第一太陽能 (FSLR) 2020 Q4 法說會逐字稿

Good afternoon, everyone, and welcome to First Solar's Fourth Quarter 2020 Earnings and 2021 Guidance Call. This call is being webcast live on the Investors section of First Solar's website at investor.firstsolar.com.

大家下午好，歡迎參加 First Solar 2020 年第四季度收益和 2021 年指導電話會議。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。

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

（操作員說明）作為提醒，今天的通話正在錄音中。

I would now like to turn the call over to Mitch Ennis from First Solar's Investor Relations. Ms. Ennis, you may begin.

我現在想將電話轉給 First Solar 投資者關係部的 Mitch Ennis。恩尼斯女士，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 fourth quarter and full year 2020 financial results as well as its guidance for 2021. 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 2020 年第四季度和全年財務業績以及 2021 年的指導。新聞稿和相關演示文稿的副本可在 First Solar 的網站investor.firstsolar.com 上獲取。

With me today are Mark Widmar, Chief Executive Officer; and Alex Bradley, Chief Financial Officer. Mark will begin by providing a business update. Alex will then discuss our financial results for the fourth quarter and full year 2020. Following these remarks, Mark will provide a business and strategy outlook. Alex will then discuss our financial guidance for 2021. Following the 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 將首先提供業務更新。然後，亞歷克斯將討論我們 2020 年第四季度和全年的財務業績。在這些講話之後，馬克將提供業務和戰略展望。然後，亞歷克斯將討論我們對 2021 年的財務指導。在講話之後，我們將打開提問電話。

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 expressing my gratitude to the entire First Solar team for their hard work and perseverance throughout 2020. Although 2020 was a very challenging year, I'm proud of the way our team responded with their ongoing commitment to health and safety, delivering value to our customers and achieving our objectives in this unprecedented year.

謝謝你，米奇。下午好，感謝您今天加入我們。首先，我要感謝整個 First Solar 團隊在 2020 年的辛勤工作和堅持不懈。儘管 2020 年是充滿挑戰的一年，但我為我們團隊對健康和安全的持續承諾做出的回應感到自豪，為我們的客戶創造價值，並在這前所未有的一年中實現我們的目標。

While Alex will provide a more comprehensive overview of our 2020 financial results, I would like to first note our full year EPS results of $3.73. This result came within but towards the low end of the guidance range we provided at the time of our third quarter earnings call, largely due to the volume and timing of our Sun Streams 2 project sale. Despite this timing impact, continued intense competition across the crystalline PV supply chain and unforeseen challenges related to the pandemic, we are very pleased with our financial and operational results in 2020.

雖然亞歷克斯將對我們 2020 年的財務業績進行更全面的概述，但我想首先指出我們 3.73 美元的全年每股收益結果。這一結果處於我們在第三季度財報電話會議時提供的指導範圍的低端，這主要是由於我們的 Sun Streams 2 項目銷售的數量和時間。儘管存在時間上的影響、晶體光伏供應鏈的持續激烈競爭以及與大流行相關的不可預見的挑戰，但我們對 2020 年的財務和運營業績感到非常滿意。

Turning to Slide 3. I will discuss some of our key 2020 accomplishments. Firstly, our vertically integrated manufacturing process, diversified supply chain and differentiated CadTel technology enabled us to mitigate potential disruptions to our manufacturing operations from the pandemic. Accordingly, we produced 5.9 gigawatts of Series 6 and exited the year with a top production bin of 445 watts.

轉到幻燈片 3。我將討論我們在 2020 年取得的一些關鍵成就。首先，我們垂直整合的製造流程、多元化的供應鍊和差異化的 CadTel 技術使我們能夠減輕疫情對我們的製造業務造成的潛在干擾。因此，我們生產了 5.9 吉瓦的系列 6，並以 445 瓦的最高產量結束了這一年。

Secondly, driven by continued strong manufacturing execution, in Q4, we achieved a year-on-year 10% cost per watt reduction despite an increase in volumes sold from our higher-cost Ohio facilities and an increase in sales rate costs.

其次，在持續強勁的製造執行力的推動下，在第四季度，我們實現了每瓦成本同比下降 10% 的目標，儘管我們成本較高的俄亥俄州工廠的銷量增加並且銷售費率成本增加。

Thirdly, early generation First Solar CadTel modules that were installed at an NREL test facility in 1995 reached an installed life of 25 years and demonstrated a 25-year degradation rate of 48 basis points per year. While our manufacturing processes, product design, efficiency and warranted long-term degradation rates have improved significantly over the past 25 years, this result help us understand a legacy performance baseline and provides further confidence in the superior long-term durability and degradation performance of today's Series 6 product.

第三，1995 年安裝在 NREL 測試設施的早期第一代太陽能 CadTel 模塊的安裝壽命達到了 25 年，並表現出每年 48 個基點的 25 年退化率。雖然我們的製造工藝、產品設計、效率和保證的長期降解率在過去 25 年中得到了顯著改善，但這一結果幫助我們了解了傳統的性能基準，並進一步增強了對當今卓越的長期耐用性和降解性能的信心。系列 6 產品。

Fourthly, we extended our limited power output warranty from 25 to 30 years for our Series 6 modules and our Series 6 modules are now protected by the industry's first and only product warranty that specifically covers power loss from cell tracking, which can have a meaningful impact on reducing systems insurance costs.

第四，我們將 6 系列模塊的有限功率輸出保修期從 25 年延長至 30 年，我們的 6 系列模塊現在受到業界首個也是唯一一個專門涵蓋電池跟踪功率損失的產品保修保護，這可能會產生有意義的影響關於降低系統保險成本。

Finally, as of year-end, we had shipments of 5.5 gigawatts, bookings of 5.5 gigawatts and contracted an additional 0.7 gigawatts of volume that remain subject to conditions precedent. Overall, our operational and financial results in 2020 have built momentum as we move into 2021.

最後，截至年底，我們的出貨量為 5.5 吉瓦，預訂量為 5.5 吉瓦，並額外簽約了 0.7 吉瓦的容量，但仍受先決條件限制。總體而言，隨著我們進入 2021 年，我們在 2020 年的運營和財務業績已經形成勢頭。

Turning to Slide 4. I'll provide an update on our Series 6 capacity ramp and manufacturing performance. Over the course of 2020, we realized significant operational improvements. Comparing December fleet-wide metrics year-on-year, megawatts produced per day increased to 17.3 megawatts, an increase of 23%. Fleet-wide capacity utilization increased to 117%, an increase of 20 percentage points. Product yield increased to 97.6%, an increase of 3.2 percentage points. Average watts per module increased to 439 watts, an increase of 9 watts. And as noted, our top production bin increased to 445 watts. Our manufacturing discipline and execution enabled us to achieve our cost per watt reduction objective for the year.

轉到幻燈片 4。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。在 2020 年期間，我們實現了顯著的運營改進。與去年 12 月的全機隊指標相比，每天產生的兆瓦數增加到 17.3 兆瓦，增長了 23%。全機隊產能利用率提升至117%，提升20個百分點。產品收率提高到97.6%，提高3.2個百分點。每個模塊的平均瓦數增加到 439 瓦，增加了 9 瓦。如前所述，我們的頂級生產箱增加到 445 瓦。我們的製造紀律和執行力使我們能夠實現本年度降低每瓦成本的目標。

We exited 2020 with 6.3 gigawatts of nameplate manufacturing capacity. And effective January 1, we have re-rated our throughput entitlement for purposes of calculating capacity utilization. Since launching Series 6 less than 3 years ago, the factory throughput entitlement was based on the initial tool set and factory design. Given the significant improvements made over the years, we have revised our throughput entitlement to reflect the 2020 exit rate throughput.

我們以 6.3 吉瓦的銘牌製造能力退出了 2020 年。從 1 月 1 日起，為了計算產能利用率，我們重新評估了我們的吞吐量權利。自推出 Series 6 不到 3 年以來，工廠吞吐量權利基於初始工具集和工廠設計。鑑於多年來取得的顯著改進，我們修改了吞吐量權利以反映 2020 年退出率吞吐量。

Our strong execution has continued into 2021 with improvement across all key metrics since year-end. In addition to February, we commenced additional production of our Series -- our second Series 6 low-cost factory in Malaysia. With less than 3 weeks of production, the factory is ramping nicely with demonstrated capacity utilization reaching approximately 80%, yield in excess of 90% and a top production bin of 450 watts. By the end of the year, we anticipate our Malaysia factories will have a nameplate capacity of 3 gigawatts.

自年底以來，我們的強勁執行力一直持續到 2021 年，所有關鍵指標均有所改善。除了 2 月，我們開始額外生產我們的系列 - 我們在馬來西亞的第二個系列 6 低成本工廠。在不到 3 週的生產時間內，該工廠的產能利用率達到了大約 80%，產量超過 90%，最高產量達到 450 瓦，產能利用率非常高。到今年年底，我們預計我們的馬來西亞工廠的銘牌容量將達到 3 吉瓦。

Touching briefly on our systems segment. In February, we completed the sale of our 150-megawatt AC Sun Streams 2 project to Longroad Energy. We also signed agreements with Longroad to sell the Sun Streams 4 and 5 projects and are in late-stage negotiations to sign an agreement to sell our Sun Streams 3 project. As part of this portfolio acquisition, Longroad intends to utilize 1 gigawatt of Series 6, of which 785 megawatts will represent new bookings upon the closing of these transactions.

簡要介紹一下我們的系統部分。 2 月，我們完成了將 150 兆瓦 AC Sun Streams 2 項目出售給 Longroad Energy。我們還與 Longroad 簽署了出售 Sun Streams 4 和 5 項目的協議，並處於後期談判以簽署出售我們的 Sun Streams 3 項目的協議。作為此次投資組合收購的一部分，Longroad 打算利用 1 吉瓦的系列 6，其中 785 兆瓦將代表這些交易完成後的新預訂。

Prior to signing the potential agreement to sell Sun Streams 3, the project PPA was terminated, which enabled Longroad to include Sun Streams 3, 4 and 5 projects and their power marketing efforts after transactions close. While this resulted in approximately 85-megawatt systems de-booking in February, at the time of closing, we expect this opportunity will be re-recognized as a new module-only booking.

在簽署出售 Sun Streams 3 的潛在協議之前，項目 PPA 已終止，這使 Longroad 能夠在交易完成後將 Sun Streams 3、4 和 5 項目及其電力營銷工作包括在內。雖然這導致 2 月份約有 85 兆瓦的系統取消預訂，但在交易結束時，我們預計這一機會將被重新確認為新的僅限模塊的預訂。

Turning to Slide 5. I'll next discuss our most recent bookings in greater detail. Our recent bookings momentum has continued with 3.3 gigawatts of net bookings since the October earnings call. After accounting for shipments of approximately 1.8 gigawatts during the fourth quarter, our future expected shipments, which extend into 2024, are 13.7 gigawatts. The majority of the bookings since the prior earnings call have been third-party module sales, which totaled 3.3 gigawatts.

轉到幻燈片 5。接下來我將更詳細地討論我們最近的預訂。自 10 月財報電話會議以來，我們最近的預訂量繼續保持 3.3 吉瓦的淨預訂量。考慮到第四季度約 1.8 吉瓦的出貨量，我們未來預計到 2024 年的出貨量為 13.7 吉瓦。自上次財報電話會議以來的大部分預訂都是第三方模塊銷售，總計 3.3 吉瓦。

We continue to see an increase in multiyear module sales agreements driven by our customers' need for certainty in terms of technology they are investing in and their suppliers' integrity and ethics. Representative of this, we have executed an agreement with Intersect Power to supply up to 2.4 gigawatts for deployment in projects in 2022 and 2023, of which approximately 2 gigawatts is recognized as a booking. In addition to this new booking, Intersect has the option to utilize an additional 0.4 gigawatts of module volume to support their portfolio project up to 2.4 gigawatts.

我們繼續看到多年模塊銷售協議的增加，這是由於我們的客戶對他們所投資的技術以及他們的供應商的誠信和道德的確定性的需求。為此，我們與 Intersect Power 簽署了一項協議，為 2022 年和 2023 年的項目部署提供高達 2.4 吉瓦的電力，其中約 2 吉瓦被確認為預訂。除了這項新的預訂，Intersect 還可以選擇利用額外的 0.4 吉瓦模塊體積來支持其高達 2.4 吉瓦的投資組合項目。

We've also secured 340 megawatts for deliveries in 2023 with a leading provider of hydrogen fuel cell solutions. A pillar of growth for the hydrogen economy is the ability to cost-effectively produce large-scale green hydrogen with renewable energy sources. With an environmentally advantaged CadTel technology, we are well positioned to address this market need.

我們還與一家領先的氫燃料電池解決方案供應商合作，確保在 2023 年交付 340 兆瓦。氫經濟增長的一個支柱是利用可再生能源經濟高效地生產大規模綠色氫的能力。憑藉具有環境優勢的 CadTel 技術，我們可以很好地滿足這一市場需求。

Additionally, in Japan, we have continued success adding to our contracted systems backlog with the addition of 2 projects, totaling 51 megawatts.

此外，在日本，我們繼續成功地增加了我們的合同系統積壓，增加了 2 個項目，總計 51 兆瓦。

With new net bookings of 3.3 gigawatts and with additional 1.4 gigawatts of expected bookings associated with the closing of the sale of the Sun Streams portfolio and the U.S. project development business, we are pleased with the robust demand for our Series 6 product. Included in these new bookings, volumes contracted to conditions precedent and the potential 0.4 gigawatts of incremental volume related for the Intersect transaction, we have 7.2 gigawatts of volume for potential deliveries in 2021, 5.9 gigawatts in 2022 and 2.3 gigawatts across 2023 and 2024.

