Fluence Energy Inc (FLNC) 2022 Q3 法說會逐字稿

Good day, and welcome to Fluence Energy's Third Quarter Earnings Conference Call. (Operator Instructions) As a reminder, this call may be recorded.

美好的一天，歡迎參加 Fluence Energy 的第三季度收益電話會議。 （操作員說明）作為提醒，此呼叫可能會被錄音。

I'd now like to turn the call over to Lex May, Director of Investor Relations. You may begin.

我現在想把電話轉給投資者關係總監 Lex May。你可以開始了。

Thank you, operator. Good morning, and welcome to Fluence Energy's Third Quarter 2022 Earnings Conference Call. A copy of our earnings presentation and press release covering financial results, along with supporting statements and schedules, including reconciliations and disclosures regarding non-GAAP financial measures, are posted on the Investor Relations section of our website at fluenceenergy.com.

謝謝你，接線員。早上好，歡迎參加 Fluence Energy 的 2022 年第三季度收益電話會議。我們在 fluenceenergy.com 網站的投資者關係部分發布了一份涵蓋財務業績的收益報告和新聞稿的副本，以及支持性聲明和時間表，包括關於非公認會計原則財務措施的對賬和披露。

Joining me on this morning's call are Manuel Pérez Dubuc, our Chief Executive Officer; Dennis Fehr, our Chief Financial Officer; Rebecca Boll, our Chief Product Officer; and Julian Nebreda, our incoming Chief Executive Officer.

和我一起參加今天上午電話會議的還有我們的首席執行官 Manuel Pérez Dubuc；我們的首席財務官 Dennis Fehr； Rebecca Boll，我們的首席產品官；和即將上任的首席執行官 Julian Nebreda。

During the course of this call, Fluence management may make certain forward-looking statements regarding various matters relating to our business and company that are not historical facts. Such statements are based upon the current expectations and certain assumptions and are, therefore, subject to certain risks and uncertainties. Many factors could cause actual results to differ materially.

在本次電話會議期間，Fluence 管理層可能會就與我們的業務和公司相關的各種非歷史事實的事項作出某些前瞻性陳述。此類陳述基於當前的預期和某些假設，因此受到某些風險和不確定性的影響。許多因素可能導致實際結果存在重大差異。

Please refer to our SEC filings for our forward-looking statements and for more information regarding certain risks and uncertainties that could impact our future results. You are cautioned to not place undue reliance on these forward-looking statements, which speak only as of today. Also, please note that the company undertakes no duty to update or revise forward-looking statements for new information.

請參閱我們提交給美國證券交易委員會的文件，了解我們的前瞻性陳述以及有關可能影響我們未來業績的某些風險和不確定性的更多信息。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。此外，請注意，公司不承擔更新或修改前瞻性陳述以獲取新信息的義務。

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 measure is available in our earnings materials on the company's Investor Relations website. Following our prepared comments, we will conduct a question-and-answer session with our team. (Operator Instructions)

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。這些非公認會計原則措施與最具可比性的公認會計原則措施的對賬可在公司投資者關係網站上的收益材料中找到。根據我們準備好的評論，我們將與我們的團隊進行問答環節。 （操作員說明）

Thank you very much. I'll now turn the call over to Manuel.

非常感謝。我現在將把電話轉給曼努埃爾。

Thank you, Lex. I would like to extend a warm welcome to our investors, analysts and employees who are participating on today's call. As we announced last week, I was stepping down from my role as a CEO effective August 31. This is a decision that the Board and I have been discussing for a while. We both felt that now was a good time to make this change, given the stability and upward momentum of the company.

謝謝你，萊克斯。我要熱烈歡迎參加今天電話會議的投資者、分析師和員工。正如我們上周宣布的那樣，我將從 8 月 31 日起辭去首席執行官一職。這是董事會和我已經討論了一段時間的決定。鑑於公司的穩定性和上升勢頭，我們都認為現在是做出這一改變的好時機。

The Board and I are totally aligned on this decision, and it will be a smooth and seamless transition. It's been a privilege to serve as Fluence CEO. I am incredibly proud of all that we have accomplished during the past few years at this amazing company.

董事會和我在這個決定上完全一致，這將是一個平穩和無縫的過渡。擔任 Fluence CEO 是我的榮幸。我為過去幾年在這家了不起的公司所取得的成就感到無比自豪。

Like so many of our dedicated employees, I decided to work at Fluence because of the company's mission, which is to transform the way we power our world for a more sustainable future. I am forever grateful for the opportunity to lead this company through its initial public offering.

像我們許多敬業的員工一樣，我決定在 Fluence 工作，因為公司的使命是改變我們為世界提供動力的方式，以實現更可持續的未來。我永遠感激有機會帶領這家公司完成首次公開募股。

As I pass the torch to Julian Nebreda, I am confident that I am handing it to someone I know who will take Fluence to the next level. I am pleased to introduce you to the next Fluence CEO, Julian, please go ahead.

當我將火炬傳遞給 Julian Nebreda 時，我有信心將它交給我認識的人，他會將 Fluence 提升到一個新的水平。我很高興向您介紹下一任 Fluence 首席執行官 Julian，請繼續。

Thank you, Manuel. It is an honor and a privilege to be here with you today. Although I do not become CEO until September 1, I thought I would share with you a bit about my background and my initial thoughts on priorities for Fluence.

謝謝你，曼努埃爾。今天能和你們在一起是一種榮幸和榮幸。雖然我要到 9 月 1 日才成為 CEO，但我想與您分享一下我的背景以及我對 Fluence 優先事項的初步想法。

I'm not new to the Fluence family as I have been involved with the company since its creation and have been on the Fluence Board for the past year. For the past 23 years, I have served around the globe in different leadership roles for AES.

我對 Fluence 家族並不陌生，因為我自公司創建以來一直參與其中，並且在過去一年中一直在 Fluence 董事會任職。在過去的 23 年中，我曾在全球各地擔任 AES 的不同領導職務。

Most recently, I was President of AES U.S. and global business lines. I have a keen interest and experience in growing renewable businesses. And I am proud to have led AES Europe when we introduced the first battery and e-storage projects units there.

最近，我擔任 AES 美國和全球業務線的總裁。我對發展可再生能源業務有著濃厚的興趣和經驗。當我們在那裡推出第一個電池和電子存儲項目單元時，我很自豪能夠領導 AES Europe。

I have a good understanding of the key issues for Fluence from my role as a director, although I'm still getting up to speed on the details of Fluence day-to-day operations. At this time, I do not foresee any major changes to Fluence overall strategy.

從我作為總監的角色開始，我對 Fluence 的關鍵問題有了很好的理解，儘管我仍在快速了解 Fluence 日常運營的細節。目前，我預計 Fluence 的整體戰略不會有任何重大變化。

I would like to share with you some high-level thoughts on key priorities. My overall objective is to drive increased shareholder value by focusing on achieving profitable growth and ensuring continued strong liquidity.

我想與您分享一些關於關鍵優先事項的高級想法。我的總體目標是通過專注於實現盈利增長和確保持續強勁的流動性來推動股東價值的增加。

I will do this through 3 initial areas of focus. First, our supply chains, where I intend to support our efforts to relocate, secure and diversify from whom and where we buy [these], to transform this from a challenge currently to a competitive advantage in the future. The recent approval of the Inflation Reduction Act provides additional incentives on this front that we will work very hard to capture.

我將通過 3 個初始重點領域來做到這一點。首先，我們的供應鏈，我打算支持我們在哪里和哪裡購買[這些]，以將其從當前的挑戰轉變為未來的競爭優勢。最近批准的《降低通貨膨脹法》在這方面提供了額外的激勵措施，我們將努力爭取這些激勵措施。

Second, product road map. I want to ensure we have a clear strategy that can generate strong margins as it relates to our offerings. I would like to emphasize products that meet the growing demands of our customers while also allowing us to capture healthy gross profit. A key element of this is to ensure that we have well-planned and implemented product rollouts.

二是產品路線圖。我想確保我們有一個明確的戰略，可以產生與我們的產品相關的高利潤。我想強調的產品既能滿足客戶不斷增長的需求，又能讓我們獲得可觀的毛利潤。其中一個關鍵要素是確保我們有良好的計劃和實施的產品推出。

Third, Fluence digital. This is an area with tremendous potential, and I am committed to ensuring that it has a proper resources and structure. I've been involved in the selection process for the new Chief Digital Officer that Manuel will discuss later in the call.

三、流利數碼。這是一個潛力巨大的領域，我致力於確保它擁有適當的資源和結構。我參與了 Manuel 稍後將在電話會議中討論的新首席數字官的選擇過程。

I am excited with my new responsibilities in Fluence. Its mission aligns with what motivates my professional life. The combination of a growing platform providing innovative solutions and value to shareholders, customers and society makes it a unique place to work. I will do my best to contribute to the great mission of this company and fulfill the trust that the Fluence Board has bestowed upon me.

我對自己在 Fluence 的新職責感到興奮。它的使命與我職業生涯的動力是一致的。不斷發展的平台為股東、客戶和社會提供創新解決方案和價值，使其成為一個獨特的工作場所。我將盡我所能為公司的偉大使命做出貢獻，履行Fluence董事會對我的信任。

I'd like to conclude by thanking my good friend, Manuel. We have been friends for more than 30 years and have worked together many times over our professional lives. Manuel's leadership has been fundamental in elevating Fluence to a strong and market-leading position. Manuel, you can be confident that I will do my best to continue the company's momentum.

最後，我要感謝我的好朋友曼努埃爾。我們已經是 30 多年的朋友，並且在我們的職業生涯中多次合作。 Manuel 的領導力對於將 Fluence 提升到強大的市場領先地位至關重要。曼努埃爾，你可以相信我會盡我最大的努力來延續公司的發展勢頭。

Additionally, I would like to thank all our employees across the world. Your continued devotion to Fluence is remarkable and inspiring. You are the cornerstone of the company and enable our success. I would also like to emphasize that maintaining a strong corporate culture that is centered around our values is critical, and you can expect me to support that as we continue our journey.

此外，我要感謝我們在世界各地的所有員工。您對 Fluence 的持續投入是非凡且鼓舞人心的。您是公司的基石，是我們成功的動力。我還想強調，保持以我們的價值觀為中心的強大企業文化至關重要，在我們繼續我們的旅程時，您可以期待我支持這一點。

I would now like to turn back the call to Manuel to discuss the quarter.

