Bloom Energy Corp (BE) 2024 Q1 法說會逐字稿

Thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to Bloom Energy first-quarter 2024 earnings conference call.

謝謝你的支持。我叫克里斯塔，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加布魯姆能源 2024 年第一季財報電話會議。

(Operator Instructions) Thank you. I will now turn the conference over to Ed Vallejo, Head of Investor Relations. Ed, you may begin your conference.

（操作員說明）謝謝。我現在將會議交給投資者關係主管 Ed Vallejo。艾德，你可以開始你的會議了。

Thank you, and good afternoon, everybody. Thank you for joining us for Bloom Energy's first-quarter 2024 earnings conference call. To supplement this conference call, we furnished our first-quarter 2024 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 2024 年第一季財報電話會議。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2024 年第一季收益新聞稿，並將其連同我們將在本次電話會議中引用的補充財務資訊發佈到我們的投資者關係網站上。

During this conference call, both in our prepared remarks and in answers to your questions, we may make forward-looking statements that represent our expectations regarding future events and our future financial performance. These include statements about the company's business results, products, new markets, strategy, financial position, liquidity, and full-year outlook for 2024.

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. However, as these statements deal with future events, they are subject to numerous known and unknown risks and uncertainties as discussed in detail in our documents filed with the SEC, including our most recently filed Forms 10-K and 10-Q. We assume no obligation to revise any forward-looking statements made on today's call.

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 first-quarter 2024 earnings press release, we refer to GAAP and non-GAAP financial measures. 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. A reconciliation between the GAAP and non-GAAP financial measures is included in our first-quarter 2024 earnings press release available on our Investor Relations website.

在本次電話會議和 2024 年第一季財報新聞稿中，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準則編制，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 2024 年第一季財報新聞稿中。

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

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；卡麥隆 (Greg Cameron)，我們即將卸任的總裁兼財務長；以及我們即將上任的財務長 Dan Berenbaum。 KR 首先將概述我們的業務。

And then Greg will review the operating and financial highlights of the quarter, and Dan will review outlook for the year. And after our prepared remarks, we will have time to take your questions.

然後格雷格將回顧本季的營運和財務亮點，丹將回顧今年的前景。在我們準備好的發言之後，我們將有時間回答你們的問題。

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. We had a good start to the year, and we are seeing strong market interest, increasing momentum, and robust commercial activity across diverse end markets. Q1 results are as I expected.

大家好，感謝您今天加入我們。今年我們有了一個良好的開端，我們看到了強烈的市場興趣、不斷增長的勢頭以及跨不同終端市場的強勁商業活動。第一季的結果正如我預期的那樣。

Importantly, our strong operational performance and commercial activity augurs well for the next three quarters. As I see it, our business is tracking to the plan we laid out for the year.

重要的是，我們強勁的營運表現和商業活動預示著未來三個季度的良好發展。在我看來，我們的業務正在按照我們今年制定的計劃進行。

Business leaders are increasingly recognizing the severity and circularity of the power challenges we face. They now understand that time to power is a business imperative, and grid cannot meet the growing power demands. They need to turn to distributed on-site power.

商界領袖越來越認識到我們面臨的電力挑戰的嚴重性和循環性。他們現在明白，供電時間是企業的當務之急，而電網無法滿足不斷增長的電力需求。他們需要轉向分散式現場電源。

There is increased recognition that natural gas is the only bridge fuel at scale and affordability for a decarbonized world. And for companies looking to reduce their carbon footprint and meet their emissions targets, Bloom offers the least carbon-intensive way of converting natural gas to electricity, with virtually zero air pollution.

人們越來越認識到，天然氣是脫碳世界唯一規模化且可承受的過渡燃料。對於希望減少碳足跡並實現排放目標的公司來說，Bloom 提供了將天然氣轉化為電力的碳密集程度最低的方式，並且空氣污染幾乎為零。

As grid prices keep rising steadily in the US, Bloom's value proposition is becoming attractive even on a pure cost basis alone in more new markets. Such markets include regions of Ohio, Illinois, and Indiana, where demand for power is growing.

隨著美國電網價格持續穩定上漲，Bloom 的價值主張在更多新市場中變得越來越有吸引力，即使僅以純粹的成本為基礎。這些市場包括電力需求不斷增長的俄亥俄州、伊利諾伊州和印第安納州等地區。

Natural gas is available and a well-accepted fuel of choice. And our solutions are highly compelling for all electric and combined heat and power or CHP applications.

天然氣是可用的，並且是一種廣為接受的燃料選擇。我們的解決方案對於所有電力、熱電聯產或熱電聯產應用都非常有吸引力。

The grid challenges and inadequacies are aggravated by a level of AI-related growth in data centers that is far beyond what anyone anticipated pre ChatGPT. Bloom has a long track record of success in supporting data centers' power needs, with over 200 megawatts of contracted and deployed orders.

資料中心中與人工智慧相關的成長水準遠遠超出了 ChatGPT 之前任何人的預期，加劇了網格挑戰和不足。 Bloom 在支援資料中心電力需求方面擁有長期的成功記錄，合約和部署訂單量超過 200 兆瓦。

In the earnings call last quarter, I talked about our healthy commercial pipeline for data center power. I also talked about our opportunities falling in two categories: power needs arising from expansion of existing data centers and power for greenfield data centers that are being built for future needs, primarily AI.

在上季的財報電話會議上，我談到了我們健康的資料中心電力商業管道。我還談到了我們的機會分為兩類：現有資料中心擴張所產生的電力需求，以及為滿足未來需求（主要是人工智慧）而建造的新建資料中心的電力。

From a deal flow perspective, the existing data centers can often be contracted and deployed relatively quickly, as the supporting infrastructure is in place and generally has minor permitting and permission hurdles. Contrast that, the greenfield data center opportunities with much bigger stamp sizes, permitting requirements, tenant and finance securement, grid interconnection queues, all leading to longer sales cycles, but much higher revenue potential.

從交易流程的角度來看，現有資料中心通常可以相對快速地簽署和部署，因為支援基礎設施已經就位，並且通常具有較小的許可和許可障礙。相較之下，綠地資料中心機會具有更大的印章尺寸、許可要求、租戶和財務安全、電網互連隊列，所有這些都會導致更長的銷售週期，但收入潛力更高。

In this regard, Bloom's Be Flexible islanded more power solution offers a greenfield data center customer the ability to commence operation of their facilities without worrying about need or delays of grid interconnection. Let me give you an example of a deal where we were able to get the contract closed faster because it's an expansion of an existing facility.

在這方面，Bloom 的 Be Flex 孤島更多電力解決方案為綠地資料中心客戶提供了開始營運其設施的能力，而無需擔心電網互連的需要或延遲。讓我舉一個交易的例子，我們能夠更快地完成合同，因為它是現有設施的擴建。

We are thrilled to announce today a major win on an expansion data center opportunity. Intel has been a customer of Bloom since 2014. And we have been powering their data center in Santa Clara, California, and their mission-critical labs in Bangalore, India. In Santa Clara, California, Intel is adding to their existing Bloom server capacity significantly to make that location Silicon Valley's largest fuel-cell-powered, high-performance computing data center.

我們今天很高興地宣佈在擴展資料中心機會方面取得重大勝利。自 2014 年以來，英特爾一直是 Bloom 的客戶。在加州聖克拉拉，英特爾正在大幅增加現有的 Bloom 伺服器容量，使該地點成為矽谷最大的燃料電池驅動的高效能運算資料中心。

On the larger-stamp greenfield data center deals, we still expect conversion of some of these opportunities in the second half of the year. The sales pipeline is robust and growing. Bloom's opportunities from the AI revolution extend beyond the data centers. We can rapidly provide power to the AI supply chain, which has surging and growing energy needs.

對於規模較大的綠地資料中心交易，我們仍預期其中一些機會將在今年下半年轉換。銷售通路強勁且不斷成長。布魯姆從人工智慧革命中獲得的機會不僅限於資料中心。我們可以快速為能源需求激增且不斷增長的人工智慧供應鏈提供電力。

Since 2018, Bloom Energy has been providing clean reliable power to Supermicro, a leading supplier of AI hardware, for their rack integration facility in San Jose. Last year, Bloom Energy installed the first phase of a 10-megawatt contract for Unimicron of Taiwan, a leading developer of hardware solutions for the AI industry. We alleviated their time-to-power problem and enabled them to meet their rapidly growing AI-related demands.

自 2018 年以來，Bloom Energy 一直為人工智慧硬體領先供應商 Supermicro 位於聖荷西的機架整合設施提供清潔可靠的電力。去年，Bloom Energy 為人工智慧業界領先的硬體解決方案開發商台灣欣興微電子 (Unimicron) 簽訂了第一期 10 兆瓦合約。我們緩解了他們的供電時間問題，使他們能夠滿足快速成長的人工智慧相關需求。

Just last month, we announced that we would power Quanta's new multimegawatt manufacturing facility in Fremont, California. Quanta is a leading global supplier of high-powered compute servers for AI data centers.

