.Greetings, and welcome to Array Technologies' Q1 2024 Earnings Call. At this time, all participants are in listen-only mode. A question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Sarah Sheppard, Investor Relations at Array. Please go ahead. Thank you, and welcome to Array Technologies' Q1 2024 Financial Conference Call. On the call with me today are Kevin Hostetler, our CEO, and Kurt Wood, our CFO. Today's call is being webcast from our investor relations site at ir.arraytechinc.com, including audio and slides. In addition, the press release detailing our quarterly results has been posted on the website. Today's discussion of financial results is presented on a non-GAAP financial basis, unless otherwise specified. A reconciliation of GAAP to non-GAAP financial measures can be found on our website. We encourage you to visit our website at arraytechinc.com throughout the quarter for the most current information on the company, including information on financial conferences that we may be attending. As a reminder, the matters we are discussing today include forward-looking statements regarding market demand and supply, our expected results, and other matters. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from statements made today. We refer you to the documents we filed with the SEC, including our most recent Form 10-K, for a discussion of risks that may affect our future results. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements to conform these statements to actual results. I'll now turn the call over to Kevin. Thank you, Sarah. Good afternoon, everyone. We started 2024 off with the momentum we experienced in the Q4 of 2023, continuing into the new year. Beginning on Slide 3, I'll start with key highlights from our Q1 and some company-specific updates around our operational capabilities and product portfolio. We generated $153 million of revenue, slightly above the high end of the range we provided on our February earnings call. Adjusted gross margin came in at 38.3%, inclusive of a one-time $4 million benefit stemming from the successful resolution of a supplier quality issue. Excluding this one-time item, our adjusted gross margin was 35.7%, which was up 10 percentage points sequentially from the prior quarter and up nearly 9 percentage points from the Q1 of 2023. As a reminder, starting this quarter, we are reporting gross margins inclusive of the benefits derived from 45X, which to date only reflects the contribution from domestic content related to our torque tube. Having said that, our core adjusted gross margin, excluding 45X benefits, would have been in the mid-20s range for the quarter, which is consistent with our underlying long-term target. We delivered $26.2 million of Adjusted EBITDA, representing 17.1% of revenue, inclusive of the $4 million benefit mentioned earlier, and we generated $45.1 million of free cash flow to end the quarter with a cash balance of $288 million. Total available liquidity was approximately $465 million, when including the capacity on our undrawn revolving credit facility. Moving to Slide 4, we continued to see broad demand across all market segments and customer types. This includes EPCs, developers, independent power producers, and utilities across utility-scale and distributed generation projects, both domestically and internationally. In Q1, we booked approximately $400 million of new business and experienced a book-to-bill ratio greater than 2.5x to end the quarter with an order book of $2.1 billion. With this print, we have won $1.8 billion of new bookings cumulatively over the last four quarters. The quality of our new bookings remains consistent with our historical profile, and approximately 80% of our Q1 activity came from what we classify as Tier 1 customers. We have also seen success in gaining share of wallet from certain accounts that we strategically targeted over the last year. New orders received in the quarter were strong in both North America and the rest of world, which highlights continued strong global demand for ARRAY products and services, including our energy optimization software and severe weather mitigating solutions. As was the case in the second half of last year, and discussed on our year-end call, customers continued to place orders for projects with more elongated time frames for first deliveries than has historically been the case. As a result, our 12-month conversion rate of order book to revenue will be lower in 2024 than what we have experienced in prior years. This dynamic remains unchanged and is consistent with the commentary and guidance we provided on our year-end call. From an overall funnel perspective, our pipeline of high quality, high probability opportunities has continued to grow. This highlights the demand for our portfolio of products and aligns with our expectation of robust industry-wide growth for utility-scale solar, as solar continues to be one of the lowest cost options for satisfying the growing need for new energy generation capacity and replacement of aging energy-generating assets. This growth is also, in part, attributable to the trends I mentioned earlier, where customers are developing and contracting projects further out in time than they may have in the past. During the quarter, we continued to have focused dialogue with our customers, and in many cases, the asset owners, to ensure we have the appropriate voice of customer represented across all aspects of our business. Throughout these conversations, customers reiterated that they are positive about both the trajectory of the industry and their individual business outlooks. By and large, customers continue to communicate they are seeing a softer first half of 2024, before seeing growth in the second half of the year. This is consistent with their prior communication and what we messaged and guided on our last call. The most common issues cited remain around permitting and interconnection, supply chain delays on long lead time equipment, and the timing of financing. These issues continue to be broad-based across all segments and customer profiles, as we have discussed in the past. But there are a handful of customers who are not seeing as much of an impact, and projects are moving ahead in a normalized manner. We are also closely monitoring recent developments related to the AD/CVD petitions filed a few weeks ago. As you may have read in numerous media outlets, it is our stance that more duties will cause uncertainty and unnecessary project delays, holding the U.S. back in meeting our clean energy deployment and manufacturing goals. One advantage of Array's offerings in this uncertain regulatory environment is the flexibility of our patented clamping solutions, which can be adapted to fit virtually any module type or manufacturer at any point in the design and or construction phase with minimal design changes. This removes the need to complete expensive and time-consuming drilling or modification of the torque tube, providing the EPC and asset owners an immense amount of optionality. This becomes even more beneficial during times of uncertainty around module selection or module availability. We will continue to support and work with our customers like we have for many years, as they assess and work to minimize any potential impact to their business from the recently filed AD/CVD petitions. In addition to our typical ongoing customer dialogue, we held a very productive customer summit at our office in Arizona earlier this year. This was part of a periodic program where we host diverse groups of industry participants at our offices around the globe. The summits cover a variety of topics, including a showcase of our technology, software, and LCOE benefits, discussions on current market dynamics, and candid feedback sessions on our products and service levels. The feedback received from our Q1 forum was overwhelmingly