Fluence Energy Inc (FLNC) 2024 Q1 法說會逐字稿

Good day, and thank you for standing by.

美好的一天，感謝您的支持。

Welcome to the Fluence Energy first-quarter 2024 earnings conference call.

歡迎參加 Fluence Energy 2024 年第一季財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Lex May, Vice President, Finance and Investor Relations.

現在我想將會議交給今天的發言人，財務和投資者關係副總裁 Lex May。

Please go ahead.

請繼續。

Thank you.

謝謝。

Good morning, and welcome to Fluence Energy's first-quarter 2024 earnings conference call.

早上好，歡迎參加 Fluence Energy 2024 年第一季財報電話會議。

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.

我們的收益報告、新聞稿和涵蓋財務績效的補充指標表的副本，以及支持性報表和時間表，包括有關非公認會計準則財務指標的調節和披露，均發佈在我們網站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; Ahmed Pasha, our Chief Financial Officer; and Rebecca Boll, our Chief Product Officer.

與我一起參加今天早上電話會議的是我們的總裁兼執行長 Julian Nebreda；艾哈邁德帕夏，我們的財務長；以及我們的首席產品長麗貝卡‧波爾 (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.

在本次電話會議期間，Fluence 管理階層可能會就與我們的業務和公司相關的各種事項做出某些非歷史事實的前瞻性陳述。

Such statements are based upon the current expectations and certain assumptions and are, therefore, subject to certain risks and uncertainties.

此類陳述基於當前預期和某些假設，因此存在某些風險和不確定性。

Many factors could cause actual results to differ materially.

許多因素可能導致實際結果有重大差異。

Please refer to our SEC filings for our forward-looking statements and for more information regarding certain risks and uncertainties that could impact our future results.

請參閱我們向 SEC 提交的文件，以了解我們的前瞻性聲明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資訊。

You are cautioned to not place undue reliance on these forward-looking statements, which speak only as of today.

請您注意不要過度依賴這些前瞻性陳述，這些陳述僅代表今天的情況。

Also, please note that the company undertakes no duty to update or revise forward-looking statements for new information.

另請注意，該公司不承擔更新或修改新資訊的前瞻性陳述的義務。

This call will also reference non-GAAP measures that we view as important in assessing the performance of our business.

此次電話會議也將參考我們認為對評估我們業務績效非常重要的非公認會計原則衡量標準。

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.

這些非公認會計準則衡量標準與最具可比性的公認會計準則衡量標準的調節可在公司投資者關係網站上的收益資料中找到。

Following our prepared comments, we will conduct a question-and-answer session with our team.

根據我們準備好的意見，我們將與我們的團隊進行問答會議。

During this time, to give more participants an opportunity to speak on this call, please limit yourself to one initial question and one follow-up.

在此期間，為了讓更多參與者有機會在本次電話會議上發言，請將自己限制在一個初始問題和一個後續問題上。

Thank you very much.

非常感謝。

I'll now turn the call over to Julian.

我現在將把電話轉給朱利安。

Thank you, Lex.

謝謝你，萊克斯。

I would like to extend a warm welcome to our investors, analysts, and employees participating on today's call.

我謹熱烈歡迎參加今天電話會議的投資人、分析師和員工。

I will provide a brief update on our business and then review progress on our strategic objectives.

我將簡要介紹我們的業務最新情況，然後回顧我們策略目標的進展。

Ahmed will then give more details on our financial performance and outlook.

艾哈邁德隨後將提供有關我們財務業績和前景的更多詳細資訊。

Beginning on slide 4 with the key highlights.

從投影片 4 開始，介紹主要亮點。

I'm pleased to report that we are off to a good start for fiscal '24 and continue to benefit from our robust energy storage market.

我很高興地向大家報告，我們在 24 財年有了一個良好的開端，並繼續受益於我們強勁的儲能市場。

In the first quarter, we recognized $364 million of revenue.

第一季度，我們確認了 3.64 億美元的收入。

Furthermore, we delivered our second consecutive quarter of double-digit gross margins.

此外，我們連續第二季達到兩位數的毛利率。

Our adjusted EBITDA for the first quarter was approximately negative $80 million, in line with our expectations and improving from negative $26 million in the first Q of '23.

我們第一季調整後的 EBITDA 約為負 8,000 萬美元，符合我們的預期，並且比 2023 年第一季的負 2,600 萬美元有所改善。

Additionally, we recognized a record $1.1 billion of new orders.

此外，我們也確認了創紀錄的 11 億美元新訂單。

This is broken down by our solution business contracted, 2.7 gigawatt hours; our services business adding 2.3 gigawatt hours; and our digital business adding 400 megawatt hours of new contract.

按我們簽約的解決方案業務細分，2.7 吉瓦時；我們的服務業務增加了 2.3 吉瓦時；我們的數位業務新增了 400 兆瓦時的合約。

Furthermore, our signed contract backlog as of December 31 increased $800 million to $3.7 billion, the highest level in our history.

此外，截至 12 月 31 日，我們已簽署的合約儲備增加了 8 億美元，達到 37 億美元，這是我們歷史上的最高水準。

Additionally, our pipeline increased $400 million to $13.4 billion, which gives us confidence to achieve our growth goals in 2024 and beyond.

此外，我們的管道增加了 4 億美元，達到 134 億美元，這讓我們有信心實現 2024 年及以後的成長目標。

Our service and digital businesses, which together represent our recurring revenue streams, continue to gain share.

我們的服務和數位業務共同代表了我們的經常性收入來源，並繼續獲得份額。

We ended the quarter with 3.3 gigawatts of service assets under management.

本季結束時，我們管理 3.3 吉瓦的服務資產。

Importantly, our deployed service attachment rate, which is based on our community-backed services contracts relative to our deployed storage, remains above 90%.

重要的是，我們部署的服務附加率（基於與我們部署的儲存相關的社區支援的服務合約）仍然保持在 90% 以上。

We had a strong quarter in our digital business, adding 400 megawatts to our backlog.

我們的數位業務在本季表現強勁，積壓訂單量增加了 400 兆瓦。

More importantly, our digital assets under management increased to 17 gigawatts as of December 31 from 15.5 gigawatts at September 30.

更重要的是，截至 12 月 31 日，我們管理的數位資產從 9 月 30 日的 15.5 吉瓦增加到 17 吉瓦。

In summary, our combined services and digital annual recurring revenue, or ARR, was approximately $64 million as of December 31 and is on track for our guidance of approximately $80 million by the end of fiscal year '24.

總之，截至 12 月 31 日，我們的綜合服務和數位年度經常性收入 (ARR) 約為 6,400 萬美元，並預計在 24 財年末實現約 8,000 萬美元的目標。

Turning to slide 5.

轉到投影片 5。

I'd like to discuss our progress on the five strategic objectives that guide our decisions and actions.

我想討論我們在指導我們的決策和行動的五個策略目標方面取得的進展。

They are also important markers for investors to monitor and measure our performance.

它們也是投資者監控和衡量我們業績的重要指標。

First, on delivering profitable growth.

首先，實現獲利成長。

This quarter, we continued to grow our backlog as we added $1.1 billion of projects that we expect to yield double-digit gross margin.

本季度，我們的積壓訂單持續增加，新增了 11 億美元的項目，預計毛利率將達到兩位數。

Our disciplined approach to offer competitive solutions to customers keeps us on track to deliver on our financial objectives.

我們為客戶提供有競爭力的解決方案的嚴格方法使我們能夠實現我們的財務目標。

Second, we will continue to develop products and solutions that our customers need.

其次，我們將繼續開發客戶所需的產品和解決方案。

As such, I'm pleased to report that we are on track for our battery module manufacturing to begin production in the summer of '24, gradually ramping up over the subsequent quarters.

因此，我很高興地報告，我們的電池模組製造預計將在 2024 年夏季開始生產，並在接下來的幾個季度逐步提高產量。

This battery module manufacturing will enable us to provide a product that meets the US domestic content requirements for battery energy storage, which I will touch on more in a moment.

這種電池模組的製造將使我們能夠提供符合美國國內電池儲能含量要求的產品，我稍後會詳細討論這一點。

Third, to our scale and global outreach, we have established a supply chain as one of our key strategic competitive advantage.

第三，就我們的規模和全球影響力而言，我們已將供應鏈作為我們的關鍵策略競爭優勢之一。

Our diversity of suppliers is a key component of this and enables us to take advantage of favorable terms and battery prices, which I will discuss in more detail shortly.

我們供應商的多樣性是其中的關鍵組成部分，使我們能夠利用優惠的條款和電池價格，我將很快對此進行更詳細的討論。

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

第四，我們將利用 Fluence Digital 作為競爭優勢和利潤驅動因素。

I'm pleased to report that we have strong digital customer retention, with 21 digital contracts renewal during the quarter and zero customer attrition.

我很高興地向大家報告，我們擁有強大的數位客戶保留率，本季度續簽了 21 份數字合同，客戶流失率為零。

And our fifth objective is to work better.

我們的第五個目標是更好地工作。

I'm proud to state that, in November, Fluence became an official signatory member of the UN Global Compact ahead of the expected timeline outlined in our 2023 Sustainability Report.

我很自豪地宣布，去年 11 月，Fluence 早於我們 2023 年永續發展報告中概述的預期時間表，成為聯合國全球契約的正式簽署成員。

Turning to slide 6.

轉到投影片 6。

We continue to see strong growth in demand for utility-scale energy storage systems.

我們繼續看到對公用事業規模儲能係統的需求強勁成長。

Over the past 12 months, we've seen lithium carbonate prices decline over 80%.

在過去的 12 個月裡，我們看到碳酸鋰的價格下跌了 80% 以上。

This has, in turn, led to a decrease in battery prices, which has improved customer economics and allowed for more projects to be penciled in.

這反過來又導致電池價格下降，從而改善了客戶經濟並允許更多項目投入使用。

It has been reflected in the growth of our backlog, which now sits at a record level of $3.7 billion, which is an increase of approximately $800 million from the fourth quarter.

這已反映在我們積壓訂單的成長上，目前積壓訂單達到創紀錄的 37 億美元，比第四季增加了約 8 億美元。

This is also the ninth consecutive quarter in which we added more ordering tech to backlog than revenue that was recognized out of backlog, further illustrating the growth in demand.

這也是我們連續第九個季度增加的積壓訂單技術數量超過了積壓訂單中確認的收入，進一步說明了需求的成長。

Additionally, this $3.7 billion does not include some of our signs since the end of the quarter, such as our 650-megawatt-hour Morse Lake project in Australia.

此外，這 37 億美元不包括我們自本季末以來的一些標誌，例如我們在澳洲的 650 兆瓦時莫爾斯湖計畫。

More importantly, 100% of our backlog is at fixed battery prices with both suppliers and customers, with no commodity price exposure, thus giving us strong visibility into revenue and margin for this project.

