Bloom Energy Corp (BE) 2022 Q2 法說會逐字稿

Good afternoon, and thank you for attending today's Bloom Energy Q2 2022 Earnings Conference Call. My name is Austin, and I'll be your moderator for today. (Operator Instructions) I would now like to pass the conference over to our host, Ed Vallejo, VP, Investor Relations. Ed, you may proceed.

下午好，感謝您參加今天的 Bloom Energy 2022 年第二季度收益電話會議。我的名字是奧斯汀，今天我將擔任您的主持人。 （操作員說明）我現在想將會議轉交給我們的主持人，投資者關係副總裁 Ed Vallejo。埃德，你可以繼續。

Thank you, and good afternoon, everybody. Thank you for joining us for Bloom Energy's Second Quarter 2022 Earnings Call. To supplement this conference call, we furnished our second quarter 2022 earnings press release with the SEC on Form 8-K and have posted it along with supplemental financial information that we will reference throughout this call to our Investor Relations website. Our second quarter 2022 10-Q is also in the process of being submitted today as we speak.

謝謝大家，大家下午好。感謝您參加 Bloom Energy 的 2022 年第二季度財報電話會議。為了補充這次電話會議，我們在 8-K 表格中向 SEC 提供了我們的 2022 年第二季度收益新聞稿，並將其與補充財務信息一起發布，我們將在整個電話會議期間參考我們的投資者關係網站。正如我們今天所說，我們的 2022 年第二季度 10-Q 也在提交過程中。

During this conference call, both in our prepared remarks and in answers to your questions, we may make forward-looking statements that represent our expectations regarding future events and our future financial performance. These include statements about the company's business results, products, new markets, strategy, financial position, liquidity and full year outlook for 2022. These statements are predictions based upon our expectations, estimates and assumptions. However, as these statements deal with future events, they are subject to numerous known and unknown risks and uncertainties as discussed in detail in our documents filed with the SEC, including our most recently filed Forms 10-Q and 10-K. We assume no obligation to revise any forward-looking statements made on today's call.

在本次電話會議期間，無論是在我們準備好的講話中還是在回答您的問題時，我們都可能會做出前瞻性陳述，以代表我們對未來事件和未來財務業績的預期。其中包括關於公司業務成果、產品、新市場、戰略、財務狀況、流動性和 2022 年全年展望的陳述。這些陳述是基於我們的預期、估計和假設的預測。然而，由於這些陳述涉及未來事件，它們受到許多已知和未知的風險和不確定性的影響，正如我們提交給 SEC 的文件中詳細討論的那樣，包括我們最近提交的 10-Q 和 10-K 表格。我們不承擔修改在今天電話會議上做出的任何前瞻性陳述的義務。

During this call and in our second quarter 2020 earnings release, we refer to GAAP and non-GAAP financial measures. The non-GAAP financial measures are not prepared in accordance with U.S. generally accepted accounting principles and are in addition to and not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. A reconciliation between the GAAP and non-GAAP financial measures is included in our second quarter 2022 earnings press release available on our Investor Relations website.

在本次電話會議和我們的 2020 年第二季度收益發布中，我們參考了 GAAP 和非 GAAP 財務指標。非 GAAP 財務指標未根據美國公認會計原則編制，是對根據 GAAP 編制的財務業績指標的補充，而不是替代或優於這些指標。 GAAP 和非 GAAP 財務指標之間的對賬包含在我們的投資者關係網站上提供的 2022 年第二季度收益新聞稿中。

Joining me on the call today are K.R. Sridhar, Founder, Chairman and Chief Executive Officer and Greg Cameron, our Chief Financial Officer. KR will begin with an overview of our business, then Greg will review the operating and financial highlights of the quarter. And after our prepared remarks, we will have time to take your questions.

今天和我一起參加電話會議的是 K.R. Sridhar，創始人、董事長兼首席執行官和 Greg Cameron，我們的首席財務官。 KR 將從概述我們的業務開始，然後 Greg 將回顧本季度的運營和財務亮點。在我們準備好發言之後，我們將有時間回答您的問題。

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

我現在將把電話轉給 K.R.

Hello, everyone. Good day to you. We were delighted to have so many of you join us in person and for streaming on our Investor Day in May. We were thrilled when we heard back from you on how much you appreciated seeing our innovative technology developments, manufacturing excellence and most importantly, interacting with and experiencing the caliber of our team. We know you left with a better understanding of the power of our platform, its flexibility to rapidly adapt, prevent and deploy so many different energy solutions. In this ever-changing energy marketplace and policy environment, the flexibility of our platform is a unique advantage that sets Bloom Energy apart in the energy industry. This diversity and flexibility of our platform is exactly why we are so excited about the Inflation Reduction Act. This act will enable us to play a pivotal role in accelerating the mission to decarbonize the world. Unlike many other energy companies, there are many facets of the acts provisions where we will be able to participate in a material manner.

大家好。祝你有美好的一天。我們很高興有這麼多人親自加入我們，並在 5 月的投資者日直播。當我們收到您的回复時，我們非常高興看到我們的創新技術發展、卓越製造以及最重要的是與我們團隊的互動和體驗我們團隊的才能。我們知道您離開時對我們平台的強大功能及其快速適應、預防和部署如此多不同能源解決方案的靈活性有了更好的了解。在這個不斷變化的能源市場和政策環境中，我們平台的靈活性是使 Bloom Energy 在能源行業中脫穎而出的獨特優勢。我們平台的這種多樣性和靈活性正是我們對《通貨膨脹減少法案》如此興奮的原因。該法案將使我們能夠在加速實現世界脫碳的使命中發揮關鍵作用。與許多其他能源公司不同，該法案規定的許多方面我們將能夠以物質方式參與。

Let me highlight 9 key provisions. One, the hydrogen production credit and a direct pay option for it will greatly accelerate our domestic electrolyzer business. Two, the greater availability of clean hydrogen will create greater demand for Blooms always on high-efficiency hydrogen-powered energy servers. Three, our growing waste-to-energy segment will get a big lift from the expanded ITC for biogas equipment. Four, the incentives for electric vehicles and their growth will drive demand for our efficient on-site power charging solutions. Five, the tax credits for controllers, switchgear and batteries will drive microgrid adoption. Six, the lowering of capture thresholds and the increased credit makes carbon capture with our energy servers very attractive. Seven, the capital equipment in our expanding American factories are eligible for the manufacturing tax credit. Eight, the increase and the extension of the ITC for our energy servers will strengthen our domestic power business. Nine, the direct pay and transferability features will create greater supply of affordable financing for our U.S. projects.

讓我強調 9 個關鍵條款。一，制氫信用和直接支付選項將大大加速我們國內的電解槽業務。第二，清潔氫的更多可用性將對始終在高效氫動力能源服務器上的 Blooms 產生更大的需求。第三，我們不斷增長的廢物能源部門將從擴大的 ITC 沼氣設備中獲得巨大提升。四、電動汽車的激勵措施及其增長將推動對我們高效現場充電解決方案的需求。五、控制器、開關設備和電池的稅收抵免將推動微電網的採用。六，捕獲閾值的降低和信用的增加使得我們的能源服務器的碳捕獲非常有吸引力。七，我們不斷擴大的美國工廠的資本設備有資格獲得製造業稅收抵免。八，我們能源服務器的 ITC 的增加和擴展將加強我們國內的電力業務。九，直接支付和可轉讓性特徵將為我們的美國項目創造更多負擔得起的融資供應。

As a company, whose technology was invented in America, whose products are manufactured in America by American workers, we are thrilled that the act acknowledges the importance of domestic content through additional bonus features. So, you can see, I'm sure glad that we designed a flexible platform that has so many ways to help the world decarbonize. And now we have a national policy that will support us. Speaking of the flexible platform, I'm excited to share news on our hydrogen electrolyzer. It is not only great news on its own, but also an illustration of the platform flexibility point I just made.

