Bloom Energy Corp (BE) 2023 Q3 法說會逐字稿

Good evening, ladies and gentlemen. Thank you for attending Bloom Energy's Q3 2023 Earnings Conference Call. My name is Adam, and I'll be your moderator for today's call. (Operator Instructions) I will now pass the conference over to your host, Ed Vallejo, Vice President of Investor Relations. Please proceed.

先生們女士們晚上好。感謝您參加 Bloom Energy 2023 年第三季財報電話會議。我叫亞當，我將擔任今天電話會議的主持人。 （操作員指示）我現在將會議轉交給東道主投資者關係副總裁 Ed Vallejo。請繼續。

Thank you, and good afternoon, everybody. Thank you for joining us for Bloom Energy's Third Quarter 2020 Earnings Conference Call. To supplement this conference call, we furnished our third 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，大家下午好。感謝您參加 Bloom Energy 2020 年第三季財報電話會議。為了補充本次電話會議，我們以8-K 表格的形式向SEC 提供了2023 年第三季收益新聞稿，並將其與補充財務資訊一起發布，我們將在本次電話會議期間將其引用到我們的投資者關係網站。

During this conference call, both in our prepared remarks and in answers to your questions, we may make forward-looking statements that represent our expectations regarding future events and our future financial performance. These include statements about the company's business, products, new markets, strategy, financial position, liquidity and full year outlook for 2023.

在本次電話會議期間，當我們準備好的發言和回答您的問題時，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表現的預期。其中包括有關公司業務、產品、新市場、策略、財務狀況、流動性和 2023 年全年展望的聲明。

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 Form 10-K and 10-Q. We assume no obligation to revise any forward-looking statements made on today's call.

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。

During this call and in our third quarter 2023 earnings press release, we refer to GAAP and non-GAAP financial measures. The non-GAAP financial measures are not prepared in accordance with 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 third quarter 2023 earnings press release available on our Investor Relations website.

在本次電話會議和 2023 年第三季財報新聞稿中，我們提到了 GAAP 和非 GAAP 財務指標。非 GAAP 財務指標並非根據美國公認會計原則編制，是根據 GAAP 編制的財務業績指標的補充，而不是替代或優於根據 GAAP 編制的財務業績指標。 GAAP 與非 GAAP 財務指標之間的調整包含在我們的投資者關係網站上發布的 2023 年第三季財報新聞稿中。

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 of our business, then Greg will review the operating and financial highlights of the quarter as well as the outlook for the year. After our prepared remarks, we will have time to take your questions. I will now turn the call over to KR.

今天和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 將首先概述我們的業務，然後 Greg 將回顧本季的營運和財務亮點以及今年的前景。在我們準備好發言後，我們將有時間回答您的問題。我現在會把電話轉給 KR。

Hello, everyone, and thanks for joining us today. We are continuing to execute on growing our business in the U.S. and around the world. We remain heads down and focused on performing and innovating at a high level. We continue to increase revenue and expand our growth and operating margins. We do this by selling value to our customers, maintaining price discipline and reducing costs.

大家好，感謝您今天加入我們。我們將繼續發展我們在美國和世界各地的業務。我們保持低調，專注於高水準的表現和創新。我們繼續增加收入並擴大我們的成長和營業利潤率。我們透過向客戶銷售價值、維持價格紀律和降低成本來做到這一點。

In fact, we have lowered cost 6 quarters in a row, just as we said we would do. We are achieving new levels of success. The strong numbers we report today is a proof point that our business model is working and can be profitable. We are well capitalized to continue innovating and handle the cyclical and lumpy nature of our business.

事實上，我們已經連續六個季度降低了成本，正如我們所說的那樣。我們正在取得新的成功。我們今天報告的強勁數據證明我們的商業模式正在發揮作用並且可以獲利。我們擁有充足的資本來繼續創新並應對業務的周期性和波動性。

The rise in power demand continues to be both steep and sustained. Record high temperatures, adoption of EVs, electrification, data center growth, AI and reshoring of industries have all been strong drivers of electricity demand. The antiquated and sluggish electric grid is unable to keep up with this rapid demand spike.

電力需求持續急劇且持續成長。創紀錄的高溫、電動車的採用、電氣化、資料中心的成長、人工智慧和工業回流都是電力需求的強勁驅動力。陳舊且緩慢的電網無法跟上快速成長的需求。

A case in point, 66 gigawatts of greenfield projects are delayed in the U.S. and only 14% of capacity requesting interconnection from year 2000 to 2017 reached commercial operations by the end of 2022 according to a Department of Energy Lab Report. Bloom Energy's products and architecture are uniquely suited to these times for both behind and in front of the meter.

一個典型的例子是，根據美國能源部實驗室報告，美國 66 吉瓦的綠地計畫被推遲，2000 年至 2017 年要求連網的容量中，到 2022 年底只有 14% 達到商業營運。 Bloom Energy 的產品和架構非常適合這個時代的表後和表前。

Where necessary, we can operate in an islanded mode without grid interconnection and offer our customers quick, reliable and clean power. As an example, we installed 7.8 megawatts of Bloom servers at Coherent’s Pennsylvania factory, allowing for significant electrical load to be supplied to that site independently from the grid. The Bloom servers provide clean and reliable power that fortifies the factory's critical infrastructure and helps Coherent meet both customer demand and revenue growth.

必要時，我們可以在沒有電網互聯的情況下以孤島模式運行，為客戶提供快速、可靠和清潔的電力。例如，我們在 Coherent 的賓州工廠安裝了 7.8 兆瓦的 Bloom 伺服器，因此可以獨立於電網向該網站提供大量電力負載。 Bloom 伺服器提供清潔、可靠的電力，增強工廠的關鍵基礎設施，並幫助相干公司滿足客戶需求和收入成長。

While the issue of rising interest rates and global conflicts create some headwinds, there is no question that demand for clean power and the need for availability and reliability will create definite and sustained tailwinds for our business. Looking at our sales inquiry pipeline, the impact of AI to our business cannot be overstated. AI clearly has the potential of expanding the adoption of our products in the data center market. AI powered search on a GPU will take 5x to 20x more power per search compared to a regular search on a CPU and the use of AI is growing rapidly across all segments of our society.

雖然利率上升和全球衝突問題帶來了一些阻力，但毫無疑問，對清潔能源的需求以及對可用性和可靠性的需求將為我們的業務帶來明確和持續的順風。看看我們的銷售詢價管道，人工智慧對我們業務的影響怎麼強調都不為過。人工智慧顯然有潛力擴大我們產品在資料中心市場的採用。與 CPU 上的常規搜尋相比，GPU 上的人工智慧驅動的搜尋每次搜尋所需的電量要高出 5 到 20 倍，而且人工智慧的使用正在我們社會的各個領域迅速增長。

This will exponentially increase energy demand in data centers over the next decade. If you look at the projections of future growth from the chip companies and cloud service providers, the imbalance in grid availability and the accelerating demand for compute power is expanding the case for Bloom in the sector from resilience to one of timely primary power availability.

這將在未來十年內呈指數級增加資料中心的能源需求。如果你看看晶片公司和雲端服務供應商對未來成長的預測，你會發現電網可用性的不平衡和對運算能力的不斷增長的需求正在擴大布魯姆在該領域的應用範圍，從彈性到及時的主要電力可用性之一。

For example, we powered our first customer in Taiwan and signed our first customer in Singapore recently. In Taiwan, we installed the first phase of a 10-megawatt solid oxide fuel cell contract with Unimicron Technology Corporation, a chip substrate and printed circuit board maker. Our energy servers went from contract to power on in less than 6 months, which shows how quickly we can move to solve power availability problems.

例如，我們最近為台灣的第一個客戶提供了支持，並在新加坡簽署了我們的第一個客戶。在台灣，我們與晶片基板和印刷電路板製造商欣興科技公司簽訂了第一期 10 兆瓦固態氧化物燃料電池合約。我們的能源伺服器從簽約到通電只花了不到 6 個月的時間，這表明我們解決電力可用性問題的速度有多快。

That success helped us land our first deal in Singapore. Working with our partner, SK ecoplant, we will deploy our Bloom Energy servers with GDS, a leading developer of high-performance data centers. This is exciting as it is illustrative of the strength of our servers as a solution for data centers.

