Bloom Energy Corp (BE) 2021 Q4 法說會逐字稿

Good evening, everyone, and welcome to the Bloom Energy Fourth Quarter 2021 Earnings and Long-Term Outlook Conference Call. My name is Harry, and I'll be the event specialist running today's event. (Operator Instructions) I will now hand over to our host, Ed Vallejo, Vice President of Investor Relations. Mr. Vallejo, please go ahead when you're ready.

大家晚上好，歡迎參加 Bloom Energy 2021 年第四季度收益和長期展望電話會議。我的名字是哈利，我將擔任今天活動的活動專家。 （操作員說明）我現在將交給我們的主持人，投資者關係副總裁 Ed Vallejo。瓦列霍先生，準備好後請繼續。

Thank you, and good afternoon, everybody. Thank you for joining us for Bloom Energy's fourth quarter 2021 earnings and long-term outlook call. To supplement this conference call, we furnished our fourth quarter 2021 earnings and long-term outlook press release with the SEC on Form 8-K and have posted it along with supplemental financial information that we will reference throughout this call, to our Investor Relations website.

謝謝大家，大家下午好。感謝您加入我們 Bloom Energy 的 2021 年第四季度收益和長期展望電話會議。為了補充本次電話會議，我們向美國證券交易委員會提供了 2021 年第四季度收益和長期展望新聞稿的 8-K 表格，並將其與我們將在本次電話會議中參考的補充財務信息一起發佈到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. These include statements about the company's business results, product, new market, strategy, financial position, liquidity and full year outlook for 2022 and long-term growth guidance. These statements are predictions based upon our expectations, estimates and assumptions. However, as these statements deal with future events, they are subject to numerous known and unknown risks and uncertainties as discussed in detail in our documents filed with the SEC, including our most recently filed Forms 10-Q and 10-K. We assume no obligation to revise any forward-looking statements made on today's call.

在本次電話會議期間，無論是在我們準備好的講話中還是在回答您的問題時，我們都可能會做出前瞻性陳述，以代表我們對未來事件和未來財務業績的預期。其中包括關於公司業務成果、產品、新市場、戰略、財務狀況、流動性和 2022 年全年展望以及長期增長指導的聲明。這些陳述是基於我們的預期、估計和假設的預測。然而，由於這些陳述涉及未來事件，它們受到許多已知和未知的風險和不確定性的影響，正如我們提交給 SEC 的文件中詳細討論的那樣，包括我們最近提交的 10-Q 和 10-K 表格。我們不承擔修改在今天電話會議上做出的任何前瞻性陳述的義務。

During this call and in our fourth quarter 2021 earnings press release, we refer to GAAP and non-GAAP financial measures. 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. A reconciliation between the GAAP and non-GAAP financial measures is included in our fourth quarter 2021 earnings press release available on our Investor Relations website.

在本次電話會議和我們的 2021 年第四季度收益新聞稿中，我們提到了 GAAP 和非 GAAP 財務指標。非 GAAP 財務指標未根據美國公認會計原則編制，是對根據 GAAP 編制的財務業績指標的補充，而不是替代或優於這些指標。 GAAP 和非 GAAP 財務指標之間的對賬包含在我們的投資者關係網站上提供的 2021 年第四季度收益新聞稿中。

Joining me on the call today are K. R. Sridhar, Founder, Chairman and Chief Executive Officer; and Greg Cameron, our Chief Financial Officer. K. R. will begin with an overview of our business, then Greg will review the operating and financial highlights of the quarter as well as the long-term outlook for the company. And after our prepared remarks, we will have time to take your questions.

今天和我一起參加電話會議的是創始人、董事長兼首席執行官 K. R. Sridhar；和我們的首席財務官 Greg Cameron。 K.R. 將首先概述我們的業務，然後 Greg 將回顧本季度的運營和財務亮點以及公司的長期前景。在我們準備好發言之後，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. Thank you for joining us today. I'm delighted to tell you that Bloom Energy's fourth quarter and full year 2021 results set records on many metrics. Importantly, at nearly $1 billion in revenue, we have reached an exciting inflection point. In 2021, we executed and delivered on our commitments. Additionally, we doubled down and invested in technology innovation, added capacity and drove top line growth. We've built support functions and brought in experienced talent to our management team, and we strengthened our relationships with ecosystem partners, a strategy we use to both rapidly innovate and grow.

大家好。感謝您今天加入我們。我很高興地告訴您，Bloom Energy 的 2021 年第四季度和全年業績在許多指標上都創下了記錄。重要的是，我們的收入接近 10 億美元，達到了一個令人興奮的轉折點。 2021年，我們執行並兌現了我們的承諾。此外，我們加倍投入並投資於技術創新、增加產能並推動收入增長。我們建立了支持功能，並為我們的管理團隊引進了經驗豐富的人才，我們加強了與生態系統合作夥伴的關係，這是我們用來快速創新和發展的戰略。

We enter 2022 leaning forward with an ability to take advantage of the numerous tailwinds favoring the company. Importantly, we entered 2022 with a record backlog at $8.5 billion, almost double what it was last year.

進入 2022 年，我們有能力利用有利於公司的眾多順風。重要的是，我們進入 2022 年的積壓達到創紀錄的 85 億美元，幾乎是去年的兩倍。

Our confidence in the future is stronger than ever. We are looking forward to sharing our long-term vision during our investor conference in May and our road map to take Bloom from nearly $1 billion in revenue today to $15 billion or greater over the next decade. Yes, I said $15 billion or greater.

我們對未來的信心比以往任何時候都更加強烈。我們期待在 5 月的投資者會議上分享我們的長期願景，以及將 Bloom 的收入從今天的近 10 億美元提高到未來十年 150 億美元或更多的路線圖。是的，我說的是 150 億美元或更多。

In many ways, as the energy industry transforms, we are in a category of our own with growing revenue, margin expansion, strong backlog and the best most innovative solutions to customers who want a low carbon and resilient power today and 0 emissions energy tomorrow. We are poised to capitalize on demand for clean energy, decarbonization and the growth of the hydrogen and renewable fuels economy.

在許多方面，隨著能源行業的轉型，我們屬於我們自己的一個類別，收入不斷增長、利潤擴大、積壓強勁，並為今天想要低碳和彈性能源以及明天零排放能源的客戶提供最佳、最具創新性的解決方案。我們已準備好利用對清潔能源、脫碳以及氫能和可再生燃料經濟增長的需求。

So now let me spend some time on our growth strategy. At Bloom Energy, we like markets where our core product has strong traction and where there are conducive policies and market demand for Bloom's decarbonized product offerings. The Bloom Energy platform is architected for such a seamless decarbonization transition that is both pragmatic and responsible. Our 2 major markets, the U.S. and Korea, exhibit these characteristics.

所以現在讓我花一些時間來討論我們的增長戰略。在 Bloom Energy，我們喜歡我們的核心產品具有強大吸引力的市場，以及對 Bloom 的脫碳產品提供有利政策和市場需求的市場。 Bloom Energy 平台旨在實現這種既務實又負責任的無縫脫碳過渡。我們的兩個主要市場，美國和韓國，都表現出這些特徵。

In our U.S. commercial and industrial sector, we are witnessing record-setting pipeline and significant backlog. I'm particularly excited about the momentum I'm seeing with some of the world's largest forward-thinking Fortune 100 companies, who value the benefits of clean, reliable and resilient energy. For instance, we just completed a contract with T-Mobile. We power several of their sites across multiple states with independently certified low leak natural gas, gas that has been sourced responsibly to limit the release of harmful methane emissions. This is a demonstration of T-Mobile's commitment to creating a more sustainable future in addition to the many steps that they have already taken.

在我們的美國商業和工業部門，我們目睹了創紀錄的管道和大量積壓。我對我看到的一些世界上最大的具有前瞻性的財富 100 強公司的勢頭感到特別興奮，這些公司重視清潔、可靠和有彈性的能源的好處。例如，我們剛剛完成了與 T-Mobile 的合同。我們用獨立認證的低洩漏天然氣為他們在多個州的幾個站點供電，這些天然氣的來源是負責任的，以限制有害甲烷排放的釋放。除了他們已經採取的許多步驟之外，這表明 T-Mobile 致力於創造一個更可持續的未來。

Traditionally, most commercial and industrial customers get their baseload electricity from the electric grid. Today, that grid-based electricity is not resilient and is getting more expensive. When customers want an alternative for their baseload power that is clean, cost predictable and resilient, Bloom is the best and often the only option in the marketplace. The Bloom advantage is growing stronger and the value proposition more evident by the day.

傳統上，大多數商業和工業客戶從電網獲得基本負荷電力。今天，基於電網的電力沒有彈性，而且變得越來越昂貴。當客戶想要一種清潔、成本可預測和有彈性的基本負載電源替代方案時，Bloom 是市場上最好的選擇，而且通常是唯一的選擇。 Bloom 的優勢越來越強大，價值主張也越來越明顯。

Electricity rates are on the rise at an incredible clip. In California, utility rates are increasing by between 20% to 30% for majority of the customers. In Massachusetts, C&I customers will see delivery rates go up 20% by 2024. In New York, rate increases attributed to New York's climate leadership and Community Protection Act alone are estimated to add 8 percentage points plus per year to New Yorkers energy bills.