就在上個月，我們宣布將為廣達位於加州弗里蒙特的新的多兆瓦製造工廠提供電力。廣達是全球領先的人工智慧資料中心高效能運算伺服器供應商。

The local power utility could not meet its power needs in a timely manner. Bloom's power solution is a fully islanded micro grid, which will power Quanta Computers operations around the clock 24/7, 365 days a year. By leveraging Bloom Energy's innovative and modular micro grid solution, Quanta is eliminating utility-dependent delays and taking control of its destiny and maintain its competitive edge in the fast-paced AI market.

當地電力公司無法及時滿足用電需求。 Bloom 的電力解決方案是一個完全孤島式的微電網，它將為廣達電腦公司一年 365 天、每天 24/7 的營運提供電力。透過利用 Bloom Energy 的創新模組化微電網解決方案，廣達正在消除依賴公用事業的延遲，掌控自己的命運，並在快節奏的人工智慧市場中保持競爭優勢。

The AI revolution creates one more tailwind for Bloom. As AI-related players are able and prepare to pay a premium and use their leverage to procure and lock up merchant and utility power and solve their time-to-power issues, other industries are finding it harder and harder to get power for their growth needs.

人工智慧革命為布魯姆帶來了另一個推動力。由於與人工智慧相關的參與者有能力並準備支付溢價，並利用其槓桿作用來獲取和鎖定商業和公用事業電力並解決其供電時間問題，其他行業發現越來越難獲得電力來促進其增長需求。

We have started seeing more customers inquiring about our products and solutions for this reason. As we look at international growth, our approach has been to find the right markets, the right partners, and then scaling up with them.

因此，我們開始看到越來越多的客戶詢問我們的產品和解決方案。當我們著眼於國際成長時，我們的方法是尋找合適的市場、合適的合作夥伴，然後與他們一起擴大規模。

In Korea, we are seeing strength again after a temporary slowdown last year related to new policies being introduced. Our partner, SK, is confident about our future in Korea. We saw strong demand from SK in the first quarter. In Italy, we are very encouraged by the momentum we are building with Cefla, our partner for biogas-based CHP solutions. We are continuing to develop other opportunities in Europe and Asia.

在韓國，繼去年因新政策出台而暫時放緩之後，我們再次看到了強勁勢頭。我們的合作夥伴 SK 對我們在韓國的未來充滿信心。第一季我們看到 SK 的強勁需求。在義大利，我們與 Cefla（我們基於沼氣的熱電聯產解決方案的合作夥伴）建立的勢頭感到非常鼓舞。我們正在繼續在歐洲和亞洲開發其他機會。

On the personnel side, in April, we were very pleased to announce the appointment of Dan Berenbaum as Bloom's new Chief Financial Officer. Dan's financial and operational career spans more than three decades.

在人事方面，四月份，我們非常高興地宣布任命 Dan Berenbaum 為 Bloom 的新任財務長。 Dan 的財務和營運生涯長達三十多年。

A Naval Academy graduate, Dan held executive level positions at publicly traded companies, including National Instruments, Micron, and Everspin. And before that, he spent 10 years on Wall Street as an analyst covering technology stocks. We are excited to have Dan on the team and know that he's the right person to help guide us in this next stage of our journey.

Dan 畢業於海軍學院，曾在 National Instruments、Micron 和 Everspin 等上市公司擔任高階主管。在此之前，他在華爾街擔任了 10 年的科技股分析師。我們很高興 Dan 加入團隊，並知道他是幫助指導我們下一階段旅程的合適人選。

With that, I'd also like to thank Greg Cameron for his service as Bloom's CFO. He has enabled a smooth transition as he promised. And all of us wish him great success in this new chapter that he'll come in soon.

在此，我還要感謝 Greg Cameron 作為 Bloom 財務長所做的貢獻。正如他所承諾的那樣，他實現了平穩過渡。我們所有人都祝福他在即將到來的新篇章中取得巨大成功。

And now I'll turn the call over to both Greg and Dan.

現在我將把電話轉給格雷格和丹。

Thanks, KR. As this will be my final earnings call with Bloom Energy, I'd like to say how much I appreciate KR, the Board, and the entire Bloom team for allowing me to be part of this amazing journey over the past four years.

謝謝，KR。由於這將是我與 Bloom Energy 的最後一次財報電話會議，我想說我非常感謝 KR、董事會和整個 Bloom 團隊讓我參與過去四年的這段奇妙旅程。

While we've accomplished a lot over that time, there remains more to do. While I will no longer be part of this journey, I remain excited for the opportunities for Bloom Energy and know the best days lie ahead. Now I'd like to talk about the first-quarter financial performance.

雖然我們在那段時間取得了許多成就，但仍有更多工作要做。雖然我將不再參與這趟旅程，但我仍然對 Bloom Energy 的機會感到興奮，並知道最好的日子就在前方。現在我想談談第一季的財務表現。

As we discussed in the last call, we had said that the timing of acceptances could impact our first-quarter revenue. At the time, I said revenue for the quarter to be flat to down 20% on a tough comparable as we were up 40% in the first quarter of 2023.

正如我們在上次電話會議中討論的那樣，我們曾說過接受的時間可能會影響我們第一季的收入。當時，我表示，與 2023 年第一季的營收成長 40% 相比，本季的營收將持平或下降 20%，但嚴格可比。

Our first-quarter 2024 revenues were $235 million, down 14.5% versus the first quarter of 2023, as a few acceptances that we thought could happen in the first quarter are now likely to occur in future quarters. The timing of these acceptances does not change our outlook for the full year.

我們 2024 年第一季的營收為 2.35 億美元，比 2023 年第一季度下降 14.5%，因為我們認為可能在第一季度發生的一些承兌現在可能會在未來幾個季度發生。這些接受的時間不會改變我們對全年的展望。

The product volume and the mix of acceptances impacted our gross margin. The first-quarter non-GAAP gross margin of 17.5% was down 370 basis points versus the first quarter last year. The lower volumes in the first quarter versus the prior quarter, reduced manufacturing absorptions, which increased our product costs by over $160 a kilowatt, negatively impacting product margins by 500 basis points.

產品數量和驗收組合影響了我們的毛利率。第一季非 GAAP 毛利率為 17.5%，較去年第一季下降 370 個基點。第一季銷售量較上一季下降，導致製造吸收量減少，這使我們的產品成本增加了每千瓦 160 美元以上，對產品利潤率產生了 500 個基點的負面影響。

If volumes had been similar to the fourth-quarter 2023, adjusted first-quarter product costs would have been roughly the same per kilowatt as the prior quarter. As volumes grow throughout the year, and we continue to drive down material costs and increased power density, I would expect product costs to be reduced the targeted 10%-plus down.

如果銷售量與 2023 年第四季相似，調整後的第一季每千瓦產品成本將與上一季大致相同。隨著全年產量的成長，以及我們不斷降低材料成本和提高功率密度，我預計產品成本將降低 10% 以上。

Also in the quarter, the majority of our acceptances were to Korea. While our volume and pricing to Korea in the first quarter were similar to the prior two quarters, the percentage of the total increase as we had less shipments elsewhere.

同樣在本季度，我們的大部分錄取都來自韓國。雖然我們第一季對韓國的銷售和定價與前兩個季度相似，但由於我們在其他地方的出貨量減少，因此佔總銷售量的百分比有所增加。

Over the past several quarters, the projects in Korea are becoming more price sensitive, resulting in a lower average selling price. Through our work on reducing product costs, we have maintained attractive product margins averaging about 30% in Korea.

過去幾個季度，韓國的項目對價格變得更加敏感，導致平均售價較低。透過努力降低產品成本，我們在韓國保持了有吸引力的產品利潤，平均約為 30%。

But the mix in the first quarter negatively affected our average selling price. I would expect an improvement in product margins as acceptances in the United States, the rest of our international business, increase throughout the year.

但第一季的混合對我們的平均售價產生了負面影響。我預計，隨著美國以及我們其他國際業務的接受量全年增加，產品利潤率將會提高。

An area that improved our margins in the first quarter was our service business, as we continue to grow our revenues, reduce performance payments, and reduce our replacement power module costs. I would expect this trend to continue throughout the year, and we expect our service business to be profitable on a non-GAAP gross margin basis this year. And as we've previously said, we are targeting a 20% on the same basis in 2025.

第一季提高我們利潤的一個領域是我們的服務業務，我們繼續增加收入，減少績效付款，並降低更換電源模組的成本。我預計這一趨勢將持續全年，我們預計我們的服務業務今年將在非公認會計準則毛利率基礎上實現盈利。正如我們之前所說，我們的目標是到 2025 年在同樣的基礎上成長 20%。

We maintained our strong diligence on cost control, as our operating expenses decreased approximately $21 million in the first quarter versus the same period last year. While we continue to invest in our future, we are very focused on improving our profitability.

我們對成本控制保持了嚴格的控制，第一季的營運費用比去年同期減少了約 2,100 萬美元。在我們繼續投資未來的同時，我們非常注重提高獲利能力。

Even on lower revenue and margins, our operating costs allowed us to improve non-GAAP operating loss by $3 million versus the first quarter 2023. We also significantly reduced our cash usage by over half versus the first quarter last year. We're holding working capital levels roughly flat to year-end. This allowed us to end the first quarter with $583 million in total cash.

