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spk00: We incurred $22.8 million of G&A expense compared to $20 million during the same period in the prior year. The year-over-year increase in general and administrative expenses was primarily related to legal fees for the patent infringement and wire installation shrink-back matters and planned increases in payroll expenses due to higher headcount supporting growth, all of which was partially offset by lower stock-based compensation. Approximately $850,000 of G&A expense was specifically related to the wire insulation shrinkback litigation. Net income was $4.8 million in the first quarter compared to $17.0 million during the same period in the prior year. Adjusted EBITDA in the first quarter was $20.5 million compared to $38.1 million in the prior year period. Adjusted EBITDA margin was 22.5% compared to 36.3% a year ago, largely a result of lower gross margin. Adjusted net income was $12.6 million in the first quarter compared to $25.3 million in the prior year period. Cash flow from operations was $12.9 million, while capital expenditures were $2.5 million. Our balance sheet remains very strong, and we ended the quarter with net debt to adjusted EBITDA of one time, which is down from two times a year ago and a significant improvement from the 4.4 times as of Q1 2022. During the quarter, we amended and extended our revolving credit facility for five years and retired our term loans. The new revolving credit facility has been upsized from $150 million to $200 million and carries a lower interest rate compared to the old term loan. We appreciate the support of our new and existing bank partners. Equally important to our strong cash flow generation is how that capital is allocated. As I've shared with you on past calls, our focus will remain on driving sustainable long-term organic growth. However, other opportunities that create shareholder value may present themselves, and we are in regular discussion with our board. Those may include inorganic opportunities that expand our presence in underrepresented markets or broaden our offering to existing customers. Another might be repurchasing our own shares, given what we believe may be a disconnect between our current valuation and the long-term value we are creating. Our commitment is that we will deploy our capital to the activities that generate the highest return for shareholders. Turning to backlog, as of March 31st, 2024, we had $615.2 million in backlog and awarded orders, an increase of 17% year over year as the company added $75 million in orders during the period. As we discussed last quarter, Some of our international orders have longer lead times than domestic orders, and we are also winning domestic jobs that extend beyond our historical revenue cycle of 9 to 13 months to realize revenue from those awarded orders. As of March 31st, approximately $204.4 million of our backlog and awarded orders had delivery dates beyond 2024. Turning now to the outlook. Given the current headwinds in the utility-scale solar market, Some of our customers have experienced project delays. As a result of the current macro uncertainty, we will continue to provide quarterly guidance for the remainder of the year. Based on current business conditions, business trends, and other factors, for the quarter ending June 30, 2024, the company expects revenue to be in the range of $85 million to $95 million and adjusted EBITDA to be in the range of $20 million to $25 million. Based on current business conditions, business trends, and other factors for the full year 2024, the company now expects revenue to be in the range of $440 million to $490 million. This change is reflective of the industry delays we are experiencing and sharing with you today. Our goal is to provide you with a reasonable and achievable range given the uncertainty we believe exists. I want to stress that we believe these changes reflect the timing of our revenues, not lost projects. We expect most projects that had been delayed from 2024 to be completed in 2025. Adjusted EBITDA is now expected to be in the range of $130 million to $150 million. Adjusted net income to be in the range of $85 million to $100 million. Cash flow from operations to be in the range of $100 million to $115 million. Capital expenditures to be in the range of $15 million to $20 million. Interest expense to be in the range of $15 million to $20 million. And with that, I'll turn it back over to Brandon for closing remarks.
