Bloom Energy Corp (BE) 2020 Q2 法說會逐字稿

Good afternoon, and welcome to the Bloom Energy Second Quarter 2020 Earnings Call.

下午好，歡迎來到 Bloom Energy 2020 年第二季度財報電話會議。

(Operator Instructions) As a reminder, this conference call is being recorded.

（操作員說明）作為提醒，正在錄製此電話會議。

I would now like to turn the conference over to Mark Mesler, Vice President of Finance and Investor Relations at Bloom Energy.

我現在想將會議轉交給 Bloom Energy 財務和投資者關係副總裁 Mark Mesler。

Please go ahead.

請繼續。

Thank you.

謝謝你。

Good afternoon all.

大家下午好。

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

感謝您加入 Bloom Energy 的 2020 年第二季度收益電話會議。

To supplement this conference, we filed our Q2 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.

為了補充這次會議，我們向美國證券交易委員會提交了我們的 2020 年第二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.

我們今天要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.

這些聲明受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 10-K 和 10-Q 表格的最新報告，這些報告確定了重要的風險因素，包括與 COVID-19 相關的風險因素可能導致實際結果與前瞻性陳述中包含的結果存在重大差異的大流行病。

These include statements about the effects of COVID-19 on 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 COVID-19 對公司業務成果、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影響的聲明。

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

我們沒有義務修改在今天的電話會議上做出的任何前瞻性陳述。

During this call and in our Q2 '20 shareholder letter, we refer to GAAP and non-GAAP financial measures.

在這次電話會議和我們的 20 年第二季度股東信中，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 GAAP 財務指標不是根據美國公認會計原則編制的，並且是根據 GAAP 編制的財務業績指標的補充，但不能替代或優於這些指標。

A reconciliation between the GAAP and non-GAAP financial measures is included in our Q2 2020 shareholder letter.

我們的 2020 年第二季度股東信中包含了 GAAP 和非 GAAP 財務指標之間的對賬。

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, and then we will take questions.

K.R. Greg 將回顧本季度的運營和財務亮點，然後我們將回答問題。

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，因此對於可能出現的任何音頻問題，我們提前表示歉意。

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。

I'll talk about our business performance and strategy and then turn it over to Greg to walk through our financial performance followed by Q&A.

我將談論我們的業務績效和戰略，然後將其交給 Greg 來介紹我們的財務績效，然後進行問答。

When we last spoke on our first quarter earnings call, we were in the early stages of the COVID-19 pandemic and were uncertain about the length of the lockdown, the stress our public health system would face, the effect on our economy and the implication for our business.

當我們上次在第一季度財報電話會議上發言時，我們正處於 COVID-19 大流行的早期階段，不確定封鎖的時間長短、我們的公共衛生系統將面臨的壓力、對我們經濟的影響及其影響為我們的事業。

Fast forward one quarter and COVID-19 remains a significant public health crisis in the U.S. and the rest of the world.

快進四分之一，COVID-19 仍然是美國和世界其他地區的重大公共衛生危機。

This is a fluid, challenging and uncertain time for all of us.

對我們所有人來說，這是一個不穩定、充滿挑戰和不確定的時期。

We send our prayers to people at home and around the world who have been affected by COVID-19.

我們向國內和世界各地受到 COVID-19 影響的人們祈禱。

We convey our gratitude to the frontline workers who are working tirelessly to serve all of us.

我們向不懈努力為我們所有人服務的前線工作人員表示感謝。

In times like this, all businesses and all of their employees are being tested.

在這樣的時期，所有企業及其所有員工都在接受測試。

Bloom Energy is no different.

Bloom Energy 也不例外。

I'm exceptionally proud of how the Bloom Energy team is rising up to the challenge.

我為 Bloom Energy 團隊如何迎接挑戰感到非常自豪。

The team has demonstrated grit, resiliency, resourcefulness and a deep commitment to excellence.

該團隊展示了勇氣、彈性、足智多謀和對卓越的堅定承諾。

At the height of the crisis, Bloom refurbished and supplied over 1,200 ventilators and rapidly deployed 2 hospital microgrids.

在危機最嚴重的時候，Bloom 翻新並提供了 1,200 多台呼吸機，並迅速部署了 2 個醫院微電網。

We implemented new COVID-19 workflows and protocols at our factories and installation sites, prioritizing the safety of our employees.

我們在工廠和安裝現場實施了新的 COVID-19 工作流程和協議，將員工的安全放在首位。

Over the last few months, our engineering team developed an affordable and innovative splitter device that can service 4 patients with 1 ventilator and obtained FDA approval for it.

在過去的幾個月裡，我們的工程團隊開發了一種經濟實惠且創新的分離器設備，可以為 4 名患者提供 1 台呼吸機，並獲得了 FDA 的批准。

Our goal is to provide it at cost to the people and places that need it.

我們的目標是以成本價將它提供給需要它的人和地方。

We think it could be a life-saving innovation for the emerging nations where COVID-19 is on the rise.

我們認為對於 COVID-19 呈上升趨勢的新興國家來說，這可能是一項挽救生命的創新。

Our community response to COVID-19 combined with our strong second quarter performance and the new products and collaborations we announced speak to our culture and the kind of spirit, focus and determination that characterize the Bloom Energy workforce.

我們社區對 COVID-19 的反應，加上我們強勁的第二季度業績以及我們宣布的新產品和合作，都體現了我們的文化以及 Bloom Energy 員工的精神、專注和決心。

I'm humbled by their dedication, and my heartfelt gratitude goes out to the team.

我為他們的奉獻感到謙卑，我衷心感謝團隊。

Now I want to offer some commentary on the highlights and achievements in the second quarter.

下面我就二季度的亮點和成果做一些點評。

Our manufacturing operations, maintenance and service functions and field installation teams have continued to operate and sustained our core business throughout this crisis.

在整個危機期間，我們的製造運營、維護和服務職能以及現場安裝團隊繼續運營並維持我們的核心業務。

As we announced earlier this month, we installed 306 systems in Q2, which is 20% higher than the first quarter of this year and significantly better than we anticipated heading into April.

正如我們本月早些時候宣布的那樣，我們在第二季度安裝了 306 個系統，比今年第一季度高出 20%，並且明顯好於我們進入 4 月份的預期。

Considering the restrictions and uncertainties in the macro environment and that our installation process encountered many COVID-related delays, this is a truly remarkable achievement.

考慮到宏觀環境的限制和不確定性，以及我們的安裝過程遇到了許多與 COVID 相關的延遲，這確實是一個了不起的成就。

In the second quarter, we have further strengthened our relationships with our public utility partners by expanding our relationship with Duke Energy and adding a new financing partner, NextEra.

在第二季度，我們通過擴大與杜克能源的關係並增加新的融資合作夥伴 NextEra，進一步加強了與公用事業合作夥伴的關係。

The 2 transactions were for 28.75 megawatts, and we look forward to many more such transactions with them.

這 2 筆交易的金額為 28.75 兆瓦，我們期待與他們進行更多此類交易。

In addition to installing systems for U.S. commercial and industrial customers, we built 3 sites for U.S. utility partners.

除了為美國商業和工業客戶安裝系統外，我們還為美國公用事業合作夥伴建立了 3 個站點。

One was a 4-story tall, 6-megawatt power tower in New York for the Long Island Power Authority.

其中一個是紐約長島電力局的一座 4 層高、6 兆瓦的發電塔。

Two other sites were AlwaysON Microgrids in Los Angeles for Southern California Gas Company.

另外兩個站點是位於洛杉磯的南加州天然氣公司的 AlwaysON 微電網。

These on-site microgrids will provide clean, affordable and resilient energy to key facilities and enable SoCalGas to provide safe and reliable service to their 22 million customers.

這些現場微電網將為關鍵設施提供清潔、負擔得起和有彈性的能源，並使 SoCalGas 能夠為其 2200 萬客戶提供安全可靠的服務。

Bloom Energy, at its core, is a technology company transforming the energy sector.

Bloom Energy 的核心是一家改變能源行業的科技公司。

We are a global leader in our field.

我們是該領域的全球領導者。

The Bloom Energy platform enables us to commercialize new features with low capital costs and adapt to new market requirements rapidly.

Bloom Energy 平台使我們能夠以低資本成本將新功能商業化，並迅速適應新的市場需求。

We develop these new features for applications with large market cycles.

我們為具有較大市場週期的應用程序開發這些新功能。

In commercializing these new applications, we have forged win-win partnerships with industry-leading partners who co-invest in our commercialization and assist us in opening up new markets.

在將這些新應用商業化的過程中，我們與行業領先的合作夥伴建立了雙贏的合作夥伴關係，他們共同投資我們的商業化並協助我們開拓新市場。

These partnerships follow a similar approach to our existing partnership with SK in the South Korean market, which has already resulted in sales of 120 megawatts of fuel cells in South Korea and generated over $1 billion in equipment and future service revenue.

