Fluence Energy Inc (FLNC) 2022 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Fluence Energy Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Lexington May, Vice President of Investor Relations. Please go ahead.

美好的一天，謝謝你的支持。歡迎來到 Fluence Energy 2022 年第四季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。我現在想把會議交給今天的發言人，投資者關係副總裁列剋星敦梅。請繼續。

Thank you. Good morning, and welcome to Fluence Energy's fourth quarter 2022 earnings conference call. A copy of our earnings presentation, press release and supplementary metric sheet 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. Joining me on this morning's call are Julian Nebreda, our President and Chief Executive Officer; Manu Sial, our Chief Financial Officer; and Rebecca Boll, our Chief Product Officer.

謝謝你。早上好，歡迎來到 Fluence Energy 2022 年第四季度收益電話會議。我們的收益報告、新聞稿和涵蓋財務業績的補充指標表的副本，以及支持報表和時間表，包括關於非 GAAP 財務措施的調節和披露，已發佈在我們網站 fluenceenergy.com 的投資者關係部分。和我一起參加今天上午電話會議的還有我們的總裁兼首席執行官 Julian Nebreda； Manu Sial，我們的首席財務官；和我們的首席產品官 Rebecca Boll。

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 current expectations and certain assumptions and are, therefore, subject to certain risks and uncertainties.

在此次電話會議期間，Fluence 管理層可能會就與我們的業務和公司有關的各種非歷史事實的事項做出某些前瞻性陳述。此類陳述基於當前預期和某些假設，因此存在某些風險和不確定性。

Many factors could cause actual results to differ materially. 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.

許多因素可能導致實際結果大不相同。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。

Also, please note that the company undertakes no duty to update or revise forward-looking statements for new information. 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 during this time to give more participants an opportunity to speak on this call, please limit yourself to one initial question and one follow-up. Thank you very much. I'll now turn the call over to Julian.

另請注意，公司不承擔更新或修改前瞻性陳述以獲取新信息的義務。此電話會議還將參考非 GAAP 措施，我們認為這些措施對於評估我們的業務績效很重要。這些非 GAAP 措施與最具可比性的 GAAP 措施的對賬可在公司投資者關係網站上的收益資料中找到。根據我們準備好的意見，我們將在此期間與我們的團隊進行問答環節，讓更多參與者有機會在本次電話會議上發言，請限制您自己只回答一個初始問題和一個後續問題。非常感謝。我現在將電話轉給 Julian。

Thank you, Lex. I will now post a warm welcome to our investors, analysts and employees who are participating on today's call. Additionally, I would like to welcome Manu Sial, our new CFO. Manu joined us in September and has already made a significant impact on the organization in a short period of time. Welcome.

謝謝你，萊克斯。現在，我將熱烈歡迎參加今天電話會議的投資者、分析師和員工。此外，我還要歡迎我們的新任首席財務官 Manu Sial。 Manu 於 9 月加入我們，並在短時間內對組織產生了重大影響。歡迎。

Today, I will provide a brief update on our business and then review our strategic content as well as some examples of the actions we already take towards (inaudible). Following my remarks, Manu will discuss our financial performance as well as our outlook for fiscal year '22. Starting on Slide 4 with the key highlights of the fourth quarter, I'm pleased to report that our team recognized $442 million of revenue in the quarter, delivering our highest quarterly revenue (inaudible) and deployed more than 1 (inaudible) revenue in storage solutions. More importantly, we achieved positive gross margins for the quarter, both on an adjusted and GAAP basis.

今天，我將簡要介紹我們的業務，然後回顧我們的戰略內容以及我們已經採取的一些行動示例（聽不清）。在我發言之後，Manu 將討論我們的財務業績以及我們對 22 財年的展望。從幻燈片 4 開始，介紹第四季度的主要亮點，我很高興地報告，我們的團隊在本季度確認了 4.42 億美元的收入，實現了我們最高的季度收入（聽不清），並在存儲中部署了超過 1（聽不清）的收入解決方案。更重要的是，我們在本季度實現了正的毛利率，無論是在調整後的基礎上還是在 GAAP 基礎上。

Our demand was strong across all 3 of our business lines and new orders were approximately $550 million. Furthermore, our signed contract backlog as of September 30 was $2.2 billion, a year-to-year increase of around 30%. Lastly, our recurrent revenue is which consists of our services and digital business experienced strong growth in the quarter. Notably, our service attachment rate of 190% for the fourth quarter was in line with our expectations, illustrating the catch of it service, service contract, we anticipated during our previous earnings.

我們所有 3 條業務線的需求都很強勁，新訂單約為 5.5 億美元。此外，截至 9 月 30 日，我們已簽署的未完成合同為 22 億美元，同比增長約 30%。最後，我們的經常性收入包括我們的服務和數字業務在本季度經歷了強勁增長。值得注意的是，我們第四季度 190% 的服務附加率符合我們的預期，說明了我們在之前的收益中預期的 IT 服務、服務合同的收穫。

Our digital business added nearly 1 gigawatt of assets under management in the third quarter, providing us this ability to future revenue. Turning to Slide 5. Over the past 90 days, the senior management team and I are (inaudible). During this deep time, we reaffirmed those aspects of the business that are working well and identify several (inaudible) that have significant upside potential funding to. We confirm that Fluence Energy storage solutions business has tremendous top wins across the globe, included from the inflation reduction act in the United States of (inaudible) higher and Europe is growing this higher for increased energy security and independent.

我們的數字業務在第三季度增加了近 1 吉瓦的管理資產，為我們提供了未來收入的能力。轉到幻燈片 5。在過去的 90 天裡，高級管理團隊和我（聽不清）。在這段時間裡，我們重申了業務運作良好的那些方面，並確定了幾個（聽不清）具有顯著上行潛力的資金。我們確認 Fluence Energy 存儲解決方案業務在全球範圍內取得了巨大的成功，其中包括美國（聽不清）更高的通貨膨脹減少法案，歐洲正在提高能源安全和獨立性。

Although our digital business has strong potential, that's determined that the platform and business model will benefit from simplification and tighter integration with our store solutions. For example, our (inaudible) not able to expand into new markets quickly due to its current (inaudible) . This is something that will be addressed.

儘管我們的數字業務具有強大的潛力，但這決定了平台和商業模式將受益於簡化和與我們商店解決方案的更緊密集成。例如，我們的（聽不清）由於其當前（聽不清）而無法快速擴展到新市場。這是將要解決的問題。

Going forward, we will concentrate on accelerating the integration of our offerings in digital services with our storages in order to serve customers in an end-to-end [pot] solution. Concentrating on executing and strengthening our risk management capabilities to ensure we monetize an attractive contracted margins is a priority. Additionally, for simplifying our digital platform, our retooling, our go-to-market strategy in order to increase the scale of both (inaudible) and it and to roll out these products more quickly at a lower cost.

展望未來，我們將專注於加速我們的數字服務產品與我們的存儲的集成，以便為客戶提供端到端 [pot] 解決方案。專注於執行和加強我們的風險管理能力，以確保我們通過有吸引力的合同利潤獲利是當務之急。此外，為了簡化我們的數字平台、我們的重組、我們的上市戰略，以增加（聽不清）和它的規模，並以更低的成本更快地推出這些產品。

Furthermore, we will convert our supply chain into a competitive advantage by leveraging our sign of scale to drive margins for [ether] implementation. I'll provide more color on each of these initiatives in a few minutes. After (inaudible) people in the past 90 days, I am confident in our ability to maintain our line leadership position in the market, deliver multiyear profitable revenue growth price of more than 30% and we adjusted EBITDA breakeven in fiscal year '23.

此外，我們將利用我們的規模標誌來推動 [ether] 實施的利潤，從而將我們的供應鏈轉化為競爭優勢。我將在幾分鐘內為這些舉措中的每一個提供更多的顏色。在過去 90 天（聽不清）人們之後，我相信我們有能力保持我們在市場上的領先地位，實現多年盈利收入增長超過 30%，並且我們在 23 財年調整了 EBITDA 收支平衡。

I believe our team center passion and resilience will set up a set foot for long-term plans, but lock significant value for our customers and our shareholders. Turning to size. Coming out on this process and bearing an even more complete that our strategy of using our ecosystem provide an energy storage solution to our customers is the right one.

我相信我們團隊的熱情和韌性將為長期計劃奠定基礎，同時為我們的客戶和股東鎖定重要價值。轉向尺寸。在這個過程中走出來並更加完整地表明我們使用我們的生態系統為我們的客戶提供儲能解決方案的戰略是正確的。

Our ecosystem gives us access to a largest any infrastructure providers in the world and important, it provides opportunities for further integrate with our customers at any point of the value chain. Our revised go-to-market approach is to utilize 1 cell channel for our entire ecosystem. This is different from our past, but we will use multiple cell channels across our business.

我們的生態系統使我們能夠接觸到世界上最大的基礎設施供應商，重要的是，它為我們在價值鏈的任何一點進一步整合客戶提供了機會。我們修改後的上市方法是為我們的整個生態系統使用 1 個細胞通道。這與我們過去不同，但我們將在我們的業務中使用多個手機渠道。

This turned out to be an ineffective trend when it comes to a passion, our service and digital solution to any storage cell, an integrated cell channel. We give us a better ability to integrate our customers into our ecosystem. And we have seen our digital software is a final period in all P&L contribution as it supports hardware and service creating a file prime wheel sector.

當涉及到對任何存儲單元的熱情、我們的服務和數字解決方案、集成單元渠道時，這被證明是一種無效的趨勢。我們使我們能夠更好地將客戶整合到我們的生態系統中。我們已經看到我們的數字軟件是所有 P&L 貢獻的最後階段，因為它支持硬件和服務創建一個文件主輪部門。

In insurance, we will work to integrate our technology more close to our digital offerings, interface with our storage solutions (inaudible) does increase the attractiveness to our customers (inaudible). Our ability to offer an integrated energy storage solutions, 1 of the 2 reasons are customer selling.

在保險領域，我們將努力將我們的技術與我們的數字產品整合得更緊密，與我們的存儲解決方案（聽不清）的接口確實增加了對我們客戶的吸引力（聽不清）。我們提供集成儲能解決方案的能力，兩個原因之一是客戶銷售。

While increasingly recognized as one of the premier energy solution provider in the world by large international developers, or IPPs, many of which are planning to deploy significant amounts of the (inaudible). The integration of this offering is active to retaining customers beyond day 1 cell. So we can address them anywhere along the line.

雖然越來越多的大型國際開發商 (IPP) 將其視為全球首屈一指的能源解決方案提供商之一，但其中許多開發商正計劃部署大量的（聽不清）。此產品的集成對於留住第 1 天后的客戶非常有效。因此，我們可以沿線的任何地方解決它們。

We are decimated to multiyear high revenue profit. We operate with an asset liabilities model with high returns on expected capital, (inaudible) which helped us to monetize data and help our customers drive return. We also have a rapidly improving construct in high revenue (inaudible). And ultimately, we believe we have a business strategy set out.

我們被抽取多年的高收入利潤。我們採用資產負債模型運營，預期資本回報率高（聽不清），這有助於我們將數據貨幣化並幫助我們的客戶推動回報。我們在高收入（聽不清）方面也有一個快速改善的結構。最終，我們相信我們已經制定了商業戰略。

Turning to Slide 7. I would like to discuss the 5 strategy objectives that will provide a framework for the action to be taken over the next few years. First, we will deliver profitability. Both profitability and growth and expansion to maximize shareholder value. We focus on those markets that provide some business growth where our contract solutions allow us to maximize profitability.