我現在想轉回給 Manuel 討論本季度的電話。

Thank you, Julian. Turning to the quarter. Today, I will provide an update of our business and share our preliminary views of the Inflation Reduction Act. Our CFO, Dennis Fehr, will then review our financial performance and guidance.

謝謝你，朱利安。轉向季度。今天，我將提供我們業務的最新情況，並分享我們對《降低通脹法案》的初步看法。然後，我們的首席財務官 Dennis Fehr 將審查我們的財務業績和指導。

Beginning with the key highlights of the quarter on Slide 4. I'm pleased to report that our team continued to make strong progress mitigating operational headwinds. As a result, we have improved our gross profit quarter-over-quarter and in line with our guidance. Additionally, we increased our cash balance for the second consecutive quarter, enhancing our balance sheet, and ended the quarter with more than $760 million in cash.

從幻燈片 4 上本季度的主要亮點開始。我很高興地報告，我們的團隊在緩解運營逆風方面繼續取得重大進展。因此，我們的毛利潤環比有所提高，並符合我們的指導方針。此外，我們連續第二個季度增加了現金餘額，增強了我們的資產負債表，並在本季度結束時擁有超過 7.6 億美元的現金。

Looking now at our business performance. We delivered a solid quarter in line with our expectations. We generated $239 million in total revenue, and our gross profit improved from negative 4% in Q2 to negative 2% in Q3.

現在看看我們的業務表現。我們交付了一個穩健的季度，符合我們的預期。我們創造了 2.39 億美元的總收入，我們的毛利潤從第二季度的負 4% 提高到第三季度的負 2%。

Despite the expected challenges resulting from the COVID-driven lockdowns in China, we continue to make progress in reducing COVID- and shipping-related impacts on our margin. Our backlog now stands at $2.1 billion, providing us a strong visibility to future revenue.

儘管中國因新冠病毒導致的封鎖帶來了預期的挑戰，但我們在減少新冠病毒和航運相關對我們利潤率的影響方面繼續取得進展。我們的積壓訂單現在為 21 億美元，為我們提供了對未來收入的強大可見性。

During the third quarter, we achieved solid order intake despite price increases, which highlights the unwavering demand for energy storage. Overall, we have now contracted more product megawatts through the first 9 months of fiscal year 2022 than we did during the entire fiscal year 2021, which is evidence of the strong growth we are experiencing globally.

在第三季度，儘管價格上漲，我們仍實現了穩定的訂單接收，這凸顯了對儲能的堅定需求。總體而言，我們現在在 2022 財年的前 9 個月簽訂的產品兆瓦數比我們在 2021 財年的整個財年都多，這證明了我們在全球範圍內正在經歷的強勁增長。

In terms of new data contracts, Fluence IQ delivered another robust quarter. Approximately 60% of the Q3 order intake was attributable to Nispera. We are pleased to have grown our market share with our recent acquisitions.

在新的數據合同方面，Fluence IQ 又交付了一個強勁的季度。第三季度約 60% 的訂單來自 Nispera。我們很高興通過我們最近的收購增加了我們的市場份額。

On the regulatory front, we expect the U.S. Inflation Reduction Act should provide significant upside to Fluence in the coming years. One of the key provisions of the bill is a 30% standalone storage investment tax credit. We also see other benefits resulting from the bill, which I will discuss shortly. As a reminder, our financial plan has not assumed these tax credits or other incentives.

在監管方面，我們預計美國的《降低通脹法案》將在未來幾年為 Fluence 帶來顯著的上行空間。該法案的關鍵條款之一是 30% 的獨立存儲投資稅收抵免。我們還看到了該法案帶來的其他好處，我將在稍後討論。提醒一下，我們的財務計劃沒有假設這些稅收抵免或其他激勵措施。

As we announced earlier this month, we have established a contract manufacturing location in Utah, which is expected to start production in late September. This will enable us to finalize assembly of our products here in the United States, closer to our customer sites. This will also allow us to avoid some of the supply chain issues we have encountered in other locations. More importantly, we expect to be able to capitalize on some of the incentives provided under the Inflation Reduction Act for our Utah facility.

正如我們本月早些時候宣布的那樣，我們已經在猶他州建立了一個合同製造基地，預計將於 9 月下旬開始生產。這將使我們能夠在美國完成產品組裝，更靠近我們的客戶站點。這也將使我們能夠避免我們在其他地方遇到的一些供應鏈問題。更重要的是，我們希望能夠利用《通脹降低法案》為我們猶他州工廠提供的一些激勵措施。

I'm excited to share that we have officially signed our joint venture with ReNew Power, a world-class IPP located in India. This partnership is a historic move for Fluence as it provides us with a strategic first-mover advantage in this important and growing market.

我很高興與大家分享，我們已經與位於印度的世界級 IPP 公司 ReNew Power 正式簽署了合資企業。這種合作夥伴關係對 Fluence 來說是一個歷史性的舉措，因為它為我們在這個重要且不斷增長的市場中提供了戰略先發優勢。

Additionally, we recently opened our India technology center, which will allow us to drive research, innovation and development of store -- energy storage in India. This launch underscores our commitment to the region as we execute our global product strategy and complements our joint venture with ReNew.

此外，我們最近開設了印度技術中心，這將使我們能夠推動印度儲能的研究、創新和開發。此次發布強調了我們在執行全球產品戰略時對該地區的承諾，並補充了我們與 ReNew 的合資企業。

Shifting to our digital business, I'm excited to announce we have hired Krishna Vanka as our new Chief Digital Officer. Krishna brings a high level of energy and experience to the team and has demonstrated a history of successfully building software businesses. Krishna most recently served as the Chief Product Officer of In-Charge Energy. We are thrilled to have someone of his caliber lead our Fluence digital team. Krishna will join us in a few weeks, and we'll hit the ground running.

轉向我們的數字業務，我很高興地宣布我們已聘請 Krishna Vanka 擔任我們新的首席數字官。 Krishna 為團隊帶來了高水平的精力和經驗，並展示了成功建立軟件業務的歷史。 Krishna 最近擔任 In-Charge Energy 的首席產品官。我們很高興有他這樣的人才領導我們的 Fluence 數字團隊。 Krishna 將在幾週後加入我們，我們將開始行動。

Staying with our digital business, I'm pleased to announce we have rebranded our bidding application as Fluence Mosaic. This wholesale energy and ancillary service bidding engine provides our customers with higher revenue, thanks to its optimization, powered by artificial intelligence. Currently, Mosaic is available in the [CAISO] and Australian markets.

繼續我們的數字業務，我很高興地宣布我們已將我們的投標應用程序重新命名為 Fluence Mosaic。這種批發能源和輔助服務招標引擎為我們的客戶提供更高的收入，這要歸功於其由人工智能提供支持的優化。目前，Mosaic 在 [CAISO] 和澳大利亞市場有售。

Turning now to Slide 5. Climate change is a reality. And we are encouraged by governments, including the United States, taking serious steps to address it. The Inflation Reduction Act represents one of the most significant and consequential pieces of economic policy in recent U.S. history.

現在轉到幻燈片 5。氣候變化是現實。我們受到包括美國在內的各國政府的鼓舞，他們採取了認真的措施來解決這個問題。 《降低通貨膨脹法案》是美國近代史上最重要和最重要的經濟政策之一。

There are several elements of the bill that will directly and indirectly benefit Fluence, including a 30% investment tax credit for standalone storage. The 30% tax credit will help spur investment decisions by customers and green light more projects, creating significantly more domestic demand for energy storage.

該法案的幾個要素將直接和間接地使 Fluence 受益，包括為獨立存儲提供 30% 的投資稅收抵免。 30% 的稅收抵免將有助於刺激客戶的投資決策，並為更多項目開綠燈，從而顯著增加國內對儲能的需求。

We believe that the industry will see at least 20% growth in annual installations, thanks to the tax credit. This represents a significant opportunity for Fluence, both from a demand and profitability standpoint, as a result of the boost to customer business cases.

我們相信，由於稅收抵免，該行業的年安裝量將至少增長 20%。由於客戶業務案例的增加，這對 Fluence 來說是一個重要的機會，無論是從需求還是盈利的角度來看。

While we are pleased to see the tax credits for storage, there are other elements of the bill that provides significant upside for Fluence. Fluence had already positioned itself to capitalize on the bill by expanding its supply chain to include domestic contract manufacturing. Let me elaborate.

雖然我們很高興看到存儲稅收抵免，但該法案的其他元素為 Fluence 提供了顯著的優勢。 Fluence 已經將自身定位為通過擴大其供應鏈以包括國內合同製造來利用該法案。讓我詳細說明。

Section 48C of the bill discuss the expansion of advanced energy project credits. This section now provides investment tax credits for projects that are equipped or expand manufacturing facilities that produce a specified renewable energy equipment. This includes facilities that manufacture energy storage systems, electric grid modernization equipment and their components.

該法案第 48C 節討論了擴大先進能源項目信貸。本節現在為配備或擴建生產特定可再生能源設備的製造設施的項目提供投資稅收抵免。這包括製造儲能係統、電網現代化設備及其組件的設施。

The provision carries a base credit of 6%, with an increased credit rate of up to 30%, if prevailing wage and apprenticeship requirements are met. By opening a contract manufacturing facility in Utah, we will be able to benefit from provisions of Section 48C.

如果滿足現行的工資和學徒要求，該條款的基本信貸為 6%，信貸率最高可達 30%。通過在猶他州開設合同製造工廠，我們將能夠受益於第 48C 條的規定。

We are encouraged by the support for domestic contract manufacturing at a time when that is a key aspect of our supply chain strategy. It is too early for us to quantify this potential benefit as we will need to see the IRS interpretation and guidelines first. As we have said before, our financial plan did not assume benefits from any tax provisions or incentives, therefore, the IRA is pure upside.

我們對國內代工製造的支持感到鼓舞，因為這是我們供應鏈戰略的一個關鍵方面。我們現在要量化這種潛在的好處還為時過早，因為我們需要先查看 IRS 的解釋和指南。正如我們之前所說，我們的財務計劃沒有從任何稅收規定或激勵措施中受益，因此，IRA 是純粹的上行空間。

Now turning to Slide 6. We have made solid progress on mitigating many of the operational headwinds. I would like to provide you with an update of our improvement actions.

