Tigo Energy Inc (TYGO) 2024 Q2 法說會逐字稿

Good afternoon. Welcome to Tigo Energy's fiscal second-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 年第二季財報電話會議。（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.

謝謝你，接線生。

We'd like to remind everyone that some of the matters we'll discuss on this call, including our expected business outlook, our ability to increase our revenues to reach cash flow breakeven, adjusted EBITDA breakeven become profitable and our overall long-term growth prospects, expectations regarding recovery in our industry, statements about demand for our products or competitive position, occurring in 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 third fiscal quarter 2024, our ability to penetrate new markets and expand our market share, including expansion in international markets and 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, our quarterly report on Form 10-Q for the fiscal quarter ended June 30, 2024, and other reports we may file with the SEC from time to time.

我們想提醒大家，我們將在本次電話會議上討論的一些問題，包括我們預期的業務前景、我們增加收入以實現現金流盈虧平衡的能力、調整後的EBITDA 盈虧平衡變為盈利以及我們的整體長期成長前景、對我們行業復甦的預期、對我們產品的需求或競爭地位的陳述、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和我們的收入的影響以及第三季調整後的EBITDA到2024 財季，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和對我們產品組合的投資都是前瞻性的，因此，會受到已知和未知的風險和不確定性的影響，包括但不限於僅限於今天的新聞稿中描述的以及我們截至2023 年12 月31 日的財年10-K 表格年度報告的風險因素部分中討論的因素，我們截至2023 年12 月31 日的財政年度10-Q 表格季度報告2024 年 6 月 30 日，以及我們可能不時向 SEC 提交的其他報告。

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.

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 and GAAP reconciliations in our press release furnished as an exhibit to our Form 8-K. The non-GAAP financial measures should not be considered as 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 和 GAAP 調整表。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 at Tigo's Investor Relations website at investors.tigoenergy.com.

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。

I would now like to turn the call over to Tigo's CEO, Zvi Alon. Zvi?

我現在想將電話轉給 Tigo 的執行長 Zvi Alon。茲維？

Thank you, Bill. To begin today's discussion, I will give some background on our company, its recent performance and market trends 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 financial outlook for third quarter of 2024. After that, I will discuss he demand outlook and share some closing remarks before opening the call for questions.

謝謝你，比爾。在開始今天的討論之前，我將先介紹我們公司的背景、最近的業績和市場趨勢，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 2024 年第三季的財務前景。之後，我將討論需求前景，並在開始提問之前分享一些結束語。

All right, let's begin. For those of you who may be new to our journey, Tigo Energy is recognized as a global leader in intelligent solar and energy storage solutions. Established in 2007, our mission is to provide smart hardware and software solutions that improves safety, enhanced energy yield and reduce operating cost of residential, commercial and utility scale systems.

好吧，讓我們開始吧。對於那些可能不熟悉我們旅程的人來說，Tigo Energy 被公認為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，其使命是提供智慧硬體和軟體解決方案，以提高住宅、商業和公用事業規模系統的安全性、提高能源產量並降低營運成本。

At Tigo, we offer three primarily product lines. The TS4, MLPE, Module Level Power Electronics, our flagship product, which offers a range of flexibly designed MLPE solutions to meet the diverse needs of installers worldwide.

在 Tigo，我們提供三個主要產品線。TS4、MLPE、模組級電力電子裝置是我們的旗艦產品，提供一系列靈活設計的 MLPE 解決方案，以滿足全球安裝人員的多樣化需求。

Second, GO ESS, energy and storage solutions, 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-chargers.

其次，GO ESS，能源和儲存解決方案，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。

And the third one, Energy Intelligence, our EI software platform, which includes monitoring fleet management and our flagship Predict+ AI-based prediction tool for energy production and consumption.

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產品 Predict+ 基於人工智慧的能源生產和消耗預測工具。

Now let's discuss our recent operational results and demand outlook. As mentioned in our last quarterly call, our revenue stabilized during the first quarter of the year, and we are pleased to report a significant sequential revenue growth of roughly 30% this quarter, surpassing many of our peers during this period of extended market recovery.

現在讓我們討論一下我們最近的營運表現和需求前景。正如我們在上一季電話會議中提到的，我們的收入在今年第一季趨於穩定，我們很高興地報告本季營收季增約 30%，在市場長期復甦期間超過了許多同業。

We conclude Q2 with $12.7 million in revenue within the previously stated guidance and shipped 378,000 MLPE devices, which translates to approximately 151-megawatt DC, assuming a panel size of about 400 watts.

