第一太陽能 (FSLR) 2024 Q1 法說會逐字稿

Good afternoon, everyone, and welcome to First Solar's First Quarter 2024 Earnings Call. This call is being webcast live on the Investors section of First Solar's website at investor.firstsolar.com. (Operator Instructions) As a reminder, today's call is being recorded.

大家下午好，歡迎參加 First Solar 2024 年第一季財報電話會議。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。

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 its first quarter 2024 financial results. A copy of the press release and associated presentation are available on our 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 2024 年第一季財務業績。新聞稿和相關簡報的副本可在我們的網站 Investor.firstsolar.com 上取得。

With me today are Mark Widmar, Chief Executive Officer; and Alex Bradley, Chief Financial Officer. Mark will provide business, strategy and policy updates. Alex will discuss our bookings, pipeline, quarterly 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、策略和政策更新。亞歷克斯將討論我們的預訂、管道、季度財務業績並提供最新指導。在他們發言之後，我們將開始提問。

Please note, this call will include forward-looking statements that include 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，其中包括可能導致實際結果與管理階層目前預期有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)。

Good afternoon and thank you for joining us today. We are pleased with our start to 2024 with good operating performance, selective year-to-date bookings of 2.7 gigawatts with an ASP over $0.31 per watt excluding adjusters or $0.327 per watt assuming the realization of technology adjusters and solid financial performance.

下午好，感謝您今天加入我們。我們對2024 年開始的良好營運表現感到滿意，年初至今選擇性預訂了2.7 吉瓦，平均售價超過每瓦0.31 美元（不含調節器）或每瓦0.327 美元（假設實現技術調節器和穩健的財務業績）。

We're also pleased with the developing foundations to enable our long-term goal of exiting this decade in a stronger position than we entered it, from increasing production of our most advantaged Series 7 module to expanding our manufacturing footprint, to the building of an R&D innovation center and perovskite development line that is expected to enable development of the next generation of disruptive solar technology. We are focused on the future of differentiation and sustainable growth.

我們也對不斷發展的基礎感到高興，這些基礎使我們能夠以比進入時更強大的地位結束這個十年的長期目標，從增加我們最有優勢的系列7 模組的產量到擴大我們的製造足跡，再到建立一個研發創新中心和鈣鈦礦開發線有望促進下一代顛覆性太陽能技術的開發。我們專注於差異化和可持續成長的未來。

But while we continue to play the long game, we must acknowledge the current environment in the solar manufacturing industry, which remains in a state of heightened volatility driven by intentional structural overcapacity in China. As we previously said, our ability to play this long game is a direct result of our differentiated technology and business model.

但在我們繼續打持久戰的同時，我們必須承認太陽能製造業目前的環境，由於中國故意的結構性產能過剩，該產業仍處於高度波動的狀態。正如我們之前所說，我們能夠打這場持久戰是我們差異化技術和商業模式的直接結果。

From a technological perspective, the contrast is clear between our unique proprietary cadmium telluride semiconductor technology and highly commoditized crystalline silicon modules. This difference has become increasingly apparent in light of the recently announced disputes concerning alleged infringement of TOPCon cell technology and intellectual property rights, which cast out on numerous crystalline silicon producers having the freedom to legally manufacture and sell this technology.

從技術角度來看，我們獨特的專有碲化鎘半導體技術與高度商品化的晶體矽模組之間的對比非常明顯。鑑於最近公佈的涉嫌侵犯 TOPCon 電池技術和智慧財產權的糾紛，這種差異變得越來越明顯，許多晶體矽生產商失去了合法製造和銷售該技術的自由。

From a business model and growth perspective, we are once again reminded of the value of our balanced approach to growth, liquidity and profitability. According to reporting, large Chinese solar companies have warned of potential quality and reliability issues as manufacturers cut corners and the impact of the current oversupply environment and associated financial stress on R&D and innovation.

從商業模式和成長的角度來看，我們再次意識到我們平衡成長、流動性和獲利能力的方法的價值。據報道，中國大型太陽能公司已警告稱，由於製造商偷工減料，可能會出現品質和可靠性問題，當前供過於求的環境以及相關的財務壓力對研發和創新的影響。

By contrast, we continue to invest. We are on track to commission our R&D innovation center and a perovskite development line in Ohio in the second half of this year, representing a combined investment of nearly $0.5 billion. And we continue to optimize our products for energy efficiency and cost.

相比之下，我們繼續投資。我們預計今年下半年在俄亥俄州投產我們的研發創新中心和鈣鈦礦開發線，總投資近 5 億美元。我們不斷優化我們的產品，以提高能源效率和成本。

In the face of overcapacity, the average large Chinese solar manufacturing facility reportedly had a record-low capacity utilization rate of 23% in February of this year. In contrast, supported by our large contracted backlog, our facilities were operating near nameplate capacity in the first quarter of this year.

據報道，面對產能過剩，今年2月中國大型太陽能製造廠的平均產能利用率為23%，創歷史新低。相較之下，在我們大量合約積壓的支持下，我們的工廠今年第一季的營運接近銘牌產能。

The Chinese solar industry has engaged in a race to the bottom with irrationally low market-distorting pricing that has caused even Chinese companies to call for intervention by the Chinese government to manage the pricing environment and end the financial hardship this is causing them. By contrast, we remain focused on a highly selective approach to forward contracting that provides optionality and healthy ASPs.

中國太陽能產業以不合理的低價、扭曲市場的價格進行了競價，甚至導致中國企業呼籲中國政府進行幹預，以管理定價環境並結束由此造成的財務困難。相較之下，我們仍然專注於高度選擇性的遠期合約方法，以提供選擇性和健康的平均售價。

We are not immune to the broader ramifications of the Chinese solar business model. However, we continue to focus on our points of differentiation, which aim to provide some resiliency in light of current industry challenges. We're also focused on policy and trade drivers that can counter anticompetitive and abusive market behaviors.

我們無法倖免於中國太陽能商業模式的更廣泛影響。然而，我們繼續關注我們的差異化點，旨在針對當前的行業挑戰提供一定的彈性。我們也關注可以對抗反競爭和濫用市場行為的政策和貿易驅動因素。

There should be no doubt, we invite competition and free trade. All we continue to seek is that the competition and trade are practiced on a fair and level playing field. We believe this approach will help us to drive growth, navigate industry volatility and deliver enduring shareholder value.

毫無疑問，我們邀請競爭和自由貿易。我們所追求的只是在公平、公正的環境下競爭和貿易。我們相信，這種方法將幫助我們推動成長、應對產業波動並提供持久的股東價值。

On Slide 3, I will share some highlights from the first quarter. From a commercial perspective, we continued our selective approach to building backlog underpinned by our cumulatively oversold position through 2026. Since our last earnings call approximately 9 weeks ago, we have booked 854 megawatts with an ASP of $0.301 per watt excluding adjusters where applicable. This brings our year-to-date net bookings to 2.7 gigawatts with an average ASP of $0.313 per watt excluding adjusters or $0.327 per watt assuming the realization of technology adjusters.

在幻燈片 3 上，我將分享第一季的一些亮點。從商業角度來看，我們繼續採取有選擇性的方法來建立積壓訂單，並以我們在2026 年之前的累積超賣狀況為基礎。了854 兆瓦，平均售價為每瓦0.301 美元，不包括適用的調整員。這使得我們今年迄今的淨預訂量達到 2.7 吉瓦，平均售價為每瓦 0.313 美元（不含調節器）或假設實現技術調節器為每瓦 0.327 美元。

Our total contracted backlog now stands at 78.3 gigawatts with orders stretching through 2030. From a manufacturing perspective, we are pleased with our solid Q1 performance, including producing a record 3.6 gigawatts of modules as a result of our relentless focus on manufacturing excellence.

目前，我們的合約積壓總量為78.3 吉瓦，訂單延續到2030 年。的3.6 吉瓦組件。

From a technology perspective, we are pleased with our CuRe module field test and have completed the UL and IEC certification process. We continue to anticipate launching CuRe at our lead line factory in Ohio in Q4 of this year. In parallel to preparing for launch, we continue to make progress on technical solutions that could enable accelerating CuRe's replication across our factories at a lower CapEx than assumed at our recent Analyst Day.

從技術角度來看，我們對 CuRe 模組現場測試感到滿意，並已完成 UL 和 IEC 認證流程。我們繼續預計今年第四季在俄亥俄州的引線工廠推出 CuRe。在準備發布的同時，我們繼續在技術解決方案方面取得進展，這些解決方案可以加速 CuRe 在我們工廠的複製，而資本支出低於我們最近分析師日的假設。

Now Alex will provide a comprehensive overview of our first quarter 2024 financial results. I would like to highlight our ability to deliver strong performance in a market challenged by Chinese oversupply, which, in our view, validates our approach to long-term forward contracting. This led to first quarter earnings per diluted share of $2.20 and a quarter end net cash balance of $1.4 billion.

現在，Alex 將全面概述我們 2024 年第一季的財務表現。我想強調的是，我們有能力在受到中國供應過剩挑戰的市場中取得強勁業績，我們認為，這驗證了我們的長期遠期合約方法。這導致第一季稀釋後每股收益為 2.20 美元，季末淨現金餘額為 14 億美元。

Moving to Slide 4. Our growth plans remain on track. The expansion of our Perrysburg, Ohio manufacturing footprint is expected to be completed, and commercial shipments are expected to begin before the end of the second quarter. Construction activity at our new facility in Alabama is complete, and the first tools are now being installed in preparation for the expected start of commercial shipments in the second half of this year. Our new Louisiana facility is also on track with the start in commercial operations expected in late 2025.

轉向投影片 4。我們俄亥俄州佩里斯堡製造基地的擴張預計將完成，商業發貨預計將在第二季末之前開始。我們位於阿拉巴馬州的新工廠的建設活動已經完成，第一批工具現在正在安裝，為預計在今年下半年開始的商業發貨做準備。我們的路易斯安那州新工廠也已步入正軌，預計將於 2025 年底開始商業運作。

Internationally, our India facility is continuing to ramp. And we're proud that the first Indian-made Series 7 modules have been deployed in the field. We therefore expect to exit 2024 with over 21 gigawatts of global nameplate capacity and 2026 with over 25 gigawatts of nameplate capacity. All of this capacity is available to serve the U.S. market with over half of our capacity physically located in the U.S.

在國際上，我們的印度工廠正在繼續擴大規模。我們感到自豪的是，第一批印度製造的 Series 7 模組已在現場部署。因此，我們預計到 2024 年全球額定容量將超過 21 吉瓦，到 2026 年全球額定容量將超過 25 吉瓦。所有這些產能都可用於服務美國市場，其中超過一半的產能位於美國。

Additionally, we are on track to commission the previously mentioned R&D projects in Ohio in the second half of this year, which will comprise a perovskite development line and a new R&D innovation center at our Perrysburg campus. The innovation center features a high-tech CadTel pilot line, which we expect will accelerate our development activities and bring capabilities for full-size prototyping of thin-film and tandem PV modules.

