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)

女士們、先生們，晚上好。感謝各位參加今天舉行的Bloom Energy 2022年第四季財報電話會議。我是Tia，將擔任本次會議的主持人。在報告環節，所有線路將靜音，報告結束後將安排問答環節。 （操作說明）

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

現在我將會議交給主持人，投資人關係副總裁艾德‧瓦列霍先生。請開始。

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。感謝各位參加Bloom Energy 2022年第四季財報電話會議。

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，我們已向美國證券交易委員會提交了 2022 年第四季度收益新聞稿（8-K 表格），並將其連同我們將在本次電話會議中提及的補充財務信息一起發佈到我們的投資者關係網站上。

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.

在本次電話會議中，無論是在我們事先準備好的發言中，還是在回答各位提問時，我們可能會做出一些前瞻性陳述，這些陳述代表了我們對未來事件和未來財務業績的預期。這些陳述包括關於公司業務成果、產品、新市場、策略、財務狀況、流動性以及2023年全年展望的陳述。這些陳述是基於我們的預期、估計和假設而做出的預測。然而，由於這些陳述涉及未來事件，因此會受到許多已知和未知風險及不確定性的影響，這些風險和不確定性已在提交給美國證券交易委員會（SEC）的文件中進行了詳細討論，包括我們最近提交的10-K表和10-Q表。我們不承擔更新本次電話會議中任何前瞻性陳述的義務。

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.

在本次電話會議以及我們2022年第四季財報新聞稿中，我們提到了GAAP和非GAAP財務指標。非GAAP財務指標並非依照美國通用會計準則編制，而是依照GAAP編製的財務績效指標的補充，而非替代或優於後者。 GAAP和非GAAP財務指標的調整表包含在我們2022年第四季財報新聞稿中，該新聞稿可在我們投資者關係網站上查閱。

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.

今天與我一同參加電話會議的有公司創辦人、董事長兼執行長KR Sridhar先生，以及財務長Greg Cameron先生。 KR先生將首先概述公司業務，隨後Greg先生將回顧本季的營運和財務亮點，並展望2023年的發展前景。在雙方發言結束後，我們將留出時間回答各位的問題。

I'll now turn the call over to KR.

現在我會把電話交給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.

謝謝艾德。大家好。 Bloom Energy在2022年取得了非常強勁的業績，這得益於我們具有韌性和永續性的能源解決方案得到了更廣泛的應用，以及良好的市場環境。我們預計這一趨勢將在2023年及以後繼續保持。

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.

我們的第四季及全年營收及毛利率均創歷史新高，2022年底訂單積壓額達100億美元，創下Bloom公司歷史新高。我們將繼續快速創新，進一步鞏固我們的技術領先地位和競爭優勢。 2022年，我們利用電解槽實現了氫氣生產效率的突破性提升，並成功完成了極具前景的碳捕獲技術的實驗室測試。我們推出了一項令人振奮的熱電聯產產品。該產品應用廣泛，包括我們正在進入的歐洲市場以及能夠利用熱能的行業。我們的船用產品也按計劃成功部署。 Bloom公司也加大了營運投入，並將產能翻了一番。我為團隊在2022年所取得的成就感到自豪。我們對2023年充滿期待，並希望在此基礎上再創佳績。

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.

我們正努力成為一家能夠為客戶提供實際有效解決方案的能源公司。我們稱之為「兼顧與創新」的力量。在能源領域，我們需要的是安全與永續性、可靠性與韌性、經濟性和可用性。簡而言之，能源是我們福祉的基石，否則就不應該成為一種選擇。 Bloom Energy Technology平台正是「兼顧與創新」力量的體現。無論在國內還是國際市場，我們的電力和氫能解決方案的未來發展前景都非常光明。我們對價值100億美元的訂單的品質和組成感到非常滿意，它提供了可預測性和透明度。我們之前曾與您討論過供電時間的問題，公用事業公司目前無法滿足商業和工業客戶日益增長的電力需求。

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.

讓我詳細闡述一下。企業正在擴張，許多企業正在將業務遷回國內。數位轉型推動資料中心負載急劇成長，車輛和家用電器也在電氣化，所有這些趨勢都導致能源需求激增。同時，地緣政治、氣候議題和鄰避主義使得本已十分艱辛的全球能源轉型雪上加霜。長期政策的不確定性導致混亂，一些錯誤的政治決策基於不切實際的轉型時間表而關閉或阻止基礎設施建設，所有這些都嚴重阻礙了能源供應的成長。

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.

為了應對能源短缺，許多地區不得不轉向污染嚴重且不可靠的能源。加州已斥資數十億美元購置污染嚴重的柴油發電機和老舊發電廠，以確保夏季電力供應。由於缺乏清潔天然氣，美國東北部今年冬天只能靠高碳排放的重油取暖，而歐洲也被迫重啟燃煤電廠。我們目睹了全球嚴重的供需失衡，這種失衡已嚴重威脅到能源的供應、安全和可負擔性，也損害了世界各地人民和企業的健康，更阻礙了世界實現永續發展目標。

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.

