Bloom Energy Corp (BE) 2020 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the Bloom Energy Third Quarter 2020 Earnings Call.

女士們，先生們，感謝您的支持並歡迎參加 Bloom Energy 2020 年第三季度財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員說明）請注意，今天的會議正在錄製中。

(Operator Instructions)

（操作員說明）

I would now like to hand the conference over to your speaker today, Mr. Mark Mesler, VP of Finance and Investor Relations.

我現在想把會議交給你今天的演講者，財務和投資者關係副總裁 Mark Mesler 先生。

Thank you.

謝謝你。

Please go ahead, sir.

請繼續，先生。

Thank you, operator.

謝謝你，接線員。

Good afternoon, all.

大家下午好。

We appreciate you joining us on Bloom Energy's Third Quarter 2020 Earnings Conference Call.

感謝您參加 Bloom Energy 的 2020 年第三季度收益電話會議。

To supplement this conference call, we have furnished our Q3 2020 shareholder letter and earnings release with the SEC and have posted it along with supplemental financial information that we will periodically reference throughout this call to our Investor Relations website.

為了補充本次電話會議，我們向美國證券交易委員會提供了 2020 年第三季度股東信函和收益發布，並將其與補充財務信息一起發布，我們將在本次電話會議期間定期參考我們的投資者關係網站。

The matters we will be discussing today include forward-looking statements regarding future events and the future financial performance of the company.

我們今天將討論的事項包括有關未來事件和公司未來財務業績的前瞻性陳述。

These statements are subject to risks and uncertainties that we discuss in detail in our documents filed with the SEC, specifically the most recent reports on forms 10-K and 10-Q, which identify important risk factors, including those related to the COVID-19 pandemic that could cause actual results to differ materially from those contained in the forward-looking statements.

這些陳述受到我們在提交給美國證券交易委員會的文件中詳細討論的風險和不確定性的影響，特別是關於表格 10-K 和 10-Q 的最新報告，其中確定了重要的風險因素，包括與 COVID-19 相關的風險因素大流行可能導致實際結果與前瞻性陳述中包含的結果大不相同。

These include statements about the company's business results, financial position, liquidity, demand for our energy server and new applications, timing of new applications and the supporting market ecosystem and outlook.

其中包括關於公司業務成果、財務狀況、流動性、對我們的能源服務器和新應用程序的需求、新應用程序的時間安排以及支持的市場生態系統和前景的陳述。

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

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 Q3 2020 shareholder letter, we refer to GAAP and non-GAAP financial measures.

在本次電話會議和我們的 2020 年第三季度股東信函中，我們提到了 GAAP 和非 GAAP 財務指標。

These 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.

這些非公認會計原則財務指標並非根據美國公認會計原則編制，是對根據公認會計原則編制的財務業績指標的補充，而不是替代或優於這些指標。

A reconciliation between the GAAP and non-GAAP financial measures is included in our Q3 2020 shareholder letter, which has been furnished on Form 8-K and posted on the company's investor relations website.

我們的 2020 年第三季度股東信函中包含了 GAAP 和非 GAAP 財務措施之間的對賬，該信函已在表格 8-K 中提供並發佈在公司的投資者關係網站上。

Joining me on the call today are K.R. Sridhar, Principal Co-Founder and Chief Executive Officer; and Greg Cameron, Bloom's Chief Financial Officer.

今天和我一起參加電話會議的是 K.R. Sridhar，首席聯合創始人兼首席執行官；和 Bloom 的首席財務官 Greg Cameron。

K.R. and Greg will review the operating and financial highlights of the quarter.

K.R. Greg 將審查本季度的運營和財務亮點。

And then we will take questions.

然後我們會回答問題。

I would also like to note that we are all dialed into this call remotely, so we apologize in advance for any audio issues that may occur.

我還想指出，我們都是遠程撥入此電話的，因此對於可能發生的任何音頻問題，我們提前道歉。

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

我現在將把電話轉給 K.R.

Good day, and thank you for joining us.

美好的一天，感謝您加入我們。

Bloom Energy has made substantial progress in the third quarter as we continue to bring operational discipline and agility to drive our innovation and industry leadership.

Bloom Energy 在第三季度取得了長足的進步，因為我們繼續以運營紀律和敏捷性來推動我們的創新和行業領先地位。

Reflecting upon third quarter results, I was reminded that we announced our fourth quarter and year-end 2019 earnings on March 16, the first day of Bay Area's shelter-in-place order.

回顧第三季度的業績，我被提醒，我們於 3 月 16 日（灣區就地避難令的第一天）公佈了 2019 年第四季度和年底的收益。

It was impossible to know at that time how the unfolding situation would affect our business and our lives.

當時不可能知道不斷發展的局勢將如何影響我們的業務和生活。

Since March, we have made great progress across the key pillars that are fundamental to our long-term future.

自 3 月以來，我們在對我們長期未來至關重要的關鍵支柱方面取得了巨大進展。

We have significantly enhanced our balance sheet and liquidity, added proven leaders to our executive team and have pursued a number of additional initiatives that we believe will drive more predictability into our business over time.

我們顯著增強了我們的資產負債表和流動性，為我們的執行團隊增加了成熟的領導者，並採取了一些額外的舉措，我們相信這些舉措將隨著時間的推移為我們的業務帶來更多的可預測性。

Importantly, we continue to innovate, making meaningful announcements on our core platforms as well as the role we intend to play in hydrogen.

重要的是，我們繼續創新，在我們的核心平台上發布有意義的公告，以及我們打算在氫能中扮演的角色。

And something that is personally very important to me, even in times of great turmoil is that we remain true to our culture and core values in serving our communities, whether it was redeploying manufacturing resources to address an immediate need for ventilators or our rapid response to power pop-up field hospitals in response to COVID or in a hurricane-devastated area.

對我個人來說非常重要的一件事是，即使在動盪時期，我們在為社區服務時仍然忠於我們的文化和核心價值觀，無論是重新部署製造資源來解決對呼吸機的迫切需求，還是我們快速應對為應對 COVID 或颶風災區的彈出式野戰醫院供電。

I am confident we met the need of serving our communities.

我相信我們滿足了為社區服務的需要。

I want to thank our resilient and motivated employees including our exceptional leadership team for the outstanding collaboration to grow our business and drive innovation.

我要感謝我們富有韌性和積極性的員工，包括我們出色的領導團隊，感謝他們為發展我們的業務和推動創新而進行的出色合作。

I'm exceptionally proud of how team Bloom responded to the challenge.

我對 Bloom 團隊如何應對挑戰感到非常自豪。

In a nutshell, Bloom Energy is stronger today than it was in March.

簡而言之，Bloom Energy 今天比 3 月份更強大。

We are performing well, and our outlook is brighter.

我們表現良好，前景更加光明。

This year, we have embarked on numerous initiatives to enter large new markets.

今年，我們採取了多項舉措以進入大型新市場。

Now let me share with you some of the highlights of this period.

現在讓我與您分享這一時期的一些亮點。

First, our financial health is greatly enhanced.

首先，我們的財務健康狀況大大增強。

We have reduced debt, extended maturities, reduced our interest expense and added cash to our balance sheet.

我們減少了債務，延長了到期日，減少了利息支出，並在資產負債表中增加了現金。

Greg, who led the successful effort, will provide more details shortly.

領導這項成功工作的格雷格將很快提供更多細節。

The reduced debt service is allowing us to prudently invest in Bloom's expansion.

償債的減少使我們能夠謹慎地投資於 Bloom 的擴張。

We are accelerating our research and development and investing in top line growth and manufacturing capacity.

我們正在加速研發並投資於一線增長和製造能力。

Second, increasingly, markets are valuing the core attributes of our technology platform.

其次，市場越來越重視我們技術平台的核心屬性。

Power disruptions have grown more frequent and prolonged as hurricanes, storms and wildfires have ravaged many parts of the country.

隨著颶風、風暴和野火肆虐該國許多地區，電力中斷變得更加頻繁和持續。

Businesses are increasingly seeking resilient, cost-effective AlwaysON power solutions.

企業越來越多地尋求彈性、經濟高效的 AlwaysON 電源解決方案。

Manufacturing, warehousing, health care and retail businesses recognize that now is the time to take action to improve energy security.

製造、倉儲、醫療保健和零售企業認識到，現在是採取行動改善能源安全的時候了。

The 103 AlwaysON Microgrid that we have deployed have allowed our customers to ride through 139-hour disruption during Q3.

我們部署的 103 台 AlwaysON 微電網使我們的客戶能夠在第三季度度過 139 小時的中斷。

Severe natural disasters are also providing clear evidence of the acceleration of climate change.

嚴重的自然災害也為氣候變化的加速提供了明確的證據。

Companies, in addition to wanting to protect their businesses, also want to be responsible stewards of the environment and are increasingly seeking more sustainable solutions like Bloom Energy's biogas and forthcoming hydrogen products.

公司除了希望保護自己的業務外，還希望成為負責任的環境管理者，並且越來越多地尋求更可持續的解決方案，例如 Bloom Energy 的沼氣和即將推出的氫氣產品。

In the third quarter, we have strengthened relationships with our public utility partners who are increasingly encouraging and embracing technology transformation in the energy industry.

在第三季度，我們加強了與公用事業合作夥伴的關係，這些合作夥伴越來越鼓勵和擁抱能源行業的技術轉型。

In Louisiana, we are partnering with Entergy to support mission-critical energy in the face of severe weather.