這些合作夥伴關係採用與我們在韓國市場與 SK 現有合作夥伴關係類似的方法，該合作夥伴關係已經在韓國銷售了 120 兆瓦的燃料電池，並產生了超過 10 億美元的設備和未來服務收入。

Partners can add great value by bringing strong regional expertise in the areas of sales and marketing, installation, financing and service.

合作夥伴可以通過在銷售和營銷、安裝、融資和服務領域帶來強大的區域專業知識來增加巨大的價值。

Our partners recognize that Bloom's technology is critical for them to maintain market competitiveness.

我們的合作夥伴認識到 Bloom 的技術對於他們保持市場競爭力至關重要。

To that end, I'm excited to discuss 2 very important developments that we recently announced.

為此，我很高興討論我們最近宣布的兩個非常重要的發展。

First, the shipping industry has a substantial opportunity and a real need to reduce emissions and improve air quality on seas and at ports across the world.

首先，航運業在減少排放和改善全球海上和港口的空氣質量方面擁有大量機會，也確實需要這樣做。

To serve this need and capitalize on this commercial business opportunity, in late June, we announced a joint development agreement with Samsung Heavy Industries of South Korea to develop fuel-cell-powered ships using Bloom Energy Servers.

為了滿足這一需求並利用這一商業機會，我們在 6 月下旬宣布與韓國三星重工達成聯合開發協議，以開發使用 Bloom Energy 服務器的燃料電池動力船舶。

Samsung has set a goal to replace all existing main engines and generator engines with our highly efficient solid oxide fuel cells.

三星設定了一個目標，用我們的高效固體氧化物燃料電池取代所有現有的主發動機和發電機發動機。

With this move, Samsung has the potential to lead the industry in helping their customers meet the International Maritime Organization's 2030 and 2050 environmental requirements.

通過此舉，三星有潛力引領行業幫助其客戶滿足國際海事組織的 2030 年和 2050 年環境要求。

Because the fuel cells create electricity through an electrochemical reaction without combusting fuel, these ships would be able to improve air quality by reducing particulate emissions, NOx and SOx, by more than 99%.

由於燃料電池在不燃燒燃料的情況下通過電化學反應發電，這些船舶將能夠通過減少 99% 以上的顆粒物排放、氮氧化物和硫氧化物來改善空氣質量。

They will also reduce carbon emission.

他們還將減少碳排放。

Our target is to present the design to potential customers in 2022.

我們的目標是在 2022 年向潛在客戶展示設計。

Based on market analysis, both our companies anticipate that the Bloom Energy Servers on Samsung ships will grow to 300 megawatts annually once we have reached commercial production.

根據市場分析，我們兩家公司預計，一旦我們實現商業化生產，三星船舶上的 Bloom Energy 服務器每年將增長到 300 兆瓦。

Next, I'd like to talk about hydrogen.

接下來，我想談談氫。

As some of you may recall, in June 2019, we announced that our fuel cells could operate with hydrogen as a fuel.

你們中有些人可能還記得，在 2019 年 6 月，我們宣布我們的燃料電池可以使用氫作為燃料運行。

Just 2 weeks ago, we announced that we are entering the commercial hydrogen market by introducing 2 products: one, hydrogen-powered fuel cells that can produce zero-carbon electricity; and two, electrolyzers that produce renewable hydrogen.

就在 2 週前，我們宣布通過推出 2 種產品進入商用氫市場：一種是可以產生零碳電力的氫動力燃料電池；二是生產可再生氫的電解槽。

We will introduce both products in South Korea first.

我們將首先在韓國介紹這兩種產品。

We chose our market entry to deepen our highly successful partnership with SK E&C and to meet the South Korean government's mandate for building a hydrogen economy.

我們選擇進入市場是為了深化我們與 SK E&C 非常成功的合作夥伴關係，並滿足韓國政府建設氫經濟的要求。

The law requires the construction of 15,000 megawatts of hydrogen fuel cells and 1,200 hydrogen fueling stations for 6.2 million cars by 2040.

法律要求到 2040 年建設 15,000 兆瓦的氫燃料電池和 1,200 個加氫站，供 620 萬輛汽車使用。

By the end of 2020, we expect to ship a 100-kilowatt pilot hydrogen server to South Korea to power an SK E&C facility in early 2021.

到 2020 年底，我們預計將在 2021 年初向韓國運送一台 100 千瓦的試點氫服務器，為 SK E&C 設施提供動力。

The second phase, a 1-megawatt hydrogen server installation, is targeted for a 2022 deployment.

第二階段是 1 兆瓦的氫服務器安裝，目標是在 2022 年部署。

SK estimates our market opportunity for fuel cells in South Korea will be 400 megawatts per year in the future.

SK 估計，未來我們在韓國的燃料電池市場機會將達到每年 400 兆瓦。

The second aspect of our entry to the hydrogen market is our electrolyzers.

我們進入氫市場的第二個方面是我們的電解槽。

It is a "back to the future" moment for Bloom to run the platform in Mars mode.

對於 Bloom 來說，以火星模式運行平台是一個“回到未來”的時刻。

The company's origins can be traced to the NASA Mars electrolyzer projects.

公司的起源可以追溯到美國宇航局的火星電解槽項目。

Bloom is capitalizing on its leadership in commercial solid oxide technology and reversing the process it uses for fuel cell power generation.

Bloom 正在利用其在商業固體氧化物技術方面的領先地位，並逆轉其用於燃料電池發電的過程。

Operated in reverse, the product is called an electrolyzer and it takes terrestrial renewable power and produces hydrogen from water.

反向操作，該產品稱為電解槽，它利用陸地可再生能源並從水中產生氫氣。

The renewable hydrogen when produced in this manner can fuel cars, power resilient AlwaysON Microgrid, or be injected into natural gas pipelines to reduce carbon emissions.

以這種方式生產的可再生氫可以為汽車提供燃料，為彈性 AlwaysON 微電網提供動力，或註入天然氣管道以減少碳排放。

Since 2002, Bloom has been awarded 19 patents for its solid oxide electrolyzer technology.

自 2002 年以來，Bloom 的固體氧化物電解槽技術已獲得 19 項專利。

The rapidly reducing cost of bulk, solar and wind intermittent power should help the hydrogen generated with Bloom electrolyzers reach the U.S. Department of Energy's goal of gasoline price parity faster than other technologies.

大容量、太陽能和風能間歇性發電成本的迅速降低應該有助於 Bloom 電解槽產生的氫氣比其他技術更快地達到美國能源部的汽油價格平價目標。

I would like to now talk about transitions in the Bloom leadership team.

我現在想談談 Bloom 領導團隊的交接。

We welcome Carl Guardino in the newly created role of Executive Vice President, Government Affairs and Policy, effective August 3. Carl comes to us from the Silicon Valley Leadership Group, a prominent public policy trade association that represents more than 350 of Silicon Valley's most respected companies.

我們歡迎 Carl Guardino 擔任新設立的政府事務和政策執行副總裁一職，該職位將於 8 月 3 日生效。Carl 來自矽谷領導小組，這是一個著名的公共政策貿易協會，代表著 350 多個矽谷最受尊敬的人公司。

In his role as President and CEO, he has championed public policy at the local, state and federal level for more than 3 decades.

作為總裁兼首席執行官，他在地方、州和聯邦層面倡導公共政策已超過 3 年。

Known throughout the Bay Area as a highly successful consensus builder, Carl will focus on engaging policymakers and key stakeholders to help us build the energy-resilient post-COVID world.

Carl 以非常成功的共識建立者而聞名整個灣區，他將專注於讓政策制定者和主要利益相關者參與進來，以幫助我們建立具有能源彈性的後 COVID 世界。

Our Chief Marketing Officer, Matt Ross, will retire from Bloom for medical reasons and focus on his health.

我們的首席營銷官 Matt Ross 將因醫療原因從 Bloom 退休，並專注於他的健康。

All of us at Bloom will miss Matt's daily presence and send our prayers for his well-being.

Bloom 的所有人都會想念馬特每天都在場，並為他的幸福祈禱。

Matt, we are extremely grateful for your amazing contributions to the company and for your help in building our amazing Bloom culture.

Matt，我們非常感謝你為公司做出的驚人貢獻，以及你幫助建立我們令人驚嘆的 Bloom 文化。

Thank you.

謝謝你。

Sharelynn Moore will be joining Bloom Energy as Executive Vice President and Chief Marketing Officer on August 3. She previously served as Senior Vice President of Networked Solutions at Itron where she had P&L responsibility for Itron's largest business segment.

Sharelynn Moore 將於 8 月 3 日加入 Bloom Energy，擔任執行副總裁兼首席營銷官。她之前曾擔任 Itron 網絡解決方案高級副總裁，負責 Itron 最大業務部門的損益。

In addition, Sharelynn has responsibility for Itron's smart city strategy and business.

此外，Sharelynn 還負責 Itron 的智慧城市戰略和業務。

Sharelynn brings more than 2 decades of experience in the energy and technology sector and a very strong background in all aspects of marketing.

Sharelynn 在能源和技術領域擁有超過 2 年的經驗，並且在營銷的各個方面都有非常強大的背景。

We are delighted to welcome her to the leadership team.