電費正以驚人的速度上漲。在加利福尼亞，大多數客戶的公用事業費率增加了 20% 到 30%。在馬薩諸塞州，到 2024 年，C&I 客戶的交付率將上升 20%。在紐約，僅歸因於紐約氣候領導力和社區保護法的費率上漲估計每年會使紐約人的能源賬單增加 8 個百分點以上。

Extreme weather events are impacting power resiliency. In just the most recent winter storms that affected the Northeast, hundreds of thousands went without power, and in some areas, the outages extended into days, not hours. Over a dozen of Bloom microgrids deployed in these regions kept our customers power on all the time.

極端天氣事件正在影響電力彈性。就在最近影響東北部的冬季風暴中，數十萬人斷電，在某些地區，停電時間長達數天，而不是數小時。在這些地區部署的十多個 Bloom 微電網讓我們的客戶始終保持供電。

Now as we look at Korea, our offtake order guarantees a minimum of 450 megawatts in transactions over the next 3 years. That is 3x the total orders we received in Korea over the past 3 years. Our partner, SK ecoplant anticipates that we will transact more than this minimum and our highly efficient hydrogen fuel cells will accelerate revenue growth. Our Bloom's compelling value proposition of clean and reliable power that is cost competitive and predictable will drive our existing power server businesses growth. Our growth will also accelerate due to increased demand for renewable natural gas set power generation, blue hydrogen, green hydrogen produced from our electrolyzer and net zero energy generation with carbon capture.

現在看看韓國，我們的承購訂單保證了未來 3 年至少 450 兆瓦的交易量。這是過去 3 年我們在韓國收到的總訂單的 3 倍。我們的合作夥伴 SK ecoplant 預計我們的交易量將超過最低限度，我們的高效氫燃料電池將加速收入增長。我們的 Bloom 具有成本競爭力和可預測性的清潔可靠電源的引人注目的價值主張將推動我們現有的電源服務器業務增長。由於對可再生天然氣發電、藍色氫氣、我們的電解槽生產的綠色氫氣以及碳捕獲淨零能源發電的需求增加，我們的增長也將加速。

For instance, the waste energy sector is a new area of growth for us. Demand for RNG and renewable fuels is continuing to outpace the supply. Demand for our solutions in this high-growth sector is driven by several things, including customers' need for clean baseload electricity, the steep growth in waste collection and aggregation driven by local mandates and the market incentives for making low carbon intensity fuels. The new project was recently announced in Linden, New Jersey, where Bloom will power a facility that takes organic waste and convert it to RNG with a lower carbon intensity.

例如，廢物能源部門對我們來說是一個新的增長領域。對 RNG 和可再生燃料的需求繼續超過供應。在這個高增長領域，對我們解決方案的需求受到多種因素的推動，包括客戶對清潔基荷電力的需求、當地法規推動的廢物收集和聚集的急劇增長以及製造低碳強度燃料的市場激勵措施。這個新項目最近在新澤西州的林登宣布，Bloom 將為一個收集有機廢物並將其轉化為碳強度較低的 RNG 的設施提供動力。

As we focus on execution, we have assembled a dream team of leaders to commercialize our offerings in hydrogen, renewable fuels and marine verticals. These talented executives led commercial sales in the same verticals for market-leading companies. Today, they are at Bloom, because they're confident that we will disrupt these multibillion-dollar market with our groundbreaking products. We are so excited to have them on our team.

由於我們專注於執行，我們組建了一支由領導者組成的夢想團隊，將我們在氫、可再生燃料和海洋垂直領域的產品商業化。這些才華橫溢的高管領導了市場領先公司在同一垂直領域的商業銷售。今天，他們來到 Bloom，因為他們相信我們將用我們的突破性產品顛覆這些價值數十億美元的市場。我們很高興他們能加入我們的團隊。

Before I turn it over to Greg, I want to take a moment to thank our CTO, Venkat Venkataraman, and express my heart felt gratitude for his service. He has been with Bloom for 18 years and will be retiring end of June. He leaves the company on a high note, having engineered a versatile platform from the lab bench to the marketplace. Venkat started at Bloom as a System Architect and then as Head of System Engineering, before becoming Head of Engineering and then CTO. All of us at Bloom are immensely grateful for all his contributions over the years and their impact on making Bloom successful. Venkat has built an incredible team that will continue to maintain our technical leadership and excellence. Thank you, Venkat, and I wish you a very happy retirement and appreciate all you have done.

在將其交給 Greg 之前，我想花點時間感謝我們的 CTO Venkat Venkataraman，並對他的服務表示衷心的感謝。他已經在 Bloom 工作了 18 年，將於 6 月底退休。他以高調離開公司，設計了一個從實驗室工作台到市場的多功能平台。 Venkat 最初在 Bloom 擔任系統架構師，然後擔任系統工程主管，之後成為工程主管和首席技術官。 Bloom 的所有人都非常感謝他多年來的所有貢獻以及他們對 Bloom 成功的影響。 Venkat 建立了一支令人難以置信的團隊，將繼續保持我們的技術領先地位和卓越性。謝謝你，文卡特，祝你退休愉快，感謝你所做的一切。

Now over to Greg.

現在轉到格雷格。

Thanks, K. R. This year was indeed about execution, and we are in an excellent position to achieve the kind of near- and long-term growth that will cement our position as a leader in the energy industry. Similar to prior quarters, we've included our financial performance in our earnings release and posted additional information in our supplemental financial package to our corporate web page. For this quarter, in addition to our usual financial package, we've included a few slides on our updated growth projections.

謝謝，K.R. 今年確實是關於執行的，我們處於實現近期和長期增長的絕佳位置，這將鞏固我們作為能源行業領導者的地位。與前幾個季度類似，我們已將我們的財務業績包含在我們的收益發布中，並在我們的公司網頁的補充財務包中發布了其他信息。對於本季度，除了我們通常的財務方案外，我們還提供了一些關於我們更新的增長預測的幻燈片。

I'm excited to share we had another record year for revenue and acceptances. Our momentum is accelerating. Our backlog is up nearly 100% year-over-year. Our pipeline is stronger than it's ever been. We now have more acceptances in a single quarter than we had in 4 quarters just a few years ago, and our long-term growth rates are accelerating.

我很高興與大家分享我們在收入和接受度方面又創紀錄的一年。我們的勢頭正在加速。我們的積壓訂單同比增長近 100%。我們的管道比以往任何時候都更強大。我們現在一個季度的錄取率比幾年前的四個季度還要多，而且我們的長期增長率正在加快。

Now with that as context, let me highlight our key accomplishments for the fourth quarter in 2021. Our record acceptances in revenue were driven by strong deliveries in both South Korea and the United States. In the fourth quarter, we recorded 735 acceptances, which brought our total year to 1,879 units, an increase of nearly 42% versus the prior year. As K. R. discussed, we benefited from our accomplishments with our EPC and financing partners to simplify our business model by transferring ownership of the systems earlier, thereby improving the predictability of our installation timing and improving our margins. These acceptances delivered total revenue of approximately $340 million in the fourth quarter, up roughly 36% versus the fourth quarter 2020 and over $970 million for the total year, up more than 22% versus 2021. It was at the high end of the range that we provided on our third quarter earnings call and was made possible by the outstanding efforts of our supply chain and production teams finding new ways to exceed their promised capacity.

現在，以此為背景，讓我強調一下我們在 2021 年第四季度取得的主要成就。我們創紀錄的收入接受度是由韓國和美國的強勁交付推動的。在第四季度，我們記錄了 735 次驗收，使我們的全年總數達到 1,879 台，比上年增長近 42%。正如 K. R. 所討論的，我們從與 EPC 和融資合作夥伴取得的成就中受益，通過提前轉讓系統所有權來簡化我們的業務模型，從而提高了我們安裝時間的可預測性並提高了我們的利潤。這些承兌匯票在第四季度帶來了約 3.4 億美元的總收入，比 2020 年第四季度增長了約 36%，全年超過 9.7 億美元，比 2021 年增長了 22% 以上。我們在第三季度財報電話會議上提供了信息，這得益於我們的供應鍊和生產團隊的傑出努力，他們找到了超出承諾產能的新方法。

Overall, non-GAAP gross margin, non-GAAP operating income and CFOA are consistent with our previous guidance, as we continue to navigate the global supply chain pressures. Like other companies with similar supply chains, we continue to see availability and price pressure on some components and logistics. While we've not yet seen a significant improvement, we do feel these issues are stabilizing and our teams have adapted well to operating in this environment.

總體而言，隨著我們繼續應對全球供應鏈壓力，非 GAAP 毛利率、非 GAAP 營業收入和 CFOA 與我們之前的指導一致。與其他具有類似供應鏈的公司一樣，我們繼續看到一些組件和物流的可用性和價格壓力。雖然我們還沒有看到顯著的改進，但我們確實認為這些問題正在穩定下來，我們的團隊已經很好地適應了在這種環境中的運作。

Moving on to our bookings and backlog performance. Our strong year positions Bloom well into the future. Based on our performance in the United States and South Korea, we have created a product backlog of approximately $2.4 billion that we will accept over the next 3 years. When combined with our service contracts that will be fulfilled over the next 15 years, we have a total backlog of $8.5 billion, nearly 2x where we finished last year. We also have the strongest pipeline in Bloom history. We believe the commercial momentum we continue to build provides the visibility and confidence to meet our growth goals. Simply put, we have never been this well positioned as a company and it's a testament to our entire organization.