轉到幻燈片 7。我想討論 5 個戰略目標，它們將為未來幾年採取的行動提供框架。首先，我們將實現盈利。盈利能力以及增長和擴張，以最大化股東價值。我們專注於那些提供一些業務增長的市場，我們的合同解決方案使我們能夠最大限度地提高盈利能力。

Second, we will develop the products and solutions that our customers see. Understanding our customer challenges is a driving force behind our continuous technological advancements. We expect to provide customers with the most store active solution ruling in our (inaudible) period. Third, we will convert our supply chain into a competitive advantage.

其次，我們將開發客戶看到的產品和解決方案。了解客戶面臨的挑戰是我們不斷取得技術進步的推動力。我們希望在我們的（聽不清）期間為客戶提供最活躍的商店解決方案。第三，我們將把我們的供應鏈轉化為競爭優勢。

We're establishing our best-in-class supply chain that is centered around diversifying our suppliers capturing incentives from the inflation [realtime] and improve the delivery time for us, all of which will ultimately increase margins and drive values for our cost.

我們正在建立我們一流的供應鏈，其核心是使我們的供應商多樣化，從通貨膨脹中獲得激勵 [實時] 並改善我們的交貨時間，所有這些最終都將增加利潤並推動我們成本的價值。

Fourth, we will use (inaudible) that as a competitive differentiator at a market price. And I see the power of application intent material in our integrated solution, we can uniquely provide our customers with the ability to evolve maximize our revenue and lower the overall cost of solution. This will increase this ability to our growing and profitable core private stream.

第四，我們將使用（聽不清）它作為市場價格的競爭優勢。我在我們的集成解決方案中看到了應用意向材料的力量，我們可以獨特地為我們的客戶提供發展最大化我們的收入和降低解決方案總成本的能力。這將增加我們不斷增長和盈利的核心私人流的這種能力。

And finally, our pace of debt is to work better. This time we'll be disciplined with our capital spend and contract on the right, optimizing the use in our resource efficiently and a strong corporate as manager, controlling our costs and maximizing our financial performance for our children.

最後，我們的債務步伐是為了更好地運作。這一次，我們將嚴格控制我們的資本支出和合同，有效地優化我們資源的使用和強大的公司作為管理者，控制我們的成本並為我們的孩子最大化我們的財務績效。

We have already taken action towards this object, some of which I would like to highlight. Turning to Slide 8. I'm pleased to announce we're announcing a new storage solution, either towards the [tradition] segment (inaudible). The translation segment is a growing market that currently since a [450-megawatt] which we expect will grow to 70 gigawatts by the year [2000].

我們已經針對這個目標採取了行動，我想強調其中的一些。轉到幻燈片 8。我很高興地宣布我們正在宣布一個新的存儲解決方案，或者面向 [tradition] 部分（聽不清）。翻譯部分是一個不斷增長的市場，目前從 [450 兆瓦] 開始，我們預計到 [2000 年] 將增長到 70 吉瓦。

We expect demand for this product will be driven by our customers' need to reduce transmission congestion resulted from growth in distributed energy resource. Furthermore, the transmission segment highly (inaudible) requires their best performance and higher sales , thus increase in a barrier to agree to a market. Some of which are profit. More important, higher complexity commands a higher premium for our products and services and after results (inaudible). We will continue to lead the transition segment as we deliver profitable growth and develop new products and solutions for cost.

我們預計對這種產品的需求將受到客戶減少分佈式能源增長導致的傳輸擁塞的需求的推動。此外，傳輸部分高度（聽不清）需要他們最好的性能和更高的銷售額，從而增加了進入市場的障礙。其中一些是利潤。更重要的是，更高的複雜性要求我們的產品和服務以及後續結果（聽不清）更高的溢價。隨著我們實現盈利增長並開發新產品和成本解決方案，我們將繼續引領轉型領域。

Turning to Slide 9. I'm pleased to report we previously signed a contract for more than $500 billion close under which we will deliver 1.2 gigawatt hour any storage facility in the United States compared with (inaudible) grid factor. By further increasing our scale, we'll be able to better capture value from our supply chains. We also know that our stats selected us as they were looking for a prospect partner strong spirit, delivering compact solution.

轉到幻燈片 9。我很高興地報告我們之前簽署了一份價值超過 5000 億美元的合同，根據該合同，我們將在美國提供 1.2 吉瓦時的任何存儲設施，與（聽不清）電網因素相比。通過進一步擴大我們的規模，我們將能夠更好地從我們的供應鏈中獲取價值。我們還知道，我們的統計數據選擇了我們，因為他們正在尋找具有強大精神、提供緊湊解決方案的潛在合作夥伴。

As a comprehensive solution provider, we continue to outpace our competition due to our scale, industry-leading experience and our ability to solve highly competent, but quickly establishing ourselves as a leader among the mega project side. Turning to Slide 10. Including the onset contribution side sequence to our fiscal year-end, our backlog now sees more than $2.5 billion besides like the strong demand we're seeing at the top of our phone, right now providing us great certainty with respect to our multiyear revenue up.

作為一家綜合解決方案提供商，我們憑藉我們的規模、行業領先的經驗和我們解決高能力的能力不斷超越我們的競爭對手，但迅速確立了我們在大型項目方中的領導地位。轉向幻燈片 10。包括對我們財政年度結束的開始貢獻方面的順序，我們的積壓現在看到超過 25 億美元，除了我們在手機頂部看到的強勁需求，現在為我們提供了很大的確定性尊重到我們多年的收入。

Looking at the chart, you can see that even before any impact from IRA, they have a pipeline that is nearly 3x our current backlog. It is also important to note that we're expanding ourselves to non-related (inaudible). And as a result, a majority of our backlog today is with these costumer.

查看圖表，您可以看到即使在 IRA 的任何影響之前，他們的管道也幾乎是我們當前積壓的 3 倍。同樣重要的是要注意，我們正在將自己擴展到非相關（聽不清）。結果，我們今天的大部分積壓工作都與這些客戶有關。

Turning now to Slide 11. As we mentioned earlier, we experienced to remain (inaudible) inflation (inaudible). BNDES has estimated at a time for any storage increased by more than 100 gigawatt hours or around 35 bps as a result of the IRA. That is a significant (inaudible). The expected ITC puts over operating returns for cost. This benefit is expected to accrue to us to improve price or increase volumes.

現在轉到幻燈片 11。正如我們之前提到的，我們經歷了（聽不清）通貨膨脹（聽不清）。 BNDES 估計，由於 IRA，任何存儲都會增加超過 100 吉瓦時或大約 35 個基點。這是一個重要的（聽不清）。預期的 ITC 將運營回報用於成本。預計我們將獲得這種好處，以提高價格或增加銷量。

Furthermore, the production tax spread provides margin uplift for fruit from capturing benefits associated with manufacturing our old battery volumes in the United States. So it's also important to know that the IRR benefits are not necessary for achieving an adjusted EBITDA breakeven target in fiscal year '24 and those represent upside potential. We don't really see the IRA impacted through it in 3 areas.

此外，生產稅差提高了水果的利潤率，因為它獲得了與在美國製造舊電池相關的收益。因此，同樣重要的是要知道內部收益率收益對於在 24 財年實現調整後的 EBITDA 盈虧平衡目標並不是必需的，而這些收益代表了上行潛力。我們並沒有真正看到 IRA 在 3 個方面受到影響。

The first is the ITC for stack of storage. This benefit accrues to our cost. And we expect we will incentivize more projects to move forward and to bring light to all the products that were previously not economic front. As a result, we anticipate the U.S. market growth to increase from 30% per year to around 40% to 50% per year. Based on our compensation with cost, we expect to enter into the first phase of this contract attributable to IRA about mid-calendar year '23.

第一個是堆棧存儲的 ITC。此收益計入我們的成本。我們預計我們將激勵更多項目向前發展，並為以前不屬於經濟前沿的所有產品帶來光明。因此，我們預計美國市場的增長率將從每年 30% 增加到每年 40% 至 50% 左右。根據我們的成本補償，我們預計將在 23 年日曆年中左右進入 IRA 合同的第一階段。

We will expect to see the impact on our financial results in the second half of '22. Second, the production tax spread on the Section 45 act of the IRA provides significant opportunities for group, and we're launching our own battery model manufacturing, which I'll disclose further shortly. As a result, we expect to qualify (inaudible) per kilowatt hour incentive from the IRA. It's important to note that this is an on-GAAP and (inaudible) direct payoffs.

我們預計會在 22 年下半年看到對我們財務業績的影響。其次，IRA 第 45 條法案的生產稅利差為集團提供了重要機會，我們正在推出我們自己的電池模型製造，我將在短期內進一步披露。因此，我們希望從 IRA 那裡獲得每千瓦時獎勵的資格（聽不清）。重要的是要注意，這是按 GAAP 和（聽不清）直接收益計算的。

As a reminder, we opened our youth for production facility in September, which will have an expected kilo watt of fairly 60-gigawatt hours per year by '23. We expect we'll be able to be impacted model production starting in the summer of 24, cost capture in the $10 per kilo watt hour as I just mentioned. [ITC] further supports our meeting growth margin. Concerned, fetch support (inaudible) provides for the onetime reimbursement for onshore or establishing qualified manufacturing facility in the U.S.

提醒一下，我們在 9 月份開放了青年生產設施，預計到 23 年每年的千瓦數將達到 60 吉瓦時。我們預計我們將能夠在 24 日夏季開始受到模型生產的影響，正如我剛才提到的，每千瓦時 10 美元的成本捕獲。 [ITC] 進一步支持我們的會議增長利潤。有關方面，獲取支持（聽不清）為在美國境內或建立合格的製造工廠提供一次性報銷。

As a result, we're permanently looking at the possibility of expanding our operations in the U.S. with an additional facility. Turning to Slide 12. I'm pleased to announce that we're launching our own battery module and battery pack manufacturing are new Utah facility. This gives us granted control over the global supply chain and allows us to capitalize on the incentive of the IRA.

因此，我們一直在考慮通過增設設施來擴大我們在美國的業務的可能性。轉到幻燈片 12。我很高興地宣布，我們將推出我們自己的電池模塊，電池組製造是新的猶他州工廠。這使我們獲得了對全球供應鏈的控制權，並使我們能夠利用 IRA 的激勵措施。

One other benefit to us battery pack that is to incorporate new cells and diversified our sales supplier based, created competition (inaudible). Our battery pack makes it easier to swap back in and out of new product (inaudible). It also allows us to incorporate our own passive management system with more granular data access and agents and inspires to (inaudible) battery (inaudible).

我們電池組的另一個好處是合併新電池並使我們的銷售供應商多樣化，創造競爭（聽不清）。我們的電池組可以更輕鬆地換入和換出新產品（聽不清）。它還允許我們將我們自己的被動管理系統與更精細的數據訪問和代理結合起來，並激發（聽不清）電池（聽不清）。

We expect to see the initial path remove production (inaudible) our Utah facility during the summer of '23. Looking at Slide 13. We further illustrate our supply chain and how our (inaudible) together. Starting on the left-hand side, we will continue to purchase battery cells from multiple battery suppliers. Battery cells (inaudible) are uses and to (inaudible) battery cells are integrated to our faster volumes complete with our own battery management system or BMS. Software taking those commoditized battery cells and turn in these (inaudible) capable of performing the (inaudible) our solutions. These battery modules will qualify for the $10 per kilowatt incentive under the IRA as I mentioned.

