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。本次電話會議將在 First Solar 網站（網址為 investor.firstsolar.com）的投資人專區進行網路直播。 （操作員指示）提醒一下，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.

現在我想將電話轉給第一太陽能投資者關係部的理查德·羅梅羅。理查德，你可以開始啦。

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，宣布其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 上找到。

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 to questions.

今天與我在一起的有執行長馬克‧威德瑪 (Mark Widmar)；以及財務長亞歷克斯·布拉德利（Alex Bradley）。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、季度財務結果並提供最新指導。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，本次電話會議將包含前瞻性陳述，其中包含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.

現在我很高興介紹執行長馬克威德瑪 (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 年的良好開局感到滿意，營運表現良好，年初至今的選擇性訂單為 2.7 千兆瓦，平均售價超過每瓦 0.31 美元（不包括調整器）或每瓦 0.327 美元（假設實現技術調整器）和穩健的財務業績。

We are 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 a future of differentiation and sustainable growth.

我們也很高興看到基礎正在不斷發展，這將使我們能夠實現長期目標，即在本世紀末比在本世紀初更強大。從增加我們最具優勢的 7 系列模組的產量到擴大我們的製造足跡，再到建立研發創新中心和鈣鈦礦開發線，有望實現下一代顛覆性太陽能技術的開發，我們專注於差異化和永續成長的未來。

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 have previously said, our ability to play this long game is a direct result of our differentiated technology and business model.

然而，在我們繼續進行長期博弈的同時，我們必須承認太陽能製造業當前的環境，即受中國故意造成的結構性產能過剩影響，該行業仍然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的直接原因在於我們的差異化技術和商業模式。

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 doubt 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形成了鮮明的對比。這種差異在近期有關TOPCon電池技術和智慧財產權涉嫌侵權的爭議中愈發明顯，使眾多晶體矽生產商對是否能合法生產和銷售該技術的自由產生了懷疑。

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.

從商業模式和成長角度來看，我們再次認識到平衡成長、流動性和獲利能力的價值。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，而當前供應過剩的環境和相關的財務壓力對研發和創新的影響也將隨之而來。

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 product for energy efficiency and cost.

相反，我們繼續投資。我們計劃於今年下半年在俄亥俄州投入使用我們的研發創新中心和鈣鈦礦開發生產線，總投資額接近 5 億美元，我們將繼續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降至 23%，創歷史新低。相較之下，在我們大量合約積壓訂單的支持下，我們工廠在今年第一季的營運產能接近額定產能。

The Chinese solar industry is 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.

中國的太陽能產業正陷入一場競相壓價的惡性競爭，不合理的低價扭曲了市場，甚至導致中國企業呼籲中國政府進行幹預，管理價格環境，結束由此給它們造成的財務困境。相較之下，我們仍然專注於高度選擇性的遠期合約方式，以提供可選性和健康的平均銷售價格。

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 counteract anticompetitive and abusive market behaviors.

我們並不能免受中國太陽能商業模式所帶來的更廣泛影響的影響。然而，我們將繼續專注於我們的差異點，旨在針對當前的行業挑戰提供一定的彈性。我們也關注可以抵消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，我們歡迎競爭和自由貿易。我們始終追求的是在公平、公正的環境中進行競爭和貿易。我們相信，這種方法將幫助我們推動成長，應對產業波動並實現持久的股東價值。

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，我們繼續採取選擇性的方式來建立積壓訂單，並以到 2026 年的累計超賣頭寸為基礎。這樣，我們今年迄今的淨預訂量就達到 2.7 千兆瓦，平均售價為每瓦 0.313 美元（不含調節器）或每瓦 0.327 美元（假設實現技術調節器）。

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.

我們目前的合約積壓訂單總額為 78.3 千兆瓦，訂單將延續到 2030 年。

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，我們對我們的CuRe模組現場測試感到滿意，並且已經完成了UL和IEC認證過程。我們繼續預期今年第四季在俄亥俄州的鉛線工廠推出 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 在我們工廠中的複製，並且資本支出低於我們最近分析師日所假設的水平。

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，在面臨中國供應過剩挑戰的市場中，我們仍有能力取得強勁業績，我們認為，這驗證了我們採取長期遠期合約的做法。這導致第一季每股攤薄收益為 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.

轉到投影片 4。我們位於俄亥俄州佩里斯堡的製造基地的擴張預計將完成，商業出貨預計將在第二季末前開始。我們位於阿拉巴馬州的新工廠的建設工作已經完成，目前正在安裝第一批工具，為今年下半年開始的商業發貨做準備。我們在路易斯安那州的新工廠也正在按計劃進行，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 global 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持續擴大產能。我們非常自豪，首批印度製造的 7 系列模組已投入使用。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。我們所有的產能均可用於服務美國市場，其中超過一半的產能實際位於美國。

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，我們計劃在今年下半年在俄亥俄州啟動前面提到的研發項目，該項目將包括一條鈣鈦礦開發線和位於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的 CadTel 試驗線，我們預計這將加速我們的開發活動，並帶來薄膜和串聯光伏模組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，我們討論了創建一個平衡能源效率和成本的顛覆性、變革性技術平台的必要性。我們相信，這些研發方面的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.

現在我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。續第 5 張投影片。截至 2024 年 3 月 31 日，我們又簽訂了 2.7 千兆瓦的合同，並確認了 2.7 千兆瓦的銷售量，導致總積壓訂單為 78.3 千兆瓦，總價值為 234 億美元，這意味著不包括調整器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 points of differentiation.

