First Solar 2023 Q2 Earnings Call

Hello, good afternoon everyone and welcome to first solar's first quarter 2023 earnings call. This call is being webcast live on the investor section of first solar's website at investor.firstsolar.com. At this time all participants are in a list normally as a reminder today's call is being recorded. I would not like to turn the call over to Richard Romero from first solar investor relations.

大家好，下午好，欢迎来到第一太阳能2023年第一季度收益电话会议。本次会议正在第一太阳能公司投资者页面（investor.firstsolar.com）上以网络直播的方式进行。此刻，所有参与者都已正常列在名单中，提醒一下，今天的通话正在录音。现在，我将呼叫转给第一太阳能投资者关系主管理查德·罗梅罗。

Richard, you may begin. Good afternoon and thank you for joining us. Today the company issued a press release announcing a second quarter 2023 financial results. A copy of the press release and associated presentations are available on first solar's website and investor.firstsolar.com.

大家下午好，感谢各位的参加。今天公司发布了一份新闻稿，宣布了2023年第二季度的财务结果。相关新闻稿和附带的演示资料可以在First Solar的网站和investor.firstsolar.com上找到。Richard，请开始。

With me today I am Mark Woodmark, Chief Executive Officer and Alex Bradley, Chief Financial Officer. Mark will provide a business update. Alex will discuss our financial results and provide updated guidance. Following their remarks we will open the call for questions. Please let this call will include forward looking statements that involve risk and uncertainties. They could cause actual results to differ materially from management's current expectations. We encourage you to review the safe harbor statements contained in today's press release and presentation for more complete description.

今天与我一同的是首席执行官马克·伍德马克和首席财务官亚历克斯·布拉德利。马克将提供业务更新，亚历克斯将讨论我们的财务结果并提供更新的指导意见。在他们发言之后，我们将开放问题提问环节。请注意本通话中可能包含涉及风险和不确定性的前瞻性陈述，这可能导致实际结果与管理层的当前预期有所不同。我们鼓励您查阅今天新闻发布和演示中的安全港声明以获得更完整的描述。

It is now my pleasure to introduce Mark Woodmark, Chief Executive Officer. Thank you Richard. Good afternoon and thank you for joining us today. With half of 2023 behind this we continue to see strengths in commercial, operational and financial foundations both in 2023 and in the coming years as we continue to grow. Second quarter of the year continue to study progress established in the first. As we ramped up production and delivery of our next generation series 7 modules. Reinforced our global leadership and 10 film PB with a strategic acquisition. And continued our strong bookings and ASP momentum.

现在我很荣幸介绍Mark Woodmark，首席执行官。谢谢Richard。下午好，感谢大家今天的参与。随着2023年上半年过去一半，我们继续看到商业、运营和财务基础的实力，无论是在2023年还是未来几年，我们都将继续增长。今年第二季度继续保持了第一季度的进展。当我们加大生产和交付下一代7系列模块时，我们巩固了全球领导地位并通过战略收购加强了10薄膜PB。同时，我们的订单和ASP势头依然强劲。

Moreover continuing our commitment to sustainable long-term growth. Earlier today we announced that we will invest up to 1.1 billion in building a new fully vertically integrated manufacturing facility in the United States. Our fifth in the country. Driven by compelling market fundamentals, supported trade and industrial policies and robust customer demand. As reflected in our year to date bookings, total contracted in both backlog. And pipeline of mid to late state opportunities. We are pleased to continue to expand and invest in domestic manufacturing in the United States.

此外，我们将继续致力于可持续长期增长。今天早些时候，我们宣布将在美国投资高达11亿美元，建设一个全新的全垂直一体化制造设施。这将是我们在该国的第五个设施。这一决策是基于市场基本面的强劲趋势，得到了贸易和产业政策的支持，以及顾客需求的强劲推动。正如我们今年的订单和总合同以及中后期机会的预订所反映出的那样，我们很高兴能够继续扩大并在美国国内进行制造投资。

This new facility is anticipated to be completed and begin production in the first half of 2026. And along with our Alabama facility currently on the construction. We'll produce our series 7 module, which is expected to be a fully domestic product. And it's determined by the current guidance issued by the US Department of Treasury. The investment puts us on track to grow our manufacturing footprint to approximately 14 gigawatts in the US. And 25 gigawatts globally by 2026. Re-affirming the growth thesis we established in November 2016.

这个新设施预计将在2026年上半年完工并开始生产。目前，我们在阿拉巴马的设施正在建设中。我们将生产我们的7系列模块，预计将成为一个完全国产的产品。这是基于美国财政部发布的当前指南所确定的。这一投资使我们有望在2026年之前将我们在美国的制造业增加到约14吉瓦，并在全球范围内增加到25吉瓦。这再次证实了我们在2016年11月确立的增长理念。

As voted on previous earnings call. The position we are in today is enabled by our points of differentiation. Our unique cad cell semiconductor technology, vertically integrated manufacturing process. Decision to locate manufacturing close to demand and develop robust local supply chains. And then wavering commitments to a responsible solar. Makes us a partner of choice for large sophisticated developers, both in the US and internationally. As reflected by our continuing bookings progress since the previous earnings call. And this differentiation continues to be a driver of long term growth and competitiveness. Placing us in a position to exit this decade in a stronger position than we entered it.

根据之前的盈利电话投票结果，我们现在所处的位置得益于我们的差异化优势。我们独特的cad电池半导体技术和垂直一体化制造工艺，决定将制造业靠近需求，建立健全的本地供应链，并对负责任的太阳能发电做出恒定承诺，都使我们成为美国和国际上大型复杂开发商的首选合作伙伴。正如自上一次盈利电话以来我们持续不断的订单进展所反映的那样，这种差异化战略将继续推动我们的长期增长和竞争力。这使得我们有望在这个十年结束时比进入时更加处于有利地位。

We gain on slide three. I will share some key highlights from second quarter. We continue to build on our backlog with 8.9 gigawatts of net bookings since our last earnings call. And the state of 29.3 cents per watt, excluding the gestures were applicable. Note for approximately half of this volume, the customers responsible for the associated free costs, which are therefore not reflected in book ASPs. Including typical freight costs, the average ASP across these bookings would increase to over 30 cents per watt.

在第三张幻灯片上可以看到，我将分享一些第二季度的关键亮点。自上次盈利电话会议以来，我们的订单积压继续增长，达到了8.9千兆瓦。平均价格为29.3美分/瓦，不包括适用的折扣。需要注意的是，这个数量中约有一半的成本由客户负责，因此不反映在订单价格上。如果包括典型的运费成本，这些订单的平均价格将超过30美分/瓦。

These bookings bring our year to date net bookings to 21.1 gigawatts. Our total backlog of future bookings now stands at 78.3 gigawatts, including 48.5 gigawatts, admitted to late stage opportunities. As released in manufacturing, we produce 2.4 gigawatts of series six modules in the second quarter. With an average watts per module of 468. A top bin class of 475 watts and a manufacturing yield of 98%.

这些预订使我们今年的净预定量达到21.1千兆瓦。我们未来预订的总积压量现在为78.3千兆瓦，其中包括48.5千兆瓦的后期机会。按照制造发布，我们在第二季度生产了2.4千兆瓦的六系列模块。每个模块的平均瓦数为468瓦，顶级瓦数为475瓦，制造产出率为98%。

As noted in 2.1 earnings call, our third Ohio factory, which establishes the template for high volume, 37 manufacturing began operations in January. And it's continuing to ramp. Demonstrating a manufacturing production capability of up to 13,000 modules per day, which is approximately 84% of main plate throughput.

如2.1财报电话中所提及的，我们位于俄亥俄州的第三家工厂于一月份开始运营，这也成为我们高产能、37个制造工厂的模板。目前这家工厂正在逐步扩大生产规模。它展示了每天高达13,000个模块的制造生产能力，大约相当于主板吞吐量的84%。

The factory has produced a total of 425 megawatts in Q2. For a total first half, 2023 production of 595 megawatts. The factory recently demonstrated a top model was produced of 540 watts, which implies a record production efficiency of 19.3%.

这个工厂在第二季度总共产生了425兆瓦电力。而在2023年上半年的总产量为595兆瓦电力。最近，该工厂展示了一个顶级型号，其产能达到了540瓦特，这意味着创下了19.3%的记录高产能效率。

We sold 215 megawatts as series seven modules in Q2. And are pleased to note that the product is already being deployed in three projects in Arkansas, Arizona, and Mississippi. Today on technology, we also announced during the quarter a limited production run of our first bi-facial module panels, utilizing an advanced infin-film semiconductor.

在第二季度，我们以七系列模块的形式售出了215兆瓦。我们很高兴地宣布，该产品已经在阿肯色州、亚利桑那州和密西西比州的三个项目中得到应用。今天在技术方面，我们还宣布在本季度进行了第一批双面模块面板的有限生产，利用了先进的无限电影半导体技术。

The module, which is undergoing field and laboratory testing, builds on the track record and energy advantage attributes of first solar successful series six monofacial module platform. And we expect to begin lead line commercial production by Q4 2023. Notably, the bi-facial model features an innovative transparent back contact, pioneered by first solar's research and development team.

该模块正在进行田间和实验室测试，基于第一太阳能成功的六系列单面能源优势模块平台。我们预计将在2023年第四季度开始商业化生产。值得注意的是，双面模块采用了第一太阳能研发团队开创性的透明背接触技术。

The transparent back contact, in addition to enabling bi-facial energy gains, allows infrared wavelengths of light pass through rather than be absorbed as heat. This is expected to lower the operational temperature of the bi-facial module, resulting in higher specific energy. We believe that the transparent back contact is a foundational step towards the development of future tandem products.