positive, and the event was a success across the board. Finally, I'd be remiss if I didn't take a few minutes to highlight some of the success we are seeing in Brazil. According to independent third-party data from ePower Bay, seven of the top 10 and 13 of the top 20 most efficient solar power plants for 2023 in Brazil utilized Array tracking technology. The report cited the efficiency of projects using Array trackers was as much as 2% higher than other projects using different tracker offerings. Of course, the greater the energy production, the lower the levelized cost of energy and the better the return on investment. We're very proud of this accomplishment, as it is truly a testament to the value of our technology, the breadth of our product and services portfolio, and of course, our highly talented team in the region. We're excited to continue our part in Brazil's clean energy movement, and we feel well-positioned with the latest version of our H250 product, which incorporates valuable elements from our flagship DuraTrack offering, including our patented articulating drive line. Our $2.1 billion order book already includes several bookings for this latest version of the H250 in both Brazil and Europe, and we look forward to driving further value to our customers through our enhanced product features and capabilities. Turning to Slide 5, we recently hosted U.S. Secretary of Energy, Jennifer Granholm, Senators Heinrich and Luján, SEIA President Abby Hopper, and many of our customers' employees at the groundbreaking of our new state-of-the-art manufacturing facility in Albuquerque. This facility will create good-paying New Mexico jobs, strengthen our low-carbon domestic supply chain, and boost American energy independence. We expect this facility to come online in the early 2026 timeframe. While this facility is not required as part of our 45X strategy, it is part of our broader supply chain approach to reduce costs and lower enterprise risk around continuity of supply for certain key components. Moving on to Slide 6, we've introduced a few exciting hardware and software offerings this quarter. First, we officially launched our patented Hail Alert Response, which is a groundbreaking set of software features designed to autonomously protect solar assets from hail damage, and is currently available and backward compatible for use on our DuraTrack and OmniTrack systems. The Hail Alert Response System leverages advanced weather prediction algorithms to preemptively stow solar trackers before an anticipated hail event. This approach ensures that solar assets are safeguarded against potential damage, enhancing the longevity and durability of the investment. Some of these capabilities were unfortunately put to the test in a recent hailstorm that hit Fort Bend County, Texas, which resulted in some sites being subject to three- to four-inch size hail. There were eight sites with ARRAY trackers in the Fort Bend area, with four of these sites located within a 10-mile radius of the worst impact of the storm. We confirmed that operators of those four sites successfully utilized our hail response capabilities to stow commissioned solar panels at the optimal 52-degree angle in advance of the storm reaching the sites. We are happy to report our stowing solution worked as designed and was very effective across the board. According to our customers and evaluations performed by our customer support teams, the solar facilities with ARRAY trackers experienced insignificant damage. This is obviously a strong proof point of the robustness of our severe weather mitigation capabilities, including the effectiveness of our hail stow angle, and is another example of how we provide an attractive ROI for the asset owner and help mitigate risk. Turning to Slide 7, we wanted to highlight the recent work we've completed to educate and promote market participants around the benefits of our patented Passive Wind Stow technology. This work stemmed out of a dialogue we had with a customer. During that discussion, the customer noted they had two similar sites in close proximity of one another. One site utilized an Array tracker with our patented Passive Stow capabilities, and the other site utilized a competing tracker technology with active stow technology. Over time, the customer noticed that the Array project consistently experienced better energy production, and the customer asked for our help in articulating why. Our engineering team developed an innovative solution to model and simulate passive and active wind stow algorithms to determine the resulting energy losses from stow events using high-resolution actual wind data. With this model, which was verified by an independent report by DNV, we proved that passive stow can have more energy generation compared to active stow in medium to high wind regions. Specifically, the study showed that the energy enhancement can be as much as 4.3% annually, depending upon location and wind behavior. This is a very significant data point. Let me articulate what this means to the overall economics using a hypothetical 200 MW site. The incremental energy production from our patented passive stow facility operating in a high wind zone would create a net present value as high as $10 million over a 30-year period. That is about half the entire cost of the tracker, or $0.05 per watt, and is a tremendous ROI benefit to the asset owner. On top of the enhanced energy yield, Passive Wind Stow technology is a mechanical solution, meaning it is simple and is fail-safe by design. Active stow systems, on the contrary, rely on software algorithms and external wind sensors. This technology can easily trigger unnecessary stowing or potentially fail to stow at all, thus inserting increased complexity and unnecessary risk for the asset owner. We will continue to educate our customers, banking participants, and solar insurers on the inherent advantages and differentiation of our Passive Wind Stow technology. We have made a summary of this report publicly available and encourage you to go to the Product Features page within the Products and Services section of our website at arraytechinc.com to access it. Kurt will now provide additional color on the Q1 2024 results and our 2024 outlook. I'll then give some concluding remarks before opening the line for questions. Thank you, Kevin. I would like to start off by providing some additional details around the Q1 results and ask that you turn your attention to Slide 9. As Kevin mentioned, revenue came in slightly above the high end of our guidance range at $153 million, which was down 59% from Q1 2023, and down 55% sequentially from the Q4 of 2023. Overall, we experienced declining volume in ASP year-over-year, in line with what we had communicated on our last call. Sales in North America represented 70% of our revenue for the quarter, with the remainder of our revenue coming from international locations. Before moving to gross margin, I'd like to briefly speak to the deferred revenue on our balance sheet and note we saw the balance increase by $20 million in the quarter as customers made contractual deposits ahead of project deliveries scheduled for later this year. We expect our deferred revenue to increase again in the Q2 as additional deposits come due in advance of our second half ramp in revenues. We achieved Q1 adjusted gross margins of 38.3%, an expansion of over 11 percentage points year-over-year, which was inclusive of the $4 million one-time benefit to cost of goods sold Kevin mentioned earlier. Excluding that one-time benefit, we saw Q1 adjusted gross margins expand by 800 basis points on a year-over-year basis to 35.7% and by 10 percentage points sequentially versus Q4 of last year, inclusive of 45X benefits associated with our torque tube. Our ability to expand margins on lower volume is a testament to the considerable operational improvements we have