Bloom Energy Corp (BE) 2022 Q4 法說會逐字稿

Good evening, ladies and gentlemen. Thank you for attending today's Bloom Energy Q4 2022 Earnings Conference Call. My name is Tia, and I will be your moderator for today's call. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. (Operator Instructions)

先生們女士們晚上好。感謝您參加今天的 Bloom Energy 2022 年第四季度收益電話會議。我叫 Tia，我將擔任今天電話會議的主持人。在通話的演示部分，所有線路都將靜音，最後有機會提問和回答。 （操作員說明）

I would now like to pass the conference over to your host, Ed Vallejo, Vice President of Investor Relations. Please proceed.

我現在想將會議轉交給您的主持人，投資者關係副總裁 Ed Vallejo。請繼續。

Thank you and good afternoon everybody. Thank you for joining us for Bloom Energy's fourth quarter 2022 earnings conference call.

謝謝，大家下午好。感謝您加入我們參加 Bloom Energy 的 2022 年第四季度收益電話會議。

To supplement this conference call, we furnished our fourth 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.

為了補充本次電話會議，我們在 8-K 表格中向美國證券交易委員會提供了 2022 年第四季度收益新聞稿，並將其與補充財務信息一起發布，我們將在本次電話會議中參考我們的投資者關係網站。

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 2023. 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-K and 10-Q. 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發言中還是在回答您的問題時，我們都可能做出前瞻性陳述，代表我們對未來事件和未來財務業績的預期。其中包括有關公司業務成果、產品、新市場、戰略、財務狀況、流動性和 2023 年全年展望的聲明。這些聲明是基於我們的預期、估計和假設的預測。然而，由於這些聲明涉及未來事件，它們受到許多已知和未知的風險和不確定性的影響，正如我們在提交給美國證券交易委員會的文件中詳細討論的那樣，包括我們最近提交的 10-K 和 10-Q 表格。我們沒有義務修改在今天的電話會議上做出的任何前瞻性陳述。

During this call, and in our fourth quarter 2022 earnings press release, we refer to GAAP and non-GAAP financial measures. The non-GAAP financial measures are not prepared in accordance with US 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 fourth quarter 2022 earnings press release available in our Investor Relations website.

在本次電話會議中以及我們 2022 年第四季度的收益新聞稿中，我們提到了 GAAP 和非 GAAP 財務指標。非 GAAP 財務指標不是根據美國公認會計原則編制的，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 年第四季度收益新聞稿中。

Joining me on the call today are KR 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 as well as the outlook for 2023. 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創始人、董事長兼首席執行官 KR Sridhar；和我們的首席財務官 Greg Cameron。 KR 將首先概述我們的業務，然後 Greg 將回顧本季度的運營和財務亮點以及 2023 年的展望。在我們準備好的評論之後，我們將有時間回答您的問題。

I'll now turn the call over to KR.

我現在將電話轉給 KR。

Thank you, Ed. Good day everyone. Bloom Energy finished 2022 in a very strong position as our resilient and sustainable energy solutions experienced wider adoption and we were aided by good tailwinds. We expect this trend to continue in 2023 and beyond.

謝謝你，埃德。今天是個好日子。 Bloom Energy 在 2022 年處於非常有利的地位，因為我們的彈性和可持續能源解決方案得到了更廣泛的採用，並且我們得到了良好的順風幫助。我們預計這一趨勢將在 2023 年及以後繼續。

Our revenues and gross margins were records for the fourth quarter and for the full year, and we closed 2022 with a $10 billion backlog, the strongest order book in Bloom's history. We continue to innovate at a rapid pace to further strengthen our technology leadership and competitive advantage. In 2022, we demonstrated record-breaking efficiencies for hydrogen production using our electrolyzers and successfully lab-tested our highly promising Carbon Capture Technology. We released a combined heat and power offering that we're very excited about. This offering has wide-ranging applications, including in the European markets we are now entering and for industries that can use the heat. We successfully deployed our marine product on schedule. Bloom has also invested in operations and doubled our manufacturing capacity. I'm proud of our team for all we have accomplished in 2022. We are excited about 2023 and are looking forward to building on the momentum we have generated.

我們的收入和毛利率在第四季度和全年都創下歷史新高，到 2022 年，我們積壓了 100 億美元訂單，這是 Bloom 歷史上最強勁的訂單。我們繼續快速創新，以進一步加強我們的技術領先地位和競爭優勢。 2022 年，我們展示了使用我們的電解槽生產氫氣的破紀錄效率，並成功地對我們極具前景的碳捕集技術進行了實驗室測試。我們發布了我們非常興奮的熱電聯產產品。該產品具有廣泛的應用，包括在我們現在進入的歐洲市場以及可以使用熱量的行業。我們按計劃成功部署了我們的海運產品。 Bloom 還投資於運營並將我們的製造能力提高了一倍。我為我們的團隊在 2022 年取得的成就感到自豪。我們對 2023 年感到興奮，並期待在我們已經產生的勢頭的基礎上再接再厲。

We are establishing ourselves as the energy company that offers our customers practical and purposeful solutions. We call it the power of and. When it comes to energy we need security and sustainability, reliability and resiliency, affordability and availability. Simply put, when it comes to energy a resource that is foundational to our well-being or should not be an option. The Bloom Energy Technology platform delivers on the power of and. The future looks very bright for growing our electricity and hydrogen solutions, both domestically and internationally. We're very pleased with the quality and composition of our $10 billion order book, it offers predictability and visibility. We have talked to you in the past about the issue of time-to-power, utilities are not able to meet the growing need of commercial and industrial customers for additional power.

我們正在將自己打造成一家能源公司，為我們的客戶提供實用且有目的的解決方案。我們稱之為和的力量。在能源方面，我們需要安全性和可持續性、可靠性和彈性、可負擔性和可用性。簡而言之，當涉及到能源時，這是一種對我們的福祉至關重要的資源，或者不應該是一種選擇。 Bloom Energy 技術平台提供了和的力量。在國內和國際上發展我們的電力和氫解決方案的未來看起來非常光明。我們對 100 億美元訂單的質量和構成感到非常滿意，它提供了可預測性和可見性。我們過去曾與您討論過供電時間問題，公用事業無法滿足商業和工業客戶對額外電力日益增長的需求。

Let me elaborate on this. Businesses are expanding and many are reshoring their operations. Digital transformation is driving steep growth in data center loads, vehicles and appliances are being electrified, all these trends are causing a surge in energy demand. At the same time, geopolitics, climate concerns, and nimbyism are making a very difficult global energy transition even harder. There is long-term policy uncertainty, permitting chaos, erroneous political decisions to shut down or not allow infrastructure growth based on unrealistic transition timelines, all of which have significantly stunted growth of energy supply.

讓我詳細說明一下。企業正在擴張，許多企業正在重新開展業務。數字化轉型正在推動數據中心負載的急劇增長，車輛和電器正在電氣化，所有這些趨勢都導致能源需求激增。與此同時，地緣政治、氣候問題和鄰避主義使非常艱難的全球能源轉型變得更加艱難。存在長期的政策不確定性，允許混亂、錯誤的政治決定關閉或不允許基於不切實際的過渡時間表的基礎設施增長，所有這些都嚴重阻礙了能源供應的增長。

Many jurisdictions have turned to dirty and unreliable sources of energy to cope with the situation. California has spent billions of dollars on dirty diesel generators and antiquated power plants to keep the lights on during the summer. The Northeast is heating homes this winter with carbon-intensive heavy oil due to the lack of cleaner gas and Europe has been forced to reopen coal power plants. We see this acute supply-demand mismatch globally, this imbalance has seriously threatened energy availability, security and affordability. It has also compromised the health of people and businesses around the world. Furthermore, it has set the world back on its sustainability goals.

許多司法管轄區已轉向使用骯髒且不可靠的能源來應對這種情況。加利福尼亞州已花費數十億美元購買骯髒的柴油發電機和陳舊的發電廠，以在夏季保持照明。由於缺乏更清潔的天然氣，今年冬天東北部正在使用碳密集型重油為家庭供暖，而歐洲則被迫重新開放燃煤電廠。我們在全球範圍內看到了這種嚴重的供需失衡，這種失衡已經嚴重威脅到能源的可用性、安全性和可負擔性。它還損害了全世界人民和企業的健康。此外，它使世界重新回到其可持續發展目標。

The bi-annual EPA eGRID numbers came out last week and they showed that marginal and average CO2 emissions have gone up in the last couple of years in many geographies. Additionally, the prolonged power outages experienced repeatedly in places like the US Gulf States speak to the fragility of the grid. Commercial and industrial consumers of energy are alarmed by the lack of secured, affordable, and reliable energy options from their utilities. They are increasingly wanting to take control of their own energy destiny.

上周公布了半年一次的 EPA eGRID 數據，它們表明過去幾年許多地區的邊際和平均二氧化碳排放量都有所上升。此外，美國海灣國家等地反復出現的長時間停電也說明了電網的脆弱性。商業和工業能源消費者對其公用事業缺乏安全、負擔得起和可靠的能源選擇感到震驚。他們越來越希望掌控自己的能源命運。

Many of them are turning to Bloom for behind-the-meter solutions in these situations. It should be no surprise to you then that we have booked over 100 megawatts of orders from customers in the US to solve their time-to-power issue. Also as Greg will cover in his remarks, we have made great progress operationally. We'll leverage our technology advances, increased manufacturing scale, and other efficiencies to drive improvements in our margin profile. The cost-down program is a cornerstone value for Bloom and is part of our DNA. Lowering our cost of goods should enable us to enjoy both growth and profitability. Bloom is now a predictable growth company. We offer the world a unique, mature, and proven platform solution at scale, a solution that can be deployed today with a clear pathway to a net-zero future.