正如我們之前所說，鑑於我們可用供應的減少、我們目前銷售的時間框架很長、需要將客戶項目可見性與我們對 ASP 的平衡方法、付款安全和其他關鍵合約條款以及與政策環境和即將到來的美國選舉週期相關的不確定性相結合，我們預計將利用我們在合約積壓方面的優勢，並在今年嚴格選擇新訂單的方式。我們將繼續與重視長期關係並適當重視我們的差異點的客戶簽訂遠期合約。

A 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 for delivery of the product.

如果我們能夠在預計的產品交付時間內實現當前技術路線圖內的成果，那麼我們整體積壓訂單的很大一部分就有機會透過應用調整器來提高基本 ASP。

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 would 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 BIN delivered to the customer, which may adjust the ASP under the sales contract upward or downwards, and for increases in sales freight or applicable aluminum or steel commodity price changes.

截至第一季末，我們與這些調整商簽訂的合約量約為 40.2 吉瓦，如果全部實現，可帶來高達約 5 億美元或約 0.01 美元/瓦的額外收入，其中大部分將在 2025 年至 2027 年之間確認。或鋼鐵商品價格變動。

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 opportunities 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.

正如幻燈片 6 所反映的，我們的潛在預訂總量依然強勁，預訂機會為 72.8 吉瓦，比上一季增加了約 6.3 吉瓦。我們的中後期訂單機會減少了約 2.6 千兆瓦，至 29.4 千兆瓦，現在包括北美的 25.8 千兆瓦和印度的 3.3 千兆瓦。我們的中後期管道包括 3.7 千兆瓦的機會，這些機會是根據先決條件簽訂的，其中包括印度的 1 千兆瓦。提醒一下，在我們收到完整的承購擔保之前，在印度簽署的合約將不會被承認為預訂。

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.

我們看到需求預期會顯著成長，部分原因是資料中心負載的成長。據麥肯錫稱，到 2030 年，美國資料中心的電力消耗預計將達到每年 35 千兆瓦，而由於蘋果、谷歌、Meta 和微軟等超大規模企業致力於全天候使用無碳能源，因此大部分成長電力將來自再生能源。我們相信，憑藉我們的優勢技術和更永續的產品，First Solar 有能力為這個新興產業提供服務。

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. The 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，較第四季減少3.65億美元。淨銷售額的下降是由於預期第一季模組銷售量出現歷史季節性下降。第一季的毛利率為 44%，而 2023 年第四季為 43%。

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 of our accounts receivables.

第一季銷售、一般及行政費用、研發及生產啟動費用總計 1.04 億美元，較上一季減少約 700 萬美元。這一下降主要是由於專業費用降低，因為我們在上一季為促進 2023 年第 45X 條信貸的銷售而產生了一定的成本，激勵薪酬降低以及我們在俄亥俄州的工廠獲得了研發補助。這些減少部分被我們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回收改善而扭轉的上一季度某些信貸損失所抵消。

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 萬美元的爬坡成本、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一季我們對CubicPV的策略投資減損。

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. The combination of the aforementioned items led to first quarter earnings per diluted share of $2.20.

我們第一季的稅費為 1900 萬美元，而第四季的稅費為 2700 萬美元。稅費的減少主要是由於股權激勵獎勵相關的超額稅收優惠和稅前收入的下降。上述項目綜合作用導致第一季每股攤薄收益達 2.20 美元。

I'll 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，我將轉到投影片 8 來討論選擇資產負債表項目和匯總現金流量資訊。我們的現金、現金等價物、受限現金、受限現金等價物及有價證券本季末為 20 億美元，而上季末為 21 億美元。這一下降主要歸因於與我們位於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，但被我們模組部門的營運現金流部分抵消。

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，比第四季度增加了 6,000 萬美元，這歸因於為支持我們新印度工廠的擴張而增加的營運資金。由於上述因素，我們的淨現金狀況減少約 2 億美元至 14 億美元。第一季經營現金流為 2.68 億美元，期內資本支出為 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.

延續第 9 張投影片。我們將資本支出預測上調 1 億美元，旨在加速越南工廠和第三家佩里斯堡工廠的 CuRe 轉換，並著眼於將全球船隊複製時間從我們最近分析師日的假設提前 1 年以上，這可能會推動當前估計的可通過電話會議中早些時候提到的技術調整器實現的額外收入的逐步上升。

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

由於以下四個因素，我們對 2024 年年底淨現金餘額指導範圍進行了修改：我們選擇性地滿足客戶的計劃變更請求、客戶可能出售美國項目開發組合、我們對新訂單的戰略方針以及更高的資本支出。

Firstly, and 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 the delivery schedules for their contracted volumes to the extent we are able to accommodate them.

首先，正如我們在上次電話會議中提到的那樣，我們看到一些客戶提出請求，要求因專案開發延遲而推遲交付量。我們將繼續與客戶合作，在力所能及的範圍內優化其合約量的交貨時間表。

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，據報道，一些能源項目開發商面臨投資者的壓力，要求其追求與目前化石能源項目開發普遍存在的回報相稱的回報，因此他們可能正在審視其可再生能源採購狀況。我們有跡象表明，一位客戶正計劃出售其在美國的太陽能開發組合，而且我們了解到，這些資產的潛在[清除]對像是與現有模組框架協議相關的 First Solar 客戶。我們預計，該投資組合內的項目的開發時間表將會延遲，包括由於銷售過程的原因，施工計劃將會推遲到 2024 年。

Because the potential purchaser 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 our limited 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 and would look to reallocate or resell these modules.

