Bloom Energy Corp (BE) 2018 Q4 法說會逐字稿

Good afternoon, and welcome to the Bloom Energy Fourth Quarter 2018 Earnings Call.

下午好，歡迎參加 Bloom Energy 2018 年第四季財報電話會議。

(Operator Instructions) As a reminder, this conference call is being recorded.

（操作員說明）謹此提醒，本次電話會議正在錄音。

I would now like to turn the conference over to Mark Mesler, Vice President of Finance and Investor Relations at Bloom Energy.

我現在想將會議交給 Bloom Energy 財務與投資者關係副總裁 Mark Mesler。

Please go ahead.

請繼續。

Thank you.

謝謝。

Good morning all, and thank you for joining us on Bloom Energy's fourth quarter 2018 earnings conference call.

大家早安，感謝您參加 Bloom Energy 2018 年第四季財報電話會議。

To supplement this conference call, we have posted to our Investor Relations website our Q4 2018 shareholder letter as well as supplemental financial information that we will periodically reference throughout this call.

為了補充本次電話會議，我們已在投資者關係網站上發布了 2018 年第四季度股東信函以及補充財務信息，我們將在本次電話會議中定期引用這些信息。

Please note that this call contains forward-looking information regarding future events and the future financial performance of the company.

請注意，本次電話會議包含有關未來事件和公司未來財務表現的前瞻性資訊。

We caution you that such statements are predictions based on management's current expectations and beliefs.

我們提醒您，此類陳述是基於管理層當前期望和信念的預測。

Actual results may differ materially as a result of risks and uncertainties that pertain to our business.

由於與我們業務相關的風險和不確定性，實際結果可能會產生重大差異。

We refer you to the company's SEC filings, including the company's quarterly report on Form 10-Q for the fiscal quarter ended September 30, 2018.

我們建議您參閱該公司向 SEC 提交的文件，包括該公司截至 2018 年 9 月 30 日的財政季度的 10-Q 表格季度報告。

These documents discuss important factors that could cause actual results to materially differ from those contained in the company's projections or forward-looking statements.

這些文件討論了可能導致實際結果與公司預測或前瞻性陳述中包含的結果有重大差異的重要因素。

We assume no obligation to revise any forward-looking statements made on today's call.

我們不承擔修改今天電話會議中所做的任何前瞻性陳述的義務。

During this call, and in our Q4 2018 shareholder letter, we refer to GAAP and non-GAAP financial measures.

在本次電話會議以及 2018 年第四季股東信中，我們提到了 GAAP 和非 GAAP 財務指標。

These non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles.

這些非公認會計準則財務指標並非依照公認會計原則編製。

A reconciliation between GAAP and non-GAAP is included as part of our Q4 2018 shareholder letter.

GAAP 與非 GAAP 之間的調整包含在我們 2018 年第四季股東信中。

Joining me on the call today are K.R. Sridhar, Principal Co-founder and Chief Executive Officer for Bloom; Randy Furr, Chief Financial Officer; and Matt Ross, Chief Marketing Officer.

今天和我一起參加電話會議的是 K.R. Sridhar，Bloom 首席聯合創辦人兼執行長；蘭迪·福爾，財務長；和首席行銷長馬特·羅斯。

K.R. and Randy will review the operating and financial highlights of the quarter, and then we will take questions.

K.R.蘭迪將回顧本季的營運和財務亮點，然後我們將回答問題。

I will now turn the call over to K.R.

我現在將把電話轉給 K.R.

Hello.

你好。

This is K.R., and good afternoon to all of you, and welcome to our Q4 2018 conference call.

我是 K.R.，大家下午好，歡迎參加我們的 2018 年第四季電話會議。

I'm very excited to share with you my perspective on our Q4 and FY 2018 results, capping our first fiscal year as a public company.

我很高興與您分享我對 2018 年第四季和 2018 財年業績的看法，這也是我們作為上市公司的第一個財年的結束。

As we enter 2019, we have a strong foundation in the fundamentals of our business: one, a strong and increasingly diversified sales backlog, reflecting the mainstream appeal of our offering; two, continuous cost reduction; and three, a unique, innovative and proven technology platform in the Bloom Energy Server.

進入 2019 年，我們的業務基本面已打下堅實的基礎：一是強勁且日益多元化的銷售積壓，反映了我們產品的主流吸引力；二、持續降低成本；第三，Bloom Energy Server 中獨特、創新且經過驗證的技術平台。

As you know, we provide 3 key benefits that our customers highly value today: one, lower cost of power; two, lower emissions; three, higher resiliency, including the option for uninterruptible, always-on power.

如您所知，我們提供當今客戶高度重視的 3 個關鍵優勢：一、降低電力成本；二、降低排放；三、更高的彈性，包括不間斷、永遠在線的電源選項。

It is clear that this value proposition is relevant and important to an expanding customer base.

顯然，這項價值主張對於不斷擴大的客戶群是相關且重要的。

I'll focus on 4 key areas with you today: growth, quality and diversification of our backlog, cost reduction, and outlook for 2019.

今天我將與大家重點討論 4 個關鍵領域：我們積壓訂單的成長、品質和多樣化、成本降低以及 2019 年展望。

Let's start with growth.

讓我們從成長開始。

We grew 2018 acceptances by 30% or 187 systems in comparison to 2017.

與 2017 年相比，我們 2018 年的受理量增加了 30%，即 187 個系統。

In 2018, we had 809 acceptances compared to 622 in 2017.

2018 年，我們有 809 人被錄取，而 2017 年有 622 人被錄取。

In Q4 2018, we grew acceptances by 28% or 56 systems over Q4 2017.

2018 年第四季度，我們的驗收數量比 2017 年第四季增加了 28%，即 56 個系統。

We had a record 257 acceptances in Q4 '18 compared to 201 for Q4 '17.

我們在 18 年第 4 季收到了創紀錄的 257 份錄取，而 17 年第 4 季則有 201 份錄取。

We are very happy with this with growth.

我們對此增長感到非常高興。

As we look ahead to 2019, key metrics to consider are the product and install backlog volume and quality of that backlog.

展望 2019 年，需要考慮的關鍵指標是產品和安裝積壓數量以及積壓品質。

I'm pleased to tell you that we exited 2018 with a strong product and install backlog of 1,384 systems, 70% higher volume than our actual customer acceptances in 2018.

我很高興地告訴您，我們以強大的產品結束了 2018 年，並安裝了 1,384 個系統的積壓訂單，比 2018 年客戶實際接受的數量高出 70%。

Based on this product and install backlog plus anticipated bookings that we expect will convert to acceptances this year, we expect to have year-over-year total percentage revenue growth in 2019 in the 20s.

根據該產品和安裝積壓，加上我們預計今年將轉化為接受的預期預訂，我們預計 2019 年總收入百分比將年增 20 多歲。

Now let's look at the quality of our backlog.

現在讓我們來看看積壓訂單的品質。

Diversity of sectors, geographies and the potential for future growth in these areas are key metrics to evaluate the quality of product and install backlog.

產業、地理的多樣性以及這些領域未來成長的潛力是評估產品品質和安裝積壓的關鍵指標。

We have executed on a deliberate strategy to diversify our growth opportunities as our value proposition becomes more mainstream, both geographically and by industry sector.

隨著我們的價值主張在地理和行業領域變得更加主流，我們執行了一項深思熟慮的策略，以實現成長機會多元化。

Data tells the story.

數據講述故事。

In 2011, 100% of our acceptances were in California.

2011 年，我們 100% 的錄取率都來自加州。

In 2017, that number was still 87%, and in 2018, it was 42%.

2017年，這一數字仍為87%，2018年為42%。

Our backlog exiting 2018 suggests that our acceptances in California will be less than 30% of our total 2019 acceptances and not more than 15% in any single utility service territory in the state.

我們 2018 年的積壓表明，我們在加州的接受量將不到 2019 年總接受量的 30%，並且在該州任何單一公用事業服務區域不超過 15%。

We view this diversification to be very important to our business.

我們認為這種多元化對我們的業務非常重要。

When we look outside of California, our backlog shows good geographic diversity in 6 Northeastern states, Japan and South Korea.

當我們看看加州以外的地區時，我們的積壓訂單顯示出東北 6 個州、日本和韓國的良好地理多樣性。

Like many companies you are familiar with, Bloom's business today has seasonality to it.

