第一太陽能 (FSLR) 2023 Q1 法說會逐字稿

Good afternoon, everyone, and welcome to First Solar's first quarter 2023 Earnings Call. This call is being webcast live on the Investors section of First Solar's website at investor.firstsolar.com. As a reminder, today's call is being recorded.

大家下午好，歡迎來到 First Solar 2023 年第一季度財報電話會議。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。提醒一下，今天的通話正在錄音中。

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

我現在想把電話轉給 First Solar Investor Relations 的 Richard Romero 先生。羅梅羅先生，您可以開始了。

Thank you. Good afternoon, everyone, and thank you for joining us. Today, the company issued a press release announcing its first quarter 2023 financial results. 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，公佈了其 2023 年第一季度的財務業績。 First Solar 網站 investor.firstsolar.com 上提供新聞稿和相關演示文稿的副本。

With me today are Mark Widmar, Chief Executive Officer; and Alex Bradley, Chief Financial Officer. Mark will begin by providing a business and strategy update, Alex will then discuss our financial results for the quarter. 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 將首先提供業務和戰略更新，然後 Alex 將討論我們本季度的財務業績。在他們發言之後，我們將開始提問。

Please note this call will include forward-looking statements that involve risks and uncertainties and 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. As we noted on our last earnings call, we entered 2023 in a significanly stronger commercial, operational and financial position than the previous year, setting the stage for growth and improved profitability in 2023 and beyond.

謝謝你，理查德。下午好，感謝您今天加入我們。正如我們在上次財報電話會議上指出的那樣，進入 2023 年，我們的商業、運營和財務狀況明顯強於上一年，為 2023 年及以後的增長和盈利能力提高奠定了基礎。

The first quarter of the year reflects this direction as we commissioned our latest factory in the United States. It started production of our next-generation Series 7 modules, secured a manufacturing incentive award in India, progressed our technology road map with a new cell efficiency record and continued our strong bookings and ASP momentum. It important emphasize that our points of differentiation from our unique CadTel technology and vertically integrated manufacturing process to our commitment to Responsible Solar, continue to set First Solar apart from the competition, and are the primary enablers of our long-term competitiveness.

今年第一季度反映了這一方向，因為我們委託了我們在美國的最新工廠。它開始生產我們的下一代 Series 7 模塊，在印度獲得製造獎勵獎，以新的電池效率記錄推進我們的技術路線圖，並繼續保持我們強勁的預訂和 ASP 勢頭。需要強調的是，我們從獨特的 CadTel 技術和垂直整合製造工藝到我們對 Responsible Solar 的承諾的差異化點繼續使 First Solar 在競爭中脫穎而出，並且是我們長期競爭力的主要推動力。

Beginning on Slide 3, I will share some key highlights from the first quarter. This quarter, we strategically built on our backlog with 4.8 GW of net bookings since our last earnings call at an average ASP of 31.8 cents per watt, excluding adjusters were applicable. This brings our year-to-date net bookings to 12.1 GW. While at the same time, our total pipeline for future bookings opportunities has grown to 113 GW and includes 73 GW of mid- to late-stage opportunities. From a Series 6 manufacturing perspective, we produced 2.36 GW of product in the first quarter, with an average watt per module of 467, a top bin class of 475 watts and a manufacturing yield of 98%. This solid performance is the result of a relentless focus on manufacturing excellence.

從幻燈片 3 開始，我將分享第一季度的一些重要亮點。本季度，自我們上次財報電話會議以來，我們戰略性地增加了 4.8 GW 的淨預訂量，平均 ASP 為每瓦 31.8 美分，不包括適用的調整器。這使我們年初至今的淨預訂量達到 12.1 GW。與此同時，我們未來預訂機會的總管道已增長到 113 GW，其中包括 73 GW 的中後期機會。從 Series 6 製造的角度來看，我們在第一季度生產了 2.36 GW 的產品，每個模塊的平均瓦數為 467 瓦，頂級 bin 級為 475 瓦，製造良率為 98%。這種穩固的表現是對卓越製造的不懈關注的結果。

Regarding Series 7, the ramp at our third Ohio facility, which began production in January is progressing well. We produced 170 MW in the quarter and recently both demonstrated high-volume manufacturing production capability of up to 10,000 modules per day, which is approximately 60% of nameplate throughput and achieved a production top bin of 535 watts. Developed in close collaboration with EPCs, structure and component providers, Series 7 reflects First Solar's ethos of competitive differentiation.

關於 Series 7，我們在俄亥俄州的第三家工廠於 1 月開始生產，目前進展順利。我們在本季度生產了 170 兆瓦，最近都展示了每天高達 10,000 個模塊的大批量製造生產能力，大約是銘牌吞吐量的 60%，並實現了 535 瓦的生產頂箱。與 EPC、結構和組件供應商密切合作開發的 Series 7 反映了 First Solar 的差異化競爭精神。

Responsibly manufactured in America, largely using domestically sourced components, including American made glass and steel, and entirely produced under one roof. It is optimized for the utility scale market and features a larger form factor and an innovative new back rail mounting system. This design is expected to deliver improved efficiency, enhanced installation velocity and unmatched lifetime energy performance for utility scale PV projects. We are tracking to begin customer shipments as early as June of 2023, and towards that goal, we are pleased to have recently received Series 7 IEC and UL product certifications.

在美國負責任地製造，主要使用國內採購的部件，包括美國製造的玻璃和鋼材，並且完全在同一屋簷下生產。它針對公用事業規模市場進行了優化，具有更大的外形尺寸和創新的新型背軌安裝系統。這種設計有望為公用事業規模的光伏項目提供更高的效率、更快的安裝速度和無與倫比的生命週期能源性能。我們計劃最早在 2023 年 6 月開始向客戶發貨，為了實現這一目標，我們很高興最近獲得了 7 系列 IEC 和 UL 產品認證。

From a technology perspective, in Q1, we certified a new world record CadTel cell with a conversion efficiency of 22.3%. Most importantly, this was achieved on our CuRe technology platform, which provides a significantly improved energy profile. In addition, we recently received an award from the U.S. Department of Energy related to our tandem module development.

從技術角度來看，在第一季度，我們認證了轉換效率為 22.3% 的新世界紀錄的 CadTel 電池。最重要的是，這是在我們的 CuRe 技術平台上實現的，該平台提供了顯著改善的能量分佈。此外，我們最近因串聯模塊開發獲得了美國能源部頒發的獎項。

Moving to Slide 4, we are pleased with production progress at our manufacturing and R&D facility expansions. In India at our new Series 7 factory in Chennai, final building and facility works are nearly complete, and the factory has been energized. Tool installation is ongoing, and we have received our first incent to operate and expect to begin production and ramping activities during the second quarter -- second half of 2023.

轉到幻燈片 4，我們對製造和研發設施擴建的生產進展感到滿意。在印度金奈的新 Series 7 工廠，最後的建築和設施工程已接近完成，工廠已經通電。工具安裝正在進行中，我們已經收到了第一筆運營激勵，預計將在第二季度——2023 年下半年開始生產和爬坡活動。

Once fully ramped, this facility is expected to add 3.4 GW of annual nameplate manufacturing capacity to the fleet. As previously announced, the India facility has also been allocated financial incentives under the Indian government's Production-Linked Incentive program. First Solar was one of only three manufacturers selected to receive the full range of incentives, which are reserved for a fully vertically-integrated manufacturing. The incentives are subject to the facility meeting product efficiency and domestic value creation thresholds, which we will evaluate on a quarterly basis beginning in the second quarter of 2026 through 2031.

一旦全面投產，該設施預計將為車隊增加 3.4 GW 的年度銘牌製造能力。正如之前宣布的那樣，印度工廠還根據印度政府的生產相關激勵計劃獲得了經濟激勵。 First Solar 是僅有的三個被選中獲得全部獎勵的製造商之一，這些獎勵專為完全垂直整合的製造而保留。這些激勵措施取決於設施是否達到產品效率和國內價值創造門檻，我們將在 2026 年第二季度至 2031 年期間每季度對其進行評估。

In Ohio, our project to upgrade and expand the annual throughput of our Series 6 factories by an aggregate of 0.7 GW is also advancing. Tools have been ordered and the additional capacity is expected to come online in 2024.

在俄亥俄州，我們升級和擴大 6 系列工廠年產能總計 0.7 GW 的項目也在推進中。工具已經訂購，額外的容量預計將在 2024 年上線。

In Alabama, our fourth U.S. factory has received its environmental permits and foundation and early factory construction is underway. Tools have been ordered and the facility remains on schedule for completion by the end of 2024, with commercial operations ramping through 2025. When fully operational, these expansions in Ohio and Alabama are expected to increase our annual nameplate capacity in the US. to over 10 GW by 2025.

在阿拉巴馬州，我們在美國的第四家工廠已獲得環境許可和奠基，早期工廠建設正在進行中。工具已經訂購，該設施仍按計劃在 2024 年底完工，商業運營將持續到 2025 年。一旦全面投入運營，這些在俄亥俄州和阿拉巴馬州的擴建預計將增加我們在美國的年度銘牌產能。到 2025 年超過 10 吉瓦。

Our dedicated R&D facility has also commenced construction and will feature a high-tech pilot manufacturing line, allowing for the production of full-sized prototypes of thin film and tandem PV modules, and will provide a means to optimize our technology road map with significantly less disruption to our commercial manufacturing lines. This facility is expected to commence operations in 2024. Looking forward, we continue to evaluate the opportunity for further investments in expanding our production capabilities to best serve our key markets.

我們的專用研發設施也已開始建設，將配備一條高科技試驗生產線，用於生產薄膜和串聯光伏組件的全尺寸原型，並將提供一種方法來優化我們的技術路線圖，大大減少中斷我們的商業生產線。該工廠預計將於 2024 年開始運營。展望未來，我們將繼續評估進一步投資的機會，以擴大我們的生產能力，以最好地服務於我們的主要市場。

Moving to slide 5. I would first like to draw your attention to a change in the way we present our contract backlog. In the past, we have shown Expected Module Shipments. Going forward, we will show Expected Module Volumes Sold, which takes into account the timing of revenue recognition and aligns with volumes sold and in contracts with customers for future sales disclosures represented in the 10-K and 10-Q quarterly filings.

