Ameresco Inc (AMRC) 2025 Q1 法說會逐字稿

Thank you for standing by. My name is Dustin, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Ameresco Inc., first-quarter 2025 earnings conference call. (Operator Instructions) Thank you.

感謝您的支持。我叫達斯汀，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Ameresco Inc. 2025 年第一季財報電話會議。（操作員指示）謝謝。

I would now like to turn the conference over to Leila Dillon, Senior Vice President of Marketing and Communications. Please go ahead.

現在，我想將會議交給行銷和傳播高級副總裁 Leila Dillon。請繼續。

Thank you, Dustin, and good afternoon, everyone. We appreciate you joining us for today's call. Our speakers on the call today will be George Sakellaris, Amoresco's Chairman and Chief Executive Officer; and Mark Chiplock, Chief Financial Officer. In addition, our Chief Investment Officer, Josh Baribeau, will be available during Q&A to help answer questions.

謝謝你，達斯汀，大家下午好。感謝您參加今天的電話會議。今天電話會議的發言人是 Amoresco 董事長兼執行長 George Sakellaris 和財務長 Mark Chiplock。此外，我們的首席投資長 Josh Baribeau 將在問答環節提供協助，解答問題。

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 of our supplemental information, 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.

在將電話轉給喬治之前，我想就前瞻性的評論發表簡短的聲明。今天的收益資料包含前瞻性陳述，包括有關我們預期的陳述。所有前瞻性陳述都存在風險和不確定性。請參閱今天的收益資料、補充資訊投影片 2 上的安全港語言以及我們向美國證券交易委員會 (SEC) 提交的文件，以了解可能導致我們的實際結果與前瞻性陳述中的結果不同的主要風險因素。

In addition, we use several non-GAAP measures when presenting our financial results. We have included the reconciliations to these measures and additional information in our supplemental slides that were posted to our website. Please note that all comparisons that will be discussed today are on a year-over-year basis, unless otherwise noted.

此外，我們在展示財務績效時使用了幾個非公認會計準則指標。我們在發佈到我們網站的補充幻燈片中加入了這些措施的對帳和其他資訊。請注意，除非另有說明，今天討論的所有比較都是基於同比的。

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

現在我將電話轉給喬治。喬治？

Thank you, Leila, and good afternoon, everyone. First, I would like to thank the entire Ameresco team as we celebrate the company's 25th-year anniversary. It's been an amazing journey establishing Ameresco as a leader in our industry and delivering over $16 billion in customer solutions dedicated to reducing energy consumption, enhancing energy infrastructure and resiliency, and developing proven pathways to decarbonization.

謝謝你，萊拉，大家午安。首先，我要感謝整個 Ameresco 團隊，共同慶祝公司成立 25 週年。這是一個令人驚嘆的旅程，Ameresco 由此成為行業領導者，並為客戶提供超過 160 億美元的解決方案，致力於減少能源消耗、增強能源基礎設施和彈性，以及開發行之有效的脫碳途徑。

While the current environment remains challenging, the drivers of our business remains strong, global power demand growth, electricity costs continue to rise, and grid reliability is deteriorating as we saw in Europe a few days ago. All of this will increase the demand for distributed, diversified, resilient energy solutions.

儘管當前環境仍然充滿挑戰，但我們業務的驅動力仍然強勁，全球電力需求成長，電力成本持續上漲，電網可靠性正在惡化，正如我們幾天前在歐洲看到的那樣。所有這些都將增加對分散式、多樣化、有彈性的能源解決方案的需求。

The team's outstanding execution led to a strong start to the year, with results exceeding our expectations. First-quarter revenue and adjusted EBITDA grew 18% and 32%, respectively. These results also highlighted the strength of our diversified business model as we experienced material growth in both our projects and energy asset business, including strong performance in Europe and Canada.

團隊出色的執行力為今年帶來了良好的開端，業績超出了我們的預期。第一季營收和調整後 EBITDA 分別成長 18% 和 32%。這些結果也凸顯了我們多元化商業模式的優勢，我們的專案和能源資產業務都實現了實質成長，其中在歐洲和加拿大的表現強勁。

We also increased our total project backlog to almost $5 billion, bringing our total revenue visibility across our businesses to almost $10 billion. This was another quarter of significant contract execution conversion success, resulting in a contracted project backlog of $2.6 billion, representing a growth rate of almost 80% year over year. And these positive business trends have continued into the second quarter.

我們還將專案積壓總額增加到近 50 億美元，使我們所有業務的總收入可見度達到近 100 億美元。本季又一次在重大合約執行轉換方面取得成功，合約專案積壓金額達到 26 億美元，較去年同期成長近 80%。這些積極的商業趨勢一直持續到第二季​​。

I also wanted to comment on some of the well-known challenges facing our industry and provide some insights into how the Ameresco team is working to overcome them. First, let me cover our work with the federal government. This business accounts for approximately 30% of our current total project backlog, with military-related customers accounting for approximately two-thirds and GSA, or civilian agency-related project work, of approximately one-third. We have provided a breakdown of our backlog by end market in our supplemental slides.

我還想評論一下我們行業面臨的一些眾所周知的挑戰，並提供一些關於 Ameresco 團隊如何努力克服這些挑戰的見解。首先，讓我介紹一下我們與聯邦政府的合作。該業務約占我們目前總專案積壓的 30%，其中軍事相關客戶約佔三分之二，GSA 或民間機構相關專案工作約佔三分之一。我們在補充幻燈片中提供了按終端市場劃分的積壓訂單明細。

Because these federal contracts have multi-year execution cycles, they are expected to account for less than 20% of our 2025 project revenue. We noted in our last conference call that we had encountered one cancellation on a project contracted earlier in January and a pause on two other contracts. We are pleased to report that the project that had been canceled has now been rescoped and the other two contracts have now been unpaused.

由於這些聯邦合約具有多年的執行週期，預計它們將占我們 2025 年專案收入的不到 20%。我們在上次電話會議中指出，我們遇到了 1 月初簽訂的一個項目被取消的情況，另外兩個合約也被暫停。我們很高興地報告，之前取消的項目現已重新確定範圍，另外兩份合約也已恢復。

Also, we have not encountered any additional cancellations or delays in our federal contracts. So while it is too early to say that there will be no additional future disruptions, we are cautiously optimistic. And as the current administration's priorities come into focus, we believe our broad and deep technical expertise in our agnostic and budget-neutral approach will help us promote our offerings.

