第一太陽能 (FSLR) 2022 Q1 法說會逐字稿

Good afternoon, everyone, and welcome to First Solar's First Quarter 2022 Earnings Call. This call is being webcast live on the Investors section of First Solar's website at investor.firstsolar.com. (Operator Instructions) As a reminder, today's call is being recorded.

大家下午好，歡迎參加 First Solar 2022 年第一季度財報電話會議。此次電話會議正在 First Solar 網站investor.firstsolar.com 的投資者部分進行網絡直播。 （操作員說明）作為提醒，今天的通話正在錄音中。

I would now like to turn the call over to Mitch Ennis from First Solar Investor Relations. Mitch, you may begin.

我現在想將電話轉給 First Solar 投資者關係部的 Mitch Ennis。米奇，你可以開始了。

Thank you. Good afternoon, everyone, and thanks for joining us. Today, the company issued a press release announcing its first quarter 2022 financial results. A copy of the press release and associated presentation are available on First Solar's website at investor.firstsolar.com. .

謝謝你。大家下午好，感謝您加入我們。今天，該公司發布了一份新聞稿，宣布了其 2022 年第一季度的財務業績。新聞稿和相關演示文稿的副本可在 First Solar 的網站investor.firstsolar.com 上獲取。 .

With me today are Mark Widmar, Chief Executive Officer; and Alex Bradley, Chief Financial Officer. Mark will begin by providing a business and technology update. Alex will then discuss our financial results for the quarter. Following the remarks, we'll open the call for questions.

今天和我在一起的是首席執行官 Mark Widmar；和首席財務官亞歷克斯布拉德利。 Mark 將首先提供業務和技術更新。然後，亞歷克斯將討論我們本季度的財務業績。發言結束後，我們將打開提問電話。

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, including, among other risks and uncertainties, the severity and duration of the effects of the COVID-19 pandemic. 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涉及風險和不確定性的前瞻性陳述，這些風險和不確定性可能導致實際結果與管理層當前的預期存在重大差異，其中包括 COVID-19 大流行影響的嚴重性和持續時間等風險和不確定性。我們鼓勵您查看今天的新聞稿和演示文稿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. Mark?

現在我很高興介紹首席執行官 Mark Widmar。標記？

Thank you, Mitch. Good afternoon, and thank you for joining us today. To begin, while our $0.41 loss per share results came in within our internal expectations for the quarter, it is reflective of what is projected to be a challenging 2022 from an earnings standpoint due to the factors that we highlighted during our call in March, and which we will address further today.

謝謝你，米奇。下午好，感謝您今天加入我們。首先，雖然我們的每股虧損 0.41 美元在我們對該季度的內部預期之內，但它反映了由於我們在 3 月份電話會議中強調的因素，從盈利的角度來看，預計 2022 年將充滿挑戰，以及我們今天將進一步討論。

That said, we are encouraged by our strong bookings progress as we booked 11.9 gigawatts in less than 60 days since the prior earnings call, bringing our year-to-date bookings total to 16.7 gigawatts, further setting ourselves up for 2023 and beyond. An important feature of many of these recent bookings, as previously discussed, is that they include adjusters to potentially increase ASPs based on the realization of our technology road map achievements and sales risk sharing mitigation.

也就是說，我們對強勁的預訂進度感到鼓舞，因為自上次財報電話會議以來，我們在不到 60 天內預訂了 11.9 吉瓦，使我們年初至今的預訂總量達到 16.7 吉瓦，進一步為 2023 年及以後做好準備。如前所述，這些最近預訂的一個重要特徵是，它們包括調整者，以根據我們的技術路線圖成就和銷售風險分擔緩解的實現可能增加 ASP。

In addition, we have begun to employ a similar ASP adjustment mechanism related to aluminum exposure. Later in the call, we will provide an indicative view of how these pricing adjustments could result in an ASP potentially significantly greater than the baseline reflected at the time of our bookings.

此外，我們已開始採用與鋁敞口相關的類似 ASP 調整機制。在電話會議的後期，我們將提供有關這些定價調整如何導致 ASP 可能顯著高於我們預訂時反映的基線的指示性觀點。

In short, while these contracts have a baseline ASP that is reflective of the value of the product we are manufacturing today, that ASP has the potential to increase to capture the value of our product or technology enhancements or to offset sales freight and aluminum margin erosion risk.

簡而言之，雖然這些合同的基準 ASP 反映了我們今天製造的產品的價值，但該 ASP 有可能增加以獲取我們的產品或技術改進的價值，或抵消銷售運費和鋁利潤的侵蝕風險。

We believe this agile approach to contracting will continue to attract customers looking for long-term certainty and value. The combination of reliable, competitive pricing and supply certainty, lower political and compliance risk, and access to our best available technology is a tremendous value driver for sophisticated customers who may be fatigued with the volatility uncertainty that can be experienced transacting in this industry, particularly in the current environment.

我們相信這種靈活的承包方式將繼續吸引尋求長期確定性和價值的客戶。可靠、有競爭力的定價和供應確定性、較低的政治和合規風險以及獲得我們最好的可用技術的組合是一個巨大的價值驅動因素，這些客戶可能會厭倦在這個行業中交易的波動性不確定性，特別是在當前環境下。

It's worth noting that many of these recent bookings are with long-term repeat customers with relationships that span hundreds of megawatts of previously installed capacity. In addition, our most recent bookings include significant volumes from customers new to First Solar. These decisions to work with First Solar and our technology speaks volumes not just about the trust in the company, the value of our differentiated CdTe semiconductor and our adherence to principles of responsible solar, but also the risk of pursuing a solar at any cost strategy, by which we mean an approach that would otherwise compromise values and ambitions for projects powered by truly low carbon and environmentally superior solar.

值得注意的是，最近的許多預訂都是與長期重複客戶的關係，這些客戶的關係跨越了數百兆瓦的先前裝機容量。此外，我們最近的訂單包括來自 First Solar 新客戶的大量訂單。這些與 First Solar 和我們的技術合作的決定不僅說明了對公司的信任、我們差異化 CdTe 半導體的價值和我們對負責任太陽能原則的堅持，而且還說明了不惜一切代價追求太陽能戰略的風險，我們的意思是一種方法，否則會損害由真正低碳和環境優越的太陽能驅動的項目的價值和雄心。

This trust is in part built upon the company's dependability and its ethos of honoring its commitments. Some argue that the current volatility in the industry in general and the module availability and pricing specifically, at this particular moment in time provides the company with an opportunity to pursue repricing of legacy contracts, contracts that we are delivering on today, but which were entered into and priced several years ago.

這種信任部分建立在公司的可靠性和信守承諾的精神之上。一些人認為，目前整個行業的波動性以及模塊的可用性和定價，在這個特定的時刻為公司提供了對遺留合同進行重新定價的機會，這些合同我們今天正在交付，但已簽訂幾年前進入並定價。

We take a different view. We are continuing to build for solar for the long term, and our partnerships with our highly valued customers is critical -- is a critical aspect of that ambition. We believe the benefits that come with continuing to serve a base of enduring strategic customers that seek to partner with a company for large-scale multiyear procurements outweighs the potential long-term adverse impacts that could result from taking a transactional versus relationship-based approach in the short term.

我們持不同觀點。從長遠來看，我們將繼續為太陽能建設，我們與尊貴客戶的合作夥伴關係至關重要——這是實現這一雄心壯志的一個關鍵方面。我們相信，繼續為尋求與公司合作進行大規模多年採購的持久戰略客戶群提供服務所帶來的好處超過了在短期。

Turning to Slide 3. I'd like to review some highlights and provide some updates from the quarter. As just mentioned, we booked 11.9 gigawatts since the March earnings call. After accounting for shipments of approximately 1.7 gigawatts a which was in line with our expectation, this brings our total contracted backlog to 36.4 gigawatts. Manufacturing metrics remained strong despite some planned downtime for upgrades in Vietnam in February and March and our Q1 production of approximately 2.1 gigawatts.

轉到幻燈片 3。我想回顧一些亮點並提供本季度的一些更新。如前所述，自 3 月財報電話會議以來，我們預訂了 11.9 吉瓦。在考慮到符合我們預期的大約 1.7 吉瓦的出貨量之後，這使我們的總合同積壓量達到 36.4 吉瓦。儘管計劃在 2 月和 3 月在越南進行升級改造以及我們的第一季度產量約為 2.1 吉瓦，但製造指標仍然強勁。

With regards to supply chain and logistics, as mentioned on our earnings call in March, we have no direct Tier 1 suppliers in the Russia-Ukraine conflict area. However, volatility in various supply markets such as metals, lumber and fuels, is further exasperating the current inflationary environment. In addition, we have some indirect exposure through our equipment vendors as it relates to the timing of manufacturing and delivery of tools for our new factories in Ohio and India.

關於供應鍊和物流，正如我們在 3 月份的財報電話會議上所提到的，我們在俄羅斯-烏克蘭衝突地區沒有直接的一級供應商。然而，金屬、木材和燃料等各種供應市場的波動進一步加劇了當前的通脹環境。此外，我們通過設備供應商獲得了一些間接風險，因為這與我們在俄亥俄州和印度的新工廠的製造和交付工具的時間有關。

Moreover, the conflict and current inflationary environment have contributed to dislocations in certain currency markets. Alex will discuss the impact to First Solar later in the call.

此外，衝突和當前的通脹環境導致某些貨幣市場出現混亂。 Alex 稍後將在電話會議中討論對 First Solar 的影響。

Regarding freight, while pricing in the transoceanic freight market continues to be at historic highs as to represent a headwind in 2022, we have briefly seen increased container availability, which we believe is a result of China's pursuit of its zero COVID policy with its associated lockdowns. That said, transportation costs and transportation duration continue to be significantly higher than historic note.

關於貨運，雖然跨洋貨運市場的價格繼續處於歷史高位，這意味著 2022 年的逆風，但我們曾短暫看到集裝箱供應量增加，我們認為這是中國追求零 COVID 政策及其相關封鎖的結果.儘管如此，運輸成本和運輸持續時間仍顯著高於歷史記錄。

For example, in Q1, shipments from Southeast Asia to the West Coast averaged over 130 days compared to approximately 60 days in 2020. Transit times have been exasperated by the Russia-Ukraine war as several global logistics and shipping companies announced cessations of shipping to Russia, further stranding equipment and vessels, and intensifying backlogs and delays in global shipping industry.

例如，在第一季度，從東南亞到西海岸的貨運平均超過 130 天，而 2020 年約為 60 天。由於幾家全球物流和航運公司宣布停止向俄羅斯發貨，俄烏戰爭加劇了運輸時間。 ，進一步擱淺設備和船舶，加劇全球航運業的積壓和延誤。

Turning to Japan. As we noted during our March earnings call, in late 2021, we received an unsolicited offer to acquire our Japan project development and O&M platform. Negotiations related to this potential sale are progressing well, and we expect in Q2 to enter into definitive agreements to sell these businesses with closing taking place following satisfaction of customary closing conditions. As previously noted, should this transaction not be completed for any reason, we would expect to either continue our approach of selling down our contracted projects over time or consider an alternative buyer for the platform.

轉向日本。正如我們在 3 月份的財報電話會議中指出的那樣，在 2021 年末，我們收到了一份主動要約，以收購我們的日本項目開發和 O&M 平台。與此次潛在出售相關的談判進展順利，我們預計第二季度將達成最終協議，出售這些業務，並在滿足慣例成交條件後完成。如前所述，如果該交易因任何原因未能完成，我們預計要么繼續我們的方法，即隨著時間的推移出售我們的合同項目，要么考慮為平台尋找替代買家。

Finally, construction of our third manufacturing facility in Ohio and our first manufacturing facility in India remain on track, although with the aforementioned risks related to equipment manufacturing and delivery schedules. Beyond these facilities, we continue to evaluate further expansion efforts and opportunities.

