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Enphase Energy 2023 Q2 Earnings Call

发布时间 2023-07-29 02:42:47    来源
Good day and welcome to Enphase Energy's second quarter, 2023 Financial Results Conference Call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero.
大家好，欢迎参加Enphase Energy 2023年第二季度财务业绩电话会议。所有参会者将处于仅限听取模式。如果需要帮助，请按下星号键后立即按零向会议专员发信号。

After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star than one on a touch-tone phone. To withdraw your question, please press star than two. Please note this event is being recorded.
在今天的演讲之后，将有一个提问的机会。要提问，请您按下触摸式电话上的星号键和数字键1。若要撤回您的问题，请按下星号键和数字键2。请注意，本次活动正在录制。

I would now like to turn the conference over to Zach Friedman. Please go ahead.
现在，我想把会议转交给扎克·弗里德曼，请您开始。

Good afternoon and thank you for joining us on today's conference call to discuss Enphase Energy's second quarter, 2023 Results. On today's call, our Badri Kofan der Amund, our President and Chief Executive Officer, Mandy Yang, our Chief Financial Officer, and Raghu Baloor, our Chief Products Officer.
下午好，感谢您参加今天的电话会议，讨论Enphase Energy2023年第二季度的业绩结果。在今天的电话中，我们有我们的总裁兼首席执行官Badri Kofan der Amund，我们的首席财务官Mandy Yang以及我们的首席产品官Raghu Baloor。

After the market closed today, Enphase issued a press release announcing the results for its second quarter and to June 3rd, 2023. During this conference call, Enphase Management will make forward-looking statements, including but not limited to statements related to our expected future financial performance. The capabilities of our technology and products and the benefits to homeowners and installers are operations, including manufacturing, customer service, and supply and demand, anticipated growth in existing and new markets, the timing of new product introductions, and regulatory and tax matters. These forward-looking statements involve significant risks and uncertainties and our actual results and the timing of events could differ materially from these expectations.
在今天市场闭市后，安鹏发布了一份新闻稿，公布了其截至2023年6月3日的第二季度业绩。在这次电话会议上，安鹏管理层将作出前瞻性声明，包括但不限于与我们预期未来财务业绩有关的声明。我们技术和产品的能力以及对房主和安装人员的益处，包括制造、客户服务和供需等运营，现有和新兴市场的预期增长，新产品推出的时间以及监管和税务事项等。这些前瞻性声明涉及重大风险和不确定性，我们的实际结果和事件的时间可能与这些预期大相径庭。

For a more complete discussion of the risks and uncertainties, please see our most recent form 10K and 10QS, filed with the SEC. We caution you not to place any undue reliance on forward-looking statements and undertake no duty or obligation to update any forward-looking statements as a result of new information, future events, or changes in expectations.
请参阅我们最新向美国证券交易委员会提交的10K和10QS表格，了解更全面的风险和不确定性讨论。我们警告您不要过度依赖前瞻性陈述，并且没有义务根据新信息、未来事件或预期变化更新任何前瞻性陈述。

Also please note that financial measures used on this call are expressed on a non-GAP basis unless otherwise noted and have been adjusted to exclude certain charges. We have provided a reconciliation of these non-GAP financial measures to GAP financial measures and our earnings release furnished with the SEC on Form 8K, which can also be found in the investor relations section of our website.
请注意，本次通话中使用的财务指标是基于非通用会计准则（GAP）的，除非另有说明，并且已经进行了调整，以排除某些费用。我们已经提供了这些非GAP财务指标与GAP财务指标的对比，并且在我们提交给美国证券交易委员会（SEC）的8K表格中提供了我们的盈利报告，该报告也可以在我们公司网站的投资者关系部分找到。

Now I'd like to introduce Badri Kvasan der Ramen, our President and Chief Executive Officer. Badri?
现在，我想介绍一下我们的总裁兼首席执行官巴德里·卡瓦桑·德·拉门。巴德里，您可以发表一下吗？

Good afternoon and thank you for joining us today to discuss our second quarter 2023 financial results. We reported quarterly revenue of $711.1 million, shipped approximately 5.2 million micro-inverters and 82.3 megawatt-hours of Badri and generated free cash flow of $225.2 million. Approximately 78% of our Q2 micro-inverter shipments were IQing.
下午好，感谢各位今天加入我们讨论2023年第二季度财务业绩。我们报告了第二季度711.1万美元的营业收入，出货了约520万台微逆变器和82.3兆瓦时的Badri，并实现了2.252亿美元的自由现金流。我们第二季度约78%的微逆变器出货量为IQing版本。

We exited the second quarter at 46% gross margin, 14% operating expense, and 32% operating income, all as a percentage of revenue on a non-GAP basis. Badri will go into the financials later in the call. Let's now discuss how we are servicing customers.
我们在第二季度以销售收入的非GAP基础上，毛利率为46％，营业费用为14％，营业收入为32％。 Badri稍后将在电话中详细介绍财务状况。现在让我们讨论一下我们如何为客户提供服务。

Our worldwide NPS was 74% in Q2 compared to 75% in Q1. Our North American NPS was 77%, the same as Q1. Our average call wait time was 1.1 minutes compared to 1.2 minutes in Q1. We continued to focus on root cost fixes of customer issues and expanded our customer service and field service teams global.
我们在第二季度全球的NPS为74%，而第一季度为75%。我们在北美地区的NPS为77%，与第一季度相同。我们的平均呼叫等待时间为1.1分钟，而第一季度为1.2分钟。我们继续致力于根本性地解决客户问题，并扩大了我们的客户服务和现场服务团队的全球范围。

Let's talk about micro-inverter manufacturing. Our overall supply environment remains quite stable and there are no major shortages right now. Let's come to IRA. We expect the IRA to increase the overall solar demand in the US and accelerate domestic production. We are pleased to be part of creating new jobs in the US and advancing the country's clean energy economy. We shipped 50,000 micro-inverters to customers in Q2 from two of our contract manufacturers, Flex in South Carolina and Foxconn in Wisconsin. We are on track to begin with the third contract manufacturer in Q3. We expect to ship approximately 600,000 micro-inverters to customers in Q3 from our US manufacturing facilities.
让我们来谈谈微逆变器制造业。我们整体的供应环境仍然相当稳定，目前没有重大短缺。现在让我们来谈谈IRA。我们预计IRA将增加美国整体太阳能需求，并加快国内生产。我们很高兴成为美国创造新工作岗位和推动清洁能源经济发展的一部分。我们在第二季度从我们位于南卡罗来纳州的Flex和威斯康辛州的Foxconn两家合同制造商那里向客户发货了5万台微逆变器。我们计划在第三季度与第三家合同制造商合作开始发货。我们预计在第三季度从我们在美国的制造设施向客户发货约60万台微逆变器。

Let's now cover the regions. Our US and international revenue mix for Q2 was 59% and 41% respectively. Q2 was a record quarter for our international revenue primarily due to the growth in Europe and Australia. In the US, our revenue decreased 12% sequentially and decreased 1% year on year. The overall sell-through of our micro-inverters in the US was up 2% in Q2 compared to Q1. In Europe, our revenue increased 25% sequentially and more than tripled year on year at healthy growth margin. Our sell-through of micro-inverters in Europe was 13% higher in Q2 compared to Q1. We are now shipping IQ, IQ 8 micro-inverters into Germany, France, Netherlands, Spain, Portugal and Poland. In addition, we are shipping IQ batteries into Germany, Belgium, France, Netherlands, Spain, Portugal, Austria and Switzerland.
现在让我们来讨论各地区情况。我们第二季度的美国和国际收入占比分别为59%和41%。由于欧洲和澳大利亚市场的增长，第二季度成为我们国际收入的最高记录季度。在美国，我们的收入同比下降了12%，而环比下降了1%。相较于第一季度，我们在美国的微逆变器的整体销售量在第二季度上升了2%。在欧洲，我们的收入环比增长了25%，年同比增长了超过三倍，并且有着健康的增长利润。相较于第一季度，我们在欧洲的微逆变器的销售量在第二季度增长了13%。我们目前正在向德国、法国、荷兰、西班牙、葡萄牙和波兰出货 IQ、IQ 8 微逆变器。此外，我们还将 IQ 电池运往德国、比利时、法国、荷兰、西班牙、葡萄牙、奥地利和瑞士。

I will now provide some brief commentary on Australia, Latin America and Brazil. Our revenue in Australia more than doubled year on year. We started shipping our new IQ battery 5P to Australia during the second quarter.
现在我将简要评论一下澳大利亚、拉丁美洲和巴西。我们在澳大利亚的收入同比增长了一倍以上。在第二季度，我们开始向澳大利亚发货我们的新款IQ电池5P。

In Latin America, we introduced the new battery in Q2 while in Brazil, we introduced our solar graph software platform which will help installers with design and proposal for their residential customers.
在拉丁美洲，我们在第二季度推出了新的电池，而在巴西，我们推出了我们的太阳能图形软件平台，该平台将帮助安装人员为其住宅客户进行设计和提案。

Let me provide some additional color on the US followed by Europe. We recognize revenue when we ship product to distributors and large installers. It is therefore relevant to talk about the sell-through trends of our products from our distributors to installers. Since we have a healthy share in the US, our statistics are a meaningful representation of business strengths.
让我在美国和欧洲方面提供一些更具体的信息。我们在向经销商和大型安装商发货时确认收入。因此，谈及从经销商到安装商的我们产品的销售趋势是相关的。因为我们在美国拥有很高的市场份额，我们的统计数据能够有意义地反映出业务实力。

The overall US market is experiencing a broad base slowdown due to high interest rates. As I said earlier, our Q2 sell-through of micro-inverters in the US was only up 2% compared to Q1 and only up 2% year on year. The second quarter is typically stronger than the first quarter, but that did not happen this year due to the market environment.
由于高利率，整个美国市场正在经历广泛的减缓。正如我之前所说，与一季度相比，我们在美国的微逆变器的二季度销售仅增长了2%，同比仅增长了2%。二季度通常比一季度更强劲，但由于市场环境的原因，今年并未出现这种情况。

Let's now discuss the market trends we are seeing in the US split by California and rest of the US. For non-California states, the Q2 sell-through of micro-inverters was 6% lesser as compared to Q1 and 11% lesser year on year. The sell-through was disproportionately worse in Texas, Florida, and Arizona. In these states, the economics of loan financing has worsened due to the combination of rising interest rates and lower utility rates.
让我们现在讨论一下美国市场的趋势，可以将其分为加利福尼亚州和其余美国地区。对于非加利福尼亚州，微逆变器的二季度销售数量较一季度减少了6％，同比减少了11％。在得克萨斯州、佛罗里达州和亚利桑那州，销售数量减少的幅度更为显著。在这些州，由于利率上升和公用事业费率降低的叠加影响，贷款融资方面的经济状况变差。

In California, the Q2 sell-through of micro-inverters was 20% higher compared to Q1 and 34% higher year on year. The higher sell-through was driven by high backlog of NEMTU installation, which is expected to last through this summer. We expect NEMTU will have a greater impact on results beyond Q3, and I will speak more on what we are seeing there later.
在加利福尼亚州，微逆变器的第二季度销售量比第一季度增长了20%，年同比增长了34%。销售量的增长主要是由于NEMTU安装的堆积订单量较高，预计将持续到今年夏季。我们预计NEMTU在第三季度之后会对结果产生更大的影响，稍后我将详细介绍我们在那方面的观察。

I'd like to provide some more context about our revenue guidance for Q3. Our micro-inverter sell-through in the US peaked in the fourth quarter of 2022. The sell-through in the first half of 2023 in both Q1 and Q2 was approximately 20% below the fourth quarter due to the high interest rate environment in the US. Our sell-in to the channel was only 10% down in the first half of 2023 relative to the fourth quarter. We were expecting a seasonally up Q2 23, but that didn't materialize. This has increased the inventory in the channel. Plus, we are assuming the same level of uncertainty continues going forward. Therefore, we are taking aggressive and prudent actions in the US to manage down the channel inventory, and this is reflected in our light third quarter guidance.
我想提供一些关于我们第三季度收入指引的背景信息。我们在2022年第四季度的美国微逆变器销售达到了巅峰。由于美国高利率环境的因素，2023年上半年的销售量在第一季度和第二季度都比第四季度低约20%。相比第四季度，我们在渠道中的销售额在2023年上半年仅下降了10%。我们原本预计2023年第二季度会有季节性增长，但事与愿违。这导致了渠道库存的增加。此外，我们预计不确定性的水平将继续存在。因此，我们正在采取积极而谨慎的行动来管理美国市场的库存，这也反映在我们较为保守的第三季度指引中。

Let me say a few words about market share. We see stable high market share today for micro-inverters based on both internal and third party data. Competition is not new for us, and we have always relied on our differentiated technology with distributed architecture, product quality, and customer service to win share, and we expect to continue doing so. We have many tools that are disposal for installers and our partnerships go even deeper during the downtown.
让我谈谈市场份额。根据我们的内部和第三方数据，我们今天看到基于微逆变器的市场份额稳定高企。竞争对于我们来说并不新鲜，我们一直依靠我们的差异化技术，分布式架构，产品质量和客户服务来赢得份额，并且我们期望继续如此。我们拥有众多可供安装商使用的工具，并且在经济低迷期间，我们的合作伙伴关系甚至更加深入。

