Bloom Energy Corp (BE) 2023 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們先生們，謝謝你們的支持。

I would like to welcome everyone to the Bloom Energy Q4 2023 earnings conference call.

我歡迎大家參加 Bloom Energy 2023 年第四季財報電話會議。

At this time, all lines have been placed on mute to prevent any background noise.

此時，所有線路均已置於靜音狀態，以防止任何背景噪音。

After the speakers' remarks, there will be a question-and-answer session.

演講者發言後，將進行問答環節。

(Operator Instructions) Thank you.

（操作員說明）謝謝。

I will now hand the call over to Ed Vallejo, Vice President of Investor Relations.

我現在將把電話轉給投資者關係副總裁 Ed Vallejo。

You may begin your conference.

您可以開始您的會議了。

Thank you, and good afternoon, everybody.

謝謝大家，大家下午好。

Thank you for joining us for Bloom Energy's fourth-quarter 2023 earnings conference call.

感謝您參加 Bloom Energy 2023 年第四季財報電話會議。

To supplement this conference call, we furnished our fourth-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.

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 年第四季度收益新聞稿，並將其與補充財務資訊一起發布，我們將在本次電話會議中參考我們的投資者關係網站。

During this conference call, both in our prepared remarks and in answers to your questions, we may make forward-looking statements that represent our expectations regarding future events and our future financial performance.

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。

These include statements about the company's business results, products, new markets, strategy, financial position, liquidity, and full-year outlook for 2024.

其中包括有關公司業務業績、產品、新市場、策略、財務狀況、流動性和 2024 年全年展望的聲明。

These statements are predictions based upon our expectations, estimates and assumptions.

這些陳述是基於我們的預期、估計和假設的預測。

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.

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。

We assume no obligation to revise any forward-looking statements made on today's call.

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 conference call and in our fourth-quarter 2023 earnings press release, we refer to GAAP and non-GAAP financial measures.

在本次電話會議和 2023 年第四季財報新聞稿中，我們提到了 GAAP 和非 GAAP 財務指標。

The non-GAAP financial measures are not prepared in accordance with US Generally Accepted Accounting Principles, and are in addition to, and not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.

非 GAAP 財務指標並非根據美國公認會計準則編制，並且是根據 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。

A reconciliation between the GAAP and non-GAAP financial measures is included in our fourth-quarter 2023 earnings press release available on our Investor Relations website.

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 年第四季財報新聞稿中。

Joining me on the call today are KR Sridhar, Founder, Chairman and Chief Executive Officer; Greg Cameron, our President and Chief Financial Officer; and Aman Joshi, our Chief Commercial Officer.

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；格雷格‧卡梅倫，我們的總裁兼財務長；以及我們的首席商務官 Aman Joshi。

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 2024.

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 2024 年的前景。

And after our prepared remarks, we will have time to take your questions.

在我們準備好的發言之後，我們將有時間回答你們的問題。

I will now turn the call over to KR.

我現在會把電話轉給 KR。

Hello, everyone, and thanks for joining us today.

大家好，感謝您今天加入我們。

Let me start by thanking the Bloom Energy team for relentlessly working on our top objective of 2023, making the company profitable.

首先，我要感謝 Bloom Energy 團隊為我們 2023 年的首要目標不懈努力，讓公司獲利。

Together, we achieved profitability by maintaining price discipline, reducing product costs, improving service margins, and reducing operating costs.

我們共同透過維持價格紀律、降低產品成本、提高服務利潤和降低營運成本來獲利。

What a huge milestone for our company.

對我們公司來說這是一個多麼巨大的里程碑。

Now our goal for 2024 is to increase the profitability on a year-over-year basis.

現在我們 2024 年的目標是年比提高獲利能力。

In addition to record revenue, significantly improved margins, and record annual operating income, we introduced innovative products and offerings, including one just this week.

除了創紀錄的收入、顯著提高的利潤率和創紀錄的年度營業收入之外，我們還推出了創新產品和產品，其中包括本週推出的產品。

More on that later.

稍後會詳細介紹。

Now let me address the macros in the energy market.

現在讓我談談能源市場的宏觀問題。

Digital transformation, AI, electric vehicles, onshoring of manufacturing, and electrification of everything are all increasing demand for electricity at a rate never ever seen before.

數位轉型、人工智慧、電動車、製造業外包以及一切電氣化都在以前所未有的速度增加電力需求。

All these factors can drive demand for electricity up to 10 times more than the 0.5% average demand growth rate the utility industry is accustomed to for the last four decades.

所有這些因素都可以將電力需求推高至過去四十年公用事業行業所習慣的 0.5% 平均需求成長率的 10 倍。

Can a slow-moving industry and the failing grid meet this unprecedented demand challenge?

發展緩慢的產業和失敗的電網能否應對這一前所未有的需求挑戰？

Let's start with electricity generation.

讓我們從發電開始。

Even breakneck speeds of renewable expansion can at best address a very small fraction of this demand growth.

即使再生能源擴張速度極快，最多也只能滿足這項需求成長的一小部分。

In the last 10 years, all the new renewable capacity installed in the US produces less electrical energy than the deficit created by retired coal and nuclear power plants.

過去10年裡，美國所有新安裝的再生能源發電量所產生的電能都少於退役煤電廠和核電廠所產生的電能赤字。

New nuclear power will not be online during the next decade in a meaningful way.

新的核電在未來十年內不會以有意義的方式投入使用。

We have to rely on more natural gas to meet the electricity demand.

我們必須依靠更多的天然氣來滿足電力需求。

Once power is generated in faraway locations, it has to be transported to the demand centers by high-voltage transmission lines.

一旦在遙遠的地方發電，就必須透過高壓輸電線路將其輸送到需求中心。

While the National Renewable Energy Laboratory estimates that 90,000 miles of high-voltage transmission lines are needed to meet this growth, 90,000 miles, we have built less than 700 miles in 2022.

雖然國家再生能源實驗室估計需要 90,000 英里的高壓輸電線路才能滿足這一增長，但到 2022 年，我們已經建造了不到 700 英里的 90,000 英里。

All this suggests that as a nation, we will imminently face severe and huge power shortage that will last a couple of decades.

所有這些都表明，作為一個國家，我們將立即面臨持續數十年的嚴重、巨大的電力短缺。

This situation will be the same in many of the population centers and economic hubs around the world.

這種情況在世界各地的許多人口中心和經濟中心也將如此。

In the past few months, as I speak to CEOs and business leaders, energy security and power availability are top-of-mind issues for them and their Boards.

在過去的幾個月中，當我與執行長和企業領導人交談時，能源安全和電力可用性是他們及其董事會最關心的問題。

Most management teams today view the future supply and availability of electricity as a key enterprise risk.

如今，大多數管理團隊都將未來的電力供應和可用性視為企業的關鍵風險。

Unlike even five years ago, when most of the conversations were around cost of power, today, it is about the opportunity cost and business risk of not having power.

與五年前不同的是，當時大多數討論都是圍繞電力成本進行的，而今天，討論的焦點是沒有電力的機會成本和商業風險。

So how have these macros played out for Bloom Energy on our commercial side?

那麼，這些宏指令在商業方面對 Bloom Energy 發揮了怎樣的作用呢？

Let me start with data centers, particularly AI data centers.

讓我從資料中心開始，特別是人工智慧資料中心。

For the last few months, my team and I have been engaged deeply with several leading companies in the AI space, from CEOs all the way to working level technical teams.

在過去的幾個月裡，我和我的團隊與人工智慧領域的幾家領先公司進行了深入接觸，從執行長一直到工作層級的技術團隊。

The sales funnel for this sector alone is massive, not in the megawatts but in the gigawatts.

光是這個領域的銷售管道就很大，不是兆瓦級而是千兆瓦級。

The funnel is composed of several A-list companies with credible growth projections who are told by their utility companies to not rely on them for additional power.

該漏斗由幾家具有可靠成長預測的一流公司組成，公用事業公司告訴這些公司不要依賴它們提供額外電力。

They love Bloom's technology, our rapid deployment capability, and the flexibility and optionality of our solution.

他們喜歡 Bloom 的技術、我們的快速部署能力以及我們解決方案的靈活性和可選性。

They are actively working with us on design configurations and implementation scenarios.

他們正在積極與我們合作設計配置和實施場景。

In these interactions, our prospective customers tell us that in the absence of reliable and timely power from the grid, the Bloom Energy solution would be their best alternative.

在這些互動中，我們的潛在客戶告訴我們，在電網無法提供可靠且及時電力的情況下，Bloom Energy 解決方案將是他們的最佳選擇。

Unlike our sales funnels in other sectors in the past that had mostly single-digit megawatt opportunities, this sector offer tens and hundreds of megawatts per opportunity.

與過去其他行業的銷售管道大多只有個位數兆瓦的機會不同，該行業的每個機會提供數十甚至數百兆瓦的機會。

Most of the opportunities we are pursuing today are for greenfield data centers, in contrast to the past where we offered a cleaner and more reliable power upgrade to an existing data center facility.

我們今天尋求的大部分機會都是針對新建資料中心的，而過去我們為現有資料中心設施提供更清潔、更可靠的電力升級。

Greenfield opportunities inherently have elongated sales and implementation cycles.

新建機會本質上延長了銷售和實施週期。

The market in this sector is rapidly evolving, and we will have better visibility on timing as the year progresses.

該領域的市場正在迅速發展，隨著時間的推移，我們將更好地了解時機。

Over the coming years, I'm very excited about the Bloom solution for data center power and particularly AI data centers, as I see it as the single biggest segment for our growth in the next decade.

在未來幾年中，我對 Bloom 資料中心電源解決方案（尤其是人工智慧資料中心）感到非常興奮，因為我認為它是我們未來十年成長的最大部分。

This opportunity, I highlighted for data centers, carries over to other energy-intensive industries and service operations that require reliable power, such as semiconductor manufacturing, electric charging of bus, van and car fleets, and environmentally controlled warehouses.

我強調資料中心的這個機會也適用於其他需要可靠電力的能源密集型行業和服務運營，例如半導體製造、公共汽車、貨車和車隊的充電以及環境控制倉庫。

We are in various stages of commercial engagement with prospective customers, and I see great potential to convert some of this interest to bookings this coming year.

我們正處於與潛在客戶進行商業接觸的不同階段，我認為明年將部分興趣轉化為預訂的潛力巨大。

Let me now comment on our innovative product offerings.

現在讓我評論一下我們的創新產品。

In the second half of last year, we announced our Combined Heat and Power CHP offering.