我們第二季的收入在先前規定的指導範圍內達到 1,270 萬美元，並發貨了 378,000 台 MLPE 設備，假設面板尺寸約為 400 瓦，則這相當於約 151 兆瓦 DC。

Our C&I saw an increased business -- saw an increased activity highlighted by Tigo selection as the rapid shutdown technology provider for 142-megawatt power solar installation for a large EPC in Spain, marking our largest order in history.

我們的 C&I 看到了業務的成長——Tigo 被選為西班牙大型 EPC 142 兆瓦太陽能裝置的快速關閉技術提供商，這標誌著我們歷史上最大的訂單，這凸顯了活動的增加。

Once installed, we believe that this will represent the largest utility project globally to deploy MLPE. We are proud to deliver the best in class with our newly introduced TS4-X product at large scale. We also welcome MidNite Solar as our latest rapid shutdown licensee. This agreement empowers them to deploy innovative products containing Tigo's rapid shutdown intellectual property for compliance with safety regulations.

安裝完成後，我們相信這將成為全球部署 MLPE 的最大公用事業項目。我們很自豪能夠透過我們新推出的大規模 TS4-X 產品提供一流的產品。我們也歡迎 MidNite Solar 成為我們最新的快速關閉被授權人。該協議使他們能夠部署包含 Tigo 快速關閉智慧財產權的創新產品，以遵守安全法規。

Geographically, the EMEA region grew 20.9% sequentially and represents 55% of our total revenue in the quarter. During the quarter, we saw solid sales growth in Germany, Italy and the United Kingdom. The Americas grew 3.6% sequentially and represents 22% of our revenue during the quarter.

從地理來看，歐洲、中東和非洲地區季增 20.9%，佔本季總營收的 55%。本季度，我們看到德國、義大利和英國的銷售穩健成長。美洲地區季增 3.6%，占我們本季營收的 22%。

During the quarter, we saw solid sales growth in Brazil, driven by increasing regulatory requirements for rapid shutdown capabilities in that country. The Asia Pacific region grew more than 124% sequentially and represents 23% of our revenue during the quarter. During the quarter, we saw a solid sales growth in Singapore, Australia and in the Philippines.

本季度，由於該國對快速關閉能力的監管要求不斷提高，我們看到巴西的銷售穩健成長。亞太地區較上季成長超過 124%，占我們本季營收的 23%。本季度，我們在新加坡、澳洲和菲律賓看到了穩健的銷售成長。

Turning to an update to our newest line of MLPE. The TS4-X, as a reminder, the TS4-X family represents a culmination of multiyear efforts to provide the C&I and utility marketplace with leading edge MLPE that are designed to satisfy the several key industrial needs. The TS4-X MLPE products offer higher power, higher current solutions and maximum design flexibility all while enabling lower overall system costs and their alternatives. We are pleased to report that we have received a great reception since last quarter's rollout. We believe the TS4-X family will continue to pull -- its safest, most reliable, most cost-effective and most flexible and highest power MLPE solution in the market.

轉向我們最新 MLPE 系列的更新。提醒一下，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 的努力的結晶，這些產品旨在滿足幾個關鍵的工業需求。TS4-X MLPE 產品提供更高功率、更高電流的解決方案和最大的設計彈性，同時降低整體系統成本及其替代方案。我們很高興地報告，自上季推出以來，我們受到了熱烈的歡迎。我們相信 TS4-X 系列將繼續成為市場上最安全、最可靠、最具成本效益、最靈活和最高功率的 MLPE 解決方案。

In addition to the TS4-X, we would also like to highlight some other recent announcements we have made, including the unveiling of the new Tigo Solar Loyalty Program for residential TV installers in EMEA at Intersolar Europe 2024. This program will recognize the dedication of professionalism of installers who choose the Tigo solution, further supporting the continued success and emphasizing the vitality of all members of the solar value chain.

除了 TS4-X 之外，我們還想強調我們最近發布的其他一些公告，包括在 Intersolar Europe 2024 上為 EMEA 住宅電視安裝商推出新的 Tigo Solar 忠誠計畫。該計劃將表彰選擇 Tigo 解決方案的安裝人員的專業奉獻精神，進一步支持持續成功並強調太陽能價值鏈所有成員的活力。

Within our EI Software product line, we recently introduced a new three-tiered paid service offering with the flagship solution EI Professional, offering a centralized view of critical health and performance data, all systems under management.

