Bloom Energy Corp (BE) 2021 Q3 法說會逐字稿

Good afternoon, and welcome to the Bloom Energy's Third Quarter 2021 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded.

下午好，歡迎參加 Bloom Energy 2021 年第三季度收益電話會議。 （操作員說明）作為提醒，此電話會議正在錄音中。

I would now like to turn the conference over to Ed Vallejo, Bloom Energy's Vice President of Investor Relations. Please go ahead.

我現在想將會議轉交給 Bloom Energy 投資者關係副總裁 Ed Vallejo。請繼續。

Thank you, and good afternoon, everybody. Thank you for joining us for Bloom Energy's Third Quarter 2021 Earnings Conference Call. It is both an honor and a pleasure to now be part of the Bloom team, sharing our results and our compelling investment thesis with you all. I've spoken with many of you already, and I look forward to touching base with the rest of our investors and stakeholders in the weeks to come.

謝謝大家，大家下午好。感謝您參加 Bloom Energy 的 2021 年第三季度收益電話會議。現在成為 Bloom 團隊的一員，與大家分享我們的成果和令人信服的投資論點，我感到既榮幸又高興。我已經和你們中的許多人談過了，我期待在接下來的幾週內與我們的其他投資者和利益相關者建立聯繫。

Moving on to the quarter on hand. To supplement this conference call, we furnished our third quarter 2021 earnings press release with the SEC on Form 8-K and have posted it along with supplemental financial information that we will reference throughout this call to our Investor Relations website.

轉到手頭的季度。為了補充這次電話會議，我們在 8-K 表格中向 SEC 提供了我們的 2021 年第三季度收益新聞稿，並將其與補充財務信息一起發布，我們將在整個電話會議期間參考我們的投資者關係網站。

During this conference call, both in our prepared remarks and in answers to your questions, we may make forward-looking statements that represent our expectations regarding future events and our future financial performance. These include statements about the company's business results, products, new markets, strategy, financial position, liquidity, transaction with SK ecoplant and full year outlook for 2021.

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、與 SK ecoplant 的交易以及 2021 年全年展望的聲明。

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

這些陳述是基於我們當前的預期、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-K 和 10-Q 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 third 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 third quarter 2021 earnings press release available on our Investor Relations website.

在本次電話會議和我們的 2021 年第三季度收益新聞稿中，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 年第三季度收益新聞稿中。

Joining me on the call today are KR Sridhar, Founder, Chairman and Chief Executive Officer; and Greg Cameron, our Chief Financial Officer. KR will begin with an overview of business highlights from the quarter. Then Greg will review the operating and financial highlights of the quarter. And after the prepared remarks, we will 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 KR Sridhar；和我們的首席財務官 Greg Cameron。 KR 將首先概述本季度的業務亮點。然後格雷格將回顧本季度的運營和財務亮點。在準備好的評論之後，我們將回答您的問題。

I will now turn the call over to KR.

我現在將把電話轉給 KR。

Good day, everyone. Thank you for joining us on the call. At Bloom Energy, we are deeply saddened by the loss of our long-serving board member, General Colin Powell. At every opportunity, he proudly evangelized our mission and strongly supported our business. These insights helped us to build a strong value-based culture and always gave us courage to do the right thing. Alma, Michael, Annemarie and Linda, our heartfelt gratitude to you for graciously sharing him with us.

今天是個好日子。感謝您加入我們的電話會議。在 Bloom Energy，我們對失去長期服務的董事會成員科林鮑威爾將軍深感悲痛。他一有機會就自豪地宣傳我們的使命並大力支持我們的業務。這些見解幫助我們建立了強大的基於價值的文化，並始終給我們勇氣做正確的事。阿爾瑪、邁克爾、安妮瑪麗和琳達，我們衷心感謝你們慷慨地與我們分享他。

Our thoughts and prayers are with you. This friendship and mentorship have made me a better person and his deep engagement with Bloom has made us a better company. If he were here with me today, he would, as he has on innumerable occasions, instantly offer an in-the-moment leadership lesson, "Hey KR good moment, now get on with it and talk about Bloom. How could you General?

我們的思念和祈禱與您同在。這種友誼和指導讓我成為了一個更好的人，他與 Bloom 的深入合作讓我們成為了一個更好的公司。如果他今天和我在一起，他會像他在無數場合一樣，立即提供一個即時的領導力課程，“嘿，KR 好時機，現在繼續談論布魯姆。將軍你怎麼能？

Okay, then. What better way for me to start then with our recent announcement on expanding Bloom's partnership with SK ecoplant. KI Park, the CEO of SK ecoplant, and I see this agreement as a transformational event for our 2 companies. We see this partnership as a way for us to establish strong leadership position in the energy sector at a time when it's rapidly decarbonizing and reinventing itself.

好吧。有什麼更好的方式讓我從我們最近宣布擴大 Bloom 與 SK ecoplant 的合作夥伴關係開始。 SK ecoplant 的首席執行官 KI Park 和我認為這項協議是我們兩家公司的轉型事件。我們認為這種夥伴關係是我們在能源領域迅速脫碳和自我改造之際建立強大領導地位的一種方式。

Here is a brief recap of our relationship. SK ecoplant has partnered with Bloom for the last 3 years to develop the market and deploy Bloom server in South Korea. Through this collaboration, we have proved that Bloom has the best technology for fuel cell power generation and our products deliver on the promises we make, outstanding availability, output, efficiency and reliability. As a company, we execute and deliver on our commitments and meet goals. We have very mature operational capabilities and scalable processes to grow rapidly. We respect partnerships and create win-wins.

以下是我們關係的簡要回顧。 SK ecoplant 在過去 3 年一直與 Bloom 合作開發市場並在韓國部署 Bloom 服務器。通過這次合作，我們證明了 Bloom 擁有最好的燃料電池發電技術，我們的產品兌現了我們做出的承諾，即出色的可用性、輸出、效率和可靠性。作為一家公司，我們執行並兌現我們的承諾並實現目標。我們擁有非常成熟的運營能力和可擴展的流程來快速發展。我們尊重夥伴關係，創造雙贏。

So this firsthand experience is what has given our strategic partner, the confidence to strengthen this relationship and give us a minimum guaranteed order of 500 megawatts of Bloom Energy Servers in the next 3 years.

因此，這種第一手經驗使我們的戰略合作夥伴有信心加強這種關係，並在未來 3 年內為我們提供 500 兆瓦的 Bloom Energy Servers 最低保證訂單。

At Bloom, our focus has been on creating partnerships that have meaningful scale and has a material impact on our business. A firm offtake of this magnitude enables us to plan, invest and operate our business with far greater certainty. But that's not all we did during the 3 years. We also launched innovative products. The first-ever solid oxide fuel cell power tower. The first utility-scale solid oxide combined heat and power project and a demo unit of the first hydrogen-feed solid oxide fuel cell power systems.

在 Bloom，我們的重點一直是建立具有有意義的規模並對我們的業務產生重大影響的合作夥伴關係。如此規模的堅定承購使我們能夠更有把握地規劃、投資和運營我們的業務。但這並不是我們在這 3 年中所做的全部。我們還推出了創新產品。首個固體氧化物燃料電池發電塔。第一個公用事業規模的固體氧化物熱電聯產項目和第一個供氫固體氧化物燃料電池電力系統的演示單元。

Again, based on the chemistry, we established as partners for the last 3 years to launch innovative new features and applications to our core Bloom platform, it truly excites me that we will be doing the same in the hydrogen space by creating hydrogen innovation centers in Korea and the U.S.

再次，基於化學，我們在過去 3 年中建立了合作夥伴關係，為我們的核心 Bloom 平台推出創新的新功能和應用程序，這讓我真正興奮的是，我們將通過在氫能領域建立氫創新中心來做同樣的事情。韓國和美國

In 3 short years, from a standing start, we have become the absolute leaders in the fuel cell power generation market in Korea today. The goal of our partnership is to emulate that success and become the #1 player in the hydrogen market. Given the versatility of our platform, we have multiple pathways to achieve that. Our transacted and deployed fleet of Bloom Servers, totaling over 1 gigawatt globally for the first time, can run on up to 50% hydrogen fuel without needing any hardware modifications. In other words, we can provide hydrogen-based power at scale as soon as the fuel becomes available.

短短3年，從一開始就成為當今韓國燃料電池發電市場的絕對領導者。我們合作的目標是效仿這一成功並成為氫市場的第一大玩家。鑑於我們平台的多功能性，我們有多種途徑來實現這一目標。我們交易和部署的 Bloom 服務器機群首次在全球總計超過 1 吉瓦，無需任何硬件修改即可使用高達 50% 的氫燃料運行。換句話說，一旦燃料可用，我們就可以大規模提供基於氫的電力。

We are successfully demonstrating our 100% hydrogen-fed fuel cell systems in Korea and announced the commercial availability of this product starting FY 2022. And of course, we are very excited about the Bloom Electrolyzer. The most energy-efficient electrolyzer to produce clean hydrogen to date and 15% to 45% more efficient than any other product on the market today.

我們在韓國成功展示了我們的 100% 氫燃料電池系統，並宣布從 2022 財年開始該產品的商業可用性。當然，我們對 Bloom Electrolyzer 感到非常興奮。迄今為止生產清潔氫氣的最節能的電解槽，比當今市場上的任何其他產品效率高 15% 至 45%。

Now if you look at the timing of our opening the hydrogen innovation centers in Korea and the U.S., it coincides with the initiation of aggressive road maps and policy and financial support by the 2 national governments. South Korea government supported hydrogen economy road map is the most ambitious in the world with the aim of ensuring 15,000 megawatts of hydrogen fuel cell installations, 6.2 million hydrogen vehicles and 1,200 hydrogen charging stations by 2040.

