Earnings call transcript Q2 2023

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Operator

Good afternoon, and welcome to Shoals Technologies Group, Second Quarter 2023 Earnings Conference Call. Today's call is being recorded, and we have allocated one hour for prepared remarks and Q&A.

At this time I would like to turn the conference over to Mehgan Peetz, Chief Legal Counsel for Shoals Technologies Group. Thank you.

You may begin.

Mehgan Peetz

thank for and us operator, you, you joining everyone today. Thank Dhaval CEO call and President, Relations, with the Brandon VP me Investor Bardos; Hosting Dominic are Moss; CFO, Jeff of Patel. Tolnar;

be making this based current risks and expectations management to On which subject uncertainties. projections on are call, assumptions, and other forward-looking or statements will

As you including comments, guarantees guidance full regarding these performance the are of understand not should listen you and or results. year consider statements, that XXXX, these

products, any macroeconomic from liability and factors Securities chain conditions, those materially in our in policy assumptions availability our things, performance differ of problems manufactured could industry changes, as related if and of and These events, materials. our with product price and claims; incorrect and products parties, statements or warranty our or factors. the results parts, well as current include, economic because or our regulatory the and Actual by Commission, our filings supply demand described are their market including forward-looking and and decreased other Exchange risk components other defects for disruptions, factors of among third circumstances,

will the may realized. or be are the forward-looking that Although reasonable, that be and the prove assurance incorrect no the could assumptions the statements any in underlying indicate we and forward-looking believe therefore can of assumptions inaccurate statements there contemplated results

measures. the as Today's any to We in of financial any duty made statements. any discussion of discussion date update includes presentation forward-looking that and caution forward-looking references included not to statement this non-GAAP is also do undertake this

reconciliations comparable historical for the company's financial definitional non-GAAP contained measures refer should information quarter second in the You press the measures. to information release of and to

new the call let CEO, me Shoals that, With Brandon to over Moss. turn

Brandon Moss

excited you and being the CEO. as to thank you much, afternoon I'm welcoming, want my first afternoon helpful call open. I so on team Mehgan, and this for Shoals earnings in join very to everyone. Thank good everyone

position here, the a taking Company. to most recently Southwire I Prior was

and many My Components a position Southwire was may wire there cable space. know in the Solutions Tools, as is last business. of you of & Assembled global leader President

built as and my a large product terrific as for a During chain. global three manufacturing, Shoals solutions domestic international entrepreneurial platforms, simple always supply an strategy a innovative we into proposition. well and with business its to admired approach adjacent product tenure, and value creating supporting I've

past appreciate team. I few as the the become more here, with have culture with Over weeks the have the I I even met Shoals. mission-driven impressed at company

dedication transition. community, to the the and green the enabling Our other, employees each company, immense to energy have

I think you will recognize ESG XXXX this released in our recently report.

on Interim as we who forward to working to today, Before CEO the Tolnar, has moment Jeff guide as his and President. Jeff with take role I organization move helped to since recognize a by March. want I look serving

moves to turn chapter, whose As delivered honored the its has I'll with over Shoals to that, the fantastic extraordinary team, I'm hard And with lead next growth. Jeff. partner company to it and work

Jeff Tolnar

company partners growth. another Shoals a the phase excited role and especially last in I the success. reins CEO. my now I'd of thank to our customers the over me in quarter and to job excited to very to great as leading Brandon. Thanks, employees, have do their for will Interim months We're like know next team I'm contributions onboard. supporting our several to had to and its who turn Brandon, Shoal's over the for support you grateful outstanding I'm

detail for review the market financial to it Agreement. from would results, initiatives, our more second current highlights an who over I'll second turning Supply Blattner an conditions on product our solar I'll quarter some the followed start new quarter. then discuss by and update growth introductions of Dominic, and key with other results overview before in Master

grew Shoals revenue by year period, quarter. Compared quarter EBITDA, set net to in specifically. solutions increased revenue second adjusted and demand combine-as-you-go our system generally, the second the prior new driven records domestic EBOS XX%, solar and for adjusted income for

basis to Second and and operating to leverage second the expanded margin margin operational fixed quarter adjusted earlier from XXX solutions margin resulting continued quarter XX.X% higher implemented by the XXX we enhanced The a basis XX.X%. this initiatives points was of year. efficiency in driven EBITDA mix grew revenue, gross on achieved growth system costs, points