spk05: Thanks, Dominic. I would like to close by thanking all of our customers for their confidence in Shoals, our employees for enabling us to effectively serve our customers, and our shareholders for their continuous support. I'm excited about the long-term macro trends that will drive the solar market for years to come, and I am even more excited about Shoals' competitive position in the marketplace. We are an innovation leader with strong product development capability and an outstanding customer list. As we move past this period of volatility, we expect to continue our industry-leading growth, driven by further market share gains in the domestic utility scale market, expand our presence in the CC&I market, and extend our leading position into key international markets. Over the last nine months, I've heard a consistent message from our customers that they want to expand their relationship with Shoals. They've provided candid feedback on how we can be more flexible and responsive, And that's extremely encouraging because it's entirely within our control and influence. As a result, we've made meaningful changes to our sales structure and operations, which we believe will improve our flexibility and increase touch points with each customer. Ensuring that doing business with Shoals is as simple and efficient as possible is top of mind for all of us, and we believe you'll begin to see the benefits over time. And finally, as conditions improve, we expect Shoals will be well-positioned to produce strong profitability and cash flow driven by our Capital Light model. To that end, we will continue to make investments in talent and our operational footprint that will position us for many years to come. Thoughtful and disciplined capital allocation is a key strategic imperative going forward, and as Dominic mentioned, may include types of activities you haven't seen from us before. Remaining flexible yet opportunistic while operating within a framework that prioritizes shareholder returns will allow us to create value and reward investors. And with that, we thank you for your time today. Operator, we can now open the line for questions.
spk04: Thank you. At this time, we'll be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate that your line is in the question queue. You may press star two if you would like to remove your question from the queue. We ask that you limit your questions to one and a follow up so that others may have an opportunity to ask questions. You may reenter the queue by pressing star one. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please while we poll for questions. Our first question comes from Mark Strauss with JPMorgan Chase. Please proceed with your question.
spk02: Yes, good afternoon. Thank you very much for taking our questions. I wanted to start with just a general question on the visibility that you have into the second half ramp. And then more specifically, if you've sensitized that guidance at all for a potential ADCVD case, I mean, are there Are there projects that you're baking into the second half of this year guidance that are using panels that may be subject to tariffs if commerce determines to take that case up? And I have a quick follow-up. Thank you.
spk05: Mark, hope you're well. Good question. I think, look, on the second half guidance, Absolutely, we've got visibility to every project and we've taken into account the potential delays. The information that we've got now, I think we feel good about our guidance. The areas where we can control and really influence, I think we're executing quite well. Our goal is really to put something out there that's reasonable and achievable. I think we've done that with this guide. As it relates specifically to panels, look, we hear the same information that you hear, I'm sure. There is maybe upwards of 12 to 18 months worth of panel inventory on the ground in the U.S. I do realize that some of those may be subject to tariffs, but we are not anticipating a significant amount of disruption from the ruling at this point in the back half.
spk02: Okay. Okay. Thanks, Brandon. And then quick follow-up. I fully appreciate projects are getting delayed generally, but when you look at the orders that are occurring within the industry, you know, over the last quarter, over the last two quarters, can you just kind of talk about what you're seeing with your market share of those orders?
spk05: Yeah, maybe to touch, you know, a lot to unpack there. I'll touch on market share first. Look, just to remind you and everybody really, we grew 50% last year. Our 2023 numbers relate to 2024 CODs. So we're doing a 50% growth rate on a year that is expected to grow at 26% if that happens. Since IPO, look, we've outpaced the market by two acts. And our goal is to always outpace the market. I think we'll continue to do that. We've got opportunity, as I've noted in the past, to grow wallet share. So where I feel very strong about growing market share, there is opportunities to continue to grow wallet share with existing large EPC customers. And I mentioned in the prepared presentation Remarks that, hey, we've reorganized the sales team to go after what we believe is some low-hanging fruit, and we'll do just that. So I feel very strongly about our market share, and I feel very strongly about our ability to continue to grow and take wallet share with larger EPCs. As it relates to the delays, I think most importantly to remind everybody, these projects are delayed. They're not lost. We follow the Form 860 data from the EIA very closely, both for new projects and historic projects. And about half of the projects in that data set are delayed six months or more. If you look specifically at Shoals projects, 37% of our projects have been pushed out by at least one month. And maybe the most important number is that 20% of the projects that were in our awarded order bucket at the end of the year last year have been pushed out of 2024 into 2025. And that number equates to about $50 million worth of projects that have pushed to the right. So a significant number, obviously. But again, we track these projects, we're tight with our customers, the EPCs, and again, We feel like these projects are not lost. They're just delayed and pushed into 2025.
