Ascent Solar Technologies Inc (ASTI) 2011 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the second-quarter 2011 Ascent Solar Technologies earnings conference call. My name is Jen and I will be your conference moderator for today's call. At this time all participants are in a listen-only mode.

女士們、先生們，下午好，歡迎參加 Ascent Solar Technologies 2011 年第二季度收益電話會議。我叫 Jen，我將擔任今天電話會議的會議主持人。此時所有參與者都處於只聽模式。

We will be facilitating a question-and-answer session towards the end of today's conference.

我們將在今天會議結束時安排問答環節。

(Operator Instructions)

（操作員說明）

As a reminder this conference is being recorded for replay purposes. The replay will be available until August 22, 2011, via Ascent Solar website at www.AscentSolar.com; or by dialing within the US at (855) 859-2056; or if dialing internationally, (404) 537-3406. The replay passcode is 91700363.

謹此提醒，本次會議正在錄製以供重播之用。重播截止日期為 2011 年 8 月 22 日，可通過 Ascent Solar 網站 www.AscentSolar.com 觀看；或在美國境內撥打 (855) 859-2056；或者，如果撥打國際電話，請撥打 (404) 537-3406。重播密碼為 91700363。

I would now like to turn the presentation over to your host for today's call, Mr. Ron Eller, President and CEO of Ascent. Please proceed.

現在我想將演講內容交給今天電話會議的東道主，Ascent 總裁兼首席執行官 Ron Eller 先生。請繼續。

Thank you, Jen. Good afternoon, everyone, and thanks for joining the second quarter earnings call of Ascent Solar. My comments today may be what the SEC considers forward-looking statements, which are subject to a number of risks and uncertainties. I refer you to our latest Forms 10-K and Form 10-Q for more information on those factors.

謝謝你，珍。大家下午好，感謝您參加 Ascent Solar 第二季度財報電話會議。我今天的評論可能是美國證券交易委員會認為的前瞻性陳述，這些陳述受到許多風險和不確定性的影響。我建議您參閱我們最新的表格 10-K 和表格 10-Q，了解有關這些因素的更多信息。

Today is an very exciting day for Ascent. We announced a transformational strategic alliance with TFG Radiant Group of Asia. This is quite important and has a number of implications for us. I will talk more about this alliance after the numbers.

今天對於 Ascent 來說是非常激動人心的一天。我們宣布與亞洲 TFG Radiant Group 建立轉型戰略聯盟。這非常重要，對我們有很多影響。我將在數字之後更多地談論這個聯盟。

Let me highlight a few financial metrics. The details are in our Form 10-Q filed this afternoon. We finished the quarter with $24.9 million in unrestricted cash and investments. Revenue in Q2 was $1 million, the bulk of which was R&D revenue. This compares to $446,000 we reported in Q2, 2010 and was approximately equal to revenue in Q1, 2011.

讓我重點介紹一些財務指標。詳細信息位於我們今天下午提交的 10-Q 表格中。本季度結束時，我們擁有 2,490 萬美元的非限制性現金和投資。第二季度收入為 100 萬美元，其中大部分是研發收入。相比之下，我們在 2010 年第二季度報告的收入為 446,000 美元，大約等於 2011 年第一季度的收入。

The net loss for Q2, 2011 was $85.1 million, the majority of which is related to an impairment as compared with a net loss of $7.7 million in Q1, 2011. Excluding the non-cash impairment charge, the net loss was $7.2 million. We used about $5.1 million of cash in operations in Q2 down from $7.5 million in Q1.

2011 年第二季度的淨虧損為 8510 萬美元，其中大部分與減值有關，而 2011 年第一季度的淨虧損為 770 萬美元。不包括非現金減值費用，淨虧損為 720 萬美元。我們第二季度的運營現金使用量約為 510 萬美元，低於第一季度的 750 萬美元。

The $78 million non-cash impairment charge taken this quarter was the result of an accounting adjustment that does not impact our cash position or the usability of the assets. The impairment relates to changes in market conditions particularly as they relate to average selling prices for photovoltaic modules.

本季度採取的 7800 萬美元非現金減值費用是會計調整的結果，不會影響我們的現金狀況或資產的可用性。該減值與市場條件的變化有關，特別是與光伏組件的平均售價有關。

Last quarter we took a number of actions to reduce structural costs and focus the Company on markets with higher average selling prices. These structural cost changes have been fully implemented. Our focus is on continuing to perfect our manufacturing processes while we work to develop customers and products focused on the specialty markets.

上季度，我們採取了一系列措施來降低結構性成本，並將公司的重點放在平均售價較高的市場上。這些結構性成本變化已得到全面實施。我們的重點是繼續完善我們的製造工藝，同時努力開發專注於專業市場的客戶和產品。

In addition to our internal work and work with partners, you may have seen last week that we launched a university contest focused on creating innovative ideas for portable power with the goal to find applications that are uniquely able to take advantage of our lightweight, flexible photovoltaic modules. This contest will run through the 2011/2012 school year with the winning designs announced in the spring.

除了我們的內部工作以及與合作夥伴的合作之外，您可能上週已經看到，我們發起了一場大學競賽，重點是為便攜式電源創造創新理念，其目標是找到能夠獨特地利用我們的輕量級、柔性光伏發電的應用模塊。該競賽將貫穿 2011/2012 學年，獲獎設計將於春季公佈。

During the quarter we shipped product to about 40 existing and potential customers. Some of the product shipments were non-revenue for prototyping activities. We also continue to work with our tier 1 partners in the building integrated market with the expectation of having products ready in 2013 and beyond. As noted last quarter, we will continue to modulate our production in line with demand from the specialty markets and prototype activities.

