Fluence Energy Inc (FLNC) 2024 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the Fluence second quarter conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 Fluence 第二季度電話會議。 （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 first speaker today, Lexington May, VP, Finance and Investor Relations.

現在我想將會議交給今天的第一位發言人，財務和投資者關係副總裁列剋星敦·梅 (Lexington May)。

Thank you. Good morning, and welcome to Fluence Energy's third quarter 2024 earnings conference call. A copy of our earnings presentation, press release and supplementary metric sheet covering financial results, along with supporting statements and schedules, including reconciliations and disclosures regarding our non-GAAP financial measures are posted on the Investor Relations section of our website at fluenceenergy.com.

謝謝。早上好，歡迎參加 Fluence Energy 2024 年第三季財報電話會議。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，以及支援報表和時間表，包括有關我們的非公認會計準則財務指標的調節和揭露，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（Ahmed Pasha），我們的財務長；麗貝卡·波爾（Rebecca Boll），我們的首席產品長。

During the course of this call, Fluence management may make certain forward-looking statements regarding various matters related to our business and company that are not historical facts. 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.

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。

Also, please note that the company undertakes no duty to update or revise forward-looking statements for new information. This call will also reference non-GAAP measures that we view as important in assessing the performance of our business. A reconciliation of these non-GAAP measures to the most comparable GAAP measure is available in our earnings materials on the company's Investor Relations website.

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。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。

I would like to send a warm welcome to our investors, analysts and employees who are participating on today's call. I will cover our Q2 results briefly and then provide an update on our business and the strong growth prospects we continue to see. Ahmed will then give more details on our financial results and outlook.

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。我將簡要介紹我們第二季的業績，然後介紹我們業務的最新情況以及我們繼續看到的強勁成長前景。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, we believe our strong financial performance for 2024 will recognize $483 million of revenue and earn 17.5% of gross adjusted gross margin, which brings our year-to-date gross margin slightly ahead of the [10% to 12%].

從幻燈片4 開始，我們相信我們2024 年強勁的財務表現將實現4.83 億美元的收入，並獲得調整後毛利率的17.5%，這使我們今年迄今的毛利率略高於[10% 至12% ] 。

Secondly, we recorded adjusted EBITDA of $15.6 million, which puts us on track to deliver profitable growth for our shareholders. We added $1.3 billion of new counter setting a new quarterly record for us on bringing our backlog to an all-time high -- a all-time high level of $4.5 billion.

其次，我們的調整後 EBITDA 為 1,560 萬美元，這使我們有望為股東實現獲利成長。我們增加了 13 億美元的新櫃檯，為我們創造了新的季度記錄，使我們的積壓訂單達到歷史最高水平——45 億美元的歷史最高水平。

Four, we finished the quarter with $80 million of annual recurring revenue for our services and digital business, reaching the level a quarter earlier than our target. And finally, through our proactive approach to cost and working capital management, we generated $64 million free cash flow for the first nine months and ended the current quarter with $513 million in cash.

第四，我們的服務和數位業務在本季度結束時實現了 8000 萬美元的年度經常性收入，比我們的目標提前了一個季度達到了這一水平。最後，透過我們積極主動的成本和營運資本管理方法，我們在前 9 個月創造了 6,400 萬美元的自由現金流，並在本季結束時擁有 5.13 億美元的現金。

Turning to slide 5, we continue to see improvements in our gross margin, driven by our excellent performance on cost management and execution. We have had four consecutive quarters of double-digit growth margin. We're looking at our gross margins on a trailing 12 month rolling basis.

轉向幻燈片 5，我們繼續看到毛利率的改善，這得益於我們在成本管理和執行方面的出色表現。我們已經連續四個季度實現兩位數的成長率。我們正在以過去 12 個月的滾動基礎來審視我們的毛利率。

We are back from a golf gross margin of about negative 5% to a positive 12% margin in the 12 months ended June 3. This have been an outstanding transformation in less than two years. We expect this trend to continue to improve, pulling out on a path to achieve sustainable growth margins in the 10% to 15% range.

在截至 6 月 3 日的 12 個月內，我們的高爾夫毛利率從負 5% 左右恢復到正 12%。我們預計這一趨勢將持續改善，最終將實現 10% 至 15% 範圍內的可持續成長率。

Turning to slide 6 for an update on our pipeline. As a reminder, our pipeline is a rolling 24 month view, thus giving us confidence in our ability to continue our growth trajectory. As $20 billion pipeline has increased 65% from this time last year, which reflects rapid growth prospect for any storage globally.

請參閱投影片 6，以了解我們管道的最新情況。提醒一下，我們的管道是 24 個月的滾動視圖，因此我們對繼續成長軌蹟的能力充滿信心。價值 200 億美元的管道比去年同期增加了 65%，這反映了全球儲存的快速成長前景。

As I will discuss a bit more in a moment, all in all, we continue to see a very robust international market, which will further diversify our geographic mix in the coming year. Almost half of our $20 billion pipeline is in the Americas region and interest is in the international market.

正如我稍後將進一步討論的那樣，總而言之，我們繼續看到一個非常強勁的國際市場，這將在未來一年進一步使我們的地理組合更加多元化。我們 200 億美元的管道中幾乎有一半位於美洲地區，我們的興趣在於國際市場。

The strength of our pipeline is a key reason for our high confidence in our expected revenue growth. We are reaffirming our fiscal year '25 revenue outlook of 35% to 40% growth of our original fiscal '24 revenue guidance midpoint of [30%].

我們的管道實力是我們對預期收入成長充滿信心的關鍵原因。我們重申 25 財年的營收預期為 24 財年原始營收指引中點 [30%] 成長 35% 至 40%。

Turning to slide 7, similar to our pipeline we're also seeing remarkable growth in (technical difficulty) the Q3 was our 11th consecutive quarter of order intake outpacing revenue recognition, showcasing the robust growth in visibility to scale and the storage.

轉向幻燈片 7，與我們的管道類似，我們也看到（技術難度）顯著增長，第三季度是我們的訂單量連續 11 個季度超過收入確認，展示了規模和存儲可見性的強勁增長。

Our backlog increased significantly year over year, demonstrating our leading competitive position and the significant role for utility-scale energy storage. Now I'd like to provide an update on the most relevant markets we serve.

我們的積壓訂單逐年大幅增加，反映了我們的領先競爭地位以及在公用事業規模儲能領域的重要角色。現在我想提供我們所服務的最相關市場的最新資訊。

Beginning with the United States, which continues to be the largest market we operate in globally. Recent regulatory developments in the US as well as the progress we have made in strengthening our competitive position through our nearly two market domestic manufacturing strategy puts us in a unique position to capitalize on this substantial growth opportunity.

首先是美國，它仍然是我們在全球營運的最大市場。美國最近的監管發展以及我們透過近兩個市場的國內製造策略在加強競爭地位方面取得的進展使我們處於獨特的地位，可以利用這一巨大的成長機會。

Turning to slide 8, since our last conference call, there have been a couple of favorable policy announcements. First, the US Treasury released guidelines on the 40% domestic content requirements under the (inaudible) for IRA. The treasury provided on the Safe Harbor statement that sets a percent of that value each battery storage component when manufactured in the US and contribute towards the 40% threshold.

轉向幻燈片 8，自我們上次電話會議以來，已經發布了一些有利的政策公告。首先，美國財政部發布了 IRA（聽不清楚）40% 國內含量要求的指導方針。美國財政部在安全港聲明中規定，規定了每個在美國製造的電池儲存組件價值的百分比，並佔 40% 的門檻。

As you can see, the highest capacity in battery cells of 38%, which favored our domestic strategy of securing battery cells manufactured in the US. As you may recall, we started the process of procuring US cell capacity before the IRA came out and sign an agreement more than a year ago with AESC to purchase US cell from the (inaudible)

正如你所看到的，電池芯的最高容量為38%，這有利於我們確保美國製造的電池芯的國內策略。您可能還記得，我們​​在 IRA 推出前就開始購買美國電池產能，並在一年多前與 AESC 簽署協議，從（聽不清楚）購買美國電池

The US cell will go into our battery model, which I will touch on more in a moment. By combining the US cells and US Modules, we believe that we will easily meet the 40% domestic content threshold, further enabling our customers to capture the incremental 10% investment tax credit on their products.

美國電池將進入我們的電池模型，我稍後會詳細討論。透過結合美國電池和美國組件，我們相信我們將輕鬆達到 40% 國內含量門檻，進一步使我們的客戶能夠獲得其產品增量 10% 的投資稅收抵免。

Our proactive approach to securing the US Cell from AESC has resulted in a first mover advantage in delivery in domestic. Second, the [Biden] administration issue a proclamation to increase Section 301 tariff on batteries imported from China, which also applies to battery storage fees.

