第一太陽能 (FSLR) 2021 Q2 法說會逐字稿

Good afternoon, everyone, and welcome to the First Solar's Second Quarter 2021 Earnings Call. This call is being webcast live on the Investors section of First Solar's website at investor.firstsolar.com. (Operator Instructions) As a reminder, today's call is being recorded. I would now like to turn the call over to Mr. Mitch Ennis from First Solar Investor Relations. Mr. Ennis, you may begin.

大家下午好，歡迎參加 First Solar 2021 年第二季度財報電話會議。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。 （操作員說明）作為提醒，今天的通話正在錄音中。我現在想將電話轉給 First Solar 投資者關係部的 Mitch Ennis 先生。恩尼斯先生，你可以開始了。

Thank you. Good afternoon, everyone, and thank you for joining us. Today, the company issued a press release announcing its second quarter 2021 financial results. A copy of the press release and associated presentation are available on First Solar's website at investor.firstsolar.com. With me today are Mark Widmar, Chief Executive Officer; and Alex Bradley, Chief Financial Officer. Mark will begin by providing a business and technology update. Alex will then discuss our financial results for the quarter, provide updated guidance for 2021. Following remarks, we'll open the call for questions.

謝謝你。大家下午好，感謝您加入我們。今天，該公司發布了一份新聞稿，宣布了其 2021 年第二季度的財務業績。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。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 將首先提供業務和技術更新。然後，亞歷克斯將討論我們本季度的財務業績，提供 2021 年的最新指導。在發表評論後，我們將開始提問。

Please note, this call will include forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from management's current expectations, including, among other risks and uncertainties, the severity and duration of the effects of the COVID-19 pandemic. We encourage you to review the safe harbor statements contained in today's press release and presentation for a more complete description.

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，其中包括 COVID-19 大流行影響的嚴重性和持續時間等風險和不確定性.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. Mark?

現在我很高興介紹首席執行官 Mark Widmar。標記？

Thank you, Mitch. Good afternoon, and thank you for joining us today. Beginning on Slide 3, I would like to start by thanking the First Solar team for their passion, continuing excellence and their many achievements in the second quarter. Operationally, we have started site preparation with the recently announced 3.3 gigawatt factory in Ohio, which will further cement our position as the largest PV module manufacturer in the Western Hemisphere. Additionally, I'm pleased to announce that contingent upon permitting and approval of government incentives that are satisfactory to First Solar, we are intending to invest approximately $680 million to add 3.3 gigawatts of manufacturing capacity in India. These next-generation factories represent a significant leap forward in our technology roadmap and will produce our most competitively advantaged modules with an expected lower cost per watt and environmental footprint compared to our existing fleet.

謝謝你，米奇。下午好，感謝您今天加入我們。從幻燈片 3 開始，我首先要感謝 First Solar 團隊的熱情、持續的卓越表現以及他們在第二季度取得的許多成就。在運營方面，我們已經開始對最近宣布的俄亥俄州 3.3 吉瓦工廠進行場地準備，這將進一步鞏固我們作為西半球最大光伏組件製造商的地位。此外，我很高興地宣布，在允許和批准讓 First Solar 滿意的政府激勵措施後，我們打算投資約 6.8 億美元，在印度增加 3.3 吉瓦的製造能力。這些下一代工廠代表了我們技術路線圖的重大飛躍，並將生產我們最具競爭優勢的模塊，與我們現有的車隊相比，預計每瓦成本和環境足跡更低。

Commercially, market demand for our CadTel  technology is at a record level. Seven months into the year, we have already booked 9 gigawatts, exceeding our prior annual record of 7.7 gigawatts in 2017. From a technology standpoint, our production lines are manufacturing record modules. To illustrate this point, samples produced during our regular production process were submitted for external verification and confirmed by the National Renewable Energy Laboratory at a world record 19.2% glass area efficiency for a CadTel module. For reference and in comparison to our previous aperture area record of 19% efficiency, our new record equates to a 19.7% aperture area efficiency. Additionally, our advanced research team has been creating new optionality in our R&D roadmap. For example, we recently deployed prototypes of early-stage bifacial modules at a test facility and are pleased with the initial results.

在商業上，我們的 CadTel 技術的市場需求處於創紀錄水平。今年 7 個月以來，我們已經預訂了 9 吉瓦，超過了我們之前 2017 年 7.7 吉瓦的年度記錄。從技術角度來看，我們的生產線正在製造創紀錄的模塊。為了說明這一點，我們將在常規生產過程中生產的樣品提交給外部驗證，並由國家可再生能源實驗室確認，CadTel 模塊的玻璃面積效率達到了 19.2% 的世界紀錄。作為參考，與我們之前的 19% 效率的孔徑面積記錄相比，我們的新記錄相當於 19.7% 的孔徑面積效率。此外，我們先進的研究團隊一直在我們的研發路線圖中創造新的可選性。例如，我們最近在測試設施中部署了早期雙面模塊的原型，並對初步結果感到滿意。

In summary, the momentum we have cultivated, paired with an increased favorable policy environment, represents a compelling growth opportunity in the near to midterm. However, before discussing these opportunities, I will first provide near-term COVID-19 supply chain, cost and market updates. Please turn to Slide 4. As a global company with the manufacturing operations in the United States, Malaysia and Vietnam, the health and safety of our associates is our top priority, with a steadfast commitment to adhering to applicable COVID-19 protocols. As part of this effort, we are working with local governments to facilitate on-site testing and vaccination for our associates. I would also like to express immense gratitude to our Vietnam manufacturing associates who have to date elected to remain on site in order to maintain manufacturing continuity.

總而言之，我們培育的勢頭，加上有利的政策環境，在中短期內代表了一個引人注目的增長機會。但是，在討論這些機會之前，我將首先提供近期 COVID-19 供應鏈、成本和市場更新。請轉到幻燈片 4。作為一家在美國、馬來西亞和越南擁有製造業務的全球性公司，我們員工的健康和安全是我們的首要任務，並堅定承諾遵守適用的 COVID-19 協議。作為這項工作的一部分，我們正在與當地政府合作，為我們的員工提供現場檢測和疫苗接種服務。我還要向我們的越南製造夥伴表示極大的感謝，他們必須選擇留在現場以保持製造連續性。

While this clearly is a challenging time, we acknowledge your incredible resiliency, ingenuity and leadership to deliver your operational plan commitments. While we have been permitted and able to maintain manufacturing operations in Malaysia and Vietnam to date, the rise of COVID-19 cases and potential government and other restrictions present risks to our production, supply chain and technology implementation plans. As it relates to our CuRe program, the factory updates and tool implementations at our Vietnam site requires international travel from both third-party equipment installers as well as our U.S.-based associates. But we continue to work with relevant agencies in Vietnam who support this essential travel in a safe manner. Delays resulting from government and other COVID-related restrictions or an increase in case rates may impact the timing of our CuRe transition in Vietnam. Despite this uncertainty, we continue to execute and navigate the current environment as reflected by the manufacturing performance metrics on Slide 4.

雖然這顯然是一個充滿挑戰的時期，但我們承認您在履行您的運營計劃承諾方面具有令人難以置信的彈性、獨創性和領導力。雖然迄今為止我們已獲准並能夠維持在馬來西亞和越南的製造業務，但 COVID-19 病例的增加以及潛在的政府和其他限制措施給我們的生產、供應鍊和技術實施計劃帶來了風險。由於它與我們的 CuRe 計劃有關，我們越南工廠的工廠更新和工具實施需要第三方設備安裝商以及我們在美國的員工的國際旅行。但我們將繼續與越南的相關機構合作，以安全的方式支持這一必要的旅行。政府和其他與 COVID 相關的限製或病例率增加導致的延誤可能會影響我們在越南進行治療過渡的時間。儘管存在這種不確定性，但我們繼續執行和導航當前環境，如幻燈片 4 上的製造績效指標所反映的那樣。

As highlighted previously, the global shipping environment remains challenging due to port congestion, limited container availability, an increase in cancellation of shipments by logistic providers, scheduled reliability issues and other events. Since the April earnings call, shipping rates have continued to rise. And additionally, COVID-19 outbreaks and restrictions have caused disruptions in China and Southeast Asia, the impacts which have reverberated across the global logistics market. These challenges, coupled with strong global demand, have led to a significant increase in the cost of transoceanic freight. We have partially mitigated the effects of higher shipping cost per watt through improvements in our module efficiency, implementation of Series 6 Plus, expansion of our distribution network strategy in the United States and forward contracts.

如前所述，由於港口擁堵、集裝箱供應有限、物流供應商取消裝運的增加、預定的可靠性問題和其他事件，全球航運環境仍然充滿挑戰。自 4 月財報電話會議以來，運費持續上漲。此外，COVID-19 的爆發和限制在中國和東南亞造成了混亂，這些影響在全球物流市場上產生了反響。這些挑戰，加上強勁的全球需求，導致跨洋貨運成本顯著增加。我們通過提高組件效率、實施 Series 6 Plus、擴展我們在美國的分銷網絡戰略和遠期合同，部分減輕了每瓦運輸成本增加的影響。

However, we have seen and expect to continue to see for the remainder of 2021 adverse impacts on our financial results. For context, spot rates for routes between Asia and the United States have increased 200% to 300% from Q2 2020 to Q2 2021. Over this period, sales rate reduced our module segment gross margin by 9 percentage points in Q2 of 2021 or 3 percentage points higher year-on-year. We continue to facilitate -- anticipate near-term challenges, including elevated fuel cost, average vessel delays of 2 weeks and constrained container availability, impacting our ability to use space secured on vessels. Although these factors contribute to lower-than-anticipated shipments in Q2 and higher freight costs, we have a number of near-term and long-term strategies intended to improve our competitive position with regards to sales freight. Near term, we are working closely with our customers to limit our exposure to inflated sales and freight costs.

然而，我們已經看到並預計將在 2021 年剩餘時間內繼續看到對我們財務業績的不利影響。就背景而言，從 2020 年第二季度到 2021 年第二季度，亞洲和美國之間航線的即期費率從 200% 增加到 300%。在此期間，銷售率使我們的模塊部門毛利率在 2021 年第二季度減少了 9 個百分點或 3 個百分點點比去年高。我們將繼續促進 - 預測近期挑戰，包括燃料成本升高、平均船舶延誤 2 周和集裝箱可用性受限，影響我們使用船上固定空間的能力。儘管這些因素導致第二季度出貨量低於預期和運費上漲，但我們有許多近期和長期戰略，旨在提高我們在銷售運費方面的競爭地位。近期，我們正在與客戶密切合作，以限制我們面臨的銷售和運費成本過高的風險。

In certain situations, we have accommodated requests for delayed module shipments, which provide opportunities to mitigate higher freight costs. Given current vessel schedule reliability, we are adding scheduled buffers to better meet our customers' commitments and provide greater resiliency in our shipment plan. Average sales freight from Malaysia and Vietnam to our U.S. customers increased $0.05 per watt quarter-on-quarter, and in Q2 was approximately triple that of shipments from Ohio. Long term, this reinforces the strategic thesis for locating additional manufacturing capacity near to demand. Contractually, for certain new bookings, we have employed structures that mitigate sales freight costs in excess of prenegotiated levels. As we continue to secure bookings for deliveries 2 to 3 years in the future, this type of contractual arrangement will help derisk the expected value of our contracted backlog.

