第一太陽能 (FSLR) 2024 Q4 法說會逐字稿

Good afternoon, everyone, and welcome to First Solar's Q4 and full year 2024 earnings and 2025 guidance call.

大家下午好，歡迎參加 First Solar 2024 年第四季和全年收益及 2025 年指引電話會議。

This call is being webcast live on the investors section of First Solar's website at investor.firstsolar.com. All participants are in a listen-only mode, and please note that 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。所有參與者都處於只聽模式，請注意今天的通話正在錄音。

I would now like to turn the conference over to your host, Byron Jeffers, Head of Investor Relations.

現在，我想將會議交給主持人、投資者關係主管拜倫·傑弗斯 (Byron Jeffers)。

Please go ahead, sir.

先生，請繼續。

Good afternoon and thank you for joining us on today's earnings call.

下午好，感謝您參加今天的財報電話會議。

Joining me today are our Chief Executive Officer, Mark Widmar, and our Chief Financial Officer, Alex Bradley.

今天與我一起的還有我們的執行長馬克威德瑪 (Mark Widmar) 和財務長亞歷克斯布拉德利 (Alex Bradley)。

During this call, we will review our financial performance for 2024, discuss our future business outlook for 2025.

在本次電話會議中，我們將回顧 2024 年的財務業績，討論 2025 年的未來業務前景。

Following our remarks, we will then open the call for questions.

發言結束後，我們將開始提問。

Before we begin, please note that some statements made today are forward-looking and involve the risks and uncertainties that could cause actual results to differ materially from management's current expectations.

在我們開始之前，請注意今天所做的一些聲明是前瞻性的，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 undertake no obligation to update these statements due to new information or future events.

我們不承擔因新資訊或未來事件而更新這些聲明的義務。

For a discussion of factors that could cause these results to differ materially, please refer to today's earnings press release and our form 10-K filing with the SEC.

有關可能導致這些結果出現重大差異的因素的討論，請參閱今天的收益新聞稿和我們向美國證券交易委員會提交的 10-K 表格。

You can find these documents on our website at investor.firstsolar.com.

您可以在我們的網站 investor.firstsolar.com 上找到這些文件。

With that, I'm pleased to turn the call over to our CEO, Mark Widmar.

說到這裡，我很高興將電話轉給我們的執行長馬克威德瑪 (Mark Widmar)。

Mark?

標記？

Good afternoon, and thank you for joining us today.

下午好，感謝您今天加入我們。

Beginning on slide 3, I will share some key highlights from 2024.

從第 3 張投影片開始，我將分享 2024 年的一些主要亮點。

From a commercial perspective, 2024 saw us sustain a highly selective approach to contracting, which we foreshadowed at the start of the year, securing full year net bookings of 4.4 gigawatts at a base ASP of $0.305 per watt, excluding adjusters, India domestic sales and terminations.

從商業角度來看，2024 年我們將維持高度選擇性的簽約方式，這是我們在年初預示的，確保全年淨預訂量為 4.4 千兆瓦，基本平均銷售價格為每瓦 0.305 美元，不包括調整器、印度國內銷售和終止。

This led to a year-end contracted backlog of 68.5 gigawatts.

這導致年底合約積壓量達到68.5吉瓦。

We are pleased to have sold a record 14.1 gigawatts of modules in 2024.

我們很高興在 2024 年售出了創紀錄的 14.1 千兆瓦模組。

Our record net sales of $4.2 billion, in line with our prior earnings call guidance represented a 27% increase year-on-year.

我們的淨銷售額達到創紀錄的 42 億美元，與我們先前的獲利電話會議指引一致，年增 27%。

Our full year diluted EPS, which included an after-tax impact of approximately $0.42 per share from the December sale of 2024 Section 45X tax credits, which was not included in our October guidance, came in below the low end of our guidance range at $12.02 per share.

我們的全年攤薄每股收益低於我們的指導範圍的低端，為每股 12.02 美元，其中包括 12 月出售 2024 年第 45X 條稅收抵免產生的約 0.42 美元/股的稅後影響，而這並未包含在我們的 10 月份指引中。

Alex will provide more detail regarding our 2024 financial results later in the call.

亞歷克斯將在稍後的電話會議中提供有關我們 2024 年財務業績的更多詳細資訊。

From a manufacturing perspective, we produced 15.5 gigawatts in 2024, including 9.6 gigawatts of Series 6 modules and 5.9 gigawatts of Series 7 modules.

從製造角度來看，我們在 2024 年生產了 15.5 千兆瓦，其中包括 9.6 千兆瓦的 6 系列模組和 5.9 千兆瓦的 7 系列模組。

We began producing and selling our first CuRe modules from our lead line in Ohio in Q4.

我們於第四季開始在俄亥俄州的鉛生產線上生產和銷售首批 CuRe 模組。

And we progressed our technology road map in 2024, commissioning a new dedicated R&D innovation center in Ohio, featuring a high-volume manufacturing scale production pilot line and began ramping a new perovskite development line capable of producing small form factor modules at our Perrysburg campus.

我們於 2024 年推進了技術路線圖，在俄亥俄州啟用了一個新的專門研發創新中心，配備了一條大批量生產試驗線，並開始在佩里斯堡園區推出一條能夠生產小型模組的新型鈣鈦礦開發線。

Our growth continued during 2024 as we exited the year with approximately 21 gigawatts of global nameplate manufacturing capacity, an increase of over 4 gigawatts over 2023, driven by the addition of our new Alabama facility and throughput optimization in Ohio.

2024 年，我們繼續保持成長勢頭，到今年年底，我們的全球額定製造產能約為 21 千兆瓦，比 2023 年增加了 4 千兆瓦以上，這得益於我們在阿拉巴馬州新開設的工廠和在俄亥俄州進行的產能優化。

Additionally, we continue to construct our $1.1 billion Louisiana manufacturing facility over the course of 2024, which remains on track to begin commercial operations in the second half of this year.

此外，我們將在 2024 年繼續建造價值 11 億美元的路易斯安那製造工廠，該工廠仍有望在今年下半年開始商業運作。

Once ramped, it is expected to increase our global nameplate manufacturing capacity to over 25 gigawatts by 2026.

一旦達到產量，預計到 2026 年我們的全球額定製造產能將增加到 25 千兆瓦以上。

Turning to slide 4.

翻到幻燈片 4。

I will discuss our most recent shipments and bookings.

我將討論我們最近的發貨和預訂情況。

At the end of 2023, our contracted backlog reached 78.3 gigawatts with an aggregate value of $23.3 billion or approximately $0.298 per watt.

截至 2023 年底，我們的合約積壓訂單達到 78.3 吉瓦，總價值 233 億美元，約合每瓦 0.298 美元。

In 2024, we recognized sales of 14.1 gigawatts and contracted an additional 4.4 gigawatts of net bookings, resulting in a year-end contracted backlog of 68.5 gigawatts, with an aggregate value of $20.5 billion or approximately $0.299 per watt.

2024 年，我們確認的銷售額為 14.1 吉瓦，並額外簽訂了 4.4 吉瓦的淨預訂量，導致年底合約積壓量為 68.5 吉瓦，總價值為 205 億美元，或約為每瓦 0.299 美元。

Since our previous earnings call, we have contracted a net 0.5 -- 0.4 gigawatts of new volume.

自上次獲利電話會議以來，我們已簽訂了 0.5 - 0.4 千兆瓦的淨新增發電量。

This includes 0.3 gigawatts in India, approximately 40 megawatts of inventory below our current contracted backlog minimum bin requirement.

其中包括印度的 0.3 千兆瓦，比我們目前合約積壓最低庫存要求低約 40 兆瓦。

The sale was through a nontraditional revenue-sharing contracting arrangement with a module distributor.

此次銷售是透過與模組經銷商達成的非傳統收入分成合約安排進行的。

The residual net bookings include 0.6 gigawatts of sales to our traditional US utility-scale customer base and an ASP of $0.305 per watt, excluding adjusters, or up to $0.314 per watt, assuming the realization of adjusters were applicable, partially offset by 0.5 gigawatts of terminations.

剩餘淨預訂量包括向我們傳統的美國公用事業規模客戶群銷售的 0.6 千兆瓦，平均銷售價格為每瓦 0.305 美元（不包括調整器），或高達每瓦 0.314 美元（假設調整器的實現適用），部分抵消了 0.5 千兆瓦的終止。

For the full year 2024, including our 4.4 gigawatts of net bookings, we're approximately 5.1 gigawatts of gross bookings to our traditional US utility-scale customer base at an ASP of $0.309 per watt, excluding adjusters, or up to $0.328 per watt, assuming the realization of adjusters were applicable a 0.1 gigawatt of lower bin module sales through the aforementioned distributor, 0.6 gigawatts of domestic India volume and 1.4 gigawatts of module agreement terminations.

就 2024 年全年而言，包括我們的 4.4 千兆瓦淨預訂量在內，我們向傳統美國公用事業規模客戶群提供的總預訂量約為 5.1 千兆瓦，平均銷售價格為每瓦 0.309 美元（不包括調整器），或最高每瓦 0.328 美元，假設調整器的銷售適用於 10.千兆瓦的模組協議終止。

In addition, we saw contract determinations in India, which were included in our contracts subject to conditions precedent number but not in our bookings backlog for total 2024 module contract terminations of 2.4 gigawatts.

此外，我們看到了印度的合約確定情況，這些合約包含在我們的受先決條件約束的合約數量中，但不包含在我們 2024 年總模組合約終止量 2.4 千兆瓦的預訂積壓中。

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 time and the delivery of the product.

如果我們在預期時間和產品交付時實現當前技術路線圖內的成就，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。

By the end of Q4, we had approximately 37.1 gigawatts of contracted volume with these adjusters, which we estimate could generate up to an additional $0.7 billion or approximately $0.02 per watt, a majority of which would be recognized between 2026 and 2028.

截至第四季末，我們與這些調整機構簽訂的合約量約為 37.1 千兆瓦，我們估計這可以產生高達 7 億美元的額外收入或約 0.02 美元/瓦，其中大部分將在 2026 年至 2028 年之間確認。

This amount does not include potential adjustments, which are generally applicable to the total contracted backlog for both the ultimate bin delivered to the customer, which may adjust the ASP under the sales contract upwards or downwards, and for increases in sales trade or applicable aluminum and steel commodity price changes.

該金額不包括潛在調整，這些調整通常適用於交付給客戶的最終庫存總量，可能會向上或向下調整銷售合約下的平均銷售價格，也可能會因銷售貿易的增加或適用的鋁和鋼商品價格變化而產生。

As reflected in slide 5, our total pipeline of potential bookings remain strong, with bookings opportunities totaling 80.3 gigawatts and a decrease of approximately 1.1 gigawatts from the previous quarter.

正如幻燈片 5 所反映的，我們的潛在預訂總量依然強勁，預訂機會總計 80.3 吉瓦，比上一季減少約 1.1 吉瓦。

Our mid- to late-stage bookings opportunities decreased by approximately 2.5 gigawatts to 21 gigawatts and now includes 18.5 gigawatts in North America and 2.3 gigawatts in India.

我們的中後期訂單機會減少了約 2.5 千兆瓦，至 21 千兆瓦，現在包括北美的 18.5 千兆瓦和印度的 2.3 千兆瓦。

Within our mid- to late-stage pipeline, our approximately 3.9 gigawatts of opportunities that are contract subject to conditions precedent.

在我們的中後期管道中，我們約有 3.9 千兆瓦的機會取決於先決條件。

As a reminder, signed contracts in India will not be recognized as a booking until we have 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。

As stated on previous earnings call, given the long-dated time frame into which we are now selling, we need to align customer project visibility with our balanced approach to ASPs, payment security and other key contractual terms.

正如上次收益電話會議所述，考慮到我們目前銷售的長期時間範圍，我們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條款的平衡方法相結合。

And the uncertainty related to the policy environment from the recent US elections, 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.

鑑於最近美國大選帶來的政策環境的不確定性，我們將繼續利用我們在合約積壓訂單中的優勢地位，並在今年嚴格選擇新訂單的方式。

We intend to continue forward contracting 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。

I'll now turn the call over to Alex, who will discuss our Q4 and full year 2024 results.

現在我將電話轉給 Alex，他將討論我們的 2024 年第四季和全年業績。

Thanks, Mark.

謝謝，馬克。

Beginning at slide 6.

從投影片 6 開始。

In Q4, net sales were $1.5 billion, a $0.6 billion increase from the prior quarter.

第四季淨銷售額為 15 億美元，較上一季增加 6 億美元。

For the full year, net sales were $4.2 billion, an increase of $0.9 billion compared to the previous year, driven by higher volumes sold.

全年淨銷售額為 42 億美元，較上年增加 9 億美元，這得益於銷量增加。

Our Q4 net sales were benefited by $20 million from customer contract terminations, and our full year net sales results were benefited by $115 million from customer contract terminations and reduced by warranty charges of $56 million due to the Series 7 manufacturing issues discussed on our prior earnings call.

我們第四季度的淨銷售額因客戶合約終止而受益 2000 萬美元，而我們全年的淨銷售額因客戶合約終止而受益 1.15 億美元，並且由於我們在之前的收益電話會議上討論的 7 系列製造問題而減少了 5600 萬美元的保固費用。

Gross margin was 37% in the fourth quarter compared to 50% in the prior quarter.

