第一太陽能 (FSLR) 2019 Q3 法說會逐字稿

Good afternoon, everyone, and welcome to First Solar's Third Quarter 2019 Earnings Call.

大家下午好，歡迎參加 First Solar 2019 年第三季度財報電話會議。

This call is being webcast live on the Investors section of First Solar's website at investor.firstsolar.com.

此次電話會議正在 First Solar 網站investor.firstsolar.com 的投資者部分進行網絡直播。

(Operator Instructions) As a reminder, today's call is being recorded.

（操作員說明）作為提醒，今天的通話正在錄音中。

I would now like to turn the call over to Adrianna Defranco from First Solar Investor Relations.

我現在想將電話轉給 First Solar 投資者關係部的 Adrianna Defranco。

Ms. Defranco, you may begin.

德弗蘭科女士，你可以開始了。

Thank you.

謝謝你。

Good afternoon, everyone, and thank you for joining us.

大家下午好，感謝您加入我們。

Today, the company issued a press release announcing its third quarter 2019 financial results.

今天，該公司發布了一份新聞稿，宣布了其 2019 年第三季度的財務業績。

A copy of the press release and associated presentation are available on the First Solar website at investor.firstsolar.com.

First Solar 網站investor.firstsolar.com 上提供了新聞稿和相關演示文稿的副本。

With me today are Mark Widmar, Chief Executive Officer; and Alex Bradley, Chief Financial Officer.

今天和我在一起的是首席執行官 Mark Widmar；和首席財務官亞歷克斯布拉德利。

Mark will begin by providing a business and technology update.

Mark 將首先提供業務和技術更新。

Alex will then discuss our financial results for the quarter and provide updated guidance for 2019.

亞歷克斯隨後將討論我們本季度的財務業績，並提供 2019 年的最新指導。

Following their remarks, we will open the call for questions.

在他們的發言之後，我們將開始提問。

Please note, this call will include forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from management's current expectations.

請注意，本次電話會議將包括涉及風險和不確定性的前瞻性陳述，這些風險和不確定性可能導致實際結果與管理層當前的預期存在重大差異。

We encourage you to review the safe harbor statements contained in today's press release and presentation for a more complete description.

我們鼓勵您查看今天的新聞稿和演示文稿中包含的安全港聲明，以獲得更完整的描述。

It is now my pleasure to introduce Mark Widmar, Chief Executive Officer.

現在我很高興介紹首席執行官 Mark Widmar。

Mark?

標記？

Thanks, Adrianna.

謝謝，阿德里安娜。

Good afternoon, and thank you for joining us today.

下午好，感謝您今天加入我們。

I'll begin by noting our third quarter earnings of $0.29 per share.

我將首先指出我們第三季度每股 0.29 美元的收益。

We had a variety of sources contributing to our Q3 EPS result.

我們有多種來源為我們的第三季度每股收益結果做出了貢獻。

Firstly, the third quarter reflected our strongest quarter of the year with respect to third-party module sales driven primarily by a significant increase in the volume of watts sold compared to previous quarters.

首先，第三季度反映了我們在第三方模塊銷售方面最強勁的季度，主要是由於與前幾個季度相比，銷售的瓦數顯著增加。

Secondly, on the system segment side, we successfully closed the sale of our 72-megawatt Seabrook project and are continuing the momentum with the recently signed transactions for the sale of our 150-megawatt Sun Stream, 100-megawatt Sunshine Valley and 20-megawatt Windhub projects.

其次，在系統部分，我們成功完成了 72 兆瓦 Seabrook 項目的銷售，並繼續保持近期簽署的出售我們的 150 兆瓦 Sun Stream、100 兆瓦 Sunshine Valley 和 20 兆瓦的交易的勢頭Windhub 項目。

These deals remain subject to certain conditions precedent for closing, which we expect to be satisfied during the fourth quarter, resulting in a meaningful contribution to our full year revenue and earnings.

這些交易仍然受制於完成的某些先決條件，我們預計將在第四季度滿足這些條件，從而對我們的全年收入和收益做出有意義的貢獻。

Finally, reflective of our modules' outstanding field performance, lower-than-expected warranty return rates and other factors, the third quarter EPS result benefited from a reduction to our product warranty liability reserve.

最後，反映我們組件出色的現場表現、低於預期的保修退貨率和其他因素，第三季度每股收益結果受益於我們的產品保修責任準備金的減少。

Alex will provide further detail on this later on the call.

亞歷克斯稍後將在電話會議上提供更多細節。

From a module production standpoint, we continue to make significant strides in the ramping of our Series 6 module capacity.

從模塊生產的角度來看，我們繼續在提高 6 系列模塊產能方面取得重大進展。

As of the beginning of this week, we started the ramp of our second Perrysburg factory approximately 3 months ahead of schedule.

截至本周初，我們比原計劃提前了大約 3 個月開始了我們的第二家 Perrysburg 工廠的坡道。

This marks the fifth Series 6 factory, where we have commenced operation within a period of only 18 months.

這標誌著我們在短短 18 個月內開始運營的第五家 6 系列工廠。

Across our manufacturing fleet, we had 4.2 gigawatts of Series 6 nameplate capacity at the end of the third quarter, increasing to 5.5 gigawatts this week with the addition of Perrysburg 2.

在我們的製造機隊中，我們在第三季度末擁有 4.2 吉瓦的系列 6 銘牌容量，隨著 Perrysburg 2 的增加，本週增加到 5.5 吉瓦。

From a booking perspective, we added an additional 1.1 gigawatts of net bookings since the last earnings call, bringing total revenue and expected shipments to 12.4 gigawatts.

從預訂的角度來看，自上次財報電話會議以來，我們增加了 1.1 吉瓦的淨預訂量，使總收入和預期出貨量達到 12.4 吉瓦。

Accordingly, we have significant visibility regarding the module business into 2021.

因此，我們對 2021 年的模塊業務具有顯著的可見性。

During the quarter, we announced an evolution in our EPC delivery approach, transitioning away from an entirely EPC execution model and moving towards leveraging the engineering, procurement and construction capabilities of innovative partners in the United States.

在本季度，我們宣布了 EPC 交付方法的演變，從完全 EPC 執行模式轉變為利用美國創新合作夥伴的工程、採購和施工能力。

While we are proud of our history as a leader and pioneer in the global PV EPC industry, there were several drivers to this decision.

雖然我們為我們作為全球光伏 EPC 行業的領導者和先驅者的歷史感到自豪，但這一決定有幾個驅動因素。

Among these is leveraging the advanced capabilities of our partners, whose primary or sole business focus is EPC execution, which enhances product cost competitiveness and derisks project execution for First Solar.

其中包括利用我們合作夥伴的先進能力，他們的主要或唯一業務重點是 EPC 執行，這提高了產品成本競爭力並降低了 First Solar 項目執行的風險。

Moreover, our ability to execute this transition reflects an improved balance of system compatibility of our Series 6 module.

此外，我們執行此轉換的能力反映了我們的 6 系列模塊的系統兼容性平衡得到改善。

In the past, one of the drivers of our EPC business was to enable the cost-effective installation of our Series 4 product with its unique form factor.

過去，我們 EPC 業務的驅動力之一是通過其獨特的外形尺寸以經濟高效的方式安裝我們的 Series 4 產品。

Our Series 6 module, which has a larger form factor consistent with other technologies deemphasizes the need for our in-house EPC solution.

我們的系列 6 模塊具有與其他技術一致的更大外形尺寸，不再強調對我們內部 EPC 解決方案的需求。

As previously noted, this transition to leveraging third-party EPC services in the United States is not expected to impact any projects under construction and slated for delivery this year.

如前所述，在美國向利用第三方 EPC 服務的過渡預計不會影響任何在建和計劃於今年交付的項目。

Turning to Slide 4. As mentioned previously, our second Perrysburg facility commenced production approximately 1 quarter ahead of schedule.

轉到幻燈片 4。如前所述，我們的第二家佩里斯堡工廠提前約 1 個季度開始生產。

And we're expected to ramp, to be completed by the end of the first quarter of 2020.

我們預計將在 2020 年第一季度末完成。

As discussed on prior earnings call, by removing certain finishing constraints through inventory buffers and limited additional tooling, we expect to increase Perrysburg 2 nameplate capacity to 1.3 gigawatts, resulting in a total nameplate capacity in Ohio of 1.9 gigawatts.

正如在之前的財報電話會議上所討論的那樣，通過通過庫存緩沖和有限的額外工具消除某些精加工限制，我們預計 Perrysburg 2 銘牌容量將增加到 1.3 吉瓦，從而使俄亥俄州的銘牌總容量為 1.9 吉瓦。

The accelerated start of manufacturing has a potential to add up to 80 megawatts of incremental output in 2019.

製造業的加速啟動有可能在 2019 年增加多達 80 兆瓦的增量輸出。

However, due to production timing and quality review, we do not expect any impact to 2019 revenue guidance associated with this change.

然而，由於生產時間和質量審查，我們預計這一變化不會對 2019 年的收入指引產生任何影響。

These same process improvements will be applied across the balance of the production fleet and we expect a comparable increase in nameplate capacity once they are fully ramped in 2020.

這些相同的流程改進將應用於生產車隊的其餘部分，我們預計一旦它們在 2020 年全面提升，銘牌產能將有相當的增長。

Starting on Slide 5, I'll provide an update on our Series 6 production metrics.

從幻燈片 5 開始，我將提供有關我們系列 6 生產指標的更新。

On a fleet-wide basis, since the Q2 earnings call, we continue to see significant operational improvements.

在整個車隊的基礎上，自第二季度財報電話會議以來，我們繼續看到顯著的運營改善。

Comparing October month-to-date metrics against the month of July, megawatts produced per day is up 8%.

將 10 月至今的指標與 7 月進行比較，每天產生的兆瓦數增加了 8%。

Capacity utilization has increased 6 percentage points to 100%.

產能利用率提高了 6 個百分點，達到 100%。

The production yield is up 2 percentage points to 93%.

生產良率提高2個百分點至93%。

The average watt per module has increased 4 watts, and the top production bin is 435 watts.

每個模塊的平均瓦特增加了 4 瓦，頂部生產箱為 435 瓦。

And finally, the percentage of modules produced with an antireflective coating has increased 5 percentage points to 96%.

最後，使用抗反射塗層生產的組件比例增加了 5 個百分點，達到 96%。

The combination of our efficiency improvement program and increased ARC utilization has led to a significant improvement in the module bin distribution.

我們的效率改進計劃和提高的 ARC 利用率相結合，顯著改善了模塊箱分佈。

The ARC bin distribution between 420-watt to 430-watt modules is up 5 points to 92% of production.

420 瓦至 430 瓦模塊之間的 ARC bin 分佈提高了 5 個百分點，達到 92% 的產量。

Relative to our efficiency road map, there were a couple of noteworthy accomplishments during the quarter.

相對於我們的效率路線圖，本季度有一些值得注意的成就。

Firstly, following the implementation of the latest process refinements in our lead line in Ohio, we've started to produce our first 440-watt bin modules.

首先，隨著我們在俄亥俄州的領先生產線實施最新的工藝改進，我們開始生產我們的第一個 440 瓦箱模塊。

Leveraging these refinements with upcoming process nodes, we have recently provided sample modules to Fraunhofer who have measured and validated a 19% aperture area efficiency, which is 447 watts peak and is a new world record cad tel module.

利用即將到來的工藝節點的這些改進，我們最近向弗勞恩霍夫提供了樣品模塊，他們測量並驗證了 19% 的孔徑面積效率，峰值為 447 瓦，是新的世界紀錄 cad tel 模塊。

This is a tremendous accomplishment by our world-class R&D and manufacturing teams and further validates the near-term compatibility of our technology.