在這些情況下，他們中的許多人都轉向 Bloom 尋求背後的解決方案。那麼您應該不會感到驚訝，我們已經從美國客戶那裡預訂了超過 100 兆瓦的訂單，以解決他們的供電時間問題。正如 Greg 將在他的發言中提到的那樣，我們在運營方面取得了很大進展。我們將利用我們的技術進步、製造規模的擴大和其他效率來推動我們的利潤率狀況的改善。成本降低計劃是 Bloom 的基石價值，也是我們 DNA 的一部分。降低我們的商品成本應該使我們能夠享受增長和盈利。 Bloom 現在是一家可預測的成長型公司。我們為世界提供了一個獨特的、成熟的、經過驗證的大規模平台解決方案，一個可以在今天部署的解決方案，為實現淨零未來提供了明確的途徑。

With that, let me turn it over to Greg to discuss our financial performance. Greg?

有了這個，讓我把它交給格雷格來討論我們的財務業績。格雷格？

Thanks, KR. This past year, we achieved strong commercial operational, and financial results that position us to be a leader in the global energy transition.

謝謝，KR。過去一年，我們取得了強勁的商業運營和財務業績，使我們成為全球能源轉型的領導者。

Let me begin with a few highlights. We had record revenues. For the fourth quarter, Product and Service revenue was up over 41% and total revenue increased more than 35% versus a robust fourth quarter 2021. For the year, Product and Service revenue was over $1 billion and total revenue was $1.2 billion. Our margins improved. Fourth quarter non-GAAP gross margin surpassed 30%, resulting in 23% for the year, up 130 basis points versus prior year. Our backlogs for Systems and Service has reached $10 billion, the largest in Bloom history. We completed the first phase of our Fremont factory, adding 300 megawatts of stack manufacturing capacity which doubled our capacity from the beginning of the year and we built 2 gigawatts of electrolyzer assembly capacity in Delaware. We are providing a 2023 framework consistent with our long-term guidance built on strong growth and margin expansion.

讓我從幾個亮點開始。我們的收入創歷史新高。與強勁的 2021 年第四季度相比，第四季度產品和服務收入增長超過 41%，總收入增長超過 35%。全年，產品和服務收入超過 10 億美元，總收入為 12 億美元。我們的利潤率有所提高。第四季度非美國通用會計準則毛利率超過 30%，全年為 23%，比上年增長 130 個基點。我們的系統和服務積壓訂單已達到 100 億美元，是 Bloom 歷史上最大的訂單。我們完成了弗里蒙特工廠的第一階段，增加了 300 兆瓦的電堆製造能力，這使我們的產能比年初翻了一番，並且我們在特拉華州建立了 2 吉瓦的電解槽組裝能力。我們提供的 2023 框架與我們建立在強勁增長和利潤擴張基礎上的長期指導相一致。

With those as highlights let me provide some additional context to our performance. The value proposition for our energy servers and electrolyzers is robust. Our customers need resilient power that reduces their carbon intensity while providing optionality to move to onsite net-zero solutions like hydrogen in the future. Our time-to-power value proposition is particularly meaningful for manufacturers and data centers, especially when the local utilities are unable to provide the additional power to support their growth. For our electrolyzer, we are engaged with large-scale developers of hydrogen and green ammonia projects. They clearly value the efficiency advantages of our solid oxide technology and our manufacturing readiness.

以這些作為亮點，讓我為我們的表現提供一些額外的背景信息。我們的能源服務器和電解槽的價值主張是穩健的。我們的客戶需要彈性動力來降低他們的碳強度，同時提供在未來轉向現場淨零解決方案（如氫）的選擇權。我們的發電時間價值主張對製造商和數據中心特別有意義，尤其是噹噹地公用事業無法提供額外電力來支持它們的增長時。對於我們的電解槽，我們與氫氣和綠色氨項目的大型開發商合作。他們顯然重視我們的固體氧化物技術的效率優勢和我們的製造準備。

We are also partnering with developers for significant opportunities in waste to energy. In some instances, we're providing power solutions to enable low-carbon intensity renewable fuels, and in other cases, we're providing solutions to use biogas for resilient power across dairies, landfills and waste-water treatment facilities. Opportunities are progressing with a sense of urgency, aided by the United States Inflation Reduction Act and similar incentives in Canada and Europe.

我們還與開發商合作，尋找廢物轉化為能源的重要機會。在某些情況下，我們提供電力解決方案以實現低碳強度的可再生燃料，而在其他情況下，我們提供解決方案以使用沼氣為奶牛場、垃圾填埋場和廢水處理設施提供彈性電力。在美國通貨膨脹減少法案和加拿大和歐洲的類似激勵措施的幫助下，機會正在緊迫感中取得進展。

The system backlog for our 24/7 AlwaysOn energy server is $2.8 billion, up 16% versus prior year. When combined with the revenue that should be earned on service contracts, we have a total backlog of $10 billion, up 17% versus year-end 2021. When comparing year-over-year growth in backlog, it's important to remember that in 2022, it was the first year of a three year take-or-pay contract with SK ecoplant that was included in our 2021 backlog. When adjusting comparisons to reflect SK ecoplant plant's 2022 deliveries, our system contract value backlog has increased 41% versus prior year.

我們 24/7 AlwaysOn 能源服務器的系統積壓訂單為 28 億美元，比上一年增長 16%。加上服務合同應賺取的收入，我們的積壓訂單總額為 100 億美元，比 2021 年底增長 17%。在比較積壓訂單的同比增長時，重要的是要記住，到 2022 年，這是我們 2021 年積壓訂單中包含的與 SK ecoplant 簽訂的三年照付不議合同的第一年。在調整比較以反映 SK ecoplant 工廠 2022 年的交付時，我們的系統合同價值積壓比上一年增加了 41%。

Our fourth quarter non-GAAP gross margins of 30% improved 9.2 points versus the fourth quarter 2021. The margin increase was driven by an improved pricing mix on our fourth quarter acceptances, unit cost reductions, ITC benefits, PPA IV repowering and product revenue being a larger percentage of the total revenue. We benefited by a convergence of these events in the past quarter, and we would not expect this margin rate to be our new baseline The PPA IV repowering was similar to the PPA IIIa repowering in the second quarter. We executed the sale of a previously consolidated PPA entity and by doing so, we eliminated $70.8 million of non re-course debt, enhanced current margins on higher ASPs and simplified our financial reporting. As part of this transaction, we recorded $73 million of charges through our electricity segment, operating expenses and other expenses that were removed as pro forma adjustments from our non-GAAP reporting. We have one remaining consolidated entity, PPA V that we may repower in late 2023, or early 2024 with a similar approach.

我們第四季度的非美國通用會計準則毛利率為 30%，與 2021 年第四季度相比提高了 9.2 個百分點。利潤率的增長是由於我們第四季度驗收的定價組合得到改善、單位成本降低、ITC 收益、PPA IV 重新供電和產品收入增加所致佔總收入的比重較大。我們受益於上個季度這些事件的匯聚，我們預計這個保證金率不會成為我們的新基線 PPA IV 重新啟動與第二季度的 PPA IIIa 重新啟動類似。我們出售了之前合併的 PPA 實體，通過這樣做，我們消除了 7080 萬美元的無追索權債務，提高了更高平均售價的當前利潤率，並簡化了我們的財務報告。作為此次交易的一部分，我們通過電力部門記錄了 7300 萬美元的費用、運營費用和其他費用，這些費用作為備考調整從我們的非 GAAP 報告中刪除。我們還有一個剩餘的合併實體，PPA V，我們可能會在 2023 年底或 2024 年初以類似的方法重新啟動。

Our supply chain and manufacturing teams are successfully navigating the current environment. We completed the first phase of our Fremont facility expansion, which doubled our stack manufacturing capacity from the beginning of the year from 300 megawatts to 600 megawatts. As the number of builds increased, we saw a decrease in our unit cost quarter-over-quarter. To reduce costs in 2023, we are increasing the power density of our energy server, identifying material savings, securing supply chain deflation, automating manufacturing processes, and benefiting from operating leverage. We fully expect to return to our annual product cost reductions of 10% to 15%.

我們的供應鍊和製造團隊正在成功應對當前環境。我們完成了弗里蒙特工廠擴建的第一階段，使我們的電堆製造能力從年初的 300 兆瓦增加到 600 兆瓦。隨著構建數量的增加，我們看到單位成本環比下降。為了在 2023 年降低成本，我們正在提高能源服務器的功率密度、確定材料節省、確保供應鏈緊縮、自動化製造流程並從運營槓桿中獲益。我們完全希望將每年的產品成本降低 10% 至 15%。

We ended the year with more than $500 million in cash balances. These balances do not yet include the $310 million from the SK ecoplant equity investment, which is expected to close in the first quarter, subject to remaining regulatory approvals. Last quarter, given the rising interest rates, we elected not to factor over $160 million in eligible receivables. Had we factored these receivables, cash flow from operations usage in 2022 would have been only $31.7 million, roughly half of our 2021 usage of $60.7 million. In 2023, we expect strong revenue growth and expanding margins consistent with our long-term guidance provided last February. As we do less installations and reduce our electricity segment, the more meaningful measure of our growth, product and service revenue is expected to grow 20% to 30% to $1.25 billion to $1.35 billion.

到年底，我們的現金餘額超過 5 億美元。這些餘額還不包括來自 SK ecoplant 股權投資的 3.1 億美元，該投資預計將在第一季度完成，但需獲得剩餘的監管批准。上個季度，鑑於利率上升，我們選擇不考慮超過 1.6 億美元的合格應收賬款。如果我們將這些應收賬款考慮在內，2022 年運營使用產生的現金流量將僅為 3170 萬美元，大約是我們 2021 年使用量 6070 萬美元的一半。到 2023 年，我們預計收入將強勁增長，利潤率將擴大，這與我們去年 2 月提供的長期指導一致。隨著我們減少安裝並減少電力部門，我們增長、產品和服務收入的更有意義的衡量標準預計將增長 20% 至 30%，達到 12.5 億美元至 13.5 億美元。

We expect total revenues to reach $1.4 billion to $1.5 billion, up 17% to 25% for the year. This year we plan to reduce our product cost over 10% and expect our non-GAAP gross margins to improve 200 basis points to roughly 25% for the year. With these revenues and margins, we would expect non-GAAP operating income and cash flow from operations to be positive in 2023. Our business is delivering. For the first quarter of 2023 based on likely acceptances, I would expect product and service revenue growth in line with the total year growth targets. Non-GAAP gross margin should be up 200 basis points to 300 basis points versus the first quarter last year if three months startup costs do not repeat. As in previous years, we expect 40% of our revenue in the first half and 60% in the second half of the year, driven by the seasonality of acceptances. As such, our second half margins tend to be higher as accretive product margin is a greater percentage of the total.