spk04: Our next question comes from Philip Shen with Roth. Please proceed with your question.
spk08: Hey, guys. Thanks for taking my questions. Brandon, you just talked about how the ADCVD case could impact your 24 guide and how conservative it is and how you have a good line of sight there. was wondering if you could talk about how that case could impact bookings in Q2 and 3. So while the 24 is conservative, to what degree do you think this could slow down bookings? What do you think the trend of bookings could be in Q2 and 3 overall as well?
spk05: Thanks. Phil, just to clarify, you're talking Q2 bookings 2024 related to the
spk08: the module inventory and yeah and I know you talked about the the quoting activities high but uh are you seeing you know we saw for the modules um the buyers and sellers basically come to a pause because of this case and so are you seeing that pause maybe impact uh in your conversations with customers as well uh we're not a module um module pricing module availability
spk05: is not something that is bubbling up from our customers at this point. So not a significant concern at this point. It's a possible fill that folks have procured modules for these projects already, for projects that we have not received yet in a backlog or awarded order. Look, of all the things that we hear in terms of delays via interconnections, site permitting, equipment availability, modules has not bubbled up to a concern at this point.
spk08: Great. Thanks for the caller. Shifting to a few housekeeping questions here, was wondering if you might be able to give us a little bit of the cadence of Q3 versus Q4 revenue after you factor in Q1 and Q2. You know, it's roughly $140-ish million per quarter revenue. or do you think it kind of ramps up from Q2 to Q3, and then we have a larger Q4? And then finally, Brandon, you talked about the progress you're making in the CNI segment, and we could see some developments and impact by year end of this year. Is there any way you can quantify that? Thanks.
spk00: So, Phil, this is Dominic. Let me take the pacing first. Yeah, we've I adjusted the annual and we're going to provide quarterly guidance. We have not given specifics yet to three and four. At this point in time, I think the expectation would be that it's relatively even, but we have not given anything very specific yet. So, appreciate your patience on that one. And I'll let Brandon answer things about the CC&I space.
spk05: So, great question about CC&I. We're excited about this space. I think it is fantastic timing for us to not only have the ability to capture more share, but the changes that are happening really via load growth, particularly in the U.S., the substantial growth that's going on with data center builds primarily due to AI. I think that's going to drive a lot of distributed generation in the future, which fits well with this CCNI product portfolio. Look, I would think for 2024, we are moving very fast. We're very excited about the opportunity in front of us to get the product set right. We have developed a specific team to begin cultivating the market in the CCNI space. And the team is out in the market, again, working on the right product set and creating relationships with potential new EPCs that Shoals has not done business with in the past, and I've been engaged in some of those conversations personally. I think you're going to see some traction in the back end of 2024, but the meaningful progress will be made in the 2025 timeline because, again, we've got to put together a new product set and have a new team focused on it. The product set specifically, just to be clear, not a huge departure from what we do today. We're just, you know, it's the same basic core products, just looking for our optimal product set to bring to market. So we, again, are very excited about it. Thanks, Phil.
spk04: Our next question comes from Andrew Coro with Morgan Stanley. Please proceed with your question.
spk11: Great. Thanks so much for taking the question. I do have another follow-up question here on the bookings number and backlog. I mean, totally understand that there's a lot of strong tailwinds here related to renewable energy demand, whether it be data centers or entouring of manufacturing. But if I just look at the first quarter bookings number, it looked relatively light compared to kind of the first quarter of last year or even the fourth quarter of last year. Can you just discuss what's driving that? Is it mostly customers just hitting pause while they wait to get most of the projects that they're currently in their pipeline online? Or is it Is there anything else underlying that softness this quarter? And I have one follow-up. Thank you.
