Fluence Energy Inc (FLNC) 2021 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Fluence Energy fourth-quarter 2021 earnings conference call. (Operator Instructions).

美好的一天，感謝您的支持。歡迎參加 Fluence Energy 2021 年第四季度財報電話會議。 （操作員說明）。

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

我現在想把會議交給你今天的演講者，投資者關係司庫 Sam Chong。請繼續。

Welcome, everyone, to our earnings call for the fourth quarter of fiscal year 2021, which ended on September 30. 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. These forward-looking statements are neither promises nor guarantees and are 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.

大家歡迎參加我們於 9 月 30 日結束的 2021 財年第四季度財報電話會議。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，其中包括意義內的前瞻性聲明聯邦證券法，這是根據 1995 年私人證券訴訟改革法案的安全港條款制定的。這些前瞻性陳述既不是承諾也不是保證，是基於我們當前的估計和各種假設，並受到重大風險的影響以及可能導致實際結果或事件與這些前瞻性陳述所預期或暗示的結果或事件存在重大差異的不確定性。

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, which will be filed next week. 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.

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，包括我們將於下週提交的截至 2021 年 9 月 30 日的財政年度的 10-K 表格年度報告。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 our CEO, Manuel Perez Dubuc.

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 personal welcome to our investors, research analysts, employees, and customers who are listening to our first analyst call as a publicly traded company. This morning, I'm going to share our market outlook and provide an overview of our business for our new investor base. Afterward, I will give an update on some recent developments. And then I will hand the call over to our Fluence CFO, Dennis Fehr, who will discuss the financials performance, and -- as well as provide some high-level revenue guidance.

謝謝你，山姆。作為一家上市公司，我想向我們的投資者、研究分析師、員工和客戶致以個人的歡迎，他們正在聆聽我們作為一家上市公司的第一次分析師電話會議。今天早上，我將分享我們的市場前景，並為我們的新投資者群提供我們的業務概述。之後，我將介紹最近的一些進展。然後我將把電話轉給我們的 Fluence 首席財務官 Dennis Fehr，他將討論財務業績，並提供一些高水平的收入指導。

Before I jump into the market outlook, I would like to extend a sincere thank you to the entire Fluence team for their passion and commitment to delivering best-in-class products, services, and digital solutions to our customers. Our team has demonstrated tremendous strength and resilience during the ongoing pandemic. It is thanks to their contributions that we have successfully completed our IPO, generating almost $1 billion to help drive our next phase of growth.

在談及市場前景之前，我要衷心感謝 Fluence 的整個團隊，感謝他們的熱情和承諾，為我們的客戶提供一流的產品、服務和數字解決方案。在持續的大流行期間，我們的團隊表現出了巨大的力量和韌性。正是由於他們的貢獻，我們成功完成了首次公開募股，創造了近 10 億美元來幫助推動我們下一階段的增長。

I will start on slide 4 on the quarterly earnings presentation with an overview of our business opportunity. Climate change is real and it poses an existential problem. We are finally seeing governments, companies, and citizens take serious steps to address this issue. The electric sector bears great responsibility in leading that effort as the world transitions away from fossil fuels towards renewable energy. In fact, renewables are now one of the cheapest sources of electricity, further accelerating this monumental shift.

我將從季度收益演示文稿的幻燈片 4 開始，概述我們的商業機會。氣候變化是真實存在的，它構成了一個生存問題。我們終於看到政府、公司和公民採取嚴肅措施來解決這個問題。隨著世界從化石燃料轉向可再生能源，電力部門在領導這項工作方面負有重大責任。事實上，可再生能源現在是最便宜的電力來源之一，進一步加速了這一巨大轉變。

This huge transformation is driving three revolutions that are happening at the same time. The first is a decarbonization of our planet and a transition to clean energy to help address climate change. The second is the electric revolution, which is an electrification of everything. The third one is the digital revolution. Machine learning and artificial intelligence are disrupting traditional processes, redefining energy markets, and enabling new opportunities.

這種巨大的轉變正在推動同時發生的三場革命。首先是我們星球的脫碳和向清潔能源的過渡，以幫助應對氣候變化。第二個是電力革命，是萬物電氣化。第三個是數字革命。機器學習和人工智能正在顛覆傳統流程，重新定義能源市場並創造新機遇。

Fluence uniquely sits at the core of these three revolutions. As clean energy assets proliferate, they also create issues for grid because it was not original designed to handle intermittent and variable power generation for renewables. Fluence Energy storage systems and digital applications enable the clean energy transformation of the grid.

Fluence 獨特地位於這三場革命的核心。隨著清潔能源資產的激增，它們也給電網帶來了問題，因為它最初不是為處理可再生能源的間歇性和可變發電而設計的。 Fluence 儲能係統和數字應用使電網的清潔能源轉型成為可能。

Third-party research shows that the clean energy transition will likely require over $100 trillion of investment over the next 30 years. Bloomberg New Energy Finance also projects 194 gigawatts of installed energy storage capacity by 2030 alone. As conventional generation assets retire and are replaced by cheaper renewables, the need for energy storage compounds even further as the grid will require energy storage for stability and reliability. This opportunity is immense, and Fluence is well-positioned to maintain our leadership position in energy storage solutions and digital applications.

第三方研究表明，清潔能源轉型在未來 30 年內可能需要超過 100 萬億美元的投資。彭博新能源財經還預計，僅到 2030 年，儲能裝機容量將達到 194 吉瓦。隨著傳統發電資產退役並被更便宜的可再生能源所取代，對儲能的需求更加複雜，因為電網將需要儲能以實現穩定性和可靠性。這個機會是巨大的，Fluence 有能力保持我們在儲能解決方案和數字應用領域的領先地位。

Turning to slide number 5. Fluence is uniquely situated to drive the global transition to clean energy, led by pioneers of the energy storage, and team members and leaders with the most experience in the industry. Many members of our current team literally invented the use of lithium-ion batteries on the grid. Fluence is a digital disruptor, and customers far and wide recognize the value of our Fluence IQ platform. While still in the early stages, we are already optimizing over 18% of all renewables in Australia with our Fluence IQ platform.

轉到幻燈片 5。Fluence 在推動全球向清潔能源轉型方面處於獨特的地位，由儲能領域的先驅者以及業內經驗最豐富的團隊成員和領導者領導。我們當前團隊的許多成員確實發明了在電網上使用鋰離子電池。 Fluence 是數字化顛覆者，客戶廣泛認可我們 Fluence IQ 平台的價值。雖然仍處於早期階段，但我們已經通過 Fluence IQ 平台優化了澳大利亞 18% 以上的可再生能源。

One of the biggest factors that sets us apart from our competitors is our scale. We have one of the largest installed bases that helps to expand our ecosystem, product adoption, and cross-selling opportunities. Our scale is evident by our global offices and supply chains that has enabled us to operate in 30 markets across the world.

使我們與競爭對手區分開來的最大因素之一是我們的規模。我們擁有最大的安裝基礎之一，有助於擴展我們的生態系統、產品採用和交叉銷售機會。我們的全球辦事處和供應鏈證明了我們的規模，這使我們能夠在全球 30 個市場開展業務。

We are also battery agnostics, and do not manufacture batteries. This is a strategic move for us as battery chemistries are constantly changing and evolving, enabling us to move quickly along the technology [core] as better solutions come to the market.

我們也是電池不可知論者，不生產電池。這對我們來說是一項戰略舉措，因為電池化學成分不斷變化和發展，使我們能夠隨著更好的解決方案進入市場而沿著技術 [核心] 快速發展。

And most importantly, we have secured over $1.7 billion in contracted backlog, which provide us with visibility to future cash flows that will be used to grow and accelerate our business.

最重要的是，我們已經獲得了超過 17 億美元的合同積壓，這使我們能夠了解未來的現金流，這些現金流將用於發展和加速我們的業務。

Turning to slide 6. I would like to highlight this tremendous total addressable market, starting with energy storage products. BNEF is forecasting a 24% compounded annual growth rate between 2020 and 2030. This equates to over 34 gigawatts of new installations in the year 2030 alone. For reference, at the end of the quarter, we had an aggregate of 3.7 gigawatts of energy storage products deployed and contracted. Also, based on BNEF forecast, energy storage services are expected to grow 31% compounded annually between 2020 and 2030. This equates to over 193 gigawatts of cumulative installed services base. For reference, at the end of the quarter, we had approximately 2.7 gigawatts under management and contracted for our energy services.

轉到幻燈片 6。我想強調這個巨大的潛在市場，從儲能產品開始。 BNEF 預測 2020 年至 2030 年之間的複合年增長率將達到 24%。這相當於僅在 2030 年就有超過 34 吉瓦的新裝機容量。作為參考，在本季度末，我們共部署和簽約了 3.7 吉瓦的儲能產品。此外，根據 BNEF 的預測，儲能服務預計將在 2020 年至 2030 年間以每年 31% 的複合增長率增長。這相當於累計安裝服務基數超過 193 吉瓦。作為參考，在本季度末，我們管理著大約 2.7 吉瓦的電力並簽訂了能源服務合同。

And most exciting is the enormous total addressable market for our Fluence IQ digital platform, where the TAM is nearly 8,000 gigawatts. The TAM is so vast because we can optimize not only third-party energy storage products, but also pure renewable assets such as wind, solar, and hydro that do not have any storage components. This means the growth potential of Fluence IQ is not limited by the installed energy base. As of the end of the quarter, Fluence IQ is optimizing or has contracted 4.7 gigawatts, so it's easy to see why we are extremely excited about Fluence IQ future.