我們很高興歡迎她加入領導團隊。

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. It's great to have completed my first quarter at Bloom.

謝謝，K.R.很高興在 Bloom 完成了我的第一個季度。

When I began my next chapter with this team, I knew they had something very special.

當我開始與這支球隊的新篇章時，我知道他們有一些非常特別的東西。

But as I've engaged with the operations and learned more about the products' platform capability, I'm even more excited about the opportunities for this company and its impact on our world.

但隨著我參與運營並更多地了解產品的平台功能，我對這家公司的機遇及其對我們世界的影響更加興奮。

Based upon the products' design, it can serve as a platform from which to evolve into different applications with limited R&D or manufacturing investment.

基於產品的設計，它可以作為一個平台，以有限的研發或製造投資發展到不同的應用。

The core product or platform is essentially the same in each of these applications but, of course, will be optimized to the specific purpose.

這些應用程序中的每一個的核心產品或平臺本質上是相同的，但當然會針對特定目的進行優化。

This has significant implications for our operating and financial model as we address each of these new markets and applications.

當我們應對這些新市場和應用時，這對我們的運營和財務模式具有重大影響。

This is a key element to my confidence that Bloom will continue to grow through new applications and new or expanded markets.

這是我相信 Bloom 將通過新應用程序和新市場或擴展市場繼續發展的關鍵因素。

My role is to provide the operating cadence, transparency and funding to ensure we execute the playbook.

我的職責是提供運營節奏、透明度和資金，以確保我們執行劇本。

With that said, let me turn to the financials.

話雖如此，讓我轉向財務。

For your reference, we provided a summary of key financials along with a summary P&L and balance sheet.

供您參考，我們提供了主要財務摘要以及損益表和資產負債表摘要。

I do not plan to walk through each slide, but I do want to emphasize some of our key deliverables and provide context for our strong second quarter performance.

我不打算瀏覽每張幻燈片，但我確實想強調我們的一些關鍵可交付成果，並為我們第二季度的強勁表現提供背景。

Given the operating environment, evaluating our results versus prior quarter is more relevant comparison and we've made progress on nearly every metric.

鑑於運營環境，評估我們的結果與上一季度的比較更相關，我們幾乎在每個指標上都取得了進展。

I'd also note comparisons versus prior year are less relevant as we benefited from a PPA upgrade that did not repeat this year.

我還注意到與前一年的比較不太相關，因為我們受益於今年沒有重複的 PPA 升級。

Revenue for the second quarter was $187.9 million, up 19% from prior quarter and an equal increase on the number of acceptances.

第二季度的收入為 1.879 億美元，比上一季度增長 19%，接受數量也有相同的增長。

On gross margin, we continue to make progress.

在毛利率方面，我們繼續取得進展。

We delivered a 30 basis point improvement versus prior quarter as we continue to improve our profitability through lower product costs and improved service business performance.

與上一季度相比，我們實現了 30 個基點的改進，因為我們通過降低產品成本和提高服務業務績效繼續提高盈利能力。

Adjusted EBITDA was a positive $2.1 million, driven by a strong gross margin and lower operating expenses.

調整後的 EBITDA 為正值 210 萬美元，這得益於強勁的毛利率和較低的運營費用。

We ended the quarter with $324.1 million in consolidated cash and short-term investments.

本季度末，我們的綜合現金和短期投資為 3.241 億美元。

Our cash balance, excluding restricted cash, is $144 million, a decrease of $36 million from prior quarter.

我們的現金餘額（不包括受限制的現金）為 1.44 億美元，比上一季度減少 3600 萬美元。

The decrease is primarily due to a timing of $25 million in cash collections for a couple of installations that occurred outside the quarter but did not impact revenue.

減少的主要原因是本季度以外發生但並未影響收入的幾個安裝項目的現金回收時間為 2500 萬美元。

Let me now address our capital structure.

現在讓我談談我們的資本結構。

We are committed to being a well-capitalized growth company that has the resources to develop, sell and service our products.

我們致力於成為一家資本充足的成長型公司，擁有開發、銷售和服務我們產品的資源。

We are an attractive long-term partner who can work alongside some of the largest companies in the world and capitalize on opportunities to service existing markets and enter new ones.

我們是一個有吸引力的長期合作夥伴，可以與世界上一些最大的公司合作，並利用機會服務現有市場並進入新市場。

One of my first priorities as CFO was to begin the journey of aligning our liquidity and balance sheet with the size of our current business and the significant future potential of Bloom.

作為首席財務官，我的首要任務之一是開始調整我們的流動性和資產負債表與我們當前業務的規模和 Bloom 未來的巨大潛力。

This approach comes with an eye of creating value for all of our investors.

這種方法著眼於為我們所有的投資者創造價值。

With the assistance of our advisers and the guidance of our Board, we continue to evaluate options to improve our capital structure and align it with our growth initiatives.

在我們顧問的協助和董事會的指導下，我們繼續評估各種方案，以改善我們的資本結構並使其與我們的增長計劃保持一致。

We will provide updates as we make progress on these efforts.

我們將在這些努力取得進展時提供最新信息。

We executed very well operationally in the second quarter.

我們在第二季度的運營表現非常出色。

The pandemic continues to provide risk to our supply chain, manufacturing capability and the completion of installations.

大流行繼續給我們的供應鏈、製造能力和安裝完成帶來風險。

As we discussed last quarter, this can impact the timing of revenue recognition as delays could move revenues outside a reporting date.

正如我們上個季度所討論的那樣，這可能會影響收入確認的時間，因為延遲可能會將收入轉移到報告日期之外。

While we have successfully navigated these challenges in the second quarter, the potential risk remains the timing of revenue.

雖然我們在第二季度成功應對了這些挑戰，但潛在的風險仍然是收入的時機。

For this reason, we will continue to suspend quarterly guidance.

因此，我們將繼續暫停季度指導。

Despite the macro environment, no customer had canceled their contract or had asked for a project to be delayed.

儘管存在宏觀環境，但沒有客戶取消合同或要求延遲項目。

Additionally, we continue to have a strong pipeline.

此外，我們繼續擁有強大的管道。

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

這證明了我們產品的重要性和積壓訂單的質量。

As we discussed previously, for the balance of the year, we expect our revenue and quarterly cadence to be similar to last year.

正如我們之前所討論的，對於今年的餘額，我們預計我們的收入和季度節奏將與去年相似。

We've gained better clarity around our ability to install our systems in the current environment and we have reinitiated our production ramp that will increase our system output versus the first half.

我們已經更加清楚地了解我們在當前環境中安裝系統的能力，並且我們已經重新啟動了我們的生產坡道，這將增加我們的系統輸出與上半年相比。

In addition to the technology milestones we've announced over the past few weeks, we continue to make progress on our core platform, the Bloom Energy Server.

除了我們在過去幾周宣布的技術里程碑之外，我們還在我們的核心平台 Bloom Energy Server 上繼續取得進展。

We remain on track to introduce Bloom 7.5 with field tests later in the year and ramp production next year.

我們仍有望在今年晚些時候通過現場測試推出 Bloom 7.5，並在明年實現量產。

I'd like to emphasize that over the past 2 years, we reduced our product cost on current technology of Bloom 5.0 by 30% for improved design, manufacturing and supply chain improvements.

我想強調的是，在過去的 2 年裡，我們將 Bloom 5.0 當前技術的產品成本降低了 30%，以改進設計、製造和供應鏈。

These benefits will be leveraged in Bloom 7.5, and when coupled with increased power density, we expect to maintain our current trajectory and driving costs down.

這些優勢將在 Bloom 7.5 中得到利用，再加上更高的功率密度，我們希望保持目前的發展軌跡並降低成本。

We continue to make progress on finding and working with partners that can allow us to globally scale.

我們在尋找合作夥伴並與合作夥伴合作方面繼續取得進展，使我們能夠在全球範圍內擴大規模。

K.R. mentioned our new relationship with NextEra and our expanded relationship with Duke Energy.

K.R.提到了我們與 NextEra 的新關係以及我們與 Duke Energy 的擴展關係。

Our strong relationship with SK in South Korea remains a template of cooperation we hope to find both in the U.S. and in new markets.

我們與韓國 SK 的牢固關係仍然是我們希望在美國和新市場找到的合作模板。

Strong operators with sufficient capital and resources dedicated to deploying our technology will provide Bloom the opportunity to invest and develop markets while managing operational complexity.

擁有足夠資本和資源的強大運營商致力於部署我們的技術，這將為 Bloom 提供投資和開發市場的機會，同時管理運營的複雜性。

I want to summarize that Bloom had a very strong operating quarter.

我想總結一下，Bloom 的運營季度非常強勁。

We are finding partners that will help us scale and are bringing exciting technologies to market.

我們正在尋找可以幫助我們擴大規模並將激動人心的技術推向市場的合作夥伴。

We're working to align our capital structure with our long-term growth initiatives.

我們正在努力使我們的資本結構與我們的長期增長計劃保持一致。

We feel Bloom is uniquely positioned commercially and have the resources to capitalize on our growth tailwinds.