remains to very scale compared reflecting orders $XXX.X gains by with growth quarter products backlog products. Demand revenue and ago, demand the for our strong solar grew System ended million, in Solutions record of and we XX% a increase year-over-year. strong, year awarded utility continued Shoals' an XX% and of U.S. share

one converted system, new to product Quotes grow XXXX. customer introductions bringing in we to for number continue customers of launch the In an combine-as-you-go BLA+ BLA+ with revenues global additional our progressing for the schedule. second total Solution quarter the system quarter, shipping we after XX year. We're During additional first plus with and XX on began System to earlier as commercial this transition. BLA our recorded our planned our

recently announced Snapshot remotely as a into of existing and excited formerly solar in an asset The about applications very Modules I-V. systems. market integrate the in technology Snapshot commercial performance at is the to that over known ecosystem deployments. granular management life new has level system. of the Curve of We monitors solar the typical our Trace. I-V I'm The solution fields seamlessly I-V, very of launch PV addition IV products of Snapshot health

half out and fulfill in harnesses further best Moving exciting the Xgigawatt projects we on to continued capacity traction to some remain in others continue the build and portfolio. with to commercially and products, project. to on products of the energy very EV track a market connectors In ship is other the storage, we plug-and-play battery second DC Solutions gaining XXXX. deployed, of new awarded launch high launch

To to I've fulfill excited our continues international revenue to say production backlog international grow. exploring orders that demand and our we're options. international awarded

landmark met. to in XX Now announced Blattner ensures Company, excited I would signed are needs about with which we which agreement, second MSA the gigawatt the mutual the very We're quarter. like discuss

us further customers project strengthens to capital their visibility, to enabling and invest MSA the support allocation and Shoals For needs. our best optimize

At the from ensure the Blattner which I better surety are planning backlog a at of announcement. majority reflected to and met. allows benefits to that the clarify the was want same timelines in awarded supply, project orders already time, time of of agreement

projects second this with customer. important by our and this added were reward balance won relationship agreement will added strengthening are projects customer. the be The of the as most Additional very of compelling quarter a in reflects the

industry for Shoals continues specifically. by whole remain and favorable and Project the flow. to order as a be strong, Turning to visibility the solar market supported backdrop, conditions activity for quoting

infringement a of complaints and take U.S. most complaints brief by recently May our I'll in update of our with the key we already announced the patent filed The on filed a a provide Trade Now claims. patent Shoals June the third International accepted Commission issuance initial or in moment to group ITC ITC. within

And alongside take Shoals worked I to CEO, I'm while to can his the moment I an the would lead to Brandon the coming next say searched Having candidate its honor was it the person. to he phase serve ideal for growth. weeks, that leadership under is say in of achieve we a like last board years. as interim in can excited few about what for

to financial quarter over who I'll now second results. Dominic, it will XXXX turn discuss

Dominic Bardos

afternoon and the to Jeff Thanks call. on good everyone

Solutions Second period. comprised our the prior quarter year prior $XXX.X to which year combine-as-you-go demand prior driven revenue System volume revenue our period Similar quarters, XX% XX% primarily grew XX% EBOS was for million. the to sales versus strong higher our versus of by in

primarily increased XX.X% prior-year our carry in raw million, the leverage of a basis and increase prior-year proportion driven input compared in which of efficiencies Gross to costs, XX.X% fixed other lower increased percentage XX% slightly Solutions, margins period. System the revenue profit period. compared a to materials gained combine-as-you-go profit to The to by products, than on net $XX.X million as costs operations. in $XX.X higher Gross higher was points company’s from a grew XXX revenue the

charge predominantly for the issues. to our to warranty expense, a were supplier. gains issue disclosed due non-cash by $X.X remediate with known previously partially million a a in wire the We recorded These offset quarter charge

offsetting We any recovery supplier. have from the booked not

expenses and same $XX.X were public was to prior during due related to primarily year-over-year general wages The support period taxes increase to headcount year. million, compared requirements administrative the in in to increased company. administrative initiatives related our and expenses a $XX.X million being for and the quarter Second and employee growth increased general

in income quarter, compared period. prior million second million the $X.X EBITDA million Adjusted XXX prior net Adjusted the compared in margins impact to to prior million $XX.X million the points million basis increased in leverage gross year $XX.X year expense. increased $XX.X XX.X% period. reflecting in $XX.X the XX% $XX.X XXX% compared period. the to year-over-year on margin was EBITDA income Net second and G&A Adjusted of to year in to quarter, to the higher grew