這是我們世界一流的研發和製造團隊取得的巨大成就，進一步驗證了我們技術的近期兼容性。

Secondly, our continued investment to improve long-term performance of cad tel cells has resulted in a significant scientific advancement.

其次，我們對提高 cad tel 電池長期性能的持續投資導致了重大的科學進步。

As some of you may know, copper surrogate has a critical role in the cad tel device.

你們中的一些人可能知道，銅替代物在 cad tel 設備中起著至關重要的作用。

Through our recent R&D efforts, we have successfully replaced copper with an alternative material, which dramatically improves device performance.

通過我們最近的研發努力，我們成功地用替代材料代替了銅，從而顯著提高了設備性能。

More importantly, these high-efficiency devices demonstrate an improved long-term degradation rate, a significant benefit to PV plant economics.

更重要的是，這些高效設備顯示出改善的長期降解率，這對光伏電站的經濟性有很大好處。

While yet to transition this advancement to our commercial products, we expect the combination of improved efficiency and long-term degradation will further enhance the competitive advantage of our technology and gives us confidence in our long-term road map.

雖然尚未將這一進步轉變為我們的商業產品，但我們預計提高效率和長期退化的結合將進一步增強我們技術的競爭優勢，並使我們對我們的長期路線圖充滿信心。

At the beginning of the year, we laid out an aggressive Series 6 cost per watt reduction target for 2019 and we -- as we expected a drop in Series 6 cost per watt from Q1 to Q4 of approximately 30%.

今年年初，我們為 2019 年制定了激進的系列 6 每瓦成本降低目標，並且我們預計系列 6 的每瓦成本從第一季度到第四季度下降約 30%。

Relative to our expectations for Q3, we are pleased with the progress made and are slightly ahead of the road map laid out during the 2018 year-end earnings call which took place in February.

相對於我們對第三季度的預期，我們對所取得的進展感到滿意，並且略微領先於 2 月份召開的 2018 年年終收益電話會議期間制定的路線圖。

On a fleet-wide basis, throughput is ahead, efficiency is in line and yield is slightly behind.

在整個車隊的基礎上，吞吐量領先，效率符合要求，產量略落後。

By region, our low-cost factories are performing well.

按地區劃分，我們的低成本工廠表現良好。

And specifically with the faster ramp of our second Vietnam factory, we are seeing a cost per watt benefit.

特別是隨著我們第二家越南工廠的更快生產，我們看到了每瓦成本的優勢。

However, our Perrysburg facility is behind expectation and is facing some significant headwinds.

然而，我們的佩里斯堡工廠落後於預期，並面臨一些重大不利因素。

We continue to see challenges to the build materials, including aluminum and glass as we work through our supply chain strategy to mitigate the impact of tariffs.

隨著我們通過供應鏈戰略減輕關稅的影響，我們繼續看到包括鋁和玻璃在內的建築材料面臨挑戰。

In addition, our labor and sales freight costs remain above plan.

此外，我們的人工和銷售運費仍高於計劃。

Looking forward to Q4, we expect continued improvements in our low-cost factories which will end the year in line with our expectations.

展望第四季度，我們預計我們的低成本工廠將繼續改善，這將符合我們的預期。

However, Perrysburg will be challenged for the reasons mentioned as well as the earlier production ramp of our second factory.

然而，佩里斯堡將因上述原因以及我們第二家工廠較早的生產斜坡而受到挑戰。

Our current view is that on a fleet-wide basis, we'll exit the year approximately $0.005 higher than target we set at the beginning of the year.

我們目前的觀點是，在整個車隊的基礎上，我們將比年初設定的目標高出約 0.005 美元。

Turning to Slide 6. I'll next discuss our bookings activity.

轉到幻燈片 6。接下來我將討論我們的預訂活動。

In total, we have 5.4 gigawatts of net bookings in 2019, including net bookings over 1.1 gigawatts since the last earnings call.

總的來說，我們在 2019 年的淨預訂量為 5.4 吉瓦，其中包括自上次財報電話會議以來超過 1.1 吉瓦的淨預訂量。

After accounting for shipments of 3.8 gigawatts in the first 3 quarters of the year, our expected future shipments are 12.4 gigawatts.

考慮到今年前 3 季度 3.8 吉瓦的出貨量，我們預計未來的出貨量為 12.4 吉瓦。

Our net bookings since the last earnings call were almost exclusively for Series 6 product, and were approximately 85% in North America with the remainder in Europe.

自上次財報電話會議以來，我們的淨預訂量幾乎完全針對第 6 系列產品，北美約佔 85%，其餘在歐洲。

This includes 0.3 gigawatts previously included in our mid- to late-stage pipeline as signed but not booked opportunities.

這包括先前包含在我們的中後期管道中的 0.3 吉瓦，已簽署但未預訂的機會。

Following these most recent bookings, we are sold out through the remainder of '19 and full year 2020.

在這些最近的預訂之後，我們在 19 年剩餘時間和 2020 年全年都售罄。

We are largely contracted through the first half of '21 and approximately 2/3 booked relative to the 2021 supply plan of 6.5 gigawatts.

到 21 年上半年，我們的合同大部分與 2021 年 6.5 吉瓦的供應計劃相比預訂了約 2/3。

Note, this excludes anticipated future systems projects not currently recognized as bookings.

請注意，這不包括當前未確認為預訂的預期未來系統項目。

We also now have collectively over 1 gigawatt booked for 2022 and beyond.

我們現在還為 2022 年及以後預訂了超過 1 吉瓦的電力。

Our bookings included 75 megawatts for our Willow Springs project.

我們的預訂包括 75 兆瓦的 Willow Springs 項目。

This booking is related to our previously disclosed petition to the PG&E bankruptcy court to terminate the PPA.

此預訂與我們之前披露的向 PG&E 破產法院提出終止 PPA 的請願書有關。

During the third quarter, the bankruptcy court granted the petition and we terminated the PPA, which will allow us to remarket the project to another offtaker.

在第三季度，破產法院批准了申請，我們終止了 PPA，這將允許我們將項目轉售給另一個承購商。

With our year-to-date net bookings of 5.4 gigawatts, we have achieved our target of a 1:1 book-to-ship ratio in 2019, approximately 2 months ahead of year-end and continue to see ongoing demand through the remainder of the year.

憑藉我們年初至今 5.4 吉瓦的淨預訂量，我們在 2019 年實現了 1:1 的預定出貨比目標，比年底提前了大約 2 個月，並且在剩餘的時間裡繼續看到持續的需求那一年。

Slide 7 provides an updated review of our mid- to late-stage bookings opportunities, which now total 8.1 gigawatts DC, an increase of 2.1 gigawatts from the prior quarter.

幻燈片 7 提供了對我們中後期預訂機會的最新評論，現在總計 8.1 吉瓦直流電，比上一季度增加了 2.1 吉瓦。

In factoring the bookings for the quarter, 1 gigawatt, which were included as opportunities in the prior quarter, our mid- to late-stage pipeline increased by 3.1 gigawatts.

考慮到本季度的預訂量 1 吉瓦（上一季度被列為機會），我們的中後期管道增加了 3.1 吉瓦。

Additionally, the pipeline includes 0.3 gigawatts of confirmed opportunities awaiting satisfaction of outstanding conditions precedent before being recorded as a booking.

此外，該管道包括 0.3 吉瓦的已確認機會，等待滿足先決條件，然後才被記錄為預訂。

As a reminder, our mid- to late-stage pipeline reflects those opportunities we feel could book within the next 12 months and is a subset of a much larger pipeline of opportunities, which includes 15.2 gigawatts DC, which increased 1.9 gigawatts from last quarter.

提醒一下，我們的中後期管道反映了我們認為可以在未來 12 個月內預訂的機會，並且是更大的機會管道的一個子集，其中包括 15.2 吉瓦直流電，比上一季度增加了 1.9 吉瓦。

This includes 1.6 gigawatts of opportunities in 2020, which provides demand resiliency to our near-term production, while maintaining 13.6 gigawatts of demand would be for module deliveries in 2021 and beyond.

這包括 2020 年 1.6 吉瓦的機會，這為我們的近期生產提供了需求彈性，同時保持 13.6 吉瓦的需求將用於 2021 年及以後的組件交付。

In terms of geographical breakdown of the mid- to late-stage pipeline, North America remains the region with the largest number of opportunities at 5.8 gigawatts.

就中後期管道的地理分佈而言，北美仍然是機會最多的地區，為 5.8 吉瓦。

Europe represents 2 gigawatts, with the remainder in Asia Pacific.

歐洲代表 2 吉瓦，其餘在亞太地區。

In terms of segment mix, our mid- to late-stage pipeline includes approximately 2 gigawatts of systems opportunities across the United States and Japan, with the remainder module-only sales.

在細分市場組合方面，我們的中後期管道包括在美國和日本約 2 吉瓦的系統機會，其餘僅用於模塊銷售。

Our energy systems business continues to perform strongly with an additional 1 gigawatt contracted since our previous earnings call.

自上次財報電話會議以來，我們的能源系統業務繼續表現強勁，合同量增加了 1 吉瓦。

This brings new bookings in 2019 to 2.6 gigawatts and our total energy services portfolio under -- of assets under contract to nearly 14 gigawatts levels.

這使 2019 年的新預訂量達到 2.6 吉瓦，我們的總能源服務組合 - 合同資產達到近 14 吉瓦的水平。

Before I turn the call over to Alex, I would like to cover a few items.

在我把電話轉給亞歷克斯之前，我想介紹一些項目。

Firstly, I would like to note that we are pleased with the United States' trade representative's decision earlier this month to withdraw its exclusion for bifacial modules from the Section 201 in port tariffs.

首先，我想指出，我們很高興美國貿易代表本月早些時候決定取消將雙面組件排除在港口關稅第 201 條之外。

This decision supports a level playing field for manufacturers such as First Solar that innovate, manufacture, invest and create jobs in America.

這一決定為像 First Solar 這樣在美國進行創新、製造、投資和創造就業機會的製造商提供了公平的競爭環境。

Secondly, as First Solar celebrates its 20th year since its founding, we would like to take a moment to reflect on the incredible strides the company has made and that the solar industry has experienced over that time.

其次，在 First Solar 慶祝成立 20 週年之際，我們想花點時間回顧一下公司取得的令人難以置信的進步以及太陽能行業在此期間所經歷的歷程。

What was once produced as a niche technology has evolved into a global company with upstream and downstream capabilities.

曾經作為小眾技術生產的東西，已經發展成為一家具備上下游能力的全球化公司。

From establishing the industry's first PV module recycling program in 2005 to breaking numerous cost per watt barriers, to having over 10 gigawatts of solar assets under operation and maintenance management, to shipping over 25 gigawatts of modules since our founding and today having 5.5 gigawatts of capacity of our new Series 6 module.

從 2005 年建立行業首個光伏組件回收計劃，到打破眾多的每瓦成本壁壘，再到運營和維護管理超過 10 吉瓦的太陽能資產，再到自成立以來運送超過 25 吉瓦的組件到今天的 5.5 吉瓦產能我們的新系列 6 模塊。

First Solar has continued to evolve its business model to remain competitive and differentiated in a constantly evolving market.

First Solar 不斷發展其業務模式，以在不斷發展的市場中保持競爭力和差異化。

We have done all of this as a U.S. headquartered company with its manufacturing and technology roots in Perrysburg, Ohio, and our advanced research and technology capabilities centered in California.

作為一家總部位於美國的公司，我們在俄亥俄州佩里斯堡的製造和技術根基，以及以加利福尼亞為中心的先進研究和技術能力，已經完成了所有這一切。

Among our competitive differentiators, including our technology differentiation, industry-leading balance sheet strength and a sustainability advantage, we are in a fortunate position of being sold out through the second quarter of 2021, with significant bookings visibility throughout the balance of that year.

