Fluence Energy Inc (FLNC) 2022 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Fluence Energy First Quarter 2022 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference may be recorded.

美好的一天，感謝您的支持。歡迎參加 Fluence Energy 2022 年第一季度收益電話會議。 （操作員說明）請注意，今天的會議可能會被錄製。

I would now like to hand the conference over to your speaker today, Sam Chong, Treasurer and Head of Investor Relations. Please go ahead.

我現在想把會議交給你今天的演講者，財務主管兼投資者關係主管 Sam Chong。請繼續。

I would like to welcome everyone to our earnings call for the first quarter of fiscal year 2022. On the call today are Manuel Pérez Dubuc, our Chief Executive Officer; Dennis Fehr, our Chief Financial Officer; Rebecca Boll, our Chief Products Officer; and Seyed Madaeni, our Chief Digital Officer.

歡迎大家參加我們 2022 財年第一季度的財報電話會議。今天的電話會議是我們的首席執行官 Manuel Pérez Dubuc；我們的首席財務官 Dennis Fehr； Rebecca Boll，我們的首席產品官；和我們的首席數字官 Seyed Madaeni。

Before we begin, I would like to remind you that management will make statements during this call that include forward-looking statements within the meaning of federal securities laws, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are neither promises nor guarantees and based upon our current estimates and various assumptions and are subject to material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements. These and other risks are described in our filings made with the Securities and Exchange Commission. We encourage you to review these filings for a discussion of these factors, including our annual report on Form 10-K for the fiscal year ended September 30, 2021, and our other filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of today, and the company disclaims any obligation to update such statements for new information.

在我們開始之前，我想提醒您，管理層將在本次電話會議期間發表聲明，其中包括聯邦證券法意義上的前瞻性聲明，這些聲明是根據 1995 年《私人證券訴訟改革法案》的安全港條款作出的. 前瞻性陳述既不是承諾也不是保證，並且基於我們當前的估計和各種假設，並且受到可能導致實際結果或事件與這些前瞻性陳述的預期或暗示的結果或事件存在重大差異的重大風險和不確定性的影響。我們向證券交易委員會提交的文件中描述了這些和其他風險。我們鼓勵您查看這些文件以討論這些因素，包括我們截至 2021 年 9 月 30 日的財政年度的 10-K 表格年度報告，以及我們向 SEC 提交的其他文件。請注意不要過分依賴這些前瞻性陳述，這些陳述僅在今天發表，公司不承擔更新此類陳述以獲取新信息的任何義務。

This call will also reference non-GAAP measures that we view as important in assessing the performance of our business. A reconciliation of these non-GAAP measures to the most comparable GAAP measures is available in our earnings materials on the company's Investor Relations page at ir.fluenceenergy.com.

本次電話會議還將參考我們認為對評估我們的業務績效很重要的非公認會計原則措施。 ir.fluenceenergy.com 公司投資者關係頁面上的收益材料中提供了這些非 GAAP 指標與最具可比性的 GAAP 指標的對賬。

I will now turn the call over to Manuel Perez Dubuc, our CEO.

我現在將把電話轉給我們的首席執行官 Manuel Perez Dubuc。

Thank you, Sam. I would like to extend a warm welcome to our investors, analysts and employees who are participating on today's call. Let's start on Slide 4 on the earnings presentation found on our Investor Relations website.

謝謝你，山姆。我要熱烈歡迎參加今天電話會議的投資者、分析師和員工。讓我們從投資者關係網站上的收益演示文稿的幻燈片 4 開始。

This morning, I will provide an update of our market outlook which remains strong and demonstrate the significant progress we have made since our last earnings call. During the quarter, we have seen a tremendous increase in demand for our energy storage products as evidenced by our recent contracting activity. The market for energy storage products, service and digital applications continues to grow at a rapid pace, with Fluence solidifying itself as an industry leader. We expect this strong demand to continue and we are on track to deliver our fiscal year 2022 revenue guidance of $1.1 billion to $1.3 billion despite some recent headwinds.

今天上午，我將更新我們仍然強勁的市場前景，並展示我們自上次財報電話會議以來取得的重大進展。在本季度，我們看到對我們的儲能產品的需求大幅增加，我們最近的合同活動證明了這一點。儲能產品、服務和數字應用市場繼續快速增長，Fluence 鞏固了自己作為行業領導者的地位。我們預計這種強勁的需求將持續下去，儘管最近出現了一些不利因素，我們仍有望實現 2022 財年 11 億至 13 億美元的收入指導。

Finally, I'm excited to share some additional details with you regarding our recently announced strategic initiatives, including our India joint venture with ReNew Power, expansion of our digital ecosystem through our partnership with Pexapark and our collaboration with QuantumScape on solid-state battery technology.

最後，我很高興與您分享一些關於我們最近宣布的戰略計劃的更多細節，包括我們與 ReNew Power 在印度的合資企業、通過與 Pexapark 的合作擴展我們的數字生態系統以及我們與 QuantumScape 在固態電池技術方面的合作.

Moving on to Slide 5. We continue to contract increasing amount of megawatts across each of our 3 business lines. Industry appetite for applications of energy storage remained robust, suggesting continued momentum for orders throughout 2022. As we have seen, energy storage is key to providing clean energy for a sustainable future.

繼續幻燈片 5。我們繼續在我們的 3 條業務線中的每條線中收縮越來越多的兆瓦。行業對儲能應用的需求依然強勁，這表明整個 2022 年訂單將繼續保持強勁勢頭。正如我們所見，儲能是為可持續未來提供清潔能源的關鍵。

I am pleased to report that during the first quarter, we contracted 600 megawatts of energy storage products, which is a 525% increase from a year ago. This amount exceeded our expectations as the first quarter has historically been a seasonally lower one for contracting. We continue to experience very strong demand for energy storage products across the globe as companies and countries seek long-term solutions for grid stability and reliability as more renewables come online, creating challenges for grids around the world. As of December 31, we deployed or contracted more than 4.2 gigawatts of energy storage products.

我很高興地報告，在第一季度，我們簽約了 600 兆瓦的儲能產品，比一年前增長了 525%。這一數字超出了我們的預期，因為從歷史上看，第一季度的收縮是季節性較低的。隨著越來越多的可再生能源並網，隨著公司和國家尋求電網穩定性和可靠性的長期解決方案，我們繼續感受到全球對儲能產品的強勁需求，這給全球電網帶來了挑戰。截至 12 月 31 日，我們部署或簽約的儲能產品超過 4.2 吉瓦。

Turning to our Fluence services business. We added 250 megawatts of contracts during the first quarter. We also signed 335 megawatts of contracts for our Fluence IQ bidding application. More importantly, after the end of the quarter, we signed an additional 1.1 gigawatts with AES Clean Energy, which represents our single largest Fluence IQ order ever. This contract highlights the value that Fluence IQ can deliver. With this, we have already achieved our fiscal year '22 annual recurring revenue target for Fluence IQ, 7 months ahead of schedule.

轉向我們的 Fluence 服務業務。我們在第一季度增加了 250 兆瓦的合同。我們還為 Fluence IQ 投標應用程序簽署了 335 兆瓦的合同。更重要的是，在本季度結束後，我們與 AES Clean Energy 簽訂了額外的 1.1 吉瓦，這是我們有史以來最大的單筆 Fluence IQ 訂單。該合同突出了 Fluence IQ 可以提供的價值。有了這個，我們已經提前 7 個月實現了 Fluence IQ 的 22 財年經常性收入目標。

Turning to Slide 6. I would like to update you on the headwinds that we discussed on our last earnings call and the steps we are taking to mitigate their impact. This mostly stemmed from supply chain disruption as a result of COVID-19 as well as some cost overruns in the rollout of our first Generation 6 product installations and commissioning. Our team has acted swiftly to implement corrective actions that provide us the confidence to further execute on our plan.

轉到幻燈片 6。我想向您介紹我們在上次財報電話會議上討論的不利因素以及我們為減輕其影響而採取的措施。這主要源於 COVID-19 導致的供應鏈中斷，以及我們在推出第一代第 6 代產品安裝和調試過程中出現的一些成本超支。我們的團隊迅速採取行動實施糾正措施，使我們有信心進一步執行我們的計劃。

Some of these mitigation efforts include securing shipping capacity for our high-volume routes on a 2- to 4-month forward-looking basis, giving us better visibility to deliver our product to our customers on time. Furthermore, we have increased the size of our supply chain and manufacturing teams by 57% to provide us with the resources necessary to meet the robust demand we see. And finally, we are documenting lessons learned from our teams around the world and providing additional training so they can deliver our Gen 6 product installation and commissioning more effectively.

其中一些緩解措施包括在 2 到 4 個月的前瞻性基礎上確保我們的大容量航線的運輸能力，使我們能夠更好地了解按時向客戶交付產品。此外，我們將供應鍊和製造團隊的規模擴大了 57%，以為我們提供必要的資源來滿足我們看到的強勁需求。最後，我們正在記錄從我們在世界各地的團隊中吸取的經驗教訓，並提供額外的培訓，以便他們能夠更有效地提供我們的第 6 代產品安裝和調試。

During the second quarter, we will continue to catch up on some of the installations that were delayed in the first quarter. As of today, a vast majority of the products required to fulfill our anticipated Q2 deployments have already made landfall in their respective countries and are going through installation, commissioning and acceptance testing as we speak.

在第二季度，我們將繼續趕上第一季度延遲的一些安裝。截至今天，完成我們預期的第二季度部署所需的絕大多數產品已經在各自的國家登陸，並且正如我們所說的，正在接受安裝、調試和驗收測試。

I will also like to address another topic that is a concern for many in our industry: inflationary pressures and raw material price increases. Our current backlog is hedged through the fixed price contracts we have signed with our suppliers and customers. Given the substantial volatility in commodity prices, we are introducing raw material indices or RMI-based pricing for future contracts. By implementing RMI on both the supply side and the demand side, we are further minimizing our exposure to future commodity price fluctuations.

我還想談談我們行業中許多人關心的另一個話題：通脹壓力和原材料價格上漲。我們目前的積壓是通過我們與供應商和客戶簽訂的固定價格合同來對沖的。鑑於商品價格大幅波動，我們正在為未來合約引入原材料指數或基於 RMI 的定價。通過在供應方和需求方實施 RMI，我們進一步減少了未來商品價格波動的風險。

I would also like to provide a brief update on Moss Landing. Although we cannot comment on the press release issued by Vistra in late January regarding its alleged technical findings about the overheating event last September, we can say that we continue to work with Vistra on the repair of the facility. Our own technical investigation is still actively in progress, and we will provide you an update once it has concluded.

