第一太陽能 (FSLR) 2024 Q2 法說會逐字稿

Good afternoon, everyone, and welcome to First Solar's second-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 的 2024 年第二季財報電話會議。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 second-quarter 2024 financial results. A copy of the press release and associated presentation are available on First Solar's website at investor.firstsolar.com.

下午好，感謝您加入我們。今天，該公司發布新聞稿，公佈了2024年第二季財務業績。新聞稿和相關簡報的副本可在 First Solar 網站 Investor.firstsolar.com 上取得。

With me today are Mark Widmar, Chief Executive Officer; and Alex Bradley, Chief Financial Officer. Mark will provide business, strategy, technology, 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、技術和政策更新。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。在他們發表講話後，我們將開始提問。

Please note this call will include forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from management's current expectations. We encourage you to review the Safe Harbor statements contained in today's press release and presentation for a more complete description.

請注意，本次電話會議將包括前瞻性陳述，這些陳述涉及可能導致實際結果與管理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. Reflecting on the first half of 2024, we are pleased with our ongoing efforts to strengthen the fundamentals of our business. With solid operating and financial performance, selective incremental bookings, a robust pipeline of demand including a near -- a recently signed 620-megawatt module supply agreement, subject to the achievement of conditions precedent with a new US customer that will be supplying power to a hyperscaler, and investment in technology, R&D infrastructure and manufacturing expansions, we continue to solidify our market position through strong execution. Our balanced approach to growth, profitability and liquidity, combined with multiple technological and business model points of differentiation enable us to deliver value for both our customers and our shareholders.

下午好，感謝您今天加入我們。回顧 2024 年上半年，我們對我們為加強業務基礎所做的持續努力感到高興。憑藉穩健的營運和財務業績、選擇性增量預訂、強勁的需求管道，包括最近簽署的 620 兆瓦組件供應協議，前提是滿足一位新美國客戶的先決條件，該客戶將為以及對技術、研發基礎設施和製造擴張的投資，我們透過強大的執行力繼續鞏固我們的市場地位。我們平衡成長、獲利能力和流動性的方法，結合多個技術和商業模式的差異點，使我們能夠為客戶和股東創造價值。

Beginning on slide 3, I will share some key highlights for the second quarter. From a commercial perspective, we continued our disciplined approach to bookings. Since our last earnings call, we have secured a net 0.9 gigawatts of bookings within an ASP of $0.316 per watt, excluding adjusters where applicable, or $0.334 per watt, assuming the realization of adjusters were applicable, and in each case, excluding India domestic sales.

從幻燈片 3 開始，我將分享第二季的一些關鍵亮點。從商業角度來看，我們繼續採用嚴格的預訂方式。自上次財報電話會議以來，我們已獲得淨0.9 吉瓦的預訂，平均售價為每瓦0.316 美元（不包括適用的調整器），或每瓦0.334 美元（假設調整器的實現適用），並且在每種情況下均不包括印度國內銷售。

This includes a 0.4 gigawatt de-booking related to a termination for convenience exercise by one of our European Power and Utilities customers, who is selling a portfolio of US development assets as referenced on our last earnings call and who is obligated to pay the associated contract termination payment. This brings our year-to-date net bookings to 3.6 gigawatts. Our total contracted backlog now stands at 75.9 gigawatts with order stretching through 2030.

這包括與我們的一位歐洲電力和公用事業客戶為方便起見而終止相關的0.4 吉瓦取消預訂，該客戶正在出售我們上次財報電話會議上提到的美國開發資產組合，並且有義務支付相關合約終止付款。這使得我們今年迄今的淨預訂量達到 3.6 吉瓦。目前，我們的合約積壓總量為 75.9 吉瓦，訂單延續到 2030 年。

From a technology perspective, since our Q1 earnings call, we have established a new world record CdTe research cell with a conversion efficiency of 23.1%, commissioned new critical R&D infrastructure in Ohio, and remain on track to launch our CuRe program in Q4 of this year. Our CuRe program is expected to increase energy production in real-world conditions through improved module temperature coefficient, bifaciality, and degradation rate. Additionally, we have announced the ownership of certain issued and pending patents related to the manufacturing of TOPCon crystalline silicon solar cells.

從技術面來看，自第一季財報電話會議以來，我們建立了新的世界紀錄CdTe 研究電池，轉換效率為23.1%，在俄亥俄州啟用了新的關鍵研發基礎設施，並繼續按計劃在今年第四季啟動我們的CuRe 專案。我們的 CuRe 專案預計將透過改善組件溫度係數、雙面性和降解率來提高實際條件下的能源產量。此外，我們也宣布擁有與 TOPCon 晶體矽太陽能電池製造相關的某些已發布和正在申請的專利。

And while Alex will provide a comprehensive overview of our second-quarter 2024 results, I would like to highlight our ability to deliver financially with second-quarter earnings per diluted share of $3.25 and a quarter end net cash balance of $1.2 billion. Despite the strong execution and our success delivering on the manufacturing technology, customer and financial commitments, we must acknowledge that our industry faces varying degrees of increasing external uncertainties, particularly related to policy, supply conditions and evaluations of strategic direction and capital allocation by certain large multinational companies. These will be discussed later during the call.

雖然 Alex 將全面概述我們 2024 年第二季的業績，但我想強調我們的財務交付能力，第二季攤薄後每股收益為 3.25 美元，季度末淨現金餘額為 12 億美元。儘管我們執行力強，並成功兌現了製造技術、客戶和財務承諾，但我們必須承認，我們的行業面臨不同程度的外部不確定性，特別是與政策、供應條件以及某些大型企業對戰略方向和資本配置的評估有關。這些將在稍後的電話會議中討論。

Turning to slide 4, our growth plans remain on track. The expansion of our Ohio manufacturing footprint has been completed, and commercial shipments began as scheduled at the end of the second quarter. The completion of this phase expands our manufacturing capacity into state by almost 1 gigawatts to nearly 7 gigawatts.

轉向投影片 4，我們的成長計畫仍在按計劃進行。我們俄亥俄州製造基地的擴張已經完成，商業發貨已按計劃於第二季末開始。這一階段的完成使我們的製造能力從近 1 吉瓦擴大到近 7 吉瓦。

In Alabama, we expect to complete the installation of tools, complete plant certification, and commence production this quarter with the first commercial shipments from the plant expected in Q4 of 2024. We are pleased with the speed at which we were able to construct, equip, and commission the 2.4-million-square-foot facility, achieving this in approximately 24 months from the investment decision. Our new Louisiana facility is also on track with the start of commercial operations expected in the second half of 2025.

在阿拉巴馬州，我們預計將在本季度完成工具安裝、工廠認證並開始生產，預計該工廠將於2024 年第四季度進行第一批商業發貨。滿意，並調試了 240 萬平方英尺的設施，從投資決定起大約 24 個月內實現了這一目標。我們的路易斯安那州新工廠也已步入正軌，預計將於 2025 年下半年開始商業營運。

Furthermore, we commissioned the Jim Nolan center for Solar Innovation earlier this month. This new research and development innovation center in Ohio is the largest facility of its kind in the Western Hemisphere. The 1.3-million-square-foot facility includes a high-tech pilot manufacturing line, which we expect will allow us to produce full-size prototypes of thin film and tandem PV modules in a manufacturing sandbox, freeing up our commercial production lines.

此外，我們在本月初委託成立了吉姆諾蘭太陽能創新中心。這個位於俄亥俄州的新研發創新中心是西半球同類設施中最大的設施。這個佔地 130 萬平方英尺的工廠包括一條高科技試點生產線，我們預計該生產線將使我們能夠在製造沙箱中生產全尺寸薄膜和串聯光伏組件原型，從而釋放我們的商業生產線。

In addition, we are on track to commission our new perovskite development line at our Ohio campus in the second half of 2024. Combined, these new facilities represent an investment of nearly $0.5 billion in American R&D infrastructure. We believe that thin film research is critical for commercializing multi-junction tandem devices, which are anticipated to be the next disruptive innovation in the solar industry.

此外，我們預計在 2024 年下半年在俄亥俄州園區投產新的鈣鈦礦開發線。我們相信，薄膜研究對於多結串聯裝置的商業化至關重要，預計這將成為太陽能產業的下一個​​顛覆性創新。

While the US leads the world in thin-film PV under First Solar's stewardship, China is racing to close the innovation gap. And we expect that our strategic investment in R&D infrastructure will help us maintain our nation's strategic advantage in thin-film technology and position the next generation of disruptive transformative solar technologies to be American-made.

在 First Solar 的管理下，美國在薄膜光電領域處於世界領先地位，而中國正在競相縮小創新差距。我們預計，我們對研發基礎設施的戰略投資將幫助我們保持國家在薄膜技術方面的戰略優勢，並將下一代顛覆性變革太陽能技術定位為美國製造。

Turning to slide 5. We continue to progress our technology roadmap and during the quarter, established a new world record CdTe research cell conversion efficiency of 23.1%. This achievement certified by the United States Department of Energy's National Renewable Energy Laboratory was accomplished at our California Technology Center. We remain on track to launch CuRe at our lead line in Ohio in Q4 of this year, and following the pull-in of CapEx discussed at our previous earnings call, intend to accelerate replication across the fleet beginning in late 2025 with our Vietnam and third Ohio facility.

轉向投影片 5。這項由美國能源部國家再生能源實驗室認證的成果是在我們的加州技術中心完成的。我們仍有望在今年第四季在俄亥俄州的領先生產線上推出CuRe，並在我們之前的財報電話會議上討論的資本支出拉動之後，打算從2025 年底開始在我們的越南和第三個生產線中加速在整個機隊中的複製俄亥俄州工廠。

Additionally, we announced the ownership of issued and pending patents related to the manufacturing of TOPCon crystalline silicon photovoltaic solar cells earlier this month, which we continue to leverage as we pursue multiple pathways towards our goal of developing the next transformative, disruptive tandem solar technology. This portfolio, which includes issued patents across various jurisdictions including the US and pending patents in the EU and Japan, has validity extending to 2030.

