Fluence Energy Inc (FLNC) 2024 Q2 法說會逐字稿

Good day, and thank you for standing by, and welcome to Fluence Energy, Inc.'s Q2 2024 earnings conference call. (Operator Instructions)

美好的一天，感謝您的支持，歡迎參加 Fluence Energy, Inc. 的 2024 年第二季財報電話會議。 （操作員說明）

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, Finance and Investor Relations. Please go ahead.

請注意，今天的會議正在錄製中。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。請繼續。

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

謝謝。早上好，歡迎參加 Fluence Energy 2024 年第二季財報電話會議。

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

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。此類陳述基於當前預期和某些假設，因此存在某些風險和不確定性。

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

許多因素可能導致實際結果有重大差異。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。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。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. 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.

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。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. 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.

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。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. I will now turn the call over to Julian.

非常感謝。我現在將把電話轉給朱利安。

Thank you, Lex. I would like to send a warm welcome to our investors, analysts, and employees who are participating on today's call. I will provide a brief update on our business and then review progress on our strategic objectives. Ahmed will then give more details on our financial results and outlook.

謝謝你，萊克斯。我謹向參加今天電話會議的投資者、分析師和員工表示熱烈歡迎。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。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, I am pleased to report that in the second quarter we had a strong financial performance as we recognized $623 million of revenue and increases our gross margin and cash flow generation.

從幻燈片 4 的主要亮點開始，我很高興地報告，第二季度我們的財務業績強勁，我們確認了 6.23 億美元的收入，並增加了毛利率和現金流生成。

We delivered our third consecutive quarter of double-digit gross margin. Our adjusted EBITDA for the second quarter was approximately negative $6 million, significantly improved from this same period last year. We ended the quarter with $541 million of cash, an increase of $65 million from December 31.

我們連續第三個季度實現兩位數的毛利率。我們第二季調整後的 EBITDA 約為負 600 萬美元，比去年同期顯著改善。本季結束時，我們的現金為 5.41 億美元，比 12 月 31 日增加了 6,500 萬美元。

Additionally, we recognized more than $700 million of new orders. Our solution business contracted 2.2 gigawatt hours, our services business added 900 megawatt hours, and our digital business added 3.1 gigawatt of new orders.

此外，我們也確認了超過 7 億美元的新訂單。我們的解決方案業務合約了 2.2 吉瓦時，我們的服務業務增加了 900 兆瓦時，我們的數位業務增加了 3.1 吉瓦新訂單。

Our signed contract backlog as of March 31 was $3.7 billion, which was in line with our December 31st level. As revenue recognized its quarter and a couple of small adjustments offset the additional order intake.

截至 3 月 31 日，我們已簽署的合約積壓金額為 37 億美元，與 12 月 31 日的水平一致。隨著收入確認了本季的收入，一些小調整抵消了額外的訂單量。

The increasing number of opportunities was reflected in the growth of our pipeline, which increased by $2.9 billion to $16.3 billion, thus giving us additional confidence in our revenue growth outlook for FY25 and beyond.

機會數量的增加反映在我們的管道成長中，管道增加了 29 億美元，達到 163 億美元，使我們對 2025 財年及以後的收入成長前景更有信心。

We had a strong quarter in our digital business, adding 3.1 contracted gigawatts to our backlog. Our digital assets under management increased by 200 megawatts to 17.2 gigawatts as of March 31. In summary, our combined services and digital annual recurring revenue or ARR, improved to approximately $68 million as of March 31.

我們的數位業務在本季表現強勁，未完成訂單增加了 3.1 吉瓦。截至 3 月 31 日，我們管理的數位資產增加了 200 兆瓦，達到 17.2 吉瓦。

Turning to slide 5, I'd like to discuss our progress on the five strategic objectives that guide our decision and actions. There are also important markers that investors can monitor and measure our performance against.

轉向投影片 5，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。投資者還可以根據一些重要的指標來監控和衡量我們的績效。

First, on delivering profitable growth. I'm pleased to report that we have generated a record amount of free cash flow of approximately $88 million for the first half of our fiscal year. This is a proof point of the success of our business model and working capital management capabilities that result in a significant amount of cash generation.

首先，實現獲利成長。我很高興地向大家報告，本財年上半年我們創造了約 8,800 萬美元的自由現金流，創歷史新高。這證明了我們的商業模式和營運資金管理能力的成功，從而產生了大量現金。

Second, we will continue to develop products and solutions that our customers need. As such, I am pleased to report that during the quarter, we expanded our Gridstack Pro line to include the 5000 series, which is our larger and more energy-dense 5-megawatt 20-foot enclosure, which I will discuss in more detail.

其次，我們將繼續開發客戶所需的產品和解決方案。因此，我很高興地報告，在本季度，我們擴展了 Gridstack Pro 產品線，納入了 5000 系列，這是我們更大、能量更密集的 5 兆瓦 20 英尺外殼，我將更詳細地討論它。

Additionally, we signed our first domestic content -- contract that will allow our customers to benefit from incremental incentives on the Inflation Reduction Act or IRA. We are seeing tremendous interest from customers for US domestic content products. We believe we are well positioned to capitalize on this momentum, as we are one of the first companies capable of providing customers with products that we expect to qualify for domestic content under the IRA.

此外，我們還簽署了第一份國內內容合同，該合約將使我們的客戶受益於《減少通貨膨脹法案》或 IRA 的增量激勵措施。我們看到客戶對美國國內內容產品表現出極大的興趣。我們相信，我們已做好充分利用這一勢頭的準備，因為我們是首批有能力為客戶提供符合 IRA 國內內容資格的產品的公司之一。

Third, we are on track for our US battery module manufacturing to begin initial production at our facility later this year. This battery module is a key piece that will enable us to provide a product that meets the US domestic contract requirements for battery energy storage.

第三，我們的美國電池模組製造預計將在今年稍後在我們的工廠開始初始生產。該電池模組是我們能夠提供滿足美國國內電池儲能合約要求的產品的關鍵部件。

Fourth, we will use Fluence Digital as a competitive differentiator and a margin driver. I am pleased to report that our digital contract backlog increased by about 75% on a dollar basis from this time last year.

第四，我們將利用 Fluence Digital 作為競爭優勢和利潤驅動因素。我很高興地報告，與去年同期相比，我們的數位合約積壓量以美元計算增加了約 75%。

And our fifth objective is to work better. I am proud to state that in April, Fluence released its second annual sustainability report, which builds upon the sustainability disclosures from my inaugural report published in April '23, and provides updates on Fluence's sustainability strategy, which I will touch on more in a moment.

我們的第五個目標是更好地工作。我很自豪地說，Fluence 在4 月發布了第二份年度永續發展報告，該報告以我在2023 年4 月發布的首份報告中披露的可持續發展資訊為基礎，並提供了Fluence 可持續發展戰略的最新信息，我稍後將詳細介紹該戰略。

Turning to slide 6, we continue to see strong growth in demand for utility-scale energy storage systems. This is the 10th consecutive quarter of order intake outpacing revenue recognize, showcasing the robust growth in utility-scale energy storage. Our backlog of $3.7 billion provides strong visibility to future revenue.

轉向投影片 6，我們繼續看到對公用事業規模儲能係統的需求強勁成長。這是訂單量連續第十個季度超過收入確認，顯示了公用事業規模儲能的強勁增長。我們 37 億美元的積壓訂單為未來收入提供了清晰的可見度。

As Ahmed will discuss in more detail, we are reaffirming our guidance ranges for both revenue and adjusted EBITDA. To that end, we have approximately 90% of the midpoint of our revenue guidance covered by our backlog plus revenue-recognized year to date.

正如艾哈邁德將更詳細討論的那樣，我們重申了收入和調整後 EBITDA 的指導範圍。為此，我們的收入指導中點的大約 90% 由我們的積壓訂單加上年初至今已確認的收入涵蓋。

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 guidance midpoint. Our '25 outlook is underpinned by our pipeline, which sits at approximately $16.3 billion and grew $2.9 billion from last quarter. Our expectation for pipeline conversion is at a 50% probability over the next 24 months.

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 財年指導中位數持續強勁成長約 35% 至 40%。我們的 25 年前景是由我們的管道支撐的，管道規模約為 163 億美元，比上個季度增長了 29 億美元。我們預計未來 24 個月內管道轉換的機率為 50%。

I am increasingly encouraged by the growing number of opportunities we see around the world. As you can see from the chart on this slide, BNEF has forecasted between now and 2030, global new capacity additions for utility-scale storage of nearly 670 gigawatt hours, including China. This is a major opportunity for us to continue our growth.

我們在世界各地看到的機會越來越多，這讓我越來越受到鼓舞。正如您從這張投影片的圖表中看到的那樣，BNEF 預測從現在到 2030 年，全球公用事業規模儲存新增容量將接近 670 吉瓦時，其中包括中國。這是我們繼續發展的重大機會。

We have a significant presence in some of the markets outside the United States where we expect to see the strongest growth. For example, Germany, our third largest market and biggest European market. Battery energy storage is gaining increasing significance in Germany as a country accelerating its transition towards renewable energy sources and aims to phase out nuclear power and reduce reliance on fossil fuels.

