Ameresco Inc (AMRC) 2023 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the First Quarter 2023 Ameresco, Inc. Earnings Conference call. (Operator Instructions) And be advised that today's conference is being recorded.

美好的一天，謝謝你的支持。歡迎來到 Ameresco, Inc. 2023 年第一季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to Leila Dillon, Senior Vice President of Marketing. The floor is yours.

我現在想將會議交給營銷高級副總裁 Leila Dillon。地板是你的。

Thank you, Carmen, and good afternoon, everyone. We appreciate you joining us for today's call. Joining me here are George Sakellaris, Ameresco's Chairman, President and Chief Executive Officer; Doran Hole, Executive Vice President and Chief Financial Officer; and Josh Baribeau, Senior Vice President and Finance, in for Mark Chiplock, who is traveling today.

謝謝卡門，大家下午好。感謝您加入我們今天的電話會議。和我一起來的還有 Ameresco 的董事長、總裁兼首席執行官 George Sakellaris； Doran Hole，執行副總裁兼首席財務官；和財務高級副總裁 Josh Baribeau 代替今天出差的 Mark Chiplock。

Before I turn the call over to George, I would like to make a brief statement regarding forward-looking remarks. Today's earnings materials contain forward-looking statements, including statements regarding our expectations. All forward-looking statements are subject to risks and uncertainties. Please refer to today's earnings materials, the safe harbor language on Slide 2 and our SEC filings for a discussion of the major risk factors that could cause our actual results to differ from those in our forward-looking statements. In addition, we use several non-GAAP measures when presenting our financial results. We have included the reconciliations to these measures in one of our supplemental financial information.

在我把電話轉給喬治之前，我想就前瞻性言論做一個簡短的聲明。今天的收益材料包含前瞻性陳述，包括有關我們預期的陳述。所有前瞻性陳述均受風險和不確定因素的影響。請參閱今天的收益材料、幻燈片 2 上的安全港語言和我們提交給美國證券交易委員會的文件，以討論可能導致我們的實際結果與我們的前瞻性陳述中的結果不同的主要風險因素。此外，我們在展示我們的財務業績時使用了多項非 GAAP 指標。我們已將這些措施的對賬包含在我們的補充財務信息之一中。

I will now turn the call over to George. George?

我現在將把電話轉給喬治。喬治？

Thank you, Leila, and good afternoon, everyone. First quarter results represented a solid start for the year. We were pleased to make significant progress in key areas that support our 2023 guidance as well as our long-term financial targets. The Ameresco team, once again, executed well, delivering first quarter revenues higher than our expectations and adjusted EBITDA at the higher end of our guidance range. We also continue to lay the foundation for our ongoing success.

謝謝你，萊拉，大家下午好。第一季度的業績代表了今年的良好開端。我們很高興在支持我們 2023 年指導方針和長期財務目標的關鍵領域取得重大進展。 Ameresco 團隊再次表現出色，第一季度收入高於我們的預期，調整後的 EBITDA 處於我們指導範圍的較高端。我們還繼續為我們的持續成功奠定基礎。

As such, we were particularly pleased by the addition of new project awards or $472 million in the first quarter, which increased our total project backlog by 13% sequentially. We are executing on our contracted backlog and expect to convert a good portion of our awarded backlog to contracts throughout the year, giving us excellent visibility into our expected project revenue ramp in the second half of this year. We are seeing very strong customer interest across all our business lines. In fact, in this year's first quarter, the total value in the proposal we submitted was 50% higher compared with the same period last year.

因此，我們對第一季度增加的新項目獎勵或 4.72 億美元感到特別高興，這使我們的項目積壓總量環比增加了 13%。我們正在執行我們的合同積壓訂單，並希望在全年將我們授予的積壓訂單中的很大一部分轉化為合同，讓我們對今年下半年的預期項目收入增長有很好的了解。我們看到客戶對我們所有業務線的興趣非常濃厚。事實上，在今年第一季度，我們提交的提案總價值比去年同期高出 50%。

This reflects greater demand as well as a higher level of project complexity and scope. This increased activity is a function of our great value proposition, which addresses customer requirements for resiliency, cost savings and carbon reduction. We are excited by the recently enacted Inflation Reduction Act, which provides broad and meaningful financial incentives and benefits for the range of clean energy technologies. Ameresco's technology-neutral business model is preferably suited to assist customers in finding the best solutions to feed their energy needs and optimize the IRA benefits. While we have seen a slight uptick in awards directly attributable to IRA benefits in Q1, we expect to see a greater impact in the company's course in the years to come.

這反映了更大的需求以及更高級別的項目複雜性和範圍。這種增加的活動是我們偉大價值主張的一個功能，它滿足了客戶對彈性、成本節約和碳減排的要求。我們對最近頒布的《降低通貨膨脹法案》感到興奮，該法案為一系列清潔能源技術提供了廣泛而有意義的財政激勵和利益。 Ameresco 的技術中立商業模式最適合幫助客戶找到滿足其能源需求和優化 IRA 收益的最佳解決方案。雖然我們在第一季度看到直接歸因於 IRA 福利的獎勵略有增加，但我們預計未來幾年公司的進程會產生更大的影響。

The energy asset team, again, made excellent progress in the quarter, bringing 34 megawatts online. The (inaudible) revenue model of our energy assets and O&M businesses helps to mitigate some of the timing issues inherent in our project business. Included in the assets we brought online this quarter, was the 27-megawatt solar facility in DePue, Illinois. DePue is our largest operating solar asset to date and is representative of the larger size solar, battery and RNG assets that we are pursuing. This year, we expect to add a total of 80 to 100 megawatts of energy assets into operation. This asset additions, along with continued strong performance in our O&M and other businesses supports our confidence in our full year '23 guidance. Doran will provide more details on our visibility during the financial discussion. As we noted last quarter, Ameresco continues to expand into the European market, built in on our successful operations in the United Kingdom and Ireland.

能源資產團隊在本季度再次取得了出色的進展，在線提供了 34 兆瓦的電力。我們的能源資產和 O&M 業務的（聽不清）收入模型有助於緩解我們項目業務中固有的一些時間問題。我們本季度上線的資產包括位於伊利諾伊州德普埃的 27 兆瓦太陽能設施。 DePue 是我們迄今為止最大的運營太陽能資產，代表了我們正在尋求的更大規模的太陽能、電池和 RNG 資產。今年，我們預計將新增 80 至 100 兆瓦的能源資產投入運營。這一資產增加，以及我們在 O&M 和其他業務中的持續強勁表現，支持了我們對全年 '23 指導的信心。 Doran 將在財務討論期間提供有關我們知名度的更多詳細信息。正如我們上個季度所指出的那樣，Ameresco 繼續擴展到歐洲市場，建立在我們在英國和愛爾蘭的成功運營之上。

We expect our expenditure to take several forms, including organic growth, acquisitions, joint ventures and partnerships. This quarter, we entered the Italian market with our acquisition of Milan-based, Enerqos. With a strong management team and market position, Enerqos has been offering energy efficiency and renewable energy solutions to the commercial and industrial markets for more than 15 years. We also recently announced the expansion of our partnership with the Sunel Group in Athens, that is international developer and EPC contractor for renewable energy projects. Ameresco and Sunel have established Ameresco Sunel Energy, which is currently proposing a project pipeline of 1.5 gigawatts with an estimated $500 million in potential contract value in the United Kingdom, Greece, Italy, Spain and Romania.

我們預計我們的支出將採取多種形式，包括有機增長、收購、合資企業和合作夥伴關係。本季度，我們通過收購總部位於米蘭的 Enerqos 進入了意大利市場。憑藉強大的管理團隊和市場地位，Enerqos 為商業和工業市場提供能效和可再生能源解決方案已超過 15 年。我們最近還宣布擴大與雅典 Sunel Group 的合作夥伴關係，Sunel Group 是可再生能源項目的國際開發商和 EPC 承包商。 Ameresco 和 Sunel 成立了 Ameresco Sunel Energy，該公司目前正在英國、希臘、意大利、西班牙和羅馬尼亞提出一個 1.5 吉瓦的項目管道，潛在合同價值估計為 5 億美元。

The joint venture has already been selected as a contractor for 100-megawatt solar photovoltaic project in Greece, currently in construction as well as various other smaller PV projects across commercial and industrial markets. Given the increasing importance of the European market to our future growth strategy and recognizing our large and growing European shareholder base, we are holding our Investor Day in London on May 11. The event will primarily focus on our European strategy and the market and policy dynamics that we believe make this a very compelling opportunity for us. Ameresco's European expansion plan will be selective and measured, maximizing potential shareholder value, while minimizing execution risk. Given the importance of acquisitions and partners to this plan, we will hold internal discussion with executives from both, Enerqos and Sunel as well as members of our finance team. We are also pleased to be hosting Bristol City Council (inaudible) we will be discussing our transformational Bristol City Project from the customer's perspective.

