燃料電池能源 (FCEL) 2021 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to FuelCell Energy Fourth Quarter Earnings Call. (Operator Instructions) Thank you. Now I would like to welcome Mr. Tom Gelston, Senior Vice President of Finance and Investor Relations. Sir, the floor is yours.

女士們先生們，感謝你們的支持，歡迎來到 FuelCell Energy 第四季度財報電話會議。 （操作員說明）謝謝。現在我要歡迎財務和投資者關係高級副總裁 Tom Gelston 先生。先生，地板是你的。

Thank you, Ralph. Good morning, everyone, and thank you for joining us on the call today. As a reminder, this call is being recorded. This morning, FuelCell Energy released our financial results for the fourth quarter and fiscal year 2021. And the earnings press release is available on our Investor Relations section of our website at fuelcellenergy.com. Consistent with our practice, in addition to this call and our press release, we will -- we have posted a slide presentation on our website. This webcast is being recorded and will be available for replay on the company's website approximately 2 hours after we conclude the call.

謝謝你，拉爾夫。大家早上好，感謝您今天加入我們的電話會議。提醒一下，此通話正在錄音中。今天上午，FuelCell Energy 發布了我們第四季度和 2021 財年的財務業績。收益新聞稿可在我們網站上的投資者關係部分獲取，網址為：fuelcellenergy.com。根據我們的做法，除了本次電話會議和我們的新聞稿外，我們將在我們的網站上發布幻燈片演示。該網絡廣播正在錄製中，通話結束大約 2 小時後，可在公司網站上重播。

Before we begin our prepared comments, please direct your attention to the disclosure statement on Slide 2 of the presentation and the disclaimers included in the press release related to forward-looking statements. The discussion today will contain forward-looking statements, including, without limitation, statements with respect to the company's anticipated financial results and statements regarding the company's plans and expectations regarding the continued development, commercialization and financing of its fuel cell technology and its business plans. These forward-looking statements are intended to qualify for safe harbor from liability established by the Private Securities Litigation Reform Act of 1995.

在我們開始準備評論之前，請注意演示文稿幻燈片 2 上的披露聲明以及新聞稿中包含的與前瞻性聲明相關的免責聲明。今天的討論將包含前瞻性陳述，包括但不限於關於公司預期財務結果的陳述以及關於公司對其燃料電池技術及其業務計劃的持續開發、商業化和融資的計劃和預期的陳述。這些前瞻性陳述旨在符合 1995 年《私人證券訴訟改革法案》規定的安全港免責義務。

All statements made on this call, other than statements of historical facts, are forward-looking statements and include statements regarding our anticipated financial and operational performance. Forward-looking statements made on this call represent management's current expectations and are based on information available at the time such statements are made. Forward-looking statements involve numerous known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from any results predicted, assumed or implied by the forward-looking statements. We strongly encourage you to review the information in the reports we file with the SEC regarding the risks and uncertainties, in particular, those that are described in the risk factors section of our annual report on Form 10-K and the cautionary statements concerning forward-looking statements.

除歷史事實陳述外，本次電話會議上的所有陳述均為前瞻性陳述，包括有關我們預期財務和運營業績的陳述。在本次電話會議上做出的前瞻性陳述代表了管理層當前的預期，並基於做出此類陳述時可獲得的信息。前瞻性陳述涉及許多已知和未知的風險、不確定性和其他因素，可能導致我們的實際結果與前瞻性陳述預測、假設或暗示的任何結果存在重大差異。我們強烈建議您查看我們向美國證券交易委員會提交的報告中有關風險和不確定性的信息，特別是在我們的 10-K 表格年度報告的風險因素部分中描述的信息，以及有關前瞻性的警示性聲明。看起來的陳述。

You should also review the section entitled cautionary statements considering forward-looking statements in this morning's earnings press release. During this call, we will use non-GAAP financial matters -- measures when talking about the company's performance and financial condition. In accordance with SEC regulations, you can find a reconciliation of these non-GAAP measures to the comparable GAAP measures in this morning's earnings press release and the reconciliation document posted on our Investor Relations portion of our website.

您還應該在今天上午的收益新聞稿中查看標題為考慮前瞻性陳述的警示性陳述的部分。在本次電話會議中，我們將使用非公認會計原則財務事項——在談論公司業績和財務狀況時衡量。根據美國證券交易委員會的規定，您可以在今天上午的收益新聞稿和我們網站投資者關係部分發布的對賬文件中找到這些非公認會計原則措施與可比公認會計原則措施的對賬。

For our call today, I am joined by Jason Few, FuelCell Energy's President and Chief Executive Officer; and Mike Bishop, Executive Vice President, Chief Financial Officer and Treasurer. Following our prepared remarks, we will be available to take your questions and be joined by other members of the leadership team.

在今天的電話會議中，FuelCell Energy 總裁兼首席執行官 Jason Few 加入了我的行列；以及執行副總裁、首席財務官兼財務主管 Mike Bishop。在我們準備好的評論之後，我們將可以回答您的問題，並與領導團隊的其他成員一起加入。

I will now hand the call over to Jason for opening remarks. Jason?

現在，我將把電話交給 Jason 做開場白。傑森？

Thank you, Tom, and good morning, everyone. Thanks for joining us on our call today. We've just completed a very important year in which we made continued progress against our Powerhouse business strategy. Our fiscal year 2021 was defined by improving execution against our backlog, invested in the capabilities of our global team and working diligently to move technology innovations from the laboratory closer to deployment in commercial applications. As I will share with you today, our updated Powerhouse strategy is on target to move us closer to our next phase of long-term growth, given the milestones we achieved throughout calendar year 2021, underpinning our full growth prospects.

謝謝你，湯姆，大家早上好。感謝您今天加入我們的電話會議。我們剛剛結束了非常重要的一年，在這一年中，我們在 Powerhouse 業務戰略方面取得了持續進展。我們的 2021 財年的定義是針對我們的積壓工作改進執行，投資於我們全球團隊的能力，並努力將技術創新從實驗室轉移到更接近商業應用的部署。正如我今天將與您分享的那樣，鑑於我們在 2021 年全年實現的里程碑，我們更新後的 Powerhouse 戰略目標是使我們更接近下一階段的長期增長，從而支撐我們的全面增長前景。

On our quarterly conference calls, I always like to provide a brief overview of the company, as shown on Slide 3, before getting into the business results for the quarter. FuelCell Energy achieved annual revenue for fiscal year 2021 of almost $70 million, which came from 3 revenue categories, service and license, advanced technologies and generation, all of which represent diversified sources of recurring revenue under multiyear contracts.

在我們的季度電話會議上，我總是喜歡提供公司的簡要概述，如幻燈片 3 所示，然後再介紹本季度的業務結果。 FuelCell Energy 在 2021 財年實現了近 7000 萬美元的年收入，這來自 3 個收入類別：服務和許可、先進技術和發電，所有這些都代表了多年合同下經常性收入的多元化來源。

On the right-hand side of the chart, we have highlighted our marquee customers, many of whom are utilizing our multi-feature FuelCell platforms. Over the past 2 fiscal years, we have had essentially 0 revenues from product sales. However, as we also recently reported, we are expecting orders for at least 20 replacement modules in calendar year 2022 to service existing installations in South Korea.

在圖表的右側，我們突出顯示了我們的大客戶，其中許多人正在使用我們的多功能燃料電池平台。在過去的 2 個財年中，我們的產品銷售收入基本上為 0。然而，正如我們最近報導的那樣，我們預計 2022 日曆年將訂購至少 20 個替換模塊，以服務於韓國的現有裝置。

For perspective, the total value of these orders represents roughly 86% of our 2022 revenues. We are optimistic that we will see meaningful revenues from product sales in Korea on a going-forward basis. We are also looking forward to creating opportunities in other Asian markets as well as select countries in Europe, the Middle East and Africa, where we have made it a priority to target product sales.

從角度來看，這些訂單的總價值約占我們 2022 年收入的 86%。我們樂觀地認為，在未來的基礎上，我們將在韓國看到可觀的產品銷售收入。我們也期待在其他亞洲市場以及歐洲、中東和非洲的選定國家/地區創造機會，我們已將目標產品銷售作為優先事項。

Turning to Slide 4. As a company, we are committed to our purpose of enabling the world to live a life empowered by clean energy. As I have traveled across the globe, most recently in Korea and the Middle East, where I've engaged with prospective customers, government officials, regulators and investors, our purpose is resonating and interest in clean energy is accelerating, an important macro theme for our company. Our versatile systems are able to integrate heat and power creating high energy efficiency levels, while other installations are designed to enable microgrids that enhance grid resiliency and reliability.

轉到幻燈片 4。作為一家公司，我們致力於實現我們的目標，即讓世界過上清潔能源賦予的生活。當我走遍全球時，最近一次是在韓國和中東，在那裡我與潛在客戶、政府官員、監管機構和投資者進行了接觸，我們的目標是引起共鳴，並且對清潔能源的興趣正在加速，這是一個重要的宏觀主題我們公司。我們的多功能係統能夠整合熱能和電力，創造高能效水平，而其他裝置旨在啟用微電網，增強電網彈性和可靠性。

Some applications utilize biofuels, resulting in carbon neutral to carbon-negative power. We anticipate accelerated development of biofuels, renewable natural gas and hydrogen gas blending all of which are usable by our multi-fuel feature platforms, assuring customers that implementing our technology today provides them a clear path to carbon neutral to carbon-negative power utilizing the same platform. We think of this as forward compatible sustainability. The world will always need reliable power, created in an environmentally responsible manner. Grid reliability is an issue of increasing importance around the world, and we are periodically reminded that 24/7 power can't be taken for granted. With our broad product portfolio, FuelCell Energy is uniquely positioned to assist customers with their goal of decarbonizing power and producing hydrogen to meet the challenges of grid reliability.

一些應用使用生物燃料，從而產生碳中性到碳負能量。我們預計生物燃料、可再生天然氣和氫氣混合的加速發展，所有這些都可用於我們的多燃料功能平台，向客戶保證，今天實施我們的技術為他們提供了一條清晰的途徑，即利用相同的碳中和到碳負能量平台。我們認為這是向前兼容的可持續性。世界將永遠需要可靠的電力，以對環境負責的方式創造。電網可靠性在世界範圍內是一個越來越重要的問題，我們會定期提醒我們，不能將 24/7 供電視為理所當然。憑藉我們廣泛的產品組合，FuelCell Energy 具有獨特的優勢，可以幫助客戶實現電力脫碳和製氫的目標，以應對電網可靠性的挑戰。

We believe we can accomplish the goal of decarbonization without harming industry or the economy. And it is critical that developing countries around the world should also participate in economic development alongside industrialized nations. Solutions such as carbon offsets are somewhat disingenuous and, in our view, do not directly address immediate air quality and environmental issues locally where the facilities operate and originate environmentally harmful emissions. FuelCell Energy's technologies provide authentic and local solutions for clean energy that deliver real-time benefits to the communities in which our platforms operate. We do this in a manner which supports high standards of living and economic growth while protecting the environment and adapting to new resource challenges. This purpose drives our strategic focus and the work we are passionate about doing.

