Bloom Energy Corp (BE) 2024 Q4 法說會逐字稿

Thank you, for standing by.

感謝您的支持。

My name is Karen, and I will be your conference operator today.

我的名字是凱倫 (Karen)，今天我將擔任您的會議主持人。

At this time, I would like to welcome everyone to the Bloom Energy Q4 2024 Earnings.

現在，我歡迎大家參加 Bloom Energy 2024 年第四季財報。

All lines have been placed on mute, to prevent any background noise.

所有線路均已靜音，以防止任何背景噪音。

After today's presentation, there will be an opportunity to ask questions.

今天的演講結束後，將有機會提問。

(Operator Instructions)

（操作員指令）

I will now turn the call over to Michael Tierney, Vice President of Investor Relations.

現在我將把電話轉給投資者關係副總裁 Michael Tierney。

Please go ahead.

請繼續。

Thank you and good afternoon, everybody.

謝謝大家，下午好。

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

感謝您參加 Bloom Energy 2024 年第四季財報電話會議。

To supplement this conference call, we furnished our fourth quarter 2024 earnings press release with the SEC on Form 8-K and have posted 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 年第四季度收益新聞稿，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在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業績的預期。

These include statements about the company's business results, products, new markets, strategy, financial position, liquidity and full year outlook for 2025.

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 2025 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.

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。

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所作任何前瞻性陳述的義務。

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

在本次電話會議和 2024 年第四季財報新聞稿中，我們參考了 GAAP 和非 GAAP 財務指標。

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

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。

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

我們的 2024 年第四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 KR Sridhar, Founder, Chairman and Chief Executive Officer; and Dan Berenbaum, our CFO.

今天與我一起參加電話會議的還有創辦人、董事長兼執行長 KR Sridhar；以及我們的財務長 Dan Berenbaum。

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

KR 將首先概述我們的流程，然後 Dan 將回顧本季的財務亮點。

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

在我們發表準備好的發言後，我們將有時間回答您的問題。

I will now turn the call over to KR.

現在我將電話轉給 KR。

Good day everyone.

大家好。

What a year it has been for the power industry.

對於電力產業來說，這是豐富多彩的一年。

We are witnessing major industry transformations in areas like AI, robotics, automation, the electrification of transportation, all creating demand growth the likes of, which have never been seen by the power industry.

我們正在見證人工智慧、機器人、自動化、交通電氣化等領域的重大產業轉型，這些轉型都創造了電力產業前所未有的需求成長。

This is a paradigm shift for a power business.

對於電力產業來說，這是一個典範轉移。

For decades, many power utilities believed they were in a death spiral.

幾十年來，許多電力公司都認為他們陷入了死亡螺旋。

They operated with the belief that they were in a shrinking business, and divested significant assets.

他們在經營時堅信自己的業務正在萎縮，並剝離了大量資產。

They were unprepared for a sudden spike in demand.

他們沒有為需求的突然激增做好準備。

This has created an enormous opportunity for scale solutions that can offer timely, reliable and clean power.

這為能夠提供及時、可靠和清潔電力的規模解決方案創造了巨大的機會。

At Bloom Energy, for the last 24 years, we've been building a company with the deep rooted conviction that humanity needs more power, not less.

在布魯姆能源公司，在過去的 24 年裡，我們始終堅信人類需要更多的能源，而不是更少的能源，並以此建立公司。

We have also been convinced that resilient, always on distributed power is an essential and necessary supplement to the centralized grid.

我們也堅信，有彈性、始終在線的分散式電源是集中式電網必不可少的補充。

Our core technology, the fuel flexible solid oxide platform, is the best way to convert molecular fuel to on-site power.

我們的核心技術－燃料柔性固體氧化物平台，是將分子燃料轉化為現場電力的最佳方式。

Our disciplined approach, unperturbed by fleeting trends, has made us the preferred choice for businesses seeking to take control of their power, and for utilities looking to satisfy customer needs.

我們嚴謹的方法，不受瞬息萬變的趨勢的影響，使我們成為尋求控制電力的企業和尋求滿足客戶需求的公用事業公司的首選。

Now Bloom is prepared to meet the moment, satisfy customer needs and seize this opportunity.

現在，Bloom 已做好準備迎接機遇，滿足客戶的需求。

And we already are.

我們已經這樣做了。

I want to thank the hard working team at Bloom, for delivering a spectacular 2024.

我要感謝 Bloom 辛勤工作的團隊，他們創造了輝煌的 2024 年。

Bloom achieved record revenue and profits for both the fourth quarter, and the year.

Bloom 第四季和全年的營收和利潤均創下歷史新高。

We were operating income positive for the year, and delivered positive cash flow from operations, a solid $92 million over the last year.

我們全年的營業收入為正，經營活動產生的現金流為正，去年達到了 9,200 萬美元。

Another first for us.

對我們來說這又是一個第一次。

In 2024, our service business was profitable every quarter and for the year.

2024年，我們的服務業務每季、全年都獲利了。

We achieved this milestone by improving the life and reliability of our fuel cells, reducing the cost of replacement units, and using AI and machine learning, to optimize the field performance of our systems.

我們透過提高燃料電池的壽命和可靠性、降低更換設備的成本以及使用人工智慧和機器學習來優化我們系統的現場性能來實現這一里程碑。

I expect us to build on these improvements, and deliver increased service margins in the years to come.

我希望我們能夠在這些改進的基礎上再接再厲，在未來幾年能實現更高的服務利潤率。

Our operations team, continues to deliver with speed, scale and efficiency.

我們的營運團隊持續以速度、規模和效率交付產品。

In keeping with our long tradition, we delivered another year of double-digit product cost reductions.

為了延續我們的悠久傳統，我們又在一年內實現了兩位數的產品成本降低。

We will have the capacity to meet time sensitive power demand.

我們將有能力滿足時間敏感的電力需求。

This will enable us to deliver fully functional power solutions in months, reinforcing our status as a solution of choice, for time critical power deals.

這將使我們能夠在數月內提供功能齊全的電力解決方案，鞏固我們作為時間緊迫的電力交易的首選解決方案的地位。

On the innovation front, in 2024, we further strengthened our market position by successfully deploying our islanded and micro-grids, providing power to our customers without grid interconnection.

在創新方面，2024年，我們成功部署了孤島電網和微電網，無需電網互聯即可為客戶提供電力，進一步鞏固了我們的市場地位。

We expanded on our partnership with Quanta to create Bloom's largest islanded load following industrial installation.

我們擴大了與 Quanta 的合作夥伴關係，以在工業安裝後創建 Bloom 最大的孤島負載。

We view our demonstrated ability to provide tens of megawatts, of reliable power to our customers within months of an order, as a huge competitive advantage.

我們認為，我們有能力在訂單後的幾個月內向客戶提供數十兆瓦的可靠電力，這是一個巨大的競爭優勢。

We're focused on heat capture and carbon capture solutions, two valuable add-ons to our core offering.

我們專注於熱捕獲和碳捕獲解決方案，這是我們核心產品的兩個寶貴附加產品。

And our commercial team delivered strongly in 2024.

我們的商業團隊在 2024 年表現出色。

Power hungry customers in the U.S. transacted with a sense of urgency in 2024, and we expect this increased velocity to continue in 2025, and we are meeting their demands.

2024 年，美國電力需求大的客戶在交易時表現出一種緊迫感，我們預計這種速度的提升將在 2025 年繼續下去，我們正在滿足他們的需求。

Four years ago, most of our bookings took two to three years, to deploy and convert to revenue.

四年前，我們的大多數訂單需要兩到三年的時間才能部署並轉換為收入。

The majority of 2024 revenue came from deals that were both signed, and recognized in the same year.

2024 年的大部分收入來自同一年簽署並確認的交易。

I expect us to continue to deploy orders quickly, just as we did in 2024.

我預計我們將繼續快速部署訂單，就像我們在 2024 年所做的那樣。

Because for many customers today, the most important purchasing criteria, is time to power.

因為對現今的許多客戶來說，最重要的購買標準就是通電時間。

They need reliable power and they need it now.

他們需要可靠的電力，而且現在就需要。

Our Bloom solution, is purpose built to meet that need.

我們的 Bloom 解決方案就是為滿足這項需求而特別建置的。

I talked about AI and data centers on our last earnings call, and we remain excited about the opportunities ahead.

我在上次財報電話會議上談到了人工智慧和資料中心，我們仍然對未來的機會感到興奮。

Bloom's current sales funnel in the data center segment, primarily driven by both training and inference AI applications, is strong, diverse and robust.

Bloom 目前在資料中心領域的銷售管道主要由訓練和推理 AI 應用驅動，強大、多樣且穩健。

We view the data center segment, to be a strong engine for growth.

我們認為資料中心領域將成為強勁的成長引擎。

In addition, our order book and funnel show, very healthy diversification.

此外，我們的訂單簿和漏斗顯示，多樣化非常健康。

Our commercial and industrial C&I market segments are strong and an important part of our growth story.

我們的商業和工業 C&I 市場部門實力強勁，是我們成長故事的重要組成部分。

C&I customers are impacted by the domestic power shortage aggravated by the massive AI data center electricity needs.

大量人工智慧資料中心的電力需求加劇了國內電力短缺，對商業和工業客戶造成了影響。

There is growing sentiment in the non-AI sectors that their power needs arising from reshoring, growth and automation will be deprioritized, and result in unpredictable and higher power prices, a predicament they want to avoid.

非人工智慧領域越來越多的人認為，由於回流、成長和自動化而產生的電力需求將被降低優先級，並導致電價不可預測且上漲，這是他們希望避免的困境。

As a result, we have seen an uptick in our C&I segments.

因此，我們看到 C&I 部門出現了上升趨勢。

We secured orders from multiple large telecom companies, retail, manufacturing, education and healthcare segments, who are proactively securing their own power.

我們獲得了多家大型電信公司、零售、製造、教育和醫療保健領域的訂單，他們正在積極確保自己的電力。

We are thrilled that a vast majority of our U.S. sales, comes from repeat customers, a testament to our products and services, and the trust customers place in us.

我們非常高興，我們在美國的大部分銷售額來自回頭客，這證明了我們的產品和服務以及客戶對我們的信任。

The quality of logos in our order book, and the potential to increase our share of their total electricity spend, augurs well for our future growth.

我們訂單中的標識品質以及增加我們在其總電力支出中所佔份額的潛力，預示著我們未來的成長良好。

We are also partnering with innovative utilities, looking to add capacity.