我還想簡要介紹一下 Moss Landing 的最新情況。儘管我們無法就瑞致達 1 月底發布的關於去年 9 月過熱事件的技術調查結果發表評論，但我們可以說我們將繼續與瑞致達合作修復該設施。我們自己的技術調查仍在積極進行中，一旦結束，我們將向您提供更新。

Turning now to Slide 7. As I noted earlier, we continue to execute on our business plan during the quarter to position ourselves for long-term success. I will cover a few examples. Let's start with one of our key wins in the new transmission enhancement segment of the market. As you may have seen last year, we were selected to provide a small 1-megawatt pilot to Litgrid in Lithuania. This pilot program was designed to test the concept of utilizing energy storage to an enhanced transmission and distribution network rather than incur the costly expense of installing additional transmission lines. The pilot turned out to be so successful that we were awarded a follow-on 200 megawatts order for virtual transmission lines. This outcome aligns well with our strategic effort to be the leader in this market segment.

現在轉到幻燈片 7。正如我之前指出的，我們將在本季度繼續執行我們的業務計劃，以實現長期成功。我將舉幾個例子。讓我們從我們在新的傳輸增強市場領域取得的關鍵勝利之一開始。正如您去年可能看到的那樣，我們被選中為立陶宛的 Litgrid 提供小型 1 兆瓦試點。該試點計劃旨在測試將能源存儲用於增強輸配電網絡的概念，而不是承擔安裝額外輸電線路的高昂費用。試點結果非常成功，我們獲得了後續 200 兆瓦的虛擬輸電線路訂單。這一結果與我們成為該細分市場領導者的戰略努力相吻合。

The transmission and distribution enhancement market requires a highly redundant and resilient technical architecture that supports advanced grid forming applications. This suggests a high-margin potential compared to other segments. We continue to be bullish of this growing market segment as there are numerous areas around the world that can benefit from this technology and we are proud to be among the first companies to bring it to the market.

輸配電增強市場需要高度冗餘和彈性的技術架構，以支持先進的電網形成應用。這表明與其他細分市場相比具有較高的利潤率潛力。我們繼續看好這個不斷增長的細分市場，因為世界上有許多地區可以從這項技術中受益，我們很自豪能成為第一批將其推向市場的公司之一。

Additionally, we selected our contract manufacturer for our North American and European locations. We are on track to start seeing initial production for our North American facility in our fourth quarter. For our European facility, we expect to see initial production in the first quarter of our fiscal year 2023. Both of these contract manufacturing facilities will alleviate the burden of a single manufacturing location.

此外，我們為我們的北美和歐洲地點選擇了我們的合同製造商。我們有望在第四季度開始看到我們北美工廠的初始生產。對於我們的歐洲工廠，我們預計將在 2023 財年第一季度開始生產。這兩個合同製造工廠都將減輕單一製造地點的負擔。

On the software development side, we made several key additions that further strengthened our deep talent pool. These additions were part of the 139 full-time employees added during the first quarter, providing us with the knowledge and experience to keep the pace with the extraordinary demand we are seeing.

在軟件開發方面，我們做了幾項重要的補充，進一步加強了我們深厚的人才庫。這些新增人員是第一季度新增的 139 名全職員工的一部分，為我們提供了知識和經驗，以跟上我們所看到的非凡需求的步伐。

Now I would like to provide you with some color on our recently announced strategic partnerships, turning to Slide 8. In January, we signed a term ship to enter into a 50-50 joint venture in India with ReNew Power, which is one of the largest pure renewable IPPs in the country. ReNew Power is a well-respected renewables player. And by establishing a joint venture, we will collectively leverage our first-mover advantage in this significant market.

現在，我想為您介紹一下我們最近宣布的戰略合作夥伴關係，轉向幻燈片 8。1 月份，我們與 ReNew Power 簽署了一項定期合同，在印度與 ReNew Power 建立 50-50 的合資企業，這是其中之一。國內最大的純可再生 IPP。 ReNew Power 是一家備受推崇的可再生能源公司。通過建立合資企業，我們將共同利用我們在這個重要市場的先發優勢。

India currently has just 24 megawatts of energy storage deployed. Almost half of that comes from our Fluence pilot that we built in 2019. Even more importantly, the Indian government has stated that it will need at least 27 gigawatts by 2030, which provides Fluence a tremendous opportunity to be the industry leader in this significant market. The joint venture will serve as our primary sales outlet in India by licensing Fluence products and services. As a leading IPP, ReNew Power will also be a significant customer to the JV beginning with our recently announced first contract for 150-megawatt hours.

印度目前僅部署了 24 兆瓦的儲能係統。其中幾乎一半來自我們在 2019 年建立的 Fluence 試點。更重要的是，印度政府已表示到 2030 年將需要至少 27 吉瓦，這為 Fluence 提供了成為這個重要市場的行業領導者的巨大機會.該合資企業將通過授權 Fluence 產品和服務作為我們在印度的主要銷售網點。作為領先的 IPP，ReNew Power 也將成為合資企業的重要客戶，從我們最近宣布的第一份 150 兆瓦時合同開始。

Now turning to Slide 9. I would like to highlight the recent expansion of our digital ecosystem. As you may recall, we are developing several in-house applications to complement our flagship digital application, the bidding app. We are paving the way for third-parties to build their own applications for the Fluence IQ platform. In January, we entered into a long-term strategic partnership with Pexapark, an award-winning provider of software and advisory services for renewable energy sales and risk management.

現在轉到幻燈片 9。我想強調一下我們數字生態系統最近的擴展。您可能還記得，我們正在開發幾個內部應用程序來補充我們的旗艦數字應用程序投標應用程序。我們正在為第三方為 Fluence IQ 平台構建自己的應用程序鋪平道路。一月份，我們與 Pexapark 建立了長期戰略合作夥伴關係，Pexapark 是一家屢獲殊榮的可再生能源銷售和風險管理軟件和諮詢服務提供商。

Pexapark has supported 20 gigawatts' worth of renewable PPA transactions and are currently in 18 markets with a large presence in the EMEA region. By partnering with Pexapark, we will bring together our unique insights that will help investors, IPP and utilities make better decisions as they navigate merchant markets while trying to maximize revenue. In addition, their significant EMEA presence will also help to accelerate the coverage for our bidding app in that region.

Pexapark 已支持價值 20 吉瓦的可再生 PPA 交易，目前在 EMEA 地區的 18 個市場中佔有重要地位。通過與 Pexapark 合作，我們將匯集我們獨特的見解，這將幫助投資者、IPP 和公用事業公司在他們駕馭商業市場時做出更好的決策，同時努力實現收入最大化。此外，他們在歐洲、中東和非洲地區的重要業務也將有助於加快我們的投標應用程序在該地區的覆蓋範圍。

This partnership is a significant milestone for Fluence. And it corroborates our vision for our ecosystem. Through this partnership, we will commercially introduce Pexapark and its 4 apps to our customer base via our digital platform. In turn, we expect to receive customer referrals for our products and services from Pexapark.

此次合作對 Fluence 來說是一個重要的里程碑。它證實了我們對生態系統的願景。通過這種合作夥伴關係，我們將通過我們的數字平台向我們的客戶群商業推出 Pexapark 及其 4 個應用程序。反過來，我們希望收到來自 Pexapark 的產品和服務的客戶推薦。

And finally, turning to Slide 10. In January, we entered into a collaboration agreement with QuantumScape, a leader in solid-state battery technology. This agreement strengthens the advancement of solid-state battery technology in stationary storage applications. We will test QuantumScape's solid-state technology in Fluence's smart energy storage products. This collaboration sets the stage for Fluence and QuantumScape to potentially enter into a large-scale supply agreement once commercialization is determined. We are encouraged by the benefit we see in solid-state battery, specifically around density and performance, and we remain battery technology agnostic and committed to providing our customers with the most economic and efficient product possible.

最後，轉向幻燈片 10。1 月份，我們與固態電池技術的領導者 QuantumScape 簽訂了合作協議。該協議加強了固態電池技術在固定存儲應用中的進步。我們將在 Fluence 的智能儲能產品中測試 QuantumScape 的固態技術。這一合作為 Fluence 和 QuantumScape 在確定商業化後可能簽訂大規模供應協議奠定了基礎。我們對固態電池所帶來的好處感到鼓舞，特別是在密度和性能方面，我們仍然不知道電池技術，並致力於為我們的客戶提供最經濟、最高效的產品。

I would like to take the opportunity to send our gratitude and admiration to our people during this pandemic. Thank you for your passion, hard work and commitment.

我想藉此機會在疫情期間向我們的人民表達我們的感謝和欽佩。感謝您的熱情、辛勤工作和承諾。

I will now turn the call over to Dennis to cover our financial performance and fiscal year 2022 revenue guidance.

我現在將把電話轉給丹尼斯，以涵蓋我們的財務業績和 2022 財年的收入指導。

Thank you, Manuel, and good morning to everyone on the call. As Manuel stated, we delivered a very strong quarter of new orders for our energy storage products. In addition, we were able to execute on some of our near-term strategic initiatives, which position us for continued growth.

謝謝你，曼努埃爾，大家早上好。正如 Manuel 所說，我們為我們的儲能產品交付了一個非常強勁的季度新訂單。此外，我們能夠執行我們的一些近期戰略計劃，這為我們的持續增長奠定了基礎。

Turning to Slide 12. We continue to deploy capital in line with our investment framework with a strong focus on supply chain and talent acquisition. In the first quarter, we prepaid $60 million into our supply chain to support capacity buildup for calendar year 2022 and calendar year 2023 battery supplies. And as Manuel already explained in detail, in January, we entered into agreements with ReNew, QuantumScape and Pexapark, which I would like to financially highlight in more detail.

轉到幻燈片 12。我們繼續根據我們的投資框架配置資本，重點關注供應鍊和人才招聘。在第一季度，我們向供應鏈預付了 6000 萬美元，以支持 2022 日曆年和 2023 日曆年電池供應的產能建設。正如 Manuel 已經詳細解釋的那樣，在一月份，我們與 ReNew、QuantumScape 和 Pexapark 簽訂了協議，我想在財務上更詳細地強調一下。

Our 50-50 joint venture agreement with ReNew is projected to be aligned with our capital-light approach as we will be licensing our technology to the JV. We anticipate that the JV will be mostly self-funded and operational with nominal amounts of paternal support. While the terms of the transactions are not yet publicly disclosed, this investment and expected results are in line with our previous expectations.

