第一太陽能 (FSLR) 2023 Q3 法說會逐字稿

Good afternoon, everyone, and welcome to First Solar's Third 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. I would now like to turn the call over to Richard Romero from First Solar, Investor Relations. Richard, you may begin.

大家下午好，歡迎參加 First Solar 2023 年第三季財報電話會議。此次電話會議正在 First Solar 網站 Investor.firstsolar.com 的投資者部分進行網路直播。 （操作員說明）謹此提醒，今天的通話正在錄音。我現在想將電話轉給 First Solar 投資者關係部門的理查德·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 its third 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。今天，該公司發布新聞稿，公佈 2023 年第三季財務業績。新聞稿和相關簡報的副本可在 First Solar 網站 Investor.firstsolar.com 上取得。

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執行長 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表現並提供最新的指導。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. There are many factors that may cause actual results to differ materially from management's current expectations. We encourage you to review the safe harbor statement as contained in today's press release and presentation for a more complete description.

請注意，本次電話會議將包含涉及風險和不確定性的前瞻性陳述。有許多因素可能導致實際結果與管理階層目前的預期有重大差異。我們鼓勵您查看今天的新聞稿和簡報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執行長馬克‧維德瑪 (Mark Widmar)。

All right. Thank you, Richard. Good afternoon, and thank you for joining us today. At our recent Analyst Day in September, we outlined our goal to exit this decade in a stronger position than we ever did. We believe the future belongs to thin film, and we described our long-term intent to be positioned to serve all addressable markets and commercialize the next generation of PV technology balancing and optimizing across efficiency, energy and cost in environmentally and socially responsible way.

好的。謝謝你，理查。下午好，感謝您今天加入我們。在最近九月的分析師日上，我們概述了我們的目標，即以比以往任何時候都更強大的地位退出這個十年。我們相信未來屬於薄膜，我們描述了我們的長期意圖，即定位於服務所有潛在市場，並將下一代光伏技術商業化，以對環境和社會負責的方式平衡和優化效率、能源和​​成本。

This long-term aspiration aligns with our nearer-term growth which is underpinned by our points of differentiation and solid market fundamentals, including continued strong demand for our products, proven manufacturing excellence, a uniquely advantaged technology platform and crucially, a balanced business model focused on delivering value to our customers and our shareholders. Since our last earnings call, we have continued to make steady progress on this journey; and I will share some key highlights related to continued strong demand and ASPs, manufacturing, operational excellence, and expansion.

這一長期願望與我們的近期成長一致，而我們的近期成長是由我們的差異化點和堅實的市場基本面支撐的，包括對我們產品的持續強勁需求、經過驗證的卓越製造、獨特優勢的技術平台以及至關重要的平衡的業務模式為我們的客戶和股東創造價值。自上次財報電話會議以來，我們在這趟旅程上繼續穩步取得進展；我將分享一些與持續強勁的需求和平均售價、製造、卓越營運和擴張相關的重要亮點。

Beginning on Slide 3. We will continue to build on our backlog with 6.8 gigawatts of net bookings since our last earnings call at an ASP of $0.30 per watt, excluding India. This base ASP excludes adjusters applicable to approximately 70% of these bookings, which when applied with our -- aligned with our technology road map may provide potential upside to the base ASP. These bookings bring our year-to-date net bookings to 27.8 gigawatts and our total backlog to 81.8 gigawatts. Our total pipeline of future bookings opportunity stands at 65.9 gigawatts, including 32.5 gigawatts of mid- to late-stage opportunities.

從投影片 3 開始。自上次財報電話會議以來，我們將繼續積壓 6.8 吉瓦的淨預訂量，平均售價為每瓦 0.30 美元（不包括印度）。此基本 ASP 不包括適用於約 70% 的預訂的理賠員，當這些理賠員與我們的技術路線圖一致時，可能會為基本 ASP 帶來潛在的上行空間。這些預訂使我們今年迄今的淨預訂量達到 27.8 吉瓦，總積壓量達到 81.8 吉瓦。我們的未來預訂機會總數為 65.9 吉瓦，其中包括 32.5 吉瓦的中後期機會。

As it relates to manufacturing, we produced 2.5 gigawatts of Series 6 modules in the third quarter with an average loss per module of 469, a top bin class of 475 and manufacturing yield of 98%.

就製造而言，我們在第三季生產了 2.5 吉瓦的系列 6 組件，每個組件的平均損耗為 469 個，最高等級為 475 個，製造良率為 98%。

Our third Ohio factory, which establishes the template for high volume Series 7 manufacturing continues to ramp, demonstrating the manufacturing production capability of up to 15,000 modules per day, which is approximately 97% of nameplate throughput. Our third factory produced a total of 565 megawatts in Q3. Total year-to-date production of Series 7 modules in the U.S. has surpassed 1 gigawatt. As noted on our Analyst Day, the factory recently demonstrated a top module wattage produced of 550 watts as part of a limited production run. While still undergoing commercial qualification testing, this implies a record CadTel production module efficiency of 19.7%.

我們的第三家俄亥俄工廠為大批量系列 7 製造奠定了模板，並繼續擴大產能，展示了每天高達 15,000 個模組的製造生產能力，約為銘牌吞吐量的 97%。我們的第三廠第三季總共生產了 565 兆瓦。今年迄今為止，美國 7 系列組件的總產量已超過 1 吉瓦。正如我們的分析師日所指出的，作為有限生產的一部分，該工廠最近展示了生產的 550 瓦的頂級模組瓦數。雖然仍在進行商業資格測試，但這意味著 CadTel 生產模組效率達到了創紀錄的 19.7%。

Our India plant started production in Q3 and is continuing to ramp, recently demonstrating a manufacturing production capability of approximately 12,000 modules per day, which is approximately 77% of the nameplate throughput. Factory produced a total of 154 megawatts in Q3 and recently demonstrated a top module wattage produced of 535 watts.

我們的印度工廠於第三季開始生產，並持續擴大產能，最近展示了每天約 12,000 個模組的製造生產能力，約為銘牌吞吐量的 77%。工廠第三季總共生產了 154 兆瓦，最近展示了生產的頂級組件瓦數為 535 瓦。

In terms of technology, our Series 6 Plus Bifacial modules completed rigorous field and laboratory testing. We recently converted our first Series 6 Plus plants in Perrysburg, Ohio to commercially produce the world's first bifacial solar panel utilizing an advanced thin film semiconductor. The technology features an innovative, transparent back contact pioneered by First Solar's research and development team, which, in addition to enabling bifacial energy gain, allows infrared wavelengths of light pass through rather than be absorbed as heat and is expected to lower the operational temperature of the bifacial module and result in higher specific energy yield. Upon successful demonstration of operational metrics and high-volume manufacturing, such as yield and throughput, we plan and to convert more plants in the future, which will enable us to capture incremental ASP through our existing contractual adjusters.

在技​​術方面，我們的Series 6 Plus雙面組件完成了嚴格的現場和實驗室測試。我們最近對位於俄亥俄州佩里斯堡的第一座 Series 6 Plus 工廠進行了改造，以商業化生產世界上第一個採用先進薄膜半導體的雙面太陽能板。該技術採用 First Solar 研發團隊首創的創新透明背接觸技術，除了能夠實現雙面能量增益外，還允許紅外線波長的光穿過而不是被吸收為熱量，預計將降低太陽能電池板的工作溫度。雙面組件並導致更高的比能量產量。在成功展示營運指標和大批量製造（例如產量和吞吐量）後，我們計劃在未來改造更多工廠，這將使我們能夠透過現有的合約調節器獲取增量平均售價。

Turning to Slide 4. Our focus on delivering value extends to our manufacturing expansion strategy, and we are making tangible progress towards achieving our forecasted 25 gigawatts of global nameplate capacity by 2026. Construction of our India facility is completed and production has commenced. Commercial shipments are expected to begin once the factory receives the Bureau of India standard certification, remaining government, which is expected by year-end.

轉向幻燈片4。我們對提供價值的關注延伸到了我們的製造擴張戰略，並且我們正在取得切實進展，以實現到2026 年預計的25 吉瓦全球銘牌產能。我們的印度工廠建設已完成，生產已開始。一旦工廠獲得印度局標準認證（仍由政府負責），預計在年底前開始商業出貨。

In September, we mobilized on our new Louisiana manufacturing facility, our fifth fully vertically integrated factory in the United States. At a ceremony attended by the Governor of Louisiana, we set in motion the work expected to deliver 3.5 gigawatts of annual nameplate capacity, which is anticipated to commence operation at the end of 2025. When completed, we expect $1.1 billion facility is projected to take us to approximately 14 gigawatts of annual nameplate capacity in the United States, further enhancing our ability to serve the market with domestically made modules. Meanwhile, we continue to make steady progress on the construction of our new Alabama facility, which is expected to commence operation in the second half of 2024 and our Ohio manufacturing expansion, which is projected to commence operation in the first half of 2024.

9 月，我們啟動了路易斯安那州的新製造工廠，這是我們在美國的第五家完全垂直整合的工廠。在路易斯安那州州長出席的儀式上，我們啟動了預計將提供 3.5 吉瓦年額定容量的工程，預計將於 2025 年底開始運營。完成後，我們預計該設施將耗資 11 億美元我們在美國的年銘牌產能約為14吉瓦，進一步增強了我們用國產組件服務市場的能力。同時，我們繼續穩步推進阿拉巴馬州新工廠的建設，預計將於 2024 年下半年開始運營，以及俄亥俄州製造擴建項目預計將於 2024 年上半年開始運營。

Additionally, our new R&D innovation center and our first prospect development line announced at Analyst Day are also on track, representing an expected combined investment of $450 million. The prospect development line and R&D center are expected to commence operation in the first half of 2024 and reflect our determination to lead the industry in developing the next generation of PV technologies, optimizing across efficiency, energy and costs.

此外，我們在分析師日宣布的新研發創新中心和第一條前景開發線也已步入正軌，預計總投資達 4.5 億美元。前景開發線和研發中心預計將於2024年上半年投入運營，體現了我們引領產業開發下一代光伏技術、優化效率、能源和​​成本的決心。

Crucially, as our manufacturing footprint continues to grow, so does our supply chain. In the U.S., we recently expanded our agreement with Vitro Architectural Glass, which is investing in upgrading existing facilities in the United States to produce glass for our solar panels. The expanded capacity commitment from Vitro to First Solar is expected to commence production in the first quarter of 2026.