即使營收和利潤率較低，我們的營運成本也使我們能夠比2023 年第一季減少300 萬美元的非GAAP 營運虧損。量。到年底，我們的營運資本水準大致持平。這使我們在第一季末擁有 5.83 億美元的現金總額。

Now I'm going to turn the call over to Dan, who'll share with you a few thoughts and discuss guidance. But before I do that, I'm very glad Dan and I had time over the past few weeks for transition.

現在我將把電話轉給 Dan，他將與您分享一些想法並討論指導。但在此之前，我很高興丹和我在過去幾週有時間進行過渡。

I believe he's a great add to the team, and he's already building meaningful connections with his experience and energy. He's joining Bloom in an exciting time. With this partnership, I expect Bloom to continue to grow to meet the demands of an evolving energy market.

我相信他對團隊來說是一個巨大的補充，並且他已經利用自己的經驗和精力建立了有意義的聯繫。他在一個激動人心的時刻加入了布魯姆。透過這種合作關係，我預計 Bloom 將繼續發展，以滿足不斷發展的能源市場的需求。

With that, welcome, Dan, and over to you.

就這樣，歡迎丹，現在就到你這裡。

Thanks, Greg, and thank you, KR, for your earlier comments as well. I'm excited to be here, and I appreciate the warm welcome I've received from across the company. I've been impressed with what I've seen so far at Bloom: the technology, the people, and the drive to succeed in our mission of making clean, reliable, and resilient energy available for everyone.

謝謝 Greg，也謝謝 KR 您之前的評論。我很高興來到這裡，並感謝公司上下的熱烈歡迎。到目前為止，我在 Bloom 所看到的一切給我留下了深刻的印象：技術、人員以及成功實現我們為每個人提供清潔、可靠和有彈性的能源這項使命的動力。

As Greg mentioned, he and I've been working closely together over the last couple of weeks. And I appreciate his time and the attention of the entire team in getting me up to speed on the financial and operating performance in the business. It's obvious to me what an important part of the Bloom story Greg has been. I want to thank him for that and for leaving a mature, confident team in place.

正如格雷格所提到的，過去幾週他和我一直密切合作。我感謝他的時間和整個團隊的關注，讓我加快了解公司的財務和營運績效。對我來說，很明顯格雷格是布魯姆故事的重要組成部分。我要為此感謝他，並感謝他留下了一支成熟、自信的團隊。

As we move past earnings, I plan to spend time digging more deeply into the business. I'm also looking forward to meeting all of you. I'm committed to continuing to enhance our communications and our relationships with the entire financial community.

當我們超越盈利時，我計劃花時間更深入地挖掘業務。我也很期待與大家見面。我致力於繼續加強我們與整個金融界的溝通和關係。

I want to touch briefly on two things, our relationship with AWS and our outlook. As many of you know, in 2022, AWS entered into a power purchase agreement with Bloom to deploy 73 megawatts of capacity. We sold the energy servers for that project in 2022 and 2023 through our EPC partners.

我想簡單談談兩件事：我們與 AWS 的關係以及我們的前景。眾所周知，2022 年，AWS 與 Bloom 簽訂了電力採購協議，部署了 73 兆瓦的容量。我們於 2022 年和 2023 年透過 EPC 合作夥伴出售了該專案的能源伺服器。

For site-specific reasons, AWS has decided not to proceed with the original deployment location. That said, we are pleased to share that Bloom and AWS are working to deploy the Bloom servers in other AWS locations under the terms of the agreement.

由於網站特定原因，AWS 決定不再繼續使用原始部署位置。儘管如此，我們很高興地告訴大家，Bloom 和 AWS 正在根據協議條款在其他 AWS 地點部署 Bloom 伺服器。

Consistent with the PTA, AWS is commencing payments in the current quarter. We value our partnership with AWS, and we look forward to serving them well on this and other potential future transactions.

與 PTA 一致，AWS 將在本季開始付款。我們重視與 AWS 的合作關係，並期待在本次交易以及未來其他潛在交易中為他們提供良好的服務。

As it relates to our outlook, we are reaffirming our 2024 annual guidance for revenue, margins, and profitability. With our backlog, convertible pipeline, and product supply, we remain confident that we can deliver $1.4 billion to $1.6 billion of annual revenue at approximately 28% non-GAAP gross margin.

由於這與我們的前景相關，我們重申 2024 年收入、利潤率和盈利能力的年度指引。憑藉我們的積壓訂單、可轉換管道和產品供應，我們仍然有信心以約 28% 的非 GAAP 毛利率實現 14 億至 16 億美元的年收入。

Where we end up within the revenue range will be primarily dependent on timing of project approvals and completion. As the year progresses, we will have greater clarity on these opportunities.

我們最終的收入範圍將主要取決於專案批准和完成的時間。隨著時間的推移，我們將對這些機會有更清晰的認識。

Consistent with prior years, second-half revenue is expected to be greater than first-half revenue. Gross margins could improve each quarter as we move through the remainder of the year on lower product costs and improving service performance. At this revenue and gross margin profile for the year, we should be well positioned to achieve non-GAAP operating profit of $75 million to $100 million.

與往年一致，預計下半年收入將高於上半年收入。隨著我們在今年剩餘時間降低產品成本和提高服務績效，每季的毛利率可能會有所提高。按照今年的收入和毛利率狀況，我們應該能夠實現 7,500 萬至 1 億美元的非 GAAP 營業利潤。

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。

Great. Thanks so much for taking the question here. And Dan, looking forward to meeting you over the coming weeks here.

偉大的。非常感謝您在這裡提出問題。丹，期待在未來幾週內與您見面。

I guess, to maybe start out with some data center questions, so first, on this Intel announcement. It sounds like -- KR already mentioned it's a sizable increase to the existing capacity. Can you just give us any megawatt ranges and maybe timing in terms of when you expect to ship those units to Intel?

我想，也許可以從一些資料中心問題開始，所以首先是關於英特爾的公告。聽起來——KR 已經提到這對現有容量來說是一個相當大的增加。您能否給我們任何兆瓦範圍以及您預計何時將這些設備運送到英特爾的時間？

And then second is just on the greenfield opportunities that you're highlighting for the second half of the year. Can you just maybe give us some additional insight into how your product will be used at some of these larger hyperscaler sites? It seems like they could be upwards of several 100 megawatts in size each.

其次是您在今年下半年強調的綠地機會。您能否給我們一些額外的見解，了解您的產品將如何在這些大型超大規模網站中使用？看起來它們每個的大小可能超過數百兆瓦。

Is it going to be solely your product, or is it going to be more of a micro grid solution where it's tailored or coupled with other solutions as well? I'm just trying to get a sense of the total megawatt opportunity from some of these greenfield sites. Thank you.

它只是您的產品，還是更像是微電網解決方案，可以定製或與其他解決方案結合使用？我只是想了解其中一些綠地站點的總兆瓦機會。謝謝。

Andrew, very nice to hear from you. And I know that Dan's looking forward to meeting you. And on the data center opportunities, look, we only reveal customers' actual loads and capacities when we have their permission to do so. And otherwise, we maintain their confidentiality. That's why we maintain it.

安德魯，很高興收到你的來信。我知道丹很期待見到你。在資料中心機會方面，我們只有在獲得客戶許可的情況下才會透露客戶的實際負載和容量。否則，我們會為其保密。這就是我們維護它的原因。

Having said that, I think there is enough material there on how big they're building their servers and how many servers they're putting there that you, all, can go figure numbers out. And don't ask us to either confirm or deny that. But I think it's out there.

話雖如此，我認為有足夠的材料來說明他們正在構建多大的伺服器以及他們在那裡放置了多少伺服器，你們所有人都可以算出數字。並且不要要求我們確認或否認這一點。但我認為它就在那裡。

So in terms of total contracted and deployed data centers, right, we're approaching 300 megawatts. And that's a significant portion of our opportunities. And these data center opportunities will get deployed as fast as all the ecosystem conditions are available in terms of gas availability and permits and permissions and all that. They're proceeding as fast as possible.

因此，就簽約和部署的資料中心總量而言，我們正在接近 300 兆瓦。這是我們機會的很大一部分。只要所有生態系統條件（在天然氣可用性、許可和許可等方面）都可用，這些資料中心機會就會部署。他們正在盡可能快地進行。

And you know this extremely well. We applaud you for all your reports on highlighting how power is the most critical thing for data centers to grow. So that's on the Intel.

你非常清楚這一點。我們對您強調電力如何成為資料中心發展最關鍵因素的所有報告表示讚賞。這就是英特爾的情況。

And as you know, our largest, prior to this, in Silicon Valley for a data center in a single site was somewhere north of 20 megawatts is what we are facilitating. So that used to be it. This is the largest Silicon Valley data center.

如您所知，在此之前，我們正在推動在矽谷建立單一站點的最大資料中心，容量超過 20 兆瓦。所以過去就是這樣。這是矽谷最大的資料中心。

So now getting to your question on greenfield, the answer is all of the above in terms of how people plan to deploy. Some of them plan to deploy purely Bloom on the Be Flexible kind of a model that we put out for you. Some of them will use the micro grid.

