第一太陽能 (FSLR) 2024 Q3 法說會逐字稿

Good afternoon, everyone, and welcome to First Solar's third-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)

大家下午好，歡迎參加 First Solar 的 2024 年第三季財報電話會議。此次電話會議正在 First Solar 網站 Investor.firstsolar.com 的投資者部分進行網路直播。 （操作員說明）

As a reminder, today's call is being recorded. I would now like to turn the call over to First Solar Investor Relations. You may begin.

提醒一下，今天的通話正在錄音。我現在想將電話轉給 First Solar 投資者關係部。你可以開始了。

Good afternoon, and thank you for joining us. Today, the company issued a press release announcing its third-quarter 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年第三季財務業績。新聞稿和相關簡報的副本可在 First Solar 網站 Investor.firstsolar.com 上取得。

With us today are Mark Widmar, Chief Executive Officer; and Alex Bradley, Chief Financial Officer. Mark will provide a business and technology update, Alex will discuss our bookings pipeline, quarterly financial results, and provide updated guidance. Following the remarks, we will open the call to questions.

今天與我們在一起的有首席執行官 Mark Widmar；和首席財務官亞歷克斯布拉德利。馬克將提供業務和技術更新，亞歷克斯將討論我們的預訂管道、季度財務業績，並提供更新的指導。發言結束後，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. As we approach the end of 2024, we remain pleased with the progress made across our business, navigating against the backdrop of industry volatility and political uncertainty, with a continuous focus on balancing growth, profitability and liquidity.

下午好，感謝您今天加入我們。隨著 2024 年底的臨近，我們對整個業務的進展感到滿意，在產業波動和政治不確定性的背景下，我們持續專注於平衡成長、獲利能力和流動性。

As noted at our Analyst Day in late 2023, in our previous earnings call, our story is about the value of long-term strategic decision-making, underpinned by differentiated technology and business model, which endeavors to drive value creation for our shareholders and partners. We expect that this disciplined long-term approach will allow us to work through the outcomes of the upcoming US elections as well as continued volatility across the solar manufacturing industry.

正如我們在2023 年底的分析師日上所指出的，在我們之前的財報電話會議中，我們的故事是關於長期戰略決策的價值，以差異化技術和商業模式為基礎，努力為我們的股東和合作夥伴創造價值。我們預計，這種嚴格的長期方法將使我們能夠應對即將到來的美國大選的結果以及整個太陽能製造業的持續波動。

Beginning on slide 3, I will share some key highlights from the third quarter.

從幻燈片 3 開始，我將分享第三季的一些關鍵亮點。

From a commercial perspective, we continued our highly selected approach to contracting with a net 0.4 gigawatts of new bookings since our last earnings call. This brings our year-to-date net bookings to 4 gigawatts and our total contracted backlog to 73.3 gigawatts, with orders stretching through 2030.

從商業角度來看，自上次財報電話會議以來，我們繼續採用精心挑選的方式簽訂合同，新預訂量為 0.4 吉瓦。這使得我們今年迄今的淨預訂量達到 4 吉瓦，合約積壓總量達到 73.3 吉瓦，訂單延續到 2030 年。

From a manufacturing perspective, while we're pleased with record production of 3.8 gigawatts in the quarter, our financial results were impacted by a product warranty charge of $50 million due to manufacturing issues, which we have identified and taken actions to address, related to the initial production of our Series 6 -- Series 7, excuse me, product, primarily attributed to variability in the effectiveness of the glass cleaning process at the beginning of our production line and an air in our process of predicting the engineering performance margin.

從製造角度來看，雖然我們對本季3.8 吉瓦的創紀錄產量感到滿意，但由於製造問題，我們的財務業績受到5000 萬美元產品保固費用的影響，我們已發現這些問題並採取行動解決，這些問題與我們的系列 6 - 系列 7，對不起，產品的初始生產，主要歸因於我們生產線開始時玻璃清潔過程的有效性的變化以及我們預測工程性能裕度過程中的空氣。

We inaugurated our new $1.1 billion Alabama facility, which when, fully scaled, adds 3.5 gigawatts of vertically integrated nameplate solar manufacturing capacity. The start of commercial operation at the Alabama facility, along with our under construction Louisiana facility, which remains on track to begin operations in the second half of 2025, keeps us on course to achieve our projection of over 14 gigawatts of annual US nameplate capacity, and over 25 gigawatts of global nameplate capacity by 2026.

我們斥資 11 億美元在阿拉巴馬州開設了新工廠，該工廠全面擴建後，可增加 3.5 吉瓦的垂直整合太陽能製造能力。阿拉巴馬州工廠開始商業運營，以及正在建設中的路易斯安那州工廠預計將於 2025 年下半年開始運營，這使我們能夠實現美國銘牌年產能超過 14 吉瓦的預測，到2026 年，全球銘牌容量將超過25 吉瓦。

This growth is expected to support an estimated 30,000 direct, indirect, and induced jobs in the US alone, representing $2.8 billion in annual labor income, demonstrating the significant contribution to our nation's economic growth that high-value solar manufacturing can provide.

這一成長預計僅在美國就能支持約 3 萬個直接、間接和衍生就業崗位，相當於每年 28 億美元的勞動力收入，這表明高價值太陽能製造業可以為我國經濟成長做出重大貢獻。

Turning to technology. As planned, we are launching CuRe production at our lead line in Ohio in Q4 of this year. We intend to launch its production in a phased approach, initially producing and selling approximately 0.4 gigawatts of CuRe product through Q1 of 2025.

轉向技術。按照計劃，我們將於今年第四季在俄亥俄州的領先生產線上啟動 CuRe 生產。我們打算分階段啟動生產，到 2025 年第一季首先生產和銷售約 0.4 吉瓦的 CuRe 產品。

Upon successful field performance validation following the deployment of this volume of sold CuRe your product, we intend to permanently convert the Ohio lead line to CuRe in Q4 2025, as well as replicate CuRe across the fleet, beginning that schedule with our Vietnam and third Ohio facilities in time to start capturing upside from our contractual revenue adjusters.

在部署此數量的已售出CuRe 產品並成功進行現場性能驗證後，我們打算在2025 年第四季度將俄亥俄州的主導線永久轉換為CuRe，並在整個船隊中複製CuRe，從我們的越南和第三個俄亥俄州開始執行該計劃及時提供設施，開始從我們的合約收入調節器中獲取收益。

In addition, at our new prospect development line in Perrysburg, this quarter will be the first time we'll be able to run technology samples through an automated process that simulates in-line manufacturing conditions as we accelerate our efforts to develop the next breakthrough in thin film photo technology.

此外，在我們位於佩里斯堡的新前景開發生產線上，隨著我們加快努力開發下一個突破，本季度我們將首次能夠透過模擬線上製造條件的自動化流程來運行技術樣本。

With regard to intellectual property, we have recently sent notification letters to Tier 1 solar manufacturers that we believe are infringing on First Solar's TOPCon patent portfolio, which I'll discuss in more detail later in the call. While Alex will provide a comprehensive overview of the third quarter 2024 financial results, I would like to highlight our third quarter earnings per share of $2.91, which includes the $50 million product warranty charge referenced earlier.

關於智慧財產權，我們最近向一級太陽能製造商發送了通知信，我們認為這些製造商侵犯了 First Solar 的 TOPCon 專利組合，我將在稍後的電話會議中更詳細地討論這一點。雖然 Alex 將全面概述 2024 年第三季的財務業績，但我想強調一下我們第三季的每股收益 2.91 美元，其中包括前面提到的 5000 萬美元的產品保固費用。

Finally, our leadership in thin film technology and track record of investing in innovation led to First Solar being recognized by MIT Technology Reviews annual list of climate tech companies to watch. The only solar technology and manufacturing company to be included in this year's list. Furthermore, we were also proud to make our debut as Times Magazine's World's best companies in 2024 list.

最後，我們在薄膜技術方面的領先地位和創新投資的記錄使 First Solar 被《麻省理工學院技術評論》年度值得關注的氣候技術公司名單認可。唯一入選今年榜單的太陽能技術和製造公司。此外，我們也很榮幸能首次躋身《時代雜誌》2024 年全球最佳公司名單。

Moving to slide 4. We recently published our annual sustainability report and would like to take this opportunity to share a few highlights. In our 25th year, we are doubling down on our commitment to the principles of responsible solar, which drives our company's environmental, social and governance strategy, leadership and differentiation.

前往投影片 4。在成立 25 週年之際，我們加倍致力於負責任的太陽能原則，這推動了我們公司的環境、社會和治理策略、領導力和差異化。

From the health and environmental benefits of achieving greater avoidance admissions through our ultra-low carbon solar technology, to our long-standing leadership in PV recycling and commitment to human rights, transparency, incredible third-party validation, we continue to establish new standards while challenging industry as a whole to do better. Over the past year, we continue to drive environmental, social, and governance progress as part of our culture of continuous improvement.

從透過我們的超低碳太陽能技術實現更大程度的避免准入所帶來的健康和環境效益，到我們在光伏回收方面的長期領導地位以及對人權、透明度和令人難以置信的第三方驗證的承諾，我們不斷制定新標準，同時挑戰整個產業做得更好。在過去的一年裡，我們繼續推動環境、社會和治理進步，作為我們持續改善文化的一部分。

We successfully reduced our water and waste intensity per watt produced and increased the percentage of women in our workforce in 2023 relative to the preceding year. We continue to build on our long-standing leadership position in PV recycling in 2023, achieving a global average material recovery rate of 95% across our recycled facilities. Today, we operate high-value recycling facilities in the US, Germany, Malaysia, Vietnam, and India.

與前一年相比，到 2023 年，我們成功降低了每瓦生產的用水和廢物強度，並提高了女性在勞動力中的比例。到 2023 年，我們將繼續鞏固在光伏回收領域的長期領導地位，在我們的回收設施中實現 95% 的全球平均材料回收率。如今，我們在美國、德國、馬來西亞、越南和印度經營高價值回收設施。

A shift to producing verifiable ultra-low carbon solar is needed to ensure that the global PV manufacturing industry does not undermine its role in its fight against climate change. Although the industry currently accounts for a small portion of global emissions today, that's changing. A report by Clean Energy Buyers Institute warrants that a business-as-usual approach, dominated by energy-intensive crystalline silicon, would lead PV manufacturing to exceed aluminum manufacturing, currently the fourth most emission-intensive industrial commodity by 2024 -- 2040. We are proud to be leading the charge by having the world's first solar modules to achieve EP climate plus designation, and meet the industry's first ultra-low carbon solar threshold for global use.

需要轉向生產可驗證的超低碳太陽能，以確保全球光伏製造業不會削弱其在應對氣候變遷中的作用。儘管該行業目前僅佔全球排放量的一小部分，但這種情況正在改變。清潔能源買家協會的一份報告保證，以能源密集型晶體矽為主的一切照舊方法將導致光伏製造業到2024 年至2040 年超過鋁製造業，鋁目前是第四大排放密集型工業商品。

Turning to slide 5. I would like to address the numerous intellectual property challenges concerning crystalline silicon cell technology that are currently ongoing within the industry. Historically, PV industry intellectual property claims, particularly related to crystalline silicon technologies, and especially among Chinese headquarter producers have been limited and seldom asserted. This has largely been due to the understanding that cell-related technology advances were effectively open source with patents and know-how freely share within the Chinese manufacturing ecosystem.