與您熟悉的許多公司一樣，布魯姆今天的業務也具有季節性。

If you consider years 2016, '17 and '18, our average acceptances in Q4 cumulatively were higher by over 50% than our cumulative acceptances for the Q1 period in the same years.

如果考慮 2016 年、'17 和 '18 年，我們第四季的平均接收量累計比同年第一季的累積接收量高出 50% 以上。

In general, second half acceptances are significantly higher than first half acceptances for Bloom.

總體而言，Bloom 下半場的接受率明顯高於上半場的接受率。

We expect 2019 will follow the same cadence and in fact will be impacted even more by seasonality as our product and the install backlog expands in the northeast where we face winter weather challenges such as the recent polar vortex as opposed to the milder construction-friendly winters in California.

我們預計2019 年將遵循相同的節奏，事實上，隨著我們的產品和安裝積壓在東北部擴大，我們將受到季節性的影響更大，我們面臨著冬季天氣挑戰，例如最近的極地渦旋，而不是較溫和的有利於施工的冬季在加州。

Our business in Korea will help to mitigate this in Q1 2019.

我們在韓國的業務將有助於在 2019 年第一季緩解這一問題。

Also, when we look at our current bookings, new orders spanned a highly diversified set of industries, including data center, cloud services, health care, retail, hospitality, advanced manufacturing, higher education, real estate, government and utilities.

此外，當我們查看當前的訂單時，新訂單涵蓋了高度多元化的行業，包括資料中心、雲端服務、醫療保健、零售、酒店、先進製造、高等教育、房地產、政府和公用事業。

This diversification mitigates our exposure to any one location, any one utility service area or market sector.

這種多元化減少了我們對任何一個地點、任何一個公用事業服務區域或市場部門的曝險。

We have intentionally built this diversity into our product and install backlog, and it enables us to sustain ups and downs in any one area of the economy or any one geographic area.

我們有意將這種多樣性融入我們的產品和安裝積壓中，它使我們能夠在任何一個經濟領域或任何一個地理區域中維持起起落落。

Let me take a few moments to talk about the momentum we have in the Korean market.

讓我花點時間談談我們在韓國市場的勢頭。

We see Korea as a very attractive market to grow our business now and in the future.

我們認為韓國是一個非常有吸引力的市場，可以幫助我們現在和未來發展業務。

We achieved our first order in South Korea in December 2017.

2017 年 12 月，我們在韓國獲得了第一筆訂單。

That 8.35-megawatt project with KOEN is now operational less than a year after the PO.

與 KOEN 合作的 8.35 兆瓦專案現已在 PO 後不到一年投入營運。

In November 2018, we announced a strategic agreement with SK, the third largest company in South Korea, to be our principal distributor of Bloom Energy solutions in Korea.

2018年11月，我們宣布與韓國第三大公司SK達成策略協議，成為我們在韓國的Bloom Energy解決方案的主要經銷商。

In December 2018, with SK, we won 4 utility-scale projects with customers including Korea Telecom and Korea Midland Power, a KEPCO power-generation company.

2018年12月，我們與SK一起贏得了4個公用事業規模項目，客戶包括韓國電信和韓國電力發電公司Korea Midland Power。

We plan to fulfill these orders in Q1 2019 to establish our brand and reputation in a strategic growth market as well as mitigate weather-related risks in the Northeast in Q1.

我們計劃在 2019 年第一季履行這些訂單，以在策略性成長市場中建立我們的品牌和聲譽，並減輕第一季東北地區與天氣相關的風險。

We see it as a worthwhile and prudent investment.

我們認為這是一項值得且審慎的投資。

These acceptances will be below the margin targets for the rest of our acceptances.

這些承兌匯票將低於我們其餘承兌匯票的保證金目標。

Additionally, we will have nonrecurring expenses relating to certification costs to operate in Korea and the establishment of an infrastructure for operating and maintaining our energy service in Korea.

此外，我們還將產生與在韓國運營的認證費用以及在韓國運營和維護能源服務的基礎設施建設相關的非經常性費用。

The nonrecurring cost impact and lower ASPs will be reflected in our margin guidance for Q1.

一次性成本影響和較低的平均售價將反映在我們第一季的利潤指引中。

We consider this an investment that will pay off as early as the second half of this year, and we expect our margins in Korea to be in line with our corporate targets.

我們認為這項投資最快將於今年下半年獲得回報，我們預計在韓國的利潤率將與我們的企業目標一致。

To further fuel our growth, it is the right time for us to be investing in sales and marketing.

為了進一步推動我們的成長，現在是我們投資銷售和行銷的最佳時機。

Historically, our investment in sales and marketing has been modest, well below typical investments in this area for a disruptive innovation company like Bloom.

從歷史上看，我們在銷售和行銷方面的投資一直不多，遠低於像 Bloom 這樣的顛覆性創新公司在該領域的典型投資。

We are now carefully investing in the areas that will help us to enter new markets and expand our penetration in existing markets.

我們現在正在謹慎地投資於有助於我們進入新市場並擴大現有市場滲透率的領域。

Now let us turn to cost reduction.

現在讓我們轉向降低成本。

While we are continuing to reduce cost in our Bloom 5.0 commercial platform, as discussed previously, we have ramped up R&D on our new 7.5 platform.

如同前面所討論的，我們在持續降低 Bloom 5.0 商業平台的成本的同時，也加大了新 7.5 平台的研發力道。

We are on track with our plans on this very important program.

我們正在按計劃實施這項非常重要的計劃。

We are ramping up our R&D in 2019 to build 7.5 prototype units.

我們將在 2019 年加大研發力度，打造 7.5 台原型機。

Bloom 7.5 should offer our customers more power in the same footprint and with a further increase in our already world-leading fuel efficiency.

Bloom 7.5 應該在相同的佔地面積內為我們的客戶提供更多的動力，並進一步提高我們已經在世界領先的燃油效率。

This platform will also enable us to continue to drive product and service costs down significantly.

該平台還將使我們能夠繼續大幅降低產品和服務成本。

Consider this, Bloom 7.5 should deliver 50% more power in the same physical footprint as our current generation, bringing about a step change in reducing our product cost.

考慮到這一點，Bloom 7.5 應該在與我們當前一代相同的物理佔地面積內提供 50% 的更多功率，從而在降低我們的產品成本方面帶來階躍變化。

This, combined with continued manufacturing process innovation and volume growth give us very high confidence of our continuing our rapid cost-down trajectory.

再加上持續的製造流程創新和銷售成長，我們對持續快速降低成本的軌跡充滿信心。

While we are investing in our technology to drive cost reduction, we are also investing in R&D to broaden our offerings for the future.

在我們投資技術以降低成本的同時，我們也投資研發以擴大我們未來的產品範圍。

An example is our investment in biogas initiatives, enabling us to provide expanded net 0 carbon solutions.

一個例子是我們對沼氣計劃的投資，使我們能夠提供擴展的淨零碳解決方案。

For our customers, biogas-fueled always-on Bloom solutions deliver uninterruptible 24/7 power, enabling them to both lower their emissions and to power through events that otherwise would pose a risk of operational disruption.

對於我們的客戶來說，以沼氣為燃料的始終在線的 Bloom 解決方案可提供不間斷的 24/7 電力，使他們能夠降低排放並在發生可能造成營運中斷風險的事件時提供電力。

We believe now is the time to press our innovation advantage and to lengthen our lead in power solutions that combine low or no emissions with always-on resilience.

我們相信，現在是時候發揮我們的創新優勢，並擴大我們在將低排放或無排放與始終保持彈性相結合的電源解決方案方面的領先地位了。

For this reason, we are also investing in a range of always-on solutions tuned to the needs of different industries and applications.

因此，我們也投資了一系列始終在線的解決方案，以滿足不同行業和應用的需求。

We hope to announce some exciting customer events in 2019.

我們希望在 2019 年宣布一些令人興奮的客戶活動。

Now let's summarize what all this means for 2019.

現在讓我們總結一下這一切對 2019 年意味著什麼。

Based on our product and install backlog, I expect to see revenue growth in the mid-20 percentage points year-over-year.

根據我們的產品和安裝積壓，我預計收入將年增 20 個百分點左右。

I also expect our gross margins to be in the mid-20s in the second half of 2019.

我還預計 2019 年下半年我們的毛利率將在 20 多歲左右。

Together, these expectations should put us well on our way to our long-term business model of 30% revenue growth and 30% gross margin.