我們認為 Bloom 在商業上具有獨特的定位，並且有資源利用我們的增長順風。

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

有了這個，接線員，讓我們打開它來提問。

(Operator Instructions) Your first question comes from Michael Weinstein with Crédit Suisse.

（操作員說明）您的第一個問題來自瑞士信貸的邁克爾溫斯坦。

Can you talk a little bit about the expense ramp?

你能談談費用上升嗎？

You said you expect the expense ramp to be declining going into next year.

你說你預計明年的費用增長將會下降。

Where do you stand now?

你現在站在哪裡？

Where do you think you'll be next year?

你認為你明年會在哪裡？

Yes, Mike, let me take that.

是的，邁克，讓我接受。

I think on the product cost, we talked about it in the script of it being 30% down over the last 2 years as we've really worked on our current technology.

我認為關於產品成本，我們在腳本中談到它在過去 2 年中下降了 30%，因為我們真正致力於我們當前的技術。

In fact, that is accelerating.

事實上，這正在加速。

I'd say over the period '18 to '19, we were down 13% quarter-over-quarter and 19% last year to this year, and we continue to see that as we go through -- look sequentially into this year as well.

我想說的是，在 18 年到 19 年期間，我們環比下降了 13%，去年到今年下降了 19%，我們會繼續看到這一點——按順序回顧今年出色地。

I think what you're going to see is a continued decline around that same pace every quarter, about the same level as we go through.

我認為你將看到的是每個季度都以同樣的速度持續下降，與我們經歷的水平大致相同。

We'll introduce 7.5, but it won't be a step function as we bring it in.

我們將介紹 7.5，但它不會是我們引入的階躍函數。

As we ramp that product up, we think we'll continue to get to those same type of levels of the 15% to 20% that we've seen over the last couple of years.

隨著我們提高該產品的產量，我們認為我們將繼續達到過去幾年所見的 15% 至 20% 的相同類型的水平。

I mean do you think with 7.5, you'll achieve like a 33% reduction that would be commensurate with a 50% increase in power density?

我的意思是，您是否認為使用 7.5，您將實現 33% 的減少，這與功率密度增加 50% 相稱？

Yes, it will.

是的，它會。

It will come in over time, right?

它會隨著時間的推移出現，對吧？

And that's where it's important as you introduce the new technology and bring that in, you have all the learnings that you get from your supply chain, you have your learnings that you get from your manufacturing process.

這就是重要的地方，因為你引入新技術並將其引入，你擁有從供應鏈中獲得的所有知識，你擁有從製造過程中獲得的知識。

So we plan to introduce that ramp in a way in which we will get the levels of savings that you've seen over the last couple of years.

因此，我們計劃以一種我們將獲得您在過去幾年中看到的儲蓄水平的方式引入該斜坡。

So I wouldn't expect a step function at all, and that's what I mean by trajectory as we go forward.

所以我根本不希望有一個階躍函數，這就是我們前進時軌蹟的意思。

You'll see that similar movement over the next few years and we -- as we look out forward, we see that curve continuing to bend as we continue to take cost out of 7.5 as well.

在接下來的幾年裡，你會看到類似的變化，我們——展望未來，我們看到曲線繼續彎曲，因為我們也繼續將成本從 7.5 中扣除。

So along those same lines of thinking, you've announced a lot of opportunities in Korea over the last couple of weeks.

因此，按照同樣的思路，您在過去幾週內宣布了韓國的許多機會。

And I'm wondering if -- is that -- do you think those opportunities might cause you to focus more on Gen 5 improvements and rather than Gen 7.5 developments as you go forward?

我想知道是否 - 是 - 你認為這些機會可能會讓你在前進的過程中更多地關注 Gen 5 的改進而不是 Gen 7.5 的開發嗎？

Michael, this is K.R. For us, it is an "and" and not an "or." We will do both.

邁克爾，這是 K.R.對我們來說，它是“和”而不是“或”。我們將兩者兼顧。

As you have seen, the beauty of our platform is it gives us the ability to introduce a new platform -- a new generation of that platform when we went from 2.5 to 5, where the 2.5 costs are coming down, the 5 got introduced with an option -- with a great opportunity to bring down cost.

正如您所見，我們平台的美妙之處在於它使我們能夠引入一個新平台——當我們從 2.5 升級到 5 時，該平台的新一代，其中 2.5 的成本正在下降，引入了 5一個選項 - 有一個很好的機會來降低成本。

And what you saw as we've ramped it up quarter by quarter to a sustainable level when it got to full ramp, we saw the benefits of it while 2.5 was continuing to fill the gap and the cost of 2.5 was coming down.

你所看到的是，當我們將它逐個季度地提高到一個可持續的水平時，我們看到了它的好處，而 2.5 繼續填補空白，而 2.5 的成本正在下降。

Now it is that same approach that we are going to bring to the layers that we put on top of the platform.

現在，我們將把同樣的方法帶到我們放在平台頂部的層上。

The marine is a layer.

海洋是一層。

The hydrogen electrolyzer is a layer.

氫電解槽是一層。

The hydrogen fuel cell is a layer.

氫燃料電池是一層。

When we do these things, we are confident that working with our partners, we have an opportunity to actually do these things in a capital-efficient, resource-efficient way, working with them and be able to do all these things without having to deprioritize something.

當我們做這些事情時，我們有信心與我們的合作夥伴一起工作，我們有機會以資本高效、資源高效的方式實際做這些事情，與他們一起工作並且能夠做所有這些事情而不必降低優先級某物。

Got you.

明白了

A lot of opportunities to try and pursue.

很多嘗試和追求的機會。

So...

所以...

Yes.

是的。

It's all about focus and it's all about looking at each program and staffing it right, and that's why Greg talked about making sure that we have the right partners who can open up real markets for us that we believe in and we can go and execute to them.

這一切都與專注有關，這一切都與審視每個項目並為其配備合適的人員有關，這就是為什麼格雷格談到要確保我們擁有合適的合作夥伴，他們可以為我們打開我們相信的真實市場，我們可以去執行他們。

Your next question comes from Stephen Byrd with Morgan Stanley.

你的下一個問題來自摩根士丹利的斯蒂芬伯德。

I just wanted to wish Matt Ross well.

我只想祝馬特羅斯一切順利。

I hope he is well and hope his health continues to be okay, certainly thinking about him.

我希望他一切都好，希望他的健康繼續好起來，當然是在想著他。

I wanted to just cover a couple of things around the pipeline of new sales.

我只想介紹有關新銷售渠道的幾件事。

I guess in terms of -- on the positive side, with respect to existing customers, are you seeing any sort of increases in share with existing customers?

我想就現有客戶而言，從積極的方面來看，您是否看到現有客戶的份額有所增加？

And then just on the risk side, are you seeing any cancellations in the pipeline as you go through this process of sales?

然後就風險方面而言，在您進行此銷售過程時，您是否看到管道中有任何取消？

So on the -- we don't comment on intra-year bookings and we are going to keep it that way, but here is what we can share with you.

所以關於 - 我們不會對年內預訂發表評論，我們將保持這種狀態，但這是我們可以與您分享的內容。

It's that on our backlog that we have told you and what we have shown you, there are no cancellations.

就是在我們告訴您的積壓訂單以及我們向您展示的內容中，沒有取消。

There is no customer telling us that they don't want to receive our systems.

沒有客戶告訴我們他們不想接收我們的系統。

In fact, if anything, in a few cases, we have seen a request of can we do something earlier rather than later.

事實上，如果有的話，在少數情況下，我們已經看到了我們可以早點而不是晚點做某事的請求。

Greg, do you want to add anything else to that?

格雷格，你還想補充什麼嗎？

No.

不。

I think as we've gone through and looked at it, it's -- where we look at the quality of our pipeline and we look at the quality of our backlog, we obviously don't publish that every quarter because there's some volatility to that.

我認為，在我們審視和審視它的過程中，它是——我們審視管道質量和積壓工作質量的地方，我們顯然不會每季度發布一次，因為它存在一些波動.

But I do want to emphasize, yes, specifically about customers' delays, projects canceled, all those things, I would say none of that we've experienced at all.

但我確實想強調，是的，特別是關於客戶的延誤、項目取消，所有這些事情，我想說我們根本沒有經歷過。

If anything, we've had a general pull from customers to continue to get our systems to their sites because it gives them the resiliency that they need as well as the cost savings.

如果有的話，我們已經從客戶那裡得到了普遍的推動力，希望繼續將我們的系統安裝到他們的站點，因為這為他們提供了所需的彈性以及成本節約。

Understood.

明白了。

And in terms of just -- I guess shifting over to the Korean market.

就只是 - 我想轉移到韓國市場。

Obviously, there's a very large market for hydrogen fuel cells.

顯然，氫燃料電池的市場非常大。

Could you talk a little bit about the time line over which you would transition away from your methane-based fuel cells over to hydrogen-based fuel cells?

您能談談從甲烷燃料電池過渡到氫燃料電池的時間表嗎？

Is that something that -- given policy in the nation that you're going to need to do fairly quickly?