隨著 3.3 吉瓦的新淨預訂量以及與 Sun Streams 產品組合和美國項目開發業務的出售相關的額外 1.4 吉瓦的預期預訂量，我們對 6 系列產品的強勁需求感到高興。包括在這些新預訂中、與先決條件簽訂的合同量以及與 Intersect 交易相關的潛在 0.4 吉瓦增量容量中，我們在 2021 年的潛在交付量為 7.2 吉瓦，2022 年為 5.9 吉瓦，2023 年和 2024 年為 2.3 吉瓦。

Overall, while the market remains competitive, we are very pleased with the pricing levels that we are securing to date for our differentiated Series 6 Plus and CuRe modules.

總體而言，雖然市場仍然具有競爭力，但我們對迄今為止為我們的差異化系列 6 Plus 和 CuRe 模塊確保的定價水平感到非常滿意。

In an industry that sells electrons and where products are evaluated based on the quantity of electrons they will produce, we also seek to differentiate our business model through our commitment to an environmental footprint of our technology, product secularity and supply chain transparency. We call it responsible solar, and you can learn more about it at our corporate website.

在一個銷售電子產品的行業中，產品的評估基於他們將產生的電子數量，我們還通過對我們技術的環境足跡、產品世俗性和供應鏈透明度的承諾來尋求差異化我們的商業模式。我們稱之為負責任的太陽能，您可以在我們的公司網站上了解更多信息。

Turning to Slide 6. I'd like to discuss the strategy and advantages of this approach. Firstly, due to our resource-efficient manufacturing process, our thin film modules have the lowest carbon and water footprint available in the market today. With this advantaged position, Series 6 is the world's first PV product to be included in the EPEAT register for sustainable products, which conforms to the NSF 457, the industry's first sustainability leadership standard. Designed to help institutional purchasers, EPEAT is used by national governments, including the United States, and thousands of private sector institutional purchasers worldwide as part of their sustainable procurement decisions.

轉到幻燈片 6。我想討論這種方法的策略和優勢。首先，由於我們的資源節約型製造工藝，我們的薄膜模塊具有當今市場上最低的碳和水足跡。憑藉這一優勢地位，Series 6 是世界上第一個被列入 EPEAT 可持續產品註冊的光伏產品，符合行業首個可持續發展領先標準 NSF 457。 EPEAT 旨在幫助機構採購商，被包括美國在內的各國政府和全球數以千計的私營部門機構採購商用作其可持續採購決策的一部分。

Secondly, we have over a decade of experience in operating high-value PV recycling facilities on a global scale and remain the only solar manufacturer to have global in-house recycling capabilities. This recycling process establishes a circular economy by recovering more than 90% of the semiconductor materials for reuse in First Solar's modules and 90% of the glass for use in new glass container products.

其次，我們在全球範圍內運營高價值光伏回收設施方面擁有十多年的經驗，並且仍然是唯一一家擁有全球內部回收能力的太陽能製造商。這種回收過程通過回收超過 90% 的半導體材料用於 First Solar 模塊的再利用和 90% 的玻璃用於新的玻璃容器產品，從而建立了循環經濟。

Thirdly, our vertically integrated manufacturing process enhances our supply chain transparency and control over our end-to-end manufacturing process.

第三，我們的垂直整合製造流程提高了我們的供應鏈透明度和對我們端到端製造流程的控制。

We believe that our responsible solar strategy is the right way to do business and in a growing number of markets, yields an economic advantage. For example, France already has a rule that favors PV modules with a low carbon footprint. Spain also appears to be moving towards incorporating the carbon footprint metric in its renewable energy procurement program. A recent update requires owners of renewable energy generation assets to submit carbon footprint data to the country's renewable energy registry, gathering the information needed to shape the procurement mechanism that may benefit low carbon solar.

我們相信，我們負責任的太陽能戰略是開展業務的正確方式，並且在越來越多的市場中產生了經濟優勢。例如，法國已經有一條規則支持低碳足蹟的光伏組件。西班牙似乎也正在將碳足跡指標納入其可再生能源採購計劃。最近的一項更新要求可再生能源發電資產的所有者向該國的可再生能源登記處提交碳足跡數據，收集制定可能有利於低碳太陽能的採購機制所需的信息。

In the United States, Vectren, a utility that services Indiana and Ohio, included an environmental emission minimization objective within their integrated resource plan. This objective accounts for the cradle-to-grave emissions impacts of different forms of generation, including the low carbon footprint of thin film PV modules compared to crystalline silicon. Addition, Alliant Energy and Consumers Energy, 2 utilities in the Midwest, have included the aforementioned NSF 457 sustainability leadership standard for PV modules and inverters in their most recent solar solicitation.

在美國，為印第安納州和俄亥俄州提供服務的公用事業公司 Vectren 在其綜合資源計劃中納入了環境排放最小化目標。這一目標考慮了不同形式的發電從搖籃到墳墓的排放影響，包括與晶體矽相比，薄膜光伏模塊的低碳足跡。此外，中西部的兩家公用事業公司 Alliant Energy 和 Consumers Energy 在其最近的太陽能招標中加入了上述 NSF 457 光伏組件和逆變器可持續性領先標準。

We would also like to take the opportunity to touch on the reported use of forced labor in China's polysilicon manufacturing industry. We have repeatedly and unequivocally condemned the purported use of forced labor in China's PV solar supply chain and will continue to do so as long as it remains an issue. We also reiterated our commitment to zero tolerance of forced labor throughout our supply chain. We believe there should be no place for a solar panel where even a single component, no matter how small, is produced by a human being against their will.

我們也想藉此機會談談中國多晶矽製造業使用強迫勞動的報導。我們一再明確譴責據稱在中國光伏太陽能供應鏈中使用強迫勞動的行為，只要這仍然是一個問題，我們將繼續這樣做。我們還重申了我們對整個供應鏈中強迫勞動零容忍的承諾。我們認為，太陽能電池板不應該有任何地方，即使是單個組件，無論多麼小，都是由人類違背自己的意願生產的。

We have seen reports that authorities in the United States are developing plans to expand their Xinjiang-specific import regulations to include solar. And in the latest version of the Forced Labor Prevention Act Bill, the U.S. House of Representatives included polysilicon as a high priority sector.

我們看到有報導稱，美國當局正在製定計劃，擴大其針對新疆的進口法規，將太陽能包括在內。在最新版本的《強迫勞動預防法案法案》中，美國眾議院將多晶矽列為優先領域。

We recognize the challenges that this potentially creates for companies that have traditionally relied on Chinese-based firms for their modules, but as an industry, we cannot accept a view of solar at any cost. This is an important reminder that overreliance on China to supply subsidized solar panels comes at a price that may not always be reflected on the bottom line. It is a price that many -- may include needing to look the other way on environmental, social and human costs. It's also yet another reminder, one of several we've had this past year, about the importance of diversity of supply.

我們認識到這可能會給傳統上依賴中國公司提供組件的公司帶來挑戰，但作為一個行業，我們不能不惜一切代價接受太陽能的看法。這是一個重要的提醒，過度依賴中國供應補貼太陽能電池板的代價可能並不總是反映在利潤上。這是許多人的代價——可能包括需要在環境、社會和人力成本上另眼相看。這也是我們在過去一年中遇到的幾個提醒之一，關於供應多樣性的重要性。

Before turning the call over to Alex, I would like to provide additional context on the effects of tariffs on the U.S. and global PV markets. In December 2012, during the Obama-Biden administration, the United States imposed antidumping and countervailing duties after determining that domestic crystalline silicon industry was materially injured by imports of crystalline silicon cells and modules that were sold at less than fair value and subsidized by the government of China. In March 2019, the United States continued these tariffs. There also was a second set of antidumping and countervailing duties on Chinese crystalline silicon modules with non-Chinese cells. Those duties were imposed in 2015 and in 2020 they were continued.

在將電話轉給 Alex 之前，我想提供有關關稅對美國和全球光伏市場影響的更多背景信息。 2012年12月，在奧巴馬-拜登執政期間，美國認定國內晶體矽產業因進口低於公允價值且獲得政府補貼的晶體矽電池和組件受到重大損害後，徵收反傾銷和反補貼稅。中國的。 2019 年 3 月，美國繼續徵收這些關稅。還有第二套反傾銷稅和反補貼稅是針對非中國電池的中國晶體矽組件徵收的。這些關稅於 2015 年實施，並在 2020 年繼續實施。

Given these tariffs only apply to a portion of crystalline silicon supply chain, Chinese manufacturers added cell and module capacity in nearby countries in Southeast Asia. Today, with this adjustment to their supply chain, our crystalline silicon competitors cannot only avoid these tariffs, but also continue to use government-subsidized polysilicon, ingots and wafers manufactured in China.

鑑於這些關稅僅適用於部分晶體矽供應鏈，中國製造商在東南亞附近國家增加了電池和組件產能。今天，隨著供應鏈的調整，我們的晶體矽競爭對手不僅可以避免這些關稅，還可以繼續使用政府補貼的多晶矽、矽錠和中國製造的矽片。

Separately, in February of 2018, during the Trump administration, the U.S. imposed Section 201 tariffs on imported crystalline silicon cells and modules from those countries with limited exceptions over a 4-year period. However, between June 2019 and November 2020, an exemption from Section 201 tariffs was granted for crystalline silicon bifacial modules. This exclusion enabled Chinese solar companies with bifacial cells and modules assembled in Southeast Asia to avoid the Section 201 tariffs as well as the antidumping and countervailing duties while they are still using subsidized polysilicon and ingots and wafers from China. Despite actions by the United States and India, most global markets have allowed unencumbered access of government-subsidized panels from China, resulting in PV economy and global goals that are largely beholden to a single technology supply chain and country.

另外，在 2018 年 2 月，特朗普政府期間，美國在 4 年內對從這些國家進口的晶體矽電池和組件徵收了 201 條關稅，有限的例外情況除外。然而，在 2019 年 6 月至 2020 年 11 月期間，晶體矽雙面組件獲得了 201 節關稅豁免。這一排除使在東南亞組裝雙面電池和組件的中國太陽能公司在使用來自中國的補貼多晶矽和矽錠和矽片的同時，避免了 201 條關稅以及反傾銷和反補貼稅。儘管美國和印度採取了行動，但大多數全球市場都允許來自中國的政府補貼面板不受阻礙地進入，導致光伏經濟和全球目標在很大程度上受制於單一技術供應鍊和國家。

We believe our differentiated technology and advantaged cost structure and a balanced perspective on growth, liquidity and profitability has enabled and will continue to enable us to succeed in the global marketplace despite the lack of fair trade. As the only alternative to crystalline silicon technology among the 10 largest solar module manufacturers globally, First Solar provides domestic supply security and enables the United States and global markets to reduce their overreliance on imported panels from China. We remain hopeful for a future where both free and fair trade can be established in the PV industry.

我們相信，儘管缺乏公平貿易，我們的差異化技術和優勢成本結構以及對增長、流動性和盈利能力的平衡觀點已經並將繼續使我們能夠在全球市場上取得成功。作為全球 10 大太陽能組件製造商中晶體矽技術的唯一替代品，First Solar 提供國內供應保障，並使美國和全球市場減少對中國進口組件的過度依賴。我們仍然對光伏行業可以建立自由和公平貿易的未來充滿希望。

I'll now turn the call over to Alex, who will discuss our Q4 and full year 2020 results.

我現在將電話轉給亞歷克斯，他將討論我們的第四季度和 2020 年全年業績。

Thanks, Mark. Starting on Slide 7, I'll cover the income statement highlights for the fourth quarter and full year 2020.

謝謝，馬克。從幻燈片 7 開始，我將介紹 2020 年第四季度和全年的損益表亮點。

Net sales in the fourth quarter were $609 million, a decrease of $318 million compared to the prior quarter. This was primarily a result of higher international project sales in Q3, partially offset by increased module volumes sold in Q4. For the full year 2020, net sales were $2.7 billion compared to $3.1 billion in 2019. Versus our guidance expectations, net sales were within but towards the lower end of our guidance range.

第四季度的淨銷售額為 6.09 億美元，與上一季度相比減少了 3.18 億美元。這主要是由於第三季度國際項目銷售額增加，部分被第四季度模塊銷量增加所抵消。 2020 年全年的淨銷售額為 27 億美元，而 2019 年為 31 億美元。與我們的指導預期相比，淨銷售額在我們指導範圍的下限之內，但接近我們的指導範圍的下限。

This result was primarily caused by factors cited in our Q3 earnings call, which included the timing of the Sun Streams 2 project sale. To a lesser extent, net sales were also impacted by certain module deliveries that were delayed due to COVID-19-related events, including a positive case at a customer construction site which resulted in a temporary shutdown and a shipping vessel containing First Solar modules that was diverted from its intended destination due to a positive case on the vessel.

這一結果主要是由我們第三季度財報電話會議中引用的因素造成的，其中包括 Sun Streams 2 項目銷售的時間安排。在較小程度上，淨銷售額還受到因 COVID-19 相關事件而延遲的某些組件交付的影響，包括客戶建築工地的一個正面案例，該案例導致暫時關閉，以及一艘裝有 First Solar 組件的運輸船由於船上出現陽性病例，被從原定目的地改道。

As a percentage of total quarterly sales, our module revenue in the fourth quarter was 90% compared to 46% in the third quarter. For the full year 2020, 64% of net sales were from our module business compared to 48% in 2019. Gross margin was 26% in the fourth quarter compared to 32% in the third quarter. And for the full year 2020, gross margin was 25% compared to 18% in 2019.

作為季度總銷售額的百分比，我們第四季度的組件收入為 90%，而第三季度為 46%。 2020 年全年，64% 的淨銷售額來自我們的組件業務，而 2019 年為 48%。第四季度毛利率為 26%，第三季度為 32%。 2020 年全年毛利率為 25%，而 2019 年為 18%。

Systems segment revenue was $61 million in the fourth quarter compared to $505 million in the third quarter and fourth quarter systems revenue was lower than anticipated, primarily due to the delay in the sale of the Sun Streams 2 project. The systems segment gross margin was 18% in the fourth quarter compared to 33% in the third quarter. And the fourth quarter was positively impacted by a $9 million benefit associated with a reduction in estimated liquidated damages for legacy EPC projects, which increased systems segment gross margin by 14%. For the full year, systems segment gross margin was 26% compared to 16% in 2019.