在路易斯安那州，我們正與 Entergy 合作，在惡劣天氣下支持關鍵任務能源。

Together with Entergy, we see opportunities to be facilitators in a new energy landscape, creating local microgrid, investing in a decentralized future and providing the tools and services to achieve decarbonization.

與 Entergy 一起，我們看到了成為新能源領域促進者的機會，創建本地微電網，投資於分散的未來，並提供工具和服務以實現脫碳。

Third, we are advancing our technology road map, which will accelerate our growth by capitalizing on emerging market opportunities.

第三，我們正在推進我們的技術路線圖，這將通過利用新興市場機會加速我們的增長。

Our growth initiatives include developing a hydrogen fuel cell and hydrogen electrolyzer, sustainably powering the maritime industry, implementing cost-effective carbon capture solution and enabling widespread adoption of biogas-based power generation.

我們的增長計劃包括開發氫燃料電池和氫電解槽、可持續地為海運業提供動力、實施具有成本效益的碳捕獲解決方案以及廣泛採用沼氣發電。

We are excited to share our progress in greater detail during our forthcoming Investor Day in December.

我們很高興在即將到來的 12 月投資者日期間更詳細地分享我們的進展。

Fourth, our innovation extends beyond our products and into our installation group.

第四，我們的創新超越了我們的產品，延伸到了我們的安裝組。

In the area of deploying our systems, we are continuously improving upon the ease and predictability of our installation process as part of our broader effort to simplify our business.

在部署我們的系統方面，我們不斷改進安裝過程的簡易性和可預測性，作為我們簡化業務的更廣泛努力的一部分。

This is necessary given the exogenous impediment that our installation team encounters in a world dealing with climate change.

鑑於我們的安裝團隊在應對氣候變化的世界中遇到的外部障礙，這是必要的。

An example is Bloom Energy's new [skid] product.

一個例子是 Bloom Energy 的新 [skid] 產品。

Recently, we shipped our first system preassembled for rapid installation on a skid ready to deploy part of our factory in Delaware.

最近，我們發運了我們的第一個預組裝系統，用於快速安裝在準備部署我們在特拉華州工廠的一部分的滑軌上。

The skid essentially creates a prepackaged environment where a lot of the wiring and construction is eliminated, allowing us to drop in the system and be ready to hook it up, eliminating pouring concrete and elongating the construction process.

撬塊實質上創建了一個預先打包的環境，消除了許多佈線和施工，使我們能夠放入系統並準備好將其連接起來，從而消除了澆築混凝土並延長了施工過程。

We have included a picture of the Bloom Energy skid in our presentation.

我們在演示文稿中包含了 Bloom Energy 滑道的圖片。

By transferring a significant portion of integration work and time from less predictable field conditions to the controlled factory environment, we reduced cost and time overruns.

通過將大部分集成工作和時間從難以預測的現場條件轉移到受控的工廠環境，我們減少了成本和時間超支。

It is our expectation that a dedicated Bloom manufacturing team that is well trained in the final assembly process will deliver a more integrated product to the field and make it easier for field contractors to install.

我們期望在最終組裝過程中訓練有素的專業 Bloom 製造團隊將向現場交付更集成的產品，並使現場承包商更容易安裝。

The ease of installing a skid in a customer location will enable Bloom to offer simple, standardized procedures to outsourced installation partners, thereby enabling Bloom to scale up its operations, both geographically and in volume.

在客戶位置安裝撬塊的便利性將使 Bloom 能夠為外包安裝合作夥伴提供簡單、標準化的程序，從而使 Bloom 能夠在地域和數量上擴大其運營。

It will also enable us to power customers on a short term or emergency base.

它還將使我們能夠在短期或緊急情況下為客戶提供電力。

First, our product performance is unparalleled in the industry.

首先，我們的產品性能在行業中是無與倫比的。

Our 8.35-megawatt power tower installation in Korea is a week away from its 2-year anniversary.

我們在韓國安裝的 8.35 兆瓦電力塔距其 2 週年紀念日還有一周時間。

Here are the highlights.

以下是重點。

Not one of the 167 power modules have required a field replacement unit.

167 個電源模塊中沒有一個需要現場更換單元。

The capacity factor of our system, in other words, the amount of megawatt hours delivered as a fraction of the nameplate is 98.7%.

我們系統的容量係數，換句話說，作為銘牌交付的兆瓦時數為 98.7%。

According to the Department of Energy's EIA, combined cycle gas turbines have a capacity factor of about 50%, wind turbines have a capacity factor of around 30%, solar panels have a capacity factor of only 20%.

根據能源部的 EIA，聯合循環燃氣輪機的容量因數約為 50%，風力渦輪機的容量因數約為 30%，太陽能電池板的容量因數僅為 20%。

Other than a 16-hour period when our systems had to stand down for a customer-initiated maintenance project unrelated to our servers, our installation provided power 24/7/365 at 100% availability.

除了在 16 小時內我們的系統不得不因客戶發起的與我們的服務器無關的維護項目而停機，我們的安裝以 100% 的可用性提供了 24/7/365 的電力。

Let me repeat, 100% availability.

讓我重複一遍，100% 的可用性。

Compare this to traditional baseload power plants that have availability between 70% and 90%; and solar, which have less than 20% availability.

將其與可用性在 70% 到 90% 之間的傳統基荷發電廠進行比較；和太陽能，其可用性不到 20%。

The lifetime efficiency of this installation is 57.4%.

該裝置的生命週期效率為 57.4%。

The capacity factor and performance efficiency far exceed our contractual commitment.

容量係數和性能效率遠遠超過我們的合同承諾。

In summary, the Bloom Energy servers that we continuously improved over the years are now showing a performance level and reliability that have never been demonstrated by fuel cell.

總之，我們多年來不斷改進的 Bloom Energy 服務器現在顯示出燃料電池從未展示過的性能水平和可靠性。

Next, I'm delighted by the level of talent we've been able to attract to the company, especially in senior leadership position.

接下來，我對我們能夠吸引到公司的人才水平感到高興，尤其是在高級領導職位上。

Since the March call, we have hired Greg Cameron as our CFO; Sharelynn Moore as our CMO; and Carl Guardino as our EVP of Government Affairs and Policy.

自 3 月電話會議以來，我們聘請了 Greg Cameron 作為我們的首席財務官； Sharelynn Moore 擔任我們的首席營銷官； Carl Guardino 擔任我們的政府事務和政策執行副總裁。

Shortly, we will announce a new EVP of International Business Development.

不久，我們將宣布新的國際業務發展執行副總裁。

This person is exceptionally qualified and will be responsible for pursuing regional relationships similar to our win-win partnership with SK in South Korea.

此人非常合格，將負責尋求類似於我們與韓國 SK 的雙贏夥伴關係的區域關係。

By leveraging trusted partners to grow its market footprint, Bloom can focus on what it does best, innovating and delivering best-in-class products and services to its customers.

通過利用值得信賴的合作夥伴擴大其市場足跡，Bloom 可以專注於其最擅長的領域、創新並為客戶提供一流的產品和服務。

We are very pleased with the progress we have made in 2020.

我們對 2020 年取得的進展感到非常高興。

This has certainly been a year that has tested management teams and their ability to lead.

這無疑是考驗管理團隊及其領導能力的一年。

In our case, we have overcome formidable challenges and forged ahead stronger.

就我們而言，我們克服了艱鉅的挑戰，更加強大地前進。

We are executing at a high level and are coming out in a better position than the company has ever been in.

我們的執行水平很高，並且比公司以往任何時候都處於更好的位置。

We are excited about our future and believe there has never been a better time for Bloom Energy.

我們對我們的未來感到興奮，並相信對於 Bloom Energy 來說，現在是一個更好的時機。

With that, I will turn it over to Greg.

有了這個，我會把它交給格雷格。

Thanks, K.R. As you said, we accomplished a great deal in the third quarter.

謝謝，K.R.正如您所說，我們在第三季度取得了很大成就。

Our management and operating teams are demonstrating our ability to execute in a complicated business environment.

我們的管理和運營團隊正在展示我們在復雜商業環境中的執行能力。

As we discussed in prior calls, when I joined the company, my near-term focus was to simplify our business, improve our liquidity and address our debt.

正如我們在之前的電話會議中討論的那樣，當我加入公司時，我近期的重點是簡化我們的業務，提高我們的流動性並解決我們的債務問題。

During the third quarter, we successfully raised $230 million in new financing through a convertible green bond offering at an attractive rate term.

在第三季度，我們通過以有吸引力的利率發行可轉換綠色債券成功籌集了 2.3 億美元的新融資。

We completed the conversion of the 10% convertible promissory notes due 2021, retiring the entire June 30 balance of $249 million.

我們完成了 2021 年到期的 10% 可轉換期票的轉換，將 6 月 30 日的全部餘額 2.49 億美元退還。

The majority of these converted shares have now been traded by the former debt holders and are part of our public float.

這些轉換後的股份中的大部分現在已由前債務持有人交易，並且是我們公眾持股量的一部分。

Additionally, we have called the outstanding balance of $79 million of the 10% senior secured notes due 2024 and will pay off the entire balance on November 9. In our supplemental financial information slide deck that Mark referenced, we've included a pro forma capital structure that details our post-retirement outstanding debt, cash balances and leverages.

此外，我們已將 7900 萬美元的 7900 萬美元的 10% 優先擔保票據到期，將於 2024 年到期，並將在 11 月 9 日償還全部餘額。在馬克引用的補充財務信息幻燈片中，我們已經包含了一個備考資本結構，詳細說明我們退休後的未償債務、現金餘額和槓桿。

A few highlights.

