Fluence Energy Inc (FLNC) 2023 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Fluence Energy Second 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, Lex May, Vice President of Investor Relations. Please go ahead.

美好的一天，謝謝你的支持。歡迎參加 Fluence Energy 2023 年第二季度收益電話會議。 （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 Lex May。請繼續。

Thank you. Good morning, and welcome to Fluence Energy's Second 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.

謝謝。早上好，歡迎來到 Fluence Energy 2023 年第二季度收益電話會議。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。

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 Products Officer.

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 related to our business and company that are not historical facts.

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相關的各種非歷史事實的事項做出某些前瞻性陳述。

Such statements are based upon the current expectations and certain assumptions and are, therefore, subject to certain risks and uncertainties. Many factors could cause actual results to differ materially.

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。許多因素可能導致實際結果大不相同。

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.

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.

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。

A reconciliation of these non-GAAP measures to the most comparable GAAP measure is available on our earnings materials on the company's Investor Relations website. Following our prepared comments, we will conduct a question-and-answer session with our team. (Operator Instructions) Thank you very much. I'll now turn the call over to Julian.

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，我們將與我們的團隊進行問答環節。 （操作員說明）非常感謝。我現在將電話轉給 Julian。

Thank you, Lex. I would like to extend a warm welcome to our investors, analysts and employees who are participating in 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 for the second quarter as well as our outlook for the rest of the fiscal year.

謝謝你，萊克斯。我要熱烈歡迎參加今天電話會議的投資者、分析師和員工。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 將討論我們第二季度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 in the quarter, we recognized a record $698 million of revenue and $32 million of adjusted gross profit.

從具有主要亮點的幻燈片 4 開始。我很高興地報告，在本季度，我們確認了創紀錄的 6.98 億美元收入和 3200 萬美元的調整後毛利潤。

Our demand was strong across all 3 of our business lines. And new orders were approximately $847 million, highlighted by our services business contracting 1 gigawatt (sic) [2.8 gigawatt], and our digital business contracted 2.7 gigawatts.

我們所有 3 條業務線的需求都很強勁。新訂單約為 8.47 億美元，突出體現在我們的服務業務簽約 1 吉瓦（原文如此）[2.8 吉瓦]，而我們的數字業務簽約 2.7 吉瓦。

Furthermore, our signed contract backlog as of March 31, was $2.8 billion, a quarter-over-quarter increase of approximately $100 million, even after recognizing almost $700 million of revenue during the quarter. I will also note that approximately 81% of our backlog is with nonrelated parties.

此外，截至 3 月 31 日，我們簽署的未完成合同為 28 億美元，環比增長約 1 億美元，即使在本季度確認了近 7 億美元的收入之後也是如此。我還會注意到，我們大約 81% 的積壓訂單與非關聯方有關。

Lastly, our recurring revenue businesses, which consist of services and digital, experienced a strong growth during the quarter. Our service attachment rate was 263% for the second quarter, driven by the signing of the service agreement with Orsted.

最後，我們的經常性收入業務（包括服務和數字業務）在本季度實現了強勁增長。在與 Orsted 簽署服務協議的推動下，我們第二季度的服務附件率為 263%。

Furthermore, our deployed service attachment rate, which is based on our cumulative active service contracts relative to our deployed storage, remains above 90%.

此外，我們的部署服務附加率（基於我們相對於部署存儲的累計有效服務合同）保持在 90% 以上。

Looking specifically at our digital business. We had a very strong quarter as we were able to contract 2.7 gigawatts, which is a 200% increase from the previous quarter. These are early signs that our strategic direction is progressing successfully.

特別關注我們的數字業務。我們有一個非常強勁的季度，因為我們能夠簽約 2.7 吉瓦，比上一季度增長 200%。這些是我們的戰略方向正在成功推進的早期跡象。

Furthermore, we added approximately 800 megawatts of digital assets under management. We still have a lot of work to do regarding our digital business, but we are very encouraged by the results so far.

此外，我們增加了約 800 兆瓦的數字資產管理。關於我們的數字業務，我們還有很多工作要做，但我們對迄今為止的結果感到非常鼓舞。

Turning to Slide 5, I'd like to discuss the 5 strategic objectives that we highlighted previously and provide you with an update on our progress. 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.

轉到幻燈片 5，我想討論我們之前強調的 5 個戰略目標，並向您提供我們進展的最新情況。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。

As Manu will discuss in more detail, we are able to raise our guidance due to better execution, causing some of our projects being ahead of our expected schedule.

正如 Manu 將更詳細地討論的那樣，由於更好的執行，我們能夠提高我們的指導，導致我們的一些項目提前於我們的預期時間表。

Additionally, I'm pleased to report that we're pulling forward our profitability time line. As you may recall, we previously expected to be adjusted EBITDA-positive in fiscal year '24. We do not provide quarterly guidance. However, we are expecting to be close to adjusted EBITDA breakeven in the fourth quarter of fiscal year '23.

此外，我很高興地報告，我們正在推進我們的盈利時間表。您可能還記得，我們之前預計在 24 財年調整後的 EBITDA 為正。我們不提供季度指導。但是，我們預計 23 財年第四季度將接近調整後的 EBITDA 收支平衡。

Second, we will continue to develop products and solutions that our customers need. As such, I'm pleased to report that we received a 200-megawatt binding award for our Orsted (inaudible), making this our third award of energy storage-as-a-transmission.

其次，我們將繼續開發客戶需要的產品和解決方案。因此，我很高興地向大家報告，我們的 Orsted（聽不清）獲得了 200 兆瓦的約束力獎，這是我們的第三個儲能傳輸獎。

As I've noted on our previous calls, we are very bullish on the transmission segment and expect this area to grow as transmission congestion becomes a critical issue around the world.

正如我在之前的電話會議中指出的那樣，我們非常看好輸電領域，並預計隨著輸電擁堵成為全球的一個關鍵問題，這一領域將會增長。

Fluence is well positioned to make a significant impact for our customers and ourselves by addressing this growing problem as we're one of the -- we're one of only a handful of companies in the world that possess the technology, experience and performance requirements necessary to use [energy] storage-as-a-transmission asset.

Fluence 有能力通過解決這個日益嚴重的問題對我們的客戶和我們自己產生重大影響，因為我們是世界上少數擁有技術、經驗和性能要求的公司之一有必要使用[能源]存儲作為傳輸資產。

Third, we will convert our supply chain into a competitive advantage. I'm pleased to say that we have signed a master supply agreement with AESC, under which we will procure battery cells.

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，我們已經與 AESC 簽署了主供應協議，根據該協議我們將採購電池。

This partnership adds another high-quality battery supplier to Fluence portfolio, enhancing our ability to meet the growing demand for any storage solutions. This agreement supports our domestic module manufacturing efforts and strengthens our position as a leader in the energy storage industry.

這一合作夥伴關係為 Fluence 產品組合增加了另一家優質電池供應商，增強了我們滿足對任何存儲解決方案不斷增長的需求的能力。該協議支持我們在國內模塊製造方面的努力，並加強了我們作為儲能行業領導者的地位。

Fourth, we will use Fluence digital as a competitive differentiator and a margin driver.

第四，我們將使用 Fluence digital 作為競爭優勢和利潤驅動因素。

Looking now at our Nispera product. Starting this month, we will begin including Nispera in our standard hardware solutions offerings. This is an important step as it will provide us with a path to increase in our IRR as we bundle our offerings and execute on our one sales channel approach we discussed last December.

