第一太陽能 (FSLR) 2022 Q4 法說會逐字稿

Good afternoon, everyone, and welcome to First Solar's Fourth Quarter and Full Year 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.

大家下午好，歡迎來到 First Solar 的第四季度和 2022 年全年收益電話會議。此電話會議正在 First Solar 網站 investor.firstsolar.com 的投資者部分進行網絡直播。 （操作員說明）提醒一下，今天的通話正在錄音中。

I would now like to turn the call over to Richard Romero from First Solar Investor Relations. Richard, you may begin.

我現在想把電話轉給 First Solar Investor Relations 的 Richard Romero。理查德，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 2022 financial results as well as its guidance for 2023. A copy of the press release and associated presentation are available on First Solar's website at investor.firstsolar.com.

謝謝。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 2022 年第四季度和全年的財務業績以及 2023 年的業績指引。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 2022. Following these remarks, Mark will provide a business and strategy outlook. Alex will then discuss our financial guidance for 2023. Following their remarks, we will 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 Alex Bradley。 Mark 將首先提供業務更新，然後 Alex 將討論我們第四季度和 2022 年全年的財務業績。在這些評論之後，Mark 將提供業務和戰略展望。然後，亞歷克斯將討論我們 2023 年的財務指導。在他們發言後，我們將公開提問。

Please note this call will include forward-looking statements that involve risks and uncertainties, including risks and uncertainties related to the Inflation Reduction Act of 2022, 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，包括與 2022 年通貨膨脹減少法案相關的風險和不確定性，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。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. We began 2022 with the expectation that it would be challenging from an earnings perspective as we face unprecedented logistics and commodity costs. But we also expected it to be a year of transition, setting the stage for growth and profitability into 2023 and beyond. We entered this year in a significantly stronger commercial, operational and financial position with increased R&D investment, new domestic and international capacity coming online and a new Series 7 product. We also began the year with a record contracted backlog, a significant pipeline of bookings opportunity and a robust demand in our core markets.

謝謝你，理查德。下午好，感謝您今天加入我們。我們在 2022 年開始時預計，由於我們面臨著前所未有的物流和商品成本，從收益的角度來看這將是一個挑戰。但我們也預計今年將是過渡的一年，為 2023 年及以後的增長和盈利能力奠定基礎。今年以來，我們的商業、運營和財務狀況顯著增強，研發投資增加，新的國內和國際產能上線，以及新的 Series 7 產品。今年伊始，我們的合同積壓量也創下歷史新高，大量的預訂機會以及我們核心市場的強勁需求。

This momentum is driving our points -- driven by our points of differentiation, including a unique CadTel technology, vertically integrated manufacturing process, domestic production, strong balance sheet and commitment to responsible solar, placing us in a position to respond to emerging opportunities, particularly those enabled by the rapidly evolving policy environment. This momentum is also due to the hard work, commitment and passionate of our associates.

這種勢頭正在推動我們的觀點——由我們的差異化點驅動，包括獨特的 CadTel 技術、垂直整合的製造工藝、國內生產、強大的資產負債表和對負責任的太陽能的承諾，使我們能夠應對新出現的機會，特別是那些由迅速變化的政策環境促成的。這種勢頭也歸功於我們員工的辛勤工作、承諾和熱情。

Beginning on Slide 3, I will highlight some of our key 2022 accomplishments. From a commercial perspective, in 2022, we saw perceptible shift towards long-term multiyear module procurement. This record volume of multi-gigawatt deals spanning multiple years has -- was driven by a combination of competitive pricing, competitive technology, agile contracting, shared values and trust in our ability to deliver the certainty that our customers are looking for.

從幻燈片 3 開始，我將重點介紹我們在 2022 年取得的一些關鍵成就。從商業角度來看，到 2022 年，我們看到了向長期多年組件採購的明顯轉變。這一跨越多年的多千兆瓦交易量的創紀錄數量是由有競爭力的價格、有競爭力的技術、敏捷的合同、共同的價值觀和對我們提供客戶所尋求的確定性的能力的信任的結合推動的。

As a result, we had an excellent year from a bookings perspective, securing a record 48.3 gigawatts of net bookings in 2022. This was an increase of 30.8 gigawatts from our prior annual record of 17.5 gigawatts set in 2021. Our total backlog of future deliveries as of today's earnings call now stands at a record 67.7 gigawatts.

因此，從預訂的角度來看，我們度過了出色的一年，在 2022 年獲得了創紀錄的 48.3 吉瓦的淨預訂。這比我們之前在 2021 年創下的 17.5 吉瓦的年度記錄增加了 30.8 吉瓦。我們未來交付的總積壓訂單截至今天的財報電話會議，現在達到創紀錄的 67.7 吉瓦。

Financially, while Alex will provide a more comprehensive overview of our 2022 financial results, our full year EPS results came in towards the high end of the guidance range we've provided at the time of our third quarter earnings call.

在財務方面，雖然亞歷克斯將更全面地概述我們 2022 年的財務業績，但我們的全年每股收益業績接近我們在第三季度財報電話會議時提供的指導範圍的高端。

We ended the year with a gross cash of $2.6 billion, or $2.4 billion net of debt, which is an increase to gross and net cash of $800 million versus the prior year. This puts us in a position of strength to expand our capacity, invest in research and development and technology improvements and pursue our strategic opportunities.

年底，我們的現金總額為 26 億美元，或扣除債務後為 24 億美元，與上一年相比，現金總額和淨現金均增加了 8 億美元。這使我們有能力擴大我們的能力，投資於研發和技術改進，並抓住我們的戰略機遇。

From a manufacturing perspective, we produced a record 9.1 gigawatts in 2022. Additionally, at the start of 2023, we achieved a significant milestone, producing our 50th gigawatts since commercial production began in 2002. Average watts per module produced in 2022 increased to 462 watts, an increase of 14 watts. And we increased our top production bin from 465 watts in 2021 to 475 watts in 2022.

從製造的角度來看，我們在 2022 年生產了創紀錄的 9.1 吉瓦。此外，在 2023 年初，我們實現了一個重要的里程碑，生產了自 2002 年開始商業生產以來的第 50 吉瓦。2022 年生產的每個模塊的平均瓦數增加到 462 瓦，增加了 14 瓦。我們將最高生產箱從 2021 年的 465 瓦增加到 2022 年的 475 瓦。

We exited 2022 with 9.8 gigawatts of nameplate manufacturing capacity and last month commenced initial production at our next-generation Series 7 factory in Ohio, which will continue to ramp through 2023. We are also on track to complete the construction and commence the ramp of our Series 7 factory in India during 2023.

我們在 2022 年結束時擁有 9.8 吉瓦的銘牌製造能力，上個月開始在我們位於俄亥俄州的下一代 7 系列工廠進行初始生產，該工廠將在 2023 年繼續增加產量。我們也有望完成建設並開始我們的產能增加2023 年在印度的 Series 7 工廠。

Furthering our manufacturing expansion program, in 2022, we announced a new 3.5-gigawatt Series 7 factory in Alabama and a 0.9-gigawatt increase to nameplate capacity at our Ohio factories. By 2026, we expect U.S. nameplate capacity of approximately 10.7 gigawatts and global nameplate capacity of approximately 21.4 gigawatts.

為了進一步推進我們的製造擴張計劃，我們在 2022 年宣佈在阿拉巴馬州新建 3.5 吉瓦的 Series 7 工廠，並將俄亥俄州工廠的銘牌產能提高 0.9 吉瓦。到 2026 年，我們預計美國銘牌容量約為 10.7 吉瓦，全球銘牌容量約為 21.4 吉瓦。

We also announced in 2022 an additional investment and a dedicated $270 million research and development facility to be located near our existing Perrysburg manufacturing plant in Ohio. We expect that this investment will improve cycles of learning and innovation and reduce downtime on our commercial production lines, while allowing us to produce full-size prototypes of both thin film and tandem PV modules.

我們還在 2022 年宣布了一項額外投資，並在俄亥俄州現有的佩里斯堡製造廠附近設立了一個 2.7 億美元的專用研發設施。我們預計這項投資將改善學習和創新的周期並減少我們商業生產線的停機時間，同時使我們能夠生產薄膜和串聯光伏組件的全尺寸原型。

Strategically, we were able to largely exit our legacy systems business in 2022, which enables us to focus on our greatest technology and competitive advantages. Alex will discuss potential remaining legacy costs and opportunities related to this business when he provides guidance later in the call.

從戰略上講，我們能夠在 2022 年大部分退出遺留系統業務，這使我們能夠專注於我們最大的技術和競爭優勢。亞歷克斯將在稍後的電話會議中提供指導時討論與該業務相關的潛在剩餘遺留成本和機會。

Looking forward, we continue to evaluate the opportunities for further investments in incremental manufacturing capacity, including both greenfield expansion and throughput optimization at our currently planned capacity. This evaluation will require, among other things, an understanding of the anticipated IRS and treasury IRA guidelines, including the respect to domestic content as well as confidence in the presence of robust supply chain that supports our expansion objectives. Therefore, no expansion decisions have been made at this time.

展望未來，我們將繼續評估進一步投資增量製造能力的機會，包括我們目前計劃產能的綠地擴張和吞吐量優化。除其他外，此評估需要了解預期的 IRS 和財政部 IRA 指南，包括對國內內容的尊重以及對支持我們擴張目標的強大供應鏈存在的信心。因此，目前尚未做出任何擴張決定。

Turning to Slide 4. I'll next discuss our most recent shipments and bookings in greater detail. We shipped approximately 2.3 gigawatts and 9.3 gigawatts for the fourth quarter and full year 2022, respectively, which was within the guidance range that we provided during the third quarter earnings call. As a reminder, we generally define shipments as when the delivery process to a customer commences, whereas revenue recognition or volumes sold occurs at a transfer of control of the modules to the customer, which is commonly upon arrival at destination port or project site.

轉到幻燈片 4。接下來我將更詳細地討論我們最近的發貨和預訂。我們在第四季度和 2022 年全年的出貨量分別約為 2.3 吉瓦和 9.3 吉瓦，這在我們在第三季度財報電話會議上提供的指導範圍內。提醒一下，我們通常將裝運定義為向客戶的交付過程開始時，而收入確認或銷售量發生在將模塊控制權轉移給客戶時，通常是在到達目的地港口或項目現場時。

With regards to bookings, we have sustained our recent momentum with 12 gigawatts of net bookings since the third quarter earnings call at an average base ASP of $0.308 per watt. As previously noted, we are seeing a perceptible shift in procurement behavior as evidenced by the volume of multiyear, multi-gigawatt orders placed by our customers.

在預訂方面，自第三季度財報電話會議以來，我們保持了最近的勢頭，淨預訂量為 12 吉瓦，平均基本 ASP 為每瓦 0.308 美元。如前所述，我們看到採購行為發生了明顯的轉變，我們的客戶下達的多年、數千兆瓦的訂單量就證明了這一點。

Since the beginning of 2022, large developers such as Intersect Power, Lightsource BP, National Grid, Origis Energy, Savion, Silicon Ranch and Swift Current, among others, have placed orders for at least 2 gigawatts. The fact that many of these transactions are with repeat buyers is an indication of the trust and shared values that underpin our customer relations. And it is a clear differentiator from the most -- more transactional approach taken by many of our competitors.

