第一太陽能 (FSLR) 2022 Q3 法說會逐字稿

Good afternoon, everyone, and welcome to First Solar's Third Quarter 2022 Earnings Call. This call is being webcast live on the Investors section of First Solar's website at investor.firstsolar.com. (Operator Instructions) As a reminder, today's call is being recorded. I would now like to turn the call over to Richard Romero from First Solar Investor Relations. Richard, you may begin.

大家下午好，歡迎參加 First Solar 2022 年第三季度財報電話會議。此次電話會議正在 First Solar 網站investor.firstsolar.com 的投資者部分進行網絡直播。 （操作員說明）作為提醒，今天的通話正在錄音中。我現在想將電話轉給 First Solar 投資者關係部的 Richard Romero。理查德，你可以開始了。

Good afternoon, and thank you for joining us. Today, the company issued a press release announcing its third quarter 2022 financial results. A copy of the press release and associated presentation are available on First Solar's website at investor.firstsolar.com. With me today are Mark Widmar, Chief Executive Officer; and Alex Bradley, Chief Financial Officer. Mark will provide a business and policy update. Alex will discuss our financial results for the quarter and provide updated guidance. Following their remarks, we will open the call for questions.

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 2022 年第三季度的財務業績。新聞稿和相關演示文稿的副本可在 First Solar 的網站investor.firstsolar.com 上獲取。今天和我在一起的是首席執行官 Mark Widmar；和首席財務官亞歷克斯布拉德利。 Mark 將提供業務和政策更新。亞歷克斯將討論我們本季度的財務業績並提供更新的指導。在他們的發言之後，我們將開始提問。

Please note, this call will include forward-looking statements that involve risks and uncertainties and that could cause actual results to differ materially from management's current expectations. 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，可能導致實際結果與管理層當前的預期存在重大差異。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, Richard. Good afternoon, and thank you for joining us today. Earlier this afternoon, we announced net sales of $629 million and a net loss per diluted share of $0.46 for the third quarter of 2022. As noted in our original guidance for the year, 2022 was projected to be challenging from an earnings standpoint, but we continue to maintain an unwavering focus on the future, setting the stage for long-term growth and profitability.

謝謝你，理查德。下午好，感謝您今天加入我們。今天下午早些時候，我們宣布 2022 年第三季度的淨銷售額為 6.29 億美元，攤薄後每股淨虧損為 0.46 美元。正如我們在今年的原始指導中指出的那樣，從收益的角度來看，預計 2022 年將充滿挑戰，但我們繼續保持對未來堅定不移的關注，為長期增長和盈利能力奠定基礎。

Beginning on Slide 3. Our strong bookings momentum has continued into the second half of the year. With 16.6 gigawatts of new bookings since our last earnings call, which have a base ASP of $0.316 per watt before the application of potential adjusters and total year-to-date bookings of 43.7 gigawatts, our total backlog of future deliveries now stands at a record 58.1 gigawatts and includes orders for delivery as far into the future as 2027.

從幻燈片 3 開始。我們強勁的預訂勢頭一直持續到下半年。自我們上次財報電話會議以來，新預訂量為 16.6 吉瓦，在應用潛在調整者之前的基本平均售價為每瓦 0.316 美元，年初至今的總預訂量為 43.7 吉瓦，我們未來交付的總積壓現在達到創紀錄的水平58.1 吉瓦，包括到 2027 年的交付訂單。

The continued long-term demand for our products and the fact that our technology is expected to serve as the backbone for many of our customers' long-term growth plans is a testament to First Solar's strong fundamentals, [grounding] our commitment to the principles of responsible solar, our differentiated technology platform, our balanced approach to growth, liquidity and profitability, and our ability to provide a U.S. technology and manufactured product.

對我們產品的持續長期需求以及我們的技術有望成為我們許多客戶長期增長計劃的支柱這一事實證明了 First Solar 強大的基本面，[奠定了]我們對原則的承諾負責任的太陽能、我們的差異化技術平台、我們平衡的增長、流動性和盈利能力，以及我們提供美國技術和製造產品的能力。

In the third quarter, our manufacturing facilities produced 2.4 gigawatts of modules, and we shipped 2.8 gigawatts. Although showing signs of recent easing, the overall shipping and logistics environment remains challenging. Alex will later discuss the impact of this on our Q3 results and full year guidance.