現在轉到幻燈片 6。我們在緩解許多運營逆風方面取得了堅實的進展。我想向您提供我們改進措施的最新情況。

First, looking at supply chain disruptions. I'm pleased to report we are seeing shipping rates plateau and, in some cases, regress. Furthermore, we are starting to see the benefit relationships we have developed with multiple shipping companies. As a result, we are now seeing better terms and more optionality for our shipping partners. This is a welcome reprieve from the challenges we faced 6 months ago.

首先，關注供應鏈中斷。我很高興地報告說，我們看到運費處於停滯狀態，在某些情況下還會出現倒退。此外，我們開始看到我們與多家航運公司建立的利益關係。因此，我們現在為我們的運輸合作夥伴看到了更好的條款和更多的選擇餘地。這是我們從 6 個月前面臨的挑戰中得到的一個可喜的緩解。

Turning to the battery side. I'm pleased to say that we have seen increased battery production volumes from our partners. Assuming this continues, we believe the force majeure issue by our suppliers, and which we, in turn, issued to certain customers, to be resolved by first quarter fiscal '23. As we have mentioned previously, we have already locked up our battery supply needs for calendar '23 and are in advanced discussion for battery manufacturers regarding '24 and '25.

轉向電池側。我很高興地說，我們看到合作夥伴的電池產量增加了。假設這種情況繼續下去，我們相信我們的供應商的不可抗力問題，而我們又向某些客戶發出的不可抗力問題，將在 23 財年第一季度得到解決。正如我們之前提到的，我們已經鎖定了 '23 日曆的電池供應需求，並且正在與電池製造商就 '24 和 '25 進行深入討論。

Turning to the compounding effects of COVID-19, which have included site closures and other site-related disruptions. I'm pleased to report that this item has been effectively remediated.

轉向 COVID-19 的複合效應，其中包括站點關閉和其他與站點相關的中斷。我很高興地報告該項目已得到有效補救。

Turning to raw material price volatility, starting first with our legacy contracts. We are working with our customers to reprice contracts in light of the ongoing higher price environment we are now in. We have made progress so far with repricing such contracts, and we'll continue to work with our customers to come to satisfactory solutions for both parties. For new contracts, I'm pleased to report that RMI is now the industry standard and will continue to be for the foreseeable future.

談到原材料價格波動，首先從我們的傳統合同開始。鑑於我們目前所處的價格持續上漲，我們正在與客戶合作重新定價合同。迄今為止，我們在重新定價此類合同方面取得了進展，我們將繼續與客戶合作，為雙方達成滿意的解決方案派對。對於新合同，我很高興地報告 RMI 現在是行業標準，並且在可預見的未來將繼續如此。

Finally, turning to project cost overruns. This is a continued agenda item for the team. While we'll continue to roll out additional projects during the quarter, we experienced unanticipated costs associated with installations and commissioning, including balance of plant and transformer challenges on a few specific projects.

最後，轉向項目成本超支。這是團隊的一個持續議程項目。雖然我們將在本季度繼續推出其他項目，但我們遇到了與安裝和調試相關的意外成本，包括一些特定項目的工廠和變壓器平衡挑戰。

Substandard components from certain suppliers also continue to be a challenge. We are dedicating significant time and resources in taking action in both areas. We are confident in our team's ability to implement these actions.

來自某些供應商的不合格組件也仍然是一個挑戰。我們正在投入大量時間和資源在這兩個領域採取行動。我們對我們團隊實施這些行動的能力充滿信心。

In summary, I am extremely proud of our accomplishments. While there is still work to be done, I am confident in Julian's ability to continue with our progress.

總之，我為我們的成就感到非常自豪。雖然還有很多工作要做，但我對 Julian 有能力繼續我們的進步充滿信心。

Now I would like to turn the call over to Dennis to review our financial performance.

現在我想把電話轉給丹尼斯來審查我們的財務業績。

Thank you, Manuel. Before I begin, I would like to express my gratitude to Manuel for his leadership and commitment to Fluence. Additionally, I'd like to extend a warm welcome to Julian. Julian and I have known each other since 2018, and I'm excited to continue our working relationship on a deeper level as we, together, strive to increase value for our shareholders.

謝謝你，曼努埃爾。在開始之前，我想對 Manuel 對 Fluence 的領導和承諾表示感謝。此外，我要熱烈歡迎朱利安。 Julian 和我自 2018 年以來就認識了，我很高興能在更深層次上繼續我們的工作關係，因為我們一起努力為我們的股東增加價值。

Now moving to Slide 8 and our financial performance. We had a solid quarter, in line with our expectations and previous guidance, despite the challenges we faced as a result of COVID lockdowns in China in Q2 and early Q3.

現在轉到幻燈片 8 和我們的財務業績。儘管我們在第二季度和第三季度初在中國因 COVID 封鎖而面臨挑戰，但我們的季度業績穩健，符合我們的預期和之前的指導。

We further improved our margins quarter-over-quarter, increasing the GAAP gross profit margin from negative 4% in Q2 to negative 2% in Q3 and turning to positive adjusted gross profit in Q3, thus demonstrating the successful execution of our improvement actions.

我們進一步提高了季度利潤率，將 GAAP 毛利率從第二季度的負 4% 提高到第三季度的負 2%，並在第三季度轉為正調整後的毛利率，從而表明我們的改進行動成功執行。

The margin improvement quarter-over-quarter was driven by the reduction of the adverse margin impact we have discussed on previous calls. We have been successful in reducing these by about half for each quarter, with the Q2 level being 43% of Q1; and Q3, 48% of Q2. We are focused on ensuring this positive trend continues into the fourth quarter.

利潤率環比改善是由於我們在之前的電話會議中討論過的不利利潤率影響的減少。我們已經成功地將每個季度的這些費用減少了大約一半，第二季度的水平是第一季度的 43%；第三季度，第二季度的 48%。我們專注於確保這種積極趨勢持續到第四季度。

During the third quarter, we were once again cash flow positive and added nearly $40 million to our cash balance, further bolstering our liquidity to more than $760 million. Finally, we are reaffirming our fiscal year 2022 revenue guidance of approximately $1.1 billion. This is predicated on seeing on-time arrival of products which are currently in transit and timely transfer of products to our customers.

在第三季度，我們的現金流再次為正，並為我們的現金餘額增加了近 4000 萬美元，進一步增強了我們的流動性至超過 7.6 億美元。最後，我們重申我們的 2022 財年收入指引約為 11 億美元。這是基於看到當前正在運輸的產品準時到達並及時將產品轉移給我們的客戶。

Turning to Slide 9. As Manuel mentioned earlier, we had a decent quarter for our energy storage order intake, following 2 exceptionally strong quarters in a row. Even though we increased prices throughout fiscal year 2022, the 1,493 megawatts of new orders for the first 3 quarters combined already exceed the 1,311 megawatts of new orders for the entire fiscal year 2021, demonstrating the growing demand for energy storage worldwide and the resilience of our customers' business cases.

轉到幻燈片 9。正如 Manuel 之前提到的，在連續 2 個非常強勁的季度之後，我們的能源存儲訂單獲得了不錯的季度。儘管我們在整個 2022 財年都提高了價格，但前 3 個季度的 1,493 兆瓦新訂單加起來已經超過了 2021 整個財年的 1,311 兆瓦新訂單，這表明全球對儲能的需求不斷增長以及我們的彈性客戶的商業案例。

Additionally, we have done an excellent job of diversifying our customer base. In fact, of the 1,493 megawatts that we've contracted during the first 3 quarters, more than 95% is from unrelated third parties. Services contracting continues to be pushed out, and therefore, the service attachment rate during Q3 was lower than we had hoped.

此外，我們在多元化客戶群方面做得非常出色。事實上，在我們前三個季度簽約的 1,493 兆瓦中，超過 95% 來自無關的第三方。服務承包繼續被推出，因此第三季度的服務附加率低於我們的預期。

As you may recall from last year, we experienced something similar, where we closed with a very strong Q4 for service contracts. We expect a similar catch-up event will occur in either Q4 or Q1 fiscal year '23, moving our aggregate attachment rate closer to our 70% high.

您可能還記得去年，我們經歷了類似的事情，我們以非常強勁的第四季度服務合同結束。我們預計 23 財年第四季度或第一季度將發生類似的追趕事件，使我們的總附加率接近 70% 的高點。

Looking at our digital business, we had another solid quarter for new contracts with more than 800 megawatts of order intake. This includes Nispera, which we acquired in April. I'm pleased to report that including Nispera, we now have a record of nearly 17 gigawatts contracted or under management as compared to about 4 gigawatts at this time last year. Additionally, we saw significant growth in our digital pipeline, mostly attributable to the inclusion of Nispera in our metrics this quarter.

看看我們的數字業務，我們的新合同又一個穩健的季度，訂單量超過 800 兆瓦。這包括我們在 4 月收購的 Nispera。我很高興地報告，包括 Nispera 在內，我們現在擁有近 17 吉瓦的合同或正在管理的記錄，而去年這個時候約為 4 吉瓦。此外，我們看到我們的數字管道顯著增長，這主要歸功於本季度將 Nispera 納入我們的指標。

Turning to Slide 10. We delivered a solid quarter in line with our expectations in terms of revenue, considering the recent China lockdown challenges. The $239 million generated during the quarter represents a 14% decrease year-over-year, which is mostly attributable to revenue we accelerated in Q2 fiscal year '22 and the aforementioned COVID-driven lockdowns in China, which delayed shipments of our products into Q4 fiscal '22 and fiscal year '23.

轉到幻燈片 10。考慮到最近中國的封鎖挑戰，我們在收入方面的表現符合我們的預期。本季度產生的 2.39 億美元同比下降 14%，這主要歸因於我們在 22 財年第二季度加速的收入以及上述 COVID 驅動的中國封鎖，這將我們的產品發貨延遲到第四季度'22 財政年度和 '23 財政年度。

Turning to Slide 11. In addition to the solid revenue recognition in Q3, we made progress on our gross profit and gross margins on a GAAP basis. Our GAAP gross profit of negative $15 million in Q2 fiscal '22 improved approximately 67% to negative $5 million in Q3. On an adjusted basis, our gross profit improved from negative $11 million in Q2 to positive $2 million in Q3.