我們也與創新公用事業公司合作，尋求增加產能。

I expect to see more such arrangements in the future.

我希望將來能看到更多這樣的安排。

Bloom has won orders in Ohio and Illinois, and we are now competitive and attractive to customers, in the Great Lakes region and the Midwest.

Bloom 已經贏得了俄亥俄州和伊利諾伊州的訂單，現在我們在五大湖地區和中西部地區具有競爭力，對客戶具有吸引力。

On the international side, South Korea remains an important market for us, and this business is steady.

在國際方面，韓國仍然是我們的重要市場，而且這項業務穩定。

We continue to win orders, through annual auction and outside development, with our partners SK ecoplant and SK Eternix.

我們透過年度拍賣和外部開發，與合作夥伴 SK ecoplant 和 SK Eternix 繼續贏得訂單。

Additionally, our commercial team is focused on delivering wins in other parts of Asia, and in Europe this year.

此外，我們的商業團隊今年致力於在亞洲其他地區和歐洲取得勝利。

In sum, I believe that having strong sector diversification, combined with a strong geographic diversification, will enable Bloom to become a global energy player. 2025 is off to an excellent start, with strong inbound customer interest.

總之，我相信強大的產業多元化，加上強大的地理多元化，將使 Bloom 成為全球能源參與者。 2025 年開局良好，入境客戶興趣濃厚。

I want to touch on one more thing, the ITC or Investment Tax Credit.

我想要再談一件事，就是投資稅收抵免（ITC）。

By using the Safe Harbor provision that is fully compliant with treasury guidance, Bloom's customers, financiers and other commercial ecosystem partners, have collectively secured the option to receive full ITC benefits for their future purchases.

透過使用完全符合財政指導的安全港條款，Bloom 的客戶、金融家和其他商業生態系統合作夥伴共同確保了在未來購買中獲得全額 ITC 優惠的選擇。

They are entitled to 40% credits nationwide in light of our U.S. manufacturing, and 50% credits in predefined energy communities.

他們有權根據我們的美國製造業在全國範圍內獲得 40% 的積分，並在預定義的能源社區中獲得 50% 的積分。

They can enjoy the tax benefits for systems placed in operation in the United States, between now and the year 2028.

從現在到 2028 年，他們可以享受在美國運行的系統的稅收優惠。

This Safe Harbor, if fully exercised, has the potential to yield between $12 billion and $15 billion of gross product revenue to Bloom.

如果這項安全港得到充分實施，有可能為 Bloom 帶來 120 億至 150 億美元的總產品收入。

Now, I'll hand it over to Dan, to walk us through the numbers, and I'll join you afterwards to answer your questions.

現在，我將把時間交給丹，讓他向我們介紹這些數字，然後我會加入你們並回答你們的問題。

Dan?

擔？

Thank you, KR.

謝謝你，KR。

And good afternoon everyone.

大家下午好。

On our November earnings call we spoke about our confidence in meeting annual guidance targets despite needing a record financial performance in Q4 to get there.

在 11 月的財報電話會議上，我們表示有信心實現年度指導目標，儘管需要在第四季度創下創紀錄的財務表現才能實現這一目標。

We had that confidence, because we understood our customers projects, the products that we were expecting to ship, and the terms associated with those deals.

我們有這種信心，因為我們了解客戶的項目、我們期望運送的產品以及與這些交易相關的條款。

As we've discussed, this is a project based business with quarterly variability.

正如我們所討論的，這是一項基於專案的業務，具有季度變化性。

We are pleased that we were able to set and meet realistic targets.

我們很高興能夠設定並實現切合實際的目標。

Before getting to our results and guidance.

在獲得我們的結果和指導之前。

I wanted to thank all of our employees at Bloom, for incredible execution in 2024.

我要感謝 Bloom 的所有員工，感謝他們在 2024 年的出色表現。

Let me call out, three highlights that the team drove this year.

讓我指出一下球隊今年的三個亮點。

First, we turned free cash flow positive for the full year for the first time since 2019 $92 million full year cash flow from operations, less $59 million spent on CapEx.

首先，我們自 2019 年以來首次全年自由現金流為正，全年經營活動產生的現金流為 9,200 萬美元，減去資本支出 5,900 萬美元。

Second, record full year gross margin of 28.7%, and third service business that had positive non-GAAP gross margin in all four quarters of 2024, and a $4 million full year non-GAAP gross profit, compared to a $33 million loss in 2023.

其次，全年毛利率創歷史新高，達到 28.7%，第三大服務業務在 2024 年四季的非 GAAP 毛利率均為正，全年非 GAAP 毛利為 400 萬美元，而 2023 年的虧損為 3,300 萬美元。

None of that would be possible without this fantastic Bloom team.

如果沒有這支出色的 Bloom 團隊，這一切都不可能實現。

Let's talk briefly about Q4, and then in more detail about the full year 2024.

讓我們簡單談談第四季度，然後更詳細地談談 2024 年全年。

As expected, at a quarterly revenue record of $572 million, we saw nearly 40% of our full year revenue in Q4.

正如預期的那樣，季度收入達到 5.72 億美元，第四季度收入佔全年收入的近 40%。

This was an increase of 60% over the fourth quarter of 2023, and up 73% from Q3, 2024.

這比 2023 年第四季成長了 60%，比 2024 年第三季成長了 73%。

This is a business with leverage to scale.

這是一項具有擴展槓桿作用的業務。

We saw that in Q4 as non-GAAP gross margin of 39.3%, was up significantly from 27.4% in the fourth quarter of 2023, and also a meaningful improvement from 23.8% in Q3 of 2024.

我們發現，第四季非 GAAP 毛利率為 39.3%，較 2023 年第四季的 27.4% 大幅上升，也較 2024 年第三季的 23.8% 有顯著改善。

Non-GAAP operating profit for the fourth quarter, was $133 million, an increase of $106 million from the fourth quarter of 2023, and an increase from Q3 to $8 million.

第四季非公認會計準則營業利潤為 1.33 億美元，較 2023 年第四季增加 1.06 億美元，較第三季增加 800 萬美元。

Non-GAAP EPS was $0.43.

非公認會計準則每股收益為 0.43 美元。

Q4 cash flow from operating activities, was $484 million.

第四季經營活動現金流為4.84億美元。

As expected, we collected our large related party receivable in Q4.

正如預期的那樣，我們在第四季度收回了大量關聯方應收款。

Additionally, in the spirit of our long standing partnership, during Q4 we assisted our partner SK ecoplant to sell a majority of the 73 megawatts of energy servers that they had held as part of a delayed project.

此外，本著長期合作的精神，在第四季度，我們協助合作夥伴 SK ecoplant 出售了他們作為延遲專案的一部分所持有的 73 兆瓦能源伺服器中的大部分。

Turning to our full year 2024 results, revenue was a record $1.47 billion, up 10.5% from 2023.

展望我們的 2024 年全年業績，營收達到創紀錄的 14.7 億美元，比 2023 年成長 10.5%。

Non-GAAP gross margin of 28.7%, was up from 25.8% in 2023.

非公認會計準則毛利率為 28.7%，高於 2023 年的 25.8%。

Non-GAAP operating profit was $108 million of $88 million from the previous year on a revenue increase of $140 million over 60% drop through to operating income.

非公認會計準則營業利潤為 1.08 億美元，比前一年增加 8,800 萬美元，收入增加 1.4 億美元，營業收入下降 60%。

Non GAAP gross profit in our service business was $4 million, a significant improvement from the $33 million loss in 2023, as I mentioned earlier.

我們服務業務的非 GAAP 毛利為 400 萬美元，與我之前提到的 2023 年的 3,300 萬美元虧損相比有顯著改善。

Service was profitable on a non-GAAP basis during every quarter of 2024.

2024 年每個季度，服務以非 GAAP 基礎均獲利。

We expect to drive continued improvements in service profitability, as we move through the next several years.

我們期望在未來幾年內繼續提高服務獲利能力。

In addition, we recorded another year of double-digit core energy server product cost reduction.

此外，我們又錄得核心能源伺服器產品成本兩位數的下降。

We expect to continue this double-digit product cost reduction, which benefits both product and service.

我們預計產品成本將繼續以兩位數的速度降低，這對產品和服務都有好處。

As I mentioned earlier, Bloom also generated positive cash flow from operations, and positive free cash flow for the first time since 2019.

正如我之前提到的，Bloom 也產生了正的經營現金流，並且自 2019 年以來首次產生了正的自由現金流。

We view this demonstration of our ability to generate cash, as a key milestone for the business.

我們認為這證明了我們創造現金的能力，是業務的一個重要里程碑。

We ended the year with $951 million total cash on the balance sheet.

截至年底，我們的資產負債表上的總現金為 9.51 億美元。

Before we get to guidance, I want to talk a bit about how we think about the future potential of the business, as well as how we think about the metrics that are important to running our business.

在我們得到指導之前，我想先談談我們如何看待業務的未來潛力，以及我們如何看待對營運業務很重要的指標。

We have $2.5 billion of product backlog.

我們有價值25億美元的產品積壓。

Excluding dynamics around our supply agreement with SK ecoplant, our product backlog would have been up roughly 30% year-over-year.

不計與 SK ecoplant 的供應協議動態，我們的產品積壓訂單將年增約 30%。

As a reminder, at the end of 2023, we had extended the term of our SK ecoplant distribution agreement to the end of 2027, and increased their purchase commitment to 500 megawatts, all of which was included in our year ending 2023 backlog.

提醒一下，在 2023 年底，我們已將 SK 生態工廠分銷協議期限延長至 2027 年底，並將其購買承諾增加到 500 兆瓦，所有這些都包含在我們截至 2023 年的積壓訂單中。

Shipping to that agreement will naturally draw on our backlog.

按照該協議運送貨物自然會消耗我們的積壓訂單。

So we want to be clear that elsewhere our product backlog is increasing.

因此，我們要明確的是，在其他地方我們的產品積壓正在增加。

We also have $9 billion of service backlog.

我們還有價值 90 億美元的服務積壓訂單。

As we've discussed in the past, we have a 100% attach rate of service, with our product sales.

正如我們過去討論過的，我們的服務附帶率為 100%，我們的產品銷售也是如此。

Our service contracts are anywhere from 5 to 20 years, leading to a large long-term backlog.

