Bloom Energy Corp (BE) 2024 Q3 法說會逐字稿

Hello, and welcome to Bloom Energy third quarter 2024 earnings conference call.

您好，歡迎參加 Bloom Energy 2024 年第三季財報電話會議。

Please note that this call is being recorded.

請注意，此通話正在錄音。

(Operator Instructions)

（操作員說明）

I'd now like to hand the call over to Michael Tierney, Vice President, Investor Relations.

現在我想將電話轉給投資者關係副總裁 Michael Tierney。

You may now begin.

你現在可以開始了。

Thank you, and good afternoon, everybody.

謝謝大家，大家下午好。

Thank you for joining us for Bloom Energy's third quarter 2024 earnings call.

感謝您參加 Bloom Energy 2024 年第三季財報電話會議。

To supplement this conference call, we furnished our third 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SEC 提供了2024 年第三季收益新聞稿，並將其與補充財務資訊一起發布，我們將在本次電話會議中參考我們的投資者關係網站。

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

在本次電話會議期間，當我們準備好的發言和回答您的問題時，我們可能會做出前瞻性陳述，代表我們對未來事件和未來財務表現的預期。

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

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

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

這些陳述是基於我們的預期、估計和假設的預測。

However, as these statements deal with future events, they are subject to numerous known and unknown risks and uncertainties as discussed in detail in our documents filed with the SEC, including our most recently filed Forms 10-K and 10-Q.

然而，由於這些聲明涉及未來事件，因此它們會受到許多已知和未知的風險和不確定性的影響，正如我們向SEC 提交的文件（包括我們最近提交的10-K 和10-Q 表格）中詳細討論的那樣。

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

我們不承擔修改今天電話會議中所做的任何前瞻性陳述的義務。

During this call and in our third quarter 2024 earnings press release, we refer to GAAP and non-GAAP financial measures.

在本次電話會議和 2024 年第三季財報新聞稿中，我們提到了 GAAP 和非 GAAP 財務指標。

The non-GAAP financial measures are not prepared in accordance with the US generally accepted accounting principles and are in addition to and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP.

非 GAAP 財務指標並非根據美國公認會計原則編制，是根據 GAAP 編制的財務業績指標的補充，而不是替代或優於其。

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

在我們的投資者關係網站上發布的 2024 年第三季財報新聞稿中包含了 GAAP 和非 GAAP 財務指標之間的調整表。

Joining me on the call today are K.R. Sridhar, Founder, Chairman and Chief Executive Officer; and Dan Berenbaum, our CFO.

今天和我一起參加電話會議的是 K.R. Sridhar，創辦人、董事長兼執行長；以及我們的財務長 Dan Berenbaum。

K.R. will begin with an overview of our process, and then Dan will review financial highlights for the quarter.

K.R.首先將概述我們的流程，然後丹將回顧本季的財務亮點。

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

在我們準備好發言後，我們將有時間回答您的問題。

I will now turn the call over to K.R.

我現在將把電話轉給 K.R.

Hello, everyone, and thanks for joining us today.

大家好，感謝您今天加入我們。

The energy landscape is going through changes at a pace we have never seen before, and is both turbulent and transformational.

能源格局正以我們前所未見的速度發生變化，既動盪又變革。

As an energy transformation company, we at Bloom are both adapting to and creating change.

作為一家能源轉型公司，我們在 Bloom 既適應變化又創造變化。

Just walking the halls of where our commercial team operates and looking at their computer screens and white boards and hearing their calls and conversations, there is a palpable sense of positive momentum.

只要走在我們商業團隊運作的大廳裡，看著他們的電腦螢幕和白板，聽到他們的電話和對話，就有一種明顯的積極勢頭。

The team is looking at a number of opportunities, and it is clear that they are working on several complex and large deals.

團隊正在尋找許多機會，很明顯他們正在處理幾項複雜且大型的交易。

A big shift in our business today is time to power.

今天我們業務的一個重大轉變就是權力的時代。

We are providing solutions to meet the urgent needs of our customers, who cannot fulfill their power needs from the grid.

我們正在提供解決方案來滿足客戶的緊急需求，這些客戶無法透過電網滿足其電力需求。

In these cases, we rapidly book, build, ship, install and power sites for our customers in a matter of months, a much faster time line than a grid connection.

在這些情況下，我們可以在幾個月內為客戶快速預訂、建造、運輸、安裝和供電，這比併網的時間要快得多。

Such rapid drill activities will necessarily come with time line variances, both pull ins and delays, and will affect our quarterly revenue line.

如此快速的鑽探活動必然會帶來時間差異，包括拉動和延遲，並將影響我們的季度收入線。

You are seeing this in our Q3 numbers.

您可以在我們的第三季數據中看到這一點。

Based on our current projects and the visibility we have through year-end, I'm extremely confident that Bloom Energy will meet our total year guidance.

根據我們目前的專案和到年底的可見度，我非常有信心 Bloom Energy 將達到我們的全年指導目標。

This is because of our team remaining focused on serving our customers and on delivering results for our enterprise.

這是因為我們的團隊仍然專注於服務客戶並為我們的企業交付成果。

I want to thank them for their hard work and dedication.

我要感謝他們的辛勤工作和奉獻精神。

More states in the US are now facing unprecedented power outages, shortages and steep price increases.

美國更多州現在面臨前所未有的停電、短缺和價格急劇上漲。

Our US commercial and industrial sectors that include health care, education, retail, telecom and other industrials remains strong.

我們的美國商業和工業部門，包括醫療保健、教育、零售、電信和其他工業仍然強勁。

And these customers, new and repeat, find our clean, reliable and cost predictable power solution very attractive.

這些新客戶和舊客戶都發現我們清潔、可靠且成本可預測的電源解決方案非常有吸引力。

We have seen an uptick in our US commercial and industrial business.

我們看到美國商業和工業業務有所成長。

We are very bullish about AI and the data center market and what that means for Bloom's growth.

我們非常看好人工智慧和資料中心市場以及這對 Bloom 的成長意味著什麼。

You see, our Bloom Energy fuel cell systems were purpose built like a custom glove for the data center hand.

您會看到，我們的 Bloom Energy 燃料電池系統是專為資料中心手打造的訂製手套。

Here are the five fingers or attributes.

這是五個手指或屬性。

One, the millisecond scale time response of our solid oxide fuel cell technology to load variations is an advantage for AI loads two, the fall tolerant pay-as-you-grow and high-power density features of our system architecture make our solution economically attractive three, the ability to deliver AC or DC power at various medium-voltage settings provides future electrical options four, the use of high temperature heat to provide cooling is a big benefit for GPUs that power the AI revolution and five, the ability to go zero carbon with natural gas and switch to hydrogen in the future makes Bloom a sustainable solution.

第一，我們的固態氧化物燃料電池技術對負載變化的毫秒級時間響應對於人工智慧負載來說是一個優勢第二，我們系統架構的容錯性、按需付費和高功率密度特性使我們的解決方案在經濟上具有吸引力第三，在各種中壓設定下提供交流或直流電源的能力提供了未來的電氣選擇第四，使用高溫熱量提供冷卻對於推動人工智慧革命的GPU來說是一個很大的好處第五，歸零的能力碳與天然氣以及未來轉向氫使 Bloom 成為永續的解決方案。

The level of commercial activity in the data center space has picked up even more than when I spoke to you 90 days ago.

資料中心領域的商業活動水平甚至比我 90 天前與您交談時的水平還要高。

These are multiparty deals that are complex.

這些都是複雜的多方交易。

A 100-megawatt data center deal has a commercial value of over $1 billion.

一筆 100 兆瓦的資料中心交易的商業價值超過 10 億美元。

And so it takes a minute, maybe a long Texas minute, to get a deal done.

因此，需要一分鐘，也許是德克薩斯州漫長的一分鐘才能達成協議。

We are making good progress.

我們正在取得良好進展。

Expect to hear more from us on this topic in the near future.

期待在不久的將來聽到我們關於這個主題的更多資訊。

I'd like to highlight a few key themes that demonstrate Bloom's ability to navigate and succeed in the evolving energy environment and deliver on our commitments to our customers.

我想強調幾個關鍵主題，這些主題展示了 Bloom 在不斷變化的能源環境中駕馭並取得成功的能力，以及履行我們對客戶的承諾的能力。

First, our ability to execute on large scale projects is evident.

首先，我們執行大型專案的能力是顯而易見的。

The highlight of the quarter was a landmark agreement for an 80-megawatt fuel cell project in South Korea in partnership with SK Eternix and Korea Development Bank, KDB, to create the world's largest single-site fuel cell installation in history.

