第一太陽能 (FSLR) 2021 Q1 法說會逐字稿

Good afternoon, everyone, and welcome to First Solar's First 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 Mitch Ennis from First Solar Investor Relations. Mr. Ennis, you may begin.

大家下午好，歡迎參加 First Solar 2021 年第一季度財報電話會議。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。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 first quarter 2021 financial results. A copy of the press release and associated presentation are available on First Solar's website at investor.firstsolar.com.

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 年第一季度的財務業績。新聞稿和相關演示文稿的副本可在 First Solar 的網站investor.firstsolar.com 上獲得。

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 and provide updated guidance for 2021. Following their remarks, we'll open the call for questions.

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，並提供 2021 年的最新指導。在他們的發言之後，我們將開始提問。

Please note, this call will include forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from management's current expectations, 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. I would like to start by thanking the First Solar team for delivering a solid first quarter. Our operational and financial results were strong and market demand for our Series 6 technology continues to be robust.

謝謝你，米奇。下午好，感謝您今天加入我們。首先，我要感謝 First Solar 團隊提供了穩健的第一季度。我們的運營和財務業績強勁，市場對我們的 Series 6 技術的需求持續強勁。

Operationally, Our second Series 6 factory in Malaysia exited its ramp period. Nameplate manufacturing capacity has increased to 7.9 gigawatts, and we are now consistently producing 455-watt modules.

在運營方面，我們在馬來西亞的第二家 Series 6 工廠退出了爬坡期。銘牌製造能力已增加到 7.9 吉瓦，我們現在一直在生產 455 瓦模塊。

Commercially, we have secured 4.8 gigawatts of year-to-date net bookings, which include 2.9 gigawatts since the previous earnings call. Financially, We reported module segment gross margin, in line with our Q1 guidance and earnings per share of $1.96, which includes the completion of our U.S. project development in North American O&M business sales. Overall, I am pleased with our strong start to the year, which has positioned us to deliver our annual earnings per share guidance.

在商業上，我們今年迄今已獲得 4.8 吉瓦的淨預訂量，其中包括自上次財報電話會議以來的 2.9 吉瓦。在財務方面，我們報告了模塊部門的毛利率，符合我們的第一季度指導和每股收益 1.96 美元，其中包括我們在北美 O&M 業務銷售中的美國項目開發的完成。總體而言，我對今年的強勁開局感到滿意，這使我們能夠提供年度每股收益指導。

Turning to Slide 3. I will provide an update on our Series 6 capacity ramp and manufacturing performance. Despite unplanned downtime caused by winter storms in Ohio and a temporary logistic driven bill of material shortage in Malaysia, along with planned downtime for throughput and technology upgrades, which combined adversely impact cost per watt by approximately $0.005. We delivered strong manufacturing results for the first quarter.

轉到幻燈片 3。我將提供有關我們 6 系列產能提升和製造性能的最新信息。儘管俄亥俄州的冬季風暴造成了計劃外停機，馬來西亞暫時出現了物流驅動的物料清單短缺，再加上吞吐量和技術升級的計劃停機，這些因素合計對每瓦特成本造成了約 0.005 美元的不利影響。我們在第一季度交付了強勁的製造業績。

On a fleet-wide basis, in March and in April month-to-date, megawatts produced per day was 20.2 and 22, which represents a 17% and 27% increase compared to December 2020. Capacity utilization was 92% and 99%, despite being impacted by the aforementioned planned and unplanned downtime.

在整個船隊的基礎上，3 月和 4 月至今，每天產生的兆瓦數分別為 20.2 和 22，與 2020 年 12 月相比分別增長了 17% 和 27%。產能利用率分別為 92% 和 99%，儘管受到上述計劃內和計劃外停機時間的影響。

Manufacturing yields of 96.7% and 97.4% continues to show strength in light of the ramp of our second Series 6 factory in Malaysia, which achieved manufacturing yields of approximately 93% and 97%. As previously mentioned, We started commercial production of our 455-watt module at both our factories in Malaysia, and our fleet-wide average watt per module improved to 442 and 445 watts. This manufacturing performance has been a key driver of our cost per watt reduction and gives us further confidence as we execute on our cost reduction road map.

鑑於我們在馬來西亞的第二家系列 6 工廠的產能提升，96.7% 和 97.4% 的製造良率繼續顯示出優勢，該工廠實現了約 93% 和 97% 的製造良率。如前所述，我們在馬來西亞的兩家工廠開始商業化生產 455 瓦模塊，我們整個車隊的每個模塊的平均瓦特提高到 442 瓦和 445 瓦。這種製造性能一直是我們降低每瓦成本的關鍵驅動因素，並在我們執行降低成本的路線圖時讓我們更有信心。

It is also important to put our recent performance into context. Comparing to April of 2019 to April of 2021, month-to-date, our average watt per module has increased by 26 watts, megawatts produced per day has increased by 144%, and manufacturing yield has increased by 9 percentage points. I am pleased with what the team has accomplished. However, as we drive towards our midterm goal of 500-watt module, increasing throughput by 12% compared to our rerated capacity utilization baseline and increasing manufacturing yield to a midterm target of 98.5%. We have an opportunity to significantly reduce cost through disciplined manufacturing.

將我們最近的表現納入背景也很重要。與 2019 年 4 月至 2021 年 4 月相比，本月至今，我們每個組件的平均瓦特增加了 26 瓦，每天產生的兆瓦增加了 144%，製造良率增加了 9 個百分點。我對團隊所取得的成就感到高興。然而，隨著我們朝著 500 瓦模塊的中期目標邁進，與我們重新評估的產能利用率基線相比，吞吐量增加了 12%，並將製造良率提高到 98.5% 的中期目標。我們有機會通過嚴格的製造來顯著降低成本。

As a company, we have demonstrated disciplined execution and agility throughout the startup and ramp of our Series 6 factory, including gathering new learnings from each factory rollout and utilizing them in the next. This culture of continuous improvement enables us to increase implementation velocity and reduce our ramp period. While it took our first Series 6 factory in Ohio approximately 22 months to achieve throughput in line with its nameplate entitlement, our newest factory exited its ramp period in only 1 month's time. The consistent improvement of our factory implementation process gives us operational confidence as we evaluate the potential for future capacity expansions. We believe the combination of a differentiated technology and a balanced business model of growth, liquidity and profitability is a competitive differentiator or and will continue to enable our success.

作為一家公司，我們在 6 系列工廠的啟動和爬坡過程中展示了嚴謹的執行力和敏捷性，包括從每次工廠推出中收集新知識並在下一次使用它們。這種持續改進的文化使我們能夠提高實施速度並縮短我們的爬坡期。雖然我們在俄亥俄州的第一家 6 系列工廠花了大約 22 個月的時間才實現了符合其銘牌權利的產量，但我們最新的工廠僅在 1 個月的時間內就退出了爬坡期。在我們評估未來產能擴張的潛力時，我們工廠實施流程的持續改進使我們對運營充滿信心。我們相信，差異化的技術與增長、流動性和盈利能力的平衡商業模式相結合是一種競爭優勢，或者並將繼續使我們取得成功。

Three years ago, in April 2018, we commenced commercial production at our first Series 6 factory. And today, we have established a Series 6 factory footprint through which we have the potential to reach over 10 gigawatts of nameplate capacity based on our existing efficiency and throughput plans.

三年前，也就是 2018 年 4 月，我們在第一家 6 系列工廠開始了商業生產。今天，我們已經建立了 6 系列工廠足跡，根據我們現有的效率和吞吐量計劃，我們有可能達到超過 10 吉瓦的銘牌產能。

Looking forward, strong demand for Series 6, a compelling technology road map, a strong balance sheet and a largely fixed operating expense cost structure are each catalyst as we evaluate the potential for future capacity expansions. While we have made no such decision at this time, we are targeting to make a determination by our Q2 earnings call.

展望未來，當我們評估未來產能擴張的潛力時，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都是催化劑。雖然我們目前沒有做出這樣的決定，但我們的目標是通過我們的第二季度財報電話會議做出決定。

From a shipping and logistics perspective, we have experienced by coastal port congestion in the United States, along with logistics challenges stemming from February's winter weather events in Southern United States. As a result, certain module deliveries planned for the first quarter were delayed. And given ongoing port congestions, we see potential for similar delays in the second quarter, which could result in delays in module revenue recognition.

從航運和物流的角度來看，我們經歷了美國沿海港口的擁堵，以及 2 月份美國南部冬季天氣事件帶來的物流挑戰。因此，第一季度計劃的某些模塊交付被推遲。鑑於持續的港口擁堵，我們認為第二季度可能會出現類似的延誤，這可能導致組件收入確認的延遲。

While the cost per watt of PV modules has declined significantly in the past decade, sales rate has largely remained fixed on an absolute dollar basis. As a result, sales rate has become more meaningful percentage of the cost per watt. For example, in Q4 last year and Q1 of this year, sales freight and warranty reduced our module segment gross margin by 7% and 8%, respectively. Note, this highlights for markets with large recurring demand such as the U.S., India and Europe, the importance of having in-country or in-region manufacturing, which can significantly reduce the cost of sales trade.

雖然光伏組件的每瓦成本在過去十年中顯著下降，但銷售率在絕對美元基礎上基本保持不變。因此，銷售率已成為每瓦成本中更有意義的百分比。例如，去年第四季度和今年第一季度，銷售運費和保修分別使我們的模塊部門毛利率下降了 7% 和 8%。請注意，這突出了美國、印度和歐洲等具有大量經常性需求的市場，在國內或區域內進行製造的重要性，這可以顯著降低銷售貿易成本。

As initially highlighted during our February earnings call, we continue to anticipate elevated shipping rates in 2021. We continue to partially mitigate the impact via the implementation of the following initiatives.

正如我們在 2 月份財報電話會議上最初強調的那樣，我們繼續預計 2021 年運費會上漲。我們將繼續通過實施以下舉措來部分減輕影響。

Firstly, as we improve module efficiency, we benefit from an increase in watt per shipping container and a corresponding decline in sales freight per watt.

首先，隨著我們提高組件效率，我們受益於每集裝箱瓦特的增加以及每瓦銷售運費的相應下降。

Secondly, as we implement Series 6 Plus, we will reduce the profile of our frame and junction box by approximately 10%, enabling an increase in the number of modules per shipping container.

其次，隨著我們實施 Series 6 Plus，我們將把框架和接線盒的輪廓縮小約 10%，從而增加每個集裝箱的模塊數量。

Thirdly, we intend to expand our distribution network footprint in the United States, which we anticipate will increase domestic inventory buffers, further reduce exposure to spot shipping rates and provide greater flexibility while reducing shipment timing risks for our customers. Implementation of these initiatives is important in order to help mitigate the effects of the challenging shipping market and achieve our 2021 cost per watt reduction objective.