During revolver. the we we of $XX.X from to million the of excess cash the quarter quarter nearly used generated In down million. pay operations $XX.X cash

the continue shareholder will growing to prioritize We driving and business value.

we backlog our robust and XX% demand year-over-year, continued XX, June As orders, for reflecting $XXX.X awarded had of XXXX million products. an of in increase

of be of in the to range based the to our and the interest to $XX year $XXX to from on to of million. $XXX we expense $XXX to $XX $XXX in million EBITDA for revenue the million $XXX conditions million continue $XX to million; range our million; the year full Adjusted and to range million the of adjusted customers, now outlook, to current in income to expenditures of range full net $XX Turning million market to in be input expect be range million. in million $X be capital

Now, for back remarks. Brandon closing to

Brandon Moss

for customers thanking their us Shoals, I'd serve continuous to support. our in our effectively for all and enabling close their of to Dominic. like our customers Thanks confidence our shareholders employees by for

your you appreciate thank And that, everyone. I with today. time

now questions. will open line We for the

Operator

Instructions]. [Operator

Shen MKM. ahead. with first go comes Please question from ROTH The Philip

Philip Shen

In a that Hi a little bit conducted, Thanks questions. a taking survey you said be expensive. recent customers might your everyone. we of my utility scale number for solar

How hear do deal thoughts soon? you expect with business? Thanks. to Just wanted winning And as on to any that you about time your that. lower you talk your price do

Jeff Tolnar

continue proposition, total how are quo business time. Phil, for status value But Okay would and we which ownership focus by is the It's deployment say that on officers get from We our you? cost time. pushed normal Jeff. over driven all procurement of back I to us. It’s

We'll maintenance. going the the to the future to the at strategically initial deploy the towards capital, to of customers. aligning that's We're offerings. at and of future, one more with that So things the look our signing our we're of doing labor ongoing MSAs. view our view And is look the product continue to continue customer market

that do with You saw that certainty, Shoals certainty with Blattner. That we others. them to and to gives expect and continue

Philip Shen

might I you great. talk through was That's those wondering if MSAs. able be to

on expect announcement, supply. with you announce puts something in more to sounds XXXX? might the in lock of be term do near that do to other Blattner EPCs Specifically, notice it or up you like think terms needing Thanks. It

Jeff Tolnar

and out near customers term. I and their think We're that's EPC our going fair. partners. to discussing of for announcing developer reaching and And the to MSAs hopeful forward. exploring We're we're in actively with and and long all many be needs more desires

Operator

The next from Mark Please with question go JPMorgan. comes ahead. Strouse

Unidentified Participant

Drew This the on Mark. is [ph] Congrats strong on Hi. for quarter.

how think level question first a that third that that's about? a System in the of kind on we here higher of the then new Solutions. mix again like just to Is the margin? to in row looks corresponding And mid-XXs. solid It think The about run gross in quarter do rate the

Dominic Bardos

our Mark about it growth we component from of talked and our of would System is quarter, same actually Solutions the to I Jonathan. growth expect, so we as Thank rest as the full a last so about it's talked as on you coming still much. us, the Yeah not Yes, mix Dominic. of kind – lot we've of may the say while business. business experience that important the level It’s

mix consider be level going the us. and likely So valuable this to forward right is for something do we that high

again. mix a In couple terms margin, lapping types ran of back on start years we’ll same of are we that of the These ago. margins that its impact level

of recall a high the input cost you XXXX, of continue the have forward. we've lap going And to As System challenges now we we overcome as should that see in we Solutions in mix first half very did year. that, some the

Unidentified Participant

the how about that And then hinted here. just Exciting I go little bit about follow-up you. a forward? Thank you that in what there. like see prepared monitoring to Thank ability Snapshot sell an that back it. there’s unrelated opportunity prior looks hear believe up and that to you. and there Got Can the and sales to talk the Jeff, a just remarks capabilities. you going products there, you