spk05: Yeah, thanks. Great question. Yeah, love to talk through this a bit. So total backlog in awarded orders is mentioned 615 million, which is a nice increase over the first quarter of last year. What I do want to point out is that our project awards were consistent with past quarters. What was unusual for us is we have had some projects that in at least one case were canceled and a handful of projects that pushed back into our sales funnel. So, you know, you can think of that number being around $60 million. So I think if you take that $60 million and you add it to our our net new bookings, which were at $75 million, you'd see that we've got, you know, kind of a normalized quarter of project inflow, you know, into our BLAO pipeline. So not abnormal. What was abnormal is having some things shift back up in the funnel and then in one, at least one instance, project canceled. The good news is, is the things that, the project that moved back up into the funnel, uh we feel very good about our opportunity to go after that business again whether it's with the same epc or a different epc also would love to point out from a quote standpoint again we are seeing record quote volume and that is both on the number of quotes and the total dollars of quotes so The inbound demand is certainly very strong, and I think, again, we're in a volatile time. I look at this as being a transitory period of volatility and excited about the growth ahead.
spk11: Understood. That's really helpful. And my one follow-up, really helpful disclosures in the deck as it relates to kind of shipments and REVREC versus COD. I know you're not providing 2025 guidance, but I'm just going to take a crack at a question here anyway. If you look at this Wood-McKenzie SCIA forecast for 2026 growth, it's implying relatively soft growth. Is that a proper way to think about your 2025 top line growth? I know there's potentially some market share opportunities at play as well, but if there's any additional context you can provide in terms of how we should be thinking about a normalized growth rate beyond 2024, that'd be super helpful. Thank you.
spk00: Sure, Andrew. Yeah, you're right. You said at the beginning we haven't discussed 25 or 26 guidance yet. We're very excited to be sharing more information at our analyst day in early September. But there's a couple things I want to point out. Some of the projects that we've talked about in 24 are pushing into 25. You know, assuming those projects are still going forward, that would be a natural growth year over year that you'd expect to see on top of something that we're going to get organically. Another thing is the growth that we see in the CCNI space and international is not reflected in the domestic utility-scale solar pieces. So we have other growth pillars to go on. We look forward to sharing more with you in our September analyst day.
spk04: Our next question comes from Brian Lee with Goldman Facts. Please proceed with your question.
spk10: Hey, guys. Good afternoon. Thanks for taking the questions. Real quickly, just on Andrew's question, Brandon, I wasn't following totally. The $60 million... that you referenced, which was inflow. It sounded like that was an order, which you had, but then went back into the sales funnel and then it was an order you had, but then the project got canceled. All that happened within the quarter. So you would have had 135 million of net orders. I just wanted to understand what that $60 million is referencing.
spk05: Yeah, Brian. I'm happy to clarify. Yeah. So we're talking about a handful of projects here. Uh, not just one project. Um, So yes, I mean, in the quarter we had a project cancel and we had a handful of projects that would have been included in our backlog and awarded orders number that we moved back into the sales funnel, which is very unusual for us because of questions about the project. So that equated to about $60 million. If you think of our... our net new backlog and awarded orders that we talked about was $75 million. So yes, so you're right with the math there, 60 plus to 75.
spk10: Okay, that's helpful. I just wanted to clarify that. And then maybe just one more math question and I'll pass it on. I think you said $204 million of your backlog and awarded orders is for beyond 2024 delivery so you know my math is right that means there's about 400 million dollars plus which presumably is for 2024 delivery and and you just did 90 million dollars of revenue in q1 and the midpoint of guidance is 465 so are you assuming more of that 410 million or so that's remaining for 24 deliveries doesn't actually play out in 24 and and I guess the secondary question to that would also be are you not assuming any go-get revenue, which I know you get pretty much some tens of millions of dollars of go-get revenue every year. But just be curious if you could reconcile that a little bit. Thank you.