轉到幻燈片 5。首先，我想提請您注意我們展示合同積壓工作的方式發生了變化。過去，我們展示了預期的模塊出貨量。展望未來，我們將顯示預期的模塊銷售量，它考慮了收入確認的時間，並與銷售量和與客戶簽訂的合同保持一致，以在 10-K 和 10-Q 季度申報中披露未來的銷售信息。

As of December 31, 2022, our contracted backlog totaled 61.4 GW, with an aggregate value of $17.7 billion. Through March 31, 2023, we entered into an additional 9.9 GW of contracts and recognized 1.9 GW of volume sold resulting in a total backlog of 69.4 GW, with an aggregate value sold of $20.4 billion, which implies approximately 29.3 cents per watt, an increase of approximately half a penny per watt from the end of the prior quarter.

截至 2022 年 12 月 31 日，我們的合同積壓訂單總計 61.4 吉瓦，總價值為 177 億美元。到 2023 年 3 月 31 日，我們又簽訂了 9.9 吉瓦的合同並確認了 1.9 吉瓦的銷售量，導致總積壓量為 69.4 吉瓦，總銷售價值為 204 億美元，這意味著每瓦約 29.3 美分，增加比上一季度末每瓦下降約半美分。

Since the end of the first quarter, we've entered into an additional 2.2 GW of contracts bringing our total year-to-date backlog to a record 71.6 GW.

自第一季度末以來，我們又簽訂了 2.2 吉瓦的合同，使我們年初至今的總積壓訂單達到創紀錄的 71.6 吉瓦。

During the first quarter, certain amendments to existing contracts associated with commitments to provide U.S. manufactured product as well as commitments to supply domestically produced Series 7 modules in place of Series 6, increased our contracted revenue backlog by $35 million across 0.8 GW or approximately 4.5 cents per watt.

在第一季度，與提供美國製造產品的承諾相關的現有合同的某些修訂以及提供國內生產的系列 7 模塊代替系列 6 的承諾使我們的合同收入積壓增加了 3500 萬美元，總計 0.8 吉瓦或約 4.5 美分每瓦。

Since the second quarter of 2022 and up until to the end of Q1 2023, cumulative amendments to existing contracts associated with commitments to provide U.S. manufactured product, as well as commitments to supply Series 7 vs. Series 6 modules, increased our contracted revenue backlog by $157 million across 4.1 GW or approximately 3.9 cents per watt.

自 2022 年第二季度至 2023 年第一季度末，與提供美國製造產品的承諾相關的現有合同的累積修訂，以及供應系列 7 與系列 6 模塊的承諾，使我們的合同收入積壓增加了1.57 億美元，4.1 GW 或每瓦約 3.9 美分。

Now we are currently processing additional amendments associated with providing U.S. manufactured product, which will be reflected in our Q2 contracted revenue backlog when reported. As we have previously addressed, asubstantial portion of our overall backlog includes the opportunity to increase the base ASP through our application of adjusters if we are able to realize achievements within our technology road map as of the required timing for delivery of the product.

現在，我們目前正在處理與提供美國製造產品相關的其他修訂，這些修訂將在報告時反映在我們的第二季度合同收入積壓中。正如我們之前所提到的，如果我們能夠在產品交付所需的時間之前在我們的技術路線圖中實現成就，那麼我們整體積壓的很大一部分包括通過我們的調整器應用來增加基本 ASP 的機會。

As of the end of the first quarter, we had approximately 34.5 GW of contracted volume with these adjusters, which if fully utilized or realized could result in additional revenue of up to approximately $0.7 billion or approximately $2 cents per watt, the majority of which would be recognized between 2025 and 2027. As previously discussed, this amount does not include potential adjustments for the ultimate module BIN delivered to the customer, which may adjust the ASP under the sales contract upwards or downwards.

截至第一季度末，我們與這些調節器的合同容量約為 34.5 GW，如果充分利用或實現，可能會帶來高達約 7 億美元或每瓦約 2 美分的額外收入，其中大部分將將在 2025 年至 2027 年之間確認。如前所述，該金額不包括交付給客戶的最終模塊 BIN 的潛在調整，這可能會向上或向下調整銷售合同下的 ASP。

In addition, this amount also does not include potential adjustments for increases in sales freight or applicable aluminum or steel commodity price changes. Finally, this amount does not include potential price adjustments associated with the ITC and domestic contract provision under the recently enacted Inflation Reduction Act. As a reminder, not all contracts include 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 when they are presented, to the extent that we are successful in doing so, we could expect a meaningful benefit to our current contracted backlog ASPs. Our year-to-date contracted backlog extends into 2029 and excluding India, we are now sold out through 2026.

此外，這一數額也不包括因銷售運費增加或適用的鋁或鋼商品價格變化而進行的潛在調整。最後，這一數額不包括與 ITC 相關的潛在價格調整和最近頒布的《降低通貨膨脹法案》下的國內合同條款。提醒一下，並非所有合同都包括此處描述的每個調整器。如果此類調整器未包含在合同中，我們認為基準 ASP 反映了適當的風險回報概況。雖然不能保證我們會在這些合同中實現調整器，但只要我們成功地做到這一點，我們就可以預期我們當前的合同積壓 ASP 將獲得有意義的好處。我們年初至今的合同積壓訂單延續到 2029 年，不包括印度，我們現在已經售罄到 2026 年。

Regarding future deliveries, as a reminder, our contracts are structured as firm purchase commitments. In limited circumstances, often related to customer regulatory requirements, or as a portion of a large multi-year framework commitments, our contracts may include a termination for convenience provision, which generally requires substantial advanced notice to invoke and features a contractually required termination payment to us. This fee is generally set at a substantial percentage of the contract value and back stopped up by some form of security.

關於未來的交付，作為提醒，我們的合同結構為堅定的採購承諾。在有限的情況下，通常與客戶監管要求相關，或者作為大型多年框架承諾的一部分，我們的合同可能包括為便利條款而終止，該條款通常需要大量提前通知才能調用，並以合同要求的終止付款為特色我們。該費用通常設定為合同價值的很大一部分，並通過某種形式的擔保予以支持。

Termination for convenience provisions apply to approximately one tenth of our entire contracted backlog, with the majority of the applicable MWs scheduled for delivery between 2024 and 2025. Should a customer fail to perform under our contract, the ensuing default would in addition to their incurring potential dispute resolution and project financing complications, entitle us to remedies that could include the receipt of a termination that would include the receipt of termination payment.

為方便起見條款的終止適用於我們整個合同積壓訂單的大約十分之一，大多數適用的 MW 計劃在 2024 年至 2025 年之間交付。如果客戶未能根據我們的合同履行合同，除了他們可能產生的潛在損失外，隨之而來的違約將爭議解決和項目融資並發症，使我們有權獲得補救措施，其中可能包括收到終止付款，其中包括收到終止付款。

That said, we and our customers, including many of the largest and most respected developers and utilities in the industry, have long taken a relationship based vs. transactional approach to contract. As a result, this year alone, we have booked multi-gigawatt deals with repeat customers, including EDP Renewables, Light source bo and Leeward Renewable Energy. We signed a two-year 2-GW order announced prior to this call, further expanding their long-standing relationship with us. In choosing the contract with First Solar, our customers value and prioritize significantly more than just the module ASP, including contract integrity, product availability, uncertainty, ethical and transparent supply chains.

也就是說，我們和我們的客戶，包括業內許多最大和最受尊敬的開發商和公用事業公司，長期以來一直採用基於關係而非交易的合同方式。因此，僅今年一年，我們就與回頭客簽訂了多吉瓦的交易，包括 EDP Renewables、Light source bo 和 Leeward Renewable Energy。我們簽署了在此電話會議之前宣布的為期兩年的 2-GW 訂單，進一步擴大了他們與我們的長期合作關係。在選擇與 First Solar 簽訂合同時，我們的客戶重視並優先考慮的不僅僅是組件 ASP，包括合同完整性、產品可用性、不確定性、道德和透明的供應鏈。

For First Solar, this approach provides the opportunity to partner with customers who share our values and also provides greater offtake visibility, which helps support our long-term capacity expansion plans. This alignment of interest, which has been validating the path through multiple pricing and supply demand cycles in this industry, informs and guides our commercial strategy of continuing to enter into long-term multi-year contracts.

對於 First Solar 而言，這種方法提供了與共享我們價值觀的客戶合作的機會，還提供了更大的承購可見性，這有助於支持我們的長期產能擴張計劃。這種利益一致性一直在通過該行業的多個定價和供需週期驗證路徑，告知並指導我們繼續簽訂長期多年合同的商業戰略。

As reflected on Slide 6, our pipeline of potential bookings remains robust with total bookings opportunities of 112.7 GW, and an increase of approximately 20 GW since the previous quarter call. Our mid- to- late stage opportunities increased by approximately 15 GW to 72.6 GW and includes 65.6 GW in North America, 4.0GW in India, 2.7 GW in the EU and 0.3 GW across all other geographies. Included within our mid- to -late stage pipelines are 4.7 GW of opportunities that are contracted subject to conditions precedent, which includes 1.9 GW in India. As a reminder, signed contracts in India will not be recognized as bookings until we have received full security against the offtake.

如幻燈片 6 所示，我們的潛在預訂管道仍然強勁，總預訂機會為 112.7 GW，自上一季度電話會議以來增加了約 20 GW。我們的中後期機會增加了約 15 吉瓦，達到 72.6 吉瓦，其中包括北美 65.6 吉瓦、印度 4.0 吉瓦、歐盟 2.7 吉瓦和所有其他地區的 0.3 吉瓦。我們的中後期管道中包括 4.7 吉瓦的機會，這些機會是根據先決條件簽訂的，其中包括印度的 1.9 吉瓦。提醒一下，在我們收到全面的承購擔保之前，在印度簽署的合同將不會被視為預訂。

Turning to slide 7, our research and development efforts have continued to be the driving force in the advancement of our technology. In Q1, we established a new world -record research cell conversion efficiency for CadTel, achieving 22.3 percent efficiency, as certified by the United States Department of Energy's National Renewable Energy Laboratory. The record-setting research cell was constructed at our California Technology Center

轉到幻燈片 7，我們的研發工作一直是我們技術進步的驅動力。第一季度，我們為 CadTel 創造了研究電池轉換效率的新世界紀錄，達到了 22.3% 的效率，並通過了美國能源部國家可再生能源實驗室的認證。創紀錄的研究單元是在我們的加州技術中心建造的

Notably, this new record is based on our CuRe technology, which in addition to increasing efficiency has meaningful lifetime energy improvements in realworld conditions, driven by a superior temperature coefficient and best-in-class cell stability. While maintaining First Solar's industry-leading quality and reliability, our CuRe technology provides for an up to 6% increase in expected lifetime energy relative to our previous record cell technology.