此外，我們預計今年下半年在俄亥俄州委託前面提到的研發項目，其中將包括一條鈣鈦礦開發線和位於我們佩里斯堡園區的一個新的研發創新中心。該創新中心擁有一條高科技 CadTel 試驗線，我們預計該生產線將加速我們的開發活動，並帶來薄膜和串聯光伏組件全尺寸原型設計的能力。

At our Analyst Day in September 2023, we talked about the need to create a disruptive, transformative technology platform that balances energy efficiency and costs. We believe that these investments in R&D will help accelerate our cycles of innovation, optimize our technology road map and reinforce our position of strength through technology leadership.

在 2023 年 9 月的分析師日上，我們討論了需要創建一個平衡能源效率和成本的顛覆性、變革性技術平台。我們相信，這些研發投資將有助於加速我們的創新週期，優化我們的技術路線圖，並透過技術領先地位鞏固我們的優勢地位。

I'll now turn the call over to Alex to discuss our bookings, pipeline and financials.

我現在將把電話轉給亞歷克斯，討論我們的預訂、管道和財務狀況。

Thanks, Mark. Moving on Slide 5. As of December 31, 2023, our contracted backlog totaled 78.3 gigawatts with an aggregate value of $23.3 billion. Through March 31, 2024, we entered into an additional 2.7 gigawatts of contracts and recognized 2.7 gigawatts of volumes sold, resulting in a total backlog of 78.3 gigawatts with an aggregate value of $23.4 billion, which implies an ASP of approximately $0.299 per watt excluding adjusters.

謝謝，馬克。繼續投影片 5。截至2024 年3 月31 日，我們額外簽訂了2.7 吉瓦的合同，並確認了2.7 吉瓦的銷售量，導致積壓總量為78.3 吉瓦，總價值為234 億美元，這意味著不包括調整員的平均售價約為每瓦0.299 美元。

As we previously stated, given our diminished available supply, the long-dated time frame into which we're now selling, the need to align customer project visibility with our balanced approach to ASPs, payment security and other key contractual terms and uncertainty related to the policy environment and the upcoming U.S. election cycle, we expect to take advantage of our position of strength in our contracted backlog and be highly selective in our approach to new bookings this year. We will continue to forward contract with customers who prioritize long-term relationships and appropriately value our point of differentiation.

正如我們之前所說，鑑於我們的可用供應量減少、我們現在銷售的長期時間框架、需要將客戶項目可見性與我們對ASP、支付安全和其他關鍵合約條款以及與相關的不確定性的平衡方法保持一致鑑於政策環境和即將到來的美國大選週期，我們預計將利用我們在合約積壓方面的優勢地位，並在今年的新預訂方面採取高度選擇性。我們將繼續與優先考慮長期關係並適當重視我們的差異化點的客戶簽訂合約。

The substantial portion of our overall backlog includes the opportunity to increase the base ASP through the application of adjusters if we are able to realize achievements within our current technology road map as of the expected timing of delivery for the product.

如果我們能夠在產品的預期交付時間在當前技術路線圖內取得成就，那麼我們整體積壓的大部分包括透過應用調整器來提高基本 ASP 的機會。

At the end of the first quarter, we had approximately 40.2 gigawatts of contracted volume with these adjusters, which, if fully realized, could result in additional revenue of up to approximately $0.5 billion or approximately $0.01 per watt, the majority of which will be recognized between 2025 and 2027. This amount does not include potential adjustments, which are generally applicable to the total contracted backlog, both the ultimate module being delivered to the customer, which may adjust the ASP under the sales contract upward or downwards, and for increases in sales rate or applicable aluminum or steel commodity price changes.

在第一季末，我們與這些調節器簽訂了約 40.2 吉瓦的合約容量，如果全部實現，可能會帶來高達約 5 億美元或每瓦約 0.01 美元的額外收入，其中大部分將被確認2025年至2027年之間。增加銷售率或適用的鋁或鋼商品價格變動。

As reflected on Slide 6, our total pipeline of potential bookings remained strong with bookings opportunities of 72.8 gigawatts, an increase of approximately 6.3 gigawatts in the previous quarter. Our mid- to late-stage bookings opportunity decreased by approximately 2.6 gigawatts to 29.4 gigawatts and now includes 25.8 gigawatts in North America and 3.3 gigawatts in India. Included within our mid- to late-stage pipeline are 3.7 gigawatts of opportunities that are contracted subject to conditions precedent, which includes 1 gigawatt in India. As a reminder, signed contracts in India will not be recognized as bookings until we have received full security against the offtake.

如投影片 6 所示，我們的潛在預訂總量仍然強勁，預訂機會為 72.8 吉瓦，比上一季增加了約 6.3 吉瓦。我們的中後期預訂機會減少了約 2.6 吉瓦至 29.4 吉瓦，現在包括北美的 25.8 吉瓦和印度的 3.3 吉瓦。我們的中後期管道包括 3.7 吉瓦的機會，這些機會是根據先決條件簽訂的合同，其中包括印度的 1 吉瓦。提醒一下，在我們收到承購的全部擔保之前，在印度簽署的合約不會被視為預訂。

We're seeing meaningful increases in demand expectations driven in part by data center load growth. According to McKinsey, U.S. data center power consumption is expected to reach 35 gigawatts annually by 2030, and much of this growth is supplied by renewable energy given that hyperscalers like Apple, Google, Meta and Microsoft are committed to 24/7 use of carbon-free energy. We believe that First Solar is strongly positioned to supply this emerging sector given our advantaged technology and more sustainable product.

我們看到需求預期顯著增加，部分原因是資料中心負載成長。根據麥肯錫預測，到2030 年，美國資料中心的能耗預計將達到每年35 吉瓦，鑑於蘋果、谷歌、Meta 和微軟等超大規模企業致力於24/7 全天候使用碳，因此這一增長的大部分由再生能源提供。我們相信，鑑於我們的優勢技術和更永續的產品，First Solar 在供應這個新興產業方面處於有利地位。

Slide 7, I'll cover our financial results for the first quarter. Net sales in the first quarter were $794 million, a decrease of $365 million compared to the fourth quarter. Decrease in net sales was driven by an expected historical seasonal reduction in the Q1 volume of modules sold. Gross margin was 44% in the first quarter compared to 43% in the fourth quarter of 2023. This increase was primarily driven by a higher mix of modules sold from our U.S. factories, which qualify for Section 45X tax credits, partially offset by higher warehousing and logistics costs in India and the U.S.

第 7 張投影片，我將介紹我們第一季的財務表現。第一季淨銷售額為7.94億美元，比第四季減少3.65億美元。淨銷售額的下降是由於第一季模組銷售量預期歷史季節性下降所致。第一季的毛利率為44%，而2023 年第四季為43%。但部分被更高的倉儲量所抵銷印度和美國的物流成本

SG&A, R&D and production start-up expenses totaled $104 million in the first quarter, a decrease of approximately $7 million compared to the prior quarter. This decrease was primarily due to lower professional fees as we incurred certain costs to facilitate the sale of our 2023 Section 45X credits during the prior quarter, lower incentive compensation and the receipt of an R&D grant at our factories in Ohio. These reductions were partially offset by higher production start-up expenses for our Alabama factory and Ohio manufacturing footprint expansions as well as the reversal of certain credit losses in the prior quarter due to improved collections for our accounts receivables.

第一季SG&A、研發和生產啟動費用總計1.04億美元，比上一季減少約700萬美元。這一下降主要是由於我們在上一季為促進2023 年第45X 條積分的銷售而產生了某些成本，從而降低了專業費用、降低了激勵薪酬以及我們在俄亥俄州的工廠獲得了研發補助金。這些減少被阿拉巴馬州工廠和俄亥俄州製造基地擴張的生產啟動費用增加以及由於應收帳款催收改善而扭轉的上一季度某些信貸損失所部分抵消。

Our first quarter operating income was $243 million, which included depreciation, amortization and accretion of $91 million, ramp costs of $12 million, production start-up expense of $15 million and share-based compensation expense of $7 million. The increase in other income and expense was primarily driven by the prior quarter impairment of our strategic investment in CubicPV.

我們第一季的營業收入為 2.43 億美元，其中包括 9,100 萬美元的折舊、攤提和增值、1,200 萬美元的產能提升成本、1,500 萬美元的生產啟動費用和 700 萬美元的股權激勵費用。其他收入和支出的增加主要是由於上季度我們對 CubicPV 的策略投資減損所致。

We recorded tax expense of $19 million in the first quarter compared to $27 million in the fourth quarter. The decrease in tax expense was largely driven by excess tax benefits associated with share-based compensation awards and lower pretax income. Combination of the aforementioned items led to first quarter earnings per diluted share of $2.20.

第一季我們的稅務支出為 1,900 萬美元，而第四季為 2,700 萬美元。稅收支出的減少主要是由於與股權激勵獎勵相關的超額稅收優惠和較低的稅前收入。上述項目的結合導致第一季稀釋後每股收益為 2.20 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 $2 billion compared to $2.1 billion at the end of the prior quarter. This decrease was primarily attributable to capital expenditures associated with our new U.S. factories in Alabama and Louisiana and our Ohio capacity expansion, partially offset by operating cash flows from our module segment.

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 20 億美元，而上一季末為 21 億美元。這一減少主要歸因於我們在阿拉巴馬州和路易斯安那州的新美國工廠以及俄亥俄州產能擴張相關的資本支出，部分被我們模組部門的營運現金流所抵消。

Total debt at the end of the first quarter was $620 million, an increase of $60 million from the fourth quarter as a result of additional working capital facilities to support the ramp of our new India plant. Our net cash position decreased by approximately $0.2 billion to $1.4 billion as a result of the aforementioned factors. Cash flows from operations were $268 million in the first quarter, and capital expenditures were $413 million during the period.

第一季末的總債務為 6.2 億美元，比第四季增加 6,000 萬美元，原因是為支持印度新工廠的產能擴張而增加了營運資金。由於上述因素，我們的淨現金部位減少了約 2 億美元至 14 億美元。第一季營運現金流為 2.68 億美元，期間資本支出為 4.13 億美元。

Continuing on Slide 9. Our full year 2024 volumes sold and P&L guidance is unchanged from our previous earnings and guidance call in late February. We're increasing our capital expenditures forecast by $0.1 billion with the intention of accelerating the CuRe conversion at our Vietnam facilities as well as at our third Perrysburg facility and with a view to advancing global fleet replication by more than 1 year from our assumptions at our recent Analyst Day, which could drive incremental upside to the current estimate of additional revenue realizable through technology adjusters referenced earlier in the call.

繼續投影片 9。我們將資本支出預測提高了 1 億美元，目的是加快我們越南工廠以及第三個佩里斯堡工廠的 CuRe 轉換速度，並與我們的假設相比，將全球船隊複製時間提前一年以上。的分析師日，這可能會推動電話會議前面提到的技術調整員可實現的額外收入的當前估計增加。

Our year-end 2024 net cash balance guidance range has been revised due to 4 factors: our selective accommodation of customer schedule shift requests, potential sale by a customer of a U.S. project development portfolio, our strategic approach to new bookings and higher CapEx.