我們相信我們可以在不損害工業或經濟的情況下實現脫碳目標。世界各地的發展中國家也應該與工業化國家一起參與經濟發展，這一點至關重要。碳補償等解決方案有些虛偽，在我們看來，並不能直接解決設施運營和產生環境有害排放的當地空氣質量和環境問題。 FuelCell Energy 的技術為清潔能源提供可靠的本地解決方案，為我們平台運營所在的社區帶來實時利益。我們這樣做的方式是支持高水平的生活和經濟增長，同時保護環境和適應新的資源挑戰。這一目的推動了我們的戰略重點和我們熱衷於做的工作。

Next, I would like to turn the discussion to the results and business development during the quarter, summarized on Slide 5. First, I am very pleased with the progress our team has made advancing our long-term goals, including executing on our existing backlog, which should result in growing recurring revenues over time as projects become operational. On the 7.4-megawatt project at the U.S. Navy Submarine Base in Groton, Connecticut, we have resumed commissioning activities after a brief delay to complete some necessary repairs. We expect to complete commissioning and achieve commercial operations by mid-January. Once fully operational, incorporation of this platform into a micro-grid is expected to demonstrate the ability of FuelCell Energy's platforms to increase grid stability and resilience while supporting the U.S. military's effort to fortify base energy supply and demonstrating the Navy's commitment to clean, reliable power.

接下來，我想將討論轉向本季度的結果和業務發展，總結在幻燈片 5 中。首先，我對我們的團隊在推進我們的長期目標方面取得的進展感到非常高興，包括執行我們現有的積壓工作，隨著項目投入運營，這將導致經常性收入隨著時間的推移而增長。對於位於康涅狄格州格羅頓的美國海軍潛艇基地的 7.4 兆瓦項目，我們在短暫延遲後恢復了調試活動，以完成一些必要的維修。我們預計在 1 月中旬完成調試並實現商業運營。一旦全面投入使用，預計將該平台整合到微電網中將展示 FuelCell Energy 平台提高電網穩定性和彈性的能力，同時支持美國軍方加強基礎能源供應的努力，並展示海軍對清潔、可靠電力的承諾.

On-site construction of the 7.4-megawatt utility scale project in Yaphank, Long Island, is materially complete, and the project has achieved mechanical completion. The project is expected to achieve commercial operations on or before December 31, 2021. At our 14-megawatt Derby, Connecticut project, we have largely completed the foundational construction and the balance of plant components have been delivered and installed on site. This utility-scale FuelCell platform will contain 5 SureSource 3000 FuelCell systems that will be installed on engineering platforms alongside the Housatonic River. We are working with the local utility on electrical interconnection, which will serve as a gating item on the ultimate commercial operation date for this project.

長島Yaphank 7.4兆瓦公用事業規模項目現場施工基本完成，項目已實現機械竣工。該項目預計將於2021年12月31日或之前實現商業運營。在我們的康涅狄格州德比14兆瓦項目中，我們已基本完成基礎建設，其餘的工廠組件已交付並現場安裝。這個公用事業規模的 FuelCell 平台將包含 5 個 SureSource 3000 FuelCell 系統，這些系統將安裝在 Housatonic 河沿岸的工程平台上。我們正在與當地公用事業公司就電氣互連進行合作，這將作為該項目最終商業運營日期的門控項目。

For the Toyota project at the Port of Long Beach, a 2.3 megawatt tri-generation platform will produce electricity, hydrogen and water offering a unique set of capabilities from a single platform. FuelCell platform equipment has been built and delivered to the site and civil construction work is underway. When it achieves commercial operations, this power plant will deliver carbon-neutral electricity, green hydrogen and water enabling the customer to avoid water consumption in a region experiencing extreme drought conditions.

對於長灘港的豐田項目，一個 2.3 兆瓦的三聯產平台將通過單一平台生產電力、氫氣和水，提供一系列獨特的功能。 FuelCell平台設備已建成並交付現場，土建工作正在進行中。當它實現商業運營時，該發電廠將提供碳中和電力、綠色氫氣和水，使客戶能夠避免在經歷極端乾旱條件的地區消耗水。

Second, we executed a favorable settlement agreement with POSCO Energy and its subsidiary, Korean fuel cell, reaffirming our access to sell our differentiated platforms for new projects in the Asian market, including South Korea, after the removal of the litigation cloud caused by POSCO Energy's counterclaims. While we believe that we had previously been able to serve this market following our termination of various agreements with POSCO Energy, the litigation with POSCO created market confusion for customers, which made it difficult for us to generate product sales.

其次，我們與 POSCO Energy 及其子公司韓國燃料電池簽訂了有利的和解協議，在消除 POSCO Energy 引起的訴訟雲後，再次確認我們可以在包括韓國在內的亞洲市場銷售我們的差異化平台。反訴。雖然我們認為在終止與 POSCO Energy 的各種協議後我們以前能夠服務於這個市場，但與 POSCO 的訴訟給客戶造成了市場混亂，這使我們難以產生產品銷售。

In addition to clarifying our rights in the Korean and Asian markets, the agreement also includes a commitment to order 20 replacement modules from us during calendar year 2022 to serve existing South Korean operating projects generating $60 million in revenue to the company.

除了明確我們在韓國和亞洲市場的權利外，該協議還包括承諾在 2022 日曆年向我們訂購 20 個替換模塊，以服務於現有的韓國運營項目，為公司帶來 6000 萬美元的收入。

My third key message is that our Powerhouse business strategy is evolving. In the 2 years since we developed the 3 core pillars of transform, strengthen and grow, we have built the durable financial foundation to fund our growth plans. We have also made large strides in growing our production capabilities, while constantly working toward improving operational excellence.

我的第三個關鍵信息是我們的 Powerhouse 業務戰略正在發展。自從我們制定轉型、加強和增長這 3 個核心支柱以來的 2 年中，我們建立了持久的財務基礎，為我們的增長計劃提供資金。我們在提高生產能力方面也取得了長足的進步，同時不斷努力提高運營卓越性。

During the fourth quarter, we continued our year-long effort to increase operational capability. And following the end of the fiscal year, we achieved our goal of increasing the annualized production rate at our Torrington manufacturing facility to 45 megawatts annually using only a single manufacturing shift. Benefiting from our improvement initiatives and other reliability improvements to existing operating platforms, we saw further progress in terms of generation output and uptime across the fleet.

在第四季度，我們繼續進行為期一年的努力以提高運營能力。在本財政年度結束後，我們實現了將托靈頓製造工廠的年化生產率提高到每年 45 兆瓦的目標，僅使用一次製造班次即可。受益於我們的改進計劃和對現有運營平台的其他可靠性改進，我們看到整個船隊在發電量和正常運行時間方面取得了進一步的進展。

Looking ahead, we are turning our sights toward growing, scaling and innovating to attain our ultimate vision of helping achieve a world empowered by clean energy. As an example of that focus, SAGAT SpA, the Torino Airport Management Company and the Snam Group, one of the world's leading energy infrastructure operators based in Italy through its subsidiary, Renovit, which specializes in energy efficiency solutions have signed a term sheet for the construction of a hydrogen-ready fuel cell energy, fuel cell platform to operate in cogeneration mode with a capacity of 1.2 megawatts at the Torino Airport. Although Snam, Renovit and FuelCell Energy have not yet finalized our contract, we are pleased to be part of an innovative solution that will bring the first of its kind platform to Italy that can be fueled with variable percentages of hydrogen blended with natural gas for the combined generation of electricity and heat. This is another example of how FuelCell Energy decarbonizes power and advances the hydrogen economy.

展望未來，我們正將目光轉向增長、擴展和創新，以實現我們幫助實現一個由清潔能源賦能的世界的最終願景。作為這一重點的一個例子，SAGAT SpA、都靈機場管理公司和世界領先的能源基礎設施運營商之一的 Snam 集團通過其專門從事能效解決方案的子公司 Renovit 簽署了一份條款清單。在都靈機場建設一個可用於氫燃料電池能源的燃料電池平台，以熱電聯產模式運行，容量為 1.2 兆瓦。儘管 Snam、Renovit 和 FuelCell Energy 尚未敲定我們的合同，但我們很高興成為創新解決方案的一部分，該解決方案將為意大利帶來首個此類平台，該平台可以使用不同比例的氫氣與天然氣混合作為燃料，用於熱電聯產。這是燃料電池能源如何使電力脫碳並促進氫經濟的另一個例子。

Fourth, we are advancing our sustainability positioning to help customers address climate challenges and reach their sustainability goals. And we are doing this through our commitment to research and development toward the commercialization of our solid oxide power generation, storage and hydrogen electrolysis platform as well as growing our commercial capabilities. We are developing solutions that address major global climate, reliability and resilience issues. FuelCell Energy remains focused on developing and deploying our distributed decarbonized product portfolio solutions for some of the largest global energy opportunities.

第四，我們正在推進我們的可持續發展定位，以幫助客戶應對氣候挑戰並實現其可持續發展目標。我們正在通過致力於研究和開發我們的固體氧化物發電、儲存和氫電解平台的商業化以及提高我們的商業能力來做到這一點。我們正在開發解決主要全球氣候、可靠性和彈性問題的解決方案。 FuelCell Energy 仍然專注於為一些最大的全球能源機會開發和部署我們的分佈式脫碳產品組合解決方案。

And fifth, we continue to strengthen our balance sheet, which enables us to fund our growth and achieve an overall lower cost of capital. To strengthen our liquidity and financial flexibility, in November 2021, we closed on a tax equity financing transaction with Franklin Park for the Yaphank project. Franklin Park's tax equity commitment totals $12.4 million and we received approximately $3.2 million of this commitment.

第五，我們繼續加強我們的資產負債表，這使我們能夠為我們的增長提供資金並實現整體較低的資本成本。為了加強我們的流動性和財務靈活性，我們於 2021 年 11 月與富蘭克林公園就 Yaphank 項目完成了稅收股權融資交易。富蘭克林公園的稅收股權承諾總額為 1240 萬美元，我們收到了大約 320 萬美元的承諾。

In August 2021, we closed on a tax equity financing transaction with East West Bancorp for the Groton Sub Base project with an equity commitment totaling $15 million. And as part of the closing, we drew down $3 million on this commitment. Earlier in the year, we closed on a $10.2 million tax equity sale leaseback financing transaction with Crestmark Equipment Finance for the San Bernardino biofuel project. We also increased our generation operating assets, which is expected to contribute to top line revenue growth. These are just a few transactions we have completed that we believe demonstrate continued support and interest from the financial markets in FuelCell Energy's differentiated technologies and evidence of the strength of recurring revenue from our generation assets. We are committed to disciplined capital allocation to support future growth and market penetration.

2021 年 8 月，我們與 East West Bancorp 就 Groton Sub Base 項目完成了一項稅收股權融資交易，股權承諾總額為 1500 萬美元。作為結案的一部分，我們為此承諾提取了 300 萬美元。今年早些時候，我們與 Crestmark Equipment Finance 就聖貝納迪諾生物燃料項目完成了 1020 萬美元的稅收股權售後回租融資交易。我們還增加了發電運營資產，預計這將有助於收入增長。這些只是我們完成的幾筆交易，我們相信這些交易表明金融市場對 FuelCell Energy 的差異化技術的持續支持和興趣，並證明了我們發電資產的經常性收入的實力。我們致力於嚴格的資本配置，以支持未來的增長和市場滲透。

Next, on Slide 6, I would like to provide some perspective on our settlement agreement with POSCO Energy. The key points to the agreement are that: number one, as we announced in June of 2020 when we terminated our license agreement with POSCO Energy, the settlement agreement clarifies our exclusive right to sell our differentiated technology in relation to new FuelCell projects throughout Asia. This resolution unlocks a path forward for FuelCell Energy and gives customers in South Korea and across Asia, the ability to evaluate our differentiated technologies without concern or confusion about the legal dispute between FuelCell Energy and POSCO Energy. It also provides a timely and clear path for FuelCell Energy to serve the market for fuel cells amid the growing energy transition within South Korea and the broader Asian marketplace.