For storage, we have shipped approximately one gigawatt hour of battery systems cumulatively by the end of the second quarter. We continue to manage our storage channel inventory in Q2 and expect further improvement in Q3. As we introduced our third generation IQ battery 5P to the US market in Q2, we reduced pricing for our second generation battery. We also expanded the warranty for both batteries to 15 years. We see the new price point and warranty for both batteries, as well as strong early customer adoption of the new battery driving increased selling and sell-through during Q3. We believe there will be a bigger inflection for Q4 and beyond as California battery attach rates increase with NEM-3.0.
截至第二季度末，我们累计出货了大约一千兆瓦时的电池系统。我们在第二季度继续管理我们的储能渠道库存，并期待在第三季度进一步改善。在第二季度，我们将我们的第三代IQ电池5P引入美国市场时，我们降低了第二代电池的价格。我们还将两种电池的保修期延长至15年。我们认为新的价格和保修期以及新电池的早期客户采用情况较好，将在第三季度推动销售和销售进展的增加。我们相信随着加州电池安装率随着NEM-3.0的增加而提高，第四季度及以后将会有更大的改变。

Before moving to Europe, I'd like to speak a little bit about NEM-3.0. Early anecdotes on NEM-3.0 activity from our installers are encouraging. Since the crossover date in April, we have seen an increasing rate of NEM-3.0 California proposal activity with healthy storage attach rates. We offer a comprehensive NEM-3 solution, which includes a smart battery, power control system to avoid main panel upgrades, and energy management system that maximizes ROI for homeowners. The smart battery can do both backup as well as utility rate arbitrage. Grid-tied batteries require less labor and fewer balance of system components, making them significantly easier and faster to install. Our solar graph design and proposal tool can model the complex interactions between solar batteries, consumption, and tariffs and provide a simple proposal. Our financial analysis show that for a cash system homeowners can expect a bill offset between 70 and 90 percent and payback between five and seven years. We think installers can effectively sell these economics to consumers.
在搬来欧洲之前，我想简单谈谈NEM-3.0。我们的安装商最近对NEM-3.0的活动进行了初步的反馈，看起来是令人鼓舞的。自四月份开始，我们看到了NEM-3.0在加利福尼亚的提案活动逐渐增加，并且存储附加率也保持健康的增长。我们提供了一套全面的NEM-3方案，包括智能电池、电力控制系统（避免主面板升级）和能源管理系统，为业主最大化投资回报。智能电池可以进行备份和能源费率套利。并网电池需要的劳动力和系统平衡组件更少，因此安装起来更加简单和快速。我们的太阳能图表设计和提案工具可以模拟太阳能电池、用电量和费率之间的复杂互动，并提供简单的提案。根据我们的财务分析，对于现金系统，业主可以预期电费抵消率在70%到90%之间，回本时间在五到七年之间。我们认为，安装商可以有效地向消费者推销这些经济效益。

Let's now cover Europe. Our European business remains strong. Q3 is typically down due to summer vacation, but our year-on-year growth trend is very robust. We plan to introduce IQ 8 micro-inverters and batteries into more countries in Europe, such as Sweden, Denmark, Greece, UK, and Italy later this year.
让我们现在来关注欧洲。我们的欧洲业务保持强劲。第三季度通常因夏季休假而下滑，但我们的年增长趋势非常稳健。今年晚些时候，我们计划在欧洲的更多国家引入IQ 8 微逆变器和电池，例如瑞典、丹麦、希腊、英国和意大利。

We saw strong, broad-based growth across Europe and Q2. Netherlands and France continue to be very strong for us. We are starting to gain real traction in Germany in both residential solar and batteries. The residential solar market in Germany, the biggest in Europe, is roughly 3 gigawatts and the attach rates for batteries is approximately 80 percent. We saw strong quarterly sequential growth and installer count, sell-through, and activations of both solar and batteries in Germany during Q2.
我们在欧洲和第二季度看到了强劲的广泛增长。荷兰和法国对我们来说仍然非常强劲。在德国，我们在住宅太阳能和电池市场开始获得真正的进展。德国是欧洲最大的住宅太阳能市场，规模大约为3千兆瓦，电池的配套率大约为80%。在第二季度，我们在德国看到了太阳能和电池的销售额、安装师傅数量以及激活情况的强劲季度环比增长。

During Q2, we also launched our IQ router family of devices, which is part of our home energy management system in Germany and Austria to enable the integration of select third-party EV chargers and heat pumps into in-phase solar and battery systems. There is a great push towards whole home electrification in Europe and countries like Germany are leading the way in adopting renewable technologies to support heat pumps, EVs, and other home roads. Self-consumption is the norm as consumers want energy independence. As we think about our competitive positioning in Europe, we see increasingly complex power markets and home energy management needs playing right into our strengths. Our complete home energy management system solution delivers use cases like self-consumption and green charging along with newer software features which we plan to release this year, our key differentiators in addition to our quality and service that will help strengthen our market position.
在第二季度，我们还推出了我们的IQ路由器系列设备，它是我们在德国和奥地利的家庭能源管理系统的一部分，可以将部分第三方电动汽车充电器和热泵集成到同相太阳能和电池系统中。欧洲对整个家庭电气化的推动非常强劲，德国等国家正在引领采用可再生技术支持热泵、电动汽车和其他家庭道路。自消耗已成为常态，因为消费者希望实现能源独立。在我们思考在欧洲的竞争定位时，我们发现越来越复杂的电力市场和家庭能源管理需求正与我们的优势完美契合。我们完整的家庭能源管理系统解决方案提供了自消耗和绿色充电等使用案例，以及今年计划推出的新软件功能，这些都是我们的关键差异化因素，除了我们的质量和服务，将有助于增强我们的市场地位。

Let's cover more new products. We launched our third generation IQ battery 5P in Australia, US, and Puerto Rico in Q2 with plans to launch in Europe by the end of the year. As I've previously discussed, the battery has a modularity of 5 kilowatt hour and delivers double the continuous power and triple the peak power for the same kilowatt hour compared to our prior generation of batteries. The higher charging and discharging rate of our third generation battery will be uniquely beneficial for NEM-3.0 systems in California through its ability to generate revenue by exporting into the grid at appropriate time. In addition, our third generation battery is easy to install and commission with the targeted sub-30-minute commissioning times. We are excited about the positive feedback we have received from our Australian and US customers. We have now certified over 3500 installers worldwide to install our IQ batteries.
让我们介绍更多新产品。我们在第二季度在澳大利亚、美国和波多黎各推出了我们的第三代IQ电池5P，并计划在今年年底推出欧洲市场。正如我之前所讨论的，与我们之前一代电池相比，这款电池拥有5千瓦时的模块化，并且在相同千瓦时下的持续功率是前一代电池的两倍，峰值功率是三倍。我们的第三代电池具有更高的充放电速率，对加利福尼亚NEM-3.0系统非常有利，因为它能在适当的时间出口电网，从而产生收入。此外，我们的第三代电池安装和投运非常简便，目标是在30分钟内完成投运工作。我们对我们在澳大利亚和美国客户的正面反馈感到兴奋。我们现在已经在全球认证了超过3500名安装人员来安装我们的IQ电池。

Let's now talk about our latest new product for the residential segment in emerging markets. This product, the IQ 8P micro inverter, will deliver 480 watts of AC power, supporting barrels up to 650 watt DC for Brazil, Mexico, India, Spain and other emerging markets. We are on track to release this IQ 8P micro inverter variant into production later this year. The other variant of the IQ 8P micro inverter with a new three-phase cabling system is well suited for small commercial solar installation ranging from 20 to 200 kilowatts. These micro inverter systems offer the same grid compatibility, high quality, rapid-shit down capability as a standard residential product. We expect to release this product into the US small commercial solar market later this year. In general, we see the global commercial opportunity as greater than 11 gigawatts. We are extremely bullish about this small commercial solar market where we believe we can add tremendous value to business owners and installers in Europe and US with our high quality, rapid-shit down capability and micro grid forming capability offer micro inverter systems.
让我们现在谈谈我们针对新兴市场住宅领域的最新产品。这款产品名为IQ 8P微型逆变器，将提供480瓦交流电功率，支持巴西、墨西哥、印度、西班牙和其他新兴市场高达650瓦直流的太阳能发电。我们正计划在今年晚些时候将这款IQ 8P微型逆变器变体投入生产。另一种IQ 8P微型逆变器的变体配备了全新的三相布线系统，非常适合20至200千瓦的小型商业太阳能装置。这些微型逆变器系统具有与标准住宅产品相同的电网兼容性、高质量和快速关闭能力。我们预计今年晚些时候将这款产品发布到美国的小型商业太阳能市场。总体而言，我们认为全球商业机会超过11吉瓦。我们对这个小型商业太阳能市场非常乐观，我们相信我们可以通过提供高质量、快速关闭能力和微电网形成能力的微型逆变器系统为欧洲和美国的企业主和安装商创造巨大价值。

Let's discuss our US EV chargers. We shipped over 6600 EV chargers in Q2 compared to 8600 in Q1. We expect to introduce IQ smart EV chargers in Q3. These smart chargers will have Wi-Fi connectivity enabling use cases like green charging and allowing homeowners full visibility into operation of their N-phase solar plus battery plus EV charger system through the app.
让我们来讨论一下我们的美国电动车充电器。第二季度我们发货了6600台电动车充电器，相比第一季度的8600台。我们预计在第三季度推出IQ智能电动车充电器。这些智能充电器将具备Wi-Fi连接功能，可以实现绿色充电等多种用途，并允许房主通过手机应用程序全面了解他们的N相太阳能发电+电池+电动车充电器系统的运行情况。

Let's now discuss the installer platform. We released updates to our solar graph design and proposal software platform in Q2 including NEM-3.0 functionality. The updated solar graph platform offers a simplified experience for designing NEM-3.0 systems by optimizing panel placements for both grid tied as well as grid agnostic systems, configuring battery sizing by leveraging modularity and enhancing system operations for time of use management and energy export to deliver the best possible electricity bill offset and payback.
现在让我们讨论一下安装程序平台。我们在第二季度发布了更新版本的太阳能图形设计和建议软件平台，其中包括NEM-3.0功能。更新后的太阳能图形平台通过优化面板布置，为网格并联和网格不相关系统设计简化的体验，通过利用模块化配置电池大小，并增强时间使用管理和能源出口等方式来改进系统运行，以提供最佳的电费抵消和回收成本。

Let me conclude. We are managing through a correction in the US solar market after three years of phenomenal growth, a period in which the residential solar market doubled and N-phase sales tripled. Even so, residential solar has only achieved 4 to 5 percent penetration in the US.
让我总结一下。在经历了三年显著增长的阶段之后，我们正在应对美国太阳能市场的调整，这个市场之前曾经历过住宅太阳能市场翻倍增长以及N阶段销售翻三倍的高速增长。即便如此，在美国，住宅太阳能市场的渗透率仅为4%到5%。

We believe there are several positive long-term drivers which will accelerate adoption such as the 30-percent IDC tax credit, the rising utility rates, increased grid instability, climate change and increasing EV adoption. There is no doubt that these will drive meaningful solar plus battery growth over the long-term.
我们认为有几个积极的长期推动因素将加速采用太阳能和电池技术，例如30%的IDC税收抵免、不断上涨的公共事业费率、电网不稳定性增加、气候变化和电动汽车的普及。毫无疑问，这些因素将在长期内推动太阳能和电池技术的有意义增长。

Our strategy is clear and unchanged. We manage for the long-term. We will make best-in-class home energy systems with a laser focus on innovation, quality and customer experience. We are doubling down on our relationships with customers. We are driving down installation times and investing in our service teams. We are investing even more on new product innovation. We are expanding our IQ8 micro-inverters and battery, reach globally, accelerating our business in Europe, introducing IQ8P micro-inverters for the small commercial solar and emerging residential markets worldwide and making continuous enhancements to our installer platform.
我们的战略明确且始终如一。我们长期管理。我们将专注于创新、质量和客户体验，制造最优质的家庭能源系统。我们加倍致力于与客户的关系。我们正在缩短安装时间，并投资我们的服务团队。我们在新产品创新上投资更多。我们正在全球范围内扩大我们的IQ8微逆变器和电池的市场份额，加快我们在欧洲的业务发展，推出适用于小型商业太阳能和新兴住宅市场的IQ8P微逆变器，不断改进我们的安装平台。

Before I turn the call over to Mandy, I am happy to announce that our Board of Directors has authorized a new share repurchase program. Given our confidence in In-Face's future growth, free cash flow generation and the value we see in our stock, our Board has authorized an additional $1 billion for share repurchase.
在将电话转给曼迪之前，我很高兴地宣布，我们的董事会已授权一项新的股票回购计划。考虑到我们对In-Face未来增长的信心，自由现金流的产生以及我们对股票的价值看法，我们的董事会授权额外再回购10亿美元的股份。

With that, I will turn the call over to Mandy for her review of her finance.
随着这个说完，我将把电话交给曼迪，让她对她的财务进行回顾。

Mandy?
嘛迪？

Thanks, Audrey. And good afternoon, everyone. I will provide more details related to our second quarter of 2023 financial results, as well as our business outlook for the third quarter of 2023.
谢谢，奥黛丽。大家下午好。我将提供更多关于我们2023年第二季度财务业绩的细节，以及我们对2023年第三季度业务展望的信息。

We have provided the recommendations of this non-GAP to get financial measures in our earnings release posted today, which can also be found in the IR session of our website.
今天我们发布的收益公告中提供了关于这个非GAP项目的财务指标建议，您也可以在我们网站的投资者关系页面找到。

Total revenue for Q2 was $711.1 million. We ship approximately 2121.3 megawatt DC of micro-inverters and 82.3 megawatt hours of equi-betaries in a quarter. Non-GAP growth margin for Q2 was 46.2%, compared to 45.7% in Q1. The increase was driven by increased IQ8 product mix and improved logistics. GAP growth margin was 45.5% for Q2.
第二季度总收入为7.111亿美元。每个季度我们运送约2121.3兆瓦的微逆变器和82.3兆瓦小时的太阳能电池板。第二季度的非按照公认会计准则的增长率为46.2%，而第一季度为45.7%。增长的原因是由于IQ8产品组合增加和物流的改善。第二季度的按照公认会计准则的增长率为45.5%。