去年下半年，我們宣布了熱電聯產熱電聯產產品。

This product offering can provide net-zero steam to process industries that are looking to lower their carbon intensity.

該產品可為尋求降低碳強度的加工產業提供淨零蒸氣。

Alternatively, using this team to create net-zero cooling will be a huge economic and environmental benefit to data centers.

另外，使用這個團隊創建淨零冷卻將為資料中心帶來巨大的經濟和環境效益。

We are also seeing a strong interest for our CHP offering in Europe.

我們也看到人們對我們在歐洲的熱電聯產產品產生了濃厚的興趣。

Earlier this week, we announced the Be Flexible offering.

本週早些時候，我們宣布了「靈活」產品。

This offering has taken our baseload solution offering and transformed it to meet a customer's varying load.

該產品採用了我們的基本負載解決方案，並對其進行了改造以滿足客戶的不同負載。

For utilities that need reserve power or for data centers whose power usage varies, the Be Flexible offering provides up to 50% cost savings, 50% carbon reduction at reduced load, and more than five times faster power ramp than legacy solutions such as diesel generators and gas turbines.

對於需要備用電力的公用事業公司或用電情況各異的資料中心，BeFlex 產品可節省高達50% 的成本，在負載減少的情況下減少50% 的碳排放，並且比柴油發電機等傳統解決方案快五倍以上的功率提升速度和燃氣渦輪機。

My team is working with several power companies to use the Be Flexible solution in front of the meter.

我的團隊正在與多家電力公司合作，在電錶前使用 Be Flex 解決方案。

On the international side, let me take a moment to talk about Korea.

在國際方面，我想談談韓國。

Five years ago, we started in Korea with our partners SK ecoplant and SK D&D.

五年前，我們與合作夥伴 SK ecoplant 和 SK D&D 一起在韓國起步。

We had a shared sense of purpose and goals.

我們有共同的使命感和目標。

We knew that together, we could grow and build a great business in Korea.

我們知道，只要齊心協力，我們就能在韓國發展並建立偉大的業務。

In the last five years, Bloom has sold over $4 billion of product and service to the Korean market and established Bloom SK as the market leader in fuel cell power generation.

在過去五年中，Bloom 已向韓國市場銷售了超過 40 億美元的產品和服務，並將 Bloom SK 確立為燃料電池發電市場的領導者。

We are positioning ourselves to sell over $4 billion of product and service in the coming four years.

我們的目標是在未來四年內銷售超過 40 億美元的產品和服務。

We are engaged as partners in the demonstration and deployment of hydrogen-based energy servers and hydrogen electrolyzers in Korea.

我們作為合作夥伴參與韓國氫能源伺服器和氫電解槽的示範和部署。

They are also partnering with us to open up new markets in other countries.

他們也與我們合作開拓其他國家的新市場。

In 2023, we had to hit a pause in the deployments to adapt to the new policy and procurement rules that the Korean government enforced in the middle of the year.

2023 年，我們不得不暫停部署，以適應韓國政府在年中實施的新政策和採購規則。

While that created a lowering of our sales to Korea in second half of 2023 and a slow start in first half of 2024, they are back on track, and we expect a strong business in Korea in the second half of 2024 and in the future.

雖然這導致我們在 2023 年下半年對韓國的銷售額下降，並在 2024 年上半年開局緩慢，但他們已回到正軌，我們預計 2024 年下半年及未來在韓國的業務將強勁。

For us, Korea is a model and global leader of energy policy progress and commercial adoption.

對我們來說，韓國是能源政策進步和商業應用的典範和全球領導者。

We are bullish about our future in the Korea market.

我們看好韓國市場的未來。

We hope to replicate it in other markets around the world.

我們希望在世界其他市場複製它。

Outside of Korea, under Tim Schweikert's leadership, we have opened five international markets and have our pilot programs going.

在韓國以外的地區，在 Tim Schweikert 的領導下，我們已經開放了五個國際市場，並正在進行試點計畫。

He and his team are building a strong pipeline in those countries and confident of opening at least two new global markets.

他和他的團隊正在這些國家建立強大的管道，並有信心打開至少兩個新的全球市場。

Based on the quality and quantity of the pipeline, we expect our international market to have a strong bookings growth in 2024.

根據管道的品質和數量，我們預計 2024 年國際市場的預訂量將出現強勁成長。

At the core of everything we do is our people.

我們所做一切的核心是我們的員工。

We are constantly working to both develop our existing talent and upgrade by adding new talent.

我們不斷努力發展現有人才並透過增加新人才進行升級。

Just last week, our CTO, Dr. Ravi Prasher, was elected to the prestigious National Academy of Engineering.

就在上週，我們的技術長 Ravi Prasher 博士被選為著名的國家工程院院士。

It's a huge honor and well-deserved recognition.

這是一項巨大的榮譽和當之無愧的認可。

Congratulations, Ravi.

恭喜，拉維。

In January, we were thrilled to welcome Aman Joshi as part of our Bloom leadership team.

一月份，我們很高興地歡迎 Aman Joshi 加入我們的 Bloom 領導團隊。

He joined as our Chief Commercial Officer after a long career in power generation sales.

在長期從事發電銷售工作後，他加入我們擔任首席商務官。

Aman will be responsible to grow our robust sales pipeline with a special focus on converting the opportunities to orders with urgency.

安縵將負責發展我們強大的銷售管道，特別注重將機會轉化為緊急訂單。

Aman, welcome, and over to you for a few remarks.

阿曼，歡迎您，請您發表幾句話。

Thank you, KR.

謝謝你，KR。

It's great to be speaking with you all today.

很高興今天能與大家交談。

I just want to say a few words.

我只想說幾句話。

First, I could not be more excited to join Bloom and be part of all the amazing things happening in this company.

首先，我非常高興能夠加入 Bloom，並成為這家公司發生的所有令人驚奇的事情的一部分。

The pace of innovation and the confidence in our company's future is palpable among the employees as I walk the floors.

當我在樓層中行走時，員工們可以明顯感受到創新的步伐和對公司未來的信心。

In my prior role, I spent over 20 years at General Electric, most recently focusing on gas turbines and power generation.

在我之前的職位中，我在通用電氣工作了 20 多年，最近的工作重點是燃氣渦輪機和發電。

In the past two years, I sold more than 5 gigawatts of generation capacity.

過去兩年，我銷售了超過5吉瓦的發電容量。

At GE, our focus was doing large-scale projects that were complex and incredibly important.

在通用電氣，我們的重點是進行複雜且極為重要的大型專案。

As we advance along the energy transition, it started becoming clear that natural gas and hydrogen are going to play a big role in helping decarbonize the world, both in energy and industrial sectors in the coming decade.

隨著我們沿著能源轉型的方向前進，我們開始清楚地認識到，未來十年，天然氣和氫氣將在幫助世界脫碳方面發揮重要作用，無論是在能源領域還是在工業領域。

Gas turbines and reciprocating engines are far less efficient when burning 100% hydrogen.

燃氣渦輪機和往復式發動機在燃燒 100% 氫氣時效率要低得多。

In addition, when they combust hydrogen, there are challenges around NOx emissions.

此外，當它們燃燒氫氣時，也存在氮氧化物排放方面的挑戰。

Bloom's solid oxide fuel cell can solve the hydrogen challenge today and generate zero carbon, zero SOx and zero NOx.

Bloom 的固態氧化物燃料電池可以解決當今的氫挑戰並產生零碳、零硫氧化物和零氮氧化物。

This is a game changer.

這是一個遊戲規則的改變者。

I decided to come to Bloom after seeing the product and realizing that it had arrived at an inflection in its ability to function at scale and be a solution for large, complicated, important, and timely projects.

在看到該產品並意識到它的大規模運作能力以及成為大型、複雜、重要和及時專案的解決方案的能力方面已經達到了一個拐點，我決定來到 Bloom。

Bloom is no longer just about potential, but it's real now and at scale.

Bloom 不再只是意味著潛力，而是現在且規模化的現實。

Bloom's energy servers can address the most pressing needs of customers across industries, including data centers, utilities and industrial processes.

Bloom 的能源伺服器可以滿足各行業客戶最迫切的需求，包括資料中心、公用事業和工業流程。

I'm excited about the pace of innovation here and the flexibility of the product suite.

我對這裡的創新步伐和產品套件的靈活性感到興奮。

Bloom is a kind of company that can move quickly to develop an application and deliver it to the market.

Bloom 是一家能夠快速開發應用程式並將其推向市場的公司。

Think about what KR said on CHP and the Be Flexible load-following product.

想想 KR 關於 CHP 和 Be Flex 負載追蹤產品所說的話。

The speed from idea to concept to product at Bloom is remarkable.

Bloom 從想法到概念再到產品的速度是驚人的。

Its product lead the industry.

其產品處於業界領先地位。

Just look at the Bloom electrolyzer, which tests have proven is the best and the most efficient in the market.

只要看看 Bloom 電解槽即可，測試已證明該電解槽是市場上最好、最高效的。

Bloom can solve the big problems that I know exist in the market, and I'm very pleased to now have an opportunity to sell these solutions to the customers that need them.

Bloom 可以解決我所知道的市場上存在的大問題，我很高興現在有機會向需要它們的客戶出售這些解決方案。

I look forward to speaking with you all further in the Q&A.

我期待在問答中與大家進一步交談。

For now, I'll turn it over to our CFO, Greg Cameron.

現在，我將把它交給我們的財務長格雷格·卡梅倫。

Thanks, KR, and welcome, Aman.

謝謝，KR，歡迎，阿曼。

Let me begin with a few highlights about our strong execution in 2023.

讓我先介紹一下我們 2023 年強勁執行力的一些亮點。

In the fourth quarter, we achieved revenue of $357 million, non-GAAP gross margins of 27.4%, non-GAAP operating income of $27.4 million and positive CFOA of $122 million.

第四季度，我們營收 3.57 億美元，非 GAAP 毛利率為 27.4%，非 GAAP 營業收入為 2,740 萬美元，正 CFOA 為 1.22 億美元。

These quarterly results accumulated into strong performance for the full year 2023.

這些季度業績累積成 2023 年全年的強勁業績。

We had record revenue of just over $1.33 billion, up 11% versus last year.

我們的營收創歷史新高，超過 13.3 億美元，比去年成長 11%。

Our non-GAAP gross margins were roughly 26%, up 280 basis points versus 2022.

我們的非 GAAP 毛利率約為 26%，比 2022 年成長 280 個基點。

We delivered on our milestone of positive non-GAAP operating income of $19 million, up nearly $53 million from the prior year.