總之，這些期望應該會讓我們順利實現營收成長 30% 和毛利率 30% 的長期業務模式。

Our actions and investments are geared to provide not only healthy growth and margin but also a diversified portfolio of opportunities that has the potential to make our business more predictable and less susceptible to localized market and geographic disruptions.

我們的行動和投資不僅旨在提供健康的成長和利潤，而且還提供多元化的機會組合，這有可能使我們的業務更具可預測性，並且不易受到本地市場和地理幹擾的影響。

With that perspective, I would like to invite Randy Furr, our Chief Financial Officer, to walk you through our operating results for Q4 and estimates for Q1 2019.

從這個角度來看，我想邀請我們的財務長 Randy Furr 向您介紹我們第四季度的營運業績和 2019 年第一季的預測。

Over to you, Randy.

交給你了，蘭迪。

Thanks, K.R.

謝謝，K.R.

Throughout my prepared comments, I'll be referring to the slides in the earnings call presentation that Mark referred to earlier.

在我準備好的評論中，我將參考馬克之前提到的收益電話會議簡報中的幻燈片。

First, some highlights.

首先，一些亮點。

Note that all profit numbers that I reference will exclude stock-based compensation.

請注意，我引用的所有利潤數字均不包括基於股票的薪酬。

So on to Slide 3.

接下來是投影片 3。

In summary, a very respectable quarter.

總而言之，這是一個非常值得尊敬的季度。

Acceptances were 257 systems, a record; revenues was $213.6 million, up sequentially by 12.3%; non-GAAP gross margin come in at 18.1%; our non-GAAP operating income was $4.7 million, with adjusted EBITDA coming in at $14 million; adjusted EPS was a loss of $0.12.

驗收系統達到 257 個，創歷史新高；營收為 2.136 億美元，季增 12.3%；非 GAAP 毛利率為 18.1%；我們的非 GAAP 營業收入為 470 萬美元，調整後的 EBITDA 為 1,400 萬美元；調整後每股收益虧損 0.12 美元。

Year-end product and install backlog growth, almost 17% to 1,384 systems, with an approximate dollar value of $773 million.

年終產品和安裝積壓成長近 17%，達到 1,384 個系統，價值約 7.73 億美元。

And this backlog excludes any long-term service agreements as we recognize those billings as occurred on an annual basis, and it excludes future electricity revenue as well.

這種積壓不包括任何長期服務協議，因為我們承認這些帳單是每年發生的，也不包括未來的電力收入。

As a reminder, service and electricity revenue in 2018 totaled $138 million.

需要提醒的是，2018 年服務和電力收入總計 1.38 億美元。

And we ended the quarter with $348 million in cash and short-term investments, and this excludes $36.4 million of PPA cash.

截至本季末，我們的現金和短期投資為 3.48 億美元，其中不包括 3,640 萬美元的 PPA 現金。

In addition, given the December quarter was the fourth quarter of our fiscal year, I wanted to share some annual highlights as well.

此外，鑑於 12 月季度是我們財年的第四季度，我還想分享一些年度亮點。

Acceptances were 809 systems, a record as well, and up 30% from 2017's 622 systems.

驗收數量為 809 個系統，也創歷史新高，比 2017 年的 622 個系統增加了 30%。

Revenue totaled $742 million for the year and this includes the onetime top line benefit of $45.5 million related to the federal ITC reinstatement as this was for 2017 ITC benefit that was received in Q1 of 2018.

本年度收入總計 7.42 億美元，其中包括與聯邦 ITC 恢復相關的一次性收入 4550 萬美元，因為這是 2018 年第一季收到的 2017 年 ITC 福利。

Backing out that onetime benefit, the actual 2018 revenue was $697 million, a number that was up significantly from 2017's $376 million where we did not have the federal ITC benefit.

在剔除一次性福利後，2018 年實際收入為 6.97 億美元，這一數字比 2017 年沒有聯邦 ITC 福利的 3.76 億美元顯著增加。

Non-GAAP gross margin come in at 21.4%, non-GAAP operating income was $26.4 million, and adjusted EBITDA was $66.9 million.

非 GAAP 毛利率為 21.4%，非 GAAP 營業收入為 2,640 萬美元，調整後 EBITDA 為 6,690 萬美元。

During our call last quarter, I walked you through our business model.

在上個季度的電話會議中，我向您介紹了我們的商業模式。

I explained how we have defined the term system here at Bloom, how an order gets into backlog, what is meant by an acceptance, and how our reliance upon third parties can impact the timing of those acceptances, how the federal ITC impacts Bloom, and how you need to factor in ratable versus upfront revenue recognition when looking at historical financials.

我解釋了我們如何在 Bloom 定義術語「系統」、訂單如何積壓、接受的含義以及我們對第三方的依賴如何影響這些接受的時間、聯邦 ITC 如何影響 Bloom，以及在查看歷史財務數據時，您需要如何考慮應納稅額與預付收入確認。

As such, I'm not going to dive into those topics today and will move directly to providing some color on our Q4 results.

因此，我今天不打算深入討論這些主題，而是直接為我們的第四季業績提供一些資訊。

As I mentioned last quarter, we will only disclose our product and installation backlog once a year at year-end.

正如我上季度提到的，我們只會在每年年底披露一次我們的產品和安裝積壓。

Once again, orders generally come in lumpy, but reporting on an annual basis helps us normalize that lumpiness.

再說一次，訂單通常是不穩定的，但每年的報告可以幫助我們使這種不穩定性正常化。

We ended the year with 1,384 systems in product and install backlog, a 16.6% increase of the 12/31/17 number, and as K.R. mentioned in his prepared remarks, a backlog number that is over 70% higher than the 809 systems recognized as revenue in 2018.

截至 2017 年末，我們的產品和安裝積壓系統數量為 1,384 個，比 2017 年 12 月 31 日的數量增加了 16.6%。他在準備好的發言中提到，積壓數量比 2018 年確認為收入的 809 個系統高出 70% 以上。

Our backlog goal is to maintain 9 to 12 months of product and install backlog at any point in time, and we are at the higher end of that window as we enter 2019.

我們的積壓目標是維持 9 到 12 個月的產品並在任何時間點安裝積壓，隨著我們進入 2019 年，我們正處於該窗口的高端。

Referring to Slide 4. The 257 acceptances translated to $213.6 million in revenue, up 12.3% from Q3's $190.2 million and up significantly from last year's GAAP revenue of $123.3 million.

請參閱投影片 4。257 項接受轉化為營收 2.136 億美元，比第三季的 1.902 億美元成長 12.3%，也比去年的 GAAP 收入 1.233 億美元大幅成長。

The quarter-over-quarter increase in revenue is attributable to the growth in acceptances, which includes the Korean orders.

收入環比增長歸因於接受量的增長，其中包括韓國訂單。

Recall that because we are not responsible for the installation of these systems, our revenue recognition here is based on when the systems are received at port and not when they're generating electricity like our U.S. C&I business, where we generally are responsible for the installation.

回想一下，因為我們不負責這些系統的安裝，所以我們在這裡的收入確認是基於系統在港口收到的時間，而不是像我們的美國工商業業務那樣在發電時確認，我們通常負責安裝。

On a year-over-year basis, from a GAAP perspective, a majority of the increase was attributable to the realization of the federal investment tax credit which was not available in 2017.

與去年同期相比，從 GAAP 角度來看，成長的大部分歸因於實現了 2017 年未提供的聯邦投資稅收抵免。

Note from an operating metrics perspective, and when measured against billings, year-over-year revenue growth for the quarter was 65.2%, with some of the increase due to the increase in acceptances, with the majority due to the reinstatement of ITC in 2018.

請注意，從營運指標的角度來看，以帳單衡量，本季營收年增 65.2%，其中部分成長是由於受理量的增加，大部分是由於 2018 年 ITC 的恢復。

On to Slide 5. Gross profit, excluding stock-based compensation, was down from $39.5 million in Q3 '18 to $38.7 million in Q4, a 2.1% sequential decrease.

轉到投影片 5。毛利（不包括以股票為基礎的薪酬）從 18 年第三季的 3,950 萬美元下降到第四季的 3,870 萬美元，季減 2.1%。

This was in line with expectations as 58% of our Q4 acceptances were international where ASPs are lower.

這符合預期，因為我們第四季接受的 58% 是來自平均售價較低的國際市場。

Year-over-year comparisons are not particularly meaningful given the absence of ITC in 2017.