值得注意的是，這一新記錄是基於我們的 CuRe 技術，該技術除了提高效率外，在現實條件下還顯著提高了實際條件下的壽命能量，這得益於卓越的溫度係數和一流的電池穩定性。在保持 First Solar 行業領先的質量和可靠性的同時，我們的 CuRe 技術使預期壽命能量比我們之前創紀錄的電池技術高出 6%。

Additionally, the U.S. Department of Energy recently provided two grants associated with our industry-leading point of differentiation efforts. These include a $7.3 million award to First Solar to support the development of a CadTel tandem module for the residential rooftop segment and a $1.3 million award to the University of Kansas, which is collaborating with First Solar and the Idaho National Laboratory to develop a low-cost next-generation method to optimize solar module recycling.

此外，美國能源部最近提供了兩項與我們行業領先的差異化努力相關的贈款。其中包括向 First Solar 提供 730 萬美元的獎勵，以支持開髮用於住宅屋頂部分的 CadTel 串聯模塊，以及向堪薩斯大學提供 130 萬美元的獎勵，該大學正在與 First Solar 和愛達荷國家實驗室合作開發低優化太陽能電池組件回收成本的下一代方法。

Before turning the call over to Alex, I would like to take a moment to discuss the policy environment in our key markets. In the United States, with respect to the Inflation Reduction Act, we continue to await guidance related to the domestic content bonus provision. We believe it is imperative that the US Treasury Department issue guidance consistent with Congressional intent for the IRA, which is to nurture true domestic solar manufacturing, ensuring a robust domestic supply chain for American- made solar modules. It is critical the guidance recognize that to qualify for the bonus, at a minimum, the manufacturing of solar cells must occur in the United States. This is not only consistent with the clear objectives of the IRA, but is also supported by the legal framework under the Buy America Act regulations expressly referenced by Congress in that enactement

在將電話轉給亞歷克斯之前，我想花點時間討論一下我們主要市場的政策環境。在美國，關於通貨膨脹減少法案，我們繼續等待與國內內容獎勵條款相關的指導。我們認為，美國財政部必鬚髮布符合國會對 IRA 意圖的指導，即培育真正的國內太陽能製造業，確保美國製造的太陽能模塊擁有穩健的國內供應鏈。至關重要的是，指導方針認識到，要獲得獎金，至少太陽能電池的製造必須在美國進行。這不僅與 IRA 的明確目標一致，而且還得到國會在該法案中明確引用的《購買美國貨法案》法規下的法律框架的支持

While the intent of the IRA and the regulations governing it are clear, it is unfortunate that sections of the industry are advocating that Treasury grant some form of waiver that would allow bonus credits for solar panels assembled using foreign subcomponents, such as the solar cells. We believe that any such waiver runs contrary to the letter of the law and congressional intent. The purpose of the bonus credit is to incentivize domestic manufacturing and the creation of a domestic solar supply chain and not to create an entitlement simply to support foreign manufacturers.

雖然 IRA 的意圖和管理它的法規很明確，但不幸的是，該行業的各個部分正在提倡財政部授予某種形式的豁免，允許對使用外國子組件（例如太陽能電池）組裝的太陽能電池板進行獎勵信用。我們認為，任何此類棄權都違反法律條文和國會的意圖。獎勵信貸的目的是激勵國內製造業和建立國內太陽能供應鏈，而不是僅僅為了支持外國製造商而創造權利。

With regards to international policy, we are seeing some progress in the EU, which has released its new state aid guidelines in the form of the Temporary Crisis and Transition Framework, and a draft that is Net Zero Law. The state aid guidelines create the framework for allowing EU member states, under certain conditions, to match aid received by clean energy technology manufacturers elsewhere, including under the IRA.

在國際政策方面，我們看到歐盟取得了一些進展，它以臨時危機和過渡框架的形式發布了新的國家援助指南，以及淨零法草案。國家援助指南創建了一個框架，允許歐盟成員國在特定條件下匹配清潔能源技術製造商在其他地方（包括 IRA 下）獲得的援助。

The Net Zero Law would establish new ambitions to meet regional needs with domestically produced content, prioritize Net Zero projects and technologies and address existing issues such as permitting. As previously mentioned, policy, among other considerations continues to influence our evaluation of potential additional manufacturing expansion. Such expansion would require further clarity, including in the U.S., satisfactory Treasury guidance with respect to domestic content and in Europe, further clarity on EU member state incentives for domestic manufacturing.

淨零法將確立新的雄心，以滿足本地製作內容的區域需求，優先考慮淨零項目和技術，並解決許可等現有問題。如前所述，政策和其他考慮因素繼續影響我們對潛在的額外製造業擴張的評估。這種擴張需要進一步明確，包括在美國，財政部對國內內容的令人滿意的指導，在歐洲，進一步明確歐盟成員國對國內製造業的激勵措施。

I will now turn the call over to Alex, who will discuss our Q1 results.

我現在將電話轉給亞歷克斯，他將討論我們第一季度的結果。

Thanks you. Mark. Turning on Slide 8, I'll cover our financial results for the first quarter. Net sales in the first quarter were $548 million, a decrease of $454 million compared to the fourth quarter. The decrease in net sales was primarily driven by an expected shift in the timing of module sales as we increased shipments to our distribution centers, both to mitigate logistics costs as well as to align future shipments to customers with contractual delivery schedules, along with the completion of the sale of our Luz del Norte project in the prior quarter.

感謝您。標記。打開幻燈片 8，我將介紹我們第一季度的財務業績。第一季度淨銷售額為5.48億美元，比第四季度減少4.54億美元。淨銷售額的減少主要是由於我們增加了對配送中心的出貨量，模塊銷售時間的預期轉變，既是為了降低物流成本，也是為了使未來向客戶的出貨量與合同交付時間表保持一致，以及完成上一季度出售我們的 Luz del Norte 項目。

These decreases were partially offset by an expected increase in module ASPs and certain earn-outs on legacy systems projects. Gross margin was 20% in the first quarter compared to 6% in the fourth quarter. This increase was primarily driven by expected benefits from Inflation Reduction Act of $70 million and lower sales freight, partially offset by $19 million of ramp costs at our new Series 7 factory in Ohio. Although logistics costs decreased during the quarter, they continue to remain elevated relative to pre-pandemic levels. During the first quarter, they reduced gross margin by 15 percentage points. As we move into the second half of the year, we expect to see a reduction in logistics costs recognized.

這些減少部分被模塊 ASP 的預期增長和遺留系統項目的某些收益所抵消。第一季度的毛利率為 20%，而第四季度為 6%。這一增長主要是由 7000 萬美元的通貨膨脹減少法案的預期收益和較低的銷售運費推動的，部分被我們在俄亥俄州的新 Series 7 工廠的 1900 萬美元的坡道成本所抵消。儘管物流成本在本季度有所下降，但相對於大流行前的水平仍處於高位。第一季度，他們將毛利率降低了 15 個百分點。隨著我們進入今年下半年，我們預計物流成本將有所下降。

As further described in our 10-Q and most recent 10-K, the Inflation Reduction Act offers a certain tax benefits for solar modules and solar module components, manufactured in the United States and sold to third parties. For eligible components, the benefit is equal to $12 per square meter for a PV wafer, 4 cents per watt for a PV cell and 7 cents per watt for a PV module. Based on the current form factor of our modules, we expect to qualify for a benefit of approximately 17 cents per watt for each module sold. We recognize these benefits of a reduction to "Cost of sales" in the period the modules are sold to customers. In the first quarter, 158 MW of the volume sold in the US was produced in 2022 and was not eligible for any of these benefits.

正如我們的 10-Q 和最近的 10-K 中進一步描述的那樣，《降低通貨膨脹法案》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了一定的稅收優惠。對於符合條件的組件，光伏晶圓每平方米 12 美元，光伏電池每瓦 4 美分，光伏模塊每瓦 7 美分。根據我們模塊的當前外形尺寸，我們預計每售出一個模塊可以獲得大約每瓦 17 美分的收益。我們認識到在模塊銷售給客戶期間降低“銷售成本”的這些好處。第一季度，美國銷量中有 158 兆瓦是 2022 年生產的，沒有資格享受這些好處。

SG&A and R&D expenses totaled $75 million in the first quarter, an increase of approximately $1 million compared to the fourth quarter of 2022. Production start-up expense, which is included in operating expenses was $19 million in the first quarter, a decrease of approximately $13 million compared to the fourth quarter, driven by the start of the plant qualification process at our new Series 7 factory in Ohio. Our first quarter operating income was $18 million, which included depreciation and amortization and accretion of $69 million, production start-up expense of $19 million and share-based compensation expense of $7 million.

第一季度 SG&A 和研發費用總計 7500 萬美元，比 2022 年第四季度增加約 100 萬美元。第一季度計入運營費用的生產啟動費用為 1900 萬美元，減少約與第四季度相比增加了 1300 萬美元，這主要是由於我們在俄亥俄州的新 7 系列工廠啟動了工廠資格認證流程。我們第一季度的營業收入為 1800 萬美元，其中包括 6900 萬美元的折舊、攤銷和增值、1900 萬美元的生產啟動費用和 700 萬美元的股權補償費用。

With regard to other income and expense, our first quarter interest income increased by $8 million due to higher interest rates on cash and time deposits. As a reminder, other income in the fourth quarter included a gain of $30 million in connection with the sale of our Luz del Norte project as the project's lenders agreed to forgive a portion of the outstanding loan balance as part of the transaction.

在其他收入和支出方面，由於現金和定期存款利率較高，我們第一季度的利息收入增加了 800 萬美元。提醒一下，第四季度的其他收入包括與出售我們的 Luz del Norte 項目相關的 3000 萬美元收益，因為該項目的貸方同意作為交易的一部分免除部分未償還貸款餘額。

We recorded a tax benefit of $7 million in the first quarter, compared to a tax expense of $1 million in the prior quarter. The decrease in tax expense was driven by excess tax benefits associated with share-based compensation awards that vested during the period, partially offset by higher pretax income. The combination of the aforementioned items led to the first quarter diluted earnings per share of $0.40 compared to a fourth quarter net loss per share of $0.07.