該合資企業已被選為希臘 100 兆瓦太陽能光伏項目的承包商，該項目目前正在建設中，以及商業和工業市場的其他各種小型光伏項目。鑑於歐洲市場對我們未來增長戰略的重要性日益增加，並認識到我們龐大且不斷增長的歐洲股東基礎，我們將於 5 月 11 日在倫敦舉辦投資者日活動。該活動將主要關注我們的歐洲戰略以及市場和政策動態我們相信這對我們來說是一個非常有吸引力的機會。 Ameresco 的歐洲擴張計劃將是有選擇性和衡量的，最大限度地提高潛在股東價值，同時將執行風險降至最低。鑑於收購和合作夥伴對該計劃的重要性，我們將與 Enerqos 和 Sunel 的高管以及我們的財務團隊成員進行內部討論。我們也很高興主持布里斯托爾市議會（聽不清），我們將從客戶的角度討論我們的轉型布里斯托爾市項目。

We believe our European expansion will be an increasingly important contributor to our revenue and EBITDA growth in the coming years. Finally, we are always honored when our company and the solutions we provide are recognized in the industry. We recently were awarded the 2023 North American Energy Services Company of the Year by the market research firm, Frost & Sullivan. And our expertise in LED street lighting projects was also once again recognized as our Chicago Smart LED Light Program, was awarded The Inspiring Efficiency Impact Award by the Midwest Energy Efficiency Alliance. I will now turn the call over to Doran to comment on our financial performance and outlook. Doran?

我們相信，我們在歐洲的擴張將在未來幾年對我們的收入和 EBITDA 增長做出越來越重要的貢獻。最後，當我們的公司和我們提供的解決方案在行業中得到認可時，我們總是感到榮幸。我們最近被市場研究公司 Frost & Sullivan 評為 2023 年度北美能源服務公司。而我們在 LED 街道照明項目方面的專業知識也再次獲得認可，我們的芝加哥智能 LED 燈計劃獲得了中西部能源效率聯盟頒發的鼓舞人心的效率影響獎。我現在將把電話轉給 Doran，讓他對我們的財務業績和前景發表評論。多蘭？

Thank you, George, and good afternoon, everyone. For additional financial information, please refer to the press release and supplemental slides that were posted to our website after the market closed today. Total first quarter revenue was $271 million, about $40 million above our guidance as we experienced faster execution on certain projects as well as some early contract conversions. Energy asset revenue grew 6% with the increased number of operating assets and greater production from existing solar assets more than offsetting the weak RIN prices in the first quarter. Our O&M business delivered another solid quarter with 10% growth as we continue to win O&M contracts on our completed projects.

謝謝喬治，大家下午好。有關其他財務信息，請參閱今天收市後發佈到我們網站上的新聞稿和補充幻燈片。第一季度總收入為 2.71 億美元，比我們的指導高出約 4000 萬美元，因為我們在某些項目上的執行速度更快以及一些早期合同轉換。隨著運營資產數量的增加和現有太陽能資產產量的增加，能源資產收入增長了 6%，這足以抵消第一季度疲軟的 RIN 價格。隨著我們繼續贏得已完成項目的 O&M 合同，我們的 O&M 業務又實現了 10% 的穩健增長。

And our other line of business had another strong quarter of double-digit growth, up 13% driven by increased demand for our utility, SaaS and Consulting businesses. Gross margin increased to 18.3% as the lower margin (inaudible) contract declined as a percentage of our total revenue. We generated adjusted EBITDA of $27 million in the quarter at the higher end of our guidance.

我們的其他業務線又一個強勁的季度實現了兩位數的增長，增長了 13%，這得益於對我們的公用事業、SaaS 和諮詢業務的需求增加。由於較低利潤（聽不清）合同占我們總收入的百分比下降，毛利率增加至 18.3%。我們在本季度產生了 2700 萬美元的調整後 EBITDA，處於我們指導的較高端。

This quarter, our working capital showed significant sequential improvement. We reduced our receivables and unbilled revenue during the quarter through payments from our SCE projects. The company generated cash flow from operations of $56.7 million and adjusted cash flow from operations of approximately $100 million, ending the quarter with approximately $176 million of unrestricted cash.

本季度，我們的營運資金顯示出顯著的環比改善。我們通過 SCE 項目的付款減少了本季度的應收賬款和未開票收入。公司產生的運營現金流量為 5670 萬美元，調整後的運營現金流量約為 1 億美元，本季度末的非限制性現金約為 1.76 億美元。

We anticipate continued improvements in working capital during the coming quarters as the final SCE payments are invoiced and collected. Speaking of SCE, as disclosed in the press release, during Q1, we agreed on the reimbursement of additional costs incurred by Ameresco related to SCE's request to move the project completions into 2023. As part of this agreement, SCE made a $125 million advanced payment to us on future milestones, which is reflected in the improved working capital I just mentioned. Total project backlog was a healthy $3.0 billion, a 13% sequential increase as we added $472 million in new awards during the quarter, a Q1 record.

隨著最終的 SCE 付款開具發票並收取，我們預計未來幾個季度營運資金將繼續改善。說到 SCE，正如新聞稿中披露的那樣，在第一季度，我們同意償還 Ameresco 因 SCE 要求將項目完工推遲到 2023 年而產生的額外費用。作為該協議的一部分，SCE 預付了 1.25 億美元向我們介紹未來的里程碑，這反映在我剛才提到的改善的營運資金上。項目積壓總額為 30 億美元，環比增長 13%，因為我們在本季度增加了 4.72 億美元的新合同，創下第一季度的記錄。

Our energy asset visibility is approximately $2.3 billion. This metric includes both contracted energy asset revenue as well as uncontracted RNG revenues that we expect to generate over the life of these assets. And to reiterate from the last quarter, this is only from our operating assets. We have a line of sight to even more recurring revenue potential from our assets and development pipeline. In calculating the uncontracted part of this metric, we have used conservative assumptions for asset life and merchant market pricing for RINs as noted in our release. Our energy asset visibility together with our project and O&M backlog gives Ameresco visibility on over $6.5 billion in future revenue.

我們的能源資產知名度約為 23 億美元。該指標包括合同能源資產收入以及我們預計在這些資產的生命週期內產生的未合同 RNG 收入。並從上個季度重申，這僅來自我們的運營資產。我們希望從我們的資產和開發管道中獲得更多的經常性收入潛力。在計算該指標的未簽約部分時，我們對 RIN 的資產壽命和商業市場定價使用了保守假設，如我們發布的內容所述。我們的能源資產可見性以及我們的項目和 O&M 積壓使 Ameresco 對未來超過 65 億美元的收入有了可見性。

We are pleased to be reiterating our 2023 guidance, which anticipates adjusted EBITDA growth of 5% at the midpoint, which is noteworthy, considering the difficult year-on-year comparisons associated with the wind-down and completion of the large SCE projects. I'd now like to give some color around how we're looking at the 2023 Q1 to Q4 ramp with a focus on the pattern of revenue recognition.

我們很高興重申我們的 2023 年指導方針，該指導方針預計調整後的 EBITDA 將在中點增長 5%，考慮到與大型 SCE 項目的結束和完成相關的艱難的同比比較，這一點值得注意。我現在想談談我們如何看待 2023 年第一季度至第四季度的增長，重點是收入確認的模式。

On the project side, we ended Q1 with a 12-month contracted backlog of $639 million, much of which we expect to be recognized as revenue throughout this year. In addition, we typically convert between 10% to 15% of our awarded project backlog into revenue in any given year. Furthermore, approximately 5% to 10% of our total revenue in a typical year comes from aged proposals, which get awarded, contracted and converted into revenue in that same year. Our operating assets have a stable base of recurring revenue subject to weather-related seasonality on the solar side. With the commissioning of 34 megawatts of the new Q1 assets contributing for almost the full year, plus 22 megawatts of RNG and another 24 to 44 megawatts of solar and storage contributing partially later this year, we expect very healthy growth from our energy assets lines of business. Our O&M and other lines of business tend to be more linear. So the Q1 2023 run rate is a good estimate for the remainder of the year.

在項目方面，我們以 6.39 億美元的 12 個月合同積壓結束了第一季度，我們預計其中大部分將在今年全年確認為收入。此外，在任何給定年份，我們通常會將 10% 到 15% 的中標項目積壓轉化為收入。此外，在典型的年份中，我們總收入的大約 5% 到 10% 來自陳舊的建議書，這些建議書在同一年被授予、簽訂合同並轉化為收入。我們的經營資產有穩定的經常性收入基礎，受太陽能方面與天氣相關的季節性影響。隨著 34 兆瓦的新 Q1 資產投產幾乎全年貢獻，再加上 22 兆瓦的 RNG 和另外 24 至 44 兆瓦的太陽能和存儲在今年晚些時候做出部分貢獻，我們預計我們的能源資產線將實現非常健康的增長商業。我們的運維和其他業務線往往更線性。因此，2023 年第一季度的運行率是對今年剩餘時間的一個很好的估計。

When you add those items to our already reported Q1 results, we have a clear path to our guidance levels. Recognizing that this is a high-level overview of our near-term visibility, we do plan to elaborate on this during our upcoming Investor Day. Turning to Q2 guidance. Taking into account Q1 actual performance and considering the ramp described above, we expect second quarter revenue to be in the range of $280 million to $300 million, adjusted EBITDA of $30 million to $40 million and non-GAAP EPS of $0.10 to $0.20. Now I'd like to turn the call back over to George for closing comments.