現在，如果你看看我們在韓國和美國開設氫創新中心的時間，這與兩國政府啟動積極的路線圖以及政策和財政支持相吻合。韓國政府支持的氫經濟路線圖是世界上最雄心勃勃的，目標是到 2040 年確保 15,000 兆瓦的氫燃料電池裝置、620 萬輛氫燃料汽車和 1,200 個氫充電站。

In the United States, both the infrastructure and the reconciliation bill have significant provisions for accelerating the hydrogen economy as well as building resilient microgrids.

在美國，基礎設施和和解法案都對加速氫經濟以及建設有彈性的微電網做出了重要規定。

Also, after 3 years of closely working with us, SK ecoplant investment in our equity speaks to the confidence they have in our business. They want to participate in the upside of Bloom's value going forward. We welcome their capital and value their partnership. I want to thank the SK ecoplant and Bloom teams that have worked to make this transaction happen. And I also want to thank the people that have been working so hard at the operating level to execute and innovate which has made this partnership so strong.

此外，在與我們密切合作 3 年後，SK ecoplant 對我們股權的投資表明了他們對我們業務的信心。他們希望參與 Bloom 未來價值的上漲。我們歡迎他們的資本並重視他們的伙伴關係。我要感謝 SK ecoplant 和 Bloom 團隊為促成這筆交易而付出的努力。我還要感謝在運營層面一直在努力執行和創新的人們，這使得這種夥伴關係如此強大。

Speaking of people, we're constantly adding great talent to our team. Ed Vallejo, our new Head of Investor Relations, has long-lasting relationships with many of the analysts and investors in our sector and brings with him an extensive IR expense.

說到人，我們不斷地為我們的團隊增加優秀的人才。我們新的投資者關係主管 Ed Vallejo 與我們行業的許多分析師和投資者建立了長期的關係，並帶來了大量的 IR 費用。

We have seen good traction in our renewable natural gas and waste-to-energy applications. You will be hearing more from us on this topic in the coming days and months.Chuck Kolstad has joined as the VP of Commercial growth in this space. Chuck has extensive experience in water, waste water and environmental markets. And held leadership roles in 2 of the largest investor-owned utility and contract operations company in North America. We will be sharing with you next month, leadership hire on the hydrogen side of the business that we're very excited about as well as some new developments on the hydrogen front.

我們在可再生天然氣和垃圾發電應用中看到了良好的牽引力。在接下來的幾天和幾個月內，您將聽到我們關於此主題的更多信息。Chuck Kolstad 已加入該領域，擔任商業增長副總裁。 Chuck 在水、廢水和環境市場方面擁有豐富的經驗。並在北美最大的兩家投資者擁有的公用事業和合同運營公司擔任領導職務。我們將在下個月與您分享我們非常興奮的氫業務方面的領導層招聘以及氫方面的一些新發展。

As you've heard today, we are on our way to building a strong global footprint with our partner, SK ecoplant and also have an excellent international business development team that we have assembled. The work we have done on our marine applications is going really well under the leadership of Tim Schweikert, who has been a senior consultant for Bloom.

正如您今天所聽到的，我們正在與我們的合作夥伴 SK ecoplant 一起建立強大的全球足跡，並且我們還組建了一支優秀的國際業務開發團隊。在曾擔任 Bloom 高級顧問的 Tim Schweikert 的領導下，我們在海洋應用方面所做的工作進展順利。

Today, I'm happy to announce that Tim has joined us as a full-time Senior Managing Director and Head of our International Business and will continue to head Marine. Tim was the CEO of GE Global Locomotive business and operated in Asia, Europe and Africa, and we are excited for him to take this position at this moment who is transitioning out of the company.

今天，我很高興地宣布 Tim 已加入我們，擔任全職高級董事總經理兼國際業務負責人，並將繼續領導 Marine。 Tim 是 GE 全球機車業務的首席執行官，在亞洲、歐洲和非洲開展業務，我們很高興看到他正在離開公司擔任這一職務。

Now let me have Greg walk you through Q3 and how 2021 is shaping as well as give you some insight on the changes we are making at Bloom operationally to be a predictable, high-growth and innovative company. Greg?

現在讓我讓 Greg 帶您了解第三季度以及 2021 年的情況，並讓您了解我們在 Bloom 為成為一家可預測、高增長和創新的公司而在運營方面所做的改變。格雷格？

Thank you, KR. The team did an amazing job this quarter navigating through the current environment. A couple of items to highlight for the third quarter. We achieved a record number of third quarter acceptances. We made significant progress on our technology road map with product releases of the hydrogen energy server and Bloom Electrolyzer. We are seeing the largest commercial pipeline in our history for our Bloom always on server as we continue to build out our commercial capability in new states and globally.

謝謝你，KR。該團隊本季度在當前環境中的導航做得非常出色。第三季度要強調的幾個項目。我們取得了創紀錄的第三季度驗收數量。隨著氫能服務器和 Bloom Electrolyzer 的產品發布，我們的技術路線圖取得了重大進展。隨著我們繼續在新州和全球範圍內建立我們的商業能力，我們看到我們的 Bloom 始終在服務器上，這是我們歷史上最大的商業管道。

We are at record levels of manufacturing servers while we're adding to our manufacturing capacity to meet future demand. We, like other global manufacturing businesses, are experiencing supply chain pressures that are temporarily impacting both our revenue as certain installations have been delayed and our ability to drive down cost at the same rates we had previously achieved. I'll spend more time on this point later.

我們的製造服務器處於創紀錄的水平，同時我們正在增加我們的製造能力以滿足未來的需求。與其他全球製造企業一樣，我們正面臨供應鏈壓力，這些壓力暫時影響了我們的收入，因為某些安裝被推遲，以及我們以與以前相同的速度降低成本的能力。稍後我將在這一點上花更多時間。

We continue to simplify our business model and are accelerating our shift out of low-margin installation business as we leverage our partnerships. Last month, we signed definitive agreements with SK ecoplant to provide the revenue visibility, technology cooperation, process simplification and investment to position Bloom to accelerate our growth. A lot more to come on this point later in the discussion and into the future.

隨著我們利用我們的合作夥伴關係，我們將繼續簡化我們的業務模式，並加快我們擺脫低利潤安裝業務的步伐。上個月，我們與 SK ecoplant 簽署了最終協議，以提供收入可見性、技術合作、流程簡化和投資，以幫助 Bloom 加速我們的增長。在討論的後面和未來還有更多關於這一點的內容。

First, beginning on Page 3 of the supplemental deck, let me go through our financial performance for the third quarter. One item to highlight before we get into the individual metrics. The third quarter of 2020 results included a onetime revenue benefit of $14.2 million that we highlighted at the time related to a 2017 transaction that did not repeat this year. Where appropriate for year-over-year comparisons, we've noted that benefit.

首先，從補充資料的第 3 頁開始，讓我回顧一下我們第三季度的財務業績。在我們進入各個指標之前要突出顯示的一項。 2020 年第三季度的業績包括 1420 萬美元的一次性收入收益，我們當時強調了與今年未重複的 2017 年交易相關的收益。在適合進行年度比較的情況下，我們已經註意到了這種好處。

Starting with the top line. We achieved a record third quarter acceptances of $353 million, up 12.4% versus last year. Revenue was $207.2 million, up 11.4% versus last year, excluding the onetime item and was impacted by a delay of an acceptance representing roughly $20 million in revenue. This is an example of a supply chain issue delaying an installation and pushing revenue from 1 quarter to the next. The aluminum trades required for this installation has since been sourced and the project is on track for a fourth quarter acceptance and revenue.

從頂線開始。我們在第三季度實現了創紀錄的 3.53 億美元的承兌匯票，與去年相比增長了 12.4%。收入為 2.072 億美元，與去年相比增長 11.4%，不包括一次性項目，並受到約 2000 萬美元收入的延遲接受的影響。這是供應鏈問題延遲安裝並將收入從一個季度推到下一個季度的示例。此後，該安裝所需的鋁貿易已經採購，該項目有望在第四季度獲得驗收和收入。

As I've discussed in the past, these types of delays reinforce our stated strategy to simplify our operating environment and becoming more predictable by reducing our installation process of our business. We are accelerating our use of EPC partners that will purchase equipment on Bloom and perform the server installations.

正如我過去所討論的，這些類型的延遲強化了我們既定的戰略，以簡化我們的操作環境，並通過減少我們的業務安裝過程變得更加可預測。我們正在加速使用 EPC 合作夥伴，他們將在 Bloom 上購買設備並執行服務器安裝。

These partners will transact with the end customer for the sale of the equipment and installation work and earn the revenue from the end customer. While this acceleration will negatively impact our revenue dollars as we no longer pay in the installation work, it has the benefit of reducing margin-dilutive portion of our business. This continues to be the right long-term strategy for our business but comes with some near-term revenue headwinds that we will manage.

這些合作夥伴將與最終客戶進行設備銷售和安裝工作的交易，並從最終客戶那裡獲得收入。雖然這種加速將對我們的收入產生負面影響，因為我們不再支付安裝工作費用，但它有利於減少我們業務的利潤稀釋部分。對於我們的業務而言，這仍然是正確的長期戰略，但會帶來一些我們將管理的近期收入逆風。

Moving on to Slide 4 in the deck. In the third quarter, our non-GAAP gross margin was 19.2%. While gross margin improved slightly from the second quarter, global supply chain issues and inflationary pressures are impacting them. This is consistent with what other manufacturing businesses are also experiencing globally and is by no means unique to Bloom.

移動到甲板上的幻燈片 4。第三季度，我們的非公認會計原則毛利率為 19.2%。雖然毛利率較第二季度略有改善，但全球供應鏈問題和通脹壓力正在對其產生影響。這與其他製造企業在全球範圍內的經歷是一致的，而且絕不是 Bloom 獨有的。

Like others, we've been impacted by inflationary cost pressures in our logistics, source components and direct labor. That said, while we were unable to bring our costs down for our annual target of 10% to 15%, our strong supply chain and manufacturing model has been successful in keeping our product costs from rising over the past 4 quarters.