最後，我們在俄亥俄州的第三家製造工廠和在印度的第一家製造工廠的建設仍在按計劃進行，儘管存在與設備製造和交付計劃相關的上述風險。除了這些設施，我們還將繼續評估進一步的擴張努力和機會。

As we have discussed before, with our new factories anticipated to represent the lowest cost of production in the fleet, their proximity to demand and given our large fixed operating cost structure, growth is expected to provide significant incremental contribution margin.

正如我們之前所討論的，由於我們的新工廠預計將代表車隊中最低的生產成本，它們靠近需求，並且鑑於我們龐大的固定運營成本結構，預計增長將提供顯著的增量貢獻邊際。

As we consider options for growth, we have increasingly been approached to consider further expansions with various financing, ownership and offtake structures as industry participants continue to embrace the value of entering into long-term partnerships with reliable module suppliers.

在我們考慮增長選項時，我們越來越多地考慮通過各種融資、所有權和承購結構進一步擴展，因為行業參與者繼續接受與可靠的模塊供應商建立長期合作夥伴關係的價值。

While we have made no decisions at this time, we are receptive to enabling the ambitions of our partners seeking dedicated supply. To this end, we continue to engage with our tool and equipment vendors to ensure they have visibility into and the ability to support any potential expansion.

雖然我們目前尚未做出任何決定，但我們樂於實現合作夥伴尋求專用供應的雄心。為此，我們將繼續與我們的工具和設備供應商合作，以確保他們了解並有能力支持任何潛在的擴展。

Turning to technology. We are pleased with the opportunity -- optionality, excuse me, our current road map provides both in terms of enhancing our form factor, product design and energy profile in utility-scale markets as well as providing a potential route to scale into the residential solar market.

轉向技術。我們對這個機會感到高興——對不起，我們目前的路線圖提供了在公用事業規模市場中增強我們的外形、產品設計和能源配置以及提供擴展到住宅太陽能的潛在途徑方面的可選性市場。

With regard to form factor, we expect our Series 7 module which is to be produced at our new factories in India -- Ohio and India, will feature a glass area that is approximately 14% larger than our Series 6 Plus modules. Unlike crystalline silicon modules, which are constrained by the industry standard cell sites and risks such as cell cracking, CdTe has no such form factor or size limitation. A larger form factor benefits our cost per watt produced and allows our customers to install more watts with less balance of system cost.

關於外形尺寸，我們預計將在我們位於印度（俄亥俄州和印度）的新工廠生產的 Series 7 模塊的玻璃面積將比我們的 Series 6 Plus 模塊大約 14%。與受行業標準電池位置和電池破裂等風險限制的晶體矽模塊不同，CdTe 沒有此類形狀因素或尺寸限制。更大的外形尺寸有利於我們生產的每瓦成本，並允許我們的客戶以更少的系統成本平衡安裝更多的瓦數。

In terms of design, we expect the melting system to be regionally optimized in the U.S. to a tracker application and in India to a fixed tilt application. We believe the redesigned structure will combine lower cost to produce with greater installed speeds in the field, benefiting both for solar and our customers.

在設計方面，我們預計熔化系統將在美國針對跟踪器應用進行區域優化，在印度針對固定傾斜應用進行優化。我們相信，重新設計的結構將降低生產成本和提高現場安裝速度，從而使太陽能和我們的客戶都受益。

As it relates to energy, in addition to benefits associated with irrigation, temperature coefficient, spectral response and shading, our R&D team continues to make progress on developing the bifacial attributes of our CdTe semiconductor. We are continuing to run test that we expect will enable us to commercialize the technology across our model platforms and have recently produced another set of preproduction prototypes for additional field and product testing as we work to reaffirm the commercial, financial and operational thesis of bifacial CdTe.

由於它與能源有關，除了與灌溉、溫度係數、光譜響應和陰影相關的好處外，我們的研發團隊繼續在開發我們的 CdTe 半導體的雙面屬性方面取得進展。我們將繼續進行測試，我們預計這將使我們能夠在我們的模型平台上將該技術商業化，並且最近生產了另一套預生產原型，用於額外的現場和產品測試，因為我們努力重申雙面 CdTe 的商業、財務和運營論點.

Looking at the residential market, we recognize the value of high efficiency, aesthetically pleasing and domestically manufactured product. To that end, we continue to evaluate the prospect of leveraging the high-band gap advantage of CdTe and the disruptive high-efficiency, low-cost tandem or multi-junction device.

縱觀住宅市場，我們認識到高效、美觀和國產產品的價值。為此，我們繼續評估利用 CdTe 的高帶隙優勢和顛覆性的高效、低成本串聯或多結器件的前景。

We believe that a thin-film semiconductor is essential to achieving the highest performing tandem PV module, and that CdTe is well placed to enable this leap forward in high performance, with a path in the midterm to achieve a 25% efficient multi-junction PV module. As we seek to grow our presence and competitive position in the residential and C&I space, this type of module has the potential to be disruptive and provide us with a competitive advantage.

我們相信，薄膜半導體對於實現最高性能的串聯光伏組件至關重要，而 CdTe 完全有能力實現這一高性能飛躍，並在中期實現 25% 效率的多結光伏模塊。隨著我們尋求擴大我們在住宅和 C&I 領域的影響力和競爭地位，這種類型的模塊具有顛覆性的潛力，並為我們提供競爭優勢。

In that spirit, we are in discussions with SunPower to potentially develop and eventually introduce an advanced residential solar panel, a stack tandem module platform that combines our advanced thin-film CdTe semiconductor with responsibly sourced crystalline silicon cells. We do not intend to disclose further any developments with respect to this discussion except to the extent an agreement is reached.

本著這種精神，我們正在與 SunPower 討論潛在的開發並最終推出先進的住宅太陽能電池板，這是一個堆疊串聯模塊平台，將我們的先進薄膜 CdTe 半導體與負責任採購的晶體矽電池相結合。除非達成協議，否則我們不打算進一步披露有關此討論的任何進展。

Finally, as highlighted in our last earnings call, our technology team has been conducting extensive testing to measure the full performance entitlement of CuRe in high-volume manufacturing conditions. Since our last update in March, we have concluded that while the potential for CuRe remains, its implementation will be delayed beyond 2022.

最後，正如我們在上次財報電話會議中強調的那樣，我們的技術團隊一直在進行廣泛的測試，以衡量 CuRe 在大批量製造條件下的全部性能權利。自 3 月份的最後一次更新以來，我們得出的結論是，雖然 CuRe 的潛力仍然存在，但其實施將推遲到 2022 年以後。

We will prioritize other aspects of our R&D stack in the near term,to ensure a focus on the 3 current technology pathways that we believe can be commercialized in the near term: Series 7; bifacial CdTe; and Tandem multi-junction devices. The success of these 3 pathways is not contingent on CuRe, which will continue to be developed in parallel.

我們將在短期內優先考慮我們研發堆棧的其他方面，以確保專注於我們認為可以在短期內商業化的 3 個當前技術途徑：系列 7；雙面碲化鎘；和串聯多結器件。這 3 條途徑的成功並不取決於 CuRe，它將繼續並行發展。

We have continued to advance progress on our previously discussed amendments and advanced stage negotiations to amend certain customer contracts utilizing CuRe technology by substituting our enhanced Series 6 product. We maintain our expectation that these amendments will impact 2022 revenue gross margin by approximately $60 million, which is reflected in our guidance.

我們繼續推進我們之前討論的修訂和後期談判的進展，以通過替換我們增強的系列 6 產品來修訂某些使用 CuRe 技術的客戶合同。我們維持我們的預期，即這些修訂將影響 2022 年的收入毛利率約 6000 萬美元，這反映在我們的指導中。

Moving to Slide 4. With the aforementioned 11.9 gigawatts of bookings since the prior earnings call, bringing our total year-to-date bookings to 16.7 gigawatts and factoring in shipments of 1.7 gigawatts in the first quarter, our future expected shipments, which extend into 2026 are 36.4 gigawatts.

轉到幻燈片 4。自上次財報電話會議以來，上述 11.9 吉瓦的預訂量使我們年初至今的總預訂量達到 16.7 吉瓦，並考慮到第一季度 1.7 吉瓦的出貨量，我們未來的預期出貨量將延伸至2026 年為 36.4 吉瓦。

Including in our year-to-date bookings, we are sold out for 2022 and 2023, have 9.6 gigawatts for planned deliveries in 2024, and have 7.6 gigawatts for planned deliveries in 2025 and beyond. Included in these bookings, our gigawatt-sized deals entered into over the past several weeks with, among others, Silicon Ranch, Innergex Renewable Energies and Leeward Renewable Energy for delivery in North America and internationally.

包括我們年初至今的預訂在內，我們在 2022 年和 2023 年均已售罄，計劃在 2024 年交付的電力為 9.6 吉瓦，計劃在 2025 年及以後交付的電力為 7.6 吉瓦。在這些預訂中，我們在過去幾週與 Silicon Ranch、Innergex Renewable Energies 和 Leeward Renewable Energy 簽訂了千兆瓦級的交易，這些交易將在北美和國際上交付。

Turning to Slide 5. I'd like to take a moment to walk through the recent changes in our contracting structure. This change in approach provides product certainty today and our baseline ASP is reflective of today's technology. It further provides ASP upside to the extent we realize future module technology improvements, including new product designs, which deliver a better energy profile for our customers.

轉到幻燈片 5。我想花點時間了解一下我們的合同結構最近發生的變化。這種方法的變化提供了今天的產品確定性，我們的基線 ASP 反映了今天的技術。在我們實現未來模塊技術改進（包括新產品設計）的範圍內，它進一步提供 ASP 上行空間，從而為我們的客戶提供更好的能源配置。

And finally, it provides greater logistics and commodity gross margin risk mitigation through ASP adjusters linked to aluminum and sales freight costs. Every contract is different, and not every recent contract includes every adjuster described here. To the extent that such adjusters are not included in a contract, we believe that baseline ASP reflects a commensurate risk and opportunity profile.

最後，它通過與鋁和銷售運費成本相關的 ASP 調整器提供更大的物流和商品毛利率風險緩解。每份合同都是不同的，並不是每份最近的合同都包括這裡描述的每一個理算人。如果此類調整者未包含在合同中，我們認為基準平均售價反映了相應的風險和機會概況。

As it relates to technology and product adjusters, we have previously and will continue to have both upward and downward adjustments to ASPs to reflect the bin class delivered, reflective of the baseline bin committed under the contract. As it relates to other technology road map and product features, under our previous structure, we would forward sell assumed improvements with no upside and a downside risk in the event these were not achieved, as represented by the red circles on the slide.

由於它與技術和產品調整者有關，我們以前並且將繼續對 ASP 進行向上和向下調整，以反映交付的垃圾箱類別，反映根據合同承諾的基準垃圾箱。由於它與其他技術路線圖和產品功能有關，在我們之前的結構下，如果沒有實現這些改進，我們將向前銷售假設的改進，沒有上行和下行風險，如幻燈片上的紅色圓圈所示。

Under our updated structure, we forward sell today's technology with upside for technology improvements as shown by the green circles.

在我們更新的結構下，我們遠期銷售今天的技術，並有技術改進的好處，如綠色圓圈所示。

As shown by the dotted box on the slide and as we have reflected in the 10-Q filing, as of March 31, 2022, we had approximately 9.8 gigawatts of contracted volumes with these adjusters, which is, if realized, could result in additional revenue up to $0.3 billion or approximately $0.03 a watt. Note, of our 4.8 gigawatts of calendar quarter bookings, 1.4 gigawatt did not include technology adjusters, but was priced with an approximately 10% premium to the remainder of the calendar quarter bookings.