在我們的競爭優勢中，包括我們的技術差異化、行業領先的資產負債表實力和可持續發展優勢，我們很幸運能夠在 2021 年第二季度售罄，並且在當年餘下的時間裡都有顯著的預訂可見性。

This visibility over a multi-quarter horizon has allowed us to be discerning of the opportunities that have availed themselves over the years.

這種跨越多個季度的可見性使我們能夠辨別多年來利用的機會。

Finally, our competitive financial position enables First Solar to continuously evaluate the cost structure, competitiveness and risk-adjusted returns of each of our product offerings, including the module, development and O&M businesses.

最後，我們具有競爭力的財務狀況使 First Solar 能夠持續評估我們每個產品的成本結構、競爭力和風險調整後的回報，包括模塊、開發和 O&M 業務。

As discussed, we have evaluated our EPC capabilities and are transitioning to a third-party execution model.

如前所述，我們已經評估了我們的 EPC 能力並正在過渡到第三方執行模型。

As a result of this transition, approximately 100 associates directly associated with our EPC capabilities will leave the company.

由於這一轉變，大約 100 名與我們的 EPC 能力直接相關的員工將離開公司。

But this evaluation has not been done in isolation.

但這種評估並不是孤立地進行的。

Since announcing the launch of Series 6, we have contracted over 15 gigawatts and have created a position of strength with a multiyear pipeline.

自宣布推出 Series 6 以來，我們已經簽訂了超過 15 吉瓦的合同，並通過多年管道創造了優勢地位。

However, we cannot be complacent; rather, now is the time to challenge ourself to secure the right long-term sustainable cost structure for our module manufacturing, development and O&M businesses in order to best position each for success over the next decade.

但是，我們不能自滿；相反，現在是時候挑戰我們自己，為我們的組件製造、開發和運維業務確保正確的長期可持續成本結構，以便在未來十年取得成功。

We expect to conclude of this very in-depth review and communicate the results at the end of the first quarter of 2020.

我們預計將在 2020 年第一季度末結束這一非常深入的審查並傳達結果。

I'll now turn the call over to Alex, who will discuss our third quarter financial results and provide updated guidance for 2019.

我現在將電話轉給亞歷克斯，他將討論我們第三季度的財務業績並提供 2019 年的最新指導。

Thanks, Mark.

謝謝，馬克。

Starting on Slide 9, I'll cover the income statement highlights of the third quarter.

從幻燈片 9 開始，我將介紹第三季度的損益表亮點。

Net sales in Q3 were $547 million, a decrease of $38 million compared to the prior quarter.

第三季度的淨銷售額為 5.47 億美元，與上一季度相比減少了 3800 萬美元。

The decrease was primarily a result of reduced systems project sales in the United States and Australia, partially offset by the sale of the Seabrook project in the U.S. and higher module sale volumes.

下降的主要原因是美國和澳大利亞的系統項目銷售減少，部分被美國 Seabrook 項目的銷售和模塊銷售量增加所抵消。

On a segment basis, as a percentage of total quarterly net sales, our systems revenue in Q3 was 32% compared to 61% in Q2.

在分部的基礎上，作為季度總淨銷售額的百分比，我們第三季度的系統收入為 32%，而第二季度為 61%。

Gross margin was 25% in Q3 compared to 13% in Q2.

第三季度毛利率為 25%，而第二季度為 13%。

The system segment gross margin was negative 5% and was negatively impacted by several factors, including low overall revenue recognized in the quarter relative to the systems segment fixed costs, a higher mix of lower-margin EPC projects relative to self-development projects, and approximately $8 million of charges associated with the decision to transition to a third-party EPC execution model.

系統部門毛利率為負 5%，並受到多個因素的負面影響，包括本季度確認的總體收入相對於系統部門固定成本較低、利潤率較低的 EPC 項目相對於自主開發項目的比例較高，以及與決定過渡到第三方 EPC 執行模式相關的費用約為 800 萬美元。

Also, our Seabrook asset which was acquired in late-stage development and was anticipated to have relatively low risk and low development margin compared to our earlier-stage development assets was impacted by the [currently] greater-than-expected variable integration cost under the PPA, which adversely affected the sale value of the project.

此外，我們在後期開發中收購的 Seabrook 資產與我們的早期開發資產相比，預計具有相對較低的風險和較低的開發利潤率，受到 [當前] 高於預期的可變整合成本的影響。 PPA，這對項目的銷售價值產生了不利影響。

The module segment gross margin was 40% in the third quarter, which was positively impacted by $80 million reduction in our product warranty liability reserves, partially offset by $6 million of Series 6 ramp-related costs.

第三季度模塊部門的毛利率為 40%，這受到我們產品保修責任準備金減少 8000 萬美元的積極影響，部分被 600 萬美元的系列 6 坡道相關成本所抵消。

The reduction of product warranty liability reserves is driven by an analysis of module return rates, improving module return rates for our most recent series of modules and updated information regarding our historical module warranty claims experience.

產品保修責任準備金的減少是由對模塊退貨率的分析、提高我們最新系列模塊的模塊退貨率以及有關我們歷史模塊保修索賠經驗的更新信息推動的。

The increase in module [7] gross margin was driven by increased shipments, lower ramp costs, lower cost per watt and the product warranty liability decrease.

組件 [7] 毛利率的增加是由出貨量增加、斜坡成本降低、每瓦成本降低和產品保修責任減少推動的。

The $80 million reduction in the reserve is equivalent to 22 percentage points of module segment gross margin.

儲備金減少 8000 萬美元相當於模塊部門毛利率的 22 個百分點。

Operating expenses were $97 million in the third quarter, an increase of $11 million compared to Q2.

第三季度的運營費用為 9700 萬美元，比第二季度增加了 1100 萬美元。

This was driven predominantly by increased start-up expense associated with our second Perrysburg factory.

這主要是由於與我們的第二家佩里斯堡工廠相關的啟動費用增加所致。

We have operating income of $41 million in the third quarter compared to an operating loss of $9 million in the prior quarter.

我們第三季度的營業收入為 4100 萬美元，而上一季度的營業虧損為 900 萬美元。

This was a result of increased module sales and the product warranty liability reserve reduction, offset by reduced systems segment revenue and gross margin and increased operating expenses.

這是由於模塊銷售額增加和產品保修責任準備金減少，但被系統部門收入和毛利率減少以及運營費用增加所抵消。

We recorded tax expense of $15 million in the third quarter compared to tax expense of $12 million in Q2.

我們在第三季度記錄了 1500 萬美元的稅收支出，而第二季度的稅收支出為 1200 萬美元。

And the increase in tax expense for the quarter is attributable to the higher pretax income as well as the jurisdictional mix of income.

本季度稅收支出的增加歸因於較高的稅前收入以及收入的管轄範圍。

Combination of the aforementioned items led to third quarter earnings per share of $0.29 compared to a loss per share of $0.18 in the second quarter.

上述項目的組合導致第三季度每股收益為 0.29 美元，而第二季度每股虧損為 0.18 美元。

I now turn to Slide 10 to discuss select balance sheet items and summary cash flow information.

我現在轉向幻燈片 10 討論選擇的資產負債表項目和匯總現金流信息。

Our cash and marketable securities balance ended the quarter at $1.6 billion, a decrease of approximately $500 million from the prior quarter.

截至本季度末，我們的現金和有價證券餘額為 16 億美元，比上一季度減少約 5 億美元。

Total debt at the end of the third quarter is $480 million, almost unchanged from $481 million at the end of Q2.

第三季度末總債務為 4.8 億美元，與第二季度末的 4.81 億美元基本持平。

And as a reminder, all of our outstanding debt continues to be project related and will come off our balance sheet when the projects are sold.

提醒一下，我們所有的未償債務仍然與項目相關，並且會在項目出售時從我們的資產負債表中扣除。

Our net cash position, which is cash, restricted cash and marketable securities less debt decreased by approximately $500 million to $1.2 billion.

我們的淨現金頭寸（即現金、受限現金和有價證券減去債務）減少了約 5 億美元至 12 億美元。

Decrease in our net cash balance is primarily related to increased project assets associated with the construction of unsold systems projects and capital investments in Series 6 manufacturing capacity.

我們的淨現金餘額減少主要與未售出的系統項目的建設和第 6 系列製造能力的資本投資相關的項目資產增加有關。

As at the end of the third quarter, we had approximately $570 million of project assets under construction on the balance sheet.

截至第三季度末，我們的資產負債表上有大約 5.7 億美元的在建項目資產。

Net working capital in Q3, which includes noncurrent project assets and excludes cash and marketable securities, increased by $241 million versus prior quarter.

第三季度的淨營運資本（包括非流動項目資產，不包括現金和有價證券）與上一季度相比增加了 2.41 億美元。

The change was primarily due to increased accounts receivable and reduced accounts payable.

主要是應收賬款增加，應付賬款減少所致。

Cash flows used in operations were $318 million in the third quarter.

第三季度用於運營的現金流為 3.18 億美元。

And finally CapEx was $183 million in the third quarter compared to $179 million in the second quarter as we continued Series 6 capacity expansion.

最後，第三季度的資本支出為 1.83 億美元，而第二季度為 1.79 億美元，因為我們繼續進行第 6 輪產能擴張。

Continuing to Slide 11.

繼續幻燈片 11。

I'll next discuss updates and related assumptions to our 2019 guidance.

接下來，我將討論我們 2019 年指南的更新和相關假設。

Firstly, 2019 costs associated with our decision to transition to a third-party EPC execution model and not previously in our full year guidance, including asset write-downs and severance costs are expected to total approximately $10 million.

首先，2019 年與我們決定過渡到第三方 EPC 執行模式相關的成本（包括資產減記和遣散費）預計總計約為 1000 萬美元，而此前未在我們的全年指導中。

Of this amount, $8 million was recognized in Q3 with $2 million expected to be recognized in Q4.

其中，800 萬美元在第三季度確認，200 萬美元預計在第四季度確認。

Approximately $1 million are cash charges with the remainder noncash and annual savings from these charges are expected to total $10 million to $15 million.

大約 100 萬美元是現金費用，其餘為非現金費用，預計這些費用每年可節省 1000 萬至 1500 萬美元。

Secondly, relating to the module business, there are 4 key updates.

其次，在模組業務方面，有4個重點更新。

The reduction in product warranty liability reserves of $80 million recorded in the third quarter was a noncash item and was not part of our previous year full guidance.

第三季度記錄的產品保修責任準備金減少 8000 萬美元是非現金項目，不屬於我們上一年全面指導的一部分。

The earlier than previously anticipated startup of our second Perrysburg factory is expected to increase 2019 ramp costs by $10 million, offset by a $15 million reduction in startup costs.

我們在佩里斯堡的第二家工廠比之前預期的更早啟動，預計 2019 年的坡道成本將增加 1000 萬美元，但被啟動成本減少 1500 萬美元所抵消。

Additionally, Perrysburg 2 production may provide up to an additional 80 megawatts of products in 2019, which is not expected to be sold in 2019.

此外，Perrysburg 2 的生產可能會在 2019 年額外提供多達 80 兆瓦的產品，預計不會在 2019 年銷售。

As it relates to our remaining Series 4 production in Malaysia, we're still evaluating the timing of the Series 4 shutdown to facilitate the conversion to Series 6 and any resulting costs.

由於這與我們在馬來西亞剩餘的第 4 系生產有關，我們仍在評估第 4 系停產的時間，以促進向第 6 系的轉換以及任何由此產生的成本。

Thirdly, relating to the systems business, in the U.S., we've recently signed agreement to sell our Sunshine Valley, Sun Streams 1 and Windhub assets.

第三，關於系統業務，我們最近在美國簽署了出售我們的 Sunshine Valley、Sun Streams 1 和 Windhub 資產的協議。

Although still subject to closing conditions, we expect to close and complete the sales in the fourth quarter.