第三季度，我們的製造工廠生產了 2.4 吉瓦的組件，我們出貨了 2.8 吉瓦。儘管顯示出近期放緩的跡象，但整體航運和物流環境仍然充滿挑戰。亞歷克斯稍後將討論這對我們第三季度業績和全年指導的影響。

Manufacturing performance metrics remain consistent across our existing fleet, and construction of our third manufacturing facility in Ohio and our first manufacturing facility in India remains on schedule. During the quarter, we announced 4.4 gigawatts of additional U.S. manufacturing capacity. And today, we announced an additional investment into a dedicated R&D research facility to be located here in the U.S., near our existing manufacturing facility in Perrysburg, Ohio.

我們現有機隊的製造績效指標保持一致，我們在俄亥俄州的第三個製造工廠和我們在印度的第一家製造工廠的建設仍按計劃進行。在本季度，我們宣布增加 4.4 吉瓦的美國製造能力。今天，我們宣布對一個專門的研發研究設施進行額外投資，該設施將位於美國這裡，靠近我們位於俄亥俄州佩里斯堡的現有製造設施。

Finally, as it relates to our legacy systems business, we have completed the previously disclosed sale of our operations and maintenance platform in Australia and Japan. And this week, we signed a sale and purchase agreement for our Luz del Norte project in Chile.

最後，由於它與我們的遺留系統業務有關，我們已經完成了之前披露的在澳大利亞和日本的運營和維護平台的銷售。本週，我們簽署了智利 Luz del Norte 項目的買賣協議。

Turning to Slide 4. With regards to our manufacturing capacity and as announced in August, we are investing approximately $1.2 billion in scaling our U.S. manufacturing footprint. Driven by robust demand for our module technology as well as U.S. manufactured product, we expect this will expand our domestic nameplate capacity to approximately 10.7 gigawatts in 2026. Up to approximately $200 million will be spent to upgrade and expand our Ohio manufacturing footprint at both our current operating facilities as well as our third factory, which is currently under construction and scheduled to come online in the first half of 2023.

轉到幻燈片 4。關於我們的製造能力，正如 8 月宣布的那樣，我們將投資約 12 億美元來擴大我們在美國的製造足跡。在對我們的模塊技術和美國製造產品的強勁需求的推動下，我們預計這將在 2026 年將我們的國內銘牌產能擴大到約 10.7 吉瓦。將花費高達約 2 億美元來升級和擴大我們在俄亥俄州的製造足跡。目前的運營設施以及我們的第三家工廠，該工廠目前正在建設中，計劃於 2023 年上半年投產。

As a result of this expansion, we believe our Ohio nameplate capacity will increase by almost 1 gigawatt to just over 7 gigawatts by 2025. Approximately $1 billion will be invested to build a new factory, our fourth in the United States, representing an additional 3.5 gigawatts of Series 7 nameplate capacity. This facility is expected to commence operation in 2025. We continue to evaluate several possible sites across the Southeast and expect to announce the location in the coming weeks.

由於此次擴張，我們相信到 2025 年，我們的俄亥俄州銘牌產能將增加近 1 吉瓦，達到略高於 7 吉瓦。將投資約 10 億美元建造新工廠，這是我們在美國的第四家工廠，相當於額外的 3.5 7 系列銘牌容量的千兆瓦。該設施預計將於 2025 年開始運營。我們將繼續評估東南部幾個可能的地點，並預計在未來幾週內宣布該地點。

Beyond this, we continue to evaluate the opportunity for further investments in incremental manufacturing capacity, including throughput optimization of our current planned capacity. In addition, we are evaluating capital investments to support the advancement of our R&D initiatives. In the United States, the enhancement -- the enactment of the Inflation Reduction Act with both supply side manufacturing and production tax incentives as well as demand drivers, including the expansion of investment and production tax credits for solar and clean hydrogen, provides the long-term clarity necessary to support investments in manufacturing.