由於這些資產的潛在購買者是現有客戶，其與賣方簽訂了涵蓋修改後的施工進度表和部分積壓訂單的框架協議，而賣方客戶屬於我們的有限合約之一，擁有便利終止權，我們預計該權利將在本次投資組合銷售中行使。正如上次財報電話會議上所討論的那樣，如果行使此便利終止權，我們將獲得終止付款，並尋求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 of 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組合銷售開發商客戶預期的方便終止之間，我們現在預計下半年的出貨量和銷售量將更集中在第四季度而不是第三季度。由於交付延遲，我們預計先前假設的 2024 年第四季的部分現金收款時間將推遲到 2025 年第一季。

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，關於修訂我們的 2024 年底淨現金餘額指引範圍，根據我們對預訂的高度選擇性方法，我們預測 2024 年與新預訂相關的假定現金存款將減少。

And fourthly, as previously mentioned, we're forecasting higher CapEx associated with our intention to accelerate the 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 expected 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，與我們加速越南和第三家佩里斯堡工廠的 CuRe 轉換有關的資本支出將增加。因此，綜合考慮多種因素，由於滿足客戶時間優化要求導致年末應收帳款餘額增加、上述投資組合銷售開發商客戶預期將終止合約、我們高度選擇性地處理預訂導致新預訂存款減少以及越南和佩里斯堡的 CuRe 轉換導致資本支出增加，導致 2024 年年末淨現金餘額指南更新為 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, and 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.

從獲利節奏來看，我們預計上半年的淨銷售額和銷售成本（不包括第 45X 條稅收抵免的折扣）約為 35% 至 40%，下半年約為 60% 至 65%。我們預測，今年上半年第 45X 條稅收抵免額約為 4 億美元，下半年約為 6.2 億美元，而全年營業費用狀況將大致平均分配。這意味著預計上半年每股攤薄收益將成長約 35% 至 40%，下半年每股攤薄收益將成長 60% 至 65%。

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

現在我將電話交還給馬克，讓他提供政策最新進展。

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 a 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 for our economy and creating well-paying, enduring jobs.

好的。轉到第 10 張投影片 正如我們過去所說，我們認為《通膨削減法案》代表了美國第一個持久的太陽能產業戰略。如果整個政府都致力於推動太陽能產業在岸化，並且強而有力且持續地執行貿易法，那麼它也有可能瓦解中國對太陽能製造價值鏈的主導影響力。簡而言之，IRA為美國確保關鍵清潔能源技術供應鋪平了一條可行道路，使美國的能源獨立，同時為我們的經濟創造價值並創造高薪、持久的就業機會。

At the same time and also as previously stated, while we were not the only American solar manufacturer to come into 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 of 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，雖然我們並不是上世紀末唯一一家美國太陽能製造商，但嚴峻的現實是，由於中國主導太陽能產業的戰略目標，我們成為至今唯一一家具有規模的企業。為了實現 IRA 的預期目的之一，即刺激美國製造業達到支持該國能源獨立和氣候目標所需的規模，我們必須確保更多符合美國宏偉目標並致力於公平競爭和創新的公司能夠擴大規模、參與競爭並繁榮發展。

The purpose of the IRA will not be achieved under current unsustainable market conditions. The relentlessness of the Chinese subsidization and dumping strategy has 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。中國持續不斷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，他們可能永遠無法起步，或者沒有能力籌集資金並啟動業務成長。

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 duty petitions with the U.S. International Trade Commission and the 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.

鑑於這一不幸的現實，加上我們作為市場領導者和西半球最大的太陽能電池組件製造商的地位，我們加入了由 7 家太陽能製造公司組成的美國太陽能製造業貿易委員會聯盟，該委員會上周向美國國際貿易委員會和美國商務部提交了一系列反傾銷和反補貼稅申請，以調查東南亞四個「一帶太陽能」國家（柬埔寨、美國、馬來西亞”國家（柬埔寨、美國和越南行為工廠的不公平產業。

This action takes place against a backdrop of growing momentum on the part of the 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.

這項措施是在現任政府大力推動解決中國各產業結構性產能過剩問題的背景下採取的。政府在解決這一廣泛問題上所展現的領導力令人矚目。

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 the 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採取的行動，包括據報道可能撤銷第201條雙面豁免以及即將到期的與反規避調查結果相關的關稅暫停令。這些行動明確體現了總統的意圖。

The context for 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 in 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.

我們決定支持該請願的背景首先是中國在全球太陽能市場中的作用。該國長期以來的巨額補貼、以低於成本的價格傾銷光伏組件、造成結構性產能過剩、規避旨在解決這些問題的措施以及其他不公平的貿易行為，已經故意扭曲了全球市場，導致太陽能價格大幅下跌，並剝奪了國際競爭對手的公平競爭機會。

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 than 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.

正如耶倫部長本人最近所說：“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，中國的太陽能製造產能是去年全球部署產能的兩倍多，2024 年第一季的工廠產能利用率創下歷史新低，儘管有這些扭曲市場的因素，但預計今年仍將增加 500 至 600 吉瓦的新產能。預計中國將在 2024 年退出市場，並擁有足夠的產能來滿足到 2032 年的全球需求，看來產能過剩並不是誤判，而是中國政府主導清潔能源供應鏈的戰略有意為之。

Notably, the 4 Southeast Asian countries in question accounted 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 opportunity 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，2023 年，這四個東南亞國家占美國太陽能進口量的 75%，與 2022 年 8 月之前的 18 個月相比，IRA 通過後的 18 個月內對美國的出口增長了約 140%。風險。

A word about the impact of the potential tariffs resulting from this case on module pricing. While some may choose to reference triple-figure tariff rates and claim 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's economics.