我們在美國以外的一些市場佔有重要地位，我們預期這些市場的成長將最為強勁。例如德國，我們的第三大市場，也是歐洲最大的市場。隨著德國加速向再生能源轉型，並致力於逐步淘汰核電並減少對化石燃料的依賴，電池儲能在德國變得越來越重要。

As a result, the BNEF sees this market adding nearly 23 gigawatt hours of new capacity between now and 2030. Additionally, Germany is a growing market for Ultrastack, our transmission solution, and we have been very, very successful capturing opportunities as they come to market.

因此，BNEF 認為從現在到 2030 年，該市場將增加近 23 吉瓦時的新容量。

Australia has quickly become our second largest market. BNEF sees this market adding nearly 25 gigawatt hours of new capacity between now and 2030. As Australia continues to transition towards a more sustainable energy future, the battery storage market is experiencing significant growth. We have been successful capturing a good portion of these opportunities, and we are committed to expand our presence in this market as we move forward.

澳洲已迅速成為我們的第二大市場。 BNEF 預計，從現在到 2030 年，該市場將新增近 25 吉瓦時的新增容量。我們已經成功地抓住了這些機會的很大一部分，並且我們致力於在前進的過程中擴大我們在這個市場的影響力。

The United States is our largest market. Battery energy storage is playing an increasingly vital role in the US as the nation seeks to modernize its energy infrastructure, enhance grid resilience, and transition towards cleaner and more sustainable sources of power.

美國是我們最大的市場。隨著美國尋求能源基礎設施現代化、增強電網彈性以及向更清潔、更永續的電力來源過渡，電池儲能在美國發揮越來越重要的作用。

Furthermore, the IRA has spurred a significant amount of demand. BNEF sees nearly 350 gigawatt hours of new capacity added between now and 2030. This is a tremendous amount and represents a huge opportunity for us to capitalize on with our expanded product offering, such as our Gridstack Pro line, which includes our US domestic content offer.

此外，愛爾蘭共和軍刺激了大量的需求。 BNEF 預計從現在到2030 年將新增近350 吉瓦時的產能。其中包括我們的美國國內內容產品。

More importantly, the utility-scale battery storage sector in the United States has demonstrated remarkable resilience to political shifts and changes in administrations, largely due to its strong economic foundations and bipartisan support for grid modernization and clean energy infrastructure.

更重要的是，美國公用事業規模的電池儲存產業展現了對政治轉變和政府變化的顯著適應能力，這主要歸功於其強大的經濟基礎以及兩黨對電網現代化和清潔能源基礎設施的支持。

The success of utility-scale battery storage projects in the United States is driven by economic factors, such as the declining cost of battery technology, its technological advantage against other capacity-firming solutions, and the increasing and urgent need for grid flexibility and resilience. The need continues to increase as renewable energy continues to improve its costs and becomes the most economical energy source, even for States that traditionally had relied on fossil fuels.

美國公用事業規模電池儲存專案的成功是由經濟因素推動的，例如電池技術成本的下降、相對於其他容量固定解決方案的技術優勢，以及對電網靈活性和彈性的日益增長的迫切需求。隨著再生能源成本不斷提高並成為最經濟的能源，即使對於傳統上依賴化石燃料的國家來說，這種需求也在增加。

Overall, the US energy storage outlooks remain very robust, and the intertwining of economic opportunity and technological advancement has positioned the utility scale battery storage sector as a highly resilient and driving component of American energy landscape we support all around the political spectrum.

總體而言，美國儲能前景仍然非常強勁，經濟機會和技術進步的交織使公用事業規模的電池儲存產業成為美國能源格局中具有高度彈性和驅動力的組成部分，我們在各個政治領域都支持。

Turning to slide 7, Fluence has significantly expanded its Gridstack Pro line to serve a wide range of project needs and enhance the versatility of any storage solution. The line comprises three enclosure sizes, namely the 1000, the 2000, and the 5000 Series, each sharing core components, certifications, and operating systems to ensure Fluence's consistent domain expertise across the board.

轉向幻燈片 7，Fluence 顯著擴展了其 Gridstack Pro 系列，以滿足廣泛的專案需求並增強任何儲存解決方案的多功能性。該系列包括三種機箱尺寸，即 1000、2000 和 5000 系列，每種型號共享核心組件、認證和作業系統，以確保 Fluence 全面保持一致的領域專業知識。

This modular approach enables different configurations, allowing for mixing and matching of enclosures to precisely meet the requirements of specific projects while maintaining competitive usable energy prices.

這種模組化方法支援不同的配置，允許混合和匹配外殼，以精確滿足特定項目的要求，同時保持具有競爭力的可用能源價格。

By offering a variety of social capacity, the Gridstack Pro line effectively addresses the issue of system overbuilding and contributes to reducing the cost per kilowatt-hour. The highlight of the Gridstack Pro line expansion is our ability to utilize one platform to seamlessly and faster integrate new cell technology without modifications to the platform.

Gridstack Pro系列透過提供多種社交容量，有效解決系統過度建造的問題，有助於降低度電成本。 Gridstack Pro 產品線擴充的亮點是我們能夠利用一個平台無縫、更快地整合新的電池技術，而無需對平台進行修改。

Additionally, the 5000 Series has remarkable energy density, offering an impressive 5 to 6 megawatt-hours in a single 20-foot enclosure. This high energy density not only optimizes land usage at project size, but also enhances overall efficiency, making it an attractive solution for space-constrained installations.

此外，5000 系列具有卓越的能量密度，可在單一 20 英尺外殼中提供令人印象深刻的 5 至 6 兆瓦時電力。這種高能量密度不僅優化了專案規模的土地利用，還提高了整體效率，使其成為空間受限安裝的有吸引力的解決方案。

Moreover, the Gridstack Pro line prioritizes safety, surpassing the industry standards by successfully passing Fluence's internally developed [Bidjorn-Born] test. This commitment to safety ensures peace of mind for customers and stakeholders alike, reinforcing Fluence's reputation as a reliable provider of any storage solutions.

此外，Gridstack Pro系列將安全性放在首位，成功通過了Fluence內部開發的[Bidjorn-Born]測試，超越了行業標準。這種對安全的承諾確保了客戶和利害關係人的安心，增強了 Fluence 作為任何儲存解決方案的可靠提供者的聲譽。

Furthermore, the Gridstack Pro line is built with Fluence's modules, battery management systems, electronics, and software, all developed or fully controlled by Fluence, to mitigate any concerns related to cybersecurity or policy issues.

此外，Gridstack Pro 系列採用 Fluence 的模組、電池管理系統、電子設備和軟體構建，所有這些均由 Fluence 開發或完全控制，以減輕與網路安全或政策問題相關的任何擔憂。

To better serve its US customers, Fluence offers the Fluence battery pack with domestically manufactured cells and modules, making the Gridstack Pro line one of the first storage solutions eligible for the 10% investment tax credit bonus under the IRA. This initiative not only supports the domestic manufacturing sector, but also incentivizes the adoption of energy storage technologies in the United States, contributing to the nation's energy security and sustainability goals.

為了更好地服務其美國客戶，Fluence 提供採用國產電池和模組的 Fluence 電池組，使 Gridstack Pro 系列成為首批符合 IRA 10% 投資稅收抵免獎金資格的儲存解決方案之一。這項措施不僅支持國內製造業，也激勵美國採用儲能技術，為國家能源安全和永續發展目標做出貢獻。

STurning to slide 8, as I mentioned earlier, we recently signed our first contract for a product that qualifies for domestic content, allowing our customers to capture an incremental 10% investment tax credit. We're seeing tremendous interest from customers for our domestic content offering, and we expect to sign additional contracts in the coming quarters as it is competitively priced against non-US alternatives that do not include the additional 10% ITC.

轉向幻燈片 8，正如我之前提到的，我們最近簽署了第一份符合國內內容資格的產品合同，使我們的客戶能夠獲得增量 10% 的投資稅收抵免。我們看到客戶對我們的國內內容產品表現出極大的興趣，我們預計在未來幾個季度簽署更多合同，因為與不包括額外10% ITC 的非美國替代品相比，它的價格具有競爭力。

Our proprietary battery model is at the heart of our domestic content offering, and it is key to meeting the criteria established by the US Treasury Department. By manufacturing our own battery modules, we will also qualify for IRS Section 45X benefits, which includes an incentive payment of $10 per kilowatt for battery modules produced in the US. We're currently on schedule to begin our initial production later this year, gradually ramping up over the subsequent quarters.

我們專有的電池模型是我們國內內容產品的核心，也是滿足美國財政部所訂定的標準的關鍵。透過製造我們自己的電池模組，我們還將有資格享受 IRS 第 45X 條的福利，其中包括對美國生產的電池模組每千瓦 10 美元的獎勵金。目前，我們計劃在今年稍後開始初步生產，並在接下來的幾季逐步提高產量。

Turning to slide 9. I'm proud to report that in April, Fluence released its second annual sustainability report, which builds upon the sustainability disclosures from my inaugural report published in April of '23 and provides updates on Fluence's sustainability strategy.

轉向投影片9。了Fluence 永續發展策略的最新資訊。

Some of the highlights from the report include we expanded our green gas footprint analysis into Scope 3 and clarified reporting boundaries. We offset 60% of our global business' travel emissions from flights. And we kick off Scope 2 emissions reduction efforts for Fluence facilities, including switching our [air lagging] facility in Germany to 100% renewal electricity.

