T1 Energy Inc (TE) 2024 Q4 法說會逐字稿

Thank you for standing by and welcome to the T1 Energy fourth-quarter 2024 earnings conference call. (Operator Instructions) Thank you. I'd now like to turn the call over to Jeffrey Spittel, EVP Investor Relations and Corporate Development. You may begin.

感謝您的支持，歡迎參加 T1 Energy 2024 年第四季財報電話會議。（操作員指示）謝謝。現在我想將電話轉給投資者關係和企業發展部執行副總裁 Jeffrey Spittel。你可以開始了。

Good morning and welcome to T1 Energy's fourth-quarter and full-year 2024 earnings conference call. With me today on the call are Dan Barcelo, our Chief Executive Officer and Chairman of the Board; Evan Calio, our Chief Financial Officer; Jaime Gualy, our Executive Vice President of Corporate Development; Rob Gibbons, our EVP of Strategic Partnerships; and Borge Selstad, our SVP of Operations.

早安，歡迎參加 T1 Energy 2024 年第四季和全年財報電話會議。今天與我一起參加電話會議的還有我們的執行長兼董事會主席 Dan Barcelo；我們的財務長 Evan Calio； Jaime Gualy，我們的企業發展執行副總裁； Rob Gibbons，我們的策略合作夥伴關係執行副總裁；以及我們的營運高級副總裁 Borge Selstad。

During today's call, management may make forward-looking statements about our business. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expectations. Most of these factors are outside T1's control and are difficult to predict.

在今天的電話會議中，管理階層可能會對我們的業務做出前瞻性的陳述。這些前瞻性陳述涉及重大風險和不確定性，可能導致實際結果與預期有重大差異。這些因素大多超出了T1的控制範圍，而且很難預測。

Additional information about risk factors that could materially affect our business are available in our S-1, an annual report on Form 10-K filed with the Securities and Exchange Commission, which are available on the Investor Relations section of our website. With that, I'll turn the call over to Dan.

有關可能對我們的業務產生重大影響的風險因素的更多信息，請參閱我們的 S-1 文件（向美國證券交易委員會提交的 10-K 表格年度報告），該文件可在我們網站的“投資者關係”部分找到。說完這些，我就把電話轉給丹。

Thanks, Jeff, and welcome, everyone, to our first quarterly earnings call at T1 Energy. To put it mildly, it has been a busy last several months following T1's transformative acquisition of Trina Solar's US manufacturing assets, and we're excited to update you on our recent progress and our vision for the business today.

謝謝傑夫，歡迎大家參加 T1 Energy 的第一次季度財報電話會議。坦白說，在 T1 對天合光能美國製造資產進行轉型收購之後，過去幾個月一直很忙碌，我們很高興向您通報我們最近的進展以及我們對今天的業務的願景。

Today's headline is that this is a completely different company than when we spoke to you last in November of 2024. T1 is now a commercial enterprise that is generating revenues, and we now own and operate a state-of-the-art manufacturing facility here in the company's new home of Texas. And today, we announced our plans to make a significant new investment here in Texas to create jobs and provide scalable, reliable, low-cost energy for America.

今天的標題是，這是一家與我們在 2024 年 11 月上次與您交談時完全不同的公司。T1 現在是一家正在創造收入的商業企業，我們現在在公司位於德克薩斯州的新址擁有並經營著一家最先進的製造工廠。今天，我們宣布了在德克薩斯州進行重大新投資的計劃，以創造就業機會並為美國提供可擴展、可靠、低成本的能源。

None of this would be possible without the support of our shareholders, partners, and customers for whom we are grateful. With G1 Dallas up and running, we're excited to showcase this highly automated and efficient facility, as we did recently when we hosted a group led by Goldman Sachs for our first investor tour. So T1 is open for business. Our teams are energized, focused, and playing offense 24/7 to achieve the big aspirations we have for T1 in 2025 and beyond.

如果沒有股東、合作夥伴和客戶的支持，這一切都不可能實現，我們對此深表感謝。隨著 G1 達拉斯的投入運營，我們很高興展示這個高度自動化和高效的設施，就像我們最近接待由高盛領導的團隊進行我們的第一次投資者之旅時所做的那樣。因此 T1 已開始營業。我們的團隊充滿活力、專注且全天候投入進攻，以實現我們對 2025 年及以後 T1 的遠大抱負。

Now let's start on slide 4 with our key messages for today. We are executing a rapid corporate transformation (technical difficulty) T1, highlighted by the Trina acquisition and the implementation of our new strategy as one of the largest US solar module producers; the launch of our corporate rebranding as T1 Energy; the relocation of our global headquarters to Austin, Texas; integration activities as part of a new organization; and the start of our commercial journey with the achievement of our first revenues.

現在讓我們從投影片 4 開始介紹今天的關鍵訊息。我們正在進行快速的企業轉型（技術難度）T1，亮點是收購天合光能和實施我們作為美國最大的太陽能電池組件生產商之一的新戰略；啟動公司品牌重塑，更名為 T1 Energy；將我們的全球總部遷至德克薩斯州奧斯汀；作為新組織的一部分的整合活動；隨著我們實現第一筆收入，我們開始了商業之旅。

The centerpiece of this transformation is G1 Dallas, which is one of the most advanced solar module manufacturing facilities in the world. Thanks to the dedication of our operating teams, we are pleased to report this morning that the ongoing ramp of module production at G1 is proceeding considerably ahead of plan.

轉型的核心是 G1 達拉斯，它是世界上最先進的太陽能電池組件製造工廠之一。感謝我們營運團隊的奉獻，我們很高興今天上午報告，G1 模組產量的持續提升正在大大提前於計劃進行。

While operations have been ramping at G1, our corporate leadership team has been working in parallel to advance the key initiatives that will drive the next phase of T1's growth. This morning, we announced that we have finalized the selection of Sandow Lake Ranch in Milam County, Texas as a project site for our planned five-gigawatt US solar cell manufacturing facility, which will be named G2 Austin. Having closed the acquisition on schedule, the process with the Committee on Foreign Investment in the United States is ongoing after the parties to the transaction filed a joint voluntary notice.

在 G1 業務不斷擴大的同時，我們的企業領導團隊也同步推動推動 T1 下一階段成長的關鍵措施。今天上午，我們宣布已最終選定位於德克薩斯州米拉姆縣的桑多湖牧場作為我們計劃中的 5 千兆瓦美國太陽能電池製造工廠的項目所在地，該工廠將被命名為 G2 奧斯汀。此次收購已按計劃完成，在交易雙方提交聯合自願通知後，與美國外國投資委員會的程序仍在進行中。

And finally, as Evan will detail shortly, our initial 2025, '26 operational financial guidance is unchanged. We are advancing capital formation initiatives to fund construction of G2 Austin and other growth opportunities, and we are pursuing non-core asset sales of our legacy European portfolio.