此外，我們的聯邦合約也沒有出現任何取消或延遲的情況。因此，雖然現在說未來不會再出現其他中斷還為時過早，但我們仍持謹慎樂觀的態度。隨著現任政府的優先事項逐漸清晰，我們相信，我們在不可知論和預算中立方法方面的廣泛而深入的技術專長將有助於我們推廣我們的產品。

Interestingly, we are now seeing a significant number of recently issued federal RFPs focused on our core competencies of resiliency and increasing the power supply through new energy infrastructure. The government's recent release of a request for information about the possible use of DOE land to support growing demand for data centers. Following that, the DOE has identified 16 potential sites uniquely positioned for rapid data center construction, including in-place energy infrastructure with the ability to fast track permitting for new energy generation.

有趣的是，我們現在看到大量最近發布的聯邦 RFP 都集中在我們的核心競爭力上，即彈性和透過新能源基礎設施增加電力供應。政府最近發布了一份資訊請求，詢問有關使用能源部土地來支持日益增長的資料中心需求的可能性。隨後，美國能源部確定了 16 個適合快速建造資料中心的潛在場地，包括能夠快速審批新能源發電許可的現有能源基礎設施。

For example, we are seeing more opportunities to leverage federal lands for critical energy infrastructure projects. The KÅ«pono 44-megawatt solar and 44-megawatt battery project is a perfect example of how this can work. We leveraged an enhanced use lease with the navy at Pearl Harbor to build this critical energy infrastructure that supports not only the base but also the Hawaiian electric grid.

例如，我們看到了更多利用聯邦土地進行關鍵能源基礎設施項目的機會。KÅ«pono 44 兆瓦太陽能和 44 兆瓦電池專案就是如何實現這一目標的完美範例。我們利用與珍珠港海軍簽訂的增強使用租約來建造這項關鍵能源基礎設施，不僅支援基地，也支援夏威夷電網。

We are also developing a 99-megawatt firm power plant, an advanced microgrid project on the same base. We are utilizing similar structures, including enhanced use lists to develop data center energy infrastructure projects with the Department of Defense.

我們也在同一基礎上開發一座 99 兆瓦的固定發電廠和一個先進的微電網專案。我們正在利用類似的結構，包括增強使用列表，與國防部一起開發資料中心能源基礎設施專案。

As we captured on another new slide on our supplemental deck detailing our project backlog by technology, Ameresco is very well diversified in our expertise with efficiency, resiliency, and power production solutions. Approximately, 50% of our total project backlog includes energy infrastructure projects using generation technologies such as gas turbines, engines, solar, hydroelectric and resiliency technologies such as large-scale battery storage and microgrids.

正如我們在補充資料中的另一張新幻燈片中透過技術詳細介紹我們的專案積壓情況一樣，Ameresco 在效率、彈性和電力生產解決方案方面的專業知識非常多樣化。我們總專案積壓中約有 50% 包括使用發電技術（例如燃氣渦輪機、引擎、太陽能、水力發電）和彈性技術（例如大規模電池儲存和微電網）的能源基礎設施專案。

We believe our solutions are a good match for the evolving energy landscape which is demanding every increasing amounts of electricity and higher levels of resiliency. We are very excited about the opportunities ahead for our work with not only the federal government but with all of our customers across our core markets, including utilities, data centers, co-ops, and large CNI.

我們相信，我們的解決方案能夠很好地適應不斷發展的能源格局，即要求不斷增加的電力和更高水準的彈性。我們對未來與聯邦政府以及我們核心市場的所有客戶（包括公用事業、資料中心、合作社和大型 CNI）合作的機會感到非常興奮。

I also wanted to discuss the dynamics tariff landscape that we, like every other company in our industry, are facing. First, I would like to point out that much of the equipment for current ongoing projects and energy assets in development has already been purchased and is in the country or already on the work sites, which we believe shields us from near-term price increases.

我還想討論一下我們和產業中其他公司一樣所面臨的動態關稅狀況。首先，我想指出的是，目前正在進行的項目和正在開發的能源資產的大部分設備已經購買完畢，並且已經在國內或已經在工作現場，我們認為這可以使我們免受短期價格上漲的影響。

Longer term, we will work to mitigate price increases during contract negotiations and reprice where possible. It's important to note that the majority of our solar and battery projects are international and therefore not subject to US tariffs.

從長遠來看，我們將努力在合約談判中降低價格上漲幅度，並盡可能重新定價。值得注意的是，我們的大多數太陽能和電池項目都是國際性的，因此不受美國關稅的約束。

As many of our shareholders know, this is not the first time Ameresco has faced tariffs or inflation. And we have experienced overcoming similar difficulties and dynamics. We have strong relationships with domestic and global vendors and a healthy backlog of projects, giving us a position of strength with our values and partners. I will now turn the call over to Mark to comment on our financial performance in 2025 outlook. Mark?

正如我們的許多股東所知，這並不是 Ameresco 第一次面臨關稅或通貨膨脹。我們也經歷過克服類似的困難和動力。我們與國內和全球供應商保持良好的關係，並擁有大量積壓項目，這使我們在價值觀和合作夥伴方面佔據優勢地位。現在我將把電話交給馬克，讓他對我們 2025 年的財務表現展望進行評論。標記？

Thank you, George, and good afternoon, everyone.

謝謝你，喬治，大家下午好。

We delivered strong first-quarter results with total revenue growing 18% and adjusted EBITDA growing 32%. Our project's business revenue grew 23%, reflecting outstanding execution and our laser focus on the conversion of our backlog.

我們第一季業績表現強勁，總營收成長 18%，調整後 EBITDA 成長 32%。我們專案的業務收入成長了 23%，這反映了出色的執行力以及我們對積壓訂單轉換的高度關注。

Also, as George mentioned, we did not encounter any additional delays or cancellations with the federal government and those contracts that we highlighted during our fourth quarter call, which have now been unpaused or rescoped.

此外，正如喬治所提到的那樣，我們沒有遇到與聯邦政府的任何額外延誤或取消，也沒有遇到我們在第四季度電話會議上強調的那些合同，這些合同現已恢復或重新確定範圍。

Beyond our federal project work, we also had a strong quarter in Europe, Canada, and several US regions. This performance speaks to the diversity of our customers, geographies, and types of solutions that is a hallmark of the Ameresco business model.

除了聯邦計畫工作之外，我們在歐洲、加拿大和美國幾個地區也表現強勁。這項業績反映了我們的客戶、地理和解決方案類型的多樣性，這是 Ameresco 商業模式的標誌。

Energy asset revenue grew 31%, driven largely by the growth of assets in operation compared to last year, with our base of operating assets now standing at 742 megawatts. We have also taken steps to mitigate lower rent prices for the year through our dynamic hedging strategy with our remaining 2025 anticipated rent exposure at only 20%. The revenue decline in our other line of business is attributed directly to the divestiture of our AEG business at the end of 2024.