作為一家公司，其技術是在美國發明的，其產品是由美國工人在美國製造的，我們很高興該法案通過額外的獎勵功能承認了國內內容的重要性。所以，你可以看到，我很高興我們設計了一個靈活的平台，它有很多方法可以幫助世界脫碳。現在我們有了一項支持我們的國家政策。談到靈活的平台，我很高興分享我們的氫電解槽的新聞。這不僅是一個好消息，也是我剛剛提出的平台靈活性點的一個例證。

Our pilot demonstration at the U.S. Department of Energy's Idaho National Laboratory is performing at a greater electrical efficiency than any other commercial product or technology demonstration in the world that we know of. Operating at 37.7 kilowatt hours of direct electricity to produce 1 kilogram of hydrogen, it is setting a world record. Yes, a world record. The performance of the Bloom Electrolyzer is over 30% better than most commercial low-temperature electrolyzers in operation today, and we are just getting started. It is evident to me that the early market for hydrogen are going to be: one, hard to decarbonize industries like steel, chemicals, cement, etc., that produce waste heat and use on-site hydrating. And two, nuclear power plants that have curtailed electricity conditions during portions of the day and excess heat available.

我們在美國能源部愛達荷國家實驗室進行的試點演示比我們所知的世界上任何其他商業產品或技術演示的電力效率都要高。它以 37.7 千瓦時的直接電力生產 1 公斤氫氣，創下了世界紀錄。是的，世界紀錄。 Bloom 電解槽的性能比當今運行的大多數商用低溫電解槽好 30% 以上，而我們才剛剛開始。對我來說很明顯，氫的早期市場將是：第一，難以脫碳的行業，如鋼鐵、化工、水泥等，這些行業會產生廢熱並使用現場補水。第二，核電站在一天中的部分時間限制了電力條件和可用的多餘熱量。

Our product performance that is verified by the DOE side of the national laboratory clearly demonstrates the competitive advantage we have over low temperature electrolyzers in both these market segments. This competitive advantage is why LSB Industries, the leading North American producer of industrial and agricultural chemicals, announced plans to install a 10-megawatt solid oxide electrolyzer from Bloom Energy at their prior Oklahoma facility.

我們的產品性能經過國家實驗室 DOE 方面的驗證，清楚地表明了我們在這兩個細分市場中相對於低溫電解槽的競爭優勢。這種競爭優勢是北美領先的工業和農業化學品生產商 LSB Industries 宣布計劃在其俄克拉荷馬州之前的工廠安裝 Bloom Energy 的 10 兆瓦固體氧化物電解槽的原因。

When integrated with high-temperature processes like ammonia synthesis, which produces extra heat energy, Blooms electrolyzers will be more efficient than competing electrolyzer technologies, resulting in lower cost hydrogen for LSB. The clear competitive advantage attainable when combined with nuclear power plants is why Westinghouse Electric Company and Bloom Energy announced signing a letter of intent to pursue clean hydrogen production in commercial nuclear power market. The INL demonstration and announcement today should provide greater market momentum going forward.

當與產生額外熱能的氨合成等高溫工藝相結合時，Blooms 電解槽將比競爭的電解槽技術更高效，從而降低 LSB 的氫氣成本。與核電站相結合可獲得明顯的競爭優勢，這就是西屋電氣公司和布魯姆能源公司宣布簽署意向書，在商業核電市場尋求清潔氫生產的原因。今天的 INL 演示和公告應該會為未來提供更大的市場動力。

Let me now switch to our waste-to-power segment. In July, we were recognized by the American Biogas Council for our daily biogas-to-electricity project, conducted in collaboration with CalBio. The Biogas Council cited the project for breaking new ground in the U.S. biogas industry and across the global energy landscape, the first to use renewable biogas to make electricity from fuel cells to power an on-site microgrid and a fleet of electric vehicles. The project also received the 2022 U.S. Daily Sustainability Award. Our waste-to-energy segment is witnessing solid growth. We are currently developing multiple landfill biogas opportunities both for the RNG market as well as for electricity generation and the renewable fuels business continues to gain traction with several key development projects utilizing food and agricultural waste.

現在讓我切換到我們的垃圾發電部分。 7 月，我們與 CalBio 合作開展的日常沼氣發電項目獲得了美國沼氣委員會的認可。沼氣委員會稱該項目在美國沼氣行業和全球能源領域開闢了新天地，這是第一個使用可再生沼氣從燃料電池發電，為現場微電網和電動車隊供電的項目。該項目還獲得了 2022 年美國每日可持續發展獎。我們的垃圾焚燒發電部門正在穩步增長。我們目前正在為 RNG 市場和發電開發多個垃圾填埋沼氣機會，可再生燃料業務繼續通過利用食品和農業廢物的幾個關鍵開發項目獲得牽引力。

Let me take a moment to touch on the international opportunities. During our last earnings call in May, we spoke about our interest in entering the European market. In June, we announced the installation of 1 megawatt of Bloom servers at the Ferrari headquarters and manufacturing plant in Maranello, Italy. Ferrari, like Bloom Energy, has a commitment to uniqueness, innovation, technology leadership and continuous learning that makes them the ideal partner for our entry into the European manufacturing landscape.

讓我花點時間談談國際機遇。在五月份的最後一次財報電話會議上，我們談到了我們對進入歐洲市場的興趣。 6 月，我們宣佈在意大利馬拉內羅的法拉利總部和製造工廠安裝 1 兆瓦的 Bloom 服務器。與 Bloom Energy 一樣，法拉利致力於獨特性、創新、技術領先和持續學習，這使他們成為我們進入歐洲製造業領域的理想合作夥伴。

Bloom Energy's fuel cell platform is the best in cloud solution for a best-in-class luxury automaker. The Bloom Energy servers are expected to cut gas requirements by around 20% from the combined heat and power system now in use at Ferrari, while also reducing emissions. We are showcasing this as a model for other energy-intensive industries in Europe to emulate a way for them to achieve greater energy security, lower cost and lower carbon footprint, all at the same time and at a time when energy availability, crisis and security in Europe are increasingly of great concern.

Bloom Energy 的燃料電池平台是一流豪華汽車製造商的最佳雲解決方案。 Bloom Energy 服務器有望將法拉利目前使用的熱電聯產系統的天然氣需求量減少約 20%，同時還能減少排放。我們將其作為歐洲其他能源密集型行業的典範，以仿效它們在能源供應、危機和安全的同時實現更高的能源安全、更低的成本和更低的碳足跡在歐洲越來越受到關注。

I'd like to close with the market at home. Digitization, electrification of transportation and onshoring of manufacturing are all adding significantly to increased electricity demand at unprecedented rates. So, demand for new power is at an all-time high. On the supply side, the decades-long underinvestment in both power capacity expansion and T&D, the age and disrepair of the existing infrastructure, the drought-related reduction in hydroelectric output, the loss of capacity from shutting down coal and nuclear power plants are all creating a shortage of supply. This shortage is significantly greater than the pace at which renewables are being added.

我想以國內市場收盤。數字化、交通電氣化和製造業的本土化都以前所未有的速度顯著增加了電力需求。因此，對新能源的需求處於歷史最高水平。在供給方面，數十年來對電力擴容和輸配電的投資不足，現有基礎設施的老化和年久失修，與乾旱相關的水力發電量減少，關閉煤炭和核電站造成的產能損失都是造成供應短缺。這種短缺明顯大於可再生能源的添加速度。

In this scenario, utilities are not able to provide additional power to large commercial and industrial customers that are demanding more and demanding them more quickly. [Pure] company, committing millions of dollars to build a new facility, you can't wait for months and even years for the power company to run power lines and connect you to the grid, only then to see extreme weather affect your supply of power, shutting down your facility for hours, days and even weeks. This is [unimaginary]. It's the reality companies face in many parts of the U.S. and in Europe, I might add. Whether it's a Bloom Energy server, delivered on a skid and installed within days, or it's a Bloom Energy server power tower in urban settings with very low land need, our solutions enable customers to solve energy reliability, security and decarbonization in the manner that best suits their needs with a very quick-to-power option.