現在回到您關於綠地的問題，答案就是上述所有關於人們計劃如何部署的問題。他們中的一些人計劃在我們為您推出的「靈活」模型上純粹部署 Bloom。其中一些將使用微電網。

And in that micro grid, they have all sorts of options of all your usual suspects from combustion engines to batteries to using grid as a backup. But in many cases, as you would suspect, if its hundreds of megawatts, they're willing and very seriously, technology qualifying us for a standalone micro grid that's not connected to the grid.

在那個微電網中，他們有各種各樣的選擇，從內燃機到電池，再到使用電網作為備用。但在許多情況下，正如您所懷疑的那樣，如果它是數百兆瓦，他們願意並且非常認真地，技術使我們有資格獲得不連接到電網的獨立微電網。

Because getting on that interconnection queue and getting that done is hard. And we bring in a unique solution, where because of our fault-tolerant architecture and high resiliency, availability, and reliability, we can be a standalone grid for them. So that is -- that can be a game changer for people, for home, who value time to power and are willing to pay a premium for it.

因為進入互連隊列並完成它是很困難的。我們帶來了一個獨特的解決方案，由於我們的容錯架構和高彈性、可用性和可靠性，我們可以成為他們的獨立網格。因此，對於那些重視供電時間並願意為此支付溢價的人和家庭來說，這可能會改變遊戲規則。

I think I covered your questions. In terms of where we stand, look, in most cases, when we talk about our pipeline increasing and things moving within that funnel with a velocity that is consistent with what you expect for a deal of this size.

我想我已經回答你的問題了。就我們的立場而言，在大多數情況下，當我們談論我們的管道增加以及漏斗內的事物移動速度與您對這種規模的交易的預期一致時。

For example, if you're doing a 100-megawatt Bloom data center over a 15-year period, the contracted value is well north of $1 billion. So it has to go through its own diligence process and governance process within the companies. And after they do that, they need to go seek -- secure both tenant and finance agreements.

例如，如果您在 15 年內建造一個 100 兆瓦的 Bloom 資料中心，合約價值將遠遠超過 10 億美元。因此，它必須在公司內部經歷自己的盡職調查流程和治理流程。在他們這樣做之後，他們需要尋求 - 確保租戶和財務協議。

Once they have all that in place, they have to negotiate a contract with a hyperscaler for whom they're purpose building it. If it's a hyperscaler, they can avoid that particular step. And all these need to fall in place.

一旦所有這些準備就緒，他們就必須與他們專門為其構建的超大規模提供者協商合約。如果是超大規模企業，他們可以避免該特定步驟。所有這些都需要落實到位。

They do all this in parallel. And when anything gets finally all aligned and signed, is going to be the slowest -- step is going to be the rate-limiting step on it. This is the reason it's taking longer. And we still believe that we should be able to announce some greenfield yields by the end of the year.

他們同時進行所有這些工作。當任何事情最終都一致和簽署時，這將是最慢的——一步將是其速率限制步驟。這就是需要更長時間的原因。我們仍然相信，我們應該能夠在年底前宣布一些綠地收益率。

Manav Gupta, UBS.

馬納夫古普塔，瑞銀集團。

First, thank you, Greg, for all the help over the years. Welcome, Dan.

首先，謝謝你，格雷格，多年來所有的幫助。歡迎，丹。

My first question is on the service side. I think, Greg, you had expressed a lot of confidence that service margins will flip, and they have flipped. So I'm trying to understand, can you give us some more details? What can ensure that these margins remain in the positive territory? And then what could help you get towards that 20% service margin next year?

我的第一個問題是在服務方面。我認為，格雷格，你對服務利潤率將會改變表示了很大的信心，而且它們已經改變了。所以我想了解一下，你能給我們更多細節嗎？什麼可以確保這些利潤率保持在正值範圍內？那麼，什麼可以幫助您實現明年 20% 的服務利潤呢？

And my quick follow-up question is a modeling question, I understand it. Very glad to hear that the situation has worked out with AWS. From the perspective of, like, how we model this, should we just model it as a delay in terms of some -- an order which was supposed to be implemented at a particular time, and then it's delayed by a few quarters? Or does that -- anything changed with the way you are modeling this AWS for the financial statement purposes? Thank you.

我的快速後續問題是建模問題，我理解。很高興聽到 AWS 解決了這個問題。從我們如何建模的角度來看，我們是否應該將其建模為某些延遲——一個本應在特定時間執行的訂單，然後延遲了幾個季度？或者，您出於財務報表目的對 AWS 進行建模的方式是否發生了任何變化？謝謝。

Hey, Manav. This is Greg. I'll take the first half and then pass it to Dan for the AWS side. Listen, service this time last year we talked about being a bit behind on getting our crews out the door, our replacement power modules, and that we were going to be in a situation for a few quarters where we will be paying performance payment in making the replacement power modules.

嘿，馬納夫。這是格雷格。我將講上半部分，然後將其傳遞給 AWS 方面的 Dan。聽著，去年這個時候，我們談到了服務工作在讓我們的工作人員出門、更換電源模組方面有點落後，而且我們將在幾個季度內面臨這樣的情況，我們將支付績效工資更換電源模組。

And we talked about second quarter being the high-water mark. And by the end of the year, each quarter we'd be getting better. And we saw a crossover point early in 2024, and it is -- the business has performed exactly to the roadmap that we laid out at that time.

我們談到第二季是高水位線。到今年年底，每個季度我們都會變得更好。我們在 2024 年初看到了一個交叉點，業務的表現完全符合我們當時制定的路線圖。

Listen, the drivers of it are -- we're all knowable, right? From an installation standpoint, when we achieve COO and when we begin to get service payments, that tells us how the revenue is going to grow. And you can see each quarter our overall gross revenues have been growing.

聽著，它的驅動因素是——我們都是眾所周知的，對吧？從安裝的角度來看，當我們實現 COO 並開始獲得服務付款時，這會告訴我們收入將如何成長。您可以看到每個季度我們的總體總收入都在成長。

We also knew that as we increase our power module shipments -- replacement power module shipments, our power output will increase, and we reduce our performance payment. And that has happened each quarter exactly as we thought would happen.

我們也知道，隨著我們增加電源模組出貨量（替換電源模組出貨量），我們的功率輸出將會增加，並且我們會減少績效工資。每個季度都會發生這種情況，正如我們想像的那樣。

Lastly, what we've really put a tremendous obligation onto the team to perform, and they've done it, which is to continue to drive down that cost of those replacement power modules. And through the efforts of the engineering team and the sourcing team and the service team, they've accomplished that both on an individual basis as well as on a mixed basis.

最後，我們確實給了團隊巨大的義務，他們已經做到了，那就是繼續降低這些更換電源模組的成本。透過工程團隊、採購團隊和服務團隊的努力，他們在個人和混合基礎上都實現了這一目標。

So the average cost has been coming down, pulling on both of those levers. So our expectation is that the business has achieved a breakeven point here. And we would expect that to continue to improve through the rest of 2024. And we remain committed to the 20% gross margin achievement by 2025, which is something that we laid out several years ago. And the business has been performing again.

因此，平均成本一直在下降，從而拉動了這兩個槓桿。因此，我們的預期是該業務已實現損益平衡點。我們預計這一情況將在 2024 年剩餘時間內繼續改善。 我們仍然致力於在 2025 年實現 20% 的毛利率，這是我們幾年前製定的目標。而且業務再次表現良好。

So I would say, for the team, job well done. They performed and took a difficult situation and addressed it and performed exactly as they said they would, and they've accomplished it. So with that, I'll pass over to Dan on the AWS question.

所以我想說，對於團隊來說，工作做得很好。他們的表現和應對困難的情況並解決它並完全按照他們所說的那樣進行，他們已經完成了。因此，我將把 AWS 問題轉交給 Dan。

Thanks, Greg. So Manav, we're not going to give specific guidance on how to model individual deals or individual customers. I think the important thing to focus on is, we're reiterating our guidance for the full year, that $1.4 billion to $1.6 billion, approximately 28% growth, non-GAAP gross margin, to give you a little bit of thought about how to model that, obviously, understand where we came in for Q1.

謝謝，格雷格。因此，Manav，我們不會就如何對單一交易或單一客戶進行建模提供具體指導。我認為需要關注的重要事情是，我們重申了全年的指導，即 14 億至 16 億美元，增長約 28%，非 GAAP 毛利率，讓您稍微思考一下如何顯然，該模型了解我們在第一季度的表現。

If you look at sort of the last five years, the split between first half and second half has been somewhere between 40/60, one-third, two-thirds. So I think just overall, that might be a good way to be -- just to give you some thoughts for the modeling.

如果你看看過去五年的情況，上半年和下半年之間的比例大約在 40/60、三分之一、三分之二之間。所以我認為總的來說，這可能是一個好方法——只是為了給你一些關於建模的想法。

But to be clear, we're not going to guide specific deals, how to think about them. And we're not providing specific revenue guidance on a quarterly basis. We're just focused on that year, just an idea of how that year might shape out.

但需要明確的是，我們不會指導具體交易以及如何考慮它們。我們不會按季度提供具體的收入指引。我們只專注在那一年，只是想知道那一年會如何發展。

Thank you.