我們與 ReNew 的 50-50 合資協議預計將與我們的輕資本方法保持一致，因為我們將向合資企業授權我們的技術。我們預計合資企業將主要是自籌資金並在名義上的父親支持下運營。雖然交易條款尚未公開披露，但本次投資和預期結果符合我們此前的預期。

The collaboration agreement with QuantumScape will be accounted for as R&D expense and is consistent with our previous expectations. At this juncture, we expect that it will be a few years until we can have a mass-produced solid-state storage battery. Upon production, we expect that a future solid state-based energy storage product will contribute to achieving our long-term product margin targets.

與 QuantumScape 的合作協議將計入研發費用，與我們之前的預期一致。在這個關頭，我們預計還需要幾年時間才能擁有量產的固態蓄電池。在生產後，我們預計未來基於固態的儲能產品將有助於實現我們的長期產品利潤率目標。

The Pexapark partnership is a validation of commercial relationships being built on our digital platform. As part of the partnership, we have a revenue share agreement in place for sales of Pexapark applications made through our app store. As our previous expectations did not include any such revenue share income, this partnership will be accretive to our financials from calendar year '23 onwards.

Pexapark 合作夥伴關係是對在我們的數字平台上建立的商業關係的驗證。作為合作夥伴關係的一部分，我們為通過我們的應用商店銷售的 Pexapark 應用程序簽訂了收入分成協議。由於我們之前的預期不包括任何此類收入分成收入，因此從 23 日曆年開始，這種夥伴關係將增加我們的財務狀況。

Furthermore, we continue to add talent and resources necessary to keep pace with the robust demand we are seeing. As such, during the quarter, we increased our supply chain organization by close to 60%, our service organization by approximately 20% and acquired key talent to strengthen our software development team. These additions are in line with our model and are important steps for executing our plan.

此外，我們將繼續增加必要的人才和資源，以跟上我們所看到的強勁需求。因此，在本季度，我們的供應鏈組織增加了近 60%，我們的服務組織增加了約 20%，並獲得了關鍵人才以加強我們的軟件開發團隊。這些新增內容符合我們的模型，是執行我們計劃的重要步驟。

Turning to Slide 13. Before we move on to our Q1 results, I would like to remind everyone of the seasonality of our revenues and order intake. This seasonality is due to customers' desires to have products operational in time for summer in the Northern Hemisphere. Historically, we recognized approximately 70% of our revenue mostly in our fiscal second half. This aligned with our patterns for order intake. As a result, fiscal first half results are usually lower compared to our second half. However, as Manuel mentioned, for our current Q2, there is a caveat to the seasonality in that we expect the portion of the delayed revenue from the fourth quarter of fiscal year '21 and fourth quarter of fiscal year '22 to be recognized during Q2, therefore, leading to a higher revenue contribution than typical in the second quarter.

轉到幻燈片 13。在我們繼續討論第一季度的結果之前，我想提醒大家我們的收入和訂單量的季節性。這種季節性是由於客戶希望產品能夠在北半球的夏季及時投入使用。從歷史上看，我們確認了大約 70% 的收入，主要是在我們的財政下半年。這與我們的訂單接收模式一致。因此，與我們的下半年相比，上半年的業績通常較低。然而，正如曼努埃爾所提到的，對於我們當前的第二季度，有一個季節性的警告，因為我們預計 '21 財年第四季度和 '22 財年第四季度的延遲收入部分將在第二季度得到確認，因此，導致第二季度的收入貢獻高於典型水平。

Moving on to Slide 14, starting with the table on top of the slide. In Q1, we contracted 600 megawatts of energy storage products, which was an increase of 525% from Q1 of fiscal year '21. We are encouraged by the high demand for products in a seasonally slower quarter. Energy storage services added 250 megawatts of contracts, which was a 10% decline from Q1 fiscal year '21. We sold higher levels of products to utility customers, which typically acquire service at a later date, as they did in Q4 of last year. We do expect an attachment rate of at least 70% for the products sold in Q1.

轉到幻燈片 14，從幻燈片頂部的表格開始。第一季度，我們簽約了600兆瓦的儲能產品，比21財年第一季度增長了525%。我們對季節性放緩的季度對產品的高需求感到鼓舞。儲能服務增加了 250 兆瓦的合同，比 21 財年第一季度下降了 10%。我們向公用事業客戶銷售了更高水平的產品，這些客戶通常會在以後獲得服務，就像他們在去年第四季度所做的那樣。我們確實預計第一季度銷售的產品的附著率至少為 70%。

Finally, we contracted 335 megawatts for our Fluence IQ bidding applications in Q1, which was a decline of 36% from Q1 of fiscal year '21. However, in January, we entered into a 1.1 gigawatt contract with AES Clean Energy. With this order, we have already achieved our fiscal year '22 Fluence IQ annual recurring revenue target, about 7 months ahead of time.

最後，我們在第一季度為 Fluence IQ 招標申請簽訂了 335 兆瓦的合同，比 21 財年第一季度下降了 36%。然而，在 1 月份，我們與 AES Clean Energy 簽訂了 1.1 吉瓦的合同。有了這個訂單，我們已經提前大約 7 個月實現了我們在 22 財年 Fluence IQ 的年度經常性收入目標。

Now moving to the second table on this slide. Despite impacts on our supply chain, the number of megawatts that we deployed for our energy storage products grew 6% sequentially due to our strong contracting results. Contract backlog megawatts increased 20% from the fourth quarter. Our product pipeline is being driven by strong tailwinds from the market and demand for our proprietary Gen 6 product. It stood at almost 14,000 megawatts at the end of Q1.

現在轉到這張幻燈片上的第二個表格。儘管對我們的供應鏈產生了影響，但由於我們強勁的合同結果，我們為儲能產品部署的兆瓦數環比增長了 6%。合同積壓兆瓦數比第四季度增加了 20%。我們的產品線受到來自市場的強勁順風和對我們專有的第 6 代產品的需求的推動。在第一季度末，它的功率接近 14,000 兆瓦。

Turning to energy storage services. Assets under management grew 8% and contracted backlog grew 10% from Q4. Similar to our storage products, our services pipeline remains robust, standing at almost 12,000 megawatts at the end of Q1.

轉向儲能服務。管理資產增長 8%，合同積壓訂單較第四季度增長 10%。與我們的存儲產品類似，我們的服務管道仍然強勁，在第一季度末達到近 12,000 兆瓦。

Moving to our Fluence IQ digital platform. In Q1, digital assets under management grew 25% to almost 3,900 megawatts from Q4 and while contracted backlog declined 26% due to successful transitioning to assets under management. Our digital pipeline achieved a new high of 4,500 megawatts at the end of Q1, which increased by almost 1,200 megawatts from Q4.

轉移到我們的 Fluence IQ 數字平台。第一季度，管理的數字資產比第四季度增長了 25%，達到近 3,900 兆瓦，而由於成功過渡到管理的資產，合同積壓下降了 26%。我們的數字管道在第一季度末達到了 4,500 兆瓦的新高，比第四季度增加了近 1,200 兆瓦。

Turning to Slide 15. Our Q1 fiscal year '22 revenue grew 50% to $175 million versus $116 million for Q1 fiscal year '21. Q1 fiscal year '22 revenue was below expectations driven by the already discussed headwinds. We view the delays of revenue recognition as temporary, this expectation to largely catch up within Q2 fiscal year '22. On the last 12 months basis, total revenue grew 9% versus Q4 to $739 million in Q1.

轉到幻燈片 15。我們的 22 財年第一季度收入增長了 50%，達到 1.75 億美元，而 21 財年第一季度的收入為 1.16 億美元。由於已經討論過的不利因素，22財年第一季度的收入低於預期。我們認為收入確認的延遲是暫時的，這一預期將在 22 財年第二季度基本趕上。在過去 12 個月的基礎上，第一季度的總收入與第四季度相比增長了 9%，達到 7.39 億美元。

Turning to Page 16. In the first quarter, gross profit was negative $53 million versus positive $5 million in Q1 fiscal year '21. This decrease was driven by $41 million of nonrecurring expenses in Q1 fiscal year '22, which included $31.3 million related to project charges and other costs attributable to the compounding effects of COVID-19 pandemic, $5.6 million related to nonrecurring excess shipping costs and other nonrecurring costs.

轉到第 16 頁。第一季度，毛利潤為負 5300 萬美元，而 21 財年第一季度為正 500 萬美元。這一減少是由 22 財年第一季度的 4100 萬美元非經常性費用推動的，其中包括與項目費用和其他可歸因於 COVID-19 大流行的複合影響的成本相關的 3130 萬美元，與非經常性超額運輸成本和其他非經常性費用相關的 560 萬美元費用。

In our last earnings call, we forecasted nonrecurring expenses related to shipping and other COVID-related items of at least $50 million to $55 million in the first half of fiscal year '20. In Q1, these expenses totaled about $37 million. We continue to forecast an impact of $50 million to $55 million in the first half.

在我們上次的財報電話會議中，我們預測 20 財年上半年與運輸和其他 COVID 相關項目相關的非經常性費用至少為 5000 萬至 5500 萬美元。在第一季度，這些費用總計約 3700 萬美元。我們繼續預測上半年的影響為 5000 萬至 5500 萬美元。

Adjusting for these nonrecurring items, we generated adjusted gross loss of $8 million in Q1 fiscal year '22 versus positive $5 million in Q1 fiscal year '21. Adjusted gross profit was negative in Q1 due to $13 million of costs associated with first time deploying our Gen 6 product. As Manuel noted, we have taken significant corrective actions. However, we expect to see some trailing cost overruns in Q2.

調整這些非經常性項目後，我們在 '22 財年第一季度產生了 800 萬美元的調整後毛虧損，而在 '21 財年第一季度產生了正 500 萬美元。由於與首次部署我們的第 6 代產品相關的 1300 萬美元成本，第一季度調整後的毛利潤為負數。正如 Manuel 所說，我們已經採取了重大的糾正措施。然而，我們預計第二季度會出現一些成本超支。

Continuing on to Slide 17. EBITDA in Q1 was impacted largely by the same nonrecurring expenses as the gross profit. Adjusted EBITDA excludes these nonrecurring expenses, an additional $24.9 million of stock-based compensation, which we have started to record since our successful IPO. However, the $24.9 million includes catch-up entry since April 2021. Therefore, future quarters will see significantly lower stock-based compensation expense.

繼續幻燈片 17。第一季度的 EBITDA 在很大程度上受到與毛利潤相同的非經常性費用的影響。調整後的 EBITDA 不包括這些非經常性費用，即額外的 2490 萬美元的股票薪酬，自我們成功 IPO 以來我們已經開始記錄。然而，這 2490 萬美元包括自 2021 年 4 月以來的補足入賬。因此，未來幾個季度的股票薪酬費用將顯著降低。

Moving on to Page 18. Our cash and cash equivalents as of December 31 was $632 million. We raised about $940 million in IPO proceeds in October, net of offering costs. Immediately following the IPO, we repaid a total of $100 million in debt. Our short-term working capital in the quarter was negatively affected by the shift in revenue recognition and by the $60 million prepayment to secure battery capacity. However, we expect to catch up on cash flow later in the year.

