Good morning, and welcome to Enphase Energy's 2024 Annual Meeting of Stockholders. I would now like to turn the call over to Badri Kothandaraman, Enphase Energy's President and CEO. Please go ahead. Good morning. On behalf of Enphase's board of directors, its officers and employees, I'm happy to welcome you to the Enphase Energy's 2024 annual stockholders meeting. The meeting will officially come to order. Time is 9:00 A.M. Pacific on Wednesday, May 15, 2024, and the polls are now open for voting on all matters to be presented. We are again holding our annual stockholder meeting through an online platform hosted by Broadridge. We believe that hosting our meeting online will allow us to reach more shareholders who can participate from any location. This meeting is being recorded and will be available for a year in the events section of our IR website, investor.enphase.com. Let's go to the next slide. So, before we proceed with the formal business of the meeting, I'd like to introduce you to the members of the board and the two nominees up for re-election. Mr. Steven Gomo is the director and chairman of the board, as well as the chair of the Audit Committee. Jamie Haenggi, the director and member of the Nominating and Governance Committee. Mr. Ben Kortlang, director and chair of the Nominating and Governance Committee. Mr. Joe Malchow, director. Richard Mora, director and member of the Audit and Compensation Committee. T.J. Rodgers, director and chair of the Compensation Committee, and member of the Nominating and Governance Committee. Joe and I are the two nominees up for re-election this year. Also joining online today are Lisan Hung, who is the SVP, General Counsel, and Corporate Secretary of Enphase. Dan Hudgens of Deloitte & Touche LLP, our independent registered public accounting firm. Today, we will conduct the formal business of the meeting as set forth in the notice of the annual meeting and the proxy statement. After that, I'll give a short report on the company and answer appropriate questions as time permits. With that, I will turn the meeting over to Lisan Hung to conduct the formal business of the meeting. Lisa? Thank you, Badri. Today, we will present proposals 1 through 4, as set forth in the proxy statement filed on April 4, 2024, submitted for approval by our board, and then we will take questions from stockholders related to the proposal. In order for us to conduct an orderly meeting, we ask that you follow the rules of conduct, which can be found under the meeting materials in your online portal. Stockholders who are attending this meeting with a valid 16-digit control number may submit questions or comments after each proposal. To ask a question or submit a comment, click on the Ask a Question button on your screen. We will try to answer questions submitted that are germane to the proposal, as and if we have time. I have at this meeting a complete list of the holders of record of the company's common stock as of March 19, 2024, the record date for this meeting. The list is available for inspection by stockholders of record during this meeting through the online portal. I also have an affidavit from Broadridge Financial Solutions, Inc., certifying that on April 5, 2024, a notice of Annual Meeting of Stockholders of the company was deposited in the United States Mail to all stockholders of record at the close of business on the record date of March 19, 2024. At this time, I'd like to introduce Ms. Suzanne Miller of CT Hagberg LLC, who is participating virtually and has been appointed to act as the Inspector of Election at this meeting. Ms. Miller has taken and subscribed the customary oath of office to execute her duties with strict impartiality. We will file this oath with the records of the meeting. Ms. Miller's function is to decide upon the qualification of voters, accept their votes, and when the balloting on all matters is complete, to tally the final votes. I've been informed by Ms. Miller that proxies have been received for 111,862,409 shares of common stock outstanding on the record date of March 19, 2024. Based on this number, we have a quorum for the meeting, and we may now carry out the official business. As mentioned earlier, the polls are open for online voting. After all matters for voting have been presented, we will close the polls. We will not accept ballots, proxies, revocations, or changes after the closing of the polls. If you have already submitted your vote by proxy and do not wish to change it, you do not need to do anything, and your shares will be voted as previously instructed. If you intend to vote and have not already done so, you may do so by clicking the Vote Here Now button to vote. We'll now proceed with the formal business of the meeting. There are four proposals to be considered by the stockholders at this meeting. We will take questions from stockholders related to the proposals after they have been presented. The first item of business is the election of two nominees for directors to serve until the 2027 annual meeting and until their successors are elected. The nominees for Class Three directors are recommended by the Board of Directors, and they are Mr. Badri Kothandaraman and Mr. Joseph Malchow. I now declare the nominations closed. The second item of business today is the advisory vote on the executive compensation of the company's named executive officers, as described in the proxy statement. The third item of business today is the advisory vote on the frequency of stockholder advisory votes on executive compensation. The fourth and final item of business today is the ratification of Deloitte & Touche LLP as the independent registered public accounting firm of the company for the current fiscal year, ending December 31, 2024, as selected by the Audit Committee of the Board of Directors. At this time, I will pause briefly to review any online questions or comments related to the proposal. Okay, the first question is: