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.

大家下午好，歡迎參加 First Solar 2024 年第二季財報電話會議。

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.

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.

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。

Richard, you may begin.

理查德，你可以開始啦。

Good afternoon, and thank you for joining us.

下午好，感謝您加入我們。

Today, the company issued a press release announcing its second-quarter 2024 financial results.

今天，該公司發布新聞稿，宣布其2024年第二季財務業績。

A copy of the press release and associated presentation are available on First Solar's website at investor.firstsolar.com.

新聞稿和相關簡報的副本可在 First Solar 的網站 investor.firstsolar.com 上找到。

With me today are Mark Widmar, Chief Executive Officer; and Alex Bradley, Chief Financial Officer.

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）。

Mark will provide business, strategy, technology, and policy updates.

馬克將提供業務、策略、技術和政策更新。

Alex will discuss our bookings, pipeline, quarterly financial results, and provide updated guidance.

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。

Following their remarks, we will open the call to questions.

在他們發言之後，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.

請注意，本次電話會議將包含前瞻性陳述，其中涉及風險和不確定性，可能導致實際結果與管理層目前的預期有重大差異。

We encourage you to review the Safe Harbor statements contained in today's press release and presentation for a more complete description.

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.

下午好，感謝您今天加入我們。

Reflecting on the first half of 2024, we are pleased with our ongoing efforts to strengthen the fundamentals of our business.

回顧 2024 年上半年，我們對自己為加強業務基礎所做的持續努力感到滿意。

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.

憑藉穩健的營運和財務業績、選擇性增量訂單、強勁的需求管道（包括近乎——最近簽署的 620 兆瓦模組供應協議，但須與將為超大規模電力供應的新美國客戶達成先決條件）以及在技術、研發基礎設施和製造擴張方面的投資，我們將繼續透過強有力的執行鞏固我們的市場地位。

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.

我們對成長、獲利能力和流動性的平衡處理，結合多種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.

從第 3 張投影片開始，我將分享第二季的一些關鍵亮點。

From a commercial perspective, we continued our disciplined approach to bookings.

從商業角度來看，我們繼續採取嚴謹的預訂方式。

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.

自上次收益電話會議以來，我們已獲得 0.9 千兆瓦的淨預訂量，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額。

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.

這包括 0.4 千兆瓦的取消預訂，這與我們的一位歐洲電力和公用事業客戶為方便終止而採取的行動有關，該客戶正在出售我們上次收益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的合約終止付款。

This brings our year-to-date net bookings to 3.6 gigawatts.

這使得我們今年迄今的淨預訂量達到 3.6 千兆瓦。

Our total contracted backlog now stands at 75.9 gigawatts with order stretching through 2030.

我們目前的合約積壓訂單總額為 75.9 吉瓦，訂單將延續到 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.

從技術面來看，自第一季財報電話會議以來，我們已建立了創世界紀錄的 CdTe 研究電池，轉換效率達 23.1%，在俄亥俄州投入使用新的關鍵研發基礎設施，並有望在今年第四季啟動我們的 CuRe 專案。

Our CuRe program is expected to increase energy production in real-world conditions through improved module temperature coefficient, bifaciality, and degradation rate.

我們的 CuRe 計劃有望透過改善模組溫度係數、雙面性和降解率來提高實際條件下的能源產量。

Additionally, we have announced the ownership of certain issued and pending patents related to the manufacturing of TOPCon crystalline silicon solar cells.

此外，我們也宣布了與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的所有權。

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.

雖然亞歷克斯將全面概述我們 2024 年第二季的業績，但我想強調我們的財務能力，第二季每股攤薄收益為 3.25 美元，季末淨現金餘額為 12 億美元。

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.

儘管我們執行力強，成功兌現了在製造技術、客戶和財務方面的承諾，但我們必須承認，我們的行業面臨著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跨國公司的戰略方向和資本配置評估有關的不確定性。

These will be discussed later during the call.

這些將在稍後的通話中討論。

Turning to slide 4, our growth plans remain on track.

轉到投影片 4，我們的成長計畫仍在按計劃進行。

The expansion of our Ohio manufacturing footprint has been completed, and commercial shipments began as scheduled at the end of the second quarter.

我們在俄亥俄州的生產基地的擴張已經完成，並且商業出貨已於第二季末按計劃開始。

The completion of this phase expands our manufacturing capacity into state by almost 1 gigawatts to nearly 7 gigawatts.

這一階段的完成將使我們的製造能力從近 1 千兆瓦擴展到近 7 千兆瓦。

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.

在阿拉巴馬州，我們預計將於本季完成工具安裝、完成工廠認證並開始生產，該工廠的第一批商業出貨預計將於 2024 年第四季進行。

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.

我們對能夠如此快速地建造、裝備和調試這座佔地 240 萬平方英尺的設施感到非常滿意，從投資決策之日起大約用了 24 個月的時間就完成了這一目標。

Our new Louisiana facility is also on track with the start of commercial operations expected in the second half of 2025.

我們在路易斯安那州的新工廠也進展順利，預計 2025 年下半年開始商業營運。

Furthermore, we commissioned the Jim Nolan center for Solar Innovation earlier this month.

此外，我們本月初委託了吉姆諾蘭太陽能創新中心。

This new research and development innovation center in Ohio is the largest facility of its kind in the Western Hemisphere.

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規模最大的。

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.

該工廠佔地 130 萬平方英尺，包括一條高科技試驗生產線，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模組原型，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.

此外，我們計劃於 2024 年下半年在俄亥俄州園區投入使用新的鈣鈦礦開發生產線。

Combined, these new facilities represent an investment of nearly $0.5 billion in American R&D infrastructure.

這些新設施總計為美國研發基礎設施投資近 5 億美元。

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.

我們相信薄膜研究對於多結串聯裝置的商業化至關重要，預計多結串聯裝置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.

儘管美國在第一太陽能公司的領導下在薄膜光電領域處於世界領先地位，但中國正在競相縮小創新差距。

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.

我們期望，我們對研發基礎設施的策略性投資將幫助我們維持國家在薄膜技術領域的戰略優勢，並使下一代顛覆性的變革性太陽能技術在美國製造。

Turning to slide 5.

翻到幻燈片 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%.

我們繼續推進我們的技術路線圖，並在本季度創下了 23.1% 的 CdTe 研究電池轉換效率的世界新紀錄。

This achievement certified by the United States Department of Energy's National Renewable Energy Laboratory was accomplished at our California Technology Center.

此項成果由美國能源部國家再生能源實驗室認證，是在我們的加州技術中心完成的。

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.

我們仍計劃於今年第四季度在俄亥俄州的主生產線上推出 CuRe，並且按照我們在上次收益電話會議上討論的資本支出的引入，計劃從 2025 年底開始，通過我們在越南和俄亥俄州的第三家工廠，加速在整個生產線上複製。

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.

此外，本月初，我們宣布了與 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，透過多種途徑實現開發下一代變革性、顛覆性的串聯太陽能技術的目標。

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.

該組合包括美國等不同司法管轄區已頒發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.

