第一太陽能 (FSLR) 2023 Q2 法說會逐字稿

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

你好。大家下午好，歡迎參加 First Solar 2023 年第一季度收益電話會議。此次電話會議正在 First Solar 網站 Investor.firstsolar.com 的投資者部分進行網絡直播。 （操作員說明）謹此提醒，今天的通話正在錄音。

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

我現在想將電話轉給 First Solar 投資者關係部的理查德·羅梅羅 (Richard Romero)。理查德，你可以開始了。

Good afternoon and thank you for joining us. Today, the company issued a press release announcing the second quarter 2023 financial results. A copy of the press release and associated presentation are available on First Solar's website at investor.firstsolar.com.

下午好，感謝您加入我們。今日，該公司發布新聞稿，公佈2023年第二季度財務業績。新聞稿和相關演示文稿的副本可在 First Solar 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 provide a business update. Alex will discuss our financial results and provide updated guidance. Following their remarks, we will open the call for questions.

今天和我在一起的有首席執行官 Mark Widmar；和首席財務官亞歷克斯布拉德利。馬克將提供業務更新。亞歷克斯將討論我們的財務業績並提供最新的指導。在他們發表講話後，我們將開始提問。

Please note this call will include forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from management's current expectations. 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前瞻性陳述，這些陳述涉及可能導致實際結果與管理層當前預期存在重大差異的風險和不確定性。我們鼓勵您查看今天的新聞稿和演示文稿中包含的安全港聲明，以獲得更完整的描述。

It is now my pleasure to introduce Mark Widmar, Chief Executive Officer.

現在我很高興向大家介紹首席執行官馬克·維德瑪 (Mark Widmar)。

Thank you, Richard. Good afternoon and thank you for joining us today. With half of 2023 behind us, we continue to see strength in commercial, operational and financial foundations both in 2023 and in the coming years as we continue to grow.

謝謝你，理查德。下午好，感謝您今天加入我們。 2023 年已經過去一半，隨著我們的不斷發展，我們在 2023 年和未來幾年將繼續看到商業、運營和財務基礎的實力。

The second quarter of the year continued the steady progress established in the first as we ramped up production and delivery of our next-generation Series 7 modules, reinforced our global leadership in thin-film PV with a strategic acquisition and continued our strong bookings and ASP momentum.

今年第二季度延續了第一季度取得的穩步進展，我們加大了下一代 7 系列組件的生產和交付，通過戰略收購鞏固了我們在薄膜光伏領域的全球領導地位，並繼續保持強勁的預訂和平均售價勢頭。

Moreover, continuing our commitment to sustainable long-term growth, earlier today, we announced that we will invest up to $1.1 billion in building a new fully vertically integrated manufacturing facility in the United States, our fifth in the country. Driven by compelling market fundamentals, supportive trade and industrial policies and robust customer demand, as reflected in our year-to-date bookings, total contracted in both backlog and pipeline of mid- to late-stage opportunities, we are pleased to continue to expand and invest in domestic manufacturing in the United States.

此外，為了繼續致力於可持續的長期增長，今天早些時候，我們宣布將投資 11 億美元在美國建造一座新的完全垂直一體化的製造工廠，這是我們在美國的第五座工廠。在令人信服的市場基本面、支持性的貿易和產業政策以及強勁的客戶需求的推動下，正如我們今年迄今的預訂量、積壓訂單和中後期機會的合同總額所反映的那樣，我們很高興繼續擴大業務並投資美國國內製造業。

This new facility is anticipated to be completed and begin production in the first half of 2026 and, along with our Alabama facility currently under construction, will produce our Series 7 module, which is expected to be a fully domestic product and is determined by the current guidance issued by the U.S. Department of Treasury. This new investment puts us on track to grow our manufacturing footprint to approximately 14 gigawatts in the U.S. and 25 gigawatts globally by 2026, reaffirming the growth thesis we established in November of 2016.

該新工廠預計將於 2026 年上半年竣工並開始生產，與我們目前正在建設的阿拉巴馬州工廠一起，將生產我們的 Series 7 模塊，該模塊預計將完全是國產產品，並由當前的美國財政部發布的指導。這項新投資使我們有望到 2026 年將美國的製造足跡擴大到約 14 吉瓦，全球擴大到 25 吉瓦，重申我們在 2016 年 11 月確立的增長論點。

As noted on previous earnings call, the position we are in today is enabled by our point of differentiation. Our unique CadTel semiconductor technology, vertically integrated manufacturing process, decision to locate manufacturing close to demand and develop robust local supply chains, and unwavering commitments to Responsible Solar makes us a partner of choice for large sophisticated developers both in the U.S. and internationally. As reflected by our continuing bookings progress since the previous earnings call, this differentiation continues to be a driver of long-term growth and competitiveness, placing us in a position to exit this decade in a stronger position than we entered it.

正如之前的財報電話會議所指出的那樣，我們今天所處的地位是由我們的差異化點促成的。我們獨特的 CadTel 半導體技術、垂直整合的製造工藝、將製造地點靠近需求並開發強大的本地供應鏈的決策，以及對 Responsible Solar 的堅定承諾，使我們成為美國和國際大型成熟開發商的首選合作夥伴。正如我們自上次財報電話會議以來持續不斷的預訂進展所反映的那樣，這種差異化仍然是長期增長和競爭力的驅動力，使我們在結束這個十年時比進入這個十年時處於更有利的地位。

Beginning on Slide 3, I will share some key highlights from the second quarter. We continue to build on our backlog with 8.9 gigawatts of net bookings since our last earnings call at ASP of $0.293 per watt, excluding adjusters where applicable. Note, for approximately half of this volume, the customer is responsible for the associated freight costs, which are therefore not reflected in booked ASPs. Including typical freight costs, the average ASP across these bookings would increase to over $0.30 per watt. These bookings bring our year-to-date net bookings to 21.1 gigawatts. Our total backlog of future bookings now stands at 78.3 gigawatts, including 48.5 gigawatts of mid- to late-stage opportunities.

從幻燈片 3 開始，我將分享第二季度的一些關鍵亮點。自上次財報電話會議以來，我們繼續積壓訂單，淨預訂量為 8.9 吉瓦，平均售價為每瓦 0.293 美元（不包括適用的調整員）。請注意，對於該數量的大約一半，客戶負責相關的運費，因此這些費用不會反映在預訂的平均售價中。包括典型的運費在內，這些預訂的平均 ASP 將增加至每瓦 0.30 美元以上。這些預訂使我們今年迄今的淨預訂量達到 21.1 吉瓦。目前，我們未來預訂的總積壓量為 78.3 吉瓦，其中包括 48.5 吉瓦的中後期機會。

As it relates to manufacturing, we produced 2.4 gigawatts of Series 6 modules in the second quarter, with an average watts per module of 468, a top bin class of 475 watts and a manufacturing yield of 98%.

就製造而言，我們在第二季度生產了 2.4 吉瓦的系列 6 組件，每個組件的平均瓦數為 468 瓦，頂級等級為 475 瓦，製造良率為 98%。

As noted in Q1 earnings call, our third Ohio factory, which establishes the template for high-volume Series 7 manufacturing, began operations in January and is continuing to ramp, demonstrating a manufacturing production capability of up to 13,000 modules per day, which is approximately 84% of nameplate throughput. The factory has produced a total of 425 megawatts in Q2 for a total first half 2023 production of 595 megawatts. The factory recently demonstrated a top module wattage produced of 540 watts, which implies a record production efficiency of 19.3%.

正如第一季度財報電話會議中所指出的，我們的第三家俄亥俄工廠為大批量 7 系列製造建立了模板，於 1 月份開始運營，並繼續擴大規模，展示了每天高達 13,000 個模塊的製造生產能力，約為銘牌吞吐量的 84%。該工廠第二季度的總發電量為 425 兆瓦，2023 年上半年的總發電量為 595 兆瓦。該工廠最近展示了生產的頂級組件瓦數為 540 瓦，這意味著生產效率達到創紀錄的 19.3%。

We sold 215 megawatts of Series 7 modules in Q2 and are pleased to note that the product is already being deployed in 3 projects: in Arkansas, Arizona and Mississippi.

我們在第二季度銷售了 215 兆瓦的系列 7 組件，並且很高興地註意到該產品已經部署在 3 個項目中：阿肯色州、亞利桑那州和密西西比州。

Staying on technology. We also announced during the quarter a limited production run of our first bifacial module panels, utilizing an advanced thin-film semiconductor. The module, which is undergoing field and laboratory testing, builds on the track record and energy-advantaged attributes of First Solar's successful Series 6 monofacial module platform, and we expect to begin lead line commercial production by Q4 2023.

堅持技術。我們還宣佈在本季度限量生產我們的首款雙面模塊面板，該面板採用先進的薄膜半導體。該組件正在接受現場和實驗室測試，它建立在 First Solar 成功的 Series 6 單面組件平台的跟踪記錄和能源優勢屬性的基礎上，我們預計將在 2023 年第四季度開始領先的商業生產。

Notably, the bifacial model features an innovative transparent back contact. Pioneered by First Solar's research and development team, the transparent back contact, in addition to enabling bifacial energy games, allows infrared wavelengths of light to pass through rather than be absorbed as heat. This is expected to lower the operational temperature of the bifacial module, resulting in higher specific energy yield. We believe that the transparent back contact is a foundational step towards the development of future tandem products.

值得注意的是，雙面模型具有創新的透明背接觸。由 First Solar 研發團隊首創的透明背接觸除了能夠實現雙面能量遊戲外，還允許紅外波長的光穿過而不是被吸收為熱量。預計這將降低雙面組件的工作溫度，從而獲得更高的比能量產量。我們相信，透明背接觸是未來串聯產品開發的基礎性一步。

Similarly, our acquisition of Evolar, the European leader in thin-film perovskite and CIGS technology, is also expected to accelerate the development of next-generation PV technology, including high-efficiency tandem devices, by integrating Evolar know-how with First Solar's existing research and development streams, intellectual property portfolio and expertise in developing and commercially scaling thin-film PV.