此外，我們在本月稍早宣布了與TOPCon 晶體矽光伏太陽能電池製造相關的已發布和正在申請的專利的所有權，我們將繼續利用這些專利，以尋求多種途徑來實現開發下一個變革性、顛覆性串聯太陽能技術的目標。該組合包括美國等多個司法管轄區已發布的專利以及歐盟和日本正在申請的專利，有效期延長至 2030 年。

We are mindful that there have recently been a number of TOPCon patent ownerships announcements and several litigation claims related to particular aspects of TOPCon cell production. Based on thorough and ongoing analysis, including the engagement of third-party legal and technology experts, we firmly believe in the value and strength of our patents and are investigating several leading crystalline silicon solar manufacturers for a potential infringement. If infringement is discovered, we intend to challenge the ability to manufacture, assemble, and sell infringing TOPCon technologies by pursuing enforcement, licensing, and other measures to safeguard our rights.

我們注意到，最近有許多 TOPCon 專利所有權公告和幾起與 TOPCon 電池生產特定方面相關的訴訟索賠。基於全面、持續的分析，包括第三方法律和技術專家的參與，我們堅信我們專利的價值和實力，並正在調查幾家領先的晶體矽太陽能製造商是否存在潛在侵權行為。如果發現侵權，我們將透過採取執法、許可和其他措施來挑戰製造、組裝和銷售侵權 TOPCon 技術的能力，以維護我們的權利。

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

我會將電話轉給亞歷克斯，討論我們的預訂管道和財務狀況。

Thanks, Mark. Moving on to slide 6. As of December 31, 2023, our contracted backlog of 78.3 gigawatts with an aggregate value of [23.3 billion]. Through June 30, 2024, we contracted 2.7 gigawatts of incremental volume, reduced our bookings by 0.4 gigawatts due to the aforementioned contract termination by a European customer and recognized 6.1 gigawatts of volume sold. This brings our total backlog to 74.6 gigawatts at quarter end with an aggregate value of $22.3 billion, implying an ASP of approximately $0.299 per watt, excluding adjusters where applicable.

謝謝，馬克。繼續看投影片 6。截至 2024 年 6 月 30 日，我們簽訂了 2.7 吉瓦的增量合同，由於歐洲客戶終止上述合同，我們的預訂量減少了 0.4 吉瓦，並確認了 6.1 吉瓦的銷售量。這使得我們在季度末的積壓總量達到 74.6 吉瓦，總價值為 223 億美元，這意味著平均售價約為每瓦 0.299 美元，不包括適用的調節器。

Since the end of the second quarter, we've entered into an additional 1.3 gigawatts of contracts, resulting in a total backlog of 75.9 gigawatts. Substantial portion of our backlog includes opportunities to increase the base ASPs through the application of adjusters if we realize achievements within our current technology roadmap, as of the expected timing for delivery of the product.

自第二季末以來，我們又簽訂了1.3吉瓦的合同，導致總積壓量達到75.9吉瓦。如果我們在目前的技術路線圖中取得了成就，那麼我們積壓的大部分工作包括透過應用調整器來提高基本 ASP 的機會（截至產品交付的預期時間）。

At the end of the second quarter, we had approximately 38.4 gigawatts of contracted volume with these adjusters, which if fully realized could result in additional revenue of up to approximately $0.7 billion or approximately $0.02 per watt, majority of which would be recognized between 2025 and 2028.

截至第二季末，我們與這些調節器簽訂了約38.4 吉瓦的合約容量，如果完全實現，可能會帶來高達約7 億美元或每瓦約0.02 美元的額外收入，其中大部分將在2025年至2025 年之間確認2028。

This increase in adjusters relative to the prior quarter is a function of the opportunity discussed on our prior earnings call to accelerate expected replication of CuRe across the fleet. 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 upwards or downwards and for increases in sales rate or applicable aluminum or steel commodity price changes.

與上一季相比，調整員數量的增加是我們在之前的財報電話會議上討論的加速 CuRe 在整個船隊中的預期複製的機會的函數。該金額不包括通常適用於總合約積壓的潛在調整，包括交付給客戶的最終模組，這可能會向上或向下調整銷售合約下的平均售價，以及針對適用鋁或鋼的銷售率的增加商品價格變化。

As reflected on slide 7, our total pipeline of potential bookings remained strong, with bookings opportunities totaling 80.6 gigawatts, an increase of approximately 7.8 gigawatts since the previous quarter. Our mid- to late-stage bookings opportunities decreased by approximately 0.8 gigawatts to 28.6 gigawatts and now includes 24.6 gigawatts in North America and 3.7 gigawatts in India. Within our mid- to late-stage pipeline of 4.1 gigawatts of opportunities that are contracted subject to conditions precedent, including 1.2 gigawatts in India and in the US, a 620-megawatt module supply agreement with a new customer who will be supplying power to our hyperscaler, which Mark noted earlier.

如投影片 7 所示，我們的潛在預訂總量依然強勁，預訂機會總計 80.6 吉瓦，較上一季增加了約 7.8 吉瓦。我們的中後期預訂機會減少了約 0.8 吉瓦至 28.6 吉瓦，目前包括北美的 24.6 吉瓦和印度的 3.7 吉瓦。在我們的中後期管道中，根據先決條件簽訂了4.1 吉瓦的機會，其中包括在印度和美國的1.2 吉瓦，與一位新客戶簽訂了620 兆瓦的組件供應協議，該客戶將為我們的電力供應馬克之前提到的超大規模器。

As a reminder, signed contracts in India will not be recognized as bookings until we've received full security against the offtake. Note that we anticipate reducing our opportunities at a contract subject to conditions precedent to India by 0.4 gigawatts as a result of an expected termination of a defaulted module supply agreement with an Indian affiliate of a European oil major, who was in the process of selling this business.

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。請注意，由於與歐洲石油巨頭的印度子公司之間的違約組件供應協議預計將終止，我們預計受印度先決條件約束的合約機會將減少 0.4 吉瓦，該子公司當時正在出售該組件。 。

As stated on previous earnings calls, given our diminished available supply through 2027, the long-dated timeframe into which we are now selling and the need to align customer project visibility with our balanced approach to ASPs, payment security, and other key contractual terms, and given the uncertainty related to the policy environment due to the upcoming US election, we will continue to leverage our position of strength in our contracted backlog and be highly selective in our approach to new bookings this year. We intend to continue forward contracts with customers who prioritize long-term relationships and appropriately, value our points of differentiation.

正如先前的財報電話會議中所述，鑑於我們到2027 年的可用供應量減少、我們現在銷售的長期時間框架以及將客戶項目可見性與我們對ASP、支付安全和其他關鍵合約條款的平衡方法保持一致的需要，考慮到即將到來的美國大選帶來的政策環境的不確定性，我們將繼續利用我們在合約積壓方面的優勢，並在今年的新預訂方面採取高度選擇性。我們打算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。

Slide 8, I'll cover our financial results for the second quarter. Net sales in the second quarter were $1 billion increase of $0.2 billion compared to the first quarter. Increase in net sales was driven by a 24% increase in the volume of megawatts sold and the aforementioned contract termination payment obligation of one of our European customers.

第 8 張投影片，我將介紹我們第二季的財務表現。第二季淨銷售額為 10 億美元，較第一季增加 2 億美元。淨銷售額的成長是由於兆瓦銷量成長 24% 以及我們的一位歐洲客戶的上述合約終止付款義務所推動的。

Gross margin was 49% in the second quarter compared to 44% in the first quarter. This increase was primarily due to a higher mix of modules sold from our US factories, which led to $255 million in the Section 45X tax credits in the second quarter, the aforementioned contract termination payment obligation, a reduction in warehousing and logistics costs, and continued reductions in production costs.

第二季毛利率為 49%，而第一季毛利率為 44%。這一增長主要是由於我們美國工廠銷售的模組組合增加，導致第二季度第 45X 條稅收抵免額達到 2.55 億美元、上述合約終止付款義務、倉儲和物流成本減少以及持續增長。

SG&A, R&D, and production start-up expenses totaled $126 million in the second quarter, an increase of approximately $22 million compared to the first quarter. This increase was primarily driven by higher start-up expenses for our Alabama factory, higher R&D expenses associated with the development of next-generation solar technologies, and higher professional fees.

第二季SG&A、研發和生產啟動費用總計1.26億美元，比第一季增加約2,200萬美元。這一增長主要是由於我們阿拉巴馬州工廠的啟動費用增加、與下一代太陽能技術開發相關的研發費用增加以及專業費用增加。

Our second-quarter operating income was $373 million, which included depreciation, amortization, and accretion of $97 million, ramp costs of $6 million, production start-up expense of $27 million, and share-based compensation expense of $8 million. Second-quarter other income was $5 million.

我們第二季的營業收入為 3.73 億美元，其中包括 9,700 萬美元的折舊、攤提和增值，600 萬美元的產能提升成本，2,700 萬美元的生產啟動費用以及 800 萬美元的股權激勵費用。第二季其他收入為 500 萬美元。

Tax expense for the second quarter was $28 million compared to $19 million in the first quarter. This increase was driven by higher pre-tax income during the period and a change in our position related to reinvesting the accumulated earnings of a foreign subsidiary, which allows us to repatriate certain offshore funds to support our strategic investments in the US and ensure that our worldwide cash is available in the locations in which it's needed. Combination of the aforementioned items led to second-quarter earnings per diluted share of $3.25.

第二季的稅費為 2,800 萬美元，而第一季的稅費為 1,900 萬美元。這一增長是由於期內稅前收入增加以及我們與外國子公司的累積收益再投資相關的頭寸變化所推動的，這使我們能夠匯回某些離岸資金以支持我們在美國的戰略投資，並確保我們的全球範圍內的現金都可以在需要的地方使用。上述項目的結合導致第二季稀釋後每股收益為 3.25 美元。

Let's turn to slide 9 to discuss select balance sheet items and summary cash flow information. Our cash, cash equivalents, restricted cash, and restricted cash equivalents and marketable securities ended the quarter at $1.8 billion compared to $2 billion at the end of the prior quarter. The decrease was primarily attributable to capital expenditures associated with our new US factories in Alabama and Louisiana, along with the repayment of working capital loans in India, partially offset by operating cash flows from our modules business.

讓我們轉向投影片 9 來討論選定的資產負債表項目和總結現金流量資訊。本季末，我們的現金、現金等價物、限制性現金、限制性現金等價物及有價證券為 18 億美元，而上一季末為 20 億美元。減少的主要原因是與我們在阿拉巴馬州和路易斯安那州的新美國工廠相關的資本支出，以及印度營運資金貸款的償還，部分被我們模組業務的營運現金流所抵消。

Total debt at the end of the second quarter was $559 million, a decrease of $61 million from the first quarter, driven by the repayment of certain working capital loans in India, which helps support the ramp of our new plant in the region. Our net cash position decreased by approximately $0.2 billion to $1.2 billion as a result of the aforementioned factors. Cash flows from operations were $193 million in the second quarter, and capital expenditures were $365 million during the period.

