Bloom Energy Corp (BE) 2021 Q2 法說會逐字稿

Good afternoon, and welcome to the Bloom Energy Second 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 年第二季度收益電話會議。 （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 Investor Relations. Please go ahead.

我現在想把會議轉給投資者關係。請繼續。

Thank you, operator. Good afternoon, everyone, and thank you for joining us on Bloom Energy's Second Quarter 2021 Earnings Conference Call. To supplement this conference call, we furnished our Q2 2021 earnings press release with the SEC on Form 8-K and have posted it, along with supplemental financial information that we will periodically reference throughout this call, to our Investor Relations website.

謝謝你，接線員。大家下午好，感謝您參加 Bloom Energy 的 2021 年第二季度收益電話會議。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 年第二季度收益新聞稿，並將其連同我們將在整個電話會議期間定期參考的補充財務信息發佈到我們的投資者關係網站。

The matters that we will be discussing today include forward-looking statements regarding future events and our future financial performance. These include statements about the company's business results, products, new markets, strategy, financial position, liquidity and full year outlook for 2021. These statements are subject to risks and uncertainties as discussed in detail in our documents filed with the SEC from time to time, including our most recently filed Forms 10-K and 10-Q. These documents identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements. We assume no obligation to revise any forward-looking statements made on today's call.

我們今天將討論的事項包括有關未來事件和我們未來財務業績的前瞻性陳述。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 2021 年全年展望的聲明。這些聲明受我們不時向 SEC 提交的文件中詳細討論的風險和不確定性的影響，包括我們最近提交的 10-K 和 10-Q 表格。這些文件確定了可能導致實際結果與前瞻性陳述中包含的結果大不相同的重要風險因素。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 Q2 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 Q2 2021 earnings press release available on our Investor Relations website.

在本次電話會議和我們的 2021 年第二季度收益新聞稿中，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的 2021 年第二季度收益新聞稿中。

On the call today are KR Sridhar, Founder, Chairman and Chief Executive Officer; and Greg Cameron, Chief Financial Officer. KR will begin with an overview of business highlights from the quarter. Greg will review the operating and financial highlights of the quarter. And after the prepared remarks, they will take questions. I will now turn the call over to KR.

今天的電話會議是創始人、董事長兼首席執行官 KR Sridhar；和首席財務官 Greg Cameron。 KR 將首先概述本季度的業務亮點。 Greg 將回顧本季度的運營和財務亮點。在準備好的發言之後，他們會提問。我現在將把電話轉給 KR。

Good day, and thank you very much for joining us on the call. I'll share my thoughts on the state of the energy market and our company progress before turning it over to Greg.

美好的一天，非常感謝您加入我們的電話會議。在將其交給 Greg 之前，我將分享我對能源市場狀況和我們公司進展的看法。

From a big picture perspective, the 3 key attributes that matter when it comes to energy and electricity are resiliency, sustainability and cost predictability. Here are the trends that we see in the marketplace with respect to these value propositions. First, on resiliency. We're all experiencing and witnessing the increased frequency with which natural disasters are impacting our everyday life. These events around the world caused major disruptions to energy supply and availability. Their adverse impact on businesses' ability to operate lingers for a prolonged period of time after the disaster strikes.

從大局來看，能源和電力的三個關鍵屬性是彈性、可持續性和成本可預測性。以下是我們在市場上看到的與這些價值主張相關的趨勢。首先，關於彈性。我們都在經歷和目睹自然災害影響我們日常生活的頻率越來越高。世界各地的這些事件對能源供應和可用性造成了重大破壞。災難發生後，它們對企業經營能力的不利影響會持續很長一段時間。

In the United States, a 2021 report on commercial and industrial power reliability states that 44% of companies reported that they lost power at least once a month. This is double the number of outages from just 2 years ago. The situation worldwide is even worse. The World Bank's research shows that on a global basis, companies experienced 2.42 power outages in a typical month in 2019, and that number ballooned to 6.19 power outages per month in 2020. That is a 155% increase in just 1 year. Contrast this to the 117 microgrids Bloom Energy had operational in 2020. Our microgrid site locations experienced several hundred utility grid power outages during 2020, and Bloom microgrids protected our customers from business disruption over 99% of the time.

在美國，一份 2021 年關於商業和工業電力可靠性的報告指出，44% 的公司報告稱他們每月至少斷電一次。這是兩年前停電次數的兩倍。全世界的情況更糟。世界銀行的研究表明，在全球範圍內，企業在 2019 年的一個典型月份中經歷了 2.42 次停電，到 2020 年，這一數字激增至每月 6.19 次，僅一年就增長了 155%。相比之下，Bloom Energy 在 2020 年運營的 117 個微電網。我們的微電網站點在 2020 年經歷了數百次公用電網停電，Bloom 微電網在 99% 的時間內保護我們的客戶免受業務中斷。

Now to the second value proposition, sustainability. The World Wildlife Federation's Power Forward 4.0 report has [tracked] the commitments of companies to sustainability and decarbonization. We are seeing a dramatic shift in the efforts businesses are making to decarbonize their footprint. In 2020, 60% of Fortune 500 companies set a climate or energy-related commitment. Of that, nearly 300 companies, 83 are setting net-zero carbon emission goals with aggressive timelines. Businesses are leading the way and not waiting for regulation to kick in. As companies look for ways to meet their science-based targets, the Bloom Energy platform with its flexible fuel approach of low leakage natural gas, biogas or hydrogen can offer a practical solution that works now and a future-proof pathway to satisfy their sustainability commitments for years to come while simultaneously enhancing their resiliency and business continuity needs.

現在到第二個價值主張，可持續性。世界野生動物聯合會的 Power Forward 4.0 報告[跟踪]了公司對可持續發展和脫碳的承諾。我們看到企業為減少碳足跡所做的努力發生了巨大變化。 2020 年，60% 的財富 500 強公司製定了與氣候或能源相關的承諾。其中，近 300 家公司，83 家正在製定具有積極時間表的淨零碳排放目標。企業正在引領潮流，而不是等待監管啟動。隨著企業尋找實現其科學目標的方法，Bloom Energy 平台及其靈活的低洩漏天然氣、沼氣或氫氣燃料方法可以提供實用的解決方案現在有效，並且是一條面向未來的途徑，可以滿足他們未來幾年的可持續發展承諾，同時提高他們的彈性和業務連續性需求。

Now let's turn to cost predictability. Here are a few facts about the rate structure for electricity. Policy and regulatory framework mandate that costs associated with building, reconstructing, operating and updating the grid are shouldered by power consumers. In the future, our nation's aging grid will need expensive updates. To be resilient to climate-related disasters, more generation assets will need to come online to enable electrification of transportation and stranded assets like coal and aging nuclear will be decommissioned and replaced by newer and cleaner alternatives. All of these developments will come with big price tags and lead to steep and unpredictable escalations of utility prices for consumers.

現在讓我們轉向成本可預測性。以下是有關電費結構的一些事實。政策和監管框架要求電力消費者承擔與建設、重建、運營和更新電網相關的成本。未來，我們國家老化的電網將需要昂貴的更新。為了抵禦與氣候相關的災難，需要更多的發電資產上線以實現運輸電氣化，煤炭和老化的核能等擱淺資產將退役並被更新和更清潔的替代品取代。所有這些發展都將伴隨著巨大的價格標籤，並導致消費者的公用事業價格急劇上漲且不可預測。

Again, contrast that to Bloom. Over the years, we have demonstrated our ability to reduce our costs and offer lower electricity prices to our customers. We are committed to and confident of continuing this trend. Our behind the meter always on Bloom solution offers cost predictability. Our customers can lock in their electricity tolling rates with us for up to 20 years. So as cost of grid-based electricity increases, our costs are coming down. While the cost of grid-based electricity is unpredictable, we offer firm and predictable tolling rates. I believe these facts underscore Bloom's core value as a solution provider in this transforming energy space. I see this as a perfect opportunity for Bloom Energy, and we are well positioned to seize it and grow. We executed well in the first half of the year and delivered on our promise of resiliency, cost predictability and sustainability.

再次將其與 Bloom 進行對比。多年來，我們已經證明了我們降低成本並為客戶提供更低電價的能力。我們致力於並有信心繼續這一趨勢。我們的儀表始終在線 Bloom 解決方案提供了成本可預測性。我們的客戶可以與我們鎖定長達 20 年的電費收費率。因此，隨著基於電網的電力成本增加，我們的成本正在下降。雖然基於電網的電力成本不可預測，但我們提供穩定且可預測的收費率。我相信這些事實強調了 Bloom 作為這個能源轉型領域的解決方案提供商的核心價值。我認為這對 Bloom Energy 來說是一個絕佳的機會，我們有能力抓住它並發展壯大。我們在上半年執行良好，兌現了我們對彈性、成本可預測性和可持續性的承諾。

Now I want to talk about our year-to-date progress and key investments. We are confident in our solutions and the value they offer our customers. That is why we are putting our capital to work and investing now to enable future growth, fulfill future demand and further advance our technology leadership. These investments will create long-term value for our shareholders. The two important investment areas I want to focus on are technology leadership, and people and infrastructure.