鑑於 2017 年沒有 ITC，年比比較並不是特別有意義。

As most of you know, we do provide some quarterly estimates, and in our Q3 shareholder letter, we provided you with Q4 average sale price estimates as well as average Total Installed System Cost estimates.

正如你們大多數人所知，我們確實提供了一些季度估算，並且在第三季度股東信中，我們為您提供了第四季度平均銷售價格估算以及平均總安裝系統成本估算。

For Q4 '18, both the ASPs and the TISC came in, in line with those estimates.

18 年第 4 季度，ASP 和 TISC 都出現了，與這些估計一致。

However, as I've previously emphasized, the real key metric here is the delta between the 2, which represents our margin on the equipment and installation of the acceptances during the quarter.

然而，正如我之前所強調的，這裡真正的關鍵指標是兩者之間的增量，它代表了我們在本季度的設備和驗收安裝方面的利潤。

The midpoint of the estimated ASP and TISC yielded a delta or margin estimate of 1,455 -- or $1,455 per kilowatt.

ASP 和 TISC 估計值的中點得出的增量或利潤估計為 1,455，每千瓦 1,455 美元。

As you can see on Slide 5, our actual margin delta was $1,412, a number generally in line with the midpoint of our estimate.

正如您在幻燈片 5 中看到的，我們的實際保證金增量為 1,412 美元，這個數字與我們估計的中點基本一致。

As you can see on Slide 6, non-GAAP operating income for Q4 was $4.7 million, excluding stock-based compensation.

正如您在幻燈片 6 中看到的，第四季度的非 GAAP 營業收入為 470 萬美元，不包括基於股票的薪酬。

This was down $900,000 from Q3's $5.6 million, again, reflecting the mix of international shipments for Q4.

這再次比第三季的 560 萬美元下降了 90 萬美元，反映出第四季國際出貨量的混合。

The $4.7 million operating profit is up considerably from Q4 '17's operating income loss realized both from a non-GAAP and an operating metrics standpoint, again, primarily due to the increase in acceptances and the reinstatement of ITC in 2018.

從非 GAAP 和營運指標的角度來看，470 萬美元的營業利潤比 17 年第 4 季實現的營業收入損失大幅增加，這主要是由於 2018 年承兌匯票的增加和 ITC 的恢復。

Our adjusted EBITDA come in at $14 million for the quarter.

本季調整後的 EBITDA 為 1400 萬美元。

Non-operating expenses were per plan, and adjusted expenses come in at a loss of $0.12.

非營運費用按計劃計算，調整後費用為 0.12 美元損失。

Turning to the balance sheet on Slide 7. We ended the quarter with $384.8 million of cash and short-term investments.

轉向幻燈片 7 上的資產負債表。本季結束時，我們的現金和短期投資為 3.848 億美元。

This includes $36.4 million of PPA cash.

其中包括 3,640 萬美元的 PPA 現金。

So excluding PPA cash, we ended with $348.4 million of cash and short-term investments.

因此，排除 PPA 現金，我們最終擁有 3.484 億美元的現金和短期投資。

Free cash flow, which we define as cash flow from operations, less capital expenditures, was a negative $55.6 million.

自由現金流（我們將其定義為營運現金流減去資本支出）為負 5,560 萬美元。

This use of cash reflected the mix of international revenue for the quarter.

現金的使用反映了該季度國際收入的組合。

The payment terms with our Korean partner specify 60 days after arrival at the shipping port.

我們與韓國合作夥伴的付款條款規定抵達裝運港後 60 天。

This contrasts our domestic revenue where we generally receive progress payments with the full amount of the contract received no later than 7 days after acceptance.

這與我們的國內收入形成鮮明對比，我們通常在接受後 7 天內收到合約全額，並收到進度付款。

This mix translated to approximately $57 million of Korean shipment-related accounts receivable that was billed in Q4 and will be received in Q1.

這種組合轉化為約 5,700 萬美元的韓國發貨相關應收帳款，該應收帳款於第四季度開具，並將於第一季收到。

So if we factor in the Korean receivable, we would have been cash flow neutral for the quarter.

因此，如果我們考慮韓國應收帳款，我們本季的現金流將保持中性。

With the exception of the accounts receivable just discussed, our working capital metrics came in, in line with expectations.

除了剛才討論的應收帳款之外，我們的營運資本指標符合預期。

Referencing Slide 8, days of sales was up 8 days from Q3 to 27 days, again reflecting the international shipment terms.

參考投影片 8，銷售天數比第三季增加 8 天至 27 天，再次反映了國際運輸條件。

Our days of inventory outstanding was down 14 days from Q3 to 73 days.

我們的庫存天數比第三季減少了 14 天至 73 天。

This reflecting the record shipments and acceptances for the quarter.

這反映了本季創紀錄的出貨量和驗收量。

Our payable days was down from Q3 by 1 day to 33 days on normal business cycle variations.

由於正常的商業週期變化，我們的應付帳款天數比第三季減少了 1 天至 33 天。

Changing the conversation to our outlook, in Q1, we expect acceptances to be between 215 and 245; ASPs to be between $6,750 and $7,050, with our total installed system cost to be between $5,600 and $5,900.

將話題轉向我們的展望，我們預計第一季的錄取人數將在 215 到 245 之間；平均售價在 6,750 美元到 7,050 美元之間，我們安裝的系統總成本在 5,600 美元到 5,900 美元之間。

I'd like to add some color to our outlook.

我想為我們的前景增添一些色彩。

First, I'll start with acceptances.

首先，我將從接受開始。

This is in the neighborhood of 10 lower in what we presently see as consensus for Q1.

這比我們目前認為第一季的共識低 10 左右。

This simply reflects us being conservative given our past challenges in this area.

這僅反映了我們鑑於過去在該領域面臨的挑戰而持保守態度。

Also included in our outlook are additional shipments to Korea.

我們的展望還包括對韓國的額外出貨。

A little over 50% of the quarter's total shipments will be destined for Korea in Q1.

第一季度，該季度總出貨量的 50% 多一點將運往韓國。

This influences our ASPs a couple of ways.

這透過多種方式影響我們的 ASP。

First, we have no installation revenue for Korean revenue, and that translates to a lower ASP as compared to United States revenue.

首先，我們在韓國沒有安裝收入，這意味著與美國收入相比，平均售價較低。

Keep in mind that we also have no installation cost as well.

請記住，我們也沒有安裝費用。

Second, and as mentioned during last quarter's call, international shipments and revenue today carry an overall lower ASP than does domestic, and this translates to a margin lower than our target.

其次，正如上季電話會議中所提到的，目前國際出貨量和收入的平均售價總體低於國內，這意味著利潤率低於我們的目標。

So then you might ask, "Why do any Korean volume today?" The reason is later this year, Korea should provide us with larger volumes as well as margins that will enable us to hit or exceed our communicated targeted margin.

那麼你可能會問，“為什麼今天有韓文卷？”原因是今年晚些時候，韓國應該為我們提供更大的銷售和利潤，這將使我們能夠達到或超過我們傳達的目標利潤。

In addition to the lower acceptance volume included in our outlook for Q1, we are taking a volume hit to our quarterly total product cost, as production builds in Q1 will be less than in Q4, so less fixed cost absorption adding up to higher quarter-over-quarter cost of goods sold as a percentage of revenue for the quarter.

除了我們對第一季的展望中包含的較低的接受量之外，我們的季度總產品成本也受到了影響，因為第一季的產量將少於第四季度，因此固定成本吸收的減少導致季度總產品成本增加。季度銷售成本佔該季度收入的百分比。

This, of course, will start to move favorable beginning in Q2.

當然，這將從第二季開始開始朝著有利的方向發展。

I also want to add that we expect operating expenses will be up approximately 12% quarter-over-quarter.

我還想補充一點，我們預計營運費用將環比增長約 12%。

This incremental spend is related to R&D as we ramp up our next-generation Bloom Energy Server and invest in our always-on solution and our new biogas product.

這項增量支出與研發相關，因為我們加強了下一代 Bloom Energy Server 並投資於我們的永遠線上解決方案和新的沼氣產品。

Also contributing to the additional operating expenses are investments in our sales and marketing efforts.

我們對銷售和行銷工作的投資也導致了額外的營運費用。

What all these adds up to is an expected non-GAAP operating loss for Q1.

