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. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. (Operator Instructions)

先生們女士們晚上好。感謝您參加 Bloom Energy 2023 年第二季度收益電話會議。我叫安娜，我將擔任今天電話會議的主持人。在通話的演示部分，所有線路將被靜音，最後有機會提問和回答。 （操作員說明）

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

現在我將會議交給東道主投資者關係副總裁埃德·瓦列霍 (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. 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. 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.

謝謝大家，大家下午好。感謝您參加 Bloom Energy 2023 年第二季度收益電話會議。為了補充本次電話會議，我們以8-K 表格的形式向SEC 提供了2023 年第二季度收益新聞稿，並將其與補充財務信息一起發布，我們將在本次電話會議中引用這些信息到我們的投資者關係網站。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，我們可能會做出前瞻性陳述，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業績、產品、新市場、戰略、財務狀況、流動性和 2023 年全年展望的陳述。這些陳述是基於我們的預期、估計和假設的預測。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SEC 提交的文件（包括我們最近提交的10-K 和10-Q 表格）中詳細討論的那樣。我們不承擔修改今天電話會議中所做的任何前瞻性陳述的義務。在本次電話會議和 2023 年第二季度收益新聞稿中，我們提到了 GAAP 和非 GAAP 財務指標。非 GAAP 財務指標並非根據美國公認會計準則編制，而是對根據 GAAP 編制的財務業績指標的補充，而不是替代或優於其。 GAAP 和非 GAAP 財務指標之間的調節包含在我們的投資者關係網站上發布的 2023 年第二季度收益新聞稿中。

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

今天和我一起參加電話會議的還有創始人、董事長兼首席執行官 KR Sridhar；以及我們的總裁兼首席財務官 Greg Cameron。 KR 將首先概述我們的業務，Greg 將回顧本季度的運營和財務亮點以及今年的前景。在我們準備好的發言之後，我們將有時間回答你的問題。

I will now turn the call over to KR.

我現在將把電話轉給 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. 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 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.

大家好。很高興在我們的投資者日在紐約證券交易所見到你們這麼多人。再次，我們非常感謝大家今天參加我們的電話會議。在布魯姆，我們正在繼續取得巨大進展，我們在第二季度增加了收入，降低了成本，並加強了我們的資產負債表。我們一如既往地專注，我們正在努力建立一家偉大的公司，不僅能夠滿足今天的能源需求，而且還能滿足未來的能源需求。和我一樣，可能你們所有人都在看新聞並閱讀頭條新聞。關於能源和氣候的信息非常明確。我們剛剛結束七月，這是地球上有記錄以來最熱的一個月。我們正在關注致命的熱浪、一切電氣化、數字化轉型，所有這些都增加了對電力的需求。在大多數地方，電力需求的增長遠遠超過了供應的增長，這是怎麼回事？這只會造成電力短缺，而對於想要發展業務的人們來說，這會造成供電時間問題。電網已經達到了極限，而且正在運行到崩潰的地步。不管你信不信，在本世紀我們都生活在斷電的持續威脅之中。雪上加霜的是，電價正在急劇上漲。

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. 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. 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.

商界領袖確實注意到了這一切，他們變得焦慮，他們對能源安全和能源成本飆升感到焦慮。除此之外，他們還非常關心自己的脫碳目標以及如何實現這一目標。因此，能源戰略現在已經成為企業高度關注的真正董事會問題。許多首席執行官和董事會終於意識到，這不是一場他們可以忽視的短期危機，並期望它很快就會消失。它會在我們身邊存在一段時間，他們必須尋找替代解決方案。實際上更加可預測和可靠的能源解決方案。換句話說，他們需要經過驗證且可靠的電網替代方案，並且非常簡單地能夠找到易於交易、沒有隱性成本、麻煩的解決方案，而且他們不必成為火箭科學家弄清楚那個替代方案是什麼。

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. 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 zero hydrogen right away if it is available to you but until it's available to you, you can use natural gas. 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 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. 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.

聽著，我們向市場傳達的信息非常明確。關於 Bloom Energy 服務器，你可以說兩件事。它們經過了彈性測試，並且經過市場驗證。它將使您和企業能夠控制您的電力並保護您的公司，作為可行的替代方案和對電網的真正增強。我們為您提供的這個解決方案是——我們已經對其進行了擴展，它是可擴展的。我們已經證明它是負擔得起的。最重要的是，它今天就上市了。這不是什麼未來的技術。因此，您不僅可以操作這些盒子，如果您可以使用，我們現在將立即運送淨零氫氣，而且在您可以使用之前，您可以使用天然氣。當我們傾聽客戶（即您）的意見時，我們聽到的是您想要替代方案並且想要控制權。您告訴我們，您擔心切換到沒有跟踪記錄的解決方案。這在布魯姆不是問題。您說您不想進行大量資本投資，或者將自己鎖定在長期合同中。因為雖然您需要可靠性，但您也需要靈活性。你想要靈活性，5年後，如果有更好的解決方案，你想切換到那個解決方案，5年後，你經營的地點不再是你想繼續經營的地方。您希望能夠自由活動。換句話說，您需要一個可靠且靈活、經過驗證的選項，同時交易非常簡單，並且沒有隱藏成本或麻煩。為了回應這些客戶的擔憂和需求，我們上週推出了全新產品 Series 10。這是美國電力行業首創的電力購買模式。我們嘗試用這個產品做什麼？如果公司是 10 兆瓦及以上的用電大戶，那麼他們可以非常簡單地控制其電力需求。