第四季度系統部門收入為 6100 萬美元，而第三季度為 5.05 億美元，第四季度系統收入低於預期，主要是由於 Sun Streams 2 項目的銷售延遲。第四季度系統部門毛利率為 18%，而第三季度為 33%。第四季度受到了 900 萬美元收益的積極影響，該收益與傳統 EPC 項目的估計違約金減少相關，這使系統部門的毛利率增加了 14%。全年，系統部門毛利率為 26%，而 2019 年為 16%。

The module segment gross margin was 27% in the fourth quarter compared to 30% in the third quarter. As a reminder, the third quarter was impacted by a reduction in our product warranty liability reserve, a reduction in our module collection and recycling liability and impairments of certain module manufacturing equipment for tools no longer compatible with our long-term technology roadmap. On a net basis, these factors increased Q3 module segment gross margin by 5 percentage points.

第四季度模塊部門毛利率為 27%，而第三季度為 30%。提醒一下，第三季度受到我們產品保修責任準備金減少、我們的模塊收集和回收責任減少以及某些模塊製造設備因工具不再與我們的長期技術路線圖兼容而受損的影響。在淨基礎上，這些因素使第三季度模塊部門的毛利率提高了 5 個百分點。

Also as a reminder, sales rate warranty are included in our cost of sales and reduced module segment gross margin by 7% in the fourth quarter compared to 6% in Q3. Despite utilizing contracted routes, minimizing changes and the use of the distribution center, we incurred higher rates during the fourth quarter for a portion of our module deliveries due to constrained container viability in the global shipping market. With this context in mind, we're pleased with our Q4 module segment gross margin results, which achieved our guidance expectation.

另外提醒一下，我們的銷售成本中包含了銷售率保修，第四季度模塊部門的毛利率下降了 7%，而第三季度為 6%。儘管使用了合同航線，盡量減少變更和使用配送中心，但由於全球航運市場的集裝箱生存能力受限，我們在第四季度的部分模塊交付費率較高。考慮到這一背景，我們對第四季度模塊部門的毛利率結果感到滿意，這達到了我們的指導預期。

For the full year, module segment gross margin was 25% compared to 20% in 2019. Full year 2020 module segment gross margin included $20 million of severance and decommissioning costs and $4 million of ramp-related expense, which, in the aggregate, reduced module segment gross margin by 1.4%. From a fleet-wide perspective, as a result of our continued manufacturing execution, cost per watts sold at the end of 2020 met our target of a 10% decline relative to the end of 2019.

全年，組件部門毛利率為 25%，而 2019 年為 20%。2020 年全年組件部門毛利率包括 2000 萬美元的遣散費和退役成本以及 400 萬美元的坡道相關費用，總體上減少了模塊業務毛利率增長 1.4%。從整個車隊的角度來看，由於我們持續的製造執行，到 2020 年底銷售的每瓦成本達到了我們相對於 2019 年底下降 10% 的目標。

SG&A, R&D and production start-up totaled $102 million in the fourth quarter, an increase of approximately $16 million relative to the third quarter. This increase was primarily driven by an increase in production start-up expense from $13 million in Q3 to $17 million in Q4, $9 million of development project impairment charges in Q4 and a $7 million increase in incentive compensation expense relative to our guidance expectations, partially offset by the cost savings. With this context in mind, we're pleased with our operating expense result relative to our fourth quarter guidance range of $90 million to $95 million.

SG&A、研發和生產啟動在第四季度總計 1.02 億美元，比第三季度增加約 1600 萬美元。這一增長主要是由於生產啟動費用從第三季度的 1300 萬美元增加到第四季度的 1700 萬美元，第四季度開發項目減值費用增加了 900 萬美元，以及相對於我們的指導預期增加了 700 萬美元的激勵補償費用，部分原因是被節省的成本所抵消。考慮到這一背景，我們對與第四季度 9000 萬美元至 9500 萬美元的指導範圍相關的運營費用結果感到滿意。

SG&A, R&D and start-up totaled $357 million in 2020 compared to $348 million in 2019. Included in the full year 2020 OpEx were $41 million of production start-up expense, $12 million of development project impairment charges, $7 million of severance charges, $6 million of class action and opt-out action legal fees, $3 million of expected credit losses on our accounts receivable as a result of the economic disruption caused by COVID-19 and $2 million of retention compensation expense. Combined with litigation losses of $6 million, total operating expenses were $363 million for full year 2020. Operating income was $58 million in Q4 and $317 million for the full year 2020.

2020 年 SG&A、研發和啟動總計 3.57 億美元，而 2019 年為 3.48 億美元。2020 年全年運營支出包括 4100 萬美元的生產啟動費用、1200 萬美元的開發項目減值費用、700 萬美元的遣散費、 600 萬美元的集體訴訟和選擇退出訴訟的法律費用、300 萬美元的應收賬款預期信用損失（由於 COVID-19 造成的經濟中斷）以及 200 萬美元的保留補償費用。加上 600 萬美元的訴訟損失，2020 年全年的總運營費用為 3.63 億美元。第四季度的營業收入為 5800 萬美元，2020 年全年為 3.17 億美元。

We recorded a tax benefit of $66 million in the fourth quarter, which included a discrete tax benefit of $61 million associated with the closing of the statute of limitations on uncertain tax positions. For the full year, we recorded a tax benefit of approximately $107 million, which includes a full year net benefit from the CARES Act of approximately $84 million and $24 million related to the release of evaluation allowance in a foreign jurisdiction. During the fourth quarter, within equity and earnings, we recorded a full impairment of approximately $3 million related to one of our equity method investments.

我們在第四季度記錄了 6600 萬美元的稅收優惠，其中包括與關閉不確定稅收頭寸的訴訟時效相關的 6100 萬美元的離散稅收優惠。全年，我們記錄了約 1.07 億美元的稅收收益，其中包括來自 CARES 法案的全年淨收益約 8400 萬美元和與在外國司法管轄區發放評估津貼有關的 2400 萬美元。在第四季度，在權益和收益中，我們記錄了與我們的一項權益法投資相關的約 300 萬美元的全部減值。

Fourth quarter earnings per share was $1.08 compared to $1.45 in the prior quarter. For full year 2020, earnings per share was $3.73 compared to a loss per share of $1.09 in 2019.

第四季度每股收益為 1.08 美元，上一季度為 1.45 美元。 2020 年全年的每股收益為 3.73 美元，而 2019 年的每股虧損為 1.09 美元。

Next on to Slide 8 to discuss select balance sheet items and summary cash flow information. Our cash and cash equivalents, restricted cash and marketable securities balance at year-end was $1.8 billion, an increase of $123 million from the prior quarter. Our net cash position, which includes cash and cash equivalents, restricted cash and multiple securities less debt, at year-end was $1.5 billion, an increase of $105 million from the prior quarter.

接下來是幻燈片 8，討論選擇的資產負債表項目和匯總現金流信息。年末我們的現金和現金等價物、受限現金和有價證券餘額為 18 億美元，比上一季度增加 1.23 億美元。到年底，我們的淨現金頭寸（包括現金和現金等價物、受限現金和多種證券減去債務）為 15 億美元，比上一季度增加 1.05 億美元。

Our net cash balance is higher than our guidance due to lower-than-expected project spend on U.S. international development projects, the timing of cash payments for CapEx was delayed to the first quarter and improved collections on module sale agreements. Now due to the contemplated payment structure, the timing of the Sun Streams 2 project sale did not have a significant impact on our year-end cash balance relative to our guidance.

由於美國國際開發項目的項目支出低於預期、資本支出的現金支付時間推遲到第一季度以及組件銷售協議的收款有所改善，我們的淨現金餘額高於我們的指導。現在由於預期的付款結構，Sun Streams 2 項目銷售的時間對我們的年終現金餘額沒有重大影響，相對於我們的指導。

Cash flows from operations were $37 million in 2020 compared to $174 million in 2019. Cash flow from operations in 2020 include the previously disclosed payment of the class action opt-out litigation settlement of $369 million and a decrease in module prepayments following an increase in Q4 '19 associated with ITC safe harbor module purchase orders.

2020 年的運營現金流為 3700 萬美元，而 2019 年為 1.74 億美元。2020 年的運營現金流包括先前披露的 3.69 億美元的集體訴訟選擇退出訴訟和解費用，以及隨著第四季度的增加而減少的模塊預付款'19 與 ITC 安全港模塊採購訂單相關。

Also as a reminder, when we sell an asset at project-level debt that is assumed by the buyer, the operating cash flow associated with the sale is less than if the buyer had not assumed the debt. In 2020, buyers of our projects assumed $137 million in debt from these transactions.

另外提醒一下，當我們以買方承擔的項目級債務出售資產時，與出售相關的經營現金流量少於買方未承擔債務的情況。 2020 年，我們項目的買家從這些交易中承擔了 1.37 億美元的債務。

Capital expenditures were $89 million in the fourth quarter compared to $106 million in the third quarter. Capital expenditures were $417 million in 2020 compared to $669 million in 2019.

第四季度的資本支出為 8900 萬美元，而第三季度為 1.06 億美元。 2020 年的資本支出為 4.17 億美元，而 2019 年為 6.69 億美元。

And finally, before turning the call back over to Mark, I'd like to provide an update on the strategic review of our U.S. project development and North American O&M businesses. As recently announced, we signed a definitive agreement to sell our U.S. project development platform to Leeward Renewable Energy, a portfolio company of OMERS Infrastructure. This agreement follows a comprehensive, multi-phase process where more than 160 parties were either contacted or expressed inbound interest when multiple structures were considered. Based on the extensive nature of this process and the offers that we received, we believe this transaction represents the most compelling option.

最後，在將電話轉回給 Mark 之前，我想介紹一下我們對美國項目開發和北美 O&M 業務的戰略審查的最新情況。正如最近宣布的那樣，我們簽署了一項最終協議，將我們的美國項目開發平台出售給 OMERS Infrastructure 的投資組合公司 Leeward Renewable Energy。該協議遵循一個全面的多階段流程，在考慮多個結構時，超過 160 方被聯繫或表達了對內的興趣。基於這一過程的廣泛性和我們收到的報價，我們認為這項交易是最引人注目的選擇。

We're pleased that the platform will be acquired by Leeward and almost the entirety of our U.S.-based project development team is expected to join Leeward upon closing. The transaction is expected to close in the first half of 2021 after obtaining regulatory approval and satisfying customer and closing conditions.

我們很高興該平台將被 Leeward 收購，並且我們在美國的幾乎整個項目開發團隊預計將在交易完成後加入 Leeward。在獲得監管部門批准並滿足客戶和成交條件後，該交易預計將於 2021 年上半年完成。

Subject to closing the acquisition, Leeward will sign or assume 1.8 gigawatts of module purchase orders, of which 744 megawatts represent new bookings. While approximately 0.4 gigawatts are included in the upfront purchase price, the remaining approximately 1.4 gigawatts of modules are expected to be added to our contracted backlog and are expected to be recognized as future module segment revenue.

在完成收購後，Leeward 將簽署或承擔 1.8 吉瓦的模塊採購訂單，其中 744 兆瓦代表新訂單。雖然約 0.4 吉瓦包含在前期購買價格中，但剩餘的約 1.4 吉瓦模塊預計將添加到我們的合同積壓訂單中，並預計將被確認為未來的模塊部門收入。

As previously noted in our U.S. project development sale announcement, we stated that we intended to retain 1.1 gigawatt AC of U.S.-based projects that we plan to sell separately. After this announcement, we closed the sale of our Sun Streams 2 project, signed agreements to sell our Sun Streams 4 and 5 projects and are in late-stage negotiations to sell our Sun Streams 3 project, which totaled 750 megawatts AC. The remaining projects are uncontracted and are expected to be sold in 2021.

正如之前在我們的美國項目開發銷售公告中所述，我們表示我們打算保留我們計劃單獨出售的美國項目的 1.1 吉瓦交流電。在此公告之後，我們完成了 Sun Streams 2 項目的出售，簽署了出售我們的 Sun Streams 4 和 5 項目的協議，並且正在就出售總計 750 兆瓦交流電的 Sun Streams 3 項目進行後期談判。其餘項目未簽約，預計2021年出售。

As it relates to the sale of our North American O&M business to NovaSource Power Services, a portfolio company of Clairvest Group, although we initially expected the sale of this business to close in the fourth quarter of 2020, certain conditions to closing remain outstanding. We expect these remaining conditions to be satisfied and the transaction to close in the first half of '21.

由於這涉及將我們的北美 O&M 業務出售給 Clairvest Group 的投資組合公司 NovaSource Power Services，儘管我們最初預計該業務的出售將在 2020 年第四季度完成，但關閉的某些條件仍然未完成。我們預計這些剩餘條件將得到滿足，交易將在 21 年上半年完成。

I'll later discuss the financial impacts of these transactions during the guidance portion of today's call. Now I'll turn it back over to Mark to provide the business and strategy update.

我稍後將在今天電話會議的指導部分討論這些交易的財務影響。現在我將把它交給 Mark 來提供業務和戰略更新。

All right. Thank you, Alex. With our company's founding over 20 years ago, the PV industry has been through periods of rapid growth, declining costs and technology evolution. We're one of the few solar companies that both entered and exited this last decade. We have continued to adapt our business model to remain competitive and differentiated in a constantly evolving market. For example, our original insets into O&M and EPC and project development was to address an unmet need of the market and capture a profit pool. Our acceleration of Series 6 production was a competitive response to address the current market condition. Despite these transformation, among others, our core identity as a module manufacturing company with a differentiated CadTel technology has remained constant.