第三，我們打算擴大我們在美國的分銷網絡足跡，我們預計這將增加國內庫存緩衝，進一步降低現貨運費並提供更大的靈活性，同時為我們的客戶降低發貨時間風險。實施這些舉措對於幫助減輕充滿挑戰的航運市場的影響並實現我們在 2021 年降低每瓦成本的目標非常重要。

From a supply chain perspective, our strategy emphasizes long-term agreements that reduce exposure to spot pricing for commodities and raw materials. For example, our glass procurement strategy primarily relies on fixed-price contracts and partnerships with domestic suppliers. This approach helps derisk the value of our contracted backlog and provides greater certainty that we'll be able to meet our expected profitability.

從供應鏈的角度來看，我們的戰略強調減少商品和原材料現貨定價風險的長期協議。例如，我們的玻璃採購策略主要依賴於固定價格合同以及與國內供應商的合作關係。這種方法有助於降低我們合同積壓的價值，並為我們能夠實現預期的盈利能力提供更大的確定性。

Our approach to tellurium is similar. We secure our supply needs through multiyear fixed price agreements while striving to reduce cad tel usage per module through optimization of our vapor deposition process, while tellurium is a key component of our semiconductor material, it is a minor component of our cost per watt given our cad tel thin film is 3% the thickness of a human hair.

我們對碲的處理方法類似。我們通過多年固定價格協議確保我們的供應需求，同時通過優化我們的氣相沉積工藝努力減少每個模塊的 cad tel 使用量，雖然碲是我們半導體材料的關鍵組成部分，但考慮到我們的cad tel 薄膜的厚度是人類頭髮的 3%。

Also, as part of our global high-value PV recycling program, we were able to establish a circular economy by recovering more than 90% of the semiconductor material for use in new First Solar modules. Although such recycling, on a large scale is still anticipated to be many years out given the expected useful life of our modules. This has the potential to significantly reduce our ongoing tellurium and cadmium needs in the future, once power plants using First Solar modules reached the end of their useful life.

此外，作為我們全球高價值光伏回收計劃的一部分，我們能夠通過回收 90% 以上的半導體材料用於新的 First Solar 組件來建立循環經濟。儘管這樣的回收利用，但考慮到我們模塊的預期使用壽命，預計仍需要很多年。一旦使用 First Solar 組件的發電廠達到使用壽命，這有可能在未來顯著減少我們對碲和鎘的持續需求。

Aluminum, which is used in the construction of our frame has recently experienced a price increase to above pre-pandemic levels. While the hedge structure we put in place has partially mitigated this impact, we anticipate some cost challenges related to aluminum during the year. However, as part of our Series 6 Plus implementation, we anticipate reducing our frames profile in aluminum usage by 10%, which we expect will mitigate a portion of this cost increase.

用於製造我們車架的鋁材最近價格上漲至高於大流行前的水平。雖然我們實施的對沖結構部分減輕了這種影響，但我們預計今年與鋁相關的一些成本挑戰。然而，作為我們 6 Plus 實施的一部分，我們預計將我們的鋁框架輪廓減少 10%，我們預計這將緩解部分成本增加。

Finally, despite the previously mentioned delays of certain module deliveries in Q2 and a result of our continued manufacturing execution and aforementioned risk-reduced supply chain approach, we achieved our module segment gross margin target in Q1. Additionally, while cost uncertainties remain for certain bill of materials, we are tracking to achieve our targeted 11% cost per watt produced reduction between where we ended 2020 and expect to end 2021. While we intend to mitigate much of this impact related to the challenging shifting in market, our revised target cost per watt sold reduction is 6% to 7%.

最後，儘管前面提到了第二季度某些模塊交付的延遲，以及我們持續的製造執行和上述降低風險的供應鏈方法的結果，我們在第一季度實現了我們的模塊部門毛利率目標。此外，雖然某些材料清單的成本不確定性仍然存在，但我們正在跟踪實現我們在 2020 年底和預計到 2021 年底之間實現每瓦生產成本降低 11% 的目標。雖然我們打算減輕與挑戰相關的大部分影響在市場變化中，我們修訂後的每瓦銷售成本目標降低 6% 至 7%。

Turning to Slide 4. In Q1, we completed the sale of our contracted Sun Streams 2 and uncontracted Sun Streams 4 and 5 projects to Longroad Energy. In April, we completed our uncontracted Sun Streams 3 project to Longroad as well. Across these 4 projects, Longroad intends to utilize approximately gigawatt of Series 6 modules, of which 785 megawatts represent new bookings since the last earnings call.

轉到幻燈片 4。在第一季度，我們完成了將已簽約的 Sun Streams 2 和未簽約的 Sun Streams 4 和 5 項目出售給 Longroad Energy。 4 月，我們也完成了到 Longroad 的未簽約的 Sun Streams 3 項目。在這 4 個項目中，Longroad 打算使用大約千兆瓦的系列 6 模塊，其中 785 兆瓦代表自上次財報電話會議以來的新預訂。

As it relates to our systems business in Japan, our existing team and competitively advantaged core project development skill set of siting, permitting, interconnection and securing long-term feed-in-tariff contracts has positioned us well in the market. Today, we have an approximately 320-megawatt systems backlog in Japan, which includes 55 megawatts of new bookings since the February earnings call. This backlog is a reflection of our recent success averaging approximately 100 megawatts per year of systems booking in Japan between 2018 and 2020. Looking forward, in the near term, we have an opportunity to add to this backlog with approximately 40 megawatts of Japan systems opportunities with feed-in tariff rights secured as they are pending satisfaction of certain permitting requirements.

由於它與我們在日本的系統業務有關，我們現有的團隊和具有競爭優勢的核心項目開發技能組合（選址、許可、互連和確保長期上網電價合同）使我們在市場上處於有利地位。今天，我們在日本有大約 320 兆瓦的系統積壓，其中包括自 2 月財報電話會議以來的 55 兆瓦新預訂。這一積壓反映了我們最近在 2018 年至 2020 年期間在日本平均每年預訂約 100 兆瓦系統的成功。展望未來，在短期內，我們有機會在此積壓中增加約 40 兆瓦的日本系統機會由於有待滿足某些許可要求，因此獲得了上網電價權利。

Across the total portfolio, we have the potential to capture approximately $250 million of gross margin in the next 3 to 5 years. With an approximately $15 million per year overhead cost structure, we anticipate the sell-down of systems projects in Japan will contribute meaningfully to our midterm operating income.

在整個投資組合中，我們有可能在未來 3 到 5 年內獲得約 2.5 億美元的毛利率。憑藉每年約 1500 萬美元的間接成本結構，我們預計日本系統項目的出售將對我們的中期營業收入做出有意義的貢獻。

With an actual commitment to carbon neutrality and limited domestic source energy generation, the market fundamentals of Japan are favorable to the continuing growth of solar. We continue to build a pipeline of post feed-in-tariff opportunities that could target feed-in-premiums or corporate PPA opportunities as the market matures.

由於對碳中和的實際承諾和有限的國內能源發電，日本的市場基本面有利於太陽能的持續增長。隨著市場的成熟，我們將繼續建立一系列上網電價後的機會，這些機會可以針對上網電價溢價或企業 PPA 機會。

Before discussing our most recent bookings and pipeline opportunities, I would like to discuss several domestic and international policy updates. At the end of March, President Biden unveiled an infrastructure proposal that emphasize transit, revitalizing power grids and vastly expanding clean energy, while creating millions of jobs and positions the United States to outcompete China. Additionally, the plan is intended to revitalize domestic manufacturing, secure the U.S. supply chain, invest in R&D and train Americans for the jobs of the future. This is the most far-reaching federal proposal for programs that curb greenhouse gas emissions and address climate change.

在討論我們最近的預訂和管道機會之前，我想討論一些國內和國際政策更新。 3 月底，拜登總統公佈了一項基礎設施提案，該提案強調交通運輸、振興電網和大幅擴大清潔能源，同時創造數百萬個就業機會，並使美國在競爭中勝過中國。此外，該計劃旨在振興國內製造業，保護美國供應鏈，投資研發並培訓美國人為未來工作。這是遏制溫室氣體排放和應對氣候變化的計劃中影響最深遠的聯邦提案。

As the only alternative to crystalline silicon technology among the 10 largest solar module manufacturers globally, with a premier vertically integrated manufacturing process and a differentiated cad tel technology, we are uniquely positioned to support domestic energy independence in the United States and play a leading role in this plan. We are the largest solar module manufacturer in the United States and directly employ over 1,600 U.S.-based associates.

作為全球 10 大太陽能組件製造商中唯一的晶體矽技術替代品，我們擁有領先的垂直整合製造工藝和差異化的 cad tel 技術，在支持美國國內能源獨立方面具有得天獨厚的優勢，並在這個計劃。我們是美國最大的太陽能組件製造商，直接僱傭了 1,600 多名美國員工。

Also, our domestic supply chain supports thousands of indirect jobs. For example, we procure our float glass from an NSG facility approximately 10 miles from our factory in Perrysburg, which is the first new float glass line in the United States in 40 years. As a result of this investment, NSG has created long-term and high-quality manufacturing jobs and a domestic supply chain of their own.

此外，我們的國內供應鏈支持數以千計的間接工作。例如，我們從距離我們位於佩里斯堡的工廠約 10 英里的 NSG 工廠採購浮法玻璃，這是 40 年來美國第一條新的浮法玻璃生產線。由於這項投資，NSG 創造了長期和高質量的製造業工作崗位和自己的國內供應鏈。

NSG soda ash, which is the primary material used in glass manufacturing, is secured from a supplier in Wyoming, which is the state that has historically been the largest producer of coal. Pace of innovation is a core to our success, which starts at our R&D lab facilities in Silicon Valley and Ohio. As a reflection of this commitment since our IPO, we have cumulatively invested over $1.4 billion in research and development as the only thin film module manufacturer of scale with a manufacturing process that is handled entirely in each of our 6 factories, we own the end-to-end intellectual property and trade secrets for our cad tel technology.

NSG 純鹼是玻璃製造中使用的主要材料，由懷俄明州的供應商提供，該州歷史上一直是最大的煤炭生產國。創新的步伐是我們成功的核心，這始於我們位於矽谷和俄亥俄州的研發實驗室設施。作為我們首次公開募股以來這一承諾的體現，我們已累計投資超過 14 億美元用於研發，作為唯一一家具有完全由我們 6 家工廠處理的製造過程的規模薄膜模塊製造商，我們擁有最終-為我們的 cad tel 技術提供最終的知識產權和商業秘密。

We believe the remaining 9 largest PV module manufacturers all utilize the same semiconductor material. Additionally, none of these manufacturers are fully integrated, relying on various degrees on third-party sourcing and the intellectual property of upstream polysilicon, ingot, wafer and cell manufacturers.