轉到第 18 頁。截至 12 月 31 日，我們的現金和現金等價物為 6.32 億美元。扣除發行成本後，我們在 10 月份籌集了約 9.4 億美元的 IPO 收益。首次公開募股後，我們立即償還了總計 1 億美元的債務。我們本季度的短期營運資金受到收入確認的轉變以及為確保電池容量而預付的 6000 萬美元的負面影響。但是，我們預計將在今年晚些時候趕上現金流。

Our strong balance sheet is now enabling us to keep pace with the robust demand we see for our entire ecosystem. Going forward, we will continue to deploy our capital in line with our investment framework of enhancing unit economics, expanding recurring revenues and developing structured offerings to deliver attractive value for our shareholders.

我們強大的資產負債表現在使我們能夠跟上我們看到的整個生態系統的強勁需求。展望未來，我們將繼續根據我們的投資框架配置資本，以提高單位經濟效益、擴大經常性收入和開發結構化產品，為我們的股東創造有吸引力的價值。

Turning to Slide 19 and our fiscal year '22 outlook. Our contracted backlog as of December 31 was $1.9 billion. Our guidance for fiscal year '22 revenue in the range of $1.1 billion to $1.3 billion takes into consideration risks and uncertainties related to our ability to recognize revenue from our energy storage products on a timely basis in H2 fiscal year '22.

轉向幻燈片 19 和我們的 22 財年展望。截至 12 月 31 日，我們的合同積壓訂單為 19 億美元。我們對 22 財年收入在 11 億美元至 13 億美元之間的指導考慮了與我們在 22 財年下半年及時確認儲能產品收入的能力相關的風險和不確定性。

Despite a challenging Q1, we expect our H1 fiscal year '22 revenue to be in line with our historic seasonality of 30% of full year revenue plus the majority of the $125 million delayed revenue from Q4 fiscal '21. As previously discussed, we also reconfirm our forecast of $50 million to $55 million of nonrecurring expenses related to shipping and COVID-19 compounding effect.

儘管第一季度充滿挑戰，但我們預計我們的 22 財年上半年收入將符合我們全年收入 30% 的歷史季節性加上 21 財年第四季度延遲收入的 1.25 億美元的大部分。如前所述，我們還再次確認了與運輸和 COVID-19 複合效應相關的 5000 萬至 5500 萬美元的非經常性費用的預測。

Lastly, we have already achieved our fiscal year '22 Fluence IQ annual recurring revenue objectives ahead of time and have created upside to our digital plan through the Pexapark partnership.

最後，我們已經提前實現了 22 財年 Fluence IQ 年度經常性收入目標，並通過 Pexapark 合作夥伴關係為我們的數字計劃創造了優勢。

At this time, I would like to turn the call back to Manuel.

此時，我想將電話轉回給 Manuel。

Thank you, Dennis. The first quarter proved to be exciting as we continue to execute on our mission to transform the way we power our world for a more sustainable future. We continue to see robust demand for our products, services and digital solutions as society continues to implement more renewables and reduce its reliance on fossil fuels, providing unique opportunities for Fluence.

謝謝你，丹尼斯。事實證明，第一季度令人興奮，因為我們繼續執行我們的使命，改變我們為世界提供動力的方式，以實現更可持續的未來。隨著社會繼續實施更多可再生能源並減少對化石燃料的依賴，我們繼續看到對我們的產品、服務和數字解決方案的強勁需求，這為 Fluence 提供了獨特的機會。

We are at a better place now than we were 3 or 6 months ago with improved visibility, more capabilities and more resources that we can deploy to meet the growing demand we are seeing. We are still in the very early stages of the clean energy transition, and I can say the future looks bright for Fluence as we look to deliver attractive value for our shareholders.

與 3 或 6 個月前相比，我們現在處於一個更好的位置，我們可以部署更多的可見性、更多的功能和更多的資源來滿足我們所看到的不斷增長的需求。我們仍處於清潔能源轉型的早期階段，我可以說 Fluence 的未來看起來很光明，因為我們希望為我們的股東提供有吸引力的價值。

Operator, we are now ready to take questions.

接線員，我們現在可以回答問題了。

(Operator Instructions) Our first question comes from James West with Evercore.

（操作員說明）我們的第一個問題來自與 Evercore 的 James West。

Curious, so looking at the order intake for Q1, down year-over-year. But of course, you had the AES order that came in, in January. So kind of how should we think about order intake? Should we be looking at that on a quarterly basis? Or should we look at it at kind of a rolling 12 months' basis? Is it lumpy and seasonal? And so I guess it doesn't seem to spark a concern at all from you guys. From your commentary, it sounds like things are very robust, but just curious how we should be thinking about that as we kind of monitor the business on a quarterly basis.

好奇，所以看看第一季度的訂單量，同比下降。但是，當然，您在 1 月份收到了 AES 訂單。那麼我們應該如何看待訂單接收呢？我們應該每季度查看一次嗎？還是我們應該以滾動 12 個月的方式來看待它？它是塊狀和季節性的嗎？所以我想這似乎並沒有引起你們的關注。根據您的評論，聽起來事情非常穩健，但只是好奇我們應該如何考慮這一點，因為我們每季度都會監控業務。

Thank you very much for your question. First is I see you're looking more at the Fluence IQ platform and not the overall backlog. First is that we are extremely happy and excited that we achieved our goal 7 months ahead of our plan, which is fantastic. The best way to see Fluence IQ is on a rolling basis. It's a product that we are expanding to other markets. We entered into the California. We're making inroads in that market. In Australia, we solidified our presence there with 20% of market share, incorporating additional projects in Australia, California. It's an open market for us. So you will see more coming.

非常感謝您的提問。首先，我看到您更多地關注 Fluence IQ 平台，而不是整體積壓。首先是我們非常高興和興奮，因為我們提前 7 個月實現了我們的目標，這太棒了。查看 Fluence IQ 的最佳方式是滾動。這是我們正在向其他市場擴展的產品。我們進入了加利福尼亞。我們正在進軍該市場。在澳大利亞，我們以 20% 的市場份額鞏固了我們在當地的業務，並在澳大利亞和加利福尼亞合併了其他項目。這對我們來說是一個開放的市場。所以你會看到更多。

And it would take a few months until you -- first, you test and you model the product for the customer. We incorporate the portfolio into the platform. Sometimes we do some modeling in parallel so they can see what is the upside and the revenue uplift potential. And then you sign a contract that usually is a significant amount of megawatts because the fact that we are just not using Fluence IQ for energy storage but also for renewables make the market more significant, the addressable market more significant, and also the growth is becoming the standard in the market. So the more people that start testing us, the more people that see the benefits, they will keep coming. So I would say very excited, extremely happy about the outcome, and we keep moving forward and developing new applications.

你需要幾個月的時間——首先，你為客戶測試並為產品建模。我們將產品組合整合到平台中。有時我們會並行進行一些建模，這樣他們就可以看到有什麼好處和增加收入的潛力。然後你簽署了一份通常是大量兆瓦的合同，因為我們不僅沒有將 Fluence IQ 用於儲能，還用於可再生能源這一事實使市場變得更加重要，目標市場更加重要，而且增長正在成為市場標準。因此，開始測試我們的人越多，看到好處的人就越多，他們就會不斷湧現。所以我會說非常興奮，對結果非常高興，我們繼續前進並開發新的應用程序。

Seyed, you want to share anything?

賽義德，你想分享什麼嗎？

No, I think that answers the question. As Manuel mentioned, we had great momentum over the last 12 months. So if you want to think about it as a rolling basis, we're super excited about the progress of the application. As Manuel mentioned, we're very penetrated deeply in Australia, continue to grow in California. You'll see us growing into adjacent markets here in the U.S. And the landscape has been great for us. So if there are any further questions, happy to take them. But I think, Manuel, you covered it.

不，我認為這回答了這個問題。正如曼努埃爾所說，我們在過去的 12 個月裡勢頭強勁。因此，如果您想將其視為滾動基礎，我們對應用程序的進展感到非常興奮。正如 Manuel 提到的，我們在澳大利亞非常深入，在加利福尼亞繼續發展。你會看到我們在美國發展到鄰近的市場，而且環境對我們來說非常好。因此，如果有任何進一步的問題，很樂意接受。但我認為，曼努埃爾，你涵蓋了它。

Okay. That makes perfect sense. And then I guess, Manuel, the momentum in the business seems to be exceptionally strong right now. I mean every time we speak, you're on an airplane or heading to an airplane or going somewhere to see a customer. Could you maybe describe kind of how the market is developing, where we are in kind of the land grab for storage and kind of where is the customer acceptance and understanding this has been a necessity stands today versus 3, 6, 12 months ago?

好的。這很有意義。然後我想，曼努埃爾，現在業務的勢頭似乎異常強勁。我的意思是每次我們說話時，你都在飛機上，或者去飛機上，或者去某個地方見客戶。您能否描述一下市場是如何發展的，我們在哪些方面處於搶占土地的存儲狀態，以及客戶在哪裡接受和理解這是今天與 3、6、12 個月前相比的必要條件？

Thank you very much for the question. Yes, I mean the market is exceptionally strong even if you consider all the headwinds that we see in supply chain and some of the concerns in some markets about the capacity to deliver. But the market is there. The more they test the technology, the more they like it.

非常感謝您的提問。是的，我的意思是市場異常強勁，即使你考慮到我們在供應鏈中看到的所有不利因素以及某些市場對交付能力的一些擔憂。但是市場就在那裡。他們對技術的測試越多，他們就越喜歡它。

We see a lot of recurring customers coming back to us and repeating their orders and looking at additional applications because it's a compound effect on growth. First, the sites are becoming bigger and bigger because the technology has been understood and really they see the benefit. So now you see more and more companies, IPPs out there and utilities, they're combining renewables with energy storage, but they're also replacing traditional fossil fuel generation with energy storage. So then the sites are getting bigger in megawatts, in capacity, but also the sites are getting bigger in hours. So the total megawatt hours is a compound, is the combination of both.

