第一太陽能 (FSLR) 2019 Q4 法說會逐字稿

Good afternoon, everyone, and welcome to First Solar's Fourth Quarter and Full year 2019 Earnings and 2020 Guidance call.

大家下午好，歡迎參加 First Solar 2019 年第四季度和全年收益和 2020 年指導電話會議。

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 Mitch Ennis from First Solar Investor Relations.

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

Mr. Ennis, you may begin.

恩尼斯先生，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 press releases announcing its fourth quarter and full year 2019 financial results as well as guidance for 2020.

今天，該公司發布了新聞稿，宣布了其 2019 年第四季度和全年的財務業績以及 2020 年的指導。

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

新聞稿和相關演示文稿的副本可在 First Solar 的網站investor.firstsolar.com 上獲取。

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 and Alex will discuss our financial results for the quarter and full year 2019.

Mark 將首先提供業務和技術更新，Alex 將討論我們 2019 年季度和全年的財務業績。

Following these remarks, Mark will provide a business and strategy update for 2020.

在這些評論之後，馬克將提供 2020 年的業務和戰略更新。

Alex will then discuss the 2020 financial outlook.

亞歷克斯隨後將討論 2020 年的財務前景。

Following the remarks, we'll open the call for questions.

發言結束後，我們將打開提問電話。

Most of the financial numbers reported and discussed on today's call are based on U.S. Generally Accepted Accounting Principles, and in few cases, where we reported a non-GAAP measure, such as non-GAAP EPS, we have reconciled this non-GAAP measure to the corresponding GAAP measure at the back of our presentation.

在今天的電話會議上報告和討論的大多數財務數據均基於美國公認會計原則，在少數情況下，我們報告了非 GAAP 指標，例如非 GAAP 每股收益，我們已將此非 GAAP 指標與我們演示文稿後面的相應 GAAP 衡量標準。

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 releases 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？

Thank you, Mitch.

謝謝你，米奇。

Good afternoon, and thank you for joining us today.

下午好，感謝您今天加入我們。

I would like to start by addressing our loss per share results for 2019, which was $1.09 on a GAAP basis, with earnings per share of $1.48 on a non-GAAP basis adjusted for litigation losses.

我想首先談談我們 2019 年的每股虧損，按公認會計原則計算為 1.09 美元，按非公認會計原則計算的每股收益為 1.48 美元，並根據訴訟損失進行了調整。

We are disappointed with the outcome, which came in below our EPS guidance range.

我們對結果感到失望，該結果低於我們的每股收益指導範圍。

While Alex will provide a more comprehensive overview, I want to highlight several items that had a material impact on this result.

雖然亞歷克斯將提供更全面的概述，但我想強調幾個對這一結果產生重大影響的項目。

Firstly, as initially disclosed on January 6, we entered into a memorandum of understanding to settle the previously disclosed action litigation, which was originally filed in 2012.

首先，正如最初於 1 月 6 日披露的那樣，我們簽訂了一項諒解備忘錄，以解決先前披露的訴訟訴訟，該訴訟最初於 2012 年提起。

Earlier this week, we disclosed that we entered into a settlement agreement that is consistent with the MOU.

本週早些時候，我們披露我們簽訂了與諒解備忘錄一致的和解協議。

As part of this agreement, which is subject to court approval, we agreed to pay a total of $350 million to resolve the claims asserted by the class action.

作為該協議的一部分（需經法院批准），我們同意支付總額為 3.5 億美元的費用來解決集體訴訟提出的索賠。

The settlement agreement does not contain any admission of liability, wrongdoing or responsibility by First Solar.

和解協議不包含 First Solar 承認任何責任、不法行為或責任。

While we are confident, in fact, of the merits of our position, we believe it was prudent to end this protracted and uncertain class action litigation process and focus on driving the business forward.

事實上，雖然我們對自己立場的優點充滿信心，但我們認為結束這一曠日持久且不確定的集體訴訟程序並專注於推動業務發展是謹慎的做法。

As a reminder, the settlement agreement does not resolve any of the claims asserted in the opt-out action against us or the derivative action.

提醒一下，和解協議並未解決在針對我們的選擇退出訴訟或派生訴訟中提出的任何索賠。

Secondly, challenges related to our systems business over the last few months has had significant impact with respect to revenue and gross margin.

其次，過去幾個月與我們的系統業務相關的挑戰對收入和毛利率產生了重大影響。

These challenges related to both project sale and completion timing as well as higher expected costs due to adverse weather impacts.

這些挑戰與項目銷售和完成時間以及由於不利天氣影響導致的更高預期成本有關。

Alex will provide more detail on the impact of these challenges to 2019 results.

Alex 將提供更多關於這些挑戰對 2019 年結果的影響的詳細信息。

Despite the EPS result and [a year of] continued intense competitive pressure across PV industry, I would like to highlight some of our notable achievements in 2019.

儘管每股收益結果和 [一年] 光伏行業持續存在巨大的競爭壓力，但我想強調我們在 2019 年取得的一些顯著成就。

Please turn to Slide 4. Firstly, the company celebrated its 20th anniversary and reached a significant milestone of 25-gigawatt modules shipped.

請轉到幻燈片 4。首先，公司慶祝成立 20 週年，並達到了 25 吉瓦組件出貨量的重要里程碑。

We are the world's largest thin-film PV module manufacturer and the largest PV module manufacturer in the Western Hemisphere.

我們是全球最大的薄膜光伏組件製造商和西半球最大的光伏組件製造商。

Secondly, we saw a strong net bookings of 6.1 gigawatts as well as record shipments of 5.4 gigawatts.

其次，我們看到 6.1 吉瓦的強勁淨預訂量以及 5.4 吉瓦的創紀錄出貨量。

Thirdly, in 2019, we produced 3.7 gigawatts of Series 6 product, a 3-gigawatt increase over 2018.

第三，2019年，我們生產了3.7吉瓦的Series 6產品，比2018年增加了3吉瓦。

Our Series 6 nameplate manufacturing capacity increased to 5.5 gigawatts.

我們的 6 系列銘牌製造能力增加到 5.5 吉瓦。

Our top production bin reached 435 watts and our commercial production line, which we've manufactured a new record, 447 watt cad tel module as validated by Fraunhofer.

我們的頂級生產箱達到了 435 瓦，我們的商業生產線製造了一個新的記錄，447 瓦的 cad tel 模塊經弗勞恩霍夫驗證。

These remarkable accomplishments, which demonstrate the strength of the First Solar team and culture, give us confidence in our ability to continue to realize the full potential of our competitively advantaged Series 6 platform.

這些卓越的成就展示了 First Solar 團隊和文化的實力，讓我們有信心繼續發揮具有競爭優勢的 Series 6 平台的全部潛力。

Turning to Slide 6. I'll provide an update on our Series 6 capacity ramps and manufacturing metrics.

轉到幻燈片 6。我將提供有關我們 6 系列產能提升和製造指標的更新。

Over the course of 2019, we realized significant operational improvements comparing December 2019 metrics against those of December 2018, megawatts produced per day was up 152%.

在 2019 年期間，將 2019 年 12 月的指標與 2018 年 12 月的指標相比，我們實現了顯著的運營改進，每天產生的兆瓦數增加了 152%。

Capacity utilization adjusted for planned downtime increased 26 percentage points to 100%.

根據計劃停機時間調整後的產能利用率提高了 26 個百分點，達到 100%。

Production yield was up 32 percentage points to 94%.

生產良率提高 32 個百分點至 94%。

Average watts per module increased 20 watts and our highest volume bin increased to 435 watts.

每個模塊的平均瓦數增加了 20 瓦，我們的最高容量箱增加到 435 瓦。

Finally, the percentage of modules produced with antireflective coating increased by 24 percentage points to 96%.

最後，使用抗反射塗層生產的組件比例提高了 24 個百分點，達到 96%。

This momentum has continued into 2020 comparing February 2020 month-to-date against October 2019 metrics, megawatts produced per day is up 25%.

這種勢頭一直持續到 2020 年，將 2020 年 2 月至今的數據與 2019 年 10 月的指標進行比較，每天產生的兆瓦數增長了 25%。

Capacity utilization adjusted for downtime remains over 100% at 105%.

根據停機時間調整的產能利用率保持在 105% 的 100% 以上。

Production yield is up 2 percentage points.

產量提高了 2 個百分點。

Average module per watt led by our highest bin of 440 watts has increased 7 watts and the percentage of modules produced with antireflective coating has increased by 2 percentage points.

以我們最高的 440 瓦為單位，平均每瓦組件增加了 7 瓦，使用抗反射塗層生產的組件的百分比增加了 2 個百分點。

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

我們的效率改進計劃和增加的 ARC 利用率相結合，顯著改善了模塊箱分佈。

The ARC bin distribution, from 430 to 440 watts during this period, was up significantly to 93% of production.

在此期間，ARC bin 分佈從 430 瓦到 440 瓦，顯著上升到產量的 93%。

Turning to Slide 7. I'll next discuss our most recent bookings in greater detail.

轉到幻燈片 7。接下來我將更詳細地討論我們最近的預訂。

Our fourth quarter net bookings of 1.4 gigawatts, bring total 2019 net bookings to 6.1 gigawatts.

我們第四季度的淨預訂量為 1.4 吉瓦，使 2019 年的總淨預訂量達到 6.1 吉瓦。

We are off to a strong start in 2020 with 0.7 gigawatts of net bookings since the beginning of the year.

我們在 2020 年開局強勁，自年初以來的淨預訂量為 0.7 吉瓦。

Included in our new bookings since the previous earnings call are approximately 0.8 gigawatts of aggregate orders for deliveries in 2022 and 2023.

自上次財報電話會議以來，我們的新訂單包括 2022 年和 2023 年交付的約 0.8 吉瓦總訂單。

Our future expected shipments of 12.4 gigawatts remained strong even after a record fourth quarter shipment, which accounted for 31% of the full year total.

即使在創紀錄的第四季度出貨量（佔全年總量的 31%）之後，我們未來 12.4 吉瓦的預期出貨量仍然強勁。

Our net bookings for the year included 1.7 gigawatts of debookings, including 1.2 gigawatts of debookings in the fourth quarter.

我們今年的淨預訂量包括 1.7 吉瓦的取消預訂，其中包括第四季度的 1.2 吉瓦的取消預訂。

Approximately 0.9 of the fourth quarter debookings related to a customer in financial distress.

大約 0.9 的第四季度取消預訂與陷入財務困境的客戶有關。

To improve our counterparty risk, we have relieved this customer of their obligation and recontracted the majority of this volume.

為了改善我們的交易對手風險，我們解除了該客戶的義務並重新承包了大部分交易量。

Note, demand for our Series 6 module remained strong as reflected in our gross bookings since our last earnings call of 2.6 gigawatts.

請注意，自我們上次召開 2.6 吉瓦的財報電話會議以來，對我們的 6 系列模塊的需求仍然強勁，這反映在我們的總預訂量中。

We're very pleased with our bookings performance in 2019, which exceeded our 1:1 target book-to-ship ratio.

我們對 2019 年的預訂表現非常滿意，超過了我們 1:1 的目標預訂出貨比。

We believe our record of meeting pricing and delivery commitments for long-dated agreements enable us to contract significant module volume, not only in the near term, but also in 2021 and beyond.

我們相信，我們滿足長期協議的定價和交付承諾的記錄使我們能夠在短期內以及在 2021 年及以後簽訂大量模塊量合同。

I'll now turn the call over to Alex, who will discuss our fourth quarter and full year 2019 results.

我現在將電話轉給 Alex，他將討論我們 2019 年第四季度和全年的業績。

Thanks, Mark.

謝謝，馬克。

Before reviewing the financials for the quarter and full year in detail, I'm going to provide some context around the factors which led to the 2019 year-end results falling below our guidance ranges.

在詳細審查本季度和全年的財務狀況之前，我將圍繞導致 2019 年年底業績低於我們的指導範圍的因素提供一些背景信息。

Firstly, in early January, we settled our class action lawsuit for $350 million.

首先，在 1 月初，我們以 3.5 億美元和解了我們的集體訴訟。

As noted earlier, the settlement remains subject to approval of the court.

如前所述，和解仍有待法院批准。

Additionally, we accrued $13 million of estimated losses relating to the separate opt-out case.

此外，我們在單獨的選擇退出案例中累積了 1300 萬美元的估計損失。

This represents our best estimate of the lower bound of the costs to resolve this case.

這代表了我們對解決此案的成本下限的最佳估計。

These litigation losses were recorded as operating expenses in the fourth quarter of 2019.

這些訴訟損失在 2019 年第四季度記為營業費用。

Secondly, with respect to our international systems business, we did not complete the sales of our Ishikawa, Miyagi and our Anamizu projects in Japan.

其次，在國際系統業務方面，我們在日本的石川、宮城和穴水項目沒有完成銷售。

At the time of our last earnings call, we were still evaluating the impact of the then-recent Typhoon Hagibis, which passed near to our Miyagi project.

在我們上次召開財報電話會議時，我們仍在評估當時最近的颱風海貝思的影響，該颱風在我們宮城項目附近經過。

We've since completed our analysis of the impact, which shows limited damage to the project site itself, which is largely expected to be covered by insurance.

此後，我們完成了對影響的分析，結果表明項目現場本身的損壞有限，預計大部分將由保險承保。

However, the road along which the [gen power] line is designed to run was seriously damaged, which prevented the project sale in 2019 and also impacted the structuring and timing of the private fund vehicle, which is expected to acquire all 3 assets.

然而，[gen power] 線路設計運行的道路嚴重受損，阻礙了 2019 年的項目銷售，也影響了私募基金工具的結構和時間安排，預計將收購所有 3 項資產。

In addition, the sale of approximately 40 megawatts of assets in India, included in our guidance for the year did not close.

此外，我們今年的指導中包含的印度約 40 兆瓦資產的出售並未結束。

With respect to our U.S. systems business, in Q4, we completed the sale of our 150-megawatt Sun Streams 1, 100-megawatt Sunshine Valley and 20-megawatt Windhub A projects.

關於我們的美國系統業務，在第四季度，我們完成了 150 兆瓦 Sun Streams 1、100 兆瓦 Sunshine Valley 和 20 兆瓦 Windhub A 項目的銷售。

All 3 projects, which are being constructed by First Solar EPC, achieved substantial completion in December of 2019.

由First Solar EPC承建的全部3個項目於2019年12月基本完成。

During the quarter, we also completed the sale of our 160-megawatt Little Bear portfolio.