轉向幻燈片 5。從歷史上看，光電產業的智慧財產權主張，特別是與晶體矽技術相關的智慧財產權主張，尤其是中國總部生產商的智慧財產權主張一直有限且很少主張。這在很大程度上是因為人們認識到細胞相關技術進步實際上是開源的，專利和專有技術在中國製造生態系統內自由共享。

Today's intellectual property landscape within the solar manufacturing sector has clearly changed. As shown on slide 5, a number of leading manufacturers are asserting patent-related claims against one another. Notably, a number of these actions are focused on alleged infringement of TOPCon patents.

當今太陽能製造領域的智慧財產權格局已發生明顯變化。如投影片 5 所示，許多領先製造商正在相互主張與專利相關的索賠。值得注意的是，其中許多訴訟都是針對涉嫌侵犯 TOPCon 專利的行為。

As just one example, earlier this month, Trina filed a section 337 complaint at the US International Trade Commission, or ITC, against the first of Runergy and Adani. According to the complaint, Trina is seeking to exclude TOPCon solar cells, modules, and components from importation into the United States due to alleged patent infringement, which the ITC is now investigating.

舉一個例子，本月早些時候，天合光能向美國國際貿易委員會（ITC）針對 Runergy 和 Adani 的第一項投訴提出了 337 條申訴。根據訴狀，天合光能因涉嫌專利侵權而尋求禁止 TOPCon 太陽能電池、組件和組件進口到美國，美國國際貿易委員會目前正在對此進行調查。

As disclosed earlier in the third quarter, First Solar also possesses a TOPCon pad portfolio through our acquisition of TetraSun in 2013, which we have begun to leverage as part of our ongoing efforts to develop the next generation of PV technologies. Our TOPCon portfolio includes: patents and patent applications in the United States, Australia, Canada, China, Europe, Hong Kong, Japan, Mexico, Malaysia, Singapore, South Korea, Vietnam, and United Arab Emirates, with patent terms extending to 2030.

正如第三季早些時候披露的那樣，First Solar 還透過 2013 年收購 TetraSun 擁有 TOPCon 焊盤產品組合，我們已開始利用該產品組合作為我們持續努力開發下一代光伏技術的一部分。我們的 TOPCon 產品組合包括：美國、澳洲、加拿大、中國、歐洲、香港、日本、墨西哥、馬來西亞、新加坡、韓國、越南和阿拉伯聯合大公國的專利和專利申請，專利期限延長至 2030 年。

Note, regarding the India market, although First Solar does not possess a TOPCon to patent in India, several jurisdictions where we do have patents are sourcing India found cell manufacturing and exports. We believe we will be able to assert our patent rights in these jurisdictions against manufacturers and exporters of infringing India bound products.

請注意，關於印度市場，儘管 First Solar 在印度沒有 TOPCon 專利，但我們擁有專利的幾個司法管轄區正在印度購買電池製造和出口。我們相信，我們將能夠在這些司法管轄區針對印度侵權產品的製造商和出口商主張我們的專利權。

While a number of other market participants are claiming they too own TOPCon patents, it is important to note that as with any mature technology, it is not unusual that multiple key patents may be held by multiple and related parties. Without ownership or license covering, every relevant patent used in the manufacturing process, a manufacturer does not have the freedom to produce and sell an otherwise infringing product. Since our July announcement, regarding First Solar's TOPCon patent portfolio, we have advanced our investigation into several leading crystalline silicon solar manufacturers for potential infringement of our patents. The result of these efforts has enhanced our conviction that we possess fundamentally valid and enforceable patents in relation to TOPCon cell technology.

雖然許多其他市場參與者聲稱他們也擁有 TOPCon 專利，但值得注意的是，與任何成熟技術一樣，多個關鍵專利可能由多個關聯方持有的情況並不罕見。如果沒有所有權或許可涵蓋製造過程中使用的每項相關專利，製造商就無權生產和銷售其他侵權產品。自從我們在 7 月宣布有關 First Solar 的 TOPCon 專利組合以來，我們已經對幾家領先的晶體矽太陽能製造商進行了調查，調查是否可能侵犯我們的專利。這些努力的結果增強了我們的信念，即我們擁有與 TOPCon 電池技術相關的基本有效且可執行的專利。

To that end, we have recently begun sending letters to various solar manufacturers shown on slide 5, under the letter head of a law firm with one of the world's leading intellectual property practices, providing notice to each recipient that they are using First Solar's TOPCon patents without a license and reserving First Solar's rights in their entirety. We are currently in negotiation with multiple interested parties in rights to our TOPCon patent portfolio.

為此，我們最近開始向幻燈片5 中所示的各個太陽能製造商發送信件，信件抬頭為一家擁有世界領先知識產權業務的律師事務所，向每個收件人發出通知，告知他們正在使用First Solar 的TOPCon 專利未經許可並保留 First Solar 的全部權利。我們目前正在與多個有興趣的各方就 TOPCon 專利組合的權利進行談判。

Finally, during the third quarter, we achieved a victory upholding the validity of our Chinese TOPCon patents in the patent reexamination and invalidation Department, or PRID, of the China National Intellectual Property Administration, which is the patent office in China. The PRID upheld the validity of all 17 claims of our Chinese TOPCon patent against a number of asserted prior art references. Together with our aforementioned outreach to manufacturers aimed at discussing potential structures to authorize the actual planned use of our TOPCon patents, our recent victory in China provides third-party validation of the strength of our TOPCon portfolio.

最後，在第三季度，我們在中國國家智慧財產局（中國的專利局）專利複審無效處（PRID）取得了維護中國 TOPCon 專利有效性的勝利。 PRID 維持了我們的中國 TOPCon 專利的所有 17 項權利要求相對於許多聲稱的現有技術參考的有效性。加上我們前面提到的旨在討論授權實際計劃使用我們的 TOPCon 專利的潛在結構的製造商外展活動，我們最近在中國取得的勝利為我們 TOPCon 產品組合的實力提供了第三方驗證。

First Solar has long held a commitment to fundamental concepts of respect for the integrity of property rights. As shown on slide 5, and reflected in numerous public announcements in public reporting over the past year, First Solar is not alone in seeking to protect its intellectual property rights, with a number of other leading manufacturers taking actions to protect their rights as well. To access these manufacturers, the majority of which are Chinese base continue to report significant financial loss in their race to the bottom, it is reasonable to expect that they will continue to aggressively assert these claims.

First Solar 長期以來致力於尊重產權完整性的基本概念。如幻燈片5 所示，並反映在過去一年公開報告中的眾多公開聲明中，First Solar 並不是唯一一家尋求保護其智慧財產權的公司，許多其他領先製造商也採取了行動來保護自己的權利。這些製造商（其中大多數是中國基地）在逐底競爭中繼續報告重大財務損失，因此可以合理地預期他們將繼續積極主張這些主張。

We believe the IP-based uncertainty surrounding crystalline silicon manufacturers, freedom to manufacture, and sell TOPCon solar products and the potential complications for a PV project utilizing potentially infringing solar cells should be taken in consideration by developers, project owners, and PPA off-takers, as well as debt and tax equity financing parties.

我們認為，開發商、專案業主和PPA 承購商應考慮圍繞晶體矽製造商、製造和銷售TOPCon 太陽能產品的自由度以及使用潛在侵權太陽能電池的光伏專案的潛在複雜性的基於智慧財產權的不確定性，以及債務和稅務股權融資方。

In addition, we believe the current intellectual property landscape, particularly as it relates to TOPCon's cell technology, underscores one of First Solar's key competitive differentiators of delivering a unique proprietary homegrown, cadmium telluride semiconductor technology, in contrast to the highly commoditized crystalline silicon modules.

此外，我們認為當前的智慧財產權格局，特別是與TOPCon 電池技術相關的智慧財產權格局，凸顯了First Solar 的關鍵競爭優勢之一，即提供獨特的專有本土碲化鎘半導體技術，與高度商品化的晶體矽模組形成鮮明對比。

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

我現在將把電話轉給亞歷克斯，討論我們的預訂管道和財務狀況。

Thanks, Mark. Beginning on slide 6. As of December 31, 2023, our contracted backlog totaled 78.3 gigawatts, with an aggregate value of $23.3 billion. Through September 30, 2024, we had recognized 9 gigawatts of sold volume and contracted an additional 3.5 gigawatts. This includes a reduction to our bookings of 0.4 gigawatts due to the termination of the contract with Plug Power, a former corporate customer who experienced delays in their project, as first noted on our earnings call in February of this year.

謝謝，馬克。從幻燈片 6 開始。截至 2024 年 9 月 30 日，我們已確認銷售量為 9 吉瓦，並額外簽訂了 3.5 吉瓦的合約。這包括由於與 Plug Power 的合約終止而導致我們的預訂量減少 0.4 吉瓦，Plug Power 是一家前企業客戶，專案經歷了延誤，正如我們在今年 2 月的財報電話會議上首次指出的那樣。

As a significant attempt to negotiate a mutually beneficial solution failed, and we were unable to renegotiate the contract to our satisfaction, in Q3, we elected to terminate the contract and pursue our contractually agreed termination remedies. This brings our total backlog to 72.8 gigawatts at quarter end with an aggregate value of $21.7 billion, implying an ASP of approximately $0.298 per watt excluding adjusters where applicable.

由於談判互利解決方案的重大嘗試失敗，並且我們無法重新談判合約以使我們滿意，因此在第三季度，我們選擇終止合約並採取合約約定的終止補救措施。這使得我們在季度末的積壓總量達到 72.8 吉瓦，總價值為 217 億美元，這意味著平均售價約為每瓦 0.298 美元，不包括適用的調節器。

Since the end of the third quarter, we've entered into an additional 0.5 gigawatts of contracts, increasing our total backlog to 73.3 gigawatts. What about ASPs for our 0.8 gigawatts of gross bookings since the prior earnings call? This includes approximately 180 megawatts of domestic India shipments at an ASP of approximately $0.19 per watt. Given the Indian market price environment, I'll further discuss our strategy as it relates to the sales of our India produced products shortly.

自第三季末以來，我們又簽訂了 0.5 吉瓦合同，使我們的總儲備量增加到 73.3 吉瓦。自從上次財報電話會議以來，我們 0.8 吉瓦的總預訂量的平均售價如何？其中包括約 180 兆瓦的印度國內出貨量，平均售價約為每瓦 0.19 美元。考慮到印度市場的價格環境，我將進一步討論我們的策略，因為它與我們印度生產的產品的銷售有關。

It also includes a booking for 50 megawatts of aged low-bin inventory that would not be usable by our traditional utility scale customer base and that would otherwise be scrapped to be sold for a non-traditional contracting arrangement. Structures a true noncontingent sale with a module distributor at an initial ASP of $0.05 per watt, we expect to receive upside revenue sharing based on the final sale price which we reflected as incremental revenue at the time of sale to the end user.