在某些情況下，我們已經滿足了延遲模塊發貨的要求，這提供了降低更高運費成本的機會。鑑於當前船舶時間表的可靠性，我們正在增加預定緩衝區以更好地滿足客戶的承諾並在我們的裝運計劃中提供更大的彈性。從馬來西亞和越南到美國客戶的平均銷售運費環比增長 0.05 美元/瓦，第二季度約為俄亥俄州發貨量的三倍。從長遠來看，這強化了在需求附近定位額外製造能力的戰略論點。根據合同，對於某些新預訂，我們採用了將銷售運費成本降低到超過預先協商水平的結構。隨著我們繼續確保未來 2 到 3 年的交貨預訂，這種類型的合同安排將有助於降低我們合同積壓的預期價值。

I would next like to discuss the key components of our bill and material spend, approximately 2/3 of which is made up of glass and frame costs. From a glass perspective, we have largely hedged the cost through long-term fixed price agreements with domestic suppliers that have volumetric pricing benefits as we achieve higher levels of production. With regards to aluminum, in August of 2020, we entered into a commodity swap contract to hedge a portion of our U.S. cash flows for purchases of aluminum frames, which ends in Q4. While we anticipate some impacts of the hedge roll -- as the hedge rolls off, we intend to partially mitigate the cost per watt impact through reduced aluminum for module uses, firstly, by differentiating between interior and exterior modules; and secondly, by redesigning the frame. Finally, the cost of lumber, which is used for our shipping and packing process, was approximately 70% higher on an index basis in Q2 compared to the start of the year.

接下來我想討論一下我們的賬單和材料支出的關鍵組成部分，其中大約 2/3 由玻璃和框架成本組成。從玻璃的角度來看，我們通過與國內供應商簽訂的長期固定價格協議在很大程度上對沖成本，隨著我們實現更高的生產水平，這些供應商具有批量定價優勢。關於鋁，我們於 2020 年 8 月簽訂了一項商品掉期合同，以對沖我們購買鋁框架的部分美國現金流，該合同於第四季度結束。雖然我們預計套期保值會產生一些影響——隨著套期保值的取消，我們打算通過減少模塊使用的鋁來部分減輕每瓦成本的影響，首先，通過區分內部和外部模塊；其次，通過重新設計框架。最後，用於我們的運輸和包裝過程的木材成本在第二季度的指數基礎上比年初高出約 70%。

This impacted our Q2 results by approximately $2 million. Since then, lumber costs have significantly declined. And as a result, we are currently not expected to impact our 2021 exit rate cost per watt target. In summary, while cost and uncertainties remain uncertain bill of material items, we are tracking to achieve a 9% cost per watt produced reduction between where we ended 2020 and expect to end 2021. Note while our core production costs are largely on track, the 2 percentage point decrease in our year-over-year cost per watt reduction relative to the previous expectation is largely due to the effects of higher inbound freight costs for raw materials. On a cost per watt sold basis, due to the challenging near-term sales rate environment, our revised year-over-year reduction target is 3%. Note, as a reminder, sales rate is included in our cost of sales, whereas many of our module peers report sales rate as a separate operating expense. For comparison purposes, we encourage you to consider this fact when benchmarking our module gross margin percentages relative to our peers.

這對我們的第二季度業績產生了大約 200 萬美元的影響。從那時起，木材成本顯著下降。因此，我們目前預計不會影響我們 2021 年的每瓦退出率目標。總而言之，雖然成本和不確定性仍然是不確定的物料清單項目，但我們正在努力實現在 2020 年底和預計到 2021 年底之間每瓦生產成本降低 9%。請注意，雖然我們的核心生產成本基本正常，但與之前的預期相比，我們的每瓦成本同比下降 2 個百分點，這主要是由於原材料進口運費上漲的影響。在每瓦銷售成本的基礎上，由於近期銷售率環境充滿挑戰，我們修訂後的同比削減目標為 3%。請注意，作為提醒，銷售率包含在我們的銷售成本中，而我們的許多模塊同行將銷售率報告為單獨的運營費用。出於比較目的，我們鼓勵您在對我們的模塊毛利率相對於同行進行基準測試時考慮這一事實。

Turning to Slide 5, I would like to provide some context on the ASP trajectory for the year. As a reminder, 2 years ago, on the Q2 2019 earnings call, we indicated approximately 4 gigawatts of our 2021 module supply was booked or contracted subject to conditions precedent. In other words, a significant portion of the volumes sold this year had an ASP agreed to 2 years prior to module delivery. Heading into 2020, into 2021, we were largely sold out of our available supply for the forward year. As a result, we've had limited exposure to the spot market. We believe there is a strong strategic rationale for forward contracting deliveries in this manner, which provides value for both First Solar and our customers. From our perspective, contracting for future deliveries provides us confidence in our ability to sell through our expected supply and visibility into an expected profit per watt in a TV market that is typically highly price competitive.

轉到幻燈片 5，我想提供一些關於今年 ASP 軌蹟的背景信息。提醒一下，2 年前，在 2019 年第二季度財報電話會議上，我們表示 2021 年模塊供應中約有 4 吉瓦已根據先決條件進行預訂或簽約。換句話說，今年售出的大部分銷量在組件交付前 2 年就達成了 ASP。進入 2020 年，進入 2021 年，我們在未來一年的可用供應基本被售罄。因此，我們對現貨市場的敞口有限。我們認為，以這種方式進行遠期合同交付具有很強的戰略意義，這為 First Solar 和我們的客戶提供了價值。從我們的角度來看，未來交付的合同使我們對我們通過預期供應進行銷售的能力充滿信心，並且對通常具有高度價格競爭力的電視市場中的預期每瓦特利潤的可見性充滿信心。

From our customers' perspective, these arrangements provide value through clarity and certainty of pricing, product availability and delivery timing, enabling them to underwrite PPAs from a position of strength, with a lower risk to their expected project returns. Being able to provide the certainty to both buyer and seller is a strategic differentiator for First Solar. From a U.S. policy perspective, both near and long-term pricing for all solar modules, is also impacted by uncertainty over legislation related to forced labor in China, tariffs, manufacturing tax credits, investment tax credits and other restrictions and incentives. Given the current lack of clarity over the form, structure and duration of potential policy changes, the near-term and long-term impacts of these on both demand and pricing also remain uncertain. Moreover, this lack of clarity needs to be balanced with the significant capacity expansions announced by our competitors.

從我們客戶的角度來看，這些安排通過定價、產品可用性和交付時間的明確性和確定性提供價值，使他們能夠從實力位置承保 PPA，並降低其預期項目回報的風險。能夠為買賣雙方提供確定性是 First Solar 的戰略差異化因素。從美國政策的角度來看，所有太陽能組件的近期和長期定價也受到與中國強迫勞動、關稅、製造業稅收抵免、投資稅收抵免以及其他限制和激勵措施相關的立法不確定性的影響。鑑於目前對潛在政策變化的形式、結構和持續時間缺乏明確性，這些變化對需求和定價的近期和長期影響也仍然不確定。此外，這種缺乏明確性需要與我們的競爭對手宣布的顯著產能擴張相平衡。

From First Solar's perspective, we aim to continue to work with capable, well-financed counterparties that have high certainty in the quality and execution of the projects. We also look to establish and maintain deep relationships and partnerships with our customers, delivering solutions at a fair pricing level that meets their needs and also enables attractive returns for First Solar relative to our expected future cost per watt. At the time of the previous earnings call, we indicated that the ASP across the volume of potential deliveries in 2022 was 11% lower than the volume to be shipped in 2021. Including our incremental bookings since the previous earnings call, the year-on-year decline is largely unchanged.

從 First Solar 的角度來看，我們的目標是繼續與有能力、資金充足、對項目質量和執行有高度確定性的對手方合作。我們還希望與我們的客戶建立並保持深厚的關係和合作夥伴關係，以公平的定價水平提供滿足他們需求的解決方案，並為 First Solar 提供相對於我們預期的未來每瓦成本而言具有吸引力的回報。在上一次財報電話會議上，我們表示 2022 年潛在交付量的 ASP 比 2021 年的發貨量低 11%。包括自上次財報電話會議以來我們增加的預訂量，同比年下降幅度基本不變。

Looking into 2023, we are very pleased with the demand and pricing we are seeing for our CadTel modules as we continue to drive to higher wattage and efficiency levels. Although there remains significant uncontracted volume to be booked, the ASP across the contracted volume for planned deliveries in 2023 is only 1% lower than that volume planned for 2022. Note, while we have yet to commence the sales process for our next-generation PV modules to be produced by our recently announced factories, they are expected to be ASP advantages to their anticipated higher efficiency and superior balance of system cost per watt profile.

展望 2023 年，我們對 CadTel 模塊的需求和定價感到非常滿意，因為我們將繼續推動更高的功率和效率水平。儘管仍有大量未簽約數量需要預訂，但 2023 年計劃交付的合同數量的平均售價僅比 2022 年計劃的數量低 1%。請注意，雖然我們尚未開始下一代 PV 的銷售流程模塊將由我們最近宣布的工廠生產，預計它們將因其預期的更高效率和每瓦系統成本的卓越平衡而成為 ASP 優勢。

In summary, as we have seen a significant increase in desire to work with First Solar due to our differentiated value proposition. While pricing negotiations in the market remain competitive, we continue to secure volume with customers that value our points of differentiation with the potential for ASP catalysts in the future. Relative to this objective, we are very pleased with our record year-to-date net bookings of 9 gigawatts, which includes 4.1 gigawatts since the April's earnings call. After accounting for shipments of approximately 1.8 gigawatts during the second quarter, our future expected shipments would extend into 2024 are 17.2 gigawatts. Including our year-to-date bookings, we are largely sold out for 2021 and 2022, have 3.4 gigawatts for planned deliveries in 2023, and 4 to 5 gigawatts in 2024. This long-term demand further supports the investment thesis behind our third Ohio factory and our first factory in India. Additionally, and as reflected on Slide 6, from an opportunities perspective, our pipeline of future opportunity also remains robust.

總之，由於我們的差異化價值主張，我們看到與 First Solar 合作的願望顯著增加。雖然市場上的定價談判仍然具有競爭力，但我們繼續確保與重視我們差異化點以及未來 ASP 催化劑潛力的客戶的數量。相對於這一目標，我們對今年迄今創紀錄的 9 吉瓦淨預訂量感到非常滿意，其中包括自 4 月財報電話會議以來的 4.1 吉瓦。在考慮到第二季度約 1.8 吉瓦的出貨量之後，我們未來預計到 2024 年的出貨量將達到 17.2 吉瓦。包括我們年初至今的預訂，我們在 2021 年和 2022 年基本售罄，計劃在 2023 年交付 3.4 吉瓦，在 2024 年交付 4 到 5 吉瓦。這種長期需求進一步支持了我們第三次俄亥俄州背後的投資論點工廠和我們在印度的第一家工廠。此外，正如幻燈片 6 所反映的那樣，從機會的角度來看，我們未來的機會渠道也依然強勁。

Note, our capacity expansion in India, and the related increase in available supply to meet projected domestic demand, expands our booking opportunities in the country. And accordingly, our potential bookings in India exceeds 7 gigawatts. We'd also like to take the opportunity to address the reported use of forced labor in the crystalline silicon PV manufacturing industry, which has been highlighted by the recent withhold and release order issued by the U.S. Custom and Border Protection; the Xinjiang Supply Chain Business Advisory from U.S. government and the Weaver forced Labor Perfection Act which passed the U.S. Senate with unanimous consent; an investigation by the United Kingdom and other countries in the EU. Climate change is among the most pressing issues facing society today.