我們的 2024 年底淨現金餘額指導範圍已因 4 個因素進行了修訂：我們選擇性地滿足客戶排班請求、客戶可能出售美國項目開發組合、我們對新預訂的戰略方法以及更高的資本支出。

Firstly, as noted on our previous call, we have seen some requests from customers to shift delivery volume timing out as a function of project development delays. We continue to work with our customers to optimize delivery schedules for their contracted volumes to the extent we are able to accommodate.

首先，正如我們在先前的電話會議中所指出的，我們看到一些客戶要求根據專案開發延遲的情況推遲交付量。我們將繼續與客戶合作，在我們能夠滿足的範圍內優化其合約數量的交貨時間表。

Secondly, consistent with the reports that some energy project developers are coming under investor pressure to pursue returns commensurate with those currently prevalent in fossil project development, they may therefore be examining their renewable procurement positions. We have indications that a customer is expecting to sell their U.S. solar development portfolio, and we understand that the potential [purge] of these assets is a First Solar customer with an existing module framework agreement. We expect that the development time lines for the projects within this portfolio will be delayed, including as a result of the sales process, pushing construction schedules out of 2024.

其次，有報道稱，一些能源項目開發商面臨投資者壓力，要求追求與目前化石燃料項目開發中普遍存在的回報相稱的回報，因此他們可能正在審查其可再生能源採購狀況。我們有跡象表明，一位客戶希望出售其美國太陽能開發投資組合，並且我們了解到，這些資產的潛在[清除]對像是擁有現有組件框架協議的 First Solar 客戶。我們預計該投資組合中專案的開發時間表將被推遲，包括由於銷售流程的原因，從而將施工進度推遲到 2024 年。

Because the potential purge of these assets in an existing customer with a framework agreement covering the revised construction schedules and a portion of our backlog the selling customer is among unlimited contracts with a termination for convenience rights, we expect that this right will be exercised in connection with this portfolio sale. As discussed on previous earnings calls, if this termination for convenience right is exercised, we will be owed a termination payment. We'd look to reallocate or resell these modules.

由於現有客戶的這些資產可能會被清除，框架協議涵蓋了修訂後的施工進度表和我們部分積壓的銷售客戶，因此屬於無限期合同，並具有便利權終止，我們預計該權利將在以下方面行使：透過此次投資組合銷售。正如先前的財報電話會議中所討論的那樣，如果行使這種為了方便而終止的權利，我們將需要支付終止付款。我們希望重新分配或轉售這些模組。

Between selectively accommodating customer timing optimization requests and the expected termination for convenience by the aforementioned portfolio selling developer customer, we now expect a greater concentration of the shipments and sold volume in the second half of the year to be in Q4 versus Q3. As a result of this back ending of deliveries, we expect the timing of some cash collection previously assumed in Q4 2024 to now occur in Q1 of 2025.

在選擇性地滿足客戶時間優化請求和上述投資組合銷售開發商客戶為方便起見而預期終止之間，我們現在預計今年下半年的出貨量和銷售量將比第三季更加集中在第四季度。由於交付延遲，我們預計先前預計在 2024 年第四季收回部分現金的時間現在將在 2025 年第一季發生。

Thirdly, relating to the revision of our year-end 2024 net cash balance guidance range, as a function of our highly selective approach to bookings, we're forecasting a reduction in assumed cash deposits associated with new bookings in 2024.

第三，關於我們對 2024 年底淨現金餘額指引範圍的修訂，由於我們對預訂的高度選擇性，我們預計與 2024 年新預訂相關的假設現金存款將減少。

And fourthly, as previously mentioned, we're forecasting higher CapEx associated with our intention to accelerate CuRe conversion at our Vietnam and our third Perrysburg facilities. So taken together, the combination of higher year-end accounts receivable balance due to accommodating customer timing optimization requests, the expanded termination for convenience by the aforementioned portfolio selling developer customer and reduced deposits from new bookings due to our highly selective approach to bookings as well as the increased CapEx due to the CuRe conversion in Vietnam and Perrysburg results in an updated year-end 2024 net cash balance guide of $600 million to $900 million.

第四，如前所述，我們預計資本支出將會上升，這與我們加速越南和第三個佩里斯堡工廠的 CuRe 轉化的意圖有關。綜上所述，由於滿足客戶時間優化要求，年末應收帳款餘額較高，上述投資組合銷售開發商客戶為了方便而擴大終止，以及由於我們高度選擇性的預訂方法而減少了新預訂的押金由於越南和佩里斯堡的CuRe 轉換導致資本支出增加，導致更新後的2024 年底淨現金餘額指南為6 億至9 億美元。

From an earnings cadence perspective, we expect our net sales and cost of sales profile, excluding the benefit of Section 45X tax credit, to be approximately 35% to 40% in the first half of the year and 60% to 65% in the second half of the year. We forecast Section 45X tax credits of approximately $400 million in the first half of the year, approximately $620 million in the second half of the year and then operating expense profile roughly evenly split across the year. This results in a forecasted earnings per diluted share profile of approximately 35% to 40% in the first half of the year and 60% to 65% in the second half of the year.

從獲利節奏的角度來看，我們預計上半年的淨銷售額和銷售成本狀況（不包括第 45X 條稅收抵免的好處）約為 35% 至 40%，下半年約為 60% 至 65%半年。我們預計上半年第 45X 條稅收抵免額約為 4 億美元，下半年約為 6.2 億美元，全年營運費用情況大致平均分配。這導致上半年稀釋後每股盈餘的預測約為 35% 至 40%，下半年約為 60% 至 65%。

Now I hand the call back to Mark to provide an update on policy.

現在我將電話轉回給馬克，以提供政策的最新資訊。

Okay. Turning to Slide 10. As we stated in the past, we believe the Inflation Reduction Act represents America's first durable solar industrial strategy. And if implemented with the whole of government commitment to onshoring, together with strong and consistent enforcement of trade laws, it also has the potential to dismantle China's dominating influence over solar manufacturing value chains. Quite simply, the IRA paves a viable pathway for the U.S. to secure supply of critical clean energy technologies, enabling America's energy independence while capturing the value of our economy and creating well-paying, enduring jobs.

好的。轉向幻燈片 10。如果政府全面承諾在岸生產，再加上強而有力、一致的貿易法執行，它還有可能消除中國對太陽能製造價值鏈的主導影響力。很簡單，愛爾蘭共和軍為美國確保關鍵清潔能源技術的供應鋪平了一條可行的途徑，使美國能夠實現能源獨立，同時實現我們的經濟價值並創造高薪、持久的就業機會。

At the same time and also as previously stated, while we are not the only American solar manufacturer to come in existence at the end of the last century, the grim reality is that as a consequence of China's strategic objective to dominate the solar industry, we're the only one at scale to remain today. For the IRA to achieve one of its intended purposes, which is to spur U.S. manufacturing to the scale required to support the country's energy independence and climate goals, we must ensure that more companies that are aligned with the U.S. ambitions and are committed to fair competition and innovation can scale, compete and prosper.

同時，也如前所述，雖然我們不是上世紀末唯一一家成立的美國太陽能製造商，但嚴峻的現實是，由於中國主導太陽能產業的戰略目標，我們是今天唯一保留下來的規模。為了使 IRA 實現其預期目的之一，即刺激美國製造業達到支持國家能源獨立和氣候目標所需的規模，我們必須確保更多的公司與美國的雄心一致並致力於公平競爭創新可以擴大規模、競爭並繁榮。

The purpose of the IRA will not be achieved under current unsustainable market conditions. The relentlessness of the Chinese subsidization and dumping strategy have caused a significant collapse in cell and module pricing and threatens the viability of many manufacturers who may never be able to get off the ground or have the ability to finance and start up the growth of their operations.

在當前不可持續的市場條件下，IRA 的目的將無法實現。中國無情的補貼和傾銷策略導致電池和組件價格大幅下跌，並威脅到許多製造商的生存能力，這些製造商可能永遠無法起步，也沒有能力融資和啟動業務增長。

Given this unfortunate reality, together with our role as a market leader and the Western Hemisphere's largest solar module manufacturer, we have joined an alliance of 7 solar manufacturing companies comprising the American Alliance for Solar Manufacturing Trade Committee, which last week filed a set of antidumping and countervailing petitions with the U.S. International Trade Commission and U.S. Department of Commerce to investigate unfair trade practices from factories in 4 Belt and Road Initiative countries in Southeast Asia, Cambodia, Malaysia, Thailand and Vietnam, that are injuring the U.S. solar industry.

鑑於這個不幸的現實，加上我們作為市場領導者和西半球最大的太陽能組件製造商的角色，我們加入了由7 家太陽能製造公司組成的聯盟，其中包括美國太陽能製造貿易委員會聯盟，該聯盟上週提交了一系列反傾銷並向美國國際貿易委員會和美國商務部提出反補貼請願書，調查東南亞、柬埔寨、馬來西亞、泰國和越南等4個「一帶一路」國家工廠的不公平貿易行為，這些行為損害了美國太陽能產業的利益。

This action takes place against the backdrop of growing momentum on the part of current U.S. administration to broadly address structural overcapacity across a range of industries in China. The administration's leadership in tackling this wide-ranging issue is remarkable. And in the past few weeks, we have heard senior members of the administration, including Treasury Secretary Janet Yellen and White House Climate Adviser John Podesta, state in no uncertain terms that the President intends to act to level the playing field for American manufacturing.

這項行動是在當前美國政府廣泛解決中國多個產業的結構性產能過剩問題的動力不斷增強的背景下進行的。政府在解決這一廣泛問題方面的領導力是非凡的。在過去的幾周里，我們聽到包括財政部長珍妮特·耶倫和白宮氣候顧問約翰·波德斯塔在內的政府高級成員明確表示，總統打算採取行動，為美國製造業創造公平的競爭環境。

We welcome the actions focused on solar supply chains, including the reported potential withdrawal of the Section 201 bifacial exemption and the pending expiration on the moratorium on tariffs related to anti-circumvention findings. These are clear actions that deliver on the President's intent.

我們歡迎針對太陽能供應鏈的行動，包括據報道可能撤銷第 201 條雙面豁免，以及與反規避調查結果相關的暫停徵收關稅即將到期。這些都是實現總統意圖的明確行動。

The context of our decision to support the petition starts with China's role in the global solar market. That country's long history of egregious subsidies, dumping of modules at prices believed to be below their cost, creation of structural overcapacity, engagement and circumvention of measures designed to address these factors and other unfair trade practices have intentionally distorted markets around the globe, causing a significant decline in solar prices and denying international competitors access to a level playing field.

我們決定支持請願書的背景始於中國在全球太陽能市場中的作用。該國長期以來的嚴重補貼、以低於成本的價格傾銷組件、造成結構性產能過剩、參與和規避旨在解決這些因素的措施以及其他不公平貿易做法，故意扭曲了全球市場，造成了太陽能價格大幅下降，並剝奪國際競爭對手進入公平競爭環境的機會。

As Secretary Yellen herself has recently said, "China's overcapacity distorts global prices and production patterns and hurts American firms and workers." China ended 2023 with more than twice the solar manufacturing capacity that was deployed worldwide last year, had record-low factory capacity utilization rates in the first quarter of 2024 and, despite these market-distorting factors, is still expected to add 500 to 600 gigawatts of new capacity this year. With China expected to exit 2024 with sufficient capacity to meet global demand through 2032, it appears that the overcapacity is not a miscalculation but an intentional feature of the Chinese government strategy to dominate clean energy supply chains.