第二季末的總債務為 5.59 億美元，比第一季減少 6,100 萬美元，這是由於償還了印度的某些營運資金貸款，這有助於支持我們在該地區新工廠的產能擴張。由於上述因素，我們的淨現金部位減少了約 2 億美元，至 12 億美元。第二季營運現金流為 1.93 億美元，期間資本支出為 3.65 億美元。

Continuing on slide 10, our full year 2024 guidance remains unchanged. Note following the aforementioned termination for convenience of 0.4 gigawatts in Q2, one of the limited number of contracts that have such a rate, we expect volume sold, revenue, and net cash be toward the bottom of our guidance range.

繼續投影片 10，我們的 2024 年全年指引保持不變。請注意，在上述為方便起見而在第二季度終止 0.4 吉瓦（具有此類比率的數量有限的合約之一）之後，我們預計銷售量、收入和淨現金將接近我們指導範圍的底部。

From a second-half earnings cadence perspective, we expect our net sales and cost of sales profile, excluding the benefit of Section 45X tax credits to be approximately 40% in the third quarter and 60% in the fourth quarter. We forecast Section 45X tax credits of approximately $240 million in the third quarter and $335 million in the fourth quarter. With an operating expense profile roughly evenly spread across the remainder of the year, this results in a forecasted earnings per diluted share profile of approximately 40% in the third quarter and 60% in the fourth quarter.

從下半年獲利節奏的角度來看，我們預期第三季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 40%，第四季約為 60%。我們預計第三季第 45X 條稅收抵免額約為 2.4 億美元，第四季約為 3.35 億美元。由於營運費用分佈在今年剩餘時間大致均勻，因此預計第三季稀釋後每股收益約為 40%，第四季約為 60%。

Note while it's a third-quarter event, we like many companies were impacted by the recent defective software update issued by CrowdStrike that resulted in IT outages around the world. First Solar's corporate and manufacturing operations were briefly impacted, including the temporary idling of our fleet, which was gradually restored over a period of approximately two days. This incident did not impact our full-year 2024 guidance.

請注意，雖然這是第三季的事件，但我們認為許多公司都受到 CrowdStrike 最近發布的有缺陷的軟體更新的影響，該更新導致全球 IT 中斷。 First Solar 的企業和製造業務受到短暫影響，​​包括我們的車隊暫時閒置，但在大約兩天的時間內逐漸恢復。這事件並未影響我們 2024 年的全年指引。

So I'll now hand the call back to Mark to continue the business updates.

因此，我現在將把電話轉回給馬克，以繼續更新業務。

All right. Thank you, Alex. As reflected by our remarks at the beginning of the call, we are pleased with our financial and operational execution for the second quarter. We have continued to deliver on our commitments and have largely advanced our planned initiatives throughout the year thus far, such as progressing our US manufacturing capacity expansion on schedule, commissioning our research and development infrastructure build-out on plan, and maintaining a disciplined approach to new bookings opportunities.

好的。謝謝你，亞歷克斯。正如我們在電話會議開始時的演講所反映的那樣，我們對第二季度的財務和營運執行感到滿意。迄今為止，我們繼續履行我們的承諾，並在很大程度上推進了我們全年計劃的舉措，例如按計劃推進我們的美國製造產能擴張、按計劃委託我們的研發基礎設施建設以及保持嚴格的方法新的預訂機會。

That said, we were also mindful of several externalities, which may impact the industry as a whole, including First Solar. Among nationalities, we are most frequently encountering are the uncertainties related to politics and policies, irrational global supply conditions, and the evaluation of strategic directions and capital allocation by certain large multinational companies.

也就是說，我們也注意到一些外部因素，這可能會影響整個產業，包括 First Solar。在民族中，我們最常遇到的是政治和政策的不確定性、全球供給狀況的不合理、以及某些大型跨國公司對策略方向和資本配置的評估。

Firstly, with the November election fast approaching, the solar industry is again facing uncertain policy environment. The impact of this uncertainty became more apparent as the second quarter progressed. We have observed increasing constraints on access to capital, both for early-stage solar technology companies seeking to finance next stage of their growth as well as for the established companies looking to build domestic manufacturing capacity [assigning] parties wait to make investment decisions until they have a clear view of the policy picture.

首先，隨著11月大選的臨近，太陽能產業再次面臨不確定的政策環境。隨著第二季的進展，這種不確定性的影響變得更加明顯。我們發現，對於尋求下一階段增長融資的早期太陽能技術公司以及尋求建立國內製造能力的老牌公司來說，獲得資本的限制越來越多，[分配]各方都在等待做出投資決定。政策圖景有清晰的認知。

This uncertainty has also impacted developers evaluating risk and returns within project performance and which comes at a time when, as mentioned earlier, some oil and gas and power and utility developers are contemplating the pivot from renewables to prioritizing fossil projects. The potential for Republican control of the presidency and both houses of Congress has given rise to concern over the prospect of a legislative reconciliation process or use of the Congressional Review Act adversely impacting the Inflation Reduction Act legislation or its related regulations.

這種不確定性也影響了開發商評估專案績效的風險和回報，正如前面提到的，一些石油和天然氣以及電力和公用事業開發商正在考慮從再生能源轉向優先考慮化石燃料專案。共和黨控制總統和國會參眾兩院的可能性引起了人們的擔憂，即立法和解程序或使用《國會審查法》的前景會對《減少通貨膨脹法》立法或其相關法規產生不利影響。

A change in the executive administration alone, regardless of the results of the Senate and House elections, has raised similar concerns of the potential use of executive orders to block or delay implementation of IRA-related guidance and the administration of both published and unfinalized regulations.

無論參議院和眾議院選舉的結果如何，僅行政管理部門的變化就引發了類似的擔憂，即可能使用行政命令來阻止或推遲 IRA 相關指導的實施以及已發布和未最終法規的管理。

While we cannot predict the outcome of the November election or what a Republican Suite would mean for renewable energy industry and trade policies, we can help inform policymakers across the political spectrum of the significant economic and strategic benefits of promoting and securing a robust domestic solar energy manufacturing base and how policies such as 45X of the IRA significantly contribute to the economic life of our nation's communities, particularly those located in traditionally red states.

雖然我們無法預測 11 月選舉的結果或共和黨套件對再生能源產業和貿易政策意味著什麼，但我們可以幫助各個政治領域的政策制定者了解促進和確保強勁的國內太陽能製造業基地，以及IRA 的45X 等政策如何為我們國家社區的經濟生活做出重大貢獻，特別是那些位於傳統紅色州的社區。

According to an economic analysis commissioned by First Solar and conducted by the University of Louisiana at Lafayette, our investments are already delivering tangible value by creating jobs and raising wages for American workers. Our existing facilities, combined with our expansions in Ohio and new facilities in Alabama and Louisiana, are expected to see us support over 30,000 direct, indirect, and induced American jobs by 2026 and $2.8 billion annually in labor income.

根據 First Solar 委託、路易斯安那大學拉斐特分校進行的一項經濟分析，我們的投資已經透過為美國工人創造就業機會和提高工資而帶來了有形價值。我們現有的設施，加上我們在俄亥俄州的擴建以及在阿拉巴馬州和路易斯安那州的新設施，預計到2026 年，我們將為美國提供超過30,000 個直接、間接和衍生的就業崗位，每年帶來28 億美元的勞動收入。

Our growth trajectory and our long-standing commitment to investing in local supply chains is estimated to support 7.3 jobs nationally for every First Solar job created and is expected to add over $10 billion annually to the country's economic output by 2026. We are demonstrating that investing in American solar manufacturing innovation and supply chains delivers enduring job creation and economic value, solidifying solar's manufacturers, roll in Americas all of the above approach to energy security.

我們的成長軌跡和我們對投資當地供應鏈的長期承諾預計，First Solar 每創造一個就業機會，就能在全國範圍內支持7.3 個就業崗位，預計到2026 年，每年將為該國的經濟產出增加超過100 億美元。

We believe our model of high value domestic manufacturing is the towering example of what is the art-of-the-possible is when the nation follows through on bipartisan goals of countering China's ambition to dominate critical supply chains.

我們相信，我們的高價值國內製造業模式是一個傑出的例子，說明當國家實現兩黨共同目標，對抗中國主導關鍵供應鏈的野心時，什麼是可能的藝術。

Our manufacturing and domestic sourcing is also an example of capturing and retaining maximum value in the US leveraging it to spur cycles of innovation to advance American technological leadership and attract and retain an enduring workforce. This, however, a relatively unique example and while intended to enable the growth of domestic renewable manufacture and value chains, we believe Section 45X of the inflation Reduction Act of 2022 can and must be strengthened by establishing guardrails and prevent companies controlled by, owned, or subject to the jurisdiction of adversarial governments such as China from receiving US taxpayer dollars.

我們的製造和國內採購也是在美國獲取和保留最大價值的一個例子，利用它來刺激創新週期，以提升美國的技術領先地位並吸引和留住持久的勞動力。然而，這是一個相對獨特的例子，雖然旨在促進國內可再生能源製造和價值鏈的成長，但我們認為2022 年通貨膨脹減少法案第45X 條可以而且必須透過建立護欄來加強，並防止由以下公司控制、擁有、或受到中國等敵對政府的管轄，無法接收美國納稅人的資金。

We believe that any legislation that establishes these guardrails will help reinforce the IRA's intent of encouraging true value in job creation and retention across the solar value chain, a message we believe resonates with policymakers across the political spectrum. Despite the political uncertainties ahead, a look back on the quarter reflects several positive developments in the trade environment. Over the past quarter, we have seen the United States government continue to address systemic overcapacity in China by leveraging the tools and the trade policy tool box.

我們相信，任何建立這些護欄的立法都將有助於強化IRA 的意圖，即鼓勵在整個太陽能價值鏈中創造和保留就業機會的真正價值，我們相信這一信息會引起各個政治派別的政策制定者的共鳴。儘管未來存在政治不確定性，但回顧本季反映了貿易環境的一些積極進展。過去一個季度，我們看到美國政府持續利用這些工具和貿易政策工具箱來解決中國的系統性產能過剩問題。

Recently, the Biden-Harris administration acted to close a loophole in trade law by removing the Section 201 bifacial module exemption, which the Trump administration had also attempted to remove and announced plans to double the Section 301 tariffs on solar cells and modules imported from China, another trade measure initiated by the Trump administration.

