Bloom Energy Corp (BE) 2024 Q2 法說會逐字稿

Thank you for standing by. My name is Mandeep, and I'll be your operator today. At this time, I'd like to welcome everyone to the Bloom Energy Q2 2024 earnings conference call. (Operator Instructions)

感謝您的支持。我的名字是 Mandeep，今天我將擔任您的接線生。現在，我歡迎大家參加 Bloom Energy 2024 年第二季財報電話會議。（操作員指令）

I would now like to turn the call over to Ed Vallejo, Vice President, Investor Relations. You may begin.

現在我想將電話轉給投資者關係副總裁 Ed Vallejo。你可以開始了。

Thank you, and good afternoon, everybody. Thank you for joining us for Bloom Energy's second quarter 2024 earnings call.

謝謝大家，下午好。感謝您參加 Bloom Energy 2024 年第二季財報電話會議。

To supplement this conference call, we furnished our second 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.

為了補充本次電話會議，我們以 8-K 表格的形式向美國證券交易委員會提交了 2024 年第二季度收益新聞稿，並將其與我們將在本次電話會議中引用的補充財務信息一起發佈到我們的投資者關係網站上。

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

在本次電話會議中，無論是在我們準備好的發言中還是在回答您的問題時，我們都可能會做出前瞻性的陳述，代表我們對未來事件和未來財務表現的預期。

These include statements about the company's business results, products, new markets, strategy, financial position, liquidity and full year outlook for 2024. These statements are predictions based upon our expectations, estimates and assumptions.

其中包括有關公司業務成果、產品、新市場、策略、財務狀況、流動性和 2024 年全年展望的聲明。這些陳述是基於我們的預期、估計和假設所做的預測。

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

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

During this call and in our second quarter 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 second quarter 2024 earnings press release available on our Investor Relations website.

在本次電話會議和 2024 年第二季財報新聞稿中，我們參考了 GAAP 和非 GAAP 財務指標。非 GAAP 財務指標並非依照美國公認會計原則編制，且只是依照 GAAP 編製的財務績效指標的補充，並非替代或優於後者。我們的 2024 年第二季財報新聞稿中包含了 GAAP 和非 GAAP 財務指標之間的對賬，可在我們投資者關係網站上找到。

Joining me on the call today are K.R. Sridhar, Founder, Chairman and Chief Executive Officer; and Dan Berenbaum, our CFO. KR will begin with an overview of our process, and then Dan will review financial highlights for the quarter. And after our prepared remarks, we will have time to take your questions.

今天與我一起參加電話會議的還有 K.R. Sridhar，創辦人、董事長兼執行長；以及我們的財務長 Dan Berenbaum。KR 將首先概述我們的流程，然後 Dan 將回顧本季的財務亮點。在我們發表準備好的發言之後，我們將有時間回答大家的提問。

I will now turn the call over to KR.

現在我將電話轉給 KR。

Hello, everyone, and thanks for joining us today.

大家好，感謝大家今天加入我們。

We executed the first half of 2024 to plan with strong financial discipline. We are on track to meet our yearly guidance. We expect to end the year in a strong financial position and continue to advance our technology, operations and team for robust future growth.

我們以嚴格的財務紀律執行了 2024 年上半年的計畫。我們正在按計劃實現年度目標。我們期望以強勁的財務狀況結束今年，並繼續推動我們的技術、營運和團隊，以實現未來的強勁成長。

It is now widely understood that demand for electricity is expected to far exceed available supply through the grid. It is presenting Bloom with a huge opportunity. We are seeing high levels of commercial interest in our products and solutions.

現在人們普遍認識到，預計電力需求將遠遠超過電網的可用供應量。這給布魯姆帶來了一個巨大的機會。我們看到商業界對我們的產品和解決方案的高度興趣。

We have not experienced anything like this in the past two decades. As I see it, this trend is here to stay for at least another decade. And if anything, will gain further momentum in the coming months and years.

在過去二十年裡我們還沒有經歷過這樣的事。在我看來，這種趨勢至少還會持續十年。如果有的話，它將在未來幾個月和幾年內獲得進一步的發展勢頭。

While there is concern about the ability to meet growing power needs, I believe it's possible to close the gap in power production in five to 10 years by adding a combination of utility scale renewable and gas-based generation. But it will not solve the time to power issues for an end customer who requires electricity to be delivered reliably at their specific location of use.

儘管人們對滿足不斷增長的電力需求的能力感到擔憂，但我相信，透過增加公用事業規模的可再生能源和天然氣發電的組合，可以在五到十年內縮小電力生產的差距。但對於需要在特定使用地點可靠地輸送電力的最終客戶來說，它無法解決供電時間問題。

As I see it, even assuming massive coordinated investments and clearing of all regulatory and permitting hurdles, it would take well over a decade to make the necessary transmission and distribution upgrades that bring power from generation sites to the customer location.

在我看來，即使假設進行大規模的協調投資並清除所有監管和許可障礙，也需要十多年的時間才能完成將電力從發電站輸送到客戶所在地所需的輸電和配電升級。

Most of the demand for power growth will come from data centers and vehicle and building electrification. In my view, most of this load growth will be location specific.

大部分電力成長需求將來自資料中心以及車輛和建築電氣化。在我看來，大部分負載成長都與地點有關。

Let me highlight a few. To minimize latency, AI and other data centers need to be close to the customer, edge data centers will be the dominant users of power. They will be in economic nerve centers that are already power constrained.

讓我強調幾點。為了最大限度地減少延遲，AI和其他資料中心需要靠近客戶，邊緣資料中心將成為電力的主要用戶。他們將處於電力已然受限的經濟神經中樞。

Dense and power scarce population centers will have the greatest need for power to charge their mass transit EV systems and delivery fleets. Popular cities with distribution constraints will need the most traditional power to electrify residences in commercial buildings.

人口密集且電力稀缺的中心將最需要電力來為其公共交通電動車系統和運輸車隊充電。配電受限的熱門城市將需要最傳統的電力來為商業建築中的住宅供電。

As you can see from these 3 examples, the markets where the grid is already constrained is also where future stress from increased demand is going to come. The grid's ability to supply more power for timely business growth is going to be severely challenged. [Delays the lensu.] In a competitive business environment, every delay means lost revenue and opportunity.

從這三個例子可以看出，電網已經受到限制的市場也是未來需求增加的壓力。電網為及時的業務成長提供更多電力的能力將面臨嚴峻挑戰。[延遲鏡頭。 ] 在競爭激烈的商業環境中，每一次延遲都意味著收入和機會的損失。

So what do you do if you're a data center, a manufacturer, a fulfillment center, a mission-critical hospital or a retail chain that needs power NAV. Rather than wait for the grid and forgo revenue growth, it will be important for companies to take control of their own destiny by procuring distributed power generation at the point of use that is dedicated for them.

那麼，如果您是資料中心、製造商、履行中心、關鍵任務醫院或需要電力 NAV 的零售連鎖店，您會怎麼做？企業不應等待電網並放棄收入成長，而應透過在專用使用點採購分散式發電來掌握自己的命運。

If you want to generate 24/7 power reliably at the point of use, without air pollution and no noise, and you need it now, there is no better solution in the market than the Bloom Energy Servers. Our energy servers can be grid tied or completely islanded, no grid interconnection needed.

如果您想在使用點可靠地產生全天候電力，且沒有空氣污染和噪音，並且現在就需要它，那麼市場上沒有比 Bloom Energy Servers 更好的解決方案了。我們的能源伺服器可以與電網連接或完全獨立，無需電網互連。

Last year, our average fleet availability at over our 850 installation sites was 99.995%. Let me repeat our annual availability of all our energy servers at all our sites that is over 850 sites was 99.995%, a metric that cannot be matched by any other commercial solution in the market today.

去年，我們 850 多個安裝站點的平均車隊可用性為 99.995%。讓我重複一遍，我們所有站點（超過 850 個站點）的所有能源伺服器的年可用性為 99.995%，這一指標是當今市場上任何其他商業解決方案都無法比擬的。

The Bloom Energy Solution, which is zero emissions been operated with net zero fuels also offers the lowest carbon footprint on-site power then operated with natural gas.