同樣，我們對歐洲薄膜鈣鈦礦和 CIGS 技術領導者 Evolar 的收購也有望通過將 Evolar 的專業知識與 First Solar 現有的技術相結合，加速下一代光伏技術的開發，包括高效串聯器件。研究和開發流、知識產權組合以及開發和商業規模化薄膜光伏的專業知識。

Moving to Slide 4. We continue to make steady progress at our manufacturing and R&D facility expansions. Starting with India. Construction of the factory is now complete and preproduction testing of the installed tools is ongoing, with the first complete module having been produced in June. We expect this facility to begin production by the end of August this year and, when fully ramped, add 3.4 gigawatts of annual nameplate manufacturing capacity [for our module.]

轉向幻燈片 4。我們在製造和研發設施擴建方面繼續穩步取得進展。從印度開始。工廠建設現已完成，所安裝工具的預生產測試正在進行中，第一個完整模塊已於 6 月生產。我們預計該工廠將於今年 8 月底開始生產，全面投產後，[我們的組件] 的年銘牌製造能力將增加 3.4 吉瓦。

We're also on track to expand and upgrade our Ohio Series 6 factory to achieve an additional aggregate annual throughput of 0.9 gigawatts, with the additional capacity expected to come online in 2024. Similarly, our new Alabama facility is also on schedule for completion by the end of 2024 with commercial operations ramping through 2025. This facility is expected to add 3.5 gigawatts of annual nameplate capacity once fully ramped, increasing our annual nameplate capacity in the U.S. to over 10 gigawatts by 2025.

我們還計劃擴建和升級我們的俄亥俄州 Series 6 工廠，以實現 0.9 吉瓦的額外總年吞吐量，額外產能預計將於 2024 年上線。同樣，我們的新阿拉巴馬工廠也按計劃於 2024 年竣工。到 2024 年底，商業運營將持續到 2025 年。該設施全面投產後，預計將增加 3.5 吉瓦的年額定容量，到 2025 年，我們在美國的年額定容量將增加到 10 吉瓦以上。

As it relates to our fifth U.S. manufacturing facility announced earlier today, we continue to evaluate exciting options based on the availability of suitable land and related infrastructure, proximity to our supply chains, access to skilled labor and other factors, including the availability of state-level incentives. We expect to announce our location decision shortly.

由於這與我們今天早些時候宣布的第五個美國製造工廠有關，我們將繼續根據是否有合適的土地和相關基礎設施、是否靠近我們的供應鏈、是否有熟練勞動力和其他因素來評估令人興奮的選擇，包括是否有國家-級激勵。我們預計很快就會宣布我們的選址決定。

Our dedicated R&D facility is also on track with construction well underway and tool sets ordered. As previously noted, this facility will feature a high-tech pilot manufacturing line, allowing for production of full-size prototypes of thin-film and tandem PV modules. This, we believe, will allow us to optimize our R&D efforts and progress on our technology road map with significantly less disruption to our commercial manufacturing lines.

我們的專用研發設施也已步入正軌，施工進展順利，並訂購了工具套件。如前所述，該工廠將擁有一條高科技試點生產線，可生產薄膜和串聯光伏組件的全尺寸原型。我們相信，這將使我們能夠優化我們的研發工作並在技術路線圖上取得進展，同時顯著減少對我們商業生產線的干擾。

Note, since the announcement of the Inflation Reduction Act, approximately 1 year ago, we have committed over $2.8 billion in capital investments into United States across our existing Ohio manufacturing facilities; a new manufacturing plant in Alabama; a new research and development center in Ohio; and most recently, our fifth U.S. factory announced today. We expect this will result in the creation of approximately 700 new direct jobs as well as multiples of this number in incremental indirect jobs, including across our supply chain.

請注意，自大約 1 年前宣布《通貨膨脹削減法案》以來，我們已承諾對美國現有的俄亥俄州製造工廠進行超過 28 億美元的資本投資；阿拉巴馬州的新製造工廠；俄亥俄州的新研發中心；最近，我們今天宣佈在美國建立第五家工廠。我們預計這將創造約 700 個新的直接就業崗位以及數倍於增量的間接就業崗位，包括整個供應鏈。

Before we go to the next slide, I would like to take a moment to discuss the policy environment in our key markets. Starting in the United States. We are appreciative of the work done by the Biden administration to issue IRA-related guidance on Section 48C, direct pay, tax credit transfers and domestic content. We are pleased with the direct pay regulations issued during the quarter, clarifying that a 5-year direct pay period under Section 45X may be elected on a facility-by-facility basis, which will benefit our previously announced factory in Alabama as well as our new facility announced earlier today.

在我們開始下一張幻燈片之前，我想花點時間討論一下我們主要市場的政策環境。從美國開始。我們讚賞拜登政府在第 48C 條、直接工資、稅收抵免轉移和國內內容方面發布 IRA 相關指導意見方面所做的工作。我們對本季度發布的直接支付規定感到滿意，該規定明確了第 45X 條規定的 5 年直接支付期可以逐個工廠選擇，這將有利於我們之前宣布的阿拉巴馬州工廠以及我們的工廠。今天早些時候宣布了新設施。

We are actively engaged with the administration and working with our customers to ensure that the guidance, particularly with regards to domestic content, will deliver on the IRA's intent to sustainably grow U.S. manufacturing and reshore a vital clean energy supply chain. Before -- more specifically on domestic content, we have shared our comments on the current guidance with the administration and are working to provide our customers with the direct cost information needed to enable their ability to benefit from the bonus credit for using U.S. main content.

我們積極與政府合作，並與客戶合作，以確保該指南（特別是國內內容）能夠實現 IRA 可持續發展美國製造業和重新建立重要的清潔能源供應鏈的意圖。之前，更具體地說是關於國內內容，我們已與政府部門分享了對當前指南的評論，並正在努力為我們的客戶提供所需的直接成本信息，使他們能夠從使用美國主要內容的獎勵積分中受益。

Our U.S.-produced modules are well positioned to enable our customers to qualify for the domestic content bonus credit due to both our vertically integrated manufacturing process, where the entire module, including the cell, is manufactured in America and our commitment to investing in domestic supply chains. Today, our U.S. operations use 100% U.S.-made glass and steel, among other components.

我們在美國生產的組件處於有利位置，使我們的客戶有資格獲得國內含量獎勵積分，這得益於我們的垂直一體化製造流程（包括電池在內的整個組件均在美國製造）以及我們對投資國內供應的承諾鏈。如今，我們的美國業務以及其他部件均使用 100% 美國製造的玻璃和鋼材。

As it relates to trade, we are awaiting the Department of Commerce's final determination in its investigation of Chinese manufacturers accused of circumventing U.S. antidumping and countervailing duties. We believe that the department's investigation is a step in the right direction and sends a clear signal that the United States remains committed to the rules of international trade law and to trade that is both free and fair.

就貿易而言，我們正在等待商務部對被指控規避美國反傾銷和反補貼稅的中國製造商進行調查的最終決定。我們認為，商務部的調查是朝著正確方向邁出的一步，並發出了一個明確的信號，即美國仍然致力於國際貿易法規則和自由公平的貿易。

Relatedly, we applaud the role of U.S. Customs and Border Protection in enforcing the Uyghur Forced Labor Protection Act and its transparency in reporting statistics through a public dashboard. Given the significant undertaking required to execute its mandate under the Act, we believe the agency needs to be more adequately resourced to ensure the enforcement is extended beyond the handful of high-profile Chinese solar manufacturers currently being scrutinized. The relatively narrow scope of enforcement would effectively allow lesser-known solar panel manufacturers, who may source their polysilicon from the Xinjiang region of China, to freely export their products into the U.S. without risk of attention.

與此相關，我們讚揚美國海關和邊境保護局在執行《維吾爾強迫勞動保護法》方面所發揮的作用，及其通過公共儀表板報告統計數據的透明度。鑑於執行該法案規定的任務所需的重大任務，我們認為該機構需要獲得更充足的資源，以確保執法範圍擴大到目前正在接受審查的少數知名中國太陽能製造商之外。相對狹窄的執法範圍將有效地允許不太知名的太陽能電池板製造商（他們可能從中國新疆地區採購多晶矽）自由地將其產品出口到美國，而不會受到關注的風險。

Internationally, we continue to follow policy developments in Europe, where the EU is working towards a path to energy self-sufficiency. While we are cautious in that the market given the recent collapse in polysilicon pricing and the impact that irrationally cheap solar panels driven by oversupply and dumping into Europe may have on the political wellness to deliver a comprehensive legislative solution that both levels the playing field and incentivizes domestic manufacturing.

在國際上，我們繼續關注歐洲的政策發展，歐盟正在努力實現能源自給自足。儘管我們對市場持謹慎態度，但考慮到最近多晶矽價格暴跌，以及供應過剩和向歐洲傾銷導致的不合理廉價太陽能電池板可能對政治健康產生影響，以提供既公平競爭環境又激勵的全面立法解決方案國內製造。

While we remain engaged with the EU, we are pleased to see its member states move forward with their own plans to reshore solar manufacturing. Most notably, Germany's Federal Ministry of Economics and Climate Protection recently launched a request for expression of interest and a plan to build approximately 10 gigawatts of vertically integrated solar manufacturing capacity in the country. The industry launched the initiative under the Europe's Temporary Crisis and Transition Framework, and we intend to submit a nonbinding expression of interest.

在我們繼續與歐盟接觸的同時，我們很高興看到其成員國推進自己的太陽能製造業回流計劃。最值得注意的是，德國聯邦經濟和氣候保護部最近發起了意向書徵集，併計劃在該國建設約 10 吉瓦的垂直一體化太陽能製造能力。該行業在歐洲臨時危機和過渡框架下發起了該倡議，我們打算提交一份不具約束力的意向書。

However, we continue to hold the position that manufacturing CapEx incentives alone are not an adequately sustainable solution with Europe's challenges. If mechanisms are not put in place for domestic manufacturers to have a sustained level playing field for their capital investments, Europe will find it challenging to achieve what the U.S. and India have been able to do in a relatively short period of time.