最近，拜登-哈里斯政府採取行動，透過取消201條款雙面組件豁免來填補貿易法漏洞，川普政府也試圖取消這項豁免，並宣布計劃將對從中國進口的太陽能電池和組件的301條款關稅加倍這是川普政府發起的另一項貿易措施。

In addition, the two year anti-circumvention solar bridge moratorium expired in the second quarter and the administration plans to crack down on stockpiling through quote, vigorous enforcement, announcing that importers which brought product and tariff-free during the moratorium would be required to certify as to module installation by the December 2024 deadline with detailed information about the imported modules being deployed or pay the required tariff.

此外，為期兩年的反規避太陽能橋禁令已於第二季到期，政府計劃透過報價、嚴厲執法等方式打擊囤貨行為，並宣布將要求在禁令期間免稅進口產品和關稅的進口商提供證明在2024 年12 月截止日期之前進行組件安裝，並提供有關正在部署的進口組件或支付所需關稅的詳細資訊。

In June, the US International Trade Commission by unanimous and notably bipartisan decision, issued a preliminary determination finding a reasonable indication of material injury caused by the dumping of solar cells and modules by Cambodia, Malaysia, Thailand, and Vietnam. Material injury caused by subsidies by Malaysia, Thailand, and Vietnam, and a threat finding caused by subsidies in Cambodia. The unanimous bipartisan vote supports the petitions of the American Alliance for Solar Manufacturing Trade Committee, which First Solar is a member. And underscores the harm caused by the unfair trade practices of China solar companies and their affiliates in Southeast Asia.

6月，美國國際貿易委員會通過一致且特別是兩黨的決定，發布了初步裁定，認為柬埔寨、馬來西亞、泰國和越南傾銷太陽能電池和組件造成物質損害的合理跡象。馬來西亞、泰國和越南的補貼造成的物質傷害，以及柬埔寨補貼造成的威脅發現。兩黨一致投票支持美國太陽能製造貿易委員會聯盟的請願書，First Solar 是該委員會的成員。並強調了中國太陽能公司及其附屬公司在東南亞的不公平貿易行為所造成的危害。

The alliance is currently evaluating filing critical circumstances, petitions, and response to surge of injurious solar imports from the subject countries in the wake of the Department of Commerce's initiation of the trade investigation. For example, recent data suggest import increases of more than 60% from Malaysia and Vietnam and approximately 19% from Thailand. Such petitions are filed with United States Department of Commerce determines that critical circumstances exist, cash deposits requirements can be imposed retroactively on solar cells and panels entering the country up to 90 days prior to the date of the Commerce's preliminary determination.

該聯盟目前正在評估提交關鍵情況、請願書以及對商務部啟動貿易調查後從相關國家進口的有害太陽能激增的反應。例如，最近的數據顯示，來自馬來西亞和越南的進口增加了 60% 以上，來自泰國的進口成長了約 19%。向美國商務部提交此類請願書，確定存在嚴重情況，可在商務部初步裁定之日前 90 天內對進入該國的太陽能電池和電池板追溯實行現金押金要求。

Critical circumstances can be allege any point until just before Commerce's final determination. Based on the Republican campaign platform, which has expressly contemplated employing tariffs to increase trade imbalances, we believe it is reasonably foreseeable to the administration. A word of change could result in incremental tariffs on the Chinese crystalline silicon supply chain operating from mainland and it's through Southeast Asia and other satellite countries.

在商務部做出最終決定之前，可以隨時提出緊急情況。根據共和黨的競選綱領，該綱領明確考慮利用關稅來加劇貿易失衡，我們認為政府可以合理預見這一點。任何改變都可能導致中國大陸、途經東南亞和其他衛星國家的晶矽供應鏈關稅增加。

While broadly beneficial to us given our significant and expanding US manufacturing base, any new universal tariffs on imports could adversely impact the gross margin related to our Malaysia, Vietnam, and India production sold into the United States.

鑑於我們在美國擁有重要且不斷擴大的製造基地，雖然對我們大致有利，但任何新的普遍進口關稅都可能對我們銷往美國的馬來西亞、越南和印度產品的毛利率產生不利影響。

Finally, it is also important to note that regardless of the outcome of the November election, utility-scale demand for renewables is expected to continue to grow. The sources of this projected substantial demand are varied, including from data center, the reshoring of manufacturing, cryptocurrency mining, the heating and cooling, to name a few.

最後，還需要注意的是，無論 11 月選舉結果如何，公用事業規模對再生能源的需求預計將繼續增長。預計的大量需求的來源多種多樣，包括資料中心、製造業回流、加密貨幣挖礦、暖氣和冷氣等。

Critically, such demand is generally not dependent on policy-enabled drivers. Solar continues to demonstrate that in many US locations, it is the lowest cost source of energy. And there are few other generation sources that can be expanded at scale or notably deployed as quickly as solar, a critical attribute for end-users who place a priority on time to power. In addition, given the presence of long-term fixed price PPAs, relatively predictable degradation, few moving parts and an unlimited free fuel source in the form of sunlight, solar, and by nature is deflationary energy generation assets further contributing to the nation's economic growth.

至關重要的是，這種需求通常不依賴政策驅動。太陽能繼續證明，在美國許多地方，它是成本最低的能源。很少有其他發電來源能夠像太陽能一樣大規模擴展或部署得那麼快，這對於優先考慮供電時間的最終用戶來說是一個關鍵屬性。此外，鑑於長期固定價格購電協議的存在、相對可預測的退化、很少的移動部件以及以陽光、太陽能形式存在的無限的免費燃料來源，本質上是通貨緊縮的能源發電資產，進一步促進國家的經濟成長。

Moving on from political considerations. The Second externality along common theme in the solar industry is irrational oversupply driven almost exclusively by China's well-documented ambitions to dominate solar supply chains. The unsustainable market conditions resulting from this behavior continue to be an adverse macro condition confronting module manufacturers like First Solar that are committed to competing on a level playing field and on the basis of their merits and undertaking growth that is underpinned by demand.

從政治考量出發。太陽能產業共同主題的第二個外部性是非理性的供應過剩，這幾乎完全是由中國主導太陽能供應鏈的雄心所導致的。這種行為導致的不可持續的市場狀況仍然是 First Solar 等組件製造商面臨的不利宏觀環境，這些製造商致力於在公平的競爭環境中基於自身優勢進行競爭，並以需求為基礎實現增長。

These market distorting practices have resulted in a 2024 year end projected US oversupply position of approximately 40 gigawatt. Our supply conditions in the EU continued unabated as policymakers struggle to provide a coherent policy response to ensure sustainable manufacturing conditions with the -- in the European block.

這些扭曲市場的做法導致預計 2024 年底美國供應過剩狀況約為 40 吉瓦。我們在歐盟的供應狀況持續有增無減，因為政策制定者努力提供一致的政策反應，以確保歐洲地區的可持續製造條件。

In India, a challenged ASP environment is a large part of consequence of Chinese cell dumping, that is artificially lower pricing and challenges the country's aspiration to end its reliance on an adversarial by developing a domestic manufacturing base that serves a domestic market. Despite several of our crystalline silicon competitors publicly reporting significant financial losses for the first half of the year as they work to shed excess inventory and rationalize capacity, the Chinese solar industry continues its race to the Bottom through overbuilding capacity, ignoring clear indications that the market cannot sustain such levels of production. This resolves and continued dumping of products into key markets at depressed prices.

在印度，面臨挑戰的平均售價環境在很大程度上是中國電池傾銷造成的後果，即人為壓低價格，並挑戰了該國通過發展服務於國內市場的國內製造基地來結束對對手依賴的願望。儘管我們的幾家晶矽競爭對手公開報告稱，他們在努力削減過剩庫存和合理化產能的過程中，今年上半年出現了重大財務損失，但中國太陽能行業繼續通過產能過度建設來逐底競爭，無視市場的明顯跡象。這解決了產品繼續以低迷的價格傾銷到主要市場的問題。

Despite the recently published proposal by China's Ministry of Industry and Information Technology seeking to raise the minimum capital ratio for new PV capacity and imposed intellectual property ownership criteria related to capacity expansion, there is scepticism that such measures will be effective in curtailing production expansions and reshoring supply and demand balance. Particularly as a consequence, we see China capacity expansions -- particularly as we see continuously see China capacity expansion plans announced.

儘管中國工業和資訊化部最近發布了建議，尋求提高新增光伏產能的最低資本比率，並規定了與產能擴張相關的智慧財產權所有權標準，但人們懷疑這些措施是否能有效遏制產能擴張和回流供需平衡。特別是因此，我們看到中國產能擴張——特別是我們不斷看到中國宣布產能擴張計畫。

In a market challenged by irrational over-supply and in sharp contrast, the results recently announced by some of our Chinese competitors, we have continued to deliver strong performance as reflected by our year-to-date earnings, recent bookings and total backlog. And while the crystalline silicon industry faces potential obstacles to innovation due to weakening fundamentals and pending legal challenges to its freedom to operate, including as it relates to First Solar's recently announced many of TOPCon technology patents.

在面臨非理性供應過剩挑戰的市場中，與我們的一些中國競爭對手最近公佈的業績形成鮮明對比的是，我們繼續保持強勁的業績，這反映在我們的年初至今的盈利、近期預訂量和總積壓訂單上。儘管晶體矽產業由於基本面疲軟以及對其營運自由的懸而未決的法律挑戰而面臨潛在的創新障礙，其中包括與 First Solar 最近宣布的許多 TOPCon 技術專利相關的挑戰。

During the quarter, we established a new record CdTe research cell remain on track related to our CuRe launch and fleet replication schedule. It commissioned our new R&D facility.

在本季度，我們建立了新紀錄的 CdTe 研究單元，與我們的 CuRe 發射和機群複製計劃保持一致。它委託了我們的新研發設施。

The third optionality we have observed relates to certain multinational companies, strategic direction and capital allocation. As referenced on our prior earnings call and during this call, we are observing some multinational oil and gas and power utility companies, particularly those based in Europe, considering pivots from renewable project development back to fossil projects in an effort to increase returns. For example, we've been made aware that a US affiliate of a European-based multinational oil and gas customers evaluating their strategic direction with regards to renewable project development.