幾個亮點。

Since the end of the first quarter, we have reduced our recourse outstanding debt by $143 million, eliminated any debt maturities prior to 2025, improved our available cash over $60 million and reduced our annualized debt service by $44 million.

自第一季度末以來，我們已將追索權未償債務減少了 1.43 億美元，消除了 2025 年之前到期的任何債務，增加了超過 6000 萬美元的可用現金，並將我們的年度償債額減少了 4400 萬美元。

Today, our recourse debt less unrestricted cash or net debt is only $57.7 million.

今天，我們的追索權債務減去無限制現金或淨債務僅為 5770 萬美元。

These actions, which have improved our balance sheet, provide Bloom with the additional capital and the flexibility to pursue our technology road map and further advance our manufacturing capacity.

這些行動改善了我們的資產負債表，為 Bloom 提供了額外的資金和靈活性，以追求我們的技術路線圖並進一步提高我們的製造能力。

With an improved capital structure, we are clearly well positioned for growth, but I want to be clear that we will continue to be disciplined around those investments to ensure that the applications we develop and have market demand, meaningful scale and real opportunity for attractive return on our invested capital.

隨著資本結構的改善，我們顯然為增長做好了準備，但我想明確的是，我們將繼續圍繞這些投資進行紀律處分，以確保我們開發的應用程序具有市場需求、有意義的規模和獲得有吸引力回報的真正機會在我們的投資資本上。

Now let's turn to the third quarter financial performance.

現在讓我們轉向第三季度的財務表現。

For your reference in the supplemental financial information slide, we've also provided a summary of key financials, along with a summary P&L and balance sheet.

供您在補充財務信息幻燈片中參考，我們還提供了關鍵財務摘要以及損益表和資產負債表摘要。

I want to highlight some of the key financial metrics and provide some additional context around our results.

我想強調一些關鍵的財務指標，並圍繞我們的結果提供一些額外的背景。

A couple of items of note in our comparisons.

在我們的比較中有幾個值得注意的項目。

Similar to last quarter, in 2019, we benefited from a large repowering that did not repeat this year, making comparisons versus prior year less relevant.

與上個季度類似，在 2019 年，我們受益於今年沒有重複的大規模改造，這使得與上一年的比較不太相關。

Also, this quarter's results include a release of $14.2 million in previously deferred revenue relating to sales completed in 2014 and 2015.

此外，本季度的業績包括與 2014 年和 2015 年完成的銷售相關的 1420 萬美元先前遞延收入的釋放。

This is an unusual item related to prior year sales.

這是與上一年銷售有關的不尋常項目。

So for transparency and to provide a benchmark for future operating performance, we referenced some metrics excluding this item.

因此，為了提高透明度並為未來的運營績效提供基準，我們引用了一些不包括此項的指標。

On 314 acceptances, revenue for the third quarter was $200.3 million, up 6.6% from prior quarter as reported and roughly flat when adjusting for the revenue deferral.

在 314 次驗收中，第三季度的收入為 2.003 億美元，比報告的上一季度增長 6.6%，在調整收入遞延後大致持平。

We experienced some delays in installations that impacted revenue timing, mostly related to storm activity in the northeast where utilities rightly prioritized reestablishing power service.

我們經歷了一些影響收入時機的安裝延遲，主要與東北部的風暴活動有關，公用事業正確地優先考慮重建電力服務。

These sites are being recognized in the fourth quarter, with 41 systems being accepted in the first 2 weeks of October.

這些站點將在第四季度得到認可，10 月的前兩周有 41 個系統被接受。

Reported non-GAAP gross margin is 29.7%.

報告的非公認會計原則毛利率為 29.7%。

When adjusted for the revenue deferral release, the business achieved 24.5%, up significantly from the first half.

經調整收入遞延釋放後，該業務實現了 24.5%，較上半年顯著增長。

Our product and installed unit economic profit, excluding the revenue deferral release, was very strong this quarter at $1,621 per kilowatt, up $679 per kilowatt from prior quarter driven primarily by lower product costs and a more profitable mix of acceptances.

我們的產品和安裝單位經濟利潤（不包括收入延期發布）本季度非常強勁，達到每千瓦 1,621 美元，比上一季度增加 679 美元，這主要是由於產品成本降低和驗收組合利潤更高。

Our product margin remained strong at 40%.

我們的產品利潤率保持在 40% 的強勁水平。

On installations, we continue to look to simplify through partners and adapt our approach.

在安裝方面，我們繼續尋求通過合作夥伴簡化並調整我們的方法。

Like in the [skid] design K.R. highlighted, we are committed to reducing operational complexity and improving the profitability in this component of our business.

就像 [skid] 設計 K.R.強調，我們致力於降低運營複雜性並提高我們業務這一部分的盈利能力。

Our service business recorded a $6.6 million loss on a non-GAAP basis in the third quarter, as we made additional investments into our installed base to accelerate an increase in fleet output.

我們的服務業務在第三季度非 GAAP 基礎上錄得 660 萬美元的虧損，因為我們對已安裝的基礎進行了額外投資以加速增加車隊產量。

Our focus is to make this business profitable by achieving our targeted output, increasing our fuel cell life and reducing costs.

我們的重點是通過實現我們的目標產量、延長我們的燃料電池壽命和降低成本來使這項業務盈利。

Through improved performance in fleet management, we have reduced the number of replacement units required to support an installation by 45% since 2015.

通過提高車隊管理績效，自 2015 年以來，我們已將支持安裝所需的更換單元數量減少了 45%。

During the same time period, we reduced our replacement cost per unit by 59%.

在同一時期，我們將單位更換成本降低了 59%。

These improvements will continue to expand the time between service events and reduce the cost per event, ultimately resulting in improved financial results.

這些改進將繼續延長服務事件之間的時間並降低每個事件的成本，最終改善財務結果。

We expect a profitable service business by 2022 with expanding margins and revenue growth in line with the installed base into the future.

我們預計到 2022 年將實現盈利的服務業務，其利潤率和收入增長將與未來的安裝基數保持一致。

Reported non-GAAP operating income was $15.4 million and adjusted EBITDA was $27.7 million.

報告的非公認會計原則營業收入為 1540 萬美元，調整後的 EBITDA 為 2770 萬美元。

When adjusted for the revenue deferral, non-GAAP op income was $1.2 million and adjusted EBITDA was $13.5 million.

調整收入遞延後，非公認會計原則的運營收入為 120 萬美元，調整後的 EBITDA 為 1350 萬美元。

Last quarter, we were extremely pleased with the positive adjusted EBITDA.

上個季度，我們對積極的調整後 EBITDA 感到非常滿意。

In this quarter, we're even more pleased to have a positive non-GAAP operating income.

在本季度，我們更高興的是非 GAAP 營業收入為正。

These metrics highlight our progress on the journey to profitability.

這些指標突顯了我們在盈利之路上取得的進展。

We ended the quarter with $504 million in consolidated cash.

我們以 5.04 億美元的合併現金結束本季度。

Our cash balance excluding restricted cash is $325 million, an increase of $181 million from the prior quarter, reflecting the new convertible debt raise, partially offset by debt service and working capital usage.

我們的現金餘額（不包括限制性現金）為 3.25 億美元，比上一季度增加 1.81 億美元，這反映了新的可轉換債務籌集，部分被償債和營運資金使用所抵消。

This balance will decrease $82 million in November when we pay off the 10% senior secured notes due 2024.

當我們償還 2024 年到期的 10% 優先擔保票據時，這一餘額將在 11 月減少 8200 萬美元。

I mentioned the continued reductions to our product cost, down 19% over the last year through enhancements to our manufacturing processes and our supply chain management.

我提到通過改進我們的製造流程和供應鏈管理，我們的產品成本持續降低，比去年下降了 19%。

Based upon the commercial pipeline, we need additional capacity in the near term to meet demand and have begun to secure the long lead items such as equipment and facilities.

基於商業管道，我們需要在短期內增加產能以滿足需求，並已開始確保設備和設施等長期領先的項目。

The relative investment is manageable in both size and payback.

相對投資在規模和回報方面都是可控的。

We expect to invest $50 million to $75 million over the next 2 to 3 years to double our manufacturing capacity.

我們預計在未來 2 至 3 年內投資 5000 萬至 7500 萬美元，以使我們的製造能力翻一番。

While this may put some short-term pressure on cost absorption, we believe this investment can be critical to facilitate the rollout of Bloom 7.5 and our technology road map.

雖然這可能會給成本吸收帶來一些短期壓力，但我們相信這項投資對於促進 Bloom 7.5 和我們的技術路線圖的推出至關重要。

We expect to fund these investments within our current capital structure framework utilizing equipment and real estate financing where appropriate.

我們希望在我們當前的資本結構框架內適當地利用設備和房地產融資為這些投資提供資金。

As expected, we plan to install our first Bloom 7.5 server into the customer site in the fourth quarter.

正如預期的那樣，我們計劃在第四季度將我們的第一台 Bloom 7.5 服務器安裝到客戶站點。

During 2021, we will operationalize production as we build our manufacturing capacity.

2021 年，我們將在建立製造能力的同時投入生產。

Our production will shift from primarily Bloom 5.0 to Bloom 7.5 in 2022.

到 2022 年，我們的生產將從主要的 Bloom 5.0 轉移到 Bloom 7.5。

As we shift, we expect to continue on the path of aggressive cost reduction.

隨著我們的轉變，我們預計將繼續走上積極降低成本的道路。

In 2020, we suspended forward estimates based upon the potential risks from COVID.

2020 年，我們暫停了基於 COVID 潛在風險的前瞻性估計。

Like most other businesses, the pandemic continues to challenge our supply chain, manufacturing capability and, in our case, the completion of installations.