我們實現了里程碑式的非 GAAP 營業收入 1,900 萬美元，比前一年增加了近 5,300 萬美元。

Our backlog for product and service is now over $12 billion, up 21% versus year-end 2022.

目前，我們的產品和服務積壓訂單已超過 120 億美元，比 2022 年底成長了 21%。

We entered 2024 with over $745 million in total cash.

進入 2024 年，我們的現金總額超過 7.45 億美元。

With those as highlights, let me provide some additional context for our performance.

以這些作為亮點，讓我為我們的表現提供一些額外的背景。

In the fourth quarter, we signed a 500-megawatt volume agreement with SK ecoplant.

第四季度，我們與SK ecoplant簽署了500兆瓦的發電量協議。

This is a recommitment of 250 megawatts under our 2021 agreement and a commitment for an incremental 250 megawatts.

這是我們根據 2021 年協議再次承諾 250 兆瓦，並承諾增量 250 兆瓦。

Under the new agreement, the 500 megawatts will be accepted through 2027, providing visibility for nearly $1.5 billion in product revenue over the next four years and $3 billion in service revenue over the next 20 years.

根據新協議，500兆瓦的發電量將持續到2027年，從而為未來四年內近15億美元的產品收入和未來20年30億美元的服務收入提供可見度。

The prior agreement was amended to reflect the implementation of the clean hydrogen portfolio standards in Korea.

先前的協議進行了修改，以反映韓國清潔氫組合標準的實施。

The new agreement adjusted the timing in deliveries, which reduced 2023 revenue by roughly $160 million versus the prior agreement's 2023 volume commitment.

新協議調整了交付時間，與先前協議的 2023 年銷售承諾相比，2023 年收入減少了約 1.6 億美元。

These deliveries in revenue are incorporated into the $1.5 billion that is expected to be recognized through 2027.

這些交付的收入已納入預計到 2027 年確認的 15 億美元收入。

As KR shared, global power demand is being driven by electrification, EVs and AI data centers.

正如 KR 所分享的，全球電力需求正在由電氣化、電動車和人工智慧資料中心推動。

The world's current generation, transmission, and distribution capacity will be incapable of meeting the additional electricity needs.

世界目前的發電、輸電和配電能力將無法滿足額外的電力需求。

Our fuel-flexible energy server with enhanced capability of combined heat and power, carbon capture, and load following is uniquely positioned to meet the needs today while providing optionality through the energy transition.

我們的燃料靈活能源伺服器具有增強的熱電聯產、碳捕獲和負載追蹤功能，具有獨特的優勢，可滿足當今的需求，同時透過能源轉型提供可選性。

Clearly, the macro trends are in Bloom's favor.

顯然，宏觀趨勢對布魯姆有利。

I'm very encouraged by Aman's addition to the team.

阿曼加入團隊讓我深受鼓舞。

He brings a wealth of experience in the distributed power generation market and rigorous commercial process mindset.

他帶來了分散式發電市場的豐富經驗和嚴謹的商業流程思維。

Even after just a few weeks in the role, he's already making significant impacts.

即使上任僅幾週，他就已經產生了重大影響。

Bloom remains committed to the 2025 targets for product margin, service margin, and profitability, as well as our long-term revenue growth rate.

Bloom 仍致力於實現 2025 年產品利潤率、服務利潤率和獲利能力以及長期收入成長率的目標。

As we move through the decade, most of the long-term growth will be driven by our power generation solutions.

隨著我們走過這十年，大部分長期成長將由我們的發電解決方案推動。

Our electrolyzer and marine products will contribute as those markets evolve.

我們的電解槽和船用產品將隨著這些市場的發展做出貢獻。

Our 2023 non-GAAP gross margins of 25.8% improved 280 basis points versus 2022.

我們 2023 年的非 GAAP 毛利率為 25.8%，比 2022 年提高了 280 個基點。

The margin improvement was driven by a 13% reduction in our unit product costs, offsetting a small reduction from pricing mix, resulting in over a 10% increase in our unit product profit.

利潤率的提高是由於我們的單位產品成本降低了 13%，抵消了定價組合的小幅下降，導致我們的單位產品利潤增加了 10% 以上。

Clearly, our efforts to lower material costs, coupled with automation and increased power output, are driving down product costs.

顯然，我們為降低材料成本所做的努力，加上自動化和增加的功率輸出，正在降低產品成本。

In every quarter in 2023, we have achieved double-digit cost reductions versus prior year, and we exceeded our 2023 product cost down target.

2023 年每個季度，我們都實現了兩位數的成本削減，超過了 2023 年產品成本下降的目標。

As we move into 2024, we expect to maintain our double-digit cost reductions.

進入 2024 年，我們預計將保持兩位數的成本削減。

As expected, our fourth-quarter results in service improved versus prior quarters as revenues grew, performance payments declined, and replacement power module costs reduced.

正如預期的那樣，隨著收入成長、績效付款下降以及更換電源模組成本降低，我們第四季的服務業績較前幾季有所改善。

We remain committed to our service business achieving 20% non-GAAP gross margins by 2025.

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。

We expect our service non-GAAP gross margins to continue to improve and will be a key driver to increasing our overall non-GAAP gross margins in 2024 and beyond.

我們預計我們的服務非 GAAP 毛利率將繼續提高，並將成為 2024 年及以後提高我們整體非 GAAP 毛利率的關鍵驅動力。

In the fourth quarter, we had positive CFOA of roughly $122 million, building our total cash balance to over $745 million.

第四季度，我們的正 CFOA 約為 1.22 億美元，使我們的總現金餘額超過 7.45 億美元。

In 2023, we made investments in increasing inventory that I would not expect to repeat in 2024.

2023 年，我們進行了增加庫存的投資，但我預計 2024 年不會再重複這種情況。

Additionally, I would expect our accounts receivable aging to reduce as we collect from a partner on a large project that has experienced delays.

此外，我預計我們的應收帳款帳齡會減少，因為我們從一個經歷過延誤的大型專案的合作夥伴那裡收款。

In the fourth quarter, we completed our targeted proactive restructurings.

第四季度，我們完成了有針對性的主動重組。

These were focused on managing costs, driving efficiencies, and optimizing our performance to ensure that as we grow revenue, our margins can improve and we can generate free cash flow and profitability.

這些措施的重點是管理成本、提高效率和優化績效，以確保隨著收入的成長，我們的利潤率可以提高，並且我們可以產生自由現金流和獲利能力。

As we move into 2024, we've consolidated our California stack manufacturing and reduced our operating expenses 19% versus the first half of 2023.

進入 2024 年，我們整合了加州的電池組製造，並將營運費用比 2023 年上半年減少了 19%。

A restructuring charge of roughly $7 million was recorded in the fourth quarter that has a pro forma adjustment to our non-GAAP reporting.

第四季記錄了約 700 萬美元的重組費用，該費用對我們的非 GAAP 報告進行了預計調整。

As we look forward to 2024, we expect to continue to grow our revenues and expand our margins.

展望 2024 年，我們預期營收將持續成長，利潤率將持續擴大。

Based upon our backlog and pipeline, we are targeting revenue of $1.4 billion to $1.6 billion.

根據我們的積壓訂單和管道，我們的目標收入為 14 億至 16 億美元。

We expect additional 200 basis points improvement in our non-GAAP gross margins to about 28%.

我們預計非 GAAP 毛利率將再提高 200 個基點，達到 28% 左右。

Based on these targeted revenue and margin performance, I would expect our non-GAAP operating profit to be between $75 million to $100 million.

根據這些目標收入和利潤表現，我預計我們的非 GAAP 營業利潤將在 7,500 萬美元至 1 億美元之間。

Consistent with prior years, second-half revenue should be greater than first half, driven by timing of Korea shipments and some large acceptances.

與往年一致，下半年營收應高於上半年，受韓國出貨時間和一些大額承兌的推動。

For the first half, I would expect revenue to be up mid-single digits, with improving profitability versus last year.

對於上半年，我預計營收將成長中個位數，獲利能力較去年有所改善。

For the first quarter, the range is a bit broad as we have projects that could be accepted in either the first or second quarter.

對於第一季度，範圍有點寬，因為我們有可以在第一季或第二季接受的項目。

First-quarter revenue could be flat to down 20% on a tough comparison as the first quarter 2023 was up nearly 40%.

與 2023 年第一季成長近 40% 相比，第一季營收可能持平甚至下降 20%。

Finally, let me spend a few minutes on my departure from Bloom Energy.

最後，讓我花幾分鐘談談我離開布魯姆能源公司的情況。

The last four years has been an amazing professional journey.

過去四年是一段令人驚嘆的職業旅程。

I want to thank KR, the Board, and the entire Bloom family for their support in allowing me to contribute to Bloom's success.

我要感謝 KR、董事會和整個 Bloom 家族的支持，讓我能為 Bloom 的成功做出貢獻。

I'm proud of how we've worked together to position Bloom for the future.

我為我們如何共同努力為布魯姆的未來定位感到自豪。

We've doubled revenues, improved margins, strengthened our balance sheet, doubled manufacturing capacity, and assembled a strong operating team.

我們的收入翻了一番，利潤率提高了，資產負債表得到了加強，製造能力翻了一番，並組建了一支強大的營運團隊。

The world needs Bloom's solutions, and I'm confident the Bloom team is poised to continue to deliver.

世界需要 Bloom 的解決方案，我相信 Bloom 團隊將繼續提供服務。

This has been a very hard decision for me, but I look forward to enjoying more time closer to my family.

這對我來說是一個非常艱難的決定，但我期待著享受更多與家人親近的時光。

So while there's rarely a perfect time for a transition, waiting for one often comes with a personal cost.

因此，雖然很少有完美的過渡時機，但等待過渡往往會帶來個人成本。

In the near term, I'll be focused on ensuring a smooth CFO transition.

短期內，我將專注於確保財務長的順利過渡。

I am confident in KR and the Board to find the right person to enable Bloom's continued success.

我對 KR 和董事會找到合適的人選以使 Bloom 持續成功充滿信心。

I remain very excited for Bloom's future.

我對布魯姆的未來仍然感到非常興奮。

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

那麼，接線員，請開通提問線路。

(Operator Instructions) Andrew Percoco, Morgan Stanley.

（操作員指示）Andrew Percoco，摩根士丹利。

Hi.

你好。

Thanks so much for taking the question.

非常感謝您提出問題。

Greg, first off, best of luck in your next endeavor, and thank you for your partnership over the last few years.

格雷格，首先，祝您下次努力好運，並感謝您過去幾年的合作。

It's been great.