與其他公司一樣，我們在物流、採購組件和直接勞動力方面受到通脹成本壓力的影響。也就是說，雖然我們無法將成本降低到 10% 到 15% 的年度目標，但我們強大的供應鍊和製造模式已經成功地阻止了我們的產品成本在過去 4 個季度中上升。

As we focus on execution, we have prioritized meeting our customer needs even that comes with some temporary increases in cost compared to our prior projections. We are continuing to take actions that will offset cost increases in logistics, components and manufacturing, but these increases have mostly offset the material deflation that we planned for the year.

當我們專注於執行時，我們優先滿足客戶需求，即使與我們之前的預測相比成本會暫時增加。我們將繼續採取行動，抵消物流、零部件和製造成本的增加，但這些增加大部分抵消了我們今年計劃的材料通貨緊縮。

While we continue to believe this is a temporary issue that will clear up in the coming year, we are taking actions to increase our automation, drive efficiencies in our freight management and secure additional suppliers. As these cost pressures subside in the months ahead, these actions will continue to drive down the cost of making, shipping and installing our product.

雖然我們仍然認為這是一個臨時問題，將在來年得到解決，但我們正在採取行動提高我們的自動化程度，提高我們的貨運管理效率並確保更多的供應商。隨著這些成本壓力在未來幾個月內消退，這些行動將繼續降低我們產品的製造、運輸和安裝成本。

For the year, we expect the net impact to our margins is about 5% versus our total year expectations.

今年，我們預計對我們利潤率的淨影響約為 5%，而我們的全年預期。

For the third quarter, these impacts to gross margin translate into a non-GAAP operating loss of $22.9 million and a negative adjusted EBITDA of $9.8 million.

對於第三季度，這些對毛利率的影響轉化為 2290 萬美元的非公認會計準則營業虧損和 980 萬美元的負調整 EBITDA。

With respect to our cash flow and debt analysis on Slide 5. For the third quarter, cash flow from operating activities equal to usage of $72.6 million as we built up the working capital to support our fourth quarter acceptances. Our total cash balances were $319.9 million, versus the second quarter 2021 of $400.5 million, while our recourse debt balances of $300 million remained flat with the second quarter of 2021. Versus the third quarter last year, our recourse debt has been reduced to $175.5 million, reflecting last year's deleveraging accomplishments.

關於我們在幻燈片 5 上的現金流和債務分析。第三季度，運營活動產生的現金流相當於使用了 7260 萬美元，因為我們建立了營運資金以支持第四季度的承兌匯票。我們的總現金餘額為 3.199 億美元，而 2021 年第二季度為 4.005 億美元，而我們的追索權債務餘額為 3 億美元，與 2021 年第二季度持平。與去年第三季度相比，我們的追索權債務已減少至 1.755 億美元，反映了去年的去槓桿成就。

In the fourth quarter, cash balances are expected to improve with the anticipated completion of the first tranche of the SK ecoplant equity investment for $255 million.

在第四季度，隨著 SK ecoplant 股權投資的第一期預計完成，預計現金餘額將改善 2.55 億美元。

As I noted on Slide 6, we continue to invest in our technology, originations and control environment. We are building out our commercial capability, both in the U.S. and internationally. Our originations teams have been highly focused on providing potential customers with the benefits of resiliency, sustainability and predictability of our always-on Energy Server.

正如我在幻燈片 6 中指出的那樣，我們將繼續投資於我們的技術、起源和控制環境。我們正在美國和國際上建立我們的商業能力。我們的創始團隊一直高度專注於為潛在客戶提供我們始終在線的能源服務器的彈性、可持續性和可預測性的好處。

As I mentioned at the opening, our commercial pipeline has never been stronger and reflects the efforts we've made to secure larger installations, in terms of both contracted bookings as well as megawatts per site and in new geographies. The team is highly focused on closing the pipeline of transactions to ensure we have the adequate backlog to support our growth targets. I look forward to sharing the progress on our next earnings call.

正如我在開幕式上提到的那樣，我們的商業管道從未如此強大，這反映了我們為確保更大的安裝所做的努力，無論是在合同預訂方面，還是在每個站點和新地區的兆瓦數方面。該團隊高度專注於關閉交易渠道，以確保我們有足夠的積壓來支持我們的增長目標。我期待在下一次財報電話會議上分享進展。

We continue to make progress on operationalizing our staff manufacturing facility in Fremont, California. Our longer-term strategy remains to shift our revenue production to Bloom 7.5, utilizing the 1 gigawatt of stack manufacturing we are building in Fremont.

我們在加利福尼亞州弗里蒙特的員工製造工廠的運營方面繼續取得進展。我們的長期戰略仍然是將我們的收入生產轉移到 Bloom 7.5，利用我們在弗里蒙特建造的 1 吉瓦的堆棧製造。

In the near term, to meet our customer demand, we are utilizing additional 5.0 capacity. It's important to remember any investment in Bloom 5.0 tooling can be later repurposed for Bloom 7.5 and for electrolyzers. Whether we are utilizing the Bloom 5.0 or 7.5 platform, we are incredibly focused on product cost reductions. Supply chain benefits, manufacturing improvements and design changes can be leveraged across platforms.

在短期內，為了滿足我們的客戶需求，我們將利用額外的 5.0 容量。重要的是要記住對 Bloom 5.0 工具的任何投資都可以在以後重新用於 Bloom 7.5 和電解槽。無論我們使用的是 Bloom 5.0 還是 7.5 平台，我們都非常專注於降低產品成本。可以跨平台利用供應鏈優勢、製造改進和設計變更。

We continue to focus on innovation in our technology road map and are prioritizing our investments in areas that we see the most robust near-term opportunities while balancing longer development prospects. We are bringing our integrated electrolyzer to deployment, continuing to focus on product cost down and then ensuring we have the manufacturing capacity to meet our customer needs. As we engage with potential customers and partners, we are receiving positive feedback on our Electrolyzer.

我們將繼續專注於技術路線圖中的創新，並優先投資於我們認為近期機會最強勁的領域，同時平衡長期發展前景。我們正在部署我們的集成電解槽，繼續專注於降低產品成本，然後確保我們擁有滿足客戶需求的製造能力。隨著我們與潛在客戶和合作夥伴的接觸，我們收到了對我們電解槽的積極反饋。

Since we launched the product a few months ago, we've been able to show potential customers our efficiency superiority. To meet our customers' timing needs, we've accelerated our investments in engineering, product management and commercial leadership to deliver an integrated product that will supply the produced hydrogen ready for the customer use.

自從我們幾個月前推出該產品以來，我們已經能夠向潛在客戶展示我們的效率優勢。為了滿足客戶的時間需求，我們加快了對工程、產品管理和商業領導力的投資，以提供一種集成產品，為客戶提供生產的氫氣。

Beyond our hydrogen initiatives, we've made progress on biogas, carbon capture and our marine initiatives and continue to seek additional partners to accelerate our technology, development and product deployment.

除了我們的氫計劃之外，我們還在沼氣、碳捕獲和海洋計劃方面取得了進展，並繼續尋求更多的合作夥伴來加速我們的技術、開發和產品部署。

As we look forward for the remainder of the year and beyond, there are a couple of items to adjust to our 2021 framework detailed on Slide 7. We have successfully accelerated our initiative to leverage EPC partners to finance customer projects, purchase our equipment and perform server installations. While this will be accretive to margins, it reduces our installation revenue and for 2021 takes roughly $35 million from our total year projections.

隨著我們對今年剩餘時間及以後的展望，有一些項目需要調整以適應幻燈片 7 中詳述的 2021 年框架。我們已成功加快了利用 EPC 合作夥伴為客戶項目提供資金、購買我們的設備和執行的計劃服務器安裝。雖然這將增加利潤，但它會減少我們的安裝收入，並且到 2021 年，我們的全年預測將花費大約 3500 萬美元。

We are still on track for our customers accepting 170 to 180 megawatts we plan for the year, but I would now expect our current year revenue to be closer to $935 million to $965 million. For future guidance, we will incorporate a smaller percentage of installations being performed by Bloom.

我們仍在為接受我們今年計劃的 170 至 180 兆瓦的客戶提供服務，但我現在預計我們今年的收入將接近 9.35 億美元至 9.65 億美元。對於未來的指導，我們將合併由 Bloom 執行的較小比例的安裝。

We've quantified the net supply chain pressure being roughly 5 points of non-GAAP gross margin. For the year, I would now expect our non-GAAP gross margin to be closer to 21% as the supply chain pressures should be slightly offset by the margin improvement from reduced installation. This lower gross margin should translate into roughly a 3% non-GAAP operating loss for 2021 and push our CFO expectations out a year. At the midpoint of the range, our revenue would be up over 20% versus 2020, and our non-GAAP gross margins would be roughly flat to last year.

我們將淨供應鏈壓力量化為非 GAAP 毛利率的大約 5 個百分點。今年，我現在預計我們的非 GAAP 毛利率將接近 21%，因為供應鏈壓力應該會被安裝減少帶來的利潤率改善略微抵消。這種較低的毛利率應轉化為 2021 年約 3% 的非公認會計原則營業虧損，並將我們的首席財務官預期推後一年。在該範圍的中點，我們的收入將比 2020 年增長 20% 以上，我們的非美國通用會計準則毛利率將與去年大致持平。

As we look forward, we see many tailwinds that will accelerate our growth. Climate change is reinforcing the need for power resiliency and sustainability, decarbonization and a continuous source of power has become a standing agenda item for boards and management teams across the world.

展望未來，我們看到了許多將加速我們增長的順風。氣候變化正在加強對電力彈性和可持續性的需求，脫碳和持續的電力來源已成為全球董事會和管理團隊的常設議程項目。

Also, as currently drafted, the infrastructure and reconciliation bills is signed into law would provide an extension of the investment tax credit, a hydrogen production tax credit and refundability of both tax credits as well as funding for hydrogen hubs and carbon sequestration. While these programs are currently under discussion, they represented increased interest by policymakers in resiliency and sustainability and reinforce the Bloom value to our customers.