接下來，在幻燈片 6 中，我想就我們與 POSCO Energy 的和解協議提供一些觀點。該協議的要點是：第一，正如我們在 2020 年 6 月終止與 POSCO Energy 的許可協議時宣布的那樣，和解協議明確了我們在整個亞洲銷售與新燃料電池項目相關的差異化技術的獨家權利。該決議為 FuelCell Energy 開闢了一條前進的道路，使韓國和整個亞洲的客戶能夠評估我們的差異化技術，而無需擔心或混淆 FuelCell Energy 和 POSCO Energy 之間的法律糾紛。在韓國和更廣泛的亞洲市場不斷增長的能源轉型中，它還為 FuelCell Energy 為燃料電池市場提供及時而清晰的途徑。

In South Korea, FuelCell Energy's differentiated technology is a highly desirable choice for utility-scale projects given its high-quality thermal attributes that support the district heating requirements in the country. The South Korean government previously announced an aggressive hydrogen economy road map, which should create exciting opportunities in this market. Further, Japan has also announced goals to expand hydrogen usage cost and supply targets. We look forward to bringing our unique distributed generation and distributed hydrogen platforms to the Asian market as Asia looks to lead in the hydrogen transition.

在韓國，FuelCell Energy 的差異化技術是公用事業規模項目的理想選擇，因為它具有支持該國區域供熱需求的高質量熱特性。韓國政府此前宣布了一項激進的氫經濟路線圖，這應該會在這個市場上創造令人興奮的機會。此外，日本還宣布了擴大氫氣使用成本和供應目標的目標。我們期待將我們獨特的分佈式發電和分佈式氫平台帶到亞洲市場，因為亞洲希望在氫能轉型中處於領先地位。

Also, under our settlement agreement, we affirm that POSCO Energy has no rights to new market opportunities utilizing FuelCell Energy's proprietary technology, and we agreed that the licenses previously held by POSCO have been amended to only allow POSCO Energy the right to service existing POSCO Energy customers to whom they sold FuelCell Energy platform technology. This is an important aspect of the settlement as FuelCell Energy has always been committed to ensuring existing POSCO Energy customers receive the platform market exchanges and services they deserve and paid for through their long-term service agreements with POSCO Energy.

此外，根據我們的和解協議，我們確認 POSCO Energy 無權利用 FuelCell Energy 的專有技術獲得新的市場機會，並且我們同意 POSCO 之前持有的許可證已被修改為僅允許 POSCO Energy 為現有 POSCO Energy 提供服務的權利他們向其出售 FuelCell Energy 平台技術的客戶。這是和解的一個重要方面，因為 FuelCell Energy 一直致力於確保現有 POSCO Energy 客戶通過與 POSCO Energy 的長期服務協議獲得他們應得的平台市場交換和服務。

Finally, the settlement with POSCO Energy means all current or potential disputes between FuelCell Energy and POSCO Energy with respect to the license agreements and the various legal proceedings between the parties are fully and finally settled with the exception of 2 small disputes, which the parties are working to resolve that had no bearings on the intellectual property rights or market access. In addition, POSCO Energy must release its Korean court attachments as part of the settlement, and FuelCell Energy expects to receive approximately $11.2 million when completed in the near term.

最後，與 POSCO Energy 的和解意味著 FuelCell Energy 和 POSCO Energy 之間關於許可協議以及雙方之間的各種法律程序的所有當前或潛在爭議均已完全並最終得到解決，但雙方的兩個小爭議除外。努力解決與知識產權或市場准入無關的問題。此外，作為和解的一部分，POSCO Energy 必須釋放其韓國法院附件，FuelCell Energy 預計在近期完成後將獲得約 1120 萬美元。

The upshot of all of this is that FuelCell Energy will once again be able to compete on an equal footing to deliver differentiated decarbonized power platform solutions to the Korean market and across Asia. We are extremely pleased to have reached a favorable agreement with POSCO Energy, clarifying full access to the Asian market for FuelCell Energy and ensuring the needs of existing POSCO Energy customers are met. We are excited to have changed the marketplace now and the legal uncertainties have been removed and look forward to expanding our geographic reach throughout Asia.

所有這一切的結果是，FuelCell Energy 將再次能夠在平等的基礎上競爭，為韓國市場和整個亞洲提供差異化的脫碳電力平台解決方案。我們非常高興與 POSCO Energy 達成了有利的協議，明確了 FuelCell Energy 完全進入亞洲市場並確保現有 POSCO Energy 客戶的需求得到滿足。我們很高興現在改變了市場，法律不確定性已經消除，並期待擴大我們在亞洲的地理覆蓋範圍。

I have said a lot about the Asian market. But to be clear, we believe there will be growth in all the geographies we serve, including North America and Europe, for the 4 major technology FuelCell Energy either currently offers or is in the process of commercializing -- distributed power, distributed hydrogen, electrolysis and long duration energy storage and carbon capture.

關於亞洲市場，我已經說了很多。但需要明確的是，我們相信在我們服務的所有地區，包括北美和歐洲，燃料電池能源目前提供或正在商業化的 4 種主要技術——分佈式電力、分佈式氫、電解以及長時間的能量儲存和碳捕獲。

As you'll see on Slide 7, we continue to advance our research and development of our existing carbon and fuel cell platforms' efficiency and capability to carbon capture from over -- from our external source while also producing power. Our proprietary carbon capture solution is the only solution that we know of that captures carbon from an external source and produces power rather than consuming it and is also capable of producing hydrogen for distributed applications. We also can directly capture carbon from our own SureSource power platform for carbon utilization and our sequestration and when operating in carbon separation mode, our platform delivers one of the lowest emission profiles of any baseload generation platform.

正如您將在幻燈片 7 中看到的那樣，我們繼續推進我們現有碳和燃料電池平台的效率和能力的研究和開發，以從外部來源進行碳捕獲，同時還產生電力。我們專有的碳捕獲解決方案是我們所知道的唯一一種從外部來源捕獲碳並產生電力而不是消耗它的解決方案，並且還能夠為分佈式應用生產氫氣。我們還可以直接從我們自己的 SureSource 電力平台捕獲碳以進行碳利用和封存，並且在碳分離模式下運行時，我們的平台提供了任何基本負荷發電平台中最低的排放曲線之一。

We have increased our commitment to R&D focused on the commercialization of our solid oxide power generation, electrolysis and hydrogen storage platforms as well as growing our commercial capabilities. We are also executing programs to develop reversible solid oxide systems for long-duration energy storage and very high-efficiency solid oxide power generation systems. We believe that a hydrogen-based energy storage solution is environmentally superior to a mineral-based storage system such as lithium-ion batteries. We believe that each of these areas has a large total addressable market opportunity for which we are working to position the company to benefit.

我們加大了對研發的投入，專注於固體氧化物發電、電解和儲氫平台的商業化，以及提高我們的商業能力。我們還正在執行計劃，以開髮用於長期儲能的可逆固體氧化物系統和非常高效的固體氧化物發電系統。我們相信氫基儲能解決方案在環境上優於鋰離子電池等礦物基儲能係統。我們相信，這些領域中的每一個都有巨大的潛在市場機會，我們正在努力使公司從中受益。

And now I will turn the call over to Mike to discuss our financial results in more detail. Mike?

現在我將把電話轉給邁克，以更詳細地討論我們的財務業績。麥克風？

Thank you, Jason, and thanks to all that have joined our call today. You have now had the opportunity to hear from Jason about our strength and foundation and a product portfolio that is well positioned for future growth with a significant market opportunity. I'm now going to walk through our financial results for this quarter.

謝謝你，傑森，也感謝今天加入我們電話會議的所有人。您現在有機會從 Jason 那裡了解我們的實力和基礎，以及為未來增長做好準備並擁有重要市場機會的產品組合。我現在將介紹本季度的財務業績。

Please turn to the financial highlights shown on Slide 9. In the fourth quarter of fiscal year 2021, we reported revenues of $13.9 million compared to $17 million in the fourth quarter of fiscal year 2020. Looking at revenue drivers by category. Service and license revenues decreased to a loss of $100,000 from $5.4 million in the comparable prior year quarter. The decrease in revenue is primarily due to the fact there were no module exchanges in the fourth quarter of fiscal 2021. The company also recorded a $1 million reduction in service revenues as a result of higher future cost estimates related to future module exchanges compared to the company's prior estimates, which more than offset revenue recognized in the quarter.

請轉到幻燈片 9 上顯示的財務亮點。在 2021 財年第四季度，我們報告的收入為 1390 萬美元，而 2020 財年第四季度為 1700 萬美元。按類別查看收入驅動因素。服務和許可收入從去年同期的 540 萬美元降至 10 萬美元的虧損。收入下降的主要原因是 2021 財年第四季度沒有模塊更換。由於與未來模塊更換相關的未來成本估計高於之前的公司先前的估計，這超過了該季度確認的收入。

Generation revenues increased 31% to $6.7 million from $5.1 million primarily due to higher operating output of the generation fleet portfolio as a result of investments in maintenance activities and an increase in the size of the fleet. Advanced technology contract revenues increased 14% to $7.3 million from $6.4 million. Revenues recognized under the joint development agreement with ExxonMobil Research and Engineering Company, or EMRE, increased by approximately $0.4 million, reflecting continued performance under our carbon capture research joint development agreement with EMRE during the quarter. The increase in Advanced Technology contract revenues also reflects an increase in revenue recognized under government contracts of $0.5 million.

發電收入從 510 萬美元增長 31% 至 670 萬美元，這主要是由於對維護活動的投資和船隊規模的擴大導致發電車隊投資組合的運營產出增加。先進技術合同收入從 640 萬美元增長 14% 至 730 萬美元。根據與埃克森美孚研究與工程公司 (EMRE) 的聯合開發協議確認的收入增加了約 40 萬美元，反映了本季度我們與 EMRE 的碳捕獲研究聯合開發協議的持續表現。先進技術合同收入的增加也反映了政府合同確認的收入增加了 50 萬美元。

Gross loss for the fourth quarter of fiscal year 2021 totaled $8.4 million compared to a gross loss of $8 million in the comparable prior year quarter. The higher gross loss was a result of impairment charges of $2.8 million related to the Toyota project, $1.8 million related to development costs of 2 projects no longer being pursued and $400,000 related to the company's Triangle Street project. We also incurred cost estimate adjustments related to future module replacements, which resulted in a negative margin impact of approximately $2.6 million. Partially offsetting these charges and adjustments were improved generation gross margin primarily related to an increase in revenues, a decrease in depreciation expense and higher advanced technologies gross margin, primarily related to the mix of funded contracts in the quarter.