鑑於國家的政策，你需要相當快地做這件事嗎？

Or do you see sort of a long glide path ahead of methane-based fuel cell sales?

或者您是否看到甲烷燃料電池銷售之前有一段漫長的滑行路徑？

Over what time frame roughly should we sort of think about that transition to hydrogen for your product sales?

我們應該在什麼時間範圍內大致考慮為您的產品銷售向氫過渡？

Stephen, that's a wonderful question.

斯蒂芬，這是一個很好的問題。

And the beauty of the Bloom platform is when we designed it -- and I think you know this, going back to our early founding documents, we wanted to make our platform and our technology fuel-agnostic.

Bloom 平台的美妙之處在於我們設計它的時候——我想你知道這一點，回到我們早期的創始文件，我們想讓我們的平台和我們的技術與燃料無關。

Whether it is natural gas or hydrogen, our systems are going to be able to operate and not just operate, operate best in class with either of those fuels.

無論是天然氣還是氫氣，我們的系統都將能夠運行，而不僅僅是運行，使用這兩種燃料中的任何一種都能在同類產品中運行得最好。

So -- and the beauty of our platform is we are future-proofing our customer.

所以——我們平台的美妙之處在於我們正在為我們的客戶提供面向未來的服務。

When they buy a product from us today for natural gas, should hydrogen become available to them, it's a fairly easy swap for them to switch to that fuel.

當他們今天從我們這裡購買天然氣產品時，如果他們可以獲得氫氣，他們就可以很容易地換成這種燃料。

And remember, our hot boxes, typically today, lasts about 5 years.

請記住，我們的熱箱在今天通常可以使用大約 5 年。

So every 5 years, you have this opportunity.

所以每 5 年，你就有這個機會。

And even in between, you can go and make that change if you need to.

即使在這兩者之間，您也可以根據需要進行更改。

So from our perspective, the beauty and the strength of the Bloom platform is we can develop both and we can put both out in the market, and we can prove it out and we can be the best in class and best in value.

因此，從我們的角度來看，Bloom 平台的優點和優勢在於我們可以同時開發兩者，也可以將兩者投放市場，我們可以證明這一點，我們可以成為同類產品中最好的和最具價值的。

When those fuels come into the market and how they play is going to be dictated by policy, by geography, by nations, by what they want to do.

這些燃料何時進入市場以及它們如何發揮作用將取決於政策、地理、國家以及他們想做什麼。

We don't control that.

我們不控制那個。

To some extent, as a citizen of the world, we would like to see this hydrogen economy comes sooner rather than later because it's better for the planet.

在某種程度上，作為世界公民，我們希望看到這種氫經濟早日到來，因為它對地球更好。

But we don't control it, but we don't need to control it because we are future-proofing ourselves as well as our customers by the architecture that we have chosen.

但我們不控制它，但我們不需要控制它，因為我們正在通過我們選擇的架構為自己和我們的客戶提供未來保障。

Understood.

明白了。

And just to maybe follow up on that and I'll get back in the queue, the -- is there a possibility of sort of a smooth transition in terms of that shift in Korea towards hydrogen?

只是為了跟進這一點，我會回到隊列中，就韓國向氫的轉變而言，是否有可能實現平穩過渡？

Or do you see a period where you're going to need to replace a lot of the stacks, a lot of the hot box sort of replacements?

或者您是否看到需要更換大量堆棧的時期，大量熱箱的替代品？

Broadly speaking, is that -- is it possible to kind of allow for that smooth transition?

從廣義上講，是否有可能實現這種平穩過渡？

Or do you see a sharper transition?

或者你看到一個更尖銳的轉變？

I think it's going to be a smooth transition and that ramp is going to last for a long period of time simply given the size of this market, simply given the physical amount of megawatts that you're talking about around the world not just for us but for anybody else to be able to transition from the natural gas economy to the hydrogen economy.

我認為這將是一個平穩的過渡，並且僅僅考慮到這個市場的規模，僅僅考慮到您在世界範圍內談論的兆瓦的實際數量，而不僅僅是我們，這種增長將持續很長一段時間但對於任何其他人來說，都能夠從天然氣經濟過渡到氫經濟。

It is going to be a gradual ramp that's going to happen.

這將是一個逐漸發生的斜坡。

But again, here's where I can emphasize what we do.

但是，在這裡我可以再次強調我們所做的事情。

Our manufacturing lines, our supply chain, they all have the same common elements.

我們的生產線、我們的供應鏈，它們都有相同的共同元素。

The same operator who knows how to put together the natural gas fuel cell knows how to put together the hydrogen fuel cell.

知道如何組裝天然氣燃料電池的操作員也知道如何組裝氫燃料電池。

The same machines that build the natural gas fuel cells build the hydrogen fuel cells.

製造天然氣燃料電池的機器同樣可以製造氫燃料電池。

The same installed people do the same kind of monitoring we do.

相同的安裝人員進行與我們相同的監控。

So from our perspective, if you told us to wake up tomorrow morning and switch everything once we have this commercial unit done, we should be able to switch, and that is the beauty of what we bring to the table, right?

所以從我們的角度來看，如果你告訴我們明天早上醒來並在我們完成這個商業單元後切換所有內容，我們應該能夠切換，這就是我們帶來的美妙之處，對吧？

And once our hydrogen product is commercialized and we have given you that time line, we can on the fly.

一旦我們的氫產品商業化並且我們已經給了你那個時間表，我們就可以立即進行。

And my vision -- and I'll paint this for you.

還有我的願景——我會為你畫下這個。

The best-in-class automotive factories when they came out in Japan on an assembly line simply did not have to change lines.

一流的汽車工廠在日本的裝配線上出現時根本不需要換線。

You could have an ambulance, a fire truck, an off-roader, a sedan and a roadster all following one after another in an assembly line.

你可以讓一輛救護車、一輛消防車、一輛越野車、一輛轎車和一輛跑車在裝配線上一個接一個地跟在後面。

And you can just do them without stopping the line.

你可以在不停止生產線的情況下完成它們。

For us, whether it's a hydrogen fuel cell or a natural gas fuel cell, our assembly lines can just crank them out.

對我們來說，無論是氫燃料電池還是天然氣燃料電池，我們的裝配線都可以生產出來。

And it just depends on when the market wants it.

這僅取決於市場何時需要它。

We would like to see the market want it sooner, but that depends on how soon the nation and the countries embrace hydrogen.

我們希望看到市場更快地需要它，但這取決於國家和國家接受氫能的速度。

Your next question comes from Paul Coster with JPMorgan.

你的下一個問題來自摩根大通的保羅科斯特。

This is Mark Strouse on for Paul.

這是保羅的馬克斯特勞斯。

Just wanted to kind of follow up on some earlier questions.

只是想跟進一些較早的問題。

Can you kind of summarize the time line for both the marine and the hydrogen business as far as how long it's going to take to reach commercial production?

您能否總結一下海洋和氫能業務的時間表，以及達到商業化生產需要多長時間？

Just the start of that.

只是那的開始。

And then once you get to that point, how long does that take before you can fully ramp to achieve some of the numbers that you talked about in the script?

然後，一旦達到這一點，需要多長時間才能完全實現您在腳本中談到的一些數字？

Great question again.

又是個好問題。

Thank you.

謝謝你。

And so I'll address one by one.

因此，我將一一解決。

There are 3 elements to this.

這有 3 個要素。

Pardon me.

對不起。

I have to answer each one separately, which is -- first one is marine, the second one is hydrogen as an electrolyzer, and the third one is hydrogen as a fuel cell.

我必須分別回答每個問題，即——第一個是海洋，第二個是作為電解槽的氫，第三個是作為燃料電池的氫。

So I'll address all 3.

所以我將解決所有 3 個問題。

With respect to the marine, what we have announced is we have formed the -- we have a joint development agreement now with Samsung Heavy Industries.

關於海洋，我們宣布的是我們已經形成——我們現在與三星重工簽訂了聯合開發協議。

We have formed the teams, and the 2 companies have resourced it such that in the next 2 years, we will do all the validation testing and all the packaging necessary because our fuel cells, for the first time, will go from a stationary application where it's on the ground to a mobile application on a ship.

我們已經組建了團隊，這兩家公司已為其提供資源，以便在接下來的兩年內，我們將進行所有驗證測試和所有必要的包裝，因為我們的燃料電池將首次從固定應用開始它在地面上到船上的移動應用程序。

So there are changes that have to be made for that on the external, nothing on the internal platform, same exact internal platform adjusted for packaging to be able to deal with a mobile platform.

因此，必須在外部進行更改，在內部平台上沒有任何更改，相同的內部平台針對包裝進行了調整，以便能夠處理移動平台。

Number two is similar to cars getting a rating from the Federal Transportation Authority and every part that you have getting a UL rating, ships have their own certifying agency.

第二類似於獲得聯邦運輸管理局評級的汽車和獲得 UL 評級的每個部件，船舶都有自己的認證機構。

It has to go through certification.