Bloom 能源解決方案採用淨零燃料運行，實現零排放，同時也提供比使用天然氣運行的現場電力更低的碳足跡。

Today, even the utilities themselves are aware that they need help and Bloom is an excellent alternative and supplement. They have a choice, either force developers to wait five-plus years for power or embrace Bloom's technology and help their customers and communities grow.

如今，甚至公用事業公司本身也意識到了他們需要幫助，而 Bloom 是一個很好的替代品和補充。他們面臨選擇，要么迫使開發商等待五年以上的電力，要么採用 Bloom 的技術並幫助他們的客戶和社區發展。

We see two paths to serving an end user. First, we can work with the end customer directly as you have seen with our existing behind-the-meter solutions. We continue to see a strong pipeline and large project sizes, both in the US and internationally. Corvi, a leader in AI, recently purchased Bloom Servers. This is further validation of our technology's importance to artificial intelligence.

我們看到兩種為最終用戶提供服務的途徑。首先，我們可以直接與最終客戶合作，就像您在我們現有的電錶後解決方案中看到的那樣。我們繼續看到強大的項目儲備和大型項目規模，無論是在美國還是在國際上。人工智慧領域的領先者 Corvi 最近收購了 Bloom Servers。這也進一步驗證了我們的技術對人工智慧的重要性。

Second, we can serve the end customer with front--of-the-meter solutions. Silicon Valley Power, just received City Council approval for up to 100 megawatts of new generation to be served with front-of-the-meter generation that will be sleeved to specific customers in dedicated megawatt increments.

其次，我們可以為最終客戶提供電錶前端解決方案。矽谷電力公司剛剛獲得市議會的批准，將提供高達 100 兆瓦的新發電量，並透過電錶前端發電，以專用的兆瓦為增量提供給特定客戶。

As part of the 100 megawatts, 20 megawatts was approved using Bloom Energy Servers for AWS. Bloom is working with SVP to support the needs of its customers like AWS. Bloom is excited to support SVP's fuel cell development once it finalizes terms with AWS.

作為 100 兆瓦的一部分，其中 20 兆瓦已獲批准使用 Bloom Energy Servers for AWS。Bloom 正在與 SVP 合作，以支援 AWS 等客戶的需求。一旦與 AWS 最終達成協議，Bloom 很高興能夠支援 SVP 的燃料電池開發。

Under the planned structure, SVP will resell the power generated by Bloom Energy Server directly to customers under a dedicated restructure or tariff. This fulfills SVP's growth needs without impacting other SVP rate payers. SVP is currently working on procuring the additional 80 megawatts to serve its customers, mainly data centers using the same model.

根據計劃的架構，SVP 將根據專門的重組或關稅將 Bloom Energy Server 產生的電力直接轉售給客戶。這滿足了 SVP 的成長需求，並且不會影響其他 SVP 費率支付者。SVP 目前正在採購額外的 80 兆瓦電力來服務其客戶，主要是使用相同模型的資料中心。

We applaud Silicon Valley Power for being a leader in providing power choice to its customers. We thank them for embracing Bloom solution. I believe that other utilities should and will follow suit. It is obvious that rather than losing local jobs and tax dollars, such a solution is a win for the local economy, the ratepayers, the customer, the utility, and Bloom.

我們讚揚矽谷電力在為客戶提供電力選擇方面發揮的領導作用。我們感謝他們接受Bloom解決方案。我相信其他公用事業公司也應該而且將會跟進。顯然，這樣的解決方案不但不會造成當地就業和稅收的損失，反而對當地經濟、納稅人、消費者、公用事業公司和 Bloom 都是一種福利。

Now, switching to technology development. We continue to innovate and further strengthen our leadership position. Earlier this week, we announced that we have achieved 60% electrical efficiency and 90% high-temperature combined heat and power efficiency, while using 100% hydrogen in our fuel cells. These are record efficiencies using hydrogen as a fuel in our energy servers.

現在轉向技術開發。我們不斷創新並進一步鞏固我們的領導地位。本週早些時候，我們宣布已經實現了 60% 的電效率和 90% 的高溫熱電聯產效率，同時在我們的燃料電池中使用 100% 的氫氣。這是我們能源伺服器中使用氫作為燃料的創紀錄效率。

Also, I see our CHP offering as a key benefit to customers for heating and cooling. We can achieve 90% fuel efficiency with this option. The first US installation of our CHP solution is at the Energy & Innovation Center in New Britain Park, Connecticut for 20 megawatts and is ready for commissioning.

此外，我認為我們的熱電聯產產品對於暖氣和冷氣客戶來說是一項重要福利。透過此選項我們可以實現 90% 的燃油效率。我們的熱電聯產解決方案在美國的首個安裝地點是康乃狄克州新不列顛公園的能源與創新中心，發電容量為 20 兆瓦，目前已準備好投入調試。

In this case, the Bloom Solution will be leveraged for the parts development of a high-performance computing and data center corridor. These examples speak to the capability and speed with which our team executes on innovating and implementing new technology, as well as the versatility of our solid oxide platform.

在這種情況下，Bloom解決方案將用於高效能運算和資料中心走廊的零件開發。這些例子證明了我們的團隊在創新和實施新技術方面的能力和速度，以及我們的固體氧化物平台的多功能性。

I'll be back to take your questions shortly, but for now, I'll turn it over to Dan.

我很快就會回來回答你們的問題，但現在我會把時間交給丹。

Thank you, KR, and good afternoon, everyone.

謝謝，KR，大家下午好。

During last quarter's earnings call, which was only two weeks after I joined Bloom, I mentioned that I was already impressed by what I'd seen, the technology, the people and the drive to succeed in our mission.

在上個季度的財報電話會議上（當時距離我加入 Bloom 僅兩週），我提到我對所見所聞印象深刻，包括這裡的技術、員工以及完成我們使命的動力。

Now, having had the chance to gain an even better understanding of the depth of the team's expertise, the technology, our manufacturing operations, our commercial pipeline, and our product roadmap, I can tell you that I'm even more excited to have joined this team at an inflection point for our solutions.

現在，我有機會更深入了解團隊的專業知識、技術、製造營運、商業通路和產品路線圖，我可以告訴你，我更高興能在我們的解決方案的轉折點加入這個團隊。

My top priority is to make sure that we're ready to scale profitably as our solution to the problems of delivering power at the point of use becomes more widely adopted. We have strong commercial and operational leadership.

我的首要任務是確保隨著我們針對使用點供電問題的解決方案得到越來越廣泛的應用，我們已準備好實現盈利。我們擁有強大的商業和營運領導力。

Our chief commercial officer, Aman Joshi, and our chief operations officer, Satish Choudhury, are strong partners in this effort, and they are leveraging the innovations and products developed by our engineering team.

我們的商務長 Aman Joshi 和營運長 Satish Choudhury 是這項工作中強而有力的合作夥伴，他們正在利用我們的工程團隊開發的創新和產品。

Looking at our Q2 results, revenue for the quarter was $335.8 million, an increase of 11.5% over the second quarter of 2023. Product and service revenue was $278.8 million, an increase of 8.5% year-over-year, slightly trailing the increase in total revenue due to certain higher ASP projects that we booked in Q2 2023. Service revenue increased by 24.1% to $52.5 million, while electricity revenue continues to decline as expected.

查看我們的第二季業績，本季營收為 3.358 億美元，比 2023 年第二季成長 11.5%。產品和服務收入為 2.788 億美元，年增 8.5%，略低於總收入的增幅，原因是我們在 2023 年第二季度預訂了某些較高的 ASP 項目。服務收入成長24.1%至5,250萬美元，而電力收入則如預期繼續下降。

Data centers are becoming a larger part of our mix. In addition to projects like the previously announced Intel data center expansion, we're executing on opportunities to support the broader ecosystem by providing power solutions to critical manufacturers that support the data center build-outs.

資料中心在我們的業務結構中佔據的比重越來越大。除了先前宣布的英特爾資料中心擴建等項目之外，我們還透過向支援資料中心建設的關鍵製造商提供電源解決方案，抓住機會支持更廣泛的生態系統。

An example of this is our recently announced deal with Quanta, a large manufacturer of data center hardware, which is looking to grow with its customers, but is facing the same time-to-power problems as the data centers they serve.