此外，正如目前起草的那樣，基礎設施和和解法案簽署成為法律將提供投資稅收抵免、氫生產稅收抵免和稅收抵免的可退還性，以及為氫樞紐和碳封存提供資金。雖然這些計劃目前正在討論中，但它們代表了決策者對彈性和可持續性的興趣增加，並加強了 Bloom 對我們客戶的價值。

Moving on to Slide 8 in the deck. Let me now take a few moments addressing the SK ecoplant transaction. I want to build off what KR shared in his comments and offer some additional perspective. Over my 1.5 years of Bloom, I've spoken many times about our special relationship with SK ecoplant. Our 2 companies share many goals and have built an amazing partnership over the past 3 years. The recent agreements we've made with SK ecoplant create a foundation to build additional value for both companies.

繼續前進到甲板上的幻燈片 8。現在讓我花點時間談談 SK ecoplant 交易。我想以 KR 在他的評論中分享的內容為基礎，並提供一些額外的觀點。在我 1.5 年的 Bloom 工作中，我多次談到我們與 SK ecoplant 的特殊關係。我們的 2 家公司有著許多共同目標，並在過去 3 年中建立了驚人的合作夥伴關係。我們最近與 SK ecoplant 達成的協議為為兩家公司創造附加價值奠定了基礎。

For Bloom, we've contracted for a minimum of 500 megawatts of the energy server acceptances over the next 3 years. These acceptances are in line with our expectations for growth in the South Korean market. We have an agreement to work more closely together with EPC and financing partnerships in the U.S. market, greatly simplifying our business model while leveraging their construction expertise. We also plan to leverage their capability as we enter new international markets, which we anticipate will accelerate our growth by enabling us to scale more quickly.

對於 Bloom，我們在未來 3 年內簽訂了至少 500 兆瓦的能源服務器驗收合同。這些接受符合我們對韓國市場增長的預期。我們已達成協議，將與美國市場的 EPC 和融資合作夥伴更緊密地合作，大大簡化我們的業務模式，同時利用他們的建築專業知識。我們還計劃在進入新的國際市場時利用他們的能力，我們預計這將使我們能夠更快地擴大規模，從而加速我們的增長。

Their equity investment is intended to provide the additional capital required to aggressively deploy our hydrogen Energy Server and Bloom Electrolyzer, which have a higher efficiency than any other products being advertised. Our goal is to leverage our production scale, large project expertise an ability to create green hydrogen at less kilowatts per kilogram.

他們的股權投資旨在提供積極部署我們的氫能服務器和 Bloom 電解器所需的額外資金，它們的效率比宣傳的任何其他產品都高。我們的目標是利用我們的生產規模、大型項目專業知識以及以每公斤更少千瓦的速度生產綠色氫氣的能力。

While we could have funded this over time through operations, having the additional capital provides the opportunity to invest quicker and more aggressively and bring our products to our customers sooner.

雖然隨著時間的推移，我們本可以通過運營為其提供資金，但擁有額外的資金可以提供更快、更積極的投資機會，並更快地將我們的產品帶給我們的客戶。

Over the next few weeks, as we work closely with SK ecoplant on our hydrogen innovation centers and market expansion, we will be updating our growth expectations and will include this updated guidance in our fourth quarter earnings and 2022 outlook in February.

在接下來的幾週內，隨著我們與 SK ecoplant 在氫能創新中心和市場擴張方面密切合作，我們將更新我們的增長預期，並將這一更新後的指導納入我們 2 月份的第四季度收益和 2022 年展望。

While I anticipate that our 2022 projections will be in line with prior growth guidance, for the years beyond 2022, we will update assumptions to reflect our product leadership in a world accelerating towards decarbonization.

雖然我預計我們對 2022 年的預測將與之前的增長指導保持一致，但對於 2022 年以後的年份，我們將更新假設，以反映我們在加速走向脫碳的世界中的產品領先地位。

We continue to invest in our technology, manufacturing and front-end origination teams to build and expand our product platform and meet our customers' needs. Furthermore, we have a strong operating performance in meeting the demands of the current supply chain. Our strong supply chain and manufacturing framework will help us manage the demands of the current supply chain.

我們繼續投資於我們的技術、製造和前端原創團隊，以建立和擴展我們的產品平台並滿足客戶的需求。此外，我們在滿足當前供應鏈需求方面擁有強大的經營業績。我們強大的供應鍊和製造框架將幫助我們管理當前供應鏈的需求。

Our expansion of the SK ecoplant strategic partnership provides revenue transparency in the near term while providing the collaboration and capital to develop our leadership position in the hydrogen economy.

我們擴大 SK ecoplant 戰略合作夥伴關係可在短期內提供收入透明度，同時提供合作和資金來發展我們在氫經濟中的領導地位。

In summary, we believe there is no other company in our sector with the platforms like products that offer the benefits of resiliency and decarbonization that is driving a robust pipeline of opportunities and real revenue. And as always, we continue to run this company with a disciplined focus on operational excellence, which creates value for our shareholders.

總而言之，我們相信我們行業中沒有其他公司擁有像產品這樣的平台，這些產品提供了彈性和脫碳的好處，從而推動了強大的機會管道和實際收入。與往常一樣，我們繼續以嚴謹的態度經營這家公司，專注於卓越運營，為我們的股東創造價值。

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) For our first question, we have Stephen Byrd from Morgan Stanley.

（操作員說明）對於我們的第一個問題，我們請來摩根士丹利的 Stephen Byrd。

Thanks for the thorough update on supply chain and the growth outlook. I was curious, how are you looking at the cost reduction potential going into 2022 for both your Electrolyzer and fuel cell product. I know the -- you highlighted a number of supply chain headwinds. I'm asking in the context mostly of the Electrolyzer in terms of just there are quite a few companies that are looking to scale up and reduce per unit cost.

感謝您對供應鍊和增長前景的全面更新。我很好奇，您如何看待 2022 年電解槽和燃料電池產品的成本降低潛力。我知道——你強調了一些供應鏈的不利因素。我主要是在電解槽的背景下詢問有很多公司正在尋求擴大規模並降低單位成本。

And I'm just curious sort of what sort of trajectory you see on the Electrolyzer, but certainly also just on the fuel cell side as well. On the positive side, we see your volumes going way up in terms of additional sales and the SK agreement was a great affirmation of that growth. On the other hand, thinking about the selling price continuing to drop and just thinking about sort of that, what your cost -- can your costs drop as well on a commensurate basis? So just sort of broadly trying to get a better read for your sort of cost position in '22.

我只是好奇你在電解器上看到的是什麼樣的軌跡，當然也只是在燃料電池方面。積極的一面是，我們看到你們的銷量在增加銷售額方面正在大幅上升，而 SK 協議是對這一增長的極大肯定。另一方面，考慮到銷售價格繼續下降，只是考慮一下，你的成本是多少——你的成本也能在相應的基礎上下降嗎？因此，只是廣泛地嘗試更好地了解您在 22 年的成本狀況。

Thanks, Stephen. That's a great question. So look, we see the externalities, the cost pressures in terms of duty, freight, tariffs, and just supply shortages has been temporary. How long that lasts, it's hard to quantify. But those things are not going to last forever in the economy because it's a cycle. So you take that away.

謝謝，斯蒂芬。這是一個很好的問題。所以看，我們看到外部性，關稅、運費、關稅和供應短缺方面的成本壓力是暫時的。持續多長時間，很難量化。但這些事情不會在經濟中永遠持續下去，因為它是一個循環。所以你把它拿走。

Here's what I think, Stephen, you know from knowing this company for a long time. Cost reduction is in our DNA, okay? We have done teens cost reduction year-over-year even without the benefit of volume. That DNA is going to continue even without the volume. But now we have an added tailwind to us in that we have the volume. And volume learning and bringing costs down and getting absorption is something every company knows how to do. So shame on us if we don't do that, given that we knew how to do cost reductions even without the volume.

這就是我的想法，斯蒂芬，你知道這家公司很長時間了。降低成本是我們的基因，好嗎？即使沒有數量的好處，我們也逐年降低了青少年的成本。即使沒有體積，這種 DNA 也會繼續存在。但現在我們有了額外的順風，因為我們有數量。每家公司都知道如何做大量學習和降低成本並獲得吸收。如果我們不這樣做，我們會感到羞恥，因為我們知道如何在沒有數量的情況下降低成本。

So without a question, we will be doing those things. The fact that all these external pressures have put cost pressures and put it upwards. We are still flat all that we're not doing is we're not bringing the cost down as much as we need to, but most people are raising cost. We are not because our cost reductions are getting eaten away by some of these temporary things. When these pressures go away, those cost reductions we brought along this year as well as whatever we bring with volume next year will all accrete to our business.

因此，毫無疑問，我們將做這些事情。事實上，所有這些外部壓力都給成本帶來了壓力並將其推高。我們仍然持平，我們沒有做的只是我們沒有盡可能地降低成本，但大多數人都在提高成本。我們並不是因為我們的成本降低被這些臨時性的東西所蠶食。當這些壓力消失時，我們今年帶來的成本降低以及我們明年帶來的任何數量都將增加我們的業務。

So I'm extremely bullish about this. Remember, in our mission statement, it's about affordable. We are going to be the most affordable way to produce hydrogen and to produce electricity in the long run. And that's our goal. That's our mission. We're heads down on it. That's our DNA.

所以我對此非常看好。請記住，在我們的使命宣言中，它是關於負擔得起的。從長遠來看，我們將成為生產氫氣和發電的最經濟實惠的方式。這就是我們的目標。這就是我們的使命。我們對此低頭。那是我們的DNA。

Understood. And a fair point, you've had a long history of pretty significant name on cost reduction. So that's a very fair point. And shifting gears to legislation, Greg gave a good overview of all the components of support that's in the draft legislation. I was just curious if this legislation passes and certainly that it does, in particular, the support for green hydrogen is quite significant.