本季度，我們向大約 40 個現有和潛在客戶發貨了產品。部分產品出貨量並未為原型製作活動帶來收入。我們還繼續與建築集成市場的一級合作夥伴合作，預計在 2013 年及以後推出產品。正如上季度所指出的，我們將繼續根據專業市場和原型活動的需求調整我們的生產。

The manufacture of photovoltaic modules is a capital intensive business. Our unique technology enables the manufacture of differentiated photovoltaic products that have high power density, are light in weight, and are flexible. We believe over time markets of substantial size will exist requiring significant additional production capacity. We also believe that over time significant production volumes will be required to achieve appropriate product costs.

光伏組件的製造是一項資本密集型業務。我們獨特的技術能夠製造具有高功率密度、重量輕且靈活的差異化光伏產品。我們相信，隨著時間的推移，規模巨大的市場將會存在，需要大量額外的產能。我們還相信，隨著時間的推移，將需要大量生產才能實現適當的產品成本。

We intend to augment our own manufacturing, product development, and distribution capabilities by licensing our proprietary technology and manufacturing processes to others. We plan to continue to manufacture at our current facilities with production focused mainly on the specialty and defense markets, which we believe will have more attractive average selling prices. We plan to have significant future production capacity enabled through partnerships, joint ventures or other commercial or licensing arrangements. We expect such arrangements will transform our business model to one that is focused on development of technologies and manufacturing processes.

我們打算通過向他人許可我們的專有技術和製造工藝來增強我們自己的製造、產品開發和分銷能力。我們計劃繼續在現有工廠進行生產，生產主要集中在特種和國防市場，我們相信這些市場的平均售價將更具吸引力。我們計劃通過合作夥伴關係、合資企業或其他商業或許可安排實現未來的大量生產能力。我們預計此類安排將把我們的業務模式轉變為專注於技術和製造工藝開發的業務模式。

We plan to enable partners to commercialize such technologies in exchange for license fees, royalties, consulting revenues, non-recurring engineering fees, milestone payments, and other similar arrangements. We plan to select our partners based on their capabilities in volume manufacturing, application development, marketing, distribution, sales and service for the relevant technologies, markets and geographies.

我們計劃使合作夥伴能夠將此類技術商業化，以換取許可費、特許權使用費、諮詢收入、一次性工程費、里程碑付款和其他類似安排。我們計劃根據合作夥伴在相關技術、市場和地區的批量製造、應用開發、營銷、分銷、銷售和服務方面的能力來選擇合作夥伴。

Consistent with this change in strategy, today we announced a strategic alliance with TFG Radiant Group of Asia. TFG Radiant Group is a joint venture of Radiant Group and Tertius Financial Group, a private investment firm based in Singapore.

與這一戰略變化相一致，今天我們宣布與 TFG Radiant Group of Asia 結成戰略聯盟。 TFG Radiant Group 是 Radiant Group 與新加坡私人投資公司 Tertius Financial Group 的合資企業。

The Radiant Group of Companies began business in 1997, initially in the construction industry in China and has grown to comprise a number of businesses, including construction, import, exports, real estate, project management and renewable energy. The construction business includes the Radiant Roofing business, which is one of the largest, metal roofing and facade manufacturers in China. Through the rest of the call, I will refer to the TFG Radiant Group as Radiant.

Radiant集團於1997年開始在中國開展業務，最初從事建築行業，現已發展到涵蓋建築、進出口、房地產、項目管理和可再生能源等多項業務。建築業務包括輻射屋頂業務，該業務是中國最大的金屬屋頂和幕牆製造商之一。在接下來的通話中，我將把 TFG Radiant Group 稱為 Radiant。

This strategic deal has been in the works for some time involving the hard work of a number of people. Before I describe the details, I particularly want to thank Chu [Gaou], Chairman of Radiant Group; Inbo Lee, CEO of Radiant; and Victor Lee, CEO of Tertius Financial Group. I also want to thank Gary Gatchell and Kwang Lee in my team, our new Chairman Dr. Amit Kumar; and the rest of our Board of Directors; our largest shareholder Norsk Hydro, and their Board representative Hans Olav Kvalvaag, and the rest of the internal and external team that made it possible to complete this agreement.

這項戰略交易已經醞釀了一段時間，涉及許多人的辛勤工作。在描述細節之前，我特別要感謝瑞儀集團董事長楚高鷗； Inbo Lee，Radiant 首席執行官；以及Tertius Financial Group首席執行官Victor Lee。我還要感謝我的團隊中的 Gary Gatchell 和 Kwang Lee，以及我們的新任主席 Amit Kumar 博士；以及我們董事會的其他成員；我們最大的股東 Norsk Hydro、他們的董事會代表 Hans Olav Kvalvaag 以及使本協議得以完成的內部和外部團隊的其他成員。

This strategic partnership is intended to drive significant adoption of our CIGS technology, especially into the East Asia markets. The alliance comprises several features and the potential investments in and payments to Ascent, plus investments Radiant has committed to make into the first licensed fab, could total more $450 million.