至關重要的是，隨著我們的製造足跡不斷擴大，我們的供應鏈也不斷擴大。在美國，我們最近擴大了與 Vitro Architectural Glass 的協議，該公司正在投資升級美國的現有設施，為我們的太陽能板生產玻璃。 Vitro 向 First Solar 擴大產能的承諾預計將於 2026 年第一季開始生產。

Today, First Solar is one of the largest consumers of float glass in the United States. As PV manufacturing continues to scale in the U.S. and a premium is placed on domestically produced components, including glass, our early work to build a resilient domestic supply chain, which began in 2019, gives us a significant head start over the competition.

如今，First Solar 是美國最大的浮法玻璃消費者之一。隨著美國光伏製造規模的不斷擴大，以及對包括玻璃在內的國產零件的重視，我們於 2019 年開始建立彈性國內供應鏈的早期工作使我們在競爭中取得了顯著的領先優勢。

Similarly, we expect OMCO Solar to manufacture and supply Series 7 module back rails through a new facility in Alabama. This reflects our efforts to derisk our supply chain with strategic localization. OMCO only uses American-made steel, which aligns with our intent to maximize the domestic economic value created by our U.S. manufacturing footprint. Generally, our Ohio facility also served by steel value chain that is located within a 100-mile radius of our factories.

同樣，我們預計 OMCO Solar 將透過阿拉巴馬州的新工廠製造和供應 7 系列模組背軌。這反映了我們透過策略本地化來降低供應鏈風險的努力。 OMCO 僅使用美國製造的鋼材，這符合我們最大化美國製造業足跡所創造的國內經濟價值的意圖。一般來說，我們的俄亥俄州工廠也由位於我們工廠 100 英里半徑範圍內的鋼鐵價值鏈提供服務。

Before handing the call over to Alex, I would like to discuss our policy environment. In the United States, with regards to the Inflation Reduction Act, we continue to await guidance from the Department of Treasury on the Section 45X manufacturing tax credits. We also remain engaged with the administration and continue to work with our customers to ensure that the IRA's domestic content bonus guideline reports the act's intent to sustainably grow U.S. solar manufacturing and its supply chains.

在將電話轉交給亞歷克斯之前，我想討論我們的政策環境。在美國，關於《通貨膨脹減少法案》，我們繼續等待財政部關於第 45X 條製造業稅收抵免的指導。我們也繼續與政府合作，並繼續與客戶合作，確保 IRA 的國內內容獎金指南反映該法案可持續發展美國太陽能製造業及其供應鏈的意圖。

As we have previously noted, we share our commitment to the current guidance with the administration and are working with our customers to enable their ability to benefit from the bonus credit for using U.S.-made content. We are appreciative of the work done by the Biden administration to provide a solid legislative foundation for domestic solar manufacturing. The IRA has supplied a catalyst for growth, and our goal is to leverage it to help create a position of strength for the country, both now and after the term of the incentives.

正如我們之前所指出的，我們與政府分享了對當前指導方針的承諾，並正在與我們的客戶合作，使他們能夠從使用美國製造內容的獎勵積分中受益。我們讚賞拜登政府為國內太陽能製造提供堅實的立法基礎所做的工作。 IRA 為經濟成長提供了催化劑，我們的目標是利用它為國家創造優勢地位，無論是現在還是激勵措施結束後。

Beyond the IRA, we are also aware of new anti-dumping and countervailing duty petitions filed against importers of aluminum extrusions from 15 countries. Consistent with our views on fair trade and the importance of conforming with rules governing trade issues, we will comply with any request for information from the United States Department of Commerce and the International Trade Commission, while we work to understand the potential implications.

除了 IRA 之外，我們還了解到針對 15 個國家的鋁型材進口商提出的新反傾銷和反補貼稅申請。根據我們對公平貿易的看法以及遵守貿易問題規則的重要性，我們將遵守美國商務部和國際貿易委員會的任何資訊請求，同時我們努力了解潛在的影響。

Moving abroad, we remain engaged with policy measures across Europe as the block attempts to tackle serious challenges to its solar manufacturing ambitions. For example, Chinese module inventory in Europe stored in warehouses across the region and estimated by analysts to reach 100 gigawatts by the end of the year is reportedly being sold at prices below its cost to manufacture. This alleged dumping behavior driven by overcapacity in the Chinese crystalline silicon industry that has decimated international competition over the past decade represents a serious threat to non-Chinese manufacturing and to ambitions of diversifying solar supply chains away from the dependency on China. It also represents a policy threat potentially underlining the political willingness to deliver the comprehensive trade and industrial legislative solutions necessary to both level the playing field and incentivize domestic manufacturing.

在國外，我們繼續參與整個歐洲的政策措施，因為該集團試圖應對其太陽能製造雄心所面臨的嚴峻挑戰。例如，據報道，中國在歐洲的組件庫存儲存在該地區的倉庫中，分析師估計到今年年底將達到 100 吉瓦，但目前的銷售價格低於製造成本。這種由中國晶體矽產業產能過剩引發的所謂傾銷行為在過去十年中削弱了國際競爭，對非中國製造業以及太陽能供應鏈多元化、擺脫對中國依賴的雄心構成了嚴重威脅。它也代表了一種政策威脅，可能凸顯出提供公平競爭環境和激勵國內製造業所需的全面貿易和工業立法解決方案的政治意願。

We continue to advocate for comprehensive legislation to safeguard any domestic manufacturing ambitions. Our view is that industrial policy-related CapEx benefits alone are inefficient and that absent sufficient trade policy support to ensure a level playing field, 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.

我們繼續倡導全面立法，以保障國內製造業的雄心。我們的觀點是，僅與產業政策相關的資本支出效益是低效的，如果缺乏足夠的貿易政策支持來確保公平的競爭環境，歐洲將發現很難實現美國和印度在相對較短的時間內所取得的成就。時間。

I'll now turn the call over to Alex, who will discuss our bookings, pipeline and third quarter results.

我現在將把電話轉給亞歷克斯，他將討論我們的預訂、管道和第三季業績。

Thanks, Mark. Moving on Slide 5. As of December 31, 2022, our contracted backlog totaled 61.4 gigawatts with an aggregate value of $17.7 billion. Through September 30, 2023, we entered into an additional 23.6 gigawatts of contracts. We recognized 7.4 gigawatts of volume sold, resulting in a total contracted backlog of 77.6 gigawatts with an aggregate value of $23 billion, which equates to approximately $0.296 per watt. Since the end of the third quarter to date, we've entered into an additional 4.3 gigawatts of contracts, contributing to our record total backlog of 81.8 gigawatts.

謝謝，馬克。續投影片 5。截至 2022 年 12 月 31 日，我們的合約積壓總量為 61.4 吉瓦，總價值為 177 億美元。截至 2023 年 9 月 30 日，我們又簽訂了 23.6 吉瓦的合約。我們確認已售出 7.4 吉瓦的銷量，導致合約積壓總量為 77.6 吉瓦，總價值為 230 億美元，相當於每瓦約 0.296 美元。自第三季末至今，我們已額外簽訂了 4.3 吉瓦合同，使我們的未交付訂單總量達到創紀錄的 81.8 吉瓦。

Including our backlog since the previous earnings call are contracts of approximately 1 gigawatt or more with returning customer Longroad Energy and new customers, including a new IPP and an asset manager with multiple companies in his portfolio. Additionally, we have received full security against 141 megawatts in previously signed contracts in India, which now moves these volumes from the contracted subject to conditions precedent grouping within our future opportunities pipeline to our bookings backlog. As noted at Analyst Day, while the ASPs associated with the India bookings are lower than those associated with the 6.6 gigawatts of U.S. bookings since the prior earnings call, gross margin profile, excluding the 45X benefits, is comparable to the fleet average given the lower production costs at our Chennai facility.

自上次財報電話會議以來，我們的積壓訂單包括與老客戶Longroad Energy 和新客戶簽訂的約1 吉瓦或更多的合同，其中包括一個新的IPP 和一個在其投資組合中擁有多家公司的資產管理公司。此外，我們在先前在印度簽署的合約中獲得了 141 兆瓦的全額擔保，現在將這些數量從我們未來機會管道中的合約受先決條件分組轉移到我們的預訂積壓中。正如分析師日所指出的，雖然自上次財報電話會議以來，與印度預訂相關的平均售價低於與美國6.6 吉瓦預訂相關的平均售價，但毛利率狀況（不包括45 倍收益）與機隊平均水平相當，因為我們在欽奈工廠的生產成本。

Since the announcement of the IRA, we have amended certain existing contracts to provide U.S. manufactured products as well as to supply domestically produced Series 7 module in place of Series 6. Consequently, over the past 5 quarters to the end of Q3 2023 plus approximately 11 gigawatts, we've increased our contracted revenue by approximately $354 million, an increase of $42 million from the prior earnings call.

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國產7 系列模組來代替6 系列。因此，在截至2023 年第三季度末的過去5 個季度中，加上大約11 個季度千兆瓦，我們的合約收入增加了約 3.54 億美元，比之前的財報電話會議增加了 4,200 萬美元。

As we previously addressed, the substantial portion of our overall backlog includes the opportunity to increase base ASP through the application of adjusters if we are able to realize achievements within our technology road map as to the required timing of delivery of the product. As of the end of the third quarter, we had approximately 40.3 gigawatts of contracted volume with these adjusters, which, if fully realized, could result in additional revenue of up to approximately $0.4 million or approximately $0.01 per watt, the majority of which we will recognize between 2025-2027. As previously discussed, this amount does not include potential adjustments, which are generally applicable to the total contracted backlog, both the ultimate bin produced and delivered to the customer, which may adjust the ASP under the sales contract upwards or downwards and for sales -- increases in sales rate applicable to aluminum or steel commodity price changes.

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實現產品交付所需時間方面的成就，那麼我們總體待辦事項的很大一部分包括透過應用調整器來提高基本 ASP 的機會。截至第三季末，我們與這些調節器的合約容量約為 40.3 吉瓦，如果全部實現，可能會帶來高達約 40 萬美元或每瓦約 0.01 美元的額外收入，其中大部分我們將認識到2025 年至2027 年之間。如前所述，該金額不包括潛在的調整，這些調整通常適用於合約積壓總額，包括生產的最終貨品和交付給客戶的最終貨品，這可能會向上或向下調整銷售合約下的平均售價以及銷售-銷售率的增加適用於鋁或鋼商品價格的變動。

Our contracted backlog extended into 2030, and excluding India, we're sold out to 2026. Note, total approximately 1.5 gigawatts of production from our India facility is expected to be used to support U.S. deliveries in 2024-2025.