我們積極主動地從 AESC 獲得美國電池，從而在國內交付方面取得了先發優勢。其次，[拜登]政府發佈公告，提高從中國進口電池的301關稅，這也適用於電池儲存費。

Today, the higher tariff is set at 7.5% and it will increase to 25% beginning in 2030. We believe this tariff regime could significantly affect the competitive landscape of the US market to the benefit of domestic supply.

目前，更高的關稅定為7.5%，並將於2030年開始提高至25%。

I would like to touch briefly on the political environment and implications. The demand for battery storage systems in the US is supported by the growing need for new capacity, greater flexibility and resilience. It is well known that renewables plus storage is the fastest and most economic way to serve this growth.

我想簡單談談政治環境和影響。美國對電池儲存系統的需求受到對新容量、更大靈活性和彈性的不斷增長的需求的支持。眾所周知，再生能源加儲存是滿足這一成長最快、最經濟的方式。

None of this potential due (technical difficulty) change in administration. Our business model in the US to also be resilient to changes in the political landscape. Government will support policy favors using tax credits to promote domestic production. However, we believe that our US business model will also work effectively if a new administration were to change the industrial policy away from tax incentives in favors of tariff.

這些潛在的（技術難度）管理變化都不會發生。我們在美國的商業模式也能適應政治格局的改變。政府將支持利用稅收抵免的政策優惠來促進國內生產。然而，我們相信，如果新政府將產業政策從稅收誘因轉向關稅，我們的美國商業模式也將有效運作。

Turning to slide 9, I'm pleased to report that we are on track for initial production of the Fluence battery module in late September of this year. The module production line was successfully tested in the manufacturer's factory. The production line is now in the final stages of installation and initial commissioning in our new capacity.

轉向幻燈片 9，我很高興地報告說，我們正按計劃於今年 9 月底開始生產 Fluence 電池模組。該模組生產線在廠商工廠測試成功。該生產線目前正處於新產能安裝和初步調試的最後階段。

We anticipate starting production with a number of battery modules and gradually ramping up to serve our business.

我們預計將開始生產一些電池模組，並逐步擴大規模來服務我們的業務。

Turning to additional discussions on the US market on slide 10. Estimate for the size of US utility scale markets continue to show growing adoption of energy storage by adding roughly 40 gigawatts in 2025. The significant demand has been fueled by corporate customers seeking clean, low-cost arena, reliable renewal battery,

轉向幻燈片10 中有關美國市場的更多討論。推動了這一巨大需求。

A part of this growth in the US have been driven by the rise of Gen-AI, which requires a tremendous numbers of new data sets, which result in increases in electricity and capacity. We're seeing more and more opportunities pop into our pipeline associated with data set, evolving the form of storage for their renewable PPA that large tech companies are procuring to meet their growing demand and [cargo protocol].

美國這一成長的部分原因是Gen-AI的興起，它需要大量的新數據集，從而導致電力和容量的增加。我們看到越來越多的機會出現在與資料集相關的管道中，不斷發展大型科技公司採購的可再生購電協議的儲存形式，以滿足其不斷增長的需求和[貨運協議]。

Currently, about 40% of our US pipeline is indirectly associated with data sets. We will also note that the great majority of the green energy investments associated with the IRA and the resulting job creation are appearing in Republic.

目前，我們美國管道中約 40% 與資料集間接相關。我們還將注意到，與愛爾蘭共和軍相關的絕大多數綠色能源投資以及由此產生的就業機會都出現在共和國。

Furthermore, any storage is becoming a critical part of an increasing numbers of rates across the country regardless of political lead. For example, in their core market impacts of a traditional red states. This time the role that energy storage plays in degrees is evident when you consider the interconnection fees. We chose nearly 132 gigawatt of battery storage projects of nearly 35% from this time last year.

此外，無論政治領導如何，任何儲存都正在成為全國範圍內越來越多費率的重要組成部分。例如，在其核心市場對傳統紅州的影響。這一次，當考慮到互連費用時，儲能所扮演的角色就很明顯了。我們選擇了近132吉瓦的電池儲存項目，比去年這個時候近35%。

In summary, the US market increasing demand for electricity and capacity. The Gen-AI industry's growing need for renewable power. And there we are seeing some of our USB signal to policy changes makes us confident in our outlook for the US market and its contribution to our growth plan.

綜上所述，美國市場對電力和容量的需求不斷增加。 Gen-AI 產業對再生能源的需求不斷增長。我們看到 USB 政策變化發出的一些訊號使我們對美國市場的前景及其對我們成長計劃的貢獻充滿信心。

Turning to slide 11, alongside the attractiveness of the US market in the Europe, Middle East and Africa region, I'm happy to say we are seeing a growing number of opportunities in Europe and a resurgence in the UK and Ireland.

轉向幻燈片 11，除了美國市場對歐洲、中東和非洲地區的吸引力之外，我很高興地說，我們看到歐洲的機會越來越多，並且英國和愛爾蘭的機會正在復蘇。

Ireland intends to operate this electrical grid with 95% renewal. This level of renewable generation will require significant battery storage to provide a higher level of rate stability and reliability. For this reason, 2024 annual utility scale capacity additions are expected to be north of 11 gigawatt hours, which is more than 100% increase from the 2024 forecast as well.

愛爾蘭打算以 95% 的更新率運作該電網。這種水平的可再生能源發電將需要大量的電池儲存來提供更高水平的速率穩定性和可靠性。因此，2024 年公用事業規模的年度新增容量預計將超過 11 吉瓦時，也比 2024 年的預測增加了 100% 以上。

We see a similar story of robust growth in other regions. In the Asia Pacific and Australia region, we have seen tremendous growth over the past few years with annual utility scale capacity allocations approaching nearly 8 gigawatts this year, driven largely by Australia where the national battery strategy continues to provide opportunities for our growth.

我們在其他地區也看到了類似的強勁成長故事。在亞太和澳洲地區，我們在過去幾年中看到了巨大的成長，今年公用事業規模的產能分配接近近8吉瓦，這主要是由澳洲國家電池策略繼續為我們的成長提供機會推動的。

Turning to slide 12, I'm pleased to report that we recently launched our new digital service center in India, which will serve as a central hub for applying operational data intelligence to the global fleet of assets managed by Fluence, provide an insights for the company's research and development and service launch.

轉向投影片 12，我很高興地報告，我們最近在印度推出了新的數位服務中心，該中心將作為將營運數據智慧應用於 Fluence 管理的全球資產艦隊的中心樞紐，為公司的研發和服務推出。

We expect that these efforts will provide more value to our customers by optimizing the performance of their store accounts. The co-location in Bangalore, India of the service enter with the new remote monitoring and diagnostics capabilities and our technology centers proves that [NOV] capability provides a platform that is intended to allow for efficiency and experience in both.

我們希望這些努力能夠優化客戶商店帳戶的效能，從而為客戶提供更多價值。該服務位於印度班加羅爾，具有新的遠端監控和診斷功能，我們的技術中心證明，[NOV] 功能提供了一個平台，旨在提高兩者的效率和經驗。

I will now turn the call to Ahmed to discuss our financial results. Ahmed?

我現在將致電艾哈邁德，討論我們的財務表現。艾哈邁德？

Thank you, Julian, and good morning, everyone. Today I will review our third quarter financial results, our strong cash position and our near-term outlook. Beginning with third Quarter 2024 results on slide 14. We generated $483 million in revenue, which was 20% higher than our expectations discussed on our last earnings call.

謝謝你，朱利安，大家早安。今天，我將回顧我們第三季的財務表現、強勁的現金狀況和近期前景。從投影片 14 上的 2024 年第三季業績開始。

This was primarily attributable to completing certain projects milestones ahead of schedule. Furthermore, we generated $85 million of adjusted gross profit, representing a 17.5% adjusted gross margin, which was the fourth consecutive quarter of double-digit gross profit margins.

這主要歸因於提前完成了某些專案里程碑。此外，我們的調整後毛利為 8,500 萬美元，調整後毛利率為 17.5%，這是連續第四季度毛利率達到兩位數。

Including the third-quarter results, we delivered year to date adjusted gross margin of 12.8%. We expect to achieve Q4 adjusted gross margin within our previously communicated range of 10% to 12% and for the full year to be at the high end of that range.

包括第三季業績在內，我們的年初至今調整後毛利率為 12.8%。我們預計第四季度調整後毛利率將保持在先前公佈的 10% 至 12% 範圍內，全年將達到該範圍的高端。

This performance reflects our focus on achieving operational efficiencies that have been translated to improved profitability on projects During Q3, after operating expenses, we generated $16 million of adjusted EBITDA which puts our trailing 12 months EBITDA in positive territory for the first time. Overall, these results illustrate our commitment to delivering profitable growth to our shareholders.