我們在第一季度錄得 700 萬美元的稅收優惠，而上一季度的稅收支出為 100 萬美元。稅收費用的減少是由於與在此期間歸屬的基於股份的補償獎勵相關的超額稅收優惠，部分被較高的稅前收入所抵消。上述項目的組合導致第一季度攤薄後每股收益為 0.40 美元，而第四季度每股淨虧損為 0.07 美元。

I will turn next to Slide 9 to discuss select balance sheet items and summary cash flow information. Our cash, cash equivalents, restricted cash, restricted cash equivalents and marketable securities ended the quarter at $2.3 billion compared to $2.6 billion at the end of the prior quarter. This decrease was primarily driven by capital expenditures associated with our new plants in Ohio, Alabama and India and payments for operating expenses, partially offset by a drawdown on our India credit facility and advance payments received for future module sales.

我將在幻燈片 9 旁邊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在本季度末為 23 億美元，而上一季度末為 26 億美元。這一減少主要是由於與我們在俄亥俄州、阿拉巴馬州和印度的新工廠相關的資本支出以及運營費用的支付，部分被我們印度信貸額度的減少和為未來模塊銷售收到的預付款所抵消。

Asit relates to advance payments for substantially all our contracts in our backlog at the time of booking, we typically require payment security in the form of cash deposits, bank guarantees, surety bonds, letters of credit, commercial letters of credit, or parent guarantees, targeting up to 20% of the contract value. During 2022, as we started contracting further into the future, we generally started requiring a higher percentage of cash deposits, reflected on our consolidated balance sheet as deferred revenue, these deposits totaled approximately $1.3 billion as of quarter end and are providing a significant portion of the financial resources required to fund our existing expansion efforts.

由於它涉及我們在預訂時積壓的幾乎所有合同的預付款，我們通常需要現金存款、銀行擔保、擔保債券、信用證、商業信用證或母公司擔保形式的付款擔保，目標高達合同價值的 20%。在 2022 年期間，隨著我們開始進一步簽訂合同，我們通常開始需要更高比例的現金存款，這在我們的合併資產負債表上反映為遞延收入，截至季度末，這些存款總額約為 13 億美元，並提供了很大一部分為我們現有的擴張努力提供資金所需的財政資源。

Total debt at the end of the first quarter was $320 million, an increase of $136 million from the fourth quarter as a result of the loan drawdown under our credit facility related to the development and construction of a manufacturing facility in India. Our net cash position decreased by approximately $0.4 billion to $2.0 billion as a result of the aforementioned factors. Cash flows used in operations were $35 million in the first quarter, and capital expenditures were $371 million during the period.

第一季度末的總債務為 3.2 億美元，比第四季度增加 1.36 億美元，這是由於我們的信貸安排下與印度製造設施的開發和建設相關的貸款提取。由於上述因素，我們的淨現金頭寸減少了約 4 億美元至 20 億美元。第一季度用於運營的現金流為 3500 萬美元，同期資本支出為 3.71 億美元。

Given the recent uncertainty in the banking sector, I would like to note that our investment policy and approach to managing liquidity focuses on preservation of investment principal and immediate, availability of adequate liquidity, followed by return on capital. Pursuant to this policy, we place our investments with a diversified group of high-quality financial institutions, with a focus on counterparty credit worthiness and diversification. We do not have cash invested in regional or super regional banks and in the quarter, we increased our holding in US treasuries.

鑑於銀行業近期的不確定性，我想指出，我們管理流動性的投資政策和方法側重於保護投資本金和即時可用的充足流動性，其次是資本回報。根據這一政策，我們將投資置於多元化的優質金融機構群體中，重點關注交易對手的信譽和多元化。我們沒有現金投資於區域性或超級區域性銀行，在本季度，我們增加了對美國國債的持有量。

In addition, we continue to evaluate putting in place a revolving credit facility to support jurisdictional cash management as well as provide short-term optionality.

此外，我們繼續評估建立循環信貸機制以支持轄區現金管理並提供短期選擇權。

Continuing to slide 9, our full year 2023 guidance is unchanged from our previous earnings and guidance call in late February. I would like to reiterate that from an earnings cadence perspective, as previously noted on our February earnings and guidance call, we anticipate our earnings profile will be higher in the second half of the year due to contractual delivery schedules, the timing of first sales of our Series 7 product and the timing of recognition of Section 45X benefits, driven by both the timing of volume sold, as well as the inventory lag, whereby a product sold in the early part of 2023 may have been manufactured in 2022.

繼續幻燈片 9，我們的 2023 年全年指引與我們之前在 2 月下旬的收益和指引電話會議保持不變。我想重申，從盈利節奏的角度來看，正如我們之前在 2 月份的盈利和指導電話會議上指出的那樣，我們預計下半年我們的盈利狀況將更高，這是由於合同交付時間表、首次銷售時間我們的 Series 7 產品和承認第 45X 節利益的時間，受銷售量時間和庫存滯後的驅動，因此 2023 年初銷售的產品可能在 2022 年生產。

For Series 6, following on from the sale of 158 MW in Q1 that was not eligible for the Section 45X tax benefit, we have approximately 50 MW of US manufactured product remaining in inventory that is not eligible for Section 45X, substantially all of which is expected to be sold in the second quarter. With regards to Series 7, we expect to begin shipping product from our third Perrysburg factory in June, and therefore, expect bothrevenue and Section 45X benefit recognition in the second half of the year. From a volume perspective, we expect first half volumes sold including 1.9 GW of sales in Q1, total 4.3 to 4.5 GWs, implying second half volumes sold of between 7.3 and 8.0 GW

對於系列 6，繼第一季度不符合第 45X 條稅收優惠的 158 兆瓦的銷售之後，我們庫存中仍有大約 50 兆瓦的美國製造產品不符合第 45X 條的條件，基本上所有這些都是預計二季度發售。關於 Series 7，我們預計將於 6 月開始從我們的第三家 Perrysburg 工廠發貨產品，因此預計下半年將實現收入和第 45X 節福利確認。從銷量的角度來看，我們預計上半年的銷量包括第一季度的 1.9 吉瓦銷量，總銷量為 4.3 至 4.5 吉瓦，這意味著下半年的銷量在 7.3 至 8.0 吉瓦之間

From a Section 45X perspective, based on the aforementioned factors, we expect to recognize approximately 25% of our full year guidance in the first half of the year and approximately 75% in the second half. As it relates to our longerterm outlook beyond 2023, we plan to hold an Analyst Day in our Ohio campus on September 7th, 2023, which will include a live webcast.

從第 45X 節的角度來看，基於上述因素，我們預計上半年將確認我們全年指導的約 25%，下半年將確認約 75%。由於這關係到我們 2023 年以後的長期展望，我們計劃於 2023 年 9 月 7 日在我們的俄亥俄校區舉辦分析師日活動，其中將包括網絡直播。

Turning to slide 10, I'll summarize the key message from today's call. Demand continues to be robust with 12.1 GW of net bookings year-to-date, including 4.8 GW of net bookings since our last earnings call at an average ASP of 31.8 cents, leading to a record contracted backlog of 71.6 GW

轉到幻燈片 10，我將總結今天電話會議的關鍵信息。需求繼續強勁，年初至今淨預訂量為 12.1 GW，其中包括自我們上次財報電話會議以來的 4.8 GW 淨預訂量，平均 ASP 為 31.8 美分，導致合同積壓訂單達到創紀錄的 71.6 GW

Our continued focus on manufacturing and technology excellence resulted in a record quarterly production of 2.5 GW, and our India, Ohio and Alabama expansions remain on schedule. We also recorded a record CdTe conversion efficiency of 22.3% based on our CuRe technology platform. Financially we earned 40 cents per share, and we ended the quarter with a gross cash balance of $2.3 billion or $2.0 billion net of debt. We are maintaining our 2023 guidance in full, including full earnings diluted share of $7.00 to $8.00.

我們持續專注於卓越的製造和技術，創造了創紀錄的季度產量 2.5 GW，我們的印度、俄亥俄和阿拉巴馬州的擴張仍在按計劃進行。基於我們的 CuRe 技術平台，我們還創下了 22.3% 的 CdTe 轉換效率的記錄。在財務上，我們每股盈利 40 美分，本季度末我們的現金餘額總額為 23 億美元或扣除債務後為 20 億美元。我們將全面維持 2023 年的指導方針，包括 7.00 美元至 8.00 美元的全部收益稀釋份額。

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)

（操作員說明）

We will go to Philip Shen, ROTH MKM.

我們將去 ROTH MKM 的 Philip Shen。

Last quarter, you talked about how bookings might decelerate. We saw some of that this quarter but the ASPs for the bookings were in line, if not higher, actually, they were higher versus last quarter. How do you expect bookings to trend in Q2? We have some of that data now, but the rest of the quarter, Q3 and Q4? And then how do you expect that bookings ASP also to trend? And now that you're sold out through '26, when do you expect to sell out '27?

上個季度，您談到了預訂量可能會如何減速。我們在本季度看到了其中一些，但預訂的 ASP 符合要求，即使不是更高，實際上也比上個季度高。您預計第二季度的預訂趨勢如何？我們現在有一些數據，但是本季度的其餘部分，第三季度和第四季度？那麼您如何預計預訂 ASP 也會出現趨勢？既然你在 26 年都賣完了，你預計什麼時候會在 27 年賣完？

Yes. I think from '26 and '27, I think we're something approaching combined those 2, we're approaching close to 40% of that current supply plan being sold right now. But obviously, a little bit more of that is in '27 and '28, but I think we'll make good progress on both of those years. I don't really want to commit to a specific date when we would sell out '27 because we'll do '27 the same way that we did with '26. So customers who want '27 volume, we're going to want to tie that into multiple years. So we're going to leverage that as best we can across the balance of decade. So I don't think that's important not quickly we sell that, but it's how we use that '27 volume strategically to create more multiyear agreements and visibility as we go through the balance of the decade.