我們的服務合約期限為5至20年，因此有大量的長期積壓訂單。

With respect to how we think about the business.

關於我們如何看待業務。

As we've discussed over the past few quarters, management is primarily focused on overall revenue, product revenue growth, non-GAAP gross and operating margin and cash flow from operations.

正如我們在過去幾季所討論的那樣，管理層主要關注整體收入、產品收入成長、非公認會計準則毛利率和營業利潤率以及經營現金流。

In the past when we were primarily shipping grid connected, baseload power, and timing of product revenue recognition was somewhat divorced from timing of product shipments.

過去，當我們主要運輸併網電力和基荷電力時，產品收入確認的時間與產品出貨的時間有些脫節。

We felt it was important to look at kilowatts shipped to measure and assess performance.

我們認為，查看輸送的千瓦數對於測量和評估性能非常重要。

Now our product revenue is primarily recognized on shipments.

現在我們的產品收入主要靠出貨量來確認。

Further, we're offering multiple solutions-based around our core energy server islanded microgrid load following to AI data center standards, carbon capture, combined heat and power and others, which add value to our customers in a way that isn't measured in simple kilowatts.

此外，我們還圍繞核心能源伺服器孤島微電網負載提供多種解決方案，以遵循人工智慧資料中心標準、碳捕獲、熱電聯產等，這些解決方案為我們的客戶增加了價值，而這種價值不是用簡單的千瓦來衡量的。

As a result, simple proxy of ASP or cost per kilowatt is a less relevant way to look at the business than it was a few years ago.

因此，與幾年前相比，簡單地採用 ASP 或每千瓦成本來衡量業務已經不再那麼重要了。

This brings us to guidance for 2025. 2024 was a good year for Bloom, and we expect 2025 to be better.

這為我們帶來了 2025 年的指引。

We expect 2025 revenue of a range of $1.65 billion to $1.85 billion, non-GAAP gross margin of approximately 29%, and non-GAAP operating income approximately $150 million.

我們預計 2025 年營收在 16.5 億美元至 18.5 億美元之間，非 GAAP 毛利率約為 29%，非 GAAP 營業收入約為 1.5 億美元。

We also expect positive cash flow from operations, around the same level as we saw in 2024, and we expect CapEx to be around the same levels of 2024.

我們也預期經營活動產生的現金流將為正，與 2024 年的水準大致相同，我們預期資本支出將與 2024 年的水準大致相同。

Of course, we will adjust our expenditures as needed as we see business opportunities.

當然，當我們看到商機時，我們會根據需要調整支出。

At the midpoint of our revenue and operating margin guidance, we would see mid-teens percentage drop through, of revenue to operating profit, strong leverage for a high single-digits percentage operating margin business.

在我們的收入和營業利潤率指引的中間點，我們將看到收入與營業利潤的百分比下降百分之十幾，對於高個位數百分比的營業利潤率業務來說，槓桿率強勁。

A quick note on share count, our fully diluted share count exiting 2024, is approximately 294 million shares.

關於股份數量的簡要說明，截至 2024 年，我們的完全稀釋股份數量約為 2.94 億股。

In Q4, both GAAP and non-GAAP EPS, were calculated using the as converted method, that is using our fully diluted share count, and adjusting for interest associated with potentially dilutive instruments that are assumed to have been converted.

在第四季度，GAAP 和非 GAAP EPS 均採用轉換法計算，即使用我們的完全稀釋股份數量，並根據假定已轉換的潛在稀釋工具相關的利息進行調整。

For the full year 2024, our EPS is calculated using our basic share count of 227 million shares, as inclusion of shares associated with our convertible notes, would have the effect of being anti-diluted.

對於 2024 年全年，我們的每股盈餘是使用 2.27 億股的基本股數計算的，因為納入與我們的可轉換票據相關的股份將產生反稀釋的效果。

We expect 2025 revenue, to have a similar pattern to 2024.

我們預計 2025 年的收入將與 2024 年的模式相似。

Near term, we expect Q1 to be up approximately 20% to 30% year-over-year, compared to Q1 at 2024.

短期內，我們預計第一季的銷售額將比 2024 年第一季同比增長約 20% 至 30%。

In short, we had a great end to a great year, and we expect continued profitable growth in 2025 and beyond.

簡而言之，我們為這偉大的一年畫上了圓滿的句號，並預計 2025 年及以後將繼續實現盈利增長。

Management will be on the road speaking with you for the next few weeks.

管理層將會在接下來的幾週內與您溝通。

We'll attend the Morgan Stanley Power Conference on March 3, and the Jefferies Power Utilities and Clean Energy Conference on March 4, both in New York City.

我們將參加 3 月 3 日在紐約舉行的摩根士丹利電力會議和 3 月 4 日在紐約舉行的傑富瑞電力公用事業和清潔能源會議。

We'll attend the Morgan Stanley Technology Conference in San Francisco on March 5 and 6, and we'll also attend both the ROTH Capital Conference in Dana Point, and the Piper Sandler Energy Conference in Las Vegas, where both March 16 to 19.

我們將參加 3 月 5 日至 6 日在舊金山舉行的摩根士丹利技術會議，我們還將參加 3 月 16 日至 19 日在達納角舉行的 ROTH 資本會議和在拉斯維加斯舉行的 Piper Sandler 能源會議。

Before entering our Q1 quiet period.

在進入我們的第一季靜默期之前。

With that operator, please open the line for questions.

請與那位接線生聯繫，以便我們解答疑問。

(Operator Instructions)

（操作員指令）

Andrew Percoco, Morgan Stanley.

摩根士丹利的安德魯‧佩科科 (Andrew Percoco)。

Great.

偉大的。

Thanks so much.

非常感謝。

Good evening guys, and congrats on a strong quarter.

大家晚上好，恭喜您本季業績強勁。

I guess maybe just to start off again, congrats on that AEP announcement back in November.

我想也許只是重新開始，祝賀 11 月的 AEP 公告。

So just maybe to start there, should we expect to see more of those types of agreements in 2025, where it's with a large utility rather than direct to the data center.

因此，也許從這裡開始，我們是否應該期望在 2025 年看到更多此類協議，這些協議是與大型公用事業公司簽訂的，而不是直接與資料中心簽訂的。

And if the answer to that is yes, can you maybe just give us a sense for, where you are in that process?

如果答案是肯定的，您能否告訴我們您目前處於這個進程的哪個階段？

Are we early stage, mid stage, late stage?

我們是處於早期、中期還是晚期？

Any color on cadence or timing of maybe additional agreements, would be great.

關於節奏或時間的任何細節，或許是附加協議，都很好。

And then maybe my second question, just asking both at once, is this around the balance sheet?

然後也許我的第二個問題是，同時問兩個問題，這是關於資產負債表的嗎？

I think it's clear you guys have a very strong growth pipeline, ahead of you.

我認為很明顯你們擁有非常強勁的成長勢頭。

Can you just talk about how you're thinking about funding this growth?

您能談談您打算如何為這一增長提供資金嗎？

Free cash flow obviously turned positive this year.

今年自由現金流明顯轉為正值。

Is that enough, or is there a reason to be maybe be opportunistic, and raise some capital to ensure you have the means to, exploit this growth opportunity?

這是否足夠？ 或者是否有理由採取機會主義並籌集一些資金以確保您有能力利用這一成長機會？

Thank you.

謝謝。

Andrew.

安德魯。

Thank you very much.

非常感謝。

This is KR and again on your first question, yes the answer is we are talking to several utilities who are interested in some kind of arrangements along the lines of what we announced with AEP.

我是 KR，再次回答您的第一個問題，是的，答案是我們正在與幾家公用事業公司進行交談，他們對某種類似於我們與 AEP 宣布的安排感興趣。

And it is A, they are realizing that no matter how fast they augment their transmission distribution system, no matter where generation happens or not, getting the power to the end customer, between now and 2030, is going to be a big issue unless you produce power where you need it.

A，他們意識到無論他們如何快速增強輸配電系統，無論發電發生在何處，從現在到 2030 年，將電力輸送到最終客戶手中都將是一個大問題，除非你在需要的地方生產電力。

And using Bloom to do that is very advantageous for them, from a time to deployment permitting ease, reliability, not needing backups, are being air pollution free, therefore being able to get air permits.

使用 Bloom 來實現這一點對他們來說非常有利，從部署時間到部署都非常簡單、可靠，不需要備份，而且不會產生空氣污染，因此能夠獲得空氣許可證。

For all those reasons they like our technology.

由於這些原因，他們喜歡我們的技術。

And more importantly, if that growth is being driven by data centers, the reliability of our modular fault tolerant architecture is unbeatable.

更重要的是，如果這種成長是由資料中心推動的，那麼我們的模組化容錯架構的可靠性是無與倫比的。

Now the other dynamic that we are seeing there is this strong sentiment about the growth being, the investment being made to fuel the growth for data centers that, cost not be passed on to the ratepayers.

現在我們看到的另一個動態是對成長的強烈情緒，即為推動資料中心成長而進行的投資不會將成本轉嫁給納稅人。

So many utilities are trying to work, with their own jurisdictions, to make sure that that construct is available.

許多公用事業公司正在其管轄範圍內努力開展工作，以確保該結構可用。

I would say the long pole, as I see it to more deals like this happening, is that construct being worked out between the utilities in the states.

我想說，正如我所看到的，越來越多的此類交易正在發生，而長線交易就是各州公用事業公司之間正在製定的協議。

But several of them are talking to us.

但他們中有幾個人正在和我們交談。

So I can't give you a timing on it.

所以我無法給你一個具體時間。

I would expect that to happen, but I can't give you a timing.

我希望這會發生，但我無法告訴你具體時間。

On the question of capital, as you know, we've been speaking about something very important about Bloom, which is our capital efficiency.

關於資本問題，如你所知，我們一直在談論 Bloom 的一個非常重要的問題，那就是我們的資本效率。

For us to grow in modules of hundreds of megawatts.

讓我們在數百兆瓦的模組中成長。

As we see the growth, using the same facilities we have here in California and in Delaware, we don't need to increase our footprint.

正如我們所看到的增長，使用我們在加利福尼亞州和特拉華州的相同設施，我們不需要增加我們的足跡。

We can grow few more gigawatts, from our already gigawatt scale in that footprint, in a very capital efficient manner.

我們可以在現有的千兆瓦規模上，以資本高度有效率的方式，再增加幾千兆瓦。

And we are managing our working capital really well.