最後，正如 Evan 即將詳細介紹的那樣，我們最初的 2025 年、2026 年營運財務指導保持不變。我們正在推動資本形成計劃，為 G2 奧斯汀的建設和其他成長機會提供資金，並且我們正在尋求出售我們傳統的歐洲投資組合中的非核心資產。

Turning to slide 5, let's start today with an overview of T1 energy and our value proposition. We are now one of the largest solar module manufacturers in the United States, with G1 Dallas representing roughly 10% of installed domestic capacity. Among US companies with a domestic module manufacturing footprint, we believe that T1 is the only US company with the capability to deliver US manufactured modules with industry leading PERC and TOPCon technologies through our commercial partnership with Trina.

翻到第 5 張投影片，今天讓我們先來概述 T1 能源和我們的價值主張。我們目前是美國最大的太陽能電池組件製造商之一，其中 G1 達拉斯工廠約占美國國內安裝容量的 10%。在美國擁有國內組件製造業務的公司中，我們相信，T1 是唯一一家能夠透過與天合光能的商業合作，提供採用業界領先的 PERC 和 TOPCon 技術的美國製造組件的美國公司。

G1 Dallas provides one with a state-of-the-art US manufacturing platform from which we intend to vertically integrate up the domestic solar value chain. Today, we announced an important next step to advance the strategy with the site selection for our planned G2 Austin solar cell manufacturing facility. And we are engaged with potential partners to accelerate further upstream on the value chain with the objective of maximizing the domestic content of our products.

G1 達拉斯為我們提供了最先進的美國製造平台，我們打算藉此垂直整合國內太陽能價值鏈。今天，我們宣布了推進該戰略的下一個重要步驟，即為計劃中的 G2 奧斯汀太陽能電池製造工廠選址。我們正在與潛在合作夥伴合作，進一步加速向價值鏈上游的發展，以最大限度地提高我們產品的國內含量。

In the process, we expect to establish an American solar supply chain that creates new jobs for the communities in which we operate. We expect to competitively differentiate T1 by pairing our domestic content strategy with our access to Trina's technology portfolio while we onshore solar operations and supply chain expertise.

在此過程中，我們希望建立一條美國太陽能供應鏈，為我們營運所在的社區創造新的就業機會。我們希望透過將我們的國內內容策略與天合光能的技術組合結合，同時結合我們在岸太陽能營運和供應鏈專業知識，實現 T1 的競爭差異化。

Developers want US domestic content to maximize bonuses under the Inflation Reduction Act and to reduce their exposure tariffs, but they also demand solar and storage products that are highly energy efficient. T1 plans to deliver solutions that check all those boxes for our customers.

開發商希望使用美國國產產品，以最大限度地提高《降低通貨膨脹法案》下的獎金，並降低其暴露關稅，但他們也要求太陽能和儲能產品具有很高的能源效率。T1 計劃為我們的客戶提供滿足所有這些要求的解決方案。

Now, let's turn to slide 6 for a look at the US solar battery storage opportunity that is T1's strategic focus. Our corporate transformation positions us to build on our US solar manufacturing position and to leverage our team's expertise in the battery markets. Solar and battery storage developments are among the fastest growing resources of electricity supply in the US based on declining costs and the speed with which our customers can bring projects online.

現在，讓我們翻到第 6 張投影片，看看 T1 的戰略重點——美國太陽能電池儲存機會。我們的企業轉型使我們能夠鞏固我們在美國太陽能製造業的地位，並利用我們團隊在電池市場的專業知識。基於成本下降和客戶上線專案的速度，太陽能和電池儲存開發是美國成長最快的電力供應資源之一。

Demand for these solutions in the US is expected to continue growing. The emergence of power intensive industries such as AI and cryptocurrencies, and the electrification of the transportation sector will necessitate significant investment in the US grid.

預計美國對這些解決方案的需求將繼續增長。人工智慧和加密貨幣等電力密集型產業的出現以及交通運輸領域的電氣化將需要對美國電網進行大量投資。

Solar and battery storage is emerging as a preferred solution to provide low carbon, reliable, cost competitive power while enhancing grid reliability. We plan to build T1's US manufacturing vertical and commercial enterprise to establish a US domestic content leader in the solar and battery storage market.

太陽能和電池儲存正在成為提供低碳、可靠、具有成本競爭力的電力並提高電網可靠性的首選解決方案。我們計劃打造T1的美國製造垂直和商業企業，以在太陽能和電池儲存市場中打造美國國內內容領導者。

Turning to size 7. Let's review the recent progress we have made to transform T1. As I said earlier, this is a completely different company than when we spoke last with you in November '24, and our transformation and growth are just the beginning.

轉向尺寸 7。讓我們回顧一下我們最近為改造T1所取得的進展。正如我之前所說，這與我們上次在 2024 年 11 月與您交談時的公司完全不同，我們的轉型和成長才剛剛開始。

After announcing the transformative acquisition of Trina's US solar manufacturing assets in early November, we successfully closed the transaction on an accelerated timeline in December 2024. In February, we relocated our global headquarters to Austin, Texas, which has become a hub of renewable energy talent that we can tap into to build our organization.

在 11 月初宣布對天合光能美國太陽能製造資產進行轉型收購後，我們於 2024 年 12 月成功加速完成了交易。今年 2 月，我們將全球總部遷至德州奧斯汀，這裡已成為再生能源人才的中心，我們可以利用這些人才來建立我們的組織。

We'll be moving into our new headquarters in Austin later this month. In conjunction with our relocation, we completed the sale of our Coweta County, Georgia land for net proceeds of $22.5 million.

我們將於本月稍後遷入位於奧斯汀的新總部。在搬遷的同時，我們也完成了位於喬治亞州考維塔縣的土地的出售，淨收益為 2,250 萬美元。

Later in February, we announced the launch of our global rebranding as T1 Energy. The T1 brand aligns with our vision to build American solar and battery storage supply chains to deliver scalable, reliable, low-cost energy, and to create American jobs as we grow our business.