更重要的是，我們 100% 的積壓訂單都是按供應商和客戶的固定電池價格確定的，沒有商品價格風險，使我們能夠清楚地了解該項目的收入和利潤。

Additionally, approximately 80% of our fiscal '24 revenue guidance midpoint is already covered by our current backlog attributable to fiscal '24, plus revenue already recognizing the first quarter.

此外，我們的 24 財年收入指引中點的大約 80% 已經包含在我們目前的 24 財年積壓訂單中，加上已確認的第一季營收。

These two data points provide us with high confidence that we will be able to achieve our guidance ranges for revenue and adjusted EBITDA for fiscal '24.

這兩個數據點讓我們充滿信心，相信我們將能夠實現 24 財年收入和調整後 EBITDA 的指導範圍。

Based on the conversations we are having with our customers and potential customers, we are expecting to see continuous strong revenue growth in fiscal '25 of approximately 35% to 40% from fiscal '24.

根據我們與客戶和潛在客戶的對話，我們預計 25 財年的營收將比 24 財年持續強勁成長約 35% 至 40%。

Our 2025 outlook is supported by our pipeline, which sits at approximately $13.4 billion and grew $400 million from the last quarter.

我們的 2025 年前景得到了我們的管道的支持，管道規模約為 134 億美元，較上季度增加了 4 億美元。

As we have communicated in prior calls, our expectations for pipeline conversion is at approximately 50% over the next 24 months.

正如我們在先前的電話會議中所傳達的，我們對未來 24 個月內管道轉換的預期約為 50%。

Turning to slide 7, over the past couple of years, we have taken major steps to diversify and improve the resilience of our supply chains.

轉向投影片 7，在過去幾年中，我們採取了重大措施來實現供應鏈多元化並提高供應鏈的彈性。

Our supply chain strategy is centered around four key elements.

我們的供應鏈策略圍繞著四個關鍵要素。

The first is diversity of battery suppliers.

首先是電池供應商的多元化。

Currently, we utilize five battery suppliers located in China, South Korea, Sweden, and the United States.

目前，我們利用了位於中國、韓國、瑞典和美國的五家電池供應商。

This ensures we have multiple geographies to pull from, which support our growth while mitigating disruptions.

這確保了我們有多個地區可供選擇，支持我們的成長，同時減少干擾。

We will also note that building a stable and reliable US supply chain is critical for the industry.

我們還將注意到，建立穩定可靠的美國供應鏈對該行業至關重要。

And as I will discuss, we are taking significant steps to establish a US-based supply chain this year.

正如我將討論的，我們今年將採取重大步驟建立美國供應鏈。

Second, to capitalize on growing demand for our products, we have secured multi-year guaranteed battery capacity from these suppliers.

其次，為了利用對我們產品不斷增長的需求，我們從這些供應商獲得了多年保證的電池容量。

This covers our needs for fiscal '24 and fiscal '25 and provides flexibility for upside in demand.

這滿足了我們對 24 財年和 25 財年的需求，並為需求上升提供了靈活性。

These capacity agreements are subject to market price adjustments.

這些產能協議受市場價格調整的影響。

Additionally, we also use a price discovery mechanism involving multiple battery suppliers to ensure we are constantly delivering the most competitive prices to our customers.

此外，我們還使用涉及多個電池供應商的價格發現機制，以確保我們持續為客戶提供最具競爭力的價格。

And finally, these capacity agreements come with minimal take or pay obligations.

最後，這些容量協議附帶最低限度的照付不議義務。

Third, to capture the incentives laid out by the IRA, we will be manufacturing our own battery modules in the US, which represents two-thirds of our global business.

第三，為了獲得 IRA 制定的激勵措施，我們將在美國製造自己的電池模組，這占我們全球業務的三分之二。

It also enables us to introduce our proprietary battery management system, the software that runs the controls at the battery cell level and the initial point of control in a battery storage system.

它還使我們能夠引入我們專有的電池管理系統、在電池單元層級運行控制的軟體以及電池儲存系統中的初始控制點。

Additionally, it enables us to further commoditize our supply chains by facilitating the integration of multiple battery vendors.

此外，它使我們能夠透過促進多個電池供應商的整合來進一步商品化我們的供應鏈。

We are currently on schedule for our battery module manufacturing to begin this summer.

目前，我們的電池模組生產計畫將於今年夏天開始。

In doing so, we expect to qualify for the domestic content tax credit under Section 45X.

在此過程中，我們預計將有資格獲得第 45X 條規定的國內成分稅收抵免。

The fourth element of our strategy is an asset-light regional supply chain.

我們策略的第四個要素是輕資產區域供應鏈。

This involves using two major contract manufacturers for system integration: one in Vietnam and one in Utah.

這涉及使用兩家主要合約製造商進行系統整合：一家位於越南，一家位於猶他州。

We will look to continue to regionalize our asset-light model in other areas, such as Europe and India.

我們將尋求繼續在歐洲和印度等其他地區將我們的輕資產模式區域化。

This strategy provides us with enhanced flexibility and agility, particularly in scaling, and positions Fluence for a high return on invested capital as we do not incur the capital costs associated with building or maintaining our own production facility.

這項策略為我們提供了增強的靈活性和敏捷性，特別是在擴展方面，並使 Fluence 獲得高投資資本回報，因為我們不會產生與建造或維護自己的生產設施相關的資本成本。

When we look around the world, we are using various shipping routes for our projects.

當我們環顧世界時，我們正在為我們的專案使用各種運輸路線。

To that end, I would like to make a few comments in relation to the recent disruptions in the Red Sea.

為此，我想就最近紅海的騷亂發表幾點評論。

Only approximately 50% of our global shipments were expected to use the Red Sea route.

預計我們的全球貨運量中只有約 50% 將使用紅海航線。

The rerouting of these shipments adds around two weeks to our shipping schedule, time we have been able to accommodate with our effective customer delivery commitment.

這些貨物的重新路由使我們的運輸時間表增加了大約兩週，這是我們能夠滿足我們有效的客戶交付承諾的時間。

Finally, the incremental costs we are experiencing in shipping were able to transfer to our customers in their entirety in accordance with our contracts.

最後，我們在運輸過程中遇到的增量成本能夠根據我們的合約全部轉移給我們的客戶。

In any event, our logistics team is working very diligently to reduce as much as possible these increases in costs.

無論如何，我們的物流團隊正在非常努力地工作，以盡可能減少這些成本的增加。

Overall, these four elements are the cornerstone of our supply chain strategy, which provides flexibility, competitiveness, and high certainty for our customers.

總的來說，這四個要素是我們供應鏈策略的基石，為我們的客戶提供靈活性、競爭力和高確定性。

We will look to build on these as we continue to strengthen our global supply chain.

我們將在此基礎上繼續加強我們的全球供應鏈。

Turning to slide 8.

轉到投影片 8。

We are well positioned to recognize multiple benefits from the IRA, which is already boosting demand for energy storage.

我們完全能夠認識到 IRA 的多重好處，它已經刺激了能源儲存的需求。

These benefits fall in two categories.

這些好處分為兩類。

Under the first category, our customers have the potential to receive up to a 50% tax credit for their project's capital costs, which significantly improves project economics and attractiveness.

在第一類下，我們的客戶有可能獲得高達 50% 的專案資本成本稅收抵免，這將顯著提高專案的經濟性和吸引力。

These incentives to our customers include a base ITC, or investment tax credit, as well as bonus incentives for deploying in an energy community and using domestic content.

這些對我們客戶的激勵措施包括基本 ITC 或投資稅收抵免，以及在能源社群中部署和使用國內內容的獎金激勵措施。

The second category of incentives under the IRA includes those provisions that directly benefit Fluence.

IRA 下的第二類激勵措施包括直接有利於 Fluence 的條款。

By producing battery modules in the US, as I just discussed, we expect to qualify for a production tax credit of $10 per kilowatt hour of battery modules produced under Section 45X.

正如我剛才所討論的，透過在美國生產電池模組，我們預計根據第 45X 條生產的電池模組將有資格獲得每千瓦時 10 美元的生產稅收抵免。

These two categories of incentives provide for our products to be more competitive and enables us to benefit from increased scale, more volumes, and operating leverage.

這兩類激勵措施使我們的產品更具競爭力，並使我們能夠從擴大規模、增加產量和營運槓桿中受益。

Turning to slide 9.

轉到投影片 9。

I'm proud to report that, in November, Fluence became an official signatory member of the United Nations Global Compact.

我很自豪地報告，11 月，Fluence 成為聯合國全球契約的正式簽署成員。

Being accepted as a signatory member is an important step on our sustainability journey of building a strong ESG program based on a structured framework data and active engagement.

被接納為簽署成員是我們在結構化框架資料和積極參與的基礎上建立強大的 ESG 計劃的可持續發展之旅中的重要一步。

Fluence has joined more than 20,000 companies and organizations around the world that have signed the UN Global Compact and are committed to responsible corporate citizenship and sustainability.

Fluence 已與全球 20,000 多家公司和組織簽署了聯合國全球契約，並致力於負責任的企業公民和永續發展。

We are excited to collaborate with like-minded companies, non-governmental organizations, and other stakeholders through the Global Compact network to exchange best practices and drive positive change.

我們很高興透過全球契約網絡與志同道合的公司、非政府組織和其他利害關係人合作，交流最佳實踐並推動積極變革。

Now, I would like to make a few remarks regarding the article published in late December regarding the Diablo project in California that highlighted a contract claim filed against us by the project owner, alleging that we did not have a valid construction license in California.

現在，我想就 12 月底發表的有關加州 Diablo 專案的文章發表幾點評論，該文章強調了專案業主向我們提出的合約索賠，聲稱我們在加州沒有有效的施工許可證。

This contract claim was filed in response to our claim for $37 million in unpaid amounts and related damages.

該合約索賠是為了回應我們對 3700 萬美元未付款項和相關損害的索賠而提出的。

As we have said already, we believe these contract claims are without merit.

正如我們已經說過的，我們認為這些合約索賠毫無根據。

We intend to get paid for our work on the project.

我們打算透過該專案的工作獲得報酬。

The legal proceedings are ongoing.

法律訴訟正在進行中。

In the meantime, I wanted to highlight that the Diablo project is performing very well and has delivered availability or uptime above its contractual requirement during 2023.

同時，我想強調的是，Diablo 專案表現非常出色，並且在 2023 年交付的可用性或正常運行時間超出了合約要求。

In conclusion, I am pleased with the achievements of the first quarter.

總之，我對第一季取得的成績感到滿意。

Although we are mindful there is still work to be done, we will look to continue this momentum as we progress through 2024.

儘管我們意識到仍有工作要做，但我們希望在 2024 年取得進展時繼續保持這一勢頭。

I will now turn the call over to Ahmed.