spk00: So, Brian, this is Dominic. Let me handle that one. You're absolutely right about the math. And at the end of the quarter, that was the math that would indicate that, hey, you should have about $500 million, right, of revenue in the year. In April, there was additional project pushes. So we referenced $50 million worth of projects that pushed from the year. It didn't all happen in Q1. Some of that has happened through April as well. So the number is a little bit south of that 410 that's left in the awarded orders and backlog status. And as we go through the year, the amount of time to book and bill in these projects starts to decrease. And so we now are looking at things that we can really add towards the tail end of Q3 and into Q4. But we believe that there's, you know, some projects will still likely move. We'll continue to backfill and replace those projects as we did. We added $135 million worth of new projects because 60 million of them actually pushed out. It makes the numbers look lower in Q1. So we're just trying to give you a very realistic guidance range that we believe is comfortable and achievable. And we intend to deliver on those numbers.
spk04: Our next question comes from . Please proceed with your question.
spk06: Hey, Karim, and thanks for taking the question. Just a question on the pushouts. Could you talk about the nature of them? Are these looking for months or quarters of pushouts into the next year? And as you can think about 25 to 26 growth versus some of the forecasts out there, could you talk about any other levels which you have either international sales or increasing the wallet for water per project or any other levels for you guys here?
spk05: Maheed, thanks. Yeah, as mentioned, look, 37% of our projects is shifted at least by a month. And as mentioned, we push $50 million worth of projects out of the year into 2025. So, you know, some substantial projects pushes, and that is obviously impacting our number more than anything this year. You know, as it relates to 25 and 26, again, we're not going to comment or guide on that, but certainly, we're driving an international strategy. As we mentioned, there's 63 gigawatts of available market opportunity out into 2025 for us. We're really pleased with our approach and progress, really, in the international space. As we mentioned, In prior calls, we've got about $78 million of orders on the books to ship internationally. So we're excited about that opportunity and obviously excited about the CCI opportunity that we talked about before. Having said that, as we move out into 25 and 26, you know, I understand the Wood Mac data, that base case is – Probably not as exciting as we've seen in prior years as it relates to the solar market, but what we are very excited about is the load growth in the United States. We've had a period of about five years of no load growth in the U.S., and we're entering a period where we've got a projected 4.7% load growth. We've seen some exciting things in the news recently. You guys have probably all seen the Brookfield Microsoft deal that was announced, 10.5 gigs. If you've listened to the Quanta earnings call, they mentioned the boom in data centers and customers coming at them with 100 gigawatt opportunities. The data center space alone, we look at over the next four years, that low growth potentially doubling from 70 to close to 140 gigawatts. We are excited about the future in the U.S., but that load growth is going to break the solar generation space. The limiting factor on all this growth is labor, and Shoals is uniquely well-positioned to solve that problem for folks. So, you know, I know the forecasts are tough and the Wood Mac information and others, but we really are excited about what we're seeing in the broader macro area. around power demand.
spk06: Thanks for that. And then just like one small one on just on new backlog or new bookings, given you talked about your backlog is mostly for COD next year or REVREC is for COD next year. Are bookings mostly for late 25, 26 now or how do you think about that here?
spk05: As Dominic was mentioning, we've got some opportunity here still for book and bill that will impact 2024, or could impact 2024. But yeah, you're right. I mean, the vast majority of our project, and I think we put some materials, or I know we put some materials out in the deck that shows the difference between Project COD and our Rev Rec. So on average, it's about 13 months. But you've got some outliers there that stretch out as far as two years.
spk04: Our next question comes from Jordan with Truist Securities. Please proceed with your question.
spk09: Afternoon, all. Appreciate all the details. Maybe, and you might have hit on this and I may have missed it, but maybe can you just talk about any change in the competitive environment on the e-bus side, if there's been any, and how you see that evolving?
spk05: Jordan, thanks for the question. Look, no dynamic changes in the competitive market. We still believe that our best opportunity for growth is to really replace the traditional install methods of home runs, combiner boxes, and doing field installs. We still are huge advocates, obviously, that we've got the best solution in the marketplace. We've got the best We have the best IP, which we are obviously in the process of protecting. So still all good news on the competitive landscape as far as things go here at Schultz.
