燃料電池能源 (FCEL) 2016 Q1 法說會逐字稿

Good day, ladies and gentlemen.

女士們先生們，美好的一天。

Welcome to the FuelCell Energy first-quarter 2016 conference call.

歡迎參加 FuelCell Energy 2016 年第一季度電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, today's call is being recorded.

提醒一下，今天的通話正在錄音中。

I'd now like to turn the call over to Kurt Goddard, Vice President of Investor Relations.

我現在想把電話轉給投資者關係副總裁 Kurt Goddard。

Good morning.

早上好。

Welcome to the first-quarter 2016 earnings call for FuelCell Energy.

歡迎來到 FuelCell Energy 2016 年第一季度財報電話會議。

Yesterday evening, FuelCell Energy released financial results for the first quarter of 2016.

昨天晚上，FuelCell Energy 發布了 2016 年第一季度的財務業績。

The earnings release, as well as a presentation that will be referenced during this earnings call, is available on the Investor Relations section of the Company website at www.fuelcellenergy.com.

可在公司網站 www.fuelcellenergy.com 的投資者關係部分獲取收益發布以及將在本次收益電話會議中引用的演示文稿。

A replay of this call will be available two hours after its conclusion on the Company website.

本次電話會議結束兩小時後，公司網站將提供重播。

Before proceeding with the call, I would like to remind everyone that this call is being recorded and that the discussion today will contain forward-looking statements, including the Company's plans and expectations for the continuing development and commercialization of our FuelCell technology.

在繼續通話之前，我想提醒大家，此次通話正在錄音中，今天的討論將包含前瞻性陳述，包括公司對 FuelCell 技術的持續開發和商業化的計劃和期望。

I would like to direct listeners to read the Company's cautionary statement on forward-looking information and other risk factors in our filings with the US Securities and Exchange Commission.

我想指導聽眾閱讀公司在我們提交給美國證券交易委員會的文件中關於前瞻性信息和其他風險因素的警告聲明。

Delivering remarks today will be Chip Bottone, President and Chief Executive Officer; and Mike Bishop, Senior Vice President and Chief Financial Officer.

今天發表講話的是總裁兼首席執行官 Chip Bottone；高級副總裁兼首席財務官 Mike Bishop。

Now I'd like to turn the call over to Chip Bottone.

現在我想把電話轉給 Chip Bottone。

Chip?

芯片？

Thank you, Kurt.

謝謝你，庫爾特。

Good morning, everyone and welcome.

大家早上好，歡迎光臨。

Please turn to slide 4, Q1 2016 highlights.

請轉到幻燈片 4，2016 年第一季度亮點。

Our first quarter of 2016 included new contracts, which increased our backlog, further execution on our carbon capture and renewable hydrogen infrastructure plans, utilization of our PNC project financing facility, and the growing recognition of our solutions as a preferred resource.

我們 2016 年第一季度包括新合同，這增加了我們的積壓、進一步執行我們的碳捕獲和可再生氫基礎設施計劃、利用我們的 PNC 項目融資機制，以及我們的解決方案作為首選資源的認可度越來越高。

As announced in January, we're installing a 5.6 megawatt system for Pfizer, a leading global biopharmaceutical company.

正如 1 月份宣布的那樣，我們正在為全球領先的生物製藥公司輝瑞安裝一個 5.6 兆瓦的系統。

Configured at a microgrid, the system will enhance energy reliability and security at Pfizer's160-acre R&D facility in Grafton, Connecticut.

該系統配置在微電網中，將提高輝瑞公司位於康涅狄格州格拉夫頓的 160 英畝研發設施的能源可靠性和安全性。

The unique attributes and appeal of our solutions offer utility and onsite customers a compelling value proposition, which is why they're referred to as preferred resources.

我們解決方案的獨特屬性和吸引力為公用事業和現場客戶提供了引人注目的價值主張，這就是為什麼他們被稱為首選資源。

We affordably generate clean power where it is needed without costly transmission infrastructure.

我們以經濟實惠的方式在需要的地方生產清潔能源，而無需昂貴的輸電基礎設施。

The plants are easy to permit and can be sited on small parcels, important in urban areas with scarce and expensive land.

這些植物很容易獲得許可，可以選址在小塊地塊上，這在土地稀缺且昂貴的城市地區很重要。

Their ideal operating characteristics ability to generate renewable energy credits and financial returns are attractive.

他們產生可再生能源信貸和財務回報的理想運營特徵具有吸引力。

Our grid support solutions enable urban redevelopment by converting unused brownfields into tax paying projects that also enhance power resiliency delivered in an environmentally friendly manner demonstrated in the bottom left.

我們的電網支持解決方案通過將未使用的棕地轉變為納稅項目來實現城市再開發，這些項目還以左下角所示的環保方式提高電力彈性。

A number of our customers use both fuel cells and solar.

我們的許多客戶同時使用燃料電池和太陽能。

Continuous and reliable power for fuel cells complements intermittent sources like solar and wind, contributing to energy availability.

燃料電池持續可靠的電力補充了太陽能和風能等間歇性能源，有助於提高能源可用性。

Our solution's compact footprint relative to solar facilitates sitting in urban areas, and their continuous operation generates substantially more megawatt hours of electricity over time than a similar sized solar ray.

與太陽能相比，我們的解決方案佔地面積小，便於坐在城市地區，而且隨著時間的推移，它們的連續運行產生的電力比類似大小的太陽射線多得多。

These attributes enhance project economics in land-scarce regions and contribute to meeting renewable portfolio standards.

這些屬性提高了土地稀缺地區的項目經濟性，並有助於滿足可再生能源組合標準。

To illustrate at the bottom middle, United Illuminating, now known as Avangrid after the merger with Iberdrola USA, one of our repeat utility customers, incorporated one of our power plants into a renewable energy park at a former urban landfill site where it complements a solar array.

為了在底部中間說明，United Illuminating（在與我們的重複公用事業客戶之一 Iberdrola USA 合併後現在被稱為 Avangrid）將我們的一個發電廠整合到一個前城市垃圾填埋場的可再生能源公園，在那裡它補充了太陽能大批。

Our power plant uses only about one-quarter of the acreage of land to generate 2.8 megawatts of power, whereas a solar array uses 8 acres to generate substantially fewer megawatt hours of power annually.

我們的發電廠僅使用大約四分之一的土地面積來產生 2.8 兆瓦的電力，而太陽能電池陣列每年使用 8 英畝的土地產生更少的兆瓦時電力。

As announced in November, Avangrid purchased a multi megawatt power plant for a micro-grid application for the town of Woodbridge in Connecticut.

正如去年 11 月宣布的那樣，Avangrid 為康涅狄格州伍德布里奇鎮的微電網應用購買了一個數兆瓦的發電廠。

We're modeling, designing and building the micro-grid.