我現在將把電話轉給艾哈邁德。

Thank you, Julian, and good morning, everyone.

謝謝你，朱利安，大家早安。

Before we dive into the results, I am very pleased to be here at Fluence, and I would like to share my perspective on my first month at Fluence.

在我們深入研究結果之前，我很高興來到 Fluence，我想分享我在 Fluence 第一個月的看法。

On a macro level, Fluence is well positioned to capitalize on this once-in-a-lifetime opportunity, as energy storage benefits from declining input prices and an ever-increasing focus on grid stability.

從宏觀層面來看，Fluence 處於有利地位，可以充分利用這一千載難逢的機會，因為能源儲存受益於投入價格的下降和對電網穩定性的日益關注。

I have learned much about the company, the people, and the culture.

我對公司、員工和文化有了很多了解。

I have been impressed by the team's laser focus on offering competitive solutions to customers while adhering to a disciplined approach to growing our top and bottom lines.

團隊專注於為客戶提供有競爭力的解決方案，同時堅持嚴格的方法來提高我們的收入和利潤，這給我留下了深刻的印象。

I am looking forward to maintaining this financial discipline and stewardship of our strong balance sheet, while delivering attractive returns to our shareholders.

我期待著維持這種財務紀律和對我們強大的資產負債表的管理，同時為我們的股東帶來有吸引力的回報。

This morning, I will review our first-quarter results and 2024 guidance, which we have reaffirmed across all metrics.

今天早上，我將回顧我們的第一季業績和 2024 年指導，我們在所有指標上都重申了這一點。

Beginning with our first-quarter 2024 results on slide 11.

從幻燈片 11 上的 2024 年第一季業績開始。

We generated $364 million in revenue, 70% of which was in the first in the US and largely in line with our expectations.

我們創造了 3.64 億美元的收入，其中 70% 在美國第一，基本上符合我們的預期。

This was an increase of 17% from the first quarter last year.

這比去年第一季增長了 17%。

As we discussed on our previous quarterly call, we expect to realize 30% of fiscal 2024 revenue in the first half, and our first-quarter results reflect this mix.

正如我們在先前的季度電話會議中討論的那樣，我們預計將在上半年實現 2024 財年收入的 30%，我們第一季的業績也反映了這一情況。

Turning to adjusted gross profit.

轉向調整後的毛利。

For the quarter, we generated approximately $38 million, or an adjusted gross margin of approximately 10.5%, versus 4.2% in the first quarter of last year.

本季度，我們實現了約 3,800 萬美元的收入，調整後毛利率約為 10.5%，而去年第一季為 4.2%。

It also represents the second consecutive quarter in which we posted double-digit gross margins.

這也代表我們連續第二季達到兩位數的毛利率。

Our operating expenses were $62 million, in line with expectations and consistent with the first quarter of last year, representing 17% of the quarterly revenue.

我們的營運費用為 6,200 萬美元，符合預期並與去年第一季一致，佔季度收入的 17%。

Adjusted EBITDA for the quarter was negative $18 million, versus negative $26 million in the first quarter of last year.

本季調整後 EBITDA 為負 1,800 萬美元，而去年第一季為負 2,600 萬美元。

Negative adjusted EBITDA reflects our revenue weighting towards the second half and operating costs that are relatively flat on a quarterly basis, as I just discussed.

正如我剛才所討論的，調整後的 EBITDA 為負反映了我們下半年的營收比重和季度營運成本相對持平。

Overall, we believe these results reflect our disciplined approach to grow our top line and improve our bottom line to deliver on our financial commitments.

總的來說，我們相信這些結果反映了我們為實現財務承諾而增加收入和提高利潤的嚴謹方法。

So turning to slide 12, I am pleased to report that we ended the first quarter with $477 million of cash.

轉向幻燈片 12，我很高興地報告說，第一季末我們擁有 4.77 億美元的現金。

This represents an increase of $14 million from the fourth quarter and is the third consecutive quarter that we increased our total cash position.

這比第四季增加了 1,400 萬美元，也是我們連續第三季增加現金部位總額。

From a liquidity perspective, we are in excellent position to capitalize on the growing energy storage market.

從流動性角度來看，我們處於有利地位，可以利用不斷成長的儲能市場。

In addition to our cash position, we have access to approximately $130 million in credit facilities.

除了我們的現金部位外，我們還可以獲得約 1.3 億美元的信貸額度。

This includes $75 million available under our recently signed $400 million asset-backed lending facility, or ABL facility.

其中包括我們最近簽署的 4 億美元資產支持貸款工具（ABL 工具）下提供的 7,500 萬美元。

Availability in this ABL facility is dependent on the level of collateral available to secure, which is mostly our US inventory.

該 ABL 設施的可用性取決於可用抵押品的水平，這主要是我們在美國的庫存。

Thus, as our inventory balance increases, so should our borrowing capacity, which provides us another lever to manage our working capital needs.

因此，隨著我們的庫存餘額增加，我們的借貸能力也會增加，這為我們提供了另一個管理營運資金需求的槓桿。

In summary, we have total liquidity of more than $600 million, which is sufficient to meet our current business needs.

綜上所述，我們的流動資金總額超過6億美元，足以滿足我們目前的業務需求。

Moving to slide 13.

轉到投影片 13。

As Julian noted, we are reaffirming our guidance for fiscal 2024 of revenue between $2.7 billion and $3.3 billion.

正如朱利安指出的那樣，我們重申 2024 財年收入在 27 億美元至 33 億美元之間的指引。

To that end, we have approximately 80% of the midpoint of our annual revenue guidance covered by our backlog, plus revenue recognized in the first quarter.

為此，我們的積壓訂單涵蓋了年度收入指引中點的大約 80%，加上第一季確認的收入。

This provides us confidence that we are on the path to achieving our fiscal '24 guidance range.

這讓我們相信我們正在實現 24 財年指導範圍。

From a margin perspective, we continue to anticipate fiscal 2024 adjusted gross margins of between 10% and 12%, which is in line with our first-quarter results.

從利潤率角度來看，我們繼續預期 2024 財年調整後毛利率將在 10% 至 12% 之間，這與我們第一季的業績一致。

Additionally, we are reaffirming adjusted EBITDA guidance of $50 million to $80 million.

此外，我們重申調整後的 EBITDA 指引為 5,000 萬至 8,000 萬美元。

Furthermore, we are on track to achieving ARR of approximately $80 million by the end of fiscal 2024.

此外，我們預計在 2024 財年末實現約 8,000 萬美元的 ARR。

I would also remind that we continue to expect fiscal 2024 revenue split of 30% in the first half and 70% in the second half, which implies fiscal Q2 revenue of approximately $530 million.

我還想提醒一下，我們仍然預計 2024 財年上半年的收入分配為 30%，下半年的收入分配為 70%，這意味著第二財季的收入約為 5.3 億美元。

For Q2, we expect adjusted EBITDA to be negative because annual operating costs have a more even weighting by quarter than revenue.

對於第二季度，我們預計調整後的 EBITDA 將為負，因為年度營運成本按季度的權重比收入的權重更均勻。

Consistent with our full-year guidance, we expect second half '24 adjusted EBITDA to improve significantly relative to the first half as we realize 70% of annual revenue during that time period.

與我們的全年指引一致，我們預計 24 年下半年調整後的 EBITDA 將較上半年顯著改善，因為我們在此期間實現了年收入的 70%。

Finally, looking ahead to 2025, we continue to believe that we will achieve 35% to 40% year-over-year top-line revenue growth driven by our robust pipeline and record backlog of signed contracts.

最後，展望 2025 年，我們仍然相信，在我們強勁的管道和創紀錄的已簽約合約積壓的推動下，我們將實現 35% 至 40% 的營收同比增長。

With that, let me turn the call back to Julian for his closing remarks.

接下來，讓我把電話轉回給朱利安，讓他發表結束語。

Thank you, Ahmed.

謝謝你，艾哈邁德。

Turning to slide 14, and in conclusion, I want to emphasize the key takeaways from this quarter results.

轉向投影片 14，最後，我想強調本季業績的關鍵要點。

First, we had a record-setting order intake and a record backlog of $3.7 billion.

首先，我們的訂單量創歷史新高，積壓訂單達到創紀錄的 37 億美元。

We have locked in battery supply at fixed prices for all our projects in our backlog, thus providing us strong visibility to achieving our guidance.

我們已以固定價格鎖定所有積壓項目的電池供應，從而為我們實現指導提供了強大的可見性。

Second, we have a sustainable and resilient supply chain that is a key component of our competitiveness.

其次，我們擁有可持續且有彈性的供應鏈，這是我們競爭力的關鍵組成部分。

Third, we are on track to begin our module manufacturing this summer.

第三，我們預計在今年夏天開始模組製造。

Together with our customers, we believe we are in a prime position to capitalize on various incentives under the IRA.

我們相信，我們與客戶一起處於有利地位，可以充分利用 IRA 下的各種激勵措施。

Fourth, the falling battery price environment serves as a tailwind for us, and it allows more energy storage projects to be penciled in by our customers.

第四，電池價格下降的環境對我們來說是順風，它讓我們的客戶參與更多的儲能專案。

All of these factors provide us confidence in our ability to successfully deliver on our fiscal '24 and '25 objectives.

所有這些因素都讓我們對成功實現 '24 和 '25 財年目標的能力充滿信心。

This concludes my prepared remarks.

我準備好的發言到此結束。

Operator, we are now ready to take questions.

接線員，我們現在準備好回答問題。

(Operator Instructions) George Gianarikas, Canaccord Genuity.

（操作員說明）George Gianarikas，Canaccord Genuity。

Good morning.

早安.

Thanks for taking my question.

感謝您提出我的問題。

So maybe just first, I'd like to ask about the orders, the $1.1 billion in orders.

所以也許首先我想問一下訂單的情況，11 億美元的訂單。

Can you help us understand the geographic profile?

您能幫助我們了解地理概況嗎？

And also, are those orders consistent with your gross margin profile of mid-teens over the long term?

而且，從長遠來看，這些訂單是否與您十幾歲左右的毛利率狀況一致？

Yeah.

是的。

The geographic profile is in line with what we have said: two-thirds in the US and one-third internationally.

地理分佈與我們所說的一致：三分之二在美國，三分之一在國際。

And they are -- double-digit margins for that order intake, so in line with what we have communicated to the market.

他們的訂單利潤率為兩位數，因此與我們向市場傳達的訊息一致。

Great.

偉大的。

And then just as a follow-up here, as you look at the M&A landscape, we've talked about Vortilla in the past.

然後，作為後續行動，當您審視併購情況時，我們過去討論過 Vortilla。

They're still undergoing their strategic review.

他們仍在進行戰略審查。

Do you feel compelled at all to change the profile of Fluence?

您是否覺得有必要改變 Fluence 的形象？

You have a nice cash balance.

