Fluence Energy Inc (FLNC) 2024 Q4 法說會逐字稿

Good day, and welcome to Fluence Energy's fourth quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this call may be recorded.

美好的一天，歡迎參加 Fluence Energy 2024 年第四季財報電話會議。 （操作員說明）謹此提醒，此通話可能會被錄音。

I would now like to turn the call over to Lex May, Vice President of Investor Relations. Please go ahead.

我現在想將電話轉給投資人關係副總裁 Lex May。請繼續。

Thank you. Good morning, and welcome to Fluence Energy's fourth 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 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 年第四季財報電話會議。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 this morning on our call are Julian Nebreda, our President and Chief Executive Officer; Ahmed Pasha, our Chief Financial Officer; and Rebecca Boll, our Chief Products Officer.

今天早上與我一起參加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. 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.

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。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。

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.

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

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。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。 （活動須知）

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

非常感謝。我現在將電話轉給朱利安

Thank you, Lex. I would like to say a warm welcome to our investors, analysts and employees who are participating on today's call.

謝謝你，萊克斯。我謹對參加今天電話會議的投資人、分析師和員工表示熱烈歡迎。

I will review our Q4 and full year results briefly, and then provide an update on our business and the strong growth prospect we continue to see. Ahmed will then go into more detail on our financial results and outlook.

我將簡要回顧我們的第四季度和全年業績，然後提供有關我們業務的最新資訊以及我們繼續看到的強勁成長前景。然後艾哈邁德將更詳細地介紹我們的財務業績和前景。

Beginning on Slide 4. We delivered strong financial performance. More specifically, we reported a profit for fiscal year '24, our first ever on a full year basis, and generated free cash flow. These results demonstrate that we can generate strong profitable growth at scale.

從幻燈片 4 開始。更具體地說，我們報告了 24 財年的利潤，這是我們首次實現全年利潤，並產生了自由現金流。這些結果顯示我們可以大規模實現強勁的獲利成長。

We also met or exceeded our outlook in all key metrics. More specifically, we generated a record of approximately $2.7 billion in revenue, with a 12.6% gross margin, earned $78 million of adjusted EBITDA, which is almost $140 million higher than fiscal year '23, and $18 million better than the midpoint of our expectations.

我們在所有關鍵指標上也達到或超越了我們的預期。更具體地說，我們創造了約27 億美元的創紀錄收入，毛利率為12.6%，調整後EBITDA 為7,800 萬美元，比23 財年高出近1.4 億美元，比我們預期的中位數高出1800 萬美元。

Second, we made good progress in operating the value of our services and digital businesses as we achieve our goal of increasing our annual recurring revenue by 80% to $100 million. We continue to make strides in our digital software, and it is getting acknowledged by the market.

其次，我們在營運服務和數位業務的價值方面取得了良好進展，實現了年度經常性收入增加 80% 至 1 億美元的目標。我們在數位軟體方面不斷取得進步，並得到了市場的認可。

Earlier this month, Fluence was named the top integrator on the Guidehouse Inside leaderboard for energy storage software. The recognition highlights our exceptional technological development and strong partner relationships.

本月早些時候，Fluence 被 Guidehouse Inside 能源儲存軟體排行榜評為頂級整合商。此認可凸顯了我們卓越的技術發展和強大的合作關係。

Third, to support our future growth, we continue to add to our backlog with another strong quarter of more than $1 billion of order intake. Our backlogs have grown this year by 55% to $4.5 billion, providing strong visibility to future revenue. And finally, to our proactive approach to margin expansion and working capital management, we generated $72 million of free cash flow for the year and ended the quarter with $518 million of cash.

第三，為了支持我們未來的成長，我們繼續增加積壓訂單，季度訂單量再次超過 10 億美元。今年我們的積壓訂單成長了 55%，達到 45 億美元，為未來收入提供了強大的可見性。最後，透過我們積極主動的利潤擴張和營運資金管理方法，我們全年創造了 7,200 萬美元的自由現金流，本季結束時現金為 5.18 億美元。

Turning to Slide 5. I would like to provide an overview of the market growth of energy storage, which continues to surpass expectations and why we do not expect the growth to decline in light of the recent changes in the US government administration.

轉向投影片 5。

First, as for a long period of stagnation, we're seeing electricity demand growth globally, which is driven by rapid economic development, the growing deployment of data centers and electrification of sectors, such as transportation, commercial building and selected industrial processes. As an example, the US electricity demand is projected to rise 15% to 20% in the next decade, and we're seeing similar trends in other countries.

首先，就長期停滯而言，我們看到全球電力需求成長，這是由經濟快速發展、資料中心部署不斷增加以及交通、商業建築和選定工業流程等部門電氣化所推動的。例如，美國電力需求預計在未來十年將成長 15% 至 20%，我們在其他國家也看到了類似的趨勢。

Second, renewal energy has been the fastest-growing source of power generation for a significant time already. Current growth projections will put renewals at about 50% of global electricity production in 2030. This rapid adoption reflects the attractive levelized cost of renewable energy and faster deployment time for renewal and as compared to gas and nuclear. For most markets, renewal energy pair with best is the fastest and most economical way to meet electricity needs.

其次，再生能源在很長一段時間內一直是成長最快的發電來源。目前的成長預測預計到2030 年，再生能源將佔全球發電量的50% 左右。能源的部署時間更快。對大多數市場來說，再生能源與最佳能源的結合是滿足電力需求最快、最經濟的方式。

Third, the energy storage industry has been benefiting from declining lithium carbonate prices, which declined by almost 50% year-over-year. The lower input cost has reduced the cost of battery storage system by 40%. This more favorable price levels have resulted in a 140% increase over the last 12 months in our volume of orders from existing and new customers as their projects became more attractive.

第三，儲能產業受惠於碳酸鋰價格下降，較去年同期下降近50%。較低的投入成本使電池儲存系統的成本降低了40%。由於現有客戶和新客戶的項目變得更具吸引力，這種更優惠的價格水平使得我們在過去 12 個月中收到的訂單量增加了 140%。

Turning to Slide 6. Customer demand for energy storage is reflected in our current backlog of $4.5 billion, the highest level in our history. It is important to note that during the last two years, we have experienced the highest interest rates in three decades. And despite that, our backlog has doubled since 2022. This higher volume sets a good foundation for future growth in our recurring services and digital business.

轉向投影片 6。值得注意的是，在過去兩年中，我們經歷了三十年來最高的利率。儘管如此，自 2022 年以來，我們的積壓訂單數量增加了一倍。

Turning to Slide 7. The strong growth prospect for energy storage are also reflected in our pipeline. As a reminder, our pipeline is a rolling 24-month view, thus given us confidence in our ability to continue our growth trajectory. I am pleased to share that we have increased pipeline by $500 million from the end of last quarter to approximately $21 billion current.

轉向幻燈片 7。提醒一下，我們的管道是 24 個月滾動視圖，因此我們對繼續成長軌蹟的能力充滿信心。我很高興地告訴大家，我們的管道已從上季末增加了 5 億美元，達到目前的約 210 億美元。

This is particularly impressive, considering that during the quarter, we converted $1.2 billion into backlog. To provide more perspective -- our pipeline has increased 60% from this time last year, which reflects significant growth prospects for energy storage globally.

考慮到本季我們將 12 億美元轉化為積壓訂單，這一點尤其令人印象深刻。為了提供更多視角——我們的管道比去年同期增加了 60%，這反映了全球儲能的顯著成長前景。

We continue to see a very robust international market, which will further diversify our geographic mix in the coming year. Nearly half of our $21 billion pipeline is in the US market, and the rest in the international market, with Germany, Australia, Canada and Chile, representing the bulk of it.