這項業績反映了我們對實現營運效率的關注，這些效率已轉化為提高專案的獲利能力。個月的EBITDA 首次處於正值。總體而言，這些結果體現了我們致力於為股東帶來獲利成長的承諾。

Before turning to a discussion of our liquidity and guidance, I will briefly review our disclosure included in our 10-Q that was filed yesterday. As you may know, a short seller report was published on us back in February of this year.

在討論我們的流動性和指導之前，我將簡要回顧昨天提交的 10-Q 報告中包含的揭露內容。如您所知，今年二月就發布了一份關於我們的賣空報告。

In response to the allegations made in the short report, our Board's Audit Committee conducted an investigation with the assistance of an outside counsel and forensic accountants. I am pleased to share that this investigation concluded that the allegations contained in the short report are without merit.

為了回應簡短報告中的指控，我們的董事會審計委員會在外部律師和法務會計師的協助下進行了調查。我很高興地告訴大家，這項調查的結論是，做空報告中的指控毫無根據。

Recently, however, the SEC notified us that they are investigating certain matters pertaining to the company. Based on the information the SEC has requested, we believe we are examining some of the topics raised in the short seller report, such as revenue recognition policies and our previously disclosed material weakness.

然而最近，美國證券交易委員會通知我們，他們正在調查與該公司有關的某些事項。根據 SEC 要求的信息，我們認為我們正在研究賣空者報告中提出的一些主題，例如收入確認政策和我們先前披露的重大缺陷。

We are fully cooperating with the SEC, although we cannot predict the timing of or the outcome based on the nature of these matters and information requested by the SEC. We do not expect this to have a material impact on our financial condition.

我們正在與 SEC 充分合作，儘管我們無法根據這些事項的性質和 SEC 要求的資訊來預測時間或結果。我們預計這不會對我們的財務狀況產生重大影響。

Turning to slide 15, with an update on our liquidity. We continue to bolster our liquidity to support our industry-leading growth objectives. For that end, I am pleased to report that we ended the third quarter with nearly $600 million of total liquidity.

轉向投影片 15，其中介紹了我們流動性的最新情況。我們繼續增強流動性，以支持我們行業領先的成長目標。為此，我很高興地報告，第三季末我們的流動資金總額接近 6 億美元。

I'm also happy to share that this week we replaced our ABL credit facility with a traditional revolver to further enhance our liquidity. As you may recall, our $400 million of ABL facility less standardized by the level of our US inventory, which have had a lower balance, thus limiting the availability under this facility to mark more than $100 million since its inception.

我還很高興地告訴大家，本週我們用傳統的左輪手槍取代了 ABL 信貸工具，以進一步增強我們的流動性。您可能還記得，我們​​ 4 億美元的 ABL 設施由於美國庫存水準的標準化程度較低，而美國庫存水準較低，因此自啟動以來該設施的可用性限制在 1 億美元以上。

With new covenant line revolving credit facility contributes $500 million of commitments from an expanded bank program. With this facility on a pro forma basis, our total liquidity is now more than $1 billion, which puts us in an excellent position to capitalize on the growing energy storage market.

根據新的契約額度，循環信貸額度從擴大的銀行計畫中承諾提供 5 億美元。憑藉該設施的預計，我們的總流動資金現已超過 10 億美元，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 16. We have narrowed our full year '24 revenue guidance range to $2.7 billion to $2.8 billion with a midpoint of $2.75 billion. This is $250 million lower than our prior revenue guidance. This reduction is mostly due to two factors.

轉向幻燈片 16。這比我們之前的收入指導低了 2.5 億美元。這種減少主要是由於兩個因素。

First, there were two specific projects accounting for approximately $100 million of expected revenue that had been postponed by the customer for multiple years. And second, the signing of certain projects into our backlog was delayed for a variety of reasons that includes site readiness, civil works, permitting and customer routine process.

首先，有兩個預計收入約 1 億美元的特定項目已被客戶推遲多年。其次，由於多種原因，我們積壓的某些項目的簽署被推遲，包括現場準備、土木工程、許可和客戶日常流程。

None of these delays were related to interconnection issues. These projects were signed and moved into our backlog admittedly later than anticipated. Although disappointing, we expect to recognize the majority of this delayed revenue in fiscal '25.

這些延遲均與互連問題無關。誠然，這些項目的簽署和移入我們的積壓工作的時間比預期晚。儘管令人失望，但我們預計將在 25 財年確認大部分延遲收入。

As Julian noted, our fiscal '24 guidance implies a Q4 result that would be the highest in our company's history. We have strong confidence in our ability to deliver on this goal as the majority of our Q4 project milestones are for production and delivery of cubes, which is within our control.

正如朱利安所指出的，我們的 24 財年指引意味著第四季度的業績將是我們公司歷史上最高的。我們對實現這一目標的能力充滿信心，因為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，這在我們的控制範圍內。

To that end, we have secured the necessary factories, manufacturing slots and logistics. In fact, with respect to our expected Q4 revenue in the first five weeks of the quarter, we have delivered or put in transit 46% of required cubes, thus securing our revenue for almost half of our expected Q4 revenue.

為此，我們已經獲得了必要的工廠、製造場地和物流。事實上，就我們在本季前五週的預期第四季度收入而言，我們已經交付或運輸了所需立方體的 46%，從而確保了我們預期第四季度收入的近一半。

In summary, our quarter to date performance and our outlook for the remaining two months of the year gives us confidence in our ability to deliver on our Q4 customer commitments and our revised full year '24 revenue guidance.

總而言之，我們本季迄今的業績以及對今年剩餘兩個月的展望使我們對履行第四季度客戶承諾和修訂後的 24 年全年收入指引的能力充滿信心。

Turning to slide 17, I will briefly review our other guidance metrics. Lowering the midpoint of our full year '24 revenue guidance by $250 million would be expected to have a gross profit impact of at least [$25 million]. However, we have taken proactive actions to mitigate the impact on our profitability targets.

轉向投影片 17，我將簡要回顧我們的其他指導指標。將我們 24 年全年營收指引的中點降低 2.5 億美元預計將產生至少 [2,500 萬美元] 的毛利影響。然而，我們已採取積極行動來減輕對我們獲利目標的影響。

To that end, we are expecting to achieve a gross profit margin at the upper end of 10% to 12% expected range for this year and deliver adjusted EBITDA of $55 million to $65 million. This revised guidance, midpoint of $60 million is only $5 million below our prior guidance.

為此，我們預計今年的毛利率將達到 10% 至 12% 預期範圍的上限，並實現調整後 EBITDA 為 5,500 萬美元至 6,500 萬美元。此次修訂後的指導意見中位數為 6,000 萬美元，僅比我們先前的指導意見低 500 萬美元。

In terms of our long-term outlook, we continue to expect our gross profit margins to be in the 10% to 15% range. Furthermore, we are raising our ARR guidance and now expect to achieve ARR of approximately $100 million by the end of fiscal '24, up from our previous guidance of approximately $80 million. This increase is the result of the continued growth we are seeing from our services business.

就我們的長期前景而言，我們繼續預計毛利率將在 10% 至 15% 的範圍內。此外，我們正在提高我們的 ARR 指導，現在預計到 24 財年末實現 ARR 約 1 億美元，高於我們之前約 8000 萬美元的指導。這一成長是我們服務業務持續成長的結果。

Finally, looking ahead to fiscal "25, we continue to expect strong growth as we have discussed, using our original fiscal '24 revenue guidance midpoint of $3 billion as a base, we reaffirm our expected fiscal '25 revenue growth of 35% to 40%.

最後，展望 25 財年，正如我們所討論的那樣，我們繼續預計強勁增長，以我們最初的 24 財年收入指導中點 30 億美元為基礎，我們重申我們預計 25 財年收入增長 35% 至 40 %。

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 18 and in conclusion, I want to emphasize the key takeaway from this quarter's results. First, our year-to-date performance demonstrates our ability to deliver profitable growth. Important, we are on track to deliver 12% gross margins and positive full year adjusted EBITDA in fiscal year '24.

謝謝你，艾哈邁德。轉向投影片 18，最後，我想強調本季業績的關鍵要點。首先，我們今年迄今的業績證明了我們實現獲利成長的能力。重要的是，我們預計在 24 財年實現 12% 的毛利率和正值的全年調整後 EBITDA。

Second, we have started to see the benefits of our US domestic content strategy that were put in motion well before the IRA. We're seeing a strong customer interest, which is converted to each of the above. Third, we have ample liquidity to support our growth plan.