我們預計全年總收入將達到 14 億至 15 億美元，增長 17% 至 25%。今年我們計劃將產品成本降低 10% 以上，並預計我們的非 GAAP 毛利率今年將提高 200 個基點至約 25%。有了這些收入和利潤率，我們預計 2023 年非 GAAP 營業收入和經營現金流為正。我們的業務正在交付。根據可能接受的情況，對於 2023 年第一季度，我預計產品和服務收入的增長將與全年增長目標保持一致。如果三個月的啟動成本不重複，非 GAAP 毛利率應比去年第一季度提高 200 個基點至 300 個基點。與往年一樣，我們預計上半年的收入將達到 40%，下半年將達到 60%，這是受接受的季節性影響。因此，我們的下半年利潤率往往更高，因為增值產品利潤率佔總利潤率的比例更大。

In summary, we had a strong operational year in our building momentum with the demand for abundant clean and resilient energy. We believe the company can build upon our mature solid oxide platform, solid record of accomplishment and robust growth road map. We're extremely excited about our future and I look forward to showcasing the team at our Investor Conference on May 23 at the New York Stock Exchange.

總而言之，由於對豐富的清潔和彈性能源的需求，我們的建設勢頭強勁。我們相信公司可以在我們成熟的固體氧化物平台、堅實的成就記錄和強勁的增長路線圖的基礎上再接再厲。我們對我們的未來感到非常興奮，我期待著在 5 月 23 日在紐約證券交易所舉行的投資者大會上展示我們的團隊。

With that, operator, please open-up the line for questions.

有了這個，接線員，請打開問題熱線。

Absolutely. We will now begin the Q&A session. (Operator Instructions) The first question is from the line of Manav Gupta with UBS.

絕對地。我們現在將開始問答環節。 （操作員說明）第一個問題來自瑞銀集團的 Manav Gupta。

My question here is I was just listening to the Dolf Gielen's presentation from the World Bank, and he was saying that if the world has to decarbonize, we need 200 gigawatts of electrolyzer capacity every year between now and 2050. And so when we look at Bloom you have shown immense capital discipline. But if some of these growth numbers by these world agencies are right, is there a point where Bloom takes a look and says, maybe we can be a little more aggressive and press harder on the gas where 1 gigawatt of capacity every two years is just not enough. And I'll leave it there.

我的問題是，我剛剛聽了世界銀行 Dolf Gielen 的演講，他說如果世界必須脫碳，從現在到 2050 年我們每年需要 200 吉瓦的電解槽容量。所以當我們看布盧姆你表現出了巨大的資本紀律。但是，如果這些世界機構的這些增長數字中的一些是正確的，Bloom 是否會看一下並說，也許我們可以更積極一點，對天然氣施加更大的壓力，每兩年 1 吉瓦的容量僅是不夠。我會把它留在那裡。

And here's what I would say. We're super excited about hydrogen, because that is the abundant clean power the world is craving for. We are not in the business of guessing when that hockey stick is going to take off, but we are extremely prepared. What I mean by that is we don't need to do a gigawatt a year. We can build, copy exact lines in gigawatt lines across the world wherever we need to do it and what we have shown you with the doubling of our capacity is within a year we can recoup that capital. There is not too many factories that I know of that can do that and technologies that can do that. We intentionally did that. So when this hockey stick happens, we are there to meet the moment and not say why we can't grow. So we are prepared, ready gearing to go, the world needs to step-up and actually make it happen. We have the ploughs. Somebody needs to now start digging into those goals.

這就是我要說的。我們對氫感到超級興奮，因為這是世界渴望的豐富的清潔能源。我們不是在猜測曲棍球棒什麼時候會起飛，但我們已經做好了充分的準備。我的意思是我們不需要每年生產 1 千兆瓦。我們可以在全球任何需要的地方建造、複製千兆瓦級的精確線路，我們向您展示的是，我們的產能翻了一番，我們可以在一年內收回這筆資金。據我所知，沒有多少工廠可以做到這一點，也沒有多少技術可以做到這一點。我們是故意這樣做的。所以當這根曲棍球棒發生時，我們在那裡迎接那一刻，而不是說為什麼我們不能成長。因此，我們已做好準備，準備就緒，世界需要加緊努力，真正實現這一目標。我們有犁。現在需要有人開始深入研究這些目標。

The next question comes from the line of Julien Dumoulin-Smith with Bank of America.

下一個問題來自美國銀行的 Julien Dumoulin-Smith。

So just coming back to the hydrogen conversation. I'll start there. Just what's included in '23 guidance. Just want to understand what's in and what's out and specifically as it relates to hydrogen, how many projects or what can you discuss with regards to what's assumed in '23 as well as hydrogen and the incremental backlog that's being disclosed here, if you can.

所以回到氫對話。我將從那裡開始。 '23 指南中包含的內容。只是想了解有什麼，有什麼，特別是因為它與氫氣有關，有多少項目或你可以討論什麼關於 23 年的假設以及氫氣和這裡披露的增量積壓，如果可以的話。

So one of the reasons I highlighted our backlog being around the natural gas server, our 24/7 energy servers, that's the vast, vast majority of what is in our backlog today. The team is very excited about the opportunity. We've got a number of projects that Rick and the team are working through and we're really excited about the commercial momentum and the sense of urgency that the team has. So as you look at the backlog, it is predominantly the server with no electrolyzer in there.

因此，我強調我們積壓的原因之一是圍繞天然氣服務器，我們的 24/7 能源服務器，這是我們今天積壓的絕大多數。團隊對這個機會感到非常興奮。我們有許多 Rick 和團隊正在完成的項目，我們對團隊的商業勢頭和緊迫感感到非常興奮。所以當你看積壓時，它主要是沒有電解槽的服務器。

If you look at the 2023 framework, so we talked about as we get orders for the electrolyzer, deliveries and those are likely to be late '24, '25 before you see any commercial momentum out of them. So as you think about the 2023 guidance that we put out for revenue is really around our core product today that we're selling on the energy server in the US, in Korea and other parts where the team has made a lot of progress on the international side. So really excited about that market, but is not yet contributing to the overall framework or backlog at this point.

如果你看一下 2023 年的框架，那麼我們在收到電解槽訂單時談到了交付，這些訂單可能會在 24 年、25 年晚些時候出現，然後你才能看到它們的任何商業勢頭。因此，當您考慮我們提出的 2023 年收入指南時，實際上是圍繞我們今天在美國、韓國和其他團隊在能源服務器上取得很大進展的地區銷售的核心產品。國際方面。對該市場感到非常興奮，但目前尚未對整體框架或積壓做出貢獻。

The next question comes from line of Michael Blum, Wells Fargo.

下一個問題來自富國銀行的 Michael Blum。

I wanted to stay on the backlog for a second. It's obviously up quite a bit, which is pretty encouraging. I'm wondering if you just speak to the profile of the customers who are behind that backlog and maybe give us a flavor for geography and then how many years out, is that backlog representing now.

我想在積壓工作上停留一秒鐘。它顯然上升了很多，這非常令人鼓舞。我想知道你是否只是談談那些積壓背後的客戶的概況，也許給我們一個地理風味，然後是多少年後，積壓代表現在。

Yeah. So on that backlog, right, in order for a contract or a project to make it in our backlog, it's fairly stringent on the approach that we use here. So it has to be a firm contract, there has to be skin in the game for both of us and it has to be affirmed delivery on it. So in order for that project to be in our backlog, it's got to have those things. As you look at the projects that we have, our US C&I business has really had a strong 2022.

是的。因此，在積壓工作中，為了讓合同或項目進入我們的積壓工作，我們在這裡使用的方法相當嚴格。所以它必須是一份堅定的合同，我們雙方都必須在比賽中有皮膚，並且必須確認交付。因此，為了讓該項目成為我們的積壓工作，它必須具備這些東西。當您查看我們擁有的項目時，我們的美國 C&I 業務在 2022 年確實表現強勁。

And if you look at the types of projects that they are seeing, they are in the larger scale than they were seeing pre-pandemic, meaning of size in the 25 megawatts and above type size. You're seeing them in the time to power area and resiliency both together either separately or together, meaning it is a large project that's meaningful for that customer around their ability to perform their operations today or to bring additional operations online, so they can meet their growth prospects. So those are, I'd say, is what we're seeing in the US.

而且，如果您查看他們看到的項目類型，就會發現它們的規模比大流行前更大，即 25 兆瓦及以上的規模。你看到他們在時間上單獨或一起為區域和彈性提供動力，這意味著這是一個大型項目，對於客戶來說，圍繞他們今天執行操作的能力或使額外的操作在線，這樣他們就可以滿足他們的成長前景。因此，我想說的是我們在美國看到的情況。

Korea tends to be what we're seeing is still very much the take-or-pay contract and the comment I was trying to make was we had three years of take-or-pay last year, we now have just two years and that's why I did that adjustment math for you. And then broadly, you saw the announcements that Tim's team have been able to do in Italy and in Taiwan on good-sized projects and the 10 megawatts is starting on the relationship side. So we're getting some good scale and making sure that where we plant flags we can support not only our core originations, but our service business once we land those units. So I feel like we've got some really strong diversity that we're building into our backlog and in the markets we're in, we are gaining both number of deals and size of deals, which is really encouraging.