最令人興奮的是我們 Fluence IQ 數字平台的巨大潛在市場，其中 TAM 接近 8,000 吉瓦。 TAM 之所以如此龐大，是因為我們不僅可以優化第三方儲能產品，還可以優化風能、太陽能和水電等沒有任何存儲組件的純可再生資產。這意味著 Fluence IQ 的增長潛力不受裝機容量的限制。截至本季度末，Fluence IQ 正在優化或收縮 4.7 吉瓦，因此很容易看出為什麼我們對 Fluence IQ 的未來感到非常興奮。

Turning to slide 7 and our quarterly results. In both the fiscal fourth quarter and full year, we delivered record operational performance in our Fluence ecosystem, comprised of our three business lines.

轉到幻燈片 7 和我們的季度業績。在第四財季和全年，我們在 Fluence 生態系統中實現了創紀錄的運營業績，該生態系統由我們的三個業務線組成。

Looking first at new orders, our contracted megawatts of energy storage products increased year-over-year by 55%. This resulted in a record 1,300 megawatts. Additionally, our services business grew nearly 750% year-over-year, which resulted in almost 2,000 megawatts, a new all-time record for Fluence. And our Fluence IQ continued to build momentum, as evident by our recent contract awards supporting our recurring revenue growth strategy.

首先看新訂單，我們的儲能產品簽約兆瓦數同比增長55%。這導致了創紀錄的 1,300 兆瓦。此外，我們的服務業務同比增長近 750%，帶來近 2,000 兆瓦的發電量，創下 Fluence 的歷史新高。我們的 Fluence IQ 繼續發展勢頭，我們最近簽訂的合同支持我們的經常性收入增長戰略就證明了這一點。

Speaking on Fluence IQ, we are extremely encouraged by the performance of our platform. In fiscal year 2021, we booked 2.7 gigawatts of new orders compared to 1.3 gigawatts of new orders for energy storage products, demonstrating the importance of Fluence IQ and its ability to optimize renewables beyond storage. We see substantial growth in all business lines, including our IQ platform, setting the stage for a robust 2022 and beyond.

談到 Fluence IQ，我們對我們平台的表現感到非常鼓舞。在 2021 財年，我們預訂了 2.7 吉瓦的新訂單，而儲能產品的新訂單為 1.3 吉瓦，這表明 Fluence IQ 的重要性及其優化存儲以外的可再生能源的能力。我們看到包括我們的 IQ 平台在內的所有業務線都出現了大幅增長，為 2022 年及以後的強勁發展奠定了基礎。

As we experience this strong growth in order trends, like so many other companies, we have also challenged by excess of shipping charges as well as other project charges were a compounding effect on the COVID-19 pandemic. In the fiscal fourth quarter, some of our APAC-based customer sites have experienced temporary work interruption due to COVID-19. As such, we were not able to progress our installation work for storage equipment at these affected sites as planned.

與許多其他公司一樣，當我們經歷訂單趨勢的強勁增長時，我們也面臨著運費過高以及其他項目費用對 COVID-19 大流行造成複合影響的挑戰。在第四財季，由於 COVID-19，我們一些位於亞太地區的客戶站點經歷了暫時的工作中斷。因此，我們無法按計劃在這些受影響地點進行存儲設備的安裝工作。

These temporary customer site closures resulted in delayed revenue recognition, as well as unanticipated costs related to these delays. We view these delays as temporary. However, we are realistic that that newly discovered COVID variant, omicron, could prolong these delays even further. But it is still too early to make that determination.

這些臨時客戶站點關閉導致收入確認延遲，以及與這些延遲相關的意外成本。我們認為這些延誤是暫時的。然而，我們很現實的是，新發現的 COVID 變體 omicron 可能會進一步延長這些延遲。但現在下這個決定還為時過早。

We are managing ongoing disruptions in our global supply chain, including shipping of our products. We have experienced delays in delivery times, increases in shipping rates, and decreases in freight availability. These issues have resulted in delays for a number of product deliveries, driving increases in short-term expenses, including expedited shipping costs and payments for overtime labor.

我們正在管理全球供應鏈中的持續中斷，包括我們的產品運輸。我們經歷過交貨時間延遲、運費上漲和貨運可用性下降。這些問題導致了一些產品交付的延誤，推動了短期費用的增加，包括加快運輸成本和支付加班費。

In response, we are working on multiple solutions to improve our global supply chain, including negotiating guaranteed capacity on ocean freight liners with Tier 1 shipping companies to ensure our products get delivered from our contract manufacturing location in Vietnam to our end customers around the world.

作為回應，我們正在製定多種解決方案來改善我們的全球供應鏈，包括與一級航運公司協商海運班輪的保證運力，以確保我們的產品從我們在越南的合同製造地點交付給我們在世界各地的最終客戶。

We will continue to monitor freight markets closely and take additional measures to protect our customers and our revenue from future supply chain disruptions. This includes establishing a regional contract manufacturing and distribution model. In the coming several months, we expect to finalize the terms with a contract manufacturer to serve our North American market, and thus reduce our reliance on shipping our products to Southeast Asia to the Americas.

我們將繼續密切關注貨運市場，並採取額外措施保護我們的客戶和我們的收入免受未來供應鏈中斷的影響。這包括建立區域合同製造和分銷模式。在接下來的幾個月中，我們預計將與一家合同製造商敲定條款，以服務於我們的北美市場，從而減少我們對將產品運往東南亞和美洲的依賴。

I would also like to make a few comments on the recent overheating event that occurred at one of our customers' facilities. On September 4, 2021, a 300-megawatt energy storage facility owned by one of our customers experienced an overheating event. Fluence served as one of the contractors for this facility to provide and install energy storage technology, which was completed in fiscal year 2021.

我還想就最近發生在我們客戶的一個設施中的過熱事件發表一些評論。 2021 年 9 月 4 日，我們的一位客戶擁有的 300 兆瓦儲能設施發生過熱事件。 Fluence 作為該設施的承包商之一，提供和安裝儲能技術，該技術於 2021 財年完成。

As our customer reported, the facility experienced an overheating event that resulted in the system shutting down, as designed, to further mitigate any possible damage. No injuries were reported from the incident. The facility has been taken off-line as teams from Fluence, our customer, and the battery manufacturer investigate the incident. We are currently not able to estimate the impact, if any, that this incident may have on our financial results. As information becomes available, we will update our shareholders accordingly.

正如我們的客戶報告的那樣，該設施發生過熱事件，導致系統按設計關閉，以進一步減輕任何可能的損害。據報導，該事件沒有造成人員傷亡。由於 Fluence、我們的客戶和電池製造商的團隊正在調查此事件，因此該設施已下線。我們目前無法估計此事件可能對我們的財務業績產生的影響（如果有的話）。隨著信息可用，我們將相應地更新我們的股東。

Turning to slide 8 and some of our recent developments, I am pleased to announce Fluence signing a contract during the quarter to provide our energy storage products to the largest energy storage portfolio in Europe, featuring a total of 105 megawatts of energy storage system across two different locations. This order was placed by a repeat customer, which we believe reflects the value that we have already brought to that customer. This order was also accompanied by a 10-year service contract, providing us with visibility to future recurring revenue.

轉到幻燈片 8 和我們最近的一些發展，我很高興地宣布 Fluence 在本季度簽署一份合同，為歐洲最大的儲能產品組合提供我們的儲能產品，兩個儲能係統的總容量為 105 兆瓦。不同的位置。該訂單是由一位回頭客下的，我們認為這反映了我們已經為該客戶帶來的價值。該訂單還附帶一份為期 10 年的服務合同，使我們能夠了解未來的經常性收入。

Also, we recently announced a significant contract in Australia for the Hazelwood project with our partners ENGIE and Macquarie. This is a significant achievement for us. The award includes 150 megawatts of energy storage plus a 20-year service contract, and the assets will be optimized by our Fluence IQ platform. This is the perfect example of our cross-selling opportunities that enable us to expand our ecosystem for all three business lines.

此外，我們最近宣布與我們的合作夥伴 ENGIE 和 Macquarie 在澳大利亞簽訂一份 Hazelwood 項目的重要合同。這對我們來說是一項重大成就。該獎項包括 150 兆瓦的儲能和 20 年的服務合同，資產將通過我們的 Fluence IQ 平台進行優化。這是我們交叉銷售機會的完美示例，使我們能夠為所有三個業務線擴展我們的生態系統。

Continuing with these exciting awards, I am pleased to announce we have recently signed our first contract with a customer in Taiwan. This commences our strategic entrance into the Taiwanese market, an area we see tremendous growth over the next 10 years and will play a large part in our overall strategy.