正如耶倫國務卿本人最近所說，“中國的產能過剩扭曲了全球價格和生產模式，損害了​​美國企業和工人的利益。”截至 2023 年底，中國的太陽能製造產能是去年全球部署的兩倍多，2024 年第一季的工廠產能利用率創歷史新低，儘管存在這些市場扭曲因素，但預計仍將增加 500 至 600 吉瓦今年新增產能。預計中國到 2024 年退出時將有足夠的產能來滿足到 2032 年的全球需求，看來產能過剩並非誤判，而是中國政府主導清潔能源供應鏈策略的故意特徵。

Notably, the 4 Southeast Asian countries in question account for 75% of U.S. solar imports in 2023 and were responsible for an approximately 140% increase in exports to the U.S. in the 18 months following the passage of the IRA compared to the 18 months preceding August of 2022. While the current environment, if allowed to persist, will provide a short-term pricing benefit to developers, allowing these practices to continue denies non-Chinese solar manufacturers the opportunities to scale and compete on a level playing field while multiplying installers and developers exposure to the risk of over-concentrated supply chains.

值得注意的是，這四個東南亞國家佔2023 年美國太陽能進口量的75%，並且在IRA 通過後的18 個月內，與8 月之前的18 個月相比，對美國的出口增加了約140% 2022 年。開發商面臨供應鏈過度集中的風險。

A word about the impact on the potential tariffs resulting from this case on module pricing. While some may choose to reference triple-figure tariff rates and claiming that these types of rates will cause severe disruption in achieving our deployment goals, the reality is far different. Currently, Chinese AD and CVD rates range from 15% to 50% for most cooperating companies. Secondly, projects should not be affected as historical module pricing has already been baked into those project economics.

關於本案對組件定價的潛在關稅的影響。雖然有些人可能會選擇引用三位數的關稅費率，並聲稱這些類型的費率將對實現我們的部署目標造成嚴重干擾，但現實卻大不相同。目前，中國大部分合作企業的AD和CVD稅率在15%到50%之間。其次，專案不應受到影響，因為歷史模組定價已納入這些專案經濟學。

Finally, from a supply standpoint, there is, contrary to the view expressed by some industry participants, more than sufficient product available to service current and anticipated U.S. demand through the combination of currently warehoused modules, fairly traded imports and the capacity of Western manufacturers such as First Solar.

最後，從供應的角度來看，與一些行業參與者所表達的觀點相反，透過結合當前倉儲模組、公平交易的進口產品以及西方製造商的產能，可以提供足夠的產品來滿足當前和預期的美國需求。

As noted earlier, we expect to exit 2024 with over 21 gigawatts and 2026 with over 25 gigawatts of global nameplate capacity, all of which is available to serve the U.S. market. Time and again, we have heard about the detrimental effects of enforcing trade laws on the books of deployment. And yet time and again, we see annual records set for solar deployment in this country.

如前所述，我們預計到 2024 年全球銘牌容量將超過 21 吉瓦，到 2026 年將超過 25 吉瓦，所有這些都可用於服務美國市場。我們一次又一次聽說在部署過程中執行貿易法會產生不利影響。然而，我們一次又一次地看到這個國家太陽能部署的年度記錄。

In our view, the real risk for U.S. solar deployment comes from the long-term detrimental effects of allowing China's unfair trade practices to continue, which could result in a decimated domestic solar manufacturing base, ceding all pricing power and a complete control of supply chain distribution to a highly adversarial nation. This represents a strategic risk to developers of solar assets, clean energy transition and the U.S. energy independence and economic prosperity.

我們認為，美國太陽能部署的真正風險來自於允許中國繼續不公平貿易行為的長期有害影響，這可能會導致國內太陽能製造基地遭到重創，放棄所有定價權和對供應鏈的完全控制分配給一個高度敵對的國家。這對太陽能資產開發商、清潔能源轉型以及美國能源獨立和經濟繁榮構成了戰略風險。

The U.S. energy independence isn't just about producing electricity at home. It's about having the supply chain and R&D for future advancements at our nation's disposal as well. Historic once-in-a-lifetime policies like the IRA, while transformative of our country's energy transition and our industry, are not enough to deliver independence due to China's unfair trade practices. We believe the IRA must work in conjunction with strong and effective trade measures that level the playing field for investments it catalyzes.

美國的能源獨立不僅僅是在國內發電。這也關係到我們國家也可以利用供應鏈和研發來實現未來的進步。像愛爾蘭共和軍這樣的歷史性千載難逢的政策雖然改變了我國的能源轉型和我們的工業，但由於中國的不公平貿易行為，還不足以實現獨立。我們認為，愛爾蘭共和軍必須與強而有力、有效的貿易措施結合起來，為其所促進的投資創造公平的競爭環境。

We must think of government policy in terms of a 3-legged stool. The first leg is industrial policy. In the U.S., demand continues to grow. But the domestic content bonus enhances this growth by creating a crucial parallel demand side driver to incentivize purchasing the output of these American factories through the introduction of a bonus to the investment or production tax credit accessed by solar generation asset owners if projects procure domestically made content, including solar panels.

我們必須從三腳凳的角度來思考政府政策。第一站是產業政策。在美國，需求持續成長。但國內內容紅利透過創造一個重要的平行需求側驅動力來促進這種增長，透過對太陽能發電資產所有者獲得的投資或生產稅收抵免引入紅利（如果項目採購國產內容）來激勵購買這些美國工廠的產品，包括太陽能電池板。

The third leg is a level playing field that addresses anticompetitive market-distorting behavior such as dumping and circumvention. While industrial policies such as IRA has the power to incentivize domestic investment and significantly growing this industry, the ability of those investments to endure is enabled by a corresponding trade policy. This level playing field ensures that domestic manufacturing investments incentivized by American taxpayer dollars are incubated as they scale.

第三條腿是一個公平的競爭環境，解決傾銷和規避等反競爭市場扭曲行為。雖然 IRA 等產業政策有能力激勵國內投資並顯著發展該行業，但這些投資的持久能力是透過相應的貿易政策實現的。這種公平的競爭環境確保了由美國納稅人的資金激勵的國內製造業投資隨著規模的擴大而孵化。

Take away any one of the legs and you render the whole apparatus unusable. Look no further than Europe as the one example of an unsustainable environment for clean energy manufacturing, not just in solar but wind as well, due to the lack of effective trade measures to support policies that seek to incentivize the growth of the domestic supply chain production base.

去掉任何一條腿，整個裝置就無法使用。歐洲就是清潔能源製造環境不可持續的一個例子，不僅是太陽能，還有風能，因為缺乏有效的貿易措施來支持旨在激勵國內供應鏈生產成長的政策依據。

There can be no doubt that trade policy is intrinsic to the efforts to build a resilient American solar value chain, and we believe this view has bipartisan support. This dynamic goes well beyond being just a risk to our company. It threatens the viability of all aspiring U.S.-based manufacturers who may never be able to finance the start-up of growth of their operations. Our support for the petition is founded on the thesis that we believe a level playing field, one that allows manufacturers to compete on the basis of their own merits, is essential for driving American innovation and competitiveness, promoting quality and enabling technology diversification that enhances developer choices.

毫無疑問，貿易政策是建立有彈性的美國太陽能價值鏈的努力的內在要素，我們相信這一觀點得到了兩黨的支持。這種動態遠遠超出了我們公司的風險範圍。它威脅到所有有抱負的美國製造商的生存能力，他們可能永遠無法為其業務成長的啟動提供資金。我們對請願書的支持是基於這樣的論點：我們相信公平的競爭環境，允許製造商根據自身優點進行競爭，對於推動美國創新和競爭力、提高質量和實現技術多樣化以增強開發商的能力至關重要選擇。

We also believe that everyone benefits from a thriving and resilient domestic manufacturing industry enabled by a level playing field and free of dependency on China. Apart from the positive impact on -- of domestic investment, job creation and economic value, which is reflected in the economic impact study commissioned by us and conducted by the University of Louisiana Lafayette that was released in February, domestic manufacturing also insulates developers and their pipelines against the risk of disruption resulting from global supply chain issues or potential geopolitical crisis.

我們也相信，每個人都可以從公平競爭環境和擺脫對中國依賴的繁榮和有彈性的國內製造業中受益。除了對國內投資、創造就業和經濟價值的正面影響（這反映在我們委託路易斯安那大學拉法葉大學於二月發布的經濟影響研究中）之外，國內製造業也使開發商及其開發商數免受影響。

As validated by our customers and our order book, domestic manufacturing supply chain build resiliency into development pipelines, providing certainty of pricing and supply and ensuring continuity even in the face of widespread international supply chain disruption.

正如我們的客戶和訂單所證實的那樣，國內製造供應鏈為開發管道建立了彈性，提供了定價和供應的確定性，並確保即使在國際供應鏈普遍中斷的情況下也能確保連續性。

Again, I want to be clear. We invite competition and free trade. All we seek is that the competition and trade is fair, enabled by a level playing field where all companies can compete on the basis of their own merits. This petition is about enforcing the rule of law and holding rule-breakers to account, enabling a level playing field for domestic manufacturing and supporting the efforts to scale American solar value chains.

我想再說一次。我們邀請競爭和自由貿易。我們所追求的是公平的競爭和貿易，透過一個公平的競爭環境，讓所有公司都可以根據自己的優點進行競爭。這份請願書旨在加強法治並追究違法者的責任，為國內製造業創造公平的競爭環境，並支持擴大美國太陽能價值鏈的努力。

Importers of solar panels from manufacturers playing by the rules and operating in compliance with U.S. trade laws have little to fear from this petition and any potential investigation. Internationally, oversupply and dumping of modules at prices below cost also adversely impacts the Indian and European markets, both of which are seeking -- are seeing record levels of imports and low pricing.

從遵守規則並遵守美國貿易法的製造商那裡進口太陽能電池板的進口商無需擔心這份請願書和任何潛在的調查。在國際上，供應過剩和以低於成本的價格傾銷組件也對印度和歐洲市場產生了不利影響，這兩個市場都在尋求創紀錄的進口水平和低廉的價格。

Referring to my earlier comments about thinking of policy as a 3-legged stool, the principle also applies to India, which offers supply-side drivers in the form of production-linked incentive programs, deployment targets that offer demand drivers and nontariff barriers such as the Approved List of Module and Manufacturers (sic) [Approved List of Models and Manufacturers] or ALMM. We are pleased that the government has decided to revive the mandate of its ALMM program, and First Solar was added to this list on April 29.