現在看看我們的 Nispera 產品。從本月開始，我們將開始將 Nispera 納入我們的標準硬件解決方案產品中。這是重要的一步，因為它將為我們提供增加內部收益率的途徑，因為我們捆綁我們的產品並執行我們去年 12 月討論的單一銷售渠道方法。

And finally, our fifth objective is to work better. I'm proud to state that Fluence has published its Inaugural Sustainability Report on our website. In this report, we outlined our commitment to a circular economy that includes sustainable end-of-life management for our products as well as our firm stance against forced labor.

最後，我們的第五個目標是更好地工作。我很自豪地宣布，Fluence 已在我們的網站上發布了首份可持續發展報告。在本報告中，我們概述了我們對循環經濟的承諾，其中包括對我們產品的可持續報廢管理以及我們反對強迫勞動的堅定立場。

To publish a sustainability report this quickly after becoming a public company is a true testament to our values and mission to transform the way we power our work for a more sustainable future and demonstrate our leadership within the sector.

在成為上市公司後如此迅速地發布一份可持續發展報告，真正證明了我們的價值觀和使命，即改變我們為更可持續的未來提供動力的方式，並展示我們在該行業的領導地位。

Turning to Slide 6. Demand for energy storage continues to accelerate. In fact, our pipeline now sits at $11.2 billion, which is up from $10.3 billion last quarter.

轉到幻燈片 6。對儲能的需求繼續加速。事實上，我們的管道現在為 112 億美元，高於上一季度的 103 億美元。

We expect we will start to see some project awards in the second half of this calendar year that are directly attributable to the Inflation Reduction Act. We reaffirm consolidated revenue growth of 35% to 40% year-over-year for fiscal year '24, irrespective of the issuance of the final IRA guidance.

我們預計我們將在本日曆年下半年開始看到一些直接歸因於《降低通貨膨脹法案》的項目獎勵。我們重申 24 財年的綜合收入同比增長 35% 至 40%，無論 IRA 最終指南的發佈如何。

Our '23 guidance increase and the incrementally higher '24 outlook represents an expected benefit to revenues of nearly $500 million over this 2-year period, relative to our expectations on our Q1 earnings call conference 3 months ago.

相對於我們在 3 個月前的第一季度財報電話會議上的預期，我們 23 年的指導增加和 24 年前景的逐步提高代表了在這 2 年期間收入的預期收益將近 5 億美元。

It is worth noting that we're seeing and having success, regardless of the IRA. A few examples of recent successes include: the binding award in the transmission segment that I previously mentioned. Two, we were recently awarded a 400-megawatt hour contract in Australia for Shell's Energy Rangebank project.

值得注意的是，無論 IRA 是什麼，我們都看到並取得了成功。最近取得成功的幾個例子包括：我之前提到的輸電領域的約束性裁決。第二，我們最近在澳大利亞獲得了殼牌 Energy Rangebank 項目的 400 兆瓦時合同。

And as you may recall, we signed a 1,200 megawatt hour contract with Orsted in December. And during Q2, we signed a service agreement for this product. All of these were achieved without consideration of the inflation Reduction Act.

您可能還記得，我們在 12 月與 Orsted 簽署了一份 1,200 兆瓦時的合同。在第二季度，我們簽署了該產品的服務協議。所有這些都是在沒有考慮通貨膨脹減少法案的情況下實現的。

Turning to Slide 7. We are pleased to see that some of the initial IRA regulation has been released by the U.S. Treasury. However, we are still waiting on the domestic content regulations, but we believe the actions we are taking will enable us to meet the domestic content requirement sought by our customers.

轉到幻燈片 7。我們很高興地看到美國財政部已經發布了 IRA 的一些初步規定。然而，我們仍在等待國內含量法規，但我們相信我們正在採取的行動將使我們能夠滿足客戶尋求的國內含量要求。

In regards to our U.S. module manufacturing, we are on schedule and expect production to start in our Utah facility in the summer of '24. As it relates to Section 45X of the IRA or the production tax credit, we are targeting to be able to record the $10 per kilowatt hour incentive associated with manufacturing U.S. battery modules.

關於我們在美國的模塊製造，我們正在按計劃進行，預計生產將於 24 年夏天在我們的猶他州工廠開始。由於它涉及 IRA 的第 45X 節或生產稅收抵免，我們的目標是能夠記錄與製造美國電池模塊相關的每千瓦時 10 美元的獎勵。

Right now, we do not expect that we will capture incremental margin as a result of manufacturing our own modules in the U.S. We do believe it will be a volume driver for us as many of our U.S. customers have expressed the need for a U.S.-made product. Thus, we expect the $10 incentive will go towards offsetting the cost of reaching economies of scale.

目前，我們預計我們不會因為在美國製造我們自己的模塊而獲得增量利潤。我們確實相信這將成為我們的銷量驅動因素，因為我們的許多美國客戶表示需要美國製造的產品。因此，我們預計 10 美元的獎勵將用於抵消實現規模經濟的成本。

From an accounting standpoint, our current expectation is that we will account for the $10 per kilowatt hour incentive on our income statement as a reduction to cost of goods and services. However, this could change based on the final guidelines.

從會計的角度來看，我們目前的預期是，我們將在損益表中將每千瓦時 10 美元的獎勵作為商品和服務成本的減少。但是，這可能會根據最終指南發生變化。

Furthermore, we expect to elect the direct pay provision for the first 5 years of the credit. The exact timing of the cash payment is unclear at this time as we are still waiting for the clarification from the U.S. Treasury.

此外，我們希望為信貸的前 5 年選擇直接支付條款。目前尚不清楚現金支付的確切時間，因為我們仍在等待美國財政部的澄清。

Currently, we're eagerly waiting for the publication of the IRA guideline for any storage and domestic content, as several of our customers want the final details that it will provide before moving forward with contracts.

目前，我們急切地等待 IRA 指南針對任何存儲和國內內容的發布，因為我們的一些客戶希望在簽訂合同之前獲得它將提供的最終細節。

We encourage our policymakers to act swiftly. However, as I mentioned, our '24 growth expectations remain unchanged, irrespective of the final regulations being published.

我們鼓勵我們的政策制定者迅速採取行動。然而，正如我所提到的，我們的 24 年增長預期保持不變，無論最終法規是否公佈。

Turning to Slide 8. As I briefly mentioned, we recently published our Inaugural Sustainability Report, which highlights our vision to implement digital solutions to further optimize the energy storage supply chain and life cycle.

轉到幻燈片 8。正如我簡要提到的，我們最近發布了我們的首份可持續發展報告，其中強調了我們實施數字解決方案以進一步優化儲能供應鍊和生命週期的願景。

I'm pleased to state that we are committed to promoting social sustainability by fostering diversity and inclusion within the organization. We believe this is essential to develop the innovative organization we need. We aim to increase diversity within the organization by setting targets for diversity hiring.

我很高興地聲明，我們致力於通過在組織內促進多樣性和包容性來促進社會的可持續性。我們相信這對於發展我們需要的創新組織至關重要。我們旨在通過設定多元化招聘目標來增加組織內部的多元化。

We have established a target for fiscal year '23, which includes that approximately 1/3 of our employees hire have identified themselves as females. In the report, you will also see that end-of-life management is very important to us, and we have committed to developing a circular economy framework for our products.

