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| Mitch Ennis | Investor Relations |
| Mark Widmar | Chief Executive Officer |
| Alex Bradley | Chief Financial Officer |
| Philip Shen | ROTH |
| Brian Lee | Goldman Sachs |
| Ben Kallo | Baird |
Good afternoon, everyone, and welcome to First Solar’s Fourth Quarter 2020 Earnings and 2021 Guidance Call. This call is being webcast live on the Investors section of First Solar’s website at investor.firstsolar.com. [Operator Instructions] As a reminder, today’s call is being recorded. I would now like to turn the call over to Mitch Ennis from First Solar Investor Relations. Mr. begin. may you Ennis,
well begin afternoon, business on presentation Solar’s company thank announcing issued website full press results Chief quarter Good are A for Alex us. Executive of Chief Widmar, Alex copy discuss First its for Today, results and the at as financial XXXX Bradley, the a today and our a year year its available for quarter everyone, Officer; you. Officer. Financial by guidance you will then XXXX. associated and release will joining the fourth as are Mark Mark Thank press update. and investor.firstsolar.com. With providing XXXX. and financial me full fourth release
strategy Following XXXX. his outlook. guidance our then remarks, for financial discuss Mark will will and business Alex provide a
management’s the actual open we’ll call that include and forward-looking of It Please call to and uncertainties, Chief the COVID-XX to that Officer. for encourage questions. more results the Mark? could description. other differ expectations, will severity for uncertainties remarks, Following risks from including, involve among current statements risks cause and to note, review and this the my now contained pandemic. harbor Widmar, press a effect the statements duration you safe presentation in complete We introduce today’s of Mark pleasure is the release Executive materially
the my work to for XXXX. you hard I Thank throughout gratitude to First for thank by Good joining us today. you, expressing and perseverance afternoon Mitch. would like Solar and start their entire team
to with our year. and to was in achieving way of challenging team Although safety, our responded the our and health a unprecedented objectives I’m proud commitment customers this very XXXX delivering value year, ongoing our
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Alex. All right. Thank you,
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cover XXXX of variable anticipate the Ohio and a supply started this our portion to fourth glass Illinois per factory. glass quarter float facility benefit facility we’ll started the will the cost our first in Ohio our in a provide and in watt. of Finally, in XXXX We of quarter
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of the by As production cost to in look XXXX, five to to beyond with sales potential freight to us a our per variable top that improvement watt, XXX module the including I our believe and reduce end module December component in top watts increasing of per to in see from XXX module, Improvements we the like production bin XXX we generally bill for benefit and the performance. we cost With per materials XXX of XXXX. levers costs. a each of Starting anticipate fixed watts warranty continued will midterm efficiency, bin goal provide our we midterm, of a in in watts key would revisit continue our the enable watt.
our benefit. Secondly, the footprint drives anticipate our throughput end fixed additional resulting we to the the by cost additional to utilization on existing throughput and by capacity XX% of debottlenecking the in tools manufacturing solution implementation baseline XXXX, of efforts. increasing compared rerated This
of improvements we over XXXX. XX.X% wide made achieving steady yield course XXXX while December, fleet in Thirdly, our to manufacturing of XX.X% in anticipate we’ve a yield the
in While yield plus impact to performance have our expected factories the CuRe and plant XX%, are X excess international year. the for of yield, achieved upgrades during Series
see our to reduce material a midterm yield opportunities XX%, our midterm, increase Fourthly, see costs glass we fleet-wide to of path by we and primarily bill manufacturing the our XX% However, in across to to frame. XX.X%.