第四季毛利率為 37%，上一季為 50%。

Full year gross margin increased 5 percentage points from 2023, leading to a full year 2024 gross margin of 44%.

全年毛利率較2023年增加5個百分點，2024年全年毛利率達44%。

Our Q4 and full year's gross margin was lower than forecast due to several factors.

由於多種因素，我們第四季和全年的毛利率低於預期。

Firstly, in December of 2024, we entered into a transaction with Visa, resulting in a sale of $857 million of Section 45X tax credits.

首先，2024 年 12 月，我們與 Visa 達成交易，出售了 8.57 億美元的第 45X 條稅收抵免。

In Q4, we discounted the carrying value of these credits by $39 million, which impacted Q4 gross margin by 3 percentage points and full year gross margin by approximately 1 percentage point to reflect the cumulative discount from the transaction.

在第四季度，我們將這些信貸的帳面價值折價了 3,900 萬美元，這影響了第四季度的毛利率 3 個百分點，全年毛利率約 1 個百分點，以反映交易的累積折扣。

We received $616 million in cash proceeds in Q4, with the remaining $202 million expected to receive in Q1 of 2025.

我們在第四季度收到了 6.16 億美元的現金收益，剩餘的 2.02 億美元預計將在 2025 年第一季收到。

Secondly, warranty charges relating to manufacturing issues affecting the initial production of Series 7 modules, as discussed on our prior earnings call, are estimated to result in total charges ranging from $56 million to $100 million, $50 million of which was recognized in the third quarter and $6 million of which was recognized in Q4, primarily driven by additional impact in modules sold during the fourth quarter.

其次，正如我們先前的收益電話會議上所討論的那樣，與影響 7 系列模組初始生產的製造問題相關的保固費用估計將導致總費用在 5600 萬美元到 1 億美元之間，其中 5000 萬美元在第三季度確認，600 萬美元在第四季度確認，這主要是由於第四季度銷售的模組的額外影響所致。

Separate but related, we have taken corrective actions following the identification of the manufacturing issues in our initial Series 7 production that led to this warranty charge, which we believe has remediated these issues.

另行但相關的是，在發現我們最初的 7 系列生產中存在的製造問題並導致產生此項保固費用後，我們已經採取了糾正措施，我們相信這些措施已經解決了這些問題。

While we continue to collaborate with customers to advance resolution, there is the potential that formal disputes arise.

雖然我們繼續與客戶合作以推進解決方案，但仍有可能出現正式糾紛。

In addition, certain shipments to customers of product identified as impacted prior to shipment have been delayed as part of this remediation process.

此外，作為補救過程的一部分，某些在發貨前被確定為受影響的產品的發貨已被延遲。

This resulted in the deferral of the sale of approximately 250 megawatts of modules from Q4 of 2024 into 2025.

這導致約 250 兆瓦模組的銷售從 2024 年第四季推遲到 2025 年。

In aggregate, the $6 million warranty charge, the 250-megawatt module sale delay, the aforementioned sale of approximately 40 megawatts of low-bin inventory through a module distributor and the aforementioned contract termination payments, in aggregate, negatively impacted the fourth quarter gross margin by approximately $16 million relative to our forecast.

總計 600 萬美元的保固費用、250 兆瓦模組銷售延遲、前述透過模組分銷商銷售約 40 兆瓦的低位庫存以及前述合約終止付款，總計對第四季度毛利率產生了約 1600 萬美元的負面影響。

In addition, shipment delays both within the quarter and from Q4 2024 into 2025 and in large part due to the aforementioned manufacturing issues, resulted in approximately $36 million of incremental demurrage, detention, grounding, warehousing and other logistics costs in Q4.

此外，本季內以及從 2024 年第四季到 2025 年的出貨延遲，很大程度上是由於上述製造問題，導致第四季的滯期費、扣留費、停飛費、倉儲費和其他物流成本增加約 3,600 萬美元。

Note, as of year-end, we held approximately 0.7 gigawatts of potentially impacted Series 7 modules in inventory.

請注意，截至年底，我們庫存中可能受影響的 7 系列模組約為 0.7 千兆瓦。

Thirdly, our newest operating facility in Alabama experienced higher-than-anticipated ramp-related charges, including material usage and spare parts consumption amounting to approximately $4 million.

第三，我們在阿拉巴馬州的最新營運工廠經歷了與坡道相關的費用高於預期，包括材料使用和備件消耗，總額約為 400 萬美元。

Despite these unforeseen costs, the plant continues to exceed the ramp-up pace of all previous Series 7 facilities in achieving its full production capability, underscoring our commitment to supporting the rapid growth trajectory of US manufacturing.

儘管存在這些不可預見的成本，該工廠在實現其全部生產能力方面仍然繼續超過所有先前 7 系列工廠的產能提升速度，凸顯了我們支持美國製造業快速成長軌蹟的承諾。

In Ohio, we incurred approximately $18 million in unforecasted underutilization charges, yield losses and other ramp-related expenses associated with the conversion to our CuRe technology on a high-volume manufacturing line.

在俄亥俄州，我們在一條大批量生產線上轉向 CuRe 技術的過程中產生了大約 1800 萬美元的未預測的未充分利用費用、產量損失和其他與產量提升相關的費用。

And lastly, in India, we incurred an unforeseen cost of $5 million due to a recent clarification of import regulations that imposed a specific duty on cover glass entering India, which applied to our 2024 cover glass imports.

最後，在印度，我們發生了 500 萬美元的意外成本，因為最近澄清了進口法規，對進入印度的蓋板玻璃徵收了特定關稅，該關稅適用於我們 2024 年的蓋板玻璃進口。

SG&A, R&D and production start-up expense totaled $111 million in Q4, a decrease of approximately $12 million relative to the prior quarter.

第四季銷售、一般及行政費用、研發及生產啟動費用總計 1.11 億美元，較上一季減少約 1,200 萬美元。

Now, Q4 production start-up was $9 million above the midpoint of our guidance range, largely related to our Alabama and Louisiana expansions.

現在，第四季度的生產啟動資金比我們的指導範圍中點高出 900 萬美元，這主要與我們在阿拉巴馬州和路易斯安那州的擴張有關。

For full year 2024, operating expenses totaled $465 million, an increase of $14 million compared to the prior quarter -- prior year.

2024 年全年營運費用總計 4.65 億美元，較上一季（去年同期）增加 1,400 萬美元。

This includes a $39 million increase in R&D expense, primarily driven by higher depreciation and maintenance costs, employee compensation due to head count growth and increases in material and module testing costs, in each case related to our significant investments in our R&D facilities and equipment.

其中包括3,900萬美元的研發費用增加，主要原因是折舊和維護成本增加、員工人數增長導致的員工薪酬增加以及材料和模組測試成本增加，這些都與我們對研發設施和設備的大量投資有關。

Additionally, start-up expense increased by $20 million, mainly due to the ramp-up of our Alabama and Louisiana facilities and the implementation of the lead line for our CuRe program.

此外，啟動費用增加了 2000 萬美元，這主要是由於我們阿拉巴馬州和路易斯安那州工廠的擴建以及 CuRe 計劃鉛管的實施。

These increases were partially offset by a $9 million reduction in SG&A expense attributable to lower performance-based compensation expense as well as the nonrecurrent $36 million litigation loss from the prior year.

這些增長部分被銷售、一般及行政開支減少 900 萬美元所抵消，銷售、一般及行政開支減少歸因於基於績效的薪酬費用降低以及上一年 3600 萬美元的非經常性訴訟損失。

Our fourth quarter operating income was $457 million, which included depreciation, amortization and accretion of $124 million, ramping and utilization costs of $39 million, production start-up expense of $15 million and share-based compensation expense of $6 million.

我們第四季的營業收入為 4.57 億美元，其中包括 1.24 億美元的折舊、攤提和累積費用、3,900 萬美元的產能提升和使用成本、1,500 萬美元的生產啟動費用以及 600 萬美元的股權激勵費用。

For the full year 2024, our operating income was $1.4 billion, which included depreciation, amortization and accretion of $423 million, ramping on the utilization cost of $82 million, production start-up expense of $84 million and share-based compensation expense of $28 million.

2024 年全年，我們的營業收入為 14 億美元，其中包括 4.23 億美元的折舊、攤提和增值、8,200 萬美元的利用成本、8,400 萬美元的生產啟動費用和 2,800 萬美元的股權激勵費用。

Interest income, interest expense, other income and foreign currency losses totaled $10 million in expense in Q4 and $12 million of income for the full year.

第四季的利息收入、利息支出、其他收入和外幣損失總計為 1,000 萬美元，全年的收入為 1,200 萬美元。

We recorded income tax expense of $53 million in Q4 and $114 million for the full year.

我們第四季的所得稅費用為 5,300 萬美元，全年的所得稅費用為 1.14 億美元。

Our tax expense in Q4 and full year 2024 included a reserve of approximately $6 million for state taxes in jurisdictions that do not follow the federal tax provisions of the tax exemption of Section 45X credit sales.

我們在 2024 年第四季和全年的稅務支出包括約 600 萬美元的州稅儲備金，用於不遵守第 45X 條信用銷售免稅聯邦稅規定的司法管轄區的州稅。

Residual increase in our tax expense was mainly due to a shift in the jurisdictional mix of our earnings towards higher tax jurisdictions and adjustments to our tax provision based on differences between estimated and actual tax liabilities.

我們的稅項費用的剩餘增加主要是由於我們的獲利管轄區組合向更高稅收管轄區的轉變，以及根據估計和實際稅負之間的差異對我們的稅務準備金進行調整。

Q4 earnings per diluted share were $3.65 compared to $2.91 in the previous quarter.

第四季每股攤薄收益為 3.65 美元，上一季為 2.91 美元。

For the full year 2024, earnings per diluted share were $12.02 compared to $7.74 in 2023.

2024 年全年每股攤薄收益為 12.02 美元，而 2023 年為 7.74 美元。

Turning to slide 7, I'll review select balance sheet items and summary cash flow information.

前往第 7 張投影片，我將回顧選定的資產負債表項目和匯總現金流量資訊。

Aggregate balance of our cash, cash equivalents, restricted cash, restricted cash equivalents and marketable securities, was $1.8 billion at the end of the year, an increase of $0.5 billion from the prior quarter and a decrease of $0.3 billion from the prior year.

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的總餘額在年底為 18 億美元，比上一季增加 5 億美元，比上年減少 3 億美元。

Our year-end net cash position, which includes the aforementioned balance left debt was $1.2 billion, an increase of $0.5 billion from the prior quarter and a decrease of $0.4 billion from the prior year.

我們的年末淨現金狀況（包括上述剩餘債務）為 12 億美元，比上一季增加 5 億美元，比上年減少 4 億美元。

The increase in our net cash balance in the fourth quarter was primarily driven by the collection of $0.6 billion in proceeds from the sale of Section 45X tax credits and positive module segment operating cash flows, partially offset by capital expenditures associated with our Alabama and Louisiana facilities.

我們第四季淨現金餘額的增加主要得益於出售第 45X 條稅收抵免所得的 6 億美元收益和正的模組部門經營現金流，部分被我們阿拉巴馬州和路易斯安那州工廠相關的資本支出所抵消。

The decrease in our net cash balance for the full year 2024 was primarily due to capital expenditures, partially offset by module segment operating cash flows.

2024 年全年淨現金餘額的減少主要是由於資本支出，部分被模組部門經營現金流抵銷。

Cash flows from operations were $1.2 billion in 2024 compared to $0.6 billion in 2023.

2024 年經營現金流為 12 億美元，而 2023 年為 6 億美元。

This increase was primarily driven by $1.3 billion in proceeds from the sale of Section 45X tax credits, partially offset by an increase in payments made to suppliers compared to the prior year and lower cash receipts from module sales in the current year.

這一增長主要得益於第 45X 條稅收抵免銷售所得的 13 億美元，但部分被與上年相比支付給供應商的款項增加和本年度模組銷售現金收入減少所抵消。

Capital expenditures were $314 million in the fourth quarter compared to $434 million in the third quarter.

第四季資本支出為 3.14 億美元，而第三季為 4.34 億美元。

Capital expenditures were $1.5 billion in 2024 compared to $1.4 billion in 2023.

2024 年資本支出為 15 億美元，而 2023 年為 14 億美元。

Now I'll turn the call back to Mark who'll provide an update on technology and policy.

現在我將電話轉回給馬克，他將提供有關技術和政策的最新資訊。

Thanks, Alex.

謝謝，亞歷克斯。

Turning to slide 8.

翻到幻燈片 8。

I will now provide a brief overview of our technology strategy.

現在我將簡要介紹我們的技術策略。

As we'll further discuss in a moment, we believe that the age of electrification is upon us, where electricity is the lifeblood of the modern economy and the way of life.

正如我們稍後將進一步討論的那樣，我們相信電氣化時代已經到來，電力是現代經濟和生活方式的命脈。

While meeting this unprecedented demand for electricity is going to require diverse sources of energy generation, we believe that solar will be a key part of the solution mix. providing the opportunity to develop and commercialize the next generation of solar technologies.