提到我之前關於將政策視為三腳凳的評論，該原則也適用於印度，印度以與生產相關的激勵計劃、提供需求驅動力的部署目標和非關稅壁壘的形式提供供應方驅動力，例如核准的模組和製造商清單 (原文如此) [核准的型號和製造商清單] 或 ALMM。我們很高興政府決定恢復 ALMM 計劃的授權，並且 First Solar 於 4 月 29 日被添加到此列表中。

We believe that enforcing this vital nontariff barrier will support the effort to level the playing field for domestic manufacturers, especially if combined with a similar program focused on cell manufacturers that could materialize as more domestic cell capacity comes online in the country.

我們相信，執行這一重要的非關稅壁壘將支持為國內製造商創造公平競爭環境的努力，特別是如果與針對電池製造商的類似計劃相結合，隨著更多國內電池產能在該國上線，該計劃可能會實現。

However, we remain concerned about the level of dumping in India and its potential to undermine the country's manufacturing ambitions. While ALMM applies to fully assembled modules, it does not safeguard the market against the dumping of solar cells or other upstream components, which undermine efforts to scale vertically integrated domestic manufacturing in the country.

然而，我們仍然對印度的傾銷水平及其破壞該國製造業雄心的可能性感到擔憂。雖然 ALMM 適用於完全組裝的組件，但它並不能保護市場免受太陽能電池或其他上游組件的傾銷，這會破壞該國擴大垂直一體化國內製造的努力。

With this in mind, we are seeking an investigation into the dumping of solar cells in the India market. We believe that investigation is necessary to unfair market-distorting behavior that denies domestic manufacturers in India a level playing field on which to compete as the industry scales.

考慮到這一點，我們正在尋求對印度市場太陽能電池的傾銷行為進行調查。我們認為，對於不公平的市場扭曲行為進行調查是必要的，這種行為剝奪了印度國內製造商隨著行業規模的擴大而提供公平競爭的環境。

Finally, moving to Europe, which lags the U.S. and India in its response to dumping and consequently continues to deepen its near total dependency on Chinese-made solar panels. While Europe currently appears to not have the political will to consider trade barriers that could address dumping, we are encouraged by decisions to the EU's foreign subsidies regulations to investigate potentially illegal subsidies to Chinese solar and wind manufacturers. We continue to monitor developments in Europe and engage with stakeholders there as we seek out opportunities to advocate for a level playing field in that market.

最後，轉向歐洲，歐洲在應對傾銷方面落後於美國和印度，因此繼續加深對中國製造太陽能板的幾乎完全依賴。儘管歐洲目前似乎沒有政治意願考慮可能解決傾銷問題的貿易壁壘，但我們對歐盟外國補貼法規決定調查對中國太陽能和風能製造商潛在非法補貼的決定感到鼓舞。我們將繼續關注歐洲的事態發展，並與那裡的利益相關者接觸，尋找機會倡導該市場的公平競爭環境。

To conclude, Alex will now summarize the key messages from today's call on Slide 11.

最後，Alex 現在將在投影片 11 上總結今天電話會議的關鍵資訊。

Demand continues to be robust with 2.7 gigawatts of net bookings year-to-date with an ASP of $0.313 per watt before adjusters, leading to a resilient contracted backlog of 78.3 gigawatts. Our continued focus on manufacturing technology excellence resulted in a record quarterly production of 3.6 gigawatts, and our Alabama and Louisiana factories and our R&D innovation center and perovskite development line remain on schedule.

需求持續強勁，今年迄今的淨預訂量為 2.7 吉瓦，調整前的平均售價為每瓦 0.313 美元，導致合約積壓量達到 78.3 吉瓦。我們持續專注於卓越的製造技術，季度產量達到創紀錄的 3.6 吉瓦，而且我們的阿拉巴馬州和路易斯安那州工廠以及研發創新中心和鈣鈦礦開發線仍按計劃進行。

We continue to anticipate launching CuRe at our lead line factory in Ohio in Q4 of this year. In addition, we're increasing CapEx by $0.1 billion this year to accelerate CuRe conversion at our Vietnam facilities as well as at our third Perrysburg facility with a view to advancing global fleet replication by more than 1 year from our assumptions at our recent Analyst Day.

我們繼續預計今年第四季在俄亥俄州的引線工廠推出 CuRe。此外，我們今年將增加 1 億美元的資本支出，以加速我們越南工廠以及第三個佩里斯堡工廠的 CuRe 轉換，以期將全球船隊複製速度比我們最近分析師日的假設提前一年以上。

Financially, we earned $2.20 per diluted share, and we earned -- ended the quarter with a gross cash balance of $2 billion or $1.4 billion net of debt, maintaining our full year 2024 volumes sold and P&L guidance, including forecasted full year earnings per share -- per diluted share of $13 to $14.

在財務方面，我們每股攤薄收益為 2.20 美元，本季末現金餘額總額為 20 億美元，扣除債務後為 14 億美元，維持 2024 年全年銷量和損益指引，包括預測全年每股收益- - 稀釋後每股13 至14 美元。

And with this, 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) We'll go first to Mark Strouse, JPMorgan.

（操作員說明）我們先請摩根大通的馬克‧斯特勞斯 (Mark Strouse)。

Appreciate all the color. Obviously, a lot going on right now. Mark, I wanted to start with your comments on India. So good to see you're added to the ALMM list. I know it's still somewhat early, but can you just talk about what you're seeing as far as pricing in that market since the ALMM went back into effect? And how are you weighing shipments to that market versus potentially shipping back to the U.S.?

欣賞所有的顏色。顯然，現在發生了很多事情。馬克，我想先談談您對印度的評論。很高興看到您已新增至 ALMM 清單。我知道現在還為時過早，但您能否談談自 ALMM 重新生效以來該市場的定價？您如何權衡運往該市場和可能運回美國的情況？

Yes. All right. Thanks, Mark. Look, since the ALMM has gone back into place, we are seeing pricing move up in the market. Again, ASPs, generally in India, are much lower than what we see here in the U.S. But they have moved up 5% or 10% from where we saw them before the ALMM, so moving in the right direction in that regard. I do think that with some of the other initiatives that we have in place and especially as we move forward, towards the latter half of this year, I think we could see even firm pricing as we exit this year going into next year, which is encouraging.

是的。好的。謝謝，馬克。看，由於 ALMM 已恢復原狀，我們看到市場價格上漲。同樣，平均售價（通常在印度）比我們在美國看到的要低得多。著正確的方向發展。我確實認為，透過我們採取的其他一些舉措，特別是隨著我們向前邁進，進入今年下半年，我認為當我們從今年退出進入明年時，我們甚至可以看到堅定的定價，即令人鼓舞。

In the interim, we are shipping a lot of product into the U.S. So this year, we'll produce about 2.6 gigawatts of product in India. And we'll be shipping about 1 gigawatt, maybe slightly north of that, into the U.S. market. And really most of the first half shipments that we'll see, really into Q3 even, are going to be from India into the U.S. market at this point in time.

在此期間，我們將大量產品運往美國。我們將向美國市場運送約 1 吉瓦（可能略高於這個數字）。事實上，我們將看到的上半年的大部分出貨量，甚至到第三季度，此時都將從印度進入美國市場。

So that continues to be an option for us. It's also, like I said in our prepared remarks, as we scale up to 25, 26 gigawatts from a global fleet standpoint, all that product is really available to address and serve the needs of our U.S. customers. We'll continue to figure out what's the right optimal allocation in terms of how much stays to the Indian domestic market and what comes into the U.S. But I do see pricing dynamics improving in India since the ALMM has been put back in place.

所以這仍然是我們的一個選擇。正如我在準備好的演講中所說，從全球機隊的角度來看，隨著我們規模擴大到 25、26 吉瓦，所有這些產品都可以真正滿足和服務我們美國客戶的需求。我們將繼續找出正確的最佳分配方式，即有多少產品留在印度國內市場，有多少產品進入美國。

The next question is Andrew Percoco, Morgan Stanley.

下一個問題是摩根士丹利的安德魯佩科科。

So I guess, I mean, over the last few quarters, you guys have been highlighting that you expect bookings growth to slow. But I guess I'm just curious now that you've got some headlines around the potential removal of the bifacial exemption, the new AD/CVD petition and Yellen's commentary on China, I mean, shouldn't that be an accelerant for bookings? I get that you guys want to be selective because of your capacity position. But just curious on your updated thoughts on what you're seeing and expecting for bookings for the remainder of the year now that policy seems to be moving in your favor, and you've also got growing demand for clean energy in some of the AI data center markets that you guys had alluded to earlier in the call.

所以我想，我的意思是，在過去的幾個季度裡，你們一直在強調，你們預計預訂量成長將會放緩。但我想我只是好奇現在你已經看到了一些關於可能取消雙面豁免、新的AD/CVD 請願書以及耶倫對中國的評論的​​頭條新聞，我的意思是，這難道不應該成為預訂的促進劑嗎？我知道你們想因為自己的能力位置而有所選擇。但只是好奇你對今年剩餘時間的預訂的最新想法，因為政策似乎對你有利，而且一些人工智慧領域對清潔能源的需求也不斷增長你們之前在電話會議中提到的數據中心市場。

Yes. So what I would say right now just in conversations with our commercial team and our Chief Commercial Officer, clearly, pricing in the market and -- has changed. As soon as there was an indication, really, it's starting to increase $0.03, $0.04 since the beginning of April. And then we continue to see a little bit more momentum now that the petition has been announced and some of the other statements that have been made by the current administration, which are all very, very supportive and constructive. So we are seeing more activity, more engagement. We're encouraged.

是的。因此，我現在在與我們的商業團隊和首席商務官的對話中要說的是，顯然，市場定價已經改變了。事實上，一旦有跡像出現，自 4 月初以來，它就開始上漲 0.03 美元、0.04 美元。現在我們繼續看到更多的勢頭，請願書已經公佈，現任政府也發表了一些其他聲明，這些聲明都非常非常支持和建設性。所以我們看到更多的活動、更多的參與。我們深受鼓舞。

We have taken our assumption around bookings down a little bit. We did that largely with a lens of being conservative, of waiting to see exactly what we're starting to see, and the momentum is starting to pivot back in a more constructive way. And we'll see how that pans out. But a lot of engagement, a lot of customer meetings. I will be actually meeting with a number of customers next week as well with our commercial team, and we'll get a better pulse at that point in time. But I'd say that the sentiment clearly has changed over the last 3, 4 weeks.

我們稍微降低了有關預訂的假設。我們這樣做主要是出於保守的態度，等待看到我們開始看到的情況，而勢頭開始以更具建設性的方式回歸。我們將看看結果如何。但大量的參與，大量的客戶會議。下週我實際上將與一些客戶以及我們的商業團隊會面，屆時我們將獲得更好的脈搏。但我想說的是，在過去的三、四周裡，人們的情緒明顯地改變了。

And up next is Philip Shen, ROTH MKM.

接下來是 Philip Shen，羅斯 MKM。

First one is related to the termination of convenience clause. Can you talk about how much of a buffer you guys might have to meet your guide, even if all the terminations -- termination for convenience clauses in '24 and '25 are exercised?