這項成功幫助我們在新加坡達成了第一筆交易。我們將與我們的合作夥伴 SK ecoplant 合作，與領先的高效能資料中心開發人員 GDS 一起部署 Bloom Energy 伺服器。這是令人興奮的，因為它說明了我們的伺服器作為資料中心解決方案的實力。

In addition, Singapore is a market where 90-plus percent of power is natural gas based today. While we will start with natural gas, our systems are future-proofed. Our customers can switch to carbon capture to hydrogen, or to clean ammonia once the regional infrastructure, supply chain and regulatory frameworks are established for those cleaner options. We think this is a model for future projects, and it demonstrates the competitive advantage of our fuel flexible platform.

此外，新加坡市場目前 90% 以上的電力來自天然氣。雖然我們將從天然氣開始，但我們的系統是面向未來的。一旦為這些更清潔的選擇建立了區域基礎設施、供應鏈和監管框架，我們的客戶就可以從碳捕獲轉向氫氣或清潔氨。我們認為這是未來專案的典範，它展示了我們燃料靈活平台的競爭優勢。

Let me spend just a moment on hydrogen. We have long been focused on hydrogen and its many benefits, particularly given the flexibility of our platform technology to operate as fuel cells to provide power or as electrolyzers to produce hydrogen. As many of you know, the Department of Energy announced just a few weeks ago, a $7 billion nationwide investment designed to launch 7 regional clean hydrogen hubs across the country.

讓我花一點時間談談氫。長期以來，我們一直專注於氫及其諸多優點，特別是考慮到我們的平台技術具有靈活性，可以作為燃料電池提供電力，也可以作為電解槽來生產氫。眾所周知，能源部幾週前宣布了一項 70 億美元的全國投資，旨在全國建立 7 個區域清潔氫中心。

Bloom Energy electrolyzers were included in 4 of the 7 winning hydrogen hubs. This should come as no surprise. Bloom Energy is unique in the electrolyzer industry in being able to offer both the highest electrical efficiency products and deliver them at scale today from our fully operational giga factories in Fremont, California and Newark, Delaware.

Bloom Energy 電解槽被納入 7 個獲獎氫中心中的 4 個。這應該不足為奇。 Bloom Energy 在電解槽行業中是獨一無二的，能夠提供最高電效率的產品，並從我們位於加利福尼亞州弗里蒙特和特拉華州紐瓦克全面運營的巨型工廠大規模交付這些產品。

It is early days for what will be a huge market, but we are clearly pleased about our wins and what it means for Bloom and the world in the future. So to close, growing demand for power solutions driven by data centers and AI, a relentless focus on cost discipline and efficiency, a deep commitment to innovation and fuel flexibility, all make us excited about Bloom Energy's future. I'll be back with you to answer questions. For now, let me hand it over to Greg Cameron. Greg?

對於這個巨大的市場來說，現在還處於早期階段，但我們顯然對我們的勝利以及這對 Bloom 和世界未來的意義感到高興。因此，由資料中心和人工智慧驅動的對電力解決方案不斷增長的需求、對成本控制和效率的不懈關注、對創新和燃料靈活性的堅定承諾，所有這些都讓我們對 Bloom Energy 的未來感到興奮。我會回來和你一起回答問題。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 execution in the third quarter. We had a record third quarter revenue of $400 million, up 37% versus last year. Our margins improved. Third quarter non-GAAP gross margins were roughly 32%, bringing our year-to-date margins to 25%, up 680 basis points versus prior year. We continue to execute on cost reductions. Product costs are down 18% versus last year, and our operating expenses are down approximately 20% from the first quarter.

謝謝，KR。讓我先介紹一下我們第三季強勁執行力的一些亮點。我們第三季的營收達到創紀錄的 4 億美元，比去年成長 37%。我們的利潤率有所提高。第三季非 GAAP 毛利率約為 32%，使我們年初至今的利潤率達到 25%，比上年增長 680 個基點。我們繼續執行成本削減措施。產品成本比去年下降了 18%，營運費用比第一季下降了約 20%。

Our service margins improved versus the prior quarter, and we expect this quarterly trend in service to continue. We ended the quarter with a total cash balance of roughly $638 million. We are reaffirming our 2023 framework for revenues, margins and profitability.

我們的服務利潤率比上一季有所改善，我們預計服務的季度趨勢將持續下去。本季結束時，我們的現金餘額總額約為 6.38 億美元。我們重申 2023 年收入、利潤和獲利能力架構。

With those as highlights, let me provide some additional context to our performance. As the need for additional electricity grows, our customers recognize the value of affordable, reliable and flexible power solutions. Our ability to bring fuel flexible power on site quickly with our energy server coupled with combined heat and power and carbon capture solutions provides a competitive advantage versus alternatives.

以這些作為亮點，讓我為我們的表現提供一些額外的背景。隨著額外電力需求的成長，我們的客戶認識到經濟實惠、可靠且靈活的電力解決方案的價值。我們能夠透過能源伺服器以及熱電聯產和碳捕獲解決方案快速為現場提供靈活的燃料電力，這與其他替代方案相比具有競爭優勢。

We remain focused on both large-scale projects, such as data centers, where the energy project dynamics are complex, requiring longer sales cycles as well as shorter-term projects where the customer need solutions until the power is available from a local utility.

我們仍然專注於大型項目，例如資料中心，其中能源項目動態很複雜，需要更長的銷售週期；以及短期項目，客戶需要解決方案，直到當地公用事業公司提供電力為止。

As you heard from KR, our electrolyzer has been selected for several hydrogen hubs. These project sponsors, like many large-scale project developers clearly value our efficiency advantage and manufacturing readiness. As these projects move through their investment decisions, we expect to make announcements on our technology deployments.

正如您從 KR 了解到的，我們的電解槽已被多個氫中心選中。這些專案發起人與許多大型專案開發商一樣，顯然很重視我們的效率優勢和製造準備。隨著這些專案做出投資決策，我們預計將公佈我們的技術部署。

Historically, most of our bookings close in the fourth quarter. This year is no different as we are very focused on converting our commercial pipeline to orders over the next couple of months. Each opportunity has its own unique challenges, such as permitting, interconnection timing, complexity, IRA incentives, et cetera. Although these challenges have added to our sales cycle times, our sales team is committed to delivering a robust backlog to grow our future revenues. We look forward to sharing our results in our year-end earnings call in February.

從歷史上看，我們的大部分預訂都會在第四季度結束。今年也不例外，因為我們非常專注於在接下來的幾個月內將我們的商業管道轉化為訂單。每個機會都有其獨特的挑戰，例如許可、互連時間、複雜性、IRA 激勵措施等。儘管這些挑戰增加了我們的銷售週期時間，但我們的銷售團隊致力於提供強勁的積壓訂單以增加我們未來的收入。我們期待在二月的年終收益電話會議上分享我們的成果。

This past quarter, SK ecoplant converted 13.5 million redeemable convertible preferred shares to common equity. We are grateful for their trust and are excited to continue our partnership. As part of this conversion, we eliminated $311 million in liabilities and recorded a noncash interest charge of $53 million.

上個季度，SK ecoplant 將 1,350 萬股可贖回可轉換優先股轉換為普通股。我們感謝他們的信任，並很高興繼續我們的合作夥伴關係。作為此次轉換的一部分，我們消除了 3.11 億美元的負債，並記錄了 5,300 萬美元的非現金利息費用。

When SK ecoplant made their investment in the first quarter, they had the option to convert the RCPS to either debt or equity by the end of the third quarter. As they have elected equity, we are expensing the loan commitment asset established in the first quarter to interest expense. This expense is being removed as a pro forma adjustment to our non-GAAP reporting.

當 SK ecoplant 在第一季進行投資時，他們可以選擇在第三季末將 RCPS 轉換為債務或股權。由於他們選擇了股權，​​我們將第一季建立的貸款承諾資產計入利息費用。作為對我們的非公認會計準則報告的預期調整，這項費用將被刪除。

Our third quarter non-GAAP gross margins of 32% improved 12.4 points versus the third quarter 2022. The margin increase was driven by maintaining pricing on acceptances while reducing unit costs. Both price and costs were positively impacted by the repowering of PPA 5. The PPA 5 repowering is similar to the 2022 TPA repowerings. We executed the sale of a previously consolidated PPA entity. And by doing so, we paid off $119 million of nonrecourse debt, enhanced current margins and simplified our financial reporting.