我們注意到，最近有多個 TOPCon 專利所有權公告和多起與 TOPCon 電池生產特定方面相關的訴訟。

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.

基於全面和持續的分析，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侵權行為。

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.

如果發現侵權行為，我們打算透過執法、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.

謝謝，馬克。

Moving on to slide 6.

轉到投影片 6。

As of December 31, 2023, our contracted backlog of 78.3 gigawatts with an aggregate value of

截至 2023 年 12 月 31 日，我們的合約未完成訂單為 78.3 千兆瓦，總價值為

[23.3 billion].

[233億]

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.

截至 2024 年 6 月 30 日，我們簽訂了 2.7 千兆瓦的增量合同，由於上述歐洲客戶終止合同，我們的預訂量減少了 0.4 千兆瓦，並確認了 6.1 千兆瓦的銷量。

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.

這使得我們本季末的總積壓訂單量達到 74.6 吉瓦，總價值為 223 億美元，意味著平均銷售價格約為每瓦 0.299 美元（不包括適用的調整器）。

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.

自第二季末以來，我們又簽訂了1.3千兆瓦的額外合同，總積壓訂單量達到75.9千兆瓦。

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.

如果我們在目前技術路線圖中實現成就，那麼我們積壓訂單的很大一部分就包括透過應用調整器來增加基本 ASP 的機會，就像預計的產品交付時間一樣。

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，我們與這些調整機構簽訂的合約量約為 38.4 吉瓦，如果全部實現，可能帶來高達約 7 億美元的額外收入或約 0.02 美元/瓦，其中大部分將在 2025 年至 2028 年之間確認。

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.

與上一季相比，理賠員數量的增加得益於我們在之前的收益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。

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.

該金額不包括通常適用於總合約積壓訂單的潛在調整，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，並可能因銷售率的提高或適用的鋁或鋼材商品價格變化而調整。

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.

正如幻燈片 7 所反映的，我們的潛在預訂總量依然強勁，預訂機會總計 80.6 吉瓦，比上一季增加了約 7.8 吉瓦。

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.

我們的中後期訂單機會減少了約 0.8 千兆瓦，至 28.6 千兆瓦，現在包括北美的 24.6 千兆瓦和印度的 3.7 千兆瓦。

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.

在我們中後期簽訂的 4.1 千兆瓦機會合約中，有 1.2 千兆瓦是在印度和美國簽訂的，我們還與一位新客戶簽訂了 620 兆瓦的模組供應協議，該新客戶將為我們的超大規模企業供電，正如馬克之前提到過的。

As a reminder, signed contracts in India will not be recognized as bookings until we've received full security against the offtake.

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。

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.

請注意，由於與歐洲石油巨頭的印度分公司簽訂的違約模組供應協議預計將終止，我們預計與印度簽訂有先決條件的合約的機會將減少 0.4 千兆瓦，而該歐洲石油巨頭當時正在出售這項業務。

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.

正如先前的收益電話會議所述，鑑於我們到 2027 年的可用供應量減少、我們目前銷售的時間範圍很長，並且需要將客戶項目可見性與我們對 ASP、支付安全和其他關鍵合同條款的平衡方法相結合，並且鑑於即將到來的美國大選導致的政策環境不確定性，我們將繼續利用我們在合同積壓方面的優勢地位，並在今年的嚴格選擇基礎上的優勢選擇。

We intend to continue forward contracts with customers who prioritize long-term relationships and appropriately, value our points of differentiation.

我們打算繼續與那些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。

Slide 8, I'll cover our financial results for the second quarter.

第 8 頁，我將介紹我們第二季的財務表現。

Net sales in the second quarter were $1 billion increase of $0.2 billion compared to the first quarter.

第二季淨銷售額為 10 億美元，較第一季增加 2 億美元。

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.

淨銷售額的成長是由於銷售兆瓦數成長24%以及上述一位歐洲客戶的合約終止付款義務。

Gross margin was 49% in the second quarter compared to 44% in the first quarter.

第二季毛利率為49%，第一季為44%。

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.

這一增長主要歸因於我們美國工廠銷售的組件組合較高，從而導致第二季度的第45X條稅收抵免金額達到2.55億美元、前述合約終止付款義務、倉儲和物流成本的減少、以及生產成本的持續降低。

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.

第二季的銷售、一般及行政費用、研發和生產啟動費用總計 1.26 億美元，較第一季增加約 2,200 萬美元。

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.

這一增長主要是由於我們阿拉巴馬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.

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、攤提和累積費用、600 萬美元的爬坡成本、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。

Second-quarter other income was $5 million.

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.

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。

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.

這一增長是由於本期間稅前收入增加，以及我們對外國子公司累計收益進行再投資的立場發生變化，這使我們能夠匯回某些離岸資金來支持我們在美國的戰略投資，並確保我們的全球現金可用於需要的地方。

Combination of the aforementioned items led to second-quarter earnings per diluted share of $3.25.

上述項目綜合起來導致第二季每股攤薄收益為 3.25 美元。

Let's turn to slide 9 to discuss select balance sheet items and summary cash flow information.

讓我們翻到第 9 張投影片來討論選擇資產負債表項目和匯總現金流量資訊。

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.

本季末，我們的現金、現金等價物、受限現金、受限現金等價物和有價證券為 18 億美元，而上一季末為 20 億美元。

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.

下降主要歸因於我們位於阿拉巴馬州和路易斯安那州的新美國工廠的資本支出，以及償還印度營運資金貸款，但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.

第二季末的總債務為 5.59 億美元，較第一季減少 6,100 萬美元，主要由於償還印度的部分營運資金貸款，這有助於支持我們在該地區新工廠的擴張。

Our net cash position decreased by approximately $0.2 billion to $1.2 billion as a result of the aforementioned factors.

由於上述因素，我們的淨現金狀況減少約 2 億美元至 12 億美元。

Cash flows from operations were $193 million in the second quarter, and capital expenditures were $365 million during the period.

第二季經營活動現金流為 1.93 億美元，期內資本支出為 3.65 億美元。

Continuing on slide 10, our full year 2024 guidance remains unchanged.

繼續第 10 頁，我們對 2024 年全年的預期保持不變。

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.

請注意，繼上述第二季度因方便原因終止 0.4 千兆瓦合約之後，這是具有此費率的有限數量合約之一，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.

從下半年獲利節奏來看，我們預期淨銷售額和銷售成本狀況（不包括第 45X 條稅收抵免的優惠）在第三季約為 40%，在第四季約為 60%。

We forecast Section 45X tax credits of approximately $240 million in the third quarter and $335 million in the fourth quarter.

我們預測第三季第 45X 條稅收抵免額約為 2.4 億美元，第四季約為 3.35 億美元。

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.

由於營業費用狀況大致均勻分佈在今年剩餘時間內，因此預計第三季每股攤薄收益約為 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.

請注意，雖然這是第三季的事件，但我們和許多公司一樣受到了 CrowdStrike 發布的最近有缺陷的軟體更新的影響，導致全球 IT 中斷。

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.