您有充足的現金餘額。

And if you look across the landscape, are you looking to potentially expand footprints or your software profile by making acquisitions?

如果你縱觀全局，你是否希望透過收購來擴大足跡或你的軟體配置？

Thank you.

謝謝。

No, yeah, so we have said we -- we're very happy with our corporate business position in terms of very, very strong sales channel.

不，是的，所以我們說過，我們對我們公司在非常非常強大的銷售管道方面的業務地位非常滿意。

And you can see it not only in our backlog, but also in our pipeline.

您不僅可以在我們的待辦事項中看到它，還可以在我們的管道中看到它。

Our technology, we have a very clear roadmap that is going well and we're very happy with.

我們的技術，我們有一個非常清晰的路線圖，進展順利，我們對此非常滿意。

And so generally, I don't see any need for acquisitions at this stage.

總的來說，我認為現階段沒有任何收購的必要。

We're not looking at any.

我們不看任何一個。

We're clearly in the market, ensuring to understand what the -- how the environment looks.

我們顯然處於市場中，確保了解環境的情況。

But there's no need to do any acquisitions to support any of our business structure at this stage.

但現階段沒有必要進行任何收購來支援我們的任何業務結構。

Thank you.

謝謝。

Brian Lee, Goldman Sachs.

布萊恩李，高盛。

Hey, Julian, good morning.

嘿，朱利安，早安。

Good morning, everyone.

大家，早安。

Thanks for taking the questions.

感謝您提出問題。

I had two numbers-related one.

我有兩個與數字相關的一個。

First, on legacy backlog, I think, entering the year, you guys had talked about something like $150 million of still low-margin, no-margin legacy backlog you needed to work off this year.

首先，關於遺留積壓，我認為，進入今年，你們談到了今年需要處理的 1.5 億美元仍然低利潤、無利潤的遺留積壓。

And I believe most of it was going to get deployed in Q1.

我相信其中大部分將在第一季部署。

So if that's right, it implies the gross margins on the non-legacy business was mid to the high-teens or something in that range since you reported 10.5% for the quarter.

因此，如果這是正確的，則表示非遺留業務的毛利率處於中高位或在該範圍內的水平，因為您報告的本季毛利率為 10.5%。

So I guess, wondering if that's right, if the backlog legacy is all gone.

所以我想，想知道這是否正確，積壓的遺留問題是否全部消失了。

And then how should we be thinking about gross margin for the rest of the year, given the implicit higher level for the non-legacy stuff?

那麼，考慮到非傳統產品隱含的更高水平，我們應該如何考慮今年剩餘時間的毛利率？

It seems like the 10% to 12% annual guide for gross margin seems a bit conservative.

10%到12%的年度毛利率指導似乎有點保守。

And then I had a follow up.

然後我進行了跟進。

Yeah.

是的。

All the legacy has is now gone.

所有的遺產現在都消失了。

But the actual number for the first quarter of the legacy contracts that we had in the -- that we recognized revenue in the first quarter, closer to $50 million, not $150 million.

但我們在第一季確認的遺留合約的實際數量接近 5000 萬美元，而不是 1.5 億美元。

So I'll give you -- I think that we are in line with our 10% to 12% margins that we communicated for the year, and this quarter proves that if you take into account the $50 million of legacy contracts, which are essentially a roughly breakeven.

所以我會給你——我認為我們今年的利潤率是 10% 到 12%，這個季度證明了這一點，如果你考慮到 5000 萬美元的遺留合同，這些合同基本上是大致達到收支平衡。

But no more legacy going forward, and the actual number for this quarter was $50 million.

但未來不會再有更多的遺產，本季的實際數字為 5,000 萬美元。

Okay, that's fair.

好吧，這很公平。

Then if I take the $50 million, it seems like you're closer to the mid-teens, but still within that range.

那麼如果我拿 5000 萬美元，看起來你就更接近十幾歲了，但仍在這個範圍內。

Understood.

明白了。

And then, there's been a lot of questions, Julian, about lower battery prices.

朱利安，還有很多關於電池價格下降的問題。

We see what's happening with lithium carbonate.

我們看看碳酸鋰發生了什麼事。

I think you made a comment on slide 12 or 13 that your fiscal '24 battery supply and prices are locked in.

我認為您在投影片 12 或 13 上發表了評論，表示您的 24 財年電池供應和價格已鎖定。

So does that mean -- I know there's the index-based adjustments for your customers.

這是否意味著—我知道您的客戶會進行基於指數的調整。

Is there anything in your fiscal '24 backlog to be deployed that can still get adjusted on price?

您的 24 財年積壓訂單中是否有任何仍可進行價格調整的內容？

Or is that all for future -- outside of fiscal '24 backlog that maybe still has some of those index-linked adjustments that could take place?

或者這一切都是為了未來——除了24財年的積壓之外，可能仍然會有一些與指數相關的調整可能發生？

I'm just trying to understand how locked and loaded the backlog dollar value is for this year versus what potentially could maybe move around next year if battery prices keep going lower.

我只是想了解今年積壓訂單的美元價值是如何鎖定和加載的，而如果電池價格繼續走低，明年可能會發生什麼變化。

Yeah, good.

好耶。

So let me walk you through where we are.

那麼讓我帶您了解我們現在的情況。

So we use RMI, as you know.

所以我們使用 RMI，如您所知。

So that's an important part of how we manage our risk.

因此，這是我們管理風險的重要組成部分。

The RMI supports our projects from the time we start negotiating with our customers to the point when we issue the purchase order, when we buy the batteries, when we make a downpayment to our battery suppliers, and get an actual commitment from the battery suppliers.

從我們開始與客戶談判到我們發出採購訂單、購買電池、向電池供應商支付首付款並獲得電池供應商的實際承諾，RMI 一直支持我們的專案。

So what do we have in our backlog today?

那麼今天我們的積壓工作有哪些呢？

So what we have said, what we have in our backlog is that we have fixed all our battery prices in all our backlog, all of it, the $3.8 billion.

所以我們所說的，我們的積壓訂單中的內容是，我們已經固定了所有積壓訂單中的所有電池價格，所有這些，38 億美元。

We already fixed it with our suppliers and with our customers.

我們已經與供應商和客戶一起解決了這個問題。

So our current backlog does not have any commodity risk on either direction, any exposure to the suppliers moving up or down or the customer moving up or down.

因此，我們目前的積壓訂單在任何方向上都不存在任何商品風險，也不存在供應商變動或客戶變動的任何風險。

That means that, for '24, as we have said also, 80% of our revenue for '24 is already in our backlog.

這意味著，對於 '24，正如我們所說，我們 '24 的收入的 80% 已經在積壓中。

So that 80% is very much already fixed.

所以 80% 已經基本確定了。

And the battery prices will not move that 80%.

而且電池價格不會變動 80%。

However, we have 20% to hold, 20% that will be subject to contracts that are in very late stage of negotiation that will be coming in the next couple of months and where the current offers we have outside or what we are negotiating with our customers is based on current prices.

然而，我們還有20% 的股份可供持有，其中20% 的股份將受到處於談判後期階段的合約的約束，這些合約將在接下來的幾個月內簽訂，以及我們目前對外提供的報價或我們正在與我們的客戶談判的合約。客戶以當前價格為準。

So we feel very, very comfortable and secure that we will meet our guidance for the year.

因此，我們對達到今年的指導目標感到非常非常放心和有把握。

And then that gives us '25 -- that gives you '25 in front of us.

然後這給了我們'25——這給了我們面前的'25。

And we have roughly $1.5 billion of revenue of '25 already in our backlog, so roughly 40% of next year's implied guidance we have given you.

我們已經積壓了 25 年約 15 億美元的收入，因此我們已經給您提供了明年隱含指導的約 40%。

That is already in our backlog and it's already also fixed.

這已經在我們的積壓工作中，也已經解決。

So when you looked at -- if you looked at it from the upside, 80% already in the backlog, fixed for 24; 20% subject to new contracts, which are already very late stage of negotiations, which reflect current battery prices.

所以當你看時－如果你從好的方面看，80% 已經在積壓中，固定為 24； 20% 取決於新合同，這些合同已經處於談判的最後階段，反映了當前的電池價格。

And we feel very confident -- as I said, we feel very, very confident that we'll meet our numbers.

我們非常有信心——正如我所說，我們非常非常有信心能夠實現我們的目標。

We are negotiating these numbers.

我們正在協商這些數字。

We're talking to our customers.

我們正在與我們的客戶交談。

We know where we are.

我們知道我們在哪裡。

Those will support our '24 revenue guidance.

這些將支持我們的 24 年收入指引。

And then for '25, we're still clearly working on this. 40% is already in the books.

到了 25 年，我們顯然仍在努力解決這個問題。 40%已經記錄在案了。

The 60% to go, when we looked at -- and then you can say, well, why do you feel confident about it?

當我們看到 60% 的時候，你可以說，好吧，你為什麼對此充滿信心？

If you looked at our pipeline -- I'm sorry for the long answer, maybe -- we grew our pipeline by $400 million.

如果你看看我們的管道——我很抱歉回答太長了，也許——我們的管道增加了 4 億美元。

Well, that means that the $1.1 billion we converted from our pipeline to backlog, we also covered.

嗯，這意味著我們也涵蓋了從通路轉為積壓訂單的 11 億美元。

So in reality, we brought in into our pipeline, at current prices, $1.5 billion of new code.

因此，實際上，以當前價格，我們在管道中引入了價值 15 億美元的新代碼。

So it gives us very, very clear in one quarter that the demand we're seeing in the market, the interest that is coming to this day, how much investors, customers, regulators feel comfortable with our technology, makes us very confident that we will meet our commitments for '24 and '25.

因此，它在一個季度內讓我們非常非常清楚地看到，我們在市場上看到的需求、今天的興趣、投資者、客戶、監管機構對我們的技術感到滿意的程度，使我們非常有信心將履行我們對「24」和「25」的承諾。

And I do understand that, sometimes, the financial markets are concerned about the potential downward pressure on revenue of battery prices.

我確實理解，有時金融市場會擔心電池價格收入的潛在下行壓力。

But let me be very clear, this is a tremendous headwind for this industry.

但讓我非常明確的是，這對這個行業來說是一個巨大的阻力。

The elasticity of the money is tremendous.

貨幣的彈性是巨大的。

And that provides for a significant uptick in demand that significantly covers the potential downside of our revenue prices.

這使得需求顯著上升，從而大大彌補了我們收入價格的潛在下降。

So very, very confident on '24. 80% on it, already fixed, clear line of sight within shooting range -- to use an army concept -- and for '24, for the other 20% in '25, 40% in the book, 60% to go, and with tremendous pipeline coming in that we feel that will more than cover all the problems on our channel.