例如，我們最近宣布與大型資料中心硬體製造商廣達 (Quanta) 達成協議，廣達希望與客戶共同成長，但卻面臨著與其服務的資料中心相同的供電時間問題。

Non-GAAP gross margin was 21.8% for the second quarter, an improvement of approximately 140 basis points over the second quarter of 2023. Our service business results have continued to improve as planned, and we expect service to be profitable for the full year 2024, which will be a first for us.

第二季非公認會計準則毛利率為 21.8%，比 2023 年第二季提高約 140 個基點。我們的服務業務業績繼續按計劃改善，我們預計 2024 年全年服務將實現盈利，這對我們來說將是第一次。

Our product cost reduction efforts continue, supported by our technology roadmap, manufacturing efficiencies, and the benefits of scale. We continue to expect a 10% year-over-year cost reduction in our core energy servers, consistent with what we have communicated in the past.

在我們的技術路線圖、製造效率和規模優勢的支持下，我們繼續努力降低產品成本。我們繼續預期核心能源伺服器的成本將年減 10%，這與我們過去所傳達的訊息一致。

Non-GAAP operating loss for the second quarter was $3.2 million, an improvement of almost $22.7 million from a loss of $25.9 million in the second quarter of 2023.

第二季非公認會計準則營業虧損為 320 萬美元，較 2023 年第二季的 2,590 萬美元虧損改善近 2,270 萬美元。

Turning to cash flow. Cash from operating activities was an outflow of $175.5 million in the second quarter, due almost entirely to an increase in receivables. It is common for us to have a meaningful cash outflow in the first half of the year and make it up in the second half of the year as we monetize inventory and collect on receivables. We expect cash flow from operations to be positive for the second half of the year.

轉向現金流。第二季經營活動現金流出 1.755 億美元，幾乎完全是因為應收帳款增加。我們通常情況下，在上半年會出現大量現金流出，而在下半年，隨著庫存貨幣化和應收帳款的收回，這些現金流出就會得到彌補。我們預計下半年經營現金流將為正值。

Turning to the balance sheet. We ended the quarter with $637.8 million of total cash, including the $402 million gross proceeds of the financing we completed in May, net of repurchasing $142 million of our 2025 convertible debt.

轉向資產負債表。截至本季末，我們的總現金為 6.378 億美元，其中包括 5 月份完成的融資所得的 4.02 億美元總收益，扣除回購 1.42 億美元的 2025 年可轉換債務。

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

我們重申 2024 年收入、利潤率和獲利能力的年度指引。憑藉我們的積壓訂單和商業管道，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。

As stated before, where we land within the guidance range will be determined by the timing of projects that are in the pipeline. Consistent with prior years, revenue is expected to be significantly weighted towards Q4. Gross margins should improve as we move through the remainder of the year on lower product costs and improving service performance.

如前所述，我們在指導範圍內的位置將由正在進行的專案的時間決定。與往年一致，預計收入將主要集中在第四季度。隨著我們在今年剩餘時間內降低產品成本並提高服務績效，毛利率應該會提高。

As we have noted previously, there is significant volume leverage in the financial model. With this annual revenue and gross margin profile, we should be well-positioned to achieve non-GAAP operating profit of $75 million to $100 million.

正如我們之前所指出的，財務模型中存在顯著的數量槓桿。憑藉這樣的年收入和毛利率狀況，我們應該能夠實現 7,500 萬至 1 億美元的非 GAAP 營業利潤。

As we look beyond 2024, we are conscious that changes in our product mix are changing the way we use certain metrics to forecast our business. We plan to closely evaluate the effectiveness and relevance of certain of our metrics, as well as potentially introducing new metrics to give investors the clearest possible picture of how we operate and assess the performance of our business.

展望 2024 年後，我們意識到產品組合的變化正在改變我們使用某些指標來預測業務的方式。我們計劃密切評估某些指標的有效性和相關性，並可能引入新指標，以便讓投資者盡可能清楚地了解我們的營運方式並評估我們業務的表現。

To conclude, we're pleased with the momentum we're seeing in our commercial pipeline, and I believe we're on a strong financial footing to continue delivering on these projects and to scale our business further.

總而言之，我們對商業通路的發展勢頭感到滿意，我相信我們擁有強大的財務基礎來繼續完成這些項目並進一步擴大我們的業務。

Our product suite is the perfect fit for the energy challenges that companies around the world are facing, and we are laser-focused on positioning Bloom to scale profitably and continue to provide the most efficient and reliable solutions for the world's evolving energy needs.

我們的產品套件非常適合世界各地公司面臨的能源挑戰，我們專注於讓 Bloom 實現盈利規模，並繼續為世界不斷變化的能源需求提供最高效、最可靠的解決方案。

Before I conclude my remarks, I'd like to note that this will be Ed Vallejo's final earnings call with Bloom Energy as he moves on to other opportunities. I want to thank Ed for everything that he's done for Bloom over the course of the past three years, and we all wish him well in his future endeavors.

在結束我的演講之前，我想指出，這將是 Ed Vallejo 與 Bloom Energy 的最後一次財報電話會議，因為他將轉向其他機會。我要感謝艾德在過去三年為布魯姆所做的一切，我們都祝福他在未來的工作中一切順利。

I'd also like to introduce Michael [Cherny], who has just joined Bloom as our new VP of Investor Relations. With over 20 years of buy-side experience, I'm sure that Michael will be able to continue and enhance the investor communications program that Ed has ramped up.

我還想介紹麥可 [切爾尼]，他剛加入 Bloom，擔任我們的新投資者關係副總裁。憑藉超過 20 年的買方經驗，我相信邁克爾將能夠繼續並加強艾德所加強的投資者溝通計劃。

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

接線員，請打開熱線來回答問題。

(Operator Instructions) Andrew Percoco, Morgan Stanley.

（操作員指示） 摩根士丹利的 Andrew Percoco。

Great. Thanks so much, and good evening, everyone. Thanks for taking the question.

偉大的。非常感謝，大家晚上好。感謝您回答這個問題。

I do want to start on the data center side here. Great to see you guys make some progress on that front with the core REIT announcement this quarter. So congrats on that. But I guess as we think about the evolution of this opportunity, how should we be thinking about the sizing of these deals?

我確實想從數據中心方面開始。很高興看到你們本季的核心 REIT 公告在這方面取得了一些進展。對此我表示祝賀。但我想，當我們思考這個機會的發展時，我們該如何考慮這些交易的規模？

The Corvi's deal looked to be about 15 megawatts. Is that the sweet spot for you guys? Or should we start to expect some larger deals, we're starting to see some data centers obviously well in excess of 100 megawatts. I'm just wondering if we should be expecting those types of deals to be announced from you guys at some point this year?

Corvi 的交易規模看起來約為 15 兆瓦。這對你們來說是個最佳狀態嗎？或者我們應該開始期待一些更大的交易，我們開始看到一些資料中心的電力明顯超過 100 兆瓦。我只是想知道我們是否應該期待你們在今年某個時候宣布此類交易？

Thank you.

謝謝。

Hey Andrew, thank you for the call, and great question.

嘿，安德魯，謝謝你的來電，這個問題問得真好。

So I think what you should expect is an entire spectrum. You shouldn’t expect the spectrum from anywhere in the fuel single-digit megawatts all the way to hundreds of megawatts. And they're all in our mix right now as we speak.

所以我認為你應該期待的是整個範圍。你不應該期望燃料的頻譜從個位數兆瓦一直到數百兆瓦。正如我們所說，他們都在我們的混合物中。

And here is the reason why there are data centers with additional white space all switching from CPU to GPU that requires more power in the same white space and are not able to get their power right away.

這就是為什麼有些擁有額外白色空間的資料中心都從 CPU 切換到 GPU，這需要在相同白色空間中提供更多電力，但又無法立即獲得電力。

There are small edge data centers being built wherever they have fixes land and other infrastructure for which deny smaller size data centers and I say smaller size in the single-tier 15, 20, 25 megawatts.