雖然滿足這項前所未有的電力需求需要多種能源發電，但我們相信太陽能將成為解決方案組合的重要組成部分。提供開發和商業化下一代太陽能技術的機會。

Optimizing across efficiency, energy and cost, we believe the future of solar has a dependency on thin-film technologies.

透過優化效率、能源和​​成本，我們相信太陽能的未來依賴薄膜技術。

As a result, we have embarked on a focused technology strategy concentrated on 3 core pillars.

因此，我們制定了以三大核心支柱為重點的技術策略。

The first pillar centers around improvements to our core single-junction CadTel semiconductor technology.

第一個支柱圍繞著我們核心單結 CadTel 半導體技術的改進。

As previously noted in Q4 2024, we commenced a limited commercial production run of modules, employing our cure technology, which we expect will be completed in Q1 of 2025 and have deployed the first of these modules in the field.

如前所述，在 2024 年第四季度，我們開始採用我們的固化技術進行有限的模組商業生產，我們預計將於 2025 年第一季完成，並且已經在現場部署了第一批模組。

Upon successful field performance validation to confirm the results of our accelerated life testing, we intend to permanently convert the Ohio lead line to CuRe.

在成功通過現場性能驗證以確認我們的加速壽命測試結果後，我們打算將俄亥俄州的鉛線永久轉換為 CuRe。

Previously forecasted in Q4 of 2025, we now expect to convert the Ohio lead line back to CuRe in Q1 of 2026 to address the key manufacturing learnings from the initial production run and to allow further time for field validation and intend to begin a phase replication of the technology across our fleet in early 2026.

先前我們曾預測將在 2025 年第四季實現這一目標，而現在我們預計會在 2026 年第一季將俄亥俄州的鉛生產線重新轉換為 CuRe 生產線，以解決初始生產運行中的關鍵製造問題，並留出更多時間進行現場驗證，我們打算在 2026 年初開始在我們的生產線上分階段複製該技術。

The second pillar relates to developing the next generation of thin-film semiconductors able to be deployed at commercial scale.

第二個支柱涉及開發能夠商業規模部署的下一代薄膜半導體。

This research is focused on perovskite technology and performed at our California Technology Center, also supported by the associates brought over through the Evolar acquisition.

這項研究集中在鈣鈦礦技術，在我們的加州技術中心進行，同時也得到了收購 Evolar 而來的合作夥伴的支持。

We expect the effort to benefit from our new dedicated perovskite development line in Ohio, which is expected to be fully operational by Q2 of this year.

我們希望這項努力將受益於我們位於俄亥俄州的新的專用鈣鈦礦開發生產線，預計今年第二季將全面投入營運。

To date, we have been able to achieve reliability results that we believe are comparable with best-in-class R&D efforts and we continue to advance our work on improving efficiency and stability and the race to develop a viable and commercially scalable perovskite product.

到目前為止，我們已經能夠取得與一流研發成果相當的可靠性結果，並且我們將繼續推進提高效率和穩定性的工作，並競相開發可行且具有商業可擴展性的鈣鈦礦產品。

Our third pillar centers around the next-generation tandem device, combining 2 semiconductors, which optimize to a different range of solar spectrum to create a very high-efficiency module.

我們的第三大支柱是圍繞下一代串聯設備，結合兩種半導體，針對不同範圍的太陽光譜進行最佳化，從而創造出非常高效的模組。

While tandems can utilize a range of available PV semiconductors, we believe at least one needs to be thin-film and that the optimal solution will require that both semiconductors are thin-films.

雖然串聯可以利用一系列可用的光伏半導體，但我們認為至少其中一個需要是薄膜，而最佳解決方案將要求兩個半導體都是薄膜。

In other words, our view is there is no tandem without thin-film.

換句話說，我們的觀點是沒有薄膜就沒有串聯。

While we previously explored the possibility of a crystalline silicon CadTel tandem product, we believe the energy and efficiency benefits of a fully thin-film approach provides a more likely path to a future transformative device and are therefore prioritizing our research into the structure.

雖然我們之前曾探索過晶體矽 CadTel 串聯產品的可能性，但我們相信全薄膜方法的能源和效率優勢為未來的變革性設備提供了更有可能的途徑，因此我們優先考慮對結構的研究。

We believe this three-pillar framework enables us to compete in the near term with best-in-class crystalline silicon technology through advancing our CuRe technology platform.

我們相信，透過推進我們的 CuRe 技術平台，這款三大支柱框架使我們能夠在短期內與一流的晶體矽技術競爭。

And in the long term, we believe our thin-film technology and manufacturing leadership and expertise positions us as well as it positions us well in the race to commercialize and scale of perovskite-based thin-film semiconductor.

從長遠來看，我們相信我們的薄膜技術和製造領導力以及專業知識使我們在鈣鈦礦基薄膜半導體商業化和規模化的競爭中處於有利地位。

I would like to take a moment to address the intellectual property issues that continue to challenge the crystalline silicon industry.

我想花點時間討論一下持續困擾晶體矽產業的智慧財產權問題。

Since our last earnings call, during which we shared a substantive overview of the IP landscape, we continue to see leading manufacturers assert patent-related claims against one another.

自上次財報電話會議以來，我們在會上分享了對智慧財產權格局的實質概述，我們繼續看到領先的製造商相互提出與專利相關的索賠。

Most recently, Trina Solar sued Canadian Solar's China subsidiary, CSI Solar, for patent infringement in China.

最近，天合光能起訴阿特斯陽光電力集團中國子公司CSI Solar，指控其在中國侵犯專利。

JinkoSolar sued LONGi in Australia, China and Japan and VSUN in a California court.

晶科能源在澳洲、中國和日本對隆基公司提起了訴訟，並在加州的一家法院對 VSUN 提起了訴訟。

And LONGi sued JinkoSolar in the US As we disclosed in 2024, First Solar also possesses a TOPCon patent portfolio through our acquisition of TetraSun in 2013.

而隆基在美國起訴晶科能源正如我們在 2024 年所揭露的那樣，First Solar 也透過 2013 年收購 TetraSun 而擁有 TOPCon 專利組合。

Our TOPCon patent portfolio includes issued patents in the United States, Australia, Canada, China, the European Union, Hong Kong, Japan, Mexico, Malaysia, Singapore, South Korea, United Arab Emirates and Vietnam with validities extending to 2030 and beyond.

我們的 TOPCon 專利組合包括在美國、澳洲、加拿大、中國、歐盟、香港、日本、墨西哥、馬來西亞、新加坡、韓國、阿拉伯聯合大公國和越南頒發的專利，有效期延長至 2030 年及以後。

The portfolio also includes patent pending applications in the European Union, Japan, Hong Kong, United Arab Emirates and Vietnam.

該組合還包括在歐盟、日本、香港、阿拉伯聯合大公國和越南正在申請的專利。

We continue to enforce our rights under this patent portfolio.

我們將繼續依據該專利組合行使我們的權利。

Earlier today, following numerous commercial engagement efforts, we filed a complaint with the United States District Court for the District of Delaware against various JinkoSolar entities, alleging infringement on one of our US TOPCon patents.

今天早些時候，經過多次商業參與努力，我們向美國特拉華州地方法院對晶科能源各實體提起訴訟，指控侵犯了我們的一項美國 TOPCon 專利。

This lawsuit is consistent with our previous statements that we intend to actively enforce our intellectual property rights against companies that exploit infringing TOPCon technology.

此次訴訟與我們先前的聲明一致，即我們打算積極對利用侵權 TOPCon 技術的公司執行我們的智慧財產權。

At the same time, we continue to advance our discussion with certain other companies that have expressed interest in resolving the issue commercially.

同時，我們繼續與其他一些有興趣透過商業方式解決該問題的公司進行討論。

For example, earlier today, we announced that we entered into our first agreement for the licensing of our US TOPCon patents with Talon PV, a US manufacturer of solar cells, which recently announced a 4-gigawatt TOPCon cell manufacturing facility scheduled to commence operations in the first quarter of 2026.

例如，今天早些時候，我們宣布與美國太陽能電池製造商Talon PV簽訂了第一份有關我們美國TOPCon專利許可的協議，該公司最近宣布，一座4千兆瓦的TOPCon電池製造工廠計劃於2026年第一季度開始運營。

The Jinko lawsuit combined with our commercial discussions with companies that have expressed interest in securing a license to First Solar's TOPCon's patent portfolio as well as the decision by some manufacturers to pivot to the PERC node from TOPCon, give their own and their customers' potential exposure to lawsuit risk reinforces our belief that developers, project owners and PPA off-takers as well as debt and tax equity financing parties must evaluate the risk of procuring TOPCon solar products that could be subject to IP-related legal challenges.

晶科能源的訴訟，加上我們與一些表示有興趣獲得 First Solar TOPCon 專利組合許可的公司進行的商業討論，以及一些製造商決定從 TOPCon 轉向 PERC 節點，使他們自己和他們的客戶面臨潛在的訴訟風險，這些都強化了我們的信念，即開發商、專案所有者和 PPA 承購商以及債務和股權融資

Once again, this environment underscores the benefits of First Solar's unique, highly differentiated CadTel semiconductor technology over highly commoditized crystalline silicon panels.

這種環境再一次凸顯了 First Solar 獨特的、高度差異化的 CadTel 半導體技術相對於高度商品化的晶體矽板的優勢。

Turning to slide 9.

翻到第 9 張投影片。

A word about the overall market conditions and our policy environment.

關於整體市場狀況和我們的政策環境的一句話。

Beginning with the macro environment, President Trump has defined an expansive economic mandate that could reshape the US economy over the next 4 years, particularly in terms of electricity production and consumption, as administration's goals of accelerating economic growth, reducing inflation, establishing global energy dominance, bringing American manufacturing jobs back and champion innovation, including artificial intelligence, require abundant, stable power generation.

從宏觀環境開始，川普總統確定了廣泛的經濟任務，可能會在未來4年重塑美國經濟，特別是在電力生產和消費方面，因為政府的目標是加速經濟成長，降低通貨膨脹，確立全球能源主導地位，恢復美國製造業就業崗位，倡導包括人工智慧在內的創新，而這些都需要充足、穩定的電力生產。

Forecast showed that the US will need 128 gigawatts of new capacity by 2029 to meet high summer peak demand.

預測顯示，到 2029 年，美國將需要新增 128 吉瓦的發電容量才能滿足夏季高峰需求。

And while President Trump is expected to preside over the first meaningful growth in electricity demand this century, it will not be without challenges.

儘管預計川普總統將領導本世紀首次出現電力需求有意義的成長，但這並非沒有挑戰。

The most significant of which is the time it takes to expand power generation capacity and grid infrastructure.

其中最重要的是擴大發電能力和電網基礎設施所需的時間。

Consider the new natural gas capacity could take half a decade to come online and cost twice as much as it did 5 years ago, thanks to supply chain constraints, including the shortage of turbines.

考慮到由於供應鏈限制（包括渦輪機短缺）而導致的新天然氣產能可能需要五年時間才能投入使用，而且成本是五年前的兩倍。

Large-scale nuclear power plants will take more than a decade to permit, construct and commission.

大型核電廠的許可、建造和調試將需要十多年的時間。

While decommissioned nuclear plants are an option, reportedly, only three assets can be economically recommissioned by 2028.

據報道，雖然退役核電廠是一種選擇，但到 2028 年只有三座核電廠能夠經濟地重新投入使用。

And while hiked and anticipated to be quicker to deploy, small modular reactors are not expected to operate commercially at gigawatt scale before 2035.

儘管小型模組化反應器的部署速度加快且成本增加，但預計在 2035 年之前無法實現千兆瓦規模的商業運作。

Quite simply, in order to avoid potential energy price-related inflation, maintain its economic and innovation competitiveness and secure its energy independence, the country cannot wait that long.

很簡單，為了避免潛在的能源價格相關的通貨膨脹，保持其經濟和創新競爭力並確保其能源獨立，該國不能等待那麼長時間。

Given its attributes of low cost and speed to deployment relative to other sources of energy generation, solar should clearly be a significant part of the near-term solution mix.

鑑於其相對於其他能源發電的低成本和部署速度的特點，太陽能顯然應該成為近期解決方案組合的重要組成部分。

The administration and Congress must ensure that this unprecedented growth in power generation capacity does not deepen the country's dependence on China and that American manufacturers have access to a level playing field.

政府和國會必須確保發電能力的空前成長不會加深美國對中國的依賴，並確保美國製造商能夠獲得公平的競爭環境。

The threat from China is existential and cannot be addressed through market factors, economics and innovation alone.

來自中國的威脅是現實存在的，不能只透過市場因素、經濟和創新來應對。

Given this backdrop, we continue to advocate for decisive actions to address China's dominance of the global solar supply chains and weaponization of subsidy-fueled overcapacity to undermine American manufacturing, energy security and enduring middle-class jobs.

有鑑於此背景，我們繼續主張採取果斷行動，解決中國在全球太陽能供應鏈中的主導地位，以及利用補貼引發的產能過剩武器化，以破壞美國製造業、能源安全和持久的中產階級就業的問題。

This includes establishing foreign entities of concern or FEOC laws that exclude companies tied to the Chinese communist party from assessing US taxpayer-funded incentives.