在本季度，我們還完成了 160 兆瓦小熊投資組合的出售。

This transaction was structured as a sale of the project entities with an attached module sale agreement, utilizing a third-party EPC provider.

該交易的結構是利用第三方 EPC 供應商出售項目實體，並附有模塊銷售協議。

Previously used in the sale of our Cove Mountain and Muscle Shoals assets in Q2 of 2019, this structure is reflective of our recently announced transition to a third-party EPC execution model.

這種結構以前用於 2019 年第二季度出售我們的 Cove Mountain 和 Muscle Shoals 資產，反映了我們最近宣布過渡到第三方 EPC 執行模型。

Note that in our public filings, this also has the effect of removing a little of their assets from our systems pipeline table and adding an equivalent volume of expected future module sales.

請注意，在我們的公開文件中，這還具有從我們的系統管道表中刪除一些資產並增加等量的預期未來模塊銷售量的效果。

Thirdly, as it relates to our Series 4 production in Malaysia, in December, we began the transition of one of our remaining 2 Series 4 plants to our second Series 6 factory there and incurred $6 million of shutdown costs, anticipate discontinuing our remaining Series 4 production in the second quarter of this year.

第三，由於這與我們在馬來西亞的 4 系列生產有關，我們在 12 月開始將我們剩餘的 2 系列 4 工廠之一過渡到我們在那裡的第二個 6 系列工廠，並產生了 600 萬美元的停工成本，預計我們將停止我們剩餘的 4 系列今年第二季度投產。

With this context in mind, I'll discuss some of the income statement highlights for the fourth quarter and full year 2019.

考慮到這一背景，我將討論 2019 年第四季度和全年損益表的一些亮點。

Starting on Slide 9. Net sales in the fourth quarter were $1.4 billion, an increase of $853 million compared to the prior quarter.

從幻燈片 9 開始。第四季度的淨銷售額為 14 億美元，與上一季度相比增加了 8.53 億美元。

The higher net sales were primarily a result of our U.S. project sales and increased module shipments.

較高的淨銷售額主要是由於我們的美國項目銷售和模塊出貨量增加。

For the full year 2019, net sales were $3.1 billion compared to $2.2 billion in 2018.

2019 年全年淨銷售額為 31 億美元，而 2018 年為 22 億美元。

Lastly to our guidance expectations, net sales were lower, primarily due to the aforementioned delay in the sales of our Japan and India assets as well as lower than forecast percentage of completion from our U.S. asset sales and timing of revenue recognition on certain module sales.

最後，根據我們的指導預期，淨銷售額較低，主要是由於上述日本和印度資產的銷售延遲，以及我們的美國資產銷售的完成百分比低於預期，以及某些模塊銷售的收入確認時間。

As a percent of total quarterly sales, our systems revenue in the fourth quarter was 53% compared to 32% in the third quarter.

作為季度總銷售額的百分比，我們第四季度的系統收入為 53%，而第三季度為 32%。

For the full year 2019, 52% of net sales was from our systems business compared to 78% in 2018 as we expanded our module sale volume in 2019.

2019 年全年，52% 的淨銷售額來自我們的系統業務，而 2018 年這一比例為 78%，因為我們在 2019 年擴大了模塊銷量。

Gross margin was 24% in the fourth quarter compared to 25% in the third quarter.

第四季度毛利率為 24%，而第三季度為 25%。

For the full year 2019, gross margin was 18% compared to 17% in 2018.

2019 年全年毛利率為 18%，而 2018 年為 17%。

The Systems segment gross margin was 24% in the fourth quarter compared to negative 5% in the third quarter.

第四季度系統部門的毛利率為 24%，而第三季度為負 5%。

Fourth quarter was positively impacted by the sale of our U.S. systems assets previously mentioned, offset by 2 principal items.

第四季度受到我們之前提到的美國系統資產出售的積極影響，被 2 個主要項目所抵消。

Firstly, with respect to project we're constructing in Georgia, which is among the final projects being constructed in-house by First Solar EPC as we transition to a third-party execution model, in late December 2019 and January and February of 2020, we experienced heavy rainfall at the site, which resulted in project delays and increased costs, impacting gross margin by approximately $12 million.

首先，關於我們在喬治亞州建造的項目，這是 First Solar EPC 在我們過渡到第三方執行模式時內部建造的最終項目之一，時間為 2019 年 12 月下旬和 2020 年 1 月和 2 月，我們在現場經歷了強降雨，導致項目延誤和成本增加，影響毛利率約 1200 萬美元。

Secondly, based on an ongoing dispute with a customer, we recorded a reduction to revenue and gross margin of $7 million related to certain outstanding EPC project receivables.

其次，基於與客戶的持續糾紛，我們記錄了與某些未償 EPC 項目應收賬款相關的收入和毛利率減少了 700 萬美元。

We're evaluating our legal options with respect to this matter.

我們正在評估我們對此事的法律選擇。

For the full year, this led to a Systems segment gross margin of 16% compared to 25% in 2018.

全年，這導致系統部門毛利率為 16%，而 2018 年為 25%。

The module segment gross margin was 24% in the fourth quarter compared to 40% in the third quarter.

第四季度模塊部門毛利率為 24%，而第三季度為 40%。

Third quarter was positively impacted by an $80 million product warranty liability reserve release, equivalent to 22 percentage points of gross margin, as discussed on our third quarter earnings call in October.

正如我們在 10 月份第三季度財報電話會議上所討論的那樣，第三季度受到 8000 萬美元產品保修責任準備金釋放的積極影響，相當於毛利率的 22 個百分點。

In the fourth quarter, module gross margin was negatively impacted by the aforementioned Series 4 shutdown costs and $13 million of ramp costs as we continue to ramp our second Perrysburg facility.

在第四季度，組件毛利率受到上述第 4 輪停產成本和 1300 萬美元坡道成本的負面影響，因為我們繼續擴建第二個佩里斯堡工廠。

For the full year, module segment gross margin was 20% compared to negative 10% in 2018.

全年，組件部門毛利率為 20%，而 2018 年為負 10%。

SG&A, R&D and production start-up totaled $88 million in the fourth quarter, a decrease of approximately $9 million relative to the third quarter.

SG&A、研發和生產啟動在第四季度總計 8800 萬美元，比第三季度減少約 900 萬美元。

This decrease was primarily driven by a reduction in start-up expense from $19 million in Q3 to $7 million in Q4 as our second Perrysburg facility ramped.

這一下降主要是由於我們的第二個佩里斯堡工廠的擴建，啟動費用從第三季度的 1900 萬美元減少到第四季度的 700 萬美元。

SG&A, R&D and start-up totaled $348 million in 2019 compared to $352 million in 2018.

2019 年的 SG&A、研發和啟動總額為 3.48 億美元，而 2018 年為 3.52 億美元。

Combined with the previously discussed litigation losses of $363 million, total operating expenses were $451 million in the fourth quarter and $711 million for the full year 2019.

加上之前討論的 3.63 億美元的訴訟損失，第四季度的總運營費用為 4.51 億美元，2019 年全年為 7.11 億美元。

Operating income was negative $118 million in the fourth quarter and negative $162 million for the full year 2019.

第四季度營業收入為負 1.18 億美元，2019 年全年為負 1.62 億美元。

And compared to our guidance of the year, operating income was lower than expected as a result of the previously mentioned factors.

與我們今年的指導相比，由於上述因素，營業收入低於預期。

We recorded a tax benefit of $31 million in the fourth quarter, including a benefit of $91 million related to litigation losses.

我們在第四季度錄得 3100 萬美元的稅收優惠，其中包括與訴訟損失相關的 9100 萬美元。

For the full year, we recorded a tax benefit of approximately $5 million, which also included the aforementioned $91 million benefit compared to $3 million of tax expense during 2018.

全年，我們記錄了約 500 萬美元的稅收收益，其中還包括上述 9100 萬美元的收益，而 2018 年的稅收支出為 300 萬美元。

The tax benefit was primarily driven by the tax effect of litigation losses offset by return to provision adjustments for certain foreign jurisdictions, normalization of uncertain tax positions and a change in jurisdictional mix of income, largely due to the aforementioned project entity plus module sale agreement structure, we recently employed in our U.S. project sales.

稅收優惠主要是由於訴訟損失的稅收效應被某些外國司法管轄區的撥備調整回報、不確定稅收狀況的正常化以及司法管轄區收入組合的變化所抵消，這主要是由於上述項目實體加上模塊銷售協議結構，我們最近受僱於我們的美國項目銷售。

Fourth quarter loss per share was $0.56 on a GAAP basis, had the GAAP earnings per share of $0.29 in the prior quarter.

按公認會計原則計算，第四季度每股虧損為 0.56 美元，上一季度的 GAAP 每股收益為 0.29 美元。

For full year 2019, the loss per share was $1.09 on a GAAP basis, with earnings per share of $1.48 on a non-GAAP basis adjusting for litigation losses compared to GAAP earnings per share of $1.36 in 2018.

2019 年全年，按公認會計原則計算的每股虧損為 1.09 美元，按非公認會計原則計算的每股收益為 1.48 美元，調整了訴訟損失，而 2018 年的 GAAP 每股收益為 1.36 美元。

In summary, relative to our guidance, our full year earnings were adversely impacted by several factors.

總之，相對於我們的指導，我們的全年收益受到多個因素的不利影響。

Firstly, not closing the sale of our Japan assets impacted EPS by approximately $0.50, the possibility of which we indicated in our third quarter earnings call.

首先，不出售我們的日本資產影響每股收益約 0.50 美元，我們在第三季度財報電話會議中指出了這種可能性。

Secondly, we had an approximately $0.20 impact from a combination of the delay in sale of our projects in India, delayed revenue recognition due to partially reduced percentage of completion of our U.S. systems assets under construction and the timing of revenue recognition on certain module sales.

其次，由於我們在印度的項目銷售延遲、由於我們在建的美國系統資產的完成百分比部分降低以及某些模塊銷售的收入確認時間延遲，我們受到了大約 0.20 美元的影響。

Thirdly, we had an additional aggregate $0.20 of systems business impact due to adverse weather events and the reversal of an accrual related to a customer dispute.

第三，由於惡劣的天氣事件和與客戶糾紛相關的應計項目的逆轉，我們對系統業務產生了額外的總計 0.20 美元的影響。

Fourthly, severance costs associated with the shutdown of our Series 4 facilities combined with increased variable compensation and other miscellaneous operating expenses impacted EPS by approximately $0.10 in the aggregate.

第四，與我們的 4 系列設施關閉相關的遣散費，加上可變薪酬和其他雜項運營費用的增加，對每股收益的影響總計約為 0.10 美元。

And finally, increased other income from the gain on sale of certain securities associated with our end-of-life recycling obligations was offset by increased tax expense.

最後，與我們的報廢回收義務相關的某些證券的銷售收益增加的其他收入被增加的稅收支出所抵消。

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

接下來我將轉到幻燈片 10，討論選擇的資產負債表項目和匯總現金流信息。

Our cash, marketable cash and restricted cash balance at year-end was $2.3 billion, an increase of approximately $0.6 billion from the prior quarter.

年末我們的現金、有價現金和受限現金餘額為 23 億美元，比上一季度增加約 6 億美元。

Total debt at the end of the fourth quarter was $472 million, a decrease of $9 million from the prior quarter.

第四季度末總債務為 4.72 億美元，比上一季度減少 900 萬美元。

As a reminder, all of our outstanding debt continues to be project-related and will come off our balance sheet when the project is 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 includes cash, restricted cash and marketable securities less debt increased by $0.6 billion to $1.8 billion at the end of the fourth quarter.

第四季度末，我們的淨現金頭寸（包括現金、受限現金和有價證券減去債務）增加了 6 億美元，達到 18 億美元。

The increase in our net cash balance was driven by the sales of our U.S. project assets, module sales and greater than previously forecast advanced payments received for sales of solar modules prior to the year-end 2019 step down in the U.S. investment tax credit.

我們的淨現金餘額增加是由於我們的美國項目資產的銷售、組件的銷售以及在 2019 年底美國投資稅收抵免下調之前收到的太陽能組件銷售預付款高於先前預測的。

A note, our year-end net cash balance does not reflect the impact of the accrued $350 million class action settlement, which is paid into escrow in January of 2020.

請注意，我們的年終淨現金餘額並未反映應計 3.5 億美元集體訴訟和解的影響，該和解於 2020 年 1 月支付給託管機構。

Net working capital in the fourth quarter, which includes noncurrent project assets and excludes cash and marketable securities and the litigation-related accrual decreased by $0.5 billion versus the prior quarter.

第四季度的淨營運資本，包括非流動項目資產，不包括現金和有價證券，與訴訟相關的應計費用與上一季度相比減少了 5 億美元。

The change was primarily due to project development asset that was sold, advanced payments received from module sales.

這一變化主要是由於出售的項目開發資產、從模塊銷售中收到的預付款。

Cash flows from operations were $174 million in 2019, an increase of $501 million relative to 2018.

2019 年運營現金流為 1.74 億美元，比 2018 年增加 5.01 億美元。

As a reminder, when we sell an asset with project-level debt that is assumed by the buyer, the operating cash flow associated with the sale is less than if the buyer had not assumed the debt.

提醒一下，當我們出售由買方承擔的項目級債務資產時，與出售相關的經營現金流量少於買方未承擔債務的情況。

In 2019, buyers of our projects assumed $88 million of liabilities relating to these transactions.

2019 年，我們項目的買家承擔了與這些交易相關的 8800 萬美元負債。

Finally, capital expenditures were $158 million in the fourth quarter compared to $183 million in the third quarter.

最後，第四季度的資本支出為 1.58 億美元，而第三季度為 1.83 億美元。

Capital expenditures were $669 million in 2019 compared to $740 million in 2018.

2019 年的資本支出為 6.69 億美元，而 2018 年為 7.4 億美元。

Our capital expenditures were primarily attributable to our Series 6 capacity expansion.

我們的資本支出主要歸因於我們的 6 系列產能擴張。

I'll now turn the call back over to Mark, who'll provide a business and strategy update.

我現在將電話轉回給 Mark，他將提供業務和戰略更新。

Thank you, Alex.

謝謝你，亞歷克斯。

Turning to Slide 12.

轉到幻燈片 12。

I want to start by highlighting the strong market opportunity in front of us.

我想首先強調我們面前的強大市場機會。

In the next 5 years alone, as reflected in the graph to the left, the amount of PV capacity installed globally is expected to double.

