second quarter and the rest of the year. We will continue to focus on the following 3 [tenets] of our growth strategy: 1, promote the flexibility and cost-effectiveness of our solution; 2, penetrate new markets and expand existing markets; 3, expand the suite of products we offer. We have discussed in prior quarters, we are still navigating through what we believe to be the tail end of the industry-wide inventory oversupply problem. Our guidance reflects the expectation that the second quarter will be transitional in nature as the industry reaches a new supply-demand equilibrium. Additionally, we expect to see a sharper recovery in the second half of the year once the seeds of the recovery that we are currently experiencing take hold.

轉向我們對第二季和今年剩餘時間的需求前景。我們將繼續關注我們的成長策略的以下 3 個[原則]： 1、提升我們解決方案的靈活性和成本效益； 2、滲透新市場並拓展現有市場； 3、擴大我們提供的產品套件。我們在前幾個季度已經討論過，我們仍在解決我們認為的全行業庫存供應過剩問題的尾聲。我們的指引反映了隨著產業達到新的供需平衡，第二季本質上將是過渡性的預期。此外，一旦我們目前正在經歷的復甦的種子紮根，我們預計下半年將出現更急劇的復甦。

With that, I will turn the call over to Bill to discuss our first quarter 2024 financial results and 2024 outlook in greater details. Bill?

接下來，我將把電話轉給 Bill，詳細討論我們 2024 年第一季的財務表現和 2024 年展望。帳單？

Thank you, Zvi.

謝謝你，茲維。

Turning now to our financial results for the first quarter ended March 31, 2024. Revenue for the first quarter of 2024 decreased 80% to $9.8 million from $50.1 million in the prior year period. By geography, EMEA revenue was $5.8 million or 59% of total revenues. Americas revenue was $2.7 million or 28% of total revenues and APAC was $1.3 million or 13% of total revenues for the quarter. On a sequential basis, revenues improved 6% compared to Q4 with improved results coming from many countries in the EMEA region, including Germany, Italy and the Czech Republic.

現在來看看我們截至 2024 年 3 月 31 日的第一季財務表現。按地理劃分，歐洲、中東和非洲地區收入為 580 萬美元，佔總收入的 59%。本季美洲地區營收為 270 萬美元，佔總營收的 28%，亞太地區營收為 130 萬美元，佔總營收的 13%。與第四季相比，營收季增 6%，歐洲、中東和非洲地區許多國家（包括德國、義大利和捷克共和國）的業績有所改善。

Gross profit in the first quarter of 2024 was $2.8 million or 28.2% of revenue compared to $18.4 million or 36.7% of revenue in the comparable year ago period. The year-over-year decline on a dollar basis was primarily due to lower sales volumes, while the decline in gross margin percentage was primarily due to a change in the product mix and lower ASPs on our battery products. On a sequential quarter basis, gross margin decreased by 290 basis points due primarily to lower ASPs on batteries within our GO ESS product lines.

2024 年第一季的毛利為 280 萬美元，佔營收的 28.2%，去年同期為 1,840 萬美元，佔營收的 36.7%。以美元計算的年減主要是由於銷售量下降，而毛利率下降主要是由於產品結構的變化和電池產品平均售價的下降。按季度計算，毛利率下降了 290 個基點，主要是由於我們 GO ESS 產品線中電池的平均售價較低。

Total operating expenses for the first quarter were $11.9 million, up from $10.6 million in the prior year period. The year-over-year increase was driven primarily by higher audit and legal fees that we incurred as a public company. Operating loss for the first quarter totaled $9.1 million compared to an operating profit of $7.8 million in the prior year comparable period.

第一季的總營運費用為 1,190 萬美元，高於去年同期的 1,060 萬美元。年比成長主要是由於我們作為上市公司產生的審計和法律費用增加。第一季營運虧損總計 910 萬美元，而去年同期營運利潤為 780 萬美元。

GAAP net loss for the first quarter totaled $11.5 million compared to net income of $6.9 million in the prior year period. Adjusted EBITDA loss in the first quarter totaled $6.3 million compared to adjusted EBITDA of $8.6 million in the prior year period. As a reminder, adjusted EBITDA represents operating profit as adjusted for depreciation, amortization of stock-based compensation and M&A transaction expenses.