我們正在建模、設計和構建微電網。

This capability is a differentiator in the industry.

這種能力是行業中的一個差異化因素。

I will update you on our activity, outlook, and markets in greater detail after Mike Bishop, our Chief Financial Officer, reviews our financial results for the quarter.

在我們的首席財務官 Mike Bishop 審查我們本季度的財務業績後，我將更詳細地向您介紹我們的活動、前景和市場。

Thank you, Chip.

謝謝你，奇普。

Good morning and thank you for joining our call today.

早上好，感謝您今天加入我們的電話會議。

Please turn to slide 5 titled Financial Summary.

請轉到標題為“財務摘要”的幻燈片 5。

FuelCell Energy reported total revenues for the first quarter of 2016 of $33.5 million compared to $41.7 million for the prior-year period.

FuelCell Energy 報告 2016 年第一季度的總收入為 3350 萬美元，而去年同期為 4170 萬美元。

Revenue is consistent with the average quarterly guidance provided during the December 2015 earnings call.

收入與 2015 年 12 月財報電話會議期間提供的平均季度指引一致。

Compared to the prior year, activity in this first quarter of 2016 was weighted toward component kit sales to Asia.

與上一年相比，2016 年第一季度的活動重點是面向亞洲的組件套件銷售。

Also, as previously disclosed, we chose to retain the University of California Irvine Medical Center project and fully monetize the value of the power plant totaling $8.8 million through a sale leaseback transaction which does not qualify for revenue recognition treatment under US GAAP.

此外，如前所述，我們選擇保留加州大學爾灣醫學中心項目，並通過售後回租交易將總計 880 萬美元的電廠價值完全貨幣化，該交易不符合美國公認會計原則下的收入確認處理條件。

The Company began recognizing electricity revenue for this project in January.

公司於 1 月份開始確認該項目的電力收入。

For the first quarter of 2016, a gross loss of $200,000 was incurred compared to a gross profit of $4 million in the same period last year.

2016 年第一季度，毛虧損為 200,000 美元，而去年同期為毛利潤 400 萬美元。

Higher service expense recognized in the quarter and lower advanced technology activity in this period negatively impacted margins.

本季度確認的較高服務費用和這一時期較低的先進技術活動對利潤率產生了負面影響。

Total operating expenses were $11.4 million for the first quarter of 2016 compared to $9.1 million for the prior-year period, reflecting increased R&D expense related to the high-efficiency fuel cell which will enhance our product offerings to utilities and data centers as well as certification efforts related to megawatt class products entering the European market.

2016 年第一季度的總運營費用為 1140 萬美元，而去年同期為 910 萬美元，反映出與高效燃料電池相關的研發費用增加，這將增強我們向公用事業和數據中心提供的產品以及認證兆瓦級產品進入歐洲市場的努力。

Net loss to common shareholders for the first quarter of 2016 was $12.5 million or $0.48 per basic and diluted share.

2016 年第一季度普通股股東淨虧損為 1250 萬美元或每股基本股和攤薄股 0.48 美元。

This compares to $4.9 million or $0.20 per basic and diluted share in the first quarter of 2015.

相比之下，2015 年第一季度為 490 萬美元或每股基本股和稀釋股 0.20 美元。

The Company's cash, restricted cash and financing availability totaled $174 million at January 31, 2016, a sequential increase of $52 million, reflecting the addition of the PNC Energy Capital project financing facility, receipt of $10 million of funding from the state of Connecticut for the manufacturing expansion discussed last quarter and working capital management.

截至 2016 年 1 月 31 日，公司的現金、受限現金和可用融資總額為 1.74 億美元，環比增加 5200 萬美元，反映了 PNC Energy Capital 項目融資機制的增加、從康涅狄格州獲得的 1000 萬美元資金用於製造業擴張討論了上個季度和營運資本管理。

Backlog increased sequentially for the third consecutive quarter, totaling approximately $404 million.

積壓訂單連續第三個季度增加，總額約為 4.04 億美元。

Service backlog totaled $303 million.

服務積壓總計 3.03 億美元。

Product backlog totaled $56 million or 34 megawatts, and advanced technology contract backlog totaled $35 million.

產品積壓總計 5600 萬美元或 34 兆瓦，先進技術合同積壓總計 3500 萬美元。

These numbers do not include the Beacon Falls project, which could add over $500 million to backlog between product and service.

這些數字不包括 Beacon Falls 項目，該項目可能會使產品和服務之間的積壓增加超過 5 億美元。

Turning to the inventory and project assets graph in the middle of the slide, inventory decreased $5.5 million in the quarter from product sales.

轉到幻燈片中間的庫存和項目資產圖表，本季度庫存因產品銷售而減少 550 萬美元。

Long-term project assets increased as we added two previously announced projects under construction that we anticipate financing through PNC later this year.

長期項目資產增加，因為我們增加了兩個先前宣布的在建項目，我們預計今年晚些時候將通過 PNC 融資。

Please refer to the chart at the bottom of the slide as I would like to make a couple points on contribution margins.

請參考幻燈片底部的圖表，因為我想就邊際收益提出幾點意見。

The first point is that the contribution margin from 35 megawatts of kit sales to Asia is equivalent to the royalty that would be received on the sale of 35 megawatts of complete power plants that POSCO Energy manufactures for the Asian market.

第一點是，從 35 兆瓦的成套設備銷售到亞洲的邊際收益相當於 POSCO Energy 為亞洲市場製造的 35 兆瓦完整髮電廠的銷售所獲得的特許權使用費。

The next point is that complete power plant project sales by FCE have the highest margin as we provide turnkey projects for our customers versus just selling components.

下一點是 FCE 的完整電廠項目銷售利潤率最高，因為我們為客戶提供交鑰匙項目，而不是僅銷售組件。

The contribution margin of 35 megawatts of complete power plants built in the US is approximately 10 times that of equivalent kit sales.

在美國建造的 35 兆瓦完整髮電廠的邊際收益大約是同等成套設備銷售額的 10 倍。

Also helping our cost model is the shared global supply chain with POSCO Energy, which means both partners benefit as greater purchasing volume reduces the per unit cost of raw materials.

與 POSCO Energy 共享的全球供應鏈也有助於我們的成本模型，這意味著合作夥伴雙方都受益，因為更大的採購量降低了原材料的單位成本。

So to summarize, as manufacturing transitions from kits to royalties in Asia and turnkey projects in the US and Europe, our margin profile improves significantly from where we are today.

因此總而言之，隨著製造從亞洲的套件過渡到特許權使用費以及美國和歐洲的交鑰匙項目，我們的利潤率狀況比今天有了顯著改善。

Please turn to slide 6 titled Financing Structures.