美國環保署（EPA）每兩年發布一次的eGRID數據上周公布，數據顯示，過去幾年許多地區的邊際和平均二氧化碳排放量均上升。此外，美國墨西哥灣沿岸各州等地反覆出現的長時間停電也凸顯了電網的脆弱性。商業和工業能源用戶對公用事業公司無法提供安全、經濟、可靠的能源選擇感到擔憂。他們越來越希望能夠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，許多客戶都轉向Bloom尋求用戶面解決方案。因此，我們已從美國客戶處獲得超過100兆瓦的訂單，以解決他們的供電時間問題，這不足為奇。正如Greg將在發言中提到的，我們在營運方面也取得了顯著進展。我們將利用技術進步、不斷擴大的生產規模和其他效率提升措施來提高利潤率。降低成本是Bloom的核心價值觀，也是我們企業基因的一部分。降低商品成本將使我們能夠同時實現成長和獲利。 Bloom現在是一家成長可預測的公司。我們為世界提供了一個獨特、成熟且經過驗證的大規模平台解決方案，該方案可以立即部署，並清楚地展現了通往淨零排放未來的路徑。

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

那麼，接下來就交給格雷格來談談我們的財務表現吧。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，我們在商業營運和財務方面都取得了強勁的業績，這使我們成為全球能源轉型領域的領導者。

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.

首先，我想介紹幾個亮點。我們的營收創下歷史新高。第四季度，產品和服務營收年增超過41%，總營收年增超過35%，與2021年同期強勁成長相比，增幅顯著。全年來看，產品和服務營收超過10億美元，總營收達12億美元。我們的利潤率也得到了提升。第四季非GAAP毛利率超過30%，全年毛利率達23%，較上年同期成長130個基點。系統與服務業務的積壓訂單已達100億美元，創Bloom公司歷史新高。我們完成了弗里蒙特工廠第一期工程，新增300兆瓦的電堆製造產能，產能較年初翻了一番。此外，我們在德拉瓦州新建了2吉瓦的電解槽組裝產能。我們基於強勁的成長和利潤率的提升，制定了符合長期業績指引的2023年發展框架。

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.

以上是我們的亮點，接下來我將補充一些關於我們業績的背景資訊。我們的能源伺服器和電解槽具有強大的價值主張。我們的客戶需要能夠降低碳排放強度的可靠電力，同時也要具備未來遷移到氫能等現場淨零排放解決方案的彈性。對於製造商和資料中心而言，我們的快速供電價值主張尤其重要，尤其是在當地電力公司無法提供額外電力來支持其業務成長的情況下。在電解槽方面，我們正與大型氫能和綠色氨專案開發商合作。他們顯然非常重視我們固體氧化物技術的效率優勢以及我們成熟的生產能力。

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.

我們也與開發商合作，尋求垃圾發電領域的重要機會。在某些情況下，我們提供電力解決方案，以支援低碳強度再生燃料的使用；在其他情況下，我們提供利用沼氣為乳牛場、垃圾掩埋場和污水處理廠提供穩定電力的解決方案。在美國《通膨抑制法案》以及加拿大和歐洲類似激勵措施的推動下，這些機會正在加速推進。

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.

我們全天候運作的能源伺服器系統積壓訂單價值 28 億美元，較上年成長 16%。加上服務合約的預期收入，我們的積壓訂單總額為 100 億美元，較 2021 年底成長 17%。在比較年度積壓訂單成長時，需要注意的是，2022 年是與 SK ecoplant 簽訂的三年期「照付不議」合約的第一年，該合約已計入我們 2021 年的積壓訂單中。若將 SK ecoplant 工廠 2022 年的交付量納入考量，我們的系統合約價值積壓訂單較上年增長 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.

我們第四季的非GAAP毛利率為30%，較2021年第四季提升9.2個百分點。毛利率成長主要得益於第四季度驗收項目的定價結構優化、單位成本降低、投資稅收抵免（ITC）收益、PPA IV改造以及產品收入佔總收入比例的提高。上個季度這些因素的綜合作用使我們受益，但我們預計這一毛利率不會成為新的基準水平。 PPA IV改造與第二季的PPA IIIa改造類似。我們完成了先前合併的PPA實體的出售，由此消除了7080萬美元的無追索權債務，提高了平均售價（ASP）的當前毛利率，並簡化了財務報告。作為此交易的一部分，我們透過電力業務部門計入了7,300萬美元的費用，包括營運支出和其他費用，這些費用已作為備考調整項從非GAAP報告中剔除。我們還有一個合併實體 PPA V，我們可能會在 2023 年底或 2024 年初採用類似的方法來改造。

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%.

我們的供應鏈和製造團隊正在成功應對當前的環境。我們已完成弗里蒙特工廠擴建工程的第一階段，使我們的堆疊式電源製造能力從年初的300兆瓦翻番至600兆瓦。隨著生產數量的增加，我們的單位成本是季減。為了在2023年進一步降低成本，我們正在提高能源伺服器的功率密度，尋找材料節約方案，確保供應鏈通貨緊縮，實現製造流程自動化，並充分利用營運槓桿。我們完全有信心恢復到每年10%至15%的產品成本降幅目標。

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.