無論在哪裡，只要有固定土地和其他基礎設施，就會建造小型邊緣資料中心，而這些基礎設施不允許建造較小規模的資料中心，我說的較小規模的資料中心是單層 15、20、25 兆瓦的。

Then you're looking at data centers on the edge, this is in dense cities, all the way to 100-plus megawatts that are custom-built for the hyperscalers and those who be in the 100-megawatt range. So as we see it, both from data center operators that purpose-built, hyperscalers as well as edge data centers, we are seeing a spectrum from five all the way to hundreds of megawatts.

然後，您會看到邊緣的資料中心，這是在人口密集的城市，一直到 100 多兆瓦，都是為超大規模企業和 100 兆瓦範圍內的企業量身定制的。因此，我們看到，無論是從專門建造的資料中心營運商、超大規模資料中心或邊緣資料中心，都看到了從五兆瓦到數百兆瓦的頻譜。

Obviously, the smaller the size of the deal, quicker the velocity on getting the transaction done, I've illustrated many times that these large deals are fairly complex and big size orders and takes a little bit longer to come. So we expect the entire spectrum.

顯然，交易規模越小，完成交易的速度就越快，我已經多次說明過，這些大筆交易相當複雜，訂單規模也很大，需要更長的時間才能完成。因此我們期待整個頻譜。

Jordan Levy, Truist Securities.

喬丹·利維（Jordan Levy），Truist Securities。

It's Henry on for Jordan here. Congrats on the quarter. Just on the remaining Amazon volume that it gets to be deployed, I just want to ask some kind of what the outlook or time line we should be expecting for those. If you can say anything at this point on that?

亨利代替喬丹上場。恭喜本季取得佳績。就亞馬遜剩餘的部署量而言，我只想問一下我們應該對它們的前景或時間表有什麼期待。現在您能就此發表點什麼嗎？

Yeah. So I think there are two leg references there, if you like look at it, one is with Silicon Valley Power Amazon, AWS is negotiating with Silicon Valley Power separately to get into a contract and that contract of 20 megawatts will be fulfilled by Bloom by having a contract with Silicon Valley Power.

是的。所以我認為這裡有兩個參考點，如果你願意看一下的話，一個是與矽谷電力亞馬遜的合作，AWS 正在與矽谷電力單獨談判以簽訂合同，而 20 兆瓦的合同將由 Bloom 與矽谷電力簽訂合同來履行。

This is in front-of-the-meter. It is a -- our customer is the municipal it at the Silicon Valley Power and their customer is AWS, but it is dedicated and sleeve to them at a rate that they negotiate specifically for them, and it doesn't impact any other rate there. I think this model is a phenomenal model and that will grow as we go forward.

這是在儀表前。我們的客戶是矽谷電力公司的市政 IT 部門，他們的客戶是 AWS，但這是專門為他們提供的，費率是他們專門為他們協商的，不會影響那裡的任何其他費率。我認為這個模型是一個非凡的模型，隨著我們前進，它將繼續發展。

Separately, you're aware that AWS halted working on the 73-megawatt contract they had with us in Oregon, they have separately submitted a relocation request to us for all of 73 megawatts to Ohio. We are currently working with AWS on those details.

另外，您知道 AWS 停止了與我們在俄勒岡州簽訂的 73 兆瓦合同，他們已單獨向我們提交了將全部 73 兆瓦電力遷移至俄亥俄州的申請。我們目前正在與 AWS 合作解決這些細節問題。

Both these deals are being worked in parallel, and there will be many other opportunities, hopefully, given our strong working relationship between AWS and Bloom. Thank you.

這兩筆交易正在同時進行，鑑於 AWS 和 Bloom 之間的牢固合作關係，希望還會有許多其他機會。謝謝。

Dushyant Ailani, Jefferies.

杜什揚特‧艾拉尼 (Dushyant Ailani)，傑富瑞 (Jefferies)。

Hi. Thanks for taking my questions. Just wanted to get an understanding of the guide, the $1.4 billion to $1.6 billion. Does that include any potential near-term data center orders? Or what are the puts and takes of the data centers or whether it's from SK? Thank you.

你好。感謝您回答我的問題。只是想了解指南，14 億到 16 億美元。這是否包括任何潛在的近期資料中心訂單？或者資料中心的投入和產出是什麼或是否來自 SK？謝謝。

So we've talked about the $1.4 billion to $1.6 billion. We talked about where we end up within that range being dependent on timing of projects. We haven't talked specifically about what those projects are, and we don't talk specifically about sizes of projects with specific customers. We try to avoid providing those details on specific customers.

所以我們談的是 14 億到 16 億美元。我們討論了最終結果如何取決於專案的進度。我們沒有具體談論這些項目是什麼，我們也沒有與具體客戶具體談論專案的規模。我們盡量避免提供特定客戶的詳細資料。

So all we can say is that we have between our backlog and our commercial pipeline, we are confident in being within that range of $1.4 billion to $1.6 billion for the year, where we wind up within that range is dependent on timing of projects.

因此，我們只能說，在我們的積壓訂單和商業管道之間，我們有信心將今年的銷售額控制在 14 億美元至 16 億美元之間，至於是否能達到這個範圍，則取決於項目的進度。

And Dan, to add to that, this is KR, Dushyant. What I would say is given how strong the data center market is for us in a segment, you should assume that some amount of our installations will be in the data center space, but it's up to our customers to speak to that size and not up to us.

丹，補充一下，這是 KR，杜什揚特。我想說的是，考慮到資料中心市場在某個領域對我們來說有多強大，你應該假設我們的一定數量的安裝將在資料中心領域，但這取決於我們的客戶而不是我們。

Manav Gupta, UBS.

瑞銀的 Manav Gupta。

Congrats on the new orders. A quick back of the envelope masses indicating to hit about 28% gross margins. You have to be around 32% gross margin, a significant improvement from the first half. You guys are known to hit the guidance. So help us understand all the factors that will help drive a materially better gross margin in the second half of this year. Thank you.

恭喜獲得新訂單。信封背面的快速數據顯示毛利率將達到約 28%。你的毛利率必須達到32%左右，這比上半年有顯著的提高。你們以擊中指導而聞名。因此，請幫助我們了解有助於今年下半年大幅提高毛利率的所有因素。謝謝。

Well, I mean I talk through all of the factors, if you don't mind, Manav. But look, as we've discussed, there's significant volume leverage in our model. As we ramp volume, we expect to see the benefits of that.

好吧，我的意思是我會討論所有因素，如果你不介意的話，Manav。但是，正如我們所討論的，我們的模型中存在顯著的數量槓桿。隨著產量的增加，我們期望看到其帶來的好處。

And I mean, look, to the point we reiterate our guidance. We are confident in our commercial pipeline. We are confident in the margin leverage that comes with that growing volume.

我的意思是，你看，我們重申了我們的指導方針。我們對我們的商業管道充滿信心。我們對隨著交易量不斷增長而來的利潤槓桿充滿信心。

And so that's what will get us 28%. Your math is correct. I do understand that we need to have very strong gross margins in the back half of the year to hit that 28% for the full year, and we're confident in doing so.

這樣我們可以得到 28% 的收益。你的數學是正確的。我確實知道我們需要在今年下半年實現非常強勁的毛利率才能達到全年 28% 的目標，而且我們有信心做到這一點。

James West, Evercore ISI.

詹姆斯‧韋斯特 (James West)，Evercore ISI。

Hey, good afternoon, guys. So KR, we certainly agree with your view of the role of the next five to 10 years with electrification and the need for gas electrification, especially. And we've heard from a number of the traditional energy companies already, special the pipeline companies that are being asked to pipe natural gas directly to data centers.

嘿，大家下午好。因此 KR，我們當然同意您對未來五到十年電氣化作用以及尤其是天然氣電氣化的必要性的看法。我們已經聽取了許多傳統能源公司的回饋，特別是管道公司被要求將天然氣直接輸送到資料中心。

I was curious how that works between Bloom, the data center, the maybe traditional energy companies. Are you all in a consortium? Is it all run by the data center producer? I mean, how does it all come together?