請轉到標題為“融資結構”的幻燈片 6。

I want to continue to outline the importance in the revenue recognition and margin differences of three financing structures for our power generation solutions.

我想繼續概述我們發電解決方案的三種融資結構在收入確認和利潤差異方面的重要性。

Providing different financing and ownership options is important to attract a wide range of prospective customers and also benefits FuelCell Energy.

提供不同的融資和所有權選擇對於吸引廣泛的潛在客戶很重要，也有利於 FuelCell Energy。

The project sale column on the left is a model we've used extensively in the past, recognizing revenue under the percentage of completion method.

左邊的項目銷售欄是我們過去廣泛使用的模型，按照完工百分比法確認收入。

Examples include the FuelCell project sold to United Illuminating and E.ON.

示例包括出售給 United Illuminating 和 E.ON 的 FuelCell 項目。

The middle column, titled Sale to Project Investor, reflects projects developed and constructed by FuelCell Energy that are then sold to a project investor at or near the commercial operation date or COD.

中間一欄名為“出售給項目投資者”，反映了 FuelCell Energy 開發和建造的項目，這些項目隨後在商業運營日期或 COD 或臨近時出售給項目投資者。

Using the Pfizer project as an example, we are currently billing this on balance sheet, and once operational, we may sell it to an investor, likely generating all the project revenue in the quarter of the sale.

以輝瑞項目為例，我們目前在資產負債表上對此進行計費，一旦投入運營，我們可能會將其出售給投資者，可能會在銷售季度產生所有項目收入。

Under these two examples, FCE also recognizes revenue under the service agreement for periods up to 20 years.

在這兩個例子中，FCE 還根據長達 20 年的服務協議確認收入。

The column on the right titled FCE Retains PPA are projects we developed and retained on balance sheets after COD such as the UCI Medical Center project.

右側標題為 FCE Retains PPA 的列是我們在 COD 之後開發並保留在資產負債表上的項目，例如 UCI 醫療中心項目。

A typical 1.4 megawatt project is expected to generate about $1 million a year in electricity revenue.

一個典型的 1.4 兆瓦項目預計每年可產生約 100 萬美元的電力收入。

This structure maximizes recurring revenue and margin over the life of the project.

這種結構使項目生命週期內的經常性收入和利潤最大化。

A sale leaseback can generate more cash for the Company and COD by efficiently monetizing tax benefits.

通過有效地將稅收優惠貨幣化，售後回租可以為公司和 COD 產生更多現金。

We forecast full utilization of the $30 million PNC facility during 2016, resulting in additional electricity sales to be recognized over time.

我們預測 3000 萬美元的 PNC 設施將在 2016 年得到充分利用，隨著時間的推移會產生額外的電力銷售。

The project finance outlook remains favorable, and the growing pipeline and size of our projects are attracting a lot of interest from project investors that value the consistency of our project cash flows and return profiles.

項目融資前景依然看好，我們的項目不斷增加和規模不斷擴大，吸引了項目投資者的極大興趣，他們重視我們項目現金流和回報狀況的一致性。

In closing, the first quarter of 2016 financial results reflect the continued transitioning of the business as we selectively retain projects on the balance sheet to add future predictability to revenues and generate the greatest amount of cash.

最後，2016 年第一季度的財務業績反映了業務的持續轉型，因為我們有選擇地在資產負債表上保留項目，以增加收入的未來可預測性並產生最大數量的現金。

We are well positioned to execute on near-term opportunities and expect higher revenues and margins in the second half of FY16 based on timing of existing backlog and projected pipeline closure.

我們已準備好抓住近期機會，並根據現有積壓訂單和預計管道關閉的時間安排，預計 2016 財年下半年的收入和利潤率會更高。

I will now turn the call back to Chip.

我現在將電話轉回 Chip。

Thank you, Mike.

謝謝你，邁克。

Please turn to slide 7, Execution Progress.

請轉到幻燈片 7，執行進度。

We've made significant progress across all segments of our global markets, leveraging our common technology platform, development and financing models.

利用我們共同的技術平台、開發和融資模式，我們在全球市場的所有領域都取得了重大進展。

Our growing sales pipeline stands at over $2 billion, primarily from a broad range of utility scale and onsite preferred resource projects.

我們不斷增長的銷售渠道超過 20 億美元，主要來自廣泛的公用事業規模和現場首選資源項目。

We are developing larger onsite projects.

我們正在開發更大的現場項目。

The Pfizer project, for example, is our second largest individual project to date in North America.

例如，輝瑞項目是我們迄今為止在北美的第二大單個項目。

This was developed and executed outside of any utility or state sponsored RP process, showing the competitiveness and replicability of our offering.

這是在任何公用事業或國家贊助的 RP 過程之外開發和執行的，顯示了我們產品的競爭力和可複制性。

Our commercial fuel cell power plant can be used for carbon capture applications, as concentrating carbon dioxide is a side reaction of the plant's normal power generation process.

我們的商業燃料電池發電廠可用於碳捕獲應用，因為濃縮二氧化碳是工廠正常發電過程的副反應。

We effectively offer emissions reductions solutions while supplying electrical and thermal energy simultaneously.

我們有效地提供減排解決方案，同時提供電能和熱能。

Our offering covers three distinct carbon capture markets.

我們的產品涵蓋三個不同的碳捕獲市場。

These include coal and gas-fired power plants and applications for oil sands where we can reduce emissions and supply power and steam to the oil recovery process.

其中包括燃煤和燃氣發電廠以及油砂應用，我們可以在這些應用中減少排放並為採油過程提供電力和蒸汽。

In the coal-fired market, we're in discussions with owners of potential power plant sites for a large carbon capture project.

在燃煤市場，我們正在與大型碳捕集項目的潛在電廠場地所有者進行討論。

This project is in conjunction with the US Department of Energy and potentially other partners.

該項目與美國能源部和其他潛在合作夥伴合作。

Expect a decision on the sitting of this project soon.

期待很快就該項目的召開做出決定。

This is an important opportunity that we expect will lead to additional carbon capture projects in North America and Europe.

這是一個重要的機會，我們預計這將導致在北美和歐洲開展更多的碳捕獲項目。

We recently announced a project that is targeting oil processing at the Canadian Oil Centers.

我們最近宣布了一個以加拿大石油中心的石油加工為目標的項目。

Affordably reducing the carbon emissions produced during the oil sands operations with our fuel cell power plants is a very large potential market for us.

使用我們的燃料電池發電廠以經濟實惠的方式減少油砂作業過程中產生的碳排放對我們來說是一個非常巨大的潛在市場。

Our solution is also applicable to steel and cement industries.

我們的解決方案也適用於鋼鐵和水泥行業。

In Europe, there's a strong interest in affordably capturing carbon while maintaining industry competitiveness, and we are beginning to pursue some potential opportunities.