繼續獲得這些令人振奮的獎項，我很高興地宣布，我們最近與台灣的一位客戶簽訂了第一份合同。這開始了我們進入台灣市場的戰略性入口，我們看到未來 10 年該領域將出現巨大增長，並將在我們的整體戰略中發揮重要作用。

For our services business line, during the fourth quarter we recognized 100% attachment rate for our services for energy storage products that we sold in the EMEA region -- this is truly spectacular -- and also built on our model to generate recurring revenue through our services and Fluence IQ platform. For Fluence IQ, during the fourth quarter, we deployed our platform to optimize the trading of the largest solar farm in the Southern Hemisphere, with equivalent output of powering 150,000 homes. Additionally, just in the fourth quarter alone, we added over 1 gigawatt under management as customers are realizing the value that Fluence IQ can deliver.

對於我們的服務業務線，在第四季度，我們確認我們在 EMEA 地區銷售的儲能產品服務的附加率達到 100%——這確實是驚人的——並且還建立在我們的模型之上，通過我們的服務和 Fluence IQ 平台。對於 Fluence IQ，在第四季度，我們部署了我們的平台來優化南半球最大太陽能農場的交易，相當於為 150,000 個家庭供電。此外，僅在第四季度，我們就增加了超過 1 吉瓦的管理容量，因為客戶正在意識到 Fluence IQ 可以提供的價值。

In summary, and turning to slide 9, we have a tremendous opportunity in front of us as a result of the enormous total addressable market for energy storage in digital applications. We have positioned ourselves as a market leader with our scale, experience, and first-mover advantage. Not only that, we are seeing very favorable momentum from foreign and domestic governments relating to policies and regulations, most recently seen at the 2021 United Nations Climate Change Conference. In addition, recent US legislation, including the enacted infrastructure bill and the pending Build Back Better bill, are extremely supportive of our strategy and business.

總之，轉到幻燈片 9，我們面前有一個巨大的機會，這是由於數字應用中儲能的巨大潛在市場。憑藉我們的規模、經驗和先發優勢，我們已將自己定位為市場領導者。不僅如此，我們還看到國內外政府在政策和法規方面的積極勢頭，最近一次出現在 2021 年聯合國氣候變化大會上。此外，最近的美國立法，包括已頒布的基礎設施法案和未決的“重建更好”法案，都非常支持我們的戰略和業務。

The infrastructure bill was a good first step to paving the way for increased grid stability and reliability, but we are even more encouraged by what we are seeing in relation to the BBB bill. This potential legislation may enable our industry as to accelerate deployments on the pace needed to decarbonize the electric sector by 2035, which is aligned with the Biden's administration stated priorities. Additionally, enactment of this legislation will create a stable, long-term demand signal needed to accelerate the clean energy transition and to incentivize a robust energy storage supply chain, domestically and abroad.

基礎設施法案是為提高電網穩定性和可靠性鋪平道路的良好第一步，但我們看到的與 BBB 法案相關的情況更加鼓舞了我們。這項潛在的立法可能使我們的行業能夠以到 2035 年實現電力行業脫碳所需的速度加快部署，這與拜登政府宣布的優先事項相一致。此外，該立法的頒布將創造一個穩定的長期需求信號，以加速清潔能源轉型並激勵國內外強大的儲能供應鏈。

Ultimately, the BBB bill will allow our customers to greenlight more projects, many of which were previously shelved due to not meeting internal rate of return requirements. While we are hopeful the bill moves forward, we do not include any potential upside of government subsidies or policy changes in our business model. And that would be an incremental benefit.

最終，BBB 法案將允許我們的客戶批准更多項目，其中許多項目以前因不符合內部收益率要求而被擱置。雖然我們希望該法案能夠向前推進，但我們並未將政府補貼或政策變化的任何潛在優勢納入我們的商業模式。這將是一個增量的好處。

I would like to thank our founders, Siemens and AES, who created Fluence as a joint venture in 2018. We will continue to operate with the tagline, Fluence, a Siemens and AES company, as they will continue to support our mission. As a global player, we are managing through supply chain challenges stemming from the global pandemic. And we are taking short-term and long-term actions to mitigate the ongoing and future shipping delays. We view these delays as temporary, with the impact being strictly at shift in revenue recognition, which we expect to realize in the coming quarters.

我要感謝我們的創始人 Siemens 和 AES，他們在 2018 年創建了 Fluence 作為一家合資企業。我們將繼續以 Fluence 作為 Siemens 和 AES 公司的標語運營，因為他們將繼續支持我們的使命。作為全球參與者，我們正在應對全球大流行帶來的供應鏈挑戰。我們正在採取短期和長期行動來緩解當前和未來的運輸延誤。我們認為這些延遲是暫時的，其影響僅限於收入確認的轉變，我們預計將在未來幾個季度實現。

And finally, we have a best-in-class balance sheet and a strong visibility to future cash flows, thanks to our significant backlog of $1.7 billion. This growing backlog will enable us to continue to invest in our people and our business so that we can transform the way that we power our world for a more sustainable future.

最後，由於我們積壓了 17 億美元，我們擁有一流的資產負債表和對未來現金流的強大可見性。這種不斷增長的積壓將使我們能夠繼續投資於我們的員工和我們的業務，以便我們能夠改變我們為世界提供動力的方式，以實現更可持續的未來。

And with that, I will turn it over to Dennis.

有了這個，我會把它交給丹尼斯。

Thank you, Manuel, and good morning to everyone on the call. During today's call, I will recap our fourth-quarter and fiscal-year 2021 results, discuss our outlook for fiscal year 2022, and talk through our capital allocation plans. As Manuel stated, we delivered a record year of new orders and have been successfully populating our ecosystems from both sides. We achieved record order intake of energy storage products and came out very strong on Fluence IQ orders.

謝謝你，曼努埃爾，大家早上好。在今天的電話會議中，我將回顧我們第四季度和 2021 財年的業績，討論我們對 2022 財年的展望，並討論我們的資本分配計劃。正如 Manuel 所說，我們交付了創紀錄的一年新訂單，並成功地從雙方的生態系統中填充了我們的生態系統。我們取得了創紀錄的儲能產品訂單，並在 Fluence IQ 訂單上表現強勁。

Turning to slide 11, talking you through the numbers of the first table. In fiscal year 2021, we contracted a record 1,311 megawatt of energy storage products and a record 1,959 megawatt of energy storage services. Services megawatt exceeded product megawatt because we successfully sold service contracts on products sold in previous years.

轉到幻燈片 11，向您介紹第一個表格的數字。在 2021 財年，我們簽訂了創紀錄的 1,311 兆瓦的儲能產品和創紀錄的 1,959 兆瓦的儲能服務。服務兆瓦超過產品兆瓦，因為我們成功銷售了前幾年銷售的產品的服務合同。

Overall, our aggregate attachment rate on services as of September 30, 2021, was approximately 74%. This attachment rate is very encouraging as it is a continuous proof of our ecosystem strategy and provides us with recurring revenues and visibility to future cash flows. As already elaborated, we are seeing very strong demand for our Fluence IQ, with a total 2,744 megawatt contracted, which provides future cross-selling opportunities for our products and services.

總體而言，截至 2021 年 9 月 30 日，我們的服務總附加率約為 74%。這種附加率非常令人鼓舞，因為它是我們生態系統戰略的持續證明，並為我們提供了經常性收入和對未來現金流的可見性。如前所述，我們看到對 Fluence IQ 的需求非常強勁，合同總容量為 2,744 兆瓦，這為我們的產品和服務提供了未來的交叉銷售機會。

Now moving to the second table. Despite delays in supply chain and temporary site restrictions due to COVID-19, the amount of megawatts that we deployed for our energy storage products more than doubled, growing 111% from the prior fiscal year. Due to our strong contracting, and in part due to the delays, contracted backlog megawatts grew 43%, while product pipeline is being driven by strong tailwinds from the market and demand for our proprietary generation fixed product, and stood at 4,160 megawatts at the end of fiscal year 2021.

現在轉到第二張桌子。儘管由於 COVID-19 導致供應鏈延遲和臨時場地限制，我們為儲能產品部署的兆瓦量增加了一倍多，比上一財年增長了 111%。由於我們強大的合同，部分由於延遲，合同積壓兆瓦增長了 43%，而產品管道受到市場強勁順風和對我們專有發電固定產品的需求的推動，最終達到 4,160 兆瓦2021 財年。

Turning to energy storage services. Assets under management grew 180% while contracted backlog grew 322% from the prior year, driven by the strong contracting activities and attachment rates mentioned earlier. Like our storage products, our services pipeline remains robust, standing at 10,930 megawatts at the end of fiscal year 2021.

轉向儲能服務。受上述強勁的承包活動和附件率的推動，管理的資產增長了 180%，而合同積壓比上年增長了 322%。與我們的存儲產品一樣，我們的服務管道依然強勁，截至 2021 財年末達到 10,930 兆瓦。

Moving to our Fluence IQ digital platform. During Q1 of fiscal year 2021, we acquired AMS. Since that time, our digital product has demonstrated tremendous growth and strong prospects for future growth. At fiscal year-end, digital assets under management were 3,108 megawatts while contracted backlog was 1,629 megawatts. Our digital pipeline was 3,301 megawatts at the end of fiscal year 2021. Let me point out that our digital pipeline typically converts about 3 times faster than our product and service pipeline. Our combined assets under management and contracted backlog for the digital business exceeds our products deployed and contracted backlog, reflecting the importance of Fluence IQ for our ecosystem, and demonstrating that the growth of Fluence IQ is going beyond energy storage.