自 2022 年初以來，Intersect Power、Lightsource BP、國家電網、Origis Energy、Savion、Silicon Ranch 和 Swift Current 等大型開發商已下達至少 2 吉瓦的訂單。許多這些交易都是與回頭客進行的，這一事實表明了支撐我們客戶關係的信任和共同價值觀。它與我們的許多競爭對手所採用的大多數——更具交易性的方法有著明顯的區別。

After accounting for shipments of approximately 2.3 gigawatts during the fourth quarter, our future expected shipments, which now extend into 2029, are 67.7 gigawatts. Excluding India and including our year-to-date bookings, we are sold out through 2025. We have, in recent months, pivoted from negotiating solely for 2026 volume to work with customers who are looking to secure multiyear contracts over the remainder of the decade.

考慮到第四季度約 2.3 吉瓦的出貨量後，我們未來的預期出貨量（現在延長到 2029 年）為 67.7 吉瓦。不包括印度，包括我們年初至今的預訂，到 2025 年我們的訂單都已售罄。最近幾個月，我們已經從僅針對 2026 年的銷量進行談判，轉而與希望在本十年剩餘時間內獲得多年合同的客戶合作.

As a result of this commercial shift, we have not as previously expected as of the third quarter earnings call, fully sold out of our non-India production in 2026. We have sold more volume than previously expected for deliveries in '27 and beyond. In total, we now have 25.5 gigawatts of planned deliveries in 2026 and beyond, an increase of 12.3 gigawatts from our prior earnings call.

由於這種商業轉變，截至第三季度財報電話會議，我們並沒有像之前預期的那樣在 2026 年完全售罄我們的非印度產品。我們在 27 年及以後的交付量已經超過了之前的預期。總的來說，我們現在計劃在 2026 年及以後交付 25.5 吉瓦，比我們之前的財報電話會議增加了 12.3 吉瓦。

I'll now turn the call over to Alex, who will discuss our Q4 and full year 2022 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 2022 年全年業績。

Thanks, Mark. Starting on Slide 5, I'll cover our financial results for the fourth quarter and full year 2022. Net sales in the fourth quarter were $1 billion, an increase of $0.4 billion compared to the prior quarter. Our module segment net sales were $846 million, an increase of $226 million from the prior period. The increase in module revenue is driven by higher volumes sold, partially offset by a slight reduction in ASPs. The remaining increase in our net sales was attributable to the completion of the sale of our Luz del Norte project in Chile.

謝謝，馬克。從幻燈片 5 開始，我將介紹我們第四季度和 2022 年全年的財務業績。第四季度的淨銷售額為 10 億美元，比上一季度增加 4 億美元。我們的模塊部門淨銷售額為 8.46 億美元，比上一時期增加 2.26 億美元。模塊收入的增長是由銷量增加推動的，部分被平均銷售價格的小幅下降所抵消。我們淨銷售額的剩餘增長歸因於完成出售我們在智利的 Luz del Norte 項目。

For the full year 2022, net sales were $2.6 billion compared to $2.9 billion in the prior year. This decrease was driven by $0.4 billion of lower revenue from our residual business operations due to the divestitures of our project development businesses in the United States and Japan, along with the divestitures of our North American and international O&M businesses. The decrease in our Other segment revenue was partially offset by a $0.1 billion increase in our module segment revenue due to higher volumes of modules sold, partially offset by a reduction in ASPs. Gross margin was 6% in the fourth quarter compared to 3% in the third quarter, primarily due to lower module and freight costs, partially offset by a reduction in ASPs.

2022 年全年淨銷售額為 26 億美元，上年為 29 億美元。由於我們在美國和日本的項目開發業務的剝離，以及我們北美和國際 O&M 業務的剝離，我們剩餘業務運營的收入減少了 4 億美元。我們其他部門收入的減少部分被我們的模塊部門收入增加 1 億美元所抵消，這是由於銷售的模塊數量增加，部分被平均銷售價格的減少所抵消。第四季度的毛利率為 6%，而第三季度為 3%，這主要是由於組件和運費成本下降，部分被平均銷售價格的下降所抵消。

For the full year 2022, gross margin was 3% compared to 25% in the prior year. The full year gross margin was negatively impacted by reductions in module ASPs, the sale of certain projects in the prior year, higher sales rate and demurrage charges and the net impairment in sale of our Luz del Norte project, partially offset by lower module costs.

2022 年全年毛利率為 3%，上年為 25%。全年毛利率受到模塊平均售價下降、上一年某些項目的銷售、更高的銷售率和滯期費以及我們的 Luz del Norte 項目銷售淨減值的負面影響，部分被較低的模塊成本所抵消。

Sales rate and logistics costs adversely impacted our financial results, reducing gross margin by 19 percentage points in 2022 compared with 11 percentage points in 2021 and 6 percentage points in 2020. Given the recent decline in spot rates and the reversion of the shipping market towards pre-pandemic conditions, we expect sales rate and logistics charges to be less of a headwind in 2023. As a reminder, many of our module manufacturing peers report sales rate as a separate operating expense outside of gross margin. For comparison purposes, we encourage you to consider this factor when benchmarking our module gross margin percentage with our peers.

銷售率和物流成本對我們的財務業績產生了不利影響，毛利率在 2022 年下降了 19 個百分點，而 2021 年和 2020 年分別下降了 11 個百分點和 6 個百分點。 -大流行情況下，我們預計 2023 年銷售率和物流費用的不利因素將減少。提醒一下，我們的許多模塊製造同行將銷售率報告為毛利率之外的單獨運營費用。出於比較目的，我們鼓勵您在與我們的同行比較我們的組件毛利率百分比時考慮這個因素。

SG&A, R&D and production start-up expenses totaled $107 million in the fourth quarter, an increase of approximately $11 million relative to the prior quarter. This increase was driven by a $13 million increase in production start-up expense, primarily related to the addition of our third factory in Ohio, which was partially offset by lower share-based compensation expense.

第四季度的 SG&A、研發和生產啟動費用總計 1.07 億美元，較上一季度增加約 1100 萬美元。這一增長是由生產啟動費用增加 1300 萬美元推動的，這主要與我們在俄亥俄州增加的第三家工廠有關，這部分被較低的股權補償費用所抵消。

Our fourth quarter operating loss was $46 million, which included depreciation and amortization of $71 million, production start-up expense of $33 million and share-based compensation expense of $8 million. Our full year 2022 operating loss was $27 million, which included depreciation and amortization of $270 million, production start-up expense of $73 million, net losses of $48 million associated with the sale of our Luz del Norte project and share-based compensation expense of $29 million, partially offset by a $254 million net gain from the sale of certain businesses.

我們第四季度的運營虧損為 4600 萬美元，其中包括 7100 萬美元的折舊和攤銷、3300 萬美元的生產啟動費用和 800 萬美元的股權補償費用。我們 2022 年全年的經營虧損為 2700 萬美元，其中包括折舊和攤銷 2.7 億美元、生產啟動費用 7300 萬美元、與出售我們的 Luz del Norte 項目相關的淨虧損 4800 萬美元以及基於股份的補償費用2900 萬美元，部分被出售某些業務的 2.54 億美元淨收益所抵消。

With regard to other income and expense in connection with the sale of our Luz del Norte project in the fourth quarter, the project's lenders agreed to forgive a portion of the outstanding loan balance, which resulted in a gain of $30 million recorded within other income.

關於第四季度與出售我們的 Luz del Norte 項目相關的其他收入和費用，該項目的貸方同意免除部分未償還貸款餘額，從而在其他收入中記錄了 3000 萬美元的收益。

Separately, interest income in the fourth quarter was $18 million, an increase of $8 million compared to the prior quarter. And interest income for the full year 2022 was $33 million in leases to $27 million compared to the prior quarter. Both increases were driven by higher interest rates on our cash and marketable securities balances.

另外，第四季度的利息收入為 1800 萬美元，比上一季度增加 800 萬美元。與上一季度相比，2022 年全年的利息收入為 3300 萬美元至 2700 萬美元。這兩項增長都是由我們的現金和有價證券餘額的更高利率推動的。

We recorded an income tax expense of $1 million in the fourth quarter. For the full year, we recorded tax expense of $53 million, primarily attributable to the sale of our Japan project development platform and due to certain losses in Chile for which we no -- which no tax benefit could be recorded.

我們在第四季度記錄了 100 萬美元的所得稅費用。全年，我們記錄了 5300 萬美元的稅收支出，這主要歸因於我們日本項目開發平台的銷售，以及由於我們沒有在智利發生的某些損失——無法記錄稅收優惠。

Fourth quarter loss per diluted share was $0.07 compared to $0.46 in the prior quarter. For the full year 2022, loss per diluted share was $0.41 compared to earnings per diluted share of $4.38 in 2021. Our 2022 EPS result came in above the midpoint of the guidance range that we provided during the third quarter earnings call.

第四季度每股攤薄虧損為 0.07 美元，上一季度為 0.46 美元。 2022 年全年，攤薄後每股虧損為 0.41 美元，而 2021 年攤薄後每股收益為 4.38 美元。我們 2022 年的每股收益結果高於我們在第三季度財報電話會議上提供的指導範圍的中點。

Let's turn to Slide 6 to discuss select balance sheet items and summary cash flow information. The aggregate balance of our cash, cash equivalents, restricted cash, restricted cash equivalents and marketable securities was $2.6 billion at the end of the year, an increase of $0.7 billion from the prior quarter and $0.8 billion from the prior year. Our year-end net cash position, which includes the aforementioned balance less debt, was $2.4 billion, an increase of $0.7 billion from the prior quarter and $0.8 billion from the prior year. The increases in our net cash balance were primarily driven by module segment operating cash flows, including higher advanced payments received for module -- future module sales, partially offset by capital expenditures associated with our new plants under construction in the United States and India.

讓我們轉到幻燈片 6 來討論選定的資產負債表項目和匯總現金流量信息。我們的現金、現金等價物、受限制現金、受限制現金等價物和有價證券的總餘額在年底為 26 億美元，比上一季度增加 7 億美元，比上年增加 8 億美元。我們的年終淨現金頭寸（包括上述餘額減去債務）為 24 億美元，比上一季度增加 7 億美元，比上年增加 8 億美元。我們淨現金餘額的增加主要是由組件部門的運營現金流推動的，包括為組件收到的更高預付款 - 未來組件銷售，部分被與我們在美國和印度在建的新工廠相關的資本支出所抵消。

Cash flows from operations were $873 million in 2022 compared to $238 million in 2021. Capital expenditures were $327 million in the fourth quarter compared to $223 million in the third quarter. Capital expenditures were $904 million in 2022 compared to $540 million in 2021.

2022 年的運營現金流為 8.73 億美元，而 2021 年為 2.38 億美元。第四季度的資本支出為 3.27 億美元，而第三季度為 2.23 億美元。 2022 年的資本支出為 9.04 億美元，而 2021 年為 5.4 億美元。

With that, I'll turn the call back to Mark to provide a business and strategy update.