然而，我們仍然堅持認為，僅靠製造業資本支出激勵措施並不能充分解決歐洲面臨的挑戰。如果沒有為國內製造商建立持續公平的資本投資競爭環境的機制，歐洲將發現很難在相對較短的時間內實現美國和印度所取得的成就。

Moving to Slide 5. As of December 31, 2022, our contracted backlog totaled 61.4 gigawatts, with an aggregate value of $17.7 billion. Through June 2023, we entered into an additional 13.6 gigawatts of contracted and recognized 4.7 gigawatts of sold volume, resulting in total backlog of 70.3 gigawatts with an aggregate value of $20.8 billion, which equates to approximately $0.296 per watt, an increase of $0.08 compared to end of year 2022 and $0.028 per watt compared to June 30, 2022.

轉到幻燈片 5。截至 2022 年 12 月 31 日，我們的合同積壓總量為 61.4 吉瓦，總價值為 177 億美元。截至 2023 年 6 月，我們額外簽訂了 13.6 吉瓦的合同，並確認了 4.7 吉瓦的銷售量，導致積壓總量為 70.3 吉瓦，總價值為 208 億美元，相當於每瓦約 0.296 美元，比去年增加了 0.08 美元。與 2022 年 6 月 30 日相比，到 2022 年底每瓦價格為 0.028 美元。

Since the end of the second quarter to date, we have entered into an additional 7.5 gigawatts of contracts, bringing our total backlog to date to a record 77.8 gigawatts. Included in our backlog since the previous earnings call are contracts of approximately 1 gigawatt or more with new customers, Capital Power Development and Matrix Renewables USA as well as with a large European customer.

自第二季度末至今，我們已額外簽訂了 7.5 吉瓦合同，使我們迄今為止的積壓總量達到創紀錄的 77.8 吉瓦。自上次財報電話會議以來，我們的積壓訂單中包括與新客戶 Capital Power Development 和 Matrix Renewables USA 以及一家大型歐洲客戶簽訂的約 1 吉瓦或更多的合同。

We also signed and announced on July 16, a follow-on 5-gigawatt deal with Energix Renewables, a leading Israeli developer and repeat customer, 4 gigawatts of which sits within our bookings and 1 gigawatt of which is contract subject to conditions precedent. In addition, we concurrently amended a previously booked deal with Energix, increasing the module ASP and committing to providing U.S. modules for 850 megawatts of their projects.

我們還於 7 月 16 日簽署並宣布了與以色列領先開發商和回頭客 Energix Renewables 的後續 5 吉瓦協議，其中 4 吉瓦在我們的預訂範圍內，其中 1 吉瓦是受先決條件約束的合同。此外，我們同時修改了之前與Energix簽訂的協議，提高了組件平均售價，並承諾為其850兆瓦項目提供美國組件。

Since the announcement of the IRA, we have amended certain existing contracts to provide U.S. manufactured products as well as to supply Series 7 modules in place of Series 6. As a consequence, over the past 4 quarters up to the end of Q2 2023, we have increased our contracted revenue by $312 million across 9.2 gigawatts or approximately $0.034 per watt. Note, we are still progressing additional amendments associated with providing U.S.-manufactured and Series 7 product, which we expect to be reflected in our Q3 contracted revenue backlog.

自 IRA 宣布以來，我們修改了某些現有合同，以提供美國製造的產品以及供應系列 7 模塊代替系列 6。因此，在截至 2023 年第二季度末的過去 4 個季度中，我們我們的合同收入增加了 3.12 億美元（9.2 吉瓦），即每瓦約 0.034 美元。請注意，我們仍在進行與提供美國製造和系列 7 產品相關的其他修訂，我們預計這將反映在我們第三季度的合同收入積壓中。

As we previously addressed, a substantial portion of our overall backlog includes the opportunity to increase the base ASP through the application of adjusters, if we're able to realize achievement within our technology road map as of the required timing for the delivery of the product. As of the end of the second quarter, we had approximately 36.4 gigawatts of contracted volume. With these adjusters, if fully realized, would result in additional revenue of up to $0.7 billion or approximately $0.02 per watt, the majority of which would be recognized between 2026 and 2027.

正如我們之前提到的，如果我們能夠在我們的技術路線圖中按照產品交付所需的時間實現目標，那麼我們整體待辦事項的很大一部分包括通過應用調整器來提高基本 ASP 的機會。截至第二季度末，我們的合同容量約為 36.4 吉瓦。這些調節器如果完全實現，將帶來高達 7 億美元或每瓦約 0.02 美元的額外收入，其中大部分將在 2026 年至 2027 年之間確認。

As previously discussed, this amount does not include potential adjustments, which are generally applicable to the total contracted backlog both for the ultimate module bin delivered to the customer, which may adjust the ASP under the sales contract upwards or downwards, and for increases in sales rate or applicable aluminum or sales commodity price changes. Finally, this amount does not include any remaining potential higher-rate domestic content price adjustments in excess of the already amended 9.2 gigawatts referenced above.

如前所述，該金額不包括潛在的調整，這些調整通常適用於交付給客戶的最終模塊箱的合同積壓總額（這可能會向上或向下調整銷售合同下的平均售價）以及銷售額的增加率或適用的鋁或銷售商品價格變化。最後，這一數額不包括超過上述已修正的 9.2 吉瓦的任何剩餘的潛在更高費率的國內內容價格調整。

Our contracted backlog extends into 2030, including our most recent bookings. And excluding India, we are sold out through 2026. Note, some production from India is expected to be used to support U.S. deliveries in 2024 and 2025.

我們的合同積壓訂單延續到 2030 年，包括我們最近的預訂。不包括印度，我們的產品到 2026 年都會售完。請注意，印度的部分產量預計將用於支持 2024 年和 2025 年美國的交付。

As reflected on Slide 6, our pipeline of potential bookings remains robust with total booking opportunities of 78.3 gigawatts, a decrease of approximately 34 gigawatts since the previous quarter. Our mid- to late-stage opportunities decreased by approximately 24 gigawatts to 48.5 gigawatts and includes 41 gigawatts in North America; 5.5 gigawatts in India; 1.8 gigawatts in the EU; and 0.2 gigawatts across all other geographies.

正如幻燈片 6 所示，我們的潛在預訂渠道依然強勁，預訂機會總數為 78.3 吉瓦，比上一季度減少了約 34 吉瓦。我們的中後期機會減少了約 24 吉瓦至 48.5 吉瓦，其中包括北美的 41 吉瓦；印度5.5吉瓦；歐盟1.8吉瓦；所有其他地區的發電量為 0.2 吉瓦。

The decreases in total and mid- to late-stage pipeline from Q1 2023 to Q2 2023, as a result of both converting certain opportunities to bookings as well as the removal of certain other opportunities given our sold-out position and diminished available supply. They also reflect a removal of one large multi-gigawatt, multiyear opportunity, where we were unable to come to terms with the customer. As we previously stated, we will continue to forward contract with customers, who prioritize long-term relationships and value our differentiation. And given the strength and duration of our current contracted backlog, we will be strategic and selective in our approach to future contracting.

從 2023 年第一季度到 2023 年第二季度，總體和中後期管道數量減少，這是由於將某些機會轉化為預訂，以及鑑於我們的售罄狀況和可用供應減少而取消了某些其他機會。它們還反映出我們無法與客戶達成協議的一個大型數吉瓦、多年期機會的取消。正如我們之前所說，我們將繼續與客戶簽訂合同，他們優先考慮長期關係並重視我們的差異化。考慮到我們當前合同積壓的強度和持續時間，我們將在未來的合同中採取戰略性和選擇性的方法。

Included within our mid- to late-stage pipeline are 6.7 gigawatts of opportunities that are contracts subject to conditions precedent, which include 1.9 gigawatts in India. Given the shorter time frame between contracting and product delivery in India relative to other markets, we would not expect to save multiyear contracted commitments that we are currently seeing in the United States. As a reminder, signed contracts in India will not be recognized as bookings until we have received full security against the offtake.

我們的中後期管道包括 6.7 吉瓦的機會，這些機會是受先決條件約束的合同，其中包括印度的 1.9 吉瓦。鑑於與其他市場相比，印度的合同和產品交付之間的時間較短，我們預計不會保留目前在美國看到的多年合同承諾。提醒一下，在我們收到承購的全部擔保之前，在印度簽署的合同不會被視為預訂。

Moving to Slide 7. While we will release our annual sustainability report in the coming weeks, we'd like to take this opportunity to preview a few highlights with you. As we have consistently noted, our commitment to Responsible Solar is not a tagline but our way of doing business. This commitment is underpinned by the belief that solar should never come at the expense of the environment or human rights and drives our company's environmental, social and governance strategy and differentiation. It is this commitment that has driven down our greenhouse gas emissions, energy, water and waste intensity per watt produced and increased the percentage of women in our workforce in 2022 relative to the preceding year.

轉向幻燈片 7。雖然我們將在未來幾週內發布年度可持續發展報告，但我們想藉此機會與您一起預覽一些亮點。正如我們一貫指出的那樣，我們對負責任太陽能的承諾不是口號，而是我們開展業務的方式。這一承諾的基礎是太陽能決不能以犧牲環境或人權為代價，並推動我們公司的環境、社會和治理戰略和差異化。正是這一承諾降低了我們每瓦生產的溫室氣體排放量、能源、水和廢物強度，並提高了 2022 年勞動力中女性的比例（與上一年相比）。

Our achievement is built on previous year successes, and we have developed a road map with additional initiatives to reduce our absolute Scope 1 and Scope 2 greenhouse gas emissions by 34% by 2028 and achieve net-zero emissions relative to 2020 by 2050.

