Fluence Energy Inc (FLNC) 2023 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Fluence Energy, Inc. First Quarter 2023 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, Investor Relations. Please go ahead.

美好的一天，謝謝你的支持。歡迎參加 Fluence Energy, Inc. 2023 年第一季度收益電話會議。 （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 Lexington May。請繼續。

Thank you. Good morning, and welcome to Fluence Energy's First Quarter 2023 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。早上好，歡迎來到 Fluence Energy 2023 年第一季度收益電話會議。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，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 the 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。此類陳述基於當前的預期和某些假設，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.

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。

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. (Operator Instructions).

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。 （操作員說明）。

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

非常感謝。我現在將電話轉給 Julian。

Thank you, Lex. I would like to send a warm welcome to our investors, analysts and employees who are participating on today's call. This morning, I will provide a brief update on our business and then review our progress on our strategic objectives. Following my remarks, Manu will discuss our financial performance as well as our outlook for the rest of the fiscal year.

謝謝你，萊克斯。我想熱烈歡迎參加今天電話會議的投資者、分析師和員工。今天上午，我將簡要介紹我們的業務，然後回顧我們在戰略目標方面的進展。在我發言之後，Manu 將討論我們的財務業績以及我們對本財年剩餘時間的展望。

Starting on Slide 4 with the key highlights. I'm pleased to report that we recognized $310 million of revenue during the quarter. More importantly, we improved gross margin for the quarter, both on an adjusted and GAAP basis. Our demand was strong across all 3 of our business lines, and new orders were approximately $856 million, highlighted by the 1,200 megawatt hour contract with Orsted that we announced on our December call.

從具有主要亮點的幻燈片 4 開始。我很高興地報告，我們在本季度確認了 3.1 億美元的收入。更重要的是，我們在調整後和 GAAP 基礎上提高了本季度的毛利率。我們所有 3 條業務線的需求都很強勁，新訂單約為 8.56 億美元，我們在 12 月的電話會議上宣布與 Orsted 簽訂的 1,200 兆瓦時合同突出了這一點。

Furthermore, our same contract value as of December 31 was $2.7 billion, a quarter-over-quarter increase of more than 20%. Importantly, over 70% of our backlog is with nonrelated parts. Lastly, our recurring revenue businesses, which consists of our services and digital business, continued to grow during the quarter. Our service attachment rate was 11% for the fourth quarter.

此外，我們截至 12 月 31 日的相同合同價值為 27 億美元，環比增長超過 20%。重要的是，我們超過 70% 的積壓訂單與不相關的部分有關。最後，我們的經常性收入業務，包括我們的服務和數字業務，在本季度繼續增長。我們第四季度的服務附件率為 11%。

However, our deployed service attachment rate is rated at 90%, which is based on our community service contracts relative to our deployed storage. Most of our customers wait to sign service agreements closer to the point with the storage solutions coming online. Thus, there is usually a lag between storage concepts and service costs.

但是，我們的部署服務附加率為 90%，這是基於我們與部署存儲相關的社區服務合同。我們的大多數客戶都在臨近存儲解決方案上線時才簽署服務協議。因此，存儲概念和服務成本之間通常存在滯後。

We believe the deployed attachment rate is more reflective of our true service attachment rate due to a contracted plan that I just mentioned. Moving forward, we will be providing you with both our contracted and our deployed attachment.

由於我剛才提到的合同計劃，我們認為部署的附加率更能反映我們真實的服務附加率。展望未來，我們將為您提供我們的合同和部署附件。

Additionally, our digital business signed more than 800 megawatts of contracts since the fourth quarter, providing us visibility to future revenue.

此外，自第四季度以來，我們的數字業務簽署了超過 800 兆瓦的合同，使我們能夠看到未來的收入。

Turning to Slide 5. I would like to discuss the 5 strategic objectives that we headlined in our last earnings call and provide you with an update on our progress.

轉到幻燈片 5。我想討論我們在上次財報電話會議中列為標題的 5 個戰略目標，並向您提供我們進展的最新情況。

First, on delivering profitable growth. I'm pleased to report that we are raising our fiscal year '23 guidance for both revenue and adjusted gross profit. As Manu will discuss in more detail, we are able to raise our guidance due to incremental demand and better supply chain.

首先，實現盈利增長。我很高興地報告，我們正在提高我們的 23 財年收入和調整後毛利的指導。正如 Manu 將更詳細地討論的那樣，由於需求增加和供應鏈更好，我們能夠提高我們的指導。

Second, we will continue to develop products and solutions that our customers need. As such, we are now ready to begin offering Northvolt MNC batteries in our Gen 6 Cubes. This provides our customers with more optionality when looking at solar solutions and helps to diversify our battery supply via a European market.

其次，我們將繼續開發客戶需要的產品和解決方案。因此，我們現在準備開始在我們的 Gen 6 Cubes 中提供 Northvolt MNC 電池。這為我們的客戶在尋找太陽能解決方案時提供了更多選擇，並有助於通過歐洲市場實現我們電池供應的多樣化。

Third, we will convert our supply chain into a competitive advantage. I'm pleased to say we have all our fiscal year '23 battery requirements either in country or in transit does provide us high confidence for execution and achievement guidance.

第三，我們將把我們的供應鏈轉化為競爭優勢。我很高興地說，我們在國家或運輸途中對所有 23 財年電池的要求確實為我們提供了執行和成就指導方面的高度信心。

As you may recall from last year, one of the challenges we faced was getting our batteries on time from our battery vendors. They were often delayed and as a result, we liquidated those batteries. Our team has done a tremendous job in mitigating this risk for '23 by ensuring that all our battery needs are within our control.

您可能還記得去年，我們面臨的挑戰之一是按時從電池供應商處獲得電池。他們經常被延誤，因此，我們清算了這些電池。我們的團隊通過確保我們所有的電池需求都在我們的控制範圍內，在降低 23 年的這種風險方面做了大量工作。

Where we stand today, we don't foresee supply chain issues that could derail our fiscal year '23 expectations. We continue to implement our risk management processes and proceed and thus provide us with high confidence. Additionally, if we identify any issues that could cause us to deviate from our plans, we will act swiftly to mitigate the risk (inaudible).

我們今天所處的位置，我們預計供應鏈問題不會破壞我們對 23 財年的預期。我們繼續實施我們的風險管理流程並繼續進行，從而為我們提供了高度的信心。此外，如果我們發現任何可能導致我們偏離計劃的問題，我們將迅速採取行動以降低風險（聽不清）。

Fourth, we will use Fluence digital as a competitive differentiator and a margin driver. I'm pleased to announce 2 significant milestones in our digital business.

第四，我們將使用 Fluence digital 作為競爭優勢和利潤驅動因素。我很高興地宣布我們數字業務的兩個重要里程碑。

First, we entered the ERCOT market with our Mosaic bidding application and having awarded an initial contract with a nonrelated global (inaudible). ERCOT is a rapidly expanding market and provides a significant number of opportunities for our Mosaic application. Mosaic now is in 3 markets: Australia NEM, CAISO and ERCOT. As we discussed last time, we are looking to expand to 4 additional markets in the next 3 years.

首先，我們通過我們的 Mosaic 投標應用程序進入 ERCOT 市場，並與一家不相關的全球公司（聽不清）簽訂了一份初始合同。 ERCOT 是一個快速發展的市場，為我們的 Mosaic 應用提供了大量機會。 Mosaic 現在在 3 個市場：澳大利亞 NEM、CAISO 和 ERCOT。正如我們上次討論的那樣，我們希望在未來 3 年內擴展到另外 4 個市場。

Additionally, we have now successfully launched Nispera (inaudible) capability on to battery and storages. This offering now provides those customers with renewable asset portfolio the opportunity to utilize one asset performance management platform for all their assets rather than multiple platforms.

此外，我們現在已經成功地在電池和存儲設備上推出了 Nispera（聽不清）功能。該產品現在為那些擁有可再生資產組合的客戶提供了對其所有資產使用一個資產績效管理平台而不是多個平台的機會。

And finally, our fifth objective is to work better. We are continuing to see successful execution on our transformation, including enhancing our risk management capabilities, improving our project execution and optimizing our cost structure, which I will touch on a little later.

最後，我們的第五個目標是更好地工作。我們繼續看到我們轉型的成功執行，包括增強我們的風險管理能力、改進我們的項目執行和優化我們的成本結構，我稍後會談到這些。

Turning to Slide 6, demand for any (inaudible) continues to accelerate. In fact, our pipeline now sits at more than $10.3 billion, nearly 4x our current backlog of $2.7 billion. As you can see from the chart, our pipeline reflects some early projects that are attributable to the Inflation Reduction Act.