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. #1, this 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. #2, worried about growing your business because of power availability or time to power, the issues we've talked about about supply-demand mismatch? We guarantee to ship our units within 50 days from the signing of a contract. How's that for speed? #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. #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. #5, can it run on hydrogen or biogas? Then 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.

讓我通過解決 Series 10 的 6 個要點來解釋這是多麼簡單，以及 Series 10 產品如何滿足客戶的需求和擔憂。 #1，這種對不可預測和不斷上升的電力成本的擔憂，對吧？好吧，我們會給您 5 年的固定電價。固定的、平坦的，對嗎？在許多地方，它可以低至每千瓦時 0.099 美元。因此，出於成本考慮，進行了檢查。 #2，擔心由於電力可用性或供電時間而導致業務增長，我們已經討論過有關供需不匹配的問題？我們保證在合同簽訂後 50 天內發貨。速度怎麼樣？ #3，資本投資和長期合同對你來說是一個阻礙，對嗎？我們的 Series 10 產品無需任何前期投資。我們提供市場上最短的合同期限，確保基本負載始終通電。 5年。是的。你沒聽錯。 5年。檢查了這個問題。 #4，如果您擔心安裝、維護或操作能源服務器，這一切都由 Bloom 為您處理，無需額外費用。 #5，它可以使用氫氣或沼氣運行嗎？然後它們就會變得可用，並且可能會很快或稍晚一點，具體取決於您居住的地方。但與此同時，您需要保持業務運營，並且希望使用天然氣運行，直到氫氣可用為止。是的，是的，是的，我們可以實現您所有的可持續發展目標。今天您可以使用氫氣來運行它。你可以稍後運行它，或者你今天可以使用沼氣運行它，你可以稍後運行它，但在所有這些事情發生之前，你今天可以使用天然氣運行。

#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. 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. #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're struggling the most with rising energy prices. #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.

#6，客戶可以通過他們的電力公司尋求解決方案嗎？他們不能直接從我們這裡得到解決方案嗎？絕對沒錯。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，為他們提供此解決方案，而他們反過來也可以為您（客戶）提供服務。我們真的很想听到他們的聲音。這項服務讓每個人都能輕鬆實現雙贏。換句話說，Series 10既是鏡前解決方案，又是鏡後解決方案。好的。然後所有 6 個問題都得到解決。現在讓我重點介紹一下我們剛剛推出的另一項類似產品，它也非常反映了我們的創新產品和產品。但在此之前，讓我花一點時間解釋一下為什麼這很重要——我將只用 3 點來向您解釋。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%用於蒸汽產生。這是目前脫碳最具挑戰性的經濟部門，而且他們在能源價格上漲中處境最為艱難。第二，我們的數字化轉型在很大程度上依賴於這些大數據中心和網絡運營中心，它們只是在我們所有設備和信息需要去往的地方之間來回發送信息流量。它們是非常大的電力消耗者，有時高達 40% 的電力用於為這些數據中心提供冷卻，以便計算機能夠運行。

#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. 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. 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. 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.

#3，傳統上，所有冷卻都是由電力作為能源提供的。這就是我們今天做空調和製冷的方式，而空調和製冷主要使用氫氟碳化合物或HFC作為製冷劑、冷卻介質，而HFC對環境的危害比CO2高數百倍。在 Bloom，我們觀察這個場景，我們看到了什麼？我們看到了創新的機會。兩天前，我們推出了增強型熱電聯產解決方案。讓我向您解釋一下這是什麼。我們的 Bloom Energy 服務器在高溫下運行，而高溫運行是我們在向客戶提供電力時能夠為其提供業界最高電力效率的秘訣。這是另一件事。當這些服務器運行並產生電力時，它們也會產生高溫熱量。我們增強的熱電聯產產品只是將高溫熱量作為副產品，並將其輸送給我們的客戶。我們的客戶可以用它來產生蒸汽。正如我所說，工業客戶廣泛使用蒸汽作為工藝熱，如果您是工業客戶，蒸汽約佔他們能源需求的 50%。產生的蒸汽還有另一個主要用途。它可用於冷卻我們談到的不使用氫氟碳化合物或 HFC 的吸收式製冷機的空調和製冷。這些價值流對我們的客戶來說意義重大，因為他們無需承擔任何額外的燃料或運營成本即可獲得這種額外收益，0。他們節省了資金並降低了碳排放。這對他們的公司來說是一個勝利，對環境來說也是一個勝利。

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. 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.