它還包括預訂 50 兆瓦的老化低箱庫存，這些庫存將無法被我們的傳統公用事業規模客戶群使用，否則將被廢棄並以非傳統合約安排出售。以每瓦 0.05 美元的初始 ASP 與模組分銷商構建真正的非偶然銷售，我們預計將根據最終銷售價格獲得上行收入分成，我們將其反映為銷售給最終用戶時的增量收入。

The remaining approximately 560 megawatts of bookings to our traditional US utility scale customer base is at an ASP of approximately $0.304 per watt, excluding adjusters, or up to $0.32 per watt assuming the realization of adjusters were applicable. As it relates to the US utility scale market, the updated domestic content bonus safe harbor guidance issued by the Department of Treasury and IRS in May 2024, sets a more practical point-based calculation rather than a cost base calculation for a renewable energy project to qualify for the bonus, placing a high value and vertically integrated manufacturing utilizes domestically procured components. The profile exemplified by First Solar's growing domestic manufacturing operations.

向我們傳統的美國公用事業規模客戶群訂購的剩餘約560 兆瓦的平均售價約為每瓦0.304 美元（不包括調節器），或者假設調節器的實現適用，則最高可達每瓦0.32 美元。由於與美國公用事業規模市場相關，美國財政部和國稅局於2024 年5 月發布的更新後的國內內容獎金安全港指南為可再生能源項目設定了更實用的基於點的計算，而不是基於成本的計算。 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 a domestically manufactured cell and which may incorporate domestic components for all the points eligible components specified in the elective safe harbor in the May 2024 updated guidance.

鑑於我們在美國生產的系列6 和系列7 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，並且可能會在2024 年5 月更新的指南中選擇性安全港中指定的所有符合條件的組件中採用國產組件。

Our production fleet greatly enables our customers' ability to satisfy the domestic content bonus criteria. Under the new elective safe harbor, there are opportunities for First Solar to optimize its supply chain and allocation strategy, including with deliveries to customers and modules produced across our global fleet. This approach allows us to optimize our production base, while ensuring that our customers receive the points necessary for them to qualify for and critically finance the domestic content bonus.

我們的生產團隊大大幫助我們的客戶滿足國內內容獎勵標準。在新的選擇性安全港下，First Solar 有機會優化其供應鏈和分配策略，包括向客戶交付以及我們全球機隊生產的組件。這種方法使我們能夠優化我們的生產基地，同時確保我們的客戶獲得必要的積分，使他們有資格獲得國內內容獎金並為其提供重要資金。

To that end, during the quarter we began affecting this optimization strategy to amend contracts, while maintaining the ASP under the original module sale agreement. A substantial portion of our backlog includes opportunities to increase the base ASP through the application of adjusters if we realize achievements within our current technology road map as of the expected timing for delivery of the product.

為此，在本季度，我們開始影響這一優化策略以修改合同，同時維持原始模組銷售協議下的平均售價。如果我們在目前的技術路線圖中在產品交付的預期時間上取得了成就，那麼我們積壓的很大一部分包括透過應用調整器來提高基本 ASP 的機會。

At the end of the third quarter, we had approximately 37.3 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 or $0.02 per watt, the majority of which will be recognized between 2026 and 2028. This amount does not include potential adjustments, which are generally applicable to the total contracted backlog, both the ultimate model being delivered to the customer, which may adjust the ASP and the sales contract upwards or downwards.

截至第三季末，我們與這些調節器簽訂了約 37.3 吉瓦的合約容量，如果全部實現，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，其中大部分將被確認2026年至2028年之間。

And for increases in sales rate or applicable to aluminum or steel commodity price changes. Reflected on slide 7, our total pipeline of potential bookings remained strong with bookings opportunities totaling 81.4 gigawatts, an increase of approximately 0.8 gigawatts since the previous quarter. Our mid- to late-stage bookings opportunities decreased by approximately 5.1 gigawatts to 23.5 gigawatts, and that includes 20.9 gigawatts in North America and 2.3 gigawatts in India.

並適用於銷售率的增加或適用於鋁或鋼商品價格的變化。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 81.4 吉瓦，較上一季增加了約 0.8 吉瓦。我們的中後期預訂機會減少了約 5.1 吉瓦至 23.5 吉瓦，其中包括北美的 20.9 吉瓦和印度的 2.3 吉瓦。

Within our mid- to late-stage pipeline, 3.9 gigawatts of opportunities that are contracted subject to conditions precedent, including in the US, a 620-megawatt module supply agreement with a customer that we supply in power to a hyperscaler as referenced on our last earnings call; and 0.8 gigawatts in India. As a reminder, signed contracts in India would not be recognized as bookings until we receive full security against the offtake. And now that we've reduced our opportunities and are contracted subject to conditions present for India, by 0.4 gigawatts as a result of terminating a defaulted module supply agreement with an India affiliate of the European oil major, who is reportedly in the process of selling this business.

在我們的中後期管道中，根據先決條件簽訂了 3.9 吉瓦的機會，包括在美國與客戶簽訂的 620 兆瓦模組供應協議，我們向超大規模企業提供電力，正如我們上次提到的那樣財報電話會議；印度為 0.8 吉瓦。提醒一下，在我們收到承購的全部擔保之前，在印度簽署的合約不會被視為預訂。現在，由於終止了與歐洲石油巨頭印度子公司的違約組件供應協議，我們已經減少了機會，並根據印度現有條件簽訂了 0.4 吉瓦的合同，據報道該公司正在出售這項業務。

Improving our revenue for the third quarter is a contractual termination payment associated with the customer default under this contract. As stated on previous earnings calls, given our diminished available supply through 2027, the long-dated time frame in which we're now selling, a need to align customer project visibility with our balanced approach to ASPs, payment security, and other key contractual terms.

我們第三季營收的提高是與客戶違約相關的合約終止付款。如同先前的財報電話會議中所述，鑑於到 2027 年（我們現在銷售的長期時間框架）可用供應量減少，需要將客戶專案可見性與我們對 ASP、支付安全和其他關鍵合約的平衡方法保持一致條款。

And given the uncertainty related to the policy environment due to the upcoming US election, we'll 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 to prioritize long-term relationships and appropriately value our points of differentiation.

鑑於即將到來的美國大選導致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地位，並在今年的新預訂方面採取高度選擇性。我們打算繼續與客戶簽訂遠期合同，優先考慮長期關係並適當重視我們的差異化點。

On slide 8, I'll cover our financial results for the third quarter. Net sales in the third quarter were $0.9 billion, a decrease of $0.1 billion compared to the second quarter.

在第 8 張投影片上，我將介紹我們第三季的財務表現。第三季淨銷售額為9億美元，比第二季減少1億美元。

Decrease in net sales was driven by a 12% decrease in the volume of megawatts sold and the aforementioned increase in our Series 7 product warranty liability, partly offset by expected payments associated with contract terminations in the US and India.

淨銷售額的下降是由於銷量下降 12% 以及上述 7 系列產品保固責任的增加造成的，但部分被美國和印度合約終止相關的預期付款所抵消。

Gross margin was 50% in the third quarter, compared to 49% in the second quarter. The increase was primarily attributable to higher contract termination payments and a higher mix of modules sold from our US factories, which led to $264 million of Section 45 tax credits during the period, partially offset by the aforementioned increase in our Series 7 product warranty liability, higher underutilization charges, and additional inventory reserves for lower bin modules manufactured our international factories.

第三季的毛利率為 50%，而第二季的毛利率為 49%。這一增長主要歸因於合約終止付款的增加以及我們美國工廠銷售的模組組合的增加，這導致在此期間獲得了2.64 億美元的第45 條稅收抵免，部分被上述我們的7 系列產品保修責任的增加所抵消，更高的未充分利用費用，以及我們國際工廠製造的較低倉模組的額外庫存儲備。

During the third quarter, we experienced certain planned downtime for CuRe technology upgrades, as well as the unplanned downtime for the CrowdStrike event, and various other operational challenges, which I will describe shortly, and equipment repairs. We also incurred certain underutilization charges at our new factory in Alabama as we began ramping production during the period.

在第三季度，我們經歷了 CuRe 技術升級的某些計劃內停機，以及 CrowdStrike 事件的計劃外停機，以及我將很快描述的各種其他營運挑戰和設備維修。當我們在此期間開始提高產量時，我們在阿拉巴馬州的新工廠也產生了一些未充分利用的費用。

SG&A, R&D, and production start-up expenses totaled $123 million in the third quarter, a decrease of approximately $3 million compared to the second quarter. This decrease was primarily driven by lower R&D testing expenses as we sought to maximize production throughput while transitioning certain testing activities to our recently dedicated Jim Nolan Center for Solar Innovation, along with a reduction in incentive compensation expenses.

第三季SG&A、研發和生產啟動費用總計1.23億美元，比第二季減少約300萬美元。這一下降主要是由於研發測試費用的降低，因為我們尋求最大限度地提高生產量，同時將某些測試活動轉移到我們最近專門設立的吉姆諾蘭太陽能創新中心，同時減少了激勵補償費用。

Our third quarter operating income was $322 million, which included depreciation and amortization and accretion of $111 million, ramp costs of $25 million, production start-up expense of $27 million, and share-based compensation expense of $7 million.

我們第三季的營業收入為 3.22 億美元，其中包括 1.11 億美元的折舊、攤提和增值、2,500 萬美元的產能提升成本、2,700 萬美元的生產啟動費用以及 700 萬美元的股權激勵費用。

Third quarter other income was $5 million, which was consistent with the second quarter. Tax expense for the third quarter was $14 million compared to $28 million in the second quarter. This decrease was driven by higher forecasted income in lower tax jurisdictions and the second quarter change in our position related to reinvesting the accumulated earnings of a foreign subsidiary, which resulted in additional tax expense in the prior period. Combination of the aforementioned items led to third quarter earnings per diluted share $2.91.

第三季其他收入為 500 萬美元，與第二季持平。第三季的稅務費用為 1,400 萬美元，而第二季的稅務費用為 2,800 萬美元。這一下降是由於較低稅收管轄區的預期收入較高以及第二季度我們與外國子公司的累積收益再投資相關的頭寸變化導致了上一期間的額外稅收費用。上述項目的結合導致第三季稀釋後每股收益為 2.91 美元。

Next turn to slide 9 to discuss select balance sheet items and summary cash flow information. Our cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities ended the quarter at $1.3 billion, compared to $1.8 billion at the end of the prior quarter. The decrease was primarily driven by capital expenditures associated with our new US factories in Alabama and Louisiana along with an increase in working capital.

接下來到投影片 9，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 13 億美元，而上一季末為 18 億美元。這一下降主要是由於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營運資本的增加所致。

Total debt at the end of the third quarter was $582 million, an increase of $23 million from the second quarter as a result of higher working capital loans in India, which helped support the continued ramp of our new plant in the region. Our net cash position decreased by approximately $0.5 billion to $0.7 billion as a result of the aforementioned factors.