2 月下旬，我們宣布推出全球品牌重塑，更名為 T1 Energy。T1 品牌與我們的願景一致，即建立美國太陽能和電池儲存供應鏈，以提供可擴展、可靠、低成本的能源，並在發展業務的同時創造美國就業機會。

This morning, we are pleased to announce that we've selected Sandow Lakes Ranch in Milam County, Texas as a project site for our planned five-gigawatt US solar cell manufacturing facility, G2 Austin. Site selection for development of this size typically takes about a year, and thanks to the work of our project development team, we have completed the process in approximately 100 days. We have a small team of folks working on several initiatives at once, and this achievement is a testament to the dedication and skill of T1's people.

今天上午，我們很高興地宣布，我們已選定位於德克薩斯州米拉姆縣的桑多湖牧場作為我們計劃中的 5 千兆瓦美國太陽能電池製造工廠 G2 Austin 的項目所在地。這種規模的開發專案的選址通常需要大約一年的時間，但由於我們專案開發團隊的努力，我們在大約 100 天內完成了整個過程。我們有一個小團隊同時致力於多項計劃，這項成就證明了 T1 員工的奉獻精神和技能。

And finally this morning, we report that the ramp of solar module production at our G1 Dallas facility is proceeding well ahead of schedule. T1 is now a revenue generating company with a world-class operating asset.

最後，今天上午，我們報告稱，我們 G1 達拉斯工廠的太陽能電池組件產量提升正在提前完成。T1 現在是一家擁有世界一流營運資產的創收公司。

Although we are pleased that we have begun our commercial journey with our first revenues, our potential earnings power in 2027 and onward as we integrate our US solar operation is what really excites us. And as we indicated in the November '24 transaction presentation, our planned US solar cell facility, G2 Austin, is expected to be T1's earnings and cash flow engine as we get beyond 2026. So we are pleased to have completed and announced site selection today on our accelerated timeline.

雖然我們很高興已經憑藉第一筆收入開始了我們的商業之旅，但隨著我們整合美國太陽能業務，我們在 2027 年及以後的潛在盈利能力才是真正讓我們興奮的。正如我們在 2024 年 11 月的交易報告中所指出的那樣，我們計劃在美國建造的太陽能電池工廠 G2 Austin 預計將在 2026 年以後成為 T1 的盈利和現金流引擎。因此，我們很高興今天按照加快的時間表完成並宣布了選址工作。

On slide 8, we provide an update on our operations at G1 Dallas, T1's state-of-the-art US solar module manufacturing facility. This morning, we reported that production output at G1 is significantly ahead of plan.

在第 8 張投影片上，我們提供了 G1 達拉斯（T1 最先進的美國太陽能電池組件製造工廠）的運作情況的最新情況。今天早上，我們報告 G1 的產量大大超出計劃。

For the months of January and February, actual production exceeded our forecast by nearly 50%, which speaks to the quality of our operations teams who are working with leading edge, proven production line equipment technology. With four lines already on production and construction installation activities expected to be complete during the first half of 2025, we're on track to achieve our full year 2025 production target of 3.4 gigawatts.

一月和二月的實際產量超出了我們的預測近 50%，這證明了我們的營運團隊的素質，他們正在使用領先的、成熟的生產線設備技術。目前已有四條生產線投入生產，預計施工安裝工作將於 2025 年上半年完成，我們預計將實現 2025 年全年 3.4 千兆瓦的生產目標。

The production output of G1 has enabled us to build an inventory buffer to ensure timely deliveries to our customers as off-take contracts are activated and merchant sales commence. As Evan will detail shortly, we expect to convert the G1 construction loan that we inherited to a term loan from our consortium of banks in the second quarter. The loan conversion is another milestone in T1's financial and commercial development.

G1 的生產輸出使我們能夠建立庫存緩衝，以確保在承購合約啟動和商家銷售開始時及時向客戶交貨。正如 Evan 稍後將詳細說明的那樣，我們預計將在第二季將我們繼承的 G1 建設貸款轉換為來自我們銀行財團的定期貸款。此次貸款轉換是T1金融和商業發展的另一個里程碑。

Going forward, our priorities for G1 are to convert the construction loan, continue our integration and knowledge sharing efforts as we staff up operations, develop our offtake portfolio 2026 and beyond through our integrated marketing and sales initiatives, and drive adoption of T1's internal safety protocols. On behalf of the T1 Board of Directors and management team, I wish to thank our people at G1 Dallas for delivering running start from the world-class operating asset.

展望未來，我們對 G1 的首要任務是轉換建設貸款，在增加營運人員的同時繼續進行整合和知識共享工作，透過綜合行銷和銷售計劃開發 2026 年及以後的承購組合，並推動採用 T1 的內部安全協議。我謹代表 T1 董事會和管理團隊，感謝 G1 達拉斯的員工利用世界級的營運資產取得良好開端。

Now, let's turn to slide 9 to discuss today's landmark announcement of our planned US solar cell manufacturing development G2 Austin. Today, we announced that T1 has selected Sandow Lakes Ranch in Milam County, Texas as a project site for G2 Austin. As we highlighted in the November 2024 transaction presentation, migrating upstream on the US solar value chain into domestic cell production presents a meaningful EBITDA generation opportunity for T1.

現在，讓我們翻到第 9 張幻燈片來討論我們今天宣布的具有里程碑意義的計劃：美國太陽能電池製造開發項目 G2 Austin。今天，我們宣布 T1 已選擇位於德克薩斯州米拉姆縣的桑多湖牧場作為 G2 奧斯汀的項目地點。正如我們在 2024 年 11 月的交易報告中所強調的那樣，將美國太陽能價值鏈上游遷移到國內電池生產為 T1 帶來了有意義的 EBITDA 生成機會。

Bringing this facility online will position T1 as one of the few integrated US cell and module producers, and this integration strategy is intended to provide T1's module customers with enhanced domestic content, and the potential to stack the associated Section 48E bonuses. With site selection complete, our teams are preparing to commence detail engineering while we advance our capital formation initiative to fund constructions of G2 Austin. Accordingly, we are still targeting the start of construction around mid-year in either Q2 or Q3 2025, and we anticipate first production in Q4 2026.

該工廠的上線將使 T1 成為美國為數不多的綜合電池和模組生產商之一，而這項整合策略旨在為 T1 的模組客戶提供增強的國內內容，以及累積相關第 48E 條獎金的潛力。隨著選址工作的完成，我們的團隊正準備開始詳細工程，同時我們推進資本形成計劃，為 G2 Austin 的建設提供資金。因此，我們仍計劃在 2025 年第二季或第三季中期開始建設，並預計在 2026 年第四季首次投入生產。

Moving slide 10, I'll update you on the transaction timelines and milestones. The transaction closed on the accelerated schedule in December 2024. As part of the transaction consideration, Trina's Swiss entity received 9.9% of T1's common equity post-money, and a $50 million preferred tranche from Encompass Capital was issued.