透明后接触是一种能够在双面发电时提高能量利用率的技术，它可以让红外光波经过而不转化为热能。预计这将降低双面模块的运行温度，从而提高能源的效率。我们相信，透明后接触是未来串联产品开发的基础性步骤。

Similarly, our acquisition of the EHOLAR, the European leader in thin-film for off-skites and six technology, is also expected to accelerate the development of next generation TV technology, including high efficiency tandem devices by integrating EHOLAR's know-how with first solar's existing research and development streams, intellectual property portfolio, and expertise in developing and commercially scaling thin-film TV.

类似地，我们收购了欧洲领先的离岸和六技术薄膜企业EHOLAR，预计这一举措将加快下一代电视技术的发展，包括高效串联器件。通过整合EHOLAR的专业知识与第一太阳能在薄膜电视领域的研发投入、知识产权组合以及商业化规模化的经验，我们将能够进一步推动该领域的发展。

Moving to slide four, we continue to make steady progress at our manufacturing and R&D facility expansions. Starting with India, construction of the factory is now complete, and pre-production testing of the installed tools is ongoing, with the first complete module having been produced in June. We expect this facility to begin production by the end of August this year, and when fully-ramped, add 3.4 gigawatts of annual nameplate manufacturing capacity for a mobile facility.

转到第四张幻灯片，我们在制造和研发设施扩展方面继续稳步取得进展。首先是印度，工厂的建设现已完成，并正在进行安装工具的预生产测试，第一个完整模块已于六月份生产出来。我们预计该设施将于今年八月底开始生产，并在全面投产后，为移动设施增加3.4千兆瓦的年装机容量。

But we're also on track to expand and upgrade our Ohio Series 6 factories to achieve an additional aggregate annual throughput of.9 gigawatts, with the additional capacity expected to come online in 2024. Similarly, our new Alabama facility is also on schedule for completion by the end of 2024, with commercial operations ramping through 2025. This facility is expected to add 3.5 gigawatts of annual nameplate capacity once fully-ramped, increasing our annual nameplate capacity in the U.S. to over 10 gigawatts by 2025.

但是我们也在按计划扩建和升级我们的俄亥俄6系列工厂，以实现每年额外产能达到0.9千兆瓦特，预计额外产能将在2024年上线。同样，我们的新阿拉巴马工厂也计划在2024年底完成，商业运营将在2025年逐步增加。一旦完全开发，这个工厂预计将增加3.5千兆瓦特的年额定容量，使我们在美国的年额定容量达到超过10千兆瓦特，预计在2025年实现。

As relates to our fifth U.S. manufacturing facility announced earlier today, we continue to evaluate exciting options based on the availability of suitable land and related infrastructure, proximity to our supply chains, access to skilled labor and other factors, including the availability of state level and sentence. We expect to announce our location decisions shortly.

关于我们今天早些时候宣布的第五家美国制造厂，我们正根据适用土地和相关基础设施的可用性、与供应链的接近程度、获得熟练劳动力的能力以及其他因素（包括州层面和法律条款的可用性）评估令人兴奋的选择。我们预计很快会公布我们的选址决定。

Our dedicated R&D facility is also on track of construction well underway and tool sets to order. As previously noted, this facility will feature a high-tech, high-level manufacturing line, allowing for production of full-sized prototypes of thin film and tandem PV modules. This, we believe, will allow us to optimize our R&D efforts in progress, our technology roadmap, with significantly less disruption to our commercial manufacturing lines.

我们的专门研发设施正在顺利建设中，同时我们还将订购所需的工具集。正如之前提到的，这个设施将拥有一条高科技、高水平的生产线，能够生产薄膜和串联光伏模块的全尺寸样机。我们相信，这将使我们能够优化进行中的研发工作和技术规划，并且极大减少对我们商业生产线的干扰。

No, since the announcement of the Inflation Reduction Act, approximately one year ago, we have committed over 2.8 billion capital investments into the United States across our existing Ohio manufacturing facilities, a new manufacturing plant in Alabama, a new research and development center in Ohio, and most recently, our fifth U.S. factory announced today. We expect this will result in the creation of approximately 700 new direct jobs, as well as multiples of this number in incremental indirect jobs, including across our supply chain.

不，自从约一年前公布通胀削减法案以来，我们已在我们现有的俄亥俄州制造工厂、阿拉巴马州的新制造工厂、俄亥俄州的新研发中心以及最近宣布的第五家美国工厂中，进行了超过28亿美元的资本投资。我们预计这将创造大约700个新的直接工作岗位，以及更多间接的就业机会，包括我们的供应链中的岗位。

Before we move to the next slide, I would like to take a moment to discuss the policy environment and our key markets. Starting in the United States, we are officially to the work done by the Biden administration to issue IRA related guidance on Section 48C, direct pay, tax credit transfers, and domestic content. We are pleased with the direct pay regulations issued during the quarter, clarifying that a five-year direct pay period under Section 45X may be elected on a facility by facility basis. Which will benefit our previously announced factory in Alabama, as well as our new facility announced earlier today. We are actively engaged with the administration and working with our customers to ensure that the guidance, particularly with regards to domestic content, will deliver on the IRA's intent to sustainably grow U.S. manufacturing and re-short a vital clean energy supply chain. Before more specifically on domestic content, we are sharing our comments on the current guidance with the administration and are working to provide our customers with the direct cost information needed to enable their ability to benefit from the bonus credit for using U.S. made content. Our U.S. produced modules, our well-positioned to enable our customers to qualify for the domestic content bonus credit due to both our vertically integrated manufacturing process, where the entire module, including the cell, is manufactured in America and are committed to investing in domestic supply chains. Today, our U.S. operations used 100% U.S. made glass and steel, among other components.

在我们转到下一个幻灯片之前，我想花点时间讨论政策环境和我们的主要市场。先从美国开始，我们正式对拜登政府在48C条款、直接支付、税收抵扣转让和国内内容方面发布的IRA相关指南表示赞赏。我们对本季度发布的直接支付规定感到满意，明确规定根据45X条款，可以按设施选择五年直接支付期。这将有利于我们之前在阿拉巴马州宣布的工厂，以及今天早些时候宣布的新工厂。我们积极与政府合作，并与客户合作，以确保指南，尤其是关于国内内容的指南，能够实现IRA的意图，可持续发展美国制造业并重新建立关键的清洁能源供应链。更具体地说国内内容，我们正在与政府分享我们对当前指南的意见，并努力为客户提供所需的直接成本信息，以使他们能够享受使用美国制造内容的额外税收抵扣。由于我们完全垂直一体化的制造过程，包括整个模块（包括电池）在美国制造，我们的美国制造模块具备符合国内内容额外税收抵扣的资格，并致力于投资国内供应链。如今，我们的美国生产环节使用的是100%美国制造的玻璃和钢材等组件。

As it relates to trade, we are awaiting the Department of Commerce's final determination and its investigation that Chinese manufacturers accused of circumventing U.S. anti-nothing and countering duties. We believe that the Department's investigation is a step in the right direction and sends a clear signal that the United States remains committed to the rules of international trade law and to trade that is both free and fair. Relatedly, we applaud the role of U.S. Customs and Border Protection in enforcing the We Are a Forest Labor Protection Act and its transparency in reporting statistics through a public dashboard. Given a significant undertaking required to execute its mandate under the Act, we believe the agency needs to be more adequately resourced to ensure the enforcement is extended beyond the handful of high-profile Chinese solar manufacturers currently being screwed in that. The relative in our scope of enforcement would effectively allow lesser-known solar panel manufacturers who may source their polysilicon from the Xinjiang region of China to freely export their products into the U.S. without risk of attention.

在贸易方面，我们正在等待商务部的最终裁定以及对中国制造商的调查。这些制造商被指控违规逃避美国的反补贴和反倾销税。我们认为商务部的调查是朝着正确方向迈出的一步，并且表明美国依然致力于国际贸易法规以及自由公平的贸易。另外，我们对美国海关与边境保护局在执行“我们是森林劳工保护法”以及通过公共仪表板公开报告统计数据方面所起的积极作用表示赞赏。考虑到执行该法案所需的重要任务，我们认为该机构需要获得更充足的资源，以确保执法范围超出目前只限于少数知名中国光伏制造商。如果我们在执法范围上相对放松，那么可能源自中国新疆地区的一些较为鲜为人知的太阳能板生产商能够自由出口产品到美国，而不会引起风险。

Internationally, we continue to follow policy developments in Europe where the EU is working towards a path to energy self-sufficiency. We are cautious in that the market, given the recent collapse in polysilicon pricing and the impact that a rationally cheap solar panel is driven by oversupply and dumping into Europe may have on the political willingness to deliver a comprehensive legislative solution that both levels the playing field and instead of I.S.'s domestic manufacturing. While we remain engaged with the EU, we are pleased to see as member states move forward with their own plans to restore solar manufacturing. Most notably, Germany's federal ministry of economics and climate protection recently launched a request for expression of interest in a plan to build approximately 10 gigawatts of vertically integrated solar manufacturing capacity in the country. The Ministry launched the initiative under the Europe's temporary crisis and transition framework and we intend to submit a non-binding expression of interest. However, we continue to hold the position that manufacturing Catholics and senators alone are not an adequately sustainable solution to Europe's challenges. If mechanisms are not put in place for domestic manufacturers to have a sustained level playing field for their capital investments, Europe will find it challenging to achieve what the U.S. and India have been able to do in a relatively short period of time.