對 24 號非常非常有信心。 80% 在上面，已經固定，在射擊範圍內有清晰的視線——使用陸軍概念——24 年，25 年的另外 20%，書中的 40%，還有 60%，以及隨著大量的管道湧入，我們認為這將不僅僅是解決我們頻道上的所有問題。

All right.

好的。

That's great.

那太棒了。

I appreciate all that.

我很感激這一切。

Sorry for that very long answer, Brian.

很抱歉回答這麼長，布萊恩。

No, crystal clear.

不，晶瑩剔透。

I think I got the message crystal clear.

我想我已經清楚地傳達了這個訊息。

Thanks a lot, guys.

非常感謝，夥計們。

Appreciate it.

欣賞它。

Christine Cho, Barclays.

克里斯汀‧曹，巴克萊銀行。

Good morning.

早安.

Thank you for taking the question.

感謝您提出問題。

I just wanted a clarification question on the backlog.

我只是想澄清一下積壓的問題。

As I understood it, if the customer had not issued notice to proceed but had booked, that was still subject to move.

據我了解，如果客戶沒有發出繼續通知但已預訂，則仍然可能會發生變化。

And it sounded like you locked everything in for the backlog as it stands today.

聽起來你好像鎖定了目前積壓的所有內容。

But as you get incremental bookings, should we think that, on a go-forward basis, all of that will be locked in when it enters your backlog as well?

但是，當您獲得增量預訂時，我們是否應該認為，在前進的基礎上，當它進入您的積壓訂單時，所有這些都將被鎖定？

Or same thing, it's subject to move until they issue notice to proceed?

或者同樣的事情，在他們發出繼續進行的通知之前，它可能會移動？

Yeah, very good point.

是的，非常好的一點。

As I said, the RMI covers from the point we start negotiating with the customer to the point that the purchase order is issued, which is usually at the point of notice to proceed.

正如我所說，RMI 涵蓋從我們開始與客戶談判到發出採購訂單的那一刻，這通常是在通知繼續進行時。

So the new order intake that we will get, there will be a point between the moment we sign the contract to the point we issue the notice to proceed where that potential risk is.

因此，我們將獲得的新訂單量，從我們簽署合約的那一刻到我們發出通知以繼續進行潛在風險的那一刻之間，將會有一個時間點。

However, what we have seen and what we showed you is that timeframe has collapsed significantly and that we are now issuing notice to proceed very close, in most cases, to the point at which we are signing the contract.

然而，我們所看到的以及我們向您展示的是，時間框架已經大大縮短，我們現在發出通知，在大多數情況下，非常接近我們簽署合約的時間。

So I will say that, generally, the risk for RMI in our backlog will continue to be a small number as we move forward.

所以我想說的是，總的來說，隨著我們的前進，我們積壓的 RMI 風險將仍然很小。

There might be one or two projects that come in, where the customer wants to wait a little bit, and maybe that will happen.

可能會有一兩個專案進來，客戶想要等一下，也許這種情況會發生。

But in general, I think most of the contracts we are signing, the customer wants to secure batteries immediately, take advantage of the good price, and move forward.

但總的來說，我認為我們正在簽署的大多數合同，客戶都希望立即獲得電池，利用好價格，然後繼續前進。

Okay, got it.

好，知道了。

And then can you give us an idea of how much of your backlog has EPC services tied to it, maybe percentage of the contracted volumes?

然後您能否告訴我們您的積壓訂單中有多少與 EPC 服務相關，也許是合約量的百分比？

And as demand goes up, should we think that this percentage number moves up, down, consistent with incremental bookings?

隨著需求的增加，我們是否應該認為這個百分比數字會隨著預訂量的增加而上下波動？

And sorry, how different are the ASPs and margins today for new orders if you provide the EPC versus not?

抱歉，如果您提供 EPC 與不提供 EPC，現在新訂單的平均售價和利潤率有何不同？

The EPC are roughly around 30%.

EPC大約在30%左右。

A lot of -- it's very much market and project dependent, so we have -- to give you a sense, all our transmission projects, our ultra-stack projects have EPC.

很多——這在很大程度上取決於市場和項目，所以我們——給你一種感覺，我們所有的輸電項目、我們的超級堆疊項目都有EPC。

Very complex projects that require significant coordination between all the elements, so those are EPCs.

非常複雜的專案需要所有要素之間進行大量協調，因此這些專案就是 EPC。

Australia is a market for EPC.

澳洲是EPC的市場。

The US is less.

美國比較少。

So it depends a little bit where, what, how they -- where we're working.

所以這在一定程度上取決於我們在哪裡工作、做什麼工作、如何工作。

As we see, we clearly are working on improving, continue moving forward on our ultra-stack projects.

正如我們所看到的，我們顯然正在努力改進並繼續推進我們的超級堆疊專案。

Australia is a market that we're very excited with.

澳洲是一個令我們非常興奮的市場。

You might see that, as we bring more Australia and ultra-stack projects, those will be EPC.

您可能會看到，隨著我們帶來更多澳洲和超堆疊項目，這些項目將是 EPC。

But generally, if you want to model this going forward, I think the 30% is a good proxy for it.

但一般來說，如果你想對此進行建模，我認為 30% 是一個很好的代表。

As I said, it depends a little bit on the complexity of the projects and the markets we're working on.

正如我所說，這在一定程度上取決於專案的複雜性和我們正在研究的市場。

And in terms of returns, I think they're within the 10% to 15%.

就回報而言，我認為它們在 10% 到 15% 之間。

They'll not change.

他們不會改變。

Clearly, the more complex projects where we take more risk are closer to the upper band, as we have always said, and the ones that are simpler and less of a problem, out on lower side of that band.

顯然，正如我們一直所說的那樣，我們承擔更多風險的更複雜的項目更接近上限，而那些更簡單且問題較少的項目則位於該上限的下限。

And generally, you will say that most of the EPC projects are more complex, but I wouldn't necessarily -- it doesn't take us out of the range of 10% to 15%.

一般來說，你會說大多數 EPC 專案都比較複雜，但我不一定——它不會讓我們超出 10% 到 15% 的範圍。

Got it.

知道了。

Thank you.

謝謝。

Justin Clare, Roth MKM.

賈斯汀·克萊爾，羅斯·MKM。

Yeah, good morning.

是的，早安。

Thanks for taking our questions here.

感謝您在這裡提出我們的問題。

So first, I want to ask about the demands that you're seeing for batteries that would meet the domestic content requirements.

首先，我想問一下您對滿足國內含量要求的電池的需求。

Have you signed contracts at this point for those domestic batteries?

目前你們已經簽訂了那些國產電池的合約了嗎？

And then is it possible to give us a sense for what the uplift in pricing might be?

那麼是否有可能讓我們了解定價可能會上漲多少？

And then, do you see potential for a margin uplift given that you're going to be one of the first to supply domestically produced batteries?

然後，鑑於您將成為首批供應國產電池的公司之一，您認為利潤率有上升的潛力嗎？

Could you get out of that 10% to 15% range?

你能擺脫 10% 到 15% 的範圍嗎？

Strong demand, I'll say that not only with our current customers, we're also attracting new customers that are talking to John, our Americas CEO or President, who's really -- we see a lot of people interested and understanding and getting in.

強烈的需求，我想說，不僅是我們現有的客戶，我們還吸引了正在與我們的美洲首席執行官或總裁約翰交談的新客戶，他真的- 我們看到很多人感興趣、理解並參與其中。

So that's the first thing, very strong demand.

這是第一件事，非常強烈的需求。

In terms of a margin, so we have said that, what you implied, we believe we have a first-mover advantage here, and that that first-mover advantage should allow us to capture some additional margin.

就利潤率而言，我們已經說過，正如您所暗示的那樣，我們相信我們在這裡擁有先發優勢，並且這種先發優勢應該使我們能夠獲得一些額外的利潤。

However, this is early in the game.

然而，這還處於遊戲的早期階段。

We're still negotiating with our customers.

我們仍在與客戶洽談。

We have to wait.

我們必須等。

If I tell you here a number, my customers will use it against me.

如果我在這裡告訴你一個數字，我的客戶就會用它來對付我。

So we are working with our customers to ensure that they can meet the higher returns, and then we can capture some additional margin because they're doing much better than anybody else on those projects.

因此，我們正在與客戶合作，確保他們能夠獲得更高的回報，然後我們可以獲得一些額外的利潤，因為他們在這些項目上比其他任何人都做得更好。

And that's what we're working with them on.

這就是我們正在與他們合作的目標。

And as this thing settles down and we see those projects -- those contracts coming in, and our customers secure about the returns they're getting, I think we will communicate to you what potential upside we might get.

隨著事情穩定下來，我們看到這些項目——這些合約即將簽訂，我們的客戶也能獲得他們所獲得的回報，我想我們將向您傳達我們可能獲得的潛在好處。

But for now, I prefer not to talk about it.

但現在，我不想談論它。

And then up today, we have not signed any domestic content contracts, even though they are in very late stage.

到今天為止，我們還沒有簽署任何國內內容合同，儘管它們已經處於非常後期的階段。

Just to give you a point, which I think is important, the domestic content projects are 2025 revenue.

只是給你一個我認為很重要的一點，國內內容項目是2025年的收入。

They're not going to be supporting '24 revenue.

他們不會支持'24收入。

Our supply -- our module manufacturing starts in the summer, and then it will pick up during the quarter.

我們的供應—我們的模組製造在夏季開始，然後將在本季回升。

And we will start receiving domestic-manufactured batteries in the last quarter of this year.

我們將於今年最後一個季度開始接收國產電池。

But we need to integrate them and then move them into the -- deliver to our customers.

但我們需要將它們整合起來，然後將它們轉移到交付給我們的客戶。

So we won't see any revenue in this year from domestic content.

因此，今年我們不會看到任何來自國內內容的收入。

Got it.

知道了。

Okay.

好的。

And then just following up on that, just wondering how much of your Utah manufacturing capacity could be supplied with domestically produced cells, given your agreement with AESC.

然後繼續跟進，只是想知道，根據您與 AESC 的協議，您在猶他州的製造能力中有多少可以由國產電池提供。

Could you fully utilize that facility to produce domestic content or cells that meet the requirements?

您能否充分利用該設施來生產符合要求的國產材料或電池？

How are you thinking about that?

你覺得怎麼樣？

That's the idea that we will have -- we could freely utilize our current capacity.

這就是我們的想法——我們可以自由地利用我們現有的能力。

And as I think we have communicated to you, that capacity can be easily doubled if we need to.

正如我認為我們已經與您溝通的那樣，如果需要的話，可以輕鬆地將容量增加一倍。

Got it.

知道了。

Okay, thank you.

好的謝謝。

Andrew Percoco, Morgan Stanley.

安德魯佩爾科科，摩根士丹利。

Hey, good morning.

嗨，早安。

Thanks so much for taking the question.

非常感謝您提出問題。

I did just want to go back to some of your commentary on the Red Sea.

