Bloom Energy Corp (BE) 2023 Q1 法說會逐字稿

Good evening, ladies and gentlemen. Thank you for attending Bloom Energy's Q1, 2023 Earnings Conference Call. My name is Francis, and I'll be the moderator for today's call. (Operator Instructions) I will now pass the conference over to your host, Ed Vallejo, Vice President of Investor Relations. Please proceed.

先生們女士們晚上好。感謝您參加 Bloom Energy 的 2023 年第一季度收益電話會議。我叫弗朗西斯，我將擔任今天電話會議的主持人。 （操作員說明）我現在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 First Quarter 2023 Earnings Conference Call. To supplement this conference call, we furnished our first quarter 2023 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.

謝謝，大家下午好。感謝您加入我們參加 Bloom Energy 2023 年第一季度收益電話會議。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 2023 年第一季度收益新聞稿，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 first quarter 2023 earnings press release, we refer to GAAP and non-GAAP financial measures. The non-GAAP financial measures are not prepared in accordance with the U.S. generally accepted accounting principles and are in addition to and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP. A reconciliation between the GAAP and non-GAAP financial measures is included in our first quarter 2023 earnings press release available on our Investor Relations website.

在本次電話會議和我們 2023 年第一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 2023 年第一季度收益新聞稿中。

Joining me on the call today are K.R. Sridhar, Founder, Chairman and Chief Executive Officer; and Greg Cameron, our President and Chief Financial Officer. K.R. 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 the year. And after our prepared remarks, we will have time to take your questions.

今天和我一起參加電話會議的是 K.R. Sridhar，創始人、董事長兼首席執行官；以及我們的總裁兼首席財務官 Greg Cameron。 K.R.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，以及今年的展望。在我們準備好的發言之後，我們將有時間回答您的問題。

With that, I will now turn the call over to K.R.

有了這個，我現在將把電話轉給 K.R.

Good day, everyone. Bloom Energy is off to a very strong start in 2023. Our company is operating well and delivering on our goals. We are making great strides in developing products that serve the needs of our customers today will position them well for the future and importantly, create revenue growth for us. On May 23rd, we will be getting together in New York for our Investor Day, and you'll hear more about our strategy and road map then.

今天是個好日子。 Bloom Energy 在 2023 年開局非常強勁。我們公司運營良好，正在實現我們的目標。我們在開發滿足客戶當今需求的產品方面取得了長足進步，這將使他們為未來做好準備，重要的是，為我們創造收入增長。 5 月 23 日，我們將齊聚紐約參加我們的投資者日，屆時您將聽到更多關於我們的戰略和路線圖的信息。

For today, let me provide you with 6 examples of how in addition to executing on our plans, we are opportunistically investing in products that have the potential to enable revenue growth and improve margin. We had record product and service revenue in the fourth quarter of 2022. On the back of that strong year-end finish, we achieved record revenue for product this quarter. We did this because we made the investments to expand factory capacity and executed on bringing that capacity online without any delay.

今天，讓我為您提供 6 個例子，說明除了執行我們的計劃之外，我們如何機會主義地投資於有潛力實現收入增長和提高利潤率的產品。我們在 2022 年第四季度實現了創紀錄的產品和服務收入。在強勁的年終業績的支持下，我們本季度實現了創紀錄的產品收入。我們之所以這樣做，是因為我們進行了投資以擴大工廠產能，並毫不拖延地將產能上線。

In our call last quarter, we talked about our renewed commitment and increased investment in our cost down program, an enabler for both growth and profitability. We were confident in making those investments because we knew that we would deliver strong returns. I'm happy to report that we have started reaping the benefits of this program, as evidenced in our first quarter results. We are on track and expect to see a double-digit product cost down this year. We told you about our investments in top line growth and focus on international growth to open up new markets.

在我們上個季度的電話會議中，我們談到了我們對成本降低計劃的新承諾和增加投資，這是增長和盈利的推動因素。我們對進行這些投資充滿信心，因為我們知道我們會帶來可觀的回報。我很高興地報告，我們已經開始從該計劃中獲益，我們第一季度的業績就證明了這一點。我們正在走上正軌，預計今年產品成本將下降兩位數。我們向您介紹了我們對收入增長的投資，並專注於國際增長以開闢新市場。

In Q4 of last year, we signed a 10 megawatt order in Taiwan. In Q1, we manufactured and shipped those products. The Bloom servers will be installed and delivering clean, reliable power in the coming months to our Taiwanese customer. We take great pride in not only the speed with which we can execute, but also the urgency with which we can meet the critical needs of our customer.

去年第四季度，我們在台灣簽下了 10 兆瓦的訂單。在第一季度，我們製造並運送了這些產品。 Bloom 服務器將在未來幾個月內安裝並為我們的台灣客戶提供清潔、可靠的電力。我們不僅為執行速度感到自豪，而且為滿足客戶關鍵需求的緊迫性感到自豪。

During our last earnings call, we told you about releasing a new Combined Heat and Power or CHP product with a total efficiency of 85%. We now have 20 megawatts of orders for CHP energy servers and each from Italy and Belgium. We will start shipping CHP enabled energy servers in the second half of this year. This is a clear example of the ease with which we can adapt our platform technology and tweak our servers to meet specific customer needs.

在我們上次的財報電話會議上，我們告訴您發布了一種新的熱電聯產或 CHP 產品，總效率為 85%。我們現在有 20 兆瓦的 CHP 能源服務器訂單，每個訂單來自意大利和比利時。我們將在今年下半年開始運送啟用 CHP 的能源服務器。這是一個明顯的例子，說明我們可以輕鬆調整我們的平台技術並調整我們的服務器以滿足特定客戶的需求。

Let me now switch to hydrogen and our high-efficiency electrolyzers for the fifth example. We have reported in the past about our 100-kilowatt electrolyzer innovation project at the Department of Energy's Idaho National Lab, using a simulation of steam and electric inputs from a nuclear power plant. The DOE lab has to-date completed over 4,500 hours of full load operations with the Bloom electrolyzer and found it to produce hydrogen more efficiently than any other process, who are 25% more efficiently than low-temperature electrolyzers.

現在讓我切換到氫氣和我們的高效電解槽作為第五個例子。我們過去曾報導過能源部愛達荷國家實驗室的 100 千瓦電解槽創新項目，該項目使用來自核電站的蒸汽和電力輸入模擬。迄今為止，美國能源部實驗室已經使用 Bloom 電解槽完成了超過 4,500 小時的滿負荷運行，發現它比任何其他工藝都更有效地生產氫氣，比低溫電解槽的效率高 25%。

In addition, dynamic load testing at INL showed that the Bloom electrolyzer handled ramping down power from 100% load to 5% load in less than 10 minutes with no adverse impact. In fact, even at 5% load, our electrolyzer operated at an efficiency that was equal to or better than low-temperature PEM and alkaline electrolyzers operating at 100% load. INL will present these results at the DOE Annual Meeting in Washington, D.C. on June 7th.

此外，INL 的動態負載測試表明，Bloom 電解槽可以在不到 10 分鐘的時間內將功率從 100% 負載降低到 5% 負載，而沒有產生不利影響。事實上，即使在 5% 的負載下，我們的電解槽的運行效率也等於或優於在 100% 負載下運行的低溫 PEM 和鹼性電解槽。 INL 將於 6 月 7 日在華盛頓特區的能源部年會上公佈這些結果。

And of course, I'm super excited to share with you a major milestone we achieved in hydrogen production by standing up the world's largest solid oxide electrolyzer demonstration that's also the world's most efficient commercial scale electrolyzer in operation. By investing and demonstrating this electrolyzer deployment, we are able to showcase the maturity, efficiency and commercial readiness of Bloom solid oxide technology for large-scale clean hydrogen production. The 4-megawatt Bloom electrolyzer is delivering the equivalent of over 2.4 metric tonnes per day of hydrogen output. It was built, installed and operationalized in a span of 2 months to demonstrate the speed and ease of deployment.

當然，我非常高興能與大家分享我們在製氫方面取得的一個重要里程碑，我們建立了世界上最大的固體氧化物電解槽示範，這也是世界上運行效率最高的商業規模電解槽。通過投資和展示這種電解槽部署，我們能夠展示 Bloom 固體氧化物技術在大規模清潔制氫方面的成熟度、效率和商業準備情況。 4 兆瓦的 Bloom 電解槽每天提供相當於超過 2.4 公噸的氫氣產量。它在 2 個月的時間內建成、安裝和運行，展示了部署的速度和便利性。

Given that large-scale projects are predominantly in the planning and early design stages, this timely Bloom demonstration should provide potential customers with the confidence they need to make the right technology choice rather than rely on less efficient legacy technologies. These examples illustrate how we make judicious and timely investments when we see opportunities to grow revenue and margin and then execute diligently to deliver strong returns on those investments.