轉向幻燈片 6，對任何（聽不清）的需求繼續加速。事實上，我們的管道現在超過 103 億美元，幾乎是我們目前積壓的 27 億美元的 4 倍。從圖表中可以看出，我們的管道反映了一些早期項目，這些項目可歸因於《通貨膨脹減少法案》。

We expect we will see some of these projects turn into signed contracts beginning in the second half of this year. Additionally, our project leads are at an all-time high, which is a good lead-in indicator of potential opportunities.

我們預計從今年下半年開始，我們將看到其中一些項目變成已簽署的合同。此外，我們的項目線索處於歷史最高水平，這是潛在機會的良好引導指標。

As such, we expect the IRA to drive our U.S. revenue growth in 2024 to 40% to 50%, thus implying consolidated revenue growth of 35 to 40 predicated on a timely issuance of the IRA's guidance. While the exact timing of the IRA guidance is unclear, we are hopeful that some initial commentary will be released this spring.

因此，我們預計 IRA 將推動我們在 2024 年的美國收入增長至 40% 至 50%，這意味著根據 IRA 指南的及時發布，綜合收入增長將達到 35 至 40。雖然 IRA 指南的確切時間尚不清楚，但我們希望今年春天能發布一些初步評論。

Continuing with demand, we're becoming increasingly encouraged by the actions that are coming out of Europe. Earlier this month, the European Commission introduced Green Deal Industrial Plan, which aims to increase spending and reduce regulations and red tape in order to accelerate the expansion of renewal and the sustainable technology. While still early days, the details of the plan has not been shared, we applaud the efforts of the European Commission as they take steps towards securing their energy independence by increasing their share of renewal energy, including battery energy storage.

繼續需求，我們越來越受到來自歐洲的行動的鼓舞。本月早些時候，歐盟委員會推出了綠色交易工業計劃，旨在增加支出並減少法規和繁文縟節，以加速更新和可持續技術的擴展。雖然仍處於早期階段，但該計劃的細節尚未公佈，我們對歐盟委員會的努力表示讚賞，因為他們採取措施通過增加可再生能源（包括電池儲能）的份額來確保其能源獨立。

On Slide 7, we have highlighted some of the reasons why our customers choose us to provide their energy storage solution. They are looking for someone who can provide them with a safe product. We are proud to be one of the market leaders in safety and have surpassed the industry standards. Time after time, our customers tell us that safety is their top priority when selecting an energy source. We will continue to make safety our highest priority when developing additional solutions.

在幻燈片 7 中，我們強調了客戶選擇我們提供儲能解決方案的一些原因。他們正在尋找可以為他們提供安全產品的人。我們很自豪能成為安全領域的市場領導者之一，並超越了行業標準。一次又一次，我們的客戶告訴我們，在選擇能源時，安全是他們的首要任務。在開發其他解決方案時，我們將繼續把安全放在首位。

Second, performance. Our customers demand not only a safe product but one that performs at high level. To that point, we are pleased to have deployed the world's fastest responding battery and storage facility. Our team has achieved the demand response times below 150 milliseconds (inaudible).

第二，性能。我們的客戶不僅需要一種安全的產品，還需要一種高性能的產品。至此，我們很高興部署了世界上響應速度最快的電池和存儲設施。我們的團隊已經實現了低於 150 毫秒（聽不清）的需求響應時間。

Third, bankability. This is critical to our customers as they look for project finance, especially for the larger projects, which are becoming more and more common. Banks and financial institutions have told our customers they feel confident in underwriting projects with Fluence as the energy and storage solution.

第三，可融資性。這對我們的客戶來說至關重要，因為他們正在尋找項目融資，尤其是對於越來越普遍的大型項目。銀行和金融機構告訴我們的客戶，他們對使用 Fluence 作為能源和存儲解決方案的承保項目充滿信心。

In fact, in December year-on-year, (inaudible) energy storage system (inaudible). These are report in which BNDES will rate 185 industry participants. One of the survey questions asked participants to rank the bankability of integrators and providers. We are proud to be ranked at the top for bankability reflecting our successful turnaround.

事實上，12 月同比，（聽不清）儲能係統（聽不清）。這些是 BNDES 將對 185 家行業參與者進行評級的報告。其中一個調查問題要求參與者對集成商和供應商的可融資性進行排名。我們很自豪能夠在可融資性方面名列前茅，這反映了我們成功的轉型。

And fourth, supply chain assurance. Our customers want someone who will be able to deliver their projects on time. This comes only with efficient supply chain. We're proud to say that we have all our battery needs for the remainder of the fiscal year either in country or in transit. This significantly reduces the risk of projects.

第四，供應鏈保證。我們的客戶希望有人能夠按時交付他們的項目。只有高效的供應鏈才能做到這一點。我們可以自豪地說，我們在本財年剩餘時間內的所有電池需求都在國內或運輸途中。這大大降低了項目的風險。

Our track record of safety and performance, our standing with bank and other lenders and the steps we have taken to significantly reduce supply chain risk allows us to continue attracting some of the world's largest infrastructure players as our customers. These customers are seeking a long-term relationship that begins with storage solutions and often the opportunity for long-term services and digital contracts that provide recurring revenue. This is happening greater than 90% of our storage deployed has a long-term service contract.

我們的安全和績效記錄、我們在銀行和其他貸方的信譽以及我們為顯著降低供應鏈風險而採取的措施使我們能夠繼續吸引一些世界上最大的基礎設施參與者成為我們的客戶。這些客戶正在尋求從存儲解決方案開始的長期合作關係，並且通常是長期服務和提供經常性收入的數字合同的機會。這種情況正在發生，我們部署的 90% 以上的存儲都簽訂了長期服務合同。

Turning to Slide 8. We continue to expand our digital offering in order to help our customers maximize their profit. First, we have officially entered the ERCOT market with our Mosaic bidding application. This is now the third market for Mosaic with the orders being Australia NEM and CAISO.

轉到幻燈片 8。我們繼續擴展我們的數字產品，以幫助我們的客戶實現利潤最大化。首先，我們已經通過我們的Mosaic投標應用程序正式進入ERCOT市場。現在這是Mosaic的第三個市場，訂單是澳大利亞NEM和CAISO。

More importantly, we have been awarded our first contract in ERCOT. We signed a framework agreement with an unrelated global IBP and utility to optimize any ERCOT product line in the next 3 years. The first allotment totaled 289 megawatts. This is a significant award as it establishes our product in a new market with a blue-chip customer.

更重要的是，我們在 ERCOT 獲得了第一份合同。我們與一家不相關的全球 IBP 和公用事業公司簽署了框架協議，以在未來 3 年內優化任何 ERCOT 產品線。第一次分配總計 289 兆瓦。這是一個意義重大的獎項，因為它確立了我們的產品在新市場中與藍籌客戶的地位。

Second, as I briefly mentioned, we have officially launched third-party energy battery storage our Nispera asset performance management platform. This is a major milestone. As a Nispera platform, it's one of the first APMs in the world to be into all four major renewal asset classes: wind, solar, hydro and now battery energy storage.

其次，正如我簡要提到的，我們已經正式推出第三方能源電池存儲我們的 Nispera 資產績效管理平台。這是一個重要的里程碑。作為 Nispera 平台，它是世界上首批涉及所有四大可再生資產類別的 APM 之一：風能、太陽能、水力和現在的電池儲能。

Nispera additional battery capabilities include providing real-time monitoring of the battery component, data performance analysis of the system and ticketed for asset data. The advantage of Nispera brings is that many of our customers bought more than one renewable asset class. Nispera can now provide with one APM for all renewable assets in the portfolio. So instead of having different APM for each asset class, they can now have just one for the entire portfolio.

Nispera 的附加電池功能包括提供電池組件的實時監控、系統數據性能分析和資產數據票證。 Nispera 帶來的優勢是我們的許多客戶購買了不止一種可再生資產類別。 Nispera 現在可以為投資組合中的所有可再生資產提供一個 APM。因此，他們現在可以只為整個投資組合設置一個 APM，而不是為每個資產類別設置不同的 APM。

Similar to our Mosaic offering, the overall objective of Nispera is to maximize our customer process by having an asset performance management platform where it also helped lower the total cost of ownership of our customer and increase our customer footprint.

與我們的 Mosaic 產品類似，Nispera 的總體目標是通過擁有一個資產績效管理平台來最大化我們的客戶流程，該平台還有助於降低客戶的總擁有成本並增加我們的客戶足跡。

Turning to Slide 9 (inaudible) from our financial results, we're making a tremendous progress on our transformation. As we briefly discussed on our last call, our transformation is focused on 3 main areas.