第一季 GAAP 淨虧損總計 1,150 萬美元，而去年同期淨利為 690 萬美元。第一季調整後 EBITDA 虧損總計 630 萬美元，而去年同期調整後 EBITDA 虧損為 860 萬美元。需要提醒的是，調整後的 EBITDA 代表經折舊、股票薪資攤提和併購交易費用調整後的營業利潤。

Primary shares outstanding were 59.4 million for the first quarter of 2024.

2024 年第一季已發行主要股為 5,940 萬股。

Turning to the balance sheet. Accounts receivable net decreased by $0.6 million in the first quarter to $6.3 million compared to $6.9 million last quarter and $32.4 million in the year ago comparable period. Inventories net decreased by $5.6 million or 9% compared to $61.4 million last quarter and $36.6 million in the year ago comparable period. In the first quarter, the vast majority of our cost of goods sold was comprised of inventory, which we expect will continue to decline and generate cash for us in future quarters.

轉向資產負債表。第一季應收帳款淨額減少 60 萬美元，至 630 萬美元，而上季為 690 萬美元，去年同期為 3,240 萬美元。與上季的 6,140 萬美元和去年同期的 3,660 萬美元相比，庫存淨額減少了 560 萬美元，即 9%。在第一季度，我們的絕大多數銷售成本由庫存組成，我們預計庫存將繼續下降，並在未來幾季為我們創造現金。

Cash, cash equivalents and short and long-term marketable securities totaled $21.9 million at March 31, 2024. The sequential decline was primarily due to $9.7 million decline of accounts payable and our adjusted EBITDA loss of $6.3 million, partially offset by inventory to cash conversion of $5.6 million in the quarter. As we mentioned on our last call, we continue to have discussions regarding credit facilities to enhance our balance sheet flexibility, which we believe will be available in more favorable terms as our financial performance continues to improve.

截至2024 年3 月31 日，現金、現金等價物以及短期和長期有價證券總額為2,190 萬美元。庫存現金轉換所抵銷本季 560 萬美元。正如我們在上次電話會議中提到的那樣，我們將繼續就信貸安排進行討論，以增強我們的資產負債表靈活性，我們相信，隨著我們的財務業績不斷改善，這些信貸安排將以更優惠的條件提供。

In April, we initiated cost reduction efforts that included personnel costs and other discretionary items to better align our business model with the current pace of the industry recovery and lower the breakeven points for profitability and cash generation. As a result of these actions, we expect that on a normalized basis for the remainder of 2024, GAAP operating expenses will be in the range of $12.5 million per quarter, with non-GAAP operating expenses expected to be in the range of $11 million per quarter. With these changes and considering our current supply of inventory on hand, we expect the cash breakeven point at the quarterly revenue level of approximately $17 million to $19 million and an adjusted EBITDA breakeven point at a quarterly revenue of approximately $33 million to $35 million on a normalized basis.

4月份，我們啟動了成本削減工作，其中包括人員成本和其他可自由支配的項目，以更好地使我們的業務模式與當前行業復甦的步伐保持一致，並降低盈利能力和現金生成的盈虧平衡點。 As a result of these actions, we expect that on a normalized basis for the remainder of 2024, GAAP operating expenses will be in the range of $12.5 million per quarter, with non-GAAP operating expenses expected to be in the range of $11 million per四分之一.考慮到這些變化並考慮到我們目前現有的庫存供應，我們預計季度收入水準的現金盈虧平衡點約為1700 萬美元至1900 萬美元，調整後的EBITDA 盈虧平衡點約為3300 萬美元至3500 萬美元。

Before I turn the call back over to Zvi, I'll now take a few minutes to provide our financial outlook for our 2024 second quarter. As a reminder, Tigo provides quarterly guidance for revenue as well as adjusted EBITDA as we believe these metrics to be key indicators for the overall performance of our business. For the second quarter of 2024, we expect revenues and adjusted EBITDA to be in the following range. We expect revenues in the second quarter ended June 30, 2024, to range between $12 million and $16 million. We expect adjusted EBITDA loss to range between $5.5 million and $8 million.

