Bloom Energy Corp (BE) 2022 Q1 法說會逐字稿

Good afternoon, and thank you for attending today's Bloom Energy Q1, 2022 Earnings Conference Call. My name is Austin, and I will be your moderator for today. All lines will be muted during the presentation portion of the call with an opportunity for questions-and-answers at the end. (Operator Instructions)

下午好，感謝您參加今天的 Bloom Energy 2022 年第一季度收益電話會議。我的名字是奧斯汀，今天我將擔任你們的主持人。在通話的演示部分期間，所有線路都將被靜音，最後有機會進行問答。 （操作員說明）

I would now like to pass the conference over to our host. You may begin.

我現在想把會議轉給我們的東道主。你可以開始了。

Thank you, and good afternoon, everybody. Thank you for joining us for Bloom Energy's first quarter 2020 earnings call. To supplement this conference call, we furnished our first quarter 2022 earnings press release with the SEC on Form 8-K and have posted it along with supplemental financial information that we will reference throughout this call to our Investor Relations website.

謝謝大家，大家下午好。感謝您參加 Bloom Energy 2020 年第一季度財報電話會議。為了補充本次電話會議，我們在 8-K 表格中向 SEC 提供了我們的 2022 年第一季度收益新聞稿，並將其與補充財務信息一起發布，我們將在本次電話會議中參考我們的投資者關係網站。

During this conference call, both in our prepared remarks and in answers to your questions, we may make forward-looking statements that represent our expectations regarding future events and our future financial performance. These include statements about the Company's business results, products, new markets, strategy, financial position, liquidity and full year outlook for 2022.

在本次電話會議期間，無論是在我們準備好的講話中還是在回答您的問題時，我們都可能會做出前瞻性陳述，以代表我們對未來事件和未來財務業績的預期。其中包括關於公司業務成果、產品、新市場、戰略、財務狀況、流動性和 2022 年全年展望的聲明。

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

這些陳述是基於我們的預期、估計和假設的預測。然而，由於這些陳述涉及未來事件，它們受到許多已知和未知的風險和不確定性的影響，正如我們提交給 SEC 的文件中詳細討論的那樣，包括我們最近提交的 10-Q 和 10-K 表格。我們不承擔修改在今天電話會議上做出的任何前瞻性陳述的義務。

During this call and in our first quarter 2022 earnings press release, we refer to GAAP and non-GAAP financial measures. The non-GAAP financial measures are not prepared in accordance with U.S. generally accepted accounting principles and are in addition to and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP. A reconciliation between the GAAP and non-GAAP financial measures is included in our first quarter '22 earnings press release available on our Investor Relations website.

在本次電話會議和我們的 2022 年第一季度收益新聞稿中，我們提到了 GAAP 和非 GAAP 財務指標。非 GAAP 財務指標未根據美國公認會計原則編制，是對根據 GAAP 編制的財務業績指標的補充，而不是替代或優於這些指標。 GAAP 和非 GAAP 財務指標之間的對賬包含在我們的投資者關係網站上提供的 22 年第一季度收益新聞稿中。

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

今天和我一起參加電話會議的是創始人、董事長兼首席執行官 KR Sridhar；和我們的首席財務官 Greg Cameron。 KR 將從概述我們的業務開始，然後 Greg 將回顧本季度的運營和財務亮點。在我們準備好發言之後，我們將有時間回答您的問題。

I will now turn the call over to KR.

我現在將把電話轉給 KR。

Hello, everyone. Thank you for joining us today and for your continued interest in Bloom Energy. We are very pleased with the resiliency of our operations in the face of an increasingly challenging global supply chain. We are delivering on customer commitments, expanding our capacity and developing future products. Greg will share our financial update in a moment. We are confident in both the financial guidance we provided for this year and in the outlook for growth we shared for the next 10 years. During our investor conference on May 25th, we will share more details on our outlook and provide demonstrations of our products.

大家好。感謝您今天加入我們，感謝您對 Bloom Energy 的持續關注。面對日益嚴峻的全球供應鏈，我們對運營的彈性感到非常滿意。我們正在兌現客戶承諾，擴大我們的產能並開發未來的產品。格雷格稍後將分享我們的財務更新。我們對今年提供的財務指導和未來 10 年的增長前景充滿信心。在 5 月 25 日的投資者會議上，我們將分享更多關於我們前景的細節，並提供我們產品的演示。

Let me focus on some global trends and how they are shifting the needs and expectations of large consumers of energy. I will address how legacy solutions are not able to meet those needs and then provide real-world examples of how Bloom Energy's unique platform is able to step in and fill the void in the marketplace by providing custom crafted value-based solutions.

讓我關註一些全球趨勢，以及它們如何改變大型能源消費者的需求和期望。我將討論傳統解決方案如何無法滿足這些需求，然後提供真實世界的示例，說明 Bloom Energy 的獨特平台如何通過提供定制的基於價值的解決方案來填補市場空白。

Commercial and industrial customers are seeing sharp spikes in demand for their products. Global instability, steep increases in logistics costs and the push to have more domestic content is driving businesses to expand rapidly in the U.S. and to rely less on long supply chains. Energy-intensive businesses are not able to rely on utilities to meet their growing power needs, delaying them from expanding their operations and growing their revenue. Bloom Energy offers such customers a rapid time to power option.

商業和工業客戶的產品需求急劇增加。全球不穩定、物流成本的急劇增加以及對更多國內內容的推動正在推動企業在美國迅速擴張，並減少對長供應鏈的依賴。能源密集型企業無法依靠公用事業來滿足其不斷增長的電力需求，從而推遲了他們擴大業務和增加收入的時間。 Bloom Energy 為此類客戶提供了快速通電選項。

Here is one recent example. We completed a 12.75 megawatt microgrids contract with II-VI, a leading engineered materials company to provide mission-critical power to 2 of their facilities in Pennsylvania, allowing them to deliver on their production commitments, play their part in reducing microchip shortages and grow their business. Investors and regulators are increasingly demanding that companies disclose the business risks and financial impact that climate change poses in the short, medium and long term and subject to those disclosures to third-party audits. Climate change and energy security risks are increasingly C-suite and board-level issues.

這是最近的一個例子。我們與領先的工程材料公司 II-VI 完成了一項 12.75 兆瓦的微電網合同，為他們在賓夕法尼亞州的 2 個設施提供關鍵任務電力，使他們能夠履行生產承諾，在減少微芯片短缺方面發揮作用並發展他們的商業。投資者和監管機構越來越多地要求公司披露氣候變化在短期、中期和長期造成的商業風險和財務影響，並將這些披露信息提交給第三方審計。氣候變化和能源安全風險越來越成為最高管理層和董事會層面的問題。

In a digitally transformed world, energy is the lifeline for businesses to operate. Hence, corporate risk assessment now involves energy security, resiliency and decarbonization in addition to cybersecurity. More than ever, businesses are recognizing a need to take active control of their energy future. Bloom empowers its customers to choose the degree of power reliability, cost predictability and decarbonization that suits their needs. It offers them solutions that are implementable today and gives them the flexibility to upgrade in the future. In all cases, it's about giving the customer the ability to take control of their present and future energy security and carbon footprint needs, thereby protecting their businesses.

在數字化轉型的世界中，能源是企業運營的生命線。因此，除了網絡安全之外，企業風險評估現在還涉及能源安全、彈性和脫碳。企業比以往任何時候都更加認識到需要積極控制其能源未來。 Bloom 使客戶能夠選擇適合其需求的電力可靠性、成本可預測性和脫碳程度。它為他們提供了今天可實施的解決方案，並為他們提供了未來升級的靈活性。在所有情況下，這都是為了讓客戶能夠控制他們當前和未來的能源安全和碳足跡需求，從而保護他們的業務。

A major contributor to decarbonization in the short and midterm will be the switch from coal to natural gas. This will create demand growth for natural gas. However, we, at Bloom Energy fully recognize that this increase in demand must be matched by efforts to abate methane leaks. To that end, we recently announced a certificate trade agreement or CTA, for certified, responsibly sourced natural gas in partnership with EQT, the largest producer of natural gas in America.