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實現我們的地理組合多元化。我們 210 億美元的管道中有近一半在美國市場，其餘則在國際市場，其中德國、澳洲、加拿大和智利佔了大部分。

Turning to Slide 8. Speed and innovation are key elements of our strategy for growth. To that point, we have been the first to bring innovation to the US by offering domestic content battery technology to the US storage market and to establish a robust supply change. Even before the inflation Reduction Act or IRA, we recognize the need for a US-based supply chain and began localizing our operations to reduce reliance on Chinese imports.

轉向投影片 8。到目前為止，我們是第一個將創新帶入美國的公司，向美國儲存市場提供國產電池技術，並建立了強勁的供應變革。甚至在通貨膨脹削減法案 (IRA) 出台之前，我們就意識到需要美國供應鏈，並開始在地化我們的業務，以減少對中國進口的依賴。

As shown on Slide 8, this US supply chain is essential to delivering our domestic content offering. Today, we can offer 100% non-Chinese product, supported by six US production facilities, own and operated by our supply chain partners, five of which are located in states that were won by President Trump, and benefit from the IRA manufacturing incentives.

如投影片 8 所示，這條美國供應鏈對於提供我們的國內內容至關重要。如今，我們可以提供100% 的非中國產品，並由我們的供應鏈合作夥伴擁有和運營的六個美國生產設施提供支持，其中五個位於川普總統贏得的州，並受益於IRA 製造激勵措施。

Development of these domestic supply chains has created thousands of associated jobs and strengthen our commitment to the US energy security. Even though we believe that a full repeal of the IRA is unlikely, we are positioned Fluent to be successful both under the current regime or under a new regime defined by higher tariffs.

這些國內供應鏈的發展創造了數千個相關就業崗位，並加強了我們對美國能源安全的承諾。儘管我們認為全面廢除愛爾蘭共和軍不太可能，但我們認為 Fluent 無論是在現行製度下還是在由更高關稅定義的新制度下都會取得成功。

I'm pleased to announce that in September, we began producing our first US-made battery modules at our Ulta facility. This model production line is equipped with cutting-edge robotics and automation technology, enhancing both our production efficiency and product quality.

我很高興地宣布，九月，我們開始在 Ulta 工廠生產第一批美國製造的電池模組。該模型生產線配備了尖端的機器人和自動化技術，提高了我們的生產效率和產品品質。

Additionally, this month, we've received our UL-1973 certification at the module level, signifying that our modules meet the highest standards for safety, performance and quality. This certification is a significant milestone, reinforcing our commitment to delivering the reliable, top-tier energy storage products.

此外，本月，我們還獲得了模組級別的 UL-1973 認證，這表明我們的模組符合安全、性能和品質的最高標準。此認證是一個重要的里程碑，強化了我們提供可靠的頂級儲能產品的承諾。

Moving to Slide 9. As you may recall, in the summer of 2023, we reached an agreement with ASC to secure two dedicated battery cell production lines at their facility in Tennessee. This US-based cell production provides us with a distinct competitive advantage. -- allowing us to offer American-made products to our customers a unique capability among our peers.

前往投影片 9。這種位於美國的電池生產為我們提供了明顯的競爭優勢。 ——使我們能夠向客戶提供美國製造的產品，這在同行中具有獨特的能力。

The first line started producing its initial battery cells as part of the commissioning process and is expected to begin ramping up production at the end of the year. As battery cells are produced that will be transported to our dedicated contract manufacturing facility in Utah.

作為調試過程的一部分，第一條生產線開始生產最初的電池，預計今年年底開始提高產量。電池生產完成後，將被運送到我們位於猶他州的專用合約製造工廠。

Here, we will produce our US-made battery modules and integrate them with other components to create finished products ready for deployment at customer sites. We anticipate a gradual ramp-up in module production over the coming quarters as we held this capability. which is a key step in fulfilling our commitment to our robust localized supply chains.

在這裡，我們將生產美國製造的電池模組，並將其與其他組件集成，以創建可在客戶現場部署的成品。由於我們擁有這種能力，我們預計未來幾季模組產量將逐步增加。這是履行我們對強大的本地化供應鏈承諾的關鍵一步。

We have recently made a strategic decision to upgrade the second cell production line to manufacture the 530 and our cells instead of the 305 and power cells. By taking the strategic step to invest in manufacturing the 530 sale, we will be among the first to bring this technology to the US market, which provides superior density resulting in lower degradation and longer battery life, thus providing significant value to our customers.

我們最近做出了戰略決策，升級第二條電池生產線，生產 530 和我們的電池，而不是 305 和動力電池。透過採取策略步驟投資生產530 銷售產品，我們將成為首批將該技術引入美國市場的公司之一，該技術提供卓越的密度，從而降低退化並延長電池壽命，從而為我們的客戶提供巨大的價值。

Furthermore, these enhancements double our US cell manufacturing capacity, which enables us to meet our entire near-term volume expectations in the United States with qualified domestic content products. Additionally, it secures our exclusivity for a potential third line to support our long-term growth objectives.

此外，這些增強使我們美國的電池製造能力增加了一倍，這使我們能夠透過合格的國內產品滿足我們在美國的整個近期銷售預期。此外，它還確保了我們對潛在第三條線的排他性，以支持我們的長期成長目標。

Finally, I would like to discuss the impact of any potential increase in tariffs on Chinese VAT. Today, imported batteries pay a duty of 7.5%, and this is set to increase to 25% in 2026. If the tariff is raised even further or ahead of the current schedule, it could cause some short-term disruptions in the market, while the markets digest the new prices.

最後，我想討論任何潛在的關稅增加對中國增值稅的影響。目前，進口電池的關稅為 7.5%，預計到 2026 年將提高至 25%。

However, we have taken proactive measures to mitigate the potential impact on our US products that are planning to utilize foreign sales in 2025, which include bringing the foreign sales into the country sooner than planned. We have also secured contracts with sell manufacturers that provides a cost sharing of tariff increases. -- thus further mitigate our risks.

不過，我們已採取積極措施，減輕對計劃在 2025 年利用海外銷售的美國產品的潛在影響，其中包括比計劃更早地將海外銷售引入美國。我們也與銷售製造商簽訂了合同，提供關稅上漲的成本分攤。 ——從而進一步降低我們的風險。

Our view is that in the long run, higher tariffs should benefit US-based storage providers, such as Fluence. Giving us a competitive edge over other players that lag domestic manufacturing capabilities. I am confident that in a high tariff scenario, our domestic content strategy will be able to deliver significant value to our customers and shareholders.

我們的觀點是，從長遠來看，更高的關稅應該有利於美國的儲存供應商，例如 Fluence。使我們比國內製造能力落後的其他參與者俱有競爭優勢。我相信，在高關稅的情況下，我們的國內內容策略將能夠為我們的客戶和股東帶來巨大的價值。

Those remain steadfast in our ability to grow and thrive in this new political environment regardless of tariff policy. We solidified our business model for potential policy shift, and we believe we are best positioned to capture the growing demand for resilient cost-effective energy storage solution.

無論關稅政策如何，這些人仍然堅信我們在新的政治環境中成長和繁榮的能力。我們為潛在的政策轉變鞏固了我們的業務模式，我們相信我們最有能力滿足對彈性、經濟高效的能源儲存解決方案不斷增長的需求。

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

我準備好的發言到此結束。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 fourth quarter and full year 2024 financial results and our outlook for fiscal 2025.