First Solar 的公司和製造業務受到了短暫的影響，包括我們的車隊暫時停運，大約兩天後才逐漸恢復。

This incident did not impact our full-year 2024 guidance.

此事件並未影響我們 2024 年全年業績預期。

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

因此，我現在將電話交還給馬克，讓他繼續報告業務更新。

All right.

好的。

Thank you, Alex.

謝謝你，亞歷克斯。

As reflected by our remarks at the beginning of the call, we are pleased with our financial and operational execution for the second quarter.

正如我們在電話會議開始時所表達的那樣，我們對第二季度的財務和營運執行感到滿意。

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.

我們繼續履行承諾，並在很大程度上推進了迄今為止全年的計劃舉措，例如按計劃推進美國製造產能擴張、按計劃啟動研發基礎設施建設，以及對新訂單機會保持嚴謹的態度。

That said, we were also mindful of several externalities, which may impact the industry as a whole, including First Solar.

儘管如此，我們也注意到一些外部因素，這些因素可能會影響整個產業，包括 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.

在各國當中，我們最常遇到的是與政治和政策有關的不確定性、全球供應條件的不合理性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.

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。

The impact of this uncertainty became more apparent as the second quarter progressed.

隨著第二季的進展，這種不確定性的影響變得更加明顯。

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.

我們發現，獲取資本的限制越來越嚴格，無論是尋求為下一階段發展融資的早期太陽能技術公司，還是尋求建立國內製造能力的成熟公司，[指定]各方都等待著做出投資決策，直到他們對政策狀況有了清晰的了解。

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.

這種不確定性也影響了開發人員對專案績效中的風險和回報的評估，而正如前面提到的，一些石油和天然氣、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專案。

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.

共和黨可能控制總統職位和參眾兩院，這引發了人們對立法協調程序或使用《國會審查法》對《降低通貨膨脹法》立法或其相關法規產生不利影響的擔憂。

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，單是行政管理的變更就引發了類似的擔憂，即可能會使用行政命令來阻止或延遲實施與 IRA 相關的指導以及已發布和未最終確定的法規的管理。

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月大選的結果，也無法預測共和黨提案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派別的政策制定者了解促進和確保強大的國內太陽能製造基礎所帶來的重大經濟和戰略利益，以及《愛爾蘭共和軍法案》第45X條等政策如何為我們國家社區的重大貢獻。

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.

根據由 First Solar 委託、路易斯安那大學拉斐特分校進行的經濟分析，我們的投資已經透過創造就業機會和提高美國工人的薪資產生了切實的價值。

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.

我們現有的設施，加上我們在俄亥俄州的擴建設施以及在阿拉巴馬州和路易斯安那州的新設施，預計到 2026 年將為美國創造超過 30,000 個直接、間接和誘導就業崗位，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.

據估計，我們的成長軌跡和對投資本地供應鏈的長期承諾將在全國範圍內為每 1 個 First Solar 創造一個就業崗位提供 7.3 個就業崗位，並預計到 2026 年每年將為該國的經濟產出增加超過 100 億美元。

We 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.

我們正在證明，投資美國太陽能製造創新和供應鏈可以創造持久的就業機會和實現經濟價值，鞏固太陽能製造商的地位，推動美國實現上述所有能源安全方針。

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模式是一個傑出的典範，它表明，當國家貫徹兩黨共同目標，抵制中國主宰關鍵供應鏈的野心時，一切皆有可能。

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.

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。

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.

然而，這是一個相對特殊的例子，雖然旨在促進國內可再生能源製造和價值鏈的增長，但我們認為 2022 年通膨削減法案第 45X 條可以而且必須通過建立護欄來加強，並防止由敵對政府（例如中國）控制、擁有或受其管轄的公司接受美國納稅人的錢。

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.

我們相信，任何建立這些護欄的立法都將有助於強化 IRA 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的意圖，我們相信這一信息引起了各個政治派別的政策制定者的共鳴。

Despite the political uncertainties ahead, a look back on the quarter reflects several positive developments in the trade environment.

儘管未來存在政治不確定性，但回顧本季度，貿易環境仍出現了一些積極進展。

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.

過去一個季度，我們看到美國政府持續利用各種工具和貿易政策工具箱來解決中國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堵塞貿易法的漏洞，取消了第 201 條雙面組件豁免權。

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樑禁令於第二季度到期，政府計劃通過嚴厲執法嚴厲打擊囤積行為，並宣佈在禁令期間進口免關稅產品的進口商必須在2024年12月的截止日期前證明組件安裝情況，並提供所部署進口組件的詳細信息，否則須支付所需的關稅。

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.

6月，美國國際貿易委員會經兩黨一致通過初步裁定，認定柬埔寨、馬來西亞、泰國和越南傾銷太陽能電池和組件存在實質損害的跡象。

Material injury caused by subsidies by Malaysia, Thailand, and Vietnam, and a threat finding caused by subsidies in Cambodia.

馬來西亞、泰國和越南的補貼造成的實質損害以及柬埔寨補貼造成的威脅認定。

The unanimous bipartisan vote supports the petitions of the American Alliance for Solar Manufacturing Trade Committee, which First Solar is a member.

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，First Solar是該委員會的成員之一。

And underscores the harm caused by the unfair trade practices of China solar companies and their affiliates in Southeast Asia.

並凸顯了中國太陽能企業及其東南亞關聯企業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.

該聯盟目前正在評估提起緊急訴訟、提出請願，以應對美國商務部啟動貿易調查後來自相關國家的有害太陽能進口激增的情況。

For example, recent data suggest import increases of more than 60% from Malaysia and Vietnam and approximately 19% from Thailand.

例如，最近的數據顯示，來自馬來西亞和越南的進口量增加了 60% 以上，來自泰國的進口量增加了約 19%。

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.

此類申請提交給美國商務部，若其確定有緊急情況，可對在商務部初步裁定之日前90天進入該國的太陽能電池和電池板追溯實施現金保證金要求。

Critical circumstances can be allege any point until just before Commerce's final determination.

在商務部作出最終裁定之前，任何時間均可指控緊急情況。

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.

根據共和黨的競選綱領，該綱領明確考慮使用關稅來增加貿易不平衡，我們認為這對政府來說是可以合理預見的。

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.

這項變更可能會導致對中國大陸及其東南亞和其他衛星國家的晶體矽供應鏈徵收增量關稅。

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.

鑑於我們龐大且不斷擴大的美國製造業基地，任何新的進口普遍關稅都可能對我們有利，但對我們在馬來西亞、越南和印度生產的產品銷往美國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.

最後，還需要注意的是，無論11月大選結果如何，公用事業規模的再生能源需求預計仍將持續成長。

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.

預計這項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、暖氣和冷氣等等。

Critically, such demand is generally not dependent on policy-enabled drivers.

至關重要的是，這種需求通常不依賴政策驅動。

Solar continues to demonstrate that in many US locations, it is the lowest cost source of energy.

事實繼續證明，太陽能在美國許多地方是成本最低的能源。

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.