如幻燈片上的虛線框所示以及我們在 10-Q 文件中所反映的那樣，截至 2022 年 3 月 31 日，我們與這些調節器的合同量約為 9.8 吉瓦，如果實現，可能會導致額外的收入高達 3 億美元或每瓦約 0.03 美元。請注意，在我們 4.8 吉瓦的日曆季度預訂量中，1.4 吉瓦不包括技術調整器，但定價比日曆季度剩餘的預訂量高出約 10%。

As it relates to standard versus high load modules, our previous structure assumed a certain mix and any deviation from that mix could imply greater high-load modules, which have a higher cost per watt produced could have resulted in reduced gross margin. Under our updated structure, we have received an increased ASP to offset this additional cost, therefore, preventing gross margin erosion as represented by the blue circle on the slide.

由於它涉及標準與高負載模塊，我們之前的結構假設了某種組合，並且與該組合的任何偏差都可能意味著更高的高負載模塊，其每瓦生產的成本更高可能導致毛利率下降。在我們更新的結構下，我們收到了增加的 ASP 以抵消這一額外成本，因此，防止毛利率下降，如幻燈片上的藍色圓圈所示。

As it relates to sales freight in aluminum, we have -- we were previously exposed to incremental costs in logistics and commodity markets. Under our updated structure, we have contractual adjusters designed to offset such incremental costs and prevent gross margin erosion.

由於它與鋁的銷售運費有關，我們以前曾面臨物流和商品市場的增量成本。在我們更新的結構下，我們有合同調整者，旨在抵消這些增量成本並防止毛利率下降。

As of today, we have 23.2 gigawatts of contracts with either sales freight coverage or no sales freight exposure. An aluminum coverage clause was introduced after Q1 quarter end and is present in 11 gigawatts of our most recent bookings. Indicatively, assuming today's sales freight and aluminum environment, a contract with these sales freight and aluminum adjusters would increase ASPs by approximately $0.03 per watt above the baseline.

截至今天，我們有 23.2 吉瓦的合同有銷售運費險或沒有銷售運費險。鋁覆蓋條款是在第一季度末之後推出的，在我們最近的預訂中出現了 11 吉瓦。指示性地，假設今天的銷售運費和鋁材環境，與這些銷售運費和鋁材調節器簽訂的合同將使 ASP 比基線高出每瓦約 0.03 美元。

Finally, as it relates to policy, many of our updated contracts in the United States now specify sharing related to a potential upside for U.S.-made modules under an extension of the investment tax credit.

最後，由於它與政策有關，我們在美國的許多更新合同現在都指定了與投資稅收抵免延期下美國製造模塊的潛在上行空間相關的共享。

As reflected on Slide 6, our pipeline of potential bookings remain robust. Even after booking 11.9 gigawatts in less than 60 days, our total bookings opportunity of 54.1 gigawatts. Our 23.7 gigawatts of mid-to-late stage opportunities include 16.1 gigawatts in North America, 5.4 gigawatts in India, 1.7 gigawatts in the EU, and 0.5 gigawatts across other geographies.

正如幻燈片 6 所反映的，我們的潛在預訂渠道仍然強勁。即使在不到 60 天內預訂了 11.9 吉瓦，我們的總預訂機會仍為 54.1 吉瓦。我們 23.7 吉瓦的中後期機會包括北美的 16.1 吉瓦、印度的 5.4 吉瓦、歐盟的 1.7 吉瓦以及其他地區的 0.5 吉瓦。

We are especially encouraged by the continuing growth in our India pipeline, which we believe positions us well to realize multi gigawatts of bookings over the next several quarters. The global sustaining market demand is driven by the fact that we are on the edge of a new age of electrification, one in which essentially everything that can be electrified will be. It is our next big evolutionary leap and our best bet at fighting climate change as we power transportation and virtually every aspect of our lives, including power producing fuel cells with electricity.

我們對印度管道的持續增長感到特別鼓舞，我們相信這使我們能夠在未來幾個季度實現數千兆瓦的預訂量。全球持續的市場需求是由我們正處於電氣化新時代的邊緣這一事實驅動的，在這個時代，基本上所有可以電氣化的東西都將是。這是我們的下一個重大進化飛躍，也是我們應對氣候變化的最佳選擇，因為我們為交通和生活的幾乎各個方面提供動力，包括用電力生產燃料電池。

Before turning over the call to Alex, on Slide 7, I would like to address recent policy developments in the United States, Europe and India. Trade and industrial policy decisions and the upending of the global geopolitical status quo both play a significant role in impacting market dynamics as well as continuing to inform our growth strategy.

在將電話轉給 Alex 之前，在幻燈片 7 上，我想談談美國、歐洲和印度最近的政策發展。貿易和工業政策決策以及全球地緣政治現狀的顛覆都在影響市場動態以及繼續為我們的增長戰略提供信息方面發揮著重要作用。

Starting with the U.S. in late December 2021, President Biden signed the Uyghur Forced Labor Prevention Act, which received widespread bipartisan support in Congress. This act's rebuttable presumption against the importation of goods produced in the Xinjang region, assumed to be produced with forced labor, is set to go into effect in June this year.

從美國開始，拜登總統於 2021 年 12 月下旬簽署了《維吾爾強迫勞動預防法案》，該法案在國會得到了兩黨的廣泛支持。該法案對進口新疆地區生產的商品（假定為強迫勞動生產）的可推翻推定將於今年 6 月生效。

There exists practical solutions to reduce the risks of purchasing modules associated with forced labor. For instance, the Responsible Business Alliance, the world's largest industry coalition dedicated to supporting the rights and well-being of workers and communities in the global supply chain offers the leading standard for on-site compliance verification and effective shareable audits in the form of a validated assessment program. Yet this established model has not been widely adopted by the solar industry with First Solar being the first and at this point, only large solar manufacturer to join RBA. In our view, transparency and traceability are crucial to reinforcing our industry's social license operate.

存在降低購買與強迫勞動相關的模塊的風險的實用解決方案。例如，負責任的商業聯盟是全球最大的行業聯盟，致力於支持全球供應鏈中工人和社區的權利和福祉，以經驗證的評估程序。然而，這種既定模式並未被太陽能行業廣泛採用，First Solar 是第一個也是目前唯一一家加入 RBA 的大型太陽能製造商。我們認為，透明度和可追溯性對於加強我們行業的社會許可運作至關重要。

The transition to a sustainable energy future and the fight against climate change must not come at the price of human rights. Turning our focus to domestic and trade policy. The Biden-Harris administration has the opportunity to deliver a meaningful and durable long-term solar industrial policy through the use of a manufacturing incentive. We remain fully engaged in advocating for legislation that would revive climate and clean energy investment, including the framework for manufacturing tax credits established by the Solar Energy Manufacturing for America Act introduced by Senator Ossoff.

向可持續能源未來的過渡和應對氣候變化的鬥爭絕不能以犧牲人權為代價。將重點轉向國內和貿易政策。拜登-哈里斯政府有機會通過使用製造激勵措施來提供有意義且持久的長期太陽能產業政策。我們將繼續全力倡導旨在恢復氣候和清潔能源投資的立法，包括由參議員奧索夫提出的《美國太陽能製造法案》建立的製造業稅收抵免框架。

On the trade front, in response to petition by Auxin Solar, the U.S. Department of Commerce has initiated circumventing inquiries against crystalline silicon imports to the United States that undergo minor processing, if any, at 4 Southeast Asia countries. We believe this is a positive step towards addressing the problem of mainly crystalline silicon Chinese modules and cells that are completed in Southeast Asia in an attempt to avoid tariffs.

在貿易方面，針對 Auxin Solar 的請願書，美國商務部已開始規避對進口到美國的晶體矽的調查，這些晶體矽在 4 個東南亞國家進行了輕微加工（如果有的話）。我們認為，這是解決中國主要晶體矽組件和電池在東南亞完成以避免關稅問題的積極一步。

For too long, the American solar manufacturing industry has been under siege from the Chinese headquartered and subsidized companies that have been violating the rules of free and fair trade. The data shows that since the underlying antidumping and countervailing duties on Chinese cells and modules were put in place, the value of Chinese imports to the United States decreased by 86%. During the same period, the value of imports from 4 Southeast Asia countries that issued increased by 868%.

長期以來，美國太陽能製造業一直受到違反自由公平貿易規則的中國總部和補貼公司的圍攻。數據顯示，自對中國電池和組件徵收基礎反傾銷和反補貼稅以來，中國進口到美國的價值下降了86%。同期，來自4個東南亞國家的進口貨值增長了868%。

Prior to the underlying antidumping and countervailing orders, there was virtually no crystalline silicon cells and modules produced in these 4 Southeast Asian countries. There is still a very limited polysilicon in ingot or wafer production in these nations. Instead, they source the high-value wafers from China, which controls 99% of global crystalline silicon wafer production. Additionally, China is the dominant supplier of the other key imports inputs such as aluminum, silver paste, UVA sheets, backsheets, aluminum frames and junction boxes. Simply, the data truly speaks for itself.

在潛在的反傾銷和反補貼令之前，這四個東南亞國家幾乎沒有生產晶體矽電池和組件。在這些國家，矽錠或矽片的生產仍然非常有限。相反，他們從中國採購高價值晶圓，中國控制著全球 99% 的晶體矽晶圓生產。此外，中國是鋁、银浆、UVA 板、背板、鋁框和接線盒等其他主要進口投入品的主要供應商。簡而言之，數據確實不言自明。

We've heard the sky is falling narrative push by lobbyists advocating for China to have free rein in the U.S. market. Their doom and gloom is telling. It suggests that they are afraid that the Department of Commerce will find that the Chinese solar manufacturers, in fact, engaged in circumvention and will hold them accountable for their unfair and unlawful trade practices.

我們聽說，遊說者提倡中國在美國市場上自由發揮的敘事推動力正在下降。他們的厄運和悲觀正在說明。這表明他們擔心商務部會發現中國太陽能製造商實際上從事規避行為，並將追究他們對其不公平和非法貿易行為的責任。

While the lobbyists characterize Auxin as a single company seeking to inappropriately exploit the law, it is precisely cases like this that the law are designed for. Indeed, Commerce has conducted 85 circumvention inquiries covering all types of industries and of these, approximately 80% have been decided and then affirmed.

雖然遊說者將 Auxin 描述為一家尋求不當利用法律的單一公司，但法律正是為此類案件而設計的。事實上，商務部已經進行了 85 次規避調查，涵蓋了所有類型的行業，其中大約 80% 已經決定並得到確認。

We also reject the false narrative that Commerce investigation and pursuit of the rule of law will adversely impact the administration's climate ambitions. Trading away responsible ultra-low carbon solar manufacturing for dependency on China is deeply misguided because China polysilicon is heavily reliant on coal produced electricity. When the price of coal goes up, so does the price of polysilicon and crystalline silicon solar panels. Whether produced in Xinjiang or in the United States, emissions exasperate the global climate crisis. Smoke stacks not visible from Pennsylvania Avenue are no less harmful to the environment.

我們還拒絕接受有關商務調查和追求法治將對政府的氣候雄心產生不利影響的錯誤說法。放棄負責任的超低碳太陽能製造以依賴中國是非常錯誤的，因為中國多晶矽嚴重依賴煤炭發電。當煤炭價格上漲時，多晶矽和晶體矽太陽能電池板的價格也會上漲。無論是在新疆還是在美國生產，排放都加劇了全球氣候危機。從賓夕法尼亞大道看不到的煙囪對環境的危害同樣不小。

To be clear, the circumvention investigation is not about prohibiting imports, but about ensuring the imports compete fairly in the U.S. market. We welcome the robust international competition and it's fair and rules-based backdrop. The problem today is that dumped and subsidized imports distort competition and cycles of innovation with the Chinese government warping investment decisions and dictating outcomes.