與大多數其他企業一樣，這種流行病繼續挑戰我們的供應鏈、製造能力，就我們而言，還挑戰了安裝的完成。

In the United States, we have seen an increase in climate-driven weather events with fires on the West Coast, storms in the Northeast and increased hurricanes in the southeast.

在美國，我們看到氣候驅動的天氣事件有所增加，西海岸發生火災，東北部發生風暴，東南部颶風增加。

While these events further support the resiliency benefits of our product, and coupled with the stress of the pandemic, they have caused understandable delays in our installations.

雖然這些事件進一步支持了我們產品的彈性優勢，並且加上大流行的壓力，但它們在我們的安裝中造成了可以理解的延遲。

We are adapting to this reality and structuring our operations to manage these risks.

我們正在適應這一現實並構建我們的運營以管理這些風險。

We believe we have an opportunity to simplify through the partner relationships we are building.

我們相信我們有機會通過我們正在建立的合作夥伴關係來簡化。

It is worth reiterating that despite the macro environment, no customer has canceled the contract.

值得重申的是，儘管宏觀環境，但沒有客戶取消合同。

Additionally, we continue to have a strong pipeline and are making progress with several partners to secure customer product financing in 2021.

此外，我們繼續擁有強大的管道，並正在與多個合作夥伴取得進展，以確保 2021 年的客戶產品融資。

This demonstrates the importance of our products and the quality of our backlog.

這表明了我們產品的重要性和我們積壓的質量。

We are seeing comparable cadence in our revenue and profitability as 2019 with the second half being stronger than the first.

我們看到我們的收入和盈利能力與 2019 年相當，下半年強於上半年。

For the fourth quarter, we expect revenue to be slightly better in the fourth quarter of last year coupled with the strong operating margins and income performance we reported in the third quarter of this year.

對於第四季度，我們預計去年第四季度的收入將略好，再加上我們在今年第三季度報告的強勁的營業利潤率和收入表現。

In closing, I'd like to share a few additional updates.

最後，我想分享一些額外的更新。

When I became CFO, I committed to provide greater transparency in the Bloom Energy.

當我成為首席財務官時，我承諾為 Bloom Energy 提供更大的透明度。

Earlier this month, we held a teaching on our marine solution and discussed that in the future, we would have similar events on other initiatives.

本月早些時候，我們舉辦了一場關於我們的海洋解決方案的講座，並討論了未來我們將在其他舉措上舉辦類似的活動。

Next month, on November 18, we will hold an event to discuss our hydrogen plants.

下個月，即 11 月 18 日，我們將舉行一次活動來討論我們的氫氣工廠。

We've made progress on the hydrogen energy server with the first one being shipped this quarter as well as advancement on our electrolyzer.

我們在氫能服務器上取得了進展，第一台在本季度發貨，我們的電解槽也取得了進展。

During the hydrogen discussion, we will share our technical road map, commercialization plans and demonstrate the advantages of the solid oxide technology.

在氫討論期間，我們將分享我們的技術路線圖、商業化計劃並展示固體氧化物技術的優勢。

You can expect similar presentations on technologies such as carbon capture and biogas in the coming months.

在接下來的幾個月中，您可以期待有關碳捕獲和沼氣等技術的類似演示。

In addition, please plan to attend our very first Investor Day presentation in December, where we will discuss our technology road map, commercialization strategy, product cost approach and financial framework for 2021 and beyond.

此外，請計劃參加 12 月的第一次投資者日演講，屆時我們將討論我們的技術路線圖、商業化戰略、產品成本方法和 2021 年及以後的財務框架。

We will share the details and logistics for that over the coming weeks.

我們將在接下來的幾週內分享詳細信息和物流。

I look forward to discussing our plans and hope to gather feedback in advance to ensure we address your questions.

我期待討論我們的計劃，並希望提前收集反饋，以確保我們解決您的問題。

With that, operator, we can open up the line for questions.

有了這個，接線員，我們可以打開問題的線路。

(Operator Instructions) Your first question comes from the line of Stephen Byrd with Morgan Stanley.

（操作員說明）您的第一個問題來自摩根士丹利的斯蒂芬·伯德（Stephen Byrd）。

I wanted to just talk about the fourth quarter.

我只想談談第四季度。

Greg, I think you had mentioned that you expect fourth quarter revenue to be similar to the fourth quarter of 2019.

格雷格，我想你已經提到你預計第四季度的收入將與 2019 年第四季度相似。

But margins, I just want to make sure I understood what you were messaging there in terms of the margin, similar to sort of the average for this year that we've seen similar to this quarter.

但是利潤率，我只是想確保我理解你在利潤率方面傳達的信息，類似於我們在本季度看到的今年的平均水平。

I just want to make sure I'm understanding kind of the margin outlook in the fourth quarter.

我只是想確保我了解第四季度的利潤率前景。

Yes.

是的。

So when we think about the fourth quarter and where we are, revenue should be a little better than we were a year ago.

因此，當我們考慮第四季度以及我們所處的位置時，收入應該比一年前好一點。

And when I talk about margins, we've made a tremendous amount of progress on our margins over this year.

當我談到利潤率時，我們在今年的利潤率上取得了巨大的進步。

I think on our first call, we were in the mid-teens, reported 29%.

我認為在我們的第一次電話會議上，我們處於十幾歲，報告為 29%。

But really, when you strip out the revenue deferral, we're in the mid-24, 25 range as well as positive on our operating income and EBITDA.

但實際上，當您剔除收入遞延時，我們處於 24、25 年的中間區間，並且對我們的營業收入和 EBITDA 持積極態度。

So as I look forward at the quarter, we should be a little bit better on revenue year-over-year.

因此，當我展望本季度時，我們的收入應該會比去年同期好一些。

And my expectation is that we will report our profitability metrics.

我的期望是我們將報告我們的盈利能力指標。

So margin as well as the other metrics, very similar to what they were on an operating basis in the third quarter.

因此，利潤率以及其他指標與第三季度的運營基礎非常相似。

We are very focused on maintaining the improvements that we've made on profitability.

我們非常專注於保持我們在盈利能力方面所做的改進。

Understood.

明白了。

And when you think about that the performance, you also talked about some of the delays of installations.

當您考慮性能時，您還談到了一些安裝延遲。

And I think you mentioned 41 accepted in the first couple of weeks of October.

我想你提到了 41 人在 10 月的前幾週被接受。

When you think about performance for the fourth quarter, are you sort of baking in some degree of conservatism on the risk for potential additional delays, storms or anything like that?

當您考慮第四季度的表現時，您是否在某種程度上對潛在的額外延誤、風暴或類似事件的風險持某種程度的保守態度？

Yes, when we look, right, so those -- to your point, those 41 acceptances from a timing basis could have fallen on either side of the reporting date.

是的，當我們看的時候，正確的，所以那些 - 就你的觀點而言，這 41 份從時間安排上的接受可能會落在報告日期的任何一方。

It gets more interesting.

它變得更加有趣。

As you think about the fourth quarter because not only do you have the normal cutoffs, but you've got the holidays there as well.

當您考慮第四季度時，因為您不僅有正常的截止日期，而且還有假期。

And history has told us that alone could put some pressure on it.

歷史告訴我們，僅此一項就可以給它帶來一些壓力。

So as K.R. and I built the operating plan for the fourth quarter, we were very focused on anything that had a December date on it, seeing if we could get that earlier into the quarter or make sure that we weren't -- it wasn't necessarily within the roll-up as we thought about the quarter.

所以作為 K.R.我制定了第四季度的運營計劃，我們非常關注任何有 12 月日期的事情，看看我們是否可以在本季度早些時候實現，或者確保我們沒有——不一定在我們考慮本季度的匯總中。

So we tried to take the learnings we had from the first -- from the third quarter and roll them through as we think about from the fourth quarter.

因此，我們嘗試從第一季度 - 從第三季度獲得的經驗教訓，並按照我們從第四季度開始的想法進行推廣。

I'd say, as we think about the process right, the real end game here is to think about how we take some of that volatility out of our business.

我想說，當我們正確考慮流程時，這裡真正的最終遊戲是考慮如何從我們的業務中消除一些波動性。

I mentioned in the script around working with partners.

我在腳本中提到與合作夥伴合作。

I think as we think about our installations, we've talked in the past around our ability to continue to simplify that and leverage partners that do that work as a lot of OEMs do.

我認為，當我們考慮我們的安裝時，我們過去曾討論過我們有能力繼續簡化它並像許多 OEM 一樣利用從事這項工作的合作夥伴。

And I think as we find partners like that, I'm hopeful to find ones that have the ability to own the equipment through that process and take that volatility out of our operations and move it into where their core competencies are.

我認為，當我們找到這樣的合作夥伴時，我希望找到有能力通過該過程擁有設備並將這種波動性從我們的運營中消除並將其轉移到他們的核心競爭力所在的地方。

Got you.

得到你。

And last one for me here.

最後一個給我。

Just as you think about growth overall, what are the biggest limiting factors to growth?

正如您考慮整體增長一樣，增長的最大限制因素是什麼？

Is it the issues around installation?

是安裝的問題嗎？

Is it permitting?

是否允許？

Is it appetite for natural gas usage?

它對天然氣的使用有興趣嗎？

What's -- what would you characterize as sort of biggest limiting factors on growth?

什麼是——你認為什麼是增長的最大限制因素？

No okay.

不好吧。

Let me start, and then I'll hand it over to K.R. So I think we have made a tremendous progress this year on really growing our relationships, not only in South Korea, which K.R. talked about, within the U.S. as well.