僅在未來 5 年內，如左圖所示，全球光伏裝機容量預計將翻一番。

As shown on the graph on the right, PV in many markets is competitive with all major forms of fossil fuel generation.

如右圖所示，光伏在許多市場上與所有主要的化石燃料發電形式都具有競爭力。

Market momentum for PV continues to build.

光伏市場動力持續增強。

Our Series 6 technology, product road map and market-leading research and development are all key differentiators, which we believe will enable us to meaningfully participate in this wave of demand for clean and affordable energy.

我們的系列 6 技術、產品路線圖和市場領先的研發都是關鍵的差異化因素，我們相信這將使我們能夠有意義地參與這一波對清潔和負擔得起的能源的需求。

Within this context of the overall market, Slide 13 provides an updated view of our global potential bookings opportunities, which now total 18.1 gigawatts of opportunities.

在整個市場的背景下，幻燈片 13 提供了我們全球潛在預訂機會的最新視圖，現在總計 18.1 吉瓦的機會。

This includes 9.8 gigawatts in 2020 and 2021, with the remainder, 8.3 gigawatts for deliveries in 2022 and beyond.

這包括 2020 年和 2021 年的 9.8 吉瓦，其餘的 8.3 吉瓦將在 2022 年及以後交付。

In terms of segment mix, the pipeline of opportunities includes approximately 15.4 gigawatts of module sales, with the remaining 2.7 gigawatts, representing potential systems business.

在細分市場組合方面，機會管道包括約 15.4 吉瓦的模塊銷售，其餘 2.7 吉瓦代表潛在的系統業務。

In terms of geographical breakdown, North America remains the region with the largest number of opportunities at 14.8 gigawatts.

就地理分佈而言，北美仍然是機會最多的地區，達到 14.8 吉瓦。

Europe represents 2.4 gigawatts, with the remainder in other geographies.

歐洲代表 2.4 吉瓦，其餘位於其他地區。

A subset of this opportunity set is our mid- to late-stage bookings opportunities of 8.2 gigawatts, which reflects those opportunities we feel could book within the next 12 months.

這個機會集的一個子集是我們 8.2 吉瓦的中後期預訂機會，這反映了我們認為可以在未來 12 個月內預訂的機會。

This subset is approximately 72% module only, 70% North America base, with 43% of the deliveries anticipated in 2022 and beyond.

該子集僅佔大約 72% 的模塊，佔北美基地的 70%，預計 2022 年及以後交付的 43%。

This opportunity set, combined with our contracted backlog, gives us confidence as we scale our manufacturing capacity.

這一機會集與我們簽訂的合同積壓訂單相結合，使我們在擴大製造能力時充滿信心。

Turning to Slide 14.

轉到幻燈片 14。

With the addition of our second Perrysburg factory during the fourth quarter of 2019, we exited the year with a nameplate Series 6 manufacturing capacity of approximately 5.5 gigawatts.

隨著我們在 2019 年第四季度增加我們的第二家佩里斯堡工廠，我們以大約 5.5 吉瓦的銘牌系列 6 製造能力退出了這一年。

This includes increasing the nameplate capacity of our second factory in Perrysburg from 1.2 gigawatts to 1.3 gigawatts, enabled by optimizing tool performance, identification and alleviation of bottlenecks and optimizing work in process across the broader Perrysburg complex.

這包括將我們在佩里斯堡的第二家工廠的銘牌容量從 1.2 吉瓦提高到 1.3 吉瓦，通過優化工具性能、識別和緩解瓶頸以及優化整個佩里斯堡綜合體的在製品來實現。

Through 2020, we will roll out similar throughput improvements across the 3 operating facilities in Vietnam and Malaysia, which will lift our -- with limited capital expenditures will enable these factories to end the year at higher than 1.3 gigawatt nameplate capacity, an increase of 0.3 gigawatts of aggregate nameplate capacity.

到 2020 年，我們將在越南和馬來西亞的 3 個運營設施中推出類似的吞吐量改進，這將提升我們——在有限資本支出的情況下，這些工廠將在年底以高於 1.3 吉瓦的銘牌產能，增加 0.3千兆瓦的總銘牌容量。

In addition, we will continue factory optimization in Ohio and expect to increase nameplate capacity there by an additional 0.2 gigawatts, resulting in a fleet-wide year-end 2020 nameplate capacity of 6 gigawatts.

此外，我們將繼續優化俄亥俄州的工廠，並預計將那裡的銘牌產能再增加 0.2 吉瓦，從而使 2020 年年底整個車隊的銘牌產能達到 6 吉瓦。

Continuing into 2021, we expect the combination of improved throughput, yield and efficiency to increase nameplate capacity at our international factories to 1.4 gigawatts.

持續到 2021 年，我們預計吞吐量、產量和效率的提高將我們國際工廠的銘牌產能提高到 1.4 吉瓦。

With the addition of the second Series 6 factory in Malaysia, this implies total international manufacturing capacity of 5.6 gigawatts in Ohio, through the installation of additional tools and optimizing the 2 Perrysburg factories into one consolidated platform, we expect to increase nameplate capacity to 2.4 gigawatts by the end of 2021, resulting in anticipated fleet-wide nameplate capacity of 8 gigawatts by the end of 2021.

隨著馬來西亞第二家 Series 6 工廠的加入，這意味著俄亥俄州的國際製造總產能將達到 5.6 吉瓦，通過安裝額外的工具並將 2 家佩里斯堡工廠優化為一個整合平台，我們預計銘牌產能將增加到 2.4 吉瓦到 2021 年底，預計到 2021 年底，整個車隊的銘牌容量將達到 8 吉瓦。

Turning to Slide 15.

轉到幻燈片 15。

This capacity expansion will have a meaningful impact on our production capabilities.

這種產能擴張將對我們的生產能力產生有意義的影響。

In 2019, we produced approximately 3.7 gigawatts of Series 6 and 2 gigawatts of Series 4. As previously discussed, we expect our remaining Series 4 capacity to be wound down in the second quarter of 2020, with total production in the year to be approximately 300 megawatts.

2019 年，我們生產了約 3.7 吉瓦的系列 6 和 2 吉瓦的系列 4。如前所述，我們預計我們剩餘的系列 4 產能將在 2020 年第二季度減少，全年總產量約為 300兆瓦。

Series 6 production is expected to increase significantly due to the start of production of Perrysburg 2 and the implementation of the aforementioned manufacturing and module efficiency improvements.

由於 Perrysburg 2 的開始生產以及上述製造和模塊效率改進的實施，預計 Series 6 的產量將顯著增加。

In 2020, we expect approximately 5.7 gigawatts of Series 6 production.

到 2020 年，我們預計 6 系列的產量約為 5.7 吉瓦。

With the second Series 6 factory in Malaysia expected to start in the first quarter of 2021 and with anticipated increased nameplate capacity in Perrysburg, we expect 2021 production of 7.3 gigawatts to 7.7 gigawatts.

由於馬來西亞的第二家 Series 6 工廠預計將於 2021 年第一季度開工，並且預計 Perrysburg 的銘牌產能將增加，我們預計 2021 年的產量將達到 7.3 吉瓦至 7.7 吉瓦。

With regards to bookings, we are effectively sold out through 2020 and are approximately 2/3 sold out to the midpoint of the expected supply in 2021.

在預訂方面，我們在 2020 年之前實際上已經售罄，到 2021 年預計供應量的中點時，我們大約售罄了 2/3。

In addition, we have approximately 2 gigawatts sold into 2022 and beyond.

此外，到 2022 年及以後，我們大約售出了 2 吉瓦。

Turning to Slide 16.

轉到幻燈片 16。

I will now discuss our module efficiency improvement road map.

我現在將討論我們的模塊效率改進路線圖。

On our 2017 guidance call in November of '16 and updated at our Analyst Day in December of '17, we provided an expectation of near- and mid-term efficiency goals.

在 2016 年 11 月和 17 年 12 月分析師日更新的 2017 年指導電話會議上，我們提供了對近期和中期效率目標的預期。

As shown by the purple dot and the yellow line on the graph, we expected to launch in 2018 at 420 to 430 watts per module.

如圖中紫點和黃線所示，我們預計在 2018 年推出，每個模塊的功率為 420 至 430 瓦。

And we set out a mid-term target of 460 watts per module.

我們設定了每個模塊 460 瓦的中期目標。

At the end of 2018, despite a high band of 425 watts, our average watts per module was only 411 as we face challenges in the initial ramp of our Series 6 product.

到 2018 年底，儘管 425 瓦的高頻段，我們每個模塊的平均瓦數僅為 411，因為我們在 6 系列產品的初始階段面臨挑戰。

Through continued operational improvements, increased ARC penetration and the execution of our efficiency improvement road map, by year-end 2019, our average watts per module has increased to 430 watts on a fleet-wide basis, with a high bin of 435 watts.

通過持續改進運營、提高 ARC 滲透率和執行我們的效率改進路線圖，到 2019 年底，我們整個車隊的每個模塊的平均瓦數已增加到 430 瓦，最高功率為 435 瓦。

Today, our highest volume bin is 435 watts which are consistently -- and we are consistently producing 440 watt modules, as mentioned previously, and we have certified a record production module of 447 watts, which requires no significant technology changes and thus represents a near-term production target.

今天，我們的最高容量箱是 435 瓦，這是始終如一的 - 我們一直在生產 440 瓦模塊，如前所述，我們已經認證了創紀錄的 447 瓦生產模塊，這不需要重大的技術變化，因此代表了接近- 長期生產目標。

As we look forward, we see a clear line of sight to achieving the target stated at December '17 Analyst Day of 460 watts per module as well as significant opportunity to go beyond that with a new mid-term goal of 500 watts per module.

展望未來，我們看到了實現 17 年 12 月分析師日提出的每個模塊 460 瓦的目標的明確目標，以及超越每個模塊 500 瓦的新中期目標的重要機會。

Note, unlike recent increases in crystalline silicon module sizes, the watts increase will be achieved using our current module form factor.

請注意，與最近晶體矽模塊尺寸的增加不同，瓦數的增加將使用我們當前的模塊尺寸來實現。

As previously discussed on the prior earnings call, the key driver to achieving this efficiency increase is our copper replacement or CuRe program.

正如之前在之前的財報電話會議上所討論的，實現這種效率提高的關鍵驅動力是我們的銅替代或 CuRe 計劃。

Structured in 3 phases, the initial Phase 1 work, combined with other ongoing R&D programs is expected to lead to an approximately 20-watt improvement, bringing to us a 400-watt per module goal, which we expect to achieve on our lead line in the second half of 2021.

初始階段 1 工作分為 3 個階段，與其他正在進行的研發計劃相結合，預計將導致大約 20 瓦的改進，為我們帶來每個模塊 400 瓦的目標，我們希望在我們的領先線上實現2021年下半年。

After the launch of CuRe, there will be further optimization in 2 additional phases that will be the main drivers behind our new 500 watt mid-term target.

在推出 CuRe 之後，將在另外兩個階段進行進一步優化，這將是我們新的 500 瓦中期目標背後的主要驅動力。

As shown recently through our R&D efforts, replacing copper in the thin-film device not only serves to increase modern wattage, but also dramatically improves energy delivery.

正如最近通過我們的研發工作所表明的那樣，在薄膜器件中替換銅不僅有助於增加現代功率，而且還可以顯著改善能量輸送。

This program is expected to increase the Series 6 energy advantage by improving our temperature coefficient advantage relative to crystalline silicon modules as well as significantly reduce long-term degradation in a predictable and quantifiable manner and thereby increase life cycle energy.

該計劃有望通過提高我們相對於晶體矽模塊的溫度係數優勢來增加 Series 6 的能源優勢，並以可預測和可量化的方式顯著減少長期退化，從而增加生命週期能源。

Turning to Slide 17.

轉到幻燈片 17。

I'd like to compare the value proposition of our new CuRe Series 6 module relative to a crystalline silicon mono PERC bifacial module.

我想比較我們新的 CuRe 系列 6 組件與晶體矽單晶 PERC 雙面組件的價值主張。

While the potential energy advantages of bifacial modules are often touted, the increased costs are often overlooked.

雖然雙面組件的潛在能源優勢經常被吹捧，但增加的成本卻常常被忽視。

As PPA and merchant energy prices continue to decline, the ability to increase energy output with little to no increased cost is critically important.

隨著 PPA 和商業能源價格繼續下降，在幾乎不增加成本的情況下增加能源輸出的能力至關重要。

Designing the solar power plant with bifacial modules is a trade-off of cost for energy as it typically adds incremental capital and operating costs compared to a monofacial plan.

設計具有雙面組件的太陽能發電廠是對能源成本的權衡，因為與單面計劃相比，它通常會增加增量資本和運營成本。

Among others, these costs include the requirement for additional steel to enable elevated structures, additional land and development costs to accommodate increased row spacing and increased O&M and vegetation management costs to allow for diffused light reflection.

除其他外，這些成本包括需要額外的鋼材以啟用高架結構、額外的土地和開發成本以適應增加的行距以及增加的 O&M 和植被管理成本以允許漫射光反射。

Turning to Slide 18.

轉到幻燈片 18。

I'll provide some context around our module cost per watt.

我將提供一些有關我們的每瓦模塊成本的背景信息。

As presented on our 2017 guidance call in November of 2016 over a year prior to the production of our first module -- Series 6 module, we forecasted a Series 6 cost per watt approximately 40% lower than that of Series 4, while at the same time, eliminating any significant form factor difference and associated cost penalty.

正如我們在 2016 年 11 月的 2017 年指導電話會議上介紹的那樣，在我們生產第一個模塊 - 系列 6 模塊前一年，我們預測系列 6 的每瓦成本比系列 4 低約 40%，同時時間，消除任何顯著的外形尺寸差異和相關的成本損失。

With the start of Series 6 commercial manufacturing, we have faced challenges with regard to certain aspects of the overall cost per watt, in particular related to glass and frame costs compounded by tariff gyrations and uncertainty.

隨著系列 6 商業製造的開始，我們在每瓦總成本的某些方面面臨挑戰，特別是與關稅波動和不確定性加劇的玻璃和框架成本有關。

Offsetting these, we have seen significant improvements in throughput and efficiency, especially in our high-volume international manufacturing locations.

抵消這些影響，我們看到產量和效率有了顯著提高，尤其是在我們的大批量國際製造基地。

As mentioned on our third quarter 2019 earnings call, these international facilities have consistently been producing above 100% of nameplate, reaching a recent high of approximately 120% of original nameplate.