我只是想回到你對紅海的一些評論。

It sounds like you haven't seen an impact to margins from the freight rates yet.

聽起來您還沒有看到運費對利潤率的影響。

But I'm just curious, do all of your contracts exposed to the Red Sea have freight adjusters, or could there be some potential margin risk if freight rates don't come back down?

但我只是好奇，你們所有涉及紅海的合約是否都有運費調整員，或者如果運費不回落，是否會存在一些潛在的保證金風險？

All our contracts, irrespective of whether they're going through the Red Sea or any other route, have freight adjustments, logistic adjustments.

我們所有的合同，無論是經過紅海或任何其他航線，都有運費調整、物流調整。

So all these costs are passed on, so we should not see any effect on our margins coming out of the Red Sea issues.

因此，所有這些成本都會轉嫁給我們，因此我們不應該看到紅海問題對我們的利潤產生任何影響。

Okay, that's super helpful.

好的，這非常有幫助。

And then my second question is a little bit more thematic.

然後我的第二個問題更具主題性。

But there's been a lot of attention paid to AI data center power needs and it's a big theme right now.

但人工智慧資料中心的電力需求引起了許多關注，這是目前的一個大主題。

And I think the view is energy storage is a pretty critical component when thinking about powering that load with reliable clean electricity.

我認為，在考慮使用可靠的清潔電力為負載供電時，儲能是一個非常關鍵的組成部分。

So can you maybe just provide some insights into your conversations that you're having with maybe some of these customers and what the timeline might look like for Fluence for this opportunity?

那麼，您能否提供一些您與其中一些客戶的對話的見解以及 Fluence 抓住這一機會的時間表？

I mean, yeah, this is something we have looked at.

我的意思是，是的，這是我們已經研究過的。

We work with Google on a project.

我們與 Google 合作一個專案。

However, to be very sincere today, we're so busy with the utility-scale projects and that we are not -- we haven't really worked a lot on it recently.

然而，今天說實話，我們非常忙於公用事業規模的項目，而我們最近並沒有真正在這方面做很多工作。

But we did have a project to test it with them.

但我們確實有一個項目可以和他們一起測試。

It went well.

進展順利。

But it's something that we have not actually -- in the recent quarters, something that we have not worked on.

但這是我們實際上沒有做的事情——最近幾個季度，我們還沒有做這件事。

But one of those opportunities we're going to the point on battery cost reductions, where this lowering of prices will start making these projects very attractive.

但我們的機會之一是降低電池成本，價格的降低將使這些項目變得非常有吸引力。

It will make it a lot more attractive than what they were when we looked at it, I think, roughly a year ago.

我認為，這將使它比我們大約一年前看到的時候更具吸引力。

So I think this is the type of thing that when we talked about it, it's elastic -- on demand elasticity, sorry for that, that comes in.

所以我認為，當我們談論它時，它是有彈性的——按需彈性，對此感到抱歉，它就出現了。

And it becomes one-off.

而且它變成了一次性的。

You put the price to such a point and you turn the lights on, and all this demand comes in.

你把價格定到這樣一個點，然後你打開燈，所有這些需求就會進來。

And that's my point to all of you on the tremendous tailwind of battery prices in our technology and how business cases start being penciled in and it becomes very, very attractive.

這就是我向大家傳達的觀點，即我們技術中電池價格的巨大推動力，以及商業案例如何開始被提及，並變得非常非常有吸引力。

Got it.

知道了。

That's helpful.

這很有幫助。

And I guess maybe just one more follow-up on that.

我想也許只是對此的進一步跟進。

When you had that pilot project when you did that demonstration with Google, was there anything on the software side or battery chemistry side that they were looking for to be changed versus your traditional utility customer?

當你與Google進行試點專案時，與你的傳統公用事業客戶相比，他們在軟體方面或電池化學方面是否尋求改變？

This is Rebecca.

這是麗貝卡。

On the battery side, no, the chemistry is the same.

在電池方面，不，化學成分是相同的。

The physical delivery of the product was the same.

產品的實際交付是相同的。

Based on the size of what we're delivering for Google, there were some changes on the software side for the application space that that was working in.

根據我們為 Google 提供的服務的規模，我們在軟體方面對正在運行的應用程式空間進行了一些更改。

Thank you.

謝謝。

Julien Dumoulin-Smith, Bank of America.

朱利安·杜穆蘭-史密斯，美國銀行。

Hey, good morning, Julian, team, Ahmed.

嘿，早上好，朱利安，團隊，艾哈邁德。

Congrats again.

再次恭喜。

Pleasure.

樂趣。

Just coming back to the top of the Q&A roster here on the gross margin piece.

回到毛利率部分的問答名冊頂部。

I just want to come back to this a little bit.

我只想稍微回顧一下這一點。

I mean, you guys obviously have this 10% to 15% and then 10% to 12% here in the near term.

我的意思是，你們顯然在短期內擁有 10% 到 15%，然後是 10% 到 12%。

Starting off the year the way that you did with revenues really poised to scale through the year.

從今年開始，你對收入的處理方式確實準備在全年中擴大規模。

Again, I get there's not an OpEx operating leverage piece here, but I mean, to what extent can we expect those gross margins to scale as revenues and the size of these projects can be conceivably -- continue to expand into the bulk of the year here?

再說一次，我知道這裡沒有營運支出營運槓桿部分，但我的意思是，隨著收入和這些項目的規模可以想像，我們可以預期這些毛利率會在多大程度上擴大——在今年的大部分時間裡繼續擴大這裡？

I mean, is there an argument to be trending higher within even that 10% to 12% range?

我的意思是，即使在 10% 到 12% 的範圍內，是否有理由認為其趨勢會更高？

No, I think our guidance -- hey, Julian, thanks for your comments -- compliments.

不，我認為我們的指導 - 嘿，朱利安，謝謝你的評論 - 恭維。

I think in terms of the gross margin, I think our guidance was 10% to 12%.

我認為就毛利率而言，我們的指導是 10% 到 12%。

I think we feel pretty good about that range going through the rest of the year.

我認為我們對今年剩餘時間的這個範圍感覺很好。

So I think it will be north of where we had realized in the first quarter, but I think we feel pretty good where we will end up in terms of our range for the full year.

因此，我認為這將超出我們在第一季實現的目標，但我認為我們對全年的最終目標感到非常滿意。

Got it.

知道了。

Excellent.

出色的。

And then, Julian, you mentioned this earlier on the domestic contents, your ability to potentially, I think you said something, double AESC contributions here potentially if need be.

然後，朱利安，您之前在國內內容中提到過這一點，我認為您有能力在需要時將 AESC 貢獻加倍。

I mean, just looking at the trade backdrop here, can you comment a little bit about what the -- what your ability to pivot is depending on any future shift in trade policy landscape here?

我的意思是，看看這裡的貿易背景，您能否評論一下您的轉向能力取決於這裡貿易政策格局未來的任何變化？

I'm really curious about your ability to shift even more so back to domestic product.

我真的很好奇你是否有能力更多地轉向國內產品。

Especially if the ESS market demands it, what is your ability to bring that to market as you think about providing further disclosures through the year and scaling up, if you will?

特別是如果 ESS 市場需要它，當您考慮在全年提供進一步的揭露並擴大規模（如果您願意）時，您將其推向市場的能力如何？

Yeah, I mean, this is a '25 issue more than '24.

是的，我的意思是，這是 25 年的問題，而不是 24 年的問題。

As you know, this line will come back -- will come online, or these sales will come up online.

如你所知，這條線將會回來——將會上線，或者這些銷售將會上線。

We are working with our suppliers to ensure that we have access to the additional demand, to the additional production capabilities, and have a first right of refusal on the production as we move forward.

我們正在與供應商合作，以確保我們能夠獲得額外的需求、額外的生產能力，並在我們前進的過程中擁有生產的優先購買權。

This is a multi-year contract.

這是一份多年合約。

So this is what I can tell you.

這就是我可以告訴你的。

We haven't really disclosed the volumes and stuff that we're working with, but the way we envision this project is a long-term relationship where we are able to take advantage of their increasing production as it continues moving forward.

我們還沒有真正透露我們正在合作的數量和內容，但我們設想這個項目的方式是一種長期合作關係，我們能夠在其繼續向前發展的過程中利用他們不斷增加的產量。

That's the way I would put it.

我就是這麼說的。

So in case -- I guess your question is indirectly, Julien, maybe I'm sorry that I'm implying, is that what happens is that trade issues and then this production becomes even more value.

所以以防萬一——我想你的問題是間接的，朱利安，也許我很抱歉我的意思是，發生的事情是貿易問題，然後這種生產變得更有價值。

Well, we believe that we are putting that into consideration the way we, at least for a period of time, to be able to scale up if this becomes a lot more attractive than what it is today due to potential trade disruptions.

好吧，我們相信，我們正在考慮這一點，至少在一段時間內，如果由於潛在的貿易中斷而變得比今天更具吸引力，我們能夠擴大規模。

Right.

正確的。

And your point is that 10% to 15%, as it stands today, there is fundamentally sort of upside as you disclose what the domestic content

你的觀點是，按照目前的情況，10% 到 15%，當你披露國內內容時，從根本上來說是有好處的。

[ASP is].

[ASP 是]。

That's right.

這是正確的。

That's our current view.

這是我們目前的觀點。

We'll talk more as we move forward and we sign these contracts and the competitive environment settles.

當我們向前邁進並簽署這些合約並且競爭環境穩定下來時，我們將進行更多討論。

But essentially, just going back, it is -- our customers need to feel comfortable with their business cases and that they can capture more than what they usually capture and that we will capture part of what they use -- that upside that we're giving them.

但本質上，回過頭來說，我們的客戶需要對他們的業務案例感到滿意，並且他們可以捕獲比他們通常捕獲的更多內容，而我們將捕獲他們使用的部分內容 - 我們正在這樣做的好處給他們。

So that's how all this works out.

這就是這一切的結果。

And we're working with them on that process.

我們正在與他們合作完成這個過程。

And as soon as that settles down in a way that feels comfortable, that is the way it's going to work for a period of time, we'll communicate to the financial markets what it is.

一旦這種情況以一種讓人感覺舒服的方式穩定下來，這就是它將在一段時間內發揮作用的方式，我們將向金融市場傳達它是什麼。

Excellent.

出色的。

Thank you, guys.

感謝你們。

Good luck.

祝你好運。

Speak to you soon.

盡快回覆你。

Kashy Harrison, JPMorgan.

卡希·哈里森，摩根大通。

Thanks.

謝謝。

So first question is for 2024 guidance.

第一個問題是關於 2024 年的指導。

You indicated that you have 80% already locked in, and you should be able to get to 100% shortly.

您表示您已經鎖定了 80%，而且您應該很快就能達到 100%。

But I was just wondering if you could give a sense of how -- of where you were at this point last year.