好的。謝謝你，亞歷克斯。公司成立20多年來，光伏行業經歷了快速增長、成本下降和技術演進的時期。我們是過去十年進入和退出的少數太陽能公司之一。我們繼續調整我們的業務模式，以在不斷變化的市場中保持競爭力和差異化。例如，我們最初對 O&M 和 EPC 和項目開發的投入是為了解決市場未滿足的需求並獲取利潤池。我們加快 6 系列生產是針對當前市場狀況的競爭反應。儘管發生了這些轉變，但我們作為具有差異化 CadTel 技術的模塊製造公司的核心身份一直保持不變。

As we've looked into the future with a more focused business model, our pace of innovation will be critical to our competitive strengths, enabling us to leverage our points of differentiation and capture compelling value for our technology. Sure, with an attractive warranty and responsible solar strategy are recent examples of innovations enhancing our competitive position in the market.

隨著我們以更加專注的商業模式展望未來，我們的創新步伐將對我們的競爭優勢至關重要，使我們能夠利用我們的差異化點並為我們的技術獲取引人注目的價值。當然，具有吸引力的保修和負責任的太陽能戰略是最近提高我們在市場上的競爭地位的創新例子。

This market -- the market momentum for PV continues to build. Our Series 6 energy, quality and environmental advantages are all key differentiators, which we believe will enable us to meaningfully participate in this wave of demand that's seen in renewable energy. Based on the growth of selected PV markets and our competitive advantages, we believe we can grow our manufacturing capacity while still selling our products into regions where our technology has points of differentiation. Within this context, Slide 9 provides an updated view of our global potential bookings opportunity, which now totals 19.7 gigawatts across early to late-stage opportunities through 2023. In terms of segment mix, this pipeline of opportunity is exclusively third-party module sales.

這個市場——光伏的市場動力不斷增強。我們的 Series 6 能源、質量和環境優勢都是關鍵差異化因素，我們相信這將使我們能夠有意義地參與這一可再生能源需求浪潮。基於選定光伏市場的增長和我們的競爭優勢，我們相信我們可以提高我們的製造能力，同時仍將我們的產品銷售到我們的技術具有差異化點的地區。在這種情況下，幻燈片 9 提供了我們全球潛在預訂機會的最新視圖，到 2023 年，從早期到後期的機會總計 19.7 吉瓦。就細分市場組合而言，這個機會管道完全是第三方模塊銷售。

In terms of geographical breakdown, North America remains the region with the largest number of opportunities at 14.9 gigawatts. Europe represents 2.3 gigawatts, India represents 1.8 gigawatts with the remainder in other geographies. A subset of this opportunity set is our mid- to late-stage booking opportunities of 12.6 gigawatts, which reflects those opportunities we feel could book within the next 12 months and include the aforementioned 1.4 gigawatts of contracted subject to satisfaction of commission's president. This subset includes approximately 10.2 gigawatts in North America, 1.2 gigawatts in India, 0.9 gigawatts in Europe, of which 0.7 gigawatts is based in France and the remainder in other geographies. This opportunity set, coupled with our contracted backlog, gives us confidence as we continue scaling our manufacturing capacity.

就地理分佈而言，北美仍然是機會最多的地區，達到 14.9 吉瓦。歐洲代表 2.3 吉瓦，印度代表 1.8 吉瓦，其餘位於其他地區。這個機會集的一個子集是我們 12.6 吉瓦的中後期預訂機會，這反映了我們認為可以在未來 12 個月內預訂的機會，其中包括上述 1.4 吉瓦的合同，但須讓委員會主席滿意。該子集包括北美約 10.2 吉瓦、印度 1.2 吉瓦、歐洲 0.9 吉瓦，其中 0.7 吉瓦位於法國，其餘位於其他地區。這一機會集，加上我們的合同積壓，讓我們在繼續擴大製造能力時充滿信心。

Turning to Slide 10, as we continue to drive additional throughput, increased average watts per module and improved manufacturing yield, our Series 6 production exited 2020 with nameplate capacity manufacturing of approximately 6.3 gigawatts, split between 4.1 gigawatts at our international factories in Vietnam and Malaysia, and 2.2 gigawatts in Ohio. With the commenced production at our second Series 6 factory in Malaysia, our global manufacturing footprint increases to 6 factories. At the end of 2021, we anticipate increasing nameplate capacity to 8.7 gigawatts, which includes 2.6 gigawatts of capacity in Ohio, and 6.1 gigawatts across 4 factories in Malaysia and Vietnam. This 2.4 gigawatts of incremental year-over-year capacity is reflective of our new Malaysia factory and expected improvements in average loss per module and throughput across the fleet. By the end of 2022, we anticipate increasing throughput by 12% compared to our re-rated throughput entitlement and expect continued improvements in our average loss per module and manufacturing yield. Accordingly, by the end of the year, we anticipate increasing our fleet-wide nameplate manufacturing capacity to 9.4 gigawatts, which includes 2.6 -- 2.7 gigawatts of capacity in Ohio and 6.7 gigawatts across our international factories. This 0.7 gigawatts of anticipated incremental capacity is expected to come from optimization of our existing footprint. As previously highlighted, we are evaluating the potential for future capacity expansion and they seek to further diversify our manufacturing presence. In addition to the factors we've previously highlighted, we are also evaluating domestic and international policies to ensure any such expansion is well positioned. While we have made no such decisions at this time, any greenfield capacity addition are unlikely to contribute to our 2022 production plan.

轉到幻燈片 10，隨著我們繼續推動額外的吞吐量、增加每個模塊的平均瓦特和提高製造產量，我們的 6 系列生產於 2020 年退出，銘牌產能製造約為 6.3 吉瓦，我們在越南和馬來西亞的國際工廠的產能分別為 4.1 吉瓦，以及俄亥俄州的 2.2 吉瓦。隨著我們在馬來西亞的第二家 Series 6 工廠開始生產，我們的全球製造足跡增加到 6 家工廠。到 2021 年底，我們預計銘牌容量將增加到 8.7 吉瓦，其中包括俄亥俄州的 2.6 吉瓦，以及馬來西亞和越南 4 家工廠的 6.1 吉瓦。這 2.4 吉瓦的年產能增量反映了我們在馬來西亞的新工廠以及整個車隊的每個模塊的平均損失和吞吐量的預期改善。到 2022 年底，與我們重新評估的吞吐量權利相比，我們預計吞吐量將增加 12%，並預計每個模塊的平均損失和製造良率將繼續改善。因此，到今年年底，我們預計將我們整個車隊的銘牌製造能力提高到 9.4 吉瓦，其中包括俄亥俄州 2.6 - 2.7 吉瓦的產能和我們國際工廠的 6.7 吉瓦。這 0.7 吉瓦的預期增量容量預計將來自我們現有足蹟的優化。如前所述，我們正在評估未來產能擴張的潛力，他們尋求進一步多元化我們的製造業務。除了我們之前強調的因素外，我們還在評估國內和國際政策，以確保任何此類擴張都處於有利位置。雖然我們目前尚未做出此類決定，但任何新建產能的增加都不太可能有助於我們的 2022 年生產計劃。

From a production perspective, in 2021, we expect to produce approximately 7.4 to 7.6 gigawatts, which is within the 7.3 to 7.7 gigawatt range we have provided the last -- at this time of the last February guidance call. Note, our second Malaysia factory will continue its ramp period through the end of the first quarter, and we are planning for over 3 weeks of downtime across the fleet to implement technology and throughput upgrades.

從產量的角度來看，到 2021 年，我們預計將生產大約 7.4 至 7.6 吉瓦，這在我們上次提供的 7.3 至 7.7 吉瓦範圍內——在去年 2 月的指導電話會議上。請注意，我們在馬來西亞的第二家工廠將在第一季度末繼續其爬坡期，我們計劃在整個車隊中停工超過 3 週，以實施技術和產量升級。

In 2022, with the addition of the fully ramped factory in Malaysia and ongoing improvements across the fleet, we expect to produce 8.6 to 9.0 gigawatts.

到 2022 年，隨著在馬來西亞全面增產的工廠的增加以及整個車隊的不斷改進，我們預計將生產 8.6 至 9.0 吉瓦。

Turning to Slide 11. I will now provide an update on our technology road map. Over the course of 2020, we have made steady progress in our technology road map, ending the year with a top bin of 445. Early in 2021, we have demonstrated continued progress increasing our fleet-wide average per module to 440 for February month-to-date. And for our new Malaysia factory, introduced our Series 6 Plus module, the next phase of our technology road map with the current top bin of 450 watts.

轉到幻燈片 11。我現在將提供我們技術路線圖的更新。在 2020 年期間，我們在技術路線圖上取得了穩步進展，以 445 的頂部箱結束了這一年。在 2021 年初，我們展示了持續的進步，將 2 月份的全機隊平均每個模塊增加到 440 -迄今為止。對於我們在馬來西亞的新工廠，我們推出了我們的 Series 6 Plus 模塊，這是我們技術路線圖的下一階段，目前的頂部箱體功率為 450 瓦。

Leveraging our existing Series 6 tool set, we increased our module form factor by approximately 2% and increased our module efficiency, which has increased our top bin production by approximately 10 watts. Note, after our second Malaysia factory ramp is completed, we anticipate our top bin will be 455 watts. Importantly, this increase in form factor is sized to reduce balance of system cost per watt by adding moderate wattage without material changes to the installation process or support structure. We anticipate implementing Series 6 Plus across the city over the course of 2021. From a manufacturing cost perspective, we expect this additional wattage will reduce our cost and sales freight per watt, which I will later discuss.

利用我們現有的 Series 6 工具集，我們將模塊外形尺寸增加了大約 2% 並提高了模塊效率，這使我們的頂部箱體產量增加了大約 10 瓦。請注意，在我們的第二個馬來西亞工廠坡道完成後，我們預計我們的頂部垃圾箱將達到 455 瓦。重要的是，這種外形尺寸的增加旨在通過在不改變安裝過程或支撐結構的材料的情況下增加適度的功率來降低每瓦系統成本的平衡。我們預計在 2021 年期間在全市實施 Series 6 Plus。從製造成本的角度來看，我們預計這種額外的瓦數將降低我們的成本和每瓦的銷售運費，我稍後將對此進行討論。

For the fourth quarter of 2021, we anticipate commencing initial production of our copper-replaced Series 6 or CuRe on our lead line production. As previously disclosed, this program is expected to not only increase module wattage, but also meaningfully improved lifetime energy performance. Accordingly, by the end of 2021, we anticipate our top production bin will reach $460 million to $465 million. With an expected 30-year warranty degradation rate approximately 50% below our existing baseline.

對於 2021 年第四季度，我們預計將在我們的鉛線生產中開始我們的銅替代系列 6 或 CuRe 的初始生產。如前所述，預計該計劃不僅會增加組件瓦數，還會顯著提高生命週期的能源性能。因此，到 2021 年底，我們預計我們的最高產量將達到 4.6 億至 4.65 億美元。預計 30 年保修退化率比我們現有的基準低約 50%。

Given TV power plants have an expected useful life of up to 40 years, a reduction in a module's long-term degradation is expected to be a material benefit to project economics as it increases energy density of the module and life cycle energy generation.

鑑於 TV 發電廠的預期使用壽命可達 40 年，減少模塊的長期退化預計將對項目經濟產生重大影響，因為它增加了模塊的能量密度和生命週期的能量生成。

As demonstrated on Slide 12, we believe the benefits of improved module efficiency and temperature coefficient will result in a 7% higher energy density in the first year for our 465-watt CuRe module compared to our 440-watt Series 6 module. Due to the expected reduction in our CuRe modules long-term degradation rate, we expect this improvement can increase to 20% in year 40, which represents a 13% improvement over the life of the asset. As we've stated previously, we believe CuRe significantly increases Series 6's competitiveness against bifacial modules. As a point of reference, bifacial modules generated an estimate 4% to 8% more energy than comparable monofacial modules. More importantly, CuRe's energy uplift does not increase the module or balance of system cost is typically seen with bifacial modules.

如幻燈片 12 所示，與我們的 440 瓦系列 6 模塊相比，我們相信提高模塊效率和溫度係數的好處將使我們的 465 瓦 CuRe 模塊在第一年的能量密度提高 7%。由於我們的 CuRe 模塊長期降解率預計會降低，我們預計這種改進在第 40 年可以增加到 20%，這意味著在資產的生命週期內提高了 13%。正如我們之前所說，我們相信 CuRe 顯著提高了 Series 6 對雙面組件的競爭力。作為參考，雙面模塊產生的能量估計比同類單面模塊多 4% 到 8%。更重要的是，CuRe 的能量提升不會增加組件或系統成本的平衡，這通常見於雙面組件。

By the end of the first quarter of 2022, we anticipate the entire fleet will be converted to CuRe. This is anticipated to provide additional benefits to our average watt per module and cost per watt.

到 2022 年第一季度末，我們預計整個機隊將改用 CuRe。預計這將為我們的每模塊平均瓦數和每瓦成本提供額外的好處。

Through the implementation of our copper replacement program, combined with our ongoing R&D program, we're aiming to achieve a top production bin of 475 to 480 watts by the end of 2022. So on our second quarter earnings call, we stated that we expected a 480-watt module bin in 2023. With a CadTel cell efficiency entitlement in excess of 25%, we see a path to significantly increase our module wattage and efficiency in the midterm. With this path to increased efficiency, coupled with our degradation, spectral response and temperature coefficient energy advantages and vertically integrated manufacturing processes, we believe the outlook for our technology remains well positioned in a global PV market.

