Bloom Energy Corp (BE) 2023 Q2 法說會逐字稿

Good evening, ladies and gentlemen. Thank you for attending Bloom Energy's Quarter 2 2023 Earnings Conference Call. My name is Anna, and I will be your moderator for today's call. (Operator Instructions)

女士們、先生們，晚上好。感謝您參加 Bloom Energy 2023 年第二季財報電話會議。我叫安娜，我將擔任今天電話會議的主持人。 （操作員指令）

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

現在我將會議移交給主持人、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 second quarter 2023 earnings conference call. To supplement this conference call, we furnished our second 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。感謝您參加 Bloom Energy 2023 年第二季財報電話會議。為了補充本次電話會議，我們以 8-K 表格的形式向美國證券交易委員會提交了 2023 年第二季度收益新聞稿，並將其與我們將在本次電話會議中引用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.

在本次電話會議中，無論是在我們準備好的發言中還是在回答您的問題時，我們都可能會做出前瞻性的陳述，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業績、產品、新市場、策略、財務狀況、流動性和 2023 年全年展望的聲明。

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.

然而，由於這些聲明涉及未來事件，因此它們會受到許多已知和未知的風險和不確定性的影響，正如我們向美國證券交易委員會提交的文件中詳細討論的那樣，包括我們最近提交的 10-K 表和 10-Q 表。我們不承擔修改今天電話會議所作任何前瞻性陳述的義務。

During this call and in our second quarter 2023 earnings press release, we refer to GAAP and non-GAAP financial measures. Non-GAAP financial measures are not prepared in accordance with U.S. Generally Accepted Accounting Principles and are in addition to and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP. A reconciliation between the GAAP and non-GAAP financial measures is included in our second quarter 2023 earnings press release available on our Investor Relations website.

在本次電話會議和 2023 年第二季財報新聞稿中，我們參考了 GAAP 和非 GAAP 財務指標。非公認會計準則財務指標並非依照美國公認會計原則編制，且只是依照公認會計準則編製的財務績效指標的補充，並非替代或優於公認會計準則編製的財務績效指標。我們的 2023 年第二季財報新聞稿中包含了 GAAP 和非 GAAP 財務指標之間的對賬，可在我們投資者關係網站上找到。

Joining me on the call today are KR Sridhar, Founder, Chairman and Chief Executive Officer; and Greg Cameron, our President and Chief Financial Officer. KR will begin with an overview on 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 question.

今天與我一起參加電話會議的還有創辦人、董事長兼執行長 KR Sridhar；以及我們的總裁兼財務長 Greg Cameron。 KR 首先會概述我們的業務，然後 Greg 將回顧本季的營運和財務亮點以及年度展望。在我們發表完準備好的發言後，我們將有時間回答您的問題。

I will now turn the call over to KR.

現在我將電話轉給 KR。

Hello, everyone. It was so great to see so many of you in-person at the New York Stock Exchange for our Investor Day. And again, we really appreciate you all joining us today for this call. At Bloom, we are continuing to make great progress, and we grew our revenues, reduced our costs and strengthened our balance sheet in the second quarter. We are dedicated as ever, and we're trying to build a great company that can meet the energy needs not just today, but for the future also.

大家好。我們非常高興在投資者日活動上親眼見到這麼多朋友來到紐約證券交易所。再次，我們非常感謝大家今天參加我們的電話會議。在 Bloom，我們繼續取得巨大進步，我們在第二季度增加了收入，降低了成本並增強了資產負債表。我們一如既往地致力於打造一家偉大的公司，不僅能夠滿足當前的能源需求，而且能夠滿足未來的能源需求。

Like me, probably all of you are watching the news and reading the headlines. The messages on energy and climate are extremely clear. We just exited the month of July and it was the hottest month on the planet in recorded history. And we are just looking at deadly heat waves, electrification of everything, digital transformation, all of them raising the demand for electricity. And the growing demand for power is far outstripping the growth in supply in most places.

跟我一樣，大家可能都在看新聞、看標題。關於能源和氣候的資訊非常明確。我們剛度過七月，這是地球上有紀錄以來最熱的一個月。我們正在面臨致命的熱浪、一切電氣化、數位轉型，所有這些都增加了對電力的需求。在大多數地方，電力需求的成長遠遠超過了電力供應的成長。

And what is that doing? It's just creating the power shortages, and for people that want to grow their business, it is creating a time-to-power issue for them. The electric grid, it is just stretched to the limit and it's being run to fail. And we, believe it or not, in this century are living with the constant threat of power outages. And to add insult to injury, the power prices are rising really steeply.

那它在做什麼？這只會造成電力短缺，而對於想要發展業務的人來說，這會為他們帶來供電時間問題。電網已經達到極限，即將發生故障。不管你信不信，在本世紀，我們一直活在停電的威脅之下。更糟的是，電價正在大幅上漲。

Business leaders really are taking note of all this and they're becoming anxious. They're becoming anxious about energy security and the spiking energy costs. And in addition to that, they're getting very concerned about their decarbonization goals and how they're going to meet it.

企業領導者確實注意到了這一切並且變得焦慮。他們開始對能源安全和能源成本飆升感到擔憂。除此之外，他們也非常關心自己的脫碳目標以及如何實現這一目標。

So energy strategy now has become a real boardroom issue of great concern for companies. And many CEOs and boardrooms are finally realizing that this is not a short-term crisis they can somehow ignore and expect it to go away very soon. It's here to be with us for a while and they have to look for alternative solutions, solutions for energy that actually are more predictable and reliable.

因此，能源戰略如今已成為各公司董事會十分關注的一個真正問題。許多執行長和董事會成員終於意識到，這不是一場他們可以忽視並期望它很快就會消失的短期危機。它會在我們這裡存在一段時間，他們必須尋找替代解決方案，尋找實際上更可預測和更可靠的能源解決方案。

In other words, they're asking for proven and reliable alternatives to the grid and very simply be able to find that solution that is easy to transact with no hidden costs, hassles and they don't have to be a rocket scientist to figure out what that alternative is.

換句話說，他們要求找到經過驗證的、可靠的電網替代方案，並且能夠非常簡單地找到易於交易的解決方案，沒有隱藏的成本和麻煩，而且他們不必成為火箭科學家就能找出替代方案。

Listen, our message to the market is very clear. The Bloom Energy servers, you can say 2 things about them. They're resilience-tested and they're market proven. It will allow you and the businesses to take control of your power and protect your companies as a viable alternative and a real enhancement to the grid. And this solution we have for you, it is -- we have scaled it. It is scalable. We have proven that it's affordable.

聽著，我們向市場傳達的訊息非常明確。對於 Bloom Energy 伺服器，你可以說兩件事。它們經過了彈性測試並經過了市場驗證。它將允許您和企業控制您的電力並保護您的公司，作為可行的替代方案並真正增強電網。我們為您提供的解決方案是—我們已經對其進行了擴展。它是可擴展的。我們已經證明它是可以承受的。

And most importantly, it's available today. It's not some future technology. So, not only can you operate these boxes we'll ship now with net 0 hydrogen right away, if it is available to you, but until it's available to you, you can use natural gas.

最重要的是，它今天就可以買到。這不是某種未來的技術。因此，如果您有氫氣，您不僅可以操作我們現在將立即運送的這些箱子，而且在有氫氣可用之前，您還可以使用天然氣。

And when we listen to the customers, you, what we heard is you want an alternative and you want control. You tell us that you're worried about switching to a solution that doesn't have a track record. That's not a problem at Bloom. You say that you do not want to make big capital investments or lock yourselves up in long-term contracts. Because while you want the reliability, you also want the flexibility. You want the flexibility. 5 years from now if there's a better solution, you want to switch to that, and if 5 years from now, the location where you're operating is not where you want to continue operating, you want to be able to free to move.

當我們傾聽客戶的意見時，我們聽到的是，您想要一個替代方案，您想要控制權。您告訴我們，您擔心切換到沒有記錄的解決方案。但這對 Bloom 來說不是問題。你們說你們不想進行大筆資本投資或將自己束縛在長期合約中。因為您在追求可靠性的同時，也追求靈活性。您需要靈活性。如果五年後有更好的解決方案，您就會想切換到那個解決方案，而如果五年後，您現在運營的地點不是您想要繼續運營的地方，您希望能夠自由遷移。

In other words, you're asking for a proven option that's reliable and flexible, at the same time, it's very simple to transact and it doesn't have hidden costs or hassles. We responded to these customer concerns and needs by launching a brand-new offering last week, the Series 10. It's a power-buying model that's the first of its kind in the U.S. power industry. What did we try to do with this offering? To make it extremely simple for companies to take control of their power needs if they're a substantial user of electricity, 10 megawatts and higher.

換句話說，您需要一個可靠且靈活的經過驗證的選項，同時，交易非常簡單，並且沒有隱藏的成本或麻煩。為了回應客戶的這些顧慮和需求，我們在上週推出了一款全新產品－Series 10。我們嘗試利用這個產品做什麼？如果該公司是 10 兆瓦及以上的大量電力用戶，則可以極為輕鬆地控制其電力需求。

Let me just explain how simple this is by addressing 6 salient points about the Series 10, and how the needs and concerns of the customers are met by the Series 10 offering. Number 1, there's concern about unpredictable and rising power costs, right? Well, we'll give you a flat power price for 5 years. Fixed, flat, right? In many places, it can be as low as $0.099 a kilowatt hour. So, cost concern, checked.