我們的成就建立在去年成功的基礎上，我們制定了路線圖，其中包含更多舉措，以期到 2028 年將範圍 1 和範圍 2 溫室氣體絕對排放量減少 34%，並到 2050 年實現相對於 2020 年的淨零排放。

Crucially, we also recognize that we cannot get to net zero without a circular economy. And we continue to make progress on building circularity into our next-generation modules and manufacturing processes from raw material sourcing to high-value recycling with closed-loop semiconductor recovery. This is reflected in the fact that the Series 7 module is designed with sustainability in mind and is our most eco-efficient product to date. It's also reflected in the fact that our new facility in India, which is located in a region of high baseline water stress, is designed to be net-zero water withdrawal PV manufacturing facility, which we believe to be the world's first.

至關重要的是，我們還認識到，如果沒有循環經濟，我們就無法實現淨零排放。我們在下一代模塊和製造工藝的循環利用方面不斷取得進展，從原材料採購到閉環半導體回收的高價值回收。這體現在 7 系列模塊在設計時就考慮到了可持續性，並且是我們迄今為止最俱生態效率的產品。這也反映在我們位於印度的新工廠位於高基線水資源緊張地區的事實中，該工廠被設計為淨零取水光伏製造工廠，我們認為這是世界上第一個。

As a purpose-driven company, we consistently hold ourselves to a higher standard and proudly set new benchmarks from the hope that, by leading by example, others in the solar industry will follow.

作為一家以目標為導向的公司，我們始終堅持更高的標準，並自豪地設定新的基準，希望通過以身作則，太陽能行業的其他公司能夠效仿。

I'll now turn the call over to Alex, who will discuss our Q2 results.

我現在將把電話轉給亞歷克斯，他將討論我們第二季度的結果。

Thanks, Mark. Starting on Slide 8, I'll cover our financial results for the second quarter. Net sales in the second quarter were $811 million, an increase of $262 million compared to the first quarter. Increase in net sales was primarily driven by strong market demand that led to higher volumes sold, commencement of sales of our next-generation Series 7 modules and an increase in module ASP.

謝謝，馬克。從幻燈片 8 開始，我將介紹我們第二季度的財務業績。第二季度淨銷售額為8.11億美元，較第一季度增加2.62億美元。淨銷售額的增長主要是由於強勁的市場需求導致銷量增加、新一代 7 系列模塊的開始銷售以及模塊平均售價的增長。

Gross margin was 38% in the second quarter compared to 20% in the first quarter. This increase is primarily driven by the increase in module ASPs, lower sales rate costs and higher volumes of modules produced and sold in the U.S., resulting in additional credits from Inflation Reduction Act.

第二季度的毛利率為 38%，而第一季度的毛利率為 20%。這一增長主要是由於組件平均售價的增加、銷售成本的降低以及在美國生產和銷售的組件數量的增加，導致了《通貨膨脹減少法案》的額外抵免。

Based on our differentiated vertically integrated manufacturing model and the current form factor of our modules, we expect to qualify for a Section 45X credit of approximately $0.17 per watt for each module sold, which is recognized as a reduction in cost of sales in the period of sale. During the second quarter, we recognized $155 million of such credits compared to $70 million in the first quarter. I encourage you to review the safe harbor statements contained in today's press release and presentation and risks related to our receiving the full amount of tax benefit we believe we are entitled to under the IRA.

基於我們差異化的垂直整合製造模式和當前模塊的外形尺寸，我們預計每個售出的模塊將有資格獲得每瓦約 0.17 美元的第 45X 條款抵免，這被認為是 2017 年期間銷售成本的降低。銷售。第二季度，我們確認了 1.55 億美元的此類信貸，而第一季度為 7000 萬美元。我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，以及與我們認為我們有權根據 IRA 獲得全額稅收優惠相關的風險。

The reduction in our sales freight costs during the quarter reflected improved ocean and land rates, the significant reduction in nonstandard charges of container detention and demurrage as well as a beneficial domestic versus international mix of volumes sold. The lower sales freight costs reduced gross margin by 8 percentage points during the second quarter compared to 15 percentage points in the first quarter.

本季度我們銷售運費的下降反映了海運和陸運費率的提高、集裝箱滯留費和滯期費非標準費用的大幅減少，以及國內與國際銷售量的有利組合。較低的銷售運費使第二季度毛利率下降了 8 個百分點，而第一季度為 15 個百分點。

Ramp costs, which include costs associated with operating a new factory below its target utilization and performance levels, were $29 million during the second quarter compared to $19 million in the first quarter. Ramp costs reduced gross margin by 4 percentage points in each of the first and second quarters. Our year-to-date ramp costs are fully attributable to our new Series 7 factory in Ohio, which is expected to reach its initial target operating capacity later this year. We also began to expect incurring ramp costs on our new Series 7 factory in India in the third quarter.

第二季度的斜坡成本（包括與低於目標利用率和績效水平的新工廠運營相關的成本）為 2,900 萬美元，而第一季度為 1,900 萬美元。第一季度和第二季度的坡道成本使毛利率下降了 4 個百分點。我們今年迄今的產能提升成本完全歸因於我們位於俄亥俄州的新 7 系列工廠，預計該工廠將在今年晚些時候達到其最初的運營產能目標。我們還開始預計第三季度我們位於印度的新 7 系列工廠將產生產能提升成本。

SG&A and R&D expenses totaled $83 million in the second quarter, an increase of $8 million compared to the first. This increase was primarily driven by additional investments in our R&D workforce, our R&D testing costs, additional share-based compensation expense and higher professional fees.

第二季度的 SG&A 和研發費用總計 8300 萬美元，比第一季度增加 800 萬美元。這一增長主要是由於對研發人員的額外投資、研發測試成本、額外的股權激勵費用和更高的專業費用推動的。

Production start-up expense, which is included in operating expenses, was $23 million in the second quarter, an increase of approximately $4 million compared to first quarter. This increase is attributable to higher preproduction costs at our new factory in India, which will be prepared to start production this quarter.

第二季度生產啟動費用（包含在運營費用中）為 2300 萬美元，比第一季度增加約 400 萬美元。這一增長歸因於我們位於印度的新工廠的預生產成本較高，該工廠將於本季度準備開始生產。

Our second quarter operating results included approximately $8 million of nonmodule revenue associated with project earn-out payments from our former systems business. We also recorded a litigation loss of $36 million associated with the dispute with the Southern Power Company related to legacy EPC [site] projects in the United States for which we served as the EPC contractor. We are evaluating our options in relation to this litigation.

我們第二季度的運營業績包括約 800 萬美元的非模塊收入，這些收入與我們以前的系統業務的項目盈利付款相關。我們還記錄了與南方電力公司有關我們作為 EPC 承包商的美國遺留 EPC [現場] 項目的糾紛相關的 3,600 萬美元的訴訟損失。我們正在評估與此訴訟相關的選擇。

Year-to-date operating loss impact from legacy systems business-related activities was approximately $22 million.

年初至今，遺留系統業務相關活動造成的運營損失約為 2200 萬美元。

Our second quarter operating income was $169 million, which included depreciation, amortization and accretion of $72 million; ramp costs of $29 million; production start-up expense of $23 million; legacy systems business-related impact of $28 million; and share-based compensation expense of $8 million.

我們第二季度的營業收入為 1.69 億美元，其中包括折舊、攤銷和增值 7200 萬美元；坡道成本為 2900 萬美元；生產啟動費用為2300萬美元；遺留系統業務相關影響達 2800 萬美元；以及 800 萬美元的股權激勵費用。

We recorded tax expense of $18 million in the second quarter compared to a tax benefit of $7 million in the first quarter. The increase in tax expense was driven by higher pretax income and lower tax benefits associated with share-based compensation awards with the majority of these awards vest during the first quarter of each year. The aforementioned items combined led to a second quarter diluted earnings per share of $1.59 compared to $0.40 in the first quarter. And note, growth-related start-up and ramp costs have impacted Q1 and Q2 by $38 million and $53 million, respectively, for a cumulative first half 2023 operating income impact of $91 million.

我們第二季度的稅收支出為 1800 萬美元，而第一季度的稅收優惠為 700 萬美元。稅收費用的增加是由於稅前收入增加以及與股權激勵獎勵相關的稅收優惠減少所致，其中大部分獎勵在每年第一季度歸屬。上述項目合計導致第二季度攤薄每股收益為 1.59 美元，而第一季度為 0.40 美元。請注意，與增長相關的啟動和升級成本分別對第一季度和第二季度產生了 3800 萬美元和 5300 萬美元的影響，對 2023 年上半年營業收入的累計影響為 9100 萬美元。

Next on 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 $1.9 billion that's $2.3 billion at the end of the prior quarter. This decrease was primarily driven by capital expenditures associated with our new facilities in Ohio, Alabama and India and payment for our acquisition of Evolar, partially offset by advanced payments received for future module sales and additional drawdown by India credit facility.

接下來在幻燈片 9 上討論選定的資產負債表項目和匯總現金流量信息。本季度末，我們的現金、現金等價物、限制性現金、限制性現金等價物和有價證券為 19 億美元，上一季度末為 23 億美元。這一下降主要是由於與我們在俄亥俄州、阿拉巴馬州和印度的新設施相關的資本支出以及我們收購 Evolar 的付款所致，部分被未來組件銷售收到的預付款和印度信貸安排的額外提款所抵消。

As it relates to advanced payments, for substantially all contracts in our backlog at the time of booking, we typically require payment security in forms of cash deposits, bank guarantees, surety bonds, letters of credit, commercial letters of credit, parent guarantees, targeting up to 20% of the contract value. Cash deposits, which are reflected on our consolidated balance sheet as deferred revenue, totaled approximately $1.5 billion at the end of the quarter and provide a meaningful portion of the financial resources required to fund our existing expansion method.