The company has in place a plurality vote standard for the election of directors, which virtually ensures the election of all board nominees. Has or will the board consider the adoption of the more demanding majority vote standard that is prevalent in the market? So the answer is, the board looks at corporate governance annually, and we do have a resignation policy if a director does not receive a majority vote. So for more details, refer to our corporate governance policy, which can be found at our website at investor.enphase.com. There being no further questions on the proposals, the time is 9:07 A.M. Pacific Time, and the polls are officially closed. Ms. Miller, please present the preliminary report of the Inspector of Election. Based upon the preliminary results, my report as the Inspector of Election, covering the proposals presented at this meeting, is as follows: The proposal to elect each of the aforementioned nominees for director of the company's board of directors has received the requisite number of shares needed. The resolution concerning the advisory vote on the executive compensation of the company's named executive officers has received the requisite number of shares needed to be approved. The resolution concerning the advisory vote on the frequency of stockholder advisory votes on executive compensation has received the requisite number of shares needed for the frequency of one year. The selection of Deloitte & Touche as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024, has received the requisite number of shares needed to be ratified. Thank you, Ms. Miller. We expect to report our preliminary voting results or, if available to us on a timely basis, our final voting results on a current report on Form 8-K, to be filed with the SEC within four business days after the end of this meeting. If not earlier reported, we expect to report our final voting results in amendment to our Form 8-K within four business days after the final results are known to us. The formal portion of this meeting is now concluded. We will now provide a brief management presentation. Please note that management may be making forward-looking statements about the company's current plans and expectations with respect to its business, technology, and products. Actual results may differ materially from current plans and expectations, so I encourage you to read our SEC filings, where we discuss the risks inherent to our business. You will find detailed discussions in our filings with the SEC, including our annual report on Form 10-K for the fiscal year 2023, and our quarterly report on Form 10-Q for the quarter ended March 31, 2024. Please note that non-GAAP financial measures referenced during this presentation are reconciled to their most comparable GAAP financial measures found in the investor presentation posted on our website at investor.enphase.com. With that, I will turn the call over to Enphase Energy's President and Chief Executive Officer, Mr. Badri Kothandaraman, to give a short report on the company. Badri? Yep. I am going to slide 8. People who are, who are online may have a few seconds delay in the slide showing up, so please bear with us. All right, quick introduction about Enphase: Founded in 2006, 2,846 employees as of March 31, 2024. Headquartered in Fremont, that's where I'm taking this call. Our customers are distributors, installers, and homeowners. Installers are our lifeblood. We have 1,750 installers in the Enphase Installer Network. Overall, we work with over 8,000+ installers. We have shipped approximately 75 million microinverters from inception. That represents approximately 25.8 GW. We have over 4 million systems in over 150 countries in the world. Enphase was a microinverter company when we started, but in the last three years, we've started shipping storage, and we have shipped over 1.24 gigawatt hours of energy storage systems. These are residential systems. 2023 revenue was $2.3 billion. Cash flow from operations was $696.8 million. We're profitable, healthy net income. I'm going to page nine. That's a four-panel chart talking about revenue, gross margin, operating expenses, and operating income. I'll touch on, you know, revenue mainly. As you see, there are bars. The blue bar is 2022, the green is 2023, and the dark blue is 2024. So the industry has been going through, you know, macroeconomic conditions, and basically, from last year, solar sales are down because of high interest rates in the U.S., you know, overall macroeconomic conditions in Europe, as well as NEM 3.0 in California. So because of that, you can see the revenue in the green bar, if you see on the top left, that sequentially showed a decline from Q1 2023 - Q4 2023. And you also see Q1 2024, you can see the number as well, which was $263.3 quarterly revenue. We just reported earnings about three weeks ago, and we guided $290-$330 for Q2. So things are looking positive right now. You know, our lead flow is starting to come back again. Basically, we also expect the Fed to lower the interest rates sometime during the year. So in general, we expect, we expect basically, quarters Q2, Q3 to be up and to the right. Gross margins always been healthy, and you can see the numbers basically in the, in the 40s, and with IRA, gross margin reached as high as 50% in Q4 of 2023. The last graph on the bottom right looks at the operating income. As you can see, we are healthy in terms of operating income. Q1 2024, we were at 15%. So even in these tight times, we generate cash, we generate money, and basically, that, that is directly proportional to our top line. Core differentiation. Slide 10. Three things. It's very simple. Semiconductor architecture, software-defined products, and best-in-class energy management technology called Enphase. Semiconductor technology helps us to integrate more things into the microinverter, effectively reducing product costs. Software-defined architecture helps us to