But we think that will change over time as customers come to realize the strength of our technology and the importance of the tracker in terms of being designed for a 40 year design life like ours is with the highest quality components, the best reliability, the best performance track record. And the owners of these projects will increasingly drive and the choice of Nextracker being the most reliable and most trusted partner. We’ve seen that in the United States, we think that’s part of our traction. We believe we’re going to see that more and more internationally as time goes on. One thing, I want to note. Dan mentioned that we’ve shipped over 90 gigawatts in the company’s history. Two-thirds of those gigawatts is just in the last three years.
So when you think about the S curve and the adoption rate and how we’re going off that in the experienced space, it will pull increasingly more towards quality, a flight to quality over time. And that’s played out in the U.S. already, which is our home market. It will play out internationally as well. Thanks for your question.
Daniel Shugar: I’d like to pile what Howard said, which is this, it’s around our philosophy for how we design, how we build, how we serve customers. I can tell you what Nextracker is not going to do. We’re not going to cut any quarters on a product quality, design philosophy. You won’t be seeing Nextracker’s shipping lead acid batteries in any of our controllers. doing any quarter cutting on our product. We will be maintaining the highest standard. Make sure that trackers perform. And that we really set a standard, not only for Nextracker but that solar power systems are the highest performing reliable systems in power generation.
Howard Wenger: Thanks, Julian.
Operator: Our next question today comes from Philip Shen with ROTH. Please proceed.
Philip Shen: Hey, guys. Congrats on a great quarter. Just a quick follow-up on Julien’s last question there. Specifically for Q3 was international mix down due to seasonality or is it more just strength in the U.S. market. Or was there some slowdown in international growth. And then what is your expectation for the international versus U.S. mix for FQ4? Thanks.
Howard Wenger: So let’s just start for the full year, Phil. We expect to land at roughly one-third, two-thirds for the full fiscal year ’24. Okay. So, on balance, you’ll see for Q4, numbers that are closer to that. And so, we — the U.S. market just is very strong right now. And customer are accelerating certain projects and that’s what we saw this quarter. And when we can make a difference, right. If you’ve got one out of 13 weeks, you have some significant projects getting more products this way versus next, the next week for falling out of — into the subsequent quarter and it can change that ratio, but we’re stable at one-third and two-thirds. Yeah, [Multiple Speakers] and I do want to note that new international business is up. International business is up, year-on year, quarter-on-quarter in terms of bookings and revenue.
Philip Shen: Got it. Thanks.
Howard Wenger: So, no slowdown there.
Philip Shen: As it relates to booking – [Multiple Speakers] Right. No slowdown. You guys are doing very well with your bookings and your record backlog, which would assume at least $710 million in bookings, I think for FQ3. I was wondering if you could give us just a little bit of color on do you think the FQ3 bookings were closer to $1 billion or maybe closer to $750 million. And then, to what degree can you share any color on what you see for calendar ’24 or better yet fiscal ’25. I know you have no official guidance, but the reality is, you guys have very long lead times. And you should have good visibility to the degree you can kind of talk through that would be really helpful. Do you expect the bookings strength to continue? Do you expect to be able to continue to hit these record backlog numbers in the coming quarters? Thanks, guys.
Howard Wenger: We’re going to get more detail on the next call as to where we landed on backlog for the year, we mentioned that. I think last quarter, the quarter before that we would be on an annual basis providing more detail on backlog and then quarter-to-quarter some directional guidance. So, I just want to say on the bookings and the bookings strength very consistent for since we’ve been public company, each quarter that we’ve reported, our bookings in totality worldwide EPC and BCA business, very consistent. Each quarter in terms of magnitude and very strong. each quarter. Reflecting strong demand globally. Thanks for your question, Phil.
Daniel Shugar: And just on the longer-term, Phil. In my prepared remarks, I noted that the EIA is forecasting a 26% annually compounded growth in solar and states. Does that — that sounds very high rate. Well, Nextracker’s demonstrated 30% annually compounded growth for five years and up. So it is definitely in the realm of possibility, but the United States in particular is going to need a ton of power. So there’s a huge opportunity here not just for Nextracker but the whole solar power industry, other tracker companies, new tracker entrants, new solar panel companies, new power electronics companies, new EPCs to really engage in the market. And we need — we need additional companies. And companies that are serious about performing and delivering high quality products across the value chain.