我們為 23 財年制定了一個目標，其中包括我們僱用的大約 1/3 的員工認為自己是女性。在報告中，您還將看到報廢管理對我們非常重要，我們致力於為我們的產品開發循環經濟框架。

Additionally, we highlighted in the report that we have established a robust supplier code of conduct that is aligned with the international deal of human rights at work. That ensures that our suppliers are here to (inaudible) ethical and sustainable business practices.

此外，我們在報告中強調，我們已經制定了一套穩健的供應商行為準則，該準則與國際工作中的人權協議保持一致。這確保我們的供應商在這裡（聽不清）道德和可持續的商業實踐。

We summarized our policy on conflict minerals unethical sourcing, in which we commit to working towards avoiding the use of minerals within our supply chains from conflict-affected areas.

我們總結了我們關於衝突礦產不道德採購的政策，我們在其中承諾努力避免在我們的供應鏈中使用來自受衝突影響地區的礦產。

Furthermore, in the report, it's a signed commitment letter taking a zero tolerance stance regarding forced labor. This is an area that is critical to our values. We also included a roadmap and time line so our stakeholders can monitor our ESG journey.

此外，在報告中，這是一份已簽署的對強迫勞動採取零容忍立場的承諾書。這是一個對我們的價值觀至關重要的領域。我們還包括了路線圖和時間表，以便我們的利益相關者可以監控我們的 ESG 旅程。

In the spirit of accountability to transparency, we will provide an update on our sustainability program annually, so our stakeholders can track our year-over-year progress.

本著對透明度負責的精神，我們將每年更新我們的可持續發展計劃，以便我們的利益相關者可以跟踪我們逐年取得的進展。

Overall, Fluence energy and sustainability report demonstrates the company's commitment to sustainable practices and its efforts to drive positive environmental and social impact. Through its various initiatives and targets, Fluence Energy is working towards a more sustainable future forward.

總的來說，Fluence 能源和可持續發展報告展示了公司對可持續發展實踐的承諾及其為推動積極的環境和社會影響所做的努力。通過其各種舉措和目標，Fluence Energy 正在努力實現更可持續的未來。

In conclusion, I'm very pleased with the achievements of the second 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 through the end, the remainder of the year.

總之，我對第二季度的成就感到非常滿意。儘管我們知道還有很多工作要做，但我們希望在年底和今年剩餘時間裡繼續保持這種勢頭。

I will now turn the call over to Manu.

我現在將把電話轉給 Manu。

Thank you, Julian. I will begin by reviewing our financial performance for the second quarter and then discuss our guidance for fiscal year 2023. Please turn to Slide 10.

謝謝你，朱利安。我將首先回顧我們第二季度的財務業績，然後討論我們對 2023 財年的指導。請轉到幻燈片 10。

Our second quarter revenue reached a record high of $698 million with a record adjusted gross profit of $32 million. Revenues benefited from a pull forward of more than $200 million into the second quarter from the second half of this year, driven by improved project execution on select projects relative to our expectations and aided by the availability of materials.

我們第二季度的收入達到創紀錄的 6.98 億美元，調整後的毛利潤達到創紀錄的 3200 萬美元。收入受益於從今年下半年到第二季度的超過 2 億美元的增長，這是由於特定項目的項目執行相對於我們的預期有所改善，並得益於材料的可用性。

In the second quarter, more than 85% of our revenue or roughly $600 million came from legacy contracts. The revenue that we pulled forward into the second quarter was associated with legacy contracts, and we now anticipate that almost all of our low-margin legacy backlog will be turned over by the end of this fiscal year.

第二季度，我們超過 85% 的收入（約 6 億美元）來自遺留合同。我們提前進入第二季度的收入與遺留合同相關，我們現在預計幾乎所有低利潤的遺留積壓訂單都將在本財年結束時交出。

Since we are working faster through our legacy backlog, we are set up well for significantly higher margin rates in the second half of the year when compared to the first half.

由於我們處理遺留積壓工作的速度更快，因此與上半年相比，我們為今年下半年的利潤率大幅提高做好了準備。

With regard to operating expense and adjusted EBITDA, second quarter operating expense, excluding stock compensation, were $61 million or approximately 9% of revenue, which is down from approximately 17% of revenue in the first quarter.

關於營業費用和調整後的 EBITDA，第二季度營業費用（不包括股票薪酬）為 6100 萬美元，約佔收入的 9%，低於第一季度佔收入的約 17%。

We remain disciplined about holding our operating expense growth to less than 50% of revenue growth and expect this model to create operating leverage in 2023 and beyond.

我們仍然堅持將運營費用增長控制在收入增長的 50% 以下，並預計這種模式將在 2023 年及以後創造運營槓桿。

Turning to our cash balance. We ended the quarter with more than $380 million of total cash, including short-term investments and restricted cash. This figure is in line with our comments on our first quarter earnings call.

轉向我們的現金餘額。本季度結束時，我們擁有超過 3.8 億美元的總現金，包括短期投資和受限制的現金。這個數字與我們對第一季度財報電話會議的評論一致。

Rounding out the balance sheet discussion and in line with prior communication, we saw a decrease in inventory of approximately $300 million in the second quarter '23 from the first quarter '23 level.

完成資產負債表討論並根據之前的溝通，我們看到 23 年第二季度的庫存比 23 年第一季度的水平減少了約 3 億美元。

Our decision to focus on battery supply chain assurance and risk management has enhanced our ability to deliver projects ahead of earlier expectations. Given the improvements in the supply chain environment and as communicated in our last earnings call, we should expect improvement in the inventory turns through the end of the current fiscal year.

我們專注於電池供應鏈保障和風險管理的決定增強了我們提前交付項目的能力。鑑於供應鏈環境的改善以及我們在上次財報電話會議中所傳達的信息，我們應該預計到本財年末庫存周轉率會有所改善。

We continue to believe that we do not need to raise any additional capital to meet our needs and have ample liquidity to meet our cash needs for the next 12 months.

我們仍然相信，我們不需要籌集任何額外資金來滿足我們的需求，並且擁有充足的流動性來滿足未來 12 個月的現金需求。

Please turn to Slide 11. As Julian indicated, we have increased our fiscal year 2023 guidance ranges for both revenue and adjusted gross profit and narrowed the ranges. We now expect our total revenue to be between $1.85 billion and $2 billion, which is up from our previous revenue guidance of $1.6 billion to $1.8 billion. This is an increase of $225 million based on the guidance midpoint, driven by our overall project time line acceleration.

請轉到幻燈片 11。正如 Julian 所指出的，我們已經提高了 2023 財年收入和調整後毛利的指導範圍並縮小了範圍。我們現在預計我們的總收入將在 18.5 億美元至 20 億美元之間，高於我們之前 16 億美元至 18 億美元的收入指導。在我們整體項目時間線加速的推動下，這比指導中點增加了 2.25 億美元。

While we expect that most of our projects will be executed within the 15- to 18-month time frame that we have previously discussed, we are seeing faster progress on certain projects compared to prior expectations and thus expect this trend to continue in the future, benefiting both the second half of this year as well as fiscal year 2024.