在国际上，我们继续关注欧洲的政策发展，欧盟正在努力实现能源自足的路径。我们持谨慎态度，因为鉴于聚硅价格最近的暴跌以及廉价太阳能电池板通过向欧洲市场供应过剩和倾销可能对政治意愿产生影响，我们担心这可能会阻碍提供既能提供公平竞争环境又能替代进口的综合立法解决方案。虽然我们与欧盟保持合作，但我们很高兴看到成员国正在推进自己的太阳能制造计划。特别值得一提的是，德国联邦经济和气候保护部最近发出了建议意向的请求，计划在该国建立约10吉瓦的垂直整合太阳能制造能力。该部门在欧洲的危机和转型框架下启动了这一倡议，我们打算提交一份非约束性的意向书。然而，我们仍然坚持认为，仅仅依靠制造业和政策并不是欧洲面临挑战的可持续解决方案。如果不为国内制造商提供可持续的公平竞争环境，欧洲将很难在相对较短的时间内达到美国和印度所能实现的成就。

Moving to slide five. As of December 31, 2022, our contract is backlog total 61.4 gigawatts with an aggregate value of $17.7 billion. Through June 2023, we entered into an additional 13.6 gigawatts of contract and recognized 4.7 gigawatts of solar volume, resulting in total backlog of 70.3 gigawatts with an aggregate value of $20.8 billion, which equates to approximately 29.6 cents per watt. An increase of eight tenths of a penny compared to end of year 2022 and 2.8 cents per watt compared to June 30, 2022.

转到第五张幻灯片。截至2022年12月31日，我们的合同积压量为61.4千兆瓦，总价值为177亿美元。到2023年6月，我们又签订了额外的13.6千兆瓦合同，并确认了4.7千兆瓦的太阳能发电容量，因此总的积压量为70.3千兆瓦，总价值为208亿美元，相当于每瓦约为29.6美分。与2022年年底相比，每瓦增加了0.8美分，与2022年6月30日相比，则增加了2.8美分。

Since the end of the second quarter to date, we have entered into an additional 7.5 gigawatts of contract, bringing our total backlog to date to a record 77.8 gigawatts. Included in our backlog since the previous earnings call are contracts of approximately one gigawatt or more with new customers, capital power development and matrix renewables USA, as well as with a large European customer. We also signed and announced on July 16, a follow-on five gigawatt deal with Energex renewables, a leading Israeli developer and repeat customer. 4 gigawatts would sit within our bookings and 1 gigawatt of which is contract subject to conditions precedent.

自第二季度末至今，我们签署了额外的7.5千兆瓦合同，使我们的总积压订单达到77.8千兆瓦，创下纪录。在上一次盈利电话会议以来，我们的积压订单中包括与新客户、Capital Power Development以及Matrix Renewables USA签订的近1千兆瓦或更多合同，还有一位大型欧洲客户。我们还在7月16日签署并宣布了与以色列领先开发商和重复客户Energex Renewables的续约合同，容量为5千兆瓦。其中4千兆瓦的合同已被纳入我们的订单，而1千兆瓦的合同则需要满足条件之后方可生效。

In addition, we currently amended a previously booked deal with Energex, increasing the module ASP and committing to providing US modules for 850 megawatts of their projects. With the announcement of the IRA, we have amended certain existing contracts to provide US manufactured products, as well as to supply 37 modules in place of series six. As a consequence, over the past four quarters up to the end of 2 to 2023, we have increased our contracted revenue by 312 million dollars across 9.2 gigawatts or approximately 3.4 cents per watt.

此外，我们目前修改了与Energex之前签订的交易，提高了光伏模块平均售价，并承诺为他们的850兆瓦项目提供美国制造的模块。随着IRA的公告，我们还修改了某些现有合同，以提供美国制造的产品，并以37个模块替代第六系列。因此，在截至2023年第2季度结束前的过去四个季度中，我们的合同收入增加了3.12亿美元，覆盖了9.2千兆瓦或约每瓦3.4美分。

Note, we are still progressing additional amendments associated with providing US manufactured and series seven products, which we expect to be reflected in our Q3 contracted revenue backlog. As we previously addressed, a substantial portion of our overall backlog includes the opportunity to increase the base ASP through the application of adjusters. If we're able to realize achievement within our technology roadmap, as is the required timing of for the delivery of the product.

请注意，我们仍在进行与提供美国制造和七系列产品相关的额外修改，我们预计这将反映在我们第三季度签约收入预定中。正如我们之前所提到的，我们的整体积压订单中有很大一部分机会通过使用调整器来增加基准平均销售价格。如果我们能够按照技术路线图实现目标，并按照产品交付的要求时机进行交付。

As of the end of the second quarter, we had approximately 36.4 gigawatts of contracted volume. With these adjusters, it fully allows us to realize the result and additional revenue of up to 0.7 billion or approximately 2 cents per watt. The majority of which would be recognized between 2026 and 2027. As previously discussed, this amount does not include potential adjustments, which are generally applicable to the total contracted backlog, both for the ultimate module then delivered to the customer, which may adjust the ASP under the sales contract upwards or downwards. And for increases in sales rate or applicable aluminum or sales commodity price changes.

截至第二季度末，我们约有36.4千兆瓦的合约销售量。通过这些调整措施，我们完全可以实现额外收入，达到高达7亿美元或每瓦约2美分。其中大部分将在2026年和2027年之间确认。正如之前所讨论的，这个金额不包括潜在的调整，通常适用于合同销售额的总合同积压量，无论是最终交付给客户的模块，还是可能调整销售合同下的平均售价或上涨或下跌的铝材或销售商品价格的提高。

Finally, this amount does not include any remaining potential higher rate domestic content price adjustments in excess of the already amended 9.2 gigawatts reference above. Our contracted backlog extends into 2030, including our most recent bookings. Excluding India, we are sold out through 2026. Note some production from India is expected to be used to support US deliveries in 2024 and 2025.

最后，这个数字并不包括已经修改的9.2千兆瓦的国内内容价格调整以外的任何剩余潜在较高利率。我们的合同积压量延伸到2030年，包括我们最近的订单。除了印度以外，我们已经售罄到2026年。请注意，预计在2024年和2025年，部分印度生产将用于支持美国交付。

As reflected on slide six, our pipeline of potential bookings remain robust with total booking opportunities of 78.3 gigawatts. A decrease of approximately 34 gigawatts since the previous quarter. Our mid to late stage opportunities to decrease by approximately 24 gigawatts to 48.5 gigawatts. And includes 41 gigawatts in North America, 5.5 gigawatts in India, 1.8 gigawatts in the EU, and point to give lots across all other geographies.

正如第六张幻灯片所反映的那样，我们的潜在预订项目仍然非常强劲，总预订机会达到78.3千兆瓦。相较上一季度减少了大约34千兆瓦。我们中后期的机会减少了约24千兆瓦至48.5千兆瓦。其中包括北美地区的41千兆瓦，印度的5.5千兆瓦，欧盟的1.8千兆瓦，以及其他地理区域的待确认容量。

The decreases in total and mid to late stage pipeline from Q1 2023 to Q2 2023. Other results of both and bringing certain opportunities to bookings, as well as the removal of certain other opportunities given our sold out position and the managed available supply. They also reflected them removal one large multi gigawatt multi year opportunity when we were unable to come to terms with the customer. As we previously stated, we will continue to forward contract with customers who prioritize long term relationships and value our differentiation. And given the strength and duration of our current contracted backlog, we will be strategic and selective in our approach to future contracting. Included within our mid to late stage pipeline are 6.7 gigawatts of opportunities that are contract subject to conditions precedent, which included 1.9 gigawatts in India. Given the shorter timeframe between contracting and product delivery in India relative to other markets, we would not expect to say multi year contracted commitments that we are currently seeing in the United States. As a reminder, time contracts in India will now be recognized as bookings until we have received full security against the office.

从2023年第一季度到2023年第二季度，总体和中后期产品线出现了下降。这也给预订带来了某些机会，因为我们已经售罄并管理了现有补给。其中一个原因是我们与客户无法达成一项大型年千兆瓦项目的协议。正如我们之前所说，我们将继续与那些重视长期合作关系并重视我们的差异化的客户进行合约。鉴于我们目前合约积压的强大和持久性，我们将对未来合约采取战略选择的方式。在我们中后期产品线中，包括6.7千兆瓦的合约机会，这些机会要求满足前提条件，其中包括1.9千兆瓦的机会在印度。鉴于印度与其他市场相比，从合约到产品交付的时间较短，我们不希望看到与美国目前所见的多年合约承诺。提醒一下，除非我们获得完全保障，否则印度的时间合约将不会被认定为预订。

Moving to slide 7. Well, we will release our annual sustainability report in the coming weeks. We'd like to take this opportunity to preview a few highlights with you. As we have consistently noted, our commitment to responsible solar is not a tagline. But our way of doing business. This commitment is underpinned by the belief that solar should never come at the expense of the environment or human rights and drives our company's environmental, social and governance strategy and demonstration.

切换至第 7 张幻灯片。我们将在接下来的几周发布我们的年度可持续性报告。我们想借此机会与您预览一些亮点。正如我们一直强调的，我们对负责任的太阳能的承诺并不仅仅是口号，而是我们的业务方式。这一承诺以保护环境和人权为基础，推动着我们公司的环境、社会和治理策略和实践。

This commitment that has driven down our greenhouse gas submissions. Energy water and waste intensity for what produced and increased the percentage of women in our workforce in 2022 relative to the preceding year. Our achievements build on previous year successes. We developed a roadmap with additional initiatives to reduce our absolute scope one and scope to greenhouse gas emissions by 34% by 2028. And achieve that zero emissions relative to 2020 by 2050. Crucially, we also recognize that we cannot get to net zero without a circular economy. And we continue to make progress on building circularity into our next generation modules and manufacturing processes. From raw material sourcing to high value recycling, the closed loop semiconductor recovery.