with to aforementioned Finally, in Series outlook work XXXX provide Combining our and CuRe costs. midterm. discuss to to we believe the cost X call and optimization drive our combination freight our R&D our module the we back strongly other lead watt levers, over efficiency can transportation per now and I’ll will XX% turn believe the are continue the profile over energy financial guidance. and who of benefits positioned we and sending of reduction to improvements a Alex, near cost
Mark. Thanks,
which Before profitability. and I’d discussing guidance, our [indiscernible], XXXX like disciplined is our growth, core to liquidity a decision-making shareholder highlight to value balances framework create through financial that endeavor
the it yield. factory end As gigawatts throughput Malaysia capacity improvements increasing anticipate and manufacturing driven module XXXX, in manufacturing growth, of watts to relates to average second by in X.X of we ongoing addition nameplate to our the our by
As potential beyond future XXXX us gigawatts highlighted, gives the booking performance expansion so capacity of we do position for expansion. XX.X commercial footprint. year-to-date in previously contract our we’re existing evaluating geographic Strong confidence current and may as potential evaluate and Mark and incremental XXXX forward
liquidity differentiator without strategic has regard position that historically been prioritized growth Our long-term in a an industry capital structure. has to
the balance to the last of opportunities. enabled companies the also that growth to solar pursue both and strong of sheet our and few one has For volatility example, enter periods decade next weather us
profitability to our advantage watt. backlog with our whilst fairly our at our with increased we’ll our provides provide with liquidity per acceptable can profit selective $X.X sales maintaining differentiated sales, which contract ending strategic XXXX value maintaining cash. technology expansion future module, able reduces capacity From to exposure sheet, into financial balance energy future a bookings we just be say, And self-fund believe contracted self-fund position, is investments capacity an X levels were align billion spot and transition demand. module visibility perspective, able to PV Accordingly, we that differentiator. strong meaningful to competitive future be continue our strong products pricing Series our Additionally, to for from and net opportunities of we pricing and whilst helps
to XXXX, gigawatts cost across only and of produced to gigawatts X.X volume an the of there’s in yet in example, the significant book, potential the opportunity XXXX per and aforementioned target much. there For year-end ASP attract volume XXXX. a in in reduction lower to shipped year-end volume With be deliveries although for is between XXXX, capture XX% we of watt XX% that of XXXX X.X believe remains than uncontracted as
I will financial the XX. Slide in to context XXXX So turn next our included this Please guidance. with mind, discuss assumptions in
megawatt anticipate XXX XX half will it and development the to million. the approximately million, in this close relates expected pre-tax of X we megawatts project solar transaction the the included income million recognize X to first of of As the the module, pipeline, including project development – that closing, statement in Berea Series gain income the a sorry Harbor equipment. the our gross of operational five gigawatt expect business, $XXX $XXX line U.S. margin we XX Safe between price and XXXX, proceeds projects, of Series project, certain contracted on On and sale other approximately $XX showed on operating for
first North to closing transaction positive both the recognize gain close for the of of transactions we American it approximately We business, North anticipate development a in American relates our our on sale believe pre-tax expect $XXX result associates. that will million. XXXX. be closing, will we and to also And a project O&M U.S. half O&M these upon As
we had and will O&M of Leeward closing end U.S. approximately XXX and associates collectively. NovaSource respectively. project the North of businesses our XXXX, at audited join As of American all associates these development substantially, And
from for lines. significant expenses potential active cost sales project we U.S. both As operating the is we which the in decision, development, and North O&M this in and reflected of reduction American see cost
of associated in the related annual XXXX, mentioned QX project of XXXX impact fixed see cost that burden As Similarly expect revenue, segment sale O&M with savings earnings O&M cost of margin see courses project for system gross in $XX cost million low in non-direct to with the of adverse the the in QX O&M the in XXXX In line. support business, due to North we majority approximately business. within in the the of line. the we development calls, sits of costs case is an of also sales total, and to including sales the the prior to the sale cost we’ve as American sit business
business expenses rate $XX savings project million $XX approximately sales is So an the from XX% savings with [Audio which we sits Dip] The million XXXX structure XXXX, approximately that run approximately the line. from and benefit generating associated associated cost approximately expected approximately $XX expenses additional to of additional of a annual sales approximately of Japanese expect our run in our approximately of operating of XXXX our total million of in to $XX $XX perspective a of From sale $X remaining U.S. of cost business, savings in expense the $XX are with development million million cost in XXXX and rate million for savings result annualized sales development assets. in systems $XX between to to in onwards in XXXX million power of split million operating $XX and million,
AC lead in an profit the megawatts capture systems For system that of strong book opportunity to position backlog, backlog around. Japan as approximately of attractive projects to XXX in an a pool will path
year to shipments X.X X for gigawatts. XXXX of factors our There this. which X.X be driving several between and exceeds the gigawatts, are expected production plan X.X Next, to our
call gigawatts Firstly, the quarter which by about fourth guidance we X.X produced quarter, the exceeded earnings in third approximately megawatts. XXX our from
the X Safe the in we megawatts Series midpoint quarter, the Secondly, investment of which Harbor, finally, modules development fourth below previously of tax XX% our expect to approximately a guidance ship the project range. as to megawatts X.X XXX XXX And shipped intended gigawatts, credit. of a U.S. to transaction part we is