我們第三季的非 GAAP 毛利率為 32%，與 2022 年第三季相比提高了 12.4 個百分點。利潤成長的推動因素是維持承兌定價，同時降低單位成本。 PPA 5 的重新供電對價格和成本都產生了積極影響。PPA 5 的重新供電與 2022 年 TPA 的重新供電類似。我們出售了先前合併的 PPA 實體。透過這樣做，我們償還了 1.19 億美元的無追索權債務，提高了當期利潤並簡化了我們的財務報告。

As part of this transaction, we recorded $133 million of charges through our electricity segment, operating expenses and other expense that were removed as a pro forma adjustment from our non-GAAP reporting. This was our last remaining consolidated PPA entity.

作為此次交易的一部分，我們透過電力部門記錄了 1.33 億美元的費用、營運費用和其他費用，這些費用作為備考調整從我們的非 GAAP 報告中刪除。這是我們最後一個剩餘的合併 PPA 實體。

I want to spend a minute on the impact from rising interest rates on securing project financing. As rates have increased over the past 2 years, investor cost of capital expectations have also increased. Over this period, we have obtained project financing at attractive rates, allowing us to maintain our product margins.

我想花一點時間談談利率上升對確保專案融資的影響。隨著過去兩年利率的上升，投資人的資本成本預期也隨之上升。在此期間，我們以有吸引力的利率獲得了專案融資，使我們能夠維持我們的產品利潤。

Early in the cycle, we offset much of the pressure through an improving Bloom Energy credit profile. Over the last 12 months, as benchmark rates have continued to rise, we've been able to offset additional pressure through ITC benefits for energy communities and domestic content. Going forward, we will endeavor to offset additional pressure through reducing product costs, maintaining pricing discipline as the cost of alternatives continues to increase, competitively bidding new financings and a possible extension of ITC benefits post 2024.

在周期的早期，我們透過改善布魯姆能源信用狀況抵消了大部分壓力。在過去 12 個月中，隨著基準利率持續上升，我們能夠透過 ITC 為能源社群和國內內容提供的福利來抵消額外的壓力。展望未來，我們將努力透過降低產品成本、在替代品成本持續增加時維持定價紀律、競標新融資以及可能在 2024 年之後延長 ITC 福利來抵消額外壓力。

Our product margin benefited from nearly 18% reduction in product costs year-over-year. Lower material costs, coupled with automation and increased power output are driving down product costs. Every quarter this year, we have achieved double-digit cost reductions, and we are confident we will achieve our 2023 target of 12% product cost down as we position ourselves for a strong 2024.

我們的產品利潤得益於產品成本年減近 18%。材料成本的降低，加上自動化和功率輸出的增加，正在降低產品成本。今年每個季度，我們都實現了兩位數的成本降低，我們有信心實現 2023 年產品成本降低 12% 的目標，同時為 2024 年的強勁發展做好準備。

In the fourth quarter, we are consolidating our California stack manufacturing into our state-of-the-art Fremont facility. Consolidating our legacy Sunnyvale activities in the Fremont will reduce headcount and expenses as we maintain our capacity.

在第四季度，我們將把加州的煙囪製造業務整合到最先進的弗里蒙特工廠。鞏固我們在弗里蒙特的桑尼維爾傳統活動將在維持產能的同時減少員工人數和開支。

As expected, our third quarter results and service improved versus the second quarter, and we expect them to continue to improve as revenues grow, performance payments reduce and replacement power module costs reduce. We remain committed to our service business achieving a 20% non-GAAP gross margin by 2025.

正如預期的那樣，我們第三季的業績和服務比第二季有所改善，我們預計隨著收入的成長、績效付款的減少和更換電源模組成本的降低，它們將繼續改善。我們仍然致力於在 2025 年我們的服務業務實現 20% 的非 GAAP 毛利率。

In the third and fourth quarter, we have executed a few targeted restructurings to reduce costs. We are committed to delivering profitable growth as we continue to invest in our future. We targeted areas that can be reduced without impacting our technical competencies or commercial capabilities. These actions have resulted in reducing our operating headcount about 10%. A restructuring charge of roughly $2 million was recorded in the third quarter with an additional $6 million to be recorded in the fourth quarter. Both will be pro forma adjustments to our non-GAAP reporting.

在第三季度和第四季度，我們進行了一些有針對性的重組以降低成本。我們致力於在繼續投資未來的同時實現獲利成長。我們的目標是可以減少而不影響我們的技術能力或商業能力的領域。這些行動導致我們的營運人員數量減少了約 10%。第三季記錄了大約 200 萬美元的重組費用，第四季還記錄了 600 萬美元的額外費用。兩者都將是對我們的非公認會計原則報告的形式調整。

We are reaffirming our 2023 annual guidance for revenue, margins and profitability. Based on anticipated fourth quarter acceptances, we expect to deliver $1.4 billion to $1.5 billion of annual revenue at our targeted 25% non-GAAP gross margin. At this revenue and gross margin profile, we should achieve a positive non-GAAP operating margin for the year. As we've previously discussed, Bloom is committed to becoming profitable this year, and we are well positioned given our performance year-to-date.

我們重申 2023 年收入、利潤率和獲利能力的年度指引。根據預期的第四季驗收情況，我們預計將以 25% 的非 GAAP 毛利率為目標實現 14 億至 15 億美元的年收入。依照這樣的收入和毛利率狀況，我們今年應該會實現正的非公認會計原則營業利潤率。正如我們之前討論的，Bloom 致力於今年實現盈利，鑑於我們今年迄今為止的業績，我們處於有利地位。

I no longer expect to be CFOA positive for the full year. We are holding additional inventory to support our previously announced time to power value proposition that elevated our working capital levels. We will continue to be diligent with our investments in working capital, ensuring that we are balancing growth, profitability and liquidity.

我不再期望全年的 CFOA 都是正面的。我們持有額外的庫存，以支持我們先前宣布的實現價值主張的時間，從而提高我們的營運資本水準。我們將繼續勤勉地進行營運資本投資，確保平衡成長、獲利能力和流動性。

In summary, we had a strong operational quarter. As we move forward, we were operating with discipline and focus, and we have compelling product solutions for a net 0 carbon future. We're excited about our future. With that, operator, please open the line for questions.

總而言之，我們的季度營運表現強勁。在我們前進的過程中，我們以紀律和專注的方式運營，並且我們為淨零碳的未來提供了引人注目的產品解決方案。我們對我們的未來感到興奮。那麼，接線員，請開通提問線路。

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

（操作員說明）您的第一個問題來自摩根士丹利的安德魯·佩爾科科（Andrew Percoco）。

I just want to start with South Korea. I think they recently switched to an auction process for fuel cell purchases over the last few months. Can you maybe just discuss how this is impacting timing of deliveries to SK. And if they are delayed, do you have the ability to backfill those orders with other projects outside of South Korea?

我只想從韓國開始。我認為他們最近在過去幾個月轉向了燃料電池採購的拍賣流程。您能否討論一下這對向 SK 的交貨時間有何影響？如果它們被延遲，您是否有能力用韓國以外的其他項目來回補這些訂單？

Andrew, it's Greg. Thanks for the question. Listen, with SK, a huge partner for us, and we're very appreciative that they showed more confidence in us as they executed on the conversion equity this quarter. I've spent a lot of time in Korea over the course of this year and really excited about the market opportunity.

安德魯，我是格雷格。謝謝你的提問。聽著，SK，我們的重要合作夥伴，我們非常感謝他們在本季度執行股權轉換時對我們表現出了更大的信心。今年我在韓國待了很長時間，對這個市場機會感到非常興奮。

To your point, the CHPS standard, a clean hydrogen portfolio standards have come in this year, and there's been 2 bidding processes. There was one in the summer and then there's one currently going on right now. It looks to be as though, as we've lined up with our partner, we're really excited about the opportunities that we've seen, and we're going through that process now with bidding -- with conclusion on the bidding. And we'll know more in the next few weeks there. But I would tell you, really tight alignment between the 2 teams and understanding how to add value and continue to win in that market. So we're really encouraged about the near term in that space as well as the long term in Korea.