轉到第 10 張投影片，我將向您更新交易時間表和里程碑。該交易於2024年12月依加速計畫完成。作為交易對價的一部分，天合光能的瑞士實體獲得了 T1 9.9% 的普通股投資後收益，並從 Encompass Capital 發行了 5,000 萬美元的優先股。

As previously communicated, we have submitted a voluntary filing with the Committee on Foreign Investment in the United States, or CFIUS. CFIUS approval is a precondition to the first anticipated share conversion we highlighted in the November transaction announcement. As we also indicated in November, a second share conversion would follow and be conditioned upon a shareholder vote later this year.

如同先前所通報的，我們已向美國外國投資委員會（CFIUS）提交了一份自願文件。CFIUS 批准是我們在 11 月交易公告中強調的首次預期股票轉換的先決條件。正如我們在 11 月指出的那樣，第二次股票轉換將隨後進行，並取決於今年稍後的股東投票。

And with that, I'll turn the call over to Evan.

說完這些，我會把電話轉給埃文。

Thank you, Dan. Starting on slide 11, I'll take you through our financials highlights from 4Q and some key finance initiatives. As Dan mentioned, we closed the transaction shortly before year end, and G1 Dallas is our first commercial asset in operations. This is a completely new company and it's visible in the financials.

謝謝你，丹。從第 11 張投影片開始，我將帶您了解我們第四季的財務亮點和一些關鍵的財務舉措。正如丹所提到的，我們在年底前不久完成了交易，G1 達拉斯是我們營運的第一個商業資產。這是一家全新的公司，這點從財務狀況就可以看出來。

The acquisition is fully reflected in our balance sheet for 12/31/24, while the incoming cash flow statements cover eight days of G1 operations. I'll walk you through some of the associated changes to our financials, but this will be visible in greater detail in our 10-K, which should be filed shortly.

此次收購已完整反映在我們 2024 年 12 月 31 日的資產負債表中，而即將收到的現金流量表則涵蓋了 G1 八天的營運情況。我將向您介紹我們財務狀況的一些相關變化，但這將在我們即將提交的 10-K 文件中更詳細地展示。

The highlights. I'll start with P&L. I'm pleased to report that T1 is no longer a free revenue company. During the eight days in 4Q '24, following the closing transaction, T1 generated the first revenues in the company's history with sales from G1 Dallas, and we continue to make sales in Q1 '25. With current production ramping at G1 into year end, you can see that we have significant working capital builds and inventory and other current assets such as supplier advances.

亮點。我先從損益表開始。我很高興地報告，T1 不再是一家免費獲利的公司。在完成交易後的 2024 年第四季的八天內，T1 憑藉 G1 達拉斯的銷售創造了公司歷史上的第一筆收入，並且我們將在 2025 年第一季繼續銷售。隨著目前 G1 產量在年底不斷攀升，您可以看到我們擁有大量的營運資金和庫存以及其他流動資產，例如供應商預付款。

On the other side of the balance sheet, current liabilities are highlighted by a $48 million deferred revenue associated with customer offtakes. These are advanced payments. They reflect 50% of the quarterly price on our two cost-plus offtake contracts in each quarter. In addition, we assume long-term debt of $427 million from Trina, and $81 million convertible note as per the terms of the transaction.

在資產負債表的另一邊，流動負債的亮點是與客戶承購相關的 4,800 萬美元遞延收入。這些是預付款。它們反映了我們每季兩份成本加成承購合約的季度價格的 50%。此外，根據交易條款，我們承擔天合光能 4.27 億美元的長期債務和 8,100 萬美元的可轉換票據。

Turning our attention to G1 Dallas facility, we expect to complete the conversion, as Dan had mentioned, of the G1 construction loan to a term loan on or before April 30, a conversion -- and this is important, the conversion is conditioned upon installation, commissioning, testing, and an independent engineer's opinion that all seven production lines are on and operating in their intended purpose. We're on track to achieve that thanks to the excellent work of Borge and our operations team.

將我們的注意力轉向 G1 達拉斯工廠，正如丹所提到的，我們預計將在 4 月 30 日或之前完成將 G1 建設貸款轉換為定期貸款的轉換——這一點很重要，轉換取決於安裝、調試、測試以及獨立工程師的意見，即所有七條生產線均已投入使用並按預期用途運行。感謝 Borge 和我們的營運團隊的出色工作，我們正朝著實現這一目標的方向前進。

As Dan noted earlier, we are executing an accelerated global strategic transformation of T1. So while we're building our business, staffing key positions, and ramping-up operations in the US, we're also winding down our legacy operations in Europe. Accordingly, we have reclassified our European business as discontinued operations, recorded a $313 million non-cash charge for our legacy assets, and designated Giga Arctic and the CQP as held for sale and marked down their aggregate value to $43 million. These assets, Giga Arctic and CQP, are held for sale and will be marked to market on a quarterly basis.

正如丹之前提到的，我們正在加速T1的全球策略轉型。因此，在我們在美國建立業務、配備關鍵職位和擴大業務的同時，我們也逐漸減少在歐洲的傳統業務。因此，我們將歐洲業務重新歸類為已終止經營業務，為我們的遺留資產計入 3.13 億美元的非現金費用，並將 Giga Arctic 和 CQP 指定為持有待售，並將其總價值下調至 4,300 萬美元。這些資產，Giga Arctic 和 CQP，被持有待售，並將按季度按市價計價。

We are committed to generating value for our legacy assets, and we have retained a financial adviser to run a sale process for non-core assets, which is focused on Giga Arctic. The facility is attracting interest to its location, the abundance of hydroelectric power in the region, and could potentially be repurposed as a data center or for other power intensive application.

我們致力於為我們的遺留資產創造價值，並且我們聘請了一位財務顧問來負責非核心資產的銷售流程，重點是 Giga Arctic。該設施因其地理位置、該地區豐富的水力發電資源而受到人們的關注，並有可能被重新用作資料中心或其他電力密集型應用。

Let's turn to slide 12 and some financial color on our G2 Austin US solar cell project. As we indicated in November, this manufacturing facility is the centerpiece of our US solar vertical integration strategy, and it's the key step to developing the pathway to maximizing the domestic content of our solar modules from T1.