在這種情況下，公用事業公司無法為要求更高且要求更快的大型商業和工業客戶提供額外的電力。 [純] 公司，投入數百萬美元建造新設施，您不能等待電力公司運行電力線並將您連接到電網上數月甚至數年，然後才能看到極端天氣影響您的供應電源，關閉您的設施數小時、數天甚至數週。這是[難以想像的]。我可能會補充說，這是公司在美國和歐洲許多地方面臨的現實。無論是 Bloom Energy 服務器，在幾天內交付並安裝，還是在城市環境中土地需求非常低的 Bloom Energy 服務器電力塔，我們的解決方案都能讓客戶以最佳方式解決能源可靠性、安全性和脫碳問題通過非常快速的電源選項滿足他們的需求。

Before I turn it over to Greg, let me just say that we are very pleased with our financial results this quarter. We are maintaining financial and operating discipline as we invest in the business while focusing on cost, margins and driving towards improved profitability and positive cash flow. With that, let me turn this over to Greg for him to elaborate.

在我把它交給格雷格之前，我只想說我們對本季度的財務業績非常滿意。我們在投資業務時保持財務和運營紀律，同時關注成本、利潤率並推動提高盈利能力和正現金流。有了這個，讓我把這個交給格雷格讓他詳細說明。

Thanks, KR. I agree with your comments. We had a strong operating quarter. Let me point to a few key highlights that we found in our supplemental financial deck posted to our website. We had record second quarter revenue of $243 million. We improved our non-GAAP gross margins from prior quarter and last year. We are on track for adding an additional 1 gigawatt of manufacturing capacity. We continue to navigate a challenging global supply chain, and we're reaffirming our 2022 guidance.

謝謝，KR。我同意你的意見。我們有一個強勁的運營季度。讓我指出我們在發佈到我們網站上的補充財務報告中發現的一些關鍵亮點。我們第二季度的收入達到創紀錄的 2.43 億美元。我們比上一季度和去年提高了我們的非公認會計原則毛利率。我們有望再增加 1 吉瓦的製造能力。我們將繼續應對充滿挑戰的全球供應鏈，並重申我們的 2022 年指導方針。

With those as highlights, let me provide some additional context on our 2Q performance. Our value proposition for our 24/7 always on energy server of resilient, sustainable and predictable power remains strong. Specifically, our ability to quickly bring additional power to a client site and provide a pathway to decarbonize continues to resonate with our customers. As KR discussed, the time-to-power value proposition is especially meaningful for manufacturers and data centers when a local utility is unable to provide additional power to support their growth. These tend to be larger sites that require firm and resilient power.

以這些為亮點，讓我提供一些關於我們第二季度業績的額外背景。我們的 24/7 全天候能源服務器具有彈性、可持續和可預測的電力，我們的價值主張仍然很強。具體而言，我們快速為客戶現場帶來額外電力並提供脫碳途徑的能力繼續引起客戶的共鳴。正如 KR 所討論的，噹噹地公用事業公司無法提供額外的電力來支持其增長時，供電時間價值主張對於製造商和數據中心尤其有意義。這些往往是需要堅固和彈性電力的較大站點。

On the path to decarbonization, we're hearing from our customers that they need real and resilient solutions to reduce their carbon intensity today while providing them optionality to incorporate Net-Zero solutions like hydrogen in the future. We expect these trends to continue to grow, especially with the resurgence of U.S. manufacturing, increasing electrification, the acceleration of the digital economy and the benefits of the Inflation Reduction Act.

在去碳化的道路上，我們從客戶那裡聽說，他們需要真正的、有彈性的解決方案來降低他們今天的碳強度，同時為他們提供在未來採用氫等淨零解決方案的選擇權。我們預計這些趨勢將繼續增長，特別是隨著美國製造業的複蘇、電氣化程度的提高、數字經濟的加速以及《通脹降低法案》的好處。

We continue to navigate a challenging supply chain environment affecting both price and availability. While much uncertainty remains, our team is doing an amazing job of ensuring that our factories can produce the servers to meet our customers' needs. We continue to work with our suppliers to ensure that they are making the investments to meet our expected growth while returning to our historical cost down achievement of 10% to 15% annually once the environment stabilizes.

我們將繼續應對影響價格和可用性的具有挑戰性的供應鏈環境。儘管仍然存在很多不確定性，但我們的團隊在確保我們的工廠能夠生產服務器以滿足客戶的需求方面做得非常出色。我們將繼續與供應商合作，以確保他們進行投資以滿足我們的預期增長，同時在環境穩定後恢復我們每年 10% 至 15% 的歷史成本下降成就。

Our second quarter non-GAAP gross margins of about 20% improved almost 4 points versus the first quarter and 1.6 points versus prior year. While our unit costs remain temporarily elevated by the commissioning of our new Fremont manufacturing facility, we benefited from an improved pricing mix on the second quarter acceptances. As we look towards the second half of the year, we expect unit product costs to decrease as capacity increases, enabling us to achieve our targeted margins. As I mentioned during our recent investor conference, to further simplify our business, we executed the sale of a previously consolidated PPA entity this quarter. By doing so, we eliminated $30.6 million of nonrecourse debt, enhanced 2022 margins and simplified our financial reporting. As part of the transaction, we recorded a $45 million noncash asset impairment charge through our electricity segment that we removed as a pro forma adjustment from our non-GAAP reporting.

我們第二季度的非公認會計原則毛利率約為 20%，與第一季度相比提高了近 4 個百分點，與去年同期相比提高了 1.6 個百分點。雖然我們的單位成本由於我們新的弗里蒙特製造設施的投產而暫時升高，但我們受益於第二季度驗收的改進定價組合。展望下半年，我們預計單位產品成本會隨著產能的增加而下降，從而使我們能夠實現目標利潤率。正如我在最近的投資者會議上提到的，為了進一步簡化我們的業務，我們在本季度執行了之前合併的 PPA 實體的出售。通過這樣做，我們消除了 3060 萬美元的無追索權債務，提高了 2022 年的利潤率並簡化了我們的財務報告。作為交易的一部分，我們通過電力部門記錄了 4500 萬美元的非現金資產減值費用，我們將其作為備考調整從我們的非 GAAP 報告中刪除。

We continue to invest in our manufacturing capacity, research and development and our commercial resources. During the first half of the year, we invested working capital to meet second half demand and the capital equipment to build capacity. We maintain sufficient levels of liquidity to fund these investments. In the second quarter, we commenced operations in our new Fremont facility and are on track to increase our fuel stack manufacturing capacity from 280 megawatts to 580 megawatts by the end of this year and over 1 gigawatt by the end of 2023.

我們繼續投資於我們的製造能力、研發和商業資源。上半年，我們投入營運資金以滿足下半年的需求，並投入資本設備建設產能。我們保持足夠的流動性水平來為這些投資提供資金。在第二季度，我們在弗里蒙特的新工廠開始運營，並有望在今年年底之前將我們的燃料電池製造能力從 280 兆瓦增加到 580 兆瓦，到 2023 年底將超過 1 吉瓦。

We are reaffirming our 2022 guidance for revenue, margins and cash flows. With our strong backlog and pipeline, we remain confident that we will deliver at least 240 megawatts of acceptances this year. Based upon these acceptances, we plan to achieve at least $1.1 billion of revenue and with roughly 24% non-GAAP gross margin, we expect to deliver positive non-GAAP operating margin and positive cash flow from operations. These will be strong results that when coupled with the manufacturing capacity expansion, should put us on a firm trajectory to grow our revenues and margins in 2023 and beyond.