有了這個，我會把電話轉回給馬克，以提供業務和戰略更新。

All right. Thank you, Alex. Looking forward to 2023, we are pleased to enter the year with solid fundamentals, including a record backlog of orders and a manufacturing capacity growth plan that is well underway. We are on track to add 6.2 gigawatts of global nameplate manufacturing capacity this year as our new Series 7 factories come online in the U.S. and India. We expect to exit 2023 with 16 gigawatts of annual nameplate capacity. We also expect 2023 to be a pivotal year as we build on the foundations established in 2022 to scale manufacturing, invest in R&D and evolve our technology and product road maps.

好的。謝謝你，亞歷克斯。展望 2023 年，我們很高興以堅實的基本面進入這一年，包括創紀錄的積壓訂單和正在順利進行的製造能力增長計劃。隨著我們新的 Series 7 工廠在美國和印度投產，我們有望在今年增加 6.2 吉瓦的全球銘牌製造能力。我們預計到 2023 年，年產能將達到 16 吉瓦。我們還預計 2023 年將是關鍵的一年，因為我們將在 2022 年建立的基礎上再接再厲，以擴大製造規模、投資研發並改進我們的技術和產品路線圖。

In addition, we expect to begin benefiting from the advanced manufacturing production tax credits provided for under Section 45X of the Inflation Reduction Act. We await IRS and Treasury guidance that we expect will reflect the statute's language and intend to incentivize the domestic production of modules and the related components. Given our fully integrated thin film manufacturing process, we expect that this guidance will entitle us to integrated tax credits for wafers, cells and module assembly, which we estimate will equal approximately $0.17 per watt for modules produced in the United States and sold to a third party.

此外，我們預計將開始受益於《降低通貨膨脹法》第 45X 條規定的先進製造業生產稅收抵免。我們等待美國國稅局和財政部的指導意見，我們預計這些指導意見將反映法規的語言，並打算激勵國內模塊和相關組件的生產。鑑於我們完全集成的薄膜製造工藝，我們預計該指南將使我們能夠獲得晶圓、電池和模塊組裝的綜合稅收抵免，我們估計這相當於在美國生產並出售給第三方的模塊每瓦大約 0.17 美元派對。

Finally, we expect to host an Analyst Day event at our manufacturing facility in Ohio later this year, on a date to be announced, to deliver an overview of our technology, product and manufacturing road maps as well as to highlight our newest Ohio factory.

最後，我們預計將於今年晚些時候在我們位於俄亥俄州的製造工廠舉辦分析師日活動，日期將公佈，以概述我們的技術、產品和製造路線圖，並重點介紹我們在俄亥俄州的最新工廠。

Turning to Slide 7. As previously noted, our new Series 7 factories remain on schedule. The U.S. factory commenced initial production in January of 2023 and will continue to ramp over the remainder of 2023. Our India factory is forecast to begin production in the second half of 2023 and ramp into 2024. Once fully ramped, these factories are expected to lead the fleet in terms of module wattage and efficiency and regionally on a cost-per-watt basis.

轉到幻燈片 7。如前所述，我們新的 Series 7 工廠仍按計劃進行。美國工廠於 2023 年 1 月開始初始生產，並將在 2023 年剩餘時間內繼續量產。我們的印度工廠預計將在 2023 年下半年開始生產並持續到 2024 年。一旦完全量產，這些工廠預計將領先車隊在模塊瓦數和效率方面以及在每瓦成本基礎上的區域。

Based on our current technology road map, we see the potential for meaningful improvement in our module performance, with a midterm goal of achieving a 570-watt monofacial Series 7 module. As we significantly increase our nameplate capacity, we believe this anticipated growth, when balanced with liquidity and profitability, will drive earnings accretion as contribution margin expansion is leveraged against a largely fixed operating expense structure. As a reflection of this expansion road map and continued optimization of the existing fleet, we have summarized our expected exit nameplate capacity in production for 2023 to 2026 on this slide.

根據我們當前的技術路線圖，我們看到了組件性能顯著改進的潛力，中期目標是實現 570 瓦單面 7 系列組件。隨著我們顯著增加我們的銘牌產能，我們相信這種預期的增長，當與流動性和盈利能力平衡時，將推動收益增長，因為貢獻利潤率的擴張是針對基本固定的運營費用結構的。為了反映這一擴張路線圖和對現有車隊的持續優化，我們在這張幻燈片上總結了 2023 年至 2026 年的預期退出銘牌生產能力。

Turning to Slide 8. Our total bookings opportunities of 93.1 gigawatts remain robust with 58 gigawatts in mid- to late-stage customer engagement. When combined with our current record backlog of 67.7 gigawatts, we believe we are well positioned for growth with a solid foundation of demand visibility. As it relates to converting the pipeline into future bookings, our record bookings in 2022 were driven by the favorable balance of near- to midterm available supply, aligned with customer demand for large volume multiyear procurement. The time line into which we are now selling is longer-dated than historic U.S. sales cycles. As a consequence, this could result in year-on-year reduction in bookings volume as we look to sell long-term forecasted supply in 2026 and beyond.

轉到幻燈片 8。我們的 93.1 吉瓦的總預訂機會仍然強勁，在中後期客戶參與中有 58 吉瓦。結合我們目前創紀錄的 67.7 吉瓦積壓，我們相信我們已經為增長做好了準備，並為需求可見性奠定了堅實的基礎。由於涉及將管道轉化為未來的預訂，我們 2022 年創紀錄的預訂是由近期和中期可用供應的有利平衡推動的，這與客戶對大量多年採購的需求保持一致。我們現在銷售的時間線比歷史上的美國銷售週期要長。因此，這可能導致預訂量同比減少，因為我們希望在 2026 年及以後出售長期預測供應。

Our commercial strategy remains largely focused on supporting long-term multiyear customers who prioritize price and product availability certainty as well as ethical and transparent supply chains. Furthermore, this demand environment supports the rationale of evaluating future capacity growth, subject to the aforementioned considerations related to expansion, including those related to IRA domestic content guidance and the assessment of our supply chain.

我們的商業戰略仍然主要側重於支持長期的多年客戶，他們優先考慮價格和產品可用性的確定性以及道德和透明的供應鏈。此外，這種需求環境支持評估未來產能增長的基本原理，但要考慮到上述與擴張相關的考慮因素，包括與 IRA 國內內容指導和我們供應鏈評估相關的因素。

Before turning the call back to Alex, I would like to take a brief moment to touch on the global policy environment. Broadly speaking, 2022 placed us on the cusp of significant growth in domestic solar manufacturing within our core markets. As policymakers here in the United States and leading democracies abroad demonstrates they are serious about tackling the unhealthy overconcentration of solar supply chains in China and the vulnerabilities that come with it. In fact, 2022 saw industrial policy designed to spur investment and create jobs at scale. The year saw a tangible progress in the U.S. with the passage of the Inflation Reduction Act, in India with the production-linked incentive program and movement towards spurring domestic manufacturing within the European Union with the introduction of the Green Deal Industrial Plan.

在將電話轉回給亞歷克斯之前，我想花點時間談談全球政策環境。從廣義上講，2022 年使我們處於核心市場內國內太陽能製造業顯著增長的風口浪尖。正如美國和國外主要民主國家的政策制定者所表明的那樣，他們認真對待解決中國太陽能供應鏈不健康的過度集中以及隨之而來的脆弱性問題。事實上，2022 年的產業政策旨在刺激投資和大規模創造就業機會。這一年，美國通過了《降低通貨膨脹法案》，印度通過了與生產相關的激勵計劃，並通過引入綠色交易工業計劃推動了歐盟內部製造業的發展，這一年取得了切實進展。

Furthermore, we've also seen a significant uptick in legislation focused on tackling the issue of forced labor with the passage of the Uyghur Forced Labor Prevention Act in the United States and similar laws and initiatives, either implemented or under consideration, in Europe, the United Kingdom, Australia and Japan. These significant recent and ongoing policy developments demonstrate that governments around the world are supportive of solar technologies that can be scaled in a sustainable manner for both people and the planet.

此外，隨著美國通過《維吾爾強迫勞動預防法》以及歐洲已實施或正在考慮的類似法律和倡議，我們還看到專注於解決強迫勞動問題的立法顯著增加，英國、澳大利亞和日本。這些近期和持續的重大政策發展表明，世界各國政府都支持太陽能技術，這些技術可以以可持續的方式擴展到人類和地球。

I'll now turn the call back over to Alex, who will discuss our financial outlook and provide 2023 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 2023 年的指導。

Thanks, Mark. Before discussing financial guidance, I'd like to reiterate our approach to growth and gross margin expansion. As discussed on our second quarter earnings call, this strategy includes our approach of contracting out our capacity several years in advance of production. The anticipated reduction of our cost per watt produced, the expected benefits from capacity expansion through scaling a largely fixed overhead structure in order to generate incremental contribution margin and our agile contracting approach, both provides the potential realization of incremental revenue and is expected to mitigate freight and certain commodity risks.

謝謝，馬克。在討論財務指導之前，我想重申我們對增長和毛利率擴張的態度。正如我們在第二季度財報電話會議上所討論的那樣，這一戰略包括我們在生產前幾年外包產能的方法。我們每瓦生產成本的預期降低，通過擴展主要固定間接費用結構以產生增量邊際收益和我們靈活的合同方法的產能擴張的預期收益，都提供了潛在的增量收入實現，並有望減輕運費和某些商品風險。

As we look to 2023 guidance, we continue to see this approach benefiting our forecasted financial results relative to 2022. For the full year, we expect to recognize an average ASP sold of $0.285 per watt, approximately $0.01 higher than in 2022. Looking across the horizon, as is showed in the 10-K filing, as of December 31, 2022, we had a total contracted backlog of 61.4 gigawatts with expected future revenue of $17.7 billion for a portfolio average base ASP of $0.288 per watt, before the application of potential adjusters.

在我們展望 2023 年的指引時，我們繼續看到這種方法有利於我們相對於 2022 年的預測財務結果。對於全年，我們預計平均售價為每瓦 0.285 美元，比 2022 年高出約 0.01 美元。縱觀整個地平線，如 10-K 文件所示，截至 2022 年 12 月 31 日，在應用潛在的調整者。

As it relates to cost per watt and our contracting approach and their impacts on both the potential value of the technology adjusters, which are reflected in the 10-K filing and our 2023 financial guidance, I'd like to provide a brief update on the timing of our technology and cost road maps. From a technology road map perspective, we continue to work to prove out both bifaciality and our copper replacement or cure program and are progressing well with both initiatives. However, even if ready for high-volume manufacturing deployment, we expect to elect to push out implementation of these technologies across the majority of the fleet for 2 reasons. Firstly, technology implementations typically necessitate manufacturing downtime, both to make tooling and process changes and to conduct preproduction trials. And as we're sold out through 2025 with limited ability to delay shipments, significant downtime would be suboptimal to executing on our delivery commitments.

由於它涉及每瓦成本和我們的合同方法及其對技術調整器潛在價值的影響，這反映在 10-K 文件和我們的 2023 年財務指南中，我想簡要介紹一下我們的技術和成本路線圖的時間安排。從技術路線圖的角度來看，我們繼續努力證明雙面性和我們的銅替代或固化計劃，並且這兩項計劃都進展順利。然而，即使準備好進行大批量製造部署，我們仍希望選擇在大多數機隊中實施這些技術，原因有兩個。首先，技術實施通常需要製造停機，以進行工具和流程更改以及進行生產前試驗。由於我們的產品到 2025 年都已售罄，延遲發貨的能力有限，因此嚴重的停機時間對於執行我們的交付承諾來說並不是最佳選擇。

Secondly, we typically roll out technology improvements at our Perrysburg facilities and then, once fully optimized, across the remainder of the fleet. This leads to a potential for greater downtime in Perrysburg during initial rollout, which has the highest opportunity cost given the anticipated value of domestically produced modules, both from an IRA domestic content and Section 45X perspective.