讓我們翻到第 12 張投影片，了解 G2 Austin 美國太陽能電池計畫的一些財務狀況。正如我們在 11 月指出的那樣，該製造工廠是我們美國太陽能垂直整合戰略的核心，也是開發從 T1 開始最大限度提高太陽能組件國產化水平的途徑的關鍵一步。

As Dan indicated, domestic content is demanded by utility scale developers and has attractive margins. I'd like to start by recognizing the outstanding work of our project development team and reaching site selection on an accelerated timeline. They completed the process that typically takes more than a year in approximately 100 days, which is a meaningful achievement.

正如丹所指出的，公用事業規模的開發商需要國產產品，而且國產產品的利潤率頗具吸引力。首先，我要表彰我們專案開發團隊的出色工作以及在加速的時間內完成選址。他們用大約100天的時間完成了通常需要一年以上的時間才能完成的過程，這是一個很有意義的成就。

With site selection finalized on the accelerated timeline, our Board has authorized the initial project development spending on G2, including feed work, and we are targeting a startup project execution 2Q or 3Q of this year.

隨著選址工作按照加速時間表完成，我們的董事會已批准對 G2 進行初始專案開發支出，包括飼料工作，我們的目標是在今年第二季或第三季啟動專案。

Site selection is also a critical step and a critical T1 commitment that will allow us to execute long-term offtake contracts with high credit quality off-takers for a higher domestic content module. This will underpin our project financing. Finance is active in securing financing for G2, estimated $850 million of CapEx.

選址也是一個關鍵步驟和一項關鍵的 T1 承諾，它將使我們能夠與高信用品質的承購商簽訂長期承購合同，以獲得更高的國內含量模組。這將為我們的專案融資奠定基礎。財務部門正積極為 G2 爭取融資，預計資本支出為 8.5 億美元。

Firstly, we expect project finance will account for up to or exceeding 50% of the cost. We have flexibility of other sources for the balance that include one or two mezzanine financing. We're engaged in active discussions with potential capital providers.

首先，我們預期專案融資將占到成本的50%甚至以上。我們可以靈活地利用其他來源來彌補餘額，包括一到兩次夾層融資。我們正在與潛在的資本提供者進行積極的討論。

Two, for 45X tax credit monetization. This is our module, not sell 45X, so it's a producing asset. And remind, at full capacity, the gross amount of our annual PTC is $259 million. Our merchant PTCs.

二、45倍稅收抵免貨幣化。這是我們的模組，不出售 45X，所以它是一種生產資產。請記住，在滿載的情況下，我們每年的 PTC 總額為 2.59 億美元。我們的商家 PTC。

Third, customer cash down payments tied to new offtake contracts. These are also in current negotiations and as a point of reference, our RWE contract of 500 megawatts at a $40 million deposit that was without domestic content. Number four, and as previously noted, the second preferred tranche of $50 million from Encompass Capital, which is conditioned against certain project milestones.

第三，客戶現金首付與新的承購合約掛鉤。這些也正在談判中，作為參考，我們的 500 兆瓦 RWE 合約定金為 4000 萬美元，不含國內內容。第四，如前所述，Encompass Capital 提供的第二筆優先股為 5,000 萬美元，但需滿足某些專案里程碑的要求。

And really lastly, non-core asset sales. Following the sale of our Coweta, Georgia site, which closed in February. We continue to pursue the European portfolio optimization as a potential source of funding. We expect to have more updates in the following quarters as our finance strategy matures.

最後，非核心資產出售。繼我們於二月關閉位於喬治亞州考維塔的工廠後，我們於二月關閉了該工廠。我們繼續追求歐洲投資組合優化作為潛在的資金來源。隨著我們的財務策略日趨成熟，我們預計在接下來的幾季中會有更多更新。

Let's move to slide 13 for a quick review of our unchanged operational and financial guidance. Guidance is built on production, sales, and cost guidance. As Dan covered, mechanical operation of the facility is pacing better than expected.

讓我們翻到第 13 張投影片來快速回顧我們不變的營運和財務指導。該指導基於生產、銷售和成本指導。正如丹所說，該設施的機械運作進度比預期要好。

On sales, we began delivering on the one-gigawatt Trina contract in January, and we expect the 500-megawatt RWE contract will commence later this month and maintain 500 megawatts in 2025. Trina is our sales agent for our 1.9 gigawatts of merchant volumes in 2025, and we are in conversations with many large-scale utility developers.

在銷售方面，我們於 1 月開始履行 1 吉瓦的 Trina 合同，我們預計 500 兆瓦的 RWE 合約將於本月晚些時候開始，並在 2025 年保持 500 兆瓦。天合光能是我們 2025 年 1.9 千兆瓦商用容量的銷售代理，我們正在與許多大型公用事業開發商進行洽談。

As you can see from the summary table, this builds to a target full year 2025 EBITDA guidance range of $75 million to $125 million, which implies an exit rate at 5.2 gigawatts of $175 to $225 million. And more importantly, with the project development now underway at G2, we're in the early stages of building an integrated US solar cell and module manufacturing operation, which is projected to generate an annual run rate of $600 million to $700 million (sic - see slide 13, "$650 million to $700 million"). That is the prize.

從總結表可以看出，這使得 2025 年全年目標 EBITDA 指引範圍達到 7,500 萬美元至 1.25 億美元，這意味著 5.2 千兆瓦的退出率為 1.75 億美元至 2.25 億美元。更重要的是，隨著 G2 項目開發的進行，我們正處於構建美國太陽能電池和模組綜合製造業務的早期階段，預計年運行率將達到 6 億至 7 億美元（原文如此 - 參見幻燈片 13，“6.5 億至 7 億美元”）。這就是獎品。

So these are all busy and exciting times for (inaudible) T1. We're grateful for the support of our investors through the initial phase of our corporate transformation, and we're committed to stacking high return opportunities to generate shareholder value. And with that, I'll turn the call over to Jaime for an overview of T1's solar vertical integration strategy.

因此，對於 (聽不清楚) T1 來說，這都是忙碌而激動人心的時刻。我們感謝投資人在公司轉型初期給予的支持，並致力於創造高回報機會，為股東創造價值。接下來，我會把電話轉給 Jaime，讓他概述一下 T1 的太陽能垂直整合策略。

Thanks, Evan. Let's move to slide 14. The acquisition of G1 Dallas now gives T1 an American manufacturing platform to maximize US domestic content. The start of the G2 Austin US solar cell project is the first key step to achieving that objective, given that an American manufactured solar module with a domestic cell would satisfy [38%] of the domestic content requirements for developers.