我們看到很多經常性客戶回到我們身邊並重複他們的訂單並查看其他應用程序，因為這對增長產生了複合影響。首先，網站變得越來越大，因為技術已經被理解並且他們真的看到了好處。所以現在你看到越來越多的公司、IPP 和公用事業公司將可再生能源與儲能相結合，但他們也在用儲能取代傳統的化石燃料發電。因此，這些站點的容量以兆瓦為單位變得越來越大，而且站點也在數小時內變得越來越大。所以總兆瓦時是一個化合物，是兩者的結合。

But on top of that, look at what happens with the -- we have been working for some time on the virtual transmission line concept. We developed the architecture, which is extremely complex and very, very unique. There are very, very little people that really understand how to do that. We did a test, just a pilot of 1 megawatt. And immediately, when they saw that operational, they came back to us and say, "Well, we need 200 megawatts." So that is 200x the pilot.

但最重要的是，看看會發生什麼 - 我們一直在研究虛擬傳輸線概念。我們開發的架構非常複雜，非常非常獨特。真正了解如何做到這一點的人非常非常少。我們做了一個測試，只是一個 1 兆瓦的試點。立即，當他們看到運行時，他們回過頭來告訴我們，“嗯，我們需要 200 兆瓦。”所以這是飛行員的 200 倍。

And then you see our transmission line bottlenecks everywhere in the world, Germany, Chile, Vietnam. There are so many places where you have offshore and onshore wind that, that energy cannot be delivered to the low centers because of transmission constraints. If we can solve that equation without the problem, we all know how difficult it is to build transmission lines, without building new transmission line, that is a whole segment with higher margins, and we are extremely uniquely positioned to take advantage of that.

然後你會看到我們在世界各地的傳輸線瓶頸，德國、智利、越南。有很多地方都有海上和陸上風能，由於傳輸限制，這些能量無法輸送到低矮的中心。如果我們能夠在沒有問題的情況下解決這個等式，我們都知道在不建造新的傳輸線的情況下建造傳輸線是多麼困難，這是一個利潤率更高的整個細分市場，我們在利用這一點方面處於非常獨特的位置。

I don't know, Rebecca, do you want to say something?

我不知道，麗貝卡，你想說點什麼嗎？

Sure, Manuel. Thanks. Again, I think you covered a lot of it. I would summarize that the market does continue to grow and the buckets of growth are in segments, and the transmission opportunity is an example of that kind of segment. Another segment is data centers. So more segments is more upward movement of that total available market. We also see growth in new geographic regions, so regions like India, as an example, regions that previously didn't adopt energy storage and the associated services and digital, and they are now ready to adopt that. So clearly, in our story, we're on top of that with India and actually some other countries as well that we're moving into.

當然，曼努埃爾。謝謝。再說一次，我認為你涵蓋了很多。我想總結一下，市場確實在繼續增長，增長的桶是細分的，傳輸機會就是這種細分的一個例子。另一部分是數據中心。因此，更多的細分市場是整個可用市場的更多向上運動。我們還看到新地理區域的增長，例如像印度這樣的地區，以前沒有採用儲能及相關服務和數字的地區，現在他們準備採用。很明顯，在我們的故事中，我們在印度以及實際上我們正在進入的其他一些國家中處於領先地位。

Something about the regions is that they move from short-duration to long-duration solution. So that helps us grow that total available market as well. And then, of course, to summarize what Manuel said, just the penetration of renewables, I think it's clear in the market right now that to make the renewable story work, we need to pair renewables with battery energy storage, so great news.

關於這些地區的一些事情是它們從短期解決方案轉向長期解決方案。因此，這也有助於我們擴大整個可用市場。然後，當然，總結 Manuel 所說的，只是可再生能源的滲透，我認為現在市場上很清楚，要使可再生能源的故事發揮作用，我們需要將可再生能源與電池儲能結合起來，這是個好消息。

Yes. Allow me just to make a very, very short example because we are so happy and so proud that we are part of this story. Last weekend, in Ireland, they broke the all-time record for renewable generation, 89% of renewables in the system last weekend during a storm. Our ultrafast response energy storage solutions in that market, we are the only ones in that market. If you see the performance of our site with ultrafast, which is the only one that is in the market right now, how we absorb the ups and downs of the wind generation and keep the lights on and reliable, 20% of the load in Ireland or close to that is data centers. And you know the need for 5 9s reliability and availability. And we supported that market. If you go to the statistics and you look at the way that the system operated, we are really, really enabling the high penetration of renewables in a sustainable and reliable way.

是的。請允許我舉一個非常非常簡短的例子，因為我們很高興也很自豪我們是這個故事的一部分。上週末，在愛爾蘭，他們打破了可再生能源發電的歷史記錄，上週末風暴期間系統中 89% 的可再生能源。我們在那個市場上的超快響應儲能解決方案，我們是那個市場上唯一的。如果您看到我們站點的性能超快，這是目前市場上唯一的站點，我們如何吸收風力發電的起伏並保持燈亮和可靠，愛爾蘭 20% 的負載或與之相近的是數據中心。而且您知道需要 5 個 9 的可靠性和可用性。我們支持這個市場。如果您查看統計數據並查看該系統的運行方式，我們確實以可持續和可靠的方式實現了可再生能源的高滲透率。

Our next question comes from Maheep Mandloi with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Maheep Mandloi。

This is Chandni on behalf of Maheep. You talked a little bit about the near-term headwinds that you're seeing. Could you help us think through the impact on margin and cash flow through the rest of the year?

我是代表 Maheep 的 Chandni。您談到了您所看到的近期不利因素。您能否幫助我們思考今年剩餘時間對利潤率和現金流的影響？

Yes, absolutely. Let me take this. This is Dennis speaking. So first of all, when we think about especially the second half of the financial year, we look ahead with confidence. When we say confidence, that's stemming from 2 parts. First of all, it's about the measures and the actions which Manuel outlined in his prepared remarks that we are seeing to have them taking traction. Second and overall, we are seeing that the Omicron wave is going down. So that means while we have seen stronger headwinds from the pandemic before, that's declining. So in that regard, we're looking ahead with confidence.

是的，一點沒錯。讓我拿這個。這是丹尼斯在說話。因此，首先，當我們特別考慮財政年度的下半年時，我們充滿信心地展望未來。當我們說信心時，這源於兩個部分。首先，這是關於曼努埃爾在他準備好的講話中概述的措施和行動，我們看到他們正在採取行動。其次，總體而言，我們看到 Omicron 浪潮正在下降。因此，這意味著雖然我們之前已經看到大流行帶來的更大阻力，但這種情況正在下降。因此，在這方面，我們充滿信心地展望未來。

What that now means in terms of the margin development and the cash, so on the profit side, gross profit side, we are seeing that gross profit margins are to be improving and increasing on a quarter-by-quarter basis to come back to the level of our previous expectations by the year-end on a rolling basis. But also just to be clear on that, on a full year basis, considering the full 12 months, we won't be able to recover on what we have debated in the first half.

就利潤率發展和現金而言，這意味著什麼，所以在利潤方面，毛利潤方面，我們看到毛利率將逐季度提高和增加，以回到到年底，我們在滾動基礎上的預期水平。但也要明確一點，在全年的基礎上，考慮到整整 12 個月，我們將無法恢復我們在上半年辯論的內容。

On the cash flow side, in the first quarter, we have made the prepayment to secure battery capacities, which is an important step for us to secure our backlog and the demand until the end of the calendar year 2023. In addition to that, cash flow has been also impacted by the delays and the shifting in the revenue recognition from the first quarter into the second quarter. As we are catching up and looking forward with confidence on that, on the revenue recognition, we will also catch up on the cash side and on the working capital side in the later part of this year.

在現金流方面，在第一季度，我們已經預付款以確保電池容量，這是我們確保在 2023 日曆年年底之前的積壓和需求的重要一步。除此之外，現金流量也受到延遲和收入確認從第一季度到第二季度的轉變的影響。由於我們正在迎頭趕上並對此充滿信心，在收入確認方面，我們也將在今年下半年在現金方面和營運資金方面迎頭趕上。

Dennis, that's very helpful. Switching gears a bit, we're expecting to perhaps see changes in the net metering policy in California, which could potentially drive significant demand for residential batteries. As that market potentially grows at a much faster pace, would it be of interest to Fluence to bring your capabilities of manufacturing and modular batteries to residential market?

丹尼斯，這很有幫助。稍微切換一下，我們預計加州的淨計量政策可能會發生變化，這可能會推動對住宅電池的大量需求。由於該市場可能以更快的速度增長，Fluence 是否有興趣將您的製造和模塊化電池的能力帶入住宅市場？

So we see the same thing in the market that there is potential for residential. I would say surely that we're evaluating it. So we're not in the market today, but we're evaluating it.

因此，我們在市場上看到了同樣的情況，即住宅有潛力。我肯定會說我們正在評估它。所以我們今天不在市場上，但我們正在評估它。

Our next question comes from Mark Strouse with JPMorgan.

我們的下一個問題來自摩根大通的 Mark Strouse。

When thinking about the India market, are there any local manufacturing requirements that we need to be aware of? And how are you planning for that, if so? And how does that impact the potential ramp that we might see in orders in that market?

在考慮印度市場時，我們是否需要了解當地的製造要求？如果是這樣，你打算怎麼做？這對我們在該市場訂單中可能看到的潛在增長有何影響？

Yes. Thank you. India, very, very excited about India. We established our first pilot of 10 megawatts in India in 2019. We waited for several months or even a few years for the right moment to find the right time, the right partner and be ready for such a big market because it's not just that we have the technology, it's also do we have the capacity to ramp up production and to really, really be able to penetrate a market with reliable and enough resources to fulfill the demand that we might see there. We found the right partner. Very, very happy with the JV with ReNew Power, the leaders in pure renewable projects in India. Initially, there's no requirement of localizing, but you know how competitive that market is. So eventually, when the time is right, we will be publishing and letting you know about how we are going to be starting to use local suppliers to complement our technology.

是的。謝謝你。印度，對印度非常非常興奮。我們於 2019 年在印度建立了第一個 10 兆瓦的試點。我們等待了幾個月甚至幾年的合適時機，以找到合適的時間、合適的合作夥伴並為如此大的市場做好準備，因為這不僅僅是我們擁有技術，我們也有能力提高產量，並真正、真正能夠以可靠和足夠的資源打入市場，以滿足我們可能在那裡看到的需求。我們找到了合適的合作夥伴。非常非常高興與印度純可再生能源項目的領導者 ReNew Power 建立合資企業。最初，不需要本地化，但您知道該市場的競爭程度。因此，最終，在適當的時候，我們將發布並讓您知道我們將如何開始使用本地供應商來補充我們的技術。

But the target is just to fully localize the production. We have all this tremendous first-mover advantage. The actual amount of energy storage in India is very, very small. And we represent right now, 50% of what is already operating in India. They will do a multi-gigawatt demand. We see that coming. The good thing is that the government already did a local tender for battery manufacturing, giving them a price subsidy on energy for those who will want to establish up to 50 gigawatts of battery manufacturing. So the government is already thinking about that.