需要明確的是，規避調查不是為了禁止進口，而是為了確保進口商品在美國市場上公平競爭。我們歡迎強勁的國際競爭及其公平和基於規則的背景。今天的問題是，傾銷和補貼進口產品扭曲了競爭和創新周期，中國政府扭曲了投資決策並決定了結果。

If the rules are enforced, we are confident that the U.S. solar demand will be met and that we will have a stronger American solar manufacturing industry, serving as a secure, environmentally responsible source of supply. More broadly, we firmly believe that the United States needs a combination of durable industrial policy, smart trade policy and the enforcement of the rule of law in order to build back American solar manufacturing and innovation.

如果這些規則得到執行，我們相信美國的太陽能需求將得到滿足，我們將擁有更強大的美國太陽能製造業，成為安全、環保的供應來源。更廣泛地說，我們堅信美國需要將持久的產業政策、明智的貿易政策和法治的執行結合起來，以重建美國的太陽能製造和創新。

At no point should this vital transition to a sustainable energy future come at the cost of American Jobs, investment, innovation and national energy security.

這種向可持續能源未來的重要過渡絕不應該以犧牲美國就業、投資、創新和國家能源安全為代價。

Moving to Europe. We are seeing 3 pivotal shifts in the policy space. The first is the growing momentum around accelerating renewable energy deployments and bringing forward targets. The second is the recognition that dependencies on authoritarian states are strategic vulnerabilities and the last is the rapid strengthening of bilateral transatlantic relationships. All 3 factors are being driven by Russia's invasion of Ukraine earlier this year.

搬到歐洲。我們看到了政策空間的三個關鍵轉變。首先是圍繞加速可再生能源部署和提出目標的增長勢頭。第二是承認對威權國家的依賴是戰略上的弱點，最後是雙邊跨大西洋關係的迅速加強。這三個因素都受到今年早些時候俄羅斯入侵烏克蘭的推動。

With regards to renewable deployment, faced not just with the risk and uncertainty of gas supplies, but also the prospects of continuing to funnel billions of dollars to Russia through gas purchases, European leaders are working to speed up the region's energy transition. The European Union's REPowerEU initiative aims to cut dependency on Russian gas by deploying more renewables and accelerating R&D and future fuels such as hydrogen.

在可再生能源部署方面，不僅面臨天然氣供應的風險和不確定性，而且還面臨著繼續通過購買天然氣向俄羅斯輸送數十億美元的前景，歐洲領導人正在努力加快該地區的能源轉型。歐盟的 REPowerEU 計劃旨在通過部署更多可再生能源、加速研發和未來燃料（如氫）來減少對俄羅斯天然氣的依賴。

Individual European countries are accelerating their transition plans. For instance, Portugal aims to have 80% of its electricity come from renewables by 2026, up from an original target of 60% in the same time frame. Germany is also moving forward with the goal to double renewable energy generation from 40% today to 80% by 2030, an increase of 15 percentage points over the previous target. Significantly, the coalition government in Berlin included a clause in the renewable energy legislation package acknowledging that renewable energy deployment is in the best interest of country security.

個別歐洲國家正在加快其過渡計劃。例如，葡萄牙的目標是到 2026 年使其 80% 的電力來自可再生能源，高於同期 60% 的原始目標。德國也在推進到 2030 年將可再生能源發電量從現在的 40% 提高到 80% 的目標，比之前的目標增加 15 個百分點。值得注意的是，柏林聯合政府在可再生能源立法包中加入了一項條款，承認可再生能源的部署符合國家安全的最佳利益。

With regards to strategic vulnerability, there is growing concern in the EU about replacing energy dependency on 1 authoritarian state with another, including and especially China, which supplies virtually all the solar panels to the region. European leaders are underscoring China's position as a systematic rival and threat that operates in an opposition to Europe's social and democratic model, liberal values and recognition of international law.

關於戰略脆弱性，歐盟越來越擔心用另一個威權國家取代對一個威權國家的能源依賴，尤其是中國，中國向該地區提供幾乎所有的太陽能電池板。歐洲領導人正在強調中國作為系統性競爭對手和威脅的地位，它與歐洲的社會和民主模式、自由價值觀和對國際法的承認背道而馳。

Finally, we are encouraged by strengthening bilateral relationships between the EU and the United States. Near-term cooperation is focused on the immediate needs to alleviate gas shortages in Europe, longer-term shared climate sustainability and energy security goals can lead to more collaboration on clean energy technologies and their deployment.

最後，我們對加強歐盟和美國之間的雙邊關係感到鼓舞。近期合作的重點是緩解歐洲天然氣短缺的迫切需求，長期共同的氣候可持續性和能源安全目標可以促進清潔能源技術及其部署方面的更多合作。

As both the United States and Europe work through their challenges of rapidly scaling domestic solar manufacturing capacity, they should consider the template that India has established. There are a few better examples of how a combination of trade safeguards, manufacturing incentives, and tangible clean energy goals, can spur domestic manufacturing than India. Today, India is expected to have 40 gigawatts of new cell capacity and 50 gigawatts of new module capacity come online by 2025. If all of this new capacity does materialize, it would not only make India self-sufficient, but it would also create a significant amount of export capacity.

由於美國和歐洲都在努力應對迅速擴大國內太陽能製造能力的挑戰，他們應該考慮印度建立的模板。有幾個更好的例子可以說明貿易保障、製造業激勵措施和切實的清潔能源目標如何能夠比印度更能刺激國內製造業。今天，印度預計到 2025 年將有 40 吉瓦的新電池產能和 50 吉瓦的新組件產能投產。如果所有這些新產能都實現，它不僅可以使印度實現自給自足，還可以創造一個大量的出口能力。

This is a direct result of the effective combination of tariffs and nontariff barriers to level the playing field. The Indian government's production linked incentive scheme for domestic manufacturing and government clean energy targets that would see 25 gigawatts of new capacity deployed every year until the end of the second. India's all-government approach is clearly working and is perhaps one that we can all learn from.

這是關稅和非關稅壁壘有效結合以創造公平競爭環境的直接結果。印度政府針對國內製造業和政府清潔能源目標的生產掛鉤激勵計劃每年將部署 25 吉瓦的新產能，直到第二個結束。印度的全政府方式顯然正在奏效，也許我們都可以從中學習。

It's now my opportunity to turn the call over to Alex, who will discuss Q1 results.

現在是我將電話轉給 Alex 的機會，他將討論第一季度的結果。

Thanks, Mark. Starting on Slide 8, I'll cover the income statement highlights for the first quarter. Net sales in Q1 were $367 million, a decrease of $540 million compared to the prior quarter. Decrease in net sales was primarily driven by a lower module volume sold, reflective of seasonality and increased transit times and lower average module ASPs as well as a decrease in revenue from our residual business operations following the sale of 3 projects in Japan in Q4 of 2021.

謝謝，馬克。從幻燈片 8 開始，我將介紹第一季度的損益表亮點。第一季度的淨銷售額為 3.67 億美元，與上一季度相比減少了 5.4 億美元。淨銷售額下降的主要原因是組件銷售量減少，反映了季節性和運輸時間增加以及平均組件平均售價降低，以及我們在 2021 年第四季度在日本出售 3 個項目後剩餘業務運營的收入減少.

On a segment basis, our module segment revenue in Q1 was $355 million compared to $690 million in the prior quarter. Gross margin was 3% in Q1 compared to 27% in Q4 of 2021. Q1 module segment gross margin was 3%, down from 21% in Q4 of 2021, and was negatively impacted by $4 million or 1 percentage point of gross margin of underutilization expense, stemming from planned downtime for throughput and technology upgrades.

在細分市場的基礎上，我們第一季度的模塊業務收入為 3.55 億美元，而上一季度為 6.9 億美元。第一季度毛利率為 3%，而 2021 年第四季度為 27%。第一季度模塊部門毛利率為 3%，低於 2021 年第四季度的 21%，並受到 400 萬美元或毛利率 1 個百分點未充分利用的負面影響費用，源於吞吐量和技術升級的計劃停機時間。

Additionally, sales freight and warranty expense included in our cost of sales reduced module segment gross margin by 14 percentage points in Q1 compared to 13 percentage points in Q4 of last year.

此外，我們的銷售成本中包含的銷售運費和保修費用使第一季度模塊部門的毛利率下降了 14 個百分點，而去年第四季度則下降了 13 個百分點。

SG&A and R&D expenses totaled $64 million in the first quarter, a decrease of approximately $4 million compared to the prior quarter, primarily driven by lower R&D testing expense. Production startup, which is included in operating expenses totaled $7 million in the first quarter, an increase of $2 million compared to the prior quarter, driven by increased start-up costs associated with our third Perrysburg factory.

第一季度的 SG&A 和研發費用總計 6400 萬美元，與上一季度相比減少了約 400 萬美元，主要是由於研發測試費用降低。包括在運營費用中的生產啟動在第一季度總計 700 萬美元，與上一季度相比增加了 200 萬美元，這是由於我們在佩里斯堡的第三家工廠相關的啟動成本增加。

In Q1, we closed the sale of certain international O&M contracts in Chile and recorded a gain on the sale of the business of $2 million. Q1 operating loss was $58 million, which includes depreciation and amortization of $65 million, under utilization and production start-up expense totaling $11 million, share-based compensation of GBP 4 million and a gain on the sales of certain O&M contracts of $2 million.

在第一季度，我們在智利完成了某些國際 O&M 合同的銷售，並記錄了 200 萬美元的業務銷售收益。第一季度運營虧損為 5800 萬美元，其中包括 6500 萬美元的折舊和攤銷、總計 1100 萬美元的使用和生產啟動費用、400 萬英鎊的股份補償以及某些 O&M 合同的銷售收益 200 萬美元。

We recorded a tax benefit of $19 million in the first quarter compared to tax expense of $36 million in the prior quarter. Decrease in tax expense attributable to the pretax loss in Q1 compared to pretax income in Q4 of 2021. Combination of the aforementioned items led to a first quarter loss of share of $0.41 compared to Q4 2021 earnings per share of $1.23 on a diluted basis.

我們在第一季度錄得 1900 萬美元的稅收優惠，而上一季度的稅收支出為 3600 萬美元。與 2021 年第四季度的稅前收入相比，與 2021 年第四季度的稅前收入相比，第一季度的稅前虧損導致的稅費減少。上述項目的組合導致第一季度的股票虧損為 0.41 美元，而 2021 年第四季度的攤薄後每股收益為 1.23 美元。

Next, turn to Slide 9 to discuss select balance sheet items and summary cash flow information. Our cash, marketable securities and restricted cash balance ended the quarter at $1.6 billion compared to $1.8 billion at the end of the prior quarter.

接下來，轉到幻燈片 9 討論選擇的資產負債表項目和匯總現金流信息。本季度末，我們的現金、有價證券和受限現金餘額為 16 億美元，而上一季度末為 18 億美元。

Module segment operating cash flow was offset by ongoing project spend in Japan, other operating expenses and capital expenditures associated with our new Perrysburg and India factories.

模塊部門的運營現金流被日本正在進行的項目支出、其他運營費用以及與我們在佩里斯堡和印度新工廠相關的資本支出所抵消。

Total debt at the end of the first quarter was $252 million, an increase of $12 million from the end of Q4, primarily associated with loan drawdowns in Japan. As a reminder, all of our outstanding debt continues to be project-related and will come off our balance sheet when the corresponding projects are sold.

