Financial Performance - Q3 revenue grew 34% year-over-year to $909 million, and adjusted EBITDA increased 15% to $214 million, representing an adjusted EBITDA margin of 23% [8][16] - Fiscal year-to-date revenue increased 32% year-over-year to $2.68 billion, with GAAP net income of $435 million year-to-date [8][16] - The company generated $123 million of operating cash flow in Q3 and $391 million year-to-date, with adjusted free cash flow of $119 million in Q3 and $360 million year-to-date [17] Business Line Performance - The U.S. accounted for 81% of Q3 revenue, with a 63% year-over-year increase in revenue, reflecting strong demand for the company's technology [16][12] - The non-tracker business is starting to have an impact on revenue, with a growing mix of bundled offerings including foundations, eBOS, and software services [24][25] Market Performance - Europe saw record quarterly bookings and expansion into two new countries, while the formation of Nextpower Arabia aims to serve growing demand across the MENA region [14][7] - The company is positioned to support Saudi Arabia's ambition to install 130 GW of renewable energy by 2030 [14] Company Strategy and Industry Competition - The company is evolving from a pure-play tracking systems supplier to an end-to-end solar technology platform, focusing on innovation and customer engagement [5][6] - The company aims to strengthen its competitive position through operational excellence and a diversified supply chain, while also managing tariff impacts effectively [19][18] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver sustained growth and profitability, raising the fiscal 2026 financial outlook to expect revenue between $3.425 and $3.5 billion [20][21] - The company anticipates manageable tariff-related margin pressure and continues to focus on organic investment and disciplined M&A [18][20] Other Important Information - The company achieved a formal investment-grade credit rating, enhancing financial flexibility and customer confidence [9][18] - A share repurchase program of up to $500 million over three years was authorized, reflecting confidence in the long-term outlook [18] Q&A Session Summary Question: Bookings and Revenue Mix - The company reported strong bookings and backlog growth, with a significant portion weighted towards the U.S. market, indicating a strong quarter for bookings [24][26] Question: Permit Freeze and Project Management - Management noted that while some projects on federal lands are moving forward, overall project portfolios are progressing positively, with developers managing around constraints effectively [32][33] Question: Attach Rates and Gross Margins - The attach rate for bundled offerings is expanding, with significant projects being booked, although specific numbers were not disclosed [36][39] Question: Fiscal 2027 Outlook - The company is not updating the fiscal 2027 outlook but remains confident in the strength of the business and backlog [44][84] Question: Saudi Arabia Joint Venture - The joint venture with Abunayyan Holding is operational, with the 2.25 GW project already in progress, and expectations for future gigawatt-scale orders are positive [47][55] Question: Power Conversion and Storage Market - The company is focusing on power conversion solutions and sees a strong relationship between solar and storage, with plans to scale responsibly [72][75]

Financial Performance - Q3 revenue grew 34% year-over-year to $909 million, and adjusted EBITDA increased 15% to $214 million, representing an adjusted EBITDA margin of 23% [6][13] - Year-to-date revenue increased 32% year-over-year to $2.68 billion, with GAAP net income of $435 million year-to-date [7][14] - The company generated $123 million of operating cash flow in Q3 and $391 million year-to-date, with adjusted free cash flow of $119 million in Q3 and $360 million year-to-date [15] Business Line Performance - The U.S. accounted for 81% of Q3 revenue, with a 63% year-over-year increase, reflecting strong demand for the company's technology and customer experience [14][10] - The non-tracker business is starting to impact revenue, with a growing mix of bundled offerings including foundations, eBOS, and software services [21][22] Market Performance - In Europe, the company achieved record quarterly bookings and expanded into two new countries, while the formation of Nextpower Arabia aims to serve growing demand across the MENA region [11][5] - The company is focused on building local operations and manufacturing capabilities in Saudi Arabia, with ambitions to support up to 12 gigawatts of solar capacity annually [5][6] Company Strategy and Industry Competition - The company is evolving from a pure-play tracking systems supplier to an end-to-end solar technology platform, with plans to incorporate power conversion solutions for utility-scale solar and battery energy storage [4][12] - The company aims to maintain a competitive edge through innovation, customer focus, and operational excellence, while also managing tariff impacts effectively [17][12] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver sustained growth and profitability, raising the fiscal 2026 financial outlook to expect revenue between $3.425 and $3.5 billion [18][17] - The company noted that project timing remains stable and manageable, with a healthy backlog and strong demand across core markets [12][13] Other Important Information - The company achieved a formal investment-grade credit rating, enhancing financial flexibility and reinforcing confidence among customers and suppliers [8][16] - A share repurchase program of up to $500 million over three years was authorized, reflecting confidence in the long-term outlook [16] Q&A Session Summary Question: Bookings and Revenue Mix - The company reported strong bookings and backlog growth, with a significant portion weighted towards the U.S. market, and noted that the non-tracker business is starting to impact revenue [20][21] Question: Permit Freeze and Project Velocity - Management indicated that while some projects on federal lands are moving forward, overall project portfolios are progressing positively, with developers managing to navigate permitting constraints effectively [28][30] Question: Attach Rates and Gross Margins - The company is seeing significant project opportunities with bundled offerings, but specific attach rates were not disclosed; gross margins for non-tracker products are expected to be consistent with corporate averages [32][35] Question: Fiscal 2027 Outlook - Management reiterated that the fiscal 2027 outlook remains unchanged, expressing confidence in the strength of the business and backlog [37][73] Question: Nextpower Arabia and Future Orders - The company is optimistic about the potential for similar gigawatt-scale orders from the Saudi JV, citing strong market dynamics and ambitious targets in the region [40][41] Question: Power Conversion Solutions - Management emphasized the importance of developing competitive power conversion solutions, with plans for initial beta projects in the near future [50][51] Question: Impact of Storage Availability - The company views the growing availability of storage as a positive development for solar demand, highlighting the complementary relationship between solar and storage technologies [68][69]