其次，我們通常會在我們的 Perrysburg 工廠推出技術改進，然後在完全優化後，在機隊的其餘部分進行。這導致佩里斯堡在首次推出期間可能會出現更長的停機時間，考慮到國產模塊的預期價值，無論是從 IRA 國內內容還是第 45X 節的角度來看，這都具有最高的機會成本。

Our new dedicated R&D facility, projected to be operational in mid-2024, is expected to alleviate the need for choosing between downtime and implementation by providing a means to optimize these technology improvements with significantly less disruption to our commercial manufacturing lines.

我們新的專用研發設施預計將於 2024 年年中投入運營，通過提供一種優化這些技術改進的方法，同時顯著減少對我們商業生產線的干擾，預計將減少在停機和實施之間做出選擇的需要。

With respect to the potential value of the adjusters related to potential future technology improvements, as reflected in the 10-K, the push out of these technology programs will result in a reduction in the supply of products with these technology improvements, leading to an expected reduction in technology adjusters, particularly in 2024 and early 2025. We have correspondingly reduced our estimate for these adjusters from $0.7 billion across 31.4 gigawatts in Q3 to $0.5 billion across 31.5 gigawatts in Q4.

關於與未來潛在技術改進相關的調節器的潛在價值，如 10-K 所示，推出這些技術項目將導致採用這些技術改進的產品供應減少，從而導致預期技術調節器的減少，特別是在 2024 年和 2025 年初。我們相應地將這些調節器的估計從第三季度的 31.4 吉瓦的 7 億美元減少到第四季度的 31.5 吉瓦的 5 億美元。

From a cost reduction road map perspective, as it relates to cost per watt produced, we ended Q4 2022 5% lower than Q4 of the previous year, at the midpoint of our original forecasted production range of 4% to 6%. This was due to throughput, yield and efficiency improvements and reductions in variable costs, slightly offset by increases in fixed costs. We've been able to achieve a sustained cost per watt reduction road map over the last several years, having reduced our cost per watt produced by 18% from Q4 2019 to Q4 2022.

從成本降低路線圖的角度來看，由於它與每瓦生產成本有關，我們在 2022 年第四季度結束時比去年第四季度低 5%，處於我們最初預測的產量範圍 4% 至 6% 的中點。這是由於吞吐量、產量和效率的提高以及可變成本的降低，但被固定成本的增加略微抵消了。在過去幾年中，我們已經能夠實現持續的每瓦成本降低路線圖，從 2019 年第四季度到 2022 年第四季度，我們的每瓦成本降低了 18%。

On a full year 2022 to 2023 basis, we expect a 1% to 2% reduction in cost per watt produced, driven by improvements in throughput, yield, efficiency and inbound freight, partially offset by higher fixed costs and a headwind from the conversion of all production to high mechanical load modules in 2023 to optimize order fulfillment management and logistics. With regards to high versus standard mechanical load modules, we may reintroduce the stand-alone product in future years. And in doing so, we would expect to see a cost per watt benefit.

在 2022 年至 2023 年全年的基礎上，我們預計每瓦生產成本將降低 1% 至 2%，這得益於吞吐量、產量、效率和入境貨運的改善，部分被更高的固定成本和轉換帶來的逆風所抵消到 2023 年將所有生產轉為高機械負載模塊，以優化訂單履行管理和物流。關於高機械負載模塊與標準機械負載模塊，我們可能會在未來幾年重新引入獨立產品。在這樣做的過程中，我們希望看到每瓦成本效益。

As it relates to exit rates, comparing Q4 2022 to Q4 2023, we're forecasting a cost per watt produced increase of 4% to 6% or approximately $0.01 per watt. This is driven by several factors, including costs driven by the expected implementation of bifaciality at our lead line in Perrysburg in Q4 of 2023, which results in a reduction in front side watts, offset by a higher energy production profile; planned downtime associated with our Series 6 throughput optimization in Ohio; and a headwind associated with our Series 7 factory in Perrysburg, exiting its ramp phase in mid- to late 2023, but not yet operating at full scale by year-end.

與退出率相關，將 2022 年第四季度與 2023 年第四季度進行比較，我們預測每瓦成本將增加 4% 至 6%，或每瓦約 0.01 美元。這是由幾個因素驅動的，包括預計 2023 年第四季度在我們位於佩里斯堡的領先生產線實施雙面技術所帶來的成本，這會導致正面瓦數減少，但被更高的能源生產概況所抵消；與我們在俄亥俄州的 6 系列吞吐量優化相關的計劃停機時間；以及與我們位於佩里斯堡的 Series 7 工廠相關的逆風，該工廠在 2023 年中後期退出了爬坡階段，但到年底尚未全面投入運營。

As it relates to cost per watt sold, we ended Q4 2022 with a 2% year-over-year increase over Q4 2021, in line with our most recent forecast. This was largely due to higher sales freight and logistics costs. In 2023, we expect sales freight and logistics costs to trend back towards pre-pandemic levels throughout the year. Several key metrics, including reliability of schedule, transit times and congestion are currently trending positively. However, transit time volatility generally and labor relations in West Coast ports post potential headwinds. We are working to mitigate these issues through shipping route and port-of-entry optimization and through further utilization of our warehousing network.

由於與每瓦售出成本相關，我們在 2022 年第四季度結束時比 2021 年第四季度同比增長 2%，這與我們最近的預測一致。這主要是由於較高的銷售運費和物流成本。到 2023 年，我們預計全年銷售運費和物流成本將回到大流行前的水平。幾個關鍵指標，包括時間表的可靠性、運輸時間和擁堵，目前都呈積極趨勢。然而，運輸時間的普遍波動和西海岸港口的勞資關係帶來了潛在的不利因素。我們正在努力通過航運路線和入境口岸優化以及通過進一步利用我們的倉儲網絡來緩解這些問題。

In addition, as part of our contracting strategy, approximately 67% of our volumes sold in 2023 has some form of sales freight risk coverage. Although given the forecasted reduction in sales freight and logistics costs, we expect limited excess recovery in 2023. On a cents per watt basis, we expect our full year sales freight and logistics costs to be approximately $0.027 per watt, with international transit costs remaining above pre-pandemic norms.

此外，作為我們承包戰略的一部分，我們在 2023 年銷售的產品中約有 67% 具有某種形式的銷售運費風險保障。儘管考慮到銷售運費和物流成本的預測減少，但我們預計 2023 年的超額回收有限。按每瓦美分計算，我們預計全年銷售運費和物流成本約為每瓦 0.027 美元，國際運輸成本仍高於大流行前的規範。

Taken together, we forecast cost per watt produced, ramp, underutilization and sales freight and logistics costs to combine to yield a Q4 2022 to Q4 2023 net reduction in cost per watt sold of 9% to 11% and full year 2022 to 2023 cost per watt sold reduction of 7% to 9%. On a full year basis, expected ramp and underutilization costs impact our cost per watt sold reduction by approximately 4 percentage points.

總而言之，我們預測每瓦生產成本、爬坡、未充分利用以及銷售貨運和物流成本將產生 2022 年第四季度至 2023 年第四季度每瓦銷售成本淨減少 9% 至 11%，2022 年至 2023 年全年每瓦成本淨減少瓦特銷售減少 7% 至 9%。在全年基礎上，預期的爬坡和未充分利用成本使我們的每瓦銷售成本降低約 4 個百分點。

With respect to other commodities, we continue to largely mitigate exposure to glass costs through strategic long-term, predominantly fixed price agreements with domestic suppliers that have economic benefits to us as we achieve high levels of production. We do expect the near-term volatility in glass pricing, given that the contractual provisions in our supply contracts relating to input cost adjustments operates on a backward-looking basis. And therefore, we are seeing a slight increase in cost in the first half of 2023, which is expected to then reduce in the second half of the year.

在其他商品方面，我們繼續通過與國內供應商簽訂長期的、主要是固定價格的戰略性協議，在很大程度上降低玻璃成本的風險，隨著我們實現高水平的生產，這些協議對我們有經濟利益。鑑於我們供應合同中有關投入成本調整的合同條款是在回顧性基礎上運作的，我們確實預計玻璃價格近期會出現波動。因此，我們看到 2023 年上半年成本略有增加，預計下半年將減少。

From a frame perspective, there's been a reversion of aluminum and steel rates back to historical levels. We expect these costs to be less of a headwind in 2023. Related to framing costs, we have hedged 90% of our aluminum exposure for our Series 6 U.S. plants in 2023, which is approximately 1/3 of our Series 6 production. In addition, substantially all of our Series 7 production, which utilizes a steel back rail, is subject to contractual steel adjusters.

從框架的角度來看，鋁和鋼的利率已經回到歷史水平。我們預計這些成本在 2023 年不會受到太大影響。與框架成本相關，我們已經對沖了 2023 年美國 6 系列工廠 90% 的鋁風險敞口，這大約是我們 6 系列產量的 1/3。此外，我們幾乎所有使用鋼背軌的 7 系列產品都受合同鋼製調節器的約束。

And lastly, with respect to operating expenses, despite a forecasted increase in operating expenses in 2023, particularly related to research and development, we continue to scale manufacturing capacity at a greater rate than operating expenses, leveraging our fixed cost structure to reduce operating expense per watt and increase operating margin.

最後，關於運營費用，儘管預計 2023 年的運營費用會增加，尤其是與研發相關的費用，但我們繼續以高於運營費用的速度擴大製造能力，利用我們的固定成本結構來降低每單位的運營費用瓦並提高營業利潤率。

So with this in mind, I'll next discuss (inaudible) 2023 financial guidance. Please turn to Slide 9. Strategically, in 2022, we completed the sales of our Japan project development business, our Japan O&M business and our Chilean Luz del Norte asset. In January of this year, we completed the sale of our 10-megawatt Marikal operating asset in India, bringing our PV solar power systems balance on our balance sheet, as of today, to 0.

因此，考慮到這一點，我接下來將討論（聽不清）2023 年財務指南。請轉到幻燈片 9。戰略上，2022 年，我們完成了日本項目開發業務、日本 O&M 業務和智利 Luz del Norte 資產的出售。今年 1 月，我們完成了在印度的 10 兆瓦 Marikal 運營資產的出售，使我們資產負債表上的光伏太陽能發電系統餘額截至今天為 0。

With these sales, we have effectively transitioned back to a module-only company. We do have certain remaining risks, liabilities, indemnities, warranty obligations, accounts payable, accounts receivable, earn-outs, cash collection, dispute resolution and other legacy involvements related to our former systems business.