在我將電話轉回 Zvi 之前，我現在將花幾分鐘時間介紹 2024 年第二季的財務前景。提醒一下，Tigo 提供季度營收指引以及調整後的 EBITDA，因為我們相信這些指標是我們業務整體表現的關鍵指標。對於 2024 年第二季度，我們預計收入和調整後 EBITDA 將在以下範圍內。我們預計截至 2024 年 6 月 30 日的第二季營收將在 1,200 萬美元至 1,600 萬美元之間。我們預計調整後 EBITDA 損失將在 550 萬美元至 800 萬美元之間。

Finally, as we approach our 1-year anniversary as a public company, we will soon be S-3 eligible. Under our current S-1 under which our affiliates and certain other shareholders have registered their stock went stale on April 30, and we received a registration rights waiver from the majority of these holders to register their holdings under an S-3 filing, which we will do as a post-effective amendment to our S-1 filing and expect it will be filed around May 31. We wish to emphasize that there will be no new primary shares registered in our upcoming S-3 filing as this filing is being done only to comply with Tigo's registration rights obligations to our affiliates.

最後，隨著我們成為上市公司一周年紀念日的臨近，我們很快就會獲得 S-3 資格。根據我們目前的S-1（我們的附屬公司和某些其他股東已登記其股票），其股票已於4 月30 日失效，我們收到了大多數這些持有人的登記權放棄，可以根據S -3 備案登記其所持股份，我們將作為對我們的S-1 備案文件的生效後修訂，預計將於5 月31 日左右提交。不會有新的主要股票註冊，因為該文件正在完成僅用於遵守 Tigo 對我們附屬公司的註冊權義務。

That completes my summary. I'd like to now turn the call back over to Zvi for final remarks. Zvi?

我的總結到此結束。我現在想將電話轉回 Zvi，讓其發表最後評論。茲維？

Thanks, Bill. Overall, we are confident that we have started to turn the corner for our business, and as our team can effectively manage the current macroeconomic environment, while our industry recovers. We believe firmly in the long-term growth prospects of our business and look forward to providing additional updates in the coming quarters. With that, operator, please open the call for Q&A.

謝謝，比爾。總體而言，我們有信心我們的業務已經開始扭轉局面，並且我們的團隊能夠在行業復甦的同時有效管理當前的宏觀經濟環境。我們堅信我們業務的長期成長前景，並期待在未來幾季提供更多更新。那麼，接線員，請打開問答電話。

(Operator Instructions) And our first question comes from the line of Philip Shen from ROTH.

（操作員說明）我們的第一個問題來自羅仕證券的 Philip Shen。

First one is on the adjusted EBITDA breakeven. Bill, I think you were talking about $33 million to $35 million of revenue. Wanted to get a sense for when you expect that revenue to be possible? Could it be Q4 this year as Europe improves? Or do you think it might need to wait until 2025?

第一個是調整後的 EBITDA 損益平衡點。 Bill，我認為您談論的是 3300 萬至 3500 萬美元的收入。想要了解預計何時可以實現收入？隨著歐洲的改善，今年第四季會是這樣嗎？還是你認為可能要等到2025年？

So as Zvi alluded to, we see the second half leading to a much sharper recovery as it relates to Tigo. So from our perspective, we do see a clear path to EBITDA breakeven this year. And while we're not providing that specific guidance there, we see a strong probability of that occurring.

因此，正如 Zvi 所提到的，我們看到下半場會導致 Tigo 更快的復甦。因此，從我們的角度來看，我們確實看到了今年實現 EBITDA 盈虧平衡的明確道路。雖然我們沒有提供具體指導，但我們看到這種情況發生的可能性很高。

Okay. And then as it relates to channel inventory, at one point, earlier this year, I think you guys thought it might clear by Q2. Do you still expect that? I mean do you think Q3, we see a nice ramp and then even better Q4. I know these are a few questions in here, but if you can talk about when you think your channel inventory clears maybe by geography, so Europe and then the U.S. and then also should we expect the revenue ramp? I mean you said back half, but do we have to wait more to Q4? Do you think actually Q3, you feel confident with that bump?