本季度的亮點是與 SK Eternix 和韓國開發銀行 (KDB) 合作在韓國簽署了一項具有里程碑意義的 80 兆瓦燃料電池項目協議，以創建世界上歷史上最大的單點燃料電池裝置。

This project is a significant milestone for us and a testimony that fuel cells are now a core solution for large-scale power generation.

該計畫對我們來說是一個重要的里程碑，也見證了燃料電池現已成為大規模發電的核心解決方案。

We are excited to partner with two global leaders.

我們很高興與兩位全球領導者合作。

SK Eternix is a longtime partner of Bloom and has been a distributor of our energy solutions in South Korea since 2019.

SK Eternix 是 Bloom 的長期合作夥伴，自 2019 年以來一直是我們能源解決方案在韓國的經銷商。

Korea Development Bank is among the largest banks in the world, fostering industrial development of Korea with over $230 billion in assets.

韓國開發銀行是世界上最大的銀行之一，以超過 2,300 億美元的資產促進韓國的工業發展。

This is a model we will replicate going forward.

這是我們未來將複製的模型。

That is, partnering with renowned global companies and financial institutions to bring our solutions to other international markets.

也就是說，與全球知名公司和金融機構合作，將我們的解決方案帶到其他國際市場。

Importantly, this large power block project is a proof point to show Bloom can power large data centers.

重要的是，這個大型電源模組專案證明了 Bloom 可以為大型資料中心供電。

Second, it is clear that the power grid is simply not keeping up with the growth demand.

其次，很明顯，電網根本跟不上成長的需求。

Large amounts of power are needed from new sources of capacity.

需要來自新能源的大量電力。

Bloom Energy Servers provide this additionality behind and in front of the meter, without adversely impacting the rate payer or grid reliability.

Bloom Energy 伺服器在電錶前後提供了這種額外功能，不會對納稅人或電網可靠性產生不利影響。

We spoke a quarter ago about a unique front-of-the-meter agreement between Bloom Energy and Silicon Valley Power.

一個季度前，我們談到了 Bloom Energy 和 Silicon Valley Power 之間達成的一項獨特的用戶端協議。

Today, we announced an agreement with FPM Development for 20 megawatts of Bloom's SOFC across two strategic locations in Los Angeles.

今天，我們宣布與 FPM Development 達成協議，在洛杉磯的兩個戰略地點安裝 20 兆瓦的 Bloom SOFC。

This power provides additional capacity to Southern California utilities while taking advantage of Bloom's clean, reliable, affordable power.

這種電力為南加州公用事業公司提供了額外的容量，同時利用了布魯姆清潔、可靠、價格實惠的電力。

We are currently in negotiations with utilities in other parts of the country.

我們目前正在與該國其他地區的公用事業公司進行談判。

Transmission is a critical aspect of the energy business, and we have been partnering with utilities to complement transmission solutions and remove bottlenecks for our customers.

輸電是能源業務的重要方面，我們一直與公用事業公司合作，為客戶提供輸電解決方案的補充並消除瓶頸。

The recent FERC ruling highlights the consensus on the need for large-scale interconnections through new capacity additions.

FERC 最近的裁決凸顯了需要透過增加新容量來實現大規模互連的共識。

Utilities that adopt this model will likely find it easy to get their projects approved by regulators.

採用這種模式的公用事業公司可能會發現他們的專案很容易獲得監管機構的批准。

Our SVP model has been successful and allows us to work with utilities in a mutually beneficial manner.

我們的高級副總裁模式非常成功，使我們能夠與公用事業公司以互利的方式合作。

By adding front and behind the meter capacity, we can ensure grid reliability and maintain competitive customer rates.

透過增加表前和表後容量，我們可以確保電網可靠性並保持有競爭力的客戶費率。

In addition to front-of-the-meter solutions to meet customer needs with the utility partner, we also work on behind-the-meter solutions directly with the customer.

除了與公用事業合作夥伴合作滿足客戶需求的表前解決方案外，我們還直接與客戶合作開發表後解決方案。

As an example, we spoke earlier this year about how Quanta needed power for an industrial facility in Northern California to support AI data centers.

舉個例子，我們今年稍早談到了廣達如何為北加州的一家工業設施提供電力來支援人工智慧資料中心。

Bloom was able to book, manufacture, test and install energy servers to fulfill that need.

Bloom 能夠預訂、製造、測試和安裝能源伺服器來滿足這項需求。

Later in the year, Quanta returned with a request to increase the power capacity by more than 150% and create the largest islanded microgrid in Silicon Valley.

今年晚些時候，廣達再次提出將發電容量增加150%以上並創建矽谷最大的孤島微電網的要求。

Bloom was once again able to meet their demand ahead of schedule.

布魯姆再次能夠提前滿足他們的需求。

In this islanded mode, we not only provide clean, reliable power, but also follow the load needs of the customer, a new feature, load following, that we have added to our offering.

在這種孤島模式下，我們不僅提供清潔、可靠的電力，而且還遵循客戶的負載需求，這是我們在產品中添加的一項新功能，即負載追蹤。

Lastly, we remain steadfast in our commitment to cost reduction.

最後，我們仍然堅定地致力於降低成本。

It is ingrained in our DNA, and we are delighted to report that we are on course to achieve double-digit cost reductions for the year, just as we have done in previous years.

它根植於我們的 DNA 中，我們很高興地報告，我們今年預計將實現兩位數的成本削減，就像我們前幾年所做的那樣。

By continuously optimizing our operations, driving efficiencies in manufacturing, and focusing on continued technical innovation, we can deliver our cost reduction goals this year and look forward to doing the same as we go forward.

透過不斷優化我們的營運、提高製造效率並專注於持續的技術創新，我們可以實現今年的成本降低目標，並期待在未來也能做到這一點。

As we look ahead, we are confident in our ability to grow the business based on strong commercial momentum, excellent operational execution and ongoing innovation.

展望未來，我們對基於強勁的商業勢頭、卓越的營運執行力和持續創新來發展業務的能力充滿信心。

Our ability to execute large-scale projects, reduce costs and provide reliable power solutions make us a trusted partner for our customers.

我們執行大型專案、降低成本和提供可靠電力解決方案的能力使我們成為客戶值得信賴的合作夥伴。

But simply, if you want to generate 24/7 power reliably at the point of use without air pollution and noise and you need it now, there is no better solution in the market than Bloom Energy servers.

但簡單地說，如果您想在使用時可靠地產生 24/7 電力，而沒有空氣污染和噪音，並且您現在就需要它，那麼市場上沒有比 Bloom Energy 伺服器更好的解決方案了。

We are excited about our opportunities ahead.

我們對未來的機會感到興奮。

I look forward to taking your questions.

我期待回答您的問題。

But for now, I'll turn it over to Dan.

但現在我會把它交給丹。

Thank you, K.R., and good afternoon, everyone.

謝謝你，K.R.，大家下午好。

During last quarter's earnings call, I spoke about how excited I was to be at Bloom.

在上個季度的財報電話會議上，我談到了我對在 Bloom 感到多麼興奮。

And how after one quarter of working with this team, I felt like our commercial opportunities positioned us well for revenue and profitability growth.

在與這個團隊合作了四分之一之後，我覺得我們的商業機會使我們能夠很好地實現收入和盈利能力的成長。

Six months into the job, I have even greater conviction that our expanding set of solutions, including microgrid, load following, carbon capture and combined heat and power solutions, along with our increasing power density, align well with the requests that we see from our existing and potential customers.

在入職六個月後，我更加堅信，我們不斷擴大的解決方案，包括微電網、負載追蹤、碳捕獲和熱電聯產解決方案，以及我們不斷增加的功率密度，與我們從我們的客戶那裡看到的要求非常吻合。

All 2,100 Bloom employees are prepared to execute on this opportunity as we provide solutions to the critical problem of power at the point of use and as we continue to be a leader in the global energy transition.

Bloom 的所有 2,100 名員工都準備好利用這個機會，為使用時的關鍵電力問題提供解決方案，並繼續成為全球能源轉型的領導者。

Turning to near-term results and outlook.

轉向近期業績和前景。

As you know, we generally recognize product revenue as we ship our energy servers for customer projects.

如您所知，我們通常在為客戶專案運送能源伺服器時確認產品收入。

These customer projects naturally have scheduled variability, both positive and negative.

這些客戶專案自然具有預定的可變性，包括積極的和消極的。

You've all seen this variability impact Bloom in the past, pulling in or pushing out revenue by a quarter.