明白了。公平地說，您在降低成本方面有著相當重要的名字的悠久歷史。所以這是一個非常公平的觀點。 Greg 轉向立法，對立法草案中支持的所有組成部分進行了很好的概述。我只是好奇這項立法是否會通過，而且肯定會通過，特別是對綠色氫的支持非常重要。

Do you see the potential for that legislation could start significant growth in Electrolyzer sales and adoption of green hydrogen? Maybe put more broadly, if legislation were to pass, what do you see as kind of the most significant impacts to your business, both kind of near and long term?

您是否認為該立法有可能在電解器銷售和綠色氫的採用方面開始顯著增長？也許更廣泛地說，如果要通過立法，您認為對您的業務產生的最重大影響是什麼，無論是近期還是長期？

So that, again, is a great question. Both Greg and I will answer this question, Steve, and I'll get started, and then I'll pass it on to Greg. So you know this from the time we started selling our products. As I sit here, right? We have had this dagger of uncertainty hanging on our heads about investment tax credit, the policy, how long will it last? In terms of policies like that, 1 year plus 1 year, plus 1 year, 1 plus 1 plus 1 does not add up to 3, right?

所以，這又是一個很好的問題。格雷格和我都會回答這個問題，史蒂夫，我會開始，然後我會把它轉給格雷格。因此，您從我們開始銷售產品時就知道這一點。當我坐在這裡的時候，對吧？關於投資稅收抵免政策，我們的頭上懸著這把不確定性的匕首，它會持續多久？這樣的政策，1年加1年，加1年，1加1加1不等於3，對吧？

Having that 5-year certainty, 10-year certainty that is coming out is going to be phenomenal. That's number one. Number 2 is going to be that there is refundability on both this investment tax edit and production tax credit as it's written. And what that does is it eliminates the uncertainty as well as the complications that tax equity finding enough capacity, all that goes away.

擁有 5 年的確定性，10 年的確定性將是驚人的。那是第一名。第二個是投資稅編輯和生產稅收抵免都可以退還，因為它是書面的。這樣做的目的是消除稅收公平找到足夠能力的不確定性和復雜性，所有這些都消失了。

To put that in the context of the entire world of investing who wants to invest in ESG, we see this as an amazing tailwind for being able to finance our projects going forward, right? So that's a tremendous tailwind for our core business as well as for Electrolyzer business.

把它放在想要投資 ESG 的整個投資世界的背景下，我們認為這是能夠為我們未來的項目融資的一個驚人的順風，對吧？因此，這對我們的核心業務以及電解器業務來說是一個巨大的順風。

On the Electrolyzer side, as it is written, the 3-kilogram hydrogen credit will enable us to sell hydrogen at parity in cost to gray hydrogen. So that should obviously open up huge markets and should accelerate adoption in the marketplace because if as an end customer, you have to pay the same price and you have the choice between picking green hydrogen and gray hydrogen, you're obviously got a big green hydrogen.

在電解器方面，正如它所寫的那樣，3 公斤的氫信用額度將使我們能夠以與灰氫同等的成本出售氫。因此，這顯然應該打開巨大的市場並加速市場的採用，因為如果作為最終客戶，您必須支付相同的價格並且您可以在選擇綠色氫和灰色氫之間進行選擇，那麼您顯然會得到一個大綠色氫。

Yes. No, I think that's exactly right, KR. Having the availability of the funding, the predictability on the ITC for an extended period of time as well as, if you remember back to our second quarter on our ability to do our PPA financings then was driven by a tightness in the market around tax equity. The refundability will take that off the table in future years and provide money for that.

是的。不，我認為這是完全正確的，KR。資金的可用性、ITC 長期的可預測性以及，如果您還記得我們第二季度的 PPA 融資能力，那麼是由圍繞稅收權益的市場緊張推動的.可退款性將在未來幾年將其排除在外，並為此提供資金。

I think the other 2 points I'd make is around demonstration dollars -- of money for demonstration dollars in the infrastructure bill, both around the hydrogen hubs as well as around carbon capture. We think both of those will create opportunities for us to work with folks that we're talking with today about putting our servers in motion and having a place for people to go see those and would be important for us. So I think it's a nice tailwind as we think about the business going forward.

我認為我要提出的另外兩點是圍繞示範資金——基礎設施賬單中用於示範資金的資金，包括氫樞紐和碳捕獲。我們認為這兩者都會為我們創造機會，與我們今天正在討論的人們合作，讓我們的服務器運行起來，並為人們提供一個可以看到這些的地方，這對我們來說很重要。因此，當我們考慮未來的業務時，我認為這是一個很好的順風。

It's a great overview and a good point on the last there on just carbon capture. I've forgotten that element that could be beneficial as well.

這是一個很好的概述，也是關於碳捕獲的最後一個要點。我忘記了那個也可能有益的元素。

For our next question, we have Michael Blum from Wells Fargo.

對於我們的下一個問題，我們請來富國銀行的 Michael Blum。

I wanted to ask another question on the SK partnership here.

我想在這裡問另一個關於 SK 合作夥伴關係的問題。

In terms of those the hydrogen innovation centers, what are the milestones we should be looking for there? Are there certain product milestones, efficiencies, product sales? Just trying to put some tangible outcomes around those 2 centers.

就那些氫創新中心而言，我們應該在那裡尋找哪些里程碑？是否有特定的產品里程碑、效率、產品銷售？只是試圖在這兩個中心周圍產生一些切實的成果。

Michael, it's Greg. And this is something as we negotiated with SK and talked about expanding this partnership. This was something both teams were really excited to make sure that was part of the overall agreement. So if you think about the hydrogen innovation centers, and it's true for our electrolyzers, the same is true for our fuel cell.

邁克爾，我是格雷格。這是我們與 SK 談判並談到擴大這種夥伴關係的事情。這讓兩個團隊都非常興奮，以確保這是整體協議的一部分。因此，如果您考慮氫創新中心，我們的電解槽也是如此，我們的燃料電池也是如此。

What we're really looking for is a place where we can collaborate together where our core IP is protected, but at the same time, we can invite other folks in together and work on product integration. And what I mean by that, if you think about our Electrolyzer and the work that we're doing within our labs, and how we are optimizing our product within there.

我們真正想要的是一個我們可以一起合作的地方，我們的核心 IP 受到保護，但同時，我們可以邀請其他人一起進行產品集成。我的意思是，如果您考慮一下我們的電解器和我們在實驗室內所做的工作，以及我們如何在其中優化我們的產品。

If you think about what exists in the balance of plan on the left and the right of that from the electricity through to what the use -- customer use of the hydrogen is going to be, having partners available that can come and see our product, whether it's here or in South Korea and work to develop an end-to-end integrated product that can be delivered to the customer.

如果您考慮一下左右計劃的平衡中存在什麼，從電力到用途 - 客戶將使用氫氣，有可用的合作夥伴可以來看看我們的產品，無論是在這裡還是在韓國，都致力於開發可以交付給客戶的端到端集成產品。

So the milestones are really going to be around how do you take the Electrolyzer and build out that ecosystem around it that provides a use to the customer, whether they're looking for compressed hydrogen or they're looking for an ammonia application. Or it needs to go into a truck or it needs to be produced on site and put right into a manufacturing process, all that innovation should be happening in those centers. So we're really excited to have that as part of the deal.

因此，里程碑實際上將圍繞您如何使用電解器並圍繞它建立為客戶提供使用的生態系統，無論他們是在尋找壓縮氫還是在尋找氨應用。或者它需要裝上卡車，或者需要在現場生產並直接投入製造過程，所有這些創新都應該在這些中心進行。因此，我們很高興將其作為交易的一部分。

Great. I appreciate it. Second question, I just wanted to ask about the cash burn rate and how you're planning to finance the build-out of the factory and the other capital obligations. In light of the fact that you've now -- you're now forecasting to be cash flow positive in '22 instead of '21. And just to clarify, is that the beginning of '22, the end of '22. So have a lot in that question, so...

偉大的。我很感激。第二個問題，我只是想問一下現金消耗率以及您計劃如何為工廠的擴建和其他資本義務提供資金。鑑於您現在 - 您現在預測在 22 年而不是 21 年的現金流為正。只是為了澄清，是'22的開始，'22的結束。所以這個問題有很多，所以...

So Michael, I think what we -- yes, what we talked about for this year, where our hope was to be CFOA positive, and we've been approaching it all along when we reforecast out given where we are on margins, and you trickle that through, it obviously postponed. So as we think about next year, the expectation would be that we'd move forward to -- for the entire year of 2022, we would be -- with the same guidance we had this year is our expectation is will be approaching CFOA positives we think.

所以邁克爾，我認為我們 - 是的，我們今年談到的，我們希望 CFOA 積極，當我們重新預測時，我們一直在接近它，因為我們處於利潤空間，你涓涓細流，它顯然推遲了。因此，當我們考慮明年時，期望我們會向前邁進——在 2022 年全年，我們將——在與今年相同的指導下，我們的預期是接近 CFOA 的積極因素我們認為。

The cash reduction in cash balances this quarter, a lot of it had to do with -- we still have a tremendous fourth quarter ahead of us. And if you look at the builds that were in place as we go forward from an inventory standpoint across the operation, we're building the things that are necessary for us in order to meet our customer needs and have the shipments and acceptances that we have for plan for what is still planned to be a really big fourth quarter.

本季度現金餘額的現金減少在很大程度上與 - 我們還有一個巨大的第四季度。而且，如果您從整個運營的庫存角度來看我們在前進時已經到位的構建，我們正在構建我們所必需的東西，以滿足我們的客戶需求並獲得我們擁有的發貨和驗收計劃仍然計劃成為一個非常大的第四季度。

I think with the addition of the SK capital investment that we expect to come within December, any type of pressure, short-term pressure around any of our cash balances is well in hand at this point. And listen, we're going to take that capital and look to be even more aggressive around our investments not only in our technology, with our R&D investment, but we're going to continue to build out on our originations capability.