第三季末的總債務為 5.82 億美元，比第二季增加 2,300 萬美元，這是由於印度營運資金貸款增加，這有助於支持我們在該地區新工廠的持續建設。由於上述因素，我們的淨現金部位減少了約 5 億美元至 7 億美元。

Cash flows used in operations were $54 million in the third quarter, and capital expenditures were $434 million during the period.

第三季營運使用的現金流量為 5,400 萬美元，期間資本支出為 4.34 億美元。

Continuing on to slide 10, I'd like to provide some context to our financial guidance update. Our full-year P&L guidance, first issued in February, remained unchanged through our Q1 and Q2 earnings call in May and July, respectively. However, in July, we noted that following the termination for convenience of 0.4 gigawatts of contracted capacity by a European power and utilities customer, who is selling a portfolio of US development assets, we expected volumes sold revenue and net cash guidance to be towards the bottom end of our guidance range.

繼續看投影片 10，我想為我們的財務指導更新提供一些背景資訊。我們 2 月首次發布的全年損益指引在 5 月和 7 月的第一季和第二季財報電話會議上保持不變。然而，我們在7 月注意到，在一家歐洲電力和公用事業客戶出於方便而終止0.4 吉瓦的合約容量（該客戶正在出售美國開發資產組合）之後，我們預計銷售量收入和淨現金指導將接近我們的指導範圍的底部。

As it relates to our updated guidance, there are several drivers of the forecast changes.

由於與我們更新的指導相關，預測變化有幾個驅動因素。

Firstly, since our last earnings call where we referenced the global CrowdStrike IT outage, which temporarily idled our fleet for approximately two days, we have experienced a number of additional operational challenges. These include hurricanes Francine, Helene, and Milton, which made landfall across the Southeastern United States, impacting the early module deliveries within the region, but also our Louisiana factory construction, as well as causing logistical impact at our distribution centers in South Carolina and Texas.

首先，自從我們上次財報電話會議提到全球 CrowdStrike IT 中斷導致我們的機隊暫時閒置大約兩天以來，我們經歷了許多額外的營運挑戰。其中包括颶風弗朗辛、海倫和米爾頓，它們在美國東南部登陸，影響了該地區的早期模組交付，也影響了我們路易斯安那州的工廠建設，並對我們位於南卡羅來納州和德克薩斯州的配送中心的物流造成影響。

These distribution centers, along with other transport infrastructure, including the ports themselves were also affected by the International Longshoreman Association strike. In addition, an external security alert at our Ohio location while ultimately unsubstantiated resulted in full evacuation of the facilities with adverse consequences to schedule production output. Each of these events whilst not individually material, have in totality had an adverse impact on operational and financial performance.

這些配送中心以及其他運輸基礎設施，包括港口本身也受到國際碼頭工人協會罷工的影響。此外，我們俄亥俄州工廠的外部安全警報雖然最終未經證實，但導致設施全面疏散，對生產計畫產生了不利影響。這些事件雖然單獨而言並不重要，但總體上對營運和財務表現產生了不利影響。

Secondly, as it relates to India, as referenced on both our Q1 and Q2 earnings calls, we continue to remain concerned by Chinese dumping into the Indian market, which has led to an artificially low and challenged ASP environment for domestic sales. In response to this behavior, which threatens India's aspirations to end its reliance on an adversary by developing a domestic manufacturing base that serve the domestic market, the Indian Ministry of Commerce and Industry has recently initiated an antidumping investigation into solar cell imports from China.

其次，就印度而言，正如我們在第一季和第二季財報電話會議中提到的那樣，我們仍然對中國向印度市場的傾銷感到擔憂，這導致了國內銷售的平均售價被人​​為壓低且面臨挑戰。這種行為威脅到了印度透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，印度商工部最近對從中國進口的太陽能電池發起了反傾銷調查。

However, despite this investigation, domestic India ASPs remain depressed as a function of this dumping behavior, and is reflected by the approximately $0.19 per watt ASP for our recent India bookings discussed earlier. With such artificially depressed ASPs in the India market, we see the updated safe harbor guidance, the IRA domestic content bonus released in May 2024, providing us with an opportunity to shift India production from fixed tilt to tracker product and ship a portion of our future Indian manufactured product into the US market at higher ASPs.

然而，儘管進行了這項調查，由於這種傾銷行為，印度國內的平均售價仍然低迷，我們前面討論過的最近印度預訂的平均售價約為每瓦 0.19 美元。由於印度市場的平均售價受到如此人為壓低，我們看到了更新的安全港指南，即2024 年5 月發布的IRA 國內內容獎金，這為我們提供了將印度生產從固定傾斜轉向跟踪產品的機會，並運送了我們未來的部分印度製造的產品以較高的平均售價進入美國市場。

Net of incremental production and freight costs, we expect shipping this product to the US to be gross margin accretive relative to domestic India sales. However, given transit and delivery times to the US market, we expect this to reduce the volume of product produced by our India factory and sold in 2024 by approximately 0.9 gigawatts.

扣除增量生產和運輸成本，我們預計，相對於印度國內銷售，將該產品運往美國的毛利率將增加。然而，考慮到美國市場的運輸和交付時間，我們預計這將使我們印度工廠生產並在 2024 年銷售的產品量減少約 0.9 吉瓦。

Thirdly, and as again previously noted on our earnings calls this year, we have seen some requests from customers to shift delivery volume timing out as a function of project development delays. We continue to work with our customers to optimize the delivery schedules for their contracted volumes to the extent we are able to accommodate them. This has been a driver of the back ending of revenue and gross margin to Q4 of this year.

第三，正如我們之前在今年的財報電話會議上再次指出的那樣，我們看到一些客戶要求根據專案開發延遲來調整交付量。我們將繼續與客戶合作，在我們能夠滿足的範圍內優化其合約數量的交貨時間表。這是導致今年第四季營收和毛利率下降的因素。

In some cases, we are enforcing our contractual rights to ship modules to warehouses in the event that customers are not ready to receive the product as scheduled under the contract. In other cases, we are able to accommodate schedule shifts either through reallocation to another customer or through interim storage of the module. Despite the termination of the Plug Power contract the 0.4 gigawatts of modules originally seemed to be sold this year and a recent request increase the delivery schedule flexibility, we have largely been able to mitigate the impact to our sold volume guidance, which is modestly reduced by approximately 0.3 gigawatts.

在某些情況下，如果客戶尚未準備好按合約規定接收產品，我們將執行合約權利，將模組運送到倉庫。在其他情況下，我們可以透過重新分配給另一個客戶或透過模組的臨時儲存來適應計劃的變化。儘管終止了 Plug Power 合同，但今年原本似乎銷售了 0.4 吉瓦的模組，並且最近提出了增加交付計劃靈活性的要求，但我們基本上能夠減輕對銷售量指導的影響，該指導值略有減少約0.3吉瓦。

Fourthly, we continue to enforce our contractual rights in the event of contractual breach. The aforementioned Plug Power contract termination resulted in a termination payment entitlement recognized as revenue in the third quarter. Additionally, during the quarter, we enforced our termination rates under two contracts in India, which also resulted in termination payment entitlements recognizes revenue in Q3. While cash and other liquid security deposits cover a portion of these payments, in order to collect the balance owed we expect to litigate.

第四，如果發生合約違約，我們將繼續執行我們的合約權利。上述普拉格能源合約終止導致終止付款權利在第三季確認為收入。此外，在本季度，我們在印度執行了兩份合約下的終止費率，這也導致終止付款權利在第三季度確認了收入。雖然現金和其他流動保證金涵蓋了這些付款的一部分，但為了收回所欠餘額，我們希望提起訴訟。

To that end, we have filed a complaint against Plug Power and commenced arbitration proceedings against one Indian customer; and we anticipate initiating arbitration proceedings against the second Indian customer, in all cases, seeking to enforce our full termination payment rights on their respective contracts.

為此，我們對 Plug Power 提出了投訴，並對一位印度客戶啟動了仲裁程序；在所有情況下，我們預計都會針對第二個印度客戶啟動仲裁程序，以尋求強制執行我們對其各自合約的全部終止付款權利。

The combined effect of these impacts would serve to reduce our full year 2024 volume sold revenue and net cash guidance numbers below those provided in our Q2 earnings call in July, with the contractual termination payments largely offsetting the reduced sold volume resulting in gross margin, operating income, and earnings per diluted share guidance within the previous range is provided.

這些影提供了先前範圍內的收入和稀釋每股收益指引。

With this context in mind, and together with the impact of the aforementioned $50 million product warranty charge related to the initial production of our new Series 7 products, our updated guidance ranges are as follows.

考慮到這一背景，再加上上述 5000 萬美元的產品保固費與我們新的 7 系列產品的初始生產相關的影響，我們更新的指導範圍如下。

We expect volumes sold of 14.2 to 14.6 gigawatts, resulting in net sales guidance of between $4.1 billion and $4.25 billion. Gross margin is expected to be between $1.95 billion and $2 billion, which includes $1.02 billion to $1.05 billion of Section 45X tax credits and $60 million to $75 million of ramp costs.

我們預計銷量為 14.2 至 14.6 吉瓦，淨銷售額指引為 41 億至 42.5 億美元。毛利率預計在 19.5 億至 20 億美元之間，其中包括 10.2 億至 10.5 億美元的第 45X 條稅收抵免和 6,000 萬至 7,500 萬美元的坡道成本。

SG&A expenses are expected to be $445 million to $475 million, which includes $185 million to $195 million of SG&A expense, $190 million to $200 million of R&D expense, and $70 million to $80 million of production start-up expenses.

SG&A 費用預計為 4.45 億至 4.75 億美元，其中包括 1.85 億至 1.95 億美元的 SG&A 費用、1.90 億至 2 億美元的研發費用以及 7000 萬至 8000 萬美元的生產啟動費用。

Operating income is expected to be between $1.48 billion and $1.54 billion and is inclusive of $130 million to $155 million of combined ramp costs and plant startup expenses and $1.02 billion to $1.05 billion of Section 45X tax credits. We expect interest income, interest expense, other income and tax expense to net to a total expense of approximately $80 million. This results in a full year 2024 earnings per diluted share guidance range of $13 to $13.50.

營業收入預計在 14.8 億至 15.4 億美元之間，其中包括 1.3 億至 1.55 億美元的綜合產能提升成本和工廠啟動費用，以及 10.2 億至 10.5 億美元的第 45X 條稅收抵免。我們預計利息收入、利息支出、其他收入和稅收支出淨額總計約為 8,000 萬美元。這導致 2024 年全年稀釋後每股收益指引範圍為 13 美元至 13.50 美元。

Capital expenses are forecasted to be between $1.55 billion and $1.65 billion, a reduction of $250 million to $350 million from the prior forecast is largely as a result of the timing of payments related to capacity expansion and R&D initiatives.