made within the business. Operating expenses of $46.7 million were down approximately 7% from $50.1 million during the same period of the previous year and down 14% or $7.3 million from the Q4 of 2023. This decline was driven by a year-over-year improvement in amortization expense relating to certain intangible assets from the STI acquisition and the non-recurring nature of several one-time items negatively impacting prior quarters. Adjusted EBITDA was $26.2 million when including the one-time $4 million benefit, compared to Adjusted EBITDA of $67 million during the Q1 of 2023. GAAP net loss attributable to common shareholders was $11.3 million, compared to a GAAP net income of $17.2 million during the same period in the prior year, and basic and diluted loss per share was $0.07, compared to basic and diluted income per share of $0.11 during the same period in the prior year. Adjusted net income was $9 million, compared to adjusted net income of $39.6 million during the Q1 of 2023, and adjusted basic and diluted net income per share was $0.06, compared to adjusted and diluted net income per share of $0.26 during the prior year period. Finally, our free cash flow for the period was $45.1 million versus $41.9 million for the same period in the prior year, demonstrating our continued focus on cash generation. Now we'd like to go to Slide 10 and conclude by affirming no changes to our prior guidance for the full year 2024 at this time. As a recap, we previously guided full year revenue of $1.25 billion-$1.4 billion, adjusted gross margin in the low 30s percentage range, Adjusted EBITDA of $285 billion-$315 billion, and adjusted EPS of $1-$1.15. As communicated when we issued our 2024 guidance on February call, our revenue profile is back half loaded. We expect Q2 revenues to grow sequentially from Q1 to the range of $225 million-$235 million, and continue to expect sequential growth in both the third and Q4s, with the Q4 being the peak revenue for 2024. In regard to the recent AD/CVD petition that Kevin touched upon earlier, this does inject some uncertainty into the year. While customers are digesting the news and awaiting further details, we are hearing of some starting to plan scenarios that could mitigate, in part or in whole, potential short-term risks to their business imposed by any new tariffs. Part of those mitigation plans may include prioritizing projects designed with modules sourced from manufacturers that would potentially be subject to new tariffs ahead of other projects prior to any tariff going into effect. Whether these plans get put into effect remains to be seen and is dependent on how the petitions around AD/CVD play out over the next few months. Given how recent this news is and the many unanswered questions around how the petition will ultimately play out, we are not in a position at the time of this call to quantify any impact to our full year guidance, whether that be a potential risk or a net opportunity. We'll provide further updates on a future earnings call when we have clarity and if there is any material impact to our full year expectations. Now I'll turn the call back over to Kevin for some closing remarks. Thank you, Kurt. We are very excited about the continued positive momentum in the business. During the quarter, we officially launched new features to our severe weather mitigation offering, including hail alert response, and we successfully rolled out the next generation of our H250 product. We continue to see our portfolio of products well received by our customers, as evidenced by approximately $400 million of new bookings in the quarter. With a very healthy order book of $2.1 billion at the end of the quarter, which includes a meaningful amount of orders for 2025. This gives us greater visibility into the next year than historically would be the case at this time of the year. We remain very excited for solar in general, and more importantly, for Array to capitalize on the industry growth with our diverse product and service portfolio. We'll now open the call up for questions. Operator? Thank you, sir. At this time, we will be conducting a question-and-answer session. If you would like to ask a question, please press star and then one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star and then two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Again, if you would like to ask a question, please press star and then one now. Please note, participants are limited to one question. The first question that we have comes from Mark Strouse of JP Morgan. Please go ahead. Great. Thank you very much for taking our questions. I wanted to start with your pricing strategy for, I think there's been some concern with investors that you're lowering your pricing, that might be kind of sacrificing margins. Obviously, you're reiterating your guidance for the year, but just kind of curious, for your bookings for delivery in 2025 and beyond, are you still confirming kind of that mid- to high-20s gross margin for the non-45X gross margins? Hi, Mark, it's Kevin. Thanks for the question. Look, we're not ready to give 2025 guidance relative to margin at this point. I'll just reiterate that we've been very consistent in our messaging around our margins and our ability to hit those mid-20s margins over time. And we've done that not by our price reductions weren't as a result of sacrificing margin, which is really quite evident here in Q1. It was really about those structural cost reductions that we're keeping a piece and passing a piece on to our customers. That's really what drove the increase and the momentum in market share recovery, as well as continued margins at the rate that we thought we would at the mid-20s. So we remain confident in our ability to do that as we go forward. We have yet to see how the market plays out relative to passing on 45X benefits. I think that's something we'll just have to wait a few quarters to see how that transpires. But as far as this year, we've reaffirmed our guidance in the low 30s% overall gross margin, inclusive of 45X benefits, and thus far, we're continuing to see those mid-20s% margins without the 45X benefits. So we feel very comfortable in our strategy playing out. Okay. And then, this question might be somewhat difficult to answer. So maybe we could follow-up offline. But, you know, just with the upside and downside with AD/CVD, I know there's a lot of moving parts, but maybe, can you talk about kind of what you saw two years ago with the early 2022 AD/CVD investigation, kind of, puts and takes that you saw with your market share, and, and how much of that do you think was driven by that AD/CVD case? I think we were, l ook, we were a net benefit of AD/CVD back in 2022. As you recall, we gained several points of market share that were really as a result of our structure, in that, as many of you on the call know, that with our torque tubes and our clamp solution, we do not pre-drill into the torque tube for spacing. We have a very flexible system that allows us to withstand changes in modules, much later in the game, all the way up into time of installation. And I think that benefited us greatly last time as our customers were changing modules, and frankly, throughout UFLPA, as our customers were changing modules readily, just prior to installation. And our particular product configuration really allowed that and was very supportive of that. As it relates to this filing, look, we really just don't have a lot to say, in that it's, it's too new. The filing hasn't been fully taken up yet, and we don't know what those results are, and we're not, certainly not in a position to yet understand in the first three weeks the impact on this year. So we're gonna remain silent on that until we. You get further down the understanding of how this is going to be received by the federal government and what their approach to continuing, either to