年底時，我們的現金餘額超過5億美元。該餘額尚未包含來自SK ecoplant股權投資的3.1億美元，該投資預計將於第一季完成，但仍需獲得監管部門的批准。上個季度，鑑於利率上升，我們選擇不計入超過1.6億美元的合格應收帳款。如果我們計入這些應收帳款，2022年的經營活動現金流將僅為3,170萬美元，約為2021年6,070萬美元的一半。 2023年，我們預期營收將強勁成長，利潤率也將擴大，這與我們去年2月發布的長期指引一致。隨著我們減少安裝量並縮減電力業務，衡量我們成長的更重要指標——產品和服務收入——預計將成長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，年增17%至25%。今年，我們計劃將產品成本降低10%以上，並預期非GAAP毛利率將提高200個基點，達到約25%。基於這些收入和毛利率，我們預計2023年非GAAP營業收入和經營活動現金流將為正值。我們的業務正在穩步發展。根據預期的驗收情況，我預計2023年第一季產品和服務收入的成長將與全年成長目標保持一致。如果三個月的啟動成本不再重現，非GAAP毛利率預計將比去年第一季增加200至300個基點。與往年一樣，我們預期受驗收季節性因素的影響，上半年營收佔全年總收入的40%，下半年營收佔60%。因此，由於增值產品利潤率佔總利潤率的比例較高，我們下半年的利潤率往往較高。

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，在過去一年裡，我們憑藉著對充足、清潔且可持續能源的強勁需求，實現了強勁的營運成長動能。我們相信，公司能夠依托成熟的固體氧化物平台、卓越的業績記錄和穩健的成長路線圖，繼續發展壯大。我們對未來充滿信心，並期待在5月23日於紐約證券交易所舉行的投資者大會上向大家展示我們的團隊。

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

接線員，請開放提問頻道。

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

好的。現在開始問答環節。 （操作員指示）第一個問題來自瑞銀集團的馬納夫·古普塔。

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，我剛剛聽了多爾夫·吉倫在世界銀行的演講，他說如果世界要實現脫碳，從現在到2050年，我們每年需要新增200吉瓦的電解槽產能。所以，當我們檢視布魯姆公司時，你會發現你們展現了強烈的資本紀律。但是，如果這些世界機構預測的成長數據是正確的，那麼布魯姆公司是否會在某個時刻意識到，或許我們可以更積極一些，加大力度，因為每兩年新增1吉瓦的產能顯然是不夠的？我就說到這裡。

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.

我想說的是，我們對氫能充滿熱情，因為它是世界渴望的豐富清潔能源。我們不會去猜測氫能成長何時會爆發，但我們已經做好了萬全準備。我的意思是，我們不需要每年只生產1吉瓦的氫能。我們可以在世界各地任何需要的地方，以吉瓦為單位建造和複製精確的生產線。我們已經透過產能翻倍證明了這一點：一年內我們就能收回投資。據我所知，能夠做到這一點的工廠和技術並不多。這是我們有意為之。所以，當氫能成長爆發時，我們已經做好了迎接機會的準備，而不是以成長為藉口。我們已經準備就緒，蓄勢待發，現在需要世界各國共同努力，真正實現這個目標。我們已經擁有了必要的工具，現在需要有人開始著手實現這些目標。

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.

回到氫能的話題。我就從這裡開始。我想了解一下2023年指導方針中包含了哪些內容。我只是想弄清楚哪些內容被納入，哪些內容被排除在外，特別是與氫能相關的部分，您能否討論一下2023年指導意見中對氫能的假設，以及這裡披露的新增積壓項目數量？

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.

我之所以強調我們積壓的工作主要集中在天然氣伺服器和全天候能源伺服器上，是因為我們目前積壓的工作絕大部分都與此相關。團隊對這個機會感到非常興奮。 Rick 和他的團隊正在推進多個項目，我們對目前的商業動能和團隊的緊迫感感到非常滿意。所以，從積壓的工作來看，主要就是伺服器，其中還沒有電解槽。

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年的規劃框架，正如我們之前討論的，電解槽的訂單和交付可能要到2024年底或2025年才能開始，之後才能看到任何商業成長勢頭。因此，我們發布的2023年營收預期實際上主要圍繞著我們目前在美國、韓國以及其他一些國際市場銷售的核心產品，這些市場都是能源伺服器。團隊在這些市場取得了顯著進展。我們對這些市場充滿信心，但目前它們尚未對整體規劃框架或積壓訂單做出貢獻。

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

下一個問題來自富國銀行的麥可布魯姆。

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.

我想再談談待辦事項清單。顯然，它增加了不少，這令人鼓舞。我想請您介紹一下這些待辦事項背後的客戶群體，例如他們的地理分佈，以及這些待辦事項目前代表著未來幾年的需求。

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。所以，關於待辦事項清單，要讓一份合約或專案進入我們的清單，我們採用的審核方法相當嚴格。它必須是正式合同，雙方都必須投入資金，而且必須保證交付。因此，一個項目要進入我們的待辦事項清單，就必須滿足這些條件。從我們現有的專案來看，我們的美國工商業業務在2022年表現非常強勁。

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.

如果你觀察他們正在進行的專案類型，你會發現它們的規模比疫情前大得多，這意味著規模都在25兆瓦及以上。你會發現，這些項目在供電時間和韌性方面都得到了重視，無論是單獨考慮還是兩者兼顧。這意味著，對於客戶而言，這是一個意義重大的大型項目，它關係到客戶能否維持當前的運營，或者能否將更多業務上線，從而滿足其成長需求。以上就是我們目前在美國看到的情況。

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.