好的。然後，由於它與渠道庫存有關，在今年早些時候的某個時刻，我想你們認為這可能會在第二季結束。你還期待這樣嗎？我的意思是你認為第三季我們看到了一個不錯的斜坡，然後是更好的第四季。我知道這裡有幾個問題，但是您是否可以談談您認為渠道庫存何時會按地理位置清理，例如歐洲，然後是美國，然後我們是否應該預期收入增長？我的意思是你說的是後半部分，但是我們是否需要等待第四季？您認為實際上第三季度您對這次碰撞感到有信心嗎？

So I'll jump in first and I'll let Zvi add additional color as you'd like. But we're viewing the current quarter as transitional in nature because we have customers who have depleted and are now replenishing their stocks of inventory, but we still have some customers who are not quite through the destocking process. But in our view, as we look into the second half of the year, we feel the destocking process will be mostly complete. And so I don't think it necessarily have to be Q4. It could be Q3, it could be a particular, not sure if at the end of the quarter or the beginning of a quarter. We're going to leave ourselves get a little bit of room. But I don't think it's a straight line. I do think it's a step function jump. And in our view, the second half of the year is going to be much more of a sharper recovery with a much more of a step function increase for Tigo. And by geography, I think that we've said on multiple calls, we didn't have much of an inventory issue or a destocking issue in the Americas or in Asia Pacific. It's been primarily an EMEA problem this whole time.

所以我會先介入，然後讓 Zvi 根據您的需求添加其他顏色。但我們認為當前季度本質上是過渡性的，因為我們的客戶已經耗盡庫存，現在正在補充庫存，但我們仍然有一些客戶尚未完全完成去庫存過程。但我們認為，展望下半年，去庫存過程將基本完成。所以我認為不一定是第四季。可能是第三季度，也可能是特定的，不確定是在季度末還是季度初。我們要給自己留一點空間。但我不認為這是一條直線。我確實認為這是一個階躍函數跳躍。我們認為，今年下半年 Tigo 的復甦將更加迅速，階梯功能將進一步增加。從地理位置來看，我認為我們在多次電話會議中說過，我們在美洲或亞太地區沒有太多庫存問題或去庫存問題。一直以來，這主要是歐洲、中東和非洲地區的問題。

Great. Can you share how much might be like remaining in EMEA? And you talked about some customers being done with the destocking, some not. So on a blended average basis, when you think about how many weeks might be out there in the channel? Does it sound like it's still north of 10 weeks or in Europe specifically? Or do you think it's meaningfully lower?

偉大的。能否分享一下留在歐洲、中東和非洲地區的感受如何？您談到有些客戶已經完成了去庫存，有些則沒有。因此，在混合平均的基礎上，當您考慮頻道中可能存在多少週？聽起來是不是還有 10 週左右的時間，還是特別是在歐洲？還是你認為它的降低有意義嗎？

I don't think we can give you enough quantitative information, I guess, to address your question. But we're seeing at least from our customers in Germany, a really strong bounce back. That is continuing even up to today. We're also seeing strong results from U.K., Italy that also exists, we're strong in our first quarter, and we're seeing some continued strength as we're coming into the second quarter. The thing about what we're seeing currently is that we're a little bit more than 1 month into the second quarter and the amount of pipeline activity, booking activity is just a lot stronger than it was during the same period of the last quarter. We definitely turned the corner, and we're seeing strength that we expect to continue as we go through the year.

我認為我們無法為您提供足夠的定量資訊來解決您的問題。但我們至少從德國客戶那裡看到了非常強勁的反彈。這種情況甚至一直持續到今天。我們也看到英國和義大利也取得了強勁的業績，我們在第一季表現強勁，並且在進入第二季時我們看到了一些持續的強勢。我們目前看到的情況是，第二季度已經過去 1 個多月了，管道活動量、預訂活動量比上季度同期要強得多。我們確實已經渡過了難關，我們看到了我們希望在這一年中繼續保持的力量。

Great. Sorry, I have one last question. And sorry if you guys talked about it earlier as well, but Enphase and SolarEdge, talk about how much sell-through is each quarter versus your sell-in and the degree of undershipments in terms of millions of dollars. Can you speak to that at all for Q1 and maybe even Q2?