我們觀察到的第三個選擇與某些跨國公司、策略方向和資本配置有關。正如我們先前的財報電話會議和本次電話會議期間所提到的，我們觀察到一些跨國石油、天然氣和電力公用事業公司，特別是總部位於歐洲的公司，正在考慮從再生能源專案開發轉向化石燃料項目，以努力增加回報。例如，我們獲悉，一家歐洲跨國石油和天然氣客戶的美國子公司正在評估其在再生能源專案開發方面的戰略方向。

Notwithstanding, we believe the underlying fundamentals of solar remain robust. As mentioned on our last earnings call, we are seeing the potential for a significant increase in demand as the decade advances driven in part by data center load growth, 10 of our largest customers have ongoing and future projects that are serving the nation's largest hyperscalers deploying our technology for the balance of the decade.

儘管如此，我們相信太陽能的基本面仍然強勁。正如我們在上次財報電話會議上提到的，隨著十年的進步，部分由資料中心負載增長推動，我們看到需求顯著增長的潛力，我們最大的10 個客戶擁有正在進行和未來的項目，為全國最大的超大規模部署提供服務我們的技術在這十年的餘下時間裡。

According to analysis by the Boston Consulting Group, data center driven energy demand expected to increase by 15% to 20% annually through 2030. Total US power consumption is expected to increase by 3% per year through the end of this decade, with data centers alone expected to contribute more than 60% of the total growth.

根據波士頓顧問集團的分析，到 2030 年，資料中心驅動的能源需求預計將以每年 15% 至 20% 的速度成長。一項預計就貢獻了總成長的60%以上。

We believe that this potential hyperscale related demand, coupled with their publicly stated commitments to address their energy needs through clean generation, along with our strong track record of partnering with developers to provide solutions for these off-takers, places First Solar in a strong position to have an important role in powering an industry of the future. As demonstrated by recently signed 620 megawatt module supply agreement, subject to additional conditions precedent with a new US customer that will be supplying power to a hyperscale.

我們相信，這種潛在的超大規模相關需求，加上他們公開承諾透過清潔發電滿足能源需求，以及我們與開發商合作為這些承購商提供解決方案的良好記錄，使 First Solar 處於有利地位在推動未來產業方面發揮重要作用。正如最近簽署的 620 兆瓦組件供應協議所證明的那樣，該協議須滿足與將為超大規模電力供應的美國新客戶的額外先決條件。

Underlying fundamentals related to fossil fuel retirements, the movement towards electrification, utility and corporate demand for clean energy. Scrutiny of environmental impact and social consciousness of supply chain providers and load growth, especially related to AI driven data center demand aligned with First Solar's position as a leading provider of equal efficient modules and its approach to responsible solar.

與化石燃料退役、電氣化運動、公用事業和企業對清潔能源的需求相關的基本面。對供應鏈提供者的環境影響和社會意識以及負載成長進行審查，特別是與人工智慧驅動的資料中心需求相關的審查，這與First Solar 作為同等高效組件的領先供應商的地位及其負責任的太陽能方法一致。

We're also seeing increased demand driven by modified domestic content bonus, Safe Harbor guidance issued by the Department of Treasury and IRS in May of 2024 the updated guidance sets out a more practical points-based calculation rather than a cost based calculation for a renewable energy project to qualify for the bonus. Placing a high value on vertically integrated manufacturing that utilizes domestic procured components of profile, exemplified by First Solar's growing domestic manufacturing operations.

我們也看到，修改後的國內含量獎金、財政部和國稅局於2024 年5 月發布的安全港指南推動了需求的增加，更新後的指南規定了更實用的基於積分的計算，而不是基於再生能源成本的計算能源專案有資格獲得獎金。高度重視利用國內採購型材組件的垂直一體化製造，First Solar 不斷成長的國內製造業務就是例證。

Given the high domestic content embedded in our US produced Series 6 and Series 7 modules, which critically feature domestically manufactured cell and incorporate domestic components for [either] all or almost all of the points eligible component specified in the elective Safe Harbor in the May 2024 updated guidance.

鑑於我們在美國生產的6 系列和7 系列模組中嵌入了很高的國內含量，這些模組主要採用國產電池，並採用國產組件，以實現2024 年5 月選修安全港中指定的所有或幾乎所有符合條件的組件更新了指導。

Our customers' projects can satisfy key aspects of the domestic content bonus criteria, just by procuring First Solar modules. Under the new elected Safe Harbor, there are opportunities for First Solar to blend is deliveries to customers with modules produced across its global fleet, potentially increasing the optimization of all of our factories while enabling our customers to qualify more projects for the domestic content bonus.

只需採購 First Solar 組件，我們客戶的專案就可以滿足國內含量獎勵標準的關鍵方面。根據新選出的安全港協議，First Solar 有機會將其全球船隊生產的組件與交付給客戶的產品混合在一起，這可能會提高我們所有工廠的優化，同時使我們的客戶能夠獲得更多項目以獲得國內內容獎金。

In summary, while external factors such as the outcome and impact of the forthcoming election and the continued impact of the global Chinese driven overcapacity on supply present challenges. First Solar continues to focus and deliver on our planned initiatives. Through continued execution, active policy engagement, utilizing our balanced approach to growth, profitability and liquidity, and leveraging our points of differentiation. We believe we remain well positioned to navigate these challenges.

綜上所述，雖然即將到來的大選結果和影響以及全球華人驅動的產能過剩對供應的持續影響等外部因素帶來了挑戰。 First Solar 繼續關注並實現我們計劃的舉措。透過持續執行、積極的政策參與，利用我們平衡的成長、獲利和流動性方法，並利用我們的差異化優勢。我們相信，我們仍然能夠很好地應對這些挑戰。

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 continued to robust 3.6 gigawatts of net bookings year-to-date, including 0.9 gigawatts of net bookings since our last earnings call. The resilient contracted backlog of 75.9 gigawatts. And continued focus on manufacturing technology excellence resulted in a record quarterly production of 3.7 gigawatts. Alabama and Louisiana factory expansions remain on schedule. The expansion of our higher manufacturing footprint has been completed and commercial shipments began as scheduled for the end of the second quarter.

年初至今，需求持續強勁，淨預訂量達到 3.6 吉瓦，其中包括自上次財報電話會議以來的 0.9 吉瓦淨預訂量。富有彈性的合約積壓量為 75.9 吉瓦。持續關注卓越製造技術，季度產量達到創紀錄的 3.7 吉瓦。阿拉巴馬州和路易斯安那州的工廠擴建仍在按計劃進行。我們更高的製造足跡的擴張已經完成，商業發貨按計劃於第二季末開始。

From a technology perspective, we've established a new world record CdTe research cell commissioned our new R&D facility and a higher expect our CuRe lead line launch in Q4 of this year announced the ownership of certain issued and pending patents relate to the manufacture of TOPCon crystalline silicon cells. Financially, we earned $3.25 per diluted share, and we ended the quarter with a gross cash balance of $1.8 billion or $1.2 billion net of debt. We are maintaining our full year 2024 guidance, including forecasted full-year earnings per diluted share of $13 to $14.

從技術角度來看，我們已經建立了新的世界紀錄CdTe 研究單元，委託我們的新研發設施，並對今年第四季度推出的CuRe 領先產品線抱有更高的期望，宣布擁有與TOPCon 製造相關的某些已發布和正在申請的專利晶體矽電池。在財務方面，我們稀釋後每股收益為 3.25 美元，本季結束時，我們的現金餘額總額為 18 億美元，扣除債務後為 12 億美元。我們維持 2024 年全年指引，包括預測全年每股攤薄收益 13 至 14 美元。

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

至此，我們將結束準備好的發言並開始提問。操作員？

Philip Shen, ROTH MKM Partners.

Philip Shen，羅斯 MKM 合夥人。

Hey, guys. Thanks for taking my questions. The slides say you guys booked 1.3 gigs in July and then the press release says 900 megawatts were booked since past call. The $0.316 per watt disclosed was on the 900 megawatts, but that seemed to include the cancellation of the EU customer. What was the ASP on the full 1.3 gigs or gigawatts gross bookings in July, assuming that's the correct number. So that the first question.

大家好。感謝您回答我的問題。幻燈片上說你們在 7 月預訂了 1.3 場演出，然後新聞稿說自上次電話會議以來已經預訂了 900 兆瓦。披露的每瓦 0.316 美元是針對 900 兆瓦，但這似乎包括歐盟客戶的取消。假設這是正確的數字，那麼 7 月 1.3 演出或千兆瓦總預訂量的平均售價是多少。那麼第一個問題。

Second question is around the bookings outlook ahead. Can you provide some additional detail on that 4.1 gigawatts of opportunities confirmed, but not yet booked on slide 7. When could these translate to bookings wherein in this policy environment that's uncertain. When do you think bookings accelerate and reflect -- start to reflect this at a higher, tariff higher price environment? Thanks, guys.

第二個問題是關於未來的預訂前景。您能否提供有關投影片 7 上已確認但尚未預訂的 4.1 吉瓦機會的更多詳細資訊。您認為預訂什麼時候會加速並反映出來—開始在更高、關稅更高的價格環境中反映出來？多謝你們。

It's Phil, on the ASPs. Yes, we did have a cancellation during the quarter, which we referenced, which is the [0.4]. So that is the delta. The ASPs that we reported net of the cancellation is in line with where the gross ASPs would be as well. The actual cancellation was slightly lower, but I don't take it as a material delta. The numbers are in line with the net numbers that have been reported from that standpoint.

我是 Phil，負責 ASP。是的，我們確實在本季取消了訂單，我們提到了這一點，即 [0.4]。這就是三角洲。我們報告的扣除取消後的平均售價也與總平均售價一致。實際取消的數量略低，但我不認為這是一個實質的增量。這些數字與從該角度報告的淨數字一致。

Bookings from a standpoint of momentum. Look, there's what we've -- our strategy has been, let's be patient. Let's let's make sure the market has an opportunity to continue to digest all the information that's coming about right. And we believe there's still even more to come and we kind of alluded to a few one is the potential announcement of critical circumstances.

從勢頭的角度來看，預訂量。看，這就是我們的策略——我們的策略是，讓我們耐心等待。讓我們確保市場有機會繼續消化所有即將出現的正確訊息。我們相信還會有更多的事情發生，我們提到的其中一些是可能宣布的緊急情況。

We think that there is a momentum potentially for addressing the foreign entity of concern and the potential use of taxpayer dollars to go to several countries. We think there are other initiatives that could be focused on examining the India imports coming into the US and the potential use of Chinese cells [and] the manufacture of those products and bought into the US market.