請注意，我們在印度的產能擴張，以及為滿足預計的國內需求而增加的可用供應量，擴大了我們在該國的預訂機會。因此，我們在印度的潛在預訂量超過了 7 吉瓦。我們還想藉此機會解決報告的晶體矽光伏製造行業使用強迫勞動的問題，美國海關和邊境保護局最近發布的扣留和放行令突顯了這一問題；美國政府的新疆供應鏈商業諮詢和美國參議院一致通過的《韋弗強迫勞動完美法》；英國和歐盟其他國家的調查。氣候變化是當今社會面臨的最緊迫問題之一。

And fortunately, the challenges of decarbonization of the global electric mix can largely be addressed with commercially available technologies, including solar, wind, energy storage and green hydrogen. Unfortunately, the crystalline silicon supply chain is tainted by the purported use of forced labor and human rights abuses in China, which necessitates urgent action. However, it must be understood that our global collective response to forced labor does not need to conflict with the long-term global climate objectives. While there are commercial solutions to ensure supply chain continuity, we've acknowledged the near-term supply challenges presented by the withholding release issue by the U.S. Customs and Border Protection. These challenges are exacerbated by the overly complex and opaque nature of the crystalline silicon manufacturing process.

幸運的是，全球電力結構脫碳的挑戰在很大程度上可以通過商業可用的技術來解決，包括太陽能、風能、儲能和綠色氫。不幸的是，晶體矽供應鏈因據稱在中國使用強迫勞動和侵犯人權而受到污染，因此需要採取緊急行動。然而，必須明白，我們對強迫勞動的全球集體反應不需要與長期的全球氣候目標相衝突。雖然有商業解決方案可以確保供應鏈的連續性，但我們已經承認美國海關和邊境保護局的扣繳問題帶來的近期供應挑戰。晶體矽製造過程過於復雜和不透明的性質加劇了這些挑戰。

While the issue of force labor represents an urgent ethical imperative that must be addressed, it also presents a strategic opportunity to drive change and an opportunity for the United States and like-minded nations to achieve energy security and technological independence through the promotion of a PV domestic manufacturing industry.

雖然強迫勞動問題是必須解決的緊迫的道德要求，但它也為推動變革提供了戰略機遇，也為美國和志同道合的國家提供了通過推廣光伏實現能源安全和技術獨立的機會國內製造業。

Relative to this, we strongly support the proposed Solar Energy Manufacturing in America's Act, which was introduced by Georgia Senator: Jon Ossoff, and co-sponsored by Senators: Warnock, Bennet, Stabenow. We believe that if enacted, it will help accelerate the transition to clean energy using domestically produced technology, support American energy independence and create high-quality manufacturing jobs. By creating tax incentives for vertically integrated manufacturers and for each step of the crystalline supply chain, we can establish a level playing field where all PV technologies compete on their own merits and establish a domestic capacity to support America's climate objective. We believe the Biden-Harris administration has a unique opportunity to adopt a long-term industry policy for solar, which could include a mix of manufacturing tax credits and extension of the investment tax credit with a domestic content requirement among other strategies.

相對於此，我們強烈支持擬議的美國太陽能製造法案，該法案由喬治亞州參議員 Jon Ossoff 提出，並由參議員 Warnock、Bennet、Stabenow 共同發起。我們相信，如果該法案獲得通過，將有助於加速向使用國產技術的清潔能源過渡，支持美國的能源獨立並創造高質量的製造業就業機會。通過為垂直整合的製造商和晶體供應鏈的每一步製定稅收優惠政策，我們可以建立一個公平的競爭環境，讓所有光伏技術根據自身優勢進行競爭，並建立支持美國氣候目標的國內能力。我們認為，拜登-哈里斯政府有一個獨特的機會來採取太陽能的長期產業政策，其中可能包括將製造稅收抵免和擴大投資稅收抵免與國內成分要求等策略相結合。

Through a long-term strategic approach to policy, the administration has an opportunity to create an environment that fosters innovation for next generation of PV. While the legislative outcome for the U.S. infrastructure and solar remains uncertain, we are broadly encouraged by the legislative sentiment and the willingness to support U.S. PV manufacturing to enable energy independence, security and climate goal imperatives.

通過政策的長期戰略方法，政府有機會創造一個促進下一代光伏創新的環境。雖然美國基礎設施和太陽能的立法結果仍不確定，但立法情緒和支持美國光伏製造以實現能源獨立、安全和氣候目標的必要性的意願普遍鼓舞了我們。

Turning to Slide 7. Looking forward, we believe strong demand for Series 6, a compelling technology roadmap, a strong balance sheet and largely fixed operating expense cost structure and an increasingly favorable policy environment for domestic PV manufacturing in the United States and India are catalysts as we evaluate capacity expansion. With respect to the United States, as announced in June, we are more than doubling our manufacturing capacity in the United States, adding 3.3 gigawatts at an implied CapEx per watt of approximately $0.20. This greenfield expansion financed by cash on hand represents an opportunity, unbound by the legacy Series 4 constraints to optimize each parameter of the factory and product design. Accordingly, this enables us to develop a new product at the intersection of efficiency, energy yield, optimized form factor, cost competitiveness and advantaged environmental attributes.

轉向幻燈片 7。展望未來，我們認為對 Series 6 的強勁需求、引人注目的技術路線圖、強勁的資產負債表和基本固定的運營費用成本結構以及美國和印度國內光伏製造日益有利的政策環境是催化劑當我們評估產能擴張時。至於美國，正如 6 月宣布的那樣，我們在美國的製造能力增加了一倍以上，以每瓦約 0.20 美元的隱含資本支出增加了 3.3 吉瓦。這種由手頭現金資助的綠地擴張代表了一個機會，不受傳統 Series 4 限制的約束，可以優化工廠和產品設計的每個參數。因此，這使我們能夠在效率、能源產量、優化的外形尺寸、成本競爭力和有利的環境屬性的交叉點上開發新產品。

Starting in 2023, this factory of the future is expected to commence production of our next-generation module, which is expected to lead the fleet in terms of efficiency, module wattage, cost per watt and environmental footprint. Our next-generation module building upon our CuRe program is expected to push boundaries of our CadTel platform in several ways. Firstly, in the midterm, we anticipate this module can achieve efficiency in excess of 20% and with an optimized form factor enable module wattage in excess of our current midterm target. Secondly, we optimized the form factor anticipation to benefit balance of system cost per watt and consequentially, module ASP. Thirdly, through an optimization of the module's mounting interface and an increase in automation, this factory is expected to achieve a lower cost per watt produced than our existing fleet, despite being located in a higher cost labor market. Finally, by locating this factory domestically, we reduced our reliance on transoceanic freight costs and anticipated reducing sales freight per watt in the -- for U.S. deliveries.

從 2023 年開始，這家未來工廠預計將開始生產我們的下一代模塊，預計在效率、模塊瓦數、每瓦成本和環境足跡方面將領先於車隊。我們基於 CuRe 計劃構建的下一代模塊有望以多種方式突破 CadTel 平台的界限。首先，在中期，我們預計該模塊可以實現超過 20% 的效率，並通過優化的外形尺寸使模塊功率超過我們當前的中期目標。其次，我們優化了外形尺寸預期，以平衡每瓦系統成本，從而平衡模塊 ASP。第三，通過優化模塊安裝接口和提高自動化程度，儘管位於成本較高的勞動力市場，但該工廠有望實現比我們現有車隊更低的每瓦生產成本。最後，通過將這家工廠設在國內，我們減少了對跨洋運輸成本的依賴，並預計減少美國交付的每瓦銷售運費。

Our third factory in Ohio is expected to commence commercial production in the first half of 2023, scale of over 3 gigawatts of nameplate capacity by the end of the year and 3.3 gigawatts in 2025. Internationally, we have been evaluating the expansion of our manufacturing presence in India. Our technology is uniquely advantaged in the market due to our temperature coefficient and spectral response advantages, which can result in higher energy per watt installed as compared to crystalline silicon due to the effects of heat and humidity. As we stated previously, we believe CuRe significantly increases our competitiveness against bifacial modules. The India PV market is predominantly monofacial due to generally (inaudible) and additionally, the cost of bifacial systems exceeding the benefits of backside energy due to high capital costs, and the additional real estate needed for bifacial plants.

我們在俄亥俄州的第三家工廠預計將於 2023 年上半年開始商業化生產，到年底的銘牌產能規模將超過 3 吉瓦，到 2025 年將達到 3.3 吉瓦。在國際上，我們一直在評估擴大我們的製造業務在印度。由於我們的溫度係數和光譜響應優勢，我們的技術在市場上具有獨特的優勢，由於熱和濕度的影響，與晶體矽相比，這可以導致每瓦安裝的能量更高。正如我們之前所說，我們相信 CuRe 顯著提高了我們對雙面組件的競爭力。印度光伏市場主要是單面的，因為一般（聽不清），此外，由於高資本成本，雙面系統的成本超過了背面能源的收益，以及雙面工廠所需的額外房地產。

However, given the expected lifetime energy benefit of our CuRe modules, we can achieve with no increase in balance of system costs or other project costs, we are well-positioned to capture the value of CuRe in the India market. We also thought the steps India has taken to foster a healthy domestic PV manufacturing industry, which includes a combination of federal and state incentives and national barriers. This includes, among others, a $600 million production-linked incentive scheme with preference given for vertically integrated PV manufacturers who produce modules with an advantaged temperature coefficient. In addition to domestic incentives, India announced a solar tariff policy starting in April 2022, which includes 25% and 40% duties on imported and modules, respectively. Through its strategic approach, India has combined its clean energy targets with effective trade and industrial policy designed to enable self-sufficient domestic manufacturing and true energy security.