除此之外，我們繼續評估進一步投資增量製造能力的機會，包括我們當前計劃產能的吞吐量優化。此外，我們正在評估資本投資以支持我們研發計劃的推進。在美國，增強措施——《降低通脹法案》的頒布，包括供應方製造和生產稅收激勵措施以及需求驅動因素，包括擴大對太陽能和清潔氫的投資和生產稅收抵免，提供了長期——支持製造業投資所必需的術語清晰度。

In India, we continue to see a supportive policy environment given the decisive decisions by the government to diversify and grow domestic capabilities to avoid deeper dependencies on an unreliable, volatile and high-risk supply chain.

在印度，我們繼續看到支持性的政策環境，因為政府做出了決定性的決定，即多元化和發展國內能力，以避免對不可靠、不穩定和高風險的供應鏈的更深依賴。

In Europe, we continue to work with stakeholders to advocate for long-term manufacturing and supply chain strategies that would enable us to support the energy needs of America's allies with local manufacturing, responsibly produced solar technology.

在歐洲，我們繼續與利益相關者合作，倡導長期的製造和供應鏈戰略，使我們能夠通過當地製造、負責任生產的太陽能技術來支持美國盟友的能源需求。

We recently joined other leaders in the European Union to provide high -- to highlight the PV supply chain, the need for decisive actions from the EU if it wishes to deliver on its goal to scale manufacturing across the block by 2025. While our immediate focus on scaling our announced factories in the U.S. and India, we remain committed to exploring the long-term potential for further geographical diversification, contingent upon a supportive local policy and demand environment.

我們最近與歐盟的其他領導人一起提供了高 - 以強調光伏供應鏈，如果歐盟希望實現其到 2025 年在整個地區擴大製造規模的目標，則需要歐盟採取果斷行動。雖然我們的直接關注點在擴大我們在美國和印度宣布的工廠規模時，我們將繼續致力於探索進一步地域多元化的長期潛力，這取決於支持性的當地政策和需求環境。

With regard to research and development, today's announcement of an approximately $270 million investment will support a 1.3 million square foot dedicated R&D innovation center in Perrysburg, Ohio, which pending final approval of various state, regional and local incentives, is expected to be completed in 2024.

在研發方面，今天宣布的約 2.7 億美元投資將支持位於俄亥俄州佩里斯堡的 130 萬平方英尺的專用研發創新中心，該中心正在等待各種州、地區和地方激勵措施的最終批准，預計將於2024 年。

Currently, our R&D programs require transferring potential product advancements developed on specialized product development lines located in our California and Perrysburg laboratories to high-volume manufacturing conditions by running engineering test authorizations, or ETAs, on our existing commercial production lines in Ohio. Using these production lines increases operational complexity as well as limit cycles of learning. In addition, the combination of a larger form factor module, increased module throughput and a recently enhanced production-based policy incentives has significantly increased the opportunity cost of the downtime required to run ETAs on existing high-volume manufacturing lines.

目前，我們的研發計劃需要通過在我們位於俄亥俄州的現有商業生產線上運行工程測試授權或 ETA，將位於我們加利福尼亞和佩里斯堡實驗室的專業產品開發線上開發的潛在產品改進轉移到大批量生產條件。使用這些生產線會增加操作複雜性並限制學習週期。此外，更大尺寸的模塊、增加的模塊產量和最近增強的基於生產的政策激勵措施的結合顯著增加了在現有大批量生產線上運行 ETA 所需的停機機會成本。

This new facility will feature a pilot manufacturing line allowing for the production of full-size prototypes of both thin film and tandem PV modules. Creating a sandbox separate from commercial manufacturing operations is expected to reduce operational complexity, reduce costs, allow us to accelerate our rate of learnings, solidify our leadership in current and next-generation technologies.

這個新工廠將配備一條試驗生產線，允許生產薄膜和串聯光伏模塊的全尺寸原型。創建一個獨立於商業製造運營的沙箱有望降低運營複雜性，降低成本，讓我們加快學習速度，鞏固我們在當前和下一代技術方面的領導地位。

Turning to Slide 5. As previously mentioned, we booked 16.6 gigawatts since the July earnings call, bringing our year-to-date bookings to 43.7 gigawatts. With respect to future shipments, after accounting for shipments in the quarter of 2.8 gigawatts, which was in line with our expectations, our total contracted year-to-date backlog is 58.1 gigawatts.