從我們的財務結果轉到幻燈片 9（聽不清），我們在轉型方面取得了巨大進展。正如我們在上次電話會議上簡要討論的那樣，我們的轉型主要集中在 3 個主要領域。

The first is enhancing our risk management. We have put in place a set of managerial and commercial initiatives to ensure we identify (inaudible) that one we have managed more efficiently and effectively and ensure all rates are quantified and mitigated (inaudible). The more robust risk management allows us to be more confident on our prospective financial results.

首先是加強我們的風險管理。我們已經實施了一系列管理和商業舉措，以確保我們確定（聽不清）我們管理得更高效和有效的舉措，並確保所有費率都得到量化和降低（聽不清）。更穩健的風險管理使我們對預期的財務業績更有信心。

As all these processes as measured continue to mature, we will continue to provide further clarity on the prospects of our report. There is still some way to go in our endeavors. But I am confident in our ability to continue moving this platform.

隨著所有這些衡量的過程不斷成熟，我們將繼續進一步闡明我們報告的前景。我們的努力還有一段路要走。但我對我們繼續推動這個平台的能力充滿信心。

Second, improving our execution. A major driver of our execution is our product development capability. We recently revised our product road map initiative. We're breaking down our product development projects into smaller units, moving away from the concept of generation output and concentrated on improvements rather than (inaudible).

二是提高執行力。我們執行力的一個主要驅動力是我們的產品開發能力。我們最近修訂了我們的產品路線圖計劃。我們正在將我們的產品開發項目分解為更小的單元，擺脫髮電輸出的概念，專注於改進而不是（聽不清）。

The smaller projects are easier to manage, more efficient and faster to market. In addition, our recently established best-in-class facility allows us to test each new improvement at a system level. And we are able to (inaudible) and identify a problem before going to the customers.

較小的項目更易於管理、效率更高且上市速度更快。此外，我們最近建立的一流設施使我們能夠在系統級別測試每項新改進。我們能夠（聽不清）並在去找客戶之前確定問題。

Third, optimizing our cost structure. As we mentioned on our last call, we have been increasing our resources on our India technology set. We have been often taking a competitive workforce strategy that reduce resources in higher-cost countries and increase resources in lower-cost countries.

三是優化成本結構。正如我們在上次電話會議中提到的，我們一直在增加我們在印度技術方面的資源。我們經常採取有競爭力的勞動力戰略，減少高成本國家的資源，增加低成本國家的資源。

As part of this, we're utilizing our India Technology Center to provide necessary support function and to retool our digital class. I'm pleased to report that we made significant progress in this level and plan to double the number of employees in India by the end of our fiscal year.

作為其中的一部分，我們正在利用我們的印度技術中心提供必要的支持功能並重組我們的數字課程。我很高興地報告，我們在這一層面取得了重大進展，併計劃在本財年末將印度的員工人數翻一番。

As a result, we expect India to represent 10% to 15% of our talent, which provides us with the necessary resources for our significant growth. By focusing on our resources in lower-cost countries like India, we're able to reduce our operating leverage (inaudible) that Manu will later touch on.

因此，我們預計印度將占我們人才的 10% 至 15%，這為我們的顯著增長提供了必要的資源。通過專注於我們在印度等低成本國家的資源，我們能夠降低我們的運營槓桿（聽不清），Manu 稍後將談到這一點。

Overall, I'm pleased with the achievement of the first quarter. Although we're mindful, there's still a lot of work to be done. We will look to continue this momentum as we progress for the remainder of the year.

總的來說，我對第一季度的成就感到滿意。儘管我們心存敬畏，但仍有許多工作要做。隨著我們在今年剩餘時間取得進展，我們將尋求延續這一勢頭。

This concludes my prepared remarks. I will now turn the call over to Manu.

我準備好的發言到此結束。我現在將把電話轉給 Manu。

Thank you, Julian, and good morning, everyone. I will begin by reviewing our financial performance for the first quarter and then discuss our outlook and guidance for fiscal year 2023.

謝謝你，朱利安，大家早上好。我將首先回顧我們第一季度的財務業績，然後討論我們對 2023 財年的展望和指導。

Please turn to Page 11. In the first quarter, in addition to having the highest order quarter in our history, we delivered $310 million in revenue, representing an increase of 78% year-over-year. We continue to effectively manage our global supply chain and execute on our backlog, including working through our legacy backlog. Greater than 95% of our first quarter sales was made up of legacy backlog, and we expect to be materially complete by the end of fiscal year 2023.

請翻到第 11 頁。在第一季度，除了我們歷史上最高的訂單季度外，我們還交付了 3.1 億美元的收入，同比增長 78%。我們繼續有效地管理我們的全球供應鏈並處理我們的積壓訂單，包括處理我們遺留的積壓訂單。我們第一季度銷售額的 95% 以上由遺留積壓訂單構成，我們預計到 2023 財年末將基本完成。

Moving to gross profit. I'm pleased to report that we generated positive gross profit in the first quarter. We continue to strengthen our contract compliance controls and risk management practices. And our gross margin number in the first quarter includes the recovery of net gains worth $18 million we had made against one of our battery suppliers that we previously disclosed and was accounted for as a reduction to cost of goods sold. The important takeaway is that we are instilling stronger contract compliance procedures to enable us to recover damages per our contractual terms if necessary.

轉向毛利。我很高興地報告，我們在第一季度產生了正的毛利潤。我們繼續加強我們的合同合規控制和風險管理實踐。我們第一季度的毛利率數據包括我們之前披露的我們從一家電池供應商那裡獲得的價值 1800 萬美元的淨收益的回收，並被計為銷售商品成本的減少。重要的一點是，我們正在灌輸更嚴格的合同合規程序，使我們能夠在必要時根據合同條款追回損害賠償。

With regard to operating expense and adjusted EBITDA, first quarter operating expense, excluding stock compensation, was approximately $54 million, which is in line with the fourth quarter of 2022. As Julian mentioned, we are executing on our plan to optimize our global workforce, including through leveraging our India Technology Center.

關於運營費用和調整後的 EBITDA，第一季度運營費用（不包括股票薪酬）約為 5400 萬美元，與 2022 年第四季度持平。正如 Julian 提到的，我們正在執行優化全球員工隊伍的計劃，包括通過利用我們的印度技術中心。

Our previously communicated model are holding operating expense growth to less than 50% of revenue growth is intact, and we expect full year 2022 operating expense spend as a percentage of sales to represent the high watermark. This model helps create operating leverage and will drive the improvement in adjusted EBITDA that we expect in 2023 and beyond.

我們之前傳達的模型將營業費用增長保持在收入增長的 50% 以下並保持不變，我們預計 2022 年全年營業費用支出佔銷售額的百分比將達到高水位線。這種模式有助於創造經營槓桿，並將推動調整後 EBITDA 的改善，我們預計在 2023 年及以後。

Turning to our cash balance. We ended the quarter with approximately $460 million of total cash, including short-term investments and restricted cash. This figure is in line with our comments on our Q4 earnings call.

轉向我們的現金餘額。本季度結束時，我們擁有大約 4.6 億美元的現金總額，包括短期投資和受限制的現金。這個數字與我們對第四季度財報電話會議的評論一致。

Rounding out the balance sheet discussion, inventory increased by approximately $400 million versus the prior quarter as a risk mitigation strategy to provide us with supply chain assurance for our 2023 revenue guidance. As Julian mentioned, all of our battery needs for 2023 are now either in country or in transit from China.

完成資產負債表討論後，庫存比上一季度增加了約 4 億美元，作為一種風險緩解策略，為我們的 2023 年收入指導提供供應鏈保證。正如 Julian 提到的，我們 2023 年的所有電池需求現在都在國內或從中國轉運。

The inventory build in the first quarter significantly derisk our 2023 revenue guidance. And a significant portion were funded by customer advances and milestone payments. Given our planned first quarter inventory build, we expect our cash usage in the second quarter to be slightly higher than in the first quarter.

第一季度的庫存增加大大降低了我們 2023 年收入指引的風險。很大一部分資金來自客戶預付款和里程碑付款。鑑於我們計劃的第一季度庫存增加，我們預計第二季度的現金使用量將略高於第一季度。

Furthermore, we do expect inventory turns to improve as we exit 2023 and end 2023 with liquidity greater than $500 million between cash balance and undrawn revolver, in line with previously communicated cash framework. We do not believe we need to raise any additional capital to meet our needs.

此外，我們確實預計，隨著我們在 2023 年退出和 2023 年底，現金餘額和未動用循環貸款之間的流動性超過 5 億美元，這與之前傳達的現金框架一致，我們確實預計庫存周轉率會有所改善。我們認為我們不需要籌集任何額外資金來滿足我們的需求。

Please turn to Slide 12. As we briefly mentioned, we are increasing our fiscal year 2023 guidance for both revenue and adjusted gross profit. We now expect our total revenue to be between $1.6 billion and $1.8 billion, which is up from our previous revenue guidance of $1.4 billion to $1.7 billion.