第一個與便利條款的終止有關。你能談談你們可能需要多少緩衝才能滿足你們的指南，即使所有的終止——24年和25年的便利終止條款都得到執行？

And then secondarily, as it relates to pricing for future bookings, have you already started to see the benefits of the recently filed Southeast Asia AD/CVD petitions? My sense is pricing has already maybe started to move. Just curious if maybe you saw that in some of the bookings previously announced.

其次，因為它涉及未來預訂的定價，您是否已經開始看到最近提交的東南亞 AD/CVD 申請的好處？我的感覺是定價可能已經開始改變。只是好奇您是否在之前宣布的一些預訂中看到了這一點。

And then finally, as it relates to the technology, we recently wrote about a Japanese start-up that announced a record perovskite and CIGS lab efficiency of close to 27%. Can you give us an update on your tandem technology research? And specifically, when do you think you can make a definitive decision on the next-gen technology so that the commercialization path can be realized? Because our understanding is that it might take 3 full years. So you kind of need to maybe lock it in today in order to commercialize in the next 3 years.

最後，就技術而言，我們最近寫了一篇有關日本新創公司的文章，該公司宣布鈣鈦礦和 CIGS 實驗室效率接近 27%，創歷史新高。您能為我們介紹一下您的串聯技術研究的最新情況嗎？具體來說，您認為什麼時候可以對下一代技術做出明確的決定，從而實現商業化路徑？因為我們的理解是這可能需要整整三年的時間。所以你可能需要今天鎖定它，以便在未來 3 年內實現商業化。

Yes. So I'll take the termination for convenience and hand it over to Mark. So we haven't given a specific number related to this year. But if you note in the guide, we're maintaining our volumes sold guide at 15.6 to 16.3 gigawatts. So we're working under the assumption that if this volume were to be terminated, which has not happened yet, we've just been having discussions with a customer who's indicated that given the likely sale of their portfolio and the likely buyer being someone who already has volume from us and given the time frame of those deals pushing out a little bit that they are likely to -- if those all happen, then they would be likely to exercise that termination for convenience right.

是的。因此，為了方便起見，我將把終止協議交給馬克。所以我們沒有給出與今年相關的具體數字。但如果您在指南中註意到，我們將銷售量指南維持在 15.6 至 16.3 吉瓦。因此，我們假設如果終止該交易量（目前尚未發生），我們剛剛與一位客戶進行了討論，該客戶表示考慮到其投資組合的可能出售以及可能的買家是我們已經收到了交易量，並且考慮到這些交易的時間框架，他們可能會稍微推遲一些——如果這些都發生，那麼他們可能會行使便利終止權。

But that's a customer that we have a larger order book with. They've already taken delivery of over 50% of the volume under that order. They will continue to take delivery of some of the remaining, a little bit under 50%. But they will likely, if those then transpire, terminate a portion of that backlog now. As I said, we will look to either reallocate to others or resell that volume. But it is one of the reasons you're seeing the cash guide come down a little bit, is that just given we're already into Q2, if we reallocate or resell now, it's quickly not going to be until late Q3, earlier Q4 at best before we move that volume to someone else.

但這是我們有更大訂單的客戶。他們已經收到了該訂單 50% 以上的交貨量。他們將繼續接收剩餘的部分貨物，略低於 50%。但如果這些事情最終得以實現，他們很可能會立即終止部分積壓訂單。正如我所說，我們將尋求重新分配給其他人或轉售該卷。但這是您看到現金指南略有下降的原因之一，因為考慮到我們已經進入第二季度，如果我們現在重新分配或轉售，很快就會到第三季度末、第四季度早些時候最好的情況是在我們將該卷移交給其他人之前。

So even though we're maintaining that guide, and we think we'll be able to do that this year, it might impact the timing of the cash. But in general, what we're seeing is, right now, the guide hasn't changed. What we're seeing this year, we think, is manageable with that range that we've given.

因此，儘管我們保留了這項指南，我們認為今年我們能夠做到這一點，但這可能會影響現金的發放時間。但總的來說，我們現在看到的是，指南沒有改變。我們認為，今年我們所看到的情況在我們給出的範圍內是可以控制的。

Yes. And then on the pricing side, yes, so I somewhat made the statement on one of the earlier questions as well. We clearly are seeing the benefit as the market pricing has clearly firmed up and is moving up. If you look at just what we booked this last quarter before any of the adjusters, it's $0.30. If you look at the graph that's in the presentation slide, you can see that really none of that happened in April. So all that was really bookings that happened in the first quarter, which is really before any of the indications of this case started to get into the marketplace. So none of that really is reflected yet into -- so none of that impacted the Q1 bookings that we just reported.

是的。然後在定價方面，是的，所以我也對之前的問題之一發表了聲明。隨著市場定價明顯堅挺並不斷上漲，我們顯然看到了好處。如果您看看我們上個季度在任何理賠員之前預訂的金額，您會發現價格為 0.30 美元。如果您查看簡報投影片中的圖表，您會發現四月實際上沒有發生任何事情。因此，所有這些實際上都是在第一季發生的預訂，這實際上是在該案例的任何跡象開始進入市場之前。因此，這些都沒有真正反映到我們剛剛報告的第一季預訂量。

But we are seeing movement into the market where pricing is firmed up, moving up and people obviously looking to move quicker than they would have otherwise because of the various uncertainties and trying to figure out the implications to the extent of further development pipeline and projects that they're looking to build out over the next several years and also knowing that the order book is already tight with First Solar and we're still supply-constrained in the grand scheme of things.

但我們看到市場進入定價堅挺、上漲的趨勢，由於存在各種不確定性，人們顯然希望比其他情況更快採取行動，並試圖找出對進一步開發管道和項目的影響。幾年內進行擴建，也知道First Solar 的訂單已經很緊張，而且我們在總體計劃中仍然受到供應限制。

As it relates to the tandem technology, continue to move -- progress that from a couple of different paths. One is our thin-film CIGS tandem product. The other is continuing to work on a thin-film crystalline technology and then still advancing work on perovskite. And as kind of alluded to in our comments about next-generation innovative, disruptive technology and the advantages of our R&D innovation center, that is just -- we'll be starting up here by the end of this quarter, at the beginning of next quarter. And then our perovskite pilot line, between the 2 of them, it's almost $0.5 million investment that we made since we announced those decisions over a year ago.

由於它與串聯技術相關，因此請繼續前進——從幾個不同的路徑取得進展。其中之一是我們的薄膜 CIGS 串聯產品。另一個正在繼續研究薄膜晶體技術，然後仍在推進鈣鈦礦的研究。 And as kind of alluded to in our comments about next-generation innovative, disruptive technology and the advantages of our R&D innovation center, that is just -- we'll be starting up here by the end of this quarter, at the beginning of next四分之一.然後是我們的鈣鈦礦試驗線，自從我們一年多前宣布這些決定以來，我們在這兩個項目之間投資了近 50 萬美元。

What I'd like to do right now is -- I think those investments and getting those up and running are going to be clearly operational and informative of understanding of where we are with our technology as we produce full-size modules and then validate them in terms of their reliability. It's one thing to produce a record cell or even a module, but the other is how will it endure and stand up to the elements in terms of the conditions that we need to from a reliability standpoint.

我現在想做的是——我認為這些投資以及這些投資的啟動和運行將具有明確的可操作性，並且有助於了解我們在生產全尺寸模組並驗證它們時的技術狀況就其可靠性而言。生產記錄單元甚至模組是一回事，但從可靠性的角度來看，它如何能夠承受並經受住我們需要的條件的影響是另一回事。

And no different in some of the reporting that's coming out, and we've been hearing about this over the last 6 months with TOPCon. TOPCon, when you look at some of the field performance and reliability that we're seeing right now, is significantly challenged and not hitting a performance level that would be anywhere close to acceptable to the market and nowhere close to its prior technology perk. So we've got to be very careful and mindful. It's not just working within the labs. It's also been producing it at scale and then getting it into the field and testing and getting comfortable with long-term reliability and viability.

一些即將發布的報告也沒有什麼不同，過去 6 個月我們一直在 TOPCon 上聽到這一消息。當您查看我們現在看到的一些現場性能和可靠性時，您會發現 TOPCon 面臨著巨大的挑戰，並且沒有達到接近市場可接受的性能水平，並且與之前的技術優勢相去甚遠。所以我們必須非常小心和留心。這不僅僅是在實驗室內工作。它也一直在大規模生產，然後將其投入現場進行測試，並適應長期的可靠性和可行性。

So I don't have a specific indication of time line. And what I would say, Phil, is we're making good progress. I think some of the R&D innovation center and the perovskite pipeline that we're working on right now, and that will be up and running. We'll have much better insights in terms of where we are in commercialization and time to market as we exit this year.

所以我沒有具體的時間線。菲爾，我想說的是，我們正在取得良好進展。我認為我們現在正在研究的一些研發創新中心和鈣鈦礦管道將會啟動並運行。當我們今年退出時，我們將對商業化的進展和上市時間有更好的了解。

The next question is Brian Lee, Goldman Sachs.

下一個問題是高盛的布萊恩李 (Brian Lee)。

I guess -- I know a lot of focus around the pricing commentary here, Mark. So I'm just going to ask another one around that, if I could. You said $0.03 to $0.04 roughly. You've been getting that sense or feedback since April, and then that doesn't even include the more up-to-date kind of AD/CVD feedback. So if we look at the bookings, $0.31 this quarter, not reflecting any of that, that's to suggest you're having discussions real time around kind of the mid-$0.30 per watt, maybe even going higher off of that. Is it fair assume that level is in play over the next couple of quarters as you think about booking future volume here, mid- to high 30s? And could we see it that quickly in the next couple of quarters?

我想——我知道這裡的定價評論有很多關注，馬克。所以如果可以的話，我只想問另一個人。你說的大概是 0.03 美元到 0.04 美元。自四月以來，您一直在獲得這種感覺或回饋，然後這甚至不包括更新的 AD/CVD 回饋。因此，如果我們看一下本季度的預訂量，即 0.31 美元，沒有反映出任何這一點，那就表明您正在圍繞每瓦 0.30 美元中間的價格進行實時討論，甚至可能會更高。當您考慮在這裡預訂未來的交易量（30 多歲）時，假設該水平在接下來的幾個季度中發揮作用是否公平？我們能在接下來的幾個季度內很快看到這一點嗎？

And then just secondly, Alex, you kind of quickly alluded to data center demand for electricity. That's obviously gaining a lot of attention. I mean if you look historically, I think you guys have had meaningful indirect exposure to selling to corporates, building some of that stuff out. Can you quantify or give us some sense of your best guesstimation of what percent of your demand in the U.S. is coming from those types of customers, data center-driven corporate, et cetera, and what you think that could become over time as you kind of look at that as being a new growth vector, if you will?

其次，亞歷克斯，你很快就提到了資料中心的電力需求。這顯然引起了很多關注。我的意思是，如果你回顧歷史，我認為你們在向企業銷售產品、建構一些這樣的東西方面有著有意義的間接接觸。您能否量化或告訴我們您對美國需求的百分比來自這些類型的客戶、資料中心驅動的企業等的最佳猜測，以及您認為隨著時間的推移，這種情況可能會變成什麼樣子？ 如果您願意的話，可以將其視為新的成長載體嗎？

On the pricing one, Brian, look, let's not get -- look, I'm happy with what we're seeing right now. I don't want to commit to an ASP in the mid-30s is what we'd expect to be able to realize at this point in time. What I'm trying to indicate is that we have seen a move in the market pricing. And there is a difference between -- just make sure we're clear, a difference between international versus domestic. There's an adder for the domestic product, as we've said before, $0.03, $0.04, $0.05 for that. So that volume will be priced at a higher ASP than not.