謝謝你，朱利安，大家早安。今天，我將回顧我們的 2024 年第四季和全年財務表現以及我們對 2025 財年的展望。

Overall, as Julian mentioned, we are pleased with our financial performance, which reflects significant improvement across all dimensions of our business. We achieved strong growth in both revenue and profitability, while continuing to invest in maintaining our leadership position and delivering substantial value to our customers and investors.

總的來說，正如朱利安所提到的，我們對我們的財務表現感到滿意，這反映了我們業務各個方面的顯著改善。我們在收入和盈利能力方面實現了強勁增長，同時繼續投資以保持我們的領先地位並為我們的客戶和投資者提供巨大的價值。

So let me begin by summarizing my thoughts on the fourth quarter. Turning to Slide 11. We generated our highest ever quarterly revenue of $1.2 billion, which was approximately 82% higher than the same quarter last year and 154% improvement from Q3.

首先讓我總結一下我對第四季的想法。轉向投影片 11。

Furthermore, we generated $159 million of adjusted gross profit, representing a gross profit margin of approximately 13%. This was our fifth consecutive quarter of double-digit gross profit margin. The results for the fourth quarter reflect our laser focus on project execution, which has enabled us to achieve project milestones on time and on budget. After operating expenses, we generated a record $87 million of adjusted EBITDA in the fourth quarter.

此外，我們產生了 1.59 億美元的調整後毛利，毛利率約為 13%。這是我們連續第五個季度毛利率達到兩位數。第四季度的結果反映了我們對專案執行的高度重視，這使我們能夠按時、按預算實現專案里程碑。扣除營運費用後，我們在第四季度調整後 EBITDA 達到創紀錄的 8700 萬美元。

Turning to Slide 12. Now, I would like to take a moment to discuss our full year performance for fiscal 2024. We delivered approximately $2.7 billion of revenue, representing 22% growth from '23. We continue to build on our strong presence in the Americas and also saw revenue accelerate in Europe and Asia. Growth across the world, Europe and Asia now represent 40% of our business versus 30% in the last two years.

轉向投影片 12 現在，我想花點時間討論一下我們 2024 財年的全年業績。我們繼續鞏固在美洲的強大影響力，並看到歐洲和亞洲的收入加速成長。全球、歐洲和亞洲的成長現在占我們業務的 40%，而過去兩年為 30%。

In terms of gross profit margin, we exceeded our goal by a percentage point, yielding an adjusted profit margin of 12.9%. These strong results helped us to deliver $78 million in adjusted EBITDA, which is well in excess of our guidance range of $55 million to $65 million. This outperformance is largely driven by our strong execution that enabled us to come in underbudget on select projects as we benefited from key initiatives that leverage our scale and improve structural cost.

就毛利率而言，我們超出了目標一個百分點，調整後利潤率為12.9%。這些強勁的業績幫助我們實現了 7,800 萬美元的調整後 EBITDA，這遠遠超出了我們 5,500 萬至 6,500 萬美元的指導範圍。這種優異的表現在很大程度上是由我們強大的執行力推動的，這使我們能夠在選定的項目上實現低於預算的目標，因為我們受益於利用我們的規模和改善結構成本的關鍵舉措。

In fact, as you can see on Slide 13, over time, we have steadily increased our gross profit margin, which had been negative until 2022. This continued improvement demonstrates our focused approach to better drive quality, cost and execution productivity across the value chain.

事實上，正如您在投影片13 中看到的那樣，隨著時間的推移，我們的毛利率穩步提高，直到2022 年，毛利率一直為負。整個價值鏈的品質、成本和執行效率。

Turning to Slide 14. I would like to highlight that in fiscal Q4, we generated positive free cash flow for the first time as a public company. More specifically, we delivered $72 million of free cash flow versus negative $115 million last year. This was largely driven by significantly improved profitability as we saw a $140 million positive swing in adjusted EBITDA and versus last year.

轉向投影片 14。更具體地說，我們實現了 7,200 萬美元的自由現金流，而去年為負 1.15 億美元。這主要是由於獲利能力顯著提高，我們看到調整後的 EBITDA 與去年相比出現了 1.4 億美元的正面波動。

Given the capital-light nature of our business model, growth in free cash flow should track growth in EBITDA, excluding any changes in working capital. Free cash flow will be an important source of funding for the long-term growth of our business.

鑑於我們業務模式的輕資本性質，自由現金流的成長應追蹤 EBITDA 的成長，不包括營運資本的任何變化。自由現金流將成為我們業務長期成長的重要資金來源。

Turning to Slide 15. We are initiating revenue guidance for fiscal '25 with a midpoint of $4 billion. This is in line with our prior expectations and represents 50% growth from fiscal '24. We feel confident about our ability to achieve this target, which is primarily driven by three factors.

轉向投影片 15。這符合我們先前的預期，較 24 財年成長 50%。我們對實現這一目標的能力充滿信心，這主要由三個因素驅動。

First, approximately two-third of our 2025 revenue is currently in our backlog, consistent with where we were at this point last year; second, we are in advanced and exclusive negotiations on a number of projects totaling $1.5 billion in value; and third, we have an increasing number of opportunities illustrated by our growing pipeline of projects across the world, as Julian mentioned.

首先，我們 2025 年收入的約三分之二目前處於積壓狀態，與去年此時的情況一致；其次，我們正在就一些總價值15億美元的項目進行高階排他性談判；第三，正如朱利安所提到的，我們在世界各地不斷增加的專案管道表明我們擁有越來越多的機會。

For fiscal '25, we expect an adjusted gross profit margin of between 10% and 15%. As a result, we expect to deliver an adjusted EBITDA midpoint of $180 million. And for ARR, we continue to see traction in our platform and expect to end the fiscal year with $145 million of ARR.

對於 25 財年，我們預計調整後的毛利率將在 10% 至 15% 之間。因此，我們預計調整後 EBITDA 中點為 1.8 億美元。對於 ARR，我們繼續看到我們平台的吸引力，並預計本財年結束時 ARR 為 1.45 億美元。

Additionally, from a timing perspective and consistent with last year, we expect fiscal '25 revenue to be back-end loaded, with approximately 20% of annual revenue in first half and the remaining 80% in the second half of fiscal year. Due to relatively flat nature of our fixed cost versus our quarterly revenue profile, we expect adjusted EBITDA to be negative in the first half of the year, consistent with last year.

此外，從時間安排的角度來看，與去年一致，我們預計 25 財年的收入將由後端加載，上半年約佔年度收入的 20%，剩餘的 80% 則在下半年。由於我們的固定成本與季度營收狀況相比相對平穩，我們預計今年上半年調整後的 EBITDA 將為負，與去年一致。

Finally, looking ahead to fiscal '26. We continue to expect strong growth, as Julian discussed. Using our fiscal '25 revenue guidance midpoint of $4 billion as a base, we expect our growth to be in line with energy storage market as a whole or approximately 30% plus annually for fiscal '26 and beyond.

最後，展望 26 財年。正如朱利安所討論的那樣，我們繼續預計強勁的成長。以我們 25 財年 40 億美元的營收指導中點為基礎，我們預計我們的成長將與整個儲能市場保持一致，或在 26 財年及以後每年增長約 30% 以上。

Turning to Slide 16, with an update on our liquidity. As you can see, we finished the year with $963 million in total liquidity, roughly half of which is cash on hand and the rest is availability in our credit facilities. Our liquidity reflects improving profitability and our new revolver we signed earlier this year, which further enhances our solid liquidity profile and financial flexibility.