我們的合約積壓訂單延續到2030 年，不包括印度，我們的產品已售罄到2026 年。請注意，我們印度工廠的總產量約為1.5 吉瓦，預計將用於支持2024-2025 年美國的交付。

As reflected on Slide 6, our pipeline of potential bookings remains robust. Total bookings opportunities of 65.9 gigawatts decreased approximately 12.4 gigawatts the previous quarter. Our mid- to late-stage opportunities decreased by approximately 16 gigawatts to 32.5 gigawatts and includes 27.1 gigawatts in North America, 3.8 gigawatts in India, 1.3 gigawatts for the EU and 0.3 gigawatts across all other geographies.

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 65.9 吉瓦，比上一季減少約 12.4 吉瓦。我們的中後期機會減少了約 16 吉瓦至 32.5 吉瓦，其中包括北美 27.1 吉瓦、印度 3.8 吉瓦、歐盟 1.3 吉瓦以及所有其他地區的 0.3 吉瓦。

Decreases in our total mid- to late-stage pipeline in Q2, Q3 result both by converting certain opportunities to bookings as well as the removal of certain other opportunities given our sold-out position diminished available supply. As we previously stated, given the diminished available supply, the long-dated time frame into which we are now selling and aligning customer project visibility with our balanced approach to ASPs, deal security and other key contractual terms, we would expect to see a reduction in new booking volumes in upcoming quarters.

我們在第二季和第三季的中後期管道總數的減少是由於將某些機會轉化為預訂以及由於我們的售完位置減少了可用供應而取消了某些其他機會。正如我們之前所說，鑑於可用供應量的減少、我們現在銷售的長期時間框架以及將客戶項目可見性與我們的平均售價、交易安全和其他關鍵合約條款的平衡方法相結合，我們預計會減少未來幾季的新預訂量。

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 contracted backlog, we will be strategic and selective in our approach to future contracts.

我們將繼續與優先考慮長期關係並重視我們差異化的客戶簽訂合約。考慮到我們合約積壓的強度和持續時間，我們將在處理未來合約時採取策略性和選擇性的方式。

Including with our mid- to late-stage pipeline are 5.1 gigawatts of opportunities that are contracted subject to conditions present, which includes 1.7 gigawatts in India. Given the shorter time frame between contracting and product delivery in India relative to other markets, we would not expect the same multiyear contract commitment that we currently see in the U.S. As a reminder, signed contracts in India will not be recognized as bookings until we have received full security against the offtake.

包括我們的中後期管道在內，有 5.1 吉瓦的機會，這些機會是根據現有條件簽訂的，其中包括印度的 1.7 吉瓦。鑑於與其他市場相比，印度簽訂合約和產品交付之間的時間較短，我們預計不會出現與目前在美國看到的相同的多年合約承諾。提醒一下，在印度簽署的合約將不會被視為預訂，直到我們獲得了針對承購的全額擔保。

Now on Slide 7, I'll cover our financial results for the third quarter. Net sales in the third quarter were $801 million, a decrease of $10 million compared to the second quarter. Decrease in net sales were primarily driven by lower non-volume revenue associated with project earnouts from our former systems business as well as within the module segment, a slight reduction in volumes sold, partially offset by an increase in ASPs as we continue to see favorable pricing trends.

現在在投影片 7 上，我將介紹我們第三季的財務表現。第三季淨銷售額為8.01億美元，比第二季減少1,000萬美元。淨銷售額的下降主要是由於與我們之前的系統業務以及模組部門的項目收益相關的非銷量收入下降，銷量略有下降，部分被平均售價的增長所抵消，因為我們繼續看到有利的情況定價趨勢。

Gross margin was 47% in the third quarter compared to 38% in the second quarter. This increase was primarily driven by higher module ASPs, lower sales rate costs with higher volumes of modules produced and sold in the U.S., resulting in additional credits from the Inflation Reduction Act.

第三季的毛利率為 47%，而第二季的毛利率為 38%。這一增長主要是由於組件平均售價提高、在美國生產和銷售的組件數量增加而導致銷售成本降低，從而獲得了《通貨膨脹減少法案》的額外抵免額。

Previously mentioned, based on our differentiated vertically integrated manufacturing model, the current form factor of our modules, we expect to qualify for an IRA credit of approximately $0.17 per watt for each module produced in the U.S. and sold to a third party, which is recognized as a reduction to cost of sales in the period of sale.

前面提到，根據我們差異化的垂直整合製造模式，即我們模組的當前外形尺寸，我們預計對於在美國生產並出售給第三方的每個模組，我們將有資格獲得每瓦約0.17 美元的IRA信用額度，這是公認的作為銷售期間銷售成本的減少。

During the third quarter, we recognized $205 million of such credits compared to $155 million in the second quarter. We encourage you to review the safe harbor statements contained in today's press release and presentation, the risks related to our receiving the full amount of the benefits we believe we are entitled to under the IRA.

第三季度，我們確認了 2.05 億美元的此類信貸，而第二季度為 1.55 億美元。我們鼓勵您查看今天的新聞稿和簡報中包含的安全港聲明，以及與我們認為我們有權根據 IRA 獲得全額福利相關的風險。

Continued reduction in our sales rate costs during the quarter reflected improved ocean, land rates along with a beneficial domestic versus international mix of volumes sold. Lower sales rate costs reduced gross margin 7 percentage points during the third quarter compared to 8 percentage points in the second quarter.

本季我們的銷售費率成本持續下降，反映出海運、陸運費率的改善以及國內與國際銷售量的有利組合。較低的銷售成本使第三季的毛利率下降了 7 個百分點，而第二季則下降了 8 個百分點。

Ramp and underutilization costs, which include costs associated with operating a new factory, the lower target utilization and performance levels were $25 million during the third quarter compared to $29 million in the second quarter. Ramp costs reduced gross margin by 3 percentage points during the third quarter compared to 4 percentage points during the second quarter. Our year-to-date ramp costs are primarily attributable to our Series 7 factory in Ohio, which is expected to reach its initial target operating capacity end of this year and our new Series 7 factory in India, which commenced production during the quarter.

斜坡和利用率不足成本，其中包括與營運新工廠相關的成本，第三季的目標利用率和績效水準較低為 2,500 萬美元，而第二季為 2,900 萬美元。第三季的坡道成本使毛利率下降了 3 個百分點，而第二季則下降了 4 個百分點。我們今年迄今的產能成長成本主要歸因於我們位於俄亥俄州的Series 7 工廠，該工廠預計將在今年年底達到其初始目標營運能力，以及我們位於印度的新Series 7 工廠，該工廠預計於本季度開始生產。

SG&A and R&D expenses totaled $91 million in the third quarter, an increase of $8 million compared to the second quarter. This increase was primarily driven by expected credit losses associated with our higher accounts receivable balance additional investments in our R&D capabilities, costs relating to the implementation and support of our new global enterprise resource planning system.

第三季銷售、行政管理和研發費用總計 9,100 萬美元，比第二季增加 800 萬美元。這一增長主要是由於我們較高的應收帳款餘額、對研發能力的額外投資、與實施和支持新的全球企業資源規劃系統相關的成本所致的預期信用損失。

Production start-up expense, which is included in operating expenses, was $12 million in the third quarter, a decrease of approximately $11 million compared to the second quarter. This decrease was attributable to the start-up reduction in our factory in India, partially offset by certain start-up activities for our new Series 7 factory in Alabama.

第三季包含在營運費用中的生產啟動費用為1,200萬美元，比第二季減少約1,100萬美元。這一減少歸因於我們印度工廠的開工減少，部分被我們位於阿拉巴馬州的新 7 系列工廠的某些開工活動所抵消。

Our third quarter operating results did not include any significant nonmodule activity. However, the year-to-date operating loss impact from the legacy systems business related activities remains at approximately $22 million.

我們第三季的經營業績不包括任何重大的非模組活動。然而，年初至今，遺留系統業務相關活動造成的營運損失影響仍約為 2,200 萬美元。

Our third quarter operating income was $273 million, which included depreciation and amortization and accretion of $78 million, ramp cost of $25 million, production start-up expense of $12 million and share-based compensation expense of $8 million. We recorded tax expense of $22 million in the third quarter compared to tax expense of $18 million in the second quarter, primarily driven by higher pretax income. Combination of the forementioned items led to a third quarter diluted earnings per share of $2.50 per to $1.59 in the second quarter.

我們第三季的營業收入為 2.73 億美元，其中包括 7,800 萬美元的折舊、攤提和增值、2,500 萬美元的產能提升成本、1,200 萬美元的生產啟動費用和 800 萬美元的股權激勵費用。我們第三季的稅費為 2,200 萬美元，而第二季的稅費為 1,800 萬美元，這主要是由於稅前收入增加。上述項目的結合導致第三季攤薄後每股收益為 2.50 美元，第二季為 1.59 美元。

Next, turn to Slide 8 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 $1.8 billion compared to $1.9 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, along with a higher accounts receivable balance, partially offset by advanced payments received from future module sales.

接下來，前往投影片 8 討論選定的資產負債表項目和總計現金流量資訊。本季末，我們的現金、現金等價物、限制性現金、限制性現金等價物及有價證券為 18 億美元，而上一季末為 19 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，以及應收帳款餘額的增加，部分被未來模組銷售收到的預付款所抵消。

Total debt at the end of the third quarter was $499 million, an increase of $62 million from the second quarter as a result of the final loan drawdown and credit facility for our factory in India. Our net cash position decreased by approximately $0.2 billion to $1.3 billion as a result of the aforementioned factors. Cash flows from operations were $165 million in the third quarter.

由於我們印度工廠的最終貸款提取和信貸安排，第三季末的總債務為 4.99 億美元，比第二季增加了 6,200 萬美元。由於上述因素，我們的淨現金部位減少了約 2 億美元至 13 億美元。第三季營運現金流為 1.65 億美元。

Global liquidity and the strength of our balance sheet remains one of our key differentiating factors. However, as discussed at our Analyst Day, the majority of our cash is offshore, while the majority of our forecasted future CapEx spend between 2024 and 2026 is in the United States.