spk09: Appreciate that. And maybe just as a follow-up, as it relates to kind of the sales side of things, as you kind of look to go more into the international market, I know that's been an initiative for a while now. And also with the CC&I side of things, just curious if you, you think the sales organization is right size right now or does that kind of need to scale up as well?
spk05: Yeah, I think, look, we've changed a lot of things around here related to our commercial organization in call it the last six months, not just the sales organization specifically. We're making investments in our marketing function. We're making investments in our product line management function. But as it relates specifically to the commercial organization sales, yeah, we've made some investments. We've hired a GM of our international business who is now leading that effort for us cross-functionally from a manufacturing ops standpoint and even from a product standpoint as well. We have put in place a dedicated CCI team. Again, a little different sales cycle there and potentially could be even a different go-to-market structure than we have historically participated in the utility scale space. So we're excited about those investments. Even on our core utility scale side, again, we're market leaders. We have changed our sales organization to a pod structure. And our goal is to increase touch points with our customers, and not just the touch points of our salespeople, but the different functions that interact and engage with these large EPCs. It could be something as simple as legal. When we sign up a deal with an EPC, there's a contract. So we're trying to give our customers great touch points with our entire organization and then also see familiar faces each and every time they transact business.
spk04: Our next question comes from Christine Cho with Barclays. Please proceed with your question.
spk01: Good evening. Thank you for all the color today. I just wanted to touch on slide 15 here, you know, the slide where it delineates the projects that are on schedule delayed six months or delayed less than six months. And in 2023, we see, you know, these projects increasingly become more delayed more than six months. So just trying to clarify what that meant exactly for you. Did that mean that, you know, in 2023, customers took delivery of your product and are delayed getting the project to the finish line? Or was it the other way around in that because projects were delayed, they weren't taking delivery of your product until they had better line of sight? And ultimately, I'm just trying to, I guess, On the slide prior to that, you know, the 50% revenue growth in 23, but only having 26% year over year growth in utility scale installations in 24. You know, I guess, you know, that could be market share gains, but I'm also, I guess, trying to figure out how much of that was, you know, your customers taking delivery of the product maybe a little earlier than they normally would have.
spk00: So, Christine, this is Dominic. Let me answer a couple of those. On the slide deck, when we look at the project delays, and we took all the EIA data from Form 860, you're right that it has been a trend that has been growing with projects being delayed. What we see also, by the way, is all new projects that are being added into the funnel at EIA on Form 860s, on their initial reports, they may have COD target dates of 2026 or 2027. They're naturally going to be on time. So what we have seen is an increase in projects that are being delayed and we've seen the push outs. It really started manifesting itself for us largely in Q4 because there was a lot of growth coming in that was just kind of masking some of the delays that we were seeing. In no case are we aware of any customers agreeing to take product early. Our products are shipped over a period of weeks to the sites where they're installed directly on sites in construction. So if a project is being delayed and construction is being halted or they have a permitting issue and we're being told to delay for 30, 60, or 90 days, that length of time is going to increase and we're just going to have to wait for our revenue recognition until they're ready to receive product. We have seen the length of time from the time we've initially quoted something to the time a purchase order comes in and revenue is recognized increase over the past six months. we have probably added a full quarter of visibility now, and it's lengthening as these projects are sitting out there longer. So the project delays, we believe, are very real. We're experiencing them here, and we just tried to show the color of how that is manifesting itself with some public data.
spk01: Okay. Thank you for that. And then just wanted to go back to your earlier comments about, you know, some of your bookings and projects getting canceled and pushed back into the funnel. Can you just talk exactly about what drove that? I understood that if they got to awarded orders and things like that, that so much time and energy had been spent getting to that point that it was very rare to have something canceled. So just more color on that would be helpful.