當您將這些項目添加到我們已經報告的第一季度結果中時，我們就有了通往指導水平的清晰路徑。認識到這是對我們近期可見性的高級概述，我們確實計劃在即將到來的投資者日期間對此進行詳細說明。轉向第二季度的指導。考慮到第一季度的實際業績和上述增長，我們預計第二季度收入將在 2.8 億美元至 3 億美元之間，調整後的 EBITDA 為 3000 萬至 4000 萬美元，非 GAAP 每股收益為 0.10 至 0.20 美元。現在我想把電話轉回給喬治以徵求意見。

Thank you, Doran. As we have discussed in detail during this call, we have continued to grow our long-term line of sight with now over $6.5 billion in revenue visibility and over 400 megawatts of assets in development and construction. We also maintained an excellent line of sight (inaudible) our 2023 guidance and 2024 target of 300 million in adjusted EBITDA.

謝謝你，多蘭。正如我們在本次電話會議中詳細討論的那樣，我們繼續擴大我們的長期視野，目前收入可見度超過 65 億美元，開發和建設資產超過 400 兆瓦。我們還保持了良好的視線（聽不清）我們的 2023 年指導和 2024 年調整後 EBITDA 為 3 億的目標。

There is no better time to be in our business given the tremendous opportunities, both in the U.S. and internationally as governments and institutions around the world, invest in solutions addressing carbon and cost reduction, grid reliability and volatile energy prices. Again, we look forward to seeing investors in London and at the upcoming conferences and events. And in closing, I would like to once again thank our employees, customers and stockholders for their continued support.

鑑於美國和國際上的巨大機遇，現在是從事我們業務的最佳時機，因為世界各地的政府和機構都投資於解決碳和成本降低、電網可靠性和波動的能源價格的解決方案。我們再次期待在倫敦以及即將舉行的會議和活動中見到投資者。最後，我想再次感謝我們的員工、客戶和股東一直以來的支持。

Operator, we would like to open the floor to questions.

接線員，我們想開始提問。

(Operator Instructions) Please stand by for our first question. And it comes from the line of Noah Kaye with Oppenheimer & Company.

（操作員說明）請等待我們的第一個問題。它來自 Oppenheimer & Company 的 Noah Kaye 系列。

First of all, nice to see the milestone payment acceleration on Southern California Edison contract. I wanted to ask about other EPCM bid activity. I know you had a press release out around some of that activity not so long ago. I don't know if that's included in your comment, George, about the 50% higher dollar value on bid proposal yield to date or if that was separate you're talking about the traditional project business? And maybe you can clarify that?

首先，很高興看到南加州愛迪生合同的里程碑付款加速。我想問一下其他 EPCM 投標活動。我知道不久前您發布了有關其中一些活動的新聞稿。我不知道這是否包含在你的評論中，喬治，關於迄今為止投標提案收益率高出 50% 的美元價值，或者如果這是單獨的，你在談論傳統的項目業務？也許你可以澄清一下？

Yes. No, that was included in the other 50% increase in the activity level that we have seen so far. And what I might add, the business is picking up, and we wanted to make sure we point that out.

是的。不，這包括在我們目前看到的活動水平的另外 50% 的增長中。我可能要補充的是，業務正在好轉，我們希望確保指出這一點。

Yes. When you're talking about the press release for Sunel though, no?

是的。不過，當你談論 Sunel 的新聞稿時，不是嗎？

No, that's not in that 50%.

不，那不在那 50% 之內。

No.

不。

That's upcoming bidding activity that we strategically worked with them to decide we're going after with an aggregate dollar and megawatt about there for the market to see.

這是即將到來的招標活動，我們與他們進行了戰略性合作，以決定我們將以總計美元和兆瓦的價格進行收購，以供市場看到。

Okay. Excellent. So the bid activity that you talked about is apart from that. Can you maybe characterize the $472 million you received in awards and some of what you're bidding on, just in terms of mix or key trends, I think investors are going to be interested to get a flavor of what post IRA has maybe more pull or more focus. But I would just love any comments you might have around mix.

好的。出色的。所以你談到的投標活動與此不同。你能不能描述一下你獲得的 4.72 億美元的獎勵和你競標的一些東西，就組合或主要趨勢而言，我認為投資者會有興趣了解後 IRA 可能更有吸引力的東西或更專注。但我只是喜歡你對混音的任何評論。

Yes. On the $472 million, it's across the board. Quite a few of the energy segments have won us contracts. I think there is one battery storage project there, a couple of small micro grids. But then the 50% increase is across the board. The activity level across the board has picked up. And I would say more on the battery storage and the micro grids, pretty good traction on the C&I and (inaudible).

是的。在 4.72 億美元中，它是全面的。不少能源領域已經為我們贏得了合同。我認為那裡有一個電池存儲項目，幾個小型微電網。但隨後 50% 的增長是全面的。全面的活動水平已經回升。我會說更多關於電池存儲和微電網的信息，以及 C&I 和（聽不清）的良好牽引力。

Yes. Just in consideration of time, one more question, if I could. Maybe it doesn't have any bearing on your near-term RNG development, but did see a report from Reuters today that EPA might split off the rule-making for eRINs so that it could basically wrap up the RVO rule making timely for 2023. And just any comment on how you're looking at sort of the regulatory environment now and how you're approaching project development on landfill gas electricity versus RNG?

是的。只是考慮到時間，如果可以的話，再問一個問題。也許它對您近期的 RNG 開發沒有任何影響，但確實看到路透社今天的一份報告稱，EPA 可能會拆分 eRIN 的規則制定，以便它基本上可以在 2023 年及時完成 RVO 規則制定。關於您現在如何看待某種監管環境以及您如何處理垃圾填埋氣發電與 RNG 項目開發的任何評論？

Yes. On the eRINs, and I will comment it and Doran can add a little bit more color to it. But they're not in our plan, either the '23 or the '24 for that matter. But on the other hand, we want to point out to everyone that we have over 75 megawatts landfill to electricity assets, which down the road, it could be an upside. But we have been negotiating the contracts and see how EPA defines eRINs and so on (inaudible). And on the other hand, if the EPA focuses on the RVO, it might help because we did provide them quite a bit of data showing to them that the analysis that they were using it wasn't representative, it wasn't current. And we are cautiously optimistic that they might increase that number that they (inaudible) come up with.

是的。在 eRIN 上，我會對其進行評論，Doran 可以為其添加更多顏色。但它們不在我們的計劃中，無論是 23 年還是 24 年。但另一方面，我們想向所有人指出，我們擁有超過 75 兆瓦的電力資產垃圾填埋場，這在未來可能是一個好處。但我們一直在談判合同，看看 EPA 如何定義 eRIN 等等（聽不清）。另一方面，如果 EPA 專注於 RVO，這可能會有所幫助，因為我們確實向他們提供了大量數據，向他們表明他們使用的分析不具有代表性，不是最新的。我們謹慎樂觀地認為，他們可能會增加他們（聽不清）提出的數字。

And it comes from the line of Stephen Gengaro with Stifel.

它來自 Stephen Gengaro 與 Stifel 的系列。

So two things for me, where I would start with this first when you're talking to customers and looking at various projects, how has inflation impacted the discussions? I mean it feels like from your order flow and your commentary, things look very strong. I'm just curious what you're seeing on that front these days if you see it slowing down a bit as far as the inflationary impact?

所以對我來說有兩件事，當你與客戶交談並查看各種項目時，我首先要從這個開始，通貨膨脹如何影響討論？我的意思是，從您的訂單流和您的評論來看，情況看起來非常強勁。我只是好奇你最近在這方面看到了什麼，如果你看到它在通脹影響方面有所放緩？

The inflation works both ways. But what it has helped the value proposition is that the energy prices have gone up as well at a faster pace than materials and so on and so forth. So the value proposition is still very good. And the activity level, they want to reduce their costs. So they are more conscientious about the energy cost and the infrastructure upgrades and so on.

通貨膨脹是雙向的。但它對價值主張有幫助的是，能源價格的上漲速度也快於材料等。所以價值主張還是很好的。在活動水平上，他們希望降低成本。所以他們對能源成本和基礎設施升級等問題更加認真。

Yes. I think it's the same theme we've talked about before, Steve, and I don't think we've seen a change in conversations (inaudible).

是的。我認為這與我們之前討論過的主題相同，史蒂夫，我認為我們沒有看到對話發生變化（聽不清）。

Great. And the second one for me is when we think about the sort of the road map to 2024, and I'm sure you're going to talk a little bit more about this in London, which I'm looking forward to. But can you give us some sense how much of that target would have to be driven by incremental acquisitions from where you're sitting today and how much is sort of based on existing operations?

偉大的。第二個對我來說是當我們考慮到 2024 年的路線圖時，我相信你會在倫敦更多地談論這個，我很期待。但是，您能否告訴我們，該目標中有多少必須由您今天所在位置的增量收購來驅動，有多少是基於現有業務的？

No, it's most of -- incremental acquisition is, yes, we never count them too much, even though at the original plan, we had a couple of small acquisitions that we had in the plan. But it's -- I would say, not very material at all.