在歐洲，人們對以可負擔的方式捕獲碳同時保持行業競爭力有著濃厚的興趣，我們開始尋求一些潛在的機會。

Our tri-generation distributed hydrogen system is a key potential solution for the infrastructure needed to facilitate widespread adoption of fuel cell electric vehicles.

我們的三代分佈式氫系統是促進燃料電池電動汽車廣泛採用所需基礎設施的關鍵潛在解決方案。

It is superior to conventional alternatives as affordability generates 100% renewable hydrogen with the project structure that attracts private capital, offsetting the need for public funding.

它優於傳統替代品，因為可負擔性產生 100% 可再生氫，其項目結構吸引私人資本，抵消了對公共資金的需求。

We are pursuing a well-defined pathway for development, establishing attractive regulatory framework, discussions with potential partners and hydrogen facility off takers.

我們正在尋求一條明確的發展途徑，建立有吸引力的監管框架，與潛在合作夥伴和氫設施承購商進行討論。

Simultaneously, we will secure power purchase agreements or PPAs with the site owners or municipalities.

同時，我們將與現場所有者或市政當局簽訂購電協議或購電協議。

During the first quarter, our solution received contingent certification under the Low Carbon Fuel Standard administration by the California Air Resources Board, who classified our 100% renewable hydrogen solution as carbon negative.

在第一季度，我們的解決方案獲得了加州空氣資源委員會根據低碳燃料標準管理的臨時認證，該委員會將我們的 100% 可再生氫解決方案歸類為負碳。

This is unique in the hydrogeneration market.

這在加氫市場上是獨一無二的。

CARB's classification takes into consideration the fact that the biogas fuel for our solutions is renewable.

CARB 的分類考慮了這樣一個事實，即我們解決方案所用的沼氣燃料是可再生的。

CARB then compares FuelCell electric vehicles on renewable hydrogen to gasoline powered cars, ultimately certifying our solution as carbon negative due to the avoided emissions from gasoline powered vehicles.

CARB 然後將使用可再生氫的 FuelCell 電動汽車與汽油動力汽車進行比較，最終證明我們的解決方案由於避免了汽油動力汽車的排放而實現碳負排放。

This is superior to solar-based electrolizers and far superior to traditional steam reforming, which are the other methods of generating hydrogen today.

這優於基於太陽能的電解槽，也遠優於傳統的蒸汽重整，後者是當今產生氫氣的其他方法。

Please turn to slide 8, Onsite Project Update.

請轉到幻燈片 8，現場項目更新。

Recent results validate our focus on larger projects to help illustrate why our solutions are a preferred resource.

最近的結果證實了我們對大型項目的關注，以幫助說明為什麼我們的解決方案是首選資源。

They also point to ways in which we have strengthened our value proposition by offering financing options.

他們還指出了我們通過提供融資選擇來加強我們的價值主張的方式。

As shown on the slide, we progress from installing sub megawatt projects 10 years ago to multi megawatt projects today.

如幻燈片所示，我們從 10 年前的亞兆瓦項目發展到今天的多兆瓦項目。

We're currently targeting behind the meter multi megawatt projects up to 11 megawatts.

我們目前的目標是高達 11 兆瓦的多兆瓦項目。

Project activity in the segment of the business continues to increase from both new and existing customers.

該業務部門的項目活動繼續增加，包括新客戶和現有客戶。

We have recently strengthened our commercial team with the addition of several people with relevant industry and business model experience.

我們最近加強了我們的商業團隊，增加了幾名具有相關行業和商業模式經驗的人。

Energy independence and security are highly valued.

能源獨立和安全受到高度重視。

The FuelCell and Pfizer's micro-grid, for example, will operate in parallel with the grid and in the event of a grid disturbance will continue to generate power for Pfizer's R&D facility by switching to an island mode that is grid independent.

例如，FuelCell 和輝瑞的微電網將與電網並聯運行，並且在電網發生干擾的情況下，將通過切換到獨立於電網的孤島模式繼續為輝瑞的研發設施發電。

This has value for users that lose productivity when the power supply is disrupted.

這對於因電源中斷而失去工作效率的用戶而言具有價值。

Our power plants conserve as the sole power source for micro-grid as the town of Woodbridge micro-grid project, or they can be combined with other technologies.

我們的發電廠作為伍德布里奇鎮微電網項目作為微電網的唯一電源，也可以與其他技術相結合。

We have the capability to model, build and operate the micro-grid, which is an important differentiator for us.

我們有能力建模、構建和運營微電網，這對我們來說是一個重要的差異化因素。

We are actively marketing our micro-grid capabilities and are witnessing increasing interest as evidenced by the RFP activity in our markets.

我們正在積極營銷我們的微電網功能，並且見證了越來越多的興趣，我們市場中的 RFP 活動就證明了這一點。

Customers like Pfizer also value CHP attributes of our FuelCell solutions.

像輝瑞這樣的客戶也很看重我們 FuelCell 解決方案的 CHP 屬性。

By generating electricity and heat using the same unit of fuel, CHP configured solutions enhance economics and contribute to sustainability.

通過使用相同單位的燃料發電和供熱，熱電聯產配置的解決方案提高了經濟性並有助於可持續發展。

We are currently constructing more than 16 megawatts of projects in multiple geographic markets.

我們目前正在多個地理市場建設超過 16 兆瓦的項目。

These projects increase recurring service revenues.

這些項目增加了經常性服務收入。

Our power plants are capable of operating in a variety of fuels that include both renewable biogas and directed biogas.

我們的發電廠能夠使用多種燃料運行，包括可再生沼氣和定向沼氣。

Renewable biogas must be clean prior to the use of the fuel source, and our team has developed a proprietary gas cleanup process and equipment.

可再生沼氣在使用燃料源之前必須是清潔的，我們的團隊開發了專有的氣體淨化工藝和設備。

This equipment will be incorporated into our power plants we have installed in the regional water treatment plant operated by the city of Riverside, California.

該設備將併入我們在加利福尼亞州里弗賽德市運營的區域水處理廠中安裝的發電廠。

This ensures the customers equality at one point of contact and demonstrates how our R&D investment is enhancing our value proposition while generating new revenue and margin opportunities.

這確保了客戶在一個接觸點的平等地位，並展示了我們的研發投資如何在產生新的收入和利潤機會的同時增強我們的價值主張。

Expanding the availability of financing options allows us to meet the budget and capital needs of our customers while providing FuelCell Energy with the flexibility to selectively retain projects to maximize revenues, margin, and cash generation over the term of the project.

擴大融資選項的可用性使我們能夠滿足客戶的預算和資本需求，同時為 FuelCell Energy 提供靈活性以選擇性地保留項目以在項目期限內最大化收入、利潤和現金產生。

Financing options avoid capital investment power generation assets, making our projects more attractive to some customers.