其次，我們已經開始看到早在 IRA 之前就開始實施的美國國內內容策略的好處。我們看到了客戶的強烈興趣，這種興趣轉化為上述每一項。第三，我們有充足的流動性來支持我們的成長計畫。

We successfully amended and upsized our credit facility which now puts our liquidity at more than $1 billion. And forth, the outlook for utility cell storage is very robust and we are well positioned to capitalize on this growing market globally as evidenced by the strong growth of our pipeline and our backlog.

我們成功修改並擴大了信貸額度，目前我們的流動性超過 10 億美元。等等，實用電池儲存的前景非常強勁，我們處於有利地位，可以充分利用全球這個不斷增長的市場，我們的管道和積壓訂單的強勁增長就證明了這一點。

With that, I would like to open up the call for questions. Thank you.

至此，我想開始提問。謝謝。

(Operator Instructions) Christine Cho, Barclays.

（操作員指示）Christine Cho，巴克萊銀行。

Good morning. Over 60% of your revenues this quarter was from rest of world, which also coincided with the very high ASPs and high margins. Is this just a function of more of your projects outside the US requiring EPC.

早安.本季超過 60% 的營收來自世界其他地區，這也與非常高的平均售價和高利潤率一致。這是否只是您在美國以外的更多項目需要 EPC 的結果？

Just any color on the geographic breakdown this quarter, how that correlates with top line margins and how we should think about how that should trend next year? Maybe also an update on the geographic breakdown of your current backlog. I know it was historically [70:30], but it sounds like you're diversifying more.

本季地理細分的任何顏色，它與營收利潤率有何關係，以及我們應該如何考慮明年的趨勢？也許還有關於當前積壓工作的地理細分的更新。我知道這是歷史上的[70:30]，但聽起來你正在更加多元化。

Good morning, Christine. Yes, our international markets tend to have more EPCs. They tend to be -- our solutions our offering a lot broader than what we do in the US. And second, as you know, we have been selling our older stock offering in Europe in our transmission assets. So you generally will see higher ASPs on the international markets.

早安，克里斯汀。是的，我們的國際市場往往有更多的EPC。我們提供的解決方案往往比我們在美國提供的解決方案要廣泛得多。其次，如您所知，我們一直在出售歐洲傳輸資產中的舊股票。因此，您通常會在國際市場上看到更高的平均售價。

In terms of the composition of our backlog, since -- you know, one-third, two-thirds is kind of where it's going right now. So it will tend -- we have seen a lot of progress in the international markets when you looked at the pipeline, more like [50:50], but I will say today when we looked at our backlog is essentially two-thirds.

就我們積壓的構成而言，因為──你知道，三分之一、三分之二就是現在的情況。因此，當你查看管道時，我們已經看到國際市場取得了很多進展，更像是[50:50]，但我今天要說的是，當我們查看我們的積壓訂單時，基本上是三分之二。

It's going to be the same roughly two thirds in the US, one-thirds international. So that's a way to look at it. And certainly, last point is that this is one of the drivers of the lumpiness in terms of our margins on our ASPs as we move forward, how they -- what type of projects come into revenue for which type of project will recognize revenue on a quarterly basis and that lumpiness will stay, not all projects are the same.

大約三分之二的美國用戶和三分之一的國際用戶的情況也將相同。所以這是一種看待它的方式。當然，最後一點是，隨著我們的前進，這是導致我們的平均售價利潤率不穩定的因素之一，它們如何——什麼類型的項目產生收入，哪種類型的項目將在按季度計算，而這種不穩定性將繼續存在，並非所有專案都是一樣的。

Okay. And then for my follow-up, is there a way to give us a sense of how much of your current backlog for US projects require US cells. I know you've mentioned that you could eventually supply all of US demand with the AESC contract.

好的。然後，對於我的後續行動，有沒有一種方法可以讓我們了解你們目前積壓的美國專案有多少需要美國電池。我知道您提到您最終可以透過 AESC 合約滿足美國的所有需求。

But curious to know if the majority of your US customers were mandating that in the contract for the domestic content and Section 301 update came out a couple of months ago. How those conversations have evolved since that update?

但我很想知道您的大多數美國客戶是否在國內內容合約中強制執行這一點，並且幾個月前發布了 301 條款更新。自從更新以來，這些對話發生了怎樣的演變？

And is there some sort of rule of thumb that we can use around how much higher the ASPs are, maybe percentage wise for your batteries that use domestic sales versus imported sales for your US customers or bookings going forward?

我們是否可以使用某種經驗法則來確定平均售價要高多少，對於使用國內銷售的電池與美國客戶或未來預訂的進口銷售的電池，可能按百分比計算？

I will say that US, we ahve seen a lot of interest come up as people have realized with the new IRA guidelines and the new data. I think that generally now everybody realizes this is the right moment where I know everybody. So you'll see a lot more than what we have seen before.

我想說的是，在美國，隨著人們意識到新的 IRA 指南和新數據，我們已經看到了許多興趣。我認為現在每個人都意識到這是我認識每個人的正確時刻。所以你會看到比我們以前看到的更多的東西。

I prefer not to go into how that plays out because as you know, we'll get into a rabbit hole of that I think will not help anybody. In terms of costs, what I can tell you and this is very, very competitive information for also what I can tell you is that the costs are very competitive and very attractive, even though they included some additional costs by producing in the US.

我不想討論這件事是如何發生的，因為正如你所知，我們會陷入一個兔子洞，我認為這對任何人都沒有幫助。就成本而言，我可以告訴你的是，這是非常非常有競爭力的信息，而且我可以告訴你的是，成本非常有競爭力並且非常有吸引力，即使它們包括在美國生產的一些額外成本。

So they are very, very competitive. And our customers do very, very well when they contract with the US domestic content. That's the way, I can tell you what at this stage, I will prefer not to disclose information on the actual pricing.

所以他們非常非常有競爭力。我們的客戶在與美國國內內容簽訂合約時做得非常非常好。這樣，我可以告訴你，現階段我寧願不透露實際定價的資訊。

Dylan Nassano, Wolfe Research.

迪倫·納薩諾，沃爾夫研究中心。

So just doing the math on the updated guidance here, it looks like you're taking $250 million at the midpoint this year. You're holding 2025 $100 million of what came out of this year's delayed multiple years. So that seems to suggest up to [$250 million] shifted from this year to next year.

因此，只要根據此處更新的指導進行數學計算，您今年的中期收入似乎就達到了 2.5 億美元。到 2025 年，您將持有今年延遲多年的 1 億美元資金。因此，這似乎表明高達 [2.5 億美元] 從今年轉移到了明年。

So I guess if that math is correct, did anything shift out of your prior 2025 outlook? Because if you're adding $150 million this year, like would that put you at the top end or above the 35% to 40% growth

所以我猜如果這個計算正確的話，您之前的 2025 年展望是否發生了變化？因為如果您今年增加 1.5 億美元，那麼您的成長率是否會達到頂端或高於 35% 至 40%

What I will say is we're working on a '25 budget for next year. And we'll give you more details on how '25 looks. But today, what we can confirm is that we can confirm 35% to 40% growth out of our original target of midpoint of [$3 million]. So we'll give you more details we when -- in our next earnings call in late November.

我要說的是，我們正在製定明年的 25 預算。我們將為您提供有關“25”外觀的更多詳細資訊。但今天，我們可以確認的是，我們可以確認比我們最初的中點目標 [300 萬美元] 增長 35% 到 40%。因此，我們將在 11 月底的下一次財報電話會議上向您提供更多詳細資訊。

Okay. And then as a follow-up on the board investigation that you spoke about, can you just speak to kind of what was the scope of that investigation, which specific claims from the shore apart, what are you guys looking into.

好的。然後，作為您談到的董事會調查的後續行動，您能否談談該調查的範圍是什麼，除了岸上的具體索賠之外，您正在調查什麼。

Our audit committee hired an independent law firm and brought in a forensic auditors and forensic accounting firm, and they looked at everything that was there. Irrelevant to solve that have -- all the elements there and found that all of them had serial merit, no merit in anyway.

我們的審計委員會聘請了一家獨立的律師事務所，並聘請了法務審計師和法務會計師事務所，他們會審查那裡的一切。與解決這個問題無關——所有的元素都在那裡，發現它們都有連續的優點，無論如何都沒有優點。

So we feel we're a clean bill of health and that's what we can say. It was really a very detailed investigation looking at everything that they're even things that were implied that were not necessarily reading and the both the independent law firm with the support of the accountants came out with all of that stuff zero merit.