你們過去都看過這種變化對 Bloom 的影響，使收入增加或減少四分之一。

Our second half 2024 is a case of this, and we recognize that our Q3 results and our expectations for Q4 reflect this natural variability.

我們的 2024 年下半年就是一個例子，我們認識到我們第三季的業績和我們對第四季的預期反映了這種自然變化。

Because of the projects we are currently executing, we have full confidence in delivering second half and full year results in line with the guidance that we have previously provided.

由於我們目前正在執行的項目，我們完全有信心按照我們先前提供的指導交付下半年和全年的業績。

To reiterate, we expect revenue between $1.4 billion to $1.6 billion, non-GAAP gross margin of approximately 28% and non-GAAP operating income of $75 million to $100 million.

重申一下，我們預計收入在 14 億美元至 16 億美元之間，非 GAAP 毛利率約為 28%，非 GAAP 營業收入為 7,500 萬美元至 1 億美元。

Bloom is a growing company in a large changing market.

Bloom 是一家在不斷變化的市場中成長的公司。

I feel confident that we can deliver full year results even as we adjust to these market changes.

我相信，即使我們適應這些市場變化，我們也能實現全年業績。

To provide a little more color on these changing market dynamics, we've talked over the past few quarters about the steep rise in demand for electricity and the delays that US businesses are experiencing in getting additional power from their utilities.

為了讓更多人了解這些不斷變化的市場動態，我們在過去幾個季度討論了電力需求的急劇增長以及美國企業從公用事業公司獲得額外電力方面遇到的延誤。

This dynamic is playing out in our US commercial and industrial business, where we see robust customer activity.

這種動態正在我們的美國商業和工業業務中發揮作用，我們看到了強勁的客戶活動。

Along with data center, this is fueling a mix shift towards the US, even while our Korea shipments remain strong.

與資料中心一起，這正在推動向美國的混合轉移，儘管我們的韓國出貨量仍然強勁。

Further, our time to power customers have an urgent need to grow their businesses and meet their own market demands.

此外，我們為迫切需要發展業務並滿足其市場需求的客戶提供支援。

For these customers, we are booking, shipping and recognizing revenue within a relatively shorter time frame, and we do try to prioritize customers with time-urgent requirements.

對於這些客戶，我們在相對較短的時間內進行預訂、運輸和確認收入，我們確實嘗試優先考慮時間緊急的客戶。

As you can imagine, this dynamic, along with larger project sizes and complexity, is part of why we're seeing this year's quarter-to-quarter variability and also why we have confidence in achieving our full year goals.

正如您可以想像的那樣，這種動態以及更大的專案規模和複雜性是我們看到今年季度與季度變化的部分原因，也是我們對實現全年目標充滿信心的部分原因。

Through all of this, our top priority is profitable growth.

透過這一切，我們的首要任務是獲利成長。

We expect that emphasis to show in our Q4 results as well as in 2025.

我們預計這一重點將在第四季度以及 2025 年的業績中得到體現。

Crucial to that profitability is our continued focus on product cost reductions.

實現獲利的關鍵是我們持續專注於降低產品成本。

Our technology, engineering and manufacturing teams have consistently been able to reduce the cost of our core energy servers by 10% or more per year, and we have a roadmap for future progress at a similar rate.

我們的技術、工程和製造團隊始終能夠將核心能源伺服器的成本每年降低 10% 或更多，並且我們制定了未來以類似速度取得進步的路線圖。

Turning to our Q3 results.

轉向我們第三季的業績。

Revenue for the quarter was $330.4 million, a decrease of 17.5% over the third quarter of 2023, which, as a reminder, was positively impacted by a large repowering.

該季度營收為 3.304 億美元，比 2023 年第三季下降 17.5%，值得注意的是，該季度收入受到了大規模重新供電的積極影響。

Q3 revenue was also down slightly from Q2, largely due to a decline in install revenue, while product revenue increased by $7.5 million and service revenue was flattish.

第三季營收也較第二季略有下降，主要是因為安裝收入下降，而產品收入增加了 750 萬美元，服務收入持平。

This revenue dynamic also led to a sequential improvement in gross margin.

這種收入動態也導致毛利率持續改善。

While non-GAAP gross margin of 25.2% was down from 31.6% in the third quarter of 2023, it increased from last quarter's 21.8% as mix shifted towards product and our product cost reductions continued in line with our expectations.

雖然非 GAAP 毛利率為 25.2%，低於 2023 年第三季的 31.6%，但由於結構轉向產品，且我們的產品成本削減繼續符合我們的預期，因此較上季度的 21.8% 有所上升。

Our service business was again profitable in Q3.

我們的服務業務在第三季再次獲利。

We continue to expect service to be profitable for the full year 2024, which would be the first time in Bloom's history that service is profitable across a full year.

我們仍然預計服務將在 2024 年全年實現盈利，這將是 Bloom 歷史上首次服務全年盈利。

Non-GAAP operating profit for the third quarter was $8.1 million, a decrease of $43.7 million from the third quarter of 2023 and an increase from Q2's $3.2 million loss.

第三季非 GAAP 營業利潤為 810 萬美元，較 2023 年第三季減少 4,370 萬美元，較第二季 320 萬美元的虧損增加。

Non-GAAP EPS was a loss of $0.01 per share.

非 GAAP EPS 每股虧損 0.01 美元。

Cash flow from operating activities was an outflow of $69 million in the third quarter, primarily to increases in receivables due to timing of transactions and an increase in inventory made to meet anticipated demand in Q4.

第三季經營活動現金流出 6,900 萬美元，主要是由於交易時間導致的應收帳款增加以及為滿足第四季預期需求而增加的庫存。

We still expect cash flow from operations to be positive for the second half of 2024.

我們仍預計 2024 年下半年營運現金流將為正值。

We ended the quarter with $549 million total cash on the balance sheet.

本季結束時，我們的資產負債表上的現金總額為 5.49 億美元。

As we discussed last quarter, changes in our product mix are impacting the way we use certain metrics to manage our business.

正如我們上季度所討論的，我們產品組合的變化正在影響我們使用某些指標來管理業務的方式。

Specifically, we are reevaluating our use of key operating metrics, including measures on a per-kilowatt basis.

具體來說，我們正在重新評估關鍵營運指標的使用，包括每千瓦的衡量標準。

As our offerings evolve and expand, the cost of our core energy server as a percentage of total product cost can vary significantly depending on the solution offered.

隨著我們產品的發展和擴展，我們的核心能源伺服器的成本佔產品總成本的百分比可能會根據所提供的解決方案而有很大差異。

For example, we package our energy servers on skids to accelerate installation time, essential in a world where time to power is critical to many customers.

例如，我們將能源伺服器包裝在滑軌上，以加快安裝時間，這對許多客戶來說供電時間至關重要的世界至關重要。

This adds value to our solutions that is not accurately reflected in a per-kilowatt measure.

這為我們的解決方案增加了價值，而這一價值並未準確反映在每千瓦的衡量標準中。

Similarly, engineering solutions to increase our power density such as stackable energy servers, combined heat and power solutions, carbon capture solutions and our increasingly popular microgrid solutions all increase both the value and cost in a way that is not necessarily correlated to the kilowatts or megawatts of a particular project.

同樣，用於提高功率密度的工程解決方案，例如可堆疊能源伺服器、熱電聯產解決方案、碳捕獲解決方案和我們日益流行的微電網解決方案，都以不一定與千瓦或兆瓦相關的方式增加了價值和成本某個特定項目的。

We are committed to providing investors with the right level of useful information, and we intend to provide the right set of metrics that will simply and clearly help investors model and analyze our business.

我們致力於為投資者提供適當程度的有用信息，並且我們打算提供正確的指標集，以簡單、清晰地幫助投資者建模和分析我們的業務。

To conclude, our commercial opportunities remain robust, and we are on track to show improved financial results as we scale.

總而言之，我們的商業機會仍然強勁，隨著規模的擴大，我們有望展現出更好的財務表現。

We are extremely focused on positioning Bloom to scale profitably as we continue to provide clean, reliable solutions for the world's evolving energy needs.

隨著我們繼續為世界不斷變化的能源需求提供清潔、可靠的解決方案，我們非常專注於使 Bloom 能夠實現盈利規模。

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

那麼，接線員，請開通提問線路。

(Operator Instructions)

（操作員說明）

Andrew Percoco, Morgan Stanley.

安德魯佩爾科科，摩根士丹利。

Congrats on some strong commercial progress with those announcements tonight.

祝賀今晚這些公告取得了一些強勁的商業進展。

I guess I want to maybe take a look at -- or ask a question about how you're thinking about the roll forward to 2025.