這一戰略合作夥伴關係旨在推動我們的 CIGS 技術的廣泛採用，特別是在東亞市場。該聯盟包括多項功能，以及對 Ascent 的潛在投資和付款，加上 Radiant 承諾對第一家授權晶圓廠進行的投資，總計可能超過 4.5 億美元。

While we continue to ramp our current Colorado production lines based on demand, this arrangement enables us to work with a key partner to build the first non-US and largest CIGS fab based on Ascent's unique, flexible, monolithically integrated technology.

雖然我們繼續根據需求擴大現有的科羅拉多州生產線，但這種安排使我們能夠與關鍵合作夥伴合作，基於 Ascent 獨特、靈活、單片集成技術建造第一家非美國和最大的 CIGS 工廠。

Radiant has the market leadership, distribution channels, installation capability and infrastructure, and established and highly motivated customer base, that will accelerate the market for our CIGS products in East Asia. We believe this partnership will also allow us to accelerate our application development into the rooftop and certain of the specialty markets, secure long-term demand, plus accelerate our access to one of the world's largest markets, China, and the associated markets in East Asia.

Radiant 擁有市場領導地位、分銷渠道、安裝能力和基礎設施，以及成熟且積極主動的客戶群，這將加速我們的 CIGS 產品在東亞的市場發展。我們相信，這種合作夥伴關係還將使我們能夠加快屋頂和某些專業市場的應用程序開發，確保長期需求，並加快我們進入世界最大市場之一中國和東亞相關市場的速度。

The first component of the strategic relationship is a two-staged investment by Radiant in Ascent at significant premiums to our stock price last Friday. Radiant has purchased 6.4 million shares of common stock from Ascent, equal to 19.9% of the Company, for $7.4 million, or $1.15 per share. This is a premium of 56% over our closing price last Friday, August 12.

戰略關係的第一個組成部分是 Radiant 對 Ascent 的兩階段投資，投資價格較上週五我們的股價大幅溢價。 Radiant 以 740 萬美元（即每股 1.15 美元）的價格從 Ascent 購買了 640 萬股普通股，相當於公司 19.9% 的股份。這比 8 月 12 日上週五的收盤價溢價 56%。

Ascent has granted to Radiant a warrant to purchase an additional 9.5 million shares at $1.55 per share, a premium of 111% over our closing price last Friday. This warrant is exercisable upon shareholder approval and Radiant meeting certain milestones regarding implementation of the first Chinese fab. We will shortly issue a proxy statement to hold a special meeting of our shareholders seeking approval of the warrant.

Ascent 已向 Radiant 授予認股權證，以每股 1.55 美元的價格額外購買 950 萬股股票，較我們上週五的收盤價溢價 111%。該認股權證可在股東批准且 Radiant 達到有關第一座中國晶圓廠實施的某些里程碑後行使。我們將很快發布一份委託書，召開股東特別會議，尋求批准認股權證。

The second component of our strategic alliance is a joint development agreement which will be financed by Radiant. The JDA has several provisions. Under the agreement, Ascent has exclusively licensed its CIGS on flexible substrate technology to Radiant for construction of fabs located in, as well as sales into, the East Asian markets.

我們戰略聯盟的第二個組成部分是一項聯合開發協議，該協議將由 Radiant 提供資金。 JDA 有多項規定。根據協議，Ascent 將其柔性基板技術 CIGS 獨家授權給 Radiant，用於在東亞市場建設晶圓廠並進行銷售。

The East Asian markets for this purpose include China, Hong Kong, Taiwan, South Korea, Thailand, Malaysia, Singapore, and Indonesia. In exchange for this license, Radiant has committed to invest up to $165 million to build the initial East Asian fab using our CIGS technology. The capacity of that fab is planned at around 100 megawatts per year.

為此目的的東亞市場包括中國、香港、台灣、韓國、泰國、馬來西亞、新加坡和印度尼西亞。作為獲得該許可的交換，Radiant 承諾投資高達 1.65 億美元，利用我們的 CIGS 技術建造首座東亞晶圓廠。該工廠的產能規劃為每年 100 兆瓦左右。

Ascent will provide technology, tooling, and process expertise, design services, and oversee commissioning of the production lines. Radiant will provide non-recurring engineering payments and reimburse Ascent on a time and materials plus margin basis for work done in design, construction and commissioning of that fab.

Ascent 將提供技術、工具和工藝專業知識、設計服務，並監督生產線的調試。 Radiant 將提供非經常性工程付款，並按時間和材料加保證金的方式向 Ascent 償還該工廠設計、建造和調試工作的費用。

Radiant will pay Ascent certain license fees and most important revenue-based royalties that will drop to the bottom line. Ascent will also receive an ownership interest in the fab. The agreement allows for Radiant to construct additional fabs and/or capacity within East Asia. Ascent will receive license fees, have ownership in the successive fabs, and receive royalty payments on product sales from these fabs.

Radiant 將向 Ascent 支付一定的許可費和最重要的基於收入的特許權使用費，這些費用將降至底線。 Ascent 還將獲得該晶圓廠的所有權權益。該協議允許瑞德恩在東亞建設額外的晶圓廠和/或產能。 Ascent 將收取許可費、擁有後續晶圓廠的所有權，並收取這些晶圓廠產品銷售的特許權使用費。

We continue to own all of our intellectual property, and we maintain all commercial rights to the rest of the world, including the US, Europe, India and Japan. We have unlimited royalty-free rights to any improvements or modifications to our technology that occur during the design, construction and commissioning of the fabs in China and East Asia. These rights can also be sublicensed to other geographies.