現在我想談談我們年初至今的進展和關鍵投資。我們對我們的解決方案及其為客戶提供的價值充滿信心。這就是為什麼我們現在投入資金並進行投資，以實現未來增長、滿足未來需求並進一步提升我們的技術領先地位。這些投資將為我們的股東創造長期價值。我想關注的兩個重要投資領域是技術領導力以及人員和基礎設施。

Let me start with technology leadership. In our hydrogen product development, just a few weeks ago, we unveiled the Bloom Electrolyzer, the most energy-efficient electrolyzer to produce clean hydrogen to date that is up to 45% more efficient than any other product on the market today. This is not a concept but a reality. It is a functioning electrolyzer and a major leap forward for our company and the hydrogen economy. It relies on the same commercially proven and proprietary solid oxide technology platform used by Bloom Energy Servers to provide on-site electricity at high fuel efficiency. It offers unique advantages for deployment across a broad variety of hydrogen implications, using multiple energy sources, including intermittent renewable energy and excess or waste heat.

讓我從技術領導力開始。在我們的氫產品開發中，就在幾週前，我們推出了 Bloom 電解器，這是迄今為止生產清潔氫的最節能的電解器，其效率比當今市場上的任何其他產品高 45%。這不是一個概念，而是一個現實。它是一個功能強大的電解槽，是我們公司和氫經濟的重大飛躍。它依賴於 Bloom Energy Servers 使用的相同經過商業驗證的專有固體氧化物技術平台，以高燃料效率提供現場電力。它使用多種能源，包括間歇性可再生能源和余熱或廢熱，為部署廣泛的氫影響提供了獨特的優勢。

Given its efficiency and input options to make hydrogen, Bloom Energy's electrolyzer is expected to produce hydrogen through electrolysis at a lower price than any alternative on the market today. Our efforts in hydrogen also include a partnership with Heliogen to produce green hydrogen from water, using only solar-based heat and electricity. In keeping with our sustainability values, last week we announced that we will convert our entire global natural gas fleet to certified low leak natural gas to prevent the release of harmful methane emissions stemming from upstream gas production.

鑑於其製造氫氣的效率和輸入選擇，Bloom Energy 的電解槽預計將通過電解以低於當今市場上任何替代品的價格生產氫氣。我們在氫方面的努力還包括與 Heliogen 合作，僅使用太陽能熱能和電力從水中生產綠色氫。為了與我們的可持續發展價值觀保持一致，上週我們宣布我們將把我們的整個全球天然氣船隊轉換為經過認證的低洩漏天然氣，以防止上游天然氣生產產生的有害甲烷排放物的釋放。

Bloom Energy, beginning with this initiative, hopes to catalyze a robust certified gas marketplace that is primed for widespread adoption. The goal of this program is to make it easy for consumers to procure low leak natural gas in the market. Bloom Energy will launch a campaign to urge all large users of natural gas to demand and purchase this environmentally responsible option from their suppliers, thereby sending a market signal to the gas supply chain to avoid methane leaks. We think of this as the equivalent of fair trade coffee and conflict-free minerals, and it is critically important to our commitment to being a sustainable company.

Bloom Energy 從這一舉措開始，希望促進一個強大的認證天然氣市場，為廣泛採用做好準備。該計劃的目標是讓消費者更容易在市場上購買低洩漏天然氣。 Bloom Energy 將發起一項活動，敦促所有大型天然氣用戶向其供應商索取和購買這種對環境負責的選擇，從而向天然氣供應鏈發出市場信號，以避免甲烷洩漏。我們認為這相當於公平貿易咖啡和無衝突礦產，這對我們成為一家可持續發展公司的承諾至關重要。

Our progress in the marine marketplace also continues as we announced the achievement of 2 key milestones on our path to decarbonize a centuries old maritime industry. Our initial design with Samsung Heavy Industries for an engineless, fuel cell-powered liquefied natural gas carrier has received approval in principle from DNV, a premier international maritime classification society. We were also verified as an alternative power source for vessels as part of the American Bureau of Shipping new technology qualification service. We are committed to the marine sector and are investing today to be the market leader in this segment.

隨著我們宣佈在實現百年曆史海運業脫碳的道路上實現了兩個關鍵里程碑，我們在海運市場上的進步也在繼續。我們與三星重工共同設計的無發動機、燃料電池驅動的液化天然氣運輸船原則上已獲得首屈一指的國際海事船級社 DNV 的批准。作為美國船級社新技術認證服務的一部分，我們還被驗證為船舶的替代電源。我們致力於海洋領域，並正在投資成為該領域的市場領導者。

In biogas, we have deployed Bloom Energy Servers that use landfill biogas with a major Silicon Valley-based technology company. The system is operational, and we'll share more about our biogas developments in the months ahead. And we announced a first combined heat and power project in collaboration with SK ecoplant. This is a new 4.2 megawatt installation and marks South Korea's first ever utility-scale solid oxide fuel cell CHP initiative. And construction will begin this year on this project.

在沼氣方面，我們與一家位於矽谷的主要技術公司一起部署了使用垃圾填埋沼氣的 Bloom Energy Servers。該系統正在運行，我們將在未來幾個月分享更多關於我們沼氣開發的信息。我們還宣布了與 SK ecoplant 合作的第一個熱電聯產項目。這是一個新的 4.2 兆瓦裝置，標誌著韓國首個公用事業規模的固體氧化物燃料電池熱電聯產計劃。這個項目將於今年開始建設。

Now let me turn briefly to our investments in people and our infrastructure. Since the start of the pandemic, Bloom has increased its total number of jobs by more than 20%. The additional hires in sales and marketing will create more demand. The hires in operations will fulfill this demand, and our increased R&D headcount will accelerate our innovations. We have expanded our headquarters in San Jose and opened offices in Dubai and Japan, adding critical sales and support staff to extend our international reach and presence.

現在讓我簡要談談我們對人員和基礎設施的投資。自大流行開始以來，Bloom 的工作崗位總數增加了 20% 以上。銷售和營銷部門的額外招聘將創造更多需求。運營部門的員工將滿足這一需求，我們增加的研發人員人數將加速我們的創新。我們擴大了在聖何塞的總部，並在迪拜和日本開設了辦事處，增加了關鍵的銷售和支持人員，以擴大我們的國際影響力和影響力。

One hire in particular that I'm excited and want to welcome to the company is Billy Brooks, who is our new Executive Vice President Sales for the Americas. Prior to joining Bloom Energy, Billy served as the Executive Director of Business Development at NextEra Energy, Inc., a provider of clean energy solutions and services, where he oversaw the development of utility-scale solar generation assets. And he was key energy executive with General Electric in the United States and abroad, including CEO of Latin America, Head of Global Sales and Chief Commercial Officer. Welcome, Billy.

比利布魯克斯（Billy Brooks）是我們新任的美洲銷售執行副總裁，我特別興奮並希望歡迎一位員工加入公司。在加入 Bloom Energy 之前，Billy 曾擔任清潔能源解決方案和服務提供商 NextEra Energy, Inc. 的業務發展執行董事，負責監督公用事業規模太陽能發電資產的開發。他是通用電氣在美國和國外的主要能源主管，包括拉丁美洲首席執行官、全球銷售主管和首席商務官。歡迎，比利。

Also, I want to emphasize that we are making progress on our over 3 football field size manufacturing facility in Fremont, California, which will enhance our production capability and be the factory where our 7.5 fuel cell columns are made. These developments and investments reflect our confidence in our future and our focus on growth.

此外，我想強調的是，我們在加利福尼亞州弗里蒙特的超過 3 個足球場大小的製造工廠正在取得進展，這將提高我們的生產能力，並成為製造 7.5 燃料電池柱的工廠。這些發展和投資反映了我們對未來的信心以及我們對增長的關注。

With that, let me turn it over to Greg, who will go through the financials.

有了這個，讓我把它交給格雷格，他將檢查財務。

Thanks, KR. Yes, we had a busy quarter, and we've accomplished a great deal in the first half of 2021. I'll go through each of these in more detail, but I wanted to give some highlights. We achieved record acceptances and revenue through the first half of the year. We made progress on our technology road map to deliver our new products to market. We continue to invest in our commercial capability, both in the U.S. and internationally. We commenced the build-out of the manufacturing capacity needed to meet future demand.

謝謝，KR。是的，我們度過了一個忙碌的季度，我們在 2021 年上半年完成了很多工作。我將更詳細地介紹每一個，但我想強調一些亮點。我們在今年上半年實現了創紀錄的驗收和收入。我們在將新產品推向市場的技術路線圖上取得了進展。我們繼續在美國和國際上投資於我們的商業能力。我們開始建設滿足未來需求所需的製造能力。

As we emerged from the pandemic, like other global manufacturing businesses, we've experienced some supply chain pressures. The team's relentless focus on cost reduction has enabled us to offset these pressures to roughly hold our product costs flat over the last few quarters. Given the strength we're seeing across our business, we are reaffirming all of our 2021 targets.