繼續我們的預訂和積壓業績。我們強勁的一年將 Bloom 定位在未來。根據我們在美國和韓國的表現，我們創建了大約 24 億美元的產品積壓訂單，我們將在未來 3 年內接受這些訂單。再加上我們將在未來 15 年內履行的服務合同，我們的訂單總額為 85 億美元，幾乎是去年的 2 倍。我們還擁有 Bloom 歷史上最強大的管道。我們相信，我們繼續建立的商業勢頭為實現我們的增長目標提供了可見性和信心。簡而言之，作為一家公司，我們從未像現在這樣處於有利地位，這證明了我們整個組織的實力。

Our cash balances reached $615 million with $396 million in unrestricted cash. And as expected, we closed the first tranche of the SK ecoplant equity investment for $255 million in December. As we look forward, we expect our growth to continue with acceptances expected to increase 27% to 32% for 2022. We will be limited in our capacity in the first half of the year as we replenish our inventories and tour our new Fremont facility. In the first half of 2022, I would expect revenue to be roughly flat to 2021. As capacity is added, second half acceptances should increase product and service revenue growth to around 27% for the total year.

我們的現金餘額達到 6.15 億美元，其中有 3.96 億美元的非限制性現金。正如預期的那樣，我們在 12 月以 2.55 億美元的價格完成了 SK ecoplant 股權投資的第一期。展望未來，我們預計我們的增長將繼續，預計 2022 年的驗收量將增加 27% 至 32%。隨著我們補充庫存並參觀我們的新弗里蒙特工廠，我們將在今年上半年的產能有限。在 2022 年上半年，我預計收入將與 2021 年大致持平。隨著產能的增加，下半年的驗收應該會將全年產品和服務收入的增長率提高到 27% 左右。

We continue our strategic shift away from performing installations by leveraging third-party EPC providers. As a result, our installation revenue, which has been roughly flat over the past 2 years, will be about 50% lower than the prior years. While this reduces total revenue by roughly $50 million versus prior year, this shift allows us in both cases to transfer ownership at product delivery, allowing us to focus resources on sales and marketing, manufacturing operating efficiencies and research and development innovation.

我們通過利用第三方 EPC 供應商繼續從執行安裝的戰略轉變。因此，我們過去 2 年大致持平的安裝收入將比前幾年減少約 50%。雖然與去年相比，總收入減少了大約 5000 萬美元，但這種轉變使我們能夠在兩種情況下轉移產品交付的所有權，使我們能夠將資源集中在銷售和營銷、製造運營效率和研發創新上。

While we are planning for the supply chain environment to remain challenged through much of 2022, we are targeting to reduce our product cost by 10% versus prior year. We expect to leverage our volume increases with the supply chain to reduce material costs 6% to 8%, further automate our labor processes for productivity and see a path to logistic costs beginning to normalize in the second half of 2022. While there is risk in achieving this cost down in the current environment, we believe that we need to challenge ourselves to return to our 10% to 15% per annum cost reduction targets. To size the opportunity, this 10% cost down equates to roughly 5 points of non-GAAP gross margins and $60 million of operating profit. We are creating executable plans to achieve these targets, and we'll update each quarter on our progress. By reducing margin impact from installations and executing our product cost down, we expect our non-GAAP gross margins to expand 2 points to around 24% and our non-GAAP operating margins to improve 5-plus points as we achieve additional operating leverage.

雖然我們計劃在 2022 年的大部分時間裡供應鏈環境仍將面臨挑戰，但我們的目標是將我們的產品成本與上一年相比降低 10%。我們希望利用供應鏈增加的產量將材料成本降低 6% 至 8%，進一步自動化我們的勞動流程以提高生產力，並看到物流成本在 2022 年下半年開始正常化。雖然存在風險在當前環境下實現這一成本降低，我們認為我們需要挑戰自己，以恢復我們每年 10% 到 15% 的成本降低目標。為了衡量機會，這 10% 的成本下降相當於大約 5 個百分點的非 GAAP 毛利率和 6000 萬美元的營業利潤。我們正在製定可執行的計劃來實現這些目標，我們將在每個季度更新我們的進度。通過減少安裝對利潤率的影響並降低產品成本，我們預計我們的非公認會計準則毛利率將擴大 2 個百分點至 24% 左右，我們的非公認會計準則營業利潤率將提高 5 個百分點以上，因為我們實現了額外的運營槓桿。

As we discussed last earnings call, we plan to revisit our growth goals based on our current performance and expectations from our technology road map. Before we speak about the future, to provide some context, I thought it was worth reviewing what Bloom has achieved since going public in 2018.

正如我們在上次財報電話會議上討論的那樣，我們計劃根據我們當前的業績和技術路線圖的預期重新審視我們的增長目標。在我們談論未來之前，為了提供一些背景信息，我認為值得回顧一下 Bloom 自 2018 年上市以來所取得的成就。

Our revenue growth since our last full year prior to the IPO has seen a compounded annual growth rate of 28% for the total business. Over the same period, our product and service revenue grew 36%. As we do less installations going forward, we will be highlighting our product and service revenue as the more meaningful measure of future growth. Over the same period, by constantly reducing our costs, we've expanded our non-GAAP gross margins 24 points to approximately 22%.

自首次公開募股前的最後一個全年以來，我們的收入增長已經看到整個業務的複合年增長率為 28%。同期，我們的產品和服務收入增長了 36%。隨著我們未來安裝量的減少，我們將強調我們的產品和服務收入是衡量未來增長的更有意義的指標。在同一時期，通過不斷降低成本，我們將非公認會計準則毛利率擴大了 24 個百分點，達到約 22%。

To support our growth targets, we require additional stack manufacturing capacity to meet our revenue and service needs. We manufacture our stacks and columns in California and assemble our servers in Newark, Delaware. We have up to 2 gigawatts of annual assembly capacity, but we are limited to roughly 280 megawatts of annual stack manufacturing capacity. Last year, we leased 164,000 square foot facility in Fremont, California, that will provide 1 gigawatt of capacity when fully utilized. We commenced operations in this facility last month and expect to invest $150 million in new tooling over the course of 2022. This facility can support both Bloom 5.0 and 7.5 platforms.

為了支持我們的增長目標，我們需要額外的堆棧製造能力來滿足我們的收入和服務需求。我們在加利福尼亞州製造我們的堆棧和立柱，並在特拉華州紐瓦克組裝我們的服務器。我們擁有高達 2 吉瓦的年組裝能力，但我們的電堆年製造能力僅限於大約 280 兆瓦。去年，我們在加利福尼亞州弗里蒙特租用了 164,000 平方英尺的設施，充分利用後將提供 1 吉瓦的容量。我們上個月在該設施開始運營，預計在 2022 年期間投資 1.5 億美元用於新工具。該設施可以支持 Bloom 5.0 和 7.5 平台。

While there will be a limited increase in capacity in the first half of 2022, we expect to have added nearly 300 megawatts of stack capacity by year-end. We expect to be at the 1 gigawatt of capacity by year-end 2023. It's important to remember that these investments are incredibly attractive and provide a less than 1-year payback when fully utilized.

雖然 2022 年上半年的容量增長有限，但我們預計到年底將增加近 300 兆瓦的電堆容量。我們預計到 2023 年底將達到 1 吉瓦的裝機容量。重要的是要記住，這些投資極具吸引力，並且在充分利用後可在不到 1 年的時間內獲得回報。

To ensure we're not capacity constrained in the future, we've already begun to evaluate expansion opportunities in new locations that can best support our growth. Like many companies experienced this level of growth, we have disciplined investment practices that maximize the value of our current assets while planning future investments.

為了確保我們在未來不受產能限制，我們已經開始評估在新地點的擴張機會，以最好地支持我們的增長。與許多經歷過這種增長水平的公司一樣，我們有嚴格的投資實踐，在規劃未來投資的同時最大化我們當前資產的價值。

One additional point on capacity. We usually describe capacity on a fuel cell basis, but the stack is common for the fuel cell or the electrolyzer. When used as an electrolyzer, the power rating is more than 2x that of the fuel cell. As such, our capacity is over double when described on an electrolyzer basis. Meaning the 580 megawatts of capacity that we are targeting for year-end 2022 will be roughly 1.4 gigawatts that were completely allocated to electrolyzers. This is a significant benefit of a common platform as we can invest in capacity to meet the demand with a reduced risk of underutilized assets as individual markets do not evolve as expected.

容量上加一分。我們通常在燃料電池的基礎上描述容量，但燃料電池或電解槽的電池組很常見。用作電解槽時，額定功率是燃料電池的2倍以上。因此，當以電解槽為基礎描述時，我們的產能增加了一倍以上。這意味著我們計劃在 2022 年底實現的 580 兆瓦容量將大約是 1.4 吉瓦，完全分配給電解槽。這是一個通用平台的顯著優勢，因為我們可以投資於滿足需求的能力，同時降低資產未充分利用的風險，因為個別市場沒有按預期發展。

In advance of our May 2022 investor conference, I want to preview an update to our long-term revenue guidance. We expect our medium- and long-term growth to accelerate based upon the many industry and Bloom-specific tailwinds that are giving us a better line of sight into our future performance. Having now reached the $1 billion threshold in 2021, we see revenues in 5 years in the range of $4 billion to $5 billion and in 10 years in the range of $15 billion to $20 billion. We built these projections from both industry research and our own product segment models. While we were confident in our assumptions, these forecasts may evolve as markets mature.