能源資產收入成長了 31%，這主要得益於營運資產與去年同期相比的成長，目前我們的營運資產基數為 742 兆瓦。我們也採取了措施，透過動態對沖策略來緩解今年較低的租金價格，預計 2025 年剩餘的租金風險僅為 20%。我們其他業務線收入的下降直接歸因於我們在 2024 年底剝離了 AEG 業務。

Gross margin of 14.7% was largely in line with our expectations, reflecting a greater mix of revenue from large European EPC contracts. As a reminder, while these design-build projects have a lower gross margin profile, they help to diversify our business as well as create strong operating leverage as they require very little incremental operating expense for the gross profit dollars they contribute.

14.7% 的毛利率基本上符合我們的預期，反映了來自歐洲大型 EPC 合約的收入結構變化。提醒一下，雖然這些設計-建造項目的毛利率較低，但它們有助於實現我們的業務多元化，並創造強大的營運槓桿，因為它們貢獻的毛利只需要很少的增量營運費用。

Net income attributable to common shareholders was a loss of $5.5 million, or $0.10 per share. Adjusted EBITDA of $40.6 million increased 32%, reflecting our strong revenue growth, tight cost controls, and the power of our lean, scalable business model.

歸屬於普通股股東的淨利為虧損 550 萬美元，即每股虧損 0.10 美元。調整後的 EBITDA 為 4,060 萬美元，成長 32%，反映了我們強勁的營收成長、嚴格的成本控制以及精益、可擴展的業務模式的力量。

We continue to see substantial growth in our total project backlog, which grew 22% to $4.9 billion. Importantly, we converted $330 million of awards to contracts during the quarter, driving our contracted project backlog up 80% to $2.6 billion.

我們的專案積壓總量持續大幅成長，成長了 22%，達到 49 億美元。重要的是，我們在本季度將 3.3 億美元的獎勵轉化為合同，使我們的合同項目積壓量增長了 80%，達到 26 億美元。

Our project teams continue to deliver on contract conversion and execution to increase revenue and cash flow generation. We also added $367 million of new project awards to our awarded backlog during the quarter.

我們的專案團隊繼續完成合約轉換和執行，以增加收入和現金流。本季度，我們還在已授予的積壓項目中增加了價值 3.67 億美元的新項目授予。

Turning to our balance sheet and cash flows, we ended the quarter in a solid cash position with approximately $72 million in cash and total corporate debt of $270 million. During the first quarter, we successfully executed approximately $334 million in financing commitments, which included extending and upsizing our senior secured credit facility to help fund our growth.

談到我們的資產負債表和現金流，本季末我們現金狀況穩健，現金約 7,200 萬美元，公司債務總額為 2.7 億美元。在第一季度，我們成功履行了約 3.34 億美元的融資承諾，其中包括延長和增加我們的優先擔保信貸額度，以幫助資助我們的成長。

With our strong first-quarter results and forward visibility, we are pleased to reaffirm our guidance ranges for 2025 revenue and adjusted EBITDA of $1.9 billion and $235 million at the midpoints. Our team's outstanding execution drove faster implementation during the first quarter of approximately $30 million of project revenue.

憑藉我們強勁的第一季業績和前瞻性，我們很高興重申我們對 2025 年營收和調整後 EBITDA 的指導範圍，分別為 19 億美元和 2.35 億美元。我們團隊出色的執行力推動了第一季約 3000 萬美元專案收入的更快實現。

To assist with shaping for the remainder of the year, we are maintaining our expectation for the cadence of revenue in the second half of 2025 to represent approximately 60% of our total revenue. Accounting for our strong Q1 results, we anticipate Q2 revenue will be in the range of approximately $400 million to $425 million.

為了幫助規劃今年剩餘時間的業績，我們預計 2025 年下半年的營收節奏將占到我們總收入的約 60%。考慮到我們第一季的強勁業績，我們預計第二季的營收將在約 4 億美元至 4.25 億美元之間。

Now I'd like to turn the call back to George for closing comments.

現在我想把電話轉回給喬治，請他發表最後評論。

Thank you, Mark. As you have heard, we had a very solid start to the year, and we have seen this momentum continue into the second quarter.

謝謝你，馬克。正如您所聽到的，我們今年有一個非常良好的開端，並且我們看到這種勢頭延續到了第二季度。

For over 25 years, we have built an organization with unmatched expertise in developing, structuring, and delivering energy projects. Our business model is resilient, with a majority of our adjusted EBITDA coming from our long-term recurring revenue businesses, as well as from the strong multi-year visibility inherent in our project backlog.

25 年來，我們建立了一個在開發、建構和交付能源專案方面擁有無與倫比專業知識的組織。我們的商業模式具有彈性，大部分調整後的 EBITDA 來自我們的長期經常性收入業務，以及我們專案積壓中固有的強大的多年可見性。

Furthermore, we believe our project business will continue to grow as we expect to capture more of the emerging infrastructure and resiliency build out. We are also a global business. Diversified by young customer, technology and geography, which would allow us to continually support change in policy in any geography, we will maximize our growth and earnings.

此外，我們相信，隨著我們期望獲得更多新興基礎設施和彈性建設，我們的專案業務將繼續成長。我們也是一家全球性企業。透過年輕客戶、技術和地理的多樣化，我們將能夠持續支持任何地區的政策變化，從而最大限度地實現成長和收益。

In closing, I would like to once again thank our employees, customers, and stockholders for their continued support. Operator, we would like to open the call to questions.

最後，我要再次感謝我們的員工、客戶和股東的持續支持。接線員，我們想開始回答問題。

(Operator Instructions) Noah Kaye, Oppenheimer.

（操作員指示）諾亞凱，奧本海默。

So clearly, from 4Q to now, a nice turn of events around the federal business. I wonder if you could take us a little bit into some of the transpiring that went on during the quarter to maybe kind of get the visibility and some of the contract situations into a better place. I think we start from the premise that these are energy saving and net positive for any assets that the projects are going into but maybe talk a little bit about how it played out and maybe the nature of some of these new RFPs you're seeing.

顯然，從第四季到現在，聯邦業務出現了良好的轉變。我想知道您是否可以向我們稍微介紹一下本季度發生的一些事情，以便讓我們更好地了解一些合約情況。我認為我們從這樣的前提開始：這些都是節能的，並且對於專案所涉及的任何資產都有淨積極作用，但也許可以稍微談談它是如何發揮作用的，以及您所看到的一些新的 RFP 的性質。

Yeah. So no, hey, it's Mark, and maybe I'll just talk to the first part of that with respect to those federal contracts. I mean, again, I think we were fortunate that, again, that one contract that was canceled that has now been rescoped we think will come back under a future mod, and so that will ultimately remain pretty neutral to where it started, which we think is a great outcome.