在我們的 EI Software 產品線中，我們最近推出了新的三層付費服務產品以及旗艦解決方案 EI Professional，提供關鍵運行狀況和性能數據的集中視圖，所有系統都在管理之下。

Beyond scalable monitoring experience and simple flat price model, the ultimate seat EI Professional package includes, one-click enrollment of company-wide unlimited-seat subscription access covering all systems under management; a portfolio-wide dashboard with prioritized view into critical data such as health status, production, performance, equipment status, location data and commissioning time tracking; and time-saving features, including advanced tagging, grouping and site filtering for improved management, maintenance, optimization, and trend analysis.

除了可擴展的監控體驗和簡單的統一價格模型之外，終極席位 EI Professional 套餐還包括一鍵註冊全公司範圍內的無限席位訂閱訪問權限，涵蓋所有管理下的系統；整個產品組合的儀表板，可優先查看關鍵數據，例如健康狀態、生產、效能、設備狀態、位置數據和調試時間追蹤；以及節省時間的功能，包括進階標記、分組和網站過濾，以改善管理、維護、最佳化和趨勢分析。

The standard system-by-system monitoring view now named EI Basic remains free of charge and includes module level resolution and insight into third-party hardware. More advanced monitoring analytics tools, historical data and minute-level monitoring resolution, among others, are available via simple in-platform upgrade to EI Premium.

現在名為 EI Basic 的標準系統監控視圖仍然免費，包括模組級解析度和對第三方硬體的洞察。透過簡單的平台內升級到 EI Premium，可以獲得更先進的監控分析工具、歷史數據和分鐘級監控解析度等。

Finally, we are pleased to announce that more than 520 solar installations have been enrolled in our Tigo Green Glove program, which provides premium customer experience for every phase of system installation for C&I installers.

最後，我們很高興地宣布，超過 520 個太陽能裝置已加入我們的 Tigo Green Glove 計劃，該計劃為工商業安裝人員在系統安裝的每個階段提供優質的客戶體驗。

And with that, I would like to turn over to Bill. Bill?

說到這裡，我想把時間交給比爾。帳單？

Thank you, Zvi. Turning now to our financial results for the second quarter ended June 30, 2024. Revenue for the second quarter of 2024 decreased 81.5% to $12.7 million from $68.8 million in the prior year period. By geography, EMEA revenue was $7 million or 55% of total revenues, Americas revenue was $2.8 million or 22% of total revenues and APAC was $2.9 million or 23% of total revenues for the quarter.

謝謝你，茲維。現在就來看看我們截至 2024 年 6 月 30 日的第二季財務表現。2024 年第二季的營收從去年同期的 6,880 萬美元下降 81.5% 至 1,270 萬美元。按地區劃分，歐洲、中東和非洲地區的收入為700 萬美元，佔總收入的55%，美洲地區的收入為280 萬美元，佔總收入的22%，亞太地區的收入為290 萬美元，佔總收入的23%。

On a sequential basis, revenues improved 29.6% compared to Q1 with improved results coming from Germany, Italy and the UK and the EMEA region and Singapore, Australia and the Philippines in the APAC region. Gross profit in the second quarter of 2024 was $3.9 million or 30.4% of revenue compared to $25.9 million or 37.6% of revenue in the comparable year ago period.

與第一季相比，營收季增了 29.6%，其中德國、義大利和英國以及歐洲、中東和非洲地區以及亞太地區的新加坡、澳洲和菲律賓的業績有所改善。2024 年第二季的毛利為 390 萬美元，佔營收的 30.4%，去年同期為 2,590 萬美元，佔營收的 37.6%。

Year-over-year decline was primarily due to lower revenue and lower gross margins on our GO ESS product line amid competitive pricing conditions in that market. On a sequential quarter basis, gross margins increased by 220 basis points due primarily to product mix.

年比下降主要是由於我們的 GO ESS 產品線在該市場競爭激烈的定價條件下收入下降和毛利率下降。毛利率季增 220 個基點，主要歸功於產品組合。

Total operating expenses for the second quarter were $12.3 million, down from $17.2 million in the prior year period. The year-over-year decrease was driven primarily by M&A expenses recognized in the prior year period as a result of our lease back.

第二季總營運費用為 1,230 萬美元，低於去年同期的 1,720 萬美元。年比下降主要是由於我們的回租而在上一年期間確認的併購費用。

During the quarter, we initiated additional cost-cutting efforts and expect that on a normalized basis our GAAP operating expenses to be approximately $12.5 million per quarter and our non-GAAP operating expenses to be approximately $11 million per quarter.