該解決方案將影響從化學品到石油到煉油、紙漿和造紙、食品加工、初級金屬等行業。我們期待與工業客戶合作，並與他們以及當今為這些工業客戶提供 HVAC 解決方案的業內人士合作。它在全球市場具有全球應用。從歷史上看，歐洲對人們進行熱電聯產有很大的激勵，而且這種做法非常普遍。現在，得益於美國通過的IRA 法案，如果美國客戶參與熱電聯產項目並在2025 年1 月之前開始建設，他們將獲得有吸引力的ITC 福利。我預計工業領域將對這一新產品做出非常積極的反應。有了這兩個例子，我就在這裡暫停一下，然後我會回來回答大家的問題。

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 record second quarter 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. 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.

謝謝，KR。首先讓我介紹一下我們第二季度強勁表現的一些亮點。我們第二季度的總收入達到創紀錄的 3.01 億美元，比去年增長近 24%。與去年相比，我們的產品成本下降了 13%，產品利潤率提高至 670 個基點。按照計劃，本季度我們繼續加快更換設備的發貨速度，這對我們的服務利潤率產生了負面影響。展望未來，我們預計季度業績將在服務方面有所改善。我們的流動性狀況良好，現金餘額總額為 9.23 億美元，這將使我們能夠發展全球業務。我們重申 2023 年收入和盈利能力框架。

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. 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. 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. 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.

以這些作為亮點，讓我首先介紹一下我們的表現的一些額外背景。由於我們剛剛在五月份舉行了投資者會議，因此我的評論將保持簡短。在投資者大會期間，您從專家和客戶那裡聽到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、靈活的解決方案。我們能夠在現場快速提供燃料靈活的電力，再加上熱電聯產和碳捕獲，從而提供了相對於替代方案的競爭優勢。我們專注於大型項目，例如數據中心，這些項目的需求很複雜，需要更長的銷售週期，正如 KR 所描述的，我們的 Series 10 5 年期產品旨在滿足客戶的需求在當地公用事業公司提供電力之前，這是一個短期解決方案。我們最近宣佈在國際商業勝利中取得的技術進步令我們感到鼓舞。在我們的電解槽產品中，我們仍然與大型項目開發商合作，他們明確重視我們的效率優勢和製造準備情況。正如您在五月份聽到的那樣，隨著這些項目進行投資決策，我們預計將發布有關我們的技術部署的公告。在上一季度，我們發行了可轉換綠色債券，淨收益為 5.6 億美元，第二季度末現金總額為 9.23 億美元。第二季度經營活動使用的現金為 4600 萬美元，與第一季度相比大幅下降，當時我們正在建立庫存以滿足下半年的承兌。

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. 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. 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. 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.

我們預計將在未來幾個季度收回上半年的現金使用量，從而從今年的運營中產生正現金流。隨著流動性狀況的大幅改善，我們持續關注降低成本，我們已做好充分準備來抓住增長機會。我們的產品利潤受益於產品成本降低了近 13%。我們在降低材料成本方面所做的努力，再加上自動化和增加功率輸出，正在降低產品成本。我們很高興我們連續兩個季度實現了兩位數的成本降低，並且我們有信心實現2023 年成本降低12% 的目標。通過這些成本降低加上強勁的定價，我們的單位經濟效益已提高至20 %與 2022 年第二季度相比。我們第二季度的非 GAAP 毛利率為 20.4%，受益於強勁的產品利潤率。排除服務業務的影響，我們的非公認會計原則毛利率將接近 30%，這讓我們有信心，隨著服務的改善和產品成本的持續下降，我們將實現 2025 年公司利潤率指引。我們正在服務方面迅速採取行動，這將使該業務獲得長期盈利。正如我們之前討論的，其中一些行動將增加服務成本，但它們已納入我們的 2023 年公司指南中。我們預計第二季度將是我們最大的服務損失和財務業績——隨著收入的增長、績效付款的減少和更換電源模塊成本的正常化，每個季度都應該有所改善。我們仍然致力於我們的服務業務實現20% 的非GAAP 增長率到2025年毛利率。

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. 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. 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 zero carbon future, all of which will enable Bloom to execute on our growth roadmap. We are excited about our future.

我們重申 2023 年收入、利潤率和現金流的年度指引。鑑於我們目前的積壓，我們仍然有信心能夠以 25% 的非 GAAP 毛利率為目標實現 14 億至 15 億美元的年收入。按照今年的年收入和毛利率狀況，我們應該實現積極的非公認會計準則營業利潤率和運營現金流。對於 2023 年第三季度，根據計劃的驗收情況，我預計我們的收入增長將與第二季度相似，並且由於成本持續下降和服務性能改善，利潤率將略有改善。總而言之，我們的季度運營表現強勁。隨著我們的前進，我們資本充足，運營紀律嚴明，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 能夠執行我們的增長路線圖。我們對我們的未來感到興奮。

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

那麼，接線員，請開通提問線路。

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

（操作員說明） 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?