報告的一些亮點包括我們將綠色氣體足跡分析擴展到範圍 3 並澄清了報告邊界。我們透過航班抵銷了全球商務旅行排放量的 60%。我們啟動了 Fluence 設施的範圍 2 減排工作，包括將我們位於德國的[空氣滯後]設施切換為 100% 可再生電力。

In conclusion, I'm pleased with the achievements of the second quarter. Although we're mindful there's still work to be done, we will look to continue this momentum as we progress through '24. I will now turn the call over to Ahmed.

總之，我對第二季的成績感到滿意。儘管我們意識到仍有工作要做，但我們將在 24 世紀取得進展時繼續保持這種勢頭。我現在將把電話轉給艾哈邁德。

Thank you, Julian. And good morning, everyone. Today, I will review our second-quarter financial results and then discuss our 2024 guidance. Beginning with our second-quarter 2024 results on slide 11.

謝謝你，朱利安。大家早安。今天，我將回顧我們第二季的財務業績，然後討論我們的 2024 年指引。從幻燈片 11 上的 2024 年第二季業績開始。

We generated $623 million in revenue, which puts us at $1 billion or 33% of the midpoint of our full-year guidance of $3 billion. I would like to note that year-to-date revenue is approximately $100 million ahead of prior expectations of 30% or $900 million of annual revenue in the first half as we were able to complete certain projects in Americas earlier than the third quarter.

我們創造了 6.23 億美元的收入，這使我們的收入達到 10 億美元，佔全年指導目標 30 億美元中位數的 33%。我想指出的是，由於我們能夠在第三季之前完成美洲的某些項目，因此今年迄今為止的收入比之前預期的上半年年收入增加了 30% 或 9 億美元約 1 億美元。

In terms of profitability, we generated approximately $66 million adjusted gross margin or 10.6% representing the third consecutive quarter of generating double-digit gross margin. These results also include a modest expense from settling our pending litigation with Siemens Energy. Our continued execution further demonstrates that our legacy backlog issues are behind us, and we are benefiting from our higher margin backlog.

在獲利能力方面，我們的調整後毛利率約為 6,600 萬美元，即 10.6%，連續第三個季度實現兩位數毛利率。這些結果還包括解決我們與西門子能源公司的未決訴訟所產生的適度費用。我們的持續執行進一步表明，我們遺留的積壓問題已經成為過去，並且我們正從更高的積壓利潤中受益。

Our operating expenses were $74 million, representing 11.9% of quarterly revenue, which is down from 17% in the first quarter.

我們的營運費用為 7,400 萬美元，佔季度收入的 11.9%，低於第一季的 17%。

This continued momentum also reflects in our improving EBITDA. More specifically, this quarter, EBITDA materially improved to negative $6 million versus negative $28 million in Q2 '23 and negative $18 million in Q1 '24. 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.

這種持續的勢頭也反映在我們不斷改善的 EBITDA 上。更具體地說，本季 EBITDA 大幅改善至負 600 萬美元，而 23 年第二季為負 2,800 萬美元，24 年第一季為負 1,800 萬美元。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。

Turning to slide 12, before I talk our liquidity, I would like to share that our continued focus on profitability and productive working capital management has yielded positive results. This reflects in our positive year-to-date free cash flow performance of $88 million.

轉向投影片 12，在談論我們的流動性之前，我想分享一下，我們對獲利能力和生產性營運資本管理的持續關注已經取得了積極成果。這反映在我們今年迄今 8800 萬美元的積極自由現金流表現。

In terms of cash, I am pleased to report that we ended the second quarter with $541 million of total cash, an increase of approximately $65 million since last quarter, and the fourth consecutive quarter that we increased our total cash position.

在現金方面，我很高興地報告，第二季末我們的現金總額為 5.41 億美元，比上個季度增加了約 6500 萬美元，這也是我們連續第四個季度增加現金總額。

In summary, we have total liquidity of nearly $590 million, which we believe puts us in an excellent position to capitalize on the growing energy storage market.

總之，我們擁有近 5.9 億美元的總流動資金，我們相信這使我們處於充分利用不斷增長的能源儲存市場的有利地位。

Moving to slide 13, as Julian noted, based on our year-to-date performance and outlook for the second half, we are reaffirming our guidance ranges for both revenue and adjusted EBITDA for 2024 at a midpoint of $3 billion and $65 million, respectively. At this point in the year, we have approximately 90% of the midpoint of our revenue guidance covered by awarded projects plus actual revenue recognized in the second half.

轉到幻燈片 13，正如朱利安指出的那樣，根據我們今年迄今的業績和下半年的前景，我們重申 2024 年收入和調整後 EBITDA 的指導範圍分別為 30 億美元和 6500 萬美元的中點。今年此時，我們的收入指導中點的大約 90% 由獲獎項目加上下半年確認的實際收入覆蓋。

Furthermore, we are on track to achieve ARR of approximately $80 million by the end of fiscal 2024. I would also like to spend a moment on our year-to-go expectations. Specifically, we expect approximately 20% of our second half revenue to be realized in the third quarter and 80% in the fourth quarter.

此外，我們預計在 2024 財年末實現約 8,000 萬美元的 ARR。具體來說，我們預計下半年營收的約20%將在第三季實現，80%將在第四季實現。

This split reflects two factors. First, the timing of projects in our backlog, which are largely scheduled to be delivered in Q4 this year. As a reminder, our revenue is recognized as we hit certain milestones.

這種分裂反映了兩個因素。首先，我們積壓專案的時間安排，大部分計劃在今年第四季交付。提醒一下，當我們達到某些里程碑時，我們的收入就會得到確認。

For example, the majority of our Q4 project milestones are for production and delivery of cubes, which is within our control. To that end, we have secured the necessary batteries, manufacturing slots, and logistics. These factors provide us confidence in our ability to deliver on our revenue targets.

例如，我們第四季度專案的大部分里程碑都是針對立方體的生產和交付，這是我們可以控制的。為此，我們已經獲得了必要的電池、製造槽位和物流。這些因素使我們對實現收入目標的能力充滿信心。

And second, as I previously mentioned, we had approximately $100 million of revenue pulled into Q2 from Q3. Finally, looking ahead to fiscal year 2025, we continue to believe that we will achieve approximately 35% to 40% year-over-year revenue growth from the midpoint of our fiscal 2024 guidance range. With that, let me turn the call back to Julian for his closing remarks.

其次，正如我之前提到的，我們從第三季到第二季的營收約為 1 億美元。最後，展望 2025 財年，我們仍然相信，與 2024 財年指導範圍的中點相比，我們將實現約 35% 至 40% 的同比收入增長。接下來，讓我把電話轉回給朱利安，讓他發表結束語。

And second, as I previously mentioned, we had approximately $100 million of revenue pulled into Q2 from Q3. Finally, looking ahead to FY25, we continue to believe that we will achieve approximately 35% to 40% year-over-year revenue growth from the midpoint of our fiscal 24 guidance range.

其次，正如我之前提到的，我們從第三季到第二季的營收約為 1 億美元。最後，展望 25 財年，我們仍然相信，我們將在 24 財年指導範圍的中點基礎上實現約 35% 至 40% 的同比收入增長。

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. Turning to slide 14 and in conclusion, I want to emphasize the key takeaways from this quarter's results. First, we had a record-setting free cash flow generation of approximately $88 million for the first half of this year. This is a proof point for the success of our business model and the free cash flow we can generate. This cash generation also contributed to our strong liquidity position of nearly $590 million.

謝謝你，艾哈邁德。轉向投影片 14，最後，我想強調本季業績的關鍵要點。首先，今年上半年我們創造了約 8,800 萬美元的創紀錄自由現金流。這是我們商業模式成功和我們可以產生的自由現金流的證明。這種現金產生也為我們帶來了近 5.9 億美元的強勁流動性狀況。

Second, the outlook for utility-scale storage is very robust, and there is a great opportunity for our new products to deliver value to our customers. More importantly, our space is well insulated from the upcoming US elections, and we do not anticipate any significant impact to demand as a result.

其次，公用事業規模儲存的前景非常強勁，我們的新產品有很大機會為客戶創造價值。更重要的是，我們的空間很好地不受即將到來的美國大選的影響，我們預計需求不會因此受到任何重大影響。

So we are on track to begin our US module manufacturing later this year. Together with our customers, we believe we are in a prime position to capture demand from products that qualify for the US domestic content bonus. And finally, this is our third consecutive quarter of double-digit gross margins, which reflects our continuous commitment to deliver attractive returns to our shareholders.

因此，我們預計在今年稍後開始在美國製造模組。我們相信，我們與客戶一起處於領先地位，能夠抓住符合美國國內內容紅利的產品的需求。最後，這是我們連續第三個季度實現兩位數的毛利率，這反映了我們持續致力於為股東提供有吸引力的回報。

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，我們現在準備好回答問題。

(Operator Instructions) George Gianarikas, Canaccord Genuity.

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

I was wondering if you can maybe discuss the data center opportunity and how much traction you've seen there and how your conversations have changed, if at all, recently. Thank you.

我想知道您是否可以討論一下資料中心的機會，以及您在那裡看到了多少吸引力，以及您的對話最近發生了怎樣的變化（如果有的話）。謝謝。

Great. Thank you very much, George. So what's happening with data centers? As we've seen GenAI become more of a commonplace technology and all the technology providers coming up with a GenAI solution, the GenAI, or general artificial intelligence technology, requires these GPU, graphic processing units, which are the chips that allow for parallel computing. And what happens with the chips, they require a lot more energy, five times versus the old technology needed.