關於定價，布萊恩，聽著，我們不要——聽著，我對我們現在所看到的感到滿意。我不想承諾 30 多歲的 ASP 是我們期望在此時能夠實現的。我想表明的是，我們已經看到市場定價的變化。國際與國內之間是有區別的，只要確保我們清楚就好了。國內產品有一個加法器，正如我們之前所說，0.03 美元、0.04 美元、0.05 美元。因此，該銷量的平均售價將高於非銷量。

So -- but what I would say is that we're encouraged, and our strategy for this year is to be patient and continue to move forward with bookings at attractive ASPs. And as we said before, this business model is still levered to growth and contribution margin. If we can get to a stable ASP environment as we look out over the next several years and grow the production capacity that we have in front of us, drive cost out as we continue to do, leverage our fixed cost across our overhead, there's pretty strong operating margin expansion that we can realize if we do that well.

所以，但我想說的是，我們受到了鼓舞，我們今年的策略是保持耐心，並繼續以有吸引力的 ASP 進行預訂。正如我們之前所說，這種商業模式仍然依賴成長和邊際貢獻。如果我們能夠在未來幾年內建立一個穩定的 ASP 環境，並提高我們面前的生產能力，繼續降低成本，在我們的管理費用中利用我們的固定成本，那就相當不錯了。我們就能實現強勁的營業利潤率擴張。

Yes. So I don't know if I have a good number for you. I would say if you look at the companies that we talked about on the call, the ones that we're going to be adding to data center demand significantly, Apple, Google, Microsoft, Meta, they value certainty even more than the utility. So if you think about utility, potentially contracting multiple projects, and they can deal with a level of failure or delay in a way that these guys can't if they have commitment to renewable targets at certain times. So they value certainty, and they certainly value the reliability of where the product is coming from and the concerns around slave labor.

是的。所以我不知道我是否有合適的電話號碼給你。我想說，如果你看看我們在電話會議上談到的那些公司，那些我們將大幅增加資料中心需求的公司，蘋果、谷歌、微軟、Meta，他們比公用事業更重視確定性。因此，如果您考慮公用事業，可能會承包多個項目，並且他們可以以這些人無法在某些時間承諾實現再生能源目標的方式來處理一定程度的失敗或延遲。因此，他們重視確定性，當然也重視產品來源的可靠性以及對奴工的擔憂。

So we tend to be the first port of call for many of these companies or the developers who are doing the work for them. And so in many cases, developers will come to us saying that they have had discussions with these people and that they have preference to buy or work with the solar products, especially for U.S.-based demand. So I don't think I have a percentage I can give you, but I would say that generally, we're going to be the favored supplier to the projects that are going to be supplying power to these data centers or these kind of asset owners.

因此，我們往往是許多此類公司或為其工作的開發人員的第一站。因此，在許多情況下，開發商會來找我們說，他們已經與這些人進行了討論，並且他們更願意購買或使用太陽能產品，特別是針對美國的需求。所以我不認為我可以給你一個百分比，但我想說的是，一般來說，我們將成為為這些資料中心或此類資產供電的專案的首選供應商擁有者。

And Moses Sutton from BNP Paribas has the next question.

法國巴黎銀行的摩西·薩頓提出了下一個問題。

What would be the biggest consideration in determining whether you add another factory? I know the pace of bookings, that they're naturally slow considering how far out you booked. But if the industry needs, let's say, 50 to 70 gigawatts per annum by late decade of ground mount in total and considering your market share position is further improving, could at least another factory would be viable in locking interconnection bottlenecks, the poly-based competition unknowns as they ramp up in the U.S. or just waiting on developer visibility to get more confidence here for these out-years?

在決定是否再增加一家工廠時，最大的考慮因素是什麼？我知道預訂的速度，考慮到你預訂的時間有多長，預訂的速度自然會很慢。但是，如果行業需要，比方說，到地面安裝的十年末，每年需要50 至70 吉瓦，並且考慮到您的市場份額地位正在進一步提高，那麼至少另一家工廠是否可以鎖定互連瓶頸，基於多晶矽的工廠隨著美國的競爭加劇，競爭未知，還是只是等待開發商的知名度，以便在未來幾年在這裡獲得更多信心？

Look, I think the framework that we use is pretty consistent with what we've done in the past. One is whatever we do, we want it to be demand driven. And if we get confidence, especially as we progress now through the second half of this year, around a strong, enduring demand profile that we would need through the balance of this decade -- and one of the catalysts that we referenced already is what's going on with data centers, and there's a lot of activity going on there right now.

看，我認為我們使用的框架與我們過去所做的非常一致。一是無論我們做什麼，我們都希望它是需求驅動的。如果我們有信心，特別是當我們在今年下半年取得進展時，圍繞我們在這十年餘下時間所需要的強勁、持久的需求狀況——我們已經提到的催化劑之一就是正在發生的事情數據中心正在進行，現在那裡正在進行許多活動。

So first, I'll start with demand. The other one, just to make sure, is a stable policy environment. And so for what I am doing and what -- I think I said before in a couple of other calls that I've had is I've told my team is we need to be ready to go. We need to figure out our supply chain. So we need to have our glass strategy. We've got to think about tellurium, right? We got to think about site selection process and access to power and ready to go to -- as quickly as possible as we see those inflection points that we start to see strength in demand, and then we see through the other side of the November election that we believe we have a highly predictable and stable policy environment that we can then make informed decisions from. That starts to come into the mix. Then I think we're in a much more positive position to think about further capacity expansion.

首先，我將從需求開始。另一個是穩定的政策環境。因此，對於我正在做的事情，我想我之前在其他幾個電話中說過，我已經告訴我的團隊我們需要做好準備。我們需要弄清楚我們的供應鏈。所以我們需要製定我們的玻璃策略。我們必須考慮碲，對嗎？我們必須考慮選址過程和獲得權力並做好準備——一旦我們看到那些拐點，我們開始看到需求的強勁，然後我們看到 11 月選舉的另一面我們相信我們擁有一個高度可預測和穩定的政策環境，我們可以據此做出明智的決定。這開始融入其中。然後我認為我們可以更積極地考慮進一步擴大產能。

So that's what we're doing, and we're going to be as nimble as possible. And if all those -- we start filling out our scorecard a little bit there with the key dependencies that we need to further capacity expansion, we'll be ready to go as quickly as possible. And what we've proven is that once we make decisions, we get projects built, constructed, tools installed and up and running and ramped probably best than anyone else in this industry. And we want to continue to be able to do that.

這就是我們正在做的事情，我們將盡可能靈活。如果所有這些 - 我們開始填寫我們的記分卡，其中包含進一步擴展容量所需的關鍵依賴項，我們將準備好盡快開始。我們已經證明，一旦我們做出決定，我們就能比這個行業的其他任何人更好地建造、建造專案、安裝工具、啟動、運行和提升。我們希望繼續能夠做到這一點。

I know there's been -- at times, I've heard someone was -- caught me by surprise that there was some concern about execution risk because we exited last year at 12 gigawatts, and we're going to 25, 26 gigawatts. That, in my mind, is the least of things that keep me up at night. We do this well, and we've demonstrated that. And like I said, our current activities that we currently have ongoing right now are progressing extremely well and on schedule. And we know if we need to continue to grow off the base we have right now, we have -- truly have the capability of doing that. And we just want to see the demand and the right policy environment to make that decision.

我知道有時，我聽到有人對執行風險有一些擔憂，這讓我感到驚訝，因為我們去年以 12 吉瓦退出，而我們將達到 25、26 吉瓦。在我看來，這是最讓我徹夜難眠的事。我們在這方面做得很好，並且已經證明了這一點。正如我所說，我們目前正在進行的活動進展非常順利且按計劃進行。我們知道，如果我們需要在現有基礎上繼續發展，我們確實有能力做到這一點。我們只是想看看做出這個決定的需求和正確的政策環境。

Up next is Vikram Bagri, Citi.

接下來是花旗銀行的 Vikram Bagri。

I realized 5-in-1 question is the way to go, so I'm going to try that. Mark, you previously commented that excess panel inventory in the U.S. was nearly 30 to 40 gigawatts at year-end '23. A lot of debate about how that -- how much of that excess inventory is now. I was wondering if you can share some color on where you think that stands. And the reason for debate is the steep price increases as soon as the petition was filed indicates some level of concern that the excess inventory might not be that high.

我意識到五合一問題是正確的方法，所以我要試試看。 Mark，您之前曾評論說，截至 2023 年年底，美國的面板庫存過剩接近 30 至 40 吉瓦。關於如何做到這一點存在著許多爭論——現在過剩庫存有多少。我想知道你是否可以分享一些你認為的立場。爭論的原因是，請願書一提交，價格就急劇上漲，這表明人們在一定程度上擔心過剩庫存可能不會那麼高。

And then, Alex, you had mentioned delays in -- delays and potential cancellation from hydrogen customer in the past. Is there any way you can take advantage of the spot pricing in the market? And then finally, a couple of press releases about bookings in the last 2 days. Were these contracts done in first quarter given the chart on Slide 5 shows no bookings since March? And if these contracts were entered into after 1st of May, can you share the price on those bookings as well?

然後，亞歷克斯，您過去曾提到氫客戶的延誤和潛在取消。有什麼方法可以利用市場上的現貨定價嗎？最後，發布幾則有關過去兩天預訂的新聞稿。鑑於幻燈片 5 上的圖表顯示自 3 月以來沒有預訂，這些合約是否在第一季完成？如果這些合約是在 5 月 1 日之後簽訂的，您能否分享這些預訂的價格？

All right. Please come back with me on some of this because I want to make sure I got some of the questions. I'll start with the last one. The bookings that we reported really were all done from -- what was our -- was it in Feb 20? Feb 20, whatever. Our earnings call was at Feb 27 or 28, whatever the date was, and really through March 31. So that 854 megawatts, there's very little of that, that happened in the month of April. That's probably what I was trying to say before, is that the indication of a potential case for -- against Southeast Asia really wasn't into the market at the time that we were negotiating and closing on that booking volume.

好的。請跟我一起討論其中的一些問題，因為我想確保我得到了一些問題。我將從最後一個開始。我們報告的預訂確實都是在 2 月 20 日完成的——我們的預訂是什麼？ 2月20日，無論如何。我們的財報電話會議是在 2 月 27 日或 28 日舉行的，無論日期是什麼，實際上一直持續到 3 月 31 日。這可能是我之前想說的，在我們談判並結束預訂量時，針對東南亞的潛在案例的跡象確實還沒有進入市場。

So all that booking volume, the 854 megawatts, which is incremental, was -- happened pretty much in the month of March. The quarter-to-date number is 2.7 gigawatts that we referenced as well. And again, all that happened before there was any real indication of some of the policy changes or even some of the statements that the administration has made here recently.