在本季度，我們啟動了額外的成本削減工作，預計在正常化的基礎上，我們的 GAAP 營運費用約為每季 1,250 萬美元，非 GAAP 營運費用約為每季 1,100 萬美元。

Operating loss for the second quarter totaled $8.4 million compared to an operating profit of $8.7 million in the prior year comparable period. While GAAP net loss for the second quarter totaled $11.3 million compared to a net loss of $22.2 million for the prior year period. Adjusted EBITDA loss in the second quarter totaled $6.4 million compared to adjusted EBITDA of $13.6 million in the prior year period.

第二季營業虧損總計 840 萬美元，而去年同期營業利益為 870 萬美元。第二季 GAAP 淨虧損總計 1,130 萬美元，而去年同期淨虧損為 2,220 萬美元。第二季調整後 EBITDA 損失總計 640 萬美元，而去年同期調整後 EBITDA 為 1,360 萬美元。

As a reminder, adjusted EBITDA represents operating profit as adjusted for depreciation, amortization, stock-based compensation and M&A transaction expenses. Primary shares outstanding were 60.4 million for the second quarter of 2024.

需要提醒的是，調整後的 EBITDA 代表經折舊、攤提、股票薪酬和併購交易費用調整後的營業利潤。2024 年第二季已發行主要股為 6,040 萬股。

Now turning to the balance sheet. Accounts receivable net increased $0.6 million to in the second quarter to $6.9 million, compared to $6.3 million last quarter and $45.8 million in the year ago comparable period. Inventories net decreased by $4.4 million or 8% to $51.3 million compared to $55.8 million last quarter and $50.6 million in the year ago comparable period.

現在轉向資產負債表。第二季應收帳款淨額增加了 60 萬美元，達到 690 萬美元，而上季為 630 萬美元，去年同期為 4,580 萬美元。與上季的 5,580 萬美元和去年同期的 5,060 萬美元相比，庫存淨額減少了 440 萬美元，即 8%，至 5,130 萬美元。

In the second quarter, the vast majority of our cost of goods sold was comprised of inventory, which we expect to continue to decline and generate cash for us in future quarters. Cash, cash equivalents and short and long-term marketable securities totaled $20.2 million at June 30, 2024. This sequential decline by $1.8 million was primarily due to our adjusted EBITDA loss of $6.4 million, offset by the conversion of existing inventory into cash.

在第二季度，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。截至 2024 年 6 月 30 日，現金、現金等價物以及短期及長期有價證券總計 2,020 萬美元。環比下降 180 萬美元主要是由於我們調整後的 EBITDA 虧損 640 萬美元，但被現有庫存轉換為現金所抵銷。

As we mentioned on our last call, considering our current supply of inventory on hand, we expect a cash breakeven point at a quarterly revenue level of approximately $17 million to $19 million and an adjusted EBITDA breakeven point at a quarterly revenue level of approximately $33 million to $35 million on a normalized basis.

正如我們在上次電話會議中提到的，考慮到我們目前的庫存供應，我們預計季度收入水平的現金盈虧平衡點約為1700 萬至1900 萬美元，調整後的EBITDA 盈虧平衡點約為季度收入水準3300 萬美元標準化基礎上達到 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, third 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.

在我將電話轉回 Zvi 之前，我現在將花幾分鐘時間介紹 2024 年第三季的財務前景。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。

For the third quarter of 2024, we expect revenues and adjusted EBITDA to be in the following range. We expect revenues in the third quarter ended September 30, 2024, to range between $13 million and $16 million. We expect adjusted EBITDA loss to range between $6.5 million and $8.5 million and reflects the potential variability in product mix and non-cash inventory reserve expenses for the third quarter.

對於 2024 年第三季度，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 9 月 30 日的第三季營收將在 1,300 萬美元至 1,600 萬美元之間。我們預計調整後的 EBITDA 損失將在 650 萬美元至 850 萬美元之間，反映了第三季產品組合和非現金庫存儲備費用的潛在變化。

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.

謝謝，比爾。

As we have discussed in prior quarters, we are still navigating the uncertainty of the prolonged solar market industry recovery. Customers are now reordering products to fulfill demand and the evidence of market recovery is present, although at a slower pace than what was being predicted earlier in the year.