通過這些銷售，我們有效地轉變回了一家僅生產模塊的公司。我們確實有某些遺留風險、負債、賠償、保修義務、應付賬款、應收賬款、收益、現金收取、爭議解決和其他與我們以前的系統業務相關的遺留問題。

Given the declining impact of our other segment, we will no longer provide segment-specific guidance, but shall in the future note any significant impact from the other segment to our consolidated financials. As it relates to capacity expansion, our factory expansion and upgrades remain on schedule and are expected to impact operating income by approximately $195 million to $220 million in 2023. This is comprised of start-up expenses of $85 million to $90 million primarily incurred in connection with our new factories in Ohio and India; an estimated ramp and underutilization costs of $110 million to $130 million. We anticipate these expansions and upgrades will contribute meaningfully to our production plans in 2024 and beyond.

鑑於我們其他部門的影響下降，我們將不再提供特定於部門的指導，但將來會注意到其他部門對我們合併財務的任何重大影響。由於涉及產能擴張，我們的工廠擴張和升級仍在按計劃進行，預計到 2023 年將影響營業收入約 1.95 億美元至 2.2 億美元。這包括主要在連接方面產生的 8500 萬至 9000 萬美元的啟動費用我們在俄亥俄州和印度的新工廠；估計的爬坡和未充分利用成本為 1.1 億至 1.3 億美元。我們預計這些擴建和升級將對我們 2024 年及以後的生產計劃做出有意義的貢獻。

Operationally, in 2023, we're expecting to produce 11.5 to 12.2 gigawatts of modules, and after taking into account reductions in inventory, fell 11.8 to 12.3 gigawatts. From a capital structure perspective, our strong balance sheet has been and remains a strategic differentiator, enabling us both to weather periods of volatility as well as providing flexibility to pursue growth opportunities, including self-funding our Series 6 and Series 7 transitions.

在運營方面，我們預計到 2023 年將生產 11.5 至 12.2 吉瓦的模塊，考慮到庫存減少後，下降 11.8 至 12.3 吉瓦。從資本結構的角度來看，我們強大的資產負債表一直是並且仍然是一個戰略差異化因素，使我們能夠度過波動時期，並提供靈活性來尋求增長機會，包括為我們的系列 6 和系列 7 過渡提供自籌資金。

We ended 2022 in a strong liquidity position. And coupled with strong forecasted operating cash flows, modular advance payments and our existing India credit facility, we expect to be able to finance our current capital programs without acquiring external financing. We are evaluating putting in place our revolving credit facility to support jurisdictional cash management as well as to provide short-term optionality and expect to address more details on our capital structure and liquidity outlook at our Analyst Day.

到 2022 年，我們的流動性狀況良好。再加上強勁的預測運營現金流、模塊化預付款和我們現有的印度信貸額度，我們希望能夠在不獲得外部融資的情況下為我們當前的資本計劃提供資金。我們正在評估我們的循環信貸額度是否到位，以支持轄區現金管理以及提供短期選擇權，並期望在我們的分析師日討論我們的資本結構和流動性前景的更多細節。

And finally, a few words on the Inflation Reduction Act. The IRA offers, amongst other incentives, production tax credits for solar modules and solar module components manufactured in the U.S. and sold to third parties. Although we continue to await guidance from the IRS and Treasury regarding these credits under Section 45X of the statute, based on our view of both the intention of the credit and the language of the legislation, we intend to begin recording a corresponding benefit in our financial statements in Q1 of 2023. Following consultation review with outside advisers, our auditors and the SEC, we expect to recognize these credits as a reduction to cost of sales in the period such modules and the integrated eligible components are sold to customers.

最後，關於《降低通貨膨脹法案》的幾句話。 IRA 為在美國製造並出售給第三方的太陽能組件和太陽能組件組件提供生產稅收抵免等激勵措施。儘管我們繼續等待美國國稅局和財政部根據法令第 45X 條就這些信貸提供指導，但根據我們對信貸意圖和立法語言的看法，我們打算開始在我們的財務中記錄相應的收益2023 年第一季度的報表。在與外部顧問、我們的審計師和美國證券交易委員會進行磋商審查後，我們希望將這些信用確認為在此類模塊和集成合格組件出售給客戶期間的銷售成本減少。

In addition, these credits will also be shown as government grants receivable on our balance sheet. We encourage you to review the safe harbor statements contained in today's press release and presentation for the risks related to our receiving the full amount of tax benefits that we believe we are entitled to under the IRA.

此外，這些貸項也將在我們的資產負債表上列為應收政府補助。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，了解與我們獲得我們認為根據 IRA 有權獲得的全額稅收優惠相關的風險。

I'll now cover the full year 2023 guidance ranges on Slide 10. Our net sales guidance is between $3.4 billion and $3.6 billion; gross margin is expected to be between $1.2 billion and $1.3 billion, which includes $660 million to $710 million of advanced manufacturing production tax credits under Section 45X of the IRA and $110 million to $130 million of ramp and underutilization costs. SG&A expense is expected to total $175 million to $185 million compared to $165 million in 2022 and $170 million in 2021. R&D expense is expected to total $155 million to $165 million compared to $113 million and $99 million in 2021 and 2022, respectively.

我現在將在幻燈片 10 上介紹 2023 年全年的指導範圍。我們的淨銷售額指導在 34 億美元到 36 億美元之間；毛利率預計在 12 億美元至 13 億美元之間，其中包括 IRA 第 45X 條規定的 6.6 億美元至 7.1 億美元的先進製造業生產稅收抵免以及 1.1 億美元至 1.3 億美元的爬坡和未充分利用成本。 SG&A 費用預計總計為 1.75 億美元至 1.85 億美元，而 2022 年為 1.65 億美元，2021 年為 1.7 億美元。研發費用預計總計為 1.55 億美元至 1.65 億美元，而 2021 年和 2022 年分別為 1.13 億美元和 9900 萬美元。

The 2023 expense is increasing primarily due to our expectation of adding headcount to our R&D team to further invest in advanced research initiatives. SG&A and R&D expense combined is expected to total $330 million to $350 million. And total operating expenses, which includes $85 million to $90 million of production start-up expense, are expected to be between $415 million and $440 million. Operating income is expected to be between $745 million and $870 million, as inclusive of $195 million to $220 million of combined ramp and underutilization costs and plant startup expenses and $660 million to $710 million of Section 45X credits.

2023 年的費用增加主要是由於我們預計會增加研發團隊的人數以進一步投資於先進的研究計劃。 SG&A 和 R&D 費用加起來預計總計 3.3 億至 3.5 億美元。包括 8500 萬至 9000 萬美元的生產啟動費用在內的總運營費用預計在 4.15 億美元至 4.4 億美元之間。營業收入預計在 7.45 億美元至 8.7 億美元之間，其中包括 1.95 億美元至 2.2 億美元的爬坡和未充分利用成本以及工廠啟動費用以及 6.6 億美元至 7.1 億美元的第 45X 節信貸。

Turning to nonoperating items. We expect interest income, interest expense and other income to net to $60 million to $75 million, which is predominantly driven by higher expected interest rates for deposits. Full year tax expense is forecast to be $60 million to $85 million. Tax expense for 2023 is largely driven by the U.S. blended tax rate of approximately 25%. However, we also expect a significant loss in the year as we begin manufacturing for which we will not receive a current benefit, leading to a higher effective tax rate. This results in a full year 2023 earnings per diluted share guidance range of $7 to $8.

轉向非經營項目。我們預計利息收入、利息支出和其他收入淨額為 6,000 萬至 7,500 萬美元，這主要是受更高的預期存款利率推動。全年稅收支出預計為 6000 萬至 8500 萬美元。 2023 年的稅收支出主要由約 25% 的美國混合稅率驅動。然而，我們也預計今年會出現重大虧損，因為我們開始製造，我們將不會為此獲得當前收益，從而導致更高的有效稅率。這導致 2023 年全年每股攤薄收益指導範圍為 7 美元至 8 美元。

Note from an earnings cadence perspective, we anticipate our earnings profile will be higher in the second half of the year, both due to contractual delivery schedules as well as the timing of first sales of our Series 7 products, which are forecast to begin shipping in Q3 of this year. This is forecasted to result in an increase in inventory at our distribution centers in the first half of 2023, which is expected to reverse in the second half of the year. Additionally, Section 45X credits, recognized, will increase after Q1, driven by both the timing of volumes sold as well as the inventory lag, whereby products sold in the early part of 2023 may have been manufactured in 2022.

請注意，從盈利節奏的角度來看，我們預計下半年我們的盈利狀況會更高，這既是因為合同交付時間表，也是因為我們的 Series 7 產品首次銷售的時間，預計將於 2018 年開始發貨今年第三季度。預計這將導致 2023 年上半年我們配送中心的庫存增加，預計下半年會出現逆轉。此外，受銷售量時間和庫存滯後的推動，公認的第 45X 條信用額度將在第一季度後增加，因此 2023 年初銷售的產品可能在 2022 年生產。

Capital expenditures in 2023 are expected to range from $1.9 billion to $2.1 billion as we complete the construction of our Ohio and India Series 7 plants, commence construction on our Alabama Series 7 plant, implement throughput upgrades to the fleet and invest in other R&D-related programs.

2023 年的資本支出預計在 19 億美元到 21 億美元之間，因為我們完成了俄亥俄州和印度 7 系列工廠的建設，開始建設我們的阿拉巴馬 7 系列工廠，對機隊實施吞吐量升級並投資於其他研發相關程式。

Our year-end 2023 net cash balance is anticipated to be between $1.2 billion and $1.5 billion. The decrease from our 2022 year-end net cash balance is primarily due to capital expenditures, which we expect will be partially offset by financing proceeds and customer advance payments.

我們預計 2023 年底的淨現金餘額將在 12 億美元至 15 億美元之間。我們 2022 年底淨現金餘額的減少主要是由於資本支出，我們預計這將被融資收益和客戶預付款部分抵消。

Turning to Slide 11, I'll summarize the key messages from today's call. Demand has been robust with 12 gigawatts of net bookings since the prior earnings call, leading to a record contracted backlog of 67.7 gigawatts. Our opportunity pipeline remains strong with a global opportunity set to 93.1 gigawatts, including mid- to late-stage opportunities of 58 gigawatts.

轉到幻燈片 11，我將總結今天電話會議的關鍵信息。自上次財報電話會議以來，需求一直強勁，淨預訂量為 12 吉瓦，導致合同積壓訂單達到創紀錄的 67.7 吉瓦。我們的機會管道依然強勁，全球機會設置為 93.1 吉瓦，包括 58 吉瓦的中後期機會。

On the supply side, we continue to expand our manufacturing capacity and expect to exit 2026 with approximately 21.4 gigawatts of nameplate capacity, including approximately 10.7 gigawatts of nameplate capacity in the U.S. We are, as previously announced, adding a new dedicated R&D facility in Ohio, projected to be operational in mid-2024, which we believe will allow us to optimize technology improvements with significantly less disruption to our commercial manufacturing lens.

在供應方面，我們繼續擴大製造能力，預計到 2026 年將擁有約 21.4 吉瓦的銘牌產能，其中包括美國約 10.7 吉瓦的銘牌產能。正如之前宣布的那樣，我們將在俄亥俄州增加一個新的專用研發設施，預計將於 2024 年年中投入運營，我們相信這將使我們能夠優化技術改進，同時顯著減少對我們商業製造鏡頭的干擾。

We ended the year with a gross cash balance of $2.6 billion or $2.4 billion net of debt, which is an increase to both gross and net cash of $800 million versus the prior year. We believe this puts us in a position of strength to expand our capacity, invest in research, development and technology improvements and pursue other strategic opportunities. And finally, we're forecasting full year 2023 earnings per diluted share of $7 to $8.