讓我透過討論 Series 10 的 6 個要點來解釋這有多麼簡單，以及 Series 10 產品如何滿足客戶的需求和顧慮。第一，人們擔心電力成本不可預測且不斷上升，對嗎？好吧，我們將為您提供五年的固定電價。固定的、平坦的，對嗎？在許多地方，電價可能低至每千瓦時 0.099 美元。因此，請檢查成本問題。

Number 2, worried about growing your business because of power availability or time-to-power, the issues we've talked about supply-demand mismatch? We guarantee to ship our units within 50 days from the signing of a contract. How is that for speed?

第二，您是否擔心因電力供應或供電時間問題而影響業務成長，即我們討論過的供需不匹配問題？我們保證在簽約後50天內出貨。速度怎麼樣？

Number 3, capital investments and long-term contracts are a deal breaker for you, right? There is no upfront investments with our Series 10 offer. And we offer the shortest contract term in the market for baseload always on power. 5 years. Yes. You heard me right. 5 years. Checked that concern.

第三，資本投資和長期合約對你來說是無法接受的，對嗎？我們的 Series 10 產品無需前期投資。我們提供市場上最短的基載電力持續供電合約期限。 5年。是的。你沒聽錯。 5年。檢查了那個關注點。

Number 4, if you're worried about installing, maintaining or operating the energy servers, it's all handled by Bloom for you at no additional cost.

第四，如果您擔心安裝、維護或操作能源伺服器，Bloom 將為您處理所有事宜，且無需支付額外費用。

Number 5, can it run on hydrogen or biogas when they become available? And it could be anytime soon or a little bit later depending on where you live. But in the meantime, you need to keep your business operating and you want to run on natural gas until that hydrogen becomes available. Yes, yes and yes. We can meet all your sustainability goals. You can run it on hydrogen today. You can run it later or you can run it on biogas today. You can run it later, but until all those things come, you can run on natural gas today.

第五，當氫氣或沼氣問世後，它能利用這些能源運作嗎？而且，這取決於您居住的地方，可能會很快，也可能稍後。但同時，您需要保持業務運轉，並且需要使用天然氣，直到氫氣可用為止。是的，是的，是的。我們可以滿足您所有的永續發展目標。您今天就可以使用氫氣來運行它。您可以稍後運行它，也可以今天使用沼氣運行它。您可以稍後再運行它，但在所有這些事情實現之前，您今天就可以使用天然氣。

Number 6, can customers ask for a solution through their power company and can they not get it directly from us? Absolutely yes. We would love to partner with independently owned utilities, municipal utilities and community co-ops to provide this solution to them and they in turn can serve you, the customer. And we really want to hear from them. And this offering makes it easy for everybody and a win-win. In other words, Series 10 is both in front of the mirror or a behind the mirror solution.

第六，客戶可以透過電力公司尋求解決方案嗎？當然可以。我們很樂意與獨立擁有的公用事業公司、市政公用事業公司和社區合作社合作，為他們提供這種解決方案，然後他們可以為您，也就是客戶提供服務。我們非常希望聽到他們的意見。此項服務可使每個人輕鬆實現雙贏。換句話說，Series 10 既是鏡子前的解決方案，也是鏡子後的解決方案。

Okay. Then all 6 concerns addressed. Now let me highlight similarly another launch that we just had, and it's also very reflective of our innovative products and offerings. But before I do that, let me take a minute to explain why this is significant, and I'll just use 3 points to be able to explain to you.

好的。這樣 6 個問題都解決。現在，讓我重點介紹一下我們剛發布的另一款產品，它也充分反映了我們的創新產品和服務。但在此之前，請容許我花一點時間來解釋為什麼這很重要，我將用 3 點來向你們解釋。

Number 1, about half of all the energy that industrial customers use globally is for steam generation. Yes. 50% for steam generation. This is the sector of the economy that's currently the most challenging to decarbonize and they are struggling the most with rising energy prices.

第一，全球工業客戶使用的所有能源中約有一半用於蒸汽發電。是的。 50%用於蒸汽生成。這是目前經濟中脫碳最困難的領域，也是能源價格上漲帶來的最大困擾。

Number 2, our digital transformation relies heavily on these big data centers and network operating centers that just send information traffic back and forth between all our devices and where that information needs to go. They're very large consumers of power and up to 40% of that power sometimes goes towards providing cooling for those data centers, so the computers can operate.

第二，我們的數位轉型在很大程度上依賴這些大數據中心和網路營運中心，它們在我們所有的設備和資訊需要去的地方之間來回發送資訊流量。它們是電力消耗大戶，有時高達 40% 的電力用於為資料中心提供冷卻，以使電腦能夠運作。

Number 3, conventionally, all that cooling is provided by electricity as a source of energy. That's how we do air conditioning and refrigeration today, and that air conditioning and refrigeration predominantly uses hydrofluorocarbons, or HFCs, as the refrigerant, the cooling medium, and HFCs are hundreds of times more harmful to the environment than CO2 is.

第三，按照慣例，所有冷卻都是由電力作為能源提供的。這就是我們今天進行空調和製冷的方式，而空調和製冷主要使用氫氟碳化物（HFC）作為冷媒、冷卻介質，而 HFC 對環境的危害比二氧化碳高出數百倍。

At Bloom, we look at the scenario and what do we see? We see an opportunity to innovate. 2 days ago, we launched an enhanced combined heat and power solution. Let me explain what this is to you. Our Bloom Energy servers operate at high-temperature and that high-temperature operation is the secret sauce that enables us to provide the highest electrical efficiencies in the industry to our customers when it comes to the electricity we provide them.

在 Bloom，我們觀察了這個場景，我們看到了什麼？我們看到了創新的機會。 2天前，我們推出了增強型熱電聯產解決方案。讓我向你解釋一下這是什麼。我們的 Bloom Energy 伺服器在高溫下運行，高溫運行是我們向客戶提供業界最高電力效率的秘訣。

Here's another thing. When those servers are operating at that -- operating and producing that electricity, they also produce high-temperature heat. Our enhanced CHP offering simply taps into that high-temperature heat as a byproduct and it delivers it to our customers. Our customers can use it for steam generation. Steam is widely used by industrial customers for process heat, as I said, and it's about 50% of their energy needs if you're an industrial customer.

還有一件事。當這些伺服器運行時——運行並產生電力，它們也會產生高溫熱量。我們增強型熱電聯產產品只是利用高溫熱作為副產品，並將其輸送給我們的客戶。我們的客戶可以用它來產生蒸氣。正如我所說，蒸汽被工業客戶廣泛用於製程加熱，如果你是工業客戶，蒸汽約佔其能源需求的 50%。

The steam generated has another major use. It can be used for cooling the air conditioning and refrigeration that we talked about, to absorption chillers that don't use hydrofluorocarbons or HFCs. These value streams are significant to our customers because they get this added benefit without incurring any additional fuel or operating costs, 0. They save money and they lower their carbon emissions. It's a win for their company, and it's a win for the environment.

產生的蒸氣還有另一個主要用途。它既可以用於我們所談論的空調和冷凍設備的冷卻，也可以用於不使用氫氟碳化物或氫氟碳化物的吸收式製冷機。這些價值流對我們的客戶來說意義重大，因為他們可以獲得額外的好處，而無需承擔任何額外的燃料或營運成本。這對他們的公司來說是一種勝利，對環境來說也是一種勝利。

This solution will impact industries from chemicals to petroleum to refining, pulp and paper, food processing, primary metals, you have it. We look forward to working with industrial customers and partnering with them as well as people that are in the business today of providing HVAC solutions to these industrial customers. It has global application in global markets.

此解決方案將影響化學品、石油、煉油、紙漿和造紙、食品加工、原生金屬等各個產業。我們期待與工業客戶合作並與他們以及目前為這些工業客戶提供 HVAC 解決方案的人合作。它在全球市場上有廣泛的應用。

Historically, Europe has had great incentives for people to do CHP, and it's very prevalent. And now, thanks to the IRA, the bill that U.S. passed, U.S. customers have attractive ITC benefits if they do the CHP projects and if they commence construction before January of 2025. I expect the industrial segment to react very favorably to this new product offering. With those 2 examples, I'll pause here, and I'll be back with you to answer questions.

從歷史上看，歐洲對人們進行熱電聯產有著很大的激勵，而且這種做法非常普遍。現在，由於美國通過的 IRA 法案，如果美國客戶參與 CHP 項目並在 2025 年 1 月之前開始建設，他們將獲得頗具吸引力的 ITC 優惠。說完這兩個例子，我就在這裡暫停一下，然後再回來回答你們的問題。

For now, let me hand it over to Greg Cameron. Greg?