正如我們在 2019 年第三季度財報電話會議上所提到的，這些國際設施的產量一直高於銘牌的 100%，達到了原始銘牌約 120% 的近期高點。

We're on a path -- a plan to achieve our year-end cost goals for these international facilities.

我們正在努力實現這些國際設施的年終成本目標。

However, in Perrysburg, the earlier production ramp of our second factory, together with the challenges related to the bill of materials, labor and sales freight costs created significant headwinds.

然而，在佩里斯堡，我們第二家工廠較早的生產量增加，以及與材料清單、勞動力和銷售運費成本相關的挑戰造成了巨大的阻力。

With this backdrop, at Q3, we forecast that our fleet-wide cost per watt to end the year approximately $0.005 higher than the internal target we set at the beginning of the year, which is where our fleet costs actually ended the year.

在這種背景下，在第三季度，我們預測我們的車隊範圍內的每瓦成本到年底將比我們在年初設定的內部目標高出約 0.005 美元，這是我們的車隊成本在今年結束時的實際水平。

Based on our 2019 exit point and forecasted throughput yield and efficiency improvements in 2020, we are expecting to exit 2020 at our low-cost, high-volume manufacturing sites, having achieved the original cost per watt target that we set out in November of 2016.

根據我們 2019 年的退出點以及 2020 年的產量和效率改進預測，我們預計 2020 年將在我們的低成本、大批量生產基地退出，實現我們在 2016 年 11 月設定的原始每瓦成本目標.

Throughout 2020, the module cost per watt at Perrysburg is expected to improve as we ramp our significantly larger second facility, and we drive throughput improvements across the 2 factories.

在整個 2020 年，佩里斯堡的每瓦組件成本預計會隨著我們大幅擴大第二個工廠的規模而提高，並且我們會推動兩家工廠的吞吐量提高。

However, we do not anticipate to fully overcome the cost challenges experienced in 2019.

但是，我們預計不會完全克服 2019 年經歷的成本挑戰。

Across the fleet in 2020, Perrysburg, representing 1/3 of the production will create a headwind of approximately $0.01 per watt.

到 2020 年，佔整個船隊產量 1/3 的 Perrysburg 將產生大約每瓦 0.01 美元的逆風。

Looking beyond 2020, I would like to discuss 5 key levers that we believe will enable us to reduce cost per watt in the mid-term.

展望 2020 年之後，我想討論 5 個關鍵槓桿，我們認為這些槓桿將使我們能夠在中期降低每瓦成本。

Relative to these levers, it is important to note the significant impact improved efficiency and throughput have on cost per watt.

相對於這些槓桿，重要的是要注意提高效率和吞吐量對每瓦成本的顯著影響。

Firstly, efficiency improvements generally have little, if any, impact on the cost of producing a module.

首先，效率提高通常對模塊生產成本的影響很小（如果有的話）。

Therefore, in general, the percentage improvement in watt per module can be directly translated into a reduction in cost per watt.

因此，一般而言，每模塊瓦特的百分比提高可以直接轉化為每瓦特成本的降低。

Secondly, throughput improvements, essentially, by definition, are leveraged against fixed costs, which results in the incremental volume above nameplate capacity being the variable cost of production or typically the module bill of materials.

其次，根據定義，吞吐量的提高基本上是針對固定成本進行的，這導致超出銘牌容量的增量數量是可變的生產成本，或者通常是模塊材料清單。

Now looking at the slide and starting on the left, the blue bar represents the original cost per watt target communicated in November of 2016, which we anticipate achieving at our high-volume international manufacturing sites by the end of 2020.

現在看幻燈片，從左邊開始，藍色條代表 2016 年 11 月傳達的原始每瓦成本目標，我們預計到 2020 年底在我們的大批量國際製造基地實現這一目標。

Beginning with watts per module, increased module wattage through our previously discussed R&D efforts and the CuRe program leads to a significant cost per watt reduction.

從每個模塊的瓦數開始，通過我們之前討論的研發工作和 CuRe 計劃增加了模塊瓦數，從而顯著降低了每瓦成本。

Secondly, over the mid-term, we see the potential to increase throughput by approximately 30% to 35%, which provides a fixed cost solution benefit.

其次，在中期，我們看到了將吞吐量提高約 30% 至 35% 的潛力，這提供了固定成本解決方案的優勢。

Thirdly, we are targeting an increase in manufacturing yield from approximately 95% today to a mid-term run rate of approximately 98%, which provides a direct benefit to fixed and variable cost.

第三，我們的目標是將製造良率從目前的約 95% 提高到約 98% 的中期運行率，這為固定和可變成本提供了直接收益。

Fourthly, we see mid-term opportunities to reduce variable bill of material costs by between 20% and 30%, primarily across glass and aluminum.

第四，我們看到了將可變材料成本降低 20% 至 30% 的中期機會，主要是在玻璃和鋁方面。

And finally, we believe the combination of increased watts per module and transport optimization can lead to a 10% to 20% reduction in sales freight costs.

最後，我們相信增加每個模塊的瓦數和優化運輸可以使銷售運費成本降低 10% 到 20%。

Note, for comparison purposes, please remember, unlike our competitors, we include sales freight and warranty in our cost per watt.

請注意，出於比較目的，請記住，與我們的競爭對手不同，我們在每瓦成本中包含銷售運費和保修。

Combined with the benefits of our CuRe and other R&D work with the aforementioned cost levers, we believe we are strongly positioned to continue to drive Series 6 cost per watt efficiency and energy improvements over the mid- -- the near and mid-term.

結合我們的 CuRe 和其他研發工作與上述成本槓桿的優勢，我們相信我們有能力繼續推動 Series 6 每瓦成本效率和能源改進。

Relative to our commitment to technology leadership, as I mentioned previously, we have recently reenergized our advanced research team.

正如我之前提到的，相對於我們對技術領先的承諾，我們最近重新激活了我們的高級研究團隊。

While there is still tremendous headroom in our Series 6 platform, we continue to challenge ourselves on commercializing the next-generation disruptive thin-film technology.

雖然我們的 6 系列平台仍有巨大的空間，但我們繼續挑戰自己，將下一代顛覆性薄膜技術商業化。

It is exciting to see what the team has accomplished so far, and the extraordinary potential there is for thin-film cad tel PV beyond Series 6.

很高興看到該團隊迄今為止所取得的成就，以及超越系列 6 的薄膜 cad tel PV 的非凡潛力。

Finally, before turning the call over to Alex, I would like to provide an update on the internal review discussed on the third quarter earnings call.

最後，在將電話轉給亞歷克斯之前，我想提供有關第三季度財報電話會議上討論的內部審查的最新信息。

As I reflect over the less than 2 years since our first Series 6 production module came off our initial line in Perrysburg, we are extremely pleased with the progress we've made.

自從我們的第一個 Series 6 生產模塊在 Perrysburg 下線後不到 2 年的時間裡，我回想起我們所取得的進展，我們對此感到非常滿意。

We've created a position of strength with our multiyear backlog and our module wattage energy and cost per watt road maps.

我們通過多年的積壓和我們的模塊瓦數能量和每瓦成本路線圖建立了優勢地位。

However, as we look across the next decade, we need to challenge our business vertical strategy to assess if product offerings -- if our product offerings are at a position of strength that can leverage points of differentiation to create value for our customers and an attractive profit pool.

然而，展望未來十年，我們需要挑戰我們的業務垂直戰略，以評估產品是否——我們的產品是否處於能夠利用差異化點為我們的客戶創造價值和有吸引力的優勢地位。利潤池。

We have been conducting an evaluation of the long-term sustainable cost structure, competitiveness and risk-adjusted returns of each of our product offerings, including the module, development and O&M business.

我們一直在評估我們每個產品的長期可持續成本結構、競爭力和風險調整後的回報，包括模塊、開發和運維業務。

At our core, we are a technology and manufacturing company.

在我們的核心，我們是一家技術和製造公司。

Over time, we have added to this core competency in order to address unmet needs within the market, optimizing around and enabling the delivery of our products and capturing an incremental profit pool.

隨著時間的推移，我們增加了這一核心競爭力，以解決市場內未滿足的需求，優化和實現我們的產品交付，並獲得增量利潤池。

These capabilities have included, among others, project development, EPC and O&M.

這些能力包括項目開發、EPC 和 O&M 等。

As discussed in our previous earnings call, we have made a decision to transition to a third-party EPC execution model.

正如我們在之前的財報電話會議中所討論的，我們已決定過渡到第三方 EPC 執行模型。

We originally entered into the EPC business to enable cost-effective installation of our smaller form factor modules and to fill a capability gap in the PV market.

我們最初進入 EPC 業務是為了能夠以具有成本效益的方式安裝我們的小尺寸模塊並填補光伏市場的能力空白。

Over time, market participants increased, with many having economies of scale leveraged across multiple market segments.

隨著時間的推移，市場參與者增加了，其中許多人在多個細分市場中具有規模經濟。

The external ecosystem of EPC capabilities improved and risk-adjusted returns diminished, at the same time as our product evolved to be more compatible with market balance system offerings.

EPC 能力的外部生態系統得到改善，風險調整後的回報減少，同時我們的產品演變為與市場平衡系統產品更兼容。

Consequently, the premise for us maintaining an internal EPC competency was no longer justified.

因此，我們保持內部 EPC 能力的前提不再是合理的。

And hence, we made the decision to transition to a third-party EPC execution model.

因此，我們決定過渡到第三方 EPC 執行模型。

The U.S. development business was likewise, experienced a significant evolution and the business that we entered into in 2008 is dramatically different today.

美國的開發業務同樣經歷了重大的演變，我們在 2008 年進入的業務與今天截然不同。

Originally viewed as a channel to market for our smaller form factor modules, the development business initially saw PPA sized in the hundreds of megawatts in a handful of markets, providing certainty of offtake for a significant portion of our manufacturing capacity.

最初被視為我們較小尺寸模塊的市場渠道，開發業務最初在少數幾個市場中看到了數百兆瓦的 PPA，為我們很大一部分製造能力提供了承購的確定性。

We also benefited from a first-mover advantage enabling us to capture a profit pool incremental to our module sales.

我們還受益於先發優勢，使我們能夠獲得模塊銷售增量的利潤池。

Today, we are significantly expanding our manufacturing capacity with a more advantaged Series 6 product.

今天，我們正在通過更具優勢的 Series 6 產品顯著擴展我們的製造能力。

Competition within the development market has increased, project sizes have decreased and the risk-adjusted returns have reduced as aggressive pricing has resulted in benefits to -- of the projects flowing to declining LCOEs rather than to increase development margins.

開發市場內的競爭加劇，項目規模減少，風險調整後的回報減少，因為激進的定價導致項目的收益流向下降的 LCOE，而不是增加開發利潤。

At the same time, the capabilities required to be successful in the development have changed.

與此同時，成功開發所需的能力也發生了變化。

The historic pillars of solar project development include siting, permitting, interconnection and securing a creditworthy PPA.

太陽能項目開發的歷史支柱包括選址、許可、互連和確保信譽良好的 PPA。

These skills remain fundamental, however, successful project development at a meaningful scale today requires a broader geographical market presence as well as additional competencies, such as battery storage, power trading, the ability to manage increase offtake complexity and financial structure and complexity as well as asset ownership.

這些技能仍然是基礎，然而，今天以有意義的規模成功的項目開發需要更廣泛的地理市場存在以及額外的能力，例如電池存儲、電力交易、管理增加的承購複雜性和財務結構和復雜性的能力以及資產所有權。

In this more competitive environment, there remain opportunities for project developers to make acceptable margins.

在這個競爭更加激烈的環境中，項目開發商仍有機會獲得可接受的利潤。

However, for us to remain competitive in the long term, we would need to invest in enhancing our capabilities and offerings to the market to reflect this new development paradigm, while maintaining a competitive cost structure.

然而，為了使我們長期保持競爭力，我們需要投資以增強我們的能力和向市場提供的產品，以反映這種新的發展模式，同時保持具有競爭力的成本結構。

Any such investment needs to be compared with our primary investment thesis to increase module R&D and add manufacturing capacity improvements.

任何此類投資都需要與我們的主要投資論點進行比較，以增加模塊研發並提高製造能力。

Importantly, our focus is not to create internal capabilities that already exist externally.

重要的是，我們的重點不是創造已經存在於外部的內部能力。

As a result, we are working with an adviser to evaluate strategic options to best position our U.S. development business with a mandate to position the business to succeed in the continuing evolving market for solar generation assets, while maximizing value for First Solar shareholders.

因此，我們正在與一位顧問合作評估戰略選擇，以最佳定位我們的美國開發業務，並授權該業務在不斷發展的太陽能發電資產市場取得成功，同時為 First Solar 股東實現價值最大化。

While we are open to partnering with a third-party who possesses complementary competencies and capital to further scale the business, the pursuit of a partnership could potentially result in a complete sale of the U.S. development business.

雖然我們願意與擁有互補能力和資本的第三方合作以進一步擴大業務規模，但尋求合作可能會導緻美國開發業務的完全出售。

Turning to O&M.

轉向運維。

We entered the business at the same time as we entered into utility scale development in EPC in order to satisfy another unmet need in the PV market and take advantage of another profit pool within the utility scale space.

我們在EPC進入公用事業規模開發的同時進入該業務，以滿足光伏市場的另一個未滿足的需求，並利用公用事業規模空間內的另一個利潤池。

Our O&M business was a natural extension of our position as one of the largest developers and EPC contractors in the PV industry, allowing us to maintain a long-term relationship with a counterparty and the project after it was developed, sold and constructed by us.

我們的運維業務是我們作為光伏行業最大開發商和 EPC 承包商之一的自然延伸，使我們能夠在我們開發、銷售和建造項目後與交易對手和項目保持長期關係。

Over the last several years, we have expanded our O&M business beyond our captive development pipeline to third-party developed projects with and without our modules.

在過去的幾年裡，我們已經將我們的 O&M 業務從我們的專屬開發管道擴展到了第三方開發的項目，無論有沒有我們的模塊。

We have created a formidable position as the largest O&M provider in the U.S.

作為美國最大的運維供應商，我們已經建立了強大的地位。

Our economies of scale largely have created a competitive advantage and allowed us to maintain a profit pool in an aggressive pricing environment.

我們的規模經濟在很大程度上創造了競爭優勢，使我們能夠在激進的定價環境中保持利潤池。

However, beyond scale, additional value-added services and cycles of innovation are needed to enhance our O&M value proposition and deliver services in a more cost-effective manner.