隨著我們擺脫大流行，與其他全球製造企業一樣，我們經歷了一些供應鏈壓力。團隊對降低成本的不懈關注使我們能夠抵消這些壓力，在過去幾個季度中大致保持我們的產品成本持平。鑑於我們在整個業務中看到的實力，我們重申了 2021 年的所有目標。

First, let me go through our financial performance. We are proud of how the business is performing and the progress we've made relative to the milestones that we laid out for you at Analyst Day, and the foundation that this creates for us for 2022 and beyond. Please note, we've kept the format of the earnings release and the supplemental information like previous quarters, and I'll be referring to the slide presentation posted to our website.

首先，讓我回顧一下我們的財務業績。我們為業務的表現以及我們在分析師日為您制定的里程碑所取得的進展以及為我們在 2022 年及以後奠定的基礎而感到自豪。請注意，我們保留了與前幾個季度一樣的收益發布格式和補充信息，我將參考發佈在我們網站上的幻燈片演示文稿。

Building off last quarter's momentum, we continued to have strong growth versus the prior year, although as expected, our mix of accepted deals this quarter impacted margins. This is one of the reasons why I've encouraged you all to look at our business on an annual basis, not simply quarter-to-quarter. We achieved record second quarter acceptances and revenue. Acceptances of 433 were up 41% versus the second quarter 2020. Revenue totaled $228.5 million, up 22% versus the second quarter 2020.

在上一季度的勢頭的基礎上，我們繼續與去年相比保持強勁增長，儘管正如預期的那樣，我們本季度接受的交易組合影響了利潤率。這就是為什麼我鼓勵大家每年而不是簡單地按季度查看我們的業務的原因之一。我們在第二季度實現了創紀錄的驗收和收入。 433 的接受量與 2020 年第二季度相比增長了 41%。收入總計 2.285 億美元，與 2020 年第二季度相比增長 22%。

On last quarter's call, I spoke of the challenges of the tax equity market and the revenue timing risks of having financings to support our second quarter acceptances. I'm pleased to report the team worked with our financing partners to provide financings for 23 megawatts in the second quarter. The completion of these financings is a testament to our partners' relationship and our attractiveness of our offerings. In the second quarter, our non-GAAP gross margins were 18%, increasing 1.5 points versus the second quarter 2020, but down roughly 12 points versus the prior quarter.

在上個季度的電話會議上，我談到了稅收股票市場的挑戰以及通過融資來支持我們第二季度的承兌匯票的收入時機風險。我很高興地報告該團隊與我們的融資合作夥伴合作，在第二季度為 23 兆瓦提供融資。這些融資的完成證明了我們合作夥伴的關係以及我們產品的吸引力。第二季度，我們的非美國通用會計準則毛利率為 18%，與 2020 年第二季度相比增加了 1.5 個百分點，但與上一季度相比下降了約 12 個百分點。

As I outlined on last quarter's earnings call, the reduction in margin was expected with the mix as the primary driver. In the first quarter, we had very few U.S. installations. In the second quarter, we returned to our historical level of installations, negatively impacting our non-GAAP gross margins. These results reinforce our efforts to find U.S. EPC partners to perform future installations. Also within the quarter, we had a 10-megawatt legacy development project secured in 2018 at a lower initial margin. The project will earn 20% service margin over the next 20 years, ensuring that the overall project is profitable. This project is an outlier and not indicative of the project profile of the rest of our backlog.

正如我在上個季度的財報電話會議上概述的那樣，預計利潤率會下降，而混合是主要驅動因素。第一季度，我們在美國的安裝量很少。在第二季度，我們回到了歷史安裝水平，對我們的非公認會計原則毛利率產生了負面影響。這些結果加強了我們尋找美國 EPC 合作夥伴來執行未來安裝的努力。同樣在本季度，我們在 2018 年以較低的初始利潤率獲得了一個 10 兆瓦的傳統開發項目。該項目將在未來 20 年內獲得 20% 的服務利潤率，確保整個項目盈利。這個項目是一個異常值，並不代表我們剩餘的待辦事項的項目概況。

Also, as I mentioned at the opening, we are experiencing some product cost pressures tied largely to the realities of global manufacturing business emerging from the pandemic lockdowns. While overall product costs were down 5% versus the second quarter 2020, they're relatively flat for the last 2 quarters. We are being impacted by increases in freight and pressures on our component manufacturing costs. While we expect most of these pressures to be temporary, they are likely to persist through the remainder of the year, creating 2 to 3 points of non-GAAP gross margin pressure. We have implemented initiatives to offset these cost pressures.

此外，正如我在開幕式上提到的那樣，我們正在經歷一些產品成本壓力，這主要與全球製造業從大流行封鎖中出現的現實有關。雖然整體產品成本與 2020 年第二季度相比下降了 5%，但在過去兩個季度中相對持平。我們正受到運費增加和零部件製造成本壓力的影響。雖然我們預計這些壓力大部分是暫時的，但它們很可能會持續到今年剩餘時間，造成 2 到 3 個非公認會計準則毛利率的壓力。我們已採取措施來抵消這些成本壓力。

As examples, we've consolidated our shipments from Asia. We've [priced hedge our] commodity purchases for the remainder of the year, partnered with our supply chain to reduce material costs and formed cross-functional teams to lean manufacturing costs. So far, we've been successful in offsetting increases and keeping our product costs roughly flat. A fundamental tenet of our business model is to reduce our costs. And as we exit the post-pandemic environment, we remain committed to reducing product costs to support our growth strategy.

例如，我們整合了來自亞洲的貨物。我們已經為今年剩餘時間的商品採購[定價對沖]，與我們的供應鏈合作以降低材料成本，並組建跨職能團隊以降低製造成本。到目前為止，我們已經成功地抵消了增長並保持我們的產品成本大致持平。我們商業模式的一個基本原則是降低我們的成本。隨著我們退出大流行後環境，我們仍然致力於降低產品成本以支持我們的增長戰略。

Non-GAAP operating expenses increased in the second quarter to $64.7 million, up $22.8 million from the second quarter 2020. The primary drivers of the increase are our continued commitment to expand our commercial capability, invest more aggressively in our technology and ensure our control environment is ready to scale as we grow. We have significant confidence in our ability to grow our business across geographies and product lines. We've made several investments this quarter to accelerate our strategy.

第二季度非 GAAP 運營費用增加至 6470 萬美元，比 2020 年第二季度增加 2280 萬美元。增加的主要驅動力是我們繼續致力於擴大我們的商業能力，更積極地投資於我們的技術並確保我們的控制環境準備好隨著我們的成長而擴展。我們對跨地域和跨產品線發展業務的能力充滿信心。本季度我們進行了多項投資以加速我們的戰略。

Commercially, these include strengthening our go-to-market sales strategy, processes and talent in the U.S. and international markets, conducting a detailed analysis of tariffs in new U.S. markets and adding international commercial resources to support our expansion and growth. Within technology, we're adding engineers and investing in product materials needed to support innovation for our growth levers. For example, we are building and deploying demonstration units. Within our investments in our control environment, we've added technical expertise in our accounting, compliance and regulatory functions and are leveraging external resources to meet the current operational needs.

在商業方面，這些包括加強我們在美國和國際市場的上市銷售戰略、流程和人才，對美國新市場的關稅進行詳細分析，並增加國際商業資源以支持我們的擴張和增長。在技術方面，我們正在增加工程師並投資於支持我們增長槓桿創新所需的產品材料。例如，我們正在建造和部署示範單元。在我們對控制環境的投資中，我們在會計、合規和監管職能方面增加了技術專長，並正在利用外部資源來滿足當前的運營需求。

While the increases in headcount are now within our expense base, many of our external investments are project based and will not repeat. As such, we expect operating expenses to decrease in subsequent quarters. For the year, I expect 2021 non-GAAP operating expense as a percentage of revenue to be comparable to the prior year.

雖然員工人數的增加現在在我們的費用基礎之內，但我們的許多外部投資都是基於項目的，不會重複。因此，我們預計隨後幾個季度的運營費用將減少。對於這一年，我預計 2021 年非 GAAP 營業費用佔收入的百分比與上一年相當。

In the second quarter, we had a non-GAAP operating loss of $23.6 million, adjusted EBITDA loss of $10.9 million and adjusted EPS loss of $0.23. These losses were the result of lower non-GAAP gross margins with an increased investment in our non-GAAP operating expenses.

在第二季度，我們的非公認會計準則營業虧損為 2360 萬美元，調整後的 EBITDA 虧損為 1090 萬美元，調整後的每股收益虧損為 0.23 美元。這些損失是由於非美國通用會計準則毛利率下降以及我們對非美國通用會計準則運營費用的投資增加所致。

With respect to cash flow and debt analysis, Slide 5, CFOA was a positive $53.7 million for the second quarter, as we executed the customer financing vehicles to fuel top line growth and improved our working capital. Our total cash balances improved $34.8 million versus the first quarter 2021 to $400.5 million. While recourse debt remained relatively flat versus the first quarter at $300 million versus the second quarter last year our recourse debt has been reduced $106 million, reflecting our last year's deleveraging accomplishments.