是的。所以不，嘿，這是馬克，也許我只會談論有關那些聯邦合約的第一部分。我的意思是，我再說一次，我認為我們很幸運，那份被取消的合約現在已經重新確定範圍，我們認為它將在未來的模式下重新回歸，因此它最終將與開始時保持相當中立，我們認為這是一個很好的結果。

And then on the other two that were paused that are now on paused again we, those will ultimately be rescoped. We feel that the rescoping probably will result in a small haircut on those, but again, certainly not the worst case, which could have been with those being canceled. So I think generally speaking, it was a good outcome for the three contracts that we talked about in the beginning.

然後，對於另外兩個暫停的項目，現在再次暫停，我們最終將重新確定其範圍。我們認為，重新調整範圍可能會導致這些項目略有減少，但肯定不是最糟糕的情況，最糟糕的情況是取消這些項目。因此我認為總體而言，對於我們最初談到的三份合約來說，這是一個好的結果。

And the bottom line is the fact that these contracts, they are primarily energy efficiency, they are budget-neutral, and all administrations, they like this this particular project. And I think the fact that they were signed in January probably had something to do with it. And that's why probably people took them out to look at it and once they realized it's good for the government, they plan to move ahead.

最重要的是，這些合約主要是為了提高能源效率，對預算沒有影響，而且所有政府部門都喜歡這個特定的項目。我認為他們在一月份簽約可能與此有關。這可能就是為什麼人們會把它們拿出來研究，一旦他們意識到它對政府有好處，他們就會計劃繼續前進。

And going with the GSA on the contract that was canceled a couple of the buildings, they would be sold, so they took that amount of work and they put it in other buildings. So that's why we feel very good where we are with this administration. And I think we can work with them if they like the budget approach and they like to resiliency and more power generation in federal facilities in order to have the resiliency required.

他們按照與 GSA 簽訂的被取消的幾棟建築的合同，將這些建築出售，然後他們把這些工作轉移到其他建築上。這就是為什麼我們對本屆政府感到非常滿意。我認為，如果他們喜歡這種預算方法，並且喜歡聯邦設施的彈性和更多的發電量，以實現所需的彈性，那麼我們可以與他們合作。

And the other thing, and that's why I tried to cover on my notes, how do they maximize the use and get more return from some of the what the land that's in a federal basis. It's unused. That's what happened in Pearl Harbor and so on.

還有一件事，這也是我試圖在筆記中涵蓋的內容，他們如何最大限度地利用聯邦土地並從中獲得更多回報。沒有使用。這就是珍珠港事件等等發生的事情。

Mark, I think last quarter you gave us some direction on how to think about the shape not only of revenue but maybe even around sort of margins. Obviously, things can move around a fair bit with project timing, but any color on sort of the shaping of margins, either for 2Q or the balance of the year?

馬克，我想上個季度你給了我們一些指導，關於如何思考不僅是收入的形態，甚至是利潤率的形式。顯然，隨著專案時間的推移，事情可能會發生相當大的變化，但對於第二季或今年的餘額，您能透露一下利潤率的形成嗎？

I mean, we feel really good about our full-year guide, especially on the gross margin range, which was 15.5% to 16%. Again, I think Q1 was a little bit lower than our expectations. But as I mentioned, we did see a heavier mix of European EPC contracts that do have a little bit lower margin profile, but I feel pretty good about the margin range for the rest of the year.

我的意思是，我們對我們的全年指導感到非常滿意，尤其是毛利率範圍，即 15.5％ 至 16％。再次，我認為第一季的業績略低於我們的預期。但正如我所提到的，我們確實看到歐洲 EPC 合約的比例更高，利潤率確實略低一些，但我對今年剩餘時間的利潤範圍感到相當樂觀。

Okay. And maybe the last one to sneak in. It's always hard to resist the temptation to ask about recent events, and I think in this case, it's quite appropriate. The blackouts in Southern Europe, I guess we're still figuring out what caused them, but it does go to a question around building infrastructure reliability on the grid.

好的。或許是最後一個潛入的人。人們總是很難抵制詢問最近發生的事情的誘惑，我認為在這種情況下，這是非常合適的。我想我們仍在尋找南歐停電的原因，但這確實涉及電網基礎設施可靠性建設的問題。

And I'm curious to think about how you see Ameresco's opportunities that when you look at events like that and kind of the type of project flow and opportunity you're seeing, in Europe broadly.

我很好奇，當您看到這樣的事件以及您在整個歐洲看到的專案流程和機會類型時，您如何看待 Ameresco 的機會。

Yeah, and it happened not only in Spain, and few days before that, it just happened partially in Greece. The fact that all these countries, they're getting so much solar renewable power and it's intermittent, and you're going to see that happening more and more in the United States, which happened in Texas some time ago with the freeze, and now as we put more and more renewables on the system unless we get battery storage or what I call 24 to 7 days -- 24 hours, 7 days a week power otherwise firm renewable power, it's going to happen.

是的，這不僅發生在西班牙，而且在此之前幾天，希臘也部分地區發生了類似事件。事實上，所有這些國家都獲得瞭如此多的太陽能可再生能源，但這些能源是間歇性的，你會看到這種情況在美國越來越多地發生，就像前段時間德克薩斯州的凍結一樣，現在，隨著我們在系統中投入越來越多的可再生能源，除非我們有電池儲存或我所說的 24 小時到 7 天——每週 7 天，每天供電 7 天，每天供電。

And what I think, I think the distributor generation is going to take much bigger piece of reaction than the large-scale power plants and transmission lines because I do not think that we'd be able to build the transmission lines necessary to improve the grid resiliency. Because I remember when I was with the utility for one large admission line from Massachusetts to Rhode Island, it took us 10 years to get the right of way. So it's very difficult.

我認為，分銷發電將比大型發電廠和輸電線路承受更大的反應，因為我認為我們無法建造提高電網彈性所需的輸電線路。因為我記得當我在公用事業公司工作時，負責從馬薩諸塞州到羅德島的一條大型輸電線，我們花了 10 年的時間才獲得通行權。所以這非常困難。

And the other thing that happens, once you build those submission lines, once you have an average, and sometimes you lose two of them, you don't have the spin reserve to back up what might happen and that's how you have these averages.

而發生的另一件事是，一旦你建立了這些提交線，一旦你有了平均值，有時你會丟失其中兩個，你就沒有旋轉儲備來備份可能發生的事情，這就是你有這些平均值的原因。

Back in the utility days when I used to do the long-range planning, we used to have 5% to 10% spin reserve. You don't have it anymore.

回顧我過去做長期規劃的公用事業時代，我們曾經有 5% 到 10% 的旋轉儲備。你不再擁有它了。

George Gianarikas, Canaccord Genuity.