然而，除了規模之外，還需要額外的增值服務和創新周期來增強我們的運維價值主張並以更具成本效益的方式提供服務。

We continue to evaluate our O&M strategy in light of these requirements.

我們將繼續根據這些要求評估我們的運維策略。

For clarity, through our ongoing evaluation, the objective is to ensure our O&M business is able, without constraints, to achieve its full enterprise value potential and continued market leadership.

為了清楚起見，通過我們的持續評估，目標是確保我們的運維業務能夠不受限制地實現其全部企業價值潛力和持續的市場領導地位。

The consideration of strategic options for our U.S. development business is at the preliminary stage and may not result in any transaction being consummated.

我們對美國開發業務的戰略選擇的考慮處於初步階段，可能不會導致任何交易的完成。

We do not intend to disclose further developments with respect to this evaluation process, except to the extent the process is concluded or is otherwise deemed appropriate.

我們不打算披露有關此評估過程的進一步發展，除非該過程已結束或被認為合適。

I'll now turn the call back over to Alex, who'll provide 2020 guidance.

我現在將電話轉回給 Alex，他將提供 2020 年的指導。

Thanks, Mark.

謝謝，馬克。

Turning to Slide 21.

轉到幻燈片 21。

I'll begin by discussing the assumptions included in our 2020 guidance.

我將首先討論我們 2020 年指南中包含的假設。

Given the uncertainty around any outcome from the evaluation of strategic options for our development business, our 2020 guidance assumes no change to existing lines of business.

鑑於評估我們開發業務的戰略選擇的任何結果都存在不確定性，我們的 2020 年指導假設現有業務線沒有變化。

Starting with production.

從生產開始。

Our Series 6 volume is expected to increase to 5.7 gigawatts, with an additional 300 megawatts of Series 4 prior to shutting down our remaining Series 4 capacity in the second quarter.

我們的系列 6 容量預計將增加到 5.7 吉瓦，在第二季度關閉我們剩餘的系列 4 產能之前，將增加 300 兆瓦的系列 4。

As a result of this transition, we expect to incur approximately $20 million of severance, decommissioning and other shutdown costs in 2020.

由於這一轉變，我們預計 2020 年將產生約 2000 萬美元的遣散費、退役和其他停產費用。

2020 volume sold is expected to be 5.7 to 5.9 gigawatts.

預計 2020 年的銷售量為 5.7 至 5.9 吉瓦。

As a reminder, in 2019, we structured our Cove Mountain, Muscle Shoals and Little Bear projects as sales of a project entity with an upfront development fees and an associated module supply agreements.

提醒一下，在 2019 年，我們將 Cove Mountain、Muscle Shoals 和 Little Bear 項目構建為具有前期開發費用和相關模塊供應協議的項目實體的銷售。

In 2020, we expect to continue to structure U.S. assets under a -- on sales of very similar structure, including the sale of our American Kings and Sun Streams 2 assets.

2020 年，我們預計將繼續以非常相似的結構來構建美國資產，包括出售我們的 American Kings 和 Sun Streams 2 資產。

Optimized for our new approach to EPC execution, the structure will have the effect of moving approximately 900 megawatts of sales from our systems segment to the module segment.

針對我們執行 EPC 的新方法進行了優化，該結構將產生將大約 900 兆瓦的銷售額從我們的系統部門轉移到模塊部門的效果。

The mix of 2020 net sales is anticipated to be approximately 70% module and 30% systems.

預計 2020 年淨銷售額的組合約為 70% 的模塊和 30% 的系統。

Included in the systems net sales in the United States, the residual revenue recognition associated with the GA Solar 4, Sun Streams 1, Sunshine Valley, Seabrook and Windhub A projects.

包括在美國的系統淨銷售額中，與 GA Solar 4、Sun Streams 1、Sunshine Valley、Seabrook 和 Windhub A 項目相關的剩餘收入確認。

Additionally, our guidance includes the sale of our Ishikawa and Anamizu in Japan, which may be sold together or individually.

此外，我們的指導包括在日本銷售我們的 Ishikawa 和 Anamizu，它們可以一起或單獨出售。

Due to the uncertainty relating to the costs and timing of the construction of the [Gen 5], we have excluded Miyagi from our 2020 guidance.

由於與 [Gen 5] 的建造成本和時間相關的不確定性，我們已將 Miyagi 排除在 2020 年指導之外。

Our ongoing Series 6 capacity expansion is expected to impact 2020 operating income by $55 million to $75 million.

我們正在進行的第 6 系列產能擴張預計將對 2020 年的營業收入產生 5500 萬至 7500 萬美元的影響。

This is comprised of $50 million to $60 million of start-up expense incurred by our second Malaysia factory and $5 million to $15 million of ramp costs associated with our second Perrysburg factory.

這包括我們在馬來西亞的第二家工廠產生的 5000 萬至 6000 萬美元的啟動費用以及與我們在佩里斯堡的第二家工廠相關的 500 萬至 1500 萬美元的坡道成本。

We anticipate our second Perrysburg factory will exit the ramp period by the end of the first quarter of 2020.

我們預計我們的第二家佩里斯堡工廠將在 2020 年第一季度末退出爬坡期。

While we're not providing specific guidance around the Series 6 module cost per watt for 2020, we do anticipate continuous improvement over the course of the year.

雖然我們沒有提供關於 2020 年系列 6 組件每瓦成本的具體指導，但我們確實預計這一年會持續改進。

Despite an increase in the proportion of module volume coming from our higher cost Perrysburg facility in 2019, relative to where we ended -- sorry, in 2020, relative to where we ended 2019, we expect our fleet-wide cost per watt to decline approximately 10% over the year.

儘管 2019 年我們成本較高的佩里斯堡工廠的組件數量比例有所增加，相對於我們結束的地方——抱歉，在 2020 年，相對於我們 2019 年結束的地方，我們預計我們的全機隊每瓦成本將下降大約全年增長 10%。

A brief one on the coronavirus outbreak.

關于冠狀病毒爆發的簡短說明。

While we have a geographically diverse supply chain that does include partners in China that supplies us with raw materials and commodities, to date, we've managed the impact of the coronavirus outbreak and it does not have any material impact on our operations.

雖然我們擁有一個地域多元化的供應鏈，其中確實包括為我們提供原材料和商品的中國合作夥伴，但迄今為止，我們已經控制了冠狀病毒爆發的影響，並且它對我們的運營沒有任何實質性影響。

Our guidance accordingly assumes we will continue to be able to mitigate any such impacts on our supply chain and operations without the incurrence of material costs.

因此，我們的指導假設我們將繼續能夠減輕對我們的供應鍊和運營的任何此類影響，而不會產生材料成本。

Finally, in addition to the previously mentioned Series 4 related shutdown costs as part of the strategic review and cost structure analysis that Mark's discussed earlier, we've recently effected a reduction in force.

最後，除了前面提到的作為戰略審查和成本結構分析的一部分的第 4 輪系列相關的停工成本（Mark 之前討論過的），我們最近還削減了力量。

Although we expect this to lead to $25 million to $35 million of long-term run rate savings in 2020, we expect to see severance-related impact of approximately $10 million from these actions.

儘管我們預計這將在 2020 年為長期運行率節省 2500 萬至 3500 萬美元，但我們預計這些行動將產生約 1000 萬美元的遣散費相關影響。

I'll now cover the 2020 guidance ranges on Slide 21.

我現在將在幻燈片 21 上介紹 2020 年的指導範圍。

Our net sales guidance is between $2.7 billion and $2.9 billion.

我們的淨銷售額指引在 27 億美元至 29 億美元之間。

Gross margin is projected to be between 26% and 27%, which includes $5 million to $15 million of ramp costs.

毛利率預計在 26% 至 27% 之間，其中包括 500 萬至 1500 萬美元的坡道成本。

Operating expenses are expected to be between $340 million and $360 million, which includes $50 million to $60 million of production start-up expenses, primarily for our second Malaysia factory.

運營費用預計在 3.4 億美元至 3.6 億美元之間，其中包括 5000 萬美元至 6000 萬美元的生產啟動費用，主要用於我們在馬來西亞的第二家工廠。

We anticipate core R&D and SG&A costs, excluding start-up of $290 million to $300 million.

我們預計核心研發和 SG&A 成本，不包括 2.9 億美元至 3 億美元的啟動成本。

Operating income is expected to be between $360 million and $420 million, and is inclusive of between $55 million and $75 million of combined ramp costs and plant start-up expenses, $20 million of Series 4 shutdown costs and $10 million of severance costs.

營業收入預計在 3.6 億美元至 4.2 億美元之間，其中包括 5500 萬美元至 7500 萬美元的斜坡成本和工廠啟動費用、2000 萬美元的系列 4 停產成本和 1000 萬美元的遣散費。

Turning to nonoperating items.

轉向非經營性項目。

We expect interest income, interest expense and other income to net to 0. Full year tax expense is forecast to be $15 million to $25 million, which includes the benefit of approximately $60 million in the fourth quarter associated with the closing of the statute of limitations on uncertain tax positions, and we expect no contribution from equity and earnings.

我們預計利息收入、利息支出和其他收入淨額為 0。全年稅收支出預計為 1500 萬美元至 2500 萬美元，其中包括第四季度與時效結束相關的約 6000 萬美元收益在不確定的稅收狀況下，我們預計股票和收益不會做出貢獻。

This results in full year 2020 earnings per share guidance range of $3.25 to $3.75.

這導致 2020 年全年每股收益指導範圍為 3.25 美元至 3.75 美元。

Earnings are expected to be back-end weighted, with approximately 20% in the first half of the year and 80% in the second half as a result of several factors.

由於多種因素，預計收益將採用後端加權，上半年約為 20%，下半年約為 80%。

Firstly, although ASPs are expected to remain relatively flat, cost per watt is expected to decrease throughout the year.

首先，雖然平均售價預計將保持相對平穩，但預計每瓦成本將在全年下降。

Secondly, we expect to recognize revenue on lower margin systems business, including our remaining U.S. EPC projects as well as our India asset sales in the first half of the year.

其次，我們預計上半年將確認利潤率較低的系統業務的收入，包括我們剩餘的美國 EPC 項目以及我們在印度的資產銷售。

Conversely, our Japan assets are expected to be sold in the second half of the year.

相反，我們的日本資產預計將在下半年出售。

Thirdly, Series 6 ramp and start-up costs, Series 4 shutdown costs and severance charges are all weighted towards the first half of the year.

第三，第 6 輪的斜坡和啟動成本、第 4 輪的停工成本和遣散費都在上半年加權。

Capital expenditures in 2020 are expected to range from $450 million to $550 million as we convert one of our remaining 2 Series 4 factories in Malaysia into our 6 -- Series 6 factory, invest in expanding capacity on our existing Series 6 facilities and begin the implementation of our CuRe program.

2020 年的資本支出預計將在 4.5 億美元至 5.5 億美元之間，因為我們將馬來西亞剩餘的 2 家第 4 系工廠之一轉換為我們的第 6 系 6 系工廠，投資擴大我們現有 6 系設施的產能並開始實施我們的治愈計劃。

Our year-end 2020 net cash balance is anticipated to be between $1.3 billion and $1.5 billion.

我們 2020 年底的淨現金餘額預計在 13 億美元至 15 億美元之間。

The decrease from our 2019 year-end net cash balance is primarily due to payment of the $350 million class action lawsuit settlement, capital expenditures and deliveries against module safe harbor prepayments in 2019, offset by cash flows from module and project sales.

我們 2019 年末淨現金餘額的減少主要是由於支付了 3.5 億美元的集體訴訟和解、資本支出和 2019 年組件安全港預付款項的交付，被組件和項目銷售的現金流所抵消。

And finally, we expect module shipments of 5.8 to 6 gigawatts in 2020.

最後，我們預計 2020 年的組件出貨量將達到 5.8 至 6 吉瓦。

Turning to Slide 22, I'll summarize the key messages from today's call.

轉到幻燈片 22，我將總結今天電話會議的關鍵信息。

We continue to make significant progress on our Series 6 transition, both from a demand and supply perspective.

從需求和供應的角度來看，我們繼續在第 6 輪過渡方面取得重大進展。

On the demand side, we ended 2019 with net bookings of 6.1 gigawatts and a current contracted backlog of 12.4 gigawatts.

在需求方面，我們在 2019 年結束時的淨預訂量為 6.1 吉瓦，目前的合同積壓為 12.4 吉瓦。

Our opportunity pipeline continues to grow, going into 2020 with the global opportunity set of 18.1 gigawatts, including mid- to late-stage opportunities of 8.2 gigawatts.

我們的機會管道繼續增長，進入 2020 年，全球機會集為 18.1 吉瓦，其中包括 8.2 吉瓦的中後期機會。

On the supply side, we continue to expand our manufacturing capacity and expect to increase our nameplate Series 6 manufacturing capacity to 6 gigawatts by year-end 2020 and 8 gigawatts by year-end 2021.

在供應方面，我們繼續擴大製造能力，並預計到 2020 年底將我們的銘牌系列 6 製造能力提高到 6 吉瓦，到 2021 年底提高到 8 吉瓦。

In 2020, we expect to produce 5.7 gigawatts of Series 6 volume, the year-over-year increase of over 50%.

到 2020 年，我們預計 6 系列的產量將達到 5.7 吉瓦，同比增長超過 50%。

And we see significant midterm opportunity for improvements to our module efficiency, cost and energy metrics.

我們看到了改善我們的模塊效率、成本和能源指標的重大中期機會。

Despite of challenging end to 2019, we recorded non-GAAP EPS of $1.48 and are forecasting full year 2020 earnings per share of $3.25 to $3.75.

儘管 2019 年底充滿挑戰，但我們的非公認會計原則每股收益為 1.48 美元，並預測 2020 年全年每股收益為 3.25 至 3.75 美元。

And finally, following a review of our cost structure, risk-adjusted returns and strategic value, we are exploring strategic options for our U.S. development business.

最後，在審查了我們的成本結構、風險調整後的回報和戰略價值之後，我們正在為我們的美國開發業務探索戰略選擇。

And with that, we conclude our prepared remarks and open the call to questions.

至此，我們結束準備好的發言並開始提問。

Operator?

操作員？

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

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

The first one is on your definition of midterm.

第一個是關於你對期中考試的定義。

I was wondering if you could provide a little bit more detail on that.