關於現金流和債務分析，幻燈片 5，第二季度 CFOA 為正 5370 萬美元，因為我們執行了客戶融資工具以推動收入增長並改善了我們的營運資金。與 2021 年第一季度相比，我們的總現金餘額增加了 3480 萬美元，達到 4.005 億美元。雖然追索權債務與第一季度相比保持相對平穩，為 3 億美元，與去年第二季度相比，我們的追索權債務減少了 1.06 億美元，反映了我們去年的去槓桿化成就。

We have several technology efforts underway and I want to provide a brief update to our CMO, Sharelynn Moore's presentation last quarter. As KR laid out in the lead, we are on track for our 2021 milestones that position us well for 2022 and beyond. We continue to make progress in operationalizing the fifth generation of our energy server, Bloom 7.5. The servers are performing according to specifications, and we continue to put more units in a demonstration service to gather performance data.

我們正在進行多項技術工作，我想簡要介紹一下我們的首席營銷官 Sharelynn Moore 上個季度的演講。正如 KR 率先提出的那樣，我們正朝著 2021 年的里程碑邁進，這將使我們在 2022 年及以後處於有利地位。我們在運行第五代能源服務器 Bloom 7.5 方面繼續取得進展。服務器按照規范運行，我們繼續在演示服務中放置更多單元以收集性能數據。

As we've previously discussed, we make our stacks in Sunnyvale, California and perform our final manufacturing assembly in our Newark, Delaware facility. To meet future demand, we need to add additional stack manufacturing. Bloom 7.5 is being operationalized in our new facility in Fremont, California. This facility is large enough to add several stack manufacturing lines, and we expect to build over 1 gigawatt of fuel cell stack capacity in the facility in the coming years. While we expect to operationalize our new manufacturing through 2022, it's become apparent that we will require additional capacity to meet 2022 demand.

正如我們之前所討論的，我們在加利福尼亞州的桑尼維爾製造堆棧，並在特拉華州紐瓦克的工廠進行最終製造組裝。為了滿足未來的需求，我們需要增加額外的堆棧製造。 Bloom 7.5 正在我們位於加利福尼亞州弗里蒙特的新工廠投入使用。該設施足夠大，可以增加幾條電堆生產線，我們預計未來幾年將在該設施中建造超過 1 吉瓦的燃料電池電堆產能。雖然我們預計到 2022 年我們的新製造業將投入運營，但很明顯，我們將需要額外的產能來滿足 2022 年的需求。

Beginning next year, we can leverage a portion of our Bloom 7.5 investments to manufacture roughly 25% more Bloom 5.0 stacks. Once we've created enough Bloom 7.5 capacity, we'll allocate back (inaudible). This short-term shift will allow us to meet demand while providing the time we need to operationalize Bloom 7.5.

從明年開始，我們可以利用部分 Bloom 7.5 投資來製造大約 25% 的 Bloom 5.0 堆棧。一旦我們創建了足夠的 Bloom 7.5 容量，我們將重新分配（聽不清）。這種短期轉變將使我們能夠滿足需求，同時提供實施 Bloom 7.5 所需的時間。

A few weeks ago, as KR highlighted, we unveiled the Bloom Electrolyzer, the most energy-efficient electrolyzer to produce clean hydrogen to date with commercial shipments expected in the fall of 2022. We are also excited that we'll be shipping our first electrolyzers to the U.S. Department of Energy's Idaho National Laboratory in the third quarter to test the use of nuclear energy to create clean hydrogen through the Bloom Electrolyzer.

幾週前，正如 KR 強調的那樣，我們推出了 Bloom 電解槽，這是迄今為止生產清潔氫氣的最節能的電解槽，預計將於 2022 年秋季實現商業出貨。我們也很高興我們將運送我們的第一台電解槽第三季度前往美國能源部愛達荷州國家實驗室，測試使用核能通過 Bloom 電解器製造清潔氫。

And reflecting our commitment to move quickly from innovation in the lab to capitalize on commercial opportunities, we're working with several customers on renewable natural gas or biogas and should have our first and second on-site installations commissioned and announced in the coming months. Our carbon capture technology is performing as expected in the lab, and we are working to secure our demonstration this year. As I previously noted, our platform approach provides us with a clear competitive advantage due to Bloom's unique technology and its flexibility to address multiple market opportunities by leveraging the same platform for different end customers' needs. As we previously discussed, we do not expect the new products to significantly contribute to 2022 revenue, but they are imperative as we expand our product offerings to meet our customers' needs. Importantly, this approach enables us to expand the base of clients across multiple products, industries and geographies, which are key to our growth and ensuring that we have diversified revenue stream to drive profits and create value for our shareholders.

為了反映我們從實驗室創新迅速轉向利用商業機會的承諾，我們正在與幾家客戶合作開發可再生天然氣或沼氣，並且應該在未來幾個月內調試並宣布我們的第一和第二個現場裝置。我們的碳捕獲技術在實驗室中按預期運行，我們正在努力確保今年的演示。正如我之前提到的，我們的平台方法為我們提供了明顯的競爭優勢，因為 Bloom 的獨特技術及其通過利用相同平台滿足不同最終客戶需求來應對多個市場機會的靈活性。正如我們之前所討論的，我們預計新產品不會對 2022 年的收入做出重大貢獻，但隨著我們擴大產品供應以滿足客戶的需求，它們是必不可少的。重要的是，這種方法使我們能夠在多個產品、行業和地區擴大客戶群，這是我們增長的關鍵，並確保我們擁有多元化的收入來源，以推動利潤並為股東創造價值。

While we only provide bookings and backlog annually, in our pipeline, we continue to see increases in commercial momentum for our current product offering are always on energy server with a greater percentage of large megawatt opportunities in that pipeline. The pipeline reflects the changes we've made to include new states, international opportunities and focus on larger transactions. As KR discussed, we are very excited to have Billy Brooks join the team as our U.S. C&I sales leader and are already seeing the benefits of his leadership.

雖然我們每年只提供預訂和積壓，但在我們的管道中，我們繼續看到我們當前產品提供的商業動力的增加總是在能源服務器上，在該管道中具有更大比例的大兆瓦機會。該管道反映了我們所做的改變，包括新的國家、國際機會和專注於更大的交易。正如 KR 所討論的，我們很高興 Billy Brooks 加入我們的團隊，擔任我們的美國 C&I 銷售負責人，並且已經看到了他的領導帶來的好處。

Internationally, Azeez Mohammed's team is gaining traction of finding partners and identifying potential customer needs. We are encouraged by this progress and look forward to moving these and additional opportunities through the pipeline and into bookings.

在國際上，Azeez Mohammed 的團隊在尋找合作夥伴和確定潛在客戶需求方面正獲得關注。我們對這一進展感到鼓舞，並期待通過管道將這些和其他機會轉移到預訂中。

On Slide 7, we highlight our 2021 outlook, and we are reaffirming all of our 2021 targets. For revenue, we expect between $950 million to $1 billion, depending upon the timing of a few late year projects. We are managing through our supply chain pressures, and I believe we will achieve our total year non-GAAP gross margin of 25%. We will continue to invest in our capability while targeting our non-GAAP operating income of roughly 3% of revenue. We are encouraged by our cash flow performance in 2Q and maintain our outlook on CFOA as approaching positive.

在幻燈片 7 中，我們強調了 2021 年的展望，並重申了 2021 年的所有目標。對於收入，我們預計在 9.5 億美元到 10 億美元之間，具體取決於一些後期項目的時間安排。我們正在通過供應鏈壓力進行管理，我相信我們將實現 25% 的全年非公認會計原則毛利率。我們將繼續投資於我們的能力，同時將我們的非公認會計原則營業收入作為收入的大約 3%。我們對第二季度的現金流表現感到鼓舞，並維持我們對 CFOA 的展望接近正面。

While we do not provide quarterly guidance, and I stress our business should be looked at on an annual basis, there are a few aspects of the third quarter that I wanted to highlight. These are accounted for in our 2021 framework and do not change our yearly targets. Based on likely project completions, I would expect third quarter revenue to be similar to second quarter. I'm expecting a slight improvement in non-GAAP gross margins that should result in improvements in op margin and EBITDA. Our business is always more weighted to the second half, particularly the fourth quarter. Given the expected timing of project completions, I'd expect this year to be no different.

雖然我們不提供季度指導，而且我強調我們的業務應該每年進行一次審查，但我想強調第三季度的一些方面。這些都包含在我們的 2021 年框架中，不會改變我們的年度目標。根據可能的項目完成情況，我預計第三季度的收入將與第二季度相似。我預計非 GAAP 毛利率會略有改善，這將導致營業利潤率和 EBITDA 的改善。我們的業務總是更重視下半年，尤其是第四季度。鑑於項目完成的預期時間，我預計今年也不會有什麼不同。

In summary, we had a very strong operating performance in the second quarter and in the first half of the year. We are very confident in our future. We are gaining momentum in our commercial operations, and we are seeing opportunities with new customers in new geographies. We are investing in technology, manufacturing and front-end origination teams to continue to expand our platform and meet our customers' needs. Our Servers business is improving as demonstrated in profitable results. We feel Bloom Energy is well positioned and has a platform, products and team to be a leader in distributed generation. Simply put, we believe there is no other companies in our sector with platform like products that offer the fuel flexibility and decarbonization that's driving robust, high-quality pipeline of deals and real revenue. We're doing this with a real focus on disciplined financial management and operational excellence, which create value for our shareholders.