但目標只是將生產完全本地化。我們擁有所有這些巨大的先發優勢。印度的實際儲能量非常非常小。我們現在代表印度已經運營的 50%。他們將滿足數千兆瓦的需求。我們看到了這一點。好消息是，政府已經對電池製造進行了本地招標，為那些想要建立高達 50 吉瓦電池製造的人提供能源價格補貼。所以政府已經在考慮這個問題了。

In the short term, most of the equipment is going to come from abroad. There are some inverter manufacturers in India. We're already talking to them. We are already exchanging some technical specifications with them. I don't know, Rebecca, if you want to give us some color about that. Very exciting, right partner, right time, the government is supporting. There's some very, very strong economic and political support, economic incentive. So I think that the time is right for us to enter into that market.

短期內，大部分設備將來自國外。印度有一些逆變器製造商。我們已經在和他們交談了。我們已經在與他們交換一些技術規格。我不知道，麗貝卡，如果你想給我們一些顏色。非常令人興奮，合適的合作夥伴，合適的時間，政府正在支持。有一些非常非常強大的經濟和政治支持，經濟激勵。所以我認為我們進入這個市場的時機已經成熟。

Okay. And then you kind of touched on this earlier about the opportunity for more transmission upgrades over time. Just curious, though, just kind of looking out kind of more near term, do you have any similar-sized projects in your kind of late-stage pipeline?

好的。然後，您早些時候談到了隨著時間的推移進行更多傳輸升級的機會。不過，只是好奇，只是在尋找一種更近期的情況，你的後期管道中是否有任何類似規模的項目？

Yes. I cannot disclose exactly who are we working with, but yes, we are working with world-class developers and energy companies, actively participating in bidding processes that are already taking place in Europe and in America. Certainly, I mean if we get this right, then there will be a very, very good segment for us opening up with good margins. And so far, we are the only one. But we have developed so many applications in the past. We know that others will follow. But we keep innovating, we keep having this first-mover advantage and creating more and more applications.

是的。我無法確切透露我們與誰合作，但是是的，我們正在與世界級的開發商和能源公司合作，積極參與已經在歐洲和美國進行的投標過程。當然，我的意思是，如果我們做對了，那麼我們將有一個非常非常好的細分市場，並且我們以良好的利潤率開放。到目前為止，我們是唯一的一個。但是我們過去開發了很多應用程序。我們知道其他人會效仿。但我們不斷創新，我們不斷擁有這種先發優勢並創造越來越多的應用程序。

Rebecca, do you want to say something about the transmission?

麗貝卡，你想談談傳輸嗎？

Again, I think you summarized it well. There certainly are opportunities that currently exist, particularly in Europe, and we have bids going on right now.

再次，我認為你總結得很好。目前肯定存在機會，特別是在歐洲，我們現在正在進行投標。

Our next question comes from Brian with Goldman Sachs.

我們的下一個問題來自高盛的布萊恩。

Maybe the first one, just going back to the margins. I know there's some pressures here near term. It sounds like they should ease moving through the back of the fiscal year. But it sounds like we should expect sort of steady-state margins by year-end. So Dennis, I think based on your prior model, that would imply like positive mid-single-digit adjusted gross margins by, let's call it, fiscal Q4. First, is that fair? And then maybe can you give us a bit of the bridge here? That's about a 1,500 basis point expansion from today's level over just the next couple of quarters. And then I have a follow-up.

也許是第一個，只是回到邊緣。我知道短期內這裡有一些壓力。聽起來他們應該在本財年末放鬆一下。但聽起來我們應該預計到年底會有穩定的利潤率。所以丹尼斯，我認為根據你之前的模型，這意味著調整後的毛利率為正的中個位數，我們稱之為第四財季。首先，這公平嗎？然後也許你能在這裡給我們一些橋樑嗎？在接下來的幾個季度裡，這比今天的水平擴大了大約 1,500 個基點。然後我有一個跟進。

Brian, thanks for the question. So in that regard, think of like where we started in Q1. So Q1 has been impacted by the nonrecurring expenses as well as by the cost overruns, which we disclosed on the call. So if you're thinking forward into the second quarter, we will still have some portion of the nonrecurring expenses where we had reconfirmed our outlook of $50 million to $55 million. And then we said we will still have a small amount, a trailing off amount of that cost overrun. So that means in that regard, we will see a reduction in the nonrecurring expenses as well as in the cost overruns in the second quarter. And then while we are entering in third quarter and into the fourth quarter, into the second half of the year, we are seeing that we are moving back towards this previous expectation levels, into the mid-single digits as we had previously discussed.

布賴恩，謝謝你的問題。所以在這方面，想想我們在第一季度開始的地方。因此，第一季度受到非經常性費用以及成本超支的影響，我們在電話會議上披露了這一點。因此，如果您正在考慮進入第二季度，我們仍將有一部分非經常性費用，我們已經重新確認了 5000 萬至 5500 萬美元的前景。然後我們說我們仍然會有一小部分，這是成本超支的一部分。因此，這意味著在這方面，我們將看到第二季度的非經常性費用以及成本超支減少。然後，當我們進入第三季度和第四季度，進入下半年時，我們看到我們正在回到之前的預期水平，回到我們之前討論的中個位數。

Okay. Fair enough. But is all the nonrecurring going away? Or it seems like there's a bit more to the bridge than just that.

好的。很公平。但是所有的非重複性都會消失嗎？或者，這座橋似乎還有更多的東西。

Yes. On the nonrecurring side, let's say it like this, I mentioned before that we have high confidence in the measures which we put out. Nevertheless, we had stated the $50 million to $55 million as a guidance for the first half, at the end, just through quarter 1 of this year, and therefore, we will give you an update on potential nonrecurring expenses in our next earnings call.

是的。在非經常性方面，讓我們這樣說，我之前提到我們對我們推出的措施充滿信心。儘管如此，我們已將 5000 萬美元至 5500 萬美元作為上半年的指導，到年底，直到今年第一季度，因此，我們將在下一次財報電話會議上向您提供有關潛在非經常性費用的最新信息。

Okay. Fair enough. And then just a second question around this Fluence IQ contract with AES. Congrats on the scale of that. Just wondering, clearly, this is a big deal, the biggest one you guys have ever done over 1 gigawatt. I recall you had like a $3 million or $4 million revenue target for the digital business this year. So if I kind of back into it, this 1 gigawatt deal is worth maybe $1 million or $2 million annually since it adds about 25% to your assets under management for that piece of the business. Is that the right way to kind of think about the scale of the revenue opportunity every time you're getting like a gigawatt into the IQ business segment?

好的。很公平。然後是關於與 AES 簽訂的 Fluence IQ 合同的第二個問題。恭喜你的規模。只是想知道，很明顯，這是一件大事，你們做過的最大的一個超過 1 吉瓦。我記得你今年為數字業務設定了 300 萬或 400 萬美元的收入目標。因此，如果我重新考慮一下，這筆 1 吉瓦的交易每年可能價值 100 萬美元或 200 萬美元，因為它為您在該業務中管理的資產增加了約 25%。每當您進入 IQ 業務領域時，這是否是正確考慮收入機會規模的正確方法？

Yes. I mean I'll pass it to Dennis in terms of going to some more details about our targets. All I can tell you, it's been a great deal for us, very energizing to see the rate of adoption of Fluence IQ in California. As Dennis mentioned, we've already achieved our expected ARR targets for this year, way ahead of the schedule, and we're building a lot of momentum.

是的。我的意思是，我將把它傳遞給丹尼斯，以了解有關我們目標的更多細節。我只能告訴你，這對我們來說意義重大，看到 Fluence IQ 在加利福尼亞的採用率非常令人振奮。正如丹尼斯所說，我們已經提前實現了今年的預期 ARR 目標，而且我們正在建立很大的動力。

I also want to note that I'm really proud and excited about the diversity of our customer base. Obviously, the deal with AES is very exciting. It's over 1 gigawatt. But if you look at the 6 gigawatts that we have contracted and the diversity of our customer base, we have utilities, we have community choice aggregators, we're helping communities with Fluence IQ. We have IPPs. We have renewable developers. We have renewable asset managers. And most importantly, we have investment banks involved in Fluence IQ. So a lot of great momentum.

我還想指出，我對我們客戶群的多樣性感到非常自豪和興奮。顯然，與 AES 的交易非常令人興奮。超過1吉瓦。但是，如果您看看我們已簽約的 6 吉瓦以及我們客戶群的多樣性，我們有公用事業，我們有社區選擇聚合器，我們正在通過 Fluence IQ 幫助社區。我們有 IPP。我們有可再生的開發商。我們有可再生資產管理公司。最重要的是，我們有投資銀行參與 Fluence IQ。所以氣勢很大。

Maybe I'll pass it to Dennis, if you want to speak more about the revenue targets?

如果你想更多地談談收入目標，也許我會把它交給丹尼斯？

Right, let me take that, Brian. So what makes this deal so attractive for us are 2 things. So first of all, this has a high share of battery storage. So that means in that regard, I mean, typically going out as Fluence IQ to also go after the renewables side, this year also includes renewable, but it has a high share of the energy storage, which brings a higher ASP in terms of dollar per kilowatt. That makes it attractive first. And then the second portion is that it has also a highly attractive performance sharing revenue portion to it which, as you may recall from previous discussions, we have been very conservative on how we have put that into our model. And so therefore, we are seeing an upside here on our digital side.

好吧，讓我接受，布賴恩。因此，使這筆交易對我們如此有吸引力的原因有兩點。因此，首先，這具有很高的電池存儲份額。所以這意味著在這方面，我的意思是，通常以 Fluence IQ 的形式出現在可再生能源方面，今年也包括可再生能源，但它在能源存儲中的份額很高，這帶來了更高的 ASP 美元每千瓦。這首先使它具有吸引力。然後第二部分是它還有一個非常有吸引力的績效分享收入部分，正如你可能從之前的討論中記得的那樣，我們在如何將其納入我們的模型方面一直非常保守。因此，我們在數字方面看到了優勢。

Okay. Fair enough. I'll take it off-line.

好的。很公平。我會讓它離線。

Something that I would like to add because I think it is important, every market is different. I mean just the same proportion by percentage of the portfolio increase. There are markets with higher volatility. There are markets with higher price points. There are contracts that they include renewables. They are not just renewables. And remember that the revenue uplift potential for just renewables is between 10% to 15%. But when you have energy storage or you add energy storage, that number goes up to 50%. And if you have the revenue sharing and you know that the uplift is 50%, so it's not linear. The possibility of exponentially higher revenue sharing when you have a higher revenue uplift, I mean capacity for the AI system or software, but also by the dynamics of the market.