韓國往往是我們所看到的仍然是照付不議的合同，我想說的是去年我們有三年的照付不議合同，現在我們只有兩年了，那就是為什麼我為你做了那個調整數學。然後從廣義上講，您看到了 Tim 的團隊已經能夠在意大利和台灣進行大型項目的公告，並且 10 兆瓦正在關係方面開始。因此，我們正在取得一定的規模，並確保在我們插旗的地方，我們不僅可以支持我們的核心起源，而且一旦我們登陸這些單位，我們的服務業務也將得到支持。所以我覺得我們有一些非常強大的多樣性，我們正在積壓和在我們所在的市場中，我們正在獲得交易數量和交易規模，這真的很令人鼓舞。

The next question comes from the line of Martin Malloy with Johnson Rice & Company.

下一個問題來自 Martin Malloy 與 Johnson Rice & Company 的對話。

I wanted to ask about EV infrastructure and if you're seeing demand for the energy servers in conjunction with building out commercial-size EV infrastructure.

我想詢問有關電動汽車基礎設施的問題，以及您是否看到對能源服務器的需求與構建商業規模的電動汽車基礎設施相結合。

Yes, we are. What we are hearing from our corporate customers is when they talk to us about their loads, they are not just talking about their factory industry loads or their data center loads or their corporate loads, but they're simultaneously saying if we have a fleet of vehicles and they are going to be EVs for the last mile, how do we power them, how do we keep them going? We are also hearing from utilities that are beginning to talk to us about the EV load being in the middle of congested cities where the last mile problem is going to be a big nightmare for them unless they have some generation right on-site. So these are the two places where we're beginning to see traction and I would imagine in the next few months, this is only going to get even better given that the IRA has given such a strong incentive for chargers and fleets to get charged and more and more vehicles are showing up in the market as EVs.

是的我們是。我們從企業客戶那裡聽到的是，當他們與我們談論他們的負載時，他們不僅在談論他們的工廠行業負載或他們的數據中心負載或他們的公司負載，而且他們同時說我們是否有一個車隊車輛，它們將成為最後一英里的電動汽車，我們如何為它們提供動力，我們如何讓它們繼續行駛？我們還從公用事業公司那裡聽到，他們開始與我們談論電動汽車負載位於擁擠城市的中間，最後一英里的問題對他們來說將是一場噩夢，除非他們在現場有一些發電設備。所以這是我們開始看到牽引力的兩個地方，我想在接下來的幾個月裡，這只會變得更好，因為 IRA 已經給予充電器和車隊充電的強烈激勵，並且越來越多的車輛以電動汽車的形式出現在市場上。

The next question comes from the line of Jordan Levy with Truist Securities.

下一個問題來自 Jordan Levy 與 Truist Securities 的對話。

I just wanted to hit quickly on the new application. You put a press release out on the combined heat and power and maybe just talk a little more detail on that.

我只是想快速點擊新的應用程序。你發布了一份關於熱電聯產的新聞稿，也許只是談了更多細節。

Yeah. So look, when you look at -- so right, sorry, repeat the question one more time. So it's fully clear to me before I answer it.

是的。所以看，當你看 - 對，對不起，再重複一遍這個問題。所以在我回答之前我已經完全清楚了。

Sure. Yeah. If we could get more details on the combined heat and power applications that you all discussed is a key capture.

當然。是的。如果我們能夠獲得有關你們討論的熱電聯產應用的更多詳細信息，那將是一個關鍵捕獲。

Yeah. Absolutely. So look, as the world is marching forward, the molecule or feel whether it's hydrogen, whether it is natural gas, renewable natural gas, that molecule becomes more and more precious. Decarbonization is going to happen lot more quickly than that molecule can be used to its utmost efficiency and the end use customers are beginning to understand that. And more and more customers are saying how can you give us more juice out of the same molecule that's coming in and a way to extract more juice out of that molecule as useful energy is not only our very high electrical efficiency, one of the best in the business. But on top of that to be able to extract some heat and provide that heat and especially in the European markets, with the incentives being set the way they are, it is very, very attractive for customers to do that and they have aligned their incentives for decarbonization and efficiency.

是的。絕對地。所以你看，隨著世界在前進，這個分子或者感覺它是氫氣，還是天然氣，可再生天然氣，那個分子變得越來越珍貴。脫碳的發生速度要比分子發揮最大效率的速度快得多，最終使用的客戶也開始明白這一點。越來越多的客戶說，如何才能從進入的同一個分子中提取更多汁液，以及如何從該分子中提取更多汁液的方法，因為有用的能量不僅是我們非常高的電效率，也是業內最好的之一這生意。但最重要的是能夠提取一些熱量並提供熱量，尤其是在歐洲市場，隨著激勵措施的製定，客戶這樣做非常非常有吸引力，他們已經調整了他們的激勵措施用於脫碳和效率。

Industries more and more are now looking at the cost of energy and wanting to extract as much as they can. And so this offering of combined heat and power is going to be extremely valuable. The difference between legacy combined heat and power and us is that the legacy gives you lot less of electricity, which is the higher value commodity and lot more of the heat. With Bloom you get the exact opposite, more of electricity, which is a high value commodity and needed more and less of the heat, nevertheless a very valuable resource, and that combination should get us knocking at the doors of 90% efficiency with our road map and that is very, very attractive.

越來越多的行業正在關注能源成本，並希望盡可能多地開採能源。因此，這種熱電聯產產品將非常有價值。傳統熱電聯產與我們之間的區別在於，傳統熱電聯產為您提供的電力要少得多，而電力是價值更高的商品，但提供的熱量要多得多。有了 Bloom，你得到的恰恰相反，更多的電力，這是一種高價值的商品，需要越來越多的熱量，但卻是一種非常寶貴的資源，這種結合應該讓我們敲開我們道路效率 90% 的大門地圖，那非常非常有吸引力。

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

下一個問題來自 Colin Rusch 與 Oppenheimer 的對話。

Greg, with the cost-outs that you're talking about this year, could you give us a sense of where those things are coming from and then with the margin guidance that suggests that prices are going to come down a little bit, can you talk a little bit about if that's coming on a mix basis internationally versus domestic or what the real drivers are on the price trend as well.

格雷格，關於你今年談論的成本支出，你能否讓我們了解這些東西的來源，然後是利潤率指導表明價格會下降一點，你能談談國際和國內的混合情況，或者價格趨勢的真正驅動因素是什麼。

Yeah. So on the cost down, Colin, whether it was the pandemic itself and where our engineers were working via Zoom and not together or the supply chain issues that we were having globally in inflation that have caused there or just quite frankly doubling our capacity last year and the ramp that we were going through and the inefficiencies of running a factory not at full output, our costs frankly were not where they want it to be.

是的。因此，關於成本下降，科林，無論是大流行病本身，還是我們的工程師通過 Zoom 而不是一起工作的地方，或者我們在全球範圍內遇到的供應鏈問題導致的通貨膨脹，或者坦率地說，去年我們的產能翻了一番以及我們正在經歷的斜坡以及工廠未滿負荷運行的低效率，坦率地說，我們的成本不是他們想要的。

When we got to the end of the year, this is I think the first time in Bloom's history our costs were up small, but still up year-over-year, which is not something that is normal for us. So as we looked in the middle part, later part of the year and said, okay, what is our path going forward. There was a number of areas that we've been identifying, one is just the power density of our machine. It is one of the things that we've levered over the years to increase the output and reduce at the same build cost and reducing our cost per kilowatt. So we had some increases that we've been able to get out of our current design and there's more to come there.

到年底時，我認為這是 Bloom 歷史上我們的成本第一次小幅上漲，但仍同比上漲，這對我們來說是不正常的。因此，當我們回顧年中時，即今年晚些時候，我們會說，好吧，我們前進的道路是什麼。我們已經確定了很多方面，其中之一就是我們機器的功率密度。這是我們多年來用來增加產量並以相同的建造成本降低並降低每千瓦成本的方法之一。所以我們有一些增加，我們已經能夠擺脫我們當前的設計，而且還有更多。

The second thing we've been able to do is really helped to work with our supply base, look at our key components, look at their manufacturing processes, and ultimately improve on what their operational efficiencies are and we're seeing some good material price deflation that's coming down. At the same time, we've engaged our engineering team to really go in and look at the core of our product and look at for how we design it, the parts that we source and elimination of pieces and simplification of the product that they are able to do and that's really contributing to the cost up.

我們能夠做的第二件事是真正幫助我們與供應商合作，查看我們的關鍵組件，查看他們的製造流程，並最終提高他們的運營效率，我們看到了一些不錯的材料價格正在下降的通貨緊縮。與此同時，我們讓我們的工程團隊真正深入研究我們產品的核心，研究我們如何設計它，我們採購的零件和消除零件並簡化它們的產品能夠做到，這確實導致成本上升。

And then lastly, not only on the components that we buy that once we bring them in-house and how we build the machines, we're seeing some nice operating leverage as Fremont is getting up to its full line capacity. And at the same time, we're seeing a lot of improvements in the process that we're able to make around automation. For us, automation is all about our ability to scale in this market, it is not something that we're looking to reduce our headcount on. It's really making sure that for our direct labor output -- labor, we're able to get a lot more output out of. So when we look at the plan going into this year in the framework is about 10% that we've built in for cost down into our margin guidance for the year and I will tell you our internal targets are more aggressive around that and we're going to push the teams hard to deliver on that 10% and if it gets better, then that would be a good thing.

最後，不僅是我們購買的組件，一旦我們將它們引入內部，以及我們如何製造機器，我們看到了一些不錯的運營槓桿，因為弗里蒙特正在達到其全線產能。同時，我們看到我們能夠圍繞自動化做出很多改進。對我們來說，自動化就是我們在這個市場上擴大規模的能力，而不是我們希望減少員工人數的事情。這確實確保了我們的直接勞動力產出——勞動力，我們能夠從中獲得更多的產出。因此，當我們在框架中查看今年的計劃時，我們已經將成本降低到我們今年的利潤率指導中，我會告訴你我們的內部目標更加積極，我們'我們將努力推動團隊實現那 10%，如果它變得更好，那將是一件好事。

On price going forward year-over-year, when I strip out some of the unusual. So if I strip out the repowering and I strip out some of the other things and look at the core on the product, prices remained relatively flat over the last three years, both on a mix-adjusted basis and non-mix basis. We don't have a lot of mix on our pricing, meaning that when we make decisions around where we want to put our units, whether it is here or in Asia or in Europe, the decisions we're making is really where can we get the most amount of growth in the best returns on margins that tends to solve us to have very similar selling prices across the globe.