謝謝。

Chris Dendrinos, RBC Capital Markets.

Chris Dendrinos，加拿大皇家銀行資本市場部。

Yeah, good afternoon, and congratulations on the Intel announcement. I guess, maybe just to start out here, and I want to focus a little bit on permitting here.

是的，下午好，恭喜英特爾宣布這一消息。我想，也許只是從這裡開始，我想稍微關心一下這裡的許可。

Are the permits in hand for this data center expansion, I guess, both for Quanta and for Intel? And then, how are you guys navigating this with your customer to, hopefully, I guess, keep things out of the public light that might cause, I guess, call it disruption. Thanks.

我想廣達和英特爾都已經獲得了資料中心擴建的許可嗎？然後，你們如何與客戶一起解決這個問題，希望，我想，讓事情遠離公眾視線，這可能會導致，我想，稱之為破壞。謝謝。

Look, again, we don't get into specifics of customer permits and permissions because it's their applications and what they do. But we, absolutely, see no issues with us deploying for Quanta this year, their systems, and showing the speed at which we can solve a problem for them.

再說一次，我們不會深入了解客戶許可和權限的細節，因為這是他們的應用程式和他們所做的事情。但我們絕對認為今年為廣達部署他們的系統並展示了我們為他們解決問題的速度沒有任何問題。

There are no interconnection issues for Quanta because it's a completely islanded system that is not connected to the grid. And so they were able to eliminate any delays that it can potentially cause by choosing a better solution of keeping it islanded.

廣達不存在互連問題，因為它是一個完全孤島系統，未連接到電網。因此，他們能夠透過選擇更好的孤島解決方案來消除可能導致的任何延誤。

Similarly, (inaudible) like Santa Clara, you've heard us speak about it before. We have a very cooperative local government that works with us. And we are confident that we will be able to get these systems installed, and we don't see an issue with it. Thank you.

同樣，（聽不清楚）像聖克拉拉一樣，您以前也聽過我們談論過它。我們有一個非常合作的地方政府與我們合作。我們有信心能夠安裝這些系統，而且我們沒有發現任何問題。謝謝。

Got it. Understood. And then I guess, maybe just shifting gears here, and I wanted to touch on the hydrogen opportunity here.

知道了。明白了。然後我想，也許只是在這裡換檔，我想談談這裡的氫機會。

So it looks like the project with World Energy is on track for FID early 2025. And I recognize that, in the past, you haven't wanted to comment too much on this, just given that your -- it's not your project. But I guess, could you just provide any incremental color that you might have in terms of expectations kind of moving forward there? What type of things should we be on the lookout for? Thank you.

因此，與世界能源公司合作的專案似乎預計在 2025 年初獲得最終投資決定。但我想，您能否提供任何您可能有的關於向前推進的期望的增量顏色？我們應該留意哪些類型的事情？謝謝。

Nothing has changed with how we talk about projects. So if we have a contract, we will let you know. But until then, we don't comment on our potential customers' processes. Thank you.

我們談論專案的方式沒有任何改變。因此，如果我們簽訂了合同，我們會通知您。但在那之前，我們不會對潛在客戶的流程發表評論。謝謝。

Sherif Elmaghrabi, BTIG.

謝里夫·埃爾馬格拉比，BTIG。

Hey, good afternoon, and thanks for taking my question. Sticking with Quanta for a second, did I hear correctly that you're saying that you're thinking you'll start deploying that this year?

嘿，下午好，感謝您提出我的問題。繼續說廣達，我沒聽錯吧，你是說你認為今年會開始部署它？

And then more generally, because I thought islanded solutions take a longer time, how long after receiving an islanded order does Bloom recognize revenue?

更一般地說，因為我認為孤島解決方案需要更長的時間，所以 Bloom 在收到孤島訂單後多久才能確認收入？

Well, our goal -- again, we announced this a week, two weeks ago, like I go -- it's all blurring for me. But you can look at the date. So don't quote me on the date.

好吧，我們的目標——再說一次，我們一周、兩週前就宣布了這一點——就像我說的那樣——這對我來說都是模糊的。不過你可以看看日期。所以不要在日期上引用我的話。

But we just announced that a few days ago. And we are confident that the customer will have the entire multimegawatt power available to them before we -- before you all ring the bell in, like, Times Square for 2025.

但我們幾天前才宣布這一點。我們相信，在你們敲響鐘聲之前，例如 2025 年時代廣場，客戶將獲得全部兆瓦電力。

That's good to know. And then, second, very simply, can you guys quantify where the backlog is this quarter relative to last quarter?

很高興知道這一點。然後，第二，非常簡單，你們能量化本季相對於上季的積壓情況嗎？

So no, we're not going to provide guidance on the backlog. We will only provide guidance on the backlog or will provide the backlog once a year as has been our practice.

因此，我們不會提供有關積壓工作的指導。我們將僅提供有關積壓工作的指導，或按照我們的慣例每年提供一次積壓工作。

Look, I'll just take the opportunity to say, as relative newcomer to the company, as I've dug in, very confident in the commercial pipeline that we have. Obviously, we're -- that's why we're -- feel comfortable with reiterating the guidance that we previously provided.

聽著，我只是藉此機會說，作為公司的相對新人，正如我所深入的那樣，對我們擁有的商業管道非常有信心。顯然，我們——這就是為什麼我們——願意重申我們之前提供的指導。

So we're not going to provide any specifics other than to say that me, as the new CFO coming in, feel pretty comfortable with the commercial pipeline as KR discussed.

因此，我們不會提供任何具體細節，只是想說，作為新上任的首席財務官，我對 KR 討論的商業管道感到非常滿意。

Thank you.

謝謝。

Ameet Thakkar, BMO Capital Markets.

Ameet Thakkar，BMO 資本市場。

Hi, good afternoon. Thanks for taking my question. I just wanted to come back to, I guess, some additional disclosure you had around the AWS facility in Oregon in your 10-Q. It refers to other distributor and the distributor making PPA payments. Is that SK ecoplant, or is that Amazon?

嗨，下午好。感謝您提出我的問題。我想我只是想回顧一下您在 10-Q 中關於俄勒岡州 AWS 設施的一些額外披露。指其他經銷商和支付PPA費用的經銷商。是SK ecoplant，還是亞馬遜？

So in this case, it is our PPA agreement is with Amazon. And starting April, Amazon will start making the monthly payments for the PPA to Bloom as per the agreement. So that's the clarification, I think, you're seeking.

所以在這種情況下，我們與亞馬遜簽訂了 PPA 協議。從四月開始，亞馬遜將開始按照協議每月向 Bloom 支付購電協議。我認為這就是您正在尋求的澄清。

Okay. And just one follow-up. The 10-K -- the 10-Q does mention that the shooter has the ability to kind of reduce future orders or cancel existing orders until the, I guess, the energy servers are redeployed. That is not Amazon, correct? And how does that -- like, since you guys booked that revenue last year, I was just wondering if you could give us a sense on what sort of cash flow impact we can expect from that this year?

好的。只有一個後續行動。 10-K - 10-Q 確實提到射手有能力減少未來的訂單或取消現有的訂單，直到我猜能源伺服器被重新部署。那不是亞馬遜，對嗎？自從你們去年預訂了這筆收入以來，我只是想知道你們能否讓我們了解今年我們可以預期對現金流產生什麼樣的影響？

Yeah, it's Greg. I'll take that since I was around. So listen, it was very clear KR made that the payments on the PPA are going to maybe made contractual as Amazon has it. Last year, in the year -- in the fourth-quarter 2022, we sold 73 megawatts to our partner, SK ecoplant, that was going to be the EPC unit on that.

是的，是格雷格。自從我在身邊以來，我就會接受它。所以聽著，KR 非常明確地表示，PPA 的付款可能會像亞馬遜一樣以合約形式進行。去年，也就是 2022 年第四季度，我們向我們的合作夥伴 SK ecoplant 出售了 73 兆瓦，這將是該專案的 EPC 單位。

Our expectation is, as we find new sites -- as Amazon finds new sites that the units can be deployed, it would make sense that SK would deploy their units there. And that is our expectation and our preference.

我們的期望是，當我們找到新的地點時——當亞馬遜找到可以部署這些設備的新地點時，SK 在那裡部署他們的設備是有意義的。這就是我們的期望和偏好。

What we wanted to make sure we disclose fully with in our Q and in our K previously was, if for some reason SK does -- if Amazon had decided they didn't want the unit and we had some disagreement with Amazon around that, we wanted folks to know that we would most likely work with our partner not contractually, but out of partnership, to help them get their units placed going forward. But our expectation is that Amazon will find additional places for SK to deploy the inventory that they have.

我們想要確保我們在先前的 Q 和 K 中充分披露的是，如果由於某種原因 SK 這樣做了——如果亞馬遜決定不想要這個單位，並且我們與亞馬遜在這方面存在一些分歧，我們希望人們知道，我們很可能會與我們的合作夥伴合作，不是透過合同，而是透過夥伴關係，幫助他們繼續部署他們的設備。但我們的期望是，亞馬遜將為 SK 找到更多地方來部署他們擁有的庫存。

Great. Thanks for (multiple speakers) --

偉大的。感謝（多位發言者）－

And again, I'll just add, we're -- understand why folks are asking the question. One of the things that I want to make sure that people hear from me is, as I've come in and I've looked at our projected cash flows, as I've looked at our projected P&L, we're very comfortable with the state of the balance sheet. We're very comfortable with the receivables that we have and our ability to collect those receivables.