而且，很少有其他發電源能夠像太陽能一樣大規模擴張或快速部署，這對於優先考慮供電時間的終端用戶來說至關重要。

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.

此外，鑑於長期固定價格的電力購買協議 (PPA)、相對可預測的退化、很少的移動部件和以陽光、太陽能形式存在的無限免費燃料來源，以及本質上通貨緊縮的能源發電資產，進一步促進了國家經濟成長。

Moving on from political considerations.

從政治考慮來看。

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.

太陽能產業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意圖主宰太陽能供應鏈的雄心所驅動。

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.

這種行為導致的不可持續的市場條件繼續成為 First Solar 等模組製造商面臨的不利的宏觀條件，這些製造商致力於在公平的競爭環境中、在自身優勢的基礎上競爭，並實現由需求支撐的增長。

These market distorting practices have resulted in a 2024 year end projected US oversupply position of approximately 40 gigawatt.

這些扭曲市場的做法導致預計到 2024 年底美國將出現約 40 吉瓦的供應過剩狀況。

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.

由於政策制定者努力提供連貫的政策回應以確保歐盟內部的可持續製造條件，歐盟的供應狀況持續有增無減。

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.

在印度，平均售價環境不佳很大程度上是中國電池傾銷的結果，即人為壓低價格，這對印度透過發展服務國內市場的國內製造基地來結束對競爭對手依賴的願望構成了挑戰。

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.

儘管我們的幾家晶體矽競爭對手公開報告稱，由於他們努力削減過剩庫存和合理化產能，今年上半年遭受了重大財務損失，但中國太陽能行業仍通過過度建設產能繼續競相壓低價格，無視市場無法維持如此生產水平的明顯跡象。

This resolves and continued dumping of products into key markets at depressed prices.

這解決了繼續以低價向主要市場傾銷產品的問題。

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.

儘管中國工業和資訊化部最近發布了提高新建光伏產能最低資本充足率的提案，並實施與產能擴張相關的知識產權所有權標準，但有人懷疑這些措施能否有效抑制產能擴張並恢復供需平衡。

Particularly as a consequence, we see China capacity expansions -- particularly as we see continuously see China capacity expansion plans announced.

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.

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，這反映在我們年初至今的收益、近期訂單和總積壓訂單中。

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.

同時，由於基本面疲軟以及對其經營自由的懸而未決的法律挑戰，晶體矽產業面臨著創新的潛在障礙，其中包括與 First Solar 最近宣布的多項 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.

在本季度，我們創下了新的紀錄，CdTe 研究單元仍按計劃進行，這與我們的 CuRe 發射和機隊複製計劃一致。

It commissioned our new R&D facility.

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.

我們觀察到的第三個可選性與某些跨國公司、策略方向和資本配置有關。

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.

正如我們在先前的財報電話會議和本次電話會議中提到的，我們觀察到一些跨國石油、天然氣和電力公用事業公司，特別是那些總部位於歐洲的公司，正在考慮從再生能源項目開發轉向化石燃料項目，以增加回報。

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.

例如，我們獲悉，一家歐洲跨國石油和天然氣客戶的美國分公司正在評估其在再生專案開發方面的策略方向。

Notwithstanding, we believe the underlying fundamentals of solar remain robust.

儘管如此，我們相信太陽能的基本面依然強勁。

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.

正如我們在上次財報電話會議上提到的那樣，隨著十年的發展，我們看到需求大幅增長的潛力，部分原因是數據中心負載的增長，我們的 10 個最大客戶都有正在進行和未來的項目，這些項目將為全國最大的超大規模企業提供服務，這些企業將在未來十年內部署我們的技術。

According to analysis by the Boston Consulting Group, data center driven energy demand expected to increase by 15% to 20% annually through 2030.

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每年將成長15%至20%。

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.

預計到本世紀末，美國的總電力消耗將以每年 3% 的速度成長，其中資料中心預計將貢獻總成長的 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.

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其能源需求，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，可以在為未來行業提供動力方面發揮重要作用。

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.

正如最近簽署的 620 兆瓦模組供應協議所示，該協議需與將為超大規模供電的美國新客戶達成附加先決條件。

Underlying fundamentals related to fossil fuel retirements, the movement towards electrification, utility and corporate demand for clean energy.

基本面與化石燃料的淘汰、電氣化運動、公用事業和企業對清潔能源的需求有關。

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.

審查供應鏈提供者對環境的影響和社會意識以及負載成長，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 作為同等高效模組領先供應商的地位及其對太陽能負責任的態度相一致。

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.

我們還看到，受修改後的國內內容獎金、美國財政部和美國國稅局於 2024 年 5 月發布的安全港指南推動，需求也在增加，更新後的指南規定了更實用的基於積分的計算，而不是基於成本的計算，以使可再生能源項目有資格獲得獎金。

Placing a high value on vertically integrated manufacturing that utilizes domestic procured components of profile, exemplified by First Solar's growing domestic manufacturing operations.

高度重視利用國內採購的優質零件的垂直整合製造，例如 First Solar 日益擴張的國內製造業務。

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 系列模組中嵌入了大量國產內容，這些模組關鍵採用了國產電池，並採用了國產組件，滿足 2024 年 5 月更新指南中可選安全港規定的全部或幾乎所有符合積分條件的組件的要求。

Our customers' projects can satisfy key aspects of the domestic content bonus criteria, just by procuring First Solar modules.

我們的客戶專案只需採購 First Solar 模組即可滿足國內內容獎勵標準的關鍵方面。

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.

根據新出台的安全港協議，First Solar 有機會將其向客戶交付的產品與其全球工廠生產的模組進行融合，從而有可能提高我們所有工廠的優化程度，同時使我們的客戶能夠獲得更多項目以獲得國內成分獎勵。

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.

總而言之，即將到來的大選結果和影響以及全球中國產能過剩對供應的持續影響等外部因素帶來了挑戰。

First Solar continues to focus and deliver on our planned initiatives.

First Solar 將繼續關注並執行我們的計劃舉措。

Through continued execution, active policy engagement, utilizing our balanced approach to growth, profitability and liquidity, and leveraging our points of differentiation.

透過持續執行、積極參與政策、利用我們平衡的成長、獲利能力和流動性方法以及利用我們的差異點。

We believe we remain well positioned to navigate these challenges.

我們相信，我們仍然有能力應對這些挑戰。

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

最後，亞歷克斯將在第 11 張投影片上總結今天電話會議的關鍵訊息。

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.

今年迄今，需求持續強勁，淨預訂量達到 3.6 千兆瓦，其中自上次財報電話會議以來的淨預訂量為 0.9 千兆瓦。

The resilient contracted backlog of 75.9 gigawatts.

合約積壓訂單彈性較大，為75.9吉瓦。

And continued focus on manufacturing technology excellence resulted in a record quarterly production of 3.7 gigawatts.

對製造技術卓越的持續關注，使得季度產量達到了創紀錄的 3.7 千兆瓦。

Alabama and Louisiana factory expansions remain on schedule.

阿拉巴馬州和路易斯安那州工廠的擴建工程仍在按計劃進行。

The expansion of our higher manufacturing footprint has been completed and commercial shipments began as scheduled for the end of the second quarter.