融資選擇避免了資本投資發電資產，使我們的項目對一些客戶更具吸引力。

Please turn to slide 9, Utility Scale Project Update.

請轉到幻燈片 9，公用事業規模項目更新。

Large FuelCell parks in South Korea and Connecticut validate the use of our solutions for utility customers wanting to generate affordable, clean, and reliable power in large-scale applications.

韓國和康涅狄格州的大型 FuelCell 園區驗證了我們的解決方案適用於希望在大規模應用中產生負擔得起、清潔且可靠的電力的公用事業客戶。

We see strong interest by utility companies in our preferred resource solutions and value proposition.

我們看到公用事業公司對我們首選的資源解決方案和價值主張表現出濃厚的興趣。

I would like to provide an update on the Beacon Falls project as it was in a public domain and a good example to illustrate the multiple steps of development and why it can take some time to close.

我想提供有關 Beacon Falls 項目的最新信息，因為它處於公共領域，並且是一個很好的例子來說明開發的多個步驟以及為什麼它可能需要一些時間才能關閉。

ONG Industries is the project owner, and Beacon Falls Energy Park is the project developer.

ONG Industries 是項目業主，Beacon Falls Energy Park 是項目開發商。

FuelCell Energy is the designated supplier for all the power plants for the project.

FuelCell Energy是該項目所有電站的指定供應商。

This will be a direct sale of equipment and services, meaning we will recognize revenue as power plants are shipped and installed and will also recognize service revenue over the life of the project.

這將是設備和服務的直接銷售，這意味著我們將在發電廠運輸和安裝時確認收入，並將在項目生命週期內確認服務收入。

The potential value of this project to FuelCell is more than $500 million including both equipment and services.

該項目對 FuelCell 的潛在價值超過 5 億美元，包括設備和服務。

We expect the project will be executed in multiple phases beginning in 2016.

我們預計該項目將從 2016 年開始分多個階段執行。

We've already passed a number of significant milestones.

我們已經跨越了許多重要的里程碑。

We began by associating with partners who have gas plant development experience and own the land.

我們首先與具有天然氣廠開發經驗並擁有土地的合作夥伴建立聯繫。

The team gained local government support while undertaking interconnect study leading to citing counsel approval from the state.

該團隊在進行互連研究時獲得了當地政府的支持，並獲得了州政府的批准。

A property tax stabilization agreement was executed.

執行了財產稅穩定協議。

Contracts have been exchanged between the parties, and the project bid was submitted into the tri-state RFP in January.

雙方已交換合同，項目投標已於 1 月提交給三州 RFP。

The tax stabilization agreement is a reflection of why these projects are highly attractive to the local municipalities.

稅收穩定協議反映了為什麼這些項目對當地市政當局極具吸引力。

The improved property value per square foot generally exceeds by a substantial sum any other productive use for a brownfield, and other projects are constructed relatively quickly, boosting the local tax revenue from what was an empty lot.

每平方英尺改善後的房產價值通常大大超過棕地的任何其他生產性用途，而且其他項目的建設速度相對較快，從而增加了空地的地方稅收。

The tax stabilization agreement recognizes the high per square foot value and adjusted tax payment over the life of the project and fairly represent the value and support project economics.

稅收穩定協議承認每平方英尺的高價值和調整項目生命週期內的稅收，公平地代表價值和支持項目經濟。

On proofs of clean and quiet, these power generation sources can also enhance local power resiliency in the event of storm outages.

根據清潔和安靜的證據，這些發電來源還可以在風暴停電時增強當地的電力彈性。

The next step for the Beacon Falls project is to identify the power offtaker, which is the purpose of bidding into the tri-state RFP, closing on project financing, and commencing construction.

Beacon Falls 項目的下一步是確定電力承購商，目的是投標進入三州 RFP，完成項目融資，並開始建設。

According to the tri-state RFP structure, selection of bidders is to be announced between April 26 and July 26, 2016.

根據三州 RFP 結構，投標人的選擇將於 2016 年 4 月 26 日至 7 月 26 日期間公佈。

Our pipeline of bid projects includes multi-megawatt projects for east and west coast US utilities.

我們的投標項目包括美國東海岸和西海岸公用事業的多兆瓦項目。

Our list of developing projects and active utility RFPs is expanding rapidly, and we expect to bid multiple sites of multi megawatt projects into each RFP.

我們正在開發的項目和活躍的公用事業 RFP 列表正在迅速擴大，我們希望在每個 RFP 中投標多個兆瓦項目的站點。

As an example, the Connecticut Department of Energy and Environmental Protections RFP for Class 1 resources in the range of 2 to 20 megawatts was released yesterday, March 9. We expect to bid multiple projects and have been developing throughout Connecticut in size ranges of up to 20 megawatts.

例如，康涅狄格州能源和環境保護部針對 2 至 20 兆瓦的 1 類資源的 RFP 於昨天（3 月 9 日）發布。我們預計將競標多個項目，並且在整個康涅狄格州開發的規模範圍高達20兆瓦。

Bids for this RFP are due May 4 with selections dated June to July 2016.

此 RFP 的投標截止日期為 5 月 4 日，選擇日期為 2016 年 6 月至 7 月。

We expect the Long Island Power Authority or LIPA to issue an RFP for 40 megawatts of FuelCell generation soon.

我們預計長島電力局或 LIPA 將很快發布 40 兆瓦燃料電池發電的 RFP。

We continue to develop numerous multi megawatt projects for Long Island and recently bid into an RFP that addresses a load pocket shortfall in a specific region.

我們繼續為長島開發眾多多兆瓦項目，並且最近競標解決特定地區負荷缺口的 RFP。

Municipalities and site owners are eager to talk with us.

市政當局和網站所有者渴望與我們交談。

For example, as we've been reporting in the local press referenced on the slide, we are in discussions with the officials in the town of Bristol in central Connecticut to develop a fuel cell park on a vacant brownfield site.

例如，正如我們在幻燈片中引用的當地媒體報導的那樣，我們正在與康涅狄格州中部布里斯托爾鎮的官員討論在空置的棕地上開發燃料電池公園。

We continue to enhance our solutions, investing resources into new offerings and enhancements, including those for utility markets.

我們繼續增強我們的解決方案，將資源投入到新產品和增強功能中，包括用於公用事業市場的產品。

Notable enhancements include advancing our 3.7 megawatt configuration for utilities and data centers that may not have heat application.

顯著的改進包括為可能沒有熱應用的公用事業和數據中心推進我們的 3.7 兆瓦配置。

We can provide 60% electrical efficiency, which rivals much larger combined cycle plans.

我們可以提供 60% 的電力效率，這可以與更大的聯合循環計劃相媲美。

Capacity support as utility scale projects are eligible for capacity payments.