儘管仍受制於成交條件，但我們預計將在第四季度完成銷售。

Project sale values are in line with our expectations relative to our 2019 guidance, with the exception of an ongoing development item related to 1 project, which negatively impacted value by approximately $40 million.

項目銷售價值符合我們對 2019 年指導的預期，但與 1 個項目相關的正在進行的開發項目除外，該項目對價值產生了約 4000 萬美元的負面影響。

In Japan, 2 weeks ago, Typhoon Hagibis passed very close to our Miyagi project and we're thankful there are no injuries to personnel related to the project.

在日本，兩週前，颱風海貝思非常接近我們的宮城項目，我們很慶幸沒有與項目相關的人員受傷。

However, the impact of heavy rainfall and blocked roads has so far limited our access to the site.

然而，到目前為止，強降雨和道路堵塞的影響限制了我們進入該地點。

Project is in early-stage construction with the majority of the work performed to date in civil engineering.

項目處於早期建設階段，迄今為止大部分工作都在土木工程中進行。

Until we complete our site assessment, it's unclear what impact this event will have on project construction timing and value.

在我們完成現場評估之前，尚不清楚此事件將對項目建設時間和價值產生什麼影響。

In addition in Japan, a recent proposal by the Ministry of Economy, Trade and Industry, which would levy any wheeling charge on solar projects with higher feed-in-tariff rates, has introduced some uncertainty into the market for equity ownership.

此外，在日本，經濟、貿易和工業部最近提出的一項提議，將對具有較高上網電價的太陽能項目徵收任何輪流收費，這給股權市場帶來了一些不確定性。

This project, Ishikawa and [Amuzi] were currently being structured to be sold together using a private fund vehicle.

這個項目，Ishikawa 和 [Amuzi] 目前正在構建以使用私人基金工具一起出售。

However, we also have the ability to sell these projects as individual assets.

但是，我們也有能力將這些項目作為單獨的資產出售。

We're continuing to evaluate the sales structure and these events in order to optimize the aggregate value of the projects.

我們將繼續評估銷售結構和這些事件，以優化項目的總價值。

Whilst the sales of these assets are all included in our 2019 guidance, we may decide on the basis of this evaluation to defer closing until next year, which would push revenue and margin recognition into 2020.

雖然這些資產的銷售都包含在我們的 2019 年指導中，但我們可能會根據此評估決定將關閉時間推遲到明年，這將推動收入和利潤率確認到 2020 年。

In the event none of these 3 asset sales close this year, we could see full year 2019 EPS $0.50 below the guidance range with a corresponding benefit to 2020.

如果今年這三項資產銷售均未完成，我們可能會看到 2019 年全年每股收益低於指導範圍 0.50 美元，並為 2020 年帶來相應收益。

And note that our evaluation of the preferred sale structure for our development assets is not unique to these assets.

請注意，我們對開發資產的首選銷售結構的評估並不是這些資產所獨有的。

As we've noted in prior earnings call this year, such as when discussing optimizing the sale of those projects with an SCE offtake in light of the Seabrook's related to the PG&E bankruptcy, we will not compromise project value in order to adhere to any particular timetable.

正如我們在今年之前的財報電話會議中所指出的那樣，例如在討論優化這些項目的銷售時，鑑於 Seabrook 與 PG&E 破產有關，我們不會為了遵守任何特定的規定而犧牲項目價值。時間表。

Fourthly, as a result of this uncertainty related to the timing of project sales, our ongoing evaluation of the long-term sustainable cost structure for our module manufacturing, development and O&M businesses that Mark discussed earlier, and the wind down of Series 4 production decided to push up the schedule for providing our 2020 guidance.

第四，由於與項目銷售時間相關的不確定性，我們正在對 Mark 之前討論的模塊製造、開發和運維業務的長期可持續成本結構進行評估，並決定停止 4 系列生產加快提供我們 2020 年指導的時間表。

Whilst we typically provide our year-forward outlook in the fourth quarter of the year, we believe that clarity around these matters and any associated actions will allow us to provide a more informed full year 2020 outlook.

雖然我們通常在今年第四季度提供我們的年度展望，但我們相信圍繞這些事項和任何相關行動的明確性將使我們能夠提供更明智的 2020 年全年展望。

We are therefore deferring guidance until the fourth quarter 2019 earnings call, which is anticipated to occur in February of 2020.

因此，我們將指引推遲到 2019 年第四季度財報電話會議，預計將於 2020 年 2 月舉行。

Lastly, as a reminder and as previously disclosed, our ongoing class action lawsuit, which was originally filed in 2012, is expected to go to trial in January of 2020.

最後，提醒一下，正如之前披露的那樣，我們正在進行的集體訴訟最初於 2012 年提起，預計將於 2020 年 1 月開庭審理。

As we noted in the past, given the uncertainties of trial, we continue to not be in a position to accept the likelihood of any particular outcome or to estimate the range of potential loss, if any.

正如我們過去指出的那樣，鑑於試驗的不確定性，我們仍然無法接受任何特定結果的可能性或估計潛在損失的範圍（如果有的話）。

We continue to believe we have meritorious defenses and are vigorously defending the case.

我們仍然相信我們有可取的辯護，並且正在積極地為這個案子辯護。

Our guidance does not take into account the financial impacts of any resolution of that lawsuit given the uncertainty of the trial.

鑑於審判的不確定性，我們的指導並未考慮該訴訟的任何解決方案的財務影響。

With these factors in mind, we're updating our 2019 guidance as follows: Our net sales guidance remains unchanged.

考慮到這些因素，我們將 2019 年的指引更新如下：我們的淨銷售額指引保持不變。

Our gross margin guidance has increased by 50 basis points to a revised range of 19% to 20% due to the product warranty liability reserve release, partially offset by reduced margin associated with a specific development issue related to one of our U.S. projects, cost related to the transition to a third-party EPC execution model and increased ramp costs associated with the earlier commencement of operations at our second Perrysburg factory.

由於產品保修責任準備金的釋放，我們的毛利率指引增加了 50 個基點至 19% 至 20% 的修訂範圍，部分被與我們的一個美國項目相關的特定開發問題相關的利潤率降低所抵消，成本相關向第三方 EPC 執行模式的過渡以及與我們在佩里斯堡的第二家工廠較早開始運營相關的斜坡成本增加。

Operating expense forecast has been lowered by $10 million to a revised range of $350 million to $370 million as a result of decreased plant start-up expense, which is now forecast to be $15 million lower at $40 million to $50 million, partially offset by higher SG&A and variable compensation expense.

由於工廠啟動費用減少，運營費用預測已下調 1,000 萬美元至 3.5 億至 3.7 億美元，目前預計將減少 1,500 萬美元至 4,000 萬至 5,000 萬美元，部分被較高的SG&A 和可變薪酬費用。

Operating income guidance has been increased to a revised range of $320 million to $370 million as a result of the above changes.

由於上述變化，營業收入指引已上調至 3.2 億美元至 3.7 億美元的修訂範圍。

Full year tax expense is now forecast to be approximately $80 million, up from previous estimate of $70 million due to increased operating income and a shift in the jurisdictional mix of income.

由於營業收入增加和管轄收入組合的轉變，現在預計全年稅收支出約為 8,000 萬美元，高於先前估計的 7,000 萬美元。

Earnings per share, net cash, capital expenditures and shipment guidance are unchanged.

每股收益、淨現金、資本支出和出貨指引保持不變。

Finally, I'll summarize the key messages from our call today on Slide 12.

最後，我將在幻燈片 12 上總結我們今天電話會議的關鍵信息。

Firstly, we continue to be pleased with the progress of our Series 6 platform, including the significant improvements across key manufacturing metrics and module efficiency.

首先，我們繼續對 6 系列平台的進展感到滿意，包括關鍵製造指標和模塊效率的顯著改進。

Secondly, with year-to-date bookings of 5.4 gigawatts, we met our 1:1 book-to-ship target approximately 2 months ahead of year-end, and we continue to strengthen our contracted position.

其次，今年迄今的預訂量為 5.4 吉瓦，我們在年底前約 2 個月實現了 1:1 的預訂出貨量目標，我們將繼續加強我們的合同地位。

And finally, we've increased our gross margin, operating income guidance and maintained our full year revenue and EPS guidance ranges.

最後，我們提高了毛利率、營業收入指導，並維持了全年收入和每股收益指導範圍。

With that, we conclude our prepared remarks and open the call for questions.

至此，我們結束準備好的發言並開始提問。

Operator?

操作員？

(Operator Instructions) Our first question comes from Philip Shen with Roth Capital Partners.

（操作員說明）我們的第一個問題來自 Roth Capital Partners 的 Philip Shen。

The first one is around your projects.

第一個是圍繞您的項目。

Alex, I know you gave some detail just now in terms of what to look for in the fourth quarter, but can you specifically comment on your confidence level and potentially or possibly the risks around closing on time in Q4?

亞歷克斯，我知道您剛才就第四季度的展望提供了一些細節，但您能否具體評論您的信心水平以及第四季度準時關閉的潛在風險？

And also is there a Japanese project that is required for 2019?

還有 2019 年需要的日本項目嗎？

Secondly, as it relates to your shipments.

其次，因為它與您的貨物有關。

I think in Q3, the implied shipments were 1.6 gigawatts.

我認為在第三季度，隱含的出貨量為 1.6 吉瓦。

How many megawatts of that number was recognized in revenue versus megawatts shipped, but not recognized in revenue?

與出貨的兆瓦相比，該數字中有多少兆瓦被確認為收入，但未在收入中確認？

And then also, what was the mix of megawatts shipped that was recognized that was Series 6 versus Series 4?

然後，被認為是系列 6 與系列 4 的出貨兆瓦組合是什麼？

Yes, so with regards to the projects, in the U.S., we have 3 assets, Sunshine Valley, Sun Streams and Windhub projects, and we have signed a deal to sell those assets.

是的，所以關於這些項目，在美國，我們有 3 個資產，Sunshine Valley、Sun Streams 和 Windhub 項目，我們已經簽署了出售這些資產的協議。

And that was signed after the end of the quarter, so you're not seeing that reflected in the financials of Q3 but we expect that to close in Q4.

這是在本季度末簽署的，所以你沒有在第三季度的財務中看到這一點，但我們預計這將在第四季度結束。

So obviously, there is always some risk until you get to a close, but we're through the commercial negotiation, now it's getting through to final conditions precedent to closing.

所以很明顯，在你結束之前總是有一些風險，但我們正在通過商業談判，現在它正在進入結束前的最終條件。

So a high level of confidence in those assets.

所以對這些資產有很高的信心。

When it comes to the full year, so the forecast has 3 projects from Japan in it, our Ishikawa asset, Miyagi asset and our [Amuzi] asset.

說到全年，所以預測有來自日本的 3 個項目，我們的石川資產、宮城資產和我們的 [Amuzi] 資產。

As of now, those 3 are all structured to be sold under 1 fund structure together.

截至目前，這 3 個都被構造為在 1 個基金結構下一起出售。

The typhoon event in Japan has had an impact on one of our assets.

日本的颱風事件對我們的一項資產產生了影響。

As we mentioned in the prepared remarks, we're just starting to get access to the site and understand the damage there.

正如我們在準備好的評論中提到的那樣，我們才剛剛開始訪問該站點並了解那裡的損害。

Now from the very preliminary views we have, we think the damage to the site has not been extensive.

現在從我們所掌握的非常初步的觀點來看，我們認為該遺址的破壞並不廣泛。

However the damage perhaps to the surrounding area and potentially the [Jensi], we're still waiting to get an assessment of that.

然而，可能對周邊地區和[Jensi]造成的損害，我們仍在等待評估。

And when we look through that, obviously, there's insurance on the site as well.