continue the investigation or not, and then what ideas they have for potential tariffs and the impact of that market. We're certainly in touch with our customers on that, on a daily basis, just coming back from the ACP conference after several days. But again, there's not a set understanding of the full impact of that to our marketplace, and I'd be remiss if I tried to guess at this point. Fair enough. Thanks, Kevin. Thanks, Mark. Thank you. The next question we have is from Christine Cho of Barclays. Please go ahead. Thank you for taking my call, my question. So just on the gross margin point, you know, if, if we back out this $4 million supplier settlement, gross margins was still 35%. You're guiding to low 30s. So just as it pertains to 1Q, was there anything else notable driving this quarter higher, like any sort of like catch up from 2023? And then with respect to the cadence of gross margins, should we think that it should be pretty consistent, you know, in the low 30% range, for the remainder of the year? Or, you know, should we think that maybe it, it's kind of slowly decreases from, like, 1Q? Hey, Christine, this is Kurt. Appreciate the question. You know, I think you clocked it right with the one-time benefit of the $4 million. That was about 2.6 percentage points of margin in the quarter. That was clearly a one-time item related to that settlement. So we did see, you know, gross margins, obviously, each project will have a slightly different margin profile. You know, we did see a little bit more that benefited from 45X in this quarter. So, you know, that 35.5-ish that you referenced, that's about where we came in, but it did benefit a little bit more from a heavier weighting to 45X. We do think that as we look through the remainder of the year, it'll be closer to the mid- to low 30s that we talked about. We did mention on the last call that there is a certain amount of 45X call it powder, that we left in case there was some givebacks that we had to do. We won't be the first movers in that type of advantage, and that would obviously mean that we're assuming a little bit lower gross margin. You know, you're talking, you know, a couple hundred basis points in any direction in a quarter, you know, in the back half than what you're seeing in the first half here. I hope that answered your question. Yes, that was helpful. And just my follow-up. You know, you mentioned in your prepared remarks that deposits was positive this quarter, and it you know is positive for the first time in a while. Has anything changed contractually on how you collect these, or is it just a function of your bookings this quarter being a lot larger than what exited your backlog versus last year? It's not necessarily. Kevin mentioned in his pre-prepared remarks that, and we've mentioned this even in the call last time, that we are seeing a little bit more of a longer elongated timeframe from, you know, when we get the booking to when the project will actually be shovel-ready. Obviously, from a developer standpoint or an EPC, you know, they don't want to put cash down on a longer timeframe. That'll hurt their IRR. So what we're seeing as we get bookings, the cash is really meant to be to compensate us for any at-risk capital we put to work, you know, to buy the inventory. So what we do expect is that there will be a little bit of a time lag between the booking itself, and when the contract is signed, to ultimately when we get the deposit. What we typically try to do is align that deposit to when we get the actual inventory exposure on our end to mitigate that. Though, obviously, there's some cancellation penalties in there, but that doesn't require them to put any cash up front for us. So that dynamic has changed a little bit over the last year as these timeframes have gotten elongated. But, you know, I think that's pretty consistent, which you'll see throughout the industry. Thank you. Ladies and gentlemen, just a reminder, please, note participants are limited to one question at a time. The next question we have comes from Brian Lee of Goldman Sachs. Please go ahead. Hey, guys. Good afternoon. Thanks for taking the question. I'll try to keep it to one here. You know, Kevin, you mentioned on the guidance, you know, you're reiterating the range for revenue. It's flat volume, which, you know, when you back into it, would imply like pricing is down somewhere between 10%-20% year-on-year, based on, you know, the guidance low/high. I know you don't want to get into 25% margins, but you have some bookings and a decent part of backlog here now that you said gives you better visibility into the next year than you normally would have. So presumably, you know, you have a view on pricing. Would you think that 25%, relative to the down 10%-20% you're implying for 2024, is about an equal price decline year, better, worse? Just trying to get a sense for what you're seeing in terms of the pricing trends based on the early part of the year for bookings and backlog that you have right now. Thank you. Yeah, I think, Brian, it's really hard to impact that because, again, we're in a hyperdeflationary steel environment here in the very near term. So when you think about that, from a steel pricing, just even, you know, year to date, steel's, you know, down from the spot price of last week, the last time I looked, was down circa 36%, so very significant. So it's really hard to, to translate that, and I don't think I'm ready to translate that into a margin view for you just yet. It'd be too premature to do that. So remember what we've said on our last call, that of that, pricing decline, and I certainly have issue with your high end of 20%, it's not nearly that. Of the pricing decline, of what we're seeing now and what we're booking now, the disproportionate amount of that pricing decline is purely related to commodities, right? And then there is a portion that is in the, you know, I would say, low- to mid-single digits that is our passing on of some of our cost savings to our customers. But the far disproportionate amount of ASP decline on a period-over-period is related purely to commodities, which again, our customers are very savvy and expect us to pass on those costs very effectively. So hopefully, that helps. Yeah. No, that's helpful. I'll, I'll take the rest offline. Appreciate it. Thanks, Brian. Thank you. The next question we have comes from Joe Osha of Guggenheim Partners. Please go ahead. Oh, hi. Thank you for taking my question. I'm wondering if we can have an update on the status of your clamps, the panel clamps in the 45X saga. Has that ship sailed, or is there still a chance that we might see those be able to qualify? Thank you. I think it's too early to tell. We don't have the final information on that. We continue to lobby for clamps. And remember, we've been consistent in saying that there's two different areas that clamps may fall under. One is under the structural fastener definition. That one has a certainly higher value to it under that, at I think it's $2.28 per kilogram. The other one is structural fasteners under a definition, under the structural steel element, that it can be considered part of that, torque tube and structure, which has a lower dollar amount, but certainly can fit into that definition. We're still doing our part to continue to lobby and to provide our backup for why we think clamps are a structural fastener. If they're not, we feel pretty comfortable that they'll at least be part of the other, but less valuable piece, of the thing. And look, we're still. When you ask me: When do you think we're gonna have clarity? I wish I knew. This is something that we continue to see get kicked the can down the road. We are expecting some form of additional domestic content guidance here in the next few weeks. But we are left unsure of what all will be covered in that release. Thank you. And again, I'll take