我們認為其餘 9 家最大的光伏組件製造商都使用相同的半導體材料。此外，這些製造商都沒有完全整合，在不同程度上依賴第三方採購和上游多晶矽、矽錠、矽片和電池製造商的知識產權。

While it's difficult to measure the value of the vast subsidies that the Chinese solar industry receives, these subsidies serve to artificially deflate our competitors' cost per watt, resulting in a marketplace that undervalues innovation and where technologies do not compete solely on their own merits. Despite this apparent and outrageous lack of fair trade, the advantages of our vertically integrated manufacturing process and differentiated cad tel technology, leading to what we believe to be the lowest module manufacturing cost structure in the industry will continue to empower our success.

雖然很難衡量中國太陽能行業獲得的巨額補貼的價值，但這些補貼人為地降低了競爭對手的每瓦成本，導致市場低估了創新，技術並不僅僅依靠自身優勢進行競爭。儘管公平貿易明顯缺乏，但我們垂直整合的製造工藝和差異化的 cad tel 技術的優勢，導致我們認為是業內最低的模塊製造成本結構，將繼續推動我們的成功。

With the Section 201 tariffs currently scheduled to expire in February of 2022, the Biden administration has a natural window to pursue policies that address the root cause of the problem, China's unfair trade practices. Accordingly, we continue to advocate for an industrial policy that identifies clean tech manufacturing as a national security strategic priority. To advance U.S. energy independence, we believe that this type of policy would be promoted through incentives by -- for domestic manufacturing, continued investment in advanced technologies, closing by American loops and tariff reform.

由於 201 條款關稅目前定於 2022 年 2 月到期，拜登政府有一個自然的窗口來尋求解決問題根源的政策，即中國的不公平貿易行為。因此，我們繼續倡導將清潔技術製造確定為國家安全戰略重點的產業政策。為了推進美國的能源獨立，我們認為這種政策將通過激勵措施來促進——國內製造業、對先進技術的持續投資、關閉美國環路和關稅改革。

Turning to Slide 5. I'll next discuss our most recent bookings in greater detail. Leading corporate buyers have expressed concerns that due to the decentralized nature of the crystalline silicon supply chain. They are unable to ensure that the solar modules and their systems from which they buy power were not manufacturing use alleged force labor.

轉到幻燈片 5。接下來我將更詳細地討論我們最近的預訂。由於晶體矽供應鏈的分散性，領先的企業買家表達了擔憂。他們無法確保他們購買電力的太陽能模塊及其係統沒有使用所謂的強制勞動製造。

While our Series 6 energy, quality and environmental advantages are all key differentiators. Customers increasingly are ascribing value to our vertically integrated manufacturing process, supply chain transparency and 0 tolerance for the use of force labor in our module manufacturing process and supply chain. While the pricing environment remains competitive, these catalysts have created bookings momentum for deliveries in 2022, 2023 and beyond, with customers seeking to derisk their projects.

雖然我們的 Series 6 能源、質量和環境優勢都是關鍵差異化因素。客戶越來越重視我們的垂直整合製造流程、供應鏈透明度以及在我們的模塊製造流程和供應鏈中使用強制勞動的零容忍度。儘管定價環境仍然具有競爭力，但這些催化劑為 2022 年、2023 年及以後的交付創造了預訂動力，客戶尋求降低其項目的風險。

Accordingly, we are pleased with our strong year-to-date net bookings of 4.8 gigawatts, which includes 2.9 gigawatts since the February earnings call. After accounting for shipments of approximately 1.8 gigawatts during the first quarter, our future expected shipments, which extend into 2024 are 14.8 gigawatts.

因此，我們對年初至今強勁的 4.8 吉瓦淨預訂量感到滿意，其中包括自 2 月財報電話會議以來的 2.9 吉瓦。在考慮到第一季度約 1.8 吉瓦的出貨量後，我們預計到 2024 年的未來出貨量為 14.8 吉瓦。

Included in our 1.8 gigawatts of Q1 shipments are approximately 0.2 gigawatts of Series 4 that was previously shipped to safe harbor the investment tax credit, but were transferred to a third party during the quarter in conjunction with the sale of our U.S. project development business. Accordingly, our comparable Q1 shipment number is approximately 1.6 gigawatts.

在我們 1.8 吉瓦的第一季度出貨量中，大約 0.2 吉瓦的系列 4 之前被運送到安全港投資稅收抵免，但在本季度與我們的美國項目開發業務的出售一起轉移給了第三方。因此，我們可比的第一季度出貨量約為 1.6 吉瓦。

Including 4.8 gigawatts of year-to-date bookings and 0.4 gigawatts of upside volume related to previously announced purchase order from Intersect Power, we are largely sold out for 2021, have 6.4 gigawatts of potential deliveries in 2022 and 3 gigawatts across 2023 and 2024.

包括年初至今的 4.8 吉瓦的預訂量和與先前宣布的 Intersect Power 採購訂單相關的 0.4 吉瓦的上漲量，我們在 2021 年基本售罄，2022 年的潛在交付量為 6.4 吉瓦，2023 年和 2024 年的潛在交付量為 3 吉瓦。

Overall, the market remains competitive. We are pleased with the pricing levels that we are securing in 2022 and 2023 for our Series 6 Plus and CuRe products. Although there remains uncontracted volume yet to be booked, the ASP across our aforementioned 6.4 gigawatts of volume for potential deliveries in 2022 is only 11% lower than the volume to be shipped in 2021.

總體而言，市場仍然具有競爭力。我們對 2022 年和 2023 年確保 6 Plus 系列和 CuRe 產品的定價水平感到滿意。儘管仍有未簽約的數量有待預訂，但我們上述 6.4 吉瓦的 2022 年潛在交付量的平均售價僅比 2021 年的出貨量低 11%。

Slide 6. provides an updated view of our global potential bookings opportunities, which now total 16.5 gigawatts across early to late-stage opportunities through 2024. In terms of geographical breakdown, North America remains the region with the largest number of opportunities at 12.9 gigawatts. Europe represents 1.2 gigawatts, India represents 1.2 gigawatts and South America represents 0.7 gigawatts, with the remainder in other geographies.

幻燈片 6. 提供了我們全球潛在預訂機會的最新視圖，到 2024 年，從早期到後期的機會總計 16.5 吉瓦。就地理分佈而言，北美仍然是機會最多的地區，為 12.9 吉瓦。歐洲代表 1.2 吉瓦，印度代表 1.2 吉瓦，南美洲代表 0.7 吉瓦，其餘位於其他地區。

As a subset of this opportunity is our mid- to late-stage bookings opportunity of 7.8 gigawatts, which reflects those opportunities we feel could book within the next 12 months. This subset includes approximately 5.4 gigawatts in North America, 1.2 gigawatts in India, 0.6 gigawatts in South America, 0.3 gigawatts in Europe and the remainder in other geographies. Note, this represents a decrease from our prior earnings call, which is largely due to our recent bookings momentum.

作為這一機會的一部分，我們的中後期預訂機會為 7.8 吉瓦，這反映了我們認為可以在未來 12 個月內預訂的機會。該子集包括北美約 5.4 吉瓦、印度 1.2 吉瓦、南美 0.6 吉瓦、歐洲 0.3 吉瓦以及其他地區的其餘部分。請注意，這比我們之前的財報電話會議有所減少，這主要是由於我們最近的預訂勢頭。

Finally note, included in the 7.8 gigawatts is a 1-gigawatt order for a U.S. customer that just hours ago, we booked. Including this booking in our contracted future shipments, it is just shy of 16 gigawatts.

最後請注意，在 7.8 吉瓦中包含一個美國客戶的 1 吉瓦訂單，就在幾個小時前，我們預訂了該訂單。將此預訂計入我們約定的未來出貨量，僅略低於 16 吉瓦。

I will now provide an update on our technology road map. As previously disclosed, we launched our Series 6 Plus program leveraging our existing Series 6 tool set, which increased our module form factor by approximately 2%, and our top production bin by approximately 10 watts. We first implemented this program at our newest Series 6 factory in Malaysia, which is now consistently producing 450-watt modules. And we remain on track for fleet-wide implementation of Series 6 Plus for the fourth quarter of this year.

我現在將提供我們技術路線圖的更新。如前所述，我們利用現有的 Series 6 工具集啟動了 Series 6 Plus 計劃，這使我們的模塊外形尺寸增加了約 2%，我們的頂級生產箱增加了約 10 瓦。我們首先在馬來西亞最新的 Series 6 工廠實施了該計劃，該工廠現在一直在生產 450 瓦模塊。我們仍有望在今年第四季度在整個車隊範圍內實施 Series 6 Plus。

As previously announced, our Series 6 CuRe modules offer an industry-leading 30-year 0.2% annual warranty degradation rate, which is up to 60% lower than conventional crystalline silicon product. Additionally, we anticipate improving module efficiency, enabling a top production bin of 460- to 465-watt by the end of 2021. We anticipate this lower degradation rate, combined with improved temperature coefficient and superior spectral response, will build upon our existing energy advantages, especially in hot and humid climates.

正如之前宣布的那樣，我們的 6 系列 CuRe 模塊提供行業領先的 30 年每年 0.2% 的保修退化率，比傳統的晶體矽產品低 60%。此外，我們預計將提高模塊效率，到 2021 年底實現 460 至 465 瓦的頂級生產箱。我們預計這種較低的降解率，結合改進的溫度係數和卓越的光譜響應，將建立在我們現有的能源優勢之上，尤其是在炎熱潮濕的氣候中。

As previously indicated, CuRe significantly increases Series 6 competitiveness against bifacial modules. As a result of the aforementioned advantages as compared to a leading crystalline silicon bifacial module, we estimate that our CuRe module can produce up to 10% more life cycle kilowatt hours per kilowatt installed in certain climates with extreme heat and humidity.

如前所述，CuRe 顯著提高了 Series 6 對雙面組件的競爭力。與領先的晶體矽雙面組件相比，由於上述優勢，我們估計，在某些極端高溫和潮濕的氣候條件下，我們的 CuRe 組件每千瓦可產生高達 10% 的生命週期千瓦時。

Finally, we remain on track to implement CuRe and our lead line by the fourth quarter of this year, and fleet-wide by the end of the first quarter of next year. As part of our R&D efforts, our CuRe program successfully removes copper from our cad tel vapor deposition process. This enhances the long-term stability of our CuRe modules. And based on initial performance in the field and an accelerated life test, demonstrates a near 0 annual degradation rate. Given PV power plants have useful life approaching 40 years, a reduction in the annual derogation rate can contribute to meaningfully higher lifetime energy. CuRe, along with First Solar's other industry first and only product warranty that specifically covers power loss from cell cracking are recent examples of innovations that enhance our competitive position in the market.