Our million operating ramp will $XX $X ramp by are programs XXXX we period is Malaysia, end second expenses which and million income impact This to of incurred comprised of by factory X of ongoing our the $XX QX. to anticipate throughput in to expected Series technology as million. million exit of $XX
As factory production million production to across X start-up losses The in our in XXXX. plan improvements underutilization of $XX million estimating these Series million. contribute and upgrade to downtime to expense anticipate upgrades meaningfully $XX in incorporate of X.XX $XX of We gigawatt throughput CuRe previously three have weeks plus, the fleet-wide XXXX. approximately will require and mentioned, resulting we improvements fleet, will
and tax financial the of to profitability equity in solar to utility at expected receive have to-date such as And tax needs equity co-located significant assumes appropriate capital storage lieu ability conditions wind additions implemented. to will direct market, it finally, the we’ve the in this capacity time And relates and or of As and financing, on for guidance is A of cash battery scale solution, for credit the investment tax domestic does XXXX legislative if increasing outbreak payments deteriorate the high. to significant many the demands not managed basis, is the markets operations. eligible be supply it sufficient expected our our with on projects market business. bank remain ITC of largely COVID-XX impacts impact
our guidance and chain any Slide to on Our seem continue without XX. on costs. of such to able XXXX to the accordingly be I supply incurrence material mitigate impacts now operation guidance the ranges will cover
billion $X.XX module combined sales margin. $XXX to percentage billion losses, $X.XX million, which include billion, two revenue, module QX. expected ramp sales to segment which segment systems module includes segment to expense Streams gross margin and million $XXX project, segment of two $XX Sun of Module million $XXX gross in million million by net of which includes $X.XX margin gross Our approximately and which to is guidance and million $XXX to reduce is between between points. margin a revenue $X underutilization were expected guidance included of in the be $XX our as closed billion Gross
we deliver project Whilst multiple customers’ we’re are particular and the the in and cost our points. margin module some balancing this to gross rescheduled shipment. contractual reduce freight weather QX to percentage segment related we’re States, needs of Additionally, eight by to process the storm of from in week’s sales warrants seeing included in Texas. United In commitments, impacts resulting impact anticipate expected last will sale and seven
$XXX are first with However, one-third with per over the XX% year, charges quarter. the the quarter split we from increase in sellable utilization module business evenly remainder and of The technology, X quarter the incurring incurred X to expect bifacial Whilst CuRe against competing be costs and fourth quarters. gross underutilization are the our QX of knows we improving year and ramp around our during first to the to sales X fully which lower the across to cost our XX% Series module in XXXX three in the predominantly to for anticipate we Operating that value million $XX to million is development realizing our Approximately profile watt on subsequent $XXX project and expected volume to expected with our $XX plus, million, is integrate course million, million Series volume technology. and this million board begin total transactions underutilization business. is of improvements $XXX production are gain XXXX. and R&D in inclusive an associated SG&A estimated to and $XXX costs in million of to million costs to $XXX these $XX and approximately between ramp and expenses, the included expected to expense aforementioned sale $XXX combined and of million income million project and related SG&A million sale expenses O&M is be $XXX between approximately be which that of of development plus to $X start-up U.S. related includes and expected Operating are start-up expenses. to the million transaction $XX
throughput, million $XX This CuRe and $X.XX tax and earnings range Series million, development $X.XX. program. per to earnings to a $XXX development $XXX full North approximately from $X which implement project million items, gains tax share as to other year Series interest increased American to Turning non-operating second net expense $XXX of year XXXX expense sale sales X we invest of O&M million businesses. related negative and related U.S. the to we facilities, guidance related by million, the X $XXX R&D expected project income expenditures complete And on to next O&M results $XX in plus now Malaysia, other X transactions. income, interest per to expect share includes the Full approximately expense million. Series North be to to our factory are Capital transition in forecast range and expect XXXX in to U.S. existing our we for America and to
year anticipated Our U.S. development primarily year The partial XXXX project is balance to is $X.X offset on billion. increase capital to between operating XXXX net will module expenditures. business, end our and cash cash end to from North O&M proceeds expect be $X.X cash our in sales, which flows by balance net billion we American
today’s the I’ll and messages Turning to from key XX call. Slide summarize
transition our X X.X contracted X previous gigawatt demand earnings demand to continue Series subject and We net significant X.X of from a make supply progress with from within volume in plus Series robust to precedent. gigawatts additional conditions call perspective. bookings of
XX.X continues with to a including opportunity grow Our XX.X to opportunity of global mid late-stage pipeline gigawatts opportunities gigawatts. set of
ended a end for XXXX. improvements increase opportunity XX%. our X.X to gigawatts volume, On manufacturing our to sale significant on X.X expect Operator? that, U.S. and open and In by the for American year-over-year year of produce module prepared $X.XX we midterm and North see capacity per by year XX% year increase share end XXXX forecasting earnings close efficiency project expect expand our of $X.XX. We $X.XX, nameplate in XXXX, and we’ll Series expect and to And of first to XXXX of continued supply We X.X capacity the X of remarks O&M finally, we side, And X.X to XXXX. to costs gigawatts gigawatts businesses to X manufacturing to Series energy XXXX and full development the of with full with EPS conclude year the of half call we our metrics. questions.