2021 財年第四季度的總虧損為 840 萬美元，而去年同期的總虧損為 800 萬美元。較高的毛損失是由於與豐田項目相關的 280 萬美元的減值費用、與不再進行的 2 個項目的開發成本相關的 180 萬美元以及與公司的三角街項目相關的 400,000 美元造成的。我們還進行了與未來模塊更換相關的成本估算調整，這導致了大約 260 萬美元的負面利潤影響。部分抵消這些費用和調整的是發電毛利率的提高，這主要與收入的增加、折舊費用的減少和更高的先進技術毛利率有關，這主要與本季度的融資合同組合有關。

Operating expenses for the fourth quarter of fiscal 2021 increased to $14.2 million from $9.1 million in the fourth quarter of fiscal 2020. Administrative and selling expenses in the fourth quarter of 2021 included higher legal expenses associated with tax equity financings and additional share-based compensation expense due to grants made under our long-term incentive plan.

2021 財年第四季度的運營費用從 2020 財年第四季度的 910 萬美元增加到 1420 萬美元。2021 年第四季度的行政和銷售費用包括與稅收股權融資相關的更高法律費用和額外的股權激勵費用由於根據我們的長期激勵計劃提供的贈款。

Research and development expenses of $3.5 million in the fourth quarter of 2021 reflect increased spending on the company's hydrogen commercialization initiatives compared to the prior year period. The net loss from operations totaled $22.6 million in the fourth quarter of 2021 compared to $17.1 million in the comparable prior year period. Net loss was $24.2 million in the fourth fiscal quarter of 2021 compared to a net loss of $18.9 million in Q4 2020 due to higher operating expenses and a higher gross loss for the fourth quarter of 2021 compared to the fourth quarter of 2020.

2021 年第四季度 350 萬美元的研發費用反映了與去年同期相比，該公司在氫商業化計劃上的支出增加。 2021 年第四季度的運營淨虧損總額為 2260 萬美元，而去年同期為 1710 萬美元。 2021 年第四季度的淨虧損為 2420 萬美元，而 2020 年第四季度的淨虧損為 1890 萬美元，原因是與 2020 年第四季度相比，2021 年第四季度的運營費用和總虧損更高。

The fourth quarter of 2020 included a $2.2 million favorable adjustment for the fair value of common stock warrants issued to the lenders under the company's now extinguished credit facility with Orion Energy Partners Investment Agent and its affiliated lenders and the fourth quarter of 2021 included lower interest expense as a result of the early repayment of all amounts owed under the Orion credit facility.

2020 年第四季度包括對根據該公司與 Orion Energy Partners Investment Agent 及其附屬貸方的現已失效的信貸安排向貸方發行的普通股認股權證的公允價值進行 220 萬美元的有利調整，並且 2021 年第四季度包括較低的利息費用由於提前償還了 Orion 信貸額度下的所有欠款。

The net loss per share attributable to common stockholders in the fourth quarter of 2021 was $0.07 compared to $0.08 in the comparable prior year quarter. The lower net loss per common share was primarily due to higher weighted average shares outstanding due to share issuances since October 31, 2020, partially offset by the higher net loss attributable to common stockholders.

2021 年第四季度歸屬於普通股股東的每股淨虧損為 0.07 美元，而去年同期為 0.08 美元。每股普通股淨虧損減少主要是由於自 2020 年 10 月 31 日以來發行的股票導致加權平均流通股增加，部分被普通股股東應占淨虧損增加所抵消。

Adjusted EBITDA totaled negative $11.9 million in the fourth quarter of 2021 compared to adjusted EBITDA of negative $8.6 million in the fourth quarter of 2020. Please see the discussion of non-GAAP financial measures, including EBITDA and adjusted EBITDA as well as applicable reconciliations in the appendix at the end of our earnings release.

2021 年第四季度調整後 EBITDA 總計為負 1190 萬美元，而 2020 年第四季度調整後 EBITDA 為負 860 萬美元。請參閱非公認會計原則財務措施的討論，包括 EBITDA 和調整後 EBITDA 以及適用的調節表附錄在我們的收益發布末尾。

Now turning to the full fiscal year. Revenues decreased 2% to $69.6 million, primarily as a result of lower service revenues which were partially offset by higher generation revenues. Service and license revenues decreased 21% to $19.8 million. In fiscal year 2020, it included $4 million of license revenues associated with the EMRE joint development agreement and license revenues of $0.7 million related to the now amended POSCO Energy license agreements, while there was no comparable license revenues recognized in this fiscal year 2021.

現在轉向整個財政年度。收入下降 2% 至 6,960 萬美元，主要是由於服務收入下降，但部分被較高的發電收入所抵消。服務和許可收入下降 21% 至 1980 萬美元。在 2020 財年，它包括與 EMRE 聯合開發協議相關的 400 萬美元的許可收入和與現已修訂的 POSCO Energy 許可協議相關的 70 萬美元的許可收入，而在 2021 財年沒有確認可比的許可收入。

Generation revenues increased 20% to $24 million, reflecting a larger operating portfolio, improved operating output of the generation fleet and sales of renewable energy credits. Advanced technology contract revenues of $25.8 million were consistent with the revenues of the prior fiscal year. Loss from operations in fiscal 2021 totaled $64.9 million compared to a loss of $39.2 million in fiscal year 2020. Net loss in fiscal '21 totaled $101 million compared to a net loss of $89.1 million in fiscal year 2020. Adjusted EBITDA in fiscal '21 was negative $35.7 million compared to negative $17.7 million in fiscal 2020. Net loss per basic and diluted share attributable to common stockholders for 2021 was $0.31 compared to $0.42 in fiscal 2020.

發電收入增長 20% 至 2400 萬美元，這反映了更大的運營組合、發電機隊的運營輸出和可再生能源信用額的銷售。 2580 萬美元的先進技術合同收入與上一財年的收入一致。 2021 財年的運營虧損總額為 6490 萬美元，而 2020 財年的虧損為 3920 萬美元。21 財年的淨虧損總額為 1.01 億美元，而 2020 財年的淨虧損為 8910 萬美元。21 財年的調整後 EBITDA 為負 3570 萬美元，而 2020 財年為負 1770 萬美元。2021 年歸屬於普通股股東的基本和稀釋後每股淨虧損為 0.31 美元，而 2020 財年為 0.42 美元。

Next, please turn to Slide 10 for additional details on our financial performance and backlog. The chart on the left-hand side of the slide graphically shows the numbers we just reviewed for the fourth quarters of fiscal years '20 and '21. Looking at the right-hand side of the slide, we finished the quarter with a backlog that was largely unchanged year-over-year at approximately $1.29 billion, reflecting continued execution and adjustments to our generation backlog, primarily resulting from module exchanges with higher future output and expected revenues and the inclusion of the 2.8-megawatt Derby, Connecticut project, which was awarded in fiscal '21. Advanced Technology backlog reflects new contracts from the U.S. Department of Energy, partially offset by work performed under our joint development agreement with EMRE.

接下來，請轉到幻燈片 10，了解有關我們財務業績和積壓工作的更多詳細信息。幻燈片左側的圖表以圖形方式顯示了我們剛剛審查的 20 財年和 21 財年第四季度的數字。從幻燈片的右側看，我們在本季度結束時的積壓訂單與去年同期相比基本保持不變，約為 12.9 億美元，這反映了我們對發電積壓的持續執行和調整，主要是由於未來更高的模塊交換產出和預期收入，以及康涅狄格州德比的 2.8 兆瓦項目，該項目於 21 財年授予。先進技術積壓反映了美國能源部的新合同，部分被我們根據與 EMRE 的聯合開發協議執行的工作所抵消。

Turning to Slide 11, I will build upon Jason's comments on our enhanced liquidity. In the fourth fiscal quarter of 2021, we closed a tax equity sale-leaseback financing transaction with Crestmark Equipment Financing for the San Bernardino project, and a tax equity partnership flip transaction with East West Bancorp for the U.S. Navy Submarine Base project in Groton, Connecticut. Subsequent to the end of the fourth fiscal quarter, we also announced a tax equity financing transaction with Franklin Park for our LIPA-Yaphank project. These financings further enhance our liquidity position. Also as discussed last quarter, we had at the market sales of our common stock in the third and fourth fiscal quarters of 2021, which resulted in net proceeds of approximately $369.7 million.

轉到幻燈片 11，我將在 Jason 對我們增強的流動性的評論的基礎上再接再厲。在 2021 年第四財季，我們與 Crestmark Equipment Financing 就聖貝納迪諾項目完成了稅務股權售後回租融資交易，並與 East West Bancorp 就位於康涅狄格州格羅頓的美國海軍潛艇基地項目完成了稅務股權合夥翻轉交易.在第四財季末，我們還宣布與富蘭克林公園就我們的 LIPA-Yaphank 項目進行稅收股權融資交易。這些融資進一步增強了我們的流動性狀況。同樣如上個季度所討論的，我們在 2021 年第三和第四財季在市場上出售了普通股，淨收益約為 3.697 億美元。

All these actions are consistent with our Powerhouse business strategy to strengthen liquidity with the goal of enabling us to focus on executing our business plan. As of October 31, 2021, we had total cash and cash equivalents of approximately $460.2 million, this total includes approximately $432.2 million of unrestricted cash and cash equivalents, represented by the blue bar on the chart in the center of the slide and $28 million of restricted cash and cash equivalents represented by the green bar.

所有這些行動都符合我們加強流動性的 Powerhouse 業務戰略，目標是使我們能夠專注於執行我們的業務計劃。截至 2021 年 10 月 31 日，我們的現金和現金等價物總額約為 4.602 億美元，其中包括約 4.322 億美元的非限制性現金和現金等價物，由幻燈片中間圖表上的藍色條表示，以及 2800 萬美元的非限制性現金和現金等價物。綠色條表示的受限現金和現金等價物。

On the right-hand side of the slide is a chart illustrating our total project assets, which make up our company-owned generation portfolio. We intend to continue to develop, construct and grow our portfolio of project assets. Investments to date reflect capital spent on completed operating projects represented by the gray bar and capital spent on projects currently in development and construction represented by the blue bar.

幻燈片右側的圖表說明了我們的項目總資產，這些資產構成了我們公司擁有的發電投資組合。我們打算繼續開發、建設和發展我們的項目資產組合。迄今為止的投資反映了用於已完成運營項目的資本（以灰色條表示）和用於當前開發和建設項目的資本（以藍色條表示）。

At the end of the fourth quarter of fiscal year 2021, our gross project assets totaled approximately $243.1 million, which excludes accumulated depreciation. As detailed on Slide 21 in the appendix of this presentation, our generation portfolio totaled 75.3 megawatts as of October 31, 2021. This includes 34 megawatts of operating assets and 41.3 megawatts of projects in process. As projects in process begin commercial operation, they are expected to contribute higher revenue and adjusted EBITDA. Additionally, as these future projects come online, we expect to seek additional long-term tax equity financing, such as the examples I previously discussed as well as back leverage debt transactions to further recycle capital back into the business. We are pleased with the progress we have made this past quarter. And from a financial perspective, we believe we are well positioned to invest in capabilities to support the near-term growth and product commercialization opportunities.