太棒了。

And I guess maybe just to start out, on the AI data center theme, I think the idea around power shortages and bottlenecks is definitely gaining some momentum, and you guys have talked about your technology as a key solution for that end market.

我想也許只是從人工智慧資料中心主題開始，我認為圍繞電力短缺和瓶頸的想法肯定會獲得一些動力，你們已經談到你們的技術是該終端市場的關鍵解決方案。

KR, it sounds like you're having a lot of conversations with these tech companies that are pursuing AI.

KR，聽起來您正在與這些追求人工智慧的科技公司進行許多對話。

But I guess just given some of these power constraints, I would have thought that there would be a faster pace of development on some of these agreements.

但我想，鑑於其中一些權力限制，我以為其中一些協議的發展速度會更快。

So can you maybe just give me a sense for -- or give us a sense for where in the process you are in these conversations and maybe some of the remaining items that need to be negotiated or worked through to get these across the finish line?

那麼，您能否讓我了解一下，或者讓我們了解您在這些對話過程中處於什麼位置，以及可能需要談判或解決一些剩餘的項目，以完成這些項目？

And then maybe as a separate follow-up, you did allude to some delays in the South Korea market as a driver to downside in your 2023 revenue target.

然後，也許作為一個單獨的後續行動，您確實提到韓國市場的一些延遲是導致 2023 年收入目標下降的一個因素。

Can you just give us a sense for what's included in 2024 as it relates to South Korea and how you get comfortable with some of those regulatory changes?

您能否讓我們了解 2024 年涉及韓國的內容以及您對其中一些監管變化的適應程度？

Thank you.

謝謝。

Andrew, thank you so much.

安德魯，非常感謝你。

I will speak to the AI data centers, and I'll have Greg talk to the Korea markets, too, so -- and we can both add color to that.

我將與人工智慧資料中心進行交談，我還將讓格雷格與韓國市場進行交談，所以——我們都可以為此增添色彩。

So look, if I were to just tell you my last three days, having two days of Board meetings and today of earnings call, in addition to that, if I just look at four meetings I've had with large data center players, and this is leadership, C-suite CEO levels.

所以看，如果我只告訴你我過去的三天，兩天的董事會會議和今天的收益電話會議，除此之外，如果我只看我與大型數據中心參與者舉行的四次會議，並且這是領導力、首席高階主管執行長級別。

And at Bloom, these meetings are about greenfield data centers.

在 Bloom，這些會議都是關於新建的資料中心。

And collectively, these four opportunities that I met would add up in terms of a pipeline interest to more than 0.5 gigawatt.

總的來說，我遇到的這四個機會加起來就管道興趣而言將超過 0.5 吉瓦。

So that's what we are looking at in terms of what we are being told by these customers.

這就是我們根據這些客戶告訴我們的情況所關注的。

And if you just look at chips, whether it is the big chip companies and what their projections are, if you look at TSMC and the fabs and what their projections are and then multiply that by the amount of power they need, these numbers are very real numbers.

如果你只看晶片，無論是大型晶片公司以及他們的預測是什麼，如果你看看台積電和晶圓廠以及他們的預測是什麼，然後乘以他們需要的電量，這些數字非常實數。

But unlike what we talked about earlier, these are greenfield data centers.

但與我們之前討論的不同，這些是新建資料中心。

So as we are speaking to these customers, they're securing the land, they're securing their financing, they're securing their offtakes, they're trying to get their permits.

因此，當我們與這些客戶交談時，他們正在確保土地，他們正在確保融資，他們正在確保他們的承購權，他們正在努力獲得許可證。

So it is taking -- it's an elongated cycle.

所以這需要一個漫長的周期。

We expect the second half to be a lot more robust than the first half based on everything we are seeing.

根據我們所看到的一切，我們預計下半年將比上半年更加強勁。

And we could have continued to focus at a huge opportunity cost on the other traditional sectors through which we build our pipeline and gotten to a good first half.

我們本可以繼續以巨大的機會成本專注於其他傳統行業，透過這些行業我們建立了我們的管道並取得了良好的上半年業績。

But we are fiscally disciplined.

但我們有財務紀律。

We are very deliberate on choosing our opportunities, and we see this as an extremely real opportunity with a great focus.

我們在選擇機會時非常慎重，我們認為這是一個非常真實的機會，而且重點突出。

And therefore, we are honed in on it, and very optimistic about where our future is going to be in this area.

因此，我們對此進行了磨練，並對我們在這一領域的未來前景非常樂觀。

Greg, do you want to talk about Korea?

格雷格，你想談談韓國嗎？

Yeah, sure.

好，當然。

And Andrew, thank you for your kind words.

安德魯，謝謝你的客氣話。

I've enjoyed the partnership as well.

我也很享受這段合作關係。

So on Korea, as the change came in with the clean hydrogen portfolio standard, it was known all the way back to 2021 that this change was coming, and we didn't know exactly how it was going to impact the market.

因此，在韓國，隨著清潔氫組合標準的變化，早在 2021 年就知道這項變化即將到來，但我們並不確切知道它將如何影響市場。

But at the time, as partners said, if this does impact timing, then we're going to have to come back to the table, which we did.

但當時，正如合作夥伴所說，如果這確實影響了時間安排，那麼我們將不得不回到談判桌，而我們確實這樣做了。

I think going forward, looking at where the market is and looking at the bidding process that is there, as we go into this year being '24 and into next year, I think our partners there have a pretty good understanding of how the market is going to play out.

我認為展望未來，看看市場在哪裡，看看那裡的投標過程，當我們進入今年的“24”和明年時，我認為我們的合作夥伴對市場的情況有很好的了解要去玩了。

And one of the changes that we made to the agreement that we didn't have before is we now have quarterly minimums in place.

我們對協議所做的一項以前沒有的改變是我們現在製定了季度最低限額。

Before, we had annual minimums and it left us with some uncertainty as we went through the year.

之前，我們有年度最低限度，這給我們在這一年中留下了一些不確定性。

We now have quarterly minimums where we can look at to make sure we're on track for the year.

我們現在有季度最低限度，我們可以查看以確保我們今年已步入正軌。

So I think that was a good change.

所以我認為這是一個很好的改變。

If I look forward in the market out two, three, four, five, six years, that market is going to continue to expand, and the technologies are actually going to come together.

如果我展望市場未來兩年、三年、四年、五年、六年，這個市場將繼續擴大，技術實際上將融合在一起。

So you won't have separate swim lanes for fuel cells versus combustion versus other things.

因此，燃料電池與燃燒與其他事物之間不會有單獨的泳道。

That market is going to continue to grow, both for natural gas as it transitions to hydrogen.

隨著天然氣向氫氣的轉變，該市場將繼續成長。

And I feel very good about Bloom's products, both on the fuel cell side as well as the electrolyzer to do really well in Korea.

我對Bloom的產品感覺非常好，無論是在燃料電池方面還是在電解槽方面都在韓國做得非常好。

So I'm really encouraged with that market.

所以我對這個市場感到非常鼓舞。

I have enjoyed my partnership with both ecoplant and D&D very much, and have had the pleasure of spending some time with them over the last few years, and they've just been nothing but great partner.

我非常享受與 ecoplant 和 D&D 的合作關係，並且在過去幾年中很高興與他們共度時光，他們只是偉大的合作夥伴。

So we're really excited about our partnerships there, and we're excited about the market.

因此，我們對在那裡的合作夥伴關係感到非常興奮，我們對這個市場也感到興奮。

Manav Gupta, UBS.

馬納夫古普塔，瑞銀集團。

Good morning, guys.

早上好傢伙。

My quick question here is the 2024 is a range.

我的簡單問題是 2024 年是一個範圍。

Help us understand what could push you towards the top end of the range of $1.6 billion in revenue.

幫助我們了解什麼可以推動您邁向 16 億美元收入的頂峰。

And also just a quick clarification.

也只是一個快速的澄清。

You are very capital disciplined.

你非常有資本紀律。

So with $75 million to $100 million in operating profit, would that imply minimum cash burn and very small needs, if any, for any external financing?

那麼，營業利潤為 7,500 萬至 1 億美元，這是否意味著現金消耗最少，並且對任何外部融資的需求（如果有的話）也很小？

If you could address those issues.

如果你能解決這些問題。

Thank you.

謝謝。

Yeah.

是的。

Sure, Manav.

當然，馬納夫。

It's Greg.

是格雷格。

So listen, when we pulled the plan together for this year, and we looked at it, and this is why a little bit in my script, I talked about being up kind of mid-single digits is where I think the company will be at the midpoint in the year.

所以聽著，當我們制定今年的計劃時，我們進行了研究，這就是為什麼在我的劇本中，我談到了我認為公司將達到中個位數的水平年中點。

And that gives us kind of the way we've looked at it before, which is the 35% to 40% of our revenue is going to be earned in the first half versus the second half.

這給了我們一種我們之前看待它的方式，即我們的收入的 35% 到 40% 將在上半年獲得，而下半年則不同。

What's going to drive us from the lower end of the guide to the higher end of the guide is really on a list of projects that we see both in the US, broadly international and in Korea.

將我們從指南的低端推向指南的高端的實際上是我們在美國、廣泛的國際和韓國看到的項目清單。

And my expectation is as we go through the year, we are going to get more and more clarity around the timing of those projects.

我的期望是，隨著這一年的過去，我們將越來越清楚這些項目的時間安排。

I am very bullish that we are going to win our fair share of those projects, and they're either going to fall in late 2024 or early '25.

我非常樂觀地認為，我們將贏得這些項目的公平份額，而它們要么會在 2024 年末或 25 年初落下。

So my expectation as we go through the year, it's not so much will we have the projects, it will be the timing of those projects.

因此，我對這一年的期望並不在於我們是否會擁有項目，而在於這些項目的時機。

But our full expectation, my full expectation for Bloom is that it will leave 2024 with a bunch of commercial momentum, both in winning deals as well as delivering on systems.

但我們對 Bloom 的全部期望是，它將為 2024 年帶來大量商業動力，無論是在贏得交易還是在系統交付方面。

And that would drive us to the higher end of the range, I'm hopeful.

我希望這將推動我們達到更高的水平。

On the question around cash burn, listen, the metric that I look at, right, is the EBITDA metric.

關於現金消耗的問題，聽著，我關注的指標是 EBITDA 指標。

And that says, is the company burning cash on running itself?

也就是說，該公司是否在自我營運上燒錢？

And we've been positive on EBITDA over the last couple of years.