我們繼續擁有所有知識產權，並保留對世界其他地區（包括美國、歐洲、印度和日本）的所有商業權利。對於在中國和東亞晶圓廠的設計、建造和調試過程中對我們的技術進行的任何改進或修改，我們擁有無限的免版稅權利。這些權利也可以再許可給其他地區。

The last component of the JDA includes milestone payments to Ascent of up to $250 million. These payments are triggered by certain production, costs and sales goals. Radiant has the right to appoint one member and, under certain ownership conditions, a second member to our Board of Directors.

JDA 的最後一部分包括向 Ascent 支付高達 2.5 億美元的里程碑付款。這些付款是由某些生產、成本和銷售目標觸發的。 Radiant 有權任命一名董事會成員，並在某些所有權條件下任命第二名董事會成員。

Being among the largest of the metal roofing businesses in China and a manufacturer of creative and architecturally interesting roof designs, Radiant not only has manufacturing expertise, but will be able to design in Ascent's technology to provide innovative, renewable energy systems that enhance and augment plan structures.

作為中國最大的金屬屋頂企業之一，以及富有創意和建築趣味的屋頂設計製造商，Radiant 不僅擁有製造專業知識，而且能夠利用 Ascent 的技術進行設計，提供創新的可再生能源系統，從而增強和增強規劃結構。

As mentioned earlier, this partnership reflects a shift in strategy for Ascent where we will partner with other companies holding complementary and adjacent expertise to expand capacity for and drive adoption of our unique, flexible, CIGS, photovoltaic modules.

如前所述，這種合作夥伴關係反映了 Ascent 戰略的轉變，我們將與擁有互補和相鄰專業知識的其他公司合作，擴大產能並推動我們獨特、靈活的 CIGS 光伏模塊的採用。

Our business model will include product sales from our own production lines, consulting and non-recurring engineering fees associated to design and set up of fabs for licensee partners, research and development revenues, as you have seen in the past, plus high-margin license, royalty and milestone payments from partners who choose to establish fabs using our technology.

我們的業務模式將包括我們自己的生產線的產品銷售、與為被許可方合作夥伴設計和建立晶圓廠相關的諮詢和非經常性工程費、研發收入（正如您過去所見）以及高利潤許可選擇使用我們的技術建立晶圓廠的合作夥伴支付的版稅和里程碑付款。

This agreement provides Ascent with a number of indirect benefits. We are working with one of the largest, well-established metal roofing manufacturers in China. They have manufacturing expertise which, while not in CIGS specifically, will be useful in designing the volume manufacturing plant.

該協議為 Ascent 帶來了許多間接好處。我們正在與中國最大、最知名的金屬屋頂製造商之一合作。他們擁有製造專業知識，雖然不是專門針對 CIGS，但對於設計批量製造工廠非常有用。

Radiant has the market and established sales channels to ensure sufficient demand for whatever production comes from the Chinese and East Asian fabs. Radiant also has innovative product design and balance of system capabilities for building integrated and other portable power applications.

Radiant擁有市場並建立了銷售渠道，可以確保對來自中國和東亞晶圓廠的任何產品都有足夠的需求。 Radiant 還擁有創新的產品設計和系統功能平衡，可用於構建集成和其他便攜式電源應用。

This agreement is consistent with the change in strategy we announced in March to focus near-term on specialty markets and longer-term on specialty markets and truly integrated building applications. Radiant expects to use most or all of the Chinese fab production to integrate CIGS solar panels into roofing materials and is working with a number of their customers to ensure sufficient, end market demand to absorb the full production.

該協議與我們三月份宣布的戰略變化一致，即近期重點關注專業市場，長期關注專業市場和真正集成的建築應用。 Radiant預計將利用中國工廠的大部分或全部產量將CIGS太陽能電池板集成到屋頂材料中，並正在與許多客戶合作，以確保有足夠的終端市場需求來吸收全部產量。

Radiant's roofs tend to be innovative and architecturally pleasing, which makes them ideal for the unique characteristics, flexible, lightweight and high power density represented by Ascent's technology. Some people believe the largest building integrated markets will be those with more new construction as distinct from the retrofit markets.

Radiant的屋頂往往具有創新性和建築美感，這使其成為Ascent技術所代表的獨特特性、靈活、輕量和高功率密度的理想選擇。一些人認為，最大的建築綜合市場將是那些新建建築較多的市場，而不是改造市場。

China obviously has a huge amount of new and modern construction, as do India and the Middle East. This is in part validated by recent, independent, analyst reports that project robust growth in the solar installations for coming years. A new report released last week by a major research firm predicts that solar demand currently driven by Europe will shift to a broader range of markets over the next five years. They expect China, Japan, India and the US will emerge to drive significant volumes.

中國顯然擁有大量新建和現代化建築，印度和中東也是如此。最近的獨立分析報告在一定程度上證實了這一點，該報告預計未來幾年太陽能裝置將強勁增長。一家主要研究公司上週發布的一份新報告預測，目前由歐洲推動的太陽能需求將在未來五年內轉向更廣泛的市場。他們預計中國、日本、印度和美國將帶動大量銷量。

As we move forward, our goal is to establish multiple partnerships covering different parts of the world, including India, the Middle East, Japan, Europe, South America and possibly even North America.

