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    Mark W. Strouse • JPMorgan Chase & Co.

    Mark W. Strouse's questions to GE Vernova Inc (GEV) leadership

    Mark W. Strouse's questions to GE Vernova Inc (GEV) leadership • Q1 2025

    Question

    Mark W. Strouse requested more detail on the 21 gigawatts of Power segment slot reservations, specifically asking about the breakdown by customer type, such as data centers, and by geography.

    Answer

    CEO Scott Strazik clarified that of the total 50 gigawatts under contract (backlog plus reservations), approximately 60% is in the U.S. He noted that while the existing backlog has negligible data center exposure, about one-third of the 21 gigawatts in slot reservation agreements is directly tied to the data center build-out.

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    Mark W. Strouse's questions to GE Vernova Inc (GEV) leadership • Q4 2024

    Question

    Mark W. Strouse of JPMorgan Chase & Co. questioned the customer response to recent gas power price increases and inquired about any plans for further pricing actions.

    Answer

    CEO Scott Strazik stated that while explicit orders were light post-holidays, the intensity of bidding activity is high. He emphasized that customer discussions are more focused on securing capacity and fulfilling power needs for '28-'29 rather than the 'last dollar of price,' indicating that securing premium slots is the main event.

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    Mark W. Strouse's questions to Enphase Energy Inc (ENPH) leadership

    Mark W. Strouse's questions to Enphase Energy Inc (ENPH) leadership • Q1 2025

    Question

    Mark W. Strouse sought confirmation that the new battery supply chain would use the same LFP chemistry without a major product redesign. He also asked why the Q2 guide was based on 80% booking, which is lower than the 85% mentioned in recent quarters.

    Answer

    President and CEO Badri Kothandaraman confirmed the plan is to stick with LFP chemistry and avoid a major redesign, although standard qualifications for new cells are required. He explained that the 80% booking figure is healthy and not a concern, as the timing of this earnings call was earlier in the quarter compared to the previous one.

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    Mark W. Strouse's questions to Shoals Technologies Group Inc (SHLS) leadership

    Mark W. Strouse's questions to Shoals Technologies Group Inc (SHLS) leadership • Q4 2024

    Question

    Mark W. Strouse of JPMorgan Chase & Co. asked about the overall bidding activity since the ITC case reversal in January and whether new EPC customers were reversing course. He also requested more color on the 2025 cash from operations guidance.

    Answer

    CEO Brandon Moss affirmed that the order book remains strong, citing a 1.4 book-to-bill in Q4, and that progress with new customers is continuing unabated. CFO Dominic Bardos clarified that the 2025 cash from operations guidance is lower due to the back-half loaded revenue schedule, which requires significant working capital investment in the first half, thus delaying cash collections.

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    Mark W. Strouse's questions to Shoals Technologies Group Inc (SHLS) leadership • Q3 2024

    Question

    Mark W. Strouse asked for more color on why Q3 adjusted gross margins came in below the target range, specifically questioning the nonrecurring operational items.

    Answer

    CFO Dominic Bardos explained the margin pressure was due to a combination of elevated labor costs to manage volatile revenue, expedited freight charges, and other temporary supply chain inefficiencies. He emphasized these were not long-term issues and reaffirmed the company's long-term adjusted gross margin target of 40% to 45%.

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    Mark W. Strouse's questions to Solaredge Technologies Inc (SEDG) leadership

    Mark W. Strouse's questions to Solaredge Technologies Inc (SEDG) leadership • Q4 2024

    Question

    Mark Strouse requested an update on European pricing actions and their expected normalization timeline. He also asked if the company will continue to provide information on 45X tax credit generation.

    Answer

    CEO Yehoshua Nir explained that the results from recent pricing promotions are expected in Q2, and no further significant moves are planned until then. CFO Ariel Porat confirmed that while cash flow from 45X transfers will become part of normal business, the amount of credits generated will still be disclosed in 10-Q filings.

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