轉向投影片 16，其中介紹了我們流動性的最新情況。正如您所看到的，我們今年的流動性總額為 9.63 億美元，其中約一半是手頭現金，其餘則是我們的信貸額度。我們的流動性反映了盈利能力的提高以及我們今年早些時候簽署的新左輪手槍，這進一步增強了我們堅實的流動性狀況和財務靈活性。

Turning to Slide 17. In terms of our 2025 liquidity outlook, we see the need for approximately $300 million of additional working capital to support the significant future growth that we are projecting. This is split roughly evenly between: first, working capital required to support substantial growth in revenue in 2025 and beyond; and second, working capital needed to invest in our domestic manufacturing capability to enable 100% of our US demand to qualify our domestic contact.

轉向投影片 17。這大致平均分配：首先，支持 2025 年及以後收入大幅成長所需的營運資金；其次，營運資金需要投資於我們的國內製造能力，以使我們的美國需求 100% 滿足我們國內的需求。

To fund this opportunity, we have several options available to us, including our existing cash, which will be aided by future free cash flow; borrowing capacity under our revolver; and balance sheet capacity for either debt or debt-like securities, as we currently have no debt.

為了資助這個機會，我們有多種選擇，包括我們現有的現金，這將得到未來自由現金流的幫助；我們的左輪手槍下的借貸能力；以及債務或債務類證券的資產負債表容量，因為我們目前沒有債務。

Overall, we believe that we have flexibility with respect to funding that will enable us to capitalize on enormous opportunity in this business, cementing ourselves as a global leader in battery storage. As we consider these funding options and the timing, we will be guided by our commitment to maintain strong liquidity and optimal capital structure.

總體而言，我們相信我們在資金方面具有靈活性，這將使我們能夠利用該業務的巨大機會，鞏固我們作為電池儲存領域全球領導者的地位。當我們考慮這些融資選擇和時機時，我們將以維持強勁流動性和最佳資本結構的承諾為指導。

In summary, we are pleased with our current year performance and entering fiscal '25 with momentum. With backlog and development pipeline at record levels, we are well positioned to deliver continued profitable top line.

總之，我們對今年的業績以及進入 25 財年的勢頭感到滿意。由於積壓訂單和開發管道達到創紀錄的水平，我們處於有利地位，可以提供持續獲利的收入。

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 a key takeaway from this quarter's results.

謝謝你，艾哈邁德。轉向投影片 18，最後，我想強調本季業績的一個關鍵要點。

First, our Q4 performance demonstrates our ability to deliver profitable growth. This was an important test for us as we generated 45% of our fiscal year revenue in the final quarter of the year.

首先，我們第四季的業績證明了我們實現獲利成長的能力。這對我們來說是一個重要的考驗，因為我們 45% 的財政年度收入是在去年最後一個季度創造的。

Second, US demand for battery storage is not going to be impacted by the change in political environment. We're seeing real load growth for the first time in decades, and renewables plus storage is one of the fastest and most economic ways to serve this load.

其次，美國對電池儲存的需求不會受到政治環境變化的影響。我們幾十年來第一次看到實際負載成長，再生能源加儲存是滿足這種負載的最快、最經濟的方式之一。

Third, we have a clear competitive advantage as we have established a US supply chain that will enable us to meet US demand to domestic sources of production.

第三，我們擁有明顯的競爭優勢，因為我們建立了美國供應鏈，這將使我們能夠滿足美國對國內生產來源的需求。

And fourth, our strategy of rapid innovation allows us to meet our growing customer needs with solutions that are resilient to a changing world, provide our customers with a secure route to value and the profit returns our shareholders say.

第四，我們的快速創新策略使我們能夠透過能夠適應不斷變化的世界的解決方案來滿足不斷增長的客戶需求，為我們的客戶提供實現價值和股東所說的利潤回報的安全途徑。

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

至此，我想開始提問。

(Operator Instructions) George Gianarikas, Canaccord Genuity.

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

Maybe just to start off with your guidance for fiscal '25 and your backlog coverage. Given all the changes in Washington and the back-end loaded nature of your revenue guidance, can you just sort of discuss how cancelable or solid your backlog is to give some sort of confidence that you can reach this 20-80 split going into next year?

也許只是從您對 25 財年的指導和積壓覆蓋範圍開始。考慮到華盛頓的所有變化以及收入指導的後端負載性質，您能否討論一下您的積壓訂單的可取消性或穩固程度，以便讓您有信心在明年達到 20-80 的比例？

Thank you, George. So as we said, we have roughly two-thirds of our revenue guidance in our backlog already. And we are roughly -- we had around $1.5 billion in contracts that were in late stages of negotiations or we are selected by the customer for the contract. Tht roughly, the $1.5 billion, more than half will be revenue that will be covered in -- that will convert into revenue into '25. So we feel very confident of our midpoint guidance range. We have some wood to chop. There's some more contracts that we need to sign, but we feel very good with where we are today.

謝謝你，喬治。正如我們所說，我們的積壓訂單中已經有大約三分之二的收入指引。我們大約有大約 15 億美元的合約處於談判後期階段，或者我們是由客戶選擇的合約。粗略地說，這 15 億美元，其中一半以上將是涵蓋的收入——這將轉化為 25 年的收入。因此，我們對中點指導範圍非常有信心。我們有一些木頭要砍。我們還需要簽署更多合同，但我們對今天的處境感覺非常好。

In terms of our backlog, as you know, we make -- we take a very, very strict view of our backlog situation, and we really look -- in order to have things considering to our backlog, they need to be things that are signed and that there is -- that we believe we can -- that there is a real commitment from our customers to take those projects on time and deliver.

就我們的積壓而言，如您所知，我們對積壓情況採取了非常非常嚴格的態度，我們確實進行了觀察，以便將事情考慮到我們的積壓，它們需要是我們相信我們可以，我們的客戶真正承諾按時完成這些項目並交付。

So they're binding deals. So we feel very confident that we have seen very little to none delays. As you know, we have talked last year, but we have not seen real cancellations of projects on the backlog once we signed it, essentially because we take a very, very strict view.

所以他們的交易具有約束力。因此，我們非常有信心，我們幾乎沒有看到任何延誤。如你所知，我們去年曾談過，但我們在簽署後並沒有看到積壓項目的真正取消，主要是因為我們採取了非常非常嚴格的觀點。

As I always said, there are contracts we have signed that are still subject to certain conditions that are in pipeline. They're not in backlog because they are not at the stage where they can be considered at that point. So we feel very confident about the 66% coverage in our backlog.

正如我常說的，我們已經簽署的一些合約仍受某些正在醞釀中的條件的約束。它們沒有處於積壓狀態，因為它們還沒有達到可以考慮的階段。因此，我們對積壓訂單達到 66% 的覆蓋率非常有信心。

The contracts were in late stage of negotiation will be selected that will represent around $1.5 billion of backlog, but around $800 million of revenue for the year -- for '25. And then a small portion we need took over, we believe we will be able to cover from now to March of next year.

將選擇處於談判後期階段的合同，這些合約將代表約 15 億美元的積壓，但 25 年的收入約為 8 億美元。然後我們需要的一小部分接手，我們相信我們能夠從現在到明年三月。

Maybe as a follow-up, just to ask about your market share. Can you help us discern what's happening in your bake-offs, particularly as it relates maybe to Tesla or (inaudible)? How comfortable do you feel that you're maintaining your market share levels and the deals that you're winning or losing?