雖然我們預計我們的大部分項目將在我們之前討論過的 15 至 18 個月的時間框架內執行，但與之前的預期相比，我們看到某些項目的進展更快，因此預計這種趨勢將在未來繼續，使今年下半年和 2024 財年受益。

This improvement is attributable to better supply chain visibility and improved execution as we leverage lessons learned from prior projects. We are also coming into the third quarter with 100% of our second half 2023 expected revenue in our backlog.

這一改進歸功於更好的供應鏈可見性和改進的執行，因為我們利用了從先前項目中吸取的經驗教訓。我們也將進入第三季度，我們積壓的 2023 年下半年預期收入的 100%。

Turning to our 2024 revenue outlook. We continue to expect 35% to 40% growth in revenue from 2023 to 2024, notwithstanding the higher revenue base we now see for 2023.

轉向我們 2024 年的收入展望。我們繼續預計 2023 年至 2024 年的收入將增長 35% 至 40%，儘管我們現在看到 2023 年的收入基數更高。

This implies an incremental $300 million of revenue for 2024 relative to our previous outlook. Thus, for the 2-year period 2023 and 2024, we now see revenues of more than $500 million, higher than what we had conveyed on our Q1 call.

這意味著與我們之前的展望相比，2024 年的收入將增加 3 億美元。因此，在 2023 年和 2024 年的兩年期間，我們現在看到收入超過 5 億美元，高於我們在第一季度電話會議上傳達的收入。

We also increased our guidance for adjusted gross profit to be between $110 million and $135 million, which is up from our previous guidance of $85 million to $115 million. It is important to note that this implies an increase in gross margin of approximately 50 basis points to 6.4% based on the guidance midpoint.

我們還將調整後毛利的指引上調至 1.1 億美元至 1.35 億美元，高於我們之前 8500 萬至 1.15 億美元的指引。重要的是要注意，這意味著基於指導中點，毛利率增加約 50 個基點至 6.4%。

Before I turn the call back to Julian for final comments, I would like to reiterate that we have high confidence in our ability to be close to adjusted EBITDA breakeven during the fourth quarter.

在我將電話轉回朱利安徵求最終意見之前，我想重申，我們對在第四季度接近調整後的 EBITDA 盈虧平衡的能力充滿信心。

With that, I will 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 would like to reiterate what I consider to be the key takeaways from this quarter's results. First, we had a record quarter in terms of our financial performance with our highest revenue and gross margin in Fluence history.

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，我們的財務業績創下了創紀錄的季度，創下了 Fluence 歷史上最高的收入和毛利率。

Second, we continue to make significant progress on our risk management, most notably in reducing our supply chain risk as reflected in diversifying our battery sales suppliers.

其次，我們在風險管理方面繼續取得重大進展，最顯著的是降低我們的供應鏈風險，這反映在我們的電池銷售供應商多元化上。

Third, we continue to expand our offerings, concentrate our efforts in developing new products and solutions that create value for our customers, as shown in our [third transmission] segment award.

第三，我們繼續擴大我們的產品範圍，集中精力開發為我們的客戶創造價值的新產品和解決方案，如我們的[第三個傳輸]部門獎項所示。

Fourth, we have positioned Fluence for increased IRR by including Nispera in our standard offer starting this month. And fifth, the financial results and accomplished covering today's call provide us with high confidence to increase our total revenue and adjusted gross profit guidance for fiscal year '23 and to pull forward our time line to profitability.

第四，我們從本月開始將 Nispera 納入我們的標準報價中，從而提高了內部收益率。第五，涵蓋今天電話會議的財務業績和成就讓我們充滿信心地增加我們的總收入和調整後的 23 財年毛利潤指導，並提前實現盈利。

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

我準備好的發言到此結束。接線員，我們現在準備好接受提問了。

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

（操作員說明）我們的第一個問題來自 James West 與 Evercore 的對話。

Julian, quick question for me about your customer base and kind of how they're thinking about their storage needs right now. I know as we think about last year, it was kind of a mad-dash scramble for assets and for getting equipment and batteries in place.

朱利安，請問我關於您的客戶群以及他們現在如何考慮存儲需求的問題。我知道，正如我們去年所想的那樣，這是一場對資產以及對設備和電池到位的瘋狂爭奪。

We've obviously had the IRA, and there's been some time line lag on total understanding of what the IRA means in the U.S. But are the customers -- are they coming to you now still with, "Okay, what's it going to cost me?"

我們顯然已經有了 IRA，並且在完全理解 IRA 在美國意味著什麼方面存在一些時間延遲。但是客戶 - 他們現在是否仍然來找你，“好吧，我要花多少錢？ ？”

Or is it more of a question of, "When can you get to me? What's the time line?" Because we know you're not just focused on land and expand, but you are focused on profitability, too, which is -- obviously it's clear this quarter, and so congratulations again on this quarter.

或者它更像是一個問題，“你什麼時候能找到我？時間表是什麼時候？”因為我們知道您不僅專注於土地和擴張，而且還專注於盈利能力，這很明顯本季度很明顯，所以再次祝賀本季度。

Thanks, James. I mean, we do a lot of -- our ability to expand our margins comes -- the main driver has been a real detailed segmentation of the customers we work with. So it might be a long way to answer your question, but so what do we do?

謝謝，詹姆斯。我的意思是，我們做了很多——我們擴大利潤的能力來了——主要的驅動力是對我們合作的客戶進行真正詳細的細分。因此，回答您的問題可能還有很長的路要走，但是我們該怎麼辦？

We look for customers that value what we offer, that value, clearly, products that are -- that we -- that they are sure that they were going to be delivered, that they're going to perform as we tell them that they're going to perform, that will provide services that will keep this solutions up to date, and that will have them running for them when they need it, that they can ensure it very well and that they can finance it.

我們尋找重視我們提供的產品的客戶，這種重視，顯然，產品是——我們——他們確信他們將被交付，他們將按照我們告訴他們的那樣執行我們將執行，這將提供服務，使該解決方案保持最新狀態，並在他們需要時為他們運行，他們可以很好地確保它，並且可以為其提供資金。

So the customers who care about that are the customers we work with. For some of them, price is very more important than others. For some of them is ensuring the performance. For some of them means, "Hey, especially where the regulatory systems are going to change, I need somebody who will know will help me adopt my systems to it."

因此，關心這一點的客戶就是我們與之合作的客戶。對於他們中的一些人來說，價格比其他人更重要。對於其中一些是確保性能。對於他們中的一些人來說，“嘿，特別是在監管系統將要發生變化的地方，我需要有人知道會幫助我採用我的系統。”

What do we see this quarter, which I guess is a little -- what do we see in the very front end? Clearly, the reduction in lithium prices and the more liquid market for batteries opens up more optionality.

我們在這個季度看到了什麼，我想這有點——我們在最前端看到了什麼？顯然，鋰價格的下降和電池流動性更強的市場開闢了更多選擇。

I think that the RMI that we offer our customers, which when prices were going up was something that makes them a little merely uncomfortable. Now it makes them feel better on signing a contract because they know at the end of the day, they will get something that's in line with what the market expected or close to what the market expected, so that's theway.

我認為我們為客戶提供的 RMI，當價格上漲時，會讓他們感到有點不舒服。現在這讓他們在簽訂合同時感覺更好，因為他們知道在一天結束時，他們會得到符合市場預期或接近市場預期的東西，所以就是這樣。

So that's globally, you see that and that -- on the other side, you have in the U.S., the Inflation Reduction Act that relayed. Some of our customers are talking to their offtakers and asking their offtakers, "Do you need the products by certain date? Or do you want to wait until we know what the -- we're going to get this 10% upside that will convert into better prices for your offtake, for whatever services you are selling?"