我們認為，存在解決所關注的外國實體問題以及可能使用納稅人資金流向多個國家的潛在動力。我們認為還有其他措施可以專注於審查進入美國的印度進口產品以及中國電池的潛在用途[以及]這些產品的製造併購買到美國市場。

And we also believe that there still, as previously indicated in the domestic content guidance that was communicated in May that the current administration is evaluating the potential use or integration, I should say, of a wafer to qualify for domestic content. So we're just going to trying to be as patient as possible. And you throw in the mix, our recently announced the TOPCon IP. We're just going to be patient as possible to learn all that information to be digested with the market.

我們還認為，正如先前在 5 月傳達的國內內容指南中所指出的那樣，現任政府仍在評估晶圓的潛在使用或集成，以符合國內內容的資格。所以我們要盡量保持耐心。再加上我們最近發布的 TOPCon IP。我們將盡可能耐心地了解所有需要市場消化的資訊。

To the extent we can see ASPs that are attractive to us and the windows that we're trying to book out into anywhere I'd still want to continue to remind people that these are windows or bookings are going out into '27 and '28. We look at the bookings last quarter, new include the tech adders, which push us north of $0.33. I think we're moving in the right direction and where we feel comfortable where our pricing will be.

在某種程度上，我們可以看到對我們有吸引力的 ASP 以及我們試圖在任何地方預訂的窗口，我仍然想繼續提醒人們這些窗口或預訂將在 27 和 28 年進行。我們查看了上個季度的預訂情況，其中包括科技公司的預訂，這使我們的預訂量上漲了 0.33 美元。我認為我們正在朝著正確的方向前進，我們對定價感到滿意。

So I think there's momentum there. I think, I want the market still to digest all of the uncertainty. And once that gets better understood into the marketplace, I think you'll see more momentum in our bookings as we close out the year. Having said that, there's still an election in front of us that I still think a lot of people are going to be very reluctant potentially as a good use to -- good word to use for booking into '27, '28 with less certainty on policy environment. So that momentum may impact us as well. But I do think there's an opportunity here to see a little more momentum as a lot of this information to digest, we'll see how we progress through the balance of the year.

所以我認為那裡有動力。我認為，我希望市場仍然能夠消化所有的不確定性。一旦市場更好地理解這一點，我認為在今年結束時您會看到我們的預訂有更多動力。話雖如此，我們面前仍然有一場選舉，我仍然認為很多人會非常不情願，因為這可能是一個很好的用途——用這個詞來預訂“27”、“28”，但不確定性較小。因此，這種勢頭也可能會影響我們。但我確實認為，隨著大量資訊需要消化，我們有機會看到更多的動力，我們將看到我們在今年餘下的時間裡如何取得進展。

Jonathan Windham, UBS.

喬納森溫德姆，瑞銀集團。

Hi, perfect. Thanks for taking the questions. I guess as you've moved forward on Alabama, the focus will turn to Louisiana. And just I guess a couple of questions on the same topic. Any key milestones that you would point us to over the next six to nine months to keep track of that project.

你好，完美。感謝您提出問題。我想當你在阿拉巴馬州前進時，焦點將轉向路易斯安那州。我猜想有幾個關於同一主題的問題。您在接下來的六到九個月內向我們指出的任何關鍵里程碑，以追蹤該專案。

And then at what point do you think we'll get a little bit more specific visibility on when that ramps beyond just saying the second half of 2025? Thanks again, a great result.

那麼您認為我們什麼時候才能獲得更具體的訊息，了解這種情況何時會超出 2025 年下半年的範圍？再次感謝，一個很好的結果。

Yes. So look, I think the first milestone, which we expect to start seeing as we exit this year into next year would just be the completion of the construction of the building. And you can see that a lot of the exterior construction for the building has been completed, but there's still quite a bit of work that needs to be done on the interior. And then it will be to move [end].

是的。所以看，我認為第一個里程碑，我們預計在今年退出到明年時開始看到的，就是大樓建設的完成。你可以看到大樓的許多外部施工已經完成，但是內部還有很多工作要完成。然後就是移動[結束]。

So we in our current plan will be Q1, beginning of Q2 will be the tool move-in for them for Louisiana for that factory, then there's the energization process and then with largest going to line up to an integrator run very similar to we just started or integrated run this year for Alabama. You roll the clock forward to July of next year, we should be looking towards an integrated run at that point in time would be euro Q3.

因此，我們目前的計劃將是第一季度，第二季度開始將是他們在路易斯安那州工廠的工具搬入，然後是通電過程，然後最大的將排隊到整合商，運作方式與我們剛剛的非常相似今年阿拉巴馬州開始或綜合運作。如果將時鐘撥到明年 7 月，我們應該期待歐元第三季的整合運作。

So we're making real good progress. Happy with what we're seeing right now that I have hopefully have confidence in what we've been able to do with this is our last factory and a journey to get a north of 25 gigawatts capacity. And now we started with not too long ago at 6 gigawatts. And so we've been able to in a relatively short period of time to meaningfully increase our manufacturing capacity and the team's done an excellent job in delivering.

所以我們正在取得真正的良好進展。對我們現在所看到的感到滿意，我希望對我們能夠利用這家工廠所做的事情充滿信心，這是我們獲得超過 25 吉瓦產能的旅程。現在我們不久前開始的容量是 6 吉瓦。因此，我們能夠在相對較短的時間內顯著提高我們的製造能力，並且團隊在交付方面做得非常出色。

Andrew Percoco, Morgan Stanley.

安德魯佩爾科科，摩根士丹利。

Good afternoon. Thanks for taking the question. I just want to come back to the election point that you made earlier mark. I just trying to clarify, do you think this is going to slow momentum because developers are on pause? Or do you think this could actually accelerate momentum just given your domestic footprint, just on the view that a potential Republican president would likely have a much more protectionist policy view. I'm just trying to get a better sense of whether this is a pre or post-election up bookings and pricing acceleration?

午安.感謝您提出問題。我只想回到您之前標記的選舉點。我只是想澄清一下，您認為這會因為開發人員暫停而放緩勢頭嗎？或者你是否認為，考慮到你在國內的足跡，僅僅考慮到潛在的共和黨總統可能會採取更保護主義的政策觀點，這實際上會加速勢頭。我只是想更了解這是選舉前還是選舉後的預訂和定價加速？

Yeah. Look, I think the answer is both. I think initially there will be there as -- there will be some pause with trying to understand exactly that policy environment and what potential implications there will be if there is a new administration and Republican control. But I think as you see through that dust. It's going to be very clear that in my discussions in DC, clearly geopolitical tensions with China are getting any easier when you go to the Republican side of the conversation. There are going to be tariffs that are going to be imposed, which are going to better advantage First Solar in our domestic footprint, for sure. And there's a real reluctancy of using US taxpayer dollars to advantage Chinese own and control company.

是的。看，我認為答案是兩者兼而有之。我認為最初會出現一些停頓，試圖準確地理解政策環境以及如果出現新政府和共和黨控制將會產生什麼潛在影響。但我認為當你透過那些灰塵看到的時候。很明顯，在華盛頓的討論中，當你站在共和黨這邊時，與中國的地緣政治緊張局勢顯然會變得更加容易。將會徵收關稅，這肯定會更好地使 First Solar 在國內業務中佔據優勢。而且人們確實不願意使用美國納稅人的錢來為中國擁有和控制的公司謀取利益。

So all that, I think plays to our strength. But at the same time, I think everyone's going to want to understand the environment. So there could be an initial pause. And then I think once that happens, you could see further acceleration. In some cases, you may even see a pull forward of projects from '26 into '25. If there's a view that, that there's a legislative process potentially that could change certain provisions within [IRA]. There may be an acceleration of everybody trying to monetize as much as they can at '25 before.

所以我認為這一切都發揮了我們的優勢。但同時，我認為每個人都想了解環境。所以可能會有一個最初的停頓。然後我認為一旦發生這種情況，你就會看到進一步的加速。在某些情況下，您甚至可能會看到項目從 26 年提前到 25 年。如果有人認為，立法程序可能會改變 [IRA] 中的某些條款。 25 歲之前，每個人都可能會加速嘗試盡可能多賺錢。

Budget reconciliation process could potentially impact the legislation and call that maybe late Q3 of '25, view of the world. So I think we're going to see a little bit of both maybe some pause just to assess. But then I think what likely plays out with the Republican control DC would be a [favourable] outcome for First Solar's domestic manufacturing.

預算協調過程可能會影響立法，並可能在 25 年第三季末對世界觀產生影響。所以我認為我們會看到兩者都有一點，也許只是暫停一下以進行評估。但我認為共和黨控制的華盛頓可能會為 First Solar 的國內製造帶來[有利的]結果。

And remarks talking about it from a customer perspective. The same is also true from out and we've talked before about how. There's potentially some customer timing question around when they would want to make bookings. The same is true for us as to when we want to take a booking. And you see that in the very judicious approach we've been taking and what looks historically like relatively low bookings in this quarter. That's a deliberate outcome for us.

並從客戶的角度談論它。從外面看也是如此，我們之前已經討論過如何做到這一點。客戶可能會在何時進行預訂方面遇到一些時間表問題。當我們想要預訂時，情況也是如此。你會看到，我們一直在採取非常明智的方法，從歷史上看，本季的預訂量相對較低。這是我們故意的結果。

And so as we think through the risk profile of taking booking today, the risk profile around the election most scenarios would tell us that it makes sense for us to wait, especially given that one of the things that First Solar prides itself [obviously] we honor our contracts and so. If we set a price today and things change around the election that could otherwise lead to different outcome, we will honor the contract that we signed the same way we expect our customers to honor the contracts that you've signed. So there's a lot of things here to lead, lead us to wait as well as a customer.

因此，當我們思考今天接受預訂的風險狀況時，圍繞選舉的風險狀況大多數情況都會告訴我們等待是有道理的，特別是考慮到 First Solar 引以為豪的事情之一[顯然]是我們履行我們的合約等等。如果我們今天設定價格，而選舉前後情況發生變化，否則可能會導致不同的結果，我們將履行我們簽署的合同，就像我們希望我們的客戶履行您簽署的合同一樣。所以這裡有很多事情需要引導，引導我們以及客戶等待。

Mark Strouse, JPMorgan.