偉大的。非常感謝你，喬治。那麼在資料中心發生了什麼事？正如我們所看到的，GenAI 變得越來越普遍，所有技術提供者都提出了 GenAI 解決方案，GenAI（或通用人工智慧技術）需要這些 GPU、圖形處理單元，這些晶片是允許並行計算的晶片。而晶片會發生什麼情況，它們需要更多的能量，是舊技術所需能量的五倍。

So what we see is that data centers are scrambling for energy. And they have been looking at, as you know, most of the solutions they have seen today is that they've been looking for firm renewal energy, 24/7 renewal energy that they can source from the grid. And we have been very, very successful through our customers, the IPVs of the world that serve these players. Clearway, AES, Orsted, helping them firm their offering.

所以我們看到的是資料中心正在爭奪能源。如你所知，他們一直在尋找他們今天看到的大多數解決方案，他們一直在尋找穩定的更新能源，即可以從電網獲得的 24/7 更新能源。透過我們的客戶以及為這些玩家提供服務的全球 IPV，我們取得了非常非常的成功。 Clearway、AES、Orsted 幫助他們鞏固產品。

And that's our normal business. And that has gone very, very well. And we see tremendous demand. And you'll see some of the announcements that these companies put out. We are behind some of these announcements with our technology.

這就是我們的正常業務。一切進展得非常非常順利。我們看到了巨大的需求。您會看到這些公司發布的一些公告。我們用我們的技術來支援其中一些公告。

But as data centers, and this is where I think it's becoming more interesting for us and it's opening it up, as data centers are looking for other solutions. Not because they are realizing that probably -- especially the time they need to meet their needs, through the grid with renewal energy is becoming a little bit more difficult or a little bit strained or they have had some challenges, they are looking for solutions they can, outside of the grid, either connecting and you saw the big deal constellation and there are more things around that.

但作為資料中心，我認為這對我們來說變得更有趣，而且它正在開放，因為資料中心正在尋找其他解決方案。並不是因為他們意識到，尤其是他們需要通過具有可再生能源的電網來滿足其需求的時間變得更加困難或有點緊張，或者他們遇到了一些挑戰，他們正在尋找解決方案可以，在網格之外，或連結起來，你會看到重要的星座，周圍還有更多的事情。

And they're looking for solutions outside the grid. But they still need this firm capacity. So they are looking for, to see what can they do outside the grid with firm capacity. What we have done is that we started looking at, what can we do to support that effort? How can we do -- we've been very, very successful supporting the on-grid solutions, what can we do supporting the off-grid solutions, either with renewables or thermal?

他們正在尋找網格之外的解決方案。但他們仍然需要這種堅定的能力。因此，他們正在尋找，看看他們可以在電網之外以穩定的能力做什麼。我們所做的就是開始考慮，我們能做些什麼來支持這項努力？我們能做什麼－我們已經非常非常成功地支援併網解決方案，我們可以做些什麼來支持離網解決方案，無論是再生能源還是熱能？

And we have identified several needs that we believe our technology is very well positioned to resolve. Especially, I think, that will tell you what we see is what helps us here is that we are -- our technology is the fastest way of firming capacity in the power sector. If you need a 24 -- of any capacity either any capacity, the fastest way to firming that capacity and ensuring 24/7, 100% availability, if you are off the grid or on the grid, battery technology is the best way to do it. There's nothing that is anywhere near.

我們已經確定了一些需求，我們相信我們的技術可以很好地解決這些需求。我認為，這尤其會告訴你我們所看到的對我們有幫助的是，我們的技術是鞏固電力產業產能最快的方式。如果您需要 24 小時的任何容量，無論是任何容量，固定該容量並確保 24/7、100% 可用性的最快方法，如果您離網或併網，電池技術是最好的方法它。附近什麼也沒有。

And that's what we've been now working on. We've been talking to the developers of data centers to some of the companies that help them resolve some of this problem, to identify those needs, and productize those solutions. And we have -- we don't have the products today to announce, but we have identified I think a very -- a big territory where we can -- where our capacity. And I said, the same speed is what I think at the end of the day resolves the speed.

這就是我們現在一直在努力的事情。我們一直在與資料中心的開發人員和一些公司交談，幫助他們解決一些問題，確定這些需求，並將這些解決方案產品化。我們今天沒有要宣布的產品，但我認為我們已經確定了一個非常大的領域，我們可以在那裡發揮我們的能力。我說，同樣的速度就是我認為最終解決的速度。

And our cost clearly the our speed and cost will allow us to help them on so much stuff anyhow I'll say more to come. We are -- if you think this is in the initial starting, we have not been able to productize it to announce it today at this stage, but we hope to continue working on this and coming up with a solution in this company. So great.

我們的成本顯然是我們的速度和成本將使我們能夠在很多事情上幫助他們，無論如何我會說更多。如果你認為這還處於起步階段，我們還無法將其產品化，今天在這個階段宣布這一點，但我們希望繼續致力於此並在該公司提出解決方案。很好。

This is clearly a great opportunity in front of us. We're excited with it. And we see, as I said, this is something that a year ago wasn't even there rather. We were working with all these companies and doing this 24/7 renewals. Now it opens a new set of solutions that is bringing us into a new territory that's exciting and industry changin

這顯然是擺在我們面前的絕佳機會。我們對此感到興奮。正如我所說，我們看到，這是一年前根本不存在的東西。我們正在與所有這些公司合作並進行 24/7 續訂。現在它開啟了一套新的解決方案，將我們帶入一個令人興奮且產業變革的新領域

This is clearly a great opportunity in front of us. We're excited with it. And we see as I said, this is something that a year ago us and in our other, you know, we were working with all these companies and doing this 24 seven renewals. Now it opens a new set of solutions that is bringing us into a new territory that that's exciting and industry changing and so thanks.

這顯然是擺在我們面前的絕佳機會。我們對此感到興奮。正如我所說，這是一年前我們和其他公司與所有這些公司合作並進行 24 小時 7 次更新的事情。現在它開啟了一套新的解決方案，將我們帶入一個令人興奮且正在改變行業的新領域，所以謝謝。

Thank you. Maybe as a follow-up to that. Are you seeing increased interest for long duration energy storage solutions? Is that something that's on your radar?

謝謝。也許作為後續行動。您是否發現人們對長期儲能解決方案的興趣增加？這是你關注的事情嗎？

Yes, I think that when we looked at this off -- of this off-grid solutions, clearly longer duration is part of it. So what -- the way we think of it, our technology can do more than the 4 hours we do usually -- we usually do. We tend to offer the customer.

是的，我認為當我們審視這種離網解決方案時，顯然更長的持續時間是其中的一部分。那又怎樣——我們的想法是，我們的技術可以比我們通常做的 4 個小時做更多的事情——我們通常會做的事情。我們傾向於向客戶提供。

The reason why four-hour has been kind of the sweet spot is because the market, there's an economic value for our four-hour system that kind of disappears once you go to 6, 8, 12, 8, 9. So longer duration will play a role, and we are -- that's one since we're looking at how much can we spend, what we can do to ensure that we can support these solutions.

四小時制之所以成為最佳選擇，是因為市場上我們四小時制的經濟價值一旦達到 6、8、12、8、9 就會消失。作用，因為我們正在考慮我們可以花多少錢，我們可以做些什麼來確保我們能夠支持這些解決方案。

With our technology, doing more than 12 is more difficult because of an economic and how this work. But we believe that there is a switch port that we can meet very, very easily -- or not very easily, but we can meet to support these technologies. Longer duration than the four hours will be part of what we need to work on.

憑藉我們的技術，由於經濟因素及其運作方式，完成 12 個以上的任務會更加困難。但我們相信，有一個交換器端口我們可以非常非常容易地滿足——或者不是很容易，但我們可以滿足支援這些技術。比四個小時更長的持續時間將是我們需要努力的一部分。

Brian Lee, Goldman Sachs & Company.

布萊恩李，高盛公司。

Good morning and thanks for taking the questions. Kudos on the solid execution continuing here. I guess the question I had -- I had 2 of them, but one was just on the cadence of revenue. You're talking about the revenue pull forward and then the quite significant weighting into 4Q versus 3Q. So it sounds like you have a high degree of confidence around the timing of these projects.

早上好，感謝您提出問題。感謝這裡繼續的紮實執行。我想我有兩個問題，但其中一個只是關於收入節奏。您談論的是收入的提前，然後是第四季度與第三季度的相當大的權重。看來您對這些項目的時間安排非常有信心。

But can you speak to sort of visibility -- I know sometimes the market gets anti about really back-end weighted cadences and that's happening here with the 3Q, 4Q that you're outlining. So what's kind of your confidence level of visibility into those projects turning over in that time frame and not having any potential risk to slipping out? Just any kind of color you can provide there would be helpful.

但你能談談某種可見性嗎？那麼，您對那些在該時間範圍內交付且不存在任何潛在風險的專案的可見性有多少信心？您可以提供的任何顏色都會有所幫助。

So first, I think let's talk revenue recognition because I think it's important to get to know. So what are we -- what do we have? We have -- the way we work, the way our revenue recognition formula works, there's some recognition at the beginning when we signed the contract to the engineer and ordered the equipment, then there is a significant -- and this is a bulk of our revenue recognition is when we transfer title of the equipment to the customer and then additional revenue recognition at substantial completion and final completion.