截至 2021 財年第四季度末，我們的項目總資產總額約為 2.431 億美元，其中不包括累計折舊。如本演示文稿附錄中的幻燈片 21 所述，截至 2021 年 10 月 31 日，我們的發電組合總計 75.3 兆瓦。這包括 34 兆瓦的運營資產和 41.3 兆瓦的在建項目。隨著在建項目開始商業運營，預計它們將貢獻更高的收入和調整後的 EBITDA。此外，隨著這些未來項目的上線，我們預計將尋求額外的長期稅收股權融資，例如我之前討論的示例以及反向槓桿債務交易，以進一步將資本回收到業務中。我們對上個季度取得的進展感到高興。從財務角度來看，我們相信我們有能力投資於支持近期增長和產品商業化機會的能力。

I will now turn the call back over to Jason to further discuss these initiatives. Jason?

我現在將把電話轉給 Jason，以進一步討論這些舉措。傑森？

Thanks, Mike. Next on Slide 12 is our Powerhouse business strategy that we introduced in January of 2020 when I was relatively new to the position of CEO. This strategy was originally developed to provide guideposts for our turnaround as we reposition FuelCell Energy to capitalize on the energy transition. And I think it has served us well. Because we have made substantial progress in achieving the key initiatives reflected in the transform and strengthen phase of our strategy, it is time for the Powerhouse business strategy to evolve.

謝謝，邁克。幻燈片 12 上的下一個是我們在 2020 年 1 月推出的 Powerhouse 業務戰略，當時我還是相對較新的 CEO。該戰略最初旨在為我們的轉型提供指導，因為我們重新定位 FuelCell Energy 以利用能源轉型。我認為它對我們很有幫助。由於我們在實現戰略轉型和加強階段所反映的關鍵舉措方面取得了實質性進展，因此是時候發展 Powerhouse 業務戰略了。

On Slide 13, allow me to present the next iteration of Powerhouse. Our strategy to use the next phase of the company's journey toward long-term growth. Grow -- we want to pursue growth in markets in customer segments where we see significant opportunities and where we expect to win. Scale -- to achieve growth, we plan to scale our existing platforms by investing, extending and deepening our leadership and total human capital across the organization. Innovate -- over our 50-year history, we have never stopped innovating. We plan to continue to innovate for the future to enable our participation in the growth of the hydrogen economy and carbon capture.

在幻燈片 13 上，請允許我介紹 Powerhouse 的下一次迭代。我們利用公司下一階段實現長期增長的戰略。增長——我們希望在我們看到重大機遇和預期獲勝的客戶細分市場中尋求增長。規模——為了實現增長，我們計劃通過投資、擴展和深化我們的領導力和整個組織的總人力資本來擴展我們現有的平台。創新——在我們 50 年的歷史中，我們從未停止過創新。我們計劃在未來繼續創新，以使我們能夠參與氫經濟和碳捕集的發展。

Slide 14. Hopefully, we have been clear today and over the past several quarters about the importance of directing some of our improved liquidity toward investments to achieve future growth. The key areas for investment include continuing to execute against our project backlog. As we complete projects and expand our generation portfolio, we expect to generate higher revenue. We are also keenly focused on making investments toward advancing our solid oxide platform and carbon capture solutions to commercial deployment.

幻燈片 14。希望我們今天和過去幾個季度已經清楚將我們改善的部分流動性用於投資以實現未來增長的重要性。投資的關鍵領域包括繼續執行我們的項目積壓。隨著我們完成項目並擴大我們的發電組合，我們預計會產生更高的收入。我們還非常專注於投資，將我們的固體氧化物平台和碳捕獲解決方案推向商業部署。

In order to be ready for expected demand, including the product orders discussed during our call today, we met our annualized production rate target of 45 megawatts, up from 17 megawatts at the end of fiscal year 2020. With our focus on manufacturing excellence, we have made strides in continued adoption of lean manufacturing principles and implementation of advanced automation technologies where feasible. Talent and expertise are what make success possible. Therefore, across all areas of the business, we have recruited for key capabilities, including engineering, manufacturing and sales, support and marketing, just to name a few.

為了為預期需求做好準備，包括今天電話會議中討論的產品訂單，我們實現了 45 兆瓦的年生產率目標，高於 2020 財年末的 17 兆瓦。我們專注於卓越製造，我們在繼續採用精益製造原則和在可行的情況下實施先進的自動化技術方面取得了長足的進步。才能和專業知識使成功成為可能。因此，在業務的所有領域，我們都招聘了關鍵能力，包括工程、製造和銷售、支持和營銷，僅舉幾例。

Next, on Slide 15, we are providing estimates of the investments required to achieve our goal. While our expected CapEx and R&D expense represent a significant increase, I think I have made clear our position that we are at a unique point in time as the world shifts away from traditional energy resources toward lower carbon solutions, hydrogen, carbon capture and distributed generation, improving grid resiliency and reliability and providing commercial and industrial customers with authentic decarbonization solutions that address Scope 1, 2 and 3 emissions while improving overall air quality. We think our solid oxide technology can also play an important role facilitating the adoption of alternative energy sources, such as wind and solar. Given their inherent intermittency and our carbon capture solutions is focused on addressing the hardest to electrify industries. We believe that large-scale investments should enable fuel cell energy to meet the market's need in the medium and long term.

接下來，在幻燈片 15 上，我們提供了實現目標所需的投資估算。雖然我們預期的資本支出和研發費用將顯著增加，但我認為我已經明確了我們的立場，即隨著世界從傳統能源轉向低碳解決方案、氫、碳捕獲和分佈式發電，我們正處於一個獨特的時間點，提高電網彈性和可靠性，並為商業和工業客戶提供真正的脫碳解決方案，解決範圍 1、2 和 3 排放問題，同時改善整體空氣質量。我們認為，我們的固體氧化物技術也可以在促進採用風能和太陽能等替代能源方面發揮重要作用。鑑於其固有的間歇性，我們的碳捕獲解決方案專注於解決最難實現電氣化的行業。我們認為，大規模的投資應該能夠讓燃料電池能源滿足中長期市場的需求。

Thus, we have determined in connection with the evolution of our business strategy, that we will focus on continued investments to achieve long-term growth rather than focusing on shorter-term financial metrics such as revenue growth and adjusted EBITDA. In fiscal year 2022, we expect to invest $40 million to $50 million in capital expenditures to enhance our manufacturing and business systems. We also expect to invest $45 million to $55 million to accelerate commercialization of our advanced technology solutions.

因此，我們已確定與我們業務戰略的演變相關，我們將專注於持續投資以實現長期增長，而不是專注於收入增長和調整後 EBITDA 等短期財務指標。在 2022 財年，我們預計將投資 4000 萬至 5000 萬美元用於資本支出，以增強我們的製造和業務系統。我們還預計投資 4500 萬至 5500 萬美元，以加速我們先進技術解決方案的商業化。

When we established our Powerhouse business strategy, a core focus of the transform pillar was to pay off debt and strengthen the balance sheet. As our Powerhouse business strategy evolves, we are pivoting to focus on growth, and we intend to focus on continued investment in the company to achieve long-term growth. The energy transition is happening at an accelerated pace, and we believe our platform technologies will play a role in helping the global society achieve our collective sustainability goals. Thus, we are moving forward with these investments in fiscal year 2022 because we believe it enhances the company's ability to capture more of the total available market growth opportunity in the future.

當我們制定 Powerhouse 業務戰略時，轉型支柱的核心重點是償還債務和加強資產負債表。隨著我們 Powerhouse 業務戰略的發展，我們正在轉向專注於增長，我們打算專注於對公司的持續投資以實現長期增長。能源轉型正在加速進行，我們相信我們的平台技術將在幫助全球社會實現我們的集體可持續發展目標方面發揮作用。因此，我們將在 2022 財年推進這些投資，因為我們相信這將增強公司在未來抓住更多可用市場增長機會的能力。

Looking at Slide 16, we are focused on commercializing new technologies during this very unique period of time, which we believe presents an opportunity to invest in the hydrogen economy transition. We believe that making investments today will deliver stronger long-term results to our shareholders and create a more (inaudible) company. I'm very pleased to announce that in March of 2022, we will host a virtual Investor Day to give a much deeper explanation of our strategy to bring new technologies to market. At that time, we will be able to share more details on our overall strategy.

看看幻燈片 16，我們專注於在這個非常獨特的時期內將新技術商業化，我們認為這為投資氫經濟轉型提供了機會。我們相信，今天進行投資將為我們的股東帶來更強勁的長期成果，並創建一家更加（聽不清）的公司。我很高興地宣布，我們將在 2022 年 3 月舉辦虛擬投資者日，以更深入地解釋我們將新技術推向市場的戰略。屆時，我們將能夠分享有關我們整體戰略的更多細節。

In the meantime, we will continue working every day to accomplish the things necessary for success, serving our customers, retaining and recruiting world-class human capital, executing on project backlog, further expanding and improving manufacturing capacity, winning new business around the world, recycling projects funding to reduce our cost of capital, thoughtfully deploying capital in support of future growth, working toward product commercialization and innovation to improve manufacturing cost and product performance and overall levelized cost of energy, delivering differentiated decarbonization solutions and hydrogen platforms, and investing in our marketing presence and capabilities.

與此同時，我們將繼續每天工作以完成成功所必需的事情，為客戶服務，留住和招聘世界一流的人力資本，執行項目積壓，進一步擴大和提高製造能力，在全球贏得新業務，回收項目資金以降低我們的資本成本，精心配置資本以支持未來增長，致力於產品商業化和創新，以提高製造成本和產品性能以及能源的整體平準化成本，提供差異化的脫碳解決方案和氫平台，並投資於我們的營銷存在和能力。

Finally, to conclude my remarks on Slide 17, we have executed several strategic actions to strengthen our balance sheet, enhance liquidity and reduce our cost of borrowing, which we believe have positioned the company well to execute on our growth strategy. I am backed by an exceptional team, and we continue to add talent across the company. We are focused on taking care of our customers, achieving our financial goals and continually building upon our operational excellence while adhering to our core purpose.

最後，結束我對幻燈片 17 的評論，我們已經執行了幾項戰略行動，以加強我們的資產負債表、增強流動性並降低我們的借貸成本，我們認為這使公司能夠很好地執行我們的增長戰略。我得到了一支傑出團隊的支持，我們將繼續在公司範圍內增加人才。我們專注於照顧我們的客戶，實現我們的財務目標，並在堅持我們的核心目標的同時不斷建立我們的卓越運營。

Our technologies have a key role to play in our collective global goal of decarbonizing the grid, developing the hydrogen economy and supporting existing energy and industrial infrastructure investments with differentiated carbon capture solutions. Taken all together, our solutions are attacking Scope 1, 2 and 3 emissions. Our Powerhouse strategy has evolved to focus on long-term growth, achieving scale and innovating for the future.

我們的技術在我們實現電網脫碳、發展氫經濟以及通過差異化的碳捕獲解決方案支持現有能源和工業基礎設施投資的全球集體目標中發揮著關鍵作用。總而言之，我們的解決方案正在攻擊範圍 1、2 和 3 排放。我們的 Powerhouse 戰略已經發展為專注於長期增長、實現規模和為未來創新。

Finally, we intend to be a leader in sustainability and environmental stewardship by delivering on sustainability through our technology and the full circular life of our platforms.