我想補充一點，因為我認為這很重要，每個市場都不一樣。我的意思是投資組合增加的百分比相同。有些市場波動性更高。有價格更高的市場。有些合同包括可再生能源。它們不僅僅是可再生能源。請記住，僅可再生能源的收入增長潛力在 10% 到 15% 之間。但是當你有儲能或增加儲能時，這個數字會上升到 50%。如果你有收益分享，你知道提升是 50%，所以它不是線性的。當你有更高的收入增長時，收入分成的可能性呈指數級增長，我的意思是人工智能係統或軟件的容量，但也取決於市場的動態。

And our next question comes from Julien Dumoulin-Smith with Bank of America.

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

I'll make it quick here. Just 2 follow-up questions, if I can. First, on AES, how do you think about the future backlog from AES as you think about the percent exposure to AES as a counterparty both in the quarter? And then in terms of your future backlog, both in the context of IQ but also overall in your business, how do you see that evolving here, right? Obviously, things were fairly elevated. We've talked a lot about it on this call, for instance, with the IQ. But how would you frame that '22 onwards from what you know already with your backlog and otherwise?

我會在這裡盡快處理。如果可以的話，只需 2 個後續問題。首先，關於 AES，您如何看待 AES 未來的積壓工作，因為您考慮到 AES 作為交易對手在本季度的風險敞口百分比？然後就您未來的待辦事項而言，無論是在 IQ 的背景下，還是在您的業務中，您如何看待這裡的發展，對吧？顯然，事情已經相當高了。我們在這次電話會議上談了很多，例如，與智商。但是，您將如何從您已經知道的積壓工作和其他情況開始構建 22 年以後的內容？

Yes. Julien, thanks for your question. And yes, we saw you wrote this morning about our call and your first impressions, and you highlighted there that in this quarter, we had a high concentration on Fluence IQ on AES. First, let's say that we're extremely happy that AES is one of our sponsors and main shareholders but also one of our very, very important customers. They are ramping up. They're expanding aggressively their renewable targets. And they have done that in a very solid way. So we're very happy to be linked to them. That's one element.

是的。朱利安，謝謝你的提問。是的，我們今天早上看到你寫了關於我們的電話和你的第一印象，你在那裡強調，在本季度，我們高度關注 AES 上的 Fluence IQ。首先，假設我們非常高興 AES 是我們的讚助商和主要股東之一，同時也是我們非常非常重要的客戶之一。他們正在加速發展。他們正在積極擴大其可再生能源目標。他們以非常紮實的方式做到了這一點。所以我們很高興與他們建立聯繫。這是一個要素。

Second, we have customers all over the world. And the fact that California is such an important market for AES, we will keep capturing market share in California. Well, I mean AES will be in the mix. There's no way that with the huge portfolio that they have in California, we will not be there. So that's one element. But we will see. And we are expecting that, that number will go back to the traditional long-term numbers that we have seen in the last 3 or 4 years in terms of what is the contribution from AES on the overall ecosystem platform expansion and populating process that we are achieving. And we're very, very excited about AES. And we will see them in California, obviously. But as we expand to other markets on Fluence IQ, well, I mean that proportion might change.

其次，我們的客戶遍布世界各地。事實上，加州是 AES 如此重要的市場，我們將繼續在加州佔領市場份額。好吧，我的意思是 AES 將參與其中。憑藉他們在加利福尼亞擁有的龐大投資組合，我們不可能不去那裡。這是一個要素。但我們會看到的。我們預計，就 AES 對我們整個生態系統平台擴展和填充過程的貢獻而言，這個數字將回到我們在過去 3 或 4 年看到的傳統長期數字達到。我們對 AES 感到非常非常興奮。很明顯，我們將在加利福尼亞看到它們。但是當我們在 Fluence IQ 上擴展到其他市場時，我的意思是這個比例可能會改變。

Got it. Yes, clearly always good to write on the coattails of the company expanding like AES. All right. No doubt about that.

知道了。是的，很明顯，寫在像 AES 一樣擴張的公司的尾聲上總是很好的。好的。毫無疑問。

Other companies will follow, Julien, you know that.

其他公司會跟進，朱利安，你知道的。

Yes, totally. Well, so if I can, actually, I'm just curious. As you think about the balance of this year, certainly, you talked about some delays from 4Q from last year here, can you talk about when you get some of the $130 million back, if you will?

是的，完全。好吧，所以如果可以的話，實際上，我只是好奇。當你考慮今年的餘額時，當然，你談到了去年第四季度的一些延遲，你能談談你什麼時候拿回 1.3 億美元的一部分，如果你願意的話？

Yes. Let me take this high level. I want to send a message to you and the rest of our investors and customers out there. First is that the demand is very strong. We're working very close with each one of our customers to overcome those delays, to close the gaps. We've seen already that happening in many of our projects. We developed our technology for the first time, the Gen 6. So it's normal that you will see some things that you need to fine-tune. The mega sites that we have is a significant step-up in the company. We brought in new talent which, in these times, is really difficult. And we have been able to attract very, very good talent. They like Fluence. They like our mission. They like that we are the leaders. So in that sense, things are going in the right direction. We haven't had any cancellation, which is a very, very good sign.

是的。讓我把這個高度。我想向您以及我們的其他投資者和客戶發送信息。首先是需求非常旺盛。我們正在與每一位客戶密切合作，以克服這些延誤，縮小差距。我們已經在我們的許多項目中看到了這種情況。我們第一次開發了我們的技術，即第 6 代。因此，您會看到一些需要微調的東西是很正常的。我們擁有的大型網站是公司的重大進步。我們引進了新的人才，在這個時代，這真的很困難。我們已經能夠吸引到非常非常優秀的人才。他們喜歡 Fluence。他們喜歡我們的使命。他們喜歡我們是領導者。所以從這個意義上說，事情正在朝著正確的方向發展。我們沒有任何取消，這是一個非常非常好的跡象。

And Dennis, do you want to add something?

丹尼斯，你想補充什麼嗎？

Yes, Julien, to your question, so we expect to recognize the majority of the $125 million of revenue which shifted over from Q4 '21 in our first half plus being back in line with our historic seasonality of 30% of our annual guidance.

是的，朱利安，回答你的問題，因此我們預計上半年從 21 年第四季度轉移的 1.25 億美元收入中的大部分將與我們年度指導的 30% 的歷史季節性保持一致。

And our next question comes from George Gianarikas with Baird.

我們的下一個問題來自 George Gianarikas 和 Baird。

First, can you talk about your service attach rate at 69%, some of the dynamics that went into that and your confidence of that improving over time?

首先，您能否談談您的 69% 的服務附加率、其中的一些動態以及您對隨著時間的推移而提高的信心？

Yes. First, we are very confident that the attachment rate that we have seen in the past is stable, is going forward, so it's going to stay there. As you know, in general, the Fluence services, they lag a bit after you get the signing of the systems and the products for the energy storage and smart solutions. And it will take some time to get those contracts upon signing and then incorporating into our metrics. You saw that in our last earnings call that we had an increase of 750%. So you will probably see that coming. But the way that we see it is that around 70%, 75% attachment rate is going to stay at those levels.

是的。首先，我們非常有信心，我們過去看到的附著率是穩定的，正在向前發展，所以它會保持在那裡。如您所知，一般來說，Fluence 服務在您簽署能源存儲和智能解決方案的系統和產品後會稍有滯後。簽署這些合同並將其納入我們的指標需要一些時間。您在我們上次的財報電話會議中看到，我們增長了 750%。所以你可能會看到它的到來。但我們看到的方式是，大約 70%、75% 的依戀率將保持在這些水平。

And just one follow-up, just to make sure that we all understand your guidance for the year and the context around it. Are you assuming that the world continues to improve from a COVID perspective, that supply chain disruptions get better and that's how you'll hit your guidance? Or do you assume continued disruption? I just want to make sure we all understand the context around it and what to look for to understand it.

並且只是一個後續行動，只是為了確保我們都了解您對這一年的指導以及圍繞它的背景。您是否假設從 COVID 的角度來看世界會繼續改善，供應鏈中斷會變得更好，這就是您將如何達到您的指導？還是您假設持續中斷？我只是想確保我們都了解它周圍的背景以及要尋找什麼來理解它。

Yes. My first reaction, and thank you for your question, is we're cautiously optimistic as we see the Omicron variant subsiding and we see less port congestions, for example, in the West Coast of United States, as we have a vast majority of our products already in-country, in the different locations where we have to install and commission for Q2. So we are cautiously optimistic. And we do see an improvement for the second half of the year. But we are also accounting that there might be some places still where things will get a little bit -- will delay their process to get back to normal. But we are considering both.

是的。我的第一反應是，感謝您的提問，我們是否謹慎樂觀，因為我們看到 Omicron 變體正在消退，並且我們看到港口擁堵減少，例如在美國西海岸，因為我們擁有絕大多數產品已經在國內，在我們必須為第二季度安裝和調試的不同地點。所以我們持謹慎樂觀的態度。我們確實看到今年下半年有所改善。但我們也考慮到，在某些地方，事情可能會有所進展——將延遲他們恢復正常的進程。但我們正在考慮兩者。

Right. So maybe internally, we would considered it a new normal. That means like pandemic/post-pandemic kind of level of supply chain reliability. That means not as good as pre-pandemic but also not as bad as we have seen, especially over the end of the last calendar year with the high levels of Omicron.

正確的。所以也許在內部，我們會認為這是一種新常態。這意味著大流行/大流行後的供應鏈可靠性水平。這意味著不如大流行前那麼好，但也沒有我們所看到的那麼糟糕，尤其是在去年年底 Omicron 處於高水平的情況下。

I also would like to add that the fact that we already selected our contract manufacturers for Europe and the U.S., that will also help us on the supply chain and logistics.

我還想補充一點，我們已經為歐洲和美國選擇了合同製造商，這也將對我們的供應鍊和物流有所幫助。

Our next question comes from Graham Price with Raymond James.

我們的下一個問題來自格雷厄姆·普萊斯和雷蒙德·詹姆斯。

Just on the newly announced Pexapark partnership, I was wondering if you could talk a little bit about how that expands coverage for the IQ platform and maybe specifically what that does for the addressable market for the bid app side of that.