在 2022 年 5 月的投資者會議之前，我想預覽一下我們長期收入指導的更新。我們預計，基於許多行業和 Bloom 特定的順風，我們的中長期增長將加速，這些順風使我們對未來的業績有了更好的了解。現在已在 2021 年達到 10 億美元的門檻，我們預計 5 年內的收入將在 40 億美元至 50 億美元之間，10 年後的收入將在 150 億美元至 200 億美元之間。我們根據行業研究和我們自己的產品細分模型構建了這些預測。雖然我們對我們的假設充滿信心，但這些預測可能會隨著市場的成熟而演變。

Referring to the forecasted growth rate slide in the deck, let me start with our fuel cell or power generation business. We remain confident in our ability to continue to grow this business at the 25% to 30% rate with improving margins and cash flow. The demand for our resilient, always-on energy server remains strong as customer power needs increase in expanded geographies in which we sell.

參考甲板上預測的增長率下滑，讓我從我們的燃料電池或發電業務開始。我們仍然相信我們有能力繼續以 25% 至 30% 的速度發展這項業務，同時提高利潤率和現金流。隨著客戶電力需求在我們銷售的擴展地區的增加，對我們彈性、始終在線的能源服務器的需求仍然強勁。

Our fuel flexibility is unique to meet the customers' needs today, while providing the option to adapt to renewable fuels and hydrogen as they become commercially available. The Bloom electrolyzer is the most efficient on the market, and we see a market that will grow sharply.

我們的燃料靈活性是獨特的，可以滿足當今客戶的需求，同時提供適應可再生燃料和氫的選項，因為它們已經商業化。 Bloom 電解槽是市場上效率最高的電解槽，我們看到市場將急劇增長。

To better quantify the future revenue opportunity, we've analyzed the IEA data to build a global electrolyzer market view. Based upon our electrolyzer efficiency benefits and cost reductions, we are projecting a market share of roughly 20% by 2030. In the graph, the electrolyzer represents over 80% of the assumed revenue for our decarbonizing technologies.

為了更好地量化未來的收入機會，我們分析了 IEA 數據以構建全球電解槽市場視圖。根據我們的電解槽效率優勢和成本降低，我們預計到 2030 年市場份額約為 20%。在圖表中，電解槽占我們脫碳技術假設收入的 80% 以上。

While we are excited about our electrolyzer opportunity, we know the world cannot solely depend on hydrogen and intermittent renewables during the energy transition. Our energy server is incredibly efficient with natural gas. And since we do not combust, our exhaust has a high concentration of CO2. We believe there is an opportunity to partner with others in the industry to leverage the value of this CO2, either in sequestration or utilization to offset the cost of the electricity. With carbon capture, we've assumed that this will both facilitate opportunities in our traditional fuel cell business as well as utility scale opportunities that we've captured under decarbonizing technologies. We believe that this market should grow based on existing and proposed incentives over the next decade.

雖然我們對我們的電解槽機會感到興奮，但我們知道在能源轉型期間，世界不能僅僅依賴氫和間歇性可再生能源。我們的能源服務器使用天然氣非常高效。而且由於我們不燃燒，我們的廢氣中的二氧化碳濃度很高。我們相信有機會與業內其他人合作，利用這種二氧化碳的價值，無論是在封存或利用方面，以抵消電力成本。通過碳捕獲，我們假設這將促進我們傳統燃料電池業務的機會以及我們在脫碳技術下捕獲的公用事業規模機會。我們認為，這個市場應該在未來十年現有和提議的激勵措施的基礎上增長。

To build our forecast, we've assumed a few utility scale projects coming online starting in 2025 with many of the larger scale carbon capture projects anticipated later in the decade. Due to our unique technology, we believe we would avoid many of the pitfalls of traditional carbon capture projects, and we would see an acceleration in the adoption of new power projects.

為了建立我們的預測，我們假設一些公用事業規模的項目從 2025 年開始上線，許多更大規模的碳捕集項目預計將在十年後期。由於我們獨特的技術，我們相信我們將避免傳統碳捕獲項目的許多陷阱，並且我們將看到新電力項目的採用加速。

As we move into the back half of this decade, we should begin to see meaningful revenue from our marine application. We continue to meet our technical milestones, attract new partners and receive broad industry interest across cargo, tanker, cruise ships and ferries. We based our growth projections on the forecast of new LNG fueled ships that could reach roughly 1,000 builds by the year 2030. I'd note this assumption does not yet include a retrofit option for existing LNG fuel ships. We believe that as this business scales, it could deliver $1 billion to $2 billion per year by 2031. Including these growth opportunities that rely on the same proven fuel cell platform, we are increasing our targeted growth rate to 30% to 35% compounded annually over the next 10 years.

隨著我們進入這十年的後半期，我們應該開始從我們的海洋應用中看到可觀的收入。我們繼續實現我們的技術里程碑，吸引新的合作夥伴，並在貨運、油輪、遊輪和渡輪方面獲得廣泛的行業興趣。我們的增長預測基於對新 LNG 燃料船的預測，到 2030 年可能建造約 1,000 艘。我注意到這個假設尚未包括現有 LNG 燃料船的改造選項。我們相信，隨著這項業務規模的擴大，到 2031 年，它每年可以帶來 10 億至 20 億美元的收益。包括這些依賴於相同經過驗證的燃料電池平台的增長機會，我們正在將目標增長率提高到 30% 至 35% 的複合年增長率在接下來的 10 年裡。

In summary, Bloom had an incredibly strong 2021 by focusing on execution. Our operating and financial performance was strong. As we move into 2022, we have incredible momentum and are taking actions to maintain this growth. We are extremely excited about our future. We believe we are uniquely positioned as we have both demonstrated performance while providing robust and diversified opportunities for growth.

總之，Bloom 通過專注於執行，在 2021 年取得了令人難以置信的強勁表現。我們的經營和財務表現強勁。隨著我們進入 2022 年，我們擁有令人難以置信的動力，並正在採取行動來保持這種增長。我們對我們的未來感到非常興奮。我們相信我們具有獨特的定位，因為我們既展示了業績，又提供了穩健和多元化的增長機會。

We are unique as our server platform allows us to pursue multiple opportunities from a single supply chain and manufacturing capability. The company is now at an inflection point. We have the product, team, strategy and track record demonstrate that we can execute on our growth plans.

我們是獨一無二的，因為我們的服務器平台使我們能夠從單一供應鍊和製造能力中尋求多種機會。該公司現在正處於一個拐點。我們的產品、團隊、戰略和業績記錄證明我們可以執行我們的增長計劃。

With that, operator, let's open up the line for questions.

有了這個，接線員，讓我們打開問題的線路。

(Operator Instructions) And our first question is from Stephen Byrd from Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的斯蒂芬·伯德。

I have to say congrats on a very constructive update in a challenging time, very well done. Thanks for the visibility as you all look out over the next decade. It's really helpful to get your views on growth and margin. I wanted to talk about carbon capture. You gave some good color on sort of the time frame over which this is going to become material in terms of revenue. Would you mind just speaking to perhaps over the next year or 2, some of the key catalysts we should be thinking about in terms of your carbon capture product? And also just curious, as you look at your economics of carbon capture compared to other technologies that you've seen out there, how do you kind of gauge your competitiveness on carbon capture?

我不得不說祝賀在充滿挑戰的時刻進行了非常有建設性的更新，做得很好。感謝你們在未來十年中的關注。了解您對增長和利潤的看法真的很有幫助。我想談談碳捕獲。您在某個時間範圍內給出了一些很好的說明，在該時間範圍內，這將成為收入方面的重要因素。您是否介意在未來一兩年內談談我們應該在您的碳捕獲產品方面考慮的一些關鍵催化劑？也只是好奇，當您將碳捕獲的經濟性與您看到的其他技術相比時，您如何衡量您在碳捕獲方面的競爭力？

Stephen, this is K.R. Nice to hear from you, and thanks for your very kind feedback on our quarter. We're excited. So here's what -- you always understood how critical and important this carbon capture piece with the Bloom technology is in the energy transition for the world. Even in the best case scenarios that IEA puts out, some kind of fossil fuel being available for the next 30 years is in the horizon, even the best case put out by everybody. And we would all like from a decarbonization perspective for that to be natural gas, because it's the cleanest of fossil fuels. And I would submit to you, it should be using the Bloom platform because carbon capture is so much easier, and you can go from natural gas to 0 carbon with this technology.

斯蒂芬，這是 K.R.很高興收到您的來信，並感謝您對我們季度的友好反饋。我們很興奮。所以這就是——你總是明白這個採用 Bloom 技術的碳捕獲部件在世界能源轉型中的重要性和重要性。即使在 IEA 提出的最佳情況下，未來 30 年可用的某種化石燃料也即將出現，即使是所有人都提出的最佳情況。從脫碳的角度來看，我們都希望是天然氣，因為它是最清潔的化石燃料。我會向你提出，它應該使用 Bloom 平台，因為碳捕獲要容易得多，而且你可以使用這項技術從天然氣到零碳。

Why is this important? So let me bring everybody up to speed and then answer your question specifically. The exhaust coming out of our product because of the uniqueness of what we do and other fuel cells cannot do, the low temperature fuel cells or anybody else cannot do is there is no nitrogen in our exhaust stream, which means 10x less mass is what comes out of our stream compared to a combined cycle gas turbine. And it's 15% more concentrated, 15x more concentrated than a combined cycle gas driven. You multiply with too, we have a 150x or a 15,000% advantage over a combined cycle gas turbine exhaust when it comes to the concentration of CO2.