所以我們覺得我們的健康狀況良好，這就是我們可以說的。這確實是一項非常詳細的調查，調查了所有內容，甚至是暗示的不一定要閱讀的內容，並且在會計師的支持下，這兩家獨立律師事務所得出的所有這些內容都是零優點。

Andrew Percoco, Morgan Stanley.

安德魯佩爾科科，摩根士丹利。

Good morning. Thanks for taking the question. I just want to come back to the domestic content piece for a second. Just curious, obviously, strong demand for those products, how do you feel in terms of the capacity that you're getting from AESC? Do you see a need to expand that agreement anytime soon?

早安.感謝您提出問題。我只想回到國內內容部分。只是好奇，顯然，對這些產品的強烈需求，您對從 AESC 獲得的產能有何看法？您認為有必要盡快擴大協議嗎？

Just given the level of demand you're seeing? And just kind of curious on maybe how pricing conversations with AESC have shifted just given obviously the higher demand for domestic sales over the last three months or so?

只是考慮到您所看到的需求程度？只是有點好奇，考慮到過去三個月左右國內銷售的需求顯然更高，與 AESC 的定價對話可能會發生怎樣的變化？

So we have -- we contracted two lines with AESC. One, that has come in start producing in late 2024. So deliveries in early '25 and another one that will come into operation in '25. And we have right of first refusal for any additional lines they bring it up. So we have ample capacity to meet the demand that we see today and are clearly to meet our commitments to the street. So we're very happy.

所以我們與 AESC 簽訂了兩筆生產線合約。其中一台已於 2024 年底開始生產。對於他們提出的任何附加線路，我們擁有優先拒絕權。因此，我們有足夠的能力來滿足我們今天看到的需求，並且顯然會履行我們對街頭的承諾。所以我們很高興。

In terms of the deal with AESC, we had -- remember, we had to pay for these. We have to make them -- we make that prepayment that we disclose to all of you. So it's a firm deal with prices and we haven't seen any discussion on pricing or AESC is not requesting any additional price from the fact that this is becoming more much more popular.

就與 AESC 的交易而言，我們——記住，我們必須為此付費。我們必須這樣做——我們向你們所有人披露了預付款。因此，這是一個堅定的價格協議，我們還沒有看到任何關於定價的討論，或者 AESC 沒有要求任何額外的價格，因為它變得越來越受歡迎。

What I will say that we weren't convinced that this was the way to go and I think the reality and the reaction of our customers have proven us right, and we are very happy with that. And now our view is to accelerate this as possible and solidified our first mover advantage in domestic content.

我要說的是，我們不相信這是正確的選擇，我認為現實和客戶的反應已經證明我們是正確的，我們對此感到非常滿意。現在我們的目標是盡可能加速這一進程，鞏固我們在國內內容方面的先發優勢。

Okay, perfect. And then maybe as a follow-up question, you mentioned AI and tech as a driver of demand. I'm just curious if there's any difference in attributes in terms of duration, sizing that you're seeing from maybe some of those conversations and maybe how that's impacting your offering or the pricing that you're achieving in the market? Thank you.

好的，完美。然後也許作為一個後續問題，您提到人工智慧和技術是需求的驅動力。我只是好奇，您從某些對話中看到的持續時間、規模方面的屬性是否有任何差異，以及這對您的產品或您在市場上實現的定價有何影響？謝謝。

No, not real different from a technical point of view. What I will say is a level of urgency, our -- that's what I'll say. The need for speed, which is also something that we have invested on. It is coming. We're also seeing that. That's becoming a need of the market. We need to do this faster so that's where -- I think that's a little bit of a difference from the past where when we were not in -- where projects which are not necessarily data center related.

不，從技術角度來看並沒有真正的不同。我要說的是某種程度的迫切性，我們的——這就是我要說的。對速度的需求，這也是我們所投資的。它來了。我們也看到了這一點。這正在成為市場的需求。我們需要更快地做到這一點，所以這就是——我認為這與過去我們不參與時有一點不同——專案不一定與資料中心相關。

Justin Clare, Roth Capital Partners.

賈斯汀·克萊爾，羅斯資本合夥人。

So I wanted to start off just asking about how do you expect the gross margins for your domestic supply chain using US cells to compare to margins when you're using international sales and then just curious, as you ramp the domestic supply chain, do you anticipate the margins to initially be lower and then increase as you scale up? Or will you be at full potential right away?

因此，我想先詢問一下，與使用國際銷售時的利潤率相比，您對使用美國電池的國內供應鏈的毛利率有何預期，然後只是好奇，當您擴大國內供應鏈時，您會這樣做嗎？或者你會立即發揮全部潛能嗎？

In terms of margin of our US domestic offering, I mean, I prefer not to go into that detail. As I said, this is very competitive especially today. But I will say that our -- what I can say is that our US domestic content makes us even more confident of our 10% to 12% -- 10% to 15% sorry, margin guideline that we provided.

就我們美國國內發行的利潤率而言，我的意思是，我不想透露這個細節。正如我所說，尤其是在今天，競爭非常激烈。但我要說的是，我們的美國國內含量使我們對我們提供的 10% 至 12%——10% 至 15% 的保證金指導方針更有信心。

And if I can add a little bit of publicity, we came from minus 5% to 12% today. And I think that -- and a lot of companies -- we're not convinced that we could deliver that 10% to 15% we're telling you today. Well, I think that today, not only our territory but where we see coming out it makes us feel very, very confident on that part.

如果我可以增加一點宣傳的話，我們今天的成長率從負 5% 上升到了 12%。我認為——還有很多公司——我們不相信我們能夠實現我們今天告訴你們的 10% 到 15%。嗯，我認為今天，不僅是我們的領土，而且我們所看到的出來的地方都讓我們對此感到非常非常有信心。

And then in terms of our ability to realize margins on the initial offering, we have put in a significant investments. First of all, bring in line the module line at earlier to ensure that it runs very well. And we are putting the investments in our labs to test our new products ahead of going publicly in a way that to ensure that we do not -- we can realize our margins from day one.

然後，就我們實現首次發行利潤的能力而言，我們進行了大量投資。首先，盡早上線模組線，確保其運作良好。我們正在對實驗室進行投資，以便在上市之前測試我們的新產品，以確保我們從第一天起就能實現我們的利潤。

So we feel very confident that both our US domestic content with a new module line been fully tested for a period of time. And our new labs gave us the confidence that we are going to be able to monetize on the margins on US domestic content, our new products from day one.

所以我們非常有信心，我們美國本土的內容與新的模組線都經過了一段時間的充分測試。我們的新實驗室讓我們充滿信心，從第一天起，我們就能夠透過美國國內內容（我們的新產品）來獲利。

And then just on your backlog, curious how much of the backlog do you anticipate recognizing in fiscal '25 at this point. And if you could just comment on project timelines, how they're evolving. And then just the anticipated average timeline for when you book a project to when you're able to complete a project? And then maybe if you could comment on just the bottlenecks that you're seeing and whether you can pull time lines forward?

然後就您的積壓工作而言，好奇您預計在 25 財年此時會確認多少積壓工作。如果您可以評論專案時間表，以及它們是如何發展的。然後是從預訂專案到能夠完成專案的預期平均時間表？然後，也許您可以評論一下您所看到的瓶頸以及是否可以將時間軸提前？

Right. In terms of our '25 revenue, what we have in our backlog for '25 revenue, roughly a third. So in line with what we had last year, we feel very well about it today. In terms of our projects timeline, we have invested a lot in accelerating our capability of delivering projects.

正確的。就我們 25 年的收入而言，我們 25 年的積壓收入約佔三分之一。因此，與去年的情況一致，我們今天感覺非常好。就我們的專案時間表而言，我們投入了大量資金來加快交付專案的能力。

You know that actually has given us a competitive position when customers are in a hurry, just as I mentioned, data centers, the one thing very, very quickly. Now that gives us a competitive position. However, what has become a little clearer now that some of the time it is not necessarily set by us.

你知道，當客戶匆忙時，這實際上給了我們競爭地位，正如我所提到的，資料中心，一件事非常非常快。現在這給了我們一個競爭地位。然而，現在變得更加清楚了，有些時候它不一定是由我們設定的。

What set by all other external factors. However, our shorten project timelines allows a much more -- from an economic point of view, a much more efficient.

由所有其他外部因素決定的。然而，從經濟角度來看，我們縮短的專案時程可以提高效率。

In terms of a project timelines, I think we should continue to use 18 months. I told you. We brought it -- we have been bringing it down, but I think that's a good guideline for -- good guideline for our financial projections and a good guideline for you to look at our backlog. We will let you know if things improve or change materially.