最後，我們仍有望在今年第四季度之前實施 CuRe 和我們的領先生產線，並在明年第一季度末在整個車隊範圍內實施。作為我們研發工作的一部分，我們的 CuRe 計劃成功地從我們的 cad tel 氣相沉積工藝中去除了銅。這增強了我們的 CuRe 模塊的長期穩定性。並且基於現場的初始性能和加速壽命測試，展示了接近 0 的年降解率。鑑於光伏電站的使用壽命接近 40 年，降低年減損率有助於顯著提高使用壽命能源。 CuRe 以及 First Solar 的其他行業首創且唯一專門涵蓋電池破裂功率損失的產品保修是最近的創新示例，這些創新增強了我們在市場上的競爭地位。

Finally, We are continuing to evaluate the potential to leverage the high-band gap advantages of cad tel in a tandem or multi-junction device. A tandem device has the potential to be a disruptive high efficiency, low cost with an advantaged energy generation profile, leveraging many of the innovations in our cad tel technology road map. Additionally, we believe a thin film semiconductor will be the key differentiator to achieve the highest-performing tandem PV module.

最後，我們將繼續評估在串聯或多結器件中利用 cad tel 的高帶隙優勢的潛力。串聯設備具有顛覆性的高效率、低成本和有利的能源生成配置的潛力，利用我們 cad tel 技術路線圖中的許多創新。此外，我們相信薄膜半導體將是實現最高性能串聯光伏組件的關鍵差異化因素。

I'll now turn the call over to Alex, who will discuss our first quarter financial results and 2021 guidance.

我現在將電話轉給亞歷克斯，他將討論我們的第一季度財務業績和 2021 年指導。

Thanks, Mark. Starting on Slide 7, I'll cover the income statement highlights for the first quarter. Net sales in Q1 were $803 million, an increase of $194 million compared to the prior quarter. The increase in net sales was primarily due to an increase in systems revenue driven by the sale of Sun Streams 2, 4 and 5 projects.

謝謝，馬克。從幻燈片 7 開始，我將介紹第一季度的損益表亮點。第一季度的淨銷售額為 8.03 億美元，與上一季度相比增加了 1.94 億美元。淨銷售額的增長主要是由於 Sun Streams 2、4 和 5 項目的銷售推動了系統收入的增長。

On a segment basis, our module segment revenue in Q1 was $535 million compared to $548 million in the prior quarter. And note, given the Sun Streams 2 project was in construction at the time of sale, the majority of the modules are recognized as revenue in the Systems segment.

在細分市場的基礎上，我們第一季度的模塊業務收入為 5.35 億美元，而上一季度為 5.48 億美元。請注意，鑑於 Sun Streams 2 項目在銷售時正在建設中，大部分模塊被確認為系統部門的收入。

Gross margin was 23% in Q1 compared to 26% in Q4 of 2020. Systems segment gross margin was 31% in Q1 compared to 18% in Q4 of 2020. And this increase was primarily driven by the aforementioned project sales in Q1.

第一季度毛利率為 23%，而 2020 年第四季度為 26%。第一季度系統部門毛利率為 31%，而 2020 年第四季度為 18%。這一增長主要受上述第一季度項目銷售的推動。

Despite the aforementioned delay in certain module deliveries as well as higher-than-expected logistics costs, our Q1 module segment gross margin was 19%, which was in line with the guidance we provided on the prior earnings call. Our module segment gross margin in Q1 includes $1 million of charges associated with the initial ramp from our new factory in Malaysia, and $4 million of underutilization expense stemming from planned downtime to throughput and technology upgrades. Ramp and underutilization expense, in total, reduced module segment gross margin by approximately 1%.

儘管上述某些模塊交付延遲以及物流成本高於預期，但我們的第一季度模塊部門毛利率為 19%，這與我們在之前的財報電話會議上提供的指導一致。我們在第一季度的模塊部門毛利率包括與我們在馬來西亞的新工廠的初始產量相關的 100 萬美元的費用，以及因計劃停機到吞吐量和技術升級而產生的 400 萬美元的未充分利用費用。總體而言，斜坡和未充分利用費用使模塊部門的毛利率降低了約 1%。

Also as a reminder, sales rate and warranty are included in our cost of sales and reduced module segment gross margin by 8 percentage points in Q1 compared to 7 and 6 percentage points in Q4 and Q3 of last year. Despite utilizing contracted routes, minimizing changes and using a distribution center, we incurred higher rates during Q1 due to constrained container availability in the global shipping market.

另外提醒一下，我們的銷售成本中包含了銷售率和保修，並且與去年第四季度和第三季度的 7 個和 6 個百分點相比，第一季度模塊部門的毛利率降低了 8 個百分點。儘管使用了合同航線，盡量減少變更並使用配送中心，但由於全球航運市場的集裝箱供應受限，我們在第一季度的運費較高。

SG&A and R&D expenses totaled $72 million in the first quarter, a decrease of approximately $13 million compared to the prior quarter. This decrease was primarily driven by a $6 million decrease in development project impairment charges between Q1 and Q4 of 2020 and lower share-based compensation expense in Q1, which was partially offset by $2 million in liquidated damages related to our U.S. development asset in Q1. Production startup, which is included in operating expenses totaled $11 million in the first quarter, a decrease of $5 million compared to the prior quarter. This decrease was driven by the start of production of our second Series 6 factory in Malaysia in February.

第一季度的 SG&A 和研發費用總計 7200 萬美元，與上一季度相比減少了約 1300 萬美元。這一下降主要是由於 2020 年第一季度至第四季度開發項目減值費用減少了 600 萬美元，以及第一季度股權補償費用減少，這部分被第一季度與我們的美國開發資產相關的 200 萬美元違約金所抵消。包括在運營費用中的生產啟動在第一季度總計 1100 萬美元，與上一季度相比減少了 500 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 2 月開始生產。

We also acknowledge the widespread use of non-GAAP financial measures across financial markets, we recognize the certainty and comparability of consistently providing historical financials and guidance on a GAAP basis can bring to analysts and investors. However, we also appreciate the need to understand noncash and certain onetime costs in calculating valuation metrics and will, therefore, as appropriate, continue to highlight many of these items.

我們也承認非公認會計原則財務指標在金融市場上的廣泛使用，我們認識到在公認會計原則基礎上持續提供歷史財務數據和指導可以為分析師和投資者帶來確定性和可比性。然而，我們也意識到在計算估值指標時需要了解非現金和某些一次性成本，因此將酌情繼續強調其中的許多項目。

And in this context, Q1 operating income was $252 million, which included depreciation and amortization of $63 million; share-based compensation of $3 million; ramp, underutilization and production start-up expense totaling $16 million; and a gain on the sale of our U.S. project development in North American O&M businesses of $151 million.

在此背景下，第一季度營業收入為 2.52 億美元，其中包括折舊和攤銷 6300 萬美元； 300萬美元的股份補償；斜坡、未充分利用和生產啟動費用總計 1600 萬美元；以及出售我們在北美 O&M 業務中的美國項目開發的收益 1.51 億美元。

In Q1, we realized a $12 million gain on the sales of certain marketable securities associated with our end-of-life module collection and recycling program within the other income line on the P&L. We recorded tax expense of $46 million in the first quarter compared to a tax benefit of $66 million in the prior quarter. And the increase in tax expense for Q1 is attributable to an increase in pretax income and a discrete tax benefit in Q4 of 2020 of $61 million associated with the closing of the statute of limitations on uncertain tax positions. Combination of the aforementioned items led to a first quarter earnings per share of $1.96 compared to $1.08 in Q4 of 2020.

在第一季度，我們在損益表的另一個收入線中實現了與我們的報廢模塊收集和回收計劃相關的某些有價證券的銷售收益 1200 萬美元。我們在第一季度記錄了 4600 萬美元的稅收支出，而上一季度的稅收優惠為 6600 萬美元。第一季度稅收支出的增加歸因於稅前收入的增加和 2020 年第四季度的離散稅收收益 6100 萬美元，這與關閉不確定稅收狀況的時效有關。上述項目的組合導致第一季度每股收益為 1.96 美元，而 2020 年第四季度為 1.08 美元。

Next, turning to Slide 8, I'll discuss select balance items and summary cash flow information. Our cash, cash equivalents, marketable securities and restricted cash balance ended the quarter at $1.8 billion, which was largely unchanged compared to the prior quarter.

接下來，轉到幻燈片 8，我將討論選擇的餘額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 18 億美元，與上一季度相比基本沒有變化。

Several factors impacted our quarter end cash balance. Firstly, while we completed the sale of our U.S. project development business and certain equipment on March 31, for an aggregate transaction price of $284 million, the proceeds from the transaction we received in early April.

有幾個因素影響了我們的季度末現金餘額。首先，雖然我們在 3 月 31 日以 2.84 億美元的總交易價格完成了我們在美國的項目開發業務和某些設備的出售，但我們在 4 月初收到的交易收益。

Secondly, as previously mentioned, we sold certain restricted marketable securities associated with our end-of-life collection recycling program for total proceeds of $259 million. And whilst we intend to subsequently reinvest these proceeds, as of quarter end, they were included on the balance sheet as restricted cash.

其次，如前所述，我們出售了與我們的報廢回收計劃相關的某些受限有價證券，總收益為 2.59 億美元。雖然我們打算隨後將這些收益再投資，但截至季度末，它們已作為受限現金計入資產負債表。

Thirdly, whilst we completed the sale of our Sun Streams 2, 4 and 5 projects during the quarter, due to the contemplated payment structure, the closing of these transactions did not have a significant impact on our quarter end cash balance.

第三，雖然我們在本季度完成了 Sun Streams 2、4 和 5 項目的銷售，但由於預期的付款結構，這些交易的結束並沒有對我們的季度末現金餘額產生重大影響。

And finally, the proceeds received from the sale of our North American O&M business were offset by operating expenses and capital expenditures in Q1.

最後，出售我們的北美 O&M 業務所獲得的收益被第一季度的運營費用和資本支出所抵消。

Total debt at the end of the first quarter was $257 million, a decrease of $22 million from the end of Q4. This decrease was driven by payment of a loan balance that matured during Q1 and was partially offset by loan drawdown for projects in Japan. And as a reminder, all of our outstanding debt continues to be project-related and will come off our balance sheet when the corresponding project is solved.