轉到幻燈片 11。除了在第三季度實現穩健的收入確認外，我們在 GAAP 基礎上的毛利潤和毛利率方面也取得了進展。我們在 22 財年第二季度的 GAAP 毛利潤為負 1500 萬美元，在第三季度增長了約 67% 至負 500 萬美元。經調整後，我們的毛利潤從第二季度的負 1100 萬美元提高到第三季度的正 200 萬美元。

Adjusted gross margin improved from negative 4% in Q2 to positive 0.7% in Q3. These gross profit improvements were driven mostly by a reduction of adverse margin impacts, which I will discuss shortly. As Julian noted, as a management team, we are keenly focused on profitable growth, improving our profit margins while growing with the market.

調整後的毛利率從第二季度的負 4% 提高到第三季度的正 0.7%。這些毛利潤的提高主要是由於不利的利潤率影響的減少，我將在稍後討論。正如朱利安所說，作為一個管理團隊，我們非常關注盈利增長，在與市場一起增長的同時提高我們的利潤率。

Slide 12 lays out the 2 levers we discussed on our Q2 call to achieve improved margins. Beginning with the left-hand side of the slide, the first lever is to reduce adverse margin impact. You can see the progress we have made from a level of negative $53 million in Q1, which we reduced to negative $23 million in Q2 and, again, further reduced to negative $11 million in Q3, effectively reducing each quarter by about half the level of the previous quarter.

幻燈片 12 列出了我們在第二季度電話會議中討論的 2 個槓桿，以提高利潤率。從幻燈片的左側開始，第一個槓桿是減少不利的保證金影響。您可以看到我們從第一季度的負 5300 萬美元水平取得的進展，我們在第二季度減少到負 2300 萬美元，並在第三季度再次進一步減少到負 1100 萬美元，實際上每個季度減少了大約一半的水平上一季度。

The biggest driver of the improvement is the reduction of excess shipping costs and the reduction in compounding effects of COVID-19, which were costs related to site closures and other site-related interruptions. In line with our previous statements, we expect this trend to continue in the fourth quarter, assuming ongoing renegotiations of legacy contracts and related supply agreements will have a neutral impact on the fourth quarter.

改進的最大驅動力是減少了額外的運輸成本和減少了 COVID-19 的複合效應，這些複合效應是與站點關閉和其他與站點相關的中斷相關的成本。根據我們之前的聲明，我們預計這一趨勢將在第四季度持續下去，假設正在進行的遺留合同和相關供應協議的重新談判將對第四季度產生中性影響。

Our second lever is to increase as-sold margins. The chart on the right-hand side indicates several drivers and the expected benefit to margins. Let me provide you an update on our efforts in these areas.

我們的第二個槓桿是增加售後利潤率。右側的圖表顯示了幾個驅動因素以及對利潤率的預期收益。讓我向您介紹我們在這些領域所做的工作的最新情況。

As I mentioned on our previous call, we are pushing pricing on our products across the globe. This particular margin driver is on track, as I'm pleased to report that we are seeing success in this endeavor as customers are willing to accept higher pricing, given the inflationary environment.

正如我在之前的電話會議中提到的，我們正在全球範圍內推動我們產品的定價。這個特殊的利潤驅動因素正在走上正軌，因為我很高興地報告說，鑑於通貨膨脹環境，客戶願意接受更高的定價，因此我們在這一努力中取得了成功。

In the past, we have focused more on market share than pricing. But with bottom line profitability now our primary focus, we are laser focused on pushing pricing. In fact, because of the high level of demand we are seeing, we are able to be more selective about the projects we bid on and customers we work for.

過去，我們更多地關注市場份額而不是定價。但現在我們主要關注的是底線盈利能力，我們專注於推動定價。事實上，由於我們看到的高需求水平，我們能夠對我們投標的項目和我們工作的客戶更有選擇性。

As Manuel mentioned before, we have made strong progress on our regional business model and are in the process of launching contract manufacturing here in the United States with an expected start of production in late September. We are, therefore, also on track on this margin driver.

正如 Manuel 之前提到的，我們在區域業務模式上取得了長足的進步，並且正在美國這裡啟動合同製造，預計將於 9 月下旬開始生產。因此，我們也在這個利潤驅動因素的軌道上。

With respect to segment mix, on this margin driver, we are heading in the right direction with our focus on growing in higher-margin segments such as data centers and transmission. We are seeing traction for the transmission segment in various parts of Europe and Chile that are encouraging.

關於細分市場組合，在這個利潤率驅動因素上，我們正朝著正確的方向前進，我們專注於在數據中心和傳輸等利潤率更高的細分市場中增長。我們在歐洲和智利的各個地區看到了令人鼓舞的傳動領域的牽引力。

We believe because of the level of complexity and challenges involved with storage as transmission, we are in a strong position to be the market leader in this application, which deliver higher margins relative to other segments, and looking for these segments to support our margin expansion in the future.

我們相信，由於存儲作為傳輸所涉及的複雜程度和挑戰，我們處於成為該應用程序的市場領導者的有利位置，該應用程序相對於其他細分市場提供更高的利潤率，並尋找這些細分市場來支持我們的利潤率擴張在將來。

As for our Gen 7 product, again, we are heading in the right direction with executing our product road map, which will deliver [a huge payload] to specific markets such as the U.S. We expect to see this margin driver support our fiscal year '24 financials.

至於我們的第 7 代產品，我們正朝著正確的方向前進，執行我們的產品路線圖，這將為美國等特定市場提供 [巨大的有效載荷]。我們希望看到這一利潤驅動因素支持我們的財政年度' 24個財務。

Overall, our order intake margins for Q3 are improved relative to the order intake margins for the 12 months from Q3 fiscal '21 to Q2 fiscal '22, reflecting the progress we have made on executing our plan. We also see additional benefit to margins from the Inflation Reduction Act. We expect to see a significant amount of incremental demand and an enhancement of the overall business case for energy storage, thus enabling higher pricing for our products and services.

總體而言，我們第三季度的訂單接收利潤率相對於從 21 財年第三季度到 22 財年第二季度的 12 個月的訂單接收利潤率有所提高，反映了我們在執行計劃方面取得的進展。我們還看到《通貨膨脹減少法案》對利潤率的額外好處。我們預計將看到大量的增量需求和儲能的整體商業案例的增強，從而為我們的產品和服務提供更高的定價。

Additionally, this increase in demand should further compound the supply-demand imbalance in the market as it relates to energy storage. While it is too early to quantify the expected margin upside as we await guidance from the IRS, we've provided an illustration of the potential upside on this chart.

此外，這種需求的增加將進一步加劇與儲能相關的市場供需失衡。雖然在我們等待美國國稅局的指導時量化預期的利潤率上升還為時過早，但我們已經在這張圖表上提供了潛在上升空間的說明。

I would note that we expect the benefits from the legislation to be reflected in our financial results beginning in fiscal year '24. And this is based on the typical time it takes to convert demand to order intake and order intake to convert to revenue.

我要指出，我們預計立法帶來的好處將反映在我們從 24 財年開始的財務業績中。這是基於將需求轉換為訂單接收和訂單接收轉換為收入所需的典型時間。

Turning to Slide 13. You can see we had a slight quarter-over-quarter improvement in our adjusted EBITDA, which was negative $53 million in Q2 and negative $49 million this quarter. As our gross profit improves, we are also turning our eye to overhead efficiency.

轉到幻燈片 13。您可以看到，我們調整後的 EBITDA 環比略有改善，第二季度為負 5300 萬美元，本季度為負 4900 萬美元。隨著我們的毛利潤提高，我們也將目光轉向管理費用效率。

Having scaled up our organization rapidly over the last 12 months, [we continue] to maintain the current organizational size while we continue to grow revenue in fiscal year '23. We will provide more details on overhead efficiency in our next earnings call. As we have mentioned on previous calls, we expect to be breakeven from an adjusted EBITDA perspective in fiscal year '24.

在過去 12 個月中迅速擴大了我們的組織規模，[我們繼續] 保持當前的組織規模，同時我們在 23 財年繼續增加收入。我們將在下一次財報電話會議中提供有關間接費用效率的更多詳細信息。正如我們在之前的電話會議中提到的那樣，從調整後的 EBITDA 角度來看，我們預計在 24 財年將實現盈虧平衡。

Now turning to our cash position on Slide 14. I am pleased to report our total cash balance increased approximately $39 million to a total of $762 million. This increase in cash was due to strong collections from our customers, coupled with customer prepayments for certain contracts, partially offset by the use of approximately $30 million for the Nispera acquisition.

現在轉向幻燈片 14 上的現金頭寸。我很高興地報告我們的總現金餘額增加了大約 3900 萬美元，達到 7.62 億美元。現金的增加是由於我們客戶的大量收款，加上客戶對某些合同的預付款，部分被用於 Nispera 收購的約 3000 萬美元所抵消。

We continue to remain focused on our cash balance when we deploy our capital in line with our strategic framework. In line with our comments on the Q2 earnings call, we still expect that our cash balance will close around $500 million at the end of this fiscal year, with the majority of the decrease due to an expected working capital build in the fourth quarter. This working capital build is being driven by previously announced revenue and collection shift into the first half of fiscal year 2023.

當我們根據我們的戰略框架部署資本時，我們將繼續專注於我們的現金餘額。根據我們對第二季度財報電話會議的評論，我們仍然預計我們的現金餘額將在本財年末接近 5 億美元，其中大部分減少是由於預計第四季度的營運資金增加。這種營運資金的增加是由先前宣布的收入和收款轉移到 2023 財年上半年推動的。

Turning now to Slide 15. We are reaffirming our revenue guidance for fiscal year 2022 of approximately $1.1 billion, which implies fourth quarter revenue of approximately $345 million. As mentioned earlier on the call, this outlook is predicated on the on-time arrival of products, which are currently in transit, and the handover to our customers to recognize the related revenue in the remaining 45 days of the quarter. In line with our normal cadence, we will provide you with our fiscal year '23 guidance on our year-end earnings call.