請轉到幻燈片 12。正如我們簡要提到的，我們正在提高 2023 財年收入和調整後毛利的指導。我們現在預計我們的總收入將在 16 億美元至 18 億美元之間，高於我們之前 14 億美元至 17 億美元的收入指導。

Additionally, we now expect our adjusted gross profit to be between $85 million and $115 million. This is up from our previous adjusted gross profit guidance of $60 million to $100 million. The guidance increase is due to the incremental demand and better supply chain visibility. We provided more detail in our appendix similar to last quarter.

此外，我們現在預計調整後的毛利潤將在 8500 萬美元至 1.15 億美元之間。這高於我們之前調整後的 6000 萬美元至 1 億美元的毛利指引。指導增加是由於需求增加和供應鏈可見性提高。與上一季度類似，我們在附錄中提供了更多詳細信息。

We're coming into the second quarter with 99% of our 2023 expected revenue in our backlog, providing us high visibility to achieving our guidance. In terms of revenue seasonality, we still expect to see a split of approximately 40% in the first half and 60% in the second half of our fiscal year.

進入第二季度，我們積壓了 2023 年預期收入的 99%，這為我們實現指導提供了高度可見性。就收入季節性而言，我們仍預計本財年上半年和下半年將分別出現約 40% 和 60% 的拆分。

As Julian briefly touched on, we expect the IRA tailwinds to benefit order growth in the second half of 2023 with a benefit to top line revenue and gross profit mostly occurring in 2024 and beyond. Thus, we have not included any IRA impact in our 2023 revenue and gross profit guidance.

正如 Julian 簡要提到的那樣，我們預計 IRA 的順風將有利於 2023 年下半年的訂單增長，而頂線收入和毛利潤的受益主要發生在 2024 年及以後。因此，我們沒有在我們的 2023 年收入和毛利指引中包含任何 IRA 影響。

Before I turn this call back to Julian for final remarks, I would like to reiterate that we are committed to and on track to be adjusted EBITDA positive in 2024.

在我將電話轉回 Julian 發表最後評論之前，我想重申，我們致力於並有望在 2024 年將調整後的 EBITDA 調整為正值。

With that, I'll turn the call back over to Julian.

有了這個，我會把電話轉回給朱利安。

Thank you, Manu. In closing, I want to reiterate what I consider the main takeaway from this quarter results. First, we had a strong quarter in terms of our financial performance with our highest order intake in history, providing us with a solid base from which we can launch the strong growth we foresee for our company.

謝謝你，馬努。最後，我想重申我認為本季度業績的主要收穫。首先，我們本季度的財務業績表現強勁，訂單量創下歷史新高，這為我們奠定了堅實的基礎，使我們能夠實現公司預期的強勁增長。

We continue to make significant progress on our risk management, most notably for this quarter, reducing our supply chain risk through several actions as reflected in having our order 2023 battery needs in country or in transit. We continue to expand our offerings, concentrate our efforts in developing new products and solutions that create value for our customers, especially relevant this quarter, the new Nispera battery management software.

我們繼續在風險管理方面取得重大進展，尤其是在本季度，通過多項行動降低了我們的供應鏈風險，這反映在我們的訂單 2023 電池需求在國內或運輸途中。我們繼續擴大我們的產品範圍，集中精力開發新產品和解決方案，為我們的客戶創造價值，尤其是本季度相關的新 Nispera 電池管理軟件。

All the efforts covered in today's call provide us with high confidence to increase our total revenue and adjusted gross profit guidance for fiscal year '22 and achieve the positive EBITDA in 2024. This will conclude my prepared remarks.

今天電話會議中涵蓋的所有努力使我們充滿信心地增加我們的總收入和調整後的 22 財年毛利潤指導，並在 2024 年實現正 EBITDA。這將結束我準備好的發言。

We will now open it up for questions. Operator?

我們現在將打開它來提問。操作員？

(Operator Instructions) And our first question comes from the line of 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。

Obviously, really strong order intake this quarter, and it raised guidance of very positive moves there. I'm curious what you're seeing in terms of pricing because demand is running well ahead of supply in the market. And thinking about your drive here, you and Manu's drive to profitable growth, but significant growth of profitable growth, are you at the point where you can exact some pricing power onto the market?

顯然，本季度的訂單量非常強勁，並且提高了對非常積極舉措的指導。我很好奇你在定價方面看到了什麼，因為市場上需求遠遠超過供應。想想你在這裡的動力，你和 Manu 對盈利增長的動力，但盈利增長的顯著增長，你是否到了可以向市場施加一些定價權的地步？

We see pricing -- as you said, demand is strong, and we see prices supporting our 10% to 15% margin of what we have said to the market. So same within that range, some segments are higher, some segments are in development part of the phase. Some segments are in the lower side. But generally, we are kind of in that range (inaudible).

我們看到定價——正如你所說，需求強勁，我們看到價格支持我們對市場所說的 10% 到 15% 的利潤率。同樣在這個範圍內，有些細分市場更高，有些細分市場處於發展階段。一些部分位於下側。但總的來說，我們有點在那個範圍內（聽不清）。

Okay. Okay.

好的。好的。

You can start to see that in the new deals we are signing. Those are double-digit margins as well.

您可以在我們簽署的新交易中開始看到這一點。這些也是兩位數的利潤率。

Okay. Okay. Makes sense. And then maybe a follow-up for me, a little bit related but on the software side of the business. There was a good uptake on Mosaic and Nispera is seeing some progress here as well. What's the go-to-market strategy with those software packages? Do you sell them as a package? Do they go individually? What's the -- I guess how is that process run and yes.

好的。好的。說得通。然後可能是我的後續行動，有點相關，但在業務的軟件方面。 Mosaic 得到了很好的接受，而 Nispera 也在這方面取得了一些進展。這些軟件包的上市策略是什麼？你把它們打包出售嗎？他們是單獨去的嗎？這是什麼——我想這個過程是如何運行的，是的。

As we communicated in the last earnings call, remember, one of the things that we're integrating our sales channels better.

正如我們在上次財報電話會議上所傳達的那樣，請記住，我們正在更好地整合銷售渠道的其中一件事。

Right.

正確的。

The reality is that the Nispera is a global product. So we can sell it all around the world in all our (inaudible), wherever they are located. Mosaic is a market product that works in Australia, in California and now in ERCOT. So they are not -- you cannot integrate the 2 together because they are different, and it depends on the business case to each of our customers. But we are integrating with our offering to make it to be a lot more efficient in the way we sell it.

事實上，Nispera 是一種全球產品。因此，無論他們位於何處，我們都可以在我們所有的（聽不清）中將其銷售到世界各地。 Mosaic 是一種市場產品，在澳大利亞、加利福尼亞和現在在 ERCOT 中有效。所以它們不是——你不能將兩者整合在一起，因為它們是不同的，這取決於我們每個客戶的業務案例。但我們正在整合我們的產品，以使其在銷售方式上更加高效。

So that's the way we think on it. You will see, I think, a closer integration of our APM or Nispera offering into our product sales as we continue moving forward, it is a global product, the same as our products.

這就是我們的想法。我認為，隨著我們繼續前進，你會看到我們的 APM 或 Nispera 產品更緊密地整合到我們的產品銷售中，它是一個全球產品，與我們的產品一樣。

(Operator Instructions) Our next question comes from the line of George Gianarikas with Canaccord Genuity.

（操作員說明）我們的下一個問題來自 George Gianarikas 與 Canaccord Genuity 的合作。

I'd like to ask about gross margins, and I don't want to put the cart before the horse, but you've done a really good job getting them back into the mid-single digits. And previously, you had guided for your hardware business to be somewhere in the mid-teens, I believe. Is that -- given that there have been multiple structural changes to the way you contract, is there a potential upside to that mid-teens gross margin target long term?

我想問一下毛利率，我不想本末倒置，但你做得非常好，讓它們回到了中個位數。我相信，之前，您曾指導過您的硬件業務處於十幾歲左右。那是——鑑於你的合同方式發生了多次結構性變化，長期來看，這個十幾歲中期的毛利率目標是否有潛在的上升空間？

No. I think as I said, we're still seeing this 10% and 15%, lower teens, some markets look better, some markets doing a lot tighter. But our view hasn't changed, not today. (inaudible) we're on top of. And I'm clearly always talking to our sales team to ensure we look at the segments where we can capture better margins.