我們更大的製造足跡的擴張已經完成，商業出貨將於第二季末按計劃開始。

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.

從技術角度來看，我們創下了新的世界紀錄，CdTe 研究電池已投入使用，我們的新研發設施也已投入使用，並且我們在今年第四季度推出了更高的 CuRe 引線生產線，並宣布了與 TOPCon 晶體矽電池製造有關的某些已發布和正在申請的專利的所有權。

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.

財務方面，我們每股攤薄收益為 3.25 美元，本季末我們的總現金餘額為 18 億美元，扣除債務後為 12 億美元。

We are maintaining our full year 2024 guidance, including forecasted full-year earnings per diluted share of $13 to $14.

我們維持 2024 年全年業績指引，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.

至此，我們將結束準備好的發言並開始提問。

Operator?

操作員？

Philip Shen, ROTH MKM Partners.

羅仕證券合夥人公司（ROTH MKM Partners）的 Philip Shen。

Hey, guys.

嘿，大家好。

Thanks for taking my questions.

感謝您回答我的問題。

The slides say you guys booked 1.3 gigs in July and then the press release says 900 megawatts were booked since past call.

幻燈片上說你們在 7 月預訂了 1.3 千兆瓦，然後新聞稿中說自上次預訂以來已經預訂了 900 兆瓦。

The $0.316 per watt disclosed was on the 900 megawatts, but that seemed to include the cancellation of the EU customer.

披露的價格為每瓦 0.316 美元，針對的是 900 兆瓦，但這似乎包括了歐盟客戶的取消。

What was the ASP on the full 1.3 gigs or gigawatts gross bookings in July, assuming that's the correct number.

假設這是正確的數字，那麼 7 月 1.3 千兆瓦總預訂量的平均售價是多少？

So that the first question.

這是第一個問題。

Second question is around the bookings outlook ahead.

第二個問題是關於未來的預訂前景。

Can you provide some additional detail on that 4.1 gigawatts of opportunities confirmed, but not yet booked on slide 7.

您能否提供一些有關第 7 張幻燈片中已確認但尚未預訂的 4.1 千兆瓦機會的更多詳細資訊。

When could these translate to bookings wherein in this policy environment that's uncertain.

在目前的政策環境下，這些何時能轉化為預訂還不確定。

When do you think bookings accelerate and reflect -- start to reflect this at a higher, tariff higher price environment?

您認為何時預訂量會加速並反映出來—在更高的關稅和更高的價格環境下開始反映這一點？

Thanks, guys.

謝謝大家。

It's Phil, on the ASPs.

我是 ASP 的 Phil。

Yes, we did have a cancellation during the quarter, which we referenced, which is the

是的，我們在本季確實取消了一項，我們提到了這一點，這是

[0.4].

[0.4]。

So that is the delta.

這就是增量。

The ASPs that we reported net of the cancellation is in line with where the gross ASPs would be as well.

我們報告的扣除取消費用後的 ASP 與總 ASP 一致。

The actual cancellation was slightly lower, but I don't take it as a material delta.

實際取消的數量略低，但我不認為這是一個實質的差異。

The numbers are in line with the net numbers that have been reported from that standpoint.

這些數字與從該角度報告的淨數字一致。

Bookings from a standpoint of momentum.

從動量角度進行的預訂。

Look, there's what we've -- our strategy has been, let's be patient.

瞧，這就是我們的策略，讓我們保持耐心。

Let's let's make sure the market has an opportunity to continue to digest all the information that's coming about right.

讓我們確保市場有機會繼續消化所有正確的資訊。

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.

我們相信還會有更多消息傳出，我們已經提到了一些，其中之一就是可能宣布危急情況。

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.

我們認為，有可能出現解決令人擔憂的外國實體問題以及將納稅人的錢用於向多個國家轉移的勢頭。

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，還有其他措施可以集中在審查印度進口到美國的商品，以及中國電池的潛在使用情況，以及這些產品的製造和進入美國市場的情況。

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.

我們還認為，正如 5 月傳達的國內內容指南所指出的那樣，現任政府正在評估晶圓的潛在使用或整合，我應該說，是否符合國內內容的資格。

So we're just going to trying to be as patient as possible.

因此我們只是盡量保持耐心。

And you throw in the mix, our recently announced the TOPCon IP.

另外，我們也加入了我們最近發布的 TOPCon IP。

We're just going to be patient as possible to learn all that information to be digested with the market.

我們將盡可能耐心地了解所有信息，並讓市場消化這些信息。

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.

只要我們看到對我們有吸引力的 ASP 和我們試圖預訂的窗口，我仍然想繼續提醒人們，這些窗口或預訂將持續到 27 年和 28 年。

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.

我們查看了上個季度的預訂情況，其中包括技術增加在內的新預訂，這使我們的預訂金額超過了 0.33 美元。我認為我們正朝著正確的方向前進，我們對我們的定價也感到滿意。

So I think there's momentum there.

所以我認為那裡有動力。

I think, I want the market still to digest all of the uncertainty.

我想，我希望市場仍然能夠消化所有的不確定性。

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.

一旦市場對此有了更好的理解，我認為在我們年底時，您會看到我們的預訂量有更大的成長勢頭。

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.

話雖如此，我們面前還有一場選舉，我仍然認為很多人可能會非常不情願，因為這可能是為了在政策環境不太確定的情況下進入 27、28 年的一個好詞。

So that momentum may impact us as well.

所以這種勢頭也可能對我們產生影響。

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.

但我確實認為這是一個機會，可以看到更多的動力，因為需要消化大量的訊息，我們將看到我們如何在今年的平衡中取得進展。

Jonathan Windham, UBS.

瑞銀的喬納森溫德姆。

Hi, perfect.

嗨，完美。

Thanks for taking the questions.

感謝您回答這些問題。

I guess as you've moved forward on Alabama, the focus will turn to Louisiana.

我想，隨著你在阿拉巴馬州的進展，焦點將轉向路易斯安那州。

And just I guess a couple of questions on the same topic.

我猜想關於同一主題還有幾個問題。

Any key milestones that you would point us to over the next six to nine months to keep track of that project.

您能告訴我們未來六到九個月內有哪些關鍵里程碑可以讓我們追蹤這個專案嗎？

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?

那麼，您認為什麼時候我們才能對這一成長時間點有更具體的了解，而不僅僅是 2025 年下半年？

Thanks again, a great result.

再次感謝，結果很棒。

Yes.

是的。

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.

所以，我認為我們預計在今年年底進入明年時將看到的第一個里程碑是大樓的竣工。

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.

您可以看到，建築物的大部分外部施工已經完成，但內部施工還有相當多的工作要做。

And then it will be to move

然後它將移動

[end].

[結尾]。

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.

因此，我們目前的計劃是第一季度，第二季度初將為路易斯安那州的工廠遷移工具，然後是通電過程，然後最大的將排隊運行整合商，非常類似於我們今年剛開始或整合運行的阿拉巴馬州。

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.