我想知道您是否可以提供更多詳細信息。

Mark, I think you mentioned that the lead line with copper replacement technology would be starting in back half of '21.

馬克，我想你提到過銅替代技術的鉛生產線將在 21 年下半年開始。

So is that kind of midterm target, a back half '21 or early '22-type time frame?

那麼這種中期目標是 21 年的後半期還是 22 年早期的時間框架？

And then as it relates to the systems business, I was wondering if you could walk us through kind of how we should be modeling going forward?

然後因為它與系統業務有關，我想知道你是否可以引導我們了解我們應該如何建模？

Historically, you guys have talked about a gigawatt of system sales per year.

從歷史上看，你們談論過每年 1 吉瓦的系統銷售量。

I think that's probably what's baked into everyone's model.

我認為這可能是每個人的模型中都包含的內容。

Should we start to feather that back or just remove that completely.

我們應該開始將其羽化還是完全刪除它。

Any thoughts on that would be great?

有什麼想法會很棒嗎？

Yes.

是的。

So on the midterm.

所以在中期。

So if you think about the CuRe program, we'll start the initial production in our lead line in the second half of 2021 and then start to see it really realized across the entire fleet in 2022.

因此，如果您考慮一下 CuRe 計劃，我們將在 2021 年下半年開始在我們的領先生產線上進行初始生產，然後在 2022 年開始看到它在整個機隊中真正實現。

So if you think about even that, let's just say, the 2022, we originally sort of set the midterm goal in '17 or so.

因此，即使您考慮到這一點，也可以說是 2022 年，我們最初將中期目標設定在 17 年左右。

So it also gives you some indication of a horizon, which we may be looking towards for the 500-watt module that we've indicated as well.

因此，它還為您提供了一些地平線的跡象，我們可能正在尋找我們已經指出的 500 瓦模塊。

But we're very obviously pleased with the launch of our copper replacement program, and we're also -- to couple that with where our backlog position is right now.

但我們顯然對我們的銅替代計劃的啟動感到高興，而且我們也 - 將其與我們現在的積壓位置相結合。

It really hits the window where we want it to hit is the window we need to sell-through into in '22 and '23.

它真正擊中了我們希望它擊中的窗口，是我們需要在 22 年和 23 年進行銷售的窗口。

You should look to the majority of that volume and that window, we'll be able to have our copper replacement program out there and competitively pricing into the marketplace and capturing the full value of the energy yield that we would realize from that.

您應該查看大部分數量和那個窗口，我們將能夠在那裡推出我們的銅替代計劃，並以具有競爭力的價格進入市場，並獲得我們從中實現的能源產量的全部價值。

The systems business -- Alex can give you some insight around modeling piece.

系統業務——Alex 可以為您提供有關建模部分的一些見解。

What I want to make sure is clear as well is we have committed to a safe harbor investment.

我還想確保清楚的是，我們已承諾進行安全港投資。

And we've talked about that.

我們已經討論過了。

We've got capability of safe harboring a couple of gigawatts.

我們有能力安全地容納幾吉瓦。

We have a mid- to late-stage pipeline of close to 2 gigawatts here in the U.S. of opportunities that we're actively engaging in.

我們在美國擁有近 2 吉瓦的中後期管道，我們正在積極參與其中。

We have purposely looked to try to monetize those projects into a 2022, 2023 window.

我們有意嘗試將這些項目貨幣化為 2022 年、2023 年的窗口。

It also somewhat ties in nicely to where the 201 tariffs start to wind down, plus your value of your safe harbor investment is most accretive in '22 and '23.

它也與 201 關稅開始逐漸減少的地方很好地聯繫在一起，而且你的安全港投資價值在 22 年和 23 年是最增值的。

So you'll see, as we continue to build out that pipeline and monetize and contract, most of the volume is going to be out in '22 and '23.

所以你會看到，隨著我們繼續建設該管道並貨幣化和合同，大部分交易量將在 22 年和 23 年推出。

I think the best way to think about it right now, Phil, is not to assume any changes because we're going down 2 paths.

菲爾，我認為現在考慮它的最好方法是不要假設任何變化，因為我們要走兩條路。

One is, look, I think when you position us into utility-owned generation space, which we're seeing a lot of that happening in the market right now and a pretty significant inflection point of that happening in a big portion of our 2 gigawatts, that's a sweet spot for us.

一個是，看，我認為當您將我們定位到公用事業擁有的發電領域時，我們現在看到市場上發生了很多這種情況，並且在我們 2 吉瓦的很大一部分中發生了一個相當重要的轉折點，這對我們來說是一個甜蜜的地方。

And we'll hit home runs there all day long is exactly where we want to be because we don't want to own generating assets and we want to work with great counterparties.

我們會整天打出本壘打，這正是我們想要成為的地方，因為我們不想擁有發電資產，我們希望與優秀的交易對手合作。

The problem we have a little bit of where I want to see how we could further enhance our capabilities is more complex transactions, merchant risk exposure, hedge contracts, basis risk, basically block power shapes, storage.

我們有一點我想看看我們如何進一步增強我們的能力的問題是更複雜的交易、商業風險敞口、對沖合約、基差風險，基本上是塊功率形狀、存儲。

That's a space that we, I don't think yet are where we need to be relative to the capabilities in the marketplace.

相對於市場的能力，我認為這不是我們需要的空間。

And so we need to challenge ourselves.

所以我們需要挑戰自己。

And how do we best accomplish that, and one of the path to do that is can we find a partner or somebody else we can work with that has those types of capabilities that are complementary to where we are.

我們如何最好地實現這一目標，而實現這一目標的途徑之一是我們能否找到一個合作夥伴或其他我們可以合作的人，這些人具有與我們所處的地方互補的那些類型的能力。

But we also highlighted to the extent we go down that path, it could result in a sale of the business through a partnership structure that someone may -- obviously, we'll look to do what's in the best interest of our shareholders.

但我們也強調，在我們走這條路的情況下，它可能會導致通過合夥結構出售業務——顯然，我們將尋求做最符合股東利益的事情。

But if it resulted in someone paying maximum value for the platform that we have, we may look to that as the best possible outcome if we feel we're uncomfortable with getting kind of the partnership capabilities that we think we would need to best compete over the next decade.

但是，如果它導致有人為我們擁有的平台支付最大價值，如果我們覺得我們對獲得我們認為需要最好競爭的合作夥伴能力感到不舒服，我們可能會認為這是最好的結果下一個十年。

And as you may remember, this is the objective we set out for is how do we position not only our module business, but our energy services business and our development business to be able to thrive in the upcoming decade.

您可能還記得，我們設定的目標是，我們不僅要定位我們的模塊業務，還要定位我們的能源服務業務和開發業務，以便能夠在未來十年蓬勃發展。

And we need to make sure there's a path to do that, and that's what we're exploring right now.

我們需要確保有一條道路可以做到這一點，這就是我們現在正在探索的。

Yes, So the only thing I'll add to that is on the near term, so in the guidance, we said about 70% of the revenue line is going to be on the module, about 30% on the systems.

是的，所以我唯一要補充的是在短期內，所以在指導中，我們說大約 70% 的收入將在模塊上，大約 30% 在系統上。

That reflects only a pretty small portion.

這僅反映了很小的一部分。

So there's only somewhere around 300 to 400 megawatts going through that line.

所以只有大約 300 到 400 兆瓦的電力通過這條線路。

However, as I mentioned in the remarks, I want to make sure it's clear.

但是，正如我在評論中提到的，我想確保它是清楚的。

In the last year or so, we've been structuring deals differently as we've been looking at our EPC capabilities and looking to exit our internal EPC and go to a third-party model.

在過去一年左右的時間裡，我們一直在以不同的方式構建交易，因為我們一直在關注我們的 EPC 能力，並希望退出我們的內部 EPC 並轉向第三方模式。

And so what we've done is we've changed how we sell projects to selling a project SPV or entity and then entering to a module sale agreement.

因此，我們所做的是將我們出售項目的方式改為出售項目 SPV 或實體，然後簽訂模塊銷售協議。

And if you look at all the deals we've done that way over the last year, the impact that means there's about 900 megawatts of volume that is going to go through the module segment this year that, had it not been for that new change in structure, would have gone through the Systems segment.

如果你看看我們在去年以這種方式完成的所有交易，如果不是因為新的變化，今年將有大約 900 兆瓦的容量將通過模塊部分在結構上，將經歷系統部分。

So we've historically guided to somewhere around 1 gigawatt a year of volume.

因此，我們歷來引導到每年大約 1 吉瓦的容量。

If you look at this year, you're going to be somewhere around 1.2, 1.3, 1.4 gigawatts of volume generated by the systems business.

如果您看一下今年，系統業務將產生大約 1.2、1.3、1.4 吉瓦的容量。

Right?

正確的？

Our volume was originated through the system channel, although you're not going to see it flow through the Systems segment this year based on these deal structures.

我們的交易量來自系統渠道，儘管根據這些交易結構，今年您不會看到它流經系統部門。

So I think in the long term, for modeling purposes, stick to that roughly 1 GW on a year of systems business that we've guided to, have certainly changes that we guide to later in the year, pending the outcome of our discussions in the market around the systems business.

因此，我認為從長遠來看，出於建模目的，在我們指導的一年系統業務中堅持大約 1 吉瓦，肯定會有我們在今年晚些時候指導的變化，等待我們討論的結果圍繞系統業務的市場。

Your next question comes from Brian Lee with Goldman Sachs.

您的下一個問題來自高盛的 Brian Lee。

I had 2 here.

我這裡有2個。

First, if I look at the marginal gross margin for Q4 here exiting 2019 at 24%.

首先，如果我看一下 2019 年第四季度的邊際毛利率為 24%。

You assume flattish ASPs, which I think you mentioned on the call and a 10% cost decline for 2020.

您假設 ASP 持平，我認為您在電話會議上提到了這一點，並且 2020 年成本下降了 10%。

It seems to imply gross margins for modules in 2020 will be high 20% or so, 28%, let's say.

這似乎意味著 2020 年模塊的毛利率將高達 20% 左右，比方說 28%。

First, is that the right read here?

首先，這裡讀得對嗎？

And I guess that's also assuming no mix shift impact from Series 6 either given 2020 will be almost all Series 6, and you still had a meaningful amount of Series 4 in Q4?

而且我想這也是假設第 6 季沒有混合轉變影響，因為 2020 年幾乎都是第 6 季，而且您在第 4 季度仍然有相當數量的第 4 季？

But would be curious if you could provide some color around the module margins this year.

但是如果你能在今年的模塊邊緣提供一些顏色，我會很好奇。

And then just secondly, on the strategic review for the systems business, just trying to understand the thought process here, what is -- is taking a partner potentially, if that's an option or outcome of this review, does that lower the OpEx?

其次，關於系統業務的戰略審查，只是試圖理解這裡的思考過程，什麼是潛在的合作夥伴，如果這是審查的一個選項或結果，這會降低運營支出嗎？

Can you give us some sense of how much of your OpEx is tied to that segment versus modules?

您能否告訴我們您的 OpEx 有多少與該細分市場和模塊相關聯？

And then if you just end up divesting the segment in one transaction, what would be the motivation of that versus simply selling down the systems over the course of the next few years implied in the pipeline COD dates?

然後，如果您最終在一筆交易中剝離該細分市場，那麼與在管道 COD 日期中暗示的未來幾年內簡單地出售系統相比，這樣做的動機是什麼？

Yes, Brian, give you a little bit of color on the gross margin.

是的，布賴恩，給你一點毛利率的顏色。

So we haven't broken out by modular system.

所以我們還沒有被模塊化系統打破。

But as you can see in the guidance, we're guiding to a 26% to 27% on a consolidated basis.

但正如您在指南中看到的那樣，我們將綜合引導至 26% 至 27%。

You're right that there's limited reduction on the ASP side as we go from '19 and '20, although we are seeing some.

你是對的，從 19 和 20 年開始，ASP 方面的減少是有限的，儘管我們看到了一些。

We are seeing a cost per watt drag, largely associated with Perrysburg.

我們看到每瓦阻力的成本，主要與佩里斯堡有關。

So we talked about ending the year about $0.05 or higher than our expectations on a fleet-wide basis largely driven by cross-border Perrysburg.

因此，我們談到在很大程度上受跨境佩里斯堡推動的整個車隊的基礎上，今年年底將比我們的預期高出 0.05 美元或更高。

But if you think about the mix shift, although we'll get some benefit from moving Series 4 to Series 6, as we ramp Perrysburg 2 this year on a mix basis, we're going to have more relative volume coming from our higher cost factories than we did last year.

但是，如果您考慮混合轉變，儘管我們將從系列 4 轉移到系列 6 中獲得一些好處，因為我們今年在混合基礎上增加 Perrysburg 2，但我們將有更多的相對數量來自我們更高的成本工廠比我們去年做的。

So that drag now across the fleet is going to be around $0.01 cost per watt in 2020.

因此，到 2020 年，整個車隊的阻力將約為每瓦 0.01 美元。

On the system side, we've got lower volume.

在系統方面，我們的音量較低。

Hence, you're seeing lower revenue on the revenue line.

因此，您看到收入線上的收入較低。

But on the margin side, there's 3 other things I'd point to that are dragging down consolidated gross margin through the year.

但在利潤率方面，我要指出的其他三件事正在拖累全年的綜合毛利率。

You've got startup and ramp costs which are coming in at about $60 million to $75 million coming through, and that's associated with bringing Perrysburg 2 up and Malaysia too.

您的啟動和升級成本約為 6000 萬至 7500 萬美元，這與 Perrysburg 2 和馬來西亞的發展有關。

So you've got a pretty significant drag there.

所以你有一個相當大的阻力。

We've also got about $20 million of shutdown costs [associated] with closing the Series 4 factory in Malaysia, and you're going to see that coming through the gross margin line as well.

我們還因關閉馬來西亞的 Series 4 工廠而產生了約 2000 萬美元的停工成本，您將看到這也將通過毛利率線實現。

And then finally, about $10 million of severance costs.

最後，大約 1000 萬美元的遣散費。

So as you look through the gross margin line this year, just bear in mind, you've got somewhere close to $100 million relative to that 2.8-ish point of revenue line that's impacting gross margin on a negative basis.

因此，當您查看今年的毛利率線時，請記住，相對於對毛利率產生負面影響的 2.8 點左右的收入線，您的收入接近 1 億美元。

I think when you normalize for those items that are impacting the module segment, Brian, I mean you're going to get to a number that's in the rate that you referenced from that standpoint.