總而言之，我們在第二季度和上半年的經營業績非常強勁。我們對我們的未來充滿信心。我們的商業運營勢頭強勁，我們在新地區看到了新客戶的機會。我們正在投資於技術、製造和前端創始團隊，以繼續擴展我們的平台並滿足客戶的需求。如盈利結果所示，我們的服務器業務正在改善。我們認為 Bloom Energy 處於有利地位，擁有成為分佈式發電領導者的平台、產品和團隊。簡而言之，我們相信我們行業中沒有其他公司擁有類似平台的產品，可提供燃料靈活性和脫碳，從而推動穩健、高質量的交易渠道和實際收入。我們這樣做的真正重點是紀律嚴明的財務管理和卓越運營，從而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) And speakers, our first question is from Stephen Byrd of Morgan Stanley.

（操作員說明）和演講者，我們的第一個問題來自摩根士丹利的斯蒂芬伯德。

Thanks for the thorough update on a lot of topics. I wanted to talk first on carbon capture. You gave an update during your prepared remarks. And I'm thinking about sort of the next steps for you all on carbon capture. Is it -- I think you mentioned a pilot. Is it likely you would start by kind of showing the capability of this technology on kind of a small-scale pilot before broad deployment? Or is there any chance of customers wanting to begin to kind of roll this out more broadly? How should we think about kind of the cadence of that development?

感謝您對許多主題的徹底更新。我想先談談碳捕獲。您在準備好的評論中提供了更新。我正在為大家考慮關於碳捕獲的後續步驟。是不是——我想你提到了一名飛行員。在廣泛部署之前，您是否可能會先在小規模試點上展示這項技術的能力？或者有沒有客戶希望開始更廣泛地推出這種產品？我們應該如何考慮這種發展的節奏？

So the cadence that you would see would be, as you said, a pilot that we would start with, with a clear intent of it being in scale. Again, Stephen, as you know, anything and everything we do in Bloom is about can we really move the needle, both on the commercial front in terms of it being meaningful as well as on the carbon footprint for the world where we are able to make a big dent on it. So obviously, carbon capture in hundreds of megawatts in every single place is the way to be thinking about this. That is the scale at which it has to work, not in a laboratory, not in a test tube. It has to be working in these large scales.

因此，正如您所說，您將看到的節奏將是我們將開始的試點，其明確意圖是規模化。再一次，斯蒂芬，如你所知，我們在 Bloom 所做的任何事情和一切都是關於我們能否真正推動針頭，無論是在商業方面的意義，還是在我們能夠做到的世界的碳足跡方面做一個大的凹痕。所以很明顯，在每個地方都以數百兆瓦的方式捕獲碳是思考這個問題的方式。那是它必須工作的規模，而不是在實驗室，而不是在試管中。它必須在這些大範圍內工作。

So -- but with our utility partners that we will partner with as well as with some of our commercial partners that we are in engagement with now, we want to start it at a megawatt scale, but clearly it is going to take state/federal support. And we're very encouraged by what we are seeing in the infrastructure and the reconciliation builds. I think one of the common areas where Democrats and Republicans both agree upon is ways to figure out carbon capture with natural gas. So we see this as a great sweet spot and that these proclamations are with these things looking more and more likely to be enacted into law, we should clearly expect that the large utilities want solutions like what we have, and we will start with a pilot with the goal of getting there faster as quickly as we can.

所以 - 但是與我們將與之合作的公用事業合作夥伴以及我們現在正在參與的一些商業合作夥伴，我們希望以兆瓦級的規模開始它，但顯然它將採取州/聯邦支持。我們對我們在基礎設施和和解建設中看到的情況感到非常鼓舞。我認為民主黨人和共和黨人都同意的共同領域之一是計算天然氣碳捕獲的方法。因此，我們認為這是一個很好的選擇，並且這些公告越來越有可能成為法律，我們應該清楚地期望大型公用事業公司需要像我們所擁有的解決方案，我們將從試點開始我們的目標是盡快到達那裡。

That's really helpful. And you mentioned federal support. I thought I'd touch on that as well. Curious, your thoughts on -- I'm thinking about the broader reconciliation package, frankly, though perhaps I'm not giving enough credit to the smaller bipartisan package. But the broader package may include some fairly large elements of support for hydrogen -- for green hydrogen as well. I was curious your view on what that might do in terms of your rate of growth, the deployment of electrolyzers, really any other business impacts you see to the extent that, that became law.

這真的很有幫助。你提到了聯邦政府的支持。我想我也會談到這一點。好奇，你的想法——坦率地說，我正在考慮更廣泛的和解方案，儘管我可能沒有對較小的兩黨方案給予足夠的信任。但更廣泛的一攬子計劃可能包括一些相當大的氫元素支持——也包括綠色氫元素。我很好奇您對這可能會在您的增長率、電解槽的部署以及您看到的任何其他業務影響方面的看法，這已成為法律。

So at least in what we are finding out from the early days of what we're reading and what we're hearing on the hill is, there is a clear understanding that in this area of hydrogen, it is of national importance. So national importance, not only for us in terms of climate change and decarbonization, but it's a competitive advantage for all of our industries. It is also viewed as a technology in which we need to gain leadership to be a leader in this country. And therefore, American companies with American technology, with American manufacturing jobs, getting the credit it needs to get.

因此，至少在我們從早期閱讀的內容和我們在山上聽到的內容中發現，我們清楚地認識到，在這個氫領域，它具有國家重要性。因此，國家重要性，不僅在氣候變化和脫碳方面對我們而言，而且對我們所有行業而言都是競爭優勢。它也被視為一種技術，我們需要獲得領導才能成為這個國家的領導者。因此，擁有美國技術、擁有美國製造業工作崗位的美國公司獲得了它需要的信用。

So if you look at the box and try to check it off, Bloom is an American innovative technology. Bloom is an American manufactured technology. And what we do at Bloom with high-temperature electrolyzers and how we are able to integrate it at commercial scale, we have a leg up on everybody else. So you put those things together and then take into account the hard to decarbonize industries like steel, like chemicals. And when you are able to combine that, the advantage our U.S. industries can have because they have a green product to sell to the world. These are the reasons we are extremely bullish about what those policies will mean for our future growth. It is necessary. It's the right thing to do. I think it is an investment that the country is making, and it's the right investment for the country to make.

因此，如果您查看盒子並嘗試檢查它，Bloom 是一項美國創新技術。 Bloom 是美國製造的技術。我們在 Bloom 使用高溫電解槽所做的事情以及我們如何能夠將其以商業規模集成，我們比其他所有人都領先一步。所以你把這些東西放在一起，然後考慮到鋼鐵和化學品等難以脫碳的行業。當你能夠將其結合起來時，我們的美國工業就可以擁有優勢，因為他們有一種綠色產品可以銷往世界。這就是我們非常看好這些政策對我們未來增長的意義的原因。有必要。這是正確的做法。我認為這是國家正在進行的一項投資，也是國家進行的正確投資。

Understood. And then maybe lastly for me just going to the financial results. The ASP number, Greg, you gave some color around that. I wondered just -- I'm trying to think through that in terms of mix, and you had mentioned the impact of that, I guess, I think, but it is a legacy or an older contract impacting that. Can you just touch on that a little bit? What I'm thinking about is the ASP did fall meaningfully. You're keeping product costs flat, but you're not, in this environment, able to reduce the costs, which is understandable. But I'm just trying to decompose that ASP impact and think about what that might look like going forward.

明白了。然後也許最後對我來說只是財務結果。 ASP 編號，格雷格，你給了一些顏色。我只是想知道——我正試圖從混合的角度來考慮這一點，你提到了它的影響，我想，我想，但它是影響它的遺產或舊合同。你能稍微談談嗎？我在想的是 ASP 確實大幅下降。你保持產品成本持平，但在這種環境下，你無法降低成本，這是可以理解的。但我只是試圖分解這種 ASP 影響並考慮未來可能會是什麼樣子。

Yes, Steve, I'll give you a little context on that. Year-over-year, our product costs are down 8% for the first half. So we're proud of the progress the team has made. We are on versus our expectations. We always like to be down double digits, but we were down significantly in the first quarter and down in the second quarter year-over-year and, to your point, we were flat the last couple of quarters.

是的，史蒂夫，我會給你一些背景信息。上半年，我們的產品成本同比下降 8%。因此，我們為團隊取得的進步感到自豪。我們與我們的期望相反。我們總是喜歡下降兩位數，但我們在第一季度大幅下降，在第二季度同比下降，而且，就你而言，我們在過去幾個季度持平。

On the one deal in particular, and it did impact margins and it did impact sales price, it was an outlier deal that was in the backlog previously. It's part of our backlog and financial framework for the year. So I tried to give you guys some sense of that on last quarter's call that we were going to do it. Listen, we've got some pretty important relationship with that transaction with somebody that we think we can grow with going forward. And we've learned a lot around the project development world. But as I take a back -- look back through the backlog, we've got no other deals that look like it. So it truly was an outlier and is part of the framework for the whole year. It's just a little bit -- its impact this quarter comes through both in ASP as well as in margin.