也許作為後續行動，只是為了詢問您的市場份額。您能否幫助我們了解您的烘焙比賽中發生了什麼，特別是因為它可能與特斯拉有關或（聽不清楚）？您對維持市場佔有率水準以及贏得或失去的交易感到滿意嗎？

Good. Very, very good point. We were in front of the mirror, outside of China, which is a lot of -- some of our players do behind the mirror and C&I and some of our competitors, some of our competitors do work in China. So it's -- we have to kind of build our own view of what the time we are.

好的。非常非常好的一點。我們在鏡子前，在中國以外的地方，我們的一些玩家在鏡子後面和C&I以及我們的一些競爭對手，我們的一些競爭對手在中國工作。所以，我們必須對現在的時間有自己的看法。

With our view of time, we see our market share sustaining. It moves up and down a little bit, but generally sustaining over time. We have a very competitive offering, and that's clearly a very important competitor. Some of the Chinese have become very, very aggressive as of late. But really, we feel that we have a competitive offering that wins, and we've been able to keep our market share.

從我們的時間來看，我們的市場份額將持續下去。它會稍微上下移動，但通常會隨著時間的推移而持續。我們擁有非常有競爭力的產品，這顯然是一個非常重要的競爭對手。一些中國人最近變得非常非常好鬥。但實際上，我們認為我們擁有具有競爭力的產品，能夠獲勝，並且我們能夠保持我們的市場份額。

Having said that, we -- more and more, and we try to highlight this in our presentation in our prepared remarks, innovation is a driver of value here, being ahead of the market. And what we have done in the US, and some things we're working on, to really keep the market -- being ahead of the market. That's a way we're going to win at the end of the day, having an innovative product, having a resilient supply chain that can deliver value to our customers as we work.

話雖如此，我們越來越多地在我們準備好的發言中強調這一點，創新是價值的驅動力，領先於市場。我們在美國所做的，以及我們正在做的一些事情，都是為了真正保持市場——領先市場。這是我們最終獲勝的方式，擁有創新的產品，擁有彈性的供應鏈，可以在我們的工作中為客戶創造價值。

It's a competitive industry. As I tell my team all the time, I love competition as long as I'm winning. I love it. It's way to be in a place that you're required to constantly be thinking what to do, how to do it better and to find a route to win it. We've been very successful. We are committed to keep being -- continuing this range -- this position.

這是一個競爭激烈的行業。正如我一直告訴我的團隊的那樣，只要我能贏，我就喜歡競爭。我喜歡它。這是一種需要你不斷思考該做什麼、如何做得更好並找到獲勝之路的方式。我們非常成功。我們致力於保持——延續這個範圍——這個立場。

Brian Lee, Goldman Sachs & Comapny.

布萊恩李，高盛公司。

I wanted to maybe follow up on George's question. Just on the revenue guidance, you have -- the parameters you're providing are helpful right this kind of two-third backlog coverage, the late-stage negotiations.

我也許想跟進喬治的問題。僅就收入指導而言，您提供的參數對於這種三分之二積壓的覆蓋範圍（後期談判）很有幫助。

But I just want to kind of rewind a little bit. If you think about this time last year, you had a $3 billion revenue midpoint, some stuff didn't really play out the way you want it in the back half of the year. So you're coming in a little -- about 10% shy of what you thought the midpoint was going to be for fiscal '24.

但我只是想倒帶一點。如果你想想去年的這個時候，你的收入中點為 30 億美元，但下半年有些事情並沒有真正按照你想要的方式發揮作用。因此，您的預測結果比您認為的 24 財年中點值低了約 10%。

You're using the same kind of parameters to set the midpoint, it seems like for '25. So can you maybe just walk us through maybe, one, what happened in '24 to make you miss the initial revenue midpoint that you were expecting coming into the year? Why is that not going to repeat in '25?

您使用相同類型的參數來設定中點，看起來像是 '25。那麼，您能否向我們介紹一下，一，24 年發生的事情讓您錯過了您預計今年的初始收入中點？為什麼這種情況不會在 25 年重演？

And are there any parameters in '25 that look on a year-on-year basis better than '24, where even with the same backlog coverage coming into the year, you feel even more confident about hitting the midpoint this year versus maybe not having been able to do so last year?

25 年是否有任何參數看起來比 24 年更好，即使今年的積壓覆蓋範圍相同，您對今年達到中點更有信心，而不是沒有去年能做到嗎？

Great. Good question. So we have similar coverage than we had the last two years. So both in '23 and '24 hasn't changed. Roughly two-third at the beginning of the year. Since the difference this year is the fact that we have $1.5 billion of contracts in late stages of negotiation or what we have been selected, which give us very, very clear line of sight to meeting our numbers.

偉大的。好問題。因此，我們的覆蓋範圍與過去兩年相似。所以23年和24年都沒有改變。年初時約三分之二。今年的不同之處在於，我們有 15 億美元的合約處於談判後期階段或我們已經選擇的合同，這讓我們非常非常清晰地實現我們的目標。

So that's what I'll tell you, if I were to compare last year to this year. Last year -- so that's the main difference, I think, from where we are. And we have clearly a route -- a very clear route to reaching our mid time with -- a midpoint with projects and customers we're working on that where we have not been selected yet or where we have field competing somehow, but we believe we did normally a normal hit rate, we should be able to get to our midpoint comfortably.

如果我要比較去年和今年，這就是我要告訴你的。去年——我認為這是我們與現在的主要區別。我們顯然有一條路線——一條非常清晰的路線來達到我們的中期目標——我們正在研究的項目和客戶的中點，我們還沒有被選中，或者我們以某種方式進行現場競爭，但我們相信我們通常有正常的命中率，我們應該能夠輕鬆達到中點。

So that's far I would say where we are today. I think that what you compared -- last year, as you know, what we had was a project that got delayed due to certain issues and it could happen again, but if you ask me where I am today looking at the backlog, looking at the projects that we have, we are in late stage and looking at the route to meet in the midpoint, I feel very comfortable middle to midpoint.

我想說的就是今天我們所處的位置。我認為你所比較的是——去年，正如你所知，我們的專案由於某些問題而被推遲，並且可能會再次發生，但如果你問我今天在哪裡，看看積壓的工作，看看我們擁有的項目，我們處於後期階段，看著在中點相遇的路線，我覺得中點到中點非常舒服。

Okay. That's helpful. And then maybe just quick follow-ups. The $1.5 billion in late stage, can you give us some sense of the mix breakdown? Is that mostly US? Is that all international? And then on like gross margin guidance, the 10% to 15%, I mean, you ended up doing 100 basis points better than the 10% to 12% from last year, why you not a tighter range? What's the better precision from last year versus this year where it's a wider range?

好的。這很有幫助。然後也許只是快速跟進。後期的 15 億美元，您能給我們一些混合細分的感覺嗎？主要是美國嗎？都是國際的嗎？然後，像毛利率指引一樣，10% 到 15%，我的意思是，你最終的表現比去年的 10% 到 12% 好 100 個基點，為什麼你不縮小範圍呢？與去年範圍更廣的今年相比，精準度提高了多少？

I will let Ahmed answer that point.

我會讓艾哈邁德回答這一點。

So I think the mix is roughly half of that is in the US and half is in Asia. The mix of $1.5 billion.

所以我認為大約一半在美國，一半在亞洲。總金額為 15 億美元。

And the range, Ahmed.