轉移到我們的 Fluence IQ 數字平台。在 2021 財年第一季度，我們收購了 AMS。從那時起，我們的數字產品已經展現出巨大的增長和強勁的未來增長前景。在財年末，管理的數字資產為 3,108 兆瓦，而合同積壓為 1,629 兆瓦。截至 2021 財年末，我們的數字管道為 3,301 兆瓦。讓我指出，我們的數字管道的轉換速度通常比我們的產品和服務管道快 3 倍。我們管理的數字業務資產和合同積壓的總資產超過了我們部署和合同積壓的產品，反映了 Fluence IQ 對我們生態系統的重要性，並表明 Fluence IQ 的增長超越了能源存儲。

Turning to slide 12. Our fiscal year 2021 revenue grew 21% to a record $681 million versus $561 million for fiscal year 2020. In the fourth quarter, revenue decreased 21% as a result of the mentioned shipping and COVID-19-related delays, whereby revenue recognition was delayed from the fourth-quarter fiscal 2021 into fiscal year 2022. We view the delays of revenue recognition as temporary, with expectations that they will be resolved by H2 of fiscal year 2022. Let me point out that this is strictly a shifting of revenue and does not represent any contract terminations.

轉到幻燈片 12。我們 2021 財年的收入增長 21%，達到創紀錄的 6.81 億美元，而 2020 財年為 5.61 億美元。由於上述運輸和與 COVID-19 相關的延誤，第四季度的收入下降了 21%，收入確認從 2021 財年第四季度推遲到 2022 財年。我們認為收入確認的延遲是暫時的，預計它們將在 2022 財年下半年得到解決。讓我指出，這嚴格來說是一個收入轉移，並不代表任何合同終止。

Turning to slide 13. Gross profit for fiscal year 2021 was negative $69 million compared to $8 million in fiscal year 2021. In the fourth quarter, gross profit was negative $59 million. This decrease is driven by $68 million of nonrecurring expenses in Q4 which included $16.7 million related to nonrecurring excess shipping cost, $48.2 million related to project charges which are compounding effects of the COVID-19 pandemic, and $2.6 million related to the 2021 cargo loss incident. Adjusting for these nonrecurring items, we generated adjusted gross profit of $15 million in fiscal year 2021 versus $9 million in fiscal year 2022 (sic - see slide 13, "2020"). In the fourth quarter, adjusted gross profit declined, in line with the decline in revenue.

轉到幻燈片 13。與 2021 財年的 800 萬美元相比，2021 財年的毛利潤為負 6900 萬美元。第四季度，毛利潤為負 5900 萬美元。這一減少是由第四季度的 6800 萬美元的非經常性費用推動的，其中包括與非經常性超額運輸成本相關的 1670 萬美元、與 COVID-19 大流行的複合影響的項目費用相關的 4820 萬美元以及與 2021 年貨物丟失事件相關的 260 萬美元.對這些非經常性項目進行調整後，我們在 2021 財年產生了 1500 萬美元的調整後毛利潤，而 2022 財年為 900 萬美元（參見幻燈片 13，“2020”）。第四季度，調整後的毛利潤下降，與收入下降一致。

As Manuel already discussed, we are taking steps to help mitigate the impact of continued ocean freight challenges, such as securing guaranteed availability with Tier 1 shipping companies. The shipping delays have compounding effects on additional expenses that we are required to incur, such as additional expenses for contractors waiting on equipment and other project charges.

正如 Manuel 已經討論的那樣，我們正在採取措施幫助減輕持續的海運挑戰的影響，例如確保與一級航運公司的可用性。運輸延誤對我們需要承擔的額外費用產生了複合影響，例如等待設備的承包商的額外費用和其他項目費用。

For the first half of fiscal year 2022, we are forecasting at least $50 million to $55 million of nonrecurring expenses related to shipping and other COVID-related items versus $72 million in fiscal year 2021. We are currently seeing that these expenses are decreasing from quarter-four 2021 through the first half of fiscal year 2022.

對於 2022 財年上半年，我們預計與運輸和其他 COVID 相關項目相關的非經常性費用至少為 5000 萬至 5500 萬美元，而 2021 財年為 7200 萬美元。我們目前看到這些費用正在比上季度減少-四個 2021 年到 2022 財年上半年。

Continuing to slide 14. EBITDA in fiscal year 2021 was impacted by the same nonrecurring expenses as the gross profit. In addition, there are $4.8 million of nonrecurring, IPO-related expenses which did not qualify for capitalization. Other than that, we increased our expenses to support the future growth of the company, which drove the adjusted EBITDA to negative $65 million in fiscal year 2021.

繼續下滑 14. 2021 財年的 EBITDA 受到與毛利相同的非經常性費用的影響。此外，還有 480 萬美元的非經常性 IPO 相關費用不符合資本化條件。除此之外，我們增加了開支以支持公司的未來增長，這使調整後的 EBITDA 在 2021 財年降至負 6500 萬美元。

Moving on to slide 15 and our revenue outlook. Based on our current contracted backlog of $1.7 billion, we are providing guidance for fiscal year 2022 revenue in the range of $1.1 billion to $1.3 billion. Our guidance takes into consideration of potential delays in revenue recognition resulting from shipping and COVID-19-related delays and our ability to recognize revenue from our energy storage products on a timely basis in H2 fiscal year 2022.

繼續幻燈片 15 和我們的收入展望。根據我們目前 17 億美元的合同積壓，我們為 2022 財年的收入提供 11 億美元至 13 億美元的指導。我們的指導考慮到了由於運輸和 COVID-19 相關延遲導致收入確認的潛在延遲，以及我們在 2022 財年下半年及時確認儲能產品收入的能力。

Turning to slide 16. We would like to highlight the seasonality that we have in 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 is aligned with our patterns for order intake stop. As a result, fiscal first-half results will usually be lower compared to our second half.

轉到幻燈片 16。我們想強調我們的收入和訂單接收的季節性。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停止模式一致。因此，與我們的下半年相比，上半年的財政結果通常會較低。

However, for this upcoming first half of fiscal 2022, there is a caveat to the seasonality in that we expect a good portion of the delayed revenue from the fourth quarter of fiscal year 2021 will be recognized during H1 fiscal year 2022, leading to a slightly stronger revenue during that time.

然而，對於即將到來的 2022 財年上半年，有一個季節性因素需要注意，因為我們預計 2021 財年第四季度延遲收入的很大一部分將在 2022 財年上半年得到確認，從而導致在那段時間裡收入更高。

Moving on to page 17. As we look ahead to our next phase of growth, we would like to highlight our capital allocation strategy, which is bolstered by the strong balance sheet that we have set in place following the IPO. With a post-IPO debt-free cash balance of approximately $850 million, we are well positioned to invest to further strengthen our ecosystem.

轉到第 17 頁。在展望下一階段的增長時，我們想強調我們的資本配置戰略，該戰略得到了我們在 IPO 後建立的強勁資產負債表的支持。憑藉 IPO 後約 8.5 億美元的無債務現金餘額，我們已做好投資以進一步加強我們的生態系統的準備。

As we deploy capital, we will always stay true to our strategic framework of enhancing unit economics, expanding recurring revenues, and developing structured offerings, with a primary focus on the former two initiatives. M&A is an additional avenue to help us executing our strategy. And we have a strong track record of making and integrating strategic acquisitions, such as AMS.

在部署資本時，我們將始終忠於我們的戰略框架，即提高單位經濟效益、擴大經常性收入和開發結構化產品，主要關注前兩項舉措。併購是幫助我們執行戰略的另一個途徑。我們在進行和整合戰略收購（例如 AMS）方面有著良好的記錄。

This concludes our prepared remarks. Operator, we are now ready to take questions.

我們準備好的評論到此結束。接線員，我們現在可以回答問題了。

(Operator Instructions). Mark Strouse, JPMorgan.

（操作員說明）。馬克·斯特勞斯，摩根大通。

Welcome to the public markets. Can we just dig into the comments around the project timing? Could you just talk about the -- what gives you the confidence in claiming that you think that there will be a rebound in the second half of this fiscal year? Is that just the macro that you are seeing? Or is that based on specific commentary from your customers?

歡迎來到公共市場。我們可以深入了解有關項目時間的評論嗎？您能否談談 - 是什麼讓您有信心聲稱您認為本財年下半年將出現反彈？那隻是您看到的宏嗎？還是基於您客戶的具體評論？

Thank you, Mark, and good morning, and thanks for welcoming us to the public markets. We're [very excited times]. Yes, as we mentioned, the shipping delays, we've seen some level of stabilization on the shipping and reliability of those so that we're getting the equipment to the sites, they are being installed and commissioned. We already mentioned about some of the delays and our costs, but we are confident that they will be progressing. We have the people on the ground, and we have -- we are understanding where the bottlenecks are. So we're very confident that we will get those sites in operation fairly soon.