現在，讓我把它交給格雷格·卡梅倫。格雷格？

Thanks, KR. Let me begin with a few highlights about our strong second quarter performance. We had a record second quarter with total revenue of $301 million, up nearly 24% versus last year. Over last year, our product costs are down 13%, improving our product margin to 670 basis points.

謝謝，KR。首先，我想介紹一下我們第二季業績強勁的幾個亮點。我們第二季的總營收創下了 3.01 億美元的記錄，比去年同期成長了近 24%。與去年相比，我們的產品成本下降了 13%，產品利潤率提高到了 670 個基點。

As planned, this quarter, we continued to accelerate shipments of replacement units, which negatively impacted our service margin. Going forward, we expect quarterly results to improve in service. We are in a strong liquidity position with total cash balance of $923 million, which will enable us to grow our global business. We are reaffirming our 2023 framework for revenues and profitability.

按照計劃，本季我們繼續加快替換設備的出貨量，這對我們的服務利潤率產生了負面影響。展望未來，我們預期季度業績將會改善。我們的流動性狀況良好，總現金餘額為 9.23 億美元，這將使我們能夠發展全球業務。我們正在重申 2023 年收入和獲利框架。

With those as highlights, let me begin with some additional context to our performance. I'll keep my comments brief as we just held our Investor Conference in May.

以上就是我們的亮點，以下讓我先介紹一下我們表現的一些額外背景。由於我們剛剛在五月召開了投資者會議，所以我的評論將簡短一些。

During the Investor Conference, you heard from experts and customers about the market need for our products. Customers are recognizing that they need affordable, reliable, flexible solutions. Our ability to bring fuel-flexible power on-site quickly, coupled with combined heat and power and carbon capture, provides a competitive advantage versus alternatives. We are focused on both large-scale projects, such as data centers where their needs are complex, requiring a longer sales cycle, and as KR described, our Series 10 5-year offering, which is designed to meet the needs of customers looking for a shorter-term solution until power is available from their local utility.

在投資者會議期間，您從專家和客戶那裡了解了我們產品的市場需求。客戶認識到他們需要經濟實惠、可靠且靈活的解決方案。我們能夠快速將燃料靈活的電力帶到現場，再加上熱電聯產和碳捕獲，這為我們提供了相對於其他替代方案的競爭優勢。我們專注於大型項目，例如資料中心，它們的需求很複雜，需要更長的銷售週期，以及 KR 所描述的，我們的 10 系列 5 年期產品，旨在滿足客戶尋求短期解決方案的需求，直到當地公用事業公司有電力供應。

We are encouraged by our recent announced technology advancements in international commercial wins. In our electrolyzer offering, we remain engaged with large-scale project developers who clearly value our efficiency advantages and manufacturing readiness. As you heard in May, as these projects move through their investment decisions, we expect to make announcements on our technology deployment.

我們最近在國際商業勝利中宣布的技術進步令我們感到鼓舞。在我們的電解器產品中，我們一直與大型專案開發商保持合作，他們非常重視我們的效率優勢和製造準備。正如您在五月聽到的那樣，隨著這些項目的投資決策的推進，我們預計將發布有關我們的技術部署的公告。

In the past quarter, we executed a convertible green bond offering for net proceeds of $560 million and ended the second quarter with a $923 million in total cash. Cash used in operating activities in the second quarter was $46 million, down significantly versus the first quarter when we were building inventories to meet second half acceptances.

上個季度，我們執行了可轉換綠色債券發行，淨收益為 5.6 億美元，第二季末的總現金為 9.23 億美元。第二季經營活動所用現金為 4,600 萬美元，與第一季相比大幅下降，當時我們正在建立庫存以滿足下半年的驗收。

We expect to recapture the first half cash usage over the coming quarters to generate positive cash flow from operations for the year. With a much-improved liquidity position, our continued focus on reducing costs, we are well-positioned to execute on our growth opportunities.

我們預計未來幾季將恢復上半年的現金使用量，為全年的經營活動產生正現金流。由於流動性狀況大大改善，並且我們持續注重降低成本，我們已準備好抓住成長機會。

Our product margin benefited from nearly a 13% reduction in product costs. Our efforts on lowering material costs, coupled with automation and increased power output are driving down product costs. We are very pleased that we achieved 2 quarters of double-digit cost reductions, and we are confident we will achieve our 12% cost-down target for 2023. With these cost downs coupled with strong pricing, our unit economics have improved to 20% versus the second quarter 2022.

我們的產品利潤率受惠於產品成本降低近13%。我們努力降低材料成本，再加上自動化和提高功率輸出，從而降低了產品成本。我們非常高興地實現了兩個季度的兩位數成本削減，並且我們有信心實現 2023 年 12% 的成本削減目標。

Our second quarter non-GAAP gross margin of 20.4% benefited from the strong product margin. Excluding the impact of our service business, our non-GAAP gross margin would have been nearly 30%, giving us confidence that as service improves and product costs continue to decline, we will achieve our 2025 company margin guidance. We're taking swift actions in service that should position this business for long-term profitability.

我們第二季的非公認會計準則毛利率為 20.4%，受益於強勁的產品利潤率。除去服務業務的影響，我們的非公認會計準則毛利率將接近 30%，這使我們有信心，隨著服務的改善和產品成本的持續下降，我們將實現 2025 年公司利潤率指導。我們正迅速採取服務行動，為這項業務的長期獲利奠定基礎。

As we've discussed previously, some of these actions will accelerate service costs, but they're incorporated into our 2023 company guidance. We expect second quarter to be our largest service loss and financial performance should improve each quarter as revenues grow, performance payments reduce and replacement power module costs normalize. We remain committed to our service business achieving a 20% non-GAAP gross margin by 2025.

正如我們之前討論過的，其中一些舉措將加速服務成本，但它們已納入我們 2023 年的公司指引中。我們預計第二季度將是我們的服務損失最大的季度，隨著收入的增長、績效付款的減少和更換電源模組成本的正常化，財務業績應該每個季度都會改善。我們仍致力於在 2025 年使我們的服務業務實現 20% 的非 GAAP 毛利率。

We are reaffirming our 2023 annual guidance for revenue, margins and cash flows. Given our current backlog, we remain confident that we can deliver $1.4 billion to $1.5 billion of annual revenue at our targeted 25% non-GAAP gross margin. At this annual revenue and gross margin profile for the year, we should achieve a positive non-GAAP operating margin and cash flow from operations.

我們重申 2023 年收入、利潤和現金流年度指引。考慮到我們目前的積壓訂單，我們仍然有信心以 25% 的非 GAAP 毛利率為目標，實現 14 億至 15 億美元的年收入。依照今年的年度收入和毛利率狀況，我們應該實現正的非公認會計準則營業利潤率和經營現金流。

For the third quarter of 2023, based on planned acceptances, I would expect our revenue growth to be similar to the second quarter and margins to improve slightly on continued cost downs and improving service performance.

對於 2023 年第三季度，根據計劃的接受情況，我預計我們的收入成長將與第二季度相似，並且利潤率將隨著成本持續下降和服務績效的提高而略有提高。

In summary, we had a strong operational quarter. As we move forward, we are well-capitalized, operating with discipline and focus and have a compelling product solutions for a net 0 carbon future, all of which will enable Bloom to execute on our growth roadmap. We are excited about our future.

總而言之，我們本季的營運表現強勁。隨著我們不斷前進，我們資本充足，經營紀律嚴明、專注，並為淨零碳未來提供引人注目的產品解決方案，所有這些都將使 Bloom 能夠執行我們的成長路線圖。我們對我們的未來感到興奮。

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

接線員，請打開熱線來回答問題。

(Operator Instructions) Now the first question comes from the line of Andrew Percoco from Morgan Stanley.

（操作員指示）現在第一個問題來自摩根士丹利的 Andrew Percoco。

I just had a follow-up question around the Series 10 products. It's obviously a very interesting product just given where we are in the market. And I'm just wondering when we should start expecting to see that hit your P&L? I'm trying to get at -- with a 50-day lead time, could that drive upside to this year's revenue expectations or should we think of that as more of a driver for 2024 and 2025?

我剛才對 Series 10 產品有一個後續問題。考慮到我們所處的市場，這顯然是一款非常有趣的產品。我只是想知道我們什麼時候應該開始看到它影響你的損益表？我想說的是，在 50 天的準備時間內，這是否能推動今年的收入預期上升，或者我們是否應該將其視為 2024 年和 2025 年的收入驅動力？

Think of that as a driver to '24, '25 mainly, but I think we will start transacting with our customers as we speak right now of initial engagement. And again, the sense of urgency with which people are going to come to us would suggest, as you would imagine, that it should be shorter sales cycles compared to the long lead sales cycles because we are solving an immediate pain, right?

將其主要視為‘24’、‘25’的驅動力，但我認為，正如我們現在談論的初步接觸一樣，我們將開始與客戶進行交易。再者，正如您所想像的，人們來找我們的緊迫感表明，與長期銷售週期相比，銷售週期應該更短，因為我們正在解決眼前的痛點，對嗎？

So for those reasons, it is very foreseeable that you can start talking to a customer, book an order, ship an order and recognize revenue all in the same year, unlike in the past where it's been a long cycle. So expect this segment of the business -- and again, we think of this as multiple opportunities, right, complex, big sales and data centers as something slightly different, quick wins out here, both for us and the customer with the Series 10. So as we grow as a business, we want to see our top line and our funnel composed of a portfolio. And this is wonderful for us as a portfolio, but it's also able to meet the needs that we need for our customer.