偉大的。抱歉，我還有最後一個問題。抱歉，如果你們之前也談過這個問題，但 Enphase 和 SolarEdge，請談談每季的銷售量與銷售量以及出貨量不足的程度（以數百萬美元計）。您能談談第一季甚至第二季的情況嗎？

So we don't get sell-through data from our distributors, specifically to be able to provide that kind of metric with any degree of confidence. But we do see the pipeline booking activity and in talking with customers, getting an understanding as to where their inventory levels are and the amount of replenishment that has occurred in Q1, and that is steadily progressing upward for us as we move forward through the current period here in the second quarter. We did say on the last call, we were at least 50% lower than where we should be. And I think we also just told you that we see us being EBITDA breakeven or better in the current year. So I mean, I think all that kind of serves as a guidepost to tell you where we think normalized recovery would put us.

因此，我們不會從經銷商那裡獲得銷售數據，特別是為了能夠以任何程度的信心提供此類指標。但我們確實看到了管道預訂活動，並與客戶交談，了解他們的庫存水平以及第一季發生的補貨量，隨著我們當前的進展，這對我們來說正在穩步上升。二季。我們確實在上次電話會議上說過，我們的業績比應有的水準至少低了 50%。我想我們也剛剛告訴過您，我們認為今年的 EBITDA 損益平衡或更好。所以我的意思是，我認為所有這些都可以作為一個路標，告訴你我們認為正常化復甦會將我們放在何處。

I will just add one clarification. Just know that it's required. But in the countries that Bill mentioned, like Germany and the U.K., and we talked about the fact that the replenishment is occurring. Those are our main markets, and that's where it is happening.

我僅補充一處說明。只需知道這是必需的。但在比爾提到的國家，例如德國和英國，我們談到了正在進行補貨的事實。這些是我們的主要市場，也是我們的主要市場。

Great. Okay. Best of luck with the ramp, and I'll pass it on.

偉大的。好的。祝坡道好運，我會把它傳遞下去。

And our next question comes from the line of Eric Stine from Craig Hallum.

我們的下一個問題來自 Craig Hallum 的 Eric Stine。

So I just wanted to focus on the balance sheet a little bit. I think last quarter, you were hopeful that you would get some working capital benefit, and you did get some on the inventory line. Just curious what your expectation is here for the remainder of the year. You did talk about inventory that you expect to work down, but maybe just what you've seen early in Q2 and how you expect that to play out?

所以我只想稍微關心一下資產負債表。我認為上個季度，您希望獲得一些營運資金收益，並且您確實在庫存線上獲得了一些收益。只是好奇您對今年剩餘時間的期望是什麼。您確實談到了您希望減少的庫存，但也許只是您在第二季度初期看到的情況以及您預計情況會如何發展？

We've lowered our accrued current liabilities by more than $11 million and the current amount of AP is much lower. The previous quarter had some inventory payable that had to be settled, and we've worked through that, and we don't have that as something that's going to continue in the future quarters. Again, we guided $12 million to $16 million, and we've also given new guidance at $17 million to $19 million is our cash breakeven point. So you can see that our cash burn rate would be very minimal or at least within a predictable range. given what we've provided on those 2 fronts with the bulk of the cash generation coming from our inventory conversion, which is upwards of 90% of our cost of goods sold.

我們已將應計流動負債減少了超過 1,100 萬美元，當前應付帳款金額要低得多。上一季有一些應付庫存需要結算，我們已經解決了這個問題，但我們不會在未來幾季繼續這樣做。我們再次給出了 1200 萬至 1600 萬美元的指導，並且我們還給出了新的指導，即 1700 萬至 1900 萬美元是我們的現金盈虧平衡點。所以你可以看到我們的現金消耗率將非常低或至少在可預測的範圍內。考慮到我們在這兩個方面所提供的，大部分現金產生來自我們的庫存轉換，占我們銷售商品成本的 90% 以上。

Okay. That's helpful. All right. So that is expected to continue in Q2 and going forward. That is helpful. Maybe then just sticking with the liquidity side of it, you mentioned and you have for some time, you've been in some negotiations for line of credits just for more flexibility and it sounds like hopeful, I mean, waiting for maybe better rates. Is it fair to say that you have line of sight to facilities right now, just not at rates that you think are acceptable. That would be helpful to know.