為什麼這很重要？所以讓我帶大家加快速度，然後具體回答你的問題。由於我們所做的獨特性和其他燃料電池無法做到的事情，我們的產品排出的廢氣，低溫燃料電池或其他任何人都無法做到的是我們的廢氣流中沒有氮，這意味著質量減少了 10 倍與聯合循環燃氣輪機相比，在我們的流程之外。它的濃度比聯合循環氣體驅動的濃度高 15%，濃度高 15 倍。您也可以乘以，在 CO2 濃度方面，我們比聯合循環燃氣輪機排氣具有 150 倍或 15,000% 的優勢。

I'm happy to share with you, you asked us. We have made technical progress this last year there with our exhaust stream and condensing the water out, we can put out a 95% pure stream of CO2. We see two clear development paths and demonstration paths coming out of this in the next year, which is the question you asked. It falls in 2 categories.

我很高興與你分享，你問我們。去年，我們在廢氣流和冷凝水方面取得了技術進步，我們可以排放 95% 的純二氧化碳流。明年我們看到了兩條清晰的發展路徑和示範路徑，這就是你提出的問題。它分為 2 類。

One is for small scale, and I say small scale, a few megawatts. If you look at the food and beverage industry, they require CO2 and the price volatility and the price increase of CO2 and the availability of CO2 has become impossible. You would have noticed in England, food shelves are empty because they couldn't get enough dry ice, because they couldn't get enough CO2. So we have a technology where we can take our exhaust stream and make it to food-grade CO2 and make it economically available. So you will see us demonstrating that next year. Huge opportunity in a very big market.

一個是小規模，我說小規模，幾兆瓦。如果你看看食品和飲料行業，他們需要 CO2，價格波動和 CO2 價格上漲和 CO2 供應已成為不可能。你會注意到在英格蘭，食品貨架是空的，因為他們無法獲得足夠的干冰，因為他們無法獲得足夠的二氧化碳。所以我們有一項技術，我們可以利用我們的廢氣流並將其製成食品級二氧化碳，並使其經濟可用。因此，您將在明年看到我們展示這一點。在一個非常大的市場中的巨大機會。

The second one, which is just off the charts would be to take our Korea kind of a power tower, 3 stories tall, but Korea kind of a single-level install 20 megawatts in the floor. You put them together, what you end up is a 100-megawatt power plant. That 100 megawatt power plant in our estimation with even the existing 45Q rules in the book will allow us to offer mid-single-digit 0 carbon from electricity to people as long as we put that in a place where that carbon dioxide can be sequestered or piped. We are talking to multiple partners now. This has to be a large-scale project. And we are hoping that we can announce some partnerships this year.

第二個，剛剛超出圖表將採用我們的韓國類型的電力塔，3 層高，但韓國類型的單層在地板上安裝 20 兆瓦。你把它們放在一起，你最終得到的是一個 100 兆瓦的發電廠。我們估計的 100 兆瓦發電廠，即使是書中現有的 45Q 規則，只要我們把它放在一個可以隔離二氧化碳的地方或管道。我們現在正在與多個合作夥伴交談。這必須是一個大型項目。我們希望今年可以宣布一些合作夥伴關係。

That's great color. And just one other question on the electrolyzer. You talked about the growth you see there. I guess one thing I've been thinking a lot about is just the degree of competition for the electrolyzer. Competitors' costs are dropping quickly. And I respect that your technology is quite efficient, but I'm asking just about the overall product cost and some competitors are targeting to get below $1,000 a kilowatt. So it does appear to me that there is quite a bit of competition. Would you mind just giving us your latest thoughts on your relative competitive position as well as your cost trajectory? It kind of struck me, you all have reduced your cost very rapidly. And even in this kind of an environment to be able to reduce cost 10% is an achievement. But just curious how you think you stack up against fairly significant competition out there?

這顏色真好。還有一個關於電解槽的問題。你談到了你在那裡看到的增長。我想我一直在考慮的一件事就是電解槽的競爭程度。競爭對手的成本正在迅速下降。我尊重您的技術非常高效，但我只是詢問整體產品成本，一些競爭對手的目標是低於每千瓦 1,000 美元。所以在我看來確實存在相當多的競爭。您介意就您的相對競爭地位和成本軌跡向我們提供您的最新想法嗎？這讓我很震驚，你們都非常迅速地降低了成本。而且即使在這種環境下能夠降低10%的成本也是一項成就。但只是好奇你認為你如何與相當重要的競爭相抗衡？

I would say stacking up would be a wrong thing to say. We're head and shoulders above what anybody else can do. And let me walk you through why. #1, if you just look at our material cost at $2,400 and you know that 1 kilowatt of fuel cells -- that's for fuel cell, and 1 kilowatt of fuel cell is the equivalent of about 2.4x for an electrolyzer. Our material costs today are at $1,000. It's not some future cost. It's not anything. That's where our costs are today, just even in the small scale, and hydrogen electrolyzers will be done in very large scale. So we will not just be at cost parity, we will be able to compete with anybody effectively when it comes to cost, even based on where we are today. That's the first place to start.

我會說堆積起來是一個錯誤的說法。我們比其他任何人都可以做的事情遙遙領先。讓我告訴你為什麼。 #1，如果您只看一下我們 2,400 美元的材料成本，您就會知道 1 千瓦的燃料電池——這是用於燃料電池的，而 1 千瓦的燃料電池相當於電解槽的 2.4 倍。我們今天的材料成本是 1,000 美元。這不是未來的成本。這不是什麼。這就是我們今天的成本，即使是小規模的，氫電解槽也將大規模生產。因此，我們不僅可以實現成本平價，而且在成本方面我們將能夠與任何人有效競爭，即使基於我們今天的情況也是如此。這是第一個開始的地方。

But Stephen, I think in the hydrogen world, nobody is going to be competing on the cost of the electrolyzer. They're going to be competing on the cost of delivered hydrogen per kilogram. And every analysis that you would see, including what you've all done, McKinsey, other places, in large scale, more than 80% of the cost of hydrogen is the cost of input energy. We will be anywhere from 15% to 40% better than anybody else in that field. So they can offer their electrolyzer at 0 cost, and we will still be able to deliver low-cost hydrogen. So not only can we -- and from a market timing perspective, this is not a luxury good play. We are going to have to transform an amazing large amount of what we need to do. Like everything else we do, we are focused on the right opportunities.

但是斯蒂芬，我認為在氫的世界裡，沒有人會在電解槽的成本上競爭。他們將在每公斤氫氣的成本上展開競爭。而且你會看到的每一個分析，包括你們都做過的，麥肯錫，其他地方，大規模的，氫的80%以上的成本是輸入能源的成本。我們將比該領域的其他任何人好 15% 到 40%。所以他們可以以 0 成本提供他們的電解槽，而我們仍然能夠提供低成本的氫氣。因此，我們不僅可以——而且從市場時機的角度來看，這不是一個奢侈的遊戲。我們將不得不改變大量我們需要做的事情。就像我們所做的一切一樣，我們專注於正確的機會。

And if you just noticed on talent, we just brought in Rick Beuttel, 31 years with the world's largest air products company, right? And this gentleman was the senior leader for large-scale commercial installations, including hydrogen, and his last project was over $4 billion. He came to Bloom because he's able to see the competitive advantage of what we have to offer. We're super excited about hydrogen.

如果你只是注意到人才，我們剛剛引進了 Rick Beuttel，他在全球最大的空氣產品公司工作了 31 年，對吧？這位先生是包括氫氣在內的大型商業裝置的高級領導者，他的上一個項目超過 40 億美元。他來到 Bloom 是因為他能夠看到我們所提供產品的競爭優勢。我們對氫感到非常興奮。

Our next question is from Michael Blum from Wells Fargo.

我們的下一個問題來自富國銀行的 Michael Blum。

I have a couple of questions. One on the -- your natural gas-powered energy server. Just curious if you have an update on progress in penetrating additional states in the United States?

我有一些問題。一個在 - 你的天然氣動力能源服務器。只是好奇你是否有關於滲透美國其他州的最新進展？

Michael, it's Greg. It's good to hear from you. Listen, we have been very active in pursuing additional opportunities. As we've always talked, we've kind of traditionally practiced in those states that tended to have a higher cost of electricity because that was what primarily where our value prop was originally on reducing the cost of electricity. But as we've really improved on our microgrid solution and resiliency has become a larger and larger question for our customers, we've made a lot of progress on that.

邁克爾，我是格雷格。很高興收到您的來信。聽著，我們一直非常積極地尋求更多的機會。正如我們一直所說的那樣，我們在那些電力成本往往較高的州實行了傳統做法，因為這主要是我們的價值支柱最初用於降低電力成本的地方。但隨著我們對微電網解決方案的真正改進，並且彈性已成為我們客戶的一個越來越大的問題，我們在這方面取得了很大進展。

The other thing that I would say and not only in resiliency, time to power is becoming a critical request from our customers. And what I mean by that, if you just take something like the chip industry that is growing dramatically in the United States as a way to meet customer, the need for power is significant as new manufacturing comes online. And we are seeing and winning new customers because we're able to supply them more power, more quickly than their traditional grid providers. And we've won this year in some new states in Pennsylvania and Iowa and have a lot of great prospects in others to continue to expand. And I think we are going to continue to make a push in our geographies over the course of this year.

我要說的另一件事不僅是在彈性方面，而且上電時間正在成為我們客戶的一項關鍵要求。我的意思是，如果你只是將美國正在急劇增長的芯片行業作為滿足客戶的一種方式，那麼隨著新製造業的上線，對電力的需求就變得非常重要。我們正在看到並贏得新客戶，因為我們能夠比他們的傳統電網供應商更快地為他們提供更多電力。我們今年在賓夕法尼亞州和愛荷華州的一些新州贏得了勝利，並且在其他州有很多很好的前景可以繼續擴張。我認為我們將在今年繼續推動我們的地區發展。

And our next question is from George Gianarikas from Baird.