我們的營運資金管理得非常好。

So for the foreseeable future, just for this growth, we don't need to be thinking about how we - fund it.

因此，在可預見的未來，為了實現這種成長，我們不需要考慮如何為其提供資金。

We feel very good about it.

我們對此感覺非常好。

Dan, you want to add anything to that?

丹，你還有什麼要補充嗎？

Yes, Well, I'll add.

是的，好吧，我會補充。

Thanks KR and Andrew, thanks for the question.

感謝 KR 和 Andrew，感謝您的提問。

I'll add a couple of things.

我將補充幾點。

And one, obviously we're very pleased that we were able to generate the cash flow, from operations that we did this year.

首先，我們顯然很高興能夠從今年的營運中產生現金流。

You recall in the last call we talked about being cash flow from operations positive, for the second half.

您還記得，在上次電話會議中，我們談到下半年營運活動現金流將為正值。

We're able to execute to be cash flow from operations positive, for the full year and we expect something around that same level.

我們能夠實現全年經營活動產生的現金流為正，我們預計全年的現金流將維持在同一水平左右。

So for 2025, so we are being pretty tight about how we manage working capital.

因此，對於 2025 年，我們將非常嚴格地管理營運資金。

We're being very tight around how we manage expenses.

我們對費用管理非常嚴格。

We are investing prudently in the right things for the business.

我們正在審慎地投資對業務有利的事。

And to echo KR's comments, as we've said before, we're quickly approaching about 1 gigawatt worth of manufacturing.

為了呼應 KR 的評論，正如我們之前所說，我們正在迅速接近約 1 千兆瓦的製造規模。

We've talked about being able to triple that capacity for roughly $150 million.

我們曾討論過以大約 1.5 億美元的價格將產能提高三倍。

So as KR said, we're able to grow our capacity in a very capital efficient manner.

正如 KR 所說，我們能夠以非常資本高效的方式擴大產能。

And to be clear, we will do that when we see the growth.

需要明確的是，當我們看到成長時，我們就會這樣做。

We will do that prudently.

我們將謹慎地這麼做。

Our operations team, is able to do that in a relatively short time frame.

我們的營運團隊能夠在相對較短的時間內完成這項目標。

In other words, we would expect to have visibility to the business, before we need to commit the capital.

換句話說，我們希望在投入資本之前能夠了解業務狀況。

So we think we've got a good balance there, and we're set up in a good position.

因此我們認為我們在這方面取得了很好的平衡，並且已經處於有利地位。

The other thing I'll just add, since I want to mention that cash flow from operations, a lot of you have always asked about how much factoring we do.

我還要補充一點，因為我想提到經營活動現金流，很多人一直問我們做了多少保理。

I'm very happy to say that we didn't do any factoring in Q4.

我很高興地說，我們在第四季度沒有做任何考慮。

So again, very a much healthier liquidity position than we've been in in the past.

因此，我們的流動性狀況比過去要健康得多。

That makes sense, and that's great.

這很有道理，而且很棒。

Thank you.

謝謝。

If I could squeeze one more in here.

如果我可以在這裡再擠一個的話。

When I look at the guidance, when I look at your backlog, I guess how much of your existing backlog is scheduled for delivery in 2025, and how much book and ship do you need to essentially do to get to the midpoint of your guidance range for 2025?

當我查看指導意見時，當我查看您的積壓訂單時，我猜測您現有的積壓訂單中有多少計劃在 2025 年交付，以及您需要完成多少預訂和發貨才能達到 2025 年指導範圍的中點？

Andrew, we don't like to discuss that, as you said in the past.

安德魯，正如你過去所說，我們不喜歡討論這個問題。

But you can very clearly see this whole business, because of time to, like time to power has become a velocity business.

但你可以非常清楚地看到，整個業務，因為時間，例如發力時間，已經成為一項速度業務。

It's picking up velocity like crazy.

它正瘋狂地加速。

The need for power and the premium that customers are willing to pay for solutions like ours that, give them power quickly is unbelievable.

客戶對於電力的需求，以及他們願意為我們提供快速供電的解決方案支付的高價，是令人難以置信。

So compared to 2020, when it was two and three years out, from the time we booked to when we could recognize revenue majority, a vast majority of last year's revenue came from booking, building, shipping and recognizing revenue in the same year.

因此，與 2020 年相比，從我們預訂到確認大部分收入還需要兩到三年的時間，去年的絕大部分收入來自同一年的預訂、建造、運輸和確認收入。

We would expect that same trend to continue like this year, too.

我們預計同樣的趨勢今年也將持續下去。

Thank you.

謝謝。

Chris Dendrinos, RBC.

克里斯·丹德里諾斯（Chris Dendrinos），RBC。

Yeah, thank you.

是的，謝謝。

And congrats on the quarter and the year.

並祝賀本季和今年的業績。

I guess maybe to start out and touching on the backlog here, could you maybe breakdown a little bit more the components of that?

我想也許我們應該先談談這裡的積壓問題，您能否進一步細分其中的各個組成部分？

Just how much is AI, how much is C&I, and maybe the verticals or the sectors within that?

人工智慧到底有多少，商業和工業領域有多少，以及其中的垂直產業或產業有多少？

Thank you.

謝謝。

So Chris, thanks for the question.

克里斯，謝謝你的提問。

We're not going to breakdown the components of that backlog specifically.

我們不會具體分解積壓工作的組成部分。

Look, I think KR talked about, the business momentum that we have, we're seeing a lot of time to power requests.

看，我認為 KR 談到了我們的業務發展勢頭，我們看到了很多時間來滿足請求。

We've talked about our US C&I business being strong, and we've talked about the general business trends.

我們談到了我們美國 C&I 業務的強勁表現，也談到了整體業務趨勢。

But we're not going to talk about what's specifically reflected in our backlog.

但我們不會談論積壓工作具體反映了什麼。

And again, some of what's in our backlog.

再次重申一下，我們的一些工作還有待完成。

We talked about more of that time to power, more of that book and ship, becoming an increasingly more important part of our business.

我們更多地談論了掌權的時間、書籍和船舶，它們正成為我們業務中越來越重要的一部分。

So I think, KR made some commentary about the segments that are growing for us.

所以我認為，KR 對我們正在成長的細分市場發表了一些評論。

That's where I would focus when I think about the growth of our business.

當我考慮我們的業務成長時這就是我關注的重點。

And on a higher level in terms, of what we have deployed, right.

就我們已經部署的內容而言，這是一個更高的層次。

I think, we've already given you that kind of numbers, is that roughly one-third of our deployed backlog of greater than 1 gigawatt is towards data centers.

我想，我們已經給你提供過這樣的數字，即我們部署的超過 1 千兆瓦的積壓電力中大約三分之一用於數據中心。

And what is happening is that sector obviously is growing a lot faster, than everybody else.

現在的情況是，這個行業的成長速度顯然比其他行業快得多。

But the key point I want to make is that C&I sector, which is the non-data center sector, is really growing fast too, but not at the pace at, which the data center is growing.

但我想要強調的關鍵點是，非資料中心領域，即商業和工業領域，確實也在快速成長，但成長速度不如資料中心。

So both sectors are growing for us.

因此，對我們來說，這兩個行業都在成長。

Got it, thank you.

知道了，謝謝。

And then maybe to follow-up on the ITC and maybe I missed something, but I didn't.

然後也許會跟進 ITC，也許我錯過了什麼，但我沒有。

I thought that was rolling off at the end of last year.

我以為這在去年年底就已經結束了。

So if you could maybe just clarify that point.

所以如果你能澄清一下這一點就好了。

And then, you mentioned I think $12 billion to $15 billion of opportunity to you all for that.

然後，您提到，我認為這對你們所有人來說都是 120 億到 150 億美元的機會。

How are you thinking about that opportunity and realizing that?

您是如何看待這個機會並實現它的？

And then what's been the response from the customer base?

那麼客戶群的反應如何呢？

Because I think a 50% or maybe even 60% ITC with the energy community adders, a pretty big game changer for you all in terms of cost competitiveness, versus anyone else?

因為我認為，與能源社群附加價值相比，50% 甚至 60% 的 ITC 對你們所有人來說，在成本競爭力方面，相對於其他人來說，是一個相當大的改變？

Yeah, So let me first get the numbers to you slightly differently. 40% of ITC if you deploy it anywhere in the United States by 2028, and 50% if you're in energy communities.

是的，那麼首先讓我以稍微不同的方式向您提供這些數字。如果到 2028 年在美國任何地方部署它，則 ITC 可獲得 40% 的收入，如果部署在能源社區，則可獲得 50% 的收入。

So 40% and 50%, not 50% and 60%.

所以是 40% 和 50%，而不是 50% 和 60%。

Now there is, under the treasury guidance, there was a provision of Safe Harbor as long as its work in progress, and it's very well defined and there are multiple ways, to get to that work in progress.

現在，根據財政部的指導，只要工作仍在進行中，就有安全港的規定，並且它定義得非常明確，並且有多種方式可以完成正在進行的工作。

If you have work in progress, then as long as you deploy the systems by 2028, you are still eligible for the investment tax credit, as it rolled off last year.

如果您正在進行工作，那麼只要您在 2028 年之前部署系統，您仍然有資格獲得投資稅收抵免，因為它在去年就已開始實行。

So what we have as an option for our customers, our financiers and our ecosystem, to be able to utilize roughly translates again depends on exactly what that installation is Microgrid not, somewhere between $12 billion and $15 billion worth.

因此，我們為客戶、投資者和生態系統提供的選擇大致取決於該安裝的具體內容，即微電網，價值在 120 億美元到 150 億美元之間。

What does that mean?

這意味著什麼？

What it really means is anybody in the U.S., who wants to deploy between now and 2028, should be able to find a provision through this safe harboring.

它的真正含義是，從現在到 2028 年，任何想要在美國部署的人都應該能夠透過這項安全保護找到規定。

So ITC is no longer a Bloom issue through 2028.

因此，到 2028 年，ITC 不再是布魯姆問題。

Thank you.

謝謝。

And Chris, I'll just elaborate a bit on the mechanics, mechanics, care I talked about.

克里斯，我將稍微詳細闡述我所談到的機制、機制和關懷。

That's just investment tax credits in general.

這只是一般的投資稅收抵免。

It's similar in other industries as well.

其他行業也存在類似情況。

So this concept of the Safe Harbor provision, that's in the treasury guidance, right.