謝謝，埃文。讓我們翻到第 14 張投影片。收購 G1 Dallas 為 T1 提供了一個美國製造平台，以最大限度地提高美國國內內容的含量。G2 奧斯汀美國太陽能電池計畫的啟動是實現該目標的第一步，因為美國製造的太陽能電池組件將滿足開發商 [38%] 的國產化率要求。

While we are constructing that facility, we will pursue options to source additional components from US suppliers with a goal of helping our customers achieve domestic content thresholds that qualify for bonuses under Section 48E of the Inflation Reduction Act. Solar developers are looking for US partners who could supply them with proven, leading edge technology solutions, provide reliable service, and help them maximize these incentives.

在建造該工廠的同時，我們將尋求從美國供應商採購更多零件的選擇，以幫助我們的客戶達到符合《通貨膨脹削減法案》第 48E 條規定的獎金的國內含量門檻。太陽能開發商正在尋找能夠為他們提供成熟的、前沿的技術解決方案、可靠的服務並幫助他們最大限度地利用這些激勵措施的美國合作夥伴。

We now have a roadmap in place to help our customers qualify for these bonuses, and we are positioning T1 to be a leading strategic partner in the US, while we create American manufacturing jobs and deliver much needed energy at scale. And with that I'll turn the call back over to Dan for concluding remarks.

我們現在已經制定了路線圖來幫助我們的客戶獲得這些獎金，並且我們將 T1 定位為美國領先的戰略合作夥伴，同時我們創造美國製造業就業機會並大規模提供急需的能源。最後，我將把電話轉回給丹，請他做最後發言。

Thanks, Jaime. Let's turn now to slide 15 before we take your questions. Following the transformative acquisition we closed Q4, we have hit the ground running in 2025, and we are committed to generating meaningful value for our shareholders.

謝謝，傑米。在回答您的問題之前，讓我們先翻到第 15 張投影片。繼第四季完成變革性收購後，我們將於 2025 年全力以赴，致力於為股東創造有意義的價值。

The first element in the strategy is to advance our corporate transformation. The next items on our to-do list are to complete our integration efforts with G1 teams, optimize our US marketing program to develop our commercial channels, and to proceed through the next stages of the transaction, including the expected G1 construction loan conversion in Q2.

此策略的首要要素是推動企業轉型。我們待辦事項清單上的下一項是完成與 G1 團隊的整合工作，優化我們的美國行銷計劃以開發我們的商業管道，並推進交易的下一階段，包括預計在第二季度進行的 G1 建設貸款轉換。

The second piece is the expansion of T1's American-made supply chain with the continued ramp of G1 Dallas production, initial project development in G2 Austin, and moving forward with options to maximize our US domestic content.

第二部分是擴大 T1 的美國製造供應鏈，繼續提高 G1 達拉斯的產量，在 G2 奧斯汀進行初步專案開發，並繼續推進最大化美國國內內容的選擇。

The third major priority for T1 is to build a cash flow powerhouse. Now that we are generating revenue from a world-class asset at G1, we are in a position to accelerate our capital formation initiatives and to evaluate additional high return opportunities on the US solar and battery storage value chains.

T1 的第三大優先事項是打造強大的現金流。現在，我們正在從 G1 的世界級資產中獲得收入，我們可以加快我們的資本形成計劃，並評估美國太陽能和電池儲存價值鏈上的更多高回報機會。

Before we take your questions, I'll echo Evan's gratitude to our investors, and I want to commend our employees for their dedication of T1's mission. We are establishing a corporate culture at T1 that reflects the entrepreneurial spirit of our new global headquarters in Austin, Texas, and the financial hub in New York City.

在回答大家的問題之前，我想表達埃文對我們投資者的感謝，同時我要讚揚我們的員工對 T1 使命的奉獻。我們正在 T1 建立一種企業文化，以體現我們位於德克薩斯州奧斯汀的新全球總部和紐約市金融中心的企業家精神。

On behalf of T1's Board of Directors and the leadership team, thank you to our employees, customers, partners, and investors for all that you do. And with that, I'll turn it back to Jeff to coordinate the Q&A. Jeff.

我代表 T1 董事會和領導團隊，感謝我們的員工、客戶、合作夥伴和投資者所做的一切。說完這些，我會把時間交還給傑夫來協調問答環節。傑夫。

Thanks, Dan. Operator, we're ready to open up the lines.

謝謝，丹。接線員，我們已準備好開通線路。

(Operator Instructions) Gregory Lewis, BTIG.

（操作員指示）Gregory Lewis，BTIG。

I did want to talk a little bit about the outlook for 2025. It sounded like in the prepared remarks you mentioned, off take for 1.9 gigawatts, I believe initially it was 1.5. Is there any incremental offtake?

我確實想談談 2025 年的展望。聽起來就像您在準備好的評論中提到的，1.9 千兆瓦的產量，我相信最初是 1.5 千兆瓦。有任何增量購買嗎？

And then just as we think about it, Dan, you mentioned around potential inventories, realizing that we have the 3.4 gigawatt target, the ramp seems like it's going, seems it is going better than expected, how do we think about connecting dots or managing this ongoing production ramp with the offtake and really like how should we be thinking about like building ahead of those, maybe some offtake contracts falling into place?

然後，正如我們所想，丹，您提到了潛在庫存，意識到我們有 3.4 千兆瓦的目標，產量增長似乎正在進行中，似乎比預期的要好，我們如何考慮將各個點連接起來或管理正在進行的生產增長與承購，以及我們真的應該如何考慮在這些之前進行建設，也許一些承購合同已經到位？

Yeah, thanks, Greg. As you mentioned, our production is very much ahead of schedule, and as we ramp that up, we'll be fulfilling both the Trina and the RWE contracts. As we go into 2025 and as we roll through, it is all about integration with our sales agent, Trina, to build out those merchant and new contracted volumes, and we commit to disclosing to the market as those come into place and, at a minimum, at a quarterly basis.

是的，謝謝，格雷格。正如您所說，我們的生產進度大大提前，隨著生產進度的加快，我們將履行 Trina 和 RWE 的合約。隨著我們進入 2025 年並不斷發展，我們將與銷售代理商 Trina 進行整合，以擴大這些商家和新合約的數量，並且我們承諾在這些事項到位時向市場披露信息，並且至少每季度披露一次。

So we remain confident about the demand profile. We're very active with our sales agent, Trina, to build out that profile. And we do have the quality of the product, both the QA and the QC, major utility scale customer has visited the site. There's comfort among the quality of that.