我們希望看到初始路徑在 23 年夏天取消我們猶他州工廠的生產（聽不清）。查看幻燈片 13。我們進一步說明了我們的供應鏈以及我們（聽不清）如何結合在一起。從左側開始，我們將繼續從多個電池供應商處採購電芯。電池（聽不清）是用途，並且（聽不清）電池被集成到我們更快的體積中，並配有我們自己的電池管理系統或 BMS。軟件採用那些商品化的電池並提供這些（聽不清）能夠執行（聽不清）我們的解決方案。正如我提到的，這些電池模塊將有資格獲得 IRA 下每千瓦 10 美元的獎勵。

We then put several battery modules together to make a battery pack that is combined with our DCPM, which is a (inaudible) of the batteries. The DCPM collects battery data for communication with a (inaudible) operating system and it's a point of contact for a cloud-based digital solutions, providing value-added integration for our customer.

然後我們把幾個電池模塊放在一起做成一個電池組，和我們的DCPM結合在一起，這是一個（聽不清）的電池。 DCPM 收集電池數據以與（聽不清）操作系統通信，它是基於雲的數字解決方案的聯絡點，為我們的客戶提供增值集成。

Turning now to (inaudible). As I briefly mentioned earlier, we have assessed our digital risk and have been profitable and go-to-market strategy. Now I'd like to discuss what this mean for digital to where we're going. First, we ensure we're offering an integrated list end-to-end [portal] solution for customers to one sales channel. And as I mentioned, this is a major change from our prior sale cycle.

現在轉向（聽不清）。正如我之前簡要提到的，我們已經評估了我們的數字風險並且已經盈利並進入市場戰略。現在我想討論一下這對數字化到我們要去的地方意味著什麼。首先，我們確保為客戶提供一個集成的列表端到端 [門戶] 解決方案到一個銷售渠道。正如我所提到的，這是我們之前銷售週期的重大變化。

Second, we will simplify our suite of digital offers by focusing on our existing 2 applications, Fluence Mosaic and Nispera. We plan to roll out Mosaic to 4 additional U.S. markets over the next 3 years and improve the ability of this parent to integrate with battery made energy storage system. By taking a more focused approach, we expect to reduce the cost, complexity and time to market for (inaudible). We do not plan to build out any additional applications at this time.

其次，我們將通過專注於我們現有的兩個應用程序 Fluence Mosaic 和 Nispera 來簡化我們的數字產品套件。我們計劃在未來 3 年內將 Mosaic 推廣到另外 4 個美國市場，並提高該母公司與電池製造的儲能係統集成的能力。通過採取更有針對性的方法，我們希望降低（聽不清）的成本、複雜性和上市時間。我們目前不打算構建任何其他應用程序。

Third, we're accelerated the Nispera passes ability to redeploy onto battery energy storage systems by the end of this year. So enabling our new post of solutions to be more integrated with our banks. What do we expect to achieve a result of (inaudible)? Improve our investment rates for services ability to a bundled approach, increased annual recurring revenue per IRR at of our digital and services and a lower rate of cost of insure.

第三，我們加快了 Nispera 通行證在今年年底前重新部署到電池儲能係統的能力。因此，使我們新發布的解決方案能夠與我們的銀行更加整合。我們期望取得什麼結果（聽不清）？將我們的服務能力投資率提高到捆綁方法，增加我們數字和服務的每個 IRR 的年度經常性收入，並降低保險成本。

So I would note that our insurance rate is (inaudible) verily. Going forward, started later in this fiscal year '23, we will report our progress with this efficient disclosed the relevant KPIs. We expect that these retooling will have a relative small investment of $5 million to $10 million. As it relates to the financial outlook for our digital business, we do not expect edible contribution from our digital business in '23 or '24.

所以我要指出，我們的保險費率確實（聽不清）。展望未來，從 23 財年晚些時候開始，我們將通過有效披露相關 KPI 來報告我們的進展。我們預計這些重組將有 500 萬至 1000 萬美元的相對較小的投資。由於它與我們數字業務的財務前景有關，我們預計我們的數字業務不會在 23 年或 24 年做出可食用的貢獻。

We expect to have positive gross margin in fiscal year '23 and expect adjusted EBITDA to be at or near breakeven in fiscal year '25. Over to Slide 15, we're enhancing our India Technology segment, increasing utilization to our workforce optimization that will have (inaudible) in India in '23 to the benefit of our onshore operating. This contributes to our operating numbers, with our operating expenses expected to grow at less than half the rate of revenue, which Manu (inaudible) further.

我們預計 23 財年的毛利率為正，並預計調整後的 EBITDA 將在 25 財年達到或接近盈虧平衡。在幻燈片 15 上，我們正在加強我們的印度技術部門，提高我們勞動力優化的利用率，這將在 23 年在印度（聽不清）有利於我們的陸上運營。這有助於我們的運營數字，我們的運營費用預計將以不到收入增長率的一半增長，Manu（聽不清）進一步增長。

Turning to Slide 16 for a summary of recent action. As a management team, we're committed to deliver an increase shareholder brand and to execute on these 5 strategic objectives that I just (inaudible) the potential of our plan. We will provide you with quarterly updates on our progress towards strategic objective as we transform the way we operate and price (inaudible).

轉到幻燈片 16 以了解近期行動的摘要。作為一個管理團隊，我們致力於提升股東品牌並執行這 5 個戰略目標，我只是（聽不清）我們計劃的潛力。隨著我們改變運營和定價方式（聽不清），我們將每季度向您提供我們在實現戰略目標方面的進展情況。

Overall, we continue to see strong demand that is expected to be amplify by the [Korean] IRA bill that will start adding to our backlog in mid '23. We are committed to breakeven on an adjusted EBITDA basis in fiscal year '24 as we enter into higher margin contracts. We're committed to improving our project execution and our overall risk management I'm pleased with the early results of it, but there is still a lot of work to do. As we move forward, we will continue to focus on executing a high growth capitalized solution business model who expect to make of who is the optimal (inaudible), I will now turn the call over to Manu.

總體而言，我們繼續看到強勁的需求，預計 [韓國] IRA 法案將擴大需求，該法案將在 23 世紀中期開始增加我們的積壓訂單。隨著我們簽訂更高利潤率的合同，我們承諾在 24 財年以調整後的 EBITDA 為基礎實現盈虧平衡。我們致力於改善我們的項目執行和整體風險管理我對它的早期結果感到滿意，但仍有很多工作要做。隨著我們的前進，我們將繼續專注於執行一個高增長的資本化解決方案業務模型，他們希望讓誰成為最佳人選（聽不清），我現在將把電話轉給 Manu。

Thank you, Julian. Before I begin I would like to express my gratitude to Julian to influence Board for their confidence and trust. The last couple of months have been a period of graphic learning. I continue to believe that Fluence is positioned well to take advantage of a vast untapped dam that was enhanced by the Inflation Reduction Act by more than $35 billion. Our focus is to strengthen the organizational foundation to enable profitable growth, and this includes enhancing our deal underwriting, risk management and execution capabilities.

謝謝你，朱利安。在開始之前，我要感謝 Julian 影響董事會的信心和信任。最近幾個月是圖形學習的時期。我仍然相信，Fluence 處於有利地位，可以利用一個巨大的未開發大壩，該大壩因《降低通貨膨脹法案》而增加了超過 350 億美元。我們的重點是加強組織基礎以實現盈利增長，這包括增強我們的交易承銷、風險管理和執行能力。

Let me now review the financial performance for the fourth quarter of 2022. Please turn to Slide 18. In the fourth quarter, we delivered our highest ever quarter with $442 million in revenue, representing an increase of 85% from the third quarter. This record revenue generation was primarily driven by strong project execution as several projects achieved significant milestones.

現在讓我回顧一下 2022 年第四季度的財務業績。請轉到幻燈片 18。第四季度，我們實現了有史以來最高的一個季度，收入為 4.42 億美元，比第三季度增長了 85%。這一創紀錄的收入產生主要是由強大的項目執行推動的，因為幾個項目實現了重要的里程碑。

We also achieved positive gross margins in the fourth quarter, 3% on an adjusted basis and 2% on a GAAP basis, driven by strong revenue performance and improvement in our ability to pass through to the customer increases its certain input and supply chain costs. This is a significant turning point for us.

我們在第四季度還實現了正毛利率，調整後的毛利率為 3%，按 GAAP 計算為 2%，這得益於強勁的收入表現和我們向客戶轉嫁能力的提高增加了其某些投入和供應鏈成本。這對我們來說是一個重要的轉折點。

And while 2022 was a challenging year, we ended the fourth quarter with positive gross profit and believe that issues confronted are well understood and now largely behind us. Compared to 2022, we expect new contract margins in 2023 will be positively impacted improvements in a deal underwriting process, such as implementation of index-based pricing.

儘管 2022 年是充滿挑戰的一年，但我們以正毛利潤結束了第四季度，並相信所面臨的問題已得到充分理解，現在基本上已經過去了。與 2022 年相比，我們預計 2023 年的新合同利潤率將對交易承銷流程的改進產生積極影響，例如實施基於指數的定價。

We've also improved execution on product rollout, including leveraging our lab to test and debug solutions before we launch them into being. Moving from gross profit to operating expense. We improved our operating leverage in the fourth quarter 2022 by lowering our operating expense as a percentage of revenue compared to prior quarter and prior year.

我們還改進了產品推出的執行力，包括利用我們的實驗室在我們推出解決方案之前對其進行測試和調試。從毛利潤轉向運營費用。與上一季度和上一年相比，我們通過降低運營費用佔收入的百分比，提高了 2022 年第四季度的運營槓桿率。

Our operating expense can be divided into 2 categories: the first is SG&A spend, which is a required amount of overhead spend to operate our business, both at corporate and at the regional level. We do not expect that corporate OpEx to escape the growth of the business. The second area of spend is what we refer to as platform investments, which represents primarily R&D spread, which we view as a type of growth CapEx.

我們的運營費用可分為兩類：第一類是 SG&A 支出，這是在公司和區域層面開展業務所需的間接費用。我們預計企業運營支出不會逃脫業務的增長。第二個支出領域是我們所說的平台投資，它主要代表研發傳播，我們將其視為一種增長資本支出。

Full year 2022 operating spend was 15.5% of revenue, which we expect will be a high annual bottom up. Looking at 2023 and beyond, although we expect to continue to grow our operating expense in absolute dollar terms, but we expect it to grow at a rate less than half of the rate of our revenue growth. We expect this operating leverage to be one of the drivers of the improvement in adjusted EBITDA we see over the next few years.

2022 年全年運營支出佔收入的 15.5%，我們預計這將是一個高的年度自下而上。展望 2023 年及以後，雖然我們預計以絕對美元計算的運營費用將繼續增長，但我們預計它的增長速度將低於我們收入增長率的一半。我們預計這種經營槓桿將成為我們在未來幾年看到的調整後 EBITDA 改善的驅動因素之一。

In the interest of greater transparency, this quarter, we have begun providing a supplemental quarterly metric sheet on our Investor Relations website that is designed to provide analysts and investors with a deeper understanding of our financial and operating performance.

為了提高透明度，本季度我們開始在我們的投資者關係網站上提供補充季度指標表，旨在讓分析師和投資者更深入地了解我們的財務和經營業績。

Please turn to Slide 19. I'm pleased to report that we ended 2022 with total cash of $540 million, which includes our short-term investments and restricted cash and is in line with what we have guided. As shown on this cash bridge, a majority of our cash usage in 2022 was driven by negative adjusted EBITDA. That trend is expected to continue in fiscal year 2023.