basically transform the functionality of the product simply with the touch of a button over the air. It's very important that we have all of the bells and whistles in the product in order to do so. It's invaluable for us in maintaining the quality of the fleet pristine and connectivity. Energy management technology is the ability to interact with various distributed energy resources. That is, you know, solar, storage, the generator, the grid, the home load, electric vehicles, basically making it seamless for the homeowner. That's an energy management technology. Going to page 11. And because of us using semiconductors, because of the integration that we have, high integration that we have, we generally have fewer number of components. Because we have fewer number of components, our quality is correct by construction, high. Our quality is high. We always believe in a distributed architecture, so therefore, we take care of things locally. We do not have a centralized architecture. We make the right resources, make the decision then and there without too much of control. Safety. Safe AC on the roof is a value proposition. No high voltage DC when it comes to solar. Even our batteries are low voltage DC. Our batteries also use microinverters, and they convert low voltage DC into AC. Of course, we are modular in design, which means that, you know, within Enphase, you can get a 3.3 kWh battery, and then you can get multiples of that. You can grow your system along with your needs. And because ours is a, it's software configurable architecture, supply chain is relatively simple. We try to make one hardware platform, minimize the number of SKUs that are necessary, and manage everything with software. And of course, all of this we do when we do these right, high quality, make sure we have software-defined product, give a lot of flexibility, safety, and manage it along with great customer service. We, our focus is to always provide great customer experience. Slide 12.... I've talked about this a number of times. 0.05% is our target failure rates on microinverters, and we are extending the same for batteries. Gross margin, we take that very seriously. Value-based pricing is critical for us. We price based on value, not based on cost. Product segmentation is, we segment the product so that we can, we can optimize and ensure we are getting the right value. Our customer service NPS 78, continuously increasing the last few years, and we are determined to make it even higher. Wait time, 1 minute is our target, and, you know, once again, we are focusing on reducing that to zero. Cost, basically, you know, the more we can innovate on our products, the more we can reduce the number of components. The more we can make it easy to design, the better it is. So our focus is always on innovation for high quality and high, great customer experience. That's what we innovate towards. Page 13. CapEx slide. We don't, we don't have big factories. We work with contract manufacturers. OpEx is, we believe in being lean. We have the right people at the right places. Over 53% of our workforce is in India, 34% in North America, and so on. Slide 14. We have five manufacturing sites today, capacity 7 million microinverters per quarter. We, after the IRA legislation passed in 2022, we worked on bringing manufacturing jobs back to the U.S. We have two, two plants that our contract manufacturing partners run for us. Salcomp, which is in Texas, Arlington, and Flex, which is in South Carolina. So right now we are producing inverters there, in addition to factories outside the U.S., which are run by the same two contract manufacturing partners. On battery, supply chain is pretty healthy. We do have two suppliers capable of supplying more than 1 GWh a year, and we are working on globalization efforts on batteries. We released the ESG report, page 15. We released the ESG report this morning. Key metrics to note is 80.6 TWh of clean energy production since inception, offsetting 56 million metric tons of CO2 emissions. So that's a big deal, and we are proud of that. This is what we do. The product we make is, you know, helps offset CO2. Page 16. To recap our strategy, build best-in-class home energy systems and deliver them to homeowners through our installer and distributor partners, enabled by a comprehensive platform for installers. The picture shows the picture there. Go back to slide 16, yeah. The picture there shows our batteries, as you can see on the wall. That's a third-generation battery. Slide 17. This is a very good slide illustrating the overall Enphase Energy System. What do I call? What do I mean by the Enphase Energy System? We have microinverters on the roof that you can see. We have down below on the wall, you can see the batteries. On the right-hand side, you can see the EV charger. And next to the EV charger, you can see a man holding the Enphase App, which communicates to the Enphase Cloud at the very top. Solar, plus storage, plus EV charger, all supplied by Enphase. That's the Enphase Energy System, along with software, of course. Page 18, a quick rundown of the basic components that I just talked about. Start with the microinverters. We are now shipping IQ Eight microinverters virtually everywhere. Our IQ Eight microinverters are the world's first grid-forming microinverters. That means these microinverters will produce power in the absence of the utility grid when the sun is still shining. So world's first grid-forming microinverter, and because of that, we can introduce, you know, products that provide sunlight backup only. 384 watts of AC power, handling 14 amperes of panel current. We ship to a lot of countries in U.S. and Europe. Going to go to slide 19. This is our latest product in the family, in the IQ Eight family, called IQ Eight P. IQ Eight P produces up to 480 watts of AC power. There are two categories or two markets which this product goes into. One is a small commercial market in North