短期和中期脫碳的主要貢獻者將是從煤炭轉向天然氣。這將創造對天然氣的需求增長。然而，我們 Bloom Energy 充分認識到，需求的增長必須與減少甲烷洩漏的努力相匹配。為此，我們最近宣布了與美國最大的天然氣生產商 EQT 合作的認證貿易協議或 CTA，用於認證、負責任採購的天然氣。

The use of certified natural gas is gaining interest among major corporations, such as T-Mobile, who value the benefits of clean, reliable and resilient energy and the cost savings that come from reducing their electricity costs. Bloom Energy servers will power approximately 20 T-mobile data centers across multiple states with responsibly sourced natural gas.

使用經過認證的天然氣正在引起 T-Mobile 等大公司的興趣，他們重視清潔、可靠和有彈性的能源的好處以及降低電力成本所帶來的成本節約。 Bloom Energy 服務器將使用可靠來源的天然氣為多個州的大約 20 個 T-mobile 數據中心供電。

Now we have taken an industry-leading step to pledge that our entire U.S. energy server fleet will be 100% powered by responsibly sourced gas. We encourage the rest of the industry to follow our lead, as this will be a major step to decarbonization of the energy sector. Reducing methane emissions from oil and gas production by 75%, a technically proven and economically viable option today will have the same impact as replacing 60% of the world's coal power plants with renewable electricity.

現在，我們邁出了行業領先的一步，承諾我們的整個美國能源服務器機隊將 100% 由可靠來源的天然氣供電。我們鼓勵其他行業跟隨我們的腳步，因為這將是能源行業脫碳的重要一步。將石油和天然氣生產中的甲烷排放量減少 75%，這是一項技術上經過驗證且經濟可行的選擇，其影響與用可再生電力取代全球 60% 的燃煤電廠具有相同的影響。

Another decarbonization solution that Bloom offers is waste to energy. As organizations and communities seek to decarbonize, there is growing interest in localized on-site waste-to-energy solutions. Just today, we announced a unique 1.5-megawatt project in collaboration with the Public Works Commission of Fayetteville, North Carolina to generate renewable electricity from a mix of landfill, wastewater and swine gases as input fuel. This innovative collaboration demonstrates how municipalities can repurpose their waste, abate methane emissions and provide clean and resilient electricity to their communities. We applaud Fayetteville for leading the way with the innovative waste-to-energy project and are confident that other communities will follow Fayetteville's lead.

Bloom 提供的另一種脫碳解決方案是變廢為寶。隨著組織和社區尋求脫碳，人們對本地化現場垃圾發電解決方案越來越感興趣。就在今天，我們與北卡羅來納州費耶特維爾的公共工程委員會合作宣布了一個獨特的 1.5 兆瓦項目，該項目將垃圾填埋場、廢水和豬氣作為輸入燃料產生可再生電力。這種創新的合作展示了市政當局如何重新利用他們的廢物、減少甲烷排放並為其社區提供清潔和有彈性的電力。我們讚賞費耶特維爾在創新的垃圾發電項目方面處於領先地位，並相信其他社區將效仿費耶特維爾的做法。

The quest for a decarbonized future hinges on the ability to produce green hydrogen economically. Bloom has the world's most energy-efficient hydrogen electrolyzer technology. This January, we successfully completed our first international deployment of the Bloom electrolyzer in Gumi, South Korea. Since then, it has been producing on-site hydrogen. It is operating with high efficiency and demonstrating its ability to handle intermittent electricity input effectively. The purpose of operating the electrolyzer intermittently is to simulate intermittent renewable power inputs such as solar and wind. It is unlocking a pathway for economically viable green hydrogen.

對脫碳未來的追求取決於經濟地生產綠色氫的能力。 Bloom 擁有世界上最節能的氫電解槽技術。今年 1 月，我們在韓國龜尾成功完成了 Bloom 電解槽的首次國際部署。從那時起，它一直在現場生產氫氣。它以高效率運行，並展示了其有效處理間歇性電力輸入的能力。間歇操作電解槽的目的是模擬間歇性可再生能源輸入，例如太陽能和風能。它為經濟上可行的綠色氫開闢了一條途徑。

We are collaborating with SoCalGas to generate and then blend hydrogen into the existing natural gas network. This demonstration on the Caltech campus will show how we start greening the gas in today's natural gas infrastructure. This is a pathway and stepping stone for a net 0 energy pipeline of tomorrow. We are supportive of SoCal Gases' plan for the Angeles Link, a green hydrogen transport system that delivers hydrogen produced from 100% clean energy and electrolyzers to the Los Angeles Basin. We are excited to collaborate with them and look forward to accelerating the hydrogen economy.

我們正在與 SoCalGas 合作生產氫氣，然後將其混合到現有的天然氣網絡中。加州理工學院校園的這次演示將展示我們如何開始在當今的天然氣基礎設施中綠色化天然氣。這是未來淨 0 能源管道的途徑和墊腳石。我們支持 SoCal Gases 的 Angeles Link 計劃，這是一個綠色氫氣運輸系統，可將 100% 清潔能源和電解槽產生的氫氣輸送到洛杉磯盆地。我們很高興與他們合作，並期待加速氫經濟。

These examples illustrate how Bloom Energy's value proposition is getting more compelling by the day. Customers are increasingly procuring Bloom Energy servers to not only save money, but also to secure clean power and decarbonize. After all, Bloom Energy solutions enable customers to take control of their energy destiny. I'm very excited about our future. We are seeing our vision and mission become a reality. I'll close now by saying that I look forward to seeing you all at our investor conference on May 25th, hopefully in person, if not virtually.

這些例子說明了 Bloom Energy 的價值主張如何日益引人注目。客戶越來越多地採購 Bloom Energy 服務器，不僅可以節省資金，還可以確保清潔能源和脫碳。畢竟，Bloom Energy 解決方案使客戶能夠掌控自己的能源命運。我對我們的未來感到非常興奮。我們正在看到我們的願景和使命成為現實。最後，我要說的是，我期待在 5 月 25 日的投資者會議上與大家見面，如果不是虛擬的，也希望是面對面的。

With that, let me turn it over to Greg.

有了這個，讓我把它交給格雷格。

Thanks, KR. It's clear, Bloom is meeting the challenges of today as we build a long-term, high-growth company. Like previous quarters, we have included our financial performance in our earnings release and have posted additional information to our supplemental financial package to our corporate webpage. This quarter, based on your feedback, we've adopted a simplified format for the presentation of our non-GAAP reconciliations.

謝謝，KR。很明顯，Bloom 正在應對當今的挑戰，因為我們正在建立一家長期、高增長的公司。與前幾個季度一樣，我們已將我們的財務業績納入我們的收益發布，並在我們的公司網頁的補充財務包中發布了更多信息。本季度，根據您的反饋，我們採用了一種簡化的格式來展示我們的非 GAAP 對賬。

Let me point your attention to a few key highlights. We had a record first quarter revenue of $201 million, in line with our expectations and nearly $500 million in cash, we maintain ample levels of liquidity to fund our near-term investments. We are on track for adding an additional 1 gigawatt of manufacturing capacity. We continue to navigate a challenging global supply chain. We are reaffirming our 2022 guidance.

讓我指出一些關鍵亮點。我們第一季度的收入達到創紀錄的 2.01 億美元，符合我們的預期，現金接近 5 億美元，我們保持充足的流動性水平為我們的短期投資提供資金。我們有望再增加 1 吉瓦的製造能力。我們將繼續應對充滿挑戰的全球供應鏈。我們正在重申我們的 2022 年指導方針。

With those as highlights, let me provide some additional context on 1Q performance. Our commercial pipeline remains strong. Our power generation value proposition of sustainability, resiliency and predictability continues to resonate with customers, whether it's providing a road map for decarbonization or delivering resilient power without backup diesel generators, our 24/7 always on energy server is receiving the attention of commercial and industrial customers.

以這些為亮點，讓我提供一些關於 1Q 表現的額外背景。我們的商業渠道仍然強勁。我們關於可持續性、彈性和可預測性的發電價值主張繼續引起客戶的共鳴，無論是提供脫碳路線圖還是在沒有備用柴油發電機的情況下提供彈性電力，我們的 24/7 全天候能源服務器正受到商業和工業的關注顧客。

As KR described, we are seeing an increased interest in our ability to quickly bring additional power to a customer site. The time to power value proposition is especially meaningful for manufacturers and data centers when a local utility is unable to provide additional power to support their growth. Dispositioning is attractive, as it moves the commercial discussion from cost to value. It's no longer simply a customer asking how much can I say, but more importantly, how quickly can you be operational. We expect these opportunities to continue to grow, especially with the resurgence of U.S. manufacturing, increasing electrification and an acceleration of the digital economy.