我們看到，韓國市場仍然普遍採用「照付不議」合約。我之前想表達的是，去年我們有三年的「照付不議」合約期，現在只有兩年了，所以我才做了調整計算。此外，大家也看到了，蒂姆的團隊在義大利和台灣都宣布了一些規模可觀的項目，10兆瓦的項目也從合作關係開始。因此，我們正在擴大規模，確保我們拓展業務的每個環節都能支持我們的核心業務，並在專案落地後為我們的服務業務提供支援。所以我認為，我們正在建立一個非常多元化的業務組合，在現有市場中，我們的交易數量和規模都在成長，這非常令人鼓舞。

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

下一個問題來自約翰遜·賴斯公司的馬丁·馬洛伊。

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.

我想詢問一下電動車基礎設施的情況，以及在建造商業規模的電動車基礎設施的同時，您是否看到對能源伺服器的需求。

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，我們正在努力。我們從企業客戶那裡了解到，當他們與我們討論用電負荷時，他們不僅指工廠、數據中心或企業自身的用電負荷，還同時提到，如果我們擁有一支車隊，並且這些車隊在最後一公里配送中都將使用電動車，那麼我們該如何為它們供電，如何保證它們的正常運作？我們也聽到一些電力公司開始向我們反映，在擁擠的城市中心地帶，電動車的用電負載可能會成為他們面臨的一大難題，除非他們擁有現場發電設施。因此，我們在這兩個領域開始看到成效，而且我預計在接下來的幾個月裡，情況只會更好，因為《工業改革法案》（IRA）為充電樁和車隊充電提供了強有力的激勵措施，而且越來越多的電動車正在市場上湧現。

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

下一個問題來自 Truist Securities 的 Jordan Levy。

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.

我只想簡單提一下這個新應用程式。你們發布了一份關於熱能和電力結合的新聞稿，或許可以再詳細說說這方面的內容。

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。所以你看，當你看的時候——好的，抱歉，請你再重複一次問題。這樣我才能在回答前完全明白。

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。如果我們能獲得更多關於你們討論的熱電聯產應用方面的細節，那將至關重要。

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，絕對是如此。你看，隨著世界不斷發展，無論是氫氣、天然氣或再生天然氣，這些分子都變得越來越珍貴。脫碳進程的速度將遠遠超過這些分子被充分利用的速度，終端用戶也開始意識到這一點。越來越多的用戶都在問：如何從同樣的分子中獲得更多能量？而從這些分子中提取更多有用能量的方法，不僅在於我們極高的電力效率——業內領先——而且還在於能夠提取一些熱能並提供這些熱能。尤其是在歐洲市場，由於目前的激勵機制，這對用戶來說極具吸引力，他們已經將脫碳和提高效率的激勵機制結合在一起。

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.

如今，各行各業越來越關注能源​​成本，並希望盡可能提高能源利用效率。因此，我們提供的熱電聯產方案將極具價值。傳統熱電聯產方案與我們方案的差別在於，傳統方案產生的電力（一種高價值商品）較少，而熱能較多。 Bloom 方案則相反，它產生的電力（一種高價值商品）較多，而熱能（一種非常寶貴的資源）較少。根據我們的發展路線圖，這種組合有望使我們的效率接近 90%，這極具吸引力。

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

下一個問題來自科林·魯什和奧本海默的對話。

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，你提到今年將削減成本，能否為我們介紹一下這些成本來自哪裡？另外，利潤率指引顯示價格會略有下降，能否談談價格下降是國際市場還是國內市場共同作用的結果，或者說，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。科林，關於降低成本的問題，無論是疫情本身導致我們的工程師只能透過 Zoom 遠距辦公，還是全球通貨膨脹造成的供應鏈問題，又或者坦白說，去年我們產能翻番，產能爬坡過程以及工廠未滿負荷運轉帶來的效率低下，坦白講，我們的成本並沒有達到預期水平。

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.

到了年底，我想這應該是Bloom公司歷史上第一次出現成本小幅上漲，但同比仍然上漲的情況，這對我們來說並不正常。因此，在年中和年末，我們檢視了公司，思考未來的發展方向。我們確定了幾個重點領域，其中之一就是提高機器的功率密度。多年來，我們一直致力於提高功率密度，在維持相同製造成本的前提下，降低每千瓦的成本。因此，我們已經在現有設計的基礎上實現了一定的提升，而且未來還有更大的提升空間。

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.

第二，我們與供應商密切合作，審視關鍵零件及其生產流程，最終提升了他們的營運效率。目前我們看到原物料價格正在下降，這是一個不錯的利好。同時，我們也讓工程團隊深入研究產品的核心，包括設計方式、零件採購、簡化產品結構等等，這些都有助於降低成本。

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，不僅在我們採購的零件上，而且在我們將其納入內部生產流程以及機器製造方面，隨著弗里蒙特工廠逐步達到滿載運轉，我們看到了良好的營運槓桿效應。同時，我們在自動化方面也取得了顯著的改進。對我們而言，自動化意味著我們在這個市場中擴大規模的能力，而不是為了裁員。它真正是為了確保我們的直接人工產出——也就是勞動力——能夠獲得更高的產出。因此，在展望今年的計畫架構中，我們已將成本降低約10%納入了年度利潤率預期。我可以告訴大家，我們內部的目標更加積極，我們將全力以赴推動團隊實現這10%的目標。如果最終結果更好，那當然是好事。

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.