資本支出預計在 15.5 億美元至 16.5 億美元之間，比先前的預測減少 2.5 億美元至 3.5 億美元，這主要是由於與產能擴張和研發計畫相關的付款時間安排的結果。

Our year-end 2024 net cash balance is anticipated to be between $0.5 billion and $0.7 billion as a result of the aforementioned changes to volumes sold in revenue and the timing of receivables, partially offset by reductions in capital expenditures.

由於上述收入銷售量和應收帳款時間的變化，我們的 2024 年底淨現金餘額預計將在 5 億至 7 億美元之間，部分被資本支出的減少所抵銷。

Now I'll hand the call back to Mark for his concluding message.

現在我將把電話轉給馬克，聽聽他的總結訊息。

All right. Thanks, Alex. As you all know, a week from today US voters go to polls and our industry is focused on the results and potential implication of those results. While we cannot predict the outcome of the upcoming elections, we are optimistic about the impact of our work to constructively engage with and informed policymakers across the political spectrum about the economic and strategic benefits of high-value domestic manufacturing.

好的。謝謝，亞歷克斯。眾所周知，從今天起一周，美國選民將進入投票站，我們的行業關注的是結果以及這些結果的潛在影響。雖然我們無法預測即將到來的選舉結果，但我們對我們與各政治派別的決策者進行建設性接觸並向其通報高價值國內製造業的經濟和戰略利益的工作所產生的影響持樂觀態度。

We are further optimistic that regardless of the results. We are continuing to build a company that endeavors to exit this decade in a stronger position than when it entered it. As we've said before, we are not immune from the long-standing challenges resulting from the continued irrational pricing and reckless capacity expansion behavior of the Chinese nominated crystalline silicon industry. And we must remain nimble in the face of near-term challenges presented by matters such as project development delays, particularly here in the United States market.

無論結果如何，我們都更加樂觀。我們正在繼續打造一家公司，努力在結束這個十年時比進入這個十年時處於更強大的地位。正如我們之前所說，我們不能倖免於中國提名晶矽產業持續的不合理定價和魯莽的產能擴張行為所帶來的長期挑戰。面對專案開發延遲等問題帶來的近期挑戰，我們必須保持彈性，特別是在美國市場。

That said, by continuing to execute a strategy of disciplined growth underpinned by demand and resiliency in our order backlog, and when necessary, and only after collaborative spirited efforts of accessible accommodations cannot be reached, we will vigorously enforce our commitments.

也就是說，透過繼續執行以需求和訂單彈性為基礎的有紀律的成長策略，並且在必要時，並且只有在無障礙住宿方面的協作努力無法實現之後，我們才會大力履行我們的承諾。

By continued investment in capital and research and development to advance the next generation of thin film [photovatex], which we believe presents the future of this industry, by advancing technology leadership through the development of strategic intellectual property portfolios and leverage those rights, and by our long-standing advocacy for the development and enforcement of laws that level the playing field for domestic high-value manufacturing that today are arguably within the central policy position on both sides of the aisle.

透過持續投資資本和研發來推進下一代薄膜 [photovatex]，我們相信這代表了該行業的未來，透過開發戰略智慧財產權組合併利用這些權利來推進技術領先地位，以及我們長期以來主張制定和執行法律，為國內高價值製造業提供公平的競爭環境，今天可以說這是兩黨的核心政策立場。

By continuing to deliver upon our commitments and our history of providing certainty to our customers, which includes making efforts to do right by our customers on those occasions when we fall short of delivering on those commitments, and by adhering to our decision-making framework of balancing growth, profitability and liquidity, we believe First Solar is positioned to not only maintain but to build upon our more than 25 years of industry leadership.

透過繼續履行我們的承諾和我們為客戶提供確定性的歷史，其中包括在我們未能兌現這些承諾的情況下努力為我們的客戶做正確的事，並遵守我們的決策框架在增長、盈利能力和流動性之間取得平衡，我們相信First Solar 不僅能夠維持而且能夠鞏固我們超過25 年的行業領先地位。

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。

We continue to be disciplined in our approach to contracting with 4 gigawatts of net bookings year-to-date, leading to resilient contracted backlog of 73.3 gigawatts.

我們繼續嚴格遵守年初至今 4 吉瓦淨預訂量的合約方式，從而使合約積壓量達到 73.3 吉瓦。

Our continued focus on manufacturing technology excellence resulted in a record quarterly production of 3.8 gigawatts. Our Alabama factory commenced operations and our Louisiana factory remains on schedule.

我們持續專注於卓越製造技術，季度產量達到創紀錄的 3.8 吉瓦。我們的阿拉巴馬州工廠開始運營，路易斯安那州工廠仍按計劃進行。

From a technology perspective, we expect to launch our CuRe lead line and commission our perovskite development line in Q4 of this year. We also sent letters to certain solar manufacturers providing notice that they're using First Solar's TOPCon patents without license and reserve First Solar's rights in their entirety.

從技術角度來看，我們預計在今年第四季推出 CuRe 領先生產線並調試我們的鈣鈦礦開發生產線。我們也致函某些太陽能製造商，通知他們在未經許可的情況下使用 First Solar 的 TOPCon 專利，並保留 First Solar 的全部權利。

Financially, we earned $2.91 per diluted share. We ended the quarter with a gross cash balance of $1.3 billion or $0.7 billion net of debt. We're revising our full-year 2024 guidance with full year earnings to diluted share guidance of $13 to $13.50.

從財務角度來看，我們稀釋後每股收益為 2.91 美元。本季末，我們的總現金餘額為 13 億美元，扣除債務後為 7 億美元。我們正在修訂 2024 年全年指引，將全年稀釋後股價指引調整為 13 美元至 13.50 美元。

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

至此，我們結束準備好的發言並開始提問。操作員？

(Operator Instructions) Philip Shen, ROTH Capital Partners.

（操作員指令）Philip Shen，羅仕資本合夥人。

Hi, guys. Thanks for taking my questions. First one is on the chips ITC. There was news recently that wafer, ingots facilities can take advantage of that in the US. And our check suggests that you guys have a door to perhaps tap into that. And so I was wondering, if that's the case, do you think the recent facilities that you've brought online over the past couple of years, could qualify? And then also, if you can opine on whether or not you think you can get that, that would be great.

嗨，大家好。感謝您回答我的問題。第一個是 ITC 晶片。最近有消息稱，美國的晶圓、矽錠工廠可以利用這一點。我們的檢查顯示你們可能有一扇門可以利用這一點。所以我想知道，如果是這樣的話，您認為您在過去幾年中上線的最新設施是否符合資格？然後，如果你能就你是否認為你能得到這個發表意見，那就太好了。

Shifting over to bookings price, it sounds like it was $0.304, or what, on the incremental 400 megawatts? That's down a touch from the prior quarter. Can you comment on why and then what do you expect there?

轉到預訂價格，聽起來好像是 0.304 美元，或者什麼，增量 400 兆瓦？這比上一季略有下降。您能評論一下原因以及您對此有何期望嗎？

And then finally, sorry to throw so many, with India, we understand what you're doing with the unsold modules. But on a go-forward basis, do you think you lower the India facility utilization? Or do you think you -- what is the utilization at now? And do you continue to operate at that level or even higher ahead?

最後，很抱歉在印度扔了這麼多，我們了解你們對未售出的模組做了什麼。但從長遠來看，您認為您會降低印度設施的使用率嗎？還是你認為你現在的利用率是多少？您是否會繼續保持這個水平甚至更高的水平？

Thank you, guys.

謝謝你們，夥計們。

All right, Phil, I'll take the first and the last one. I'll let Alex talk about the bookings ASP. As it relates to the chip -- ITC and applicability to which facilities that was recently announced, clearly we're very much engaged and aware and we're evaluating the potential applicability to our facilities.

好吧，菲爾，我選擇第一個和最後一個。我會讓 Alex 談談預訂 ASP。由於它涉及晶片——ITC 以及最近宣布的設施的適用性，顯然我們非常積極參與和了解，並且我們正在評估對我們設施的潛在適用性。

What I would say in general is the spirit of what we've seen in a lot of the intent of the IRAs to be technology neutral, and to allow for various technologies to receive the same similar types of benefits. You saw that on the manufacturing tax rate, the 45X, right? So there's $0.17 or so of value for the equivalent journey from a wafer to a cell to a module for crystalline silicon to other technology like thin films, which is whether it's today is thin film or the future profits. So the intent in spirit was to provide equivalency across those respective technologies, not advantage on technology over the next.

我想說的一般是我們在 IRA 的許多意圖中看到的精神，即技術中立，並允許各種技術獲得相同類型的好處。你看到製造業稅率是 45 倍，對吧？因此，從晶圓到電池再到晶體矽模組再到薄膜等其他技術的等效旅程價值約為 0.17 美元，無論是今天的薄膜還是未來的利潤。因此，本質上的目的是提供這些各自技術的等效性，而不是技術相對於下一項技術的優勢。

Clearly, we're very happy that this decision has been made. I think it helps create that vertically integrated supply chain that we believe we need to make this enduring. And that was the intent of IRAs to enable this opportunity to transition to a domestic industry and to be vertically integrated in the supply chain. We will continue to be actively engaged and to see to the extent that we can qualify for those benefits and potentially happen to be applicable to our Alabama and Louisiana facilities in particular.

顯然，我們對做出這項決定感到非常高興。我認為這有助於創建垂直整合的供應鏈，我們相信我們需要這種供應鏈才能持久。這就是 IRA 的目的，使這個機會能夠過渡到國內產業並垂直整合到供應鏈中。我們將繼續積極參與，看看我們在多大程度上有資格獲得這些福利，並且可能恰好適用於我們的阿拉巴馬州和路易斯安那州工廠。

I'll take the India conversation and then pass it back to Alex on the bookings ASP. Look, as it relates to India, we're in a transitionary period for that domestic market. There is -- obviously, China is doing everything it's doing globally, and it's not discriminating on any particular market, and it has such excess capacity, and it's dumping at extreme levels right now that does make it difficult for domestic industries to compete with imports.

我將進行印度對話，然後透過預訂 ASP 將其傳回給 Alex。看，就印度而言，我們正處於國內市場的轉型期。顯然，中國正在全球範圍內做一切事情，它不會歧視任何特定市場，而且它的產能如此過剩，而且現在的傾銷水平非常高，這確實使國內產業很難與進口產品競爭。

The -- what we're seeing in India is cell and wafer in particular, is at levels that make it uneconomical to manufacture domestically and to compete with the value of those imports even in the case where there's tariffs that are associated with them. That's starting to change. There's actually an antidumping case that's been taken up right now on cells to evaluate that exact behavior and impact and we're optimistic that, that will move forward in a constructive way.

我們在印度看到的尤其是電池和晶圓的水平，使得在國內製造並與這些進口產品的價值競爭是不經濟的，即使存在與之相關的關稅。這種情況開始改變。實際上，現在已經針對電池提起了反傾銷案件，以評估其確切的行為和影響，我們樂觀地認為，這將以建設性的方式向前推進。

As we've mentioned before that there's also the equivalent of the approved list of module manufacturers that the intent is to now move that to cell manufacturers that would create non-trade barrier for imports coming from China in particular. The intent is that, that would be up and running by the end of Q1 of 2026.