當我剔除一些不尋常的價格時，價格會逐年上漲。因此，如果我剔除重新供電並剔除其他一些東西並查看產品的核心，那麼過去三年的價格在混合調整的基礎上和非混合基礎上都保持相對平穩。我們的定價沒有太多混合，這意味著當我們圍繞我們想要放置我們的單位的地方做出決定時，無論是在這裡還是在亞洲或歐洲，我們所做的決定實際上是我們可以在哪裡在最好的利潤回報率中獲得最大的增長，這往往會解決我們在全球範圍內擁有非常相似的銷售價格的問題。

So as we look into 2023, couple hundred basis margin improvement that we're expecting. It's really going to come from us holding our ASPs flat after eliminating some one-timers for this year on a core basis and then taking our product costs down and we think we've got a pretty robust plan to get back to that cost down and get continue to expand on our margins.

因此，當我們展望 2023 年時，我們預計會有幾百個基差改善。在核心基礎上消除今年的一些一次性產品然後降低我們的產品成本之後，我們真的會保持我們的 ASP 持平，我們認為我們有一個非常強大的計劃來降低成本並且繼續擴大我們的利潤。

The next question comes from the line of Sam Burwell with Jefferies.

下一個問題來自 Sam Burwell 與 Jefferies 的對話。

I wanted to hit on the backlog once more from a slightly different angle. I mean, obviously, very impressive growth, and the color you've given so far is very helpful. But the footnote on it saying that it reflects anticipated ITC and other tax incentives as applicable. Just curious for a little bit more color on that? Is that as simple as the ITC being effectively renewed and that was a boon for customer orders? Or is it actually embedded in the backlog number in a different way?

我想從一個稍微不同的角度再次處理積壓工作。我的意思是，很明顯，增長非常可觀，到目前為止你給出的顏色非常有幫助。但它的腳註說它反映了預期的 ITC 和其他適用的稅收優惠。只是好奇上面有更多顏色嗎？這是否像有效更新 ITC 一樣簡單，這對客戶訂單來說是一個福音？或者它實際上以不同的方式嵌入到積壓數量中？

And then I just -- one more thing on the ITC. And as I understand it, it's due to convert to the new clean energy investment credit after 2024. So as things stand now, do you foresee that changing any dynamics between you and your customers?

然後我只是 - 關於 ITC 的另一件事。據我了解，它將在 2024 年後轉換為新的清潔能源投資信貸。那麼就目前的情況而言，您是否預見到這會改變您與客戶之間的任何動態？

Yes. So, Sam, on the way it naturally works within the business is most of our sales are through a PPA structure, where we're selling to the customer a cost of electricity over a period of time. And then with that, with our financier, we then take the cash flows associated with that and we calculate what we believe to -- what we -- what our selling price of the machine is going to be, what the service costs are going to be, what the install costs are going to be.

是的。所以，Sam，在業務中自然運作的方式是，我們的大部分銷售都是通過 PPA 結構進行的，我們在一段時間內向客戶出售電力成本。然後，與我們的金融家一起，我們獲取與之相關的現金流量，然後我們計算出我們相信的——我們——我們的機器售價是多少，服務成本是多少是，安裝成本是多少。

So as you calculate your selling price, whether it's in the U.S. and in an ITC or in another country, another jurisdiction that has some other type of incentive, we incorporate that incentive into the overall cash flows as we calculate what we will be selling the product to the end customer through the SPV. So we just want to make sure we're very clear that each year depending upon what the incentives are for our backlog, we use that as part of our analysis to calculate what we perceive to be, what we assume to be will be the selling price of that contract.

因此，當你計算你的售價時，無論是在美國和 ITC 還是在另一個國家，另一個有其他類型激勵的司法管轄區，我們都會在計算我們將出售的產品時將該激勵納入整體現金流量通過 SPV 將產品交付給最終客戶。因此，我們只是想確保我們非常清楚，每年根據我們積壓的激勵措施，我們將其用作我們分析的一部分，以計算我們認為的，我們假設的將是銷售該合同的價格。

Listen, on the sunsetting of the ITC, not something that is new for us, right? Every 2 years or so, we've been through this process before. Generally, what happens is we get an extension for about this period of time, we move forward on it. And then depending upon where we're sitting as in the global economy on decarbonization and resiliency, that incentive gets renewed. If you think from a practical standpoint, yes, it may be only 2 years, but they're through safe harbor and other parts of the contract, we're able to get about 3 years benefit out of it.

聽著，關於 ITC 的廢除，這對我們來說不是什麼新鮮事，對吧？每隔 2 年左右，我們以前就經歷過這個過程。一般來說，我們會得到大約這段時間的延期，我們會繼續推進。然後根據我們在脫碳和彈性方面的全球經濟狀況，這種激勵會得到更新。如果你從實際的角度考慮，是的，可能只有 2 年，但他們通過安全港和合同的其他部分，我們能夠從中獲得大約 3 年的利益。

So it feels like we're only about 6 months into the current one, which is early days, but we've obviously taken that in the forecast to us. But at the end of the day, our goal here is to continue to drive down the cost of our product and make sure that we're prepared for able to compete at some point where these incentives don't exist. But I would say there's a high probability in our view that there will be an extension in the future and that we wouldn't be dependent upon it, but it would be a part of it. I don't know, KR, [if I'm done].

所以感覺我們現在只用了大約 6 個月，這是早期的，但我們顯然已經在預測中考慮到了這一點。但歸根結底，我們的目標是繼續降低產品成本，並確保我們做好準備，能夠在這些激勵措施不存在的某個時刻參與競爭。但我要說的是，我們認為未來很有可能會延期，我們不會依賴它，但它會成為其中的一部分。我不知道，KR，[如果我完成了]。

And if you just add to that, right, a fraction of our business, and as we grow internationally, a shrinking fraction of our business will depend on ITC. And ITC at even 30%, if we are doing double-digit cost reductions every year or [3] years from now, we should be able to offer our customers what we need to offer. So we focus more on what's in our control and push that hard. And we are confident that we can run a business with or without subsidies.

而且，如果您只添加我們業務的一小部分，並且隨著我們在國際上的發展，我們業務的一小部分將取決於 ITC。 ITC 即使是 30%，如果我們每年或從現在起 [3] 年都在進行兩位數的成本削減，我們應該能夠為客戶提供我們需要提供的產品。因此，我們更多地關注我們可以控制的事情並努力推動。我們有信心在有或沒有補貼的情況下都能開展業務。

Yes. [You understand]. Thanks, Sam. And thanks for reading the footnote.

是的。 [你明白]。謝謝，山姆。感謝您閱讀腳註。

The next question comes from the line of Biju Perincheril with Susquehanna.

下一個問題來自 Biju Perincheril 和 Susquehanna 的台詞。

I want to touch on the services margin. Can you give us some additional color there, when do you expect to get to breakeven there? And also, can you touch on sort of the time or the length now for module life when you do the change-outs?

我想談談服務利潤率。你能給我們一些額外的顏色嗎，你預計什麼時候能達到收支平衡？而且，當你進行更換時，你能談談現在模塊壽命的時間或長度嗎？

Sure. So, Biju, the service margins, right, that business is impacted by the same costs that we've had on the product side, right? 60% to 70% of our service costs is around that replacement module that happens generally in the 4 years, 5 years or 6 years, and we've seen an extension of that each time. So as we look at our service margins for this year, they're not where we wanted them to be. There's more work that we need to do on that portfolio.

當然。那麼，Biju，服務利潤率，對，該業務受到我們在產品方面的相同成本的影響，對嗎？我們 60% 到 70% 的服務成本是圍繞通常在 4 年、5 年或 6 年內發生的更換模塊而產生的，而且我們每次都看到這種情況的延長。因此，當我們查看今年的服務利潤率時，它們並不是我們想要的。我們需要在該投資組合上做更多的工作。

But I would tell you that the most significant contributor of being off where we expected to be is really around the first product cost translating over into the replacement power module. As we do the work on the cost down, I was talking to Colin earlier for the product that's going to translate into the service margins and get us back to where we need to be going forward. Our expectation is still that we're pricing our new deals all at 20%, and we expect in the middle part of this decade around 2025, we should be at that 20% product margin -- sorry, service margin. That's still our expectation for that business going forward.

但我會告訴你，偏離我們預期的最重要因素實際上是第一個產品成本轉化為更換電源模塊。在我們降低成本的工作中，我之前曾與科林討論過將轉化為服務利潤率並讓我們回到我們需要前進的地方的產品。我們的預期仍然是我們將所有新交易定價為 20%，我們預計在 2025 年左右的這十年中期，我們應該達到 20% 的產品利潤率——對不起，服務利潤率。這仍然是我們對該業務未來發展的期望。

In particular, on the replacement of the power modules, remember, we're replacing power modules not when they're at end of life. We're replacing the power module within the service contract when it economically makes sense in order to do that. So we've seen an extension of that every year and what we're shipping today has a much longer life than what we would have shipped 4 years or 5 years ago. And as part of overall on our cost down and why we're so confident in this business as being a really good annuity as we go forward on it having a sizable growth as well as a really attractive margin.

特別是在更換電源模塊時，請記住，我們不是在電源模塊使用壽命結束時才更換電源模塊。我們將在經濟上有意義的情況下更換服務合同中的電源模塊。所以我們每年都看到這種情況的延長，我們今天運送的產品比我們 4 年或 5 年前運送的產品壽命長得多。作為整體成本下降的一部分，以及為什麼我們對這項業務如此有信心，因為它是一個非常好的年金，因為我們繼續推進它具有可觀的增長以及非常有吸引力的利潤率。

The next question comes from the line of Kashy Harrison with Piper Sandler.