它必須通過認證。

So this is the activity that will go on for 2 years.

所以這是將持續 2 年的活動。

And in 2022, we hope -- the 2 companies hope to go -- have this all completed and present a sales proposal to the offtakers of ships, to the buyers of ships.

在 2022 年，我們希望——這兩家公司希望——完成這一切，並向船舶承購商和船舶買家提出銷售建議。

Samsung predicts based on their past history, within 2 years from then, the first ship using that technology will be out at sea.

三星根據他們過去的歷史預測，從那時起的兩年內，第一艘使用該技術的船將出海。

And they predict in commercial production, we should at least have 300 megawatts a year annually based on their market analysis.

他們預測在商業生產中，根據他們的市場分析，我們每年至少應該有 300 兆瓦。

So that's the shipping industry time line for our marine application.

這就是我們航海應用的航運業時間表。

And again, similar to the answer I gave Stephen from Morgan Stanley on hydrogen versus natural gas, the beauty of our platform -- I have to emphasize again, it's the same units being built in our factories just getting packaged at the very end differently for the ship.

再一次，類似於我給摩根士丹利的斯蒂芬關於氫氣與天然氣的回答，我們平台的美妙之處——我必須再次強調，我們工廠建造的相同裝置只是在最後以不同的方式包裝船。

So we don't have to make any changes other than that to what we need to do.

所以除了我們需要做的事情之外，我們不需要做任何改變。

It's the outside packaging, not the internal guts of what we do.

這是外包裝，而不是我們所做工作的內在膽量。

With hydrogen fuel cells, we intend to ship the first field unit, 100 kilowatts, by the end of the year to SK.

對於氫燃料電池，我們打算在年底前將第一個 100 千瓦的現場裝置運送到 SK。

It will get tested early next year by SK.

它將在明年初由 SK 進行測試。

And also by the end of the year, next year, we would have done a 1 megawatt.

而且到今年年底，明年，我們將完成 1 兆瓦。

The 2 companies are fully funding that, and it's fully funded.

這兩家公司正在全額資助，而且已經全額資助。

And after that, it's purely up to the Korean government in terms of how quickly they want to move.

在那之後，就他們想要多快採取行動而言，完全取決於韓國政府。

They have indicated their desire to move very fast on creating significant opportunities for the hydrogen fuel cells.

他們表示希望在為氫燃料電池創造重要機會方面迅速採取行動。

With respect to the hydrogen electrolyzer, this is now -- the first part, the hydrogen fuel cells.

關於氫電解槽，這是第一部分，氫燃料電池。

Take hydrogen as the fuel and produce electricity with zero carbon in addition to all the benefits that we bring, which is -- number one, it's clean, no NOx, no SOx, no particulates.

除了我們帶來的所有好處之外，以氫為燃料並生產零碳電力，第一，它是清潔的，沒有氮氧化物，沒有硫氧化物，沒有微粒。

Number two, it's on-site.

第二，它在現場。

It's resilient.

它具有彈性。

Forest fires, hurricanes is not going to bother it unlike the credit, so get all those benefits plus you get to zero carbon.

森林大火、颶風不會像信用那樣打擾它，所以獲得所有這些好處加上你達到零碳。

That's the hydrogen fuel cell.

那就是氫燃料電池。

Now somebody needs to produce that hydrogen.

現在有人需要生產氫氣。

And if you produce that hydrogen like you are today from natural gas, that has a carbon footprint.

如果你像今天一樣從天然氣中生產氫氣，就會產生碳足跡。

However, if you use renewable electricity from solar and wind and break water to hydrogen and oxygen using an electrolyzer and use that hydrogen, that is renewable hydrogen with a zero-carbon footprint.

但是，如果您使用來自太陽能和風能的可再生電力，並使用電解槽將水分解為氫氣和氧氣並使用該氫氣，那就是零碳足蹟的可再生氫氣。

That's our hydrogen electrolyzer product, and we expect that we'll have our first commercial unit with hydrogen electrolyzer out next year.

那是我們的氫電解槽產品，我們預計明年我們將推出第一台帶有氫電解槽的商業裝置。

Sorry, it's a long answer but it was 3 parts.

抱歉，答案很長，但分為 3 個部分。

Yes.

是的。

No.

不。

That was extremely helpful, K.R. And just a quick follow-up.

這非常有幫助，K.R.并快速跟進。

So it doesn't sound like there's a lot of investment needed on the hydrogen side but maybe more so on the marine side.

因此，聽起來氫氣方面不需要大量投資，但海洋方面可能需要更多。

How do we think about the investments near term to get those to production?

我們如何考慮近期投資以將其投入生產？

And then longer term, any reason why those 2 or 3 businesses would be -- have a different margin profile than your core business?

然後從長遠來看，為什麼這 2 或 3 家企業的利潤率與您的核心業務不同？

Look, when we evaluate markets and businesses, the way we think about it is, number one, is there a partner who really understands that market and really knows where that market is going and see a real competitive advantage to putting this into that product and getting the competitive advantage?

看，當我們評估市場和業務時，我們的思考方式是，第一，是否有合作夥伴真正了解該市場，真正了解該市場的發展方向，並看到將其投入該產品的真正競爭優勢，以及獲得競爭優勢？

And ultimately, is there a willingness to pay by the -- pay for that advantage by the customer, which is when you command margin?

最終，是否願意為客戶支付這種優勢，也就是當你獲得保證金時？

In our opinion, we think in these things that we have announced, based on all the diligence we have done with these amazing global partners, in one case Samsung and in other case SK, that, that is there.

在我們看來，我們認為在我們宣布的這些事情中，基於我們與這些了不起的全球合作夥伴所做的所有努力，在一個案例中是三星，在另一個案例中是 SK，那就是那裡。

So we shouldn't, in any way, expect why we shouldn't be able to command the margins that we expect to command given that these large multinationals have looked around the world and sought us out because we have a unique platform and technology that nobody else has.

因此，我們不應該以任何方式期望為什麼我們不能獲得我們期望獲得的利潤，因為這些大型跨國公司已經環顧世界並尋找我們，因為我們擁有獨特的平台和技術沒有人有。

Okay.

好的。

That's number one.

這是第一。

#2 question that you asked was on our spending.

您問的第二個問題是關於我們的支出。

And again, I have to emphasize for all these 3 applications I talked about, the same factory setups, the same kind of equipment, the same kind of operators and training, it is in the balance of plant and the packaging, which is the external mechanical and how you absorb shock or vibration or tilt.

再一次，我必須強調我談到的所有這 3 個應用程序，相同的工廠設置、相同類型的設備、相同類型的操作員和培訓，它是工廠和包裝的平衡，這是外部機械以及您如何吸收衝擊或振動或傾斜。

These are the things that you have to add on features.

這些是您必須添加的功能。

A pretty significant portion of that will be handled by our corporate partners who are going to integrate our platform into the ship, but we will be working closely with them.

其中很大一部分將由我們的企業合作夥伴處理，他們將把我們的平台整合到船上，但我們將與他們密切合作。

So we expect, relatively speaking, the capital investment related to these things to be fairly light on our side.

所以我們預計，相對而言，與這些事情相關的資本投資對我們來說是相當輕的。

That's what we expect.

這就是我們所期望的。

But we do expect a certain expense.

但我們確實期望一定的費用。

But I think the key takeaway for you is our early investors and our employees have invested a lot to build this platform.

但我認為對你來說最重要的是我們的早期投資者和我們的員工為建立這個平台投入了大量資金。

And going forward, we can reap the benefits of all that investment with marginally small amounts of investments given the opportunity that we have.

展望未來，如果我們有機會，我們可以通過少量投資獲得所有投資的好處。

That's the takeaway if you're looking for one.

如果您正在尋找一個，那就是外賣。

Your next question comes from Ben Kallo with Baird.

你的下一個問題來自 Ben Kallo 和 Baird。

I think following on to that question, just as I look at the addressable markets of 3 different markets, could you talk about how you allocate capital?

我想繼續這個問題，就像我查看 3 個不同市場的可尋址市場一樣，你能談談你如何分配資本嗎？

And is it just -- is it we're going to grow despite what the margins are in these 3 buckets because we need to grow in those markets and improve our technology?

這是否只是 - 儘管這 3 個桶中的利潤率是多少，我們是否會增長，因為我們需要在這些市場中增長並改進我們的技術？

Or is there a threshold on some type of returns?

還是某種類型的回報有門檻？

That's my first question.

這是我的第一個問題。

And then my second question is, I've been reading different articles, most recently that Capital Dynamics did deal with Switch, where there's lithium-ion batteries from Tesla, and I'm just wondering where you stand on your levelized cost of electricity and if that's how you frame it when you sell to a data server company or what have you, or if you're selling, it gives lithium ion.

然後我的第二個問題是，我一直在閱讀不同的文章，最近的文章是 Capital Dynamics 確實與 Switch 打交道，那裡有特斯拉的鋰離子電池，我只是想知道你對平準化電力成本的立場和如果這就是當你賣給數據服務器公司或你擁有的東西時如何構建它，或者如果你正在銷售，它會提供鋰離子。

Ben, it's Greg.