是的。我認為從 26 年和 27 年開始，我認為我們正在接近將這兩者結合起來，我們正在接近目前出售的當前供應計劃的 40%。但很明顯，更多的是在 27 年和 28 年，但我認為我們將在這兩年取得良好進展。我真的不想承諾 27 年售罄的具體日期，因為我們將以與 26 年相同的方式來做 27 年。因此，想要 27 年銷量的客戶，我們希望將其與多年聯繫起來。因此，我們將在未來十年中盡可能地利用它。所以我認為我們很快就賣掉它並不重要，但這是我們如何戰略性地使用 27 年的捲來在我們度過這十年的平衡時創造更多的多年期協議和知名度。

As it relates to bookings, yes, I mean look, we had 60 days basically since the last earnings call, and so you would expect just from that reason always going to trend down. But the underlying demand, which is reflected in our total pipeline as well as our mid- to late-stage pipeline as we indicated in our prepared remarks, has continued to grow. So that's extremely encouraging. We have a number of very large deals with strategic counterparties that we're still working through.

因為它與預訂有關，是的，我的意思是看，自上次財報電話會議以來我們基本上有 60 天，所以你會期望僅僅出於這個原因總是會下降。但是，正如我們在準備好的評論中指出的那樣，反映在我們的總管道以及我們的中後期管道中的潛在需求一直在增長。所以這是非常令人鼓舞的。我們與戰略對手有許多非常大的交易，我們仍在努力完成這些交易。

And we are successful in closing 1 or 2 of those. And in the second quarter, we could see a very strong result for the second quarter, plus if we can close more than a handful of those now through the balance of the year, I can continue to see bookings carrying forward into Q3 into Q4 being reasonably strong. But they indicated that we're longer dated in some of those commitments, so we'll have to see how it plays out.

我們成功地關閉了其中的 1 或 2 個。在第二季度，我們可以看到第二季度的非常強勁的結果，而且如果我們現在可以在今年餘下的時間里關閉其中的一小部分，我可以繼續看到預訂進入第三季度進入第四季度相當強大。但他們表示，我們在其中一些承諾中的日期已經過時，因此我們必須看看結果如何。

ASP-wise, I mean the great thing about having such a strong position where we are right now, is we can be patient and book deals that make sense. And there are certain counterparties that we've had ongoing conversation with where we just can't get to a point that is agreeable on price. So their expectation relative to where our expectation is that there's a gap. And so we'll continue to see if we can close those gaps. But if not, there's enough opportunity with other partners out there that we think we can continue to get strong ASPs.

在 ASP 方面，我的意思是我們現在擁有如此強大的地位的好處是我們可以耐心地預訂有意義的交易。而且我們一直在與某些交易對手進行持續的對話，但我們無法在價格上達成一致。所以他們的期望相對於我們的期望是有差距的。因此，我們將繼續看看是否可以縮小這些差距。但如果沒有，我們認為我們可以繼續獲得強勁的 ASP，與其他合作夥伴有足夠的機會。

We have said, I want to make sure clear that as we do book the India volume, we've indicated before that India volume will have a lower ASP but still a very attractive gross margin on a cents per watt basis as well as on a percentage basis plus now that we also have the opportunity for the production-linked incentive, which will carry forward into making those opportunities more accretive if we're able to realize that benefit.

我們已經說過，我想確定清楚的是，當我們預訂印度銷量時，我們之前已經表示印度銷量將具有較低的平均售價，但按每瓦美分以及百分比加上現在我們也有機會獲得與生產相關的激勵，如果我們能夠實現這一好處，這將繼續使這些機會更具增值性。

So ASP trends will continue to work through them in a very patient manner for the U.S. We're pretty optimistic with where we are right now, and we'll continue to see how the balance of the year plays out. And also, as we indicated, we've more opportunity to look to capture technology adders. We also have the opportunity to capture the domestic content in Series 7 uplifts that are already embedded in our contracts. And I think the team did a great job in the first quarter here, realizing another $35 million of ASP uplift because of that. And as I indicated, we have a number of other deals that we're working through right now and close, which will then be capturing reported in our next quarter call.

因此，ASP 趨勢將繼續以非常耐心的方式在美國發揮作用。我們對目前的情況非常樂觀，我們將繼續觀察今年餘下的情況。而且，正如我們指出的那樣，我們有更多機會尋找捕獲技術加法器。我們還有機會在已經嵌入我們合同中的 Series 7 升級中獲取國內內容。而且我認為該團隊在第一季度在這裡做得很好，因此又實現了 3500 萬美元的 ASP 提升。正如我所指出的，我們還有許多其他交易正在處理並完成，然後將在我們下一個季度的電話會議中報告。

Next, we'll take a question from Kashy Harrison, Piper Sandler.

接下來，我們將回答卡西·哈里森 (Kashy Harrison)、派珀·桑德勒 (Piper Sandler) 提出的問題。

So my question is around your capital allocation strategy. So if we look over the next 10 years or so, it looks like you're positioned to generate, call it, north of $10 billion from the manufacturing credits or pace of what you've been done so far. It seems like it would be pretty questionable political move to use that cash to return capital to shareholders, and there's only so much money you can spend on R&D each year. And so Mark, Alex, when you look at the business over the next decade, assuming treasury guidance comes in line with your expectation, is it a safe assumption that you're going to use that cash to expand manufacturing capacity? And if not, what are you going to do with all that cash?

所以我的問題是關於你的資本配置策略。因此，如果我們回顧未來 10 年左右的時間，看起來您已經準備好從製造信貸或您迄今為止所做的速度中產生超過 100 億美元的收入。使用這筆現金向股東返還資本似乎是一個非常值得懷疑的政治舉措，而且每年可以花在研發上的錢是有限的。馬克，亞歷克斯，當你審視未來十年的業務時，假設財政部的指導符合你的預期，你是否可以安全地假設你將使用這些現金來擴大製造能力？如果沒有，你打算用這些現金做什麼？

So look, I think the near-term answer is it's not going to be a problem for us over the next couple of years. If you look at where we are right now, we started this year with $2.6 billion gross, $2.4 billion net. We're planning to end the year from a forecast basis about $1.35 billion, I think at the midpoint so down $1 billion or so. Over that time, you've got $2 billion of CapEx in the guide. So operating cash flow is obviously strong. But I look forward beyond that. Clearly, we've given a view of how we think about cash in the past, right? It's not working capital around the business. That has come down a little bit since we exited the systems business, but at the same time, as we grow the module business you do have increasing working capital.

所以看，我認為近期的答案是在未來幾年內這對我們來說不會成為問題。如果你看看我們現在的情況，我們今年年初的總收入為 26 億美元，淨收入為 24 億美元。我們計劃從預測的基礎上到今年年底大約 13.5 億美元，我認為在中點下降 10 億美元左右。在那段時間裡，指南中有 20 億美元的資本支出。因此經營現金流明顯強勁。但我期待的不止於此。顯然，我們已經給出了我們過去如何看待現金的觀點，對吧？這不是圍繞業務的營運資金。自從我們退出系統業務以來，這一數字有所下降，但與此同時，隨著我們發展模塊業務，您的營運資金確實有所增加。

We talked about growth expansion occurred where we'd like to use the money more, and that's the best use of our cash, the highest ROIC at the moment. The project business has gone basically. There is potentially some use around M&A. We've talked in the past, M&A used to be focused around development business and acquiring platforms and projects more likely to be used now on the development side, R&D side, manufacturing side.

我們談到增長擴張發生在我們想更多地使用資金的地方，這是我們現金的最佳用途，目前最高的 ROIC。項目業務基本走完了。併購可能會有一些用處。我們過去談過，過去併購主要圍繞開發業務和收購平台和項目，現在更可能用於開發端、研發端、製造端。

If we get through all of that and we can't uses for capital, where increase didn't make sense, we would look to return. I think given the cycle that we're in right now, we're going to have significant opportunities to deploy capital to increase manufacturing over the next few years. The other piece I would say is that as we think through needs going forward, you talked a little bit about some of the constraints in the supply chain in the near term. As you're seeing more announcements in the U.S. and as we continue to grow, there may be constraints that we either can choose to all of need to help mitigate in the supply chain, which may necessitate some capital investment across areas that are adjacent to our module manufacturing directly. So there's other areas that may either look to or potentially have to deploy capital in the short term.

如果我們完成了所有這些並且我們不能用於增加沒有意義的資本，我們會尋求回報。我認為，鑑於我們現在所處的周期，我們將有大量機會在未來幾年內部署資本來增加製造業。我要說的另一點是，當我們考慮未來的需求時，您談到了近期供應鏈中的一些限制因素。正如您在美國看到的更多公告以及我們的不斷發展，我們可能會選擇一些限制條件來幫助緩解供應鏈中的所有需求，這可能需要在鄰近地區進行一些資本投資我們的模塊直接製造。因此，還有其他領域可能會在短期內尋求或可能不得不部署資金。

Next, you'll hear from Maheep Mandloi, Credit Suisse.

接下來，您將聽到來自瑞士信貸的 Maheep Mandloi 的講話。

Maybe just on the India PLI. Could you just talk about how to think about from an accounting and cash point of view, is it similar to the U.S. credits? And -- any thoughts of expansion there? And secondly, just on the cadence on sold versus produced. Should we expect a similar cadence between the 2 as we saw last year through the quarters this year?

也許只是在印度 PLI 上。能不能簡單說說從會計和現金的角度怎麼想，是不是跟美國的credits類似？並且 - 有任何擴張的想法嗎？其次，就銷售與生產的節奏而言。我們是否應該期待 2 之間的節奏與我們在今年各季度看到的去年相似？

Yes. So I think on the PLA, we're still working through how an accounting work. It's a return of capital of about 24%, I believe, against the facility cost that's going to take place over 5 to 6 years. And we'll update you on the accounting as we work through that. I'll leave Mark to talk about the expansion. But if I just look through where we are in terms of your question on production versus sold volume, I think this is something that (inaudible) confusion around some of the analyst reports potentially around timing.

是的。所以我認為在 PLA 上，我們仍在研究會計工作的方式。我相信，相對於將在 5 到 6 年內發生的設施成本，這是大約 24% 的資本回報率。我們會在處理過程中向您更新會計信息。我將讓馬克談談擴展。但是，如果我只是看看我們在你關於產量與銷量的問題方面所處的位置，我認為這是圍繞一些可能圍繞時間的分析師報告的（聽不清）混淆。

We -- from a production perspective, we will be growing production across the year, but it's not significantly backended in 2023. However, from a sold perspective, it is fairly back-ended. We guided to a midpoint of around 12 gigawatts of sold volume this year. We sold 1.9 in Q1.