正如 KR 所描述的，我們看到對我們能夠快速為客戶站點帶來額外電力的能力越來越感興趣。噹噹地公用事業公司無法提供額外的電力來支持其增長時，為製造商和數據中心提供動力的時間尤其有意義。處置很有吸引力，因為它將商業討論從成本轉向價值。不再是簡單的客戶問我能說多少，更重要的是，你能多快投入運營。我們預計這些機會將繼續增長，尤其是隨著美國製造業的複蘇、電氣化程度的提高和數字經濟的加速。

Our record first quarter acceptances in revenue were driven by strong deliveries to our partners in South Korea. As we discussed in February, our first half of 2022 deliveries are limited, as we replenish inventories from our record fourth quarter 2021 shipments and increase our stack manufacturing capacity. As we were constrained in the units that we could provide in 1Q, we prioritize South Korea deliveries to ensure we meet our full year commitments to SK Eco Plant. As we proceed through the year, we expect to increase our bills and acceptances each quarter with our second half volumes more in line with our historical U.S. to international mix.

我們第一季度創紀錄的收入接受來自於向我們在韓國的合作夥伴的強勁交付。正如我們在 2 月所討論的，我們 2022 年上半年的交付量有限，因為我們從 2021 年第四季度創紀錄的出貨量中補充庫存並提高我們的堆棧製造能力。由於我們在第一季度可以提供的設備受到限制，我們優先考慮在韓國交付，以確保我們履行對 SK Eco Plant 的全年承諾。隨著我們全年的進行，我們預計每個季度都會增加我們的票據和承兌匯票，下半年的交易量將更符合我們歷史上的美國到國際組合。

We continue to invest in our manufacturing capacity, research and development and our commercial resources. We ended the quarter with $494 million in total cash. This year, we plan to invest $150 million to increase our fuel cell stack manufacturing capacity from 280 megawatts to 580 megawatts by year-end 2022 and over 1 gigawatt by the end of '23. These are attractive investments because as they reach full utilization, the payback on our investment is less than 1 year.

我們繼續投資於我們的製造能力、研發和商業資源。我們在本季度末的總現金為 4.94 億美元。今年，我們計劃投資 1.5 億美元，到 2022 年底將我們的燃料電池堆製造能力從 280 兆瓦提高到 580 兆瓦，到 23 年底提高到 1 吉瓦以上。這些是有吸引力的投資，因為當它們充分利用時，我們的投資回收期不到 1 年。

Our first quarter non-GAAP gross margins of roughly 16% are below our 2021 exit point. While our average unit selling price was roughly in line with the prior year average, our unit product costs were elevated. Material costs, which accounts for roughly 75% of our product costs were roughly flat versus prior year, while our non-material costs increased. Non-material costs such as labor, facilities, logistics increased as we've begun to absorb the expense of our capacity investments. We also had 30% fewer [builds] in the first quarter versus the fourth quarter of 2021, as we needed to replenish materials from Q4 builds.

我們第一季度的非公認會計原則毛利率約為 16%，低於我們 2021 年的退出點。雖然我們的平均單位銷售價格與去年的平均水平大致一致，但我們的單位產品成本卻有所提高。占我們產品成本約 75% 的材料成本與去年基本持平，而我們的非材料成本有所增加。隨著我們開始吸收產能投資的費用，勞動力、設施、物流等非材料成本增加。與 2021 年第四季度相比，我們在第一季度的 [構建] 也減少了 30%，因為我們需要從第四季度的構建中補充材料。

The combination of increased cost on fewer builds has temporarily elevated our unit product cost. As our volumes increase throughout the year, our non-material cost per kilowatt will decrease. Like all power generation equipment, our suppliers utilize commodities such as copper, aluminum, steel and nickel. Historically, we've been able to achieve supplier price reductions through design optimization, simplification and leveraging volumes, but recent inflationary pressures have made this difficult. However, our supply chain team has been proactive, and so far, has been able to offset inflationary pressures, keeping our material costs relatively flat over the past 4 quarters. This is not only a testament to our team's performance, but to the design of our product and the ample headroom we have in our cost-down learning curves.

更少的構建成本增加的組合暫時提高了我們的單位產品成本。隨著我們全年產量的增加，我們每千瓦的非材料成本將下降。與所有發電設備一樣，我們的供應商使用銅、鋁、鋼和鎳等商品。從歷史上看，我們已經能夠通過設計優化、簡化和利用數量來降低供應商的價格，但最近的通貨膨脹壓力使這變得困難。然而，我們的供應鏈團隊一直積極主動，到目前為止，已經能夠抵消通脹壓力，使我們的材料成本在過去 4 個季度保持相對平穩。這不僅證明了我們團隊的表現，而且證明了我們產品的設計以及我們在降低成本的學習曲線中擁有的充足空間。

Given the current environment, we now expect to reduce product cost by low single digits versus our 10% target. We plan to offset the resulting margin pressure by prioritizing higher-margin acceptances in maintaining our targeted non-GAAP gross margin for the year.

鑑於當前的環境，我們現在預計將產品成本降低一個位數，而我們的目標是 10%。我們計劃通過優先考慮更高利潤率的承兌匯票來維持我們今年的目標非公認會計準則毛利率，以抵消由此產生的利潤率壓力。

We are reaffirming our 2022 guidance for revenue, margins and cash. With our strong backlog, we remain confident that we will deliver 240 to 250 megawatts of acceptances this year. Based upon these acceptances, we should achieve the $1.1 billion to $1.15 billion of revenue with roughly 24% non-GAAP gross margin. We should deliver non-GAAP operating margin and positive cash flow from operations, a first for Bloom. These are strong results that coupled with the manufacturing and capacity expansion will put us on a firm trajectory to grow revenues and margins in 2023 and beyond.

我們重申 2022 年的收入、利潤率和現金指引。憑藉我們強大的積壓，我們仍然有信心今年將交付 240 至 250 兆瓦的驗收。基於這些接受，我們應該實現 11 億至 11.5 億美元的收入，非 GAAP 毛利率約為 24%。我們應該提供非公認會計原則的營業利潤率和運營中的正現金流，這對 Bloom 來說是首創。這些強勁的結果加上製造和產能擴張將使我們走上穩固的軌道，在 2023 年及以後增加收入和利潤率。

As we look towards the second quarter, we expect a increase in our [bills] and acceptances versus the first quarter. I would expect revenues roughly flat to the second quarter of 2021 with margins improving versus the first quarter of 2022. As in previous years, our second half revenue is planned to be greater than our first half.

當我們展望第二季度時，我們預計與第一季度相比，我們的 [賬單] 和承兌匯票會有所增加。我預計收入與 2021 年第二季度大致持平，利潤率與 2022 年第一季度相比有所提高。與往年一樣，我們下半年的收入計劃將高於上半年。

We're excited about our investor conference on May 25th, which will be held at our Fremont, California manufacturing facility under our theme mission to decarbonize, we will provide a strategic update on how our technologies facilitate customers achieving their net zero emission goals. We'll also give a more detailed update on the long-term outlook summary we provided at the beginning of the year. As we're planning this to be in an in-person event, we're excited to share demonstrations of our technology and provide tours of our newest facilities. There will be a great opportunity to see our progress firsthand and meet the people, who are building the future of energy. We've included the participation information as part of today's earnings release.

我們對 5 月 25 日的投資者會議感到興奮，該會議將在我們加利福尼亞州弗里蒙特的製造工廠舉行，主題是脫碳，我們將提供有關我們的技術如何幫助客戶實現其淨零排放目標的戰略更新。我們還將對年初提供的長期展望摘要進行更詳細的更新。由於我們計劃在現場活動中進行此活動，因此我們很高興分享我們的技術演示並提供我們最新設施的參觀。將有很好的機會親眼目睹我們的進步，並與正在建設能源未來的人們會面。我們已將參與信息作為今天收益發布的一部分。

In summary, we are off to a strong start to the year. Like other global industrial companies, we are navigating challenges in our supply chain, but we have significant tailwinds with the push for abundant, clean, resilient energy. We have a very strong backlog to deliver on our 2022 targets. We believe the Company is at an inflection point to build upon our mature technology platform, solid record of accomplishment and robust growth road map. We're extremely excited about our future.