就您而言，CHPS 標準、清潔氫組合標準今年已經出台，並且有兩個招標過程。夏天有一場，現在也有一場。看起來，當我們與我們的合作夥伴一起排隊時，我們對所看到的機會感到非常興奮，我們現在正在通過投標完成這個過程 - 並得出投標結論。我們將在接下來的幾週內了解更多。但我想告訴你，兩個團隊之間的聯盟非常緊密，並且了解如何增加價值並繼續贏得該市場。因此，我們對該領域的近期以及韓國的長期前景感到非常鼓舞。

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

您的下一個問題來自美國銀行的 Julien Dumoulin-Smith。

Just first off, can you elaborate a little bit more on the inventory? I mean what's going on in terms of CFOA. And just to what end the buildup in working capital there, I mean, what is that staying about ‘24 really is, I think, what is an interesting nugget or clue there? And then related, can you just elaborate a little bit on where do you stand on some of these data center deals like Amazon, what's included this year or next year? And what are you seeing just on the data center activity front, whether that's with Amazon or in Ireland or frankly, some of these other opportunities? How much of the overall build could you be seeing in '24 derived from those as you think about your backlog or guidance competition?

首先，您能詳細說明一下庫存嗎？我的意思是 CFOA 方面發生了什麼。我的意思是，我認為，維持在 24 左右的營運資金到底是為了什麼目的，那裡有什麼有趣的金塊或線索？然後，您能否詳細說明您對亞馬遜等資料中心交易的立場，今年或明年包括哪些內容？您在資料中心活動方面看到了什麼，無論是亞馬遜還是愛爾蘭，或者坦白說，還有其他一些機會？當您考慮積壓工作或指導競爭時，您在 24 年看到的整體建構有多少來自於這些內容？

Yes. Thanks, Julien. I'll start, and it's Greg, and then I'll pass it over to KR specifically on the data centers. On the working capital, you see the inventory increase so far this year. We were up, call it, $250 million as we've built inventories we prepared to really reduce the cycle time for our customers on a need for power. So that's what's negatively impacting our CFOA.

是的。謝謝，朱利安。我先發言，是 Greg，然後我會將其轉交給 KR，特別是資料中心方面的問題。在營運資金方面，今年到目前為止庫存有所增加。我們已經籌集了 2.5 億美元，因為我們已經建立了庫存，準備好真正縮短客戶的電力需求週期時間。這就是對我們的 CFOA 產生負面影響的原因。

I'd point you to EBITDA, adjusted EBITDA is positive so far this year. So it wasn't a cash burn that's coming through operations. It's more of an investment that we purposely made in order to make sure that we can continue to respond quickly. And a lot of that is given our confidence in what we're seeing in the commercial pipeline and knowing that our customers have a time to power issue.

我想向您指出 EBITDA，今年迄今為止調整後的 EBITDA 為正。因此，營運並不是燒錢。這更多的是我們特意進行的一項投資，以確保我們能夠繼續快速做出反應。這在很大程度上是因為我們對我們在商業管道中看到的情況充滿信心，並且知道我們的客戶有供電時間問題。

And yet we still need to get through permitting and everything else. But once that's cleared, they very quickly want that power, and they do not want to wait for long lead items to come in. So we've purposely built up some of that inventory based on our confidence in our pipeline and that converting into orders that we'll need to convert to deliveries very quickly. And that's the reason that those inventories are up. And then we were very prudent around our working capital.

然而我們仍然需要獲得許可和其他一切手續。但一旦這些問題得到解決，他們很快就會想要這種能力，並且不想等待長交貨期的產品進來。因此，我們基於對我們的管道的信心以及轉化為訂單的信心，特意建立了一些庫存我們需要非常快速地轉換為交付。這就是庫存增加的原因。然後我們對營運資金非常謹慎。

But as I look through it for the rest of the year, KR and I sat back and said, to make the CFOA target, there is no reason for us to drive our inventory levels down below a level that's going to put us in the spot where we're not going to be able to meet need next year. So we purposely kept those up and thought it was prudent for the company as a way to help respond to the customers. I'll let KR talk about data centers.

但當我審視今年剩餘時間的情況時，KR 和我坐下來說道，為了實現 CFOA 目標，我們沒有理由將庫存水平降低到使我們陷入困境的水平以下明年我們將無法滿足需求。因此，我們故意保留這些內容，並認為這對公司來說是謹慎的做法，可以幫助回應客戶。我讓KR談談資料中心。

Julien, so look, data centers was red hot prior to ChatGPT. I don't even know how to describe the color of where those data centers are going post-chatGPT, right? The AI searches on average will be significantly greater in the power-hungry need of those chips, the GPU chips compared to the CPU chip. So whether it's an existing data center that's converting from CPU to GPU or a new data center that's needed because almost all of society is beginning to use AI right now. What part of the society do we know that is not going to embrace it.

Julien，你看，在 ChatGPT 出現之前，資料中心就已經非常熱門了。我甚至不知道如何描述這些資料中心在 chatGPT 後的走向，對吧？與 CPU 晶片相比，GPU 晶片對耗電的晶片的平均 AI 搜尋量會顯著增加。因此，無論是從 CPU 轉換為 GPU 的現有資料中心還是需要新的資料中心，因為現在幾乎整個社會都開始使用人工智慧。我們知道社會上有哪些部分不會接受它。

The shortage of power that existed prior to GPT is only getting significantly greater. So whether it's Virginia or the San Jose Santa Clara area, between those 2 centers, roughly 70%, 80% of the data centers in the country exists in these 2 places. They both have severe shortage of power for what the needs are. That story, I was in Taiwan, I was in Singapore, whether it's the chip makers and whether it's the ecosystem in the semiconductor industry supplying these parts or whether it's the data centers themselves in Singapore, you're seeing exactly the same story. That story plays over again in Ireland.

GPT 之前存在的電力短缺問題只會變得更加嚴重。所以無論是維吉尼亞州或聖荷西聖克拉拉地區，在這兩個中心之間，全國大約70%、80%的資料中心都存在於這兩個地方。他們都嚴重缺乏電力來滿足需求。那個故事，我在台灣，我在新加坡，無論是晶片製造商，還是供應這些零件的半導體產業生態系統，還是新加坡的資料中心本身，你都會看到完全相同的故事。這個故事在愛爾蘭再次上演。

So we think that this is a real opportunity that's going to be sustained for a long period of time and Bloom with its modular reliable infrastructure, ability to switch to a cleaner fuel as they come along, the pay as you grow modular nature of what we do, our established presence in the data center industry already as a reliable provider of power. You put all that together, we think it's a phenomenal opportunity for us going forward. These are complex big deals. They take time to come together, but it is our single largest inquiry.

因此，我們認為這是一個真正的機會，將持續很長一段時間，Bloom 擁有模組化的可靠基礎設施，能夠在出現時切換到更清潔的燃料，隨著我們的模組化性質而付費。這樣做，我們已經作為可靠的電力供應商在數據中心行業建立了地位。把所有這些放在一起，我們認為這對我們前進來說是一個非凡的機會。這些都是複雜的大交易。他們需要時間才能聚集在一起，但這是我們最大的調查。

Your next question comes from the line of Chris Dendrinos with RBC Capital Markets.

您的下一個問題來自加拿大皇家銀行資本市場部門的 Chris Dendrinos。

I wanted to shift the conversation a little bit to the hydrogen topic here. The project, Nujio’qonik. It looks like the EIS was submitted a couple of months back and still waiting for a response there. Is there anything more to say on that program right now? And when we could maybe hear an announcement on the award, I guess, of the demand to Bloom. I'll leave it there.

我想將話題稍微轉移到氫的話題上。該項目，Nujioâqonik。看起來 EIS 是幾個月前提交的，仍在等待回應。現在關於該計劃還有什麼要說的嗎？當我們也許能聽到關於獲獎的公告時，我想，是對布魯姆的要求。我會把它留在那裡。

So to the extent that our customers speaks about it or our partners speak about it, we let them do that. But until a deal is finalized, it's normally not our habit to talk about it. So I'm not going to give you any more color other than we are very engaged in that project I can confirm that.