關於該案導致的潛在關稅對模組定價的影響的說明。儘管有些人可能選擇引用三位數的關稅稅率，並聲稱這些類型的稅率將嚴重擾亂我們實現部署目標，但事實卻大不相同。目前，中國對大部分合作企業的反傾銷和反補貼稅率為15%-50%。其次，專案不應受到影響，因為歷史模組定價已融入這些專案的經濟因素。

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 a 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，與一些業內人士的觀點相反，透過目前倉儲的組件、公平貿易的進口產品以及 First Solar 等西方製造商的產能，有足夠的產品來滿足美國當前和預期的需求。

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 年全球額定容量將超過 21 吉瓦，到 2026 年將超過 25 吉瓦，所有這些容量都可以服務美國市場。我們一次又一次聽到執行貿易法對部署帶來不利影響。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被創下。

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, the 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不公平貿易行為繼續下去所帶來的長期不利影響，這可能導致國內太陽能製造基地遭到嚴重破壞，將所有定價權和供應鏈分銷的完全控制權拱手讓給一個高度對抗的國家。這對太陽能資產開發商、清潔能源轉型以及美國的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 for 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 the investments it catalyzes.

美國的能源獨立不僅意味著在國內生產電力。這也與我們國家未來發展的供應鏈和研發有關。像《愛爾蘭共和軍》這樣具有歷史意義的千載難逢的政策，雖然對我國的能源轉型和工業產生了變革性的影響，但由於中國不公平的貿易行為，還不足以實現獨立。我們認為，IRA 必須與強而有力的、有效的貿易措施相結合，為其所催化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, such as the 45X Advanced Manufacturing Tax Credit, which incentivizes investments in American manufacturing. This provides solar, wind battery storage, and other manufacturers the momentum needed to scale domestically, drive down costs, and spur cycles of innovation to maintain American technological leadership. The second leg is demand and demand side drivers. 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.

我們必須用三條腿的凳子來思考政府政策。第一條支柱是產業政策，例如45X先進製造業稅收抵免，它激勵對美國製造業的投資。這為太陽能、風能電池儲存和其他製造商提供了在國內擴大規模、降低成本和刺激創新周期以保持美國技術領先地位所需的動力。第二條腿是需求和需求面驅動因素。在美國，需求持續增長，但國產內容紅利透過創造一個關鍵的平行需求側驅動力來促進這種增長，即透過引入投資獎勵或生產稅收抵免來激勵購買這些美國工廠的產出，如果項目採購國產內容，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 the IRA has the power to incentivize domestic investment in 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.

第三條腿是公平的競爭環境，旨在解決傾銷和規避等反競爭的市場扭曲行為。雖然 IRA 等產業政策有能力激勵國內投資以大幅促進該產業的發展，但這些投資的持久能力則依賴相應的貿易政策。這種公平的競爭環境確保了由美國納稅人的錢激勵的國內製造業投資在擴大規模的同時孵化。

Take away any one of the legs and you render the whole apparatus unusable. Look no further than Europe as but 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 a domestic supply chain production base.

去掉任何一條腿，整個裝置就無法使用。歐洲就是一個清潔能源製造環境不可持續的例子，不僅在太陽能領域，而且在風能領域，原因是缺乏有效的貿易措施來支持旨在激勵國內供應鏈生產基地成長的政策。

There can be no doubt that trade policy is intrinsic to the efforts to build a resilient American solar value chain, and we believe that 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 or 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，貿易政策對於建立有彈性的美國太陽能價值鏈的努力至關重要，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對我們公司的風險。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的啟動或發展提供資金。我們支持該請願書是基於這樣的論點：我們相信公平的競爭環境，即允許製造商根據自身優勢進行競爭的環境，對於推動美國的創新和競爭力、提高質量和實現技術多樣化（從而增強開發商的選擇）至關重要。

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 at 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，由於國內製造業擁有公平的競爭環境且不再依賴中國，因此每個人都能從中受益。除了對國內投資、創造就業機會和經濟價值產生積極影響（這反映在我們委託路易斯安那大學拉斐特分校於 2 月發布的經濟影響研究中），國內製造業還可以使開發商及其管道免受全球供應鏈問題或潛在地緣政治危機造成中斷的風險。

As validated by our customers and our order book, domestic manufacturing and supply chain build resilience 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驗證的那樣，國內製造和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，即使在面臨廣泛的國際供應鏈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 solar manufacturing and supporting the efforts to scale American solar value chains.

我想再次澄清一點。我們歡迎競爭和自由貿易。我們所追求的只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能根據自己的優勢競爭。這份請願書旨在執行法治並追究違法者的責任，為國內太陽能製造業提供公平的競爭環境，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 seeing record levels of imports and low pricing.

凡是向遵守規則並遵照美國貿易法經營的製造商購買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，這兩個市場的進口量均創歷史新高且價格處於低點。

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.