GAP and non-GAP growth margin for Q2 included $1.6 million of a main IRA benefit for our micro-inverters made in the U.S. and ship to customers in the quarters. Non-GAP operating expenses were $98.2 million for Q2, compared to $98.4 million for Q1. GAP operating expenses were $153 million for Q2, compared to $158.7 million for Q1. GAP operating expenses for Q2 included $51 million of staff-based compensation expenses and $3.9 million of acquisition-related expenses and monetization for acquiring intangible assets and $208,000 of restructuring and asset impairment charges.
Q2的GAP增长率和非GAP增长率包括我们在美国制造的微型逆变器的主要IRA收益，以及在该季度向客户出货的金额为160万美元。Q2的非GAP运营费用为9820万美元，而Q1为9840万美元。Q2的GAP运营费用为1.53亿美元，而Q1为1.587亿美元。Q2的GAP运营费用包括5100万美元的员工薪酬费用，390万美元的收购相关费用和变现费用，以及20.8万美元的重组和资产减值费用。

Non-GAP basis income-form operations for Q2 was $230.5 million, compared to $233.6 million for Q1. Non-GAP basis income-form operations was $170.3 million for Q2, compared to $167.7 million for Q1. Non-GAP basis income-form Q2 was $205.6 million, compared to $192.3 million for Q1. This resulted in non-GAP-deluded earnings per share of $1.47 for Q2, compared to $1.37 for Q1. GAP name income for Q2 was $157.2 million, compared to GAP name income of $146.9 million for Q1. This resulted in GAP-deluded earnings per share of $1.09 for Q2, compared to $1.02 for Q1.
第二季度的非通用会计准则（Non-GAP）基础收入运营额为2.305亿美元，相比之下第一季度为2.336亿美元。第二季度的非GAP基础收入运营额为1.703亿美元，相比之下第一季度为1.677亿美元。第二季度的非GAP基础收入为2.056亿美元，相比之下第一季度为1.923亿美元。这导致第二季度每股非GAP调整盈利为1.47美元，相比之下第一季度为1.37美元。第二季度的GAP净收入为1.572亿美元，相比之下第一季度为1.469亿美元。这导致第二季度每股GAP调整盈利为1.09美元，相比之下第一季度为1.02美元。

We actually said Q2 with a total cash-cash equivalent and marketable securities balance of $1.8 billion, compared to $1.78 billion at the end of Q1. We purchased approximately 1.25 million shares of M-phase common stock in Q2, at an average price of $159.43 for a total of approximately $200 million. This completed our $500 million share repurchase authorization from our board of directors.
实际上，我们在第二季度的总现金、现金等价物和市场证券余额为18亿美元，而第一季度末为17.8亿美元。我们在第二季度购买了大约125万股M-phase普通股，平均价格为159.43美元，总计约2亿美元。这完成了我们董事会授权的5亿美元股票回购计划。

As Patrick mentioned, our board of directors has authorized a new $1 billion share repurchase program. In addition, we spent approximately $12.7 million by withholding shares to cover withholding taxes for employee stock investing in Q2, not reduced the diluted shares by approximately 72,000 shares. We expect to continue these anti-dilution points throughout the year.
正如Patrick所提到的，我们的董事会已经授权启动了一个新的10亿美元的股票回购计划。另外，在第二季度，我们还使用约1270万美元的股票用于支付员工股票投资的税款，并未减少约72,000股的摊薄股份。我们预计将在整个年度继续实施这些防止摊薄的措施。

In Q2, we generated $269.2 million in cash flow from operation and $225.2 million in free cash flow. Capital expenditure was $44 million for Q2, compared to $22.5 million for Q1. The increase was primarily due to investment in U.S. manufacturing and R&D equipment.
在Q2季度，我们通过运营活动产生了2.692亿美元的现金流，并且自由现金流为2.252亿美元。与Q1相比，Q2的资本支出为4400万美元，而Q1为2250万美元。这一增加主要是由于在美国制造和研发设备方面的投资。

Now let's discuss our outlook for the third quarter of 2023. We spent our revenue for the third quarter of 2023 to be within a range of $550 to $600 million, which includes shipments of 80 to 100 megawatt hours of IQ batteries. We spent gap gross margin to be within a range of 41 to 44 percent, and non- gap gross margin to be within a range of 42 to 45 percent, which is good stock-based compensation expenses and acquisition-related amortization.
现在让我们讨论2023年第三季度的前景。我们预计第三季度的收入将在5.5亿至6亿美元的范围内，并且包括80到100兆瓦时的IQ电池的发货量。我们预计差异毛利率将在41%至44%的范围内，非差异毛利率将在42%至45%的范围内。这些范围已考虑到股权为基础的报酬支出和与收购相关的摊销费用，这是一个良好的状况。

Our gross margin guidance. numbers do not include any IRA benefits. We spent an IRA benefit to be between 14.5 and 16.5 million dollars on estimated shipments of 600,000 units of U.S. manufacturers, micro-inversers. We spent our gap operating expenses to be within a range of 159 to 163 million dollars, including approximately 58 million dollars estimated for stock-based compensation expenses and acquisition-related expenses and amortization. We spent our non- gap operating expenses to be within a range of 101 to 105 million dollars, as we will continue to invest in product innovation, customer service, and international growth. Moving to tax, since we have utilized most of our net operating loss and research, tax credit carried forward, we are now a significant U.S. cash tax payer. We spent gap and non- gap annualized effective tax rate for 2023 to be at 21 percent, plus or minus 1 percent with IRA benefits.
我们的毛利率指导数字不包括任何 IRA（个人退休账户）的利益。我们预计在美国制造商的微型逆变器出货量为60万台的情况下，我们将用于 IRA 利益的支出预计在1450万至1650万美元之间。我们预计我们的差额运营费用将在1.59亿至1.63亿美元范围内，其中大约5800万美元用于股权补偿费用、收购相关费用和摊销费用。我们预计我们的非差额运营费用将在1.01亿至1.05亿美元范围内，因为我们将继续投资于产品创新、客户服务和国际增长。在税收方面，由于我们已经利用了大部分的净经营亏损和研究税收抵免，我们现在是一个重要的美国现金纳税人。我们预计2023年的差额和非差额年化有效税率将为21%，加减1个百分点，并包括 IRA 利益。

Now I'd like to discuss how the advanced manufacturing production credit from the IRA is reporting our earnings. We had originally thought that the production credit would be reflected in income tax expenses, but based on the latest guidelines from the U.S. Treasury, we expect to claim the production credit by direct pay, and therefore account for the production credit as a reduction in cost of goods stock. We expect the production credit, none of any incremental costs or romantic manufacturing, to be in the range of 24 to 28 dollars per micro-inverter sold to customers in Q3. We expect to ship 600,000 micro-inverters to customers this quarter. We plan to have our U.S. country manufacturing facilities fully operational by the end of 2023. We estimate shipments to reach our U.S. capacity of 4.5 million micro-inverters per quarter by the end of 2024, assuming robust demand.
现在我想讨论一下来自IRA的先进制造生产税收抵免如何报告我们的收益。我们最初认为生产税收抵免将反映在所得税费用上，但根据美国财政部的最新指导方针，我们预计通过直接支付方式申报生产税收抵免，并将其视为成本价格的减少。我们预计生产税收抵免，不包括任何额外成本或浪漫的制造成本，每个微逆变器在第三季度销售给客户的范围内将达到24至28美元。我们预计本季度向客户发货60万个微逆变器。我们计划到2023年底使我们的美国国内制造设施全面运营。我们估计在需求强劲的情况下，到2024年底可达到我国每季度450万个微逆变器的产能。

With that, I will open the line for questions. We will now begin the question and answer session. To ask a question, you may press star than one on your touch-tone phone. If you are using a speaker phone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star than two. In the interest of time, please limit yourself to one question and one follow-up. If you have additional questions, please rejoin the queue. At this time, we will pause momentarily to assemble our roster. The first question today comes from Brian Lee with Goldman Sachs. Please go ahead. Brian Lee, your line is open. You may ask your question. The next question comes from Phil Shen with Roth, M.K.M. Please go ahead. So perhaps your line is muted.
在此之后，我将开放问题环节。我们现在开始答疑环节。如果您有问题，请按下您电话上的星号键，然后按下数字键1。如果您使用的是免提电话，请在按键前拿起听筒。如果您的问题已得到回答，并且您想撤回您的问题，请按下星号键2。为了节约时间，请限制您的问题和追问为一次。如果您有额外的问题，请重新加入队列。目前，我们将稍作停顿，来整理我们的名单。今天的第一个问题来自高盛的Brian Lee。请讲，Brian Lee，您的线路已开通，您可以提问了。接下来的问题来自Roth，M.K.M.的Phil Shen。请讲。或许是您的线路被静音了。

Hi, everyone. Thanks for sticking with questions. Sorry, I'm bouncing between calls. So I wanted to check in on what you're doing with pricing on micros in the U.S. Our checks this week suggest your recent spot discounts may be aggressive with big customers in exchange for semi-exclusivity. Our contacts suggest it may be in response to some of the volume that may be going to Tesla. Can you quantify what the magnitude of the discounts might be? If anything, or what it might mean, if anything, on a blended ASP basis ahead. You always have some kind of spot discount, but incrementally, is it greater now to try to maintain that business? Thanks.
大家好，感谢大家继续提问。不好意思，我在电话之间忙碌着。我想了解一下你们在美国市场上对微型产品定价的情况。我们这周的调查表明，你们最近的现货折扣可能比较激进，为了与大型客户达成半独家协议。我们的联系人表示，这可能是为了应对可能流向特斯拉的部分订单。你们能具体说明折扣的幅度吗？如果有的话，对于平均售价（ASP）来说，这可能意味着什么？你们总是有一定程度的现货折扣，但现在是不是更大力度地提高以保持这些业务？谢谢。

Right. We are not planning any micro-inverter pricing, you know, reductions in general overall. You know, as regarding pricing pressure, it is normal for us. Since in section, we are always used to pricing pressure. We are always used to competing with string inverters from day one. This company was founded based on distributed architecture wins. You know, distributed architecture basically means no single point of failure. So distributed architecture means that, you know, it's a semiconductor based architecture, which basically has got less number of components and very high quality, which means 0.05% failure rates. It also means 25 years of warranty versus other string inverters that may be half that many number of years. In addition, we service customers very well, 24 by 7 customer service, 74% NPS.
对。我们没有计划降低微铸变频器的定价，你懂的，总的来说。你知道，对于定价压力我们是很正常的。因为在这个领域，我们一直都面临定价压力。我们一直在与串联变频器竞争，从一开始就是这样。这个公司是基于分布式架构的胜利而成立的。分布式架构基本上意味着没有单点故障。分布式架构意味着它是一种基于半导体的架构，拥有较少的组件和非常高的质量，也就是说故障率为0.05%。它还意味着有25年的保修期，而其他串联变频器可能只有一半的年限。此外，我们的客户服务非常好，提供24小时不间断的客户服务，客户满意度为74%。

Also, we strongly believe in AC coupled architecture, which means that the combination of, you know, it's an NPS system for solar, it's an NPS system for storage, it is a full home energy management system with an NPS EV charger as well. And that is starting to become more and more important as NEM3 type tariffs come. And those tariffs are already there in Europe, for example. So, SPARS, standing for special pricing adjustments are a fact of life. We do that always. They are, we are very disciplined. We have a pricing team and it always depends upon the volumes. And of course, we do, we form deeper partnership with customers in times like this. And we have a lot of tools at our disposal. We have done our recent M&As and digital transformation that we did. Solar Graph Software Platform is invaluable for us at this time because we are able to give customers the option of designing, for example. showing an NEM3 design and making sure they can sell that effectively to homeowners.
另外，我们坚信AC耦合架构的重要性。这意味着，你知道的，它是太阳能的NPS系统，是储能的NPS系统，还是一个完整的家庭能源管理系统，配备了NPS充电器。随着类似NEM3的电费制度的出现，这一点变得越来越重要，而这种电费制度已经在欧洲推行。所以，SPARS，即特殊定价调整，是生活中的一部分。我们总是这么做。我们非常有纪律性，并且有一个定价团队，定价总是取决于销售量。当然，在这样的时候，我们与客户建立更深入的合作关系。我们拥有许多可用的工具。我们进行了最近的并购和数字化转型。太阳能图形软件平台对我们来说非常宝贵，因为我们能够给客户提供设计选项，例如展示一个NEM3设计，并确保他们能够有效地向房主进行销售。

So, solar graph even leads, lead generation company. We got, that is coming of use in times like this.
因此，太阳能图表甚至引领着潜在客户的产生，这是一家领先的潜在客户生成公司。我们已经明白，在如今的时代是非常有用的。

So, basically to answer your question, pricing is normal. We aren't planning on any pricing reduction on micro-inverters. On batteries, it's a different story. On batteries, I was very clear a month back in the public call saying that, yes, we introduced our third generation battery and we cut the price of our second generation battery. And both of them coexist. We believe that the second generation battery will be very good for grid-tied NEM3.0 as well as grid-tied batteries in Europe. The third generation battery that comes with a 30 minute commissioning time, which we are very happy about, that is priced, you know, appropriately for backup. So, and these pricing decisions aren't done on the flight. They are done with extensive planning. And we do have offer pricing protection to our channel partners. And so, we believe in doing things in a structured way. This is no exception.
所以，基本上回答你的问题，定价是正常的。我们不打算对微逆变器进行任何降价。但是对于电池来说，情况就不同了。关于电池，一个月前在公开电话中我很明确地说过，是的，我们推出了我们的第三代电池，并且降低了第二代电池的价格。这两种电池是共存的。我们认为第二代电池非常适用于并网NEM3.0以及欧洲的并网电池。第三代电池具有30分钟的安装时间，我们对此非常满意，所以它的定价是合适的备份电源。这些定价决策并不是临时决定的，而是经过了广泛的规划。我们确实向我们的渠道合作伙伴提供了定价保护。所以，我们坚信按照结构化的方式去做事情。这个也不例外。