正如我們之前提到的，還有相當於批准的模組製造商名單，現在的目的是將其轉移到電池製造商，這將為特別是來自中國的進口產品創造非貿易壁壘。其目的是在 2026 年第一季末啟動並運行。

So they're doing a lot of things to transition in the market, which we think is healthy. We will continue to be focused on the domestic market, and we will be selective in the opportunities in which we engage if we can get prices which we believe are appropriate for the technology and value that we're creating.

因此，他們正在做很多事情來實現市場轉型，我們認為這是健康的。我們將繼續專注於國內市場，如果我們能夠獲得我們認為適合我們正在創造的技術和價值的價格，我們將選擇性地參與機會。

In the interim though, we have the opportunity to export that same technology, but for the mounting system. So the product in India is largely fixed tilt. We will be making a tracker product to ship it into the US market. So again, the mounting structure is slightly different, but effectively the same technology, same product when we're shipping that into the US market. And we're optimistic that we can take between the combination of getting strong prices in the US market and respectable pricing and being selected and limited opportunities in India. And we'll continue to run India at its full utilization.

不過，在此期間，我們有機會出口相同的技術，但要用於安裝系統。所以印度的產品很大程度是固定傾斜的。我們將製作一款追蹤器產品並將其銷往美國市場。同樣，安裝結構略有不同，但當我們將其運送到美國市場時，實際上是相同的技術、相同的產品。我們樂觀地認為，我們可以在美國市場上獲得強勁的價格和在印度獲得可觀的定價以及被選擇和有限的機會相結合。我們將繼續充分利用印度。

Today, as we transition to the tracker product, it is running at its full utilization. The fixed cell product we were running in Q3 was at a level below the full absorption. And so we did see some some underutilization charges for that India facility. But where we are today, it is running at full utilization to make a tracker product that will support the US market.

今天，當我們過渡到追蹤器產品時，它正在充分利用。我們在第三季度運行的固定細胞產品的水平低於完全吸收。因此，我們確實看到印度工廠產生了一些未充分利用的費用。但我們今天的情況是，它正在充分利用來生產支援美國市場的追蹤器產品。

Yeah. And Phil on the ASPs, I wouldn't read into anything on where that 30.4% ASP is just given how smaller volume we're booking. And that's a function of that disciplined selective approach that we talked about. But just to clarify on the volumes, I think you said 0.4. So it's 0.4 gigawatts of net bookings.

是的。 Phil 關於 ASP，我不會讀任何關於 30.4% ASP 的內容，只是考慮到我們預訂的數量有多小。這就是我們談到的那種有紀律的選擇性方法的作用。但為了澄清體積，我想你說的是 0.4。所以淨預訂量為 0.4 吉瓦。

We did have the plug debooking in there of 0.4. So it's 0.8 of gross bookings. Within that, there's about 180 megawatts of India volume and then about 50 megawatts of volume that is going into the US, but it's a lot of old low-bin inventory that otherwise would likely have been scrapped. And we're selling that under a construct where it's recognized today as a booking at a very low ASP $0.05.

我們確實有 0.4 的插頭取消預訂。所以佔總預訂量的 0.8。其中，大約有 180 兆瓦的印度電量，還有大約 50 兆瓦的電量將進入美國，但其中有大量舊的低箱庫存，否則可能會被放棄。我們現在以非常低的 ASP 0.05 美元預訂的結構出售該產品。

But what ultimately happened is the person we're selling that to will then go out and sell that into the market and there's a revenue sharing. So ultimately, we'll get a much higher price for that. But today, it gets recognized at that lower number. So what you're seeing is actually about 0.6 gigawatts or so, a little under 600 megawatts of new US bookings, and that's what that $0.304 relates to.

但最終發生的情況是，我們的銷售對象會出去將其出售到市場上，並進行收入分成。所以最終，我們會得到更高的價格。但今天，它以較低的數字得到認可。所以你看到的實際上是大約 0.6 吉瓦左右，略低於 600 兆瓦的美國新預訂量，這就是 0.304 美元的相關內容。

And again, that number is also pretty adjusted. So with adjusted on top of that, a lot of that volume being booked into a time frame where we will have technology adjusted, that goes up to $0.32.

再說一遍，這個數字也經過了相當大的調整。因此，除此之外進行調整後，大部分數量都被預訂到我們將進行技術調整的時間範圍內，價格將上漲至 0.32 美元。

Brian Lee, Goldman Sachs.

布萊恩李，高盛。

Hey, guys. Good afternoon. Thanks for taking the questions. Maybe a follow-up to Phil's question for you, Mark. It might be tough to answer specifically, but on the Q1 call you guys have said, I think, it was 2.6 gigawatts of production in India shipping 1-gigawatt-plus to the US and then presumably the rest shipping domestically in India.

嘿，夥計們。午安.感謝您提出問題。也許是菲爾向你提出的問題的後續問題，馬克。可能很難具體回答，但在第一季的電話會議上，你們說過，我認為印度生產的 2.6 吉瓦產量超過 1 吉瓦運往美國，然後可能其餘部分在印度國內運輸。

Clearly that calculus is changing here. So can you give us a sense of what that mix would look like going forward? And then how many quarters it does take to reengineer and then reallocate that India volume back to the US where it sounds like you're going to take advantage of better pricing?

顯然，微積分在這裡正在改變。那麼您能否讓我們了解一下這種組合的未來會是什麼樣子呢？然後，需要多少個季度來重新設計並將印度的銷售重新分配回美國，聽起來您將利用更好的定價優勢？

And then just on the rest of your guidance, it seems if you do the math, it's 5.4 gigawatts or so in that neighborhood of sold volume in Q4. It's significantly higher than any run rate you've seen in the past would be a record. How derisked do you see that volumes sold level, especially in the context of -- you're mentioning some pushouts and things that maybe aren't staying on customer time lines as you might have initially anticipated? Thanks, guys.

然後，根據您的其餘指導，如果您進行數學計算，第四季度的銷售量約為 5.4 吉瓦左右。它明顯高於您過去看到的任何運行率記錄。您認為銷售量的風險有多大，特別是在您提到一些推出以及可能沒有像您最初預期的那樣留在客戶時間表上的事情的背景下？謝謝，夥計們。

Yes. So Brian, as it relates to India and ability to flex and to move from a fixed to a track product. And the timing from within the factory, you've got a day or so a couple of days of downtime. So again, the only delta that we're making is the mounting structure on the back. So instead of being a steel rail that accommodates a fixed structure, it's a steel rail that accommodates the tracker mounting.

是的。所以布萊恩，因為它與印度以及彎曲和從固定產品移動到軌道產品的能力有關。從工廠內部的時間來看，您有一天左右的停機時間。再說一次，我們唯一要做的三角洲是背面的安裝結構。因此，它不是容納固定結構的鋼軌，而是容納追蹤器安裝的鋼軌。

There's some timing that you have to work with your supply chain to make sure that your rail supplier in particular, is pivot from one spec to another spec. So there's a little bit of notice to our supply chain to give them a heads up. But the ability to toggle back and forth is -- we got to a point where we're pretty nimble now.

在某些時候，您必須與供應鏈合作，以確保您的鐵路供應商（特別是鐵路供應商）從一種規格轉向另一種規格。因此，我們的供應鏈需要注意一點，以提醒他們。但來回切換的能力是──我們現在已經到了相當靈活的地步。

We work a lot on that to make sure that our back-end assembly process and to check there and our pack out to accommodate the flexibility in programming the robots, as well as the automated guided vehicles and everything to toggle back and forth very quickly depending on the mix of product that we want to manufacture, so we've gotten pretty good at doing that.

我們在這方面做了很多工作，以確保我們的後端組裝過程並檢查那裡和我們的包裝，以適應機器人編程的靈活性，以及​​自動引導車和所有可以快速來回切換的東西，具體取決於我們想要生產的產品組合，所以我們已經非常擅長做到這一點。

And Brian, in terms of the opportunity, the way -- especially with the new point system, we'll have 14 gigawatts of Series 7 capacity. And it's very easy to blend Series 7, domestic with Series 7 International in the same projects, right? They're the same products. There's no uniqueness of either product. As we transition across our road map, we'll have to be mindful of how we transition domestic factories with international factories.

Brian，就機會和方式而言，尤其是透過新的積分系統，我們將擁有 14 吉瓦的 7 系列容量。在同一個項目中將國內系列 7 與國際系列 7 混合在一起非常容易，對吧？它們是相同的產品。這兩種產品都沒有獨特之處。當我們跨越路線圖時，我們必須注意如何將國內工廠過渡到國際工廠。

So if we make a buyback product with Series 7, we're going to want to make sure that at least for the blending of it across the geographies, we want to make sure India is also producing a buyback product because it's uneconomical really or it's just not ideal to make a buyback product domestically in a monofacial product internationally and then put them in the same projects and (inaudible) from an outcome what try to accomplish.

因此，如果我們用 Series 7 製作回購產品，我們將希望確保至少對於跨地區的混合，我們希望確保印度也在生產回購產品，因為它確實不經濟，或者它是在國際上以單面產品在國內生產回購產品，然後將它們放入相同的項目中並（聽不清楚）嘗試實現的結果，這並不理想。

But mobility is flexible. We intend to run the factory full out, probably. If I had to give you a view longer term, given what we're seeing on pricing if things do stabilize and move in a more positive direction. I would say, over the next couple of years, it's probably going to be less than 1 gigawatt, for sure, in India, and the balance was going to come into the US market. But we'll optimize that against underlying fundamental demand in the introspective market.

但移動性很靈活。我們可能打算全力運作工廠。如果我必須給你一個更長期的觀點，考慮到我們在定價上看到的情況，如果事情確實穩定下來並朝著更積極的方向發展的話。我想說，在接下來的幾年裡，印度的裝置容量肯定會低於 1 吉瓦，其餘部分將進入美國市場。但我們將根據內省市場的潛在基本需求進行最佳化。

As it relates to the fourth quarter and the implied . But there's continued risk each and every day with scheduled movements and shifts and what have you. But we have coordinated with our customers to understand where they are in terms of their projects for receipt of modules.

因為它涉及到第四季的表現和暗示。但每天都有持續的風險，包括預定的移動和輪班等等。但我們已與客戶協調，以了解他們在接收模組方面的專案進度。

And to the extent that they are seeing some delays on their part, we're moving towards moving those into warehouses. But in some cases, it may be in our warehouse and then charging the customer for that warehousing costs or it could be at their respective warehouse. And it's just under the premise of enforcing the rights of the contract.