我認為，當您對影響模塊部分的那些項目進行標準化時，Brian，我的意思是您將獲得一個與您從該角度引用的速率一致的數字。

The systems business, first off, I think as we think about -- the way I look at this is that there's a market need and then there's internal capabilities.

系統業務，首先，我認為正如我們所考慮的那樣——我看待這個的方式是有市場需求，然後是內部能力。

And we have to understand, given the market needs, how do we best address that?

我們必須了解，鑑於市場需求，我們如何最好地解決這個問題？

And then what's the most efficient way in OpEx way of doing that.

那麼在 OpEx 中最有效的方法是什麼。

And to sort of replicate or to invest in certain capabilities, let's say, as a power trading capability as an example, right?

為了複製或投資某些能力，比如說，作為電力交易能力的例子，對吧？

I don't know if we want to step into that space.

我不知道我們是否想進入那個空間。

And so to me, a partnership can bring a lot of value to us in the fact that we can create a complementary offer.

所以對我來說，合作夥伴關係可以為我們帶來很多價值，因為我們可以創造一個互補的報價。

We've got a great development team with great development sites, interconnection positions and capability with safe harbor that we've made the investment in.

我們擁有一支出色的開發團隊，擁有出色的開發地點、互連位置以及我們已投資的安全港能力。

The real question is how do you monetize then capture the optimal value with it?

真正的問題是您如何通過貨幣獲利然後獲得最佳價值？

And for me, it is that I'd rather, instead of internally create something that maybe is externally already in the marketplace and is already performing well, it makes more sense from my standpoint to say, how do we engage with those types of partners and then create the synergistic impact versus trying to invest heavily and create maybe not as strong in the market capability we would have otherwise with a partnership.

對我來說，我寧願在內部創造一些可能已經在市場外部並且已經表現良好的東西，從我的角度來看，更有意義的是，我們如何與這些類型的合作夥伴互動然後創造協同影響，而不是試圖大量投資並創造可能不如我們通過合作夥伴關係擁有的強大市場能力。

So that's kind of the motivation.

所以這就是一種動機。

The -- as it relates to the OpEx, look, there's a meaningful portion of OpEx that it not only resonates with just the direct, let's say, the customer-facing team from development.

- 因為它與 OpEx 相關，看，OpEx 有一個有意義的部分，它不僅與直接的，比方說，來自開發的面向客戶的團隊產生共鳴。

But it's my project finance team, it's the legal structuring cost around these deals.

但這是我的項目財務團隊，是圍繞這些交易的法律結構成本。

It's the complexity around the accounting.

這是會計的複雜性。

It drives tremendous tax-related activities and separation of new entities and setting them up and manage through that.

它推動了巨大的稅收相關活動和新實體的分離，並通過這些活動進行設置和管理。

So there is a pretty significant OpEx impact.

因此，OpEx 的影響非常顯著。

I mean if you look at our K, we disclosed that we have about 500 heads across the companies, north of 6,000 that are related to our systems business.

我的意思是，如果你看一下我們的 K，我們透露，我們在公司中有大約 500 名負責人，其中 6,000 名以上與我們的系統業務相關。

Now that also includes our energy services business, but -- which is a good portion of that total.

現在這也包括我們的能源服務業務，但是 - 這是總數的很大一部分。

But you can tell that there's a pretty significant headcount resource intensity associated with our systems business, that we've got to make sure that -- and again, on some segments of the market and solutions that are required, and I'll use EOG as a great example.

但是您可以看出，與我們的系統業務相關的員工人數資源密集度相當高，我們必須確保 - 再次，在市場的某些部分和所需的解決方案上，我將使用 EOG作為一個很好的例子。

I think we do very well there, and we'll continue to excel there.

我認為我們在那裡做得很好，我們將繼續在那裡表現出色。

But no different than our module business or no different than our energy services business which I indicated, we've created a tremendous amount of scale advantage and being a market leader.

但與我們的模塊業務或能源服務業務沒有什麼不同，我指出，我們創造了巨大的規模優勢並成為市場領導者。

And when I look at our development business, I have to be comfortable that we can create scale there as well because that infrastructure-related cost is going to be there.

當我審視我們的開發業務時，我必須確信我們也可以在那裡創造規模，因為與基礎設施相關的成本將會存在。

And you've seen it happen over the years because the cost to develop and the resources to develop a 500-megawatt project like we did in the early days, is really no different than to develop a 75- or 100-megawatt project, right?

多年來你已經看到它發生了，因為開發一個 500 兆瓦項目的成本和資源就像我們早期所做的那樣，實際上與開發一個 75 或 100 兆瓦項目沒有什麼不同，對吧?

So project sizes have come down, and therefore, you're actually losing the leverage of scale.

所以項目規模已經下降，因此，你實際上正在失去規模的槓桿作用。

And so those are the things that we're looking at, and we're trying to figure out what's the right path forward for us to enable what we think is a great platform.

所以這些就是我們正在研究的東西，我們正在努力找出正確的前進道路，讓我們能夠實現我們認為是一個偉大的平台。

We're not diminishing the platform at all.

我們根本沒有減少平台。

But as we think through, how do we make sure we can thrive and excel through this upcoming decade, there are certain capabilities we think partnering with someone else could bring to us that would further enhance the value proposition of our development business.

但當我們仔細思考時，我們如何確保我們能夠在即將到來的十年中茁壯成長並取得優異成績，我們認為與其他人合作可以為我們帶來某些能力，這將進一步提升我們開發業務的價值主張。

Your next question comes from Paul Coster with JPMorgan.

您的下一個問題來自摩根大通的 Paul Coster。

It looks like something in the region of a $1 of the shortfall in the fourth quarter was attributable to Japan, India, et cetera.

看起來第四季度大約 1 美元的缺口是由日本、印度等造成的。

How much of that dollar approximately carries over into 2020?

大約有多少美元會延續到 2020 年？

I mean it involves some of the Japan business, right?

我的意思是它涉及一些日本業務，對吧？

Yes.

是的。

So if I look at it, you've got about $1 of shortfall, about $0.70 of that is related to timing.

所以如果我看一下，你有大約 1 美元的缺口，其中約 0.70 美元與時間有關。

So you've got Japan, India and U.S. projects and U.S. module.

所以你有日本、印度和美國的項目和美國的模塊。

But there's also another, call it, roughly $30 million of true cost increases.

但還有另一個，稱之為，大約 3000 萬美元的實際成本增加。

So impacts from U.S. project weathering issues.

因此，來自美國項目風化問題的影響。

We had an accrual change relating to a dispute with a customer.

我們因與客戶的爭議而發生了應計變更。

We have some severance and other miscellaneous costs.

我們有一些遣散費和其他雜項費用。

So if I look at those, you've got, call it, $0.70 of the roughly $1 is associated with timing versus true cost impact.

因此，如果我看一下這些，你會發現，大約 1 美元中的 0.70 美元與時間與真實成本的影響有關。

When I roll that forward into 2020, about $0.50 of that is going to roll into 2020.

當我將其轉入 2020 年時，其中約 0.50 美元將轉入 2020 年。

So the breakdown there is in Japan, 2 of the 3 assets are being pushed into 2020.

因此，日本的故障是，3 項資產中的 2 項被推到 2020 年。

Our Miyagi asset, however, is not just based on where we see the timing of construction and the [Gen 5] today.

然而，我們的宮城資產不僅僅基於我們看到的建設時間和今天的 [Gen 5]。

Now if that changes, that could get pulled in later.

現在，如果這種情況發生變化，那可能會在以後被拉進來。

As of now, that's not in the guidance of 2020.

截至目前，這不在 2020 年的指導範圍內。

The other piece is that previously, we had assumed the structuring of our Japan assets will go through this private fund that I mentioned in the prepared remarks.

另一部分是，之前，我們假設我們日本資產的結構將通過我在準備好的評論中提到的這個私人基金。

Based on pulling the Miyagi asset out and the complexity we've seen, I think we're targeting now selling those assets on a bilateral basis versus in a fund with a small impact to value there.

基於將宮城資產撤出和我們所看到的複雜性，我認為我們現在的目標是在雙邊基礎上出售這些資產，而不是在對那裡的價值影響很小的基金中出售這些資產。

So that $0.50 of Japan, you got to pull about $0.35 through.

所以日本的 0.50 美元，你必須通過 0.35 美元。

The other timing piece, you're going to pull about $0.15 of the $0.20.

另一個計時件，您將在 0.20 美元中拉出約 0.15 美元。

That's a function of -- in the U.S., although we hit substantial completion on the projects that we were targeting by year-end.

這是美國的一個功能，儘管我們在年底前完成了我們的目標項目。

We had some small cost increases to do so as well as the fact that on the India assets, we've just had some diminishing value as we've been negotiating those sales contracts.

我們為此增加了一些小幅成本，而且在印度資產上，隨著我們一直在談判這些銷售合同，我們的價值正在下降。

So if you look at it, you can assume about $0.50 gets rolled 2019 to 2020.

因此，如果您查看它，您可以假設從 2019 年到 2020 年滾動約 0.50 美元。

Your next question comes from Ben Kallo with Baird.

您的下一個問題來自 Ben Kallo 和 Baird。

So I guess could you talk about like your low cash balance?

所以我想你能談談你的低現金餘額嗎？

What you think it is with all your CapEx?

你認為你所有的資本支出是什麼？

And then my second question is just on -- I guess, we're all trying to figure out, like, cost per watt, we're using $0.21 or something like that.

然後我的第二個問題剛剛開始——我想，我們都在試圖弄清楚每瓦的成本，我們使用的是 0.21 美元或類似的東西。

And how off are we on the mark there going forward?

我們在這方面的進展如何？

Yes.

是的。

So on cash, so you've got 2 big things this year, you've got the remainder of the Series 6 CapEx.

所以在現金方面，今年你有兩件大事，你已經得到了 Series 6 CapEx 的剩餘部分。

So we talked originally about $2 billion of capital associated with what was then 6.6 gigawatts of capacity.

因此，我們最初談到了與當時 6.6 吉瓦容量相關的 20 億美元資本。

So we are largely through that about 250 of the midpoint 500 guidance announced for the year is the finalization of that initial capacity.

因此，我們在很大程度上完成了今年宣布的 500 中點指導中的大約 250 個是初始產能的最終確定。

Of the remaining, there's about 100 that is associated with increasing Perrysburg's capacity.

在其餘的中，大約有 100 個與增加 Perrysburg 的容量有關。

And that takes us from the current 1.9 up to the long-term run rate by year-end 2021 of about 2.4.

這使我們從目前的 1.9 上升到到 2021 年底的長期運行率約 2.4。

So that extra $100 million is getting you about 0.5 gigawatt of capacity.

因此，額外的 1 億美元將為您帶來大約 0.5 吉瓦的容量。

And then in the year, there's about another $150 million, which is other miscellaneous capacity expansion plus other spend.

然後在這一年裡，還有大約 1.5 億美元，這是其他雜項產能擴張加上其他支出。

So if you think about that, by the end of this year, we're largely through not only the initial CapEx program, but a lot of the CapEx that's going to take us through the increase in capacity that we showed on the slide that takes us up to a nameplate of 8 gigawatts by the end of 2021.

因此，如果您考慮一下，到今年年底，我們不僅主要完成了最初的資本支出計劃，而且還有很多資本支出將帶我們完成我們在幻燈片中展示的容量增加到 2021 年底，我們將達到 8 吉瓦的銘牌。

The other piece that you got to remember is you're starting the year out by immediately pulling $350 million of cash out when we settled the class action lawsuit.

您必須記住的另一件事是，當我們解決集體訴訟時，您會立即提取 3.5 億美元現金，以此開始新的一年。

So when you think about the low point, this should be the low point, we think, by the end of the year.

因此，當您考慮低點時，我們認為這應該是今年年底的低點。

If you look at anticipated CapEx going beyond, assuming no incremental greenfield or brownfield expansion that isn't counted in these numbers today, we should be at a high point spend.

如果您查看超出預期的資本支出，假設沒有增量的綠地或棕地擴張，而今天這些數字未計入，我們應該處於高點支出。

We're through a lot of that CapEx by the end of the year, we should start to build cash thereafter.

到年底，我們已經完成了很多資本支出，此後我們應該開始積累現金。

Yes.

是的。

I think the thing about it, then when you go into -- especially in 2021, CapEx burn rate is down significantly.

我認為是這樣的，然後當你進入時——尤其是在 2021 年，資本支出消耗率顯著下降。

And then you've got, as we show with the production plan.

然後你就有了，正如我們在生產計劃中展示的那樣。

The supply plan that we anticipate to have about 2 gigawatts of incremental shipments in 2021.

我們預計到 2021 年將有約 2 吉瓦的增量出貨量的供應計劃。

So you've got 5.7 relative to a high-end of 7.7 in 2021.

因此，相對於 2021 年的高端 7.7，您獲得了 5.7。

So that is going to drive incremental -- significant incremental cash flows because that contribution margin largely going to flow through to cash.

所以這將推動增量 - 顯著的增量現金流，因為邊際貢獻主要流向現金。

As it relates to cost per watt, Ben, look, I think the -- we haven't given a discrete number, but there's many numbers that are right around that range.

因為它與每瓦特成本有關，Ben，看，我認為 - 我們沒有給出一個離散的數字，但有很多數字都在這個範圍內。

And those are numbers that we -- I said before, that we're comfortable with.

這些是我們 - 我之前說過的數字，我們很滿意。

We've got a near-term issue we're still working through with Perrysburg, and we've got a headwind against the fleet, which I highlighted in our remarks of about $0.01, and we expect to work that out over time, but not in '21.

我們有一個近期問題，我們仍在與 Perrysburg 合作解決，我們遇到了對艦隊的逆風，我在我們大約 0.01 美元的評論中強調了這一點，我們希望隨著時間的推移解決這個問題，但是不是在'21。

And we've got -- excuse me, 2020.

我們已經——對不起，2020 年。

And we've got ramp-related costs and other things that are flowing through and severance as we in the -- decommissioning costs and other things like that are starting to flow through the results for 2020.

我們已經有了與坡道相關的成本和其他正在流動的東西和遣散費，因為我們在 - 退役成本和其他類似的東西開始流向 2020 年的結果。

But the other thing I want to make sure that we don't miss is that we have many levers to go, let's use your leaping off point just as an example, the levers of which we can continue to drive costs down are significant and highlighted in the slide that we showed in the -- during the call.