現在轉到幻燈片 15。我們重申我們對 2022 財年的收入指導約為 11 億美元，這意味著第四季度的收入約為 3.45 億美元。正如前面在電話會議上提到的，這一前景是基於當前在途產品的準時到達，以及在本季度剩餘 45 天內向我們的客戶移交以確認相關收入。按照我們的正常節奏，我們將在年終收益電話會議上為您提供 23 財年的指導。

In summary, we see continued progress on our gross profit by improving our product delivery operations and supported by more stability in the supply chain. We are making progress on our strategic agenda, including finalizing the JV with ReNew and opening the U.S. contract manufacturing facility in Utah, which will enable us to capitalize on incentives from the Inflation Reduction Act.

總而言之，我們看到通過改善我們的產品交付業務並在供應鏈更加穩定的支持下，我們的毛利潤繼續取得進展。我們的戰略議程正在取得進展，包括與 ReNew 敲定合資企業，並在猶他州開設美國合同製造工廠，這將使我們能夠利用《通脹降低法案》的激勵措施。

Overall, we expect this legislation to drive incremental demand and create margin upside relative to what we have assumed in our financial outlook. Our strong cash balance enables us to position ourselves for the favorable longer-term outlook for energy storage.

總體而言，我們預計這項立法將推動需求增長，並相對於我們在財務前景中的假設創造利潤率上升空間。我們強勁的現金餘額使我們能夠為儲能的長期前景做好準備。

As a management team, we're intensely focused on improving the bottom line and achieving adjusted EBITDA and cash flow breakeven in fiscal year '24. We continue to be bullish on the longer term and are excited about the prospects for our business.

作為一個管理團隊，我們非常專注於提高底線並在 24 財年實現調整後的 EBITDA 和現金流盈虧平衡。從長遠來看，我們繼續看好，並對我們的業務前景感到興奮。

This concludes my prepared remarks. I will now turn the call back to Manuel.

我準備的發言到此結束。我現在將電話轉回給曼努埃爾。

Thank you, Dennis. It has been a pleasure working with you and the rest of the team for the past several years. I want to thank the Fluence Board for the opportunity to lead such an amazing company.

謝謝你，丹尼斯。在過去的幾年裡，很高興與您和團隊的其他成員一起工作。我要感謝 Fluence 董事會讓我有機會領導這樣一家了不起的公司。

I also want to thank the entire executive leadership team for their support. And most of all, I want to thank our Fluents for their dedication, passion and energy. Without you, none of this would have been possible.

我還要感謝整個執行領導團隊的支持。最重要的是，我要感謝我們的 Fluents 的奉獻精神、熱情和活力。沒有你，這一切都不可能實現。

This concludes my prepared remarks. I will now turn the call over to Lex. Thank you very much.

我準備的發言到此結束。我現在將把電話轉給 Lex。非常感謝。

Thank you, Manuel. We are about to start the Q&A session. Before we begin, I would like to note that while Julian is participating on our call, he is not yet a member of the management team, and as such, he will not answer any questions today. All questions should be directed to Manuel, Dennis and Rebecca.

謝謝你，曼努埃爾。我們即將開始問答環節。在我們開始之前，我想指出，雖然朱利安參加了我們的電話會議，但他還不是管理團隊的成員，因此，他今天不會回答任何問題。所有問題都應直接向 Manuel、Dennis 和 Rebecca 提出。

Operator, we are now ready to begin Q&A.

接線員，我們現在準備開始問答。

(Operator Instructions) Our first question comes from Julien Dumoulin-Smith with Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Julien Dumoulin-Smith。

Congratulations to both of you. Can you hear me?

恭喜你們兩個。你能聽到我嗎？

Yes, we can hear you.

是的，我們可以聽到你的聲音。

Excellent. Listen, maybe just to start off, first off here with Utah and just expanding a little bit on the relative economics pro forma for the IRA here. Can you elaborate a little bit more? I know in the remarks, you commented about Section 48C, et cetera, but can you provide a little bit more meat on the bone, if you will, around quantifying some of those benefits and sort of the NPV, if you will, around IRA there?

出色的。聽著，也許只是開始，首先從猶他州開始，然後在這裡稍微擴展一下 IRA 的相對經濟學備考。你能詳細說明一下嗎？我知道在評論中，您評論了第 48C 節等，但是如果您願意的話，您能否圍繞 IRA 量化其中一些好處和 NPV，如果您願意的話，您能否提供更多的骨頭那裡？

And then if you can follow that up with some of the commentary about just the scope and acceleration in '24. I know you said it was a little bit of a delayed impact on order book, but just quantify that a little bit more on what you expect in '24 as a consequence.

然後，如果您可以跟進一些關於 24 年的範圍和加速的評論。我知道你說這對訂單有一點延遲影響，但只是對你在 24 年的預期進行更多量化。

Thank you, Julien. First is that, obviously, we need to get -- enter into more of the details of the new act. But certainly, this is great news. I'm very happy that we decided to go regional on the manufacturing a while ago. So we're much very, very ahead of many of our competitors.

謝謝你，朱利安。首先，顯然，我們需要了解新法案的更多細節。但可以肯定的是，這是個好消息。我很高興我們不久前決定進行區域製造。因此，我們非常非常領先於我們的許多競爭對手。

We already have the facility in Utah. It's going to be up and running probably in a month, which is great. We see the benefits not just in the demand, better pricing and opportunity for cross-selling, the standalone tax rate for -- standalone energy storage system on an ITC, there's going to be some (inaudible) there's going to be some (inaudible) brings additional opportunities and (inaudible) better economics for our customers. All of those elements are very encouraging.

我們已經在猶他州擁有工廠。它可能會在一個月內啟動並運行，這很棒。我們看到的好處不僅在於需求、更好的定價和交叉銷售的機會、ITC 上的獨立儲能係統的獨立稅率，還有一些（聽不清），還有一些（聽不清）為我們的客戶帶來更多機會和（聽不清）更好的經濟效益。所有這些元素都非常令人鼓舞。

Got it. And I think the sound quality came through a little bit off a bit, at least on our side. Just, if I can -- just quick follow-up here, if I can. Just with respect to the commentary on the guidance and predicating on-time arrival of products and just you commented about needing to improve some of the quality of the items, what are you doing to diversify your suppliers, et cetera, to ensure execution? I'll leave it open-ended.

知道了。而且我認為聲音質量有點偏，至少在我們這邊是這樣。只是，如果可以的話，請在這裡快速跟進，如果可以的話。剛剛關於指導和預測產品準時到達的評論，剛剛您評論需要提高一些項目的質量，您正在採取哪些措施來使您的供應商等多樣化，以確保執行？我會留下開放式的。

Sorry, Julien, your voice got caught and...

對不起，朱利安，你的聲音被抓住了，而且...

Yes, Julien, we had trouble hearing you on that one. You were cutting in and out. Could you try repeating that?

是的，朱利安，我們很難聽到你在那個問題上的發言。你正在切入和切出。你能試著重複一遍嗎？

Yes. I'll try super quick here. The diversification strategy or how else do you improve your operations in the back half of the year and ensure full year '22 execution here, if you will.

是的。我會在這裡超級快地嘗試。多元化戰略或您如何在下半年改善您的運營並確保全年 '22 在這裡執行，如果您願意的話。

So Julien, your question is primarily about supplier diversification, correct?

朱利安，你的問題主要是關於供應商多元化，對嗎？

Yes. Again, I know there's a few different angles that you could speak to here just with respect to some of the challenges you face, but it seems like many of them are abating already, whether it's shipping or some of the Chinese considerations. But one of the other elements that you alluded to was substandard parts, et cetera.

是的。再說一次，我知道你可以從幾個不同的角度來談談你面臨的一些挑戰，但似乎其中許多已經在減少，無論是航運還是一些中國方面的考慮。但是您提到的其他元素之一是不合格的零件，等等。

Just what are you doing to mitigate that? How much could we see that impact here? Or how could that manifest? And then more importantly, how do you mitigate that impact going into '23 here?

你正在做什麼來緩解這種情況？我們在這裡能看到多大的影響？或者這怎麼可能體現出來？然後更重要的是，您如何減輕進入 23 年的影響？

Sure. Thanks. I think I'll answer it in 3 parts. One is supplier diversification of our major components. So as we consider our product road map and where we invest some of our R&D resources, it is, in fact, to ensure that we are capable of expanding that supplier diversity. So that's one way to handle it is to make sure that we have more than one choice. We would focus there mainly on batteries and inverters. Both are a target area.

當然。謝謝。我想我會分三個部分來回答。一是我們主要部件的供應商多樣化。因此，當我們考慮我們的產品路線圖以及我們在哪裡投資研發資源時，實際上是為了確保我們能夠擴大供應商的多樣性。因此，處理它的一種方法是確保我們有多個選擇。我們將主要關注電池和逆變器。兩者都是目標區域。

That is -- maybe that leads me to the second point about batteries or supplier diversity, which is a major goal for us that we've talked to you about before. And not only overall [supply] but geographic supplier diversity when we consider where we get our batteries.

那就是-也許這使我想到了關於電池或供應商多樣性的第二點，這是我們之前與您討論過的主要目標。當我們考慮從哪裡獲得電池時，不僅是整體[供應]，而且地理供應商的多樣性。

So we haven't made a focus on that. We have had a major sort of session with 8 battery OEMs, most of whom we have not worked with before. So we're expanding beyond the OEMs that we currently do business with to additional OEMs. We have down selected based on technical and sort of quality features of those OEMs, and we'll be pulling additional OEMs into the mix of our products moving into 2024 and 2025.

所以我們沒有把重點放在這上面。我們與 8 家電池原始設備製造商進行了一次大型會議，其中大多數是我們以前沒有合作過的。因此，我們正在將業務範圍從我們目前與之有業務往來的 OEM 擴展到其他 OEM。我們已經根據這些 OEM 的技術和質量特徵進行了選擇，我們將在 2024 年和 2025 年將更多的 OEM 加入我們的產品組合中。

When we talk about geographic diversity, the story continues to be the same. Of course, most batteries are currently from China. When we look at where we're going with our product road map by the end of 2023 or so, 30% or so of our battery supply will be from outside of China, from areas such as Europe and Korea.

當我們談論地理多樣性時，故事仍然是一樣的。當然，目前大多數電池都來自中國。當我們查看到 2023 年底左右產品路線圖的發展方向時，我們 30% 左右的電池供應將來自中國以外的地區，例如歐洲和韓國。

And then the third part of the answer, Julien, is about specifically quality issues. Okay. So let's say, we have several suppliers for inverters and batteries, and we still want to -- and we have developed the methodology to be able to manage those supplier quality issues better. So I'll point out 2 things there.