我剛剛有一個關於 Series 10 產品的後續問題。考慮到我們所處的市場地位，這顯然是一個非常有趣的產品。我只是想知道我們什麼時候應該開始期待看到這對你的損益產生影響。我正在嘗試實現 50 天的交付週期，這是否會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 年的更多推動力？

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? 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.

主要將其視為“24、25”的驅動力，但我認為我們將開始與客戶進行交易，正如我們現在所說的初始參與一樣。再說一遍，正如您所想像的那樣，人們來到我們這裡的緊迫感表明，與長的銷售週期相比，銷售週期應該更短，因為我們正在解決眼前的難題，對吧？因此，出於這些原因，可以預見的是，您可以在同一年開始與客戶交談、預訂訂單、發貨訂單並確認收入，這與過去的漫長周期不同。因此，期待這部分業務 - 再說一次，我們認為這是多個機會，正確的，複雜的，大型銷售和數據中心，因為略有不同，快速獲勝，無論是對於我們還是該系列的客戶10. 因此，隨著我們業務的發展，我們希望看到我們的營收和漏斗由投資組合組成。作為一個產品組合，這對我們來說非常棒，而且它也能夠滿足我們客戶的需求。

Yes.

是的。

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.

這一切都在這裡，我們認為會有一個很大的部分，安德魯，這將集中在上台時間上說，“我昨天能得到一些東西嗎？”正確的？我們將盡快做出反應。我可以向您保證的一件事是，它將比市場上任何其他公司都快。

Okay. Can we go to the next question?

好的。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？

I'm sorry. I was on mute. My apologies. Your next question comes from the line of Julien Dumoulin-Smith from Bank of America.

對不起。我當時處於靜音狀態。我很抱歉。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. 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 the books?

大家好。今天實際上是亞歷克斯·弗拉貝爾 (Alex Vrabel) 替朱利安 (Julien) 發言。也許有一個適合你，格雷格。相對於您對我們可以考慮到第三季度的塑造的評論，聽起來服務中的一些績效付款仍在一點點減少。我的意思是——我的意思是，如果你願意的話，就 4Q 節奏而言，我知道你們今年有 SK 的後半區負載以及重新供電的視角。但只是好奇你是否可以解開利潤軌跡，因為你在第三季度稍微使用了這個詞。另外，您是否可以對今年的營業利潤率以及您對今年上半年賬面收益達到正值的信心發表評論？

Yes, Alex. Thanks. 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. 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 a 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. 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.

是的，亞歷克斯。謝謝。因此，我們確實預計第二季度將成為服務的高水位，無論是績效付款還是我們前進的燃料成本以及我們的更換電源模塊成本。隨著今年下半年的到來，我們預計該投資組合的成本將會下降，收入將會增長。在每個季度，當我們圍繞服務損失度過這一年的過程時，我們應該會變得更好。事實上，如果本季度完全停止提供服務，我們的業務毛利率將達到 30%。如果您將服務設為傳統意義上的 0 損失，那麼我們的損失率就是 25%。我們還有一些工作要做才能回到這個目標，但我們確實在這方面取得了很大進展。當我們進入下半年，特別是第三季度左右，你會發現收入增長，我們在 2022 年第三季度的表現非常強勁。因此，當您查看本季度可能接受的名單並將其匯總並與去年相比時，您會發現增長率與我們本季度經歷的情況類似。我們在營業收入和毛利率方面看到的利潤率都比第二季度有所改善。

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. 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. 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 the 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 in how we think the second half of the year plays out. So thanks, Alex.

顯然，當你進入第四季度時，我們傳統上認為這是我們最大的接受季度。因此，您往往會獲得損益表中最增值的部分，即產品作為整個投資組合的一個巨大部分。這通常是我們一年內毛利率最高的季度，一般來說，並非總是如此，但一般來說，確實如此。因此，隨著今年剩餘時間的推進，我認為第四季度將有助於我們實現全年 25% 的非 GAAP 毛利率。因此，我認為這一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。當我們完成這個過程時，您就會得到我們所處的收入範圍，並且您會得到我們一直在談論的毛利率百分比。您將這些與我們預期的運營支出進行比較，這實際上就是毛利率和營業收入之間的運營支出數字。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，這仍然是指導。這就是我們今天所看到的下半年的情況。所以謝謝，亞歷克斯。

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

您的下一個問題來自瑞銀集團 (UBS) 的馬納夫·古普塔 (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? Thank you.

美國財政部正在製定與氫氣生產稅收抵免相關的最終指南。有利的裁決將成為您的電解槽業務的順風車。幫助我們了解您如何看待額外性和時間匹配，以及您認為什麼對您的業務有利？謝謝。

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. Here is the wonderful thing about Bloom tech. 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. 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. Thank you for your question.