第一季度末總債務為 2.52 億美元，比第四季度末增加 1200 萬美元，主要與日本的貸款提取有關。提醒一下，我們所有的未償債務仍然與項目相關，並且會在相應項目出售時從我們的資產負債表中扣除。

Our net cash position, which includes cash, restricted cash and marketable securities less debt decreased by approximately $285 million to $1.3 billion, as a result of the aforementioned factors. And in the first quarter, cash flow used in operations were $139 million, and capital expenditures were $155 million.

由於上述因素，我們的淨現金頭寸（包括現金、受限現金和有價證券減去債務）減少了約 2.85 億美元至 13 億美元。第一季度，用於運營的現金流為 1.39 億美元，資本支出為 1.55 億美元。

Continuing on Slide 10. Our full year 2022 guidance is unchanged from our call in early March. However, I'll provide some context around some of the risks, uncertainties and opportunities within the year.

繼續幻燈片 10。我們的 2022 年全年指導與 3 月初的呼籲沒有變化。但是，我將圍繞年內的一些風險、不確定性和機遇提供一些背景信息。

Firstly, as Mark mentioned, negotiations related to the potential sale of our Japan project development and O&M businesses are progressing well, and we expect in Q2 to enter into definitive agreements to sell these businesses. The anticipated value in local currency has remained in line with our expectations when we gave guidance in March.

首先，正如 Mark 所說，與我們日本項目開發和 O&M 業務的潛在出售相關的談判進展順利，我們預計第二季度將簽訂最終協議以出售這些業務。當我們在 3 月份給出指導時，以當地貨幣計算的預期價值仍然符合我們的預期。

Due to the global macro environment and the Bank of Japan maintaining a commitment to economic stimulus, in contrast to tightening U.S. monetary policy, the Japanese yen has, in the last 2 months experienced a sudden and significant devaluation relative to the U.S. dollar. While we continue to anticipate U.S. dollar pretax gain on sale of $270 million to $290 million, timing of sale and the state of the currency markets at closing may adversely impact that value.

由於全球宏觀環境和日本央行維持經濟刺激的承諾，相對於美國收緊貨幣政策，日元在過去兩個月中相對於美元突然大幅貶值。雖然我們繼續預計美元稅前收益為 2.7 億美元至 2.9 億美元，但出售時間和收盤時的貨幣市場狀況可能會對這一價值產生不利影響。

Secondly, as it relates to commodities, we continue to see volatility and increased pressure in major commodity markets, including aluminum and lumber. As mentioned in our previous guidance call, we continue to face challenges and to evaluate pathways towards mitigating our aluminum exposure, particularly as it relates to hedging supply from Malaysia and Vietnam batteries.

其次，就大宗商品而言，我們繼續看到主要大宗商品市場（包括鋁和木材）的波動和壓力增加。正如我們在之前的指導電話中所提到的，我們繼續面臨挑戰，並評估減輕鋁敞口的途徑，特別是因為它與對沖馬來西亞和越南電池的供應有關。

Thirdly, the global sales freight environment remains challenging. With Q1 freight costs tracking largely as expected, we continue to see full year sales freight approaching $0.05 per watt or approximately 18 to 20 percentage points of gross margin.

第三，全球銷售貨運環境依然充滿挑戰。隨著第一季度貨運成本的跟踪基本符合預期，我們繼續看到全年銷售運費接近每瓦 0.05 美元或毛利率的 18 至 20 個百分點。

And lastly, we maintain our forecasted cost awards produce reduction from year-end 2021 to year-end 2022 of 4% to 6%, our flat year-over-year cost awards sold for that.

最後，我們維持我們的預測成本獎勵從 2021 年底到 2022 年底減少 4% 至 6%，我們為此銷售的同比成本獎勵持平。

Turning to Slide 11, I'll summarize the key messages from the call. From a financial perspective, our Q1 loss per share of $0.41 is in line with our internal expectations, and we reiterate our full year guidance. Operationally, production of 2.1 gigawatts and shipments of 1.7 gigawatts were in line with expectations, and we continue to advance our technology road map across Series 7 bifaciality and tandem multi-junction devices. Finally, Series 6 demand has been robust with 16.7 gigawatts of year-to-date bookings, which includes 11.9 gigawatts since the previous earnings call, leading to a current contract backlog of 36.4 gigawatts, and this includes recent bookings with our updated contracting structure, providing ASP upsides and gross margin risk mitigation.

轉到幻燈片 11，我將總結通話中的關鍵信息。從財務角度來看，我們第一季度每股虧損 0.41 美元符合我們的內部預期，我們重申了全年指導。在運營方面，2.1 吉瓦的產量和 1.7 吉瓦的出貨量符合預期，我們繼續推進 7 系列雙面和串聯多結設備的技術路線圖。最後，系列 6 的需求強勁，年初至今的預訂量為 16.7 吉瓦，其中包括自上次財報電話會議以來的 11.9 吉瓦，導致當前的合同積壓為 36.4 吉瓦，其中包括最近通過我們更新的合同結構進行的預訂，提供平均售價上漲和毛利率風險緩解。

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

有了這個，我們將結束我們的比較評論並開始提問。操作員？

(Operator Instructions) Your first question comes from Philip Shen with ROTH Capital Partners.

（操作員說明）您的第一個問題來自 ROTH Capital Partners 的 Philip Shen。

Thanks for sharing all the details on the contract structure. I have a few on pricing in general. But you had mentioned, Mark, the $0.03 per watt or $300 million of potential ASP upside for '23, I think, on the Q4 call. So I'd like to explore how much more upside there might be beyond this? For example, which adder is not included in your $0.03 per watt estimate? I believe it's Series 7 bifacial and originators.

感謝您分享有關合同結構的所有細節。一般來說，我有一些關於定價的信息。但是你提到過，馬克，我認為，在第四季度電話會議上，23 年每瓦 0.03 美元或 3 億美元的潛在 ASP 上漲空間。所以我想探索一下還有多少上漲空間？例如，您的每瓦 0.03 美元估算中不包括哪個加法器？我相信它是 Series 7 雙面和鼻祖。

Can you talk through how much volume in terms of megawatts we could see for each of these in '23? And what kind of contribution in terms of cents per watt could each represent? And then beyond this, can you talk through how the anti-circumvention chaos may be incrementally supporting even higher base pricing for your base ASP for incremental contracts?

你能談談我們在 23 年可以看到的每一個的兆瓦數量嗎？以每瓦特美分計算的貢獻分別代表什麼？然後除此之外，您能否談談反規避混亂如何逐步支持您的基本 ASP 的增量合同更高的基本定價？

And then finally, this is more of a housekeeping question for pricing. Our quick calculation for the Q1 ASP is roughly $0.21 a watt. That compares with, I think, Q4 of closer to $0.31 a watt. So that's a big change. Can you help us understand what's missing in our calculation, meaning, typically, your megawatts shipped may be a little bit different from your megawatts recognized in revenue. So ultimately, what was the pricing for ASP in Q1? And what do you expect in Q2 and 3?

最後，這更像是一個定價問題。我們對第一季度 ASP 的快速計算約為每瓦 0.21 美元。相比之下，我認為第四季度接近每瓦 0.31 美元。所以這是一個很大的變化。您能否幫助我們了解我們的計算中遺漏了什麼，這意味著通常您的發貨兆瓦數可能與您在收入中確認的兆瓦數略有不同。那麼最終，第一季度 ASP 的定價是多少？您對第二季度和第三季度有何期待？

All right. So Phil, I want to make sure I understand your first question. So -- and actually, if you look at that contracting slide that we had in the presentation, indicative contract. And there's a dotted box that's around, I think, 4 different components. One is the temperature coefficient, the long-term degradation rate, bifaciality, and Series 7, I think it's the 4 that it's around. And those -- and if you look down at the bottom, there's a note down there that indicates that, that is reflected in the 10-Q disclosure. So that 3 -- up to $300 million number that we referenced is taking the value of those 4 items into consideration.

好的。所以菲爾，我想確保我理解你的第一個問題。所以——實際上，如果你看一下我們在演示文稿中的合同幻燈片，指示性合同。我想，有一個虛線框，周圍有 4 個不同的組件。一個是溫度係數，長期降解率，雙面性，和系列 7，我認為它是 4 左右。還有那些——如果你往下看，下面有一個註釋表明，這反映在 10-Q 披露中。因此，我們引用的 3 - 高達 3 億美元的數字考慮了這 4 個項目的價值。

You referenced a few things around what's not included. So yes, there are certain things that are not included such as domestic content. So if we source from our facility in Ohio with our existing city or new facility. There are some provisions in our contracts that we'd say there's a premium for U.S. made content. And that's even independent of whether or not it even gets captured in a U.S. content ITC. So we highlighted at the bottom of the slide that another thing that we've done with our contracts, is that to the extent that there becomes a U.S. content criteria that is used for the ITC, we've contracted that now to provide upside.

您引用了一些關於未包含內容的內容。所以是的，有些東西不包括在內，比如國內內容。因此，如果我們從我們在俄亥俄州的工廠和我們現有的城市或新工廠採購。我們的合同中有一些條款我們會說美國製造的內容有溢價。這甚至與它是否被美國內容 ITC 捕獲無關。因此，我們在幻燈片底部強調了我們對合同所做的另一件事，那就是在某種程度上，ITC 使用了美國內容標準，我們現在已經簽訂了合同以提供上行空間。

So there's pretty significant value uplift for that 10 percentage point, which is what's currently being considered for domestic content for ITC. But beyond that, there's also a domestic source content that some of our customers just would rather have U.S. made and domestic-sourced product. And to the extent they do, there's a premium that we are asking for in order to reserve that type of allocation from that factory.

因此，這 10 個百分點的價值提升非常顯著，這是 ITC 目前正在考慮的國內內容。但除此之外，還有一個國內來源內容，我們的一些客戶更願意擁有美國製造和國內採購的產品。就他們所做的而言，我們要求提供溢價，以便從該工廠保留這種類型的分配。

As it relates to the -- circumvention and the impact to pricing. Look, it's pricing and it's not just near term, but as you can see, we booked 12 gigawatts since the last earnings call. And a lot of that is going out into '24, '25 and even we're starting to see some momentum going into '26 as well. That's obviously a strong indicator of fundamentals on underlying demand.

因為它涉及 - 規避和對定價的影響。看，這是定價，不僅僅是近期，但正如你所見，自上次財報電話會議以來，我們預訂了 12 吉瓦。其中很多將持續到 24 年和 25 年，甚至我們也開始看到 26 年的勢頭。這顯然是基本需求基本面的有力指標。

And one of the things that we alluded to in our prepared remarks, as we referred to at this kind of the edge of electrification and kind of this revolutionary age that we're in right now. We're seeing a lot of really strong demand. And the way I always sort of position it from our perspective, we sit on the front end.

我們在準備好的評論中提到的一件事，正如我們在這種電氣化的邊緣和我們現在所處的這種革命時代所提到的。我們看到很多非常強勁的需求。我總是從我們的角度定位它，我們坐在前端。

So we are an enabler of that electrification. And so you have to start off with taking photons and making electrons and then whatever evolution happens for electrification of transportation or building or other sources of fuels and other things along those lines, we're going to be a critical strategic enabler of that.

因此，我們是電氣化的推動者。因此，您必須從獲取光子和製造電子開始，然後無論運輸或建築電氣化或其他燃料來源以及其他類似事物發生的任何演變，我們都將成為實現這一目標的關鍵戰略推動者。

And we're starting to see a lot of momentum in demand in the marketplace right now, especially for green hydrogen and green ammonia, not just in maybe some of the places you would anticipate it, maybe in the Middle East or in Europe, but in India and even here in the U.S., we're starting to see some inflection points around that.