容量支持，因為公用事業規模的項目有資格獲得容量支付。

Kbar support with utilities valued particularly on the outskirts of the service territory.

Kbar 支持公用事業，特別是在服務區域的郊區。

Demand response utilizing multiple plants.

利用多個工廠的需求響應。

Primary frequency response.

初級頻率響應。

Black start capabilities mean that we do not need the grid to be operational to commence power production.

黑啟動功能意味著我們不需要電網運行即可開始發電。

The capabilities dramatically increase the competitiveness and financial returns of our offerings globally.

這些功能極大地提高了我們在全球範圍內的產品的競爭力和財務回報。

Please turn to slide 10, Summary.

請轉到幻燈片 10，摘要。

Our affordable ultra-clean solutions are recognized as preferred resources in our markets.

我們經濟實惠的超潔淨解決方案被公認為我們市場上的首選資源。

The team is working to increase volume and top line revenue by focusing on larger projects and addressing adjacent markets by our common technology platform.

該團隊正致力於通過我們的通用技術平台專注於更大的項目和解決相鄰市場的問題來增加銷量和收入。

We are making solid progress on these initiatives.

我們正在這些舉措上取得穩步進展。

The PNC facility has expanded our access to project capital, giving us greater financial flexibility and support for margin expansion.

PNC 設施擴大了我們獲得項目資本的渠道，為我們提供了更大的財務靈活性和對利潤擴張的支持。

Demand for our solutions is increasing.

對我們解決方案的需求正在增加。

We achieved our third successful quarterly increase in backlog supported by larger projects like Pfizer and by growth and services.

在輝瑞等大型項目以及增長和服務的支持下，我們實現了第三個成功的季度積壓增長。

We've grown the scale of our behind the meter applications highlighted by Pfizer's 5.6 megawatt systems.

我們已經擴大了輝瑞 5.6 兆瓦系統突出顯示的儀表後應用程序的規模。

Customers are choosing our reliable systems for their microgrids.

客戶正在為他們的微電網選擇我們可靠的系統。

We're actively bidding on utility scale RFPs.

我們正在積極競標公用事業規模的 RFP。

While large projects take some time to develop, we are intently focused on advancing multiple large projects to closure.

雖然大型項目需要一些時間來開發，但我們專注於推進多個大型項目直至關閉。

Municipalities are expressing interest in FuelCell parks like Beacon Falls.

市政當局對 Beacon Falls 等 FuelCell 公園表示了興趣。

Production capacity is in place to deliver to the requirements of these numerous projects.

生產能力已經到位，可以滿足這些眾多項目的要求。

Our business model is also aligned to the project contractual and execution requirements.

我們的商業模式也符合項目合同和執行要求。

Prospective utility scale opportunities like Beacon Falls and carbon capture are drivers for undertaking the capacity expansion in North America.

Beacon Falls 和碳捕獲等潛在的公用事業規模機會是在北美進行產能擴張的驅動力。

In terms of the graph on the bottom right, we continue to forecast EBITDA breakeven at 70 megawatts with the appropriate sales mix and net income breakeven at 90 to 100 megawatts annually.

在右下角的圖表中，我們繼續預測 EBITDA 收支平衡為 70 兆瓦，適當的銷售組合和每年 90 至 100 兆瓦的淨收入收支平衡。

The current 100 megawatt capacity of our North American manufacturing facility supports our net income breakeven target.

我們北美製造工廠目前的 100 兆瓦產能支持我們的淨收入盈虧平衡目標。

The second phase of our expansion will provide an additional 100 megawatts of capacity to support further growth.

我們擴建的第二階段將提供額外的 100 兆瓦容量以支持進一步增長。

Operator, we will be happy to take questions at this time.

接線員，此時我們很樂意回答問題。

Thank you.

謝謝你。

(Operator Instructions)

（操作員說明）

Our first question is from Carter Driscoll with FBR.

我們的第一個問題來自 FBR 的 Carter Driscoll。

Hey, guys.

大家好。

Good morning, Carter.

早上好，卡特。

Sorry, multiple calls.

抱歉，多次通話。

I apologize.

我道歉。

Maybe a first question, 9inaudible) the carbon-capture updates.

也許是第一個問題，9 聽不清）碳捕獲更新。

So you've obviously had a nice little additional project.

所以你顯然有一個不錯的小額外項目。

Could you give me an update maybe on the DOE, maybe a site perspective, timing there of when you can pull through some of those?

你能不能給我一個關於 DOE 的更新，也許是一個站點的觀點，以及你什麼時候可以完成其中一些的時間？

Then maybe some other engagements that aren't necessarily apparent to us?

那麼也許其他一些對我們來說不一定顯而易見的約定？

And then I have a couple follow-ups.

然後我有幾個後續行動。

Carter, this is Chip.

卡特，這是奇普。

I will take that one there.

我會把那個拿去那裡。

The most recent announcement was an expansion of what we deemed as using that carbon-capture technology.

最近的公告是擴大我們認為使用碳捕獲技術的範圍。

And also we're looking at opportunities like I said in the oil sands beyond coal and gas, but also for individual other markets such as cement and steel making.

而且我們也在尋找機會，就像我在煤和天然氣以外的油砂中所說的那樣，但也在尋找水泥和煉鋼等其他個別市場的機會。

I just returned from Europe and talking to some people about that there.

我剛從歐洲回來，和那裡的一些人談過這件事。

But the short answer is the coal project is still our number one focus at the moment, and what I've said there is that it will be soon.

但簡短的回答是，煤炭項目目前仍然是我們的首要關注點，而且我說過的是很快就會。

I can't go into more detail than that.

我不能比這更詳細了。

But we do have a defined project.

但我們確實有一個明確的項目。

We're trying to finalize some details and we will announce that soon.

我們正在努力敲定一些細節，我們會很快公佈。

And there will be others in addition to the projects that we announced a couple weeks ago that will follow on from there as well.

除了我們幾週前宣布的項目之外，還會有其他項目將繼續進行。

So to read a little more into that, so you do have a site selection for the DOE, you just can't share it with us currently, is that correct?

所以要多讀一點，所以你確實有 DOE 的選址，只是目前不能與我們分享，對嗎？

Yes, we're in negotiations on those matters, Carter, and there's not much I can say.

是的，我們正在就這些問題進行談判，卡特，我無話可說。

But that project will move forward is the short answer.

但該項目將向前推進是簡短的回答。

Okay, okay.

好吧好吧。

You talked about expecting LIPA to offer its 40 megawatt RFP award soon.

您談到期望 LIPA 很快提供 40 兆瓦的 RFP 合同。

Obviously that's the re-bid from late last year.

顯然，這是去年底的重新出價。

Any thoughts as to timing?

關於時間的任何想法？

I know you talked about soon.

我知道你很快就談到了。

Is that imminent?