我想我可能想看一下，或者問一個問題，看看您如何看待 2025 年的延期。

I know you're not giving specific guidance on that, but just with the ITC scheduled to phase down with the election now behind us, can you just give us any directional commentary about how you're thinking about the setup for 2025?

我知道您並沒有就此提供具體指導，但隨著選舉已經過去，ITC 計劃逐步退出，您能否就您如何考慮 2025 年的設置向我們提供任何方向性評論？

Obviously, we're sitting in November now, so I assume you have some view of where your backlog stands.

顯然，我們現在正處於 11 月，所以我假設您對積壓的情況有所了解。

So anything directionally that you can help us in terms of where we should be expecting revenue and maybe margins to trend as we look forward into 2025?

那麼，在我們展望 2025 年的營收和利潤率趨勢方面，您有什麼可以方向性的幫助我們的嗎？

And then my follow-up question would just be around the data center opportunity.

然後我的後續問題將圍繞資料中心機會。

Apologies if I missed this in the prepared remarks.

如果我在準備好的發言中錯過了這一點，我深表歉意。

But K.R., can you give us an update in terms of where you stand?

但是 K.R.，您能為我們介紹一下您的最新立場嗎？

Obviously, you're making some good progress outside of data centers with your traditional commercial and industrial customer base.

顯然，您在資料中心以外的傳統商業和工業客戶群方面取得了一些良好進展。

But as it relates to data centers, I think entering the year, you were talking about maybe announcing some rather large data centers by year-end of 2024.

但由於它與資料中心有關，我認為進入今年，您談論的可能是在 2024 年底前宣布一些相當大的資料中心。

What's your latest thinking there in terms of time line?

就時間軸而言，您的最新想法是什麼？

And maybe what's some key milestones that we should be keeping to look for?

也許我們應該持續尋找哪些關鍵里程碑？

Andrew, thank you so much for those two questions.

安德魯，非常感謝你提出這兩個問題。

So on the first part, in terms of where we are seeing the commercial pipeline, what we're seeing, let me break that up into two parts, right?

因此，在第一部分中，就我們所看到的商業管道而言，我們所看到的，讓我將其分為兩部分，對嗎？

The first is our traditional business, as you have seen over the last three to four years.

第一個是我們的傳統業務，正如您在過去三、四年中所看到的那樣。

What we are seeing is a significant uptake in the US commercial and industrial market.

我們看到的是美國商業和工業市場的顯著成長。

Our Korea volumes are stable and strong.

我們的韓國銷量穩定且強勁。

But the growth we are clearly seeing in the US C&I, which we think is really good because it's across sectors.

但我們清楚地看到美國工商業的成長，我們認為這確實很好，因為它是跨行業的。

It's across regions here in the US, and certain new states are opening up for us.

它遍布美國的各個地區，某些新的州正在向我們開放。

All this put together, we believe that, that core business, as we have called it over the years in the US, is very strong.

所有這些加在一起，我們相信，我們多年來在美國所說的核心業務非常強大。

That will continue that way as I see it in 2025.

正如我所看到的，到 2025 年，這種情況仍將持續下去。

We think that data centers and the opportunity, specifically with large AI data centers, is going to happen.

我們認為資料中心和機會，特別是大型人工智慧資料中心，將會出現。

We are in active negotiations with multiple partners.

我們正在與多個合作夥伴進行積極談判。

We are happy with the progress.

我們對進展感到高興。

Would I want more urgency on the speed?

我想要更迫切的速度嗎？

You bet.

你打賭。

I would want to see that, but these are complex deals, but they're all moving in the right direction.

我希望看到這一點，但這些都是複雜的交易，但它們都在朝著正確的方向發展。

So can I handicap it for a particular date on the calendar?

那麼我可以將其設定為日曆上的特定日期嗎？

No.

不。

But can I tell you we expect to have some good news in that area soon based on where everything is trending?

但我可以告訴你，根據一切趨勢，我們預計很快就會在該領域收到一些好消息嗎？

The answer is absolutely yes.

答案是肯定的。

Manav Gupta, UBS.

馬納夫古普塔，瑞銀集團。

I'll ask only one question.

我只會問一個問題。

What I really liked about this press release was that you had three orders with three different markets.

我真正喜歡這篇新聞稿的是，你在三個不同的市場收到了三個訂單。

And that's very -- I mean there's a lot of focus on data centers, but diversity also matters.

我的意思是，人們非常關注資料中心，但多樣性也很重要。

And going ahead, should we think about the diversity as like these three areas where you'll be providing to utilities in the US and maybe power internationally and then the data center.

展望未來，我們是否應該考慮多樣性，就像這三個領域一樣，您將在這三個領域向美國的公用事業公司提供電力，也許還可以為國際電力公司提供電力，然後是資料中心。

So should we expect that the three diverse markets you showed us in this press release, that trend will continue?

那麼，我們是否應該期望您在本新聞稿中向我們展示的三個不同的市場，這種趨勢將會持續下去？

Manav, very good observation.

馬納夫，觀察力非常好。

You're absolutely right.

你是絕對正確的。

It's -- there are two things about your order book, right?

你的訂單簿有兩件事，對吧？

It is the orders you have, but also the quality of the order book.

這是你擁有的訂單，也是訂單的品質。

And diversity of orders, both in terms of sectors and geography, is a huge deal as you think about building a company, not just for the next quarter, but for a decade to come and many decades to come.

當你考慮建立一家公司時，訂單的多樣性，無論是行業還是地域，都是一件大事，不僅是為了下個季度，而且是為了未來十年和未來幾十年。

I am particularly thrilled about these three orders and where they are.

我對這三個命令及其所在位置感到特別興奮。

So I think you broke it down nicely.

所以我認為你很好地分解了它。

The shortage of power that we are all seeing, not just in the US, but we'll start seeing that in other geographies, too.

我們都看到了電力短缺，不僅在美國，而且我們也將在其他地區看到這種情況。

We have already started seeing them in places like Dublin in Ireland and Frankfurt in Germany and Singapore, like places like that.

我們已經開始在愛爾蘭都柏林、德國法蘭克福和新加坡等地看到它們。

Now it's not just about generation.

現在這不僅僅是一代人的問題。

It's about transmission.

這是關於傳輸的。

Transmission in the US is going to be a bottleneck for a very long time to come.

美國的傳輸將在未來很長一段時間內成為瓶頸。

So our asset becomes both a transmission asset and an end-user asset.

因此，我們的資產既成為傳輸資產，又成為最終用戶資產。

So to help a utility mitigate the long cycles that's going to take them to get transmission to where they need to supply the power to their customer, a short circuit to that would be to use our box in front of the meter, not have to do transmission upgrades and supply large blocks of power to a customer.

因此，為了幫助公用事業公司減少將電力傳輸到需要向客戶供電的地方所需的長週期，短路的方法是在電錶前面使用我們的盒子，而不是必須這樣做傳輸升級並向客戶提供大量電力。

You are seeing examples of that with SVP and now with the latest announcement that we made in Southern California.

您可以看到 SVP 的例子以及我們在南加州發布的最新公告。

Expect to see more of that.

期待看到更多這樣的事。

The Quanta, on the other hand, is in places where the utility because of its regulation or because of other priorities does not want to do that with us.

另一方面，廣達所在的公用事業公司由於其監管或其他優先事項而不願與我們合作。

The customer has the choice of coming to us and asking us to be behind the meter.

客戶可以選擇來找我們並要求我們在計價器後面。

And it's the same solution.

這是相同的解決方案。

It's just, who is going to deliver the power to whom, right?

只是，誰要把權力交給誰，對吧？

Whether it's a utility providing a clean, reliable, always on-power to the customer using our boxes or the customer directly getting it from us without the utility.

無論是公用事業公司為使​​用我們的盒子的客戶提供清潔、可靠、始終通電的電力，還是客戶在沒有公用事業的情況下直接從我們這裡獲得它。

We think they both will play in different places for different reasons.

我們認為他們都會因為不同的原因在不同的地方踢球。

On top of that, I think you asked if you -- so there, you have those deals.

最重要的是，我想你問的是，你是否有這些交易。

The third part is, we think international for us going forward in the next few years is not just going to be Korea.

第三部分是，我們認為未來幾年我們的國際化不僅僅是韓國。

We are making good strides in other parts.

我們在其他方面也取得了長足的進步。

Europe is a good example, other parts of Asia.

歐洲就是一個很好的例子，亞洲其他地區也是。

We think Taiwan is a phenomenal opportunity going forward.