鑑於大型項目主要處於規劃和早期設計階段，這次及時的 Bloom 演示應該會讓潛在客戶有信心做出正確的技術選擇，而不是依賴效率較低的遺留技術。這些例子說明了當我們看到增加收入和利潤的機會時，我們如何做出明智和及時的投資，然後努力執行以從這些投資中獲得豐厚的回報。

Let me finish now with a mega trend we are seeing globally on the time to power issue for commercial and industrial customers. The delays in permitting, interconnections and bringing new capacity online, coupled with the early retirements of baseload power plants have contributed to severe generation capacity issues. Transmission and distribution [gridlocks] and delays in adding to T&D capacity have further severely restricted the ability of utilities to keep up with customers' growing electricity needs.

現在讓我結束我們在全球範圍內看到的一個大趨勢，即商業和工業客戶的供電時間問題。許可、互連和新容量上線的延遲，加上基本負荷發電廠的提前退役，導致了嚴重的發電容量問題。輸配電 [僵局] 以及輸配電容量增加的延遲進一步嚴重限制了公用事業公司滿足客戶不斷增長的電力需求的能力。

Industrial expansion, onshoring, electrification of everything, including transportation, digitization and artificial intelligence are all placing significant new demand for electricity. In many places, globally, customers are told to wait 5 years to 10 years to get additional power. Such huge shortfalls of delivered electricity is unprecedented in the modern age and places utilities, customers, regulators and policymakers in unchartered territory. I see this time to power problem growing and being an issue that will be with us for the next 2 decades.

工業擴張、外包、一切電氣化，包括交通、數字化和人工智能，都對電力產生了巨大的新需求。在全球許多地方，客戶被告知要等待 5 年到 10 年才能獲得額外的電力。如此巨大的電力供應短缺在現代是前所未有的，並將公用事業、客戶、監管機構和政策制定者置於未知領域。我看到這一次電力問題越來越嚴重，並將成為未來 20 年將伴隨我們的問題。

For data centers and factories that need additional capacity, waiting for multiple years to get power is not an option. For Bloom, this issue represents a real opportunity. Bloom Energy has a unique offering that is a perfect solution for such situations. Bloom servers can be deployed in front of the meter with the utility, as a customer or behind the meter with the end user, as a customer.

對於需要額外容量的數據中心和工廠，等待多年才能獲得電力不是一種選擇。對於布魯姆來說，這個問題代表了一個真正的機會。 Bloom Energy 擁有獨特的產品，可以完美解決此類情況。 Bloom 服務器可以作為客戶部署在公用事業的電錶前面，也可以作為客戶部署在最終用戶的電錶後面。

Our solutions can be interconnected to the grid or standalone in an islanded mode to provide always on clean electricity on-site. As such, we can be deployed, where transmission and distribution are lacking. Our low-carbon footprint solution is virtually airpolution-free can be deployed rapidly, has proven resilience and reliability and is future proof to accept green fuels, as they become viable and available.

我們的解決方案可以與電網互連或以孤島模式獨立運行，以在現場始終提供清潔電力。因此，我們可以部署在缺乏傳輸和分配的地方。我們的低碳足跡解決方案幾乎沒有空氣污染，可以快速部署，具有經過驗證的彈性和可靠性，並且在未來變得可行和可用時可以接受綠色燃料。

As we march forward in this unprecedented scenario, our focus is on ensuring that the policies and regulations enable ease of deployment of our servers. We will also focus on who will be our ideal partner, will the partners be utilities, end use customers or both, will that vary from geography to geography and be different for an investor-owned utility versus a municipal utility. These questions will get answered in time. But irrespective of that, I expect this to be a big driver of growth for Bloom this decade.

當我們在這種前所未有的情況下向前邁進時，我們的重點是確保政策和法規能夠簡化我們服務器的部署。我們還將關注誰將成為我們理想的合作夥伴，合作夥伴是公用事業、最終用戶還是兩者兼而有之，因地域而異，投資者擁有的公用事業與市政公用事業有所不同。這些問題將得到及時解答。但無論如何，我預計這將成為 Bloom 這十年增長的一大推動力。

I will now turn it over to Greg, who will discuss our financial performance, and then we'll take your questions. Greg?

我現在將其轉交給格雷格，他將討論我們的財務業績，然後我們將回答您的問題。格雷格？

Thanks, K.R. This past quarter, we continued to deliver strong operational and financial results. We are gaining momentum in delivering on our commitments. Let me begin with a few highlights. We had record first quarter revenue. Product and service revenue was up 39% to $234 million, and total revenue increased 37% to $275 million, both versus the first quarter last year.

謝謝，K.R.上個季度，我們繼續提供強勁的運營和財務業績。我們在兌現我們的承諾方面正在獲得動力。讓我從幾個亮點開始。我們的第一季度收入創歷史新高。與去年第一季度相比，產品和服務收入增長 39% 至 2.34 億美元，總收入增長 37% 至 2.75 億美元。

Our margins improved. First quarter non-GAAP gross margins were 21.2%, up 540 basis points versus the first quarter 2022. We are seeing strong global demand for our energy server, especially in data centers. We have achieved product cost reductions with unit costs down nearly 10% versus the first quarter 2022. We are taking actions to improve our service businesses bottom line. We are reaffirming our 2023 framework for revenues and profitability.

我們的利潤率有所提高。第一季度非 GAAP 毛利率為 21.2%，比 2022 年第一季度增長 540 個基點。我們看到全球對我們的能源服務器的需求強勁，尤其是在數據中心。我們已經實現了產品成本降低，單位成本與 2022 年第一季度相比下降了近 10%。我們正在採取行動來改善我們的服務業務底線。我們重申我們的 2023 年收入和盈利能力框架。

With those as highlights, let me provide some additional context to our performance. The value proposition for energy server and electrolyzer is robust. We are hearing from our customers that they need resilient, available power that reduces their carbon intensity today, while providing optionality to move to on-site net 0 solutions like hydrogen in the future. Our time to power value proposition is particularly meaningful for data center customers, where their local utility is unable to support their power needs. We are seeing this need globally, especially in the edge markets that need high-quality, resilient power to support their growth.

將這些作為亮點，讓我為我們的表現提供一些額外的背景信息。能源服務器和電解槽的價值主張是穩健的。我們從客戶那裡得知，他們需要有彈性的可用電力來降低他們今天的碳強度，同時提供在未來轉向現場淨零解決方案（如氫氣）的選擇權。我們的 time to power 價值主張對數據中心客戶特別有意義，因為他們的本地公用事業無法滿足他們的電力需求。我們在全球範圍內看到了這種需求，尤其是在需要高質量、有彈性的電力來支持其增長的邊緣市場。

As for our electrolyzer, we are engaged with large-scale project developers of hydrogen and green ammonia, as well as oil and gas companies, who clearly value our efficiency advantages and our manufacturing readiness. The commercial market remains robust with hydrogen incentives in the United States, Canada, South Korea, Japan and Europe, accelerating project development. Many of these projects are confirming their offtake agreements and completing their front-end engineering and design. As these projects reach their final investment decisions, we expect to make announcements on our technology deployments.

至於我們的電解槽，我們與氫氣和綠色氨的大型項目開發商以及石油和天然氣公司合作，他們顯然看重我們的效率優勢和製造準備。由於美國、加拿大、韓國、日本和歐洲的氫能激勵措施，商業市場依然強勁，加速了項目開發。其中許多項目正在確認承購協議並完成前端工程和設計。隨著這些項目做出最終投資決定，我們希望就我們的技術部署發佈公告。

We are investing in research and development to support our technology road map for electrolyzers, hydrogen fuel cells and carbon capture, while we drive down our costs. These investments include demonstrations to showcase our products maturity, efficiency and resiliency. The 4-megawatt solid oxide electrolyzer demonstration we announced last week is one example of how we're validating the commercial readiness of our technology.

我們正在投資研發，以支持我們的電解槽、氫燃料電池和碳捕獲技術路線圖，同時降低成本。這些投資包括展示我們產品成熟度、效率和彈性的演示。我們上周宣布的 4 兆瓦固體氧化物電解槽演示是我們如何驗證我們技術的商業準備情況的一個例子。

In March, we received $311 million from SK ecoplant for roughly 13.5 million redeemable convertible preferred shares at a price of $23.05 per share. The price, share count and proceeds is consistent with the option SK ecoplant exercise in August. At SK ecoplant's request, we changed the shares delivered from Class A common to preferred shares to facilitate closure. We expect the shares to convert to Class A common by September 30th, 2023.