總而言之，我們今年開局強勁。與其他全球工業公司一樣，我們正在應對供應鏈中的挑戰，但在推動豐富、清潔、有彈性的能源方面，我們有很大的順風順水。我們有非常強大的積壓工作來實現我們的 2022 年目標。我們認為，公司正處於一個轉折點，可以依託我們成熟的技術平台、堅實的成就記錄和穩健的增長路線圖。我們對我們的未來感到非常興奮。

With that, operator, please open up the line for questions.

有了這個，接線員，請打開線路提問。

Thank you. (Operator Instructions) Our first question is from Michael Blum of Wells Fargo.

謝謝你。 （操作員說明）我們的第一個問題來自 Wells Fargo 的 Michael Blum。

I wanted to ask a little bit about this partnership with EQT on responsibly sourced gas. The question is, do you think until now, not having that offering has somehow hindered your penetration of selling energy service to certain customers? And do you think now with this partnership, that will open up new fronts?

我想問一些關於與 EQT 在負責任採購天然氣方面的合作關係。問題是，您是否認為到目前為止，沒有提供該產品會以某種方式阻礙您向某些客戶銷售能源服務的滲透？你認為現在有了這種夥伴關係，會開闢新的戰線嗎？

That's a great question, Michael. And so here is the way to think about it. Our customers want to do good to start with. For them if they need reliable, always on operations today, 24/7 in large quantities. The only option for them to take control of their own power is to put Bloom boxes and use natural gas. If we can provide that natural gas without methane emissions and they're able to not only secure their power, not only save money, but along the way, save the planet, why would they not do it? That's why we're doing it. We want to take the lead, and we want to ask everybody on the planet, why wouldn't you be doing this because it's technically viable, it's economically viable. It's here today. It's not some future solution that may happen later. The planet is Imperial, let's go do it. So we are taking the lead on this. And we feel very proud about it, and we encourage, we urge, we nudge everybody else to follow our lead.

這是一個很好的問題，邁克爾。所以這裡是思考它的方式。我們的客戶一開始就想做好事。對於他們來說，如果他們需要可靠的，今天總是在運行，24/7 大批量。他們控制自己的權力的唯一選擇是放置布盧姆箱並使用天然氣。如果我們能夠在不排放甲烷的情況下提供天然氣，並且他們不僅能夠確保他們的電力，不僅能夠節省資金，而且還能一路拯救地球，他們為什麼不這樣做呢？這就是我們這樣做的原因。我們想帶頭，我們想問地球上的每個人，你為什麼不這樣做，因為它在技術上是可行的，在經濟上是可行的。今天就在這裡。這不是以後可能發生的未來解決方案。這個星球是帝國的，讓我們去做吧。所以我們在這方面處於領先地位。我們對此感到非常自豪，我們鼓勵，我們敦促，我們推動其他所有人跟隨我們的領導。

Second question I just want to ask was on service margins, which obviously are dragging the overall gross margin down a bit. Can you just discuss what's going on there? And kind of what's the outlook to improve that?

我只想問的第二個問題是服務利潤率，這顯然會拖累整體毛利率。你能談談那裡發生了什麼嗎？改善這一點的前景如何？

Yes. Thanks, Michael. It's Greg. So kind of 2 things in there. First is the product cost, first cost of the power modules, it's the same cost as the new. So you're seeing some of that come through within the quarter. That will get better as volumes increase in the second half of the year. You've also got some timing on when we do our power modules. We've prioritized doing them early in the year. So we get the benefit, as we get the benefit of them over the quarter. So there's a little bit of timing in there. We still expect our service margins to be profitable for the year, and we're targeting a strong second half. So we are still within our framework to be profitable there within the year.

是的。謝謝，邁克爾。是格雷格。裡面有兩樣東西。首先是產品成本，首先是功率模塊的成本，和新的成本一樣。因此，您會在本季度看到其中一些實現。隨著下半年銷量的增加，這種情況會變得更好。當我們做我們的電源模塊時，你也有一些時間。我們已優先在年初進行。所以我們得到了好處，因為我們在本季度得到了他們的好處。所以那裡有一點時間。我們仍然預計我們的服務利潤率將在今年實現盈利，並且我們的目標是下半年強勁。所以我們仍然在我們的框架內，以便在年內實現盈利。

Our next question is from Julien Dumoulin-Smith from Bank of America. Julien?

我們的下一個問題來自美國銀行的 Julien Dumoulin-Smith。朱利安？

Good afternoon, team. Thanks for the time. I hope you guys are all doing well. I look forward to seeing you guys. Absolutely. Thank you. So maybe this is a Greg question here. But can we talk a little bit about the gross margin trajectory and just what the uplift is? Because I know you alluded to margins being kind of slightly better in 2Q here. Can you walk through, I know you already alluded to this in part in the remarks, but maybe you can elaborate in a little bit more detail. What exactly is driving the big uptick? Because obviously, you've got this average number for '22 and you've got a weaker for 1Q and then something of an uplift in 2Q, but clearly implies a very strong back half. And Greg, maybe to take it a step further, what does that say for the -- for '23 as well, just if you have that kind of an exit run rate?

下午好，團隊。謝謝你的時間。我希望你們都做得很好。我期待著見到你們。絕對地。謝謝你。所以也許這是一個格雷格問題。但我們能否談談毛利率軌跡以及上升幅度是什麼？因為我知道您在這裡提到第二季度的利潤率稍微好一些。你能走過去嗎，我知道你已經在評論中部分提到了這一點，但也許你可以更詳細地闡述一下。究竟是什麼推動了大幅上漲？因為很明顯，你得到了 22 年的這個平均數字，而你在 1 季度得到了一個較弱的數據，然後在 2 季度得到了一些提升，但顯然意味著一個非常強大的後半部。還有格雷格，也許更進一步，這對 23 年的情況有什麼影響，只要你有這種退出運行率？

Yes. So Julien, it's a great question. So a couple of things to think about. Generally, we run 40-60, meaning our acceptances in the first half of the year, about 40% of what we do in the second half of the year. We are bringing on manufacturing capacity in the second half of the year. So if you just run rate it out, we're probably going to be 30% in the first half versus the 70%. So I have a lot more operating leverage in the second half of the year than I do in the first half.

是的。朱利安，這是一個很好的問題。所以有幾件事需要考慮。一般來說，我們跑40-60，這意味著我們上半年的接受，大約是我們下半年的40%。我們將在下半年增加製造能力。因此，如果您只是對它進行評分，我們可能會在上半年達到 30%，而不是 70%。所以我下半年的經營槓桿比上半年要大得多。

The other thing I'll tell you is we are investing significantly and quickly to get our operating capacity online in our plant in Fremont. We see the demand coming that we have to meet not only this year, but into the future. We are investing, and you're starting to see some of those investment dollars, whether they be cost in the near term coming through on our product costs, and that's driving things up in the near term. That will get better and abate, as we go in the second half of the year.

我要告訴你的另一件事是，我們正在快速投入大量資金，以使我們在弗里蒙特工廠的運營能力上線。我們看到需求的到來，我們不僅要在今年滿足，而且要在未來滿足。我們正在投資，你開始看到其中的一些投資資金，無論它們是短期內的成本，還是我們的產品成本，這在短期內推動了事情的發展。隨著我們進入下半年，這種情況會變得更好和減弱。

So it's both a numerator and a denominator issue in the first half -- in the first half that gets better in the second half of the year. I think as we get through this and get to our exit point at the end of the year, we're still targeting 24% for the year. So that gives you a sense of where we believe exits will be towards the end of the year, and we think we'll go into '24 -- '23, '24 and beyond with that momentum.

因此，上半年既是分子問題又是分母問題 - 上半年會在下半年變得更好。我認為，當我們度過難關並在年底達到退出點時，我們仍將今年的目標定為 24%。因此，這讓您了解我們認為退出將在年底前的位置，我們認為我們將帶著這種勢頭進入'24 - '23、'24 及以後。

Got it. Excellent. Just continue to find how much more kind of cost there is weighted in the first half if you think about it, just to get that ramp going, et cetera, that you alluded to more in the numerator kind of side of things?