其中包括制定關注外國實體或FEOC法律，將與中國共產黨有聯繫的公司排除在評估美國納稅人資助的激勵措施之外。

Considering the large number of Chinese manufacturers that have set up low-value-added US assembly shops, importing high-value overseas components to secure billions in incentives, FEOC legislation not only prevents China from unfairly accessing US taxpayer-funded incentives, but it also impactfully reduces the cost of programs like 45X, advanced manufacturing tax credit, while ensuring that value created by domestic manufacturing is retained in the US and not remitted to China.

考慮到大量中國製造商已在美國設立低附加價值裝配車間，進口高價值的海外零件以獲得數十億美元的激勵，FEOC立法不僅可以防止中國不公平地獲得美國納稅人資助的激勵措施，而且還能有效降低45X等計劃的成本，先進製造業稅收抵免，同時確保國內製造業創造的價值保留在美國，而不是匯回中國。

Moving to trade.

轉向貿易。

Southeast Asia AD/CVD case filed in April of 2024, has made significant progress since our last earnings call.

2024 年 4 月提起的東南亞 AD/CVD 案件自我們上次收益電話會議以來取得了重大進展。

In November, the Department of Commerce released its preliminary antidumping determination establishing higher-than-anticipated cash deposit rates for Cambodia, Malaysia, Thailand and Vietnam, while issuing affirmative critical circumstances findings for Thailand and Vietnam.

11月，美國商務部公佈了反傾銷初裁，確定對柬埔寨、馬來西亞、泰國和越南徵收高於預期的現金保證金率，並對泰國和越南做出了肯定的緊急情況裁定。

In addition, this past month, Commerce revised certain preliminary CVD rates upon examining the cross-border subsidies tied to Chinese wafer, glass and solar space.

此外，上個月，商務部在審查了與中國晶圓、玻璃和太陽能領域相關的跨境補貼後，修改了某些初步的反補貼稅率。

In Cambodia, as a result of this examination, 4 solar manufacturers imports now have post preliminary CVD rates of 729% and a total AD plus CVD preliminary rate of nearly 850%, up from a rate of around 150% prior to this examination.

在柬埔寨，本次審查的結果是，4家太陽能製造商的進口產品的初步反補貼稅率為729%，反傾銷加補貼初步稅率總計近850%，高於本次審查前的150%左右。

We expect to see determinations from Commerce in respect of such Chinese cross-border subsidizations concerning Malaysia and Vietnam in the near term, which may increase the CVD rates applicable to subject crystalline silicon manufacturers in those countries.

我們預期中國商務部將在近期對馬來西亞和越南的此類中國跨境補貼作出裁定，這可能會提高上述國家適用於相關晶體矽製造商的反補貼稅率。

Overall, the trade committee is pleased with the results related to Cambodia, Malaysia, Vietnam and Thailand, and continues to monitor import data and trade practices relative to all countries, including Laos and Indonesia, among other countries, and all trade remedy options remain on the table.

總體而言，貿易委員會對柬埔寨、馬來西亞、越南和泰國的調查結果感到滿意，並將繼續監測包括寮國和印尼等所有國家的進口數據和貿易慣例，所有貿易救濟措施選項仍在考慮中。

I will now turn the call back to Alex, who will discuss our 2025 outlook and items.

現在我將電話轉回給亞歷克斯，他將討論我們的 2025 年展望和專案。

Thanks, Mark.

謝謝，馬克。

Before discussing our financial guidance, I'd like to reiterate our growth and investment thesis and our approach to backlog and bookings.

在討論我們的財務指導之前，我想重申我們的成長和投資論點以及我們對積壓和預訂的態度。

We continue to focus on differentiation and are guided by an approach that balances growth, profitability and liquidity.

我們繼續專注於差異化，並採取平衡成長、獲利能力和流動性的方法。

This framework informs our long-term strategic decision-making.

這個框架為我們的長期策略決策提供了指導。

It guided our strategy to exit the systems business at the end of the last decade and to significantly expand our domestic US R&D and manufacturing base.

它指導了我們的策略，即在上個十年末退出系統業務，並大幅擴展我們在美國國內的研發和製造基地。

It also drives our approach to forward contracting volume where we built a significant contract backlog totaling 68.5 gigawatts of volume at year-end 2024 at an ASP of nearly $0.30 per watt.

它也推動了我們對遠期合約量的態度，我們建立了一個重要的合約積壓，到 2024 年底，總合約量達到 68.5 千兆瓦，平均售價接近每瓦 0.30 美元。

Our reported backlog, which includes US and Rest of World bookings with our typical contractual security provisions but excludes contracts signed in India unless backed by 100% security is made up of two types of contracts.

我們報告的積壓訂單包括美國和世界其他地區的訂單，這些訂單具有我們典型的合同擔保條款，但不包括在印度簽訂的合同，除非有 100% 的擔保，該合同由兩種類型的合同組成。

Those related to a specific asset or project and frameworks, which are typically larger multiyear and therefore, often have less certainty over specific delivery timing with customers having more flexibility to shift volume within and across delivery years.

與特定資產或項目和框架相關的那些，通常是較大的多年期，因此，通常對具體交付時間不太確定，客戶可以更靈活地在交付年份內和跨交付年份轉移數量。

Common across these structures is a fixed price structure, which may include adjusters for technology improvements and which typically include adjusters for bin class, freight risk and commodity risk.

這些結構的共同點是固定價格結構，其中可能包括技術改進的調整器，並且通常包括貨艙等級、貨運風險和商品風險的調整器。

As of December 31, 2024, over 90% of our backlog had some form of steel and/or aluminum commodity cost protection and substantially all of our backlog had some form of freight protection.

截至 2024 年 12 月 31 日，我們 90% 以上的積壓訂單都具有某種形式的鋼鐵和/或鋁商品成本保護，並且我們幾乎所有的積壓訂單都具有某種形式的運費保護。

This long-term approach to our business model and customer contracting is especially important during periods of macro and industry uncertainty, such as we face today.

在當今宏觀和行業不確定時期，我們的商業模式和客戶簽約的長期方針尤其重要。

As Mark discussed, we believe there are a number of drivers of sustained long-term growth in the demand for the energy generation, and with its relatively low cost profile and speed to power, Solar is well positioned to be a fixture of the energy mix in advance economies as we progress to the next decade.

正如馬克所討論的，我們相信有許多驅動因素可以推動能源生產需求的長期持續增長，而且由於其成本相對較低且發電速度快，太陽能很有可能在下一個十年成為發達經濟體能源結構的固定組成部分。

However, at present, continuing a trend that increased throughout 2024, there remains significant near-term uncertainty, largely driven by the still unresolved policy environment following the US elections in November.

然而，目前，延續整個 2024 年的成長趨勢，仍然存在很大的短期不確定性，這主要是由於 11 月美國大選後仍未解決的政策環境所致。

This uncertainty is also driving a pause in at least some domestic manufacturing expansions.

這種不確定性也導致至少部分國內製造業擴張暫停。

As for one example, earlier this month, Indian solar manufacturer of Premier Energies announced that it is pausing plans to build a cell plant in the US citing policy uncertainty.

舉例來說，本月早些時候，印度太陽能製造商 Premier Energies 宣布，由於政策不確定性，將暫停美國建造電池廠的計畫。

Given the multiyear lead time required to build and commission a cell manufacturing facility, the uncertain policy environment also has the potential to delay an increased presence of domestic high-value manufacturing competition.

鑑於建造和調試一個電池製造工廠需要多年的準備時間，不確定的政策環境也有可能推遲國內高價值製造業競爭的增強。

This uncertainty, however, is also driving customer caution, particularly as it relates to new procurements and a lack of clarity as to project time lines in 2025.

然而，這種不確定性也導致客戶保持謹慎，特別是涉及新採購以及 2025 年專案時間表缺乏明確性。

This uncertainty is further reflected in our 2025 allocation position.

這種不確定性進一步反映在我們的 2025 年分配狀況中。

Excluding India, we remain cumulatively oversold through 2026.

除印度外，到 2026 年我們仍處於累積超賣狀態。

As previously discussed, this oversold position is deliberate and in addition to providing us with revenue visibility in an industry that has historically experienced volatile pricing conditions, provides us resilience to the uncertain timing of delivery inherent in some of our larger framework contracts, the natural tendency for delay in the project development process as well as the potential for incremental supply as we start up and ramp new factories.

如前所述，這種超賣頭寸是經過深思熟慮的，除了為我們在這個歷史上經歷過波動的價格條件的行業中提供收入可見性之外，還使我們能夠應對一些較大框架合同中固有的交付時間不確定、項目開發過程中自然延遲的趨勢以及我們啟動和增加新工廠時增加供應的潛力。

To further out the delivery time frame, the more comfortable we are with overallocation.

為了進一步延長交貨時間，我們更願意進行超額分配。

The closer we get to delivery dates and as we enter any given year and undertake our annual planning process, the more we look to ensure demand can be met with available supply.

我們越接近交貨日期，並且隨著我們進入任何一年並開展年度規劃流程，我們越希望確保需求能夠透過現有的供應得到滿足。

Therefore, whilst beneficial in the longer term, providing us with flexibility, the trade-off is that this overallocation must be resolved in the near-term delivery window.

因此，雖然從長遠來看是有益的，為我們提供了靈活性，但代價是必須在近期的交付窗口中解決這種過度分配的問題。

As we progress through 2024, and as discussed on our previous earnings call, we saw increasing requests from customers to push out delivery schedules as a function of project development delays.

隨著我們進入 2024 年，正如我們在先前的財報電話會議上所討論的那樣，我們看到越來越多的客戶要求推遲交付時間表，這是由於專案開發延遲造成的。

We also saw 0.6 gigawatts of termination for convenience and 1.8 gigawatts of terminations for default, including 1 gigawatt of termination for default for India domestic contracts, which were signed but not included in our bookings backlog, the majority of which incurred after the initial supply and demand allocation balancing for the year was completed.

我們也看到 0.6 千兆瓦的便利終止和 1.8 千兆瓦的違約終止，包括 1 千兆瓦的印度國內合約違約終止，這些合約已經簽署但未包含在我們的預訂積壓中，其中大部分是在當年的初始供需分配平衡完成後發生的。

As mentioned in our third quarter earnings call for terminations where we have not received the termination payment entitlement, we will litigate or arbitrate seeking to enforce our full termination payment rights under the respective contracts.

正如我們在第三季收益電話會議上提到的那樣，如果我們尚未收到終止付款權利，我們將透過訴訟或仲裁尋求根據相應合約執行我們全部終止付款權利。

While we enter 2025 in a strong position with respect to our US production, we are in an underallocation position for our Series 6 Malaysia and Vietnam production.

雖然我們在 2025 年美國生產方面處於強勢地位，但我們在馬來西亞和越南的 6 系列生產方面處於分配不足的狀態。

This is driven in large part by 2 factors: one, customers employing module delivery shift rights; and the other, the previously mentioned contract terminations that occurred in 2024.

這在很大程度上是由兩個因素推動的：一是客戶採用模組交付轉移權利；另一件事，就是之前提到的2024年合約終止的事情。

As it relates to module delivery shift rights, as previously mentioned, multiyear framework contracts typically have less certainty of a specific delivery timing.

如同前面所提到的，由於它與模組交付轉移權有關，因此多年期框架合約通常對特定交付時間的確定性較低。

As we enter the year, approximately 1 gigawatt of contracts with shift rights allowing product to move out of 2025 have had this option exercised.

進入今年，大約有 1 千兆瓦的具有轉移權的合約允許產品在 2025 年之後轉移，並且已經行使了這一選擇權。

In addition, customers with intra-year flexibility are, in many cases, requesting deliveries in the second half of the year, which we expect will drive a back-end weighting of our full year revenue and shipment results.

此外，在許多情況下，具有年內靈活性的客戶要求在下半年交貨，我們預計這將推動我們全年收入和出貨結果的後端權重。

Additionally, due to the aforementioned contract terminations in 2024, we are not delivering international product that we intend to deliver in 2025 under those terminated contracts.

此外，由於上述合約於 2024 年終止，我們將不會交付根據終止合約計劃於 2025 年交付的國際產品。

While typically, we would seek to mitigate the impact of these factors by reallocating shifted or terminated deliveries to other customers, our ability to do so in the near term as it relates to our Southeast Asia produced product is constrained by the policy environment in Europe, India and the US

雖然我們通常會透過將轉移或終止的交付重新分配給其他客戶來尋求減輕這些因素的影響，但由於我們在東南亞生產的產品，我們在短期內這樣做的能力受到歐洲、印度和美國政策環境的限制

In Europe, the combination of China's strategy of product dumping and oversaturation with the aim of capturing the European market, combined with the lack of EU block political action to employ responsive trade remedies to level the playing field has resulted in the EU market becoming a less attractive destination for our international production.

在歐洲，中國為了佔領歐洲市場而採取的產品傾銷和過度飽和策略，加上歐盟缺乏整體政治行動來採取響應性的貿易救濟措施以創造公平的競爭環境，導致歐盟市場對我們的國際生產不再具有吸引力。

As a consequence of this environment, in Q4, we made the decision to shut down our EU-based sales operation, for which we incurred approximately $3 million in severance charges in Q4.

由於這種環境，在第四季度，我們決定關閉位於歐盟的銷售業務，為此我們在第四季度產生了約 300 萬美元的遣散費。

In India, while we applaud the efforts of the Indian government to address China's efforts to dominate its domestic market and are encouraged by its tariff and nontariff measures, including the expected 2026 expansion, the existing approved list of models and manufacturers to cover cells as well as modules, these measures have the effect of largely eliminating the Indian market as a destination for our Malaysia and Vietnam product.