非常感謝你提出這個問題。再次強調，為了讓每個人都能理解“時間”匹配，政策制定界目前正在進行很多爭論。什麼被視為綠色電力？當它在那個時間點由太陽能汽車通風口產生時，它是“綠色電力”嗎？還是只要它在某個地方產生並且稍後使用它，您可以將其轉移並從電網中獲取它嗎？並稱之為綠色電力，它叫什麼？所以這是問題中存在的時間匹配。這就是 Bloom 技術的奇妙之處。布魯姆的電解槽技術與其他公司相比。老實說，我們對此不可知。只要您想要，我們將為您提供氫氣生產、氫氣價格、氫氣效率方面的最佳結果。從環境角度來看，時間對時間、空間對空間的匹配是顯著減少二氧化碳排放的唯一途徑。這就是科學。沒有人可以否認這一點。所以這就是最好的結果了。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餘地作為過渡，這樣就可以幫助其他技術也實現這一目標，我們也同意。所以我們對此不可知。謝謝你的問題。

From the line of Chris Dendrinos from RBC Capital Markets.

來自 RBC 資本市場的 Chris Dendrinos。

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? Thanks.

我只是想跟進熱電聯產系統的公告。您評論說，這可能為客戶節省一些額外的成本，然後降低碳排放。我想，您能否用一些數字來概括這一點，或者幫助我們思考如何量化客戶可以從系統中看到什麼樣的節省，以及我認為的財務收益是什麼？謝謝。

Thank you. This is KR, Chris, and 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. 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. 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.

謝謝。我是 KR，克里斯，歡迎加入我們的報導團隊。我們歡迎你。你的問題是關於熱電聯產的。讓我以數據中心為例，在本例中它將是一個冷卻應用程序。今天的數據中心將做什麼？它將使用驅動電力驅動冷卻系統的 30% 到 40% 的電力，這將使計算機保持在運行所需的溫度。現在，如果另外 70% 他們使用電力而不是從電網獲取電力，如果他們從我們位於現場的系統獲取電力，我們可以利用這些熱量，使用吸收式製冷機，並能夠在他們不需要額外的能源成本。他們沒有使用額外的燃料。他們沒有使用額外的電力。他們使用與電氣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。那樣的話，對他們來說，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 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.

我想把齒輪切換回電解槽。我想大約一年前，你們宣布了與 Xcel 一起在明尼蘇達州草原島核電站安裝這些裝置的計劃。所以我只是確認今年晚些時候安裝的時間表是否仍然在線，以及您是否認為這像是釋放電解槽訂單並真正加速圍繞其的商業化進程的最大催化劑或驅動力。

Yes. That particular project -- Sam, it's Greg. So 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 in Prairie to continue to showcase our technology with nuclear whether in that space. 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. 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 fertilize or 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 bookends of that to pull together so they can ultimately make their project financeable? 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.

是的。那個特定的項目——薩姆，我是格雷格。因此，該特定項目正在通過所有監管部門的批准，我們仍然希望它從啟動的時間起就步入正軌，我們認為這是“草原”的一個非常好的項目，可以繼續展示我們的技術與核是否在那個空間。所以現在在電解槽中，我們五月份聚在一起時討論過這個問題，對吧？這些都是大型項目。他們正在經歷預飼料流程。他們正在經歷 FID 流程。他們要確保他們已經採購了綠色能源，無論是新的太陽能、新的風能還是現有的水力發電，以及他們將如何採購——或者核能，他們將如何實現這一目標電源進入其中。然後他們就會考慮自己的選擇，對嗎？那要去哪裡？是否會進入現有的氨設施或現有的化肥或化肥？這是為了運輸到不同的市場嗎？這一切是如何運作的，並確保他們將兩個書擋放在一起，以便最終使他們的項目能夠融資？我們正在與那裡的許多不同項目合作。他們對我們的技術、它的效率優勢、當然還有它在流程中使用熱量的能力感到非常興奮。我們最近在加利福尼亞州進行了演示，我們很快在2 個月內將4、近5 兆瓦的電解槽上線，並收集了相關數據，這確實給了我們一些力量，讓我們在運營這些電解槽方面取得了一些進展。

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.

我們的期望，也是我們進入這一年時的期望，隨著這一年的推移，這些項目達到最終投資決定，他們將做出技術選擇和公告。我們預計，在 23 年和 24 年期間，您將開始聽說不同的項目，我們被選為該項目的技術部分。我們的預期是，當您進入 24 年後，您應該開始看到一些發貨，但實際上直到 25 年您才會開始看到它對整體財務狀況的影響。因此，我們覺得我們仍在正軌上，並且我們正在按照我們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 Jordan Levy。

Good afternoon, all and I appreciate all the details. 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.

大家下午好——我很欣賞所有的細節。我知道我們剛剛結束分析師日，您在這裡發表了很多言論，但我只是想了解有關國際市場的最新想法，以及您之前在台灣和意大利等關鍵市場告訴我們的情況類似的東西。所以我只是想看看銷售渠道中的勢頭是否有任何更新。

Yes. Thanks, Jordan. 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. 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? 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.