不，我認為正如我所說，我們仍然看到這 10% 和 15%，較低的青少年，一些市場看起來更好，一些市場更加緊張。但我們的觀點沒有改變，今天沒有。 （聽不清）我們在上面。而且我顯然一直在與我們的銷售團隊交談，以確保我們著眼於可以獲得更高利潤的細分市場。

But today, what we told. Just to kind of explain why we are not seeing that in our results today, as you know, we are getting out of our legacy customers. And we probably will be out completely our legacy contracts by the time we close this fiscal year. And you should see a lot of improvement on margin during the year, and we will see the new contract coming full in 2024 going forward.

但是今天，我們所說的。只是為了解釋為什麼我們今天的結果中沒有看到這一點，正如你所知，我們正在擺脫我們的老客戶。到本財年結束時，我們可能會完全退出我們的遺留合同。你應該會看到這一年的利潤率有很大改善，我們將看到新合同在 2024 年到期。

And maybe as a follow-up, we continue to read about auto companies not only obviously building cells, battery cells, but investing in lithium mines. And I'm curious as to when you think strategically over the next couple of few years, I know you have enough supply currently, but is that -- is getting deeper into the supply chain something that's of interest? And -- or do you have to maybe partner with -- more deeply partner with a cell manufacturer long term?

也許作為後續行動，我們繼續閱讀有關汽車公司的信息，這些公司顯然不僅在製造電芯、電池，而且還在投資鋰礦。我很好奇你在未來幾年的戰略思考中，我知道你目前有足夠的供應，但那是 - 更深入地進入供應鍊是不是很有趣？並且 - 或者你是否必須與 - 與電池製造商長期更深入地合作？

Last quarter, we announced that we were going into module production, which is a little bit of a further vertical integration (inaudible) or with the objective of commoditizing the cells essentially, the opening of the people we can buy from, accelerating the time at which we can integrate sales and for getting a stronger position in the cell supply chain is strong.

上個季度，我們宣布我們將進入模塊生產，這是進一步的垂直整合（聽不清）或者目標是從本質上將電池商品化，開放我們可以購買的人，加快時間我們可以整合銷售並在電池供應鏈中獲得更強大的地位。

We don't have plans to go further down, but -- so that's essentially what we think. Our current view is that we're (inaudible), but going further down, it's not -- it will not be efficient or effective as well.

我們沒有進一步深入的計劃，但是——所以這基本上就是我們的想法。我們目前的觀點是我們（聽不清），但進一步向下看，它不是——它也不會高效或有效。

Our next question will come from the line of Maheep Mandloi with Credit Suisse.

我們的下一個問題將來自瑞士信貸的 Maheep Mandloi。

Yes, absolutely. And maybe just to start with, could you just talk more about the supply chain improvements you're seeing here? Is this something you're seeing throughout the year here? Is it from a timing perspective? And how should we think about that like kind of going into next year? And could you expect -- just going back to the gross margin question, but like do you expect an earlier faster ramp to your gross margin target here?

是的，一點沒錯。也許只是開始，你能多談談你在這裡看到的供應鏈改進嗎？這是你在這裡一年四季都看到的東西嗎？是從時間的角度來看嗎？我們應該如何考慮明年的情況？你能期待嗎——回到毛利率問題，但你是否希望在這裡更快地實現毛利率目標？

Yes. One of the reasons why we're able to raise our guidance for the year is that we feel more confident on our supply chain. When we -- last year, at the end of last year, when the zero COVID policy in China there was this view that we might enter into a similar situation of what we had when COVID started, remember. That didn't materialize.

是的。我們能夠提高今年業績指引的原因之一是我們對我們的供應鏈更有信心。當我們 - 去年，去年年底，當中國的零 COVID 政策時，有人認為我們可能會進入與 COVID 開始時類似的情況，請記住。那沒有實現。

But that made us make the decision to kind of accelerate that. Because it was not costly, it wasn't required a lot of working capital, we could do it, accelerate our battery and get as much of them out (inaudible).

但這讓我們決定加快它的速度。因為成本不高，不需要大量營運資金，我們可以做到，加速我們的電池並儘可能多地取出它們（聽不清）。

But the reality is that we have seen no disruption, that's the reality. Great action, we feel makes us feel confident, this gives further assurance to meet our guidance. But we have seen no -- not the -- our supply chain seems to be normalized. And in fact logistics, that was a main issue a year ago, no longer an issue.

但現實是我們沒有看到中斷，這就是現實。偉大的行動，我們覺得讓我們感到自信，這進一步保證滿足我們的指導。但我們沒有看到——不是——我們的供應鏈似乎已正常化。事實上，物流，這是一年前的一個主要問題，不再是一個問題。

The prices of transferring of -- moving things around are not back to pre-pandemic prices but are in line with what are considered normal. So we're happy. I will tell you this is my view on this, where we are today.

轉移的價格——搬家的價格並沒有回到大流行前的價格，而是與被認為正常的價格一致。所以我們很高興。我會告訴你這是我對此的看法，我們今天所處的位置。

Our view of the world connects with our financial guidance to the market. After the world improves, and it improves to a point that we believe that we will do better, we'll communicate it to you like we are doing today. And that's obviously -- but we're very, very confident that the world as it is today and where with our risk management tools will lead us to the range in terms of gross profit and revenue we set for ourselves for this year.

我們的世界觀與我們對市場的財務指導相聯繫。在世界有所改善，並且改善到我們相信我們會做得更好的程度之後，我們會像今天一樣將其傳達給您。這很明顯——但我們非常、非常有信心，當今世界以及我們的風險管理工具將使我們達到我們為今年設定的毛利和收入範圍。

But I've said that and maybe a little optimistic, these words may come back to haunt me, I think the market demand is growing. There's a lot more supplies, getting things and moving things are cheaper. So growth headwinds that improve our world -- our view later on, but I think that where we are today in the world as we see it today leads us to the guidance we provide. Manu, please.

但我已經說過，也許有點樂觀，這些話可能會再次困擾我，我認為市場需求正在增長。物資多了很多，拿東西和搬東西都便宜。因此，改善我們世界的增長逆風——我們後來的觀點，但我認為，我們今天在世界上所處的位置，正如我們今天所看到的那樣，引導我們找到我們提供的指導。馬努，請。

I think the only thing you'd appreciate, we have both narrowed the range and upped the range in terms of our revenue guidance. That's on the last, both from a backlog confidence perspective and supply chain. And then we provide more firmness on our 2024 of how to think about from a revenue percentage. That is also driven by the fact that we feel confident about our supply chain assurance going into 2024 model.

我認為你唯一會感激的是，我們在收入指導方面既縮小了範圍又提高了範圍。從積壓信心的角度和供應鏈來看，這是最後一個。然後我們對 2024 年如何從收入百分比進行思考提供了更多的堅定性。這也是因為我們對進入 2024 模型的供應鏈保證充滿信心。

Got it. No, that's really helpful. And then maybe just on manufacturing. I mean, I know you guys talked about all the benefits from (inaudible), but could you like remind on the module manufacturing you guys were talking about on the last call? And timing on -- yes, sorry go ahead.

知道了。不，這真的很有幫助。然後也許只是在製造上。我的意思是，我知道你們談到了（聽不清）的所有好處，但是你們能否提醒一下你們在上次電話會議上談到的模塊製造？時間安排——是的，對不起，請繼續。

So thank you for the question. As we said last time, we are in the process of developing the technology and putting in place the manufacturer. Our (inaudible) will be ready summer of '24. So -- and it's going well.

謝謝你的提問。正如我們上次所說，我們正在開發技術並安排製造商。我們的（聽不清）將在 24 年夏天準備就緒。所以 - 而且進展順利。

Milestones are being met. We -- I met the team just now and so the update looks very good. So very, very happy with the process. So we should be able to start manufacturing out of our manufacturing facility here in the U.S. in the summer of '24. Very happy.

正在達到里程碑。我們——我剛剛見到了團隊，所以更新看起來非常好。對這個過程非常非常滿意。因此，我們應該能夠在 24 世紀夏天從我們在美國的製造工廠開始生產。很高興。

Our next question comes from the line of Brian Lee with Goldman Sachs.

我們的下一個問題來自高盛的 Brian Lee。

Kudos on the execution here. A couple of questions for me. I guess I really appreciate all the additional disclosure and color around the guidance here and even kind of the first look at 2024.

感謝這裡的處決。問我幾個問題。我想我真的很感謝這裡的指南中所有額外的披露和顏色，甚至是 2024 年的第一眼。

I know most of it is focused around kind of volume demand, revenue upside as you factor in the impact of IRA. I think you alluded to also embedding some impact on profit margins.