正如我們在前幾季所討論的那樣，我們仍在應對太陽能市場產業長期復甦的不確定性。客戶現在正在重新訂購產品以滿足需求，並且市場復甦的證據已經存在，儘管速度比今年早些時候的預測要慢。

Even within the current environment, however, we believe we can continue to outpace the market and return to profitability growth. For the second half of 2024 we expect our revenue and profitability to more slowly continue their upward trajectory, but that the sluggish macroeconomic environment may delay EBITDA profitability into early 2025. Longer term, we believe firmly in the long-term growth prospects for our business and look forward providing additional update in the coming quarter.

然而，即使在當前環境下，我們也相信我們可以繼續超越市場並恢復獲利成長。對於 2024 年下半年，我們預計我們的營收和獲利能力將更緩慢地繼續其上升軌跡，但疲軟的宏觀經濟環境可能會將 EBITDA 獲利能力推遲到 2025 年初。從長遠來看，我們堅信我們業務的長期成長前景，並期待在下一季提供更多更新。

With that, operator, please open the call for Q&A.

那麼，接線員，請打開問答電話。

(Operator Instructions) Philip Shen, Roth Capital Partners.

（操作員說明）Philip Shen，Roth Capital Partners。

Hi everyone. Thanks for taking my questions. So I'm balancing three calls at the same time. So sorry if I missed some things. On the last quarter, you guys talked about a path to breakeven on EBITDA in the back half of 2024, with the weaker Q3 guide. I was wondering if you might be able to hit it in Q4 of this year? Or do you think you need until 2025 to hit your breakeven EBITDA target. Thanks.

大家好。感謝您回答我的問題。所以我同時平衡三個呼叫。如果我錯過了一些事情，我很抱歉。在上個季度，你們討論了 2024 年下半年 EBITDA 實現盈虧平衡的途徑，因為第三季指引較弱。我想知道今年第四季你是否能做到這一點？或者您認為您需要到 2025 年才能達到損益兩平 EBITDA 目標。謝謝。

Phil. Yes, as we mentioned in his closing remarks, we made note of the more muted recovery compared to what us and analysts alike were sort of projecting earlier in the year. And because of that, we think that we expect continued upward trajectory in both our revenue and profitability metrics, but that our EBITDA breakeven may be pushed to early 2025. And so we alluded to that in our prepared remarks, and I think that reflects our thinking at the moment.

菲爾.是的，正如我們在他的閉幕詞中提到的那樣，我們注意到與我們和分析師今年早些時候的預測相比，復甦更為溫和。正因為如此，我們認為我們預期營收和獲利指標將持續上升，但 EBITDA 損益平衡點可能會推遲到 2025 年初。因此，我們在準備好的發言中提到了這一點，我認為這反映了我們目前的想法。

Okay. Got it. So early is not middle and so that would suggest Q1 2025? I mean, is that a realistic option? Or do you think it might have risk for Q2?

好的。知道了。這麼早不是中期，所以這顯示 2025 年第一季？我的意思是，這是一個現實的選擇嗎？或者您認為第二季可能有風險嗎？

Yes. I mean I would define early as first half. That's how I think of it.

是的。我的意思是我會早在上半場就定義。我就是這麼認為的。

Got it. Okay. As you think about the channel inventory, this is a little bit slower than expected. I met with you guys at the end of June in Munich as well as London -- at our London event and so was wondering if the channel inventory is taking a little bit longer to clear. So is it like the slower-than-expected kind of view? Is it a function of channel inventory taking longer to clear? Or is it perhaps the demand outlook is a little bit weaker than expected or a combination of both or something altogether. Thanks.

知道了。好的。考慮到渠道庫存，這比預期要慢一些。我六月底在慕尼黑和倫敦的倫敦活動上與你們會面，所以想知道渠道庫存是否需要更長的時間來清理。那麼這是否是一種比預期慢的觀點呢？這是渠道庫存需要更長的時間來清理的函數嗎？或者是需求前景比預期稍弱，還是兩者兼而有之，或者兩者兼而有之。謝謝。

Well, first, we thoroughly enjoyed our time with you in it Intersolar and in London at Roth Conference. And I think, you and I both could sort of see what the general view of the market was while we were all there. And it compared to analyst reports and industry reports that came out earlier in the year, the macroeconomic just appears to be more muted and taking longer.