過去幾年我們對 EBITDA 持樂觀態度。

So our CFOA usage has been more around investing in inventories and other things preparing for the growth in those systems.

因此，我們的 CFOA 更多地用於庫存投資和其他為這些系統的成長做準備的事情。

And I don't expect to change the view on the inventory levels year over year, where we grew them significantly from '22 to '23.

我預計不會逐年改變對庫存水準的看法，從 22 年到 23 年，我們的庫存水準大幅成長。

I would not expect the similar level of growth next year.

我預計明年不會出現類似的成長水準。

It was really a way to make sure that we had the business position going forward.

這確實是確保我們繼續保持業務地位的一種方式。

If that was the case, that would say you have more opportunity to generate cash in that CFOA bucket than not because you're not investing in the working capital.

如果是這樣的話，那就意味著你有更多的機會在 CFOA 桶中產生現金，因為你沒有投資於營運資金。

As I think about the capital needs for the company, one thing that's going to be out there that we're going to need to think about is the 2025 $220 million convert will come current in August.

當我考慮公司的資本需求時，我們需要考慮的一件事是 2025 年 2.2 億美元的轉換將於 8 月到位。

It's not coming due until August of 2025.

它要到 2025 年 8 月才能到期。

But that will be something that the company can be opportunistic around when it chooses to address that.

但當公司選擇解決這個問題時，這將是一個機會主義的問題。

And with our cash balances and that value of $220 million, we could easily pay that off if we chose.

憑藉我們的現金餘額和 2.2 億美元的價值，如果我們願意的話，我們可以輕鬆還清這筆錢。

So I think the company has a lot of options on when and how it addresses those capital needs.

因此，我認為公司在何時以及如何滿足這些資本需求方面有很多選擇。

Dushyant Ailani, Jefferies.

杜希安特·艾拉尼，杰弗里斯。

Thank you for taking my questions.

感謝您回答我的問題。

Wanted to quickly just talk about thoughts on electrolyzer sales going into 2025.

我想快速談談 2025 年電解槽銷售的想法。

I know that you guys mentioned you're optimistic on that.

我知道你們提到對此持樂觀態度。

But I think just given some delays in FIDs in LSB, I just wanted to get your thoughts there.

但我認為，鑑於 LSB 的 FID 出現了一些延誤，我只是想了解您的想法。

So this is KR, and I'll have Greg add some additional comments to that.

這就是 KR，我會讓 Greg 補充一些額外的評論。

Look, we have shown '26 and beyond as there's going to be meaningful electrolyzer revenue.

看，我們已經表明 26 年及以後將會有有意義的電解槽收入。

We think that's still a possibility.

我們認為這仍然是一種可能性。

Let me walk you through the few things that we're looking at right now.

讓我向您介紹一下我們現在正在關注的一些事情。

As we have told you, we have publicly mentioned in four of the seven hubs, we are working with some other hubs too, but let's just talk about the four hubs.

正如我們告訴您的那樣，我們已經公開提到了七個中心中的四個，我們也正在與其他一些中心合作，但我們只討論這四個中心。

These projects are in the pre-FEED engineering right now as we speak, and Bloom is supporting those projects as an OEM.

正如我們所說，這些專案目前正處於預 FEED 工程階段，Bloom 正在作為 OEM 支援這些專案。

But as you very well know, winning the money for the hub on an 80-20 rule is the 20 side.

但眾所周知，在 80-20 法則中，為中心贏得資金的是 20 方。

The 80% of whether these go to FEED and beyond is going to depend on the regulations that come on the production tax credit from the DOE.

其中 80% 是否用於 FEED 及其他，將取決於能源部生產稅收抵免的規定。

That's what's going to drive it.

這就是推動它的因素。

So as we sit here, we are supporting those.

因此，當我們坐在這裡時，我們支持這些。

But the delays in the PTC is going to delay those implementations as we see it.

但正如我們所見，PTC 的延遲將延遲這些實施。

But we are ready, able, and willing to support those things, number one.

但我們已經準備好、能夠並且願意支持這些事情，這是第一名。

If you look outside of the US right now, we are in pre-FEED studies in multiple geographies, including Europe, Middle East, and Australia, and we are like working on those.

如果你現在看看美國以外的地區，我們正在多個地區進行 FEED 前的研究，包括歐洲、中東和澳大利亞，我們正在致力於這些工作。

And if you look at our project of demonstrating with a nuclear power plant with Xcel Prairie Island, we have already shipped our unit.

如果你看看我們在 Xcel Prairie Island 上展示核電站的項目，你會發現我們已經發貨了。

Now it's with the customer who is going to integrate it and start running it.

現在由客戶來整合它並開始運行它。

If you look at our INL project with the Idaho National Lab, they can't stop saying enough good things about us.

如果您看看我們與愛達荷州國家實驗室的 INL 項目，您會發現他們對我們讚不絕口。

That unit we shipped out there is working extremely well, not just performing but exceeding expectations.

我們發貨的那台設備運作得非常好，不僅表現良好，而且超出了預期。

So that's a summary of our electrolyzer program.

這就是我們電解槽計畫的摘要。

Yeah.

是的。

I think here's what I'd add is, in addition to that, right, our technology is the most efficient on the market today, and we have over 2 gigawatts of capacity.

我想我要補充的是，除此之外，我們的技術是當今市場上最高效的，而且我們擁有超過 2 吉瓦的容量。

What you get with Bloom is optionality.

布魯姆帶給你的是選擇性。

So we see in the near term, and we've always talked about this with our long-term growth rates, the majority of the short-term growth is going to be driven by our core power generation product.

因此，我們認為，在短期內，我們一直在談論我們的長期成長率，大部分短期成長將由我們的核心發電產品驅動。

Now what's great about that is we are building out all of the manufacturing capacity, the supply chain, the automation, driving down the cost around our stacks and columns, and it's the same product, whether we put it in as a fuel cell or as an electrolyzer.

現在最棒的是我們正在建造所有的製造能力、供應鏈、自動化，降低我們的煙囪和塔的成本，而且它是相同的產品，無論我們將其作為燃料電池還是作為燃料電池電解槽。

So we are learning every day on how to drive that cost curve down, and we're not waiting for that.

因此，我們每天都在學習如何降低成本曲線，而且我們不會等待這一點。

As well as every day, we get a billion data points coming in and how those stacks and columns are performing in the field.

我們每天都會收到十億個數據點，以及這些堆疊和列在現場的表現。

So while we wait for the market to evolve -- and it will evolve -- and when it does, we think we have a great product that's going to have really high efficiencies, and we will be ready to manufacture it for our customers.

因此，當我們等待市場發展時——它將會發展——當它發展時，我們認為我們有一個偉大的產品，它將具有非常高的效率，我們將準備好為我們的客戶製造它。

But in the meantime, with Bloom, what you get is amazing optionality because we're not waiting on that market to develop.

但同時，有了 Bloom，您將獲得驚人的選擇性，因為我們不會等待市場的發展。

We still have a company last year that generated $1.33 billion in revenue as it built out the business.

我們還有一家公司去年在業務拓展過程中創造了 13.3 億美元的收入。

Pavel Molchanov, Raymond James.

帕維爾·莫爾恰諾夫，雷蒙德·詹姆斯。

Thanks for taking the question.

感謝您提出問題。

I guess it was about a year ago, you entered the European market for the first time.

我想大概是在一年前，你們第一次進入歐洲市場。

And it is Europe where some of the green hydrogen projects are moving forward.

一些綠氫計畫正在歐洲推進。

So I know you've sold some fuel cells in the UK and elsewhere.

所以我知道你們在英國和其他地方銷售了一些燃料電池。

Are you making any progress with the electrolyzer product in Europe?

你們在歐洲的電解槽產品有進展嗎？

So we are in pre-FEED studies with a few potential customers in Europe as we speak.

因此，正如我們所說，我們正在與歐洲的一些潛在客戶進行前端前端研究。

But let's dial in for a second on the green hydrogen story too, right?

但我們也來討論一下綠氫的故事，對嗎？

Andrew started off by talking about the power shortage and what we do.

安德魯首先談論了電力短缺和我們所做的事情。

The power is electricity and it's that electricity that makes the molecule.

能量就是電，正是電製造了分子。

So the fact that there's a shortage of that electricity even when it's being made is going to stress making a molecule with that electricity.

因此，即使在製造電力時，電力仍然短缺，這一事實會給用該電力製造分子帶來壓力。

That's the macro that we need to understand.

這就是我們需要理解的宏。

And then, say, if you're going to make that molecule with that precious electricity, obviously, the technology that uses less of that electricity is what's going to win.

然後，比如說，如果你要用寶貴的電力來製造這種分子，顯然，使用較少電力的技術將會獲勝。

So we're very confident in Europe to be able to get there.

因此，我們對歐洲能夠實現這一目標非常有信心。

And we are talking to several customers right now.

我們現在正在與幾位客戶交談。

But it seems to us that the pace of implementation is going to be slower than what all of us want.

但在我們看來，實施的步伐將比我們所有人想要的還要慢。

However, as Greg correctly alluded, and I want to underline that, for us, that's an optionality.

然而，正如格雷格正確暗示的那樣，我想強調，對我們來說，這是一種選擇。

And not being a pure play just on electrolyzers is an amazing competitive advantage for us, and I can't overemphasize that.

對我們來說，不只專注於電解槽是一個驚人的競爭優勢，這一點我怎麼強調都不為過。

Thank you very much.

非常感謝。

Ben Kallo, Baird.

本卡洛，貝爾德。

Hey.

嘿。

Thank you, guys.

感謝你們。

And, Greg, sorry to see you leave.

而且，格雷格，很遺憾看到你離開。

Just thinking about -- this year, can we talk a little bit, KR, maybe about the Fremont factory ramps up?

只是想——今年，KR，我們可以談談弗里蒙特工廠的擴建嗎？

If we should see a margin impact in different times because of the ramp up?

我們是否會因為成長而在不同時間看到利潤率影響？

And then there's some confusion about the different servers that you sell.

然後，您銷售的不同伺服器會出現一些混亂。

Could you update us on what servers you're selling now and how that impacts sales?

您能否向我們介紹一下您現在銷售哪些伺服器以及這對銷售有何影響？

And I'll follow-up.

我會跟進。

Hey, Ben, it's Greg.

嘿，本，我是格雷格。

I'll take the question on Fremont.

我將回答有關弗里蒙特的問題。

So at the end of last year, we had a major milestone in the company in that we exited our previous factory in Sunnyvale.

因此，去年年底，我們公司迎來了一個重要的里程碑，我們退出了先前位於森尼韋爾的工廠。

And we've now consolidated all of our manufacturing capacity in Fremont there.