我們認為台灣是一個巨大的未來機會。

And so we think that these markets are going to open up.

因此我們認為這些市場將會開放。

So what you're going to see is diversity in geography, diversity in customers, diversity in sectors, giving us a business that can be less and less prone to cycles in the market.

因此，你將看到地理的多樣性、客戶的多樣性、行業的多樣性，這使我們的業務越來越不容易受到市場週期的影響。

Chris Dendrinos, RBC Capital Markets.

Chris Dendrinos，加拿大皇家銀行資本市場部。

We noted that you all are expanding manufacturing capacity at the Fremont facility.

我們注意到你們都在擴大弗里蒙特工廠的生產能力。

I guess I just want to ask a question on, can you comment on the rationale behind that capacity expansion?

我想我只是想問一個問題，你能評論一下產能擴張背後的理由嗎？

Is it indicative of demand increases?

這是否表示需求增加？

And then how should we translate that into the outlook for 2025?

那麼我們該如何將其轉化為 2025 年的展望呢？

Very good question.

非常好的問題。

So we have expanded our capacity in Fremont, where we will have a gigawatt worth of capacity next year for our fuel cells.

因此，我們擴大了弗里蒙特的產能，明年我們的燃料電池產能將達到千兆瓦。

And the answer is very simple.

答案很簡單。

We are not going to build capacity expecting they come.

我們不會期望他們來就建立能力。

We think that this market is growing rapidly, and this is something we will do.

我們認為這個市場正在快速成長，這是我們要做的事情。

In fact, let me tell you that we have enough space there.

事實上，讓我告訴你，我們那裡有足夠的空間。

And in six to nine month time frames, we can add an additional gigawatt to that gigawatt as needed.

在六到九個月的時間內，我們可以根據需要在該千兆瓦的基礎上再增加一千兆瓦。

And so not only are we -- do we have a time to power play, we have a time to expansion play.

因此，我們不僅有時間進行權力遊戲，我們還有時間進行擴張遊戲。

So we can expand more rapidly than most people can and be able to meet this voracious demand that's going to be out there in the marketplace.

因此，我們可以比大多數人更快地擴張，並且能夠滿足市場上的巨大需求。

So we built -- we not only selected the factory and the size, but also how we scale to be able to scale extremely quickly as we see the demand go up.

因此，我們不僅選擇了工廠和規模，還選擇瞭如何擴展，以便在看到需求上升時能夠極快地擴展。

Chris, I'll just add.

克里斯，我補充一下。

As you might imagine, we are still very conscious of our commitment to grow profitably and to be very mindful of how we use cash.

正如您可能想像的那樣，我們仍然非常清楚我們對獲利成長的承諾，並且非常注意我們如何使用現金。

So to reiterate what K.R. said, we will expand as we see demand.

所以重申一下 K.R.說，我們將根據需求進行擴張。

We believe that we are able to expand our capacity rapidly enough to meet demand so we won't fall short.

我們相信，我們能夠迅速擴大產能以滿足需求，因此我們不會落後。

We have the time to do it.

我們有時間去做。

We'll spend our cash wisely.

我們會明智地使用我們的現金。

You will note that, as I said in my prepared remarks, our inventories went up this quarter, and that's because we expect demand, and we're doing that and we're making the right investments as we see the demand, as we see the commercial activity increasing for and beyond.

您會注意到，正如我在準備好的發言中所說，我們的庫存本季有所增加，這是因為我們預計會有需求，我們正在這樣做，我們正在根據需求進行正確的投資，正如我們所看到的商業活動不斷增加。

But we will do this in a very measured, very controlled, very rational fashion.

但我們會以一種非常謹慎、非常有控制、非常理性的方式來做這件事。

Noel Parks, Tuohy Brothers.

諾埃爾·帕克斯、圖伊兄弟。

You've just touched on one of the things I was wondering about, which was capital and inventory.

你剛剛談到了我想知道的一件事，那就是資本和庫存。

And this is kind of a big picture question.

這是一個大問題。

Has there -- in terms of the many types of partnerships that could be beneficial, I was wondering, have you looked into direct partnership between Bloom and nat gas pipeline infrastructure operators as a means of sort of approaching different regional markets?

我想知道，就可能有益的多種類型的合作夥伴關係而言，您是否考慮過布魯姆與天然氣管道基礎設施運營商之間的直接合作夥伴關係，作為接近不同區域市場的一種手段？

Because as we see the AI growth coming, and it does seem to me that there is some geographical concentration.

因為當我們看到人工智慧的成長即將到來時，在我看來確實存在著一定的地理集中度。

And I'm just wondering if that point in the energy value chain is something that could be fruitful?

我只是想知道能源價值鏈中的這一點是否會變得富有成果？

I think it's a very good question, Noel.

我認為這是一個非常好的問題，諾埃爾。

We are in early conversations is what I'll tell you.

我要告訴你的是，我們正在進行早期對話。

They are not late-stage conversations.

它們不是後期對話。

They are early conversations.

它們是早期的對話。

And I think -- correct me if I'm wrong, I think your question comes from the nature of if there are huge transmission problems, and if there are these large loads, be it data centers or others that require lots of power, wouldn't you be better off being very close to a gas pipeline with what we do and be able to provide that power to that customer?

我認為 - 如果我錯了，請糾正我，我認為你的問題來自於是否存在巨大的傳輸問題，如果存在這些大負載，無論是數據中心還是其他需要大量電力的負載，都不會我們所做的工作離天然氣管道很近並且能夠為該客戶提供電力，這樣不是更好嗎？

Absolutely logical.

絕對符合邏輯。

We think there's a huge play there.

我們認為那裡有一個巨大的戲劇。

But that kind of opportunity is just opening up, as seen by the investors and the gas companies.

但正如投資者和天然氣公司所看到的那樣，這種機會才剛剛出現。

And some of them have been approaching us.

其中一些已經接近我們。

I would say we are in early stage conversations on that.

我想說我們正處於這方面的早期對話階段。

We'll post you as appropriate if something breaks there.

如果那裡出現問題，我們會視情況通知您。

Dushyant Ailani, Jefferies.

杜希安特·艾拉尼，杰弗里斯。

Just wanted to push a little bit on the ITC expiring this year.

只是想推動今年即將到期的 ITC。

How are your conversations with customers?

您與客戶的對話如何？

I mean, are they worried about it?

我的意思是，他們擔心嗎？

Any kind of thoughts there would be helpful.

任何想法都會有幫助。

Sure.

當然。

So look, we've been in this commercial market for almost 15 years, and policy and regulation and that relating to incentives and subsidies have always been part of this equation.

所以看，我們進入這個商業市場已經近 15 年了，政策和監管以及與激勵和補貼相關的政策和監管一直是這個等式的一部分。

We have always learned how to navigate through this, and this year is going to be no different for us.

我們一直在學習如何度過這個難關，今年對我們來說也不會有什麼不同。

That's the first point to make.

這是第一點。

The second point is, remember, it's a significant portion of our business for the last four years, somewhere closer to 40% and even greater numbers as we go forward does not depend on the ITC already.

第二點是，請記住，這是我們過去四年業務的重要組成部分，接近 40%，甚至更多，隨著我們的發展，這個數字不再依賴 ITC。

The third point to make is our costs are coming down, as you heard from our prepared remarks.

第三點是我們的成本正在下降，正如您從我們準備好的演講中聽到的那樣。

And we don't need to tell you how the electricity prices are going up, and that reliability is going down.

我們不需要告訴您電價如何上漲，可靠性如何下降。

And forget cost, for people who need power, the price of not having power is a lot more expensive than the cost of power, and they're not able to get power.

忘記成本，對於需要電力的人來說，沒有電力的代價比電力成本貴得多，而且他們無法獲得電力。

Between all these dynamics, we clearly have a game plan to operate with or without ITC.

在所有這些動態之間，我們顯然有一個在有或沒有 ITC 的情況下運作的遊戲計劃。

That being said, things like ITC are like nitro if you're playing a video game.

話雖這麼說，如果你在玩電子遊戲，ITC 之類的東西就像硝基一樣。

They help boost your growth, they help you.

他們幫助促進你的成長，他們幫助你。

But that not being available is not a break, it's a speed bump.

但無法提供服務不是中斷，而是減速。

And we are now at a place where we will know how to navigate that pretty well.

現在我們知道如何很好地應對這個問題。

So that's how we think about it.

這就是我們的想法。

Thank you.

謝謝。

Sherif Elmaghrabi, BTIG.

謝里夫·埃爾馬格拉比，BTIG。

I was curious if you can shed some light on what the energy server installation process looks like?