好的。這很有幫助。好的。因此，預計這種情況將在第二季及未來繼續下去。這很有幫助。也許只是堅持流動性方面，你提到過，你已經有一段時間了，你一直在進行一些信貸額度談判，只是為了獲得更大的靈活性，這聽起來充滿希望，我的意思是，等待更好的利率。公平地說，您現在可以看到設施，只是價格不符合您認為可以接受的水平。知道這一點會有幫助。

Yes. That's correct. At the current moment, there's still some projection risk over the shape of the recovery in the market. And once we as an industry get a little bit more clarity and consensus on what that looks like, it just creates a better environment to borrow money essentially and negotiate rates. So we want to be prudent in how we do that.

是的。這是正確的。目前，市場復甦的形態仍存在一些預測風險。一旦我們作為一個行業對這種情況有了更多的清晰度和共識，它就會創造一個更好的環境來本質上借錢和協商利率。因此，我們要謹慎行事。

(Operator Instructions) Our next question comes from the line of Gus Richard from Northland.

（操作員說明）我們的下一個問題來自北國的格斯·理查德（Gus Richard）。

Just wondering how you're doing on getting on more approved vendor list. How is that process going?

只是想知道您在獲得更多認可的供應商名單方面做得如何。這個過程進展如何？

We are actually making good progress, the major suppliers or customers here in the U.S. And I don't want to provide any predictions, but I think that we will have a different conversation next quarter.

我們實際上取得了良好的進展，美國的主要供應商或客戶，我不想提供任何預測，但我認為我們下個季度會有不同的對話。

Got it. And then a while back, you all talked about some opportunities and you totally scale for the optimizers. And I was just wondering now that we're sort of getting our feedback on the ground, has that reemerged or is that something that's not materialized?

知道了。不久前，你們都談到了一些機會，並且完全為優化器進行了擴展。我只是想知道，我們現在已經收到了實地回饋，這種情況是否再次出現，或者是否尚未實現？

We actually have a very promising pipeline with respect to that, and we feel really good. But obviously, you have to wait till (inaudible) to announce anything.

實際上，我們在這方面有一個非常有前途的管道，我們感覺非常好。但顯然，你必須等到（聽不清楚）才能宣布任何事情。

Any other color you can provide just to give a little bit better flavor?

您可以提供任何其他顏色來提供更好的味道嗎？

So the utility market has a pretty good velocity of activity around the world, not affected by government subsidies and [M30] type of situations. There continues to be a good amount of projects where we're getting RFP requests. And we're working through those with several very promising opportunities in our pipeline currently.

因此，公用事業市場在全球範圍內具有相當好的活動速度，不受政府補貼和[M30]類型情況的影響。我們仍然收到大量項目的 RFP 請求。目前，我們正在努力解決那些在我們的管道中擁有幾個非常有前途的機會的項目。

Just one follow-on and I'll stop. Can you give them relative to the revenue market, sort of the size of the opportunity for you all just in what you're seeing in the pipeline?

只要有一個後續，我就會停下來。你能否給他們相對於收入市場的機會，以及你在管道中看到的機會的大小？

I mean there are millions of dollars. So they tend to be in the 3, 5, 7, 10, I mean they're sizable. So...does that help?

我的意思是有數百萬美元。所以它們往往位於 3、5、7、10 中，我的意思是它們相當大。那麼……這有幫助嗎？

Yes. That sort of trends it up for me.

是的。這對我來說是一種趨勢。

And our next question comes from the line of Sameer Joshi from H.C. Wainwright.

我們的下一個問題來自 H.C. 的 Sameer Joshi。溫賴特。

Looking at the new products and services, I guess, or software products coming down the pipe, the TS4-X, are you already marketing it? And what is the level of interest you are seeing it from, say, the different geographies? And then when do we expect to see any initial revenues or any kind of arrangement for the Predict+ product?

我想看看新產品和服務，或即將推出的軟體產品 TS4-X，您已經在行銷它了嗎？比如說，不同地區的人對它的興趣程度如何？那麼我們預計什麼時候可以看到 Predict+ 產品的任何初始收入或任何形式的安排？

So the quick answer to the TS4-X, it is and specifically in the markets where bifacial, high current and high power is required. We are rated at the highest specification for MLPE in the market. Nobody is even close to us amongst the competition. So most of the projects are C&I and utility scale. And to the question, have we shipped it already? The answer is no, but we have orders, which we have received and we will be shipping shortly. And we have shipped first installations for advanced testing, reproduction and whatnot. So we are exceptionally confident with that technology and the solution and market it is covering.