首先，我想我們來談談收入確認，因為我認為了解這一點很重要。那我們是什麼——我們有什麼？我們的工作方式，我們的收入確認公式的工作方式，當我們與工程師簽訂合約並訂購設備時，一開始就有一些認可，然後有一個重要的——這是我們的大部分收入確認是指我們將設備所有權轉讓給客戶，然後在實質完工和最終完工時確認額外收入。

The great bulk of it is transferring title of the equipment once it's manufactured to the customer. When you looked at the fourth quarter, which is your question, okay, now you have all this significant fourth quarter revenue what -- can you deliver on this?

其中大部分是在設備製造給客戶後轉讓其所有權。當您查看第四季度時，這就是您的問題，好吧，現在您擁有如此重要的第四季度收入，您能實現這一目標嗎？

And when you looked at it, a big portion of it, not to give you exact number, but a significant or a big -- more than the majority of it close to -- it is transferring title of equipment. We need to be a manufacturer, and we need to transfer title to our customers.

當你看它時，它的很大一部分，不是給你確切的數字，而是一個重要的或很大的——超過大部分接近的——它正在轉讓設備所有權。我們需要成為製造商，我們需要將所有權轉移給我們的客戶。

So we have the supply. We have the slots in the manufacturing. We've been manufacturing stuff very, very well. We see very, very little risk that we will not be able to do that on the time frame. We have our logistics working very well. That -- there is very, very little risk that, that will happen. And that will cover a significant portion of the revenue that we have for the fourth quarter.

所以我們有供應。我們在製造業方面有槽位。我們的產品製造得非常非常好。我們認為無法按時完成這項任務的風險非常非常小。我們的物流運作良好。發生這種情況的風險非常非常小。這將占我們第四季收入的很大一部分。

Then the number say, well, okay, great, wonderful, it is, manufacturing and moving things around you can do that -- you've shown that you are now doing that very, very well that should not be a problem. The other issue is that there is a limited number of customers, even though it sounds like a huge amount of money, it is 20 to 25 projects that we need to do with. And with our prototype solutions, this is something that we can do very, very easily.

然後數字說，嗯，好吧，太棒了，太棒了，製造和移動你周圍的東西可以做到這一點——你已經表明你現在做得非常非常好，這應該不是問題。另一個問題是客戶數量有限，儘管聽起來是一筆巨款，但我們需要做的專案只有20到25個。透過我們的原型解決方案，我們可以非常非常輕鬆地做到這一點。

So we feel very confident that this can -- what drives this, which is the other point. To which, you'll say, well, why are you why you saw back end? At the end of the day, the back end that is set by the fact that our customers want those projects deliver on those sites.

所以我們對此非常有信心——是什麼推動了這一點，這是另一點。對此，你會說，好吧，你為什麼要看到後端？歸根結底，後端是由我們的客戶希望這些項目在這些站點上交付這一事實決定的。

We will try to work with our customers to accelerate it and ensure that where we do the EPC, where we do the site preparation for receiving this equipment that we are trying to accelerate as much as we can to try to move the closer and have had some success.

我們將努力與我們的客戶合作，加速這一過程，並確保我們在進行 EPC 的地方，在我們為接收該設備進行現場準備的地方，我們正在努力盡可能地加速，以盡量靠近並已擁有一些成功。

But at the end of the day, it is driven by that point. When do our customers want to have their products in their facilities and transfer title. And that's what sets very much what this is. So some people are asking me, well, if seasonality is going to repeat itself? It's difficult to way it because when you look -- when we go back and look at our history, it moves around.

但歸根結底，它是由這一點驅動的。我們的客戶什麼時候希望將他們的產品存放在他們的設施中並轉讓所有權。這在很大程度上決定了這是什麼。所以有些人問我，季節性是否會重演？這很難做到，因為當你回頭看我們的歷史時，它會改變。

So this year is a lot back ended. Last year was very, very divided equally around each quarter, the year before the -- it was in the center where most of the center of our fiscal year or most of the revenue was. So it moves around, and it moves around because it is driven by our customer projects time, which, in a way, also is driven by what they signed with their own PPA.

所以今年有很多後端。去年，前一年的每個季度的分配都非常非常平均——它位於我們財政年度的大部分中心或大部分收入所在的中心。所以它會四處移動，它會四處移動，因為它是由我們的客戶專案時間驅動的，在某種程度上，這也是由他們與自己的 PPA 簽署的內容所驅動的。

So going back, this is mostly driven by delivery or transferring title of manufactured cubes to our customers, limited number of projects, 20 to 25, not -- we are not talking here huge amounts. We've been very, very good at doing this. So we had very, very good KPIs in the close to 100% in terms of delivery capability. So we believe -- so unless there is the global disruption that stops the world trade, we should be able to do this.

回想起來，這主要是由將製造的立方體的所有權交付或轉讓給我們的客戶所驅動的，項目數量有限，20 到 25 個，而不是——我們在這裡談論的不是大量的項目。我們在這方面做得非常非常好。因此，就交付能力而言，我們的 KPI 非常非常好，接近 100%。所以我們相信，除非出現全球性的混亂導致世界貿易停止，否則我們應該可以做到這一點。

So we have very, very high confidence in our Q4, and we are very -- that's why we reaffirmed guidance. We see very, very slow -- we're very, very confident on it. I will let Ahmed add a little over here more color.

因此，我們對第四季的信心非常非常高，這就是我們重申指導的原因。我們看到非常非常慢——我們對此非常非常有信心。我會讓艾哈邁德在這裡添加更多色彩。

A fair question. And I think the only thing I would add to what Julian has just mentioned is if you look at our last 12 months' performance, we have been executing on every project on time and on budget. I think that gives us additional confidence in our ability to deliver particularly when we have all those cubes and equipment and logistics lined up for delivery in Q4.

這是一個公平的問題。我想我對朱利安剛才提到的唯一要補充的是，如果你看看我們過去 12 個月的表現，我們一直在按時、按預算執行每個專案。我認為這讓我們對自己的交付能力更有信心，特別是當我們在第四季度將所有這些立方體、設備和物流都準備好交付時。

Okay. I appreciate all that additional color, guys. Maybe one more, if I could squeeze in a gross margin one. You also have the high end of the range, you're talking about of the 10% to 12% gross margins in 4Q. I know you're not big fans of speaking to all the gross margin targets, it's more about EBITDA. But if you've got that sort of momentum exiting the year, you still have this 35% to 40% revenue growth outlook for fiscal '25.

好的。夥計們，我很欣賞所有這些額外的顏色。如果我能提高毛利率的話，也許還會再多一個。您還擁有該範圍的高端，即第四季度 10% 至 12% 的毛利率。我知道您不太熱衷於談論所有毛利率目標，更多的是關於 EBITDA。但如果今年結束時仍保持這種勢頭，那麼 25 財年的營收成長前景仍將達到 35% 至 40%。

Can you give us a sense of should we be starting off kind of in that range, call it, high end of the 10% to 12% as we look into fiscal '25, just the longer-term margin targets are to the mid-teens? Just wondering if you start to approach those even into fiscal '25 given the year-end momentum plus the revenue growth additional that you're expecting for next year?

您能否讓我們了解一下，當我們研究 25 財年時，我們是否應該在這個範圍（稱之為 10% 至 12% 的高端）開始，長期利潤率目標是中期目標？只是想知道，考慮到年底的勢頭以及您預計明年的收入增長，您是否甚至在 25 財年就開始處理這些問題？

So let me -- first on this year, 10% to 12% is a growth -- even though, as you said, I wanted all of you to come with me to adjusted EBITDA. I know you'll still don't like gross margin very much. So we are -- we've been clear on this. For this year, 10% to 12%. So 11% should be the midpoint, we should -- we will get -- we will be there. But when you look this year at the end of the year and you look back, so very confident.

所以讓我——首先，今年，10% 到 12% 是一個增長——儘管，正如你所說，我希望你們所有人跟我一起調整調整後的 EBITDA。我知道您仍然不太喜歡毛利率。所以我們——我們對此已經很明確了。今年為 10% 至 12%。所以 11% 應該是中點，我們應該——我們會得到——我們會在那裡。但當你在年底回顧這一年時，你會非常有信心。

On '25, what we had said, even though we have not provided guidance on '25, what I said is the following. For top line growth, 35% to 40% over our this year's midpoint guidance. So out of the $3 billion that we have at the midpoint, 35% to 40%, that kind of puts at $4 billion. Or if you put the middle of that range is $4 billion for top line growth of '24.

在 25 年，我們說過的話，儘管我們沒有提供關於 25 年的指導，但我所說的話如下。就收入成長而言，比我們今年的中點指導成長 35% 至 40%。因此，在我們擁有的 30 億美元中間值中，35% 到 40%，相當於 40 億美元。或者，如果您將該範圍的中間值設為 24 年收入成長 40 億美元。

Then from gross margins that we believe to 10% to 15%. So in the middle of the range is 12.5% and that's where we are today. I don't think I can tell you today that we will get a tailwind that would put us anywhere else for next year. What I'm telling you today is this is said very much by the order intake. But we will clearly if we can offer you something better, we will. But today, our view for '25 is a 10% to 15%, which will put it at 12.5%.