那是迫在眉睫嗎？

And your potential participation in there?

你在那裡的潛在參與？

Any additional color would be helpful.

任何額外的顏色都會有所幫助。

Yes, a couple things.

是的，有幾件事。

Specifically to that 40 megawatts, you're correct.

具體到那 40 兆瓦，你是對的。

That's a new solicitation on the back of the solicitation from prior year.

這是在去年徵集活動的基礎上進行的新徵集活動。

And that's imminent to come out, and they typically give you about three months or so to respond to that.

這很快就會出來，他們通常會給你大約三個月的時間來回應。

So I would say that right now from what I understand, that's an announcement of not only the project, but the selection of who might be the winners of that but be a 2016 item.

所以我現在要說的是，據我所知，這不僅是關於項目的公告，也是關於誰可能成為該項目的贏家但成為 2016 年項目的公告。

And we will propose, we have many sites that we have access to land, and we will propose more than 40 megawatts on that particular project.

我們將提議，我們有許多可以使用土地的地點，我們將在該特定項目上提議超過 40 兆瓦。

There are several other active proposals, both submitted and about to be submitted LIPA.

還有其他幾個活躍的提案，都已提交和即將提交 LIPA。

There's a lot going on in addition to the 40 megawatt RFP that will be out shortly, and we're participating in all these different RFPs.

除了即將推出的 40 兆瓦 RFP 之外，還有很多事情要做，我們正在參與所有這些不同的 RFP。

Got it.

知道了。

Lastly, Beacon Falls, it's a very large project for you.

最後，Beacon Falls，這對你來說是一個非常大的項目。

I'm assuming when you talk about 500 megawatts -- I mean $500 million in potential revenue, that seems pretty -- like you're not typically offering any discount to your standard prices.

我假設當你談論 500 兆瓦時——我的意思是 5 億美元的潛在收入，這看起來很不錯——就像你通常不會提供任何標準價格的折扣。

For such a large project, I find that its very positive, but somewhat surprising that there isn't any discount necessarily off of your standard list price.

對於如此大的項目，我發現它非常積極，但有些令人驚訝的是，您的標準標價不一定有任何折扣。

Is that the case, first of all?

首先是這樣嗎？

And what gives you confidence that when it eventually gets bid out that there won't be some of that potential ask back from your partners?

是什麼讓您有信心，當它最終出價時，您的合作夥伴不會有一些潛在的要求？

It's a good question.

這是個好問題。

The way we approach this with our partner ONG was that we first had to put together a very, very good project, both in terms of what the public thought about it and I addressed some of those issues.

我們與我們的合作夥伴 ONG 處理這個問題的方式是，我們首先必須整合一個非常非常好的項目，無論是根據公眾的想法還是我解決了其中的一些問題。

Huge tax revenue.

巨額稅收。

But also we have to be competitive against what else is out there.

但我們也必須與其他東西競爭。

I will tell you that we went into this being very, very aggressive together.

我會告訴你，我們在一起非常非常積極。

We did a lot of work on this collectively.

我們共同為此做了很多工作。

When I say we, the FuelCell Energy team with the ONG folks.

當我說我們時，FuelCell Energy 團隊和 ONG 人員。

We were very aggressive on this, Carter.

卡特，我們對此非常積極。

Basically what we've got is everything is set up.

基本上我們所擁有的是一切都已設置。

If we're the one selected, those discussions are finished, and it just becomes a question of execution.

如果我們被選中，那些討論就結束了，這就變成了執行的問題。

So we're very comfortable with the partner such as ONG, which I said in my script has experience with developing power projects after us being a land owner, and located in Torrington, Connecticut doesn't hurt either.

所以我們對像 ONG 這樣的合作夥伴感到非常滿意，我在我的劇本中說過，在我們成為土地所有者之後，它有開發電力項目的經驗，並且位於康涅狄格州托靈頓也沒有受到傷害。

All that was done up front, so there should be no back-end discussion on those issues.

所有這些都是預先完成的，因此不應該對這些問題進行後端討論。

Understood.

明白了。

I appreciate that.

我很感激。

I will save mine for follow-up.

我會保存我的後續。

Appreciate it.

欣賞它。

Thank you.

謝謝你。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question is from Jeff Osborne with Cowen and Company.

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

Great.

偉大的。

Thanks for all the details on the call.

感謝您提供電話中的所有詳細信息。

Just a couple follow-up questions.

只是幾個後續問題。

Chip, I was wondering if you could give us the status update on NRG, how things are proceeding with that partnership?

Chip，我想知道您是否可以向我們介紹 NRG 的最新狀態，該合作夥伴關係進展如何？

Thank you, Jeff, and good morning.

謝謝你，傑夫，早上好。

First of all, the relationship we have with them hasn't changed in terms of their involvement with us.

首先，就他們與我們的關係而言，我們與他們的關係沒有改變。

They're a facility that a -- Mike, if you can comment on that.

他們是一個設施——邁克，如果你能對此發表評論的話。

Nothing's changed.

什麼都沒有改變。

We're working with them, Jeff, on two things.

傑夫，我們正在與他們合作做兩件事。

One as an investor in some of these projects that we talk about, which I can't say anything more than that, but just as it was before, there's still an interest in that.

作為我們談論的其中一些項目的投資者，我不能說更多，但就像以前一樣，人們仍然對此感興趣。

And secondly, they have assets in some of these places that we're looking at different RFPs and we're working with them on using those sites or coming up with offers for these different RFPs.

其次，他們在其中一些地方擁有資產，我們正在研究不同的 RFP，我們正在與他們合作使用這些網站或為這些不同的 RFP 提供報價。

I'd say it's business as usual.

我會說一切如常。

We're also working with their team frankly in California because they operate assets out there as well, Jeff.

坦率地說，我們也在與他們在加利福尼亞的團隊合作，因為他們也在那裡經營資產，傑夫。

But the RFPs are slightly different there than they are in the east.

但那裡的 RFP 與東部略有不同。

And Jeff, this is Mike.

傑夫，這是邁克。

Just to follow on to what Chip said there.

只是為了跟進奇普在那裡所說的話。

On the project finding side, very active relationship with NRG.

在項目尋找方面，與 NRG 的關係非常活躍。

You will see this in our numbers at the end of calendar year as we close on the PNC financing facility paid back down the NRG debt that we had on the UCI project.

當我們關閉 PNC 融資機制以償還我們在 UCI 項目上的 NRG 債務時，您會在日曆年末的數字中看到這一點。

But then drew down new debt for the project that we're starting to build on balance sheet this year and expect that to continue to grow as we execute on projects like the Pfizer project this year.

但隨後為我們今年開始在資產負債表上建立的項目提取了新債務，並預計隨著我們今年執行輝瑞項目等項目，該項目將繼續增長。

Got it.