轉到幻燈片 5。如前所述，自 7 月財報電話會議以來，我們預訂了 16.6 吉瓦，使我們年初至今的預訂量達到 43.7 吉瓦。關於未來的出貨量，在考慮了本季度 2.8 吉瓦的出貨量（符合我們的預期）後，我們今年迄今的總合同積壓為 58.1 吉瓦。

Note, while we have contracted volume for India, we have not recognized this volume in our backlog. Excluding our new India manufacturing facility, we are sold out for 2024 as of the July earnings call. As of now, we are sold out for 2025 and close to selling out for 2026. Note, we anticipate having '26 sold out by the end of the year as we have a number of contracts in late-stage negotiations.

請注意，雖然我們已經為印度簽訂了合同，但我們尚未在我們的積壓訂單中確認這一數量。不包括我們新的印度製造工廠，截至 7 月的財報電話會議，我們在 2024 年的銷售量已售罄。截至目前，我們在 2025 年已售罄，並且在 2026 年即將售罄。請注意，我們預計 '26 年年底將售罄，因為我們在後期談判中有許多合同。

As we transact further into the future, we are pleased with the pricing trajectory of our technology. The 16.6 gigawatts of bookings since our prior earnings call in July have a base ASP, excluding adjusters where applicable, of $0.316. Note, approximately 40% of this volume is reflected in the Q3 backlog number in the 10-Q.

隨著我們對未來的進一步交易，我們對我們技術的定價軌跡感到滿意。自我們 7 月份的上一次財報電話會議以來，16.6 吉瓦的預訂量的基本平均售價（不包括適用的調整器）為 0.316 美元。請注意，該數量的大約 40% 反映在 10-Q 的第三季度積壓數量中。

During the third quarter, certain amendments to existing contracts associated with commitments to provide U.S. manufacturing products as well as commitments to supply Series 7 versus Series 6 modules increased our contracted revenue backlog by $52 million across 1.4 gigawatts or approximately $0.037 per watt. As of Q3, the average portfolio base ASP reflected in the revenue from contracted footnote in the 10-Q increased approximately $0.012 versus the second quarter end.

在第三季度，與承諾提供美國製造產品以及供應系列 7 與系列 6 模塊相關的現有合同的某些修訂使我們在 1.4 吉瓦或每瓦約 0.037 美元的合同收入積壓增加了 5200 萬美元。截至第三季度，10 季度合同腳註收入中反映的平均投資組合基礎 ASP 與第二季度末相比增加了約 0.012 美元。

As we previously addressed, a substantial portion of the overall backlog includes the opportunity to increase the base ASP through applications of adjusters if we're able to achieve certain achievements within our technology road map. As of the end of the third quarter, we have approximately 31.4 gigawatts of contracted volume with these adjusters, which, if realized, could result in additional revenue of up to approximately $0.7 billion or approximately $0.02 per watt, the majority of which will be recognized between 2024 and 2026.

正如我們之前提到的，如果我們能夠在我們的技術路線圖中取得某些成就，那麼整個積壓的很大一部分包括通過應用調整器來增加基本 ASP 的機會。截至第三季度末，我們與這些調節器的合同量約為 31.4 吉瓦，如果實現，可能會帶來高達約 7 億美元或每瓦約 0.02 美元的額外收入，其中大部分將被確認2024 年至 2026 年之間。

As previously discussed, this amount does not include potential adjustments for the ultimate module being delivered to the customer, which may adjust the ASP under the sales contract upwards or downwards. In addition, this amount does not include potential adjustment for increases in sales rate or applicable aluminum or steel commodity price changes. Finally, this does not include potential price adjustments associated with the ITC domestic content provision under the recently enacted Inflation Reduction Act.

如前所述，此金額不包括交付給客戶的最終模塊的潛在調整，這可能會向上或向下調整銷售合同下的平均售價。此外，該金額不包括對銷售率增加或適用的鋁或鋼商品價格變化的潛在調整。最後，這不包括與最近頒布的《通脹降低法案》下的 ITC 國內成分條款相關的潛在價格調整。

As a reminder, not every contract includes every adjuster described here. To the extent that such adjusters are not included in a contract, we believe the baseline ASP reflects an appropriate risk/reward profile. And while there can be no assurances that we will realize adjusters in those contracts where they are present, to the extent we are successful in doing so, we would expect a meaningful benefit to our current contracted backlog ASP.