不，這是大部分 - 增量收購是，是的，我們從不計算太多，即使在最初的計劃中，我們在計劃中進行了一些小型收購。但它 - 我會說，根本不是很重要。

Yes. Not a material amount, Steve.

是的。不是很多，史蒂夫。

And it comes from the line of Tim Mulrooney with William Blair.

它來自 Tim Mulrooney 和 William Blair 的血統。

On the '23 guide, your guidance, I think, assumes $60 million to $65 million in EBITDA in the first half of the year, implying that you'll need to generate about $150 million in the back half of the year. That's a significant ramp over a short period of time. Can you just help bridge that a little bit for investors by segment? You were helpful in your prepared remarks, but how much of that EBITDA ramp do you expect to come from the project segment versus the energy asset side of the business for the second half of the year?

在 23 年指南中，我認為你的指南假設今年上半年的 EBITDA 為 6000 萬至 6500 萬美元，這意味著你需要在下半年產生約 1.5 億美元。這是短時間內的顯著增長。您能否按細分市場為投資者提供一點幫助？您在準備好的發言中很有幫助，但您預計今年下半年的 EBITDA 增長中有多少來自項目部門與業務的能源資產方面？

Tim, I think you -- logically moving the question from my discussion about revenue ramp into the EBITDA ramp. And I think we're going to save that for the Investor Day. We're planning to give some more color about the ramp.

蒂姆，我認為你 - 從邏輯上將問題從我關於收入增長的討論中轉移到 EBITDA 增長中。我認為我們將把它留到投資者日。我們計劃為坡道添加更多顏色。

Okay. All right. Well, we'll leave it for the Investor Day (inaudible)

好的。好的。好吧，我們會把它留給投資者日（聽不清）

I mean I think, yes, when you look at the breakdown on the revenue side, I think we've talked about, generally speaking, what our margins look like in those segments. So I think that you can probably do a little math to get some clarity on it. But I think we'll hold that for now.

我的意思是，我認為，是的，當您查看收入方面的細分時，我認為我們已經討論過，一般來說，我們在這些領域的利潤率是什麼樣的。所以我認為你可以做一些數學運算來弄清楚它。但我認為我們現在會持有它。

Yes. The only thing I might add though on the ramp that the anticipated that you see the ramp there, even though it looks a little bit ambitious, we have done it before.

是的。我唯一可能要補充的是，在斜坡上，我預計你會在那裡看到斜坡，儘管它看起來有點雄心勃勃，但我們之前已經做到了。

Yes. Okay. And then just sticking on the energy side, the 3 RNG plants you expect to be completed this year. Can you just help us out with your models by outlining the expected timetables for the mechanical completion of these 3 plants?

是的。好的。然後只關注能源方面，您預計今年將完成的 3 座 RNG 工廠。您能否通過概述這 3 個工廠的機械完工的預期時間表來幫助我們解決您的模型問題？

Yes. One of them, it's actually -- it's already mechanically completed. And we are in the commissioning stage right now. It's in the commissioning stage, so it should be fully operational in the next couple of months. The second one, we anticipate to (inaudible) mechanically complete early third quarter. And on that particular one, we saw a little bit of a delay, a slight delay for some delivery of some equipment. So it's about a month or 2. And so it would be in commissioning and mechanical early and commissioned during the third quarter.

是的。其中之一，實際上 - 它已經機械完成。我們現在正處於調試階段。它正處於調試階段，因此應該會在接下來的幾個月內全面投入使用。第二個，我們預計（聽不清）機械地完成第三季度初。在那個特定的設備上，我們看到了一點延遲，一些設備的交付略有延遲。所以大約需要一個月或兩個月。因此它將在第三季度進行早期調試和機械調試。

And the other plant will be a mechanical completion early in the fourth quarter and then fully commissioned before the end of the year. And on that particular plant, that's in the California plant, that was impacted by the unprecedented weather down there, the floods and so on. So we had about 3 months delay on that particular project. But the point we want to point out here is that Ameresco has a very diversified business model. So if we lose, let's say, 3 quarters of production on a particular plant is not as impactful as it would be. We have other levers which are pulled in the company and project construction and so on or the solar plants that the ones we put in service, a couple of them they were ahead of schedule. So it gives us a little bit more flexibility rather than rely on any one or 2 individual plants.

另一家工廠將在第四季度初進行機械完工，然後在年底前全面投入使用。在加利福尼亞工廠的那個特定工廠，受到那裡前所未有的天氣、洪水等的影響。所以我們在那個特定項目上有大約 3 個月的延遲。但我們在這裡要指出的一點是，Ameresco 擁有非常多元化的商業模式。因此，如果我們損失，比方說，某個特定工廠的 3 個季度的生產不會像它應該的那樣具有影響力。我們在公司和項目建設等方面還有其他槓桿，或者我們投入使用的太陽能發電廠，其中有幾個是提前完成的。所以它給了我們更多的靈活性，而不是依賴任何一個或兩個單獨的工廠。

Got it. And if I could just sneak one more in real quick on the RNG. After the 3 this year and the 4 to 5 you have (inaudible) for next year, how many RNG plants do you have in the backlog (inaudible)?

知道了。如果我能在 RNG 上真正快速地再偷偷摸摸的話。在今年的 3 座和明年的 4 到 5 座（聽不清）之後，您在積壓（聽不清）中有多少 RNG 工廠？

We still have 20 in total.

我們總共還有20個。

20. Yes.

20. 是的。

One moment for our next question, please, and it comes from the line of Julien Dumoulin-Smith with Bank of America.

請稍等一下我們的下一個問題，它來自美國銀行的 Julien Dumoulin-Smith。

If I can, just a follow-up on the last question quickly. Look, obviously, you've announced some incremental larger-scale renewable opportunities in Europe. You're scaling up Europe nicely. RNG is what it is on time line with eRINs, but how much latitude are you effectively creating here against your '24 guidance? I mean (inaudible) you in a couple of different ways on this. But just curious if you could talk about how much incremental latitude this is versus solving for the '24 plan with the incremental European announcements principally?

如果可以的話，請快速跟進最後一個問題。看，很明顯，你已經宣布了歐洲一些增量的、更大規模的可再生能源機會。你很好地擴大了歐洲。 RNG 是它與 eRIN 的時間線，但您在這裡有效地根據您的 24 年指南創造了多少自由度？我的意思是（聽不清）你在這方面有幾種不同的方式。但是，如果您能談談這與主要通過增量歐洲公告解決 '24 計劃相比有多少增量自由度，我很好奇？

Julien, this is Josh. Maybe I want to make sure I'm understanding your question. Were you talking about -- when you say incremental European announcement, did you mean the Sunel announcement?

朱利安，這是喬希。也許我想確保我理解你的問題。你是在談論 - 當你說歐洲的增量公告時，你是指 Sunel 公告嗎？

Yes, sorry, indeed. And the suggestion that there was more to come.

是的，對不起，確實如此。以及還有更多的建議。

Yes. So when we gave the '23 target, it was a reflection of the earnings power of our business for 2024. And we are constantly proposing activities, some of which we knew about at the time, some of which we had a feeling would come and some haven't come yet. But at the end of the day, it's not like that number you started from March of 2022 and started adding every press release we add on top of that. A lot of that was either built into the target because we knew we'd be coming out with them or we had a feeling for where the business development would be focused over those next 2, 2.5 years. So I think in short, it's proposal, they haven't been awarded yet. We think we have a great shot at a lot of them, but the timing is a little uncertain and not fully incremental. A lot of that was kind of built into the plan.

是的。因此，當我們給出 23 年目標時，它反映了我們業務在 2024 年的盈利能力。我們不斷提出活動建議，其中一些我們當時就知道，其中一些我們有預感會到來並且有些還沒有來。但歸根結底，它不像你從 2022 年 3 月開始的那個數字，並開始添加我們在此基礎上添加的每一個新聞稿。其中很多要么內置在目標中，因為我們知道我們會與他們一起出來，要么我們對未來 2、2.5 年的業務發展重點有一種感覺。所以我想簡而言之，這是提案，他們還沒有被授予。我們認為我們在很多方面都有很好的機會，但時機有點不確定，而且不是完全漸進的。其中很多都被納入了計劃。

Got it. And then maybe if I can talk about extending the plan and perhaps as part of the rate case, how do you think about the time line here, whether eRINs or just frankly, executing against the 20-odd projects you have in place, giving a longer-dated target? Obviously, 24% is around the corner here. What kind of duration can we look to? Can the updated plan include kind of the (inaudible) of projects already in place when you think about getting some degree of certainty on your RNG program more holistically?