因此，所有增量預訂量（854 兆瓦）幾乎都發生在 3 月。我們也提到了本季迄今的數字為 2.7 吉瓦。再說一遍，所有這一切都是在政府最近在這裡發表的一些政策變化甚至一些聲明出現任何真正跡象之前發生的。

The inventory -- I think the other question that you asked was about the inventory levels and how much inventory may be in the U.S. And I know there's speculation and views of 30 gigawatts, maybe even more, that sits in the U.S. that's been brought in partly because of the moratorium that was provided on the circumvention. We've heard that type of number in the past. I have no real way to validate that.

庫存——我認為你問的另一個問題是關於庫存水平以及美國可能有多少庫存。我們過去聽說過這種類型的數字。我沒有真正的方法來驗證這一點。

But I do believe that there has been, looking at the import records, an excessive amount of product that has been brought into the U.S. at a rate that's much higher than current demand, which all is going to have to be managed and worked through. And there's issues that are going to have to be dealt with how, once this moratorium is over, in theory, all that inventory has to be deployed and installed by the end of this year and to monitor and to ensure that truly is happening. Uncertain to me how that would happen, to be honest with you. So some of that inventory may be subject to tariffs, if that were not to happen. But to be seen on that regard.

但我確實相信，從進口記錄來看，有過量的產品以遠高於當前需求的速度進入美國，這一切都必須得到管理和解決。理論上，一旦暫停結束，所有庫存都必須在今年年底前部署和安裝，並監控和確保真正發生，必須解決一些問題。老實說，我不確定這會如何發生。因此，如果不發生的話，其中一些庫存可能會受到關稅的影響。但在這方面還有待觀察。

Then you asked me about -- the other, you can repeat. There was a question around hydrogen, and then I think there was a question around spot prices, unless Alex, you got either one of those.

然後你問我──另一個，你可以重複一次。有一個關於氫氣的問題，然後我認為有一個關於現貨價格的問題，除非亞歷克斯，你得到了其中一個。

I think just related to spot, I mean we talked before that there isn't a huge immediate spot market in the utility-scale solar in the same way that there is in resi. So when we talk spot, we're still talking for projects that are 2, 3 quarters ahead, maybe just not 8, 10, 12 quarters ahead. So when I think about the opportunity for us, as we have potential [holdings] come up in the year, if we have some short-term [holes] open up with things like termination of convenience, there's an opportunity, yes, for us to capture what I think you would call spot on a utility-scale basis, which is forward a few quarters.

我認為與現貨相關，我的意思是我們之前說過，公用事業規模的太陽能並不像再生能源那樣有巨大的直接現貨市場。因此，當我們談論現貨時，我們仍在談論提前 2、3 個季度的項目，而不是提前 8、10、12 個季度的項目。因此，當我想到我們的機會時，因為我們今年有潛在的[持股]，如果我們因終止便利等事情而出現一些短期[漏洞]，那麼對我們來說，是的，有一個機會捕捉我認為你所說的基於公用事業規模的現貨，即未來幾季。

I don't think there's a lot of ability to sell meaningful volume on an immediate basis given the time lines for permitting and development of a utility-scale project. But certainly, if we have opportunities around any termination of convenience or if we have other customers that ask us to move product out, we'll certainly go out and see if there's an ability. If anyone else looks for products and wants to have product, we're willing to work with customers in that way. There could be some opportunity there. We also said we continue to be cumulatively oversold through 2026. So we continue to do an almost daily balancing of our supply-demand and work with our customers to see where things need to move both in and out.

考慮到公用事業規模專案的許可和開發時間線，我認為沒有太多能力立即銷售有意義的銷售。但當然，如果我們有機會終止便利，或者如果我們有其他客戶要求我們將產品移出，我們肯定會出去看看是否有能力。如果其他人尋找產品並想要擁有產品，我們願意以這種方式與客戶合作。那裡可能有一些機會。我們也表示，到 2026 年，我們將繼續累積超賣。

And then maybe if you could repeat your question on hydrogen or clarification on any of the things we responded to maybe that didn't hit the spot.

然後，也許您可以重複一下關於氫的問題，或者對我們回應的任何事情進行澄清，也許這沒有擊中要害。

You already answered, Mark. I was asking if you have a hydrogen customer who might not take the delivery. If you could feed out those volumes in the spot market and benefit from higher prices. But Alex already answered.

你已經回答了，馬克。我問你們是否有可能不接受送貨的氫氣客戶。如果您可以在現貨市場上供應這些數量並從更高的價格中受益。但亞歷克斯已經回答了。

And next, we'll hear from Kashy Harrison, Piper Sandler.

接下來，我們將聽取卡西·哈里森 (Kashy Harrison)、派珀·桑德勒 (Piper Sandler) 的演講。

So I'm going to follow Vikram and just ask a bunch at once as well. First one is on AD/CVD. Does your alliance expect to ask for critical circumstances if the Department of Commerce accepts your case? And then as we think about just critical equipment shortages in the market, I'm just curious if you know what proportion of your customers have secured all their critical equipment, hot transformers, high-capacity circuit breakers for their project development needs over the next several years just given how long those lead times are.

所以我要跟著維克拉姆，同時也問一些問題。第一個是 AD/CVD。如果商務部接受您的案件，您的聯盟是否會要求提供關鍵情況？然後，當我們考慮市場上的關鍵設備短缺時，我很好奇您是否知道您的客戶中有多少比例已經獲得了所有關鍵設備、熱變壓器、大容量斷路器，以滿足他們在接下來的專案開發需求考慮到這些交貨時間有多長，需要幾年的時間。

And then just finally, I was just checking if the credits this quarter were $124 million as it's indicated in your Q. If so, it seems like your COGS per watt ex credit has come down quite a bit. And I was just wondering if you could talk to some of the drivers of the lower cost here.

最後，我只是檢查本季度的信用額是否如您的問題中所示為 1.24 億美元。我只是想知道您是否可以與這裡的一些較低成本的驅動程式交談。

Let me just take the credit one, and I'll pass it back to Mark. The credit was higher than that. So we had $194 million in the quarter. I think the guide was $190 million, so a little bit over. If you go back into the Q, there's a few moving pieces in the government grants receivables. So the number for Q1 was $194 million.

讓我把功勞歸於我，然後我會把它傳回給馬克。信用比這更高。所以我們本季的營收為 1.94 億美元。我認為指南價值 1.9 億美元，有點超出了。如果你回到Q，你會發現政府補助金應收帳款中有一些變動的部分。所以第一季的數字是 1.94 億美元。

In terms of the AD/CVD, which critical circumstances are effectively retroactivity of some of these tariffs, to me that's facts and circumstances that will evolve. It depends on what happens. It's extremely unfortunate, in my mind, that China has chosen to do what it's done so far, right? I think we -- this -- we were in a position, a balanced environment that we believe it was adequate for a domestic industry to grow and scale and create domestic capabilities. China, clearly, not only here in the U.S. but in India, is aggressively trying to prohibit that from happening and -- given the amount of overcapacity and pricing.

就反傾銷/反補貼而言，哪些關鍵情況實際上是其中一些關稅的追溯性，對我來說，這是將會演變的事實和情況。這取決於發生的情況。在我看來，中國選擇這樣做是非常不幸的，對嗎？我認為我們處於一個平衡的環境中，我們相信這足以讓國內產業發展、擴大規模並創造國內能力。顯然，中國不僅在美國，而且在印度，都在積極努力阻止這種情況的發生——考慮到產能過剩和定價過高的情況。

And just to be clear, you guys are listening to all their comments and everything else. I think Daqo made a comment recently that 70%, 80% of the polysilicon guys are selling below cash cost, right? Jinko, but for a onetime item and including their subsidy income, their last quarter, they lost $3 a share. So everyone is -- it's a blood bath. And if China wants to continue to do that, let them do that on their own accord, right? We should not have to be exposing our domestic industry here in the U.S. and our domestic industry in India as an example to China's behaviors, right? We need to be able to find a way that allow companies to compete on their own merits and not be always threatened by China's oversupply and abusive, aggressive behaviors.

需要明確的是，你們正在傾聽他們所有的評論和其他一切。我記得大全最近有評論說70%、80%的多晶矽廠商的售價都低於現金成本，對吧？晶科，但對於一次性項目，包括他們的補貼收入，他們上個季度每股虧損 3 美元。所以每個人都是──這是一場血洗。如果中國想繼續這樣做，就讓他們自己這樣做吧？我們不應該將我們在美國的國內產業和在印度的國內產業作為中國行為的榜樣，對嗎？我們需要找到一種方法，讓企業能夠根據自己的優勢進行競爭，而不是總是受到中國供應過剩和濫用、侵略行為的威脅。

So if imports stay relatively stable as we go forward, if pricing on those imports stay relatively stable, then I think there's less of a likelihood that critical circumstances would be requested. But to be determined. And again, this is not just the First Solar. This is the coalition that has to make that call. But to me, it's around facts and circumstances that will determine that.

因此，如果在我們前進的過程中進口保持相對穩定，如果這些進口的定價保持相對穩定，那麼我認為需要緊急情況的可能性較小。但有待確定。再說一次，這不僅僅是第一太陽能公司。這是必須做出這項決定的聯盟。但對我來說，這是由事實和環境決定的。

The other question around equipment and critical procurement and critical components and transformers and everything else, a number of our large customers are very sophisticated. And they have gotten ahead of this procurement and supply chain constraint as best they can. In some cases, people are ordering spares and other things that they can utilize across their development portfolio and trying to derisk as much as they can.

另一個關於設備和關鍵採購、關鍵部件和變壓器以及其他一切的問題，我們的許多大客戶都非常成熟。他們已經盡力克服了採購和供應鏈的限制。在某些情況下，人們會訂購備件和其他可以在開發組合中使用的東西，並試圖盡可能降低風險。

But look, there's no way you can insulate yourself 100% from that supply chain disruption and constraint. But we try to work as closely as possible. That's also why when we do our -- we're overallocated on an annual basis. When we then step back and assess the allocation against that, we do try to work as closely as we can with our customers to understand where they are in their development stage of their particular projects, and then things get moved out accordingly. But at any point in time, there's always subject to change. And what we continue to try to do is create some resiliency as best we can as we enter into a year and hopefully manage some of that during the year as best we can as projects move around.

但你看，你不可能 100% 免受供應鏈中斷和限制的影響。但我們嘗試盡可能密切合作。這也是為什麼當我們這樣做時，我們每年都會過度分配。然後，當我們退後一步並根據此評估分配時，我們確實會盡力與客戶密切合作，以了解他們處於特定專案的開發階段，然後相應地進行處理。但在任何時間點，總是會改變。我們繼續努力做的是，在進入新的一年時，盡可能地創造一些彈性，並希望在這一年中隨著專案的進展，盡可能地管理其中的一些彈性。

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

各位，我們的問答環節到此結束。今天的會議也就此結束。我們衷心感謝大家今天的參與。您現在可以斷開連線。