所有這些加起來就是第一季的預期非公認會計原則營運虧損。

Let me summarize what's driving that loss.

讓我總結一下造成這種損失的原因。

One, is once again top line and mix related as our outlook represents 27 fewer systems at the midpoint of our estimates with a little over 50% of our revenue being Korea; two, is the negative impact on costs that comes from fixed-cost absorption as a result of lower build volume, and this impacts profitability in the $3 million range; and finally, you need to factor in our planned additional investment in R&D and sales and marketing, this resulting in about a $4 million impact relative to Q4 operating expense spending.

第一，再次與收入和組合相關，因為我們的前景表明，在我們估計的中點，系統數量減少了 27 個，其中韓國收入占我們收入的 50% 多一點；第二，由於建造量減少而吸收固定成本對成本產生負面影響，這會影響 300 萬美元範圍內的獲利能力；最後，您需要考慮我們計劃在研發、銷售和行銷方面的額外投資，這將導致相對於第四季度營運費用支出產生約 400 萬美元的影響。

I will close with some comments on the second half and full year for the 2019 year.

最後我將對 2019 年下半年和全年進行一些評論。

We have previously communicated our 30% growth and 30% non-GAAP gross margin longer-term goals.

我們先前曾傳達過 30% 的成長和 30% 的非 GAAP 毛利率的長期目標。

We believe we are on a path to achieving both.

我們相信我們正在實現這兩個目標。

In fact, we believe for the second half of this year, we will be solidly in the range of between 25% and 30% for both revenue growth and non-GAAP gross margin.

事實上，我們相信今年下半年，我們的營收成長和非 GAAP 毛利率將穩定在 25% 至 30% 之間。

Once again, thank you for your time.

再次感謝您抽出時間。

And now I'd like to turn the call back to the operator for Q&A.

現在我想將電話轉回給接線生進行問答。

(Operator Instructions) Your first question comes from Paul Coster with JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的保羅·科斯特。

I've got 2. You talked about higher margins on the South Korean product in the second half of the year.

我有 2。您談到下半年韓國產品的利潤率更高。

Can you just elaborate a little bit on why the ASPs and margins are going to improve?

能否詳細說明為什麼平均售價和利潤率會提高？

Yes, Paul, good question.

是的，保羅，好問題。

Look, it's fairly simple.

看，這相當簡單。

We have an agreement.

我們有一個協議。

You know what our ASP is.

你知道我們的 ASP 是什麼。

That's not going to fluctuate.

這不會波動。

And we also have, through our detailed budgeting process, a pretty good idea of where our product cost is going to be later in the year.

透過詳細的預算流程，我們也非常清楚今年稍後我們的產品成本將在哪裡。

And it's the simple difference between those 2 that gets us to where we're comfortable with that's going to be in the communicated targeted margin range that we had before.

正是這兩者之間的簡單區別使我們達到了我們滿意的水平，即我們之前傳達的目標利潤範圍。

Why is cost coming down to enable us to reach that, has a lot to do with just our continued cost efforts down and the increased volume that we're going to have that's spread over a largely -- our fixed cost spread over a larger volume that's going to give us that cost point that will let us achieve that targeted margin.

為什麼成本下降使我們能夠實現這一目標，這與我們持續降低成本的努力以及我們將在很大程度上分攤到更大數量上的固定成本分攤的銷量增加有很大關係這將為我們提供成本點，使我們能夠實現目標利潤。

Okay, got it.

好，知道了。

I've got a lot of other questions, but I'll confine myself to one other.

我還有很多其他問題，但我只想問一個問題。

And that is no real commentary around the installation timelines and delays or anything of that nature.

這並不是關於安裝時間表和延遲或任何此類性質的真正評論。

It suggests to me that maybe you're starting to get on top of that part of your business challenge.

這對我來說意味著您可能已經開始應對這部分業務挑戰了。

Can you just tell us how we're doing in terms of sort of delivering in a timely manner and eliminating some of the variables that were affecting the acceptances, domestically?

您能否告訴我們，我們在國內及時交付和消除影響驗收的一些變數方面做得如何？

Paul, that's a very good question.

保羅，這是一個非常好的問題。

This K.R. And yes, there was a lot of speculation about -- given what we have done earlier, whether in Q4 we will meet our acceptance target and what was going on, especially in California, and how that would impact us.

這個 K.R.是的，考慮到我們之前所做的事情，有很多猜測，我們是否會在第四季度達到我們的接受目標以及正在發生的事情，特別是在加利福尼亞州，以及這將如何影響我們。

You can see from the numbers that we put in a strategy.

您可以從我們在策略中放入的數字看到。

And we have added both in terms of leadership as well as other important skill sets to that area and made installation timeline a key area of focus for the company, and we are beginning to see the results.

我們在該領域增加了領導力和其他重要技能，並將安裝時間表作為公司關注的關鍵領域，我們已經開始看到結果。

And stay tuned.

請繼續關注。

Before the next earnings call, we may give you some news and color on the additional leadership that we have brought on to Bloom to help in this area.

在下次財報電話會議之前，我們可能會向您提供一些有關我們為 Bloom 帶來的額外領導力以在該領域提供幫助的新聞和資訊。

And you'll be -- you'll see that it's already paying very good dividends.

你會發現它已經帶來了非常好的股息。

And Randy, you want to add?

蘭迪，你想補充一下嗎？

I'll just add that we're trying to be conservative in our forecast and our outlook going forward, and that's kind of reflected in that Q1 outlook as well.

我只想補充一點，我們試圖在預測和未來前景方面保持保守，這也反映在第一季的前景中。

Your next question comes from Pavel Molchanov with Raymond James.

您的下一個問題來自帕維爾·莫爾查諾夫和雷蒙德·詹姆斯。

I know you're not explicitly guiding on TISC, but in Q1, you are indicating an uptick in that cost from Q4 levels.

我知道您沒有明確指導 TISC，但在第一季度，您表示該成本在第四季度水平上升。

Is it fair to say that once the startup issues in Korea subside, the downward trend in your TISC should resume?

可以公平地說，一旦韓國的新創公司問題消退，您的 TISC 就會恢復下降趨勢嗎？

Yes.

是的。

And I want to slightly word it -- you hit a very good point and you're on target.

我想稍微說一下——你說得很好，而且你已經達到目標了。

I want to slightly word it a little bit different.

我想用稍微不同的措詞來表達。

It's not that we have any startup issues in Korea, it's just that there's -- obviously, anytime you enter a new market, there's expenses associated with that.

這並不是說我們在韓國有任何啟動問題，只是很明顯，無論何時你進入一個新市場，都會產生與之相關的成本。

As we well know, Bloom has come up, invented the concept of power tower in Korea.

眾所周知，布魯姆在韓國發明了電力塔的概念。

And obviously, we have a large number of systems in Korea today, and the Korean electrical standards are different than, say, the U.S. standards, and making sure all of our products conform to those specifications and standards.

顯然，我們今天在韓國擁有大量系統，韓國電氣標準與美國標準不同，並確保我們所有的產品都符合這些規範和標準。

There's some expense associated with that, and we're experiencing some of that expense.

與此相關的一些費用，我們正在經歷其中的一些費用。

But things are progressing and moving very, very well in Korea, and we're very proud of those installations over there.

但韓國的事情正在進展得非常非常順利，我們對那裡的這些設施感到非常自豪。

But you're right, there are some incremental expenses that we're seeing showing up in our cost of goods sold, which was being reflected in TISC here that you will not see later in the year.

但你是對的，我們看到銷售成本中出現了一些增量費用，這些費用已反映在 TISC 中，但今年晚些時候你將看不到。

And the key point that Randy made is -- again, I want to emphasize, Pavel, it's not an issue.

蘭迪提出的關鍵點是——我想再次強調，帕維爾，這不是問題。

It is a real nonrecurring expense in terms of starting up in a new area is how you should characterize that.

就在新領域啟動而言，這是一項真正的一次性費用，您應該如何描述這一點。

And the reason -- if you're looking for a data point to give you confidence on there are no issues, think about this.

原因是——如果您正在尋找一個數據點來讓您確信沒有問題，請考慮這一點。

December of 2017 is when we had a purchase order to do an 8.3-megawatt power tower.

2017 年 12 月，我們收到了建造一座 8.3 兆瓦電力塔的採購訂單。

And by fall of the following year, in less than 9 months, we had the system up.