然後，Julien 的答案的第三部分是關於質量問題的。好的。因此，假設我們有幾個逆變器和電池供應商，我們仍然希望 - 我們已經開發出能夠更好地管理這些供應商質量問題的方法。所以我會在那裡指出兩件事。

One is we just issued a press release about a systems test lab that we're putting in Pennsylvania right outside of Pittsburgh. And a big part of the reason for that lab is to be able to do exactly that: test our products, test their components and test their designs, both before they're launched and then when they're out in the field so we can recreate issues and solve them quickly. So best practices from product companies.

一個是我們剛剛發布了一份關於我們將在賓夕法尼亞州匹茲堡郊外建立的系統測試實驗室的新聞稿。該實驗室的很大一部分原因是能夠做到這一點：測試我們的產品，測試他們的組件並測試他們的設計，在他們推出之前，然後當他們在現場時，這樣我們就可以重現問題并快速解決。所以產品公司的最佳實踐。

That goes hand in hand, I think, with some supplier quality methodologies and processes that we've put in place over the last 12 months. So we have the processes and we have the facility, so we can tackle these things in an ever more efficient way.

我認為，這與我們在過去 12 個月中實施的一些供應商質量方法和流程密切相關。所以我們有流程和設施，所以我們可以以更有效的方式處理這些事情。

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。

Just quickly on the IRA aspect and just to dig deeper on that. How much capacity do you have planned in Utah? And just calculating on the 75 to 150 Cubes per week, can I calculate around 4 to 8 gigawatts? But how should -- is that correct? And how should we think about on gigawatt hours? And does that $10 per kilowatt hour kind of applied to this? Or is there anything else on the IRA we should expect from this?

很快就在 IRA 方面，只是為了更深入地挖掘。您在猶他州計劃了多少容量？僅計算每週 75 到 150 個立方體，我可以計算出大約 4 到 8 吉瓦嗎？但是應該如何——正確嗎？我們應該如何考慮千兆瓦時？每千瓦時 10 美元是否適用於此？或者我們應該期待 IRA 上的其他內容嗎？

Maheep, Dennis here. So I think we really set ourselves up that, first of all, with the initial stage of the facility size, we can basically capture higher demand, which we have contemplated for calendar year '23. That means that we got really 100% coverage out of that capacity.

馬希普，丹尼斯在這裡。因此，我認為我們確實為自己設定了這一點，首先，在設施規模的初始階段，我們基本上可以捕捉到更高的需求，這是我們為 23 日曆年所考慮的。這意味著我們從該容量中獲得了真正 100% 的覆蓋率。

And we then have really a flexible setup there so that we can further increase the capacity to north of 10 gigawatt hours, maybe all the way towards 14 gigawatt hours down the road. And it's actually not that much of an effort to increase the capacity over time.

然後我們在那裡有一個真正靈活的設置，以便我們可以將容量進一步增加到 10 吉瓦時以北，也許一直到 14 吉瓦時。實際上，隨著時間的推移增加容量並沒有那麼大的努力。

So in that regard, really, the major step is kind of making that first initiation, and that really has been a work of -- a while. And so we really got a very good timing of being ready to launch that now as the IRA kicks in. And really, that's incremental increase of capacity that's really then much easier to achieve. So we are very positive in terms of the capacity coverage we have.

所以在這方面，真的，主要的步驟是進行第一次啟動，這確實是 - 一段時間的工作。因此，隨著 IRA 的啟動，我們真的有一個非常好的時機準備推出它。真的，這是容量的增量增加，這真的很容易實現。因此，就我們擁有的容量覆蓋率而言，我們非常積極。

Got you, and I appreciate the color there. And just looking more on to Slide 12, the margin upside from the IRA, you kind of talked about that coming in FY '24. Is that the right way to think about it? Just trying to understand, like this facility comes on in September, how much -- when can we expect that margin upside or pricing power for -- from IRA for you guys in '23?

明白了，我很欣賞那裡的顏色。只是更多地關注幻燈片 12，愛爾蘭共和軍的利潤上升，你有點談到 24 財年的情況。這是正確的思考方式嗎？只是想了解，就像這個設施在 9 月推出一樣，23 年 IRA 會給你們帶來多少——我們什麼時候可以期待利潤率上升或定價能力？

So let's keep in mind, we have 2 items under the IRA as the 30% ITC standalone storage and then the Section 48C in there. And so in that regard, I think, very clearly, we're very positive that the ITC standalone storage will create credit, tax credit there will create additional demand, and with that, also creates that margin upside on the pricing side. And that's kind of what we illustrated on the chart, which would then take till fiscal year '24.

所以請記住，我們在 IRA 下有 2 個項目作為 30% ITC 獨立存儲，然後是第 48C 節。因此，在這方面，我認為，非常清楚的是，我們非常肯定 ITC 獨立存儲將創造信貸，稅收抵免將創造額外的需求，因此，也會在定價方面創造利潤上升空間。這就是我們在圖表上說明的內容，然後將持續到 24 財年。

On the manufacturing side, I think we're really looking at more details in terms of the IRS in terms of guidance and how this will really work will be a question, hey, is that actually creating pricing power? Or is it creating -- which then may be reflected in the gross profit line of the P&L? Or will we see that benefit somewhere more down in the P&L.?

在製造方面，我認為我們真的在根據 IRS 的指導來研究更多細節，這將如何真正發揮作用將是一個問題，嘿，這是否真的創造了定價權？還是它在創造——然後可能會反映在損益表的毛利潤線中？或者我們會在損益表中的某個地方看到這種好處嗎？

In that regard, I would say, really much too early to right now make a quantification around the potential positive upside on the manufacturing benefits. And waiting for the IRS to come out with more details, and then we will update you accordingly.

在這方面，我想說，現在對製造業收益的潛在積極上行進行量化還為時過早。並等待 IRS 提供更多詳細信息，然後我們會相應地更新您。

Got you. So definitely, it seems like an upside here for '23. All right. That's all from my end. I'll follow up the rest later on.

得到你。所以肯定的是，這似乎是 23 年的一個優勢。好的。這就是我的全部。其餘的我稍後會跟進。

Thank you.

謝謝你。

Our next question comes from David Peters with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 David Peters。

First question I have is just on the order intake during the quarter, down versus what you guys did in the previous quarter and even year-over-year for storage and services. Wondering kind of what drove the softness this quarter, particularly on the storage product side? And then just I think you said the services attach rate is kind of a timing issue, but I just wanted to clarify that.

我的第一個問題只是本季度的訂單量，與你們在上一季度甚至同比存儲和服務方面所做的相比有所下降。想知道是什麼推動了本季度的疲軟，尤其是在存儲產品方面？然後我想你說服務附加率是一個時間問題，但我只是想澄清一下。

All right. This is Dennis. So I think, in general, we feel that this year is a little bit different than previous years, what we have seen in terms of like the quarterly progression. I mean, you may remember that, typically, we would have seen very strong Q3 and Q4 in terms of contracting as well as both on the revenue side. But with everything that's going on in the market and macroeconomics and supply chain topics, I think this year is really very different in terms of how the different quarters come together.

好的。這是丹尼斯。所以我認為，總的來說，我們覺得今年與往年有些不同，就像我們看到的季度進展一樣。我的意思是，你可能還記得，通常情況下，我們會看到第三季度和第四季度在合同方面以及在收入方面都非常強勁。但考慮到市場、宏觀經濟和供應鏈話題正在發生的一切，我認為今年在不同季度如何融合方面確實非常不同。

In that regard, I would say we had, on the order intake side, 2 very strong quarters in Q1 and Q2, which we typically wouldn't have expected in that way. And now we are seeing in Q3, which is more like a -- an average quarter. I wouldn't really put too much to it and would say, hey, is there anything kind of going differently except for like, hey, just in general, the whole way, how this year is playing out in terms of the quarter is just very different. So that's the first part.

在這方面，我想說，在訂單接收方面，我們在第一季度和第二季度有兩個非常強勁的季度，這是我們通常不會以這種方式預期的。現在我們在第三季度看到，這更像是一個平均季度。我不會真的放太多，會說，嘿，除了喜歡，嘿，總的來說，整個過程中，今年的季度表現如何，有什麼不同的地方嗎？非常不一樣。這是第一部分。

And then to your second part of the question on the services side, so in general, we have 2 different set of customers. Some customers are really kind of very keen to sign a contract. The LTSA is the service contract at the same time when they also sign for the product.

然後是關於服務方面的問題的第二部分，所以總的來說，我們有兩組不同的客戶。有些客戶真的很熱衷於簽訂合同。 LTSA 是服務合同的同時他們也為產品簽字。

But then there are other customers, they may be also just from the internal organization point of view, when you have a product team -- product procurement team going out to sign their products, and then you have an operations team who's more doing the service contracting. And in that regard, we sometimes see that some of the customers really just sign 1 or 2 months what they had of -- when the asset is really coming online and being handed over to the operations team that they're entering into the service contract.

但是還有其他客戶，他們可能也只是從內部組織的角度來看，當你有一個產品團隊——產品採購團隊出去簽署他們的產品，然後你有一個運營團隊，他們更多地在做服務承包。在這方面，我們有時會看到一些客戶真的只簽署了 1 或 2 個月他們所擁有的資產——當資產真正上線並被移交給他們正在簽訂服務合同的運營團隊時.

So that's a little bit what we have seen last year at the same time, where we also had like, hey, kind of some of the attachment rates in some quarters have been rather low, and then another quarter is we also saw 90%, almost 100% and so on. And it's really a bit of this timing aspect.

所以這就是我們去年同時看到的一點點，我們也有，嘿，有些季度的一些附著率相當低，然後另一個季度我們也看到了 90%，幾乎 100% 等等。這確實是時間方面的一點。

So in general, we are not really seeing a signal from our customers that they're not wanting to sign service agreements. And we see it really just as a timing issue and, therefore, expect that to catch up in the fourth quarter and in the first quarter of '23.