通過實施我們的銅替代計劃，結合我們正在進行的研發計劃，我們的目標是到 2022 年底實現 475 至 480 瓦的最高產量。因此，在我們的第二季度財報電話會議上，我們表示我們預計2023 年 480 瓦模塊箱。由於 CadTel 電池效率權利超過 25%，我們看到了在中期顯著提高模塊功率和效率的途徑。憑藉這條提高效率的途徑，再加上我們的退化、光譜響應和溫度係數能量優勢以及垂直整合的製造工藝，我們相信我們的技術前景在全球光伏市場中仍然處於有利地位。

Finally, we continue to focus on advanced research and development and are evaluating the potential to move beyond a single-junction device and leverage the high band gap advantages of CadTel in a multi-junction device. A multi-junction device has the potential to be a disruptive, high efficiency, low-cost module with an advantaged energy generation profile. While the evaluation of this technology is in early development, we are aiming to utilize many of the product enhancements in our existing CadTel road map.

最後，我們繼續專注於先進的研發，並正在評估超越單結器件並在多結器件中利用 CadTel 的高帶隙優勢的潛力。多結器件有可能成為具有優勢的能量生成特性的顛覆性、高效率、低成本模塊。雖然這項技術的評估處於早期開發階段，但我們的目標是利用現有 CadTel 路線圖中的許多產品增強功能。

Turning to Slide 13. I'll provide some context around our module cost per watt. As initially presented on our guidance call in February 2020, we forecasted a Series 6 cost per watt reduction of 10% between where we expected to end 2020 and the end of 2019. Despite unforeseen challenges related to the pandemic, pricing pressures in the global shipping market and rising commodity costs including aluminum, which we mitigated in part through a hedge structure, and increased demand for PV glass, we executed on our cost per watt road map for the year and achieved this target.

轉到幻燈片 13。我將提供一些有關我們的每瓦模塊成本的背景信息。正如我們在 2020 年 2 月的指導電話會議上最初提出的那樣，我們預測從 2020 年底到 2019 年底，Series 6 的每瓦成本將降低 10%。儘管與大流行相關的不可預見的挑戰，全球航運的定價壓力市場和包括鋁在內的商品成本上升（我們通過對沖結構部分緩解了這一點），以及對光伏玻璃需求的增加，我們執行了年度每瓦成本路線圖並實現了這一目標。

Looking into 2021, I'd like to start by addressing how we intend to manage key bill of material and sales freight costs. Firstly, given our module utilizes a CadTel chemistry, our cost per watt is unaffected by fluctuations in polysilicon pricing. Secondly, from a glass perspective, growing solar demand and the emergence of bifacial modules have continued to put pressure on the supply and cost of PV glass. However, our glass procurement strategy primarily relies on forward contracts and localization of glass supply. In 2021, we intend to further localize our glass needs domestically in the United States and Malaysia through long-term supply agreements. This strategy enables us to mitigate the cost of variable spot pricing for glass and inbound freight.

展望 2021 年，我想首先說明我們打算如何管理關鍵物料清單和銷售運費成本。首先，鑑於我們的模塊使用了 CadTel 化學品，我們的每瓦成本不受多晶矽價格波動的影響。其次，從玻璃的角度來看，太陽能需求的增長和雙面組件的出現，繼續對光伏玻璃的供應和成本造成壓力。然而，我們的玻璃採購策略主要依賴於遠期合同和玻璃供應的本地化。 2021年，我們打算通過長期供應協議進一步將我們的玻璃需求本地化在美國和馬來西亞國內。這種策略使我們能夠降低玻璃和入境貨運的可變現貨定價成本。

Thirdly, from a sales freight perspective, utilizing contracted routes and minimizing changes helped alleviate some of the impact of higher spot rates in 2020 in the first quarter of 2021. Despite higher shipping rates expected in 2021, we intend to utilize our distribution center strategy to mitigate some of these impact. Note, we expect sales freight and warranty to reduce module segment gross margin by 7 to 8 percentage points in 2021 compared to 7 percentage points in 2020.

第三，從銷售運費的角度來看，利用合同航線和最大限度地減少變化有助於緩解 2021 年第一季度 2020 年即期費率上漲的一些影響。儘管預計 2021 年的運費會上漲，但我們打算利用我們的配送中心戰略來減輕其中一些影響。請注意，我們預計銷售運費和保修將在 2021 年將模塊部門的毛利率從 2020 年的 7 個百分點降低 7 至 8 個百分點。

Finally, as part of our Series 6 Plus implementation, we anticipate a reduction in the module profile by reducing the thickness of our frame injunction box. In addition to reducing the bill of material costs, we anticipate this development will enable us to increase module shipping container -- modules per shipping container by approximately 10%.

最後，作為我們 6 Plus 系列實施的一部分，我們預計通過減少框架禁制盒的厚度來減少模塊輪廓。除了降低材料成本外，我們預計這一發展將使我們能夠增加模塊運輸集裝箱——每個運輸集裝箱的模塊大約 10%。

As it relates to our Ohio manufacturing facilities, despite exiting 2020 with a higher cost per watt in comparison to our international factories, we anticipate significant improvements in 2021 through the following initiatives: Firstly, in the fourth quarter, the manufacturing yield was 96%, which was below the fleet average. We anticipate this will improve to 97% by the end of 2021, which provides a benefit to our fixed and variable cost per module; secondly, we anticipate increasing our nameplate manufacturing capacity to 2.6 gigawatts by the end of the year, an increase of 18% compared to the end of 2020; finally, a covered glass facility in Illinois started in the fourth quarter of 2020 and our float glass facility in Ohio started in the first quarter of 2021 and will supply our Ohio factory. We anticipate this will provide a benefit to the variable portion of our cost per watt. Through the implementation of these key initiatives, among others, we anticipate our Ohio cost per watt headwind relative to our international factories will exit 2021 $0.02 per watt higher, including sales freight.

由於它與我們的俄亥俄州製造設施有關，儘管與我們的國際工廠相比，2020 年的每瓦成本更高，但我們預計 2021 年將通過以下舉措取得顯著改善：首先，在第四季度，製造產量為 96%，這低於機隊平均水平。我們預計到 2021 年底這一比例將提高到 97%，這將為我們的每個模塊的固定和可變成本帶來好處；其次，我們預計到年底將我們的銘牌製造能力提高到2.6吉瓦，比2020年底增長18%；最後，伊利諾伊州的有蓋玻璃工廠於 2020 年第四季度開工，我們在俄亥俄州的浮法玻璃工廠於 2021 年第一季度開工，將為我們的俄亥俄州工廠供貨。我們預計這將為我們每瓦成本的可變部分帶來好處。通過實施這些關鍵舉措，我們預計俄亥俄州的每瓦成本相對於我們的國際工廠而言，到 2021 年每瓦成本將提高 0.02 美元，包括銷售運費。

On a fleet-wide basis relative to where we exited 2020, we anticipate reducing our cost per watt produced by 11% by the end of 2021. Due to the ramp in other underutilization costs related to the aforementioned factory ramp upgrades and challenges related to sales freight, we anticipate reducing our cost per watt sold by 8% by the end of the year.

相對於我們 2020 年的退出情況，我們預計到 2021 年底，我們的每瓦生產成本將降低 11%。由於與上述工廠坡道升級相關的其他未充分利用成本的上升以及與銷售相關的挑戰運費方面，我們預計到今年年底每瓦銷售成本將降低 8%。

As we look beyond the midterm, I would like to revisit the 5 key levers that we believe will enable us to continue reducing our cost per watt. Starting with efficiency, we anticipate increasing our top production bin from 445 in December 2020 to a top production bin of 475 to 480 watts by the end of 2022. With a midterm goal of 500 watts per module, we see the potential for continued improvement in our module performance. Improvements in module watts generally provide a benefit to each component of the cost per watt, including our variable and fixed bill of materials and sales freight and warranty costs.

當我們展望中期之後，我想重新審視我們認為將使我們能夠繼續降低每瓦成本的 5 個關鍵槓桿。從效率開始，我們預計到 2022 年底，我們的最高產能將從 2020 年 12 月的 445 瓦增加到 475 至 480 瓦的最高產能。中期目標是每個模塊 500 瓦，我們看到了持續改進的潛力我們的模塊性能。模塊瓦數的改進通常會為每瓦成本的每個組成部分帶來好處，包括我們的可變和固定材料清單以及銷售運費和保修成本。

Secondly, by the end of 2022, we anticipate increasing throughput by 12% compared to our re-rated capacity utilization baseline through the implementation of additional tools and debottlenecking efforts. This drives additional throughput on our existing manufacturing footprint resulting in the fixed cost dilution benefit. Thirdly, while we've made steady improvements to our manufacturing yield over the course of 2020, achieving 97.6% in December, we anticipate a fleet-wide yield of 97.5% in 2021.

其次，到 2022 年底，與我們重新評估的產能利用率基線相比，我們預計通過實施額外的工具和消除瓶頸工作，吞吐量將增加 12%。這推動了我們現有製造足蹟的額外吞吐量，從而帶來了固定成本稀釋收益。第三，雖然我們在 2020 年期間穩步提高了製造良率，在 12 月達到了 97.6%，但我們預計 2021 年整個機隊的良率將達到 97.5%。

While our international factories have achieved yield in excess of 98%, the planned upgrades for Series 6 Plus and CuRe are expected to impact yield performance during the year. However, in the midterm, we see a path to increase our fleet-wide manufacturing yield to 98.5%.

雖然我們的國際工廠已實現超過 98% 的產量，但計劃升級的 Series 6 Plus 和 CuRe 預計將影響年內的產量表現。然而，在中期，我們看到了將我們整個車隊的製造良率提高到 98.5% 的途徑。

Fourthly, we see midterm opportunities to reduce our bill of material costs by 20% to 25%, primarily across our glass and frame. Finally, we believe the combination of fitting our model profile and transportation optimization can lead to a 15% reduction in freight costs. Combining the benefits of our CuRe and our other R&D work with aforementioned cost levers, we believe we are strongly positioned to continue to drive Series 6 cost per watt efficiency and energy improvements over the near and midterm.

第四，我們看到了將材料成本降低 20% 至 25% 的中期機會，主要是通過我們的玻璃和框架。最後，我們相信擬合我們的模型配置文件和運輸優化的結合可以使貨運成本降低 15%。將我們的 CuRe 和其他研發工作的優勢與上述成本槓桿相結合，我們相信我們有能力在近期和中期繼續推動 Series 6 每瓦成本效率和能源改進。

I'll now turn the call back over to Alex, who will discuss our financial outlook and provide 2021 guidance.

我現在將電話轉回給亞歷克斯，他將討論我們的財務前景並提供 2021 年的指導。

Thanks, Mark. Before discussing our 2021 financial guidance, I'd like to highlight our core operating [pens], which is endeavored to create shareholder value through a disciplined decision-making framework, the balances growth, liquidity and profitability. As it relates to growth, we anticipate increasing our nameplate manufacturing capacity to 9.4 gigawatts by the end of 2020, driven by the addition of our second factory in Malaysia and ongoing improvements in average watts per module throughput manufacturing yield. As Mark previously highlighted, we're evaluating the potential for future capacity expansion, and may do some beyond our existing geographic footprint.

謝謝，馬克。在討論我們的 2021 年財務指導之前，我想強調一下我們的核心運營 [pen]，它致力於通過嚴格的決策框架創造股東價值，平衡增長、流動性和盈利能力。由於與增長有關，我們預計到 2020 年底，我們的銘牌製造能力將增加到 9.4 吉瓦，這得益於我們在馬來西亞開設的第二家工廠以及每個模塊的平均瓦特產量製造良率的持續提高。正如馬克之前強調的那樣，我們正在評估未來產能擴張的潛力，並且可能會在我們現有的地理足蹟之外做一些事情。

Strong bookings performance in 2020 and year-to-date 2021 and current forward contract position of 13.7 gigawatts gives us commercial confidence as we evaluate the potential for incremental expansion.

2020 年和 2021 年年初至今的強勁預訂表現以及當前 13.7 吉瓦的遠期合同頭寸為我們提供了商業信心，因為我們評估了增量擴張的潛力。

Our liquidity position has been a strategic differentiator in an industry that has historically prioritized growth without regard to long-term capital structure. For example, one of the few solar companies that both entered and exited the last decade and our strong balance sheet has enabled us to weather periods of volatility and also pursue growth opportunities. Additionally, we were able to self-fund our Series 6 transition whilst maintaining our strong liquidity position, ending 2020 with $1.5 billion of net cash. And to say, we'll be able to continue to self-fund future capacity expansion and strategic investments from our technology whilst maintaining strong differentiated balance sheet, which we believe is a meaningful competitive differentiator.

我們的流動性狀況一直是這個行業的戰略差異化因素，該行業歷來優先考慮增長而不考慮長期資本結構。例如，作為過去十年進入和退出的為數不多的太陽能公司之一，我們強勁的資產負債表使我們能夠度過動盪時期並尋求增長機會。此外，我們能夠為我們的第 6 輪過渡自籌資金，同時保持強勁的流動性頭寸，到 2020 年底淨現金為 15 億美元。可以說，我們將能夠繼續通過我們的技術為未來的產能擴張和戰略投資提供資金，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。

And from a profitability perspective, our contracted backlog provides increased visibility into future sales, reduces financial exposure to spot pricing for PV modules, helps align our capacity with future demand. Accordingly, we can be selective with our bookings opportunities and contract module sales at pricing levels that fairly value our Energy Advantage product and provide an acceptable profit per watt. For example, in 2022, although there remains significant uncontracted volume yet to book, the ASP across the aforementioned 5.9 gigawatts of volume for potential deliveries in 2022 is only 10% lower than that of the 7.2 gigawatts of volume to be shipped in 2021. With a target of 11% reduction in costs per watt produced between year-end '20 and year-end '21, we believe there's an opportunity to capture an attractive margin.