我們 - 從生產的角度來看，我們將全年增加產量，但到 2023 年產量不會顯著下降。但是，從銷售的角度來看，它是相當落後的。我們指導今年的銷量中點約為 12 吉瓦。我們在第一季度售出 1.9。

And the remarks just now we said that we're guiding to a first half of 4.3 to 4.5 to the midpoint of 4.4 for the first half of the year, and that leads you to 3.5 gigawatts in the second quarter and then leads to a second half number of about 7.6. So you can see this from a total volume were roughly 1/3, 2/3 weighted first half of the year, the second half of the year. If you think about why that is, it's a function partly of timing of customer demand when customers are requiring shipments. There's also a function of our Series 7 production beginning in Q1 continuing through Q2, but we're not beginning to ship that product until the back end of Q2.

剛才我們說過，我們正在指導上半年的 4.3 到 4.5 到 4.4 的中點，這導致你在第二季度達到 3.5 吉瓦，然後導致第二個半數約7.6。所以你可以從總量上看到這個大概是上半年的1/3，2/3的加權，下半年。如果您考慮這是為什麼，這在一定程度上取決於客戶要求發貨時客戶需求的時間安排。我們的 Series 7 生產也有一個功能，從第一季度開始一直持續到第二季度，但我們要到第二季度末才開始發貨該產品。

And so you're not going to see the timing of revenue recognition to that come into Q3 and Q4. So that's a lot what pushing that sold volume out. And then, of course, you see a similar dynamic in terms of the Inflation Reduction Act recognition, if you look at how that plays out, we said on the call, you're going to see something like quarter of the total revenue recognition from the benefit around the Inflation Reduction Act, Section 45X happening in the first half of the year, the remainder in the back half the year, and that's again a function of timing in U.S. sales from our Series 6. The fact that you've got some inventory lag carryover of Series 6 being sold that was produced in 2022, and therefore, doesn't have credit, and you've seen most of that the first and second quarter about 158 megawatts in Q1 and 50 in Q2.

因此，您不會看到第三季度和第四季度的收入確認時間。所以這就是推動銷量的主要原因。然後，當然，你會在通貨膨脹減少法案的認可方面看到類似的動態，如果你看看它是如何發揮作用的，我們在電話會議上說，你會看到大約四分之一的總收入來自降低通脹法案的好處，第 45X 節發生在今年上半年，其餘部分發生在下半年，這又是我們第 6 系列在美國銷售的時間函數。事實上，你有2022 年生產的 6 系列的一些庫存滯後結轉，因此沒有信用，你已經看到第一季度和第二季度的大部分庫存，第一季度約為 158 兆瓦，第二季度約為 50 兆瓦。

And then the Series 7, where, again, we're producing in the first half of the year, but we're not selling that product until the second half. So you could see the credit timing in the second half of the year as well.

然後是 Series 7，同樣，我們在今年上半年生產，但我們要到下半年才能銷售該產品。所以你也可以在今年下半年看到信貸時間。

Yes. As relates to the expansion in India, India is obviously a very important market for us and one that we're continuing to look to grow. I think there's a sustainable demand profile there that and if you look at their load expectation and low growth to now at the end of this decade, it could be up towards a 60% increase. And clearly, lowest cost form a new generation to help serve that load growth is going to be renewable solar obviously being the primary one. So a lot of growth, a lot of opportunity, extremely -- our technology is extremely well positioned in India.

是的。關於在印度的擴張，印度顯然是我們非常重要的市場，也是我們繼續尋求發展的市場。我認為那裡有一個可持續的需求概況，如果你看看他們的負載預期和到本十年末的低增長，它可能會增長 60%。很明顯，新一代的成本最低，以幫助服務於負載增長，可再生太陽能顯然是主要的。所以很多增長，很多機會，非常 - 我們的技術在印度非常有利。

So India is a very attractive market. As we scale up this factory, we'll continue to assess opportunities for additional investments and further capacity expansion in India. But I would expect us, if things progress as we currently envision between now and the end of the decade, we're going to have more than more factory in India.

所以印度是一個非常有吸引力的市場。隨著我們擴大這家工廠的規模，我們將繼續評估在印度進行額外投資和進一步擴大產能的機會。但我希望我們，如果事情像我們目前設想的那樣從現在到本十年末進展，我們將在印度擁有更多的工廠。

Next, we'll take a question from Brian Lee, Goldman Sachs.

接下來，我們將接受來自高盛的 Brian Lee 的提問。

Just kind of going back to Phil's question around bookings, ASP trends. You had the $0.308 per watt, if I recall correctly, last reported bookings from a quarter ago and then it's $0.318, so it's up $0.01 quarter-on-quarter. I know there's a lot of moving pieces, but can you give us a bit of color around kind of how you had a $0.01 per watt increase from quarter-to-quarter on bookings? Was it Series 7? Is it more U.S.-made modules? I know you mentioned, Mark, the moving pieces around India potentially bringing that blended number down over time. But just wondering if you could give us some of the moving pieces as to how to think about price trends going forward, given it seems like there's still some levers you're able to pull to get that number higher given the results here.

回到 Phil 關於預訂、ASP 趨勢的問題。你有每瓦 0.308 美元，如果我沒記錯的話，上次報告的預訂是一個季度前的，然後是 0.318 美元，所以它比上一季度上漲了 0.01 美元。我知道有很多變化，但你能給我們一些顏色，說明你的預訂量是如何從一個季度到另一個季度每瓦增加 0.01 美元的嗎？是系列 7 嗎？是不是更多的是美國製造的模塊？我知道你提到過，馬克，隨著時間的推移，印度各地的變化可能會使混合數字下降。但只是想知道你是否可以給我們一些關於如何思考未來價格趨勢的動人的部分，鑑於這裡的結果，你似乎仍然可以利用一些槓桿來提高這個數字。

And then just a follow-up on capacity expansion. It seems like you guys have been patient on that front, but any updated thoughts on timing and what maybe some of the gating factors are around announcing more capacity given clearly the demand environment continues to be in your favor and now you're almost sold out through '27.

然後只是產能擴張的後續行動。看起來你們在這方面一直很有耐心，但是關於時間的任何最新想法以及可能的一些門控因素都圍繞著宣布更多產能，因為顯然需求環境繼續對你們有利，現在你們幾乎賣光了通過'27。

Yes. As it relates to the bookings and kind of the effect of the ASP sequentially. Actually, there's a pretty good mix when I look across call it, 5 gigawatts largely 4 deals that made up most of that volume 2, I think we announced, 1 was EDPR and the other was Leeward. And one of the things just to be clear on the Leeward is that. And you also noticed that we also have contracts subject to CP bucket in our disclosure, that gets about 4 points -- almost gave us 4.7 or something like that, of which 1.9 of that is India. Not all of that volume from Leeward was actually encountered or booking because there is a provision in there that we could flex it up or flex it down.

是的。因為它依次涉及預訂和 ASP 的影響類型。實際上，當我看到它時，有一個很好的組合，5 吉瓦，主要是 4 筆交易，構成了第 2 卷的大部分，我想我們宣布，1 筆是 EDPR，另一筆是 Leeward。在背風區需要明確的一件事是。你還注意到，在我們的披露中，我們也有受 CP 桶約束的合同，得到大約 4 分——幾乎給了我們 4.7 或類似的分數，其中 1.9 分是印度。並非所有來自 Leeward 的體積都被實際遇到或預訂，因為那裡有一項規定我們可以將其調高或調低。

And what we've done is we've taken a percentage of that volume and is reflected in the contract subject to CP. But I just want to make sure that's clear that not all the 2 gigawatts is actually in the bookings to that 4.8 because a portion of it is in the contract subject CP bucket. And again, it can flex up or flex down. But when I look at those bookings, the -- it's a good mix of international and domestic. It's a good mix of Series 6, U.S. and international. It's a good mix of Series 6 and Series 7. So it was not skewed towards one or the other. I will say that clearly, the ASPs that are represented in there for those different variants will be different.

我們所做的是我們已經取得了該數量的一定百分比，並反映在受 CP 約束的合同中。但我只是想確保並非所有 2 吉瓦實際上都在 4.8 的預訂中，因為其中一部分在合同主題 CP 桶中。同樣，它可以向上彎曲或向下彎曲。但是當我查看這些預訂時，它是國際和國內的良好組合。這是第 6 系列美國和國際的完美結合。它很好地融合了系列 6 和系列 7。因此它並沒有偏向其中之一。我會清楚地說，那裡代表那些不同變體的 ASP 會有所不同。

So -- and I said this before, the international volume is generally going to be lower than domestic volume because at the extent we're selling into the U.S. market because of the best content value equation of the domestic ITC bonus. There's also some amount of that volume that went into Europe, which was at a lower ASP. So when I look at it, it's relatively diversified. There's diversity of products, diversity of geography, that blended spill to a very strong result for the quarter, and we're obviously very happy with that. Now it's also lower volume than we've done in the last quarter.

所以——我之前說過，國際銷量通常會低於國內銷量，因為由於國內 ITC 獎金的最佳內容價值等式，我們正在向美國市場銷售。還有一些數量進入了歐洲，歐洲的平均售價較低。所以當我看它時，它是相對多樣化的。產品的多樣性，地域的多樣性，混合了本季度非常強勁的結果，我們顯然對此非常滿意。現在它的銷量也低於我們上個季度的銷量。

And generally, we see much higher volumes and larger agree purchasing power and a multiple-year agreement. You may see ASPs more aggressively into that situation. So I wouldn't attribute the increase to any 1 lever. But what I would say is that we're still very happy with the market and the opportunity and the ASP that we're receiving. As it relates to capacity expansion, (inaudible) look, the -- as we said, the primary engaging factor right now is clarity on policy. And I said it in my prepared remarks, if we -- if the domestic content stays true to the congressional intent of IRA and it truly requires a highly manufacturable component here in the U.S. in order to qualify and the bonus being truly a bonus and not trying to create some form of entitlement, which we believe that should include at least the cell, if not beyond the cell as part of the domestic content requirements to be manufactured here in the U.S.