就價格同比而言，剔除一些特殊因素後，例如昇級改造和其他一些因素，僅關注產品核心價格，過去三年價格基本上保持穩定，無論是否考慮產品組合因素。我們的定價策略中產品組合因素並不多，這意味著我們在決定產品佈局時，無論是在美國、亞洲還是歐洲，我們真正考慮的是在哪裡能夠獲得最大的增長和最高的利潤率，這往往導致我們在全球範圍內保持非常相似的售價。

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.

展望2023年，我們預期利潤率將提高數百個基點。這主要得益於我們今年在核心產品基礎上，剔除一些一次性項目後，保持平均售價不變，並降低產品成本。我們認為我們已經制定了相當穩健的計劃，能夠進一步降低成本，並持續提升利潤率。

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?

我想從另一個角度再談談積壓訂單的問題。我的意思是，很明顯，成長非常顯著，您目前提供的分析也很有幫助。但是，您提到腳註中說，這反映了預期的進項稅抵免和其他適用的稅收優惠。我想了解更多細節。這是否僅僅是因為進項稅抵免政策有效續期，從而促進了客戶訂單？還是說，它實際上以其他方式體現在積壓訂單的數量？

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?

最後，關於投資稅收抵免（ITC），我還有一點要問。據我了解，它將在2024年後轉換為新的清潔能源投資稅收抵免。那麼就目前的情況來看，您認為這會對您和客戶之間的關係產生任何影響嗎？

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。薩姆，我們公司目前的運作方式是，大部分銷售都是透過購電協議（PPA）進行的，也就是我們向客戶出售一段時間內的電力成本。然後，我們會和融資方一起，根據相關的現金流量計算出我們認為機器的售價、服務成本和安裝成本。

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，在計算售價時，無論是在美國享受國際貿易委員會 (ITC) 的優惠政策，還是在其他國家或地區享受其他類型的激勵政策，我們都會將這些激勵政策納入整體現金流計算中，從而確定透過特殊目的實體 (SPV) 向最終客戶銷售產品的價格。所以，我們想明確一點：每年，我們會根據積壓訂單的激勵政策，將其納入分析，以計算我們認為的、預估的合約售價。

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，關於投資稅收抵免（ITC）的終止，這對我們來說並不新鮮，對吧？我們大約每兩年就會經歷一次這個過程。通常情況下，我們會獲得大約兩年的延期，然後繼續前進。之後，根據我們在全球經濟脫碳和韌性方面所處的位置，這項激勵措施將再次生效。從實際角度來看，雖然可能只有兩年，但透過安全港條款和合約的其他部分，我們實際上可以從中獲得大約三年的收益。

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].

感覺我們目前的計劃才進行了大約6個月，現在還處於早期階段，但我們顯然已經將這一點納入了預測。但歸根結底，我們的目標是繼續降低產品成本，確保我們做好準備，以便在這些激勵措施取消後仍能保持競爭力。但我認為，在我們看來，未來很有可能會再次延長，我們不會完全依賴它，但它將是我們計劃的一部分。我不知道，KR，（我是否已經說完了）。

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.

如果再加上這一點，沒錯，我們業務的一小部分，而且隨著我們國際業務的成長，依賴ITC的業務比例會越來越小。即使ITC佔比達到30%，如果我們每年或未來三年都能實現兩位數的成本削減，我們也應該能夠為客戶提供我們所需的產品和服務。因此，我們更加專注於我們能夠掌控的方面，並全力以赴。我們有信心，無論有沒有補貼，我們都能正常運作。

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

是的。 [你明白]。謝謝你，山姆。也謝謝你閱讀註腳。

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

下一個問題來自 Biju Perincheril 與 Susquehanna 的血脈。

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。您能否詳細說明一下，預計何時能達到損益兩平？另外，您能否談談目前模組更換後的使用壽命？

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。比尤，服務利潤率，對吧？這項業務也受到產品方面相同成本的影響，對吧？我們60%到70%的服務成本都集中在模組更換上，通常每4、5或6年更換一次，而且每次更換週期都在延長。所以，今年我們的服務利潤率並沒有達到預期。我們需要在產品組合方面做更多的工作。

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.

但我要告訴你們，導致我們未能達到預期目標的最主要原因在於首款產品的成本會直接影響到後續更換電源模組的成本。我們正在努力降低成本，我之前和科林討論過，降低成本將有助於提高服務利潤率，使我們重回正軌。我們仍然預期所有新交易的利潤率都能達到20%，並且預計在本十年中期，也就是2025年左右，我們的產品利潤率——抱歉，應該是服務利潤率——應該能夠達到20%。這仍然是我們對未來業務發展的預期。

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.