this opportunity, Joe, to remind everyone on the call that we have yet to put the value of structural fasteners into our guidance for this year. Thank you. The next question we have comes from Jordan Levy of Truist Securities. Please go ahead. Afternoon, all. Maybe just want to see if you could provide us an update after a nice bookings quarter again, on how customers are reacting to kind of the price decreases in DuraTrack versus the rollout of H250, as well as OmniTrack, just the dynamics you're seeing there. Yeah, sure. So let me unpack them a little bit different. The OmniTrack is starting to really gain traction, for no pun intended there. We're starting to see acceleration, and as we've discussed in the past, that the large quantity of quotes, those we're starting to see those now turn into orders, and we're very happy with the trend on that. What we're seeing in the DuraTrack versus the STI H250, at least internationally, the new version of the H250 is doing really, really well and will very quickly become the dominant platform for our international business, certainly in Spain and in Brazil, at least in those two regions. And then relative to the H250 in the U.S., look, it's not gaining any traction as the reduced price on DuraTrack is just winning. What we look at is our win rate internally, and I can just say that our win rate, we've been very pleased in, certainly in the last, say, six months of our win rate, just continuing to uptick with our revised pricing. And we think we've hit a really sweet spot of the value proposition of DuraTrack for our customers and our win rate versus those lower-priced, other offerings in the market, we're just really pleased at this point. So we think that's gonna continue. This is Kurt. The only thing I would add on the OmniTrack is we've got, multiple orders in our order book from that in all regions of our-... that we play in. So that's being well received. And as Kevin mentioned, right now, the DuraTrack is winning here in the States, and, you know, given the choice between an H250 or a DuraTrack, it's people will go for, you know, the higher quality product or higher featured product, I should say, which is the DuraTrack. Totally makes sense. Thank you. Thank you. The next question we have comes from Kashy Harrison of Piper Sandler. Please go ahead. Good afternoon. Thanks for taking the question, and congrats on the Q1. Kevin, on slide four in your prepared remarks, you mentioned that I think more than 80% of your customers are Tier 1 in nature. Can you also give us a sense of what proportion of your, you know, your backlog has, you know, essentially fully de-risked the critical equipment, permitting, and interconnection? I understand that the backlog is over multiple years, but I'm just trying to get a sense of how, you know, de-risked the, you know, the volumes that land in 2025 are or even 2026. Thank you. Yeah, I think, Kashy, when we're putting something into our backlog, first of all, we have to be, we have a high confidence level. We have a start date. We've been awarded the order, and we have, over the last, say, 12-18 months, added several other criteria in that, to get to our confidence in this project going forward. So we do look at the level of comfort in the financing. We look at interconnection permit, and we've recently, about maybe six months ago, started adding surety of supply of the high voltage components, you know, the breakers and things of that nature. So I don't know that I have data for you in terms of what percentage of that. I can only say it's better today than it would've been six months ago because we've added several other filters for it to get into our backlog. Appreciate it. Thank you. Thank you. The next question we have is from Vikram Bagri of Citi. Please go ahead. Good afternoon, everyone. Kevin, in your prepared remarks, you mentioned that Array is strategically gaining share from, or wallet share from, with, with some clients. I was wondering, like, what do you do differently with these clients, one? And besides these selected customers, do you believe you're gaining share overall in the market? And then on a related note, I wanted to ask about pricing differently. Has there been more pricing action on your part beyond what you did earlier in the year, either with these selected clients or overall? Thank you. So a lot to unpack there, Vikram. Let me just say that what we're doing to gain share is, first of all, taking the analytical approach to our value proposition and ensuring that we've got the right product priced effectively for the market, and then ensuring that our organization has been aligned to derive cost savings on a continual basis, that we can pass on to our customers. So that's really what's the change. It's been clarity of value proposition, and then the other thing has been certainly increasing my personal engagement in the marketplace. That's something that we've been doing a great deal of and engaging customers personally and sharing the value propositions with the customers and giving them a sense of the amount of innovation and new product that we have coming this year. We've done all of the above, and I think the customers are responding quite well, as we've engaged them, such as having a customer forum here, you know, 45 days ago, where we brought many customers in for a several-day event to give them a sense of that new product development funnel, the value proposition, the software improvements, all of those things. And I think the customers are paying attention to those things, and it's making a difference. The things such as the two that we highlighted here on the call, of the automated hail response and the wind stow study are incredibly significant. When we can empirically show our customers in mid and high wind sites that we generate 2%, 3%, 4% more energy every year for that life of that asset at 30 years, it's incredibly significant, and I think our customers are responding really well to those things. We're not getting into a pricing war. That's certainly not happening at this point in the market. We're just being smarter and selective about those orders that we really want to win and pursue. Thank you. The next question we have comes from Dushyant Ailani from Jefferies. Please go ahead. Hi. Hi, thank you for taking my question. I just had one on the BLM has talked about updating its Western solar plan by 22 million acres. How do you, you know, positioned for that? And any timing on that as well? I'm sorry. I couldn't hear. We have a bad connection. Can you repeat the question? Sure. Can you hear me now? The question was, yeah, the question was, the BLM has basically talked about updating its Western solar plan by 22 million acres, on the Western, you know, for the Western, states. Do you know, can you speak on the timing of that and how you see yourself positioning for that? Well, certainly it'll really be up to our customers, those, those developers that will be out there positioning for that business, and then we'll certainly work with the IPPs, developers, and EPCs to take our fair share of that business. We're excited about it. I think it's a, it's a very good move, and certainly we'll participate. But we'll do that through our customers, not directly. Thank you. Thank you. The next question we have comes from Philip Shen of Roth MKM. Please go ahead. Hey, Kevin, Kurt, thanks for taking my questions. How do you expect Q2 and Q3 bookings to trend? Have you seen activity take a pause or be impacted, given the uncertainty around the new AD/CVD tariffs? And then separately, from a housekeeping standpoint, can you share what the international versus U.S. mix was in the Q1 bookings? Thanks. Yeah, Kevin, do you want to take the first part- about the booking trend, and then I'll take the Yeah, I mean, so we don't give quarterly booking trends, and, and I think it's, we've stayed