3 月，我們以每股 23.05 美元的價格從 SK ecoplant 獲得約 1350 萬股可贖回可轉換優先股的 3.11 億美元。價格、股份數量和收益與 8 月 SK ecoplant 行使的期權一致。應 SK ecoplant 的要求，我們將交付的股票從 A 類普通股改為優先股，以促進關閉。我們預計這些股票將在 2023 年 9 月 30 日之前轉換為 A 類普通股。

We ended the first quarter with $483 million in total cash. We are investing in our business to deliver on our commitment for profitable growth. Cash used in operating activities for the first quarter was $315 million, partially driven by near-term working capital investments [and] inventory. Our time to power value proposition is impacting our working capital levels, as we build, ship, permit and install and compress cycle times to meet our customers' power needs. We expect to recapture this cash over the coming quarters to generate positive cash flow from operations for the year.

第一季度結束時，我們的現金總額為 4.83 億美元。我們正在投資於我們的業務，以兌現我們對盈利增長的承諾。第一季度用於經營活動的現金為 3.15 億美元，部分原因是近期營運資本投資 [和] 存貨。我們的時間價值主張正在影響我們的營運資金水平，因為我們建造、運輸、許可和安裝並壓縮週期時間以滿足客戶的電力需求。我們預計將在未來幾個季度收回這些現金，以便從今年的運營中產生正現金流。

Inventory balances net of changes in payables increased roughly $155 million in the first quarter. Consistent with prior years and driven by individual project plans, our acceptances are greater in the second half than the first half of the year. This year, to minimize the impact of a production ramp, we budgeted a levelized build plan. This plan requires a temporary increase in inventories in the first half for the second half acceptances.

扣除應付賬款變動後的庫存餘額在第一季度增加了約 1.55 億美元。與往年一樣，在個別項目計劃的推動下，我們下半年的接受度高於上半年。今年，為了盡量減少生產量產的影響，我們制定了一個分級建設計劃的預算。本方案要求上半年臨時增加庫存，用於下半年驗收。

We are already seeing the benefits of an optimized build plan through lower employee turnover, less expedited shipping costs and improved yields. These benefits, coupled with increased automation, lower material costs and increased power output are driving down our product cost 10% versus the first quarter of last year. We are very pleased with our return to double-digit cost reductions and are confident we will achieve our 2023 12% cost down target.

通過降低員工流動率、減少加急運輸成本和提高產量，我們已經看到了優化構建計劃的好處。這些優勢，加上自動化程度的提高、材料成本的降低和功率輸出的增加，使我們的產品成本比去年第一季度降低了 10%。我們對我們恢復兩位數的成本削減感到非常高興，並且有信心我們將實現 2023 年成本下降 12% 的目標。

We are taking actions in service that should position this business for long-term profitability. Some of our actions, such as the timing of replacement module shipments will accelerate service costs, but they are incorporated in our 2023 company guidance. Last year, as we were capacity constrained, we prioritized our power module shipments for revenue over service replacements. While it was the right economic trade, it required some [fueled] units to operate longer, which lowered their electricity output in some locations. If delivered electricity is below our commitment, we are required to make a performance payment to the financial investor.

我們正在採取服務行動，使這項業務能夠長期盈利。我們的一些行動，例如更換模塊的發貨時間將加快服務成本，但它們已納入我們的 2023 年公司指南。去年，由於我們的產能受到限制，我們將功率模塊出貨量的收入優先於服務更換。雖然這是正確的經濟貿易，但它需要一些[燃料]單位運行更長時間，這降低了某些地方的電力輸出。如果交付的電力低於我們的承諾，我們需要向金融投資者支付績效款項。

With our increased capacity, we are aggressively shipping replacement power modules to increase output. We recognize the full cost of the replacement module at shipment. As these replacement modules come online, power output will increase, thus reducing performance payments. Over the next few quarters, we will be incurring both the cost of the replacement power modules and the performance payments. The performance payments should moderate, as the power output increases. In addition, service business margins should improve, as we continue to reduce our costs and grow revenues with the expanding installed base. Over the long term, we are confident we will deliver a profitable service business.

隨著產能的增加，我們正在積極運送更換電源模塊以增加產量。我們在裝運時確認更換模塊的全部費用。隨著這些替換模塊上線，功率輸出將增加，從而減少性能支付。在接下來的幾個季度裡，我們將承擔更換電源模塊的成本和績效付款。隨著功率輸出的增加，績效支付應該適度。此外，隨著我們不斷降低成本並隨著安裝基礎的擴大而增加收入，服務業務的利潤率應該會提高。從長遠來看，我們有信心提供有利可圖的服務業務。

To meet localization commitments in South Korea, we have begun to move the final assembly of units to be delivered to SK ecoplant to our South Korea JV. This change will move title transfer and revenue recognition point from the U.S. port to post completion of assembly in South Korea. As we implement this change, we will have minimum Korean acceptances and revenue in the first half of the year. This does not change our outlook for total year revenue, but instead shifts most of our Korea revenue to the second half of the year.

為了履行在韓國的本地化承諾，我們已開始將要交付給 SK ecoplant 的單元的最終組裝轉移到我們的韓國合資企業。這一變化會將所有權轉讓和收入確認點從美國港口轉移到韓國組裝完成後。當我們實施這一變化時，我們將在今年上半年獲得最低限度的韓國承兌匯票和收入。這不會改變我們對全年收入的預期，而是將我們在韓國的大部分收入轉移到下半年。

We are reaffirming our 2023 annual guidance for revenue, margins and cash flows. With our backlog and pipeline, we remain confident that we will deliver at least $1.4 billion of annual revenue at our targeted 25% non-GAAP gross margins. At this annual revenue and gross margin profile for the year, we should achieve positive non-GAAP operating margins and cash flow from operations. For the second quarter of 2023, based on likely acceptances, I would expect our revenue growth and margins to be similar to the first quarter, as we continue to meet our customers' needs and invest in profitable growth.

我們重申我們 2023 年的收入、利潤率和現金流量指導方針。憑藉我們的積壓訂單和管道，我們仍然有信心以 25% 的非 GAAP 毛利率目標實現至少 14 億美元的年收入。按照今年的年收入和毛利率情況，我們應該實現正的非 GAAP 營業利潤率和經營現金流。對於 2023 年第二季度，根據可能接受的情況，我預計我們的收入增長和利潤率將與第一季度相似，因為我們將繼續滿足客戶的需求並投資於盈利增長。

In summary, we had a strong operational quarter and are building momentum with increasing demand for abundant, clean and resilient energy. As we move forward, we believe the company can build upon our mature solid oxide platform, strong record of accomplishments and our robust growth road map. There are multiple growth opportunities to leverage our platform to enable the energy transition. We are extremely excited about our future. I look forward to showcasing the team at our investor conference on May 23rd at the New York Stock Exchange.

總而言之，我們有一個強勁的運營季度，並且隨著對豐富、清潔和彈性能源的需求不斷增加，我們正在建立勢頭。隨著我們的前進，我們相信公司可以在我們成熟的固體氧化物平台、良好的成就記錄和強勁的增長路線圖的基礎上再接再厲。有多種增長機會可以利用我們的平台來實現能源轉型。我們對我們的未來感到非常興奮。我期待著在 5 月 23 日於紐約證券交易所舉行的投資者會議上展示該團隊。

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

有了這個，接線員，請打開問題線路。

(Operator Instructions) The first question comes from Andrew Percoco with Morgan Stanley.

（操作員說明）第一個問題來自摩根士丹利的 Andrew Percoco。

Congrats on the strong results here. So I just had a question around ASP trends. So great to see you executing on the cost down targets. But on the ASP side, I know things can move around from quarter-to-quarter because of geographic mix shift, but just given some of the time to power demand trends that you mentioned in the prepared remarks, is there an opportunity for you to take price here and increase ASPs and maybe see some faster-than-expected margin expansion?

祝賀這裡取得了很好的成績。所以我只是對 ASP 趨勢有疑問。很高興看到您執行降低成本的目標。但在 ASP 方面，我知道由於地域組合的變化，事情可能會在每個季度之間發生變化，但只要花一些時間來推動你在準備好的評論中提到的需求趨勢，你是否有機會在這裡定價並提高平均售價，也許會看到一些比預期更快的利潤率增長？

Yes. Hey, Andrew, it's Greg. So we are really pleased with our ASP performance year-over-year. I think we were up better than 6% driven just for those needs, both time to power, as well as a little bit of the ITC benefit coming forward. We see, as we go forward, a model would have existed before where we'd be talking about taking cost down faster than we take price down. I would say, as we look forward, given the road map we have on costs coming down, we'll continue to execute that. But given the demand for our product, we don't expect to be taking price down in line with that. If not, we'll hold it to get it slightly better.