下一個問題來自 Kashy Harrison 和 Piper Sandler 的台詞。

Apologies if I missed this somewhere in one of the releases, but how many acceptances do you expect during 2023? And how should we think about the geographic mix for your revenues or shipments during 2023?

如果我在其中一個版本中的某處遺漏了這一點，我深表歉意，但您預計 2023 年會有多少人接受？我們應該如何考慮您在 2023 年的收入或出貨量的地理組合？

Yes. So I don't -- we didn't give guidance on acceptances nor do we really want to -- it's not something I'm going to focus on going forward. And the reason is this. As we introduce different applications on our current platform, the power rating associated with that is going to be different. So where 2 years or 3 years ago, I could have told you, we shipped 188 megawatts of revenue because we were shipping all natural gas servers globally. As you go forward and you begin to think about deliveries of electrolyzers, marine, other things, the power ratings with those are going to be different.

是的。所以我不——我們沒有提供關於接受的指導，我們也不想——這不是我未來要關注的事情。原因是這樣的。當我們在當前平台上引入不同的應用程序時，與之相關的額定功率將有所不同。所以在 2 年或 3 年前，我可以告訴你，我們運送了 188 兆瓦的收入，因為我們在全球運送所有天然氣服務器。隨著你的前進，你開始考慮電解槽、船舶和其他東西的交付，這些東西的額定功率將會不同。

Microgrids.

微電網。

Microgrids, all of those things are going to get out for going forward. So I would say, as you looked at my revenue growth projections for next year and you look at product and service, you can estimate from that what you think volumes are going to be if price is going to be constant over the period. Did I miss the second part of his question? Yes. Good.

微電網，所有這些東西都會向前發展。所以我想說，當你查看我對明年的收入增長預測並查看產品和服務時，你可以從中估算出如果價格在此期間保持不變，你認為銷量會是多少。我錯過了他問題的第二部分嗎？是的。好的。

The next question comes from the line of Noel Parks with Tuohy Brothers.

下一個問題來自 Noel Parks 和 Tuohy Brothers 的台詞。

Something that you've talked about in the past is just the time lag between when you win new business and when the profit is actually delivered, just because of the degree to which you're sold out in advance of your production? And can you give a little insight into sort of with the current backlog and how -- and with what will translate into revenue recognized this year, what sort of era or horizon of pricing is going to be being booked being realized this year? Just to kind of clarify me and sort of there, there may still be upside on pricing that you're getting in the marketplace now that is still going to take a while to make its way into revenues?

你過去談到的事情只是你贏得新業務和實際交付利潤之間的時間差，只是因為你在生產之前就被搶購一空的程度？您能否深入了解當前積壓的情況以及如何 - 以及今年將轉化為收入的內容，今年將實現什麼樣的定價時代或範圍？只是為了澄清我和那裡，你現在進入市場的定價可能仍然有上升空間，這仍然需要一段時間才能進入收入？

Yes. So no, I would tell you that even over the course of the 3 years that I've been here, the time frame between when we identify an opportunity to when we contract to ultimately when we deliver continues to shrink. I would say our impatience is always that it's too long, too complicated. And from a process capability standpoint, we want to continue to lean that out and make that much more predictable. So what we're seeing today and what we'd expect were traditionally almost all of the backlog would be translated to revenue in the following year. We're seeing opportunities that booked early in the year and may lead to power, especially in the time to power space much sooner contracting that time period that we've seen historically.

是的。所以不，我會告訴你，即使在我來這裡的 3 年裡，從我們發現機會到我們簽訂合同到最終交付之間的時間框架繼續縮小。我想說我們的不耐煩總是因為它太長、太複雜。從過程能力的角度來看，我們希望繼續精簡它並使其更具可預測性。因此，我們今天所看到的以及我們所期望的傳統上幾乎所有積壓訂單都將在來年轉化為收入。我們看到了今年早些時候預訂的機會，可能會帶來動力，尤其是在我們歷史上看到的那個時間段更早地為空間提供動力的時候。

And so on the pricing side, we like where we're seeing in the market right now. We're able to provide a value product to our customer at a premium in a lot of places to where other types of technologies would be at. And we expect to continue to provide a lot of value for our customers and continue to look to make sure that our margins are met while they're meeting their economic objectives on it forward. It's a fancy way for me to say I don't expect a lot of price compression here as we move forward. People still recognize the value of our product, and we've been holding our price, and as we take costs down, that should expand our margins.

所以在定價方面，我們喜歡我們現在在市場上看到的地方。我們能夠在許多其他類型的技術所在的地方以高價向我們的客戶提供有價值的產品。我們希望繼續為我們的客戶提供大量價值，並繼續尋求確保在他們實現其未來經濟目標的同時滿足我們的利潤率。對我來說，這是一種奇特的方式，我不希望在我們前進的過程中出現很多價格壓縮。人們仍然認可我們產品的價值，我們一直保持價格不變，隨著我們降低成本，這應該會擴大我們的利潤率。

The next question comes from the line of Abhi Sinha with Northland Capital Markets.

下一個問題來自 Abhi Sinha 與 Northland Capital Markets 的對話。

Yes. Just if you could tell us a little bit more about your international versus domestic revenue breakdown going forward, how should we look at that? If you could just give some color like would you compare and contrast the 2, like what applications are being used, what the drivers, what the margins, how should we look at the 2, compare and contrast the 2? Yes.

是的。如果你能告訴我們更多關於你的國際收入與國內收入的細分情況，我們應該如何看待它？如果你能給出一些顏色，比如你會比較和對比 2，比如正在使用什麼應用程序，驅動程序是什麼，邊距是多少，我們應該如何看待 2，比較和對比 2？是的。

Yes. So listen, for the year, right, we went in -- I kept saying we were doing a lot of our Korea shipments earlier in the year because we were capacity constrained. We wanted to make sure we met our contractual obligations to get to them to their volume for the year. And I told you by the end of the year, we get it back to our historical levels. We're about where we were a year ago on our international versus our domestic shipments.

是的。所以聽著，今年，對，我們進去了——我一直說我們在今年早些時候做了很多韓國出貨，因為我們的產能有限。我們想確保我們履行合同義務，使他們達到當年的數量。我告訴過你，到年底，我們會恢復到歷史水平。我們與一年前的國際貨運量和國內貨運量差不多。

Listen, going forward, I would expect that as a percentage, the U.S. will be smaller, not that we don't expect to grow very aggressively within the U.S., but we are very focused on growing and to continue to grow in the Korea and to grow in Europe and other parts of Asia. So my expectation as we go forward that you'll begin to see more and more of that bar be international versus domestic, while the size of the overall bar increases and the domestic component continues to increase at a really healthy clip. What we're seeing today for returns is we really were -- are not interested in entering a country today that does not provide us both components of an opportunity to grow, meaning they value our product and there is a need for it and we can sell it and get a healthy return for the shareholder in that growth.

聽著，展望未來，我預計美國的百分比會更小，並不是說我們不希望在美國國內實現非常積極的增長，而是我們非常專注於增長並繼續在韓國和在歐洲和亞洲其他地區發展。因此，我的期望是，隨著我們前進，你會開始看到越來越多的國際酒吧與國內酒吧，同時整體酒吧的規模增加，國內部分繼續以非常健康的速度增長。我們今天看到的回報是我們真的——今天沒有興趣進入一個不能為我們提供增長機會的兩個組成部分的國家，這意味著他們重視我們的產品並且需要它，我們可以出售它並在增長中為股東獲得可觀的回報。

So when we compare opportunities back and forth, it's really just that where do we want to put our precious resources, where do we want to apply our capacity for and how do we make sure that we're driving the most profitable growth as we go forward. And if a country is not ready for us yet or a territory is not ready for us yet, either because they don't have -- they don't value the product or they don't have an incentive or we just not yet met their price point, then that's okay. We'll wait and we'll enter that market in the future. There's more than a much opportunity for us to grow. We're not going to reduce our profit margins or our expectations on growth and just to simply enter a new territory.

因此，當我們來回比較機會時，實際上只是我們想把寶貴的資源放在哪裡，我們想把我們的能力應用到哪裡，以及我們如何確保我們在前進的過程中推動最有利可圖的增長向前。如果一個國家還沒有為我們做好準備，或者一個領土還沒有為我們準備好，要么是因為他們沒有——他們不重視產品，要么他們沒有激勵，或者我們只是還沒有見面他們的價格點，那沒關係。我們會等待，我們會在未來進入那個市場。我們有很多成長的機會。我們不會降低我們的利潤率或我們對增長的預期，而只是簡單地進入一個新領域。

The next question comes from the line of Ameet Thakkar with BMO Capital Markets.

下一個問題來自 BMO Capital Markets 的 Ameet Thakkar。

Congratulations on the quarter. I know KR in his kind of initial remarks mentioned kind of 100 megawatts of time to power projects. I was wondering like does that include -- and does your backlog reflect -- I think you guys are working on like 70 megawatt, 75 megawatt project in Oregon with Amazon?

祝賀這個季度。我知道 KR 在他最初的評論中提到了 100 兆瓦的時間來為項目供電。我想知道這是否包括 - 你的積壓是否反映 - 我認為你們正在與亞馬遜在俄勒岡州開展 70 兆瓦、75 兆瓦的項目？

Yes. We have 3 [stamps], somewhere close to 75 megawatts contracted with Amazon Web Services. And the details of that in terms of commercial agreements, like any other commercial agreements we will not discuss. But I think it paints a larger picture if you just step back and think about this, right? The data center market, along with the data transmission network operators put together are somewhere in the neighborhood of 600 terawatt hours of power consumption and growing at a rapid clip.

是的。我們有 3 個 [郵票]，與 Amazon Web Services 簽訂了接近 75 兆瓦的合同。以及商業協議方面的細節，就像我們不會討論的任何其他商業協議一樣。但我認為，如果你退後一步思考一下，它會描繪出一幅更大的圖景，對吧？數據中心市場以及數據傳輸網絡運營商的總耗電量接近 600 太瓦時，並且還在快速增長。

If the 2 put together were as a fraction of the total global power consumption would be somewhere near -- nearing 4% of global power consumption. It's a huge opportunity, and we are engaged with both sectors, data centers as well as data transmission network operators. And we see this as an amazing market. Now if you just look at them growing at that clip and consuming almost 4% of electricity, there is no industrial sector that is more responsible and cleaner than they are.