这个承诺下降了我们的温室气体排放量。对于能源、水和废物资源的生产强度，以及女性在我们的劳动力中所占的比例相对于前一年有所增加。我们的成就是在前一年的成功基础上建立起来的。我们制定了一项路线图和额外的举措，以在2028年将我们的一级和二级温室气体排放量绝对减少34％，并且在2050年相对于2020年达到零排放。至关重要的是，我们也认识到，如果没有循环经济，我们无法实现净零排放。而且，我们在将循环思维融入我们的下一代模块和制造过程中也在取得进展。从原材料采购到高价值回收，实现了封闭循环的半导体回收。

This is reflected in the fact that the series seven models designed with sustainability in mind. And as our most eco efficient product today. It's also reflected in the fact that our new facility in India, which is located in the region of high baseline water stress is designed to be net zero water withdrawal TV manufacturing. Which we believe to be the world's first. At the purpose driven company, we consistently hold ourselves to a higher standard. And proudly set new benchmarks from the hope that by leading by example, others in the solar industry will follow.

这体现在系列七款车型上，这些车型在设计时都考虑了可持续性。而且，作为我们目前最环保的产品，这也体现在新设立的位于高基准水压力地区的印度工厂上，该工厂被设计成净零用水的电视制造中心，我们认为这是世界上首个这样的工厂。作为一个使命驱动的公司，我们始终对自己要求更高的标准，并自豪地设立新的基准，希望通过以身作则，引领太阳能产业中的其他企业跟随。

Now turn the call over to Alex who will discuss our two results. Thanks, Mark. Starting on slide eight, I'll cover up financial results with second quarter. Net sales and second quarter were at 811 million and increased 262 million compared to the first quarter. Increasing net sales was primarily driven by strong market demand led to higher volume sold. Gross margin was 38 cents in the second quarter, that's 20% in the first quarter. This increases primarily driven by the increase in module ASPs, lower sales rate costs and higher volumes of modules produced and sold in the US resulting in additional credits from inflation reduction. Based on our differentiated, those schemes were in the manufacturing model, the current form factor of our modules, we expect qualified for a section 45x credit approximately 17 cents per watt for each module sold, which is recognized as a reduction to cost the sale and the period of sale. During the second quarter, we recognize 155 million of such credit. That's 70 million in the first quarter. Encourages are viewed as safe arm statements, containment, safe press release and presentation risks related to our receiving the full amount of tax benefit, believe we're entitled to under the IRA.

现在将电话转给亚历克斯，他将讨论我们的两个结果。谢谢，马克。从第八张幻灯片开始，我将介绍我们的第二季度财务结果。净销售额在第二季度达到8.11亿美元，比第一季度增加了2.62亿美元。净销售额的增长主要是由于市场需求旺盛导致销量上升。毛利率在第二季度为38%，而在第一季度为20%。这一增长主要是由于模块ASP的增加、销售费用的降低以及在美国生产和销售的模块数量增加，从而获得了额外的通胀抵消信用。根据我们的制造模型和模块的不同方案，我们预计每个销售的模块将有资格获得大约17美分每瓦的45x税收抵免，这被视为销售成本的减少，并在销售期间予以扣除。在第二季度，我们认可了1.55亿美元的此类抵免，而在第一季度是7000万美元。我们确认这些鼓励性的语句，包括在安全隔离性的新闻稿和演示文稿中，与我们获得完整的税收益利的相关风险有关，我们相信我们在IRA下享有这些权益。

Reduction our sales break costs during the quarter, affected improved ocean and land rates, the significant reduction in nonstandard charges, containers, attention and the marriage, as well as a beneficial domestic versus international mix of volume sold. The lower sales break costs reduced gross margin by 8% points during the second quarter, compared to 50% points in the first quarter. Ramp costs, which includes costs associated with operating a new factory below its target utilization and performance levels, with 29 million during the second quarter, compared to 19 million in the first quarter. Ramp costs reduced gross margin by 4% points in each of the first and second quarter. Our year today, ramp costs are fully attributable to our new series seven factory in Ohio, which is expected to reach its initial target operating capacity later this year. We also begin to expect some current ramp costs on new series seven factory in India in the third quarter.

在本季度，我们降低了销售中断成本，这受到了海运和陆运费率的改善，非标准收费及容器数量的显著减少，以及国内销售量与国际销售量良好的混合影响。相比第一季度的50个百分点，销售中断成本对毛利率的影响在第二季度减少了8个百分点。我们的新工厂目标利用率和性能水平在下降期间，导致了29百万美元的坡道成本，相比第一季度的19百万美元有所增加。坡道成本分别在第一季度和第二季度降低了4个百分点的毛利率。今年迄今的坡道成本完全归因于我们在俄亥俄州的新的Series Seven工厂，预计将于今年晚些时候达到初始目标生产能力。同时，我们还预计在第三季度开始为我们在印度的新的Series Seven工厂产生一些坡道成本。

SGA and R&D expenses total 83 million in the second quarter and increase of 8 million compared to the first. This increases primarily driven by additional investments in our R&D workforce, higher R&D testing costs, additional share base compensation expense and higher professional fees.

第二季度，SGA和研发费用总计8300万美元，比第一季度增加了800万美元。这主要是由于我们对研发团队的额外投资、更高的研发测试成本、额外的股权基础薪酬支出以及更高的专业费用的增加所驱动的。

The production started expense, which is included in operating expenses was 23 million in the second quarter and increased approximately 4 million. Then first quarter. This increase is attributable to higher pre-production costs of our new factory in India, due to the starting production of this quarter.

第二季度，生产开支（包括运营费用）为2300万美元，并增加了约400万美元。这个增加是由于印度新工厂的预生产成本较高，因为本季度开始投入生产。

Second quarter operating results included approximately 8 million non-module revenue associated with project burnout payments from our former systems business. The recorded elitigation loss at 36 million associated with an dispute with the sudden power company related to legacy EPC bring to five four projects in the United States, which we served as the EPC contractor. We are evaluating our options in relation to the litigation. The everyday operating loss impact from legacy systems business related activities was approximately 22 million.

第二季度运营结果包括约800万美元的非模块收入，这是与我们之前的系统业务项目终止付款有关的。该季度还录得了3600万美元的诉讼亏损，这与与突发电力公司的争端有关，涉及我们在美国为其承包商的五个旧工程项目。我们正在评估与该诉讼相关的选项。与旧系统业务相关活动的日常运营亏损影响约为2200万美元。

Our second quarter operating income was 169 million, which included depreciation, amortization and accretion of 72 million, ramp cost of 29 million, production started expense of 23 million, legacy systems business related impact to 28 million, share base compensation expense, and increase of cost. The recorded tax expense of 18 million in the second quarter, compared to a tax benefit of 7 million in the first quarter. The increase of tax expenses driven by higher pre-tax income and lower tax benefits associated with share base compensation awards, with the majority of these awards, that's during the first quarter of each year.

我们第二季度的营业收入为1.69亿美元，其中包括折旧、摊销和递增达7200万美元，加上启动成本达2900万美元，生产开始费用为2300万美元，旧系统业务相关影响为2800万美元，股权基础补偿费用增加。第二季度记录的税费为1800万美元，而第一季度则为700万美元的税收收益。税费增加是由于税前收入增加以及与股权基础补偿奖励相关的税收收益降低，其中大部分奖励是在每年第一季度发放的。

Before mentioned items combined, the letter to a second quarter delivered earnings per share of $1.59, it has a 40 cents in the first quarter. And the growth related to the ramp cost and impacted Q1 and Q2 by 38 and 53 million respectively, where cumulative first half 2023 operating income impact was 91 million.

在上述提到的项目的综合影响下，该公司在第二季度的每股盈利达1.59美元，其中第一季度为0.40美元。增长与扩张成本有关，并分别对第一季度和第二季度造成了3800万美元和5300万美元的影响，累计影响2023年上半年的运营收入达9100万美元。

Next slide nine to discuss the balance sheet items and summary cash flow information. Our cash cash equivalent restricted cash restricted cash equivalent to the market securities, ended the quarter of 1.9 billion, that's 2.3 billion at the end of the prior quarter. This decrease is primarily driven by capital expenditures associated with our new facilities in Ohio, Alabama and India, and payment for acquisition of the MoMA. Partly offset by advanced payments received to future module sales and additional drawdown by India credit facilities. The latest advanced payments for substantially all contracts in our backlogs at the time of booking would typically require payment security and form cash deposits bank guarantees surely bonds, letters credit commercial letters credit parent guarantees, targeting up to 20% of the contract value. Cash deposits, which are reflected on our consolidated balance sheet as deferred revenue, total of approximately 1.5 billion at the end of the quarter, providing meaningful portion of the financial resources required to find their existing expansion.

下一张幻灯片是关于资产负债表项目和现金流信息的讨论。我们的现金、现金等价物、受限现金和受限现金等价物以及市场证券，在本季度末为19亿美元，而上一季度末为23亿美元。这一减少主要是由于我们在俄亥俄州、阿拉巴马州和印度的新设施的资本支出，以及支付莫罗麦当劳收购的费用所致。部分抵消的因素是我们收到的未来模块销售的预付款和印度信贷工具的额外提款。根据合同签订时在我们的待定订单中的几乎所有合同的最新预付款，通常需要支付保证金和形成现金存款银行保函等担保，金额可达合同价值的20%。这些现金存款在我们的资产负债表上反映为递延收入，本季度末总额约为15亿美元，为满足我们现有扩张所需的财务资源提供了重要部分。

Total debt at the end of the second quarter was 437 million, an increase of 117 million from the first quarter, as results with a loan drawdown under on credit facilities for our factory in India. Our net cash position decreased by approximately 0.5 billion to 1.5 billion as a result of the aforementioned factors. Cash deposits, using operations for 89 million in the second quarter, primarily these expansion related activities, capital expenditures for 383 million during periods. During the quarter, we secured a five year revolving credit facility for $1 billion. We're focused on exiting this decade in a stronger position that we entered it and liquidity the crucial differentiated we intend to maintain. This facility provides us with the financial headroom and flexibility we need, while also balancing our medical to grow in response to demand for our technology.