讓我開始吧，然後我會把它交給 K.R.所以我認為今年我們在真正發展我們的關係方面取得了巨大進展，不僅僅是在韓國，K.R.談到，在美國也是如此。

And I think, in our shareholder letter, I know in our shareholder letter, we broke out some of the distribution on where our revenues are to really show when you adjust out for the repowering last year, how much growth we've had just within our U.S. business.

而且我認為，在我們的股東信中，我知道在我們的股東信中，我們公佈了一些分佈，說明當您為去年的重新調整進行調整時，我們的收入將真正顯示出來，我們剛剛在我們的美國業務。

So, I think over the long term, right, the growth is really to continue to expand with our current customers as well as find additional markets within the U.S. where they value the resiliency of our product.

因此，我認為從長遠來看，增長確實是繼續與我們現有的客戶一起擴大，並在美國尋找他們重視我們產品彈性的其他市場。

I also think -- so we can expand the map within the U.S. and where we distribute it.

我也認為——這樣我們就可以在美國范圍內擴展地圖以及我們分發它的地方。

I also think there is a larger play internationally.

我也認為國際上有更大的發揮。

I couldn't tell you how pleased I am with the SK relationship, not only from its operating mechanisms just but from our alignment from an operating view in a process standpoint.

我無法告訴您我對與 SK 的關係有多滿意，不僅從其運營機制來看，而且從我們從流程角度的運營角度來看的一致性。

As we look to expand internationally, and we'll announce our new international business development leader, who I'm very excited about, our hope is to find fine partners similar to SK, where we can expand in additional markets that will value our product.

隨著我們尋求國際擴張，我們將宣布我們新的國際業務發展負責人，我對此感到非常興奮，我們希望找到與 SK 類似的優秀合作夥伴，在那裡我們可以在重視我們產品的其他市場中擴張.

So I look at and say there's opportunity within the markets that we're in today.

所以我看著並說我們今天所處的市場中有機會。

And there's an opportunity to play in some other markets as well.

而且還有機會在其他一些市場上發揮作用。

And if you add to what Greg had to say out here, Stephen, if you just look at Korea, that Greg talked about in numbers, since the beginning of this year, our partner, SK in Korea has installed 58.8 megawatts.

如果你補充格雷格在這裡要說的話，斯蒂芬，如果你看看韓國，格雷格談到了數字，自今年年初以來，我們的合作夥伴韓國 SK 已經安裝了 58.8 兆瓦。

Okay?

好的？

That's 588 systems that they've installed.

那是他們安裝的 588 個系統。

And so while in the past, we would have seen installation as potentially a gating item for what we need to do, what this is showing is when we find the right partners and when we are able to leverage it, that bottleneck can be significantly overcome, right?

因此，在過去，我們可能會將安裝視為我們需要做的一個潛在的門控項目，這表明當我們找到合適的合作夥伴並且能夠利用它時，可以顯著克服這個瓶頸， 正確的？

And so that's part of what we are planning to do is to find partnerships like that.

因此，我們計劃做的部分工作就是尋找這樣的合作夥伴。

Europe, for sure, should be a great opportunity for us going forward given the emphasis that they are putting on both decarbonization as well as resiliency, especially with hydrogen.

當然，歐洲應該是我們前進的絕佳機會，因為他們強調脫碳和彈性，尤其是氫能源。

And we're super excited about that.

我們對此感到非常興奮。

So those are the opportunities.

所以這些就是機會。

In terms of limitations, otherwise, we just -- all that we need to do is to look across our country, whether it's flooding events, wildfires, hurricanes, right?

就限製而言，否則，我們只是——我們需要做的就是環顧我們的國家，無論是洪水事件、野火還是颶風，對嗎？

Resiliency is becoming extremely important.

彈性變得非常重要。

And we don't see our ability to put out the best available product today when it comes to balancing the attributes of reliability, resiliency, sustainability, everything together.

在平衡可靠性、彈性、可持續性等所有方面的屬性時，我們看不到我們今天推出最佳可用產品的能力。

We see that we are in the right place.

我們看到我們來對地方了。

So look, we will -- we are very enthusiastic about what the future is going to hold for us.

所以看，我們會 - 我們對未來將為我們所擁有的一切充滿熱情。

Your next question comes from the line of Michael Weinstein with Crédit Suisse.

您的下一個問題來自瑞士信貸的 Michael Weinstein。

Could you talk a little bit about the -- some of the drivers behind the total installed system cost declining?

你能談談 - 總安裝系統成本下降背後的一些驅動因素嗎？

I think it's really your cost of goods sold roughly down 10% sequentially, seems like a pretty good direction to be in.

我認為這確實是您的商品銷售成本環比下降了大約 10%，這似乎是一個不錯的方向。

And maybe you could talk more about some of those factors that are driving that.

也許你可以多談談推動這一點的一些因素。

Yes.

是的。

No, we were very pleased on our unit economics when we pulled them all together, especially after the second quarter.

不，當我們把它們放在一起時，我們對我們的單位經濟非常滿意，尤其是在第二季度之後。

So from $942 in the second quarter to $1,621 in the third quarter.

所以從第二季度的 942 美元到第三季度的 1,621 美元。

As you start pulling that apart, there's a couple of things that are happening within there.

當你開始把它分開時，裡面正在發生一些事情。

One is just a very favorable mix, the deals that we were able to do within the quarter and the profitability related to them.

一個只是一個非常有利的組合，我們能夠在本季度完成的交易以及與之相關的盈利能力。

Our pricing that was in that number had improved significantly would help that margin in that, that was accelerated by a reduction in product cost at the same time.

我們在該數字中的定價已顯著提高，這將有助於提高利潤率，同時通過降低產品成本來加速。

So those 2 things added to a lot more profitability.

因此，這兩件事增加了更多的盈利能力。

We also had some legacy issues, I'd say, in the second quarter as we work through some of our older installs that came through.

我想說，我們在第二季度也遇到了一些遺留問題，因為我們正在處理一些舊安裝。

They were very valuable projects to get done.

它們是非常有價值的項目。

We completed them.

我們完成了它們。

We were excited to get them done, but they didn't have the profitability that we would have going forward.

我們很高興能完成它們，但它們沒有我們未來的盈利能力。

So a big change quarter-over-quarter, driven both by margin on the product as well as a reduction on installation, if we give it to you guys on a fully loaded basis.

因此，如果我們在滿負荷的基礎上將其提供給你們，那麼在產品利潤率和安裝量減少的推動下，季度環比發生了巨大變化。

But as I look at it on an operating basis, we're about breakeven on our installation this quarter versus a small loss on that last quarter.

但是，當我從運營基礎上看時，我們本季度的安裝量接近盈虧平衡，而上一季度則出現小幅虧損。

As I think about that going forward, we will continue to take cost out of our products.

當我考慮到這一點時，我們將繼續從我們的產品中降低成本。

So you're going to continue to see that come down.

所以你會繼續看到它下降。

But the favorability on the mix that we had is I take a peek forward into the deals that are in our next short-term installation process, my expectation is that number may not be as high when we get into the fourth quarter.

但我們對組合的青睞是我提前了解了我們下一個短期安裝過程中的交易，我的預期是當我們進入第四季度時這個數字可能不會那麼高。

It probably drift down more towards not quite to an average over -- it's been over the last quarter, but we definitely benefited from a favorable mix.

它可能會更接近於平均水平 - 它已經超過了上個季度，但我們肯定從有利的組合中受益。

And these are -- it can move slightly each quarter.

這些是 - 它可以每個季度略有移動。

So as I think forward on it, $1,621 was a great accomplishment.

所以我認為，1,621 美元是一項了不起的成就。

I don't look at it as a high watermark, but I think in the short term, you'll see it drift down a few dollars as we move forward.

我不認為它是一個高水位，但我認為在短期內，隨著我們的前進，你會看到它會下降幾美元。

Right.

正確的。

So maybe -- yes, so what you're saying is you won't see the same kind of decline going forward, but you don't expect it to creep up or anything like that?

所以也許 - 是的，所以你說的是你不會看到未來同樣的下降，但你不期望它會蔓延或類似的事情？

Yes.

是的。

Yes.

是的。

I mean over time, it should, right?

我的意思是隨著時間的推移，它應該，對吧？

I mean you're talking about product cost coming out 19 -- yes, 19%, and we're doing a really good job on our discipline on price.

我的意思是你說的是產品成本 19 - 是的，19%，我們在價格方面做得非常好。

I'm really comfortable with what we have there.

我對我們在那裡擁有的東西感到非常滿意。

I would just look at $1,621 being a very favorable mix on this quarter versus what you may see in kind of the next quarter or the following quarter.

我只想看看 1,621 美元在本季度是一個非常有利的組合，而你在下一季度或下一季度可能會看到這種組合。

Right.

正確的。

I think, Greg, you mentioned that replacement costs are also down on the servicing side.

我認為，格雷格，您提到維修方面的更換成本也有所下降。

Is that -- and if you expect to be able to do less replacements per cycle or per...

是嗎 - 如果您希望每個週期或每個...

Yes, it's a combination.

是的，這是一個組合。

So there's a couple of things that are happening there, right?

所以那裡正在發生一些事情，對吧？

One is we've just continued to improve on the stack life within the fuel cell, and it's continued to improve.

一是我們剛剛繼續提高燃料電池內的電池組壽命，而且還在繼續提高。

And we've written about that in technical papers and you could see that on the blog.