然而，考慮到我們的 CuRe 模塊的預期生命週期能源效益，我們可以在不增加系統成本或其他項目成本的平衡的情況下實現，我們有能力在印度市場獲得 CuRe 的價值。我們還認為印度已採取措施培育健康的國內光伏製造業，其中包括聯邦和州的激勵措施和國家壁壘的結合。其中包括一項 6 億美元的與生產掛鉤的激勵計劃，優先考慮生產具有優勢溫度係數的模塊的垂直整合光伏製造商。除了國內激勵措施外，印度還宣布了從 2022 年 4 月開始的太陽能關稅政策，其中包括對進口和組件分別徵收 25% 和 40% 的關稅。通過其戰略方針，印度將其清潔能源目標與旨在實現自給自足的國內製造業和真正的能源安全的有效貿易和工業政策相結合。

As previously indicated, the factors in evaluating the future capacity expansion include geographic proximity to solar demand where First Solar has an energy or competitive advantage and which could mitigate freight-related costs. Secondly, the ability to export cost competitively into other markets. Thirdly, cost-competitive labor, low energy costs and low real estate cost. Fourthly, a competitive supply chain to support the sourcing of raw materials and components. And finally, domestic and international policies to ensure such expansion is well positioned. In summary, we believe India meets these criteria. With the strong demand for our CadTel technology, we are eager to grow our manufacturing capacity to meet this market demand. With our expansion in the United States and India and optimization of our existing fleet, we anticipate our nameplate manufacturing capacity will double to 16 gigawatts in 2024, with the new factories combining 2 to 3 gigawatts of production in 2023.

如前所述，評估未來產能擴張的因素包括靠近太陽能需求的地理位置，First Solar 具有能源或競爭優勢，並且可以降低與貨運相關的成本。其次，有競爭力地將成本出口到其他市場的能力。第三，具有成本競爭力的勞動力、低能源成本和低房地產成本。第四，有競爭力的供應鏈支持原材料和零部件的採購。最後，確保這種擴張的國內和國際政策處於有利地位。總之，我們認為印度符合這些標準。由於對我們的 CadTel 技術的強勁需求，我們渴望提高我們的製造能力以滿足這一市場需求。隨著我們在美國和印度的擴張以及現有機隊的優化，我們預計我們的銘牌製造能力將在 2024 年翻一番，達到 16 吉瓦，到 2023 年，新工廠的產量將達到 2 至 3 吉瓦。

Moving on to technology. There were several noteworthy accomplishments since the previous earnings call. Firstly, following the implementation of Series 6 Plus in our 2 factories in Ohio, we are now consistently producing 450-watt modules in Ohio and Malaysia, increasing our fleet-wide average watt per module to 449 for July month-to-date. Secondly, our commercial production lines are manufacturing record modules, as previously discussed. Finally, our CuRe product has been certified as meeting UL and IEC standards, representing an achievement of the robust quality, reliability and safety requirements. As we look to extend our advantages in the utility scale market, we recently deployed prototypes of early-stage bifacial CadTel modules at a test facility and are pleased with the initial results, demonstrating real-world bifaciality. While this is only early stage research, we believe there is a path to increase bifacial performance, which has the potential to improve upon our existing temperature coefficient, spectral response, partial shaving and long-term degradation energy advantages.

繼續技術。自上次財報電話會議以來，有幾項值得注意的成就。首先，在我們在俄亥俄州的 2 家工廠實施 6 Plus 系列之後，我們現在一直在俄亥俄州和馬來西亞生產 450 瓦的模塊，將我們車隊範圍內的每個模塊的平均瓦特增加到 7 月至今的 449 瓦。其次，如前所述，我們的商業生產線是製造記錄模塊。最後，我們的 CuRe 產品已通過認證，符合 UL 和 IEC 標準，代表了穩健的質量、可靠性和安全要求。隨著我們希望在公用事業規模市場擴大我們的優勢，我們最近在測試設施中部署了早期雙面 CadTel 模塊的原型，並對初步結果感到滿意，證明了現實世界的雙面性。雖然這只是早期研究，但我們相信有一條提高雙面性能的途徑，這有可能改善我們現有的溫度係數、光譜響應、部分剃須和長期降解能量優勢。

As we've previously stated, we believe CuRe significantly increases our competitiveness against bifacial modules. By potentially unlocking CadTel bifacial capabilities, we have the opportunity to further improve our existing energy advantage and ground mountain applications. In the residential and C&I markets, we recognize the value of high efficiency, aesthetically pleasing and domestically manufactured product. As stated previously, we continue to evaluate the prospects of leveraging the high band gap advantages of CadTel and a disruptive high-efficiency, low-cost tandem or multi-junction device. We strongly believe that a thin film semiconductor is essential to achieving the highest-performing tandem PV modules and that CadTel, which benefits from the many innovations of our technology roadmap and has a proven commercially scaled track record is ideally placed to enable this leap forward in high-performance modules.

正如我們之前所說，我們相信 CuRe 顯著提高了我們對雙面組件的競爭力。通過潛在地解鎖 CadTel 雙面功能，我們有機會進一步提高我們現有的能源優勢和地面山地應用。在住宅和 C&I 市場，我們認識到高效、美觀和國產產品的價值。如前所述，我們繼續評估利用 CadTel 的高帶隙優勢和顛覆性的高效、低成本串聯或多結器件的前景。我們堅信，薄膜半導體對於實現最高性能的串聯光伏組件至關重要，而 CadTel 受益於我們技術路線圖的許多創新，並擁有經過驗證的商業規模跟踪記錄，非常適合實現這一飛躍。高性能模塊。

In the midterm, we believe there is a path to achieve a 25% efficient multi-junction PV module. As we seek to grow our presence and competitive position in the residential and C&I markets, we believe this type of module has the potential to be disruptive and provide us with a competitive edge. I'll now turn the call over to Alex, who will discuss our second quarter financial results and 2021 guidance.

在中期，我們相信有一條途徑可以實現 25% 的多結光伏組件效率。隨著我們尋求擴大我們在住宅和 C&I 市場的影響力和競爭地位，我們相信這種類型的模塊具有顛覆性的潛力，並為我們提供競爭優勢。我現在將把電話轉給亞歷克斯，他將討論我們第二季度的財務業績和 2021 年的指導。

Thanks, Mark. Before discussing our Q2 results and 2021 financial guidance, I'd like to reiterate our core operating principle of endeavoring to create shareholder value through a disciplined decision-making framework, balancing growth, liquidity and profitability. As it relates to growth, we anticipate doubling our nameplate manufacturing capacity from approximately 8 gigawatts today to 16 gigawatts in 2024 through adding additional factories in Ohio and India as well as optimizing our existing fleet. Beyond that, we continue to evaluate the potential for further expansion in the United States as the policy environment develops. While liquidity position has been a strategic differentiator in an industry that has historically prioritized growth without regard to long-term capital structure.

謝謝，馬克。在討論我們的第二季度業績和 2021 年財務指導之前，我想重申我們的核心運營原則，即通過嚴格的決策框架努力創造股東價值，平衡增長、流動性和盈利能力。由於它與增長相關，我們預計通過在俄亥俄州和印度增加工廠以及優化我們現有的機隊，我們的銘牌製造能力將從今天的約 8 吉瓦增加到 2024 年的 16 吉瓦。除此之外，隨著政策環境的發展，我們將繼續評估在美國進一步擴張的潛力。雖然流動性頭寸一直是一個歷史上優先考慮增長而不考慮長期資本結構的行業的戰略差異化因素。

Importantly, we anticipate we'll be able to continue to self-fund the capacity expansion and strategic investments in our technology, whilst maintaining a strong differentiated balance sheet, which we believe is a meaningful competitive differentiator. While the strength of our balance sheet provides this flexibility, as we expand internationally, we may elect to utilize debt to mitigate currency risk and optimize returns on our international expansion. As it relates to profitability, our technology and capacity roadmaps are expected to enhance our long-term earnings potential. Despite a long-term PV industry trend of declining ASPs, we anticipate revenue growth through capacity expansion. From a pricing perspective, although there remains significant uncontracted volume yet to book, we're pleased with the pricing levels we've secured to date for 2023 deliveries, which in aggregate are only 1% lower than that of volume planned delivery in 2022.

重要的是，我們預計我們將能夠繼續為產能擴張和技術戰略投資自籌資金，同時保持強大的差異化資產負債表，我們認為這是一個有意義的競爭差異化因素。雖然我們的資產負債表的實力提供了這種靈活性，但隨著我們的國際擴張，我們可能會選擇利用債務來降低貨幣風險並優化我們國際擴張的回報。由於它與盈利能力有關，我們的技術和產能路線圖有望提高我們的長期盈利潛力。儘管光伏行業的平均售價長期呈下降趨勢，但我們預計通過產能擴張實現收入增長。從定價的角度來看，儘管仍有大量未簽約的數量尚未預訂，但我們對迄今為止確定的 2023 年交付的定價水平感到滿意，總體上僅比 2022 年的計劃交付量低 1%。

From a margin perspective, continued progress towards our midterm cost toward objective is expected to enhance our profit for potential. And furthermore, we've yet to book 2023 volumes for our next-generation PV modules which are expected to be produced by our recently announced factories. These modules are expected to be both ASP advantage due to their higher efficiency and optimized form factor, which creates value for customers as well as cost per watt advantages. Combined with the benefits of locating supply near to demand and reducing the cost of sales rate, these factories are expected to increase gross margin per watt by approximately $0.01 to $0.03 per watt relative to our existing fleet. Overall, we believe a combination of capacity growth, technology enhancements and reducing our cost per watt, coupled with an operating cost structure that is 80% to 90% fixed, will drive meaningful contribution margin as we scale.

從利潤率的角度來看，我們的中期成本目標的持續進展預計將提高我們的潛在利潤。此外，我們尚未為我們最近宣布的工廠生產的下一代光伏組件預訂 2023 年的產量。由於其更高的效率和優化的外形尺寸，這些模塊預計將兼具 ASP 優勢，從而為客戶創造價值以及每瓦成本優勢。結合將供應定位在需求附近和降低銷售成本率的好處，這些工廠相對於我們現有的機隊，預計每瓦的毛利率將增加約 0.01 美元至 0.03 美元/瓦。總體而言，我們相信容量增長、技術改進和降低我們的每瓦成本，再加上固定的 80% 至 90% 的運營成本結構，將隨著我們的規模擴大而帶來有意義的邊際貢獻。

Before reviewing our overall financial results for the quarter, I'll first discuss the legacy system license that benefited revenue and margin during the period. 2014, we sold a project that was eligible for a 30% cash grant payment under Section 1603 of the American Recovery and Reinvestment Act. Issuance and indemnification arrangement, in September of 2017, we indemnified the project poster following the underpayment of anticipated cash grant proceeds by the U.S. government. In 2018, the project entity commenced legal action seeking full payment of the previously expected cash grants. In Q2 of this year, a settlement was reached pursuant to which the U.S. government made a payment in Q3 to the project entity, a portion of which we're entitled to. Accordingly, we recognized systems segment revenue of approximately $65 million during the quarter, which directly benefited gross margin.