如果他們發現有一些延誤，我們正在努力將它們轉移到倉庫。但在某些情況下，它可能在我們的倉庫中，然後向客戶收取倉儲費用，或者可能在他們各自的倉庫中。而這只是在履行契約權利的前提下進行的。

As Alex indicated and I indicated in my remarks as well, we will continue to be accommodated and flexible where we can. But at this point in time, given the inventory build that we have over the first three quarters of this year, we need to move that inventory to other locations and hopefully into projects, but it's not to a customer located warehouse.

正如亞歷克斯和我在演講中所指出的那樣，我們將繼續盡可能地提供通融和靈活性。但目前，考慮到今年前三個季度我們的庫存增加，我們需要將庫存轉移到其他地點，並希望轉移到專案中，但不是轉移到客戶所在的倉庫。

And Brian, just a couple of other comments on that. So as we begin ramping up at the back end of this year, we are assuming that volume gets sold and it's not a significant amount of volume. But as with any ramp, you've got risk around early production. And just given its US volume and have IRA dollars attached to it, even small amount of volume there can have some more material impact to dollars. So that's one risk.

布萊恩，對此還有一些其他評論。因此，當我們在今年年底開始增加銷量時，我們假設銷量已售出，但銷量並不大。但與任何斜坡一樣，早期生產也會面臨風險。考慮到其在美國的交易量並附有 IRA 美元，即使交易量很小，也可能對美元產生更大的實質影響。所以這是一個風險。

And the other I would say is as we noted on the call, we have seen operational challenges, a lot of those from outside events, including weather events. And so as you start to ship more, and especially as we look at the back end of the year, any event like that can have a greater impact as we're trying to get more product out of the door, there goes to two other things just to bear in mind as we think through the guidance for Q4.

我想說的另一點是，正如我們在電話中指出的那樣，我們看到了營運挑戰，其中許多來自外部事件，包括天氣事件。因此，當你開始發貨更多時，特別是當我們看到今年年底時，任何類似的事件都會產生更大的影響，因為我們試圖推出更多產品，還有另外兩個問題當我們思考第四季的指導時，需要記住一些事情。

Julien Dumoulin Smith, Jefferies.

朱利安·杜穆蘭·史密斯，杰弗里斯。

Hey, good afternoon. Thank you guys so much. I appreciate it. If I can follow up on a couple of things.

嘿，下午好。非常感謝你們。我很感激。如果我可以跟進一些事情。

First, small detail, coming out of the queue just with respect to the S7 manufacturing warranty piece you kind of alluded to some ongoing risk. Have you fully remediated the backdrop here around the $50 million warranty liability? I just wanted to get a little bit more color there, and more specifically, comfort level on resolving that prospectively.

首先，關於 S7 製造保固部分的小細節，您提到了一些持續的風險。您是否已經完全修復了圍繞 5000 萬美元保固責任的背景？我只是想在那裡獲得更多的色彩，更具體地說，是前瞻性地解決這個問題的舒適度。

And then if I could get the second question and then related to it. Going back to what you were talking about a second ago with respect to India, just want to understand the safe harbor dialogue and what you anticipate doing here. Is there a potential to effectively swap in panels maybe from a different origin than what had been previously contemplated? Is this a net increase in overall blending of foreign panels in? Or is it just about providing greater latitude on where those panels are coming from?

然後我是否可以回答第二個問題並與之相關。回到你剛才談論的關於印度的話題，我只是想了解安全港對話以及你期望在這裡做什麼。是否有可能有效地更換來自與先前設想的來源不同的面板？這是國外板材整體摻混量的淨增加嗎？或者只是為了對這些面板的來源提供更大的自由度？

I just want to make sure I understood exactly what you were saying there. Thank you.

我只是想確保我完全理解你在那裡所說的內容。謝謝。

Yes. Okay. First off, on the warranty, I'll provide a little bit more color just because there may be other questions as well. So I also want to -- I think I may have some over in my prepared remarks, and I may have referenced Series 6, and I'm glad Julien, you picked up Series 7. And that's clearly what Alex indicated and also what's in our filings.

是的。好的。首先，關於保修，我將提供更多的顏色，因為可能還有其他問題。所以我也想——我想我在準備好的演講中可能有一些內容，我可能參考了系列6，我很高興朱利安，你選擇了系列7。也是其中的內容我們的文件。

So this is a manufacturing issue that's specific to our initial production of Series 7. It is an issue that there is variability in terms of the production process that will impact some modules, and in some cases, it won't impact other models. So in some cases, we may see a shortfall in performance. In other cases, there may be no underperformance.

因此，這是我們最初生產 7 系列所特有的製造問題。因此，在某些情況下，我們可能會看到效能不足。在其他情況下，可能不會出現表現不佳的情況。

It's an issue that generally needs to be identified after the modules have been deployed and they're in the field, so we can observe what is happening. And then to the extent that there is a shortfall in the field, and we'll bring them in and we'll do lab testing if required to determine if there's a warrantable claim or not.

這是一個通常需要在模組部署並投入現場後識別的問題，以便我們可以觀察正在發生的情況。然後，如果該領域存在短缺，我們會將它們引入，並在需要時進行實驗室測試，以確定是否存在可保證的索賠。

There's two primary issues, both related to the start-up of a new technology. The first one, and these are manufacturing issues, and I want to make sure there's clarity around -- this is not a reflection of any type of defect or performance problem associated with the fundamental device.

有兩個主要問題，都與新技術的啟動有關。第一個是製造問題，我想確保周圍很清楚——這並不反映與基本設備相關的任何類型的缺陷或性能問題。

What happened with our initial startup, we have a process when we drop the first piece of glass into the manufacturing process. And what we do is we actually grind the edges of the class. And actually, on the corners, we will round them.

我們最初啟動時發生了什麼，當我們將第一塊玻璃投入製造過程時，我們有一個過程。我們所做的實際上是磨練班級的優勢。實際上，在轉角處，我們會將它們弄圓。

There can be residual chemicals or other particles that can get on to the glass. So the very next step in the production process is to wash it. And Series 7 has a longer -- we refer to it as a dwell time, so the time between the completion of the grind to when the actual module is washed. And as a result of that, some of the materials were effectively calcifying onto the glass and we could not properly clean them through the wash process.

玻璃上可能殘留有化學物質或其他顆粒。因此，生產過程的下一步就是清洗。系列 7 具有更長的時間——我們稱之為停留時間，即研磨完成到實際模組清洗之間的時間。結果，一些材料有效地鈣化到玻璃上，我們無法透過清洗過程正確清潔它們。

So this was what ultimately led to what we're starting to see in the field. It's an easy remediation and we have remediated. And we just changed the washing process to make sure that after the grind process that we are properly washing the module and removing all the intended particles and any residual chemicals that may come out as part of the grind process. So that's the first one, and that has been remediated.

這就是最終導致我們開始在該領域看到的情況的原因。這是一個簡單的補救措施，我們已經進行了補救。我們只是改變了清洗過程，以確保在研磨過程之後，我們正確地清洗模組並去除所有預期的顆粒和研磨過程中可能出現的任何殘留化學物質。這是第一個，並且已修復。

The other one was effectively referred to it as an engineering performance margin. Any time when we launch a product, we have to do extensive reliability test, quality test, which is done mainly in a lab and a lot of it is done through accelerated testing to determine the prediction of future field performance. It is also data that we share with independent engineers and others as we work through our qualification process for a particular technology or a particular product.

另一個實際上被稱為工程性能裕度。每當我們推出產品時，我們都必須進行廣泛的可靠性測試、品質測試，這些測試主要是在實驗室中完成的，其中許多是透過加速測試來完成的，以確定對未來現場性能的預測。當我們完成特定技術或特定產品的資格認證流程時，我們也會與獨立工程師和其他人分享這些資料。

What happened here is we effectively had an air in the calculation. So the calculation of the engineering performance margin was underrepresented. We found this out through, again, the testing of modules and return from the field and determine that, yes, we had an air in our calculation. And we haven't changed our engineering performance margin, with that has been changed as well.

這裡發生的事情是我們實際上在計算中存在空氣。因此，工程性能裕度的計算代表性不足。我們再次透過模組測試和現場返回發現了這一點，並確定，是的，我們的計算有誤。我們沒有改變我們的工程性能裕度，但它也改變了。

So both of the fundamental issues that were identified have been corrected and remediated and current production right now will obviously not have the adverse implications we had upon the initial launch that we saw with Series 7.

因此，所發現的兩個基本問題都已得到糾正和補救，目前的生產顯然不會對我們在系列 7 首次發佈時看到的不利影響。

Look, I also want to put it in perspective, it's only been a little over a year since we started shipping Series 7. While we do deploy modules into test sites, there are only a few dozens of modules that get deployed into a test site. And when you have variability in your manufacturing process, you won't really see the complete variation that you have through your production process until the models are actually deployed into the field.

看，我也想客觀地看待它，距離我們開始交付 Series 7 才一年多一點。當您的製造過程發生變化時，您將無法真正看到生產過程中的完整變化，直到模型實際部署到現場。

And that's effective, what's happened here. And so we've gotten test data now that we've concluded that will be incremental charges to our warranty because of those performance issues that effectively escaped our quality operating system, but we've taken a corrective action to address and we take corrective actions to create a more robust and resiliency to our overall QOS system that we have.

這是有效的，這裡發生了什麼。因此，我們現在已經獲得了測試數據，我們得出的結論是，由於這些性能問題實際上逃脫了我們的品質操作系統，因此我們的保固將增加費用，但我們已經採取了糾正措施來解決，並且我們採取了糾正措施為我們現有的整體 QOS 系統創造一個更強大、更有彈性的系統。

And again, I want to emphasize this is not fundamental to the device. This is simple. One is a calculation error and the other is the manufacturing process that we didn't fully understand as we did work through our change management system, the impact of a lot of dwell time between wash -- excuse me, grind, wash would have an adverse implication into the field. It did not show up into our accelerated testing. It did not show up in any of our performance testing that we do before we ship modules.

我想再次強調，這並不是該設備的基礎。這很簡單。一個是計算錯誤，另一個是我們在透過變更管理系統進行工作時沒有完全理解的製造過程，洗滌之間的大量停留時間的影響 - 對不起，研磨，洗滌會產生影響給該領域帶來不利影響。它沒有出現在我們的加速測試中。它沒有出現在我們發貨模組之前所做的任何性能測試中。

This is something that only manifests itself into the field. We're very happy that we caught it. We will stand behind our technology and address everything we need to with our customers, and we've corrected the problem going forward.

這是只有在現場才會體現出來的東西。我們很高興我們抓住了它。我們將支援我們的技術，並與客戶一起解決我們需要的一切問題，並且我們已經糾正了未來的問題。

Kashy Harrison, Piper Sandler.

卡希·哈里森，派珀·桑德勒。

Hi, good afternoon. Thanks for taking the questions. So just two quick ones. It feels like perhaps there's going to be a broader strategic pivot towards sending -- maybe not quite the '25 gig as well close to the '25 gigs of product eventually to the US in coming years. Based on your discussions with the customers, do you think that the US market will have enough demand to absorb these volumes?