特別是在一筆交易中，它確實影響了利潤率，也確實影響了銷售價格，這是之前積壓的異常交易。這是我們今年的積壓和財務框架的一部分。因此，我試圖在上個季度的電話會議上讓你們了解我們將要這樣做。聽著，我們與我們認為我們可以在未來發展的人的交易中建立了一些非常重要的關係。我們在項目開發領域學到了很多東西。但是當我回過頭來回顧一下積壓的事情時，我們沒有其他看起來像這樣的交易。所以它確實是一個異常值，並且是全年框架的一部分。這只是一點點——它對本季度的影響來自 ASP 和利潤率。

Our next question is from Mark Strouse of JPMorgan.

我們的下一個問題來自摩根大通的 Mark Strouse。

Just wanted to go back to the comments around finding EPC partners for installations. Can you just give us a bit more color there how those conversations are evolving and what your current expectations are for when we could start seeing some of that start to occur and maybe some less variability in your margins as a result?

只是想回到關於尋找 EPC 合作夥伴進行安裝的評論。你能否給我們更多的顏色，這些對話是如何發展的，以及你目前的期望是什麼時候我們可以開始看到其中一些開始發生，並且結果可能會減少你的利潤變化？

Yes. Thanks, Mark. And again, congratulations on your promotion. So it's good to hear your voice. On the EPC stuff, we've made a lot of progress. Joe Tavi in the team, who runs our installation group, has done a lot of the legwork that we're going to need in order to engage with third parties and make sure that we're able to provide to them a level of standards that they're going to need to be able to do the installations outside of our business. The other place where we've made a tremendous amount of progress is through the front end with Sharelynn Moore's team on the marketing side and really looking for partners that can bring in not only the expertise around EPC, but broaden the relationship as well. Think of them as channel partners or as a financing partner or as a technology integration partner, somebody that can really do it. If it's just somebody who's trying to replicate what it is that we can do, they're probably not going to be able to do it at a cost lower than we can. So we really need to find something that's going to create a lot of value for it.

是的。謝謝，馬克。再次祝賀您升職。所以很高興聽到你的聲音。在 EPC 方面，我們取得了很大進展。團隊中的喬·塔維（Joe Tavi）負責管理我們的安裝小組，他做了很多我們需要的工作，以便與第三方合作並確保我們能夠為他們提供一定水平的標準，他們將需要能夠在我們的業務之外進行安裝。我們取得巨大進步的另一個地方是通過前端與營銷方面的 Sharelynn Moore 團隊合作，並真正尋找不僅可以帶來 EPC 方面的專業知識，還可以擴大關係的合作夥伴。將他們視為渠道合作夥伴、融資合作夥伴或技術集成合作夥伴，真正能做到這一點的人。如果只是有人試圖複製我們能做的事情，他們可能無法以比我們更低的成本來做到這一點。所以我們真的需要找到能夠為它創造很多價值的東西。

If you think about timing, and this is one of the things that's a little bit frustrating as you look at some of the things that are coming through the business now, we need to, one, secure those relationships. But two is given our installation cycle, it will be another 6 or 12 months from the point in which we award a project to a third party until they're able to go do that.

如果您考慮時機，當您看到現在通過業務發生的一些事情時，這是有點令人沮喪的事情之一，我們需要，一，確保這些關係。但是有兩個是給定我們的安裝週期的，從我們將項目授予第三方直到他們能夠這樣做，這將是另外 6 或 12 個月。

We do use EPC partners today in some of our larger projects that are contracted by our customer, but it will be a different from us. I think you'll probably see -- if we're on track, you'll see one large project done with a partner this year. And then as you start to move into next year, you'll begin to see probably some of our more standard, smaller size, smaller kilowatt installations get done through a partnership with somebody who can do it in a region or for a specific customer. And then I think as you get through the course of next year, I'm hopeful that they'll be able to take a larger percentage. But for about everything but -- maybe a deal or 2 that's in our current project pipeline for installation this year, those were primarily going to be started by and finished by our Bloom team.

今天，我們確實在客戶承包的一些大型項目中使用 EPC 合作夥伴，但它與我們不同。我想你可能會看到——如果我們走上正軌，你會看到今年與合作夥伴完成了一個大型項目。然後當你開始進入明年時，你可能會開始看到我們的一些更標準、更小尺寸、更小千瓦的裝置是通過與可以在某個地區或特定客戶進行合作的人合作完成的。然後我認為當你度過明年的課程時，我希望他們能夠獲得更大的百分比。但是對於除了我們今年安裝的當前項目管道中的一兩筆交易之外的所有事情，這些主要將由我們的 Bloom 團隊開始和完成。

Okay. Excellent. And in grand scheme of things, it really doesn't matter if a project comes in late December, early January. But just thinking about your guidance and kind of the risks to the upside or the downside, can you talk about the magnitude of some of these larger projects that you're calling out? I mean if -- worst case scenario, if none of them come in, is there risk below your guidance or vice versa? If they all come in, is the risk above your guidance range?

好的。優秀的。總的來說，一個項目是否在 12 月底或 1 月初到來並不重要。但是，只要考慮一下您的指導以及上行或下行的風險，您能談談您所呼籲的一些大型項目的規模嗎？我的意思是，如果——最壞的情況，如果它們都沒有出現，是否存在低於您指導的風險，反之亦然？如果他們都進來，風險是否超出了您的指導範圍？

Yes. So Mark, there's a couple 2, 3 deals, I would say, that make up the difference between the $950 million and a $1 billion. And as I look through those, is there a risk that each of those deals don't happen? There's always a risk that any project doesn't happen. But given where they are from a timing standpoint, and as I look at it versus late December, early January, that truly would be the difference around those.

是的。所以馬克，我想說，有兩三筆交易，彌補了 9.5 億美元和 10 億美元之間的差額。當我仔細研究這些時，是否存在每筆交易都不會發生的風險？任何項目都不會發生的風險總是存在的。但從時間的角度來看，考慮到它們所處的位置，並且當我看到它與 12 月下旬、1 月初相比時，這確實是圍繞這些的差異。

And from an upside standpoint, listen, we are sold out on the amount of systems that we can manufacture and get installed over the course of the year. So I still think as you think about upside to that $1 billion, it's going to be really as we get into next year and have the opportunity with more capacity online to really help facilitate a number -- for growth next year above where we are this year.

從好的角度來看，聽著，我們在一年中可以製造和安裝的系統數量已經售罄。所以我仍然認為，當你考慮到這 10 億美元的上行空間時，這將是真正的，因為我們進入明年並有機會擁有更多的在線容量來真正幫助促進一個數字——明年的增長將高於我們現在的水平年。

And speakers, our next question from Maheep Mandloi of Crédit Suisse.

發言者，我們的下一個問題來自瑞士信貸的 Maheep Mandloi。

Maybe if you can just probably, Greg, talk about the electrolyzer opportunity. And you did announce the new product launch and the pilots in South Korea and the one later this year in the U.S. seems on track. So I want to understand what feedback you're getting from initial discussions with customers on the electrolyzer opportunity? And how should we think about the revenue recognition maybe in '22 or in 2023 today?

如果你可以的話，格雷格，談談電解槽的機會。你確實宣布了新產品的發布，韓國的試點以及今年晚些時候在美國的試點似乎走上了正軌。所以我想了解您從與客戶就電解槽機會的初步討論中得到什麼反饋？我們應該如何考慮可能在 22 年或 2023 年的收入確認？

Maheep, this is KR. And again, I think, congratulations on your promotion, too. Nice to hear from you. No. Look, with respect to hydrogen, we are super excited about the things that we're doing today, right? Look at the announcement that we have made. This quarter, we are shipping a unit to that of a national laboratory. This is both from a speed to market on hydrogen as well as lifeline for zero-carbon nuclear power to be more economical for the entire nuclear industry. It's a big step.

Maheep，這是KR。我想，再次祝賀你升職。很高興聽到你的消息。不。看，關於氫，我們對我們今天正在做的事情感到非常興奮，對吧？看看我們已經發布的公告。本季度，我們將向國家實驗室運送一個裝置。這既是氫能上市的速度，也是零碳核電對整個核工業更經濟的生命線。這是一大步。

This is the way the U.S. Department of Energy side of a national laboratory and the Department of Energy is thinking about it because our high-temperature electrolyzer with this team and the potential possible integration in the future and the daytime/nighttime arbitrage that you fully understand of nuclear power plants not running at full capacity during the day would be a huge economic drain to them, whereas if they can make hydrogen during that time when the sun is shining and the solar is providing the electricity, it's a huge win and heat a zero-carbon hydrogen. And it can be made in large quantities, and it can be -- these hydrogen projects can go on in industrial sites that are already cited for nuclear power plants and things like that.

這是美國能源部國家實驗室和能源部正在考慮的方式，因為我們的高溫電解槽與這個團隊以及未來可能的整合以及您完全了解的白天/夜間套利白天沒有滿負荷運行的核電站對他們來說將是一個巨大的經濟消耗，而如果他們能夠在陽光明媚且太陽能提供電力的這段時間內製造氫氣，那將是一個巨大的勝利和熱零碳氫。它可以大量生產，而且可以——這些氫項目可以在已經被引用用於核電站之類的工業場所進行。

So if you just look at it practically end-to-end the entire system, you can appreciate the importance of this. So at Bloom, we are very deliberate of the many opportunities that come knocking at our door every single day to only pick and choose the ones that we have conviction on. So it is not the amount of opportunities that come to us, it's the ones we choose to say yes to. That's the hard part, okay?