是的。謝謝，喬丹。您的線路確實很差，但我們把耳朵放在電話上，我們認為您的問題是關於我們在國際方面的進展。希望這就是你的問題，因為這就是我們要回答的問題。去年這個時候我們在歐洲，那是去年六月，所以才過去一個月，當我們的第一批設備降落在那裡時，我們真的很興奮，對吧，法拉利 1 兆瓦，我們能夠我們確信，如果人們能夠看到我們的技術，尤其是像法拉利這樣的頂級合作夥伴，這將為我們打開這個市場。它的工作就像我們想像的那樣，對嗎？您看到了我們已經宣布的一些交易，無論是我們剛剛宣布的意大利的 Cefla、英國的 Perenco 還是德國的 EnBW。我們宣布了比荷盧經濟聯盟的一項交易。因此，我們對歐洲範圍內的機會感到非常興奮，我們覺得我們擁有很多良好的合作夥伴關係，我們不僅正在與之建立關係，而且正在與之建立商業關係並進行交易，總是要獲得第一份合同，完成第一筆交易總是最難的，如你所知。

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 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.

說到亞洲，我們在韓國與我們的合作夥伴 SK ecoplant 一直保持著真正牢固的關係。但您看到台灣欣興微電子的公告稱，我們已向台灣發貨。事實上，我正在關注 KR，他將在不久的將來作為 Tim 銷售團隊的一員前往新加坡和台灣，並完成整個流程，但我們對這個市場感到非常興奮。我們認為欣興微電子是我們的首要客戶，我們可以幫助他們打開這個市場，並證明我們的發電時間或發電速度以及我們解決方案的經濟性是有意義的。

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 making us significant in our ability to deliver to their needs.

讓我補充格雷格剛才所說的話。我去台灣不僅是為了銷售，而且非常自豪地為我們的欣興系統揭幕，該系統將在那裡開始發電。因此，我們能夠在去年年底在亞洲的一個新國家簽署協議，並且現在已經為該客戶啟動並運行，這說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，並為我們在滿足他們的需求方面的能力發揮重要作用而感到高興。

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，人們開始了解這裡可能發生的事情的範圍和規模，您在供應商方面看到了什麼？我懷疑將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，使其中一些供應商成熟並開始在未來幾年內降低成本。

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. 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. 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. 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. 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.

是的。所以科林，我從幾個方面思考這個問題，這可能不完全是你問的方式，但讓我先講幾個部分。一是我們考慮我們產品的單獨供應鏈。正如你所知，這是完全相同的供應鏈。因此，當我們考慮如何製造燃料電池與電解槽時，我們正在利用我們一直以來合作的所有相同供應商、相同合作夥伴、相同供應鏈。所以這並沒有改變。如果我考慮到客戶、EPC 和其他人員必須合作的更廣泛的工廠平衡，我們的既定目標就是我們將成為該流程的電解槽供應商，這意味著有幾件事。一是我們不想擁有製造氫氣的工廠。我們希望能夠將我們的電解槽銷售到該領域。我們發現了一些非常好的關係，我們已經做到了這一點，無論是在逆變器和鍋爐周圍的輸入側，還是將電力和蒸汽帶入我們系統的過程中，或者當它出來時，你會想到干燥以及壓縮和其他部分。這些關係正在形成。當它們被取出時，它們將建立在單個項目的基礎上——當它們被整合在一起並圍繞它們發出採購訂單時。因此，我認為隨著我們的前進，您會看到一些進展。

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. 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.

然後從供應的角度來看，我們正在與那些想要成為傳統氫氣供應商的參與者建立一些非常良好的關係，他們希望將我們的技術作為他們解決方案的一部分以及他們如何創造清潔能源氫氣並將其出售給氫氣的空間或用戶，就像我們產品的分佈式性質一樣，他們可以將其直接帶到現場，也許可以將其用作整個過程的一部分，想想鋼鐵，想想玻璃，想想氨，你可以在哪裡使用氫氣？我們的熱處理工藝與我們的工藝非常契合。所以，就你的觀點而言，這是一個不斷發展的經濟體，將會形成很多關係，但我們真的很興奮，我們已經建立了供應鏈、製造流程，我們可以專注於增值合作夥伴關係向前發展。

Thanks so much, guys.

非常感謝，伙計們。

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? 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. 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.

因此，科林，讓我在格雷格所說的一切基礎上再補充一件事，如果你想到電解槽，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，請考慮我們的整個供應鏈並假設其中大約 70% 在電解槽和燃料電池之間是常見的，甚至可能更大。好的？對於我們想要的從 10 億美元成長為 150 億美元的公司來說，80% 的公司都需要成長。因此，美妙之處在於，當我們的收入還不到 1 億美元時，那些與我們一起成長的人們正在與我們一起成長，達到 10 億美元，他們希望與我們一起成長，達到 150 億美元。但一路走來，我們正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。系統之外的一切，就像格雷格說的那樣，我們依賴於長期從事這個行業的合作夥伴，無論是氫氣壓縮機還是作為例子，還是用於整改的電氣系統。這些都是曾經參與過的參與者，我們正在與業內最優秀的公司合作，以實現這一目標。

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當前與數據中心機會相關的積壓訂單或業務的比例，然後您是否可以幫助我們思考從CPU 到GPU 的機架轉換到您的業務對能源需求的影響，這會是什麼樣子，您認為最近這種轉變是否加速了？那麼這會如何影響——可能會影響你的增長率？它是變革性的還是只是——或者是漸進式的？

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. #1, 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. #1. 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. 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.