但我只是想知道你是否可以介紹一下去年這個時候你的情況如何。

Were you 80% booked last year as well?

去年你的預訂率也是80%嗎？

Or were you 100% booked at this point for the prior year?

或者您去年的這個時間點是否已 100% 被預訂？

And then just in general, how should we conceptually think about the amount of revenues that can be booked and captured within a year?

那麼一般來說，我們應該如何從概念上考慮一年內可以登記和獲得的收入金額？

Yeah.

是的。

So last year, if you looked at our -- what we had in the backlog last year, at the end of the first quarter, against where we ended in revenue, not where we were guiding us.

所以去年，如果你看看我們去年第一季末的積壓情況，對照我們的收入，而不是我們指導的情況。

Remember, we guided up over the years, so that gives a little bit of -- we were roughly at 90%.

請記住，我們多年來一直在引導，所以這給了一點——我們大約在 90%。

So 90% of our revenue for '23 was in our backlog at this stage.

因此，我們 23 年 90% 的收入都在現階段的積壓中。

So we're a little bit behind compared to last year from that point of view.

所以從這個角度來看，我們比去年有點落後。

However, looking at the late stage of development of our contracts and how we're going to -- where these contracts are, we have very, very high confidence that we will be able to secure the contracts we need to meet our guidance.

然而，看看我們合約的後期開發階段以及我們將如何——這些合約在哪裡，我們非常非常有信心，我們將能夠獲得滿足我們指導方針所需的合約。

So that's the way it is.

事情就是這樣。

And that's it.

就是這樣。

We feel very, very good.

我們感覺非常非常好。

We have -- there are several contracts.

我們有——有幾份合約。

We have -- they're all -- we're very positive in all of them, and it should allow us to be at a point that we will meet our guidance for the year.

我們對所有這些都非常積極，這應該使我們能夠達到今年的指導目標。

Kashy, this is Ahmed.

卡什，這是艾哈邁德。

And I think second part of your question was on the profile for the rest of the year.

我認為你問題的第二部分是關於今年剩餘時間的概況。

I think, as I discussed in my comments, I mean, 70% of our revenue or annual revenue is in the second half, and it's more back-end loaded.

我認為，正如我在評論中所討論的，我的意思是，我們 70% 的收入或年收入都在下半年，而且後端負載更多。

But that is frankly all based on our current contracts that we have, which are when we execute such a timing when we are delivering those contracts.

但坦白說，這一切都是基於我們現有的合同，也就是我們在交付這些合約時執行的時間。

So it's more driven by the timing of the projects that we have in our pipeline or backlog.

因此，它更多地受到我們管道或積壓項目的時間安排的驅動。

Got it.

知道了。

Thanks for both of those responses.

感謝這兩位的回覆。

And my follow-up question is just around the order intakes. $1.1 billion, clearly very impressive.

我的後續問題與訂單量有關。 11億美元，顯然非常令人印象深刻。

If we look at last year and the prior year, it seems like your order -- there was some type of order seasonality, where the second quarter orders look about the same as the first quarter, then you have like a dip into 3Q, and then somewhat of a recovery into 4Q.

如果我們看看去年和前一年，你的訂單似乎存在某種類型的訂單季節性，第二季度的訂單看起來與第一季度大致相同，然後你會進入第三季度，然後到第四季度有所復甦。

Is that directionally how we should -- without giving super explicit order guidance, I'm just wondering if that's directionally how we should think about seasonality for orders in your business moving forward?

在沒有給出超級明確的訂單指導的情況下，我們是否應該這樣做？我只是想知道，這是否是我們應該如何考慮您業務發展中訂單季節性的方向？

I mean, if you look back, every year is very different.

我的意思是，如果你回顧過去，每年都會大不相同。

So I don't think there is a strong seasonality in our order intake.

所以我認為我們的訂單量沒有很強的季節性。

So that's what -- it moves around.

所以這就是——它四處移動。

So it's more of how things worked out.

所以更重要的是事情是如何進行的。

And something that can be signed on December 15 or January 15 is quite -- has nothing to do with season.

12 月 15 日或 1 月 15 日簽署的合約與賽季無關。

It's more of whether people want to take vacation to give you a sense of this quarter.

更多的是人們是否願意去度假，讓你感受這個季度。

So I wouldn't give any -- we cannot give you a view on seasonality of product orders.

所以我不會給任何資訊——我們無法向您提供有關產品訂單季節性的看法。

Got it.

知道了。

Thank you.

謝謝。

Mark Strouse, JPMorgan.

馬克‧斯特勞斯，摩根大通。

Great.

偉大的。

Good morning, everybody.

大家早安。

Thanks for taking our question.

感謝您提出我們的問題。

I appreciate the color that you were giving earlier about no-margin risk from changes in pricing because your contracts with your suppliers and your customers are locked in.

我很欣賞您先前對定價變化帶來的無保證金風險的描述，因為您與供應商和客戶的合約已被鎖定。

Can you talk about the ability, though, of your customers to potentially cancel an order, especially if pricing goes lower enough?

不過，您能否談談您的客戶取消訂單的可能性，尤其是在價格足夠低的情況下？

And if so, can you give us what your average deposits that you're collecting on those contracts?

如果是這樣，您能否告訴我們您在這些合約中收取的平均存款是多少？

And then, on the other side, do you then have the ability to turn around and cancel any orders with suppliers?

另一方面，您是否有能力轉身取消與供應商的任何訂單？

Yeah.

是的。

I mean, they are -- what we bring in our backlog are binding contract that the customer cannot get out with making us hold on any cancellation.

我的意思是，我們在積壓訂單中帶來的是具有約束力的合同，客戶無法擺脫該合同，從而使我們保留任何取消訂單。

Today, to this day, we have never seen a cancellation of a contract in our backlog.

時至今日，我們的積壓訂單中從未見過取消合約的情況。

There's a reason for it.

這是有原因的。

We are very, very strict on what comes in.

我們對進來的東西非常非常嚴格。

Even though we have contracts that we have signed, which are not in our backlog until they meet the conditions to ensure that, if there's a cancellation, everybody's covered.

儘管我們已經簽署了合同，但在滿足條件之前，這些合約不會出現在我們的積壓中，以確保即使取消，每個人都能得到保障。

So we haven't seen a cancellation.

所以我們還沒看到取消。

Nobody has turned down.

沒有人拒絕過。

This project is very much ours.

這個項目完全是我們的。

So that's never been a risk, and the contract will make it difficult for the customer to get out if they go up significant financial penalties to ensure they meet and make us hold.

因此，這從來都不是一個風險，如果客戶為了確保滿足並讓我們持有而提高巨額經濟處罰，那麼合約將使客戶很難退出。

But as I said, that has never happened.

但正如我所說，這種情況從未發生過。

And your second question, sorry, on -- if you don't mind reminding me.

抱歉，你的第二個問題是──如果你不介意提醒我的話。

Well, maybe it's not a risk now, but the second question was, if your customers canceled on you, would you have the ability to cancel with your suppliers?

好吧，也許現在這不是一個風險，但第二個問題是，如果你的客戶取消了你的訂單，你是否有能力向你的供應商取消訂單？

I mean, we put purchase orders.

我的意思是，我們下了採購訂單。

We'll have penalties if we cancel with our suppliers.

如果我們取消與供應商的合作，我們將受到處罰。

But as I said, our customers will more compensate for that.

但正如我所說，我們的客戶會對此給予更多補償。

So that's the way we took it.

這就是我們採取的方式。

So the only thing I would add to that is, Mark, I think our -- when we signed the contract, our counterparties signed the contract at the price that makes sense for them at that time.

因此，我唯一要補充的是，馬克，我認為當我們簽署合約時，我們的交易對手以當時對他們有意義的價格簽署了合約。

So they look into -- take into account the economics of the project.

因此他們會考慮該項目的經濟性。

So I think that is what really drives their decision to continue, and then they make advanced payments because we generally get anywhere from 10% to 30% advance payments.

所以我認為這才是真正促使他們決定繼續的原因，然後他們預付款，因為我們通常會收到 10% 到 30% 的預付款。

And I think those are the things and that you have to take into account, I think.

我認為這些都是你必須考慮的事情。

But overall, as Julian mentioned, we have never seen any contract getting canceled for the same reasons.

但總的來說，正如朱利安所提到的，我們從未見過任何合約因同樣的原因而被取消。

Yeah, that makes sense.

是的，這是有道理的。

Okay, thank you both.

好的，謝謝兩位。

One quick follow up, Ahmed.

艾哈邁德，快速跟進。

On the last call, Monu gave some color about the timing of downpayments to AESC.

在最後一次電話會議上，Monu 透露了一些有關向 AESC 支付首付款的時間表。

Was there any update there?

那裡有更新嗎？

I'm sorry if I missed it.

如果我錯過了，我很抱歉。

No, nothing changed.

不，什麼都沒有改變。

I think we basically are on track.

我認為我們基本上已經步入正軌。

No, nothing to report.

不，沒什麼好報告的。

Okay, excellent.

好的，非常好。

Thank you very much.

非常感謝。

Tom Curran, Seaport Research Partners.

湯姆‧柯蘭，海港研究夥伴。

Good morning.

早安.

So under the EU climate law, the European Commission is working on an updated version of its national energy and climate plan that will establish decarbonization targets for 2040.

因此，根據歐盟氣候法，歐盟委員會正在製定其國家能源和氣候計畫的更新版本，該計畫將製定 2040 年的脫碳目標。

Between an early draft that leaked into the media and then a subsequent official communication, the Commission has proposed a target for the power gen mix of 90% renewables, complemented by nuclear, and referred to grid scale energy storage as a key element in their words for achieving that.

在洩漏給媒體的早期草案和隨後的官方溝通之間，委員會提出了 90% 再生能源發電組合的目標，並以核電為補充，並將電網規模的能源儲存稱為關鍵要素。為了實現這一目標。

This news, following last year's adoption of accelerated permitting for standalone storage, suggests the EU really is placing increasing emphasis on storage support when it comes to policy.

繼去年採用獨立儲存加速許可之後，這項消息顯示歐盟在政策方面確實越來越重視儲存支援。

What are you guys most excited about that either is gestating and seems to have good odds of becoming part of law or a new rule or incentive?

你們最興奮的是什麼正在醞釀中，並且似乎很有可能成為法律或新規則或激勵措施的一部分？

What are you most excited about that you have visibility on over either this year or, let's say, by the end of fiscal '25?

今年或 25 財年末您能看到的最令您興奮的事情是什麼？

I'll tell you what, the things we have seen in the last quarters are, clearly, the demand is very strong.

我告訴你，我們在過去幾季看到的情況顯然是需求非常強勁。

Also, I don't know if you saw the announcements, supply chain is moving into Germany or into Europe, let's put it.