本，是格雷格。

Let me take the first half of the question, then I'll turn it over to K.R. on the batteries.

讓我回答問題的前半部分，然後我會把它交給 K.R.在電池上。

So on the investment of capital, right, building on K.R's.

所以在資本投資上，對，建立在 K.R 的基礎上。

answer from last time, the great thing that I've really seen as I've gotten in here and understand how the product is designed and built and executed, a lot of that investment's already been made in our supply chain, in our production capability, in our distribution, et cetera.

上次的回答，當我來到這裡並了解產品的設計、構建和執行方式時，我真正看到了偉大的事情，很多投資已經在我們的供應鏈、我們的生產能力中進行，在我們的發行版中，等等。

So one of the things I'd like to do is I talk to people, just talk about how big this company is and how we've built out all those with a great growth trajectory on it.

因此，我想做的一件事就是與人們交談，談談這家公司有多大，以及我們如何建立起所有具有良好增長軌蹟的公司。

As we think about making capital investments and where do we get the return on our capital and trade-offs between that, as we look at our product road map on the things that we've introduced so far and are attempting to commercialize or things that are still waiting to come through that pipeline and be commercialized, we think that the majority of the application -- the majority of the product base that was in there is going to be very similar.

當我們考慮進行資本投資以及我們從哪裡獲得資本回報和權衡取捨時，當我們查看我們的產品路線圖時，我們已經介紹了迄今為止已經推出並正在嘗試商業化的東西或那些仍在等待通過該管道並被商業化，我們認為大多數應用程序 - 其中的大多數產品基礎將非常相似。

There may be differences to each of those systems in order for it to do its specific purpose, but the vast majority of that product and how it looks will look very much the same.

為了實現其特定目的，這些系統中的每一個都可能存在差異，但該產品的絕大多數及其外觀看起來都非常相同。

So it is not in a situation where you were -- say, where you've got adjacencies to a product and you're building out a whole new technology that you've got to go through the bugs and bringing it, designing it, engineering and building our supply chain, working with that and then taking it to market.

所以它不是在你 - 說，你有一個產品的鄰接並且你正在構建一個全新的技術，你必須經歷錯誤並帶來它，設計它，設計和構建我們的供應鏈，與之合作，然後將其推向市場。

So it works all through the same process from an application standpoint.

因此，從應用程序的角度來看，它通過相同的過程工作。

As we think about the returns of those in each of those markets, it's one of the reasons that things wait sometimes to be introduced.

當我們考慮每個市場的回報時，這是有時需要等待引入的原因之一。

K.R. talked about the hydrogen and just -- whether it's the electrolyzer or the fuel cell, you really sometimes need to wait for -- not necessarily for your individual technology to be developed.

K.R.談到了氫——無論是電解槽還是燃料電池，你有時確實需要等待——不一定要開發你的個人技術。

Sometimes, it's waiting for the market to be developed so you can then sell into that market with your partners in order to achieve the scale and returns that you need.

有時，它會等待市場開發，然後您可以與合作夥伴一起銷售到該市場，以實現您需要的規模和回報。

I think from a global business model, when we think about it, since there's so much similarity along the product and since there is limited capital investment to move across those products and the thing I would point to is we expect within our current planning to stay kind of at the same run rates around R&D and CapEx and things as we bring the different products to market.

我認為從全球商業模式來看，當我們考慮它時，由於產品之間有很多相似之處，而且由於轉移這些產品的資本投資有限，我要指出的是，我們希望在我們目前的計劃內保持當我們將不同的產品推向市場時，圍繞研發和資本支出的運行率有點相同。

We expect a similar type of financial profile both in where we think our prices will be relative to each of those application where we think our margins will be, what type of service revenues and margins we'll get on over the life of those individual products as we expand with our customer relationships.

我們期望在我們認為我們的價格將與我們認為我們的利潤率的每個應用程序相關的地方，我們將在這些單個產品的生命週期內獲得什麼樣的服務收入和利潤率方面，我們期望類似的財務狀況隨著我們與客戶關係的擴展。

So they're not dramatically different.

所以他們並沒有太大的不同。

They're not dramatically different business models because it's relatively the same product being used in different applications.

它們並不是截然不同的商業模式，因為它是在不同應用程序中使用的相對相同的產品。

Hope that's helpful.

希望這會有所幫助。

And then I'll turn it over to K.R. on your second question.

然後我會把它交給 K.R.關於你的第二個問題。

That's great.

那太棒了。

Ben, so this is a question we get all the time, right, batteries versus fuel cells.

本，所以這是我們一直遇到的一個問題，對，電池與燃料電池。

You can go and do a lot of research from everybody, analysts, people who study this academically, the DOE labs as well as industry publications.

你可以從每個人、分析師、學術研究人員、美國能源部實驗室以及行業出版物中做很多研究。

The -- even when you look at it, if you want power for a few hours at a time and it is relatively small amount of power as a backup, batteries are a solution.

- 即使你看著它，如果你一次想要幾個小時的電力，而且作為備用電源的電力相對較少，電池是一種解決方案。

If you wanted more than 7, 8 hours you get into a watch, if you want it for more than a day, it is -- hands down, fuel cells will be better.

如果你想要超過 7、8 小時，你會進入手錶，如果你想要它超過一天，那就是——放下手來，燃料電池會更好。

So if you are sticking with the 20th century model of putting Band-Aids to an electric grid because the grid only fails every once in a while, you're not falling down every day and hurting yourself.

因此，如果你堅持使用 20 世紀的模式，將創可貼貼在電網上，因為電網只是偶爾出現故障，你就不會每天都摔倒受傷。

So just having a few Band-Aids is fine.

所以只需要一些創可貼就可以了。

Batteries are okay.

電池沒問題。

However, if you are dealing with what is going on today in the world, where the grid fails so often and many times for long periods of time and it's not as reliable, it's not as resilient, batteries cannot do it because it's like a bank and you can keep taking money out but there's only so much money that's in the bank.

然而，如果你正在處理當今世界上正在發生的事情，電網在很長一段時間內經常發生多次故障，並且它不那麼可靠，它不那麼有彈性，電池無法做到這一點，因為它就像一個銀行你可以繼續取錢，但銀行里的錢是有限的。

After that, if there's no economic activity and no economic growth, you don't have money.

在那之後，如果沒有經濟活動和經濟增長，你就沒有錢。

And so that's the kind of way to think about fuel cells.

這就是思考燃料電池的方式。

So depending on the application, it is an "and." Data centers will have batteries and they will have it for peak savings.

因此，根據應用程序，它是一個“和”。數據中心將配備電池，它們將配備電池以實現峰值節省。

They will have it for short duration and uninterrupted power.

他們將擁有短時間和不間斷的電力。

But for long duration, non-interrupted power, especially in city centers and other places there, if you don't have power generation happening right there, you don't have a large renewable farm right there, you need on-site generation to be reliable.

但是對於長時間不間斷的電力，尤其是在市中心和那裡的其他地方，如果那裡沒有發電，那裡沒有大型可再生能源農場，就需要現場發電可靠。

And there, the LCOE is not relevant.

在那裡，LCOE 不相關。

What is relevant is behind-the-meter electricity cost, and that's what Bloom plays in and we have a tremendous value proposition for that.

相關的是表後的電費，這就是 Bloom 所扮演的角色，我們對此有巨大的價值主張。

Your next question comes from Colin Rusch with Oppenheimer.

你的下一個問題來自 Colin Rusch 和 Oppenheimer。

I may have missed it, but can you give us a like-for-like ASP trend in Asia and the U.S. on a year-over-year and a quarter-over-quarter basis?

我可能錯過了，但你能給我們一個亞洲和美國的同比和環比的 ASP 趨勢嗎？

I don't think we break it down between geographies, but we can give you the trend, for competitive reasons.

我認為我們不會在不同地區之間進行細分，但出於競爭原因，我們可以為您提供趨勢。

Yes.

是的。

We don't break it down.

我們不會分解它。

Yes.

是的。

Hey, it's Greg.

嘿，我是格雷格。

So we don't break it down by geography for just that reason that K.R. talked about.

所以我們不會因為 K.R.討論過。

In the shareholder letter though, we do have some trending around where our total prices are from an ASP standpoint and you can see that trend.

不過，在致股東的信中，從 ASP 的角度來看，我們的總價確實有一些趨勢，你可以看到這種趨勢。

I would say any particular quarter because that includes the installation cost, there may be slight volatilities around that based on the application.

我會說任何特定的季度，因為這包括安裝成本，根據應用程序可能會有輕微的波動。

So for this quarter, K.R. talked about a 6-megawatt LIPA structure that went in place, and that's obviously going to be at a higher cost.

因此，對於本季度，K.R.談到一個 6 兆瓦的 LIPA 結構已經到位，顯然成本會更高。

So it's going to be near ASP.

所以它會接近 ASP。

But if you're looking for a trend, I'd point you to the shareholder letter that's there.

但如果你正在尋找趨勢，我會告訴你那裡的股東信。

Okay.