首先，我們非常享受在 Intersolar 和倫敦 Roth 會議上與您共度的時光。我認為，當我們都在那裡時，你和我都可以看到市場的整體看法。與今年稍早發布的分析師報告和產業報告相比，宏觀經濟似乎更加溫和且需要更長的時間。

So last call, last couple of calls, we talked about a more step function improvement in the recovery and it looks less like a step function. It looks a little bit more prolonged than we had initially anticipated. So we're mostly done with any restocking efforts is always one or two laggards out there. But for the most part, that's not what's driving the current situation. I think it's the macro picture and the demand recovery that's affecting all industry participants, including us.

所以最後一次通話，最後幾次通話，我們討論了恢復中的更多階梯函數改進，它看起來不太像階梯函數。它看起來比我們最初預期的要長一些。因此，我們基本上已經完成了任何補貨工作，但總是有一兩個落後者。但在大多數情況下，這並不是造成當前局勢的原因。我認為宏觀情勢和需求復甦正在影響包括我們在內的所有行業參與者。

Got it. Yes. That makes sense. And can you give us a status update on the channel inventory? Are you fully cleared? Or if not, how much longer do you think you need?

知道了。是的。這是有道理的。您能給我們提供通路庫存的最新狀態嗎？你完全清除了嗎？或者如果不需要，您認為還需要多長時間？

Like I mentioned, I think there's a couple -- a few laggards here and there, but the channel is largely cleared for us, and we're seeing solid pickup in orders from existing customers. So that I really wouldn't call that as having an effect on our future performance. I think we're sort of beyond the channel inventory stage of recovery, and we're really talking more about the demand outlook. So I wouldn't use that as, I don't think it's a discussion point for us any further.

就像我提到的，我認為有一些——到處都有一些落後者，但我們的管道基本上已經暢通無阻，而且我們看到現有客戶的訂單穩步增加。所以我真的不會認為這對我們未來的表現有影響。我認為我們已經超出了渠道庫存恢復階段，我們實際上更多地討論了需求前景。所以我不會使用它，因為我認為這不再是我們的討論點。

Got it. Yes. Sorry to bring that up again. Again, I'm multitasking with multiple calls. Sorry, go ahead, Zvi.

知道了。是的。抱歉再次提起這個問題。再次，我正在處理多個通話的多任務。抱歉，繼續吧，茲維。

No, it's fine. I mean, as Bill said, the major places where we had inventory, it's pretty much down to quarter, normal, or, as you say, depleted. As a matter of fact, you've seen an increase in number of repeat orders from them. And in the market, we highlighted like Germany and Italy and the UK, we've seen a growing number of repeat orders. And as a matter of fact, specifically in Germany, we had at least two of them who stated that the volume of our products grew 2x or 3x month-over-month just recently. So we are beyond that stage. The market is slow in general.

不，沒關係。我的意思是，正如比爾所說，我們庫存的主要地方幾乎已經減少到四分之一，正常，或者正如你所說，已經耗盡。事實上，您已經看到他們的重複訂單數量增加。在德國、義大利和英國等市場，我們看到重複訂單的數量不斷增加。事實上，特別是在德國，我們至少有兩個人表示，我們的產品銷售最近環比增長了 2 倍或 3 倍。所以我們已經超越了那個階段。市場整體表現緩慢。

Right. Okay. One last question, and I'll pass it on. As it relates to the slowness of the market, can you talk about the general trajectory of that outlook? Do you think -- like what kind of -- we had a webinar with Wood Mac recently, their European resi team, and they see the overall European market basically being flat for the next five-ish years. And so do you see that as well? Or do you think you have exposure to specific countries that while the whole continent might be flat for a number of years, you could still grow because the countries that you have exposure to see growth. Thanks.

正確的。好的。最後一個問題，我會轉述的。由於它與市場緩慢有關，您能談談這種前景的整體軌跡嗎？您是否認為——就像什麼樣的——我們最近與他們的歐洲 Resi 團隊 Wood Mac 舉行了一次網路研討會，他們認為整個歐洲市場在未來五年左右基本上將持平。那你也看到了嗎？或者您是否認為您在特定國家/地區有業務，儘管整個大陸可能會在幾年內保持平穩，但您仍然可以成長，因為您所涉足的國家/地區都在增長。謝謝。

So I can tell you that we cannot project five years, obviously. But we have seen actually an increase in activity in Eastern Europe and some of those places, which is very encouraging. A couple of quarters ago, Czech Republic was one of our biggest countries. And just to give you an example. So we believe that we will see through that exposure, we will see an increased number of activities, not to mention that even within the mainstream like Germany specifically, we are doing exceptionally well even though the market is slowing down, but we are growing.