因此，對 TS4-X 的快速回答是，特別是在需要雙面、高電流和高功率的市場中。我們被評為市場上 MLPE 的最高規格。在競爭對手中，沒有人比我們更親近。所以大多數專案都是工商業和公用事業規模的。至於問題，我們已經出貨了嗎？答案是否定的，但我們已經收到訂單，並將很快發貨。我們已經交付了第一批用於高級測試、複製等的安裝。因此，我們對這項技術及其所涵蓋的解決方案和市場非常有信心。

And for the Predict+, is it too early to talk about it? Or should we expect 2025 initial revenues from Predict+?

而對於Predict+，現在談論它是否還為時過早？或者我們應該預期 2025 年 Predict+ 的初始收入是什麼？

Predict+ is continuing to grow as we expected, and we are seeing extended activity from both new customers and existing customers who are expanding the footprint of the product each. As we've discussed before, we started the sales effort of the product in Europe and in the U.S. late last year, and we are seeing some fairly interesting opportunities, which we believe we will be able to share in the next couple of quarters. All of them, 100% of them are very sizable companies.

Predict+ 正按照我們的預期繼續成長，我們看到新客戶和現有客戶的活動都在擴大，他們都在擴大產品的覆蓋範圍。正如我們之前討論的，我們在去年年底開始在歐洲和美國銷售該產品，我們看到了一些相當有趣的機會，我們相信我們將能夠在接下來的幾個季度分享這些機會。所有這些，100%都是非常大的公司。

Good to hear. And just maybe a clarification on the cash breakeven versus adjusted EBITDA breakeven revenues. I'm just interpreting this, and please correct me if I'm wrong. It seems the $17 million to $19 million versus $33 million to $35 million implies like $14 million to $16 million of cash from tied up working capital, inventory, those kind of things. am I looking at it right?

很高興聽到。也許只是對現金收支平衡與調整後的 EBITDA 收支平衡收入進行澄清。我只是解釋一下，如有錯誤請指正。 1700萬至1900萬美元與3300萬至3500萬美元似乎意味著來自被佔用的營運資金、庫存等的1400萬至1600萬美元現金。我看的對嗎？

The cash flow breakeven is based on the reality that 85%, 90% of the cost of goods sold has already been paid for. So you're only paying 10% on that revenue. And then you have to make some adjustments for working capital in AR and maybe paying some AP, et cetera. But you get to a cash breakeven at a rate in the high teens as we guided to. And the EBITDA model is based on the new OpEx guidance we provided and gross margins that are in the 30% to 35% range. So you get there sooner, obviously, at a higher gross margin, but at 30% to 35%, you're in the low 30s.

現金流損益平衡是基於85%、90%的銷售成本已經支付的現實。因此，您只需支付該收入的 10%。然後你必須對 AR 的營運資金進行一些調整，也許還需要支付一些 AP 等等。但正如我們指導的那樣，您可以以十幾歲的速度實現現金收支平衡。 EBITDA 模式是基於我們提供的新營運支出指南以及 30% 至 35% 範圍內的毛利率。因此，顯然，你可以更快地實現這一目標，毛利率也更高，但在 30% 到 35% 的水平上，你的毛利率處於 30 多歲左右。

Great. Thanks a lot, Bill, for clarifying that. That's all I have.

偉大的。非常感謝比爾的澄清。這就是我的全部。

This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Zvi Alon for any further remarks.

今天節目的問答環節到此結束。我想將程式交還給 Zvi Alon 以供進一步評論。

Thanks again, everyone, for joining us today. I especially want to thank to the dedicated employees for their ongoing contribution as well as our customers and partners for their continued hard work. I also want to thank our investors for their continued support. Operator?

再次感謝大家今天加入我們。我特別要感謝敬業的員工的持續貢獻，以及我們的客戶和合作夥伴的持續辛勤工作。我還要感謝我們的投資人一直以來的支持。操作員？

Thank you for joining us today for Tigo's first quarter 2024 earnings conference call. You may now disconnect.

感謝您今天加入我們參加 Tigo 2024 年第一季財報電話會議。您現在可以斷開連線。