喬治·賈納里卡斯（George Gianarikas），Canaccord Genuity。

Hey, everyone. Thank you for taking my questions. I was wondering if you could give us an update on any projects that are -- whose economics are sensitive to changes in the Inflation Reduction Act. What does the world look like there? I mean, what are those projects still moving forward? Have you seen maybe a little bit of a delay to see the dust settle? I'm just curious if you can share any commentary there. Thank you.

嘿，大家好。感謝您回答我的問題。我想知道您是否可以向我們介紹一下那些經濟狀況對《通貨膨脹削減法案》的變化敏感的項目的最新情況。那裡的世界是什麼樣子的？我的意思是，哪些項目仍在進行中？您是否看到可能需要一點延遲才能看到塵埃落定？我只是好奇您是否可以在那裡分享任何評論。謝謝。

Yeah, I think for the projects that are coming online this year, especially on the RNG we Safe Harbored, the ITC related to those projects, we feel pretty good about that. Even beyond that, for about three quarters of the projects in our asset development pipeline, we've Safe Harbored the ITC on that as well. I think we mentioned that last quarter around $200 million of additional ITC.

是的，我認為對於今年上線的項目，特別是我們安全港的 RNG，以及與這些項目相關的 ITC，我們對此感到非常滿意。除此之外，對於我們資產開發管道中約四分之三的項目，我們也已獲得 ITC 的安全保護。我想我們提到上個季度有大約 2 億美元的額外 ITC。

So the teams have done a great job to take the necessary steps to try and Safe Harbor that. I think for assets outside of the RNG again, I think we've done a pretty good job of Safe Harboring most of that, so I don't expect any short-term impact if there were something to happen with the IRA.

因此，各團隊已經做了大量工作，採取了必要的措施，試圖確保安全。我認為對於 RNG 以外的資產，我們在安全港方面做得相當不錯，因此如果 IRA 發生什麼事情，我預計不會在短期內產生任何影響。

Maybe as a follow-up. The changing dynamics in the landscape impacted your decision tree around projects versus willingness to own assets. I mean, how's your philosophy changed there over the last, call it three to six months?

也許作為後續行動。不斷變化的環境動態影響了您圍繞專案與擁有資產意願的決策樹。我的意思是，在過去的三到六個月裡，您的理念發生了什麼樣的變化？

Yeah, the interest environment, it's a little bit higher than what we would like it to be. And I think what I was saying, and that's why you're seeing the growth in the project business a little bit more, we put a little bit more emphasis on the project. But of course, they generate very good cash flow, and we have a pretty good niche in the marketplace there. And now as the evolution happens with more resiliency and more power generation, we want to take a good piece of that action, and it's right up to our expertise.

是的，利息環境比我們希望的要高一點。我想這就是我所說的，這就是為什麼你會看到專案業務有所成長，我們更加重視專案。但當然，他們產生了非常好的現金流，而且我們在那裡的市場上佔有相當不錯的地位。現在，隨著技術進步，彈性和發電量不斷增強，我們希望從中分得一杯羹，而這完全取決於我們的專業知識。

But on the other hand, I mean, we have over 600 megawatts of assets in development, which it can take care for us for the next two, three years. So we are not taking our foot off the gas line there but off the pedal. But we like the project business a lot and we actually get to know those very well. So we are focusing on that a little bit more.

但另一方面，我的意思是，我們有超過 600 兆瓦的資產正在開發中，可以滿足我們未來兩三年的電力需求。因此，我們不是把腳從油門線上移開，而是把腳從踏板上移開。但我們非常喜歡專案業務，我們實際上非常了解這些業務。因此，我們會更加關注這一點。

Kashy Harrison, Piper Sandler.

卡西·哈里森、派珀·桑德勒。

Good afternoon. Thanks for taking questions and congrats on 25 years. So nice to hear that the projects that had paused have now resumed. I was just wondering, have you seen any negative impacts from the reduced federal workforce on your business? Or is the approval process and just the day-to-day work with the federal government ongoing without any interruptions from last quarters?

午安.感謝您的提問，並祝賀您 25 週年。很高興聽到暫停的項目現已恢復。我只是想知道，聯邦勞動力的減少是否對您的業務產生了任何負面影響？或者審批流程和與聯邦政府的日常工作是否與上個季度一樣持續進行，沒有任何中斷？

Yeah, no, it's a good question. To be honest, we haven't seen anything yet, but we certainly could see a situation where the things that are happening with the personnel could have an impact on the timing of how awards can convert to contracts. So just administrative challenges that could impact the timing of the progression of our projects.

是的，不，這是個好問題。說實話，我們還沒有看到任何進展，但我們肯定會看到這樣一種情況：人員發生的事情可能會影響獎勵轉換為合約的時間。因此，行政方面的挑戰可能會影響我們專案進展的時間。

I think we've tried to build in some amount of conservatism into our guide, into the numbers for the year, but kind of near term, we haven't seen anything as of yet.

我認為我們已經嘗試在我們的指南和年度數據中融入一定程度的保守主義，但就短期而言，我們還沒有看到任何進展。

Yeah. On the long term though, because of the budget-neutral associated with our projects, and if you recall the previous Trump administration, we executed more performance contracts under them than we did under the Biden administration because they like this concept. So even though we might see, let's say, the movement from awards to contracted backlog delayed a little bit, but the number of contracts and proposals most likely will go up.

是的。但從長遠來看，由於我們的專案與預算無關，如果你還記得前任川普政府，我們在他們領導下執行的績效合約比拜登政府領導下執行的要多，因為他們喜歡這個概念。因此，儘管我們可能會看到，從授予合約到合約積壓的轉變會稍微延遲，但合約和提案的數量很可能會增加。

That's a helpful additional color. Maybe just two more quick ones for me. George, I think you discussed that you're in a good spot on storage and the exposure is not even that great, or it's not that high anyways to the US. It's more international.

這是一種有用的附加顏色。對我來說也許只需要再快速地問兩個問題。喬治，我認為你討論過你在存儲方面處於一個很好的位置，而且曝光度甚至不是那麼好，或者無論如何對美國來說不是那麼高。它更加國際化。

And then you said demand, it sounds like demand hasn't really been impacted by tariffs, but I'm just curious, are there any other -- excuse me, are there any other implications to your business from tariffs that we need to be thinking about in any of the individual segments that maybe weren't covered in the prepared remarks?

然後您說需求，聽起來需求似乎並沒有真正受到關稅的影響，但我只是好奇，還有其他的——對不起，關稅對您的業務還有其他影響嗎？我們需要在任何單獨的部分考慮這些影響，而這些影響可能沒有在準備好的評論中涉及？

I mean on the batteries, the projects we are doing this year and next year, on this year, they were all purchased before any impact on the tariffs. On next year, I think half of them they've been repurchased. The other half, what we've been able to do with some of our customers, dollar for dollar, it's closing the contracts that the purchase power agreements that whatever the tariff is, it will be a pass through. We will recalculate the rate it will be a pass through.