因此我們對需求狀況仍然充滿信心。我們正積極與銷售代理 Trina 合作，以創造這個形象。我們的產品確實有質量，包括 QA 和 QC，主要的公用事業規模客戶已經訪問過該網站。這種品質讓人感到舒適。

And as we, as a sublicense, of the Trina technology are delivering as those customers expect. Evan, if you'd like to give a little bit more color to the profile as Greg asked about.

作為天合光能技術的再授權商，我們正在滿足客戶的期望。埃文，如果你想像格雷格所問的那樣，為個人資料添加更多色彩。

Yeah, it's 1.5 gigawatts of the offtake, right? So that's what we have. The 1.9, it relates to merchant exposure. And as I mentioned, they're both cost-plus contracts and one is the Trina offtake has been delivering since January 1, and we've been performing on that offtake. And the RWE contract will start up later this quarter and be in for the full effect of 2025.

是的，這是 1.5 千兆瓦的出力，對嗎？這就是我們所擁有的。1.9，它與商家曝光有關。正如我所提到的，它們都是成本加成合同，其中一份是天合光能的承購合同，自 1 月 1 日以來一直在交付，我們也一直在履行這份承購合同。RWE 合約將於本季稍後啟動，並將於 2025 年全面生效。

What I think the key message here is that like 30% of our volumes are contracted right now. Today's announcement of site location is really going to catalyze the team, and Rob is a new member here of the team, and we're excited. He's been having conversation on offtake for over the past year.

我認為這裡的關鍵訊息是，我們現在約有 30% 的業務量已簽約。今天宣布的站點位置確實會為團隊帶來正面的影響，而 Rob 是團隊的新成員，我們對此感到非常興奮。過去一年多來，他一直在談論承購事宜。

As we move into our investment decision and as we look at the 2027 outlook, we expect that up to 60% of our volumes will be contracted and will be contracted under long-term attractive rate type contracts. And those contracts also embed some type of rope elements, so a year prior, you could be almost 80% contracted.

當我們做出投資決策並展望 2027 年前景時，我們預計高達 60% 的交易量將簽訂合同，並將根據長期有吸引力的費率類型合約簽訂。而且這些合約還包含某種形式的約束元素，因此一年前，你可能已經簽訂了近 80% 的合約。

So as Dan mentioned, Trina, our sales agent as it relates to our merchant volumes through the transition, but as we reach 2027, which is really the free cash flow generation maturity of our business, the amount and the volatility as it relates to anything in the merchant market or as it relates to things that are non-cost-plus, really improve over that time. Hopefully that's helpful.

因此，正如丹所提到的，天合光能，我們的銷售代理，在轉型過程中與我們的商家數量有關，但隨著我們到達 2027 年，這實際上是我們業務的自由現金流產生成熟期，與商家市場中的任何事物或非成本加成事物相關的數量和波動性，在那段時間內確實會改善。希望這會有所幫助。

No, super helpful. And then if you could talk a little bit about, I guess we're in the process of taking the initial loan to converting it out to a term loan as 2025 plays out; could there be an opportunity to increase liquidity from that term loan for the company as a whole, or is it just should we expect that to be more neutral?

不，非常有幫助。然後，如果您可以稍微談談，我想我們正處於將初始貸款轉換為定期貸款的過程，到 2025 年就將如此；是否有機會通過該定期貸款來增加整個公司的流動性，或者我們是否應該期望它更加中性？

Yeah, I think the term loan conversion itself. The important thing about the term loan conversion is that it's happening here in April 30 is the deadline. We think it happens prior to that, and one of the requirements for that conversion is that entire 5.2 gigawatts are installed, mechanically tested, commissioned, and audited by an independent engineer, right? So like mechanically at least. that risk is going better and is ahead of schedule, as Dan mentioned earlier.

是的，我認為是貸款轉換這個術語本身。定期貸款轉換的重要之處在於，轉換將於 4 月 30 日截止。我們認為這會在那之前發生，轉換的要求之一是整個 5.2 千兆瓦都由獨立工程師安裝、機械測試、調試和審核，對嗎？至少從機械角度來說是這樣。正如丹之前提到的，風險正在好轉，並且提前完成了計劃。

In terms of additional liquidity, I think it really relates to the moment that we -- and here's the sequence. We announced location today. We sign off date contracts. We begin to sign those offtake contracts that underpin project financing for G2.

就額外的流動性而言，我認為這確實與我們的時刻有關 - 這是順序。我們今天公佈了地點。我們簽署了日期合約。我們開始簽署那些為 G2 專案融資提供支援的承購合約。

At that point, which we're guiding it 2Q to 3Q, there's a larger project financing that may or may not subsume the existing G1 financing that would provide incremental liquidity for the period in which we're going to have a heavier CapEx spend. And by year end, we're projecting a full ramp of our facility.

屆時，我們將在第二季至第三季指導一項更大規模的專案融資，該融資可能會或可能不會吸收現有的 G1 融資，這將為我們資本支出較大的期間提供增量流動性。到今年年底，我們預計我們的設施將全面投入使用。

Okay. Great. And then just on the solar cell facility in Austin, I guess, G2. You do a good job of laying out on slide 12 the pathway forward in terms of financing. I guess as we think about, in preparation for that over the next couple quarters as I imagine, the project financing is coming later rather than earlier. I guess broad strokes, how are we thinking about when we're going to start putting investing in equity to get the project rolling?

好的。偉大的。然後我想就奧斯汀的太陽能電池設施來說，G2。您在第 12 張投影片上很好地闡述了融資方面的前進道路。我想，正如我們所想，為了在接下來的幾個季度做好準備，專案融資將會來得更晚而不是更早。我想大致來說，我們如何考慮何時開始進行股權投資以推動專案進度？

And then I think you touched on this around foreign investment. I'm definitely less familiar with this traditionally and maybe, traditional, it doesn't matter in today's world. Like given Trina as a partner, what should maybe like a base case, how much maybe money they can invest alongside G2 as we roll it out?

然後我想您談到了有關外國投資的問題。從傳統上來說，我對此確實不太熟悉，也許，傳統在當今世界並不重要。例如，假設 Trina 是合作夥伴，那麼基本情況應該是怎麼樣的呢？當我們推出 G2 時，他們可以與 G2 一起投資多少錢？

Yeah, thanks, Greg. Just to be clear, we're not looking for further investments from Trina for G2. We are anticipating to finance that through project financing, through mezzanine financing, through various measures that have in detail like 45X production tax credit monetization. Even as new sales contracts come in, those all usually come with customer cash deposits. All of those will be sources of funding for G2.