我認為，隨著我們預計將在 12 月內進行的 SK 資本投資的增加，任何類型的壓力，圍繞我們任何現金餘額的短期壓力都在這一點上。聽著，我們將利用這筆資金，在我們的投資方面更加積極，不僅在我們的技術、研發投資方面，而且我們將繼續加強我們的原創能力。

And we're going to build out our Fremont facility fairly quickly. As we look forward and see the amount of demand that's coming, we need to get ahead of it. Our factories are extremely efficient to build, meaning from start to finish once we want to put a line on it's about 8 to 9 months.

我們將很快建立我們的弗里蒙特工廠。當我們展望並看到即將到來的需求量時，我們需要領先於它。我們的工廠建造效率極高，這意味著從開始到結束，一旦我們想投入生產線，大約需要 8 到 9 個月。

And then given the amount of profit that we make on each individual unit, the payback on those is less than a year. So we're going to take that capital and make sure that we are -- as soon as we get 1 line up and going within the factory, we're moving on to the next 200-megawatt line. And based on our view, we see that we'll need those lines in place over the coming years. So I think we're well positioned given the investment that we received -- we will receive this quarter from SK.

然後考慮到我們從每個單獨的單位獲得的利潤，這些投資的回報不到一年。因此，我們將利用這筆資金並確保我們——一旦我們排好一條線並進入工廠，我們就會進入下一條 200 兆瓦的生產線。根據我們的觀點，我們認為未來幾年我們將需要這些線路。因此，鑑於我們收到的投資，我認為我們處於有利地位 - 我們將在本季度從 SK 獲得。

For the next question, we have Vaibhav Vaishnav from Coker & Palmer.

對於下一個問題，我們有來自 Coker & Palmer 的 Vaibhav Vaishnav。

Can you hear me?

你能聽到我嗎？

Yes.

是的。

So we talked about product margins. Is there a way you can help us get comfortable with how you think about margins on services? How can we get to the determined like, I think, like 20% margins? And how does that mechanically happen? How much of that is from scaling up? And how much of that is from product getting better?

所以我們談到了產品利潤。有什麼方法可以幫助我們了解您對服務利潤率的看法？我認為，我們如何才能達到 20% 的利潤率？以及這是如何機械地發生的？其中有多少來自擴大規模？其中有多少來自產品變得更好？

Yes. So these listen, I think as we had Glen earlier in the year, do the teach-in, right? And his key points were a few things around it. One is we constantly have the opportunity to provide new power modules into our installed base and each power module we put in is at a lower cost in a longer life, and that gets us the benefit.

是的。所以這些聽，我想就像我們今年早些時候有格倫一樣，做教學，對吧？他的重點是圍繞它的一些事情。一是我們不斷有機會為我們的安裝基地提供新的電源模塊，我們投入的每個電源模塊的成本更低，使用壽命更長，這讓我們受益。

The second part is each contract that we're pricing today has at least a 20% product margin built -- service margin built into that contract. So each time we add a new contract into the installed base is coming with that.

第二部分是我們今天定價的每份合同都至少有 20% 的產品利潤——該合同中的服務利潤。因此，每次我們將新合同添加到已安裝基礎中時，都會隨之而來。

And then three, as we go forward, our expectation is if you look at back a year ago where we were losing $20 million on our gross margin line from our service business being to break even a slight profit where we are today. Our expectation from here is to go forward. And we'll achieve that 20% gross margin, not this year, not next year, but in the out years, we'll grow from there.

然後三，隨著我們的前進，我們的期望是，如果你回顧一年前，我們的服務業務在毛利率線上損失了 2000 萬美元，即使是我們今天的微薄利潤。我們從這裡的期望是繼續前進。我們將實現 20% 的毛利率，不是今年，不是明年，但在接下來的幾年裡，我們將從那裡成長。

And we're not limited at 20% either. Even if we price it at 20%, we can continue to do things to operate our fleet, both from a cost as well as from an optimization of running the fleet that we think can improve us above that number. But we think this is a journey as we move forward. And we're very encouraged that we've had 3 quarters, now we're in a row here where we've been at least breakeven to a slight profit.

我們也不限於 20%。即使我們將其定價為 20%，我們也可以繼續做一些事情來運營我們的車隊，無論是從成本還是從我們認為可以將我們提高到高於這個數字的運營車隊的優化方面。但我們認為這是我們前進的旅程。而且我們非常鼓舞我們已經有 3 個季度，現在我們已經連續在這裡，我們至少實現了盈虧平衡，並獲得了微薄的利潤。

And this is KR, the one key point that Greg made, I want to reemphasize, is the current products we are shipping today with its performance and how we project out the service to be will enable us to 20% margin. So this is not something in the future with new technology. This is how we are putting it today based on what we're shipping today.

這就是 KR，Greg 提出的一個關鍵點，我想再次強調，是我們今天交付的當前產品及其性能以及我們如何規劃服務將使我們能夠獲得 20% 的利潤。所以這不是未來新技術的事情。這就是我們今天根據我們今天發貨的內容的方式。

Maybe switching to the SK announcement. And KR you talked -- KR, you talked about 15 gigawatts as per the Korean policy, but my understanding is, I think, 7 gigawatts is for their internal purpose and 8 gigawatt is for exporting to other countries. With -- that was more interesting point for me in this SK announcement that you guys can now target the other countries. Can you help me how that could be done? Would you need to have a manufacturing plant in Korea? And how should we think about you guys targeting those other countries from the SK announcement?

也許切換到SK公告。 KR，您談到了 KR，您談到了根據韓國政策的 15 吉瓦，但我的理解是，我認為，7 吉瓦用於其內部目的，而 8 吉瓦用於出口到其他國家。在這個 SK 公告中，這對我來說更有趣，你們現在可以瞄准其他國家。你能幫我怎麼做嗎？你需要在韓國建廠嗎？我們應該如何看待你們從 SK 公告中針對那些其他國家的人？

Thank you, V. So look, this 500 megawatts, and we have emphasized it is the minimum guarantee offtake, right? So this is all for U.S. and Korea using our core product. And it's predominantly whatever we are shipping today, very similar kind of products is what you're looking at, and that's the minimum model.

謝謝你，V。所以你看，這500兆瓦，我們已經強調它是最低保證承購量，對吧？所以這一切都是為了美國和韓國使用我們的核心產品。它主要是我們今天運送的任何產品，非常相似的產品就是您所看到的，這是最低型號。

By no means are the 2 companies saying that, that is our total opportunity that's out there, okay? The opportunity is significantly greater is what we believe. That's why we are excited about this partnership. So that's just in Korea. In addition to that, we have agreed that we will be -- SK as a conglomerate. They're a global conglomerate that operates in so many different countries.

這兩家公司絕不會這麼說，那是我們的全部機會，好嗎？我們相信，機會要大得多。這就是為什麼我們對這種夥伴關係感到興奮。所以這只是在韓國。除此之外，我們已經同意我們將——SK作為一個企業集團。他們是一家在許多不同國家開展業務的全球性企業集團。

They have relationships in so many countries. They do development projects, not just in energy, but in real estate and so many other things, both for their purposes as well as for their clients. So we will evaluate any of those opportunities and enter together and rinse and repeat what we did in Korea in those countries is the goal that we have both collectively agreed upon, and we will evaluate that on a country-by-country basis and decide if that's a country we want to be able to play that rinse and repeat model. So that is what we have said publicly, and we are excited about it.

他們在很多國家都有關係。他們進行開發項目，不僅在能源方面，而且在房地產和許多其他方面，既是為了他們的目的，也是為了他們的客戶。因此，我們將評估這些機會中的任何一個，並一起進入，沖洗並重複我們在韓國所做的那些國家，這是我們共同商定的目標，我們將逐個國家評估，並決定是否那是一個我們希望能夠發揮這種沖洗和重複模式的國家。這就是我們公開所說的，我們對此感到興奮。

Yes. The only thing I'd add, KR, is the they are construction business is one of their core businesses. So as we look for additional countries to add as we expand globally, they will be a partner. We expect them to be a partner to us to help us simplify our business model, where they can provide that construction and possibly even financing if it's required. So there -- we won't be repeating an installation business that we've built in the U.S. in those countries.

是的。我唯一要補充的是，KR，他們的建築業務是他們的核心業務之一。因此，當我們在全球擴張時尋找其他國家來添加時，他們將成為合作夥伴。我們希望他們成為我們的合作夥伴，幫助我們簡化業務模式，他們可以提供建設，甚至在需要時提供融資。所以——我們不會在這些國家重複我們在美國建立的安裝業務。

And there's an added thing which is exciting. They are heavily into wastewater treatment, other kinds of bio gas-related projects to be able to bolt on the most efficient device that can take a renewable natural gas and convert that to electricity and to be working with a partner like that, that's an opportunity that's not in those numbers that you saw that we hope to develop.

還有一件令人興奮的事情。他們大力投入廢水處理和其他類型的生物氣相關項目，以便能夠安裝最高效的設備，該設備可以採用可再生天然氣並將其轉化為電力，並與這樣的合作夥伴合作，這是一個機會這不是你看到的我們希望發展的那些數字。

In terms of building factories, you just heard what we said, the core product [IP], we can build those copy exact lines and will pay for itself in less than a year. Wherever the market is similar to the JV that we announced at Korea, that's where we will do the final assembly. So it's accretive to jobs here in the U.S. and it will be accretive to jobs in the local economy that's going to absorb the product, it's a win-win.

建廠方面，你剛才聽到我們說的，核心產品[IP]，我們可以建那些複製精確的線，不到一年就會收回成本。只要市場與我們在韓國宣布的合資企業相似，我們就會在那裡進行最終組裝。因此，它會增加美國的就業機會，也會增加吸收該產品的當地經濟的就業機會，這是雙贏的。

Okay. And just for clarification, have you just broken out the 500 megawatts into fuel cell versus electrolyzers or is that something that we should expect?