我們已經在技術論文中對此進行了描述，您可以在博客上看到這一點。

The other thing that the team has done really well has been managing the entire fleet and managing to make sure that we're achieving the outputs that we want and being well optimizing the units that are there.

團隊做得非常好的另一件事是管理整個車隊並設法確保我們實現我們想要的輸出並很好地優化那裡的單位。

Those things -- 2 things combined.

那些東西——兩件事結合在一起。

So having a longer life and doing more optimization around where we put our (inaudible) has reduced the amount of field replacement unit that we've had to put out into individual sites.

因此，擁有更長的使用壽命並圍繞我們放置（聽不清）的位置進行更多優化，減少了我們必須投入到各個站點的現場更換單元的數量。

We did ship a few extra this quarter for the team.

我們確實在本季度為團隊額外運送了一些。

One is it helps them on managing what the total output is, and they can think about that, and there's some good economic trades there.

一是它幫助他們管理總產出，他們可以考慮這一點，那裡有一些良好的經濟交易。

We also did it as a way to -- when you look forward, you can just see this business gaining profitability and then growing margins as well as revenue in the near future.

我們這樣做也是為了——當你展望未來時，你可以看到這項業務獲得盈利，然後在不久的將來增加利潤率和收入。

So we're through a process of that of trying to accelerate.

所以我們正在經歷一個試圖加速的過程。

The other place similar to where you see it on total product costs with new units, you see a very similar cost profile with the replacement units.

另一個與您在新產品總成本上看到的類似的地方，您會看到與更換單位非常相似的成本概況。

And the team's done a very good job of driving cost out.

該團隊在降低成本方面做得非常好。

So we think as you go forward, you need lots of them, in each one you need less cost.

因此，我們認為，隨著您的發展，您需要大量此類產品，而每個產品都需要更少的成本。

And we see a very good trajectory out there.

我們看到了一個非常好的軌跡。

I think we talked about 2022 being the crossover point where that business is profitable, and we expect it to gain from that as well, and you get the very valuable service business that every OEM wants.

我認為我們談到 2022 年是該業務盈利的交叉點，我們希望它也能從中受益，並且您將獲得每個 OEM 都想要的非常有價值的服務業務。

Is that because that by 2022, basically all your -- is it only -- although even the generation 5 units will be -- because you'll only be working with generation 5 at that point.

那是因為到 2022 年，基本上你所有的 - 只是 - 儘管即使是第 5 代單元也會 - 因為那時你只會使用第 5 代。

Yes.

是的。

That is correct.

那是對的。

We would have lost our legacy units, Michael, this is K.R. speaking.

我們會失去我們的傳統單位，邁克爾，這是 K.R.請講。

And we would replace them with our gen 5 units.

我們將用我們的第 5 代設備替換它們。

And again, the reason we talked about our Korea installation, the 8.35-megawatt system is because that performance is publicly reported.

再一次，我們談到我們在韓國安裝的 8.35 兆瓦系統的原因是因為該性能已被公開報導。

And with our certain other systems, we have to be careful about contractually speaking.

對於我們的某些其他系統，我們必須小心合同條款。

Here, it is something that's publicly reported.

在這裡，這是公開報導的事情。

And look at it, statistically, even though you have -- we have been saying what we're shipping as close to a 5-year life and showing average data, that doesn't mean statistically everything last for 5 years.

從統計上看，即使你有 - 我們一直在說我們正在運送的產品接近 5 年的使用壽命並顯示平均數據，這並不意味著從統計上來說一切都可以持續 5 年。

But if you just look at this installation, it gives you a sense of the kind of quality, reliability and life that we are continuously improving upon, right, on those metrics.

但是，如果您只看這個裝置，它就會讓您感受到我們在這些指標上不斷改進的質量、可靠性和壽命。

167 little power plants, each putting out 50 kilowatts.

167座小電廠，每座50千瓦。

Not one of them had to be like replaced for [failure], right, and continue to operate, and I gave you all the metrics that's present in this script.

它們中的任何一個都不必像 [failure] 那樣被替換，對，並繼續運行，我給了你這個腳本中存在的所有指標。

I don't want to repeat it here.

我不想在這裡重複。

But that performance is pretty astounding, and it shows you how far we have come in making this technology robust.

但是這種性能非常驚人，它向您展示了我們在使這項技術變得強大方面取得了多大的進步。

And the most important thing is, isn't it great to -- from people speculating wrongly about how much of a liability that we will have going forward to our CFO now telling you in 2022, service will be a profitable business.

最重要的是，人們錯誤地猜測我們將承擔多少責任，我們的首席財務官現在告訴你，到 2022 年，服務將是一項有利可圖的業務，這不是很好嗎？

Your next question comes from the line of Colin Rusch, Oppenheimer.

您的下一個問題來自奧本海默的 Colin Rusch。

As you think about these cost reductions on the service side, rolling through and scaling, how should we think about that flowing through into your bidding process in the sales pipeline?

當您考慮服務方面的這些成本降低、滾動和擴展時，我們應該如何考慮這些在銷售管道中流入您的投標流程？

And how to think about pricing?

以及如何考慮定價？

So for us, when we look at it -- so for us, when we look at it, Colin, the way to think about it is really, at the end of the day, the customer, what is the value proposition for them?

所以對我們來說，當我們看到它時——所以對我們來說，當我們看到它時，科林，思考它的方式實際上是，歸根結底，客戶，他們的價值主張是什麼？

For them, it's not breaking it into fuel costs, product costs, service costs.

對他們來說，它沒有將其分解為燃料成本、產品成本、服務成本。

For them, it is what is the quality of electricity, with what attributes do they get, at what price, and what is their alternative.

對他們來說，重要的是電力的質量，他們獲得什麼屬性，以什麼價格，以及他們的替代品是什麼。

So for us, pricing will always be dictated by market conditions on pricing it to make it an attractive value proposition for the customer and for us.

因此，對我們而言，定價將始終由市場條件決定，以使其成為對客戶和我們有吸引力的價值主張。

So we would see in -- we would see our costs coming down as either our ability to attract margin in certain places because that's still a very good value proposition for the customer.

所以我們會看到——我們會看到我們的成本下降，因為我們有能力在某些地方吸引利潤，因為這對客戶來說仍然是一個非常好的價值主張。

And in certain other cases, we will see that as an opportunity for us to expand into markets where our economic value proposition may not be as high as it is, as it -- it will get more attractive going forward with that lower cost structure that we have for the same margins that we want to commence.

在某些其他情況下，我們將看到這是一個機會，可以讓我們擴展到我們的經濟價值主張可能沒有現在那麼高的市場，因為它會隨著成本更低的結構而變得更具吸引力我們有我們想要開始的相同利潤。

That's the way we would see it.

這就是我們會看到的方式。

Greg, would you add anything to that?

格雷格，你會添加什麼嗎？

No, I think that's exactly right.

不，我認為這完全正確。

I think as we look at what our value prop to our customers are, where we've been able to reduce our costs, whether it's on our product costs or on our service cost or installation costs, those are all opportunities where we can create value for our customer as well as for ourselves.

我認為當我們審視我們對客戶的價值支柱是什麼，我們能夠降低成本的地方，無論是我們的產品成本還是我們的服務成本或安裝成本，這些都是我們可以創造價值的機會為我們的客戶和我們自己。

So we want to make sure we're maintaining some of that, but using it as well to help us open up new markets where we can be competitive as well.

因此，我們希望確保我們保持其中的一些，但也要利用它來幫助我們開拓新市場，讓我們也具有競爭力。

Okay.

好的。

And then on the manufacturing side and the evolution of the technology.

然後是製造方面和技術的發展。

Can you talk about the cadence of improvements, right?

你能談談改進的節奏，對嗎？

It sounded like there's a number of areas that you guys were working on and (inaudible) different -- different materials, different form factors.

聽起來你們正在研究許多領域並且（聽不清）不同 - 不同的材料，不同的外形尺寸。

Can you talk about how that is progressing and how we should think about that flowing through into the product margin as we think about the balance of this year and into next year?

你能談談這是如何進展的，以及當我們考慮今年和明年的餘額時，我們應該如何考慮流入產品利潤率的問題？

Yes.

是的。

It's -- we've talked about this in the past.

這是 - 我們過去曾討論過這個問題。

As we think about our cost out, it's part of our DNA.

當我們考慮我們的成本時，它是我們 DNA 的一部分。

It's part of how our operating teams think about it.

這是我們的運營團隊思考方式的一部分。

In any particular quarter, our targets are anywhere from 10% to 12%, as high as 15% cost out year-over-year on our product.

在任何特定季度，我們的目標都是 10% 到 12%，我們產品的成本同比高達 15%。

I'll tell you we get it through a number of different ways.

我會告訴你，我們通過多種不同的方式來實現它。

Our supply chain is fairly sophisticated in working with our vendors to improve their manufacturing processes as well as simplify our product through engineering to make it cheaper for our supply chain, the manufacturer, so it can be assembled within our product.

我們的供應鏈在與我們的供應商合作以改進他們的製造流程以及通過工程簡化我們的產品方面相當複雜，以使我們的供應鏈（製造商）更便宜，因此它可以在我們的產品中組裝。

I'm very impressed with the manufacturing processes and our engineers working with our team there in coming up with additional ways in which to improve whether it be yields, take steps out of the process, et cetera.

我對製造過程印象非常深刻，我們的工程師與我們的團隊一起提出了其他方法來提高產量，採取措施退出過程等等。

All those things help take the cost out.

所有這些都有助於降低成本。

And as we project going out forward, we give the team fairly aggressive cost targets that we expect them to achieve and we give them the tools and resources to do that.