Great. Thanks, Badri. You just talked about price protection. And that was for storage and we had written about that as well for the channel inventory. From an accounting standpoint, which quarter does that price protection hit? Did we already see it in Q2 results or should we expect in Q3? What was the magnitude? And then hypothetically, hypothetically, if you pursue a price cut for micros, would you provide price protection for the existing micro channel inventory as well, since the channel is a little bit full? Thanks.
太好了，谢谢，巴德里。你刚刚谈到了价格保护，这是关于存储和我们也写了有关渠道库存的。从会计角度来看，这种价格保护会在哪个季度反映出来？我们在Q2成果中已经看到了吗？还是应该在Q3中期望？它的规模如何？然后假设地说，如果你追求微型产品的降价，你会为现有的微型渠道库存提供价格保护吗？因为渠道现在有点满了。谢谢。

So, the price protection for storage has been accounted for in our earnings. There would be no other impact in Q3 or going forward. And price protection will offer to distributors as a policy. So, in the case, if we lower our ADOP for micros, we will provide price protection by this point. We are not planning to do things like that. Great. Thanks, Badri. Okay. I'll pass it on. Thank you.
因此，在我们的收入中已经考虑到了储存的价格保护。这不会对第三季度或未来产生其他影响。并且价格保护将作为一项政策提供给经销商。因此，在这种情况下，如果我们降低微处理器的平均日产出（ADOP），我们将通过价格保护来提供支持。我们没有计划做类似的事情。太好了。谢谢，Badri。好的，我会转达的。谢谢你。

The next question comes from Colin Rush with Oppenheimer. Please go ahead.
下一个问题来自Oppenheimer的Colin Rush，请发问。

Thanks so much, guys. Can you talk a little bit about your opportunities for driving costs out of the supply chain? It sounds like there's plenty of supply available in your ability to continue to walk that kids down here over the next several quarters.
非常感谢，伙计们。你们能否谈一下你们在降低供应链成本方面的机会？听起来你们有很多供应可用，能在接下来的几个季度继续将这些产品提供给我们。

Yeah. I mean, we work on world-class cost initiatives for micro-inverters and Badri. So, on micro-inverters, there is a lot of tactical negotiations that we do. Let me put that on the side. But that's not insignificant. That's a nice number, especially in times like this, our procurement organization is extremely active.
是的，我的意思是，我们正在为微型逆变器和巴德里进行世界级的成本倡议工作。所以，对于微型逆变器来说，我们有很多战术性的谈判。让我把这放在一边。但这并不是无关紧要的。这是一个很好的数字，尤其是在像现在这样的时候，我们的采购组织非常活跃。

The other one, which is, you know, will take over three to six months, is opportunities where we design in multi-source. For example, when we have three sources of transformers having a fourth and fifth source, especially in times like this. And when you have, for example, three versions of integrated circuits for our AC gate drivers having a fourth one. Those are also extremely active with our micro-inverter group running extensive qualification because we are very careful on that 500 DPPM quality. The last thing we need is a quality excursion. So, that's the first and foremost priority for us, making sure that quality is preserved through all of that.
另一个机会，就是你知道的会需要三到六个月的时间，是我们在多源方面进行设计的机会。例如，在我们拥有三个变压器的情况下，增加第四和第五个来源，尤其在像现在这样的时候。还有，当我们的交流门驱动器有三个版本时，增加第四个版本。这些也是我们微逆变组非常活跃的领域，他们正在进行广泛的资格认证，因为我们对500 DPPM质量非常谨慎。我们最不需要的就是出现质量问题。所以，我们首要任务是确保在所有中保持质量。

Then the third one is a little bit more long term, which is over nine to 12 months. We look at, you know, potting material. We look at ASIC. Is there an opportunity for us to redesign the ASIC in another platform to save cost? Is there an opportunity for us to integrate an op-amp or a comparator into the ASIC so that we can save 20 cents? So, for example, you know, a one dollar savings in our micro-inverter. Assuming we ship 20 million units worldwide a year, that's 20 million dollars. So, you're looking at at one cent is 200,000 dollars. It's a big amount. And so, we have a massive program called world class cost. That way you see even in Q2, our gross margin continues to increase.
然后第三个是稍微长期一点，大约九到十二个月的计划。我们会关注培养材料，也会关注专用集成电路（ASIC）。我们是否有机会在另一个平台上重新设计ASIC来节省成本？我们是否有机会将运算放大器或比较器集成到ASIC中，以节省20美分？举个例子，在我们的微型逆变器中，我们每节省1美元。假设我们每年全球出货2000万个单位，那就是2000万美元。所以，一美分就是20万美元，是一个很大的金额。因此，我们有一个名为"世界一流成本"的大型项目。这样即使在Q2季度，我们的毛利率仍会不断提高。

On batteries, it is like, you know, many people keep asking the same question, can you make money on batteries? And my answer is always the same. We never enter a business until, you know, unless we are convinced that the business will make at least my baseline gross margin. And so, on batteries, we are getting better. Generation one was higher cost. Generation two is a little bit lower. Now, we are in generation three, where we have figured out a lot of ways to take cost out. And then on top of it, in terms of warranty, we are getting a lot better on batteries. We are introducing serviceability on batteries, where instead of you having to replace the entire battery, which is so cumbersome for the installer and homeowner, you replace a bold insight. Because we have figured out that the cell pack, the battery pack never fails. It is the power electronics, which consists of power conversion, battery management, and even mechanical components, those are the ones that fail, and we are making them bulletproof. But coming back to that, we don't need to replace a $3,000 battery. We can replace a $40 boot. We don't need to take the battery off the wall. We can replace it in situ. Therefore, the customer downtime is very, our standard is we want the customer downtime to be no more than 24 hours. And we are driving our teams to achieve that. And when we achieve that, you will find your warranty and your replacement costs are minimized a lot. So that's on the third generation.
关于电池的问题，你知道，很多人一直在问同样的问题，你能通过电池赚钱吗？我的答案总是一样的。除非我们确信这个业务至少能达到我的基本毛利率，否则我们不会进入这个业务。所以在电池方面，我们做得越来越好了。第一代成本较高，第二代略微降低。现在我们已经进入到第三代，在这一代我们找到了很多降低成本的方法。此外，关于保修方面，我们在电池方面也有了很大的进步。我们将电池的维修性提升了起来，不需要整个电池都要更换，这对于安装工人和业主来说非常麻烦。我们只需要更换某个部件就可以了。因为我们发现电池组从来不会出问题，问题出在电力电子设备上，这包括电源转换、电池管理甚至是机械组件，我们正在提高它们的可靠性。但回到这一点上，我们不需要更换价值3000美元的电池，只需要更换价格为40美元的零部件。我们不需要将电池从墙上拆下来，可以就地更换。因此，客户停机时间非常短，我们的标准是希望客户停机时间不超过24小时。我们正在推动我们的团队实现这一目标。当我们实现了这一目标后，你会发现你的保修和更换成本大大降低。所以这是关于第三代产品的情况。

Now, what's happening on the fourth generation? Fourth generation of batteries is scheduled to come approximately within a year, maybe within nine months, if I'm a little bit more aggressive. And that has got a fundamentally transformative cost structure. What we are doing there is we are combining power conversion and battery management into one boot. So seven boards in in the third generation will now become two boards in the fourth generation. This is accompanied by significant component count reduction, significant cost reduction. And that will get us even better on the gross margin curve. So I gave you a bunch of puts and takes on micro inverters, batteries. And then we are also serious on our accessories. We ship combiner boxes. We have cellular modems. We have the gateways. For example, in Europe, in Q3, we are going to be introducing a combiner box. That is going to be very cost effective for installers. And it is going to help them both on dollars that's well as time savings. So a lot of actions in the company. And we started this six years ago. We have not stopped since then.
现在，第四代的情况如何呢？第四代电池计划大约在一年内推出，如果我再积极一点，可能会在九个月内推出。这具有基本变革性的成本结构。我们所做的是将功率转换和电池管理结合到一个启动器中。因此，第三代中的七块电路板现在将成为第四代的两块电路板。这伴随着显著的元件数目减少和成本降低。这将使我们在毛利曲线上表现得更好。所以我给了你一些关于微逆变器、电池的好的方面和不利的方面。此外，我们对配件也很重视。我们出货的整流箱、蜂窝调制解调器和网关等产品。例如，在欧洲，我们将在第三季度推出一款非常具有成本效益的整流箱。这将帮助安装人员在节省时间和金钱方面都得到帮助。公司中有很多行动。我们在六年前开始，并且一直没有停止。

Excellent. Thanks so much, guys. Just a simple follow up here. You've historically talked about wanting to have eight to 10 weeks of channel inventory. Will the guidance that you're indicating here for 3Q get you those levels in the US from what you're seeing at this point?
非常好。非常感谢你们，伙计们。只是一个简单的跟进问题。就你们所看到的情况而言，你们过去提到过希望在渠道库存上保持8到10周的水平。根据你们在这里提供的指导，三季度对于美国市场而言，能够达到这个水平吗？

Right. So let me provide some more context in general, because it may not have been clear to everybody. And they may not have been present to. So our sell-through of micro inverters in the US peaked in the fourth quarter of 2022. The sell-through in Q1 23 was about 20% below that. And the sell-through in Q2 23 was at the same level, which is 20% below Q4.
好的。所以让我提供一些更普遍的背景信息，因为可能对每个人都不太清楚。而且他们可能不在场。所以我们在美国的微型逆变器销售在2022年第四季度达到峰值。到2023年第一季度，销售量比那个时候低约20%。到2023年第二季度，销售量保持在同样的水平，也就是比第四季度低20%。

Now what we did was our sell-in. We only reduced it 10% in Q1. Thinking that Q2 will be a seasonally good quarter. That's what we thought. But that was not the case. Q2 sell-through was same as Q1 with respect to Q4. So we find ourselves with excess inventory in the channel. And the responsible thing to do from my point is to correct that to do a one-time correction of that to reduce inventory in the channel. The only way we reduce inventory in the channel is by not shipping as much and taking a correction there. So we are doing that. We are aggressively reducing the inventory in the channel. And we expect the channel inventory, the weeks on hand, to come back, move to normalized levels at the end of Q3.
现在我们做的是销售。我们在第一季度只减少了10%。我们认为第二季度会是一个季节性较好的季度。那是我们的想法。但事实并非如此。就销售来说，第二季度的情况与第一季度相同，与第四季度相比也没有好转。因此，我们发现渠道中有过多的库存。从我的角度来看，负责任的做法是通过一次性调整来减少渠道中的库存。我们唯一减少渠道库存的方法就是减少发货，并在那里进行调整。因此我们正在这样做。我们正在积极减少渠道中的库存。我们预计在第三季度末，渠道库存的周转天数将恢复到正常水平。

Okay. Thanks so much, Chris.
好的，非常感谢，克里斯。

The next question comes from Mark Strauss with JP Morgan. Please go ahead.
下一个问题来自JP摩根的Mark Strauss，请提问。

Great. Thank you very much for taking our questions. Just thinking about with valuations coming down across the space, how you're weighing potential M&A versus prior work that I was discussing this new billion-dollar buyback.
太好了，非常感谢您回答我们的问题。我在考虑估值在整个行业都在下降的情况下，您是如何权衡潜在的并购和之前我所提到的这笔新的十亿美元的回购计划。

Right. I mean, first of all, the way we think about capital allocation is first, do we have enough capital to work on the things we need to internally? How about domestic manufacturing? How about building a new R&D lab? How about investing in domestic, you know, battery supply chain? We take care of the needs of the business first. That's number one.
是的。我的意思是，首先，我们对资本配置的思考方式是先弄清楚我们是否有足够的资本来处理内部需要做的事情？国内制造怎么样？建设一个新的研发实验室怎么样？投资国内的电池供应链怎么样？我们首先要满足业务需求。这是第一要务。

Number two, we look at opportunities in M&A. We look at to see whether we can increase the value of the company significantly, maybe in the small commercial space, maybe in the software space, in the home energy management space. Those are the areas we normally look for as well as in the battery space, which is always exciting. So, but, you know, we are not going to be making a steady decision. We usually like bolt-on acquisitions, which are easy to integrate, because we are aware that most integrations fail of big companies. So, we are always very cautious. And, you know, we have a clarity. For example, we will not buy a company to do anything specifically on inverters, because we think we have enough homegrown talent that we can organically grow. So, that's the second piece. We look for active M&A opportunities, and we have cash, and we look for those.
第二点，我们关注并购的机会。我们看着看看能否显著增加公司的价值，可能是在小型商业领域，可能是在软件领域，也可能是在家庭能源管理领域。这些通常是我们寻找的领域，还有电池领域，这总是令人兴奋的。但是，我们不会盲目做出决策。我们通常喜欢易于整合的附加收购，因为我们意识到大多数公司整合失败的情况。所以，我们总是非常谨慎。此外，我们有一个明确的想法。例如，我们不会购买一家公司专门做逆变器，因为我们认为我们拥有足够的自主人才可以有机增长。所以，这是我们寻找积极的并购机会的第二点，我们有现金，并且正在寻找这种机会。