尤其是在電源模組的更換方面，請記住，我們並非在電源模組達到使用壽命終點時才進行更換。我們會在服務合約期間內，在經濟效益允許的情況下更換電源模組。因此，我們看到服務合約的期限逐年延長，如今我們交付的產品的使用壽命比四、五年前交付的產品要長得多。這也是我們整體成本控制策略的一部分，也是我們對這項業務充滿信心的原因——我們相信它將成為非常可觀的長期收益，並擁有可觀的成長和極具吸引力的利潤率。

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 的對話。

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?

如果我錯過了之前發布的某個訊息，請見諒。請問您預計2023年會有多少訂單被接受？另外，我們該如何看待您2023年的收入或出貨量的地理分佈？

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。所以我們不會——我們沒有就驗收問題給出任何指導，也不想給出——這不是我未來會關注的重點。原因如下：隨著我們在現有平台上推出不同的應用，其對應的功率等級也會有所不同。兩三年前，我可以告訴你，我們當時的收入是188兆瓦，因為我們當時在全球範圍內交付的都是天然氣伺服器。但隨著未來發展，當你開始考慮交付電解槽、船舶或其他產品時，它們的功率等級就會有所不同。

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.

微電網等等，這些都是未來發展的方向。所以，我想說，正如你查看我明年的收入成長預測以及產品和服務情況後，你可以據此估算出，如果價格在預測期內保持不變，銷量會是多少。我漏聽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 的演講。

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?

您之前提到過，從贏得新業務到實際盈利之間存在時間差，這主要是因為您的產品在生產前就已經售罄。您能否就目前的積壓訂單狀況，以及哪些訂單會轉化為今年的收入，談談今年的定價策略或週期？另外，您能否進一步解釋一下，目前市場上的價格可能還有上漲空間，但這些收益需要一段時間才能轉化為實際收入？

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，我想說的是，即使在我任職的這三年裡，從我們發現商機到簽訂合約再到最終交付的整個流程時間都在持續縮短。我們一直以來都覺得流程太長、太複雜，所以總是缺乏耐心。從流程能力的角度來看，我們希望繼續精簡流程，使其更可預測。因此，我們今天看到的，以及我們通常預期幾乎所有積壓訂單都會在下一年轉化為收入的情況，現在的情況是，年初就已確定的商機可能會帶來電力，尤其是在電力交付方面，交付時間比以往要短得多。

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.

因此，在定價方面，我們對目前的市場狀況感到滿意。在許多情況下，我們能夠以高於其他同類技術的價格，為客戶提供高價值的產品。我們希望繼續為客戶創造更多價值，並努力確保在客戶實現其經濟目標的同時，也能確保我們的利潤率。換句話說，我預期未來價格不會大幅下降。人們仍然認可我們產品的價值，我們也一直保持著價格穩定，隨著成本的降低，我們的利潤率應該會提高。

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

下一個問題來自 Northland Capital Markets 的 Abhi Sinha。

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。能否詳細介紹貴公司未來國際和國內收入的組成？我們該如何看待這兩者？能否具體說明一下，例如比較和對比這兩者，包括使用的應用、驅動因素、利潤率等等？我們該如何看待這兩者，如何比較和對比？好的。

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。聽著，今年的情況是這樣的——我一直說，由於產能有限，我們年初的時候就把很多韓國的貨都發給了韓國。我們想確保履行合約義務，達到他們今年的訂單量。我之前也說過，到年底，我們的訂單量就會恢復到歷史水準。現在，我們的國際訂單量與國內訂單量的比例，和去年差不多。

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，我預期美國市場的佔比會下降。這並不是說我們不希望在美國市場實現強勁成長，而是我們目前更專注於在韓國、歐洲以及亞洲其他地區持續發展。因此，我預期未來國際市場的佔比會逐漸超過國內市場，而整體市場規模會不斷擴大，國內市場佔比也會保持穩健成長。就目前的回報而言，我們並不打算進入那些無法為我們提供成長機會的國家，也就是說，這些國家既不能認可我們的產品，也不能對我們的產品有需求，更不能讓我們透過銷售產品為股東帶來可觀的回報。

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.

所以，當我們反覆比較各種機會時，關鍵在於我們要把寶貴的資源投入到哪裡，要把我們的能力運用到哪裡，以及如何確保我們在未來的發展中實現最盈利的成長。如果某個國家或地區還沒準備好接納我們，可能是因為他們不重視我們的產品，或者他們沒有相應的動力，又或者我們的價格還沒有達到他們的預期，那也沒關係。我們會等待，未來再進入那個市場。我們還有很多成長機會。我們不會為了進入​​一個新市場而降低利潤率或成長預期。

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?

恭喜你們本季業績出色。我知道KR在開場白中提到大約有100兆瓦的電力項目需要投入時間。我想問一下，這是否包括——以及你們的待辦事項是否反映了這一點——我記得你們正在與亞馬遜合作，在俄勒岡州開發一個70兆瓦到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。我們與亞馬遜網路服務公司簽訂了三份[郵票]合同，總容量接近75兆瓦。至於商業協議的細節，和其他商業協議一樣，我們不方便討論。但如果退一步思考，你會發現這能勾勒出更宏大的圖景，對吧？資料中心市場，加上資料傳輸網路營運商，加起來的電力消耗量大約在600太瓦時左右，而且還在快速成長。

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.