Jeff Tolnar

really the on. and sold opportunity It solar today, be gives their product customers I'm your is for it that any deeper can field product incremental incremental we into net solar than say insight excited spot field they correct, have to the projects. deployed we also things. is and into. What sell Yes, believe also an us two net to about developer But believe performance

about excited it that very for and offering broad So the we feel field performance. maintenance and applicability improving has

Operator

The Jordan next question Levy Securities. ahead. comes Please from Truist with go

Jordan Levy

thanks my taking for Good afternoon, questions. all, and

start outlook progress the wanted could I to made maybe I Just thoughts front sort out, the you've get of and the if to on updated see there. your on international

Jeff Tolnar

going of prepared and our targeted on is are really backlog awarded remarks, areas. America hi international. announced We're We're I with in about primary Jordan. the think markets we've Yes, orders in quarters. the mentioned in prior Australia, activities where Europe countries excited the with staying Latin that and quoting track we're – I focus

sets. more looking of We're timeframes at production, those cost customer can improve that and deliverable we so also to regionalization

going where growth and we're about very we're we're prospects of the more we to look deeply. a point So markets are at – very, overall, international to the continue very excited and

Jordan Levy

have there? all thing. the the same to same just sort to more that the on of and customers the before, Are line we that it's sort might U.S. in there the they of value and are about dynamics need that are talked thought, you teaching dynamics proposition that think that And just but internationally of this

Jeff Tolnar

blocks, I have sizes, better Europe smaller and That's of specifically, has and solution. into it to block fewer each plays market education lends that a BLA for at which and and those has mass very Shoals Shoals large tends which you substantial fields fields Its if larger has and which part Australia a a Jordan growing sized very component solar look sure. well smaller would more Whereas have regions type enjoys. say land to solution with of our

products markets segments. Latin In is has a country on that to based I we we can best America Shoals compete very, location. in feel mix the of it to believe very that would and we on The cover thing those tends and be those say well based each all

Operator

Guggenheim. The ahead. comes Joseph Please from with question next go Osha

HilaryCauley

just could would was on first I great. is This EV the you. Hello. going that's of how Hilary Any and to actually kind for Joe touch be on just hoping been and expectations. charging we relative there color Thank

Dominic Bardos

are the you? in mentioned is Yes, are the focus so electrification workplace resonating. and bus The How our customers. products the excited and resonating multi-unit feel with hi areas really dwelling, that we've now still fleet, differentiation launched have Hilary. are school We We market. past about the solution we've that of those that

EV to help and at very, and about time We've got product the application we're expand. right we got excited that I right hoping the prospects And the said, announce I feel like of some we've a fantastic to and remain market list very customer market, soon. immobility

HilaryCauley

like on great. the gross is around looks speak And to margin on Okay, kind and of the just some then been up detail earlier was understanding offerings. you. But there systems margin, would what up wondering if could the lot of Thank pulling I kind anything any following-up for profile you you overall. a other coming just helpful. that There's kind just of be things question of of these those, know

Dominic Bardos

Sure.

and in really have that we met that is our where value for truly So delivered margin target international we've immobility talked perspective seen from for and about we've the a drive have the the can corporate all that margins customers, standard. a what XX% we products

say just to products look can like on corporate we'd to our and So par it's that. that with averages for continue we drive

can we most breaking We're yet the you really up that's as know. those So say. not segments

Operator

question next Sachs. Goldman The Please Brian from comes ahead. Lee go with

Brian Lee

as Do not one earlier of had gross terms I margin pretty a is year at the that taking the called maybe skis the we maybe here had that last Maybe you follow-up. our over still the the results moderation through mean hang that year Thanks out Dominic, questions. even get of I incremental strong you telegraphed QX here in this is to or there in in the quarter hasn't and QX. played investment here that too then level out we sort rest numbers, and really XX. a I of for cadence Hey in out you'd expect from afternoon. guys, strong for just think good still the follow-up after should further

Dominic Bardos

Brian. Sure

know things; of talked quarterly as specific have investments made one being couple we you a about don't but that mid-year. provide is, were we guidance, So really

We facilities, new talking quarter things gross was back that of which this new haven't the the the to other rent announced margin about anything for And from was did of a charge. we take one I may that impact have any example half year.