在回顧我們本季度的整體財務業績之前，我將首先討論在此期間使收入和利潤受益的遺留系統許可證。 2014 年，我們出售了一個項目，根據美國復甦和再投資法案第 1603 條，該項目有資格獲得 30% 的現金補助。發行和賠償安排，2017 年 9 月，在美國政府少付預期現金贈款收益後，我們對項目海報進行了賠償。 2018 年，項目實體開始法律訴訟，要求全額支付之前預期的現金補助。今年第二季度，美國政府在第三季度向項目實體支付了一筆款項，我們有權獲得其中的一部分。因此，我們在本季度確認了約 6500 萬美元的系統部門收入，這直接使毛利率受益。

Starting on Slide 8, I'll cover the income statement highlights for the second quarter. Net sales in Q2 were $629 million, a decrease of $174 million compared to the prior quarter. Decrease in net sales was primarily due to the sale of the Sun Streams 2, 4 and 5 projects in the prior quarter, partially offset by the aforementioned settlement agreement. On a segment basis, our module segment revenue in Q2 was $543 million compared to $535 million in the prior quarter. Total gross margin was 28% in Q2 compared to 23% in Q1. System segment gross margin of $65 million was largely driven by the previously mentioned settlement agreement. Despite the aforementioned delays in certain module deliveries as well as higher-than-expected logistics costs, our Q2 module segment gross margin increased to 20% from 19% in the prior quarter.

從幻燈片 8 開始，我將介紹第二季度的損益表亮點。第二季度的淨銷售額為 6.29 億美元，與上一季度相比減少了 1.74 億美元。淨銷售額的減少主要是由於上一季度出售了 Sun Streams 2、4 和 5 項目，部分被上述和解協議所抵消。在細分市場的基礎上，我們第二季度的模塊業務收入為 5.43 億美元，而上一季度為 5.35 億美元。第二季度總毛利率為 28%，而第一季度為 23%。系統部門毛利率 6500 萬美元主要是由前面提到的和解協議推動的。儘管上述某些組件交付延遲以及物流成本高於預期，但我們的第二季度組件部門毛利率從上一季度的 19% 增加到 20%。

Whilst we continue to navigate and partially mitigate the effects of the dislocated shipping market, higher freight cost impacted our financial results for the quarter. In Q2, sales rate totaled approximately $50 million or 9 percentage points of module gross margin. Along with module warranty expense of approximately $2 million, sales freight and warranty reduced our module saving gross margin by approximately 10 percentage points. And as mentioned, we're in the process of implementing Series 6 Plus and CuRe in 2021, which requires downtime resulting in lower production and underutilization.

雖然我們繼續導航並部分減輕航運市場錯位的影響，但更高的運費成本影響了我們本季度的財務業績。第二季度，銷售額總計約為 5000 萬美元，佔組件毛利率的 9 個百分點。除了約 200 萬美元的模塊保修費用外，銷售運費和保修使我們的模塊節省毛利率減少了約 10 個百分點。如前所述，我們正在 2021 年實施 Series 6 Plus 和 CuRe，這需要停機時間，從而導致產量下降和利用率不足。

In Q2, our module segment gross margin was impacted by $7 million of underutilization. In total, sales rate, module warranty and underutilization impacted our Q2 module gross margin by approximately 11 percentage points. SG&A and R&D expenses totaled $60 million in the second quarter, a decrease of approximately $12 million compared to the prior quarter. In Q2, we had a $3 million reduction in expected credit losses, which benefited SG&A expense. Production startup, which is included in operating expenses, totaled $2 million in Q2, a decrease of $10 million compared to the prior quarter. This decrease was driven by the start of commercial production at our second Series 6 factory in Malaysia in Q1.

在第二季度，我們的模塊部門毛利率受到 700 萬美元未充分利用的影響。總體而言，銷售率、組件保修和未充分利用對我們第二季度組件毛利率的影響約為 11 個百分點。第二季度的 SG&A 和研發費用總計 6000 萬美元，與上一季度相比減少了約 1200 萬美元。在第二季度，我們的預期信用損失減少了 300 萬美元，這有利於 SG&A 費用。包含在運營費用中的生產啟動在第二季度總計 200 萬美元，與上一季度相比減少了 1000 萬美元。這一下降是由於我們在馬來西亞的第二家 6 系列工廠於第一季度開始商業生產。

Q2 operating income was $110 million, which included depreciation and amortization of $66 million, $65 million related to the aforementioned settlement agreement, $9 million related to underutilization and production start-up expense and share-based compensation of $5 million. We recorded tax expense of $20 million in the second quarter compared to $46 million in Q1. The decrease in tax expense for Q2 is largely attributable to lower pretax income. The combination of the aforementioned items led to second quarter earnings per share of $0.77 and $2.73 for the first 2 quarters of 2021 on a diluted basis.

第二季度營業收入為 1.1 億美元，其中包括折舊和攤銷 6600 萬美元、與上述和解協議相關的 6500 萬美元、與未充分利用和生產啟動費用相關的 900 萬美元以及 500 萬美元的股權補償。我們在第二季度記錄了 2000 萬美元的稅收支出，而第一季度為 4600 萬美元。第二季度稅收支出的減少主要是由於稅前收入減少。上述項目的組合導致 2021 年前兩個季度的第二季度每股收益為 0.77 美元和 2.73 美元（攤薄後）。

Next turning to Slide 9, I'll discuss fixed balance sheet items and summary cash flow information. Our cash, cash equivalents, marketable securities and restricted cash balance ended the quarter at $2.1 billion, an increase of $255 million compared to the prior quarter with several factors impacting our quarter end cash balance. Firstly, in Q1, we sold certain restricted marketable securities associated with our module collection and recycling program for total proceeds of $259 million. We intend to reinvest these proceeds, at which point they will be considered restricted marketable securities, which are not included in our measure of total cash.

接下來轉到幻燈片 9，我將討論固定資產負債表項目和匯總現金流信息。本季度末，我們的現金、現金等價物、有價證券和受限現金餘額為 21 億美元，與上一季度相比增加了 2.55 億美元，有幾個因素影響了我們的季度末現金餘額。首先，在第一季度，我們出售了與我們的模塊收集和回收計劃相關的某些受限有價證券，總收益為 2.59 億美元。我們打算將這些收益再投資，屆時它們將被視為受限制的有價證券，不包括在我們對總現金的衡量中。

Secondly, in early April, we received proceeds from the sale of our U.S. project development business. And finally, our operating cash flows during the quarter were partially offset by capital expenditures. Total debt at the end of the second quarter was $279 million, an increase of $22 million from the end of Q1. This increase is due to a loan drawdown on the credit facility for a Japanese systems project. As a reminder, all of our outstanding debt continues to be project-related and will come off the balance sheet when the corresponding project is sold. Our net cash position, which includes cash, cash equivalents, restricted cash and marketable securities less debt, increased by $233 million to $1.8 billion as a result of the aforementioned factors. Net working capital in Q2, which includes noncurrent project assets and excludes cash and marketable securities, decreased by $176 million compared to the prior quarter.

其次，在 4 月初，我們收到了出售美國項目開發業務的收益。最後，我們在本季度的經營現金流部分被資本支出所抵消。第二季度末總債務為 2.79 億美元，比第一季度末增加 2200 萬美元。這一增長是由於日本系統項目的信貸工具的貸款提取。提醒一下，我們所有的未償債務仍然與項目相關，並在相應項目出售時從資產負債表中消失。由於上述因素，我們的淨現金頭寸（包括現金、現金等價物、受限現金和有價證券減去債務）增加了 2.33 億美元，達到 18 億美元。第二季度的淨營運資本（包括非流動項目資產，不包括現金和有價證券）與上一季度相比減少了 1.76 億美元。

And this decrease was primarily driven by the collection of proceeds from the sale of our U.S. project development business and an increase in current liabilities due to an increase in down payments from module customers. Net cash generated by operating activities was $177 million in the second quarter. Finally, capital expenditures were $91 million in the second quarter compared to $90 million in the prior quarter.

這一下降主要是由於我們從出售美國項目開發業務中獲得的收益以及由於組件客戶的首付增加而導致的流動負債增加。第二季度經營活動產生的淨現金為 1.77 億美元。最後，第二季度的資本支出為 9100 萬美元，而上一季度為 9000 萬美元。

Continuing on Slide 10, I'll next discuss 2021 guidance. Firstly, starting with our systems business. We recognized a $65 million benefit in Q2 related to the previously mentioned settlement agreement and have incorporated this in our systems revenue and gross margin guidance. Secondly, we're evaluating whether to continue holding our Luz del Norte asset in Chile or pursue a sale of this project. Pursuit of such a sale will require coordination of the project lenders and could result in an impairment charge in the future if we are unable to recover our net carrying value in the project. No impact from any possible sale of this project is included in our guidance for the year. As it relates to our module business, there are several key updates.

繼續幻燈片 10，接下來我將討論 2021 年的指導。首先，從我們的系統業務開始。我們在第二季度確認了與上述和解協議相關的 6500 萬美元收益，並將其納入我們的系統收入和毛利率指導。其次，我們正在評估是否繼續持有我們在智利的 Luz del Norte 資產或出售該項目。進行此類出售將需要項目貸方的協調，如果我們無法收回項目的賬面淨值，未來可能會導致減值費用。我們今年的指導中不包含任何可能出售該項目的影響。由於它與我們的模塊業務有關，因此有幾個關鍵更新。

As highlighted on the previous 2 earnings calls, we continue to anticipate elevated shipping costs for the remainder of 2021. Despite near and long-term strategies to mitigate the impact, the cost of shipping has continued to rise since the April earnings call. As a result of elevated rates, port congestion, limited container availability and schedule reliability issues, sales rate is expected to adversely impact our 2021 results by an incremental $60 million relative to our previous expectations. For the full year 2021, we anticipate sales rate and warranty will reduce our module segment gross margin by 10 to 11 percentage points, 250 basis point increase from the previous earnings call. Whilst we continue to manage our core manufacturing costs, we also anticipate a shipping-related variable cost headwind of approximately $20 million, primarily due to elevated inbound freight costs for raw materials.

正如前兩次財報電話會議所強調的那樣，我們繼續預計 2021 年剩餘時間內的運輸成本將上升。儘管有近期和長期的策略來減輕影響，但自 4 月財報電話會議以來，運輸成本一直在上漲。由於費率上漲、港口擁堵、集裝箱可用性有限和時間表可靠性問題，預計銷售率將對我們 2021 年的業績產生不利影響，相對於我們之前的預期增加 6000 萬美元。對於 2021 年全年，我們預計銷售率和保修將使我們的模塊部門毛利率降低 10 至 11 個百分點，比之前的財報電話會議增加 250 個基點。在我們繼續管理核心製造成本的同時，我們還預計與航運相關的可變成本逆風約為 2000 萬美元，這主要是由於原材料的入境貨運成本上升。

Additionally, Q2 shipments were lower than expected due to vessel delays, constrained customer container availability and accommodating certain customer requests. We're currently tracking to achieve full year 2021 shipments of 7.6 to 8 gigawatts which represents a 0.2 gigawatt decrease to the low end of the guidance range. We also acknowledge that the current logistics environment presents risk to our 2021 shipment plan. As it relates to capacity expansion, our recently announced factories in Ohio and India are anticipated to commence production in 2023 and increase 2021 capital expenditures by approximately $400 million. Related to this expansion, we anticipate incurring an additional $700 million of capital expenditures in 2022 with the remainder in 2023.