知道了。優秀的。如果你想一想，繼續發現上半年還有多少成本加權，只是為了讓那個坡道繼續下去，等等，你在分子方面提到了更多？

I mean you can see it, right? If you take in and look at our margins this quarter versus where they expect to be, it's in the kind of low single digits, mid single digits on a dollar range. So we only had $200 million of total revenue. So you can see 3 or 4 points there, what it would equate to in dollars. It's not a lot given the first quarter revenue number.

我的意思是你可以看到它，對吧？如果您考慮並查看我們本季度的利潤率與他們預期的水平，它在美元範圍內處於低個位數，中個位數。所以我們的總收入只有 2 億美元。所以你可以在那裡看到 3 或 4 個點，它相當於美元。考慮到第一季度的收入數字，這並不是很多。

Okay. I just didn't want to assume all of it there.

好的。我只是不想在那裡假設所有這些。

Our next question is from Leo Mariani from KeyBanc. Leo?

我們的下一個問題來自 KeyBanc 的 Leo Mariani。獅子座？

I just wanted to get a little better sense on electrolyzer sales. Obviously, you have that successful demonstration that you had in South Korea. I wanted to get a sense of whether or not you think there's going to be some sales here in '22? And maybe if you can just talk about broad market acceptance of your product there given that's the most efficient one in the market.

我只是想對電解槽的銷售有更好的了解。顯然，你有你在韓國的成功示範。我想知道你是否認為 22 年這裡會有一些銷售？也許如果你可以談論你的產品的廣泛市場接受度，因為那是市場上最有效的產品。

That's a great question, Leo. So look, for us, when we look at hydrogen, the only way we think about hydrogen is scale. Without scale, hydrogen doesn't [hurt], okay? So look at what we are focused on in the projects we have. We are partnered with SoCalGas to produce hydrogen and inject that into the pipeline. We see that, and they have announced the Angeles Link, right? It is 4,700 standard cubic feet per day of hydrogen is what they're looking for. That's larger than any project announced. We are -- we like partner there. Why? Do we want to prove it out now with them. We want to grow with them. We believe in this huge market.

這是一個很好的問題，利奧。所以看，對我們來說，當我們看到氫時，我們想到氫的唯一方式就是規模。沒有水垢，氫氣就不會[傷害]，好嗎？所以看看我們在我們擁有的項目中關注的是什麼。我們與 SoCalGas 合作生產氫氣並將其註入管道。我們看到了，他們已經宣布了洛杉磯鏈接，對吧？他們正在尋找每天 4,700 標準立方英尺的氫氣。這比任何宣布的項目都要大。我們是——我們喜歡那裡的合作夥伴。為什麼？我們現在想和他們一起證明這一點嗎？我們想和他們一起成長。我們相信這個巨大的市場。

Look at what we are doing on the nuclear side, working with Idaho National Laboratory and demonstrating the ability to do what we need to do because, again, if you just look at the renewable penetration, the nuclear industry today has gigawatts and gigawatts of curtailed power, and they have the heat being able to combine those 2 and get hydrogen in. It's going to happen faster than any renewable excess capacity being available for hydrogen after taking care of the needs of everything you need to do when we look at scale, right?

看看我們在核方面正在做什麼，與愛達荷國家實驗室合作，並展示了我們需要做的事情的能力，因為，如果你再看一下可再生能源的滲透率，今天的核工業已經削減了千兆瓦和千兆瓦電力，並且它們的熱量能夠將這兩者結合起來並獲得氫氣。當我們考慮規模時，在滿足您需要做的所有事情之後，這將比任何可再生的氫氣過剩產能更快地發生，對？

So we are focused on the areas and the partnerships, where we can make impact on scale. That's all we are focused on. As you know and as you should know, we have the most efficient electrolyzer on the planet. You put that together with the scale that we are going after, as is our tradition, we'll announce about sales orders when we close them.

因此，我們專注於可以產生規模影響的領域和合作夥伴關係。這就是我們所關注的。如您所知並且您應該知道，我們擁有地球上最高效的電解槽。你把它和我們追求的規模結合在一起，按照我們的傳統，我們會在完成銷售訂單時公佈它們。

Okay. And I guess, could you maybe just talk about any progress in the European markets. Obviously, as a result of the Ukraine tragedy, Europe is certainly taking some aggressive moves on the energy side, including some specific hydrogen mandates that they got over there. Can you maybe just talk about how the sales pipeline in Europe has evolved? And do you see situation in Ukraine lean to, say, maybe a lot more significant orders in, say, '23 and '24?

好的。我想，您能否談談歐洲市場的任何進展。顯然，由於烏克蘭悲劇，歐洲肯定在能源方面採取了一些激進的舉措，包括他們在那裡得到的一些特定的氫能指令。您能否談談歐洲的銷售渠道是如何演變的？您是否認為烏克蘭的情況傾向於在 23 年和 24 年等更重要的訂單？

Yes. Great question again. Look, there are 2 different things happening, right? Number one, the insecurity that this entire invasion has cost in the minds of corporates of having energy security and wanting to take control of their energy destiny in their own hands.. We play right into that. If there's a cyber attack on the grid, again, a distributed system is going to help. It plays very well as a tailwind for us.

是的。又是一個好問題。看，有兩種不同的事情發生，對吧？第一，整個入侵給企業帶來了不安全感，讓企業失去了能源安全，並希望將能源命運掌握在自己手中。我們在其中發揮了作用。如果電網受到網絡攻擊，分佈式系統將再次提供幫助。它對我們來說非常好。

You look at European Union saying natural gas-based investments can be clean investments, that plays right into our sweet spot. If we would definitely expect in that time frame that you're talking about for us to be very engaged. And I can tell you that our European team right now feels like they have very strong momentum with customer inquiries and the funnel.

你看看歐盟說基於天然氣的投資可以是清潔投資，這正是我們的最佳選擇。如果我們肯定希望在您所說的那個時間範圍內，我們會非常投入。我可以告訴你，我們的歐洲團隊現在感覺他們在客戶諮詢和渠道方面的勢頭非常強勁。

The next question is from Colin Rusch from Oppenheimer.

下一個問題來自奧本海默的 Colin Rusch。

Can you talk a little bit about the efforts that you've made so far in terms of procuring renewable natural gas. There's certainly a lot of moving pieces in that market. Just curious about the opportunity you have to -- to lock in some of that supply for your customers.

你能談談你迄今為止在採購可再生天然氣方面所做的努力嗎？在這個市場上肯定有很多動人的東西。只是好奇你有機會——為你的客戶鎖定一些供應。

Colin, that's again a big area for us. What we can -- what we can tell you is that entire industry plays for us in 2 different ways. The first way, it place for us is our customers more and more are asking us, even if they start at natural gas today, [RNG] today, where will they go in terms of that next step. Many of them are looking for RNG as a fuel source. So they can get to net 0 carbon as opposed to the credits, which more and more people believe are not going to be sufficient for them to meet their goals and targets.

科林，這對我們來說又是一個很大的領域。我們能做的——我們能告訴你的是，整個行業以兩種不同的方式為我們服務。第一種方式，對我們來說，我們的客戶越來越多地問我們，即使他們今天從天然氣開始，[RNG] 今天，就下一步而言，他們會去哪裡。他們中的許多人正在尋找 RNG 作為燃料來源。所以他們可以達到淨零碳而不是信用，越來越多的人認為這不足以讓他們實現他們的目標和指標。

The second place that it plays in for us is the producers of RNG use a lot of electricity. And when they use Bloom in sort of a much higher carbon footprint, utility electricity, their carbon intensity score lowers and the value of the Bloom system powering those RNG plants is significantly greater than if they just use the utility. So we see the RNG producers as a customer, and we feel that the RNG they produced will be used by our customers. So it plays in both sides. And our biogas team will tell you, again, they are seeing a very robust funnel and interest in this sector.

它對我們的第二個作用是 RNG 的生產者使用大量電力。當他們在碳足跡更高的公用事業電力中使用 Bloom 時，他們的碳強度得分會降低，並且為這些 RNG 工廠供電的 Bloom 系統的價值明顯高於他們僅使用公用事業公司的價值。所以我們把RNG生產商看成是客戶，我們覺得他們生產的RNG會被我們的客戶使用。所以它在兩邊都起作用。我們的沼氣團隊會再次告訴您，他們看到了一個非常強大的漏斗和對該行業的興趣。

And then in terms of the dynamics you're talking about in terms of migrating towards the deployments for higher price systems relative to some of these costs and some of the things that you guys have done a lot of work on in terms of moving the sales funnel towards some larger customers. I guess I'm trying to kind of square some of the commentary around those larger installations and pricing relative to the dynamics you're talking about of higher cost or higher [than planned cost], how to think about that.