所以這是全球性的，你看到了那個——另一方面，你在美國有傳遞的通貨膨脹減少法案。我們的一些客戶正在與他們的承購商交談並詢問他們的承購商，“您是否需要在特定日期之前提供產品？或者您想等到我們知道是什麼——我們將獲得這 10% 的收益，這將轉化為為你的承銷商，無論你銷售的是什麼服務，都制定更好的價格？”

Yes. the answers are different. I think that some customers will need to have the projects online by certain dates or the off-takers will need. So those will move forward, we think.

是的。答案是不同的。我認為一些客戶需要在特定日期之前將項目在線，否則承購商將需要。我們認為，因此這些將向前推進。

Some of them are, "No, this can wait." And that's kind of where this will land. So I don't know if that's -- that's kind of the landscape of where we are today. So we -- today, and the reason why we were able to affirm our growth for next year, irrespective of the IRA, which was because we have seen very, very strong demand outside of the U.S.

其中一些是，“不，這可以等。”這就是它的著陸點。所以我不知道那是不是——這就是我們今天所處的環境。所以我們 - 今天，以及我們能夠確認明年增長的原因，無論 IRA 是什麼，這是因為我們看到美國以外的需求非常非常強勁。

And that give -- you looked at our backlog, where we have signed already, what we are seeing outside of the U.S., and we believe that we can meet the 35% to 40% growth irrespective of where the IRA regulations come up.

那給——你看看我們已經簽署的積壓工作，我們在美國以外看到的情況，我們相信無論 IRA 法規出台在哪裡，我們都能實現 35% 到 40% 的增長。

Okay. Okay. That's very helpful. And then maybe a quick follow-up for me on margins and maybe for Manu, but getting to EBITDA breakeven by the end of this fiscal year, obviously, a good target and making good progress there. But how should we think about EBITDA margins as we go through fiscal '24 and getting to a level of profitability and sustainable profitability on EBITDA?

好的。好的。這很有幫助。然後可能對我和 Manu 的利潤率進行快速跟進，但在本財政年度結束前實現 EBITDA 盈虧平衡，顯然，這是一個很好的目標，並在那裡取得了良好的進展。但是，當我們經歷 24 財年並達到 EBITDA 的盈利水平和可持續盈利水平時，我們應該如何考慮 EBITDA 利潤率？

Yes. So what -- consistent with what we have said in our last call, we expect to be EBITDA-positive in the fiscal year 2024. I think you'll see the margins progressively improve as we go through the quarters in the fiscal year '24 as well.

是的。那麼——與我們在上次電話會議中所說的一致，我們預計 2024 財年的 EBITDA 為正。我認為隨著我們在 24 財年的各個季度中，您會看到利潤率逐步提高以及。

And that's because if you look at our trajectory and look at it from a trailing 12-month kind of revenue average, we continue to grow our revenue. And as we've said, we'll grow our operating expense at less than half the revenue growth rate.

那是因為如果你看看我們的軌跡，並從過去 12 個月的平均收入來看，我們的收入會繼續增長。正如我們所說，我們將以不到收入增長率一半的速度增加運營費用。

And if you couple that -- those 2 comments with the fact that we are signing new contracts in the 10% to 15% margin rate, you can see the profiling of the EBITDA progressively going through the quarters.

如果你把這兩個評論與我們正在以 10% 到 15% 的保證金率簽訂新合同這一事實結合起來，你可以看到 EBITDA 的概況在各個季度逐漸變化。

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。

This is Miguel on for Brian. Maybe just the first question here on the $500 million incremental for fiscal '23 and '24. You're talking about attributing that to just better supply chain visibility and obviously the better execution here.

這是布賴恩的米格爾。也許這只是關於 23 財年和 24 財年 5 億美元增量的第一個問題。你說的是將其歸因於更好的供應鏈可見性和顯然更好的執行。

Maybe could you just expand a bit on that with some specifics or some examples? Is it just a function of getting more visibility on batteries? Is it being able to pull in projects faster than expected? Just hoping to get a bit more color there on the execution front.

也許你可以用一些細節或一些例子來擴展一下？它只是為了提高電池的可見度嗎？它是否能夠比預期更快地拉入項目？只是希望在執行方面能有更多的色彩。

Yes. Brian, the way I will -- first, clearly is the fact that our machine is working better. We had the right (inaudible) manufacturing, did a great job this quarter, and we have been able to derisk our deliveries in our contract with our customers.

是的。布賴恩，我會的方式 - 首先，很明顯我們的機器運行得更好。我們有正確的（聽不清）製造，本季度做得很好，我們已經能夠在與客戶的合同中降低交付風險。

So I think the effort of -- a lot of work from everybody for our supply chain, from our sales team, from our manufacturing team, but also at the end that we have been able to derisk our deliveries in a way that allows us to recognize revenue, even if some of our customers are not fully ready to install the equipment. That's the way to think about it.

因此，我認為我們供應鏈的每個人，我們的銷售團隊，我們的製造團隊所做的大量工作，但最終我們已經能夠以一種允許我們的方式降低我們的交付風險確認收入，即使我們的一些客戶還沒有完全準備好安裝設備。這就是思考它的方式。

And the combination of the 3. I cannot tell you now is that, one -- each one is very essential for this. If the supply chain had not worked, we won't to be here. If the manufacturers have not been able to pick up products, then it wouldn't be here.

3 個的組合。我現在不能告訴你，一個 - 每個都對此非常重要。如果供應鏈沒有發揮作用，我們就不會在這裡。如果製造商無法提貨，那麼它就不會出現在這裡。

If we have not derisked on our implementation, people have not done the work they're doing, we wouldn't to be here. So it's the machine working better. And we have identified the projects that we -- where we believe we can do this, and those are the basis for our $500 million better revenue over the next -- between this year and next year.

如果我們沒有對我們的實施提出質疑，如果人們沒有完成他們正在做的工作，我們就不會在這裡。所以這台機器工作得更好。我們已經確定了我們相信我們可以做到的項目，這些是我們明年和明年增加 5 億美元收入的基礎。

Got it. I appreciate that. And then the follow-up question here is -- kudos on the update to the guidance, obviously. But outside of that, just we're hearing about module constraints in the U.S. in general still hampering a bit the solar projects.

知道了。我很感激。然後這裡的後續問題是 - 顯然是對指南更新的讚譽。但除此之外，我們只是聽說美國的組件限制總體上仍然在一定程度上阻礙了太陽能項目。

Could you maybe give an update on what you've seen specifically for projects in your backlog for solar plus storage projects? And maybe to what degree you've seen those kinds of projects push out because of these module constraints?

您能否更新您在太陽能加儲能項目積壓項目中看到的具體情況？也許你看到這些類型的項目在多大程度上因為這些模塊限製而被推出？

Yes. I mean, our understanding -- we haven't heard anything specific from our customers. As you know, we sell to customers who are probably on the bigger side and have the capability to manage that better. But I will tell you, that's clearly one of the reason we took into consideration when we looked at our enterprise risk management.