away from that. We're, we're comfortable with the current momentum in our business. And that, that's as far as I'll, I'll go with Q2 or Q3 bookings. We've really, we've really tried to get the market off of a quarterly bookings trend and to think about the long term of the year, just due to the cyclicality, seasonality of the bookings and the fits and stops that we've seen in this industry over the last several years. So from that standpoint, I'm gonna stay away from predicting Q2 and Q3 bookings. I'll just say that the underlying momentum in our business, we're pleased with to date. We haven't seen any significant change in that in the near term, but I won't predict what may or may not happen, quarters out. I'll let Kurt talk about the second part. Yeah, and I'll just add to that, you just, just so as we go in and look at the bookings trends, you know, we've had historically, where you have a low quarter, then you immediately go back with a high quarter, like we saw in Q4 with $600 million. That's why we try and shift away, because what we're not going to do is do any type of price concession or anything just to hit a booking number by the end of the quarter. That's just not what we price here. From an international standpoint, we haven't seen any kind of change from our historical revenue mix. It's pretty consistent with what that is. You know, I think, you know, from when we look at it, and our Q should be out right now, that you get that, you know, we'll look at from a competitive standpoint, we have seen in Brazil, it's a little bit more competitive than what we've, you've seen in the past there. But, you know, we're still winning our share. Our mix is the same, and as Kevin alluded to in his prepared remarks, you know, our ability to perform and the track record that we have with the Array technology and the energy yield from those fields has been phenomenal, and that's, that's certainly helping us in those markets through those proof points. Great. Like, for example, I know we referenced in my remarks the full year results, but it's just getting better. In December, we had 16 of the top 20 solar sites in Brazil were Array sites, and that's significant. And when you think about that data, and you unpack it, the difference in the top five and, say, numbers 16 through 20 is several percentage points worth of efficiency. So this is where we've talked routinely about results beating rhetoric, and we love that the third party's out there capturing those results and putting them out there for everyone to see. It's really helping us win additional business down in that marketplace, because it's actual results and statistically very significantly better than the competitors that we compete against in those markets. Thank you. So the next question we have comes from Maheep Mandloi of Mizuho. Please go ahead. Hey, thank you. Yeah, Maheep Mandloi here. Just a question on the international mix also. It looks like it's 75-25 U.S.-international. Should we expect something similar for the rest of the year? Just trying to get an understanding of the rest of your revenues, which might be exposed to AD/CVD here. Second part, on the margins on international, you talked about being competitive. It looks like around 15% for the 10-Q. Should we expect something similar going forward here, or any expectations of improvements there? Thanks. Yeah, a couple of things there. Regarding the mix, I think it's gonna be fairly consistent. You know, it obviously can move around in any quarter, but we see that fairly consistent with what we're doing. In the book, obviously, in Brazil and Spain, there's a little more book and ship in that same quarter, how those markets work. As far as margins, you know, we mentioned a little bit earlier in the Q&A, that there was a little bit more locally sourced supply coming into Brazil and Spain, in particular, versus some of the lower-cost regions where we can source supply. We did that to accelerate some time schedules with some customers. We think, you know, the margins will improve in the second half here, in those regions with what we've already kind of sourced and have coming in. But as you know, we got to burn through the inventory that we burned and secured for those projects. So I think you can see, you know, the Q2 kind of that similar range, and then you'll see that starting to lift in the second half. All right. Thank you. I'll take the rest offline. Thank you. The next question we have comes from Donovan Schafer of Northland Capital Markets. Please go ahead. Hey, guys, thanks for taking the questions. So first I wanna ask, someone else earlier in the Q&A asked about, you know, the H250 tracker. And, Kevin, I think you commented that actually the new design it seems to be, you seem to be suggesting, you know, it's not that it's doing so great in the U.S. because DuraTrack is doing so well with the cost-down structure, but that the redesign on the H250 that was actually done with the intention of making it more attractive in the U.S. market, that that is driving incremental interest internationally. That there's more, now that you've got the driveline between the two rows is kind of this rotating shaft instead of the pendulum swing thing that caused, you know. Is that correct? Am I understanding that correctly? Yeah, that's correct. The enhancements that we made initially targeting in the U.S. market, we frankly weren't gonna launch internationally for a much longer period of time. Not only did we do product enhancements, but it was much more cost-effective in the redesign, and this was about getting the STI engineers working closely with the Array engineers and coming up with kind of some hybrid ideas for improving that product and reducing its cost. While that was originally targeted at a lower price point here in the U.S., you're absolutely right, the U.S. has still just migrated to accelerating the purchases of DuraTrack. And then what we saw happen very quickly is our international customers really wanted access to that product line, so we had to accelerate the international versions of that. I would say that's, by and large, the disproportionate amount of what we're booking now in our international business. Now, again, that'll be for delivery several quarters out, is really predicated on that new platform, both in Spain and Brazil, so that platform is being well received. Okay. And then, t hat's interesting. And then following up, for kind of still sticking with international, you know, there was the press release, the announcement, kind of a partnership with a Saudi Arabian, I think it's called, like, I think the name is an aluminum company, but it's, I, I believe it's a steel, fabrication sort of subsidiary. And so that, you know, to go after that market and be able to bring in, you know, have locally sourced materials and so forth. Saudi Arabia and significant portions, I think, of like North Africa, and maybe other parts of the Middle East, can have such harsh weather conditions. And, you know, I remember someone once describing the, at least the DuraTrack, as being built like a tank. So I'm curious, is that still the sense among market participants? Does that give you an edge in places like that? Is there still a reputation or perception? I mean, you've taken costs out, so I don't know, you know, maybe hypothetically-[crosstalk] Yeah, I can tell you-[crosstalk] Made it not as strong. Yeah, great question. I just came back from a week over in Dubai and Abu Dhabi, meeting with several end-use customers as well as supply chain partners, and I'll give you a sense of what we're focused on there. So, look, this is gonna be a very quickly developing market, albeit a market at a slightly lower price point than we would enjoy here domestically. But both in more broadly in Africa as well as the Middle East, I think it's gonna be a huge market. So a few takeaways from my