隨著我們的前進，我們的目標是建立覆蓋世界不同地區的多種合作夥伴關係，包括印度、中東、日本、歐洲、南美，甚至可能是北美。

With that, let's open the call for questions. Jen, will you again review the process for asking questions?

接下來，讓我們開始提問。 Jen，您能再次回顧一下提問的流程嗎？

(Operator Instructions) The first question comes from Chris Blansett from JPMorgan.

（操作員說明）第一個問題來自摩根大通的 Chris Blasett。

Hi, guys, could you give us timeframes on when you would start to expect to see some royalty revenue streams show up, and, for example, do you expect anything this year or is this more of a 2012 or 2013 timeframe?

大家好，你們能給我們一個時間表，說明你​​們何時開始期望看到一些版稅收入流出現，例如，你們預計今年會發生什麼，還是這更像是 2012 年或 2013 年的時間表？

The royalty revenues, Chris, are related to shipments from the plant, which we would expect would not be happening in 2011 or 2012. There are some non-recurring engineering fees and some consulting revenues we would expect to have show up certainly by 2012 at the latest and continuing on beyond that. The license fees, the royalties and the milestone payments will come later.

克里斯，特許權使用費收入與工廠的發貨有關，我們預計 2011 年或 2012 年不會發生這種情況。我們預計到 2012 年肯定會出現一些非經常性工程費和一些諮詢收入最新的並在此基礎上繼續。許可費、特許權使用費和里程碑付款將在稍後支付。

So the current thought process, the first factory for Radiant comes online sometime in 2013, and, in the meantime, you are simply providing your engineering expertise to help them get started?

那麼按照目前的思路，Radiant 的第一家工廠將於 2013 年上線，與此同時，您只是提供您的工程專業知識來幫助他們啟動？

Yes, actually to design and to basically design and oversee the implementation, correct. And we will get paid for that.

是的，實際上是設計，基本上是設計和監督實施，正確的。我們將因此獲得報酬。

Is there any thought process -- I don't know if it's too early to talk about -- a quarterly run rate of revenue and margin expectation for that kind of opportunity?

是否有任何思考過程——我不知道現在談論是否為時過早——這種機會的季度收入運行率和利潤預期？

It's a little bit early to tell.

現在說還為時尚早。

Okay. You mentioned that the royalty stream is really tied to the output of this plant. In your comments, you've indicated a combination of production and performance and a lot of other metrics, so is this a formulaic approach to the royalty output?

好的。您提到特許權使用費流確實與該工廠的產量相關。在您的評論中，您指出了產量和績效以及許多其他指標的組合，那麼這是版稅輸出的公式化方法嗎？

No, we have a clean percent of revenue royalty, and we will also get a percentage equity ownership in the fab and then, on top of that, there are milestone incentives that are production and cost related.

不，我們有一定比例的收入特許權使用費，我們還將獲得晶圓廠一定比例的股權，除此之外，還有與生產和成本相關的里程碑激勵措施。

So you have a base royalty stream based on the output, and then is it certain conversion efficiencies? What other metrics should we think about that drive that additional royalty stream?

那麼，您有一個基於輸出的基本版稅流，那麼它是否具有一定的轉換效率？我們還應該考慮哪些其他指標來推動額外的版稅流？

Volume and product cost are the primary metrics for the incentives.

數量和產品成本是激勵措施的主要指標。

The last question from me is tied to your own facility in Thornton, I believe, or at least in the US. In the Press Release, it implied you indicated you'd focus more on R&D and developing the next generation technologies

我的最後一個問題與您在桑頓的工廠有關，我相信，或者至少在美國。在新聞稿中，它暗示您表示將更加關注研發和開發下一代技術

Does that imply the Thornton facility moves back more toward an R&D phase and less toward a volume production phase?

這是否意味著桑頓工廠更多地轉向研發階段，而不是轉向批量生產階段？

I think you're thinking of our existing plant in 2 ways. One, we do intend to ramp the plant for production based on demand in the specialty markets, and it will also be a place where we can insert any improvements and changes and prove those out as we then move them into a volume plant.

我認為您正在從兩個方面考慮我們現有的工廠。第一，我們確實打算根據專業市場的需求來擴大工廠的生產，這也將是我們可以插入任何改進和改變的地方，並在我們將它們轉移到批量工廠時證明這些。

Okay.

好的。

Like the Radiant plant.

就像輻射植物一樣。

Okay, thank you, guys, appreciate it.

好的，謝謝大家，非常感謝。

Next question comes from Pavel Molchanov from Raymond James.

下一個問題來自 Raymond James 的 Pavel Molchanov。

Congrats on the JV, it looks like a fantastic deal. Has Radiant confirmed the timeline for building the first plant or is 2013 still up in the air?

祝賀合資企業，這看起來是一筆很棒的交易。 Radiant 是否已確定建設第一家工廠的時間表，還是 2013 年仍懸而未決？

Hi, Pavel. No, we are working through detailed timelines, as you can imagine, but we have every intention that groundbreaking on that happens in the next year. Then generally these things take somewhere between 12, 18, whatever, plus or minus, months to bring online.

嗨，帕維爾。不，正如你可以想像的那樣，我們正在製定詳細的時間表，但我們完全希望在明年實現突破性進展。一般來說，這些東西需要 12 到 18 個月（無論正負幾個月）才能上線。

Does Radiant have, other than the roofing business, which certainly seems to have some synergies, do they have experience in manufacturing in-house product?