是的，謝謝，格雷格。需要明確的是，我們並不期望天合光能對 G2 進行進一步投資。我們預計透過專案融資、夾層融資以及 45 倍生產稅收抵免貨幣化等各種措施來為此提供資金。即使有新的銷售合同，通常也都要求客戶支付現金定金。所有這些都將成為G2的資金來源。

For the G2 site and for the location, you mentioned it correctly. That site location is key. That cascades into all aspects for engineering. That cascades all into all aspects for deposits for production line equipment, and all of that work has been activated since we announced the transaction in the fourth quarter of 2024.

對於 G2 站點和位置，您提到正確。該站點位置是關鍵。這會影響到工程的各個方面。這涉及到生產線設備押金的各個方面，自我們在 2024 年第四季宣布交易以來，所有這些工作都已啟動。

We have retained SSOE and JFE as engineering support for the project. We have secured power with the ground lease. We have secured water with the ground lease. We have secured permits with the ground lease, and all those activities are up and running. And right now, as we finalize the production line equipment scope, we do intend to anticipate start of production around mid-year.

我們已聘請 SSOE 和 JFE 為該專案的工程支援。我們已經透過土地租賃獲得了電力。我們已經透過土地租賃獲得了水源。我們已經獲得了土地租賃許可證，所有這些活動都已啟動並開始進行。現在，當我們最終確定生產線設備範圍時，我們確實打算預計在年中左右開始生產。

So we see that project cascading well. We're working very effectively and as you know, we have the license rights to the Trina technology that gives us a huge advantage in terms of suppliers, in terms of equipment, and it gives us a huge advantage in terms of timelines. So we anticipate and we're very excited about the announcement today.

因此，我們看到該專案進展順利。我們的工作非常高效，正如你所知，我們擁有天合光能技術的許可權，這使我們在供應商、設備方面具有巨大優勢，並且在時間表方面也為我們帶來了巨大優勢。因此，我們對今天的公告充滿期待並且感到非常興奮。

Yeah, just that, Greg, we have authorized, as mentioned, spending $8 million right now, in the feed. So we're making capital spending in conjunction with the lease today, and we'll be spending money for feed up until the point that we reach that decision.

是的，格雷格，正如提到的那樣，我們已經授權現在在 feed 上花費 800 萬美元。因此，我們今天將結合租賃進行資本支出，並且在做出決定之前，我們將花錢購買飼料。

And in terms of your sequencing of the capital, I think there's two elements that can come in sooner and which are basically the deposit. So as we execute long-term offtake contracts, this is what the market demands, and in our perspective and our view, that they will include some element of deposit, which will be announced when we enter those contracts.

就資本的排序而言，我認為有兩個要素可以更快到位，基本上就是存款。因此，當我們執行長期承購合約時，這就是市場的需求，並且從我們的角度來看，它們將包含一些存款元素，這將在我們簽訂這些合約時宣布。

And secondly, your forward PTC monetization can happen. So those two things happen sooner. The other two, all the rest of the capital comes contemporaneously with the project financing, like it all comes at the same second.

其次，您未來的 PTC 貨幣化就可以實現。所以這兩件事發生得更快。另外兩個，所有剩餘的資本都與專案融資同時到來，就像它們都在同一秒鐘到來一樣。

Great. And then just one more for me. Just given the focus on building out the customer base and getting more off take. I mean, you took over a plant from one of the largest solar companies in the world. That's great.

偉大的。然後我再說一次。只是專注於擴大客戶群並獲得更多收益。我的意思是，你接管了世界上最大的太陽能公司之一的工廠。那太棒了。

Now, that the facility is up and running, do customers want or need to come to the site to do their own due diligence? Or is it something where really the due diligence is done and it's more just around negotiations at this point?

現在，該設施已經啟動並運行，客戶是否希望或需要來到現場進行自己的盡職調查？或者這真的是盡職調查已經完成並且目前更多的只是圍繞談判的事情？

Yeah, look, there's various elements. Many of these institutional utility scale customers know Trina for years, if not decades. We have had customer visits to the site to visit the new facility. A lot of it is the comfort about the new facility in the United States. And so far as we're getting feedback from the utility scale customers, they are impressed and very happy with the level of sophistication and automation of the equipment.

是的，看，有各種各樣的元素。許多機構公用事業規模的客戶已經認識天合光能好幾年甚至幾十年了。我們已經接待過客戶來現場參觀新工廠。其中很大一部分原因是美國新設施的舒適度。就我們從公用事業規模客戶那裡得到的回饋而言，他們對設備的複雜程度和自動化程度印象深刻且非常滿意。

As that site keeps ramping-up, we'll be updating the market in terms of the production guidance, and as I mentioned, this is well ahead of schedule. And on the G2 site, it's very important that as we begin construction at the middle of this year, we do look to begin production on the solar cell site by the end of 2026 in the fourth quarter. When we have those domestic cells, we believe that the combination of domestic cells and the combination of domestic modules will enable us to be a very important part of the US supply chain for solar.

隨著該站點的不斷擴大，我們將根據生產指導更新市場，正如我所提到的，這遠遠提前於計劃。對於 G2 工廠而言，非常重要的一點是，隨著我們在今年年中開始建設，我們確實希望在 2026 年底（第四季）之前開始生產太陽能電池工廠。當我們擁有這些國產電池時，我們相信國產電池和國產模組的組合將使我們成為美國太陽能供應鏈中非常重要的一部分。

Yeah, we'd love to get you out of the facility and you can see the facility. And if you want to bring some investors to do a tour, I think you'll be impressed.

是的，我們很樂意帶您離開設施，您可以參觀該設施。如果你想帶一些投資者來參觀，我想你會留下深刻的印象。

Sounds good, everybody. Hey, thanks for taking my time today and have a great rest of the day.

聽起來不錯，各位。嘿，感謝您今天抽出時間，祝您今天剩餘時間過得愉快。

(Operator Instructions) And there are no further questions at this time. I will now turn the call back over to Jeff Spittel for closing remarks.

（操作員指示）目前沒有其他問題。現在我將把電話轉回給 Jeff Spittel 做結束語。

All right. Thank you, everyone. I appreciate everybody joining and we will see you out on the road this quarter and as Evan said, look forward to hosting people at the new facility. We'll talk to you soon. This will conclude the call.

好的。謝謝大家。我感謝大家的加入，我們將在本季的路上見到你們，正如 Evan 所說，期待在新工廠接待大家。我們很快會和你聯絡。通話將結束。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。