我知道其中大部分都集中在某種數量需求和收入增長上，因為你考慮了 IRA 的影響。我認為你提到了對利潤率也有一些影響。

Can you maybe elaborate a little bit on what you're assuming in 2024 in terms of impact of IRA, whether it's pricing, it's something on the COGS side? It sounds like there's some margin uplift you're assuming, and just trying to get a sense of what you're embedding in there and also where the puts and takes are if you could see even more versus what you're base case is right now?

你能否詳細說明一下你在 2024 年對 IRA 影響的假設，無論是定價，還是 COGS 方面的影響？聽起來你假設有一些保證金提升，只是想了解你在其中嵌入了什麼，以及如果你能看到更多與你的基本情況相比，看跌期權和看跌期權的位置是正確的現在？

Thank you, Brian. Our core view on the IRA is that is it safe today. What we are -- embedded in our view of the market we're communicating to you, it's volume. So we are -- feel more confident so we can give you the guidance of 35% to 40% increase in revenue for next year. And that will be profit or EBITDA profit -- adjusted EBITDA profit for (inaudible) in line with what we kind of communicated and improvement.

謝謝你，布萊恩。我們對 IRA 的核心觀點是，它今天安全嗎？我們是什麼——嵌入我們對市場的看法中，我們正在與您交流，這就是數量。所以我們 - 更有信心，因此我們可以為您提供明年收入增長 35% 至 40% 的指導。這將是利潤或 EBITDA 利潤——調整後的 EBITDA 利潤（聽不清），符合我們所傳達和改進的內容。

But it's volumes. Today, I don't think we are at a stage where we are today that we can give you -- that we can commit or embed our guidance increases in margin. So we continue, as I said, 10 to 15, some segments higher, some segments on the lower side but in line with what we've been telling the market what we're going to do. So we're not at a point that we have defined our margin objective.

但它的數量。今天，我不認為我們處於我們今天可以給你的階段 - 我們可以承諾或嵌入我們的指導增加利潤率。因此，正如我所說，我們繼續 10 到 15，一些細分市場較高，一些細分市場較低，但與我們一直告訴市場的我們將要做的事情一致。所以我們還沒有確定我們的保證金目標。

Okay. Fair enough. We'll look out for more color. I guess second question for me, and I'll pass it on, is on the contracted backlog, a healthy number here, $2.7 billion. You clearly have the revenue guidance in your crosshairs for 2023.

好的。很公平。我們會尋找更多的顏色。我想我的第二個問題是合同積壓，這是一個健康的數字，27 億美元。您顯然已經將 2023 年的收入指導放在了十字準線中。

Can you remind us sort of how you define backlog? What -- the $2.7 billion -- why wouldn't it relate to potentially a higher revenue opportunity in '23 versus the 1.6 to 1.8 you're guiding to today? And then also the mix of the backlog, if you could kind of articulate what the $2.7 billion is comprised of?

你能提醒我們你是如何定義積壓的嗎？什麼 - 27 億美元 - 為什麼它與 23 年潛在的更高收入機會而不是你今天指導的 1.6 到 1.8 無關？然後還有積壓的組合，如果你能說清楚這 27 億美元是由什麼組成的？

I will turn over to Manu.

我將交給 Manu。

Yes, sure. So just from a layering in, if you take the remaining 3 quarters of the year and take our midpoint to our first quarter actuals, that's roughly $1.4 billion, sort of the $2.7 billion, $1.4 billion translates into the year.

是的，當然。因此，僅從分層來看，如果你把今年剩下的三個季度拿去我們的中點到我們第一季度的實際值，那大約是 14 億美元，大約是 27 億美元，14 億美元轉化為今年。

Typically from a cycle time perspective, our backlogs translate into revenue between, call it, 12 to 18 months. And some may be a little longer, some may be towards the lower end. So I think that's been a normal kind of translation of backlog from a revenue perspective going into '23 and '24.

通常從周期時間的角度來看，我們的積壓訂單轉化為收入的時間為 12 到 18 個月。有些可能會更長一些，有些可能會接近低端。所以我認為從收入的角度來看，這是進入 23 年和 24 年的一種正常的積壓翻譯。

Look, as we tighten up from an execution perspective and a supply chain assurance perspective, is it possible that some of that backlog that we have articulated for '24 takes back into '23 and gets us closer to the top end of our guidance? Yes, that's certainly something that we internally strive for.

看，當我們從執行的角度和供應鏈保證的角度收緊時，我們為 24 年闡明的一些積壓工作是否有可能回到 23 年並使我們更接近指導的頂端？是的，這當然是我們內部努力的目標。

But from a guidance perspective and from a color perspective, we are comfortable with what we told you, which is we narrowed the range, increased the midpoint of $1.7 billion. And we've kind of provided a (inaudible) to our 2024 number of revenue guidance between 35% to 40% investment, what we are seeing in the backlog and more importantly, what we expect to see come down the pipe in the second half of the year from the IRA.

但從指導的角度和顏色的角度來看，我們對我們告訴你的內容感到滿意，即我們縮小了範圍，增加了 17 億美元的中點。我們已經為我們的 2024 年收入指引提供了一個（聽不清）35% 到 40% 的投資，我們在積壓中看到的，更重要的是，我們預計下半年會出現什麼來自愛爾蘭共和軍的年度人物。

Our next question comes from the line of David Peters with Wolfe Research.

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

So on Slide 6, just you're pointing to the IRA driving revenue growth of 40% to 50% in the U.S. And just on the consolidated top line growth that you're pointing to, I think that implies international growth just above 20. So just on the international piece, curious if you could speak to the visibility there at this point. And is most of that coming from Europe or Asia?

因此，在幻燈片 6 上，你只是指 IRA 推動美國收入增長 40% 至 50%。就你所指的綜合收入增長而言，我認為這意味著國際增長略高於 20。所以就國際版而言，好奇你此時是否可以談談那裡的能見度。其中大部分來自歐洲還是亞洲？

I think it's a combination. Both markets are similar size from our point of view. Some of the markets are -- move at some point faster or smaller as we move forward. So that's kind of the way I think.

我認為這是一個組合。從我們的角度來看，這兩個市場的規模相似。隨著我們前進，一些市場在某些時候移動得更快或更小。所以這就是我的想法。

So there are -- where are the markets where we see the most growth? The U.K., Australia, probably the ones where growth seems to be. Taiwan and the Philippines have been attractive markets for us. We'll work for them. Germany with a transmission project has proven to be a good market too. I think that long term these 2 markets should represent roughly the same size. Today, APAC in our numbers are a little bit smaller, but we see significant growth coming forward.

所以有 - 我們看到增長最快的市場在哪裡？英國、澳大利亞，可能是那些看起來有增長的國家。台灣和菲律賓對我們來說一直是很有吸引力的市場。我們會為他們工作。擁有傳輸項目的德國也被證明是一個很好的市場。我認為這兩個市場的長期規模應該大致相同。今天，我們在亞太地區的人數略少一些，但我們看到未來會有顯著增長。

Okay. Great. And then just specifically with what unique clarification on -- from the IRS by April or the spring can, I guess, just to ensure that 2024 growth expectation in the U.S. materializes. Just what specifically do you need clarification on?

好的。偉大的。然後具體說明什麼獨特的澄清——我猜美國國稅局在 4 月或春季可以，只是為了確保美國 2024 年的增長預期成為現實。您具體需要說明什麼？

This is more -- I don't think that it won't affect in any way '23 revenue. It could affect some time in '24, but we are fairly confident that -- I think the clarifications for what we're waiting for is some of this to ensure that we can have U.S. manufacturing content and that they are developing as we continue to look at -- capture some of our -- some of the value that (inaudible) that we can capture more than anything. I will say that it's very unlikely that the guidance will affect what we are telling you for '24.

這更多——我認為它不會以任何方式影響 23 年的收入。它可能會影響 24 年的某個時間，但我們相當有信心——我認為我們正在等待的澄清是為了確保我們能夠擁有美國製造內容，並且隨著我們繼續看看 - 捕捉我們的一些 - 我們可以捕捉到的（聽不清）比任何東西都重要的一些價值。我要說的是，該指南不太可能影響我們為 24 年告訴你的內容。

Our next question comes from Ryan Levine with Citi.

我們的下一個問題來自花旗的 Ryan Levine。

Regarding the Mosaic entrance into the ERCOT market, can you speak to how the product is differentiated for ERCOT versus CAISO? And should we be looking for additional markets that you'd be entering in the near term on that product?

關於 Mosaic 進入 ERCOT 市場，您能否談談 ERCOT 與 CAISO 的產品差異化？我們是否應該尋找您將在短期內使用該產品進入的其他市場？

These, our Mosaic product has -- its main call to fame, it's very good foresight. The ability to predict to what's going to happen in the market in the high 90s. So -- and that happens that for every market you need to really -- to really work to get to high numbers. You need to ensure your database and your artificial intelligence tools are working effectively.