提醒一下，並非每份合同都包含此處描述的每個理算人。如果合同中未包含此類調整者，我們認為基準平均售價反映了適當的風險/回報情況。雖然不能保證我們會在他們存在的那些合同中實現調整者，但在我們成功做到這一點的範圍內，我們預計我們當前的合同積壓 ASP 會帶來有意義的好處。

Our recent bookings, which include large headline numbers ranging from 0.7 to 2 gigawatts, including a number of significant transactions with existing customers, such as Arevon, Silicon Ranch and Swift Current Energy in the United States. The same is true where Azure Power, who has worked with First Solar for over a decade, signed an agreement for 600 megawatts as the first customer to contract for offtake from our new facility in Chennai.

我們最近的預訂，其中包括從 0.7 到 2 吉瓦的大標題數字，包括與現有客戶的一些重大交易，例如美國的 Arevon、Silicon Ranch 和 Swift Current Energy。與 First Solar 合作了十多年的 Azure Power 簽署了一項 600 兆瓦的協議，作為第一個從我們位於欽奈的新工廠簽訂承購合同的客戶，情況也是如此。

Note, as mentioned during our prior earnings call in July, signed contracts in India will not be recognized as bookings until we have received full security against the offtake. As such, deals signed but not fully secured included in this agreement with Azure Power will be reflected within the confirmed but not booked portion of our pipeline graph in the earnings presentation.

請注意，正如我們在 7 月之前的財報電話會議中所提到的，在我們收到完全的承購擔保之前，在印度簽署的合同不會被視為預訂。因此，與 Azure Power 簽訂的本協議中包含的已簽署但未完全擔保的交易將反映在收益報告中我們管道圖中已確認但未預訂的部分中。

As reflected on Slide 6, our pipeline of potential bookings remain robust. Even at year-to-date bookings of 43.7 gigawatts, we retain total booking opportunities of 114 gigawatts. Our 71 gigawatts of mid- to late-stage opportunities include 62.5 gigawatts in North America, 4 gigawatts in India and 3.3 gigawatts in the EU. Even with our 16.6 gigawatts of bookings since our prior earnings call, our pipeline of mid- to late-stage opportunities has expanded by 52.8 gigawatts since the prior quarter.

正如幻燈片 6 所反映的，我們的潛在預訂渠道仍然強勁。即使年初至今的預訂量為 43.7 吉瓦，我們仍保留了 114 吉瓦的總預訂機會。我們 71 吉瓦的中後期機會包括北美的 62.5 吉瓦、印度的 4 吉瓦和歐盟的 3.3 吉瓦。即使自上次財報電話會議以來我們的預訂量為 16.6 吉瓦，我們的中後期機會管道自上一季度以來已擴大了 52.8 吉瓦。

In addition to previously noted demand drivers, including customers' need for certainty around technology, supplier integrity and our ability to stand behind our contracts and deliver on our commitment, demand has been further catalyzed by the enactment of the Inflation Reduction Act. For many customers, this legislation has provided visibility into supportive long-term policy environment through the extension of the solar investment tax credit, the introduction of the production tax credit for solar and similar incentives with respect to green hydrogen.

除了之前提到的需求驅動因素，包括客戶對技術、供應商誠信以及我們支持合同和兌現承諾的能力的確定性需求之外，《通脹降低法案》的頒布進一步促進了需求。對於許多客戶而言，這項立法通過延長太陽能投資稅收抵免、引入太陽能生產稅收抵免以及與綠色氫有關的類似激勵措施，為支持性長期政策環境提供了可見性。

As a consequence, we are seeing increased demand from both existing and potential new customers and included in our pipeline are several opportunities with multiyear, multi-gigawatt volumes.