如果你把時鐘撥到明年 7 月，我們應該期待歐元區第三季的綜合運作。

So we're making real good progress.

所以我們正在取得真正的進展。

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.

我們對目前看到的情況感到滿意，我希望對我們能夠做的事情有信心，這是我們的最後一家工廠，也是實現 25 千兆瓦產能的旅程。

And now we started with not too long ago at 6 gigawatts.

不久前，我們就開始使用 6 千兆瓦。

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.

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，而且團隊在交付方面做得非常出色。

Andrew Percoco, Morgan Stanley.

摩根士丹利的安德魯‧佩科科 (Andrew Percoco)。

Good afternoon.

午安.

Thanks for taking the question.

感謝您回答這個問題。

I just want to come back to the election point that you made earlier mark.

我只是想回到你之前提出的選舉觀點。

I just trying to clarify, do you think this is going to slow momentum because developers are on pause?

我只是想澄清一下，您是否認為這會因為開發人員暫停而減緩發展勢頭？

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.

或者您是否認為，考慮到您在國內的影響力，這實際上可能會加速這一勢頭，只是因為潛在的共和黨總統可能會採取更保護主義的政策觀點。

I'm just trying to get a better sense of whether this is a pre or post-election up bookings and pricing acceleration?

我只是想要更了解這是選舉前還是選舉後的預訂和定價加速？

Yeah.

是的。

Look, I think the answer is both.

我覺得答案是兩者兼具。

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.

我認為最初會有一些停頓，試圖準確了解政策環境，以及如果出現新政府和共和黨控制，可能會產生什麼影響。

But I think as you see through that dust.

但我想你已經看透那層塵埃了。

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.

在我華盛頓的討論中，很明顯，當你談到共和黨方面時，與中國的地緣政治緊張局勢顯然會變得更加緩和。

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.

我們將徵收關稅，這肯定會使 First Solar 在國內業務中更加有利。

And there's a real reluctancy of using US taxpayer dollars to advantage Chinese own and control company.

美國確實不願意用納稅人的錢來為中國擁有和控制的公司謀利。

So all that, I think plays to our strength.

所以我認為這一切都能發揮我們的優勢。

But at the same time, I think everyone's going to want to understand the environment.

但同時，我認為每個人都想了解環境。

So there could be an initial pause.

因此最初可能會出現暫停。

And then I think once that happens, you could see further acceleration.

我認為一旦發生這種情況，你就會看到進一步的加速。

In some cases, you may even see a pull forward of projects from '26 into '25.

在某些情況下，你甚至可能會看到項目從'26 年提前到'25 年。

If there's a view that, that there's a legislative process potentially that could change certain provisions within

如果有人認為，存在一個立法程序，可能會改變某些規定

[IRA].

[愛爾蘭共和軍]。

There may be an acceleration of everybody trying to monetize as much as they can at '25 before.

在 25 年前，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.

預算協調過程可能會對立法產生影響，從世界角度來看，這可能會在 25 年第三季末發生。

So I think we're going to see a little bit of both maybe some pause just to assess.

因此，我認為我們將會看到兩種情況，也許會暫停一下，只是為了評估。

But then I think what likely plays out with the Republican control DC would be a [favourable] outcome for First Solar's domestic manufacturing.

但我認為，共和黨控制華盛頓特區可能會產生對 First Solar 的國內製造業有利的結果。

And remarks talking about it from a customer perspective.

並從客戶的角度談論此問題。

The same is also true from out and we've talked before about how.

從外部來看也是如此，我們之前已經討論過如何做到。

There's potentially some customer timing question around when they would want to make bookings.

客戶可能會對何時進行預訂存在一些時間問題。

The same is true for us as to when we want to take a booking.

當我們想要進行預訂時，情況也是如此。

And you see that in the very judicious approach we've been taking and what looks historically like relatively low bookings in this quarter.

您會發現，我們採取了非常明智的做法，而本季的預訂量從歷史來看相對較低。

That's a deliberate outcome for us.

對我們來說這是一個深思熟慮的結果。

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.

因此，當我們思考今天接受預訂的風險狀況時，大多數情況下選舉的風險狀況都會告訴我們等待是有意義的，尤其是考慮到 First Solar 引以為豪的事情之一（顯然）我們遵守合約等等。

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.

如果我們今天確定了價格，而選舉情況發生變化，可能導致不同的結果，我們也會遵守我們簽署的合同，就像我們希望我們的客戶遵守他們簽署的合同一樣。

So there's a lot of things here to lead, lead us to wait as well as a customer.

因此，這裡有很多事情需要引導，需要我們像顧客一樣等待。

Mark Strouse, JPMorgan.

摩根大通的馬克‧斯特勞斯 (Mark Strouse)。

Yes, good afternoon.

是的，下午好。

Thank you very much for taking our question.

非常感謝您回答我們的問題。

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.

何時跟進菲利普的問題，只是將 7 月份的訂單平均售價與您在上次財報電話會議上公佈的價格進行比較和對比，儘管您提到季度內發布了所有新聞，但平均售價還是有所上漲，客戶正在消化所有這些新聞。

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.

就交付時間而言，您是否還有其他因素可以說明，是 2027 年還是 2030 年，這也可能是影響因素。

And then just a quick follow up.

然後只是快速的跟進。

Do you have a customer in mind to backfill for the 400 megawatt cancellation?

您有沒有考慮過選擇哪一個客戶來填補 400 兆瓦取消產能的空缺？

Should we just simply add that to our 2025 numbers?

我們是否應該簡單地將其添加到我們的 2025 年數字中？

Is there any chance that could potentially come back into 2024?

2024 年還有機會重現嗎？

Thank you.

謝謝。

Yeah.

是的。

Look, on the last question, I guess first I'll hit on that.

關於最後一個問題，我想我首先要談這個問題。

That -- there is a chance we are actively engaged right now with negotiations on a portion of that volume.

那——我們現在有可能正在積極參與有關部分數量的談判。

But at the same time, we're just trying to be balanced in our view.

但同時，我們也只是試著保持平衡的觀點。

So we only have five months left in the year.

因此今年就只剩下五個月了。

The timing of the requirement for those models and what project, it has to be something that is.

對於這些模型的要求的時間和項目，必須是某種東西。

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.

設計階段還沒有進行太久，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。

Data system that they are currently procuring could have to be modified as well.

他們目前採購的數據系統可能也需要修改。

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.

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這些數量。

As it relates to the bookings.

因為它與預訂相關。

Yeah, there is -- to me there's really four large bookings.

是的，對我來說，確實有四個大預訂。

Yes, there was in the current quarter.

是的，本季有。

Forget about the de-booking.

忘記取消預訂吧。

In the current quarter, there was four large ones.

本季度，有四起大型事件。

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.

我還包括一個預訂，[查找搜尋] CPI 合同，[搜尋] CPI，其中包括 600 兆瓦項目。

That deal is completely finalized all terms and conditions and ASP is and all that stuff is finalized.

該交易的所有條款和條件以及 ASP 以及所有內容均已完全確定。

And subject to a developer getting actually finalizing control of the site on there.