第一季度末總債務為 2.57 億美元，比第四季度末減少 2200 萬美元。這一下降是由於支付了在第一季度到期的貸款餘額，並被日本項目的貸款提取部分抵消。提醒一下，我們所有的未償債務仍然與項目相關，並且會在相應項目解決後從我們的資產負債表中扣除。

Our net cash position, which includes cash, cash equivalents, restricted cash and marketable securities less debt, increased by approximately $25 million to $1.5 billion as a result of the aforementioned factors.

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）增加了約 2500 萬美元至 15 億美元。

Net working capital in Q1, which includes noncurrent project assets and excludes cash and marketable securities, increased by $423 million compared to the prior quarter. This includes primarily driven by a $472 million increase in accounts receivable related to our U.S. project development business and our Sun Streams 2 sales, which was partially offset by a decrease in project assets.

第一季度的淨營運資本（包括非流動項目資產，不包括現金和有價證券）與上一季度相比增加了 4.23 億美元。這主要是由於與我們的美國項目開發業務和我們的 Sun Streams 2 銷售相關的應收賬款增加了 4.72 億美元，這部分被項目資產的減少所抵消。

Net cash used by operating activities was $279 million in the first quarter, which includes the aforementioned increase in accounts receivable related to the payment timing of our U.S. project development business and Sun Streams 2 sales. And finally, capital expenditures were $90 million in the first quarter compared to $89 million in the prior quarter.

第一季度運營活動使用的現金淨額為 2.79 億美元，其中包括上述與我們美國項目開發業務的付款時間和 Sun Streams 2 銷售相關的應收賬款增加。最後，第一季度的資本支出為 9000 萬美元，而上一季度為 8900 萬美元。

Continuing on to Slide 9, I'll next discuss 2021 guidance. Our Q1 earnings provide a positive start to the year, but we are leaving our EPS guidance unchanged the time being largely due to the following.

繼續幻燈片 9，接下來我將討論 2021 年指南。我們的第一季度收益為今年提供了一個積極的開端，但我們暫時保持每股收益指引不變，主要是由於以下原因。

Firstly, whilst at the time of our prior earnings call, we anticipated a gain on the sale of our U.S. project development and North American O&M businesses of $135 million to $150 million. At closing, we recognized a pretax gain of $151 million.

首先，雖然在我們之前的財報電話會議上，我們預計出售我們的美國項目開發和北美 O&M 業務將獲得 1.35 億美元至 1.5 億美元的收益。交易結束時，我們確認了 1.51 億美元的稅前收益。

Secondly, the swift ramp of our second Series 6 factory in Malaysia, the factory quickly exited its ramp period. As a result, we're anticipating a reduction in our full year ramp expense, which we anticipate will be partially offset by an increase in production staffing expense.

其次，我們在馬來西亞的第二家Series 6工廠的快速爬坡，工廠迅速退出了爬坡期。因此，我們預計全年坡道費用將減少，我們預計這將被生產人員費用的增加部分抵消。

Thirdly, whilst we have strategies in place to mitigate the potential negative effects of higher costs, including sales rate and aluminum, assumptions about these costs in our mitigating strategies are affected in our 2021 guidance.

第三，雖然我們制定了策略來減輕更高成本（包括銷售率和鋁材）的潛在負面影響，但我們在 2021 年指導中對緩解策略中這些成本的假設會受到影響。

Finally, February earnings call, we anticipated sales rate would reduce our full year 2021 module segment gross margin by 7 to 8 percentage points. Whilst we continue to mitigate the effects of high shipping rates through improved efficiency, expansion of our distribution network and implementation of Series 6 Plus, we currently anticipate sales rate will reduce our 2021 module segment gross margin by 7.5 to 8.5 percentage points, 50 basis point increase from the prior earnings call.

最後，在 2 月份的財報電話會議上，我們預計銷售率將使我們 2021 年全年模塊部門的毛利率降低 7 至 8 個百分點。雖然我們繼續通過提高效率、擴大我們的分銷網絡和實施 6 Plus 來減輕高運費的影響，但我們目前預計銷售率將使我們 2021 年模塊部門的毛利率降低 7.5 至 8.5 個百分點，即 50 個基點較之前的財報電話會議有所增加。

Also, whilst the hedge we put in place have mitigated some of the effects of higher commodity costs, uncertainty relating to future costs is considered in the low end of our guidance range. Whilst we're facing near-term cost challenges predominantly related to sales rate, our confidence related to our previously disclosed midterm cost per watt reduction road map remains unchanged.

此外，雖然我們採取的對沖措施減輕了商品成本上漲的一些影響，但與未來成本相關的不確定性被認為是我們指導範圍的低端。雖然我們面臨主要與銷售率相關的近期成本挑戰，但我們對先前披露的中期每瓦成本降低路線圖的信心保持不變。

These factors in mind, we are updating our 2021 guidance as follows: Our module segment revenue guidance of $2.45 billion to $2.55 billion is unchanged; our updated net sales guidance is $2.85 million to $3.025 billion, which reflects a $25 million increase to the high end of our systems revenue guidance; our module segment gross margin guidance is $565 million to $615 million, which represents a $15 million and $10 million reduction, respectively, to the low and high end of our previous guidance range. This revision reflects our current expectations that relates to commodity and sales rate costs, which is partially offset by a reduction in ramp-related expense.

考慮到這些因素，我們將 2021 年的指引更新如下：我們的 24.5 億美元至 25.5 億美元的模塊部門收入指引保持不變；我們更新後的淨銷售額指引為 285 萬美元至 30.25 億美元，這反映了我們系統收入指引的高端增加了 2500 萬美元；我們的模塊部門毛利率指導為 5.65 億美元至 6.15 億美元，這分別比我們先前指導範圍的低端和高端減少了 1500 萬美元和 1000 萬美元。這一修訂反映了我們目前對商品和銷售費率成本的預期，這部分被斜坡相關費用的減少所抵消。

Note, as a result of these costs, we anticipate our Q4 module segment gross margin by approximately 25%. This anticipated module segment gross margin includes $10 million of underutilization expense related to factory upgrades which is expected to reduce module segment gross margin by approximately 2%. We also anticipate approximately 60% of our module segment gross revenue for the year will be recognized in the second half of the year.

請注意，由於這些成本，我們預計第四季度模塊部門的毛利率約為 25%。這一預期的模塊部門毛利率包括 1000 萬美元與工廠升級相關的未充分利用費用，預計這將使模塊部門的毛利率降低約 2%。我們還預計，今年我們模塊部門總收入的約 60% 將在下半年確認。

Our updated systems segment gross margin guidance is $130 million to $160 million, which reflects a $10 million increase to the high end of the range due to the potential recovery of historic systems costs, a portion of which we have already received. I anticipate the majority of our remaining full year systems segment revenue and gross margin will be recognized in the second half of the year.

我們更新後的系統部門毛利率指導為 1.3 億美元至 1.6 億美元，這反映了由於歷史系統成本的潛在恢復，該範圍的高端增加了 1000 萬美元，其中一部分我們已經收到。我預計我們剩餘的全年系統部門收入和毛利率的大部分將在下半年得到確認。

Our revised total gross margin guidance is $695 million to $775 million, which reflects a $15 million decrease to the low end of the range. SG&A and R&D expenses have been lowered by $5 million to a revised range of $265 million to $275 million. Production start-up expenses have increased by $5 million. And as a result, our operating expense guidance range of $285 million to $300 million is unchanged.

我們修訂後的總毛利率指引為 6.95 億美元至 7.75 億美元，這反映出該範圍的低端減少了 1500 萬美元。 SG&A 和研發費用已降低 500 萬美元，修訂後的範圍為 2.65 億美元至 2.75 億美元。生產啟動費用增加了 500 萬美元。因此，我們 2.85 億美元至 3 億美元的運營費用指導範圍保持不變。

Operating income guidance of $545 million to $640 million is unchanged. That includes anticipated depreciation and amortization of $263 million, share-based compensation of $21 million, ramp, underutilization and production start-up expense totaling $61 million to $66 million, and a gain on the sale of our U.S. project development in North American O&M businesses of $151 million.

5.45 億美元至 6.4 億美元的營業收入指引保持不變。這包括 2.63 億美元的預期折舊和攤銷、2100 萬美元的股權補償、總計 6100 萬至 6600 萬美元的坡道、未充分利用和生產啟動費用，以及出售我們在北美 O&M 業務中的美國項目開發的收益1.51億美元。

Our tax guidance of $100 million to $120 million is unchanged and includes approximately $34 million of expense related to the sales of our U.S. project development and North American O&M businesses. Earnings per share guidance of $4.05 to $4.75 remains unchanged. And our net cash, capital expenditures and shipment guidance also remains unchanged.

我們 1 億至 1.2 億美元的稅收指導保持不變，其中包括與我們的美國項目開發和北美 O&M 業務的銷售相關的大約 3400 萬美元的費用。每股收益 4.05 美元至 4.75 美元的指引保持不變。我們的淨現金、資本支出和出貨指引也保持不變。

Turning to Slide 10, I'll summarize the key messages from our call today. Our financial perspective delivered strong Q1 EPS of $1.96, module segment gross margin in line with our Q1 guidance and reiterated our 2021 EPS guidance range of $4.05 to $4.75 per share.

轉到幻燈片 10，我將總結我們今天電話會議的關鍵信息。我們的財務觀點實現了強勁的第一季度每股收益 1.96 美元，模塊部門毛利率符合我們的第一季度指引，並重申了我們 2021 年每股收益 4.05 美元至 4.75 美元的指引範圍。

Operational, our second Series 6 factory exited its ramp period and our nameplate manufacturing capacity increased to 7.9 gigawatts. Additionally, as a result of continued execution, we're on track to achieve our target 11% cost per watt produced reduction between the end of the fourth quarters of 2020 and 2021. And finally, Series 6 demand has been robust with 4.8 gigawatts of year-to-date net bookings, which includes 2.9 gigawatts since the previous earnings call.

在運營中，我們的第二家 6 系列工廠結束了其爬坡期，我們的銘牌製造能力增加到 7.9 吉瓦。此外，由於持續執行，我們有望在 2020 年第四季度末至 2021 年期間實現每瓦生產成本降低 11% 的目標。最後，系列 6 的需求強勁，達到 4.8 吉瓦年初至今的淨預訂量，其中包括自上次財報電話會議以來的 2.9 吉瓦。

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

至此，我們結束準備好的發言並開始提問。操作員？

(Operator Instructions) The first question is from Philip Shen from ROTH Capital.