馬克‧斯特勞斯，摩根大通。

Yes, good afternoon. Thank you very much for taking our question. When to follow up on Philip question earlier, just comparing and contrasting the ASPs of the bookings in July versus what you put up on the last earnings call, up a bit kind of despite all of the news that's come out intra quarter, you mentioned, customers are digesting all of this, the news flow. Is there any other color there that you would call out as far as timing of those deliveries 2027 versus 2030, that also might be a factor in that.

是的，下午好。非常感謝您接受我們的提問。何時跟進菲利普早些時候的問題，只是比較和對比7 月份的預訂平均售價與您在上次財報電話會議上提出的平均售價，儘管季度內發布了所有消息，但還是有所上升，您提到，客戶正在消化所有這些新聞流。就 2027 年和 2030 年的交貨時間而言，您是否還有其他顏色可以指出，這也可能是其中的一個因素。

And then just a quick follow up. Do you have a customer in mind to backfill for the 400 megawatt cancellation? Should we just simply add that to our 2025 numbers? Is there any chance that could potentially come back into 2024? Thank you.

然後快速跟進。您是否有客戶考慮補充 400 兆瓦取消的電量？我們是否應該簡單地將其添加到 2025 年的數字中？ 2024 年是否有可能回歸？謝謝。

Yeah. Look, on the last question, I guess first I'll hit on that. That -- there is a chance we are actively engaged right now with negotiations on a portion of that volume. But at the same time, we're just trying to be balanced in our view. So we only have five months left in the year. The timing of the requirement for those models and what project, it has to be something that is. Not too far along in the design phase because of it's already been designed to a different product and then to switch the engineering drawings and everything else and potentially even the supply chain. Data system that they are currently procuring could have to be modified as well. So I think it's best just to assume that it does not happen this year, but clearly we're going to want to sell through that volume as quickly as we can.

是的。聽著，關於最後一個問題，我想我首先會談到這一點。我們現在有可能正在積極參與該卷的一部分的談判。但同時，我們只是試著平衡我們的觀點。所以今年只剩五個月了。這些模型的需求時間和項目，必須是這樣的。設計階段不會太遠，因為它已經被設計成不同的產品，然後切換工程圖和其他一切，甚至可能是供應鏈。他們目前採購的數據系統也可能需要修改。因此，我認為最好假設今年不會發生這種情況，但顯然我們希望盡快銷售完該數量。

As it relates to the bookings. Yeah, there is -- to me there's really four large bookings. Yes, there was in the current quarter. Forget about the de-booking. In the current quarter, there was four large ones. I'm also including that the one booking that [look search for] CPI contracts, [search for] CPI, which is 600 megawatt projects include that in there. That deal is completely finalized all terms and conditions and ASP is and all that stuff is finalized. And subject to a developer getting actually finalizing control of the site on there. And we hopefully will see that close out this upcoming quarter.

因為它與預訂有關。是的，對我來說，確實有四筆大額預訂。是的，本季有。忘記取消預訂吧。本季有四個大的。我還包括[尋找搜尋] CPI 合約的預訂，[搜尋] CPI，這是 600 兆瓦的項目，其中包括該項目。這筆交易已完全敲定所有條款和條件，ASP 也已敲定。並且取決於開發人員實際最終確定對該網站的控制權。我們希望能在下個季度看到這一點。

So I look at it. There's four large bookings for the quarter are three bookings plus a contract which aggregates up to about 1.8 gigawatts when you look at it from that perspective and most of that volume is '26, '27 and '28. So it is out into a longer dated window. It is still maintaining good ASPs and why we always want to make sure that we're highlighting the impact of those adders. As we indicated, we're starting our Carroll lead line this quarter and will be replicated across the fleet.

所以我看看它。本季度有四個大型預訂，其中三個預訂加上一份合同，從這個角度來看，總計約 1.8 吉瓦，其中大部分是 26 年、27 年和 28 年。所以它進入了一個更長的日期視窗。它仍然保持著良好的 ASP，這也是為什麼我們總是希望確保強調這些加法器的影響。正如我們所指出的，我們將在本季度啟動我們的卡羅爾領先產品線，並將在整個機隊中複製。

So that time we actually deliver against those projects will be able to monetize the full value of those adders. So I look at the ASP numbers. It should be mostly reflect upon is the ASP with the adder. And so good projects, good window, which wind to book with good counterparties. Happy to continue to see more and more First Solar modules being associated with data center and expansion of data centers.

因此，到時候我們實際交付這些項目將能夠將這些加法器的全部價值貨幣化。所以我查看了 ASP 數字。最該反思的是帶有加法器的ASP。好的項目、好的窗口，都可以與好的交易對手預訂。很高興繼續看到越來越多的 First Solar 元件與資料中心和資料中心的擴展相關聯。

So overall, pretty pleased with that. And we'll continue to see customers and willingness to move forward. And again, I do think given the wind is at worst. We're looking at into there will be some that are going to continue to, maybe evaluate and assess until there's better clarity exactly with where the policy environment will land and do you see and no different than what we want to do the same thing as Alex indicated.

總的來說，對此非常滿意。我們將繼續看到客戶並願意繼續前進。再說一次，我確實認為考慮到風是最糟糕的。我們正在研究一些可能會繼續進行的評估，直到更清楚地了解政策環境將在何處落地，你看到了嗎，這與我們想做的事情沒有什麼不同亞歷克斯指出。

Brian Lee, Goldman Sachs.

布萊恩李，高盛。

Hey, guys, good afternoon. Thanks for taking the questions. On [sorry there] beat a dead horse, but on the bookings front, just had a pricing question or all the bookings from US fabs in the quarter? Was there some from Asia there as well? I'm just trying to, I guess, get a sense of like-for-like pricing. Given your comments from the last call that US pricing has moved maybe $0.03 to $0.04 per watt high in recent times owing to tariff uncertainty that still what you're seeing mid 30s level in the US specifically?

嘿，夥計們，下午好。感謝您提出問題。 [抱歉] 已經死馬當活了，但在預訂方面，只是有一個定價問題還是本季來自美國晶圓廠的所有預訂？那裡也有一些來自亞洲嗎？我想，我只是想了解同類定價的情況​​。鑑於您在上次電話會議中的評論，由於關稅不確定性，美國的定價最近每瓦可能上漲了 0.03 美元至 0.04 美元，但您在美國看到的水平仍然是 30 年代中期的水平？

And then second question I had was just, big picture thoughts on new CapEx and timing of any mixed manufacturing capacity expansion with a new technology tandem or Series 7 water major bottlenecks decision criteria that you're thinking about potentially move forward on a decision there? Thanks guys.

然後我的第二個問題是，關於新資本支出的總體想法以及任何混合製造產能擴張與新技術串聯或系列 7 水主要瓶頸決策標準的時間安排，您正在考慮可能會在那裡做出決定？多謝你們。

Yeah. So we have the bookings -- there was some India domestic volume that was booked within the quarter. And we highlighted that and call that out of the average ASP wasn't a significant portion of the total volume, but it was a piece of it. But there are some shipments from India in particular that are being sold into the US market that are included in that average ASP. I wouldn't say all that dissimilar from our normal mix of domestic versus international, but there is some in India volume that will be sold into the US market that's captured in the bookings for the quarter.

是的。所以我們有預訂——本季內有一些印度國內的預訂量。我們強調了這一點，並稱平均 ASP 並不是總銷量的重要部分，但它是其中的一部分。但有一些來自印度的貨物銷往美國市場，這些貨物已包含在平均售價中。我不會說這與我們正常的國內和國際組合有什麼不同，但印度的一些銷量將銷往美國市場，這些銷售在本季度的預訂中得到體現。

The -- one thing I want to make sure is that when we go back and talk about the pricing environment. What I would say is what we saw going into last earnings call, we had our earnings call in Feb pricing got really soft in the month of March, then we rolled through beginning of April and there was, at that time it was an indication of the AD and CVD action against Southeast Asia. The new trade initiative that happened in early April. And then we started to see prices firm up.

我想確定的一件事是，當我們回去討論定價環境時。我想說的是我們在上次財報電話會議中看到的情況，我們在 2 月份的財報電話會議上，3 月份的定價變得非常疲軟，然後我們在 4 月初進行了滾動，當時這表明針對東南亞的AD和CVD行動。四月初發生的新貿易倡議。然後我們開始看到價格堅挺。

And then we ended up closing out on medium amount of volume in that earnings call that we announced in May. But my comment that I even said last time was that, some of that midpoint or the $0.03 to $0.04 was from also the weakness that we saw initially within the quarter that then firmed up. So I want to be clear, with adjusters were $0.33, [$0.33 and change]. I don't think we should be looking at, that number is going to go up into and above the mid 30s range, right?

然後，我們最終在五月宣布的財報電話會議上以中等成交量結束了交易。但我上次說過的評論是，中點或 0.03 美元至 0.04 美元的部分也來自我們最初在本季度看到的疲軟，然後又趨於堅挺。所以我想澄清一下，調節器是 0.33 美元，[0.33 美元和零錢]。我認為我們不應該考慮這個數字會上升到 30 多歲左右的範圍，對嗎？

So even -- to me it's mid-30s cap and south of mid-30 and where we ended up at [33 6]. I think that's where we ought to be thinking about it and it's going to ebb and flow any particular quarter depending on what our mix is and what we're selling from domestic and international because domestic prices are higher than in international. But I also want to make sure that, that we should not be thinking that we're going to [at least].

所以，對我來說，這是 30 年代中期的上限，在 30 年代中期以南，我們最終的結果是 [33 6]。我認為這是我們應該考慮的地方，它會在任何特定的季度波動，這取決於我們的產品組合以及我們從國內和國際銷售的產品，因為國內價格高於國際價格。但我也想確保，我們不應該認為我們會（至少）這樣做。

In our mind if we can sell through and Horizon that that's far out under the current policy construct at those types of ASPs, we still find that to be extremely attractive. Now in a higher tariff environment, which is why we're trying to be patient on our domestic product and what we're selling through at that, I think there's increased opportunity for higher ASPs domestically. But that it's all triggered by potential change in administration and overall change to strategy our own policy environment.