除了屋頂業務（當然似乎具有一些協同效應）之外，Radiant 是否有製造內部產品的經驗？

Members of the larger TFG Radiant Group have different levels of manufacturing expertise in-house around different products including some technologies. Yes, I think it is within the greater TFG Radiant Group. Radiant, the roofing company, obviously has fabrication facilities for their roof and wall systems.

較大的 TFG Radiant Group 成員在不同產品（包括某些技術）方面擁有不同水平的內部製造專業知識。是的，我認為它屬於更大的 TFG Radiant Group。 Radiant 是一家屋頂公司，顯然擁有屋頂和牆壁系統的製造設施。

Okay, one more quick one about Radiant, if I may. Have you determined the equity stake that you will receive in the first plant?

好的，如果可以的話，我再快速介紹一下 Radiant。您是否確定了您將在第一家工廠獲得的股權？

Yes, and that is confidential.

是的，而且這是保密的。

Okay, understood. One last question from me, not regarding Radiant. Your Samsonite partnership, can you just give an update on that?

好的，明白了。我的最後一個問題，與 Radiant 無關。您能否介紹一下新秀麗的合作夥伴關係的最新情況？

Yes, we are working with them right now on a second generation design, and the timing of when that would come into the market is not yet clear from their side.

是的，我們現在正在與他們合作開發第二代設計，他們方面尚不清楚何時進入市場。

Okay, understood. Thank you very much.

好的，明白了。非常感謝。

The next question is from Adam Krop from Ardour Capital.

下一個問題來自 Ardor Capital 的 Adam Krop。

Just to follow on one of the previous questions. In terms of the Colorado facility, can you talk about where you stand in terms of the backend? I know your nameplate or you are expected to be about 30 megawatts eventually. Where do you stand now? Can you give us an update there?

只是為了跟進之前的問題之一。就科羅拉多工廠而言，您能談談您在後端方面的立場嗎？我知道你的銘牌或者你預計最終會達到30兆瓦左右。你現在站在哪裡？你能給我們更新一下嗎？

We are somewhere 0.80 of the way along, or whatever, as far as bringing on line tooling and things. The actual production we are modulating in line with demand.

就引入生產線工具和其他東西而言，我們已經完成了 0.80 左右的進度。實際產量我們正在根據需求進行調整。

Okay, fair enough. I will leave it at that. How should we think about with the new agreement, how should we think about your R&D expense in the second half and maybe in 2012 as a result of the new structure and the new agreement in place?

好吧，很公平。我就這樣吧。我們應該如何考慮新協議，我們應該如何考慮你們下半年甚至2012年由於新結構和新協議的研發費用？

Yes, I think probably you should think it's going to stay where it is. We may tick up a little bit on the engineering side in delivery against this agreement, but R&D projects are fairly -- that road map is not being changed except possibly to try to pull in a few deliverables.

是的，我想你可能應該認為它會留在原處。我們可能會在工程方面根據該協議的交付進行一些改進，但研發項目是公平的——除了可能嘗試引入一些可交付成果之外，路線圖不會改變。

Okay, fair enough. One last one from me. There was an Army announcement last week that they are investing $7.1 billion in renewable energy. It sounds like it is mostly power plants and things like that. But given your relationship with the Army in the past, can you comment on how you expect that to maybe impact you in the next 12 to 24 months?

好吧，很公平。我的最後一張。陸軍上周宣布，他們將投資 71 億美元用於可再生能源。聽起來主要是發電廠之類的東西。但考慮到您過去與陸軍的關係，您能否評論一下您預計這可能在未來 12 到 24 個月內對您產生什麼影響？

Yes, we continue to do some test work with the military. At this point that's a very recent announcement; and that also, I think you identified, includes the permanent bases and power rays and things associated to that. It's not yet clear to us what procurement activity might result from that.

是的，我們繼續與軍方進行一些測試工作。這是最近的一個公告；我想你也發現了，這還包括永久基地和能量射線以及與之相關的東西。我們尚不清楚這可能會導致什麼採購活動。

We continue to do some testing and other work with the military on ideas that would take advantage of our capabilities.

我們繼續與軍方一起進行一些測試和其他工作，探討可以利用我們能力的想法。

That's it for me. Thanks.

對我來說就是這樣。謝謝。

The next question is from James Medoda from Cowen.

下一個問題來自 Cowen 的 James Medoda。

Good evening, I am here for Rob Stone. Most of my questions have been answered, actually. I don't suppose you're able to give some forecast on the size of those engineering fees and how they come in over the quarters?

晚上好，我是來找羅布·斯通的。事實上，我的大部分問題都得到了解答。我認為您無法對這些工程費用的規模以及它們在每個季度的收入情況做出一些預測？

No, we are not prepared to do that at this point, James.

不，我們現在不准備這樣做，詹姆斯。

Okay. The 6.4 million shares were issued when?

好的。這640萬股是什麼時候發行的？

Today.

今天。

Today. Okay, so about 0.125, right, in terms of the share count?

今天。好吧，就股份數量而言，大約是 0.125，對吧？

Yes. I'm not an expert on how that translates into the numerators and the denominators, so that might be something you take off line with Gary.

是的。我不是如何將其轉化為分子和分母的專家，所​​以這可能是你與加里不一致的地方。

Okay. On the charges, the write-off, I noticed you wrote off the buildings and you wrote off the existing plant, PP&E, and you also wrote off the deposits on machinery that you had coming in, How should I think about writing off some of those deposits? What does that mean?