由於涉及預付款，對於預訂時積壓的幾乎所有合同，我們通常要求以現金存款、銀行擔保、擔保債券、信用證、商業信用證、母公司擔保、定向擔保等形式提供付款擔保。最高可達合同價值的20%。現金存款在我們的合併資產負債表上反映為遞延收入，截至本季度末總計約為 15 億美元，為我們現有的擴張方法提供了所需的財務資源。

Total debt at the end of the second quarter was $437 million, an increase of $117 million from the first quarter as a result of the loan drawdown under our credit facility for our factory in India. Our net cash position decreased by approximately $0.5 billion to $1.5 billion as a result of the aforementioned factors. Cash flows used in operations were $89 million in the second quarter primarily due to expansion-related activities. Capital expenditures were $383 million during the period.

第二季度末的總債務為 4.37 億美元，比第一季度增加 1.17 億美元，這是由於印度工廠信貸安排下的貸款提取所致。由於上述因素，我們的淨現金頭寸減少了約 5 億美元至 15 億美元。第二季度運營使用的現金流為 8900 萬美元，主要是由於擴張相關活動。期內資本支出為3.83億美元。

During the quarter, we secured a 5-year revolving credit facility for $1 billion. We're focused on exiting this decade in a stronger position than we entered it, and liquidity is a crucial differentiation we intend to maintain. This facility provides us with the financial headroom and flexibility we need while also balancing our ability to grow in response to demand for our technology.

本季度，我們獲得了 10 億美元的 5 年期循環信貸額度。我們致力於以比進入這個十年時更強大的地位退出這個十年，而流動性是我們打算維持的一個關鍵差異化優勢。該設施為我們提供了所需的財務空間和靈活性，同時還平衡了我們根據技術需求而增長的能力。

Turning on Slide 10, I'll discuss full year 2023 guidance. As noted on our February guidance call, given the declining impact of our other segments, we stated that we are no longer providing segment-specific guidance but would note any significant impact to our consolidated financials. As it relates to our legacy systems business, year-to-date, we have seen approximately $20 million of revenue; $14 million of gross profit; $36 million of litigation losses within operating expenses. As it relates to our module business, we expect to see approximately $40 million improvement in gross profit relative to our prior guidance.

打開幻燈片 10，我將討論 2023 年全年指導。正如我們在 2 月份的指導電話會議中指出的那樣，鑑於我們其他部門的影響不斷下降，我們表示我們不再提供針對特定部門的指導，但會注意到對我們合併財務的任何重大影響。由於它與我們的遺留系統業務相關，今年迄今為止，我們的收入約為 2000 萬美元；毛利潤1400萬美元；運營費用中的訴訟損失達 3,600 萬美元。由於它與我們的模塊業務相關，我們預計毛利潤相對於我們之前的指導將提高約 4000 萬美元。

Given their size, these combined numbers do not impact our forecasted revenue and gross margin guidance changes, which remain unchanged. Note, our full year Section 45X tax benefits forecast of $660 million to $710 million is also unchanged.

鑑於其規模，這些合併數字不會影響我們預測的收入和毛利率指導變化，這些變化保持不變。請注意，我們對全年第 45X 條稅收優惠預測為 6.6 億至 7.1 億美元也沒有變化。

Our operating expenses guidance has increased to $450 million to $475 million to reflect the aforementioned litigation losses. Operating income and earnings per share guidance remain unchanged.

我們的運營支出指導已增加至 4.5 億至 4.75 億美元，以反映上述訴訟損失。營業收入和每股收益指引保持不變。

I'd like to highlight that in terms of earnings cadence over the second half of the year, we anticipate that volumes sold, revenue, IRA Section 45X benefits will be distributed approximately 40% in the third quarter and 60% in the fourth quarter. With operating expenses approximately evenly split between Q3 and Q4, this implies an expected second half 2023 EPS split of approximately 1/3 in Q3, 2/3 in Q4.

我想強調的是，就下半年的盈利節奏而言，我們預計銷量、收入、IRA 第 45X 款福利將在第三季度分配約 40%，在第四季度分配約 60%。由於運營費用在第三季度和第四季度之間大致平均分配，這意味著預計 2023 年下半年每股收益在第三季度的分配約為 1/3，在第四季度的分配約為 2/3。

Incremental capital expenditures of approximately $100 million in 2023 associated with our newly announced U.S. factory are offset by a pushout from the timing of approximately $300 million of CapEx associated with equipment upgrades previously assumed in 2023 into early 2024. Our full year 2023 capital expenditures forecast is therefore reduced to $1.7 billion to $1.9 billion. This reduction in forecasted capital expenditures, combined with an expected increase in deposits associated with future bookings, results in an expected $0.3 billion increase of our forecasted year-end net cash balance, which is now $1.5 billion to $1.8 billion.

與我們新宣布的美國工廠相關的 2023 年增量資本支出約為 1 億美元，被之前假設從 2023 年到 2024 年初進行設備升級相關的約 3 億美元資本支出的推遲所抵消。我們對 2023 年全年資本支出的預測為因此減少到17億至19億美元。預計資本支出的減少，加上與未來預訂相關的存款預計增加，預計年終淨現金餘額將增加 3 億美元，目前為 15 億至 18 億美元。

As it relates to our longer-term outlook beyond '23, we plan to hold an Analyst Day at our Ohio campus on September 7 of this year, which be from a live webcast.

由於這關係到我們 23 年後的長期前景，我們計劃於今年 9 月 7 日在俄亥俄州園區舉辦分析師日活動，活動將通過網絡直播進行。

Turn to Slide 11, I'll summarize the key messages from today's call. Demand continued to be robust with 21.1 gigawatts of net bookings year-to-date, including 8.9 gigawatts of net bookings since our last earnings call, leading to a record contracted backlog of 77.8 gigawatts. Our continued focus on manufacturing technology excellence resulted in a record quarterly production of 2.8 gigawatts. Our India, Ohio and Alabama expansions remain on schedule, and we expect to invest an additional $1.1 billion in a new U.S. factory office in the country, which is expected to begin production in the first half of 2026.

請參閱幻燈片 11，我將總結今天電話會議的關鍵信息。需求持續強勁，今年迄今淨預訂量為 21.1 吉瓦，其中自上次財報電話會議以來淨預訂量為 8.9 吉瓦，導致合同積壓達到創紀錄的 77.8 吉瓦。我們持續關注卓越製造技術，季度產量達到創紀錄的 2.8 吉瓦。我們在印度、俄亥俄州和阿拉巴馬州的擴張仍在按計劃進行，我們預計將額外投資 11 億美元在該國建立一個新的美國工廠辦事處，預計將於 2026 年上半年開始生產。

Cumulatively, in the year since the announcement of the IRA, we committed $2.8 billion of capital spending across manufacturing and R&D in the United States, which we expect will result in the creation of 1,700 direct new jobs and multiples of this number in new indirect jobs.

自 IRA 宣布以來的一年裡，我們累計在美國的製造業和研發領域投入了 28 億美元的資本支出，我們預計這將創造 1,700 個直接新就業機會以及數倍於該數字的新間接就業機會。

From a technology perspective, we completed a limited production in a first bifacial solar panel, utilizing our advanced thin-film semiconductor and acquired Evolar, the European leader in thin-film perovskites and CIGS technology. These investments are expected to accelerate our development of next-generation PV technology, including high-efficiency tandem devices.

從技術角度來看，我們利用先進的薄膜半導體完成了第一塊雙面太陽能電池板的有限生產，並收購了歐洲薄膜鈣鈦礦和 CIGS 技術領先者 Evolar。這些投資預計將加速我們下一代光伏技術的開發，包括高效串聯裝置。

Financially, we earned $1.59 per diluted share, inclusive of a legacy systems business-related litigation loss. And we ended the quarter with a gross cash balance of $1.9 billion or $1.5 billion net of debt with additional debt capacity of $1 billion under our new revolving credit facility. We are maintaining our revenue and EPS guidance, including forecasted full year earnings per diluted share of $7 to $8.

從財務角度來看，我們稀釋後每股收益為 1.59 美元，其中包括與遺留系統業務相關的訴訟損失。截至本季度末，我們的總現金餘額為 19 億美元，扣除債務後為 15 億美元，新的循環信貸安排下的額外債務能力為 10 億美元。我們維持收入和每股收益指引，包括預測全年每股攤薄收益 7 至 8 美元。

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

至此，我們結束準備好的發言並開始提問。操作員？

(Operator Instructions) Our first question comes from the line of Philip Shen.

（操作員說明） 我們的第一個問題來自 Philip Shen 的電話。

Two categories, first one on bookings. Looks like your ASP was strong and healthy for bookings ASP at about $0.327. And then you have, Mark, I think you mentioned position of another $0.02 of adders. I wanted to ask you, what do you expect your bookings to look like ahead? You had a little bit of a quiet period during Q2, but then you ramped it up subsequent to July 1. Do you think that accelerates now that you have new capacity announced?

兩個類別，第一個類別是預訂。看來您的 ASP 非常強勁且健康，預訂 ASP 約為 0.327 美元。然後，馬克，我想你提到了另外 0.02 美元加法器的位置。我想問您，您預計未來的預訂情況如何？你們在第二季度經歷了一段平靜期，但在 7 月 1 日之後你們增加了這一時期。你們認為既然你們宣布了新產能，這種情況會加速嗎？

And then the second category of questions here is, we thought you were sold out for 2024. But in that agreement that you announced today, you highlighted -- and I think in some of the other agreements over the past few weeks that you have more -- that you booked for '24. How are you guys able to do that? Did someone -- did a party cancel their order? Or are you running above 100% utilization? Is there any more volume left to be sold in '24? And how much is left for '25?