從盈利能力的角度來看，我們的合同積壓提高了對未來銷售的可見性，降低了光伏組件現貨定價的財務風險，有助於使我們的產能與未來需求保持一致。因此，我們可以選擇以公平評估我們的 Energy Advantage 產品並提供可接受的每瓦利潤的定價水平來選擇我們的預訂機會和合同模塊銷售。例如，在 2022 年，儘管仍有大量的未簽約量尚未預訂，但上述 5.9 吉瓦的 2022 年潛在交付量的平均售價僅比 2021 年的 7.2 吉瓦出貨量低 10%。在 20 年底和 21 年底之間，每瓦生產成本降低 11% 的目標，我們相信有機會獲得可觀的利潤。

So with this context in mind, I'll next discuss the assumptions included in our 2021 financial events. Please turn to Slide 14. As it relates to our U.S. project development business, we anticipate that the transaction will close in the first half of 2021, the expected proceeds of approximately $270 million. Included in this price of 390 million -- sorry, 390 megawatts of Series 4 and Series 6 Plus solar modules, the 10-gigawatt project pipeline, including the 5 contracted development projects, the 30-megawatt operational Beryl project and certain other safe harbor equipment.

因此，考慮到這一背景，我接下來將討論我們 2021 年財務事件中包含的假設。請轉至幻燈片 14。由於涉及我們的美國項目開發業務，我們預計該交易將於 2021 年上半年完成，預計收益約為 2.7 億美元。包括在這個 3.9 億的價格中——抱歉，390 兆瓦的系列 4 和系列 6 Plus 太陽能組件、10 吉瓦的項目管道，包括 5 個合同開發項目、30 兆瓦的運營 Beryl 項目和某些其他安全港設備.

On closing, we expect to recognize a pretax gain on sale shown on the income statement between the gross margin and operating income lines of approximately $25 million. As it relates to our North American O&M business, we anticipate this transaction will also close in the first half of 2021. And upon closing, we expect to recognize a pretax gain on sale of approximately $115 million. We believe the closing of these transactions will be a positive result for both our U.S. project development and North American O&M associates.

交易結束時，我們預計在毛利率和營業收入之間的利潤表中顯示的稅前銷售收益約為 2500 萬美元。由於它與我們的北美 O&M 業務有關，我們預計這項交易也將在 2021 年上半年完成。完成後，我們預計將確認約 1.15 億美元的稅前銷售收益。我們相信，這些交易的完成對我們的美國項目開發和北美 O&M 員工來說都是一個積極的結果。

As of the end of 2020, we had approximately 300 associates that supported our North American O&M and U.S. portion businesses collectively. And at closing, substantially all of these associates will join Leeward and NovaSource, respectively.

截至 2020 年底，我們有大約 300 名員工共同支持我們的北美 O&M 和美國部分業務。在交易結束時，基本上所有這些員工都將分別加入 Leeward 和 NovaSource。

As we exit North American O&M and U.S. project development, we see the potential for significant cost reductions from these decisions, which is reflected in both the cost of sales and operating expenses lines. As we mentioned on prior earnings calls, including Q3 of 2019 and as is also the case in Q4 of 2020, in quarters with low project development revenue, we see an adverse impact to Systems segment gross margin due to the fixed cost burden that sits in the cost of sales line. Similarly, for the O&M business, the majority of the non-direct project-related costs to support the O&M business sit within the cost of sales line.

隨著我們退出北美 O&M 和美國項目開發，我們看到這些決策有可能顯著降低成本，這反映在銷售成本和運營費用線中。正如我們在之前的財報電話會議中提到的，包括 2019 年第三季度以及 2020 年第四季度的情況，在項目開發收入較低的季度，由於固定成本負擔，我們認為系統部門的毛利率受到不利影響銷售線的成本。同樣，對於運維業務，支持運維業務的大部分非直接項目相關成本位於銷售線成本內。

In total in 2021, we expect to see approximately $15 million in annual cost of sales savings associated with the sale of the North American O&M business. With an additional approximately $5 million of savings in 2022, we expect run rate annual savings of approximately $20 million from the sale from 2022 in North America.

到 2021 年，我們預計與出售北美 O&M 業務相關的年度銷售成本將節省約 1500 萬美元。到 2022 年額外節省約 500 萬美元，我們預計從 2022 年開始在北美的銷售每年可節省約 2000 萬美元的運行率。

The sale of the U.S. project development business is expected to result in approximately $35 million of savings in 2021, and an additional $10 million to $15 million of run rate savings in '22, for a total annualized benefit from '22 onwards approximately $45 million to $50 million, of which approximately 60% sits in the operating expenses line.

出售美國項目開發業務預計將在 2021 年節省約 3500 萬美元，並在 22 年額外節省 1000 萬至 1500 萬美元的運行率，從 22 年起每年的總收益約為 4500 萬美元至5000 萬美元，其中約 60% 用於運營費用。

From a systems perspective, remaining in our 2021 cost structure are approximately $15 million of expenses associated with our Japanese development business, split between operating expense and cost of sales, and approximately $15 million of cost of sales associated with our power generating assets.

從系統的角度來看，我們 2021 年成本結構中剩餘的大約 1500 萬美元與我們的日本開發業務相關的費用，分為運營費用和銷售成本，以及與我們的發電資產相關的大約 1500 萬美元的銷售成本。

For the booked backlog, system backlog of approximately 200 megawatts AC of systems projects in Japan and a strong capacity position will leave us an opportunity to capture an attractive profit pool there.

對於預定的積壓，日本系統項目約 200 兆瓦交流電的系統積壓和強大的產能地位將使我們有機會在那裡獲得有吸引力的利潤池。

Next, our 2021 shipments are expected to be between 7.8 and 8 gigawatts, which exceeds our production plan for the year, of 7.4 to 7.6 gigawatts. There are several factors driving this. Firstly, we produced approximately 1.6 gigawatts in the fourth quarter, which exceeded our guidance from the third quarter earnings call by about 120 megawatts.

接下來，我們 2021 年的出貨量預計在 7.8 到 8 吉瓦之間，這超出了我們今年 7.4 到 7.6 吉瓦的生產計劃。有幾個因素推動了這一點。首先，我們在第四季度生產了大約 1.6 吉瓦，超出了我們在第三季度財報電話會議上的指導大約 120 兆瓦。

Secondly, in the fourth quarter, we shipped 1.8 gigawatts, which was 100 megawatts below the midpoint of our guidance range. And finally, we expect to ship approximately 150 megawatts of Series 6 modules as part of the U.S. product development transaction that were previously intended to safe harbor the 26% investment tax benefit.

其次，在第四季度，我們出貨了 1.8 吉瓦，比我們的指導範圍中點低 100 兆瓦。最後，作為美國產品開發交易的一部分，我們預計將出貨約 150 兆瓦的 6 系列模塊，該交易之前旨在保護 26% 的投資稅收優惠。

Our ongoing Series 6 throughput and technology programs are expected to impact 2020 an operating income by $60 million to $70 million. This is comprised of $5 million to $10 million of ramp expenses incurred at our second factory in Malaysia, which we anticipate will exit as ramp period by the end of Q1. As previously mentioned, we have fleet-wide factory upgrades to incorporate Series 6 Plus CuRe and throughput improvements in 2021. The upgrades will require approximately 3 weeks of downtime across the fleet, resulting in estimated underutilization losses of $40 million, and production start-up expense of $15 million to $20 million. We anticipate these improvements will contribute meaningfully to our 8.6 to 9 gigawatt production plan in 2022.

我們正在進行的系列 6 吞吐量和技術計劃預計將對 2020 年的營業收入產生 6000 萬至 7000 萬美元的影響。這包括我們在馬來西亞的第二家工廠產生的 500 萬至 1000 萬美元的坡道費用，我們預計該工廠將在第一季度末作為坡道期退出。如前所述，我們將在 2021 年對整個車隊的工廠進行升級，以納入 Series 6 Plus CuRe 和產量改進。升級將需要整個車隊大約 3 週的停機時間，從而導致估計的 4000 萬美元的未充分利用損失和生產啟動費用為 1500 萬至 2000 萬美元。我們預計這些改進將為我們 2022 年 8.6 至 9 吉瓦的生產計劃做出有意義的貢獻。

As it relates to domestic capital markets and financing, with significant utility scale, solar and wind capacity additions expected in 2021, with co-located battery storage increasing many projects ITC-eligible basis, demand for tax equity is at this time expected to remain high. Our financial guidance assumes that bank profitability will be sufficient to supply the needs of the tax equity market or if market conditions deteriorate, an appropriate legislative solution such as the ability to receive direct cash payments in lieu of investment tax credits is implemented.

由於它與國內資本市場和融資有關，預計 2021 年公用事業規模顯著增加，太陽能和風能容量增加，同時同地電池存儲增加了許多符合 ITC 條件的項目，預計此時對稅收權益的需求將保持高位.我們的財務指導假設銀行的盈利能力足以滿足稅收股票市場的需求，或者如果市場狀況惡化，將實施適當的立法解決方案，例如接收直接現金支付代替投資稅收抵免的能力。

And finally, to date, we have largely managed the impact of the COVID-19 outbreak on our business, and it has not had significant impacts on our operations. Our guidance accordingly assumes we will continue to be able to mitigate any such impact on our supply chain operations without the incurrent material costs.

最後，迄今為止，我們已在很大程度上控制了 COVID-19 爆發對我們業務的影響，但並未對我們的運營產生重大影響。因此，我們的指導假設我們將繼續能夠減輕對我們的供應鏈運營的任何此類影響，而不會產生當前的材料成本。

I'll now cover the 2021 guidance ranges on Slide 15. Our net sales guidance is between $2.85 billion and $3 billion, which includes $2.45 billion to $2.55 billion of module segment revenue. Included in our systems revenue guidance is the sale of the Sun Streams 2 project, which closed in Q1.

我現在將在幻燈片 15 上介紹 2021 年的指導範圍。我們的淨銷售額指導在 28.5 億美元至 30 億美元之間，其中包括 24.5 億美元至 25.5 億美元的模塊部門收入。我們的系統收入指南中包括 Sun Streams 2 項目的銷售，該項目於第一季度結束。

Gross margin is expected to be between $710 million and $775 million, which includes $580 million to $625 million of module segment gross margin. Module segment gross margin includes a combined $45 million to $50 million of ramp expense and underutilization losses, which are expected to reduce module segment gross margin by approximately 2 percentage points. Additionally, sales freight and warranty are included in cost of sales and are expected to reduce module segment gross margin by 7 to 8 percentage points.

毛利率預計在 7.1 億美元至 7.75 億美元之間，其中包括 5.8 億美元至 6.25 億美元的模塊部門毛利率。模塊部門的毛利率包括 4500 萬至 5000 萬美元的坡道費用和未充分利用的損失，預計這將使模塊部門的毛利率降低約 2 個百分點。此外，銷售運費和保修已包含在銷售成本中，預計將使模塊部門的毛利率降低 7 至 8 個百分點。

In the United States, we're seeing some weather-related impacts to module delivery schedules resulting from last week's storm, particularly in Texas. Whilst we're in the process of balancing customers' project needs and contractual commitments, we anticipate this will impact our Q1 shipments. However, with lower Q1 sales volume and an improving cost block profile over the course of the year, we anticipate our module 7 gross margin will increase from 19% in the first quarter to 26% in the fourth quarter. Approximately 1/3 of our full year ramp and underutilization charges are expected to be incurred during the first quarter. With the remainder split evenly across the subsequent 3 quarters.

在美國，我們看到上週的風暴對組件交付時間表造成了一些與天氣相關的影響，尤其是在德克薩斯州。雖然我們正在平衡客戶的項目需求和合同承諾，但我們預計這將影響我們第一季度的出貨量。然而，隨著第一季度銷量的下降和全年成本塊狀況的改善，我們預計我們的模塊 7 毛利率將從第一季度的 19% 增加到第四季度的 26%。預計第一季度將產生大約 1/3 的全年斜坡和未充分利用費用。其餘的在隨後的 3 個季度中平均分配。

To broaden out our sellable volume in 2021 is predominantly Series 6 and Series 6 Plus, which is competing for business against bifacial technology. Whilst we are incurring ramp in utilization costs this year to integrate our CuRe technology, we expect to begin realizing the value associated with these improvements in 2022.

為了擴大我們在 2021 年的銷售量，主要是 Series 6 和 Series 6 Plus，它們正在與雙面技術競爭業務。雖然我們今年會增加利用成本來整合我們的 CuRe 技術，但我們預計將在 2022 年開始實現與這些改進相關的價值。

SG&A and R&D expenses are expected to total $270 million to $280 million. Included in SG&A, approximately $5 million of transaction costs related to the sale of our U.S. project development business.

SG&A 和研發費用預計總計 2.7 億至 2.8 億美元。包括在 SG&A 中，與出售我們的美國項目開發業務相關的交易成本約為 500 萬美元。

Operating expenses, which includes $15 million to $20 million of production start-up expense, are expected to be between $285 million and $300 million.

運營費用，包括 1500 萬至 2000 萬美元的生產啟動費用，預計在 2.85 億美元至 3 億美元之間。

Operating income is estimated to be between $545 million and $640 million and is inclusive of an expected approximately $140 million gain on sale related to the aforementioned O&M and project development transactions. And $60 million to $70 million of combined ramp and underutilization costs and plant start-up expenses.

營業收入估計在 5.45 億美元至 6.4 億美元之間，包括與上述 O&M 和項目開發交易相關的預計約 1.4 億美元的銷售收益。以及 6000 萬至 7000 萬美元的斜坡和未充分利用成本以及工廠啟動費用。

Certain nonoperating items, we expect interest income, interest expense and other income to net a negative $10 million. Full year tax expense is forecast to be $100 million to $120 million, which includes approximately $35 million of tax expense related to the North American O&M and U.S. project development sales transactions.