好的。關於費用、沖銷，我注意到你沖銷了建築物，你沖銷了現有的工廠、PP&E，你還沖銷了你進來的機器上的押金，我應該如何考慮沖銷一些那些存款？這意味著什麼？

I think that is probably a follow-on conversation, because that's going down into a level of detail about how the accounting rules work on a group of assets.

我認為這可能是後續對話，因為這將深入探討會計規則如何對一組資產起作用的細節。

Yes.

是的。

James, we can certainly take that on as a follow-on if that is important.

詹姆斯，如果這很重要的話，我們當然可以將其作為後續行動。

The building itself got written down pretty much. Is there something strategic going on there, something higher-level in terms of real estate values or anything like that in your thinking?

這座建築本身已經被寫得差不多了。您的想法中是否有一些戰略性的事情、房地產價值方面的更高層次的事情或類似的事情？

Obviously the real estate markets are what they are in this country right now. I am not in a position to give you the detailed answer to that question, and I don't know how that relates to this grouping that I mentioned, so I think we should do that as a follow-on.

顯然，這個國家的房地產市場就是現在的情況。我無法為您提供該問題的詳細答案，而且我不知道這與我提到的這一分組有何關係，因此我認為我們應該將其作為後續工作。

That's absolutely understandable. I guess I will do a follow-up call and speak with you later on. Congratulations on the deal and I look forward to more of the same.

這是完全可以理解的。我想我稍後會打個電話並與您交談。祝賀這筆交易，我期待更多類似的交易。

The next question is from Colin Rusch from ThinkEquity.

下一個問題來自 ThinkEquity 的 Colin Rusch。

Hi. Actually, it's Noah Kaye in for Colin. Congratulations, again. How does this impact the organizational structure of the Corporation? Is there going to be some kind of restructuring we should expect? How should we think about that?

你好。事實上，諾亞·凱伊 (Noah Kaye) 飾演科林 (Colin)。再次恭喜。這對公司的組織結構有何影響？我們是否會期待某種形式的重組？我們應該如何思考這個問題？

I don't know that you should expect anything at this point. Obviously, we have to staff or repurpose a few people to manage this JDA, and we may be augmenting some of our engineering capabilities. I think that, right now, is what I see, as far as the organization.

我不知道你現在應該期待什麼。顯然，我們必須配備或重新安排一些人來管理這個 JDA，並且我們可能會增強我們的一些工程能力。我認為，就組織而言，現在就是我所看到的。

That makes sense. Thinking about some of the synergies here, is it previewed that Radiant is going to assist with supply chain management for your Company? Is that something you have been talking about?

這就說得通了。考慮一下這裡的一些協同效應，Radiant 是否預示著將協助貴公司進行供應鏈管理？這是你一直在談論的事情嗎？

I think one of the things that is interesting is, obviously, this industry is developing to the extent that we can get access to additional supplier networks or additional suppliers across different parts of our business, that could obviously benefit a number of things.

我認為有趣的事情之一是，顯然，這個行業正在發展到我們可以訪問更多供應商網絡或跨我們業務不同部分的其他供應商的程度，這顯然可以使很多事情受益。

We certainly see that we may be able to develop some new Asian supplier relationships, because of the relationships that our new partner has, but at this point I don't have any visibility specifically to what those might be. We certainly believe that competition amongst our suppliers will only benefit us.

我們當然看到，由於我們的新合作夥伴擁有的關係，我們也許能夠發展一些新的亞洲供應商關係，但目前我對這些關係可能是什麼還沒有任何了解。我們當然相信供應商之間的競爭只會使我們受益。

Sure. You highlighted, in terms of applications, the visibility that this gives you into rooftop. Is that where you really see the upside for revenues from this partnership, or are you looking at some other applications as well? How should we think about that?

當然。您在應用方面強調了這為您帶來屋頂的可見性。您真的從這種合作夥伴關係中看到了收入的上行空間嗎？還是您也在考慮其他一些應用程序？我們應該如何思考這個問題？

I think right now, they are thinking about this primarily as a vertical integration opportunity into their existing roof business. And if you have looked at their website, they do train stations and airports and event facilities and sports arenas. They've got some very creative stuff that plays really well with our product.

我認為現在，他們主要將此視為對其現有屋頂業務的垂直整合機會。如果你看過他們的網站，他們會提供火車站、機場、活動設施和體育場館。他們有一些非常有創意的東西，非常適合我們的產品。

And, as you know, we've always intended to be seriously in those markets, notwithstanding pulling back from the spot markets this year. We believe that market is going to be very large and, especially when you look at certain, particular geographies.

而且，如您所知，儘管今年我們退出了現貨市場，但我們一直打算認真對待這些市場。我們相信市場將會非常大，尤其是當你關注某些特定地區時。

Having said that, we also believe that some of the specialty markets could be quite large. One example I can give, and we've got projects going on with a couple of tier 1 automotive companies, is the top of a hybrid municipal bus has enough real estate for, say, 1.5 to 2 kilowatts of power. And if you think about that and the impact that could have on the hybrid bus, that is a material impact.

話雖如此，我們也相信一些專業市場可能相當大。我可以舉一個例子，我們正在與幾家一級汽車公司合作進行項目，混合動力市政公交車的頂部有足夠的空間，例如 1.5 到 2 千瓦的功率。如果你考慮一下這一點以及可能對混合動力公交車產生的影響，那就是重大影響。

And if you think about the number of buses, which municipal buses we've seen estimated somewhere between 150,000 and 1 million just in the US, a kilowatt and a half times 1 million units is real volume. We actually believe that there is both plays, that obviously the building integrated market could be massive, but we think some of the specialty markets could also be quite significant.