我很好奇您是否能透露一下能源伺服器的安裝過程是什麼樣的？

Are there any downstream bottlenecks that could cause acceptances to push right even if an order is ready to leave Fremont on time?

即使訂單已準備好準時離開弗里蒙特，是否存在任何下游瓶頸可能導致承兌延遲？

That's a great question.

這是一個很好的問題。

So look, how we recognize revenue depends on the contract, and there are multiple contracts.

所以你看，我們如何確認收入取決於合同，而且有多個合約。

In some cases, and they are fairly small, it would be -- we can recognize revenue when we turn the power on.

在某些情況下，它們相當小，當我們打開電源時，我們可以確認收入。

In other cases, it is when we share.

在其他情況下，這是我們分享的時候。

Irrespective of what it is, ultimately, it is in our interest because we are serving a customer to turn their power on as quickly as possible.

無論它是什麼，最終都符合我們的利益，因為我們正在為客戶提供服務，以盡快打開他們的電源。

So now let me explain that process, independent of us having received the likes of revenue recognition.

現在讓我解釋一下這個過程，與我們是否收到了收入確認之類的東西無關。

It's important for us that we serve our customer right by turning that power on as quickly as possible.

對我們來說，重要的是我們要盡快啟動電源，為客戶提供正確的服務。

So in most cases, by the time our servers leave Fremont, gas is already facilitated.

因此，在大多數情況下，當我們的伺服器離開弗里蒙特時，天然氣已經方便使用。

The electrical interconnection is already facilitated.

電氣互連已經實現。

Those permissions are there.

這些權限就在那裡。

The site is already prepared.

該網站已經準備好。

So the process of literally connecting three interfaces, electrical, water and gas, to our system, because all the communication is wireless, is ready, and it is done.

因此，由於所有通訊都是無線的，因此將三個介面（電力、水和天然氣）連接到我們的系統的過程已經準備就緒，並且已經完成。

And there will be a local inspection for fire safety, gas, all that, and we are able to turn the power on for the customer.

我們將對消防安全、燃氣等進行當地檢查，然後我們就可以為客戶打開電源。

That process, when it is seamless, it can be less than a week.

如果這個過程順利的話，可能會不到一週。

But construction is -- construction permits, permissions are all over the map.

但施工是——施工許可證、許可證遍佈整個地圖。

So the variance on that time can be pretty large.

所以那個時間的差異可能相當大。

One important point to highlight here is the fact that now our units are all platform mounted.

這裡要強調的重要一點是，現在我們的設備都是平台安裝的。

This is the skids.

這就是滑行。

It's -- we can simply drop that skid without having to pour concrete, without having to do anything and be able to connect.

我們可以簡單地放下滑軌，而無需澆築混凝土，無需執行任何操作即可連接。

It shortened our process so much.

它大大縮短了我們的流程。

And it also gives the flexibility for the customer to move it from one location to another location if they need to.

它還為客戶提供了靈活性，可以根據需要將其從一個位置移動到另一個位置。

We see this as a humongous step change in our ability to install very quickly.

我們認為這是我們快速安裝能力的巨大進步。

I hope I answered your question.

我希望我回答了你的問題。

We'd be more than happy to have you come out and watch an installation of ours.

我們非常高興您能出來觀看我們的裝置作品。

It's a joy.

這是一種快樂。

I mean, it's basically Lego blocks being put together and turning the power on.

我的意思是，它基本上是將樂高積木組裝在一起並打開電源。

Ameet Thakkar, BMO Capital Markets.

Ameet Thakkar，BMO 資本市場。

Just real quick, it looks like in your 10-Q, you guys have factored about $184 million of accounts receivable year-to-date so far.

很快，在你們的 10-Q 中，你們今年迄今已經計入了約 1.84 億美元的應收帳款。

I was just wondering, does any of that include, I guess, the receivable that we've asked about before with AWS?

我只是想知道，我想其中是否包括我們之前向 AWS 詢問過的應收帳款？

So I mean, we're not being specific about what's included in factoring.

所以我的意思是，我們並沒有具體說明保理中所包含的內容。

But I will say that, that specific receivable that we've spoken to, the SK receivable, we do expect to collect that before the end of the year.

但我要說的是，我們談到的具體應收帳款，即 SK 應收帳款，我們確實希望在年底前收回。

We are very confident in that.

我們對此非常有信心。

SK is, obviously, a very strong partner for us.

顯然，SK 是我們非常強大的合作夥伴。

And all I'll say is we remain confident in collecting that receivable.

我想說的是，我們對收回應收帳款仍然充滿信心。

Jordan Levy, Truist Securities.

喬丹·利維 (Jordan Levy)，Truist 證券公司。

It's Henry on, for Jordan here.

亨利上場，喬丹上場。

Congratulations on the new orders.

恭喜收到新訂單。

Just on the SK one.

就在SK那一關。

What does the long-term opportunity look like there for potential additional site developments with them?

與他們一起進行潛在的額外場地開發的長期機會是什麼樣的？

And then can we see larger order sizes moving forward, getting into the maybe triple digits of megawatts?

然後我們能否看到更大的訂單規模向前發展，達到兆瓦的三位數？

Or is this is kind of new ceiling we should expect?

或者這是我們應該期待的新上限嗎？

Look, they -- so far, it's been a fairly steady numbers.

看，到目前為止，這是一個相當穩定的數字。

And again, you can look them up.

再說一次，你可以找它們。

We report them by quarter and by year.

我們按季度和年度報告。

It's been fairly steady over the last four years.

過去四年來一直相當穩定。

Korea is no different from rest of the world.

韓國與世界其他地區沒有什麼不同。

They, if you just go and read about it, have talked about AI being very important to them.

如果你去讀一下，他們就會說人工智慧對他們來說非常重要。

And the Chairman of the entire SK Group just last week, and it's in the public records, that's why I'm stating this, talked about them wanting to play a very important role in AI and specifically called out the partnership with Bloom Energy and how they're going to use our systems for that AI.

就在上週，整個SK 集團的董事長，這在公共記錄中，這就是我這麼說的原因，談到他們希望在人工智慧領域發揮非常重要的作用，並特別強調了與Bloom Energy 的合作關係以及如何他們將使用我們的系統來實現人工智慧。

So that's in the public record, you can go see it.

所以這是在公共記錄中的，你可以去看看。

So given the need for AI industrialization, the semiconductor chips and everything that goes along with that system integration, AI, so can that market grow similar to US market?

那麼，考慮到人工智慧產業化、半導體晶片以及與系統整合、人工智慧相關的一切的需求，那麼這個市場的成長能否與美國市場類似？

The answer is hopefully, yes, because it's an important trading partner for us.

希望答案是肯定的，因為它是我們的重要貿易夥伴。

Korea is an important trading partner for us.

韓國是我們重要的貿易夥伴。

And we are uniquely positioned with our technology to support it.

我們擁有獨特的技術來支援它。

And we believe that we have a terrific partner in SK.

我們相信 SK 是我們很棒的合作夥伴。

Martin Malloy, Johnson Rice.

馬丁·馬洛伊，約翰遜·賴斯。

I also wanted to ask a question on the 80-megawatt award, something you mentioned in the press release about the project financing there.

我還想問一個關於80兆瓦項目的問題，您在新聞稿中提到了該項目融資。

And I was just kind of curious, is this something new that lenders are willing to -- they're comfortable enough with the Bloom technology to offer project financing on projects using the Bloom servers?

我只是有點好奇，這是貸款人願意做的新事情嗎？

Or is it something new?

還是這是新的東西？

And how important do you think this is?

您認為這有多重要？

That's a great question.

這是一個很好的問題。

So let me answer it in the following way, Martin.

馬丁，讓我用以下方式回答這個問題。

Until rules changed and everything happened, the only process through which these fields also are getting deployed was an auction process.

在規則改變和一切發生之前，部署這些欄位的唯一過程是拍賣過程。

The auction process typically happened with the large electric companies that are owned by the Korean government.

拍賣過程通常發生在韓國政府擁有的大型電力公司。

So it was very different.

所以這是非常不同的。

Now that auction process now requires developers to come and develop projects on their own.

現在拍賣過程要求開發商自行開發專案。

And so financing becomes very important.

所以融資就變得非常重要。

But we had stated earlier that the auction process is just one mechanism through which we can sell.

但我們之前曾說過，拍賣過程只是我們出售的機制。

Our partners are capable of developing processes out -- or opportunities outside the auction process.

我們的合作夥伴有能力開發流程或拍賣流程以外的機會。

And not only to be able to develop this process outside, but find a financier of the caliber of Korea Development Bank because this is your blue chip financier.