當我們仔細查看時，很明顯，網站上也有保險。

So it's early to say, but our very early indications would seem to be that from an economic perspective, we'll be okay.

所以現在說還為時過早，但我們的早期跡像似乎是，從經濟角度來看，我們會沒事的。

From a timing perspective, it's still unknown.

從時間的角度來看，它仍然是未知數。

So those 3 assets are all in the guidance.

所以這三項資產都在指導中。

They're all due to be sold together.

它們都應該一起出售。

If we have a delay in one of them, that could potentially delay all of them.

如果我們對其中一個進行延遲，則可能會延遲所有這些。

As I mentioned in my remarks, we do have the ability to sell those assets individually as well, there could be some delta in value doing so.

正如我在講話中提到的，我們也有能力單獨出售這些資產，這樣做可能會有一些價值增量。

We have obviously structured the fund because we think that's the optimal structure and optimal value for all 3 assets.

我們顯然已經構建了基金，因為我們認為這是所有 3 種資產的最佳結構和最佳價值。

So as of now, they're in the guidance.

所以到目前為止，他們在指導中。

We'll get more information over the coming weeks.

我們將在未來幾週內獲得更多信息。

And the other key is that -- 2 things.

另一個關鍵是——兩件事。

One, we are not going to compromise the value.

一，我們不會妥協價值。

So if we get to a point where we could sell those assets out and sell them this year, then we would be destroying value by doing so.

因此，如果我們達到了可以在今年出售這些資產並出售它們的地步，那麼我們這樣做就會破壞價值。

We won't do that.

我們不會那樣做。

We'll keep them all together.

我們會把它們放在一起。

And the second is, if there is a delay in selling those assets, it's simply a timing shift.

第二個是，如果出售這些資產有延遲，那隻是時間轉移。

It just pushes out from Q4 into the next quarter.

它只是從第四季度推出到下一個季度。

So it's not a change of value, it's simply timing of revenue and margin.

所以這不是價值的變化，它只是收入和利潤的時間安排。

So that's the project piece.

這就是項目部分。

Now the shipments?

現在發貨了？

Phil, I got one of your questions on the revenue mix.

菲爾，我收到了你關於收入組合的一個問題。

The revenue mix was on -- 60% was Series 6 and 40% was Series 4. And then your other question was around the shipments within the quarter, how many were recognized within the quarter?

收入組合開始了——60% 來自系列 6，40% 來自系列 4。然後你的另一個問題是關於本季度內的出貨量，本季度內確認了多少？

Is that -- just want to make sure I got your question correctly.

那是 - 只是想確保我正確地回答了你的問題。

I think we calculated 1.6 gigawatts of shipments in Q3.

我認為我們在第三季度計算了 1.6 吉瓦的出貨量。

Sometimes you guys ship, but don't necessarily recognize those megawatts in revenue.

有時你們會發貨，但不一定承認這些兆瓦的收入。

So did you recognize all 1.6?

那麼你認識所有的1.6嗎？

No.

不。

No, so we -- the number was -- you're close to the number around shipments.

不，所以我們——這個數字是——你接近出貨量的數字。

We actually have a little over 800 megawatts of third-party module sales that have not been recognized.

我們實際上有超過 800 兆瓦的第三方模塊銷售尚未得到認可。

They're deferred revenue at this point in time effectively, which will be recognized in the fourth quarter.

他們在這個時間點有效地遞延收入，這將在第四季度得到確認。

We also shipped another close to -- a little bit north of 100 megawatts into our own system assets.

我們還向我們自己的系統資產運送了另一個接近 - 100 兆瓦以北的電力。

So you got a combination of about 800 megawatts that didn't get recognized for third-party module sales just based off of shipping terms and trigger for revenue recognition; then you got another 100 megawatts or so of Series 6 product that got deferred out into our systems projects which will be now recognized -- a significant portion of that will be recognized associated with our [Golden Eye] Sun Stream -- Sunshine Valley, excuse me, and Windhub projects that we signed which will close in the fourth quarter.

所以你得到了大約 800 兆瓦的組合，僅根據運輸條款和收入確認觸發因素，第三方模塊銷售沒有得到認可；然後你又得到了 100 兆瓦左右的 6 系列產品，這些產品被推遲到我們的系統項目中，現在將得到認可——其中很大一部分將與我們的 [Golden Eye] Sun Stream -- Sunshine Valley 相關，請原諒我和我們簽署的 Windhub 項目將在第四季度結束。

And Phil, if you're trying to work it forward from last quarter, we said last quarter, we'd have about 1.4 gigawatts of shipments and about 1/3 of that recognized revenue, 1/3 of that was shipped to our systems assets, didn't recognize revenue, and 1/3 went onto the module business and didn't recognize revenue.

菲爾，如果你想從上個季度開始向前推進，我們上個季度說過，我們將有大約 1.4 吉瓦的出貨量和大約 1/3 的確認收入，其中 1/3 被運送到我們的系統資產，未確認收入，1/3進入模組業務，未確認收入。

So as you carry over the module shipments from Q2 that didn't rev rec in Q2, will rev rec in Q3, however, the shipments that went to our systems assets in Q2 may likely not have done still because a lot of that will have been associated with the U.S. assets that we haven't recognized revenue on yet and completed the sale.

因此，當您從 Q2 結轉的模塊出貨量在 Q2 沒有 rev rec 時，將在 Q3 rev rec，但是，第二季度進入我們系統資產的出貨量可能還沒有完成，因為其中很多將有與我們尚未確認收入並完成出售的美國資產相關聯。

Your next question comes from Julien Dumoulin-Smith with Bank of America.

您的下一個問題來自美國銀行的 Julien Dumoulin-Smith。

This is Julian.

這是朱利安。

Just to follow up very quickly on the last question, if you don't mind.

如果您不介意，請盡快跟進最後一個問題。

Can you clarify just which projects are included in this year's versus next year's in that $0.50?

您能否澄清一下今年和明年的 0.50 美元中包含哪些項目？

And specifically here, with respect to the SCE project, so the side not closed on, just again, sorry to sort of come back on this, just looking to be extra clear about what's this year versus next year?

特別是在這裡，關於 SCE 項目，所以沒有結束，只是再次，很抱歉回到這個問題上，只是想更清楚地了解今年與明年的情況？

And I'll leave there.

我會離開那裡。

I got a follow-up.

我得到了跟進。

Well, just around the SCE project, I'll let Alex handle the balance of it.

好吧，就 SCE 項目而言，我會讓 Alex 處理它的平衡。

The projects that we just referenced that have now been signed, submitted the CPs to close, the 3 of them, those are all with SCE as the counterparty.

我們剛才提到的現在已經簽約的項目，提交了CP來關閉，這3個，都是SCE作為交易對手的。

So we're very happy to move those forward.

所以我們很高興推動這些工作。

As you know, we've talked about those throughout the other earnings calls earlier in the year.

如您所知，我們已經在今年早些時候的其他財報電話會議中討論了這些問題。

So those are moving forward.

所以那些正在向前發展。

That is, again, Sun Streams, Sunshine Valley and Windhub.

也就是 Sun Streams、Sunshine Valley 和 Windhub。

Those are all being -- in the process of being -- final days and signed now and in the process of closing which we will expect to happen here in the fourth quarter.

這些都在 - 正在進行 - 最後幾天，現在已經簽署，並且正在關閉過程中，我們預計將在第四季度在這裡發生。

The other projects that are still moving around are Japan assets, which Alex can talk about.

其他仍在進行的項目是日本資產，Alex 可以談論這些。

Yes.

是的。

To expand the previous answers, so our Ishikawa asset, our Miyagi asset and our [Amuzi] asset.

為了擴展之前的答案，我們的 Ishikawa 資產、我們的 Miyagi 資產和我們的 [Amuzi] 資產。

So all 3 of those are currently in the guidance forecast for the year.

因此，所有這三個目前都在今年的指導預測中。

Got it.

知道了。

And just the $0.50 would be for which ones moving out, just to clarify this?

只有 0.50 美元將用於哪些搬出，只是為了澄清這一點？

Let's say, the comment given was around, if we do not sell those Japan assets, we could see coming in $0.50 below the low end of the range of guidance.

比方說，給出的評論是，如果我們不出售這些日本資產，我們可能會看到比指導範圍的低端低 0.50 美元。

Okay, just Japan.

好吧，只有日本。

Right, excellent.

沒錯，極品。

And then if I can get into your -- you commented about this $0.005 improvement versus the initial 4Q guidance on S6.

然後，如果我可以了解您的內容，您評論了與 S6 最初的 4Q 指導相比，這 0.005 美元的改進。

How does that put you with respect to -- position you with respect to further cost reduction?

在進一步降低成本方面，這對您有何影響？

Hedging into 2020 and onwards, I mean, how do you think about that road map?

對沖到 2020 年及以後，我的意思是，您如何看待該路線圖？

Certainly, good success across the board here.

當然，這裡取得了全面的成功。

Can you comment more broadly if you can, especially if you think about the optimization element?

如果可以的話，您能否更廣泛地發表評論，特別是如果您考慮優化元素？

Yes.

是的。

So that is -- again, it's $0.005 actually higher than our target, right?

這就是 - 再次，它實際上比我們的目標高 0.005 美元，對吧？

So if you look at across the fleet, we're exiting the year, we'll be about $0.005 higher across the fleet.

因此，如果您查看整個機隊，我們將退出這一年，整個機隊的價格將高出約 0.005 美元。

And again, putting in perspective, that was a 30% reduction from where we started the year and we are talking about a few percentage points that we will be above that number from our current view.

再一次，從角度來看，這比我們年初的時候減少了 30%，我們正在談論幾個百分點，從我們目前的觀點來看，我們將高於這個數字。

We're sitting -- we are better than where we had anticipated through 3 quarters, but we've got a couple of headwinds that I mentioned in the call, mainly impacting our Ohio factories.

我們坐下來——我們在三個季度內都比我們預期的要好，但我們遇到了我在電話會議中提到的一些不利因素，主要影響我們的俄亥俄州工廠。

And I think factories because when we began the year, we did not anticipate the startup of Perrysburg 2.

我認為工廠是因為當我們年初時，我們沒有預料到 Perrysburg 2 的啟動。

So the target that we gave you would not have had Perrysburg 2 in that number.

所以我們給你的目標不會是 Perrysburg 2 在那個數字。

And so Perrysburg 2 start-up and again, underutilization and just general ramp and initial production means being lower than average, while we are now starting using ARC this week, we started it by Monday.

因此，佩里斯堡 2 號再次啟動，利用率不足，只是一般的斜坡和初始生產意味著低於平均水平，雖然我們現在開始在本週開始使用 ARC，但我們在周一開始使用。

ARC will start to be commissioned this week.

ARC 將於本週開始投入使用。

We actually are getting good bins without ARC and when we include ARC, we'll see even better bin, but they will be slightly lower bins than the overall distribution across the fleet.

實際上，我們在沒有 ARC 的情況下得到了很好的垃圾箱，當我們加入 ARC 時，我們會看到更好的垃圾箱，但它們的垃圾箱將比整個車隊的整體分佈略低。

So you got a little bit of start-up, underutilization, referred to that, so bin distribution is not nearly where the fleet average is.

所以你有一點啟動，未充分利用，提到那個，所以垃圾箱分佈幾乎沒有車隊平均水平。

It'll face a little bit of headwind.

它會面臨一點逆風。

So combine that with the tariff-related costs that we have on our U.S. manufacturing, it's impacting the overall fleet by about $0.005.

因此，將其與我們在美國製造業的關稅相關成本相結合，它對整個機隊的影響約為 0.005 美元。

We are in the process -- we largely have resourced our cover glass to avoid tariffs.

我們正在這個過程中——我們在很大程度上已經為我們的蓋玻片提供資源以避免關稅。

But even there, we're seeing slightly higher cost than we would have otherwise.