visit. So first, our approach has consistently been to partner with suppliers in region, for example, in Saudi, that will allow us to be able to get beneficial pricing because of the amount of domestic content we'll have in those regions. I think our supply chain team and our Middle Eastern team have done a great job lining that up and putting us in a great position. When we met with several of the EPCs and developers, I would say my biggest takeaway was how well-known our brand was and how welcome we are into the market. Look, the tone, quite honestly, was, you know, not only, "What took you so long?" but, "Thank God you're here. How do we get going together?" So incredibly positive tone in that market, and we're taking it very seriously. We're actively hiring resources in region, and we are actively, you know, bidding on a lot of work in that region at this point. So it is gonna be a growth market. We'll talk more about it, once we start really converting some of those inquiries into orders. A little premature now, but we're really excited about the market, and so I'm spending some of my personal time there with some of the members of the senior leadership team. All right, I'll take the rest of my questions offline. Thanks. Got it. Thanks, Donovan. The next question we have comes from Tom Curran of Seaport Global Securities. Please go ahead. Hey, guys. Thanks for squeezing me in here before last call. Kevin or Kurt, could you give us an idea of, maybe just directionally, how total non-tracker revenue did sequentially in 1Q? And then, are the two of you working on a plan to eventually break out non-tracker revenue or maybe just provide some more disclosures related to it? And, if so, is that something we could expect to see in this year, 2024? I don't think you'll see it this year. We'll break it out when it becomes material enough to do that. We obviously saw some this quarter coming in. We'll, you know, not material enough to disclose, part of our active strategy, and we will break it out when it's material, but it won't be in 2024. Got it. Thanks, for taking my question. You got it, Tom. The next question we have comes from Colin Rusch of Oppenheimer. Please go ahead. Thanks so much. You know, guys, you talked about the clip solution, you know, and I know you've worked on different footing solutions. Can you give us a sense of how much efficiency you can get or you can give your customers from a labor perspective or a time to installation perspective with some of those solutions? You're talking relative to our new clamp on the First Solar Series 7 in particular? Is that-[crosstalk] I'm talking about just in general. You know, it seems like an area of, c ompetitive advantage and opportunity for you guys to pick up some market share and drive some value for customers. I don't think we'll quantify it here, but suffice to say, when we came in and working with Gerry, who's our head of engineering, look, it was one of those avenues, one of our six pillars we decided to focus on was ease of installation and speed of installation to reduce the overall installation costs of our customers. So from that, we started several new product development initiatives in order to focus on speed of installation, ease of installation, several of that being better, new, enhanced clip design. Several of them launched over the last six months, and several more that'll be launching over the next six months. So I can't quantify it other than telling you it's a huge focus of ours, and we've been working with several of our customers in validating those time studies of ease of installation. I could just say that that's being well received. I guess I would leave it at that. It's meaningful. Thanks so much, guys. Thank you. The next question we have comes from Andrew Percoco of Morgan Stanley. Please go ahead. Great, thanks so much for taking the question. So I guess, and apologies if I'm belaboring something that's already been answered multiple times here, but my first question would just be on the pricing environment and what you're seeing from competitors, understanding that you've already dropped your price or planning to drop your price this year, and it's already embedded in your guidance, and you're not sacrificing margin at this point. But what are you seeing from your competitors in response to what you're doing on price? Or is it a rational market, or is it an environment where pricing continues to get more fierce? So look, this is an industry that price really matters. We've said that many times. And between certainly the top few of us in the market, we can use price to take an order off each other, you know, on a routine basis if you choose to. So what you're seeing is still somewhat rational behavior, but I will tell you, of our larger competitors, certainly some targeted price reductions that maybe they're putting in place in order to either regain market share or to preserve one or two key orders that they had hoped to win historically. And that's really just nothing new. So I wouldn't say it's a changed behavior. It's more acute these days, but we feel that we feel that our current pricing strategy and our win rate is really sustainable. We feel good about it. And as Kurt said a couple of times now, the fact is, in our guide, we've left some room for the back half to use some of our 45X savings to pursue additional programs, should we need to use price to do that. Got it. Understood. Okay, and then my follow-up question is just on kind of capital allocation priorities. As you continue to generate pretty healthy free cash flow, what's the top priority? Is it, you know, continued deleveraging, or is there any other, you know, internal investments that you're looking at, whether it be inorganic or organic? I'd just love your thoughts on that. Thank you. I'll take that one. This is Kurt. You know, our, you know, we have priorities obviously to continue to deleverage. That's a focus of ours. We mentioned on the last call, I believe, or maybe it was on some call backs, that we wanted to get through the first half, and there's gonna be a little bit of an inventory ramp as we get ready for the second half growth. We don't wanna dip into the revolver, you know, unless we have to. It's there for that, but it's more of an insurance policy. But our intent is to continue to delever at an aggressive pace. You know, you recall last year, we did about $84 million, $77 million of which was, you know, on the Term Loan B, so we'll continue to take out. You know, even though we don't have any maturities due in the next two years, you know, we got some, the Term Loan B would be the next, and it's got our highest rate, so that's gonna continue to be where what we look to take out, unless we can negotiate something else in a very favorable way. Understood. Thanks so much. Thank you. Ladies and gentlemen, just a reminder, participants are limited to one question at a time. The next question that we have comes from Sophie Karp of KeyBanc Capital Markets. Please go ahead. Hi, good afternoon. Thank you for taking my question. I was wondering if you could get a little bit more granular on the delivery pushouts, I guess, that you guys are talking about into the second half of this year, and, like, what are, what are the predominant causes of it? I know there's a variety of factors you've listed, but just I'm trying to understand if there's a predominant trend that we should be following here. And what is your degree of confidence that, you know, this, you know, the pushouts are gonna be making it to the end of the year, but not beyond that, maybe? Thank you. I just want to reiterate, we're not seeing any pushouts in the first half. You recall, when we gave our guidance, we said we've taken all that into consideration. You know, I believe at the time we gave the call, we said, you know, it would be just under 30% of our full-year