第二類問題是，我們認為 2024 年的訂單已售罄。但在您今天宣布的協議中，您強調了——我認為在過去幾週的其他一些協議中，您有更多-- 您為 24 年預訂的。你們怎麼能做到這一點？是否有人——某個團體取消了他們的訂單？或者您的運行利用率是否超過 100%？ 24 年還有更多銷量可售嗎？ 25年還剩下多少？

Yes. So I'll take the second one first, Phil, is it? So the reason we're able to still commit to some opportunities in '24 and '25 is really twofold. First is, and we highlighted in my prepared remarks, that we are using India in '24 and '25 for U.S. shipments. Demand in the U.S. was so strong, and we were restructuring some deals with customers that we could meet '24-'25 volume requirements and then pull through out of years as well where we had a little bit more supply. Those deals penciled out really well. So we've used some of the India line.

是的。所以我先拿第二個，菲爾，是嗎？因此，我們仍然能夠在 24 年和 25 年抓住一些機會的原因實際上是雙重的。首先，我們在準備好的發言中強調，我們將在 24 和 25 年通過印度向美國發貨。美國的需求非常強勁，我們正在重組與客戶的一些交易，以便我們可以滿足“24-”25 的銷量要求，然後在我們有更多供應的情況下度過接下來的幾年。這些交易的結果非常好。所以我們使用了一些印度線。

We also have requirements under the incentive package that we received in India that there's some amount of exports that need to be achieved. And now there -- what we're largely doing is accelerating the timing of those exports into the first couple of years of production in India and using that to support the U.S. market. So that's a piece of it.

我們在印度收到的激勵計劃也有要求，即需要實現一定數量的出口。現在，我們主要做的是加快這些出口到印度生產的頭幾年的時間，並利用它來支持美國市場。這就是其中的一部分。

The other is the ramp of our Perrysburg Series 7 factory is going very well, and that is creating some incremental capacity that's available in '24 in particular. And then we're looking to pull forward some of the Ohio upgrades that we were talking about before. Remember, we, as part of our overall announcement, indicated there's about 0.9 gigawatts of volume that we would use to further throughput and drive more output out of our Series 6 factories in Ohio. We are pulling forward some of those initiatives in order to create a little bit more supply earlier than we had anticipated. So all that is helping kind of create supply for '24-'25. The biggest key, just want to make sure it's clear, is really the volumes we're going to support out of India.

另一個是我們的 Perrysburg Series 7 工廠的坡道進展順利，這正在創造一些增量產能，特別是在 24 年可用。然後我們希望推進我們之前討論過的俄亥俄州的一些升級。請記住，作為我們整體公告的一部分，我們表示我們將使用大約 0.9 吉瓦的容量來提高俄亥俄州 6 系列工廠的吞吐量並提高產量。我們正在推進其中一些舉措，以便比我們預期的更早創造更多的供應。因此，所有這些都有助於為“24-25”創造供應。最大的關鍵，只是想確保這一點清楚，實際上是我們將支持印度的數量。

I just want to make sure it's clear that India is doing extremely well. It's just that we've got opportunities here in the U.S. market and they're attractive ASPs, and we're opportunistically using that volume to serve the U.S. market at this point in time.

我只是想確保印度做得非常好。只是我們在美國市場上有機會，而且它們是有吸引力的 ASP，我們目前正在機會主義地利用這一數量來服務美國市場。

Bookings ASP, Phil, just want to make sure I'm clear, what I said in my script is the bookings average ASP was $0.293. And that did not include sales rates for about half of the volume. And if you include the impact of sales rate, then you would increase that ASP north of 30, maybe in the low 30s when you include that volume. That ASP impact of the volume that we booked that did not include sales rate.

預訂 ASP，Phil，只是想確保我清楚，我在腳本中所說的是預訂平均 ASP 為 0.293 美元。這還不包括大約一半銷量的銷售率。如果考慮到銷售率的影響，那麼當考慮到銷量時，平均售價可能會提高到 30 以上，甚至可能會達到 30 左右。我們預訂的數量對平均售價的影響不包括銷售率。

The momentum, look, I think there was a little bit of activity going on with maybe people trying to understand the domestic content requirements. That didn't slow us down on the conversion side. What I would say is that we had a very healthy quarter on conversions. As I indicated, we've now have over $300 million of conversions of existing volumes that we already have in the books that we have converted now for incremental ASP for delivering Series 7 as well as domestic content requirements. So good volume, good activity going on there.

勢頭，看，我認為可能有人試圖了解國內內容要求，正在進行一些活動。這並沒有減慢我們在轉換方面的速度。我想說的是，我們的季度轉化率非常健康。正如我所指出的，我們現在已經對現有書籍進行了超過 3 億美元的轉換，我們現在已經將這些書籍轉換為增量 ASP，以交付系列 7 以及國內內容要求。成交量如此之大，那裡的活動也很好。

I think that the momentum should accelerate a little bit from the announcement of the new facility, the new factory. So I do think that will give us incremental supply that will better position, maybe a little bit of acceleration. But as I look at the quarter, we excluded about a gigawatt of the Energix deal, which was a framework agreement. And that's because there's an option effectively associated with that volume.

我認為，隨著新設施、新工廠的宣布，這一勢頭應該會加快一些。因此，我確實認為這將為我們帶來增量供應，從而更好地定位，也許會有點加速。但當我審視本季度時，我們排除了約 1 吉瓦的 Energix 交易，該交易是一項框架協議。那是因為有一個選項與該卷有效關聯。

But if I include that, it's another 10-gigawatt quarter essentially. So we've been on a pretty solid streak of 10 gigawatts each quarter. If we can carry the momentum through the balance of the year, we have an opportunity to position ourselves for maybe 35, 40 gigawatts for this year. I think that's a very strong result. Given we're going to ship 12 gigawatts this year, we're just continuing to build to that contracted backlog, and we're getting great ASPs in order to do that. So I think on balance, we're pretty happy with what we're seeing from a bookings ASP standpoint.

但如果我把它算進去，這實際上又是一個 10 吉瓦的季度。因此，我們每個季度的發電量一直保持在 10 吉瓦的穩定增長勢頭。如果我們能夠在今年剩下的時間裡保持這一勢頭，我們就有機會為今年的裝機容量做好準備，裝機容量可能為 35 至 40 吉瓦。我認為這是一個非常有力的結果。鑑於我們今年將出貨 12 吉瓦，我們將繼續按照合同積壓的訂單進行建設，並且為了實現這一目標，我們將獲得出色的平均售價。因此，我認為總的來說，從預訂 ASP 的角度來看，我們對所看到的情況非常滿意。

Great. Actually, just since I'm on the line, I just want to clarify, your $0.296 is the ASP for the whole backlog, whereas the $0.327 I was talking about, I think that's the ASP for the incremental bookings since the first quarter. Is that correct? Just to clarify.

偉大的。實際上，我剛剛上線，我只是想澄清一下，您的 0.296 美元是整個積壓訂單的 ASP，而我所說的 0.327 美元，我認為這是自第一季度以來增量預訂的 ASP。那是對的嗎？只是為了澄清。

The total backlog at the end of the quarter, which was about 70 gigawatts, that average ASP was $0.296. The bookings since the last earnings call, which was 8.9, was $0.293. But that did not include sales rate of half the volume. If you include the sales rate, normal sales rate adjuster in our sales rate, that equivalent ASP would be in the low 30s. That -- so those are the numbers.

本季度末的總積壓量約為 70 吉瓦，平均售價為 0.296 美元。自上次財報電話會議（8.9 次）以來的預訂量為 0.293 美元。但這不包括一半的銷量。如果您將銷售率（正常銷售率調節器）包含在我們的銷售率中，那麼等效的 ASP 將在 30 左右。這就是數字。

And our next question comes from the line of Brian Lee.

我們的下一個問題來自 Brian Lee。

Congrats on the new factory announcement. I had 2 questions here. I guess first off, on the domestic content rules since they've been out from mid-May. What have you been articulating? Or I guess maybe the customer feedback has been around the 40% and 55% threshold. Is that basically going to be achieved by just buying Series 7 panels from Alabama and the new site? And then would you be expecting more pricing potential? It sounded like you did on volumes from those sites going forward. If you could maybe help quantify.

祝賀新工廠宣布成立。我在這裡有兩個問題。我想首先是關於國內內容規則，因為它們從五月中旬開始發布。你一直在闡述什麼？或者我猜客戶反饋可能一直在 40% 和 55% 的閾值左右。這基本上是通過從阿拉巴馬州和新工廠購買 7 系列面板來實現的嗎？那麼您會期待更多的定價潛力嗎？聽起來就像您對這些網站上的捲所做的那樣。如果你能幫忙量化一下的話。

And then the second question was just on that new factory. Any puts and takes on first half of 2026? Maybe it's a little bit of a nitpicking item. But would there be ability to move that up given, I think, historically, you've talked about like a 2-year build cycle? So is there room to have this even online a bit earlier into the end of '25?

第二個問題是關於那個新工廠的。 2026 年上半年有什麼進展嗎？也許這是一個有點挑剔的項目。但我認為，從歷史上看，您談到過類似 2 年的構建週期，是否有能力將其提升？那麼，是否還有空間在 25 年底之前將其上線？

Yes. The -- on the domestic content rules, again, the way it's defined right now is that there are components that will determine if the module is manufactured in the U.S., and therefore, is a manufactured domestic product. As we indicated in our remarks, is that for Series 7, especially for our new factories, we'll be 100% compliant with all of those requirements. So all of those components that have been identified will be manufactured in the U.S. Again, that's a strategy that we embarked upon years ago to have a local supply chain.

是的。關於國內含量規則，目前的定義方式是，有些組件將決定該模塊是否在美國製造，因此是否是國內製造的產品。正如我們在評論中指出的那樣，對於 Series 7，特別是對於我們的新工廠，我們將 100% 符合所有這些要求。因此，所有已確定的組件都將在美國製造。這也是我們多年前開始實施的一項戰略，旨在擁有本地供應鏈。

The -- as a result of that, then the full entitlement for the module will be captured at the project level. As you know, there's no one else that will meet those requirements. Whereas, other manufacturers, who made announcements in the U.S. will actually manufacture the cell and very few, if any, will get glass in the U.S. I have yet to see an announcement of anybody indicating availability or contracting for glass in the U.S. We've been unique in our position there and been able to capture very strategic partnerships around sourcing of our glass. And so I think we'll be in an advantaged position.