請轉到幻燈片 19。我很高興地報告，到 2022 年底，我們的現金總額為 5.4 億美元，其中包括我們的短期投資和受限現金，這與我們的指導一致。如該現金橋所示，我們 2022 年的大部分現金使用是由負調整後的 EBITDA 驅動的。預計這一趨勢將在 2023 財年繼續。

Let me also provide some color on the other drivers of our 2023 cash outlook. We expect to incur modest CapEx spend, including for our digital business retooling. In addition, as we did in 2022, we will use some operating cash in 2023 at a rate of roughly 10% of our year-on-year revenue growth. We believe that we have ample liquidity to meet our 2023 cash.

讓我也為我們 2023 年現金展望的其他驅動因素提供一些顏色。我們預計會產生適度的資本支出，包括我們的數字業務重組。此外，正如我們在 2022 年所做的那樣，我們將在 2023 年以約佔收入同比增長 10% 的速度使用一些運營現金。我們相信我們有充足的流動性來支付 2023 年的現金。

Please turn to Slide 20. We are initiating guidance for fiscal year 2023, a total revenue of between $1.4 billion and $1.7 billion. Additionally, we expect our adjusted gross profit to be between $60 million and $100 million. We are coming into 2023 with approximately 90% of expected revenue at the midpoint of our fiscal year 2023 guidance already in our backlog.

請轉到幻燈片 20。我們正在啟動 2023 財年的指導，總收入在 14 億美元至 17 億美元之間。此外，我們預計調整後的毛利將在 6000 萬美元至 1 億美元之間。我們即將進入 2023 年，在我們 2023 財年指南的中點，我們的積壓訂單中已經有大約 90% 的預期收入。

We have also secured additional supply chain commitments for 2023. This gives us confidence in our revenue guidance. On the next slide, I will provide additional color on why we are confident of achieving our 2023 adjusted gross profit guidance. Please note that our guidance does not assume any financial benefit from the Inflation Reduction Act as we see -- as we expect to see order growth in 2023 with a benefit to sales [partly] mostly in 2024 and beyond.

我們還獲得了 2023 年的額外供應鏈承諾。這讓我們對我們的收入指引充滿信心。在下一張幻燈片中，我將提供更多顏色，說明我們為何有信心實現 2023 年調整後的毛利指引。請注意，正如我們所看到的那樣，我們的指導意見並未假設通貨膨脹減少法案會帶來任何經濟利益——因為我們預計 2023 年的訂單增長將主要在 2024 年及以後 [部分] 對銷售產生好處。

In terms of revenue seasonality, we expect to see a split of approximately 40% in the first half and 60% in the second half. Furthermore, we expect operating expense to grow at less than 50% of our revenue growth, providing a significant operating leverage. As Julian mentioned, we'll be utilizing our India technology center more, enabling us to scale at a much lower cost.

就收入季節性而言，我們預計上半年將出現約 40% 的分裂，下半年將出現 60% 的分裂。此外，我們預計運營費用的增長將低於我們收入增長的 50%，從而提供顯著的運營槓桿。正如 Julian 提到的，我們將更多地利用我們的印度技術中心，使我們能夠以更低的成本進行擴展。

Please turn to Slide 21, where I'll walk you through key drivers of our 2023 adjusted gross profit guidance when compared to 2022 actuals. We're confident in our 2023 adjusted gross profit guidance of $60 million to $100 million, driven by improved contract underwriting and execution. This reflects a combination of signing new contracts at margins that are at or close to double digits, an improvement compared to the past, our ability to recoup some of the increase in our supply chain costs and improved execution.

請轉到幻燈片 21，我將在其中向您介紹與 2022 年實際情況相比，我們 2023 年調整後毛利潤指導的主要驅動因素。在改進的合同承銷和執行的推動下，我們對 2023 年調整後的毛利潤指導目標 6000 萬至 1 億美元充滿信心。這反映了以兩位數或接近兩位數的利潤率簽訂新合同的組合，與過去相比有所改善，我們有能力收回供應鏈成本的部分增長以及執行力的提高。

I would note that we expect our exit 2023 gross margin run rate to be higher than the full year 2022 margin rates as our legacy contracts in completion and new deals start to have a larger impact on them.

我要指出的是，我們預計 2023 年退出的毛利率將高於 2022 年全年的利潤率，因為我們完成的遺留合同和新交易開始對它們產生更大的影響。

Before we open the call for questions, I want to reiterate that we have visibility to achieve 2024 breakeven adjusted EBITDA as well as multiyear 30%-plus revenue growth and are positioned to take advantage of the upside from the Inflation Reduction Act. With that, we will open the call for questions.

在我們開始提問之前，我想重申，我們有能力實現 2024 年盈虧平衡調整後的 EBITDA 以及多年 30% 以上的收入增長，並準備好利用《降低通脹法案》的好處。有了這個，我們將打開問題的電話。

Good morning. This is Julian. I want to apologize for the way the sound work, it looks like by boys accent did not mix very well with the mic and the biggest (inaudible) . So in order to correct this, (inaudible) who we're sending, we will be posting our strip on the website to ensure that where everybody has access to it unless will be sended by e-mail to his content all of it.

早上好。這是朱利安。我想為聲音的工作方式道歉，看起來男孩的口音與麥克風和最大的（聽不清）混合得不太好。因此，為了更正這一點，（聽不清）我們將發送給誰，我們將在網站上發布我們的試紙以確保每個人都可以訪問它，除非將通過電子郵件發送到他的所有內容。

And we will be open if you have any questions on the script later on after this you will -- you can send a contact like (inaudible). Let me tell you this before we start, which I think is important. The quality of the recording was an inverse proportion to the quality of the message. So unfortunately, it did not come through, but it was in direct proportion, just quite the opposite. So going to quick Q&A. And I really apologize for that, it won't happen again. We're testing and that you might that does not fix well when my [boys] accents. So we start, operator, if you want to open it for questions, please, Q&A.

如果您稍後對腳本有任何疑問，我們將開放，之後您將 - 您可以發送聯繫人（例如（聽不清））。讓我在開始之前告訴你這一點，我認為這很重要。錄音的質量與消息的質量成反比。所以不幸的是，它沒有通過，而是成正比，恰恰相反。所以要快速問答。我真的為此道歉，它不會再發生了。我們正在測試，您可能無法很好地解決我的 [男孩] 口音問題。所以我們開始，運營商，如果你想打開它提問，請問答。

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

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

Clearly, as you've stepped into your leadership role here at Fluence, you're focused much more on profitable growth and profit being, of course, the keen were there. Has your bidding strategy changed? Obviously, there's a huge amount of growth in the business itself, but have you adjusted kind of the way the company bids on projects?

很明顯，當你在 Fluence 擔任領導職務時，你更關注盈利增長和利潤，當然，敏銳的人在那裡。您的出價策略是否發生了變化？顯然，業務本身有巨大的增長，但您是否調整了公司對項目的投標方式？

If -- what we have done, just -- this is a question we get all the time came that we segmented the market. It's in more detail to identify where we -- which market segments and geographies we could actually aim for our 10 -- double-digit margins. So every time we engage with a new customer or engage in a new project, we know that customers, business case will allow -- and the value we're creating, we're allowed for our profit objectives to leave rich.

如果 - 我們所做的只是 - 這是我們一直以來對市場進行細分的問題。它更詳細地確定了我們 - 哪些細分市場和地區我們可以實際瞄准我們的 10 - 兩位數的利潤率。因此，每次我們與新客戶接觸或參與新項目時，我們都知道客戶、業務案例將允許 - 以及我們正在創造的價值，我們可以讓我們的利潤目標變得富有。

So that's how our work -- we have been working on. We also -- the Manu leadership we have put in place a new contract review process internally to ensure not only that, that we reach our double-digit margins, but also that the risk profile of the projects we entered into a reason, we will allow us to monetize the full margin.

這就是我們的工作方式——我們一直在努力。我們還——我們在內部實施了新的合同審查流程，以確保我們不僅達到兩位數的利潤率，而且確保我們進入的項目的風險狀況是一個原因，我們將允許我們將全部利潤貨幣化。

So now we have worked generally. We have -- it means that we have dropped some segments on or at least we're not very active in those but at the end of the day, has allow us to keep our volumes and reach or offset our profit objective as we move forward.

所以現在我們已經普遍工作了。我們有——這意味著我們已經放棄了一些細分市場，或者至少我們在這些細分市場上不是很活躍，但最終，這讓我們能夠保持我們的銷量，並在我們前進的過程中達到或抵消我們的利潤目標.

Okay. Okay. Makes sense. And then another key differentiator with your strategy is more focused on the digital aspects the business? And could you maybe highlight, is that a lot of internal kind of R&D and maximizing what you have? Or are you looking at external kind of M&A opportunities as well?

好的。好的。說得通。然後你的戰略的另一個關鍵區別是更專注於業務的數字方面？你能不能強調一下，這是大量的內部研發和最大化你所擁有的嗎？或者您也在尋找外部併購機會？

What we want to do now, we're kind of integrated the work that we look at is integration. So while we're integrating the sales channel that is -- that requires training and some investments, some capability book. We are integrating our OAS and our operating systems with our digital offerings. And that's not that there will be one, but they will communicate more effectively.

我們現在想做的是，我們在某種程度上整合了我們看到的工作是整合。因此，當我們整合銷售渠道時——這需要培訓和一些投資，一些能力手冊。我們正在將我們的 OAS 和我們的操作系統與我們的數字產品相結合。這並不是說會有，但他們會更有效地溝通。

And so our customers will have a seemless experience when they buy our hardware solutions than they hire our digital solutions as a second. And then we're working, and that's where the R&D comes in is on improving the platform of Mosaic. I guess it's normal in the SaaS business but we really -- we need to invest to ensure that we can actually continue expanding that project at a lower cost point and a lower complexity point so we can do this much cheaper and much faster.

因此，我們的客戶在購買我們的硬件解決方案時將獲得一種無縫的體驗，而不是第二次租用我們的數字解決方案。然後我們開始工作，這就是研發的目的是改進 Mosaic 的平台。我想這在 SaaS 業務中很正常，但我們真的 - 我們需要投資以確保我們實際上可以以更低的成本和更低的複雜性點繼續擴展該項目，這樣我們就可以更便宜、更快地完成這項工作。

In terms of M&A, we are not planning to M&A. We're going to -- I'll tell you until when. But for now, what we will do will concentrate on our runoff. These are -- we believe these are the 2 territories that are the most attractive today where the business cases are very, very clear and that coincides with our market segments.

在併購方面，我們不打算併購。我們要——我會告訴你直到什麼時候。但就目前而言，我們要做的將集中在我們的徑流上。這些是 - 我們認為這些是當今最具吸引力的 2 個領域，其中業務案例非常非常清晰，並且與我們的細分市場相吻合。

And as we move (inaudible), we are able to reach our breakeven point for our digital business in '25, we will then look at well, we should develop other apps. But I think that at the end of the day, we will look at us that are based on our commercial capabilities, that our ag that are current our customers can use and can monitor. But our only problem with some of the apps we had before is that they were connected with customer segments where we're not that active. So we have been put in place a new sales channel and additional fixed cost that we think that is not a good idea this time.

隨著我們的行動（聽不清），我們能夠在 25 年達到數字業務的盈虧平衡點，然後我們會好好看看，我們應該開發其他應用程序。但我認為，歸根結底，我們會根據我們的商業能力來審視我們，我們的 ag 是我們當前的客戶可以使用和監控的。但是我們之前使用的一些應用程序的唯一問題是它們與我們不那麼活躍的客戶群相關聯。所以我們已經建立了一個新的銷售渠道和額外的固定成本，我們認為這次這不是一個好主意。

We have a question from Brian Lee with Goldman Sachs.