然後從我們認為的毛利率到10%到15%。因此，該範圍的中間值為 12.5%，這就是我們今天所處的位置。我認為今天我無法告訴你們，明年我們會順風而行，將我們帶到其他地方。我今天要告訴你的是，訂單量很大程度上說明了這一點。但我們很清楚，如果我們能為您提供更好的東西，我們會的。但今天，我們對 25 年的預期是 10% 到 15%，即 12.5%。

And then for adjusted EBITDA, we said our OpEx -- our operating leverage, we believe that we -- our OpEx will not grow at more than 50% of our top line growth. So you -- that will give you kind of what -- of where should we be for '25. And that's kind of where we are today. Clearly, as the year progresses and we see -- and we have more and more of the revenue for '25 in our backlog, we will confirm these numbers and walk you through.

然後對於調整後的 EBITDA，我們說我們的 OpEx——我們的營運槓桿，我們相信我們——我們的 OpEx 的成長不會超過我們營收成長的 50%。所以你——這會給你一些資訊——我們應該在 25 歲的時候在哪裡。這就是我們今天的處境。顯然，隨著時間的推移，我們看到，我們的積壓訂單中 25 年的收入越來越多，我們將確認這些數字並引導您完成。

And if there's an opportunity to be more -- to do better, we'll let you know. But today our view, it confirms our 10% to 15% gross margin in '25.

如果有機會做得更多、做得更好，我們會通知您。但今天我們的觀點是，它證實了我們 25 年 10% 到 15% 的毛利率。

Dylan Nassano, Wolfe Research.

迪倫·納薩諾，沃爾夫研究中心。

Hey, good morning, everyone. Thank you for taking my question. So just wanted to check, there's been a lot of talk recently about solar projects getting delayed, interconnection issues, equipment rages, et cetera. Is this something you guys are exposed to at all? Is there any read-through to your answer to Brian's question about the back-end weighting of the year?

嘿，大家早安。感謝您回答我的問題。所以我想檢查一下，最近有很多關於太陽能專案延遲、互連問題、設備損壞等問題的討論。你們都接觸過這種東西嗎？ Brian 提出的關於今年後端權重的問題，您的回答有通讀嗎？

Not really. I mean, what we -- as I said, a lot of our back-ended is delivery of manufactured products to transferring title to be very clear what drives the transferring title. Usually, very much, it happens at the site in most cases and when the sites are ready.

並不真地。我的意思是，正如我所說，我們的許多後端都是將製成品交付到轉讓所有權，以非常清楚推動轉讓所有權的因素。通常，在大多數情況下，當網站準備就緒時，它就會在網站上發生。

As you know, we have had a rule in our contracts where customers are required to take title in cases where they have some delays, in cases where in our backlog is usually more connected to EPC stuff things that are not built on time, usually weeks rather than months. So when we have seen delays, what we have in our contracts, the customers are required to take title at a specific point in time.

如您所知，我們的合約中有一項規則，要求客戶在出現一些延誤的情況下取得所有權，如果我們的積壓訂單通常更多地與未按時（通常是幾週）建造的 EPC 物品相關而不是幾個月。因此，當我們看到合約中的延誤時，客戶需要在特定時間點取得所有權。

So that's generally how it works. What we see for '25 -- sorry, for '24, what we see in the fourth quarter. These are projects that are -- we are still in the civil works. Can you imagine we have to get them ready.

這通常是它的工作原理。我們對 25 年的看法 - 抱歉，對於 24 年，我們在第四季度看到的情況。這些項目仍處於土建工程中。你能想像我們必須讓他們做好準備嗎？

So we know exactly where they are. We know we have been working with the customers and we do not foresee any delays in related projects or related elements that could disrupt our delivery projects.

所以我們確切地知道他們在哪裡。我們知道我們一直在與客戶合作，我們預計相關專案或相關要素不會出現任何可能擾亂我們交付專案的延遲。

And at the end of the day, we have the safeguard that if things get delayed on a certain point, customers are required to take title after that. I will let Ahmed to --

最終，我們有保障，如果事情在某個時間點延遲，客戶必須在那之後取得所有權。我會讓艾哈邁德——

No. I think the only thing I, Dylan, would add is we signed these contracts 12, 18 months ago. And when we sign a contract or start construction, I think, generally, the customers have already all those permits in place, and that's when they issue a notice to proceed.

不。當我們簽署合約或開始施工時，我認為，一般來說，客戶已經獲得了所有這些許可證，那時他們就會發出繼續施工的通知。

So we feel pretty good about our execution because they have -- there's nothing pending as such that could derail particularly with reference to your question, which is the interconnection issues.

因此，我們對我們的執行感到非常滿意，因為他們沒有任何懸而未決的事情可能會脫軌，特別是關於你的問題，即互連問題。

Got it. Thank you. And then just a quick follow-up. Any recent developments with any of the outstanding litigation expect kind of [read it] anytime soon? Anything you can say there would be helpful.

知道了。謝謝。然後進行快速跟進。任何未決訴訟的最新進展預計很快就會[閱讀]？你能說的任何話都會有幫助。

Great. Thanks, Dylan. I think Ahmed mentioned during the call, we settled the Siemens Energy litigation. And just to remind everybody who may be listening, Siemens Energy is not Siemens AG or shareholders. Siemens Energy is a customer related to our shareholder, but not our shareholder. We settled that litigation, as we have told you in the past, that was an immaterial litigation, normal course of business litigation, immaterial.

偉大的。謝謝，迪倫。我想艾哈邁德在電話中提到，我們解決了西門子能源訴訟。只是想提醒大家，西門子能源公司不是西門子股份公司或股東。西門子能源是我們股東的關聯客戶，但不是我們的股東。我們解決了該訴訟，正如我們過去告訴過您的那樣，這是一場無關緊要的訴訟，正常的商業訴訟過程，無關緊要。

We settle it in terms that it's even more immaterial than the litigation and it's a fraction of the claims that the customer had. And as I have said in the past, Siemens Energy is not a customer -- a significant customer. So what we have done very, very little with them.

我們的解決辦法是，這比訴訟更無關緊要，而且只是客戶索賠的一小部分。正如我過去所說，西門子能源不是客戶，而是重要客戶。所以我們對他們所做的事情非常非常少。

So when we start the litigation, you lose litigations normal course of business. It's part of how you resolve a problem. I think at the end of the day, we resolved in a way that it was satisfactory for both Siemens Energy and ourselves.

因此，當我們開始訴訟時，您就失去了正常業務過程中的訴訟。這是解決問題的方式的一部分。我認為最終，我們以一種讓西門子能源公司和我們自己都滿意的方式解決了這個問題。

The other two, nothing really material to inform you at this stage, to the other one, which is the outlook litigation, nothing really the -- nothing has moved significantly there. And the most landing incident, which is something that was also referred to, we have talked in the past, there's no litigation -- there's no pending litigation on that.

另外兩個，現階段沒有什麼真正重要的資訊可以通知您，另一個是前景訴訟，沒有什麼真正的 - 那裡沒有任何重大變化。最多的著陸事件，這也是我們過去討論過的，沒有訴訟——沒有懸而未決的訴訟。

And at this stage, there's nothing really material to communicate on. Siemens Energy, as I mentioned, Siemens Energy and we repeat it again, it's not a settle conditions that are that beneficial to both parties. And as I said, the litigation was immaterial, the settlement agreement is also immaterial as well.

在這個階段，沒有什麼真正值得交流的內容。西門子能源，正如我所提到的，西門子能源，我們再說一遍，這不是對雙方都有利的固定條件。正如我所說，訴訟並不重要，和解協議也不重要。

Mark Strouse, JPMorgan.

馬克‧斯特勞斯，摩根大通。

Yes, good morning. Thank you very much for taking our questions. So following up on Dylan there. So I appreciate you're not seeing delays in your backlog projects.

是的，早安。非常感謝您接受我們的提問。所以繼續關注迪倫。因此，我很高興您沒有看到積壓項目延誤。

But I guess my question would be just when you're looking at your pipeline, is there anything that you're seeing there as far as kind of the -- maybe an elongation of the timing between when you're issuing a quote, to when you're getting a final order? Any kind of qualitative conversations you're having with folks about the next several years, projects potentially getting delayed?

但我想我的問題是，當您查看管道時，您是否看到了任何東西——也許是您發出報價之間的時間延長了，當您收到最終訂單時？您與人們就未來幾年可能會推遲的項目進行過任何定性對話嗎？

What comes into our pipeline are usually -- not usually -- are projects that are very mature in the interconnection queue because these are projects that we see you can deliver that we can convert into backlog within the next 24 months. So generally, you don't see that delay type of problem there because they are already -- when they come to us, they've been already three years in the queue.

進入我們的管道的項目通常（並非通常）是互連隊列中非常成熟的項目，因為這些項目是我們看到您可以交付的項目，我們可以在未來 24 個月內將其轉換為待辦事項。所以一般來說，你不會在那裡看到那種延遲類型的問題，因為他們已經——當他們來到我們這裡時，他們已經排隊三年了。

So they know exactly how they connect, they know what they need to do. It's very, very -- that one and it becomes more an execution more than anything. We have something that we don't disclose that much to all of you, which are leads, which is all the projects we looked at with our customers that are not necessarily ready for pipeline, but that are projects that we believe are -- we will work as we look at the long-term planning of some of our customers.