參考我先前關於將政策視為三條腿的凳子的評論，該原則也適用於印度，印度以與生產掛鉤的激勵計劃的形式提供供給側驅動力，提供需求驅動力的部署目標以及非關稅壁壘，如模組和製造商批准名單（原文如此）[型號和製造商批准名單]或ALMM。我們很高興看到政府決定恢復 ALMM 計劃的授權，並且 First Solar 於 4 月 29 日被添加到此名單中。

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，實施這一重要的非關稅壁壘將有助於為國內製造商創造公平的競爭環境，特別是如果與針對電池製造商的類似計劃相結合，隨著國內更多電池產能上線，這一計劃可能會實現。

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，我們仍然擔心印度的傾銷程度及其破壞該國製造業雄心的可能性。雖然 ALMM 適用於完全組裝的模組，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，而這破壞了該國擴大垂直整合國內製造業的努力。

With this in mind, we are seeking an investigation into the dumping of solar cells in the Indian market. We believe that an investigation is necessary into 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進行調查。我們認為，有必要對不公平的市場扭曲行為進行調查，這種行為使得印度國內製造商在行業規模擴大時無法獲得公平的競爭環境。

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 use 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，談到歐洲，其對傾銷的反應落後於美國和印度，因此繼續加深對中國製造的太陽能電池板的幾乎完全依賴。儘管歐洲目前似乎沒有政治意願考慮設置貿易壁壘來解決傾銷問題，但我們對利用歐盟外國補貼法規調查中國太陽能和風能製造商可能存在的非法補貼的決定感到鼓舞。我們將繼續關注歐洲的發展，並與那裡的利益相關者接觸，尋找機會在該市場倡導公平的競爭環境。

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

最後，亞歷克斯現在將在第 11 張投影片上總結今天電話會議的關鍵訊息。

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 and 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，今年迄今淨預訂量為 2.7 千兆瓦，平均售價為 0.313 美元/瓦（未計調整因素），導致合約積壓量達到 78.3 千兆瓦。我們持續專注於製造和技術卓越，使得季度產量達到創紀錄的 3.6 吉瓦，我們的阿拉巴馬州和路易斯安那州工廠以及我們的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.

我們繼續預期今年第四季在俄亥俄州的鉛線工廠推出 CuRe。此外，我們今年將增加 1 億美元的資本支出，以加速我們在越南工廠以及位於佩里斯堡的第三家工廠的 CuRe 轉換，以期將全球船隊複製時間從我們最近分析師日的假設提前 1 年以上。

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

財務方面，我們每股攤薄收益為 2.20 美元，本季末我們的總現金餘額為 20 億美元，扣除債務後為 14 億美元。我們維持 2024 年全年銷售和損益預測不變，包括預測全年每股攤薄收益 13 至 14 美元。

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

至此，我們的準備好的發言結束，並開始提問。操作員？

(Operator Instructions) We'll go first to Mark Strouse, JPMorgan.

（操作員指示）我們先找摩根大通的馬克‧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.?

欣賞所有的色彩。顯然，現在發生了很多事情。馬克，我想先聽聽你對印度的評論。很高興看到您被添加到 ALMM 列表中。我知道現在還為時過早，但您能談談自 ALMM 重新生效以來您對該市場定價的看法嗎？您如何權衡向該市場發貨與可能運回美國的因素？

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。你看，自從 ALMM 恢復實施以來，我們看到市場價格上漲。同樣，印度的平均售價通常比美國的低得多。我確實認為，透過我們實施的一些其他舉措，特別是隨著我們今年下半年的推進，我認為我們在今年結束進入明年時可以看到更加堅挺的定價，這是令人鼓舞的。

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，我們正在向美國運送大量產品。 因此今年，我們將在印度生產約 2.6 千兆瓦的產品。我們將向美國市場運送約 1 千兆瓦，可能略高於這個數字。實際上，我們將看到的上半年大部分出貨量，甚至到第三季度，目前都將從印度運往美國市場。

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.

所以對我們來說這仍然是一個選擇。而且就像我在準備好的發言中所說的那樣，從全球機組的角度來看，隨著我們擴大到 25、26 千兆瓦，所有這些產品確實可以滿足和滿足我們美國客戶的需求。我們將繼續研究有多少留在印度國內市場、有多少進入美國，最佳分配方案是什麼。

The next question is Andrew Percoco, Morgan Stanley.

下一個問題是摩根士丹利的 Andrew Percoco。

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，在過去幾個季度裡，你們一直在強調預計預訂量成長將會放緩。但我想我現在只是很好奇，因為你有一些關於可能取消雙面豁免、新的反傾銷/反補貼請願書和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加速器嗎？我明白你們想要根據自己的能力位置來選擇。但現在政策似乎對您有利，我只是好奇您對今年剩餘時間的預訂情況和預期的最新想法，而且你們在電話會議早些時候提到的一些人工智慧資料中心市場對清潔能源的需求也在不斷增長。

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。所以我現在想說的是，在與我們的商務團隊和首席商務官的對話中，顯然，市場定價已經改變了。一旦有跡象表明，實際上，自 4 月初以來它就開始增加 0.03 美元、0.04 美元。現在，我們繼續看到更多的勢頭，因為請願書已經公佈，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。因此，我們看到了更多的活動、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.

我們對預訂量的預期已經有所下降。我們這樣做主要是出於保守的考慮，等待確切看到我們開始看到的情況，而勢頭正開始以更具建設性的方式迴轉。我們將拭目以待結果如何。但有很多參與，很多客戶會議。實際上，下週我也將與我們的商務團隊會見一些客戶，到那時我們將能更了解情況。但我想說，過去三、四周來，情緒明顯改變了。

And up next is Philip Shen, ROTH MKM.