The third one is after we have taken care of the needs of the business, after we have looked at M&A's, is can we buy back stock at a conservatively estimated, you know, at a value below the intrinsic value of the stock, which is conservatively estimated. So, we look at that, and Mandy talked about some of the actions we did. We bought 200 million dollars off stock last quarter, 1.25 million shares at approximately $159. And, you know, but we are disciplined about it. The board has authorized another billion dollars for share buyback, considering we generate close to 200 million dollars of free cash flow every quarter. But you can expect us to be disciplined, do things when it makes sense, and not be overly aggressive.
第三个是在我们满足了企业的需求之后，在我们考虑了并购之后，我们能否以低估的价格回购股票，这个价格低于股票的内在价值，而且估计是保守的。所以，我们关注这个问题，曼迪谈到了我们所采取的一些行动。上个季度我们回购了价值2亿美元的股票，大约125万股，每股价格约为159美元。但我们对此持有谨慎态度。董事会已经授权再回购价值10亿美元的股票，而考虑到我们每个季度产生近2亿美元的自由现金流，你可以期待我们会持谨慎态度，在合理时机采取行动，不会过于激进。

Okay. Okay. Thanks, Audrey. Just a follow-up. I think you touched on this a bit on California. But maybe just repeat what you said about the, you know, what three-cube guidance assumes as far as NIMM 2.0 systems, and when you expect that backlog to be removed and start selling 3.0.
好的。好的。谢谢，奥黛丽。只是一个跟进问题。我想你在谈到加利福尼亚时已经提到了这个。但或许你能再具体说明一下，关于三立方指导原则对NIMM 2.0系统的假设，以及你们预计什么时候能够清除积压订单并开始销售3.0系统。

We think, we think NIMM 2.0 will continue through Q3. That's what we are hearing from our installers. It will continue through the summer till September. We believe Q4, NIMM 3.0 will start. And, you know, the anecdotes we are hearing from some of our installers, some of our big installers, who say that their battery attach rates are pretty nice, higher than 50%. I mean, most installers, you know, they need to get educated on NIMM 3.0. But the fact of the matter is even for pure solar, NIMM 3.0 to payback is between seven and eight years, even for pure solar.
我们认为，NIMM 2.0将会持续至第三季度。这是我们从我们的安装商那听到的消息。它将持续到九月，一直延续到夏季。我们相信第四季度，NIMM 3.0将开始。而且，你知道，我们从一些大型安装商那听到的一些个案例，他们说他们的电池附加率相当不错，超过了50%。我的意思是，大多数安装商需要对NIMM 3.0进行教育。但事实上，即使对于纯太阳能来说，NIMM 3.0的回报期也在七到八年之间。

When you add a battery, and let us say when you add a 10 kilowatt hour battery, which seems to be kind of standardizing, standardizing in that direction, you then achieve even better payback. So payback comes down from the seven to eight years to five to six years with a high enough battery system. So once installers realize that economics, then they are a lot more confident of selling NIMM 3.0. Our solar graph tool tells them these things exactly.
当您添加电池时，让我们假设您添加了一个10千瓦时的电池，这似乎是一种标准化，朝着这个方向的标准化。这样您就能获得更好的回报。所以回报时间从七到八年缩短到五到六年，如果电池系统足够高效。一旦安装商意识到这种经济效益，他们对于销售NIMM 3.0更加有信心。我们的太阳能图表工具能准确地告诉他们这些情况。

Also, another phenomenon is California is, my view on it is California is going to move to a majority of grid-type systems. That's so Germany evolved. And in Germany right now, it is very, very similar. It is most of the solar plus storage are grid-type today. And California may evolve in that direction. That's my view. And a grid-type system suddenly is easier to install. You don't need to worry about main panel upgrades. You don't need to worry about partial home backup and full home backup and all of that. And yet the battery provides a lot of savings. And in fact, the battery is a money maker for a couple of months in summer where the grid needs help and the battery can export energy back to the grid. So, but having said that, NEM3.0 is new. Therefore, installers will have their ramp. But I think eventually it will be very easy to sell. And I think we will start seeing solar and storage normalize in 2024.
此外，另一个现象是加利福尼亚州，我对此的看法是加利福尼亚州将逐渐转向多数采用电网型系统，就像德国的发展一样。现在的德国情况非常相似，大部分太阳能加储能系统都是采用电网型。加利福尼亚州可能会向这个方向发展，这是我的观点。而电网型系统更容易安装。你不需要担心主控板升级，也不需要担心部分家庭备用电源和全家备用电源等等。而且电池还能提供很多节省。实际上，在夏季的几个月里，电池还可以成为一个赚钱的工具，因为电网在需要帮助时，电池可以向电网输出能量。然而，话虽如此，NEM3.0是新出台的政策，所以安装商们将需要适应。但我认为最终销售会变得非常容易。我认为到2024年我们会开始看到太阳能和储能的普及。

Okay. Thank you very much. The next question comes from Andrew Percocco with Morgan Stanley. Please go ahead.
好的，非常感谢。下一个问题来自摩根士丹利的安德鲁·佩科科。请提问。

Great. Thanks so much for the question. I did a follow-up question to Phil's question earlier. So pricing appears to be relatively stable. So in that context, peers like the free queue guide is really volumes-driven. So can you maybe just discuss between regions what your expectation is on volume in the third quarter specifically? And if you could just start to provide more context around how you expect that to rebound or change in the fourth quarter, that'd also be helpful.
太好了，非常感谢您的提问。我之前对Phil的问题进行了后续提问。所以在定价方面似乎相对稳定。在这种情况下，像免费队列指南这样的同行是由交易量驱动的。您能否就各个地区在第三季度的交易量预期进行讨论？如果您能提供更多关于第四季度的反弹或变化的背景信息，那将非常有帮助。

Thank you. I mean, just for context in Q2, we grew about 25% in Europe compared to Q1. And in Q3, we expect Europe to be slightly down compared to Q2 due to summer typical summer seasonality. And Europe for us is underpenetrated. In general, we are very strong in Netherlands and France. We are upcoming in Germany. But for us, the other countries are almost bluish like, you know, Italy, UK, Sweden, Denmark, Greece, Austria, Switzerland, Poland. We are entering all of those regions. And so we are extremely bullish on Europe. In the US, as I said, we said that the revenue decreased 12% sequentially in Q2 compared to Q1. But we are taking a heavier hit because of, you know, in Q3, because of the following phenomenon, which I elaborated just now. It is our sell-throughs, which is indicative of real customer demand, is 20% down in overall US compared to Q4, which was our peak. And the 20% down is for both Q1 as well as Q2. We sold into the channel. We only dropped the shipments into the channel by 10%. And the rationale of dropping 10% only was we expected Q2 to be a strong seasonal recovery quarter. That didn't happen. And so now we have to correct for these two quarters. And on top of it, we are assuming that depressed sell-through going forward. So that's why we are taking a one-time correction in the US. But I think, you know, in general, the revenue for us will exactly mimic the percentage demand drop on a quarterly basis.
谢谢。我是说，仅仅为了第二季度的背景，与第一季度相比，我们在欧洲增长了约25%。而在第三季度，由于典型的夏季季节性原因，我们预计欧洲相较于第二季度稍有下降。对我们而言，欧洲市场的潜力仍未充分开发。总的来说，我们在荷兰和法国非常强势，在德国也逐渐崭露头角。而对于我们来说，其他国家几乎处于起步阶段，例如意大利、英国、瑞典、丹麦、希腊、奥地利、瑞士、波兰等。我们即将进入这些地区。因此，我们对欧洲市场非常看好。至于美国市场，如我所说的，与第一季度相比，我们在第二季度的收入下降了12%。但由于前述现象，我们在第三季度的下降更为严重。我们的实际销售情况，也就是真实的客户需求，与我们最高峰期的第四季度相比，整个美国市场下降了20%。这个20%的下降是指第一季度和第二季度都有的。我们向渠道出货时只减少了10%的发货量。之所以只减少10%的发货量，是因为我们预计第二季度将是强劲的季节性复苏季度。但这种情况并未发生。因此，现在我们必须进行这两个季度的纠正。除此之外，我们还假设未来销售不景气。这就是我们在美国进行一次性调整的原因。但是我认为，总体而言，我们的收入将会与需求量的百分比下降保持一致，每个季度都如此。

That's super helpful. And can I just ask one more on what you're seeing on Europe's channel inventory levels. I understand that three queues may be historically and seasonally a light quarter. But can you just maybe elaborate on what you're seeing across Europe on inventory levels?
这非常有帮助。我可以再问一个关于您对欧洲渠道库存水平的观察吗？我知道三个季度可能是历史上和季节上较为轻松的季度，但您能否详细说明一下您对欧洲库存水平的观察？

The channel inventory is a little bit high on the 10-week site in Europe. It is. And, you know, that's why we are cautious now. But for us, I mean, we are really not worried about it because we are introducing products in newer countries. So, you know, we think we can maintain it in the 8-10-week range.
在欧洲的10周网站上，渠道库存有点偏高。确实如此。而且，你知道，这就是为什么我们现在很谨慎的原因。但对我们来说，实际上我们并不担心，因为我们正在向较新的国家推出产品。所以，你知道，我们认为可以将其保持在8-10周的范围内。

Got it. Thanks so much. The next question comes from Julian Dumouinsmith with Bank of America. Please go ahead.
明白了，非常感谢。下一个问题来自美国银行的朱利安·迪穆因史密斯，请提问。

Excellent. Thank you. Good afternoon, Pete. I appreciate it.
太好了。谢谢你。下午好，彼得。我非常感激。

Hey, can you talk a little bit more about the inventory levels and any write-down risk here? Can you talk a little bit about just the backdrop on that front? And more importantly, just the normalizing functions you think about these different inventory levels across geographies, especially thinking to, you know, continue European growth. What might be implied by inventory levels, etc.
嘿，请你详细谈一谈库存水平和任何可能存在的减值风险，能否对这方面的背景情况多做一些介绍？并且更重要的是，你能否谈一下针对不同地区的库存水平进行正常化的方法，尤其是考虑到我们未来在欧洲市场的增长。库存水平的变化可能意味着什么？

Right. I think, yeah. I just now answered the question for Europe. The inventory level in Europe is a little bit normal, although it's on the higher side at about approximately 10 weeks. And that is why we said, you know, Q3 is a seasonally downquarter in Europe. And we expect to be slightly down in revenue as compared to Q2. But then I talked about we are introducing several new products. All our growth in Europe is coming from new products. And we are going to be introducing several new products, for example, in Italy, in UK, in Sweden, in Denmark, in Greece, in Poland, where we are nonexistent today. So all of those are going to be incremental and not, you know, not worried about revenue. I mean, not worried about inventory there.
没错，我想是的。我刚刚回答了关于欧洲的问题。欧洲的库存水平有点正常，虽然达到了较高水平，大约为10周左右。这也是为什么我们说Q3是欧洲的淡季。我们预计与Q2相比，收入会有轻微下降。但我也谈到了我们正在推出几款新产品。我们在欧洲的增长都来自于新产品。我们将在意大利、英国、瑞典、丹麦、希腊和波兰推出几款新产品，这些市场对我们来说目前还不存在。所以所有这些都将是增量，不用担心收入。

The US, on the other hand, US is we were in great shape at the end of Q4, 22, which was our highest sell-through. What sell-through means we are selling the, you are meaning the installer buying from the distributor is called sell-through. Our sell-through rate was the highest and our channel inventory was very healthy at the end of Q4. What happened is the sell-through rates declined overall in the US 20% with respect to Q4 for Q1 and for Q2. And therefore, end in response to that, we did throttle our shipments into the channel. But we did throttle it enough because we assumed Q2 will be a seasonally good quarter, which turned out to not be the case. So therefore, we are now left with two quarters of, you know, inventory that is added on and meaning two quarters of extra inventory. And we are also assuming going forward, we are not making any aggressive assumptions. We are saying the demand will be at the same level as it is today. And therefore, we are taking a one-time correction for shipments into the channel. And that is why our guide is light for Q3.
然而，美国在2022年第四季度结束时，我们的情况非常好，这是我们的销售量最高的季度。销售量是指我们销售给安装商的产品数量。我们的销售量最高，并且在第四季度末我们的渠道库存非常健康。然而，在2022年第一季度和第二季度，美国的销售量整体下降了20%。为了应对这种情况，我们减少了向渠道的出货量。然而，我们没有减少足够的出货量，因为我们认为第二季度应该是一个传统上良好的季度，但事实并非如此。因此，我们现在剩下了连续两个季度的库存，也就是额外的库存。我们还假设未来的需求将与当前水平相同。因此，我们将对向渠道的出货量进行一次校正。这就是为什么我们对第三季度的预测较为保守。

Right, effectively equal to that excess inventory here.
对，实际上就是多余的库存在这里。

Great. And then just related here, if you can comment on gross margins, obviously you guys provide, you know, been providing consistently improving gross margin guidance over time and implicit within that is the confidence to sustain that for these sometimes several quarters as far as I read it. You still feel confident in supporting these higher gross margin levels here, despite this backdrop through this period of time for several quarters.
很好。然后就在这方面，如果你能对毛利率发表一下评论，显然你们提供一直在改善的毛利率指引，并且其中隐含着你们对未来几个季度能够持续保持这种信心。尽管这一时期的背景可能不太好，你们依然对支持这些较高的毛利水平感到有信心，持续几个季度的时间。