所以他們確切地知道他們如何聯繫，他們知道他們需要做什麼。這是非常非常的，而且它更像是一種執行。我們有一些東西沒有向大家透露太多，那就是潛在客戶，這是我們與客戶一起研究的所有項目，這些項目不一定準備好進入管道，但我們相信這些項目是——我們當我們考慮一些客戶的長期規劃時，這一點將會發揮作用。

Those are more less mature. And those probably -- I'll tell you that we have a conservative view of them. So already -- so I don't know whether it has been -- has seen any deterioration in terms of timing from what we were seeing a year ago. It is the same.

那些更不成熟。這些可能——我會告訴你，我們對它們抱持保守的看法。因此，我不知道是否如此，與一年前相比，時間安排已經惡化。這是相同的。

We see a lot more coming into that group and a lot more players. And if you look at the pipeline at the queue in the US is almost a terror of battery storage that is getting into the queue significantly huge. Not all of them will convert.

我們看到更多的人加入這個群體中，並且有更多的球員。如果你看看美國排隊的管道，你會發現排隊的電池儲存量非常大。並非所有人都會轉變。

So I will say the color I can give you on that is that, that -- those leads, the things that are early in the queue and are going -- what we have seen an explosion, a lot and a lot more projects of those. That's not where we spend most of our time.

所以我想說的是，我可以給你的顏色是，那些線索，那些早在隊列中並且正在進行的事情——我們已經看到了爆炸式增長，還有很多很多這些項目。那不是我們花費大部分時間的地方。

But we -- that makes us very, very confident that we -- this business has a huge tailwind, very, very strong tailwinds going forward. In terms of our pipeline, as I said, we -- usually very much mature projects that have been there almost two, three years already in the queue.

但這讓我們非常非常有信心，我們這項業務有著巨大的推動力，非常非常強勁的推動力。就我們的管道而言，正如我所說，我們通常是非常成熟的項目，這些項目已經在隊列中等待了近兩三年了。

They know when they're going to happen. And we have -- I haven't seen any deterioration of any sort in the last year. And these two issues, mostly a US issue, the other countries, even though they have transmission queues and delays, they manage it very, very differently. So systems in other markets are a lot more certain.

他們知道什麼時候會發生。去年我沒有看到任何形式的惡化。而這兩個問題，主要是美國的問題，其他國家，即使有傳輸隊列和延遲，他們的管理方式也非常非常不同。因此其他市場的系統更加確定。

What I mean a lot more certain, once you get into a line, you know that something is going to happen by a certain date. And so they work differently. So you don't see the situation that you see in the US where you have the six years, five years queues on the line.

我的意思是更加確定，一旦你排隊，你就知道在某個日期會發生一些事情。所以他們的工作方式不同。所以你看不到在美國看到的情況，在那裡你需要排隊六年、五年。

But I think the great news this quarter, if you ask me to highlight, and I'm never going to repeat a point. But is this 1 tera of -- when you looked at the queue nationally in the US, it's almost 1 tera of -- 1,000 gigawatts of capacity, we're looking to connect to the grid, which is mind blowing number and a great opportunity.

但我認為本季的好消息，如果你讓我強調的話，我永遠不會重複這一點。但是，當你查看美國全國的隊列時，我們正在尋求連接到電網，這是一個令人興奮的數字，也是一個絕佳的機會。

Yes, that's great to hear. Thank you, Julian. And quick follow-up. Congrats on signing your first domestic content contract. Not necessarily looking for specifics on that contract, but I imagine you're having quite a few conversations with other folks there. You've said in the past that the 45 times manufacturing tax credits would still kind of put you in your target gross margin range. Just curious now that we're getting closer to more and more of these contracts hitting, if you can provide an update on that commentary about gross margin impact.

是的，很高興聽到這個消息。謝謝你，朱利安。並快速跟進。恭喜您簽署了第一份國內內容合約。不一定要尋找該合約的具體細節，但我想您已經與那裡的其他人進行了很多對話。您過去曾說過，45 倍的製造業稅收抵免仍然會讓您處於目標毛利率範圍內。只是好奇現在我們越來越接近這些合約的簽訂，如果您能提供有關毛利率影響的評論的最新資訊。

As I said, the 45 times $10 per module manufacturing in the US, we have said that's going to be within our 10% to 15%. It should not move us out. What we have said in the past is that we believe our domestic content because of the first-mover advantage because we have been able to sign the first one.

正如我所說，美國每個模組製造成本是 10 美元的 45 倍，我們說過這將在我們的 10% 到 15% 範圍內。它不應該讓我們離開。我們過去說過，我們相信我們的國內內容，因為我們有先發優勢，因為我們已經能夠簽下第一個。

And we are -- the -- we have the most secure way of any customer who wants to domestic content to capture of all the offerings around us. Not only we are a first-mover advantage for our ability to deliver the significantly the risk from what some other players are trying to offer. Because of that, we believe there is an opportunity to potentially expand our margins.

對於任何想要在地化內容來獲取我們周圍所有產品的客戶來說，我們擁有最安全的方式。我們不僅具有先發優勢，因為我們有能力大幅降低其他參與者試圖提供的風險。因此，我們相信有機會擴大我們的利潤。

We're working on it. I think it's too early still to communicate it. I said I don't want to negotiate against myself and announcing stuff that then comes and eats me. But we believe because of that point, because of it's not only the first mover advantage, which is something that we have mentioned many times in the past, but it's because when we have looked in detail at what the our competitors are offering, we are by far the most secure way, the less risky way to capture that.

我們正在努力。我認為現在溝通還為時過早。我說我不想與自己進行談判，也不想宣布一些隨後會吞噬我的事情。但我們相信，因為這一點，因為這不僅是先發優勢，這是我們過去多次提到的，而且是因為當我們詳細了解競爭對手所提供的產品時，我們迄今為止，這是最安全、風險較小的捕獲方式。

Our offering is the most robust, the one that will provide higher certainty that customers will be able to capture that. And I think that is also a competitive advantage. So I feel we are staying tuned. We have always said -- just to go back this is an order intake for '24, generally, domestic content, mostly revenue in '25 and '26 and going forward. But it will not -- we will not -- none of our '24 revenue is dependent on domestic content of anyway. This is 'a 25 onward revenue more.

我們的產品是最強大的，將為客戶提供更高的確定性，讓他們能夠捕捉這一點。我認為這也是一個競爭優勢。所以我覺得我們會繼續關注。我們總是說——回顧一下，這是 24 年的訂單量，一般來說，國內內容，主要是 25 年和 26 年以及未來的收入。但它不會——我們不會——我們 24 年的收入無論如何都不依賴國內內容。這是'25以後的收入更多。

Justin Clare, Roth MKM.

賈斯汀·克萊爾，羅斯·MKM。

Good morning. So just a follow-up on the domestic content here. It sounds like you're seeing very strong demand for products that will qualify for the domestic content adder. So just wondering, as we head into 2025 and then even into 2026, how much of your total sales in the US do you think will include domestically produced battery cells and battery modules? Could this be a considerable portion of your sales in the US market?

早安.所以這裡只是跟進一下國內的內容。聽起來您發現對符合國內內容添加器資格的產品的需求非常強勁。所以我想知道，當我們進入 2025 年甚至 2026 年時，您認為您在美國的總銷售額中有多少將包括國產電池和電池模組？這會是你們在美國市場銷售額的很大一部分嗎？

I'll say that over time, this will be the main -- we believe this is going to be table stakes in the US that you will -- US players will demand domestic content as table stake overtime. It will not happen immediately. So '25, there will be a combination and '26 and it will move forward as we get along.

我想說，隨著時間的推移，這將成為主要的——我們相信這將成為美國的賭注——美國玩家將要求國內內容作為加班賭注。這不會立即發生。所以'25，將會有一個組合，'26，它會隨著我們的相處而向前發展。

It's difficult to -- now to tell you exactly what will be the distribution of revenue in '25, how much will be domestic content? How much will be -- because of the long lead time on some of these projects. But our view than the way we have designed our plan is that over time, this will be the only -- the domestic content will represent the great majority of the US market.

現在很難準確地告訴你 25 年的所得分配狀況，國內內容有多少？多少錢——因為其中一些項目的交付時間很長。但我們的觀點是，隨著時間的推移，這將是唯一的——國內內容將代表美國市場的絕大多數。

Got it. Okay. And then just given that, can you just update us on your plans to potentially expand your manufacturing footprint either in the US or internationally? What could the timing potentially be and then the magnitude of potential expansion?

知道了。好的。有鑑於此，您能否向我們介紹一下您在美國或國際上擴大製造足跡的計劃的最新情況？潛在擴張的時機和規模可能是什麼？

Yes. We continue to work at our facility in Utah in the US. We have looked at some plans of moving some -- near the production of the battery cells. But today, we have -- those dates have not been set. So for now, our current plan in the US is staying in Utah. We have seen most of our biggest markets are in the western side of the US still today and that facility has the capability to expand. We can double the expansion quickly.