因此，只要我們的客戶或我們的合作夥伴談論它，我們就讓他們這樣做。但在協議敲定之前，我們通常不習慣談論它。因此，除了我們非常參與該專案之外，我不會向您提供更多信息，我可以確認這一點。

And then in terms of the hydrogen larger story, I think the big news really is the $7 billion hydrogen hubs and how we have been selected in 4 of the hubs. And we have invested, and we are continuing to invest in a big way in hydrogen because we believe we have the world's most efficient electrolyzer that can be deployed at scale, and we see this as huge opportunity.

然後就氫能更大的故事而言，我認為重大新聞確實是價值 70 億美元的氫能中心以及我們如何被選入其中 4 個中心。我們已經並將繼續在氫氣方面進行大量投資，因為我們相信我們擁有世界上最高效的電解槽，可以大規模部署，我們認為這是一個巨大的機會。

Your next question comes from the line of Ben Kallo with Baird.

你的下一個問題來自 Ben Kallo 和 Baird 的對話。

Just on the movement over to Fremont. How do we think about any impacts into Q4? I think this was probably seamless, but I just wanted to get your thoughts on that. And then just on retailers, is there any way you can quantify the impact on margin there?

剛剛前往弗里蒙特。我們如何看待對第四季的影響？我認為這可能是無縫的，但我只是想聽聽你對此的想法。那麼對於零售商來說，有什麼方法可以量化對利潤的影響嗎？

Ben, it's Greg. So on Fremont, it is going very smoothly. So we are moving what tooling needs to get moved out of Sunnyvale and over to Fremont, and we do not expect it to have any impact on our capacity this quarter or next quarter. We've prebuilt where we've needed to, and it's moving quite seamlessly. As you know, those 2 facilities are a quick drive apart and bringing that tooling offline for a short period of time isn't going to impact it.

本，是格雷格。所以在弗里蒙特，進展非常順利。因此，我們正在將需要的工具從桑尼維爾轉移到弗里蒙特，我們預計這不會對我們本季或下季的產能產生任何影響。我們已經在需要的地方進行了預先構建，並且進展非常順利。如您所知，這兩個設施距離很近，短時間內使該工具離線不會對其產生影響。

So we're excited to get that all together. That lease was ending in Sunnyvale anyways, and we'll just have everything together in a much more efficient place and pay on rent versus 2 and have a consolidated inventory and indirect labor force on that. So we're really excited about it.

所以我們很高興能把這一切整合在一起。無論如何，桑尼維爾的租約即將結束，我們將把所有東西放在一個更有效率的地方，並支付租金（相對於 2 家），並擁有統一的庫存和間接勞動力。所以我們對此感到非常興奮。

On the repowering, the PPA 5 is very similar to the repowering that we did last year with 3A and 4. So from a structure standpoint, you remember, we spent a lot of time talking about how we bought back in those VIEs and then went through a purposes sold those VIEs to a financial investor and then that financial investor bought units from us that we delivered again within the quarter.

在重新供電方面，PPA 5 與我們去年對 3A 和 4 進行的重新供電非常相似。因此，從結構的角度來看，您還記得，我們​​花了很多時間討論如何回購這些 VIE，然後繼續通過目的將這些VIE 出售給金融投資者，然後該金融投資者從我們這裡購買單位，我們在本季度再次交付。

The particular numbers of it, Ben, I'm going to point you to the queue. I think the team did an amazing job of breaking out the individual components of it. So look on Pages 28 through 30. They describe each of the steps and what the financial numbers are. And from there, you should be able to pull apart what was the revenue associated with each of those transactions.

具體的號碼，本，我將向您指出隊列。我認為該團隊在分解其各個組成部分方面做得非常出色。請查看第 28 頁到第 30 頁。它們描述了每個步驟以及財務資料。從那裡，您應該能夠分析與每筆交易相關的收入。

Next question comes from the line of Manav Gupta with UBS.

下一個問題來自瑞銀集團 (UBS) 的 Manav Gupta。

Congrats on a very strong quarter. Good to see a hydrogen company, not cut guidance and go towards the top end of the guidance. My question here is that last quarter, you talked about the new Phase 10 solution and some combined heat and power solutions. Can you give us an update on those 2 offerings.

祝賀一個非常強勁的季度。很高興看到一家氫公司，沒有削減指導並走向指導的頂端。我的問題是，上個季度，您談到了新的 Phase 10 解決方案和一些熱電聯產解決方案。能為我們介紹一下這兩款產品的最新情況嗎？

Manav, thank you. And so the first question on Phase 10. Look, Phase 10 CDN is one of many opportunities that we are offering our customers. And what is really interesting about that opportunity is it's a 5-year commitment for people who believe that the grid problem is going to get solved in 5 years. We don't want to pass judgment. We just want to give them a 5-year solution, and that's a fantastic solution.

馬納夫，謝謝你。關於第 10 階段的第一個問題。看，第 10 階段 CDN 是我們為客戶提供的眾多機會之一。這個機會真正有趣的是，對於那些相信電網問題將在 5 年內解決的人來說，這是一個為期 5 年的承諾。我們不想做出判斷。我們只想給他們一個五年的解決方案，這是一個非常棒的解決方案。

So for people who are in that category who believe that, it's an opportunity that works very well. And obviously, we do that at a certain size and scale. There is a lot of early funnel movement in that, but these are long cycles, like I said. So we are seeing interest in that area like we would expect to, but we wouldn't expect to close anything in a month or 2. These are tens of millions of dollars deals, and they take time. So we would expect to see results coming out of that next year, and that was our projection. So that's on track.

因此，對於那些相信這一點的人來說，這是一個非常有效的機會。顯然，我們以一定的規模和規模來做到這一點。其中有許多早期的漏斗運動，但正如我所說，這些都是很長的周期。因此，正如我們預期的那樣，我們看到了對該領域的興趣，但我們預計不會在一兩個月內完成任何交易。這些交易價值數千萬美元，需要時間。因此，我們預計明年會看到結果，這就是我們的預測。所以一切都步入正軌了。

Your second question on CHP. I think it's extremely important. CHP is not just for the steam and the heat and the process industry. I just talked about data centers to you and the AI data centers. The AI data centers not only consume a lot more electricity, guess what? The cooling load goes up enormously proportionally because these chips put out a lot of heat inside the data center. So more than 20% of the cooling of that data center has to happen, and that's where the electricity is going to go.

你關於熱電聯產的第二個問題。我認為這非常重要。熱電聯產不僅適用於蒸汽、供熱和加工工業。我剛剛向大家談到了資料中心和人工智慧資料中心。人工智慧資料中心不僅消耗更多的電力，你猜怎麼著？由於這些晶片在資料中心內部散發出大量熱量，因此冷卻負載成比例地大幅增加。因此，該資料中心 20% 以上的冷卻必須進行，這就是電力的去向。

Here is the good news. When Bloom powers that data center, we can use that excess heat and create cooling with the heat that's called a vapor absorption system. Unlike the vapor absorption system, this is a heat driven cooling system, absorption chilling. And we are able to provide that cooling and it is net 0 cooling for them because they're putting no additional fuel. We are seeing tremendous interest from the data center industry on this particular offering.

這是好消息。當 Bloom 為該資料中心供電時，我們可以利用多餘的熱量並利用稱為蒸汽吸收系統的熱量進行冷卻。與蒸汽吸收系統不同，這是一種熱驅動冷卻系統，吸收式冷卻。我們能夠提供這種冷卻，並且對他們來說是淨零冷卻，因為他們不添加額外的燃料。我們看到資料中心產業對這一特定產品表現出極大的興趣。

Your next question comes from the line of [Dusan Alani] with Jefferies.

你的下一個問題來自 [Dusan Alani] 與 Jefferies 的對話。

Just one quick question on the Prairie Island test. Any kind of updates there?

只是關於草原島測試的一個簡單問題。有什麼更新嗎？

It is still in the early stages with our XL customer. And so no, we don't have anything as of now but expect something in the next few months as this gets going.