是的。嘿，安德魯，我是格雷格。因此，我們對我們的 ASP 同比表現非常滿意。我認為我們的增長超過 6% 只是為了滿足這些需求，既包括上電時間，也包括未來的一些 ITC 收益。我們看到，隨著我們的前進，在我們談論降低成本比降低價格更快之前就已經存在一種模型。我會說，正如我們期待的那樣，鑑於我們在降低成本方面的路線圖，我們將繼續執行它。但鑑於對我們產品的需求，我們預計不會隨之降低價格。如果沒有，我們將保留它以使其稍微好一點。

We were down sequentially quarter-over-quarter, fourth quarter to first quarter. But remember, that whole last year, we knew the fourth quarter was going to be very strong given on the mix of deals. I would suspect that our first quarter performance is more in line what you're going to see for the rest of the year. But to your point, going forward, if price holds about this point and maybe even creeps up a little bit and our costs come down, that's one of the reasons we're so confident we're going to get to our margin targets, not only for this year, but for 2025 when we get to those 30% gross margins.

從第四季度到第一季度，我們環比下降。但請記住，在整個去年，我們知道第四季度在交易組合方面將非常強勁。我懷疑我們第一季度的表現更符合你在今年餘下時間看到的情況。但就你的觀點而言，展望未來，如果價格保持在這一點上，甚至可能會小幅上漲，而我們的成本會下降，這就是我們如此有信心實現利潤率目標的原因之一，而不是僅在今年，但在 2025 年我們達到 30% 的毛利率時。

And Andrew, this is K.R. One other element that I would like to address for you on the ASP is there are geographies, where we simply could not transact and make things pencil out because the cost of the utility grid was very low. But today, when a customer is faced with an option of not having power, it's no longer for them the cost of power, it's the price to the business of not having the power and the expansion of capacity. So it opens up the marketplace that much more significantly for us. And we don't have to discount or try to figure out how to match a grid price or a slight premium to the grid because for them, it's a choice between not having power, and we being the only solution to giving them that baseload reliable green power.

安德魯，這是 K.R.我想在 ASP 上為您解決的另一個問題是在某些地區，由於公用電網的成本非常低，我們根本無法在這些地區進行交易和解決問題。但是今天，當客戶面臨沒有電的選擇時，對他們來說不再是電力成本，而是企業沒有電和容量擴展的代價。因此，它為我們打開了更為重要的市場。而且我們不必打折或試圖弄清楚如何匹配電網價格或略微溢價，因為對他們來說，這是在沒有電力和我們是為他們提供可靠基本負載之間的唯一解決方案之間的選擇綠色力量。

The next question comes from Manav Gupta with UBS.

下一個問題來自瑞銀的 Manav Gupta。

Guys, I just wanted to quickly focus on some of the very interesting stuff you put out in your sustainability report, and what really caught my eye was that you are looking to grow sales to $4 billion to $5 billion by 2026 and then $15 billion to $20 billion by 2031. So if you could help us walk through some of those buckets, which are the key areas where that growth will happen and what gives you the confidence to get there because like if you do get there, you're trading sub 1x your sales in 2026. So there's a big dislocation in your stock price.

伙計們，我只是想快速關注你們在可持續發展報告中提出的一些非常有趣的東西，真正引起我注意的是你們希望到 2026 年將銷售額增長到 40 億到 50 億美元，然後到 150 億美元到到 2031 年將達到 200 億美元。因此，如果你能幫助我們完成其中的一些工作，這些是實現增長的關鍵領域，是什麼讓你有信心到達那裡，因為如果你真的到達那裡，你就是在交易子1x 你在 2026 年的銷售額。所以你的股價有很大的錯位。

Thanks, Manav. And just for the record, that wasn't new guidance. We published that earlier in 2021. We reaffirmed it at our Investor Day in 2022. And I imagine you're going to see a chart very similar to that in a couple of weeks when we get to New York.

謝謝，馬納夫。鄭重聲明，這不是新指南。我們在 2021 年早些時候發布了該圖表。我們在 2022 年的投資者日重申了這一點。我想您將在幾週後到達紐約時看到與該圖表非常相似的圖表。

Listen, here's the way we think about it, right? We're a $1.2 billion power generation business last year. We'll be in the $1.4 billion to $1.5 billion range. That growth has historically been in the 25% to 30% range, and we've been able to execute on that. And we're very comfortable with that. As you play that out, as you get to 2026, as you said, that's a $2.5 billion to $3 billion power generation business, just continuing what we do. And if you play that out to the end of the decade into 2031, you've got something in the $8 billion to $10 billion range. And I would say, based on the way we've been executing since we published that guidance, we're on track for that.

聽著，我們是這樣想的，對吧？去年我們的發電業務價值 12 億美元。我們將在 14 億美元到 15 億美元之間。從歷史上看，這種增長一直在 25% 到 30% 的範圍內，我們已經能夠做到這一點。我們對此非常滿意。正如你所說的那樣，到 2026 年，這將是一項價值 25 億至 30 億美元的發電業務，只是繼續我們所做的事情。如果你把它玩到 2031 年的十年末，你就會得到 80 億到 100 億美元的資產。我會說，根據我們發布該指南以來我們一直在執行的方式，我們正在朝著這個方向前進。

But you've also got other applications that we can put on our platform. So in addition to a power generation business that can work on natural gas, that can work on renewable natural gas, can work on hydrogen, we've got a very specific effort here around what we call decarbonization efforts. And we've targeted by 2026, that should be a $1 billion to $2 billion business.. Now the majority of that when we did the analysis was really going to be focused on our electrolyzer business. We talked about, as we go through the investment cycle here with those different projects, I would expect to see orders in the '23, '24 -- last half of '24 into '25, you begin to see the revenue. but it scales very quickly. So we think a $1 billion to $2 billion decarbonization platform, primarily driven by the electrolyzer is well within range, and we think that grows to another $6 billion to $8 billion, as you get closer to 2031.

但是你也有我們可以放在我們平台上的其他應用程序。因此，除了可以使用天然氣、可以使用可再生天然氣、可以使用氫氣的發電業務之外，我們還圍繞我們所謂的脫碳工作做出了非常具體的努力。我們的目標是到 2026 年，這應該是一個價值 10 億到 20 億美元的業務。現在，當我們進行分析時，其中大部分實際上將集中在我們的電解槽業務上。我們談到，當我們在這裡經歷這些不同項目的投資週期時，我希望看到 23 年、24 年的訂單——24 年的後半年到 25 年，你會開始看到收入。但它的擴展速度非常快。因此，我們認為主要由電解槽驅動的 10 億至 20 億美元的脫碳平台完全在範圍內，而且我們認為隨著 2031 年的臨近，該平台將增長到另外 60 億至 80 億美元。

Now in that decarbonization, we also had a small amount, I think that it was less than 20% of the overall amount, we contributed to our carbon capture business. Now it's not a separate business. It's the same units we ship today with a way to capture the anode exhaust. But I think that's one area that could either be A) optionality for folks, as we move towards hydrogen, and then within a financial modeling standpoint, it creates a bit of a natural hedge. If hydrogen begins to take -- move into place, other types of decarbonizing technologies like carbon capture [will be in] place. And since we have an anode exhaust stream here at close to 95% when you knock out the water, we think those 2 businesses are logical, and we think they'll grow to that $6 billion to $8 billion by 2031.

現在在脫碳中，我們也有少量，我認為它不到總量的 20%，我們為我們的碳捕獲業務做出了貢獻。現在它不是一個單獨的業務。它與我們今天運送的相同裝置具有捕獲陽極廢氣的方法。但我認為這可能是一個領域 A) 人們的可選性，因為我們轉向氫，然後在金融建模的角度來看，它創造了一種自然的對沖。如果氫氣開始發揮作用，碳捕獲等其他類型的脫碳技術 [will] 就位。因為當你把水抽出來時，我們這裡的陽極廢氣流接近 95%，我們認為這兩項業務是合乎邏輯的，我們認為到 2031 年它們將增長到 60 億至 80 億美元。

And then at the end here, we talked always about our marine business, right, where we've got an application, where we can run on ship. We've done some demonstrations with some customers. That's all scheduled for later in the decade, half back half of the decade, but that in itself could be the $1 billion to $2 billion business. So we're really confident that we've got a growth trajectory here that not only at that 25% to 30% that we've done traditionally, and we've continued to execute here, but we think we can pick up another 5 points of growth, at least, as you add these other applications on it. So we'll talk more about this in New York. We'll give you more proof points and commercial points around why we're so confident in this.