並且以開發人員實際取得網站的最終控制權為前提。

And we hopefully will see that close out this upcoming quarter.

我們希望能夠在即將到來的本季看到這一結果。

So I look at it.

於是我看了看。

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.

本季有四份大額訂單，包括三份訂單加上一份合同，從這個角度來看，總計約 1.8 千兆瓦，其中大部分訂單是在 26、27 和 28 年。

So it is out into a longer dated window.

因此，這是一個較長時期內的事。

It is still maintaining good ASPs and why we always want to make sure that we're highlighting the impact of those adders.

它仍然保持著良好的 ASP，這也是我們始終希望確保突出這些加法器的影響的原因。

As we indicated, we're starting our Carroll lead line this quarter and will be replicated across the fleet.

正如我們所指出的，我們將於本季啟動卡羅爾 (Carroll) 領先生產線，並將在整個船隊中複製。

So that time we actually deliver against those projects will be able to monetize the full value of those adders.

因此，當我們真正完成這些項目時，將能夠將這些加法器的全部價值貨幣化。

So I look at the ASP numbers.

因此我查看了 ASP 數字。

It should be mostly reflect upon is the ASP with the adder.

最應該反映的是帶有加法器的ASP。

And so good projects, good window, which wind to book with good counterparties.

因此，好的項目、好的窗口，都有利於與好的交易對手進行交易。

Happy to continue to see more and more First Solar modules being associated with data center and expansion of data centers.

很高興看到越來越多的 First Solar 模組與資料中心和資料中心的擴展相關聯。

So overall, pretty pleased with that.

整體來說，我對此非常滿意。

And we'll continue to see customers and willingness to move forward.

我們將繼續看到客戶並願意繼續前進。

And again, I do think given the wind is at worst.

再次，我確實認為，考慮到風力是最壞的情況。

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.

我們正在研究將會有一些持續的措施，也許會進行評估和評估，直到對政策環境將如何發展有更清晰的認識，並且您是否看到與我們想要做的一樣的事情沒有什麼不同，正如亞歷克斯所說的那樣。

Brian Lee, Goldman Sachs.

高盛的布萊恩李 (Brian Lee)。

Hey, guys, good afternoon.

嘿，大家下午好。

Thanks for taking the questions.

感謝您回答這些問題。

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?

[抱歉] 老生常談了，但就預訂方面而言，我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？

Was there some from Asia there as well?

那裡也有一些來自亞洲的人嗎？

I'm just trying to, I guess, get a sense of like-for-like pricing.

我只是想了解同類定價的情況​​。

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?

鑑於您在上次電話會議上的評論，由於關稅的不確定性，美國的電價最近可能已經上漲了 0.03 美元到 0.04 美元/瓦，那麼您認為美國電價具體還是保持在 30 美元左右的水平嗎？

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?

然後我的第二個問題是，對於新資本支出和任何混合製造產能擴張的時間安排以及新技術串聯或 7 系列水主要瓶頸決策標準，您正在考慮是否可能在那裡做出決定？

Thanks guys.

謝謝大家。

Yeah.

是的。

So we have the bookings -- there was some India domestic volume that was booked within the quarter.

所以我們有預訂——本季內預訂了一些印度國內訂單。

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.

我們強調了這一點，並指出平均 ASP 並不是總量的重要組成部分，但確實是其中的一部分。

But there are some shipments from India in particular that are being sold into the US market that are included in that average ASP.

但有些來自印度的貨物特別銷往了美國市場，這些貨物的價格已包含在平均銷售價格中。

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.

我不會說這與我們正常的國內和國際組合有什麼不同，但印度有一部分產量將銷往美國市場，這些產量已計入本季度的訂單中。

The -- one thing I want to make sure is that when we go back and talk about the pricing environment.

我想確認的一件事是，當我們回頭談論定價環境時。

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.

我想說的是，我們在上次收益電話會議上看到了這一點，我們在 2 月的收益電話會議上，3 月的定價變得非常疲軟，然後我們一直延續到 4 月初，當時這表明針對東南亞的 AD 和 CVD 行動。

The new trade initiative that happened in early April.

四月初推出的新貿易措施。

And then we started to see prices firm up.

然後我們開始看到價格上漲。

And then we ended up closing out on medium amount of volume in that earnings call that we announced in May.

然後，我們最終在 5 月宣布的收益電話會議上以中等量成交。

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.

但我上次說過，這個中間點或 0.03 美元到 0.04 美元的部分也來自於我們在本季度最初看到的疲軟，隨後又有所回升。

So I want to be clear, with adjusters were $0.33, [$0.33 and change].

所以我想說清楚，調整後的價格是 0.33 美元，[0.33 美元及零錢]。

I don't think we should be looking at, that number is going to go up into and above the mid 30s range, right?

我認為我們不應該關注這個數字是否會上升到 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

所以即使——對我來說，這也是 35 左右的上限，也是 35 左右的上限，我們最終達到了

[33 6].

[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.

我認為這就是我們應該考慮的問題，而且它會在任何特定季度起伏不定，這取決於我們的產品組合以及我們在國內和國際銷售的產品，因為國內價格高於國際價格。

But I also want to make sure that, that we should not be thinking that we're going to

但我也想確保，我們不應該認為我們會

[at least].

[至少]。

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.

在我們看來，如果我們能夠透過 Horizo​​n 銷售，而這遠遠超出了當前政策建構下的這些類型的 ASP，我們仍然會發現這非常有吸引力。

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.

現在，在更高的關稅環境下，這就是為什麼我們試圖對我們的國內產品和我們銷售的產品保持耐心，我認為國內提高平均售價的機會會增加。

But that it's all triggered by potential change in administration and overall change to strategy our own policy environment.

但這一切都是由政府的潛在變化以及我們自身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.

所以但是——這就是我們應該如何圍繞新的資本支出來考慮 ASP。 [這一切都歸結於]同一項政策對話。

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.

一旦我們了解並了解政策環境將會是什麼樣的，我們就可以決定如何在這方面進行。

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.

正如我在先前的電話會議中所指出的，我們將繼續做好一切必要工作，一旦我們了解了政策環境，我們就會知道應該縮小到哪個範圍。

Vikram Bagri, Citi.

花旗的維克拉姆‧巴格里 (Vikram Bagri)

Hi, everyone.

大家好。

Good afternoon.

午安.

I apologize if I missed this, Mark, I wanted to understand your exposure to the uncertainties.

馬克，如果我錯過了這一點，我深感抱歉，我想了解你所面臨的不確定性。

You highlighted the capital allocation of the geopolitical and so forth and regulatory.

您強調了地緣政治等資本配置和監管問題。

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.

您是否想表明積壓訂單是完全有保障的，而這些不確定性只會影響預訂前景——您正在討論由於方便而可能會有更多的預訂取消。

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?

然後繼續討論同一話題，馬克，[雪佛龍能否緩衝] 裁決具有非常廣泛的應用，並且政府機構對 IT 進行了大量解釋，您是否認為對這些解釋提出質疑會直接或間接地對 First Solar 造成風險？

Thank you.