接下來是 ROTH MKM 的 Philip Shen。

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?

第一個與終止便利條款有關。您能否談談，即使行使了 '24 和 '25 中的所有終止 - 方便終止條款，您可能有多少緩衝來滿足您的指南？

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，由於它與未來預訂的定價有關，您是否已經開始看到最近提交的東南亞 AD/CVD 申請的好處？我的感覺是價格可能已經開始變動了。只是好奇您是否在之前宣布的一些預訂中看到過這一點。

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，我們最近寫了一篇關於日本新創公司的文章，該公司宣布鈣鈦礦和 CIGS 實驗室的效率創下了接近 27% 的記錄。您能向我們介紹一下串聯技術研究的最新進展嗎？具體來說，您認為何時可以對下一代技術做出最終決定，從而實現商業化路徑？因為我們理解這可能需要整整3年的時間。因此，你可能需要今天就鎖定它，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，我將終止合約並將其交給馬克。因此我們還沒有給出與今年相關的具體數字。但如果你注意到指南中的內容，我們將銷售量指南維持在 15.6 至 16.3 千兆瓦。因此，我們假設如果這個交易量被終止，而這還沒有發生，我們剛剛與一位客戶進行了討論，該客戶表示，考慮到他們的投資組合可能會出售，而可能的買家是已經從我們這裡獲得交易量的人，並且考慮到這些交易的時間框架，他們可能會——如果這些都發生，那麼他們可能會行使該終止權。

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.

但這是我們的訂單量較大的客戶。他們已經接收了該訂單50%以上的貨物。他們將繼續接收剩餘的部分，略低於50%。但如果這些情況發生，他們很可能會立即終止部分積壓工作。正如我所說，我們將考慮重新分配給其他人或轉售該數量。但這是您看到現金指南略有下降的原因之一是，鑑於我們已經進入第二季度，如果我們現在重新分配或轉售，那麼很快要到第三季度末，最好是第四季度初，我們才會將這些數量轉移給其他人。

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，儘管我們維持該指南，並且我們認為今年能夠做到這一點，但這可能會影響現金的時間。但總體而言，我們目前看到的是，指南沒有改變。我們認為，今年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，所以我也對之前的一個問題做出了陳述。我們明顯看到了好處，因為市場價格已明顯堅挺並呈上升趨勢。如果你看我們上個季度在任何理賠員之前預訂的金額，它是 0.30 美元。如果你看一下簡報投影片中的圖表，你會發現四月其實並沒有發生這些事情。所以，這些實際上都是第一季的預訂，也就是在該案例的任何跡象開始進入市場之前。所以這些都還沒有真正反映出來——所以這些都沒有影響我們剛剛報告的第一季的預訂量。

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.

但是，我們看到市場正在發生變動，價格趨於穩定，並且正在上漲，人們顯然希望比平時更快地採取行動，因為存在各種不確定因素，並試圖弄清楚這些不確定因素對未來幾年他們希望開展的進一步開發渠道和項目的影響，同時也知道 First Solar 的訂單已經很緊張，而從總體上看，我們的供應仍然受到限制。

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，因此將繼續從幾條不同的路徑推進這項技術。一個是我們的薄膜CIGS串聯產品。另一個是繼續研究薄膜晶體技術，然後繼續推進鈣鈦礦的研究。正如我們在關於下一代創新、顛覆性技術以及我們的研發創新中心的優勢的評論中提到的那樣，我們將在本季度末和下個季度初啟動這項計劃。然後，我們的鈣鈦礦試驗線，自一年前我們宣布這些決定以來，總共投資了近 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它們的啟動和運行將顯然具有可操作性，並有助於了解我們在生產全尺寸模組時的技術水平，然後驗證它們的可靠性。生產創紀錄的電池甚至模組是一回事，但從可靠性的角度來看，它將如何承受並抵禦我們所需的條件方面的因素則是另一回事。

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.

一些即將發布的報導也同樣如此，過去 6 個月我們在 TOPCon 上也一直聽到這一情況。從我們現在看到的一些現場性能和可靠性來看，TOPCon 面臨著巨大的挑戰，其性能水平遠遠沒有達到市場可接受的水平，也遠遠沒有達到其先前的技術優勢。因此我們必須非常小心並且留心。這不僅只是在實驗室內工作。該公司也一直大規模生產該產品，然後將其投入現場測試，並確保其長期可靠性和可行性。

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表。菲爾，我想說的是，我們正在取得良好進展。我認為我們目前正在進行的一些研發創新中心和鈣鈦礦管道將會啟動並運作。當我們今年退出時，我們將對商業化程度和上市時間有更深入的了解。

The next question is Brian Lee, Goldman Sachs.