到了第二年秋天，在不到 9 個月的時間裡，我們就完成了系統的安裝。

And by the end of the quarter, we got certification, and we were having that 1 tower operating, one of a kind, the very first time.

到本季末，我們獲得了認證，我們第一次讓 1 座塔投入營運。

And so there are no issues, but there are startup costs associated with it.

因此，沒有任何問題，但存在與之相關的啟動成本。

Okay.

好的。

And one more regarding Korea, if I may.

如果可以的話，還有一個關於韓國的問題。

So to clarify, the distributorship that you announced today with SK D&D, that's a separate agreement versus another division of SK Group that you had announced last year?

那麼澄清一下，您今天與 SK D&D 宣布的經銷權是一項單獨的協議，而不是您去年宣布的 SK 集團的另一個部門？

Is that right?

是對的嗎？

That is absolutely correct.

這是絕對正確的。

So our first agreement that we announced was that SK E&C, and they do utility-scale projects, they do very large projects for large corporations, things of that nature.

因此，我們宣布的第一項協議是 SK E&C，他們從事公用事業規模的項目，他們為大公司開展非常大的項目，諸如此類的事情。

SK D&D is an independent, separate business unit still within the same conglomerate.

SK D&D 是獨立的業務部門，但仍屬於同一集團。

And SK D&D focuses on the real estate and large buildings in Korea where they are the leader today in on-site energy management and storage solutions as well as solar solutions.

SK D&D 專注於韓國的房地產和大型建築，他們是當今現場能源管理和儲存解決方案以及太陽能解決方案的領導者。

And they are super excited to bring a baseload to that mix, thereby they can offer what will be truly microgrid solutions to our customer where they can have always-on power in addition to benefiting from the lower carbon footprint.

他們非常高興能夠為這種組合帶來基本負載，從而為我們的客戶提供真正的微電網解決方案，他們除了受益於較低的碳足跡之外，還可以擁有始終在線的電力。

So this would be -- whatever opportunities come from this particular partnership will be additive to what we have already signed on a utility scale with SK E&C.

因此，無論這種特殊合作夥伴關係帶來什麼機會，都將成為我們已經與 SK E&C 簽署的公用事業規模協議的補充。

So you can see why we are super excited about Korea as a market.

所以你可以明白為什麼我們對韓國這個市場感到非常興奮。

Your next question comes from Stephen Byrd with Morgan Stanley.

您的下一個問題來自摩根士丹利的史蒂芬伯德。

I wanted to look at the first quarter guidance.

我想看看第一季的指導。

I believe a majority of the sales will be in Korea.

我相信大部分銷售將在韓國進行。

And so I guess from a posit point of view, that to me seems to highlight potentially less execution risk in terms of other projects.

因此，我認為從正面的角度來看，對我來說，這似乎凸顯了其他專案的潛在執行風險較小。

But I wondered if you could just talk at a high level in terms of the kinds of execution risk to achieve on the balance.

但我想知道您是否可以就平衡實現的執行風險類型進行高層討論。

I guess when you ship internationally, you are able to book those sales, but what is the degree of execution risk in your first quarter?

我想當你進行國際運輸時，你可以預訂這些銷售，但第一季的執行風險程度是多少？

I know you've been asked in a variety of ways, just to think about execution risk.

我知道有人以各種方式詢問過您，只是為了考慮執行風險。

What kinds of challenges would you have if weather is not optimal or other kinds of risks?

如果天氣不佳或其他風險，您會面臨哪些挑戰？

How should we think about sort of execution risk for the first quarter?

我們該如何看待第一季的執行風險？

Yes, great question.

是的，很好的問題。

And I'm going to give kind of a little bit of an answer here, so bear with me a second.

我將在這裡給出一些答案，所以請耐心等待。

So this is -- we sometimes talk about -- the great thing about Bloom is we have great technology, we have great manufacturing capabilities, great quality.

所以，我們有時會談論 Bloom 的偉大之處在於我們擁有出色的技術、強大的製造能力和卓越的品質。

And really, the lead time from the time we get an order to the time that we recognize revenue on most of the U.S. C&I business is very little time to manufacture the product and actually deliver them to the site and get them up and working and turned over.

事實上，從我們收到訂單到我們確認大多數美國工商業業務的收入，這中間的交貨時間只是用來製造產品、實際將其交付到現場、讓它們啟動、工作和轉向的時間。超過。

2/3 of the time or this 9- to 12-month time frame that we take, really centers around the design, all the fieldwork we need to do prior to that design and during the design, all the customer, landlord, utility, government approvals, the building permit, all of that stuff usually takes 6 to 9 months to accomplish.

我們所花費的 2/3 時間或 9 到 12 個月的時間框架實際上以設計為中心，我們在設計之前和設計期間需要完成的所有現場工作，所有客戶、房東、公用事業公司、政府批准、建築許可證，所有這些事情通常需要6 到9 個月才能完成。

We -- and all of our installations, each site, we have a detailed project schedule.

我們——以及我們所有的裝置、每個站點，我們都有詳細的專案時間表。

And we go into that knowing a date.

我們就知道一個日期。

So 100% of our backlog today has a date out there that we think we're going to get an acceptance because we do that plan.

因此，我們今天 100% 的積壓工作都有一個日期，我們認為我們將獲得接受，因為我們執行了該計劃。

But clearly, we deal with so many third parties that there's risk in that.

但顯然，我們與如此多的第三方打交道，因此存在風險。

And we've highlighted the risk, I think last quarter, to do with the hurricanes or the natural disasters, the qualifiers, how utility crews are pulled off and sent to regions.

我認為上個季度我們強調了與颶風或自然災害、預選賽、公用事業人員如何被撤離並送往地區有關的風險。

And these are the guys that maybe come out and do the tie-ins or do the inspections.

這些人可能會出來進行搭配或檢查。

And it just plays havoc with the calendars, right, and we have those issues.

它只會對日曆造成嚴重破壞，對吧，我們也遇到了這些問題。

We don't want to miss our quarters, that's obvious.

我們不想錯過我們的宿舍，這是顯而易見的。

I mean none of us want to do that.

我的意思是我們都不想這樣做。

We feel bad, and that's not our goal.

我們感覺很糟糕，但這不是我們的目標。

So how do we deal with that?

那我們該如何處理呢？

And we deal with that by having a pool of systems.

我們透過建立一個系統池來解決這個問題。

And every quarter, we come up with a pool, and this quarter we had 257 acceptances there.

每個季度，我們都會提出一個池，本季我們有 257 個項目被錄取。

And I can tell you the pool was much larger than 257.

我可以告訴你，這個泳池比 257 大得多。

And all we have to do is make sure that we yield a number of out of that pool that lets us meet the expectations that are out there.

我們要做的就是確保我們從該池中產出一些能夠滿足外界期望的產品。

How we deal with that is just as I said, is that we try to have plenty of backups so if something was to go wrong -- and these things that kind of go wrong that impact the timing of the acceptance are really to do with inspections from third parties.

正如我所說，我們的處理方式是，我們嘗試擁有大量備份，以便萬一出現問題，而這些影響驗收時間的問題實際上與檢查有關來自第三方。

And should something happen there that's not in accordance with our schedule and cause the project to be delayed, then we have this other pool of systems that we can go to and rely upon to be able to make the quarter.

如果那裡發生的事情與我們的日程安排不符並導致專案延遲，那麼我們可以使用其他系統池並依賴這些系統來完成本季度的任務。

So what we're doing, certainly after last quarter, is we're trying to be conservative there with the estimates that are set or the outlook for the quarter based upon the size of the pool we have.

因此，我們正在做的事情，當然在上個季度之後，我們試圖根據我們現有的資金池規模對所設定的估計或本季的前景保持保守。

But -- and we're trying to get better at execution and planning.

但是——我們正在努力提高執行和規劃能力。

But with that said, it's an inherent part of the business we have, and the way we're going to deal with it is having this tool.

但話雖如此，這是我們業務的固有部分，我們處理它的方式就是擁有這個工具。

So Stephen, let me add to what Randy said.

史蒂芬，讓我補充一下蘭迪所說的內容。

He covered most of the points.

他涵蓋了大部分要點。

And in my opening remarks -- and I made the comment of the importance of diversity geographically.

在我的開場白中，我評論了地理多樣性的重要性。

A key underlying statement that I should've made probably, and I will make it now, is when you look at it from an installations perspective, particularly, okay?