就新宣布的 Pexapark 合作夥伴關係而言，我想知道您是否可以談談這如何擴大 IQ 平台的覆蓋範圍，也許具體來說，這對投標應用程序方面的潛在市場有什麼作用。

Yes. Thank you. Great question. So let me take you all back to what we shared during our road show and Analyst Day conversation. So with Fluence IQ, our flagship application is being the bidding application. But we have been contemplating and in the process of developing new applications. But we also noted that an upside for us is to create opportunities for third-parties to integrate or get into partnerships with us for additional applications.

是的。謝謝你。好問題。因此，讓我帶大家回到我們在路演和分析師日對話中分享的內容。因此，對於 Fluence IQ，我們的旗艦應用程序是投標應用程序。但我們一直在考慮並正在開發新的應用程序。但我們也注意到，我們的一個好處是為第三方創造機會，讓他們可以整合或與我們建立合作夥伴關係以獲取更多應用程序。

Now I should also note, none of that was built into our financial models in terms of revenue upside. But the fact that we have actually announced this partnership, we're way ahead of the schedule in terms of creating that momentum around third-party applications. Obviously, Pexapark, with their presence of Europe, that gives us a greater insight in the European market and allows us to get into that European market with deeper customer relationships. So all great, ahead of schedule. And let me pause there if there's any follow-ups. But I should say it's very positive momentum and in the right direction.

現在我還應該指出，就收入增長而言，這些都沒有納入我們的財務模型中。但事實上，我們實際上已經宣布了這種合作夥伴關係，我們在圍繞第三方應用程序創造這種勢頭方面領先於計劃。顯然，Pexapark 憑藉他們在歐洲的存在，讓我們對歐洲市場有了更深入的了解，並使我們能夠通過更深入的客戶關係進入那個歐洲市場。一切都很好，提前了。如果有任何後續行動，讓我暫停一下。但我應該說這是非常積極的勢頭並且朝著正確的方向發展。

Got it. Understood. And then I guess quickly on the cost overruns that you saw for the Gen 6 product installations, just wondering, are those largely due to commodity price inflation, kind of the typical logistics issues? Is there one thing you can point to? Or is it just kind of a combination?

知道了。明白了。然後我很快猜想你看到的第 6 代產品安裝的成本超支，只是想知道，這主要是由於商品價格上漲，典型的物流問題嗎？您可以指出一件事嗎？或者它只是一種組合？

Sure, I'll take that. So we've kind of separated the cost overruns from the logistics issues. And on the cost overruns, they are temporary and they are associated with installation and commissioning. So the way that we have addressed that is we have done root cause analysis of either operational issues or technical issues that we could optimize to ensure that those cost overruns get to 0 closer to the end of this quarter. We've implemented those fixes either in our field installation manuals or in our factory, and those are in play right now. So we've identified the issues and we've implemented the fixes. We've also hired a significant number of more people to be able to handle the installation and commissioning. So that was one of the lessons learned is that we needed more people, and we have trained those people in the installation procedures and updated our installation manuals.

當然，我會接受的。因此，我們已經將成本超支與物流問題分開了。在成本超支方面，它們是暫時的，並且與安裝和調試有關。因此，我們解決這個問題的方法是我們對運營問題或技術問題進行了根本原因分析，我們可以優化這些問題，以確保這些成本超支在本季度末接近 0。我們已經在我們的現場安裝手冊或工廠中實施了這些修復，並且這些修復現在正在發揮作用。所以我們已經確定了問題並實施了修復。我們還僱傭了更多的人來負責安裝和調試。因此，我們吸取的教訓之一是我們需要更多的人，我們已經對這些人進行了安裝程序培訓並更新了我們的安裝手冊。

Our next question comes from Ryan Levine with Citi.

我們的下一個問題來自花旗銀行的 Ryan Levine。

How is the AES-Fluence IQ contract duration compared to the existing portfolio? And are there any material term differences in that agreement versus other contracts that you signed?

與現有產品組合相比，AES-Fluence IQ 合同期限如何？該協議與您簽署的其他合同是否存在重大條款差異？

So it's actually more on the longer duration side in terms of the contract length, which is more exciting. So that gives us further momentum to really adapt IQ with the dynamics of the California market. And like I said, it's more on the longer-duration side.

因此，就合同期限而言，實際上更多的是更長的期限，這更令人興奮。因此，這為我們提供了進一步推動 IQ 真正適應加利福尼亞市場動態的動力。就像我說的那樣，它更多的是在更長的時間方面。

Okay. And then in terms of your hiring ability or trends, can you update us to your ability to hire new people both on the engineering and sales force side throughout the organization?

好的。然後就您的招聘能力或趨勢而言，您能否向我們介紹一下您在整個組織中招聘工程和銷售人員方面的新人的能力？

Yes. As I mentioned, I mean we're very pleased that in such a difficult market -- and we all know that the labor market, especially for high-qualified engineers and professionals, is very tight -- it has been a quite nice surprise to us, the number of people that want to come, that want to be a part of Fluence story. They like our mission and our purpose. They like what we're doing and our global presence and that we are truly, truly enabling more and more renewables around the world.

是的。正如我所提到的，我的意思是我們很高興在如此艱難的市場中——而且我們都知道勞動力市場，特別是對於高素質的工程師和專業人士來說，非常緊張——這是一個非常好的驚喜我們，想來的人，想成為 Fluence 故事一部分的人。他們喜歡我們的使命和目標。他們喜歡我們正在做的事情和我們在全球的影響力，並且我們確實在世界各地實現了越來越多的可再生能源。

So we increased our teams in supply chain and manufacturing, logistics by 57%. We hired a significant amount of engineers, control engineers and commissioning engineers. Honestly, the demand has been tremendous. We have extremely high volume. We might call it growing pains. We are surprised by the amount of demand that we have. And the effect that having all those sites being commissioned and installed it simultaneously, well, it was a big challenge. I think that the almost 150 people that we added in a very, very tight market is remarkable, so thank you very much for asking, an opportunity for us to welcome all of them and thank them for all their hard work.

因此，我們將供應鍊和製造、物流團隊增加了 57%。我們聘請了大量工程師、控制工程師和調試工程師。老實說，需求是巨大的。我們有非常高的容量。我們可以稱之為成長的痛苦。我們對我們的需求量感到驚訝。以及同時調試和安裝所有這些站點的效果，嗯，這是一個很大的挑戰。我認為我們在一個非常非常緊張的市場中增加的近 150 人非常了不起，所以非常感謝您的提問，這是我們歡迎所有人並感謝他們所有辛勤工作的機會。

And then just to clarify a comment around fourth quarter, achieving single-digit margin, is that referring to on a GAAP basis? Or is that on an incremental contracts signed or incremental sales basis given the revenue recognition that you have throughout your organization?

然後只是為了澄清第四季度左右的評論，實現個位數的利潤率，是指基於公認會計原則的嗎？或者，考慮到您在整個組織中的收入確認，這是在簽署增量合同或增量銷售的基礎上進行的？

So that's referring to the in-quarter numbers on a on an adjusted gross profit level.

所以這是指調整後的毛利潤水平上的季度數字。

When do you think you'll be able to achieve single-digit on a GAAP basis?

您認為您何時能夠在 GAAP 基礎上實現個位數？

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We will see that same trend on the GAAP basis as on an adjusted basis. As mentioned before, we are a bit early in the year. And therefore, we'll give you a more concrete answer on that one in the next earnings call.

我們將在 GAAP 基礎上看到與調整後相同的趨勢。如前所述，我們今年有點早。因此，我們將在下一次財報電話會議上給你一個更具體的答案。

And our last question comes from Steven Fleishman with Wolfe Research.

我們的最後一個問題來自 Wolfe Research 的 Steven Fleishman。

I guess just on the shipping costs and the like, how are you thinking about, as we move on, kind of what to consider onetime versus ongoing to the degree that we stay in kind of a higher inflation environment?

我想只是關於運輸成本等，隨著我們繼續前進，您如何考慮一次性考慮與持續考慮到我們保持在較高通脹環境中的程度？

Yes. Let me take that. So in general, we are seeing that prices have been stabilized on a high level in the shipping market and that since Q4 fiscal year '21, we have been including this higher logistic cost into our customer prices and have been pushing them, therefore, into the market. So that means overall, in terms of the shipping cost side, we are seeing actually kind of a light at the end of the tunnel and seeing that these type of nonrecurring expenses are subsiding throughout this fiscal year.

是的。讓我接受。因此，總的來說，我們看到航運市場的價格已經穩定在高位，並且自 21 財年第四季度以來，我們一直將這一較高的物流成本納入我們的客戶價格中，並因此將其推向市場。因此，這意味著總體而言，就運輸成本而言，我們實際上看到了隧道盡頭的曙光，並且看到這些類型的非經常性費用在整個財政年度都在減少。

Okay. So we should assume those costs, we shouldn't have nonrecurring shipping costs pulled out as we get later in the year?

好的。所以我們應該承擔這些成本，我們不應該在今年晚些時候提取非經常性運輸成本嗎？

That is correct.

那是正確的。

Okay. Great. And then could you just clarify the comments that you made about Moss Landing? And are you implying that you may disagree with the report that was issued on Moss Landing? There's plans to build a lot more storage there. Like are you in the running for that or not? I'd just like more clarity on what's going on there.

好的。偉大的。然後你能澄清一下你對 Moss Landing 的評論嗎？您是否暗示您可能不同意莫斯蘭丁發布的報告？計劃在那裡建造更多的存儲空間。就像您是否正在為此而奔波？我只是想更清楚地知道那裡發生了什麼。

Yes. I just want to repeat what I stated in my initial remarks. First, we're helping and we are working with Vistra, putting that facility back in operation and fixing the installations. We are conducting our own investigation. And it's too early. Once we have the final results, well, we will share that with the market. It's too early to say exactly what it is. And so we will be informing you and the market when that happens.

是的。我只想重複我在最初發言中所說的話。首先，我們正在提供幫助，我們正在與瑞致達合作，讓該設施重新投入運營並修復安裝。我們正在進行自己的調查。而且還為時過早。一旦我們得到最終結果，我們將與市場分享。現在說它到底是什麼還為時過早。因此，我們將在發生這種情況時通知您和市場。

And that's all the questions we have for today. I'd like to turn the call back to Sam Chong for any closing remarks.

這就是我們今天的所有問題。我想將電話轉回給 Sam Chong 以聽取任何結束語。

Thank you. We would like to thank everybody before listening to our earnings call today. If you have any further questions, please contact us at investorrelations@fluenceenergy.com. Thank you.

謝謝你。在今天聽我們的財報電話會議之前，我們要感謝大家。如果您有任何其他問題，請通過investorrelations@fluenceenergy.com 聯繫我們。謝謝你。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。