我的意思是，關於電池，我們今年和明年正在進行的項目，都是在關稅受到影響之前購買的。明年，我認為其中一半將重新購買。另一半，我們能夠為一些客戶做的是，一美元對一美元地簽訂購買電力協議的合同，無論關稅是多少，它都將是一種轉嫁。我們將重新計算通過的利率。

And the same thing is applied with some of the panels, but what is the other thing that we have been trying to do buying as much domestic as possible, but still if you get tariffs, the domestic prices go up as well. But so far, we have managed very well where we are.

同樣的事情也發生在一些面板上，但我們一直在嘗試盡可能多地購買國內產品，但如果徵收關稅，國內價格也會上漲。但到目前為止，我們的現狀已經很好了。

Appreciate the call. And then maybe just one final one for me. I was just curious whether you've observed any dislocations and valuations between private transactions, or what your pieces of your portfolio may be able to get in the private market versus what you're seeing in the public markets and whether there's any appetite to show the public markets the value of your assets via transactions. Thank you.

感謝您的來電。對我來說也許這只是最後一個了。我只是好奇您是否觀察到私人交易之間存在任何錯位和估值，或者您的投資組合在私人市場上可以獲得什麼，以及您在公開市場上看到的是什麼，以及是否有興趣透過交易向公開市場展示您的資產價值。謝謝。

I think that's up to Justice Ali.

我認為這取決於阿里法官的決定。

Thanks, George. Hey, Kashy. So I think the answer is yes. We do believe that there are still robust private valuations for the types of projects and assets that we are implementing. Nothing we can really share now, but I think that the public valuations in our whole sector have definitely been, we'll call it disproportionately impacted on maybe rational and irrational fears about changes in the government and news cycle, et cetera.

謝謝，喬治。嘿，Kashy。所以我認為答案是肯定的。我們確實相信，對於我們正在實施的專案和資產類型，私人估值仍然強勁。現在我們真的沒有什麼可以分享的，但我認為我們整個行業的公共估值肯定受到了不成比例的影響，可能是對政府和新聞週期變化等的理性和非理性的恐懼。

But fundamentals of our energy efficiency offerings, our RNG assets, our pipeline, our portfolio, and our platform remain incredibly strong. And people have the ability to look at these things from a project financing perspective or some of our development and sell those equity investors, those private equity investors, they like what they see and we're still able to monetize the value that we're creating.

但我們的能源效率產品、我們的 RNG 資產、我們的管道、我們的產品組合和我們的平台的基本面仍然非常強勁。人們有能力從專案融資的角度或我們的一些發展來看待這些事情，並向那些股權投資者、私募股權投資者出售，他們喜歡他們所看到的，而我們仍然能夠將我們創造的價值貨幣化。

Eric Stine, Craig Hallum.

艾瑞克·史坦、克雷格·哈勒姆。

Hi, everyone. Maybe just sticking -- hi, maybe just sticking with the tariffs. And I guess great news on how things are set up for '25 and for part of next year but just thinking about this. If this period of uncertainty were to last for longer than that, just want to dig in a little bit on kind of the structure of the contracts. Is it pretty common to have that pass-through language? I guess what I'm getting at is, I mean, is this kind of a painstaking contract by contract renegotiation or is this something that's pretty standard, it's in the contracts, and it's pretty much accepted by your customers?

大家好。也許只是堅持下去——嗨，也許只是堅持關稅。我想關於 25 年和明年部分時間的情況會有好消息，但只是想想而已。如果這種不確定的時期持續的時間更長，那麼我只想對合約的結構進行一些深入的研究。這種傳遞性語言很常見嗎？我想說的是，我的意思是，這是一種艱苦的合約重新談判嗎？還是這是一種相當標準的做法，它寫在合約裡，基本上被客戶所接受？

Well, pretty much like I told our people that new contracts, we have the language that we are protected against tariffs, and sometimes if too much equipment is coming from abroad, the foreign exchange fluctuations as well. That's just become right now the mark.

嗯，就像我告訴我們的人那樣，新合約中有這樣的條款，即我們受到關稅保護，有時如果有太多設備來自國外，外匯波動也會受到保護。這現在已經成為標誌。

But it goes from customer to customer. And for example, this particular customer, it's a large contract, it's a battery storage project, and they had a certain deadline that they want to have the project up and running and we had to put money down for the transformer in order to save the IPC and so on, and we said that's fine. But if the tariffs come and the price goes up, you have to be on the hook for it as well for the transformers and so on. And then they stepped up to the plate.

但它從一個客戶傳到另一個客戶。例如，這個特定的客戶，這是一個大合同，這是一個電池存儲項目，他們有一定的最後期限，他們希望項目能夠啟動和運行，我們必須為變壓器支付費用以節省 IPC 等，我們說這很好。但如果徵收關稅，價格上漲，你也必須承擔變壓器等的費用。然後他們開始承擔責任。

And we've seen more and more some of the largest industrial customers looking for resiliency, battery storage, and so on. I think at the end of the day, they're willing to do what is necessary to protect their operations.

我們越來越多地看到一些最大的工業客戶正在尋求彈性、電池儲存等。我認為最終他們願意採取一切必要措施來保護他們的行動。

Yeah, no. And look, I think, beyond even the contracts, we continue to diversify the supply chain, right? I think we're taking quite a few of the learnings that we came out of COVID. And so we've been focused on bringing materials in faster on our projects, diversifying the supply chain, looking at domestic sources.

是的，不。而且我認為，除了合約之外，我們還在繼續實現供應鏈多樣化，對嗎？我認為我們從新冠疫情中吸取了不少經驗教訓。因此，我們一直致力於更快地為專案引進材料，實現供應鏈多樣化，尋找國內來源。

So I think the combination of building those protections into the contracts as well as kind of maintaining that diversification is going to help us to mitigate most of the exposure to tariffs moving forward.

因此，我認為，將這些保護措施納入合約並保持多樣化將有助於我們減輕未來大部分關稅風險。

Got it. All right, that's helpful. And then maybe just back on the federal government work. And this is just a question that was just asked, but just wanted to clarify.

知道了。好的，這很有幫助。然後也許就回到聯邦政府的工作上。這只是剛剛提出的問題，只是想澄清一下。

In terms of the reduced workforce, I mean, it sounds like you are viewing this more as a delay -- potential delays rather than just cancellations. And I know what you've seen to this point is you had the one which will be rescoped. You've got the two that have kind of come back. But I mean, so is it more from an approval process and a timing just to get through everything that's necessary to move forward rather than seeing a bigger risk that fewer buildings, housing, that smaller workforce and changing the overall scope?