我們有一個來自高盛的 Brian Lee 的問題。

I had a couple just -- I had a couple around the margins. I guess, first off, maybe more of a clarifying question. At points in time during the script, I think, Julian, you said adjusted EBITDA breakeven target in fiscal '24 but then being at or near breakeven for full year fiscal '25. So I think what you're saying is you'll be adjusted breakeven for the full year in fiscal '24 consolidated, but then at/or near breakeven for the full year fiscal '25 just in the digital business. Is that the right characterization?

我有一對——我有一對在邊緣。我想，首先，也許更多的是澄清問題。在劇本中的某個時間點，我想，朱利安，你說過調整後的 EBITDA 盈虧平衡目標在 24 財年，但隨後在 25 財年全年處於或接近盈虧平衡。因此，我認為您的意思是，您將在 24 財年合併調整全年的盈虧平衡點，但隨後在數字業務的 25 財年全年調整為/或接近盈虧平衡點。這是正確的表徵嗎？

Exactly. Exactly right. We will be -- (inaudible) as a whole will be breakeven in '24 or we aim to be break even '24. And digital itself will be breakeven in '24.

確切地。非常正確。我們將 - （聽不清）作為一個整體將在 24 年實現收支平衡，或者我們的目標是在 24 年實現收支平衡。數字本身將在 24 世紀實現收支平衡。

Okay. I guess that kind of prompts the follow-up question, which is a lot of investors we speak to assume that kind of the digital software applications piece of your business model would be more profitable than the hardware-centric side. So why, I guess, is digital taking so long to get to profitability? It seems like some of your peers in the energy storage vertical, they're well ahead in moving toward profitability and already positive gross margin on kind of the software digital platform segments of the business. So just trying to kind of understand where you guys are coming from and why that's a little bit of a different dynamic for you.

好的。我想這會引發後續問題，我們談到的很多投資者都認為你的商業模式中的數字軟件應用程序部分比以硬件為中心的方面更有利可圖。那麼，我想，為什麼數字化需要這麼長時間才能實現盈利？看起來你在儲能垂直領域的一些同行，他們在實現盈利方面遙遙領先，並且在業務的軟件數字平台部分已經實現了正毛利率。所以只是想了解你們來自哪裡，以及為什麼這對你們來說有點不同。

A very good question. I think that just look at Mosaic our bidding strategy. The ability to gain economies of scale requires expanding into a new market going from Australia to California and our core (inaudible). But we realize that it has it was very, very complicated and expensive tool as I mentioned. And that has made it a little bit more difficult to meet our growth. So what we're doing now here is concentrating on grid platform in that solution to ensure that we can get into a higher speed growth. So that's the rationale. That's the reason for -- or the Mosaic being further down the road what we expected to be at this stage, no they're really not.

一個很好的問題。我認為只需看看 Mosaic 我們的出價策略。獲得規模經濟的能力需要擴展到從澳大利亞到加利福尼亞和我們的核心（聽不清）的新市場。但我們意識到，正如我提到的，它擁有非常非常複雜且昂貴的工具。這使得滿足我們的增長變得更加困難。所以我們現在在這裡做的是專注於該解決方案中的網格平台，以確保我們能夠進入更高的速度增長。這就是理由。這就是原因 - 或者 Mosaic 在我們現階段預期的道路上走得更遠，不，他們真的不是。

This pair our APM, our asset management tool is going to in line with our portal. And that way, that just essentially, we bought them. But late last year -- late last fiscal year, we are integrated into our system, into a sales channel and it's going to along the -- just in line with our portal book, so we're very confident. So I think those are the 2 -- I'll say that today, the main driver for our delay has been the need to the platform Mosaic.

這對我們的 APM，我們的資產管理工具將與我們的門戶保持一致。這樣，從本質上講，我們就買了它們。但去年年底 - 上個財政年度末，我們被整合到我們的系統中，進入銷售渠道並且它會沿著 - 與我們的門戶書籍一致，所以我們非常有信心。所以我認為那些是 2 - 我今天要說的是，我們延遲的主要驅動因素是對平台 Mosaic 的需求。

And just one clarification on your first comment is we are positive or we expect to be positive gross margin in digital 2023 as well. And then the only other thing I'd say is we've talked about margin rates between 80% to 90% in the digital business, that's still hold true over the next several years. Julian's comment was much more around EBITDA. That's why.

對您的第一條評論的一個澄清是我們是積極的，或者我們預計 2023 年數字化的毛利率也將是正的。然後我要說的另一件事是我們已經討論過數字業務中 80% 到 90% 的保證金率，這在未來幾年仍然適用。朱利安的評論更多地圍繞 EBITDA。這就是為什麼。

Okay -- No, that's super helpful. I appreciate the color. I guess last question for me, and I'll pass it on is the EBITDA breakeven target for fiscal '24, I think in the past, you had said, I think, 2 quarters ago, there's a path to growth gross margin sort of in the 10% range in fiscal '24. Is that what's embedded in the view to get to EBITDA breakeven in fiscal '24? Just maybe any thoughts around the 24% gross margin trajectory?

好的——不，這非常有幫助。我很欣賞這種顏色。我想我要問的最後一個問題是 24 財年的 EBITDA 盈虧平衡目標，我想在過去，你曾說過，我認為，兩個季度前，有一條通往毛利率增長的道路在 24 財年的 10% 範圍內。這就是在 24 財年實現 EBITDA 收支平衡的觀點中包含的內容嗎？也許對 24% 的毛利率軌蹟有什麼想法？

So Brian, you said it right. That is the part in fact. If you look at Slide 21, we are signing these then near at double-digit margins. So we feel very confident about getting adjusted EBITDA breakeven for 2024 on the backs of double-digit gross margins. And then from an operating leverage perspective, we believe that 2022 and with a high watermark as a percentage of revenue, and we expect to reduce that as a percentage of revenue given our OpEx will grow at less than half of the revenue growth.

所以布賴恩，你說得對。這就是事實上的部分。如果您查看幻燈片 21，我們將以接近兩位數的利潤率簽署這些協議。因此，在兩位數的毛利率的支持下，我們對在 2024 年實現調整後的 EBITDA 盈虧平衡充滿信心。然後從運營槓桿的角度來看，我們認為 2022 年佔收入的百分比很高，我們預計將降低它佔收入的百分比，因為我們的 OpEx 增長將不到收入增長的一半。

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。

So maybe I could start around your decision to manufacture packs in the U.S. Can you just talk about the incremental CapEx required to do that? The incremental hires you need to make, whether or not this will be a global move and whether or not this moves you away from an asset-light strategy?

所以也許我可以從你決定在美國製造包裝開始。你能談談這樣做所需的增量資本支出嗎？您需要進行的增量招聘，這是否會成為全球舉措，以及這是否會讓您遠離輕資產戰略？

Well, it's the same strategic position we have today. We will use contracted manufacturing. So we will not be owning the manufacturing facility. We had invested in the design and the IP and the software but not -- we will still be a capital-light business. This will be manufactured by our contract manufacturer provider. This is directed at the U.S. market. So we are this -- our current approach and the decisions that we will build the Fluence make for the U.S. market at this stage.

好吧，這與我們今天的戰略地位相同。我們將使用合同製造。所以我們不會擁有製造設施。我們已經投資於設計、知識產權和軟件，但沒有——我們仍將是一家輕資本企業。這將由我們的合同製造商供應商製造。這是針對美國市場的。所以我們就是這樣——我們目前的方法和我們將在現階段為美國市場打造 Fluence 的決定。

We're not selling from the U.S. to third parties. We might, as we grow in other regions, we might also build it for Asia and Europe. As of today, it is only for the U.S. And we are -- we believe that our capital-light business model is -- will continue. We're committed to it. We believe it's a right way to do it. And one of the things that always surprised me is that the quality of the contract manufacturing that is available in the U.S. what these people can do for you, how do you do and how much the value they can create out of it and we are very happy with our contractor manufacture.

我們不會從美國向第三方銷售。隨著我們在其他地區的發展，我們可能也會為亞洲和歐洲建立它。截至今天，它僅適用於美國而且我們 - 我們相信我們的輕資本商業模式 - 將繼續下去。我們致力於此。我們相信這是一種正確的方法。總是讓我感到驚訝的一件事是，美國提供的合同製造質量。這些人可以為您做什麼，您如何做以及他們可以從中創造多少價值，我們非常對我們的承包商製造感到滿意。

And maybe as a follow-up, could you discuss the cell supply situation and whether or not it's improved incrementally over the last few months. And what, if any, other equipment may be causing bottlenecks still for deployments?

也許作為後續行動，您能否討論一下電池供應情況以及它在過去幾個月中是否逐步改善。還有什麼（如果有的話）其他設備可能仍然對部署造成瓶頸？

Yes. The battery situation is improving. We haven't had any delays. I know the market is tight generally. But our relationship with our suppliers, our ability to engage with them and our scale allows us to ensure we are ensure that we no issue on the delivery of batteries on time and with the -- on the terms that we agree.

是的。電池情況正在改善。我們沒有任何延誤。我知道市場普遍緊張。但是我們與供應商的關係，我們與他們合作的能力以及我們的規模使我們能夠確保我們確保我們不會按我們同意的條款按時交付電池。

I will say that -- that's generally clearly a major part of our supply chain. I don't see any other market where is tied that we're concerned about. Clearly, we are confident. This is one of the reasons why we believe scale so important in order to manage our supply chains effectively our scale and our close relationship with suppliers are huge.

我會說——這顯然是我們供應鏈的主要部分。我沒有看到我們擔心的任何其他市場。顯然，我們有信心。這就是為什麼我們認為規模對於有效管理我們的供應鏈如此重要的原因之一我們的規模以及我們與供應商的密切關係是巨大的。

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 maybe on the previous question. Could you understand like the difference between the flex -- Fluence stack and the Fluence cube? Just trying to understand the core difference here. And part of that is just to get the domestic content adders in -- under the IRA, would the new systems qualify just with the battery pack manufacturing in the U.S.? Or would you have to procure the batteries from the U.S. market as well?

也許只是關於上一個問題。你能理解 flex -- Fluence stack 和 Fluence cube 之間的區別嗎？只是想了解這裡的核心區別。其中一部分只是為了讓國內內容添加者加入——在 IRA 下，新系統是否符合美國電池組製造的條件？還是您也必須從美國市場採購電池？

Good. Our (inaudible) before we start I think is important. The regulations of (inaudible) will be considered a U.S. may battery module system has not been issued. So it is still unclear how down -- how upstream they will go, whether they will go only for the assembly, I think that will be more than that whether they will require still to it from the U.S., where the cells need to be from the U.S. or further down, whether the high needs to happen. What we're doing is we're building a strategy of -- not rebuild. Since that we believe that in any event will be included and try to go upstream (inaudible) to ensure that we can meet the qualification.

好的。我認為我們開始之前的（聽不清）很重要。 （聽不清）的規定將被視為美國可能尚未發布的電池模塊系統。因此，目前還不清楚他們將走多遠，他們是否會只去組裝，我認為這將不止於此，他們是否仍需要來自美國，電池需要來自哪裡美國或進一步下跌，是否需要出現高點。我們正在做的是我們正在製定一個戰略——而不是重建。既然如此，我們相信在任何情況下都會被包括在內並嘗試向上游（聽不清）以確保我們能夠滿足資格。

But the reality is that today, we are in a way, flying is (inaudible) the regulations are not common. There is some that you buy by American type of rules, the US issue a guidance what you introduced, but there's no -- they do not asset, just to let you know. So we're working on it, how we're working on moving as much value add has been coming to the U.S. to ensure that we are that we are (inaudible) we do qualify and make it efficient at the influence make that are not regret decision, no matter we believe that no matter what happens.