So we where to the do be. expect in margins are, terms of

where You very we this the are now, for is target us. know good

implied have the year for for EBITDA guidance contemplates still really very an the our We that about. talked overall strong we've guide margin all the and that's investments

the see So north allow give terms – to in expect can't we specifics know, we do we you fully laid out. of slightly that, XX our range of guidance EBITDA below are but I targets us I you to or that get don't

Brian Lee

range, with had line kind And investors Okay, to been get you the coverage to there's here. you've then and on of back know from seemingly for view lot quarters focus the a fair around two straight top guidance bookings clearly respect enough. of solid

maybe revenue growth on in for few bookings to more what typical in skill curious you're expect in the gating better bookings next the year? factor you. view the reason versus the be Any the have second given not would U.S.? So backlog half for quarters? first half then And anticipating seasonality utility maybe what to a and bullish Thank

Dominic Bardos

the of thing for part been side at first the the we about our us, internal is, guidance, our and build one has bottoms for as so revenue consistent guidance Yes, view we up really do top the very look side.

are looking is should to We timeline be as backlog when to delivered. things early our and at in expected generally know year orders we the and be awarded the

that now, August still from results, in in terms we we provided, we are visibility. perspective here know we QX revenue guidance where say I of sitting the have on we about good a are that would range So feel really Xst talking comfortable you our

Now market. there's always uncertainty in the

You Things others on. very what's or may have range time. in move this heard that or from in going that quarter project about a revenue with comfortable shift may a we out, at but we've given might that point feel

Operator

The next please ahead. Colin with Oppenheimer, go question Rusch from comes

Colin Rusch

numbers, Thanks so a about was much and terms of nature guys. technical Can customer's the the how of little wire bit and was spread it you expensive number time issue, what the of problem it the over? talk was how much shipments in

Dominic Bardos

So couple a of things.

that Let one first Colin. me on take

So pretty was that our that much In can. our about we our subset of communicated investigation. see one the We’ve Q issue wire limited of everything you'll to information is the products. an open and suppliers

we this continue we supplier. us to we further. we believe quarter, the with for explore the charge remediation booked is issue that's and and item to continue why and work will adequate the as to open The booked do we required ongoing, It in an it, that is

supplier about taking really We at very We really care our can't first to that. and the customer want respectful and certainly of foremost we're much heart. disclose be

the stand after deal first, are supplier first, of our behind care products to going take and that. with customers we'll We these

Colin Rusch

you Okay, start the get the think opportunity geographically, to as of seeing the into to accelerated you're talk as both about to and company the America? and as levers look at expand key Brandon, about sales then driving available some Europe we Latin you into can and seat

Brandon Moss

XX little some Colin, around the question to probably early here, the great Look provide strategy and Yes so I comments appreciate in a to we're day me meet this you. job admittedly at point. with

would number I look, be to what a opportunity. say, know I'm It’s one, fantastic here. You excited

base. in the an What know as I you with ahead tremendous incredible tier I've think here the got Again, this of lot a there's opportunity delivered culture quarter, market. has a numbers you've as tremendous seen again reputation seen We've one Shoals of has results. is a team customer us. and

maybe I and get ask, with would specifics I strategy. next quarter, check to know be you think So more some back around me I'll able

Operator

with from Please question The comes ahead. Piper next go Kashy Sandler. Harrison

Luke Tilkens

on of in on and Hey, things kind months this accomplish? the I days learn Luke in understand picture, your seat the for you're objectives congrats seat the Kashy. what the Tilkens for role. is I first are for and XX you're of Brandon six kind your about bigger to new and looking guess

Brandon Moss

question. Luke, Great you well. Yes for the to as thanks meet

my is learn act. before again know You listen look, goal to here initially and I

solar lot learning about the a company You the know lot general. in learning a market, about