就專案期限而言，我認為我們應該繼續使用18個月。我告訴你了。我們帶來了它——我們一直在降低它，但我認為這是一個很好的指導方針——對我們的財務預測來說是一個很好的指導方針，對你們查看我們的積壓工作也是一個很好的指導方針。如果情況有實質改善或變化，我們會通知您。

Leanne Hayden, Cannacord Genuity.

Leanne Hayden，Cannacord Genuity。

Good morning, everyone. Congrats on the quarter and thanks so much for taking my question. To start, I know you reiterated 2025 revenue growth expectations. I was just wondering if you still expect to see the same profitability as previously guided? I believe it was a 10% to 15% gross margin?

大家早安。恭喜本季度，非常感謝您提出我的問題。首先，我知道您重申了 2025 年營收成長預期。我只是想知道您是否仍然期望看到與之前指導的相同的盈利能力？我相信毛利率是10%到15%？

Yes, we do expect the same profitability of 10% to 15%. And I would tell you that performance this year gave us even more confidence that we will be able to lever in that 10% to 15% range. And also, we're very happy. This was our transformation when we took over the company to today from minus 5% to now being able to feel very confident in that 10% to 15%. We're all very proud of the work that we have done here.

是的，我們確實預期獲利率為 10% 至 15%。我想告訴你們，今年的表現讓我們更有信心，我們將能夠在 10% 到 15% 的範圍內發揮槓桿作用。而且，我們也很高興。這是我們的轉變，從我們接手公司到現在，從-5%到現在能夠對10%到15%感到非常有信心。我們都對在這裡所做的工作感到非常自豪。

Great, thanks. And then just one more from me on increasing data center demand. Are your data center discussions focused mostly on hyperscalers or small providers as well? Any color you could provide on that would be great.

太好了，謝謝。接下來是我關於不斷增長的資料中心需求的另一篇文章。您的資料中心討論主要集中在超大規模提供者還是小型提供者？你能提供的任何顏色都會很棒。

As you know, we work with top tier developers in the US. So it's mostly hyperscalers. Maybe one or two that are mid-sized, but generally hyperscalers.

如您所知，我們與美國的頂級開發商合作。所以主要是超大規模企業。也許有一兩個中等規模，但通常是超大規模的。

Jordan Levy, Truist Securities.

喬丹·利維 (Jordan Levy)，Truist 證券公司。

Good morning all and appreciate you taking my questions. I just wanted to get a sense of what you're seeing specifically in the international market from a competition perspective with a large entrant come into that market earlier this year, I think particularly in Europe?

大家早安，感謝您回答我的問題。我只是想從競爭的角度了解您在國際市場上看到的情況，今年早些時候有大型企業進入該市場，我認為特別是在歐洲？

Yes, the international market is different. I've been very clear that our markets are -- with some of the players within the US do not -- are not active. However, I will say about the European market. It tends to be -- especially the UK more than Europe, let's say, stopped over the UK.

是的，國際市場不一樣。我非常清楚，我們的市場——美國的一些市場參與者並不活躍——並不活躍。不過，我要談談歐洲市場。可以說，尤其是英國比歐洲更多的是在英國停留。

The UK is probably the most competitive market, and is a market we are very, very happy that we can win and we'll continue progressing a lot because it is a very competitive -- it is a very competitive market because it is very open to a lot of entrants and is also is a market that requires very good capabilities in terms of delivery.

英國可能是競爭最激烈的市場，我們非常非常高興能夠贏得這個市場，我們將繼續取得很大進步，因為它是一個競爭非常激烈的市場，因為它非常開放對於許多進入者來說，這也是一個需要非常好的交付能力的市場。

So that combination makes it an interesting market to work. The rest of Europe, I'll say the intensity of competition in Europe is also a little bit higher however, because it is a new market. They have one hour, not all players offer one hour, it tends to be not that -- a little bit less than the UK.

因此，這種結合使其成為一個有趣的市場。歐洲其他地區，我想說歐洲的競爭強度也更高一些，因為它是一個新市場。他們只有一小時，但並非所有球員都提供一小時，往往不是這樣——比英國少一點。

Appreciate that. And then maybe just kind of a follow-up on your prior question on the data center market. I know you all have had probably a lot of conversations in this space with key players. I'm just curious if those conversations you have from your commentary last quarter, if those conversations have evolved at all in terms of what customers might be looking for a more direct storage solution as it relates to duration or anything like that?

很欣賞這一點。然後也許只是您之前關於資料中心市場的問題的後續行動。我知道你們都可能在這個領域與關鍵人物進行過很多對話。我只是好奇您在上個季度的評論中進行的那些對話是否在客戶可能尋求更直接的存儲解決方案（因為它與持續時間或類似問題相關）方面發生了演變？

Most of our data center demand is indirect -- it comes in directly. We support PPAs that the big top-tier developers offer data centers and large tech companies also. I will say the great majority, it is indirectly. There's very little that we will directly. And that also seem to be a market that is opening up. We'll continue -- we believe that most of our sales that connect to data centers will go through large through PPAs to large tech companies.

我們資料中心的大部分需求都是間接的—它是直接產生的。我們也支持大型頂級開發商向資料中心和大型科技公司提供的購電協議。我會說絕大多數，是間接的。我們直接做的事情很少。這似乎也是一個正在開放的市場。我們將繼續—我們相信，我們與資料中心連接的大部分銷售將透過大型購電協議向大型科技公司進行。

(inaudible) BMO Capital Markets.

（聽不清楚）蒙特婁銀行資本市場。

Good morning. Just a real quick. It looks like the implied ASPs this quarter were, I think, like [$430] a kWh. I was just wondering if you could kind of speak to were there any kind of one-off factors that drove that? Or are we looking at it maybe perhaps not the right way?

早安.真的很快。我認為，本季隱含的平均售價似乎為每千瓦時 [430 美元]。我只是想知道您是否可以談談是否有任何一次性因素導致了這種情況？或者我們看待它的方式可能不正確？

Hey, Amit. This is Ahmed. So yes, I think if you're looking just for the quarter, you are right, and I think that is more to do with the mix of the contracts because we have more international during the quarter where we have EPC elements embedded in those contracts.

嘿，阿米特。這是艾哈邁德。所以，是的，我認為如果您只關注本季度，那麼您是對的，而且我認為這更多地與合約的組合有關，因為我們在本季度有更多的國際化，我們在這些合約中嵌入了EPC 元素。

But I think if you look at for the year, year to date versus year to date, ASPs are roughly 25% less. And that reflects the pricing what we have seen in the commodity prices. But -- so that is the right way to think about year-to-date basis is pretty -- is declining, but that reflects on the lithium ion prices.

但我認為，如果你看看今年，年初至今與年初至今，ASP 大約下降了 25%。這反映了我們在商品價格中看到的定價。但是——所以這是考慮今年迄今為止的基礎相當不錯的正確方式——正在下降，但這反映在鋰離子價格上。

Kashy Harrison, Piper Sandler.

卡希·哈里森，派珀·桑德勒。

Good morning and thanks for taking my questions. Congrats on the impressive bookings backlog and also the execution. So I wanted to focus on the backlog and bookings. I noticed that the total backlog increased significantly in 3Q, but the implied 12 months from the Q is flat quarter over quarter and $2.3 billion.

早安，感謝您提出我的問題。祝賀令人印象深刻的預訂積壓和執行情況。所以我想關注積壓和預訂。我注意到第三季的總積壓量顯著增加，但從第二季開始的 12 個月內，季度環比持平，為 23 億美元。

It is a 12 month look. So it's only good through June 30 of next year. And I was just wondering if you were to extend that to September, can you give us a sense of what would happen to that implied $2.3 billion estimate? I'm just wondering if there's another big jump in 4Q of next year just because of the -- just the general 4Q weighting of the business?

這是12個月的樣子。所以有效期限只到明年6月30日。我只是想知道您是否要將這一期限延長至 9 月，您能否讓我們了解一下隱含的 23 億美元估計會發生什麼？我只是想知道明年第四季是否會因為業務的整體第四季權重而再次大幅躍升？

So yes, you're right. I think this is the nature of our business where the revenues are lumpy and frankly, that is partly driven by the nature of the contracts that we have and the customers who want their deliveries during the summer peak months.

所以是的，你是對的。我認為這就是我們業務的本質，收入不穩定，坦率地說，這在一定程度上是由我們所擁有的合約的性質以及希望在夏季高峰月份交貨的客戶驅動的。

So yes, I think we come in, I think probably 60% to 70% of our revenue is second half back-end loaded this year. And we think probably that would be the case next year as well.