是的。我的意思是，我們的理解——我們還沒有從客戶那裡聽到任何具體的消息。如您所知，我們的銷售對象可能是更大的客戶，並且有能力更好地管理它。但我會告訴你，這顯然是我們在研究企業風險管理時考慮的原因之一。

And one of the things we changed in our contracts was that if our solutions are ready for delivery, we -- the customer needs to take them irrespective of where they are in their solar projects, if they disconnected to the solar project or irrespective of where they are with some other elements. So that's what I will tell you.

我們在合同中更改的其中一件事是，如果我們的解決方案已準備好交付，我們——客戶需要接受它們，無論它們在太陽能項目中的哪個位置，如果它們與太陽能項目斷開連接或無論它們在哪裡它們與其他一些元素在一起。所以這就是我要告訴你的。

But we -- our customers today haven't heard anybody coming up to us and telling us, hey, I'm not going to be -- more of the questions on being a little bit cautious are connected to the IRA than whether they can get modules or not in the U.S., clearly.

但是我們——我們的客戶今天還沒有聽到有人來找我們說，嘿，我不會——更多關於保持謹慎的問題與 IRA 有關，而不是他們是否可以清楚地知道是否在美國獲得模塊。

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

我們的下一個問題來自瑞士信貸的 Maheep Mandloi。

Sorry, just hopping between calls here, so I might have missed this. The $500 million over the 2-year period, is that higher revenues versus the prior run rate? Or is that just looking at FY '24 versus FY '22?

抱歉，我只是在通話之間跳來跳去，所以我可能錯過了。 2 年期間的 5 億美元，與之前的運行率相比，收入是否更高？或者只是看看 FY '24 與 FY '22？

Yes. Maheep, so the way to think about the $0.5 billion is as follows: we've increased the guidance for 2023. And at the midpoint, it's $225 million. And then we've kept the same run rate.

是的。 Maheep，所以考慮 5 億美元的方式如下：我們增加了 2023 年的指導。在中點，它是 2.25 億美元。然後我們保持相同的運行率。

So you have a higher '24 implied outlook or outlook based on a higher 2023. So if you take that math to 2024, that's incremental $300 million for 2024. So you add the $225 million with the $300 million, you get to over $0.5 billion of revenue.

所以你有一個更高的 24 隱含前景或基於更高的 2023 年的前景。所以如果你把這個數學計算到 2024 年，那麼 2024 年將增加 3 億美元。所以你將 2.25 億美元與 3 億美元相加，你將得到超過 5 億美元的收入。

And that's on the backs of great project execution, and that's in the second quarter, and that has a read-through for remaining '23 and '24 as well. And I would be remiss if I don't reiterate the fact that we have very strong demand signals with over a $1 billion increase in our pipeline.

這是在出色的項目執行的支持下進行的，那是在第二季度，並且還對剩餘的 23 年和 24 年進行了通讀。如果我不重申一個事實，即我們有非常強烈的需求信號，我們的管道增加超過 10 億美元，我將是失職的。

Got it. I appreciate that clarification. And then could you kind of talk about which regions are driving that? And is this customers accelerating the projects? Or more benefits from manufacturing or procurement on your end?

知道了。我很欣賞這種澄清。然後你能談談哪些地區正在推動這一點嗎？這個客戶是否正在加速項目？或者從製造或採購中獲得更多好處？

Yes. So what I would say, in terms of the demand signals and if you look at our order book for the second quarter, and as Julian mentioned, we are winning globally. And we are winning both in solutions and in services. So that's kind of color and context for your question on the top line or the demand signals.

是的。所以我要說的是，就需求信號而言，如果你看看我們第二季度的訂單，正如朱利安提到的那樣，我們正在全球範圍內獲勝。我們在解決方案和服務方面都取得了勝利。因此，這是您在頂行或需求信號上的問題的顏色和背景。

Obviously, the Americas is 2/3 of our overall business, and that's going to be the larger dollar driver of it, but we are winning globally. In terms of what's driving the revenue upside in the second quarter is we typically will see -- execute our projects between the 15 to 18 months.

顯然，美洲占我們整體業務的 2/3，這將成為其中更大的美元驅動因素，但我們正在全球範圍內取勝。就推動第二季度收入增長的因素而言，我們通常會看到——在 15 到 18 個月之間執行我們的項目。

But because of better execution, as well as how we are writing our contracts now, we have the ability to pull forward some select contracts in the lower end of the 15- to 18-month range. And that carries through in the back half of this year and next year as well.

但由於更好的執行力，以及我們現在編寫合同的方式，我們有能力提前一些 15 至 18 個月範圍較低端的精選合同。這將在今年下半年和明年進行。

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

我們的下一個問題來自 Seaport Research Partners 的 Tom Curran。

For the growth you've had in services assets under management for fiscal 2023 year-to-date, could you share with us for the contracts you've added, the split between those with augmentation and those without?

對於您在 2023 財年迄今管理的服務資產的增長，您能否與我們分享您所添加的合同、增加的合同和沒有增加的合同之間的差異？

I will let Manu...

我會讓馬努...

Yes, I don't think we give that split, but the way to think about it is, a significant portion of our contracts have the ability to augment the [size], if the customer so chooses...

是的，我不認為我們會進行這種拆分，但考慮它的方式是，如果客戶這樣選擇，我們合同的很大一部分都有能力增加 [大小]...

Yes, gives them an option.

是的，給他們一個選擇。

Gives them an option. So that's the way to think about it. So most of our customers do have the option in their contract, if they so choose to augment.

給他們一個選擇。這就是思考它的方式。因此，如果我們的大多數客戶選擇增加，他們的合同中確實有選擇權。

So years ago or before, it was not an option for customers. They had to take our augmentation proposal. Now the way these service agreements are, they do have an option, and they can decide to take or not take our augmentation proposal. We believe that they are all going to take it, well, because but that's how it works.

所以多年前或之前，它不是客戶的選擇。他們不得不接受我們的增強建議。現在這些服務協議的方式，他們確實有一個選擇，他們可以決定接受或不接受我們的擴充提議。我們相信他們都會接受它，嗯，因為但這就是它的運作方式。

And so you are seeing evidence to support the expectation of a trend towards ever more augmentation opt-in?

所以你看到證據支持對越來越多的增強選擇加入趨勢的預期？

Yes, the issue is that as it is an option that the customer can take, we cannot put it as a backlog value. You know what I mean? So it's an option that they have. But I think that when we have looked at this, we believe, in most cases, it will -- I mean, it will depend a little bit on where the customer needs are on it's side or on it's contract and it's offtake (inaudible).

是的，問題是因為這是客戶可以選擇的選項，我們不能將其作為積壓價值。你知道我的意思？所以這是他們的一個選擇。但我認為，當我們審視這一點時，我們相信，在大多數情況下，它會——我的意思是，這將在一定程度上取決於客戶的需求在哪裡，或者取決於合同和承購（聽不清） .

But if there's a need for augmentation, they will do it with us. And we have worked from a product perspective, we have made some changes to our offering to ensure that we can provide our augmentation offering is a lot wider.

但如果需要增強，他們會和我們一起做。我們從產品的角度出發，對我們的產品進行了一些更改，以確保我們可以提供更廣泛的增強產品。

So we can offer our augmentations with different technologies. So that, I think, will also make us a lot more competitive when the time comes. And I think it will -- I don't think anybody will be able to get into that territory, but I don't want to brag on something that hasn't happened yet.