這些，我們的馬賽克產品——它的主要名氣，它非常有遠見。能夠預測 90 年代高潮時市場將要發生的事情。所以——對於每個你真正需要的市場——真正努力獲得高數字的情況都會發生。您需要確保您的數據庫和人工智能工具有效運行。

So that's what essentially happens. The tools provide the same (inaudible) on where the market is going to play in terms of volumes and price going forward.

這就是本質上發生的事情。這些工具提供了相同的（聽不清）關於市場將在未來的數量和價格方面發揮作用的地方。

So in terms of growth, what we had -- as we discussed in our last call, we are replatforming the Mosaic tool. Why? We have proven that it was taken -- it was too costly and too cumbersome the process of -- the architecture needed some improvements to ensure we can move standard into new markets at more reasonable cost.

因此，就增長而言，正如我們在上次電話會議中討論的那樣，我們正在重新構建 Mosaic 工具的平台。為什麼？我們已經證明，它已經被採用——它的成本太高，過程太繁瑣——架構需要一些改進，以確保我們能夠以更合理的成本將標準推向新市場。

Clearly, that is really matter in California and ERCOT because these are very, very attractive markets, very liquid, a lot of players. But as we go into market that are not as liquid, we really needed to ensure that we manage the cost of the adaptation to new markets going forward.

顯然，這在加利福尼亞州和 ERCOT 真的很重要，因為這些市場非常非常有吸引力，流動性很強，參與者很多。但是當我們進入流動性不強的市場時，我們確實需要確保我們能夠管理適應未來新市場的成本。

We're in that process as we announced in the last call of replatforming the tool. And our plan is to -- while the platform is done, which we are this year or early next year, we will -- our objective we will in the next 3 years to enter into a (inaudible). So that's how we're seeing on it. We have not set the specific date of when each market will come, but you should expect that coming in '24.

我們正處於該過程中，正如我們在上一次重新平台化工具的電話會議中所宣布的那樣。我們的計劃是 - 當平台完成時，我們今年或明年初，我們將 - 我們的目標是在未來 3 年內進入（聽不清）。這就是我們所看到的。我們還沒有確定每個市場何時到來的具體日期，但你應該期待它在 24 年到來。

And as the product continues to evolve, are you seeing serving type of customers being more appropriate for this type of software package in terms of type of resource generation versus some of the initial asset classes that you identified through the IPO?

隨著產品的不斷發展，與通過 IPO 確定的某些初始資產類別相比，您是否看到服務類型的客戶在資源生成類型方面更適合此類軟件包？

I think we are working with the same global IPPs who are training their staff. So it hasn't changed who we're working with. And it might change as we move into new markets for ERCOT and CAISO and NEM. We work with the same type of customers.

我認為我們正在與正在培訓員工的全球 IPP 合作。所以它並沒有改變我們的合作對象。隨著我們進入 ERCOT、CAISO 和 NEM 的新市場，它可能會改變。我們與同一類型的客戶合作。

And our next question comes from the line of Ben Kallo with Baird.

我們的下一個問題來自 Ben Kallo 與 Baird 的對話。

Good quarter. Just on the supply chain, could you talk to us and remind us about your cell supply and how you are with your current relationships and your intent on if there is one on expanding those relationships and how you think about geographic risk on the supply chain from that front and mitigating that? And I have a follow-up.

好季度。就供應鏈而言，您能否與我們談談並提醒我們您的電池供應以及您對當前關係的看法以及您是否打算擴大這些關係以及您如何看待供應鏈上的地理風險那個前線並減輕那個？我有一個後續行動。

Thank you. As you know, we're currently buying modules. We're not going sell them yet. We'll start buying cells once we have our own module for the summer of '24. So we're buying modules.

謝謝。如您所知，我們目前正在購買模塊。我們還不打算賣掉它們。一旦我們擁有自己的 24 世紀夏季模塊，我們將開始購買電池。所以我們正在購買模塊。

We are a -- so in terms of -- today we're actively looking to diversify the players we work with. We have (inaudible) players where there's a significant or a great majority of supply chain comes from China.

我們是 - 所以就 - 今天我們正在積極尋求與我們合作的參與者多樣化。我們有（聽不清）參與者，其中很大一部分或絕大多數供應鏈來自中國。

We are working hard to diversify it to Europe with the Northvolt process we're doing, and we're working with some other markets where we are -- in Korean production. But generally, when you look at it today, it is mostly China.

我們正在努力通過我們正在進行的 Northvolt 工藝將其多樣化到歐洲，並且我們正在與我們所在的其他一些市場合作——在韓國生產。但總的來說，當你今天看的時候，主要是中國。

As we move forward, I think we will continue, and I guess that's your question, we will continue to work with some of the people that we're working today. But as we start buying cells, we will spend significantly where we can buy cells from. And we can -- I think they will expand not only from the companies but also geographic. So that's kind of where we are. We are actively looking. Diversification is a rule of the game, and we have set as to our view of our companies that scales fundamental for this company because scale is the only way to diversify at an optimal level. So that's kind of that's where we are.

隨著我們的前進，我認為我們會繼續，我想這是你的問題，我們將繼續與我們今天正在工作的一些人合作。但是當我們開始購買電池時，我們將在可以購買電池的地方花費大量資金。我們可以——我認為他們不僅會從公司擴張，還會從地域擴張。這就是我們所處的位置。我們正在積極尋找。多元化是遊戲規則，我們已經確定了我們對公司規模的看法，因為規模是實現最佳多元化的唯一途徑。所以這就是我們所處的位置。

Okay. Just on Slide 7, you talk about bankability. I'm just wondering if that -- if the leadership you show here, if that makes a bigger difference now with IRA, the ITC from a tax equity perspective?

好的。在幻燈片 7 上，您談到了可融資性。我只是想知道，如果你在這裡展示的領導能力，從稅收公平的角度來看，這是否對 IRA 和 ITC 產生了更大的影響？

Yes. That's a great question. Thank you. Bankability is very, very important, especially for the bigger -- in the U.S. market, when the projects are bigger. And they require some cases more complex tax function or structure to make it work.

是的。這是一個很好的問題。謝謝。可融資性非常非常重要，尤其是對於更大的項目——在美國市場，當項目更大時。在某些情況下，他們需要更複雜的稅收職能或結構才能使其發揮作用。

So we see sometimes that we are one of the few (inaudible). There are not that many players with whom you can build (inaudible) . And that I think is reflected in the fact that we're already seeing the IRA reflected in our pipeline. And as we said, we should see that higher volumes in '24 coming out of that.

所以我們有時會看到我們是少數人之一（聽不清）。您可以與之合作的玩家並不多（聽不清）。我認為這反映在我們已經看到 IRA 反映在我們的管道中這一事實。正如我們所說，我們應該看到 24 年的銷量更高。

So it's clearly a competitive advantage, something that we take care of, ensure that we're always -- the way we structure our deals and the way we think our product to show that we keep that leadership position (inaudible).

因此，這顯然是一種競爭優勢，我們關注的事情，確保我們始終——我們構建交易的方式以及我們認為我們的產品表明我們保持領先地位的方式（聽不清）。

Our final question comes from the line of Julien Dumoulin-Smith with Bank of America.

我們的最後一個問題來自美國銀行的 Julien Dumoulin-Smith。

It's Alex actually on for Julien. Appreciate it. So apologies, this one's probably for Manu. It's a little bit in the weeds, but just trying to make sure we understand.

實際上是 Alex 替 Julien 上場。欣賞它。抱歉，這個可能是給 Manu 的。它有點雜草，但只是想確保我們理解。

When we look at the deployed, I guess, gigawatts looks up pretty modestly versus the rev recognition coming up quite a bit. And I saw, I guess, unbilled receivables kind of shot up as well.

當我們查看部署時，我猜，千兆瓦看起來相當適度，而轉速識別卻出現了很多。我猜，我看到未開票的應收賬款也在猛增。

So just trying to understand maybe the nuances there between rev rec and kind of the deployed number as well as what's reflected in the contracted backlog versus rev rec if that makes sense? Just try to square all those pieces.

因此，只是想了解 rev rec 和部署數量之間的細微差別，以及合同積壓與 rev rec 中反映的內容是否有意義？只是嘗試將所有這些部分平方。

Sure. So let me give you a couple of comments, and then we have more detailed definitions on Slide 15 of our deck, and then there's a little bit more on our metric sheets. But just the way to think about it, right?