我可能應該做出的一個關鍵的基本陳述，我現在就會做出，是當你從裝置的角度來看它時，尤其是，好嗎？

And what do I mean by this is, take Q1 as an example.

我的意思是，以 Q1 為例。

I want you to have -- as we grow and become -- open up new markets, our reliance on California in terms of the total acceptance has been diminishing all the way from 100% to less than 30% this year.

我希望你們——隨著我們的成長和發展——開拓新市場，我們對加州的總接受度的依賴已經從 100% 一路下降到今年的不到 30%。

Now that's a good thing.

現在這是一件好事。

But also understand the other 6 states that we operate are in the Northeast.

但也要了解我們經營的其他 6 個州位於東北部。

And the East Coast, as we look at January, if January is any indication, we don't know what the ground hog is going to do over there, if February and March are going to be the same as January or not.

而東海岸，當我們觀察一月時，如果一月有任何跡象的話，我們不知道土撥鼠會在那裡做什麼，無論二月和三月是否與一月相同。

So we have 2 choices here.

所以我們這裡有兩個選擇。

We can go to the international market and flow through this or we can pay enormously large expedite charges to catch up for any weather-related issues and still try to make our quarter in the East Coast regions.

我們可以進入國際市場並通過這個流程，或者我們可以支付巨額加急費用來趕上任何與天氣相關的問題，同時仍然嘗試在東海岸地區實現我們的季度目標。

As long as our customer's willing to wait, there's no reason to go through those additional expenses which will eat into the margins and you can swap things back and forth.

只要我們的客戶願意等待，就沒有理由花費那些會侵蝕利潤的額外費用，並且您可以來回交換東西。

So having this flexibility of geography, multiple zones is really helpful.

因此，擁有這種地理上的靈活性、多個區域確實很有幫助。

And I think to Paul's question, we answered another question.

我認為對於保羅的問題，我們回答了另一個問題。

We are doing things simultaneously.

我們同時做事。

One is trying to be really, really good even in the face of contingency of managing all these risks, making our execution really good within our installation group by adding skill sets, adding to the leadership, doing all that.

一是即使面對管理所有這些風險的意外情況，也要努力做到真正非常好，透過增加技能、增強領導力等所有這些措施，使我們的安裝團隊的執行力真正出色。

In addition to that, when we have optionality like what we have of international versus East Coast versus West Coast, the combination of all these things is what ultimately will allow us to execute because the uncertainties of a forest fire or a -- somebody behind a desk in a city government in the last minute denying you a permit or a utility person not showing up to give you a connection is something we cannot eliminate.

除此之外，當我們有像國際、東海岸和西海岸這樣的選擇時，所有這些因素的結合最終將使我們能夠執行，因為森林火災或背後有人的不確定性市政府的服務台在最後一刻拒絕向您發放許可證，或公用事業人員沒有出現為您提供連接，這些都是我們無法消除的。

But by using these strategies, we can still deliver on what we need to do, and that's what we are focused on.

但透過使用這些策略，我們仍然可以完成我們需要做的事情，這就是我們關注的重點。

And we demonstrated that in Q4 since the last -- the forest fires did not hinder us from meeting the numbers we put out for you in Q4, and hoping to do the same thing in Q1.

自去年以來，我們在第四季度證明了這一點 - 森林火災並沒有妨礙我們達到我們在第四季度為您提供的數字，並希望在第一季度做同樣的事情。

That's extremely helpful color.

這是非常有用的顏色。

Thank you very much.

非常感謝。

And then my next question is fairly high level.

我的下一個問題是相當高水準的。

Just beyond Korea, where you've had very clear success, would you mind just talking a little bit more internationally at where you're seeing the opportunity?

就在韓國之外，你們已經取得了非常明顯的成功，您介意在您看到機會的地方在國際上多談談嗎？

Obviously, you don't need to be too specific.

顯然，你不需要太具體。

But I'm just interested in what kind of international opportunities you're seeing.

但我只是對您所看到的國際機會感興趣。

What are you most excited about over time, not necessarily in any particular quarter, but just at a high level, what are you most...

隨著時間的推移，你最興奮的是什麼，不一定是在任何特定的季度，但只是在高水平上，你最興奮的是什麼...

Stephen, Matt's in the room.

史蒂芬，馬特在房間裡。

And he's -- for those of you in the call, Matt Ross is our Chief Marketing Officer, and I'll have him answer this question.

對於參加電話會議的人來說，馬特·羅斯是我們的首席行銷官，我會讓他回答這個問題。

Thanks, K.R. Hi, Stephen.

謝謝，K.R.嗨，史蒂芬。

So keep in mind, and I think we made a statement earlier about very low investment in sales and marketing.

因此請記住，我認為我們之前曾聲明過對銷售和行銷的投資非常低。

So we pick our shots and we're very careful about doing that.

所以我們會非常小心地選擇鏡頭。

We don't have the coverage to go broad.

我們沒有廣泛的覆蓋範圍。

So we pick our shots very carefully.

所以我們非常仔細地選擇鏡頭。

As you can see that Korea, after being in that market for 1 year is already scaling very rapidly.

正如您所看到的，韓國在進入該市場一年後已經迅速擴大規模。

Another market that we see some real potential in for 2019, is Japan.

我們認為 2019 年具有真正潛力的另一個市場是日本。

And that's because of the development of the power tower that gives us a very effective energy-dense platform for deploying in Japan.

這是因為電力塔的發展為我們在日本的部署提供了一個非常有效的能源密集平台。

It opens up some of the kind of opportunities that we've seen grow very rapidly in the United States.

它提供了一些我們在美國看到的快速成長的機會。

For example, edge data centers that are in dense urban areas, well, we can do that with the power tower now.

例如，位於密集城市地區的邊緣資料中心，我們現在可以透過電力塔來做到這一點。

So the economics for Japan are looking pretty favorable this year, taking into account our general cost-down as well.

因此，考慮到我們整體成本的下降，今年日本的經濟狀況看起來相當有利。

Another area is India, where we are working on biogas projects.

另一個地區是印度，我們正在那裡進行沼氣計畫。

We think those will be small, initially, in scale, but they're strategically very important.

我們認為這些最初的規模很小，但它們在戰略上非常重要。

So we see an opportunity in India, probably not very large numbers in the next couple of quarters, but strategically, again, very important.

因此，我們在印度看到了機會，在接下來的幾個季度中可能不會有很大的機會，但從戰略上講，這又非常重要。

So those are a couple of examples.

這些只是幾個例子。

There are 1 or 2 European markets that we're looking at very carefully, and so I hope that gives you some perspective.

我們正在非常仔細地研究一兩個歐洲市場，因此我希望這能給您一些看法。

Your next question comes from Tahira Afzal with KeyBanc.

您的下一個問題來自 KeyBanc 的 Tahira Afzal。

So K.R., first question for you.

K.R.，第一個問題。

If you look a year back from now and you see where your backlog is right now, where does it surprise you in terms of where the orders have come in from?

如果您從現在開始回顧一年，看到您現在的積壓情況，您對訂單來自哪裡感到驚訝？

So we are extremely happy with the diversity that we have, both geographically as well as strong in various sectors.

因此，我們對我們所擁有的多樣性感到非常滿意，無論是在地理上還是在各個領域都很強大。

And so then -- what we are very excited about, without getting into the details, Tahira, is that we have newer opportunities that we did not have before.

因此，塔希拉（Tahira）讓我們感到非常興奮的是，我們擁有了以前沒有的新機會，但無需詳細說明。

So these are new avenues that we can explore.

所以這些都是我們可以探索的新途徑。

But equally thrilling for us is the 3 sectors we have talked to you in the past, which is edge data centers, health care and retail.

但同樣令我們興奮的是我們過去與您討論過的 3 個領域，即邊緣資料中心、醫療保健和零售。

They continue to be very strong for us, and we expect that to grow.

他們對我們來說仍然非常強大，我們預計這種勢頭會增長。

And I think you heard the comments from Matt, there is an opportunity here for us to make a big difference in the data centers, not just in the U.S. but because of the power tower, maybe in Japan, which could potentially be a very large opportunity.

我想你聽到了馬特的評論，我們有機會在資料中心方面做出重大改變，不僅在美國，而且因為電力塔，也許在日本，這可能是一個非常大的資料中心。機會。

But when I look back at our backlog, very strong in the areas that we have been traditionally strong.