我們的下一個問題來自 Baird 的 George Gianarikas。

First, if you can just articulate to us, you gave a really strong multiyear outlook. What was the catalyst behind that? Was it the SK deal that you recently announced, is it your momentum in the backlog? What brought you to the point where you thought you wanted to update the guidance?

首先，如果您可以向我們闡明，您給出了非常強勁的多年前景。這背後的催化劑是什麼？是你最近宣布的 SK 交易嗎，是你在積壓中的勢頭嗎？是什麼讓您想到要更新指南？

George, it's Greg. So as we thought about this for a long time, the last guidance we gave was in December of 2020 during our Analyst Day there. And since that time, the company has continued to execute on our technical road map and made a tremendous amount of progress on our new products that we had talked about at the time, when we've since gone through in the development.

喬治，是格雷格。因此，當我們考慮了很長時間時，我們給出的最後一次指導是在 2020 年 12 月的分析師日期間。從那時起，該公司繼續執行我們的技術路線圖，並在我們當時談到的新產品上取得了巨大的進展，那時我們已經經歷了開發。

I think it wasn't any one particular item. I think as we looked at the strength of our core business, we looked at the order book that was building, we looked at the technology adjacencies that we had, and we looked at the balance sheet improvements that we've made over the last 24 months, we saw an opportunity internally that maybe folks externally hadn't seen. So we thought it was important to come back and show you all what we were seeing from where we were and share that. It really comes down to the amount of tailwinds that we've seen and some of -- specific to us, as well as some in the industry that we thought it was important to at least share with you in advance of our May investor conference where we saw the trajectory of the company and then knowing we can spend time in May, really building out with the talent that we have by segment, by product, by opportunity around how we try to go execute that and how it all rolls up. So we thought it was important to share it now.

我認為這不是任何一個特定的項目。我認為，當我們查看核心業務的實力時，我們查看了正在建立的訂單，我們查看了我們擁有的技術鄰接，我們查看了我們在過去 24 年中所做的資產負債表改進幾個月，我們在內部看到了一個外部人員可能沒有看到的機會。因此，我們認為重要的是要回來向您展示我們從哪裡看到的一切並分享。這真的歸結為我們已經看到的順風數量，以及一些特定於我們的順風，以及我們認為至少在我們 5 月的投資者會議之前與您分享的行業中的一些我們看到了公司的發展軌跡，然後知道我們可以在 5 月份花時間，真正利用我們在細分市場、產品、機會方面擁有的人才，圍繞我們如何嘗試執行它以及這一切如何展開。所以我們認為現在分享它很重要。

And with regards to this year specifically, just one follow-up on that. You articulated some points during the call. But what sort of operating environment should we assume for this year? In other words, should we assume continued supply chain disruptions throughout the world? I mean we're dealing with this -- with other companies as well. And if things improve, could there be upside estimates? Or if things deteriorate, because of another variant, could there be downside? And how should we think about your guidance relative to the overall COVID and supply chain environment?

具體到今年，只有一個後續行動。你在通話中闡述了一些觀點。但今年我們應該假設什麼樣的經營環境？換句話說，我們是否應該假設全球供應鏈持續中斷？我的意思是我們正在處理這個問題——還有其他公司。如果情況有所改善，是否會有上行估計？或者，如果由於另一種變體而導致情況惡化，是否會有不利影響？我們應該如何看待您對整個 COVID 和供應鏈環境的指導？

Yes. So I think on the supply chain, what we talked about in the script, right, was we don't see it necessarily getting significantly better right now, but we do see that our teams have adapted very well to it. There's obviously pressure around components. There's pressure around the commodities. We have looked at that environment and said we expect that to continue. Maybe logistics gets a little bit better by the back half of the year, but we don't expect that to happen.

是的。所以我認為在供應鏈上，我們在劇本中談到的，是的，我們認為它現在不一定會變得更好，但我們確實看到我們的團隊已經很好地適應了它。組件周圍顯然存在壓力。大宗商品面臨壓力。我們已經研究了這種環境，並表示我們希望這種情況會繼續下去。也許到今年下半年物流會好一些，但我們預計不會發生這種情況。

On the manufacturing side, we need to add some capacity. And in order for us to get to our growth projections, we are fully aligned on making sure that we're getting the tooling done in the first half of the year that we can meet the demand that comes in the second half of the year.

在製造方面，我們需要增加一些產能。為了讓我們實現增長預測，我們完全一致，確保我們在上半年完成工具，以滿足下半年的需求。

A little bit of color as we finish the year, there's -- we don't have a server effectively in inventory that we could ship. We were operating on all cylinders as we closed out the year and every server that was available, we found a home for it. So we are planning for a continued type of environment where we're putting a tremendous amount of good pressure on our production teams to make sure that they are pushing even beyond where they thought possible, so that we can meet the demand that's there. Obviously, like any forecast, we're always open to some changes in the environment. But I think we're going into this pretty eyes open about how this will continue through the rest of the year.

當我們結束這一年時，有點顏色，有 - 我們沒有有效的庫存服務器可以發貨。當我們結束這一年時，我們在所有氣缸上運行，每台可用的服務器，我們都為它找到了歸宿。因此，我們正在計劃一種持續類型的環境，在這種環境中，我們對我們的生產團隊施加了巨大的壓力，以確保他們的努力甚至超出了他們認為可能的範圍，以便我們能夠滿足那裡的需求。顯然，就像任何預測一樣，我們總是對環境的一些變化持開放態度。但我認為我們將睜大眼睛，看看這將如何在今年剩下的時間裡繼續下去。

Our next question comes from Julien Dumoulin-Smith.

我們的下一個問題來自 Julien Dumoulin-Smith。

Congratulations again to all that. So maybe just picking up on the long-term guide here and sort of the origin of the last part, if you will. The number for 26 is a strong print here on power gen. Can you talk about the cadence between sort of where we are today and where you guys are projecting, specifically with power gen? That sort of $3 billion-ish figure is pretty bold. So I want to just kind of understand when and how you get there, what are the milestones between here and then, and are you guys looking for specifically there?

再次祝賀這一切。因此，如果您願意，也許只是在這裡學習長期指南和最後一部分的起源。 26 的數字在發電方面是一個強有力的印刷品。你能談談我們今天所處的位置和你們計劃的位置之間的節奏，特別是與發電有關的地方嗎？那種 30 億美元左右的數字相當大膽。所以我想了解一下你們何時以及如何到達那裡，從這裡到那時的里程碑是什麼，你們是否特別在尋找那裡？

Julien, that number is consistent with our historical growth rates around the power gen business. If you look at product and service, and that's what we tried to show into the deck, that we expect that our business to grow in that 25% to 30% range. And that's just if you take out where we are today, based on what we've done historically and roll that forward, that gets you to where you are in 5 years in 2026 for the power gen business in that $4 billion to $5 billion range, and near -- in a $10 billion range by the end of the decade. We think we've got a lot of growth opportunities within that, you've got the fuel flexibility. So that includes both our natural gas, our renewable gas and our hydrogen fuel cells in there, and that we fully expect to be selling in a lot more markets over that period. So it won't totally be the U.S. and South Korea, but the work that Tim Schweiker and the team are doing internationally to build out our franchise there. We think we can execute on all those and continue at the historical growth rates that we've had going forward. We think there's as much opportunity, if not more, now than there was over the last 5 years.

Julien，這個數字與我們圍繞發電業務的歷史增長率一致。如果您查看產品和服務，這就是我們試圖展示的內容，我們預計我們的業務將在 25% 到 30% 的範圍內增長。如果您根據我們在歷史上所做的事情並將其向前推進，那麼您就可以在 2026 年的 5 年內達到您在 40 億至 50 億美元範圍內的發電業務的水平，並且接近 - 到本世紀末達到 100 億美元。我們認為我們有很多增長機會，你有燃料的靈活性。所以這包括我們的天然氣、我們的可再生天然氣和我們的氫燃料電池，我們完全期望在此期間在更多的市場上銷售。所以它不會完全是美國和韓國，而是蒂姆施威克和團隊正在國際上開展的工作，以在那裡建立我們的特許經營權。我們認為我們可以執行所有這些並繼續保持我們前進的歷史增長率。我們認為現在的機會與過去 5 年一樣多，甚至更多。

And our next question is from Maheep Mandloi from Credit Suisse.

我們的下一個問題來自瑞士信貸的 Maheep Mandloi。

Congratulations on the quarter. Just on the 2022 guidance, Greg, your commentary was pretty useful in understanding the challenges here. But would it be fair to assume like in the second half, we could see the margin expansion, and as you have more of that capacity come in? And just trying to understand the megawatts cadence going forward, seems like it's more in the 40%, 50% range than the 30% we [saw in the energy business]?

祝賀本季度。格雷格，就 2022 年指南而言，您的評論對於理解這裡的挑戰非常有用。但可以公平地假設像下半年那樣，我們可以看到利潤率擴大，並且隨著你有更多的產能進來？只是試圖了解未來兆瓦的節奏，似乎它比我們[在能源業務中看到的] 30% 更多的是在 40%、50% 的範圍內？

Yes. We've traditionally, right, been always shipping about 40% of our capacity in the first half of the year with 60% in the second half of the year. I would tell you, for right now, if I just look at the first quarter and some of the comments I was making to Julien about just the activity of how much we were selling at the end of the year, we've got to build in some capacity. So I would expect that our production levels to be about flat to where they were last year, and thus our revenue and margins to be flat to kind of where we ended the year on a margin level and then revenue kind of back to where we were in 2021.