嗨，下午好。感謝您提出問題。所以只有兩個快速的。感覺也許會有一個更廣泛的戰略重點轉向發送 - 也許不完全是'25演出，也接近'25演出，最終在未來幾年到美國。根據您與客戶的討論，您認為美國市場有足夠的需求來吸收這些數量嗎？

And then just one quick follow-up on the CuRe plan. Just wondering how we should think about the CuRe gigawatts that could be recognized next year, the ASP uplift and then the incremental margins for CuRe? Thank you.

然後是 CuRe 計劃的一個快速後續行動。只是想知道我們應該如何考慮明年可能實現的 CuRe 千兆瓦容量、平均售價的提升以及 CuRe 的增量利潤？謝謝。

As it relates to the US market and fundamental demand for -- in the US market for the output, you're right. I mean, with the current trajectory that we're on and with our contracted backlog, there's a good match between -- especially across '25 and '26 as it relates to available supply and fundamental demand that would consume any of that product that we intend to bring into the Indian market.

因為它與美國市場和美國市場的產量基本需求有關，所以你是對的。我的意思是，按照我們目前的軌跡和合約積壓，兩者之間有很好的匹配——尤其是在25 年和26 年，因為它與可用供應和基本需求有關，而這些需求將消耗我們所生產的任何產品。

Now where we are right now is we're in a very strong position even in '27 from a demand standpoint relative to our US bookings. We do need to think through '27 as it relates to incremental US demand or, again, hopefully getting to a point in time by 2027, where we see a more robust market in India, and we get to a more balanced view of supply/demand the production facility in India to accommodate the US -- or excuse me, the India market.

現在我們所處的位置是，即使在 27 年，從相對於我們美國預訂的需求角度來看，我們也處於非常有利的地位。我們確實需要考慮 27 年，因為它與美國需求增量有關，或者希望到 2027 年達到某個時間點，我們看到印度市場更加強勁，並且我們對供應/供應有更平衡的看法要求印度的生產設施適應美國——或者對不起，印度市場。

But I think if we ultimately half and half, I have to bring to the half to get [75]. In the US market, at least fundamentally right now, what we're seeing is pretty strong demand in order to make that happen. And again, the nice thing about this is we're still enabling the domestic content value creation with our customers. That's the value that they're willing to pay for.

但我認為如果我們最終各佔一半，我必須達到一半才能得到[75]。在美國市場，至少目前從根本上來說，我們看到實現這一目標的需求相當強勁。再說一遍，這樣做的好處是我們仍然能夠與客戶一起創造國內內容價值。這就是他們願意付出代價的價值。

And we also believe that the domestic content criteria will evolve. And I think most of you have seen some of the information that's been out there that the wafer, there will be some modifications that will include the wafer in terms of the domestic content calculation. Therefore, in order to qualify, you would need a US wafer in order to get the value of the cell, which means that the module points conceptually will be worth more, at least, the value that we contribute because we're fully vertically integrated, which gives us an opportunity to optimize the blend between the domestic and international mix of products.

我們也相信國內內容標準將會演變。我想你們大多數人都已經看到了一些關於晶圓的信息，將會有一些修改，其中將在國內含量計算中包括晶圓。因此，為了獲得資格，您需要一塊美國晶圓才能獲得電池的價值，這意味著概念上的模組點將更有價值，至少比我們貢獻的價值更高，因為我們是完全垂直整合的，這使我們有機會優化國內和國際產品組合的融合。

So yes. We're -- I think as I look across '25, '26, we're in good shape. We select to evaluate how things evolve in '27. But at least our initial take right now is if India market will be more resilient by '27, we'll pull some of that demand out of the US market, but the portion of that is targeted to the US market. Our current view is as we'd be able to consume that entire demand that we save for 2027.

所以是的。我認為，縱觀 25 年和 26 年，我們的狀況良好。我們選擇評估 27 年事情的演變。但至少我們現在的初步看法是，如果印度市場到 27 年更具彈性，我們將從美國市場撤出部分需求，但其中一部分是針對美國市場的。我們目前的觀點是，我們將能夠消耗為 2027 年節省的全部需求。

Yes. As it relates to CuRe, so we said on the call that there are about $0.7 billion of adjusters, most of which are relevant to 2026, '27, '28. So we also said that CuRe, we're going to launch [LeadLine] at the end of this year, will produce just under 0.5 gigawatt of product end of this year into Q1. And then we will go and do field performance testing around that product and then CuRe will launch again towards the end of 2025 and Phase 2.

是的。由於它與 CuRe 有關，因此我們在電話會議上表示，大約有 7 億美元的調整員，其中大部分與 2026 年、'27、'28 有關。因此，我們也表示，我們將在今年年底推出 [LeadLine]，到今年年底第一季將生產略低於 0.5 吉瓦的產品。然後我們將圍繞該產品進行現場性能測試，然後 CuRe 將在 2025 年底和第二階段再次推出。

So that middle period we'll do in the field testing, but also that's a period where we wouldn't see significant upside associated with the CuRe product tends going back to producing current product. And then the aim there is to have CuRe produced across not just the Ohio plant at the back end of '25, but moving across the fleet in time to start capturing the upside from those contractual revenue adjusters going into 2026.

因此，我們將在中間階段進行現場測試，但在這段期間內，我們不會看到與 CuRe 產品相關的顯著優勢，因此往往會回到生產當前產品。然後，我們的目標是讓 CuRe 不僅在 25 年底在俄亥俄州工廠生產，而且及時轉移到整個車隊，以開始從 2026 年的合約收入調節器中獲益。

Andrew Percoco, Morgan Stanley.

安德魯佩爾科科，摩根士丹利。

Great. Thanks so much for taking the question. I guess, I want to come back to the guidance for volumes sold for the year. It sounds like a majority of the reduction was a result of some of the operational challenges you've had plus some of the India headwinds that you're facing. But I didn't hear too much in terms of US-based project delays influencing that guidance.

偉大的。非常感謝您提出問題。我想，我想回到今年銷售量的指導。聽起來大部分減少是由於您遇到的一些營運挑戰以及您面臨的一些印度阻力造成的。但我沒有聽到太多關於美國專案延誤影響該指導的消息。

Can you maybe just talk a little bit more about what you're seeing from customers in terms of their request for delays? Is that duration getting extended? I think you guys have historically talked about getting requests in a several week time frame for delays? Are you seeing things get pushed six months to a year, just given the uncertainty of the election. Just hoping to get more context in terms of what you're seeing from customers on the project delay side? Thank you.

您能否多談談您從客戶那裡看到的關於延遲請求的情況？這個持續時間是否會延長？我想你們歷史上曾討論過在幾週的時間內收到延遲請求？考慮到選舉的不確定性，你是否看到事情被推遲了六個月到一年。只是希望獲得更多有關您從客戶那裡看到的項目延遲方面的情況的背景信息嗎？謝謝。

Yeah, I'll start. Maybe Mark will add his color. So on the guide, the low end of the guide before was 15.6%, and we said on the last call that we expect it to be towards the low end of the guide, given the termination that we had in we brought the midpoint of the guide down now to 14.4%. So it's a 1.2% reduction. Just under 1 gigawatt that is related to India.

是的，我要開始了。也許馬克會添加他的色彩。因此，在指南上，先前指南的低端是 15.6%，我們在上次電話會議上表示，考慮到我們在 2017 年的終止，我們預計它會接近指南的低端，我們帶來了目前指導值已降至14.4%。所以減少了 1.2%。與印度相關的電量略低於 1 吉瓦。

And as we said on the call, a large piece that has to do with where pricing is in India today. And at the same time, we see the opportunity to bring that volume into the US at much better ASPs. So you've got a challenging market in India right now, but at the same time, the domestic content guidance, we can bring that in and actually see a significant margin uplift associated with that.

正如我們在電話會議上所說，很大一部分與當今印度的定價有關。同時，我們看到了以更好的平均售價將這一銷量引入美國的機會。因此，目前印度市場充滿挑戰，但同時，我們可以引入國內內容指導，並實際看到與之相關的利潤率大幅提升。

The challenge, though, is that we have to produce tracker products. So we have some products in inventory in India, that fixed tilt product, which will be sold into the India market. Mark made the comment it only take a few days to turn the factory over into producing the tracker product, but now producing that, putting it on a boat, getting into the US, getting it sold, you're not going to see that sold volume hitting this year, which is why that guide came down.

然而，挑戰在於我們必須生產追蹤器產品。所以我們在印度有一些庫存產品，即固定傾斜產品，將銷往印度市場。馬克評論說，只需幾天的時間就能將工廠轉為生產追蹤器產品，但現在生產它，把它放在船上，進入美國，將其出售，你不會看到它被出售今年銷量達到頂峰，這就是該指南下降的原因。

As it relates to other product, non-India products, and we largely managed to mitigate the risks that we've seen throughout the year. So we had the Plug Power termination. That was about 0.4-gigawatt impact. And actually, we're only down 0.3 gigawatt on non-India volume. So we managed to mitigate even a piece of that and almost everything else.

由於它與其他產品、非印度產品有關，我們在很大程度上設法減輕了我們全年看到的風險。所以我們有 Plug Power 終端。這大約產生了 0.4 吉瓦的影響。事實上，我們在非印度地區的發電量僅下降了 0.3 吉瓦。因此，我們設法減輕了其中的一部分以及幾乎所有其他方面的影響。

Now, we are shipping some product into warehouses to Mark's comment earlier, and I think we said the same in the prepared remarks. In some cases, the customers are not ready or if the projects are not ready, we are electing to do that as we can under our contracts because we have commitments we've made for the year.

現在，我們正在根據馬克之前的評論將一些產品運送到倉庫，我認為我們在準備好的評論中也說了同樣的話。在某些情況下，客戶還沒有準備好，或者專案還沒有準備好，我們會選擇根據合約盡可能地這樣做，因為我們已經做出了今年的承諾。

But I would say, in general, we have seen a little bit more in terms of a few more requests to move product. And some of that request has been incrementally longer than before. And generally, we are trying to work with our customers where we can, but we're also sticking to contracts where we need to and enforcing the ability to ship.

但我想說的是，總的來說，我們看到了更多關於轉移產品的請求。其中一些請求的時間比以前越來越長。一般來說，我們會盡力與客戶合作，但我們也會在需要時遵守合約並加強運輸能力。

So I would say there's a little bit more in the US. I think there's a little bit around interconnection and project delays. I don't think we've really seen financing be an issue in US projects. It's mostly around other development items. So we've largely been able to mitigate that either through shipping to warehouses or through reallocation.

所以我想說美國的情況要多一點。我認為在互連和專案延遲方面存在一些問題。我認為我們並沒有真正看到融資成為美國項目的問題。它主要圍繞其他開發項目。因此，我們基本上能夠透過運送到倉庫或透過重新分配來緩解這種情況。

And ladies and gentlemen, that does conclude our final question today. That also does conclude today's conference. We would like to thank you all for your participation today. You may now disconnect.

女士們、先生們，我們今天的最後一個問題就到此結束了。今天的會議也到此結束。我們衷心感謝大家今天的參與。您現在可以斷開連線。