謝謝你，馬克，早上好，感謝您歡迎我們來到公共市場。我們[非常興奮的時候]。是的，正如我們提到的，運輸延誤，我們已經看到運輸和可靠性的某種程度的穩定，因此我們將設備送到現場，它們正在安裝和調試。我們已經提到了一些延誤和我們的成本，但我們相信它們會取得進展。我們有現場人員，我們有——我們正在了解瓶頸在哪裡。因此，我們非常有信心讓這些站點很快投入運營。

Okay. Thanks, Manuel. And then just a quick follow-up. On the digital IQ business, there were some pretty impressive metrics that you were providing during your IPO as far as the customer savings that your customers were experiencing. Is there any update to that in the few months that we've had since the IPO? Any other encouraging metrics that you're able to go out to new prospective customers with? And then quick follow-up to that is, how should we be thinking about the potential revenue-sharing upside from those contracts when we think about your guidance for the coming year?

好的。謝謝，曼努埃爾。然後只是快速跟進。在數字 IQ 業務中，您在 IPO 期間提供了一些令人印象深刻的指標，就您的客戶所經歷的客戶節省而言。自首次公開募股以來的幾個月中，我們是否有任何更新？您可以使用其他任何令人鼓舞的指標來吸引新的潛在客戶嗎？然後快速跟進，當我們考慮您對來年的指導時，我們應該如何考慮這些合同的潛在收入分享優勢？

Thank you, Mark, for the question. Yes, indeed, we are very, very excited about our latest wins. They all demonstrate that our ecosystem that we are creating and populating across the three business line is working well with all those cross-selling opportunities. And the optimization that we are getting from the Fluence IQ platform is very well received by the market. It's getting more and more momentum.

謝謝你，馬克，這個問題。是的，確實，我們對我們最近的勝利感到非常非常興奮。它們都表明，我們在三個業務線中創建和填充的生態系統正在與所有這些交叉銷售機會配合良好。我們從 Fluence IQ 平台獲得的優化深受市場歡迎。它的勢頭越來越大。

I would like to give chance to our Chief Digital Officer, Seyed, do give us a little bit more color on those big wins that we had and we are demonstrating.

我想給我們的首席數字官 Seyed 一個機會，讓我們對我們已經取得和正在展示的那些重大勝利多一點色彩。

Sure. Thank you, Manuel. Seyed here. Just to answer some of the specifics of your questions: yes, we are seeing a lot of momentum on the platform KPIs. Just to summarize it for you, since inception, we submitted over 200,000 economic bids in different wholesale markets, which is pretty impressive and exciting. Our SLAs uptime and runtime has been greater than 99.99%, which is pretty impressive. And we are also continuing to provide upside to our customers based on their asset class and the geography they are located. So a lot of momentum in terms of the KPIs and the product performance, so just wanted to note that. But in terms of their continuous growth, you're absolutely right: we had a pretty strong quarter. You can see some of the diversity of the product applications that we're deploying. The Hazelwood project has been pretty impressive for us. Could add more color there.

當然。謝謝你，曼努埃爾。看過這裡。只是回答您問題的一些細節：是的，我們在平台 KPI 上看到了很多動力。簡單總結一下，自成立以來，我們在不同的批發市場提交了超過 200,000 個經濟標書，令人印象深刻和令人興奮。我們的 SLA 正常運行時間和運行時間已超過 99.99%，這非常令人印象深刻。我們還將繼續根據客戶的資產類別和他們所在的地理位置為他們提供上行空間。因此，在 KPI 和產品性能方面有很大的發展勢頭，所以只想指出這一點。但就他們的持續增長而言，你是絕對正確的：我們有一個相當強勁的季度。您可以看到我們正在部署的產品應用程序的一些多樣性。 Hazelwood 項目對我們來說非常令人印象深刻。可以在那裡添加更多顏色。

But just to go back and tie that to the holistic vision that we are pursuing, which is to transform the way we power our world, I should note the power of combining smart connected energy storage systems, digital applications, and services. And that's been showcasing itself for the Hazelwood project and many projects to come.

但是，為了將其與我們追求的整體願景聯繫起來，即改變我們為世界提供動力的方式，我應該注意到智能互聯儲能係統、數字應用程序和服務相結合的力量。這一直在為 Hazelwood 項目和未來的許多項目展示自己。

So let me pause there to see if that answers your question. Happy to elaborate further.

所以讓我暫停一下，看看這是否能回答你的問題。很高興進一步闡述。

Yes, it does. Thanks, Seyed. That's it for us. Thank you very much.

是的，它確實。謝謝，賽義德。對我們來說就是這樣。非常感謝你。

Maheep Mandloi, Credit Suisse.

Maheep Mandloi，瑞士信貸。

Welcome to the public markets.

歡迎來到公共市場。

Thank you, Maheep.

謝謝你，馬希普。

One question on the free cash flow, I think, just trying to understand. You gave enough clarity around these delays, and it's more transitory, and expect to realize them in the second half. But does that impact any of your prior free cash flow assumptions for the next year?

我認為，關於自由現金流的一個問題只是試圖理解。您對這些延遲給出了足夠的說明，而且它更加短暫，並希望在下半年實現它們。但這會影響您之前對明年自由現金流的任何假設嗎？

Yes. Thank you very much, Maheep, for your best wishes.

是的。非常感謝您，Maheep，您的良好祝愿。

And let me pass to our CFO, Dennis, to give you more color on your specific question.

讓我轉達給我們的首席財務官丹尼斯，讓您對您的具體問題有更多的了解。

Right. Hi. Good morning also from my side, and thanks for the question. So overall, it does not change our view for the entire fiscal year 2022, but certainly it impacts the timing within the fiscal year 2022. So as we are seeing some of these topics being resolved within the first half of fiscal year 2022, we do expect that, certainly, cash flow will be impacted by that throughout the first half, versus in the second half we will see a stronger recovery there, and then to close out the year as we expected.

對。你好。我這邊也早上好，謝謝你的提問。因此，總體而言，它不會改變我們對整個 2022 財年的看法，但肯定會影響 2022 財年的時間安排。因此，當我們看到其中一些主題在 2022 財年上半年得到解決時，我們會當然，預計現金流將在整個上半年受到影響，而在下半年，我們將看到那裡更強勁的複蘇，然後像我們預期的那樣結束這一年。

Got it. And then just in battery supply, I know you previously talked about having in a supply for 2022 and 2023. But as you're looking into procuring more batteries for beyond that, are you seeing any challenges in the market? We keep hearing about supply constraints. Just trying to understand your visibility on that.

知道了。然後就電池供應而言，我知道您之前談到了 2022 年和 2023 年的供應。但是當您正在考慮採購更多電池時，您是否看到市場上的任何挑戰？我們不斷聽到有關供應限制的消息。只是想了解您對此的知名度。

Thank you, Maheep. And as we stated, yes, we're battery agnostic. We have secured a significant capacity that will cover our immediate needs. We announced our strategic partnership with Northvolt in Europe. We're doing -- we're talking to top-tier battery manufacturers, also, in the US that eventually will come online. So we are truly diversifying our supply chain. And we're going regional on sourcing for the three large regions, the three large areas where we are doing business. So on that regard, that goes exactly in the direction that we design our strategy. And we are re-analyzing our contract manufacturing and supply chain.

謝謝你，馬希普。正如我們所說，是的，我們與電池無關。我們已經獲得了可滿足我們當前需求的重要容量。我們宣布與歐洲的 Northvolt 建立戰略合作夥伴關係。我們正在做——我們正在與美國的頂級電池製造商交談，最終將上線。因此，我們正在真正使我們的供應鏈多樣化。我們正在為三個大區域進行區域採購，我們正在開展業務的三個大區域。因此，在這方面，這正是我們設計戰略的方向。我們正在重新分析我們的合同製造和供應鏈。

I appreciate that color as well. And just one last one for me and then I'll hop back, and just more housekeeping. The services contracted backlog seemed flattish quarter over quarter. I mean, you had more contracts in the quarter for services also, so just trying to understand that -- or if I'm missing anything over there. Thanks.

我也很欣賞這種顏色。給我最後一個，然後我會跳回去，還有更多的家務。服務合同的積壓訂單似乎每季度持平。我的意思是，您在本季度也有更多的服務合同，所以只是想了解這一點——或者我是否遺漏了那裡的任何東西。謝謝。

Yes. Thank you, Maheep. I think that that is not exactly what we are seeing. But I'm giving Dennis a chance to give you more and more specific numbers on that regard. But, actually, they are going up.

是的。謝謝你，馬希普。我認為這並不是我們所看到的。但我給丹尼斯一個機會，在這方面給你越來越具體的數字。但實際上，它們正在上升。

Right. Hi, Maheep. Yes, so in [OS1], we disclosed 1,198 megawatt contracted backlog as of June 30, and we increased that to 1,980 as of September 30. So we are seeing basically a 60% increase within the quarter, in line with the strong contracting which we have seen.

對。嗨，馬希普。是的，所以在 [OS1] 中，截至 6 月 30 日，我們披露了 1,198 兆瓦的合同積壓，截至 9 月 30 日，我們將其增加到 1,980 兆瓦。因此，我們看到本季度基本上增長了 60%，這與強勁的合同訂單一致我們已經看到。

Perfect. I'll follow up the rest later on. Thank you.

完美的。其餘的我稍後會跟進。謝謝你。

James West, Evercore ISI.