然後在最後，我們總是談論我們的海洋業務，對，我們有一個應用程序，我們可以在船上運行。我們已經與一些客戶進行了一些演示。這一切都計劃在這十年的晚些時候，即這十年的後半段，但這本身可能是價值 10 億至 20 億美元的業務。所以我們真的很有信心，我們在這裡有一個增長軌跡，不僅是我們傳統上所做的 25% 到 30%，而且我們繼續在這裡執行，但我們認為我們可以再增加 5 個增長點，至少，當你在上面添加這些其他應用程序時。所以我們將在紐約更多地討論這個問題。我們將為您提供更多證據和商業觀點，說明我們為何對此如此有信心。

But this, Manav, this is not new. This is not new analysis for us. This is how we're running the company, and this is what we're executing against, and this is why we're investing so much. K.R., I don't know if there's anything you wanted to add to that.

但是，馬納夫，這並不是什麼新鮮事。這對我們來說不是新的分析。這就是我們經營公司的方式，這就是我們執行的目標，這就是我們進行如此多投資的原因。 K.R.，我不知道你是否還有什麼要補充的。

Yes. No. I think, look, when we put these numbers out for our core business of Bloom Energy servers providing reliable power, the time to power issue was not as acute as it is today. So if anything, our confidence in these numbers are much more bolstered today than even the strong confidence with which we publish those numbers, and we are staying on track. So we see nothing, but tailwinds to the business that we have today.

是的。不，我認為，當我們為提供可靠電力的 Bloom Energy 服務器的核心業務公佈這些數字時，供電時間問題並不像今天那麼嚴重。因此，如果有的話，我們今天對這些數字的信心甚至比我們發布這些數字時的堅定信心還要強大，而且我們正在走上正軌。所以我們什麼也看不到，但對我們今天的業務來說是順風。

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

下一個問題來自美國銀行的 Julien Dumoulin-Smith。

Hey, guys. It's Alex Vrabel on for Julien. Just one, if you guys could help me clarify, I guess, some of the sort of cadence trends through the year, and again, maybe sort of doubling back on the pricing question. Greg, I guess the way I'd frame it is you mentioned this sort of cadence of Korea being more of a second half story now as far as rev rec, presumably, there's also a repowering opportunity late in the year. How would you sort of characterize the pricing drivers with those 2 sort of moving pieces, presumably going opposite of each other in the second half and how that informs your revenue cadence for the rest of the year?

大家好。 Alex Vrabel 代替 Julien 上場。只有一個，如果你們能幫我澄清一下，我想，一年中的一些節奏趨勢，而且可能會在定價問題上加倍。格雷格，我想我的構想方式是你提到韓國的這種節奏現在更像是一個下半年的故事，就 rev rec 而言，大概在今年晚些時候還有一個重新啟動的機會。您如何用這兩種移動部件來描述定價驅動因素，大概在下半年彼此相反，以及這如何影響您今年剩餘時間的收入節奏？

Yes. Alex, you know, it's interesting, and this is -- we talk about this a lot internally and externally at the company. As we look at pricing opportunities, whether it be in geographies or applications, we really don't differentiate all that much between the markets. right? I'm not taking a different price in Korea than I would take within the U.S. on the base core ASP price on it.

是的。亞歷克斯，你知道，這很有趣，而且這是 - 我們在公司內部和外部談論了很多。當我們考慮定價機會時，無論是在地理區域還是在應用程序中，我們實際上並沒有在市場之間做出太大的區分。正確的？我在韓國的價格與在美國的基本核心 ASP 價格並沒有不同。

So as I think about the rest of the year, and I think about the pricing on that, in any particular quarter, there might be some slight variations given the exact way in which the ultimate project plays out. But pricing for me over the course of the year should remain relatively flat, say, within [$100 a kilowatt or $150 a kilowatt] in any particular quarter, as we go through it. We do have some transactions that we'll go through. Some of them will be a little bit higher, some will be a little bit lower, but we'll come back to that [$3,500, $3,600, $3,700 a kilowatt] that we've had over the last few quarters.

因此，當我考慮今年餘下的時間，並考慮定價時，在任何特定季度，考慮到最終項目的確切執行方式，可能會有一些細微的變化。但對我來說，全年的定價應該保持相對平穩，比如說，在我們經歷的任何特定季度，在 [每千瓦 100 美元或每千瓦 150 美元] 以內。我們確實有一些我們將要經歷的交易。其中一些會高一點，有些會低一點，但我們會回到過去幾個季度的 [每千瓦 3,500 美元、3,600 美元、3,700 美元]。

I'd say as you look at the year, though, just like last year, where every quarter from the first quarter on our product costs came down. My expectation is that we go through this year, not only do we take 10% out at the beginning of this year, on average, for the year, we're going to take out 12% so that, that's all going to come through, as improved margins as we go through the year. And that's why we're confident we'll be at that 25%, up from the 21%. 22% that we are today.

不過，我想說的是，就像去年一樣，從第一季度開始，我們的產品成本每個季度都在下降。我的期望是，我們今年會度過難關，不僅在今年年初我們會拿出 10%，平均而言，今年我們會拿出 12%，這樣，這一切都會過去，隨著我們全年利潤率的提高。這就是為什麼我們有信心從 21% 提高到 25%。我們今天的 22%。

The next question comes from Sam Burwell with Jefferies.

下一個問題來自 Jefferies 的 Sam Burwell。

Just taking a quick look at the 10-Q here, seeing that like Asia Pac revenues were 5% of total revenues this quarter versus 65% in 1Q '22? I mean, I think we're all familiar with the drivers, but certainly implies really, really impressive strengths in sort of the ex South Korea areas, where you're selling. So could you comment on just how the customer mix might have changed this quarter versus 1Q '22? I mean how much of that is driven by the timing of power factors that you've called out or anything else behind that?

只是快速瀏覽一下這裡的 10-Q，看到本季度亞太地區的收入佔總收入的 5%，而 22 年第一季度為 65%？我的意思是，我認為我們都熟悉這些驅動程序，但肯定意味著在您銷售的前韓國地區確實具有非常非常令人印象深刻的優勢。那麼，您能否評論一下與 22 年第一季度相比，本季度的客戶組合可能發生了怎樣的變化？我的意思是，其中有多少是由您調用的功率因數的時間或背後的其他因素驅動的？

Yes. Thanks, Sam. So last year, right, as we got into the year, we talked about each of the first few quarters of us being capacity constrained and really prioritized and get any of the units to Korea, as we promised. So I think in the first quarter last year, to your point, we were 65% international. The vast majority of that was to our partners, SK ecoplant. So then the second quarter and third quarter and then later in the year, it tailed off and we're far more domestic.

是的。謝謝，山姆。所以去年，正確的，當我們進入這一年時，我們談到了我們的前幾個季度中的每個人都受到產能限制並且真正優先考慮並將任何單位送到韓國，正如我們所承諾的那樣。所以我認為在去年第一季度，就你的觀點而言，我們有 65% 是國際化的。其中絕大多數是我們的合作夥伴 SK ecoplant。因此，第二季度和第三季度，然後是今年晚些時候，它逐漸減少，我們更加國內化。

Given the changes, and I talked about this in my prepared comments, that we're making on moving final assembly from Delaware to our JV in South Korea, that's going to delay our rev rec on those units in the first half of the year. It doesn't change our total year outlook. We still have the same contract and commercial relationship with them. We're just going to begin shipping those units and they won't see revenue recognition. We won't see revenue recognition until those units are completed to full assembly and shipped from the JV.

考慮到這些變化，我在準備好的評論中談到了這一點，我們正在將最終組裝從特拉華州轉移到我們在韓國的合資企業，這將推遲我們在今年上半年對這些裝置的 rev rec。它不會改變我們全年的展望。我們仍然與他們保持著相同的合同和商業關係。我們剛剛開始運送這些單位，他們不會看到收入確認。在這些單元完成組裝並從合資企業發貨之前，我們不會看到收入確認。

I think to your point, though, it really shows the strength of our domestic business that we're able not to have, for the most part, many Korea shipments at all in the first quarter, but able to still meet our growth trajectory and replace that with all good U.S. business. So that's going to move quarter-to-quarter, especially as we get into the second half of the year. My expectations are, you'll see a similar type of revenue split on the international versus domestic side.

不過，我認為就你的觀點而言，這確實顯示了我們國內業務的實力，我們在第一季度的大部分時間裡根本沒有很多韓國出貨量，但仍然能夠滿足我們的增長軌跡和取而代之的是所有好的美國企業。因此，這將逐個季度發生變化，尤其是在我們進入下半年的時候。我的預期是，您會在國際與國內方面看到類似類型的收入分配。

And over the long term, Sam, to your point, you're going to see a lot more international shipments. Tim is making a ton of progress, both in Europe and in Asia. There are smaller deals now that won't move it from a revenue reporting side in the near quarters. But over the long term, we think we're building a very powerful international platform, just not in South Korea, but in Europe and in other countries in Asia.