年底，我們的總現金餘額為 26 億美元或扣除債務後為 24 億美元，與上一年相比，總現金和淨現金均增加了 8 億美元。我們相信，這使我們有能力擴大我們的能力，投資於研究、開發和技術改進，並尋求其他戰略機遇。最後，我們預測 2023 年全年攤薄後每股收益為 7 至 8 美元。

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

至此，我們結束了準備好的發言並開始提問。操作員？

(Operator Instructions) And now we'll take a question from Philip Shen of ROTH.

（操作員說明）現在我們將接受 ROTH 的 Philip Shen 的提問。

First topic here is on bookings. Congrats on your Silicon Ranch, Lightsource deals. It looks like you had 7 gigawatts of incremental bookings in the quarter. Can you share what the pricing might look like? Is it incrementally higher or lower versus the last quarter? I think, from Q3, your incremental bookings were maybe $0.316 versus $0.301 per watt in Q2. And then how should we think about bookings momentum ahead? It sounds like you're expecting more multiyear agreements? And what do you expect on pricing there?

這裡的第一個主題是預訂。恭喜您達成 Silicon Ranch、Lightsource 交易。看起來您在本季度有 7 吉瓦的增量預訂。你能分享一下定價嗎？與上一季度相比，它是逐漸升高還是降低？我認為，從第三季度開始，您的增量預訂可能為 0.316 美元，而第二季度為每瓦 0.301 美元。那麼我們應該如何考慮未來的預訂勢頭？聽起來您期待更多的多年期協議？您對那裡的定價有何期望？

And then shifting over to domestic content. I think in the last call, you guys talked about contracting 1.4 gigs of domestic content, I think in '23, representing roughly $0.04 a watt of value. How much have you done since then? And how much of that is ultimately factored into guidance?

然後轉向國內內容。我想在上次電話會議中，你們談到了承包 1.4 演出的國內內容，我認為是在 23 年，代表大約每瓦 0.04 美元的價值。從那以後你做了多少？其中有多少最終被納入指導？

And then finally, for a housekeeping question here. I think you shipped 2.4 gigawatts in Q4, but how many megawatts were recognized in revenue versus the $846 million of module revenue in Q4?

最後，這裡是一個內務管理問題。我認為您在第四季度的出貨量為 2.4 吉瓦，但與第四季度 8.46 億美元的模塊收入相比，有多少兆瓦被確認為收入？

On the bookings side, so we -- since our last earnings call, we booked 12 gigawatts, okay? Since year-end, we booked 7.3 gigawatts. If you look at our disclosure that's in the K, I think Alex referenced it as well, our contracted backlog revenue is a little less than $18 billion as of the end of the year, it's like $17.7 billion. The implied ASP on that is like $0.288. And if you do the math, the walk from the prior quarter, I mean, you'll get something around $0.31, I believe. If you'd look, there's a lot of rounding and stuff that's going on in there.

在預訂方面，所以我們 - 自上次財報電話會議以來，我們預訂了 12 吉瓦，好嗎？自年底以來，我們預訂了 7.3 吉瓦。如果你看看我們在 K 中的披露，我想亞歷克斯也提到了它，截至今年年底，我們的合同積壓收入略低於 180 億美元，大約為 177 億美元。隱含的平均售價為 0.288 美元。如果你計算一下，從上一季度開始，我的意思是，我相信你會得到大約 0.31 美元的收益。如果你看的話，那裡有很多四捨五入的東西。

What we did say is that on the 12 gigawatts that we booked since the last earnings call, the ASP on that was $0.308. If I look at the ASP for what we booked in the first quarter this year so far, right, through the earnings call here today, that ASP is higher than that $308. So the average ASP that we booked for the 7.3 is higher than 5 that we booked since the other portion of the total bookings since the last earnings call. So ASPs are in a pretty solid position.

我們所說的是，自上次財報電話會議以來我們預訂的 12 吉瓦，平均售價為 0.308 美元。如果我看看我們今年第一季度到目前為止預訂的平均售價，那麼通過今天的財報電話會議，平均售價高於 308 美元。因此，我們為 7.3 預訂的平均 ASP 高於自上次財報電話會議以來我們預訂的總預訂的另一部分的 5。因此，ASP 處於非常穩固的位置。

I guess the other way I'd look at it is just from the Q3 10-Q to the 10-K at the year-end, I think we added about 8/10 of a cent or something to the average ASP. So you saw I think it was like $0.28 or something like that the prior quarter. Now it's like $0.208. And we're seeing a lot more bookings now obviously higher than that.

我想我看待它的另一種方式是從第三季度的 10-Q 到年底的 10-K，我認為我們在平均 ASP 的基礎上增加了大約 8/10 美分左右。所以你看到我認為上一季度大約是 0.28 美元或類似的東西。現在是 0.208 美元。我們現在看到的預訂量明顯高於此數量。

And if you were to include the bookings that we have for January and February, I think the -- you'll add about $2.3 billion of revenue or something like that, and the average ASP on the contracted backlog, I think, goes to be slightly above $0.29. So we're very happy with what we're seeing from an ASP standpoint and obviously, the trajectory.

如果你要包括我們在 1 月和 2 月的預訂，我認為 - 你會增加大約 23 億美元的收入或類似的東西，我認為合同積壓的平均 ASP 將是略高於 0.29 美元。因此，我們對從 ASP 的角度以及顯然的軌跡所看到的情況感到非常滿意。

And remember, we're booking a lot more volume that is not just in '26, which is what we said we were targeting from the last earnings call, but we're going to be booking into '27 and '28. We now have 40-something gigawatts or so of -- or 24 gigawatts, I think, or so of volumes that go out into '26, '27 and '28. It's about 45% of our capacity, excluding India. So we're booking relatively far out all the way up through 2029, and we're getting good ASPs, which -- so we're pretty pleased with that.

請記住，我們不僅在 26 年預訂了更多的數量，這是我們在上次財報電話會議上所說的目標，但我們將預訂到 27 年和 28 年。我們現在有 40 多吉瓦左右 - 或者 24 吉瓦，我認為，或者進入 26 年、27 年和 28 年左右的容量。這大約是我們產能的 45%，不包括印度。因此，到 2029 年，我們的預訂量相對較遠，而且我們獲得了良好的 ASP，這讓我們對此感到非常滿意。

Momentum-wise, I guess the challenges continue to be is finding customers that want to contract that far out in the horizon. And one of the things that we're trying to do instead of just selling each discrete year out, we're trying to sell out multiple years, right? So we're not just selling '26. We're trying to bring in '26, but bringing your '27, '28 or even '29 volume into the discussions with the customer. So yes, we'll see how that goes. I mean the pipeline clearly says the momentum is there, and there's opportunities. We've got more than enough pipeline of opportunities that we could close on. So we're happy with that momentum. But again, it's changing kind of the normal cadence and the dynamics of bookings. And particularly in the U.S., most people wouldn't go out multiple years, but we are seeing a lot of customers that are willing to do that and not only just out 3 or 4 years but, in some cases, out 5 or 6 years.

就勢頭而言，我想挑戰仍然是尋找想要在地平線上遠期簽訂合同的客戶。我們正在嘗試做的一件事不是僅僅銷售每個離散的年份，而是嘗試銷售多年，對嗎？所以我們不只是賣'26。我們正在嘗試引入 26 年，但將您的 27 年、28 年甚至 29 年捲帶入與客戶的討論中。所以是的，我們會看看情況如何。我的意思是管道清楚地表明勢頭在那裡，而且有機會。我們有足夠多的機會可以關閉。所以我們對這種勢頭感到滿意。但同樣，它正在改變正常的節奏和預訂的動態。尤其是在美國，大多數人不會出去很多年，但我們看到很多客戶願意這樣做，不僅是 3 或 4 年，在某些情況下，甚至是 5 或 6 年.

Domestic content, Alex may have a more precise number than I do. I know we ended up booking a little bit of incremental volume from the last earnings call. It wasn't a significant amount of a few hundred megawatts. But the ASP uplift that we're getting there is still in that range of around $0.03 to $0.04. So we are seeing good momentum there. And we're out aggressively talking '24 and '25 right now with customers to get incremental ASP uplift for domestic production that we would provide our customers. So that's an ongoing activity from that standpoint. And Alex may have the actual gigawatts from a revenue standpoint sold.

國內的內容，Alex可能比我有更精確的數字。我知道我們最終從上次財報電話會議上預訂了一點增量。幾百兆瓦的數量並不多。但我們獲得的 ASP 提升仍在 0.03 美元至 0.04 美元左右的範圍內。所以我們在那裡看到了良好的勢頭。我們現在正在與客戶積極討論 '24 和 '25，以獲得我們將為客戶提供的國內生產的增量 ASP 提升。所以從這個角度來看，這是一項持續的活動。從收入的角度來看，亞歷克斯可能擁有實際的千兆瓦。

Yes. So Q4, we shipped 2.3. But from a sold volume, it was 3.2. So that takes the full year numbers. So 2022, we ended up shipping about 9.2. And from a reference perspective, 8.9 in the year.

是的。所以第四季度，我們發布了 2.3。但從銷量來看，它是 3.2。所以這需要全年的數字。所以 2022 年，我們最終交付了大約 9.2。而且從參考角度來看，當年8.9。

And our next question will come from Brian Lee of Goldman Sachs.

我們的下一個問題將來自高盛的 Brian Lee。

Kudos on the quarter and the strong guidance for the year. I guess one question we've been getting a lot from investors lately is just given your business is shifting to more of these long-term, multiyear contracts versus spot. Can you kind of remind us how your deposits work on those contracts? And then what sort of recourse you are setting up when you set up these multiyear deals? And then I guess what impact, if any, are you seeing in discussions or pricing from expectations that crystal silicon panel pricing in poly will continue to fall here in the medium term?

本季度的榮譽和今年的強勁指導。我想我們最近從投資者那裡得到了很多問題，只是因為您的業務正在轉向更多的長期、多年期合同而不是現貨。你能提醒我們一下你的存款是如何在這些合約上運作的嗎？那麼當你建立這些多年期交易時，你會建立什麼樣的追索權？然後我猜你在討論或定價中看到什麼影響，如果有的話，預期多晶矽面板定價將在中期繼續下降？

And then just maybe as I squeeze in a follow-up, any thoughts around to Phil's question around the pricing? Anything you're seeing or hearing or discussing with customers and partners around domestic content requirements and your ability to get that in your price?

然後也許就在我緊跟後續行動時，關於菲爾關於定價的問題有什麼想法嗎？您看到或聽到或與客戶和合作夥伴就國內內容要求以及您在價格中獲得這些要求的能力進行過任何討論嗎？

Yes. So Brian, on the deposits, we typically take somewhere up to 20% in deposits. We don't necessarily take all of that in cash, but we do ask some cash. We're also depending on the creditworthiness of the counterparty and the size of the deal, willing to take some of that in other liquid security, LCs, surety bonds, potentially even parent guarantees. If it gets to be very large deals and multiyear deals and that number would get very large, we sometimes take security and then roll that through the deal. So it continues to stay with us until we get towards the end of that deal.