二季度末的总债务为4.37亿美元，比一季度增加了1.17亿美元，主要是由于我们在印度工厂的信贷设施下的贷款提取引起的。由于上述因素，我们的净现金头寸下降了约5亿美元，降至15亿美元。在第二季度，现金存款使用运营资金达到8,900万美元，主要用于扩张相关活动，期间进行了3.83亿美元的资本支出。在该季度，我们获得了一项为期五年的循环信贷额度为10亿美元。我们致力于以更强的姿态结束这个十年，并确保流动性关键差异化是我们打算保持的。该设施为我们提供了所需的财务空间和灵活性，同时平衡了我们在应对对我们技术的需求时的发展需求。

Continuing on slide 10, I'll discuss fully a 2023 guidance. There's no concern in our February guidance call given declining impact about other segments, who say that we are no longer providing segment specific guidance, but would note any significant impacts to our consolidation financial. The relation to our legacy systems business, yesterday we have seen approximately 20 million of revenue, 40 million of gross profit, 36 million of litigation losses with an operating expense.

继续第10张幻灯片，我将详细讨论2023年的指引。在我们2月份的指引电话会议中，对于其他部门逐渐减少的影响，我们并不担心，他们表示我们不再提供特定部门的指引，但会注意到对我们的整体财务状况有重大影响的情况。与我们的传统系统业务的相关性，昨天我们的收入约为2000万美元，毛利润为4000万美元，诉讼损失为3600万美元，经营费用为。

To rates on module business, we expect to see approximately 40 million improvement in gross profit relative to our prior guidance. Given their size, these combined numbers do not impact our forecasted revenue and gross margin guidance changes, which remain unchanged. Note, our fully affected 45x tax benefits forecast of 660 to 710 million is also unchanged.

关于模块业务的费率，我们预计与之前的指引相比，整体毛利润将有大约4,000万的提升。考虑到它们的规模，这些综合数据不会影响我们对预测收入和毛利率的变动，这些预测保持不变。需要注意的是，我们对完全影响的45倍税收优惠的预测仍为6.6亿至7.1亿，也没有发生变化。

Our operating expenses guidance has increased to 450 to 475 million to reflect the aforementioned litigation losses. Operating income and earnings for share guidance remain unchanged. But to highlight that in terms of earnings cadence over the second half of the year, we anticipate that volume sold revenue, IRA section 45x benefits, we distributed approximately 40% in the third quarter and 60% in the fourth quarter. With operating expenses approximately evenly split between Q3 and Q4, this has been an expected second half of 2023 EPS split, approximately 1 third in Q3, 2000 and Q4.

我们的运营费用指导已经增加到4.5亿到4.75亿美元，以反映上述的诉讼损失。运营收入和每股收益指导保持不变。但是，为了强调今年下半年收益的速度，我们预计销售收入、IRA第45x款项的收益将在第三季度分别占大约40%和第四季度占60%。由于运营费用在第三季度和第四季度之间大致均分，这将是2023年下半年预期的每股收益分配，约为1/3分别在第三季度和第四季度。

Incremental capital expenses of approximately 100 million in 2023, associated with our newly announced US factory, are offset by push out and the timing of approximately 300 million of capex associated with equipment upgrades previously assumed in 2023 into early 2024. Our fully advanced 23 capital expenses forecast is therefore reduced to 1.7 to 1.9 million.

我们新宣布的美国工厂将于2023年增加约1亿美元的增量资本支出，但这部分支出将被预计原定于2023年的设备升级资本支出的推迟和时间调整所抵消，额约为3亿美元。因此，我们对2023年的资本支出预测从原先的1.7到1.9亿美元减少至1.7到1.9亿美元。

This reduction in forecasted capital expenditure, combined with an expected increase in deposits associated with future bookings, results in expected 0.3 billion increase by forecasted year and net cash balance, which is now 1.5 to 1.8 million.

预计资本支出的减少，结合未来预订所带来的存款的增加，预计会导致预测年度的净现金余额增加0.3亿美元，现在的净现金余额为1.5至1.8百万美元。

The rates are longer term out of the beyond 23, we plan to hold an analyst day or a higher campus on September the 7th of this year, which will be a live work.

汇率不再超过23的长期趋势。我们计划在今年9月7日举办分析师日或高级校园日活动，届时将进行现场工作。

So, let's start learning our summarizing key messages from today's call. Demand continues to robust with 21.1 gigawatts of net booking to the date, including 8.9 gigawatts of net booking since our last earnings call, being to a record contracted backlog 77.8 gigawatts. A continued focus on manufacturing technology excellence resulted in a record quality production of 2.8 gigawatts.

所以，让我们开始学习从今天的通话中总结要点的技巧。需求持续强劲，截至目前，累计净预订量为21.1千兆瓦，其中自上次盈利电话以来净预订量为8.9千兆瓦，使得记录的合同积压量达到77.8千兆瓦。对制造技术卓越的持续关注导致了创纪录的2.8千兆瓦的优质产量。

India, Ohio, and Alabama expansions remain on schedule. We expect to invest in additional 1.1 billion in a new US factory, our fifth in the country, which is expected to begin production in the first half of 2026. Cumulatively, in the year since the announcement of the IRA, we've committed 2.8 billion in capital spending, cross manufacturing and R&D in the United States, which would expect for results in the creation of 1,700 direct new jobs, and multiples of this number of new indirect jobs.

印度、俄亥俄州和阿拉巴马的扩张计划进展顺利。我们计划在美国投资11亿美元建设第五家工厂，预计该工厂将于2026年上半年开始投产。自公布IRA计划以来，我们已在美国累计投入28亿美元用于资本支出、跨部门制造和研发，预计将创造1,700个直接新增就业岗位，并为这个数字提供多个间接新增岗位的机会。

My technology perspective, we completed a limited production run by first by facial solar panel utilizing advanced film, film, and conducted and acquired email, the European leader in thin film, cross guide and six technology. These investments are expected to accelerate under the development of next generation technology, including high efficiency and devices.

我的技术观点是，我们首先利用先进的薄膜和面部太阳能电池模组完成了有限的生产。同时，我们与欧洲薄膜、交叉导向和六技术的领导者进行了沟通和交流，并取得了合作。这些投资预计将加速下一代技术的开发，包括高效能设备。

We can actually learn the $1.59 to share inclusive of a legacy systems business related to litigation loss. And we ended the course of a gross cash balance of 1.9 million or 1.5 billion net of debt with additional debt capacity of a billion under our new involvement credit facilities.

我们实际上可以学到每股1.59美元，其中包括与诉讼损失相关的旧系统业务。我们结束了该课程，总共现金余额为1.9亿美元，扣除债务后为15亿美元，我们在新的信贷设施下还有额外的十亿债务能力。

We are maintaining our revenue and EPS guidance, including forecast is fully earning for the share of $7 to $8.

我们将维持我们的收入和每股收益指引，其中包括预计每股收益为7至8美元。

With that, we can do that with that remarks. I have a couple questions. All right. Perfect. We will now go into the Q&A. If you would like to ask a question, please press star 1 on your telephone keypad. That again is star followed by the number one.

有了那个，我们可以用那个评论来做。我有几个问题。好的。完美。我们现在要进入问答环节。如果你想提问，请按下电话键盘上的星号键1。再次提醒是星号后面跟着数字1。

All right. Our first question comes from the line of solution. Please go ahead. Thanks for taking my questions. Two categories. First one on bookings looks like your ASP was strong and healthy for booking ASP at about 32.7 cents. And then you have Mark, I think you mentioned the addition of another two cents of matters. I wanted to ask you, you know, what do you expect your bookings to look like ahead? You had a little bit of a quiet period during Q2, but then you ramped it up subsequent to July 1. And do you think that accelerates now that you have new capacity announced?

好的。我们第一个问题来自解决方案一线。请发言。感谢你回答我的问题。有两个类别。首先是关于订购的问题，看起来你们的ASP（平均销售价格）在32.7美分左右，非常强劲和健康。而且你提到了还有另外两美分的事项。我想问一下，你们预计未来的预订情况会是怎样的？你们在第二季度有一个相对较平静的时期，但在7月1日之后你们加速推动了业务。你认为随着新的产能被宣布，这个趋势会进一步加速吗？

And then the second category of questions here is, you know, we thought you were sold out for 2024. But in that agreement that you announced today, you highlighted and I think in some of the other agreements over the past few weeks that you have more that you booked for 24. How are you guys able to do that? Did someone in the party cancel their order or are you running above 100% utilization? Is there any more volume left to be sold in 24 and how much is left for 25? So, thanks guys.