還有射程，艾哈邁德。

And range for --

範圍為——

He mentioned the range was wide.

他提到範圍很廣。

Yeah. I think the range for -- the 10% -- I think that if you look at last year's guidance, there was about 10% from the midpoint plus/minus and this year is pretty much the same, 10% plus/minus from the midpoint.

是的。我認為 10% 的範圍——如果你看看去年的指導，你會發現中點正負值大約有 10%，而今年幾乎相同，正負值有 10%。

No, I was talking more about the -- last year, you had a 200 basis points range on gross margins. This year, you're kind of sticking to the 10% to 15% wider range even with performance last year.

不，我更多地談論的是——去年，毛利率範圍為 200 個基點。今年，即使與去年的表現相比，您仍堅持 10% 到 15% 的更寬範圍。

(multiple speakers) This year, we earned 13%. And our midpoint, I think we are giving 10% to 15%, which is consistent with what we gave last time for '25. And frankly, as we are working on it, I think we still have to sign more contracts. That's why we thought it makes sense to stick to what we gave the guidance for '25 in the past.

（多名發言者）今年，我們賺了 13%。我認為我們的中點是 10% 到 15%，這與我們上次為 25 年提供的一致。坦白說，在我們正在努力的過程中，我認為我們仍然需要簽署更多合約。這就是為什麼我們認為堅持我們過去為 25 年提供的指導是有意義的。

But as we move progress in the subsequent quarters, we will update you where we stand. But hopefully, we can improve it. But at this point, we thought it makes sense to just stick to 10% to 15%. But this is something that, frankly, is our key focus to continue to improve our performance, as you have seen in the last several quarters. So that is something that is on the top of our priority list to continue to improve, and that will help improve the bottom line.

但隨著我們在接下來的幾季取得進展，我們將向您通報我們的最新情況。但希望我們能夠改進它。但在這一點上，我們認為堅持 10% 到 15% 是有意義的。但坦白說，這是我們繼續提高業績的重點，正如您在過去幾個季度所看到的那樣。因此，這是我們繼續改進的首要任務，這將有助於提高利潤。

Dylan Nassano, Wolfe Research.

迪倫·納薩諾，沃爾夫研究中心。

So I just want to I guess, check in on the confidence level of the $12 billion in the pipeline, just given kind of the deflationary pricing environment that we're in? Are you feeling good about kind of those assumptions that pipeline figure?

所以我想，考慮到我們所處的通貨緊縮定價環境，檢查一下正在規劃中的 120 億美元的信心水平？您對管道中的那些假設感覺良好嗎？

Yeah. That pipeline is essentially -- constantly being adjusted for pricing changes. So I won't tell you that 100% it is today, but generally 95% should reflect current prices. So it reflects where we see prices today is reflected in the total value of the partner.

是的。該管道本質上是不斷根據價格變化進行調整的。所以我不會告訴你 100% 是今天的價格，但通常 95% 應該反映當前的價格。因此，它反映了我們今天看到的價格反映在合作夥伴總價值中的情況。

Got it. And then on the upgrade to the 530 AMP power cells, it sounds like that's a higher-value product. So is it fair to say this would be accretive to overall gross margins?

知道了。然後升級到 530 AMP 電池，聽起來這是一個更高價值的產品。那麼可以公平地說這會增加整體毛利率嗎？

Well, it's difficult to tell you today whether much gross margin we can capture out of it. I will say that it will be within the 10% to 15%. But it's the most recent technology in batteries, and we have made a decision to bring the most state-of-the-art technology to the US.

嗯，今天很難告訴你我們能否從中獲得多少毛利率。我想說會在10%到15%之間。但這是電池領域的最新技術，我們決定將最先進的技術帶到美國。

I think that we -- one something that we want to prove is that you can build these things in the US to a manufacturer in the US with the same quality, with the same precision with the same capability as an market in the world. That's kind of what we're trying to do.

我認為我們想要證明的一件事是，你可以在美國向美國製造商製造這些東西，與世界市場具有相同的品質、相同的精度和相同的能力。這就是我們正在嘗試做的事情。

Do we have the people, we have the energy, we have the capability, the infrastructure. It can be done here as good as you can do it anywhere else. That's essentially the point of bringing that technology where it brings gross margin, we'll see over time today, I will say it's within the 10% to 15%.

我們有人才、有能源、有能力、有基礎建設嗎？在這裡可以完成它，就像在其他地方可以完成一樣好。從本質上講，這就是將該技術引入毛利率的關鍵點，隨著時間的推移，我們今天會看到，我會說毛利率在 10% 到 15% 之間。

Ameet Thakkar, BMO Capital Markets.

Ameet Thakkar，BMO 資本市場。

I just wanted to kind of rewind back to, I guess, love kind of the update you all got to 2025 last quarter. I think you had kind of talked about a 35% to 40% revenue growth rate off of the original $3 billion kind of midpoint. Like the low end of the guidance range for revenue is $3.6 billion is a little bit light of that or what that would have implied.

我只是想回顧一下，我想，你們都喜歡上個季度 2025 年的更新。我想您曾經談過，收入成長率比最初 30 億美元的中點高出 35% 到 40%。就像收入指引範圍的下限是 36 億美元一樣，這個數字或暗示的數字有點輕。

I know you mentioned you're not really seeing much in the way of project cancellations. I was just going to kind of speak kind of like are you having some projects that kind of slipped from last quarter to this quarter's update into fiscal year 2026? Or any color around that?

我知道你提到過你並沒有真正看到太多項目取消的情況。我只是想說，你們是否有一些項目從上個季度滑落到本季更新到 2026 財年？或周圍有什麼顏色嗎？

I don't think -- I mean this is Ahmed. I don't think there is anything you need to read too much into. I think last quarter, we -- if you recall, we -- our midpoint was $2.75 billion, but we said that we continue to expect growth from the $3 billion midpoint, 35% to 40%. And we are landing it pretty much at the same place or the guidance we gave you.

我不認為——我的意思是這是艾哈邁德。我認為沒有什麼你需要讀太多的東西。我認為上個季度，我們——如果你還記得，我們​​——我們的中點是 27.5 億美元，但我們表示，我們繼續預計從 30 億美元的中點增長 35% 到 40%。我們幾乎將其降落在同一個地方或我們給您的指導上。

And frankly, I mean, as we discussed, I mean, based on what we have signed and what we have exclusive deals that we are working on, we feel pretty good that we can achieve that threshold. So our rate is now 3.6 to 4 , and I think midpoint with 4, I think this is pretty much at the same place that we discussed last time.

坦白說，我的意思是，正如我們所討論的，我的意思是，根據我們已經簽署的協議以及我們正在製定的獨家協議，我們感覺很好，我們可以達到這個門檻。所以我們的比率現在是 3.6 到 4 ，我認為中點是 4 ，我認為這與我們上次討論的位置幾乎相同。

So feel pretty good. Obviously, we -- as Julian mentioned, we have the wood to chop. But at the same I think the pipeline and exclusivity we have on the deals, we feel pretty good that we can achieve that threshold.

所以感覺還不錯。顯然，正如朱利安所提到的，我們有木頭要砍。但同時，我認為我們在交易上擁有的管道和排他性，我們感覺很好，我們可以達到這個門檻。

Okay. And just one quick follow-up, you mentioned kind of a like a $300 million kind of working capital investment for the year. You're going to be EBITDA positive by the siding (inaudible) here. Any view on what we should kind of assume for kind of a cash conversion of if your kind of your adjusted EBITDA?