某些非經營性項目，我們預計利息收入、利息支出和其他收入淨額為負 1000 萬美元。全年稅費預計為 1 億至 1.2 億美元，其中包括與北美 O&M 和美國項目開發銷售交易相關的約 3500 萬美元稅費。

This results in a full year 2021 earnings per share guidance range of $4.05 to $4.75. And now we expect earnings per share of approximately $1 related to the gains on sale of our U.S. project development and North American O&M businesses.

這導致 2021 年全年每股收益指導範圍為 4.05 美元至 4.75 美元。現在，我們預計與出售我們的美國項目開發和北美 O&M 業務的收益相關的每股收益約為 1 美元。

Capital expenditures in 2021 are expected to range from $425 million to $475 million, as we complete the transition to our second Series 6 factory in Malaysia, increased throughput on our existing Series 6 facilities, implement Series 6 Plus and CuRe, and invest in other R&D related programs.

2021 年的資本支出預計在 4.25 億美元至 4.75 億美元之間，因為我們完成了向馬來西亞第二家 6 系工廠的過渡，增加了我們現有 6 系設施的產量，實施 6 系 Plus 和 CuRe，並投資於其他研發相關程序。

Our year-end 2021 net cash balance is anticipated to be between $1.8 billion and $1.9 billion. The increase from our 2020 year-end net cash balance is primarily due to operating cash flows from our modules business, the proceeds from our U.S. project development and North American O&M sales, which we expect will be partially offset by capital expenditures.

我們 2021 年年底的淨現金餘額預計在 18 億美元至 19 億美元之間。我們 2020 年末淨現金餘額的增加主要是由於我們的組件業務的經營現金流、我們的美國項目開發和北美 O&M 銷售的收益，我們預計這將被資本支出部分抵消。

Turning to Slide 16, I'll summarize the key messages from today's call. We continue to make significant progress on our Series 6 transition, both from a demand and supply perspective. Series 6 demand was in robust with 3.3 gigawatts of net bookings in previous earnings call, an additional 1.4 gigawatt of volume contracted subject to conditions precedent. Our opportunity pipeline continues to grow with a global opportunity set of 19.7 gigawatts, including mid- to late-stage opportunities of 12.6 gigawatts.

轉到幻燈片 16，我將總結今天電話會議的關鍵信息。從需求和供應的角度來看，我們繼續在第 6 輪過渡方面取得重大進展。系列 6 的需求強勁，在之前的財報電話會議中，淨預訂量為 3.3 吉瓦，根據先決條件，額外簽約的數量為 1.4 吉瓦。我們的機會管道繼續增長，全球機會集為 19.7 吉瓦，其中包括 12.6 吉瓦的中後期機會。

On the supply side, we continue to expand our manufacturing capacity and expect to increase our nameplate Series 6 manufacturing capacity to 8.7 gigawatts by year-end 2021 and 9.4 gigawatts by year-end 2022. In 2021, we expect to produce 7.4 to 7.6 gigawatts of Series 6 volume, a year-over-year increase of 25% to 29%. And we see significant midterm opportunity for improvements to our module efficiency, cost and energy metrics. We ended 2020 with full year EPS of $3.73 and forecasting full year 2021 earnings per share of $4.05 to $4.75.

在供應方面，我們繼續擴大製造能力，預計到 2021 年底將我們的銘牌系列 6 製造能力提高到 8.7 吉瓦，到 2022 年底提高到 9.4 吉瓦。到 2021 年，我們預計將生產 7.4 至 7.6 吉瓦系列 6 的銷量，同比增長 25% 至 29%。我們看到了改善我們的模塊效率、成本和能源指標的重大中期機會。我們在 2020 年結束時全年每股收益為 3.73 美元，預計 2021 年全年每股收益為 4.05 美元至 4.75 美元。

And finally, we expect to close the sale of our North American O&M and U.S. project development businesses in the first half of 2021.

最後，我們預計將在 2021 年上半年完成對北美 O&M 和美國項目開發業務的出售。

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

至此，我們結束了我們準備好的發言，我將開始提問。操作員？

(Operator Instructions) Our first question comes from Philip Shen with ROTH.

（操作員說明）我們的第一個問題來自 ROTH 的 Philip Shen。

You've shown some healthy bookings year-to-date. Given the forced labor issue ramping up, can you talk about how recent conversations with customers have been shaping up and perhaps how they've shifted as well?

年初至今，您已經展示了一些健康的預訂。鑑於強迫勞動問題日益嚴重，您能否談談最近與客戶的對話是如何形成的，也許他們也發生了變化？

And then looking out to '22, when do you expect that could become fully booked? Looks like you're 2/3 there. And then what about the outlook for '23?

然後展望 22 年，您預計什麼時候會被訂滿？看起來你在那裡有 2/3。那麼23年的前景如何？

And then in terms of your recent bookings, you talked about, I think, a 10% reduction in pricing from 2020 levels, which might suggest that your 2022 bookings that you've gained or booked recently are in the $0.30 per watt. So I was wondering if you could comment on that? Or if they might be closer to the mid-20s cents per watt, which is, I think, certainly impossible on what some market participants have been sharing with us in terms of market pricing for crystalline silicon? So I know there's a lot there.

然後就您最近的預訂而言，我認為您談到了從 2020 年的水平降低 10% 的價格，這可能表明您最近獲得或預訂的 2022 年預訂的價格為每瓦 0.30 美元。所以我想知道你是否可以對此發表評論？或者，如果它們可能更接近每瓦 20 美分，我認為，就晶體矽的市場定價而言，一些市場參與者與我們分享的內容肯定是不可能的？所以我知道那裡有很多。

All right, Phil. So I'll hit on all 3 of them. Look, on bookings, we're really happy with the momentum. And just if you even look at the mid- to late-stage of opportunities for -- we expect opportunities which we could close within the next year with north of 12 gigawatts sitting there. The momentum we're starting off with right now, we expect 2022 to be a very strong booking year. As it relates to this discussion and the comment around the implications of forced labor, I think we try to hit on some of those themes of -- and it's probably not just any 1 particular issue, but it goes back to this concept that we refer to as responsible solar. And there clearly are a number of counterparties and customers that we have engaged with in conversations that are, one, concern about overreliance, concern about maybe the current state of political relationships between the U.S. and China or India and China or other markets as well. And as a result of that, they're looking for alternatives. And one thing that's great about First Solar, not only do we have great technology and great capabilities, but having a different standard, which we hold ourselves accountable for. And we have different value attributes that we can provide to our customers and certainty is one, in dealing with a counterparty or a supplier with a different -- it held themselves from an integrity and ethical standard to the highest levels. I think it's important. And it's starting to come into the bookings and what we've started to see now in the pipeline that we have. So Phil, it's one of many. I think there's still a lot of people that are trying to understand the whole forced labor and how it plays out and what the potential applications are around it.

好吧，菲爾。所以我會擊中所有3個。看，在預訂方面，我們對這種勢頭感到非常滿意。如果你甚至看看中後期的機會 - 我們預計我們可能會在明年關閉 12 吉瓦以北的機會。我們現在開始的勢頭，我們預計 2022 年將是一個非常強勁的預訂年。由於它與本次討論和圍繞強迫勞動影響的評論有關，我認為我們試圖觸及其中一些主題——這可能不僅僅是任何一個特定問題，而是回到我們提到的這個概念作為負責任的太陽能。顯然，我們與許多交易對手和客戶進行了對話，其中之一是擔心過度依賴，擔心美國與中國或印度與中國或其他市場之間的政治關係現狀。因此，他們正在尋找替代品。 First Solar 的一大優點是，我們不僅擁有出色的技術和強大的能力，而且擁有不同的標準，我們對此負責。我們可以為客戶提供不同的價值屬性，其中之一是確定性，在與不同的交易對手或供應商打交道時——它將自己從誠信和道德標準提升到最高水平。我認為這很重要。它開始進入預訂，我們現在已經開始在我們擁有的管道中看到什麼。所以菲爾，這是其中之一。我認為仍然有很多人試圖了解整個強迫勞動，以及它是如何發揮作用的，以及它周圍的潛在應用。

But what I will tell you is that some of end customers that we have, not referring to here as the IPP or developer or EPC, but others that are more of the off-take agreements. They're very concerned, and in some cases, they're incorporating conditions within their procurement criteria to ensure that there's 0 tolerance for forced labor. And not only the modules of which are being procured and utilized in the project that they have in the U.S. or somewhere else internationally, they want to make sure that their suppliers also have 0 tolerance, and there's nowhere through their entire supply chain do they tolerate forced labor. And that makes it very hard as you know with the complexity of crystallin supply chain to make those types of assertions and representation.

但我要告訴你的是，我們擁有的一些最終客戶，這裡不是指 IPP 或開發商或 EPC，而是其他更多的承購協議。他們非常擔心，在某些情況下，他們將條件納入採購標準，以確保對強迫勞動的容忍度為 0。並且不僅他們在美國或國際其他地方的項目中採購和使用的模塊，他們希望確保他們的供應商也有 0 容忍度，並且在他們的整個供應鏈中沒有任何地方可以容忍強制性勞役。正如您所知道的那樣，由於晶體供應鏈的複雜性，這使得做出這些類型的斷言和表示變得非常困難。

As it relates to our goals, and I'll be very transparent on our goals. I'm not going to give you a discrete timing, but we clearly want to be -- as we exit this year, our goal is we want to be sold out of '22. We want to be more than halfway, sold out at '23, and have a meaningful portion of our '24 volumes contract.

因為它與我們的目標有關，我將對我們的目標非常透明。我不會給你一個離散的時間，但我們顯然希望成為 - 當我們今年退出時，我們的目標是我們希望在 22 年被售罄。我們希望超過一半，在 23 年售罄，並在我們的 24 年批量合同中佔有重要的一部分。

So -- and when you look at where we are right now, and as you've indicated, we're pretty -- in pretty good position for '22. We have more work to do. And I keep telling our Chief Commercial Officer, let's keep selling. Keep selling and taking the opportunities that we can. And it's good to see the pipeline and robustness and resiliency that we have that hopefully gets us to that goal of accomplishing that by the time we exit the year.

所以——當你看看我們現在所處的位置時，正如你所指出的，我們很漂亮——在 22 年處於相當有利的位置。我們還有更多工作要做。我一直告訴我們的首席商務官，讓我們繼續銷售。繼續銷售並抓住我們可以抓住的機會。很高興看到我們擁有的管道、穩健性和彈性，有望讓我們在今年退出時實現這一目標。

And that clearly would put us at a much higher than we historically have tried to say, let's maintain a 1:1 sold to book ratio. If we accomplished that, we'll be much higher than our historical 1:1. And at least where we sit right now, we feel confident we can get that. ASPs, what I'll say, Phil, around that, is that -- I mean, if you look at the Q when it comes out or the K in this case, I think it's going to come out with an average of like $0.308 or something like that, the metrics, I'm going to tell you that. The -- I wouldn't say that we're starting to see increase in ASPS. I wouldn't say that's necessarily a fact of what we're seeing. Are we starting to see -- it depends on each year, which we're booking out into, ASP is starting to firm up. And maybe we'll start to see some resiliency in the upward direction. But like I said, we said on the call, is we're very pleased and happy with the ASPs that we've been able to capture relative to the value we create in our technology. And then the opportunity to continue to improve our overall cost reduction road map, maintain a solid gross margin. But more importantly, as you look at year-over-year, we're growing our capacity and our sold volumes will be up significantly year-on-year as well with all sort of creates contribution margin that helps expand operating income.

這顯然會使我們處於比我們歷史上試圖說的要高得多的水平，讓我們保持 1:1 的銷售與賬面比率。如果我們做到了這一點，我們將遠遠高於歷史上的 1:1。至少我們現在坐在那裡，我們相信我們可以做到這一點。 ASP，我要說的是，菲爾，關於那個，我的意思是，如果你看一下 Q 出來的時候，或者在這種情況下看一下 K，我認為它的平均價格會是 0.308 美元或者類似的東西，指標，我會告訴你。 - 我不會說我們開始看到 ASPS 有所增加。我不會說這必然是我們所看到的事實。我們是否開始看到 - 這取決於我們預訂的每一年，ASP 開始堅挺。也許我們會開始看到向上的一些彈性。但就像我說的，我們在電話會議上說，相對於我們在技術中創造的價值，我們對我們能夠捕獲的 ASP 感到非常高興和滿意。然後有機會繼續改進我們的整體成本降低路線圖，保持穩健的毛利率。但更重要的是，當您逐年查看時，我們的產能正在增長，我們的銷量也將同比顯著增長，各種創造的邊際收益有助於擴大營業收入。

Our next question comes from Brian Lee with Goldman Sachs.

我們的下一個問題來自高盛的 Brian Lee。

Had 2 here. I guess, first, Mark, can you -- of the 1.1 gigawatts of systems, I think you talked about this, but how much is targeted to be sold this year, next year? And then presumably, 2023 will be the last year where you see some systems business revenue, and how much in that year? And then the gross margins, I know they depend a lot on mix, but it seems like if we back out the components where you're doing pretty well, it's about a high single digit, low teens number implied for this year. Is that going to be kind of the go-forward margin level? I would have thought it'd be a little bit higher given Sun Streams made it into '21 versus 2020, but any thoughts around mix, implications for margins and how to think about margins for that business as you still have some revenue to monetize over the next couple of years?