我們重申 2022 年的收入、利潤率和現金流指引。憑藉我們強大的積壓和管道，我們仍然有信心今年將提供至少 240 兆瓦的驗收。基於這些接受，我們計劃實現至少 11 億美元的收入和大約 24% 的非 GAAP 毛利率，我們預計將提供正的非 GAAP 營業利潤率和正的運營現金流。這些將是強勁的結果，再加上製造能力的擴張，應該會讓我們走上穩固的軌道，在 2023 年及以後增加我們的收入和利潤率。

As we look toward the second half, for the third quarter, I'd expect our acceptances and revenues to increase in our expected annual growth rate. Our cadence for the second half acceptances will be like last year with our largest acceptances happening in the fourth quarter. As unit costs improve with additional builds, I would expect our third quarter margins to continue to expand slightly from our first half 2022 levels.

當我們展望下半年，對於第三季度，我預計我們的接受度和收入將增加我們預期的年增長率。我們下半年接受的節奏將與去年一樣，我們最大的接受發生在第四季度。隨著單位成本隨著額外建設而提高，我預計我們第三季度的利潤率將繼續從 2022 年上半年的水平略微擴大。

In summary, we had a strong operational quarter and are building momentum into the second half of the year. Like other global industrial companies, we are navigating challenges in our supply chain, but we have significant tailwinds with the push for abundant, clean and resilient energy. We have a strong backlog to deliver on our 2022 targets. We believe the company is at an inflection point to build upon our mature technology platform, solid record of accomplishment and robust growth road map. We are extremely excited about our future.

總而言之，我們有一個強勁的運營季度，並在今年下半年建立勢頭。與其他全球工業公司一樣，我們正在應對供應鏈中的挑戰，但在推動豐富、清潔和有彈性的能源方面，我們有很大的順風。我們有大量積壓來實現我們的 2022 年目標。我們相信，公司正處於一個轉折點，可以依靠我們成熟的技術平台、堅實的成就記錄和穩健的增長路線圖。我們對我們的未來感到非常興奮。

With that, operator, let's open up the line for questions.

有了這個，接線員，讓我們打開問題的線路。

(Operator Instructions) Our first question is with Michael Blum from Wells Fargo.

（操作員說明）我們的第一個問題是來自 Wells Fargo 的 Michael Blum。

Quite a change from last quarter. You've got the IRA set to pass here, hopefully soon. But natural gas prices are still pretty stubbornly high. So, I'm just wondering if you could talk about, has that changed any of your thoughts in terms of commercialization strategy in the U.S. given that it seems like with all the things that you cited, the hydrogen economy in the U.S. probably is going to expand more rapidly with this new bill?

與上一季度相比發生了很大變化。你有 IRA 設置通過這裡，希望很快。但天然氣價格仍然很高。所以，我只是想知道你是否可以談談，這是否改變了你在美國商業化戰略方面的任何想法，鑑於你提到的所有事情，美國的氫經濟可能正在發展通過這項新法案更快地擴張？

Michael, this is KR. So that's a very good question. Look, here is what we are seeing in the marketplace today. The supply-demand mismatch in terms of what large commercial industrial needs for the next 3 to 4 years and difficulty utilities are having in providing that expansion capacity for the next 3 to 5 years. That time-to-power is a really big issue for the companies. And there, it is not the cost of electricity. It is the opportunity cost for a company to not be able to do a business if they don't have power, not be able to expand. We think we have a unique microgrid solution offering for people like that. That is a game changer. And in the scheme of things of a company looking at that kind of a scenario, the cost of natural gas should be de minimis to them, the variation in natural gas. So, we see that as a huge great business growth opportunity for us.

邁克爾，這是 KR。所以這是一個很好的問題。看，這就是我們今天在市場上看到的。未來 3 到 4 年大型商業工業需求的供需不匹配，以及公用事業公司在未來 3 到 5 年提供擴張能力方面遇到的困難。對這些公司來說，上電時間是一個非常大的問題。在那裡，這不是電費。如果一家公司沒有權力，就無法開展業務，就無法開展業務，這是機會成本。我們認為我們為這樣的人提供了獨特的微電網解決方案。那是遊戲規則的改變者。在一家公司考慮這種情況的計劃中，天然氣的成本對他們來說應該是微不足道的，天然氣的變化。因此，我們認為這對我們來說是一個巨大的業務增長機會。

Equally, the $3.00 PTC, the availability of ITC that can go up to 50% for companies like ours that manufacture in America and do what we do. All that put together, we see that as a huge impetus for hydrogen and look at the results we just put out with INL. This is a game changer in terms of almost 30% better than in electrical efficiency than anybody else can do. You put all that together, we are excited about hydrogen. So, for us, it is the [genius] event. We will do both.

同樣，3.00 美元的 PTC，對於像我們這樣在美國製造並做我們所做的事情的公司來說，ITC 的可用性可以提高 50%。綜上所述，我們將其視為氫氣的巨大推動力，並查看我們剛剛推出的 INL 結果。就電氣效率而言，這是一個改變遊戲規則的遊戲，比其他任何人都高出近 30%。你把所有這些放在一起，我們對氫感到興奮。所以，對我們來說，這是[天才]事件。我們將兩者都做。

Great. I appreciate it. Second question I wanted to ask was just about the revenue breakdown. So clearly, this year, it's been weighted much more towards international versus domestic. So, I wanted to just get your view of how that should trend for the rest of the year and just more on a long-term basis. And then is there a way -- can you think about gross margins on U.S. versus international? Is there really any difference there?

偉大的。我很感激。我想問的第二個問題是關於收入細分的。很明顯，今年，它更傾向於國際而不是國內。所以，我只想讓你了解今年餘下時間的趨勢，以及更長期的趨勢。然後有沒有辦法——你能想想美國與國際的毛利率嗎？真的有什麼區別嗎？

So Michael, it's Greg. So, on the results for this quarter, very similar to last quarter, about 60%-plus international, 30%, 40% U.S.-based. The reason that is not at its historical levels, has been more around -- as you know, we've got the large order from SK ecoplant this year, and we've prioritized making sure that they get their units for the year as part of their take-or-pay contract, given our capacity constraints. As we get into the second half of the year, really as we get into the back half, the second half of the year, our expectation is those breakdowns will go back to more of their historical levels, including both what we do in the U.S. and what we do in Korea.

所以邁克爾，是格雷格。因此，就本季度的結果而言，與上一季度非常相似，大約 60% 以上來自國際，30%，40% 來自美國。沒有達到歷史水平的原因更多的是——如你所知，我們今年從 SK ecoplant 獲得了大筆訂單，我們優先確保他們獲得今年的設備作為一部分考慮到我們的能力限制，他們的照付不議合同。隨著我們進入下半年，實際上當我們進入下半年，下半年，我們的預期是這些故障將回到更多的歷史水平，包括我們在美國所做的事情。以及我們在韓國所做的事情。

I think going forward, though, what you're going to see is we're going to continue to grow on our international line. And you're going to see a lot more diversity in that international line with the addition of Europe with teams over there making traction. So, on a go-forward basis, you're going to see a much larger percentage of our revenues coming out of the international segment, but from multiple continents. And then on the gross margin question, I would tell you, yes, there's not a material difference on where it is. We price to -- the pricing is pretty [competitive.] Yep.

不過，我認為展望未來，您將看到我們將繼續在我們的國際航線上發展壯大。隨著歐洲的加入，你會在國際線上看到更多的多樣性，那裡的團隊會產生牽引力。因此，在向前發展的基礎上，您將看到我們收入的更大比例來自國際部門，但來自多個大洲。然後在毛利率問題上，我會告訴你，是的，它在哪裡沒有實質性差異。我們定價——定價相當[有競爭力]。是的。

Our next question is with Julien Dumoulin-Smith from Bank of America.