當然。所以讓我給你一些評論，然後我們在幻燈片 15 上有更詳細的定義，然後在我們的指標表上有更多的定義。但只是思考它的方式，對吧？

So deployed as we talk about that is projects or solutions that have achieved substantial completion, that's one. From a rev rec basis, as you know, we do a percentage of completion from a revenue recognition perspective. And therefore, there is some portion of megawatt hours that we recognize as we go.

因此，正如我們所說的那樣部署是已經取得實質性完成的項目或解決方案，就是一個。如您所知，從收入收入的角度來看，我們從收入確認的角度確定了完成的百分比。因此，我們在進行過程中會識別出一部分兆瓦時。

The reason we gave you megawatt hours tied to revenue recognition because it's a good volume metric tied to our revenue dollars. I think that's one way to think about it. That way, you can think about how we are doing in terms of our volume, pricing, just makes modeling easy.

我們給你兆瓦時的原因與收入確認掛鉤，因為它是與我們的收入美元掛鉤的良好數量指標。我認為這是一種思考方式。這樣，您就可以考慮我們在數量、定價方面的表現如何，這只會使建模變得容易。

It's also a key metric that shows operational progress on a particular project. So for a variety of reasons, that's a great metric for us to have a conversation on. But we do give you the deployed megawatts or megawatt hours to show what projects have achieved substantial completion, right? So that's one.

它也是顯示特定項目運營進度的關鍵指標。因此，出於各種原因，這是我們進行對話的一個很好的指標。但是我們確實會向您提供已部署的兆瓦或兆瓦時，以顯示哪些項目已基本完成，對嗎？這就是一個。

Our contracted backlog is a dollar number that is tied to the value of the project. And the layering in of that contracted backlog revenue dollars between the fiscal years '23, '24 is influenced in part by the percentage of completion methodology on how we book our revenue.

我們的合同積壓是與項目價值相關的美元數字。在 23 年和 24 年財政年度之間，合同積壓收入美元的分層部分受到我們如何預訂收入的完成百分比方法的影響。

So said differently, we may recognize revenue on a project in 2023 that may achieve substantial completion in 2024. So hopefully, that was helpful. We can clear up any of the follow-ups in our comments.

換句話說，我們可能會在 2023 年確認一個項目的收入，該項目可能會在 2024 年實現實質性完成。希望這會有所幫助。我們可以清除我們評論中的任何後續行動。

Yes. No, I appreciate it. I know it's kind of an in-the-weeds question. Maybe one that's less in the weeds and let's just talk about you guys obviously sourcing more and more from Northvolt. I think it's really impressive actually, that you say everything in country or in transit, a lot of line of sight there on that backlog.

是的。不，我很感激。我知道這是一個雜草叢生的問題。也許是一個雜草較少的人，讓我們談談你們顯然越來越多地從 Northvolt 採購。我認為這真的令人印象深刻，你在國家或運輸途中說出一切，在積壓的工作中有很多視線。

I mean, when you think about more, let's say, non-China sourcing and sort of this higher rate demand wedge on the other end, I mean, when we think about backlog, do you have, I guess, a broad heuristic as far as line of sight that you anticipate, whether it's 1 year, 2 year or a lot longer in this business?

我的意思是，當你考慮更多的時候，比方說，非中國採購和另一端的這種更高速率的需求楔子，我的意思是，當我們考慮積壓時，我想你是否有一個廣泛的啟發式作為您預期的視線，這個行業是 1 年、2 年還是更長時間？

Clearly, it's evolving. But I think the tea leaves would point towards you guys could have a lot more line of sight than you have had historically on that piece of the business. So just curious how you think about that.

顯然，它正在進化。但我認為茶葉會指向你們，這比你們過去在這塊業務上的視線要多得多。所以很好奇你是怎麼想的。

I'm not sure I had followed completely the question. I mean, I do -- I'll tell you kind of how I think about it -- how we're looking forward. Supply chain is diversifying, reducing the (inaudible) we can create.

我不確定我是否完全理解了這個問題。我的意思是，我確實——我會告訴你我的想法——我們是如何期待的。供應鏈正在多樣化，減少了我們可以創造的（聽不清）。

Clearly, our strategic plan is to capture the IRA, so modules and then buy U.S. manufactured cells and manufacturing products there.

顯然，我們的戰略計劃是佔領 IRA，因此購買組件，然後在那裡購買美國製造的電池和製造產品。

In terms of what we're seeing today is, I would say, what we've seen -- what we can see line of sight to today with our backlog is essentially products that are in line what we were doing. These are not -- were not reflected in a U.S. manufacturer product -- were not reflected.

就我們今天所看到的而言，我想說的是，我們所看到的——我們今天可以看到的視線與我們的積壓基本上是與我們正在做的事情一致的產品。這些不是 - 沒有反映在美國製造商的產品中 - 沒有反映出來。

So those will come up as we move forward. We can secure the balances. We can secure the supply chain, and we can get this forward. So that one, that was clearly another point of sight and another -- maybe another part of volumes that we have potentially a better view or a different view on markets.

因此，隨著我們的前進，這些將會出現。我們可以確保平衡。我們可以保護供應鏈，我們可以推動這一點。因此，那顯然是另一種觀點，而另一種——也許是我們對市場有更好的看法或不同看法的另一部分數量。

But I don't know if I'm answering your question completely. Maybe Manu -- that is how I would think about it. So today, we're very confident in '23, very confident on the top line in '24, on the EBITDA line on '24. So that's what we can convene and what we are seeing now.

但我不知道我是否完整地回答了你的問題。也許是 Manu——這就是我的想法。所以今天，我們對 23 年非常有信心，對 24 年的頂線非常有信心，對 24 年的 EBITDA 線非常有信心。這就是我們可以召開的會議，也是我們現在看到的。

Let me just bring this to a close as to how I thought about the question, similar to what Julian said. We've got '23 supply chain on locked up like we said. We've got backlog locked up as well.

讓我來結束這個問題，就像 Julian 所說的那樣，我是如何看待這個問題的。正如我們所說，我們已經鎖定了 23 年的供應鏈。我們也鎖定了積壓工作。

For '24, we have great line of sight, both from a top line perspective. We provided a fair bit of comments in this call. And then from a supply chain perspective, we have a great line of sight going forward, which gives us the confidence to get to the range we provided of 35% to 40% largely on the back of the growth in (inaudible) .

對於'24，我們有很好的視線，無論是從頂線的角度來看。我們在這次電話會議中提供了一些評論。然後從供應鏈的角度來看，我們對未來有很好的展望，這讓我們有信心達到我們提供的 35% 到 40% 的範圍，這主要是由於（聽不清）的增長。

And then from a diversification perspective, the way to think about diversification is we are going up the chain and making our own (inaudible) or our modules. And then the Northvolt also provides us a source of diversification. It's certainly on top of our mind, and there are multiple angles to it likely articulated both in terms of making our own systems as well as identifying sources that are not channels.

然後從多元化的角度來看，考慮多元化的方式是我們沿著鏈條向上發展並製作我們自己的（聽不清）或我們的模塊。然後 Northvolt 也為我們提供了多元化的來源。它當然是我們的首要考慮，並且在構建我們自己的系統以及識別非渠道的來源方面，它可能有多個角度。

I would now like to turn the conference back over to Mr. Julian Nebreda for closing remarks.

我現在想把會議轉回 Julian Nebreda 先生作閉幕詞。

Thank you. Thank you very much. Thank you, everybody, for participating. We're very, very happy with the quarter. I mean, I think that we have seen the initial effects of our turnaround.

謝謝。非常感謝。謝謝大家的參與。我們對本季度非常非常滿意。我的意思是，我認為我們已經看到了轉變的初步效果。

There's a long way to go. There's a lot of work we need to do. We need to continue maturing, capturing our -- what we said our objective, continue growing this company so we can capture the value through the scale, supply chains, derisking, diversifying, capture the IRA and continue developing products and going with the market and offering our customers the products that makes their lives different, that makes the world different.

還有很長的路要走。我們需要做很多工作。我們需要繼續成熟，實現我們的——我們所說的目標，繼續發展這家公司，這樣我們就可以通過規模、供應鏈、去風險、多元化、捕獲 IRA 並繼續開發產品並與市場和為我們的客戶提供讓他們的生活與眾不同、讓世界與眾不同的產品。

So there's a lot of work, but we're happy. We probably will celebrate today, but acceleration will be more of an impulse to continue working as we're working. So great. Thank you all for participating, and hope to talk to you all during the next few weeks. Bye-bye.

所以有很多工作，但我們很高興。今天我們可能會慶祝，但加速將更多地是一種繼續工作的衝動。很好。感謝大家的參與，並希望在接下來的幾週內與大家交談。再見。

This concludes today's conference call. Thank you for your participation. You may now disconnect. Everyone, have a wonderful day.

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。每個人，祝你有美好的一天。