因此，基於這些原因，您可以在同一年內開始與客戶交談、預訂訂單、發送訂單並確認收入，這是非常可以預見的，而不像過去那樣需要一個很長的週期。因此，預計這部分業務——我們再次將其視為多個機會，對吧，複雜，大銷售和資料中心是略有不同的東西，對我們和使用 Series 10 的客戶來說都是快速取勝的。這對我們來說是一個很好的產品組合，它同時也能夠滿足我們客戶的需求。

And it's all about -- here, we think there will be a big segment, Andrew, that will -- that's going to focus on time-to-power saying, "Can I get something yesterday?" Right? And we will react as fast as we can. And one thing I can assure you, it will be faster than anybody else in the market.

而這一切都是關於——我們認為這裡將有一個很大的部分，安德魯，這將——將重點關注上電時間，說“我昨天能得到一些東西嗎？”正確的？我們將盡快做出反應。我可以向你保證一件事，它將比市場上任何其他產品都要快。

Can we go to the next question?

我們可以進入下一個問題嗎？

Operator?

操作員？

Operator, can we have the next question?

接線員，我們可以問下一個問題嗎？

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

您的下一個問題來自美國銀行的 Julien Dumoulin-Smith。

Hey, guys. It's actually Alex Vrabel on for Julien here today. Maybe one for you, Greg. Just relative to your comments there on sort of the shaping that we can think about into Q3, as well as it sounds like some performance payments in service are still rolling off a little bit. I mean what -- I mean does that sort of point to, if you will, as far as 4Q cadence? I know you guys have the -- kind of the back half loading with SK this year as well as a perspective repowering. But just curious if you could kind of unpack the margin trajectory? Because you're using the word slightly in 3Q.

嘿，大家好。今天其實是 Alex Vrabel 取代 Julien 上場。也許有一個適合你，格雷格。僅相對於您對我們可以考慮進入第三季度的某種形式的評論，聽起來服務中的一些績效付款仍在逐漸減少。我的意思是——如果您願意的話，這是否指向 4Q 節奏？我知道你們今年與 SK 一起承擔了後半部分的工作，並且有重新賦能的前景。但我只是好奇您是否可以解析利潤軌跡？因為您在第三季中使用了「略微」這個詞。

And then also, if you could throw any comments on sort of the operating margin and your confidence around reaching positive this year relative to the first half being in the books?

另外，您能否對營業利潤率以及您對今年相對於上半年實現正利潤的信心發表一些評論？

Yes. So we do expect second quarter to be the high watermark for service, both for performance payments as well as our fuel costs, as we move forward, our replacement power module cost. As we move through the second half of the year, we expect those costs to go down as well as revenues to grow in that portfolio. In each quarter, we should get better as we move through the course of the year around that service loss.

是的。因此，我們確實預計第二季將是服務的最高水準，包括績效付款以及燃料成本，隨著我們的前進，我們的更換電源模組成本也將隨之上升。隨著今年下半年的到來，我們預計這些成本將會下降，而投資組合的收入將會增加。在每個季度，隨著我們全年圍繞服務損失的進展，我們應該會取得更好的成績。

In fact, if you took service out completely for the quarter, we would have been at 30% gross margin business. If you put service to be 0 loss kind of where it's been traditionally, we're right at that 25%. We have some work to do to get back to that, but we definitely made a ton of progress on it.

事實上，如果您本季完全取消服務，我們的毛利率將達到 30%。如果你把服務損失定為 0，就像傳統一樣，那麼我們就處於 25% 的水平。為了恢復這一目標我們還需要做一些工作，但我們確實取得了很大的進展。

As we move into the second half, specifically around the third quarter, and you look at the revenue growth, we had a really strong 2022, 3Q. So when you look at the list of likely acceptances for this quarter and you roll them up and you look at them versus last year, it gets you to a growth rate similar to what we've experienced this quarter. And the margins that we see both on an operating income side as well as on a gross margin side, we see improvement from where we are in the second quarter.

隨著我們進入下半年，特別是在第三季左右，你看看營收成長，我們在 2022 年第三季的表現非常強勁。因此，當您查看本季可能接受的清單並將其匯總並與去年進行比較時，您會發現成長率與本季的成長率相似。我們看到，無論是營業收入或毛利率，都比第二季增加。

Obviously, as you move into the fourth quarter, we have -- traditionally, we had that to be our largest acceptance quarter. So you tend to get our most accretive part of our P&L, which is product as an outsized piece of the overall portfolio. And that generally is our largest gross margin quarter within the year, generally. Not always, but generally, it is.

顯然，隨著進入第四季度，按照傳統，這是我們接受度最高的季度。因此，您往往會獲得我們損益表中增值最多的部分，即產品作為整體投資組合中佔比最大的部分。總體而言，這通常是我們一年內毛利率最高的季度。雖然不總是如此，但一般而言，確實如此。

So as we move forward through the rest of the year, I see the fourth quarter being a contributor to get us to a 25% non-GAAP gross margin total for the year. So I think that trajectory should look very familiar, as it has in prior years, especially versus last year.

因此，展望今年剩餘時間，我認為第四季將有助於我們實現 25% 的非 GAAP 毛利率。因此我認為該軌跡應該看起來非常熟悉，就像前幾年一樣，尤其是與去年相比。

As we move through that process and you've got the revenue range that we're at, and you've got those gross margin percentages that we've been talking about, you compare those to where we expect to be in OpEx, which is really what comes out just between what that gross margin and operating income is, the OpEx number. And that should be stable about where it is. You'll begin to see that operating income go positive for the year, which is still the guide. So that's kind of the shape as we look at it today, how we think the second half of the year plays out.

隨著我們推進這一流程，您就會知道我們所處的收入範圍，也會知道我們一直在談論的毛利率百分比，然後您會將其與我們預期的營運支出進行比較，這實際上就是毛利率和營業收入之間的差額，即營運支出數字。而且它的位置應該是穩定的。您將開始看到今年的營業收入為正值，這仍然是指導原則。這就是我們今天所看到的情況以及我們對今年下半年狀況的預測。

Your next question comes from the line of Manav Gupta from UBS.

您的下一個問題來自瑞銀的 Manav Gupta。

The U.S. Treasury Department is in the process of developing final guidance as it relates to H2 production tax credit. A favorable ruling would be a tailwind for your electrolyzer business. Help us understand how you're thinking about additionality and temporal matching and what would you consider to be a favorable outcome here for your business?

美國財政部正在製定與 H2 生產稅收抵免相關的最終指南。一項有利的裁決將對您的電解器業務產生推動作用。請幫助我們了解您對附加性和時間匹配的看法，以及您認為什麼樣的結果對您的業務有利？

Thank you so much for that question. Again, to put this context for everybody to understand the temporal matching, there is a lot of debate going on right now in the policymaking world. What is considered as green electricity, is it green electricity when it's produced by a solar auto vent right at that point in time, or as long as it's produced in some place and you use it a little bit later, can you shift it and take it from the grid and call it green electricity, what is it called. So this is a temporal matching that's there in the question.

非常感謝您提出這個問題。再一次，為了讓每個人都能理解時間匹配，現在決策界正在進行大量爭論。什麼被認為是綠色電力，它是在太陽能汽車通風口當時產生的綠色電力嗎，還是只要它在某個地方產生並且你稍後使用它，你可以將它轉移並從電網中獲取並稱之為綠色電力，它叫什麼。所以這就是問題中存在的時間匹配。

Here is the wonderful thing about Bloom's electrolyzer technology compared to everybody else. We honestly are agnostic to it. Give it any way you want, and we will give you the best outcome in terms of hydrogen production, hydrogen price, hydrogen efficiency. From an environmental perspective, matching it time for time, space for space is the only way CO2 reduction is going to happen significantly. That is science. Nobody can deny that.

與其他技術相比，Bloom 的電解器技術有其出色之處。說實話，我們對此並不清楚。無論您想要什麼方式，我們都會在氫氣產量、氫氣價格、氫氣效率方面為您提供最佳的結果。從環境角度來看，以時間換時間、以空間換空間是大幅減少二氧化碳排放的唯一途徑。這就是科學。沒有人能否認這一點。

So that's the best outcome. If that's what the government wants, we are more than happy to comply and our technology will be a great solution. But if they choose to use some kind of leeway as a transition so it can help the other technologies get there also, we are fine with that too. So we are agnostic to it.

所以這是最好的結果。如果這是政府想要的，我們非常樂意遵守，我們的技術將是一個很好的解決方案。但如果他們選擇使用某種形式的空間作為過渡，以便能夠幫助其他技術也達到這個目標，我們也可以接受。所以我們對此持不可知論。

From the line of Chris Dendrinos from RBC Capital Markets.