因此，如果您只看它實際上是端到端的整個系統，您就會意識到這一點的重要性。因此，在 Bloom，我們非常謹慎地考慮每天敲門的許多機會，只挑選我們堅信的機會。所以這不是給我們帶來的機會的數量，而是我們選擇答應的機會。這是最難的部分，好嗎？

The second announcement that we made is Heliogen. And again, you can use heat and electricity to make hydrogen. You can only use heat and electricity in significant quantity in the heat park in high temperature electrolyzers, which is the Bloom Electrolyzer. Any place that is custom built to build a large solar array for hydrogen production, and that's the only way we are going to make any dent in the hydrogen market, is millions of acres of renewable project, trying to offset the 100 million barrels a day worth of oil equivalent, right? These are not small numbers. These are scale numbers. They'll happen in very sunny areas. And concentrating that heat and using that heat as a substitute for electricity for a significant material portion of the energy needed is a game changer because 80% of the hydrogen production costs are energy costs. That's why we're excited about that opportunity, working with Baker Hughes and working with potentially steel, other manufacturers that we are in talks with to use the waste heat coming out of that process and decarbonize that hard-to-decarbonize industry.

我們發布的第二個公告是 Heliogen。再說一次，你可以用熱和電來製造氫氣。您只能在高溫電解槽中的熱區使用大量熱量和電力，即 Bloom 電解槽。任何為製氫而定制的大型太陽能電池板，這是我們要在氫市場上取得任何影響的唯一途徑，都是數百萬英畝的可再生能源項目，試圖抵消每天 1 億桶的產量相當於石油的價值，對吧？這些都不是小數目。這些是比例數字。它們會發生在陽光充足的地區。集中這些熱量並用這些熱量代替電力來替代所需能源的重要物質部分是改變遊戲規則的，因為 80% 的氫氣生產成本是能源成本。這就是為什麼我們對這個機會感到興奮，與貝克休斯合作並與潛在的鋼鐵公司合作，我們正在與之談判的其他製造商利用該過程產生的廢熱並為這個難以脫碳的行業脫碳。

So our focus right now is going after those segments that -- economically and from a dollar invested to the decarbonization impact it has, the maximum impact hydrogen can have, and that is just our focus. That's what we're focused on. We are in this for the long game. We have a clear strategy. But what we're doing today, even with our early prototypes, is far ahead of anybody else in the field.

因此，我們現在的重點是關注那些在經濟上和從投資一美元到它所產生的脫碳影響、氫能產生的最大影響的細分市場，而這正是我們的重點。這就是我們所關注的。我們在這漫長的比賽中。我們有明確的戰略。但是我們今天所做的，即使是我們的早期原型，也遠遠領先於該領域的其他任何人。

Got it. That's really helpful, KR. And maybe one small one, housekeeping. If you can just talk about the customer financing in Q2. Could you just remind us of what that was related to? Was it tax equity or something else? And how should we think about those financing arrangements for the second half or going forward in 2022?

知道了。這真的很有幫助，KR。也許還有一小部分，家政服務。如果您可以談談第二季度的客戶融資。你能提醒我們這與什麼有關嗎？是稅收公平還是其他什麼？我們應該如何考慮下半年或 2022 年的融資安排？

Yes. So if you remember last quarter when we went through it, we raised our risk for our second quarter acceptances, making sure that we had our financing vehicles, our PPA-type structures in place in order to facilitate those acceptances. Coming out of 2020 and into this year, our traditional provider had decided not to participate going forward, which was, okay, we had already begun the process to work with other providers. But the team did an absolute amazing job, not only our team, but our customer-facing teams [off to us] to our provider side. The teams were incredibly engaged through the course of the quarter. We worked through a series of negotiation issues and other things and secured the tax equity that we needed. And what we said at the time was if we solved the quarter, we basically got the year solved.

是的。因此，如果您還記得上個季度我們通過它的時候，我們提高了第二季度接受的風險，確保我們有我們的融資工具，我們的 PPA 類型的結構，以促進這些接受。從 2020 年到今年，我們的傳統提供商決定不再參與，好吧，我們已經開始與其他提供商合作。但是該團隊絕對出色地完成了工作，不僅是我們的團隊，還有我們面向客戶的團隊 [對我們] 到我們的供應商方面。整個季度的過程中，團隊都非常投入。我們解決了一系列談判問題和其他問題，並確保了我們需要的稅收公平。我們當時說的是，如果我們解決了這個季度，我們基本上就解決了這一年。

So for -- as we look forward to the second half, we don't nearly have that effort in front of us, and we're really happy with the providers that we've been in relationships with in the second quarter. Some were folks that we had worked with on previous transactions, others were new that we brought to Bloom, and we see them as resilient sources of capital as we go forward. So we're very excited about the progress that our team made and the relationships we built there.

因此，當我們期待下半場時，我們面前幾乎沒有這樣的努力，我們對第二季度與我們建立關係的供應商感到非常滿意。有些是我們在以前的交易中合作過的人，有些是我們帶到 Bloom 的新人，我們認為他們是我們前進的彈性資本來源。因此，我們對團隊取得的進展以及我們在那裡建立的關係感到非常興奮。

Our next question is from Michael Blum of Wells Fargo.

我們的下一個問題來自富國銀行的 Michael Blum。

Thank you. Good afternoon, everybody. I wanted to talk about your announcement you made at the end of July in the marine space with Samsung. Just wanted to think about your progress in that arena. Does that announcement signal that you're ahead of schedule with commercialization? Are you on schedule? I'm just basically looking for an update on your commercialization efforts in that arena in light of the announcement.

謝謝你。大家下午好。我想談談你在 7 月底與三星在海洋空間發表的聲明。只是想想想你在那個領域的進步。該公告是否表明您在商業化方面提前了計劃？你按時了嗎？鑑於公告，我基本上只是在尋找有關您在該領域的商業化努力的最新信息。

Yes. This is a KR. Let me answer that question, Michael. So when you look at -- when we started with Samsung, we were looking at trying to get at least 1 approval, and this was the approval in principle with DNV, which is an international maritime classification society, highly prestigious. It came sooner than what we had originally had in our timeline. And that is kudos to our engineering team and what they were able to accomplish working with our partners. And that's a big step forward. I would say, that's a very big step forward.

是的。這是一個KR。讓我回答這個問題，邁克爾。因此，當您查看 - 當我們開始與三星合作時，我們正在考慮嘗試獲得至少 1 項批准，這是原則上與 DNV 的批准，DNV 是一個享有盛譽的國際海事船級社。它比我們最初的時間表來得更快。這是對我們的工程團隊以及他們與我們的合作夥伴合作所取得的成就的讚譽。這是向前邁出的一大步。我想說，這是向前邁出的一大步。

But when we put that announcement out, what we found out is there was significant interest from other shipbuilders in different classes, right? So if you look at our announcement with our partner, Samsung, that is for cargo ships. And that's a big deal because 80% of world's economy moves on ships, right? And if it were a country in terms of emissions, it will be 6th to 7th in that list of CO2. So that itself is a big opportunity. But outside of cargo ships, the maritime industry is very big. And we started getting inquiries from other shipbuilders and other continents and -- including passenger ships and other kinds of ships here in the U.S., so cruise liners.

但是，當我們發布該公告時，我們發現其他不同級別的造船商對此非常感興趣，對吧？因此，如果您查看我們與合作夥伴三星的公告，那是針對貨船的。這很重要，因為 80% 的世界經濟都是靠船舶運輸的，對吧？如果它是一個排放量國家，它將在該二氧化碳清單中排在第 6 至第 7 位。所以這本身就是一個很大的機會。但在貨船之外，海運業非常大。我們開始收到來自其他造船商和其他大陸的詢問，包括美國的客船和其他類型的船舶，還有郵輪。

So what we had then was the American Bureau of Shipping is a very important entity, which is, again, a global certification and technology advisory services. And we went to them and tried to simultaneously get an approval. And what we got from them, ABS, which is the American Bureau of Shipping, is a new technology qualification, and that's what we got. So again, it speaks to -- so the final approval will be expected in the case of ABS in 2022, which will be much sooner than we had originally planned.

所以我們當時的美國船級社是一個非常重要的實體，它也是一個全球認證和技術諮詢服務機構。我們去找他們並試圖同時獲得批准。而我們從他們那裡得到的，ABS，也就是美國船級社，是一項新技術認證，這就是我們得到的。因此，它再次說明了——因此，預計 2022 年 ABS 的最終批准將比我們最初計劃的要早得多。

We think this industry is primed, and there is a tremendous push from the consumers for this as well as the international maritime organization. But on top of that, our solution future-proofs that. They can go from the really dirty heavy oil that we're using today to a much cleaner natural gas, which can be even [U.S. ports] side. But in the future, whether it's hydrogen or ammonia, we are future-proofing that and not too many technologies can do that. We believe we are the best option for this. This is the reason why we're seeing that heavy fall.