此外，由於船舶延誤、客戶集裝箱可用性受限以及滿足某些客戶要求，第二季度出貨量低於預期。我們目前正在跟踪實現 2021 年全年 7.6 至 8 吉瓦的出貨量，這比指導範圍的低端減少了 0.2 吉瓦。我們也承認，當前的物流環境給我們的 2021 年發貨計劃帶來了風險。由於與產能擴張有關，我們最近宣布的俄亥俄州和印度工廠預計將於 2023 年開始生產，並將 2021 年的資本支出增加約 4 億美元。與此次擴張相關，我們預計 2022 年將額外產生 7 億美元的資本支出，其餘的將在 2023 年進行。

With these factors in mind, we're updating our 2021 guidance as follows: our module segment revenue guidance of $2.4 billion to $2.55 billion represents a $50 million decrease to the low end of guidance range to account for our current expectations on shipment timing. Our updated net sales guidance of $2.875 billion to $3.1 billion, which reflects an increase in systems revenue on both the high and low end of the guidance range due to the aforementioned settlement agreement. Additionally, we've increased the low end of our guidance -- systems guidance range to account for clarity on project sale accountants. Our module segment gross margin guidance is $485 million to $535 million. Whilst our previous guidance, this represents an $80 million reduction to the high end of the guidance range due to a $60 million increase in expected sales rate and $20 million increase in expected inbound rate.

考慮到這些因素，我們將 2021 年的指導更新如下：我們的模塊部門收入指導為 24 億美元至 25.5 億美元，比指導範圍的低端減少了 5000 萬美元，以反映我們目前對發貨時間的預期。我們更新後的淨銷售額指引為 28.75 億美元至 31 億美元，這反映了由於上述和解協議，系統收入在指引範圍的高端和低端都有所增加。此外，我們增加了指導的低端——系統指導範圍，以說明項目銷售會計師的清晰度。我們的模塊部門毛利率指導為 4.85 億美元至 5.35 億美元。在我們之前的指導下，由於預期銷售率增加了 6000 萬美元，預期入境率增加了 2000 萬美元，這意味著指導範圍的高端減少了 8000 萬美元。

Revised low end also represents an $80 million decrease relative to our previous guidance due to a 0.2 gigawatt reduction in the low end of our shipments guidance and an increase in expected sales and inbound freight costs which are partially offset by risk accounted for in our previous guidance range. As a result of these factors, we anticipate our module 7 gross margin will be approximately 20% to 21% for the full year. For the full year 2021, we anticipate sales rate and warranty will reduce our module segment gross margin by 10 to 11 percentage points. And in addition, we expect the impact of ramp underutilization and reduced throughput to total $41 million. Our updated systems segment gross margin guidance is $210 million to $225 million, which reflects a $65 million increase due to the aforementioned settlement agreement and a $15 million increase to the low end of the guidance range due to the clarity on project sale economics.

與我們之前的指引相比，修訂後的低端也減少了 8000 萬美元，原因是我們的發貨指引的低端減少了 0.2 吉瓦，以及預期銷售和入境貨運成本的增加，這部分被我們之前指引中的風險所抵消範圍。由於這些因素，我們預計我們的模塊 7 全年毛利率將約為 20% 至 21%。對於 2021 年全年，我們預計銷售率和保修將使我們的模塊部門毛利率降低 10 至 11 個百分點。此外，我們預計坡道利用率不足和吞吐量減少的影響將達到 4100 萬美元。我們更新的系統部門毛利率指引為 2.1 億美元至 2.25 億美元，這反映出由於上述和解協議而增加了 6500 萬美元，並且由於項目銷售經濟學的明確性導致指引範圍的低端增加了 1500 萬美元。

We anticipate that the majority of our remaining year -- remaining full year systems segment revenue and gross margin, we recognized in the fourth quarter of the year. Our revised total gross margin guidance is $695 million to $760 million, which reflects a $15 million decrease to the high end of the range. SG&A and R&D expenses of $265 million to $275 million, production start-up expense of $20 million to $25 million, and operating expenses of $285 million to $300 million combined are unchanged. We revised operating income guidance range of $545 million to $625 million and includes anticipated depreciation and amortization of $262 million, share-based compensation of $20 million, $61 million to $66 million related to ramp underutilization, reduced throughput and production start-up expense. And a gain on the sale of our U.S. project development and North American O&M businesses of $149 million.

我們預計我們剩餘一年的大部分時間——剩餘的全年系統部門收入和毛利率，我們在今年第四季度確認。我們修訂後的總毛利率指引為 6.95 億美元至 7.6 億美元，這反映出該範圍的高端減少了 1500 萬美元。 SG&A 和研發費用為 2.65 億美元至 2.75 億美元，生產啟動費用為 2000 萬美元至 2500 萬美元，運營費用合計為 2.85 億美元至 3 億美元，保持不變。我們將營業收入指導範圍修改為 5.45 億美元至 6.25 億美元，其中包括 2.62 億美元的預期折舊和攤銷、2000 萬美元的股權補償、6100 萬美元至 6600 萬美元與坡道利用率不足、吞吐量減少和生產啟動費用有關。出售我們的美國項目開發和北美 O&M 業務的收益為 1.49 億美元。

Turning to nonoperating items. We expect interest income, interest expense and other income to net negative $15 million, an increase of $5 million compared to our previous guidance due to higher net interest expense, foreign exchange losses. Our tax guidance of $100 million to $120 million is unchanged. Our revised earnings per share guidance is $4 to $4.60 per share. As a reminder, there are a number of items impacting our EPS guidance for 2021. Firstly, ramp on utilization, reduced throughput and production start-up expense driven by factory upgrades are expected to contribute to a $0.50 EPS headwind in 2021. Secondly, these upgrades will require approximately 3 weeks of planned downtime across the fleet, which is expected to contribute to lower production.

轉向非經營性項目。我們預計利息收入、利息支出和其他收入將淨負 1500 萬美元，與我們之前的指引相比增加了 500 萬美元，原因是淨利息支出和外匯損失增加。我們 1 億至 1.2 億美元的稅收指導保持不變。我們修訂後的每股收益指引為每股 4 至 4.60 美元。提醒一下，有許多因素會影響我們對 2021 年的每股收益指導。首先，工廠升級推動的利用率上升、吞吐量減少和生產啟動費用預計將導致 2021 年每股收益逆風為 0.50 美元。其次，這些升級將需要整個車隊大約 3 週的計劃停機時間，預計這將導致產量下降。

And finally, sales rate and inbound freight both remained significantly elevated in comparison to historic levels. Our capital expenditure guidance has increased by $400 million, driven by our recently announced expansion plan to a revised range of $825 million to $875 million. As a result of additional CapEx in 2021 and high logistics costs, we decreased our year-end 2021 net cash guidance to a revised range of $1.35 billion to $1.45 billion. And lastly, our shipment guidance is 7.6 to 8 gigawatts which represents a 0.2 gigawatt reduction to the low end of the guidance range.

最後，與歷史水平相比，銷售率和入境運費均保持顯著提高。在我們最近宣布的擴張計劃的推動下，我們的資本支出指導增加了 4 億美元，修訂後的範圍為 8.25 億美元至 8.75 億美元。由於 2021 年資本支出增加和物流成本高企，我們將 2021 年年底的淨現金指引下調至 13.5 億美元至 14.5 億美元的修訂範圍。最後，我們的出貨量指導是 7.6 到 8 吉瓦，比指導範圍的低端減少了 0.2 吉瓦。

Turning to Slide 11, I'll summarize the key messages from the call today. From a financial perspective, net cash position of $1.8 billion remained strong, delivered year-to-date EPS of $2.73, and we revised our 2021 EPS guidance range to account for the current freight market. Operationally, we started flight preparation for our recently announced factory in Ohio and announced our manufacturing expansion into India. As a result of this expansion and optimization of our existing fleet, we anticipate our nameplate manufacturing capacity will reach 16 gigawatts in 2024. And finally, Series 6 demand is at a record high level with 9 gigawatts of year-to-date net bookings, which includes 4.1 gigawatts since the previous earnings call.

轉到幻燈片 11，我將總結今天電話會議的關鍵信息。從財務角度來看，18 億美元的淨現金頭寸依然強勁，年初至今的每股收益為 2.73 美元，我們修訂了 2021 年每股收益指導範圍以適應當前的貨運市場。在運營方面，我們開始為我們最近宣布的俄亥俄州工廠進行飛行準備，並宣布將製造擴展到印度。由於我們現有機隊的擴展和優化，我們預計我們的銘牌製造能力將在 2024 年達到 16 吉瓦。最後，系列 6 的需求處於創紀錄的高水平，年初至今的淨預訂量為 9 吉瓦，其中包括自上次財報電話會議以來的 4.1 吉瓦。

And with that, we will conclude our prepared remarks and open the call for questions. Operator?

至此，我們將結束我們準備好的發言並開始提問。操作員？

(Operator Instructions)

（操作員說明）

Our first question comes from the line of Philip Shen from ROTH Capital Partners.

我們的第一個問題來自 ROTH Capital Partners 的 Philip Shen。

The first one is on Vietnam and Malaysia. With the COVID situation there, I think, Mark, you mentioned that people are working hard and maybe even living at the facility to maintain utilization. Can you talk about how you expect utilization to trend ahead? Is there a risk for a shutdown of production at any point in time in the future? And how is this impacting your ability to roll out new updates and so forth? And then secondarily, in terms of bookings, you guys have had some nice bookings here. There's still a bunch available for 2023. I think you mentioned maybe 3 gigawatts. When do you expect that to possibly get booked? I mean, could we see that booked later this year? Or do you think that might carry into 2022?

第一個是關於越南和馬來西亞的。鑑於那裡的 COVID 情況，我認為，馬克，您提到人們正在努力工作，甚至可能住在設施中以維持利用率。您能談談您預計利用率將如何發展嗎？未來任何時間點是否存在停產風險？這對您推出新更新等的能力有何影響？其次，在預訂方面，你們在這裡有一些不錯的預訂。 2023 年還有一堆可用的。我想你提到的可能是 3 吉瓦。你預計什麼時候可能會被預訂？我的意思是，我們能在今年晚些時候看到預訂嗎？或者你認為這可能會持續到 2022 年？

Yes, Phil. So I guess on -- so obviously, we've got to comply with all the requirements of what's going on in both those countries. And in some cases, there's -- and there has been over periods of time in Malaysia around movement control orders and, fortunately, we've been -- and Malaysia has been deemed to be essential. So that continues to allow us to operate and we continue to try to make sure we comply with all the local requirements. We've also, in both of our facilities, started the process already to get our associates vaccinated. So most of our associates in both of the facilities have received the first shot and we expect here in the near term, we'd be able to provide the second shot. So that's helping as well. Vietnam is the one that I would say that's trending more significantly, right?