然後就你所談論的動態而言，相對於其中一些成本以及你們在推動銷售方面做了大量工作的一些事情，遷移到更高價格系統的部署方面漏斗到一些更大的客戶。我想我正試圖將一些關於那些較大的安裝和定價的評論與你所說的更高成本或高於[比計劃成本] 的動態相關，如何考慮這一點。

Yes. Sorry. Colin, it's Greg. So the way to think about it is we're blessed by having a $2 billion backlog here, right? So as we looked at the year and looked at where we were with cost and where we wanted to be on our targets, both at the gross margin line and at the operating income line, we saw it was clear that we were going to prioritize some of the higher-margin things.

是的。對不起。科林，我是格雷格。所以想一想，我們有幸在這裡積壓了 20 億美元，對吧？因此，當我們查看這一年並查看我們在成本方面的情況以及我們希望達到的目標時，無論是在毛利率線還是在營業收入線，我們都清楚地看到我們將優先考慮一些利潤率較高的東西。

I think we're probably going to do a few more repowerings than we would have done before. We're going to prioritize them in the middle part of the year. And we are going to take a few of the deals, where we were a little bit more strategic, maybe on the little bit larger side, we were pulling those in for the year. And in order to secure that commercial relationship with the customer, we're going to delay those a quarter or 2. It's not going to impact the strategic relationship at all. Doing that gets me the mix I need to cover off this little bit of a headwind I have on the cost here in the near term, as we build out capacity. So we're blessed by having optionality here. I think it's a more short-term move than a long-term move.

我認為我們可能會比以前做更多的repowerings。我們將在年中優先考慮它們。我們將接受一些交易，在這些交易中我們更具戰略性，也許在更大一點的方面，我們將這些交易拉入今年。為了確保與客戶的商業關係，我們將推遲一兩個季度。這根本不會影響戰略關係。這樣做讓我得到了我需要的組合，以彌補我在短期內在成本方面遇到的一點阻力，因為我們正在擴大產能。所以我們很幸運在這裡有選擇權。我認為這是一個比長期舉措更短期的舉措。

Our next question is from Alex Kania from Wolfe Research.

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

Two questions. Maybe the first one is, could you just talk a little bit about what your customer -- new customer discussions just in terms of kind of economics in the current natural gas price environment? And kind of what does that mean for your customers there? And then also, is that kind of affecting any -- any kind of sense about customers really trying to accelerate towards kind of like hydrogen solution or something like that sooner rather than later?

兩個問題。也許第一個問題是，您能否談談您的客戶——僅就當前天然氣價格環境中的經濟性而言的新客戶討論？這對那裡的客戶意味著什麼？然後，這種影響是否會影響任何 - 任何一種關於客戶真的試圖加速向類似氫解決方案或類似的東西的感覺，而不是遲早？

Yes. Yes. Hey, Alex, it's Greg. So on the natural gas side, right, we use it, obviously, in generating electricity here, but so doesn't the grid in producing the electricity. So when we talk to a customer, you've almost got that inherent natural hedge, right, where the best alternative on a cost basis would be them and versus us. So our expectation is those 2 things offset each other and you still get the benefits of the sustainability and the predictability and the resiliency on it. So it hasn't really changed a lot of -- lot of the discussions.

是的。是的。嘿，亞歷克斯，我是格雷格。所以在天然氣方面，很明顯，我們在這裡用它來發電，但電網在發電時也沒有。因此，當我們與客戶交談時，您幾乎已經獲得了固有的自然對沖，對，在成本基礎上最好的選擇是他們和我們。所以我們的期望是這兩件事相互抵消，你仍然可以獲得可持續性、可預測性和彈性的好處。所以它並沒有真正改變很多——很多討論。

The other thing I'd point to is the time to power discussion is becoming more and more relevant for our customers, meaning it's less about -- and I think I said this in the script, but a lot less discussions around, can you save me a [$0.01 or 2], it's more around, hey, how do you get your product here quickly so I can operationalize because we can save a lot more money by creating product in revenue in dollars for the Company than they would save a little bit on the electric bill. So in some ways, it's just -- I'm not saying that you still have a commercial relationship there, but it is definitely a different dynamic than we've had before.

我要指出的另一件事是，推動討論的時間與我們的客戶越來越相關，這意味著它的意義越來越小——我想我在劇本中說過這一點，但周圍的討論要少得多，你能保存嗎？我是 [0.01 美元或 2 美元]，更多的是，嘿，您如何快速將您的產品帶到這裡，以便我可以投入使用，因為我們可以通過為公司創造以美元為收入的產品來節省更多的錢，而不是他們節省的一點點位在電費單上。所以在某些方面，這只是——我並不是說你們在那裡仍然有商業關係，但這絕對是一種不同於我們以前的動態。

And then a couple and then maybe just in terms of kind of customer interest on like on the hydrogen side, if there's kind of any right now? Or is it more still theoretical? And then kind of a related question, I guess, related to hydrogen and electrolyzers. What sort of -- what sort of -- currently you mentioned nuclear, but are there any other kind of interesting industrial customers that would really kind of be most interested in this from a scale perspective?

然後是一對夫婦，然後可能只是就客戶對氫方面的興趣而言，如果現在有的話？或者它仍然是理論上的？然後是一個相關的問題，我猜，與氫氣和電解槽有關。什麼樣的——什麼樣的——目前你提到了核能，但是從規模的角度來看，還有沒有其他有趣的工業客戶真正對此最感興趣？

Yes. So it is our strong belief based on our conversations that we are having is the hard to decarbonize industry, such as steel, such as chemical refining, ammonia production becomes extremely, extremely interesting. And they are talking to us. But at the same time, I think it is going to take a little bit of what -- little bit of market them knowing the pricing of carbon and the market acceptance, but very strong interest. That's where the interest is. Those will probably -- most probably be the first places that you're going to see the adoption of these technologies.

是的。因此，根據我們的談話，我們堅信難以脫碳的行業，如鋼鐵，如化學精煉，氨生產變得非常非常有趣。他們正在和我們交談。但與此同時，我認為這需要一點點——讓他們知道碳定價和市場接受度的一點點市場，但非常強烈的興趣。這就是興趣所在。這些可能 - 很可能是您將看到採用這些技術的第一個地方。

Our next question is from Maheep Mandloi from Credit Suisse.

我們的下一個問題來自瑞士信貸的 Maheep Mandloi。

Just on the previous question around natural gas. Could you just talk about like how your customers generally either hedge gas prices or look at gas prices, especially with gas going to $9. Like I understand I think it's probably -- there's a natural hedge against the utilities literally, but also like in terms of the uncertainty in gas prices, how do they deal with that?

就在前面關於天然氣的問題上。您能否談談您的客戶通常如何對沖汽油價格或查看汽油價格，尤其是在汽油價格達到 9 美元的情況下。就像我理解的那樣，我認為這可能是——從字面上看，對公用事業有一種自然的對沖，但就天然氣價格的不確定性而言，他們如何處理這個問題？

Yes. Maheep, it's Greg. So each customer has a little bit different view on what risk they want to take. I would say some of our customers, the gas risk is all within the customer, we don't take that risk. But as we look at it with them, there are some that really don't want to take much risk at all, and they will lock in either through prepurchase or a hedge to make sure that they don't have price volatility. Other ones, especially large purchasers, we'll use spot markets more because they can get some benefits on that price or a combination thereof. So it's really around how that customer decides how they want to procure that.

是的。 Maheep，是格雷格。因此，每個客戶對他們想要承擔的風險都有不同的看法。我想說我們的一些客戶，天然氣風險都在客戶內部，我們不承擔這個風險。但當我們與他們一起觀察時，有些人真的根本不想承擔太多風險，他們會通過預購或對沖來鎖定以確保他們沒有價格波動。其他人，尤其是大買家，我們將更多地使用現貨市場，因為他們可以從這個價格或兩者的組合中獲得一些好處。因此，這實際上取決於客戶如何決定他們想要如何採購。

And then, can you check with like the -- the new tower design thing that saw some news around, you're getting some patent approvals around it and [it's not like] something for just -- for the Korean market or U.S. market. So like how do you think about that product and [it suddenly] recovers heat?