從長遠來看，山姆，就你的觀點而言，你會看到更多的國際貨運。蒂姆在歐洲和亞洲都取得了很大進步。現在有一些較小的交易不會在最近幾個季度將其從收入報告方面轉移。但從長遠來看，我們認為我們正在建立一個非常強大的國際平台，不僅僅是在韓國，而是在歐洲和亞洲其他國家。

The next question is from Colin Rusch with Oppenheimer.

下一個問題來自 Colin Rusch 和 Oppenheimer。

This is Jason Vernoff on for Colin Rusch. So with the 4-megawatt electrolyzer, can you speak to how long it was run at maximum power and your expectation for cadence of maintenance on the product?

這是科林·魯施的傑森·弗諾夫。那麼對於 4 兆瓦的電解槽，您能說說它以最大功率運行了多長時間以及您對產品維護節奏的期望嗎？

So what we announced in the press release and what's public at this point is we have commenced operations on those. It is a demonstration. It is a demonstration to prove the technology and prove the commercial operation. And that's all it is right now. And we will keep you posted during our earnings call on how that's operating, give you a lot more details during the earnings call. We have commenced operation.

所以我們在新聞稿中宣布的以及此時公開的是我們已經開始對這些進行操作。這是一個示範。它是證明技術和證明商業運作的示範。現在就是這樣。我們會在我們的財報電話會議期間向您通報其運作方式，並在財報電話會議期間為您提供更多詳細信息。我們已經開始營業了。

And the most important thing for you to take away from the day we said go, to the day we built it, installed it, operated it and started producing hydrogen [was 2 months]. The speed with which we can simply take our platform technology from a fuel cell to an electrolyzer, things we have been talking about. We showed the world we can do this, and we can do this as routine business, number one.

從我們說走的那一天到我們建造、安裝、運行並開始生產氫氣的那一天，對你來說最重要的事情是 [2 個月]。我們可以簡單地將我們的平台技術從燃料電池帶到電解槽的速度，這是我們一直在談論的事情。我們向世界展示了我們可以做到這一點，我們可以把它作為日常業務來做，第一。

Number two, by putting that 4-megawatt, a purpose of doing that was to very clearly demonstrate at a minimum, the 25% advantage that we have with our technology compared to the legacy old inefficient technologies and allow the customers to make it braindead simple to choose the right technology. So that's the purpose of the demonstration. It's not about the [land].

第二，通過放置 4 兆瓦，這樣做的目的是至少非常清楚地證明，與傳統的低效技術相比，我們的技術具有 25% 的優勢，並允許客戶使其腦死亡變得簡單選擇正確的技術。這就是演示的目的。這與[土地]無關。

Very clearly, on the INL operation, we have 4,500 hours, and it continues to operate. It continues to operate very effectively without any adverse impacts. In fact, the Department of Energy Idaho National Lab has shown that they are able to ramp down the power dramatically within 10 minutes from 100% lower to 10% -- to 5% lower and even at 5% lower, we are as good as rated load for those legacy technologies. So we will have endurance records operating separately. We will have demonstration at scale operating separately. All this to provide the potential customers with absolute confidence in choosing our technology and choosing it knowing that they're picking the right technology.

很明顯，在 INL 運營中，我們有 4,500 小時，並且它會繼續運營。它繼續非常有效地運行，沒有任何不利影響。事實上，能源部愛達荷國家實驗室已經表明，他們能夠在 10 分鐘內將功率從 100% 降低到 10%——再到 5%，甚至降低 5%，我們和這些傳統技術的額定負載。所以我們將有單獨運行的耐力記錄。我們將單獨進行大規模示範。所有這些都是為了讓潛在客戶對選擇我們的技術充滿信心，並且知道他們選擇的是正確的技術。

Yes. So Jason, we'll talk more about this at our investor conference in New York in a couple of weeks. And for those of you that are interested, that happen to be out here in the Bay Area, we do have a process, which you can click on our website, and we're trying to bring as many people as we can.So if you've got an interest and you're in the Bay Area, let us know, and we'll try to get you in the queue and bring you over to [the office] and have you take a look at the technology real live. So thanks, Jason.

是的。所以傑森，我們將在幾週後在紐約舉行的投資者會議上更多地討論這個問題。對於那些有興趣的人，恰好在灣區，我們確實有一個流程，您可以點擊我們的網站，我們正在努力讓盡可能多的人參與進來。所以如果如果你有興趣並且你在灣區，請告訴我們，我們會盡力讓你排隊，然後帶你到[辦公室]，讓你看看現場的技術.所以謝謝，傑森。

The next question comes from Sangita Jain with KeyBanc.

下一個問題來自 KeyBanc 的 Sangita Jain。

I want to ask about the clean energy tax credit that comes into effect in 2025 and whether Bloom fuel cells will qualify in their current state? Or if you're going to have to have a carbon capture feature attached to them. If you do have to have a current capture feature attached, what would the storage and transport of the CO2 look like?

我想問一下 2025 年生效的清潔能源稅收抵免以及 Bloom 燃料電池在目前的狀態下是否符合條件？或者，如果您必須為其附加碳捕獲功能。如果您必須附加電流捕獲功能，那麼 CO2 的儲存和運輸會是什麼樣子？

Yes. Thanks, Sangita. Thanks for the question. So on the carbon capture side, it was just important to think about that from a business standpoint. Those projects amongst themselves are going to be -- will be tens of megawatts, if not hundreds of megawatts, and we think that's an ideal application for us to use the capture of our anode exhaust and then either to sequester that or utilize that in some type of commercial or industrial applications.

是的。謝謝，桑吉塔。謝謝你的問題。因此，在碳捕獲方面，從商業角度考慮這一點很重要。這些項目本身將是——將是數十兆瓦，如果不是數百兆瓦的話，我們認為這是一個理想的應用，我們可以使用陽極廢氣的捕獲，然後將其隔離或在某些方面加以利用商業或工業應用的類型。

So -- as we think about our everyday fuel cells that we are providing as resilient primary power in the field at a [5-, 10-, 20-megawatt] opportunity, it's probably not going to pencil out for the customer to include all the other sequestration equipment, compressors and the like that are going to be needed in order to use it for carbon capture demonstration. So we don't look at that as a net trade-off on something we would do.

因此 - 當我們考慮我們在 [5-、10-、20 兆瓦] 機會中作為現場彈性主要電源提供的日常燃料電池時，它可能不會讓客戶包括所有為了將其用於碳捕獲示範，將需要其他封存設備、壓縮機等。因此，我們不會將其視為對我們會做的事情的淨權衡。

Listen, the answer to your question is we don't know yet in some circumstances. We're still waiting for treasury to come out with their final rules. We do have some of them that have been very encouraging around energy communities and the like and around apprenticeship and prevailing wages that are very helpful in telling us how the ITC benefits are going to play out for our product.

聽著，你的問題的答案是在某些情況下我們還不知道。我們仍在等待財政部出台最終規則。我們確實有一些在能源社區等方面非常令人鼓舞，並且圍繞學徒制和現行工資非常有幫助，這有助於告訴我們 ITC 的好處將如何為我們的產品發揮作用。

We're still waiting for some additional guidance to come out that we expect over the course of the year. But us, like everybody else in the industry has some uncertainty, as we go forward, exactly how it all plays. But we know that the purpose of the legislation was to make clean investments and accelerate our path towards decarbonization, and we think we are a primary tool to help enable that transition. So we expect to be part of that conversation.

我們仍在等待我們預計在這一年中出現的一些額外指導。但是我們，就像這個行業的其他人一樣，在我們前進的過程中，也有一些不確定性，它究竟是如何發揮作用的。但我們知道立法的目的是進行清潔投資並加快我們的脫碳之路，我們認為我們是幫助實現這一轉變的主要工具。因此，我們希望成為該對話的一部分。

The next question is from Pavel Molchanov with Raymond James.

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

You said that many of the green hydrogen projects around the world are still on the drawing board, but hypothetically, if demand were limitless today, what would be your capabilities to meet that demand with physical product in '23 and '24?

你說世界上許多綠色氫能項目仍在規劃中，但假設，如果今天的需求是無限的，那麼在 23 年和 24 年，你有什麼能力用實物產品滿足這種需求？

Yes. Hi, Pavel, thanks. So as we look at it, right, the constraint on the green hydrogen isn't the electrolyzers, definitely not our electrolyzers, right? The largest constraint that we see is the clean energy going in, whether that's from existing hydro, existing wind or solar or new facilities that need to be built in order to supply that electricity. Taking that precious renewables off the grid today to make hydrogen and then turn that back into power is not an effective investment from a round-trip efficiency standpoint. So we're still very encouraged on seeing folks build out that renewable sources of power that we're going to need in order to build -- in order to build out this green hydrogen, clean hydrogen economy.