我們的 XL 客戶仍處於早期階段。所以不，我們現在還沒有任何東西，但預計在接下來的幾個月裡，隨著事情的進展，會有一些東西。

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

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

Maybe if you can just talk to and remind us kind of what remains to be done on sort of the restructuring and the OpEx cost downs and where you're at on that?

也許您可以與我們談談並提醒我們在重組和營運支出成本下降方面還有哪些工作要做以及您在這方面的進展如何？

Yes. It's Greg. So this quarter, this quarter being the third and the fourth quarter, we took actions both in our manufacturing facilities as we consolidated the teams together, those have all been completed. And then on the OpEx side, we went through a process here very targeted to make sure that given the investments and the growth that we had over the last couple of years that that's still where we prioritize those dollars and took some small targeted actions over the last few weeks in different areas.

是的。是格雷格。所以這個季度，這個季度是第三季度和第四季度，我們在我們的製造工廠中採取了行動，因為我們將團隊整合在一起，這些都已經完成了。然後在營運支出方面，我們在這裡經歷了一個非常有針對性的流程，以確保考慮到我們過去幾年的投資和成長，這仍然是我們優先考慮這些資金的地方，並採取了一些小的有針對性的行動過去幾週在不同地區。

As of right now, we've completed all the plans that we have in front of us. We'll always continue to make sure that we're getting the highest return on your investment dollars. But right now, we're really comfortable with the team that we've had and the actions we've taken and think it positions us very well to be down into next year on a cost year-over-year basis, which is really excited about that as we drive towards profitability.

截至目前，我們已經完成了擺在我們面前的所有計劃。我們將始終繼續確保您的投資獲得最高回報。但現在，我們對我們所擁有的團隊和我們所採取的行動感到非常滿意，並認為這使我們能夠很好地在逐年成本的基礎上進入明年，這確實是當我們努力實現盈利時，對此感到興奮。

Your next question comes from the line of Colin Rusch with Oppenheimer & Company. This line appears to have dropped. Your next question comes from the line of Jeff Osborne with TD Cowen.

您的下一個問題來自 Oppenheimer & Company 的 Colin Rusch。這條線似乎已經下降了。你的下一個問題來自 Jeff Osborne 和 TD Cowen 的對話。

A couple of questions on my side. I was wondering if we can just address the PPA V. I think it was about $150 million in revenue in the quarter. And so I'm just curious, what visibility do you have into Q4? I guess it’s going in the right direction. Originally, I was thinking the Amazon PDX-109 site in Oregon would be coming online here in late in the second half as well as South Korea would be ramping up, and it doesn't look like either of those are going to happen, with the Oregon side. So I'm just curious, can you just give us some visibility for Q4. That would be helpful.

我這邊有幾個問題。我想知道我們是否可以解決 PPA V 問題。我認為該季度的收入約為 1.5 億美元。所以我很好奇，您對第四季的了解如何？我想事情正在朝著正確的方向發展。最初，我以為俄勒岡州的 Amazon PDX-109 站點將在下半年晚些時候上線，韓國也會加速上線，但看起來這兩者都不會發生，因為俄勒岡州一側。所以我很好奇，您能給我們一些第四季的了解嗎？那會有幫助的。

So when we went and we looked at the year and we looked at the sites that we expected to get over the course of the year, that's still consistent. It was how we came in the year. I would say we did really well in the third quarter and making sure that we got everything closed and accepted, which gave us a nice lift even off of where I thought we'd be this time 3 months ago when we had this call and I kind of gave a soft guidance for the quarter, but it doesn't change. Based on the list of acceptances that we have planned in the U.S., in Korea and a few internationally, we see a path here to get -- to stay consistent with the guidance we've given you based on what we anticipate to accept here over the next couple of months.

因此，當我們去查看這一年並查看我們預計在這一年中獲得的站點時，情況仍然是一致的。那年我們就是這樣過來的。我想說，我們在第三季度做得非常好，並確保我們完成並接受了所有事情，這給了我們很大的提升，甚至比三個月前我們接到這個電話時我認為我們會達到的水平有了很大的提升。有點為本季度提供了軟指導，但它並沒有改變。根據我們計劃在美國、韓國和國際上一些國家計劃接受的清單，我們看到了一條可行的道路——與我們根據我們預計在此接受的內容向您提供的指導保持一致。接下來的幾個月。

And you have the line of Colin Rusch with Oppenheimer & Company back again.

柯林‧魯施 (Colin Rusch) 與奧本海默公司 (Oppenheimer & Company) 的合作又回來了。

I'm not sure what happened there. Can you talk about the potential for pricing power given what we're seeing in terms of interconnection delays, some of the rate increases that we're seeing at the utilities and the level of demand that you're talking about with some of these remote locations.

我不確定那裡發生了什麼事。考慮到我們所看到的互連延遲、公用事業公司的一些費率上漲以及您所談論的一些遠端設施的需求水平，您能談談定價能力的潛力嗎？地點。

Yes, I'll start and then I'll give it to KR. Listen, on a pricing basis, right, if you look at what we've been able to report over the past several quarters, even with some increases on IRRs and other things from the financier, our pricing is flat to slightly up in certain places in market. That's driven not only by an increase in the ITC, but how we are positioning ourselves versus the grid and where they see prices increasing versus decreasing. So we're holding on to that pricing power so far, and we've been able to hold that in each of the quarters over the last couple of -- last 2 years. And that's contributed a lot to our margin expansion that we've had.

是的，我會開始，然後我會把它交給KR。聽著，在定價基礎上，對吧，如果你看看我們過去幾個季度的報告，即使內部收益率和金融家的其他東西有所增加，我們的定價在某些地方還是持平甚至略有上漲在市場上。這不僅是由 ITC 的增加所推動的，還包括我們相對於電網的定位以及他們認為價格上漲與下跌的關係。因此，到目前為止，我們一直保持著這種定價能力，並且我們能夠在過去幾年（過去兩年）的每個季度都保持這種能力。這對我們的利潤率擴張做出了很大貢獻。

Going forward, I would say that trend will only continue. And we continue to prioritize our units in markets based on where we can get the best opportunity for growth in margins. So we're executing a lot of discipline to make sure we stay at these pricings even as we continue to grow at the levels we are. KR, you from a strategic standpoint how do you think about it?

展望未來，我想說這種趨勢只會持續下去。我們繼續根據我們可以獲得最佳利潤成長機會的市場優先考慮我們的部門。因此，我們正在執行很多紀律，以確保我們保持在這些定價，即使我們繼續以現有水平成長。 KR，您從戰略的角度怎麼看待這件事？

Yes, from a strategic point, Colin, I think you've been with us since IPO. The big question back then used to be, are we going to have pricing discipline? Or is pricing going to have to shrink pretty significantly as we scale up in volume. If you just look at the supply/demand mismatch, if we just look at the price of utility, electricity going up the way it is, there is no reason for us to not have pricing discipline.

是的，從戰略角度來看，科林，我認為您自 IPO 以來就一直在我們身邊。當時的大問題是，我們是否要製定定價紀律？或者說，隨著我們擴大產量，定價將不得不大幅下降。如果你只看供需不匹配，如果我們只看公用事業、電力價格的上漲，我們沒有理由不實施定價紀律。

At the same time, we are not an instantaneous commodity. We are building these relationships over 15 years, 20 years with solid C&I customers who are going to be with us for a long time. So we clearly exercise our pricing in such a way that this is – we fairly price it for them, for us and from a market perspective. That's how we think about it.

同時，我們也不是瞬時商品。我們在 15 年、20 年的時間裡與穩定的 C&I 客戶建立了這些關係，他們將長期與我們合作。因此，我們明確地以這樣的方式進行定價——我們為他們、為我們並從市場的角度公平地定價。我們就是這麼想的。

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

您的下一個問題來自富國銀行的 Michael Blum。

I want to just go back to the hydrogen hubs for a minute. Just want to get a better sense of just any way you can size the opportunity and then the time line where you would actually start to see shipments that would start to hit the P&L?

我想回到氫中心一會兒。只是想更了解如何衡量機會，以及實際開始看到出貨量開始達到損益表的時間軸？

So of the 4 hydrogen hubs out of the 7 that we were participating in that actually won the DOE selection. What has come out so far is the DOE announcement, right? What needs to come out in addition to this is where PTC is and things like that because that's a very big part for the developers doing these hubs to figure out who the offtakers of their electricity are going to be and what the rules are.