關於裁員，我的意思是，聽起來你認為這更像是一種延誤——潛在的延誤，而不僅僅是取消。我知道您目前看到的是，您有一個將被重新調整範圍的。你已經有兩個回來了。但我的意思是，這是否更多的是從審批流程和時間安排出發，只是為了完成向前推進所需的一切，而不是看到更大的風險，即更少的建築物、住房、更少的勞動力和改變整體範圍？

I mean, I wouldn't say that we have potential delays. I mean, it would be immaterial, because -- and that's what I'm trying to point out. Because of the power of the value proposition of our offerings is so strong, the administration wants it so bad or that they need this kind of work because at the end of the day, they get the infrastructure upgrade and they don't have to use their budget in order to do it. They don't require any capital so there will be more push to save money.

我的意思是，我不會說我們可能會延誤。我的意思是，這並不重要，因為——這就是我想要指出的。由於我們產品的價值主張的力量如此強大，管理層非常想要它，或者他們需要這種工作，因為最終，他們會得到基礎設施升級，而他們不必使用他們的預算來做到這一點。他們不需要任何資本，因此會更有動力去省錢。

So even if they have fewer people, at the end of the day, I would expect that we will see more contracts signed with these guys.

因此，即使他們的人員減少，最終我仍希望我們能看到與這些人簽訂更多的合約。

Yeah. But I think generally speaking, if there is risk, we look at it being more administrative and just potentially slowing down the process around award conversions or contracting. So -- and yeah, we haven't seen anything yet.

是的。但我認為一般來說，如果存在風險，我們會認為它會變得更加行政化，並且可能會減慢獎勵轉換或簽約的進程。所以——是的，我們還沒有看到任何東西。

(Operator Instructions) Craig Irwin, Roth Capital Partners.

（操作員指示） Craig Irwin，Roth Capital Partners。

Good evening and thanks for taking my questions. So, George, Mark, everyone, thank you for the data point on your [RIN] hedging position. I'm sure you're well aware of some of the controversial forecasts that have been out there from different analysts about RIN possibly being cut in half, not something that you would expect one of the big oil desks to say.

晚上好，感謝您回答我的問題。所以，喬治、馬克，大家好，感謝你們提供有關 [RIN] 對沖頭寸的數據點。我相信您已經充分意識到不同分析師提出的一些有爭議的預測，即 RIN 可能會減半，這不是大型石油公司會說的話。

But can you just remind us what the process is you go through to evaluate the potential profitability on your assets before you go and deploy capital, how you structure these agreements as far as sharing of the RINs and other incentives, and how you sort of stress test these projects before you ever spend any money breaking ground to build to ensure profitability across the cycle?

但是，您能否提醒我們，在您部署資本之前，您通過哪些流程來評估資產的潛在盈利能力，您如何構建這些協議以分享 RIN 和其他激勵措施，以及在您投入任何資金進行建設之前，您如何對這些項目進行壓力測試以確保整個週期的盈利能力？

I think, Josh, you did line of work (inaudible)?

我覺得，喬希，你做過這方面的工作（聽不清楚）？

Hey, Craig. So we have a pretty thorough process of vetting the the R&G projects throughout their development, including multiple steps with our investment committee. And we of course have some pretty well entrenched financing partners as well, and we run a lot of the projects through them early on to make sure that their expectations for the RIN curve match ours or match something that's reasonable in the market. And we layer in the financing assumptions in terms of the amount of debt, the cost of debt, the tenor, et cetera in conjunction with what our models are showing us and what the development team is producing.

嘿，克雷格。因此，我們對 R&G 專案的整個開發過程進行了非常徹底的審查，包括與投資委員會合作的多個步驟。當然，我們也有一些相當穩固的融資合作夥伴，我們早期就透過他們開展了許多項目，以確保他們對 RIN 曲線的預期與我們的預期相匹配，或與市場上的合理水平相匹配。我們根據模型顯示的內容和開發團隊的生產情況，將債務金額、債務成本、期限等融資假設進行分層。

And in a base case scenario and in a stress case scenario, if they meet our hurdle rates, which you've talked about as sort of a levered teens IRR on a risk adjusted basis, then we proceed throughout those next steps, those gates throughout development. So there's a lot in there, but we definitely aren't taking kind of historical RIN rates or even current RIN rates. It really is kind of a downward sloping curve based on forecasts that we have from all sorts of market parties as well as our own proprietary analysis of supply and demand in the RVO, et cetera.

在基準情境和壓力情境下，如果他們滿足我們的最低收益率，也就是您所說的風險調整後的槓桿式青少年 IRR，那麼我們將繼續執行接下來的步驟，貫穿整個開發的環節。其中有很多內容，但我們絕對不會採用歷史 RIN 利率，甚至是當前的 RIN 利率。它實際上是一種向下傾斜的曲線，基於我們從各種市場各方獲得的預測以及我們自己對 RVO 供需的專有分析等。

Understood. Thank you for that. So my next question is about the operating expenses. You had more than $50 million in revenue growth, but you were down over the last couple of years for the first quarter for your operating expenses. Are you allocating personnel maybe to project execution from development activities? Is there anything sort of going on as far as one-time expenses or rebudgeting on the operating expense line?

明白了。謝謝你。我的下一個問題是關於營運費用。你們的收入成長了 5,000 多萬美元，但過去幾年第一季的營運費用卻有所下降。您是否正在從開發活動中指派人員到專案執行中？就一次性費用或營運費用重新預算而言，是否存在什麼情況？

And if there was maybe the move of personnel to execution, could you maybe quantify for us what that might have been on a margin basis?

如果人員調動到執行部門，您能否為我們量化一下這在利潤基礎上可能產生的效果？

Yeah, I mean, I think that from an allocation, we are seeing probably slightly better utilization. I think if you look at OpEx, the trend, remember also, last year we had the additional OpEx from our AEG business which was divested. So we're seeing a direct reduction from those costs no longer being in the P&L.

是的，我的意思是，我認為從分配來看，我們可能會看到利用率略有提高。我認為，如果你看一下營運支出趨勢，還記得，去年我們從剝離的 AEG 業務中獲得了額外的營運支出。因此，我們看到這些成本不再計入損益表中，直接減少了成本。

But I think, generally speaking, the cost controls around OpEx are really what is helping to keep OpEx steady or even down as we're managing the timing of when we're bringing in new employees and only adding as we need to. We still have pretty strong operating leverage with a lot of the larger projects that were being brought on.