如果這 2 加在一起佔全球總功耗的一小部分，將接近全球功耗的 4%。這是一個巨大的機會，我們與數據中心和數據傳輸網絡運營商這兩個部門都進行了接觸。我們認為這是一個了不起的市場。現在，如果你看看它們以這樣的速度增長並消耗近 4% 的電力，就會發現沒有比它們更負責任、更清潔的工業部門了。

If you take the entire global PPAs for renewable energy, roughly, 30 gigawatts in 2021. 15 gigawatts of that 30 gigawatts, one has came from Amazon, Microsoft, Meta and Google, four hyperscalers. These hyperscalers do everything they can to procure every electron of renewable energy that is available. And this is the power of hand, they need reliable energy right where they need it. And they come to us for that reliable 24/7 energy, not only today with the fuel that's available, but for the future because we can transition them to a greener fuel when they need it. So we're super excited about the opportunity. The 100 megawatts includes that.

如果將整個全球可再生能源 PPA 計算在內，到 2021 年大約為 30 吉瓦。這 30 吉瓦中有 15 吉瓦來自亞馬遜、微軟、Meta 和谷歌這四家超大規模企業。這些超大規模企業竭盡所能獲取可用的可再生能源的每一個電子。這就是手的力量，他們在需要的地方需要可靠的能源。他們來找我們尋求可靠的 24/7 能源，不僅是今天可用的燃料，而且是為了未來，因為我們可以在他們需要時將它們轉換為更環保的燃料。所以我們對這個機會感到非常興奮。 100兆瓦包括那個。

The next question comes from the line of Alex Kania with Wolfe Research.

下一個問題來自 Alex Kania 與 Wolfe Research 的合作。

Maybe just a question just on evolution of policy. You've had 4 months or 5 months to think about the IRA a little bit. Has there been any kind of evolution of thinking of the opportunities that are embedded in there or any kind of fundamental questions that need to be answered? And then maybe tie it in with the hydrogen hubs that have been narrowed down, I guess, just what sort of role has Bloom kind of envisioned in participating in the ones that at least we know that you're associated with?

也許只是一個關於政策演變的問題。您有 4 個月或 5 個月的時間來稍微考慮一下 IRA。對嵌入其中的機會或需要回答的任何基本問題的思考是否有任何演變？然後也許將它與已經縮小範圍的氫樞紐聯繫起來，我想，Bloom 設想在參與至少我們知道你與之相關的那些中扮演什麼樣的角色？

Yes. Alex, it's Greg. So let me start. Listen, we're as excited as the first day that the inflation reduction came out on how it applies to a number of parts of our business, whether it was the ITC we're having -- conversations we're having before, hydrogen PTC credit, carbon capture around 45Q on size and scale and a lot of different...

是的。亞歷克斯，是格雷格。那麼讓我開始吧。聽著，我們對通貨膨脹下降如何適用於我們業務的許多部分的第一天感到興奮，無論是我們擁有的 ITC - 我們之前進行的對話，氫 PTC信貸，碳捕獲在 45Q 左右的規模和規模以及許多不同的......

Biogas.

沼氣。

And biogas and the whole waste energy space. So we're extremely bullish on it in the U.S. And then as you travel the globe and go to different countries, they are very excited that the United States taken a leadership position on this, and they are anxious to get incentives to help them compete in their economies and globally. So it's definitely bringing the rest of the world along in accelerating their incentives to make sure that happens. So we're as bullish as we were on day 1, and we're excited about it and how it plays through.

還有沼氣和整個廢棄能源空間。所以我們在美國非常看好它然後當你環遊世界去不同的國家時，他們很高興美國在這方面處於領先地位，他們渴望得到激勵來幫助他們競爭在他們的經濟和全球範圍內。因此，它肯定會帶動世界其他地區加快激勵措施，以確保實現這一目標。所以我們和第一天一樣樂觀，我們對它以及它如何發揮作用感到興奮。

Really, at this point, it's just making sure that we're driving through all the questions that need to get answered going forward as we take that law and change it into practicality. So the treasury department in the IRS is very busy making laws and rules based on that. So they came out some round with ITC at the end of the year. We're excited around learning more about the Made in America and the -- in the energy economies, disadvantaged economies that move forward areas and get those rules made. There's some rules around transferability of tax benefits and refundability, those types of things.

真的，在這一點上，它只是確保我們在採用該法律並將其變為實用性時，正在解決所有需要回答的問題。因此，美國國稅局的財政部正忙於製定以此為基礎的法律和規則。所以他們在年底與 ITC 進行了一輪談判。我們很高興能更多地了解美國製造以及 - 在能源經濟體中，處於不利地位的經濟體正在向前發展並製定這些規則。關於稅收優惠的可轉讓性和可退還性，這些類型的事情有一些規則。

So we're really excited about it. And kind of within my world, it is all just making sure that we're able to maximize those benefits as incentives for our customers as we grow. So we're really excited about it remaining, and we think as it translates, it's accelerating, like we said, the commercial velocity of the funnel.

所以我們真的很興奮。在我的世界裡，這一切只是確保我們能夠在我們成長的過程中將這些利益最大化，作為對客戶的激勵。所以我們對它的存在感到非常興奮，我們認為它正在加速，就像我們說的那樣，漏斗的商業速度。

And it is not if, right? It is when and how soon when the hydrogen economy really takes off. We have the double play. We have the best device to convert that hydrogen to electricity. We have the best device to take heat coming from a waste heat to be able to use and provide and generate cheaper hydrogen. And if it's a pure-play electricity, we still are a lot more efficient than any other technology out there. So we're super excited, no matter which direction the world decides to go, we are ready to take the challenge on.

這不是如果，對吧？氫經濟真正起飛的時間和時間。我們有雙打。我們擁有將氫氣轉化為電能的最佳設備。我們擁有最好的設備來吸收廢熱中的熱量，以便能夠使用、提供和產生更便宜的氫氣。如果它是純粹的電力，我們仍然比現有的任何其他技術更有效率。所以我們非常興奮，無論世界決定走向哪個方向，我們都準備好迎接挑戰。

The next question comes from the line of Pavel Molchanov with Raymond James.

下一個問題來自 Pavel Molchanov 和 Raymond James 的台詞。

In the context of other jurisdictions following the U.S. lead and driving clean tech manufacturing, the European Union is talking about this Green Industrial Plan. Based on that, do you have any appetite to establish a manufacturing footprint in Europe, either for fuel cells or electrolyzers?

在其他司法管轄區效仿美國並推動清潔技術製造的背景下，歐盟正在討論這一綠色工業計劃。基於此，您是否有興趣在歐洲建立製造足跡，無論是燃料電池還是電解槽？

At this point, what we do and how we think about where we set up our factories and what we do depends on where the market develops. What we did in Korea is do the final assembly of our products for that market and any neighboring markets in Korea because they created a huge market for us. We will do something very similar in Europe when the timing is right, but it has to get to a certain scale. This is not a field of dreams. You don't build it hoping they come. We actually have a factory with which we can supply. And then when the actual market is there, we can put the factory to be able to serve it even better. That's our approach.

在這一點上，我們做什麼，我們怎麼想，我們在哪裡設廠，我們做什麼，取決於市場發展到哪裡。我們在韓國所做的是為該市場和韓國任何鄰近市場對我們的產品進行最終組裝，因為它們為我們創造了一個巨大的市場。我們會在合適的時候在歐洲做一些非常相似的事情，但它必須達到一定的規模。這不是夢想的領域。你不建立它希望他們來。我們實際上有一家工廠可以供應。然後當實際市場出現時，我們可以讓工廠更好地為它服務。這就是我們的方法。

Operator?

操作員？

The next question comes from the line of Maheep Mandloi with Credit Suisse.

下一個問題來自瑞士信貸的 Maheep Mandloi。

(inaudible) sitting in for Maheep. We have a question. As you guys ship different product types and sizes into different markets, how should we think about capacity utilization at the factories this year?

（聽不清）代替 Maheep。我們有一個問題。當你們向不同市場運送不同類型和尺寸的產品時，我們應該如何考慮今年工廠的產能利用率？

Listen, we've got 2 factories today, right? And then we have the joint venture for assembly in Korea. But the vast majority of our stack manufacturing capacities here in California, we had 300 megawatts with our Sunnyvale facility that remains. We've added 300 megawatts in the first phase of our Fremont facility. That brings us to 600 megawatts. And we have the opportunity to add another 600 megawatts in Fremont as part of the initial part of our build-out here.

聽著，我們今天有 2 家工廠，對吧？然後我們有在韓國組裝的合資企業。但是我們在加利福尼亞這裡的絕大部分堆棧製造能力，我們有 300 兆瓦，我們的 Sunnyvale 工廠仍然存在。我們在弗里蒙特工廠的第一階段增加了 300 兆瓦。這使我們達到 600 兆瓦。我們有機會在弗里蒙特再增加 600 兆瓦，作為我們在這裡擴建的初始部分的一部分。

We'll decide later on whether or not it's economical to build more in Fremont, but our initial plan was to take it to 1 gigawatt to start. That gives us 1 gigawatt or 1.3 gigawatts total of fuel cell capacity. And if you convert that to electrolyzer capacity, you're knocking on the door of 3 gigawatts at that point. In our assembly operations in Delaware, we have the opportunity to build gigawatts of capacity in our fuel cells, Then last year, we announced that we also have an assembly line there for our electrolyzers on it.