但現實是，今天，我們在某種程度上，飛行是（聽不清）規定並不常見。有些是你按照美國的規則購買的，美國發布了你介紹的指南，但沒有——他們沒有資產，只是為了讓你知道。所以我們正在努力，我們正在努力將盡可能多的附加值轉移到美國，以確保我們是我們（聽不清）我們確實有資格並使其在影響力方面有效，而不是後悔的決定，不管我們相信，不管發生什麼。

We will have to build our modules in the U.S. in a take that on. We're also looking to -- we're talking to battery cell manufacturers to buy sales in the U.S. or look into still in the U.S. to try to create as much value. So that's where we are. I'll let Rebecca answer the first part of the question.

我們將不得不在美國構建我們的模塊。我們也在尋求 - 我們正在與電池製造商交談，以在美國購買銷售或研究仍在美國以嘗試創造盡可能多的價值。這就是我們的處境。我會讓 Rebecca 回答問題的第一部分。

Sure. Thank you, Maheep. So to clarify your question back to it's just that you're looking to understand the difference between the Fluence cube and what we might call Ultrastack or Gridstack. So you can think about the way we design products as we build a platform first, and in the platform we have this thing called cube, which is the enclosure with the batteries inside of it.

當然。謝謝你，馬希普。因此，為了澄清您的問題，您只是想了解 Fluence cube 與我們所謂的 Ultrastack 或 Gridstack 之間的區別。所以你可以考慮我們設計產品的方式，因為我們首先構建了一個平台，在平台中我們有一個叫做立方體的東西，它是一個裝有電池的外殼。

But our platform also includes inverters, control systems, fire safety systems. And we put all of those pieces together in well-defined units that create our stack. So Gridstack, for example, is a product on top of that platform that is inclusive of inverters, control systems, cubes, et cetera.

但我們的平台還包括逆變器、控制系統、消防安全系統。我們將所有這些部分放在定義明確的單元中，從而創建我們的堆棧。因此，例如，Gridstack 是該平台之上的產品，包括逆變器、控制系統、立方體等。

And we send out Gridstack units as what we sell. We announced today Ultrastack, which is another version of that product that sits on that same platform. We didn't recreate the platform. It's a platform that's been out of the world and well test, et cetera. But the product that we announced today, the Ultra stack, where its differentiation really lies control system. So it's a highly redundant system because of the work that it needs to do with the transmission operators.

我們將 Gridstack 單元作為我們銷售的產品發送出去。我們今天發布了 Ultrastack，這是該產品在同一平台上的另一個版本。我們沒有重新創建平台。這是一個已經走出世界並經過良好測試等的平台。但是我們今天發布的產品 Ultra stack，其差異化真正在於控制系統。所以它是一個高度冗餘的系統，因為它需要與傳輸操作員一起完成工作。

It responds to the grid very quickly in 150 milliseconds now that we'll be down to 100 milliseconds to the future. And it does all kinds of cool things like it has a really high reliability feature. It has a very high effort of power oscillation stamping, which helps just the grid become more stable. So it's a different product and the real differentiation of that product for that Ultrastack compare to Gridstack is in the control system.

它在 150 毫秒內非常快速地響應網格，現在我們將減少到 100 毫秒到未來。它可以做各種很酷的事情，比如它具有非常高的可靠性功能。它具有非常高的功率振盪沖壓，這有助於使電網變得更加穩定。所以這是一個不同的產品，Ultrastack 與 Gridstack 相比，該產品的真正區別在於控制系統。

And I would mention just to connect back to something earlier, that's where we can also start to look at higher margin deals because when we create such a set of differentiation with our technology, we -- it makes us makes us -- it easier for us to look for that double-digit or more margin.

我想提一下回到更早的事情，那就是我們也可以開始考慮更高利潤的交易，因為當我們用我們的技術創造這樣一套差異化時，我們——它讓我們讓我們——更容易我們尋找兩位數或更多的保證金。

And if you can say (inaudible) the effect but they do very, very different the way you think is our own once you see that they say you look to the same or they doing (inaudible) and to our customers to offer them services, which are very, very different with different levels of response time, quality security depending on what our cost is supporting.

如果你可以說（聽不清）效果，但他們所做的與你認為的方式非常非常不同，一旦你看到他們說你看起來相同或者他們正在做（聽不清）並且我們的客戶為他們提供服務，不同級別的響應時間、質量安全性非常非常不同，具體取決於我們的成本支持。

We have our next question -- looks like comes from Mark Strouse with JPMorgan.

我們有下一個問題——看起來來自摩根大通的 Mark Strouse。

I wanted to go back to the IRA. The $10 per kilowatt hour that you're calling out for the modules, is there a good rule of thumb that we should be assuming as far as how much of that you keep versus what you share with your contract manufacturer or kind of pass on to your customers?

我想回到愛爾蘭共和軍。您為模塊調用的每千瓦時 10 美元，是否有一個很好的經驗法則，我們應該假設您保留多少與您與合同製造商共享或傳遞給的多少你的客戶？

Yes. We will keep it. From our point of view, I think that's important. This is part of our whole product side strategy. So you should not look at it something that will add 2% of additional margin. It will be part of our 10% to 15% margin as we go forward. But it will be part of our pricing position or our cost position.

是的。我們會保留它。從我們的角度來看，我認為這很重要。這是我們整個產品端策略的一部分。所以你不應該看它會增加 2% 的額外保證金。隨著我們前進，這將是我們 10% 到 15% 利潤率的一部分。但這將是我們定價地位或成本地位的一部分。

And that's how our terms with our contract manufacturers, but we believe we can keep most of 10%.

這就是我們與合同製造商的條款，但我們相信我們可以保留 10% 的大部分。

Okay. And then just a real quick follow-up, Manu. It looks like the pipeline metrics that you're providing, you're taking a bit more conservative view of what was reported previously. Just can you give some more color on what's going on there? Is that just kind of the likelihood of that pipeline, kind of the timing of that pipeline, anything else to call out?

好的。然後只是一個真正的快速跟進，Manu。看起來你提供的管道指標，你對之前報告的內容採取了更保守的觀點。你能給那裡發生的事情更多的顏色嗎？這只是那種管道的可能性，那種管道的時間，還有什麼要說的嗎？

I think the 2 things, the one you raised the bar on both the likelihood and the lens of profitability, which kind of course in line with our general team around focusing on profitable growth. So that's kind of a little bit of color on how we thought about pipeline for year-end reporting. I would point out the fact that we have close to $8.5 billion of pipeline, which I would imagine with the higher bar and the lens of profitability.

我認為有兩件事，你提高了盈利能力的可能性和視角的標準，這當然符合我們一般團隊關注盈利增長的情況。因此，這對我們如何考慮年終報告的管道有一點影響。我要指出的事實是，我們有近 85 億美元的管道，我可以想像更高的標準和盈利能力。

I think it also lends itself to a tad bit higher conversion than what we have previously said. So good about not just the backlog position we are in, but also the pipeline that sits behind our backlog and frankly, the top of the funnel that sits behind the pipeline.

我認為它也有助於實現比我們之前所說的更高的轉化率。不僅是我們所處的積壓位置，還有位於我們積壓後面的管道，坦率地說，位於管道後面的漏斗頂部。

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

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

It's pleasure to chat here. My name (inaudible) and congrats again. If I can, just to come back to the cash conversation quickly here. How are you thinking about '23 here and a little bit of '24? And obviously, adjusted EBITDA pressures what drove the cash burn here past tense, how are you thinking of that prospectively here, if you will, a little bit on '23 and the totality until you get to a cash positive, EBITDA-positive world?

很高興在這裡聊天。我的名字（聽不清），再次祝賀。如果可以的話，我想在這裡快速回到現金對話。您如何看待這裡的 23 年和 24 年？很明顯，調整後的 EBITDA 壓力是什麼導致了這裡過去的現金消耗，如果你願意的話，你如何在這裡前瞻性地考慮這個問題，在你進入一個現金積極、EBITDA 積極的世界之前，在 23 年和整體上考慮一下？

Sure, Julian. I get a chat with you set. So just from a cash perspective, let me start with how we think about it. First of all, our model is asset-light and an operating cash action model, which means as you bridge from EBITDA down to cash, you have very low CapEx and operating cash usage that we have dimensioned for '22 and '23 at 10% of it, right?

當然，朱利安。我和你聊天。因此，從現金的角度來看，讓我從我們的想法開始。首先，我們的模型是輕資產和運營現金行動模型，這意味著當您從 EBITDA 過渡到現金時，您的資本支出和運營現金使用率非常低，我們將 '22 和 '23 定為 10%對吧？

So with most of the cash usage in '23 being driven by our EBITDA performance with a little bit of cash in use for CapEx and then 10% of our revenue growth kind of taking to bridge all the way to the bottom line.

因此，23 年的大部分現金使用都是由我們的 EBITDA 業績驅動的，有一點現金用於資本支出，然後我們 10% 的收入增長有點用來彌補底線。

That starts to turn 20% particularly in 2024, where we believe we'll be close to breakeven for cash, not all the way there, we break even EBITDA. And then as we get to 2025, we start -- we expect to start generating cash. What I'll close with in terms of my comments is, one, there's a little bit of cash timing between first half and second half. And the second thing is we feel very comfortable with the cash in the books plus our unused revolver in terms of our ability to meet our cash needs till the time we get the cash positive.

這開始變成 20%，特別是在 2024 年，我們相信我們將接近現金收支平衡，而不是一直到那裡，我們收支平衡 EBITDA。然後到 2025 年，我們開始——我們希望開始產生現金。就我的評論而言，我要結束的是，第一，上半場和下半場之間有一點現金時間。第二件事是，就我們滿足現金需求的能力而言，我們對賬簿中的現金加上未使用的左輪手槍感到非常滿意，直到我們獲得現金為止。

(inaudible).

（聽不清）。

Glen, you to repeat that again could.

格倫，你再重複一遍就可以了。

Working capital, clearly, there was the -- if you look at the balance sheet here, there was some consumption, some pieces. Can you talk about that?

營運資金，顯然，如果你看看這裡的資產負債表，就會有一些消耗，一些碎片。你能談談嗎？

Yes. So it's referring to 2022 fourth quarter working capital usage. So if you start with -- you put the total year in context and then I'll bring to close what happened in the fourth quarter. If you put the total year in context, we put a bridge out there as well. The operating cash, which is principally working capital as well as some money that we collect from our customers' prepayments, which is also part of the expanded definition of working capital.

是的。所以它指的是 2022 年第四季度的營運資金使用情況。因此，如果你開始 - 你將全年放在背景中，然後我將結束第四季度發生的事情。如果您將全年放在上下文中，我們也會在那裡架起一座橋樑。經營現金，主要是營運資金以及我們從客戶預付款中收取的一些資金，這也是營運資金擴展定義的一部分。

It was about a 10% usage in terms of our revenue increase year-on-year. So that's -- that was our total consumption for the total year. As you pass the quarters, most of the cash usage in the fourth quarter was effectively us making good in terms of buying inventory and paying off our suppliers.

就我們的收入同比增長而言，使用率約為 10%。那就是——那是我們全年的總消費量。當你通過季度時，第四季度的大部分現金使用實際上是我們在購買庫存和還清供應商方面取得成功。

That was in execution of our projects, that was already funded in the most part at the beginning of the year from a customer prepayment perspective, which is why you see that phenomenon in the fourth quarter. But as you zoom out and look at the total year, you don't see that as much. That model will continue, which we really like because it is a very working capitalization model.