因此，我們參與的 7 個氫中心中有 4 個實際上贏得了能源部的選擇。到目前為止已經發布的是能源部的公告，對嗎？除此之外，還需要了解PTC 的情況以及類似的情況，因為對於開發這些中心的開發商來說，弄清楚誰將成為他們的電力承購商以及規則是什麼，這是一個非常重要的部分。

Then it's about selecting and negotiating with the DOE and getting to where it needs to go. Most people would tell us today, when we talk to the principals who are running these hubs, it's in the ‘25, ‘26 time frame is when we should see these projects are going on. So the impact of this on our revenue, that's the time frame we think about.

然後就是選擇並與能源部談判並到達需要去的地方。今天，當我們與經營這些中心的負責人交談時，大多數人會告訴我們，在 25 點、26 點時間範圍內，我們應該看到這些項目正在進行中。這對我們收入的影響是我們考慮的時間範圍。

But there's a very important case to be made out here. The DOE going through a very rigorous process and selecting these winners and the criteria for these winners sends a huge market signal, not just in the U.S., but in Europe, in Asia, in Australia, where people are thinking about these products. So we think of this signal as a huge market opportunity and an affirmative market signal for Bloom.

但這裡有一個非常重要的案例需要說明。美國能源部透過非常嚴格的流程來選擇這些獲獎者以及這些獲獎者的標準，這不僅在美國，而且在歐洲、亞洲、澳大利亞，人們都在考慮這些產品，這發出了巨大的市場信號。所以我們認為這個訊號是一個巨大的市場機會，對Bloom來說是一個肯定的市場訊號。

I'd just add to that, KR. Michael, I think our view on electrolyzer revenue remains intact. We always thought ‘24. We didn't expect much material as we move into '25. You'll begin to see some electrolyzer shipments that will impact revenue. And we expect this market to scale very quickly. It's going to look very different to how we entered the fuel cell market and grew that over a consistent period of time at double digits. This is going to scale very quickly, consistent with the 10-year guidance we put out 2 years ago. We still have confidence that's the way this market is going to develop.

我想補充一點，KR。邁克爾，我認為我們對電解槽收入的看法保持不變。我們一直認為——24。當我們進入 25 世紀時，我們並沒有期待太多的材料。您將開始看到一些電解槽的出貨量將影響收入。我們預計這個市場將很快擴大規模。這與我們進入燃料電池市場並在一段時間內以兩位數成長的方式看起來非常不同。這將很快擴大規模，與我們 2 年前發布的 10 年指導一致。我們仍然對這個市場的發展方式充滿信心。

And if you look at the policies, whether it's local, state, federal or global, all those policy incentives coming together is going to be a huge catalyst, and that's the reason why Greg is saying you should expect the offtake once it takes off to be a pretty steep ramp and not the normal adoption of a new technology.

如果你看一下政策，無論是地方、州、聯邦還是全球的政策，所有這些政策激勵措施結合在一起將成為巨大的催化劑，這就是為什麼格雷格說你應該期待一旦它起飛這是一個相當陡峭的斜坡，而不是新技術的正常採用。

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

您的下一個問題來自 BMO 資本市場的 Ameet Thakkar。

Greg, I just wanted to come back to the, I guess, the area of the 10-Q you pointed out on the PPA side restructuring. First question, was that always kind of embedded in your guidance for the year? I know you guys have talked about it for a while, but I just wanted to clarify that.

格雷格，我想回到您在 PPA 方面重組中指出的 10-Q 領域。第一個問題，這是否始終融入您今年的指導中？我知道你們已經討論了一段時間，但我只是想澄清一下。

Yes.

是的。

Okay. And then so if I like -- it looks like it was $162 million of kind of revenue impact and then the COGS is around like $196 million. If I back all that out, again, based on the disclosure on Page 27. I'm talking both the gross margin of closer to 12%. Is that right?

好的。如果我願意的話，看起來這對收入產生了 1.62 億美元的影響，而銷貨成本大約是 1.96 億美元。如果我根據第 27 頁的披露再次證明這一點。我說的是接近 12% 的毛利率。是對的嗎？

No, the $162 million would be for the 31 megawatts that we sold completed in the third quarter. To get to a margin number, then take the COGS number because the COGS number you're pulling has both -- has the impairment that we removed for the non-GAAP pro forma adjustments. So the best way to do it is go to the supplemental and look at what the cost per kilowatt was on an average basis, and that will get you to the margin on these. So a pretty healthy margin, which is why we've liked these and have done them a few times over. But that's the best way to get to a margin calculation for this.

不，這 1.62 億美元將用於我們在第三季完成的 31 兆瓦的銷售。要獲得保證金數字，請採用銷貨成本數字，因為您要提取的銷貨成本數字同時具有我們針對非 GAAP 預估調整刪除的減值。因此，最好的方法是查看補充資料，看看平均每千瓦的成本是多少，這將使您獲得這些方面的利潤。這是一個相當健康的利潤，這就是為什麼我們喜歡這些並且已經做了幾次了。但這是計算保證金的最佳方法。

Your next question comes from the line of Abhishek Sinha with Northland Capital Markets.

您的下一個問題來自 Northland Capital Markets 的 Abhishek Sinha。

I just wanted to get an update on the electrolyzers in Korea for the nuclear power plant. Any updates on that?

我只是想了解韓國核電廠電解槽的最新情況。有更新嗎？

Not in Korea. We've got a lot of work going on here in the U.S. on the nuclear power side. There are some industrial applications that we're working with our partner on that we're proceeding that won't -- they'll be larger than pilots, but not at scale, and we expect to make some announcements on those over the next 6 to 12 months, and they'll deploy very quickly.

不在韓國。我們在美國在核電方面正在進行大量工作。我們正在與合作夥伴合作開發一些工業應用，但我們不會繼續進行——它們將比試點規模更大，但規模不會很大，我們預計將在接下來的時間裡發布一些公告6 到12 個月，他們會很快部署。

But hydrogen as a market, as you know, if you spend time in Korea, it's in every billboard as you go through the airport. They're very committed to a hydrogen market over time. And we think that fits in very well not only for our electrolyzer but for our fuel cell because that continues to run on a mix and then ultimately move into hydrogen. Some of the reasons we're so excited about that Korean market.

但氫作為一個市場，如你所知，如果你在韓國待過一段時間，當你經過機場時，它就出現在每個廣告看板上。隨著時間的推移，他們非常致力於氫市場。我們認為這不僅非常適合我們的電解槽，也非常適合我們的燃料電池，因為燃料電池繼續以混合物運行，然後最終轉向氫氣。我們對韓國市場如此興奮的一些原因。

And just as a follow-up, out of all the potential international projects, which one seems the most eminent and promising?

作為後續行動，在所有潛在的國際項目中，哪一個似乎是最傑出和最有前途的？

Again, we, as a rule, don't speak about projects that have not inked. And so we are working on several projects. I can tell you, markets, right? Just think about this. In the last 18 months, we have entered 5 markets: Italy, U.K., Belgium, Germany, Taiwan -- very soon because our customers spoke about it and our partners talk about it, we’re entering Singapore, right? You're seeing that. And we just demonstrated our first units using CHP in Italy with Chesla. And for Northern Europe, CHP is super important. And with cooling coming off from what we do for Southern Europe, CHP becomes very important.

再次強調，我們通常不會談論尚未簽署的項目。因此，我們正在進行幾個項目。我可以告訴你，市場，對嗎？想想這個。在過去18 個月裡，我們已經進入了5 個市場：義大利、英國、比利時、德國、台灣——很快，因為我​​們的客戶和我們的合作夥伴都在談論這一點，我們即將進入新加坡，對嗎？你正在看到這一點。我們剛剛與 Chesla 在義大利展示了我們的第一批使用熱電聯產的裝置。對北歐來說，熱電聯產非常重要。隨著我們為南歐所做的冷卻工作的結束，熱電聯產變得非常重要。

So we think all these markets have great potential. Taiwan, Singapore, we think are amazing markets for us because there's a shortage of power. So if you look at Singapore, short term, midterm, long term, it's a country that just cannot -- has no land to put renewables. Solar array. 95% plus of the power being produced for them is being produced using natural gas. So we can go in right now and give them a lower carbon footprint along with the CHP.