在印度，雖然我們讚賞印度政府為應對中國主導其國內市場所做的努力，並對其關稅和非關稅措施感到鼓舞，包括預期的2026年擴張、現有的涵蓋電池和模組的型號和製造商批准名單，但這些措施在很大程度上消除了印度市場作為我們馬來西亞和越南產品的目的地的作用。

Finally, in the US, there is uncertainty relating to the post-election policy environment, including the increased prospect of tariffs and potential revisions to the IRA, currently subject to a reconciliation process, which, according to public reporting, is not expected to be resolved until the second half of 2025.

最後，在美國，選舉後的政策環境存在不確定性，包括關稅前景增加和 IRA 的潛在修改，目前正在進行協調程序，根據公開報道，預計要到 2025 年下半年才能解決。

In this environment, our customers generally view our domestic modules as advantaged relative to our international products.

在這種環境下，我們的客戶普遍認為我們的國產模組相對於國際產品具有優勢。

While taken together, these items create near-term headwinds for our international production.

綜合起來，這些因素將在短期內對我們的國際生產造成阻力。

Assuming current policy remains unchanged, we continue to see long-term opportunities to place international products in the US and optimize our allocation position.

假設當前政策保持不變，我們將繼續看到將國際產品投放到美國並優化我們的配置地位的長期機會。

The IRA domestic content bonus provisions create significant economic value for our customers.

IRA 國內內容獎金條款為我們的客戶創造了巨大的經濟價值。

This is enabled by way of the more recently issued points-based domestic content bonus guidance.

這是透過最近發布的基於積分的國內內容獎勵指南實現的。

We believe the point-based guidance provides our customers with a clearest route to enable and finance their domestic content bonus qualification efforts.

我們相信，積分制指導為我們的客戶提供了一條最清晰的途徑，以支持和資助他們的國內內容獎金資格工作。

For First Solar, we expect the points-based guidance will provide us with greater supply chain flexibility in the US and greater opportunity to optimize allocation across our entire fleet, while maintaining the ASP of the original module sale agreement.

對於 First Solar 而言，我們預計基於積分的指導將為我們提供在美國更大的供應鏈靈活性，以及​​更大的機會來優化我們整個車隊的分配，同時保持原始模組銷售協議的平均售價。

In summary, while we're encouraged by the long-term opportunities to optimize the entirety of our global production fleet, the near-term combination of increased project delays and uncertainty experienced by our customers, promoting their utilization of module delivery shift rights, both inter- and intra-year, and the termination in 2024 of contracts that included modules expected for delivery in 2025, together with the imbalanced demand of domestic versus international product given the current policy environment in key markets, leads to a challenging full year and quarterly supply-demand allocation and balancing position as we enter 2025.

總而言之，雖然我們對優化全球生產船隊的長期機會感到鼓舞，但短期內項目延遲增加和客戶遇到的不確定性，促使他們使用跨年和年內的模組交付轉移權，以及 2024 年終止包含預計於 2025 年交付的模組的合同，再加上鑑於主要市場當前的政策環境，國內產品與國際產品的需求不平衡，導致我們面臨 2025 年時的需求均衡。

So with this context in mind, I'll next discuss the assumptions included in our 2025 financial guidance.

因此，考慮到這個背景，我接下來將討論我們 2025 年財務指引中包含的假設。

Please turn to slide 10.

請翻到第 10 張投影片。

As it relates to growth in production, our factory expansions and upgrades remain on schedule to increase our expected global nameplate capacity to 25 gigawatts by 2026.

就生產成長而言，我們的工廠擴建和升級仍在按計劃進行，到 2026 年，我們的預期全球額定產能將提高到 25 千兆瓦。

In Ohio, we completed our footprint expansion in Q1 of 2024.

在俄亥俄州，我們於 2024 年第一季完成了足跡擴張。

In Alabama, our factory is expected to exit the ramp phase at the end of Q1 2025.

在阿拉巴馬州，我們的工廠預計將於 2025 年第一季末結束產能提升階段。

Our newest facility in Louisiana is forecasted to be in start-up into Q3 of 2025 and to begin ramping production in the second half of this year.

我們位於路易斯安那州的最新工廠預計將於 2025 年第三季投入使用，並於今年下半年開始提高產量。

Combined, this leads to a forecast domestic production of 9.2 to 9.7 gigawatts.

綜合起來，預計國內發電量將達到 9.2 至 9.7 千兆瓦。

Internationally, given the supply-demand imbalance of Southeast Asian product just detailed, the impact of the current Europe, India and US policy environment, we've made the decision to reduce output of Series 6 international product from our Malaysia and Vietnam factories by a combined total of 1 gigawatt this year for a total forecast production of 5.8 to 6.1 gigawatts.

從國際上看，考慮到剛才詳述的東南亞產品的供需不平衡，以及當前歐洲、印度和美國政策環境的影響，我們決定今年將馬來西亞和越南工廠的 6 系列國際產品產量合計減少 1 千兆瓦，預計總產量為 5.8 至 6.1 千兆瓦。

In India, we're forecasting 3 to 3.2 gigawatts of production, approximately 70% destined for the US market and the remainder for domestic sales.

在印度，我們預測產量為 3 至 3.2 千兆瓦，約 70% 銷往美國市場，其餘則用於國內銷售。

This leads to a combined full year 2025 production forecast of 18 to 19 gigawatts.

由此預計 2025 年全年發電量將達 18 至 19 千兆瓦。

Growth-related costs are expected to impact operating income by approximately $110 million to $130 million.

預計與成長相關的成本將影響營業收入約 1.1 億至 1.3 億美元。

This comprises start-up expense of $60 million to $70 million, substantially all in connection with our new factory in Louisiana, an estimated ramp and underutilization costs of $50 million to $60 million across our factories in Alabama, Louisiana, Malaysia and Vietnam.

這包括 6000 萬至 7000 萬美元的啟動費用，主要與我們在路易斯安那州的新工廠有關，以及位於阿拉巴馬州、路易斯安那州、馬來西亞和越南的工廠的 5000 萬至 6000 萬美元的預計爬坡和未充分利用成本。

Note, in connection with the aforementioned 1 gigawatt reduction in Southeast Asian production, we are temporarily deploying a portion of our experienced engineering and manufacturing associates to our new US facilities.

請注意，結合前面提到的東南亞 1 千兆瓦產量減少，我們將暫時將部分經驗豐富的工程和製造員工部署到我們新的美國工廠。

While contributing to growth-related costs, this is expected to support the start-up and ramp of these factories.

雖然這會增加與成長相關的成本，但預計這將支持這些工廠的啟動和擴張。

Combined with inventory drawdown, including India volume shipped to the US in late 2024, we forecast module sales of 18 to 20 gigawatts, of which 9.5 to 9.8 gigawatts is produced in the US and approximately 1 gigawatt is assumed to be domestic sales in India.

結合庫存下降（包括 2024 年底印度運往美國的產量），我們預測組件銷量將達到 18 至 20 吉瓦，其中 9.5 至 9.8 吉瓦在美國生產，約 1 吉瓦被認為是印度國內銷售。

For the full year, we expect to recognize an ASP of approximately $0.29 per watt, including domestic India sales and the value of certain technology, commodity and freight adders.

就全年而言，我們預計平均售價約為每瓦 0.29 美元，其中包括印度國內銷售額以及某些技術、商品和運費附加價值的價值。

Included in our ASP assumption and within the guidance range, it's approximately 1.4 gigawatts of international product, approximately evenly split between Series 6 International and Series 7 India domestic product, which is forecast to book and bill within the year at an ASP below the current backlog average.

在我們的 ASP 假設和指導範圍內，大約有 1.4 千兆瓦的國際產品，大致平均分配在第 6 系列國際產品和第 7 系列印度國內產品之間，預計將在年內以低於當前積壓平均值的 ASP 進行預訂和出貨。

From a cost perspective, full year 2025 cost per watt produced is forecast to be approximately $0.20 per watt, an approximate $0.01 per watt increase over 2024, driven by 6 key factors.

從成本角度來看，預計 2025 年全年每瓦生產成本約為 0.20 美元，比 2024 年每瓦增加約 0.01 美元，這主要受 6 個關鍵因素推動。

Firstly, in Ohio, following on from the fourth quarter of 2024, we anticipate ongoing underutilization and yield loss impacts from our CuRe technology run on a high-volume manufacturing line, which is expected to conclude by the end of the first quarter.

首先，在俄亥俄州，繼 2024 年第四季之後，我們預計在大批量生產線上運行的 CuRe 技術將持續導致利用率不足和產量損失，預計該生產線將於第一季末完成。

Secondly, in Alabama, as the factory exits the ramp phase forecast to occur in Q1, but continues to produce at less than normal expected production capacity as is forecast for the remainder of 2025.

其次，在阿拉巴馬州，工廠預計將在第一季退出產能提升階段，但正如預測的那樣，在 2025 年剩餘時間內，其產量將繼續低於正常的預期生產能力。

We expect to see an increase in cost per watt produced capitalized into inventory until such normal production capacity is reached.

我們預計，在達到正常生產能力之前，每瓦生產成本將增加併計入庫存。

Thirdly, as it relates to our India factory, product testing for the US market is made with a tracker mounting structure and a higher production cost point relative to the fixed tilt structure used for India domestic sales.

第三，就我們的印度工廠而言，針對美國市場的產品測試採用追蹤器安裝結構，相對於印度國內銷售使用的固定傾斜結構，其生產成本更高。

In 2025, approximately 2/3 of our India production is destined for export versus approximately half in 2024, leading to higher expected blended production cost at this factory.

2025 年，我們在印度的產量約有 2/3 用於出口，而 2024 年這一比例約為一半，這導致該工廠的混合生產成本預計更高。

Fourthly, the scheduled reduction of 1 gigawatt in total production at our Vietnam and Malaysia factories is expected to increase fixed cost per watt at these sites as a function of lower throughput.

第四，我們越南和馬來西亞工廠的總產量計畫減少 1 千兆瓦，預計由於產量下降，這些工廠每瓦的固定成本將會增加。

Fifthly, on a combined basis, we anticipate a negative impact of fleet cost per watt from the relative mix of higher cost US versus lower cost international production, which increases both as a function of the 1 gigawatt aggregate Malaysia, Vietnam production decrease as well as the increased US capacity coming online.

第五，從整體來看，我們預計，由於美國生產成本較高而國際生產成本較低，這將對每瓦機組成本產生負面影響，而這種影響會隨著馬來西亞和越南合計1千兆瓦產量的減少以及美國上線產能的增加而增加。

And lastly, we expect to see a cost headwind from the recently announced Section 232 tariffs imposed on aluminum imports into the US at a rate of 25% given the aluminum frame rails for our US Series 6 products are imported from a Malaysian supplier, after which they undergo a manufacturing process in our domestic machinery to produce the ultimate frame.

最後，我們預計，由於我們美國 6 系列產品的鋁製車架導軌是從馬來西亞供應商進口的，然後在我們國內的機械中經過製造過程以生產出最終的車架，因此美國最近宣布的第 232 條對進口鋁徵收 25% 的關稅將帶來成本阻力。

The administration also recently really announced that it is assessing the implementation of reciprocal tariffs for items from countries currently applying import duties to American products.

該政府最近還宣布，正在評估對目前對美國產品徵收進口關稅的國家實施互惠關稅的可行性。

Note, our module sale contracts for international product deliveries typically have some form of tariff protection if new tariffs are imposed on the importation of modules into the US, whether in the form of First Solar termination right or tariff absorption that is either shared with the customer or exclusively borne by the customer.

請注意，如果對進口到美國的組件徵收新的關稅，我們用於國際產品交付的組件銷售合約通常具有某種形式的關稅保護，無論是以 First Solar 終止權還是與客戶共享或由客戶獨自承擔的關稅吸收的形式。

Related to the topic of tariffs, the word on the export controls concerning 5 critical minerals, including products containing tellurium announced by China's Ministry of Commerce earlier this month.

與關稅話題相關，中國商務部本月初公佈了包括含碲產品在內的五種關鍵礦產的出口管制消息。

Although tellurium end products containing tellurium, including among them cadmium telluride, our key raw materials used in our module production process, we have, over the past decade, employed a strategic sourcing strategy to diversify our tellurium supply chain to mitigate a sole sourcing position in China and are undertaking additional measures to mitigate dependencies on China for certain products containing tellurium.

儘管碲最終產品中含有碲，其中包括碲化鎘，這是我們模組生產過程中使用的關鍵原材料，但在過去十年中，我們採用了戰略採購策略來使我們的碲供應鏈多樣化，以減輕在中國單一採購地位的困境，並正在採取額外措施來減輕某些含碲產品對中國的依賴。

While we continue to evaluate that there will be any operational impact from China's decision, this latest development emphasizes the urgent need for the United States to accelerate the strategic development of copper mining and processing of its byproduct materials, including tellurium.