好的。

And then as we look at you guys commercializing this electrolyzer technology, how should we think about the cadence of key technical milestones over the next period of time?

然後，當我們看著你們將這種電解槽技術商業化時，我們應該如何考慮未來一段時間內關鍵技術里程碑的節奏？

It sounds like you're going to have to get through some testing and some, well, approval, those sorts of things.

聽起來你將不得不通過一些測試和一些，嗯，批准，諸如此類的事情。

But how should we think about the key benchmarks over the next couple of years on that effort?

但是，我們應該如何考慮未來幾年這項工作的關鍵基準？

That's a very good question, Colin.

這是一個很好的問題，科林。

And look, the company, like I said, has its roots in hydrogen, hydrogen generation using this technology and fuel generation using this technology, oxygen generation using this technology for Mars.

看，就像我說的，這家公司紮根於氫，利用這項技術生產氫氣，利用這項技術生產燃料，利用這項技術為火星生產氧氣。

From 2002 onwards, we have 19 issued patents in this area.

從 2002 年起，我們在該領域擁有 19 項專利。

So there's active research and we have intellectual property in this area already for a long time.

因此，我們在這方面的研究很活躍，而且我們在這方面已經擁有很長一段時間的知識產權。

Now what we are doing as we speak is doing some extensive testing, accelerating that work.

現在我們正在做的是進行一些廣泛的測試，以加速這項工作。

And the first benchmark you should see is to hear about our -- about the introduction of our commercial product next year.

您應該看到的第一個基準是了解我們的——關於明年推出我們的商業產品。

And what we expect to show is a best-in-class performance when it comes to electrolyzers.

我們希望展示的是電解槽方面的一流性能。

That's the benchmark to look for.

這是要尋找的基準。

Once we do that, it's purely -- again, given that we can use our same lines and everything else to operate, it is purely going to be a market pull in terms of how many products we build and who we ship it to because it's the same lines that can produce the fuel cells and electrolyzers so we can mix and match as we need.

一旦我們這樣做了，它純粹是 - 再一次，鑑於我們可以使用相同的生產線和其他一切來運營，就我們生產的產品數量和我們將產品運送給誰而言，這純粹是一種市場拉動，因為它是可以生產燃料電池和電解槽的相同生產線，因此我們可以根據需要混合搭配。

(Operator Instructions) And your next question comes from Pavel Molchanov with Raymond James.

（操作員說明）您的下一個問題來自 Pavel Molchanov 和 Raymond James。

I want to go back almost exactly 1 year ago when you talked about California and New York with 100% zero-carbon power standards and the headwinds that this was creating in terms of customer adoption.

我想回到差不多一年前，當時你談到加州和紐約的 100% 零碳電力標準以及這在客戶採用方面造成的不利因素。

What's happened with that issue in the last 12 months?

在過去的 12 個月裡，這個問題發生了什麼？

To what extent is this as impactful as you thought it would be a year ago?

這在多大程度上與您一年前想像的一樣有影響力？

Very good question, Paul.

很好的問題，保羅。

I think it was not even a few months after we spoke the very tragic events up north happened with the forest fires and the wildfires.

我想甚至在我們談到北方發生的森林大火和野火等非常悲慘的事件後還不到幾個月。

And it was unfortunate that similar to Hurricane Sandy, similar to the hurricane that happened in Puerto Rico, similar to the same thing here in California, people did not have power.

不幸的是，與颶風桑迪類似，與發生在波多黎各的颶風類似，與發生在加利福尼亞州的颶風類似，人們沒有力量。

And there were lives lost not because of the national disaster event but because medical attention, medical needs could not be supplied for lack of power.

並且有人喪生不是因為國家災難事件，而是因為醫療護理，醫療需求因電力不足而無法提供。

That is unconscionable in the most advanced nation in the 21st century.

這對於 21 世紀最先進的國家來說是不合情理的。

So I think for the first time, some people, who did not quite appreciate the need for resiliency as we are dealing with the climate change issues, started to understand that.

所以我第一次認為，一些在我們處理氣候變化問題時不太了解彈性需求的人開始理解這一點。

We've had significantly good conversations of an "and" conversation.

我們在“和”對話中進行了非常好的對話。

It is not an "or." It is not sustainability or resilience.

它不是“或”。這不是可持續性或彈性。

It is sustainability and resilience.

它是可持續性和彈性。

We have been very successful in having that conversation, and we'll continue to have that conversation.

我們在進行該對話方面非常成功，我們將繼續進行該對話。

And we think the state will be -- is very receptive to receiving such a message now, having lived through PSPS, having lived through days of the utility simply shutting the power off, okay?

而且我們認為該州將 - 現在非常容易接受這樣的消息，經歷過 PSPS，經歷過公用事業公司簡單地關閉電源的日子，好嗎？

And during those times, you need systems like what we bring to the table.

在那些時候，您需要像我們提供的那樣的系統。

And a good example of that for you would be then an emergency hospital had to be stood up in a parking lot for COVID patients.

對您來說，一個很好的例子就是，必須在停車場為 COVID 患者設立一家急救醫院。

Diesel gen sets were not the option because they put out SOx, NOx and particulates that people should not be breathing even when they're healthy, let alone when they are gasping for their last breath.

柴油發電機組不是一種選擇，因為它們會釋放出硫氧化物、氮氧化物和顆粒物，人們即使在健康的時候也不應該呼吸這些顆粒物，更不用說在他們喘不過氣來的時候了。

So Bloom erected a clean, reliable solution for that.

因此，Bloom 為此建立了一個乾淨、可靠的解決方案。

We put that, and the state was fully supportive and helped us get that emergency power as quickly as possible.

我們提出了這一點，國家全力支持並幫助我們盡快獲得應急電源。

So there's tremendous realization and understanding.

所以有巨大的認識和理解。

And there is also understanding that of all the technology that's out there, Bloom is the cleanest way to take that natural gas and produce power.

人們還了解到，在現有的所有技術中，Bloom 是獲取天然氣和發電的最清潔方式。

And also, Bloom is developing solutions with biogas and hydrogen and things that can cut the carbon out.

此外，Bloom 正在開發沼氣和氫氣以及可以減少碳排放的解決方案。

So I think we are sitting in a significantly different place in terms of policy and understanding and need than where we were before.

因此，我認為就政策、理解和需求而言，我們現在所處的位置與以前截然不同。

I appreciate you asking that question of what a different place we find ourselves.

我很感激你問這個問題，我們發現自己有多麼不同。

My follow-up is on policy on the other side of the Atlantic.

我的後續行動是關於大西洋彼岸的政策。

You've never historically sold into the European market.

從歷史上看，您從未銷往歐洲市場。

But now we're going to have the European climate law and net zero by 2050.

但現在我們將在 2050 年之前製定歐洲氣候法和淨零排放。

Does that change your perspective on the opportunity in Europe?

這會改變您對歐洲機會的看法嗎？

Yes, we do.

是的，我們有。

Great follow-up question.

很好的後續問題。

We didn't plan this, but it was the same week that we announced our hydrogen with South Korea that you saw the EU put out its hydrogen road map and all the articles that came towards that very aggressive mode.

我們沒有計劃這個，但就在我們宣布與韓國的氫能的同一周，你看到歐盟發布了它的氫能路線圖以及所有朝著這種非常激進的模式發展的文章。

So we are looking at that market with cautious excitement, and we hope that we will find the right partners to work with and enter that market at the appropriate time given the emphasis.

因此，我們正懷著謹慎興奮的心情看待這個市場，我們希望我們能找到合適的合作夥伴，在適當的時候合作並進入這個市場。

That is all the time we have for questions.

這就是我們提問的全部時間。

I'll turn the call back over to K.R. Sridhar for his closing remarks.

我會把電話轉回給 K.R. Sridhar 的閉幕詞。

Thank you so much.

太感謝了。

I really appreciate you all taking the time this afternoon.

非常感謝大家今天下午抽出時間來。

As you know, we are continuing to innovate and execute on our business plan.

如您所知，我們將繼續創新並執行我們的業務計劃。

We are derisking our business, focusing investments in new applications for our Bloom Energy Server technology, and we are getting the support of very strong partners with real commercial business prospects.

我們正在降低我們的業務風險，將投資重點放在我們的 Bloom Energy Server 技術的新應用上，並且我們正在獲得具有真正商業前景的非常強大的合作夥伴的支持。

We are rising to the challenge and advancing our mission of providing clean, affordable, reliable and safe energy to everyone.

我們正在迎接挑戰並推進我們的使命，即為每個人提供清潔、負擔得起、可靠和安全的能源。

Please stay safe and healthy, and we look forward with hope and optimism to a day where the COVID-19 pandemic is behind us.

請保持安全和健康，我們滿懷希望和樂觀地期待著 COVID-19 大流行病已經過去的那一天。

We appreciate your support and interest in our company.

感謝您對我們公司的支持和興趣。

Thank you.

謝謝你。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for joining.

感謝您的加入。

You may now disconnect.

您現在可以斷開連接。