（操作員說明）第一個問題來自 ROTH Capital 的 Philip Shen。

The first one is on pricing. I know, Mark, you gave some detail on the decrease of 11% year-over-year in '22 with the bookings you have. But crystalline silicon pricing is up meaningfully. Our checks are for pricing at the $0.35 to $0.38 level at the spot market. And so how do you expect -- how is that impacting your discussions? How much of that can you benefit from?

第一個是關於定價的。我知道，馬克，您詳細介紹了 22 年您的預訂量同比下降 11%。但晶體矽價格大幅上漲。我們的支票適用於現貨市場 0.35 至 0.38 美元的定價。那麼您如何期望 - 這對您的討論有何影響？你能從中受益多少？

And then in terms of my second question here, as it relates to capacity, I was wondering if you could provide a little bit more color. India was on the road map for a bit. But with the COVID problems there, I can imagine India is off the table. So what variables are you using and thinking about as you consider locking in capacity expansion and a decision? Do you need more clarity from the Biden administration, for example? And I know it's going to come in Q2, but some additional color there would be fantastic.

然後就我的第二個問題而言，因為它與容量有關，我想知道您是否可以提供更多顏色。印度在路線圖上停留了一段時間。但由於那裡的新冠病毒問題，我可以想像印度不在討論範圍之內。那麼，當您考慮鎖定容量擴展和決策時，您正在使用和考慮哪些變量？例如，您是否需要拜登政府提供更多明確信息？而且我知道它會在第二季度出現，但是會有一些額外的顏色會很棒。

Yes. Phil, first off, on the pricing environment, clearly, we've seen pricing firm up. The -- as you look across the horizon, whether it's -- we don't have a lot of volume for the current year. But at the extent you had some available supply current, you'd see firmer pricing. But even if you look across the horizon into '22, '23 and '24.

是的。菲爾，首先，關於定價環境，很明顯，我們已經看到定價堅挺。 - 當你看到地平線時，無論是 - 我們今年的交易量都不是很多。但是，如果您有一些可用的供應電流，您會看到更穩固的定價。但是，即使您將目光越過地平線進入 '22、'23 和 '24。

The one limiting factor that -- relative to the number that you referenced is that there's -- in the U.S. in particular, the projects that people have bid are under significant pressure really from all dimensions. And ultimately, it still will come down to an affordability -- look, there's going to be a number of these projects that are just not going to happen. Because when you look at the general cost pressures that they're seeing, just commodity cost pressures, right? I mean steel going up, aluminum going up, copper going up, you're seeing pretty much the entire balance of system, labor costs under pressure as well is putting strain on all these projects. And so one of the things we've got to be mindful of is we price across the horizon, it still has to fundamentally work within a customer's pro forma, their financials have to work.

一個限制因素——相對於你提到的數字是——特別是在美國，人們投標的項目確實面臨著來自各個方面的巨大壓力。最終，它仍將歸結為可負擔性——看，將有許多這樣的項目不會發生。因為當你看到他們看到的一般成本壓力時，只是商品成本壓力，對嗎？我的意思是鋼鐵上漲，鋁上漲，銅上漲，您幾乎可以看到整個系統的平衡，勞動力成本也面臨壓力，這給所有這些項目帶來了壓力。因此，我們必須注意的一件事是，我們的定價跨越了地平線，它仍然必須從根本上在客戶的備考中發揮作用，他們的財務狀況必鬚髮揮作用。

And so to try to go out and capture the highest potential price point. I'm not sure it's going to service the best when it comes to ensuring the viability of the project. And so we've been trying to work with very capable, well-financed counterparties and having high certainty and quality of the execution of the projects, which inform our views around certainty of execution, which then we need to make sure that the economics around pricing work.

所以要嘗試走出去，抓住最高的潛在價格點。在確保項目的可行性方面，我不確定它是否會提供最好的服務。因此，我們一直在努力與非常有能力、資金充足的交易對手合作，並且項目執行的確定性和質量都很高，這為我們提供了關於執行確定性的觀點，然後我們需要確保圍繞執行的經濟性定價工作。

The other thing I'd say that falls into the equation is the -- our confidence around our cost reduction road map. So as you look to our cost reduction road map, we're very happy with where we are and the opportunities that's still in front of us to drive costs down meaningfully lower than where it is right now.

我想說的另一件事是——我們對降低成本路線圖的信心。因此，當您查看我們的成本降低路線圖時，我們對我們所處的位置以及仍然擺在我們面前的機會感到非常滿意，可以將成本顯著降低到低於現在的水平。

The 1 piece of the cost structure that is not as robust and ability to control that we're highlighting right now is sales rate. But as we're looking forward into these new contracts, we're putting variable structures in there around sales rate, such that we're not being -- carrying that risk profile that the customer is going to share in that. And to the extent that the sales rate environment stays similar to where it is right now, then there's pass-through of that cost. So it's a slightly different dynamic than what we have had historically.

我們現在強調的成本結構中不那麼健壯和控制能力不強的一項是銷售率。但是，當我們期待這些新合同時，我們將圍繞銷售率設置可變結構，這樣我們就不會 - 承擔客戶將分享的風險狀況。如果銷售率環境與現在保持相似，那麼該成本就會轉嫁。因此，這與我們歷史上的動態略有不同。

So those variables all factor in and how we price. And there is an opportunistic moment right now. We look to ourselves as establishing deep partnerships and relationships with our end customers, customers that we know have capabilities to execute and try to create enough a solution that works for both parties, right, in that regard.

所以這些變量都會影響我們的定價方式。現在有一個機會主義的時刻。我們認為自己與我們的最終客戶建立了深厚的合作夥伴關係和關係，我們知道客戶有能力執行並嘗試創建足夠的解決方案，對雙方都有效，在這方面。

As it relates to the capacity expansion. Look, India is -- it's going through a horrible time right now. I mean you see cases that are close to 40,000 a day, I mean, which is horrific. But I wouldn't -- I don't want you to think that because of that, I mean, we're confident that with the help that India will continue to receive from international partners in lines like the United States and others that this will be a difficult challenge they will have to get through, but they will get through it. And we're still evaluating India very significantly as a growth market for us.

因為它涉及到產能擴張。看，印度——它現在正在經歷一段可怕的時期。我的意思是，你看到的病例每天接近 40,000 例，我的意思是，這太可怕了。但我不會——我不想讓你認為，正因為如此，我的意思是，我們相信，在印度將繼續從美國和其他國家等國際合作夥伴那裡獲得幫助的情況下，這將是他們必須克服的艱鉅挑戰，但他們會克服它。我們仍然非常重視印度作為我們的增長市場。

When we look at the technology and the competitiveness of the technology in India, it's ideally suited. Our cad tel technology, especially with CuRe, an improved long-term degradation rate, hot humid climate, mainly fixed tilt structures, mainly monofacial, therefore, the true value uplift we get from CuRe against monofacial realizes itself in higher ASPs. The fact that the duties that have been imposed right now for imports, makes it even more critical for us to say how do we address that market, even the advanced or the approved list of module manufacturers, another constraint to access in the Indian market. So India is a very important market for us.

當我們審視印度的技術和技術競爭力時，它非常適合。我們的 cad tel 技術，尤其是 CuRe，長期降解率提高，氣候炎熱潮濕，主要是固定傾斜結構，主要是單面，因此，我們從 CuRe 獲得的對單面的真正價值提昇在更高的 ASP 中實現。事實上，目前對進口徵收的關稅，讓我們更重要的是要說明我們如何應對該市場，甚至是模塊製造商的先進或批准名單，這是進入印度市場的另一個限制因素。所以印度對我們來說是一個非常重要的市場。

U.S. as well. U.S., we're very well positioned to -- we've got already, when we expanded in Ohio, we have an option on -- or actually we purchased additional land that would accommodate a larger facility. And the current statement of commitment that we're seeing from the administration is positive, but unfortunately, slow to act in some regards, so that is a little frustrating. But generally, we think there's a pretty good undertone and support for enabling our more capacity here in our most important market.

美國也一樣。在美國，我們處於非常有利的位置——我們已經有了，當我們在俄亥俄州擴張時，我們可以選擇——或者實際上我們購買了額外的土地來容納更大的設施。我們目前從政府那裡看到的承諾聲明是積極的，但不幸的是，在某些方面行動緩慢，所以這有點令人沮喪。但總的來說，我們認為在我們最重要的市場上增加我們的產能有很好的底色和支持。

And as we highlighted in the call, the benefit of sales rate being close to market. You can take $0.01 or so of cost out from sales rate, right, to drive the cost down to be even more competitive. So that's all important.

正如我們在電話會議中強調的那樣，銷售率接近市場的好處。您可以從銷售率中扣除 0.01 美元左右的成本，以降低成本以提高競爭力。所以這很重要。

The other thing I would say to make sure it's clear, Phil, is that the other thing that we're doing is that the next factory or factories, right, will be larger than anything we have today. And they will be our most advanced and competitively positioned product. And in some cases, we're also going to further enhance automation through the factory process.

為了確保清楚，菲爾，我要說的另一件事是，我們正在做的另一件事是，下一個或多個工廠，對，將比我們今天擁有的任何東西都大。它們將是我們最先進、最具競爭力的產品。在某些情況下，我們還將通過工廠流程進一步提高自動化程度。

So it's going to be best product, highest-performing lowest cost that will be step function and prudent from where we are right now. And so that's taking a little bit more time validating and solidifying all that work to get comfortable with that. We've been spending a lot of time, I wanted to make it clear in the call that we will be making a final decision by the July earnings call because I know it's something we continue to get asked questions around, we're pretty advanced in our evaluation. To the extent we make the decision to move forward. And you can hit all the criteria that we highlighted, then we'll make sure we make that announcement in July. If we choose not to do it, then we'll provide the direction that we're going to move forward in lieu with that.

因此，它將成為最好的產品，性能最高的最低成本，這將是我們現在所處的階梯功能和謹慎的。所以這需要更多的時間來驗證和鞏固所有的工作來適應它。我們已經花了很多時間，我想在電話會議中明確表示，我們將在 7 月的財報電話會議前做出最終決定，因為我知道這是我們繼續被問到的問題，我們非常先進在我們的評價中。在我們決定繼續前進的範圍內。您可以達到我們強調的所有標準，然後我們將確保在 7 月發布該公告。如果我們選擇不這樣做，那麼我們將提供我們將繼續前進的方向來代替它。

So -- but yes, we're -- a lot of good work being done right now, but we want to make sure whatever we do is that we really create, again, a competitively advantaged disruptive product from where we are right now.