I've admired our The been continue drive really and plan is the customers solutions for create simple business. to business tremendous You know to has company approaches, able innovative this to the that really way create know initially. you

business platform. bring know, chain. You growing Solutions our and Assembled experience a job to product platforms that global manufacturing at Southwire few Company supply stood Components in an Business; our and did international up and I rapidly I Tools, the

forward important the special that culture, billion of made plus really to have really the at experience cornerstone the business what's vitally continue $X So and driven what commission to it's here values this this And really, company I that that success. continue help to company’s Shoals it's organization. point simple. is this leveraging to been scale to look around and has me

you the here So, as team and mission far thus listening part be the know to excited really of learning. and

Luke Tilkens

kind Thanks. what or the of revenue recurring you just And then a It this question, about a with I've for that? be of could it strategy possibly thank a guys on of follow-up the you seems like the thinking sale. is kind product. I'm from are on hardware got Snapshot Great, discussion model new I-V software one-time revenue that. wondering, more

Jeff Tolnar

appreciate the question. I

to is of a our we first ecosystem. not are many this expect amount within We It detail. and have that product ecosystem into that as of getting

add provide operators. come, excited value and tangible about I to and emphasize more what also would and it, products the that launched So that immediate is we've extremely to the

future So about very that Snapshot the provide. the that ecosystem I-V and can excited

Operator

question next ahead. Soderberg Cantor go Derek from with The comes Please Fitzgerald.

Derek Soderberg

the my also to ask Yes, taking hey I Wireless Snapshot questions. the guys. or wanted Thanks Snapshot for Gateway. about

mistaken, product first the have customer? had. you I'm gateway curious, of from walk this So differentiated through you side? about kind where the the that's this developed product that guys not of or maybe was if and the software I'm Can at something what's me was request came and the hardware

Jeff Tolnar

the I what's was on into and Shoals appreciate fields question – Derek, you. a based our just the looking innovation This thank solar needed.

As the data. amount other certain data. in provide inverters lacking into than is a what's you solar electronics level data, a a know, carried manually provided a tools But field amount are test of field other that certain of string the

differentiator space, product provides this does it can nice we the the Shoals And visibility does of space it believe for not into provide penetration solar been very So gateway take deeper a and and where monitoring the we've and we us available field today. feel us traditionally. it than into is take

which So adjacency for I'm an about. it us, also is excited

Derek Soderberg

that got you on that the think footprint? I manufacturing – prepared what Yeah, a growth, remarks like I Thanks. on the you gaining that’s And might in wondering expand think can bit helpful. just you footprint or if I mentioned acquire international was might that. How talked about internationally. it, that look then

Jeff Tolnar

those three are the and at serve the we coming. that best looking have of we customers we're that can markets how each on Yes,

our speaking on-time deliveries, Looking in competitive competitive through at and and we're are we goal can very equivalents as deliveries, all economic cost we a of exceeding in to each sure we're meeting options, federal to that the our accelerated government markets, doing as requirements is the and be state evaluations, and customer make solution.

call. where be that, earnings point to we but I got about ideas, fulfill can too would just we've it talk talk on early Another how about an

Operator

comes The go next with Brett from Morningstar. question Please ahead. Castelli

Brett Castelli

Yes you. thank hi,

so wanted come or I backlog Just and sequentially. your think the X% to to orders, back

customers just equate seasonality you're you activity to more that of curious, or rates Just closed and terms and like? sort any would customer seeing of the with overall in changes

Jeff Tolnar

to. quarter, quarter. that we backlog revenue. Brett, would grew then We revenue and $XXX things million sequentially orders is I came over couple the Now in a One that backlog a to and point that awarded of directly first of record replaced out you and converted also had

visibility that. So derived we about good from feel very our being that's

in awarded quoting continues a very and orders QX. pace in I also QX activity, queue. believe log at the we our mentioned robust Back through That into

So also strong. and The Shoal’s is it also that's forward more market a indicator. strong position is within

Brett Castelli

Thanks update on in seeing storage to solar sort you're and Jeff activity just and what curious. recent then storage of quoting plus An of relative terms maybe history?

Jeff Tolnar

the Yes, of a expected one where fulfill we're is, year, that big pace customer's a continuing We things. awarded. projects we're last to fulfilling the from One announced been perspective. one couple have that at an and fantastic

We're also utility in request which a opportunity. a activity charging storage seeing is is different a for in attached it the solar, The storage storage an based attached increase but EV market. for continues than deployments, quoting footprint

is us increase an through proposition. and each We're in finalizing at seeing of working that we're with what customers looking and attachment for we're rates. now value those are quotes are sending very itself So still market those. large right is The working requests we very,

Operator

The question next from comes Donovan ahead. Northland with Capital Please go Schafer Markets.