所以這個安全港條款的概念是在財政部的指導中，對吧。

We've tried to communicate this in a very simplistic manner.

我們嘗試以一種非常簡單的方式來傳達這一點。

If you have commenced work on the project, if you have spent a certain amount of money on the project within the period before the expiration of the ITC.

如果您已經開始該專案的工作，如果您在 ITC 到期之前的期間內在該專案上花費了一定數量的資金。

Then the remainder of the project up to the treasury guidelines, is still able to avail itself of the ITC.

然後，專案的剩餘部分按照財政指導方針，仍然可以利用 ITC。

And just a reminder, it's our customers that avail themselves of the ITC.

需要提醒的是，利用 ITC 的是我們的客戶。

We don't directly benefit from the ITC.

我們並沒有直接從 ITC 中受益。

It's our customers, our customers, projects that are able to avail themselves at the ITC.

我們的客戶、我們的客戶、專案能夠在 ITC 中獲益。

Got it.

知道了。

Okay, thank you.

好的，謝謝。

Colin Rusch, Oppenheimer.

奧本海默的科林拉什 (Colin Rusch)。

Thanks, so much guys, and congrats on the strong end of the year.

非常感謝大家，並祝賀你們今年取得了圓滿的成果。

Can you give us a sense of, the revenue recognition, appreciate the detail on that going forward.

您能否向我們介紹一下收入確認的情況，並詳細說明未來的情況。

How much of that, of the 2024 revenue would have been impacted by those revenue recognition policies?

2024 年的收入中有多少會受到這些收入確認政策的影響？

We generally recognize our product revenue on shipment.

我們通常在產品出貨時確認產品收入。

I think we've been public about that, so I'm not really sure that.

我想我們已經公開談論過這件事了，所以我不太確定。

We haven't changed any revenue recognition policies, but maybe I don't understand the question.

我們沒有改變任何收入確認政策，但也許我不明白這個問題。

Colin.

科林。

We haven't changed that.

我們沒有改變這一點。

We haven't changed any revenue recognition policies.

我們沒有改變任何收入確認政策。

But maybe I don't understand the question, Colin.

但是也許我不明白這個問題，科林。

Let me take it offline then.

那我就把它下線吧。

Maybe I misunderstood the comment earlier.

也許我誤解了先前的評論。

So then, going forward here on a margin perspective, can you talk a little bit about the input prices, and your supply chain and any impacts on tariffs here, as you enter 2025?

那麼，從利潤的角度來看，您能否談談投入價格、供應鏈以及進入 2025 年對關稅的影響？

Look, where will tariffs go, and what will that mean globally is something I think as a country, as a world, we're all trying to figure out as we go on a daily basis.

看看關稅將會走向何方，這對全球意味著什麼，我認為，作為一個國家，作為一個世界，我們都在每天的生活中試圖弄清楚這些問題。

But it's important for you to recognize that, cost reduction is in the DNA of Bloom Energy.

但您必須認識到，降低成本是 Bloom Energy 的 DNA。

Every single year for the last 12 years, other than one-year of COVID.

過去 12 年裡，除了有一年疫情，每年都是如此。

We have been able to show double-digit cost reductions.

我們已經能夠實現兩位數的成本降低。

They come from various different mechanisms, from diversity of supply base, the geographies of where we procure our materials from the efficiency with, which we manufacture, the yield that we get, the engineering advances that we make, all those lead to a cost reduction.

它們來自各種不同的機制，來自供應基礎的多樣性、我們採購材料的地理位置、我們製造的效率、我們獲得的產量、我們所獲得的工程進步，所有這些都導致​​成本的降低。

So while definitely tariff related issues can be a potential headwind for us, it's one of many factors and we as a company are committed to finding ways around, and still getting to cost reduction.

因此，雖然與關稅相關的問題肯定會給我們帶來潛在的阻力，但它只是眾多因素之一，作為一家公司，我們致力於尋找解決方法，並降低成本。

So, tariff is definitely in the playbook for us to say if that comes, we have to deal with it.

所以，關稅肯定在我們的策略中，如果發生這種情況，我們就必須處理它。

And that's a reality that we can't change.

這是我們無法改變的現實。

But the reality we can impact this cost reduction and we are committed to that cost reduction.

但事實上，我們可以影響成本的降低，而且我們致力於降低成本。

And I'll just take the opportunity to really put a plug in for our supply chain team.

我只是藉此機會為我們的供應鏈團隊做些宣傳。

They've done a great job with diversification of our supply base, working with our engineering and quality teams, working with our manufacturing teams.

他們在實現我們供應基礎的多樣化、與我們的工程和品質團隊以及製造團隊合作方面做得非常出色。

So of course we look at tariffs, of course we look at a whole host of issues when we think about the business, when we think about the modeling.

因此，當我們考慮業務、考慮建模時，我們當然會考慮關稅，當然我們會考慮一系列問題。

We think about guidance, we think that we give.

我們思考指導，我們認為我們給予。

All of these factors come into our thought process.

所有這些因素都會影響我們的思考過程。

But I will say I've been super impressed.

但我要說的是，我印象非常深刻。

I've been here just about a year now.

我來這裡已經快一年了。

I've been super impressed with how - what a great job supply chain team has done to diversify that supply base and to really be thoughtful about things like eventual potential tariff impact.

我對供應鏈團隊所做的出色工作印象深刻，他們實現了供應基礎的多樣化，並認真考慮了最終的潛在關稅影響等問題。

And one important aspect also that helps us, as we are not dependent on China for a supply chain.

還有一個重要的面向對我們有幫助，因為我們的供應鏈並不依賴中國。

And that is super important as we look at where we are today.

當我們審視當前狀況時，這一點極為重要。

Thank you.

謝謝。

Thanks.

謝謝。

Let me just sneak one more in.

讓我再偷偷溜進去一次。

In terms of the backlog, how much of the backlog is dependent on incremental execution on gas infrastructure getting put into place in 2025?

就積壓訂單而言，有多少積壓訂單取決於 2025 年天然氣基礎設施的逐步實施？

Again, it is a big mix.

再次強調，這是一個很大的混合。

When we look at quarter-to-quarter, what we implement it is about it like depends on how quickly the projects are ready.

當我們查看季度情況時，我們實施的具體內容取決於專案準備就緒的速度。

That's why we gave it, we give a range of numbers.

這就是我們提供它的原因，我們給出了一個數字範圍。

It's not just whether we can build and ship, it is whether those projects are ready.

這不僅關乎我們是否能夠建造和運輸，還關乎這些項目是否準備就緒。

In many places it's available.

在很多地方都可以使用。

In some places it takes months, and in other places it may be more than a year.

在某些地方，這需要幾個月的時間，而在其他地方，可能需要一年以上。

So not a single answer to your question.

因此，您的問題沒有一個答案。

It is across the board.

這是全面的。

And look, you're bringing up a great kind of underlying point, and we talked extensively last quarter about how this is a project based business, right.

瞧，你提出了一個很好的潛在觀點，上個季度我們已經詳細討論了這是一個基於專案的業務，對吧。

But look, we've given you guidance for the full year, we gave you guidance for Q1 within a range.

但你看，我們已經為你提供了全年的指導，我們為你提供了第一季的指導範圍。

So we take all of these factors into account when we give that guidance.

因此，我們在給出指導時會考慮所有這些因素。

Thanks so much guys.

非常感謝大家。

Dimple Gosai, Bank of America.

美國銀行的 Dimple Gosai。

Hi there.

你好呀。

Thanks for taking the question.

感謝您回答這個問題。

Could you talk a little bit about your ASP strategy in light of ITC expiration, and that kind of weighed against, the premium customers are willing to pay for time to power, as you spoke about.

您能否根據 ITC 到期情況談談您的 ASP 策略，以及與您提到的優質客戶願意為供電時間支付的費用相比。

How do you kind of think this through, and also second to that in terms of cost cutting, do you have any targets in place?

您是怎麼考慮這個問題的？

I think you were doing a 10% reduction.

我認為你減少了 10%。

Was that per annum or cumulative?

這是每年的還是累積的？

Can you remind us what that that was at some point?

你能提醒我們當時那是什麼嗎？

Thank you.

謝謝。

So number one, I just explained ITC, is not going to impact us, given how much potential option our customers and our ecosystem have through 2028.

所以第一，我剛剛解釋過，考慮到 2028 年我們的客戶和生態系統有多少潛在選擇，ITC 不會對我們產生影響。

The pricing is going to depend on what we can command in the market.

定價將取決於我們在市場上的掌控能力。

It's a value and we don't discuss that.

這是一種價值觀，我們不會討論它。

In terms of, and you can see the discipline we have had in maintaining pricing, and maintaining margin.

就此而言，您可以看到我們在維持價格和維持利潤方面所遵循的紀律。

And given what a superior solution with value we offer to our customers, they're happy with our service and they pay for that service, number one.

鑑於我們向客戶提供的優質、有價值的解決方案，他們對我們的服務感到滿意，並且願意為該服務付費，這是第一點。

Number two, in terms of cost reduction, yes it is.

第二，從降低成本的角度來看，是的。

We have had for the last 15 years, if you follow the company, we have had double-digit cost reductions per annum other than the years of COVID.

如果你有在關注我們公司的話，你會發現在過去的 15 年裡，除了新冠疫情那幾年，我們每年的成本都實現了兩位數的削減。

Thank you.

謝謝。

Manav Gupta, UBS.

瑞銀的 Manav Gupta。

Congrats on a very strong quarter guys.

恭喜大家本季取得了強勁的業績。

I'm not - my question I'm asking doesn't have a quant answer, but more on sentiment.

我不是——我的問題沒有量化的答案，但更多的是關於情緒。

Market was finally beginning to realize the needs of the data center power market and it was great, flowing nicely, the information was flowing nicely.

市場終於開始意識到資料中心電力市場的需求，這是偉大的，流動得很順暢，資訊流動得很順暢。

And then the boat got rocked with DeepSeek, and what Microsoft did or did not announce.

隨後，DeepSeek 的出現改變了局面，微軟也宣布了一些消息，但並未公佈。

What I'm trying to understand is, because you talk to all these data centers, did anything actually change for you on the ground, from these announcements?

我想了解的是，因為你與所有這些資料中心都進行過交談，這些公告是否真的為你帶來了任何實際改變？

So what the market was trying to understand is, if you were talking to 100 people the day before, did that suddenly drop to 20 after these announcements?