如果將資料中心和資料傳輸網路營運商的用電量加起來，約佔全球總用電量的4%。這是一個巨大的機遇，我們正與這兩個產業——資料中心和資料傳輸網路營運商——合作。我們認為這是一個潛力十足的市場。單就其成長速度和近4%的用電量而言，沒有哪個工業部門比它們更負責任、更乾淨。

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.

如果把2021年全球再生能源購電協議（PPA）的總容量算在內，大約是30吉瓦。其中15吉瓦來自亞馬遜、微軟、Meta和谷歌這四家超大規模資料中心巨頭。這些巨頭竭盡所能地獲取所有可用的可再生能源。這就是他們的實力所在：他們需要可靠的能源，並且隨時隨地獲得所需的能源。他們選擇與我們合作，不僅是為了滿足當前可用的能源需求，更是為了滿足未來的需求，因為我們可以在他們需要時幫助他們過渡到更環保的能源。所以我們對這個機會感到非常興奮。這100兆瓦的容量就包含了這部分。

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

下一個問題來自 Wolfe Research 的 Alex Kania。

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?

或許可以問一個關於政策演變的問題。您已經有四、五個月的時間來思考IRA（工業關係評估）了。您對其中蘊含的機會或需要解答的根本性問題，是否有任何新的認知？另外，或許可以把它和已經篩選出來的氫能中心連結起來。我想問的是，布魯姆設想在參與您參與的那些氫能中心計畫中扮演怎樣的角色？

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，Alex，我是Greg。那我就先說吧。聽著，我們對通膨下調政策的實施效果感到無比興奮，就像政策公佈的第一天一樣，它對我們業務的各個方面都適用，無論是我們正在討論的投資稅收抵免（ITC），還是氫能生產稅收抵免（PTC），亦或是45Q報告中提到的碳捕獲規模和範圍等等…

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物能源領域。所以我們非常看好它在美國的發展。當你走遍全球，接觸到不同的國家時，你會發現他們對美國在這一領域發揮的領導作用感到非常興奮，他們也渴望獲得激勵措施，以提升自身經濟和全球競爭力。因此，這無疑正在帶動世界其他國家加快相關激勵措施的出台，以確保這一目標的實現。所以我們和最初一樣看好它，並對它的發展前景充滿期待。

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.

實際上，目前最重要的是確保我們推進所有需要解答的問題，以便將法律轉化為實際應用。因此，國稅局的財政部正忙於根據這些法律制定相關法規。他們在年底推出了一些關於投資稅收抵免（ITC）的政策。我們很高興能進一步了解「美國製造」計畫以及能源經濟體和弱勢經濟體的發展，並制定相關規則。其中一些規則涉及稅收優惠的可轉讓性和退稅等問題。

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.

所以我們對此感到非常興奮。就我個人而言，這一切都是為了確保我們能夠最大限度地利用這些優勢，在公司發展的同時，激勵我們的客戶。因此，我們對這項政策的持續實施感到非常興奮，而且我們認為，正如我們之前所說，它正在加速銷售漏斗的商業轉換速度。

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「會不會」的問題，對吧？問題是「何時」以及「氫能經濟何時才能真正起飛」。我們擁有雙重優點。我們擁有將氫氣轉化為電能的最佳設備。我們也擁有利用廢熱生產氫氣的最佳設備，以便更經濟地利用、供應和生產氫氣。即使只考慮純粹的電力生產，我們的效率也遠遠超出其他任何技術。因此，我們無比興奮，無論世界最終走向何方，我們都已準備好迎接挑戰。

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

下一個問題來自帕維爾·莫爾恰諾夫和雷蒙德·詹姆斯的對話。

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?

在其他地區紛紛效法美國，大力發展清潔技術製造業的背景下，歐盟正在討論綠色產業計畫。基於此，您是否有意在歐洲建立燃料電池或電解槽的生產基地？

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.

目前，我們的生產策略，包括工廠選址和生產方式，都取決於市場的發展。我們在韓國的做法是，為韓國市場及其周邊市場進行產品的最終組裝，因為韓國為我們創造了龐大的市場。時機成熟時，我們也會在歐洲採取類似的策略，但前提是必須達到一定的規模。這並非空想，不能坐等客戶上門。我們目前擁有一家可以供貨的工廠。一旦市場真正發展起來，我們就可以擴大工廠，以便更好地服務客戶。這就是我們的策略。

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?

（聽不清楚）代替馬希普發言。我們有個問題。由於你們向不同的市場出口不同類型和尺寸的產品，今年我們該如何考慮工廠的產能利用率？

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，我們現在有兩家工廠，對吧？然後我們在韓國還有一家合資組裝廠。但我們絕大部分的電堆製造產能都集中在加州，我們位於桑尼維爾的工廠目前仍保留300兆瓦的產能。我們在弗里蒙特工廠第一期工程中新增了300兆瓦，使我們的總產能達到600兆瓦。而且，作為我們在弗里蒙特工廠初期建設的一部分，我們還有機會再增加600兆瓦的產能。

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.

我們稍後會決定在弗里蒙特擴建是否經濟，但我們最初的計劃是先建造1吉瓦。這樣一來，我們的燃料電池總裝置容量就達到了1吉瓦或1.3吉瓦。如果換算成電解槽的裝置容量，到那時就接近3吉瓦了。我們在德拉瓦州的組裝廠有機會生產吉瓦級的燃料電池。去年，我們也宣佈在那裡建造了一條電解槽組裝線。

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.