我們現在開始看到市場需求的巨大勢頭，尤其是對於綠色氫和綠色氨，不僅僅是在一些你能預料到的地方，也許是在中東或歐洲，但在印度，甚至在美國，我們開始看到一些拐點。

So there's just a strong fundamental underlying demand for our traditional PV and PDS market, but also as we're starting to see inflection points now with new demand curves starting to come out for things such as green hydrogen and green ammonia.

因此，我們的傳統光伏和 PDS 市場只有強大的基本面潛在需求，而且我們現在開始看到拐點，新的需求曲線開始出現，例如綠色氫和綠色氨。

We are seeing better pricing. If you look at the backlog of where we are, our baseline price has improved from the average that was there at the end of the year. And then when you factor in the benefits of the technology adjusters that we have as well as to the extent that sales freight stays inflated where it is now and as well as with aluminum. The combination of those 2 could add up to $0.06, a lot to where our current pricing is on the baseline.

我們看到了更好的定價。如果您查看我們的積壓情況，我們的基準價格已從年底的平均水平有所提高。然後，當您考慮到我們擁有的技術調整器的好處以及銷售運費在現在和鋁的情況下保持膨脹的程度時。這兩者的組合加起來可能高達 0.06 美元，這與我們當前的定價基準相差很多。

But anyway, we're encouraged, we're seeing the positive side. I'll let Alex talk a little bit more about Q1 ASP.

但無論如何，我們受到鼓舞，我們看到了積極的一面。我會讓 Alex 多談談 Q1 ASP。

Yes. So on the ASP side, the shipped volume was about 1.7. On a sold basis, it was more like 1.3. So if you do the math on 1.3 against about 303, I think 55 of module revenue get somewhere around $0.27 and change on an ASP basis.

是的。所以在 ASP 方面，出貨量約為 1.7。在售出的基礎上，它更像是 1.3。因此，如果您對 1.3 和大約 303 進行數學計算，我認為 55 的模塊收入大約在 0.27 美元左右，並且在 ASP 基礎上發生變化。

And what you're seeing there is volume on a sold basis is down partly, there's some seasonality, right, typically Q1 is a lower shipped down sold quarter for us and ramps through the year. You've got a little bit of in code terms impact there. So we had more GDP versus CIP terms in Q1 relative to last quarter. And then you've got transit time, as Mark said in the prepared remarks, we're still seeing times into the U.S. being a record high is up at over 130 days in Q1. So you've got those impacts coming through.

你所看到的銷售量部分下降，有一些季節性，對，通常第一季度對我們來說是一個較低的出貨量下降季度，並且全年都在增加。你在代碼方面有一點影響。因此，相對於上一季度，我們在第一季度的 GDP 與 CIP 相比更多。然後你有過境時間，正如馬克在準備好的評論中所說，我們仍然看到進入美國的時間在第一季度達到 130 多天，創下歷史新高。所以你已經得到了這些影響。

And on the gross margin side, there's a little bit of a mix shift as well, which is impacting us. So you've actually got a bit more carries of volume on the sold volume coming through in the gross margin, it's a little bit offset as you get some benefit in the sales freight there, which is why if you look at sales freight on a gross margin percentage points basis in Q1, it was down at 14 points from the full year expectation, the guide is 18 to 20. So you've got a little bit of offset there, some higher cost core product, a little bit of benefit of sales freight coming through. But that's why you've got this lower sold volume in the impact you see in the gross margin.

在毛利率方面，也有一些混合變化，這正在影響我們。所以你實際上在毛利率中獲得了更多的銷售量，它有點抵消，因為你在那裡的銷售運費中獲得了一些好處，這就是為什麼如果你看一下銷售運費以第一季度的毛利率百分比為基礎，比全年預期下降了 14 個百分點，指導值是 18 到 20。所以你有一點抵消，一些成本更高的核心產品，一點好處通過的銷售運費。但這就是為什麼您在毛利率中看到的影響如此之低的原因。

But I think, Phil, when you look -- to answer your broader question as well is that we're seeing strong demand. We feel like we're getting attractive pricing in the market. We're continuing to drive cost down. As Alex indicated, in the backdrop of all the challenges we're dealing with, we still anticipate a 4% to 6% cost per watt reduction. And then as we've highlighted before, Series 7, when introduced will be the lowest cost products in our fleet. So that's even a lower cost profile than we have today.

但我認為，菲爾，當你看 - 回答你更廣泛的問題時，我們看到了強勁的需求。我們覺得我們在市場上獲得了有吸引力的價格。我們將繼續降低成本。正如亞歷克斯所說，在我們面臨的所有挑戰的背景下，我們仍然預計每瓦成本將降低 4% 到 6%。然後正如我們之前強調的那樣，Series 7 推出時將是我們車隊中成本最低的產品。因此，這甚至比我們今天的成本更低。

So the combination of all those, coupled that with the contribution margin flow-through from the incremental growth, we're pretty excited about '23 and beyond and the opportunities that we're positioned for right now, and continuing to look to grow beyond what we already have committed to with the strong backlog that we have right now.

因此，所有這些的結合，再加上增量增長帶來的邊際貢獻，我們對 23 年及以後以及我們現在定位的機會感到非常興奮，並繼續尋求超越我們已經承諾與我們現在擁有的強大積壓工作。

Your next question comes from the line of Ben Kallo with Baird.

您的下一個問題來自 Ben Kallo 和 Baird 的台詞。

Maybe just to kind of take a step back, going back to when you had module gross margin targets, I think, greater than 25% way back when. If I put all this stuff together on that Slide 5 and technology advancements, how does that shape up versus that original outlook? And then I have a follow-up.

也許只是為了退後一步，回到你有模塊毛利率目標的時候，我認為，超過 25% 的時候。如果我將所有這些東西放在幻燈片 5 和技術進步上，那麼與最初的前景相比，這將如何形成？然後我有一個跟進。

Yes. So Ben, I think if you just look at -- I mean right now, when you pull out the effects of sales freight on the quarter. I think we're in the high teens, 17%, 18%, something like that from a gross margin without the impact of sales freight.

是的。所以本，我想如果你看看 - 我的意思是現在，當你排除銷售運費對本季度的影響時。我認為我們處於高位，17%、18%，從毛利率來看，沒有銷售運費的影響。

And then if you then include the technology adjusters, which is another 10 percentage points on top of that, you're going to get to a gross margin that's going to be at net 25% or north of that 25% number that you referenced. So that's one way to look at.

然後，如果您將技術調整因素包括在內，在此基礎上再增加 10 個百分點，您將獲得淨毛利率 25% 或您引用的 25% 數字的北部。所以這是看待的一種方式。

The other way to look at it, Ben, if we have the commodity adjusters,in this current quarter, we would have added 10 percentage points to where we are right now, including the impact of sales freight from a commodity standpoint. And we also had a very low shipment quarter. I mean, this is one of our lowest shipment quarters that we've had in a long time, as Alex indicated, 1.3 shipped and sold quarters. 1.3 gigawatts is one of the lowest quarters that we've had. So that's obviously kind of weighted against some of our fixed costs in our production facilities that drove to a lower gross margin.

換個角度來看，本，如果我們有商品調整員，在本季度，我們會在目前的基礎上增加 10 個百分點，包括從商品的角度來看銷售運費的影響。而且我們的出貨量季度也非常低。我的意思是，這是我們長期以來出貨量最低的季度之一，正如 Alex 所說，1.3 個季度的出貨和銷售。 1.3 吉瓦是我們所擁有的最低季度之一。因此，這顯然與我們生產設施中的一些固定成本相權衡，這些成本導致毛利率下降。

You'll see that being leveraged as we grow sales volume. As we expand throughout the year, we'll be averaging close to around 2.5 or 2.6 gigawatts a quarter, so essentially double where we are right now on a sold basis to hit our revenue targets for the year.

隨著我們銷量的增長，您會看到這一點正在被利用。隨著我們全年的擴張，我們將平均每季度接近 2.5 或 2.6 吉瓦，因此基本上是我們現在銷售量的兩倍，以實現我們今年的收入目標。

Yes. I think if you look at the backlog that we gave in the Q, you'll see the numbers tomorrow, you're going to still see 27% ASPs. We had a very large booking quarter. So you're seeing ASPs relatively flat going out of the out years. And as we talked about on the call, it's important to understand that's the baseline number we talked about there being up to $0.03 of technology added and potentially another $0.03 of sales for aluminum is added relative to where we are today. And in that same time frame, you will have cost reduction as well ongoing. So you're seeing ASPs flat to rising over time, cost reduction coming down and then you add volume on top of that.

是的。我想如果你看看我們在 Q 中給出的積壓訂單，你明天就會看到數字，你仍然會看到 27% 的 ASP。我們有一個非常大的預訂季度。因此，您看到過去幾年 ASP 相對持平。正如我們在電話會議上談到的那樣，重要的是要了解這是我們談到的基準數字，即增加了高達 0.03 美元的技術，相對於我們今天的情況，可能還會增加 0.03 美元的鋁銷售額。在同一時間範圍內，您還將持續降低成本。因此，隨著時間的推移，您看到 ASP 持平到上升，成本降低下降，然後您在此基礎上增加銷量。

Great. And then congrats on the bookings. How do you think about -- with the backdrop that you outlined of all the legislative and regulatory positives potentially for you. How do you think about the expanding capacity as you sign enough contracts?

偉大的。然後恭喜預訂成功。您如何看待 - 在您概述了所有可能為您帶來的立法和監管積極因素的背景下。當您簽署足夠多的合同時，您如何看待擴大產能？

Yes. So -- but we've always said that we want demand to drive supply for us, right? And when you look at the bookings momentum, I mean if you look at our -- right now, we've got 36 gigawatts in our pipeline. If you go back last year at this time, we were about 15. We've added 21 gigawatts to the backlog within a 12-month period. And at the moment 50, 55 gigawatts of the total pipeline, and as I alluded to, I can easily see over the next several quarters, capturing multi-gigawatt volume in India, which we've been very patient in terms of taking that volume at this point in time to ensure we get optimal pricing and what we want to capture in India. And I think we're in a good spot there right now.

是的。所以 - 但我們一直說我們希望需求為我們推動供應，對嗎？當您查看預訂勢頭時，我的意思是，如果您查看我們的 - 現在，我們的管道中有 36 吉瓦。如果你回到去年的這個時候，我們大約是 15 歲。我們在 12 個月內增加了 21 吉瓦的積壓。目前總管道的 50、55 吉瓦，正如我所提到的，我可以很容易地看到在接下來的幾個季度中，在印度捕獲了數吉瓦的容量，我們在處理這個容量方面一直非常耐心在這個時間點，以確保我們獲得最佳定價以及我們想要在印度捕獲的內容。我認為我們現在處於一個很好的位置。

So we're going to -- we're -- I wouldn't be surprised by the middle of this year that we're largely sold out through '25 -- '24, excuse me. We've got a few more gigawatts, we had a knockout India, which I think would give you a good position and as well as some more volume here in the good position of having '24 sold out and even a more meaningful position into 2025.

所以我們要 - 我們 - 我不會對今年年中我們在 25 - 24 年基本售罄感到驚訝，對不起。我們有更多的千兆瓦，我們有一個淘汰賽印度，我認為這會給你一個很好的位置，以及在 24 年售罄的有利位置，以及到 2025 年更有意義的位置.

All that sort of gives us the backdrop in the policy support and the environment that we're seeing in the U.S. and Europe, I think there's some pretty strong inflection points right now for us on a policy standpoint in markets that are compelling for us.