知道了。

That's helpful.

這很有幫助。

With all these new growth initiatives you have and the robust level of RFP activity coming to a culmination here over the next couple quarters it sounds like, how should we think about expenses in the near term?

隨著所有這些新的增長計劃以及 RFP 活動的強勁水平在接下來的幾個季度達到高潮，聽起來我們應該如何考慮近期的支出？

In particular you mentioned in the prepared remarks about the R&D level being a bit higher given the high efficiency development, which is part of the -- it's my understanding, the Beacon Falls RFP would include that in the later stages.

特別是你在準備好的評論中提到，考慮到高效開發，研發水平要高一些，這是我的理解，Beacon Falls RFP 將在後期階段包括這一點。

Can you just touch on how we should think about expenses for the calendar year?

你能談談我們應該如何考慮日曆年的開支嗎？

Sure, Jeff.

當然，傑夫。

This is Mike again.

這又是邁克。

As you saw in our results last year, we did ramp up R&D spending.

正如您在去年的結果中看到的那樣，我們確實增加了研發支出。

When you look at sequentially, expenses were up about $300,000 from the fourth quarter last year, but up more from third to the first quarter last year.

按順序看，費用比去年第四季度增加了約 300,000 美元，但從去年第三季度到第一季度增加了更多。

We're comfortable at the level we're at now.

我們對現在的水平感到滿意。

You will see pluses, minuses during the year, but this run rate for this fiscal year, we're comfortable with and don't see any significant ramp in expenses from here.

你會在這一年看到優勢和劣勢，但本財年的運行率，我們很滿意，也不會看到任何顯著的支出增長。

Perfect.

完美的。

(Multiple speakers) Oh, go ahead.

（多個揚聲器）哦，繼續吧。

To add to what Mike said is, on the commercial side of things, we've obviously had expenses as we develop these projects.

補充一下 Mike 所說的，在商業方面，我們在開發這些項目時顯然有費用。

I've mentioned we've added people.

我已經提到我們已經增加了人員。

So those things, I'd expect that run rate to continue at where we're at right now.

所以那些事情，我希望運行率能夠繼續保持在我們現在所處的位置。

So we have the capacity now to respond to these different projects and develop them as our model would suggest.

因此，我們現在有能力響應這些不同的項目，並按照我們的模型所建議的那樣開發它們。

Got it.

知道了。

Last question I had just was on working capital.

我剛才的最後一個問題是關於營運資金的。

Given that there's so many balls in the air right now with decisions coming out over the next, call it easily three to six months, is there a bias to build inventory ahead of that?

考慮到現在有這麼多球懸而未決，下一個決定要出爐，很容易稱之為三到六個月，是否存在提前建立庫存的偏見？

How do you think about that playing out?

你如何看待這場比賽？

Assuming you're awarded Beacon Falls, progresses as planned and one or two of the RFPs in New York pan out in the second half of the year, how do we think about the cash needs of the Company relative to the credit lines that you have and partnerships that you've established so far?

假設您獲得了 Beacon Falls，按計劃取得進展，並且紐約的一兩個 RFP 在下半年取得成功，我們如何考慮公司相對於您擁有的信貸額度的現金需求以及您目前建立的合作夥伴關係？

Sure, Jeff.

當然，傑夫。

Thus is Mike.

邁克就是這樣。

As we said in the remarks, total cash and borrowing availability including restricted cash, about $174 million.

正如我們在評論中所說，包括受限現金在內的總現金和可用借款約為 1.74 億美元。

We added the PNC financing facility in the beginning of the year.

我們在年初增加了 PNC 融資機制。

So we have three projects that will go under that this year.

所以今年我們將進行三個項目。

That's committed financing.

那是承諾的融資。

As far as inventory, what you will see, you will see a potentially a little bit of inventory build, but what you will see is project assets increasing during the year as we're building the Pfizer project and these other smaller 1.4 megawatt projects.

就庫存而言，你會看到，你會看到可能會有一點庫存增加，但你會看到，隨著我們正在建設輝瑞項目和其他較小的 1.4 兆瓦項目，項目資產在這一年中有所增加。

Those will turn to permanent financing later in the year.

這些將在今年晚些時候轉向永久融資。

As I said in my remarks, we expect the Pfizer project to come through revenue recognition or permanent financing late in the year.

正如我在發言中所說，我們預計輝瑞項目將在今年晚些時候通過收入確認或永久融資。

That will be one chunk of activity there.

那將是那裡的一大塊活動。

So comfortable with the cash and borrowing availability that we have today.

對我們今天擁有的現金和借貸能力感到非常滿意。

Okay.

好的。

Just wanted to make sure you're not building up 10, 15, 20 megawatts of inventory here in the near term hoping that one of these things crosses the finish line over the next three months or so.

只是想確保你不會在短期內在這裡建立 10、15、20 兆瓦的庫存，希望其中一個在未來三個月左右的時間裡越過終點線。

No, we have it allocated for what we have in backlog and near-term pipeline execution.

不，我們已將其分配給積壓和近期管道執行中的內容。

Got it.

知道了。

Perfect.

完美的。

Thanks much.

非常感謝。

Thank you.

謝謝你。

I'm showing no further questions at this time.

我現在沒有進一步的問題。

I'd like to turn the call back over to Chip Bottone for closing remarks.

我想將電話轉回給 Chip Bottone 以作結束語。

Thank you.

謝謝你。

Thank you, everybody, for being on the call today.

謝謝大家今天的電話會議。

I think what hopefully you took out of the call is that we do have a lot of stuff going on.

我想你從電話中得到的希望是我們確實有很多事情要做。

We have our hands on it very, very carefully.

我們非常非常小心地處理它。

We have the tools in place.

我們有適當的工具。

Mike talked about the financing.

邁克談到了融資。

Jeff raised some good questions about that.

傑夫對此提出了一些很好的問題。

And I didn't mean, Carter, to be somewhat vague on some of these things, but there's a lot of things that for us are close to the goal line.

卡特，我並不是說要對其中一些事情含糊其詞，但對我們來說，有很多事情都接近目標線。

We're going to work them all, and we don't have to get them all, but if we just get a few of them, that's going to be very good for us.

我們要解決所有這些問題，我們不必全部解決，但如果我們只解決其中的一些問題，那對我們來說非常好。

There will be more to report on over the next few weeks or months, and we look forward to having everybody on the call for the second quarter.

在接下來的幾週或幾個月內會有更多報告，我們期待著在第二季度與大家見面。

Thank you very much and have a great day.

非常感謝，祝你有美好的一天。

Ladies and gentlemen, this concludes today's conference.

女士們，先生們，今天的會議到此結束。

Thanks for your participation.

感謝您的參與。

Have a wonderful day.

祝你有美好的一天。