我們已經準備就緒。我們還有大約 4,000 萬到 6,000 萬美元將投資於弗里蒙特，以達到預期的產能水準。正如 KR 之前所說，這筆投資完全投入使用後，不到一年就能收回成本。因此，我們有能力迅速擴大規模以滿足需求。之後，我們會考慮如何進一步增加產能，但至少在今年和明年，這些產能應該足以滿足我們的需求，而無需增加任何額外的堆疊容量。

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

下一個問題來自考恩的傑夫·奧斯本。

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，兩個問題快問快答。我可能錯過了什麼。我想問一下，在28億美元的系統積壓訂單中，有多少百分比是來自SK的「照付不議」訂單？第二個問題是關於毛利率的。除了價格因素外，能否詳細解釋第三季和第四季之間強勁的業績表現？除了價格因素外，還有其他因素促成了您剛剛公佈的毛利率結果嗎？

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。傑夫，去年我們討論過為期三年的「照付不議」協議，金額為15億美元，相當於500兆瓦的裝置容量。我們已經交付了一年的容量。所以，在我們交付的容量中，大約還剩下兩年的量。還不到三分之一。如果我們今年（也就是2022年）向ecoplant交付約120兆瓦，那麼剩餘的容量將在未來以待交付的形式交付。

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.

從第三季度到第四季度，價格方面有很多機會。我們在季度初就討論過這一點，不僅在PPA 4改造項目中以不錯的價格完成了交易，我們還討論了其他一些機會，坦白說，我們優先考慮的是那些價格略高於平均水平的交易和機會。我們喜歡積壓訂單整體毛利率的平均水平，但我們肯定會優先確保能夠完成年度承諾。

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.

此外，弗里蒙特也加入了進來。如果你仔細對比一下，你會發現，根據我們提供的第三季和第四季的補充資料，我們成功地將每千瓦機器的成本降低了近幾百美元。因此，價格和成本的下降顯然產生了很大的影響，之後你就可以單獨分析其他因素了。

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 的演講。

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?

我只是想就沼氣方面再跟您探討一些其他想法。我對沼氣驅動的專案很感興趣。您在交易結構、融資或所有權方面是否觀察到任何趨勢？特別是針對這些方面？您是否能就此談談您想到的、在這個領域比較新穎或具有創新性的專案？

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。我是格雷格。聽著—KR，我把這個問題交給你了。這是最後一個問題。所以，請你最後再談談你對廢棄物能源化的最終看法。

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。諾埃爾，謝謝你的提問。我舉個例子。我們有兩種方式來思考廢棄物能源化。一種是我們之前討論過的傳統方式，即生產沼氣並就地利用，無論是利用動物糞便、垃圾掩埋場的廢棄物，還是在水處理廠等場所。但另一個真正令人振奮的機會是，我們看到全國各地正在開發一些相當大的項目，這些項目都旨在滿足低碳燃料標準（LCFS），並提供生物燃料以及可持續航空燃料（SAF）。

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，它們可以收取溢價，而且隨著你生產的燃料的碳排放強度降低，溢價呈指數級增長。所以，兩者成反比關係。在大多數地方，例如愛荷華州中部，如果生產可持續航空燃料（SAF）或低碳燃料標準（LCFS）燃料並運往加利福尼亞州，他們會面臨兩種選擇：要么以合理的價格購買碳排放強度很高的電網電力，要么以高於當地合理價格的溢價購買Bloom燃料。

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.

但他們有機會利用布魯姆技術，並基於碳排放強度，從燃料生產中獲得可觀的價值。因此，這對有意向的開發商來說極具吸引力。此外，由於他們可以捕獲我們系統產生的所有二氧化碳和熱量，並將其輸送到他們的生物燃料加工精煉廠，這將徹底改變遊戲規則。

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，布魯姆公司最吸引人的創新之處在於，這種合成燃料幾乎可以產生零碳電力，因為他們採用了碳捕獲技術。它利用的是零碳電力，然後再利用熱能。這真是一個巨大的優勢。

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，我想總結一下，你們現在看到的是一家火力全開的公司。過去一年，我們的營收成長非常驚人。我們不僅對已完成的訂單量感到滿意，更對我們現有訂單的品質和多樣性感到滿意，無論從地理分佈、應用領域，還是從我們服務的行業來看，我們都擁有豐富的銷售管道。此外，我們也看到了各個市場、細分領域、產業和客戶群中蘊藏的成長機會。

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，我們會非常滿意我們是如何應對極其艱難的環境，並按時兌現產能翻倍的承諾的。例如，由於工廠延誤了一個季度，我們根本無法實現第四季的營收目標。所以，你看到的是一家全速運轉的公司。我們堅信這只是一個偉大旅程的開始，而市場時機也恰到好處。這一切並非偶然。過去20年來，公司一直在為此努力，等待這一刻的到來。如今，外在環境已經成熟，各方都認可並重視我們帶來的創新，這不僅關乎成功，更關乎公司的未來。感謝你們一路以來的支持，我們對此深表感激。

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，我想通話結束了。

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。您可以掛斷電話了。