好的。為了澄清起見，您是否剛剛將 500 兆瓦分解為燃料電池與電解槽，還是我們應該期待的？

It's all fuel cells. What we've agreed to is the contract today exists around our core product, and that's what we've got that as a minimum for, which is in line with our expectations for the market. And then the electrolyzers, we develop that out would be upside to that number.

都是燃料電池。我們同意的是今天的合同圍繞我們的核心產品存在，這就是我們最低限度的要求，這符合我們對市場的預期。然後是電解槽，我們開發出來的結果會比這個數字好。

For the next question, we have Colin Rusch from Oppenheimer.

對於下一個問題，我們有來自 Oppenheimer 的 Colin Rusch。

You've talked about a different sales process in the U.S. And I'm curious what the returns are. You targeted some of the peer customers and curious how that conversion process is going? What you can tell us? I know you don't provide backlog more than once a year, but would love to get a better sense of about that process.

您談到了在美國的不同銷售流程。我很好奇回報是多少。您瞄準了一些同行客戶，並好奇轉換過程是如何進行的？你能告訴我們什麼？我知道您每年提供的積壓工作不會超過一次，但希望更好地了解該過程。

Yes, Colin, we just give our bookings and backlog once a year. So we'll do that on the next call. And what I promised after last year was I tried to share a little bit more and give a sense of how we're doing in the middle of the year. I would point to our commercial pipelines, right?

是的，科林，我們每年只提供一次預訂和積壓。所以我們將在下一次電話會議上這樣做。去年之後我承諾的是，我試圖分享更多信息，並了解我們在年中的表現。我會指出我們的商業管道，對嗎？

And these are real opportunities moving through our -- moving through our process from prospect to contracting. And if I look at it across all of those stages, it's never been higher in the history of Bloom. And we need to complete the contracting and get the booking, and we can share that with you in 90 days. But I would tell you, not only is it higher, but it is in larger projects and installations than we've had traditionally, which has been a strategic stated goal of the company.

這些是貫穿我們的真正機會——貫穿我們從潛在客戶到簽約的過程。如果我從所有這些階段來看它，它在 Bloom 的歷史上從未如此高。我們需要完成簽約並獲得預訂，我們可以在 90 天內與您分享。但我會告訴你，它不僅更高，而且在比我們傳統上更大的項目和裝置中，這一直是公司的戰略目標。

So we are, both with existing customers looking for larger opportunities, larger installations, but as well as new customers in new geographies at really exciting sizes and installation. So it's -- we're really -- we really feel good about the commercial pipeline. I'll tell you, Sharelynn Moore as our CMO, has been doing a terrific job. Billy Brooks is coming in as our sales leader is really doing a nice job and we have the whole team aligned and making sure that they're successful as we move into the later part of this year.

因此，我們既有尋求更大機會、更大安裝的現有客戶，也有在新地區以真正令人興奮的尺寸和安裝的新客戶。所以它 - 我們真的 - 我們對商業管道感覺很好。我會告訴你，作為我們的首席營銷官的 Sharelynn Moore，一直做得非常出色。 Billy Brooks 的到來是因為我們的銷售主管確實做得很好，我們讓整個團隊保持一致，並確保他們在我們進入今年下半年時取得成功。

And then on 7.5, could you just give us an update on progress there and time frame for implementation and now we can (inaudible) sort see that good impact the COGS?

然後在 7.5 上，您能否向我們提供有關那裡的進展和實施時間框架的最新信息，現在我們可以（聽不清）排序看到對 COGS 的良好影響？

Yes. So a couple of points on 7.5 and 5.0 because we think about it a lot. As we look back on 5.0, and we look back at where our cost expectations were by the time we got to 7.5, we've already achieved a lot of those cost downs with our current product on 5.0. And we think firmly there's more opportunity to take costs out of that product. It's going to be here as not only for revenue today, but for our service fleet as well as some of our early applications are going to be built on that platform. So we're going to be on 5.0 manufacturing that component.

是的。所以關於 7.5 和 5.0 的幾點是因為我們考慮了很多。當我們回顧 5.0 時，我們回顧到 7.5 時我們的成本預期在哪裡，我們已經在 5.0 上使用我們當前的產品實現了很多成本下降。我們堅信有更多的機會從該產品中降低成本。它將在這裡不僅是為了今天的收入，而且對於我們的服務車隊以及我們的一些早期應用程序都將在該平台上構建。因此，我們將在 5.0 上製造該組件。

On 7.5, as we bring that in, our goal is to make that in our Fremont facility. We are seeing the same supply chain issues in tooling and everything else that we're seeing in our components that we're building for our machines. So we're in a process as we operationalize 7.5, we're going to rely heavily on 5.0 as well to make sure we can get to the volume numbers that we need to next year.

在 7.5 中，當我們引入它時，我們的目標是在我們的弗里蒙特工廠實現它。我們在工具中看到了與我們在為機器製造的組件中看到的所有其他問題相同的供應鏈問題。因此，我們正在實施 7.5，我們將嚴重依賴 5.0，以確保我們能夠達到明年所需的數量。

Colin, our customers are indifferent to whether it's 7.5 or 5.0, they don't -- they even won't know even what the server is to them. It's a lot about for us. And as we look to leverage our cost down, whether it's 5.0 or 7.5, we see the ability to drive down both of those as we'll share best practices across those. So I think we're pretty comfortable where we are. We're trying to derisk our plan for next year and at the same time, introduce the new technology simultaneously.

Colin，我們的客戶不管是 7.5 還是 5.0 都無所謂，他們不知道——他們甚至不知道服務器對他們來說是什麼。這對我們來說很重要。當我們希望降低成本時，無論是 5.0 還是 7.5，我們都看到了降低這兩者的能力，因為我們將分享這些方面的最佳實踐。所以我認為我們在我們所處的位置很舒服。我們正在嘗試取消我們明年的計劃，同時同時引入新技術。

For the next question, we have Pearce Hammond from Piper Sandler.

對於下一個問題，我們請來了 Piper Sandler 的 Pearce Hammond。

My first is, I was curious with these higher natural gas prices. Is that presented a headwind for any of your existing customers? Or is that a headwind for new sales and installations?

我的第一個是，我對這些更高的天然氣價格感到好奇。這是否對您現有的任何客戶構成不利影響？或者這是新銷售和安裝的逆風？

That's a great question. Look, the first thing that we need to understand, for Bloom, we never take the fuel risk on our side or the fuel benefit on our side. So we are -- (inaudible) does not impact us and our PPA pricing and anything we do. That's the first thing to understand.

這是一個很好的問題。看，我們需要了解的第一件事，對於布魯姆，我們從不承擔我們一方的燃料風險或我們一方的燃料利益。所以我們——（聽不清）不會影響我們和我們的 PPA 定價以及我們所做的任何事情。這是首先要理解的。

The second thing is, for our customers, many of them, these are Fortune 100 customers who are very sophisticated. They have their energy strategies. Some of them buy in the spot market and feel like that's the right thing to do. And they will incur some short-term issues, but easily make up for that when things go the other way. Some for other customers ask us to help them figure out options for hedging and things like that, and we make that happen, too.

第二件事是，對於我們的客戶來說，他們中的許多人都是財富 100 強的客戶，他們非常老練。他們有自己的能源戰略。他們中的一些人在現貨市場上購買，並認為這是正確的做法。他們會招致一些短期問題，但當事情發生相反的情況時很容易彌補。其他客戶的一些客戶要求我們幫助他們找出對沖和類似的選擇，我們也做到了。

So for our customer, if they want to hedge and have cost predictability, that's an option for them. The third point to understand about natural gas is there is a natural hedge built into our product. Why? If the costs were to go up, the large base load power and power powers that produce electricity at much lower efficiencies. And then on top of that, have transmission distribution classes, we'll feel the impact of that lot more than the very efficient Bloom servers that operate on site.

因此，對於我們的客戶來說，如果他們想要對沖並具有成本可預測性，那對他們來說是一個選擇。了解天然氣的第三點是我們的產品中內置了天然對沖。為什麼？如果成本上升，那麼大的基本負載電力和以低得多的效率發電的電力。然後最重要的是，有傳輸分配類，我們會感受到比現場運行的非常高效的 Bloom 服務器更多的影響。

If you put the 2 together, since our customer has the choice of buying baseload from the utility or buying baseload from us, they look at the difference and not at absolute numbers, and they should be happier for having the Bloom system because they're more efficient.

如果將兩者放在一起，因為我們的客戶可以選擇從公用事業公司購買基本負載或從我們那裡購買基本負載，他們會看差異而不是絕對數字，他們應該更高興擁有 Bloom 系統，因為他們是更高效。

That's a very detailed answer. I appreciate that. And then my follow-up question I know it's still pretty new, but I'm just curious if there's any update on the Idaho National Lab. And the reason I'm asking is you can hit those much higher efficiency rates with your Electrolyzer when it's tied in with the nuclear plant. And so just curious if there's any updates there and maybe a quick reminder of why that efficiency gain occurs with that high heat coming from the nuclear facility.

這是一個非常詳細的答案。我很感激。然後我的後續問題我知道它仍然很新，但我只是好奇愛達荷國家實驗室是否有任何更新。我要問的原因是，當電解器與核電站連接時，您可以使用電解器達到更高的效率。所以只是好奇那裡是否有任何更新，也許會快速提醒一下為什麼會在來自核設施的高熱量下實現效率提升。

Excellent question. Again, because it's our customer and they have not released anything. What I can tell you is that's on progress. That is progressing well. We are very bullish about where those results will turn out for a very simple reason, right?

很好的問題。再次，因為它是我們的客戶，他們還沒有發布任何東西。我可以告訴你的是，這正在取得進展。這進展順利。我們非常看好這些結果的結果，原因很簡單，對吧？

The question you asked, and I'm going to explain it for everybody. When you make hydrogen, you require a certain amount of energy. That energy can be provided only as electricity, if you have a low temperature electrolyzer. However, with the Bloom Electrolyzer that operates at higher temperature, you can give part of that as heat and part of it is electricity.