知道了。然後，如果我可以談談延長計劃，也許作為費率案例的一部分，你如何看待這裡的時間線，無論是 eRIN 還是坦率地說，針對你已有的 20 多個項目執行，給出一個更長期的目標？顯然，24% 指日可待。我們可以期待什麼樣的持續時間？當您考慮更全面地對您的 RNG 計劃獲得一定程度的確定性時，更新的計劃是否可以包括已經到位的（聽不清）項目？

I think for this quarter, certainly, we're focusing on the '23 ramp, the '24 guide that we've given before. We -- to the extent we get to a point where we're ready to talk about what things look like beyond that, apart from what we put in our kind of traditional slides about our overall revenue and EBITDA growth over time, then we'll do so. But we're not talking about it today.

我認為對於本季度，我們肯定會專注於 '23 斜坡，即我們之前提供的 '24 指南。我們 - 在某種程度上，我們已經準備好談論除此之外的事情，除了我們在傳統幻燈片中關於我們的整體收入和 EBITDA 隨時間增長的內容之外，然後我們'會這樣做但我們今天不談這個。

Got it. At Analyst Day though, right?

知道了。不過在分析師日，對吧？

We'll let you know.

我們會讓你知道。

(Operator Instructions) One moment for our next question, and it comes from the line of Eric Stine with Craig-Hallum.

（操作員說明）請稍等一下我們的下一個問題，它來自 Eric Stine 和 Craig-Hallum 的台詞。

So revisiting the joint venture with Sunel. Just curious on the 1.5 gigawatts of bids that you're participating in, how that breaks down small, medium, large, and I guess I'm trying to get at, I would assume that the large ones (inaudible) and the others might be a little quicker. Just any thoughts on how we might see that play out.

因此，重新審視與 Sunel 的合資企業。只是想知道您參與的 1.5 吉瓦投標，它是如何分解為小型、中型、大型的，我想我正在嘗試了解，我會假設大型（聽不清）和其他可能快一點。關於我們如何看待這一結果的任何想法。

So I'll just speak to this for a second. The -- for example, the one that we're executing on in Greece currently with them probably around a 12-month implementation for a 100-megawatt project. So I think a lot of what we're seeing and what we're going to propose with them is in a similar size range, some bigger, some a little bit smaller. And so they're a little bit more granular. Clearly, we focus a lot on execution risk there. And I think also, we're pleased to see those spread out amongst the jurisdictions mentioned in the press release. George, I don't know if you want to add anything.

所以我只談這個。例如，我們目前正在希臘與他們一起執行的一個 100 兆瓦項目可能需要大約 12 個月的實施時間。所以我認為我們看到的很多東西以及我們將要向他們提出的建議都在相似的尺寸範圍內，有些更大，有些更小。所以它們更細化一點。顯然，我們非常關注那裡的執行風險。而且我認為，我們也很高興看到這些分佈在新聞稿中提到的司法管轄區中。喬治，我不知道你是否想補充什麼。

It's across the board. And most of them is with customers as we know that they are on the other side. Otherwise, those projects will build with people that we have relationships with but they still have to go to the competitive prices and may the best person win.

這是全面的。他們中的大多數都與客戶在一起，因為我們知道他們在另一邊。否則，這些項目將與我們有關係的人一起建設，但他們仍然必須以有競爭力的價格出售，最好的人可能會獲勝。

Got it. And maybe just on the follow-up, and I'll keep it to 2. But what is the competitive environment like it sounds like you're being selective as to the bids that you're participating in? Just curious if there are any differences in the European market versus what you've seen in the U.S., I guess, still early days.

知道了。也許就在後續行動中，我會把它保持在 2。但是競爭環境是什麼樣的，聽起來你對你參與的投標是有選擇性的？只是好奇歐洲市場與你在美國看到的情況是否有任何差異，我想，還處於早期階段。

Well, it is -- there are some differences, obviously, jurisdictionally speaking that, however, Sunel's got a good track record of executing in there. And then in addition to that, these are customers that Ameresco is a known quantity. So we -- that's what gives us the confidence. And I think we're really focusing in on the ones that we feel really good about winning, right? I mean, we're not going to just go out there and just do a shotgun blast to as many as we can see in a bunch of jurisdictions where we haven't operated before. We're really focusing on these areas where we feel a high likelihood of success is at hand. So the customers over there though, do tend to be some of the larger asset owner developers there, right? So it's not traditional kind of government customers like we see here in the U.S. But it's not like there's no competition. So we still have to come in with some strength.

嗯，這是 - 顯然，從管轄權上講，存在一些差異，但是，Sunel 在那裡執行的記錄良好。除此之外，這些客戶認為 Ameresco 是眾所周知的。所以我們——這就是給我們信心的原因。而且我認為我們真正關注的是那些我們對獲勝感到非常高興的事情，對嗎？我的意思是，我們不會只是去那裡，只是對我們以前沒有經營過的一堆司法管轄區中我們能看到的盡可能多的人進行霰彈槍爆炸。我們真正專注於這些我們認為很有可能取得成功的領域。所以那邊的客戶往往是那裡一些較大的資產所有者開發商，對嗎？所以它不像我們在美國看到的那樣是傳統的政府客戶，但也不是沒有競爭。所以我們還是要帶著一些實力進來的。

One moment for our next question. And it comes from the line of George Gianarikas with Canaccord Genuity.

稍等一下我們的下一個問題。它來自 George Gianarikas 與 Canaccord Genuity 的血系。

So can you just talk about any impacts you've seen from the financial system stresses that we saw over the last 90 days on your business? And any projects?

那麼，您能否談談我們在過去 90 天裡看到的金融系統壓力對您的業務造成的任何影響？還有什麼項目？

Yes, sure. So on any projects? No. We've seen no kind of direct impact, no direct exposure across any of the banks that have been talked about by name in the -- with the FDIC taking control. So that's kind of step one, right? Lenders are starting to get a little bit more careful, but we have disclosed that we've actually increased one of the covenants in our credit facility. We closed a very large construction loan. We've closed multiple sale leasebacks. And I think it's -- kind of the strength of our history and our profile is continuing to carry us. We -- the last thing I would say is that our lenders on the non-recourse side for our projects or the assets that are actually going on to our balance sheet are not just banks. We've got a diversified funding pool.

是的，當然。那麼在任何項目上？沒有。我們沒有看到任何直接影響，也沒有直接暴露在任何一家在 FDIC 控制下被點名討論的銀行中。所以這是第一步，對吧？貸方開始變得更加謹慎，但我們已經透露，我們實際上已經增加了信貸額度中的一項契約。我們關閉了一筆非常大的建築貸款。我們已經關閉了多個售後回租。我認為這是——我們歷史的力量和我們的形象繼續支撐著我們。我們——我要說的最後一件事是，我們項目的無追索權方面的貸方或實際進入我們資產負債表的資產不僅僅是銀行。我們有一個多元化的資金池。

We've got insurance companies in there. We do have banks. We've got nonbank lenders involved. And so that (inaudible) the impact of what is facing kind of just the banking industry specifically.

我們那裡有保險公司。我們確實有銀行。我們有非銀行貸款機構參與。因此，（聽不清）銀行業所面臨的影響。

And you alluded to this a little earlier, but are you seeing any supply chain impacts, any equipment delays, any permitting issues that you had referenced over the last 6 months? Are they continuing? Or has there been any improvement in the availability of transformers? Is there any electrical equipment that you've seen in short supply?

你之前提到過這一點，但你是否看到任何供應鏈影響、任何設備延遲、任何你在過去 6 個月中提到的許可問題？他們繼續嗎？還是變壓器的可用性有任何改進？您是否見過供不應求的電氣設備？

I would say some elements, we've seen a little bit of improvement. Other elements are remaining relatively stable as manufacturing capacity keeps trying to keep up with demand. Not going to go into specific types of equipment necessarily. But broadly speaking, I think there's been a mild improvement with some others just remaining kind of exactly where they were before. But we're watching it very closely, as you can imagine. And we manage those time frames very closely.

我會說一些元素，我們已經看到了一些改進。由於製造能力不斷努力跟上需求，其他因素保持相對穩定。不一定要進入特定類型的設備。但從廣義上講，我認為其他一些人只是略有改善，只是保持了他們以前的水平。但正如您可以想像的那樣，我們正在非常密切地關注它。我們非常密切地管理這些時間框架。

One moment please for our next question. And it comes from the line of Kashy Harrison with Piper Sandler.

請稍等一下我們的下一個問題。它來自 Kashy Harrison 和 Piper Sandler 的系列。

So last quarter, you highlighted that it was taking a little bit longer for projects to convert from award to contract just due to interest rate volatility. But in the press release, you indicated that you expect to convert a substantial dollar amount of awarded to contract during 2Q. Can you speak to the drivers of that confidence? Are these -- have these projects already converted? Or what's driving the confidence that we're going to see a big change in Q2?

因此，上個季度，您強調指出，由於利率波動，項目從授予轉換為合同需要更長的時間。但在新聞稿中，您表示您希望在第二季度將大量授予的金額轉換為合同。你能談談這種信心的驅動因素嗎？這些項目是否已轉換？或者是什麼推動了我們將在第二季度看到重大變化的信心？

Yes. These weren't projects that converted in Q1. I think the ones we talked about at the end of Q4, we had mentioned that it was likely end of Q1, beginning of Q2 through early Q2. So we're expecting to see those come through as well as kind of just the ordinary pace of award to contract conversions.