然後，你能檢查一下——看到一些新聞的新塔設計的東西，你正在獲得一些專利批准，而且[它不像]只是為了——針對韓國市場或美國市場。那麼，您如何看待該產品並[它突然]恢復熱量？

Yes. The power tower market is extremely interesting to us, okay? And the reason it's extremely interesting to us is as electrification happens of off like vehicles, of automotive, as more energy is needed when we go to this digital transformation. Large concentrated cities, where real estate is very expensive, putting that last mile of grid upgrade is going to be difficult, bringing that resiliency is going to be difficult.

是的。電力塔市場對我們來說非常有趣，好嗎？這對我們來說非常有趣的原因是，電氣化就像汽車一樣發生在汽車上，因為當我們進行這種數字化轉型時需要更多的能源。房地產非常昂貴的大型集中城市，進行最後一英里的電網升級將是困難的，帶來這種彈性也將是困難的。

So just like we see in Seoul, and we have done it. We have done a similar tower in Long Island. And we want to -- we think that in major cities, their land is a premium, it will be a Bloom tower and an additional benefit of the Bloom tower in addition to saving space and location is that now we can even concentrate some of the heat and provide hot water to the customers, thereby, giving an additional benefit and further decarbonization. So we are fairly bullish about that concept. But it is -- it is more applicable to places, where space is a premium.

所以就像我們在首爾看到的那樣，我們已經做到了。我們在長島做了一個類似的塔。我們想要——我們認為在主要城市，他們的土地是溢價的，它將成為一座 Bloom 塔，除了節省空間和位置之外，Bloom 塔的另一個好處是，現在我們甚至可以集中一些加熱並向客戶提供熱水，從而帶來額外的好處和進一步的脫碳。所以我們相當看好這個概念。但它是——它更適用於空間非常寶貴的地方。

Our next question is from Graham Price of Raymond James.

我們的下一個問題來自 Raymond James 的 Graham Price。

Just following up quickly on kind of green hydrogen in Europe, really appreciate the comments there. And just wanted to see, is there any opportunity to kind of accelerate the timetable for starting that production given all the tailwinds that we've seen or is that pretty much that?

只是快速跟進歐洲的一種綠色氫，非常感謝那裡的評論。只是想看看，鑑於我們已經看到的所有順風，是否有機會加快開始生產的時間表，或者差不多是這樣？

Yes. Listen, I think when we look at the market, Europe is interesting for sure. There's some incentives there that make the market attractive. There's a lot of interest in that space. And given there what's happening with Ukraine is bringing a lot more interest into it. These are projects that are going to take time in order to build out and deliver. And we are in conversations with folks to use our technology to help them build out their space. But you're definitely seeing the continued tailwinds in movement based on what's happening here today.

是的。聽著，我認為當我們觀察市場時，歐洲肯定很有趣。那裡有一些激勵措施使市場具有吸引力。人們對那個空間很感興趣。鑑於烏克蘭正在發生的事情給它帶來了更多的興趣。這些項目需要時間來構建和交付。我們正在與人們進行對話，以使用我們的技術來幫助他們建立自己的空間。但是，根據今天這裡發生的情況，您肯定會看到持續的順風。

And then for my second one, thinking about the infrastructure bill, we set aside funds for the DOE to create hydrogen hubs across the U.S. Just wanted to see kind of what progress there has been from what you've seen?

然後對於我的第二個，考慮基礎設施法案，我們為美國能源部撥出資金在美國建立氫樞紐。只是想看看你所看到的進展如何？

Our teams are engaged in hubs no matter where it is in the country. And clearly, there are integrators and those integrators ultimately, for them to be competitive, have to pick the most competitive technology. So you shouldn't be surprised that they're all coming to us for the electrolyzer. And so we are -- we are engaged with many of these teams. And we'll be happy to support any and all of the ones that win.

無論在該國的哪個地方，我們的團隊都在從事樞紐工作。顯然，有集成商，而這些集成商最終要讓他們具有競爭力，就必須選擇最具競爭力的技術。所以你不應該對他們都來找我們要電解槽感到驚訝。所以我們 - 我們與許多這樣的團隊合作。我們很樂意支持所有獲勝者。

Our next question is from Jeff Osborne of Cowen & Company.

我們的下一個問題來自 Cowen & Company 的 Jeff Osborne。

Two quick ones and a housekeeping question on the quick ones. When will the Idaho National Lab report be out around like third-party validation of the electrolyzer.

兩個快速問題和一個關於快速問題的家政問題。愛達荷州國家實驗室的報告何時會像電解槽的第三方驗證一樣發布。

Again, those -- those units are with the lab, and they will conduct the test, and we like to give them the independence. And when they say they're ready, we will do it. We know our systems will work. It's them auditing, validating and feeling comfortable with it. And we don't like to rush them. So but sometime -- sometime in the near future, you should be expecting tha. Everything is going well.

再說一次，那些——那些單位在實驗室裡，他們將進行測試，我們希望給他們獨立性。當他們說他們準備好了，我們就會去做。我們知道我們的系統會起作用。是他們審核、驗證並對此感到滿意。而且我們不喜歡催促他們。所以，但有時——在不久的將來的某個時候，你應該期待你的到來。一切都很順利。

Great to hear. And then, KR, can you just touch on the China situation, any supply chain for membranes, stacks, plates, anything else that you need in the event that the Shanghai port and other areas of China are shut down, how should we think about risk to production?

很高興聽到。然後，KR，你能不能談談中國的情況，任何膜、堆、板的供應鏈，如果上海港和中國其他地區關閉，你需要的任何其他東西，我們應該怎麼想生產風險？

Yes. Unlike those other technologies, we don't use membranes. But no, look, China as a rule, whether by the time you get to Tier 2, Tier 3, Tier 4 suppliers, the entire planet, I don't care where you live is dependent on one way or another on China. So China doing well is important for all of the world. And we hope those situations for the sake of the Chinese people, as well as the global economy improve very fast. Our teams are extremely resilient. They have managed through everything. And the good news that you need to know is knock on wood, we have met every single customer shipment and expectation on schedule, and that speaks volumes to our teams.

是的。與其他技術不同，我們不使用膜。但是不，看，中國作為一項規則，無論是當你到達二級、三級、四級供應商時，整個地球，我不在乎你住在哪裡，這取決於中國的一種或另一種方式。所以中國做得好對全世界都很重要。為了中國人民，為了世界經濟，我們希望這些情況盡快好轉。我們的團隊非常有彈性。他們已經度過了一切。您需要知道的好消息是敲木頭，我們已按時滿足每一位客戶的發貨和期望，這對我們的團隊來說意義重大。

Absolutely great to hear. And Greg, just a quick housekeeping one. You mentioned repowering a couple of times, the $240 million to $250 million acceptances relative to your capacity. Can you just touch on how many megawatts will be repowered this year?

絕對好聽。還有格雷格，只是一個快速的管家。你提到過幾次重新啟動，相對於你的能力，2.4 億到 2.5 億美元的接受度。你能談談今年將重新供電多少兆瓦嗎？

It will be in this low -- it will be in the single digits. It won't be large. It won't be a big number, but it's -- they are enough that they can help balance out a little bit of costs [we're seeing].

它將處於這麼低的水平——它將是個位數。不會很大。這不會是一個很大的數字，但它已經足夠了，它們可以幫助平衡一些成本[我們正在看到]。

Our next question is from Noel Parks of Tuohy Brothers.

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

I really want to pivot back to the EQT transaction. And at the time it was announced, I remember taking myself, aha, at last, and it seems kind of obvious to me that an agreement like this is exactly where gas producers should be heading. And -- but it's interest striking to me that and I'm pretty familiar with EQT that, it seems that there hasn't been much initiative even from those who've put together good volumes of certified gas to look for applications like fuel cells. So I wonder, if you could just talk a little bit about how that came together. And I was wondering, is there anything analogous maybe as far as your Baker Hughes relationship, as maybe somewhat coming together of legacy generation and transportation and what fuel cells can enable?