I mean, our look, we are careful on the gross margin guidance. We have non-gapped guidance that we gave is 42 to 45. And like what I said, we, like for example, I didn't even say this to the gentleman who asked me the question before. For example, in logistics, last quarter, we saved $8 million. Last quarter. Like we have a lot of initiatives from a world-class cost on saving, on saving the, you know, the cost of a capacitor, a resistor, a parting, semiconductors, you know, a not only by second source qualification or multi source qualification, but simply purely by negotiation. So we do that and we do that on micro-inverters. We do that on batteries. We do that on on combiner boxes and accessories. So our world-class cost, you know, effort is invaluable and has saved us a lot of dollars. And we are now moving to a higher and higher mix of IQA, which has got a little bit more gross margin than IQ7. Now on the batteries, we are also getting better in terms of gross margin. I gave a big commentary on batteries on how we have improved the learning from one generation to the other in terms of warranty, for example. Instead of taking a $3,000 hit on return, we don't do that. We basically, you know, service boards within that product and the board replacements, which are $40, are done much faster than full unit replacement. So innovative ways in order to reduce our overhead costs on batteries are also helping. And like what I said, you know, our fourth generation batteries are coming. The fourth generation batteries provide a huge reduction in terms of power electronics, which is the battery management is now integrated into power conversion. And so seven boards in a gentry system will now be two boards. And in that process, we take significant cost. So in general, we are quite confident of our trajectory on gross margin on both micro inverters and batteries.
我的意思是，我们对毛利率的指导很小心。我们给出了42至45的非间断指导。就像我说的，比方说，我甚至没有对之前问我问题的那位绅士说这话。比如，在物流方面，上个季度我们节省了800万美元。上个季度。我们有很多举措来节省世界级的成本，比如节省电容器、电阻器、分离器、半导体等的成本，不仅通过第二供应商资格或多供应商资格，而且纯粹通过谈判。所以我们做到了，并且在微逆变器上做到了，在电池上也做到了，在组合器箱和配件上也做到了。所以我们的世界级成本努力是无价的，并且为我们节省了很多美元。我们现在正朝着越来越高的IQA比例迈进，相比IQ7，IQA的毛利润略高一些。现在关于电池方面，我们的毛利也在改善。我对电池的情况作了详细评论，讲述了我们如何在保修方面从一代到另一代的学习改进。例如，我们不再因为退货而损失3000美元。我们基本上在该产品中维修板和更换电池，而40美元的板块更换要比整个单元更换快得多。因此，为了降低电池方面的开销，我们采用了创新的方法。正如我所说的，我们的第四代电池即将问世。第四代电池在功率电子方面有了巨大的降低，即电池管理现在集成到了功率转换中。因此，七块板变成了两块板，这样我们就节省了大量成本。总的来说，我们对微逆变器和电池的毛利润轨迹非常有信心。

Right. Sounds it for several quarters to come.
没错，未来几个季度都会是这个样子。

Thank you very much. Thank you. Thank you for questions.
非常感谢你。谢谢你。谢谢你提出问题。

The next question comes from Kashi Harrison with Piper Sandler. Please go ahead.
下一个问题来自于Piper Sandler公司的Kashi Harrison，请提问。

Good afternoon. Thanks for taking the questions.
下午好。感谢您回答问题。

So, you know, based on the feedback that you're receiving from your distribution network, are you getting the impression that sell through in non-California will have bottomed by 3Q or do you still believe non-California is in the process of recalibrating? And then, you know, you said that the early NEM3 data is encouraging from your larger installers. Can you maybe just speak to, with attachment, it's not 50%, can you just maybe speak to where we are on year-to-year trends just based on the leading edge data?
因此，根据你从销售网络那里获得的反馈，你是否认为除加利福尼亚州以外的销售情况在第三季度之前将会触底，还是你仍然认为非加利福尼亚地区正在进行重新调整的过程中？另外，你提到早期的NEM3数据对于你们的大型安装商来说是鼓舞人心的。可以详细说明一下，虽然附件上的数据不是50%，但根据最新的数据趋势，我们目前处于哪个年度的水平？

Yeah. I think to answer your question on sell through for non-California, I mean, it has not changed much in Q1 and Q2. In fact, I said Q2 was a little bit worse compared to Q1, about 6% worse. I think it is expected to probably be at this level until the interest rates take a meaningful turn for the better. That is non-California. On NEM3, I mean, we only have anecdotal evidence right now. The channel is still NEM2 and NEM2 installations are happening. Many, you know, some of our distribution partners said that a few installers may even do NEM2 till October or November. We are hearing that for most of Q3, you know, it will be NEM2 and we will start getting data on NEM3, sell through data only in Q4. But we see a lot of design and proposal activity from, you know, one of the benefits of us buying the Solar Graph Software platform is we are able to see the early signs of NEM3. And there are a lot of designs on NEM3. I can't quantify it yet because we don't have a meaningful market share in the Solar Graph Software space. But, you know, I like the trends I see. I like the battery attached rate very nice. I see it over 70% in most cases. And like what I said, we have clear facts that, you know, the payback is awesome for grid-type batteries and Solar. The payback is fine even for pure Solar. So, we think it is a matter of training a lot of, you know, a lot of installers. And actually, Raghu who is sitting with me, he has visited himself, you know, 1000 installers came to his sessions throughout last quarter. And our only job there was to evangelize NEM3.0. We showed them with Solar Graph Software platform on how to design for NEM3.0. What is the payback? How to sell to the homeowners? And so, that installers have very high confidence to sell to the end consumer. But still, you know, having said that, we don't have statistics yet. We will start getting statistics in the fourth quarter.
是的。我认为回答你关于非加利福尼亚出售情况的问题，我是说在第一季度和第二季度它并没有发生太大改变。事实上，我说第二季度相比第一季度稍微更糟，差了约6%。我认为在利率出现有意义的好转之前，它可能会保持在这个水平上。这是关于非加利福尼亚的。关于NEM3，我是说，我们现在只有一些零星的证据。渠道仍然是NEM2，并且NEM2的安装正在进行中。许多分销合作伙伴表示，一些安装商甚至可能会一直使用NEM2直到10月或11月。我们听说，在大部分第三季度里，它还是NEM2，我们将在第四季度开始获取有关NEM3的售出数据。但是我们从Solar Graph Software平台购买的一个好处是，我们能够看到NEM3的早期迹象。目前有很多关于NEM3的设计方案。我现在还不能量化它，因为我们在Solar Graph Software领域没有实际的市场份额。但是，你知道，我喜欢我看到的趋势。我很喜欢电池的附加比例，大部分情况下超过70%。就像我所说的，我们有明确的事实证明，对于与电网连接的电池和太阳能，回本非常好。对于纯太阳能来说，回本也不错。因此，我们认为这只是需要培训很多安装商的问题。实际上，和我坐在一起的Raghu本人已经在上个季度的整个过程中访问了1000个安装商。我们的唯一任务是宣传NEM3.0。我们向他们展示了如何使用Solar Graph Software平台来设计NEM3.0。回本情况如何？如何向业主销售？以便安装商对最终消费者的销售有很高的信心。但是话虽如此，我们还没有统计数据。我们将在第四季度开始获得统计数据。

Thank you. Thank you for that color. And then maybe just for my follow-up question. Also, you know, clearly demand is tracking beneath expectations as you're adding a significant amount of capacity to the U.S. Do you have the ability to, you know, ramp U.S. to peak capacity by throttling black in Mexico, India and Romania? Or are there, you know, minimum activity levels that you would need to maintain, you know, per your agreements with your contract manufacturers?
谢谢你。谢谢你提供这个颜色。然后，也许只是针对我的后续问题。另外，你知道，显然需求低于预期，因为你正在增加大量的美国产能。你是否有能力通过限制墨西哥、印度和罗马尼亚的产量，加快美国的产能达到峰值？或者根据与合同制造商的协议，是否需要保持最低的活动水平？

Thank you. Good question. We, you know, we have a total of three contract manufacturers right now. Two of them have been with us forever. And, you know, that is one of the reasons we even chose those two because we have deep relationships with them. And we want to be highly sensitive on how we load their factories outside the U.S. versus factories inside the U.S. There is one new partner Foxconn that is manufacturing our micro-inverters in Wisconsin. Now, our assumption is we are going to be ramping steadily from Q2 of 50,000 units to a Q4 number of 4 and a half, Q4 24 number, a 4 and a half million units pending robust demand. And of course, I mean, this is a long-term decision that we take. And we do expect, you know, we do expect us to have come with healthy demand by then. If not, we will work with our contract manufacturing partners and we will make the right decision on how to appropriately load the factories. And we will provide the guidance to you on a quarterly basis.
谢谢。好问题。我们现在总共有三家合同制造商。其中两家我们一直合作已久。而且，你知道，这也是我们选择这两家的原因之一，因为我们与他们有着深厚的关系。我们希望在如何分配他们在美国之外的工厂和美国内部工厂方面非常敏感。现在我们还有一个新的合作伙伴Foxconn，在威斯康辛州制造我们的微逆变器。现在我们的假设是从第二季度的50,000台逐渐增加到第四季度的4百50万台（Q4 24），前提是有强劲的需求。当然，这是我们作出的长期决策。并且我们预计到那时我们会有健康的需求。如果没有的话，我们将与我们的合同制造合作伙伴合作，并做出正确的决策以适当地分配工厂。我们将根据每个季度向你提供指导信息。

Thank you. The next question comes from Jordan Levy with Chuist. Please go ahead. That's really nice. Thanks for taking my questions. Just a quick one for me. It's curious if you could give us a little more detail on the EV charging side of things, what it takes to break into, and grow that business to a bigger segment. And then the eventual progression toward bidirectional charging and how you're viewing that.
谢谢。下一个问题来自Chuist的Jordan Levy。请你提问吧。这很好。感谢你回答我的问题。给我一个简短的回答。我想知道，进入和发展电动汽车充电业务需要什么，以及如何将该业务发展成为一个更大的市场。然后，你如何看待最终的双向充电发展趋势。

Right. So EV chargers, we bought a company called Clipper Creek. And that was towards the end of 2021. And basically, now what we have done is we have basically moved the manufacturing of those EV chargers so that we can start to scale a lot to flextronics in Mexico. We have done that. That's phase one.
是的。所以关于充电电池，我们收购了一家名为Clipper Creek的公司。这是在2021年末的时候。基本上，现在我们已经将这些充电电池的制造转移到墨西哥的Flextronics，以便于我们可以开始大规模扩展。我们已经完成了这一步，这是第一阶段。

Now what we are doing, and we will release in Q3, is an IQ smart EV chargers. The original Clipper Creek chargers, which are very popular by the way, simply because of their very high quality, very high durability and great service. So we are taking that architecture and we are adding connectivity to the Clipper Creek EV chargers. And we are rebranding it as an IQ smart EV charger. And once you have the connectivity and then the integration into N-phase solar plus storage, you can do a lot of interesting things.
我们现在正在做的，计划在第三季度发布的是一个IQ智能电动车充电器。原来的Clipper Creek充电器非常受欢迎，主要是因为它们的高质量、高耐用性和出色的服务。因此，我们正在在这个架构的基础上增加与Clipper Creek电动车充电器的连接性，并将其重新品牌为IQ智能电动车充电器。一旦实现了连接性，并与N-phase太阳能和储能系统集成，你就可以做很多有趣的事情。

Like for example, you can configure in your app saying never charge my EV from the grid, only charge EV from solar, green charging only. We can do interesting things like that. So that's what I call phase two. That will happen in Q3 in the current quarter we are in.
例如，您可以在应用程序中进行配置，从而表示永不通过电网给我的电动汽车充电，只充电来自太阳能，只进行绿色充电。我们可以做一些有趣的事情，就像这样。这就是我所说的第二阶段。第二阶段将在我们当前所处的本季度的第三季度发生。

Now the next phase will be to introduce these EV chargers into all countries in Europe. And that will happen in Q1 and Q2 of 24. We are already working on that. And the same thing there. Our existing partner, channel partners are all selling N-phase solar plus storage. It would be a natural extension for them to be selling N-phase solar plus storage plus EV chargers with a full home energy management system capable of managing heat pumps as well. So that's phase three.
现在的下一阶段将是将这些电动汽车充电器引入欧洲各国。这将在2024年的第一季度和第二季度发生。我们已经在进行相关工作。同样的情况也发生在那里。我们的现有合作伙伴、渠道伙伴都在销售N相太阳能加储能。对于他们来说，销售带有完整家庭能源管理系统、能够管理热泵的N相太阳能加储能加电动汽车充电器将是一个自然延伸。所以这就是第三阶段的计划。

We have already demonstrated by directionally we charge it. It is on our website and it is very closely aligned with our ensemble architecture. So essentially we tap into the DC port of the car. And that interface there is called digital interface. There is a digital interface. There's a power interface. The digital interface is 15118. That basically you can exchange things like the SOC of the car, the state of charge of the car and other control signals. And then we will have power conversion which is our inverters. The same inverters that we use. A higher wattage inverters basically will take that DC and plug it into our home energy management system which is an AC copper system. So once we do that we can easily do V2H as well as V2X which is V2H and V2G. So we expect that product to come into the market by Q4 of next year. That is, we have still in early days there and we are working on our bidirectional inverter right now.
我们已经通过方向性的充电加以证明。这在我们的网站上非常贴近我们的系统架构。所以从本质上讲，我们利用汽车的直流端口。那个接口被称为数字接口。有一个数字接口和一个电源接口。数字接口是15118。你基本上可以交换汽车的SOC（State of Charge）、充电状态和其他控制信号。然后我们会有功率转换，也就是我们的逆变器。我们使用的是一样的逆变器。一个更高功率的逆变器基本上会将这个直流电源接入我们的家庭能源管理系统，也就是交流铜系统。所以一旦我们这样做了，我们就可以很容易地进行V2H（车辆到家庭）和V2X（车辆到任何地点）的操作，其中V2H是车辆到家庭，而V2G是车辆到电网。所以我们预计这个产品将在明年第四季度上市。这意味着我们目前还处于早期阶段，我们正在研发我们的双向逆变器。