我很好奇 Bloom、資料中心和傳統能源公司之間是如何運作的。你們都是一個財團的嗎？這一切都是由資料中心生產商來運作的嗎？我的意思是，這一切是怎麼結合在一起的？

So the way -- again, that's a very good question. So there is not a specific model as the first thing that I would say. It varies from place to place and state to state. That's the first answer. The second answer is the following. Then a data center deal is being put together, assuming it's a purpose-built data center, they would first negotiate their deal with their hyperscaler who is their customer. They will have an LOI with them. And that's the process.

所以 — — 再說一次，這是一個非常好的問題。所以我想說的第一件事是，沒有一個特定的模型。各個地方和各州的情況都不一樣。這是第一個答案。第二個答案如下。然後製定一個資料中心交易，假設它是一個專門建造的資料中心，他們會先與他們的客戶超大規模商協商交易。他們會帶著一份意向書。這就是整個過程。

Even for them to have an LOI, they need to have a fairly good handle on their overall cost, their partners and how much that compute is going to cost in order to have the LOI. So these things, to some extent, are happening in parallel. So they will engage with that as a technology provider.

即使他們有了意向書，他們也需要對他們的總體成本、合作夥伴以及為了獲得意向書需要花費多少計算成本有相當好的把握。因此，從某種程度上來說，這些事情是同時發生的。因此他們將以技術提供者的身份參與其中。

We will be working with them to assess. Is there an upgrade to the gas system as the gas system already exist? Are they going to procure the gas wholesale, retail, how is it going to play out, what the local regulations are. So this is how it all comes together. So in a way, it's a multiparty negotiation happening together.

我們將與他們一起進行評估。由於天然氣系統已經存在，是否可以升級天然氣系統？他們將以批發還是零售的方式採購天然氣，具體實施方式如何，當地的法規是什麼。這就是一切結合在一起的方式。因此從某種程度上來說，這是一場多方共同進行的談判。

So I'm glad you asked the question because I've mentioned multiple times how this deal is fairly complex. But now if you think about a 100-plus megawatt deal that is well north of $1 billion in total value, and now you look at the number of parties that have to be engaged and working together, that's what gives you that longer duration or a long-cycle sale, but it's a very sticky, good sale, and you will see these things happen...

我很高興你問了這個問題，因為我已經多次提到這筆交易相當複雜。但現在，如果你想考慮一筆總價值遠超 10 億美元的 100 多兆瓦的交易，並且現在你看看必須參與和合作的各方數量，這就是給你更長持續時間或長週期銷售的原因，但這是一筆非常粘性的好銷售，你會看到這些事情發生......

Chris Dendrinos, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Chris Dendrinos。

Yeah. Thank you. So I think South Korea is hosting one of its hydrogen power options. And I guess just in light of the announcement on your fuel cell with hydrogen and the efficiency improvement.

是的。謝謝。因此我認為韓國正在實施其氫能選項之一。我想只是鑑於你們關於氫燃料電池及其效率改進的聲明。

Can you maybe speak to, I guess, your overall competitiveness in that market and how maybe this feel still helps position you all there? Thanks.

您能否談談你們在那個市場的整體競爭力，以及這種感覺如何仍然有助於你們在那裡佔有一席之地？謝謝。

Hey, Chris, that's a very good question. You're absolutely right.

嘿，克里斯，這是一個非常好的問題。你完全正確。

As Korea has modified the auction process and has a pretty strong emphasis on hydrogen as a possible fuel, you would have noticed, we are not reactive. We are proactive. The press release that we put out is work in progress of our engineering team and our product development team for the last many years.

由於韓國修改了拍賣流程，並且非常重視氫氣作為可能的燃料，你會注意到，我們並沒有做出反應。我們積極主動。我們發布的新聞稿是我們工程團隊和產品開發團隊多年來不斷努力的成果。

And I just want to emphasize, 60% electrical efficiency and a 90% overall efficiency and that other 30% of that heat coming at high temperature steam, there is not a technology in the world that can match that. So we are extremely well positioned in that market, both for the natural gas systems as well as the hydrogen systems.

我只想強調一下，60% 的電效率和 90% 的總效率，另外 30% 的熱量來自高溫蒸汽，世界上沒有任何技術可以匹敵。因此，我們在該市場佔據極其有利的地位，無論是天然氣系統還是氫氣系統。

Our job is to make sure it is up to the customer to figure out when they transition from one fuel to another, but irrespective of what that fuel is, we provide our really good partner, SK, with the best technology option. And if they were on the call, I would assume they would say Bloom has given them the best technology option. Thank you.

我們的工作是確保客戶能夠自行決定何時從一種燃料轉換到另一種燃料，但無論燃料是什麼，我們都會為我們真正優秀的合作夥伴 SK 提供最佳的技術選擇。如果他們參加了電話會議，我猜他們會說 Bloom 為他們提供了最好的技術選擇。謝謝。

Martin Malloy, Johnson Rice.

馬丁·馬洛伊、約翰遜·賴斯。

Good afternoon. Just wanted to try to maybe get a better idea around the economics of the Bloom server. I was wondering if maybe you could speak to the heat rate for one of your servers or just give us -- I'm trying to get a sense for how much it would cost with behind-the-meter situation, say, $2.50 gas per kilowatt hour basis.

午安.只是想嘗試更了解 Bloom 伺服器的經濟原理。我想知道您是否可以談談您的一台伺服器的熱耗率，或者直接告訴我們——我想了解一下在電錶後的情況下，其成本是多少，例如，以每千瓦時 2.50 美元的天然氣價格計算。

Hey, Martin, this is KR. You're asking a question that's all over the map, and we may need to spend the rest of the call if I were to explain that. So here's what we will do. I'll have our team work with you separately to provide you that, because we have provided that in multiple other places. But look, I think this is the way you've got to think about our business.

嘿，馬丁，我是 KR。你問了一個很模糊的問題，如果我要解釋這個問題，我們可能需要花費整個通話時間。所以我們要做的如下。我會讓我們的團隊單獨與您合作為您提供該服務，因為我們已在其他多個地方提供該服務。但你看，我認為這就是你思考我們業務的方式。

At the end of the day, we are serving an end customer, specifically sleeved end for whom the option of buying from us or not buying from us is based on their cost of electricity buying from us compared to their alternate.

歸根結底，我們服務的是最終客戶，特別是終端客戶，他們是否從我們這裡購買取決於他們從我們這裡購買產品與從其他供應商購買產品的電力成本相比如何。

In every case, the customer buys from us, because we are equal to or better than the grid in terms of price along with all the other attributes, reliability, sustainability, you name it.

在每種情況下，客戶都會向我們購買，因為我們的價格以及其他所有屬性、可靠性、可持續性等都等於或優於電網。

Then we are in front of the meter, the reason the customer will transact, sleeve in with us is because there is no other way. Let me emphasize, no other way for that customer to get reliable power on site in a time to power fashion, where the price of not having power is significantly larger than the cost of power. So that's the calculation they do. That's how they do it.

那我們就在計費器前面，客戶之所以會跟我們交易、套現，是因為沒有別的辦法。我要強調的是，沒有其他方法可以讓客戶在現場及時獲得可靠的電力，而斷電的代價遠高於電力成本。這就是他們所做的計算。他們就是這麼做的。

So the heat rate and all that is interesting thermodynamically, it's not interesting to the customer. Thank you.

因此，熱速率和所有熱力學上有趣的東西，對客戶來說並不有趣。謝謝。

Chris Senyek, Wolfe Research.

克里斯森耶克（Chris Senyek），沃爾夫研究公司（Wolfe Research）。

Hi, KR, Dan. Thanks for taking my question. I noticed in the queue there's an electrolyzer agreement to sell to a European buyer. Are you able to expand on that a bit just in terms of size, timing of sales? Thanks.

你好，KR，丹。感謝您回答我的問題。我注意到隊列中有一份電解器協議要賣給歐洲買家。您能否從規模、銷售時間等方面稍微詳細闡述？謝謝。

So look, there is a lot of things in the pipeline in various stages of our pipeline. And our policy with talking about any commercial agreement with any customer is when we have the permission of that customer to speak so.