不僅要能夠在外部開發這個流程，還要找到韓國開發銀行這樣的金融家，因為這是你的藍籌金融家。

So your question is very appropriate, and the answer is yes.

所以你的問題很恰當，答案是肯定的。

It is because of the performance of Bloom for a little over seven years that we have been there and how comfortable they are getting with our technology that a financier like that is coming and willing to backstop a long-term contract.

正是因為 Bloom 七年多一點的表現，我們才一直在那裡，而且他們對我們的技術感到非常滿意，這樣的金融家才會到來並願意支持長期合約。

It's a very good sign for us going forward.

這對我們前進來說是一個非常好的跡象。

Chris Senyek, Wolfe Research.

克里斯森耶克，沃爾夫研究中心。

I just wanted to ask, like what drives your conviction to meet full year guidance?

我只是想問，是什麼促使您有信心達到全年指導目標？

I see the PM order is expected to be delivered by year-end.

我看到PM訂單預計會在年底交貨。

But any color on timing from the upsized Quanta capacity in the 80-megawatt order with SK Eternix?

但廣達與 SK Eternix 合作擴大 80 兆瓦產能的時間安排有意義嗎？

Like should we think about those deliveries to be in 2025?

我們是否應該考慮在 2025 年交付這些產品？

And also given the timing, it doesn't seem like we'll see anything from greenfield or brownfield data center customers for this year.

而且考慮到時間安排，今年我們似乎不會看到來自綠地或棕地資料中心客戶的任何資訊。

Is that a fair assumption?

這是一個公平的假設嗎？

So a lot of questions kind of baked in there.

所以很多問題都在其中。

I'll say with the SK Eternix, that's 2025 revenue for us, and we talked about that.

我想說的是 SK Eternix，這就是我們 2025 年的收入，我們也討論過這一點。

We expect that commissioning in 2025.

我們預計將於 2025 年投入運作。

We expect to help our partner with that in 2025.

我們希望在 2025 年幫助我們的合作夥伴實現這一目標。

For 2024, as I said in my prepared remarks, we have visibility on to very specific projects that take us through the end of the year.

對於 2024 年，正如我在準備好的演講中所說，我們可以看到非常具體的項目，這些項目將帶領我們度過年底。

And I talked in my prepared remarks about some of the puts and takes, the quarter-to-quarter variability that we see.

我在準備好的發言中談到了一些看跌期權和我們看到的季度與季度的變化。

Look, we are a large project-based business.

看，我們是一家大型專案型企業。

As we see more of these US C&I projects and customers coming to us, that leads to some of that quarter-to-quarter variability.

隨著我們看到越來越多的美國工商業項目和客戶來到我們這裡，這導致了一些季度與季度的變化。

But very specifically, when we look at Q4, we're looking at very specific projects that are in various stages of contracting, for example, that lead us to be confident in our ability to hit that full year guidance.

但非常具體的是，當我們查看第四季度時，我們正在查看處於不同承包階段的非常具體的項目，例如，這使我們對達到全年指導的能力充滿信心。

So these are very specific conversations that we have, looking at our relationships with our customers and the projects that they are moving forward with.

因此，這些是我們進行的非常具體的對話，著眼於我們與客戶的關係以及他們正在推進的專案。

Davis Sunderland, Baird.

戴維斯桑德蘭、貝爾德。

I know you talked earlier in the year about making some adjustments to both your sales team and your sales process just to some of these deals in the very -- close to hundreds of megawatts go up to the C-suite for customers at some point.

我知道您在今年稍早談到對您的銷售團隊和銷售流程進行一些調整，只是為了在某些時候為客戶提供近數百兆瓦的交易。

Just wondering if you could talk to any traction you've been getting with these new processes?

只是想知道您是否可以談談這些新流程對您的吸引力？

And specifically, if you think there's going to be a long sales cycle going forward or if maybe there will be an acceleration after the first one or two larger deals are signed?

具體來說，您是否認為未來的銷售週期將會很長，或者在簽署第一筆或兩筆較大交易後是否可能會加速？

Davis, thank you.

戴維斯，謝謝你。

This is K.R. So let me start with the last part first.

這是 K.R.那麼讓我先從最後一部分開始。

I think the first couple when you're breaking in into any new market is always the hardest.

我認為當你進入任何新市場時，第一對夫婦總是最難的。

It takes the longest.

需要的時間最長。

That is the typical cycle that we have seen when we enter any segment or any geography.

這是我們進入任何細分市場或任何地區時所看到的典型週期。

And this is similar.

這也是類似的。

But in many cases, some of these end users are very familiar with our technology.

但在很多情況下，其中一些最終用戶非常熟悉我們的技術。

It's not a technology issue.

這不是技術問題。

It's a multiparty issue, okay?

這是一個多方參與的問題，好嗎？

When something this large is installed, there are multiple parties involved, as you can imagine.

當安裝這麼大的東西時，正如您可以想像的那樣，涉及多方。

And bringing multiple parties together, making sure all the interests are met.

並將多方聚集在一起，確保所有利益都得到滿足。

And there is a proper deal to put together.

並且有一個適當的協議可以放在一起。

And when you're doing it for the first time, there's a lot of back and forth.

當你第一次這樣做時，會有很多來回。

So what is going on right now is not discussing whether we should do something or not do something or figuring out.

所以現在發生的事情不是討論我們是否應該做某事或不做某事或弄清楚。

We are technology qualified.

我們有技術資質。

There's nobody in the data center market that will say that Bloom Energy technology cannot properly support a data center.

資料中心市場上沒有人會說 Bloom Energy 技術無法正確支援資料中心。

So we are technology qualified.

所以我們的技術是合格的。

So this is more on the commercial process.

所以這更多的是商業過程。

And like I said in my remarks, it takes a minute, okay?

正如我在發言中所說，這需要一分鐘，好嗎？

I would like to see it happen in seconds, living in Silicon Valley, but it does take a minute.

我希望看到這一切在幾秒鐘內發生，住在矽谷，但這確實需要一分鐘。

So be patient.

所以要有耐心。

We are hoping that we can come back to you soon in some years.

我們希望幾年後能盡快回到您身邊。

Brett Castelli, Morningstar.

布雷特·卡斯泰利，晨星。

I just had one on -- bigger picture question on cost reduction.

我剛剛有一個關於降低成本的宏觀問題。

Curious if you can talk about the time line on future product generations and the impact they may have on your cost road map?

好奇您能否談談未來產品的時間表以及它們可能對您的成本路線圖產生的影響？

Thank you, Brett.

謝謝你，布雷特。

That's a very good question.

這是一個非常好的問題。

So the way to think about what we bring to the table is not just product generations.

因此，思考我們能帶來什麼的方式不僅僅是產品世代。

It is really about the attributes of the products.

這實際上與產品的屬性有關。

The key attribute being, if we reduce the cost, we increase the affordability.

關鍵屬性是，如果我們降低成本，我們就能提高負擔能力。

And we increase our competitiveness in markets where we are just sitting on the edge of being competitive with the grid, right?

我們提高了我們在市場上的競爭力，而我們正處於與電網競爭的邊緣，對嗎？

So for both those reasons, affordability and expansion of market, as well as expansion of margin, cost reduction is super important.

因此，基於這兩個原因，負擔能力和市場擴張以及利潤率擴大、成本降低非常重要。

It's been in our DNA.

它已經存在於我們的 DNA 中。

We do that every single year.

我們每年都會這樣做。

And last year, we had a double digit.

去年，我們的業績達到了兩位數。

This year, we will have a double-digit cost reduction.

今年，我們的成本將達到兩位數的降低。

And I absolutely expect nothing less than a double-digit cost reduction next year, and this will continue.

我絕對預計明年的成本削減將達到兩位數，而且這種情況還會持續下去。

So we look for the best ways to bring that cost reduction while we are adding features to our product.

因此，我們在為產品添加功能的同時，尋找降低成本的最佳方法。

So exactly where we bring that cost reduction?

那我們到底在哪裡降低了成本呢？

Today, if you think about it, islanded microgrid, making our products suitable for islanding.

今天，如果你想一想，孤島微電網，使我們的產品適合孤島。

Let me explain this to you because that's not a common word everybody understands, right?

讓我向您解釋一下，因為這不是每個人都能理解的常用詞，對嗎？

An islanded solution of ours means that it is absolutely not connected to the grid.

我們的孤島解決方案意味著它絕對不連接到電網。

And the unit supports the power in the building.

該裝置支援建築物內的電力。

Then what do you need to do?