全球流動性和資產負債表的實力仍然是我們的關鍵差異化因素之一。然而，正如我們在分析師日討論的那樣，我們的大部分現金都在海外，而我們預測的 2024 年至 2026 年間未來資本支出的大部分都在美國。

As we invest significantly in the U.S. manufacturing ahead of any IRA cash proceeds, we continue to evaluate options once we balance this expected temporary jurisdictional cash imbalance, which include cash repatriation, use of our existing undrawn revolving credit facility or other sources of [CAFD]. Whilst we expect our $1 billion of revolver capacity to provide sufficient liquidity, we continue to evaluate other options to optimize cost of capital for any bridge financing.

由於我們在獲得IRA 現金收益之前對美國製造業進行了大量投資，因此一旦我們平衡了預期的臨時司法管轄區現金失衡，我們將繼續評估各種選擇，其中包括現金匯回、使用我們現有的未提取循環信貸安排或其他[CAFD] 來源。雖然我們預計 10 億美元的循環能力將提供充足的流動性，但我們仍在繼續評估其他選擇，以優化任何過橋融資的資本成本。

On Slide 9, turning to our guidance update. Our volumes sold and net sales guidance remains unchanged. Within gross margin, we are reducing the high end of our forecasted ramp under the utilization expenses by $10 million between $110 million and $120 million, and narrowing the range of our Section 45X tax credit guidance by $10 million, both the low and high end, to between $670 million and $700 million. Given their size, these combined changes do not impact our guided gross margin range of $1.2 billion to $1.3 billion.

在投影片 9 上，轉向我們的指導更新。我們的銷量和淨銷售額指引保持不變。在毛利率範圍內，我們將使用費用的預測上限在 1.1 億美元至 1.2 億美元之間減少 1,000 萬美元，並將第 45X 條稅收抵免指導的範圍縮小 1,000 萬美元，包括低端和高端，至6.7 億至7 億美元之間。鑑於其規模，這些綜合變化不會影響我們 12 億至 13 億美元的指導毛利率範圍。

We've reduced our production start-up expenses guidance to $75 million to $85 million, which implies operating expenses guidance of $440 million to $470 million. Combining these changes provide some resiliency to the low end of both the operating income guidance range, which is updated to $770 million to $870 million and the earnings per share guidance range, which is updated to $7.20 to $8. Net cash and capital expenditures guidance remained unchanged.

我們已將生產啟動費用指導降低至 7,500 萬至 8,500 萬美元，這意味著營運費用指導為 4.4 億至 4.7 億美元。這些變化相結合，為營業收入指導範圍（更新為 7.7 億至 8.7 億美元）和每股收益指導範圍（更新為 7.20 至 8 美元）的低端提供了一定的彈性。淨現金和資本支出指引保持不變。

Turn to Slide 10. I'll summarize the key messages from today's call. Demand continues to be robust with 27.8 gigawatts of net bookings year-to-date, including 6.8 gigawatts of net bookings with our last earnings call at an average ASP $0.30 per watt, including India and before the application of adjusters were applicable, leading to a record contracted backlog of 81.8 gigawatts.

請參閱投影片 10。我將總結今天電話會議的關鍵資訊。需求仍然強勁，今年迄今的淨預訂量為27.8 吉瓦，其中包括6.8 吉瓦的淨預訂量，我們上次財報電話會議的平均售價為每瓦0.30 美元，包括印度，並且在應用調整器之前，導致合約積壓量創歷史新高81.8吉瓦。

Our continued focus on manufacturing and technology excellence resulted in a record quarterly production of 3.2 gigawatts. Our India manufacturing facility commenced production and our Alabama, Louisiana and Ohio manufacturing expansions remain on schedule.

我們持續專注於製造和卓越技術，季度產量達到創紀錄的 3.2 吉瓦。我們的印度製造工廠已開始生產，阿拉巴馬州、路易斯安那州和俄亥俄州的製造擴張仍在按計劃進行。

Financially, we're on $2.50 diluted share, and we ended the quarter with a gross balance of $1.8 billion or $1.3 billion net of debt. We maintain full year 2023 revenue guidance and raised the midpoint of our EPS guidance from $7.50 to $7.60.

在財務方面，我們的攤薄份額為 2.50 美元，本季末的總餘額為 18 億美元，扣除債務後為 13 億美元。我們維持 2023 年全年收入指引，並將 EPS 指引中位數從 7.50 美元上調至 7.60 美元。

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

至此，我們結束準備好的發言並開始提問。操作員？

(Operator Instructions) Your first question comes from the line of Philip Shen from ROTH MKM.

（操作員說明） 您的第一個問題來自 ROTH MKM 的 Philip Shen。

Congrats on the strong bookings, at what appears to be strong pricing. Mark, can you talk through the pricing at $0.30 a watt that's without India? And I think the prior quarter, there were some nuance around a contract without freight. And so if you adjusted that where you typically include freight, was your prior pricing kind of closer to $0.31? So you guys are sitting close to $0.30 this quarter to maybe a bit of a drop, but really compared to the crystalline silicon price collapse, it looks like you're holding price pretty well.

恭喜您的預訂量強勁，定價似乎也很強勁。 Mark，您能談談不包括印度在內的每瓦 0.30 美元的定價嗎？我認為上一季度，不含運費的合約存在一些細微差別。因此，如果您調整了通常包含運費的位置，您之前的定價是否接近 0.31 美元？因此，本季你們的價格接近 0.30 美元，可能略有下降，但實際上與晶體矽價格暴跌相比，看起來你們的價格保持得相當不錯。

And then looking ahead, I think you guys said you may be selective and strategic with bookings. So should we expect things to slow down from here and maybe fewer bookings in general coming up in this full quarter here in Q4 and maybe in Q1 as well, especially since UFLPA module -- UFLPA compliance module pricing has come down so much there? So just curious what you expect ahead there as well.

然後展望未來，我想你們說過你們可能在預訂方面有選擇性和策略性。那麼，我們是否應該預期事情會從這裡開始放緩，第四季度整個季度的預訂量可能會減少，也許第一季度的預訂量也會減少，特別是因為UFLPA 模組——UFLPA 合規模塊的定價已經大幅下降？所以只是好奇你對未來的期望。

Yes. So from a [branding] standpoint, Phil, and if you look at the bookings for this quarter all the way out into 2029, so it's totally weighted in -- actually in 2029. And so you're booking much further out in the horizon, which also kind of creates the dynamic of what is our base price and then what is the impact of the adders, which, as we indicated, the $0.30, excluding India, does not include the adders and 70% of the volume includes adders, and they're in a horizon that, especially for the benefits of temperature coefficient and long-term degradation rate, that we'll be in a much better position to capture those upsides.

是的。因此，從[品牌]的角度來看，菲爾，如果您查看本季度一直到 2029 年的預訂量，那麼它完全被加權——實際上是在 2029 年。所以您的預訂量要遠得多，這也創造了我們的基本價格是多少以及加法器的影響是什麼的動態，正如我們所指出的，0.30 美元（不包括印度）不包括加法器，而70% 的數量包括加法器，他們處於這樣的境地，特別是對於溫度係數和長期降解率的好處，我們將處於更好的位置來捕捉這些優勢。

And as we indicated in the call, we're starting our initial [bifac] production already in Ohio. And so when you look at the impact to the average ASP and if you were to include the benefit of the adders to -- or -- and marry that up and align it to our technology road map, as I indicated in my prepared remarks, you'd add about $0.02 or so to the ASP.

正如我們在電話中指出的那樣，我們已經在俄亥俄州開始了最初的 [bifac] 生產。因此，當您考慮對平均 ASP 的影響時，如果您要將加法器的好處包括在內，或者將其與我們的技術路線圖結合起來，正如我在準備好的發言中指出的那樣，您需要在ASP 中增加約0.02 美元左右。

So when you look -- when you make that adjustment, you compare it to last quarter, you look at the period at which we're booking out into, but I would say the pricing is pretty stable quarter-to-quarter. And you're right. Last quarter, we had a relatively large deal that did not include sales rate, so there was a little bit of an impact to the average ASP because of that.

因此，當你進行調整時，你會將其與上個季度進行比較，你會看到我們預訂的時期，但我想說每個季度的定價都相當穩定。你是對的。上個季度，我們有一筆相對較大的交易，不包括銷售率，因此對平均平均售價有一點影響。

But I would say, largely, it's pretty stable. We're very pleased with our ability to go further out into the horizon and still get very attractive pricing in the backdrop of a lot of changes in a very dynamic environment over the last 60, 90 days.

但我想說，很大程度上，它相當穩定。我們非常高興我們能夠更進一步，在過去 60、90 天的動態環境中發生了許多變化的背景下，仍然獲得非常有吸引力的定價。

As it relates to the comment about being disciplined, we are going to continue to be disciplined. We are still supply constrained, and we have a road map that will get us to 25 gigawatts. We're starting to see '27 fill up very nicely and starting to put more points on the board that go out '28, '29 and we touched '30 in some of the prior deals that we've done. If we come to the terms with customers on what makes sense for us, not just on ASP but security, overall terms of conditions, provisions to the extent they're applicable to domestic content, all that has to balance itself out into a deal that makes sense for us.

由於這涉及到有關受到紀律處分的評論，因此我們將繼續受到紀律處分。我們的供應仍然有限，但我們有一個路線圖，可以讓我們達到 25 吉瓦。我們開始看到 27 年的情況非常好，並開始在 28 年、29 年的董事會上投入更多的積分，並且在我們之前完成的一些交易中我們達到了 30 分。如果我們與客戶就對我們有意義的條款達成一致，不僅是在 ASP 方面，還包括安全性、總體條件條款、適用於國內內容的規定，所有這些都必須平衡自身，形成一項交易，對我們來說是有意義的。

And so look, that's how we're going to continue to engage the market, and there's -- we'll see how the market reacts and especially the further you go into the horizon, there will probably be some pause to some of our customers not willing to commit yet to that horizon, but we'll see how it plays out. But there's -- potentially, we would see bookings to stabilize where they are now and maybe potentially decline slightly as we'll cross the next several quarters.

所以看，這就是我們繼續參與市場的方式，我們將看到市場的反應，特別是當你進一步深入視野時，我們的一些客戶可能會停下來還不願意承諾這一目標，但我們會看看結果如何。但我們可能會看到預訂量穩定在目前的水平，並且可能會在接下來的幾季中略有下降。

Your next question comes from the line of Julien Dumoulin-Smith from Bank of America.

您的下一個問題來自美國銀行的 Julien Dumoulin-Smith。

It's Alex on for Julien. Just a follow-up if I can to that, Mark. When you think about where you guys are booking -- and I'll say this like you guys used to be in the development game as well, so I think you obviously understand the lead times on these projects. I mean how much is that mid- to late-stage compression a function of just, listen, there's a lot of uncertainty as far as timing of interconnects, permitting, et cetera and looking out in 2028, it's sort of hard to say which projects will be first versus second versus third?