好的。快速跟進一下，您提到了今年 3 億美元的營運資本投資。透過此處的支線（聽不清楚），您的 EBITDA 將為正值。如果您的調整後息稅折舊攤提前利潤 (EBITDA) 是現金轉換，那麼我們應該假設什麼？

And is that $300 million working capital investment? Is that kind of your peak need? Or is that kind of the average investment over the year?

那是 3 億美元的營運資金投資嗎？這是您的高峰需求嗎？或者說這是全年的平均投資？

That is something that we need for a year, I think, upfront, as I discussed, I mean, for to securitize our US domestic content strategy, I think, to implement on that plus the working capital needs for revenues growing roughly 50%. So cash conversion question, yes, I think cash is -- we are expecting $180 million.

我認為，這是我們提前一年需要的東西，正如我所討論的，我的意思是，為了將我們的美國國內內容戰略證券化，以實施該戰略，再加上收入增長約50% 的營運資金需求。所以現金轉換問題，是的，我認為現金是——我們預計 1.8 億美元。

I think our free cash flow will be positive before working capital needs because we have, as we discussed, revenue is back-end loaded. So I think net-net cash flow will be positive before working capital, but the cash will be coming in mostly at the back end.

我認為在營運資金需求之前我們的自由現金流將為正，因為正如我們所討論的，我們的收入是後端加載的。因此，我認為營運資金之前的淨現金流將為正，但現金將主要在後端流入。

Christine Cho, Barclays.

克里斯汀‧曹，巴克萊銀行。

So I just have one question. You mentioned bringing in foreign cells sooner into the US. I'm -- if I missed this, but is this included in your $300 million working capital needs? And then if you could also give us maybe certain sort of idea or a ballpark percentage of how many of your US conversations are actually interested in to (inaudible)? And have you noticed any changes since the election?

所以我只有一個問題。您提到儘早將外國細胞引入美國。我——如果我錯過了這一點，但這是否包含在您 3 億美元的營運資金需求中？然後，您是否也可以向我們提供某種想法或大致百分比，以了解您在美國的對話中有多少人實際上對（聽不清楚）感興趣？自選舉以來您注意到任何變化嗎？

Yeah. I mean, yes, the $300 million include the acceleration of some important from (inaudible) ahead of it. In terms -- we see very, very strong demand for the domestic content offering, very, very strong demand. We see that -- I will say that maybe out to selection, but we're working with the customers who are working are looking for this.

是的。我的意思是，是的，這 3 億美元包括加速之前（聽不清楚）的一些重要項目。就國內內容而言，我們看到了非常非常強勁的需求，非常非常強勁的需求。我們看到了這一點——我會說這可能是需要選擇的，但我們正在與正在尋找這一點的客戶合作。

And see our offering against other peers who are offering there what they offer as domestic container, they see our offering as providing more security and more optionality in terms of doing it. So very, very strong demand. It hasn't really changed since the election to tell you the truth. Significantly, I would say, or at least not something that these are long -- these are big projects that take time. I don't think we have seen either a major, major movement since the election.

看看我們的產品與其他同行相比，他們在那裡提供他們提供的國內貨櫃產品，他們認為我們的產品在這樣做方面提供了更多的安全性和更多的選擇性。需求非常非常強烈。說實話，自選舉以來，情況並沒有真正改變。重要的是，我想說，或至少不是很長的事——這些都是需要時間的大專案。我認為自選舉以來我們還沒有看到任何重大的運動。

Before the election, we did see -- it was clear that Trump was going to win, people, so a little bit more traffic. But after the election on anything has significantly changed.

在選舉之前，我們確實看到——很明顯，川普將會獲勝，朋友們，所以流量會增加一些。但選舉之後一切都發生了重大變化。

Jon Windham, UBS.

喬恩溫德姆，瑞銀集團。

Before I get to the question, I'll say congratulations. It's been a little bit over two years. And I think Slide 13 really shows the story of what you've been able to do with Fluence, with improving gross margins consistently over time. So congratulations for that.

在回答這個問題之前，我先表示祝賀。已經過去兩年多一點了。我認為幻燈片 13 確實展示了您使用 Fluence 所做的事情，隨著時間的推移，毛利率不斷提高。對此表示祝賀。

Thank you very much.

非常感謝。

Yes, no problem. It's been a fun story to follow. My question is on the existing contracts that you have, how would -- if tariffs were applied, who bears that? Is it the customer, the battery manufacturer you? Does it vary on contract? Just a little bit of color on that would be very helpful.

是的，沒問題。這是一個有趣的故事。我的問題是關於你們現有的合同，如果徵收關稅，誰承擔？是客戶、電池製造商嗎？根據合約有變化嗎？只需一點點顏色就會非常有幫助。

I'll tell you, so it barriers. There are some where we have some deals with suppliers where we share some of the risk, we have some deals with customers who wish some of the risks. When you look at our current roughly 10% of the total backlog is subject to tariff -- or Chinese tariffs that where we will have to manage the Chinese tariffs.

我告訴你，所以它有障礙。在某些情況下，我們與供應商進行了一些交易，我們分擔了一些風險，我們與希望承擔一些風險的客戶進行了一些交易。當你看看我們目前大約 10% 的積壓總量時，我們將不得不管理中國關稅。

The US backlog of our total backlog of 4.5%, which US represents 1.6%, around 1.6%. 10% of that is subject to -- we are taking the risk on tariff. And you didn't (inaudible) just to be clear, that this -- what was announced yesterday or the with press yes. So the 10%, that will be completely material in our case. We will manage it. If that were to happen.

美國的積壓占我們總積壓的4.5%，其中美國佔1.6%，約1.6%左右。其中 10% 取決於——我們正在承擔關稅風險。你並沒有（聽不清楚）只是為了明確這一點——昨天宣布的或媒體報導的內容是的。所以 10%，在我們的例子中是完全重要的。我們會處理好它。如果那樣的話。

In some cases, we have arrangements with our counterparties to pass through increase in tariffs. So I think net-net, it's not material what we saw yesterday. I think given that only $150 million or so of our backlog as that exposure. And with 10%, I think we have flexibility to pass on to our customers. So we don't think this is

在某些情況下，我們與交易對手方做出了安排，以轉嫁關稅的增加。所以我認為網絡網絡，我們昨天看到的並不重要。我認為考慮到我們的積壓訂單中只有 1.5 億美元左右作為該風險敞口。有了 10%，我認為我們可以靈活地轉嫁給我們的客戶。所以我們認為這不是

Accelerate.

加速。

And then we can accelerate the batteries, I think that, in fact, reduces it further. So we feel pretty good that we can manage it.

然後我們可以加速電池，我認為事實上，這進一步減少了它。所以我們感覺很好，我們可以管理它。

Andrew Percoco, Morgan Stanley.

安德魯佩爾科科，摩根士丹利。

I guess, I want to just come back to the seasonality point for 2025. I think over the last few years, it's been roughly a 40-60 split first half, second half. I just want any more information you can provide on what's driving the shift to the second half of the year 2025 more specifically?

我想，我想回到 2025 年的季節性點。我只是想知道您能提供更多信息，更具體地說是什麼推動了 2025 年下半年的轉變嗎？

Is it project related? Is it -- any more -- any additional color you can give there? Just any confidence around that second half number, just given how significant it is?