我們現在已經整合了弗里蒙特的所有製造能力。

All the tooling has moved over and we've kept it just shy of that 700 megawatts of capacity when you have all that tooling there.

所有工具都已轉移，當您擁有所有工具時，我們將其容量保持在 700 兆瓦以下。

I think we can still at least double, if not more, based on the size commitments and our ability to drive more automation and density in that space.

我認為，根據規模承諾以及我們在該領域推動更多自動化和密度的能力，我們仍然可以至少增加一倍（如果不是更多）。

From a cost standpoint, there's dollars that we're going to save between rent and utilities and indirect labor being over the both operating factories.

從成本的角度來看，我們將在租金和水電費以及兩家營運工廠的間接勞動力之間節省一些美元。

That's going to have an improvement in our product cost year over year.

這將使我們的產品成本逐年提高。

I would also say that we're going to find -- by running two factories within driving distance of each other, we're going to find some hidden factories in that process that's going to continue to take cost out.

我還想說，我們會發現——透過經營兩家距離彼此不遠的工廠，我們會在這個過程中找到一些隱藏的工廠，這些工廠將繼續降低成本。

We set a target for the team of at least double digits, 10% down, but they know very well that their target is higher internally than the one I'm going to give externally.

我們為團隊設定了至少兩位數的目標，下降了10%，但他們非常清楚，他們的目標在內部比我要在外部給出的目標更高。

And I think that they've got ample room to continue to drive not only material cost down, but increased automation and to make sure that they are contributing to our margin improvement this year as they did last year.

我認為他們有足夠的空間來繼續降低材料成本，提高自動化程度，並確保他們像去年一樣為我們今年的利潤率提高做出貢獻。

They overachieved by 100 basis points.

他們超額完成了 100 個基點。

We got 13% versus our target of 12%.

我們的目標是 12%，而我們的目標是 13%。

So full confidence that they'll overachieve again.

如此充滿信心，他們將再次取得超額成就。

Colin Rusch, Oppenheimer.

科林‧魯施，奧本海默。

Thanks so much.

非常感謝。

You gave us some color a little bit on some of the customers and the backlog for the year.

您向我們介紹了一些客戶和今年的積壓訂單。

But could you talk a little bit about the sales cycle and whether that's accelerating or decelerating at all with some of these bigger projects?

但您能否談談銷售週期以及其中一些較大項目的銷售週期是加速還是減速？

And with the mix and the incremental backlog moving pretty aggressively into the service revenue, just understanding what the dynamic is there.

隨著混合和增量積壓相當積極地進入服務收入，只需了解其中的動態即可。

Sure.

當然。

Let me start with the service, because mathematically, remember that each year in our backlog, we absorb into revenue out of the backlog only one year of the service.

讓我從服務開始，因為從數學上來說，請記住，在我們的積壓中，我們每年僅從積壓中吸收一年的服務收入。

And then you add to that all of the additional service revenue on the deals that you booked.

然後將您預訂的交易中的所有額外服務收入添加到其中。

And then when you've got something like Korea that is a 20-year high-performance commitment, the service payments there are high.

然後，當像韓國這樣的國家做出了 20 年的高績效承諾時，那裡的服務費用很高。

And that's what drove the differences on the volumes between if you looked at mid-single digits on product and over 20% on service, and that's how that mathematically ticks together.

如果你看看產品的中個位數和超過 20% 的服務，這就是銷售差異的原因，這就是數學上的互動。

I think on the sales cycle -- I'll start with it -- I'm very encouraged with Aman coming in.

我認為在銷售週期上——我將從它開始——安縵的加入讓我深受鼓舞。

I made it in my prepared comments.

我在準備好的評論中做到了這一點。

What I like about Aman coming in is a couple of things.

我喜歡安縵的原因有幾個。

One is he's sold in this space before.

一是他以前在這個地方被賣過。

And although we didn't overlap directly, I was a GE Capital guy, he was an industrial guy, but we both have the same training with corporate audit staff and other places and bring an incredible hopeful mind -- bring that GE mindset around process.

雖然我們沒有直接重疊，但我是通用電氣資本公司的員工，他是工業部門的員工，但我們都接受過與公司審計人員和其他地方相同的培訓，並帶來了令人難以置信的充滿希望的心態－將通用電氣的思維方式帶入流程。

But as well as he knows the space very well.

但他也非常了解這個空間。

So I think the combination of process as well as his commercial acumen is going to continue to make sure that we're accelerating some of these larger transactions in, because there's an overlap on how he saw the world before and how we see the world, and I think it's a really good fit.

因此，我認為流程和他的商業頭腦的結合將繼續確保我們加速其中一些較大的交易，因為他之前如何看待世界和我們如何看待世界有重疊，我認為這非常合適。

Colin, I would add to that the following things, right?

科林，我會補充以下內容，對嗎？

Number one, like I said, these are much bigger projects, which means you would expect a slightly more elongated cycle.

第一，就像我說的，這些是更大的項目，這意味著你會期望一個稍微更長的週期。

There are more greenfield projects and not brownfield projects.

綠地項目較多，棕地項目較少。

You would expect an elongated cycle.

你會期望一個更長的周期。

Having said that, the macro of lack of power is going to make people take decisions faster because they don't have a choice.

話雖如此，缺乏權力的宏觀狀況會讓人們更快地做出決定，因為他們別無選擇。

There's a forcing function not coming from us on the selling side, but from the customer needing that solution.

這種強制功能不是來自銷售方的我們，而是來自需要該解決方案的客戶。

We are a solution that the customer needs.

我們是客戶需要的解決方案。

Now, Aman coming and joining us like Greg correctly pointed out, have sold 5 gigawatts worth of power globally in the last two years.

現在，Aman 加入我們，就像格雷格正確指出的那樣，過去兩年在全球銷售了價值 5 吉瓦的電力。

So he knows a thing or two about taking complex deals and shrinking the cycle.

因此，他對進行複雜交易和縮短週期略知一二。

That's what we expect him to do out here.

這就是我們期望他在這裡做的事情。

Michael Blum, Wells Fargo.

麥可布魯姆，富國銀行。

Thanks.

謝謝。

Greg, thanks for all your help through the years and wish you the best of luck.

格雷格，感謝您多年來的幫助，祝您好運。

Wanted to -- in your prepared remarks, you reiterated the long-term targets, driven mostly by the core power generation business.

在您準備好的演講中，您重申了主要由核心發電業務推動的長期目標。

You've kind of addressed the electrolyzers to some degree, but you seemed at least to me a little less optimistic on the marine segment.

您在某種程度上談到了電解槽，但至少在我看來，您對海洋領域的看法不太樂觀。

So just wanted to get a sense of maybe for both of those, but specifically the marine, any progress and what's your kind of latest outlook there?

所以只是想了解這兩個方面，特別是海軍陸戰隊，有什麼進展嗎？您對那裡的最新前景有何看法？

Yeah, I'll start, because I'll just address it, and then KR has been really close to that market as of late.

是的，我會開始，因為我會解決這個問題，然後 KR 最近已經非常接近這個市場了。

So listen, for me, as we built out our long-range targets over the decade, we always planned on marine really beginning to contribute in the back half of the decade.

所以聽著，對我來說，當我們制定這十年來的長期目標時，我們總是計劃海洋在這十年的後半段真正開始做出貢獻。

And I'd say that as we continue to look at our overall framework, we see that timing is probably still about where I'd expect it to be.

我想說，當我們繼續審視我們的整體框架時，我們發現時間安排可能仍然與我預期的一致。

So as I think about contributors to 2024, 2025 for the business, it's really focused on delivering our power generation equipment with all its enhancements.

因此，當我想到 2024 年、2025 年業務的貢獻者時，它真正關注的是提供我們的發電設備及其所有增強功能。

And I think that is a wise way in which we built our long-term framework was that we were building it based off the market we saw.

我認為我們建立長期框架的明智方法是我們根據我們看到的市場來建立它。

And then as other markets evolved, it would enhance and increase our growth rates.

然後，隨著其他市場的發展，我們的成長率也會提高。

So that -- so everything is still there.

所以——所以一切都還在那裡。

It's still about where I thought it would be, and our full expectation that it will be an enhancement to our power generation business as we move out later in this decade.

這仍然是我所想的，我們完全期望當我們在本十年晚些時候搬出時，這將增強我們的發電業務。

KR, you've been close to this market.

KR，你已經很接近這個市場了。

Sure.

當然。

So let me take marine and expand that to shipping as a whole, okay?

那麼，讓我以海運為例，擴展到整個航運領域，好嗎？

So the reason to do that is when we talked to you first, we talked about cargo ships.

所以這樣做的原因是當我們第一次和你們談話時，我們談到了貨船。

Now -- like container ships.

現在——就像貨櫃船一樣。

The opportunity with cruise ships and yachts is very interesting, and we have several customers extremely interested in this.

遊輪和遊艇的機會非常有趣，我們有幾位客戶對此非常感興趣。

You heard about our MSC Europa and we are working with the likes of Royal Caribbean on this.

您聽說過我們的 MSC Europa，我們正在與皇家加勒比等公司合作。

And so what we are doing is we are forming a consortium of these people, the key players in this field, to give us a common set of requirements, so we can develop a product that spans across the entire industry.

因此，我們正在做的是，我們正在組建一個由這些人（該領域的關鍵參與者）組成的聯盟，為我們提供一套共同的要求，以便我們可以開發出跨越整個行業的產品。

That's one.

這是一個。

But the second part where they are seeing their pain points is when they get to port, having enough power at the port.

但他們看到的第二個痛點是當他們到達港口時，港口有足夠的電力。

And this is our bread and butter business that we need to be able to customize using our Be Flexible platform to be able to provide port power.

這是我們的麵包和黃油業務，我們需要能夠使用我們的靈活平台進行定制，以便能夠提供港口電力。

So this is again something we are working on.

所以這又是我們正在努力的事情。

So like Greg said, expect this to be the '26-plus revenue, but we think this is a very important area for us and we are continuing to work.

因此，就像格雷格所說，預計這將是 26 歲以上的收入，但我們認為這對我們來說是一個非常重要的領域，我們正在繼續努力。

Julien Dumoulin-Smith, Bank of America.

朱利安·杜穆蘭-史密斯，美國銀行。

Hey, team.

嘿，團隊。

This is actually Cameron Lochridge on from BofA on Julien's team.

這其實是 Julien 團隊中來自美國銀行的 Cameron Lochridge。

I just wanted to come back and real quick ask about the backlog and just the composition there.