另外，我不知道你是否看到了公告，供應鏈正在轉移到德國或歐洲，這麼說吧。

North Pole announcing a big factory in Germany, other players announcing factories all around Europe.

北極公司宣佈在德國建立一家大型工廠，其他公司則宣佈在歐洲各地建立工廠。

So our localization of supply chain is coming now with a better environment for it, so that's a good sign.

所以我們的供應鏈本地化現在已經到來，環境也更好了，這是一個好兆頭。

And then our pipeline moving very strongly, especially Germany becoming a cost to a market that's very active.

然後我們的管道發展非常強勁，特別是德國成為一個非常活躍的市場的成本。

The UK has always been market.

英國一直是市場。

But then markets have not been that active now becoming more.

但當時市場還沒有那麼活躍，現在變得更加活躍。

Italy came out with a six-hour capacity payment.

義大利提出了六小時容量付費。

There are a few things happening around that makes us very, very excited.

周圍發生的一些事情讓我們非常非常興奮。

I will tell you, if you ask me what I'm excited about, all of the above, everything.

如果你問我對什麼感到興奮，我會告訴你，以上所有一切，一切。

I'm excited about the fact that we have the supply chain starting in CPN, but good.

我很高興我們的供應鏈是從 CPN 開始的，但很好。

The fact so that -- we believe in the realization of supply chain, so that's great.

事實上，我們相信供應鏈的實現，所以這很棒。

And now, there's a lot of more players and regulators supporting it, so great.

現在，有更多的參與者和監管機構支持它，這太棒了。

We see these changes in Italy and in some of the Nordic countries, that's great.

我們在義大利和一些北歐國家看到了這些變化，這很棒。

And then a lot of customers in Germany and the UK that we have been working on, contacting us to move forward.

然後，我們一直在合作的德國和英國的許多客戶聯繫我們以繼續前進。

So all of the above, I will say Europe is a fertile ground for battery storage.

綜上所述，我想說歐洲是電池儲存的沃土。

That's helpful.

這很有幫助。

It makes sense.

這說得通。

And then, Ahmed, on the balance sheet, you saw a big sequential increased inventory, which more than doubled to $564 million.

然後，艾哈邁德，在資產負債表上，您會看到庫存連續大幅增加，增加了一倍多，達到 5.64 億美元。

Given the steep ramp in shipment and installation activity that you're preparing for as part of recognizing roughly 70% of fiscal '24 revenue over the second half, I suppose that it's at least partly self-explanatory, but could you just expound on that inventory surge and then give us an idea of how working capital as a source or use of CFFO should evolve quarter by quarter over fiscal '24?

考慮到您正在準備的發貨和安裝活動急劇增加，作為確認下半年 24 財年收入的大約 70% 的一部分，我認為這至少部分是不言自明的，但您能否詳細說明一下庫存激增，然後讓我們了解作為CFFO 來源或使用的營運資金在24 財年期間應如何逐季發展？

Sure.

當然。

I think in terms of -- yes, you're right.

我認為——是的，你是對的。

I think our inventory balance has increased by a couple of hundred million dollars, I mean, this year.

我認為今年我們的庫存餘額增加了數億美元。

I think this quarter, and that is primarily, I think, as we are ramping up our growth in revenue because, as I discussed, I mean, our revenue next quarter, second quarter will be not about $550 million.

我認為這個季度，我認為，這主要是因為我們正在加快收入成長，因為正如我所討論的，我的意思是，我們下個季度、第二季度的收入將不會約為 5.5 億美元。

So that inventory balance is largely, I think, will be deployed to serve or recognize our revenue in Q2.

因此，我認為，庫存平衡很大程度上將用於服務或確認我們第二季的收入。

In terms of working capital needs, I think we discussed on our Q4 call, I think, in 2024, there will be, I think, about $100 million or so of additional working capital needs.

在營運資金需求方面，我想我們在第四季度的電話會議上討論過，我認為，到 2024 年，將會有大約 1 億美元左右的額外營運資金需求。

But that is part of the plan, I think, that we will be funding through our existing liquidity.

但我認為，這是計劃的一部分，我們將透過現有的流動性提供資金。

So nothing changed from that perspective.

所以從這個角度來看，一切都沒有改變。

What we discussed in our Q4 call feel pretty good, given our liquidity is north of $600 million.

鑑於我們的流動性超過 6 億美元，我們在第四季度電話會議中討論的內容感覺非常好。

So we can manage any short-term working capital needs if we have to.

因此，如果有必要，我們可以管理任何短期營運資金需求。

Great.

偉大的。

I appreciate the insights.

我很欣賞這些見解。

Ben Kallo, Baird.

本卡洛，貝爾德。

Hey, thanks for putting me in, guys.

嘿，謝謝你們讓我加入，夥計們。

Just two quick ones.

就兩個快的。

First, maybe this relates to notes to proceed.

首先，這可能與繼續進行的註釋有關。

But could you talk about any risk in project or sales timing based on interconnection delays or shortage of electricians or paper shortages?

但是您能否談談由於互連延遲或電工短缺或紙張短缺而導致的項目或銷售時間表方面的任何風險？

And then my second question is just your appetite for offering your software to other battery providers, whether lithium ion or other types of storage providers.

然後我的第二個問題是您是否願意向其他電池提供者（無論是鋰離子電池提供者還是其他類型的儲存提供者）提供軟體。

Thank you.

謝謝。

In terms of -- when you looked at our -- in terms of the risk of the delays in interconnection, essentially, it is an acute problem in the US, less of a problem generally in the other markets.

就互連延遲的風險而言，從本質上講，這在美國是一個嚴重的問題，而在其他市場普遍不是一個問題。

It's important to make that point.

指出這一點很重要。

The second one is that, what we have in our backlog already has -- the queue has been resolved.

第二個是，我們積壓的工作已經有了──隊列已經解決了。

Our customer has a clear line of sight of when they're going to connect, what they need to do, and by when.

我們的客戶對何時進行連接、需要做什麼以及何時進行連接有著清晰的認識。

So there could be delays, but the delays are usually weeks because something didn't get to a sign on time or things like that.

所以可能會有延誤，但延誤通常是幾週，因為有些事情沒有按時到達標誌或類似的事情。

So not the delays we talked about.

所以不是我們談論的延誤。

So generally, I would say that our backlog is the risk on transmission delays in general, except for more of a civil works type of delays.

所以總的來說，我想說我們的積壓是一般傳輸延遲的風險，除了更多的土木工程類型的延遲。

Then you do see, clearly, our pipeline, our ability to convert our pipeline into backlog, it is subject to our customers in the US, insurance that they can get on the queue and get those problems resolved.

然後你會清楚地看到我們的管道，我們將管道轉化為積壓訂單的能力，這取決於我們在美國的客戶，保證他們可以加入隊列並解決這些問題。

We -- just see what happened this quarter.

我們——看看本季發生了什麼。

We are not seeing a significantly -- when we look -- when we build our pipeline, we set days when we see that projects are going to be -- projects that we believe we're going to be able to sign them.

當我們建立管道時，我們並沒有看到顯著的情況，我們設定了我們認為能夠簽署專案的日期。

And we haven't seen a significant delay of -- that in any way affect our results or ability to meet our financial metrics.

我們還沒有看到明顯的延遲——這會以任何方式影響我們的業績或達到我們財務指標的能力。

There are projects here and there, ones that surprise you by how fast they move and ones that surprise you because they're a little late.

到處都有項目，有些項目進展之快讓你感到驚訝，有些則因為進展有點晚而讓你感到驚訝。

But I would say, when you put them in balance, they're generally not the same.

但我想說，當你平衡它們時，它們通常是不一樣的。

In terms of digital solutions, I think I will have to make two -- we have -- our BMS, our operating systems, which are integral to our hardware solutions.

在數位解決方案方面，我認為我必須製作兩個——我們擁有的——我們的BMS，我們的作業系統，它們是我們硬體解決方案不可或缺的一部分。

And those are not -- that we're not going to sell that to anyone.

這些並不是——我們不會把它賣給任何人。

We don't offer to third parties.

我們不向第三方提供。

This is ours.

這是我們的。

We use it for ourselves, and it makes us different.

我們為自己使用它，它使我們與眾不同。

And it's one of our competitive barriers and our competitive capacity.

這是我們的競爭壁壘和競爭能力之一。

However, we do have our Fluence Digital offering, our Mosaic offering, which is a bidding app, and our Nispera offering, which is a performance management tool.

然而，我們確實有 Fluence Digital 產品、Mosaic 產品（競價應用程式）和 Nispera 產品（績效管理工具）。

Those we do sell to third-party technology.

我們確實將其出售給第三方技術。

So there are competitors of us who, the owners of their technology, prefers to use our bidding app and prefer to use our performance management tools rather than whatever the other competitor is offering.

因此，我們的競爭對手，他們的技術所有者，更喜歡使用我們的出價應用程序，更喜歡使用我們的績效管理工具，而不是其他競爭對手提供的任何工具。

But I will say that only on those two points, on the OS and on the operating system and the BMS, it is integral to what we do, and we don't offer that to anyone else.

但我要說的是，只有在作業系統、作業系統和 BMS 這兩點上，它才是我們所做工作的組成部分，而且我們不會向其他任何人提供這些服務。

Thank you.

謝謝。

Thank you.

謝謝。

And I would now like to hand the conference back over to Julian for any further remarks.

現在我想將會議交還給朱利安，以便他發表進一步的意見。

Great.

偉大的。

Well, thank you so much, everybody, for your interest and questions.

非常感謝大家的興趣和提問。

We had a great quarter -- great order intake, revenue.

我們度過了一個很棒的季度——訂單量和收入都很高。

We knew from -- in line with what we expected, this is in line with where we were going.

我們知道——與我們的預期一致，這與我們的目標一致。

I think an important point and something that you all brought to me last year, as a main point, is the double-digit gross margin.

我認為很重要的一點，你們去年帶給我的一個重點，就是兩位數的毛利率。

This was a main discussion during '23, whether we were going to be able to do it.

這是 23 年期間的一個主要討論，我們是否能夠做到這一點。

Now, we have two quarters of meeting double-digit gross margins.

現在，我們有兩個季度的毛利率達到兩位數。

I think this is the basis of which, as we ramp up on revenue, the basis of which we will be able to become -- to reach profitability for this quarter again.

我認為，隨著我們收入的增加，這是我們能夠在本季再次實現盈利的基礎。

So we're very confident on our '24 guidance and our ability to meet our $3 billion middle of the range earnings revenue guidance and our $50 million to $80 million in terms of adjusted EBITDA.

因此，我們對 24 年的指導非常有信心，並且有能力實現 30 億美元的中等收入指引和 5,000 萬至 8,000 萬美元的調整後 EBITDA。

So very happy for what's going on.

對正在發生的事情感到非常高興。

Thank you so much, and talk to you.

非常感謝你，再和你談談。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。