from with Philip question Instructions] Shen comes [Operator first ROTH. Our
Your line is open.
taking guys, questions. for Hey my thanks
having up. in then XXXX two-thirds what do when per for with suggest are year-to-date, to from ramping XXXX? and shown then bookings, and the XXXX the you’re XXXX, that And that how conversations about, shifted Can forced It healthy which the bookings think they’ve shaping as bookings that I well? customers you recent pricing given booked $X.XX might booked? about in you watt. could out become talk looking gained there up issue how you levels, a a expect terms You’ve recent of your perhaps labor looks you some fully in then XX% And about recently talked outlook your or reduction like
might mid-$X.XXs closer market and participants be So comment they market to you if watt, wondering think for if per or with that been some of sharing in certainly I I possible terms in have crystalline the could on was which what us is pricing silicon.
So I much you know the questions. there’s lot very for there. Thank
right. All
starting could all So we of I that we booking now, real off at expected with on with north with very help if there. a that momentum. the sitting just, to for right to late-stage opportunities, even you get to XXXX – And which next expect year. strong three the XX momentum within The we’re booking, mid them. gigawatts on them close year of be look opportunities the With we happy we’re
relates comment forced of it discussion implications labor. and the around As to
value refer customers well. provide different integrity attributes within political or with ourselves I think for of have maybe it’s number are other one which hit and current standard, concern our that we is one interesting for. that’s was that, a an great from and a to as over-reliance, just as there between to that certainty have looking different And dealing can different, supplier U.S. a we we first And that And China of a great the to only to a responsible about, issue, as and but India do on and this we the we markets hold or and great themselves, result customers. highest about ethical all, accountable we some counterparties levels. they concern conversations of are having, engage a the they’re capabilities, try standard relationships thing not state about that clearly and or China and technology of themes one those of alternatives back one we concept particular probably solar. And goes to of it and counterparty but
we to into have. it’s to I the we’ve see starting and bookings think started pipeline come what it’s now important and that in the
through So end forced tell Phil what a plays think will potential is it. one the the for are of they is project and have the customers referring or are what but of in that that nowhere of you as criteria want to to and utilized sure that zero their that only representation. that procured you ensure procurement trying whole that they conditions how the internationally. incorporating around those the may complexity somewhere the concerned labor? off-take being with in many, it still and within here But their also types have, their out cases implications and tolerance I to makes hard I labor agreements, lot of the they’re understand we people, chain it forced there’s silicon supply make labor a they’re to business of very that, tolerate they’re others are some They U.S. more new zero VPC, very else, which not to forced of not some make tolerance assertions the suppliers chain. there’s or Do entire And IPP supply have and models there’s as developer and know, or new in
our more as I’ll out goals. at goal of XXXX. sold this meaningful of to our year, to not to transparent XXXX but We sold halfway relates timing, it contract. volumes a want As is clearly we going to we and than exit out want be, a I’m XXXX be proportion very goals. be want And we at discreet to have our be give you