我們的下一個問題是來自美國銀行的 Julien Dumoulin-Smith。

Congrats on the results. Just kicking things off on the IRA front, right? You all mentioned it in the remarks, etc. I would be curious what kind of additional traction could we see with respect to electrolyzer? Again, you all are very keen to commercialize this product rapidly. Obviously, we're looking for more awards through the course of the year. How does this shift the pace of what you all had contemplated even back in May at this point as you look at this opportunity and perhaps the enhanced economics that may be involved?

祝賀結果。只是在愛爾蘭共和軍前線開始，對吧？你們都在評論中提到過，等等。我很好奇我們可以看到關於電解槽的什麼樣的額外牽引力？同樣，你們都非常熱衷於快速將該產品商業化。顯然，我們正在尋找更多的獎項。當您看到這個機會以及可能涉及的增強經濟時，這將如何改變你們所有人甚至早在 5 月就已經考慮的步伐？

Yes. Thanks, Julien, it's Greg. Yes, when we put together a forecast, not only for this year but for the 10-year forecast, Build Back Better was in play at the time. And what we talked about was all of those items, whether it be the PTC for hydrogen or the 45Q for sequestration or ITC or any of those weren't in our long-term projections based on what we had seen coming out of the Build Back Better. What's getting -- looks like it's going to get passed here came out of the Senate as part of the act on Sunday. Listen, the $3.00 PTC is very attractive for us. We think it would obviously provide more incentive as projects come online and come online sooner. And those would, I would say, not be factored yet into our forecast around growth of our hydrogen business. We'll go through the process here. And when it's time, we'll update our forecast based on those moving through. But I would say they'd be all things that would accelerate our view on how we grow our hydrogen revenues in the near term.

是的。謝謝，朱利安，我是格雷格。是的，當我們進行預測時，不僅針對今年，而且針對 10 年的預測，“重建得更好”當時正在發揮作用。我們談論的是所有這些項目，無論是用於氫的 PTC，還是用於隔離或 ITC 的 45Q，或者根據我們從 Build Back 中看到的結果，這些項目中的任何一個都不在我們的長期預測中更好的。正在發生的事情 - 作為周日法案的一部分，看起來它將在參議院獲得通過。聽著，3.00 美元的 PTC 對我們來說非常有吸引力。我們認為，隨著項目上線並更快上線，這顯然會提供更多激勵。我想說，這些還沒有被納入我們對氫能業務增長的預測中。我們將在這裡完成整個過程。到時候，我們將根據那些正在發生的變化來更新我們的預測。但我會說，它們都將加速我們對如何在短期內增加氫收入的看法。

Right. So still looking at like 3 this year or something like that?

正確的。所以今年還在看 3 或類似的東西嗎？

We're still very much focused this year on winning large-scale demonstration projects where we can show like we did with INL, the technical advantages that we have with solid oxide electrolyzers.

今年我們仍然非常專注於贏得大型示範項目，我們可以像 INL 那樣展示我們在固體氧化物電解槽方面擁有的技術優勢。

And also, Julien, understand our factory by the end of next year, will have a capacity to do 2.5 gigawatts of electrolyzer. So, we are building the capacity. We have the supply chain. We have everything. So, for us to pivot very quickly to that would be great. How we pivot, how fast we pivot, will all be about maximizing margin.

此外，Julien 了解我們的工廠到明年年底將有能力生產 2.5 吉瓦的電解槽。所以，我們正在建設能力。我們有供應鏈。我們擁有一切。因此，對於我們來說，快速轉向這一點會很棒。我們如何轉動，轉動多快，都將是關於最大化利潤。

Right, indeed. And in fact, just if you think about like a target by the end of the year, you talk about 1 gigawatt by end of 2023 or 2.5 by end of 2023, whichever way you think about it, is there a portion of mix of that that we should be expecting today that you would be allocating to the electrolyzer side of the business and/or how are you feeling about being able to fill up just the gigawatt overall in terms of orders into that production ramp?

沒錯，確實。事實上，如果你考慮到今年年底的目標，你會說到 2023 年底達到 1 吉瓦或到 2023 年底達到 2.5 吉瓦，無論你怎麼想，是否存在其中的一部分？我們今天應該期待您將分配到業務的電解槽方面和/或您對能夠在該生產斜坡中的訂單量方面僅填滿千兆瓦的感覺如何？

Julien, what's great about our technology as we build out the capacity, we're indifferent and the capacity is in difference. So, the supply chain, the manufacturing capacity, all that is can make natural gas fuel cells, hydrogen fuel cells or electrolyzers and we all run down the same line. So, we don't really need to make those commitments to really the current quarter when we think about deliveries.

朱利安，我們的技術有什麼了不起的，因為我們建立了能力，我們無動於衷，能力是不同的。因此，供應鏈、製造能力，所有這些都可以製造天然氣燃料電池、氫燃料電池或電解槽，我們都在同一條線上運行。因此，當我們考慮交付時，我們真的不需要對當前季度做出這些承諾。

And also, Julien, one thing that you guys didn't ask, important to add, is the amount of incentives in the bill when passed for ways to power creates an enormous opportunity in like that area. So, for us, the factory is indifferent to what it has to build, and it's all about mix and trying to figure out how to optimize and maximize margin.

而且，朱利安，你們沒有問的一件事，重要的是要補充的是，當通過權力方式時，法案中的激勵措施在該領域創造了巨大的機會。所以，對我們來說，工廠對它必須建造的東西漠不關心，一切都是關於混合併試圖弄清楚如何優化和最大化利潤。

Right. Yes, waste-to-power indeed is the third angle.

正確的。是的，垃圾發電確實是第三個角度。

Next question is with Alex Kania from Wolfe Research.

下一個問題是來自 Wolfe Research 的 Alex Kania。

Maybe the first thing I'd ask is on the PTC and the changing really the economics of green hydrogen and compounding with your -- where solid oxide electrolyzers. I mean how do you think about the kind of the long duration [end] storage type of solution here? Do you think it's -- how competitive do you think it ultimately could be as kind of a way to kind of help us [move out] renewables on the electric grid?

也許我要問的第一件事是關於 PTC，以及真正改變綠色氫的經濟性並與您的固體氧化物電解槽複合。我的意思是您如何看待這裡的長期 [結束] 存儲類型的解決方案？你認為它有多大的競爭力？你認為它最終會成為一種幫助我們[移出]電網上可再生能源的方式嗎？

Alex, that's a very good question. In the long term, long duration storage will be very attractive. In the short term, as I mentioned in my prepared remarks, the 2 markets that I truly believe are going to be the early adopters are hard to decarbonize industries that can use that hydrogen to decarbonize and have a source of heat and have renewable electricity coming to them where you don't have the logistics, transportation, liquefaction, pressurization, all that [and more.] It's the obvious first place where it will play a big role, and it will have a huge impact on the carbon footprint.

亞歷克斯，這是一個非常好的問題。從長遠來看，長期存儲將非常有吸引力。在短期內，正如我在準備好的評論中提到的那樣，我真正相信將成為早期採用者的兩個市場很難使可以使用氫脫碳並擁有熱源和可再生電力的行業脫碳對他們來說，你沒有物流、運輸、液化、加壓，所有這些[等等]。這是顯而易見的第一個地方，它將發揮重要作用，它將對碳足跡產生巨大影響。

That -- and then the curtail nuclear power where you're getting in a way from a marginal cost basis, that electricity for that nuclear operator is free, right? Because during the day, it's being curtailed and to be able to use that and the heat and to produce the hydrogen. So, I truly believe those are the 2 big immediate opportunities that we're going to gravitate to the market. And luckily for us, or by design, we play very well into those 2 spaces because we had a high-temperature electrolyzer that can use that heat. Others that operate at low temperature cannot.