所有這些都為我們提供了美國和歐洲所看到的政策支持和環境的背景，我認為從對我們有吸引力的市場的政策角度來看，我們現在有一些非常強大的拐點。

And one of the things we said with what we continue to want to do with our capacity expansion is to be close to end markets, right, to get out from underneath the ocean freight exposure and the challenges that they can create and the headwind on cost. And so I think thinking through those are 3 primary markets with robust recurring demand, could be pretty attractive as we think about capacity expansion. But overall, I think the building blocks are coming together pretty nicely as we think through that.

我們在產能擴張中繼續想做的事情之一就是靠近終端市場，正確的，從海運風險以及它們可能帶來的挑戰和成本逆風中擺脫出來.因此，我認為考慮到這三個具有強勁經常性需求的主要市場，在我們考慮產能擴張時可能會非常有吸引力。但總的來說，我認為在我們思考的過程中，構建塊非常好地結合在一起。

Ben, one thing I'll add is, as you know, our technology is being unique and different, so is our tool set and the manufacturing required for that. So we've been engaging with suppliers to ensure that we have line of sight on critical path tools for further expansion. So we continue to have those discussions with our suppliers.

Ben，我要補充的一件事是，如您所知，我們的技術是獨一無二的，我們的工具集和所需的製造也是如此。因此，我們一直在與供應商合作，以確保我們能夠了解關鍵路徑工具以進一步擴展。因此，我們繼續與供應商進行這些討論。

Your next question comes from the line of Maheep Mandloi with Credit Suisse.

您的下一個問題來自瑞士信貸的 Maheep Mandloi。

With regards to the revised pricing structure, can you just provide some more visibility around how many contracts in the backlog are under this new structure with reference to the slide in today's tech? Or is it fair to assume only, the bookings since the Q4 call have this new structure? And also just wanted to get your thoughts on the cadence we should expect for 2022 in terms of shipments or recognition?

關於修訂後的定價結構，您能否參考當今技術的下滑，提供更多關於在這種新結構下積壓的合同有多少的可見性？或者僅假設第四季度電話會議以來的預訂具有這種新結構是否公平？並且還只是想了解您對我們在 2022 年出貨量或認可度方面的預期節奏的看法？

The sales freight. So listen, I'll just go through the various adjusters. So we've got sales freight adjuster, and I believe that's like about a little bit north of 23 gigawatts. So 23 gigawatts out of the 36 or so. The aluminum adjuster is about 11 gigawatts out of the -- again, we just started contracting that one since the really last earnings call, which was March 1. So about 11 gigawatts under the aluminum.

銷售運費。所以聽著，我將通過各種調節器。所以我們有銷售運費調整器，我相信這大約是 23 吉瓦以北一點點。所以 36 吉瓦中的 23 吉瓦左右。鋁製調節器的功率約為 11 吉瓦——同樣，自上次真正的財報電話會議（即 3 月 1 日）以來，我們才開始與該調節器簽約。因此，鋁製調節器的功率約為 11 吉瓦。

Under the technology adjusters, you're going to see in the Q when we announced it, effectively, it's 10 gigawatts that we believe we'll be able to capture the number that we have contracted that way is higher. I think the number could be closer to around $6 million in the Q is -- it ties up into our road map of our bifacial implementation rollout, our Series 7, our TEMCO and degradation improvement profile. So we kind of model that and what the replication is for each of those technology initiatives? And then how does that roll out relative to what our current delivery schedules look like.

在技術調整器下，當我們宣布它時，您將在 Q 中看到，實際上，我們相信我們能夠捕捉到我們以這種方式簽訂的更高的數字是 10 吉瓦。我認為 Q 中的數字可能接近 600 萬美元左右——它與我們的雙面實施推出路線圖、我們的系列 7、我們的 TEMCO 和退化改進概況有關。所以我們建立了一個模型，每個技術計劃的複制是什麼？然後，相對於我們當前的交付時間表，這將如何展開。

But if those push out, for example, if we hold our technology road map and the actual schedule for some of those push out, then there's potentially upside that we can capture beyond just what's been identified. So that's kind of the profile of what's in the backlog.

但是，如果這些推出，例如，如果我們持有我們的技術路線圖和其中一些推出的實際時間表，那麼我們可以捕捉到的潛在好處超出了已經確定的範圍。這就是待辦事項的概況。

What I would just continue to say is that we are -- everything we're contracting going forward is largely under this construct. But for, if somebody wants to pay a higher price, right? So in some cases, customers are going to say, "Look, I'll just pay for all-in everything now," and not worry about the adjusters because it may be easier to get it through their regulator, right?

我要繼續說的是，我們是——我們未來簽訂的所有合同都主要在這個結構下。但是，如果有人想支付更高的價格，對吧？所以在某些情況下，客戶會說，“看，我現在就支付所有費用”，而不用擔心調節器，因為通過他們的監管機構可能更容易，對吧？

They got to go to the commission, they've got to get approval for the CapEx. They'd rather have an all-in number, so they go down that path, right? Some others may say, "Well, it's easier for me to get my financing and what have you, and therefore, I want an all-in number and we'll provide that." It has an uplift in a premium. And in some cases, some customers may go the other route, and they may say I'm a sales freight, in particular, I'll just pick it up myself.

他們必須去委員會，他們必須獲得資本支出的批准。他們寧願有一個全押號碼，所以他們走那條路，對吧？其他一些人可能會說，“好吧，我更容易獲得我的融資以及你有什麼，因此，我想要一個全押數字，我們會提供。”它的溢價有所提升。而且在某些情況下，有些客戶可能會走其他路線，他們可能會說我是銷售貨運，特別是我會自己去取。

So we also have some contracts where customers are saying, "Look, just give it to me X works "So I don't have to take any risk on now. I'll let them take the whole thing, and I don't have to worry about it. And we just deliver the project outside of the factory walls and then they take it from there.

所以我們也有一些合同，客戶說，“看，把它給我 X 作品”所以我現在不必承擔任何風險。我會讓他們把整個事情拿走，我不必擔心。我們只是在工廠牆外交付項目，然後他們從那裡拿走。

So we try to highlight in that slide that not all contractors is the same, but -- what I would say is, in each case, what we're trying to do is to capture the highest value for the technology, not only today, but the future technology as it evolves and also put us in a much better position and a risk-reward balanced position with our customers on things like commodities and sales freight and the like.

因此，我們試圖在該幻燈片中強調並非所有承包商都是相同的，但是——我想說的是，在每種情況下，我們試圖做的是為技術獲取最高價值，不僅僅是今天，但是隨著未來技術的發展，它也使我們在商品和銷售運費等方面與我們的客戶處於更好的位置和風險回報平衡的位置。

As it relates to the cadence, the shipping and rev rec, there's a lot of variability given, as we mentioned, the transit times being higher, a lot of that uncertainty around sales freight. Obviously, we have more visibility into our U.S. transit and that helps. But I would say you're going to definitely see a back-ended profile so you can expect to see a little more -- probably closer to 2/3 versus half of shipped volume and sold volume being recognized in the second half of the year versus first. But again, I caution there's a lot of uncertainty around that number just given what we're seeing in the shipping transition and shipping market.

正如我們提到的，由於它與節奏、運輸和rev rec 相關，存在很多可變性，運輸時間更長，銷售運費存在很多不確定性。顯然，我們對美國的過境有了更多的了解，這很有幫助。但我會說你肯定會看到一個後端配置文件，所以你可以期待看到更多——可能接近 2/3，而出貨量和銷售量的一半在下半年得到確認與第一。但我再次警告說，鑑於我們在航運轉型和航運市場上看到的情況，這個數字存在很多不確定性。

Your next question comes from the line of Joseph Osha with Guggenheim.

您的下一個問題來自古根海姆的約瑟夫·奧沙（Joseph Osha）。

Just for the record, I want to say I'm completely in agreement with your position on the Chinese supply chain. I just want to say that upfront. I've got 2 questions. First, just wondering how your EPC partners are doing in terms outside of your product area, cables, labor, racking, all that, how -- what you're hearing from them in terms of the ability to get projects completed.

僅作記錄，我想說我完全同意你在中國供應鏈上的立場。我只想提前說一下。我有 2 個問題。首先，只是想知道您的 EPC 合作夥伴在您的產品領域、電纜、人工、貨架等所有方面的表現如何——您從他們那裡聽到的關於完成項目的能力的信息。

And then my other question relates to your plans for expansion. You talked about working with other parties. But you've maintained a very clean balance sheet. I'm wondering with this much high-quality backlog whether we might see you maybe potentially look at levering the balance sheet in order to continue to drive the manufacturing expansion.

然後我的另一個問題與您的擴張計劃有關。你談到了與其他各方合作。但是你保持了一個非常乾淨的資產負債表。我想知道有這麼多高質量的積壓訂單，我們是否會看到你可能會考慮利用資產負債表來繼續推動製造業擴張。

Yes, I'll take the first one on expansion and leverage. Look, nobody is immune from the challenges in the supply chain right now. And because we -- there's one thing on the model side, but we're also seeing it on our new tool sets, right, trying to identify and make sure that all the critical components that go into the tool sets that are needed are available throughout the supply chain, and we've been working very closely with our tool vendors to make that happen to ensure that happens, or get as good availability as possible. And it's challenging and it's no different than with our EPC partners and the challenges that they're dealing with.

是的，我會選擇第一個關於擴張和槓桿的問題。看，目前沒有人能免於供應鏈中的挑戰。而且因為我們 - 在模型方面有一件事，但我們也在我們的新工具集上看到它，對，試圖識別並確保進入所需工具集的所有關鍵組件都是可用的在整個供應鏈中，我們一直與我們的工具供應商密切合作，以確保實現這一目標，或獲得盡可能好的可用性。這很有挑戰性，與我們的 EPC 合作夥伴以及他們正在應對的挑戰沒有什麼不同。

And the reality in some cases, it can be something very small and would be perceived as insignificant, but it could be a major constraint, a connector or whatever it may be, could become a constraint to the overall project. Everyone is trying to work around that in some cases. And in a lot of cases, you've seen a lot of people installing the structure as quick as possible, even though the panels aren't there because they know they're going to run into other long lead time constraints and challenges that they're working through. But yes, they're dealing with the same supply chain constraints that all of us are at this point in time. I really don't see anyone being immune.

在某些情況下，現實情況是，它可能非常小，會被認為是微不足道的，但它可能是一個主要的約束，一個連接器或任何可能的東西，都可能成為整個項目的約束。在某些情況下，每個人都試圖解決這個問題。在很多情況下，你已經看到很多人盡可能快地安裝結構，即使面板不在那裡，因為他們知道他們將遇到其他長交貨時間限制和挑戰，他們'正在努力。但是，是的，他們正在處理與我們所有人在這個時間點相同的供應鏈限制。我真的沒有看到任何人免疫。

Yes. Look, as it relates to expansion, I would say, right now, by the end of the year, we'll have spent about $1 billion of the roughly $1.4 billion associated with the 2 new Series 7 plants and that lines up with our year-end forecasted net cash balance of about $1.2 billion at the midpoint of the guidance.

是的。看，因為它與擴張有關，我想說，現在，到今年年底，我們將花費大約 14 億美元與 2 個新系列 7 工廠相關的大約 10 億美元，這與我們的年度一致- 在指引的中點，預計淨現金餘額約為 12 億美元。

If you think about beyond that, the next year, we have another $300 million to $400 million or so of CapEx associated with those plants. But you're also going to have the first production coming from those plants, plus you've got all the Series 6 products up and running. So the business should be cash generative next year.