所有問題都很好，我希望業務的基礎設施部分能夠像業務的應用程序部分一樣快速發展，以及 ChatGPT 的採用速度與基礎設施變化的速度以跟上這一速度，對吧？這就是你會看到滯後的地方。但因此，讓我定性地回答你們所有的問題。 #1，想想 Bloom 系統，我們的數據中心客戶之所以喜歡我們的系統，是因為我們的電源系統的模塊化特性，當您需要更多電源時，您只需不斷添加類似的模塊即可。 #1.即使在佔地面積稍小的地方，只要看看我們的功率密度如何每兩年持續上升即可。因此，在相同的空間內，您可以獲得越來越多的力量。因此，當您使用 GPU 時，您需要更多的功率，這對 Bloom 來說不是問題。我們提供幫助客戶擴展規模的解決方案。只要有必要，即使沒有單層的佔地面積，他們也可以將其搭建為塔樓。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空間內，並從我們那裡獲得更多的力量。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. 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.

你問的第二個問題，這是一個機會嗎？哎呀，是的。正確的？如果——聽著，如果 NVIDIA 告訴你，由於 GPU 和 GPU 的數量，他們將呈指數級增長，那麼我們都知道只有一件事。所有這些 GPU 都需要電力，並且這些 GPU 將進入數據中心。在當今世界上大多數數據中心運營的地方，他們無法獲得額外的電力，而我們可以非常快速地提供電力。我們可以提供非常快速的電力。如果你把這些東西放在一起，那麼我們理所當然應該隨著這種演變的起飛而受益。因此，我們是最適合推動人工智能革命的動力引擎。

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?

我想回到系列 10，這是一個非常有趣的公告。我只是想更好地了解合同動態。那麼，如果您提供統一電價，布魯姆是否負責採購原料燃料？如果是這樣，您如何降低合同期限內的價格和保證金風險？那麼，從 Bloom 的角度來看，我們如何看待這些合同下的資本部署和回報呢？

Yes. So Michael, it's Greg. 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. We priced 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 bill of cost to gas. 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. What the customer will get is we 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.

是的。邁克爾，是格雷格。與我們現有的 PPA 產品（即 Series 10 產品）類似，客戶將負責燃料。因此，布魯姆不會處於這樣的境地：我們購買燃料並將其出售給客戶並承擔商品風險。客戶將會在那裡。我們根據美國天然氣平均交付價格定價。根據客戶居住地的不同，如果他們的運輸成本（天然氣成本單）較高，則費用可能會稍高一些。通過使用 Bloom 的資本，類似於我們對 PPA 的處理方式，我們將能夠將其出售為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中。它看起來與您今天在美國通過 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。客戶將得到的是我們將其尺寸調整為 10 兆瓦。他們將得到一個固定的價格。將其視為每月支付的賬單，他們將能夠以低至 0.099 美元的價格獲得電力，如果天然氣價格存在的話，價格略高，並且他們將獲得他們能夠獲得的電力使用。

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，我們將輸出功率始終保持在 10 兆瓦。因此，對我們來說，這是向客戶持續交付的電力，他們需要 10 兆瓦的電力來為客戶提供電力。因此，這是一個較短的期限，對客戶來說更具可預測性，如果他們在 5 年後有機會採用不同的解決方案，我們將能夠向他們出售該解決方案。不管怎樣，無論那對他們來說都是如此。所以這給了他們很大的靈活性。因此，我們對交付該產品的能力感到非常興奮。我們可以按照客戶當地許可人的速度盡快將其交付給他們。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.

您的安裝基礎似乎已下降。大約是 1,100、1,200 兆瓦。我只是想知道您能否讓我們了解您上個季度或去年一年的電力和兆瓦輸出量。

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. 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.

因此，我們的產品的偉大之處在於，如果您將其擴展到其安裝基礎，我們將始終在線。正確的？因此，您總是只需將我們擁有的裝機量乘以小時數，就可以得到我們為客戶群提供的電量。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，隨著我們發貨和安裝的數量增加，這為我們提供了更大的安裝基礎，這有助於增加我們為這些客戶提供的服務，讓更多的客戶能夠使用 Bloom 機器的優勢。

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 a 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，如果你看看我們的合同，我們會向客戶承諾所謂的總最大輸出，這個數字將是，比方說，如果是兆瓦，我們說它的總最大輸出為 90 %，— 900 兆瓦時是您每小時可獲得的電量，或者9 兆瓦時是您將10 兆瓦系統運行9 小時時獲得的電量。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 10 兆瓦的電量。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 (Johnson Rice) 的馬丁·馬洛伊 (Martin Malloy)。

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?

您能否評論一下開發提供二氧化碳捕獲功能的服務器的進展，以及考慮到現有的稅收抵免，您對潛在客戶對此類產品感興趣的任何評論？

Sure. So look, here's what happens, right? Every 3 megawatts, 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. 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. 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, it has significantly increased the interest. The 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. 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 zero carbon using something like this. That excites me.