那你需要做什麼？

The load in the building goes up and down, it can be turned on, it can be turned off.

建築物內的負載上下移動，可以打開，也可以關閉。

And in the morning to night, peak times, load changes.

而且在早到晚尖峰時段，負荷變化很大。

People are not familiar with a solid oxide fuel cell being able to load follow, and we never sold load following before.

人們對能夠負載追蹤的固態氧化物燃料電池並不熟悉，而且我們以前從未出售過負載追蹤。

Our new products allow us to be able to follow the load for a customer and not depend on the grid as a flywheel to go up and down to take care of the excesses.

我們的新產品使我們能夠追蹤客戶的負載，而不是依賴電網作為飛輪上下移動來處理多餘的問題。

Net metering is not going to work when the grid is not able to take care of its own needs properly.

當電網無法正確滿足自身需求時，淨計量就無法發揮作用。

So Bloom's solution is so much superior when it can island and not rely on the grid, it takes away the congestion from the grid, it takes away the dependence on the grid.

因此，布魯姆的解決方案非常優越，它可以孤島而不依賴網格，它消除了網格的擁塞，消除了對網格的依賴。

So these are the places now we are more focused on making advancements and bringing costs down rather than just thinking about what is the next release.

因此，現在我們更專注於在這些方面取得進展並降低成本，而不僅僅是考慮下一個版本是什麼。

Our next releases now are a combination of better fuel cells with better features.

我們的下一個版本現在是更好的燃料電池和更好的功能的組合。

But I want you to understand, we're doing all this and still continuing to bring the cost down.

但我希望您明白，我們正在做這一切，並且仍在繼續降低成本。

More features, lower cost.

更多功能，更低成本。

So I'll just add, as K.R. said, it is about adding more value to our customers.

所以我就補充一下，K.R.說，這是為了為我們的客戶增加更多價值。

But rest assured, I have to give a shout out to our manufacturing operations, our engineering teams, they are maniacal about improving the quality, reliability, cost of the products.

但請放心，我必須向我們的製造業務、我們的工程團隊大聲喊叫，他們對提高產品的品質、可靠性和成本非常著迷。

And so those folks do a tremendous job every single day.

所以這些人每天都做著巨大的工作。

And even as we add more value with these new solutions, we are maniacal about that operations discipline and focus.

即使我們透過這些新解決方案增加了更多價值，我們仍然對營運紀律和重點感到瘋狂。

Colin Rusch, Oppenheimer.

科林‧魯施，奧本海默。

As you start bidding on larger projects, can you provide some insight into how you're approaching pricing?

當您開始對大型專案進行投標時，您能否提供一些有關您如何定價的見解？

And relative to whether it's natural gas turbines or other technologies and how much value you really put on potentially future-proofing these sites as microgrids?

相對於天然氣渦輪機還是其他技術，以及您對這些可能面向未來的微型電網的站點到底有多少價值？

Look, there is plenty in the market today opportunities, where we bring in a valuable solution to a customer.

看，當今市場上有很多機會，我們可以為客戶提供有價值的解決方案。

And we value price.

我們重視價格。

The gas turbine market is hundreds of gigawatts, and they will keep selling where they sell, and they should be.

燃氣渦輪機市場有數百吉瓦，他們將繼續在他們銷售的地方銷售，他們應該這樣做。

But the things that we can do, a gas turbine cannot do.

但我們能做的事情，燃氣渦輪機卻做不到。

And the things that we do, a customer needs.

我們所做的事情是客戶需要的。

So a customer is going to look at whether we are providing a value, we are providing enough value for them to transact with us.

因此，客戶會考慮我們是否提供了價值，我們是否為他們提供了足夠的價值來與我們進行交易。

And we have demonstrated time and again in multiple market sectors, multiple segments, multiple geographies, that we are able to do this.

我們已經在多個市場領域、多個細分市場、多個地區一次又一次地證明，我們有能力做到這一點。

And if we are not able to satisfy a customer, more than two-third of our order book will not be from repeat customers.

如果我們無法滿足客戶，那麼我們三分之二以上的訂單將不會來自回頭客。

Tim Moore, Clear Street.

提姆摩爾，《清街》。

I just had a question regarding the SK partnership.

我剛剛有一個關於 SK 合作夥伴關係的問題。

Do you expect to maybe drive a higher bid win rate if you did full manufacturing in South Korea to maybe complement your high assembly step?

如果您在韓國進行全面製造以補充您的高組裝步驟，您是否預計會提高中標率？

Just wondering if that might convert to more wins.

只是想知道這是否會轉化為更多的勝利。

That's a very good question.

這是一個非常好的問題。

We currently have a joint venture in Korea with SK.

我們目前與 SK 在韓國設有合資企業。

A lot of the assembly work outside our core technology, which we call the hot box, is done in Korea.

我們的核心技術（我們稱之為熱箱）之外的許多組裝工作都是在韓國完成的。

I guess, it leads to not only the cost benefits you talked about, but a very important localization we bring to a country when we enter that market to create a win-win for that country.

我想，這不僅帶來了你談到的成本效益，而且當我們進入一個國家的市場時，我們會為該國帶來一個非常重要的在地化，為該國創造雙贏。

And in addition to that, given that like tariff regime that we have lived in and we'll definitely live in for the next few years, those units being assembled in Korea and shipped to those customers do not have to undergo those tariffs.

除此之外，考慮到我們已經生活過並且未來幾年肯定會生活在這樣的關稅制度中，那些在韓國組裝並運送給這些客戶的設備不必承受這些關稅。

So they're all benefits.

所以它們都是好處。

But the core technology is not something that we will do anywhere other than in places that we have absolute control on, that is Bloom's proprietary technology.

但核心技術不是我們在任何地方都可以做的，除非是我們有絕對控制權的地方，那就是Bloom的專有技術。

That concludes our question-and-answer session.

我們的問答環節到此結束。

I'd now like to hand back over to K.R. Sridhar, CEO.

我現在想把時間交還給 K.R.斯里達爾，執行長。

Thank you.

謝謝。

Thank you very much, Ellie.

非常感謝你，艾莉。

As I close, let me reiterate on a few points.

在結束時，讓我重申幾點。

First and most important for you, we are reaffirming our guidance for this complete year, okay?

首先，對您來說最重要的是，我們重申我們對這一整年的指導，好嗎？

We are reaffirming.

我們正在重申。

Second, the deals we announced today show you the quality and the diversity of the places where our value proposition is very attractive.

其次，我們今天宣布的交易向您展示了我們的價值主張非常有吸引力的地方的品質和多樣性。

And there is a strong interest and demand for our Bloom Energy servers.

人們對我們的 Bloom Energy 伺服器有著濃厚的興趣和需求。

The third is that we're excited about our robust and growing sales prospects.

第三，我們對強勁且不斷成長的銷售前景感到興奮。

And as we look in the marketplace, we see that our US C&I business, there's an uptick and it's accelerating.

當我們觀察市場時，我們發現我們的美國工商業業務正在成長，而且還在加速。

And we think because of the macros that we see in the electricity market, it will only continue.

我們認為，由於我們在電力市場上看到的宏觀情況，這種情況只會持續下去。

The fourth thing is, the dynamics in the marketplace is very much in our favor.

第四件事是，市場的動態非常有利於我們。

Time to power, FERC regulation saying if you are going to connect, you need to bring additionality.

到了通電時間，FERC 法規規定，如果要連接，則需要帶來額外性。

All those things are clearly playing in our favor.

所有這些事情顯然都對我們有利。

Data centers and entire AI supply chain is going to create a demand unlike any other that we have ever seen since Edison put a grid together.

資料中心和整個人工智慧供應鏈將創造出自愛迪生建立電網以來我們從未見過的任何其他需求。

And we are hand in glove for that market.

我們正在密切關注這個市場。

I can't tell you how excited I am about it.

我無法告訴你我對此有多興奮。

But most of all, any of this, we cannot be doing but for our dedicated hard-working team members who are focused on executing and serving the mission of Bloom every single day.

但最重要的是，如果沒有我們敬業、勤奮的團隊成員，我們無法做到這一切，他們每天都專注於執行和服務 Bloom 的使命。

I'm excited about our future, glad that you are part of it, and we are working hard to make your stake in this company very valuable.

我對我們的未來感到興奮，很高興您成為其中的一部分，我們正在努力讓您在這家公司的股份變得非常有價值。

Thank you.

謝謝。

Thank you for attending today's call.

感謝您參加今天的電話會議。

You may now disconnect.

您現在可以斷開連線。

Have a wonderful day.

祝你有美好的一天。