雖然我們仍在評估中國的決定是否會對營運產生影響，但這項最新進展凸顯了美國迫切需要加快銅礦開採及其副產品材料（包括碲）加工的戰略發展。

Moving to cost per watt sold, we're forecasting fleet average sales freight, warehousing, ramp, underutilization and other period costs of approximately $0.04 per watt, a reduction from 2024, but above our previous long-term cost assumptions.

轉向每瓦銷售成本，我們預測車隊平均銷售運費、倉儲、坡道、未充分利用和其他期間成本約為每瓦 0.04 美元，比 2024 年有所下降，但高於我們之前的長期成本假設。

As it relates to sales rates, although we've seen some increase in freight rates, we are largely contractually protected from these impacts.

就銷售價格而言，儘管我們看到運費有所上漲，但我們基本上受到合約保護，未受到這些影響。

However, we do expect some incremental freight charges as we increase our volumes sold from India to the US

然而，隨著我們從印度到美國的銷售量增加，我們預計運費將會上漲

We have seen an increase in our warehousing and storage needs driven by our increase in production capacity as well as the allocation balancing challenges referenced earlier in the call, which are expected to result in a back-ended shipment and sales profile in 2025.

由於生產能力的提高以及電話會議中早些時候提到的分配平衡挑戰，我們的倉儲和存儲需求有所增加，預計這將導致 2025 年的後端出貨和銷售狀況。

At the same time, warehousing rates have increased given capacity constraints, driven by a combination of increases in domestic manufacturing combined with a surge of imports as manufacturers seek to mitigate the expected tariff risk following the November election.

同時，由於產能限制，倉儲率上升，這是由於國內製造業成長，加上製造商為緩解11月大選後預期的關稅風險而導致的進口激增。

As it relates to the aforementioned Series 7 manufacturing issue, we've estimated warranty losses of $56 million to $100 million.

由於涉及前述的 7 系列製造問題，我們估計保固損失為 5,600 萬至 1 億美元。

As noted, as of year-end, we held approximately 0.7 gigawatts of potentially impacted Series 7 modules in inventory.

如上所述，截至年底，我們庫存中可能受影響的 7 系列模組約為 0.7 千兆瓦。

Combination of production and period costs results in a forecasted full year 2025 cost per watt sold of approximately $0.24.

結合生產成本和期間成本，預測 2025 年全年每瓦售電成本約為 0.24 美元。

From a capital structure perspective, our strong balance sheet has been and remains a strategic differentiator, enabling us to both weather periods of volatility as well as providing flexibility to pursue growth opportunities, including funding our Series 6 and Series 7 growth.

從資本結構的角度來看，我們強勁的資產負債表一直是、並且仍然是一個策略差異化因素，使我們能夠度過波動時期，同時還能靈活地尋求成長機會，包括為我們的 6 系列和 7 系列成長提供資金。

We ended 2024 in a strong liquidity position, and with forecasted operating cash flows from module sales, coupled with residual operating cash flow from the sale of 2024 Section 45X tax credits in December of 2024 and advance payments from module orders, we expect to be able to finance our currently announced capital programs without requiring external financing.

到 2024 年底，我們的流動性狀況良好，並且預計模組銷售產生的營運現金流，加上 2024 年 12 月出售 2024 年第 45X 條稅收抵免產生的剩餘營運現金流以及模組訂單的預付款，我們預計能夠為我們目前宣布的資本計劃提供資金，而無需外部融資。

As it relates to our 2025 Section 45X credits, we are not forecasting the sale of these credits in 2025, and therefore, assuming no discount to the value of these credits for sale to a third party.

至於我們的 2025 年第 45X 條信用額度，我們預測 2025 年不會出售這些信用額度，因此，我們假設出售給第三方的這些信用額度的價值不會有任何折扣。

But as in previous years, we'll continue to evaluate options and valuations for earlier monetization.

但與往年一樣，我們將繼續評估早期貨幣化的選擇和估值。

I'll now cover the full year 2025 guidance ranges on slide 11.

我現在將在第 11 張投影片上介紹 2025 年全年指導範圍。

Net sales guidance is between $5.3 billion to $5.8 billion.

淨銷售額預期在 53 億美元至 58 億美元之間。

Gross margin is expected to be between $2.45 billion and $2.75 billion or approximately 47%, which includes $1.65 billion to $1.7 billion of Section 45X tax credits and $50 million to $60 million of ramp and underutilization costs.

毛利率預計在 24.5 億美元至 27.5 億美元之間，或約為 47%，其中包括 16.5 億美元至 17 億美元的第 45X 條稅收抵免以及 5000 萬至 6000 萬美元的坡道和未充分利用成本。

SG&A expense is expected to total $180 million to $190 million versus $188 million in 2024, demonstrating our ability to leverage our largely fixed operating cost structure, while expanding production.

預計銷售、一般及行政開支總額將達到 1.8 億至 1.9 億美元，而 2024 年則為 1.88 億美元，這表明我們有能力利用我們基本固定的營運成本結構，同時擴大生產。

R&D expense is expected to total $230 million to $250 million versus $191 million in 2024.

預計研發費用總額將從 2024 年的 1.91 億美元增加到 2.3 億至 2.5 億美元。

R&D expenses increasing primarily due to commencing operations at our R&D innovation center and perovskite development line. and the expectation of adding head count to our R&D team to further invest and advance research initiatives.

研發費用的增加主要是因為我們的研發創新中心和鈣鈦礦開發線開始營運。並期望增加研發團隊的數量，以進一步投資和推進研究計畫。

SG&A and R&D expense combined is expected to total $410 million to $440 million and total operating expenses, which includes $60 million to $70 million of production start-up expense are expected to be between $470 million to $510 million.

銷售、一般及行政開支和研發費用預計總計 4.1 億至 4.4 億美元，總營運開支（其中包括 6,000 萬至 7,000 萬美元的生產啟動開支）預計在 4.7 億至 5.1 億美元之間。

Operating income is expected to be between $1.95 billion and $2.3 billion, implying an operating margin of approximately 38% and is inclusive of $110 million to $130 million of combined ramp costs and plant start-up expense and $1.65 billion to $1.7 billion of Section 45X credits.

預計營業收入在 19.5 億美元至 23 億美元之間，意味著營業利潤率約為 38%，其中包括 1.1 億美元至 1.3 億美元的綜合產能爬坡成本和工廠啟動費用，以及 16.5 億美元至 17 億美元的第 45X 條款信貸。

Turning to nonoperating items.

轉向非經營項目。

We expect interest income, interest expense and other income to net zero.

我們預計利息收入、利息支出和其他收入淨為零。

Full year tax expense is forecast to be $100 million to $120 million.

預計全年稅費為 1 億至 1.2 億美元。

This results in full year 2025 earnings per diluted share guidance range of $17 to $20.

這意味著 2025 年全年每股攤薄收益預期範圍為 17 美元至 20 美元。

Note, from an earnings cadence perspective, we expect between 2.7 and 3 gigawatts of module sales in the first quarter at a gross margin similar to the full year average, resulting in first quarter earnings per diluted share of between $2.20 and $2.70.

請注意，從獲利節奏的角度來看，我們預計第一季度組件銷量在 2.7 至 3 千兆瓦之間，毛利率與全年平均水平相似，導致第一季每股攤薄收益在 2.20 美元至 2.70 美元之間。

Capital expenditures in 2025 are expected to range from $1.3 billion to $1.5 billion.

預計2025年的資本支出將在13億美元至15億美元之間。

Approximately half of our CapEx is associated with capacity expansion, majority of which relates to our Louisiana plant with the remainder driven by R&D programs, technology replication and maintenance.

我們的資本支出約有一半與產能擴張有關，其中大部分與路易斯安那州的工廠有關，其餘部分則由研發項目、技術複製和維護所推動。

Our year-end 2025 net cash balance is anticipated to be between $0.7 billion to $1.2 billion.

我們預計 2025 年底的淨現金餘額將在 7 億至 12 億美元之間。

Turn to slide 12.

翻到第 12 張投影片。

I'll now summarize the key messages from today's call.

我現在將總結今天電話會議的關鍵資訊。

With respect to 2024, while our full year diluted EPS came in below our expectations, this result was largely attributable to the incurrence of discrete costs in the pursuit of achieving the growth and liquidity principles of our strategic decision-making framework.

展望 2024 年，雖然我們的全年攤薄每股收益低於我們的預期，但這一結果很大程度上歸因於在追求實現戰略決策框架的增長和流動性原則的過程中產生的離散成本。

Growth in the case of ramp costs associated with our Alabama facility as we expand US manufacturing as well as lower throughput and higher yield losses connected to our initial conversion to high-volume CuRe manufacturing and liquidity in connection with the sale of $857 million of Section 45X tax credits as we significantly strengthened our industry-leading balance sheet.

隨著我們擴大美國製造業務，與我們在阿拉巴馬州的工廠相關的成本增加有關，同時，由於我們最初轉向大批量 CuRe 製造業務，導致產量降低和收益損失增加，並且由於我們顯著加強了我們行業領先的資產負債表，出售 8.57 億美元的第 45X 條稅收抵免產生了流動性。

The other cost driver impacting 2024 margin was similarly discrete resulting from increased logistics costs associated with delayed shipments, largely in connection with the manufacturing issues affecting the initial production of Series 7 modules.

影響 2024 年利潤率的另一個成本驅動因素同樣是離散的，原因是延遲出貨導致的物流成本增加，這主要與影響 7 系列模組初始生產的製造問題有關。

That said, from a revenue perspective, full year 2024 net sales came within our guidance range for the year.

也就是說，從收入角度來看，2024 年全年淨銷售額在我們的年度指引範圍內。

We exited the year maintaining a significant contracted backlog, totaling 68.5 gigawatts, with an average ASP of $0.30 per watt.

我們今年的合約積壓訂單量仍然很大，總計 68.5 吉瓦，平均售價為每瓦 0.30 美元。

In addition, our full year 2024 diluted EPS result represents a 55% increase over the prior full year results.

此外，我們 2024 年全年攤薄每股收益較上年全年業績成長 55%。

As we enter 2025, we are in a position of strength with respect to our US production, although together with the rest of the industry, we are confronted with uncertainty in the current policy environment in key markets, leading us to an underallocated position with respect to our international products and increased costs associated with the reduction in our Southeast Asian production.

進入2025年，我們在美國生產方面處於優勢地位，但與業內其他公司一樣，我們面臨著主要市場當前政策環境的不確定性，導致我們的國際產品配置不足，東南亞產量減少導致成本增加。

That said, assuming the current construct of the domestic content provisions remains unchanged, we are encouraged by the long-term opportunities to optimize the entirety of our global production fleet.

儘管如此，假設目前的國內內容條款結構保持不變，我們對優化整個全球生產艦隊的長期機會感到鼓舞。

For full year 2025, we're forecasting an earnings per diluted share guidance range of $17 to $20, the midpoint of which would represent an approximately 50% increase over 2024.

對於 2025 年全年，我們預測每股攤薄收益預期範圍為 17 美元至 20 美元，中間值將比 2024 年增長約 50%。

With that, we conclude our prepared remarks and open the call for questions.

至此，我們結束了準備好的發言，並開始提問。

Operator?

操作員？

(Operator Instructions) Brian Lee, Goldman Sachs.

（操作員指示） Brian Lee，高盛。

I wanted to start off.

我想開始。

First question, just on the guidance range.

第一個問題是關於指導範圍。

It seems a little wider than usual.

它看起來比平常的要寬一些。

I know Mark, Alex, you talked through some of the uncertainties and moving pieces.

我知道馬克、亞歷克斯，你們談了一些不確定因素和變動因素。

But how much is really tied?

但真正綁定的是多少呢？

And I'm focused kind of on the shipment and revenue guidance, how much is tied to selling the 1 gigawatt of India volume left over from last year?

我關注的是出貨量和收入指引，有多少與銷售去年剩餘的印度 1 千兆瓦電量有關？

Maybe walk through how that process is playing out, what ASPs you're expecting to realize.

也許可以介紹一下該過程是如何進行的，以及您希望實現哪些 ASP。

And then second question would be around just safe harbor potential.

第二個問題是關於安全港的潛力。

Are you seeing any of that?

你看到這些了嗎？

What are your customers doing in this uncertain environment?

在這種不確定的環境中，您的客戶在做什麼？

Where -- is there even potential as you move through the year that you kind of turned output back up from Southeast Asia to allow customers to take advantage of safe harbor, maybe blend?

隨著時間的推移，您是否有潛力將產量從東南亞轉移回來，以便讓客戶利用安全港，也許是混合？

Just curious on your thoughts around if any of that is happening and what you would see as a potential impact if it did later through the year.

我只是好奇您對這些事情是否正在發生的看法，以及如果這些事情在今年晚些時候發生，您認為可能會產生什麼影響。

Brian, I'll take the Safe Harbor question, I'll let Alex talk about the guide on the shipment and the revenue.

布萊恩，我將回答安全港問題，然後讓亞歷克斯談談有關貨運和收入的指南。

The -- look, I think right now, Brian, I've been meeting a lot of customers over the last several weeks in particular.

——聽著，布萊恩，我想現在，特別是過去幾週，我已經見過很多客戶了。

And everybody is -- look, a lot of people have already safe harbored.

每個人——看，很多人已經安全避難了。

The safe harbored as of the end of last year, some of our customers have used modules, but most of them have used transformers and the like, high-voltage equipment to do their safe harboring.