我只是想回來快速詢問一下積壓的情況以及那裡的組成。

If you can give a little bit more color around bifurcating between SK and what else is included there?

如果你能在 SK 和其他內容之間的分歧上提供更多的色彩嗎？

Specifically, if there's any orders related to data centers or hydrogen.

具體來說，是否有任何與資料中心或氫氣相關的訂單。

Just kind of if you could give a little more color on the composition of the backlog right now.

如果您現在可以對待待辦事項的構成提供更多的資訊就好了。

Yeah.

是的。

Cameron, it's Greg.

卡梅倫，我是格雷格。

So listen, on our backlog, I would tell you it still is -- the vast majority of it is around our natural gas fuel cell lease as they start.

所以聽著，在我們的積壓工作中，我會告訴你它仍然是——其中絕大多數是圍繞我們的天然氣燃料電池租賃開始的。

Our customer obviously has optionality to move that to a hydrogen fuel cell in the future, but the primary product at which we're selling there is -- today they're -- as we move forward, I would expect that backlog to expand to electrolyzers and other things, and that's why we've killed the megawatt metric and just focused on dollars because that's the most important.

我們的客戶顯然​​可以選擇在未來將其轉移到氫燃料電池，但我們在那裡銷售的主要產品 - 今天是 - 隨著我們的前進，我預計積壓的產品將擴大到電解槽和其他東西，這就是為什麼我們取消了兆瓦指標並只專注於美元，因為這是最重要的。

As you think about Korea, we talked about that in the call for both product and service and that's out there.

當你想到韓國時，我們在產品和服務的電話會議中談到了這一點，這已經存在了。

And as you do the variances year over year, you can see that we've incorporated the entire Korea opportunity that we have with ecoplant in that backlog.

當您逐年進行差異分析時，您可以看到我們已將ecoplant 在整個韓國的機會納入了積壓訂單中。

So it's pretty healthy at the size given the overall volume of it at $12 billion on a -- the company is short -- just shy of $2 billion, and we're really excited about to continue to grow that and provide the revenue for the business going forward.

因此，考慮到其總規模為 120 億美元（該公司很短），其規模相當健康，略低於 20 億美元，我們非常高興能繼續增長這一規模並為該公司提供收入。業務向前發展。

Chris Dendrinos, RBC Capital Markets.

Chris Dendrinos，加拿大皇家銀行資本市場部。

Yeah, thank you.

是的，謝謝。

You all talked quite a bit about the large opportunities, the data centers, the Korea.

你們都談到了巨大的機會、資料中心、韓國。

Well, I wanted to hone in a bit more on the singles, the doubles or the bunts of the company.

好吧，我想在公司的單打、雙打或短打上多磨練一下。

And what's the demand environment for that right now?

目前的需求環境如何？

How much is it being impacted by interest rates, and maybe just overall kind of perception of that market, how are things kind of looking right now?

它在多大程度上受到利率的影響，也許只是對該市場的整體看法的影響，目前情況如何？

Thanks.

謝謝。

Yeah, let me start with the interest rates, and we talked about this 90 days ago on the last call.

是的，讓我從利率開始，我們在 90 天前的最後一次電話會議上討論過這個問題。

When you think about other companies that are in the space and the impact of interest rates on their pricing as well as their competitiveness to the customer, the one thing that's different about the Bloom solution is if you break it down into how much is CapEx versus fuel versus service, roughly say it's a third, a third, a third.

當您考慮該領域的其他公司以及利率對其定價的影響以及對客戶的競爭力時，Bloom 解決方案的不同之處在於，如果您將其分解為資本支出與資本支出的比例是多少燃料與服務，粗略地說是三分之一，三分之一，三分之一。

That's not perfect, but think about it that way.

這並不完美，但請這樣想。

So the interest rates are a higher basis -- a benchmark rate that the deal is going to be priced on.

因此，利率是更高的基礎——交易定價的基準利率。

It's really going to be only impactful on the CapEx portion, while the fuel would not and service would not.

它實際上只會對資本支出部分產生影響，而燃料不會，服務也不會。

So as a rule, we are probably impacted, call it, a third or 40% of what other companies are in the space.

因此，一般來說，我們受到的影響可能是該領域其他公司的三分之一或 40%。

You think wind, think solar.

你想到風能，想到太陽能。

So that's different from us.

所以這和我們不一樣。

The other thing that's been happening as we've gone through our PPA financing is just frankly the Bloom credit quality has gotten better as we've strengthened the balance sheet here.

坦白說，在我們完成購電協議融資過程中發生的另一件事是，隨著我們加強了資產負債表，布魯姆信用品質變得更好。

So the component around the Bloom-specific credit has gone down.

因此，圍繞布魯姆特定信用的成分已經下降。

So while maybe over the last 12 months, we've seen some slight increase in the benchmark rates up in the IRRs that come out of our PPA, but for the most part, we've been able to offset that through the cycle by just our improving and finding more and more competitive bidding around the customers.

因此，雖然在過去 12 個月中，我們看到 PPA 中的 IRR 基準利率略有上升，但在大多數情況下，我們已經能夠在整個週期中抵消這一點我們改進並尋找圍繞客戶的越來越有競爭力的投標。

Jordan Levy, Truist Securities.

喬丹·利維 (Jordan Levy)，Truist 證券公司。

Thanks all for all the comments, and Greg, thank you for everything.

感謝大家的評論，格雷格，謝謝你所做的一切。

I want to echo everyone else's sentiment.

我想回應其他人的觀點。

Not -- I don't want to belabor anything on ASPs, but I did notice a tick down in 4Q.

不是——我不想在 ASP 上過多討論，但我確實注意到第四季度有所下降。

I know that can bounce around from quarter to quarter.

我知道這個數字可能會逐季度反彈。

So maybe if I can just get some color on that?

那麼也許我可以給它一些顏色嗎？

Yeah, mostly -- it's simple, mostly mix.

是的，主要是——很簡單，主要是混合。

If you think about it, third quarter versus fourth quarter, we had the repowering in the third quarter as you move into the fourth quarter to there.

如果你想一想，第三季與第四季相比，當你進入第四季時，我們在第三季進行了重新供電。

And remember, we just take the ASP.

請記住，我們只採用 ASP。

I don't separate it out for mix around micro grids versus grid parallel or other things.

我不會將其區分為微網格與網格並行或其他事物的混合。

So it's more than outpaced our cost down, which is really where you want to see the difference on those numbers.

因此，這超出了我們的成本下降速度，這正是您希望看到這些數字差異的地方。

They've got a 10-point expansion last year on ASP versus cost down.

去年，與成本下降相比，他們的平均售價提高了 10 個百分點。

And just based on where utility costs are going and given the shortage of power, we don't see a pricing pressure as we look forward.

僅根據公用事業成本的走向以及電力短缺的情況，我們預計未來不會出現定價壓力。

Noel Parks, Tuohy Brothers.

諾埃爾·帕克斯、圖伊兄弟。

Hi, good afternoon.

嗨，下午好。

I just wanted to -- the data center example is such a compelling one as far as outlook for demand growth.

我只是想——就需求成長的前景而言，資料中心的例子非常引人注目。

I just wonder, could you maybe talk about what number two, number three, number four business lines or verticals that you see being most affected by grid insufficiency and as a result perhaps having the most motivated talks with you as far as becoming new or expanded customers?

我只是想知道，您能否談談您認為受電網不足影響最大的第二、第三、第四業務線或垂直行業，因此，就更新或擴展而言，可能與您進行最積極的討論顧客？

That's a great question, Noel.

這是一個很好的問題，諾埃爾。

So let me try and answer that very quickly.

所以讓我嘗試快速回答這個問題。

The first one that I would think is continuous manufacturing.

我想到的第一個是連續製造。

We are bringing a lot of manufacturing back into this country.

我們正在將大量製造業帶回這個國家。

These are fabs, semiconductor chips, things like that, large power-intensive companies that not only require large amounts of power, but also want it reliably and want it with a cleaner footprint.

這些是晶圓廠、半導體晶片之類的大型電力密集型公司，它們不僅需要大量電力，而且希望電力可靠、佔地面積更乾淨。

We are able to offer all those things.

我們能夠提供所有這些東西。

The second place that I would immediately think would be huge would be EV charging, because as fleets need to get charged, whether it's delivery trucks for warehouses, whether it is buses for metros, or it is fleet cars, I think the ability for -- just if you believe in even half the projections of EV uptake in the next five years, the amount of power that's needed and where you're going to get that last-mile power, that becomes a very attractive option for us.

我立即想到的第二個巨大的地方是電動車充電，因為隨著車隊需要充電，無論是倉庫的送貨卡車，無論是地鐵的公共汽車，還是車隊的汽車，我認為能夠 - - 只要您相信未來五年電動車使用量預測的一半、所需的電量以及您將在哪裡獲得最後一英里的電力，這對我們來說就成為一個非常有吸引力的選擇。

The third one -- and with that, I'll stop in the interest of time -- would be in front of the meter for utilities that have a congested distribution spot and are not able to take care of their customers, and several utilities are talking to us.

第三個——鑑於時間的關係，我會停下來——將出現在公用事業公司的電錶前面，這些公用事業公司的配送點很擁擠，無法照顧他們的客戶，而且有幾個公用事業公司正在和我們說話。

This is something new for us.

這對我們來說是新事物。

We have not done this before, but that's a healthy part of our pipeline.

我們以前沒有這樣做過，但這是我們管道中健康的一部分。

Biju Perincheril, SFG.

Biju Perincheril，SFG。

Yeah.

是的。

Hi.

你好。

Thanks for taking my question.

感謝您提出我的問題。

Two questions on data centers.

關於資料中心的兩個問題。

As we think about how the data center operators are looking at fuel cells to power their -- are they looking at fuel cells to power their entire facility or smaller portions, some critical parts of those facilities?

當我們思考資料中心營運商如何使用燃料電池為其整個設施或較小部分（這些設施的一些關鍵部分）提供動力時，他們是否正在考慮使用燃料電池？

And then related to that, how challenging is getting natural gas to these facilities?

與此相關的是，將天然氣輸送到這些設施有何挑戰性？

And is that something that Bloom is going to be doing or are you partnering with someone to do that?

這是 Bloom 要做的事情還是你正在與某人合作做這件事？

So both questions.

所以兩個問題。

So most data centers that are talking to us today are asking us to be the standalone solution, where we are able to provide the complete power for them.

因此，今天與我們交談的大多數資料中心都要求我們提供獨立的解決方案，以便我們能夠為他們提供完整的電力。

This is where it is.