是的，菲爾。所以我猜——很明顯，我們必須遵守這兩個國家正在發生的事情的所有要求。在某些情況下，馬來西亞已經有一段時間了，圍繞行動控制命令，幸運的是，我們一直在——而且馬來西亞被認為是必不可少的。因此，這繼續使我們能夠運營，並且我們將繼續努力確保我們遵守所有當地要求。我們也已經在我們的兩個設施中開始了讓我們的員工接種疫苗的過程。因此，我們在這兩個設施中的大多數員工都接受了第一次注射，我們預計在短期內，我們將能夠提供第二次注射。所以這也有幫助。越南是我想說的趨勢更顯著的一個，對吧？

On a relative basis, you could look at the Vietnam's historical number of cases and fatalities are being relatively low by most standards. But we've seen a pretty significant increase here over the last 6 weeks or so. So the government has made -- imposed other requirements, including to the extent that you are going to continue to run your factory, there's a requirement to quarantine on site. So we have made for accommodations for our associates there to quarantine. And we've got a schedule which would be in place where we'd be able to rotate associates through over periods of times where the current staff would be quarantine for a period of time, then the new number of assets would come in over time. So we have been able to manage, and the team has done a phenomenal job. And I alluded to that in my prepared remarks, they continue to hit their operational metrics.

在相對的基礎上，你可以看看越南的歷史病例數和死亡人數在大多數標準下都相對較低。但在過去 6 週左右的時間裡，我們已經看到了相當大的增長。因此，政府提出了其他要求，包括在您要繼續經營工廠的範圍內，要求在現場進行隔離。因此，我們為那裡的同事提供了隔離的住宿條件。我們有一個時間表，我們可以在當前員工將被隔離一段時間的時間段內輪換員工，然後隨著時間的推移新的資產數量將進入.所以我們已經能夠進行管理，並且團隊做得非常出色。我在準備好的講話中提到了這一點，他們繼續達到他們的運營指標。

So as I sit here today, as we look across our supply chain that's both in Malaysia and Vietnam and our own facilities, we're able to manage the current situation. However, if things continue to trend worse, then we'll have to assess and evaluate our ability to continue to run and operate. So it's clearly a challenging environment at which the team have been able to do an outstanding job to continue to operate and to hit our performance metrics. The -- as it relates to technology rollout, it's a little bit different situation because -- and we highlighted it in terms of Vietnam as it relates to our rollout of CuRe. Our sequencing around CuRe would have been Ohio first then Malaysia and then Vietnam. We've already done some of the upgrades that would enable CuRe product to be released in Malaysia when we started KMT2. We have some of the upgrades already positioned to enable CuRe when we start the rollout.

所以當我今天坐在這裡，當我們審視我們在馬來西亞和越南的供應鏈以及我們自己的設施時，我們能夠管理當前的情況。但是，如果情況繼續惡化，那麼我們將不得不評估和評估我們繼續運行和運營的能力。因此，這顯然是一個充滿挑戰的環境，在這個環境中，團隊能夠出色地完成工作以繼續運營並達到我們的績效指標。 - 因為它與技術推廣有關，所以情況有點不同，因為 - 我們在越南方面強調了它，因為它與我們推出的 CuRe 有關。我們圍繞 CuRe 的測序首先是俄亥俄州，然後是馬來西亞，然後是越南。當我們開始 KMT2 時，我們已經完成了一些升級，使 CuRe 產品能夠在馬來西亞發布。當我們開始推出時，我們已經定位了一些升級以啟用 CuRe。

And we've just recently completed the rollouts in both Perrysburg 1 and Perrysburg 2 to enable CuRe. We have yet, though, to roll out the upgrades that are needed in Vietnam. And there are restrictions and quarantine requirements and reduced travel and the like. So as we alluded to, we're working through and to try to find a path to keep it on schedule, but there is a significant risk that the rollout of CuRe in Vietnam, given the current situation would be delayed. But that's the most significant one that we're still working through at this point in time. As it relates to bookings, yes, we've got about 3.4 gigawatts of 13 books. We now, with the 2 new factories, will be adding close to 3 gigawatts of incremental volume in 2013 -- excuse me, get the right year 2023, sorry about that.

我們最近剛剛完成了在 Perrysburg 1 和 Perrysburg 2 的部署，以啟用 CuRe。不過，我們還沒有推出越南所需的升級。並且有限制和隔離要求以及減少旅行等。因此，正如我們所提到的，我們正在努力並試圖找到一條使其按計劃進行的途徑，但鑑於目前的情況，在越南推出 CuRe 存在很大的風險。但這是我們目前仍在努力解決的最重要的問題。因為它與預訂有關，是的，我們有大約 3.4 吉瓦的 13 本書。我們現在，有了 2 家新工廠，2013 年將增加近 3 吉瓦的增量容量——對不起，2023 年是正確的年份，對此感到抱歉。

And there's a lot of volume still to be booked. So we probably got in the range of 10 gigawatts or something like that. The engagement with our customers, we've got a number of very large deals right now here in the U.S. as well as in the pipeline for India. As we highlighted, we've got about 7 gigawatts right now of a pipeline in India that we're working to execute now that we've made the announcement around the factory. Subject to final permitting and the incentive programs from the government finalizing that, we'll start contracting that volume as well. So there's no lack of opportunity. The engagement is good. I would not expect at least over the next few quarters, I don't see a significant slowdown in bookings momentum. I think we're going to have a very strong second half of this year to help start booking out 2023 and 2024.

而且還有很多量要預訂。所以我們可能達到了 10 吉瓦或類似的範圍。與我們的客戶互動，我們現在在美國和印度已經達成了許多非常大的交易。正如我們強調的那樣，我們現在在印度擁有約 7 吉瓦的管道，我們正在努力執行，因為我們已經在工廠周圍宣布了這一消息。根據最終許可和政府最終確定的激勵計劃，我們也將開始承包該數量。所以不乏機會。訂婚很好。我預計至少在接下來的幾個季度中，我認為預訂勢頭不會顯著放緩。我認為我們將在今年下半年有一個非常強勁的勢頭，以幫助開始預訂 2023 年和 2024 年。

Our next question comes from the line of [Eric Lee] from BOFA.

我們的下一個問題來自 BOFA 的 [Eric Lee]。

Congrats on the bookings. For the bookings specifically, could you comment on the average ASPs as you look into '23? Is that still $0.20 -- high $0.20 per watt range? And can you talk about where you're booking into that '23-plus time frame?

恭喜預訂成功。特別是對於預訂，您能否對 23 年的平均 ASP 發表評論？那仍然是 0.20 美元——每瓦特高 0.20 美元嗎？你能談談你在 23 多歲的時間範圍內預訂的地方嗎？

Yes. So what we said on the call was that if you look at our current bookings that we have for 2023, they're essentially flat. I think we said they're down about 1%. And so they're essentially flat as we go from '22 into '23. And pricing, if you actually look at the profile of what we have booked and what we're currently in negotiations with right now is pricing has trended up for both '22 -- if you look at deliveries in '22 and then even what we're seeing in '23. So there's a lot of momentum. I think what's happening is we continue to book out. Again, we are still somewhat capacity constrained even with the 2 new factories. That volume doesn't start to come out in '23. But even if you look at that volume relative to the global market, we are capacity constrained from that standpoint. And as our book builds up and firms up and it starts to constrain our available capacity to support new customers, it starts to firm up pricing in the marketplace. So we're happy to see that.

是的。所以我們在電話會議上說的是，如果你看看我們目前對 2023 年的預訂，它們基本上是持平的。我想我們說他們下降了大約 1%。因此，當我們從 22 年到 23 年時，它們基本上是平的。和定價，如果你真的看一下我們已經預訂的資料以及我們目前正在談判的內容，那麼 22 年的定價都呈上升趨勢——如果你看一下 22 年的交付情況，甚至是我們的'在 23 年看到。所以有很大的動力。我認為正在發生的事情是我們繼續預訂。同樣，即使有 2 家新工廠，我們的產能仍然受到一定程度的限制。該卷不會在 23 年開始問世。但是，即使您查看相對於全球市場的數量，從這個角度來看，我們的產能也受到限制。隨著我們的書越來越厚，它開始限制我們支持新客戶的可用能力，它開始鞏固市場定價。所以我們很高興看到這一點。

We -- as we said that in our prepared remarks, we do look at this as a very balanced perspective to get an ASP that is attracted to both parties, right? The project economics have to work and our return requirements have to be met as well. So you have to balance those two in consideration. And the other thing I'll just say around the bookings is that we are -- and we've alluded to this in the last earnings call. And if you look at effectively everything that we booked this quarter, we have started to implement the modifier around shipping costs. So we have benefited in terms of the contract structured in a way that if there's incremental sales freight costs that there would be a mechanism which that would be variable pricing to the customer to accommodate for that. So that's also an item that we're trying to make sure it gets properly reflected in our bookings as we go forward.

我們——正如我們在準備好的評論中所說的那樣，我們確實認為這是一個非常平衡的觀點，以獲得雙方都吸引的 ASP，對嗎？項目經濟必鬚髮揮作用，我們的回報要求也必須得到滿足。因此，您必須在考慮中平衡這兩者。關於預訂，我要說的另一件事是我們是 - 我們在上次財報電話會議中提到了這一點。如果您有效地查看我們本季度預訂的所有內容，我們已經開始實施圍繞運輸成本的修正。因此，我們在合同結構方面受益，如果有增加的銷售運費成本，就會有一種機制，可以為客戶提供可變定價以適應這種情況。所以這也是我們正在努力確保它在我們前進的過程中正確反映在我們的預訂中的一個項目。

Our next question comes from the line of Ben Kallo from Baird.

我們的下一個問題來自 Baird 的 Ben Kallo。

Could you talk about a little bit about what went into your guidance assumptions? To bring down the low end just a little bit like that seems very small. So I just want to understand what went into there as far as assumptions around shipping costs, especially. And then the timing of any other plant shutdowns or costs like that? And then my second question is just on the ASPs. What I heard you just say was that ASPs are up where you last talked to us about in your negotiations. Can you talk about if that has anything to do what that has to do with if it's polysilicon supply chain? And then you also mentioned a kicker on ASPs with the new technology. Could you maybe add more into that?

你能談談你的指導假設是什麼嗎？把低端拉低一點點似乎很小。因此，我只想了解有關運輸成本的假設，尤其是其中的內容。然後是任何其他工廠關閉的時間或類似的成本？然後我的第二個問題是關於 ASP。我聽到你剛才說的是，你上次在談判中與我們談論的 ASP 已經達到了。你能談談這是否與多晶矽供應鏈有關嗎？然後你還提到了新技術對 ASP 的影響。你可以添加更多嗎？

Yes, Ben, so starting with the guidance. On a combined basis, you're not seeing the low end of the guidance range change. But what you are seeing is the impact of the settlement agreement that we had on the previous project come through. So the $65 million that was in the revenue line and flow straight through the gross margin, so that's a benefit to gross margin. If you look at the module side of gross margin, we're basically down about, call it, $15 million or so on volume as we lowered the lower end of the range on shipment volume and then about $65 million on freight. So it impacted in the quarter about $80 million on freight, $60 million outbound sales rate, $20 million inbound. We had about $15 million or so in the range as a risk. So we're having a net impact down of about $65 million. But again, don't forget that you had the impact coming off of this settlement agreement of $65 million. That's why the consolidated based on the range, you're not seeing it come down significantly.