最後，我們打算通過我們的技術和平台的完整循環生命實現可持續發展，成為可持續發展和環境管理的領導者。

I will now turn it over to the operator to begin Q&A.

我現在將它交給接線員開始問答。

(Operator Instructions) Your first question is from the line of Colin Rusch from Oppenheimer.

（操作員說明）您的第一個問題來自 Oppenheimer 的 Colin Rusch。

This is Joe Beninati on for Colin. So given your change in R&D -- given the change in R&D and CapEx spending, could you detail which of the newer products are going to be a primary focus? How we should think about time to market and then finally, plans for reaching EBITDA breakeven?

這是科林的喬·貝尼納蒂。因此，鑑於您在研發方面的變化——鑑於研發和資本支出的變化，您能否詳細說明哪些新產品將成為主要關注點？我們應該如何考慮上市時間以及最終實現 EBITDA 盈虧平衡的計劃？

Yes. So as we look to commercialize technologies, there's a huge focus on our solid oxide platform. That solid oxide platform is a high-temperature fuel cell platform and gives us a number of different capabilities to take to market. We will have the ability to do electrolysis, which is, as you know, has become an important factor in not only how we're going to use hydrogen as a fuel source, but as a way to really create a different path for firming up intermittent capacity for wind and solar. That same platform will give us storage capabilities for that hydrogen and reversibility to be able to use that hydrogen to produce carbon-free power assuming that we've produced green hydrogen through the electrolysis process.

是的。因此，當我們尋求將技術商業化時，我們非常關注我們的固體氧化物平台。該固體氧化物平台是一種高溫燃料電池平台，為我們提供了許多不同的能力以推向市場。我們將有能力進行電解，正如你所知，這不僅已成為我們將如何使用氫作為燃料來源的重要因素，而且作為一種真正創造不同路徑的方式來鞏固風能和太陽能的間歇性容量。假設我們通過電解過程生產了綠色氫，同樣的平台將為我們提供氫的存儲能力和可逆性，以便能夠使用氫來生產無碳電力。

That also gives us a pure hydrogen generation platform that will be a new capability for the company as well. In addition to that, we'll make investment around our carbon capture solution. And there, that's the work that we continue to move forward and advance in our work with EMRE, which is part of Exxon but we'll make investments there to help accelerate that technology. We believe that we will deliver demonstration projects this year, showing our capabilities in solid oxide. We did some of that in 2021 showing the high electrical efficiency that we have with that platform. And so we are aggressively working to commercialize those products.

這也為我們提供了一個純氫生成平台，這也將成為公司的一項新能力。除此之外，我們還將圍繞我們的碳捕獲解決方案進行投資。在那裡，這是我們與 EMRE 合作繼續推進和推進的工作，EMRE 是埃克森美孚的一部分，但我們將在那裡進行投資以幫助加速這項技術。我們相信今年我們將交付示範項目，展示我們在固體氧化物方面的能力。我們在 2021 年做了一些工作，展示了該平台的高電效率。因此，我們正在積極努力將這些產品商業化。

With respect to getting to EBITDA positive or adjusted EBITDA positive, we intend to talk about that some more in our March Analyst Day call. So we'll lay out more strategy around that and provide some more detail.

關於使 EBITDA 為正數或調整後的 EBITDA 為正數，我們打算在 3 月份的分析師日電話會議上進一步討論這一點。因此，我們將圍繞這一點制定更多策略並提供更多細節。

That's great color. And then switching gears a bit. Can you give a sense of when you'll begin closing the product sales in Asia now that the agreement with POSCO has been settled?

這顏色真好。然後稍微切換一下檔位。既然與 POSCO 的協議已經確定，您能知道什麼時候開始關閉亞洲的產品銷售嗎？

Well, our sales team is out there working right now. So hopefully soon. But as you -- or as we disclosed in our settlement with POSCO, we will get 20 orders or 20 module orders this year, which represents about $60 million in revenue opportunity for the company. We think clarifying and clearing up the market confusion creates opportunity for us to now compete on an equal footing in what is the largest fuel cell market in the world. And so as those GENCOs and other customers release RFPs and look for generation capacity, whether that be through our carbonate platform to do CHP or as they look to deploy hydrogen platforms, which they've announced a pretty aggressive effort around that in country, we expect to fully participate in those opportunities and compete.

好吧，我們的銷售團隊現在正在外面工作。所以希望很快。但正如您——或者正如我們在與 POSCO 的和解中所披露的那樣，我們今年將獲得 20 個訂單或 20 個模塊訂單，這對公司來說意味著大約 6000 萬美元的收入機會。我們認為澄清和消除市場混亂為我們現在在世界上最大的燃料電池市場平等競爭創造了機會。因此，當這些 GENCO 和其他客戶發布 RFP 並尋找發電能力時，無論是通過我們的碳酸鹽平台進行 CHP，還是在他們希望部署氫平台時，他們已經宣佈在國內開展相當積極的努力，我們期望充分參與這些機會並參與競爭。

Your next question is from the line of Jed Dorsheimer from Canaccord.

您的下一個問題來自 Canaccord 的 Jed Dorsheimer。

I guess just 1 question from me this morning. It looks like in the quarter, the biggest delta versus consensus was the service and licensing which was a negative revenue. I was wondering, and maybe I missed this, but could you just walk through what -- is this a function of the maintenance or warranty issues in Groton, what led to that negative number? And how should we think about that on a go-forward basis?

我想今天早上我只有 1 個問題。看起來在本季度，與共識最大的差異是服務和許可，這是一個負收入。我想知道，也許我錯過了這個，但你能不能簡單介紹一下 - 這是格羅頓的維護或保修問題的功能，是什麼導致了這個負數？我們應該如何看待這一點？

Jed, this is Mike. Thanks for joining our call. Yes, as I spoke about in my remarks, we essentially had a loss of $100,000 in the quarter compared to revenue of $5.4 million in the prior year. Service and license revenue for us is variable, meaning that if we have module exchanges in the quarter, we have higher revenue. This quarter, we did not have any module exchanges. And also in the prior year, we had recognized about $4 million of license revenue related to the EMRE agreement, which did not occur this year. So if you look year-over-year, our service revenue in last year -- or this full fiscal year was actually $24 million, last year around $20 million. So year-over-year, the delta was really that license revenue. But as I said, on a quarterly basis, it will be variable. Also this quarter, the company recorded a $1 million reduction in service revenue as a result of higher future cost estimates related to future module exchanges compared to the prior -- to our prior estimates. So that's what really caused the negative in the quarter.

傑德，這是邁克。感謝您加入我們的電話。是的，正如我在講話中所說，本季度我們基本上虧損了 100,000 美元，而去年的收入為 540 萬美元。我們的服務和許可收入是可變的，這意味著如果我們在本季度進行模塊交換，我們將獲得更高的收入。本季度，我們沒有任何模塊交換。同樣在前一年，我們確認了與 EMRE 協議相關的約 400 萬美元的許可收入，而這在今年沒有發生。因此，如果您逐年查看，我們去年的服務收入 - 或者整個財政年度實際上是 2400 萬美元，去年約為 2000 萬美元。因此，與去年同期相比，增量確實是許可收入。但正如我所說，每季度都會發生變化。同樣在本季度，該公司的服務收入減少了 100 萬美元，原因是與未來模塊交換相關的未來成本估計高於我們之前的估計。所以這才是真正導致本季度出現負面影響的原因。

Got it. Sorry, I lied about -- I guess I have a follow-up. So if we -- if we look at that on a go forward for '22, am I hearing you correctly that the $4 million will not be booked. So the correct comp is the '21 number, not the '20 on the go forward. Is that the right way to look at that?

知道了。抱歉，我撒了謊——我想我有後續行動。因此，如果我們 - 如果我們在 22 年繼續前進，我是否正確地聽到你說 400 萬美元不會被預訂。所以正確的組合是 '21 號碼，而不是 '20 繼續前進。那是正確的看待它的方式嗎？

Yes. So yes, again, service revenue variable quarter-to-quarter. But if you look at the last 2 years, we've averaged on average, excluding the license revenue, we've been in that $20 million range, which is representative of the current fleet. Certainly, as we add additional units through product sales, the opportunity for service will increase. But there is going to be quarterly variability depending on when we do module exchanges.

是的。所以，是的，服務收入按季度變化。但是，如果您查看過去 2 年，我們平均而言，不包括許可收入，我們一直處於 2000 萬美元的範圍內，這是當前車隊的代表。當然，隨著我們通過產品銷售增加額外的單位，服務機會將會增加。但是根據我們何時進行模塊交換，將會出現季度變化。

Your next question is from the line of Jeff Osborne from Cowen & Company.

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

I had 2 questions. One on the CapEx of $40 million to $50 million. I was wondering if you could give us an update of where you are today on carbonate capacity and then how much of that CapEx is being added from molten carbonate relative to capitalized R&D or other initiatives for the solid oxide side? It's just a big number. So I was a bit surprised by that.

我有 2 個問題。其中一項資本支出為 4000 萬至 5000 萬美元。我想知道您是否可以向我們提供您今天在碳酸鹽產能方面的最新情況，然後相對於資本化的研發或固體氧化物方面的其他舉措，有多少資本支出是從熔融碳酸鹽中添加的？這只是一個很大的數字。所以我對此有點驚訝。

Jeff, this is Mike. So yes, so on capacity today for our carbonate technology, recall, we expanded our factory several years ago. So the footprint of our factory in Torrington today has capability to go up to 200 megawatts. We currently have machinery and equipment in the factory capable of supporting about 100 megawatts of annual production. So as we think about expanding carbonate manufacturing, we do need to add additional capital into the factory to support that, then the question would be, well, why do that? When you look at the size of the opportunities that we're pursuing with megawatt scale, carbonate installations and Korea is a great example, our project in Korea with KOSPO is a 20-megawatt project.

傑夫，這是邁克。所以，是的，今天我們碳酸鹽技術的產能，回想一下，我們幾年前擴大了我們的工廠。因此，我們今天在托靈頓的工廠的佔地面積可以達到 200 兆瓦。我們目前在工廠擁有能夠支持約100兆瓦年生產能力的機器和設備。所以當我們考慮擴大碳酸鹽製造業時，我們確實需要向工廠增加額外的資金來支持這一點，那麼問題就是，為什麼要這樣做？當您看到我們正在尋求的兆瓦級碳酸鹽裝置的機會規模時，韓國就是一個很好的例子，我們在韓國的 KOSPO 項目是一個 20 兆瓦的項目。

And then you also look at the size of potential carbon capture opportunities, which are going to be megawatt scale, it makes sense to add additional equipment to be able to realize that 200 megawatts of volume over time. Now obviously, we're not going to do all of that this coming year. The additional CapEx would be around capacity for solid oxide. As we sit here today, we have a small capacity for solid oxide in our Calgary facility in Canada. But as Jason mentioned, solid oxide and electrolysis is a significant market opportunity and to be able to capture product sales there, we are going to need additional capacity over time. So that's where some of the spending is coming from as well.