這就是它所在的地方。

And the reason is not because they don't want the utility with them.

原因並不是因為他們不想要實用程式。

The utility is saying they cannot provide them power.

該公用事業公司表示無法為他們提供電力。

Unlike that, the gas pipeline and the medium pressure pipelines is very available.

與此不同的是，燃氣管道和中壓管道非常可用。

And we don't have to do anything specific other than have our customer tap into those lines and work with the gas companies to get that.

除了讓我們的客戶利用這些線路並與天然氣公司合作來實現這一點之外，我們不需要做任何具體的事情。

We don't take the fuel risk, as you know, but we facilitate bringing the fuel to the customer.

如您所知，我們不承擔燃料風險，但我們會協助將燃料運送給客戶。

Sherif Elmaghrabi, BTIG.

謝里夫·埃爾馬格拉比，BTIG。

Hi.

你好。

Thanks for taking my question.

感謝您提出我的問題。

You mentioned the looming power shortage, which point to higher electricity prices over the medium term.

您提到迫在眉睫的電力短缺，這表明中期內電價將會上漲。

Because of that, do you see potential to push pricing this year to help reach the higher end of the guide, or is that really -- are we thinking it just comes from growing acceptances?

因此，您認為今年有可能提高定價以幫助達到指南的高端，還是真的——我們認為這只是來自日益增長的接受度？

And on a related note, what uptake are you seeing for the Series 10 offering?

與此相關的是，您認為 Series 10 產品的採用情況如何？

Listen, on the guide, it's volume driven, really.

聽著，在指南上，它確實是由音量驅動的。

And the value that we sell to the customer, we will always make sure we're value pricing it against other alternatives.

對於我們出售給客戶的價值，我們將始終確保我們的定價與其他替代品相比是有價值的。

But if you're thinking short term, it's really going to be the volume metric which would drive us at different parts in the guide.

但如果你考慮的是短期的，那麼實際上將是體積指標，它將推動我們在指南的不同部分進行工作。

Jeff Osborne, TD Cowen.

傑夫·奧斯本，TD·考恩。

I think the prior person asked on Series 10.

我想前面的人在系列 10 上問過。

It would be great to get an answer on that one as well.

如果能得到這個問題的答案那就太好了。

But the two ones I had was on the backlog coverage.

但我有兩個關於積壓的報導。

Can you talk about the visibility to the low end of the guide?

您能談談指南低端的能見度嗎？

Are you fully booked for that, or do you need the pipeline to convert?

您是否已經預訂滿了，或者您需要轉換管道？

And I was curious, Greg, if you can discuss the carbon intensity score for the ITC in 2025?

我很好奇，Greg，您能否討論一下 ITC 2025 年的碳強度評分？

As that starts, do you anticipate a wave of bookings in '24 ahead of that that then I believe you have a year to complete the project?

當這一切開始時，你是否預計在 24 年之前會出現一波預訂潮，然後我相信你有一年的時間來完成該專案？

Yeah.

是的。

So I'll let KR talk about the Series 10.

那我就讓 KR 來談談 Series 10。

Listen, on the ITC, right, we're coming up at a period of time here where based on current legislation, what we've seen in the past is it has driven some commercial activity around that to make sure people are getting those orders in.

聽著，在 ITC 上，對，我們正處於一段時期，根據現行立法，我們過去看到的是，它推動了一些圍繞該立法的商業活動，以確保人們得到這些訂單。

So they can safe harbor and they can continue to enjoy that to 2025.

這樣他們就可以得到安全港，並且可以繼續享受到 2025 年。

Based on everything that I'm hearing from our team in DC, I think they're making a tremendous amount of progress around making the case that the Bloom technology is required and should be part of the solution going forward.

根據我從華盛頓團隊聽到的一切信息，我認為他們在證明 Bloom 技術是必需的並且應該成為未來解決方案的一部分方面取得了巨大進展。

And we should enjoy the benefits of the ITC being extended.

我們應該享受 ITC 延期的好處。

It's not new even though I've just been here four years.

儘管我來這裡才四年，但這並不新鮮。

I think this is the third time that I've seen this process go through.

我想這是我第三次看到這個過程。

So it's just part of our usual business process to be aware of it.

因此，了解這一點只是我們日常業務流程的一部分。

And if it drives some volume in the near term, that's great.

如果它在短期內推動了一定的成交量，那就太好了。

But obviously, over the long term, I do not think that Bloom should be disadvantaged given its technologies and efficiencies versus others.

但顯然，從長遠來看，鑑於 Bloom 的技術和效率與其他公司相比，我認為 Bloom 不應處於不利地位。

So on like Series 10, if you just look at what I said about us going from the single megawatts to tens of megawatts and hundreds of megawatts, you can call it the Series 10, and the Series 100 is pretty much what we are dealing with in our entire pipeline.

因此，就像系列 10 一樣，如果您只看我所說的從單兆瓦到數十兆瓦和數百兆瓦，您可以將其稱為系列 10，而係列 100 幾乎就是我們正在處理的產品在我們的整個管道中。

And that's the kind of stuff we're dealing with it.

這就是我們正在處理的事情。

And the fact that we created that nicely packaged solution for somebody to understand and begin to work with us is going to help us with the commercial momentum.

事實上，我們創建了一個包裝精美的解決方案，供人們理解並開始與我們合作，這將幫助我們獲得商業動力。

So that's a great step forward for us, and it is an integral part of what is in our pipeline and how we are prosecuting future orders.

因此，這對我們來說是向前邁出的一大步，也是我們正在開發的產品以及我們執行未來訂單的方式的一個組成部分。

Thanks, Jeff.

謝謝，傑夫。

Kashy Harrison, Piper Sandler.

卡希·哈里森，派珀·桑德勒。

Good afternoon, and thank you for taking the questions.

下午好，感謝您提出問題。

Maybe just a follow-up to the last one.

也許只是上一篇的後續。

Can you give us a sense of how much of guidance is locked via the backlog, and then what needs to be booked and shipped during -- and what incremental might be needed to be booked and shipped during the year?

您能否讓我們了解透過積壓工作鎖定了多少指導，以及期間需要預訂和發貨的內容，以及年內可能需要預訂和發貨的增量？

And then just looking through the K, in the factors affecting your performance section, there was a comment about the Amazon deal.

然後只要瀏覽 K，在影響績效的因素部分中，就有一篇關於亞馬遜交易的評論。

Presumably, it was the Amazon deal, suggesting the project was delayed.

據推測，這是亞馬遜的交易，表明該項目被推遲。

I think you said due to a permit.

我想你說的是由於許可。

When do you expect to receive the permits?

您預計什麼時候收到許可證？

And how should we think about the risk of cancellations outlined within the K?

我們應該如何考慮 K 中概述的取消風險？

Like, are these -- how high is the probability?

比如，這些——機率有多高？

So I'll let the K speak for itself on that project.

因此，我將讓 K 在該專案上為自己說話。

I think we outlined it pretty well.

我認為我們已經很好地概述了它。

We're ready to deliver on that project Amazon, and we're working with them on the next steps and the path forward as we go forward.

我們已經準備好交付亞馬遜這個項目，我們正在與他們合作制定後續步驟和前進的道路。

Listen, on the backlog, right, you see the product backlog is significantly bigger than where the guide would be for the year.

聽著，在積壓工作中，你會看到產品積壓工作明顯大於當年指南的情況。

Now some of that is more in the out years.

現在其中一些在過去的幾年裡會更多。

As we look at it for the course of the year, we obviously have a series of transactions -- some that aren't even in the backlog, right?

當我們回顧這一年的過程時，我們顯然有一系列交易——有些甚至不在積壓中，對吧？

If you think about it versus prior years, we had repowerings and other things that weren't part of that.

如果你考慮一下與前幾年相比，我們進行了重新供電和其他不屬於其中的事情。

So there's a lot of optionality within Bloom as we go through the year and making sure that the things that we deliver on for the year, some of those are known, some of those aren't known.

因此，當我們度過這一年並確保我們在這一年交付的事情時，Bloom 內部有很多選擇，其中一些是已知的，有些是未知的。

So we may have an example where a project is planned for, for the year.

因此，我們可能有一個例子，其中計劃了今年的項目。

And during the course of the year, the customer has some issues or itself on an interconnection agreement or permitting.

在這一年中，客戶本身在互連協議或許可方面存在一些問題。

And that leaves us to go pull a different one in for the year or to find an additional one.

這讓我們不得不在這一年裡拉一個不同的，或者找到一個額外的。

And that could either create movement within the guide or could create movement above the guide, which you saw, I think, in 2022 is where we happened late in the year.

這可能會在指南內產生運動，也可能會在指南之上產生運動，我認為，你在 2022 年看到的就是我們在今年年底發生的情況。

And we overachieved given some of the opportunities that we found in the back half of the year that the customer needed the equipment sooner.

鑑於我們在今年下半年發現客戶更快需要設備的一些機會，我們取得了超額的成績。

So with that, I think we are running past time.

因此，我認為我們已經過去了。

I greatly appreciate the tremendous interest.

我非常感謝大家的巨大興趣。

Great questions from all of you.

你們所有人提出的問題都很好。

I want to take this opportunity to thank Greg for his partnership and his invaluable help in driving better financial and operating performance at the company.

我想藉此機會感謝格雷格的合作夥伴關係以及他為推動公司更好的財務和營運績效提供的寶貴幫助。

We will miss him here, and I wish him the best of luck going forward.

我們會在這裡想念他，我祝福他未來一切順利。

He'll help us make an orderly transition to our next CFO.

他將幫助我們有序地過渡到下一任財務長。

I want to close now by saying we are in a great position to continue our growth and success.

最後我想說的是，我們處於繼續發展和成功的有利位置。

We are excited about the quality and quantity of our sales funnel.

我們對銷售管道的品質和數量感到興奮。

We are confident about our long-term growth rate and projected targets.

我們對我們的長期成長率和預期目標充滿信心。

We are focused on operating the business in a financially responsible way, being very diligent, managing costs, and driving cash flow and profitability.

我們專注於以對財務負責的方式經營業務，非常勤奮，管理成本，並推動現金流和盈利能力。

We are confident about a bright future for us, and thank you all for being part of this journey.

我們對光明的未來充滿信心，感謝大家參與這趟旅程。

Thank you.

謝謝。

Thank you.

謝謝。

Thanks, KR.

謝謝，KR。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

We thank you for participating, and you may now disconnect.

我們感謝您的參與，您現在可以斷開連接。