下一個問題是高盛的 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——我知道這裡很多焦點都集中在定價評論上，馬克。所以如果可以的話，我打算再問一個人這個問題。你說的大概是 0.03 美元到 0.04 美元。您從 4 月以來就一直有這種感覺或反饋，甚至還不包括最新的 AD/CVD 回饋。因此，如果我們查看預訂量，本季度的預訂量為 0.31 美元，並未反映出任何這些因素，這表明您正在實時討論每瓦 0.30 美元左右的價格，甚至可能高於這個數字。當您考慮預定未來的交易量時，是否可以合理地假設該水平在接下來的幾個季度中發揮作用，即 30% 到 35% 左右？我們能在接下來的幾季裡這麼快就看到它嗎？

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對電力的需求。這顯然引起了廣泛關注。我的意思是，如果回顧歷史，我認為你們對向企業銷售產品以及建立一些東西有有意義的間接接觸。您能否量化或給我們一些最佳估計，即您在美國的需求中有多少百分比來自這些類型的客戶、數據中心驅動的公司等等，以及您認為隨著時間的推移，這些需求可能變成什麼樣，因為您將其視為一個新的增長方向，如果您願意的話？

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，你看，我們不要——看，我對我們現在看到的情況很滿意。我不想承諾在 30 年代中期實現 ASP，這是我們目前期望能夠實現的。我想表明的是，我們已經看到市場定價的變動。並且，確保我們清楚，國際和國內之間存在差異。正如我們之前所說，國內生產總值有一個加法器，分別為 0.03 美元、0.04 美元、0.05 美元。因此，該數量的產品的平均售價將高於非該數量的產品的平均售價。

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，繼續以有吸引力的平均銷售價格推進預訂。正如我們之前所說，這種商業模式仍然依賴成長和貢獻利潤。如果我們可以在未來幾年內獲得一個穩定的平均售價環境，並擴大我們現有的生產能力，繼續降低成本，利用我們的固定成本來平衡我們的間接費用，那麼如果我們做得好的話，我們就可以實現相當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可以提供你一個合適的號碼。我想說，如果你看看我們在電話會議上談到的公司，你會發現，我們將大幅增加對資料中心的需求，例如蘋果、谷歌、微軟、Meta，他們比公用事業更重視確定性。因此，如果你考慮公用事業，可能會承包多個項目，他們可以處理一定程度的失敗或延遲，而如果他們在特定時間致力於再生能源目標，他們就無法做到這一點。所以他們重視確定性，當然重視產品來源的可靠性以及對奴隸勞動的擔憂。

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，我們往往成為許多此類公司或為他們工作的開發人員的第一個求助對象。因此在很多情況下，開發商會來找我們，說他們已經與這些人進行過討論，並且他們傾向於購買或使用太陽能產品，特別是針對美國的需求。所以我認為我沒有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這類資產所有者供電的專案的首選供應商。

And Moses Sutton from BNP Paribas has the next question.

法國巴黎銀行的摩西·薩頓 (Moses Sutton) 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?

在決定是否增設另一家工廠時，最大的考慮因素是什麼？我知道預訂的速度，考慮到你提前多久預訂，預訂的速度自然會比較慢。但是，如果該行業到本世紀末總共需要每年 50 到 70 千兆瓦的地面安裝容量，並且考慮到您的市場份額地位正在進一步提高，那麼是否至少另一家工廠能夠解決互連瓶頸問題，解決多晶矽競爭的未知問題，或者只是等待開發商的可見性，以便在未來幾年獲得更多信心？

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，我們都希望以需求為導向。如果我們有信心，特別是隨著今年下半年的到來，對未來十年內我們所需要的強勁、持久的需求狀況充滿信心——我們已經提到的催化劑之一就是資料中心正在發生的事情，現在那裡正在發生很多活動。

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，我先從需求開始。另一個，為了確保萬無一失，就是要有穩定的政策環境。對於我正在做的事情以及——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。所以我們需要有自己的玻璃策略。我們必須考慮碲，對嗎？我們必須考慮選址流程和電力獲取，並做好準備——一旦我們看到這些轉折點，我們開始看到需求強勁，然後我們透過 11 月大選的另一面看到，我們相信我們有一個高度可預測和穩定的政策環境，然後我們可以從中做出明智的決定。這開始融入到混亂之中。那麼我認為我們將能夠以更積極的態度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，而且我們會盡可能靈活。如果所有這些 - 我們開始在我們的記分卡上填寫進一步擴大產能所需的關鍵依賴關係，我們將盡快做好準備。我們已經證明，一旦我們做出決策，我們就能建造、建造項目，安裝和運行工具，並且比業內任何其他人做得更好。我們希望繼續做到這一點。

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.

我知道有時候，我聽到有人對執行風險感到擔憂，這讓我感到驚訝，因為我們去年退出時是 12 千兆瓦，而我們計劃達到 25、26 千兆瓦。在我看來，那是讓我夜不能寐的最不重要的事。我們在這方面做得很好，並且我們已經證明了這一點。正如我所說，我們目前正在進行的活動進展非常順利，並且按計劃進行。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。我們只是想了解需求和正確的政策環境來做決定。

Up next is Vikram Bagri, Citi.

接下來是花旗的 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 5 合 1 問題是正確的做法，所以我要嘗試。馬克，您之前評論說，截至 23 年底，美國過剩太陽能板庫存接近 30 至 40 吉瓦。關於目前過剩庫存有多少，存在著許多爭論。我想知道您是否可以分享您對此的看法。爭論的原因是，請願書一經提交，價格就大幅上漲，顯示人們在一定程度上擔心庫存過剩程度可能沒有那麼高。

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，你過去曾提到氫氣客戶的延誤和潛在的取消。有什麼方法可以利用市場上的現貨定價嗎？最後，我們來看看過去兩天有關預訂的幾條新聞稿。鑑於幻燈片 5 中的圖表顯示自 3 月以來沒有預訂，這些合約是在第一季簽訂的嗎？如果這些合約是在 5 月 1 日之後簽訂的，您也可以分享這些預訂的價格嗎？