是的。這些不是在第一季度轉換的項目。我認為我們在第四季度末談到的那些，我們已經提到它可能是第一季度末，第二季度初到第二季度初。因此，我們期待看到這些進展以及合同轉換的正常速度。

And our confidence comes because we see talking to the customers, which stage of the process are we, how many more approvals do we need and so on. And a good number of good-sized contracts are what I would call advanced stage of execution.

我們的信心來自於我們看到與客戶的談話，我們處於流程的哪個階段，我們還需要多少批准等等。大量的大合同就是我所說的高級執行階段。

That's helpful. And then just maybe a quick follow-up, just a housekeeping item. It looked like your net assets in development declined to 432 megawatts from 470 last quarter. What -- did you sell some projects? Or did you cancel some projects? What was the driver of the sequential decline in net assets and development megawatts?

這很有幫助。然後可能只是一個快速跟進，只是一個家政項目。看起來您的開發淨資產從上一季度的 470 兆瓦下降到 432 兆瓦。什麼——你賣了一些項目嗎？或者你取消了一些項目？淨資產和開發兆瓦連續下降的驅動因素是什麼？

Well, Kashy, the biggest change, of course, is we placed 34 megawatts into service. I want to make sure that you're comparing apples to apples because we kind of have a gross number and a net number, net being taking out our partner -- joint venture partner share. And so the quarter end last -- or at the end of Q4, I think we were at 460 and we ended this quarter with 431. So we had -- if you take 460 minus 34, and we added a couple -- that's how that math works.

好吧，Kashy，最大的變化當然是我們投入了 34 兆瓦的電力。我想確保你在比較蘋果和蘋果，因為我們有一個總數和一個淨數，淨數是在扣除我們的合作夥伴——合資夥伴的份額。所以最後一個季度結束時——或者說在第四季度末，我認為我們是 460，本季度結束時我們有 431。所以我們有——如果你用 460 減去 34，然後我們加了幾個——就是這樣那數學工作。

One moment please for our next question. And it comes from the line of Joseph Osha with Guggenheim.

請稍等一下我們的下一個問題。它來自約瑟夫奧沙與古根海姆的關係。

First, you had indicated to me recently that you felt like particularly in your asset portfolio that the solar plus storage portion of the mix was going way up. I'm wondering if you're continuing to see that. And also just on the sold projects, are you seeing the storage attach rate go up there as well? And does it kind of compare it to the rate for your asset portfolio? And I have a follow-up.

首先，您最近向我表示，您覺得特別是在您的資產組合中，組合中的太陽能加儲能部分正在上升。我想知道你是否繼續看到它。而且就已售出的項目而言，您是否看到存儲附加率也上升了？它是否會將它與您的資產組合的利率進行比較？我有一個後續行動。

Okay, Joe. I might just check on the statistic on the attachment rate of storage to projects that are solar plus storage. But as far as the rest of it, if I'm looking forward through the remainder of the year, I do actually expect to continue to see that mix of solar and storage increase versus the overall mix for certain. George and I both have been directly involved in a number of things that are out there and that we look forward to talking about. But I think that we'll see that mix continue to increase, yes. That's -- it's -- as you know, we have very, very narrow standards for what we'll put on the balance sheet in terms of return hurdles, in terms of risk, risk-adjusted returns, but we're still seeing some really attractive stuff.

好的，喬。我可能只是檢查太陽能加儲能項目的儲能附加率統計數據。但就其餘部分而言，如果我期待今年剩餘時間，我確實希望繼續看到太陽能和儲能的組合相對於整體組合有所增加。喬治和我都直接參與了很多事情，我們期待著談論這些事情。但我認為我們會看到這種組合繼續增加，是的。那是——正如你所知，我們在回報障礙、風險、風險調整後回報方面對資產負債表上的內容有非常非常狹窄的標準，但我們仍然看到一些真正有吸引力的東西。

I was just going to give you a quick statistic on the storage. So we have about 68 megawatts of batteries attached to solar systems and then about 57 megawatts of just stand-alone storage.

我只是想給你一個關於存儲的快速統計數據。所以我們有大約 68 兆瓦的電池連接到太陽能係統，然後是大約 57 兆瓦的獨立存儲。

Well, and that gets to my second question, right? Obviously, as people are continuing to sort of digest this -- the storage-only ITC and whatever adders might come out of it and all that kind of stuff. How do you think about your solar cash versus storage-only mix?

那麼，這就是我的第二個問題，對吧？顯然，隨著人們繼續消化這一點——僅用於存儲的 ITC 以及可能從中產生的任何加法器以及所有類似的東西。您如何看待您的太陽能現金與純儲能組合？

I don't know that I could put the kind of predictive analytics out there, Joe, because, again, we're looking at the opportunities on investment-by-investment basis. So the development is continuing across the board without question. Plenty of solar in development, stand-alone solar as well as solar plus storage and the storage stand-alone business. I mean it's coming from across the board, really comes down to what are we going to devote our resources too.

喬，我不知道我可以把那種預測分析放在那裡，因為我們再次在逐個投資的基礎上尋找機會。因此，毫無疑問，開發正在全面進行。大量太陽能正在開發中，獨立太陽能以及太陽能加存儲和存儲獨立業務。我的意思是它來自全面，真正歸結為我們也將投入我們的資源。

Yes. And the only thing I might add is that the storage portion is growing in relation to the solar and our -- doing the large project in Southern California and gaining our reputation out there, it helps us get good traction and even just better storage alone projects.

是的。我唯一要補充的是，與太陽能相關的儲能部分正在增長，我們在南加州開展大型項目並在那裡贏得聲譽，它幫助我們獲得良好的牽引力，甚至只是更好的單獨儲能項目.

All right. Can I sneak one more in here. Obviously, you flipped to positive cash flow from ops from negative and obviously, kind of SCE has been swinging it both ways. But I'm curious, given this outcome, I mean, do we feel like we have line of sight towards sustainable positive cash flow from operations, say, towards the end of this year coming into next year?

好的。我能再偷偷進來一個嗎？很明顯，你從運營的現金流轉為正現金流，顯然，某種 SCE 一直在左右搖擺。但我很好奇，考慮到這一結果，我的意思是，我們是否覺得我們有希望在今年年底進入明年的運營中實現可持續的正現金流？

Look, I mean, the short answer is yes because of the adjusted cash flow from operations in general, when you take that before allocating how much we're going to invest in new assets, which, as you know, we do invest our excess cash flows in those new assets, we have a small maintenance CapEx piece as the SCE projects go on through to their full completion, then what we've been seeing for the last several quarters, it's going to reverse itself, and we feel quite comfortable about that.

聽著，我的意思是，簡短的回答是肯定的，因為一般情況下調整後的運營現金流量，當你在分配我們將投資多少新資產之前採取這一點時，正如你所知，我們確實投資了多餘的資產這些新資產的現金流量，隨著 SCE 項目的全面完成，我們有一個小的維護資本支出部分，然後我們在過去幾個季度看到的情況，它會自行逆轉，我們感到很舒服關於那個。

One moment please. And our next question comes from Pavel Molchanov with Raymond James.

稍等一會兒。我們的下一個問題來自 Pavel Molchanov 和 Raymond James。

Back to the partnership with Sunel in Europe. When you talk about 1.5 gigawatts, is there a timetable for that? In other words, is it going to be 50 megawatts a year, 100 megawatts a year? What kind of run rate are you anticipating?

回到與 Sunel 在歐洲的合作夥伴關係。當你談到 1.5 吉瓦時，有沒有時間表？換句話說，它會是一年 50 兆瓦，一年 100 兆瓦嗎？您期望什麼樣的運行率？

I would say, about a couple of years, it may be 3 years at most. A couple of them, I know that to be shorter time horizon, which is the next 18 months or so. But generally, these large institutions, even though they are in the same business and we are in the same business, they take time and value the RFPs and then go into construction, which takes a year to 2 years anyway. So I would say, 2- to 3-year horizon. But some of the smaller ones, that's why I wanted to do my commentary. Some of the smaller projects for some industrial and commercial customers, and we're doing with that particular partnership, which feels very good. They will be completed within the next year or so.

我會說，大約幾年，最多可能是 3 年。其中有幾個，我知道要縮短時間範圍，也就是接下來的 18 個月左右。但一般來說，這些大型機構，即使他們在同一行業，我們在同一行業，他們也會花時間對 RFP 進行評估，然後開始建設，反正需要一年到兩年的時間。所以我會說，2 到 3 年的範圍。但是一些較小的，這就是為什麼我想做我的評論。一些針對一些工業和商業客戶的較小項目，我們正在與這種特殊的合作夥伴關係合作，感覺非常好。它們將在明年左右完成。

Yes, those potentially could be faster, the smaller ones. I mean you've got a little bit of time for proposal converting to award and signing contracts, but since you're dealing with more like private and commercial customers and now government customers, that cycle is shorter, and we move into construction. And then it's all about time lines to construct, which I think takes us to that 2- to 3-year period.