詹姆斯韋斯特，Evercore ISI。

Congrats, and welcome again to the public markets. Manuel, I was curious if you could describe the level of demand that you are seeing in the market today. It seems to have hit some type of tipping point in the last six months or so. I know the last time we connected, you were nice enough to give me time. But you were on a plane that was taking off, and so you had to jump off at the end there, and it was certainly -- you were going to see customers. And there seems to be this acknowledgment worldwide of, we need to get going fast on energy storage. And so I'd love to hear your commentary around what has maybe changed in the market, what the tipping point was, and how customers are thinking about this now.

恭喜，歡迎再次來到公開市場。曼努埃爾，我很好奇你能否描述一下你今天在市場上看到的需求水平。在過去六個月左右的時間裡，它似乎已經達到了某種類型的臨界點。我知道我們上次聯繫時，你很好，給了我時間。但是你在一架正在起飛的飛機上，所以你必須在那裡跳下，這當然是——你會看到客戶。似乎全世界都在承認，我們需要在儲能方面快速發展。因此，我很想听聽您對市場可能發生的變化、轉折點是什麼以及客戶現在如何看待這一點的評論。

Yes. Thank you very much, James, and thanks for the opportunity to tell what we're seeing. It's true; there's a significant demand building up everywhere in the world. The fact that we are expanding to a -- we just expanded to a new market in Taiwan. We got record year orders on every single of our three business lines. And we are not even counting on additional regulation our any subsidies that might come from the infrastructure bill, or BBB, or any other new regulation in other part of the world.

是的。非常感謝詹姆斯，感謝您有機會講述我們所看到的。這是真的;世界各地都有大量需求。事實上，我們正在擴展到一個 - 我們剛剛擴展到台灣的一個新市場。我們在三個業務線中的每一個都獲得了創紀錄的年度訂單。我們甚至不指望任何可能來自基礎設施法案或 BBB 或世界其他地區任何其他新法規的補貼的額外監管。

We have seen, out of the United Nations Climate Change Conference, the very strong commitment, for example, from India. They are announcing a substantial amount of energy storage going to that market. They are expanding their regulation work. Every renewable project should have energy storage associated with it. So we're looking at that market. It's -- the fact that we are expanding in our three regions.

我們從聯合國氣候變化大會上看到了非常堅定的承諾，例如來自印度的承諾。他們宣布向該市場提供大量儲能。他們正在擴大監管工作。每個可再生能源項目都應該有與之相關的儲能。所以我們正在關注這個市場。這是 - 我們正在三個地區擴張的事實。

Yes, we've seen a significant, worldwide adoption of the technology and understanding that it's impossible to decarbonize the planet just with renewables, that we need energy storage, smart solutions, with digital optimization on top of that.

是的，我們已經看到該技術在全球範圍內得到廣泛採用，並且我們了解到僅使用可再生能源是不可能使地球脫碳的，我們需要能源存儲、智能解決方案以及最重要的數字優化。

And then maybe I'll follow up here, more of a housekeeping item. But the contract manufacturing rollout of additional facilities, when should we expect to see some of those come online, ex- what you've been doing in Vietnam, to somewhat distribute your supply chain?

然後也許我會在這裡跟進，更多的是一個家政項目。但是額外設施的合同製造推出，我們應該什麼時候看到其中一些上線，例如您在越南所做的事情，以在一定程度上分配您的供應鏈？

Yes, yes. Thanks for that question, James. Yes, this goes exactly on our strategy direction. We already have selected contract manufacturing in Europe and in the US. We are negotiating those terms. That -- it will expand and give us flexibility to our capacity to deliver products to those regions or between regions. And it significantly reduce our exposure to shipments or any logistic delays. Also it will allow us -- eventually, if there's some elements of local content that is being required -- it will give us the flexibility and the optionality to do that. So we are moving in exactly that direction. And it's very, very much our strategy.

是的是的。謝謝你的問題，詹姆斯。是的，這完全符合我們的戰略方向。我們已經在歐洲和美國選擇了合同製造。我們正在就這些條款進行談判。那——它將擴大並賦予我們向這些地區或地區之間交付產品的能力的靈活性。它顯著減少了我們面臨的發貨或任何物流延誤的風險。它還將允許我們——最終，如果需要本地內容的某些元素——它將為我們提供執行此操作的靈活性和可選性。所以我們正朝著這個方向前進。這是非常非常我們的戰略。

And will those come on, early calendar 2022?

那些會在 2022 年早期日曆上出現嗎？

Yes. We think that that might be up and running by the end of 2022, perhaps the first half of 2023, yes.

是的。我們認為這可能會在 2022 年底啟動並運行，也許是 2023 年上半年，是的。

Okay, got it. Thanks, Manuel.

好，知道了。謝謝，曼努埃爾。

Julien Dumoulin-Smith, Bank of America.

Julien Dumoulin-Smith，美國銀行。

Congratulations indeed, again. So thanks for the time. Just to follow-up here on just thinking through 2022, how are you thinking about the incremental -- or to the degree to which, Hazelwood, for instance, is an incremental project or what have you, versus how you were thinking about things through the course of the year?

真的，再次恭喜。所以謝謝你的時間。只是在這裡跟進，只是考慮到 2022 年，你是如何考慮增量的——或者在多大程度上，例如，Hazelwood，是一個增量項目或者你有什麼，而不是你是如何考慮事情的一年的課程？

And really, if you can try to quantify some of the mitigating factors when you alluded to logistics and trying to contract this ahead of time, et cetera. Order of magnitude, how much could that help offset some of the impacts here? Again, just trying to understand some of the puts and takes, and maybe degree of conservatism reflected in the numbers here.

真的，如果你在提到物流並試圖提前簽約時，可以嘗試量化一些緩解因素，等等。數量級，這能在多大程度上幫助抵消這裡的一些影響？再次，只是試圖了解一些看跌期權，以及這裡的數字所反映的保守主義程度。

Yes, thank you very much, Julien, and good morning. Again, thanks for your kind words. We are so happy that you're here with us, and following our story and our success. Yes, what we have seen in the Hazelwood contract and project is exactly what we want to do around the world. It's a very significant customer that is understanding our technology, is taking advantage of it, is entering into a market that they see as promising and financially attractive. And by having this Fluence IQ platform on top of that with a revenue-sharing type of potential, it really, really brings value to -- not just to the customer, but our offering and our ecosystem concept.

是的，非常感謝 Julien，早上好。再次感謝您的客氣話。我們很高興您和我們在一起，關注我們的故事和成功。是的，我們在 Hazelwood 合同和項目中看到的正是我們想要在世界各地做的事情。這是一個非常重要的客戶，他們正在了解我們的技術，正在利用它，正在進入一個他們認為有前途且具有財務吸引力的市場。通過在此基礎上擁有這個具有收益分享潛力的 Fluence IQ 平台，它確實為客戶帶來了價值，不僅為客戶，而且為我們的產品和我們的生態系統概念。

On the shipping delays -- and yes, we have taken short-term measures and long-term measures that I discussed about the long-term ones, which is the full regionalization of our supply chain, contract manufacturing, and logistics. On the short-term, yes, we are talking to the top tier freightliners to secure capacity and to have a very, very good scale up. That is usually a few months ahead of us.

關於運輸延誤——是的，我們已經採取了我所討論的關於長期措施的短期措施和長期措施，即我們的供應鏈、合同製造和物流的全面區域化。在短期內，是的，我們正在與頂級貨運班輪商談以確保運力並進行非常非常好的規模擴大。這通常比我們提前幾個月。

On the specific numbers, I will allow Dennis to give us more color. But what we can say is that we've seen a stabilization, both in prices and reliability.

在具體的數字上，我會讓丹尼斯給我們更多的顏色。但我們可以說的是，我們已經看到了價格和可靠性方面的穩定。

Yes. Let me come back to the Hazelwood item where Manuel already highlighted, and let me highlight again the tremendous -- when we were really able to sell all three items of our ecosystem. And therefore -- as you may remember, Julien, from our discussion -- that we have been very conservative in regards how we look at the performance contracting side, and we see a tremendous upside on the digital side of the business. And that is contract. The products and the services side are basically in line with what we have contemplated in our business plans. And we are also quite proud of that -- that we have achieved that.

是的。讓我回到 Manuel 已經強調的 Hazelwood 項目，讓我再次強調巨大的——當我們真正能夠銷售我們生態系統的所有三個項目時。因此——正如你可能記得的，朱利安，從我們的討論中——我們在如何看待績效合同方面一直非常保守，我們看到業務的數字方面有巨大的優勢。那就是合同。產品和服務方面基本符合我們在業務計劃中的設想。我們也為此感到非常自豪——我們已經實現了這一點。

Excellent, guys. Thank you. And just if I can follow up here, in nuance here, you talked about some project delays getting pushed from 2021 to 2022. You provided this calendar year approximate percentage of revenue. But presumably, as we think about 1Q 2022 more specifically, rather that the generic number that you guys provided here, in theory the first half should be stronger than the percent revenues that you guys talked about here on the generic go-forward basis, right? I just want to clarify the bridge, 2021 to 2022, versus this ongoing guidance.