我們認為這個行業已經準備就緒，消費者以及國際海事組織對此都做出了巨大的推動。但最重要的是，我們的解決方案可以證明這一點。它們可以從我們今天使用的非常臟的重油變成更清潔的天然氣，甚至可以是 [U.S.端口]側。但在未來，無論是氫還是氨，我們都在向未來證明，沒有太多技術可以做到這一點。我們相信我們是最好的選擇。這就是我們看到如此嚴重的下跌的原因。

And our next question from Noel Parks of Tuohy Brothers.

我們來自 Tuohy Brothers 的 Noel Parks 的下一個問題。

Just a couple of things. I was wondering if you could talk in general terms about the biogas projects you're working on? Just a little bit of what those applications are like? And I'm curious in particular about the sources and whether they are, for instance, like well-established sources like landfill, for example, or something newer like a new [implantation] specifically to take advantage of fuel cells.

只是幾件事。我想知道您是否可以籠統地談論您正在從事的沼氣項目？這些應用程序是什麼樣的？我特別好奇這些來源，例如，它們是像垃圾填埋場這樣成熟的來源，還是像專門利用燃料電池的新[植入物]這樣的新來源。

No. We believe that the whole renewable natural gas, biogas is part of this, right, is probably the fastest, quickest way to get to zero-carbon baseload power in scale, especially for mission critical applications. So they fall in 3 different categories, think of solid waste coming from landfills, think of wastewater treatment plants and water treatment plants that put out sour gas. And think of dairy and animal waste, right? So if you take those, each one has its characteristics. But what is common to all of them is, in the absence of there being a commercial opportunity for them, a lot of methane, which is significantly more harmful to the atmosphere than C02, is going to go into the atmosphere. So if you want to decarbonize, finding a way to transact is probably the most important thing. And then the next thing you do is, what if you can use that in a highly efficient way with no air pollution, no water use and create reliable power.

不。我們相信整個可再生天然氣，沼氣是其中的一部分，對，可能是實現大規模零碳基本負荷電力的最快、最快的方式，特別是對於關鍵任務應用。因此它們分為 3 個不同的類別，想想來自垃圾填埋場的固體廢物，想想污水處理廠和排放酸性氣體的水處理廠。想想奶製品和動物糞便，對吧？因此，如果您採用這些，則每個都有其特點。但他們所有人的共同點是，在沒有商業機會的情況下，大量甲烷（對大氣的危害比二氧化碳大得多）將進入大氣。所以如果你想脫碳，找到一種交易方式可能是最重要的事情。然後你要做的下一件事是，如果你能以高效的方式使用它，沒有空氣污染，不使用水，創造可靠的電力。

So we are excited about 3 opportunities here. We are, as we said, with a large silicon valley company, and we'll be talking about it soon in the months to come, doing a project, which is operational of taking landfill gas and producing power. We see an enormous opportunity in waste water treatment plants because the amount of gas that comes out is sufficient to operate that waste water treatment plant with all its electricity needs and thereby bringing resiliency. It's not only a decarbonization play, it's not only a biogas play, but it's essential for our everyday life. When there is no power, you can drop bottles of water for people to drink. You can drop food from helicopters. If at all it doesn't flush, there's not a whole bunch of options you have, okay? It's essential for everyday life. And that's what we can bring to the table.

因此，我們對這裡的 3 個機會感到興奮。正如我們所說，我們與一家大型矽谷公司合作，我們將在未來幾個月內談論它，做一個項目，該項目可用於垃圾填埋氣和發電。我們在廢水處理廠看到了巨大的機會，因為排出的氣體量足以滿足廢水處理廠的所有電力需求，從而帶來彈性。這不僅是脫碳遊戲，不僅是沼氣遊戲，而且對我們的日常生活至關重要。沒電的時候，可以丟瓶水給人喝。你可以從直升機上投下食物。如果它根本沒有刷新，那麼你沒有一大堆選擇，好嗎？它對日常生活至關重要。這就是我們可以提出來的。

And we will very soon be talking about some dairy projects where we are able to use the animal waste and use that gas to be able to do our systems. And the beauty of our modular system is, we don't need very large-scale facilities to make this operational and economically viable. We can go with small and medium-scaled areas and be able to implement this and get that far out. I think there is a huge opportunity. We are excited about it. You will see us trying to grow this field in the future.

我們很快就會談論一些乳製品項目，我們能夠利用動物糞便並使用這種氣體來完成我們的系統。我們模塊化系統的美妙之處在於，我們不需要非常大規模的設施來使這種操作和經濟可行。我們可以在中小型地區進行，並且能夠實施並取得成功。我認為這是一個巨大的機會。我們對此感到興奮。你會看到我們在未來努力發展這個領域。

Great. And I was interested in your discussion about the pipeline and the backlog. You mentioned that you were seeing an increase in commercial momentum, which sounds great. And I'm just curious, at this stage, in general terms, your sales and marketing costs per deal size or given the -- per deal signed or given the size of a deal, is -- I assume we're in a trend where that probably would be heading higher as you sort of walk through the horizons on the backlog and then maybe hitting a point where it trends lower. Can you give any insight on just what it's costing to sort of source and close a deal these days?

偉大的。我對你關於管道和積壓的討論很感興趣。您提到您看到商業勢頭有所增加，這聽起來很棒。我只是好奇，在這個階段，一般而言，您的銷售和營銷成本每筆交易規模或考慮到 - 每筆交易簽署或給定交易規模，是 - 我假設我們處於趨勢中當你走過積壓的地平線時，它可能會走高，然後可能會達到一個趨勢更低的點。您能否就這些天採購和完成交易的成本提供任何見解？

Yes. Noel, it's Greg. So as we think about it, right, when we look at the pipeline, we're really happy with the progress that the team is making in expanding in the U.S. as well as [the way this] team is expanding internationally. In the cost that drove this quarter really was around making sure those teams had the analysis that they needed, the materials that they needed, the coaching that they needed, all those things. And we think that converts in -- from -- into pipeline and what's in the pipeline into bookings over the course of the next 6 to 12 months as we go forward.

是的。諾埃爾，是格雷格。因此，當我們考慮這一點時，對，當我們查看管道時，我們對團隊在美國擴張所取得的進展以及[這個]團隊在國際擴張的方式感到非常滿意。推動本季度的成本實際上是確保這些團隊擁有他們需要的分析、他們需要的材料、他們需要的教練，所有這些東西。我們認為，隨著我們的前進，在未來 6 到 12 個月的過程中，這將轉化為 - 從 - 到管道以及正在管道中的預訂。

So I don't think it is not yet like I would in a consumer model where you've got acquisition costs tied to each -- the amount of advertising you put in place in what deal you secure. This is really about making sure we were accelerating the progress that we see and the opportunities that we see. And we're getting more and more confident in how that looks every day.

因此，我認為這還不像我在消費模式中所希望的那樣，在這種模式中，您獲得與每個相關的獲取成本——您在獲得的交易中投放的廣告數量。這實際上是為了確保我們正在加速我們看到的進展和我們看到的機會。我們對每天的外觀越來越有信心。

So thanks, Noel. So I think we just -- we've run out of time. We still had a couple more questions we wanted to get to. I apologize for not getting to everybody who is looking to ask a question. I'll say a couple of comments here in just closing. We had a very strong performance this quarter in this first half of this year. We're happy in how we are executing and putting the backlog into revenue. We are gaining confidence, as I was just talking to Noel about, in our pipeline and what we're seeing there. And it's giving the confidence for us to invest in our technology, in our manufacturing capabilities as well as continuing to hone out our front end in commercial resources.

所以謝謝，諾埃爾。所以我認為我們只是 - 我們已經沒有時間了。我們還有幾個問題要解決。我很抱歉沒有找到所有想問問題的人。在剛剛結束的時候，我會在這裡說幾句評論。今年上半年，我們本季度的表現非常強勁。我們對我們如何執行並將積壓工作轉化為收入感到滿意。正如我剛剛與 Noel 所說的那樣，我們正在對我們的管道以及我們在那裡看到的情況充滿信心。這讓我們有信心投資於我們的技術、製造能力以及繼續磨練我們在商業資源方面的前端。

We're reaffirming our guidance for this year. We are confident that we can offset any cost pressures that we're seeing and deliver on the gross margins that we've had. We're going to continue to invest in those opportunities and are still targeting a 3% operating margin. And I'm getting more confidence based on the second quarter performance that we had around our cash flows, around how we're expecting those for the year, although I'm still holding approaching positive as -- is our target and look to update as we go forward.

我們重申了對今年的指導。我們有信心可以抵消我們所看到的任何成本壓力，並實現我們所擁有的毛利率。我們將繼續投資於這些機會，並且仍以 3% 的營業利潤率為目標。基於我們對現金流的第二季度表現以及我們對今年的預期如何，我越來越有信心，儘管我仍然保持接近積極的態度——這是我們的目標並希望更新當我們前進時。

So I want to thank everybody for their interest in Bloom. Thank you, everybody, for their time, and we look forward to getting back together in 90 days and talking about third quarter performance. Thank you.

所以我要感謝大家對Bloom的興趣。謝謝大家的時間，我們期待在 90 天內重聚並談論第三季度的業績。謝謝你。

This concludes today's conference call. Thank you all for joining. You may now disconnect.

今天的電話會議到此結束。謝謝大家的加入。您現在可以斷開連接。