是的。嗨，帕維爾，謝謝。所以當我們看的時候，對，對綠色氫的限制不是電解槽，絕對不是我們的電解槽，對吧？我們看到的最大限制是清潔能源的使用，無論是來自現有的水力、現有的風能或太陽能，還是需要建造以提供電力的新設施。從往返效率的角度來看，今天將寶貴的可再生能源從電網中取出來製造氫氣，然後將其重新轉化為電力並不是一項有效的投資。因此，我們仍然非常鼓勵看到人們建立我們將需要建立的可再生能源——以建立這種綠色氫、清潔氫經濟。

Listen, on our capacity, it's very simple, right? We ended the year with 650 megawatts of stack and column capacity out here, take 200 megawatts off of (inaudible) service, and you're left with about 400 megawatts. We can do [1 gigawatt] to 2 gigawatts depending about how we allocate that out for electrolyzers, beginning of shipments, as soon as folks, as we had orders for them. We can move our capacity backwards and forward between the fuel cell and the electrolyzers with really little turnover costs.

聽著，以我們的能力，很簡單，對吧？我們以 650 兆瓦的堆棧和柱容量結束了這一年，從（聽不清）服務中取出 200 兆瓦，剩下大約 400 兆瓦。我們可以做到 [1 吉瓦] 到 2 吉瓦，具體取決於我們如何將其分配給電解槽、開始發貨、盡快收到訂單。我們可以以非常低的周轉成本在燃料電池和電解槽之間來回移動我們的產能。

So I think the hypothetical question you asked, assuming that the margins are equal or better than the fuel cells that we ship today, we can do 2 gigawatts of electrolyzers and ship them this year.

所以我認為你提出的假設性問題，假設利潤率等於或優於我們今天出貨的燃料電池，我們可以製造 2 吉瓦的電解槽並在今年出貨。

The next question comes from Luke Tilkens with Piper Sandler.

下一個問題來自 Luke Tilkens 和 Piper Sandler。

Can you just speak to whether your backlog has grown relative to year-end or just any sort of demand trends? Does it seem like demand is accelerating? Or is it kind of on the same pace, as what you indicated before?

您能否談談您的積壓訂單是否相對於年底有所增長，或者只是任何一種需求趨勢？需求似乎正在加速增長？還是跟你之前說的一樣？

Yes. Hey, Luke, we only give our backlog once a year, and we did that on the last call. But then, I would point you to the comments that both K.R. and I made in our prepared remarks around seeing a lot of activity, especially in time to power and data centers. Listen, it's our job over the course of this year to get that interest in pipeline built into our backlog. So we can surely then report that to you next year and turn that into revenue. But nothing beyond what we've already talked about in our prepared comments.

是的。嘿，盧克，我們每年只提供一次積壓工作，我們在最後一次電話會議上這樣做了。但是，我會指出 K.R.我在準備好的評論中談到了很多活動，尤其是在電力和數據中心方面。聽著，我們今年的工作是將對管道的興趣納入我們的積壓工作。因此，我們肯定可以在明年向您報告並將其轉化為收入。但除了我們在準備好的評論中已經討論過的內容之外，沒有什麼。

The next question is from Jordan Levy with Truist.

下一個問題來自 Jordan Levy 和 Truist。

Just a quick one for me. I appreciate the commentary on the South Korea JV. Just wondering in terms of other international expansion efforts, if there's any areas in particular you're seeing a really strong opportunity set to target and how you're thinking about that?

對我來說只是一個快速的。我很欣賞對韓國合資企業的評論。只是想知道在其他國際擴張方面的努力，如果有任何特別的領域，你會看到一個真正強大的目標機會，你是如何考慮的？

Yes. I'll start. So listen, Tim is very focused both in Europe and in Asia and in the Middle East. When we look at Europe, the time to power constraints that we talked about within the U.S. are there, whether you're looking at Dublin or Frankfurt or other data center markets, for sure, there is a need for resilient power to come online very quickly. We find those [themes] similar.

是的。我會開始。所以聽著，蒂姆非常關注歐洲、亞洲和中東。當我們看歐洲時，我們在美國談到的電力限制時間就在那裡，無論你是在看都柏林、法蘭克福還是其他數據中心市場，當然，都需要有彈性的電力來上網迅速地。我們發現那些[主題]相似。

We were able to land our first unit in Europe last summer at Ferrari, and that created a ton of interest in the Italian market, as well as other parts of Europe, and we've got a lot of interest from Tim's team just on our core natural gas fuel cell. We think over time, that will naturally morph into our solid oxide electrolyzer especially as additional power comes online and the ability to create sources of green hydrogen on a distributed basis.

去年夏天，我們能夠在法拉利登陸歐洲的第一個單位，這引起了意大利市場以及歐洲其他地區的極大興趣，蒂姆的團隊對我們的產品也產生了很大的興趣核心天然氣燃料電池。我們認為，隨著時間的推移，這將自然地轉變為我們的固體氧化物電解槽，特別是隨著額外的電力上線以及在分佈式基礎上創造綠色氫源的能力。

In Asia, K.R. mentioned it, we have shipped our first units to Taiwan into the industrial sector there. We think given the process -- given the environment there and the need for power and the need for energy security, we think that's going to be a very interesting market for us. And you've seen similar types of data center issues in Singapore and other places that we think we can play in going forward.

在亞洲，K.R.提到它，我們已經將我們的第一批產品運往台灣，進入那裡的工業部門。我們認為，考慮到這個過程——考慮到那裡的環境以及對電力和能源安全的需求，我們認為這對我們來說將是一個非常有趣的市場。你已經在新加坡和其他我們認為我們可以在未來發揮作用的地方看到了類似類型的數據中心問題。

And then in the Middle East, early days, as we think about it, but definitely an electrolyzer space, given the amount of solar that exists there and the need for other power. So we think those markets are interesting. So across those different markets, Tim is very active in making sure he's got a commercial organization that has the technical [chops] to go sell in that space.

然後在中東，正如我們所想的那樣，早期，但考慮到那裡存在的太陽能量和對其他能源的需求，絕對是一個電解槽空間。所以我們認為這些市場很有趣。因此，在這些不同的市場中，蒂姆非常積極地確保他有一個商業組織，該組織擁有在該領域銷售的技術 [印章]。

The next question comes from Abhi Sinha with Northland Capital.

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

Just wanted to build on that international, you talked about how the geographic expansion is going to happen. I'm just wondering how do you -- as you expand internationally, how do you expect margins to [fare]? I mean, do you expect margins to be a drag till you get a critical mass? Or you expect margins to be in sync with domestic and build on that as you well?

只是想在那個國際化的基礎上發展，你談到了地理擴張將如何發生。我只是想知道你如何 - 隨著你的國際擴張，你如何期望利潤率[票價]？我的意思是，在達到臨界質量之前，您是否認為利潤率會成為拖累？或者您希望利潤率與國內同步並以此為基礎？

Yes. Thanks, Abhi. It's a good question, and I'll break it down in 2 points. On the product side, when K.R. and I price deals, we look at for the best growth and margin opportunity, given where we are on our growth, we generally don't ever entertain the -- let's go enter this market at reduced margins and assume we can make them larger over time. When we look at a market, we want to make sure we can at least hurdle [at] our given margins that we attain in [other] markets, and sometimes that means telling the sales team not now. Let's wait for either our product cost to come down or for competitive situation in the market to get more advantageous to us.

是的。謝謝，阿比。這是一個很好的問題，我將把它分解為兩點。在產品方面，當 K.R.我為交易定價，我們尋找最好的增長和利潤機會，考慮到我們的增長，我們通常不會接受 - 讓我們以較低的利潤率進入這個市場並假設我們可以使它們更大時間。當我們審視一個市場時，我們希望確保我們至少可以 [達到] 我們在 [其他] 市場獲得的給定利潤率，有時這意味著現在不要告訴銷售團隊。讓我們等待我們的產品成本下降或市場競爭形勢對我們更有優勢。

The other thing we look a lot of time at is our service. We want to make sure that when we are planting a flag that there is a significant amount of megawatts there that it makes sense for us to put not only the people, but the resources there to service our machines going forward. So we not only want to make sure that this particular deal has the level of return that we want, but there's enough of a pipeline there that we can continue to build out a franchise that's overall profitable for us. And you're not giving it back later by having a subscale service operation and servicing a bunch of units spread all over the place that you may have made good margin on originally, but give it back over time.

我們花很多時間關注的另一件事是我們的服務。我們想確保，當我們插上一面旗幟，表明那裡有大量兆瓦時，我們不僅要投入人員，還要投入資源來為我們的機器提供服務。因此，我們不僅要確保這筆特定交易具有我們想要的回報水平，而且還有足夠的渠道讓我們可以繼續建立一個對我們整體有利可圖的特許經營權。而且你不會在以後通過規模較小的服務運營和服務遍布各地的一堆單元來歸還它，你最初可能從中獲得了豐厚的利潤，但隨著時間的推移將它歸還。

The next question comes from Noel Parks with Tuohy Brothers.