隨著我們的計劃向前發展，我們為團隊提供了我們期望他們實現的相當積極的成本目標，我們為他們提供了工具和資源來做到這一點。

But it's part of our kind of core operating DNA and how we move forward.

但這是我們核心運營 DNA 的一部分，也是我們前進的方式。

In any particular quarter, it may come from -- it may come from a different variable that they optimize.

在任何特定季度，它可能來自——它可能來自他們優化的不同變量。

But quarter in and quarter out, that team has been able to deliver on that product cost.

但是四分之一和四分之一，該團隊已經能夠交付該產品成本。

And as you start to look back at it, year-over-year, quarter-over-quarter, it really demonstrates itself out.

當你開始回顧它，逐年，逐季，它真的證明了自己。

So we count on that as we think about how we grow the business.

因此，我們在考慮如何發展業務時依靠這一點。

When you add to capacity, we are going to have a little bit of challenge here on the cost absorption.

當您增加容量時，我們將在成本吸收方面遇到一些挑戰。

So the team is ahead of that and thinking about how they bring those capital investments on and they increase -- as they increase the number of units going through the volume, we'll recapture some of that.

因此，團隊走在了前面，並考慮他們如何帶來這些資本投資並增加它們 - 隨著它們增加通過體積的單位數量，我們將重新獲得其中的一些。

But our product cost is not an output metric.

但我們的產品成本不是產出指標。

It is very much a target that we use to run the company around.

這在很大程度上是我們用來運營公司的目標。

Your next question comes from the line of Benjamin Kallo, Baird.

您的下一個問題來自貝爾德的 Benjamin Kallo。

You guys had a couple of good announcements about new product lines with hydrogen project electrolyzer and the marine project.

你們有幾個關於氫項目電解槽和海洋項目的新產品線的好消息。

And could you just tell us -- talk to us about when those products were initially developed or started kind of coming from the lab to announcing that?

你能告訴我們——和我們談談這些產品最初是什麼時候開發出來的，或者是什麼時候開始從實驗室出來的，然後宣布呢？

Just some history there.

只是那裡的一些歷史。

And then I think, Greg, you talked about having a new Head of Europe.

然後我想，格雷格，你談到要任命一位新的歐洲負責人。

But can you talk about just the management team and where you guys are?

但是你能談談管理團隊和你們在哪裡嗎？

And if there are holes or anything to change?

如果有漏洞或有什麼需要改變的？

Yes.

是的。

Sure.

當然。

Ben, I'll get started, and then I'll pass it on to Greg because you asked history.

Ben，我會開始，然後我會將它傳遞給 Greg，因為你問的是歷史。

So look, the company's history started with this particular technology used as an electrolyzer.

所以看，該公司的歷史始於這種用作電解槽的特殊技術。

That's my work that I did for Mars.

這是我為火星所做的工作。

Even in the very early days of the company, we were thinking about, is our product going to be a single generation of electricity, generation of electricity and heat, generation of electricity, heat and hydrogen, so we have thought about it.

即使在公司成立初期，我們也在考慮，我們的產品是否會成為單代電、發電和熱能、發電、熱能和氫能，所以我們已經考慮過了。

And very uniquely, the solid oxide process is the only electrochemical process that you can effectively and practically run in a reversible manner.

非常獨特的是，固體氧化物工藝是唯一可以以可逆方式有效且實際運行的電化學工藝。

The same device can be run in 1 direction as a fuel cell and in another direction as an electrolyzer, that is called a solid oxide regenerative fuel cell or SORFC, and I have some of the early papers and patents from that.

同一個設備可以作為燃料電池在一個方向運行，作為電解槽在另一個方向運行，這稱為固體氧化物再生燃料電池或 SORFC，我有一些早期的論文和專利。

And as a company, we have over 19 patents on this area.

作為一家公司，我們在該領域擁有超過 19 項專利。

And we have been doing a lot of research.

我們一直在做很多研究。

But why have we not spoken about hydrogen so far?

但是為什麼到目前為止我們還沒有談到氫呢？

And why are we speaking about it now?

為什麼我們現在談論它？

It is because of market timing.

這是因為市場時機。

It is the world wanting decarbonization in a very strong way, number one.

世界以非常強烈的方式想要脫碳，排名第一。

And number two, the cost of renewable electricity coming down the way it has come down and the ubiquitousness of that in certain places that make it very attractive and policymakers realizing that this is coming and putting policy in place to enable this and automotive makers coming up with a need for it in the transportation sector and regulation coming along in the hard to decarbonize areas are saying that they would rather go to hydrogen than use other forms, other carbon-intensive forms of generating industrial heat and things like that.

第二，可再生電力的成本隨著它的下降而下降，並且在某些地方無處不在，這使得它非常有吸引力，政策制定者意識到這即將到來，並製定政策來實現這一點，汽車製造商也即將到來由於運輸部門需要它，並且難以脫碳地區的監管正在實施，他們表示他們寧願使用氫氣，也不願使用其他形式，其他碳密集型形式的工業熱能等。

It is that combination -- and so it's a matter of timing.

正是這種組合——所以這是一個時間問題。

So if you look in the literature, purely based on technology, there is consensus that the solid oxide electrolyzer is far superior to the low-temperature electrolyzers.

因此，如果您查看文獻，純粹基於技術，人們一致認為固體氧化物電解槽遠遠優於低溫電解槽。

This is academic research.

這是學術研究。

This is DOE research.

這是美國能源部的研究。

You can just look at that.

你可以看看那個。

It's not just company research.

這不僅僅是公司研究。

So we feel very confident that we will play an important contributing role in this hydrogen economy transformation, and the timing is right.

所以我們非常有信心，我們將在這次氫經濟轉型中發揮重要的貢獻作用，時機恰到好處。

And in terms of rolling out our first product and also addressing the international market development, Greg, I will pass it on to you.

在推出我們的第一個產品以及解決國際市場開發方面，Greg，我將把它傳遞給你。

Yes.

是的。

Thanks, K.R. So Ben, when I first started looking at Bloom, what attracted me to the company was not only the core -- the product that we had today and its applicability and its resiliency, but really, what I got excited about was I spent time with the team around that technology road map.

謝謝，K.R.因此，本，當我第一次開始關注 Bloom 時，吸引我到公司的不僅是核心——我們今天擁有的產品及其適用性和彈性，但實際上，讓我興奮的是我花時間與圍繞該技術路線圖的團隊。

We have -- we call them 5 pillars internally, that we are growing the company with.

我們有——我們在內部稱它們為 5 個支柱，我們正在用它們來發展公司。

So it's both forms of our hydrogen play, whether it be the fuel cell or the electrolyzer.

因此，無論是燃料電池還是電解槽，這兩種形式的氫都發揮了作用。

Marine, we've talked about.

海軍陸戰隊，我們已經談過了。

Biogas, which I think is a really exciting opportunity.

沼氣，我認為這是一個非常令人興奮的機會。

And then carbon capture that can be part of our server processing there, and just some of the unique ability to do that with a solid oxide fuel cell and a fuel cell makes that really attractive.

然後碳捕獲可以成為我們在那裡的服務器處理的一部分，而固體氧化物燃料電池和燃料電池的一些獨特能力使其真正具有吸引力。

So I think not only has the market opportunity come into play, but I feel now that we've got to the other side of what we needed to do with making sure that we fortified the balance sheet, taking care of some of the short-term issues, we have a lot more flexibility to go invest in those pillars than we may have had 6 or 12 months ago.

因此，我認為不僅市場機會開始發揮作用，而且我現在覺得我們已經到了我們需要做的另一面，確保我們加強資產負債表，處理一些空頭 -與 6 或 12 個月前相比，我們在投資這些支柱方面擁有更大的靈活性。

And the nice thing, we've talked about it before, the server is a platform.

好消息是，我們之前已經討論過，服務器是一個平台。

It can do all of those things without requiring a lot of investment to go do that.

它可以做所有這些事情，而無需大量投資。

We do have an operating process set up internally with the engineers to make sure that they are moving through the process of doing the design.

我們確實在內部與工程師建立了一個操作流程，以確保他們正在完成設計過程。

We've got -- Sharelynn Moore came in as our marketing leader, has a great product management background and really putting into place and how you commercialize these products.

我們有——Sharelynn Moore 是我們的營銷負責人，擁有出色的產品管理背景，並且真正落實到位以及如何將這些產品商業化。

So it feels like everything is coming together quite nicely all at the same time for the company.

因此，對於公司來說，感覺就像所有東西都在同一時間很好地融合在一起。

It will be some time until we see major revenue contributions from these particular items, but I'm glad to know that it's out there at the same time when we're expanding the current product.

我們需要一段時間才能看到這些特定項目的主要收入貢獻，但我很高興知道它在我們擴展當前產品的同時就在那裡。

So I think it'll help.

所以我認為它會有所幫助。

And Ben, you asked about the team, yes I was really impressed also with the team here at Bloom and their operations.

Ben，你問到了團隊，是的，我對 Bloom 的團隊及其運營印象深刻。

I talked about the product cost management before, but there's a lot of good operating rigor.

我之前講過產品成本管理，但是有很多好的操作嚴謹性。

I think as the conversations with the Board around the leadership team going forward, for me, it's really around scalability.

我認為，隨著與董事會圍繞領導團隊進行的對話，對我來說，這實際上是圍繞可擴展性進行的。

And hopefully, that's what you're seeing on the leaders that we're bringing in.

希望這就是你在我們引進的領導者身上看到的。

It's how do you take a company that is $200 million a quarter and grow it to the size that you needed to grow.