我再次補充一下，我們理解人們為什麼會問這個問題。我想確保人們聽到我的一件事是，當我進來時，我查看了我們預計的現金流量，當我查看了我們預計的損益表時，我們對資產負債表的狀況。我們對我們擁有的應收帳款以及我們收回這些應收帳款的能力感到非常滿意。

So we're not going to get too much into specifics with specific customers with specific partners. That's just probably not what our partners would want, quite frankly. But I do think that you hear from me that as we look at the balance sheet, as we look at our receivables, we are quite comfortable with our position.

因此，我們不會過多討論特定客戶和特定合作夥伴的細節。坦白說，這可能不是我們的合作夥伴想要的。但我確實認為你從我那裡聽到，當我們審視資產負債表和應收帳款時，我們對自己的處境感到非常滿意。

Thank you.

謝謝。

Biju Perincheril, Susquehanna.

Biju Perincheril，薩斯奎哈納。

Thanks for taking my questions. Well, first of all, there's been some reports in industry publications about a sizable data center project in California, that will be using solid oxide fuel cells.

感謝您回答我的問題。首先，行業出版物中有一些關於加州一個大型資料中心專案的報告，該專案將使用固體氧化物燃料電池。

Can you confirm that's one of your projects? It doesn't sound like either -- that's Quanta or the Intel projects you're talking about today.

您能確認這是您的專案之一嗎？聽起來都不像——那就是廣達或你今天談論的英特爾項目。

I'm sorry, Biju, I have -- I don't know what specifically this is, so I can't comment on it. But to my knowledge, I don't know how many other suppliers there are for solid oxide fuel cells that can deliver megawatts' worth of solid oxide fuel cells to any data center.

抱歉，Biju，我——我不知道這具體是什麼，所以我無法對此發表評論。但據我所知，我不知道還有多少其他固態氧化物燃料電池供應商可以向任何資料中心提供兆瓦級的固態氧化物燃料電池。

We are the only ones that I know of, but there could be somebody I don't know. But we don't -- we are not aware of anybody. So if, like, somebody is saying they may be talking about us but without the specifics, I cannot speak to it.

我們是我唯一認識的人，但可能還有我不認識的人。但我們不知道——我們不知道任何人。因此，如果有人說他們可能在談論我們，但沒有具體細節，我就無法談論。

Got it. And my follow-up is on your manufacturing capacity. Obviously, the demand here seems to be accelerating. So how are you positioned on the capacity front? Do you need to fast-track sort of the build out that you've talked about in the past.

知道了。我的後續行動是關於你們的製造能力。顯然，這裡的需求似乎正在加速。那麼您在產能方面的定位如何？您是否需要快速追蹤您過去討論過的構建？

We are extremely comfortable with being able to meet the surge demands as they come forward. with our Fremont factory and our Delaware factory and what we have facilitated. And I think we have talked about it in the past, with very modest investments to even further upgrades, we can keep up with the capacity as we go.

我們對能夠滿足激增的需求感到非常滿意。與我們的弗里蒙特工廠和特拉華工廠以及我們所提供的便利。我認為我們過去已經討論過這一點，透過非常少量的投資來進一步升級，我們可以跟上我們的產能。

And our speed to catch up 200 megawatts, 300 megawatts will be faster than the cycle time it takes for all the other systems to be in place for a greenfield data center. So we feel like we are well situated to be able to meet the demands as the demands arise for us from a capacity perspective.

我們趕上 200 兆瓦、300 兆瓦的速度將比綠地資料中心所有其他系統到位所需的週期時間更快。因此，我們覺得我們處於有利位置，能夠滿足從容量角度來看對我們提出的需求。

And today, we know that we don't have a capacity constraint to meeting this year. And we will make sure, by the time the new year comes, we can make the same statement about what our like capacity needs are for 2025, all within the cash balance and everything that Greg talked about -- sorry, Dan talked about.

今天，我們知道今年的會議沒有能力限制。我們將確保，到新的一年到來時，我們可以對 2025 年我們的產能需求做出同樣的聲明，所有這些都在現金餘額和格雷格談到的一切範圍內——對不起，丹談到了。

And I think there are a couple of important points there. I think I did mention in the prepared remarks, the puts and takes in that $1.4 billion to $1.6 billion revenue guidance for '24 is really about timing. And we have the commercial pipeline, we have the manufacturing capacity that we need, we have the supply chain preparedness that we need to be within that range.

我認為有幾個要點。我想我在準備好的發言中確實提到過，24 世紀 14 億至 16 億美元的收入指導的看跌和接受實際上是關於時機的。我們有商業管道，我們有我們需要的製造能力，我們有我們需要在這個範圍內的供應鏈準備。

And really, where we end up within that range is really going to be things like timing of acceptances. And then of course, one of my priorities coming here is, as we grow the company, we need to grow it profitably, and we need to invest at the right time.

事實上，我們最終在這個範圍內的結果實際上是諸如接受時間之類的事情。當然，我來到這裡的首要任務之一是，隨著我們公司的發展，我們需要實現獲利成長，並且我們需要在正確的時間進行投資。

We need to make sure that we're investing in our manufacturing capacity so that we have the capacity to meet demand, which again for '24, clearly, that's not a problem. And as we move beyond that and as we grow the company, there's going to be a focus on using our cash wisely at the right time and growing the company profitably.

我們需要確保我們對製造能力進行投資，以便我們有能力滿足需求，這對 24 世紀的需求來說顯然不是問題。當我們超越這一點並發展公司時，我們將重點放在在正確的時間明智地使用我們的現金並實現公司的獲利成長。

Martin Malloy, Johnson Rice.

馬丁·馬洛伊，約翰遜·賴斯。

Hi. Thank you for taking my question. And Greg, best of luck in your future endeavors. First question, I just want to ask about progress in terms of the development of the carbon capture technology. Could you maybe give us an update on that in conjunction with the fuel service?

你好。感謝您回答我的問題。格雷格，祝你未來一切順利。第一個問題，我想問碳捕集技術的發展進度。您能否向我們介紹一下燃油服務的最新情況？

Yeah. So look, if you look at our pipeline, both domestically and internationally, we are working with several partners. And where we are at the stage on that is technology qualification.

是的。因此，如果你看看我們在國內和國際上的管道，你會發現我們正在與多個合作夥伴合作。我們目前所處的階段是技術資格認證。

We have developed great partners who can take our gas and process it to the specifications required to put that in a pipeline to meet their standards for it to go into a class 6 well. Number one, okay.

我們已經發展了優秀的合作夥伴，他們可以將我們的天然氣加工成符合要求的規格，以便將其放入管道中，以滿足其進入 6 級井的標準。第一名，好吧。

Number two is we talking to large utilities that have been playing in this field already in the US and who have tried other techniques and now believe that we have the better mousetrap that we are working with. With the number of states figuring out who has domain dominance issues to getting class 6 wells approved to the pipelines coming on board.

第二，我們與已經在美國涉足這一領域的大型公用事業公司進行了交談，他們已經嘗試了其他技術，現在相信我們擁有更好的捕鼠器。隨著越來越多的州弄清楚誰存在領域主導問題，以批准 6 級井進入管道。

To everything else that needs to happen, this also has a longer sales cycle. But the way I would characterize where we are on that is, most people are getting extremely comfortable our technology and saying that we would like to baseline your technology. Now it's about the next steps.

對於其他需要發生的事情來說，這也有更長的銷售週期。但我對我們目前狀況的描述是，大多數人對我們的技術感到非常滿意，並表示我們希望為你們的技術制定基準。現在是關於接下來的步驟。

It will take time, but this is a huge opportunity. And thanks for asking that question, Martin, because I want to emphasize something to you. This world cannot decarbonize by 2050 without carbon sequestration. There is no possible way that we can.

這需要時間，但這是一個巨大的機會。感謝您提出這個問題，馬丁，因為我想向您強調一些事情。如果不進行碳封存，這個世界就無法在 2050 年實現脫碳。我們沒有辦法做到這一點。

This is huge. And we have one of the best available technologies anybody has shown to take natural gas and create a concentrated stream of carbon dioxide to sequester, which means if you have the dual issues of needing more power and to decarbonize, we are about as good as it comes as a solution.

這是巨大的。我們擁有任何人都已經證明的最好的可用技術之一，可以利用天然氣並產生濃縮的二氧化碳流來封存，這意味著如果您面臨需要更多電力和脫碳的雙重問題，我們幾乎可以做到這一點作為解決方案。

Noel Parks, Tuohy Brothers.

諾埃爾·帕克斯、圖伊兄弟。

Hi, good afternoon. Just had a couple. I wondered -- and as generally, as specifically, as you feel comfortable. The Intel relationship is such a long-standing one.