所以我可以告訴你，顯然我們不能預測五年。但我們實際上看到東歐和其中一些地方的活動增加，這是非常令人鼓舞的。幾個季度前，捷克共和國是我們最大的國家之一。只是給你舉個例子。因此，我們相信，透過這種曝光，我們將看到活動數量的增加，更不用說即使在像德國這樣的主流市場中，我們也做得非常好，儘管市場正在放緩，但我們正在成長。

Great. Okay, thank you very much. I'll pass it on.

偉大的。好的，非常感謝。我會把它傳遞下去。

Eric Stine, Craig-Hallum Capital Group.

艾瑞克‧史坦（Eric Stine），克雷格-哈勒姆資本集團。

Hi, Zvi and Phil. So it sounds like a little more sluggish here on the recovery, but I would assume, though, it is a decent assumption that in Q4, you would expect if you're going to have further improvement even if it's modest, that cash flow breakeven goal would be in reach in Q4 as we think about the remainder of the year?

嗨，茲維和菲爾。因此，這聽起來復甦有點緩慢，但我認為，這是一個不錯的假設，即在第四季度，你會期望如果你將有進一步的改善，即使是適度的，現金流量盈虧平衡當我們考慮今年剩餘時間時，目標會在第四季實現嗎？

We agree with that.

我們同意這一點。

Okay. And I know in the past, you've talked about, look, if things are slower, you would not hesitate to cut costs further. And it sounds like you did a little bit in the quarter. But it sounds like you're also kind of in a -- it's a little bit of a transition because that breakeven EBITDA in your mind is not that far off. So I mean, how do you kind of balance that knowing that you don't want to be behind the eight ball. Yet if that recovery is a couple of quarters away, you want to be prepared for it.

好的。我知道，您過去曾說過，如果事情進展緩慢，您會毫不猶豫地進一步削減成本。聽起來您在本季做了一些工作。但聽起來你也處於一種——這有點過渡，因為你心目中的盈虧平衡 EBITDA 並不遙遠。所以我的意思是，知道你不想落後於八號球，你如何平衡這一點。然而，如果距離復甦還有幾個季度，您就需要為此做好準備。

Yes, there's puts and takes on that. So of course, we can do stuff on the discretionary end as it relates to outsource vendors and professional services fees, etcetera, etcetera, and we will and are doing that. But as it relates to the more difficult decisions of headcount, you have to balance the risk and rewards of when you do something like that, you do lose momentum and you lose institutional knowledge. I mean there is a real cost of making and taking actions like that.

是的，有一些投入和承擔。因此，當然，我們可以酌情做一些事情，因為它涉及外包供應商和專業服務費等等，我們將會並且正在這樣做。但由於它涉及更困難的員工人數決策，因此您必須平衡風險和回報，因為當您這樣做時，您確實會失去動力並失去機構知識。我的意思是，制定和採取這樣的行動是有實際成本的。

So if you can see the recovery coming and you can get to see the clear path to the EBITDA breakeven, then you don't cut your nose to spite your face kind of thing. So that way we're very flexible, and we've been proactive about making cuts and changes in restructuring where we have to and will continue to be very mindful of doing that if we have to.

因此，如果你能看到經濟復甦即將到來，並且能看到實現 EBITDA 盈虧平衡的清晰路徑，那麼你就不會做出割鼻子來怨恨自己的事情。因此，我們非常靈活，我們一直在重組中積極主動地進行削減和改變，如果有必要的話，我們將繼續非常謹慎地這樣做。

Okay. Understood. And then last one for me. Obviously, there's been a lot of well-known issues for companies out there in headlines. Just curious, any exposure to any of these companies that we should think about or not, you're pretty well insulated from that?

好的。明白了。然後是我的最後一張。顯然，頭條新聞中有很多公司眾所周知的問題。只是好奇，我們是否應該考慮或不應該考慮與這些公司中的任何一家公司接觸，您是否能很好地避免受到影響？

We are completely insulated. We have no impact, none whatsoever. We are not very happy with some of those instances. But no, we don't have any potential exposure at all. In fact, we are using a couple of those changes as a potential market for us.

我們是完全絕緣的。我們沒有任何影響，沒有任何影響。我們對其中一些情況不太滿意。但不，我們根本沒有任何潛在的風險。事實上，我們正​​在利用其中的一些變化作為我們的潛在市場。

Okay, that's great. Thanks a lot.