當然。所以看，這就是發生的事情，對吧？我們的系統每生產 3 兆瓦，大約每 3 兆瓦時，我們就可以捕獲非常高濃度的 1 噸二氧化碳，如果您將其封存，每噸可抵扣約 85 美元。在降低客戶成本方面，扣除封存成本和一切費用後的淨收益可能在 15% 到 20% 之間，具體取決於他們的成本。這很重要。因此，您不僅可以從當今最普遍可用的零碳清潔燃料中獲得基本負載電力，而且還可以降低 15% 至 20% 的成本，對吧？這就是我們提出的價值主張。因此，對此非常感興趣的顯然是大型石油和天然氣客戶，他們擁有天然氣，但也有能力封存二氧化碳。現在，45Q 和 IRA 的利息顯著增加。該國已經申請了能夠“封存”油井許可證的地方數量。一旦這些井獲得許可並且他們能夠做到這一點，那麼就會被採用，並且您正在談論非常大規模的數百兆瓦的機會。所以對我來說，讓我告訴你，有幾件事真的讓我興奮，對吧？一是我們能夠用我們的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、沒有當地空氣污染、不使用水和零碳排放。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 want -- and being very serious about it makes me feel very excited about what's to come.

同樣，還有另一個部分，我們被問到有關 ChatGPT 或 GPU 和人工智能之類的問題。我會告訴你，在過去的三周里，我們在 Bloom 至少與數據中心方面的 3 個不同客戶進行了討論，以及諸如要求 100 兆瓦解決方案之類的事情。這種興趣非常高，因為電力供需不匹配的時間以及對可靠性的需求以及這些數據中心正在關注即將發生的事情並希望確保電力安全的需求。在該業務領域，這些是複雜的銷售週期。但只要看看有多少人接近我們並想要——並且非常認真地對待它，就讓我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?

我只是想問一下新產品。所以系列 10 和 CHP。對於那些可能與您的歷史相關的訂單，您預計會看到什麼？

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. 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.

因此，Series 10 的功率為 10 兆瓦。我們可以從那裡擴大規模。它運作得很好。它將成為一個基石。比我們傳統的銷售量稍大一些，但該產品——整體產品在 10 兆瓦時運行得非常好。我們可以為客戶稍微調整一下，可以稍微向下或向上。因此，我當然希望看到這些數量是 10 的倍數，以使該解決方案適合他們。對於熱電聯產，我的猜測是，考慮到通過產生蒸汽或通過冷卻器進行的工業整合的數量，這個數字會稍大一些。因此，我們肯定會繼續提高平均訂單規模的大小和規模。我們為什麼不採取 -- 運算符，為什麼我們不再採取一個問題，然後我們將在 KR 結束後關閉我們回答最後一個問題。

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

當然。你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熱電聯產解決方案。您能幫助我們以美元為基礎量化年收入市場機會嗎？那麼該熱電聯產解決方案何時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？只是想想一下。

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. 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.

是的。 Kasope，我會告訴你，它與我們這裡擁有的大多數 TAM 類似，我們以萬億為單位來衡量它們。我認為 KR 談到一半的能源消耗用於產生工業蒸汽。因此，該市場的規模沒有限制。事實上，在不久的將來，一些退休人員和其他事情將自然發生，這使得該市場在短期內相當有吸引力。我的期望是，當我們完成這個過程時，可能是“24”、“25”，您將開始看到未來一兩年的出貨量。因此，我們對該產品在該應用中的應用感到非常興奮，並且對市場的反應感到非常高興。 KR，這是我們的最後一個問題。我會將其轉交給您以供結束評論。

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. The second thing that should be very clear is customers really are looking for alternatives and solutions. And it is really becoming a boardroom. 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. 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.

謝謝你，格雷格。感謝大家今天加入我們。正如您在重點內容中所聽到的那樣，我們首先感到滿意的是我們在本季度的表現，我們繼續增加收入，降低成本。正如格雷格所說，我們重申了今年的指導。第二件事應該非常清楚，客戶確實在尋找替代方案和解決方案。它確實正在成為一個董事會會議室。這是為了保護他們的業務，實現業務連續性，而不是讓他們的客戶、員工和社區面臨風險。因此，出於這些原因，他們關注能源安全，而我們為他們提供了一個很好的解決方案。正如您在上個季度剛剛宣布的兩項創新、系列 10 和增強型 CHP 中看到的那樣，我們將隨著市場的發展繼續創新。感謝 Bloom Energy 服務器上擁有的極其靈活的平台，我們能夠適應。我們將變得靈活，我們期待著服務和展望，我們相信我們將成為公司和公用事業公司作為長期戰略合作夥伴的首選合作夥伴，不僅可以完成過渡，而且可以帶領他們走向成功目的地並陪伴他們成長。感謝大家的出席。

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

今天的電話會議到此結束。您現在可以斷開連接。