那 - 然後是削減核電，你從邊際成本的基礎上獲得，那個核運營商的電力是免費的，對嗎？因為在白天，它正在被削減，並且能夠利用它和熱量並產生氫氣。所以，我真的相信這是我們將被市場吸引的兩大直接機會。對我們來說幸運的是，或者通過設計，我們在這兩個空間中發揮了很好的作用，因為我們有一個可以利用這種熱量的高溫電解槽。其他在低溫下運行的則不能。

Great. And maybe a question for Greg, because you've obviously, I'm sure, have some headaches in tax equity. And as mentioned up top, the transferability certainly changes things as well as direct pay. I'm just wondering how you think about the transfer market, I guess, for PTCs evolving over time and what that may end up meaning for cost of capital? And obviously, there's direct payers for certain elements as well.

偉大的。也許是格雷格的一個問題，因為你顯然，我敢肯定，在稅收公平方面有些頭疼。正如上面提到的，可轉移性肯定會改變事情以及直接支付。我只是想知道您如何看待轉會市場，我猜，隨著時間的推移，PTC 會不斷發展，而這最終對資本成本意味著什麼？顯然，某些元素也有直接付款人。

Yes. Listen, I think it's like any market, right? The more supply comes on, it brings increased availability and ultimately brings in better terms and pricing. So having more players come into that space. And I think you'll get it for 2 reasons, right? One is you'll have the transferability, but you'll also have some tax levies within the bill that are going to create some additional tax capacity within the market. So, I think a lot of these things will bring more players into the space, create some more liquidity and hopefully continue to tighten on pricing, which we've seen here for a bit.

是的。聽著，我認為它就像任何市場一樣，對吧？供應越多，它就會增加可用性，並最終帶來更好的條款和定價。所以讓更多的玩家進入這個領域。我認為你會得到它有兩個原因，對吧？一是您將擁有可轉讓性，但您還將在法案中徵收一些稅款，這將在市場上創造一些額外的稅收能力。所以，我認為很多這些東西會帶來更多的玩家進入這個領域，創造更多的流動性，並希望繼續收緊定價，我們已經在這裡看到了一段時間。

Our next question is with Colin Rusch from Oppenheimer.

我們的下一個問題是來自 Oppenheimer 的 Colin Rusch。

This is Kristen on for Colin. I wanted to ask about the opportunities for operating leverage maybe over the next 12 months or with what we've been discussing with the IRA, should we be expecting any growth in organizational capacity in anticipation of some of that revenue growth?

這是科林的克里斯汀。我想問一下可能在未來 12 個月內或根據我們一直在與 IRA 討論的內容，運營槓桿的機會，我們是否應該期待組織能力的任何增長以預期一些收入增長？

Kristen, it's Greg. So, I think what you've seen kind of this year versus last year is our revenues have been growing nearly at double what our costs have been growing. We've got a target here over the long term that we should be about 15% of our revenue should be spent in operating costs. That includes everything from R&D to the G&A to run the business. I would expect as our revenues continue to grow at this 25%, 30% level that we've targeted and our costs grow less than that, that we're going to continue to achieve operating leverage. That's why it's so important for us this year to get to that operating income positive point because once we know we cross over that, all that leverage comes in and we continue to grow our operating income going forward.

克里斯汀，我是格雷格。因此，我認為今年與去年相比，我們的收入增長幾乎是成本增長的兩倍。從長遠來看，我們有一個目標，即我們應該將大約 15% 的收入用於運營成本。這包括從研發到運營業務的 G&A 的一切。我預計隨著我們的收入繼續以我們設定的 25%、30% 的水平增長，而我們的成本增長低於此水平，我們將繼續實現運營槓桿。這就是為什麼今年達到營業收入正點對我們來說如此重要的原因，因為一旦我們知道我們跨越了這一點，所有的槓桿作用都會發揮作用，我們將繼續增加我們的營業收入。

And then sort of a similar line of question, but with the initial ramp in the new facility, just any incremental opportunities you may be seeing for additional efficiencies or sort of returning to that cost down ramp that you outlined?

然後是類似的問題，但是隨著新設施的初始坡道，您可能會看到任何增加的機會以提高效率或恢復到您概述的成本下降坡道？

Yes, Kristen, we are very focused on getting back to that ramp. Our cost being elevated, even just a couple of hundred dollars a kilowatt is not a position that we are used to being in. We like to focus on a 10% to 15% down. So, here's what we're doing. Part of this just gets better as volumes increase in the second half of the year as tooling comes on and we get the operating leverage through that process. The other thing we're doing is for folks that were able to see the Fremont facility in May, we have a tremendous opportunity to look to increase the productivity of our process by how we locate machines, how we use automation how we get the most for our folks in order to deliver the product through those lines. So, we think we're going to continue to get true operating leverage.

是的，克里斯汀，我們非常專注於回到那個坡道。我們的成本正在提高，即使只有幾百美元一千瓦也不是我們習慣的位置。我們喜歡專注於降低 10% 到 15%。所以，這就是我們正在做的事情。隨著工具的出現，隨著下半年銷量的增加，部分情況會變得更好，我們通過這個過程獲得了運營槓桿。我們正在做的另一件事是對於能夠在 5 月份參觀弗里蒙特工廠的人們，我們有一個巨大的機會來通過我們如何定位機器、我們如何使用自動化我們如何獲得最大收益來提高我們的流程生產力為了我們的人，以便通過這些生產線交付產品。因此，我們認為我們將繼續獲得真正的運營槓桿。

Now we'll get the first line on this year and obviously, you're seeing it through our financials of going from 280 megawatts to 580 megawatts. Next year, we're going to double that capacity again, but we'll do that over the course of a few lines. So, we'll always probably be adding some level of capacity, but we won't be in a process where we'll be doubling capacity in each year in perpetuity.

現在我們將獲得今年的第一條線路，顯然，您可以通過我們從 280 兆瓦到 580 兆瓦的財務狀況看到它。明年，我們將再次將容量增加一倍，但我們將在幾條生產線的過程中做到這一點。因此，我們可能總是會增加一定程度的產能，但我們不會處於每年將產能永久翻倍的過程中。

Next question is with Ben Kallo from Baird.

下一個問題是來自 Baird 的 Ben Kallo。

I'm just wondering if you've seen any shift in customer orders or anything like that, just because of the IRA and if customers are responding to that in any way?

我只是想知道您是否看到客戶訂單或類似情況發生任何變化，僅僅是因為 IRA 以及客戶是否以任何方式對此做出回應？

Yes. Ben, it's Greg. It's too soon. I think most customers are -- and everyone is still digesting where it is. I think I would only emphasize what we had upfront is we are seeing a tremendous interest in the time to power as businesses are looking to grow. These investments should help alleviate that. But in the near term, what customers are looking for over the next near term being 3 to 5 years, the ability to meet their growth targets through the time-to-power, and that's where we're seeing a tremendous amount of customer interest.

是的。本，我是格雷格。太快了。我認為大多數客戶都是 - 每個人仍在消化它的位置。我想我只會強調我們預先擁有的是，隨著企業尋求發展，我們看到了對權力時間的巨大興趣。這些投資應該有助於緩解這種情況。但在短期內，客戶在下一個短期內尋找的是 3 到 5 年，通過通電時間實現增長目標的能力，這就是我們看到大量客戶興趣的地方.

And there are some -- sorry, Ben, this is KR. There are some adjacencies here that we clearly see as adding to this pressure. For example, the EV market and the incentives that are going to come in the IRA for the EV market is going to suddenly create tremendous demand in congested areas already from an electricity perspective, for more electricity demand. And so, solutions like ours that defer T&D investment is going to be preferable to adding that distribution. So, we can see from a directionality perspective, why all these provisions in the bill are going to help create greater demand for us. But as Greg said, it's too early for us to see anything tangible come out while the bill is still not cleared at the House and gotten into a bill.