因此，市場試圖了解的是，如果你前一天與 100 人進行了交談，那麼在這些公告發布後，這個數字是否會突然下降到 20 人？

If you could talk about that?

您能談談這個嗎？

Manav, great question.

Manav，這個問題問得好。

Thank you.

謝謝。

So all that I can say to you is every single day, the franticness that we see from our end customers, about being able to secure power, is going up and not down DeepSeek or no DeepSeek.

因此，我可以告訴你們的是，每一天，我們都看到我們的終端客戶對確保電力供應的焦慮情緒不斷上升，而 DeepSeek 或 DeepSeek 並沒有下降。

So let me paint a very simple picture for you that will tell you why that should be.

所以讓我為你描繪一幅非常簡單的圖畫來告訴你為什麼會這樣。

You all probably were like listening to like rest of us.

大家可能都像我們其他人一樣在聽。

The earnings call from NVIDIA yesterday, okay.

昨天 NVIDIA 召開了財報電話會議，好的。

Whatever they shipped in that quarter, 90 days, if it were fully facilitized in a data center, will consume anywhere between 2 and 2.5 gigawatts of new power.

無論他們在該季度運送了什麼，如果完全在資料中心進行運輸，90 天內將消耗 2 到 2.5 千兆瓦的新電力。

That's the capacity that's needed.

這就是所需要的能力。

With the growth guidance that they gave you.

透過他們給你的成長指導。

You fast forward that for the next 12 months.

您可以快轉到接下來的 12 個月。

That's just the chips coming from that one company.

這只是來自那家公司的晶片。

Fully facilitized will be somewhere in the range of 10 to 13 gigawatts.

全面實現後，發電量將在10至13千兆瓦之間。

More than 50% of that is going to stay in the United States.

其中50%以上將留在美國。

That's more than 6 gigawatts.

這超過了6千兆瓦。

You're talking about $500 billion worth of infrastructure outside of power.

你談論的是價值 5000 億美元的電力以外的基礎設施。

That has to happen even at $5,000.

即使價格為 5,000 美元，也必須如此。

Sorry, $5 billion in terms of facilitating that per gigawatt, that's less than 10%.

抱歉，以每千兆瓦 50 億美元來計算，這還不到 10%。

Let me make this very clear.

讓我把這一點講清楚。

You're spending more than $500 billion building a data infrastructure that needs power.

您花了超過 5000 億美元來建造需要電力的數據基礎設施。

If power is not available, and the chips you're installing there have a very short shelf life, because they become old, every year the value of that chip drops like crazy.

如果沒有電力，而且你安裝的晶片的保質期會很短，因為它們會變舊，所以每年該晶片的價值都會瘋狂下降。

So the time to power premium is so high, and the cost of bringing that power, even if you pay the premium is worth every penny of it.

因此，供電時間溢價如此之高，而提供這種電力的成本，即使你支付溢價，也是值得的。

So DeepSeek, no DeepSeek half the amount of power needed.

所以 DeepSeek，沒有 DeepSeek 所需電力的一半。

These numbers are still astronomical numbers.

這些數字依然是天文數字。

So they make absolutely.

所以他們絕對這麼做。

If you understand what is going on in the power industry, based on AI and where the solution set is available, these are all noise on the margins.

如果你了解電力產業正在發生的事情，基於人工智慧以及可用的解決方案集，這些都是邊緣噪音。

They have nothing to do with the reality of the business.

它們與業務的現實無關。

Hopefully I answered your question.

希望我回答了你的問題。

No, that is exactly what we wanted to hear.

不，這正是我們想聽到的。

My quick follow-up here is, there is a change in the way people are thinking about the business.

我在這裡要快速跟進的是，人們思考商業的方式改變了。

When we look at the midstream companies, whether it's Kinder Morgan, TransCanada, ET, all these companies are now finally talking about behind the meter solutions.

當我們看中游公司時，無論是 Kinder Morgan、TransCanada 還是 ET，所有這些公司現在都在談論電錶後解決方案。

So clearly you're talking to the data centers.

顯然您正在與資料中心對話。

I'm just trying to understand how, are the conversations going with midstream companies.

我只是想知道與中游公司的對話進展如何。

Not looking for numbers, but are you seeing midstream companies now more open to you, coming to you and saying look, we need a solution in six or nine months and a combined cycle gas terminal might take three years.

我們不尋求數字，但您是否看到中游公司現在對您更加開放，來找您說，看，我們需要在六個月或九個月內找到解決方案，而聯合循環天然氣終端可能需要三年時間。

So are those discussions also happening?

那麼這些討論也在進行中嗎？

Yes, the answer is yes to all of the above.

是的，以上所有問題的答案都是肯定的。

Oil and gas is super interested.

人們對石油和天然氣非常感興趣。

You have seen some public announcements come from both large and midsized companies in that regard.

您已經看到一些大型和中型公司就此發布了公開聲明。

I think it is going to take all those players, and more for us to be able to meet this unprecedented demand that we're seeing.

我認為我們需要所有這些參與者，甚至更多，才能滿足我們所看到的這種前所未有的需求。

So yes, we are having conversations at all levels right now.

是的，我們現在正在進行各個層面的對話。

I can't handicap it for you, but those conversations are happening.

我無法為您指明方向，但這些對話確實正在發生。

Michael Blum, Wells Fargo.

富國銀行的麥可布魯姆。

Thanks.

謝謝。

Good afternoon, evening everyone.

大家下午好，晚上好。

Wanted to ask a little bit on the AEP deal.

想問一些有關 AEP 交易的問題。

We saw the first 100 megawatts were deployed in Ohio.

我們看到第一個100兆瓦的電力是在俄亥俄州部署的。

Is there anything beyond that in '25 guidance, and then just anything incremental you can share on that remaining 900 megawatts?

'25 指導意見中還有其他內容嗎？

Thanks.

謝謝。

So on the, on our like customer deals, we always let our customers speak to it rather than us.

因此，在與客戶打交道時，我們總是讓客戶而不是我們來發言。

However, you can notice that publicly AEP, CEO has said that the reason they got this is, to facilitate data centers in Ohio, and other states that they operate in.

然而，你可以注意到，AEP 執行長公開表示，他們獲得這項許可的原因是為了方便在俄亥俄州和其他州建立資料中心。

And they are in serious discussions with a lot of them.

他們正在與其中許多人進行嚴肅的討論。

Great, thanks for that.

太好了，謝謝。

And then just wanted to ask, on the gross margin guidance for 2025, it's roughly flat with '24.

然後我只是想問一下，關於 2025 年的毛利率指引，它與 24 年大致持平。

Can you speak to any puts or takes that might be limiting further improvements this year?

您能否談談今年可能限制進一步改善的因素有哪些？

I know you talked about your aim, to continue to improve service margins, and of course you already talked about the fact that you're constantly streamlining cost and efficiency on the core products.

我知道您談到了您的目標，即繼續提高服務利潤率，當然您已經談到了您不斷精簡核心產品的成本和效率的事實。

So just want to understand the dynamics around gross margin?

所以只是想了解毛利率的動態嗎？

Thanks.

謝謝。

Yes, no, Michael, I mean you answered the question for me.

是的，不，邁克爾，我的意思是你回答了我的問題。

Those were all the right dynamics to think about.

這些都是值得思考的正確動力。

Look, we executed extremely well on margin, particularly at the end of 2024.

你看，我們的利潤率表現非常好，特別是在 2024 年底。

And so, when we take all of those dynamics that you discussed, we take the fact that, we're having increasing demand from things like islanded microgrid, AI load, following some new products that incorporate a lot of third-party gear that we're starting to install.

因此，當我們考慮到您所討論的所有這些動態因素時，我們會發現事實是，我們對孤島微電網、人工智慧負載等方面的需求正在不斷增加，而我們開始安裝的一些新產品則包含了大量第三方設備。

We felt like this was the right place to put the gross margin guidance.

我們覺得這是放置毛利率指引的正確地方。

Sherif Elmaghrabi, BTIG.

Sherif Elmaghrabi，BTIG。

Hi, thanks for taking my questions.

你好，謝謝你回答我的問題。

I'll ask them at the same time, because they're kind of related.

我會同時問他們，因為他們有點相關。

You mentioned growth in Asia beyond South Korea.

您提到了韓國以外亞洲地區的成長。

Would any of the energy servers in these markets be covered on the agreement with SK, or should we think about that as incremental?

與 SK 簽訂的協議是否涵蓋這些市場中的任何能源伺服器，或者我們是否應該將其視為增量的？

And on a related note, you talked about CapEx for growing your production capacity.

與此相關，您談到了增加生產能力的資本支出。

But could you pull the Fremont expansion forward?

但你能推動弗里蒙特擴張計畫嗎？

And if you could speak to any level of product acceptances, where you would start to think about the expansion, that'd be helpful?

如果您可以談談產品接受度的任何水平，您會從哪裡開始考慮擴展，這會有所幫助嗎？

Great.

偉大的。

They're both very good questions, Sherif.

這兩個問題都問得很好，警長。

So let me address the Asia question first.

因此我首先想談談亞洲問題。

The answer is yes in that A, we have our own salesforce working in a few countries outside of Korea, to be able to expand in that market.

答案是肯定的，因為 A，我們在韓國以外的幾個國家有自己的銷售團隊，以便能夠在該市場擴張。

But should our partners SK bring deals for us forward from other Asian countries that they operate in?

但我們的合作夥伴 SK 是否應該從其經營所在的其他亞洲國家為我們帶來交易呢？

Will we accept that and accept that as part of their contract?

我們會接受這一點並將其作為合約的一部分嗎？

The answer is yes, we will do it both ways.

答案是肯定的，我們將雙向進行。

So very, very open to both and would like to see both happen actually.

因此，我對這兩者都持非常開放的態度，並且希望看到這兩者都能真正實現。

And then if you look at the CapEx question that you asked, look, here is what we are telling our customers today.

然後，如果你看一下你提出的資本支出問題，看，這就是我們今天告訴客戶的內容。

We will not be the limiting factor to you getting power, and we are demonstrating to time to power applications that we are able to keep our promise.

我們不會成為您獲取電力的限制因素，而且我們正在及時向電力應用證明我們能夠信守承諾。

So our goal is every quarter that goes by, to prove we are the preferred solution for anybody who has a time to power problem.