所以 - 但是，是的，我們現在正在做很多好的工作，但我們希望確保我們所做的一切都是我們真正創造出具有競爭優勢的顛覆性產品。

So just 1 thing I'll add on the ASPs is that for the deals we're booking right now, either deals that we've likely been in discussion with customers on for many months. And I think the phenomenon you're seeing around is crystalline silicon pricing has come relatively recently.

所以我要在 ASP 上添加的一件事是，對於我們現在預訂的交易，無論是我們可能已經與客戶討論了好幾個月的交易。我認為你看到的現像是晶體矽定價是最近才出現的。

Whilst I'm sure many of our competitors were taking opportunity to enable on pricing that was perhaps put out as firm over a period of time. As Mark said, we look for long-term relationships with customers, we've chosen not to do that. So we've held pricing despite what we're seeing in the market. I just want to make that point also.

雖然我確信我們的許多競爭對手都在利用機會來實現可能在一段時間內被推出的定價。正如馬克所說，我們尋求與客戶的長期關係，我們選擇不這樣做。因此，儘管我們在市場上看到了什麼，我們仍然保持定價。我也只想說明這一點。

Your next question is from Michael Weinstein of Credit Suisse Securities.

您的下一個問題來自瑞士信貸證券的 Michael Weinstein。

Do you have any potential plans to produce a residential product, given continuous efficiency improvements. I was thinking perhaps the tandem-junction product that you mentioned?

鑑於持續的效率提高，您是否有任何潛在的住宅產品生產計劃？我在想也許你提到的串聯連接產品？

Yes. Look, that product will be ideally suited for that type of application, right? So it's going to be highest efficiency, but it's best energy profile. And that would be -- we would target segments of the market that will pay a premium for the efficiency, and residential would be a primary market for that. And so as we get further along in commercializing that and scaling up that technology. Then yes, I think it expands the market segment that today, we historically have not sold into. But there'll be other high-efficiency markets that we'll want to look to in terms of land constraint and other challenges that you have to deal with where a high-efficiency product could be advantageous. But yes, residential would be one.

是的。看，該產品將非常適合這種類型的應用程序，對吧？所以這將是最高的效率，但它是最好的能源配置文件。那將是 - 我們將瞄準那些會為效率支付溢價的市場細分市場，而住宅將是主要市場。因此，隨著我們進一步將其商業化並擴大該技術。那麼是的，我認為它擴大了今天我們歷史上沒有銷售的細分市場。但是，在土地限制和您必須應對的其他挑戰方面，我們將希望關注其他高效市場，而高效產品可能具有優勢。但是，是的，住宅就是其中之一。

That's great. And just a follow-up on the last call -- the last couple of questions you asked. you answered about optionality in pricing. How about tariffs? How do you deal with the possibility that there might be additional tariffs or tariffs might be going away in your pricing going forward, like for you have for '22, '23, '24?

那太棒了。只是對上次通話的跟進——你問的最後幾個問題。您回答了定價的可選性。關稅如何？您如何處理可能會有額外關稅或關稅可能會在您的定價中消失的可能性，就像您對 '22、'23、'24 的情況一樣？

Look, I've kind of alluded to this for a while. I mean we haven't really been -- the issue is tariffs on competition or tariffs on our own product. And that some it's just the tariffs that were imposed on crystalline silicon through the 201. We We've been -- unfortunately, after the first 16 months of the 201 being implemented, the tariffs went away because of the bifacial exemption. And yes, and it's been reinstated, I guess, late last year. But most of what we had already sold really through from whatever was June of '19 until now, it hasn't really been influenced by tariffs, the 201 tariffs, because of the bifacial exemption and product coming in from Southeast Asia into the U.S. market without having to pay tariffs.

看，我已經暗示了一段時間。我的意思是我們還沒有——問題是競爭關稅或我們自己產品的關稅。有些只是通過 201 對晶體矽徵收的關稅。我們一直 - 不幸的是，在 201 實施的前 16 個月後，由於雙面豁免，關稅就消失了。是的，我猜，它已經在去年年底恢復了。但是從 19 年 6 月到現在，我們已經真正銷售的大部分產品，並沒有真正受到關稅、201 關稅的影響，因為雙面豁免和產品從東南亞進入美國市場無需支付關稅。

And the fact that it was then reimposed late last year, it really didn't change much for us either because most of our 2021 volume was already sold through at that point in time. We try to continue to manage and develop relationships and partnerships. And even when the 201 were -- 201 tariffs were first imposed, it wasn't like we took that as an opportunity to gauge our customers, but it doesn't serve us any good. We're still in the early innings of this industry and the relationships that we establish and the trust that we create with our partners will determine each of our success over the next decades to come.

事實上，它在去年年底重新實施，對我們來說也沒有太大變化，因為我們 2021 年的大部分銷量在那個時候已經售罄。我們試圖繼續管理和發展關係和夥伴關係。即使第一次徵收 201 - 201 關稅，我們也沒有把它當作衡量客戶的機會，但這對我們沒有任何好處。我們仍處於這個行業的早期階段，我們建立的關係以及我們與合作夥伴建立的信任將決定我們在未來幾十年的每一次成功。

So yes, they could be influential. We do believe that they're important and we also do believe that there's a need to have additional U.S. manufacturing capability and tariffs can help enable that. But it's not something we feel that we would try to take advantage of.

所以是的，他們可能是有影響力的。我們確實相信它們很重要，我們也相信需要擁有額外的美國製造能力，而關稅可以幫助實現這一點。但這不是我們認為我們會試圖利用的東西。

As it relates to -- if our product were to be -- a product that we import from Southeast Asia manufacturer somehow would be subject to tariffs, and we have provisions within our contracts to try to address those types of events and circumstances, if they were to occur. My assumption is your question was just really more related to tariffs relative to our crystalline silicon competitors. It informs a thought around pricing, but it doesn't -- we would never want to take it as an opportunity to gauge our customers.

因為它涉及 - 如果我們的產品是 - 我們從東南亞製造商進口的產品將以某種方式受到關稅的影響，我們的合同中有條款試圖解決這些類型的事件和情況，如果他們發生。我的假設是，相對於我們的晶體矽競爭對手，您的問題實際上與關稅有關。它提供了一個關於定價的想法，但它沒有——我們永遠不想把它當作衡量我們客戶的機會。

Our next question is from J.B. Lowe with Citi.

我們的下一個問題來自花旗的 J.B. Lowe。

I just wanted to circle back on the project economics comment that you made, Mark, because we're seeing the kind of the same commentary from the crystalline silicon guys that they would like to push pricing higher given all their cost issues on the polysilicon side, but they're getting pushed back from customers who -- the economics are pretty thin on their front. So they're not having success pushing through pricing increases. So there's that.

我只是想回顧一下你所做的項目經濟評論，馬克，因為我們看到晶體矽專家的評論是，考慮到多晶矽方面的所有成本問題，他們希望提高定價，但他們被客戶推倒了——他們的經濟狀況非常薄弱。所以他們沒有成功推動價格上漲。所以就是這樣。

But I'm also wondering, is there anything in your backlog that you think is more at risk than anything else, just given that maybe some of the products that in your backlog have some of those spend margins? Just wondering what you're thinking about that.

但我也想知道，您的待辦事項中是否有任何您認為比其他任何事情更具風險的東西，只是考慮到您的待辦事項中的某些產品可能有一些支出利潤？只是想知道你在想什麼。

Look, again, when we price those modules, they all aligned up to our pro forma financials that would work for the end customer, right? Now to the extent that they have other price pressures that they're going to be seeing across their supply chain, chronic cost increases and things like that, yet potentially that drive thinner margins on their part. It could, it could happen. But as we said before, our pricing in -- for our contracts are firm obligations with security behind them. We have not seen that event happening relative to issues that our customers are incurring or there's any discussion in that regard. And look, there's a -- what we try to do is we try to find customers that they value the certainty of working with First Solar, and also working with counterparties that we can trust as well and honoring against their commitments. And we've been pretty successful in doing that.

再看一遍，當我們為這些模塊定價時，它們都與我們為最終客戶工作的備考財務狀況保持一致，對吧？現在，就他們將在整個供應鏈中看到的其他價格壓力而言，長期成本增加以及類似的事情，但可能會導致他們的利潤率下降。它可能，它可能發生。但正如我們之前所說，我們的定價——因為我們的合同是有保障的堅定義務。我們還沒有看到與我們的客戶遇到的問題相關的事件發生，或者在這方面有任何討論。看，有一個 - 我們試圖做的是我們試圖找到他們重視與 First Solar 合作的確定性的客戶，以及與我們也可以信任的對手方合作並兌現他們的承諾。我們在這方面做得非常成功。

These things could evolve differently. But what I would say right now is that when you try to think through a balanced relationship in trying to ensure certainty that certainty has to go away, it has to deliver against our commitments and our customers to accept their commitments that they've made as well when they contracted for the modules.

這些事情可能會以不同的方式發展。但我現在要說的是，當你試圖通過平衡的關係來確保確定性必須消失時，它必須兌現我們的承諾，我們的客戶必須接受他們做出的承諾好吧，當他們簽約模塊時。

Your next question is from Moses Sutton of Barclays.

您的下一個問題來自巴克萊銀行的摩西薩頓。

Of the 2.9 booked -- 2.9 gigawatts since last call, which include the recently signed Sun Streams projects, how much of that 2.9 originated from pure third-party module pipeline versus something that was originally in systems?

在 2.9 的預訂——自上次通話以來的 2.9 吉瓦（包括最近簽署的 Sun Streams 項目）中，有多少 2.9 來自純第三方模塊管道，而不是最初在系統中的東西？

So look, the Sun Streams module volume, when you say systems, it was not part of the system sales. So I want to make sure that that's clear, right? So that was a module sale.

所以看，Sun Streams 模塊數量，當你說系統時，它不是系統銷售的一部分。所以我想確保這很清楚，對吧？所以這是一個模塊銷售。

Main part of the systems pipeline, originally.

最初是系統管道的主要部分。

Well really, Sun Streams 3, 4 and 5 was never part of the systems pipeline. Well, 3 was, but then it got terminated, right? But most of that volume is not part of the systems pipeline. But in terms of -- and Alex, you may know this one, in terms of the module volume that when we sold Square, how much of that was included in the 2.9?

真的，Sun Streams 3、4 和 5 從來都不是系統管道的一部分。嗯，3 是，但後來它被終止了，對吧？但其中大部分不是系統管道的一部分。但就 - 和 Alex 而言，您可能知道這一點，就我們出售 Square 時的模塊數量而言，2.9 中包含了多少？

About 3/4 of a gig. 7 44. Yes. About 3/4 of a gigawatt.