嗨，下午好。剛剛有一對。我想知道——一般來說，具體來說，只要你覺得舒服。與英特爾的合作關係由來已久。

And I just wanted you to talk a little bit about the evolution of the relationship. And I'm curious even sort of what model of the BEs they originally run and just kind of what it's been like as far as it's going through upgrade cycles and so on with such an established customer.

我只是想讓你談談這段關係的演變。我甚至很好奇他們最初運行的 BE 模型是什麼，以及它與這樣一個既定客戶一起經歷升級週期等的情況。

Sure, Noel. That's a very good question. Look, we have always prided that -- if you look at historically, about two-thirds of our business comes from repeat orders from customers, multi $100 million orders. And to us, there is no better validation of us taking care of a customer's pain.

當然，諾埃爾。這是一個非常好的問題。看，我們一直引以為傲的是——如果你回顧一下歷史，我們大約三分之二的業務來自客戶的重複訂單，價值超過 1 億美元的訂單。對我們來說，沒有比這更好的方式來證明我們能夠解決客戶的痛苦。

At the end of the day, you're solving their problems. And if you solve them well, they come back to you. And that's the -- there's no better indication. And I would like to grow even more new customers, but it's always the land and expand strategy that we have. And Intel would be a very good example of that.

歸根結底，您正在解決他們的問題。如果你解決得好，他們就會回到你身邊。這就是——沒有更好的跡象了。我希望發展更多新客戶，但這始終是我們擁有的土地和擴張策略。英特爾就是一個很好的例子。

Our first installations for Intel, they're in California, both in the Bay Area and in Folsom, for their facilities, where they wanted to try us out. And this was in 2014. So it was our second-generation technology. And then -- I still today remember vividly -- the CEO at that time sitting in my conference room, evaluating it, and saying, if you really want to solve my pain, I'll tell where my pain is. It's in Bangalore, India.

我們為英特爾安裝的第一個設備是在加州的灣區和福爾瑟姆，他們想在那裡試用我們的設施。那是在 2014 年。然後——我至今還清楚地記得——當時的執行長坐在我的會議室裡評估它，並說，如果你真的想解決我的痛苦，我會告訴我我的痛苦在哪裡。它位於印度班加羅爾。

And we are building a new building; we have no power for it. And the old building we have loses power three times a day. I cannot run the kind of labs and data centers I want to run in Bangalore if I lose power three times a day.

我們正在建造一座新大樓；我們沒有權力這樣做。我們的老樓一天停電3次。如果我每天斷電三次，我就無法運行我想在班加羅爾運行的那種實驗室和資料中心。

And I said, if for the long relationship we want with you, we are happy to go try. We have never installed anything in India at that time. We had to run 3 kilometers of gas pipelines for them, working with the Gas Authority of India, to bring the gas. And we had power for them before they finished the building.

我說，如果我們想與你建立長期的關係，我們很樂意嘗試。當時我們還沒有在印度安裝過任何東西。我們必須與印度天然氣管理局合作，為他們鋪設 3 公里長的天然氣管道來輸送天然氣。在他們竣工之前我們就為他們提供了電力。

And I'm proud to say that that 2014 system that's been upgraded along the way with fuel replacement units, we don't drop load for them. They never have to worry about losing power.

我很自豪地說，2014 年的系統已經透過燃料更換裝置進行了升級，我們不會為它們降低負載。他們永遠不必擔心失去權力。

So we have a long established and proven relationship with them. And we are extremely grateful for them to have taken that early step, and we applaud them for being a leader. And a huge thanks to them for, again, trusting us and trusting us with their expansion of their data center in Santa Clara.

因此，我們與他們建立了長期且經過驗證的關係。我們非常感謝他們儘早採取這一步，我們為他們作為領導者鼓掌。再次感謝他們對我們的信任以及對我們在聖克拉拉資料中心擴建的信任。

Pavel Molchanov, Raymond James.

帕維爾·莫爾恰諾夫，雷蒙德·詹姆斯。

Thanks for taking the question. Let me start with a conceptual one. When you speak with data centers and they want to reconcile base load generation and sustainability targets, how often do you hear hydrogen and RNG feedstock entering that conversation?

感謝您提出問題。讓我從一個概念開始。當您與資料中心交談並且他們希望協調基本負載發電和永續發展目標時，您多久聽到氫氣和RNG原料進入對話？

Pavel, this is a very good question. Look, they and us and everybody on the planet would love to have a zero-carbon fuel and be able to power the data center with that. We all know that that's aspirational for the foreseeable future in the short term.

帕維爾，這是一個非常好的問題。看，他們、我們以及地球上的每個人都希望擁有一種零碳燃料，並能夠用它為資料中心提供動力。我們都知道，在可預見的未來，這是短期內的願望。

We all also believe that, definitely, in the future, that renewable molecule, whether it is green ammonia, green hydrogen, RNG, biogas, all of the above, should become available, so our children and our grandchildren can have a great planet.

我們都還相信，毫無疑問，在未來，可再生分子，無論是綠色氨、綠色氫氣、RNG、沼氣，所有這些，都應該變得可用，這樣我們的子孫就能擁有一個偉大的星球。

But don't forget, one additional option is large-scale power generation from natural gas with carbon capture. Because Mother Nature does not care about renewable sources. It cares about the carbon dioxide molecules in the atmosphere. They get the same effect.

但不要忘記，另一種選擇是透過碳捕獲利用天然氣進行大規模發電。因為大自然並不關心可再生資源。它關心大氣中的二氧化碳分子。他們得到相同的效果。

So with our solution, what they see is it's the best available option of anything that they can possibly do, in real terms, for the atmosphere. Yes, they can go and buy green credits and RECS and build solar farms; that is not displacing the dirty, highly power-intensive power that they use wherever they use it.

因此，透過我們的解決方案，他們看到的是，實際上，這是他們為改善氣氛所能做的任何事情中最好的選擇。是的，他們可以去購買綠色信貸和 RECS 並建造太陽能發電場；這並沒有取代他們在任何地方使用的骯髒、高能耗的電力。

Whereas here, they are actually producing power with the least amount of carbon footprint and with no air pollution. Then as these green molecules become available from zero to small blends to 100% pure green fuel, they can use our same existing systems without stranding it.

而在這裡，他們實際上正在以最少的碳足跡生產電力，並且沒有空氣污染。然後，隨著這些綠色分子從零到小混合物再到 100% 純綠色燃料，它們可以使用我們現有的相同系統而不會擱淺。

So we are future proofing them. And if, as a country, we figure out carbon capture and have pipelines and sequestration available, they can use natural gas until such time and to be able to do it. With all those, they are convinced that this is a great option.

所以我們正在為它們提供面向未來的證明。如果，作為一個國家，我們弄清楚碳捕獲並擁有可用的管道和封存技術，那麼他們就可以使用天然氣，直到那時並且能夠做到這一點。有了這些，他們確信這是一個不錯的選擇。

Colin Rusch, Oppenheimer.

科林‧魯施，奧本海默。

Hi, there. This is Andre Adams on for Colin. As you're quoting micro grid opportunities, can you just speak again to those customers' desire for zero emissions versus natural gas solutions, and whether you're trying to integrate additional solar, wind, or chemical storage on-site?

你好呀。我是科林的安德烈·亞當斯。當您引用微電網機會時，您能否再次談談這些客戶對零排放與天然氣解決方案的渴望，以及您是否正在嘗試在現場整合額外的太陽能、風能或化學儲存？

So yeah, the answer is, we believe in all of the above. We are big fans of solar. We're big fans of wind. And as they grow, they are going to need to store it, and hydrogen is one option. And you know that we have a play on both sides of hydrogen, both hydrogen electrolyzer as well as using hydrogen as a fuel in our fuel cells.

所以是的，答案是，我們相信以上所有內容。我們是太陽能的忠實粉絲。我們是風的忠實粉絲。隨著它們的成長，它們將需要儲存它，而氫氣是一種選擇。你知道，我們在氫的兩方面都發揮作用，既包括氫電解器，也包括在燃料電池中使用氫作為燃料。

So we encourage people to do all of the above. And obviously, our customers will, in their mix, have as much solar and wind because that industry, especially the data center industry and information industry, is in the leading edge of any other industry in terms of reducing their carbon footprint.

因此，我們鼓勵人們執行上述所有操作。顯然，我們的客戶將在其組合中擁有同樣多的太陽能和風能，因為該行業，特別是資料中心行業和資訊產業，在減少碳足跡方面處於任何其他行業的領先優勢。

So the great thing about Bloom is we integrate beautifully with any of those micro grids. And we are firming up that base load without dirty diesel and all the air pollution associated with that.

因此，Bloom 的偉大之處在於我們可以與任何這些微網格完美地整合。我們正在鞏固基本負荷，消除骯髒的柴油和與之相關的所有空氣污染。

Ben Kallo, Baird.

本卡洛，貝爾德。

Hey, guys, thanks for taking my questions. Dan, just welcome. I know you got a lot of questions. And kudos to you jumping on this early and starting.

嘿，夥計們，謝謝你回答我的問題。丹，歡迎。我知道你有很多問題。感謝你這麼早就開始了。

I'm not asking about the guidance that you guys put out there, not yet. But it was out there for '26 before. But what do you -- since you've been here, how does your visibility look? It seems good for this year. But there was guidance out there a couple times for '26. Just as you think about all that.