好的，太好了。多謝。

In fact, we are using a couple of those changes as a potential market for us.

事實上，我們正​​在利用其中的一些變化作為我們的潛在市場。

Amit Dayal, H.C. Wainwright.

阿米特·達亞爾 (Amit Dayal)，H.C.溫賴特。

Thank you. Good afternoon everyone. With respect to the TS4-X sales, were there any contribution from that in the quarter?

謝謝。大家下午好。對於TS4-X的銷量，本季有什麼貢獻嗎？

Yes. There were, and we are very happy to grow faster than we expected. And yes, so they were.

是的。是的，我們很高興能夠比我們預期的更快成長。是的，他們確實如此。

Okay. And in relation to sort of the launch of this product into the market versus what you have been previously selling and what may be in inventory, is there any cannibalization? Or does that impact any of the inventory monetization opportunities for you in the future?

好的。相對於該產品推出市場的情況，與您先前銷售的產品以及庫存中可能存在的產品相比，是否存在任何蠶食？或者這會影響您未來的庫存貨幣化機會嗎？

So I would say that on the MLPE, 100% of what we have and had in the inventory is not going to be cannibalized by no stretch of imagination anytime soon. The -- on the Storage Solutions side, the inverter and all the other auxiliary components were fine. But the batteries have been facing some challenges, the battery, the storage itself. But we will be able to manage it.

所以我想說，在 MLPE 上，我們擁有的和庫存中的 100% 不會很快被任何想像所蠶食。在儲存解決方案方面，逆變器和所有其他輔助組件都很好。但電池一直面臨一些挑戰，電池、儲存本身。但我們將能夠管理它。

Okay. Understood. Just at the macro level, going into 2024, we were anticipating sort of a faster pace of recovery in the second half, but it looks like that's being pushed out. What are the factors driving that? Is it still the interest rate environment that is pushing projects out, et cetera? Or are there any other sort of drivers that are also coming into play that is causing some of the recovery being pushed out?

好的。明白了。就宏觀層面而言，進入 2024 年，我們預計下半年復甦步伐會更快，但看起來這一預期已被推遲。推動這趨勢的因素有哪些？是否仍然是利率環境導致專案被淘汰等等？或者是否還有其他類型的驅動因素也在發揮作用，導致部分復甦被推遲？

So as we all know, there is a big impact, both in the US and in Europe in the resi market. On the other hand, utility scale and C&I are having a slower pace, but they are fairly steady. And we have seen a major increase in that space. As a matter of fact, the product and projects we just talked about in Spain is a very large utility scale project and it's one of many we are working on.

眾所周知，無論是在美國還是在歐洲，RESI 市場都受到了很大的影響。另一方面，公用事業規模和工商業成長較慢，但相當穩定。我們已經看到這個空間的大幅增加。事實上，我們剛才在西班牙談到的產品和項目是一個非常大的公用事業規模項目，它是我們正在進行的眾多項目之一。

And it ended up being, I think, the largest order we have received for a single project and the largest installation will be in the world with MLPE. So -- the fact that our MLPE product is sort of agnostic to the market is helping us. It helps us from an inventory perspective and to go through the market that has a little bit variations between the different segments.

我認為，這最終成為我們收到的單一項目的最大訂單，最大的安裝將是世界上 MLPE 的安裝。因此，我們的 MLPE 產品與市場無關這一事實正在幫助我們。它從庫存的角度幫助我們了解不同細分市場之間存在一些差異的市場。

Understood. And this -- the order from Spain, like what's the delivery time line on that? Is it over the next year or even faster than that?

明白了。還有這個——來自西班牙的訂單，交貨時間是多少？是明年結束還是比這更快？

It's all going to be delivered this year, all of it. 100%.

這一切都將在今年交付，全部。100%。

Before the end of 2024?

2024 年底前？

100%, yes.

100%，是的。

Okay. Thank you guys. That's all I have. Appreciate it. Thank you.

好的。謝謝你們。這就是我所擁有的一切。欣賞它。謝謝。

Thank you so much. At this time, this concludes our question-and-answer session. I'd now like to turn the call back over to Mr. Alon for his closing remarks.

太感謝了。至此，我們的問答環節就結束了。現在我想將電話轉回給阿隆先生，讓他作結束語。

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 second-quarter 2024 earnings conference call. You may now disconnect.

感謝您今天參加我們的 Tigo 2024 年第二季財報電話會議。您現在可以斷開連線。