你問的問題，我會為大家解釋一下。當你製造氫氣時，你需要一定的能量。如果你有一個低溫電解槽，那麼這種能量只能以電力的形式提供。但是，使用在更高溫度下運行的 Bloom 電解器，您可以將其中的一部分作為熱量提供，一部分作為電力提供。

Heat will cost you 1/5, what it will cost electricity even in heat renewable source. So when you bring in high temperature's team, and use that for some of that energy and use electricity only for the rest, given that 80% of the hydrogen production cost will be energy input costs in large scale, we stand to win. We stand to win in terms of lower hydrogen cost. So this project is essential, and it will be a great showcase. Number one.

熱量將花費您 1/5，即使在熱可再生能源中也將花費電力。因此，當你引入高溫的團隊，並將其用於部分能源而僅將電力用於其餘部分時，鑑於製氫成本的 80% 將是大規模的能源投入成本，我們將獲勝。我們將在降低氫氣成本方面獲勝。所以這個項目是必不可少的，它將是一個很好的展示。第一。

Number 2 is all the nuclear power plants love to operate on base load. As we bring in more renewables during the day, that base load goes down, and they have to curtail that power. So it is next to free. Being able to produce hydrogen with that excess with their electricity as well as the heat, that's a triple win, right? So we're excited about the project. It is on track. We are hoping that our customers will report that -- report the results of the test very soon.

第二個是所有核電站都喜歡在基本負荷下運行。隨著我們在白天引入更多可再生能源，基本負荷下降，他們不得不削減這種電力。所以它是免費的。能夠用多餘的電力和熱量生產氫氣，這是三贏，對吧？所以我們對這個項目感到興奮。它正在走上正軌。我們希望我們的客戶能夠盡快報告測試結果。

And for our next question, we have Pavel Molchanov now from Raymond James.

對於我們的下一個問題，我們有來自 Raymond James 的 Pavel Molchanov。

You talked a lot about built that better and the new green hydrogen credit. I wanted to ask about what you're seeing on the other side of the Atlantic as demand for electrolyzers given the EU targets, the fact that the new German coalition is increasingly pushing forward. It seems like the addressable market for electrolyzers in Europe is materializing a lot faster than it is here even with the new subsidy.

你談了很多關於建造得更好和新的綠色氫信用。我想問一下，鑑於歐盟的目標，你在大西洋彼岸看到的電解槽需求是什麼，新的德國聯盟正在越來越多地推進這一事實。即使有了新的補貼，歐洲電解槽的潛在市場似乎比這裡的實現速度要快得多。

Thank you for that question. Look, you are right, but I would add, not only are we seeing this interest for electrolyzers but also for our core fuel cell product within (inaudible). We are clearly identifying opportunities. I think it was 2 calls ago that we reported building an amazing team, and we put out a press release not too long ago of some very good, well-known names in the field joining the Bloom team in Germany, France, U.K., Italy, all those places.

謝謝你的問題。看，你是對的，但我要補充的是，我們不僅看到了對電解槽的興趣，而且還看到了我們對內部核心燃料電池產品的興趣（聽不清）。我們正在明確地識別機會。我認為是在 2 次電話會議之前，我們報告說建立了一支出色的團隊，不久前我們發布了一份新聞稿，其中一些非常優秀的知名人士加入了德國、法國、英國、意大利的 Bloom 團隊，所有這些地方。

We are seeing very strong interest for their -- for our core product, given the sustainability and resiliency, but we are also seeing tremendous interest on the electrolyzer front coming from countries. We are evaluating it. And the subsidies there in certain countries are even better than the $3 a kilogram that we are seeing here in the bill, in like U.S. So I think globally, it is going to be a competition of the various countries trying to be the first to try and adapt this, and we don't see this just as an U.S. opportunity.

鑑於可持續性和彈性，我們看到他們對我們的核心產品非常感興趣，但我們也看到各國對電解槽前沿的巨大興趣。我們正在評估它。某些國家的補貼甚至比我們在賬單上看到的每公斤 3 美元還要好，比如美國，所以我認為在全球範圍內，這將是各國試圖成為第一個嘗試的競爭並適應這一點，我們不認為這只是美國的機會。

Right. Okay. Also on the Samsung marine shipping front, any updated timetable on when commercialization of that product is expected?

對。好的。同樣在三星海運方面，該產品預計何時商業化的任何更新時間表？

So let me say the following. Stay tuned before we get on the call with you next time, you will see some exciting releases coming from us.

所以讓我說以下。在我們下次與您通話之前，請繼續關注，您將看到我們發布的一些令人興奮的版本。

Fair enough. We'll hold you to that.

很公平。我們會堅持下去。

For our last question, we have Alex Kania from Wolfe Research.

對於我們的最後一個問題，我們請來了來自 Wolfe Research 的 Alex Kania。

One just on the SK announcement. I was just wondering if you could talk a little bit about the split between the $4.5 billion, the split between, let's say, the equipment costs of installation over the next -- through 2025 and what the service cash flow stream looks like?

一個就在SK公告上。我只是想知道你能否談談 45 億美元之間的分配，比如說，到 2025 年的安裝設備成本和服務現金流之間的分配？

Yes. Alex, it's simple. It's about 1/3 of it comes upfront in the equipment sale, and we earn about 2/3 of it over the service life.

是的。亞歷克斯，這很簡單。其中大約 1/3 是在設備銷售中預付的，而我們在整個使用壽命期間賺取了大約 2/3。

Great. And then just as a follow-up from the previous questions just on electrolyzers. I mean obviously, it's getting pretty interesting right now, at least in the U.S. and abroad, just on these potential supports. Maybe even beyond just nuclear units, what type of other customers are you talking to right now that were the solid oxide electrolyzer would really work for them?

偉大的。然後就像之前關於電解槽的問題的後續行動一樣。我的意思很明顯，現在它變得非常有趣，至少在美國和國外，就在這些潛在的支持上。也許甚至不僅僅是核裝置，您現在正在與哪些類型的其他客戶交談，固體氧化物電解槽真的適合他們？

So I'm glad you post that question that I want to be very clear. Nuclear is just one application. So here is the beauty of the Bloom Electrolyzer. If it is all electricity similar to how alkaline electrolyzers or PEM electrolyzers work, our efficiency is still better. So any application that you can use a PEM electrolyzer or alkaline electrolyzer, we will offer better efficiency. So we apply across the board.

所以我很高興你發布了我想非常清楚的問題。核只是一種應用。這就是Bloom Electrolyzer的魅力所在。如果全是電力，類似於鹼性電解槽或 PEM 電解槽的工作方式，我們的效率仍然更好。因此，您可以使用 PEM 電解槽或鹼性電解槽的任何應用，我們都將提供更高的效率。所以我們全面申請。

We are especially better if we can generate some amount of steam coming as heat, either from industrial applications, nuclear applications or solar concentration, okay? So we are talking not just to nuclear side of the story, we are talking to all the applications. We're looking at everything. And that is the reason -- Greg was saying how excited we are about the hydrogen innovation centers.

如果我們可以從工業應用、核應用或太陽能集中產生一定量的蒸汽作為熱量，我們會特別好，好嗎？因此，我們不僅在談論故事的核方面，而且還在談論所有應用程序。我們正在關註一切。這就是原因——格雷格說我們對氫創新中心感到多麼興奮。

At the end of the day, for transition to happen, it is not a gizmo. It's not an electrolyzer that an end customer is going to buy. They're going to need a solution. We are going to validate that entire solution, optimize that entire solution for cost predictability, reliability, very similar to what we did at a core product, and that's what we want to offer to the customer.

歸根結底，要實現過渡，這不是小發明。這不是最終客戶要購買的電解槽。他們將需要一個解決方案。我們將驗證整個解決方案，優化整個解決方案的成本可預測性和可靠性，這與我們在核心產品上所做的非常相似，這就是我們想為客戶提供的。

Okay. So let me thank all of you for these great questions, and they were very thoughtful. I would like to close with the following points for you. At Bloom, we have always been deliberate at every step, thinking through how to build a great company. If you just look at our core business, in terms of resiliency, cost predictability, sustainability. Look at where the world is heading. It is heading in the direction that we told you 10 years ago, the world would be heading. And we built the company for this moment, okay?

好的。所以讓我感謝你們所有人提出這些偉大的問題，他們非常周到。我想以以下幾點結束。在 Bloom，我們始終在每一步都深思熟慮，思考如何建立一家偉大的公司。如果您只看我們的核心業務，在彈性、成本可預測性和可持續性方面。看看世界正在走向何方。它正朝著我們在 10 年前告訴你們的方向前進，世界將朝著這個方向前進。我們為這一刻建立了公司，好嗎？

And then finally, corporations have the ability to see that energy is getting democratized and through their procurement practice, they have control on their energy future. We are giving them an opportunity to hasten the energy transition, enhance their operational capability and build brand value. That's the promise we are making to our customers. This is the commitment we are making to the world. We are in a fabulous place. We really thank you for being part of this journey. And for those of you sitting on the sidelines, we'd say what are you waiting for? Thank you very much.

最後，企業有能力看到能源正在變得民主化，並且通過他們的採購實踐，他們可以控制他們的能源未來。我們正在給他們一個機會來加快能源轉型，提高他們的運營能力和建立品牌價值。這是我們對客戶的承諾。這是我們對世界作出的承諾。我們在一個神話般的地方。我們非常感謝您參與這次旅程。對於那些坐在場邊的人，我們會說你還在等什麼？非常感謝你。

Thank you.

謝謝你。

Thank you, ladies and gentlemen. This concludes today's conference call. Thank you all for participating. You may now disconnect.

謝謝你們，女士們，先生們。今天的電話會議到此結束。謝謝大家的參與。您現在可以斷開連接。