但即使在那裡，我們看到的成本也比其他情況下要高一些。

We're still working through our aluminum frame around resourcing of that aluminum that would bring the tariff down, so that will help drive cost out as we go into next year.

我們仍在通過我們的鋁框架圍繞鋁的資源進行工作，這將降低關稅，因此這將有助於在我們進入明年時降低成本。

But the other levers around costs will be further throughput advantages and so what we have indicated, we already are starting up Perrysburg 2 with higher nameplate capacity, almost another 100 megawatts.

但是圍繞成本的其他槓桿將是進一步的吞吐量優勢，因此我們已經指出，我們已經啟動了具有更高銘牌容量的 Perrysburg 2，幾乎是另外 100 兆瓦。

We'll leverage that across the existing fleet.

我們將在現有機隊中利用這一點。

So that incremental throughput will drive better cost per watt average.

因此，增加的吞吐量將推動更好的平均每瓦成本。

The efficiencies are already improving, our top bins right now are 435.

效率已經在提高，我們現在的頂級垃圾箱是 435 個。

We've just started to reach 440.

我們剛剛開始達到 440。

So as we roll that higher efficiency, higher watts across the fleet next year, we're going to see benefits from that as well.

因此，當我們明年在整個車隊中推出更高效率、更高功率的產品時，我們也會從中受益。

So there's a lot of positives that will help drive costs down further next year, but we do got to figure out we still have some labor inefficiencies that we are working through, sales freight in the U.S. in particular for various reasons is higher.

因此，有很多積極因素將有助於明年進一步降低成本，但我們必須弄清楚我們仍然存在一些勞動力效率低下的問題，特別是由於各種原因，美國的銷售運費更高。

And we got to find a way to bring that down.

我們必須找到一種方法來降低它。

So there are some headwinds.

所以有一些阻力。

But as I look across the long-term horizon and ultimate destination where we'll end up, we're very confident that we'll meet the target that we set out for with Series 6. But we are dealing with some near-term headwinds and we're evaluating obviously what that potential impact, if any, will flow into next year.

但當我展望我們最終的長期視野和最終目的地時，我們非常有信心我們將實現我們在系列 6 中設定的目標。但我們正在處理一些近期的問題逆風，我們顯然正在評估這種潛在影響（如果有的話）將在明年流入。

Our next question comes from Brian Lee with Goldman Sachs.

我們的下一個問題來自高盛的 Brian Lee。

First one just on the gross margin, Alex.

第一個只是毛利率，亞歷克斯。

Lots of moving parts here for the module segment.

模塊部分有很多活動部件。

Excluding the warranty item, thanks for breaking that out, the gross margin, I guess, is implied to be 18% there, but then there's some other moving parts.

不包括保修項目，感謝您打破這一點，我猜，毛利率隱含為 18%，但還有其他一些活動部分。

You mentioned the pull forward on Perrysburg 2, I think $10 million, some ramp-up costs and then some other items.

你提到了 Perrysburg 2 的推進，我認為是 1000 萬美元，一些加速成本，然後是其他一些項目。

So if we adjust for all of that, I'm getting to something in the low 20s sort of as a clean gross margin for the module segment.

因此，如果我們針對所有這些進行調整，我將獲得 20 多歲的東西，作為模塊細分市場的淨毛利率。

Is that fair or we may be missing something else there?

這是公平的還是我們可能會遺漏其他東西？

Maybe if you could walk us through some of the moving parts?

也許你可以帶我們了解一些活動部分？

Then I had a follow-up.

然後我進行了跟進。

Yes, so you're doing the right math.

是的，所以你做對了數學。

The product warranty release comes out of COGS out of the module segment.

產品保修發布來自模塊部分的 COGS。

The roughly $40 million reduction to COGS coming out as one of the development items that comes out of the systems segment.

作為系統部門的開發項目之一，COGS 減少了大約 4000 萬美元。

But that's in the full year guidance.

但這是全年指導。

You're not seeing that in the quarter.

你在本季度沒有看到這一點。

In the quarter, you're going to see about $10 million of ramp, that's out of the module side and then about $10 million associated with the EPC.

在本季度，您將看到大約 1000 萬美元的斜坡，這是模塊方面的，然後是與 EPC 相關的大約 1000 萬美元。

So if you walk that math, you get $80 million minus $40 million minus $10 million minus $10 million getting to about a $20 million down to the gross margin, that's what you see in the 0.5 point increase to the guidance.

因此，如果你按照這個數學計算，你會得到 8000 萬美元 - 4000 萬美元 - 1000 萬美元 - 1000 萬美元，毛利率下降到大約 2000 萬美元，這就是你在指引增加 0.5 個百分點時看到的。

Okay.

好的。

Fair enough.

很公平。

And just on that point, there is nothing from the Q3 quarterly result that would repeat in Q4 is there?

就在這一點上，第三季度的季度業績中沒有任何內容會在第四季度重複，是嗎？

Just to make sure I get my following in.

只是為了確保我得到我的追隨者。

Just on the capacity here, last December, on the update call, you talked about 5 to 5.5 gigawatts of production in 2020 as the target range, I think with Perrysburg 2.4, 3 months, maybe some optionality to keep Series 4 online through Q1 for safe harbor.

就容量而言，去年 12 月，在更新電話會議上，您談到了 2020 年 5 到 5.5 吉瓦的產量作為目標範圍，我認為 Perrysburg 2.4 的目標範圍是 3 個月，也許有一些選擇可以讓 Series 4 在第一季度保持在線避風港。

How should we be thinking about that range?

我們應該如何考慮這個範圍？

It seems like it has some upside at this point and also with the debottlenecking?

在這一點上，它似乎有一些上升空間，而且還有消除瓶頸？

And just a last thing for me on the quarter sales, the severance we talked about on the EPC charges associated with -- exiting the U.S. EPC business, that's $10 million, $8 million hits the quarter, so you will see $2 million flow through into Q4.

對我來說，關於季度銷售額的最後一件事，我們談到的與 EPC 費用相關的遣散費——退出美國 EPC 業務，這是 1000 萬美元，本季度有 800 萬美元，所以你會看到 200 萬美元流入Q4。

But outside of that, the warranty reserve release was a onetime in Q3 and the development item will hit all in Q4 as we roll through the revenue recognition when those projects are sold.

但除此之外，保修準備金是在第三季度一次性發布的，而開發項目將在第四季度全部完成，因為我們在這些項目出售時滾動收入確認。

Yes, and then it relates to capacity next year for -- Brian, I mean, we're not in a position yet to give guidance on that, but I will say that the early start of Perrysburg, and effectively, it allows us now, we -- we'll have more production out of Perrysburg 2 in 2020 than we would have otherwise.

是的，然後它與明年的容量有關——布賴恩，我的意思是，我們還不能就此提供指導，但我會說佩里斯堡的早期開始，實際上，它允許我們現在，我們——我們將在 2020 年從 Perrysburg 2 中獲得比其他情況更多的產量。

I mean I'm really happy with where we're starting off.

我的意思是我對我們開始的地方感到非常滿意。

I think the initial bin that we're seeing is coming across the production line is really good.

我認為我們在生產線上看到的最初的垃圾箱非常好。

And throughput, we expect to make meaningful progress of ramping up through -- between now and the end of the year.

和吞吐量，我們希望在從現在到今年年底之間取得有意義的進步。

So our leaping off point, exiting this year and entering into next year, will allow us an opportunity to get incremental production in 2020 out of our Perrysburg 2 factory.

因此，我們的跳躍點，今年退出並進入明年，將使我們有機會在 2020 年從我們的 Perrysburg 2 工廠獲得增量生產。

The other items just in terms of incremental throughput, debottlenecking and other things that we can do across the fleet, that exists as well.

就增量吞吐量、消除瓶頸以及我們可以在整個車隊中做的其他事情而言，其他項目也存在。

So we highlighted that on a nameplate capacity, we are right now at 5.4.

所以我們強調，在銘牌容量上，我們現在是 5.4。

That does not include the additional debottlenecking and other things that we can do across the other factories.

這不包括我們可以在其他工廠中做的額外的去瓶頸和其他事情。

So there's a little bit of upside there.

所以那裡有一點好處。

So I would say, we were comfortable if our share will be at the high end of the range that we previously guided to for production for next year and we'll see where we can go above and beyond that.

所以我想說，如果我們的份額將處於我們之前指導的明年生產範圍的高端，我們會感到很自在，我們會看到我們可以超越這個範圍。

And including this one, I think we were highly motivated to start up production, not only because we were ready but obviously, driving that through and ramping that factory gives us incremental capacity next year and a very strong demand opportunity set for us.

包括這個，我認為我們有很大的動力開始生產，不僅因為我們已經做好了準備，而且很明顯，推動這一點並擴大工廠的產能給我們明年的產能增加，並為我們提供了非常強勁的需求機會。

And hopefully, with that incremental throughput, we'll drive better revenue for next year as well.

希望隨著吞吐量的增加，我們明年也能帶來更好的收入。

Our next question comes from Ben Kallo with Baird.

我們的下一個問題來自 Ben Kallo 和 Baird。

Maybe going back to the Analyst Day and your margin targets.

也許回到分析師日和你的保證金目標。

Can you just talk about where you are with hitting those targets?

你能談談你在哪里達到這些目標嗎？

And then how, I guess, changing from the EPC business to module sales changes that overall model?

然後，我想，從 EPC 業務到模塊銷售的轉變如何改變整體模式？

And then maybe just a little more context what the $0.005 within your target means?

然後可能只是更多的上下文，你的目標中的 0.005 美元意味著什麼？

Are you still going to get to that greater than 20% gross margin on Series 6?

你還會在第 6 季中獲得超過 20% 的毛利率嗎？

Yes, I think, I guess, the way we look at it, Ben, is -- margin is obviously a combination of 2 things.

是的，我想，我想，Ben，我們看待它的方式是-- 邊距顯然是兩件事的組合。

Margin is a combination of what are we able to capture in the market from an ASP and then what's the actual cost of producing the product.

利潤率是我們能夠從 ASP 中獲得的市場收益以及生產產品的實際成本的組合。

If you look at our bookings, 1.1 gigawatts that we highlighted, again, with volumes going up, not only in '21, but in -- a portion of that beyond '21.

如果您查看我們的預訂量，我們再次強調了 1.1 吉瓦，而且數量在增加，不僅在 21 年，而且在 21 年之後的一部分。

The ASPs, when you look across that are all very good.

ASP，當你看過去時，它們都非常好。

They are very much in line with -- if you look at our -- on a blended basis, if you look at the Q that will come out tomorrow, I think the numbers will apply something around $0.34, somewhere in that range.

它們非常符合 - 如果你看看我們的 - 在混合的基礎上，如果你看看明天將出現的 Q，我認為這些數字將適用於 0.34 美元左右，在那個範圍內的某個地方。

And these additional bookings post the end of quarter will be consistent with that type of number.

季度末之後的這些額外預訂將與該類型的數字一致。

So when you look at that result of good ASP, when I also look at the bins we are producing, and not only that, over time, the energy advantage because something that we wanted to highlight in the scientific improvement that we made or discovery that we made around replacing copper, that will significantly improve long-term degradation of the product.

因此，當您查看良好 ASP 的結果時，當我還查看我們正在生產的垃圾箱時，不僅如此，隨著時間的推移，能源優勢，因為我們想在我們所做的科學改進或發現中強調的東西我們圍繞替換銅進行，這將顯著改善產品的長期退化。

And we've always said 2 things: it's not only efficiency but energy.

我們總是說兩件事：不僅是效率，還有能源。

Whatever we do, we need to drive better energy, and that's a meaningful driver to improve energy and that drives value, accretes value back into the module and the market price that we can get.