因此，我們看到現有和潛在新客戶的需求都在增加，我們的管道中包含了幾個多年、數千兆瓦容量的機會。

Turning to technology. We continue to make steady progress with our current road map as we worked on the operational and market readiness of our next-generation Series 7 modules. Our new Ohio facility, which will be the first in our fleet to produce this product, is on track to commission in the first half of 2023. Early test runs of the semiconductor deposition equipment performed as anticipated with full-size Series 7 samples delivering efficiency equivalent to the currently lined modules. The Series 7 module has been developed in close collaboration with EPCs, structure and component providers, and the product has benefited from working over the past year with our partners, including Array Technologies and Nextracker, to develop mounting solutions.

轉向技術。隨著我們致力於下一代系列 7 模塊的運營和市場準備工作，我們將繼續在當前的路線圖上取得穩步進展。我們在俄亥俄州的新工廠將成為我們車隊中第一個生產該產品的工廠，預計將於 2023 年上半年投入使用。半導體沉積設備的早期測試運行符合預期，全尺寸系列 7 樣品提供效率相當於當前排列的模塊。 Series 7 模塊是與 EPC、結構和組件供應商密切合作開發的，該產品得益於過去一年與我們的合作夥伴（包括 Array Technologies 和 Nextracker）合作開發安裝解決方案。

Their work, along with the support of our customers' EPC partners, is expected to help ensure the product ecosystem is ready and optimized for install costs once Series 7 enters the market. Additionally, we have continued to make progress advancing our CadTel bifacial modules based on our Series 6 platform and expect to launch a pilot production scale run before the end of this year and a small-scale infill deployment with a strategic customer as early as the first quarter of next year.

他們的工作以及我們客戶的 EPC 合作夥伴的支持，有望在 Series 7 進入市場後幫助確保產品生態系統做好準備並針對安裝成本進行優化。此外，我們基於Series 6平台繼續推進我們的CadTel雙面組件，預計在今年年底前啟動試生產規模運行，並最早與戰略客戶進行小規模填充部署明年一季度。

I'll now turn the call over to Alex, who will discuss our Q3 2022 results.

我現在將電話轉給 Alex，他將討論我們 2022 年第三季度的業績。

Thanks, Mark. Starting on Slide 7, I'll cover the income statement highlights for the third quarter. Net sales in Q3 were $629 million, an increase of $8 million compared to the prior quarter. On a segment basis, our module segment net sales in Q3 was $620 million compared to $607 million in the prior quarter. The increase in net sales was primarily driven by higher module volumes sold from our plants in Malaysia and Vietnam. .

謝謝，馬克。從幻燈片 7 開始，我將介紹第三季度的損益表亮點。第三季度的淨銷售額為 6.29 億美元，與上一季度相比增加了 800 萬美元。從細分市場來看，我們第三季度的組件細分市場淨銷售額為 6.2 億美元，而上一季度為 6.07 億美元。淨銷售額的增長主要是由於我們在馬來西亞和越南的工廠銷售的組件數量增加。 .

Gross margin was 3% in Q3 compared to negative 4% in the prior quarter, primarily driven by the impairment of the Luz del Norte project in the prior quarter. Our Q3 module segment gross margin of 4%, down from 5% in Q2 2022, was negatively impacted by 2 key sales freight logistics items, partially offset by lower module costs and reductions to our warranty and module collection recycling liabilities.

第三季度毛利率為 3%，而上一季度為負 4%，主要是由於上一季度 Luz del Norte 項目的減值所致。我們的第三季度組件部門毛利率為 4%，低於 2022 年第二季度的 5%，受到 2 個主要銷售貨運物流項目的負面影響，部分被組件成本降低以及保修和組件回收責任的減少所抵消。

Firstly, with respect to sales freight, while spot rates have begun to ease significantly in recent weeks, higher sales freight charges under shipping contracts entered into at the beginning of the year continued to put pressure on our costs to deliver products during the quarter.

首先，在銷售運費方面，雖然最近幾週即期運費開始顯著下降，但年初簽訂的運輸合同下較高的銷售運費繼續給我們本季度的產品交付成本帶來壓力。

Secondly, with respect to logistics, we experienced an unforeseen demurrage charge of approximately $30 million. But what about this charge, which is a discrete variable cost outside of the freight rate paid for transoceanic shipping? Demurrage charge are excess storage fees charged as a result of containers and modules remaining in port beyond a contractually agreed period. Whilst the shipping environment over the past 2 years has largely been characterized by container shortages and transit times well above prepandemic norms, the recent significant reversal in vessel waiting times and container turnaround times, though welcomed on a long-term basis if sustained, has created near-term logistical challenges.