如果您考慮除此之外，明年，我們還有與這些工廠相關的 3 億至 4 億美元左右的資本支出。但是您也將擁有來自這些工廠的第一批產品，而且您已經啟動並運行了所有 Series 6 產品。因此，該業務明年應該會產生現金。

You're right, we haven't levered up the balance sheet. We do have the ability to potentially lever up with some debt against the India facilities. So we've been in discussions, and I think we've disclosed the full potential for leverage. But we're still at the corporate level, which would really be linked to the expansion in India, potentially at around $500 million or so of capital capacity there at pretty attractive terms.

你是對的，我們沒有撬動資產負債表。我們確實有能力利用對印度設施的一些債務進行槓桿化。所以我們一直在討論，我認為我們已經披露了槓桿的全部潛力。但我們仍處於企業層面，這將與印度的擴張密切相關，可能以相當有吸引力的條件擁有約 5 億美元左右的資本能力。

Going beyond that, I would say that we could add an incremental factory without stressing the balance sheet. Again, that 1.2, 1.3 is net. So the gross number is higher, will be cash generative next year. And as we've come out of the systems business, the working capital and volatility around the business decreases. Now beyond that, if we were to see opportunity to add significantly more capacity in the near term as the potential for getting more capital, I think we're going to do that. Right now, our read is across debt converts equity, the markets are pretty open, receptive to capital.

除此之外，我想說我們可以在不強調資產負債表的情況下增加一個增量工廠。同樣，1.2、1.3 是淨值。所以總數字更高，明年將產生現金。隨著我們退出系統業務，圍繞業務的營運資金和波動性減少。現在除此之外，如果我們看到機會在短期內顯著增加產能作為獲得更多資本的潛力，我認為我們會這樣做。目前，我們閱讀的是債務轉換股權，市場非常開放，可以接受資本。

I'd also add that if you just look at the time frame in which we would add capacity, even if we were to make a decision today, it's going to be 24 months or so before we'll be able to bring that capacity online. And the spend timing around the land, the building, the equipment is going to push out such that we have more time for the business to generate cash as well. So I think right now, as we stand, we're in a pretty good position. I don't see us needing to access to capital markets, but if we were to do -- to desire to do so, I believe those are open to us today.

我還要補充一點，如果你只看一下我們增加容量的時間範圍，即使我們今天要做出決定，也需要 24 個月左右才能使該容量上線.圍繞土地、建築物、設備的花費時間將會推出，這樣我們就有更多的時間讓企業也有更多的時間來產生現金。所以我認為，就目前而言，我們處於一個非常好的位置。我不認為我們需要進入資本市場，但如果我們要這樣做——渴望這樣做，我相信今天這些對我們開放。

Our final question will come from Brian Lee with Goldman Sachs.

我們的最後一個問題將來自高盛的 Brian Lee。

A lot of moving parts here around some of the contractual adders. So I just want to make sure I'm not misconstruing it. When you said earlier that on that Slide 4 or 5, you got 36 gigawatts of module shipments teed up for the next several years, and then you had the 12 gigawatts that you booked since the last call.

這裡有很多活動部件圍繞著一些合同加法器。所以我只是想確保我沒有誤解它。當您之前說過，在幻燈片 4 或 5 上，您在接下來的幾年中獲得了 36 吉瓦的模塊出貨量，然後您擁有自上次通話以來預訂的 12 吉瓦。

I think you made a comment that the contract adders or the commodity adders and/or the technology adders were not applicable for a certain percentage of those. Is that -- was I right in hearing that the 12 gigawatts that you booked since the last call could potentially have the $0.03 to $0.06 of adders whereas the other 24 gigawatts, because those were sort of older contracts, do not?

我認為您的評論是，合同加法器或商品加法器和/或技術加法器不適用於其中的一定比例。是不是 - 我聽說你自上次通話後預訂的 12 吉瓦可能會增加 0.03 至 0.06 美元，而其他 24 吉瓦，因為那些是較舊的合同，不是嗎？

And then just a quick question on the equipment vendors. Anything you can elaborate there in terms of lead times and where you might be seeing some of the most bottlenecks around some of your key equipment and tool sets needed for capacity expansion?

然後只是一個關於設備供應商的快速問題。您可以在那裡詳細說明交貨時間以及產能擴張所需的一些關鍵設備和工具集在哪裡可能遇到的一些最大瓶頸？

Yes. So let me try to do this again. So let's just start with the 11.9 gigawatts that was booked after the quarter end, so April 1 to today. All -- so 11.1 of that would have the aluminum adjuster in it, okay? So say, 11 of the 12, okay? All of that volume would have 1 of 2 things on sales freight. Either a sales freight adjuster, and I'm talking just the 12 gigawatts. Or in some cases, in this case, in this quarter, in particular, there is a significant portion of that 12 gigawatts, where a customer says, "I'll take the shipping responsibility on my own." So my obligation is to just deliver it to the factory outside the factory door, and then they take it from there. So I have no shipping risk on that.

是的。所以讓我再嘗試一次。因此，讓我們從季度結束後預訂的 11.9 吉瓦開始，即從 4 月 1 日到今天。全部——所以 11.1 裡面會有鋁調節器，好嗎？所以說，12個中的11個，好嗎？所有這些數量將有 2 件商品中的 1 件用於銷售運費。要么是銷售運費調節器，我說的只是 12 吉瓦。或者在某些情況下，在這種情況下，特別是在本季度，12 吉瓦中有很大一部分，客戶說，“我將自己承擔運輸責任。”所以我的義務就是把它送到工廠門外的工廠，然後他們從那裡拿走。所以我對此沒有運輸風險。

So think of it as it's either -- 1 or 2 ways it's protected from shipping. I've got an adjustment to shipping. It's the customer -- if we exceed the cost that's in the baseline, which generally is around $0.25 and/or the customer picks it up. And therefore, my cost is going down at least $0.025, okay? So those are the 2.

因此，可以將其視為- 1 或 2 種方式來保護它免於運輸。我對運費進行了調整。是客戶——如果我們超過基線中的成本，通常約為 0.25 美元和/或客戶接受它。因此，我的成本至少下降了 0.025 美元，好嗎？所以這些是2。

So you got aluminum in 11, you got all of it with 1 form of sales trade protection, either an adjuster to the ASP or the customer is picking up, and I don't have to worry about any of the costs at all.

因此，您在 11 中獲得了鋁，您通過一種形式的銷售貿易保護獲得了所有這些，無論是 ASP 的調整者還是客戶正在提貨，我根本不必擔心任何成本。

Beyond that -- so that's 12 out of the -- 12 gigawatts' worth before year-end -- or after quarter end, excuse me. We have an aggregate in the 36, we have 23 gigawatts that has a sales freight protection, okay? So 23 of the 36 has sales freight, okay? 11 of it has aluminum.

除此之外 - 所以這是年底前 12 吉瓦的價值中的 12 個 - 或季度末之後，對不起。我們總共有 36 個，我們有 23 吉瓦，有銷售運費保護，好嗎？所以36個中有23個有銷售運費，好嗎？其中11個有鋁。

On the technology adjusters of the 36, there is about 16 gigawatts that has technology adjuster, but only about 10 gigawatts are included in that disclosure that you're going to see in the Q tomorrow because that's the portion of the 16 that we expect to monetize or to realize.

在 36 的技術調整器中，大約有 16 吉瓦具有技術調整器，但您將在明天的 Q 中看到的披露中僅包含約 10 吉瓦，因為這是我們期望的 16 的部分貨幣化或變現。

Now all of the new stuff, it's highly probable that the new stuff is going to be captured, right? But that 12 gigawatts is not in that disclosure. It's going to put that in there as well. That disclosure that's going to -- you're going to see tomorrow does not include that 12 gigawatts because it was after quarter end. So you could take this 10 gigawatts that we just said that's in the quarter, and you could add the vast majority of that 12 gigawatts that happened after quarter end and say, yes, that will have a technology adjuster as well.

現在所有的新東西，很可能會被捕獲，對吧？但那 12 吉瓦不在該披露中。它也會把它放在那裡。即將公佈的——你明天會看到的不包括那 12 吉瓦，因為它是在季度末之後。因此，您可以使用我們剛剛說的本季度的 10 吉瓦，您可以添加季度結束後發生的 12 吉瓦中的絕大多數，然後說，是的，這也將有一個技術調整器。

But I just want to make sure it's clear. When you look at what's in the Q tomorrow, you will not see this additional 12 gigawatts. You won't see it until the actual filing happens for next quarter. Is that clear, Brian, I just want to make sure.

但我只是想確保它很清楚。當您明天查看 Q 中的內容時，您不會看到額外的 12 吉瓦。在下個季度實際提交之前，您不會看到它。這清楚嗎，布賴恩，我只是想確定一下。

For delineating all that, that does clarify it a lot.

為了描述所有這些，這確實澄清了很多。

Okay. And then as it relates to the tools and what our challenges are. Look, some of our challenges are chips as well, right? So there's quite a bit of metrology and data and everything else that we capture through our manufacturing process. So a lot of it's chip dependency. Now we've worked through that. And actually as of right now, the last word I got from my team yesterday, I think we've resolved a good portion of that, which is good.

好的。然後是與工具和我們面臨的挑戰有關的問題。看，我們的一些挑戰也是籌碼，對吧？所以有相當多的計量和數據以及我們通過製造過程捕獲的所有其他內容。所以很多都是芯片依賴性。現在我們已經解決了。實際上，截至目前，昨天我從團隊中得到的最後一句話，我認為我們已經解決了其中的很大一部分，這很好。

Now we get into other things like glass, right? So in our ovens, we actually have chambers that you could look down into, right? Because if something happens -- in some cases, our ovens could be 75 yards long. So we have to have them segmented in such a way that you also have these chambers that you can -- you look down into and if something goes wrong, inside or you get a fixed or repair, you would then access them from above. And generally, there's a glass opening lid effectively. And we're struggling with one of our vendors around getting the glass.

現在我們進入玻璃之類的其他事物，對吧？所以在我們的烤箱裡，我們實際上有你可以俯視的房間，對吧？因為如果發生什麼事——在某些情況下，我們的烤箱可能有 75 碼長。因此，我們必須以這樣一種方式將它們分段，以便您也可以擁有這些房間——您可以向下查看，如果內部出現問題，或者您進行了修理或維修，您就可以從上方訪問它們。通常，有一個有效的玻璃開蓋。我們正在與我們的一位供應商在獲取玻璃方面苦苦掙扎。

Now it's not going to be a constraint. We believe we can still get the tools in. And then when the glass comes, it's something we can install on-site but it won't be provided upon the initial shipments.

現在它不會成為一個約束。我們相信我們仍然可以得到工具。然後當玻璃來的時候，我們可以在現場安裝它，但不會在初次發貨時提供。

So there's many different issues. The team is doing a phenomenal job. They're working each one of these with each one of our tool vendors. BOM item by BOMitem for our tool vendors and making sure that they have them, that we can maintain schedules and they're thinking through a workaround. But look, it's a challenging environment, as you can anticipate around supply chain.

所以有很多不同的問題。該團隊正在完成一項非凡的工作。他們正在與我們的每一個工具供應商合作。 BOMitem 為我們的工具供應商提供的 BOM 項目，並確保他們擁有它們，我們可以維護計劃並且他們正在考慮解決方法。但是看，這是一個充滿挑戰的環境，正如您可以預料到的供應鏈。

And that ends the question-and-answer session and today's conference call. Everyone, thank you for participating. You may now disconnect. Have a good day. Stay safe and well.

問答環節和今天的電話會議到此結束。大家，謝謝你的參與。您現在可以斷開連接。祝你有美好的一天。保持安全和良好。