所以，是的，我認為我們進來了，我認為今年下半年我們的收入可能有 60% 到 70% 來自後端負載。我們認為明年的情況可能也會如此。

So the $2.3 billion is probably significantly higher if you were to include 4Q of next year?

那麼，如果將明年第四季計算在內，23 億美元可能會高得多？

Yeah. But I think the key there is a percentage of completion. I think as we sign more contracts, as we execute on those contracts, we will continue to realize. But net-net, you will see more back-end-loaded, that's the lumpiness that we have in our business.

是的。但我認為關鍵是完成百分比。我認為，隨著我們簽署更多合同，隨著我們執行這些合同，我們將繼續實現這一目標。但是，從網路到網絡，你會看到更多的後端負載，這就是我們業務中的混亂之處。

Got it. I appreciate that. And then for my follow-up question. I know it's tough to guide the forward bookings, but I wanted to try to ask this question anyway. Do you think you can hold that $4 billion, $5 billion flat exiting the year. I only ask since next quarter is a very big revenue quarter. And so, I was just trying to get a sense if you could hold [$2 billion, $5 billion] through year end? Thank you.

知道了。我很欣賞這一點。然後是我的後續問題。我知道指導提前預訂很困難，但無論如何我想嘗試問這個問題。你認為今年退出時你能持有 40 億美元、50 億美元嗎？我只是問，因為下個季度是一個非常大的收入季度。所以，我只是想知道你是否可以持有 [20 億美元，50 億美元] 到年底？謝謝。

Yeah. I think that is the expectations like we did last year. I mean, I think we are pretty much in the same position where we were last year at this stage, Q3 call. We were about one-third of our revenue for '24 locked in in our backlog, and we are at the same place and expectation is as we sign more and more contracts, I think we will be in the similar situation.

是的。我認為這就是我們去年的期望。我的意思是，我認為我們在第三季的這個階段與去年的情況幾乎相同。我們 24 年大約三分之一的收入被鎖定在積壓訂單中，我們處於同樣的位置，預計隨著我們簽署越來越多的合同，我認為我們也會處於類似的情況。

I mean, this last quarter we signed 5 gigawatt hours, as you saw. And frankly that is equivalent to the full year '23 deliveries. So we are seeing significant growth in volume and hopefully that trend will continue.

我的意思是，正如您所見，上個季度我們簽署了 5 吉瓦時的合約。坦白說，這相當於 23 年全年的交付量。因此，我們看到數量顯著增長，並希望這種趨勢能持續下去。

Ben Kallo, Baird.

本卡洛，貝爾德。

Hey, good morning, guys. Thank you for taking my question. My first question was just on your pricing environment. You guys talked about ASPs and where they've trended this year as you look out to next year, could you just maybe talk to us about how we square the 12% to 15% gross margin with your pricing as you expect it to be continue to go down, maybe what your levers for decreasing costs.

嘿，早上好，夥計們。感謝您回答我的問題。我的第一個問題是關於你們的定價環境。你們談論了 ASP 以及今年的趨勢，以及你們對明年的展望，你們能否與我們談談我們如何將 12% 至 15% 的毛利率與你們的定價相結合，正如你們期望的那樣下降，也許是你降低成本的槓桿。

I know as you transition to your US manufacturing. So if I put all that together, maybe just the levers on bringing down costs you can even keep up with price declines.

我知道當你轉向美國製造時。因此，如果我將所有這些放在一起，也許只是降低成本的槓桿就可以跟上價格下跌的步伐。

And then my second question is just what you're seeing in competition in the US in terms of international players and specifically Chinese or Korean players coming to the US to produce in the US and how competitive they are in pricing right now and if that's impacting any of your business as you look out into next year? Thank you.

然後我的第二個問題是，你在美國的競爭中看到了什麼國際參與者，特別是中國或韓國參與者來到美國在美國生產，他們現在在定價方面的競爭力如何，這是否會產生影響展望明年，您有什麼業務嗎？謝謝。

Thank you, Ben. On the on the pricing, (inaudible) maybe go back one step. Lithium carbonate was has been stable up to May came down around [10 to 15 plus around 20], let's say, since May. So it is getting soft. And that gives you a sign that this amount about stores market is getting softer.

謝謝你，本。在定價方面，（聽不清楚）可能會退一步。碳酸鋰一直穩定到 5 月份，下降了大約 [10 到 15 加約 20]，比方說，自 5 月份以來。所以越來越軟了。這表明商店市場的數量正在變得疲軟。

Lithium carbonate or the price of lithium is becoming a lot less relevant in terms of how this is priced. So nothing important. Having said that, we do believe that we will continue seeing some price reductions going forward and we plan for it, and we work for it.

就定價方式而言，碳酸鋰或鋰的價格變得不再那麼重要。所以沒什麼重要的。話雖如此，我們確實相信未來會繼續看到價格下降，我們為此做好了計劃，並為此努力。

And our guidance takes into consideration the fact that our pricing is going to -- will continue coming down. We see strong elasticity of demand in this market, strong. You see it in our pipeline. 65% will grow less than a year.

我們的指導考慮到我們的定價將繼續下降這一事實。我們看到這個市場的需求彈性很強，很強。您可以在我們的管道中看到它。 65% 將在不到一年的時間內成長。

Stating our backlog, just look at our orders this year. We were able to contract the same volume we recognized last year just in a quarter. So it tells you the tremendous elasticity of demand. So as I said, the prices are not going to see a repetition of '24. We will see prices continue to soften and we're ready for it. We have a view of what other will work and we can commit to our 35% to 40% growth out of our $3 billion midpoint -- our prior midpoint without difference.

說一下我們的積壓，看看我們今年的訂單就知道了。僅一個季度，我們就能夠收縮與去年相同的數量。所以它告訴你需求的巨大彈性。正如我所說，價格不會再出現 24 世紀那樣的情況。我們將看到價格繼續走軟，我們已做好準備。我們對其他可行的方案有自己的看法，並且我們可以承諾在 30 億美元的中點基礎上實現 35% 到 40% 的增長——我們之前的中點沒有任何差異。

In terms of competition, it has been always been a very competitive market. It is not gaining more competitive. It is a essentially -- maybe the names change, not because people realize that they cannot deliver what they say, they can deliver and they can (inaudible) but the competition has not get down.

從競爭角度來看，它一直是個競爭非常激烈的市場。它並沒有變得更具競爭力。從本質上講，也許名稱發生了變化，並不是因為人們意識到他們無法兌現他們所說的，他們可以兌現並且他們可以（聽不清楚），但競爭並沒有減弱。

I haven't seen a lot of players are talking about stuff. But when we talk to our customers, these are mirrored. There's no semi-ion. We're not only in Dallas, in Arizona, when you -- I don't -- clearly, a lot of these competitors, I do not get the information.

我還沒有看到很多玩家在談論這些事情。但當我們與客戶交談時，這些都是鏡像的。沒有半離子。我們不僅在達拉斯，在亞利桑那州，當你——我不知道——顯然，很多競爭對手，我都沒有得到資訊。

When I talk to my customers, I think we went there, it was nothing, you cannot touch it. So it sounds very, very good does not exist. So we do expect more competition in the US market, and we are ready for it and we love competition. So we're ready for that, but I do not think that it will take a while for a lot of dreams to become reality from their part I mean.

當我和我的顧客交談時，我想我們去了那裡，那什麼都沒有，你不能碰它。所以聽起來非常非常好的情況並不存在。因此，我們確實預期美國市場會出現更多競爭，我們已做好準備，並且喜歡競爭。所以我們已經做好了準備，但我認為很多夢想從他們的角度來看不需要一段時間才能變成現實。

Joseph Osha, Guggenheim Partners.

約瑟夫‧奧沙，古根漢合夥人。

My first question relates to domestic sales supply with in an industry event a while ago. Saw some numbers suggesting that by 2026, when I have this 301 tariff comes into effect, the industry is only going to be able to meet maybe a quarter to a third of demand with domestically sourced cells. I'm wondering if you have a reaction to that and if you're seeing kind of the same numbers?

我的第一個問題涉及到前一段時間行業活動中的內銷供應。一些數據表明，到 2026 年，當 301 關稅生效時，該行業只能用國產電池滿足四分之一到三分之一的需求。我想知道您對此有何反應？

There are people who said we're going to be a surplus and there are peoples if you looked at all the products that are run and people that have a view you have that is going to be -- this market is going to have a huge deficit, probably somewhere in the middle is going to be a tight market, I believe.

有人說我們將出現盈餘，如果你看看所有正在運行的產品，有人會認為你會出現盈餘——這個市場將有一個巨大的市場。的市場。

But I think that there will be enough to cover. I don't know by 26 that a little bit. But over time, we'll have enough to cover them and in the US. This is very important, and it will happen. We will work to meet that demand from our part. So I think that there will be more players. We don't expect the market where we'll be so tight as you probably have read some other reports around.