來自 RBC Capital Markets 的 Chris Dendrinos 說。

I just wanted to follow up on the CHP system announcement. You commented that there was some additional cost savings potentially there for customers and then lower carbon emissions. Can you just, I guess, maybe wrap some numbers around that or help us kind of think about how you would quantify what kind of savings a customer could see from the system and what the, I guess, financial benefits are?

我只是想跟進 CHP 系統公告。您評論說，這可能會為客戶節省一些額外的成本，從而降低碳排放。我想，您能否用一些數字來概括一下這個問題，或者幫助我們思考一下，如何量化客戶從該系統中可以獲得哪些節省，以及我認為可以獲得哪些財務利益？

Welcome to our coverage team. We welcome you. And your question is on CHP. Let me take an example of a data center as a good example, which in this case will be a cooling application. What a data center will do today, it will use anywhere from 30% to 40% of the electricity that they use to drive an electrically driven cooling system, and that's what will keep the computers at the temperatures that they need to remain to be able to operate.

歡迎加入我們的報道團隊。我們歡迎您。您的問題是關於 CHP 的。讓我以資料中心為例作為一個很好的例子，在這種情況下它將是一個冷卻應用程式。如今，資料中心將使用 30% 到 40% 的電力來驅動電動冷卻系統，讓電腦保持運作所需的溫度。

Now if the other 70% that they use electricity instead of getting from the grid, if they get it from our systems, which is right on site, we can tap in that heat, use absorption chillers and be able to provide the same cooling at no additional cost to them in terms of the energy.

現在，如果另外 70% 的能源不是從電網獲取，而是使用電力，而是從我們的系統（就在現場）獲取，那麼我們可以利用這些熱量，使用吸收式製冷機，並且能夠提供相同的冷卻效果，而且在能源方面無需支付額外成本。

They're not using additional fuel. They are not using additional electricity. They are using a different kind of a cooling technology than the electrical cooling technology. This is a heat-driven technology called absorption chillers. In that case, for them, it can amount up to 30% cost savings and a 30% reduction in carbon footprint, okay? So that is the advantage.

他們沒有使用額外的燃料。他們沒有使用額外的電力。他們使用的是一種與電冷卻技術不同的冷卻技術。這是一種稱為吸收式製冷機的熱驅動技術。在這種情況下，對於他們來說，可以節省高達 30% 的成本並減少 30% 的碳足跡，好嗎？這就是優勢。

Your next question comes from the line of Sam Burwell from Jefferies.

您的下一個問題來自 Jefferies 的 Sam Burwell。

I wanted to switch gears back over to electrolyzers. I guess it was about 1 year ago that you announced the plans with Xcel to install the units at the Prairie Island, the nuclear plant in Minnesota. So I was just confirming whether the timeline for that to be installed late this year is still online and whether you think that is like the biggest catalyst or driver to unlock electrolyzer orders and really accelerate the commercialization process around that?

我想把焦點重新轉向電解器。我想大概是一年前，您宣布了與 Xcel 合作在明尼蘇達州 Prairie Island 核電站安裝機組的計劃。因此，我只是想確認今年稍後安裝的時間表是否仍然在線，以及您是否認為這是解鎖電解槽訂單並真正加速商業化進程的最大催化劑或驅動力？

Yes. That particular project is going through all the regulatory approvals, and we still expect it to be on track from its timing of getting that going, and we see that as a really good project especially to continue to showcase our technology with nuclear in that space.

是的。該項目正在接受所有監管部門的批准，我們仍預計該項目將從啟動之日起就按計劃順利進行，我們認為這是一個非常好的項目，特別是可以繼續展示我們在該領域的核能技術。

And so now in electrolyzers, and we talked about this a little bit when we were all together in May, right? These are large-scale projects. They're going through their pre-FEED process. They're going through their FID process. They're making sure that they have sourced the -- their sources of green energy in whether that is new solar or new wind or existing hydro and how they're going to -- or nuclear as well, how are they going to bring that source of electricity into it.

現在談到電解器，我們在五月聚在一起的時候討論過這個問題，對吧？這些都是大型專案。他們正在進行前期 FEED 流程。他們正在進行 FID 流程。他們正在確保找到綠色能源，無論是新的太陽能、新的風能還是現有的水力發電，以及他們將如何利用核能，如何將這些電力來源引入其中。

And then they're looking on their options, right? Where is that going to go, is that going to go to an existing ammonia facility or existing fertilizer, is that going to go for transportation to a different market, how does that all work and making sure that they have the -- both book ends of that to pull together so they can ultimately make their project financeable.

然後他們正在考慮他們的選擇，對嗎？這些廢棄物要運往哪裡？

We are working with a number of different projects going through there. They are very excited about our technology, the efficiency benefit of it, for sure, its ability to use heat as part of the process. And our recent demonstration that we did out here in California where we very quickly brought 4, almost 5 megawatts of electrolyzer online within 2 months and gathered the data for that is really giving us some strength that we've been up in operating these.

我們正在那裡開展多個不同的項目。他們對我們的技術感到非常興奮，當然還有它的效率優勢，以及它利用熱量作為生產過程一部分的能力。我們最近在加州進行了演示，在 2 個月內迅速將 4 到 5 兆瓦的電解器投入使用，並收集了相關數據，這確實為我們的操作提供了一些力量。

Our expectation, and it's been our expectation as we entered the year, as we move through the year and these projects reach their FIDs, they'll make their technology choices and announcements. We expect that over the course of '23 and into '24, you're going to begin to hear about different projects where we've been selected to be technology as part of that project. And our expectation is as you move later into '24, you should begin to see some shipments. But it really won't be until '25 that you begin to see it impact the overall financials on it. So we feel like we're still on track, and we're executing against the roadmap that we laid out as we came into the year.

我們的預期，也是我們進入新的一年時的預期，隨著這一年的過去，這些項目將達到最終決定，他們將做出技術選擇並宣布。我們預計，在23年至24年間，您將開始聽到有關我們被選為該專案技術一部分的不同專案的消息。我們的預期是，隨著進入24年，您應該會開始看到一些貨物。但實際上直到 25 年你才會開始看到它對整體財務的影響。因此，我們覺得我們仍在正軌上，並且我們正在按照今年制定的路線圖執行。

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

您的下一個問題來自 Truist Securities 的喬丹·利維 (Jordan Levy)。

I know we're just coming off the Analyst Day when you gave a lot of color here, but I just wanted to get any updated thoughts on international markets and kind of where you've told us before in key markets like Taiwan and Italy and that sort of things? So I just wanted to see if there's any update on momentum there in the sales pipeline?

我知道我們剛結束分析師日，您在會上給出了許多詳細信息，但我只是想了解一下您對國際市場有什麼最新看法，以及您之前告訴過我們台灣、意大利等主要市場的情況？所以我只是想看看銷售管道的進展是否有任何更新？

Yes. Your line was really poor, but we put our ears to the phone here, and we think your question is around our progress around international. So hopefully, that's your question because that's the one we're going to answer.

是的。您的線路品質確實很差，但我們仔細聆聽了電話，我們認為您的問題是關於我們在國際方面的進展。所以希望這是你的問題，因為這就是我們要回答的問題。

We were in Europe this time last year, it was June of last year, so it's just a month past, and we were really excited at the time that we had our first units landing there, right, with Ferrari, 1 megawatt that we were able to land, and we thought for sure as that was going to open up that market for us, if people could see our technology and especially with a premier partner like Ferrari. And it's worked as though we thought, right?

去年這個時候我們在歐洲，那是去年 6 月，所以就過去一個月了，當時我們非常興奮，因為我們的第一批設備在那裡落地，對吧，就是和法拉利合作的 1 兆瓦，我們確信這將為我們打開這個市場，如果人們可以看到我們的技術，尤其是有法拉利這樣的頂級合作夥伴。而且它的效果正如我們想像的那樣，對嗎？

You saw some of the deals that we've been able to announce whether it's Cefla in Italy or Perenco in the U.K. or EnBW in Germany that we just announced. There was a deal in Benelux that we announced. So we're really excited about our opportunities in -- broadly within Europe, and we feel like we've got a lot of good partnerships that we're in process of not only building a relationship with, but building a commercial relationship with and transacting, which is always -- getting that first contract, getting that first transaction done is always the hardest, as you know.

您看到了我們已經宣布的一些交易，無論是義大利的 Cefla、英國的 Perenco 還是德國的 EnBW，我們剛剛宣布了這些交易。我們宣布與比荷盧三國達成了一項協議。因此，我們對在整個歐洲範圍內的機會感到非常興奮，我們覺得我們已經有很多良好的合作夥伴關係，我們不僅正在與他們建立關係，而且還在與他們建立商業關係並進行交易，正如你所知，獲得第一份合約、完成第一筆交易總是最難的。

And then as you think about Asia, we've always had the real strong relationship in South Korea with our partners SK ecoplant. But you saw the announcements with Unimicron in Taiwan that we have units shipped there. In fact, I'm just looking at KR, he'll be on his way over to both Singapore and to Taiwan here in the near future as part of Tim's sales team and going through the process. But we're very excited about that market. And we think Unimicron is a premier customer that we can help open up that market and show that our time-to-power or speed to power and the economics of our solution makes sense.