So those are the four phases and then Raghu can add.
所以这就是四个阶段，然后Raghu可以补充。

So in terms of the importance of the connected we charge that we are going to release in this quarter again plays an important role as Buddy mentioned in your home energy management system. Specifically, when you think about it in the context of NEM3 as well, you want to avoid charging your car at certain times of the day which is part of the time of use construct as well as allow your battery or preserve your battery to discharge power into the grid at certain times of the day particularly in the summer. So getting a significant load like an EV under control of your home energy management system becomes extremely vital so you can deliver great savings for the homeowner both in terms of the offset as well as payback period as you think about NEM3 here in the US as well as as you think about home energy management broadly in Europe as well.
所以在连接充电的重要性方面，我们在本季度要发布的充电产品在家庭能源管理系统中所起的作用与Buddy提到的一样重要。具体来说，当考虑到NEM3时，你希望避免在一天的某些时间给你的车充电，这也是时间利用构造的一部分，同时也希望允许你的电池在某些特定的时间将电力释放到电网中，尤其是夏季。因此，让一个重要的负载如电动车受控于家庭能源管理系统变得非常重要，这样你就可以为房主提供巨大的节省，无论是在抵消方面还是回报期方面，无论你是在美国考虑NEM3还是在欧洲广泛考虑家庭能源管理。

Thanks so much for that. Thank you. The next question comes from Brian Lee with Goldman Sachs. Please go ahead.
非常感谢您的帮助和回答。谢谢您。下一个问题来自高盛的布莱恩·李，请发言。

Hey guys, thanks for taking the questions apologies about earlier. I had a question about the DSTOCK and how you're reading the channel. I appreciate Bodgeri all the kind of detailed disclosure about the quarterly cadences you've experienced. So if I do the math you kind of shift 10% more than sell through two quarters in a row based on your commentary in the US so roughly let's call it a hundred million dollars if my math is correct and your guidance is effectively down that much sequentially if not a little bit more so does this imply your entirely resetting kind of the channel all in once in 3Q and then as you get into 4Q we're going to start to be looking at a normalized environment and you're starting to fill the channel again like what's sort of the implication here if that math is correct to begin with.
嘿，各位，感谢回答问题，并对之前的问题表示歉意。我对DSTOCK的情况有个问题，想了解你们如何读取渠道。我很感谢Bodgeri所提供的关于季度节奏的详细披露。根据你们在美国的评论，如果我计算正确的话，你们在连续两个季度中的销量比销售要多出10%，大约是1亿美元。而你们的指导意见则根据这个数值递减，如果不是更多的话。那么，这是否意味着你们将在第3季度一次性完全重新调整渠道，然后在进入第4季度时，我们将开始看到一个正常化的环境，你们再次开始填充渠道？如果我的计算正确，那么这会有什么影响呢？

Right, so in addition to that math Brian, the other way, one more way to look at it is the, you know, you always look at your ending on hand inventory assuming a projected demand going forward, so we are not assuming any optimistic demand for Q3. We assume the same level of uncertainty continues for Q3, and so that's another portion of the math that needs to be done to calculate how much we should really ship into the channel in Q3, and we took that into account. As I also said in Europe, you know, we expect to be slightly down as compared to last quarter due to typical seasonality. So, to answer your question, that's the idea we'd like to bring the channel back to a healthy place at the end of Q3.
好的，除了那个数学计算，还有另外一种看待这个问题的方法。你知道的，我们总是根据未来的预计需求来观察手头库存的情况，因此我们并没有对第三季度持有任何乐观的需求预期。我们假设第三季度的不确定性水平将继续保持不变，这就是计算我们应该在第三季度向渠道实际出货量的另一部分数学计算，我们已经考虑到了这一点。如同我之前在欧洲所说的，我们预计会与上一季度相比稍有下降，这是由于典型的季节性因素造成的。因此，回答你的问题，我们的目标是在第三季度结束时使渠道回到一个健康的状态。

Okay, fair enough, but embedded in your guide for 3Q, the sell-through sounds like you're assuming, you know, continued weakness. Do you anticipate that to just kind of be a flat line assumption all the way through the rest of this year, end of the year, and that's how you're approaching the channel reset even beyond 3Q?
好的，没问题，但是在你的3Q指南中，销售量似乎表明你假设了持续的疲弱状态。你是否预计这种状态会一直持续到今年年底，并且这也是你在3Q之后进行渠道重置的基本假设呢？

That's right, that's right. We are assuming also a little bit on the NEM3, but I mean, look, we are confident that this is a one-time correction. The reason is, we have a lot more new products that are coming out for us and so we all feel good that this one-time correction will, you know, clearly normalize the channel. And on top of it, we have so many initiatives to diversify our revenue, including the new countries in Europe and the small commercial in the US that we talked about. So we are cautiously optimistic we are correct.
没错，没错。我们在NEM3上也有一些设想，但是我指的是，我们相信这是一次性的修正。原因是，我们有很多新产品即将推出，所以我们都对这一次性的修正感到乐观，明显会使渠道恢复正常。此外，我们还有很多多样化收入的举措，包括我们在欧洲新增的国家和我们之前谈到的美国的小型商业项目。所以我们谨慎地乐观地认为我们是正确的。

Okay, great. And then, I guess that's a good segue into my second question, and then I'll pass it on. You know, you're sort of the newer player in Europe, you're coming out with new product, new markets, and obviously, you have the highest margins out there in the industry, and I know you want to protect those. But as you enter new markets in this environment, is there a kind of different mindset around pricing strategy? Can you maybe speak at a high level about kind of what you're thinking in regards to pricing when, you know, you're out in Europe and you're trying to gain share there, and, you know, maybe you have some margin where with all to work with? Thanks, guys.
好的，太棒了。那么，我想这也是我第二个问题的一个很好的过渡，之后我会让其他人接着问。你知道，在欧洲市场你是相对较新的参与者，你正在推出新产品、进军新市场，同时，显然你们在行业中拥有最高的利润率，我知道你们想要保护这些利润率。但是在进入新市场时，会不会有一种不同的定价策略思维？你可以以较高的层次谈谈你们在欧洲市场争夺份额时对于定价的思考吗？也许你们有一些利润空间可以利用？谢谢。

Yeah, I think that's also a good question. In Europe, on micro inverters, I mean, the folks in Netherlands and France understand us perfectly. For small systems like in Netherlands and France, they love our quality, they love our service, and we are extremely close to these partners. We provide them standing service. The question on new areas, I mean, that's something we are always thinking as we enter the emerging markets. For example, like Brazil, for example, like even the small commercial market, we are able to manufacture those micro inverters, which are high power micro inverters, 480 watts AC.
是的，我认为这也是一个很好的问题。在欧洲，关于微逆变器，我指的是，荷兰和法国的人们非常理解我们。对于像荷兰和法国这样的小型系统，他们喜欢我们的质量，喜欢我们的服务，我们与这些合作伙伴之间的距离非常近。我们为他们提供常备服务。至于新领域的问题，我指的是，这是我们进入新兴市场时经常思考的事情。例如，像巴西这样的国家，甚至是小规模商业市场，我们能够制造高功率的微逆变器，480瓦交流输出。

Those we are able to manufacture in the US, and we get incentives, production tax credits, to the tune of 11 cents a watt for those inverters. So, I think there is some opportunity there for us to become a little more aggressive in terms of market share, and we'll be pursuing those. Okay, I think that's a good question.
我们能够在美国制造这些逆变器，并且我们还能获得激励措施和生产税收抵免，每瓦11美分。所以，我认为我们在市场份额方面有一些机会变得更加积极，我们将会追求这些机会。好的，我认为这是一个很好的问题。

Okay, I appreciate that, thank you. Thank you. The next question comes from Eric Stein with Craig-Hallam. Please go ahead.
好的，我很感激，谢谢。谢谢。下一个问题来自Craig-Hallam的Eric Stein，请发言。

Hi, everyone, thanks for sneaking me in here at the end. So, if I understand correctly, it sounds like you feel pretty good about battery inventory in the channel. And again, I do appreciate everything you gave on the micro inverter side, but just curious, you know, with that in mind, with Gen 3, the launch and getting into the market, and then NEM 3 expected in 4Q, I mean, are you willing to call a bottom?
大家好，感谢在最后时刻让我参加。所以，如果我理解正确的话，听起来你们对电池库存在渠道中的情况感到满意。我对你们在微逆变器方面付出的努力表示感谢，但是我有一个疑问，考虑到这点，还有第三代的发布和进入市场，以及预计在第四季度出台的新定价和补贴政策，你们愿意称之为底部了吗？

I think last quarter you said that you thought Q2 might be the bottom, bottom for battery volumes. Is that still a fair expectation?
我记得上一季度你说过你认为第二季度可能是电池产量的最低谷。这个预期还合理吗？

Yeah, I mean, that's right. That is still a fair expectation. We are exactly on track for that. We feel really good on batteries. We have started shipping our third generation batteries. The third generation batteries solve some unique problems with the second generation, although on the second generation, we have kind of cleaned it up.
是的，我的意思是，那是正确的。这仍然是合理的期望。我们对电池感到非常满意。我们已经开始发货我们的第三代电池。第三代电池解决了第二代电池的一些独特问题，尽管在第二代电池上，我们已经进行了一些整改。

The third generation has got outstanding commissioning times. The beautiful thing in Australia is that we have, you know, the one product that combines the gateway plus the isolator. And so, it is, it is nice and compact, and it's very easy to install. The entire commissioning time, and I was told yesterday, somebody did it in under 10 minutes. So, we feel really good there. In terms of power, power, I mean, this battery, 5 kilowatt-hour battery, has got 3.84 kilowatts of continuous power and 7.68 kilowatts of peak power, just a 5 kilowatt-hour battery, which is double compared to our prior generation.
第三代的调试时间非常出色。在澳大利亚，最美妙的事情就是我们有一种产品，它集合了门禁和隔离器的功能。因此，它非常小巧可爱，并且安装非常容易。整个调试时间，昨天有人告诉我，有人在10分钟内完成了。所以，我们感觉非常好。至于功率，这个5千瓦时的电池，连续功率达到3.84千瓦，峰值功率达到7.68千瓦，仅仅是一个5千瓦时的电池，相比我们之前的产品翻了一番。

In fact, it is double on continuous and triple on peak power. And that peak power is very critical because that is what helps you start air conditioners. So, and we can do a lot of great things in software, if somebody thinks it is too much power. we have the ability to throttle continuous power but still maintain peak power. So I mean we are we are very happy with our third generation of course we can you know no product is is perfect at the time of introduction but this is a step function compared to Gen 2 in terms of power you know we think our battery business I mean we call Q2 as the bottom I believe it is the bottom we are we are guiding Q3 to be the same range 80 to 100 and we think with the NEM 3 daughter starting to come up in Q4 you should start seeing a lot more activity there along with our introduction into UK, Italy, Poland, Greece you know all of those should start to account for more megawatt hours as well.
实际上，连续功率是原来的两倍，峰值功率是原来的三倍。而峰值功率非常关键，因为它可以帮助你启动空调。所以，如果有人认为功率太大，我们可以在软件上进行控制连续功率，但仍保持峰值功率。所以，我们对我们的第三代产品非常满意，当然，每一款产品在推出时都不是完美的，但与第二代相比，这是一个跃升的步伐，特别是在功率方面。我们认为，我们的电池业务在第二季度已经触底，我相信这是底部的位置。我们预计第三季度的市场需求会在80到100范围内，而随着第四季度NEM 3项目的启动，你应该会发现那块领域的活动变得更加活跃，同时我们还将进入英国、意大利、波兰、希腊等市场，这些地方也将为我们的电量贡献更多的兆瓦时数。

Also in Europe Germany as as Patriona mentioned earlier on it is an 80% battery attach and our business in Germany is definitely starting to pick up. It gives me a lot of confidence as well Germany is one of the more mature and a tough market to go at a new entrant to go in and win and we are definitely doing well in Germany as well both not just for solar but solar and batteries so definitely feel optimistic bullish on the battery.
正如之前Patriona提到的，德国也是欧洲的一部分。截止目前为止，80%的电池攻击都发生在德国，我们在德国的业务发展也确实开始提速。这让我感到非常有信心，因为德国是一个相对成熟且竞争激烈的市场，对于新进入者来说，赢得市场份额并非易事。而我们在德国的表现确实非常出色，不仅在太阳能领域，而且在太阳能电池方面也取得了不俗的成绩。因此，我对电池市场表示乐观且看涨。

Okay thanks for the color. The next question comes from Jeff Osborne with Cowan please go ahead.
好的，谢谢你提供颜色信息。下一个问题来自Cowan的Jeff Osborne，请说。

Hey, hey Bodrian we're going to go ahead two quick ones I was wondering if you could provide us maybe dumb it down a bit people ask us multiple ways but the walk of guidance you're down about 135 million sequentially at the midpoint is it safe to say that sort of two-thirds of that might be from the US just due to the channel inventory in a third seasonality in Europe is there way of you know, funcatizing.
嘿，嘿，Bodrian，我们要进行两个快速问题，我想知道你是否能够帮我们简化一下。人们以多种方式问我们，但根据指导的规模，你们的业务可能下降了约1.35亿美元，可以说其中大约三分之二的原因是由于美国的渠道库存，而另外三分之一则是欧洲季节性的影响。你们有可行的方法对此进行处理吗？