大約 3/4 的演出。 7 44. 是的。大約 3/4 吉瓦。

The 2.89 -- so the 2.9, 7 44. And Moses, I know it's not part of the actual number, but I also want to make sure, since you asked the question, the other gigawatt that we just booked today was not at all tied to the systems businesses. So if you look at it, we've got 3.9 gigawatts that were booked since the last earnings call and 700-some megawatts would have been tied to the systems business.

2.89 -- 所以 2.9, 7 44。還有摩西，我知道這不是實際數字的一部分，但我也想確定，既然你問了這個問題，我們今天剛預訂的另一個千兆瓦根本不是與系統業務相關。因此，如果您看一下，自上次財報電話會議以來，我們已經預訂了 3.9 吉瓦，而係統業務將有 700 兆瓦。

Got it. Got it. And then do you think your panel weight and hence the freight cost per watt are the same for current Series 6 before the new initiatives, then for an average or common mono PERC poly competitor, we've noted divergent claims made by some buyers.

知道了。知道了。然後你認為你的面板重量和每瓦的運費與當前系列 6 在新舉措之前是相同的，然後對於普通或普通的單晶 PERC 多晶競爭者，我們注意到一些買家提出的不同主張。

So repeat the question one more time. I understand the weight I got that, I make sure I understand your question.

所以再重複一遍這個問題。我理解我得到的重量，我確保我理解你的問題。

So really, freight cost per watt, your panel versus an average mono PERC. I know they're all different. Would you say they compare? Or are they higher freight costs, typically?

所以真的，每瓦的運費，你的面板與平均單晶PERC。我知道他們都是不同的。你會說他們比較嗎？或者它們通常是更高的運費？

What we're seeing right now because of the larger form factors, and we're seeing modules now that are like 3 square meters and the like, and they've been shipping them vertically. Those cost of sales rate for those products are going to be much higher than where we are right now.

我們現在看到的是更大的外形尺寸，我們現在看到的是 3 平方米之類的模塊，它們一直在垂直運輸。這些產品的銷售成本將比我們現在的水平高得多。

So if you looked at where we would have been against the, let's say, the 2-meter square form factor, which was the standard before now there's variance all over the place, we would have been slightly higher and mainly because of -- we weighed out on a container. So they would actually be able to get more modules on it to a container than we would, and they had a slightly higher efficiency. But now if you go to bifacial glass class, larger form factor. What's actually happening is they're creating a disadvantage on freight cost for themselves.

所以如果你看看我們會反對的地方，比如說，2 平方米的外形尺寸，這是以前的標準，現在到處都有差異，我們會稍微高一點，主要是因為 - 我們在一個容器上稱重。所以他們實際上能夠比我們將更多的模塊放到一個容器中，而且他們的效率略高。但是現在，如果您參加雙面玻璃課程，則尺寸更大。實際發生的是，他們正在為自己的運費成本造成不利影響。

Your next question is from Brian Lee with Goldman Sachs.

您的下一個問題來自高盛的 Brian Lee。

I had 2. One on systems and just one on kind of the cost reduction path. First, on the systems, Mark, you said there's -- or Alex, you said there's $130 million to $160 million of gross profit this year in the guide. Just wondering after all the divestitures here recently, how much, if any, there's left to be monetized in 2022? And then if there's any Japan, in the near to medium term, you kind of you phrased it as like a 3- to 5-year opportunity. Just wondering if there's anything in the next 1 to 2 years there.

我有 2 個。一個是關於系統的，一個是關於成本降低路徑的。首先，關於系統，馬克，你說有——或者亞歷克斯，你說指南中今年的毛利潤為 1.3 億至 1.6 億美元。只是想知道最近這裡的所有資產剝離之後，2022 年還有多少（如果有的話）可以貨幣化？然後，如果有任何日本，在中短期內，您將其表述為 3 到 5 年的機會。只是想知道在接下來的 1 到 2 年內是否有任何東西。

And then on the cost reduction side, you mentioned 11% reduction in ASPs for the 2022 bookings at the moment. Cost reductions have been at that level or below, it seems like. So just wondering, is there a scenario in which you kind of start to accelerate that and maintain a stable gross margin on modules given you're sort of starting already 11% in the whole, if you will, on the pricing side heading into next year?

然後在降低成本方面，您提到目前 2022 年預訂的 ASP 降低了 11%。看來，成本降低一直在那個水平或以下。所以只是想知道，如果你願意的話，如果你願意的話，在定價方面進入下一個的情況下，你是否開始加速並保持模塊的穩定毛利率，如果你願意的話年？

Yes. So on the system side, we guided to the $130 million to $160 million for the year, about $80 million recognized in Q1, you got about $60 million to the midpoint for the rest of the year. Most of that comes from Japan. You're going to see that happen in the second half of the year. And then if you look through beyond that, you can think about there being a little bit of Japan nearer term, potentially more further out, but you're going to see Japan come in over the next 3 to 5 years. So you'll see an impact every year out of them.

是的。因此，在系統方面，我們將今年的目標定為 1.3 億至 1.6 億美元，第一季度確認了約 8000 萬美元，今年餘下時間將獲得約 6000 萬美元的中點。其中大部分來自日本。您將在今年下半年看到這種情況發生。然後，如果你看的更遠，你可以考慮在近期內有一點日本，可能更遠，但你會看到日本在未來 3 到 5 年內進入。因此，您每年都會看到它們的影響。

On the cost side, cost per watt, I think we've talked about an 11% cost per watt reduction on a produced basis for the year. So we see a production number that's matching what we see in terms of decline on ASP. And obviously, that's -- on a percentage basis on a lower number, you're going to have a little bit of gross margin squeeze if you have the same percent reduction from an ASP and a cost per watt side.

在成本方面，每瓦的成本，我認為我們已經談到了今年生產的每瓦成本降低了 11%。因此，我們看到的產量數字與我們在 ASP 下降方面看到的數字相匹配。顯然，這是 - 在較低數字的百分比基礎上，如果您從 ASP 和每瓦成本方面降低相同百分比，您將有一點毛利率壓縮。

The other thing to bear in mind, and Mark might want to talk a little more on the cost. But I'll just say on the OpEx side. We talk a lot about gross margin. I think it's important that we match that gross margin we'll continue to beat it. But one of the benefits of scale and one of the things we're talking about in terms of expansion and looking at manufacturing capacity is the ability to leverage against the fixed cost base as well. So we can -- even if we just maintain a matching number in terms of cost reduction relative to where the revenue decreases are, we can actually see a benefit coming through on the operating cost side. And we've done a pretty good job there.

另一件要記住的事情，馬克可能想多談談成本。但我只會在運營支出方面說。我們經常談論毛利率。我認為重要的是我們要匹配我們將繼續擊敗它的毛利率。但是，規模的好處之一，也是我們在擴張和查看製造能力方面所談論的事情之一，是利用固定成本基礎的能力。所以我們可以 - 即使我們只是在成本降低方面保持與收入減少的地方相匹配的數字，我們實際上可以看到運營成本方面的好處。我們在那裡做得很好。

I think if you look back over the last decade or so, bringing that cents per number down from -- in the 20 or so, 10 years ago, maybe over $0.10 per watt and 5 years ago. This year, if you look at it going to be somewhere around $0.35 per watt. And as we go forward, given that, that operating cost structure is largely fixed, even 90% fixed, you can see as we grow capacity that's going to come down. And so you can get either maintaining operating margins or expansion at the operating margin level. So there's a lot of work still to do at the gross margin level, but I just want to make sure that comment is not missed. We look at it also for the day the operating margin level.

我認為，如果您回顧過去十年左右的時間，將每個數字的美分從 10 年前的 20 美元左右下降，5 年前可能超過每瓦 0.10 美元。今年，如果你看一下，它的價格將在每瓦 0.35 美元左右。隨著我們向前發展，鑑於運營成本結構在很大程度上是固定的，甚至 90% 是固定的，你可以看到隨著我們增加產能，產能將會下降。因此，您既可以維持營業利潤率，也可以在營業利潤率水平上實現擴張。所以在毛利率水平上還有很多工作要做，但我只是想確保不會錯過評論。我們還會查看當天的營業利潤率水平。

Yes. I think the other thing I'll say, Brian, is that there's a lot of things that are in the mix now that will help continue to drive down the cost per watt. I mean partly this year, as you got to remember, we're taking a little bit of a headwind around the impact of planned downtime as we've made a number of upgrades, right, for cure, in particular. So that's costing us about $0.005 a watt or so of that for the year.

是的。布萊恩，我想我要說的另一件事是，現在有很多東西混合在一起，這將有助於繼續降低每瓦特的成本。我的部分意思是今年，正如你必須記住的那樣，我們在計劃停機的影響方面遇到了一點阻力，因為我們已經進行了許多升級，尤其是為了治愈。因此，我們一年的成本約為每瓦 0.005 美元。

Now going into next year, we don't have as significant upgrades. As we said, the currently envision relative to the technology road map that we need to roll out that would have as significant of a headwind given the downtime we had to take for this year. So that helps normalize itself.

現在進入明年，我們沒有那麼重要的升級。正如我們所說，鑑於我們今年必須採取的停機時間，目前與我們需要推出的技術路線圖相關的設想將具有同樣重要的逆風。所以這有助於使自己正常化。

We also have -- the efficiency continues to improve from this point through the end, and we have an exit of around 465-watt and then we'll exit 2022. I think it's a 480-watt or something like that, is what we previously indicated. So that helps drive, but then we've got a number of other bill of material initiatives that will drive improvement, and one of them is just even around our glass cost because there's different tiered pricing as we drive more volume across our contract for glass, we hit different tiers, which actually drive down pricing.

我們也有 - 從現在到結束，效率繼續提高，我們有大約 465 瓦的出口，然後我們將在 2022 年退出。我認為它是 480 瓦或類似的東西，這就是我們之前指出。所以這有助於推動，但是我們還有許多其他的物料清單計劃將推動改進，其中一個甚至是在我們的玻璃成本附近，因為隨著我們在玻璃合同中推動更多的數量，有不同的分層定價，我們達到了不同的層次，這實際上降低了定價。

So there's a number -- we used that bridge before. When you look at the throughput lever, where there's more throughput to go, there's more efficiency benefit. And then we have the watts, the improvement that we'll make, and we don't have as much planned downtime at least as we currently envision it. So those will all help us manage across that horizon for 2022.

所以有一個數字——我們以前用過那座橋。當您查看吞吐量槓桿時，哪裡有更多的吞吐量可以去，哪裡有更多的效率優勢。然後我們有了瓦數，我們將進行改進，並且我們沒有像我們目前設想的那樣多的計劃停機時間。因此，這些都將幫助我們在 2022 年跨過那個地平線。

Ladies and gentlemen, this concludes today's conference call. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。您現在可以斷開連接。