這就是您如何將一家每季度收入 2 億美元的公司發展到您需要增長的規模。

And how do you take that complexity that exists as the business grows and operationalize it in a way to make it scalable, so it's simpler.

您如何處理隨著業務增長而存在的複雜性，並以使其可擴展的方式對其進行操作，從而使其變得更簡單。

And you'll see the backgrounds, whether from the people that have joined, they've been in different organizations.

你會看到背景，無論是來自加入的人，他們來自不同的組織。

We haven't all come from the power -- the power background, but we all come from organizations in which working together as a leadership team and making sure we're building resilient teams that can scale is really what we need.

我們並非都來自權力背景，但我們都來自組織，在這些組織中，作為領導團隊一起工作並確保我們正在建立可以擴展的彈性團隊確實是我們需要的。

I think with the last add here on our international business lead, and it's just not in Europe, when you see the background, you're going to see that this person can play in a lot of different ways.

我認為最後添加的是我們的國際業務負責人，只是不是在歐洲，當你看到背景時，你會看到這個人可以以很多不同的方式玩。

And we're really excited to have them come in and wake up in a different time zone and think about parts of the world that we may not be able to get to from our desks or homes now in California.

我們真的很高興讓他們進來，在不同的時區醒來，想想我們現在在加利福尼亞的辦公桌或家中可能無法到達的世界各地。

So I'm really excited about the team we have here.

所以我對我們在這裡的團隊感到非常興奮。

I feel like we're in an inflection point.

我覺得我們正處於一個拐點。

And I feel like we're really pulling together nicely as a team and as a company.

我覺得我們作為一個團隊和一個公司真的很好地團結在一起。

Your next question comes from the line of Jeff Osborne with Cowen and Company.

您的下一個問題來自 Cowen and Company 的 Jeff Osborne。

A couple of quick ones on my end.

我這邊有幾個快速的。

I know you don't discuss bookings or backlog, but I was wondering if you could just qualitatively talk about the fire season and then coupling that with COVID and the lack of being able to meet face-to-face?

我知道您不討論預訂或積壓，但我想知道您是否可以定性地談論火災季節，然後將其與 COVID 以及無法面對面會面相結合？

Is it virtual sales or digital sales?

是虛擬銷售還是數字銷售？

Is that working for you?

這對你有用嗎？

I know the solar industry has transitioned well to that, but I wasn't sure about you folks.

我知道太陽能行業已經很好地過渡到那個，但我不確定你們這些人。

So Jeff, as you know, yes, very clearly, we don't give you forward guidance on sales and how we're doing, it's only once a year.

所以傑夫，你知道，是的，非常清楚，我們不會給你關於銷售和我們如何做的前瞻性指導，它每年只有一次。

But look, our sales team is doing very well, reaching out to customers.

但是看，我們的銷售團隊做得很好，可以接觸到客戶。

I would say getting those virtual meetings is probably a little bit easier than what -- than trying to go and have a face-to-face.

我想說，參加這些虛擬會議可能比嘗試去面對面交流要容易一些。

And they are able to get a lot more of those calls in because they're not spending their time traveling.

他們能夠接到更多這樣的電話，因為他們沒有把時間花在旅行上。

And I think it's pretty remarkable.

我認為這非常了不起。

I don't know what you're seeing everywhere else, but it's pretty remarkable how our ecosystem, we see people have adapted extremely well to this online digital, virtual process for everything other than the essential production processes and things like that, where we need people out there.

我不知道你在其他地方看到了什麼，但我們的生態系統非常了不起，我們看到人們已經非常好地適應了這種在線數字化虛擬流程，除了基本的生產流程和類似的事情之外，我們在那裡需要人在那裡。

So I would say the momentum is good.

所以我會說勢頭很好。

And I would say that we are seeing traction.

我想說我們正在看到牽引力。

The one news, and you heard us talk about Entergy during the script.

一個新聞，你聽到我們在劇本中談論 Entergy。

There are parts of the country where the hurricanes are making people really want to think about resiliency in a very different way.

在這個國家的某些地區，颶風讓人們真的想以一種非常不同的方式來考慮彈性。

This is -- it is not a new normal.

這 - 這不是新常態。

It is the beginning of a trend that's getting worse by the day.

這是一種日益惡化的趨勢的開始。

And so people are seeing that, whether it's (inaudible), whether it's the wildfires here in California or the hurricanes.

所以人們看到了這一點，無論是（聽不清），無論是加利福尼亞的野火還是颶風。

And on top of that, grid prices are going up, not only is the quality of service not as -- not where it needs to be, but the prices are going up.

最重要的是，電網價格正在上漲，不僅服務質量不如 - 不是它需要的地方，而且價格也在上漲。

And Greg talked to you about how we are able to get our unit economics to a place where we can play in some of these markets effectively that we could not in the past.

Greg 與您談到了我們如何能夠使我們的單位經濟達到一個我們可以有效地在其中一些市場中發揮作用的地方，這是我們過去無法做到的。

So it's all pointing in the right direction.

所以這一切都指向了正確的方向。

Got it.

知道了。

And my follow-up was actually on Entergy, a couple multi-partner.

我的後續行動實際上是在 Entergy 上，這是一對多合作夥伴。

Is it similar to Southern and Duke where they'll be providing financing?

是否類似於南方和杜克提供融資的地方？

Or are they just selling and you're owning?

還是他們只是出售而您擁有？

Who actually would own?

誰會真正擁有？

Or is it a cash sale?

還是現金銷售？

Can you just talk about, a, when you would anticipate bookings?

你能談談，a，你什麼時候預計預訂？

And then, b, what they're actually doing?

然後，b，他們實際上在做什麼？

Is it on an upgrade or the customer will own and operate the microgrids that you referenced?

是升級還是客戶將擁有並運營您引用的微電網？

No, this is a new relationship.

不，這是一種新的關係。

Here are the common interest that we have.

這是我們的共同利益。

Their interest and resiliency is extremely high.

他們的興趣和彈性非常高。

Just think about the parts of Louisiana within the last 60 days, 3 different hurricanes, category 2 or higher, having impacted.

想想過去 60 天內路易斯安那州的部分地區，有 3 次不同的颶風（2 級或更高級別）受到影響。

It has been devastating.

這是毀滅性的。

Mother nature has been devastating.

大自然是毀滅性的。

So like resiliency is in the top of their mind.

所以就像彈性是他們的首要任務。

And for a certain fraction of their customer base, distributed power is something that they're very interested in.

對於他們的一部分客戶群來說，分佈式電力是他們非常感興趣的東西。

And their leadership team is thinking -- is very forward-leaning on decarbonization.

他們的領導團隊正在思考——在脫碳方面非常具有前瞻性。

These are common interests.

這些是共同的利益。

We are exploring these opportunities together.

我們正在一起探索這些機會。

It is a mutual interest.

這是一個共同的利益。

We will find a win-win.

我們會找到雙贏的。

We are just discussing that, and we'll share with you as we make progress.

我們只是在討論這個問題，我們會在取得進展時與您分享。

There are no other questions at this time.

目前沒有其他問題。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

There is a...

有一個...

Yes, sir.

是的先生。

I was going to give a concluding remark.

我打算做一個結束語。

Okay.

好的。

No problem.

沒問題。

Everyone is still connected.

大家還是有聯繫的。

Thank you so much.

太感謝了。

So I want to take this opportunity to thank Mark Mesler.

所以我想藉此機會感謝馬克梅斯勒。

This is his last meeting as our VP of Finance and Investor Relations.

這是他作為我們的財務和投資者關係副總裁的最後一次會議。

Mark has forged strong connections with the investor base and the analyst community and really adeptly guided Bloom in its first year as a public company.

Mark 與投資者基礎和分析師社區建立了牢固的聯繫，並在 Bloom 作為上市公司的第一年真正熟練地指導了它。

He's leaving to join a promising Silicon Valley start-up as a CFO.

他將離開加入一家有前途的矽谷初創公司擔任首席財務官。

Mark, we thank you for all your services, and we wish you a very good future and we're excited for you.

馬克，我們感謝您提供的所有服務，我們祝您有一個美好的未來，我們為您感到興奮。

The Bloom team is proud of the work we have done over the last year.

Bloom 團隊為我們在過去一年所做的工作感到自豪。

We have showed up our financial position.

我們已經展示了我們的財務狀況。

Our business operations are more nimble, efficient and effective.

我們的業務運營更加靈活、高效和有效。

Customers are increasingly valuing our solution as we have powered through wildfires, hurricanes and public safety power shutdown.

客戶越來越重視我們的解決方案，因為我們已經通過野火、颶風和公共安全停電供電。

Our collaborations with public utilities and commercial partners are robust, and we are actively engaging with new partners.

我們與公用事業和商業合作夥伴的合作十分穩健，我們正在積極與新的合作夥伴接觸。

And we're developing trailblazing low and 0 carbon power generation distributions, that's scalable, affordable and integral to our planet's fight against climate change.

我們正在開發開創性的低碳和零碳發電配電，這種配電具有可擴展性、可負擔性，並且是我們地球應對氣候變化的不可或缺的一部分。

Bloom's future is very bright.

布魯姆的未來非常光明。

Team Bloom joins me in expressing our gratitude to the investors for being stakeholders with us in our journey.

Bloom 團隊與我一起對投資者在我們的旅程中與我們一起成為利益相關者表示感謝。

Thank you very much.

非常感謝。

Have a good evening.

祝你有個美好的夜晚。

Ladies and gentlemen, you may disconnect.

女士們先生們，你們可以斷開連接。