I would say more like 85 and 15. Got it that's helpful and then you know it seems the strategy is to expand into as many geographies as humanly possible quickly and your experience with past geography expansion how quickly does it take a country to be productive in terms of training working with the distributor marketing is that a six-month lag or you know you're talking about Greece UK etc like what's your expectation internally is that more mid-text you're going to start kicking in or spring and any thoughts would be helpful.
我更倾向于说是85比15。懂了，这很有帮助，然后你知道，策略似乎是尽可能快速地扩展到尽量多的地理区域，对于过去的地理扩张经验，一个国家要在培训、与分销商合作和市场营销方面变得有生产力需要多久，是六个月的延迟，还是你在谈论希腊、英国等等，内部对此有什么期望？是不是更适合在中期内开始产生效果，或者春季呢？任何想法都会有帮助。

Yeah, that's a good question. The, you know, I'll just answer it because this is what I tell my sales guys. It is, it is to say we need a complete cross-functional team when we enter the new geography. What does a cross-functional team mean? You need a sales leader in the country, you need a couple of account managers in that country assuming the sales is meaningful in terms of the total available market. Then you need field application engineers because the moment you have sales, the first thing they are going to be asking is help on how do you design the product. So, field application engineers need to be hired at the same time. Then you need training, we need to conduct, we have beautiful courses we need to conduct training workshops every day of the week in every city. So, training folks are required. And then customer service is vital, we will never enter a region without customer service staffed in the local language. Then for batteries, field service technicians are critical where, because these field service technicians are the ones who will take any battery issue off the installer's plate. They are experts, one or two per region. So, a good cross-functional team for entering a region is about five to six folks, the people that I mentioned, and we are in the process of staffing that up. I've got Dave ran off back, my chief commercial officer. He thought he retired three months ago, but I've gotten him back, he's going to be with us for a couple of more years, and so he basically is championing all of our go-to-market activity in Europe as well as new segments in the US. Appreciate it, thank you.
是的，这是个好问题。你知道，我会回答这个问题，因为这是我告诉销售团队的。也就是说，当我们进入新的地理区域时，我们需要一个完整的跨职能团队。什么是跨职能团队？你需要在该国家有一个销售领导者，如果销售是有意义的，你需要几个客户经理。然后，你需要现场应用工程师，因为一旦有销售，他们首先要问的就是如何设计产品的帮助。所以，需要同时雇佣现场应用工程师。然后，我们需要进行培训，我们有很多美丽的课程，我们需要每天在每个城市举办培训研讨会。因此，需要培训人员。而且，客户服务是至关重要的，我们绝不会在没有使用当地语言的客户服务人员的情况下进入一个地区。对于电池，现场服务技术员是至关重要的，因为这些现场服务技术员将解决安装人员遇到的任何电池问题。他们是专家，每个地区需要一个或两个。所以，一个良好的进入地区的跨职能团队大约有五到六个人，就是我提到的那些人，我们正在加强团队建设。我请回来了我的首席商务官戴夫·兰诺夫，他三个月前以为自己已经退休了，但我把他请回来了，他将与我们共事几年时间，他负责我们在欧洲的所有市场活动以及美国的新市场。非常感谢。谢谢。

The next question comes from Steve Bushman with Wolf Research, please go ahead.
下一个问题来自沃尔夫研究公司的史蒂夫·布什曼，请提问。

Yeah, thanks, just wanted to clarify, sorry to ask a similar question to some others but the impact of the inventory reset from the first half of the year that you're going to do in Q3, can you just identify what that catch up is as opposed to kind of ongoing inventory changes?
是的，谢谢，我只是想澄清一下，很抱歉向其他一些人提出类似的问题，但是您打算在第三季度进行的库存重置对于我们来说，能否明确指出这种追赶与持续进行的库存变化有何不同?

Yeah, yeah, maybe you missed my detailed answers on this. Let me try to say once again. Basically, I guess I heard actually just like in hundreds of millions like on revenue. Do you have a number for that or, you know, tens of millions?
是的，可能你错过了我关于这个问题的详细回答。让我再试一次来表达。基本上，我猜我听到的实际上就像是几亿的收入。你有一个具体数字吗，或者说是几千万呢？

Yeah, I mean what we said is we, we are taking our guidance from, from, you know, or we are taking our revenue numbers from an actual Q2 actual of 711 to a guidance for Q3, 550 to 600, midpoint is 575. And a portion of it, most of it, 85% is what I said is because we are doing a one-time correction. And the rest of it is Europe is seasonally down in Q3. Okay, great. And then on the, on the Europe aspect, could you just clarify how, you know, it's the seasonal issue as opposed to the beginning of some of the same issues we've seen in the US in terms of, you know, gas prices down, higher rates? How do you know it's the seasonality?
是的，我的意思是我们所说的是，我们的指导意见来自实际的Q2收入数据，达到了711，而Q3的指导意见为550到600，中间点为575。其中85%是我们进行一次性校正所致，其余部分是因为欧洲在Q3季度通常会出现下滑。好的，然后关于欧洲方面，您能澄清一下如何确定是季节性问题，而不是出现了美国类似问题，如油价下跌、利率上升等？

Well, that's what, you know, we are hearing. We are very close to our customers. This is what we are hearing from all of them. The fundamental drivers aren't changing. And for us, you know, really like what I said, we aren't that much worried about talks of inventory because we have, we are underpenetrated in Europe. You know, we are strong in France and Netherlands, but every other region in Europe is the blue ocean for us. Like, for example, in Italy, solar plus storage in UK, the same thing, in Poland, you know, similar, in Sweden and Denmark, similar, in Greece, similar. So we are underpenetrated in most of the regions except France and Netherlands, which have been fantastic for us. And so I think we are extremely bullish about Europe. Our growth rate, like what we said, is more than tripled growth in Q2, more than tripled year on year. We are very bullish there. Understood. Thank you very much.
好的，那就是我们所听到的情况。我们与客户之间非常密切联系。这是我们从他们中间听到的。根本动因没有改变。对于我们来说，我们并不太担心库存的问题，因为我们在欧洲的市场份额还很小。我们在法国和荷兰市场非常强大，但是其他欧洲地区对我们来说都是蓝海市场。比如在意大利，太阳能加储能；在英国，同样的情况；在波兰、瑞典和丹麦，也是类似的；在希腊也是如此。所以除了法国和荷兰，我们在大部分地区的渗透率都还很低，而这两个国家对我们来说表现出色。因此，我们对欧洲市场非常看好。我们的增长率，如我们所说，相较于去年同期增长了三倍以上。我们在那里非常乐观。明白了。非常感谢。

The next question comes from Corinne Blanchard with Deutsche Bank. Please go ahead.
下一个问题来自德意志银行的Corinne Blanchard，请继续。

Hey, good evening, Jim. Look, on most of my questions, I've been answered at this time, but maybe if you can help me, I must understand the impact of the IRA benefit into next year. I believe you now elected to get like a tax credit, so does that fully erase what you will be paying or just if you can give some credit here?
嘿，晚上好，吉姆。听着，大多数问题我都已经得到了答案，但如果你能帮助我，我必须了解个人退休账户（IRA）福利对明年的影响。我相信你现在选择的是获得税收抵免，那么这是否完全抵消了你将要支付的款项，还是只是在这方面给予了一些抵免呢？

So the next benefit from my IRA, we are breaking it out so you can see it properly. So in the second quarter that ended just now, the net benefit was 1.6 million dollars and that came because of 50,000 units shipped at you know you can do the math roughly 30, 30 odd dollars. So that's about 1.6 million.
所以，我们打破这个IRA账户的收益，以便您可以清楚地看到它。所以在刚刚结束的第二季度中，净收益为160万美元，这是因为我们发货了50,000个单位，大约每个单位的价格是30多美元, 所以总收益大约是160万美元。

Now, for Q3 we have given you a guidance of 600,000 units and an estimated IRA benefit of 14.5 to 16.5 million dollars. So you can calculate how much is on a per unit basis. In the past I have told you that the net benefit is between 20 and 30 dollars per unit and we will continue to give that number every quarter because the mix is changing every quarter, sometimes we make high power products depending on customer demand and sometimes it is slightly lower power product so the mix changes.
现在，关于第三季度，我们已经向您提供了600,000个单位的指导，并估计IRA收益为1450万到1650万美元。因此，您可以计算每个单位的金额。过去，我已经告诉过您，每个单位的净收益在20到30美元之间，并且我们将在每个季度继续提供这个数字，因为每个季度产品组合都在变化，有时我们制造高功率产品取决于客户需求，有时则是稍低功率产品，因此产品组合会发生变化。

We also gave you a number which is, you know, pending robust demand we will do 4.5 million units per quarter. you know we will reach up to that number in Q4 of 24 so that number if you do the math it is 4.5 million units times let us say an average benefit of 25 dollars that's that's like a 112.5 million dollars of net benefit in Q4 24 so that's that's the math and that is that will be accounted in the cost of goods sold and so we will break out the gross margin with the IRA and without the IRA so you can see this and it will be very clear.
我们还给出了一个数字，也就是说，如果有强劲的需求，我们每季度可以生产450万台。你也知道，我们将在2024年第四季度达到这个数字，如果你算一下，那就是450万台乘以每台平均利润25美元，相当于净收益1.125亿美元，这将纳入成本销售额中，并且我们会分别列出含有IRA和不含IRA的毛利，这样你就可以清楚地看到。

Great thank you and just just one quick follow up but previously you had mentioned you expected to restart 4.5 million quarter capacity by the end of 2024 as of today and look I understand you know visibility can change and the wind can change but as of today that's here's something that you're on it all depends that is why we qualified it with saying pending robust demand and if that demand is for example let us say we go through another recession next year then I mentioned earlier that we would look at how to balance this out between US and international and we will give you the appropriate guidance at that time. Okay thank you.
非常感谢，只有一个快速的跟进问题，但是之前你提到预计到2024年底重新启动450万季度产能，截至今天，我知道可见性可能会改变，局势可能变化，但截至今天，这就是你们计划了，前提是我们已经明确，这取决于可靠的需求，如果需求例如说明年我们再次经历经济衰退，那么我们会考虑如何在美国和国际间平衡，并在适当的时候给出相应的指导。好的，谢谢。

The next question comes from Sophie Karp with KeyBank please go ahead. Hi good afternoon thank you for squeezing me. I want to ask you a question on kind of go to market strategy particularly if you've spent your work and position is higher across different product lines does it make sense for you to I guess launch some kind of brand awareness campaign aimed at the end consumer you know you know so that people could maybe learn and say the brand by name or do you think that you should continue just reaching customers by time they really thought you can do yours and installers.
下一个问题来自KeyBank的Sophie Karp，请提问。下午好，谢谢你特地安排时间让我提问。我想询问一下您的市场推广策略，特别是如果您的工作和职位涉及不同产品线，是否有意义启动某种面向最终消费者的品牌知名度宣传活动，以便人们可能通过名称了解并认同这个品牌，或者您认为您应该继续通过时间来接触那些真正需要您产品或安装者的客户。

You know if you take a book out of what we have done here in the US we really have focused on on our installers right our installers are really the the the front for the for the homeowner and obviously that has been very effective having said that you know we do use all of the social media you know tools that we have at our disposal to reach in in consumers so we do provide you know cover to our for our installer partners but really our focus remains letting our installers be the ones that are actually selling the product to the end consumer now the end consumer does see the end phase end phase product very clearly because they have that all in one app that they see and they see the end phase brand so so they do get get to get to see it but in general we let our installer partners be the front for our company product. Got it thank you and then maybe a quick one on the GTO versus I guess cash sales and loans.
如果你将一本书从我们在美国所做的事情中拿出来，你会知道我们真正专注的是我们的安装人员，我们的安装人员其实是为了房主服务的前线。显然，这非常有效，但是我们确实利用我们可以使用的所有社交媒体工具来接触消费者，因此我们确实为我们的安装合作伙伴提供保障，但是我们的重点仍然是让我们的安装人员去实际向最终消费者销售产品。最终消费者确实能清晰地看到最终产品，因为他们通过一个应用程序可以看到所有安装完成的产品以及我们的品牌，所以他们确实有机会看到，但总的来说，我们让我们的安装合作伙伴作为我们公司产品的前线。明白了，谢谢。然后还是关于GTO与现金销售和贷款之间的一个简短问题。

Do you have any visibility with your installers when you come commentary you can share how they navigate an environment where GTOs are maybe taking the market share becoming more price competitive given the interest rates and I right benefit in what does that mean for the volume of business that they can be doing going forward. We do see a number of installers trying to shift their business from cash I mean from loans to PPA usually these are slightly bigger installers less on the long tailing and we work with them we we work with many of the leasing yeah leasing partners they buy your micro inverters so for us so far it is it doesn't nominally changed anything for us but we do see some shift happening that is correct. All right this is also me thank you.
当你进行评论时，你是否与你的安装商有足够的沟通，你是否能够分享他们是如何在一个GTO正在占据市场份额并变得更具价格竞争力的环境中导航，这与利率和我方利益有关，这对他们未来的业务量意味着什么。我们确实看到一些安装商试图将他们的业务从贷款转移到PPA上，通常这些是稍微大一些的安装商，不太依赖于“长尾”，我们与他们合作，我们与许多租赁合作伙伴合作，他们购买你们的微逆变器，所以对我们来说，到目前为止，这基本没有改变我们的情况，但我们确实看到了一些变化的趋势，是的，没错。好的，这就是我说的，谢谢。

This includes our question and answer session I would like to turn the conference back over to Badri Kothan de Raman for any closing remarks. Thank you for joining us today and for your continued support of NFS we look forward to speaking with you again next quarter thank you. The conference is now concluded thank you for
参与今天的峰会和对 NFS 的持续支持，我们期待下一个季度再次与您交流。感谢大家今天的参与，峰会现已结束，谢谢。



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