America as well as Europe. Typically, you know, the U.S. market is a 208-volt three-phase market and serving small businesses like hospitals, schools, churches, gas stations, small businesses at the end of the day, anywhere from 50-200 kilowatts. In fact, 20-200 kilowatts, this product is ideal. It's a very powerful microinverter. Simultaneously, we also introduced this product is required for emerging markets where the panels are becoming very high in power. So you can see Brazil, Mexico, South Africa, India, Vietnam, and a few more places there, which all use this product because those markets have transitioned to high power panels beyond 550 watts DC. Page 20. The first and second generation of our batteries are shown on the left-hand side. The third generation is shown on the right-hand side. The third generation is, is our latest product, and it's got double the continuous power and almost triple the peak power per kilowatt-hour. It's a big deal. It can easily start an air conditioner. It's got an LRA of 48 amperes for every 5 kilowatt-hour battery. Currently shipping to U.S., Australia, Puerto Rico, U.K., Italy, and in this quarter, we will introduce it to a number of countries in Europe as well, in addition. So it's a big deal. Product is being well received. It has. The first two generations had, you know, because we were on the learning curve, the first two generations had different methods of communication. We used a wireless communication from the batteries to the gateway and to the controller in the home. But we have made a few changes there and made all of those continuously better, so it's being very well received by installers. Page 21. This is the IQ EV Charger. We introduced this late last year, and this is a smart charger. It's got Wi-Fi capability built in. Furthermore, it can do green charging. It can do charging from solar, and so this is invaluable for markets like NEM 3.0, where it is not very useful for you to export any solar energy. You want to make sure every ounce of solar energy is effectively utilized in the home, either charging the EV, charging the heat pump, and that's critical, even in, I mean, it's also important in places in Europe, especially Germany, and many other countries, there are Austria, Switzerland, you know, all of them. Any place where net metering isn't there, where you have feed-in tariff, where the export rates are very low, self-consumption is the norm. Increasing self-consumption is possible because of EV charger being fed only by solar. That's called green charging. Page 22, is this product is gonna come out in 2025. It's a bidirectional EV charger. It will communicate with the car up to 1000-volt DC and basically produce AC on the other side. Very powerful inverters in there, 11 kW, and we are working on a bigger microinverter so that, you know, you can have six microinverters in the box, and you can generate up to 11 kW per phase. So, that's coming out in 2025. Now, I'm gonna go to 2023. Sorry, page 23. Home energy management. We introduced this product after our Greencom acquisition, which was done in late 2022. We introduced this product. Basically, we integrated into our Enphase platform. We introduced it in Germany, Austria, and Switzerland, and it's called the IQ Energy Router. It helps to manage heat pump, third-party heat pumps and third-party EV chargers, once again, making sure self-consumption is maximized. And we are going to extend this product to all of Europe. It uses AI-based forecasting, both consumption as well as production, and makes the right call with respect to charging the battery, discharging the battery, charging the electric vehicle, charging the heat pump, et cetera. Going to page 24. That's the... So, so far I talked about the products. Now we are also working on making, you know, if you look at the installer's business processes and the way he does business, we'd like to, we'd like to take the opportunity there to reduce the installation soft costs. So in order to do that, we have tools, and we made acquisitions over the years to lead management better, design and proposal software. We haven't done enough on financing, but we provide financing through our design and proposal platform. Permit plan sets, we bought a company that did permit plan sets, and we are integrating with building software to do permit plans at the click of a button. Installation and commissioning, we already do. That, that's got several hundreds of man-years there, investment in our installer app. Operations and maintenance are the, in our homeowner app as well as our infrastructure, which is in, which is the Enphase installer portal. So the, the combination of these, basically provides installers all the things they need to do during the selling process, and it provides them with one company, one platform, one app, and that's, how we aim to make installers' life better. That's slide 24. Going to slide 25. Now, once again, you can see our product there. This, this is the product I'm excited about, third generation battery there. Slide 25, you can see there is pedestal mount, there is wall mount. Typical home will have 20 kWh for backup and can have 10 kWh for grid tie. The bottom line is, I've talked about products, talked about platform, talked about the installer tools that we have. We have great technology, great grid-forming technology on the microinverters, as well as same microinverters inside the battery and EV chargers as well. Great technology. A lot of patents, 205 patents globally, innovative products, massive market, and we are looking forward to the, to the markets beginning to take off again. Now, I will answer any questions asked appropriately. Okay, so seeing that there are no questions today, we'd like to thank you for your attendance and for your continued support of Enphase Energy. The Enphase Energy annual meeting of stockholders has now concluded. Thank you for participating. You may now disconnect.