是的。傳統上，我們一直在上半年運送大約 40% 的運力，下半年運送 60% 的運力。我要告訴你，現在，如果我只看第一季度以及我對朱利安的一些評論，即關於我們在年底銷售量的活動，我們必須建立以某種身份。因此，我預計我們的生產水平將與去年持平，因此我們的收入和利潤率將與我們年底的利潤率水平持平，然後收入將回到我們的水平2021 年。

Our expectation is as we get into the second half of the year and our capacity increases and our throughput increases, you're going to see -- and we're able to execute on our cost down initiatives, we're going to see an improvement in our margins in the second half of the year versus the first half of the year. So I would say your assumption is dead on.

我們的期望是，隨著我們進入下半年，我們的產能增加，吞吐量增加，你會看到 - 我們能夠執行我們的降低成本計劃，我們會看到與上半年相比，我們下半年的利潤率有所提高。所以我想說你的假設已經成立。

Our next question is from Mark Strouse from JPMorgan.

我們的下一個問題來自摩根大通的 Mark Strouse。

Can I take one more shot at the long-term targets here? And then I've got a quick follow-up to that, if I can. I believe you said you're targeting -- or you're assuming a 20% share for the electrolyzer business in this forecast. I think some people could say that maybe sounds high. But then when I hear K. R., say all these great things about your competitive position, it seems kind of low. So just kind of curious, I mean, how did you kind of center on that 20% number?

我可以再對這裡的長期目標進行一次射擊嗎？如果可以的話，我會對此進行快速跟進。我相信你說你的目標是——或者你在這個預測中假設電解槽業務的份額為 20%。我想有些人可能會說這聽起來可能很高。但是當我聽到 K.R. 說所有這些關於你的競爭地位的偉大事情時，它似乎有點低。所以有點好奇，我的意思是，你是怎麼把中心放在那個 20% 的數字上的？

Yes. Here's how we thought about it, right? We took the IEA data, and that looked to be about a 40-gigawatt opportunity, right, towards 2030. And that's built up based on announced projects. So that number could increase as more and more projects are executed. And we took a market share. And how we got comfortable with the market share was really based on the feedback that we've been receiving with our partners like SK and others that we've announced, and new partners that we've had -- that we were in the progress to talking to.

是的。這就是我們的想法，對吧？我們採用了 IEA 的數據，這看起來是一個 40 吉瓦的機會，對，到 2030 年。這是基於已宣布的項目建立的。因此，隨著越來越多的項目被執行，這個數字可能會增加。我們佔據了市場份額。我們對市場份額的滿意程度實際上是基於我們從我們的合作夥伴那裡收到的反饋，比如 SK 和我們宣布的其他合作夥伴，以及我們已經擁有的新合作夥伴——我們正在取得進展交談。

The efficiency benefits that we have, whether it's with external heat or not, are really, we think, going to be a differentiator in the market. As K. R. said, 80% of the cost of breaking the water to create hydrogen is going to be the energy associated with doing that. We believe that the most efficient electrolyzer is the one that's going to win, and we feel that we should be able to claim 1/5 of that market based on those efficiency benefits. That's how we build up that estimate.

我們認為，無論是否使用外部熱量，我們所擁有的效率優勢確實會成為市場上的差異化因素。正如 K. R. 所說，打破水製氫的 80% 的成本將是與此相關的能源。我們相信效率最高的電解槽將會獲勝，我們認為基於這些效率優勢，我們應該能夠佔據該市場的 1/5。這就是我們建立這個估計的方式。

And then just a quick follow-up. So revenue targets here, I don't want to steal anything from the Analyst Day. But how do you think about the margin forecast over this time horizon as these new businesses emerge?

然後只是快速跟進。所以這裡的收入目標，我不想從分析師日竊取任何東西。但是，隨著這些新業務的出現，您如何看待這段時間內的利潤率預測？

Yes. So we haven't updated our margin guidance, right? So we talked about before about moving to a 30% non-GAAP gross margin by 2025, and we've talked about getting to an operating margin of about 15% by 2025. And I'd say that's still consistent guidance. We haven't updated that for the fuel cell business.

是的。所以我們還沒有更新我們的保證金指導，對吧？因此，我們之前談到過到 2025 年將非 GAAP 毛利率提高到 30%，我們已經談到到 2025 年將營業利潤率提高到 15% 左右。我想說這仍然是一致的指導。我們還沒有更新燃料電池業務。

As you begin to layer in the adjacencies, you could see a situation where the volume in which although low, there will be some price competitiveness as products are introduced. There might be some -- maybe some slight dilution into that on the overall number, but we don't believe it will be material to our overall guidance and what we provided before, and we'll work through and do updates and provide some more clarity on that over the next coming months.

當您開始在鄰接層中分層時，您可能會看到這樣一種情況：雖然數量很少，但隨著產品的推出，會有一定的價格競爭力。可能會有一些 - 可能會稍微稀釋整體數字，但我們認為這對我們的整體指導和我們之前提供的內容並不重要，我們將努力完成並進行更新並提供更多在接下來的幾個月中明確這一點。

And by the same token, there could be pretty significant upsides based on subsidies and incentives that people put out, and it is very difficult, not knowing their policies, subsidies and other regimes will play to game out over a 10-year period on something that in most government policies have not yet been enacted. I think it will be difficult for anybody to paint out what those numbers should be. And in the areas that we play, because of the competitive advantage that we bring forward, we will obviously be targeting the right geographies on the right markets where we can command the most margin.

出於同樣的原因，人們推出的補貼和激勵措施可能會帶來相當大的好處，而且這是非常困難的，因為不知道他們的政策、補貼和其他制度將在 10 年的時間內發揮作用這在大多數政府政策中尚未頒布。我認為任何人都很難畫出這些數字應該是什麼。在我們所涉足的領域，由於我們帶來的競爭優勢，我們顯然會在正確的市場上瞄準正確的地理區域，在那裡我們可以獲得最大的利潤。

Our next question is from Pavel Molchanov from Raymond James.

我們的下一個問題來自 Raymond James 的 Pavel Molchanov。

Let me zoom in on Europe. About a year ago, you hired some sales executives in Europe, and we've certainly been seeing lots of targets out of Brussels, specifically for electrolyzers. Are you seeing any substantive demand from any of the 27 EU member states for electrolyzers at this point?

讓我放大歐洲。大約一年前，您在歐洲聘請了一些銷售主管，我們當然已經在布魯塞爾看到了很多目標，特別是電解槽。目前，您是否看到 27 個歐盟成員國對電解槽有任何實質性需求？

Paul, that's a great question. This is K.R. So look, let's step back one bit and look at our 2 major markets, right, and look at what their characteristics are. We love markets where we can enter today and have a real business with real revenues and good margins. That's where we start, okay? And then there are many markets where we can do that, but we prefer the markets where we can not only do that, but there's a great future outlook in terms of the support for decarbonization with hydrogen policies, with the policies necessary for renewable natural gas, biogas, all those things and embracing that as a holistic pragmatic, realistic and step-by-step way to go. Both the U.S. markets and Korea market characterize that.

保羅，這是一個很好的問題。這是K.R.所以看，讓我們退後一步，看看我們的2個主要市場，對，看看他們的特點是什麼。我們熱愛我們今天可以進入的市場，並擁有真正的收入和豐厚利潤的真正業務。這就是我們開始的地方，好嗎？然後有很多市場我們可以做到這一點，但我們更喜歡我們不僅可以做到這一點的市場，而且在通過氫政策支持脫碳以及可再生天然氣所需的政策方面，未來前景廣闊，沼氣，所有這些東西，並將其視為一種整體的務實、現實和循序漸進的方式。美國市場和韓國市場都具有這一特點。

So far, if you go back and look in Europe, things were different. But something has changed, right? Europe in the last year has been plagued with acute energy shortages, people having to decide -- and the prices of those energy and electricity has been going up, BBC has the headlines of heat or eat and not having power. You put those things, and then you also look at the number of big cities in Europe, where the customers require power and the utility is not able to provide power, the time to power issue. And then the last thing that happened as of a few weeks ago, the European Commission coming in and encouraging investments in natural gas infrastructure that adapt to a zero-carbon fuel and technologies when they become available in the future and blessing that as part of their green investment. And it being private, all the conditions now are satisfied. We are going to be all in on Europe, obvious countries that you would imagine that we should be. And this year, you will see us announcing deals and entering those markets.

到目前為止，如果你回過頭來看看歐洲，情況就不同了。但是有些事情已經改變了，對吧？去年，歐洲一直受到嚴重能源短缺的困擾，人們不得不做出決定——而這些能源和電力的價格一直在上漲，BBC 的頭條新聞是取暖或吃不飽，而且沒有電。你把這些東西放進去，然後你也看看歐洲大城市的數量，那裡的客戶需要電力，而公用事業公司無法提供電力，電力問題的時間。然後是幾週前發生的最後一件事，歐盟委員會介入並鼓勵對適應零碳燃料和技術的天然氣基礎設施進行投資，當它們在未來可用時，並祝福作為他們的一部分綠色投資。而且它是私有的，現在所有條件都滿足了。我們將全力以赴歐洲，你會想像我們應該是顯而易見的國家。今年，您將看到我們宣布交易並進入這些市場。

Harry, we probably have time for one more question.