太棒了，伙計們。謝謝你。如果我可以在這裡跟進，在這裡的細微差別，您談到了一些項目延遲從 2021 年推遲到 2022 年。您提供了本日曆年收入的大致百分比。但據推測，當我們更具體地考慮 2022 年第一季度，而不是你們在這裡提供的通用數字時，理論上上半年應該比你們在這裡談論的通用前進基礎上的收入百分比要強，對吧?我只想澄清 2021 年至 2022 年的橋樑與當前的指導。

Right, Julien. So our seasonality stands with the typical 70% in the second half, as I also covered in the statement before. We certainly, with this delay, see a slightly stronger revenue than the normal seasonality in H1. But it's not to the level that we would see that H1 is becoming stronger than H2. So, certainly, there is some higher number there than the typical 30%, but not up to a level of 50% or more.

對，朱利安。因此，正如我在之前的聲明中所提到的，我們的季節性與下半年的典型 70% 保持一致。當然，由於這種延遲，我們看到上半年的收入略高於正常的季節性。但這還沒有達到我們會看到 H1 變得比 H2 更強的水平。所以，當然，那裡有比典型的 30% 更高的數字，但不會達到 50% 或更多的水平。

Guided. All right, excellent. I will leave it there, guys. Thank you so much. Cheers.

引導。好的，太好了。伙計們，我會把它留在那裡。太感謝了。乾杯。

Brian Lee, Goldman Sachs.

布賴恩·李，高盛。

A couple modeling-related ones, if I could. If I calculate it right, I think the revenue push-out was about $120 million, or in that ballpark. Is that fair? And how many projects were impacted? And you mentioned seeing this all getting recognized in the first half of fiscal 2022. What is the cadence you are expecting between Q1 and Q2? 50-50, or are we going to see more of that revenue rec on the push-outs in one particular quarter versus another?

如果可以的話，有幾個與建模相關的。如果我計算正確，我認為收入推出約為 1.2 億美元，或者在那個範圍內。這公平嗎？有多少項目受到影響？您提到看到這一切在 2022 財年上半年得到認可。您期望第一季度和第二季度之間的節奏是多少？ 50-50，或者我們是否會在一個特定季度與另一個季度相比看到更多的收入？

Thank you. Thank you, Brian, and again, thanks for -- good morning, and thanks for your good words about us.

謝謝你。謝謝你，Brian，再次感謝你——早上好，感謝你對我們的好話。

And on the specifics, I will pass Dennis to give us more color in that -- on your question.

在具體細節上，我將通過丹尼斯為我們提供更多的色彩——關於你的問題。

Right. Hi, Brian. Good morning. So in regards to the push-out, basically you're right that there has been that push-out from Q4 into Q1, or the first half of fiscal year 2022. And I think the number which you mentioned is somewhere in the ballpark range. We would expect a larger portion of that to be recovered in Q2, and probably somewhere in the range of 30% to 40% of that in Q1 fiscal year 2022.

對。嗨，布賴恩。早上好。所以關於推出，基本上你是對的，從第四季度到第一季度，或者 2022 財年上半年，你是對的。我認為你提到的數字在大致範圍內.我們預計其中大部分將在第二季度恢復，並且可能在 2022 財年第一季度的 30% 至 40% 範圍內。

Great. That's super helpful color. And then just a second one, and I'll pass it on. Nice backlog growth here. I think the last quarter, you guys, in June, had mentioned $1.3 billion. Now you are at $1.7 billion contracted backlog. I know you give it on a volume basis. Any sense, rough ballpark, what the mix is of that $1.7 billion on a dollar basis between energy storage products, services, and digital?

偉大的。這是超級有用的顏色。然後只是第二個，我會傳遞它。這裡的積壓增長很好。我認為上個季度，你們在 6 月份提到了 13 億美元。現在您的合同積壓為 17 億美元。我知道你是按數量提供的。任何意義，粗略地說，17 億美元的能源存儲產品、服務和數字產品之間的組合是什麼？

And then just in that context, seems like the revenue guide, $1.1 billion to $1.3 billion, given the backlog at $1.7 billion, it would be supportive of higher. So just wondering if you could remind us how you define backlog, and comment on bit on the mix to give us some context there as well. Thanks, guys.

然後就在這種情況下，收入指南似乎是 11 億美元至 13 億美元，鑑於積壓為 17 億美元，這將支持更高的收入。所以只是想知道你是否可以提醒我們你是如何定義積壓的，並對混合的位發表評論，以便為我們提供一些背景信息。多謝你們。

Sure, Brian. So out of the $1.7 billion, we have approximately $1.3 billion on the product side. And then the remainder is basically on the recurring side of the business. That means on the services, as well as of the digital side. So in that regard, when you think about the guidance of $1.1 billion to $1.3 billion, and as we also stated in our prepared remarks, that we are certainly still looking also about H2 potential delays there. And, therefore, we have put out the guidance of $1.1 billion to $1.3 billion, based on what we are seeing in the backlog.

當然，布賴恩。所以在這 17 億美元中，我們在產品方面大約有 13 億美元。然後其餘的基本上是在業務的經常性方面。這意味著在服務以及數字方面。因此，在這方面，當您考慮 11 億至 13 億美元的指導時，正如我們在準備好的評論中所說的那樣，我們當然還在尋找 H2 潛在的延遲。因此，根據我們在積壓中看到的情況，我們提出了 11 億至 13 億美元的指導。

Okay. And the -- just last one to clarify on the non-storage product portion of the backlog at $400 million, what's the average duration? It's not 12-month backlog; it's backlog that represents forward two- to five-year revenue? Could you remind us what you characterize that as on the services and digital?

好的。最後一個澄清了積壓的 4 億美元的非存儲產品部分，平均持續時間是多少？這不是 12 個月的積壓；代表未來兩到五年收入的積壓訂單？你能提醒我們你在服務和數字方面的特點嗎？

Right. So on -- and typical assets, a mixture between the services and the digital sides, on services we are seeing somewhere 10 to 12 years. And on the digital side, somewhere in the range of 3 to 5 years. So in that regard, our overarching -- this revenue is up to -- or this backlog covers up to 12 years. Certainly, it was a bit more forward-loaded pattern here due to the digital side of the mix.

對。等等——以及典型的資產，服務和數字方面的混合，我們在 10 到 12 年內看到的服務。而在數字方面，大約是 3 到 5 年。因此，在這方面，我們的首要任務——這個收入最多——或者這個積壓的時間最長可達 12 年。當然，由於混合的數字方面，這裡的模式更加前向加載。

Yes. If you allow me to elaborate a little bit on that, there are two elements here that are very significant. The first one is that we got 100% attachment rate on services in the EMEA region, which is fantastic. Overall, almost 75%, 74% attachment rate overall, which is also very, very high number. So it brings a -- and it ratifies the confidence that we see from our customers that the whole package, the whole ecosystem that we're offering and the three business lines, it makes a lot of sense for them and brings value to them. The fact that the Hazelwood project has a 20-year service contract is a testament of the value that we are creating and providing to them.

是的。如果你允許我詳細說明一下，這裡有兩個非常重要的元素。第一個是我們在 EMEA 地區獲得了 100% 的服務附加率，這太棒了。總體來說，差不多75%，總體上74%的附著率，這也是非常非常高的數字了。因此，它帶來了——並且它證實了我們從客戶那裡看到的整個包裝、我們提供的整個生態系統和三個業務線的信心，這對他們來說很有意義並為他們帶來了價值。 Hazelwood 項目擁有 20 年的服務合同這一事實證明了我們正在為他們創造和提供的價值。

All right, that's great. I'll pass it on. I'll also echo everyone else's congrats. Thanks, guys.

好吧，那太好了。我會傳下去的。我也會回應其他所有人的祝賀。多謝你們。

Stephen Byrd, Morgan Stanley.

斯蒂芬伯德，摩根士丹利。

Hi, this is Dave Arcaro on for Stephen Byrd. Thanks so much for taking my question, and congrats on the IPO. I was wondering if I could just touch on Fluence IQ. Could you give an update on where things stand in the development pipeline for the next set of software apps? And any indications, initial customer conversations as to what the interest level and demand might be for the next round of software?

嗨，我是斯蒂芬·伯德的戴夫·阿卡羅。非常感謝您提出我的問題，並祝賀 IPO。我想知道我是否可以觸及 Fluence IQ。您能否提供有關下一組軟件應用程序開發流程中的最新情況？以及關於下一輪軟件的興趣水平和需求可能是什麼的任何跡象、初步客戶對話？

Thank you very much, and good morning, David.

非常感謝，早上好，大衛。

I will pass to Seyed to give us more color on what is happening with the Fluence IQ platform. But overall, very exciting, very positive, very good feedback from our customers.

我將轉交給 Seyed，讓我們更多地了解 Fluence IQ 平台正在發生的事情。但總的來說，非常令人興奮，非常積極，我們客戶的反饋非常好。

Sure. Thank you, and thanks, Steve. So just a little bit more color in terms of Fluence IQ. So we are continuing to see strong demand in the markets that we have a presence. That's the national electricity market in Australia, where we own about -- close to 20% of renewable share. So we expect to continue to grow in that market. California is being pretty strong for us, so we expect to continue to grow.