revenue coming in the first half. That hasn't changed from that standpoint. You know, what we see in the, i t's early into the year still. I know it's May, but it's still, you know, early for what we have. You know, we did see a project or two move from Q3 to Q4, still within the realm here. As we talked about before, when we gave guidance, we looked very carefully around, you know, projects that were late in December, and we just artificially, in our own mindset, even when customers were signaling, they'll put it in this year, we put it into, to next year from that aspect. But, you know, obviously, you know, as a CFO, I'll be sleeping with one eye open, you know, knowing that Q4, as we said on the call, is gonna be the largest largest quarter for us from a revenue standpoint. As far as the reasons for the elongated timeframe, not necessarily pushouts, as we talked about, it's supply chain of critical components, particularly the transformer. We've also got people trying to refinance. Obviously, rates aren't gonna come down as expected, originally as thought of, you know, at the end of the year that people were thinking, and all the other reasons that Kevin mentioned on the call. But, you know, just again, wanna reiterate that, you know, what we're seeing in the first half, that was an, you know, anticipated and signaled and included in our guidance in the last call. Thank you. The next question we have comes from Moses Sutton of BNP Paribas. Please go ahead. Hi, thanks for squeezing me in. For the 45X credits that were included, can you share, like, the specific dollar value? I guess, put differently, we thought that maybe the $41 million from 4Q would be recognized in 1Q. Just trying to understand the puts and takes of how you recognize 45X credits from the prior periods and then the new ones that are generated through COGS over time. Yeah, one, again, I wanna reiterate what we talked about on the last call was, you know, 45X, you know, we're gonna just give one number going forward. I would say, you know, as we look at it, we never said it was all gonna be in Q1 on that. We said it would be recognized over the remaining volume that we have with those contracts going through, and that wasn't all in Q1. But, you know, we're gonna just give one number going forward for simplicity. It was in our guidance on that, and, you know, we'll leave it at that. I would just add to that, Kurt, just to make sure we're clear. There wasn't a disproportionate amount of that $40 million included in Q1. There was not. Does that help? Got it. That's helpful. And I guess, just shifting to the bookings, $2.1 billion, how do you think of that on an annualized basis, just in general? So, you know, it used to be, we would think of this as, you know, at some point, that would be like a one-year reflection, maybe around IPO, that was discussed, but lead times have extended. Is that something that is a proxy for 15 or 18 months? Is there any way to think about that, or it's just too fluid? I would say it's too fluid in the near term right now. I would say that we feel good about the amount of visibility we're beginning to have into next year, and certainly the first half of next year, but I do think it's too fluid for us to give you that range of conversion. We would typically wait a couple of quarters before we predict that for next year. Great. Thanks again. You got it, Moses. Thank you. The next question we have comes from Dylan Nassano of Wolfe Research. Please go ahead. Yeah, hey, thanks for taking my question. I just wanted to go back to the conversation that we were having around ASP deflation and kind of the margin profile. So, I mean, I guess, you know, you spoke to being able to kind of, in the past, pass on cost savings to customers, and you have some 45X dry powder, but I'm just trying to figure out, do you have, is there any other flex that's kind of left in the actual operating cost structure? And when would it make sense to kind of look for those kinds of levers to pull versus, you know, looking at the 45X? Thanks. Yeah, I'm not quite sure I understand the question. I can just say, look, we're gonna continue to improve our business and drive for improved operational gearing. Obviously, you don't get the operational gearing when you have a $150 million quarter. So I think the margin performance that you've seen, given the low volume, is a signal that there's much more operational gearing to be had as the business scales back up. We've worked really hard on improving the functions within the business and being very mindful of costs, such that we feel this is a business that's gonna have great operational leverage as we scale the business back up. I would add to that, this is Kurt. Look, there's a couple ways you get that leverage. One is, you know, supplier negotiations and volume. The other is engineering, you know, cost out. An example of that is what Kevin mentioned before on the new H250, where that reduced cost, and we rolled it out internationally. And then, you know, maybe there's a third, which I'd say we put in the script, which was we announced the groundbreaking of our Albuquerque facility, and that's not to hit the 45X, it's to meet, you know, field cost efficiency and other things that we have. Now, that's not a 2025 thing, that'll start hitting in 2026. You know, we look at, as price comes down, what we can do operationally from a design as well as negotiation, as well as just an overall supply chain infrastructure, including what we insource versus outsource. Okay. Yeah, it makes total sense. Thank you. Thank you. The last question we have comes from Jeff Osborne of TD Cowen. Please go ahead. Yeah, thank you. Good evening. Just maybe a follow-up on Moses's question, as hoping you could help me interpret some numbers that are in the 10-Q. I think there's a reference to a vendor rebate of $57.1 million, of which $45.9 million is in prepaid expenses, and that compares to $48.4 million last quarter. So as those numbers move around, can you just help us figure out how to interpret them as what was recognized in the quarter, or what we should be paying attention to with those numbers that you're now disclosing? I'll have to get back. I'm just trying to get in my mind, without getting into the details of the Q, that might be the 45X credits that we're talking about that comes back in the form [crosstalk] of a vendor rebate. With the 45X. Can you walk us through how that- Remember how the 45X works, you'll see, we will recognize it after the P&L, but there's a couple different ways that that gets monetized. You know, some customers will kind of, you know, pay you immediately, some will pay you a quarter in arrears, and some customers will do paid as paid. And remember, this is monetized in a tax return. So what will happen at that standpoint is anything we earn in 2024 that's the paid as paid, will then not come back to us until they file their corporate tax returns for the 2024 fiscal year, which could be in the Q4 of 2025, when they file that. So a variety of different things, but you will see that show up in that line for 45X. But Jeff, I just want to make sure we're clear on that, that that is not indicative of the total 45X benefit that we're receiving because of the multiple different types of contracts we've engaged with our customers. That will be a portion only. Would you say it's the majority that would flow through that line item, or no? I don't think we're going to give that level of clarity. I think what we've tried to provide you is the good guidance of our gross margin and the gross margin with and without 45X. So I think that's probably the best and quickest way for you to do the math to get an estimate of the 45X in the quarter. Makes sense. Appreciate it. Thank you. Got it, Jeff. Thanks. Thank you, sir. Ladies and gentlemen, we have reached the end of our question-and-answer session.