所以你看，我們的管道在各個階段都有很多東西。我們與任何客戶談論任何商業協議的政策是，只有獲得客戶的許可才能談論。

So we are pursuing electrolyzers. You know that we have the world's best, most efficient electrolyzer. There are many markets where we are engaged in conversations. Please stay tuned. When we have the proper permissions and the proper timing, we will let you know. Thank you.

因此我們正在追求電解器。你知道我們擁有世界上最好、最高效的電解器。我們正在與許多市場進行對話。請繼續關注。當我們獲得適當的許可和適當的時間時，我們會通知您。謝謝。

Noel Parks, Tuohy Brothers.

諾埃爾‧帕克斯 (Noel Parks)、陶伊兄弟 (Tuohy Brothers)。

Hi, good afternoon. One thing I was interested in, of course, the most attention-getting situation is a brand-new customer with a specific need, and they're coming to you, and what sort of deal and economics can you work out?

嗨，下午好。當然，我感興趣的一件事是，最引人注目的情況是有特定需求的全新客戶，他們來找你，你能製定出什麼樣的交易和經濟方案？

I wonder if you could talk a bit about trends you're seeing with your repeat customers. Could you talk a bit about trends you're seeing with your repeat customers, maybe some of your long-time existing customers, because they, of course, are also at the door, wanting product, wanting expansion.

我想知道您是否可以談談您在回頭客身上看到的趨勢。您能否談談您在回頭客和一些長期現有客戶身上看到的趨勢，因為他們當然也想要產品、想要擴張。

So maybe what comes down is maybe just sales cycle being much compressed with those. And how much -- when you're just looking at the year's guidance, how much of that really can be accomplished just on the backs of your well-established customers looking to expand?

因此，也許最終的結果是銷售週期被大幅壓縮。當您只看年度指導時，其中有多少真正能夠僅依靠那些尋求擴張的老客戶來實現？

That's a very good question. Look, without getting into particular quarters and the year, as you know, very well know, our policy to talk about the year's bookings at the end of the year.

這是一個非常好的問題。您看，無需討論具體的季度和年份，正如您所知，我們的政策是在年底討論全年的預訂情況。

So without referring to this year, traditionally, I can tell you, roughly two-thirds of our business comes from [AWS] business, okay, in terms of the volume in terms of volume from dollar amounts. Obviously, from the numbers, we used to have a lot more newer customers. And the reason is they pilot and then they scale with us. So land and expand has been our strategy.

因此，即使不提及今年，按照傳統，我可以告訴你，就金額而言，我們大約三分之二的業務來自 [AWS] 業務。顯然，從數字來看，我們曾經擁有更多的新客戶。原因是他們先進行試點，然後再與我們一起擴大規模。因此，登陸和擴張一直是我們的策略。

However, what we are seeing now is some first-time customers, especially in the data center space and other spaces, given that we are a well-established technology for this particular segment like data centers are coming in with very large sales cycle.

然而，我們現在看到的是一些首次客戶，特別是在資料中心領域和其他領域，鑑於我們在這個特定領域擁有成熟的技術，例如資料中心，它們的銷售週期非常長。

So that dynamic could change this year potentially, depending on when we land those big deals, and you will see more and more of that happen as we go forward. So that's the dynamic. But very clearly, our existing customer base is a strong base. We have a good share of their wallet, but we can get a lot more share of their wallet, and we continue to grow that.

因此，這種動態可能會在今年發生變化，這取決於我們何時達成這些大交易，而且隨著我們前進，你會看到越來越多這樣的情況發生。這就是動態。但很明顯，我們現有的客戶群是一個強大的基礎。我們在客戶錢包中佔有相當大的份額，但我們可以獲得更多的份額，而且我們會繼續增加這一份額。

Ameet Thakkar, BMO Capital Markets.

BMO 資本市場的 Ameet Thakkar。

Hi. Thanks for taking my question. I know I think in the last time we had an earnings call to you all the IRS, I guess, proposed initial guidance for the 48E investment tax credit. And I think last week, you guys filed some comments with the IRS and Department of Treasury on that, I think kind of something to the effect that the credit will be rendered useless as it's proposed. I was just wondering, how you could kind of maybe talk to us about how that would kind of necessitate more cost down if the guidelines stay as it is? Thanks.

你好。感謝您回答我的問題。我知道，上次我們與大家召開財報電話會議時，國稅局大概提出了針對 48E 投資稅收抵免的初步指引。我認為上週你們已經向美國國稅局和財政部就此提出了一些意見，我認為大意是這項稅收抵免將按照提議變得毫無用處。我只是想知道，您能否跟我們談談，如果指導方針保持不變，這將如何進一步降低成本？謝謝。

Yeah. So look, I can't remember in our couple of decades commercial history policy and policy uncertainty over not being a looming issue for the company, and there have been even times when that policy has been reworked for a while and then brought back on.

是的。所以，在我看來，在我們幾十年的商業歷史中，我不記得政策和政策不確定性不是公司面臨的迫在眉睫的問題，甚至有些時候這項政策被修改了一段時間，然後又重新實施。

Nilen in those early days when our cost structure was significantly higher than where it was and the need for power and the lack of availability of power was not an issue. We showed the resilience as a company to be able to operate. It is that same discipline is on to adopt out here.

在早期，我們的成本結構明顯高於當時的水平，對電力的需求和電力供應不足並不是問題。我們展現了公司營運的韌性。我們在這裡也採用同樣的紀律。

We clearly are going to advocate for and try to get the best policies for our customers and for the environment. However, should that not happen, we will find ways to still work with our customers and be profitable. So that's how the company is being built. If we not just sell resilient products, we're trying to build a resilient business.

我們顯然將倡導並努力為我們的客戶和環境制定最好的政策。然而，即使這種情況沒有發生，我們也會找到方法繼續與客戶合作並實現盈利。這就是公司建立的方式。如果我們不僅銷售有彈性的產品，我們還在努力建立一個有彈性的企業。

Yeah. I'll just add. We operate in jurisdictions with government support. We operate in jurisdictions that have no government support. We're successful with customers in all of those cases, and we will make sure that we're working towards setting up a company that is going to be profitable under any of those circumstances for and successful for the long term.

是的。我只是補充一下。我們在政府支持的司法管轄區內開展業務。我們的經營範圍沒有政府支持。在所有這些情況下，我們都成功地為客戶做好了服務，我們將確保努力建立一家在任何情況下都能獲利並取得長期成功的公司。

Alex Kania, Marathon Capital.

馬拉松資本的亞歷克斯·卡尼亞 (Alex Kania)。

Hi there. Good afternoon. Maybe a broader question just on demand, if you could help characterize, maybe just the sense of customers that are interested in the fuel cell solutions even beyond data centers?

你好呀。午安.也許這是一個更廣泛的問題，只是關於需求，如果您能幫助描述的話，也許只是對燃料電池解決方案感興趣的客戶的感覺，甚至超越了數據中心？

And just thinking about the PJM auction that happened a couple of weeks ago as to whether that ends up serving as a bit of a wake-up call for a broader range of customers, I be more willing to explore behind the meter, let's say, solutions? Thanks.

想想幾週前舉行的 PJM 拍賣會，它是否會對更廣泛的客戶起到警示作用，我是否更願意探索電錶背後的解決方案？謝謝。

Alex, that's a very good question. And look, the electrification of everything, charging, no matter where you look from automation of warehouses. From the amount of power per square foot of warehouse will start consuming when all this automation comes in place.

亞歷克斯，這是一個非常好的問題。看看吧，一切都電氣化，充電，無論你從倉庫自動化的角度來看。當所有這些自動化設備都投入使用時，倉庫每平方英尺將開始消耗大量的電力。

A warming planet means that more cooling electricity is needed in more places. You put all that together, the demand is not just from the data centers, but the size, scale and velocity with, which the data centers move in the next year will be faster than these other sectors. But, notwithstanding, that you will see equal or more everything else put together the demand drivers coming from everything else.