還有一些——對不起，本，這是KR。我們清楚地看到這裡有一些鄰接關係增加了這種壓力。例如，從電力的角度來看，電動汽車市場和愛爾蘭共和軍對電動汽車市場的激勵措施將突然在擁擠地區產生巨大的需求，即更多的電力需求。因此，像我們這樣推遲 T&D 投資的解決方案將比添加這種分配更可取。因此，我們可以從方向性的角度來看，為什麼法案中的所有這些規定都將有助於為我們創造更大的需求。但正如格雷格所說，我們現在看到任何有形的東西出來還為時過早，而法案仍未在眾議院通過並進入法案。

And just -- I know you guys talked about Europe early on in the year. Just is that still a place that you can sell to with nat gas where it is? Or does it not matter because there's so many more opportunities?

只是——我知道你們在年初就談到了歐洲。那仍然是一個你可以用天然氣賣給它的地方嗎？還是因為有更多的機會而無所謂？

Yes. No, Europe is very interesting to us. We are really excited about the Ferrari deal last quarter in having those units on the ground there for a megawatt to start, and there's much more opportunity there. I'd say Europe is -- remains a very interesting place. Italy, given that we have the units there. It's creating a lot of buzz and interest. Germany, especially around data centers, time-to-power is a very interesting market for us. In the U.K. time-to-power as well as it's got some of the kind of traditional aspects of the U.S. C&I market as far as helping people with resiliency is important there. So, we're finding that our value proposition is gaining a lot of traction in Europe, and we're really excited to see that grow.

是的。不，歐洲對我們來說很有趣。我們對上個季度與法拉利達成的交易感到非常興奮，因為他們在那裡將這些裝置投入使用，以啟動兆瓦，而且那裡有更多的機會。我想說歐洲是 - 仍然是一個非常有趣的地方。意大利，因為我們在那裡有單位。它引起了很多轟動和興趣。德國，尤其是在數據中心周圍，通電時間對我們來說是一個非常有趣的市場。在英國，上電時間以及它具有美國 C&I 市場的一些傳統方面，就幫助人們恢復彈性而言很重要。因此，我們發現我們的價值主張在歐洲獲得了很大的吸引力，我們很高興看到這種增長。

Our next question is with Graham Price from Raymond James.

我們的下一個問題是 Raymond James 的 Graham Price。

I guess, first one, a quick modeling question. I saw that R&D expense understandably bumped up with all the expansion activity. I was just wondering how to think about the run rate for that going forward?

我想，第一個，一個快速建模問題。我看到研發費用隨著所有的擴張活動而增加，這是可以理解的。我只是想知道如何考慮未來的運行率？

Graham, it's Greg. So, if you're looking at it on a -- including stock-based compensation, there were some retirements that occurred early in the year that are elevating that a bit. If you look at it ex stock-based compensation, which is the way we look at it, it was up marginally over the quarter. We are definitely investing significantly in there. But from a modeling standpoint, there was a bit of an anomaly in the second quarter versus the first.

格雷厄姆，是格雷格。因此，如果您從包括基於股票的薪酬在內的角度來看待它，那麼今年早些時候發生的一些退休事件正在提高這一點。如果你從股票薪酬來看，這就是我們看待它的方式，它在本季度略有上升。我們肯定會在那裡進行大量投資。但從建模的角度來看，第二季度與第一季度相比有些反常。

Okay. Got it. That's helpful. And then just one more on the IRA. I guess, in view of the new $3.00 PTC, I was just wondering if you would be interested in owning and operating hydrogen farms. I know that wasn't a focus area to this point. But would that change at all with this new bill?

好的。知道了。這很有幫助。然後在 IRA 上又多了一個。我想，鑑於新的 3.00 美元 PTC，我只是想知道您是否有興趣擁有和經營氫農場。我知道這不是目前的重點領域。但是，這項新法案會改變這種情況嗎？

Look, we all have to believe that the PTC and everything that's happened is going to make this market grow enormously into a very big size over time. This is such a huge market to vertically integrate and try to do things that people already know how to do on the front end and back end, it does not make any sense for us whatsoever from a bloom perspective. We are going to be stay focused on giving people the shovels and the [teams] during this [49-hour] rush, which they need. Different people may or may not find gold, but we will sell those teams to everybody that's going to try to find gold.

看，我們都必須相信 PTC 和所發生的一切都會使這個市場隨著時間的推移而大幅增長。這是一個如此巨大的市場，可以垂直整合併嘗試做人們已經知道如何在前端和後端做的事情，從綻放的角度來看，這對我們沒有任何意義。我們將繼續專注於在這 [49 小時] 高峰期間為人們提供鏟子和 [團隊]，這是他們需要的。不同的人可能會或可能不會找到黃金，但我們會將這些團隊出售給所有想要尋找黃金的人。

Our next question is with Josh (sic) [Noel] Parks from Tuohy Brothers.

我們的下一個問題是來自 Tuohy Brothers 的 Josh (sic) [Noel] Parks。

Just had a couple of things. I was wondering if also about the IRA, I just wondered if at this point, again, it's just passing now. Do you have any sense of what the sort of ripple effects, the positive ripple effects, could be on your service business? I was also curious if you had any inkling of just what the app might do sort of for faster commercialization of biogas and how that, in turn, could be beneficial to people looking at a Bloom solution?

只是有幾件事。我想知道是否也關於 IRA，我只是想知道在這一點上是否再次，它現在只是過去了。您是否知道您的服務業務可能會產生什麼樣的連鎖反應，積極的連鎖反應？我也很好奇您是否知道該應用程序可能會為沼氣的更快商業化做些什麼，以及這反過來又如何對尋求 Bloom 解決方案的人們有益？

Yes. So, if you look at the biogas, right, let's just take that. Just look at the number of incentives that are in place. For starters, the biogas plant itself, the digester, the cleanup skid that comes with the biomethane, they are all now eligible for ITC. If these waste-to-power projects are located in certain disadvantaged communities, there's a 10% bonus in addition to that. There is about $10 billion allocated for rural electrification projects to the USDA, where the very end of transmission distribution, which does not have reliability, if you can put a microgrid, there is separate grants for that. On top of that, our equipment that goes in is going to get the ITC. You put all this together, waste has become gold, okay? And so, this is going to be a huge area for us to tie into. We are super excited about that.

是的。所以，如果你看看沼氣，對，讓我們來看看。看看有多少激勵措施就可以了。首先，沼氣廠本身、沼氣池、生物甲烷附帶的清理裝置，現在都符合 ITC 的條件。如果這些垃圾發電項目位於某些弱勢社區，除此之外還有 10% 的獎金。美國農業部為農村電氣化項目分配了大約 100 億美元，在輸配電的最末端，沒有可靠性，如果你可以放置一個微電網，則有單獨的撥款。最重要的是，我們進入的設備將獲得 ITC。你把這一切放在一起，廢物變成了黃金，好嗎？因此，這將是我們需要涉足的一個巨大領域。我們對此感到非常興奮。

And the one thing that maybe you're thinking as a follow-up, and I may be taking the question away from you is carbon capture, right? With that $85 carbon credit that's coming for a ton, and a very important piece of the legislation [says] even at 5 megawatts, it used to be only at 200 megawatts you can avail all those subsidies. Now you can avail all those subsidies at 5 megawatts at our emissions kind of rate. So, to be able to go from abundant natural gas to zero carbon electricity at a price point that is below the grid price, is what the 45Q is going to enable as soon as people figure out how to sequester the CO2, which is possible in so many different geographies.