但當我回顧我們的積壓訂單時，發現我們傳統上擅長的領域非常強大。

Added to that is the geographic diversity.

除此之外，還有地理多樣性。

And on top of that, you add some new areas we are super excited about growing in.

最重要的是，您添加了一些我們對成長感到非常興奮的新領域。

Your next question comes from the line of Michael Weinstein with Crédit Suisse.

你的下一個問題來自瑞士信貸銀行的 Michael Weinstein。

When you look at the backlog that would've existed -- or did exist back in the fourth quarter of '17, the end of '17, and that converting to 809 acceptances this year -- or last year, what does that -- what can we infer about acceptances for 2019 versus the backlog that you now have of 1,400?

當你看看本來就存在的積壓訂單——或者在 17 年第四季、17 年底確實存在的積壓訂單，以及今年或去年轉換為 809 份接受的訂單，這意味著什麼——與你們現在1,400個積壓訂單相比，我們可以從2019 年的接受度推斷出什麼？

Yes, look, Mike, I think that's a great question.

是的，麥克，我認為這是一個很好的問題。

So there was clearly some backlog that we have that we exited 2018 that will end up being early 2020 kind of revenue.

因此，2018 年結束後，我們顯然有一些積壓，最終將成為 2020 年初的收入。

But as we look through part of what was in the 809 and part of what we expect in 2019, there are additional incremental bookings that will come in, in Q1 and even later in the year that will end up being revenue that we will achieve in 2019.

但當我們回顧 809 的部分內容以及我們對 2019 年的預期時，第一季度甚至今年晚些時候將會出現額外的增量預訂，最終將成為我們將在 2019 年實現的收入。2019.

A great example are our Korean orders, for which usually, they come in one quarter and -- or show up next quarter and recognized as revenue, as an example.

一個很好的例子是我們的韓國訂單，例如，這些訂單通常在一個季度出現，或在下個季度出現並確認為收入。

And we have a pretty good visibility of what's going on in Korea for 2019.

我們對 2019 年韓國發生的事情有很好的了解。

So I think the walk-away from that is, as we kind of said in our prepared remarks, our backlog is 70% more of what we had in our acceptances in 2018, we're getting, as we pointed out, a little bit better at our execution on the U.S. C&I.

因此，我認為，正如我們在準備好的發言中所說，我們的積壓訂單比 2018 年接受的訂單多了 70%，正如我們所指出的，我們得到了一點我們在美國C&I 方面的執行力更好。

And we have the international, where we don't do the install.

我們有國際航班，但我們不進行安裝。

It's not just Korea, also for Japan regions as well.

不只韓國，日本地區也是如此。

So we think it bodes well.

所以我們認為這是個好兆頭。

We're not providing guidance for the full year.

我們不提供全年指導。

But as we did say in the remarks, by the second half of the year, we certainly think we'll be in that 25% to 30% revenue year-over-year growth range.

但正如我們在評論中所說，到今年下半年，我們當然認為我們的收入同比增長將達到 25% 至 30% 的範圍。

And even expecting some contraction year-over-year in the ASPs, we think that backlog bodes well for us to be able to achieve something approaching our longer-term 30% revenue growth rates.

即使預計平均售價會比去年同期出現一些收縮，我們也認為積壓訂單預示著我們能夠實現接近 30% 的長期收入成長率。

So I think in summary, Randy is saying, based on our exiting backlog and what we expect to be booked is the basis on which we expect our second half growth to be the numbers that we gave you.

因此，我認為總而言之，蘭迪說，根據我們現有的積壓訂單和我們預計的預訂量，我們預計下半年的成長將達到我們向您提供的數字。

And we feel very good about where we are seeing right now.

我們對現在所看到的情況感覺非常好。

Your next question comes from the line of Colin Rusch with Oppenheimer.

你的下一個問題來自科林·魯施（Colin Rusch）和奧本海默（Oppenheimer）的對話。

Guys, can you talk a little bit about how -- the percentage of the backlog in the 2019 unit acceptances you're expecting to come from Korea?

夥計們，您能談談您預計來自韓國的 2019 年單位驗收積壓百分比嗎？

Want to make sure I understand the question...

想確保我理解這個問題...

Yes.

是的。

I just want to understand how much of the backlog that you have is from the Korean customers and how much of the growth -- the total acceptances you're expecting in 2019 are coming from overseas.

我只是想了解你們的積壓訂單中有多少來自韓國客戶，以及成長量（你們預計 2019 年的總接受量）有多少來自海外。

And then I have a follow-up.

然後我有一個後續行動。

So look, the Korean backlog that we have today, I don't have that number in front of me.

所以看，我們今天有韓國積壓的訂單，我面前沒有這個數字。

Matt?

馬特？

I have what it is today, which is, it's...

我有今天的東西，就是…

Give an approximate.

給個大概。

It's a high single-digit number.

這是一個很高的個位數。

High single digits that we have in backlog today.

今天我們的積壓數量很高。

As a percent.

以百分比表示。

But understand, based on what Randy said, the Korean backlog comes in and out with a pretty short shelf life.

但請理解，根據蘭迪所說，韓國積壓訂單的保質期相當短。

Don't take that number as indicative of what the business will be.

不要將該數字視為業務的指標。

Yes.

是的。

And then I guess the clarifying question, which I think is related to yours, how much of the acceptances you're expecting to have in 2019 with the unit growth are you expecting from Korea?

然後我想澄清一個問題，我認為這與您的問題有關，隨著單位數量的增長，您預計 2019 年將有多少來自韓國的錄取？

Look, we think our Korean revenue in 2019 will be north of 25%, maybe approaching 30% of 2019's total revenue.

看，我們認為 2019 年我們在韓國的收入將超過 25%，可能接近 2019 年總收入的 30%。

Okay.

好的。

That's super helpful.

這非常有幫助。

And then I just want to make sure the shipment terms really clearly.

然後我只想確保裝運條款非常清楚。

So you recognize revenue when the units get to the port in California.

因此，當設備到達加州的港口時，您就可以確認收入。

And then the payment terms are 60 days after they arrive in Korea, is that correct?

然後付款條件是到達韓國後 60 天，對嗎？

I just want to make sure that we understand the working capital needs accurately.

我只是想確保我們準確了解營運資金需求。

Well, slightly changed from that.

嗯，與此略有不同。

We build our units in Delaware, so we don't ship them across the country.

我們在特拉華州建造我們的設備，因此我們不會將它們運送到全國各地。

We get it close to Delaware.

我們把它放在德拉瓦州附近。

And yes, once the title transfers, once they're at the port and put on a ship, and -- yes, go ahead, Matt.

是的，一旦所有權轉移，一旦他們到達港口並上船，並且 - 是的，繼續吧，馬特。

Yes, I was just going to jump in just because I live this every day.

是的，我只是想加入進來，因為我每天都這樣生活。

So our terms for acceptance last year were departure from the U.S. port.

所以我們去年的接受條件是從美國港口出發。

In 2019, it's arrival at Korean port.

2019年抵達韓國港口。

Simple as that.

就那麼簡單。

Yes.

是的。

I apologize, but we've run out of time.

抱歉，我們已經沒時間了。

I will now turn the call back over to the presenters.

我現在將把電話轉回給演示者。

Yes.

是的。

We want to thank you for the time, and appreciate your support for Bloom, and we look forward to talking to you throughout the quarter and the next call.

我們要感謝您抽出寶貴的時間，感謝您對 Bloom 的支持，我們期待在整個季度和下一次電話會議中與您交談。

Thank you.

謝謝。

And I would like to add to what Randy said, and I would say that, look, our solution of always-on, low-carbon footprint is more important than ever, not just in the U.S., but everywhere else.

我想補充蘭迪所說的，我想說，看，我們始終在線的低碳足跡解決方案比以往任何時候都更加重要，不僅在美國，而且在其他地方。

And I'm super excited that in more and more parts of the world we are taking to be mainstream in more and more sectors.

我非常興奮的是，在世界上越來越多的地方，我們正在成為越來越多領域的主流。

And we look forward to growing the company with you.

我們期待與您一起發展公司。

And we are constantly making sure that while we're meeting our short-term goals we are focused on building a great company and doing the right things to build a great company.

我們不斷確保在實現短期目標的同時，我們專注於建立一家偉大的公司，並做正確的事情來建立一家偉大的公司。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。