in in something $XX.XX we tell see metrics I I and you’ve for keep that’s pipeline necessarily happy right at it’s been and ASP, say, because solid accomplishing reflected tried have selling of look that. you year starting will than to say growing keep up with margin wouldn’t starting sit would when think get reduction that are be I ASPs and higher see exit the up resiliency well, we to it clearly That we and firm much call So overall come a to comes ratio direction. resiliency we’re to sole sort are that confident and creates that and we the a year-over-year, year-on-year to that right I with like out to We starting indicated, we us we hopefully wouldn’t mean, that we’re see we’re put in we’ve accomplished. see start in we And have is but at into now, you look each gross increase as or contribution opportunities much used to when taking will relative that expand which of of in able around very technology, the you pleased operating selling the Q, is, be I the on in K the continue say, case, Officer, good like The keep that seeing. ASP than average will as historically to But that book margin. at like more is we and ASPs, and we’re time capture to independents at all And And and our sat that, gets what we’ll where of roadmap, look can. sold do. And feel booking the out going are upward to the to have robustness pretty cost helps now, at goal our that But if – that significantly as value or us dimes we’re the to year. maybe to Chief out maintain that one-to-one higher in an going And pretty that. our to say some the we was at opportunity create work capacity a position Commercial be we telling to you and let’s we’re what the said, we our historical more one-to-one. then clearly can we where good this I’ll our them XXXX. and importantly, it’s by maintain income. least that. Phil improve let’s we’re
Our from next question with comes Goldman Sachs. Brian Lee
line open. Your is
of to of components if how that taking this, implied low-teens gigawatts Streams then this like a last the a it’s you’re this I Sun be they number Is of much be hear, little And targeted will depend pretty a in and and year, year? and then I as much monetize the where on it kind where mix, mix you for the questions. gross I be how is high-single-digit, for how next implications for couple you XXXX business given still lot year. have see well, the go-forward seems but had to X.X guys. any the talked about revenue we to guess, would’ve I the some next assistance, you be into thought about I you that margin margins for year, level? XXXX, higher the Thanks think going think back bit doing up know, XXXX presumably revenue, year to first, about some – but over Mark, Thanks sold margins, that thoughts around margins years. to made versus can systems business but it it’d
Alex one, Yes. those takes I’ll on I’ll Brian, questions margin. take – first the let and gross the
U.S., hasn’t signed, of hopefully But – it takes year. the And basis. As haven’t would all our that the be AC have. the by as The of the have relates signed possible. sold have still the the plan out the end up largest signed And of that. yet. complex, another what hundred we quickly of to contracted. end this we the done, in rest or that left another megawatts we’ve aggregates which ideally, Sun know, And Streams by to is portion U.S. don’t quarter. is X.X portion as I XXX largely there’s U.S. that’s the few the an business, systems megawatts move we forward all Streams we but assets the that volumes Sun on has finalized plan that like of something to would portion now up
then that in sooner, be and transaction. goal for the try we just volume uptake going better. module would the too. which would development is agreements contract are But monetize the all So sites development team to The of stuff those year with to this U.S. the
projects don’t projects balance have the XXX still XXX, The at We’ll Japan those development they’re with Leeward is point with activities. sold still and into more, to continue there not time. enter to to in the capabilities this contracted of megawatts there’s until So forward in a contract support though to down. really we continue agreement have that’s service of it effectively
interconnection XXXX projects XXXX. we currently at be ultimately most for We the projects, in and on and the other a show accomplished you process will in actually the me, them those but of haven’t will look excuse would be permitting as CODs bookings may we some in have feed of fully – But if recognized CODs them. as ASPs those XXXX, had booking. know, tariffs, volume – recollecting also most average are you things the XXXX a there’ll and on highly that That But of see require up it attractive.
Again, let margin. And three talk into potentially have XXXX XXXX, that see we’ll yet if I’ll more the go next Alex years. booked volumes period. tariffs haven’t we over so even with that we the create And maybe But we some we’ll that. projects beyond still could more about that monetize gross
Yes.