是的，那些可能更快，更小的。我的意思是你有一點時間將提案轉換為授予和簽署合同，但由於你處理的更像是私人和商業客戶，現在是政府客戶，所以這個週期更短，我們開始建設。然後就是要構建的時間線，我認為這會將我們帶到 2 到 3 年的時間段。

Okay. About a month ago, you announced that you will be buying batteries from Redflow in Australia. And I think that's the first time you purchased non-lithium ion batteries. Are you confident that commercial institutional end users will be comfortable with what is after all of kind of a novel battery chemistry?

好的。大約一個月前，您宣布將從澳大利亞的 Redflow 購買電池。而且我認為那是您第一次購買非鋰離子電池。您是否相信商業機構最終用戶會對這種新型電池化學物質感到滿意？

So the short answer is with Redflow specifically, actually, we had a customer who had to analyze the technology and requested that we do it because they wanted to use it. Interestingly, I will correct one thing that you said. This was not the first non-lithium battery that we purchased. This was the second manufacturer. So we've got experience with it before. We do look very, very closely, as you can imagine, at the data, at the ability for these batteries to be deployed commercially before agreeing to do so.

所以簡短的回答是特別針對 Redflow，實際上，我們有一個客戶必須分析該技術並要求我們這樣做，因為他們想使用它。有趣的是，我會糾正你說的一件事。這不是我們購買的第一個非鋰電池。這是第二個製造商。所以我們以前有過這方面的經驗。正如你想像的那樣，我們確實非常非常仔細地研究了數據，在同意這樣做之前，這些電池能夠進行商業部署。

And I think as I've kind of commented on, I think, in an article recently, what we'd like to do is get ourselves into a position where if we feel good about the product, then our expanded demand for the product will actually kind of trace the expanded manufacturing capacity of a lot of these battery suppliers because they tend to be a little bit smaller, right? And so they're gaining traction as we're gaining traction, but we do feel comfortable. I was recently on an internal expert call with some of our folks talking about those technologies. And yes, we've done a lot of learning and we're quite aware of what these batteries are good for, what they're not good for, what the right case study. We know what the right use cases are. And it's all about deploying them in the right place, right, at the right cost for the right customer situation.

而且我認為正如我最近評論的那樣，我認為，在最近的一篇文章中，我們想要做的是讓自己處於這樣一種狀態，如果我們對產品感覺良好，那麼我們對產品的擴大需求就會實際上可以追溯到很多這些電池供應商擴大的製造能力，因為它們往往更小一些，對吧？因此，隨著我們獲得牽引力，他們也獲得了牽引力，但我們確實感到舒服。我最近在一次內部專家電話會議上與我們的一些人討論了這些技術。是的，我們已經做了很多學習，我們非常清楚這些電池有什麼用處，它們有什麼不好，正確的案例研究是什麼。我們知道正確的用例是什麼。這一切都是關於將它們部署在正確的位置，正確的，正確的成本以適應正確的客戶情況。

And this particular customer has done so much (inaudible) and that's what they wanted, like we said customer, we will do what the customer wants us. But on the other hand, we're going to make sure that what we're doing, it stands, it performs well.

這個特定的客戶已經做了很多（聽不清），這就是他們想要的，就像我們說客戶，我們將做客戶想要我們做的。但另一方面，我們將確保我們正在做的事情，就目前而言，表現良好。

One moment for our next question. And it comes from Christopher Souther with B. Riley.

稍等一下我們的下一個問題。它來自 Christopher Souther 和 B. Riley。

It's nice to see an accelerated payment from SCE. Can you give us a sense as to what has been paid to date or what is remaining from Southern California Edison? And it sounds like (inaudible) cost stuff you've talked about previously, potentially being an option. And any sense of the overall margin profile for those projects and where we think we should be penciling that in at this point would be helpful.

很高興看到 SCE 加速付款。您能告訴我們迄今為止南加州愛迪生公司已支付的款項或剩餘的款項嗎？這聽起來像是（聽不清）你之前談過的成本問題，可能是一種選擇。對這些項目的整體利潤率狀況以及我們認為我們應該在這一點上進行記錄的任何感覺都會有所幫助。

Yes. I mean the expectation is we'll end up with completion kind of this summer, right? You kind of follow the cash from there. I would expect our unbilled to come back down to a normalized level sometime in Q3. Therefore, that's probably the best pattern I can give you, not stating specific dollar amounts, of course, but you would have seen the increase in unbilled as we got close to the end of 2022 when we had stated in our Q that we -- in our K that we've recognized the majority of the revenue from that contract in 2022. And so therefore, that should give you a fairly solid unbilled number to compare, I guess.

是的。我的意思是期望我們會在今年夏天完成，對吧？你有點關注那裡的現金。我預計我們的未開票會在第三季度的某個時候回到正常水平。因此，這可能是我能給你的最好模式，當然，沒有說明具體的美元金額，但你會看到隨著我們接近 2022 年底，當我們在 Q 中表示我們——在我們的 K 中，我們已經確認了 2022 年該合同的大部分收入。因此，我想這應該會給你一個相當可靠的未開票數字來進行比較。

Got it. Okay. No, that's really helpful. And then on Europe, I imagine a lot of this to be covered next week, but could you just frame what the revenue contribution is expected to be for 2023 there? It sounds like there's still a lot of moving pieces that could impact 2024, but I wanted to get a sense of how you think the European investments are going to shake out for this year. And then you called out Europe as one of the drivers of increased OpEx. I'm curious what the magnitude is there and how much we're spending in Europe?

知道了。好的。不，這真的很有幫助。然後在歐洲，我想下週將涵蓋很多內容，但您能否簡單地構想一下 2023 年那裡的預計收入貢獻是多少？聽起來仍有很多可能影響 2024 年的變化，但我想了解一下您認為今年歐洲投資將如何動搖。然後你稱歐洲是增加運營支出的驅動因素之一。我很好奇那裡的規模有多大，我們在歐洲花了多少錢？

So Europe is currently about 5% of our sales. And I think that will -- the growth there, at least in the near term, will largely be driven by the Bristol City Leap Project. So that may go to something like 10% in the next year or 2. The acquisition of Enerqos is a nice acquisition, very excited about it, but it isn't quite as material as Bristol, for instance.

因此，歐洲目前約占我們銷售額的 5%。我認為，那裡的增長，至少在短期內，將主要由布里斯托爾城市飛躍項目推動。因此，明年或兩年內可能會達到 10% 左右。收購 Enerqos 是一項不錯的收購，對此非常興奮，但它並不像 Bristol 那樣重要。

One moment please for our next question. And it comes from the line of Chip Moore with EF Hutton.

請稍等一下我們的下一個問題。它來自 Chip Moore 和 EF Hutton 的系列。

So I wanted to ask about the increase in dollar value for proposal activity you're seeing. Great to see that up nicely. But around this trend and growing project complexity, I guess, more so around your confidence in the ramp for the back half of the year and then perhaps that $300 million EBITDA target next year.

所以我想問一下您看到的提案活動的美元價值增加情況。很高興看到它很好。但圍繞這一趨勢和不斷增加的項目複雜性，我想，更多的是圍繞你對今年下半年增長的信心，然後是明年 3 億美元的 EBITDA 目標。

I mean the proposal activity, it's helping us a lot. But as you probably know, it takes 6 months to 18 months to get from the proposal to actual execution, you've got to win the contract, go to the award it. And then 6 months or a year later, we get the actual contract where we can build it out. It's a good indicator that our team, and that's why we get a little bit of pick-up on the development expense going out there and developing these projects and winning a good share of the projects. So basically, it gives us even more confidence for that particular number for the $300 million EBITDA number.

我的意思是提案活動，它對我們幫助很大。但是你可能知道，從提案到實際執行需要 6 個月到 18 個月，你必須贏得合同，去授予它。然後 6 個月或一年後，我們得到了實際的合同，我們可以在那裡建造它。這是我們團隊的一個很好的指標，這就是為什麼我們在開發這些項目並贏得很大一部分項目的開發費用方面有所提高。所以基本上，它讓我們對 3 億美元的 EBITDA 數字的特定數字更有信心。

I think a good part of the proposal activity came out of federal as well where it had been a little bit slower for a period of time following COVID. So you're starting to see that bounce back.

我認為提案活動的很大一部分也來自聯邦政府，在 COVID 之後的一段時間裡，它的速度有點慢。所以你開始看到反彈。

Yes. And you think you have pretty good line of sight in the back half of the year for those projects that you typically have awarded convert in a year or that's well embedded in your outlook?

是的。你認為你在下半年對那些你通常在一年內授予轉換的項目有很好的視線，或者這些項目很好地嵌入了你的前景？

As far as aside from (inaudible) awarded to the contracted, we have very good visibility, and that's why we feel pretty good about the number, 2023. And where we think we're going to end up for the end of the year on contracted backlog that's going to help us a lot for the next year.

除了（聽不清）授予合同外，我們有很好的知名度，這就是為什麼我們對 2023 年這個數字感覺很好。我們認為我們將在年底結束合同積壓這將對我們明年有很大幫助。

Yes. I mean that's a very granular exercise for us when looking at what the conversion rate is going to look like a contracted for the remainder of this year. That is not a general feeling. That is really based on some hard data on the -- for our awarded backlog, which projects, where do they stand? How far along are they? How close are we to converting new contracts? We look very closely to that. And that's what gives us the confidence in that kind of cadence of conversions that I talked about in the ramp.