如果你考慮一下公共汽車的數量，我們看到的市政公共汽車僅在美國就有 15 萬到 100 萬輛，那麼一千瓦半乘以 100 萬輛就是實際數量。實際上，我們認為兩者兼有，顯然建築集成市場可能很大，但我們認為一些專業市場也可能相當重要。

My last question, and thanks for all of this. Just wondering, obviously, you highlighted before some of the military business that's going on and the expectation that most of the activities in Colorado are going to be -- at least that would be where those activities should be concentrated.

我的最後一個問題，感謝所有這一切。只是想知道，顯然，您之前強調了一些正在進行的軍事業務以及科羅拉多州的大部分活動將在科羅拉多州進行的預期 - 至少那些活動應該集中在那裡。

Should we think about any kind of concern about the military business now that there is going to be a joint manufacturing operation in China? Is that something we should be concerned about at all?

既然中國將建立聯合製造業務，我們是否應該考慮對軍事業務的任何擔憂？這是我們應該關心的事情嗎？

Never say never when it's the government. We are still a US headquartered company. We are still manufacturing for that market in the US. We are still doing all of our research, development, design and engineering in the US. I think, frankly, if we look around, you would find areas where the military is procuring from a US company that is completely foreign owned. We think we should be able to manage that.

當政府是政府時，永遠不要說永遠。我們仍然是一家總部位於美國的公司。我們仍在為美國市場生產。我們仍然在美國進行所有研究、開發、設計和工程。坦率地說，我認為，如果我們環顧四周，你會發現軍方正在從一家完全由外資擁有的美國公司採購產品。我們認為我們應該能夠做到這一點。

Thanks a lot. Congratulations, again.

多謝。再次恭喜。

The next question is from Tom Weissenborn from Credit Suisse.

下一個問題是來自瑞士信貸銀行的湯姆·韋森伯恩 (Tom Weissenborn)。

Congratulations on your deal today. I wanted to ask you a little bit more about the first fab in China. You're showing a direct investment that TFG is going to provide of $165 million for annual capacity of 100 megawatts. That seems like you've been able to lower the costs quite significantly on the plant, and I wondered if you'd talk about that a little bit over what Thornton cost?

恭喜您今天達成交易。我想向您詢問有關中國第一家晶圓廠的更多信息。您展示了 TFG 將提供 1.65 億美元的直接投資，年產能為 100 兆瓦。看起來你們已經能夠相當顯著地降低工廠的成本，我想知道你們是否願意談談桑頓的成本？

Well, we've certainly learned some things. As you recall, the design platform for the plant in Thornton was several years ago, and some things have happened in the industry, as well as we have learned some things and have some ideas on how we will bring those capital costs down.

嗯，我們確實學到了一些東西。您還記得，桑頓工廠的設計平台是幾年前的事，行業中發生了一些事情，我們學到了一些東西，並對如何降低這些資本成本有了一些想法。

And so, this is certainly a good project for us, but we also think we have visibility to how we can get there.

因此，這對我們來說無疑是一個很好的項目，但我們也認為我們知道如何實現這一目標。

So the tools are going to be pretty much the same?

那麼工具會幾乎相同嗎？

I think I'm not ready to comment on specific tooling steps. I think certainly we will leverage a lot of what we know here.

我想我還沒有準備好評論具體的工具步驟。我認為我們肯定會利用我們在這裡所知道的很多知識。

Can you tell us what kind of projected efficiency you are looking at for the Asian line?

您能告訴我們您對亞洲線路的預計效率是多少嗎？

We've got an efficiency road map for our product if we want to drive from where we are today into the 12%, 13%, 14% range over the next few to several years. Certainly we will be in parallel continuing to work on driving that road map, and it just depends on, at what point, that factory starts to produce and where we are on the efficiency improvement road map.

如果我們想在未來幾年到幾年內將目前的效率提高到 12%、13%、14%，我們已經為我們的產品製定了效率路線圖。當然，我們將同時繼續推動該路線圖，這僅取決於該工廠何時開始生產以及我們在效率改進路線圖上的位置。

Would that have something to do with the next generation PV production line in Colorado that you talked about in the release today, or is that a separate issue?

這是否與您在今天的新聞稿中談到的科羅拉多州下一代光伏生產線有關，或者這是一個單獨的問題？

No, I think what you see us doing here is producing from our existing factory and then continuing to improve certain parts of the processes and certain parts of the line and we would do that and, basically, test it here and then move it into the volume plant in Asia.

不，我認為你看到我們在這裡所做的是從我們現有的工廠生產，然後繼續改進流程的某些部分和生產線的某些部分，我們會這樣做，基本上，在這裡進行測試，然後將其轉移到生產線中。亞洲批量工廠。

Thank you.

謝謝。

Jen, I think that will do today.

珍，我想今天就這樣了。

Okay.

好的。

With that, let's wrap up the call. Thank you, everybody, and look forward to talking with you again.

就這樣，我們結束通話。謝謝大家，期待再次與大家交談。

Ladies and gentlemen, this does conclude your conference. You may all disconnect and have a wonderful day.

女士們、先生們，你們的會議到此結束。你們可能會斷開連接並度過美好的一天。