當然。謝謝你，謝謝，史蒂夫。因此，就 Fluence IQ 而言，只需多一點顏色。因此，我們繼續看到我們所在市場的強勁需求。這就是澳大利亞的全國電力市場，我們擁有大約 - 接近 20% 的可再生能源份額。因此，我們預計該市場將繼續增長。加利福尼亞對我們來說非常強大，所以我們希望繼續增長。

But, unfortunately, what we saw in the recent Texas climate environment -- the reason I say unfortunate is because there's a lot of public sacrifices that are being made. So our software is going to be centerpiece in that market, so we are ramping up development of our [ERCOT] application to be released this year. We are seeing a lot of volatility in that market, resembling what we've seen in the Australian market, an absence of centralized capacity [team]. So ERCOT market entry is top of the priority for us. We are investing heavily into software development application to support our market optimization with Fluence IQ in the ERCOT market.

但是，不幸的是，我們在最近的德克薩斯氣候環境中所看到的——我說不幸的原因是因為有很多公共犧牲正在做出。因此，我們的軟件將成為該市場的核心，因此我們正在加緊開發將於今年發布的 [ERCOT] 應用程序。我們看到該市場存在很大波動，類似於我們在澳大利亞市場看到的情況，缺乏集中化的產能 [團隊]。因此，ERCOT 市場准入是我們的首要任務。我們正在大力投資軟件開發應用程序，以支持我們在 ERCOT 市場中使用 Fluence IQ 進行市場優化。

But to your point, as we talked about during our Analyst Day as well, the goal here is to further develop applications that go beyond power markets. That is addressing dispatch applications for vertically integrated utilities where we don't see power markets being -- we don't see a presence of power markets. And we're also thinking about midterm portfolio management applications, long-term investment applications.

但就您而言，正如我們在分析師日期間所討論的那樣，這裡的目標是進一步開發超越電力市場的應用程序。這是解決垂直整合公用事業的調度應用程序，我們沒有看到電力市場——我們沒有看到電力市場的存在。我們還在考慮中期投資組合管理應用程序、長期投資應用程序。

So all of that would be part of the business plan and the product development in fiscal year 2022 with an aim towards commercialization in fiscal year 2023. So we're on track there, making a lot of progress, obviously investing in the team and talent to support us with that vision. But things are shaking out good.

因此，所有這些都將成為 2022 財年商業計劃和產品開發的一部分，目標是在 2023 財年實現商業化。所以我們正朝著這個方向前進，取得了很大進展，顯然是對團隊和人才的投資支持我們實現這一願景。但情況正在好轉。

That's really great color. I appreciate that. And maybe just one follow-up on the demand side of things. I was just wondering if you could give some color on geographically how is the backlog split. Where are you seeing the strongest demand in the different countries that you're operating in, maybe heading into 2022? Thanks.

這真是太棒的顏色了。我很感激。也許只是需求方面的一個後續行動。我只是想知道您是否可以就地理上的積壓如何拆分提供一些顏色。您在哪些國家/地區看到您經營的不同國家/地區最強勁的需求，可能會進入 2022 年？謝謝。

Just to clarify, David, on the Fluence IQ platform or overall?

只是為了澄清，大衛，在 Fluence IQ 平台上還是整體上？

I was thinking more overall in terms of the energy storage product portfolio overall, beyond just Fluence IQ.

除了 Fluence IQ，我在整體儲能產品組合方面進行了更全面的思考。

Yes. We've seen -- to be honest, we've seen a demand peaking up in all markets. The fact that we entering into Taiwan, the fact that we have record -- the largest project in Europe, the fact that we keep rolling very fast in the California market with the Fluence IQ. So we have examples that -- contracts being awarded in all three regions, with record levels in all of them. So it is a totally synchronized growth trajectory for all three regions, which is very encouraging.

是的。我們已經看到 - 老實說，我們已經看到所有市場的需求都達到頂峰。我們進入台灣的事實，我們有記錄的事實——歐洲最大的項目，我們使用 Fluence IQ 在加利福尼亞市場保持快速發展的事實。所以我們有一些例子——在所有三個地區都授予了合同，所有這些地區都達到了創紀錄的水平。因此，這三個地區的增長軌跡完全同步，非常令人鼓舞。

That's great to hear. Thanks so much, and congrats again.

聽到這個消息我很高興。非常感謝，再次恭喜。

Tom Curran, Seaport Research.

海港研究部的湯姆·柯倫。

To quote Bruce Willis in Die Hard: welcome to the party. Curious about how much visibility and certainty you have on your role within AES's renewable strategy. So from 2021 through 2025, we understand that AES is planning to add 4 gigawatts per annum of solar capacity. What percentage of that do you expect to include storage? And given that represents assured, locked-in demand for Fluence, how are you modeling those orders internally? Is there an annual floor for AES orders that we can assume?

引用《虎膽龍威》中的布魯斯威利斯的話：歡迎來到派對。好奇您在 AES 可再生戰略中的角色有多少可見性和確定性。因此，從 2021 年到 2025 年，我們了解到 AES 計劃每年增加 4 吉瓦的太陽能容量。您預計其中有多少百分比包括存儲？鑑於這代表了對 Fluence 有保證的、鎖定的需求，您如何在內部對這些訂單進行建模？我們可以假設 AES 訂單的年度下限嗎？

Yes. First, thank you. Thank you very much, and good morning, Tom, and thanks for your kind words. We are very excited about this new chapter in our history, now being a public company. Yes, indeed, you all know AES is a shareholder, is one of the founders. And I thank them, along with Siemens, to establish this JV and have the vision that where the market will be going. Then they proved to be true and to be right on their decision. And so we are all very happy and very excited and thankful for that.

是的。首先，謝謝。非常感謝你，早上好，湯姆，謝謝你的客氣話。我們對我們歷史上的新篇章感到非常興奮，現在是一家上市公司。是的，的確，你們都知道AES是股東，是創始人之一。我感謝他們與西門子一起建立這家合資企業，並擁有市場發展方向的遠見。然後他們被證明是真實的，並且他們的決定是正確的。因此，我們都對此感到非常高興、非常興奮和感激。

Yes, on the specific pipeline, AES has been upgrading their pipeline and their annual commitments. We have a very, very strong and [fluent] conversation -- communication with them: this isn't on you; it has been there for years. So we're going hand to hand with them.

是的，在特定的管道上，AES 一直在升級他們的管道和他們的年度承諾。我們有一個非常、非常有力和[流利的]對話——與他們溝通：這不取決於你；它已經存在多年了。因此，我們將與他們攜手並進。

What we expect is 100% of whatever they are including -- a percent that they are including their own projects and expansion. So we will be with them. We will be providing our smart solutions, services, and digital Fluence IQ along with them, and we are very excited. That is part of our projects and our plans. It's part of our business plan. And the fact that they are increasing their own numbers is a tailwind for us.

我們期望的是他們所包含的 100%——他們包含自己的項目和擴展的百分比。所以我們會和他們在一起。我們將與他們一起提供我們的智能解決方案、服務和數字 Fluence IQ，我們非常興奮。這是我們項目和計劃的一部分。這是我們商業計劃的一部分。他們正在增加自己的人數這一事實對我們來說是順風。

And Manuel, we can assume that whatever percentage of that new solar capacity they will be building that they're going to storage for, that you'll be winning 100% of that? That will exclusively go to Fluence?

曼努埃爾，我們可以假設，無論他們將要建造的新太陽能發電容量的百分比是多少，你都會贏得其中的 100%？那將專門用於 Fluence？

Yes, yes. That's true.

是的是的。這是真的。

And then if I could just squeeze in one more follow-up before we run out of time here. Where are you expecting the energy storage products division's adjusted gross margin to exit fiscal 2022 at?

然後，如果我能在我們在這裡的時間用完之前再進行一次後續行動。您預計儲能產品部門的調整後毛利率將在哪裡退出 2022 財年？

Dennis, you would like to take that one?

丹尼斯，你想要那個嗎？

Right. So basically in line with what we have stated in our model during the IPO process, you can take that as a proxy.

對。因此，基本上符合我們在 IPO 過程中在模型中所述的內容，您可以將其作為代理。

Great. So still on track for that?

偉大的。所以還在路上嗎？

Yes.

是的。

Thank you for taking my questions.

謝謝你接受我的問題。

There are no other questions in the queue. I'd like to turn the call back to Manuel Perez for closing remarks.

隊列中沒有其他問題。我想把電話轉回曼努埃爾佩雷斯的結束語。

Thank you very much, operator. Thanks to everyone, and all our -- I would like to thank again -- and I did it at the beginning of my speech and my words. Again, I would like to send a sincere thank you to the entire Fluence team. They have been extremely passionate, strong committed. They have shown strength and resilience because all the COVID pandemic. So thank you, everyone. Thanks to our customers, investors, analysts that had -- they made this possible.

非常感謝您，接線員。感謝所有人，感謝我們所有人——我想再次感謝——我在演講和發言的開頭就做到了。再次，我要向整個 Fluence 團隊表示誠摯的感謝。他們一直非常熱情，堅定的承諾。由於所有的 COVID 大流行，他們表現出了力量和韌性。所以謝謝大家。感謝我們的客戶、投資者、分析師——他們讓這一切成為可能。

And we are so happy that, given all the circumstances and the headwinds, we keep rolling, we keep beating our own records, and expanding and truly changing the way that we power our world for a more sustainable future. Thank you. Thanks, everyone.

我們很高興，鑑於所有情況和逆風，我們繼續前進，我們不斷打破自己的記錄，並擴大並真正改變我們為世界提供動力的方式，以實現更可持續的未來。謝謝你。感謝大家。

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。