那是在我們項目的執行過程中，從客戶預付款的角度來看，今年年初大部分已經獲得資金，這就是為什麼你會在第四季度看到這種現象。但是當你縮小並查看全年時，你看不到那麼多。這種模式將繼續下去，我們真的很喜歡這種模式，因為它是一種非常營運資本化的模式。

Our next question comes from Ben Kallo with Baird.

我們的下一個問題來自 Ben Kallo 和 Baird。

Just first, just maybe backing up to the competitive environment. I know you guys only been there 90 days. But how are you seeing bids change just in terms of the number of competitors and why someone like an Orsted would pick you. How crowded is it in competition terms? And then my second question, just in terms of tight labor supply, how do you guys think about that the IRA rolls out into next year, and there's going to be a boom in projects, we think. So how do you think about labor and environment?

首先，也許只是支持競爭環境。我知道你們只在那裡待了 90 天。但是，你如何看待競價的變化，僅僅根據競爭對手的數量以及為什麼像 Orsted 這樣的人會選擇你。在競爭方面有多擁擠？然後我的第二個問題，就勞動力供應緊張而言，你們如何看待 IRA 推出到明年，我們認為項目將會激增。那麼您如何看待勞動力和環境？

Thank you, Ben. No kind of maybe the rule of thumb is a part of it. Okay. As you go up with the complexity scale, competition gets less -- gets softer. So if you go to a simpler solution where you see a lot of these stars, there's a lot of competition as you go up the scale either because the projects are very big or they need specific characteristics or features that we can only deliver then the competition kind of windows a little bit and (inaudible) you always need to find. And I think that why do people pay cost, which is a little bit -- why do they select us.

謝謝你，本。沒有任何經驗法則是其中的一部分。好的。隨著複雜性規模的增加，競爭變得越來越少——變得越來越溫和。因此，如果你採用一個更簡單的解決方案，你會看到很多這樣的明星，隨著規模的擴大，競爭會很激烈，要么因為項目非常大，要么他們需要我們只能提供的特定特徵或功能，然後才能提供競爭有點像窗戶，（聽不清）你總是需要找到。我認為人們為什麼要付出代價，這有點——他們為什麼選擇我們。

I guess the reasons that we have -- we talk to our customers as our ability to manage complexity, both in terms of project or product. Our safety features. We have a product which is very -- it has proven to be very, very safe. We have gone through burn tests, we have done all the testing on the safety that people are really present.

我想我們的原因是——我們與客戶談論我們管理複雜性的能力，無論是在項目還是產品方面。我們的安全功能。我們的產品非常 - 它已被證明非常非常安全。我們已經進行了燃燒測試，我們已經完成了所有人員真實存在的安全測試。

And then our end-to-end solution, the fact that when people hire, they know they will have a partner for the next one year that will deliver, and we have seen it today with new regulations coming in place in Europe, in the U.K. this year, we were out there, it released the app and helping our customers, ensuring that they will be meet with regulations and take advantage of these opportunities.

然後是我們的端到端解決方案，事實上，當人們僱用時，他們知道他們將在未來一年內擁有一個合作夥伴，並且我們今天已經看到它在歐洲實施新法規，在今年，我們在英國發布了應用程序並幫助我們的客戶，確保他們遵守法規並利用這些機會。

So I would say those are the 3 things: complexity, both on product and project; safety; and they are -- they see us as a partner that will offer them -- will compete with them and that's the driver.

所以我想說的是三件事：產品和項目的複雜性；安全;他們 - 他們將我們視為可以提供給他們的合作夥伴 - 將與他們競爭，這就是驅動力。

One moment for our next question. Our next question comes from Sean McLoughlin with HSBC.

稍等一下我們的下一個問題。我們的下一個問題來自匯豐銀行的 Sean McLoughlin。

Firstly, just on the IRA, you've talked about your expectation for the first orders in June '23. I mean will there be a lag into that? Are customers waiting until they understand the full complexities and details of the IRA -- from the IRS over the next quarter or so? And also then, I mean, how should we think about the actual volume of orders? Are we going to see a real explosion in June? Or is it a kind of a gradual ramp up over the 12 months from June? Any color there would be helpful.

首先，就 IRA 而言，您談到了對 23 年 6 月第一批訂單的期望。我的意思是會有滯後嗎？客戶是否在等到他們了解 IRA 的全部複雜性和細節——在下個季度左右從 IRS 那裡得到？然後，我的意思是，我們應該如何考慮實際訂單量？我們會在六月看到真正的爆炸嗎？還是從 6 月開始的 12 個月內逐漸增加？那裡的任何顏色都會有所幫助。

The second question, just on Ultrastack. Your first success has been in Europe. I mean is this a product targeted at the European market and the margins in Europe actually better than in the U.S. market?

第二個問題，就在Ultrastack上。你的第一個成功是在歐洲。我的意思是這是一款針對歐洲市場的產品，歐洲的利潤實際上比美國市場好嗎？

In terms of the , what we have in our conversation with our customers, they are working on the stand-alone storage projects, working on the -- looking for the sites and identify the connection point. I think this will be a gradual increase, they will comb us up, all of them started in will get to the full amount and then going forward, I think they will start coming in. The way I've seen these projects develop.

就我們與客戶的對話而言，他們正在研究獨立存儲項目，正在研究——尋找站點並確定連接點。我認為這將是一個逐漸增加的過程，他們會梳理我們，所有開始的人都會達到全部數量，然後繼續前進，我認為他們會開始進來。我看到這些項目的發展方式。

The ones we'll see firsts are the ones that are connected closer to transmission line where they can connect (inaudible) the substation (inaudible) capacity. And as we move along, they will continue to move forward. So the way we see it, it takes a little while for these projects to be ready for our customers, to be ready to have these projects at a point where they can sign. They need to even of the project, find the offtake and then work with us. In terms of our transformation rate, we see this as a global product.

我們將首先看到的是那些連接得更靠近傳輸線的那些，它們可以連接（聽不清）變電站（聽不清）容量。隨著我們的前進，他們將繼續前進。因此，在我們看來，這些項目需要一些時間才能為我們的客戶做好準備，並準備好讓這些項目在他們可以簽署的時候完成。他們甚至需要了解項目，找到承購方，然後與我們合作。就我們的轉化率而言，我們將其視為全球產品。

We started in Europe, we started in between where we had a 200-megawatt hour plus with (inaudible). Now we are exploring Germany. Clearly, in Europe, there's a lot on for these because they're looking to integrate a strengthened. But the U.S. has a major, major challenge. In order to make this work, we have also (inaudible) where we have talked to work with the regulators there to ensure they understand the value. So we have been success there, and we hope to see tenders coming out for these type of solutions in Chile in very soon.

我們從歐洲開始，我們從 200 兆瓦時加上（聽不清）之間開始。現在我們正在探索德國。顯然，在歐洲，這些方面有很多優勢，因為他們希望整合更強大的力量。但美國面臨著一個重大的挑戰。為了使這項工作發揮作用，我們還（聽不清）與那裡的監管機構進行了交談，以確保他們了解其價值。所以我們在那裡取得了成功，我們希望很快能在智利看到此類解決方案的招標。

And then we're working in the U.S. with our sales team, talking to regulators, to customers. And so we can create a regulatory base for these 2 joints. And we are confident that it will happen. So this is a global product that the 17 gigawatts by the year 2030 that we talked about, it is a global demand.

然後我們在美國與我們的銷售團隊合作，與監管機構和客戶交談。因此，我們可以為這兩個關節創建一個監管基礎。我們相信它會發生。所以這是一個全球產品，我們談到的到 2030 年 17 吉瓦，這是一個全球需求。

Our next question comes from Pavel Molchanov with Raymond James.

我們的下一個問題來自 Pavel Molchanov 和 Raymond James。

We talked a lot about the U.S. and Europe. Historically, you've had a strong presence in the Australian market where there is more and more talk about storage as part of the new labor party climate policy. Can we get an update on what's happening in Australia in demand?

我們談了很多關於美國和歐洲的事情。從歷史上看，您在澳大利亞市場佔有一席之地，那裡越來越多地談論存儲作為新工黨氣候政策的一部分。我們能否了解澳大利亞需求的最新情況？

Yes. We have a very, very strong pipeline in Australia. We're working with good clients and customers who have there are a few projects that are coming along. And I think that you will see some projects -- of significant projects, which you see some significant projects called signing -- coming into our backlog for the year. We don't disclose numbers by market by (inaudible). But we're confident this is one of clearly a market that is promising to me. It appears to be very, very promising for '23, for our fiscal year.

是的。我們在澳大利亞擁有非常非常強大的管道。我們正在與優秀的客戶和客戶合作，他們有一些項目正在進行中。我認為你會看到一些項目——重要項目，你會看到一些重要項目被稱為簽署——進入我們今年的積壓工作。我們不會按市場（聽不清）披露數字。但我們相信這顯然是對我有希望的市場之一。對於我們的財政年度，對於 23 年來說，這似乎非常非常有希望。

Okay. Sounds good. Given that you're vertically integrating, but you'll still be in-sourcing battery cells. Is there any appetite to look at chemistries beyond lithium, ion, so nickel, zinc, vanadium, iron flow, any of these new battery models that are starting to scale up?

好的。聽起來不錯。鑑於您正在垂直整合，但您仍將採購電池。是否有興趣研究鋰、離子、鎳、鋅、釩、鐵流以外的化學物質，這些新電池模型中的任何一種都開始擴大規模？

Yes. I'll let Rebecca answer that.

是的。我會讓麗貝卡回答這個問題。

Sure. So in the short term, we, of course, look beyond a single type of battery and currently use both LFP and NMC batteries in our solutions. We work very closely with our battery OEMs to look beyond that as well. Our platform is designed such that it's agnostic. So we can -- folks who work whatever kind of battery solution is out there that needs to be sort of customer ROI requirements.

當然。因此，在短期內，我們當然會超越單一類型的電池，目前在我們的解決方案中同時使用 LFP 和 NMC 電池。我們與我們的電池原始設備製造商密切合作，將目光投向更遠的地方。我們的平台被設計成不可知論者。所以我們可以——那些從事任何類型電池解決方案的人都需要滿足客戶的投資回報率要求。

And the next thing that I would say that we would look at would be solid-state batteries and sodium with sodium being the one that we see the nearest term right outside of what we're doing currently with LFP and NMC.

接下來我要說的是我們要研究的是固態電池和鈉，其中鈉是我們目前看到的最接近 LFP 和 NMC 的術語。

Our next question comes from Ryan Levine with Citi.

我們的下一個問題來自花旗的 Ryan Levine。

With the focus on profitability, has the company slowed its hiring? Or can you provide color on your views on the tools to manage the cost structure?

由於關注盈利能力，公司是否放慢了招聘步伐？或者您能否就您對管理成本結構的工具的看法發表看法？

So what we're doing in terms of people. We're looking at our (inaudible) sector. It has been a very, very successful division already have like around 100 people there. And we have been attracted trend cards. We're very happy with the contributions that have done the duals in our product development. So we are looking at expanding that facility to support some of our other areas.

那麼我們在人方面所做的事情。我們正在研究我們的（聽不清）部門。這是一個非常非常成功的部門，那裡已經有大約 100 名員工。而我們也被潮流牌所吸引。我們對在我們的產品開發中做出雙重貢獻感到非常高興。因此，我們正在考慮擴大該設施以支持我們的其他一些領域。

Our back office of digital development continue helping us on product development and supply chain. So that's what I think will be the main driver of our improvements in efficiency. We will (inaudible) as Manu mentioned, we believe our SG&A will grow at a price that we have our revenue growth. So we will continue to become much more efficient in terms of revenue production with our current cost structure as we go forward.