但我認為，一般來說，圍繞營運支出的成本控制確實有助於保持營運支出穩定甚至下降，因為我們正在管理引入新員工的時間，並且只在需要時增加員工。憑藉許多正在實施的大型項目，我們仍然擁有相當強大的經營槓桿。

Well, congrats on a strong start to the year.

好吧，恭喜你今年有一個好的開始。

Joseph Osha, Guggenheim.

約瑟夫‧奧沙，古根漢美術館。

Hi there, guys. Thanks for all of the detail. Two questions. First, I mean, George, you alluded to non-US exposure in your -- in particular your solar, and energy storage backlog. I'm just wondering if you can maybe put some rough numbers around that.

大家好。感謝您提供的所有詳細資訊。兩個問題。首先，喬治，你提到了你的非美國業務——特別是太陽能和能源儲存積壓業務。我只是想知道您是否可以提供一些粗略的數字。

Obviously, you've got 63% of your energy asset backlog in those two sectors. It's harder to tell what the number is for the project backlog, but help us understand how that might roughly break into US and non-US business. And then I have one other question.

顯然，這兩個領域有 63% 的能源資產積壓。很難說出專案積壓的數量是多少，但可以幫助我們了解其大致如何劃分美國和非美國業務。我還有一個問題。

Most of the European and Canada work, as you know, so it's probably 1.5 gigawatts. But primarily though, EPC, I think it's only a very small portion that we will hold, and that's up in Canada. In Europe, all the projects that we have with the exception of a small one, maybe 10 megawatts, it's EPC contract.

如你所知，大多數歐洲國家和加拿大都在工作，所以大概是 1.5 千兆瓦。但首先，我認為我們只佔 EPC 很小的一部分，而且是在加拿大。在歐洲，我們所有的項目，除了一個小項目（大概 10 兆瓦）外，都是 EPC 合約。

But I guess I'm not understanding. You've got 618 megawatts of energy assets in construction, 63% of which are solar or battery. I'm trying to understand what portion of those is US versus non-US.

但我想我沒有理解。建築業擁有 618 兆瓦的能源資產，其中 63% 是太陽能或電池。我試圖了解其中哪些部分是美國的，哪些部分是非美國的。

Josh will give you the exact number.

喬希會告訴你確切的數字。

It's almost all exclusively US. Sorry, Joe, we were answering the question on the project backlog. I didn't realize you were (multiple speakers)

幾乎全部都是美國貨。抱歉，喬，我們正在回答有關項目積壓的問題。我不知道你（多位發言者）

That's quite helpful. So yeah, so the project backlog is more geographically diverse, but the energy asset backlog is more US.

這很有幫助。是的，專案積壓在地理上更加多樣化，但能源資產積壓更多在美國。

That's correct.

沒錯。

Okay, great. Thanks. And next question, I heard some comments about diversifying procurement, which is great, and you got a few options on the solar module side. Man, there's not a lot of LLP production in the United States right now and most of it is spoken for.

好的，太好了。謝謝。下一個問題，我聽到一些關於多樣化採購的評論，這很好，而且在太陽能組件方面你們有一些選擇。夥計，目前美國的 LLP 產量並不多，而且大部分都已經被預定了。

When you look at your storage business, are there options for buying in the US? Are you going to buy nickel-based cells or have you found a factory nobody knows about? I'm curious what your procurement strategy is for sales. And I assume you're using mostly LLP.

當您考慮您的儲存業務時，是否有在美國購買的選擇？您要購買鎳基電池嗎？還是您已經找到沒人知道的工廠了？我很好奇您的銷售採購策略是什麼。我認為您主要使用 LLP。

Hello?

你好？

Joe, it's Josh. Yes. Sorry, we're volleying back and forth over who gets this one.

喬，我是喬希。是的。抱歉，我們正在爭論誰能得到這個。

The short answer is it is mostly a traditional lithium ion. And unfortunately we don't have any brand-new factories that nobody knows about to announce on the call tonight.

簡短的回答是它主要是傳統的鋰離子。不幸的是，我們沒有任何無人知曉的全新工廠可以在今晚的電話會議上宣布。

We are sourcing from the same kind of major global players that a lot of people are -- especially as it pertains to bankability and performance, because as I think and we've tried different solutions that hasn't been quite as successful. That being said, I think the key here is that the stuff we have at assets and development path for this year, as George mentioned, have been Safe Harbored and/or already delivered on site for the most part. We have one big project that'll be kind of mid-year COD, which makes up the bulk of the assets and operations that we guided to last time.

我們和許多人一樣，都是從同一類型的全球主要企業採購——特別是在融資能力和性能方面，因為我認為我們已經嘗試了不同的解決方案，但並沒有那麼成功。話雖如此，我認為這裡的關鍵是，正如喬治所提到的，我們今年的資產和發展路徑上的東西大部分已經安全保衛和/或已經在現場交付。我們有一個大項目，它將是年中 COD，它構成了我們上次指導的資產和營運的大部分。

And then new projects, so less about procurement, more about contract structure. The new projects where we're inserting change in law provisions, as George mentioned, kind of a dollar for dollar adjustment to tariff or or IRA type of changes. So it's less about procurement and more about working with our customers to get a fair deal in this uncertain environment.

然後是新項目，因此與採購關係不大，與合約結構關係更大。正如喬治所提到的那樣，我們在新項目中插入了法律條款的變更，即對關稅或 IRA 類型的變更進行一美元一美元的調整。因此，這不僅涉及採購，更重要的是與我們的客戶合作，在這種不確定的環境中達成公平交易。

Okay, and just as a last follow on to that. Other people in this business have alluded to those pass-throughs but also indicated that there are brackets around that limiting exposure. So let us suppose that we are paying 130% LFP tariffs a year from now. Is it your intention and your belief that you can pass all of that along to customers or will you bear some of it?

好的，最後再說一次。該行業的其他人也曾提及這些傳遞行為，但也指出限制風險敞口的措施是有限制的。因此，讓我們假設一年後我們將支付 130% 的 LFP 關稅。您的意圖和信念是，您可以將所有這些傳遞給客戶，還是您願意承擔其中的一部分？

We'll try to pass it on to our customers. Unless the project margin is such that we could absorb some, then we would -- we look at the economics very, very hard before we take on that kind of risk of course. At the end of the day, economics are the price you'll see.

我們會盡力將其傳遞給我們的客戶。除非專案利潤足以讓我們吸收一些，否則我們當然會在承擔這種風險之前非常認真地考慮經濟因素。最終，經濟因素就是您將看到的代價。

Thank you. There are no further questions. This now concludes the question-and-answer session. This also concludes the conference call. Thank you all for joining. You may now disconnect.

謝謝。沒有其他問題了。問答環節到此結束。電話會議也到此結束。感謝大家的加入。您現在可以斷開連線。