哈利，我們可能還有時間再問一個問題。

And our next question is from Alex Kania from Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Alex Kania。

Two questions. First is, when we're looking at kind of the intermediate time frame, would it be fair to kind of use that graph on Slide 11 to kind of think about the cadence of even revenue growth over the next kind of 5 years? Is that fair? Or would they be missing something? And the other question is just, we saw the Heliogen announcements on the Federal release earlier this week, and I think it was something like 20,000 tons of hydrogen produced a year, and there was some reference to Bloom in the press release. And I'm just kind of wondering if you can kind of confirm that you were involved in that potential expansion as well as maybe potentially what type of electrolyzer capacity you would be talking about from your products to produce that much?

兩個問題。首先，當我們考慮中間時間框架時，使用幻燈片 11 上的圖表來考慮未來 5 年平均收入增長的節奏是否公平？這公平嗎？或者他們會遺漏什麼？另一個問題是，我們在本週早些時候看到聯邦發布的 Heliogen 公告，我認為這大約是每年生產 20,000 噸氫氣，並且在新聞稿中提到了 Bloom。我只是想知道您是否可以確認您參與了潛在的擴張，以及您可能會從您的產品中談論哪種類型的電解槽產能來生產這麼多？

So it's Greg. I'll start off and pass it over to K. R. on the Heliogen announcement. So here's how to think about it. We'll continue to target our core power generation fuel cell business to grow in that 25% to 30% range. So I think as you build out and begin to think about that and for next year, we've targeted product and service at 27%, I would assume that over the medium term, call it, the next 5 years ought to be that way. At some point here, you're going to begin to see the electrolyzer and carbon capture revenues begin to come online. So as you get later in that cadence over the next, call it, late '23, '24, '25, you'll begin to see that level in, and that will be an increase in our growth rate up to that $4 billion to $5 billion that we've put into it.

所以是格雷格。我將開始並在 Heliogen 公告中將其傳遞給 K.R.。所以這裡是如何考慮的。我們將繼續以核心發電燃料電池業務為目標，實現 25% 至 30% 的增長。所以我認為，當你擴大並開始考慮這一點時，對於明年，我們將產品和服務的目標定在 27%，我認為在中期，稱之為，未來 5 年應該是這樣的.在這裡的某個時候，您將開始看到電解槽和碳捕獲收入開始上線。因此，當您在下一個節奏中稍後進入時，稱之為 23 年末、24 年、25 年末，您將開始看到該水平，這將使我們的增長率增加到 40 億美元我們已經投入了 50 億美元。

So it should be fairly logical. We're not planning a hockey stick into that. We're going to continue to run our core business with excellence and deliver the growth out of it that we've done traditionally. We expect to do that going forward. And then as the new adjacencies and new products come on, those will be lifts to our core -- to our growth rate above what our core growth rate has been over time.

所以它應該是相當合乎邏輯的。我們不打算在其中使用曲棍球棒。我們將繼續以卓越的方式經營我們的核心業務，並實現我們傳統上所做的增長。我們希望繼續這樣做。然後隨著新的鄰接和新產品的出現，這些將提升到我們的核心——我們的增長率高於我們的核心增長率。

Can you repeat that question on Heliogen one more time?

你能在 Heliogen 上再重複一遍這個問題嗎？

We might have dropped, Alex.

我們可能已經放棄了，亞歷克斯。

So with respect to Heliogen, right, I think the question that was asked was those land purchase, what can you do? And can you build capacity? So look, for Heliogen, their core value proposition was using their new technologies, they can concentrate solar heat a lot more effectively, a lot more efficiently with very low capital and raise the temperature of the steam to very high levels, right? And when they're able to do that, the amount of the new electricity needed to break the hydrogen becomes a lot less and therefore, hydrogen will be less expensive. That's #1. #2 is, with that high temperature steam that you raise and what you do with the heat, you can run that entire hydrogen factory for much longer rather than just when the sun shines in their intermittent fashion and keep the rest of your factory idle, thereby the capital not giving the efficiency it needs to give. So it's a win-win. We are completely aligned with that thought process of combining solar concentrated heat and solar produced electricity to make the greenest of green hydrogen at the lowest of green in terms of dollars, okay? So we are completely aligned with that.

所以關於Heliogen，對，我認為被問到的問題是那些土地購買，你能做什麼？你能培養能力嗎？所以看，對於 Heliogen 來說，他們的核心價值主張是使用他們的新技術，他們可以更有效地集中太陽能熱量，用非常低的資本將蒸汽的溫度提高到非常高的水平，對嗎？當他們能夠做到這一點時，分解氫氣所需的新電量就會大大減少，因此氫氣的成本也會降低。那是#1。 #2 是，通過你產生的高溫蒸汽和你對熱量的處理，你可以讓整個氫工廠運行更長的時間，而不僅僅是在陽光以間歇的方式照射時，讓工廠的其餘部分閒置，因此，資本沒有提供它需要提供的效率。所以這是雙贏的。我們完全贊同將太陽能集中熱能和太陽能發電相結合的思想過程，以最低的美元成本製造最環保的綠色氫，好嗎？所以我們完全同意這一點。

In terms of what capacity we can provide, here is what you need to know, right, a gigawatt of Bloom factory, which is what we will have at the end of next year, you've seen the capacity is the equivalent of 2.4 gigawatts of electrolyzers. And we can tangibly make one or the other. That's #1. #2 is, you've been hearing me say since we started the company about we have designed our factories to be capital efficient and to be able to stand them up in a year. If you just went on faith, you no longer need to go on faith because the Fremont factory, we are just demonstrating that, 1 year to build, 1 year to recoup your money. So if you want 2.4 gigawatts worth of electrolyzers for 2024, as long as you're willing to sign up for the purchase order, I will have the factory and deliver those products to you. So we are ready, and we are reaching there.

至於我們能提供什麼容量，這就是你需要知道的，對，1吉瓦的Bloom工廠，就是我們明年年底的，你已經看到容量相當於2.4吉瓦的電解槽。我們可以切實地做出其中一種。那是#1。 #2 是，自從我們創辦公司以來，您一直在聽我說，我們將工廠設計為具有資本效率，並且能夠在一年內使它們站起來。如果你只是繼續信仰，你不再需要繼續信仰，因為弗里蒙特工廠，我們只是在證明，1 年建設，1 年收回你的錢。因此，如果您想要 2024 年價值 2.4 吉瓦的電解槽，只要您願意簽署採購訂單，我將擁有工廠並將這些產品交付給您。所以我們準備好了，我們正在到達那裡。

So with that, K. R. let's switch it over to you to close and thank everybody for their time and apologize to those we weren't able to get to their questions.

因此，K.R. 讓我們把它轉給你關閉並感謝大家的時間，並向那些我們無法回答他們的問題的人道歉。

Yes. So thank you so much for joining us. We are a company that's executing on all cylinders as you have seen, and we look to the future, we see tailwinds that are very significant for our business. The demand for our core value proposition of being cost predictable, reliable, resilient and offering clean energy solutions is resonating by the day and growing by the day when it comes to the customers. And adding to that, if we needed more tailwinds, are the headwinds for the customers who are procuring electricity from the grid. The grid is more brittle. It's not working and the costs are just going through the roof.

是的。非常感謝您加入我們。正如您所見，我們是一家在所有方面都在執行的公司，我們展望未來，我們看到了對我們的業務非常重要的順風。客戶對我們成本可預測、可靠、有彈性和提供清潔能源解決方案的核心價值主張的需求與日俱增，並與日俱增。此外，如果我們需要更多順風，那麼從電網採購電力的客戶也會遇到逆風。網格更脆弱。它不工作，成本只是通過屋頂。

Our core power generation business alone will grow from the nearly $1 billion to over $10 billion in 10 years. That's what we have done for the last 4 years, just doing the same thing over and over again for the next 5 years, whatever we did in the last 5 years will take us there. But that's not all. We're incredibly excited about this hydrogen opportunity. The world needs it. But we are not reliant on the development timing of hydrogen, or the subsidies and when they come for our growth and for our profitability goals. That's what differentiates us from everybody else, okay?

僅我們的核心發電業務就將在 10 年內從近 10 億美元增長到超過 100 億美元。這就是我們過去 4 年所做的事情，只是在接下來的 5 年裡一遍又一遍地做同樣的事情，過去 5 年我們所做的任何事情都會帶我們到達那裡。但這還不是全部。我們對這個氫氣機會感到非常興奮。世界需要它。但我們不依賴氫的開發時間、補貼以及它們何時來實現我們的增長和盈利目標。這就是我們與其他人的區別，好嗎？

I want to be clear, we are running with full speed with our manufacturing capacity, supply chain, talent, support teams to support the hydrogen market, and it will come, and we will be a leader.

我想明確一點，我們正在全速運行我們的製造能力、供應鏈、人才、支持團隊來支持氫市場，它會到來，我們將成為領導者。

We are executing to our strategy plan with building talent, building technology, innovating and putting the resources necessary to capitalize on these opportunities in the marketplace. We put all this together, if you see excitement in my voice, you better believe it. I'm super excited, and I hope you are too. Thank you for joining us.

我們正在執行我們的戰略計劃，包括培養人才、建設技術、創新和投入必要的資源以在市場上利用這些機會。我們把所有這些放在一起，如果你從我的聲音中看到興奮，你最好相信它。我非常興奮，我希望你也是。感謝您加入我們。

This concludes the Bloom Energy fourth quarter 2021 earnings and long-term outlook conference call. Thank you to everyone who has joined us today, and you may now disconnect your lines.

Bloom Energy 2021 年第四季度收益和長期展望電話會議到此結束。感謝今天加入我們的所有人，您現在可以斷開線路了。