當您想到亞洲時，我們與韓國的合作夥伴 SK ecoplant 一直保持著真正牢固的關係。但您看到了台灣欣興電子發布的公告，表示我們的產品已發送到那裡。事實上，我正在關注 KR，不久的將來，他將作為 Tim 銷售團隊的一員前往新加坡和台灣，經歷整個過程。但我們對這個市場感到非常興奮。我們認為 Unimicron 是一家優質客戶，我們可以幫助其開拓市場，並證明我們的供電時間或供電速度以及解決方案的經濟性是合理的。

And let me add to what Greg just said. I will be going to Taiwan not just to be on the sales, side but very proudly inaugurating our Unimicron systems that will start producing power out there. And so for us to be able to just sign a deal in a new country in Asia towards the end of last year and by now have it up and running for that customer speaks to the ease with which customers can deploy our systems and get value. And that really is what the customer should focus on and be happy about picking us, and they pick us -- in our ability to deliver to their needs.

讓我補充一下格雷格剛才說的內容。我去台灣不僅是為了銷售，更是為了非常自豪地啟動我們的 Unimicron 系統，它將在那裡開始發電。因此，對於我們來說，能夠在去年年底在亞洲一個新國家簽署協議，並且到現在為止已經為該客戶啟動並運行了該系統，這表明客戶可以輕鬆部署我們的系統並獲得價值。這確實是客戶應該關注的重點，也是他們樂意選擇我們的原因，他們選擇我們，是因為我們有能力滿足他們的需求。

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

您的下一個問題來自奧本海默公司的 Colin Rusch。

As the prospects for the hydrogen economy start to take shape and folks get a sense of the scope and scale of what can happen here, what are you seeing on the supplier side? I suspect that there's going to be more folks that want to get involved here, and I want to understand how you guys are managing that sort of opportunity in terms of maturing some of those suppliers and starting to drive costs out here over the next several years?

隨著氫經濟的前景開始成形，人們開始意識到其範圍和規模，您在供應商方面看到了什麼？我認為會有更多的人想要參與其中，我想了解你們如何管理這種機會，以使其中一些供應商成熟並在未來幾年開始降低成本？

Yes. So Colin, I think about the question in a couple of ways, and it may not be exactly how you're asking it but let me just go through a couple of parts. One is that we think about our individual supply chain for our product. It's exactly -- as you know, it's exactly the same supply chain.

是的。所以科林，我從幾個方面思考這個問題，它可能與你問的不完全相同，但讓我只講幾個部分。一是我們考慮我們產品的單獨供應鏈。如你所知，這完全是相同的供應鏈。

So as we think about how we build fuel cells versus electrolyzers, we're leveraging all those same vendors, same partners, same supply chain that we've executed -- that we've partnered with over time. So that hasn't changed.

因此，當我們思考如何製造燃料電池與電解器時，我們正在利用所有相同的供應商、相同的合作夥伴、相同的供應鏈——我們已經與之建立了長期合作關係。所以這並沒有改變。

If I think about the broader balance of plant that customers and EPCs and other folks are going to have to work with, we have made our stated goal very much to be that we're going to be the electrolyzer supplier into that process, meaning that a couple of things. One is we don't want to own plants that create the hydrogen. We want to be able to sell our electrolyzers into that space.

如果我考慮到客戶、EPC 和其他人必須與之合作的更廣泛的工廠平衡，我們已經明確表示我們的目標是成為該流程的電解器供應商，這意味著幾件事。一是我們不想擁有生產氫氣的工廠。我們希望能夠將我們的電解器銷往該地區。

And we found some really good relationships within that, and we've done this whether it's on the input side around inverters and boilers and things that bring the processes, the electricity and the steam into our systems or when it comes out and you think about the drying and the compressing and the other part.

我們在其中發現了一些非常好的關係，無論是在輸入端，例如逆變器和鍋爐，還是將製程、電力和蒸汽帶入我們的系統，或者當它出來時，你會考慮乾燥、壓縮和其他部分。

Those relationships are forming. They will be built over individual projects as they get taken out -- as they get pulled together and the purchase orders get issued around that. So I think you'll see some development over that as we go forward.

這些關係正在形成。它們將在各個項目被取出後被建造 — — 它們被整合在一起，並圍繞此發出採購訂單。因此我認為，隨著我們不斷前進，你會看到這方面的一些進展。

And then from a supply standpoint, we're building some really good relationships with players that want to either be -- have been a traditional provider of hydrogen, and they want to look to our technology as part of their solution and how they create clean hydrogen and sell it into the space, or users of hydrogen before, that like the distributed nature of our product that they can bring it right on site and perhaps use it right as part of their overall process. Think steel, think glass, think ammonia where you've got a thermal process that links in very well with ours.

然後從供應的角度來看，我們正在與一些參與者建立非常良好的關係，這些參與者要么是傳統的氫氣供應商，他們希望將我們的技術作為他們解決方案的一部分，以及如何製造清潔氫氣並將其出售給太空或以前的氫氣用戶，他們喜歡我們產品的分佈式特性，他們可以將其直接帶到現場，並將其作為整個流程的一部分使用。想想鋼鐵、想想玻璃、想想氨，它們都有一個與我們緊密相連的熱處理過程。

So it's a -- to your point, it's an economy that's evolving and a lot of relationships are going to be formed, but we're really excited that we've already built out that supply chain, that manufacturing processes, and we can focus on the value-add partnerships moving forward.

所以正如你所說，這是一個正在發展的經濟，許多關係將會形成，但我們真的很高興我們已經建立了供應鏈和製造流程，我們可以專注於未來的增值合作夥伴關係。

So Colin, let me add one more thing to everything that Greg said, right, is, if you think of the electrolyzer, if you think of the various different offerings that we have today in our solid oxide fuel cells, take our entire supply chain by -- and assume that about 70% of it is common between electrolyzers and our fuel cells, and maybe even larger. Okay?

因此，科林，讓我在格雷格所說的一切的基礎上再補充一點，對吧，如果你考慮一下電解器，如果你想到我們今天在固體氧化物燃料電池中提供的各種不同產品，考慮到我們的整個供應鏈 - - 並假設其中約 70％ 在電解器和我們的燃料電池之間是共同的，甚至可能更大。好的？

For us to grow from the $1 billion to the $15 billion company that we want to be, it's that all of the 80% needs to grow. So the beauty is the people that started with us when we were less than $100 million in revenue are growing with us to bring to $1 billion and they want to grow with us to get to $15 billion. But along the way, we are adding more people and more geographies also in order to build a robust supply chain in all these components.

我們想要從 10 億美元成長到 150 億美元，就需要 80% 的所有資金來成長。因此，美妙之處在於，當我們的收入不到 1 億美元時，那些加入我們的人，現在和我們一起成長，將收入提升到 10 億美元，並且他們希望和我們一起成長，將收入提升到 150 億美元。但在此過程中，我們也在增加更多的人員和更多的地區，以便在所有這些組件中建立一個強大的供應鏈。

Everything outside the system -- like Greg said, we are counting on partners who have been in this business for a long time, whether it is a hydrogen compressor or -- as an example, or electrical systems for rectification. These are all players who have been there, and we are partnering with the best in the industry to be able to do it.

系統以外的一切 — — 就像格雷格說的，我們都依賴長期從事該業務的合作夥伴，無論是氫氣壓縮機還是 — — 舉例來說，還是用於整流的電氣系統。這些都是曾經有過這種經驗的參與者，我們正在與業內最優秀的企業合作，以便做到這一點。

Your next question comes from Kasope Harrison from Piper Sandler.

您的下一個問題來自 Piper Sandler 的 Kasope Harrison。

So can you help us quantify the proportion of your backlog or business today that's tied to the data center opportunity? And then if you could just help us think through the energy demand implications for rack conversions to GPUs from CPUs to your business, what that looks like, whether that conversion -- you think that's accelerated recently? And then how does this impact -- potentially impact your growth rate? Is it transformational or is it just -- or is it more incremental?

那麼您能否幫助我們量化目前與資料中心機會相關的積壓訂單或業務的比例？然後，如果您能幫助我們思考一下機架從 CPU 轉換為 GPU 對您的業務的能源需求影響，那是什麼樣的，這種轉換——您認為最近是否有所加速？那麼這會對您的成長率產生什麼影響？它是變革性的，還是只是--或者是漸進的？

All very good questions, and I wish the infrastructure part of the business moved as fast as the application part of the business and how quickly ChatGPT gets adopted versus how quickly infrastructure changes to keep up with that, right? So that's where you're going to see the lag. But let me address all your questions qualitatively because of that.

這些都是非常好的問題，我希望業務的基礎設施部分能夠像業務的應用程式部分一樣快速發展，並且 ChatGPT 的採用速度與基礎設施變化的速度能夠同步，對嗎？這就是您會看到滯後的地方。 但由於這個原因，請容許我定性地解答您的所有問題。

Number one, think about the Bloom system, what our data center customers love about our systems is the modular nature of our power systems where you simply keep adding like modules when you need more power. Number one.