全球暖化意味著更多地方需要更多的冷凍電力。綜合起來，需求不僅來自資料中心，資料中心明年的發展規模和速度將比其他領域更快。但是，儘管如此，你會看到，來自其他一切事物的需求驅動因素加起來相等或更多。

So we are focused, as you know, on multiple sectors. But today, we talk more about the data center just because that is at the top, and it's catching everybody's potential. But we agree with you. Our business is a lot broader and a lot stronger.

如您所知，我們專注於多個領域。但今天，我們更多地談論資料中心，因為它處於頂端，並且能夠激發每個人的潛力。但我們同意你的看法。我們的業務更加廣泛，實力更加雄厚。

And in each of these places, even with utilities, the Silicon Valley, power model is a wonderful model. You say utility is not able to service customers, because of the congestion, what prevents them from still keeping that end customer as their customer and using our technology to provide power to their customers using our solution.

在這些地方，甚至有公用事業，矽谷的電力模式都是一個很好的模式。您說由於擁堵，公用事業公司無法為客戶提供服務，這就是為什麼他們無法繼續將最終客戶保留為他們的客戶，也無法使用我們的技術透過我們的解決方案為他們的客戶提供電力。

After all, they don't build nuclear power plants. They don't build coal power plants. They don't build Bloom Boxes either. That didn't stop them from using that power to provide power for their customer, same thing here. So great question. We expect to see this trend pick up, and we applaud Silicon Valley Power for being a leader in this space to create that model.

畢竟他們不建造核電廠。他們不建造燃煤發電廠。他們也不生產 Bloom Box。這並沒有阻止他們使用電力為客戶提供電力，這裡也是一樣。這個問題問得真好。我們預計這一趨勢將會升溫，我們也對矽谷電力作為這一領域的領導者創建這一模式表示讚賞。

Ben Kallo, Baird.

本卡洛，貝爾德。

Good afternoon guys. Just a short-term question on product costs that picked up by, I guess, year-over-year. But then the longer term question is just the targets you gave at your Analyst Day. Sometimes, I think that we don't know the visibility you have. But just wanted to understand your thoughts around those targets, what is it now, a couple of years closer from what you first gave? Thank you.

大家下午好。我猜這只是一個關於產品成本的短期問題，它比去年同期有所上升。但長期問題只是您在分析師日給出的目標。有時，我認為我們不知道您的可見性。但只是想了解您對這些目標的想法，現在的目標是什麼，距離您最初給出的目標還有幾年的時間嗎？謝謝。

Yeah. So a couple of questions in there, but good questions, and let me take them one at a time a little bit. So again, this is my first full quarter at the company. We're continuing to look at the business, identify ways to simplify our reporting.

是的。這裡面有幾個問題，但都是好問題，讓我一個一個來解答。這是我在該公司工作的第一個完整季度。我們將繼續專注於業務，尋找簡化報告的方法。

Most importantly, we want to ensure that the reporting that we do what we tell investors really reflect the underlying fundamentals that we look at when we make decisions, how we operate the business and how we judge the business performance.

最重要的是，我們要確保我們向投資者報告的內容真正反映出我們在做決策時所考慮的基本面、我們如何經營業務以及如何判斷業務績效。

On the cost side, as you look at our business today, a number of things are changing. So metrics that were very relevant are becoming a little bit less relevant. For example, we talk about the cost per kilowatt that we publish.

在成本方面，看看我們今天的業務，很多事情正在改變。因此，曾經非常相關的指標現在變得沒那麼重要了。例如，我們討論發布的每千瓦時成本。

We're adding new countries, and our geographic mix is changing. We're looking at solutions in front of the meter and behind the meter. We're looking at new solutions like combined heat and power, carbon capture microgrid.

我們正在增加新的國家，我們的地理結構也在改變。我們正在研究電錶前和電錶後的解決方案。我們正在尋找新的解決方案，例如熱電聯產、碳捕獲微電網。

All of those things add cost per kilowatt, if you look at it from a very high level, but it's because our -- the flexibility of our product, the configurations around our core product continue to expand. And so some of those metrics that we've used in the past are maybe becoming a little bit less relevant. It's a little bit more difficult to compare things apples-to-apples to prior periods.

如果從很高的層面來看，所有這些都會增加每千瓦的成本，但這是因為我們產品的靈活性、圍繞核心產品的配置不斷擴大。因此，我們過去使用過的某些指標可能變得沒那麼重要了。將當前的情況與之前的時期進行同類比較有點困難。

So again, and this ties into the question you asked about our longer-term model, we still have a little bit of thinking to do about how we want to communicate what additional metrics we're going to start to provide what metrics we're going to simplify and how we're going to talk about it.

所以，這又與您提出的有關我們的長期模型的問題相關，我們仍然需要做一些思考，關於我們如何傳達我們將開始提供哪些額外指標、我們將簡化哪些指標以及我們將如何談論它。

And one additional thing, Dan, that I would add to you like response here has been on apples-to-apples basis, the company, as we promised in the beginning of the year, will meet a double-digit cost reduction. So we are on track to meeting cost reductions on that old basis.

丹，還有一件事我想補充一下，這裡的回應都是基於同類比較的原則，正如我們在今年年初承諾的那樣，公司將實現兩位數的成本削減。因此，我們可望在原有基礎上實現成本削減。

But you are seeing the numbers being reported based on what Dan told you. And that's the beauty and versatility of the platform. But while the cost changes, so will we be able to command on the price side. So at the end of the day, we should be looking at our revenues and our margins, and that's the true measure of our business.

但您看到的數字是根據丹告訴您的內容報告的。這就是該平台的優點和多功能性。但隨著成本變化，我們也能控制價格方面。所以歸根結底，我們應該專注於我們的收入和利潤，這才是衡量我們業務的真正標準。

Absolutely. And the measure we look at is our profitability and our growth.

絕對地。我們關注的衡量標準是我們的獲利能力和我們的成長。

Pavel Molchanov, Raymond James.

帕維爾·莫爾查諾夫、雷蒙德·詹姆斯。

Thanks for taking my question. Can we get a quick update on Baker Hughes and the Microgrid initiatives?

感謝您回答我的問題。我們能否快速了解貝克休斯和微電網計畫的最新進展？

So look, again, instead of talking about A customer, let me tell you the Microgrid initiative that we started, we roughly operate north of 150 microgrids today. So for you to know where we are, that's where we are as a business, okay? And number one.

所以，再說一遍，我不是說客戶，而是在告訴你我們啟動的微電網計劃，今天我們大約在 150 個微電網北部運作。所以讓您了解我們在哪裡，這就是我們的業務所在，好嗎？而且是第一名。

And number two, given how you can turn your TV on and find out every single day in some part of the country that's a natural disaster and the grid has gone out. We have done thousands of sales for our customers through this 150-plus microgrids.

第二，你打開電視就能看到，每天在某個國家發生天災，電網中斷。我們透過這150多個微電網為客戶完成了數千筆銷售。

What is more important, we are graduating even past the microgrid right now. for many of our customers who have time to power issues, it is not only being able to provide them power quickly, but do so without being connected to the grid, completely islanded because the interconnection is the hardest.

更重要的是，我們現在甚至正在超越微電網。對於我們許多遇到供電時間問題的客戶來說，這不僅意味著能夠快速為他們供電，而且意味著無需連接到電網即可實現完全孤島供電，因為互連是最困難的。

Most technologies cannot do that. I don't know of anyone that can do that reliably other than us. That's why that 99.995% availability that we had on our 850-plus sites is important.

大多數技術都無法做到這一點。除了我們之外，我不知道還有誰能可靠地做到這一點。這就是為什麼我們在 850 多個網站上實現 99.995% 的可用性如此重要。

So we will not only continue to do microgrids, but we will do islanded grids, which are microgrids plus, if you want to call it that way, okay? And that business is strong, and we expect it to grow as time goes by a recent announcement that we made in the AI space for Quanta is islanded microgrid, which is not connected to the clip.

因此，我們不僅會繼續建造微電網，還會建造孤島電網，也就是微電網升級版，如果你想這麼稱呼的話，可以嗎？而且這項業務非常強勁，我們預計隨著時間的推移，它還會成長，我們最近在廣達的人工智慧領域發布的公告是孤島微電網，它與夾子不相連。

Skye Landon, Redburn Atlantic.