spk05: Yeah, you're exactly right, Christina. It has been very rare that something like this has happened, unprecedented, really, for what we've seen historically at Scholl's. We had one order cancel, as I mentioned, and that was with a fantastic customer, quite honestly. So it's something that we've not seen in the past. Again, as a reminder, when we talk about an awarded order, we're in a position where we've got a verbal agreement and we're 70% through the design process with a customer. And so if the customer is moving forward with the project, we've got that order with the customer. So in these very few cases that we've seen, the site, the project, either was pushed back or canceled, or we have had a situation where the EPC did not move forward with the project for a variety of reasons. So again, unprecedented for us, not something we've experienced in the past, but I do want to make sure that everybody understands that our inbound order flow, again, was normal and consistent with what we've seen in the past.
spk04: Our next question comes from Donovan Schaefer with Northland Capital Markets. Please proceed with your questions.
spk07: hey guys and thanks for taking questions so uh first i want to ask with just having the slowdown that you're seeing right now and you know that resulting in lower fixed cost absorption and some maybe lower utilization at your facilities and whatnot my question is are you is there a material portion of your resources that you are able to redirect in some way on the other initiatives. You know, like if you have a sales folks that are well-versed and have contacts on the U.S., you know, maybe you're not able to kind of pivot them temporarily to focusing on international. Maybe you are. I'm just kind of curious if, you know, sometimes there can be a silver lining sometimes, right? If something like this gives you an opportunity to throw more at other things or people you already have under your roof? Is there something you're able to do or are the skill sets quite specialized and geographically focused?
spk00: Sure, there's a couple things, Donovan. I think that, this is Dominic, by the way. Yeah, thanks for that question. From a cost of good sales standpoint, we had ramped up and we're ramping up significantly in Q4 to be prepared for the business. And so some of our gross margin, we had some labor ready on the floor that we don't want to whip software short-term scenario. And similarly, with our salaried Salesforce and our salaried team members, we don't want to be that abrupt and swing quarter to quarter based on short-term results. Brandon, would you like to add a little bit more to that?
spk05: Yeah, Donovan, you know, most importantly, look, we're looking at these project delays and the turbulence that we have in the market is short-term. In no way, shape, or form are we cutting back resources. to serve our utility scale, our core of core customers here domestically. In fact, we're doing the opposite. You know, we're increasing touch points. We're increasing visibility with our customers. So, you know, again, as Dominic alluded to, I think in the plant, you know, you're always looking for ways where you can shift labor and, you know, spread your absorption a little bit. But with our salaried staff, again, we're peddled down and focused on growth mode and focused on this low growth that is coming.
spk07: Okay. And then as a follow-up, the last questioner pointed out the things around timing, the 50% growth in 2003 compared to the installed capacity growth, 24, and things like that. There's kind of a lot of moving parts, but what I'd like to get is is kind of strip as much of it as possible and kind of directly as possible to kind of ask the question around market share where if we took, to make it apples to apples and took like the core offering, like let's call it, you know, BLA or combiner boxes, you know, like the things that people use out in the field to connect the whole market you know, like a million panels into some bank of inverters to collect all of that. That set of apparatus stripped down to kind of its core, is your position still that, you know, your market share from the time of the IPO has, you know, has increased, held the same or decreased, and specifically just the U.S., if we just talk about that? Just trying to get the essence of it.
spk05: I think you said it very well. You know, we made some comments in our prepared remarks of what sales outside of our core domestic utility scale solar was in 23 and what it represented in the first quarter of 2024. So, I think you could classify virtually all of these sales to related to domestic utility scale solar. There has been some instances where we've written some large projects internationally over the course of the period that is outlined on page 14. But on the aggregate, the vast majority of the sales have come from U.S. domestic solar. So I think the comp of 40 percent growth over a period of 20 percent growth is correlated.
spk04: We have reached the end of our question and answer session. I would now like to turn the floor back over to Brandon Moss for concluding comments.
spk05: Yeah, I'd just like to thank all of you for joining us today and for the thoughtful questions. And Dominic, Matt, and I look forward to seeing all of you in person, really, at upcoming conferences. So thanks for the time today. Appreciate all the questions.
spk04: This concludes today's conference. Thank you for your participation. You may disconnect your lines at this time.
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