是的。所以布賴恩，在存款方面，我們通常會收取高達 20% 的存款。我們不一定全部拿走現金，但我們確實要一些現金。我們還取決於交易對手的信譽和交易規模，願意在其他流動性證券、信用證、擔保債券，甚至可能是母公司擔保中接受其中的一部分。如果它成為非常大的交易和多年交易並且這個數字會變得非常大，我們有時會採取安全措施然後通過交易進行。所以它會繼續留在我們身邊，直到我們接近那筆交易的結束。

If you look on the balance sheet as of year-end, you're going to see something in the region of $1.2 billion of customer deposits in terms of future bookings on the balance sheet as of today. And we would expect that to rise as we go through the year. There will be some of that recognized as revenues, so it will come off being deferred revenue. But given the bookings trajectory and the timing of deposits placed from some of the deals that we've already signed in the last year, we would expect that number to rise through the year.

如果您查看截至年底的資產負債表，您將看到截至今天的資產負債表上未來預訂方面的客戶存款約為 12 億美元。我們預計這一年會上升。其中一些將被確認為收入，因此它將作為遞延收入消失。但考慮到我們去年已經簽署的一些交易的預訂軌跡和存款時間，我們預計這一數字將在今年上升。

Brian, as it relates to the concerns around customers' views around where silicon pricing will go, I mean I think you're going to -- you have some customers, which are largely ones that we're not obviously negotiating and closing deals with, that will kind of take their leading indicators from what they're seeing with Chinese excess capacity that's being added in poly prices, which you've kind of sought around. I think they dropped pretty significantly, and then they kind of stepped up back to. I think they're somewhere in the $30 or something like that per kilogram, which is down slightly from year-end, but I think they were trending down to in the 20s -- low 20s and then they bounce back from there. So some customers are taking their clues from there, and others are looking at it and say, "Well, let's look at the crystal silicon supply that is actually able to address whether it's the U.S. market or even the India market." And that's largely going to be in India, in particular, it will be domestic production.

布賴恩，因為這與客戶對矽定價走向的看法有關，我的意思是我認為你會 - 你有一些客戶，其中大部分是我們顯然沒有與之談判和完成交易的客戶，這將在某種程度上從他們所看到的中國過剩產能中獲取他們的領先指標，這些產能被添加到多晶矽價格中，你一直在尋找這些。我認為他們的跌幅非常大，然後又回升了。我認為它們的價格在每公斤 30 美元左右，比年底略有下降，但我認為它們的趨勢是下降到 20 多歲——低 20 多歲，然後從那裡反彈。所以一些客戶正在從那裡獲取線索，而另一些客戶則看著它說，“好吧，讓我們看看實際上能夠解決美國市場甚至印度市場的晶矽供應。”這主要是在印度，特別是國內生產。

In the U.S., there's potentially some supply that can come from Southeast Asia and address the U.S. market, but it also generally is going to have to use non-Chinese poly. And obviously, that's more of a constrained available resource than Chinese poly. And so -- and then there's also the component around domestic content and policy criteria and ultimately, what defines domestic content. And there's still a lot of work to be done there, but I think there is momentum going on that says there has to be true substance for production in the U.S. in order to meet the domestic content criteria, which is more than, most likely, just module assembly and it could potentially include the cell. And as of right now, there's not a lot of announcements in the U.S., where there'll be actually not just module assembly but cell production here in the U.S., and again, having to use non-Chinese poly to do that.

在美國，可能有一些供應來自東南亞並面向美國市場，但通常也必須使用非中國的多晶矽。顯然，與中國多晶矽相比，這更像是一種受限的可用資源。所以——然後還有圍繞國內內容和政策標準的組成部分，最終是什麼定義了國內內容。那裡還有很多工作要做，但我認為有一種勢頭表明在美國必須有真正的生產物質才能滿足國內含量標準，這很可能超過，只是模塊組裝，它可能包括電池。截至目前，美國沒有太多公告，實際上在美國不僅有模塊組裝，還有電池生產，而且必須使用非中國多晶矽來做到這一點。

And so I think when everybody takes all those dynamics together and evaluate where -- what type of risk profile they're wanting to accept, the great thing about IRA is that there's a piece for everyone, right? The opportunity for everyone, whether you're the developer or whether you're the module manufacturer or whether you're the IPP or the utility who's going to own the generating asset over time, there's opportunity for everybody.

所以我認為，當每個人都將所有這些動態放在一起並評估他們想要接受什麼類型的風險狀況時，IRA 的偉大之處在於它適合每個人，對吧？每個人都有機會，無論您是開發商還是模塊製造商，或者您是 IPP 還是隨著時間的推移將擁有發電資產的公用事業公司，每個人都有機會。

And so the question is, do you want to sort of secure your business plan and take risk off the table? And if you're willing to do that and do that at a fair price, then First Solar is a great option to do that. If you're trying to take some risk and you're wanting to find opportunities to avail yourself to potentially alternative supplies that maybe will still allow you to benefit to the maximum potential under IRA, then that's a risk that some may want to take and wait.

所以問題是，您是否想保護您的商業計劃並規避風險？如果您願意以合理的價格這樣做，那麼 First Solar 是一個很好的選擇。如果你想冒一些風險，你想找機會利用潛在的替代供應，這些供應可能仍然會讓你在 IRA 下獲得最大的潛力，那麼這是一些人可能想要承擔的風險，並且等待。

But what we see right now is that we've got more than enough opportunity to engage. Yes, it's an item that is in some of our customers' thought process. But for the most part, most people aren't paying a lot of attention to it in that regard.

但我們現在看到的是，我們有足夠多的參與機會。是的，這是我們一些客戶思考過程中的一個項目。但在大多數情況下，大多數人並沒有在這方面給予太多關注。

Pricing-wise, in the U.S. and domestic content, look, the deals that we're pricing today include both domestic production and include international production. We are differentiated in the pricing. We're not reflecting that in the breakout into the bookings ASP, but we are differentiated pricing. So our domestic production will be generally at a premium to our international production. So that is being captured in the bookings that we're recognizing today. Now there is a whole bunch of volume that sits in '24 and '25 that we are engaging with customers on to have conversations for certainty of allocation. Because the contracts in '24 and '25 do not require specific allocation from a specific factory. So in those cases, we are talking about if we are allocating from a domestic production, there should be some consideration for that and a potential adjustment ASP, which is what we referenced before.

定價方面，在美國和國內內容中，看，我們今天定價的交易包括國內生產和國際生產。我們在定價上有所不同。我們沒有在預訂 ASP 的突破中反映這一點，但我們是差異化定價。因此，我們的國內生產通常會比我們的國際生產溢價。因此，這在我們今天認識到的預訂中得到了體現。現在，我們正在與客戶就分配的確定性進行對話，在 24 和 25 年有一大堆卷。因為 24 年和 25 年的合同不需要特定工廠的特定分配。因此，在這些情況下，我們談論的是，如果我們從國內生產中進行分配，則應該對此進行一些考慮和潛在的調整 ASP，這是我們之前提到的。

In the last quarter, we booked 1.4 gigawatts in the last earnings call. This last quarter, we booked a few more hundreds of megawatts, not a lot, but a few more, and most of that's coming though at a nice uplift around $0.03 to $0.04. So a lot of opportunities still to go get that and work to be done, and we'll update you over the next few quarters if we realize that benefit.

在上個季度，我們在上一次財報電話會議上預訂了 1.4 吉瓦。上個季度，我們又預訂了數百兆瓦，不是很多，而是更多，其中大部分都以 0.03 美元到 0.04 美元左右的價格上漲。因此，仍有很多機會去實現這一目標並完成工作，如果我們意識到這一好處，我們將在接下來的幾個季度為您更新。

(Operator Instructions) And now we will go to Colin Rusch of Oppenheimer.

（操作員說明）現在我們將去奧本海默的 Colin Rusch。

Can you talk just a little bit about the cadence of CapEx as well as the unwind on the deferred revenue?

你能談談資本支出的節奏以及遞延收入的放鬆嗎？

Yes. So the forecast is about $2 billion of CapEx through this year. On the construction, the asset side of the plant, you're going to see that on a fairly regular cadence through the year for Alabama. On the U.S. and India side, you're going to see the remaining CapEx spend on those plants be towards the front end of the year. There's some more R&D CapEx occurring at the back end of the year. So you're going to see that be relatively even across the year on a blended basis from different areas.

是的。因此，預計今年的資本支出約為 20 億美元。在工廠的建設和資產方面，您將在阿拉巴馬州的一年中以相當規律的節奏看到這一點。在美國和印度方面，您將在年底前看到這些工廠的剩餘資本支出。今年年底還有更多的研發資本支出。所以你會看到，在不同地區的混合基礎上，全年的情況相對均勻。

In terms of the unwind, we don't expect to see significant amounts of the current deferred revenue actually recognized this year. There's about $1.2 billion on the balance sheet today. I think it's going to be something in the region of $100 million to $200 million of that will roll off this year and be recognized as revenue. So not a meaningful number relative to that current deposit base. As I said, we expect to add material amount to that this year.

就平倉而言，我們預計今年不會實際確認大量當前遞延收入。今天的資產負債表上大約有 12 億美元。我認為今年將有 1 億到 2 億美元的收入減少，並被確認為收入。因此，相對於當前的存款基礎，這不是一個有意義的數字。正如我所說，我們預計今年會增加實質性數量。

A significant portion of that is from deferred deposits for deals that have already been signed. And therefore, it's simply a question of the timing of that posting. There is a piece that relates to future bookings in our assumptions, and that will depend a little bit on the timing of bookings for the total volume of bookings for this year, but the majority of our expectation is the deals that already signed and that we'll get deposits just based on a time schedule already be.

其中很大一部分來自已簽署交易的遞延存款。因此，這只是發佈時間的問題。在我們的假設中有一項與未來的預訂有關，這將在一定程度上取決於今年總預訂量的預訂時間，但我們的大部分預期是已經簽署的交易，我們將根據已經確定的時間表獲得存款。

And next, we will go to Julien Dumoulin-Smith of Bank of America.

接下來，我們將去美國銀行的 Julien Dumoulin-Smith。

It's Alex Vrabel on for Julien. Just one quick one. You mentioned some caution at this point about announcing further expansions. I'm just curious if you can elaborate what sort of guidance or indications you're looking for in order to think about expansion? And then would you think about possibly doing something in the U.S. as far as a produced basis to sell into other markets, thinking places like Europe specifically, if you were to announce additional expansions at this point.

Alex Vrabel 代替 Julien 上場。只是一個快速的。你在這一點上提到了關於宣布進一步擴張的一些謹慎。我只是想知道您是否可以詳細說明您正在尋找什麼樣的指導或指示來考慮擴展？然後你會考慮在美國做一些事情，就生產基礎向其他市場銷售，特別是考慮像歐洲這樣的地方，如果你在這一點上宣布額外的擴張。

Look, as it relates to the expansion, we'd like to make sure -- we believe we have a thorough understanding of the intent of the IRA and the policies that are applicable to domestic manufacturing in the ITC -- manufacturing tax credit, excuse me, as well as the domestic components that would avail to an ITC bonus, but there's still clarity for definitions that we want to make sure that we understand. So where we are right now is we're actively evaluating to the point of engaging with our tool vendors, to the point of even looking at site selections and getting to a point where we can be shovel-ready as quickly as possible. But we want to get the additional clarity just so there's nothing that pivots in a direction that we're not envisioning at this point in time.