我們的數字開發後台繼續幫助我們進行產品開發和供應鏈。所以我認為這將是我們提高效率的主要驅動力。我們將（聽不清）正如 Manu 提到的那樣，我們相信我們的 SG&A 將以我們收入增長的價格增長。因此，隨著我們前進，我們將繼續以目前的成本結構在創收方面變得更有效率。

And then on that vein, can you provide color on the pace of adjusted gross margin recovery you're seeing for '23 from the 3.4% in the recent quarter towards the double-digit target that you highlighted by the end of next year?

然後在這種情況下，您能否提供有關 23 年調整後毛利率從最近一個季度的 3.4% 恢復到明年年底強調的兩位數目標的顏色？

For sure. And I'll also point your attention to Slide 21, we have we mentioned it. So there are 2 principal drivers of our confidence level in getting to a much higher gross margin compared to '22 when you look at the guidance for '23. One is, I think a lot of port well, our execution issues brought pretty (inaudible) are largely behind this, right? You saw early signs of that in our fourth quarter performance. We think that's a big driver, and we've mentioned that on Slide 21 in the range of 23% to 33%.

當然。我還會提醒大家注意幻燈片 21，我們已經提到過它。因此，當您查看 23 年的指導時，與 22 年相比，我們有兩個主要驅動因素可以使我們獲得更高的毛利率。一是，我認為很多港口很好，我們帶來的執行問題（聽不清）在很大程度上是在這背後，對吧？您在我們第四季度的業績中看到了早期跡象。我們認為這是一個很大的驅動因素，我們在幻燈片 21 中提到了 23% 到 33% 的範圍。

And then we are signing new deals that at/or close to double-digit margins that is already in our backlog, and that starts to bear fruit in '23 when you think in terms of gross margin delivery. I will point out that we do have, let's call it, our legacy contracts that will have growth through the fiscal year '23. So by the time we exit '23, which for us is September 30, you will start to see the double-digit run rate start to show up and it does and definitely a pretty pure play going into '24. That does drive our confidence level in getting to adjusted EBITDA beginning '24 given the operating leverage comment we just made.

然後我們正在簽署新的交易，這些交易已經在我們的積壓訂單中達到/或接近兩位數的利潤率，並且當您考慮毛利率交付時，這將在 23 年開始見效。我要指出的是，我們確實擁有，姑且稱之為我們的遺留合同，這些合同將在 23 財年實現增長。因此，當我們退出 23 年時，對我們來說是 9 月 30 日，您將開始看到兩位數的運行率開始出現，而且確實如此，而且絕對是進入 24 年的一場非常純粹的比賽。鑑於我們剛剛發表的運營槓桿評論，這確實提高了我們對從 24 年開始調整後的 EBITDA 的信心水平。

Just want to make sure we're hearing that right. So are you saying that the step-up is really going to come towards the last quarter of the year and then we won't see a more ratable recovery of the gross margin?

只是想確保我們沒有聽錯。那麼你是說升級真的會在今年最後一個季度到來，然後我們就不會看到毛利率有更大的複甦了嗎？

I think you'd see improving gross margins quarter-on-quarter as the new deals kick in into revenue and we go through the old deals. And fourth quarter of fiscal year '23 will be a closer approximation of how you will expect to see '24 fiscal year as you were pretty much work through most of our legacy (inaudible).

我認為隨著新交易開始產生收入並且我們完成舊交易，你會看到毛利率環比提高。 23 財年第四季度將更接近您對 24 財年的預期，因為您幾乎完成了我們大部分遺產（聽不清）。

Or next question comes from Tom Curran with Seaport Research Partners.

或者下一個問題來自 Seaport Research Partners 的 Tom Curran。

I appreciate it. Just one topic left for me. I know we've run over, so I'll try to keep it short. About 2 weeks ago, the California Public Utilities Commission approved PG&E's request to amend for its midterm reliability contracts for storage. Apparently, all 4 storage contracts have had their pricing rates, 3 have had their scheduled to lead and one has had its size cut in half. Could you speak to the implications of these changes, especially the approved increase in pricing for your current backlog and expected future awards for California?

我很感激。只有一個話題留給我。我知道我們已經結束了，所以我會盡量保持簡短。大約 2 週前，加州公用事業委員會批准了 PG&E 修改其儲能中期可靠性合同的請求。顯然，所有 4 份存儲合同都有其定價，3 份已按計劃進行，一份的規模已減半。您能否談談這些變化的影響，尤其是您當前積壓的定價批准增加以及加利福尼亞州預期的未來獎勵？

Very, very sorry to say, we are not aware of decisions that you're just raising. So I'll go to a back, talk to my sales team. I guess there hasn't been an issue materially (inaudible) up to my attention. But we'll take a look at it and (inaudible) a view.

非常非常遺憾地說，我們不知道您剛剛提出的決定。所以我會回去和我的銷售團隊談談。我想沒有引起我注意的實質性（聽不清）問題。但我們會看一下它並（聽不清）一個觀點。

I think in general, we are seeing it price (inaudible). I'll Probably not attribute in one single phenomena that let's get follow up on the question.

我認為總的來說，我們看到它的價格（聽不清）。我可能不會歸因於一個單一的現象，讓我們對這個問題進行跟進。

Great. And then could you just give us an idea of what California represents as a percentage of your current backlog?

偉大的。然後你能告訴我們加州佔你當前積壓的百分比嗎？

We're not providing numbers per market because then we'll get into this. But I'll tell you, California is clearly one of our most attractive markets. And in the U.S., it's a market that where we're seeing a lot of demand and we see a lot of opportunity for creation. So that's what I will say....

我們不提供每個市場的數字，因為我們會進入這個。但我會告訴你，加利福尼亞顯然是我們最具吸引力的市場之一。在美國，這是一個我們看到大量需求並且看到大量創造機會的市場。所以這就是我要說的......

Maybe when I think about it is our revenue is at 2/3, if you look at our historical revenue and the backlog is evolved that I think 2/3 of our revenue comes from the Americas, within the 2/3 that comes in the Americas, California is meaningful proportion, do not break it down by state for the (inaudible).

也許當我想到它時我們的收入是 2/3，如果你看一下我們的歷史收入和積壓的演變，我認為我們收入的 2/3 來自美洲，其中 2/3 來自美洲美洲，加利福尼亞是有意義的比例，不要按州來分解它（聽不清）。

Very attractive margin.

非常有吸引力的保證金。

Right. I figured it was worth to try to dig a bit deeper. But I appreciate the help.

正確的。我認為嘗試更深入地挖掘是值得的。但我感謝您的幫助。

Our last question comes from Craig Shere with Tuohy Brothers.

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

I've got a quick near term and then a longer-term focus question. Near term, people seem positive about China opening up in the end of zero COVID, but perhaps for some quarters, people might actually be getting COVID, and we might have disruptions that won't last forever. But I wanted to inquire about your contingencies and thoughts about those risks into next year on the supply chain. And then longer term, I was truly amazed that the AES Air Products announcement for their Texas hydrogen JV. And I wonder if you can comment on the degree to which -- obviously, you work heavily with AES. But the degree to which [Best] has a huge opportunity in the nexus of clean supporting dedicated intermittent renewables that then produce steady-state green hydrogen production.

我有一個短期的短期關注問題，然後是一個長期關注的問題。近期，人們似乎對中國在零 COVID 結束時開放持樂觀態度，但也許在某些方面，人們實際上可能會感染 COVID，而且我們可能會遇到不會永遠持續的中斷。但我想詢問您對明年供應鏈中這些風險的意外情況和想法。從長遠來看，我真的很驚訝 AES Air Products 宣布他們的德克薩斯氫合資公司。我想知道您是否可以評論一下——顯然，您大量使用 AES。但是 [Best] 在清潔支持專用間歇性可再生能源的關係中擁有巨大的機會，然後產生穩態綠色氫生產。

I mean, on the hydrogen, clearly, battery storage will play a role in hydrogen production. In order to ensure that your electrolyzer more efficiently with renewable sources for us (inaudible). It will depend a little bit on the (inaudible) plays a much more important role whether you are producing ammonia with producing hydrogen because electrolyzer are easier to allow to changes while the ammonia production systems require more stable.

我的意思是，在氫氣方面，顯然，電池存儲將在氫氣生產中發揮作用。為了確保您的電解槽更有效地為我們提供可再生資源（聽不清）。這將在一定程度上取決於（聽不清）是否在生產氫氣的同時生產氨，因為電解槽更容易改變，而氨生產系統需要更穩定。

So it depends on what -- how you organize your hazard and production whether you going to went down to ammonia when you say we hire more and need more or less at that what we are. We're working with some of our customers that are looking at these options to -- offering them solutions that will help them improve their -- the trade value to either people who are using our technology for producing both operating and electrolyzing. So that's what I will tell you (inaudible).

所以這取決於什麼——你如何組織你的危險和生產，當你說我們僱用更多，需要更多或更少時，你是否會使用氨水。我們正在與一些正在研究這些選項的客戶合作——為他們提供解決方案，幫助他們提高——對使用我們的技術生產操作和電解的任何人的貿易價值。這就是我要告訴你的（聽不清）。

And on the 2023 -- yes.

在 2023 年——是的。

Well, we continue to be as positive shy. We are -- I think the fecal portion of our matches come from China, not all of it, but a difficult portion of it. And clearly, this is an additional concern for -- how concerns -- something that we care about is that we're looking to work towards diversifying out of China as much as possible. The flowback will allow us to move more, to make it easier to move production.

好吧，我們還是一樣積極害羞。我們——我認為我們比賽中的糞便部分來自中國，不是全部，而是其中的一部分。顯然，這是一個額外的擔憂——如何擔憂——我們關心的是我們正在努力盡可能地在中國之外實現多元化。回流將使我們能夠移動更多，從而更容易移動生產。

But we continue working with producers in Europe and in other Southeast Asian countries. And we're looking to continue to diversify. But I will say that today, China is still a major supplier. We haven't seen any issues. There are no problems in production in any of our suppliers. There have been no problems in chip installments and logistics.

但我們繼續與歐洲和其他東南亞國家的生產商合作。我們希望繼續多元化。但我要說，今天，中國仍然是主要供應商。我們還沒有看到任何問題。我們任何一家供應商的生產都沒有問題。芯片安裝和物流方面沒有出現問題。

We have no signs of any interruption at this stage that we -- but clearly solving that our risk manage. When we wrote our risk management capabilities of that we spend time on to ensure that we can manage any potential (inaudible).

我們在這個階段沒有任何中斷的跡象 - 但明確地解決了我們的風險管理。當我們寫下我們的風險管理能力時，我們會花時間確保我們能夠管理任何潛在的（聽不清）。

Thanks everybody for participating. And as I said at the beginning, the, I could not understand what I was saying when I was really discreet. So clearly, my voice and mic and the speakers in my room by accidentally did not work very well. So we have this script on our website. Please take a look at it if you have any question, contact Lex, and we will gladly answer that we'll assure you that next quarter this won't happen. So thank you very, very much for your time, and we also...

感謝大家的參與。正如我一開始所說，當我非常謹慎時，我無法理解我在說什麼。很明顯，我的聲音和麥克風以及我房間裡的揚聲器不小心不能很好地工作。所以我們的網站上有這個腳本。如果您有任何問題，請查看它，聯繫 Lex，我們將很樂意回答，我們將向您保證下個季度不會發生這種情況。所以非常非常感謝您抽出時間，我們也...

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。