亞歷克斯替補朱利安。如果可以的話，我只是跟進一下，馬克。當你想到你們在哪裡預訂時——我會像你們過去在開發遊戲中那樣說，所以我認為你們顯然了解這些項目的交付時間。我的意思是，中後期壓縮在多大程度上取決於，聽著，就互連時間、許可等而言，存在著許多不確定性，展望 2028 年，很難說哪些項目將是第一、第二、第三？

Or is this more that the market is kind of getting back to some level of normalcy as far as supply and demand in modules and buyers are just electing to it? I guess sort of parse that for us relative to it just being really long dated as opposed to a sort of a shift in buyer sentiment or market conditions if you will.

或者說，就模組的供需而言，市場正在恢復某種程度的正常狀態，而買家只是選擇這樣做？我想，對我們來說，這種分析是相對於它來說是非常過時的，而不是買家情緒或市場狀況的某種轉變（如果你願意的話）。

I don't see it as a huge shift in our customers' sentiment as they think about their realization against their development pipeline. Look, there are challenges, as you indicated, permitting, interconnection and what have you. But I think they all still are very bullish about ability to realize their contracted pipeline and secure offtake agreements.

我不認為這是客戶情緒的巨大轉變，因為他們考慮了他們的開發管道的實現。瞧，正如您所指出的，在允許、互連以及您所擁有的方面存在挑戰。但我認為他們仍然非常看好實現合約管道和獲得承購協議的能力。

The issue, I think, is around when do you actually (inaudible) if we're contracting for module deliveries in 2029 and we're asking for security, clearly, the project is not in a condition at that point in time where they would be able to get financing put in place. So you're talking about corporate liquidity capacity that's going to have to be used in order to provide the security whether it's a parent guarantee, an LC or actual cash.

我認為，問題在於，如果我們在 2029 年簽訂模組交付合同，並且我們要求安全，那麼您什麼時候真正（聽不清），顯然，該項目當時並不處於他們會要求的狀態。能夠獲得融資。因此，您談論的是為了提供擔保而必須使用的企業流動性能力，無論是母公司擔保、信用證還是實際現金。

As you know, the project has to be much further along as it relates to financing debt and structure of tax equity before that liquidity is brought into the mix at the project level. So I think part of it is wanting to have the certainty of the delivery but balancing that with capacity to -- from a security standpoint that we're requiring on our contracts, and it's just a matter of finding a good balance that can work.

如您所知，在將流動性納入專案層面的組合之前，該專案必須走得更遠，因為它涉及融資債務和稅收股權結構。因此，我認為部分原因是希望獲得交付的確定性，但從我們合約要求的安全角度來看，要平衡交付的確定性，這只是找到一個可行的良好平衡點的問題。

Parent guarantees for certain entities can work, but we want to make sure they're creditworthy parent guarantees and the entities that guarantees are issued against, and that sometimes for some of our customers becomes a little bit more challenging. So you kind of got this balance of wanting certainty, wanting to engage, clearly want to partner with First Solar, and they also know that we're a loyal supplier to especially our partners that have been with us for an extended period of time but then also balancing their near-term liquidity constraints to the extent that they have them and when do they want to enter into a contract.

對某些實體的母公司擔保是可行的，但我們希望確保它們是信譽良好的母公司擔保以及擔保所針對的實體，有時對於我們的一些客戶來說，這變得更具挑戰性。因此，您在想要確定性、想要參與、顯然想要與First Solar 合作之間取得了平衡，而且他們也知道我們是忠實的供應商，尤其是那些已經與我們合作了很長一段時間的合作夥伴，但是然後還要平衡他們的近期流動性限制，以了解他們是否有這些限制以及他們何時想要簽訂合約。

So I don't see it so much as a sentiment to realization against the development pipeline. I just think it's -- you're going out to the horizon right now that people are maybe not as ready yet to commit capital and commit to the liquidity that we need to get comfortable with around security for the module agreement.

因此，我並不認為這是一種對開發管道的實現的情緒。我只是認為，現在人們可能還沒有準備好投入資金並承諾我們需要對模組協議的安全性感到滿意的流動性。

Two things I might note. One is, at the Analyst Day, we talked around the fact that we actually over allocate in the near term. And we do that deliberately because we tend to see projects move out to the horizon. That gives us some comfort.

我可能會注意到兩件事。一是，在分析師日，我們討論了我們實際上在短期內過度配置的事實。我們故意這樣做是因為我們傾向於看到項目逐漸浮出水面。這給了我們一些安慰。

The other reason we do that is a lot of our recent bookings have been framework agreements with customers, whereby they don't necessarily have a specific project allocating the modules they're buying from us. They just know they're going to need that total volume over a period of time. And those frameworks can be more challenging to plan for because there is often some flexibility in timing there but also shows that customers in very long-dated bookings are willing to buy without necessarily learning exactly where the products go in because they value that certainty, and they know that, over time, they'll find a home for it.

我們這樣做的另一個原因是，我們最近的許多預訂都是與客戶簽訂的框架協議，因此他們不一定有一個特定的項目來分配他們從我們這裡購買的模組。他們只知道在一段時間內他們將需要該總量。這些框架的規劃可能更具挑戰性，因為在時間安排上通常有一定的靈活性，但也表明，長期預訂的客戶願意購買，而不必確切了解產品的去向，因為他們重視這種確定性，並且他們知道，隨著時間的推移，他們會為它找到一個家。

So we've been seeing a lot more of that behavior, which runs a little counter to your question, I think. But we're seeing people booking out at times and they don't necessarily know exactly where it's going, but they're still willing to make that commitment because of the value to them doing so.

所以我們已經看到了更多這種行為，我認為這與你的問題有點相反。但我們有時會看到人們預訂，他們不一定知道具體去向，但他們仍然願意做出這項承諾，因為這樣做對他們來說很有價值。

But as Mark said, the further we get out, the fact that we're now booking out into 2028, '29, it becomes hard if people put meaningful deposits down and there's just less visibility on the framework side. That's why we talked about potentially seeing bookings slower.

但正如馬克所說，我們走得越遠，我們現在預訂到2028 年、29 年的事實，如果人們存入有意義的存款，而且框架方面的可見性越來越低，那就變得很困難。這就是為什麼我們談到預訂速度可能會變慢的原因。

Your next question comes from the line of Brian Lee from Goldman Sachs.

你的下一個問題來自高盛的布萊恩李（Brian Lee）。

This is [Grace] on for Brian. I guess my question on competition. So one of your crystalline silicon peers recently announced a 5-gigawatt cell expansion. It's -- I think it's the first sign of vertical integration from China in the U.S. I think the CapEx was like about $1 billion for that 5 gigawatt or so. So the CapEx is lower, but can you speak to your understanding of the cost structure for overseas peer building -- in building manufacturing in the U.S. and how your Series 7 compare?

這是布萊恩的[格蕾絲]。我想我的問題是關於競爭的。因此，您的一家晶體矽同行最近宣布擴建 5 吉瓦電池。我認為這是中國在美國進行垂直整合的第一個跡象。我認為這 5 吉瓦左右的資本支出約為 10 億美元。因此，資本支出較低，但您能否談談您對海外同行建設（在美國建設和製造）的成本結構的理解以及您的 Series 7 的比較如何？

Sure. So there's a lot out there -- yes, so there's an announcement that was made recently this week, one of our competitors that will be putting cells in the U.S. And look, there are others that are doing cells in U.S. Meyer Burger has made a commitment to do cells in the U.S., handle a few cells, doing cells in the U.S. They're not alone from that standpoint.

當然。所以有很多 - 是的，所以本週最近發布了一項聲明，我們的一個競爭對手將在美國生產電池。看，還有其他公司在美國生產電池。梅耶博格已經做了一個承諾在美國做細胞，處理一些細胞，在美國做細胞。從這個角度來看，他們並不孤單。

But one thing I want to make sure is clear when you said vertically integrated, it's not vertically integrated all the way through to the polysilicon. So yes, it's a module assembly with cell manufacturing. The wafers still are not manufactured in the U.S. The ingots, obviously not in the U.S., and nor is the uncertainty where -- exactly where the polysilicon is coming from. It could be from the U.S. manufacturer or potentially, Europe or Korean, I guess.

但我想澄清的一件事是，當你說垂直整合時，它並不是一直垂直整合到多晶矽。所以是的，這是一個帶有電池製造的模組組裝。矽片仍然不是在美國製造的，矽錠顯然不是在美國製造的，而且多晶矽到底來自哪裡也不確定。我猜它可能來自美國製造商，也可能來自歐洲或韓國。

So it's not an apples-to-apples comparison. But what I'll say is that if you look at the announcements that they've made, there's about $800 million for the cell and a few hundred million, $200 million, $300 million for the module, which is pretty comparable to or fully vertically integrated. So they're about $1.1 billion.

因此，這不是同類比較。但我要說的是，如果你看一下他們發布的公告，你會發現電池大約有 8 億美元，模組有幾億、2 億、3 億美元，這與完全垂直的相當融合的。所以它們大約是 11 億美元。

But the -- what I think is maybe the most telling number to look at from a competitive standpoint is the headcount. I think it's -- for 5 gigawatts, it's 2,700 heads for just cell and module. We are on a road map that will be 14 gigawatts of fully vertically integrated. So think about that from the production of the polysilicon all the way forward. And our entire head count for 14 gigawatts in the U.S. will be comparable to that 2,700.

但我認為，從競爭的角度來看，最有說服力的數字可能是員工人數。我認為，對於 5 吉瓦來說，僅電池和模組就有 2,700 個頭。我們的路線圖將是 14 吉瓦的完全垂直整合。因此，從多晶矽的生產一直思考這一點。我們在美國 14 吉瓦的總員工數將相當於 2,700 人。

So on a head count basis, we're about -- they're about 2.5x higher on a headcount basis than we are. That adds about $0.02, $0.025 on a cost per watt base using kind of U.S. labor rates. So I think that's one thing for sure that will create a much higher cost profile for them manufacturing in the U.S.

因此，以人數計算，我們的人數大約是我們的 2.5 倍。根據美國勞動力價格計算，每瓦成本增加約 0.02 美元至 0.025 美元。所以我認為這是肯定的一件事，這將為他們在美國的製造創造更高的成本。

The other is they don't have a local supply chain. As we indicated in our call, we have localized our supply chain. We have been in front of that game. So our glass is here in the U.S. As we indicated, our back rails on Series 7 are here in the U.S. The 10 components or so that are identified through the domestic content from underneath the IRA, all of our components for our Series 7 product will be made in the U.S. That factory will most likely have one, at least one major component.