然后这里的第二类问题是，您知道的，我们认为您已经在2024年销售一空了。但在您今天宣布的协议中，您强调了一些过去几周内与其他合作方达成的协议，这些协议显示您还预订了更多2024年的订单。您是如何做到这一点的呢？是有些人取消了他们的订单，还是您的工作利用率超过了100%？2024年还剩下多少订单可以销售？25年还剩下多少订单？所以，谢谢各位。

So, I'll take the second one first, Phil. So, the reason we're able to still commit to some opportunities in 24 or 25 is really twofold. First is, and we highlighted in my prepared remarks that we are using India in 24 and 25 for US shipments. And the demand US was so strong and we were structuring some of the customers that we could meet 24 or 25 volume requirements and then pull through out of years as well, where we had a little bit more supply, you know, those deals canceled out really well. So, we've used some of the India line. We also have requirements under the center package that we received in India that there's some amount of exports that need to be achieved. And now they're what we large are doing accelerating the timing of exports into the first couple of years of production in the end and you can have to support the US market. So that's a piece of it. The other is the, you know, the ramp of our berries for series seven factory is going very well. And that's creating some incremental capacity. You know, that's available in 24 particular and then we're looking to hold for some of the Ohio upgrades that we were talking about before. Remember, we as part of our overall announcement indicator is about 0.9 gigawatts of volume that we would use to further throughput and drive more output out of our series six factories in Ohio. We are pulling forward some of those initiatives in order to create a little bit more supply rather than we had anticipated. All that is helping kind of create supply for 2425. The biggest piece though, so make sure it's clear it's really the volumes. We're going to support out of India. I also want to make sure it's clear that India is doing extremely well. It's just that we've got opportunities here in the US market and their attractive ASPs and we're up to these and buying to serve the US market at this point.

嗯，首先我会先来解释第二个问题，菲尔。所以，我们能够在2024年或2025年仍然致力于某些机会的原因实际上有两个方面。首先，我们在我的发言中强调了我们将印度用于美国的装运业务。美国的需求非常强劲，我们正在和一些客户进行谈判，以满足他们在2024年或2025年的产量要求，并在此之外提供更多供应，这些交易非常成功。所以我们使用了一部分印度渠道。此外，我们在印度收到的中心套餐中有一定数量的出口要求。现在我们正在加快出口的时间，以支持开始几年的产量和美国市场。这就是其中的一个方面。另一个是我们第七系列工厂的蓝莓生产已经非常顺利。这创造了一些额外的产能。特别是在2024年，我们可以利用这些产能。然后我们会考虑一些俄亥俄州工厂的升级。你们还记得吗，在我们之前的的宣布中，我们计划利用约0.9千瓦的产能进一步提高和增加我们在俄亥俄州的第六系列工厂的产量。我们正在提前实施一些这方面的计划，以创造更多的供应，超出我们预期的水平。所有这些都有助于为2024年和2025年创造供给。不过最重要的确切方面是我们将通过印度为市场提供的产品量。我还想确保明确的是印度的业务非常出色。只是说我们在美国市场上有很多机会，他们的价格非常具有吸引力，所以我们正在投入资源来服务美国市场。

Bookings, ASP, fill it in. Just make sure I'm clear what I said in my script is the bookings average, ASP was 29.3 cents. And that did not include sales trade for the about half of the volume. And if you include the impact of sales trade, then you would increase that ASP to be north of 30, maybe in the low 30s, when you include that, that volume or that ASP impact to the volume that we've both did not include sales trade. The momentum, you know, look, I think there was a little bit of activity going on with people trying to understand the domestic content requirements. That didn't slow us down on the conversion side. But I would say is that we had a very healthy quarter on conversions as I indicated. You know, we've now have over $300 million of conversions of existing volumes that we already have in the books that we have converted now for incremental ASP for delivering series seven, as well as domestic content requirements. So, you know, good volume, good activity going on there. You know, I think the momentum will should accelerate a little bit from the announcement of the new facility, the new factory. So I do think that'll give us a incremental supply that you will better position maybe a little bit of acceleration. But, you know, I look at the quarter, you know, we excluded about a gigawatt of the interjects deal, which was, you know, a framework agreement. And that's because there's an option effectively associated with that volume. But if I include that, it's another 10 gigawatt quarter, essentially. So, you know, we've been on a pretty solid streak of 10 gigawatts each quarter. You know, if we can carry the whole net to the balance of the year, you know, we have an opportunity to position ourselves for maybe 3540 gigawatts for this year. I think that's a very strong result. You know, given where we're going to ship 12 gigawatts this year, we're just continuing to build to that contracted backlog and we're getting great ASPs. You know, in order to do that. So, you know, I think on balance, we're pretty happy to see it from the bookings ASP standpoint.

预订、ASP，请填写它。只要我清楚我在我的脚本中说的是预订平均数，ASP为29.3美分。而且这还不包括大约一半的销售交易量。如果包括销售交易的影响，那么ASP将超过30，在包括该销售交易对未包括销售交易的销售量产生的ASP影响时可能接近30的水平。这种态势，你知道，我认为人们正在努力理解国内内容要求方面的活动有些增加。这并未减缓我们在转换方面的速度。但我要说的是，我们在转换方面有一个非常健康的季度，正如我所指出的。我们现在已经将已经在账面上的现有销售量中增加了3亿美元的转换额，这是为了交付第七系列以及国内内容要求的额外ASP。所以，销售量很好，非常活跃。我认为在新工厂的声明之后，这股势头将稍稍加快。所以我认为这将为我们提供额外的供应，更好地使我们能够稍稍加快速度。但是，你知道，在这个季度里，我们排除了亿瓦级的进口交易，这是一个框架协议。这是因为这个销售量实际上有一个选项。但是如果我把它包括进去，这就是又一个10亿瓦时的季度。所以，我们连续有一个相当稳定的10亿瓦时的季度。如果我们能持续保持这种势头，那么我们就有机会为今年的销售量可能达到35-40亿瓦时做好准备。我认为这是一个非常强劲的结果。鉴于今年我们将发货12亿瓦时，我们只是继续建设合同积压订单并获取了良好的ASP。为了做到这一点。所以，总体而言，从预订ASP的角度来看，我们对此感到非常满意。

Great. Thanks Mark. Actually, just wanted to sense I'm on the line, so I just want to clarify. Your 29.6 is the ASP for the whole backlog, whereas the 30, 32.7. I was talking about, I think that's the ASP for the incremental bookings since the first quarter. Is that correct or just clarify.

太好了，谢谢马克。实际上，我只是想确认我在了解的正确性，所以我想澄清一下。你提到的29.6是整个积压订单的平均售价（ASP），而我提到的30、32.7是我认为自第一季度以来增加的订单的平均售价（ASP）。这样说对吗？还是请你澄清一下。

So, it's all backlog and the end of the quarter, which was about 70 gigawatts that average ASP was 29.6. The bookings since the last earnings call, which was 8.9 was 29.3. But that did not include sales trade half of them. If you include the sales trade, normal sales rate adjuster, there are sales trade that equivalent ASP would be in the whole 30s. So, those are the numbers.

所以，这都是积压订单和季度末的情况，约为70千兆瓦，平均销售价格为29.6美元。自上次盈利电话会议以来的预订量是8.9，现在是29.3。但这不包括销售贸易的一半。如果计算上销售贸易和正常的销售率调整，相当于销售价格会达到30美元以上。所以，这些就是数字。

Okay, go. Thanks. I'll pass it on.

好的，开始吧。谢谢。我会转达的。

All right. Thank you. And our next question comes from the line of Brian Lee. Brian, please go ahead.

好的，谢谢。接下来我们有问题来自Brian Lee的提问。Brian，请开始提问。

Hey guys. Good afternoon. Thanks for taking the questions and congrats on the new factory announcement. I had two questions here. I guess first off on the domestic content rule since they've been out from mid-May. What have you been articulating? I guess maybe the customer feedback has been around the 40 and 55% threshold. Is that basically going to be achieved by just buying series 7 panels from Alabama and the new site? And then would you be expecting more pricing potential? It sounded like you did on volumes from those sites going forward, if you could maybe help quantify. And then the second question was just on that new factory, and he puts and takes on first half of 2026. Maybe it's a little bit of a nitpicking item, but would there be ability to move that up, given, I think historically, we've talked about like a two-year build cycle. So is there room to have this even online a bit earlier into the end of 25? Thanks, guys.

嘿伙计们，下午好。感谢回答问题，并祝贺新工厂的发布。我有两个问题。首先，关于国内内容规定，自5月中旬以来，你们有什么明确的表述？我猜可能客户的反馈集中在40%和55%的门槛上。通过仅从阿拉巴马和新工厂购买系列7面板，是否基本可以达到这一目标？然后，你们是否预计价格会有更多潜力？从你的话中听起来，这两个工厂在未来的销售额上会有所增长，如果可以的话，你能帮助量化一下吗？第二个问题就是关于新工厂，以及2026年上半年的得失。可能这只是个小问题，但是否有可能提前建成，考虑到我记得我们曾经谈论过大约需要两年的建设周期。所以是否有余地在2025年底之前提前投入使用呢？谢谢！

Yeah. The domestic content rules. Again, the way it's defined right now is that there are components that will determine if the module is manufactured. In the US, therefore, as a manufactured domestic product. As we indicated in our remarks is that for series 7, especially for our new factories, will be 100% compliant with all of those requirements. So all of those components that have been identified will be manufactured in the US. Again, that's a strategy that we embarked upon years ago to have a local supply chain. As a result of that, then the full entitlement for the module will be captured at the project level. As you know, there's no one else that meets those requirements. There are a few other manufacturers who made announcements in the US will actually manufacture the cell. And very few, if any, will get glass in the US. I have yet to see an announcement of anybody indicating availability or contracting for the glass in the US. We've been unique in our position there and being able to capture very strategic partnerships around sourcing of our glass. And so I think we'll be in an advantage position. Our customers are clearly still trying to do them out. I think there are still questions. But I think there's a high level of confidence that for solar is the best position module to ensure the domestic content bonus, which is why we also see such a high volume of conversions that are being done. As I referenced in my prior response to Phil as well. So that's where, you know, from a domestic content standpoint, working very closely, we are providing, we're being very transparent. And others spend some speculation that, you know, you know, manufacturers are not willing to provide cost level information. We, we are obviously willing to do that. We would prefer to have this basically from a taxpayer perspective, their module price. I think it's a lot easier to do with that way versus maybe the difficulty in the perplexity that's being embedded in the requirements right now. But we're managing through that more than willing to accommodate our partners to ensure they get the qualified for the bonus to the extent of the modules contribution. And, you know, they're still probably working through and understanding the tracker in the vertum, particularly in the how it all I agree, it's at the project level. But I think everybody realizes that series seven in particular for solar, you know, in general, is going to be immediately abandoned relative to anyone else manufacturing the US today. And that is released to the factory timing.