作為後續行動，您可能會考慮的一件事，而我可能會從您那裡拿走這個問題，那就是碳捕獲，對嗎？有了 85 美元的碳信用額度，還有一項非常重要的立法 [說] 即使是 5 兆瓦，過去也只有 200 兆瓦，你可以利用所有這些補貼。現在，您可以按照我們的排放速率獲得 5 兆瓦的所有補貼。因此，能夠以低於電網價格的價格從豐富的天然氣轉變為零碳電力，這就是 45Q 將在人們弄清楚如何封存二氧化碳後立即實現的目標，這在這麼多不同的地區。

So, expect in the next few years for this to take off in a big way because we have the technology ready to go right now. All that we need are people who know how to take that CO2 and pump it into the ground. And that shouldn't be that hard.

因此，預計在接下來的幾年中，這將大放異彩，因為我們現在已經準備好技術。我們所需要的只是知道如何吸收二氧化碳並將其泵入地下的人。這不應該那麼難。

Right. Absolutely, absolutely. And I guess, sort of a similar line, just curious, can you talk about on the RSG front, whether your transaction with EQT has brought any similarly interested parties to the table or if you're just seeing more going on with potentially similar deals?

正確的。絕對，絕對。我想，有點類似的路線，只是好奇，你能談談 RSG 方面嗎，你與 EQT 的交易是否讓任何類似的利益相關方參與進來，或者你是否只是看到更多潛在的類似交易正在進行?

I can tell you for our customers, C&I customers in the U.S., when we talk to them about us future proofing them and stepping them in a very thoughtful way without any bumps to their decarbonization goals, the RSG becomes a very important starting step. It's the immediate first thing with which they can do something good for themselves and for the planet and for their ESG requirements. So, we are seeing that to be very, very attractive to our C&I customers when we are talking to them.

我可以為我們的客戶（美國的 C&I 客戶）告訴您，當我們與他們談論我們在未來對他們進行驗證並以非常周到的方式推動他們而不會影響他們的脫碳目標時，RSG 成為一個非常重要的開始步驟。這是他們可以為自己和地球以及他們的 ESG 要求做一些好事的第一件事。因此，當我們與 C&I 客戶交談時，我們發現這對他們非常非常有吸引力。

Our final question will be with Biju Perincheril with Susquehanna.

我們的最後一個問題將是 Biju Perincheril 和 Susquehanna。

I think, KR, you touched on my question that was sort of taken the waste-to-gas opportunities and the carbon capture technology and sort of combine a bit to produce negative carbon electricity. So, I guess, for that to work, how much do the waste-to-gas projects have to scale up? And how do you -- what are the ways to scale that up? I mean is there an opportunity to use something than just the natural waste? In other words, some articles on grass-to-gas type of projects? So just wondering about that.

我想，KR，你談到了我的問題，即利用廢物轉化為氣體的機會和碳捕獲技術，並結合一點產生負碳電。所以，我想，要做到這一點，垃圾焚燒項目需要擴大多少規模？你如何 - 有什麼方法可以擴大規模？我的意思是有機會使用一些東西，而不僅僅是自然廢物嗎？換句話說，一些關於草改氣類項目的文章？所以只是想知道這一點。

So that's a great question, Biju. So, here's what I would say, right? If we just start with wastewater treatment, if we deal with animal waste and if we deal with biowaste, that alone is several gigawatts worth of opportunity to start with. Their waste is already being created. But I think the question that you're bringing up is having -- producing crops and using that biomass to be able to do this as a way of further benefiting the climate and the planet as well as creating a market for us. There is a way that we are already engaged in that's helping that in that there are several companies focused on producing biofuels today. And they actually take a crop and make biofuels with that. And their carbon intensity score depends on the intensity of the electricity that they use. And we are able to offer them a phenomenal option with our electric power because of which their CI scores go down and the monetization they get on the other end on the LCFS is extremely high. This is a very, very attractive segment for that. That's the next step, okay? Between these 2, there are gigawatts worth of opportunities.

所以這是一個很好的問題，Biju。所以，這就是我要說的，對吧？如果我們只是從廢水處理開始，如果我們處理動物廢物，如果我們處理生物廢物，那麼僅此一項就是幾吉瓦的開始機會。他們的廢物已經在製造。但我認為你提出的問題是——生產作物並利用生物質能做到這一點，以此作為進一步造福氣候和地球以及為我們創造市場的一種方式。我們已經採用了一種方法來幫助實現這一目標，因為今天有幾家公司專注於生產生物燃料。他們實際上是用農作物生產生物燃料。他們的碳強度得分取決於他們使用的電力強度。我們能夠用我們的電力為他們提供一個驚人的選擇，因為他們的 CI 分數下降，他們在 LCFS 的另一端獲得的貨幣化非常高。這是一個非常非常有吸引力的細分市場。這是下一步，好嗎？在這兩者之間，有數千兆瓦的機會。

Got it. So, there's an opportunity here to sort of access the carbon credits market down the road with these 2 technologies?

知道了。那麼，這裡有機會通過這兩種技術進入碳信用市場嗎？

Yes, for our customers.

是的，對於我們的客戶。

Yes, for our customers to monetize and therefore, for them to appropriately pay us for the equipment that we provide to them.

是的，我們的客戶可以從中獲利，因此他們可以適當地向我們支付我們提供給他們的設備的費用。

Well, thank you all for attending the call here. So let me summarize. First and foremost, what you heard from us today is we are performing in a very difficult market, in a very difficult macro condition in terms of supply chain, labor, everything that everybody faces, but you can see from the results we are executing. We're doing well. And I'm very proud of the Bloom team that is dedicated, passionate and delivering great results for us. That's the first thing.

好吧，謝謝大家在這裡參加電話會議。所以讓我總結一下。首先，你今天從我們那裡聽到的是，我們在一個非常困難的市場中表現，在供應鏈、勞動力以及每個人面臨的一切方面都處於非常困難的宏觀條件下，但你可以從我們正在執行的結果中看到。我們做得很好。我為 Bloom 團隊感到非常自豪，他們敬業、熱情並為我們帶來了巨大的成果。這是第一件事。

The IRA is truly wind on our backs. Unlike most energy companies, it's going to help us in so many different ways that we talk to you in the Q&A. And the good news for us is our platform technology allows us to just pivot to whatever markets at whatever point in time that will provide us the best optionality in terms of growth and margin. So, we will not only look for margin, but we will look for margin in places that have tremendous growth opportunity. This is how we're going to make the decisions, and we have built a company and a leadership team that can be nimble that is savvy and can execute to the level of flexibility that our platform actually offers. So, I'm super excited about what the future holds for us. And I think we are off to a different chapter when it comes to decarbonizing the planet post the IRA here in the U.S., and I don't want to not mention similar dynamics are happening in Europe. In Asia, we're already growing. You put all that together, we are building a global company whose mission is to decarbonize the planet. Thank you for joining us.

愛爾蘭共和軍真的是我們背上的風。與大多數能源公司不同，它將以多種不同的方式幫助我們，我們在問答中與您交談。對我們來說好消息是我們的平台技術允許我們在任何時間點轉向任何市場，這將為我們提供增長和利潤方面的最佳選擇。因此，我們不僅會尋找利潤，還會在具有巨大增長機會的地方尋找利潤。這就是我們要做出決定的方式，我們已經建立了一個公司和一個領導團隊，他們可以靈活、精明，並且可以執行到我們平台實際提供的靈活性水平。所以，我對我們的未來感到非常興奮。而且我認為，在美國在愛爾蘭共和軍之後，在地球脫碳方面，我們已經進入了一個不同的篇章，我不想不提歐洲正在發生類似的動態。在亞洲，我們已經在成長。您將所有這些放在一起，我們正在建立一家全球性公司，其使命是使地球脫碳。感謝您加入我們。

That concludes today's call. Thank you for your participation. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開線路。