首先，想想 Bloom 系統，我們的資料中心客戶喜歡我們系統的原因是我們的電力系統的模組化特性，當您需要更多電力時，只需不斷添加類似的模組即可。第一。

And even in places that have a slightly smaller footprint -- just look at how our power density keeps going up every 2 years. So in the same amount of space that you have, you're able to get more and more power. So as you go to the GPUs and there you require more power, this is not a problem for Bloom. We offer a solution which helps our customers scale. And wherever it's necessary, they can rack it up as a tower even if they don't have a single-level floor space.

即使在佔地面積稍微小一點的地方——只要看看我們的功率密度每兩年就會不斷上升。因此，在相同的空間內，您可以獲得越來越強大的動力。因此，當您使用 GPU 並且需要更多功率時，這對 Bloom 來說不是問題。我們提供可協助客戶擴大規模的解決方案。無論何處需要，即使沒有單層的地面空間，他們也可以把它架起來當作塔。

So they couldn't find a more adaptable power platform to be able to address what they need within the spaces that they already have. They can stay within their white spaces and get a lot more power from us. That's the first question.

因此，他們無法找到更具適應性的電源平台來滿足他們現有空間內的需求。他們可以留在自己的空白區域並從我們這裡獲得更多的權力。這是第一個問題。

The second question you asked about, is this an opportunity? Heck yes. Right? If -- look, if, NVIDIA is telling you they're going to grow exponentially because of GPUs, and the amount of GPUs, there's only one thing we all know for sure. All those GPUs need power and those GPUs are going to go into data centers.

你問的第二個問題是，這是一個機會嗎？當然可以。正確的？如果——你看，如果 NVIDIA 告訴你，他們將因為 GPU 和 GPU 的數量而呈指數級增長，那麼只有一件事我們是可以肯定的。所有這些 GPU 都需要電力，而這些 GPU 將進入資料中心。

And in most places in the world where data centers operate today, they're not able to get extra power, and we can power very quick power -- We can offer very quick power. If you put those things together, it stands to reason that we should benefit as this evolution takes off. So we are the power engine that is best suited to power the AI revolution.

目前，世界上大多數資料中心都無法獲得額外的電力，而我們可以提供非常快速的電力——我們可以提供非常快速的電力。如果把這些因素綜合起來，那麼我們理所當然地會從這演變中受益。因此，我們是最適合推動人工智慧革命的動力引擎。

Your next question comes from the line of Michael Blum from Wells Fargo.

您的下一個問題來自富國銀行的邁克爾布魯姆。

I wanted to go back to Series 10, a really interesting announcement on that. I just want to understand the contract dynamics a little better. So if you're offering flat rate electricity pricing, is Bloom responsible for procuring the feedstock fuel? And if so, how do you mitigate price and margin risk over the term of that contract? And then just how do we think about capital deployed and return from Bloom's perspective under these contracts?

我想回顧第 10 季，這是一個非常有趣的公告。我只是想更了解合約動態。那麼，如果您提供統一電價，Bloom 是否負責購買原料燃料？如果是的話，您如何在合約期限內降低價格和保證金風險？那麼，從布魯姆的角度來看，在這些合約下，我們如何看待資本部署和回報？

Yes. So similar to our existing PPA offering, the Series 10 offering, the customer will be responsible for the fuel. So Bloom is not going to be in a position where we're buying that fuel and selling it to the customer and taking that commodity risk. The customer is going to be there.

是的。與我們現有的 PPA 產品（Series 10 產品）類似，客戶將負責燃料。因此，Bloom 不會購買燃料並將其出售給客戶，並承擔商品風險。顧客將會到達那裡。

We price it based on an average U.S. delivered price of natural gas. Depending upon where the customer resides, that could be slightly more if they have a higher delivery cost, the cost to gas.

我們的定價是基於美國天然氣的平均交貨價格。根據客戶居住的位置，如果運輸成本和天然氣成本較高，那麼這個價格可能會稍微高一些。

From a use of Bloom's capital, similar to what we do with the PPA, we're going to be able to sell this into a structure that allows a financier to provide this 5-year term to the customer. So Bloom will not be taking this onto our balance sheet. It will look very similar to a product sale that you see today within the U.S. through the PPA structure, but we're able to deliver that to the customer.

從 Bloom 資本的使用來看，與我們對 PPA 的做法類似，我們將能夠將其出售給一個允許金融家向客戶提供 5 年期限的結構。因此，布魯姆不會將其納入我們的資產負債表。它看起來與您今天在美國透過 PPA 結構看到的產品銷售非常相似，但我們能夠將其交付給客戶。

What the customer will get is -- we've sized it to a 10 megawatt. They will get a fixed price. Think of it as a monthly bill that they will pay where they will be able to procure their electricity as low as $0.099, slightly higher based on gas prices if they exist than that, and they'll have that electricity that they'll be able to use.

客戶將獲得的是——我們已將其規模調整為 10 兆瓦。他們將得到一個固定的價格。可以將其想像成他們每月支付的帳單，他們將能夠以低至 0.099 美元的價格購買電力，如果存在天然氣價格，則價格會略高一些，這樣他們就能夠使用它們了。

The other thing that's really interesting as you think about it, we've constructed the delivery to be always at that 10 megawatts. So for us, it is a constant delivery to the customer and it takes 10 megawatts for them to draw that and take it for their customer. So it's a shorter term, it's more predictable for the customer, and if they have an opportunity at the end of 5 years for a different solution, we will be able to sell them that however that is, wherever that is for them. So it gives them a lot of flexibility. So we're really excited about our ability to deliver this product. And we can move as quick as the customer can in their local permitters on getting it to them. So we're really excited about it.

另一件非常有趣的事情是，我們已經將輸送能力設定為始終為 10 兆瓦。所以對我們來說，這是一個持續向客戶交付的過程，他們需要 10 兆瓦的電力來為客戶服務。因此，這是一個較短的期限，對客戶來說更可預測，如果他們在 5 年後有機會獲得不同的解決方案，那麼無論何種情況，我們都能將其出售給他們。因此這為他們提供了很大的靈活性。因此，我們對交付該產品的能力感到非常興奮。並且我們可以在客戶當地許可的情況下盡快將其送達客戶手中。所以我們對此感到非常興奮。

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

您的下一個問題來自 BMO 資本市場的 Ameet Thakkar。

It looks like your installed base is down. It's like roughly kind of 1,100, 1,200 megawatts. I was just wondering if you could give us a sense for kind of how much output in power and megawatts that you're producing kind of like last quarter or just kind of over the last year?

看起來您的安裝基數已經下降了。大約是 1,100 到 1,200 兆瓦。我只是想知道您是否可以告訴我們上個季度或去年您生產的電力和兆瓦數是多少？

So on the -- what's great about our product, right, is if you scaled it to its installed base, we're always on. right? So you always just take the amount of installed base that we have times the number of hours and that gets the amount of power that we're providing into our customer base.

所以—我們的產品的優點在於，如果你將它擴展到其安裝基礎，我們就會一直在線上。正確的？因此，您總是只需將我們安裝的基數乘以小時數，即可獲得我們向客戶群提供的電量。

It's -- since we're now a backup power or peak power, we are the baseload power for our customers. So as we ship more and that gets installed in, that gives us a larger installed base, which helps grow our service offering to those customers and more customers get to use the -- get to enjoy the benefits of the Bloom machine.

因為我們現在是備用電源或峰值電源，所以我們是客戶的基本負載電源。因此，隨著我們運送更多的產品並安裝完畢，我們將擁有更大的安裝基礎，這有助於擴大我們向這些客戶提供的服務，並且可以使用更多的客戶——享受 Bloom 機器的好處。

And in the past, if you look at our contracts, we would have promised our customer what is called the total maximum output and that number will be -- let us say, if it's 1 megawatt, and we say it's a total maximum output of 90%, 900 megawatt hours is what you're going to get every hour -- or 9 megawatt hours is what you will get if you have 9 hours of operation of a 10-megawatt system. However, with the Series 10, we are telling them, we will give them flat 10 megawatts through the entire 5 years all the time. That's a significant difference.

在過去，如果你看過我們的合同，你就會知道我們會向客戶承諾所謂的總最大輸出，這個數字是 - 假設它是 1 兆瓦，我們說它的總最大輸出為 90%，那麼每小時你將獲得 900 兆瓦時的電量 - 或者說，如果你運行 10 兆瓦的系統 9 個小時，你將獲得 9 兆瓦時的電量。然而，對於 Series 10，我們告訴他們，我們將在整個 5 年內始終為他們提供固定的 10 兆瓦電力。這是一個顯著的差異。

Your next question comes from the line of Martin Malloy from Johnson Rice.

您的下一個問題來自約翰遜賴斯大學的馬丁馬洛伊。

Could you comment on the progress in developing a server that offers the CO2 capture capability, and maybe any comments you have about potential customer interest in such an offering given the tax credits that are out there?