一般來說，我們看到更高的數量和更大的同意購買力和多年協議。您可能會看到 ASP 更積極地進入這種情況。所以我不會將增加歸因於任何 1 個槓桿。但我要說的是，我們仍然對市場、機會和我們收到的平均售價感到非常滿意。由於它與產能擴張有關，（聽不清）看起來，正如我們所說，目前主要的參與因素是政策的明確性。我在準備好的發言中說過，如果我們 - 如果國內內容符合 IRA 的國會意圖，並且它確實需要在美國這裡有一個高度可製造的組件才能獲得資格，並且獎金是真正的獎金，而不是試圖創造某種形式的權利，我們認為這至少應該包括電池，如果不超出電池作為在美國製造的國內含量要求的一部分的話。

That's going to be a key determining factor in terms of new capacity. I've said before that if there's some reason that, that is not the decision, if it's module assembly only, then we've got to reassess in terms of how do we engage with best serving our primary market here in the U.S., and it may not necessarily be a new factory. It could potentially be a finishing line here in the U.S. because that's what the interpretation is by treasury DOE and White House, that's what they want. They want module assembly. They don't want module manufacturing.

就新產能而言，這將是一個關鍵的決定因素。我之前說過，如果有某種原因，這不是決定，如果它只是模塊組裝，那麼我們必須重新評估我們如何才能最好地服務於我們在美國的主要市場，並且它不一定是新工廠。這可能是美國的終點線，因為這是美國財政部和白宮的解釋，這就是他們想要的。他們想要模塊組裝。他們不想要模塊製造。

If that's their decision, then we'll have to assess that from our own perspective and determine what investments we make. But for me, first and foremost, has to start off with policy, and I'd be very disappointed if that's the direction that they went, I think we have a unique opportunity with IRA here to create an enduring supply chain allows cycles of innovations here in the U.S., allows the U.S. to be a technology leader with solar and other renewable energy. And let's help that's where the outcome is. If they choose to go a different direction and not being strategic in the long term in their thought process and the construct here, then we'll have to evaluate ourselves and determine what's the right deployment of capital.

如果那是他們的決定，那麼我們將不得不從我們自己的角度進行評估，並確定我們進行的投資。但對我來說，首先也是最重要的，必須從政策開始，如果這是他們前進的方向，我會感到非常失望，我認為我們有一個獨特的機會與 IRA 在這裡創造一個持久的供應鏈允許創新周期在美國這裡，使美國成為太陽能和其他可再生能源的技術領導者。讓我們幫助這就是結果所在。如果他們選擇走不同的方向，而不是在他們的思維過程和這裡的結構中從長遠來看是戰略性的，那麼我們將不得不評估自己並確定什麼是正確的資本部署。

Our next question is Julien Dumoulin-Smith, Bank of America.

我們的下一個問題是美國銀行的 Julien Dumoulin-Smith。

Just moving back to the comments in the prepared remarks about the termination for convenience. Just wanted to follow up. I think you guys said 1/10 of your entire contracted backlog has that with the majority being '24, '25? Can you comment a little bit about what kind of provisions or entitlements are provided for contracts beyond 2025 at present? Any kind of other nuances or other provisions beyond just the convenience piece?

為方便起見，回到準備好的關於終止的評論中。只是想跟進。我想你們說你們整個合同積壓的 1/10 有大部分是 24 歲、25 歲？您能否評論一下目前為 2025 年以後的合同提供了什麼樣的條款或權利？除了便利件之外，還有其他細微差別或其他規定嗎？

What we said is generally our contracts of fixed price contracts. So generally, that's how they're structured going out now. But we wanted to highlight the termination of the convenience. I think there has been some questions around how strong these contracts are. So we want to make sure it's clear that only 1/10 of our backlog today of roughly 70 gigawatts has termination of convenience provisions. And the majority of those are for the 2024-to-2025-time frame, which I think if you look at where module supply is in that time when you think about timing for which people design plants and finance plant, we think it's relatively low risk that's getting booked.

我們所說的一般是我們的固定價格合同。所以一般來說，這就是他們現在的結構。但我們想強調便利的終止。我認為圍繞這些合同的強度存在一些疑問。因此，我們要確保清楚的是，我們今天大約 70 吉瓦的積壓訂單中只有 1/10 終止了便利條款。其中大部分是針對 2024 年到 2025 年的時間框架，我認為如果你看看那個時候模塊供應的位置，當你考慮人們設計工廠和融資工廠的時間時，我們認為它相對較低被預訂的風險。

The one I was trying to give you that color as to what was out there. As you go out to further dated contracts, they are -- they've always been, which is firm fixed price contracts with the adjustments that we talked about, so upside downside around bin class, some adjusters around things like aluminum and steel pricing and sales rate adjusters, the general (inaudible) protections or pass-throughs of risks that we feel are pretty mitigated by the customer versus us.

我試圖給你那種關於那裡的東西的顏色。當你走出更遠期的合同時，它們是 - 它們一直是，這是我們談到的調整的固定價格合同，所以圍繞 bin 類的上行空間，一些圍繞鋁和鋼定價的調整器和銷售率調整器，一般（聽不清）保護或風險傳遞，我們認為客戶與我們相比已經大大減輕了風險。

Yes. And then I think we also said is that in some cases, these are regulatory kind of requirements that we have to contract around. These provisions have been in our contracts, and again, on a relatively small percentage of our contracts. Historically, we have not seen customers in both these provisions to the extent they are in a contract. The other thing I would say is that some of these very same contracts that have these provisions were also out there negotiating with customers on domestic content uplift on ASPs.

是的。然後我想我們還說過，在某些情況下，這些是我們必須遵守的監管要求。這些條款已經出現在我們的合同中，而且只占我們合同的一小部分。從歷史上看，我們還沒有看到客戶在合同中同時涉及這兩個條款。我要說的另一件事是，其中一些具有這些條款的完全相同的合同也在與客戶就 ASP 的國內內容提升進行談判。

And when those uplifts do happen, there's additional security that has to be posted, which further in my mind, solidifies the commitment from the customer. Also most of our customers view this as a true partnership with First Solar. And they know that if they were to invoke something like that, they would be making a decision to no longer be willing to partner with First Solar. I don't think there's many of our customers today that really want to be that vulnerable given the uncertainty, which could happen at any point in time, right, between geopolitical issues and challenges between the U.S. and China and other implications that could happen that could have an adverse impact on supply chain in the U.S.

當這些提升確實發生時，必鬚髮布額外的安全性，在我看來，這進一步鞏固了客戶的承諾。我們的大多數客戶也將此視為與 First Solar 的真正合作夥伴關係。他們知道，如果他們要調用類似的東西，他們將做出不再願意與 First Solar 合作的決定。考慮到不確定性，我認為今天我們的許多客戶都不想那麼脆弱，這種不確定性可能在任何時間點發生，對吧，在地緣政治問題和中美之間的挑戰以及可能發生的其他影響之間可能對美國的供應鏈產生不利影響

It's going to be a while before you get a fully vertically integrated U.S. supply chain that would include poly through module assembly. Our customers understand that's what First Solar brings to the equation and they bring certainty and integrity. And I think that will keep most of our partners committed to the long-term relationships and not looking at transactional opportunities.

還需要一段時間才能獲得完全垂直整合的美國供應鏈，其中包括通過模塊組裝的多晶矽。我們的客戶明白這就是 First Solar 為方程式帶來的東西，他們帶來了確定性和完整性。我認為這將使我們的大多數合作夥伴致力於長期關係，而不是尋找交易機會。

Ben Kallo from Baird has the next question.

Baird 的 Ben Kallo 有下一個問題。

Maybe following on to that first question. Just capacity, Mark, how do you think about it because I think the overcapacity is going to become a bigger worry, at least from our standpoint in Wall Street just because we've seen it before the new announcements. And then my second question is about carbon intensity in your technology and how that benefits you. Specifically, I think I read that creating hydrogen, clean hydrogen will require to get those credits will require solar panels that have this low carbon intensity. So maybe there's a differentiation there.

也許繼續第一個問題。只是產能，馬克，你如何看待它，因為我認為產能過剩將成為一個更大的擔憂，至少從我們華爾街的角度來看，因為我們在新公告發布之前就已經看到了。然後我的第二個問題是關於您技術中的碳強度以及它如何使您受益。具體來說，我想我讀到過製造氫氣，清潔氫氣需要獲得這些積分，需要具有這種低碳強度的太陽能電池板。所以也許那裡有區別。

Yes. I think when you look at the global capacity and the trajectory of oversupply, I think determining what that oversupply is relative to ultimately what the finance going to be. And I think there's all different views around that in terms of how much growth we could see on a global basis as we progress through the end of this decade. And I do think there are some drivers around demand that they aren't fully appreciated such as green hydrogen. But I think you have to then decouple that and say, where is that -- what market is that going to be easily used to address?

是的。我認為，當你審視全球產能和供過於求的軌跡時，我想確定供過於求與最終的金融狀況有關。我認為，隨著我們在本十年末取得進展，在全球範圍內我們可以看到多少增長，對此存在各種不同的看法。而且我確實認為圍繞需求有一些驅動因素，例如綠色氫，他們沒有得到充分的讚賞。但我認為你必須將其分離並說，它在哪裡 - 哪個市場可以輕鬆用於解決？

Like, for example, India, when you look at India and the trade and industrial policies that have been put in place in India largely say it's going to be a domestic market. I mean, to try to engage and support India on an import basis and to pay the tariffs and assuming you can even get to a point where you have the approved to actually sell into India through the approved list of module manufacturers, that's another hurdle and constraint that has to be addressed.

例如，印度，當你看印度時，印度已經實施的貿易和產業政策在很大程度上表明它將成為一個國內市場。我的意思是，嘗試在進口的基礎上參與和支持印度並支付關稅，並假設你甚至可以通過批准的模塊製造商名單獲得批准實際銷售到印度，這是另一個障礙，必須解決的約束。

So the best way to serve that market is going to be domestically. So when I look at India and say, well, wherever polysilicon capacity is being added, assuming it's not happening in India, it's really irrelevant in terms of the India market. You have a similar dynamic here in the U.S. as well. The polysilicon -- I mean I understand that there's clearly wafer capacity that's being added in Southeast Asia and the cell capacity and to the extent they can get polysilicon supply chains that can enable that capacity, which generally are going to be non-Chinese source, [probably unlock, probably lock] or somebody like that, which also know that they're enough an advantaged situation as it relates to pricing on poly, and help making sure that they hold it firm.