然後你還要看看潛在的碳捕獲機會的規模，這將是兆瓦級的，增加額外的設備以便能夠隨著時間的推移實現 200 兆瓦的容量是有意義的。現在很明顯，我們不會在來年做所有這些。額外的資本支出將圍繞固體氧化物的容量。當我們今天坐在這裡時，我們在加拿大卡爾加里工廠的固體氧化物容量很小。但正如 Jason 所提到的，固體氧化物和電解是一個重要的市場機會，為了能夠在那裡獲得產品銷售，隨著時間的推移，我們將需要額外的產能。所以這也是一些支出的來源。

Got it. My second question, the last one is on the House Bill 6524 in Connecticut that you had highlighted a quarter or 2 ago. Can you just give us an update on how to handicap that progress of that bill and what your opportunities are for wins here in 2022?

知道了。我的第二個問題，最後一個問題是關於康涅狄格州眾議院第 6524 號法案，您在 2 季度或 2 季度前強調了該法案。您能否向我們提供有關如何阻礙該法案的進展以及您在 2022 年在這裡獲勝的機會的最新信息？

Yes. So with respect to that bill, one of the things that ultimately happened with that bill, the utilities implemented it as a REC-only program. So as we evaluated those opportunities and exposure around fuel risk and other things that you had to take, we were very conservative in our approach to that project. So we are still working through the outcomes of that project, but the bill did not -- or I guess the implementation of the bill did not play out exactly as we expected, and we think that, that will have an impact on how we do in that overall process.

是的。因此，關於該法案，該法案最終發生的事情之一，公用事業公司將其作為僅 REC 程序實施。因此，當我們圍繞燃料風險和您必須採取的其他事情評估這些機會和風險時，我們對該項目的方法非常保守。因此，我們仍在研究該項目的結果，但該法案沒有——或者我猜該法案的實施並沒有完全按照我們的預期進行，我們認為這將對我們的工作方式產生影響在整個過程中。

Next question is from the line of Eric Stine from Craig-Hallum.

下一個問題來自 Craig-Hallum 的 Eric Stine。

So in light of the -- everything going on with POSCO, just curious if you can give any color on anticipated timing of orders, but I guess, more importantly, maybe timing of revenues in fiscal '22 based on potential module replacements in that market.

因此，鑑於POSCO發生的一切，只是好奇您是否可以對預期的訂單時間給出任何顏色，但我想，更重要的是，可能是基於該市場潛在模塊更換的22財年收入時間.

Sure, Eric. As we disclosed in the actual -- in our 8-K around this, we expect those 20 orders to happen in fiscal year 2022. And as those are product sales, we would expect that revenue to also happen in 2022 also. We anticipate an initial order of 12 modules here in the short term, and that will be followed up by another 8 modules around midyear is what we anticipate based on the agreement that we -- or the settlement agreement that we've reached.

當然，埃里克。正如我們在實際中披露的那樣——在我們的 8-K 中，我們預計這 20 個訂單將在 2022 財年發生。由於這些是產品銷售，我們預計收入也將在 2022 年發生。我們預計短期內會有 12 個模塊的初始訂單，隨後將在年中左右再訂購 8 個模塊，這是我們根據我們達成的協議或達成的和解協議所預期的。

Got you. Okay. That helps in terms of the revenue timing. And just curious, I mean, beyond fiscal '22, any thoughts on what this looks like? Obviously, you want to service the customers, the installed base in that market. Maybe what that pipeline because you've obviously got pretty good visibility into when those were installed and when those module replacements going forward are timed.

得到你。好的。這有助於收入時機。只是好奇，我的意思是，在 22 財年之後，有什麼想法嗎？顯然，您想為客戶、該市場的已安裝基礎提供服務。也許那個管道是什麼，因為您顯然已經很好地了解了這些管道的安裝時間以及這些模塊更換的時間安排。

Yes. In the actual settlement agreement there is an assumption or the ability for another 14 modules to be ordered by POSCO as part of this overall settlement. But if I kind of ladder up from that just for a moment, and you look at the overall implications of the settlement and the fact that the go-forward agreement does not provide a provision for manufacturing of modules by POSCO. So you should assume or could assume as there are needs to replace modules in that market against the existing customer base that is being served by POSCO that those likely represent opportunities for module sales for us as we go forward.

是的。在實際的和解協議中，假設或有能力 POSCO 訂購另外 14 個模塊作為整體和解的一部分。但是，如果我從那一點上爬上去，你看看和解的整體影響，以及前進協議沒有提供由 POSCO 製造模塊的規定這一事實。因此，您應該假設或可以假設，由於 POSCO 服務的現有客戶群需要更換該市場中的模塊，這些可能代表我們前進的模塊銷售機會。

Got it. No, that helps. Maybe just last one from me, just on the product sales. I mean, obviously, you talked about Asia and how this POSCO agreement now removes that cloud and hopefully starts to open up that market in terms of product sales. But you also mentioned globally, just wondering maybe some of the gating factors or the outlook you have that some of that optimism that you've had over the last year plus that, that starts to come to fruition.

知道了。不，這有幫助。也許只是我的最後一個，只是關於產品銷售。我的意思是，很明顯，您談到了亞洲，以及這項 POSCO 協議現在如何消除該雲並希望開始在產品銷售方面打開該市場。但是您也提到了全球範圍，只是想知道您可能擁有的一些門控因素或前景，以及您在過去一年中所擁有的一些樂觀情緒以及那些開始實現的樂觀情緒。

Yes. I think as we talked about even in the call today, the announcement with Snam and SAGAT in Italy at the Torino Airport, we think that opportunity, which is leveraging our technology is another example of how we think in global markets, we will fare well, and we'll be well positioned when you think about our ability on a fuel flexibility aspect of our platform. There, we're talking about a hydrogen blend with natural gas. We think that, that's going to continue to be a big opportunity for us. We think opportunities around biofuels on a global basis will be significant opportunities for us as a company as well.

是的。我認為，正如我們在今天的電話會議中談到的，在意大利都靈機場與 Snam 和 SAGAT 宣布的消息一樣，我們認為利用我們的技術的機會是我們在全球市場上思考方式的另一個例子，我們會做得很好，當您考慮我們在平台燃料靈活性方面的能力時，我們將處於有利地位。在那裡，我們談論的是氫氣與天然氣的混合物。我們認為，這對我們來說將繼續是一個巨大的機會。我們認為，在全球範圍內圍繞生物燃料的機會對我們公司來說也是重要的機會。

So we think that now with expansion of our sales team, the investments we've made in markets, we're starting to see these things come to fruition for us as a company. And then we certainly believe that as the hydrogen economy accelerates, those are going to be real opportunities for us. Rather, it'd be through our carbonate platform, which we have the capability through our TriGen platform like we're building in Long Beach, California. But then the expanded capabilities that we get through our solid oxide platform to participate in electrolysis opportunities with our technology, which we think is significantly differentiated from existing technologies today such as [pume and alkaline]. When you just look at the efficiency differences alone in converting electricity to hydrogen, I mean there's -- we have a significant advantage, and we think that's going to fare well for us in the market as we commercialize that technology.

所以我們認為，現在隨著我們銷售團隊的擴大，我們在市場上的投資，我們開始看到這些事情對我們公司來說已經取得了成果。然後我們當然相信，隨著氫經濟的加速發展，這些對我們來說將是真正的機會。相反，它將通過我們的碳酸鹽平台，我們通過我們的 TriGen 平台擁有能力，就像我們在加利福尼亞州長灘建造的那樣。但是隨後我們通過我們的固體氧化物平台獲得的擴展能力，以利用我們的技術參與電解機會，我們認為這與當今的現有技術（如 [煙氣和鹼性]）有顯著差異。當你只看將電力轉化為氫的效率差異時，我的意思是——我們有一個顯著的優勢，我們認為隨著我們將該技術商業化，這將對我們在市場上表現良好。

Your next question is from the line of Chris Souther from B. Riley.

您的下一個問題來自 B. Riley 的 Chris Souther。

Maybe we could talk a little bit about -- a little bit more about the E-M-R-E, EMRE timeline here. So extended the joint agreement through April of 2022. Can you walk through what you see as like the key milestones to hit over the next couple months before we get a decision on Rotterdam? And then is that decision something we should expect in the spring here? Or is it going to take longer than that?

也許我們可以在這裡多談談 E-M-R-E、EMRE 時間線。因此，將聯合協議延長至 2022 年 4 月。在我們對鹿特丹做出決定之前，您能否介紹一下您認為未來幾個月要達到的關鍵里程碑？那麼這個決定是我們應該在春天期待的嗎？還是需要更長的時間？

Yes. No, Chris, thanks for the question. As we continue to work with EMRE, what we're really doing is showing that the technology can meet the operating conditions that exist at the Rotterdam facility. So in other words, our ability to effectively capture the carbon and produce power at the power density levels that we want to achieve while also capturing the carbon. Doing that and being ready for that demonstration project is the work that we're doing from a technology and development standpoint. And as we demonstrate certain milestones that Exxon wants to see from a technical capability standpoint, we -- they will then make the decision in terms of moving forward on the Rotterdam trial. We suspect absent a change on their part that, that decision will be made late spring, early summer in terms of when they make their final decision on how they want to move forward on that project -- on the demonstration project.

是的。不，克里斯，謝謝你的提問。隨著我們繼續與 EMRE 合作，我們真正在做的是表明該技術可以滿足鹿特丹工廠現有的運行條件。換句話說，我們能夠有效地捕獲碳並以我們想要達到的功率密度水平發電，同時還能捕獲碳。從技術和開發的角度來看，這樣做並為該示範項目做好準備是我們正在做的工作。當我們展示埃克森美孚希望從技術能力的角度看到的某些里程碑時，我們——然後他們將就推進鹿特丹試驗做出決定。我們懷疑他們沒有改變，該決定將在春末夏初做出，他們何時就如何推進該項目（示範項目）做出最終決定。

Okay. Got it. That's helpful. And then just to put a little bit more color on the R&D uptick here. Should we think about $45 million, $55 million in R&D is a good run rate beyond fiscal year 2022 as basically to get some of the hydrogen pieces to commercialization? Or are there some onetime items related to R&D in there that are pretty lumpy? I'm kind of curious if you could kind of break down how we should think about, I guess, some structure and kind of operating leverage going forward. Might be something you're willing to touch on more in the March call -- March Analyst Day, but curious how we should think about that.

好的。知道了。這很有幫助。然後只是為這裡的研發活動增加一點色彩。我們是否應該考慮 4500 萬美元、5500 萬美元的研發費用是 2022 財年之後的良好運行速度，因為基本上是為了讓一些氫部件商業化？或者那裡有一些與研發相關的一次性項目非常混亂？我很好奇你是否可以分解我們應該如何思考，我猜，一些結構和某種運營槓桿。可能是您願意在 3 月的電話會議（3 月分析師日）中更多地談到的事情，但很好奇我們應該如何考慮這一點。

Yes. So Chris, this is Mike. So on the -- so we put out a forecast for this year, as you mentioned. We're not putting out any spending forecast beyond fiscal 2022. And also, as you mentioned, we expect in our Analyst Day to provide more clarity on longer-term targets. But this is certainly a ramp that's very focused on commercializing our solid oxide technology as Jason had mentioned. We see a very significant market opportunity around electrolysis. So the company-funded R&D is really going towards commercialization of the solid oxide technology, which certainly we want to do here in the near term. And then we'll obviously assess spending levels in future years as we go forward.