Donovan Schafer

don't more like guys, ask systems about quarter. comes within sales kind Hey presumably to the of things sort know of you segment out know a break internationally versus you right as – down want sales, EV out. effectively, breaking now of or predominantly I the solar. to I all of extent component on It separate congratulations to first or sort

future some you there either as solar break and it segment doing for you would presumably doing be start and to growth provide important are international guys, or are that. you numbers international, these EV But and and you initiatives those of you domestic have know segments segment, like some where in a would so out, EV point the something

But And disclosed you so my would know what for say, get – when very an kind here's sympathetic to bugging don't question, want EV. on we investors to think of and I'm what you revenue of appropriate know you actually would about outer to – good is, terms as do I you okay, it. for to be know of when kind would like or be it it in putting analysts or be – bound numbers us

to fair certain is to figure you years be to it of year from would that, but Where you there? it now, at the in to I would from think about be two things your be what's a really that's of guys point now? where allow the fair growth, range years bugging outer you Kind business out now, times you allow for for kind that. and view appropriate know from us know three guys it or it's

Dominic Bardos

this Donovan, is So Dominic.

that a Let me driven will you jump that. from lead that one, in standpoint, reporting on there's into financial couple things know a because

are predominantly as and solar driven predominantly as can First we in said we our still you tell. foremost and Q, still domestic we're

in growth was company different The our anticipated it three ways years than from came ago.

things, to know significance you. it's And still while some and they're advantage not other domestic are at the of still we you so predictability know being of growth and solar, a and the take point the investments pivoted have as for you incredible want the of company that domestic growing made, to

percentages this going next kind we and keeps is for have things position that lay in we things the really be that the can that of over tell able you solar you. right, to the to and quarter Right things these in break rate, Analyst-Investor growing of out keeps and Brandon right, and other out really pushing doing the it joining at months be year not growing you're as that we'll domestic those outpaced down. first it’s because of few Day next with we're hope are when it's just now to One refining an

So at that's to where forward the able are company. just will that look we be. are. to share where you. markets being tremendous opportunities can tremendous when for a We we're we But point and you that tell with They not

Donovan Schafer

very that's Okay, helpful.

customs, your on in pretty figure into for Analyst I projects of delayed developers Uyghur have making sort you're seeing things to Forced one in in otherwise as at projects not seeing interconnection guys the Anything Prevention you case, the the expect Act likely seem So because I’ll I you're you're as of that you're figure look suggest radar around forward I And hoping directly anything you’re on follow-up, front fantastic then well that's if Labor all. mean to that panels U.S. I because your than slower detaining long such to ask a the on seeing might being the a that is Day results facing queues, seeing market check share, issues. running or delays good go just but U.S., permitting broadly.

Jeff Tolnar

interconnections. Donovan. in, question availability, grid the watching any I appreciate and Jeff. way on due market you're we're to This is solar of so those markets, the domestic UFLPA, labor whether some market to We've We're factors it's panel general watching closely seen the those depending each. delays not projects differently, and or really international

customer after are brought One typically EPC. of into Shoals the chosen that a have their at the developers advantages is we we that

is means coming from. where already approved typically the they number underway or their panels and that those permit sourced know are well that and So that have one, either

is a that before typically And to Slide guidance goes six deck also little then months complexity XX from products there to a field this market trying on is provides awarded, higher our we're that shipped So that. there's of once nine calculate a our live. degree share, certainty and are in

electrons energized our – the analyst the site in The show So thereafter the then reports. finalized, show goes product they out is might then and door. then up commissioned, and

gives So time market we we're entire little because make and year continuing impacted that want But visibility and the there's AD/CVD are we going higher of a UFLPA last and to high year stronger not to certainty. and frame watch, bit our this sure lag built degree lead us a forward. into or impacted

Operator

This concludes the today’s session call. conference question-and-answer and

disconnect lines. participating may pleasant your you You have day. a and for Thank

Shoals Technologies (SHLS) 1 Aug 232023 Q2 Earnings call transcript