無論我們做什麼，我們都需要推動更好的能源，這是改善能源的有意義的推動力，推動價值，將價值重新註入模塊和我們可以獲得的市場價格。

So when I look at that, I feel confident there.

所以當我看到那個時，我在那裡感到自信。

The cost right now across the fleet -- the fact that our low-cost regions are where they need to be, that's extremely encouraging.

現在整個車隊的成本——我們的低成本地區是他們需要的地方，這是非常令人鼓舞的。

We've just got some challenges we are dealing with in Ohio specifically.

我們剛剛在俄亥俄州遇到了一些挑戰。

We'll address some of that with -- throughput is a great way to help dilute your fixed cost and drive your cost per watt down and highlighting that benefit in our factory, our second factory in Ohio, will help.

我們將解決其中的一些問題——吞吐量是幫助稀釋固定成本並降低每瓦成本的好方法，並強調我們工廠（我們在俄亥俄州的第二家工廠）的優勢將有所幫助。

We got some work that we need to do on the labor, and we got to find a way to get some labor cost out of Ohio.

我們需要在勞動力方面做一些工作，我們必須想辦法從俄亥俄州獲得一些勞動力成本。

It's running higher than we had indicated.

它的運行速度比我們指出的要高。

We indicated that earlier in the year; we got to work through that.

我們在今年早些時候表示過；我們必須解決這個問題。

We're just not quite there yet.

我們只是還沒到那一步。

So when I look at the long-term destination of where we will be relative with -- when I look at where ASPs are and what the cost per watt profile is, we are very comfortable with the original gross margin target that we set for Series 6. Nothing has changed from that standpoint.

因此，當我查看我們將與之相關的長期目標時——當我查看 ASP 在哪里以及每瓦成本是多少時，我們對我們為系列設定的原始毛利率目標感到非常滿意6. 從這個角度來看，一切都沒有改變。

This $0.005 is not going to move bad, and I would argue that again that $0.005 is being more than compensated by the strong ASPs that we are seeing.

這 0.005 美元不會變壞，我會再次爭辯說，0.005 美元被我們所看到的強勁 ASP 所補償。

Ben, just to add on the EPC piece.

Ben，只是為了添加 EPC 部分。

I think we guided that I'll say about 1.5 years ago, nearly 2 years ago now to a 5%, 10% gross margin business in EPC.

我認為我們在大約 1.5 年前、近 2 年前現在指導 EPC 的毛利率為 5%、10% 的業務。

So that is going to come out as we don't perform in EPC now.

所以這將會出現，因為我們現在不在 EPC 中執行。

So we're also at the same time, as we commented, taking cost structure out and we pointed to $10 million to $15 million of annual recurring savings as we exit the EPC business.

因此，正如我們所評論的那樣，我們同時也在考慮成本結構，並指出當我們退出 EPC 業務時，每年可以節省 1000 萬至 1500 萬美元的經常性費用。

So going forward, you may see a change in top line revenue as we exit the internal performance of that function.

因此，展望未來，隨著我們退出該職能的內部績效，您可能會看到收入的變化。

On an overall consolidated basis, given the EPC was a low-percentage margin business, you should see a beneficial impact across the consolidated gross margin.

在整體綜合基礎上，鑑於 EPC 是一項低利潤率業務，您應該會看到綜合毛利率的有利影響。

Our next question comes from the line of Jeff Osborne with Cowen and Company.

我們的下一個問題來自 Cowen and Company 的 Jeff Osborne。

I was just wondering in terms of the -- post the bifacial decision, can you talk about what you're seeing in terms of the broader market discussions you're having into the closing months here of safe harboring?

我只是想知道 - 在雙面決定之後，你能談談你在安全避難的最後幾個月裡所進行的更廣泛的市場討論嗎？

Is there any heightened activity?

有沒有加強活動？

Or is it too late to safe harbor at this point?

還是在這一點上避難為時已晚？

We're seeing some additional activity related to that.

我們看到了一些與此相關的額外活動。

Part of the problem is we don't have a lot of supply, so that's been one of the challenges.

部分問題是我們沒有很多供應，所以這是挑戰之一。

And people are looking at Series 4. We've still got a few opportunities potentially that we could -- been able to safe harbor around Series 4. So that could happen.

人們正在關注系列 4。我們仍然有一些可能的機會——能夠在系列 4 周圍避風港。所以這可能會發生。

But I wouldn't say -- look, we were very -- even though, obviously, the exception was there for a period of time and the other thing I would like to continue on the other side as we said on the call we're very happy with USTR's decision around eliminating the exemption that was provided.

但我不會說 - 看，我們非常 - 即使，很明顯，例外情況存在了一段時間，另一件事我想繼續在另一邊，正如我們在電話會議上所說的那樣'對美國貿易代表辦公室關於取消所提供的豁免的決定感到非常滿意。

We were very happy still with the ability to go through and sell-through that.

我們仍然很高興能夠通過和銷售。

I think when the announcement first came out in June of last year, I think shortly thereafter, we highlighted that we booked one of our largest orders ever with a single customer, which is about 1.7 gigawatts, and that was a backdrop of that exemption being provided.

我認為，當該公告於去年 6 月首次發佈時，我認為此後不久，我們強調我們向單個客戶訂購了有史以來最大的訂單之一，約為 1.7 吉瓦，這是豁免的背景假如。

So we've been able to -- and we feel very confident with our capability of our technology to compete against bifacial modules.

所以我們已經能夠 - 我們對我們的技術與雙面模塊競爭的能力充滿信心。

Now there could be certain applications in certain geographies that we could be less advantaged in or maybe disadvantaged; that can happen.

現在，在某些地區，我們可能會在某些應用中處於劣勢或劣勢；這可能發生。

But we've never been -- we understand the bifacial technology, the capability relative to our technology.

但我們從來沒有——我們了解雙面技術，以及與我們技術相關的能力。

We are confident with our relative competitive position.

我們對我們的相對競爭地位充滿信心。

I also continue to look forward to what we're doing, not only in efficiency but all the ways we can drive energy performance out of our technology that will further enhance that competitive position against bifacial.

我也繼續期待我們正在做的事情，不僅是在效率方面，而且是我們可以從我們的技術中提高能源性能的所有方式，這將進一步增強在雙面方面的競爭地位。

So we -- our teams are working very hard and we are very aware of the competing technologies that are out there, and we're doing everything we can to make sure that we again have differentiated technology and advantaged technology.

所以我們——我們的團隊正在非常努力地工作，我們非常了解存在的競爭技術，我們正在盡我們所能確保我們再次擁有差異化技術和優勢技術。

So -- but there will be a little bit of opportunity here, maybe like throughout the year-end, but it hasn't been a real mover for us because we don't have the supply available.

所以 - 但這裡會有一點機會，可能就像整個年底一樣，但這對我們來說並不是一個真正的推動者，因為我們沒有可用的供應。

Your next question comes from Paul Coster with JP Morgan.

您的下一個問題來自摩根大通的 Paul Coster。

This is Mark Strouse on for Paul.

這是馬克·斯特勞斯為保羅代言的。

Most of them have actually been answered.

他們中的大多數實際上已經得到了回答。

But Mark, I wanted to ask you a high-level question.

但是馬克，我想問你一個高層次的問題。

So you mentioned the 19% efficiency in the 440-watt panels.

所以你提到了 440 瓦面板的 19% 效率。

As you continue to improve your products, should investors think of that as kind of relatively modest tweaks to Series 6 technology?

隨著您繼續改進您的產品，投資者是否應該將其視為對 Series 6 技術的一種相對適度的調整？

Or, I guess, how much run rate do you have until a Series 7 platform would be potentially required?

或者，我猜，在可能需要 Series 7 平台之前，您有多少運行速度？

So the way I would somewhat describe it is that is at core, we are a technology and manufacturing company, and we have to stay ahead of the game on the technology.

所以我的描述方式是，核心是，我們是一家技術和製造公司，我們必須在技術上保持領先。

So there's still plenty of runway to go on Series 6. Again, driving efficiency, improving the energy profile of the product, not only in long-term degradation, look at ways that we can improve temperature coefficient, look at ways to the extent we can to improve spectral response, right?

因此，系列 6 仍有很多路要走。再次，提高效率，改善產品的能量分佈，不僅在長期退化方面，看看我們可以提高溫度係數的方法，看看我們能達到的程度的方法可以提高光譜響應，對吧？

So anything we can do to generate more energy.

所以我們可以做任何事情來產生更多的能量。

And in real-world conditions, this is a point I always like to make, is that the efficiency that's flashed at sort of labeled on a module is a 25 degrees C. The real-world operating parameters of the module have many other issues to deal with not only with temperature, but moisture in the air and other things that can adversely impact the performance of the module.

在現實世界的條件下，這是我一直喜歡提出的一點，就是模塊上標明的效率是 25 攝氏度。模塊的實際運行參數還有許多其他問題需要解決不僅要處理溫度，還要處理空氣中的水分和其他可能對模塊性能產生不利影響的因素。

And then you have the long-term degradation impact and more that you can do to improve that over time, all enhances value of the technology.

然後你會產生長期的退化影響，隨著時間的推移你可以做更多的事情來改進它，所有這些都會提高技術的價值。

So we have many levers still to go around Series 6, but I'm not going to rest without thinking through.

因此，圍繞系列 6，我們還有許多槓桿要走，但我不會不考慮就休息。

The team is doing a great job to think about use the word Series 7, whatever you want to call the next evolution of the technology, that's on top of mind for us.

團隊在考慮使用 Series 7 這個詞方面做得很好，無論您想如何稱呼該技術的下一次發展，這都是我們的首要任務。

And we have -- one of the nice things that we have always had is we've had our advanced research team in California, that's always been out in front of the game and looking at other potential technologies and capabilities, and we've made investments over the years and early investments in 6. We made investments with monocrystalline and anti to understand that technology.

我們擁有 - 我們一直擁有的一件好事是我們在加利福尼亞擁有我們的高級研究團隊，他們一直走在遊戲的前面，並著眼於其他潛在的技術和能力，我們已經多年來的投資和早期投資 6. 我們對單晶和抗進行了投資以了解該技術。

We've made investments to study Perovskites.

我們已經投資研究鈣鈦礦。

So we're in front of the game, and we're always looking at what can we do to take our technology to the next level.

所以我們站在遊戲的前面，我們一直在研究我們可以做些什麼來將我們的技術提升到一個新的水平。

We are looking at the next-generation technology; we have to.

我們正在研究下一代技術；我們必須。

But in the interim, we're very confident and comfortable with the product that we have and its capabilities to compete and to further enhance.

但在此期間，我們對我們擁有的產品及其競爭和進一步增強的能力非常自信和滿意。

Now is there something more disruptive that could be out in the horizon?

現在還有什麼更具破壞性的東西可能會出現嗎？

There may be.

可能有。

We'll keep working on that, and hopefully, crystallize those thoughts and communicate when we're ready.

我們將繼續努力，並希望在我們準備好時將這些想法具體化並進行溝通。

Our next question comes from Michael Weinstein with Crédit Suisse.

我們的下一個問題來自瑞士信貸的 Michael Weinstein。

Most of my questions have been answered too.

我的大部分問題也得到了解答。

Maybe you can just talk a little bit more about the -- where you stand regarding the -- relative to the 40% target below 2016 levels for Series 6 cost reduction, maybe more specifically around that 40% number, where you stand now?

也許你可以多談談 - 你的立場 - 相對於 2016 年系列 6 成本降低 40% 的目標，也許更具體地說是 40% 的數字，你現在的立場是什麼？

What I would say, I mean, look, that 40% number, if I look at it at our -- let's say, our lowest-cost factory today, so not only because of just the region but also because we're running 2 production lines in Vietnam.