所以我們可以用不同的技術來增強我們的能力。所以，我認為，這也會讓我們在時機成熟時更具競爭力。我認為它會——我認為沒有人能夠進入那個領域，但我不想吹噓尚未發生的事情。

I appreciate that, Julian. And then for the consolidated pipeline, can you give us a sense of how much visibility you had on the portions of that, that are mega projects or storage-as-transmission awards that could be doled out over the next 12 to 18 months? And then for storage-as-transmission, would you expect your next award to most likely come from the U.S., Australia, Germany or Chile?

我很感激，朱利安。然後對於合併管道，您能否讓我們了解您對該部分的可見度，即在未來 12 到 18 個月內可能發放的大型項目或存儲作為傳輸獎勵？然後對於存儲即傳輸，您認為您的下一個獎項最有可能來自美國、澳大利亞、德國或智利嗎？

Yes. I mean I prefer not to go into the details about our pipeline. I think it's -- so that will be my preference, not to go and to start giving details on the pipeline. We'll make our life -- all of our life more difficult.

是的。我的意思是我不想詳細介紹我們的管道。我認為這是——所以這將是我的偏好，而不是去開始提供有關管道的詳細信息。我們會讓我們的生活——我們所有的生活變得更加困難。

On the transmission as a -- storage-as-a-transmission, we're working both in Europe, in Chile and the U.S., like you mentioned. I will say that most likely will be again in Europe. That's my opinion.

就像你提到的那樣，在傳輸作為一種傳輸——存儲作為一種傳輸方面，我們正在歐洲、智利和美國開展工作。我會說很可能會再次出現在歐洲。這是我的意見。

But -- and I can say this and I will say it, the Chile regulation for transmission do not work, do not work. That system like it's -- they design it, it's not going to work. They came up with this 15-minute storage. That's not going to be good. They're not going to get. It's not going to work. So I think unlikely. I don't know if it will be it or not, well, probably, it will be. But I think that's going to be a successful project.

但是——我可以這樣說，我會這樣說，智利的傳輸法規不起作用，不起作用。那個系統就像它一樣 - 他們設計它，它不會起作用。他們想出了這個 15 分鐘的存儲空間。那可不好。他們不會得到。這是行不通的。所以我覺得不太可能。我不知道會不會是，好吧，可能會是。但我認為這將是一個成功的項目。

We continue to see the transmission regulators in Europe, much more clearly understanding how this works and how to make the work. The U.S., we're just starting. So -- and I said this in the regulator. I'm sure they don't listen to these calls, but it will be good for them to go back, look at it because they -- we have -- we told them, this is not going to work. But I think they have a different view of how they -- what they wand to do.

我們繼續看到歐洲的傳輸監管機構，更清楚地了解其工作原理以及如何發揮作用。美國，我們才剛剛開始。所以 - 我在監管機構中說過這個。我敢肯定他們不會聽這些電話，但他們回去看看會有好處，因為他們——我們已經——我們告訴他們，這是行不通的。但我認為他們對他們想做什麼有不同的看法。

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。

So listen, I just wanted to first come back to the $0.5 billion revenue commentary that Manu provided. Can you elaborate a little bit on what this says about getting to kind of the target gross margins, especially as you think about what that says for next year here?

所以聽著，我只想首先回到 Manu 提供的 5 億美元收入評論。您能否詳細說明一下這對達到目標毛利率的意義，尤其是當您考慮明年在這裡的意義時？

Obviously, you have that improvement through the course of this year, but what does that say on the incremental margin that you're getting for next year now that you're really accelerating the revenue side of this?

顯然，你在今年的過程中取得了這種進步，但是這對你明年獲得的增量利潤率有何影響，因為你真的在加速收入方面的發展？

Yes, so -- thanks for the question, Julien. So just the way to think about our gross margin, and you can see that come through our guidance update, right? We are signing the new contract in the 10% to 15% margin rates.

是的，所以——謝謝朱利安的提問。所以只是考慮我們的毛利率的方式，你可以通過我們的指導更新看到這一點，對嗎？我們正在以 10% 至 15% 的保證金率簽訂新合同。

And more importantly, the new contracts we are signing, we're keeping those margin rates. And as you look at the increase in the guidance from the last call, the current call, you can see the increase from a gross margin perspective or a gross margin rate perspective of 50 basis points and the new contracts being signed at in the 10% to 15% margin rate (inaudible).

更重要的是，我們正在簽署的新合同中，我們將保持這些保證金率。當您查看上次通話、當前通話的指導增加時，您可以看到從毛利率角度或毛利率角度來看增加了 50 個基點，並且在 10% 內簽署了新合同到 15% 的保證金率（聽不清）。

As you roll forward into 2024, that's a good assumption from a gross margin perspective. And as you translate the gross margin into EBITDA, it gets even better and it increases our confidence from an EBITDA positive outlook for 2024, is because we are getting operating leverage, and we are very disciplined about our overhead expense and our model of spending our overhead at less than 50% of our top line growth.

當您進入 2024 年時，從毛利率的角度來看，這是一個很好的假設。當你將毛利率轉化為 EBITDA 時，它會變得更好，它會增加我們對 2024 年 EBITDA 積極前景的信心，這是因為我們正在獲得經營槓桿，而且我們對我們的間接費用和我們的支出模式非常自律管理費用不到我們收入增長的 50%。

So if you model out '23 going to '24, top line growing at 35% to 40% over a higher revenue base in '23, our gross margin contracts being -- signing in the 10% to 15% rate.

因此，如果你模擬 23 年到 24 年，在 23 年更高的收入基礎上，收入增長 35% 到 40%，我們的毛利率合同是——簽署 10% 到 15% 的利率。

Remember, one of the advantages of better execution in '23 is we are able to pull forward our legacy backlog earlier in the -- in our life cycle, and therefore, there's very little legacy backlog to be executed in the fiscal year '24. So the gross margins on the new contracts are coming through, and then that translates into a very healthy EBITDA.

請記住，在 23 年更好地執行的優勢之一是我們能夠在我們的生命週期中更早地推進我們的遺留積壓，因此，在 24 財年要執行的遺留積壓很少。因此，新合同的毛利率正在上升，然後轉化為非常健康的 EBITDA。

Excellent. All right. Great. And then just going back to the commentary on the call on Nispera, right? You talked about this new strategy this month about including it as standard in your hardware offerings.

出色的。好的。偉大的。然後回到關於 Nispera 電話會議的評論，對吧？您本月談到了這項新戰略，將其作為標準納入您的硬件產品中。

What does that say vis-a-vis Fluence IQ outlook and the revenue contribution and its level of meaningfulness, right? I think earlier you guys had said it wasn't really that meaningful until '25. Now that you're including it as sort of "standard", does that change that expectation?

相對於 Fluence IQ 前景和收入貢獻及其意義水平，這說明了什麼，對嗎？我想你們早些時候說過，直到 25 年才真正有意義。現在您將其作為某種“標準”包括在內，這是否會改變這種期望？

No. Julien, this was always part of the plan. Remember, we had one -- when we looked at this, one of the changes that we did was integrating the sales channel and our view on when this business will be material or when we will get to -- have not changed. So this was part of what we wanted to do when we announced our plan -- our new plan in December of last year, this was a part of -- it's going as planned as we expect.

