FTC Solar, Inc. (NASDAQ:FTCI) Q1 2022 Results Conference Call May 10, 2022 8:30 AM ET

Company Participants

Bill Michalek - Vice President, Investor Relations

Sean Hunkler - President and Chief Executive Officer

Phelps Morris - Chief Financial Officer

Patrick Cook - Chief Commercial Officer

Conference Call Participants

Philip Shen - ROTH Capital

Maheep Mandloi - Credit Suisse

Pavel Molchanov - Raymond James

Julien Dumoulin-Smith - Bank of America

Donovan Schafer - Northland Capital

Kashy Harrison - Piper Sandler

Operator

Good day and thank you for standing by. Welcome to the FTC Solar First Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference maybe recorded. [Operator Instructions]

I would now like to hand the conference over to your host today, Bill Michalek, Vice President, Investor Relations. You may begin.

Bill Michalek

Thank you, and welcome everyone to FTC Solar's First Quarter 2022 Earnings Conference Call. Prior to today's call, you've likely had an opportunity to review our earnings release, supplemental financial information and slide presentation, which were posted earlier today. If you've not yet reviewed these documents, they are available on the Investor Relations section of our website at ftcsolar.com. I

'm joined today by Sean Hunkler, FTC Solar's President and Chief Executive Officer; Phelps Morris, the Company's Chief Financial Officer; and Patrick Cook, Chief Commercial Officer.

Before we begin, I remind everyone that today's discussion includes forward-looking statements based on our assumptions and beliefs in the current environment and speaks only as of the current date. As such, these forward-looking statements include risks and uncertainties, and actual results and events could differ materially from our current expectations. Please refer to our press release and other SEC filings for more information on the specific risk factors.

We assume no obligation to update such information, except as required by law. As you'd expect, we'll discuss both GAAP and non-GAAP financial measures today. Please note that the earnings release issued this morning includes a full reconciliation of each non-GAAP financial measure to the nearest applicable GAAP measure. In addition, we'll discuss our executed contracts and awarded orders, and our definition for this metric is also included in our press release.

With that, I'll turn it over to Sean.

Sean Hunkler

Thanks, Bill, and good morning, everyone. Before I go into our highlights, I thought I'd address the topic on everyone's mind in our industry, and that's the current market environment with AD/CVD. Since our last update in mid-March, steel and freight are both off their highs, although still elevated. But those aren't the main drivers in the industry. Module availability is the key limiting factor to solar industry growth in the U.S. in the near-term. Customers were already facing supply limitations due to WRO, which had the effect of significantly limiting imports as producers either limited or stopped shipments and idle production as they worked to provide sufficient documentation to avoid detention of the ports.