我要說的，我的意思是，看，那個 40% 的數字，如果我看看我們的 - 比方說，我們今天成本最低的工廠，所以不僅因為該地區，而且因為我們正在運行 2越南的生產線。

Vietnam right now, because of that, and one of the things that will happen when we put our second factory in Malaysia, it will be able to leverage the tool set across both factories, which we know helps drive throughput and manage through downtime and other things that create headwinds around your cost profile.

越南現在，正因為如此，以及當我們在馬來西亞設立第二家工廠時將會發生的事情之一，它將能夠在兩個工廠中利用工具集，我們知道這有助於提高產量並通過停機和其他時間進行管理對您的成本狀況造成不利影響的事情。

Vietnam is our advantaged factory today.

越南是我們今天的優勢工廠。

And when I look at where that cost is, as we exit this year relative to that 40% target, we'll be in a very good position to have achieved that number.

當我看看成本在哪裡時，當我們今年退出相對於 40% 的目標時，我們將處於非常好的位置來實現這個數字。

When I look at the fleet, we're slightly behind, mainly for the reasons that I mentioned.

當我查看艦隊時，我們稍微落後了，主要是因為我提到的原因。

And that's what we have to work on in terms of getting at the end of this year.

這就是我們必須在今年年底實現的目標。

It doesn't mean that the destination is going to change.

這並不意味著目的地會改變。

There's many levers we can get to get to the destination, but at this leaping off point, we're about -- across the fleet, about $0.005 higher than where we need to be, and we've got to figure that one out.

我們可以通過許多槓桿到達目的地，但在這個跳躍點，我們大約 - 整個艦隊，比我們需要的地方高出約 0.005 美元，我們必須弄清楚這一點。

I mean, is this one of the -- is this the main reason why you're pushing out guidance into early next year for 2020?

我的意思是，這是您將 2020 年的指導推遲到明年初的主要原因之一嗎？

No.

不。

Mike, if you look at guidance, I mean, I commented in the script, right, on the module side, we've got a lot of moving pieces in terms of when we shut down Series 4 and transition that over to Series 6. If you go back to early 2018, at that point, we'd said we were planning on shutting down that Series 4 at the end of 2018.

邁克，如果你看一下指導，我的意思是，我在腳本中評論過，對，在模塊方面，我們有很多動人的部分，當我們關閉系列 4 並將其過渡到系列 6 時。如果你回到 2018 年初，那時我們會說我們計劃在 2018 年底關閉該系列 4。

There was a surge of demand around the safe harbor especially.

特別是安全港周圍的需求激增。

We had a large customer order come in that pushed us with that volume all the way out through to the back end of 2019.

我們收到了一大筆客戶訂單，這將我們的數量一直推到了 2019 年底。

We're actually in a position right now where one of our customers around Series 4 is potentially in some financial distress.

實際上，我們現在處於一個位置，即我們在 Series 4 周圍的一位客戶可能處於某種財務困境中。

Now we have security against those bookings, but we're looking to optimize our risk profile that may make sense for us, one of our risk and value timing, potentially reduce some of that Series 4 earlier than planned, helps us convert earlier to Series 6 and get to a more advantaged product and technology.

現在我們對這些預訂有了保障，但我們正在尋求優化我們可能對我們有意義的風險狀況，我們的風險和價值時機之一，可能比計劃提前減少一些系列 4，幫助我們更早地轉換為系列6、獲得更有優勢的產品和技術。

So there's some uncertainty for us around the module business around when we make that call.

因此，當我們打電話時，我們對模塊業務存在一些不確定性。

There is significant uncertainty around timing in the systems business, as I mentioned earlier, this is timing of value.

正如我之前提到的，系統業務的時間安排存在很大的不確定性，這是價值的時間安排。

But right now, we've got U.S. assets that -- even since the end of the quarter, we've signed a deal, although we still haven't closed that.

但是現在，我們擁有的美國資產——即使從本季度末開始，我們也已經簽署了一項協議，儘管我們還沒有完成這項協議。

That's a positive step, and we'd expect to close that, but those need to close.

這是一個積極的步驟，我們希望關閉它，但那些需要關閉。

And as commented earlier, we've got significant uncertainty around what's happened in Japan.

如前所述，我們對日本發生的事情有很大的不確定性。

And only 2 weeks ago, we saw a typhoon go through, which was completely unforecast and unplanned.

就在 2 週前，我們看到一場颱風經過，這完全出乎意料和計劃外。

So we've got all those moving pieces, and I think as Mark mentioned in his prepared remarks as well, we're also doing a deep dive into the cost structure across the entire business.

所以我們已經有了所有這些動人的部分，我認為正如馬克在他準備好的評論中提到的那樣，我們也在深入研究整個業務的成本結構。

And so we've made the decision around transitioning our EPC approach to third parties.

因此，我們決定將我們的 EPC 方法轉移給第三方。

And as part of that, we're looking at any isolated costs that remain in the development business as well as looking at all the business units, including the module to make sure we're cost competitive across every business unit.

作為其中的一部分，我們正在研究開發業務中保留的任何孤立成本，以及所有業務單元，包括模塊，以確保我們在每個業務單元中都具有成本競爭力。

So with all those moving pieces, it's not the case of having 1 binary outcome.

因此，對於所有這些移動部件，情況並非只有 1 個二元結果。

We could guide to an A or a B scenario.

我們可以引導到 A 或 B 場景。

In this case, we've got a lot of different moving pieces.

在這種情況下，我們有很多不同的移動部件。

It makes it very hard to give an accurate guide.

很難給出準確的指導。

So we'd rather get through all of those and come out in February with some more accurate numbers.

所以我們寧願完成所有這些，並在二月份拿出一些更準確的數字。

Yes, and along those lines, just in terms of -- and just to put it back in perspective, there's been a while -- if you looked at the last 3 factories which we've commissioned, the 2 in Vietnam and then our Ohio factory, while we had a facility in Vietnam, right, we didn't have any associates.

是的，沿著這些思路，就 - 並且只是把它放回角度來看，已經有一段時間了 - 如果你看看我們委託的最後 3 家工廠，2 家在越南，然後是我們的俄亥俄州工廠，雖然我們在越南有工廠，對，我們沒有任何員工。

I think we built a brand-new facility -- a second facility in Vietnam and we built a brand-new facility in Ohio.

我認為我們建立了一個全新的設施——在越南的第二個設施，我們在俄亥俄州建立了一個全新的設施。

If you go back and remember what happened when we did a wind down for Perrysburg in our first factory in Malaysia, there were reductions and there were decommissioning costs -- and reduction because you have to remember that the -- effectively on an equivalent basis, there's about 50% less labor in the Series 6 versus Series 4, which is one of the reason why Series 6 is an advantaged product.

如果你回過頭來回憶一下我們在馬來西亞的第一家工廠為 Perrysburg 關閉時發生的事情，有減少和退役成本 - 減少是因為你必須記住 - 在等效的基礎上，與系列 4 相比，系列 6 的勞動力減少了約 50%，這也是系列 6 成為優勢產品的原因之一。

Whatever the timing is of that decision, to start the conversion of our second factory in Malaysia, there will be costs associated with that.

無論何時做出決定，開始轉換我們在馬來西亞的第二家工廠，都會產生相關成本。

Onetime upfront costs, which includes decommissioning and some impact to head count.

一次性前期成本，包括退役和對人數的一些影響。

Now if that happens this year, if the wind down plus -- as you know, there is -- with respect to kind of notice periods, we have charges.

現在，如果今年發生這種情況，如果風平浪靜加上 - 如你所知，存在 - 關於通知期的種類，我們會收取費用。

If it doesn't happen until next year, we don't have charges, right?

如果直到明年才發生，我們沒有收費，對吧？

If we run the factories through to Q1, we have more volume, right?

如果我們將工廠運行到第一季度，我們會有更多的產量，對吧？

So we're just not in a position right now, even at the Series 4 level, to have certainty because we are working through some of the issues that Alex referenced to say for certain we're going to give you guidance that we know as of now that reflects our best understanding for 2020.

因此，即使在第 4 系列級別，我們現在也無法確定，因為我們正在解決亞歷克斯提到的一些問題，可以肯定地說，我們將為您提供我們所知道的指導現在，這反映了我們對 2020 年的最佳理解。

I don't want to do that in December and then come out in February and have to change it because of all these moving pieces.

我不想在 12 月這樣做，然後在 2 月出來，因為所有這些移動的部分而不得不改變它。

We feel the best thing to do is to wait until February where there's clarity and we can give the best information versus having to guide to something and then revise it within a matter of couple of months.

我們認為最好的辦法是等到 2 月，那裡有明確的情況，我們可以提供最好的信息，而不是必須指導某些事情，然後在幾個月內對其進行修改。

Our final question will come from the line of Joseph Osha with JMP Securities.

我們的最後一個問題將來自 JMP 證券公司的 Joseph Osha。

Just following on from that question a little bit.

只是從那個問題開始。

If I look at your slide from the end of 2018, the idea -- and you alluded earlier Mark to 6.5 gigawatts capacity going into '21.

如果我從 2018 年底看你的幻燈片，這個想法——你早些時候提到馬克到 21 年的容量為 6.5 吉瓦。

That number would seem to be a little conservative.

這個數字似乎有點保守。

You're suggesting that you've got 5 1.2-gigawatt plants plus Ohio.

你的意思是你有 5 座 1.2 吉瓦的電廠加上俄亥俄州。

That 6.6 right there and that's before any of these efficiencies that you talked about.

那個 6.6 就在那裡，那是在你談到的任何這些效率之前。

So all other things being equal, I'm just wondering whether we shouldn't be thinking about sort of north of 7 gigawatts of output in 2021?

所以在所有其他條件相同的情況下，我只是想知道我們是否不應該考慮在 2021 年達到 7 吉瓦以北的輸出？

Look, the way we always try to phrase is that, we are very much demand-driven, right.

看，我們總是試圖表達的方式是，我們非常受需求驅動，對。

Demand-driven drives a lot and in our supply capacity plan road map.

在我們的供應能力計劃路線圖中，需求驅動很大。

And as we get more and more comfortable and confident with the volume in 2021 -- and again, we're about 2/3 right now plus you got to incorporate, call it, 1 gigawatt-or-so of our systems business relative to that original supply plan of 6.5, we're starting to get to a point to have more confidence in 2021.

隨著我們對 2021 年的交易量越來越滿意和自信——再一次，我們現在大約是 2/3，而且你必須合併，稱之為，我們的系統業務相對於 1 吉瓦左右最初的 6.5 供應計劃，我們開始達到對 2021 年更有信心的地步。

And then I also like that we're starting to sell up some '22 and beyond.

然後我也喜歡我們開始賣掉一些 '22 及以後的東西。

So the more -- the better we do with bookings, and the more we book out into '21 and beyond, it gives us higher level of confidence to optimize and make sure we drive the highest supply plan, but it's always going to be aligned to this demand that we see, highly predictable demand, to ensure we can scale and ramp that capacity efficiently because of the customer offtake requirements for that product.

因此，我們在預訂方面做得越多，我們在 21 年及以後的預訂越多，這給了我們更高的信心來優化並確保我們推動最高的供應計劃，但它總是會保持一致我們看到的這種需求是高度可預測的需求，以確保我們能夠根據客戶對該產品的承購需求有效地擴展和提高產能。

But yes, we're not in a position on this call to give revised numbers.

但是，是的，我們無法在這次電話會議上提供修改後的數字。

And we've been measuring ourselves against as what we have communicated, and that was 6.5 gigawatt of supply planned for 2021.

我們一直在根據我們所傳達的信息來衡量自己，那就是計劃在 2021 年提供 6.5 吉瓦的供應量。

And as we learn more, we'll give you the best information we can at that point in time.

隨著我們了解更多，我們會及時為您提供我們所能提供的最佳信息。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。