我們稍後會決定在 Fremont 建造更多的設施是否經濟，但我們最初的計劃是將它提高到 1 吉瓦。這給了我們 1 吉瓦或 1.3 吉瓦的燃料電池總容量。如果將其轉換為電解槽容量，那麼此時您正在敲開 3 吉瓦的大門。在我們在特拉華州的裝配業務中，我們有機會在我們的燃料電池中建立千兆瓦的容量，然後去年，我們宣布我們在那裡也有一條用於電解槽的裝配線。

So we are ready to go. We have about another $40 million to $60 million to invest in Fremont to get us to those levels. And as KR spoke before, the payback on that is less than a year fully utilized. So we have the ability to scale very quickly in order to meet demand. And then from there, we'll look how we add more capacity going forward, but that should take us through at least for the framework for this year and the next year without needing to add any additional stack capacity.

所以我們準備好了。我們還有大約 4000 萬到 6000 萬美元用於投資弗里蒙特，使我們達到這些水平。正如 KR 之前所說，不到一年就完全利用了回報。因此，我們有能力快速擴展以滿足需求。然後從那裡開始，我們將研究如何在未來增加更多容量，但這至少應該讓我們通過今年和明年的框架，而不需要增加任何額外的堆棧容量。

The next question comes from the line of Jeff Osborne with Cowen.

下一個問題來自 Jeff Osborne 和 Cowen 的對話。

Greg, 2 quick ones. I might have missed this. But I was wondering, could you give us the percent of the $2.8 billion of systems backlog that is from SK as part of the take-or-pay? And then the second question is on the gross margin. Could you give us a walk between Q3 and Q4, the strong performance other than price? Was there any other factors that led to the gross margin result that you just printed?

格雷格，2個快速的。我可能錯過了這個。但我想知道，作為照付不議的一部分，您能否告訴我們 SK 的 28 億美元系統積壓訂單中的百分比？然後第二個問題是關於毛利率。你能給我們介紹一下 Q3 和 Q4 之間的價格以外的強大性能嗎？是否有任何其他因素導致您剛剛打印的毛利率結果？

Yes. So Jeff, so last year, we talked about the 3-year take-or-pay being $1.5 billion or 500 megawatts of capacity. We shipped 1 year of that. So out of what we shipped, it gives us about 2 years left. It's not quite 1/3, 1/3, 1/3. So if we shipped 120 megawatts or so this year to ecoplant, meaning '22, the remainder of that is in the backlog going forward.

是的。所以傑夫，所以去年，我們談到了 3 年的照付不議是 15 億美元或 500 兆瓦的容量。我們發貨了 1 年。所以從我們運送的東西來看，它給了我們大約 2 年的時間。它不完全是 1/3、1/3、1/3。因此，如果我們今年向 ecoplant 運送了 120 兆瓦左右的電力，也就是 22 年，那麼剩餘的電力將在未來的積壓中。

Just on the walk from the third quarter to fourth quarter, there was a lot of opportunity on price. And we talked about that coming into the quarter, not only did we have the opportunity with PPA 4 in the repowering there that we were able to do at nice pricing, we also talked about having an opportunity where we're just frankly prioritizing transactions and opportunities that were to the right of the mean. We like the mean on our overall gross margins in our backlog, but we definitely prioritize to make sure that we were able to get to our commitments for the year.

就在從第三季度到第四季度的路上，價格上有很多機會。我們談到了進入本季度的情況，我們不僅有機會通過 PPA 4 在那裡重新啟動我們能夠以優惠的價格做到這一點，我們還談到有機會坦率地優先考慮交易和均值偏右的機會。我們喜歡積壓訂單中整體毛利率的平均值，但我們絕對優先考慮確保我們能夠實現今年的承諾。

And then on top of that is Fremont coming in, if you look and do a comparison and you could do this based off the supplementals we provided for third quarter and fourth quarter, you can see that we were able to bring down the cost per kilowatt of our machines of just shy of a couple of hundred dollars. So price was obviously a big impact as well as costs coming down and then you can isolate the other components of it.

然後最重要的是弗里蒙特進來了，如果你看一下並做一個比較，你可以根據我們為第三季度和第四季度提供的補充來做到這一點，你會發現我們能夠降低每千瓦的成本我們的機器只有幾百美元。所以價格顯然是一個很大的影響以及成本下降，然後你可以隔離它的其他組件。

The next question comes from the line of Noel Parks with Tuohy Brothers.

下一個問題來自 Noel Parks 和 Tuohy Brothers 的台詞。

I just wanted to follow up to get some additional thoughts for you specifically on biogas. I'm just interested in biogas-driven projects. And if you're seeing any trends in either deal structure, financing or ownership, particularly to those? I was wondering if there are any projects you could talk about in general terms that come to mind that seems sort of novel or innovative in that space?

我只是想跟進，為您提供一些關於沼氣的額外想法。我只對沼氣驅動的項目感興趣。如果您在交易結構、融資或所有權方面看到任何趨勢，尤其是那些？我想知道您是否可以籠統地談論任何項目，這些項目在那個領域似乎有點新穎或創新？

Good. Thanks, Noel. It's Greg. Listen -- KR, I'm going to pass this one over to you. This is the last question. So just end with your final comments as to waste to energy.

好的。謝謝，諾埃爾。是格雷格。聽著——KR，我要把這個交給你。這是最後一個問題。因此，請以您關於浪費能源的最後評論結束。

Thank you, Greg. So Noel, thanks for that question. Here is -- let me give you an example. There are 2 ways to think about waste to energy for us. One is the traditional what we have talked about before of generating biogas and being able to use that biogas on site, whether it is using animal waste, whether it is using landfill waste and or like water treatment plants. But then the really interesting opportunity that we are seeing, and these are fairly good-sized opportunities being developed across the country, and they're all being developed to meet the LCFS standards and provide a biofuel as well as for SAF, and this is for the aviation fuel.

謝謝你，格雷格。 Noel，謝謝你提出這個問題。這是——讓我舉個例子。有兩種方法可以為我們考慮將廢物轉化為能源。一個是我們之前談到的傳統的產生沼氣並能夠在現場使用沼氣，無論是使用動物糞便，還是使用垃圾填埋場廢物或水處理廠。但隨後我們看到了真正有趣的機會，這些都是在全國范圍內開發的相當大的機會，它們都在開發以滿足 LCFS 標準並為 SAF 提供生物燃料，這是用於航空燃料。

And here, they command a premium and the premium they command increases exponentially as your carbon intensity of the fuel you produce goes down. So it's inversely proportional. In most places, where they find it attractive to make either SAF or this LCFS fuel, say, in the middle of Iowa to be able to ship it to California, they are -- they have the choice of a really carbon-intensive grid electricity at reasonable prices or Bloom at a premium to that reasonable price in that state.

在這裡，他們要求溢價，並且隨著您生產的燃料的碳強度下降，他們要求的溢價呈指數增長。所以是成反比的。在大多數地方，他們發現製造 SAF 或這種 LCFS 燃料很有吸引力，比如在愛荷華州中部，以便能夠將其運往加利福尼亞州，他們可以選擇真正的碳密集型電網電力以合理的價格或以高於該州合理價格的溢價 Bloom。

But the opportunity they have to put Bloom and capture significant value on the other side for the fuel based on the carbon intensity is very high. So this has become a very attractive value proposition for developers that want to do it. In addition, because they can capture all the carbon dioxide and the heat coming off our systems and pipe that into their biofuel processing refineries, that becomes a game changer.

但是，他們必須將 Bloom 放在另一邊並為基於碳強度的燃料獲取重要價值的機會非常高。因此，對於想要這樣做的開發人員來說，這已成為一個非常有吸引力的價值主張。此外，由於他們可以捕獲所有二氧化碳和從我們的系統中散發出來的熱量，並將其輸送到他們的生物燃料加工精煉廠，這將改變遊戲規則。

And so the novel attractive thing is Bloom for that synthetic fuel is a source of almost 0 carbon electricity because they use the carbon capture. It is a use of electricity, which now is 0 carbon and then the use of heat. So that's a huge win.

因此，新奇吸引人的東西是 Bloom，因為合成燃料是幾乎零碳電力的來源，因為它們使用碳捕獲。這是電力的使用，現在是零碳，然後是熱的使用。所以這是一個巨大的勝利。

Okay.

好的。

And with that, let me conclude by saying, look, you are seeing a company that is firing on all cylinders. Our top line growth have been phenomenal this last year. And we are not only happy with the volume that we booked, but the quality and the diversity of that pipeline that we have from a geography perspective, from an applications perspective and from the industries we serve and the growth opportunities we see in each of those markets and segments and industries and customers.

最後，讓我最後說，看，你看到的是一家全速運轉的公司。去年我們的收入增長非常驚人。我們不僅對我們預訂的數量感到滿意，而且對我們從地理角度、應用角度和我們服務的行業以及我們在每個行業中看到的增長機會所擁有的管道的質量和多樣性感到滿意市場和細分市場以及行業和客戶。

If you look at how the team has performed internally within the company, we're extremely happy with how we navigated a very difficult environment and delivered on the promise of doubling our capacity on time. We couldn't have reached our Q4 revenues as the factory was delayed by a quarter, for example. So you're looking at a company that's firing on all cylinders. And we really think this is just the beginning of a great journey and the timing on the market is fabulous. And this didn't happen by accident. This is a company that's been building and waiting for this moment for the last 20 years. Now the externalities are aligned to both accept and value the innovation we bring, which is for both success and significance. So thank you for being part of the journey, and we really appreciate it.

如果你看看團隊在公司內部的表現，我們對我們如何度過一個非常困難的環境並兌現按時將我們的能力增加一倍的承諾感到非常高興。例如，由於工廠延遲了四分之一，我們無法達到第四季度的收入。因此，您正在尋找一家全速運轉的公司。我們真的認為這只是一段偉大旅程的開始，上市的時機非常好。這不是偶然發生的。這是一家在過去 20 年裡一直在建設和等待這一刻的公司。現在，外部性與接受和重視我們帶來的創新保持一致，這對成功和意義都具有重要意義。因此，感謝您成為旅程的一部分，我們非常感謝。

That concludes today's conference...

今天的會議到此結束...

Operator, I think we're done with the call.

接線員，我想我們已經完成了通話。

Yes. That concludes today's conference call. Thank you. You may now disconnect your line.

是的。今天的電話會議到此結束。謝謝。您現在可以斷開線路。