to the gross revenue. and systems guidance $X on million, to $XXX $X.XX $XXX module side, million that And to of million. of to million $XXX million margin $XXX again systems $XXX $X.XX $XXX implies implies gave, $XXX revenue module million million the look that so if billion to Brian, billion we $XXX company-wide on million So the total you to at billion $X.XX million, of
you to level, high, really very it’s if systems gross at the look is the it’s those So systems pretty XX’s, in XX% limited volume looks XX% the company low margins, as but year. then Streams, and skewed module comes of little of a a in that the Sun bit potentially backend coming to Japan about by bit the little XX%. But in at XX%
you’re margins talking to of year. bit kind color for you’re the And a tried gross So module that that’s then out, of we about how here. at going seeing where as give look to little
down margin about we there’s ASP cost lot to what we And got then contracted decline XX% you go the the look significant look have there, about the ASP in if said, XXXX XXXX, XX%. amount book if decline, we and of still On do and books, at and XXXX we’ve clearly at And right? gross but down a level, talked a already. goes you decline
bases, on per and obviously ASP a are cost an those Now different load. off
you On see getting at coming than slightly costs XXXX get the fixed got into costs better absolute down the about the we levels. deletion through before, that basis, going better coming all then time, basis, additional a a we’re there. And from XXXX started margin decline matters dollar coming go same that ASP scale. that can you’re of down you it of you to talked through percentage the operating increased the volume benefit on benefit there are getting some volume As at and a just from as
So talked development. and reductions sale some we about the cost the O&M the of out of coming product from
of of little out comes in Some a also lack but comes in there’s XXXX. bit that XXXX, that out a
down So sales level. an and of margin to OpEx that’s going to we continuing again XXXX. to that And reduce go helps into see us operating cost as
to in thing a CuRe. for Alex his I’ll Brian, the There’s for headwind order to upgrades primarily comments. with in One for that that utilization mentioned under to deal in add need significant pretty queue, do XXXX we
total it’s have significant about within $XX there’s utilization under million to absorb cost, So a in I that we’ll XXXX. think of
on down the margin. weighing gross that’s So
of that, I percentage I the gross think if for margin goes couple that you up up think adjust range. a into points
come will Baird. Ben final Our Kallo question from with
Your is open. line
making to me. it for want kind you Thank I boil down. for of all time
margin things improving. you heard I So, gross different say, about several
up, firming you’re much locked XXXX. You the ASP’s into said are
question margin you then I build you a my guess, with should factory, guess, I have Alex, be you there’s not a if that. second on whether So XXXX how determine associated or EPS I when right. And up new the go to is, do probably that? ROIC
belief have have kind your Those you to my so long-term in two some to And invest of money. questions. that are firm contracts
giving as that pretty which think, all, don’t I of what we’re that drive will to keep referenced indicators want the XXXX, strong not thing Ben volumes sure guidance XXXX I CuRe. said. production The first be gave the will Alex of will we – some Yes. all the point is, representative this volume for of at volume XXXX product there it’s new making that of in CuRe. be one we
we uplift, you sell shows the If look because a energy meaningful back. energy, energy sell one improvement there’s the of that uplift slide, the long-term of And we at which degradation.
we And uplift also is to out relative that interest and a modules, so of monofacial similar when rightfully bifacial they energy efficiency. lot a about that and X% to to important understand. came there And referenced was talked so modules X%
efficiency product, look improvement energy percentage another pure the on you top with there’s and of on a and we initial at If XX of where our lifecycle are averages, long-term lifecycle of Tesco pop points through degradation.
to that’s even, in And you’re find to that efficiency. X% that so even of to and silicon from we’re energy X%. value maybe XXX, better products the cycle the our anywhere as profile, fruition. range again over bps going of you bifacial take a compiling XXX it, outperform And going life that can crystalline And call nameplate
there help because So the to XXXX, internal ROIC and own then talking improvement to what our specific production gave about guidance, information, XXXX we not think but people reduction we’re plan it’s are costs, that and look should we’re going I enough of the I technology, it’s improvement, continued give look supply think like.
wide it a factor company And across Ben, on look I think about ROIC, at individual I both if in basis.
expand, If factory individual we U.S. same our a level as book going gross you to think limited volume. at about today. individual adds on of slight of OpEx, factory actually time, margin also more sales being But sold of you at cost sold to diluting level fixed from margin benefit And gross as the costs from instead relatively see the the volume a is challenging the may adding the down, no depending line. outside what a more it very have that current factory and
So factory could therefore, margin on better. look an of operating benefit that anything
think fixed the cost OpEx, it call you XX% of operating fixed. given plus XX% for but factory, with is individual of not as to costs much before, extra impacts benefit just we get the same has because you So volume line said an that, for diluting also pretty
want we’ve and certainly of adding cost capital We look have significantly company. to individually both and the it across at to factories sure But adding today. we that was for seen make that being
the reached of today’s the end conference have question-and-answer call. time We concludes This for our session.
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