其次，在物流方面，我們經歷了約 3000 萬美元的意外滯期費。但是，這筆費用是跨洋運輸支付的運費之外的離散可變成本呢？滯期費是由於集裝箱和模塊超過合同約定的期限留在港口而收取的超額倉儲費。儘管過去 2 年的航運環境主要表現為集裝箱短缺和運輸時間遠高於疫情前的正常水平，但最近船舶等待時間和集裝箱周轉時間的顯著逆轉，儘管如果持續長期受到歡迎，但已經造成近期的後勤挑戰。

In particular, during the third quarter, dramatically improved transoceanic transit times resulted in product delivered to port significantly ahead of both our expectations and contracted customer delivery dates, which drove a significant increase in demurrage charges as we waited for the customer site delivery window to open. Long term, we believe our strategy of increasing manufacturing capacity approximate to demand reduces the need for and risks associated with transoceanic shipping.

特別是在第三季度，跨洋運輸時間顯著縮短，導致產品交付到港口的時間大大提前於我們的預期和合同約定的客戶交付日期，這導致我們等待客戶站點交付窗口打開時的滯期費顯著增加.從長遠來看，我們相信我們增加接近需求的製造能力的戰略減少了與跨洋航運相關的需求和風險。

In total, total sales freight and unforeseen logistical costs included in our cost of sales reduced our module segment gross margin by 23 percentage points in Q3 compared to 16 percentage points in the prior quarter.

總體而言，我們的銷售成本中包含的總銷售運費和不可預見的物流成本在第三季度使我們的模塊部門毛利率下降了 23 個百分點，而上一季度為 16 個百分點。

SG&A and R&D expenses totaled $76 million in the third quarter, an increase of approximately $12 million compared to the prior quarter, primarily driven by higher share-based and incentive compensation and higher legal expenses.

第三季度的 SG&A 和研發費用總計 7600 萬美元，與上一季度相比增加了約 1200 萬美元，主要是由於更高的股權激勵薪酬和更高的法律費用。

Production start-up, which is included in operating expenses, totaled $20 million in the third quarter, an increase of $7 million compared to the prior quarter, driven by increased start-up costs associated with our third Ohio factory. Q3 operating loss was $68 million, which included depreciation and amortization of $67 million, production start-up expense totaling $20 million and share-based compensation of $12 million, partially offset by a $6 million gain on the sale of our Australia and Japan operations and maintenance platforms.

由於與我們在俄亥俄州的第三家工廠相關的啟動成本增加，第三季度的生產啟動（包括在運營費用中）總計 2000 萬美元，比上一季度增加了 700 萬美元。第三季度運營虧損為 6800 萬美元，其中包括 6700 萬美元的折舊和攤銷、總計 2000 萬美元的生產啟動費用和 1200 萬美元的股權補償，部分被出售澳大利亞和日本業務的 600 萬美元收益和維護平台。

We recorded a tax benefit of $13 million in the third quarter compared to tax expense of $84 million in the prior quarter. Decrease in tax expense was primarily attributable to the decrease in our pretax income, certain losses in Chile in Q2, for which no tax benefit can be recorded, and a Q2 discrete expense related to the reevaluation of Vietnam deferred tax assets due to receipt of a high-tech incentive certificate. Combination of the aforementioned factors led to a Q3 loss per share of $0.46 compared to a Q2 earnings per share of $0.52 on a diluted basis.

我們在第三季度錄得 1300 萬美元的稅收優惠，而上一季度的稅收支出為 8400 萬美元。稅項費用減少主要是由於我們的稅前收入減少、智利第二季度的某些虧損（無法記錄稅收優惠）以及第二季度與越南遞延所得稅資產重新評估相關的離散費用，原因是收到了高新技術激勵證書。上述因素相結合，導致第三季度每股虧損 0.46 美元，而第二季度攤薄後每股收益為 0.52 美元。