我並不是詢問你們發布的指導，目前還沒有。但26年前就已經存在了。但是自從你來到這裡之後，你的能見度怎麼樣？看來今年不錯。但 26 年有幾次指導。就像你思考這一切一樣。

Yeah. Ben, so thanks for the question. It's a bit difficult for me to comment, not having the full perspective on that. I will tell you that -- I'm just going to reiterate.

是的。本，謝謝你的提問。對我來說，評論有點困難，因為沒有完整的觀點。我會告訴你——我只是要重申。

I got pretty comfortable pretty quickly in what commercial pipeline looks like and what our revenue will look like for this year in our path to increase profitability, as we talked about. I won't really talk about things beyond that.

正如我們所討論的，我很快就對商業管道的情況以及今年在提高盈利能力的道路上的收入情況感到非常滿意。我不會真正談論除此之外的事情。

I will say that my focus is on making sure that we're ready to scale profitably. It's on, obviously, the first things that I've jumped into. We're looking at the balance sheet, some of the concerns that I know we've heard from investors in the past, the receivables, the cash flow.

我想說的是，我的重點是確保我們準備好擴大規模並實現盈利。顯然，這是我首先要做的事情。我們正在研究資產負債表、我知道我們過去從投資者那裡聽到的一些擔憂、應收帳款和現金流。

We have optionality on the convert that's due in August of '25. So that's where my focus has been more immediately to get comfortable and confident in those things. And as I say, the commercial pipeline, that gives me significant amount of confidence for that. I'm going to have -- you're going to have to give me maybe another 90 days to be able to comment on anything further than that.

我們對 25 年 8 月到期的轉換有選擇權。因此，我的注意力更加集中在這些事情上，讓自己感到舒適和自信。正如我所說，商業管道給了我很大的信心。我將——你將不得不再給我 90 天的時間，以便能夠對除此之外的任何事情發表評論。

Jordan Levy, Truist Securities.

喬丹·利維 (Jordan Levy)，Truist 證券公司。

Hi, all. It's [Henry] on for Jordan here. Thanks for squeezing me in. Congratulations, Greg, and Dan for joining the team. Just a quick one.

大家好。 [亨利] 代表喬丹出賽。恭喜您邀請我加入。只是快一點。

As we look to the rest of the year, can you help provide some detail on the walk from this quarter to hitting that operating income guidance for the remainder of the year, and what we should kind of be looking at as the quarters progress?

當我們展望今年剩餘時間時，您能否幫助提供一些有關從本季度到達到今年剩餘時間營業收入指導的詳細信息，以及隨著季度的進展我們應該關注什麼？

So the only real comment we made -- I talked a little bit about, in general terms, how to think about maybe a revenue profile first half, second half. And I would just say that I would expect gross margin to improve sequentially every quarter as we move through the year.

因此，我們發表的唯一真正的評論 - 我一般性地談到瞭如何考慮上半年和下半年的收入狀況。我只想說，隨著一年的推移，我預計每季的毛利率都會持續改善。

Chris Tsung, Wolfe Research.

克里斯·宗（Chris Tsung），沃爾夫研究公司。

Thanks for taking my question. I wanted to just clarify in the prepared remarks on the part of ASPs being weighed down from international sales. Are those the sales to SK ecoplant? And should we expect the rest of the sales under that preferred distributor agreement to reflect this ASP?

感謝您提出我的問題。我想在準備好的評論中澄清一下 ASP 受到國際銷售壓力的問題。這些是SK ecoplant 的銷售嗎？我們是否應該預期優先經銷商協議下的其餘銷售額反映此平均售價？

Hey, it's Greg. The ASPs that we're getting from our partners in Korea this quarter were very consistent with the prior quarter.

嘿，這是格雷格。本季我們從韓國合作夥伴那裡獲得的平均售價與上一季非常一致。

So as you look at our mix of ASP during 2023 and you think about them for the quarter and you think about as they go forward, yeah, mix worked against us a little bit on timing from the quarter, not because those were down materially versus where they've been, but just other shipments weren't there.

因此，當您查看我們在2023 年期間的ASP 組合時，您會考慮本季度的情況，並考慮它們的未來，是的，組合在本季度的時間安排上對我們產生了一些不利影響，而不是因為這些因素與我們相比出現了實質下降。

So I would expect the ASP to continue to increase in the course of the year as we have other sources of volume moving in. And that's consistent with the way we thought about putting the framework together for the year.

因此，我預計 ASP 在這一年中將繼續成長，因為我們有其他來源的交易量進入。

That concludes our question-and-answer session. I will now turn the conference back over to KR for closing remarks.

我們的問答環節到此結束。現在我將把會議轉回 KR 進行閉幕致詞。

Thank you. Thanks, everyone, for your participation on the call and for your support of Bloom Energy. As I close, I just think there are three things I want to emphasize.

謝謝。感謝大家參與此電話會議以及對布魯姆能源的支持。在結束時，我想我想強調三件事。

The first one is, I think we laid it out to you even in the last call and we want to confirm this again to you, that we are reaffirming our guidance for the year and also, reminding you that we said it's going to be a heavy-loaded second half of the year and not the first half of the year. And that's how it's going to turn out. And that's just the rhythm of the business, as we say, based on the orders we have at hand and how we can prosecute.

第一個是，我想我們甚至在上次電話會議中就已經向您闡述了這一點，我們想再次向您確認這一點，我們正在重申我們今年的指導，並提醒您，我們說過這將是下半年負荷較重，上半年則不然。結果就是這樣。正如我們所說，這只是業務的節奏，基於我們手頭上的訂單以及我們如何執行。

Second. And on that issue, again, what we have -- within that guidance, where we will be on those numbers, as Dan pointed out, I want to reiterate. We have the sites. We have the orders. We have the customers. We have the products we can make.

第二。在這個問題上，正如丹指出的那樣，我想重申一下，在該指導方針內，我們將在這些數字上採取什麼措施。我們有網站。我們有訂單。我們有客戶。我們有我們可以製造的產品。

It is purely about timing of when those things fall here or there is what's going to decide where on that range we fall. We'll know more as the year progresses. And we're working hard to see what we can pull in.

這純粹是關於這些東西何時落在此處或那裡的時間將決定我們落在該範圍內的哪個位置。隨著時間的推移，我們會了解更多。我們正在努力看看我們能從中獲得什麼。

On the second point, the Intel agreement, the Quanta agreement, continuing orders from existing customers, and a strong commercial pipeline, they all are showing that we have the right product at the right time for a market that very badly needs the solution. This is -- what we are offering is not a product for somebody to buy. It's a solution that enables them to protect their business and take care of their business and grow.

第二點，英特爾協議、廣達協議、現有客戶的持續訂單以及強大的商業管道，這些都表明我們在正確的時間為非常需要解決方案的市場提供了正確的產品。這是－我們提供的不是供人購買的產品。該解決方案使他們能夠保護自己的業務、照顧自己的業務並實現發展。

The market dynamics are very clearly in our favor. People want low-carbon solutions right now. They know that there is no miracle switch to a zero-carbon solution overnight. And so our low-carbon solution has the right market dynamic from that perspective.

市場動態顯然對我們有利。人們現在需要低碳解決方案。他們知道一夜之間轉向零碳解決方案不會出現奇蹟。因此，從這個角度來看，我們的低碳解決方案具有正確的市場動力。

People want power now, and the utilities are not moving at the speed. The data center industry and the utility industry are operating on two different timescales. And that helps us provide either to the utility or to the customer. We are agnostic in front of the meter or behind the meter, a solution, so we can help businesses, the local economy, and everybody.

人們現在需要電力，而公用事業卻沒有以最快的速度發展。資料中心產業和公用事業產業在兩個不同的時間尺度上運作。這有助於我們向公用事業公司或客戶提供服務。我們對電錶前或電錶後的解決方案不可知，因此我們可以幫助企業、當地經濟和每個人。

Clearly, the data center and AI space not only has opened up an opportunity for us in the data center space, but the entire AI ecosystem space, as you saw with supply chain. And with all that opportunity, we have to execute. And hopefully, you're seeing quarter over quarter, what we say and what we do. And I'll let you be the judge of figuring out, are we doing what we say?

顯然，資料中心和人工智慧領域不僅為我們在資料中心領域，而且為整個人工智慧生態系統領域開闢了機會，正如您在供應鏈中看到的那樣。有了所有這些機會，我們必須執行。希望您能逐季看到我們所說的話和我們所做的。我會讓你來判斷，我們是否照著我們所說的去做？

I feel very good with our entire team functioning as one team at a very high level. We are adding quality people into our leadership team as well as in our employee base. They're deeply committed to the mission. And I feel very good about where we are as a company. I'm excited about our future, and I'm confident about our future. Thank you.

我對我們整個團隊作為一個高水準的團隊運作感到非常滿意。我們正在為我們的領導團隊和員工隊伍增添高素質人才。他們堅定地致力於這項使命。我對我們公司的現狀感到非常滿意。我對我們的未來感到興奮，我對我們的未來充滿信心。謝謝。

This concludes today's conference call. Thank you for your participation, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。