這裡有2個。我想，首先，馬克，你能不能——在 1.1 吉瓦的系統中，我想你已經談到了這個，但是今年、明年的目標銷售量是多少？然後大概，2023 年將是您看到一些系統業務收入的最後一年，那一年有多少？然後是毛利率，我知道它們在很大程度上取決於組合，但如果我們退出你做得很好的組件，這似乎是今年隱含的高個位數，低青少年數。這會是一種前進的保證金水平嗎？考慮到 Sun Streams 進入 21 年與 2020 年相比，我本以為它會更高一些，但是任何關於混合、對利潤率的影響以及如何考慮該業務的利潤率的想法，因為你仍然有一些收入可以貨幣化未來幾年？

Yes. I'll take the first one, Brian, and I'll let Alex take the question on gross margin. As it relates to the Systems business, the $1.1 billion is largely the U.S. assets that we still have. Sun Streams is contracted. The rest of the Sun Streams is complex we've signed, but we haven't finalized, what portion beside another portion hasn't signed yet, but the plan would have all that done, hopefully, by the end of the quarter. And that will take the largest portion of the U.S. volumes at the aggregates up to on an AC basis, I don't know, 600 megawatts or something like that. And there's another few hundred megawatts that's left in the U.S., which our plan would be to move forward as quickly as possible, and ideally have all of that sold out by the end of this year. So those are just development sites, which we then try to contract module. I'll take agreements, too. But the goal for the U.S. stuff would be to monetize all that volume this year, and sooner is the better. The development team is going with the transaction. So we don't have the capabilities really to continue with the development activities. We'll have to enter into a service agreement effectively for -- with Leeward to continue to support those projects until they're sold down.

是的。我會接受第一個，布賴恩，我會讓亞歷克斯回答毛利率的問題。由於與系統業務相關，這 11 億美元主要是我們仍然擁有的美國資產。 Sun Streams 已簽約。 Sun Streams 的其餘部分很複雜，我們已經簽署了，但我們還沒有最終確定，除了另一部分之外，還有哪些部分尚未簽署，但該計劃有望在本季度末完成所有這些工作。這將占美國總量的最大部分，以交流電為基礎，我不知道，600 兆瓦或類似的東西。美國還剩下幾百兆瓦，我們的計劃是盡快推進，最好在今年年底前全部售罄。所以這些只是開發站點，然後我們嘗試將其承包模塊。我也會接受協議。但美國產品的目標是今年將所有這些銷量貨幣化，而且越早越好。開發團隊正在進行交易。所以我們沒有能力真正繼續開發活動。我們必須有效地簽訂服務協議——與 Leeward 繼續支持這些項目，直到它們被賣掉。

The balance of it, there is still a 200 to 300 megawatts of contracted Japan projects. And there's still more that's not contracted at this point in time, we have feed-in tariffs that we haven't actually fully accomplished the permitting process and interconnection and other things that would ultimately -- we ultimately require for recognizing of the booking. That volume will be recognized. Most of it will show up in '23, there will be some in '21 and '22. But if you look at the CODs on those projects, most of them have '23 CODs as we currently see them. But as you know, the bookings in -- excuse me, the average ASPs on those projects are highly attractive. And so we'll monetize that over the next 3 years. And we'll see if we go beyond that. Again, we still have some more projects with fees and tariffs that we haven't booked yet that potentially could create more volume into the '23, maybe even '24 period. But I'll let Alex talk about the gross margin.

餘下的，還有一個200～300兆瓦的日本承包項目。而且目前還有更多沒有簽訂合同，我們有上網電價，我們實際上還沒有完全完成許可程序和互連以及其他最終會 - 我們最終需要識別預訂的事情。該卷將被識別。大部分會在 23 年出現，在 21 年和 22 年會有一些。但是，如果您查看這些項目的 COD，就會發現它們中的大多數都有我們目前看到的 '23 COD。但是，如您所知，這些項目的預訂量——對不起，這些項目的平均 ASP 非常有吸引力。因此，我們將在未來 3 年內將其貨幣化。我們會看看我們是否超越了這一點。同樣，我們還有一些尚未預訂的收費和關稅項目，這些項目可能會在 23 年甚至 24 年期間創造更多數量。但我會讓亞歷克斯談談毛利率。

Yes. So Brian, if you look at the guidance we gave, total revenue, $2.85 billion to $3 billion, of that module $2.45 billion to $2.55 billion, that implies systems of $400 million to $450 million of revenue. And on the gross margin side, on the $710 million to $785 million company-wide, module of $580 million to $625 million, so again implies systems $130 million to $160 million. So if you look at those gross margins, it's 25% to 26% at the company level. Systems looks pretty high, but it's really very limited volume there. So Systems is in the low 30s, skewed a little bit by Sun Streams and then potentially a little bit of Japan coming in back end of the year. But the module there comes in at about 24% to 25%. So that's where you're seeing module gross margin for the year.

是的。所以布賴恩，如果你看一下我們給出的指導，總收入為 28.5 億美元至 30 億美元，其中該模塊為 24.5 億美元至 25.5 億美元，這意味著系統的收入為 4 億美元至 4.5 億美元。在毛利率方面，全公司範圍內的毛利率為 7.1 億美元至 7.85 億美元，模塊為 5.8 億美元至 6.25 億美元，因此再次意味著系統為 1.3 億美元至 1.6 億美元。所以如果你看看這些毛利率，在公司層面是 25% 到 26%。系統看起來很高，但那裡的數量確實非常有限。因此，Systems 處於 30 年代的低谷，受到 Sun Streams 的影響，然後可能會在今年年底出現一點日本。但是那裡的模塊大約佔 24% 到 25%。這就是你看到今年模塊毛利率的地方。

And then as you're talking about kind of how to look at that going out, we tried to give a little bit of color here on the gross margin level, we talked about the ASP decline and what we've got booked, right? And if you look at '22, there's clearly still a lot to book in there. But we do have a significant amount contracted already. And we said if you look at the ASP decline, '21 and '22 goes down about 10% and then cost decline going down 11%. Now those are off different bases, obviously, on an ASP and the cost per watt. But you can see that we're getting cost per watt coming down at or slightly better than ASP decline going from '21 into '22. And at the same time, you're getting some additional volume coming through where so you get that scale.

然後當你談論如何看待這種情況時，我們試圖在毛利率水平上給出一點顏色，我們談到了平均售價下降以及我們已經預訂了什麼，對嗎？如果你看看 22 年，顯然還有很多東西要預訂。但我們確實已經簽訂了大量合同。我們說，如果你看看 ASP 的下降，'21 和 '22 下降了大約 10%，然後成本下降了 11%。現在，這些顯然是基於 ASP 和每瓦成本的不同基礎。但是你可以看到，我們的每瓦成本下降到或略好於從 21 年到 22 年的 ASP 下降。同時，你會得到一些額外的音量，這樣你就可以得到那個規模。

On a percentage basis, you get a better benefit there from dilution of some fixed cost. But on an absolute dollar basis, you get just the benefit of increased volume coming through there.

按百分比計算，您可以從稀釋一些固定成本中獲得更好的收益。但在絕對美元的基礎上，你只會從那裡增加的交易量中受益。

And then as we talked about before, it matters also to go down to the operating margin level. So we talked about some of the cost reductions coming out from the sale of the O&M and project development business. Some of that comes out in 2021, but there's also a lack of a little bit that comes out in 2022. So that's going to see cost of sales and OpEx continuing to reduce as we go into '22, and that, again, helps us down to an operating margin level.

然後正如我們之前談到的，降低到營業利潤率水平也很重要。因此，我們談到了出售 O&M 和項目開發業務所帶來的一些成本降低。其中一些將在 2021 年出現，但在 2022 年也會出現一些不足。因此，隨著我們進入 22 年，銷售成本和運營支出將繼續降低，這再次對我們有所幫助降至營業利潤率水平。

Yes, the only thing I'll add to that, too, Brian. And we state Alex mentioned in his comments, it's just that there's a pretty significant headwind, at least in '21 for underutilization in order to deal with the upgrades that we need to do for -- primarily for CuRe. So there's a significant cost, I think it's about $40 million in total of underutilization that we'll have to absorb within '21. So that's weighing down on the gross margin. I think if you could adjust for that, I think the gross margin goes up a couple of percentage points up into that range.

是的，布賴恩，我唯一要補充的是。我們聲明亞歷克斯在他的評論中提到，只是有一個相當大的逆風，至少在 21 年，為了處理我們需要做的升級——主要是用於 CuRe 的未充分利用。所以有一個巨大的成本，我認為我們必須在 21 年內吸收大約 4000 萬美元的未充分利用。所以這壓低了毛利率。我認為，如果您可以對此進行調整，我認為毛利率會在該範圍內上升幾個百分點。

Our final question will come from Ben Kallo with Baird.

我們的最後一個問題將來自 Ben Kallo 和 Baird。

I kind of want to follow it all down. So I heard you say, Mark, several different things about gross margin improving. You said the ASPs are firming up. You're much locked into '22. So if I go to '22, EPS should be up, right?

我有點想跟上這一切。所以我聽到你說，馬克，關於毛利率提高的幾個不同的事情。你說平均售價正在走強。你被鎖定在 22 年。所以如果我去'22，EPS應該會上升，對吧？

And then my second question is -- I guess, Alex, when you build a new factory, how do you determine whether or not you have the ROIC on that? And I guess there's probably a margin associated with that. And so you have to have some kind of firm belief in your long-term contracts to invest that money. And so those are my 2 questions.

然後我的第二個問題是——我想，Alex，當你建立一個新工廠時，你如何確定你是否有 ROIC？我想這可能有一個邊際。所以你必須對你的長期合同有某種堅定的信念才能投資這筆錢。所以這是我的兩個問題。

Yes, Ben, I'll take the first one, I'll let Alex take the second one. Ben, again, we're not giving guidance for '22 at this point. Now we gave some pretty strong indicators of what will drive '22, which will be the volume of production volumes, as we referenced, a new product of CuRe. The one thing we want to keep making sure that's represented in there is -- and all the '22 volume will be CuRe. If you look at the 1 slide, which shows the energy uplift, there's a meaningful energy uplift because of the improvement of long-term degradation. And that -- we sell energy. We sell value. And so that is important to understand. We also referenced that. Look, there was a lot of interest and rightfully so when bifacial modules came out and they talked about a 4% to 8% energy uplift, relative to monofacial modules of similar efficiency.

是的，本，我會拿第一個，我會讓亞歷克斯拿第二個。 Ben，再一次，我們目前沒有為 22 年提供指導。現在，我們給出了一些非常有力的指標來說明 22 年的驅動力，這將是產量，正如我們所提到的，CuRe 的新產品。我們要繼續確保其中有代表的一件事是 - 所有 '22 卷都將是 CuRe。如果您查看顯示能量提升的第 1 張幻燈片，由於長期退化的改善，存在有意義的能量提升。那——我們賣能源。我們出售價值。所以理解這一點很重要。我們也參考了這一點。看，有很多興趣，所以當雙面模塊問世時，他們談到了相對於類似效率的單面模塊 4% 到 8% 的能量提升，這是理所當然的。

If you look at where we are with our CuRe product and on life cycle average, on top of the initial improvement of TEPCO and efficiency pop, there's another 10 percentage points of life cycle energy through improvement of long-term degradation. And so you can take our product. And even against crystalline silicon bifacial that maybe even has a nameplate of 150, 175 bps better efficiency. And you're going to find that over the life cycle energy profile, we're going to outperform that in the range of, call it, anywhere from 4% to 6%. And that's compelling value creation. So it's the technology, it's the supply improvement. There was a production plan improvement that we're talking about and continued reduction of our own internal costs. I think '22, we're not going to give specific guidance, but we gave enough information, I think, to help people look across the horizon and what '22 should look like.

如果您查看我們的 CuRe 產品和生命週期平均值，除了 TEPCO 的初始改進和效率提升之外，還有另外 10 個百分點的生命週期能量通過改善長期退化。因此，您可以使用我們的產品。甚至與可能具有 150、175 bps 銘牌的晶體矽雙面相比，效率更高。你會發現，在整個生命週期能源配置文件中，我們將在 4% 到 6% 的範圍內超越它。這就是引人注目的價值創造。所以這是技術，是供應的改善。我們正在談論生產計劃的改進，並繼續降低我們自己的內部成本。我認為 22 年，我們不會給出具體的指導，但我認為我們提供了足夠的信息，以幫助人們跨越地平線以及 22 年應該是什麼樣子。

Yes. And Ben, I think about ROIC. So I look at it across both an individual factory and on a company-wide basis. And if you think about individual factory, at a gross margin level, depending on where that volume is sold, if more of it is sold outside the U.S. today and as we expand, you may see that gross margin level going down and being more challenging from an individual factory relative to the current book volume. But at the same time, adding a factory adds very limited to no OpEx, it also actually has a slight benefit in diluting some of the fixed costs, instead of the cost of sales line. So therefore, you -- on an operating margin benefit if anything we actually can look better. So because it has impacts not just for an individual factory but also for diluting fixed cost, cost per watt plus the benefit you get of extra volume was pretty much the same OpEx given that, as we said before, we think 80% to 90% of our operating cost line is fixed. We have to look at it both individually and across the company. But we certainly want to make sure that if we're adding, we're being significantly on our way to cost of capital for adding factories, and we've seen that today.

是的。還有本，我想到了ROIC。所以我從單個工廠和整個公司的角度來看待它。如果您考慮單個工廠的毛利率水平，具體取決於該數量的銷售地點，如果今天有更多的產品銷往美國以外並且隨著我們的擴張，您可能會看到毛利率水平下降並且更具挑戰性相對於當前圖書數量，來自單個工廠。但同時，增加一個工廠對沒有 OpEx 的增加非常有限，它實際上也有輕微的好處，它稀釋了一些固定成本，而不是銷售線的成本。因此，如果我們實際上可以看起來更好的話，您可以從營業利潤中獲益。因此，因為它不僅對單個工廠有影響，而且對稀釋固定成本也有影響，每瓦成本加上您從額外容量中獲得的收益幾乎相同，因為正如我們之前所說，我們認為 80% 到 90%我們的運營成本線是固定的。我們必須從個人和整個公司的角度來看待它。但我們當然希望確保，如果我們正在增加，我們正在為增加工廠而大幅降低資本成本，我們今天已經看到了這一點。

We have reached the end of our time for the question-and-answer session. This concludes today's conference call. You may now disconnect.

我們的問答環節已經結束。今天的電話會議到此結束。您現在可以斷開連接。