- 因此，該模塊的完整權利將在項目級別捕獲。如您所知，沒有其他人能夠滿足這些要求。然而，在美國發佈公告的其他製造商實際上將生產該電池，並且很少（如果有的話）會在美國獲得玻璃。我還沒有看到任何人宣佈在美國提供玻璃或簽訂玻璃合同。我們在那裡的地位是獨一無二的，並且能夠圍繞玻璃採購建立非常戰略性的合作夥伴關係。所以我認為我們將處於有利地位。

Our customers are clearly still trying to do the math. I think there are still questions. But I think there's a high level of confidence that First Solar is the best positioned module to ensure the domestic content bonus, which is why we also see such a high volume of conversions that are being done, as I referenced in my prior response to Phil as well.

我們的客戶顯然​​仍在嘗試進行計算。我認為仍然存在疑問。但我認為，人們對 First Solar 是確保國內含量紅利的最佳定位組件充滿信心，這就是為什麼我們也看到正在進行如此大量的轉換，正如我在之前對 Phil 的回復中提到的那樣以及。

So that's where, from a domestic content standpoint, working very closely, we are providing. We're being very transparent. I know there's been some speculation that manufacturers are not willing to provide cost-level information. We are obviously willing to do that. We would have preferred to have this basically from a taxpayer perspective, their module price. I think it's a lot easier to do it that way versus maybe the difficulty and the complexity that's being embedded in the requirements right now. But we're managing through that, and we're more than willing to accommodate our partners to ensure they get -- they qualify for the bonus to the extent of the modules' contribution.

因此，從國內內容的角度來看，這就是我們密切合作所提供的。我們非常透明。我知道有人猜測製造商不願意提供成本水平信息。我們顯然願意這樣做。我們希望基本上從納稅人的角度來看，他們的模塊價格。我認為，與現在嵌入到需求中的困難和復雜性相比，這樣做要容易得多。但我們正在解決這個問題，並且我們非常願意為我們的合作夥伴提供便利，以確保他們有資格獲得模塊貢獻範圍內的獎金。

And they're still probably working through and understanding the tracker and the inverter, in particular, and how it all aggregates up with the project level. But I think everybody realized that Series 7, in particular in First Solar, in general, is going to be meaningfully advantaged relative to anyone else manufactured in the U.S. today.

他們可能仍在研究和理解跟踪器和逆變器，特別是，以及它們如何與項目級別聚合。但我認為每個人都意識到，7 系列，特別是 First Solar 的 7 系列，總體而言，相對於當今美國製造的任何其他產品而言，將具有顯著的優勢。

As it relates to the factory timing, look, we haven't announced a site yet. And so we're still working through the site selection. The timing of the site selection and the timing of the ability to get on site, finishing the permitting, starting to move dirt around, and more importantly, energizing, getting transformers and other things to -- available so we can energize will all kind of determine that ultimate start of that manufacturing facility.

因為它涉及到工廠時間，你看，我們還沒有公佈地點。因此，我們仍在進行選址工作。選址的時間和到達現場的時間，完成許可，開始清除泥土，更重要的是，通電，讓變壓器和其他東西可用，這樣我們就可以通電確定該製造工廠的最終啟動時間。

But I think it's prudent to stick with what we indicated in our prepared remarks. If everything does go well, is there a potential to accelerate? Sure, there's obviously potential to accelerate, but we have a lot of work to do before we can determine if that's possible or not.

但我認為堅持我們在準備好的發言中指出的內容是謹慎的做法。如果一切順利，是否有加速的潛力？當然，顯然有加速的潛力，但在確定這是否可能之前，我們還有很多工作要做。

And our next question comes from the line of Joseph Osha.

我們的下一個問題來自約瑟夫·奧沙。

Two questions. First, I'm seeing perovskites and CIGS talked about. I'm wondering if we might get some sense as to when we might see those turning up in shipped products and also whether -- if we're talking about tandem cells or higher-efficiency products, whether we might see those begin to show up in rooftop. And then I do have one other question.

兩個問題。首先，我看到人們談論鈣鈦礦和 CIGS。我想知道我們是否可以知道什麼時候我們會看到它們出現在發貨的產品中，以及如果我們談論串聯電池或更高效率的產品，我們是否會看到它們開始出現在屋頂。然後我還有一個問題。

Look, I would say on the perovskites side of the house in particular, I'm very happy with capabilities that Evolar brings to the table there. I think it's very complementary to capabilities that our own internal team has on the continuum, maybe slightly different approaches, but both showing, demonstrating very good results. And again, there's a combination of challenges, but one, first and foremost, that everyone is working through is stability of the device. Efficiency is obviously important, but you also need something that's stable. And perovskites, in general, have historically had issues and challenges with trying to demonstrate long-term durable stable devices.

聽著，我想說，特別是在鈣鈦礦方面，我對 Evolar 帶來的功能非常滿意。我認為這與我們自己的內部團隊在連續體上擁有的能力非常互補，可能方法略有不同，但兩者都表現出了非常好的結果。同樣，挑戰也是多種多樣的，但每個人都在努力解決的首要問題是設備的穩定性。效率顯然很重要，但您還需要穩定的東西。一般來說，鈣鈦礦在試圖展示長期耐用穩定的器件方面歷來都存在問題和挑戰。

So having there on C-I-G-S, CIGS, Evolar has got some very deep capabilities there and record sales that they've demonstrated north of 23%. And we are -- we think that there's a potential for a tandem technology, thin-film, thin-film that can get to market sooner than maybe perovskites can at this point in time. And there would be a CadTel top cell with the CIGS bottom cell. And if we were able to do something like that, then that would clearly give you a higher-efficiency product that could expand our addressable market. And that's largely why we're investing in the technology the way we are.

因此，Evolar 在 C-I-G-S、CIGS 領域擁有一些非常深厚的能力，並創下了超過 23% 的銷售記錄。我們認為，串聯技術、薄膜、薄膜有潛力，可以比鈣鈦礦更快地進入市場。並且會有一個 CadTel 頂部電池和 CIGS 底部電池。如果我們能夠做這樣的事情，那麼這顯然會給您帶來更高效​​率的產品，可以擴大我們的目標市場。這在很大程度上就是我們如此投資技術的原因。

I mean we are a module manufacturing technology company. We want to be a technology leader. We are a world-class leader as it comes to thin-film devices. Both of these are thin-film semiconductors, and we'll continue to evolve the capabilities there.

我的意思是我們是一家模塊製造技術公司。我們希望成為技術領導者。我們是薄膜器件領域的世界級領導者。這兩者都是薄膜半導體，我們將繼續發展這方面的能力。

As it relates to when we can get to market, that's -- it's probably too early to determine. There's a lot that needs to be done yet to address a number of hurdles and issues that have to be resolved. But I'm encouraged with at least the platform that we have, very complementary to our world-class leadership that we've taken in CadTel. These are 2 alternatives thin-films that can be very complementary and I think can further our technology leadership over time.

因為它關係到我們何時可以進入市場，所以現在確定可能還為時過早。要解決一些必須解決的障礙和問題，還有很多工作要做。但至少我們擁有的平台令我感到鼓舞，它與我們在 CadTel 中所取得的世界級領導地位非常互補。這兩種替代薄膜可以非常互補，我認為隨著時間的推移，可以進一步鞏固我們的技術領先地位。

And my quick follow-up, Brian alluded to this a little bit. Just stepping back from the just announced factory and thinking more out towards the end of the decade, should we kind of think about 18 months to 2 years is a reasonable cadence for your ability to add manufacturing, given site selection, tools, all this kind of stuff? Or could it be slower or faster?

在我的快速跟進中，布萊恩稍微提到了這一點。從剛剛宣布的工廠退一步，在本世紀末進行更多思考，考慮到場地選擇、工具等，我們是否應該考慮 18 個月到 2 年對於您增加製造能力來說是一個合理的節奏的東西？或者它可以更慢或更快嗎？

I think I'd mark it to that 2-year cycle. I think that's probably the right time line. I mean there's other issues that we're running into. It also varies where we're going to go. If we go India, I would argue potentially, India could a little bit faster. U.S. is running to a number of challenges, especially around construction and time lines to that availability of workers, access to energization of the factory. We're still looking at Europe, and it depends on the path we go in Europe. That could also maybe be slightly shorter time line than where the U.S. is right now. But I think the best way to look at it is kind of a 2-year time frame.

我想我會把它標記為兩年周期。我認為這可能是正確的時間線。我的意思是我們還遇到了其他問題。我們要去的地方也有所不同。我認為，如果我們去印度，印度可能會更快一點。美國面臨著許多挑戰，特別是在建設和工人可用性、工廠通電的時間安排方面。我們還在關注歐洲，這取決於我們在歐洲走的路。這也可能比美國現在的時間稍微短一些。但我認為最好的看待方式是兩年的時間框架。

And our next question comes from the line of Julien Dumoulin-Smith.

我們的下一個問題來自 Julien Dumoulin-Smith。

It's Alex Vrabel on for Julian. Just a question on the domestic content one more time. I mean you alluded there, Mark, to -- some of the sort of missing bits that have to be clarified here. I'm just curious, given you guys have already sort of booked some, I guess, ASP uplift in '24 relative to offering domestic content, if there's any sort of, I guess, clawback potential from the developer, if they're actually not able to get it given some of the clarifications that we're waiting on.

亞歷克斯·弗拉貝爾 (Alex Vrabel) 替補朱利安 (Julian)。再問一次關於國內內容的問題。我的意思是，馬克，你在那裡提到了一些必須在這裡澄清的缺失部分。我只是好奇，鑑於你們已經在 24 年預訂了一些相對於提供國內內容的 ASP 提升，我猜開發商是否有任何收回潛力，如果他們實際上由於我們正在等待一些澄清，因此無法得到它。

And I'll throw my second in here as well. When you think about the longer-term, I guess, expansion opportunity in the U.S., you guys have sort of historically been about 1/3 of the U.S. market. I think we have upwards of 70 gigawatts announced as far as module in the U.S. currently. How do you think about sort of your broader market share in the U.S. and what that could become over time as we get into the latter half of the decade?