您能否評論一下具有二氧化碳捕獲功能的伺服器的開發進展？

Sure. So look, here's what happens, right? Every 3 megawatt hour roughly that we produce with our system, we can capture a very high concentration of 1 ton of CO2 that has about $85 a ton credit if you sequester it. The net benefit after the cost of sequestration and everything can be somewhere between 15% and 20% in terms of lowering the cost for a customer, depending on what their costs are. That's significant.

當然。那你看，發生了什麼事，對吧？我們的系統每生產約 3 兆瓦時的電力，就能捕獲 1 噸高濃度的二氧化碳，如果封存起來，每噸可獲得約 85 美元的信用額度。在降低客戶成本方面，扣除碳封存成本等一切費用後的淨收益可能在 15% 至 20% 之間，具體取決於客戶的成本水準。這很有意義。

So not only do you get baseload power from the most ubiquitous available fuel today that's clean at 0 carbon, but you get it at 15% to 20% lower cost, right? That's the value proposition of what we bring to the table.

因此，您不僅可以從當今最普遍的零碳清潔燃料中獲得基載電力，而且成本還可降低 15% 到 20%，對嗎？這就是我們提出的價值主張。

So the obvious people that have significant interest to this are big oil and gas customers that have the gas, but also have the ability to sequester the carbon dioxide. Now the 45Q and -- from the IRA has significantly increased the interest. There are number of places in the country that have applied for permits for the wells to be able to sequester it out there. As soon as these wells are permitted and they're able to do it, it's then that adoption will be, and you're talking about very large-scale, hundreds of megawatts of opportunities.

因此，對此有濃厚興趣的人顯然是那些擁有天然氣且有能力封存二氧化碳的大型石油和天然氣客戶。現在 45Q 和—來自 IRA 的利息已經顯著增加。該國有許多地方已申請井許可證，以便能夠將天然氣封存在那裡。一旦這些油井獲得許可並且能夠這樣做，那麼就會有大規模的採用，也就是數百兆瓦的機會。

So to me, let me tell you, there are a couple of things that really get me excited, right? One is we are able to take our LEGO blocks and do hundreds of megawatts, small power plants that are reliable, resilient, clean, no local air pollution, do not use water and 0 carbon using something like this. That excites me.

所以對我來說，讓我告訴你，有幾件事真的會讓我很興奮，對吧？一是我們能夠用樂高積木建造數百兆瓦的小型發電廠，這些發電廠可靠、有彈性、清潔，不會造成局部空氣污染，不用水，而且碳排放量為零。這讓我很興奮。

Similarly, there's another segment that we were asked about ChatGPT or GPUs and AI and stuff like that. I'll tell you in the last 3 weeks, we -- at Bloom, we have had discussions at least with 3 different customers from the data center side and things like that asking for 100 megawatt solutions. And that interest is very high because of the time-to-, power supply-demand mismatch and need for reliability and the growth at which -- these data centers are looking at what's coming to them and wanting that power to be secured. These are complex sales cycles in that side of the business. But just looking at the number of people approaching us and being very serious about it, makes me feel very excited about what's to come.

類似地，在另一部分我們被問及有關 ChatGPT 或 GPU 和 AI 等內容。我可以告訴你，在過去的三週裡，在 Bloom，我們至少與 3 個不同的資料中心客戶進行了討論，要求提供 100 兆瓦的解決方案。這種興趣非常高，是因為電力供需不匹配、對可靠性的需求以及增長——這些數據中心正在關注他們所獲得的電力，並希望確保電力供應。這些是該業務中複雜的銷售週期。但只要看看有這麼多人聯繫我們並且對此非常認真，我就對即將發生的事情感到非常興奮。

Your next question comes from the line of Brett Castelli from Morningstar.

您的下一個問題來自晨星公司的 Brett Castelli。

I just wanted to ask on the new products. So the Series 10 and the CHP. What do you expect to see in terms of average order size for those maybe relative to your history?

我只是想問一下有關新產品的問題。因此是 10 系列和 CHP。就您的歷史記錄而言，您期望看到的平均訂單規模是多少？

So Series 10 is offered at 10 megawatts. We can scale it up from there. It works very well. It will be a building block. So slightly larger than what we've been our traditional sale but the product -- overall product works really well at that 10 megawatts. We can adjust it slightly for a customer, either slightly down or above. So I would expect to see those in multiples of 10, of course, to make that solution work for them.

因此，10 系列提供的功率為 10 兆瓦。我們可以從那裡擴大規模。它工作得很好。它將成為一個基石。因此，這比我們傳統銷售的產品略大一些，但整體產品在 10 兆瓦時運作效果非常好。我們可以為客戶稍微調整一下，稍微往下或往上一點。因此我希望看到這些數字是 10 的倍數，當然，這樣才能使該解決方案對他們有效。

On CHP, my guess would be, that would be slightly larger just given the amount of industrial integration that would happen either through the creation of steam or through the chillers. So definitely, we continue to move up on the size and scale of our average order size. Why don't we take -- operator, why don't we take one more question and then we'll have KR close after we answer that last question.

關於熱電聯產，我的猜測是，考慮到透過產生蒸汽或透過冷卻器實現的工業整合量，這個數字將會稍微大一些。因此，我們的平均訂單規模和規模肯定會繼續上升。我們為什麼不——接線員，為什麼我們不再回答一個問題，然後在回答最後一個問題後讓 KR 結束。

Sure. Your last question comes from the line of Kasope Harrison from Piper Sandler.

當然。您的最後一個問題來自 Piper Sandler 的 Kasope Harrison。

I just wanted to follow up on the advanced CHP solution. Can you help us quantify the annual revenue market opportunity just on a dollar basis? And then when does this CHP solution begin to have a meaningful financial impact to your business? Is it a 2024 story, 2025, 2026? Just trying to think about that.

我只是想跟進先進的 CHP 解決方案。您能幫助我們以美元為基礎量化年度收入市場機會嗎？那麼，這種 CHP 解決方案何時會開始對您的業務產生有意義的財務影響？這是 2024 年、2025 年、2026 年的故事嗎？我只是試著去想一下。

Yes. Kasope, I would tell you, it's similar to most of the TAMs that we have around here. We measure them in trillions. I think KR talked about that half the energy use being for the creation of industrial steam. So there's no limitation to the size of that market. And in fact, you have some retirements and other things that are going to naturally happen here in the near future that make that market quite attractive here in the near term.

是的。卡索佩，我想告訴你，它與我們這裡的大多數 TAM 類似。我們以萬億為單位來衡量。我認為 KR 說過一半的能源使用是用於產生工業蒸氣。因此該市場的規模沒有限制。事實上，在不久的將來，有些人退休和其他事情將會自然發生，這將使這個市場在短期內相當有吸引力。

My expectation is as we go through the process, likely '24, '25, you'll begin to see the shipments over the next year or 2 on that. So we're really excited about that product in that application, and we're really pleased by the market response we're getting on it. So KR, that was our last question. I'll turn it over to you for closing comments.

我的預期是，隨著我們完成這一過程，可能是24年、25年，您將在未來一兩年內開始看到出貨量。因此，我們對該產品在該應用中的表現感到非常興奮，並且我們對市場的反應感到非常滿意。 KR，這是我們的最後一個問題。我將把它交給你們來做最後評論。

Thank you, Greg. So thank you all for joining us today. And as you have heard through the highlights, the first thing we are pleased with is our performance in -- during the quarter. We are continuing to grow our revenues, bring our costs down. As Greg said, we are reaffirming our guidance for the year.

謝謝你，格雷格。感謝大家今天的參與。正如您所聽到的亮點，我們感到滿意的第一件事是我們在本季的表現。我們正在繼續增加收入，降低成本。正如格雷格所說，我們正在重申今年的指導方針。

The second thing that should be very clear is customers really are looking for alternatives and solutions, and it is really becoming a boardroom [decision]. It is about protecting their businesses, having business continuity, not putting their customers, their employees and their neighborhood at risk. So for those reasons, they are focused on energy security, and we bring to them a great solution.

第二件需要非常明確的是，客戶確實在尋找替代方案和解決方案，而這確實正在成為董事會的決策。這是為了保護他們的業務，保持業務連續性，而不是將他們的客戶、員工和鄰居置於危險之中。因此，基於這些原因，他們關注能源安全，而我們為他們帶來了一個很好的解決方案。

And as you have seen with what we just announced this last quarter, the 2 innovations, Series 10 and the enhanced CHP, we will continue to innovate as the market develops. Thanks to that amazingly flexible platform that we have at the Bloom Energy server, we are able to adapt. We'll be nimble and we look forward to serving, and look, we believe that we will be the go-to partner that companies and utilities come to as a long-term strategic partner to not only go through the transition but take them to the destination and be with them as they grow. Thank you all for attending.

正如您所看到的，我們上個季度剛剛宣布了兩項創新，即第 10 系列和增強型 CHP，我們將隨著市場的發展繼續創新。由於 Bloom Energy 伺服器極為靈活的平台，我們能夠適應。我們將靈活應對，期待為您服務，相信我們將成為企業和公用事業公司的首選合作夥伴，成為他們的長期戰略合作夥伴，不僅幫助他們度過轉型期，還將帶他們到達目的地，陪伴他們成長。感謝大家的參加。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。