因此，我們的目標是每個季度都證明我們是任何遇到供電時間問題的人的首選解決方案。

This is what we're doing, and we have a very clear strategy, a plan and an execution behind it that we're very confident in, of making sure that our capacity is not what is going to limit us, from fulfilling customers need.

這就是我們正在做的事情，我們有一個非常清晰的策略、計劃和執行力，我們對此非常有信心，確保我們的能力不會成為限制我們滿足客戶需求的因素。

Chris Senyek from Wolfe Research

Wolfe Research 的 Chris Senyek

Hi KR and Dan, thanks for taking my question.

你好，KR 和 Dan，感謝你們回答我的問題。

I just wanted to confirm something that you mentioned earlier, Dan.

我只是想確認你之前提到的事情，丹。

Your revenue recognition policy is based on shipment, not delivery.

您的收入確認政策是基於裝運，而不是交付。

So if that can infer, does that mean some revenue in Q4 was recognized on shipments, i.e. the AEP deal.

因此，如果可以推斷，是否意味著第四季度的部分收入是在出貨量（即 AEP 交易）上確認的。

And if that means all 100 fuel cells were shipped by yearend?

這是否意味著所有 100 個燃料電池都將在年底前發貨？

Okay.

好的。

So two questions in there.

這裡有兩個問題。

So number one, we have not spoken about specific timing of shipments to specific customers.

首先，我們還沒有談到向特定客戶發貨的具體時間。

As a policy, we generally don't talk about specific.

作為一項政策，我們一般不談論具體內容。

Let me just get that out up front.

讓我先把這一點說清楚。

As I said, in general we recognize product revenue on shipments that, you know, way back the company used to be divorced a little bit, we used to recognize more of our product revenue on customer acceptance.

正如我所說的，一般來說，我們根據出貨量確認產品收入，你知道，很久以前，公司有點脫節，我們過去更多地根據客戶接受度確認產品收入。

That shifted a while ago.

這種情況不久前就發生了變化。

So now in general, our product revenue is recognized on shipments.

所以現在一般來說，我們的產品收入是根據出貨量確認的。

And I think we've been clear about that.

我想我們已經清楚這一點了。

It's also very clearly spelled out in our filings.

我們的文件中也清楚說明了這一點。

Kashy Harrison, Piper Sandler.

卡西·哈里森，派珀·桑德勒。

Good afternoon.

午安.

Thanks for taking the question and congrats on the results.

感謝您回答這個問題，並對結果表示祝賀。

Just a quick follow-up to the Safe Harbor.

這只是對安全港的快速跟進。

Is there a date, by which the customers need to exercise the option buy to get the 40%?

是否有一個日期，客戶需要在那個日期之前行使選擇權購買才能獲得 40% 的收益？

Is there a cutoff date?

有截止日期嗎？

And then, my main question is just on the competitive landscape.

然後，我的主要問題只是關於競爭格局。

What was obviously, as you pointed out, a lot of demand for on-site power.

正如您所指出的，顯然對現場電力的需求很大。

But we're also seeing some of the oil and gas service companies buying turbines and using turbines to power data centers near term.

但我們也看到一些石油和天然氣服務公司正在購買渦輪機並使用渦輪機為資料中心供電。

And so just wondering if you just help us maybe compare contrast what you're doing with them, some of the on-site service companies and when your DCOs and discussions with customers and going head-to-head.

所以我想知道您是否能幫助我們對比您與他們所做的事情，一些現場服務公司以及您的 DCO 與客戶的討論以及面對面的交流。

I'm just curious, what's the pitches were?

我只是很好奇，音調是什麼樣的？

Kashy, great questions.

Kashy，問題問得真好。

Number one is on ITC, as long as the equipment is placed in service by 12-31-2028 according to treasury guidelines, yet meets the requirements and that's all is needed.

第一是 ITC，只要設備按照財政指南在 2028 年 12 月 31 日之前投入使用，並且滿足要求，這就足夠了。

Obviously customer would have to give us advance notice to be able to build ship to them.

顯然，客戶必須提前通知我們，以便我們能夠為他們建造船隻。

And then for that to get installed and up in service.

然後進行安裝並投入使用。

So you need to back that from that date, and that's the only requirement from an investment tax credit policy.

因此您需要從該日期起支持這一點，這是投資稅收抵免政策的唯一要求。

On your question on competitive landscape, fortunately or unfortunately, depending on which side you're sitting and looking at it, all the competing technologies collectively put together, have room and more, to be able to deploy.

關於競爭格局的問題，幸運或不幸的是，取決於您站在哪一邊看待問題，所有競爭技術加在一起，都有更大的空間來部署。

Because the supply demand gap is that large.

因為供需缺口那麼大。

So we are reading like you do statements from gas turbines, which will be the other option for an on-site power other than what we have.

因此，我們就像您一樣閱讀了來自燃氣渦輪機的聲明，這將是除我們現有的之外的另一種現場電源選擇。

Because between now and 2030 you're not going to have a backyard nuclear reactor, right.

因為從現在到 2030 年，你都不會再有後院核反應爐了，對吧。

So obviously gas turbine is your choice.

因此顯然燃氣渦輪機是您的選擇。

And you know like you we are reading that they're sold out three to four years ahead.

你知道，就像你一樣，我們也讀到它們在三到四年前就已經銷售一空。

So we just discussed - about you're not going to buy a premium GPU chip, and keep it in a warehouse somewhere.

所以我們剛才討論過——你不會購買高級 GPU 晶片，並將其存放在某個倉庫裡。

It's you like depreciates pretty fast.

就像你一樣，貶值很快。

So I think we have a play.

所以我認為我們可以合作一下。

Turbines have a play.

渦輪機發揮作用。

Everybody has a play.

每個人都有自己的戲。

So we don't view that right now.

因此我們現在不這麼認為。

We don't see competition being the issue.

我們不認為競爭是問題所在。

Thank you.

謝謝。

Noel Parks, Tuohy Brothers.

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

Hello.

你好。

You just touched on a topic I was interested in.

你剛剛觸及了我感興趣的話題。

You mentioned SMRs and it was interesting.

您提到了 SMR，這很有趣。

You mentioned letting your customers speak for themselves.

您曾提到讓您的客戶自己說話。

AEP during their quarterly call, sort of framed their outlook as blame for their power generation.

美國電力公司 (AEP) 在季度電話會議上將其前景描述為對其發電量負責。

That's the near term solution, for the foreseeable future.

這是可預見的未來的短期解決方案。

And they saw the long-term solution being SMRs as ordered.

他們認為長期的解決方案是按照要求採用 SMR。

Since heat solutions are also right in your skill set.

因為熱解決方案也適合您的技能。

Any insight on where - you see that business going, when you think it begins to materialize?

您認為這項業務何時會開始實現，您認為它將會走向何方？

Sorry, that last part cut out for me and I was looking at Dan, he also nodded.

抱歉，最後一部分沒看到，我看著丹，他也點了點頭。

Would you just repeat that last part it somewhat cut out?

你能重複一下被刪減的最後一部分嗎？

Sure, just any updated visibility you have on the development of the SMR market for you?

當然，您對 SMR 市場的發展有什麼最新了解嗎？

Look I think realistically right, any kind of nuclear reactor, let alone a new technology coming in, with new fuels and a supply chain that needs, to be created for new fuels.

我認為，現實地說，任何類型的核反應堆，更不用說新技術的出現，都需要新的燃料以及為新燃料創建的供應鏈。

Even if a few initial demos come along the line, when you talk about 30 to 50 gigawatts worth, can they be meaningful in the next six to eight years?

即使最初的幾個演示都已出現，但當你談論30至50千兆瓦的價值時，它們在未來六到八年內是否有意義？

The answer is no.

答案是否定的。

Okay.

好的。

That's what I feel.

這就是我的感受。

And again, I have a master's degree in nuclear engineering.

而且我擁有核子工程碩士學位。

I think I'm qualified to speak about it.

我認為我有資格談論此事。

Okay.

好的。

So I'm aware of watching the field, and I really don't think you're going to move the needle, between now and another eight years with nuclear.

所以我知道要觀察這個領域，但我真的不認為從現在到核能未來八年內會發生任何變化。

Nuclear should be in our option like so many other things that should be in our option of our energy mix.

就像能源結構中的許多其他能源一樣，核能也應該成為我們的選擇。

I truly believe that.

我真心相信這一點。

But it's not going to move the needle.

但它不會產生任何影響。

The reality is the AI war between nations, which has geopolitical implications, not just market implications, is going to be won or lost in the next four to six years.

現實情況是，國家之間的人工智慧戰爭不僅影響市場，也影響地緣政治，戰爭的勝負將在未來四到六年內決出。

We can't afford to wait for nuclear to come before we do AI.

我們不能等到核能出現後再進行人工智慧的研發。

So that's what creates this opportunity for the next four to six to eight years.

這就為未來四到六到八年創造了機會。

And for us, look, when nuclear comes, the hydrogen play becomes really interesting.

對我們來說，當核能出現時，氫能的作用就變得非常有趣。

Other things become really interesting.

其他事情變得非常有趣。

So we have pathways - where we can play with those dynamics.

所以我們有途徑──我們可以在其中發揮這些動態。

We are not, just because we focus so much on AI.

我們不是，只是因為我們太關注人工智慧。

Let's not forget what we told earlier.

我們不要忘記我們之前說過的話。

We have a core business, core business like retail, like telecom, healthcare, all doing extremely well.

我們有核心業務，例如零售、電信、醫療保健等核心業務，都表現得非常好。

And that dynamic is again coming from the fear of shortage, the fear of securing their power, and unpredictability of prices going up, and them wanting to take control.

而這種動態再次來自於對短缺的恐懼、對確保權力的恐懼、以及對價格上漲的不可預測性以及他們想要控制的慾望。

So for us, we are luckily sitting in a place, where the dynamics is good from a super growth engine and multiple other growth opportunities, giving us the diversification both across the customer base segments, as well as geographically.

因此對我們來說，幸運的是，我們處於一個擁有超級成長引擎和多種其他成長機會的良好發展勢頭的地方，這讓我們在客戶群和地理上都實現了多樣化。

We are trying to do the same.

我們也正在嘗試做同樣的事情。

Ameet Thakkar, BMO Capital Markets.

BMO 資本市場的 Ameet Thakkar。

Hi, thanks for squeezing in and congratulations on a really strong quarter.