是的。国内内容规定确实很重要。按照目前的定义，有一些组件将决定模组是否是国产。因此，在美国，就是作为一个国产产品进行制造的。正如我们在演讲中所提到的，我们将确保所有系列7，特别是我们的新工厂，都100%遵守所有这些要求。因此，已确定的所有那些组件都将在美国制造。这是我们多年前着手进行的本地供应链战略。因此，模组的完全优惠授权将在项目层面上得到体现。正如您所知，没有其他公司能够满足这些要求。还有一些其他美国制造商宣布将制造电池。几乎没有人能在美国找到玻璃。我还没有看到有人宣布在美国提供或与之签约购买玻璃。在这方面，我们在位置上很独特，并能够建立战略性的玻璃采购合作伙伴关系。因此，我认为我们将占据优势地位。我们的客户显然仍在努力完成相关工作。我认为还有一些问题存在。但我认为人们对于太阳能模块是确保国内内容奖励的最佳选择有很高的信心，这也是为什么我们看到有如此高的折算量。正如我之前对菲尔的回答中提到的那样。所以，就从国内内容的角度来说，我们非常密切合作，提供非常透明的信息。有些人推测，制造商不愿提供成本层面的信息。对此，我们显然愿意提供。从纳税人的角度来看，他们模组的价格将更容易确定，而不是目前的要求中嵌入的困难和复杂性。但我们正在努力管理这一点，并愿意满足我们的合作伙伴的需求，以确保他们获得符合要求的奖励，至少在模组的贡献范围内。他们可能还在努力理解追踪系统，尤其是在项目层面上是如何发挥作用的。但我认为每个人都意识到，特别是对于太阳能而言，系列7将立即放弃其他任何人在今天在美国进行制造。这与工厂的建设时间有关。

Look, we haven't announced the site yet. And so we're still working through the site selection, the timing of the site selection, the timing of, you know, the ability to get on site finished in the permitting, starting to move dirt around and more importantly, energizing, getting the transformer and other things to, you know, available so we can energize. We'll all kind of determine that ultimate start of that manufacturing facility. But I think it's prudent to stick with what we indicated in our fair remarks. If everything does go well, is there potential to accelerate? Sure, there's obviously potential to accelerate, but we have a lot of work to do before we can determine if that's possible or not.

看，我们还没有公布网站。因此，我们仍在进行网站选择，选择时间，以及开始移动土壤和更重要的是启动，获取变压器和其他设备等的时间安排，以便我们能够启动。所有这些将决定制造设施的最终开始时间。但我认为贴合我们在公平竞赛中提到的内容是明智的。如果一切顺利，有加快的潜力吗？当然有加快的潜力，但在我们确定是否可能之前，我们还有很多工作要做。

All right, thank you. And our next question comes from the line of Joseph. Joseph, please go ahead.

好的，谢谢。接下来的问题来自Joseph。Joseph，请继续。

Hi, thanks everybody. Two questions. First, you know, I'm seeing probs, guides and digs talked about. I'm wondering if we might get some sense as to when we might see those turning up and shift products and also whether, you know, we're talking about tandem cells or higher efficiency products, whether we might see those begin to show up on the rooftop and then I do have one other question. Thank you.

大家好，非常感谢大家。我有两个问题。首先，我注意到大家在讨论问题、指南和挖掘。我想知道我们能否大概了解一下何时会出现这些产品以及它们是否会改变产品方向，另外，我们在谈论的是多联电池还是更高效产品，是否会开始在屋顶上展示，然后我还有一个问题。非常感谢。

Look, I would say on the on the frost guides side of the house in particular, I'm very happy with capabilities that has all our brings to the table there. I think it's very complimentary to capabilities that our own internal team has. And on the continuum, maybe slightly different approaches, but both showing demonstrating very good results. And again, there's a combination of challenges, but one first and foremost that everyone is working through is stability of the device. Efficiency is obviously important, but you also need something that stable and and proscates in general, I have historically had issues and challenges with trying to demonstrate long term durable to the stable devices. So having there on CI, GIS, six. And we've got some very deep capabilities there and record cell that they've demonstrated, I think, north of 23%.

看，我可以说在房子的霜引导方面，我对他们所提供的能力非常满意。我认为它非常补充了我们内部团队的能力。尽管可能有稍微不同的方法，但两者都展示了非常出色的结果。再说一次，存在一些挑战，但首要的挑战是设备的稳定性。效率显然很重要，但你还需要一些稳定且经常验证的东西，总的来说，我过去经常在尝试展示设备长期耐用性时遇到问题和挑战。所以在 CI, GIS, six 这个方面有很强的能力，他们已经证明了非常高于23%的记录。

And, you know, we are, we think that there's a potential for tandem technology thin film thin film, they can get to market sooner than maybe for off skides can at this point in time. And that would be a cat cell top cell with the CIGS bottom cell. And if we were able to do something like that, then that would clearly give you a higher efficiency product that could expand our address market and that's largely why we're investing in the technology the way we are. And I mean, we are a monitoring manufacturing technology company who want to be a technology leader. We are world class leader as it comes to send film devices, both of these are sent film semiconductors, and we'll continue to to evolve the capabilities there.

而且，你知道，我们认为串联技术薄膜薄膜有潜力比现在的非插接技术更早进入市场。这将是一个顶层是CIGS底层的串联太阳能电池。如果我们能够实现这样的技术，那肯定会提供给你一个更高效的产品，从而扩大我们的市场份额，这也是我们目前正在投资这项技术的主要原因。而且，我们是一家监控制造技术的公司，我们希望成为技术领导者。在半导体方面，我们已经是世界级的薄膜设备领导者，我们将继续不断提升这方面的能力。

You know, it relates to when we can get to market, you know, that's probably too early to determine. There's a lot that needs to be done yet to address a number of, you know, hurdles and issues that have to be resolved, but I'm encouraged with at least the platform that we have. And it's very complimentary to, you know, our world class leadership that we've taken in, in cat cell. These are two alternative symptoms that can be very complimentary and I think in further technology leadership over time. Thank you.

你知道的，这与我们能够进入市场的时间有关，你懂的，确定这个时间可能还为时过早。还有很多工作要做，需要解决许多难题和问题，但至少我们拥有了一个有希望的平台，这非常符合我们在镭射电池领域的世界级领导地位。这两种替代症状可以非常互补，并且我认为在未来的技术领导方面会有更进一步的发展。谢谢。

And my quick follow up, Brian alluded to this a little bit. I'm just stepping back from that the just announced factor and thinking more out towards the end of the decade. Should we kind of think about, you know, 18 months to two years as a reasonable cadence for your ability to add manufacturing given, you know, sites, election tools, all this, all this kind of stuff, or, you know, could it be slower faster. I think I'd market to that to to your cycle and think that's probably the right timeline. I mean, there's other issues that we're running into, you know, and also various where we're going to go. You know, if we go to India, I would argue potentially into can be a little bit faster. U.S. is running to a number of challenges, especially wrong construction. And, you know, timelines to do that. They'll really work for workers access to, you know, energy, of the factory. You know, we're still looking at Europe. And, you know, it depends on path we go in Europe, then, you know, that could also maybe be slightly shorter timeline that then what the U.S. is right now. But I think the best way to look at it is, is kind of a cheer time from.

我的快速跟进，布赖恩稍微提到了这一点。我只是从刚刚宣布的因素中退后一步，更多地考虑到未来十年末。我们是否应该考虑，你知道的，18个月到两年作为你增加制造能力的合理节奏？考虑到场地、选址工具等等，或者可能会更慢一些，更快一些。我认为我会把这个市场周期的情况告诉你，并认为这可能是正确的时间表。我是说，我们还遇到了其他问题，你知道的，还有我们要去哪里。如果我们去印度，我认为可能会快一些。美国正在面临一些挑战，特别是错误的建筑。关于时间表，需要考虑到工人获得能源的工厂的问题。我们仍在考虑欧洲。你知道的，这取决于我们在欧洲选择的路径，那么可能也会比美国现在的时间稍短。但我认为最好的看待方式是从一种欢呼时间开始。

Understood. Thank you. Perfect. And our next question comes from the mind of Julian and Julian Smith. Julian, please go ahead.

明白了，谢谢。完美。下一个问题来自朱利安和朱利安·史密斯的心声。朱利安，请发问。

Hey, guys, it's Alex very blonde for for Julian. Just to question on the domestic content. One more time. I mean, you alluded there, Mark, to, you know, some of the sort of missing bits that have to be clarified here. I'm just curious, given you guys have already sort of booked some some, I guess, ASP up list in 24 relative to offering domestic content. If there's any sort of, I guess, clawback potential from the developer, if they're actually not able to get it. Given some of the clarifications that that we're waiting on. And I'll throw my second in here as well. When you think about the longer term, I guess, expansion opportunity in the U.S. You guys have sort of historically been about a third of the U.S. market. I think we've offered some 70 gigawatts announced as far as module in the U.S. currently. How do you think about sort of your broader market share in the U.S. and what that could become over time as we get into the latter half of the decade? Thanks.