下一個問題來自 Noel Parks 和 Tuohy Brothers。

I just want -- had a question about manufacturing capacity. And I wondered if -- have you reached payback on the Fremont investment? I think the number you talked about previously was [$40 million to $60 million]. And looking ahead, sort of what time horizon of manufacturing capacity expansion, are you working on right now? Are you working on looking for contracting 2 years out, 5 years out?

我只是想 - 有一個關於製造能力的問題。我想知道，您是否已經收回對弗里蒙特的投資？我想你之前談到的數字是 [4000 萬到 6000 萬美元]。展望未來，您現在正在研究製造能力擴張的時間範圍嗎？您是否正在尋找 2 年、5 年後的合同？

Yes. Noel, so the nice thing is once we've got our building completed like we have in Fremont, we can add a line that's about 330-some-odd megawatts to stack and column capacity in 6 months to 8 months. So when we decide that we need to add capacity, given that it's a copy exact process that we use, we can move very quickly, and we've got the blueprints in order to go do that, and we've built the building to allow us to go do it.

是的。諾埃爾，好消息是，一旦我們像弗里蒙特那樣完成了我們的建築，我們就可以在 6 到 8 個月內添加一條大約 330 多兆瓦的生產線來堆疊和柱容量。因此，當我們決定需要增加容量時，考慮到我們使用的是一個完全複製的過程，我們可以非常快速地移動，並且我們已經有了藍圖來做到這一點，並且我們已經建造了建築物讓我們去做吧。

I'll tell you what we're doing right now is we're absorbing all the capacity we built last year. As we went through and doubled our capacity from where we started the year to the end of the year, the team spent a tremendous amount of time making sure that, A) the tooling was there and it was operational, that the parts were there to continue to build that our associates, our labor was well trained and had the opportunity to contribute on. And we spent a lot of last year, and you saw it in our cost line, doing a lot to make sure that we can make that capacity not only theoretical, but in existence for us to make the fourth quarter and the year.

我會告訴你我們現在正在做的是我們正在吸收我們去年建立的所有能力。從年初到年底，我們的產能翻了一番，團隊花費了大量時間來確保 A) 工具在那裡並且可以運行，零件在那裡繼續建立我們的員工，我們的員工訓練有素，並有機會做出貢獻。去年我們花了很多錢，你在我們的成本線中看到了它，做了很多工作來確保我們不僅可以在理論上實現這種能力，而且可以讓我們在第四季度和今年實現這一目標。

As we come into this year, the capacity we exited with is enough to have us move through the next several quarters. So Jose and Satish and the team is spending a lot of time making sure that they're optimizing the capacity we have. As we move forward through the remainder of the year, we're looking out not only for 2023, but we're looking into '24 and '25, and we're looking at the growth projections that we've shared with you all in trying to backdate ourselves on when we need to make decisions around adding capacity.

當我們進入今年時，我們退出的能力足以讓我們度過接下來的幾個季度。因此，何塞和薩蒂什以及團隊花費了大量時間來確保他們正在優化我們擁有的能力。在今年餘下的時間裡，我們不僅展望 2023 年，還展望 24 和 25 年，我們正在審視與大家分享的增長預測試圖回溯我們何時需要就增加容量做出決定。

So we know that at some point here, as we get in through the remainder of the year, we'll add that additional line. We're about $150 million of invested so far in what -- in that facility. So we know we've got about another $50 million, maybe $75 million, but the payback period on that is very quick. I mean if we're making a $1,000 a kilowatt on average, which is always kind of a hurdle, you get to that 200 megawatt situation and you've kind of made back in profit what you've added to that. So we've got a little bit more time in order till we -- we completely paid back on a cash basis for our machines, but they're incredibly attractive, and we'll add more, as we go forward, and we will continue to drive down our costs and run the factory in that way. So I think K.R., that was the last question that we had. So I'll pass it over to you.

所以我們知道，在今年餘下的時間裡，我們會在這裡的某個時候添加那條額外的線。到目前為止，我們在那個設施上投資了大約 1.5 億美元。所以我們知道我們還有大約 5000 萬美元，也許是 7500 萬美元，但投資回收期非常快。我的意思是，如果我們平均每千瓦賺 1,000 美元，這總是一個障礙，那麼你會達到 200 兆瓦的情況，你已經賺回了你增加的利潤。所以我們有更多的時間來訂購，直到我們——我們完全以現金的方式償還了我們的機器，但它們非常有吸引力，我們會增加更多，隨著我們的前進，我們會繼續降低我們的成本並以這種方式經營工廠。所以我認為 K.R.，這是我們的最後一個問題。所以我會把它傳遞給你。

Okay. Terrific. Look, thank you all for joining. The key takeaways, as you probably see is we had talked to you about cost down becoming a priority for us this year. What you should notice from our results is tremendous progress in cost down. There have been questions about growth targets, we are reaffirming not only our growth targets for the year, but our long-term prospects.

好的。了不起。看，謝謝大家的加入。正如您可能看到的那樣，關鍵要點是我們已經與您討論過降低成本成為我們今年的首要任務。您應該從我們的結果中註意到在降低成本方面的巨大進步。增長目標一直存在疑問，我們不僅要重申我們今年的增長目標，還要重申我們的長期前景。

In terms of -- when you look at our revenue and our performance, you can see we are executing on the key things that we need to stay focused on, and we are executing. The platform flexibility is something we have talked about, and we gave you a great example of a combined heat and power, where we talked about it. We booked 20 megawatts of orders. We will be shipping them.

就-當您查看我們的收入和績效時，您會看到我們正在執行我們需要關注的關鍵事情，並且我們正在執行。平台的靈活性是我們已經討論過的，我們給了你一個很好的熱電聯產的例子，我們在那裡討論過。我們預訂了20兆瓦的訂單。我們將運送它們。

And same thing about going to a new country and the flexibility. Taiwan, we booked in Q4. We are out there doing what we need to do. So you can see the platform flexibility from those examples. Both international markets for the reason we talked about in our prepared script, as well as domestic markets on time to power that we talked to you about, we feel extremely bullish about our core business.

去一個新的國家和靈活性也是如此。台灣，我們在第四季度預訂。我們在那裡做我們需要做的事情。因此，您可以從這些示例中看到平台的靈活性。由於我們在準備好的腳本中談到的原因，以及我們與您談到的準時上電的國內市場，我們都對我們的核心業務感到非常看好。

Now here is why Bloom sits in an enviable position for everybody else in the market to think about. Number one, in the core business of providing reliable power to people to expand, we had a great solution. As people think about transformation and think about renewable fuels and hydrogen, we have shown that we have one of the best technologies. And while implementation of the IRA rules and the certainty and the time it takes for these big projects to come online, it's not a question of, is hydrogen going to be important. It's a question of timing of when it's going to take off.

現在，這就是為什麼 Bloom 處於市場上其他所有人都值得考慮的令人羨慕的位置。第一，在為人們擴展提供可靠動力的核心業務中，我們有一個很好的解決方案。當人們思考轉型並思考可再生燃料和氫氣時，我們已經證明我們擁有最好的技術之一。雖然 IRA 規則的實施以及這些大型項目上線所需的確定性和時間，但這不是氫氣是否重要的問題。這是一個何時起飛的時間問題。

And unlike other companies, which put all the rigs in that basket and are sitting on pins and needles wondering about the time for takeoff, we are happy providing the solutions we need to provide with complete factory absorption with our existing product. and ready to switch and pivot, as fast as we need to as the market wants us to be able to satisfy the hydrogen market. So therefore, we sit in this enviable position compared to anybody else in the field.

與其他公司不同，其他公司將所有鑽井平台都放在那個籃子裡，如坐針氈，想知道起飛的時間，我們很高興提供我們需要的解決方案，讓工廠完全吸收我們現有的產品。並準備好根據市場希望我們能夠滿足氫氣市場的需要，盡快進行轉換和調整。因此，與該領域的其他任何人相比，我們處於令人羨慕的位置。

And if there's one takeaway, that should be your takeaway, and we'll talk a lot more about it, and we hope that you'll -- later this month in New York during our Investor Day, and we hope you can all come and attend. Thank you very much for participating.

如果有一個要點，那應該是你的要點，我們會更多地討論它，我們希望你能——本月晚些時候在我們的投資者日期間在紐約，我們希望你們都能來並參加。非常感謝您的參與。

Thank you.

謝謝。

That concludes the Bloom Energy Q1, 2023 Earnings Call. Thank you for your participation. You may now disconnect your lines.

Bloom Energy 2023 年第一季度財報電話會議到此結束。感謝您的參與。您現在可以斷開線路。