在我們看來，如果我們能夠通過和地平線銷售，這在這些類型的 ASP 的當前政策結構下是遠遠超出的，我們仍然發現這非常有吸引力。現在在關稅較高的環境中，這就是為什麼我們試圖對我們的國內產品以及我們所銷售的產品保持耐心，我認為國內平均售價更高的機會有所增加。但這都是由行政管理的潛在變化和我們自己的政策環境策略的整體變化所引發的。

So but -- that's how we should think about ASP around new CapEx. [It's all tethered] back to the same policy conversation. Once we have the view and understanding what that policy environment is going to be like, then we can make a decision on how we want to proceed in that regard. And as I've indicated on prior calls, we're going to continue to do all the work we need to be ready once we're on the understanding of the policy environment will know which narrow we should go down.

但是，這就是我們應該如何圍繞新資本支出來考慮 ASP。 [一切都被束縛]回到同一個政策對話。一旦我們了解並了解政策環境將會是什麼樣子，我們就可以決定如何在這方面進行。正如我在先前的電話會議中所指出的，一旦我們了解了政策環境，我們將繼續做好我們需要準備的所有工作，我們將知道我們應該採取哪些措施。

Vikram Bagri, Citi.

維克拉姆·巴格里，花旗銀行。

Hi, everyone. Good afternoon. I apologize if I missed this, Mark, I wanted to understand your exposure to the uncertainties. You highlighted the capital allocation of the geopolitical and so forth and regulatory. Are you like trying to indicate that the backlog is completely secure and these uncertainties only impact the forward booking outlook are there is -- you're having discussions where there might be more cancellations due to convenience.

大家好。午安.如果我錯過了這一點，我深表歉意，馬克，我想了解您面臨的不確定性。您強調了地緣政治等方面的資本配置和監管。您是否想試圖表明積壓是完全安全的，這些不確定性只會影響遠期預訂的前景——您正在討論由於方便而可能會有更多取消的情況。

And then staying on that same topic, Mark, the [Can you Chevron buffering] ruling has very widespread applications and a lot of the IT's interpretation by government agencies do you see any risks from challenges are to those interpretations directly or indirectly to First Solar? Thank you.

然後繼續討論同一主題，Mark，[Chevron 緩衝可以嗎] 裁決具有非常廣泛的應用，並且政府機構對 IT 的許多解釋是否存在直接或間接對 First Solar 造成挑戰的風險？謝謝。

Yeah. Look, I think what we tried to highlight in the call is that there's externalities right now that creates some amount of uncertainty. And one is obviously the [amount]. We spent a lot of time around that. For the others clearly the significant overcapacity that we continue to see unabated from China. And we're just trying to continue to highlight that and also emphasize why there is -- and so important for us to be very aggressive on a trade policy standpoint, whether here in the US or in India or even actions and initiatives we're trying to do in the EU, right.

是的。聽著，我認為我們在電話會議中試圖強調的是，目前存在的外部因素造成了一定程度的不確定性。其中之一顯然是[金額]。我們為此花了很多時間。對其他國家來說，我們仍然看到中國的嚴重產能過剩有增無減。我們只是想繼續強調這一點，並強調為什麼會出現這樣的情況——無論是在美國還是在印度，甚至是我們正在採取的行動和舉措，在貿易政策的立場上採取非常積極的態度對我們來說非常重要。

So we think those are all important things that everyone needs to be mindful off. This the one as it relates to whether this calls into question, our backlog. Those two are not calling into question the risk of our backlog from a contractual standpoint right now. If for some reason, there's a new policy environment. The Republicans were to getting into control and they eliminated the tech neutral ITC or minimized it, reduced it. That could have impact on our availability of our customers' projects and their associated returns. And clearly that's going to have a ramification to for solar because now project fundamentals have modified.

所以我們認為這些都是每個人都需要注意的重要事情。這就是我們的積壓工作是否會引起質疑的問題。從合約的角度來看，這兩個人目前並沒有對我們積壓的風險提出質疑。如果由於某種原因，出現了新的政策環境。共和黨人想要控制局面，他們取消了技術中立的 ITC，或最小化它，減少它。這可能會影響我們客戶專案的可用性及其相關回報。顯然，這將對太陽能產生影響，因為現在專案的基本面已經改變了。

There is no view of that per se happening, but it's an indication of when we go through the political uncertainty or the election process that we're going to be going through. And if there's a Republican control, there's a number of things that could be addressed as part of the IRA that may or may not have any potential indications on us. We're just trying to highlight that as such.

目前還沒有看到這種情況本身正在發生，但這表明我們何時會經歷政治不確定性或我們將要經歷的選舉過程。如果共和黨控制的話，有很多事情可以作為愛爾蘭共和軍的一部分來解決，這些事情可能對我們有任何潛在的影響，也可能沒有。我們只是想強調這一點。

So no impact on the backlog from that standpoint. But for some dramatic pivot or change into the market. The one we are trying to highlight is that we had, look, this is not news. You can go and look at a lot of oil and gas majors, large oil and gas majors. And they're assessing viability of project returns and solar and deployment of capital and allocation of capital.

因此，從這個角度來看，對積壓工作沒有影響。但對於市場的一些戲劇性的轉變或變化。我們想要強調的是，我們已經知道，這不是新聞。你可以去看看很多油氣專業，大型油氣專業。他們正在評估專案回報和太陽能以及資本部署和資本分配的可行性。

We have a European power utility company that it was on our books for over a gigawatt of volume and have taken 600 megawatts or so of that volume and then have terminated about 400 megawatts of that volume because they have made a decision to exit the US market. That happens. But as we said in the last call, the good thing about that is on the other side of that equation is somebody acquiring their development portfolio happens to be a long-term First Solar customer who has 100% sole source to our technology.

我們有一家歐洲電力公用事業公司，它在我們的帳簿上的發電量超過1 吉瓦，並且已經獲得了其中600 兆瓦左右的發電量，然後終止了大約400 兆瓦的發電量，因為他們決定退出美國市場。那個會發生。但正如我們在上次電話會議中所說，這樣做的好處是，獲得其開發組合的人恰好是 First Solar 的長期客戶，他對我們的技術擁有 100% 的唯一來源。

So that's a good thing. Long-term, it creates near-term disruption, this customer already has a framework agreement with us. So near-term they don't need incremental modules to build out that development pipeline which they're acquiring, but longer-term, that just further establishes us with higher penetration of market share.

所以這是一件好事。從長遠來看，它會造成短期幹擾，該客戶已經與我們簽訂了框架協議。因此，短期內他們不需要增量模組來建立他們正在收購的開發管道，但從長遠來看，這只會進一步使我們獲得更高的市場份額滲透率。

The -- we also highlighted in India, there was a large oil and gas major who well was not a booking. It was a contract that we have that they're now selling the business. And as a result of that. There's a termination associated with it. They've got a 30-day period which [secured it], if they don't, then they're going to pay us a termination payment.

我們也強調，在印度，有一家大型石油和天然氣巨頭並沒有被預訂。我們簽訂了一份合同，他們現在正在出售該業務。結果是。有一個與之相關的終止。他們有 30 天的期限[保證]，如果他們不這樣做，那麼他們將向我們支付終止金。

So there's still things that are happening that are around us that we're just trying to make sure people understand that as these large multinational companies either investor or further accelerate their investments or decided to decelerate. It could have an impact on us. And the backdrop to all this other stuff happening, we have others, like the Brookfield's over the world who are acquiring developers. So they're on the other side of the equation. They're making acquisitions here in the US and making acquisitions in India and so on and even in Europe, and we have relationship with them as well.

因此，我們周圍仍然正在發生一些事情，我們只是想確保人們理解，隨著這些大型跨國公司要么投資，要么進一步加速投資，要么決定減速。它可能會對我們產生影響。在所有這些其他事情發生的背景下，我們還有其他人，例如世界各地的布魯克菲爾德正在收購開發商。所以他們在等式的另一邊。他們在美國進行收購，在印度等甚至歐洲進行收購，我們也與他們有關係。

So there's just this Intermix of this stuff happening right now. We thought it was important that people understood. It's not -- shouldn't be a surprise, especially [in] larger oil and gas majors. They've been highlighting this, CEO changes, other things that have happened. And the assessment of our ultimate deployment of capital and where solar fits in that strategy.

所以現在正在發生這種事情的混合。我們認為人們理解很重要。這不應該令人驚訝，尤其是在較大的石油和天然氣巨頭中。他們一直在強調這一點、執行長的變動以及其他已經發生的事情。以及對我們最終資本部署以及太陽能在該策略中的適用範圍的評估。

So Chevron, the last one you highlighted. Look, I don't think of at least interpretations I continue to get from my team is probably very little impact a lot of the IRA and some of the guidance associated with the IRA were tax regs and tax rules generally not really in the bull's eye of where you would focus on from the Chevron difference. And so I don't think there's any significant exposure. We know there are some concerns maybe around hydrogen and some of the other interpretations that were provided. But at least as it relates to domestic content or the manufacturing tax credit and those types of things. We don't see it. We Chevron impacting that at this point in time.

雪佛龍，你強調的最後一個。聽著，我不認為至少我繼續從我的團隊得到的解釋可能對很多 IRA 的影響很小，並且與 IRA 相關的一些指導是稅務法規和稅務規則，通常並不真正在靶心中從雪佛龍差異中您會關注哪些地方。所以我認為沒有任何重大的曝光。我們知道，對於氫和所提供的其他一些解釋可能存在一些擔憂。但至少與國內含量或製造業稅收抵免等相關。我們沒有看到它。我們雪佛龍此時正在影響這一點。

If I could, just on the backlog. So we've said before we have some fixed price agreements. And what we're saying here is those still stand in the event of a systemic shock to the system. I think some of the risk ultimately could fall in assets. The significant defaults and customers are in trouble. But generally, I would say we look to the strength of the contracts in the event that the termination for convenience option customers choose to utilize that.

如果可以的話，就在積壓的工作上。所以我們之前說過我們有一些固定價格協議。我們在這裡所說的是，在系統遭受系統性衝擊的情況下，這些仍然存在。我認為一些風險最終可能會落在資產上。重大違約和客戶陷入困境。但總的來說，我想說，如果客戶選擇使用終止便利選項，我們會考慮合約的強度。

And we've said before, that's on a very small part of our backlog than we would collect a termination payment. In the event the customers default was shown and I think it's fair to say that we believe our contract, a two-way agreement, customers have obligations as well with us, and we will go after termination payments that are owed to us.

我們之前說過，這只是我們積壓訂單中很小的一部分，而不是我們收取的終止付款。如果客戶違約，我認為可以公平地說，我們相信我們的合同，雙向協議，客戶對我們也有義務，我們將追索欠我們的終止付款。

And that does conclude today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。