我真的很想回到 EQT 交易。在宣布它的時候，我記得我自己，啊哈，終於，對我來說似乎很明顯，像這樣的協議正是天然氣生產商應該前進的方向。而且——但我對此很感興趣，而且我對 EQT 非常熟悉，似乎即使是那些將大量認證氣體放在一起尋找燃料電池等應用的人也沒有太多主動性.所以我想知道，如果你能談談它是如何結合在一起的。我想知道，就您與貝克休斯的關係而言，是否有任何類似的東西，例如遺留發電和運輸以及燃料電池可以實現什麼？

Look, in the very -- that's a good question you're asking for the roots of how this happened, right? At Bloom, we are always asking what is the most responsible right thing to do. And for us, it seemed very obvious that methane emissions is something we should not accept. Then it is very easily possible to prevent those emissions. Look, the history of this Company comes from us putting rovers on Mars and making them do what they need to do. For heaven's sake, we should know how to stop a molecule of methane from coming (technical difficulty) price, right.

看，在非常 - 這是一個很好的問題，你問這是如何發生的根源，對吧？在 Bloom，我們一直在問什麼是最負責任的正確做法。對我們來說，很明顯甲烷排放是我們不應該接受的。那麼就很容易防止這些排放。看，這家公司的歷史來自於我們在火星上放置漫遊者並讓它們做他們需要做的事情。看在上帝的份上，我們應該知道如何阻止甲烷分子來（技術難度）價格，對。

And so in Toby Rice and in EQT, we found a great partner, who said, we are willing to do this. In MIQ, we found a great partner that said we are willing to independently audit it. And then we found this report that said 75% of methane leak from oil and gas, which is technology exists today to prevent it, you're talking about pennies on a gallon or a pennies on MMBtu to be able to provided the premium to do this. That will be the equivalent of retiring 60% of global coal power plants and replacing them with renewables.

所以在 Toby Rice 和 EQT，我們找到了一個很好的合作夥伴，他說，我們願意這樣做。在 MIQ，我們找到了一個很好的合作夥伴，他說我們願意對其進行獨立審計。然後我們發現這份報告說 75% 的甲烷從石油和天然氣洩漏，這是當今存在的防止它的技術，你說的是一加侖的便士或 MMBtu 的便士，以便能夠提供溢價做這。這相當於淘汰全球 60% 的燃煤電廠並用可再生能源取而代之。

Can you imagine how long that's going to take? We can do this today. When we saw that, we said we have to be the leader and we have to do it. And similar to the first person buying fair trade coffee or organic vegetables, somebody has to start the movement and everybody will follow. So we wanted to be the leaders and EQT and MIQ wanted to be leaders with us. And we found a tremendous partner in T-Mobile that came and said, can we be the first corporate customer that can do this. So that's how it happened. And now we have placed our entire fleet, Blooms entire fleet in the U.S. will run only on responsibly sourced gas whether our customer pays for it or not.

你能想像這需要多長時間嗎？我們今天可以做到這一點。當我們看到這一點時，我們說我們必須成為領導者，我們必須這樣做。和第一個購買公平貿易咖啡或有機蔬菜的人類似，必須有人發起運動，每個人都會跟隨。所以我們想成為領導者，而 EQT 和 MIQ 想成為我們的領導者。我們在 T-Mobile 找到了一個很棒的合作夥伴，他說，我們可以成為第一個可以做到這一點的企業客戶嗎？事情就是這樣發生的。現在我們已經部署了我們的整個車隊，無論我們的客戶是否付費，Blooms 在美國的整個車隊都將僅使用可靠來源的天然氣。

That's terrific. My next thought goes to having been the first to achieve an agreement like this, can you talk at all about how it's helpful for your sales effort? Because I imagine it gives another whole dimension to the story you can tell when your sales people are [pitching] the value proposition overall.

真了不起。我的下一個想法是成為第一個達成這樣協議的人，你能談談它對你的銷售工作有什麼幫助嗎？因為我想它為您的銷售人員[推銷]整體價值主張時可以講述的故事提供了另一個完整的維度。

It is -- it is definitely of great interest because today, when we sell to any of our corporate customers, there is definitely a sustainability and ESG discussion that goes on along with it. And the fact that we are able to tell them that you will be able to take the best available technology today with the lowest carbon footprint, while at the same time, protecting and securing your business 24/7, that's a very compelling argument, and it is -- it is definitely helping. This is one great case of do good and make good.

它是——這絕對是非常有趣的，因為今天，當我們向我們的任何企業客戶銷售產品時，肯定會伴隨著可持續發展和 ESG 討論。事實上，我們能夠告訴他們，您將能夠以最低的碳足跡採用當今最好的可用技術，同時全天候 24/7 保護您的業務，這是一個非常有說服力的論點，並且它是——它絕對有幫助。這是做好事和做好事的一個很好的例子。

Right. It's very helpful because it does sort of just illustrate how in a way, this is such a low hanging fruit, what you're talking about with methane emissions being so easily mitigated.

對。它非常有幫助，因為它確實在某種程度上說明了這是一個如此容易實現的成果，您所說的甲烷排放如此容易減輕。

That concludes our question-and-answer session. So I will hand the conference back to the management team for any final remarks.

我們的問答環節到此結束。因此，我會將會議交還給管理團隊，以進行最後的評論。

Thank you, operator. Again, everyone, this is KR. I want to thank you all for your questions and interest in Bloom. Let me leave you now with these 3 fundamental thoughts about Bloom Energy, and our position as a leader in this energy transformation.

謝謝你，接線員。再次，大家，這是KR。我要感謝大家提出的問題和對 Bloom 的興趣。現在讓我向您介紹關於 Bloom Energy 的這 3 個基本想法，以及我們作為這一能源轉型領導者的地位。

The first thing is our business has really matured over the last several years. And you can see how we are executing on our business plan, how we are resilient in managing through this global turmoil that you're seeing around us. I'm exceptionally proud of our team that has handled all these broader global supply chain challenges and macros and continue to execute, execute, execute so well.

首先是我們的業務在過去幾年中已經真正成熟。你可以看到我們如何執行我們的商業計劃，我們如何在你周圍看到的全球動盪中靈活應對。我為我們的團隊感到非常自豪，他們處理了所有這些更廣泛的全球供應鏈挑戰和宏觀問題，並繼續執行、執行、執行得如此出色。

Second, of all the trends that we've been talking about for years, whether it's resiliency, whether it's decarbonization, whether it is the predictability of price of power, whether companies needing to take control, which one of those have become less relevant today, which ones have become more relevant. They've all become more relevant. This digital transformation is making companies understand that if they don't take care of their own energy, they are putting their business at risk. Legacy solutions like the grid are not able to meet this goal. And we, on the other hand, have solutions and the C-suite and the Board and the governments are finally beginning to listen to us.

其次，在我們多年來一直在談論的所有趨勢中，無論是彈性，還是脫碳，是否是電力價格的可預測性，公司是否需要控制，其中一個在今天變得不那麼重要了，哪些變得更相關。它們都變得更加相關。這種數字化轉型讓公司明白，如果他們不照顧好自己的能源，他們就會將自己的業務置於危險之中。像網格這樣的傳統解決方案無法實現這一目標。另一方面，我們有解決方案，最高管理層、董事會和政府終於開始聽取我們的意見。

The third part is we have a platform -- an energy platform with fuel flexibility, incredibly high efficiency and adaptability to a variety of applications in the marketplace. It provides our company, Bloom Energy, with a degree of optionality that no other company in this area can claim. So all these combined, you can very clearly tell makes me very excited, optimistic and enthusiastic. I look forward to seeing you -- seeing many of you in the coming weeks during our Investor Day and look forward to showing and discussing with you in a lot greater detail. Thank you for your time today.

第三部分是我們有一個平台——一個具有燃料靈活性、令人難以置信的高效率和對市場上各種應用的適應性的能源平台。它為我們的公司 Bloom Energy 提供了該領域其他公司無法聲稱的選擇權。所以所有這些結合起來，你可以很清楚地告訴我讓我非常興奮、樂觀和熱情。我期待見到你們——在未來幾週的投資者日期間見到你們中的許多人，並期待與你們更詳細地展示和討論。謝謝你今天的時間。

That concludes the conference call. Thank you for your participation. You may now disconnect your lines.

電話會議就此結束。感謝您的參與。您現在可以斷開線路。