但是我想確保我們不會錯過的另一件事是我們有很多槓桿要走，讓我們以您的跳躍點為例，我們可以繼續降低成本的槓桿是重要且突出的在我們在電話會議中展示的幻燈片中。

Just the increase, today, we're at an average of 435 type number, slightly lower than 435.

只是增加，今天，我們平均在 435 的類型數，略低於 435。

And if we take that up to 500, that's tremendous increase in watts, which largely scale correlates specifically to a reduction in cost per watt throughput that we have.

如果我們把它增加到 500，那是瓦特的巨大增長，這在很大程度上與我們擁有的每瓦吞吐量成本的降低有關。

The team has done a tremendous job of putting forth a road map that can take our original nameplate capacity of a factory and increase it by 1/3.

該團隊做了巨大的工作，提出了一個路線圖，可以將我們原來的工廠銘牌產能提高 1/3。

That's another significant lever.

這是另一個重要的槓桿。

So I think there's a near-term issue that we're dealing with.

所以我認為我們正在處理一個近期的問題。

But when we look across the horizon and where we can ultimately go from a cost and performance standpoint of our product, we're extremely happy with where we are and what the potential is in front of us.

但是，當我們展望未來，從產品的成本和性能的角度來看，我們最終可以走向何方時，我們對我們所處的位置以及擺在我們面前的潛力感到非常滿意。

Your next question comes from Michael Weinstein with Crédit Suisse.

您的下一個問題來自瑞士信貸的 Michael Weinstein。

On Slide 18, is it your intention to show that costs are coming down, about half of where they -- half of the starting point?

在幻燈片 18 上，您是否打算表明成本正在下降，大約是它們的一半——起點的一半？

Is that -- is that diagram to scale?

那是 - 那張圖是按比例繪製的嗎？

Or is that not intentional?

或者這不是故意的？

No, Mike, if you -- it may not be clear.

不，邁克，如果你——可能不清楚。

If you look at the footnote there, it says not to scale.

如果你看那裡的腳註，它說不按比例。

So that's not meant to be.

所以這不是故意的。

Okay.

好的。

I mean, is there any particular reason why you don't give an exact number?

我的意思是，你有什麼特別的原因不給出確切的數字嗎？

Is it a competitive reason or something?

是競爭原因還是什麼？

Or is there some other reasons?

還是有其他原因？

It's exactly right.

完全正確。

So look, we are out selling the value of the product.

所以看，我們正在銷售產品的價值。

Right?

正確的？

So if you look at -- I'll give you an example.

所以，如果你看一下——我會給你一個例子。

If you look at our 2.6 gigawatts on a gross basis that we booked within the quarter, the average ASP across at 2.6%, which includes volume that goes out into '22 and '23, is slightly down from the average that we reported in the last Q, which I think if you did the math on the last Q, it was somewhere around $0.34 or something like that.

如果您查看我們在本季度預訂的 2.6 吉瓦總裝機容量，平均 ASP 為 2.6%，其中包括進入 22 年和 23 年的銷量，略低於我們在最後一個 Q，我認為如果你對最後一個 Q 進行數學計算，它大約是 0.34 美元或類似的東西。

We're selling throughout into a horizon that's '22 and '23, and we're still holding very strong ASPs.

我們一直在銷售到 22 年和 23 年的地平線，我們仍然持有非常強勁的 ASP。

And the value of CuRe hasn't been captured in that horizon yet.

在那個範圍內，CuRe 的價值還沒有體現出來。

So we have -- our contractual structures as we go that far out, will allow us to capture the value of the energy that the product can ultimately deliver on a long-term degradation benefit, [temporary] coefficient efficient benefit, spectral response efficiency, everything.

所以我們有——我們的合同結構隨著我們走得那麼遠，將使我們能夠捕捉到產品最終可以提供的能量的價值，以實現長期退化效益、[臨時]係數效率效益、光譜響應效率，一切。

So it all kind of create value as we move forward.

因此，隨著我們前進，這一切都在創造價值。

If we were to provide a discrete costs that gave you a number that's out into '21, '22 and '23, then my customer starts to hold me accountable to a cost-plus model, and that's not what we want to do.

如果我們要提供一個離散成本，它給你的數字是 '21、'22 和 '23，然後我的客戶開始讓我對成本加成模型負責，這不是我們想要做的。

We want to be out there selling the full entitlement of the value that we create and not get stuck on a cost plus.

我們希望在那裡出售我們創造的價值的全部權利，而不是停留在成本加成上。

And so we have purposely moved away from giving a discrete cost per watt.

因此，我們特意放棄了每瓦特的離散成本。

There's -- if you are adept at modeling, you can easily take the inputs that we've given to give you an indication.

有——如果你擅長建模，你可以很容易地接受我們提供的輸入來給你一個指示。

There is room still to go as we move forward.

在我們前進的過程中，還有空間。

And I think that's really what's most important.

我認為這真的是最重要的。

As you think through the window, this business is going to continue to scale.

正如你所想的那樣，這項業務將繼續擴大。

We're going to maintain and hold a relatively tight fixed cost structure, and we'll leverage that and drive incremental operating margin.

我們將維持並保持相對緊縮的固定成本結構，我們將利用它並推動增加的營業利潤率。

Right?

正確的？

And that's what we've been saying since day 1 and the more transparent I am with a cost number, the more vulnerable I am to really realize the full potential of the business model that we've created and the technology.

這就是我們從第一天開始就一直在說的，我對成本數字越透明，我就越容易真正意識到我們創造的商業模式和技術的全部潛力。

We want to capture the value of that technology.

我們想抓住這項技術的價值。

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

您的下一個問題來自美銀美林的 Julien Dumoulin-Smith。

Can you hear me?

你能聽到我嗎？

Yes.

是的。

Excellent.

優秀。

Just wanted to talk a little bit about the systems business, again, sort of status quo, independent of monetization here, what systems volumes are we talking about in nominal terms?

只是想談談系統業務，再一次，有點現狀，在這裡獨立於貨幣化，我們在名義上談論的系統數量是多少？

I know that things are moving around here, you recognize in 2020?

我知道這裡的事情正在發生變化，你知道 2020 年嗎？

And then more on an ongoing basis, if you think about the size and scale of your operations today, again, this is also with the thought process of what does this business worth in the monetization scenario as we think through these peak systems years coming up here.

然後更多的是在持續的基礎上，如果您考慮今天的運營規模和規模，這也與我們在即將到來的這些高峰系統年的思考中，在貨幣化場景中這項業務價值的思考過程這裡。

You guys have previously talked about hedging upwards that gigawatt size number in terms of annual systems business, where does that stand now 2021 and sort of go forward, if you will?

你們之前曾討論過在年度系統業務方面對沖這個千兆瓦規模的數字，如果你願意的話，現在到 2021 年會在哪裡？

Yes, Julien.

是的，朱利安。

So we previously guided to a GW and sometimes up to 1.5 GW.

因此，我們之前引導至 GW，有時甚至達到 1.5 GW。

And that 1.5 GW a year was also partly EPC project.

每年 1.5 吉瓦也是部分 EPC 項目。

So as we've now moved away from internal EPC to a third-party execution model, the best we can give you is to anchor around that gigawatt a year of volume.

因此，由於我們現在已經從內部 EPC 轉移到第三方執行模型，我們能給你的最好的辦法就是將一年的容量固定在千兆瓦左右。

As I mentioned, in 2020, you're not going to see that relatively flow through the systems segment, just given how we structured some of these deals.

正如我所提到的，在 2020 年，你不會看到系統部分相對流動，只是考慮到我們如何構建其中一些交易。

So the same volume of that was approximately originated through the systems segment through that channel but on the accounting side by virtue of how we structure those deals, you're going to see that mostly flow through the module segment in 2020.

因此，同樣的數量大約是通過該渠道通過系統部門產生的，但在會計方面，根據我們如何構建這些交易，您將看到 2020 年主要通過模塊部門流動。

But absent any change to any strategic change here that we've been discussing, continue to model around that gigawatt a year.

但是，如果我們一直在討論的任何戰略變化都沒有發生任何變化，請繼續圍繞每年的千兆瓦進行建模。

The other thing I'd say is, as you go further out, we have safe harbored 2 gigawatts of capacity.

我要說的另一件事是，當你走得更遠時，我們安全地擁有 2 吉瓦的容量。

We would like to try and use that out in more in '22 and 2023.

我們想在 22 年和 2023 年嘗試更多地使用它。

And we've largely sold through a lot of our capacity in the near term, and we've done so capturing full value entitlement for the module.

而且我們在短期內已經大量出售了我們的大量產能，我們已經這樣做了，獲得了該模塊的全部價值權利。

So being able to do that without losing much money relative to a system sale, but without taking the risk of those systems deals.

因此，能夠做到這一點而不會因係統銷售而損失太多錢，但又不會冒這些系統交易的風險。

So I think from a relative risk perspective, we've captured full value in the next couple of years.

因此，我認為從相對風險的角度來看，我們在未來幾年內獲得了全部價值。

We think if you look through into 2022 and 2023 when the relative delta between a safe harbor of 30% ITC project relative to going down then towards 10 is greater.

我們認為，如果您回顧 2022 年和 2023 年，當 ITC 項目 30% 的安全港項目相對於下降到 10% 之間的相對增量更大時。

That's when we're looking to deploy that product.

那時我們正在尋求部署該產品。

And so in terms of value, there's significant value creation out in '22 and '23.

因此，就價值而言，22 年和 23 年創造了巨大的價值。

Your next question comes from Moses Sutton with Barclays.

您的下一個問題來自巴克萊銀行的摩西薩頓。

For the systems business, assuming you find a partner that, let's say, solve the basis and related risks.

對於系統業務，假設您找到了一個合作夥伴，比如說，解決基礎和相關風險。

How might costs need to come down, the core cost itself, you're moving to third-party EPC to, let's say, allow you to bid at PPA prices of $30 a megawatt hour while still maintaining, say, around the 20% margin as a developer?

成本可能需要如何降低，核心成本本身，您正在轉向第三方 EPC，比如說，允許您以每兆瓦時 30 美元的 PPA 價格投標，同時仍保持 20% 左右的利潤率作為開發者？

Cost as it relates to our own development costs to achieve that margin?

成本與我們自己的開發成本相關，以實現該利潤？

First off, I don't -- I never -- given where we are right now and where PPA prices or module prices or anything's move towards, I'm not sure that a margin percent is always necessarily the best way to look at it, partly because the development revenue stream on a number -- from a sense perspective is relatively low.

首先，我不——我從來沒有——考慮到我們現在所處的位置以及 PPA 價格或模塊價格或任何東西的走向，我不確定利潤率百分比是否總是最好的看待它的方式，部分是因為開發收入流就一個數字——從某種意義上來說是比較低的。

I would actually like to ensure that we can capture at least 30% to 40% margin on our development activities in order to say that it's sustainable and a position that we want to maintain because you have to look at the risk profile that you're taking.

我實際上想確保我們可以在我們的開發活動中獲得至少 30% 到 40% 的利潤，以便說它是可持續的，並且我們希望保持這種地位，因為您必須查看您所面臨的風險狀況服用。

I mean, every time -- and this is why our preference is to do more EOG, and that's what we're trying to position ourselves.

我的意思是，每一次——這就是為什麼我們傾向於做更多的 EOG，這就是我們試圖定位自己的原因。

Every time there's a change in a merchant curve that gets published every 6 months, there's a risk that you're taking because you bid a merchant curve, 2 years ago, a year ago, whatever it is, and every time that gets updated especially with shorter tenor PPAs, I've got a risk for every time a merchant curve moves one way or the other.

每當每 6 個月發布一次的商家曲線發生變化時，您都會冒風險，因為您對商家曲線出價，2 年前，一年前，無論是什麼，每次更新尤其如此對於較短期限的 PPA，每次商家曲線以一種或另一種方式移動時，我都會面臨風險。

And so we prefer to try to find long tenor of PPAs.

因此，我們更願意嘗試尋找長期的 PPA。

We also prefer to look to EOG, which I just have to worry about either providing a site with a module agreement or building a power plant and transferring that to the long-term owner.

我們也更喜歡 EOG，我只需要擔心提供一個帶有模塊協議的站點或建造一座發電廠並將其轉讓給長期所有者。

But there's others that are willing to take those other types of risk.

但是還有其他人願意承擔其他類型的風險。

And it's the risk they're comfortable with taking.

這是他們願意承擔的風險。

And we just would like to see if there's a path out there that we could partner with someone that is comfortable with those risks and has ways to manage those types of risks that I would say we're not in a position to do today.

我們只是想看看是否有一條路徑可以讓我們與那些對這些風險感到滿意並且有辦法管理這些類型的風險的人合作，我會說我們今天無法做到這一點。

I mean, if you look at Texas as a market, Texas as a market is a very strong market.

我的意思是，如果你將德克薩斯視為一個市場，德克薩斯作為一個市場是一個非常強大的市場。

We do extremely well in Texas from a module standpoint.

從模塊的角度來看，我們在德克薩斯州做得非常好。

We just haven't been successful doing development because the hedge contract structure that you see in Texas, the merchant exposure you see in Texas, the basis risk that's in Texas.

我們只是沒有成功地進行開發，因為您在德克薩斯州看到的對沖合約結構，您在德克薩斯州看到的商業風險敞口，在德克薩斯州的基礎風險。

I mean, those are not things that we're good at managing or hedging those types of risk profiles, but others are.

我的意思是，這些不是我們擅長管理或對沖這些類型的風險狀況的事情，但其他事情卻是。

And do we find a path that we can be complementary, we can continue to develop and provide great module products and build, if need be, a power plant, but somebody else's is going to step in and to take those other risks.

我們是否找到了一條可以互補的道路，我們可以繼續開發和提供出色的模塊產品，並在需要時建造一座發電廠，但其他人會介入並承擔其他風險。

And so those are paths we're looking at.

所以這些是我們正在尋找的路徑。

We're also looking at would somebody will be willing to team with us at the time of bidding into a PPA, where they're willing to provide underwriting assumptions.

我們還在研究是否有人願意在競標 PPA 時與我們合作，他們願意提供承保假設。

We lock in on how we underwrite a PPA.

我們鎖定了我們如何承保 PPA。

And then I hedge my exposure from the time of award versus carrying risk profile forward until time of sell down or COD or whatever point in time that may be.

然後，我從授予時對沖我的風險敞口，將風險狀況向前推進，直到賣出或 COD 或任何可能的時間點。

That is all the time we have for questions.

這就是我們提出問題的所有時間。

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。