是的，本，所以從指導開始。綜合起來，您沒有看到指導範圍的低端發生變化。但是您所看到的是我們對之前項目達成的和解協議的影響。因此，收入線中的 6500 萬美元直接流經毛利率，這對毛利率有利。如果你看看毛利率的模塊方面，我們基本上下降了大約 1500 萬美元左右，因為我們降低了出貨量範圍的下限，然後降低了大約 6500 萬美元的運費。因此，它在本季度影響了約 8000 萬美元的運費、6000 萬美元的出境銷售率和 2000 萬美元的入境。我們有大約 1500 萬美元左右的風險。因此，我們的淨影響減少了約 6500 萬美元。但同樣，不要忘記您從這份 6500 萬美元的和解協議中產生了影響。這就是為什麼基於範圍的綜合，你沒有看到它顯著下降。

And on the ASPs, yes, we are starting to see the ASPs for -- and I'll separate -- we'll talk next-gen product before our secondly, but first is in terms of our Series 6 and Series 6 Plus in CuRe product that we are currently negotiating with customers at this point in time. Yes, we're seeing ASPs starting to firm up. And there's -- what First Solar is able to do, not only with the differentiation we have around capabilities and our technology, but there's an element of certainty. And given there's so much uncertainty right now that's going on with the crystalline silicon supply chain. Whether it's here in the U.S. or even you're starting to see some emerging issues start to come up in the EU and U.K. and in places like that, it's creating anxiety to a customer and the customer wants to make sure they can have certainty and there's no disruption to their commitment around their module supply chain.

在 ASP 上，是的，我們開始看到 ASP——我將分開——我們將在第二次之前討論下一代產品，但首先是關於我們的 6 系和 6 系 Plus我們目前正在與客戶談判的 CuRe 產品。是的，我們看到 ASP 開始堅挺。還有——First Solar 能夠做到的，不僅在於我們在能力和技術方面的差異化，而且還有一個確定性因素。鑑於目前晶體矽供應鏈存在很多不確定性。無論是在美國，還是您開始看到一些新出現的問題開始出現在歐盟和英國以及類似的地方，這都會給客戶帶來焦慮，而客戶希望確保他們能夠確定性和他們對模塊供應鏈的承諾沒有中斷。

First Solar is decoupled from the Chinese crystalline silicon supply chain, right? So it enables a different opportunity and engagement with customers and including that, that is playing into some of the opportunities. Again, though, you still have to deliver great technology and the evolution of CuRe in particular, and it's improving around its long-term. It's degradation rate, I think, is further enhancing our relative competitive position in the marketplace. So it's the product, it's kind of the overall market, it's the certainty of contracting with First Solar is a key driver in the bookings momentum and the firmness of the ASPs. The -- what we alluded to on our new product, which will come out of both of our Perrysburg 3 factory and in our India factory, both of them will be higher efficiency than our current fleet.

First Solar 與中國晶體矽供應鏈脫鉤了，對吧？因此，它帶來了不同的機會和與客戶的互動，包括這一點，這正在發揮一些機會。儘管如此，您仍然必須提供出色的技術，尤其是 CuRe 的發展，並且它正在圍繞其長期進行改進。我認為，它的退化率正在進一步提高我們在市場上的相對競爭地位。所以它是產品，它是整個市場，與 First Solar 簽訂合同的確定性是預訂勢頭和 ASP 穩固性的關鍵驅動因素。我們提到的新產品將來自我們的 Perrysburg 3 工廠和印度工廠，它們的效率都將高於我們目前的機隊。

They also will be optimized. One will be optimized here in the U.S. for a tracker install in the India 1, which is largely -- India is largely a fixed tilt market. It will be optimized to a fixed tilt structure. Both of them will inherently create incremental value relative to the Series 6 and 6 Plus product that we have today. And I think what Alex alluded to and also couple that with both of them will be the lowest cost products in our fleet. I think there's an entitlement of $0.01 to $0.03, at least what our initial indications are about $0.01 to $0.03 of incremental gross margin realization with the next-gen product relative to where we sit today on a comparable basis with Series 6 Plus CuRe.

它們也將被優化。一個將在美國針對印度 1 的跟踪器安裝進行優化，這在很大程度上是 - 印度在很大程度上是一個固定傾斜市場。它將被優化為固定傾斜結構。相對於我們今天擁有的 Series 6 和 6 Plus 產品，它們都將固有地創造增量價值。而且我認為亞歷克斯所暗示的以及與他們兩者相結合的將是我們車隊中成本最低的產品。我認為有 0.01 美元到 0.03 美元的權利，至少我們最初的跡像是，在與 6 系列 Plus CuRe 可比的基礎上，與我們今天所處的位置相比，下一代產品的增量毛利率實現約為 0.01 美元到 0.03 美元。

Our next question comes from the line of Brian Lee from Goldman Sachs.

我們的下一個問題來自高盛的 Brian Lee。

I had 2 more modeling specific ones. I guess, first off, on the cash flow trajectory here for the next few years. Can you give us a sense of what net cash balance you're comfortable with? And sort of when you get back to positive free cash flow? Is that in 2024? Because there's about a $1.4 billion of CapEx between Ohio and India here, so just wondering kind of what the right free cash flow trajectory to be assuming is? And second question, just -- I know, Alex, you mentioned a lot of the OpEx is fixed, we've seen that over the years. But we typically have also seen start-up and production ramp costs on new fabs. So how should we be thinking about those costs in '22 and '23 for Ohio and India, respectively?

我還有 2 個特定於建模的模型。我想，首先，關於未來幾年的現金流軌跡。你能告訴我們你對什麼淨現金餘額感到滿意嗎？當你回到正的自由現金流時？那是在2024年嗎？因為俄亥俄州和印度之間的資本支出約為 14 億美元，所以只是想知道要假設的正確自由現金流軌跡是什麼？第二個問題，我知道，亞歷克斯，你提到很多運營支出是固定的，多年來我們已經看到了這一點。但我們通常也看到新晶圓廠的啟動和生產成本上升。那麼我們應該如何考慮俄亥俄州和印度在 22 年和 23 年的成本呢？

Yes. So on the cash side, so we were guiding previously to $1.8 billion to $1.9 billion year-end number. That's now down to $1.35 billion to $1.45 billion. So $1.4 billion midpoint. And the delta there is the $400-or-so million of CapEx that's going to happen this year associated with that spend. So that still leaves another about $900 million to $1 billion or so that's going to happen in the next couple of years. We haven't given a minimum number that we're comfortable with. I think the business is going to be significantly cash generative over the next couple of years with the 6 factories that are already in place. I can't give you a guided number. But I'd say that we're going to generate enough cash organically that would be comfortable. We could finance the construction of the 2 new factories on balance sheet should we wish and not drop to levels that I wouldn't be comfortable with maintaining in terms of the base net cash balance.

是的。所以在現金方面，我們之前的指導是 18 億到 19 億美元的年終數字。現在已降至 13.5 億至 14.5 億美元。所以14億美元的中點。今年將發生與該支出相關的 400 美元左右的資本支出。所以這仍然會在接下來的幾年中發生大約 9 億到 10 億美元左右。我們還沒有給出我們可以接受的最低數量。我認為隨著 6 家工廠已經到位，該業務將在未來幾年內產生大量現金。我不能給你一個指導號碼。但我會說，我們將有機地產生足夠的現金，這將是舒適的。如果我們願意的話，我們可以為資產負債表上的 2 家新工廠的建設提供資金，並且不會下降到我不願意維持基本淨現金餘額的水平。

That said, for a few reasons, we may look to leverage the factory in India, especially. I think there's some optimization of capital structure here we might do. There's less equity going into a country where it can be more challenging to bring money in and out. I think there's some benefit to matching some of the revenue and expense stream with the capital structure. I think there's also some beneficial rates we could get using ECA financing, especially for some of the equipment that's going to come out of Europe and essentially the U.S. as well. So I'm comfortable we could, with organic cash flow over the next couple of years, finance the factories on balance sheet without debt and leave ourselves at levels that be comfortable with, but I think there may be optimization around the balance sheet that we'll look to do as well.

也就是說，出於幾個原因，我們可能會特別考慮利用印度的工廠。我認為我們可以在這裡對資本結構進行一些優化。進入一個資金流入和流出更具挑戰性的國家的股權較少。我認為將一些收入和支出流與資本結構相匹配會有一些好處。我認為我們還可以通過 ECA 融資獲得一些有利的利率，特別是對於將來自歐洲和主要來自美國的一些設備。所以我很放心，在接下來的幾年裡，有了有機現金流，我們可以為資產負債表上的工廠提供資金，而不會產生債務，讓我們自己處於可以接受的水平，但我認為我們可能會圍繞資產負債表進行優化' 會看起來也這樣做。

And then on the OpEx side, we're still working through numbers, but these factories are going to be significantly larger than the previous factories. You think about historically to put in place a factory that was $1.2 billion, now up to about $1.5 billion, $1.6 billion of nameplate. Somewhere in the region of $30 million to $40 million, depending on the location, depending whether it's the first or second factory came down a little bit more. For instance, our second Malaysia -- our second Vietnam factory was significantly cheaper than our first. So it can be a little higher in the U.S. than it is internationally given labor costs. But in indicative terms, you could take that and double it for scale. And so you could look at startup in the range of probably $60 million to $70 million per factory.

然後在運營支出方面，我們仍在研究數字，但這些工廠將比以前的工廠大得多。你想想從歷史上看，要建立一個價值 12 億美元的工廠，現在高達 15 億美元，16 億美元的銘牌。大約在 3000 萬到 4000 萬美元之間，具體取決於位置，取決於是第一家工廠還是第二家工廠，降幅會更多一些。例如，我們的第二家馬來西亞——我們的第二家越南工廠比我們的第一家便宜得多。因此，考慮到勞動力成本，在美國可能會比國際上高一點。但就指示性而言，你可以把它加倍以擴大規模。所以你可以看看每家工廠可能在 6000 萬到 7000 萬美元之間的初創公司。

In terms of timing, you're going to see a significant portion of the U.S. factory start-up hit in 2022, call it, 3 quarters, something like that, the remainder in 2023. The India factory is going to be a little behind that. You may see more like 25% to 50% hit in 2022 and the other 50% to 75% hit in 2023. And the other thing I'd say about OpEx is, we did mention that we have about an 80% and 90% fixed operating cost structure. So as we do scale these factories, there will be potentially some slight incremental SG&A. But as a whole, as you add that 6.6 gigawatts of capacity and keep the OpEx down, you do get a pretty significant contribution margin and operating margin expansion that we can benefit from.

就時間而言，你將看到美國工廠的很大一部分在 2022 年啟動，稱之為 3 個季度，類似這樣，其餘的在 2023 年。印度工廠將稍微落後那。您可能會看到 2022 年達到 25% 到 50%，而 2023 年達到另外 50% 到 75%。關於運營支出，我要說的另一件事是，我們確實提到了大約 80% 和 90%固定運營成本結構。因此，當我們擴大這些工廠的規模時，可能會有一些輕微的 SG&A 增量。但總的來說，當您增加 6.6 吉瓦的容量並降低運營支出時，您確實獲得了相當可觀的貢獻利潤率和營業利潤率擴張，我們可以從中受益。

This concludes today's conference call. Thank you again for participating. You may now disconnect.

今天的電話會議到此結束。再次感謝您的參與。您現在可以斷開連接。