嘿，伙计们，我是Alex，非常感谢Julian的问题。再问一遍关于国内内容的问题。我是说，Mark你提到了一些需要澄清的缺失部分。我只是好奇，如果开发商实际上无法获得国内内容，并且我们正在等待一些澄清，那么你们已经预订了一些在24年相对于国内内容的预期收入，是否会有一些可以要求返还的潜在风险。我还有第二个问题。当你们考虑到长期的扩张机会，特指美国市场时，你们在美国市场的份额在过去一直约为三分之一。我认为我们目前在美国的模块销售已达到了70千瓦规模。你如何看待在未来几年后半段，随着时间的推移，你们在美国市场的更广泛市场份额可能会增长到什么程度？谢谢。

Is it relates to most of those. Just as a reminder, most of the conversions that was then we put in place, you know, that relates to 23 24 and 25. That's really with the years it sits in. Those were all somewhat thought through and envisioned as a potential opportunity through the contracts that we were structured at that point in time, at which we we implied domestic content. And to extend circles would come through them. There would be and to the extent we provided them with the manufactured product that we would be entitled to the criminal ASP. In other case, we left them open and it was really up to the customer. And, you know, if you want domestic supply, then finally, we'll provide it. We have the option to provide it internationally as well. If you want to, you know, we'll negotiate an incremental speed from that standpoint. So as it relates to any callbacks or provisions in those, in those adjustments that modification amendments that we did. Really, there's, there's nothing embedded in those agreements that would result in that.

这与大多数相关。只是作为提醒，我们当时实施的大部分转换，你知道，与23、24和25有关。这实际上是与年份相关的。所有这些都经过一定程度的思考，并被视为合同中潜在的机会，当时我们的合同结构中隐含了国内内容。并且扩展的圈子将通过它们到来。如果我们向他们提供制造产品，我们将有权获得犯罪ASP。在其他情况下，我们将它们保持开放，真正取决于客户。你知道，如果你想要国内供应，那么我们将提供。我们也有国际提供的选择。如果你愿意，我们将与你从这个角度谈判附加速度。所以，就与那些调用或在那些调整和修改的协议中的条款的关系而言，实际上没有嵌入任何会导致该结果的内容。

Now, I will say on new values that we're booking now, there are provisions in there that would require an adjustment to the extent we did not need the representations that we gave the customer. Right. So, for example, I said that our series seven product would be a domestically manufactured product. And therefore, the list of 10 or how many components are all would all be manufactured in the US. And therefore, the product would be domestically manufactured. And we've given ourselves some buffer relative to that. And to the extent we don't manufacture the product is currently envisioned to ensure that all those components are domestically manufactured. Yes. And then we'd be a potential impact LD for that lack of performing effectively. Right. But that's all within our own control. And if the project qualifies or doesn't qualify, where we're held harmless, as long as we meet our requirements, whether the project level hits its 40% of the cost. Or 55% or whatever it may be. There's no, there's no recovery or clawback from first.

现在，我将谈论我们正在预订的新价值观，其中有一些规定要求进行相应的调整，如果我们不需要给客户提供的陈述。对的。例如，我说我们的7系列产品将是国内制造的产品。因此，名单上的10个或多个组件都将在美国制造。因此，该产品将是国内制造的。我们已经为此给自己留出了一些缓冲空间。如果我们不按照目前设想的方式制造产品，以确保所有这些组件都是国内制造的，那么这可能会对我们的业绩产生潜在影响。是的。而且，这完全取决于我们自己的控制。如果项目符合或不符合要求，只要我们满足我们的要求，无论项目的费用达到了40%还是55%等等，我们都不会受到任何恢复或追索。

So the only thing we have, which you would expect under any contract, we have an obligation to comply. And we made a representation around it being a domestic manufactured product. And therefore, those components which have been identified have to be manufactured in the US. And really, you know, I see that it's not a lot of risk because that's what we're doing on risk. All that's being sourced here in the US. Got, got. Sorry, I think I cut you off there a little bit. Our next question comes from the line for Vikram Bakery. Vikram, please go ahead. I was hoping that you could give a little bit more color on the expected increase in module gross profit relative to your prior expectations just kind of what's driving that one of the puts and takes there. How much of that benefit is coming from sales rate versus manufacturing efficiency is. Yeah, so it's a little bit of both. You're definitely seeing a drop in sales rate. We did forecast that it dropped throughout the year, perhaps dropped a little bit earlier in Q two than we expected. So I'd say more than half of what we added in terms of module gross profit to the guide is associated with a better sale trace. But there is a little bit of improvement in the core relative to our previous guide as well. Importantly, just to make sure it's clear, we said that we're not changing our forecast is section 45 X benefit. So it's not an increase in the cost of goods, why or in the gross profit line associated with reduction cost of goods from IRA benefits. It's all fitting across core cost of production and sales rate.

所以我们唯一有的东西，符合任何合同预期的，就是我们有一个遵守的义务。我们还陈述过这是一个国内制造的产品。因此，已经确定的那些组件必须在美国制造。说真的，我认为这不是很大的风险，因为这是我们在承担的风险。这一切都是在美国采购的。明白了，明白了，抱歉，我可能有点打断你了。接下来的问题来自Vikram Bakery的线路，Vikram，请发言。希望你能更详细地解释一下你对模块毛利润的预期增长，相对于之前的预期，是什么推动了这一点的原因。其中有多少好处是来自销售额，而多少好处来自制造效率。是的，这两者都有一点。你肯定会看到销售额下降。我们预测在全年销售额会下降，可能在第二季度比我们预期的早了一些。所以我可以说，我们指南中增加的模块毛利润，超过一半与销售额的增加有关。但与我们之前的指南相比，核心也有一些改善。重要的是，为了确保清楚，我们说过我们不会改变关于45X福利的预测。所以这不是商品成本的增加，也不是与减少商品成本相关的毛利润线。这些变化都体现在核心生产成本和销售额上。

Got it. Thank you.

明白了，谢谢。

Just one follow up in terms of the mix of deliveries. You mentioned some recent contracts which projects in Europe as well as in the US. How are you thinking about supply knows. Could we expect any supply coming from from the US and then just how do you think about the pricing dynamic in those markets where is a bit lower than we see domestically.

关于交付组合方面的后续问题，您提到了一些最近在欧洲和美国的项目合同。您对供应情况有何考虑？我们是否可以期待来自美国的供应，而且您如何看待这些市场的定价动态，相对于国内来说稍低的情况。

Yeah, so we've currently are not envisioning sourcing anything from the US to Europe. Now, could there be a particular deal that we've contracted that would, you know, because of a particular event that we needed for that project or particular product that we that we needed, you know, could it come from the US potentially but that's not the intent. The intent would be to support Europe out of our international factories and in Malaysia Vietnam. Obviously, in Vietnam are also part two lowest cost factories before India gets up and running when India is up and running, then it will become our lowest cost factory in the fleet. But right now there are two lowest cost factories and yes, we are and we have global customers, right, you know, very large utilities or oil and gas majors that one global supply that they have projects in the US and projects in India.

是的，所以目前我们并不打算从美国采购任何产品运送到欧洲。不过，如果有特定的交易合同，因为某个项目或者特定产品的需求，可能需要从美国进口，但这并不是我们的意图。我们的意图是让国际工厂在马来西亚和越南支持欧洲市场。显然，越南也是我们最廉价的两个工厂之一，在印度开始运营之前就是如此。当印度开始运营后，它将成为我们整个工厂中最廉价的。但目前有两个最廉价的工厂，我们的客户遍布全球，如大型公用事业公司或石油天然气巨头，他们在美国和印度都有项目。

They may have projects in Europe and they want to have product and energy agreements with person that we could source not just a particular region, but multiple regions, no different than, you know, the energy deal that we announced. I mean, that was the US included volume in Israel included volume in Poland, you know, at least potentially identified, which is where they're developing.

他们可能在欧洲有项目，并且希望与我们能够获取产品和能源协议的人进行合作，不仅限于一个特定地区，而是多个地区，就像我们宣布的能源协议一样。我的意思是，包括美国、以色列和波兰在内的交易数量至少在可能发展的地方有所确定。

You know, we will have to do have to differentiate pricing in some regards with, you know, would be competitive in those, in those opportunities relative to where other global pricing is gone. But we still will get a premium, you know, we're not in a position where we're having to price liquidation type of fire sale, ASPs like others are doing right now because, you know, there's a long term relationship that we have with the strategic partners.

你知道的，我们必须在某些方面对定价进行区分，以在相应机会中保持竞争力，相对于其他全球定价的走势。但我们仍然会得到溢价，你知道的，我们并不处于不得不以清理库存的方式定价，像其他人现在正在做的那样，因为我们与战略合作伙伴有着长期的关系。

And I think using the energy as an example, the best of my knowledge. There are 100% source to first solar regardless of where their projects are. But I have to make sure that they can be competitive in the market, the way they compete in and I can't, you know, establish a market price that's meaningfully out of market. So price according.

我认为以能源为例，根据我所了解的最佳情况，不管他们的项目在哪里，First Solar都有100％的能源来源。但是我必须确保他们能在市场上有竞争力，他们的竞争方式我也无法确定，我不能设定一个明显超出市场的市场价格。所以价格要根据市场来定。

Okay, perfect. Thank you so much.

好的，非常完美。非常感谢你。

And that is all of the questions we have time for today. We would like to thank everyone for taking the time to dial in today. You may now disconnect.

这就是今天我们时间允许提出的所有问题。我们想感谢大家今天抽出时间参与电话会议。现在你可以挂断电话了。