不，朱利安，這一直是計劃的一部分。請記住，我們有一個 - 當我們看到這個時，我們所做的改變之一是整合銷售渠道和我們對這項業務何時重要或何時達到的看法 - 沒有改變。所以這是我們在宣布我們的計劃時想要做的事情的一部分——我們去年 12 月的新計劃，這是其中的一部分——它按我們預期的計劃進行。

Remember, we talked about single channel and then replatform in our Mosaic business, and replatform is going very well. And the single channel, which is essentially for Nispera, which will give us a base for both upsells and cross-sells. We were able to pull it out. So we are starting -- as figured has been done is we're already offering to our customers as part of our standard offer.

請記住，我們談到了單一渠道，然後在我們的 Mosaic 業務中重新平台化，並且重新平台化進展順利。而單一渠道，本質上是針對 Nispera 的，這將為我們提供追加銷售和交叉銷售的基礎。我們能夠把它拉出來。所以我們開始了 - 正如我們已經完成的那樣，我們已經將作為我們標準報價的一部分提供給我們的客戶。

Our next question comes from Ben Kallo with Baird.

我們的下一個問題來自 Ben Kallo 和 Baird。

Good results and good progress. I just wanted to follow up just on margin. I'm sorry to keep going on this question. But I just wanted to think about the different levers and cost improvements versus legacy contracts. I think Julien asked something similar to this.

成績好，進步大。我只是想跟進保證金。很抱歉繼續討論這個問題。但我只想考慮與傳統合同相比的不同槓桿和成本改進。我想 Julien 問過類似的問題。

But as we go into then attachment rates of other services software as we go into '24 and beyond and how you guys think about that?

但是，隨著我們進入 24 世紀及以後，我們研究其他服務軟件的附加率，你們是怎麼想的？

And then just my follow-up is kind of housekeeping, but just the IRA benefits and profitability. And I'm sorry, Manu, if you said this, but have you baked any of that into your profitability change going forward? So the production tax credits or anything like that?

然後我的後續行動是一種內務管理，但只是 IRA 的收益和盈利能力。對不起，Manu，如果你這麼說，但你有沒有將這些融入到你未來的盈利能力變化中？那么生產稅收抵免或類似的東西？

Yes, sure. So Ben, if I can -- there is lots to unpack there. So let me take it as how I understood the question. So if you bridge gross margins from our legacy contracts to some of the new deals we are signing in the 10% to 15% margin range, right, and we put a bridge in the back of the deck as well.

是的，當然。所以本，如果可以的話——那裡有很多東西要打開。所以讓我把它當作我理解這個問題的方式。因此，如果您將我們遺留合同的毛利率與我們正在簽署的 10% 至 15% 的保證金範圍內的一些新交易聯繫起來，對，我們也在甲板後面架起了一座橋樑。

But the drivers of our margins between the legacy contracts and the newer contracts we are signing is better execution, better pricing and then, I would say, better risk management. So those are the big drivers.

但我們在遺留合同和我們正在簽署的新合同之間的利潤率的驅動因素是更好的執行、更好的定價，然後，我想說，更好的風險管理。所以這些是主要的驅動因素。

We have also increased our margin expectations to be 10% to 15% from a much lower single-digit expectations we've had in the past. And as a result, when we are executing our legacy contracts, we are usually executing them at very low single-digit margins, almost close to breakeven.

我們還將利潤率預期從過去低得多的個位數預期提高到 10% 至 15%。結果，當我們執行遺留合同時，我們通常以非常低的個位數利潤率執行它們，幾乎接近盈虧平衡。

And as compared to the newer projects that we are executing in the 10% to 15% margin rate, depending on size and complexity in the region, you can see that trend come through in the gross margin guidance. If you take our first half actuals gross margin rate and compare that to the guidance for the full year and calculated implied second half, you can get to high single digits gross margin rate for the second half of the year.

與我們以 10% 至 15% 的利潤率執行的新項目相比，根據該地區的規模和復雜性，您可以在毛利率指導中看到這一趨勢。如果你將我們上半年的實際毛利率與全年的指導進行比較，併計算出下半年的隱含毛利率，你可以獲得下半年的高個位數毛利率。

And that's important is because it gives you a good read through of gross margins going into 2024 and EBITDA going to 2024, which is what we are pulling forward our EBITDA expectations to be close to adjusted EBITDA breakeven in the fourth quarter. So that's kind of contextualizing the margins of the legacy business compared to what we are signing from a new contract perspective.

這很重要，因為它可以讓您很好地了解 2024 年的毛利率和 2024 年的 EBITDA，這就是我們將 EBITDA 預期提高到第四季度接近調整後的 EBITDA 盈虧平衡的原因。因此，與我們從新合同的角度簽署的內容相比，這有點背景化了傳統業務的利潤率。

In terms of the IRA PTC benefit that you specifically asked, so what we've said is, look, we -- it will be a contributor to more volume potentially as opposed to taking us outside of the 10% to 15% margin range, maybe in the rounds, it takes us to the -- for those contracts that have the Fluence make to the top end of the range versus the bottom end of the range. But we are still within the 10% to 15% margin rate.

就您特別要求的 IRA PTC 收益而言，我們所說的是，看，我們 - 它可能會為更多的交易量做出貢獻，而不是讓我們超出 10% 到 15% 的保證金範圍，也許在回合中，它把我們帶到了——對於那些讓 Fluence 達到範圍頂端與範圍底端的合同。但我們仍在 10% 至 15% 的保證金率範圍內。

As we go through the years to kind of round out your question, we are seeing high attach rates for services on the assets we have deployed. We're seeing 97% attach rates. That's slightly better than what we had last quarter or kind of in line with what we had last quarter.

隨著我們多年來對您的問題進行完善，我們發現我們已部署的資產的服務附加率很高。我們看到 97% 的附加率。這比我們上個季度的情況略好，或者與我們上個季度的情況基本一致。

That in terms of meaningful contributor to our margin rates and margin dollars will be better in '24, more meaningful in '25 and then kind of gets to a higher number in '26. Those contracts are at a higher margin rate than our average solutions margin.

就我們的保證金率和保證金美元的有意義的貢獻而言，在 24 年會更好，在 25 年更有意義，然後在 26 年達到更高的數字。這些合同的保證金率高於我們的平均解決方案保證金。

So it is the power of the installed base. It also gives us a great option to kind of sell incremental services as well as attach digital contracts to them.

所以這是安裝基礎的力量。它還為我們提供了一個很好的選擇，可以出售增量服務並為其附加數字合同。

That concludes today's question-and-answer session. I'd like to turn the call back to Julian Nebreda for closing remarks.

今天的問答環節到此結束。我想將電話轉回給 Julian Nebreda 以作結束語。

Great. Well, I want to thank everybody for participating and joining us and your questions. And what -- we are really, really proud of the work of the team here, and the success is it's clearly working better than what we were expecting, so that's great news.

偉大的。嗯，我要感謝大家參與和加入我們以及你的問題。而且 - 我們真的為這裡團隊的工作感到非常自豪，成功之處在於它顯然比我們預期的要好，所以這是個好消息。

And this only will, I think, in a way, it reaffirms our commitment to continue working hard because really makes a difference at the end of the day. So really happy, and thank you again for participating. And we'll talk to all of you during the quarter and hopefully, see you soon. Bye-bye.

我認為，這只會在某種程度上重申我們繼續努力工作的承諾，因為最終確實會有所作為。真的很高興，再次感謝您的參與。我們將在本季度與你們所有人交談，希望很快見到你們。再見。

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。