是的。我的意思是，在查看今年剩餘時間的合同轉化率時，這對我們來說是一個非常精細的練習。這不是一般的感覺。這實際上是基於一些硬數據——對於我們授予的積壓，哪些項目，它們在哪裡？他們有多遠？我們離轉換新合同還有多遠？我們對此非常關注。這就是讓我們對我在斜坡上談到的那種轉換節奏充滿信心的原因。

One moment for our next question please. And it comes from Craig Shere with Tuohy Brothers.

請稍等一下我們的下一個問題。它來自 Craig Shere 和 Tuohy Brothers。

Really want to do a bit of a follow-up to Chip and Tim's earlier questions and 3 parts but really quick. So I'll just blurt it out. So first, can you opine on the level of confidence in that updated 2023 RNG rollout. Second, are there any assumptions around improving RINs into the second half built into guidance? And third, if you meet the guidance implied second half of this year, given that's a run rate already meeting your 24% guide, doesn't ongoing growth suggest you'll beat your 24 guide.

真的很想對 Chip 和 Tim 之前的問題和 3 個部分做一些跟進，但真的很快。所以我會脫口而出。那麼首先，您能否對更新後的 2023 RNG 推出的信心水平發表意見。其次，是否有關於將 RIN 改進到指南中的下半年的任何假設？第三，如果你達到了今年下半年暗示的指導，鑑於運行率已經達到你的 24% 指導，持續的增長是否表明你將超過你的 24% 指導。

Start with confidence in the construction schedule. I think confidence is very high in the construction schedule. With respect to RINs, so we don't really talk about specifics on the RIN numbers. I would say that what we're using is following what we believe is our expectation for what we see the outcome for 2023 RINs to look like. Everyone knows we're kind of circling mid-June for the final rules, but that's kind of where we are with that. And I think that with respect to the 2024, look, we feel very good about that 2024 number. We -- if we felt like there was some sort of material adjustment that needs to be made, we would make it. Based on what's going on, we feel like there's a lot of contributors there that we feel like we're going to be bringing to bear to deliver that number. I don't know that I'm going to jump into any adjustments to that at this time.

對施工進度充滿信心。我認為對施工進度的信心非常高。關於 RIN，我們實際上並沒有談論 RIN 編號的具體細節。我想說的是，我們正在使用的是我們認為我們對 2023 RIN 的結果的預期。每個人都知道我們在 6 月中旬等待最終規則，但這就是我們的現狀。我認為關於 2024 年，我們對 2024 年的數字感覺非常好。我們——如果我們覺得需要進行某種實質性調整，我們就會去做。根據正在發生的事情，我們覺得那裡有很多貢獻者，我們覺得我們會承擔責任來提供這個數字。我不知道此時我是否會對此進行任何調整。

Actually, a thing, the positive thing that we've been seeing in the marketplace, it reinforces that number.

實際上，我們在市場上看到的一件事情，一件積極的事情，它加強了這個數字。

Right. I guess my point is you're implying a second half '23 that is basically a 2024 full year run rate, and you're saying that business continues to grow.

正確的。我想我的意思是你暗示 23 年下半年基本上是 2024 年的全年運行率，你是說業務繼續增長。

No, because the third and the fourth quarter is the strongest quarters that we have because many (inaudible) schools, colleges, universities and so on and so forth. And then the first couple of quarters of next year, they would be considerably slower than the fourth -- than the third and the fourth quarter of this year (inaudible) run rate.

不，因為第三和第四季度是我們擁有的最強勁的季度，因為許多（聽不清）學校、學院、大學等等。然後明年的前幾個季度，它們將比第四季度慢得多 - 比今年第三和第四季度（聽不清）的運行速度。

Yes. If you look back over the years, we've -- this has always been the cycle, slower Q1, Q2 versus Q3, Q4.

是的。如果你回顧這些年，我們一直 - 這一直是周期，第一季度，第二季度與第三季度，第四季度相比更慢。

But you cannot extrapolate the Q3 and Q4 into the following year, no.

但是你不能將第三季度和第四季度推斷到下一年，不。

One moment for our next question please. And it comes from the line of Ben Kallo with Baird.

請稍等一下我們的下一個問題。它來自 Ben Kallo 和 Baird 的血系。

Maybe could you talk about the move internationally? And what's driving it? Because it seems like in the U.S. with the IRA, we have some of the biggest tailwinds here. And so what's the emphasis to move internationally? Is that returns? Is it less competitors or what? And then just going back to the previous question where we talked about seasonality of the business. One of the things that you all emphasize is as your asset ownership increases that we should have better visibility every year because the EBITDA comes from those assets. So why wouldn't it go from a run rate in the second half to next year and if we get 75% EBITDA or something like that coming from the assets?

也許你能談談國際上的舉動嗎？是什麼在推動它？因為在美國似乎有愛爾蘭共和軍，我們在這裡有一些最大的順風。那麼國際化的重點是什麼？那是回報嗎？是競爭對手少了還是什麼？然後回到上一個我們談到業務季節性的問題。你們都強調的一件事是，隨著資產所有權的增加，我們每年都應該有更好的可見性，因為 EBITDA 來自這些資產。那麼，如果我們從資產中獲得 75% 的 EBITDA 或類似的東西，為什麼它不會從下半年的運行率上升到明年呢？

Okay. So I'll start with Europe. So Europe is really exciting. There's a lot of areas of Europe where we actually do believe we can compete very, very well. It is and has been primarily on the project side, right? I think the asset side will come, but the project side of the business is -- there's a significant amount of incentives and funding pushed around by the EU. They've got extraordinarily aggressive targets, corporates, industrials and governments alike looking to go to net zero, just like the Bristol situation has led to multiple conversations with other municipalities around the region.

好的。所以我將從歐洲開始。所以歐洲真的很令人興奮。在歐洲的很多地區，我們確實相信我們可以非常非常好地競爭。它主要是在項目方面，對吧？我認為資產方面會來，但業務的項目方面是——歐盟推動了大量的激勵措施和資金。他們有非常激進的目標，企業、工業企業和政府都希望實現淨零排放，就像布里斯托爾的情況導致與該地區其他城市的多次對話一樣。

So we do see it as an opportunity for a volume game with up, again, significantly increasing our operating base. We're not talking about going out and hiring hundreds of people that will just (inaudible) in Europe, right? We're using our high operating leverage, organic business growth model, the exception of the acquisition of Enerqos, which of course, was opportunistic, but we feel great about. That's the approach we're taking to expanding in Europe. I agree that the U.S. has a tremendous amount of incentives that is going to increase business volume in the United States as well, right? And again, that, too, is a volume gain, more funding for our customers, so they would like to do more work. And however, we're not taking away from the U.S. to expand in Europe. It's not a zero-sum game. It's all a little bit of a magnifier on the expansion capabilities that we have as a company given the way that we operate. So then moving on to your second question, which I've already forgot.

因此，我們確實將其視為一次批量遊戲的機會，再次顯著增加我們的運營基礎。我們不是在談論走出去並僱用數百名只會在歐洲（聽不清）的人，對嗎？我們正在使用我們的高運營槓桿、有機業務增長模式，收購 Enerqos 除外，這當然是機會主義的，但我們感覺很好。這就是我們在歐洲擴張所採取的方法。我同意美國有大量的激勵措施也將增加美國的業務量，對嗎？同樣，這也是數量增加，為我們的客戶提供更多資金，因此他們願意做更多的工作。然而，我們並沒有從美國撤走以在歐洲擴張。這不是零和遊戲。考慮到我們的運營方式，這有點放大了我們作為一家公司所擁有的擴展能力。那麼繼續你的第二個問題，我已經忘記了。

Yes, I think I can answer it. So I think you're asking kind of why wouldn't that be the run rate given the energy assets. So I think you have to break our business up into our 4 lines of business. The energy assets would be the run rate. But the project business, as George has talked about with the previous caller, has some pretty significant seasonality to it. So the energy assets that would be the run rate. So when you see that, that's a reasonable run rate. There's a little bit of solar seasonality around the winter months -- but -- and then it adds the project business seasonality to Q1 and Q2 of 2024.

是的，我想我可以回答。所以我認為你問的是為什麼在給定能源資產的情況下這不是運行率。所以我認為你必須將我們的業務分解為 4 個業務線。能源資產將是運行率。但項目業務，正如喬治與之前的來電者所談到的那樣，具有相當重要的季節性。因此，能源資產將是運行率。所以當你看到它時，這是一個合理的運行率。冬季有一點太陽能季節性——但是——然後它將項目業務季節性添加到 2024 年第一季度和第二季度。

And thank you, ladies and gentlemen. With that, we conclude our Q&A session and program for today. Thank you for participating, and you may now disconnect.

女士們先生們，謝謝你們。至此，我們結束了今天的問答環節和計劃。感謝您的參與，您現在可以斷開連接。