因此，服務該市場的最佳方式是在國內。因此，當我看著印度說，好吧，無論多晶矽產能增加在哪裡，假設它沒有發生在印度，就印度市場而言，它真的無關緊要。你在美國也有類似的動態。多晶矽——我的意思是我知道東南亞顯然增加了晶圓產能和電池產能，並且在某種程度上他們可以獲得能夠實現該產能的多晶矽供應鏈，而這些供應鏈通常來自非中國來源， [可能解鎖，可能鎖定] 或類似的人，他們也知道他們有足夠的優勢，因為它與 poly 的定價有關，並有助於確保他們堅持下去。

So I think there are some additional challenges that ultimately will have to be addressed for that capacity expansion. And in general, when you look at the capacity expansion, where most of the increase is happening, it's not happening, in countries like Southeast Asia, it's mostly within China. As you read through most of the announcements around polysilicon or wafer capacity expansions and all like. So you got to break that up to the term of what's really the supply chain that can address the U.S. market.

因此，我認為，對於產能擴張，最終必須解決一些額外的挑戰。總的來說，當你看產能擴張時，大部分增長發生的地方，它沒有發生，在東南亞等國家，它主要在中國。當您閱讀有關多晶矽或晶圓產能擴張等的大部分公告時。因此，您必須將其分解為可以解決美國市場問題的真正供應鏈。

And look, we know that there'll be incremental capacity, but there's going to be strong demand here in the U.S. market. And our customers understand that as well. And I'll go back to the discussion on hydrogen. When you think about the key enabler of hydrogen as an example, you can't do anything until -- and I'll just use solar as the example. Green hydrogen is going to require some renewable source, let's say, at solar. Until you take photons to make electrons, you have nothing. And so when you look at the solar CapEx relative to the total CapEx of hydrogen and electrolyzers and everything else, it's relatively small. And when you get into the nuances of handful of pennies one way or the other, a lot of these guys that are going to develop these projects, which are multiyear projects that are only enabled by solar modules.

看，我們知道會有增量產能，但美國市場的需求會很強勁。我們的客戶也明白這一點。我將回到關於氫的討論。當你將氫的關鍵推動因素作為一個例子時，你不能做任何事情直到 - 我將僅以太陽能為例。綠色氫將需要一些可再生能源，比方說，太陽能。在你用光子製造電子之前，你什麼都沒有。因此，當您查看太陽能資本支出相對於氫氣和電解槽以及其他一切的總資本支出時，它相對較小。當你以一種或另一種方式了解少數幾分錢的細微差別時，很多這些人將要開發這些項目，這些項目是僅由太陽能模塊實現的多年期項目。

They don't want to take the risk. And so that element of certainty sort of puts them in a position of less contract, let's make sure we can get contract with the trusted and credible counterparty and derisk their projects. And so we're seeing a lot of that in terms of the conversations that we are having. We're also doing a lot more business with utilities who are -- who also are concerned about their brand, their image and integrity, and they don't want to get co-mingled with any concerns around forced labor or other trade issues or beholden to any geopolitical risks that may happen between U.S. and China over time. And so it's a different risk profile that they're willing to take, and they look to First Solar as at their counterparty of choice. The same thing with the technology companies that we're seeing with huge load growth and not wanting to be exposed or at risk because of inability of modules to be delivered for their project.

他們不想冒險。因此，這種確定性因素使他們處於合同較少的位置，讓我們確保我們能夠與值得信賴和可信的交易對手簽訂合同，並降低他們項目的風險。因此，就我們正在進行的對話而言，我們看到了很多。我們還與公用事業公司開展了更多業務——他們也關心自己的品牌、形象和誠信，他們不想與任何關於強迫勞動或其他貿易問題或對美國和中國之間隨著時間的推移可能發生的任何地緣政治風險負有責任。因此，他們願意承擔不同的風險，他們將 First Solar 視為他們選擇的交易對手。同樣的事情發生在技術公司身上，我們看到負載增長巨大，他們不想因為無法為他們的項目交付模塊而暴露或處於風險之中。

So there's a lot of many -- there's many different dimensions and elements that factor into this that I think put us in an advantaged position and all sort of resonates with our strategy around responsible solar and integrity in transactions and standing by our commitments with our customers. And I think a number we fully appreciate what we've done in 2022, right? So that majority of the projects that got executed in 2022 were First Solar modules at least on the utility scale side. And there's a good element of that, that I think is playing through with our counterparties and we referenced to a handful of them, as repeat customers this year between Lightsource BP and Leeward EDPR. I mean those are great partnerships that we've created over time that are enduring.

所以有很多 - 有很多不同的維度和因素會影響到這一點，我認為這使我們處於有利地位，並且與我們圍繞負責任的太陽能和交易誠信以及遵守我們對客戶的承諾的戰略產生共鳴.而且我認為我們非常感謝我們在 2022 年所做的事情，對吧？因此，至少在公用事業規模方面，2022 年執行的大部分項目都是 First Solar 組件。我認為這是一個很好的因素，我認為正在與我們的交易對手打交道，我們參考了其中的一些，作為今年 Lightsource BP 和 Leeward EDPR 之間的回頭客。我的意思是，這些是我們隨著時間的推移建立的持久的良好夥伴關係。

Carbon intensity has always been a embedded in our responsible solar approach. Our CO2 footprint has advantage relative to our competition, our water usage, our overall emissions, our ability from a circular economy standpoint and recycling standpoint. All that's an advantage to us. I don't think it necessarily plays out uniquely with hydrogen, but I think it does play out with our brand promise and value position that we give to our customers.

碳強度一直是我們負責任的太陽能方法的一部分。我們的二氧化碳足跡相對於我們的競爭、我們的用水量、我們的總體排放量、我們從循環經濟的角度和回收的角度來看的能力具有優勢。這一切對我們來說都是優勢。我認為它不一定對氫有獨特的影響，但我認為它確實符合我們給客戶的品牌承諾和價值定位。

And our final question today will come from Colin Rusch, Oppenheimer & Company.

我們今天的最後一個問題將來自奧本海默公司的 Colin Rusch。

Can you talk a little bit about some of the supply chain keeping up with your expansion, notably the glass supply chain, the dynamics around that? And then the second question, I'd be curious to hear about is, as you're working through some of the portfolios that you're going to supply, if you could talk a little bit about the size of those projects, how many of them are getting larger? And how much you're seeing in terms of a little bit smaller sizes kind of in the 20 to 60-megawatt range that may get built out here?

你能談談一些供應鏈跟上你的擴張，特別是玻璃供應鏈，以及圍繞它的動態嗎？然後是第二個問題，我很想知道，當你正在研究你將要提供的一些投資組合時，如果你能談談這些項目的規模，有多少他們越來越大？就可能在這裡建造的 20 至 60 兆瓦範圍內的較小尺寸而言，您看到了多少？

Yes. Supply chain expansion, I think, Colin, you referenced glass in particular but at the end of the day, the module is 2 sheet of glass and back rail or frame of some type, which has a little bit more steel. Glass is critical. And it's (inaudible) we're in. We recently -- there was a joint announcement with us and beat around a factory that they're going to now start up to serve our glass needs, the factory that was (inaudible) in Pennsylvania, which will now start up and provide cover glass to us. And so one of the things that we're doing is we're really diversifying our supply chain from a glass standpoint, which is really important for us.

是的。供應鏈擴展，我認為，科林，你特別提到了玻璃，但歸根結底，模塊是 2 片玻璃和某種類型的背軌或框架，其中含有更多的鋼材。玻璃很關鍵。我們正在（聽不清）。我們最近 - 與我們聯合發布了一個工廠，他們現在將開始滿足我們的玻璃需求，這家工廠（聽不清）位於賓夕法尼亞州，現在將啟動並為我們提供蓋玻片。因此，我們正在做的其中一件事就是從玻璃的角度真正使我們的供應鏈多樣化，這對我們來說非常重要。

We're also in some conversations with them to provide and with other parties of coated glass, substrate glass. So we're trying to really broaden our reach and engagement. What's also nice about this as some of those parties -- counterparties that we're working with on the glass, in particular, are looking at solar as a strategic market that they want to be a part of, and we've got a great opportunity to leverage that with them to enable their strategic intent coupled with ours. So I'm more optimistic you would ask me 6, 9 months ago, where we were, I would say, I'm more optimistic now with some of the work the team has done to enable that supply chain from a glass standpoint in particular.

我們還與他們進行了一些對話，以提供鍍膜玻璃、基板玻璃的其他方。所以我們正在努力真正擴大我們的影響力和參與度。這也有好處，因為其中一些各方——尤其是我們在玻璃方面合作的對手方，正在將太陽能視為他們希望參與其中的戰略市場，我們有一個很好的有機會與他們一起利用這一點，使他們的戰略意圖與我們的戰略意圖相結合。所以我更樂觀你會問我 6、9 個月前，我們在哪裡，我會說，我現在對團隊所做的一些工作更加樂觀，特別是從玻璃的角度來看，使供應鏈成為可能.

Size of the projects generally are larger. We're not really seeing in many of the projects in kind of that 40 to 60 megawatts. I mean most of the projects that we're targeting with our customers are all in the 100 megawatts and generally getting larger and as you start to get into the hydrogen space, which we're starting to see some opportunities down that path. I mean those are 300, 400, 500-megawatt type of projects, in which we'll continue to grow at least as that evolves more and it goes beyond just a smaller (inaudible) opportunities at the full-scale hydrogen projects that are product finance and what have you, those are going to be large projects, and that's why the reason why I think that demand inflection point on hydrogen probably hasn't been fully appreciated with most people's forecasts.

項目的規模一般都比較大。我們在許多項目中並沒有真正看到 40 到 60 兆瓦的那種。我的意思是，我們針對客戶的大多數項目都在 100 兆瓦，並且通常會變得更大，並且隨著您開始進入氫空間，我們開始看到這條道路上的一些機會。我的意思是那些是 300、400、500 兆瓦類型的項目，我們將繼續增長，至少隨著它的發展，它超越了作為產品的全面氫項目的較小（聽不清）機會金融和你有什麼，這些將是大型項目，這就是為什麼我認為大多數人的預測可能沒有完全理解氫的需求拐點的原因。

And everyone, that does conclude our question-and-answer session today. That also concludes today's conference. We would like to thank you all for your participation. You may now disconnect.

大家好，今天的問答環節到此結束。今天的會議也到此結束。感謝大家的參與。您現在可以斷開連接。