截止到去年年底的安全保護，我們的客戶有一部分是使用了模組，但是大部分還是使用了變壓器之類的高壓設備來做安全保護。

And so most of our safe harbor under the 48 guidance.

因此，我們大部分的安全港都遵循 48 項指導原則。

And they've got a multiyear kind of portfolio that they would execute against that.

他們有一個多年的投資組合，並將根據這個投資組合來執行。

But everybody is kind of in a position right now of there's so much uncertainty, let's not change anything at this point in time.

但現在每個人的處境都充滿著太多的不確定性，我們暫時不要改變任何事。

So the projects, I think, are going to continue to move forward.

因此我認為這些項目將會繼續向前推進。

Clearly, they're running into some obstacles or potential headwinds as every day, there seems to be something new coming out from the administration that could have some implication or a reason that you have to kind of step back and reassess and reevaluate.

顯然，他們遇到了一些障礙或潛在的阻力，因為每天政府似乎都會出一些新動向，這可能會產生一些影響，或者讓你不得不退後一步，重新評估和重新評估。

As it comes to -- if we can get better clarity as an example, and the sooner we get certainty, the better.

舉例來說，如果我們能夠獲得更清晰的認識，那麼越早獲得確定性就越好。

The biggest thing this industry needs, and you can pretty much talk to anyone in this industry, is just the certainty of which how to move forward.

這個行業最需要的東西，而且你可以和這個行業中的任何人談論，就是對如何前進的確定性。

And we don't have that clarity right now.

但現在我們還不清楚。

But once we have that certainty, then we can start thinking through optionality and how do we optimize.

但一旦我們有了確定性，我們就可以開始思考可選性以及如何進行最佳化。

Our customers will look at it from that lens.

我們的客戶會從這個角度看待這個問題。

We'll look it from that lens.

我們將從這個角度來看待它。

But if you get into a conversation from achieving a point requirement for domestic content, which would then allow for latitude of both the domestic product and potentially international product to achieve the point required at the project level, then you get into conversations of, well, I don't want to change anything right now because I don't know exactly what could evolve differently as we move forward.

但是如果你開始討論如何實現國內內容的積分要求，這將允許國內產品和潛在的國際產品都有自由度來達到項目層面所需的積分，那麼你就會開始討論，好吧，我現在不想改變任何東西，因為我不知道隨著我們前進，具體會有什麼不同的發展。

And then the other is, okay, if we have that conversation, what happens if tariffs are imposed?

另一個問題是，好吧，如果我們進行這樣的對話，那麼如果徵收關稅會發生什麼？

Today, I've got largely a domestic contract and there's still uncertainty around tariffs, as Alex mentioned in his comments, and what are the implications around that?

今天，我主要簽訂的是國內合同，而且關稅方面仍然存在不確定性，正如亞歷克斯在評論中提到的那樣，這會有什麼影響？

Do I want to take on that additional risk right now?

我現在想承擔這個額外的風險嗎？

And neither counterparty wants to take 100% of that risk.

且雙方都不願意承擔 100％ 的風險。

I mean, the way our construct is done right now with our modular sale agreement, we generally share in that risk.

我的意思是，我們目前透過模組化銷售協議進行構建，我們通常會分擔這種風險。

But knowing that you could be going into an environment that has greater certainty of tariffs, then it becomes more of a conversation with the customer, well, who's also going to take that risk.

但如果你知道自己可能會進入一個關稅更確定的環境，那麼這就變成了與客戶的對話，嗯，誰也將承擔這種風險。

Today, they got a commitment for a domestic module.

今天，他們得到了國內模組的承諾。

If we're going to talk to optimization, which could include international modules, that's a risk allocation conversation to have with the customer.

如果我們要討論最佳化，其中可能包括國際模組，那就是與客戶進行的風險分配對話。

And neither one of us really want to step into that with that amount of uncertainty.

我們倆都不想在如此不確定的情況下踏入這個領域。

So I would say, yes, there's been a lot of activity for safe harbor.

所以我想說，是的，為了安全港已經開展了很多活動。

I think that bodes very well for projects to continue to be built out this year.

我認為這預示著今年項目將繼續建設。

But I think the amount of uncertainty we have right now, people are somewhat saying, hey, let's just sort of stay where we are, continue to assess.

但我認為，考慮到目前我們面臨的不確定性，人們可能會說，嘿，讓我們停留在原地，繼續評估。

Once we have that amount of certainty, we can determine how to move forward from there.

一旦我們有了這種確定性，我們就可以確定如何繼續前進。

Brian, on the shipment piece, so we guided 18 to 20.

布萊恩，在裝運單上，我們指導了 18 到 20。

That's a 2-gigawatt range.

這是一個2千兆瓦的範圍。

We said there's about 1.4 gigawatts of unsold dependency for the year in there.

我們說，其中今年未售出的電力約為1.4千兆瓦。

And we said it's about half-half split between domestic India and International Series 6.

我們說印度國內和國際系列 6 各佔一半。

So on top of that, you've got some uncertainty around US I think with the guide we had 9.5 to 9.8 on US sold.

因此，除此之外，你對美國還存在一些不確定性，我認為根據我們的指導，美國銷售量為 9.5 到 9.8。

I would say, in general, the other risk we run is that the year is very back end and we haven't given a split across the full year.

我想說，總的來說，我們面臨的另一個風險是，今年的情況非常糟糕，而且我們還沒有對全年情況進行拆分。

We gave a Q1 number.

我們給出了第一季的數字。

But even from the Q1, you can see it's not a run rate if you were to divide the full year by 4.

但即使從第一季來看，如果將全年數據除以 4，你也會發現它並不是運行率。

And as you back end and have more risk at the back end of the year, there's always risk of things slipping out.

隨著年底的到來，風險也隨之增加，總是存在著事情失控的風險。

We also said that there's negotiations ongoing with certain customers related to follow-on questions from the warranty issue we disclosed.

我們也表示，我們正在與某些客戶就我們揭露的保固問題的後續問題進行談判​​。

We believe those will get resolved, and that has also resulted in some delays in shipments.

我們相信這些問題會得到解決，這也導致了一些貨物運輸延遲。

So generally, I'd say there's 1.4 of international book and bill dependency for the year.

所以總體來說，我認為今年的國際圖書和票據依賴度為 1.4。

There's a little bit of US and then there's just the overall profile of the year, which adds some risk.

這其中有一點美國因素，再加上今年的整體情況，這增加了一些風險。

Yes.

是的。

And I would just say, just add to that, Brian, I don't think there's -- and we have the assumption in our plan for the India volume at a current market price for India.

我只想說，布萊恩，補充一點，我認為沒有——我們的計劃假設印度的產量是按照印度當前的市場價格計算的。

I don't know if there's much risk of the sell-through on India, just the mechanics of generally how the India market works.

我不知道印度的銷售風險是否很大，只是印度市場的運作機制一般是這樣的。

And as we indicated, we won't recognize the booking until we have 100% payment security.

正如我們所指出的，在我們獲得 100% 的付款安全之前，我們不會承認預訂。

So I think there's really not much risk there.

所以我認為那裡確實沒有太大的風險。

And we are assuming that there will be better clarity as we exit the second half of this year or as we enter in the second half of this year that will allow some of this optimization and mix of international into with domestic product.

我們假設，當我們在今年下半年結束時或進入下半年時，情況會更加明朗，這將允許進行一些優化以及國際產品和國內產品的混合。

So that's how we anticipate for that book and bill to clear and it's not a lot of volume.

這就是我們預期該書和帳單結清的方式，而且數量不會很多。

Philip Shen, ROTH Capital Partners.

羅仕證券 (ROTH Capital Partners) 的 Philip Shen。

A few topics here.

這裡有幾個主題。

First one on warranty.

第一個保固。

There was a lot of speculation on the Street heading into the earnings.

華爾街對該公司獲利有很多猜測。

About your warrant expenses and how they could impact your results.

關於您的認股權證費用以及它們如何影響您的結果。

Can you confirm that you guys have indeed solved the production issues?

你能確認你們確實解決了生產問題嗎？

In other words, are the Series 7 modules coming off the line today expected to perform as expected?

換句話說，今天下線的 7 系列模組是否有望達到預期的效能？

Your 10-K suggests the warranty expense risk may be capped at $100 million.

您的 10-K 報告表明保固費用風險可能限制在 1 億美元。

Is that indeed the case?

事實確實如此嗎？

What is the risk that the overall warranty expense would be meaningfully higher than $100 million?

整體保固費用明顯高於 1 億美元的風險有多大？

If so, higher, can you quantify how much higher?

如果是的話，更高，你能量化高出多少嗎？

So that's the first category.

這是第一類。

Second topic here is about the guide.

這裡的第二個主題是關於指南。

Just very simply, can you share to what degree tariffs are included in the guide?

非常簡單地說，您能否分享一下指南中包含的關稅程度？

And then finally, back to warranty for a little bit here.

最後，我們再來談談保固問題。

Some of the customers that have bought the modules that are impacted by lower production, they're sharing with us some of the production might be like 5% lower for some of these systems and just 7% lower production could bankrupt the projects.

一些購買了受到產量下降影響的模組的客戶告訴我們，其中一些系統的產量可能會下降 5%，而僅 7% 的產量下降就可能導致專案破產。

So while you may be buying down the warranty, these customers may be left with underperforming projects and systems and may be reluctant to buy First Solar modules again.

因此，雖然您可能購買了較低的保固期，但這些客戶可能會得到表現不佳的項目和系統，並且可能不願意再次購買 First Solar 模組。

So what are your thoughts on these -- this challenging situation that some of these customers, including Tier 1 IPPs and regulated utilities may be left with underperforming projects?

那麼，您對於這些具有挑戰性的情況有何看法？

I know that's a lot.

我知道那很多。

I really appreciate it.

我非常感激。

Yes.

是的。

All right.

好的。

So I'll start off on the warranty.

因此我將開始處理保固事宜。

And I think even in our last call, Phil, that some of the impacts, some of the changes that we identified were already corrected, right?

菲爾，我認為，即使在我們上次通話中，我們發現的一些影響和一些變化已經得到糾正了，對嗎？

So we identified in November that there was a couple of items.

因此我們在 11 月確定了有幾件物品。

One is the engineering performance margin and the calculation around that.

一是工程性能裕度及其周圍的計算。

That one was actually fixed and implemented before the even last earnings call.

這個問題實際上在上一次財報電話會議之前就已經修復並實施了。

The other items that are -- that were impacting the Series 7 underperformance, for example, the dwell time on the washer.

其他影響 7 系列性能不佳的因素包括洗衣機的停留時間。

And again, it didn't impact all of our factories, in particular, our Alabama factory, which was just ramping up, didn't have the same setup and the layout.

而且，它並沒有影響我們所有的工廠，特別是我們位於阿拉巴馬州的工廠，該工廠剛開始擴產，沒有相同的設置和佈局。

So we didn't have the dwell impact on product coming out of Alabama.

因此，我們對阿拉巴馬州生產的產品沒有產生停留影響。

But across the fleet, those items have been corrected in the products that are being produced, the Series 7 product that is being shipped right now.

但在整個產品系列中，這些問題已在正在生產的產品（即目前正在發貨的 7 系列產品）中得到糾正。

Based off of our accelerated testing and everything else we did will perform in line with the expectations of the specification of which we highlighted for that product.

根據我們的加速測試以及我們所做的其他一切都將按照我們對該產品強調的規格的期望進行。

We've also used a third party to come in and do an independent assessment of the root cause corrective action and implementation.

我們也聘請了第三方對根本原因的糾正措施和實施情況進行獨立評估。

That study is still ongoing right now because some customers would like to have a third-party validation, we'd expect to have that here in the near term to help provide additional comfort to our customers and independent engineers and obviously, financing parties and the likes.

這項研究目前仍在進行中，因為一些客戶希望獲得第三方驗證，我們希望在短期內完成這項驗證，以幫助為我們的客戶和獨立工程師以及融資方等提供額外的安心。

So there's a little bit of work still being done on that.

因此，這方面還有一些工作要做。

The range is the best range that we have right now.

這個範圍是我們目前擁有的最佳範圍。

Based off of the information we have, the understanding of the underperformance, the testing that we've done and our laboratory measurements, it's still the best indicator of the range.

根據我們掌握的資訊、對性能不佳的理解、我們所做的測試以及我們的實驗室測量，它仍然是該範圍的最佳指標。

And again, we look to the low end of the range because we don't have a better estimate of -- within the range of -- that would be more likely than not than what we currently have estimated.

再次，我們關注範圍的低端，因為我們沒有更好的估計 - 在範圍內 - 這會比我們目前的估計更有可能。

So that's the basis for the reserve.

這就是儲備的基礎。

It's $56 million.

是 5600 萬美元。

There's a range up to $100 million.

最高可達 1 億美元。

And again, that's the best information we have at this point in time.

再說一遍，這是我們目前掌握的最佳資訊。

As it relates to tariffs, we're not assuming any tariffs on modules coming into the US or First Solar's product coming from either Malaysia, Vietnam or India.

至於關稅，我們假設對進入美國的組件或來自馬來西亞、越南或印度的 First Solar 產品不徵收任何關稅。

We are assuming other adverse impacts of tariffs.