是的。我們繼續在美國猶他州的工廠工作。我們已經研究了一些將一些電池轉移到電池生產附近的計劃。但今天，我們——這些日期尚未確定。所以目前我們在美國的計畫是留在猶他州。我們看到，我們最大的市場大部分仍然位於美國西部，而且工廠有能力擴張。我們可以快速加倍擴張。

So not any real plans even though we have not any -- we have not set any dates for the potential expansion on the Eastern side of closer to the eastern side of the US.

因此，儘管我們沒有任何真正的計劃，但我們還沒有為在靠近美國東部的東部地區的潛在擴張設定任何日期。

In terms of Europe, we continue to look at it. So that continues to be an opportunity that we are evaluating. We haven't set dates yet. We are -- it requires to build an ecosystem. So we are -- that's what we're looking for. And as we build that ecosystem and reach bigger economies of scale, we will set base and commitment.

就歐洲而言，我們繼續關注。因此，這仍然是我們正在評估的一個機會。我們還沒有確定日期。我們需要建立一個生態系統。所以我們——這就是我們正在尋找的。當我們建立這個生態系統並實現更大的規模經濟時，我們將設定基礎和承諾。

And then for APAC, we build -- we manufacture out of Vietnam, we're looking at India, I would say, in more detail today, not only to serve that India market, but we believe that India will be -- could be a great place to manufacture our products, and there's great manufacturing companies that we can combine -- we can create an ecosystem probably faster than what we can create an ecosystem in Europe. So that -- if I were to where we are today, probably our first -- the next announcements in terms of manufacturing capabilities will probably be in India rather than in the Eastern US or Western Europe.

然後對於亞太地區，我們在越南製造，我們正在關注印度，我想說，今天更詳細地說，不僅是為了服務印度市場，而且我們相信印度將是——可能是這是一個生產我們產品的好地方，而且我們可以合併一些優秀的製造公司——我們創建一個生態系統的速度可能比我們在歐洲創建生態系統的速度還要快。因此，如果我達到今天的水平，可能是我們的第一個，下一個製造能力的公告可能會在印度，而不是在美國東歐或西歐。

Kashy Harrison, Piper Sandler.

卡希·哈里森，派珀·桑德勒。

Good morning. Thanks for taking the questions guys. Just a clarifying question for you, Julian. Were you saying that even if your customers have issues securing critical equipment that the contracts still require them to take title. And then just outside of force majeure events, is there any scenario in which there could be a delay in them taking title from you?

早安.感謝你們提出問題。只是想向你澄清一個問題，朱利安。您是否是說，即使您的客戶在保護關鍵設備方面存在問題，合約仍然要求他們擁有所有權？那麼，除了不可抗力事件之外，是否有任何情況會導致他們從您手中奪取所有權？

What I said, if our contracts require our customers to take title if there are significant delays. So there is a safeguard at the end of the process. If by certain day I think the customer doesn't have the site ready or ones who have [came], they take title of our equipment, usually in a warehouse close to the site.

我所說的是，如果我們的合約要求我們的客戶在出現嚴重延誤的情況下取得所有權。所以在這個過程的最後有一個保障措施。如果到了某一天，我認為客戶還沒有準備好現場或已經[來了]，他們就會獲得我們設備的所有權，通常位於現場附近的倉庫中。

So -- but as a safeguard, I'll say seldom use, doesn't happen all the time, but it's a safeguard that makes me feel more confident that -- which is -- the message I was trying to communicate that our '24 -- fourth-quarter revenue is very much secure that even if our customers had a problem putting in the pad locks or doing anything, we will be able to take one customer.

所以 - 但作為一種保障措施，我會說很少使用，不會一直發生，但它是一種保障措施，讓我更有信心 - 這就是 - 我試圖傳達的信息，我們的' 24 號— —第四季的收入非常有保障，即使我們的客戶在安裝掛鎖或做任何事情時遇到問題，我們也將能夠接待一位客戶。

But where we are today -- said for the last years, we've been very, very good. Our customers have been very, very good. We have not seen any major delays, maybe a week here or there, a week there, but nothing that's in any way significant. So that's how the contracts do work. And I was -- this is not something that we, as I said, a provisional contract that we do not exercise constantly.

但我們今天所處的位置——過去幾年來說，我們一直都非常非常好。我們的客戶非常非常好。我們沒有看到任何重大延誤，也許這裡或那裡一周，那裡一周，但沒有任何重大延誤。這就是合約的運作方式。正如我所說，這不是我們不經常履行的臨時合約。

But it's something that if the things were complicated, you can always use it. And generally, we do this in a very, very amicable way with our customers, not major issues. Yes, it was more to give -- to provide confidence to all of you because I understand all this revenue in the fourth quarter, hey, I know you can do it. Ahmed mentioned, we've been doing this very, very well for the last year or 1.5 years, great.

但如果事情很複雜，你總是可以使用它。一般來說，我們會以非常非常友善的方式與客戶合作，而不是解決重大問題。是的，更多的是給你們所有人帶來信心，因為我了解第四季度的所有收入，嘿，我知道你們能做到。艾哈邁德提到，過去一年或 1.5 年我們在這方面做得非常非常好，太棒了。

It is essentially manufacturing and logistics, wonderful, not that many customers, 20 to 25, wonderful. And if things get bad for any reason, we still have the safeguard. So that's the way I will put it out. I think you mentioned it, except for force majeure, something that -- then that's a very different world.

它本質上是製造和物流，很棒，沒有那麼多客戶，20 到 25 個，很棒。如果情況因任何原因變得糟糕，我們仍然有保障。這就是我要表達的方式。我想你有提到過，除了不可抗力之外，那是一個非常不同的世界。

But even today with the situation in the Red Sea, we don't have a lot through the Red Sea, as we said, 15% of our volume passes through the Red Sea, very, very low. But even that, that added a couple of weeks more to the transit time of our equipment, we were able to manage it within our time.

但即使在今天紅海的情況下，我們也沒有太多通過紅海的量，正如我們所說，我們的量有15%通過紅海，非常非常低。但即便如此，我們的設備運輸時間又增加了幾週，但我們還是能夠在規定的時間內進行管理。

So even in a situation, let say, a war in the Middle East, we were able to do it. We can manage it very, very well. So it will have to be something really, really disruptive in order to disrupt our capabilities. It could happen unfortunately, but that's where we...

因此，即使在中東發生戰爭的情況下，我們也能夠做到這一點。我們可以非常非常好地處理它。因此，它必須是真正顛覆性的東西才能顛覆我們的能力。不幸的是，這可能會發生，但這就是我們......

Yes. That's all very, very helpful. As you pointed out, the 80% is a big number. And just maybe for my follow-up question, more so about comments in the slide deck. You highlight demand is growing, specifically in ERCOT, CAISO and MISO.

是的。這一切都非常非常有幫助。正如您所指出的，80%是一個很大的數字。也許只是為了我的後續問題，更多的是關於幻燈片中的評論。您強調需求正在成長，特別是 ERCOT、CAISO 和 MISO。

Just wondering if you have a sense of what proportion of your customers have -- are signing PPAs versus just selling merchant and whether in your discussions with your customers, there's any difference in their ability to secure financing depending on which approach they take.

只是想知道您是否了解您的客戶中籤署購電協議的比例與僅銷售商家的比例，以及在您與客戶的討論中，他們獲得融資的能力是否存在差異，具體取決於他們採取的方法。

Yes. On the financing, generally, we, in the US, have worked with -- and Global say with Tier 1. So financing hasn't been an issue. I don't really have a view in the US how much is PPA versus merchant. But I will tell you, from my conversations, mostly PPAs.

是的。在融資方面，一般來說，我們在美國與一級供應商合作，Global 也與一級供應商合作。在美國，我真的不知道 PPA 與商家的價格是多少。但我會告訴你，從我的談話來看，主要是購電協議。

But I don't have exactly the number. I cannot tell you 95%, but mostly PPAs. And I know that, how I know about it because of they -- what they are for my -- what they want from the KPIs, they want from me. Our PPA connected to the KPIs, they are committing to their counterparties.

但我沒有確切的數字。我不能告訴你 95%，但大部分是 PPA。我知道，我是如何知道這一點的，因為他們——他們對我來說——他們想從 KPI 中得到什麼，他們想從我這裡得到什麼。我們的 PPA 與 KPI 相關，他們向交易對手做出承諾。

So that's how I get a sense. I don't really know the number. We'll get a number. That's a good question to make a point of how much of the -- of what we have of our order intake. It is firm with PPAs versus was merchant. But I'll say the great majority, I just don't know the number from the top of my head.

這就是我的感覺。我實在不知道號碼。我們會得到一個號碼。這是一個很好的問題，可以說明我們的訂單量有多少。與商人相比，它對購電協議持堅定態度。但我會說絕大多數，我只是不知道我的腦中的數字。

Thank you. And I would now like to turn the call back over to Lex May for closing comments.

謝謝。現在我想將電話轉回 Lex May 以徵求結束意見。

Thank you, Justin, and thank you, everyone, for participating on today's call. If you have any questions, please feel free to reach out to me. We look forward to speaking with you again when we report our third quarter results. Have a good day.

謝謝賈斯汀，也謝謝大家參加今天的電話會議。如果您有任何疑問，請隨時與我聯繫。我們期待在報告第三季業績時再次與您交談。祝你有美好的一天。

This concludes today's conference call and 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。您現在可以斷開連線。