看，因為它與擴張有關，我們想確保——我們相信我們對 IRA 的意圖和適用於 ITC 國內製造業的政策有透徹的了解——製造業稅收抵免，請原諒我，以及可用於 ITC 獎金的國內組件，但我們希望確保我們理解的定義仍然清晰。因此，我們現在所處的位置是，我們正在積極評估與我們的工具供應商接觸的程度，甚至考慮選址的程度，並達到我們可以盡快準備好鏟子的程度。但我們希望獲得額外的清晰度，這樣就不會出現我們目前未預料到的方向。

For us personally as well as what the criteria is going to be for crystal silicon manufacturing as well to begin production in the U.S. We believe that the intent of IRA is to create enduring long-term supply chains, which would, therefore, motivate and align the incentives to true manufacturing in the U.S., more than just final module assembly with all the build material being sourced from international locations. And if everything lines up along those lines, then that sort of helps inform our view there as it relates to the inherent value of more domestic manufacturing, plus we want to make sure that, while we believe we're fully entitled to the vertically integrated manufacturing tax credit, to the extent that we can get confirmation through guidance from IRS and Treasury, that would be very beneficial as we think about factory expansion.

對於我們個人以及晶體矽製造以及在美國開始生產的標準是什麼，我們認為 IRA 的目的是建立持久的長期供應鏈，因此，這將激勵和調整鼓勵在美國進行真正的製造，而不僅僅是最終模塊組裝，所有構建材料都來自國際地點。如果一切都按照這些路線排列，那麼這有助於形成我們的觀點，因為它與更多國內製造業的內在價值有關，而且我們希望確保這一點，同時我們相信我們完全有權獲得垂直整合製造業稅收抵免，如果我們可以通過美國國稅局和財政部的指導獲得確認，那麼在我們考慮工廠擴張時，這將是非常有益的。

And then the other is just working through our supply chain glass, in particular. Our new Series 7 product in the U.S. is 90-plus percent of the production of the build materials here in the U.S. And we've got to continue to expand our supply chain for things like steel, back rails and glass -- cover glass and substrate glass, for example. So we're working through all that. And so we just -- we're being patient. We're obviously focused very much on continuing to see the demand and strong bookings that we have been able to capture over the last several quarters. So that bodes well for furthering that investment decision.

然後另一個正在通過我們的供應鏈玻璃工作，特別是。我們在美國生產的新系列 7 產品占美國建築材料產量的 90% 以上。我們必須繼續擴大我們的供應鏈，例如鋼材、後軌和玻璃——蓋板玻璃和基板玻璃，例如。所以我們正在努力解決所有這些問題。所以我們只是 - 我們很有耐心。我們顯然非常專注於繼續看到我們在過去幾個季度中能夠捕捉到的需求和強勁的預訂。因此，這預示著進一步推進該投資決策。

As it relates to exports, I think we got to all be real careful with that. I think that in some limited capability, that would make some sense. But if you look at even what's going on in India right now, that they've provided a lot of incentives to the domestic industry, which are, unfortunately, choosing a set of supporting the domestic market, exporting products into the U.S. right now because of higher ASPs in the U.S., and clearly, that's not aligned with the Modi administration and what they intended to do with the incentives that they put in place. I think we have to be careful as an industry as well that if we are availing ourselves to significant incentives here in the U.S. and not supporting our domestic needs, and then I think we could all compromise the -- and put at risk the IRA and the benefits that have been created through IRA.

由於它與出口有關，我認為我們都必須非常小心。我認為，在某些有限的能力範圍內，這是有道理的。但是如果你看看印度現在正在發生的事情，他們已經為國內產業提供了很多激勵措施，不幸的是，他們選擇了一系列支持國內市場的措施，現在將產品出口到美國，因為美國更高的平均售價，顯然，這與莫迪政府以及他們打算用他們實施的激勵措施做的事情不一致。我認為我們作為一個行業也必須小心，如果我們在美國利用重大激勵措施而不支持我們的國內需求，那麼我認為我們都可能妥協 - 並使 IRA 和通過 IRA 創造的收益。

And the thing we should just -- my view around this is we've got 10 years of has been very well documented and very well thought out from an IRA standpoint, let's stay, true to the spirit and intent. And that is to help the U.S. create long-term energy independence and security in manufacturing in the U.S. and then exporting internationally, I'm not sure aligns with what the original spirit was of the Act.

我們應該——我的觀點是，我們已經有 10 年的時間，從 IRA 的角度來看，我們已經得到了很好的記錄和深思熟慮，讓我們留下來，忠於精神和意圖。那是為了幫助美國在美國製造業建立長期的能源獨立性和安全性，然後向國際出口，我不確定這是否符合該法案的初衷。

And now we'll take a question from Maheep Mandloi of Credit Suisse.

現在我們將接受瑞士信貸的 Maheep Mandloi 的提問。

Maheep Mandloi from Credit Suisse. And slightly to talk about the revolving credit facility. Could you just talk about the timing on that? And also, does that kind of avoid the need for any other capital needs as and when you decide to add new capacity?

來自瑞士信貸的 Maheep Mandloi。稍微談談循環信貸額度。你能談談時間嗎？而且，當您決定增加新容量時，這是否可以避免任何其他資本需求？

Yes. So the main reason there is if you look at cash flow generated across the business, we sell today the vast majority of our products into the U.S., both from our U.S. facilities and our Malaysia and Vietnamese facilities. However, the way that our profitability works is we transfer price, the significant amount of the profitability associated with production of the international modules back to the international locations, and we also send cash back as well.

是的。因此，如果您查看整個業務產生的現金流量，那麼主要原因是我們今天將絕大多數產品從我們的美國工廠以及我們的馬來西亞和越南工廠銷售到美國。然而，我們盈利能力的運作方式是我們將價格、與國際模塊生產相關的大量盈利能力轉移回國際地點，我們也將現金返還。

If you look at our CapEx for the year, about 3/4 of the forecast CapEx for the year is going to be in the U.S. And so what we expect to see over the year is that as our cash profile comes down, we're starting the year at about $2.4 billion of net cash, we have, about a forecast, $2 billion CapEx program. You look at the year-end cash, the guide takes us $1.2 billion to $1.5 billion, that implies about $1 billion of cash. What we're going to see is we're going to have our U.S. cash balance come down more than our international cash balance.

如果你看看我們今年的資本支出，今年預測資本支出的大約 3/4 將在美國。所以我們預計今年會看到的是，隨著我們的現金狀況下降，我們今年年初，我們有大約 24 億美元的淨現金，預計我們有 20 億美元的資本支出計劃。你看看年終現金，指南是12億到15億美元，這意味著大約有10億美元的現金。我們將看到的是，我們的美國現金餘額將比國際現金餘額下降得更多。

So what a revolver does is it gives us flexibility in terms of being able to manage jurisdictional mix of cash. In terms of timing, we're not in a rush to do this. We've got plenty of liquidity in the U.S. today. So it's something we're looking at right now, but not something we're rushing into.

因此，左輪手槍的作用是讓我們能夠靈活地管理管轄範圍內的現金組合。就時間而言，我們並不急於這樣做。我們今天在美國有充足的流動性。所以這是我們現在正在研究的事情，但不是我們急著做的事情。

In terms of other capital, as we mentioned on the call, if you look at our current forecast spend profile, our current forecast, manufacturing expansion and R&D profile, we can finance everything that we have in front of us without the need to go out and raise additional capital. That said, if we were to add incremental capacity, something that we continue to look at, or if we were to find other opportunities in the R&D space, we may need to raise capital at that point. So something we're continuing to look at. And as Mark mentioned in his prepared remarks, we intend to hold an Analyst Day later this year. We'll give a more wholesome update there around our liquidity and capital plans.

在其他資本方面，正如我們在電話會議上提到的，如果您查看我們當前的預測支出概況、我們當前的預測、製造擴張和研發概況，我們可以為我們面前的一切提供資金，而無需外出並籌集額外資金。也就是說，如果我們要增加增量產能，這是我們繼續關注的事情，或者如果我們要在研發領域尋找其他機會，我們可能需要在那個時候籌集資金。所以我們正在繼續研究。正如馬克在準備好的發言中提到的那樣，我們打算在今年晚些時候舉辦分析師日。我們將圍繞我們的流動性和資本計劃提供更全面的更新。

And now we will go to Joseph Osha of Guggenheim.

現在我們將去古根海姆的約瑟夫奧沙。

Further to the conversation we're just having, if you think about the manufacturing credit and the fact that it looks to me, based on your cash guide, like you're going to book a lot of it this year, but probably not monetize it until next year. I'm curious, on a go-forward basis, could we see that work a little better because this enforces the first year, so you're booking it but not actually receiving. And I'm also curious, Alex, if you thought about any ways to making the future monetize that credit more frequently, say, on a quarterly basis or something like that?

除了我們剛才的談話之外，如果你考慮製造信貸以及它在我看來的事實，根據你的現金指南，就像你今年要預訂很多，但可能不會貨幣化直到明年。我很好奇，在前進的基礎上，我們能否看到它工作得更好一些，因為這強制執行第一年，所以你預訂但實際上沒有收到。我也很好奇，亞歷克斯，你是否想過任何方法讓未來更頻繁地將信用貨幣化，比如，每季度或類似的？

Yes. As it stands right now, you're going to see it reflected in the P&L on a quarterly basis. But what's going to happen is at the end of the year, we'll go through our regular cadence tax filing, which today typically occurs somewhere around 6 to 9 months after the end of the year. That will then go over to treasury to the IRS, and there'll be some time, after which, they will review that and then process a direct paid cash payment. So we expect that to be most likely slower in the first year. As this program gets underway, there's some chance that it may speed up a little bit. But it's not going to be a case where you're going to see cash coming in, in the same year as you're recognizing value from the credit in the P&L.

是的。就目前而言，您將看到它每季度反映在損益表中。但是將要發生的事情是在年底，我們將通過我們的常規節奏稅務申報，今天通常發生在年底後的 6 到 9 個月左右。然後，這將轉交給美國國稅局的財政部，並且會有一些時間，之後，他們將對其進行審查，然後處理直接支付的現金付款。因此，我們預計第一年很可能會放緩。隨著該計劃的進行，它有可能會稍微加快一點。但是，在您從損益表中的信用確認價值的同一年，您不會看到現金流入。

So it's one of the reasons why if you look at our cash balance today, you're right, there's no cash reflection from the IRA credit in 2023. We expect that will come through in 2024 and potentially even up into 2025. As I said, the first year might take a bit of time, we may see some increase in speed thereafter.

所以這就是為什麼如果你今天看看我們的現金餘額，你是對的，2023 年 IRA 信貸沒有現金反映的原因之一。我們預計這將在 2024 年甚至可能持續到 2025 年。正如我所說，第一年可能需要一些時間，此後我們可能會看到速度有所提高。

And with that, everyone, that does conclude today's question-and-answer session and today's call. We'd like to thank everyone for your participation, and you may now disconnect.

至此，各位，今天的問答環節和今天的電話會議就結束了。我們要感謝大家的參與，您現在可以斷開連接了。