嗨，感謝您抽出時間，並祝賀您本季度取得了非常強勁的業績。

Just looking at the cash flow statement, it looks like you guys had kind of a $325 million kind of cash benefit from AR coming in one, is that kind of the AWS receivable that we've talked about for a long time?

光從現金流量表來看，看起來你們從 AR 中獲得了 3.25 億美元的現金收益，這就是我們長期以來談論的 AWS 應收帳款嗎？

And then second, when we look at your operating income guidance, is there kind of a rule of thumb that we should think of kind of converting the cash flow from operations off of that number?

其次，當我們查看您的營業收入指引時，是否存在一種經驗法則，即我們應該考慮根據該數字轉換營業現金流？

Okay.

好的。

So first of all, in your question on Q4, we discussed having a large related party receivable.

首先，在您關於第四季度的問題中，我們討論了大額關聯方應收款。

So we did collect that related party receivable from SK in the quarter.

因此，我們確實在本季從 SK 收回了關聯方應收款。

We were clear saying we were going to do that.

我們明確表示我們會這麼做。

We did that.

我們做到了。

Second, on the operating income guidance, we've given operating income guidance, and I said that I expect cash flow from operations in 2025, to be at a similar level to 2024.

第二，關於營業收入指引，我們已經給了營業收入指引，我說過，我預計 2025 年的營業現金流將與 2024 年保持相似的水平。

We probably won't.

我們可能不會。

Next question, please.

請回答下一個問題。

Jordan Levy, Truist Securities.

喬丹·利維（Jordan Levy），Truist Securities。

Hi, it's Henry on for Jordan here.

大家好，我是亨利，取代喬丹。

Thanks for squeezing me in and congrats on the strong quarter.

感謝您抽空給我，並祝賀本季取得強勁業績。

They just one for me, maybe with all the policy uncertainty around renewables and the energy landscape right now in the US seems like carbon capture is an area that actually benefit.

對我來說，也許考慮到再生能源的政策不確定性以及目前美國能源格局，碳捕獲似乎是一個真正受益的領域。

Under the new administration, do you guys have a sense with your recent announcement around, the long term attach rates for for CCS on some of your products, and you think in the long term that could be maybe the more economical way for customers to get to net zeroo instead of through green hydrogen or something.

在新政府的領導下，您是否了解最近宣布的一些產品的 CCS 長期附加費率，並且您認為從長遠來看，這可能是客戶實現淨零排放的更經濟的方式，而不是透過綠色氫能或其他方式。

Thank you for asking that question.

感謝您提出這個問題。

We truly believe that decarbonization of the atmosphere will not happen without carbon sequestration, carbon capture and sequestration.

我們堅信，沒有碳封存、碳捕獲和封存，大氣脫碳就不可能實現。

And we truly believe that we are one of the best ways to do that.

我們堅信，我們是實現這一目標的最佳方式之一。

Natural gas to electricity through Bloom, with a high concentration carbon dioxide coming out sequestered into the ground.

天然氣透過 Bloom 轉化為電能，高濃度的二氧化碳被關閉地下。

We view this as a huge opportunity, amazingly huge opportunity.

我們認為這是一個巨大的機遇，極其巨大的機會。

The large hyperscalers who would want to build data centers, would be very interested in reducing their carbon footprint, if this were available today.

如果現在就可以實現的話，想要建立資料中心的大型超大規模企業將非常有興趣減少他們的碳足跡。

I think this market is going to take off in the coming years.

我認為這個市場在未來幾年將會起飛。

It's going to take off in a much bigger way, and a faster way in the short-term than, hydrogen will for the obvious dynamics that you mentioned.

從您提到的明顯動力來看，與氫能相比，它在短期內將以更大、更快的方式起飛。

So we are excited about this announcement we made in a Chart, and we are going to invest in this area, because we truly believe that it's a huge opportunity for Bloom, and it's a great way for us to offer economically viable scale, immediately available technology for carbon capture and sequestration.

因此，我們對圖表中宣布的這一消息感到非常興奮，我們將在這個領域進行投資，因為我們真的相信這對 Bloom 來說是一個巨大的機會，也是我們提供經濟上可行的規模、可立即使用的碳捕獲和封存技術的好方法。

Thanks for asking that question

感謝您提出這個問題

Dushyant Ailani, Jefferies.

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

Hi, thanks for squeezing me in guys.

嗨，謝謝你們擠進我。

Two quick questions.

兩個簡單的問題。

What's the, I guess the percentage, because I know that you guys talked about book and ship being an increasingly important part piece of other business.

我猜百分比是多少，因為我知道你們談到了書籍和船舶正在成為其他業務中越來越重要的一部分。

So could you talk about what percentage of the guidance is that book and chip for '25?

那麼，您能談談這本書和晶片在 25 年的指導中所佔的比例是多少嗎？

No, we didn't - talk.

不，我們沒有──說話。

The only thing we said was that a majority of our 2024, was book and ship within the year.

我們唯一說的是，我們 2024 年的大部分訂單都是在年內預訂和發貨。

But we're not talking about what percentage of the guidance.

但我們並未討論指導比例是多少。

Again, look, it's a good underlying question.

再一次看，這是一個很好的潛在問題。

And you should understand that when we look at our forecast, we look at our backlog, we look at potential orders.

您應該明白，當我們查看預測時，我們會查看積壓訂單，我們會查看潛在訂單。

We have a very rigorous process that we go through in order to understand what our internal plans are, and what guidance we're giving you.

我們有一個非常嚴格的流程，以了解我們的內部計劃是什麼，以及我們給你什麼指導。

So understand the question.

所以要理解這個問題。

Just know that, we're not talking about it in details, but we do think about it quite a bit internally.

只是知道，我們沒有詳細談論它，但我們內部確實對此進行了大量思考。

Understood.

明白了。

And then just a quick one, I know that you guys talked about Ohio, Illinois, and then also, talked about access to natural gas.

然後我再簡單問一下，我知道你們討論了俄亥俄州、伊利諾州，也討論了天然氣的使用問題。

Could you talk about the regions within - in the U.S. where you see kind of opportunities that are, I would say, easier or quicker, that could turn around versus others - look, I think that would be helpful yes?

您能否談談美國境內哪些地區存在著更容易或更快的機會，與其他地區相比，這些機會可能會出現逆轉？

Look, I think today, if you look at the Northeast, right, very large installations are very difficult to do in the Northeast, because of the pipeline issue.

看，我認為今天，如果你看看東北，對吧，由於管道問題，在東北地區很難進行大型安裝。

If you look at New York and Massachusetts and other places, because of the lack of pipeline infrastructure, I think the ability to do that is really hard.

如果你看看紐約、馬薩諸塞州和其他地方，由於缺乏管道基礎設施，我認為做到這一點真的很難。

There are places like Virginia, which are adjacent to West Virginia and Pennsylvania, where plenty of gas is available.

維吉尼亞州等地與西維吉尼亞州和賓夕法尼亞州相鄰，那裡有充足的天然氣。

And there we expect things to change, and we expect Virginia to become very attractive from that perspective.

我們預計情況會發生變化，我們預計維吉尼亞州從這個角度來看會變得非常有吸引力。

So we view that area as a good area.

因此我們認為該地區是一個好地區。

But the Great Lakes in the Midwest, I think that's a sleeping giant.

但我認為中西部的五大湖是一個沉睡的巨人。

It's a sleeping giant, because reshoring of most industries are going to happen in that area.

它是一個沉睡的巨人，因為大多數行業的回歸都會發生在該地區。

And when that kind of reshoring happens there, those are states that are welcoming of natural gas.

當這種回流發生時，這些州對天然氣是持歡迎態度的。

Gas is available, the infrastructure is there.

這裡有天然氣，也有基礎建設。

And our solution, without needing to add additional transmission, distribution, and making the average ratepayer incur that cost, is going to be politically very attractive.

而且我們的解決方案無需增加額外的輸電和配電，也不需要讓普通納稅人承擔費用，因此在政治上非常有吸引力。

For all those reasons, we think that that's a great market for us going forward.

基於所有這些原因，我們認為這對我們未來的發展來說是一個很好的市場。

So with that, I think we will say thank you for the questions.

因此，我想我們應該感謝你們提出的問題。

And let me close by simply saying, look, very simply put, AI is reshaping the global economy and it's driving an unprecedented demand for power.

最後，我想簡單地說，簡單地說，人工智慧正在重塑全球經濟，並推動對電力前所未有的需求。

And the DeepSeek, yes, no, if you're at a loss, I understand that and of understanding what's going on.

還有 DeepSeek，是的，不是，如果你感到茫然，我理解這一點，也理解發生了什麼事。

But here's the reality.

但現實就是如此。

DeepSeek or no DeepSeek, there's one thing you can't hide from, you can't seek from.

無論有沒有 DeepSeek，有一件事你無法躲避，也無法尋找。

No, hide and seek is they all require power, okay?

不，捉迷藏都需要力量，好嗎？

And they require power now.

他們現在需要電力。

Lots of it now.

現在有很多。

And we are purpose built, to be able to provide quick time to power in a reliable fashion, not just for the short-term, but even for the long-term, with all the attributes one would want, short-term, midterm, and long-term.

我們的目標是能夠以可靠的方式快速提供電力，不僅是短期的，而且是長期的，具有人們想要的所有屬性，短期、中期和長期。

For those reasons, I'm super excited about where we are as a company, to meet this moment.

基於這些原因，我對我們公司目前所處的位置感到非常興奮，能夠迎接這一刻。

And meet this moment not just for AI and data centers, but frankly, for all businesses.

迎接這一刻的不只是人工智慧和資料中心，坦白說，所有企業都應該如此。

And we can create good economic value while doing good for the country, and the world.

我們可以在為國家和世界做好事的同時創造良好的經濟價值。

Thank you so much.

太感謝了。

That concludes our Q&A session.

我們的問答環節到此結束。

I will turn the call over again to KR Sridhar, Chief Executive Officer, for some closing remarks.

我將再次把電話轉給執行長 KR Sridhar，請他發表一些結束語。

Hi KR, just gave his last remarks.

你好，KR，我剛剛發表了最後的評論。

So, we are going to close this out, and we look forward to talking to you on the road in the next few weeks.

所以，我們將結束這個主題，並期待在接下來的幾週內與您進行交談。

Thank you very much.

非常感謝。

Ladies and gentlemen, that concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Think of the journey and you may now disconnect.

想想這趟旅程，現在你可以斷開連結了。