是的。克里斯，這是邁克。因此，正如您所提到的，我們對今年進行了預測。我們不會在 2022 財年之後發布任何支出預測。而且，正如您所提到的，我們希望在分析師日上提供更清晰的長期目標。但這無疑是一個非常專注於將我們的固體氧化物技術商業化的坡道，正如 Jason 所提到的。我們看到了圍繞電解的非常重要的市場機會。因此，公司資助的研發實際上正朝著固體氧化物技術的商業化方向發展，我們當然希望在短期內做到這一點。然後，隨著我們前進，我們顯然會評估未來幾年的支出水平。

Got it. Okay. Is any of that uptick in solid oxides related to or funded around kind of DOE type stuff? Or is it separate things that going through that process you're realizing you'd want to be doing kind of adjacent to that?

知道了。好的。固體氧化物的增加是否與某種 DOE 類型的東西相關或資助？或者它是獨立的事情，經歷了這個過程，你意識到你想做一些與之相鄰的事情？

Yes. So obviously, FuelCell Energy has a very long relationship with the Department of Energy going back to the early '70s. And we have really been funding the solid oxide R&D up until fiscal 2020 through cooperative agreements with the Department of Energy and other government agencies and some commercial R&D contracts here and there. So that has largely paid for where we are today with solid oxide R&D. And we've been doing solid oxide for nearly 20 years now. Given the energy transition that's right in front of us, we need to accelerate the commercialization of those technologies. So you'll still see in our funded R&D, advanced technology contract revenue on the top of the P&L, you'll continue to see revenue coming in there as we continue these demonstration projects with the DOE. But you'll also see increased company-funded R&D, which is in the operating expense line of our P&L.

是的。很明顯，FuelCell Energy 與能源部的關係可以追溯到 70 年代初。通過與能源部和其他政府機構的合作協議以及一些商業研發合同，直到 2020 財年，我們一直在為固體氧化物研發提供資金。因此，這在很大程度上為我們今天的固體氧化物研發付出了代價。我們從事固體氧化物研究已有近 20 年了。鑑於擺在我們面前的能源轉型，我們需要加速這些技術的商業化。因此，您仍然會在損益表的頂部看到我們資助的研發、先進技術合同收入，隨著我們與美國能源部繼續這些示範項目，您將繼續看到收入來源。但您也會看到公司資助的研發增加，這是我們損益表的運營費用項目。

Your next question is from the line of Laurence Alexander from Jefferies.

您的下一個問題來自 Jefferies 的 Laurence Alexander。

I guess the first question is just on the CapEx spending. Can you break it out in terms of positive return on capital CapEx versus expansion of capabilities CapEx? And can you give us some guidepost for the average return on capital on the positive return projects that you're willing to sign as you get prepared for kind of the tidal wave related to the energy transition? I mean just what are the guideposts for what you're willing and not willing to undertake?

我想第一個問題只是關於資本支出。您能否從資本資本支出的正回報與能力資本支出的擴展方面進行區分？當您為與能源轉型相關的浪潮做好準備時，您能否就您願意簽署的正回報項目的平均資本回報率給我們一些指導？我的意思是你願意和不願意承擔的路標是什麼？

Laurence, this is Mike, and thank you for joining the call, and thanks for the question. So really, as you asked, the guideposts that are driving the increase in spending both around CapEx and around research and development is the addressable market opportunity that's right in front of us around the markets that Jason discussed. We talked about electrolysis with our solid oxide technology. As I mentioned earlier, we're spending both research and development dollars to bring that technology to commercialization as well as CapEx dollars to have the capacity to be able to produce that technology. As I mentioned, in our Calgary facility today, we have a very small capacity to be able to produce those. And this is a very large market opportunity. So the investment dollars that we're making today will generate capacity that will allow us to deploy this technology into the marketplace.

勞倫斯，我是邁克，感謝您加入電話會議，並感謝您提出問題。所以真的，正如你所問的那樣，推動資本支出和研發支出增加的指南是傑森討論的市場就在我們面前的可尋址市場機會。我們用我們的固體氧化物技術討論了電解。正如我之前提到的，我們正在花費研發資金來將該技術商業化，並花費資本支出資金來擁有能夠生產該技術的能力。正如我所提到的，在我們今天的卡爾加里工廠，我們生產這些產品的能力非常小。這是一個非常大的市場機會。因此，我們今天所做的投資將產生能力，使我們能夠將這項技術部署到市場上。

Okay. Great. And then secondly, for the discussion about opening up the Asian market with the POSCO agreement, what would you see as a reasonable lag between this agreement and having your first new commercial projects up and running. Are we talking 3 to 5 years? Or can you have a faster sales cycle?

好的。偉大的。其次，關於與 POSCO 協議打開亞洲市場的討論，您認為該協議與您的第一個新商業項目啟動和運行之間存在合理的延遲。我們是在談論 3 到 5 年嗎？或者你能有更快的銷售週期嗎？

Yes. So with respect to opportunities outside of the orders that we will get from POSCO as part of the settlement, the market, if I just take Korea for a moment, is largely a market that's driven by a lot of RFP activity. So we will certainly compete for those opportunities. And given the position we've been in with POSCO over the last, call it, 5-plus years, our technology hasn't really been offered in those opportunities. We now have an opportunity to do that. So we certainly think that there's a shorter sales cycle than 3 to 5 years. We think that we will actively participate in opportunities as those RFPs start to happen. And so we expect that to be sometime later in 2022, we should start seeing RFP activity that we'll be able to participate in.

是的。因此，關於我們將從 POSCO 獲得的訂單之外的機會，作為和解的一部分，如果我只看一下韓國，市場很大程度上是一個由大量 RFP 活動驅動的市場。所以我們肯定會爭奪這些機會。鑑於我們過去在 POSCO 擔任的職位，稱之為 5 年多，我們的技術並沒有真正在這些機會中提供。我們現在有機會這樣做。所以我們當然認為銷售週期比 3 到 5 年更短。我們認為，隨著這些 RFP 開始發生，我們將積極參與機會。因此，我們預計在 2022 年晚些時候的某個時候，我們應該開始看到我們能夠參與的 RFP 活動。

In addition to that, right, we will obviously try to originate opportunities in that market and across Asia, leveraging our different technology platforms. And then certainly, as we get to our solid oxide platform, given the significant amount of investments that have been announced in places like Korea and Japan around hydrogen, we think that also gives us an opportunity to compete there.

除此之外，我們顯然會嘗試利用我們不同的技術平台在該市場和整個亞洲創造機會。當然，當我們進入固體氧化物平台時，鑑於韓國和日本等地已宣布圍繞氫進行大量投資，我們認為這也為我們提供了在那裡競爭的機會。

And then if you just take our TriGen platform, which is a distributed generation hydrogen platform, that's a technology we can deploy in those markets today as an example. And so we think that opportunity presents itself. And then certainly, working with Toyota in the U.S. gives us an opportunity to certainly position that in terms as we look at markets like Japan, as an example.

然後，如果您僅以我們的 TriGen 平台（分佈式發電氫平台）為例，這是我們今天可以在這些市場中部署的技術。所以我們認為機會就在眼前。當然，與豐田在美國的合作讓我們有機會以日本等市場為例進行定位。

Your last question is from the line of Leo Mariani from KeyBanc.

您的最後一個問題來自 KeyBanc 的 Leo Mariani。

A question on the $60 million of revenue that you're expecting from the South Korean module exchanges in fiscal '22. Would you guys expect to receive 100% of that to your top line? Or is there some shared interest with POSCO on that revenue? Or are you guys just getting a royalty from it? Just want to get a sense of that $60 million.

關於 22 財年韓國組件交易所的 6000 萬美元收入的問題。你們會期望獲得 100% 的收入嗎？還是與 POSCO 就該收入有共同利益？還是你們只是從中獲得版稅？只是想了解一下那 6000 萬美元。

Yes. No, the $60 million is revenue. It is for paying for the modules. There's no shared interest in that revenue. So that's top line revenue growth for FuelCell Energy.

是的。不，這 6000 萬美元是收入。它用於支付模塊費用。這筆收入沒有共同利益。這就是燃料電池能源的收入增長。

Okay. And then just on the product sales, I know always a tough question to answer, but would you guys expect to have some of those in fiscal '22?

好的。然後就產品銷售而言，我知道總是一個很難回答的問題，但是你們是否希望在 22 財年中擁有一些這樣的問題？

We do expect to have some product sales in fiscal '22 beyond just the orders we've talked about today, right? There's 20 module orders that we fully expect as a result of the settlement with POSCO, and that will be all 2022 revenue opportunity for the company. And we have other opportunities in the pipeline that we certainly anticipate being successful with in 2022.

我們確實希望在 22 財年有一些產品銷售，而不僅僅是我們今天討論的訂單，對吧？由於與 POSCO 的和解，我們完全期望有 20 個模塊訂單，這將是公司 2022 年的全部收入機會。我們還有其他機會在籌備中，我們當然預計這些機會會在 2022 年取得成功。

Okay. And I know you guys mentioned $1.8 million, I think, was the number of impairments on 2 projects that were canceled. Can you give a little bit more clarity? What were those 2 projects that were canceled?

好的。我知道你們提到了 180 萬美元，我認為是 2 個被取消項目的減值數量。你能更清楚一點嗎？那兩個被取消的項目是什麼？

Leo, this is Mike, and thank you for joining the call. So the $1.8 million, and we had put out an 8-K on this a couple months ago, that was related to development projects that we had in New York through LIPA. They were prior project awards that the company had invested in. We never got to a commercial agreement with LIPA and given the passage of time, decided to impair those assets. Conversely, we did get to a commercial agreement with LIPA on our Yaphank project. And as we discussed in our release and on the call, commercial operation of that project is imminent. So we're very excited about that project coming online.

Leo，我是 Mike，感謝您加入電話會議。所以這 180 萬美元，我們在幾個月前發布了 8-K，這與我們通過 LIPA 在紐約開展的開發項目有關。它們是公司之前投資的項目獎勵。我們從未與 LIPA 達成商業協議，並且隨著時間的推移，我們決定削弱這些資產。相反，我們確實與 LIPA 就我們的 Yaphank 項目達成了商業協議。正如我們在發布和電話會議中所討論的那樣，該項目的商業運營迫在眉睫。所以我們對這個項目上線感到非常興奮。

There are no further questions. I would like to hand it over to Mr. Jason Few.

沒有進一步的問題。我想把它交給 Jason Few 先生。

Thank you. Thank you again for joining us today. We will continue to execute on our Powerhouse business strategy working to deliver growth and optimize returns. The FuelCell Energy team is excited about our work to deliver on our purpose to enable the world to live a life empowered by clean energy, and we are committed to delivering long-term shareholder value. I wish everyone a very happy, safe and prosperous New Year. Thank you for joining, and have a great day.

謝謝你。再次感謝您今天加入我們。我們將繼續執行我們的 Powerhouse 業務戰略，努力實現增長和優化回報。 FuelCell Energy 團隊對我們實現我們的目標感到興奮，即讓世界過上清潔能源賦予的生活，我們致力於為股東創造長期價值。祝大家新年快樂、平安、繁榮。感謝您的加入，祝您有美好的一天。

And with that, this concludes today's conference call. Thank you for attending. You may now disconnect.

至此，今天的電話會議到此結束。感謝您的出席。您現在可以斷開連接。