謝謝。

Yeah.

是的。

Look, I think what we tried to highlight in the call is that there's externalities right now that creates some amount of uncertainty.

看，我認為我們在電話會議中試圖強調的是，目前存在的一些外部因素造成了一定程度的不確定性。

And one is obviously the

其中之一顯然是

[amount].

[數量]。

We spent a lot of time around that.

我們花了很多時間在這上面。

For the others clearly the significant overcapacity that we continue to see unabated from China.

對其他國家來說，我們顯然看到中國產能嚴重過剩的現象持續存在。

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.

我們只是想繼續強調這一點，並強調為什麼——這對我們來說在貿易政策角度上非常積極，無論是在美國還是在印度，甚至是我們在歐盟試圖採取的行動和舉措，對吧。

So we think those are all important things that everyone needs to be mindful off.

因此我們認為這些都是每個人都需要注意的重要事項。

This the one as it relates to whether this calls into question, our backlog.

這與我們是否對我們的積壓工作提出質疑有關。

Those two are not calling into question the risk of our backlog from a contractual standpoint right now.

目前，他們兩人並沒有從合約的角度質疑我們積壓訂單的風險。

If for some reason, there's a new policy environment.

如果由於某種原因，出現了新的政策環境。

The Republicans were to getting into control and they eliminated the tech neutral ITC or minimized it, reduced it.

共和黨將掌控局面，他們取消了技術中立的 ITC，或將其最小化、降低。

That could have impact on our availability of our customers' projects and their associated returns.

這可能會影響我們客戶專案的可用性及其相關回報。

And clearly that's going to have a ramification to for solar because now project fundamentals have modified.

顯然，這將對太陽能產生影響，因為現在專案基本面已經改變了。

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.

目前還沒有觀點認為這會發生，但它預示著我們即將經歷政治不確定性或選舉過程。

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.

如果共和黨控制了，那麼愛爾蘭共和軍的許多問題都需要解決，而這些問題可能對我們有任何潛在的啟示，也可能沒有任何啟示。

We're just trying to highlight that as such.

我們只是想強調這一點。

So no impact on the backlog from that standpoint.

從這個角度來看，這對積壓沒有影響。

But for some dramatic pivot or change into the market.

但對於市場的一些重大轉變或變化。

The one we are trying to highlight is that we had, look, this is not news.

我們想要強調的是，這不是新聞。

You can go and look at a lot of oil and gas majors, large oil and gas majors.

你可以去看看很多石油和天然氣巨頭，大型石油和天然氣巨頭。

And they're assessing viability of project returns and solar and deployment of capital and allocation of capital.

他們正在評估專案回報、太陽能和資本部署及資本分配的可行性。

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.

我們有一家歐洲電力公用事業公司，其帳面上的發電量超過 1 吉瓦，他們已經佔用了其中的 600 兆瓦左右，然後又終止了其中的約 400 兆瓦，因為他們決定退出美國市場。

That happens.

確實會發生這種情況。

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.

但正如我們在上次電話會議中所說的那樣，這樣做的好處是，等式的另一邊，收購其開發組合的人恰好是 First Solar 的長期客戶，並且擁有我們技術的 100% 唯一來源。

So that's a good thing.

這是一件好事。

Long-term, it creates near-term disruption, this customer already has a framework agreement with us.

從長遠來看，這會造成短期混亂，這位客戶已經與我們簽訂了框架協議。

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.

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，這只會進一步鞏固我們更高的市場份額。

The -- we also highlighted in India, there was a large oil and gas major who well was not a booking.

我們也強調，在印度，有一家大型石油和天然氣巨頭的油井沒有獲得預訂。

It was a contract that we have that they're now selling the business.

這是我們之間的一份合同，他們現在正在出售這項業務。

And as a result of that.

並且因此而產生。

There's a termination associated with it.

有一個與之相關的終止。

They've got a 30-day period which [secured it], if they don't, then they're going to pay us a termination payment.

他們有 30 天的時間來解決這個問題，如果他們不這樣做，他們就會向我們支付終止費用。

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.

因此，我們周圍仍發生著一些事情，我們只是想確保人們理解，這些大型跨國公司要么投資者，要么進一步加速投資，要么決定減速。

It could have an impact on us.

這可能會對我們產生影響。

And the backdrop to all this other stuff happening, we have others, like the Brookfield's over the world who are acquiring developers.

在所有這些事情發生的背景下，還有其他人，例如世界各地的布魯克菲爾德集團正在收購開發商。

So they're on the other side of the equation.

因此他們處於等式的另一邊。

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.

他們在美國、印度等地甚至歐洲進行收購，我們與他們也有合作關係。

So there's just this Intermix of this stuff happening right now.

所以現在就發生了這些東西的混合。

We thought it was important that people understood.

我們認為讓人們理解這一點很重要。

It's not -- shouldn't be a surprise, especially [in] larger oil and gas majors.

這並不奇怪，特別是對於大型石油和天然氣公司而言。

They've been highlighting this, CEO changes, other things that have happened.

他們一直在強調這一點、執行長的變動以及發生的其他事情。

And the assessment of our ultimate deployment of capital and where solar fits in that strategy.

以及對我們最終的資本部署的評估以及太陽能在該策略中的位置。

So Chevron, the last one you highlighted.

雪佛龍是您最後強調的一個。

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.

看，我不認為至少我從我的團隊那裡得到的解釋可能對 IRA 的大部分影響很小，並且與 IRA 相關的一些指導是稅收法規和稅收規則，通常並不是你真正關注的焦點與雪佛龍的差異。

And so I don't think there's any significant exposure.

因此我認為不存在任何重大風險。

We know there are some concerns maybe around hydrogen and some of the other interpretations that were provided.

我們知道人們可能對氫和其他一些解釋有擔憂。

But at least as it relates to domestic content or the manufacturing tax credit and those types of things.

但至少它與國內內容或製造業稅收抵免以及諸如此類的事情有關。

We don't see it.

我們沒有看到。

We Chevron impacting that at this point in time.

我們雪佛龍目前正在對此產生影響。

If I could, just on the backlog.

如果可以的話，就處理積壓事務。

So we've said before we have some fixed price agreements.

我們之前說過，我們有一些固定價格協議。

And what we're saying here is those still stand in the event of a systemic shock to the system.

我們在這裡要說的是，一旦系統受到衝擊，這些仍然有效。

I think some of the risk ultimately could fall in assets.

我認為部分風險最終可能會落入資產中。

The significant defaults and customers are in trouble.

出現重大違約，客戶陷入困境。

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.

但一般來說，我想說，如果客戶選擇使用便利終止選項，我們就會考慮合約的效力。

And we've said before, that's on a very small part of our backlog than we would collect a termination payment.

我們之前說過，這只是我們積壓工作中很小的一部分，我們只能收取終止付款。

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.

如果事實證明客戶違約，我認為可以公平地說，我們相信我們的合約是一份雙向協議，客戶對我們也負有義務，我們將追討欠我們的終止合約款項。

And that does conclude today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。