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。請跟我討論一下這些問題，因為我想確保我已經回答了一些問題。我先從最後一個開始。我們報告的預訂實際上都是從 2 月 20 日開始完成的嗎？ 2 月 20 日，隨便。我們的收益電話會議是在 2 月 27 日或 28 日，無論具體日期，實際上一直持續到 3 月 31 日。 因此，4 月份的 854 兆瓦發電量非常少。這可能是我之前想說的，當我們在談判並確定預訂量時，針對東南亞的潛在案例跡象實際上並沒有進入市場。

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，所有預訂量（增量為 854 兆瓦）基本上都發生在 3 月。我們也提到了本季迄今的數字是 2.7 千兆瓦。再說一遍，這一切都是在某些政策變化的真實跡像出現之前，甚至是在政府最近發表的一些聲明出現之前發生的。

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——我認為您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。我們過去曾聽過這種數字。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，有太多的產品以遠高於當前需求的速度進入美國，這一切都必須管理和解決。還有一些問題需要處理，一旦這項禁令結束，理論上所有庫存都必須在今年年底前部署和安裝完畢，並且要進行監控，確保這一切確實在進行。老實說，我不確定那會如何發生。因此，如果不發生這種情況，部分庫存可能會被徵收關稅。但從這方面來看還有待觀察。

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──其他的，你可以重複。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，你得到其中任何一個。

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.

我認為只與現貨相關，我的意思是我們之前談過，公用事業規模太陽能中沒有像住宅中那樣巨大的即時現貨市場。因此，當我們談論現貨時，我們仍然在談論提前 2、3 個季度的項目，也許不是提前 8、10、12 個季度的項目。因此，當我考慮到我們面臨的機會時，由於我們今年有潛在的[持股]，如果我們在諸如終止便利之類的事情上出現一些短期[漏洞]，那麼就有機會，是的，我們可以在公用事業規模的基礎上捕捉到所謂的現貨，也就是未來幾個季度。

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的時間表，我認為沒有太多能力立即銷售大量有意義的產品。但可以肯定的是，如果我們有機會終止任何便利，或者如果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希望獲得產品，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，我們的累積超賣情況將持續下去。

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，如果您可以重複一下關於氫的問題，或者澄清我們回答過的任何內容，也許這些問題沒有切中要點。

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。我問的是您是否有氫氣客戶可能不會接收貨物。如果您能在現貨市場上供應這些數量並從更高的價格中獲益。但亞歷克斯已經回答了。

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

接下來，我們將聽取派珀桑德勒 (Piper Sandler) 的卡西哈里森 (Kashy Harrison) 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.

因此我將遵循 Vikram 的做法，一次性問很多問題。第一個是關於AD/CVD的。如果商務部受理你們的案件，你們的聯盟是否會要求說明緊急情況？然後，當我們考慮市場上關鍵設備的短缺時，我很好奇，您是否知道，考慮到交貨週期有多長，在未來幾年內，有多少比例的客戶已經為他們的項目開發需求獲得了所有關鍵設備、熱變壓器、大容量斷路器。

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，我只是想檢查本季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談談這裡降低成本的一些驅動因素。

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.

讓我先承擔這份榮譽，然後我會將其交還給馬克。信用額度比這更高。因此我們本季的利潤為 1.94 億美元。我認為指導價是 1.9 億美元，所以稍微超出了一點。如果你回顧 Q，你會發現政府補助應收款中有一些變動的部分。因此第一季的數字是 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.

就反傾銷和反補貼稅而言，哪些關鍵情況實際上是追溯某些關稅，對我來說，這是會不斷發展的事實和情況。這取決於發生的情況。我認為，中國選擇採取迄今為止的做法是極其不幸的，對嗎？我認為我們處於一個平衡的環境，我們相信這適合國內產業發展和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，都在積極試圖阻止這種情況的發生，並且——考慮到產能過剩和價格過高的情況。

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，你們正在聽取他們的所有評論和其他一切。我記得大全最近評論說70%到80%的多晶矽生產商的售價都低於現金成本，對嗎？晶科能源，但由於一次性項目和包括其補貼收入，其上個季度每股虧損 3 美元。所以每個人都──這是一場血戰。如果中國想繼續這樣做，就讓他們自行決定吧，對嗎？我們不應該把美國國內產業和印度國內產業當作中國行為的典型例子，對嗎？我們需要找到一種方法，讓企業能夠憑藉自己的優勢進行競爭，而不會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，如果進口保持相對穩定，如果這些進口的價格保持相對穩定，那麼我認為要求緊急情況的可能性就會較小。但有待確定。再次強調，這不只是 First Solar 的事。聯盟必須做出這項決定。但對我來說，這取決於事實和情況。

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.

另一個問題涉及設備和關鍵採購、關鍵部件和變壓器以及其他一切，我們的許多大客戶都非常老練。他們已經盡力克服了這項採購和供應鏈限制。在某些情況下，人們會訂購備件和其他可在其開發組合中使用的物品，並盡可能地降低風險。

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.

但是，你不可能100%地免受供應鏈中斷和限制的影響。但我們嘗試盡可能緊密地合作。這就是為什麼當我們做我們的工作時——我們每年都會分配過多。當我們退一步並​​評估分配情況時，我們確實會盡可能與客戶密切合作，以了解他們所處的特定專案開發階段，然後按照相應的方式進行工作。但在任何時間點，總是會有變化的。我們將繼續努力做的是，在進入新的一年時盡可能地創造一些彈性，並希望隨著專案的進展，盡可能地在一年內管理好其中的一些彈性。

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。這也確實結束了今天的會議。我們感謝大家今天的參與。您現在可以斷開連線。