我也會把我的第二個也放在這裡。當你考慮在美國的長期擴張機會時，我想，你們在歷史上大約佔據了美國市場的 1/3。我認為目前美國已宣布的組件容量已超過 70 吉瓦。您如何看待您在美國的更廣泛的市場份額以及隨著我們進入本世紀後半葉，隨著時間的推移，這種份額可能會變成什麼樣子？

As it relates to most of those -- just as a reminder, most of the conversions that we put in place that relates to '23, '24 and '25, that's really the years it sits in. Those were all somewhat thought through and envisioned as a potential opportunity through the contracts that we were structuring at that point in time, in which we implied domestic content. And to the extent certain rules would come through, then there would be -- and to the extent we provided them with the domestically manufactured product, that we would be entitled to incremental ASP.

因為它與其中的大多數相關 - 只是提醒一下，我們實施的大多數轉換與 '23、'24 和 '25 相關，這實際上是它所在的年份。這些都經過了一些深思熟慮，並且通過我們當時正在構建的合同，我們將其視為一個潛在的機會，其中我們暗示了國內內容。如果某些規則能夠通過，那麼——只要我們向他們提供國內製造的產品，我們將有權獲得增量的平均售價。

In other cases, we've left them open, and it was really up to the customer. And if you want domestic supply, then fine, we'll provide it. We have the option to provide it internationally as well. If you want domestic, then we'll negotiate an incremental ASP from that standpoint.

在其他情況下，我們讓它們保持開放狀態，這實際上取決於客戶。如果您想要國內供應，那麼好吧，我們會提供。我們也可以選擇在國際上提供它。如果您想要國內的，那麼我們將從這個角度協商增量平均售價。

So as it relates to any callbacks or provisions in those adjustments or modification, amendments that we did, really there's nothing embedded in those agreements that would result in that. Now I will say on new volumes that we're booking now, there are provisions in there that would require an adjustment to the extent we do not meet the representations that we gave to the customer, right?

因此，由於它涉及我們所做的這些調整或修改、修訂中的任何回調或規定，實際上這些協議中沒有嵌入任何內容會導致這種情況。現在我要說的是，我們現在預訂的新卷中，如果我們不符合我們向客戶提供的陳述，其中的規定將需要進行調整，對吧？

So for example, I said that our Series 7 product would be a domestically manufactured product, and therefore, the list of 10 or how many components are would all be manufactured in the U.S. And therefore, the product would be domestically manufactured. And we've given ourselves some buffer relative to that. And to the extent we don't manufacture the product as currently envisioned to ensure that all those components are domestically manufactured, yes, then there would be a potential impact, LD, for that, lack of performing effectively, right?

例如，我說我們的Series 7產品將是國產產品，因此，列表中的10個或多少個組件將全部在美國製造，因此該產品將是國產產品。我們已經給了自己一些相對於此的緩衝。如果我們沒有按照目前的設想生產產品，以確保所有這些組件都是在國內製造的，是的，那麼就會產生潛在的影響，LD，為此，缺乏有效的執行，對嗎？

But that's all within our own control. And if the project qualifies or doesn't qualify, we're held harmless. As long as we meet our requirements, whether the project level hits its 40% or 55% or whatever it may be, there's no recovery or clawback from First Solar. The only thing we have, which you would expect under any contract, we have an obligation to comply. And we made a representation around it being a domestically manufactured product and, therefore, those components, which have been identified have to be manufactured in the U.S. And really, I see that as not a lot of risk because that's what we're doing already. All that's being sourced here in the U.S.

但這一切都在我們自己的掌控之中。無論項目是否合格，我們都不會受到損害。只要我們滿足我們的要求，無論項目水平達到 40% 還是 55% 或者其他什麼，First Solar 都不會恢復或收回。我們唯一擁有的就是您在任何合同中所期望的，我們有義務遵守。我們表示它是國內製造的產品，因此，那些已確定的組件必須在美國製造。實際上，我認為這風險不大，因為這就是我們已經在做的事情。所有這些都是在美國採購的

(Operator Instructions) Our next question comes from the line of Vikram Bagri.

（操作員說明）我們的下一個問題來自 Vikram Bagri 的線路。

I was hoping that you could give a little bit more color on the expected increase in module gross profit relative to your prior expectations. Just kind of what's driving that? What are the puts and takes there? How much of that benefit is coming from sales freight versus manufacturing efficiencies?

我希望您能對模塊毛利潤相對於您之前的預期的預期增長給出更多的說明。是什麼推動了這一點？那裡有哪些看跌期權和看跌期權？其中有多少收益來自銷售運費與製造效率？

Yes. So it's a little bit of both. You're definitely seeing a drop in sales rate. We did forecast a drop throughout the year, perhaps dropped a little bit earlier in Q2 than we had expected. So I'd say more than half of what we have added in terms of module gross profit to the guide is associated with better sales rate. But there is a little bit of improvement in the core relative to our previous guide as well.

是的。所以兩者兼而有之。您肯定會看到銷售率下降。我們確實預測全年都會下降，也許第二季度的下降比我們的預期要早一些。因此，我想說，我們在指南中添加的模塊毛利潤的一半以上與更好的銷售率相關。但相對於我們之前的指南，核心也有一些改進。

Importantly, just to make sure it's clear, we said that we're not changing our forecasted Section 45X benefit. So it's not an increase in the cost of goods line or on the gross profit line associated with a reduction in cost of goods from IRA benefits. It's all fitting across core cost of production and sales rate.

重要的是，為了確保清楚，我們表示我們不會改變我們對第 45X 條福利的預測。因此，這並不是與 IRA 福利帶來的商品成本減少相關的商品成本線或毛利潤線的增加。這一切都符合核心生產成本和銷售率。

Got it. And just one follow-up. In terms of the mix of deliveries, you mentioned some recent contracts, which have projects in Europe as well as in the U.S. How are you thinking about supplying those? Could we expect any supply coming from the U.S.? And then just how do you think about the pricing dynamic in those markets where ASP is a bit lower than we see domestically?

知道了。只有一個後續行動。在交付組合方面，您提到了最近的一些合同，這些合同在歐洲和美國都有項目。您如何考慮供應這些項目？我們可以期待來自美國的供應嗎？那麼，您如何看待這些平均售價略低於我們國內水平的市場的定價動態？

Yes. So we currently are not envisioning sourcing anything from the U.S. to Europe. Now could there be a particular deal that we've contracted that would -- because of a particular [fan] that we needed for that project or a particular product that we needed, could it come from the U.S. potentially, but that's not the intent. The intent would be to support Europe out of our international factories in Malaysia and Vietnam.

是的。因此，我們目前不打算從美國向歐洲採購任何東西。現在我們是否可以簽訂一項特定的協議——因為我們需要該項目的特定[粉絲]或我們需要的特定產品，它可能來自美國，但這不是意圖。目的是通過我們在馬來西亞和越南的國際工廠來支持歐洲。

Obviously, Malaysia and Vietnam are also our 2 lowest-cost factories before India gets up and running. When India is up running, then it will become our lowest-cost factory in the fleet. But right now, they're our 2 lowest-cost factories. And yes, we are -- we have global customers, right, very large utilities or oil and gas majors that want global supply. They have projects in the U.S., and they have projects in India. They may have projects in Europe, and they want to have product and they enter into agreements with First Solar that we could source not just a particular region but multiple regions. No different than with the Energix deal that we announced. I mean that was volume for the U.S. It included volume in Israel. It included volume in Poland, at least potentially identified, which is where they're developing.

顯然，馬來西亞和越南也是我們在印度啟動和運營之前成本最低的兩個工廠。當印度開始運行時，它將成為我們艦隊中成本最低的工廠。但現在，他們是我們成本最低的兩家工廠。是的，我們有全球客戶，對，非常大的公用事業公司或石油和天然氣巨頭需要全球供應。他們在美國有項目，在印度也有項目。他們可能在歐洲有項目，他們想要擁有產品，並且他們與 First Solar 達成協議，我們不僅可以採購特定地區，還可以採購多個地區。與我們宣布的 Energix 交易沒有什麼不同。我的意思是，這是美國的銷量，其中包括以色列的銷量。其中包括波蘭的銷量，至少是可能確定的，這也是他們正在開發的地方。

We will have -- we do have to differentiate pricing in some regards to be competitive in those opportunities relative to where other global pricing has gone. But we still will get a premium. We're not in a position where we're having to price liquidation type of fire-sale ASPs like others are doing right now. Because there's a long-term relationship that we have with strategic partners.

我們確實必須在某些方面實行差異化定價，以便在這些機會中相對於其他全球定價具有競爭力。但我們仍然會得到溢價。我們不必像其他人現在所做的那樣，對清算類型的甩賣 ASP 進行定價。因為我們與戰略合作夥伴有著長期的合作關係。

And I think using Energix, as an example, to the best of my knowledge, they are 100% sourced to First Solar regardless of where their projects are. But I have to make sure that they can be competitive in the market the way they compete in. And I can't establish a market price that's meaningfully out of market, so we price accordingly.

我認為以 Energix 為例，據我所知，無論項目位於何處，它們 100% 都是來自 First Solar。但我必須確保他們能夠以他們競爭的方式在市場上具有競爭力。而且我無法確定一個明顯脫離市場的市場價格，所以我們相應地定價。

Okay. Perfect. Thank you so much. And that is all of the questions we have time for today. We would like to thank everyone for taking the time to dial in today. You may now disconnect.

好的。完美的。太感謝了。這就是我們今天有時間討論的所有問題。我們要感謝大家今天抽出時間撥通電話。您現在可以斷開連接。