所以總的來說，我們並沒有真正看到來自客戶的信號，表明他們不想簽署服務協議。我們認為這實際上只是一個時間問題，因此，預計它會在 23 年第四季度和第一季度趕上。

Got it. And then just separately on the announcement of the new Chief of Digital, congrats there. Just wondering if you could share any additional details on that process. And if the vision for Fluence IQ has changed at all versus what was anticipated initially? Is there going to be a focus in one area or an acceleration of new apps or even more M&A potentially?

知道了。然後單獨宣布新的數字主管，在那裡恭喜。只是想知道您是否可以分享有關該過程的任何其他詳細信息。如果 Fluence IQ 的願景與最初的預期完全不同？是否會專注於一個領域，或者加速新應用程序的發展，甚至可能會有更多的併購？

Yes. Thank you, David. First is that we're very happy with Krishna coming, and he wanted to join the Fluence family. It was a process that we analyzed, and we went through some internal candidates. We went out to the market. We had a very, very good talent that was interested in coming. This is an extremely attractive area.

是的。謝謝你，大衛。首先，我們對 Krishna 的到來感到非常高興，他想加入 Fluence 大家庭。這是一個我們分析過的過程，我們通過了一些內部候選人。我們去了市場。我們有一個非常非常優秀的人才，他有興趣來。這是一個極具吸引力的領域。

We all know the enormous opportunity that is ahead of us and also the value that we're creating with the Fluence digital. And that has been demonstrated in the Australian market, where we already have 30% market share. So overall, very happy with that.

我們都知道擺在我們面前的巨大機遇以及我們使用 Fluence digital 創造的價值。這已經在澳大利亞市場得到證明，我們已經擁有 30% 的市場份額。總的來說，對此非常滿意。

The product -- the team is there. I mean there's no -- that's good that we have -- we stick with the team together. They're very, very focused on developing the new products, expand into new markets. We are very encouraged by Mosaic being expanded to the ERCOT market. That is going forward. We're in very, very active conversations with one big customer there to do a test pilot.

產品——團隊就在那裡。我的意思是沒有——我們有這很好——我們和球隊在一起。他們非常非常專注於開發新產品，拓展新市場。我們對 Mosaic 擴展到 ERCOT 市場感到非常鼓舞。那是前進的。我們正在與那裡的一位大客戶進行非常非常積極的對話，以進行試飛。

Then we see a lot of experience from Krishna developing software and bringing new products to the next level to really scaling out those products in. He's coming from a company named In-Charge that it's a joint venture with ABB, extremely successful, with also background on having very, very talented teams and building strong teams.

然後我們從 Krishna 開發軟件和將新產品提升到一個新的水平以真正擴展這些產品中看到了很多經驗。他來自一家名為 In-Charge 的公司，這是與 ABB 的合資企業，非常成功，也有背景關於擁有非常非常有才華的團隊並建立強大的團隊。

So we keep going forward with our product development and expanding to the new markets. And the addition of Nispera team in Europe is a great combination. So very, very much happy with Krishna. And as soon as he joins the company probably in a few weeks, he will start hitting the ground running and start working with the team and giving us what is the probability to even accelerate some of our product development.

因此，我們繼續推進我們的產品開發並擴展到新市場。而歐洲Nispera團隊的加入是一個很好的組合。對克里希納非常非常滿意。一旦他加入公司，可能在幾週後，他就會開始起步並開始與團隊合作，並為我們提供加速某些產品開發的可能性。

Our next question comes from James West with Evercore ISI.

我們的下一個問題來自與 Evercore ISI 的 James West。

And Manuel, maybe more of a philosophical question for you. As you guys think about and leaning going forward as you transition out with Fluence, the role of, I guess, revenue growth versus profitability and profitable growth, and given the early stages of the build-out of energy storage, what's -- what are the priorities? What's most important here for you guys? Is it a combination of both? Is it land and expand? How are you thinking about it?

曼努埃爾，對你來說可能更像是一個哲學問題。當你們考慮並在與 Fluence 過渡時向前傾斜時，我猜，收入增長與盈利能力和盈利增長的作用，以及考慮到儲能建設的早期階段，什麼是 - 什麼是優先事項？對你們來說，這裡最重要的是什麼？它是兩者的結合嗎？是土地和擴張嗎？你是怎麼想的？

James, this is Dennis speaking. Let me take that with forward-looking statement here. [Our response] was very clear, we have -- to have a strong focus on profitable growth. So it's really both. It's not just one or the other.

詹姆斯，這是丹尼斯在說話。讓我在這裡發表前瞻性聲明。 [我們的回應] 非常明確，我們必須高度關注盈利性增長。所以真的是兩者兼而有之。這不僅僅是一個或另一個。

At the end, like you're also indicating, as an industry, we are really in the early innings. And we are very positive about the long-term outlook, and therefore, it's very clearly that it's really about continuing to grow here.

最後，就像你也指出的那樣，作為一個行業，我們真的處於早期階段。我們對長期前景非常樂觀，因此，很明顯，這真的是要繼續在這裡增長。

But as we also said very clearly, hey, in the past years, a lot has been about a bit of a market share gain and positioning the company as like the leader in the space. And I think we have clearly achieved that. And therefore, it's not just the growth side, it's also the profitable side and really the focus on the bottom line.

但正如我們也非常清楚地說，嘿，在過去的幾年裡，很多事情都是為了獲得一點市場份額，並將公司定位為該領域的領導者。我認為我們顯然已經實現了這一點。因此，這不僅僅是增長方面，也是盈利方面，真正關注的是底線。

And in that regard, it's really that combination, and to say, let's continue to grow at attractive rates, which is just coming by the market growth itself. But at the same time, really keep a very clear focus on achieving the breakeven on adjusted EBITDA and cash flow basis in '24.

在這方面，它確實是這種組合，也就是說，讓我們繼續以有吸引力的速度增長，這只是來自市場增長本身。但同時，真正保持非常明確的重點是在 24 年實現調整後 EBITDA 和現金流基礎的盈虧平衡。

Okay. Okay. Makes sense. And then curious about the opportunities that you guys have highlighted several times, the India and the JV signed there. Maybe if you could expand a bit on the opportunity in that market and if that kind of opens up other areas in kind of the Southeast Asia market.

好的。好的。說得通。然後對你們多次強調的機會感到好奇，印度和合資企業在那裡簽約。也許如果你能在那個市場上擴大一點機會，如果那種打開東南亞市場的其他領域。

Yes. Thank you. Yes, this is another very, very attractive market. We see around 27 gigawatts of storage being deployed in India by 2030. We have this great first-mover advantage.

是的。謝謝你。是的，這是另一個非常非常有吸引力的市場。我們預計到 2030 年印度將部署約 27 吉瓦的存儲容量。我們擁有巨大的先發優勢。

We have a technology team. We established a technology team in Bangalore. So that is also very good for us. The localization of the product in India, it will also help us develop a very competitive product there.

我們有一個技術團隊。我們在班加羅爾成立了技術團隊。所以這對我們也很好。產品在印度的本地化，也將幫助我們在那裡開發出極具競爭力的產品。

We have a great partner, ReNew Power. It's an excellent developer there, very well known in the market, one of the leaders, very strong shareholders, similar culture, also a public company, public listed in NASDAQ. So very, very common elements that is -- we feel so comfortable working with them.

我們有一個偉大的合作夥伴，ReNew Power。它是那裡的優秀開發商，在市場上非常有名，領導者之一，非常強大的股東，類似的文化，也是一家上市公司，在納斯達克上市。非常非常常見的元素——我們覺得和他們一起工作很舒服。

And again, I mean, this is another JV. We started as a JV. We are establishing now Fluence and another JV, that we can repeat the tremendous success of Fluence in the India JV. Well, we're expanding ourselves and multiplying and learning from our success and try to repeat those.

再說一次，我的意思是，這是另一個合資企業。我們最初是一家合資企業。我們現在正在建立 Fluence 和另一個合資企業，我們可以在印度合資企業複製 Fluence 的巨大成功。好吧，我們正在擴展自己，並從我們的成功中倍增和學習，並嘗試重複這些。

Our next question comes from George Gianarikas with Canaccord Genuity.

我們的下一個問題來自 Canaccord Genuity 的 George Gianarikas。

I'd like to ask first about your gross margin targets. I mean a lot has changed since your IPO. But I'm wondering, if we think about the 15%, 35%, 85% margin target that you laid out several months ago for 3 segments, are there -- are those still viable at a steady state? Or has something changed structurally about the business that those can no longer be relied upon?

我想先問問你們的毛利率目標。我的意思是自從你的首次公開募股以來發生了很多變化。但我想知道，如果我們考慮一下您幾個月前為 3 個細分市場製定的 15%、35%、85% 的利潤率目標，是否存在 - 在穩定狀態下仍然可行？還是業務結構發生了一些變化，不再值得依賴？

George, Dennis here. Absolutely, these are the targets which we are going after. I would say what structurally may have changed now is with the IRA. So that certainly hasn't been baked into any of the previous financial modeling outlook statements in that regard prior to our previous statements around the IRA. A bit early to quantify that margin upside here. But I think on the -- especially on the product side, it's there very clearly.

喬治，丹尼斯在這裡。當然，這些是我們追求的目標。我想說現在結構上可能發生變化的是愛爾蘭共和軍。因此，在我們之前圍繞 IRA 發表的聲明之前，這肯定沒有被納入之前的任何財務建模展望聲明中。在這裡量化利潤率的上升還為時過早。但我認為 - 特別是在產品方面，它非常清楚。

Otherwise, in terms of kind of the more near-term margin progression, I think we stay in line with our statements, especially from the last earnings call, where we said, hey, expect to see in '23 somewhere in that low to mid-single digit and then fiscal year '24. And high single digits also here is that addition, hey, that's all prior to any IRA upside. So that's the same statement there.

否則，就更近期的利潤率增長而言，我認為我們與我們的陳述保持一致，尤其是在上次財報電話會議上，我們說，嘿，預計在 23 年的某個低到中的某個地方- 個位數，然後是 '24 財政年度。高個位數也是這個加法，嘿，這都是在任何愛爾蘭共和軍上漲之前。所以那是同樣的說法。

And as a follow-up, just on the competitive dynamic that you're seeing in the marketplace, have there been any material changes over the last several months in terms of who you're seeing and who's more aggressive, less aggressive and general market share dynamics?