另一個是他們沒有本地供應鏈。正如我們在電話中指出的那樣，我們已經實現了供應鏈的本地化。我們已經領先那場比賽了。因此，我們的玻璃在美國。正如我們所指出的，我們系列 7 上的後軌在美國。透過 IRA 下的國內內容確定的 10 個左右組件，我們系列 7 產品的所有組件都將在美國生產。該工廠很可能擁有一個或至少一個主要部件。

Glass is not going to be available in the U.S. There are no [fiberglass] manufacturers today in the U.S. It could happen, but it will be much more expensive than it would be to source from Southeast Asia or China. But then they have to pay the freight, and it's expensive to ship glass, which is heavy from Southeast Asia or China into the U.S.

美國不會提供玻璃。目前美國沒有[玻璃纖維]製造商。這種情況有可能發生，但比從東南亞或中國採購要貴得多。但他們必須支付運費，而且將玻璃從東南亞或中國運送到美國的成本很高。

They're also going to have to potentially deal with duties no different than the comment that we made on our prepared remarks. There are duties now that are being considered for extruded aluminum. And there's a potential that it could be applicable to the frame. Our Series 7 product, as an example, does not use aluminum. It's steel and it's domestically sourced, so it doesn't have that type of exposure.

他們也可能必須承擔與我們對準備好的言論發表的評論沒有什麼不同的職責。現在正在考慮對擠壓鋁材徵收關稅。它有可能適用於框架。例如，我們的 7 系列產品不使用鋁。它是鋼材，而且是在國內採購的，因此沒有這種風險。

So I am very confident, and this is one of the things that we said before, is that all we want is a level playing field that we all compete on the same basis and under the same policy environment. As long as we have that, I have no doubt that we are materially cost advantaged to any other U.S. manufacturer for the various reasons that I've mentioned.

所以我非常有信心，這是我們之前說過的一件事，我們想要的只是一個公平的競爭環境，我們都在相同的基礎上、相同的政策環境下競爭。只要我們擁有這一點，我毫不懷疑，由於我提到的各種原因，我們比任何其他美國製造商都具有實質性的成本優勢。

We feel like we're in a position to strike. We believe that we have a key point of differentiation around our manufacturing excellence, and we're more happy to compete with anyone who would choose to manufacture in the U.S., and we welcome it. We believe the IRA in order to be successful is to create a diversified supply chain with many different types of technology, crystalline silicon, thin films, whether it's CadTel or eventually perovskites or others. We need that if we want to ensure long-term energy independence and security and for the U.S. to become a technology leader. We need more manufacturing. We need more innovation and different types of technologies to continue to move this forward.

我們覺得我們有能力發動進攻。我們相信，我們在卓越製造方面擁有一個關鍵的差異化優勢，我們更樂意與任何選擇在美國製造的人競爭，我們對此表示歡迎。我們相信，IRA 要想取得成功，就必須創造一個多元化的供應鏈，涵蓋多種不同類型的技術、晶體矽、薄膜，無論是 CadTel 還是最終的鈣鈦礦或其他技術。如果我們想確保長期的能源獨立和安全並讓美國成為技術領導者，我們就需要這一點。我們需要更多的製造業。我們需要更多的創新和不同類型的技術來繼續推動這項進程。

Your next question comes from the line of Joseph Osha from Guggenheim Partners.

您的下一個問題來自古根漢合夥人公司的約瑟夫·奧沙（Joseph Osha）。

Following on the previous question, assuming that most of what we see in the U.S. is going to be modules sourced with domestic cell but almost certainly overseas wafer and poly. Based on what you see right now, can you see those suppliers managing to meet domestic content requirements under the IRA? And if so, just why we're not? I'm curious as to what your thinking is on that.

繼續上一個問題，假設我們在美國看到的大部分組件將採用國內電池，但幾乎肯定是海外矽片和多晶矽。根據您現在所看到的情況，您是否能看到那些供應商設法滿足 IRA 下的國內含量要求？如果是這樣，我們為什麼不呢？我很好奇你對此有何想法。

So as we currently understand the supply chain and the availability of the domestically sourced components that were identified under the IRA domestic content guidance that was provided, the only and really identifiable component that we believe -- I mean there could be some small stuff like adhesives and stuff like that, but that's not going to move the needle.

因此，根據我們目前了解的供應鏈以及根據 IRA 提供的國內成分指南確定的國內採購組件的可用性，我們認為唯一且真正可識別的組件 - 我的意思是可能存在一些小東西，例如粘合劑諸如此類的事情，但這不會有任何進展。

But most likely, [one really applicable] component that will move the needle and that will drive some meaningful amount of domestic content will be the cell. If you look at this most recent announcement, I think that you said they'll be up and running by the end of '25, which means largely that those cells would be available for production and shipments and then eventually installation into -- or assembled into modules and then eventually installation on your project in '26. And I believe the requirements under IRA and '26 is close to -- I think it's 60%, so they have to -- so you're starting off at 40% domestic content and it steps its way up all the way to 55%.

但最有可能的是，[一個真正適用的]能夠推動發展並推動一些有意義的國內內容的組件將是電池。如果您查看最新的公告，我認為您說過它們將在 25 年底啟動並運行，這在很大程度上意味著這些電池將可用於生產和運輸，然後最終安裝或組裝到模組中，然後最終在'26 安裝到您的專案中。我相信 IRA 和 '26 的要求接近——我認為是 60%，所以他們必須——所以你從 40% 的國內含量開始，然後一路上升到 55% 。

So they've got a window now that by the time they can actually realize the benefit of domestic content that requirements will be at a higher threshold than it is right now. At least the math that we run just looking at the cell and understanding the direct material, direct labor cost crystalline silicon module will be very difficult for the cell-only domestically sourced module to meet the project level requirements to achieve the domestic content bonus.

因此，他們現在有一個窗口，當他們真正意識到國內內容的好處時，要求的門檻將比現在更高。至少我們僅透過觀察電池片並了解直接材料、直接人工成本來計算晶矽組件，對於僅使用電池片的國產組件來說，很難滿足專案等級要求以實現國產含量紅利。

Series 7, as I indicated, which is the vast majority of our 14 gigawatts of domestic production, is 100% domestically sourced. Therefore, it qualifies as a domestic product. It will be materially advantaged in enabling of domestic content bonus at the project level versus just a crystalline silicon module with domestically sourced cell.

正如我所指出的，7 系列是我們 14 吉瓦國內產量中的絕大多數，100% 來自國內。因此，它符合國產產品的標準。與僅採用國產電池的晶矽組件相比，它將在專案層面實現國產含量紅利方面具有實質優勢。

Your next question comes from the line of Vikram Bagri from Citi.

您的下一個問題來自花旗集團的 Vikram Bagri。

I wanted to ask about capital allocation. At the Analyst Day, we understood that there is some downside to tech CapEx by implementing some processes at the supplier level. Any updates to share there? Also, Alex, you mentioned that repatriating cash, it sounds like, is not the most efficient part to fund CapEx in the U.S. So wondering what the cost of repatriation is.

我想問一下資本配置的問題。在分析師日，我們了解到，在供應商層級實施一些流程會對技術資本支出造成一些負面影響。有什麼更新可以分享嗎？另外，亞歷克斯，你提到，聽起來，匯回現金並不是為美國資本支出提供資金的最有效部分。所以想知道匯回的成本是多少。

And staying on the same topic, I understand that funding buybacks with IRA cash is not on the table yet. I was wondering if repatriating the cash longer term can fund for the buybacks longer term. And then finally, I was wondering if common equity is still off the table completely.

回到同一主題，我知道用 IRA 現金進行資金回購尚未提上日程。我想知道長期匯回現金是否可以為長期回購提供資金。最後，我想知道普通股是否仍完全不在討論範圍之內。

I'll take the first one, and Alex, take all the rest of them. So yes, we are still working through with our supplier to enable various coating capabilities that would result in us not having to make substantial capital investments related to our upgrades for our CuRe technology.

我會拿走第一個，亞歷克斯拿走剩下的所有。所以，是的，我們仍在與我們的供應商合作，以實現各種塗層功能，這將使我們不必進行與 CuRe 技術升級相關的大量資本投資。

Testing is ongoing. What I'll say is the early indications -- a long way still ago. I want to make sure it's very clear. It's a long way still to go, but early indications on what we've seen so far is very promising that we will be able to find a way to provide -- or to have a supplier provide the coatings to the glass without us having to do it on our own.

測試正在進行中。我要說的是早期跡象——距離現在還很遠。我想確保它非常清楚。還有很長的路要走，但我們迄今為止所看到的早期跡象非常有希望，我們將能夠找到一種方法來提供玻璃塗層，或者讓供應商為玻璃提供塗層，而無需我們我們自己做。

Now look, there's some trade-offs with that such as the CapEx dollars. It's also the opportunity to further optimize the buffer layer, which is what they've been putting on to capture better performance at the semiconductor level. So we'll have to continue to assess with respect to trade-offs. But I would say, at least as of right now, early, early innings. I want to continue to stress that. There's a pretty positive indication of their capabilities in that regard.

現在看，這需要一些權衡，例如資本支出。這也是進一步優化緩衝層的機會，這是他們為了在半導體層級獲得更好的性能而一直在做的事情。因此，我們必須繼續評估權衡。但我想說，至少現在，很早，很早的幾局。我想繼續強調這一點。有一個非常積極的跡象表明他們在這方面的能力。

So if you think about CapEx, we -- at the Analyst Day, we showed you a CapEx plan for '24, '25 and '26 that was somewhere in the range of $3.5 billion to $4 billion of spend. As Mark just said, there's early indications that there's an opportunity potentially for some of the technology-related CapEx come down a little bit.

因此，如果您考慮資本支出，我們在分析師日向您展示了 24 年、25 年和 26 年的資本支出計劃，支出範圍在 35 億美元至 40 億美元之間。正如馬克剛才所說，早期跡象表明，一些與技術相關的資本支出有可能略有下降。

However, if you think about the near term, the majority of the spend for 2024 is not related to that as capacity expansion, R&D facility interest, maintenance and sustaining CapEx. So the guide that we've talked about in the Analyst Day of 1.6, 1.9 to next year doesn't have a lot related to that technology but a little bit. As you get into the outer years, there's more technology related. So if there is an opportunity to bring that down, it's going to be more in back end of '25 and 2026.