但我認為已經足夠涵蓋了。到了26歲我就不知道了。但隨著時間的推移，我們將有足夠的資源來覆蓋它們和美國。這非常重要，而且將會發生。我們將努力滿足我們的這項需求。所以我認為會有更多的玩家。我們預計市場不會如此緊張，因為您可能已經閱讀了其他一些報告。

Thanks. And then my follow-up, I'm just wondering, you had lots of chatter out there about project timing. I'm wondering if you look at your storage only business relative to your storage plus solar business, if you're seeing perhaps any greater level of volatility or movement and uncertainty in the solar-plus-storage business because it certainly seems like we're picking up those signals from some of the other folks in solar world. Thank you.

謝謝。然後我的後續行動，我只是想知道，你們有很多關於專案時間安排的討論。我想知道您是否會考慮相對於存儲加太陽能業務的僅存儲業務，您是否看到太陽能加存儲業務中可能存在更大程度的波動性或變動和不確定性，因為它看起來確實像我們“正在從太陽世界的其他一些人那裡接收這些訊號。謝謝。

I mean the reality is we haven't seen anything getting any worse or deteriorated in any way. Normal project -- when we get involved, normal project delays that are transformative laid but cell counter in weeks or not in years or in month. It is the normal delays you get in a project that permit to move things through a three or things of that sort.

我的意思是，現實是我們沒有看到任何事情變得更糟或以任何方式惡化。正常的項目－當我們參與時，正常的項目延遲是變革性的，但細胞計數器以週為單位，而不是以年或月為單位。這是專案中常見的延遲，允許將事情透過三個或類似的事情進行。

So I will not -- we haven't seen -- I mean it's not any different between the projects that we do, but there is a standalone which is mostly in our international markets than the ones we do in batteries and solar is the same type of delay.

所以我不會——我們還沒有看到——我的意思是我們所做的項目之間沒有任何不同，但有一個獨立的項目主要在我們的國際市場上，與我們在電池和太陽能領域所做的項目是相同的延遲類型。

But as we have said, we gain into these projects a lot later in the process. So when we're there, there are customers that have signed PPA, they have financing, they have all the permits in place. So the stuff that gets these things delayed are things that delays by weeks, never by months.

但正如我們所說，我們在這個過程的後期才開始參與這些項目。因此，當我們在那裡時，有些客戶已經簽署了購電協議，他們擁有融資，他們擁有所有許可證。因此，導致這些事情延遲的事情是延遲數週而不是數月的事情。

Brian Lee, Goldman Sachs.

布萊恩李，高盛。

Hey, guys, this is [Tanner Betsson] on for Brian. Thank you for taking our questions and congrats on the solid results here. Your pipeline appears to have grown the strongest in APAC and EMEA. But I guess I would have expected to see continued strength in the Americas, given growth from data centers as well as domestic content.

嘿，夥計們，這是布萊恩的 [Tanner Betsson]。感謝您提出我們的問題，並祝賀我們取得的紮實成果。您的管道似乎在亞太地區和歐洲、中東和非洲地區成長最為強勁。但我想，鑑於資料中心和國內內容的成長，我預計美洲將持續強勁。

Actually, the CAGR growth is higher in both regions, but from a lower base you called out growth in Germany and Australia. So if you've seen certain products came better than expected traction there. Or are there any other markets where you're seeing outsized growth?

事實上，這兩個地區的複合年增長率都較高，但德國和澳洲的成長基數較低。因此，如果您發現某些產品的吸引力超出了預期。或者有其他市場出現大幅成長嗎？

As we talked of Germany has a new nascent market that is very, very attractive. Australia has been growing and we see a big prospects for continued growth. So as you said, we have seen the growth rate out of a much lower base. But the growth rate in our international market growing more strongly.

正如我們所說，德國有一個非常非常有吸引力的新興市場。澳洲一直在成長，我們看到持續成長的廣闊前景。正如您所說，我們看到成長率的基數要低得多。但我們國際市場的成長速度成長得更強勁。

And the thing is that because our international market are mix, things move here or there differently, and they're not affected. So very, very, very happy with our global strategy. I think that's kind of what I will add maybe highlight. These concentrating globally and working with globally gives us an ability to manage headwinds that you might get here or there much more effectively than if we were only a company working in a few markets or owning a couple of markets.

問題是，由於我們的國際市場是混合的，這裡或那裡的情況有所不同，但它們並沒有受到影響。對我們的全球策略非常非常滿意。我想這就是我要強調的內容。這些在全球範圍內集中並與全球範圍內的合作使我們能夠比我們只是一家在少數市場工作或擁有幾個市場的公司更有效地管理您可能在這裡或那裡遇到的逆風。

And then you guys called out 40% of your US pipeline data centers, how do you expect that number to trend going forward?

然後你們提到了 40% 的美國管道資料中心，你們預計這個數字未來的趨勢如何？

I think it will continue to grow. I think it will continue to grow and it's difficult to know, as you know, we get this demand indirectly. So we are not involved with the data center. We're involved with the developers. We talk to data centers.

我認為它會繼續增長。我認為它會繼續成長，但很難知道，正如你所知，我們間接獲得了這種需求。所以我們不參與資料中心。我們與開發商合作。我們與資料中心交談。

But talking leaches, as we as we always listen to the calls of all our competitors --all our customers and we know they are doing. They are talking a game in the data center, all of them, about a game in the data center market that I think it will be a multiple of what we have seen up to date. So I expect that number to grow.

但談話會流失，因為我們總是傾聽所有競爭對手——所有客戶的呼聲，我們知道他們正在做的事情。他們正在談論資料中心的遊戲，所有人都在談論資料中心市場的遊戲，我認為這將是我們迄今為止所看到的遊戲的倍數。所以我預計這個數字會成長。

(technical difficulty) Financial Group

（科技難度）金融集團

Good morning. Thanks for taking my question. I wanted to ask the opportunities to use batteries for transmission applications in the US, sort of especially coupling that with DLR technologies and also want to see if there is sort of any regulatory changes that need to take place for that to be deployed here?

早安.感謝您提出我的問題。我想詢問在美國使用電池進行傳輸應用的機會，尤其是與 DLR 技術相結合，也想看看是否需要進行任何監管變化才能在美國部署電池？

Good point. We continue -- this is a great technology, has been very successful in Europe. We are promoting that technology in the US. I will say that the main -- and as you know, or you probably know they circle out matters to be transmission assets. That's good. A lot of the system operators are allowing it in their systems. (inaudible) with the rules in the Northeastern system allowed. So there are some rules.

好點。我們繼續——這是一項偉大的技術，在歐洲已經非常成功。我們正在美國推廣這項技術。我想說的是，正如你所知，或者你可能知道，他們列出的主要問題是傳輸資產。那挺好的。許多系統運營商都允許在他們的系統中使用它。 （聽不清楚）符合東北系統允許的規則。所以有一些規則。

However, what we see is that there are restrictions on the ownership of the batteries by the owners of the transmission assets. They you can put them, but they cannot be owned by the same person, by the same entity. And that I think is a restriction that needs to be -- and that comes out of the view that a transmission operator or owner cannot dispatch a generation or call in demand.

然而，我們看到的是，輸電資產所有者對電池的所有權有限制。您可以放置​​它們，但它們不能由同一個人、同一實體擁有。我認為這是一個必要的限制——這是因為傳輸運營商或所有者無法調度發電或按需呼叫。

And that's what in our battery essentially of that. So that creates a regulatory hurdle that we've been trying to play in to regulators. You need to allow the same owner of the transmission asset to own the batteries in order for this to work. And we're working on it. And I think that as these become more and more of a success in Europe, we'll see it happening in the US. So we're confident that it will.

這就是我們電池的本質。因此，這就造成了一個監管障礙，我們一直在努力向監管機構克服這個障礙。您需要允許傳輸資產的同一所有者擁有電池才能使其正常工作。我們正在努力。我認為，隨著這些在歐洲越來越成功，我們也會看到它在美國發生。所以我們有信心它會實現。

This concludes the question-and-answer session. I would now like to turn it back to Lexington May for closing remarks.

問答環節到此結束。現在我想請列剋星敦·梅發表閉幕詞。

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

感謝您參加今天的電話會議。如果您還有任何其他問題，請隨時與我聯絡。我們期待在報告第四季度業績時再次與您交談。祝你有美好的一天。

This does conclude the program. You may now disconnect.

這確實結束了該程式。您現在可以斷開連線。