斯凱‧蘭登 (Skye Landon)，雷德伯恩大西洋 (Redburn Atlantic)。

Hi. Thanks for taking my question. I wanted to circle back on data centers and specifically revenue mix. Are you able to provide us with some color around the historical mix of Bloom's revenues, which can be attributed to data center deployments, how this has developed over time?

你好。感謝您回答我的問題。我想重新討論資料中心，特別是收入組合。您能否向我們介紹 Bloom 公司歷史上的收入組成（這些收入可歸因於資料中心的部署）以及這些收入隨著時間的推移是如何發展的？

And then looking forward to you able to provide some detail around what percentage of the mix, you're currently anticipating that could be associated with data center deployments in the short or medium-term. Thank you.

然後希望您能夠提供一些詳細信息，說明您目前預計的組合百分比可能與短期或中期的資料中心部署相關。謝謝。

So we haven't broken that out as a percentage of our mix. I will tell you, again, relative to some of the questions that were asked a bit earlier about our geographic mix. And obviously, we are very strong in Korea. We have a strong partner in SK eco. We really like doing business in Korea.

因此，我們還沒有將其分解為混合物的百分比。我將再次告訴您有關我們地理分佈的一些先前被問到的問題。顯然，我們在韓國非常強大。我們在 SK eco 有強大的合作夥伴。我們非常喜歡在韓國做生意。

But if you look at our targets and if you look at the business that we have in front of us, you might expect the US and other geographies where there's significant data center activity to grow even faster.

但如果你看看我們的目標和我們面臨的業務，你可能會預期美國和其他資料中心活動豐富的地區會成長得更快。

So we don't break those out as a specific part of the mix, but given the commercial opportunity that we've talked about, you would expect data center to become a larger portion of our business.

因此，我們不會將它們單獨列出作為組合的特定部分，但考慮到我們所討論的商業機會，您會預期資料中心將成為我們業務的更大一部分。

That's right, Dan. And I would add two things to what Dan just told you, right? We can tell you that the booked and deployed data center business for us is more than 300 megawatts, right? That should give you a sense of the history, number one.

沒錯，丹。我想對丹剛才告訴你的內容補充兩點，對嗎？我們可以告訴您，我們預訂和部署的資料中心業務是超過300兆瓦的，對嗎？首先，這應該能讓你了解歷史。

Number two, you should expect, given the issues the US is facing in terms of both the growth as well as the shortage, growth on demand and the shortage of supply of power, that our US business is growing much more robustly today than the rest of the world and the rest of the world will catch up.

第二，考慮到美國在成長和短缺、需求成長以及電力供應短缺方面面臨的問題，你應該預料到，我們美國業務今天的成長將比世界其​​他地區強勁得多，而世界其他地區也將迎頭趕上。

So you will see that kind of back and forth as time goes on. And that's the beauty of having diversification. And our goal is to diversify more and more as we go forward. Thank you.

因此，隨著時間的推移，您會看到這種來回。這就是多樣化的魅力所在。我們的目標是在前進的過程中不斷實現多樣化。謝謝。

Colin Rusch, Oppenheimer.

奧本海默的科林拉什 (Colin Rusch)。

Thanks so much, guys, and apologies for the trouble earlier. I just had two quick questions on the cash flow statement. The receivables were up $175 million, and the contract assets were written down.

非常感謝大家，對於之前造成的麻煩，我們深感抱歉。我只想問兩個關於現金流量表的問題。應收帳款增加了1.75億美元，合約資產被減記。

I just want to understand both those dynamics and how we should think about cash flow on the balance of the year, if you're going to get some of those receivables back, or if we should be thinking about this as a more normalized level here on receivables?

我只是想了解這兩種動態，以及我們應該如何考慮年度餘額的現金流，您是否要收回部分應收帳款，或者我們是否應該將其視為應收帳款的更正常水平？

Yes, so a couple points. I said in my prepared remarks that we expect cash flow from operating activities to be positive in the second half of the year. On the receivable side, I mean, you're right, that's just the math.

是的，有幾點。我在準備好的發言中說過，我們預計下半年經營活動現金流將為正值。關於應收帳款方面，我的意思是，你是對的，這只是數學。

There's nothing strange there. We just had timing of sales, and that means that use of cash went to receivables. It's quite common for Bloom in its history to see a use of cash in the first half of the year and then for cash to come back in more positive in the second half of the year.

那裡沒有什麼奇怪的。我們只是對銷售時間進行了安排，這意味著現金的使用都流向了應收帳款。在 Bloom 的歷史上，上半年現金使用情況較多，而下半年現金流入情況較為活躍，這是很常見的情況。

So I think we're following that kind of normal pattern. Recall that the largest piece of our receivables currently is the SK receivables, the related party receivable. SK is a great partner. We are confident in collecting that receivable. And I think that's all I have to say on that. Operator, next question, please. And thanks for figuring out the technical problems, Colin.

所以我認為我們遵循這種正常模式。回想一下，我們目前應收帳款中最大的一塊是 SK 應收帳款，即關聯方應收帳款。SK 是優秀的合作夥伴。我們有信心收回這筆應收帳款。我想這就是我要說的全部。接線員，請問下一個問題。感謝您解決技術問題，Colin。

I think we are out of time. So let's keep Colin's question as the last question. I want to thank you all for joining this call. Here is your -- at a high level, this is the way I see it, right? I don't have to convince any one of you today that energy demand driven by AI, electrification, all the other growth vectors in the country is creating a demand that simply cannot be met by the grid in many places.

我認為我們已經沒時間了。因此，我們把科林的問題當作最後一個問題。我要感謝大家參加這次電話會議。這是你的——從高層次來看，這是我所看到的方式，對嗎？今天我不需要讓你們中的任何一個人相信，人工智慧、電氣化和全國所有其他成長載體所推動的能源需求正在產生一種需求，而這種需求在許多地方是電網根本無法滿足的。

And Bloom has a power being provided at the point of use with the right attributes of reliability and clean is becoming the best alternative option in this scenario. Gas, for the many years to come is here to stay, and you don't have to take my word for it.

而Bloom則透過在使用點提供可靠性和清潔性的正確屬性而成為這種情況下的最佳替代選擇。在未來的許多年裡，天然氣仍將繼續存在，你不必相信我的話。

Look at the hyperscalers who have been the leader in adopting renewable power, telling you that they'll continue to grow their renewable power portfolio, which is the right thing to do, but simply cannot operate without gas.

看看那些在採用再生能源方面處於領先地位的超大規模企業，他們告訴你，他們將繼續擴大他們的再生能源組合，這是正確的做法，但沒有天然氣就無法運作。

And under those circumstances, there is no better technology to convert it reliably for them and solve their time to power problems than Bloom. This scenario of supply demand and what needs to happen couldn't come at a better time for Bloom because we have clearly shown through the last few quarters and our numbers that we have a business model that can operate profitably.

在這種情況下，沒有比 Bloom 更好的技術可以為他們可靠地進行轉換並解決他們的上電時間問題。這種供需情況以及需要發生的事情對 Bloom 來說來得正是時候，因為過去幾季的數據和數據已經清楚地表明，我們擁有一個可以獲利的商業模式。

And if you ask us what we are seeing? We are seeing that very clearly from the amount of customer engagement and amount of contract negotiations that's going on, if I go to my commercial desk.

如果您問我們看到了什麼？如果我去我的商業辦公桌，我們可以從客戶參與的數量和正在進行的合約談判的數量中清楚地看到這一點。

For that reason, we are continuing to strengthen our commercial team and keep growing it and adding to that because of that enthusiasm that we see on the customer side, which we think is secular and structural and is here to stay for a long time. So, we are well-placed and our team is executing and firing on all cylinders. Thank you for joining us.

因此，我們將繼續加強我們的商業團隊，並使其不斷壯大和壯大，因為我們看到客戶方面的熱情，我們認為這種熱情是長期的、結構性的，並且將會長期存在。因此，我們處於有利位置，我們的團隊正在全力執行任務。感謝您加入我們。

That concludes today's call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。