作為後續行動，僅就您在市場上看到的競爭動態而言，在過去幾個月中，您看到的是誰以及誰更激進、更不激進和一般市場是否有任何重大變化分享動態？

Well, in general, to be honest, at one point, we were receiving a lot of calls from customers that were -- they didn't have any other option because some of our competitors, they decided to slow down their participation. Now they -- some of them, they're coming back. We have been becoming more selective in the -- both in the customers, with strategic customers, the markets and the segments we're participating, which also is helping us on the margin side.

好吧，總的來說，老實說，在某一時刻，我們接到了很多客戶的電話——他們沒有任何其他選擇，因為我們的一些競爭對手決定放慢參與速度。現在他們——他們中的一些人，他們回來了。我們在客戶、戰略客戶、市場和我們參與的細分市場方面變得更加挑剔，這也有助於我們在利潤方面。

And the fact that we haven't had any cancellation of projects, and we have been able to reprice some of the contracts, it tells us that those customers that we selected are very loyal. They want to keep working with us. They want to keep developing their portfolios with us.

事實上，我們沒有取消任何項目，我們已經能夠重新定價一些合同，這告訴我們，我們選擇的那些客戶非常忠誠。他們想繼續與我們合作。他們希望繼續與我們一起發展他們的投資組合。

And it's a satisfaction to know that we are a name in the market and respected, and we keep attracting new markets. Something that I can also add is that with this -- with the ReNew -- the new situation in Europe, the demand in Europe also is becoming extremely strong. And we've seen very good opportunities there and expanding.

很高興知道我們在市場上享有盛譽並受到尊重，並且我們不斷吸引新市場。我還可以補充一點，隨著 ReNew 的出現，歐洲的新形勢下，歐洲的需求也變得非常強勁。我們在那裡看到了非常好的機會並不斷擴大。

A lot of repetitive customers in the U.S. Now we saw that happening with the ITC in solar. Now having the standalone storage ITC and all this push for reshoring infrastructure and manufacturing in the U.S., all that is -- we will see additional demand. So in general, we feel very comfortable with the prospects around the world. And Asia has -- still a very, very strong market for us.

美國有很多重複客戶。現在我們看到 ITC 在太陽能領域發生了這種情況。現在擁有獨立的存儲 ITC 以及所有這些推動美國基礎設施和製造業回流的努力，所有這些 - 我們將看到額外的需求。所以總的來說，我們對世界各地的前景感到非常滿意。亞洲對我們來說仍然是一個非常非常強大的市場。

Our last question come from Craig Shere with Tuohy Brothers.

我們的最後一個問題來自 Craig Shere 和 Tuohy Brothers。

They're all kind of related, first kind of near term -- and I'm sorry, maybe I didn't catch it in the opening comments, but I'm trying to reconcile the guidance that we could end the force majeure possibly by the first quarter of fiscal '23 with the comment that tight battery and inverter market conditions may extend into next year.

它們都是相關的，第一種是近期的——我很抱歉，也許我在開場評論中沒有註意到它，但我正在努力協調我們可能結束不可抗力的指導到 23 財年第一季度，電池和逆變器市場的緊張狀況可能會延續到明年。

And then I certainly understand that, in today's remarkably tight energy markets, that customers are certainly happy to pay up for lithium battery storage project inflationary pressure. But looking in the mid-decade, will an eventual easing of macro inflation and ongoing lithium pressure start to change customer behavior? And then the last part of the question is, do you see tight lithium battery market conditions kind of accelerating interest in alternative technologies?

然後我當然明白，在當今異常緊張的能源市場中，客戶當然樂於為鋰電池存儲項目的通脹壓力買單。但展望 10 年中期，宏觀通脹的最終緩解和持續的鋰壓力是否會開始改變客戶行為？然後問題的最後一部分是，您是否認為緊張的鋰電池市場條件會加速人們對替代技術的興趣？

Let me -- it is a very interesting question. And I will answer that in my personal view. I think that -- you remember that we entered into a strategic alliance with QuantumScape. I personally think that the solid-state battery is a very, very interesting evolution of the lithium ion. This is, in fact, 3x more dense in terms of energy. And so that will significantly reduce the overall cost.

讓我——這是一個非常有趣的問題。我會以我個人的觀點來回答這個問題。我認為——你記得我們與 QuantumScape 建立了戰略聯盟。我個人認為固態電池是鋰離子的一個非常非常有趣的演變。事實上，這在能量方面是密度的 3 倍。因此，這將顯著降低總體成本。

By nature, in this design and architecture, you use much less material. So it's not just -- has a lower cost point, but it's also more efficient and then very high density. So I think that, that will be a very interesting evolution in the actual technology.

從本質上講，在這種設計和架構中，您使用的材料要少得多。因此，它不僅具有較低的成本點，而且還具有更高的效率和更高的密度。所以我認為，這將是實際技術中非常有趣的演變。

If you look at the manufacturing that is being built in Europe and in the U.S., that is massive. And it's massive, and it's based in lithium ion. There might be other technologies on maybe longer-term storage like hydrogen. Probably the future will be a combination between both, some hybrid models. But the market is massively investing in researching on lithium-ion type of batteries.

如果你看看歐洲和美國正在建造的製造業，那是巨大的。它是巨大的，它基於鋰離子。可能還有其他技術可以用於更長期的儲存，例如氫氣。未來可能會是兩者的結合，一些混合模型。但市場正在大量投資於鋰離子電池的研究。

Rebecca and their team has been looking for other options like sodium. And we see some opportunities also in sodium that obviously has a more abundant components and raw materials on that one. But it's still -- there's still some work to be done.

麗貝卡和他們的團隊一直在尋找鈉等其他選擇。我們在鈉中也看到了一些機會，顯然在鈉上具有更豐富的成分和原材料。但它仍然——還有一些工作要做。

We have been extremely innovative by testing new batteries. But again, I mean, it's a matter of economies of scale and the quantity of production. Because there are also other options out there, yes. But if you want to ask them for 2, 3, 5, maybe even 10 gigawatts, they are not capable to do that. So it's not just the technology, but it's also the manufacturing capacity and the volumes.

通過測試新電池，我們極具創新性。但是，我的意思是，這是規模經濟和生產數量的問題。因為那裡還有其他選擇，是的。但是如果你想向他們要 2、3、5 甚至 10 吉瓦，他們沒有能力做到這一點。所以這不僅僅是技術，還有製造能力和數量。

Great. And nearer term, maybe you can help me understand the opportunity to end the force majeure into early next fiscal year while still expecting tight battery and inverter market conditions. How do you see that all playing out for you in the coming 2, 3 quarters?

偉大的。就近期而言，也許您可以幫助我了解在下個財年初結束不可抗力的機會，同時仍預計電池和逆變器市場狀況將趨緊。您如何看待未來 2、3 個季度的一切？

Yes, let me take that. I think, in general, we see actually that there is still supply and demand imbalance. And that actually is a positive driver in our perspective in regards to the margin upside potentials here.

是的，讓我接受。我認為，總的來說，我們看到實際上仍然存在供需失衡。就我們這裡的利潤率上升潛力而言，這實際上是一個積極的驅動因素。

At the same time, of course, what it also does, and we have been talking about that in the last earnings call, it kind of drives a bit of an elongation in the revenue cycle. And that's a bit the other kind of aspect to it.

同時，當然，它也做了什麼，我們在上次財報電話會議上一直在談論它，它有點推動收入周期的延長。這是它的另一面。

But in general, we feel that we have done the homework, that we have secured all the supply for fiscal year or calendar year '23 already. That means for that time period, we are well set up. And I think we have been making earlier statements also that we are in a very good position in regards to securing the '24, potentially the '25 supply. In that regard, overall, if you like, that things are going into the right direction, and we'll continue to do our homework in that -- in these areas.

但總的來說，我們覺得我們已經完成了功課，我們已經確保了 23 財年或日曆年的所有供應。這意味著在那個時間段內，我們已經做好了準備。而且我認為我們之前也發表過聲明，我們在確保 24 年（可能是 25 年）供應方面處於非常有利的位置。在這方面，總的來說，如果你願意的話，事情正在朝著正確的方向發展，我們將繼續在這方面做我們的功課——在這些領域。

Yes. I just would like to add, and again, this is a very personal note because my experience in the field and other technologies evolution is that I don't think that the bottleneck will be the batteries in the future. The bottleneck will be the existing infrastructure.

是的。我只想補充一點，這是一個非常個人化的說明，因為我在該領域和其他技術發展方面的經驗是，我認為未來的瓶頸不會是電池。瓶頸將是現有的基礎設施。

We have seen just the effect of the ITC on solar and how many years for interconnection you need to wait in order to get the capacity. So there's a tremendous opportunity for Fluence. We are the leaders and the only company out there that is offering the transmission booster.

我們已經看到了 ITC 對太陽能的影響，以及您需要等待多少年才能獲得容量互連。因此，Fluence 擁有巨大的機會。我們是領導者，也是唯一一家提供變速箱助推器的公司。

We know that the transmission is going to be a bottleneck in this new grid. And we already won a very significant contract in Europe. We participated in Germany. Recently, the regulator approved the transmission booster in Chile. So it's a proof point that, that means, it was a significant market for us.

我們知道傳輸將成為這個新電網的瓶頸。我們已經在歐洲贏得了一份非常重要的合同。我們參加了德國。最近，監管機構批准了智利的傳輸增壓器。所以這是一個證明點，這意味著，這對我們來說是一個重要的市場。

And if that comes to the U.S., in order to really, really accommodate the additional demand that we will see, so we will see -- we will have additional opportunity to offer some cross-selling opportunities with the transmission booster.

如果這涉及到美國，為了真正，真正滿足我們將看到的額外需求，所以我們將看到 - 我們將有額外的機會提供一些與變速器助推器的交叉銷售機會。

There are no further questions. I'd like to turn the call back over to Lex May for any closing remarks.

沒有進一步的問題。我想將電話轉回給 Lex May 以獲取任何結束語。

Thank you, Michelle, and thank you, everyone, for your participation on today's call. If you have further questions, please feel free to contact me. We look forward to talking with you again when we report our fourth quarter results. Have a good day.

謝謝你，米歇爾，謝謝大家參加今天的電話會議。如果您還有其他問題，請隨時與我聯繫。我們期待在報告第四季度業績時再次與您交談。祝你有美好的一天。

This concludes the program. You may now disconnect.

程序到此結束。您現在可以斷開連接。