所以我們認為所有這些市場都有巨大的潛力。我們認為台灣、新加坡對我們來說是很棒的市場，因為那裡電力短缺。因此，如果你看看新加坡，無論是短期、中期或長期，它都是一個沒有土地來種植再生能源的國家。太陽能電池陣列。 95% 以上的電力是使用天然氣生產的。因此，我們現在就可以與熱電聯產一起為他們提供更低的碳足跡。

Then they are big into both carbon capture as well as bringing in green hydrogen and green ammonia. We are future-proofing their systems when we put them, unlike other technologies that cannot do that. And we are offering them quick time to power at a time when their data centers are starving for power. So we think we have a great play, short term, midterm, long term. This is how we evaluate the market and we enter those markets. How it plays out and what big projects we're working on, we'll tell you about them once we close.

然後他們熱衷於碳捕獲以及引入綠色氫和綠色氨。當我們安裝他們的系統時，我們正在為他們的系統提供面向未來的保障，這與其他無法做到這一點的技術不同。當他們的資料中心急需電力時，我們可以為他們提供快速供電。所以我們認為我們有一個很好的策略，無論是短期、中期或長期。這就是我們評估市場並進入這些市場的方式。進展如何以及我們正在進行哪些大型項目，我們將在結束後告訴您。

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

您的下一個問題來自 Noel Parks 和 Tuohy Brothers 的線路。

So one thing I wanted to ask about just trying to sort of broaden my imagination a bit. For example, you talk about data centers, obvious you have expansion opportunities of firms preexisting in that business. And I'm just wondering, when you're looking at projects or potential projects that are more like new build of commercial or industrial sites. I'm just curious, is there a role? Or are you seeing distribution channel through the EPC vendors, the guys who are planning out sort of longer-term, larger-scale projects? I just wonder, I was mostly thinking of Bloom technology coming in, either as an add in or to solve maybe a pain point in existing or like a microgrid application. So any thoughts you have on that would be great.

所以我想問一件事，只是想稍微拓寬一下我的想像。例如，您談論資料中心，顯然該業務中已有的公司有擴張機會。我只是想知道，當您正在尋找更像新商業或工業場所的專案或潛在專案時。我只是好奇，有角色嗎？或者您看到透過 EPC 供應商的分銷管道，這些供應商正在規劃某種長期、更大規模的專案？我只是想知道，我主要考慮的是 Bloom 技術的出現，要么作為插件，要么解決現有或微電網應用程式中的痛點。所以你對此有任何想法都會很棒。

No, that's a very good question. Look, the [CV stand] and even how it's structured from a financial perspective should make it easier and offerings like that, that's prepackaged, easy to understand with very few contractual details, make it easier for an EPC to put that in their catalog and offer it to their customers, #1.

不，這是一個很好的問題。看，[CV 展位]，甚至從財務角度來看它的結構應該會讓事情變得更容易，而像這樣的產品，是預先打包的，易於理解，合同細節很少，使EPC 更容易將其放入他們的目錄中，將其提供給他們的客戶，#1。

The fact that we have made installations so simple with our [skid] where very soon, we are almost there, it's almost like a plug and play appliance, like an HVAC appliance. Over the last 3 years, we have made that progression. That's all positioned so we can exactly do what you're saying.

事實上，我們的[撬裝]安裝非常簡單，很快我們就快到了，它幾乎就像一個即插即用的設備，就像一個暖通空調設備。在過去的三年裡，我們取得了這樣的進步。這一切都已定位，因此我們可以完全按照您所說的去做。

And as we scale, that's clearly the model that we would want to see. They're a builder, a developer, AEPC buys our device, use it like an HVAC appliance, puts it for their customer as they do it, offers it in the early planning stages for any remodel, anything they need to do, whether it's brownfield or even architects start looking at this and electrical and mechanical consultants start offering it to their customers as an option. So that's how we think about it.

隨著我們規模的擴大，這顯然是我們希望看到的模型。他們是建築商、開發商，AEPC 購買我們的設備，像 HVAC 設備一樣使用它，將其提供給他們的客戶，在任何改造的早期規劃階段提供它，他們需要做的任何事情，無論是棕地甚至建築師開始考慮這一點，電氣和機械顧問開始將其作為一種選擇提供給客戶。這就是我們的想法。

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

你的最後一個問題來自馬丁·馬洛伊和約翰遜·賴斯的對話。

I wanted to find out if you could maybe give us an update on your carbon capture technology and the development of that?

我想知道您是否可以向我們介紹一下您的碳捕獲技術及其開發的最新情況？

So you have -- we are making extremely good progress on that. So our carbon capture technology is going to be helpful in 2 different ways, right? First is for large-scale applications where there's a sequestration available close by. It's an ability to produce 0 carbon power and using our technology. There, we are making good progress, early stages with a lot of potential customers on how we can find an offtaker who wants that 0 carbon electricity. And these will be the 50, 100 megawatt scale. That's why it makes sense.

所以我們在這方面取得了非常好的進展。那麼我們的碳捕獲技術將以兩種不同的方式提供幫助，對吧？首先是對於附近有可用隔離裝置的大規模應用。這是一種使用我們的技術生產零碳電力的能力。在那裡，我們在早期階段與許多潛在客戶取得了良好進展，探討如何找到想要零碳電力的承購商。這些將是 50、100 兆瓦的規模。這就是為什麼它是有道理的。

Secondly, the serious excitement today about direct air capture because of the incentives that are being given on the per tonne incentive of CO2, if you do direct air capture, those big projects require a lot of electricity, and they have to be clean. So using our technology and our carbon capture, they can get that clean electricity and be able to include the carbon dioxide going from us from the 45Q into the sequestration.

其次，今天人們對直接空氣捕獲感到非常興奮，因為每噸二氧化碳的激勵措施，如果你進行直接空氣捕獲，那些大型項目需要大量電力，而且必須是清潔的。因此，利用我們的技術和碳捕獲，他們可以獲得清潔電力，並能夠將我們從 45Q 排出的二氧化碳納入封存。

They both are serious opportunities and paint that on the larger frame. For us to get to, whether it's 1.5 degrees, 2 degrees, you name the number, for us to get to any of those numbers, the world is going to need carbon capture and sequestration. There is no other way, including everything else. That is one piece of the puzzle, and we are uniquely suited to do that. We're excited about it.

它們都是重要的機會，並將其描繪在更大的框架上。對我們來說，無論是 1.5 度還是 2 度，只要你能說出數字，為了我們達到這些數字中的任何一個，世界將需要碳捕獲和封存。沒有其他辦法，包括其他一切。這是難題的一小部分，而我們非常適合做到這一點。我們對此感到興奮。

That was our last question. Okay. With that, thank you again for all of you for participating in the call. Whether it is our core technology, the business model with which, hopefully, you're looking at the numbers and agreeing with us that this is a model that leads to a very profitable business. If you look at our capability with hydrogen, 2 ways, producing the hydrogen with our electrolyzer, using hydrogen as a fuel cell, whether it's hydrogen natural gas, being able to do cooling with our CSP, and being able to offer carbon capture, whether it's straight natural gas to carbon capture or carbon capture for direct air capture. Bloom has it all. So we are excited about where the future is and look forward to updating you in 3 months Thank you.

這是我們最後一個問題。好的。在此，再次感謝大家參與此次電話會議。無論是我們的核心技術，還是我們的商業模式，希望您看到這些數字並同意我們的觀點，即這是一種可以帶來非常有利可圖的業務的模式。如果你看看我們在氫氣方面的能力，有兩種方式，用我們的電解槽生產氫氣，使用氫氣作為燃料電池，無論是氫天然氣，能夠用我們的CSP 進行冷卻，以及能夠提供碳捕獲，無論是它是直接將天然氣轉化為碳捕獲或將碳捕獲直接捕獲空氣。布魯姆擁有一切。因此，我們對未來感到興奮，並期待在 3 個月內向您更新，謝謝。

Thank you. Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

謝謝。女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。