我們假設關稅還會產生其他不利影響。

For example, on aluminum, as Alex mentioned, we are assuming that our aluminum components that we do have imported into the US will be subject to the tariff rate, which I believe is 25%.

例如，關於鋁，正如亞歷克斯所提到的，我們假設我們進口到美國的鋁零件將徵收關稅，我認為關稅稅率為 25%。

There are some other noise that came across like even recently this week about some additional charges that will be associated with Chinese-owned or manufactured trade carriers.

本週也傳出了其他一些傳聞，表示將對中國擁有或製造的貿易航空公司徵收一些額外費用。

And so we are assuming that adverse impact.

因此我們假設會產生不利影響。

So it's a moving target right now, Phil, in terms of the total impact that we could see, and we'll have to see how it continues to play out from that standpoint.

所以菲爾，就我們能看到的整體影響而言，它現在是一個不斷變化的目標，我們必須從這個角度觀察它如何繼續發揮作用。

But to the extent we know something right now, we have tried to accommodate for that.

但就我們目前所了解的情況而言，我們已盡力適應這一點。

Look, as it relates to the warranty and how we see this, look, our relationships with our customers as we generally -- we've stated this before, and most of our customers, I think, would see it the same way that this is a true partnership.

看起來，因為它與保固有關，以及我們如何看待這一點，看看我們與客戶的關係，正如我們通常所說的那樣 - 我們之前已經說過這​​一點，而且我認為我們的大多數客戶都會以同樣的方式看待它，這是一種真正的合作夥伴關係。

And there will be times where there's going to be stress on both sides of the house.

有時雙方都會感到壓力。

In 2022, from our standpoint, we had substantial stress on our side of the house where we had to deal with abrupt changes in an ocean freight market, carrier cost for containers were going up 5, 6, 7 times.

2022 年，從我們的角度來看，我們面臨著巨大的壓力，我們必須應對海運市場的突然變化，貨櫃運輸成本上漲了 5 倍、6 倍、7 倍。

We had explosion of commodity cost increases, aluminum in particular.

大宗商品成本激增，尤其是鋁。

And we had some pretty substantial adverse impacts on our financial results, which was about $500 million, I think, is what we disclosed for 2022, the headwind that we took.

我們的財務表現受到了相當大的不利影響，我認為，我們在 2022 年披露的不利影響約為 5 億美元。

Look, we absorbed all that.

瞧，我們吸收了這一切。

That's the obligation.

這是義務。

We have a contract, and there's frameworks associated with that contract, and that's the measurement of which we engage with our customers.

我們有一份合同，並且有與該合約相關的框架，這是我們與客戶互動的衡量標準。

Same thing this year.

今年也同樣如此。

I'm going to take some changes and some hits on commodity cost increases and tariffs and other things that are going to come through on my input costs, which I will absorb and still deliver and fulfill 100% of my obligations.

我將對商品成本上漲、關稅和其他方面做出一些改變和打擊，這些都會影響我的投入成本，我會吸收這些影響，並仍然履行我 100％ 的義務。

The contract that we have with our customers around our warranty is that there's an obligation and which will stand 100% behind the technology within the parameters of that contract.

我們與客戶就保固達成的合約規定，客戶有義務在合約規定的範圍內 100% 保證技術。

If you try to expand beyond that and try to get into a field of consequential damages using that terminology, that's just not within the parameters of what we agreed to between the 2 counterparties.

如果你試圖超越這個範圍，並嘗試使用這個術語進入間接損害領域，那麼這就不在我們雙方同意的範圍內了。

We'll do everything we can to assess any shortfall that we have on the technology and the product.

我們將竭盡全力評估技術和產品方面存在的不足。

We'll stand behind the product, and we'll stand behind it in accordance with the framework of the warranty that we have.

我們將為該產品提供支持，並將按照我們現有的保固框架為其提供支援。

I mean, that's really the 4 corners that we have to operate and manage by.

我的意思是，這確實是我們必須運作和管理的四個角落。

And again, our customers see this as a long-term journey.

我們的客戶再次將這視為一趟長期的旅程。

And obviously, First Solar has been a very credible counterparty and partner.

顯然，First Solar 是一個非常可靠的交易對手和合作夥伴。

And I think they still see the value of a long-term relationship.

我認為他們仍然看到長期關係的價值。

I don't see it having a substantial adverse impact on our relationships and long-term commitments that we have to our customers or our customers to us.

我認為這不會對我們與客戶之間或客戶與我們之間的關係和長期承諾產生重大不利影響。

Mark Strouse, JPMorgan.

摩根大通的馬克‧斯特勞斯 (Mark Strouse)。

I want to go back to the difference between cost per watt produced and sold.

我想回到生產和銷售每瓦特成本之間的差異問題。

The cost per watt produced in the 2025 guide of $0.20, it seems like you're tracking ahead of your Analyst Day expectations from about 1.5 years ago or so.

2025 年指南中的每瓦成本為 0.20 美元，似乎您已經提前追蹤了大約 1.5 年前分析師日的預期。

Just trying to think about -- I think at the Analyst Day, you laid out 2026 targets as well.

只是想想——我認為在分析師日，你也設定了 2026 年的目標。

Just kind of how to think about that following this year if you think you're still on track to outperform that number.

如果您認為自己仍然有望超越這個數字，那麼今年之後您應該如何思考這個問題。

And then the cost per watt sold, the extra $0.04, a lot of that, in my opinion, seems to be fairly transitory.

然後每瓦銷售成本，額外的 0.04 美元，在我看來，其中很大一部分似乎是相當暫時的。

Looking out to 2026, not looking for formal guidance, but do you think 2026 cost per watt produced and cost per watt sold look close?

展望 2026 年，不尋求正式指導，但您認為 2026 年每瓦生產成本和每瓦銷售成本看起來接近嗎？

Yes.

是的。

So if you go back down, say, on a produced basis, I think we were somewhere in the mid-19s or high-19s.

因此，如果你回過頭來看，比如說，按產量計算，我認為我們處於 19% 左右的中段或高段。

So it's potentially slightly over this year, but it's pretty close to where we expect it to be back at the time of the Analyst Day.

因此，今年的水平可能會略有超過，但與我們預期的分析師日水平非常接近。

And we do have some challenges on the produce side looking in this year that certainly weren't -- we wouldn't have been aware of the time of the Analyst Day.

我們今年在生產方面確實面臨一些挑戰，我們肯定不會意識到分析師日的時間。

So you go back to making more products from India coming into the US

所以你又開始生產更多來自印度的產品進入美國

If you look at some of the tariff impacts that we're seeing, there's a significant piece in the cost per watt produced related to curtailing about 1 gigawatt of production in our Southeast Asia factories.

如果你看一下我們所看到的一些關稅影響，你會發現與我們東南亞工廠減少約 1 千兆瓦的產量有關的每瓦生產成本有很大一部分。

So it's not enough of a curtailment of that comes into a period cost of underutilization, but it does mean that our cost per watt produced is higher.

因此，僅僅減少利用不足造成的期間成本是不夠的，但這確實意味著我們每瓦特的生產成本更高。

So you see lower absorption of the fixed costs going into there as you've got throughput.

因此，隨著吞吐量的增加，您會看到進入其中的固定成本的吸收降低。

So on the produce side, we're relatively close to where we expect it to be.

因此，從產品方面來看，我們已經相對接近我們的預期。

What you're seeing is a significant expansion on the period costs relative to where we thought we would be.

您所看到的是，相對於我們預期的水平，期間成本有了顯著的擴大。

If you look at that, roughly $0.04 of period costs across 19 gigawatts, that's $750 million or so.

如果你看一下，19千兆瓦的期間成本約為0.04美元，也就是7.5億美元左右。

Sales freight historically for us has been around $0.02 a watt.

我們歷史上的銷售運費約為每瓦 0.02 美元。

So somewhere in the range of $400 million roughly of that is sales freight.

其中約 4 億美元是銷售運費。

That's about where the historical numbers would have been.

這與歷史數字大致相同。

If you look at -- we've got about $55 million of ramp costs that we talked about, specifically, that's included in that number.

如果你看一下——我們談到的坡道成本約為 5500 萬美元，具體來說，這筆費用就包含在這個數字中。

So a little bit of warranty.

所以有一點點保證。

It's pretty small.

它非常小。

And then you've got other period expenses that happen, so we have some overhead that sits above the line versus an OpEx, some scraps and LCM, some ongoing hedging variance and cycle count, all that noise that generally sits in that bucket.

然後，您還會發生其他期間費用，因此，我們有一些高於營運支出的間接費用、一些廢料和 LCM、一些持續的避險差異和循環盤點，所有這些噪音通常都屬於這一類。

The big piece that has changed significantly is around warehousing.

發生重大變化的最大部分是倉儲。

So if you go back to the Analyst Day, we didn't have a significant assumption of warehousing.

因此，如果你回顧分析師日，我們並沒有做出重大的倉儲假設。

If you look at this year, that warehouse number is going to be close to $250 million.

如果你看看今年，這個倉庫的數字將接近 2.5 億美元。

And I think a significant portion of that, as you said, may be transitory.

我認為，正如您所說，其中很大一部分可能是暫時的。

I'd say maybe because we do have a strategy of bringing product into the US through distribution centers.

我想可能是因為我們確實有透過配送中心將產品運送到美國的策略。

We generally find that's the right approach in terms of optimizing across the fleet.

我們通常發現，這是優化整個機隊的正確方法。

But we are finding ourselves right now storing significant volume of product in inventory because of the back-end loading that we saw in 2024, some of the shipment delays that we saw at the end of '24 as a function of customers looking to move things around and associated with the warranty issue that we talked about.

但是，由於我們在 2024 年看到的後端裝載，我們現在發現自己在庫存中存儲了大量的產品，我們在 24 年底看到的一些裝運延遲是由於客戶希望移動物品而導致的，並且與我們談到的保固問題有關。

And then as we get into 2025, we still have some of that lagging issue from the warranty happening.

當我們進入 2025 年時，我們仍然存在一些保固延遲問題。

We have the fact that there was undersold volume for 2024 coming into 2025.

事實是，到 2025 年，2024 年的銷售量將會不足。

And then we talked about in 2025, the shift rights that customers can deploy even within the year to try and push product back, which means that as we produce across the year in a relatively consistent rate of our factories, if we're not shipping at that same consistent rate, we're storing inventory, and that's creating a lagging effect.

然後我們談到了 2025 年，客戶甚至可以在一年內部署輪班權利，以嘗試推遲產品生產，這意味著，當我們的工廠全年以相對一致的速度生產時，如果我們沒有以同樣一致的速度發貨，我們就會儲存庫存，這就產生了滯後效應。

So the sales freight piece is pretty standard.

所以銷售運費是相當標準的。

The residual piece within that cost per watt period cost is not unusual.

每瓦週期成本中的剩餘部分並不罕見。

The big change here is around warehousing.

這裡最大的改變在於倉儲。

Yes.

是的。

The only thing I'll just add just a little bit in terms of the core CPW because as we already highlighted, I mean, the tariffs now in terms of things that have changed a little bit, right?

我只想補充一點有關核心 CPW 的內容，因為正如我們已經強調的那樣，現在的關稅情況發生了一些變化，對嗎？

So now I've got tariffs on my aluminum that it wasn't anticipated before.

因此，現在我的鋁要繳關稅，這是之前沒有預料到的。

So that is close to a $30 million impact on our core costs.

所以這對我們的核心成本的影響接近 3000 萬美元。

The other one, just to highlight is that glass cost has continued to be challenging, right, as we continue to scale and bring facilities out of -- basically, they were decommissioned back into production.

另一個需要強調的是，隨著我們不斷擴大規模並將設施從停產狀態重新投入生產，玻璃成本一直是一項挑戰。

There's been incremental costs associated with that, that we're -- as we're scaling up our US operations has become a little bit of a headwind.

隨著我們擴大美國業務，這會增加一些成本，這對我們而言也是一種阻力。

And just to put it in perspective, just so people understand, I mean we're pushing close to almost 20% of the market for glass that's produced in the US So we're a large consumer, but we're also taking assets that are more brownfield than greenfield and in some cases, driving a little bit higher cost on glass than we had anticipated.

為了讓人們明白，從更直觀的角度看，我們佔據了美國玻璃產量的近 20% 的市場份額，因此我們是一個大型消費者，但我們佔用的資產也更多的是棕地而不是綠地，在某些情況下，玻璃成本比我們預期的要高一點。

And then there's also a glass commodity driver that we're starting to see higher natural gas prices.

另外還有一個玻璃商品驅動因素，那就是我們開始看到天然氣價格上漲。

I still think they're within the range of what we anticipated in our framework agreements with our glass suppliers.

我仍然認為它們在我們與玻璃供應商達成的框架協議中預期的範圍內。

But to the extent that we see commodity cost pressure on natural gas, we could see a little bit of pressure on our glass cost as well.

但是，就我們看到的天然氣商品成本壓力而言，我們也會看到玻璃成本也面臨一點壓力。

So another component to take in consideration.

因此，還需要考慮另一個因素。

And ladies and gentlemen, that does conclude our question-and-answer session.

女士們、先生們，我們的問答環節到此結束。

Also, this does conclude our conference for today.

今天的會議也到此結束。

We would like to thank you all for your participation.

我們感謝大家的參與。

You may now disconnect.

您現在可以斷開連線。