然而，如果考慮近期，2024 年的大部分支出與產能擴張、研發設施興趣、維護和維持資本支出無關。因此，我們在明年 1.6、1.9 的分析師日討論的指南與該技術的相關性不是很多，而是有一點。當你進入外面的歲月時，就會有更多與科技相關的事情。因此，如果有機會降低這種情況，那麼在 25 年底和 2026 年將會更多。

So as we look through next year's capital spend program, still a significant CapEx program that we're looking at. And I think to have fund there, if you go back to the tax reform in 2017, what that effectively did was you paid a onetime transition tax, which is the equivalent of paying federal taxes though you're repatriating the money.

因此，當我們審視明年的資本支出計畫時，我們正在考慮的仍然是一個重要的資本支出計畫。我認為，如果你回到2017 年的稅收改革，那麼，如果你要在那裡有資金，那實際上就是你繳納了一次性過渡稅，這相當於繳納聯邦稅，儘管你要匯回這筆錢。

So the federal expense is basically done. However, there would be state and local tax implications of bringing money back. So today, we are certain that we permanently reinvest our capital offshore. If we were to change that assertion and bring capital back, there wouldn't necessarily be a tax impact until the capital is brought back, that you would see an impact tax expense on the P&L at the time you change that assertion. So I haven't given a number of what that would be, but there would be some potentially significant state and local tax implications of doing that at the time.

這樣聯邦開支就基本完成了。然而，返還資金將會產生州和地方稅收的影響。因此，今天，我們確信我們將永久將我們的資本再投資於海外。如果我們要更改該斷言並收回資本，則在資本收回之前不一定會產生稅收影響，當您更改該斷言時，您會在損益表上看到稅收費用的影響。因此，我沒有給出具體內容，但當時這樣做可能會對州和地方稅收產生一些潛在的重大影響。

In terms of thinking about the way the funding -- look, what we said right now is what we need is transition capital, temporary capital. I don't see a need for equity today. So what we're looking at is things that will help us bridge through the gap between the significant investments we're making now upfront and the timing of receipt of the cash associated with the Section 45X credit. As I said at the Analyst Day, if we had that cash on hand at the same time that we recognize the tax benefit on the P&L, then we wouldn't have this potential challenge in jurisdictional mix and temporary transition timing. But the need for equity, I don't see today.

就融資方式的思考而言，我們現在所說的是我們需要的是過渡資本、臨時資本。我認為今天不需要股權。因此，我們正在關注的是能夠幫助我們彌合我們現在正在進行的重大投資與收到與第 45X 條信貸相關的現金的時間之間的差距的事情。正如我在分析師日所說，如果我們手頭上有現金，同時我們承認損益表上的稅收優惠，那麼我們就不會在管轄權組合和臨時過渡時間方面遇到這種潛在的挑戰。但我今天看不到對公平的需求。

Then to your question around buybacks, look, we haven't looked at that. I think we're a long way from being in a position where we need to think about that. We're going into a pretty significant CapEx spend over the next few years whilst the IRA capital is not coming in yet. So we'll think about that when the time comes, but that's not where we're at right now. We're going to invest [inside].

那麼關於你關於回購的問題，我們還沒有考慮過這一點。我認為我們距離需要考慮這個問題還有很長的路要走。未來幾年我們將投入相當大的資本支出，而 IRA 資本尚未到位。因此，到時候我們會考慮這個問題，但這不是我們現在的處境。我們將在[內部]進行投資。

Your next question comes from the line of Colin Rusch from Oppenheimer & Co.

您的下一個問題來自 Oppenheimer & Co. 的 Colin Rusch。

Can you talk about how much finished goods inventory you exited the quarter with and where you're at right now in terms of the nameplate run rate in India?

您能否談談本季結束時的成品庫存量以及目前印度銘牌運行率的情況？

So let me make sure, Colin. So you want to know the enterprise-wide finished good inventory amount. Is that the question, not just India, right?

所以讓我確定一下，科林。所以你想知道全企業的成品庫存量。不只是印度有這個問題，對嗎？

Yes, that's the -- for the whole company and then understanding where you're at in terms of the production run rate in India right now?

是的，這就是整個公司的情況，然後了解您目前在印度的生產運作率處於什麼位置？

Yes. So for the total for the company, we ended up with north of 3 gigawatts in inventory. But right now, as we indicated, we produced about 150 megawatts or so in India. All that is actually in inventory. We don't have the certifications yet to allow us to start shipping. So there was a little bit of spike in inventory part because of that. But it lines up to our -- if you look at our sold volume in the fourth quarter, I think (inaudible) [4] gigawatts or something like that. So that inventory is lining up to our anticipated shipments here in the fourth quarter.

是的。因此，就公司的總庫存而言，我們最終擁有超過 3 吉瓦的庫存。但正如我們所指出的，目前我們在印度生產了約 150 兆瓦左右的電力。所有這些實際上都在庫存中。我們還沒有獲得開始出貨的認證。因此，庫存部分出現了一些激增。但它符合我們的——如果你看看我們第四季的銷量，我認為（聽不清楚）[4]吉瓦或類似的東西。因此，庫存與我們第四季的預期出貨量一致。

But India, as I indicated from a demonstrated capability, they've demonstrated almost 80% of nameplate. We're actually running that right now about 70% -- a little less than 70% of the nameplate. And look, that's a tremendous result when I look at it because we just started the integrated run with that factory in July. They were 3 months or so out. They we're making 10,000 modules a day. That was obviously a step function improvement, so -- but it's great to see where it demonstrated that ability to make a finished -- 10,000 finished modules on a given day, not just demonstrated capability that we can do that.

但印度，正如我從展示的能力中所指出的，他們已經展示了幾乎 80% 的銘牌。我們現在實際運行的比例約為 70%——略低於銘牌上的 70%。看，當我看到它時，這是一個巨大的結果，因為我們在 7 月剛開始與該工廠進行整合運行。他們已經離開了 3 個月左右。我們每天生產 10,000 個模組。這顯然是一個階躍功能改進，所以，但很高興看到它在某一天展示了製作成品 10,000 個成品模組的能力，而不僅僅是展示了我們可以做到這一點的能力。

And we did that from a standpoint of -- as I referred to, that start-up was largely a cold start. We didn't -- we weren't able to -- because of various permitting restrictions and things that needed to happen, we couldn't really start running and seasoning any of the tools until we got to the point of actually starting the integrator run that very quickly moved into our plant [qual] process.

正如我所提到的，我們是從這樣的角度來做到這一點的：該新創公司很大程度上是一個冷啟動。我們沒有——我們無法——由於各種許可限制和需要發生的事情，我們無法真正開始運行和調整任何工具，直到我們真正啟動整合器為止運行很快就進入了我們工廠的[品質]流程。

So really good results. Hopefully, that's a forward-looking indicator of success that we'll see as we move forward into our Alabama factory and our Louisiana factory. And again, our goal is always to start these factories up sooner and faster than we had the previous one. And I would say, at least indications from Ohio going to India, it was pretty successful so far. A long way still to go and a lot of work still in front of us but pretty happy with how that factory is performing right now.

所以結果真的很好。希望這是一個前瞻性的成功指標，當我們進入阿拉巴馬州工廠和路易斯安那州工廠時，我們會看到這一點。再說一遍，我們的目標始終是比以前的工廠更快、更快地啟動這些工廠。我想說，至少從俄亥俄州到印度的跡象表明，到目前為止，它相當成功。還有很長的路要走，我們面前還有很多工作要做，但我們對工廠目前的表現非常滿意。

Your next question comes from the line of Ben Kallo from Baird.

您的下一個問題來自貝爾德 (Baird) 的本·卡洛 (Ben Kallo)。

Just on that note. I guess the question is twofold. What do we think about your customers like breaking contracts as that can happen because someone's going to open up a factory in Indiana or something like that? And how do we know that's not risk?

就在那張紙條上。我想這個問題是雙重的。我們如何看待您的客戶因為有人要在印第安納州開設工廠或類似的情況而違反合約？我們怎麼知道這不是風險？

And number two, what you said there is the speed to time of your factories, I think, is getting better as they get more automated. And how does that factor into your, whatever, ROIC or however you look at?

第二，你所說的工廠的時間速度，我認為，隨著工廠自動化程度的提高，它們正在變得更好。這對你的投資報酬率或你的看法有什麼影響？

Look, Ben, I think we'll -- one of the deals that we just did this quarter, I think there may be a press release this week. We added another 500 megawatts onto a deal with a partner we've had for a while. I think it brings a total of north of 3 gigawatts that we've done with this particular partner. And there's just this relationship and understanding of value propositions that First Solar is able to bring and our ability to deliver certainty against commitments that people look to and want to derisk their projects. I mean that's their primary focus.

聽著，本，我想我們會——我們本季度剛完成的交易之一，我想本周可能會發布新聞稿。我們與已經合作了一段時間的合作夥伴達成了一項協議，另外增加了 500 兆瓦的發電量。我認為我們與這個特定合作夥伴合作的總發電量超過了 3 吉瓦。 First Solar 能夠帶來這種關係和對價值主張的理解，以及我們為人們期待並希望消除專案風險的承諾提供確定性的能力。我的意思是這是他們的主要關注點。

These projects are meaningful multiyear investments with meaningful amount of capital and that are starting to evolve now with higher CapEx dollars for integration of storage and eventually integration of -- for hydrogen, that at the front end of what you need in order to make that project successful if something has to take photons and make electrons, otherwise, nothing happens. And what our partners want from us is certainty. They want us to give them a competitive technology at a great price that derisks their projects and allows them a higher level of confidence of delivering against their commitments to their Board and to their shareholders and others.

這些項目是有意義的多年投資，擁有大量資本，現在開始發展，資本支出更高，用於存儲整合，並最終整合氫，這是完成該項目所需的前端如果某物必須吸收光子並產生電子，則成功，否則什麼事也不會發生。我們的合作夥伴希望從我們這裡得到的是確定性。他們希望我們以優惠的價格為他們提供有競爭力的技術，從而降低他們的專案風險，並讓他們更有信心兌現對董事會、股東和其他人的承諾。

First Solar is able to do that, and we're uniquely positioned. We're also uniquely positioned to provide, we believe with Series 7 in particular, the highest domestic content qualifying module in the industry. To take risk, to try to find ways, to look at alternative paths so -- would have degrees of uncertainty associated with them. It's not even clear that, that factory that you're referencing will actually be up and running in the time line of which it's been committed.

First Solar 能夠做到這一點，而且我們擁有獨特的定位。我們還具有獨特的優勢，可以提供業界最高的國內含量合格模組，尤其是 Series 7。承擔風險、嘗試尋找方法、尋找替代路徑——都會有一定程度的不確定性。甚至不清楚您所引用的工廠實際上是否會在其提交的時間線上啟動並運行。

The other thing is a portion of that offtake is going to be for self-consumption for their development arm, no different than the factory in Ohio, which has an equity investor that is looking to take a meaningful amount of that volume for their own development pipeline. That creates a different perception to some of our partners around why do I want to buy a technology or modules from the competitor right, somebody that's going to be competing with me, which our primary business model is to be a developer, primary business model is to be the IPP, the utility, to own the generating assets, to get the return on investment against the project. To feed my competitor, to better position them to take market share from me is not in a position of strength that a lot of our partners choose to be in.

另一件事是，該承購量的一部分將用於他們的開發部門的自我消耗，這與俄亥俄州的工廠沒有什麼不同，該工廠有一個股權投資者，希望從該數量中獲得大量資金用於自己的開發管道。這給我們的一些合作夥伴帶來了不同的看法，為什麼我要從競爭對手那裡購買技術或模組，因為我們的主要業務模式是開發人員，主要業務模式是成為IPP（公用事業），擁有發電資產，獲得專案投資報酬。為了養活我的競爭對手，讓他們更好地從我手中奪取市場份額，這並不是我們的許多合作夥伴選擇的優勢地位。

And there's still uncertainty. I mean there's a lot of things that are changing. As it relates to -- I mentioned already the potential duties imposed on the aluminum coming in from China and Southeast Asia. That's another risk profile that somebody has to be willing to expect. They could be glass next. I mean who knows what the next step in the journey is going to be.

而且仍然存在不確定性。我的意思是有很多事情正在改變。我已經提到了對來自中國和東南亞的鋁徵收的潛在關稅。這是人們必須願意預料的另一種風險狀況。接下來它們可能是玻璃。我的意思是誰知道旅程的下一步會是什麼。

And all our partners know is that, with First Solar, they completely derisk those dimensions, and they've got a great partner who's going to deliver a great product, great technology at a great price on top. So that's a sense of where our customers, I think, view us.

我們所有的合作夥伴都知道，透過 First Solar，他們完全消除了這些維度的風險，並且他們擁有了一個出色的合作夥伴，能夠以優惠的價格提供出色的產品、出色的技術。我認為這就是我們的客戶對我們的看法。

And our contracts, yes, we have penalties and there's ways to potentially pay those penalties. And customers potentially could break a contract, and we'll take those penalties. And we'll look to sell that technology on -- into the marketplace to somebody else. But when they step back and reflect that the significant amount of risk that they would be taking for small nominal impact that is uncertain whether it's even a meaningful impact, it could even be a worse off position for them, especially if they're jeopardizing the domestic content on your ITC, why would you want to do all that brain damage for potentially little or, if any, benefit or make yourself -- put yourself in a worse position.

是的，我們的合約有罰款，而且有辦法支付這些罰款。客戶可能會違反合同，我們將承擔這些處罰。我們將尋求將該技術出售給市場上的其他人。但是，當他們退後一步，反思自己為微小的名義影響而承擔的巨大風險，而不確定這是否是有意義的影響時，對他們來說，情況甚至可能更糟，特別是如果他們危及到你的ITC 上的國內內容，為什麼你會想要做所有這些腦損傷，但可能微乎其微，或者，如果有的話，使自己受益或讓自己處於更糟糕的境地。

As it relates to the factories and the start-ups, I mean the ROIC -- every one of these factories that we start up sooner just accelerates the ROIC, especially for U.S. manufacturing. That means we get more IRA dollars faster. And so anything we can do to get product into the market faster just enhances the return on invested capital. And as we see that ability, then as we think about alternatives for another factory, yes, we'll factor that in and say that our ability from announcement to high-volume manufacturing is if it's a shorter time line, then it potentially creates a lens that says that the payback obviously could be more attractive for manufacturing.

因為它與工廠和新創公司有關，我指的是投資回報率——我們更快啟動的每一家工廠都會加速投資回報率，特別是對於美國製造業而言。這意味著我們可以更快地獲得更多 IRA 資金。因此，我們可以採取的任何措施來更快地將產品推向市場，只會提高投資資本的回報率。當我們看到這種能力時，當我們考慮另一家工廠的替代方案時，是的，我們會考慮到這一點，並說我們從宣佈到大批量製造的能力是，如果時間線較短，那麼它可能會創造一個鏡頭表示，投資回報顯然對製造業更具吸引力。

Ben, just to talk about couple of numbers around the termination fees. We told at our Analyst Day that about 14% of the megawatts is in our backlog at that point, was subject to a termination for convenience clause. If you look at that, I mean 86% of our backlog at that point had no ability to terminate a contract short of default.

本，只是談談終止費方面的幾個數字。我們在分析師日表示，當時大約 14% 的兆瓦處於積壓狀態，受到便利條款終止的約束。如果你看一下，我的意思是，我們 86% 的積壓訂單在沒有違約的情況下無法終止合約。

Now we can never stop people trying to default out of a contract, but in a default scenario, a developer then puts themselves in a very difficult position because they have an ongoing desist on contractual breach, which will make it very hard for them to seek financing and tax equity for a project going forward. But for the vast majority of our backlog, there is no ability to terminate for convenience.

現在我們永遠無法阻止人們試圖違約，但在違約情況下，開發商會將自己置於非常困難的境地，因為他們不斷阻止合約違約，這將使他們很難尋求賠償未來專案的融資和稅收公平。但對於我們的絕大多數積壓工作，我們無法為了方便而終止。

For those contracts that we do have that clause, which typically is when we have larger long-dated contracts and we have a small portion of that contract where we subject some of the megawatts to termination for convenience, we then have an agreed fee typically up to 20%, which we look to collect and the idea there being that we could then resell those modules and be at least made whole on that transaction. So just to give you some color around the numbers.

對於那些我們確實有該條款的合同，通常是當我們有較大的長期合同，並且我們有該合同的一小部分，為了方便起見，我們終止了一些兆瓦，然後我們商定的費用通常會增加到20%，我們希望收集這些資金，並且我們的想法是，我們可以轉售這些模組，並至少在該交易中獲得完整。只是為了給你一些關於數字的顏色。

Our final question comes from Andrew Percoco from Morgan Stanley.

我們的最後一個問題來自摩根士丹利的安德魯·珀科科。

Mark, you sort of answered my question already, but I kind of just want to dive into the cost of capital environment. It's obviously having an impact on the market or the perceived economics of renewables. So I'm just wondering if you're seeing any developers or customers that maybe haven't been big for solar customers historically that are maybe turning to your technology because maybe they see your technology and your supply chain as more bankable than someone else. UFLPA, AD/CVD combined with a more expensive cost of capital environment, I'm just wondering if that's becoming a bigger competitive advantage than it maybe was a year or 2 ago.

馬克，你已經回答了我的問題，但我只是想深入探討資本環境的成本。它顯然對市場或再生能源的經濟效益產生了影響。所以我只是想知道您是否看到任何開發商或客戶，他們可能在歷史上對太陽能客戶來說並不大，他們可能會轉向您的技術，因為也許他們認為您的技術和供應鏈比其他人更有利可圖。 UFLPA、AD/CVD 加上更昂貴的資本成本環境，我只是想知道這是否會成為比一兩年前更大的競爭優勢。

Yes. I think Alex actually referenced it in his section, but if you look at our bookings this last quarter, we had -- we highlighted 3 large contracts that were over 1 gigawatt and then total bookings [drawn]. One of them is a returning customer that we made an announcement on with Longroad Energy. I think we made that right around [RA plus] September, around September time frame.

是的。我認為Alex 實際上在他的部分中提到了這一點，但如果你看看我們上個季度的預訂，我們會發現，我們重點介紹了3 份超過1 吉瓦的大型合同，然後是總預訂量[繪製]。其中之一是我們與 Longroad Energy 宣布的回頭客。我認為我們是在 9 月左右、大約 9 月的時間框架內完成的。

But then we announced there was 2 other new customers. One is an IPP and another is effectively an asset management entity with a portfolio company and multiple developers, both new customers, right? And we're very happy with those in the first step of our journey of developing a deeper partnership with those counterparties. And look, they've come to First Solar for understanding of the unique value proposition and what we can provide. One of them, in particular, I know who's -- would have liked to have gotten on First Solar's books earlier. We just didn't have capacity. And so now when they look forward and they see there is some supplies you get out in '27, '28, '29, they want to secure some of that supply. They would have lumped it on the books in '24, '25 and '26, in particular, because we didn't have the supply.

但後來我們宣布還有另外 2 位新客戶。一個是 IPP，另一個實際上是資產管理實體，擁有投資組合公司和多個開發商，都是新客戶，對吧？我們對與這些交易對手建立更深入合作關係的第一步感到非常高興。看，他們來到 First Solar 是為了了解獨特的價值主張以及我們可以提供的服務。其中一位，尤其是我知道的人，希望能夠早點獲得 First Solar 的書籍。我們只是沒有能力。因此，現在當他們展望未來並看到你在 27 年、28 年、29 年提供了一些供應時，他們希望確保其中一些供應。尤其是在 24 年、25 年和 26 年，他們會把它集中在書本上，因為我們沒有供應。

So yes, I do think that the environment that we're in right now and First Solar's capabilities and value proposition, I think, are more compelling and is driving new customers into our portfolio and our overall contracted backlog, which is now north of 80 gigawatts. I mean just if I can reflect on that number, I mean, that's a huge multiyear contracted backlog and commitments with dozens of different partners that uniquely understand First Solar and understand the value proposition that we can trade that enable the success of our business model.

所以，是的，我確實認為我們現在所處的環境以及 First Solar 的能力和價值主張更具吸引力，並且正在推動新客戶進入我們的產品組合和我們的總體合約積壓訂單，目前已超過 80 個吉瓦。我的意思是，如果我能反思這個數字，我的意思是，這是與數十個不同合作夥伴的多年合約積壓和承諾，這些合作夥伴獨特地了解First Solar 並了解我們可以交易的價值主張，從而使我們的商業模式成功。

And this concludes today's conference call. Thank you for your participation, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。