與專案相關嗎？您可以在那裡添加任何其他顏色嗎？考慮到下半年的數字有多重要，對它有信心嗎？

I will tell you this, I mean, there's nothing structural in the market that drives this. So we have looked in detail what's driving it in our case. If you looked at some of our competitors or the peaks are in some other quarter all around, to be sincere, but generally, so there's nothing structural in the market.

我會告訴你，我的意思是，市場上沒有任何結構性因素可以推動這一點。因此，我們詳細研究了我們案例中的驅動因素。如果你看看我們的一些競爭對手，或者說高峰都在其他季度，說實話，但總的來說，市場上沒有什麼結構性的東西。

So it's probably most likely a function of our internal incentives to our sales teams and our implementation teams and we're putting correction to address this. However, the corrections will take some time to take effect. So we do believe that it's something that hopefully we will be -- we will be able to see improvements over time.

因此，這很可能是我們對銷售團隊和實施團隊的內部激勵的結果，我們正在採取糾正措施來解決這個問題。不過，修正還需要一段時間才能生效。因此，我們確實相信，隨著時間的推移，我們將能夠看到改進。

As there are no real restrictions in the market that will tell you what -- it's not the way where the company needs to run. So that will be my view. We feel confident that we can do it within this quarter, we will be able to do it next year. We don't see any problems in that. Our supply chains work very well. Teams are very, very good at this, but it's clearly not necessarily a good state. So we want to address it and we're working on it.

因為市場上沒有真正的限制可以告訴你——這不是公司需要的運作方式。這就是我的觀點。我們有信心在本季內做到這一點，明年也能做到。我們認為這沒有任何問題。我們的供應鏈運作良好。球隊在這方面非常非常擅長，但這顯然不一定是一個好的狀態。所以我們想解決這個問題並且我們正在努力。

Okay. Understood. That's helpful. And then maybe just on the bookings point, obviously, very strong fourth quarter for you guys. Can you just maybe comment around what you're seeing from customers since the election in terms of their bookings activity or just sentiment from customers in terms of how eager they are to sign incremental orders with you guys?

好的。明白了。這很有幫助。然後也許只是在預訂方面，顯然，第四季對你們來說非常強勁。您能否評論一下自選舉以來客戶的預訂活動情況，或者客戶對與您簽署增量訂單的渴望程度的情緒？

Are they kind of in wait-and-see mode until the new administration financials their condition time? Just kind of curious if the state of the customer post-election.

他們是否處於觀望狀態，直到新政府為他們的狀況提供財政支持？只是有點好奇客戶選擇後的狀態。

Yeah. I mean, as you know, we are roughly half international. So that hasn't really been affected by the US uncertainty. In the US, I will tell you today, I mean, we're a month or not even a month from the elections that it hasn't really been -- I don't think it has been a major change, questions that you get from time to time from customers or how will you manage it? How do you manage that? And what are we doing? And we can answer them. So we see our projects progress in the US progressing normally.

是的。我的意思是，如您所知，我們大約有一半是國際化的。所以這並沒有真正受到美國不確定性的影響。在美國，我今天要告訴你們，我的意思是，我們距離選舉還有一個月甚至不到一個月，但實際上這並不是——我認為這不是一個重大變化，你們提出的問題時不時地從客戶那裡得到訊息，或者你將如何管理它？你是如何做到這一點的？我們在做什麼？我們可以回答他們。所以我們看到我們在美國的專案進展正常。

Mark Strouse, JPMorgan.

馬克‧斯特勞斯，摩根大通。

Julian, It's Drew on for Mark. First one, just on what you're seeing for 2026 and the 30% target. I mean is that based off of conversations you're having with customers? Or is that more of just third-party market outlook? And then in that 30%, how much do you think there's a chance where you start really taking some share in the US given your first to market here with the US sales?

朱利安，馬克的德魯來了。第一個是您對 2026 年的預期和 30% 的目標。我的意思是，這是基於您與客戶的對話嗎？還是這更多的是第三方的市場前景？然後，在這 30% 中，考慮到您首次在美國上市並在美國銷售，您認為您開始真正在美國佔據一定份額的機會有多大？

Our view of '26 is based out of our pipeline. So we have a very strong pipeline. We see storage coming in this quarter, even though our pipeline grew only by $500 million. In reality, $500 million on top of converting [$1.2 billion] and is not on top of adjusting the pipeline for pricing.

我們對 26 年的看法是基於我們的計劃。所以我們有一個非常強大的管道。儘管我們的管道僅增長了 5 億美元，但我們預計本季將出現儲存。事實上，除了轉換 [12 億美元] 之外，還需要 5 億美元，而不是調整定價管道。

So we feel very, very confident that we can meet the 30% growth that we're seeing it already in our pipeline. So that's how we come with our guidance for -- or our view for '26 today.

因此，我們非常非常有信心能夠實現我們已經看到的 30% 的成長。這就是我們今天對「26」的指導或觀點。

Okay. And then just on a different topic here. Really, really big numbers in the digital orders or hitting backlog and then also in the pipeline as well. Can you just talk about some of the traction you're seeing in the digital business right now? And maybe what changed quarter-over-quarter?

好的。然後在這裡討論一個不同的主題。數位訂單中的數字確實非常大，或者正在積壓，然後也在管道中。您能談談您目前在數位業務中看到的一些吸引力嗎？也許季度環比發生了什麼變化？

Those $100 million includes both digital and services. And this does roughly 75% in services, 25% is digital, just to give you a sense of where we are. Both are doing very, very well. Our digital business, we have -- we continue what we announced a couple of years back.

這 1 億美元包括數位和服務。其中約 75% 涉及服務，25% 涉及數位化，只是為了讓您了解我們的處境。兩人都做得非常非常好。我們的數位業務，我們繼續我們幾年前宣布的業務。

Relaunching MoSEIC with a new system that allows us to enter into new markets much faster. So we enter in ERCOT. We now have a MISO project, and we're now going into Japan. We're probably -- so that's ready to work very well.

使用新系統重新啟動 MoSEIC，使我們能夠更快地進入新市場。所以我們進入ERCOT。我們現在有一個 MISO 項目，現在正在進入日本。我們可能已經準備好，可以很好地工作。

And with our Nextera product, what we have done is we continue investing in it. but we have created a lot of value, a lot of value in integrating into our service organization. So we're not only offering to our customers, but we are also creating value to our service organization. So at the end of the day, we see this business as a conjunction.

對於我們的 Nextera 產品，我們所做的就是繼續投資。但我們創造了很多價值，在融入我們的服務組織中創造了許多價值。因此，我們不僅為客戶提供服務，而且還為我們的服務組織創造價值。所以歸根結底，我們將這項業務視為一個合相。

And finally, we are making good progress with very, very good customer. We signed a few deals with Master. We are moving forward with them, and we've been very happy. Once you get these customers see the value that we can bring to the table that we see that movement really move forward. So very happy with it.

最後，我們與非常非常好的客戶取得了良好的進展。我們和師父簽了一些協議。我們正在與他們一起前進，我們非常高興。一旦你讓這些客戶看到我們所能帶來的價值，我們就會看到這項運動真正向前發展。所以對此非常滿意。

Today, it's still not material to our numbers or not the materiality we won from this business, but we would do a very, very confident that it will be material very soon and that the strategy we're putting together is going in the right direction.

今天，這對我們的數字或我們從這項業務中贏得的重要性仍然不重要，但我們非常非常有信心，它很快就會變得重要，而且我們正在製定的戰略正在朝著正確的方向發展。

Kashy Harrison, Piper Sandler.

卡希·哈里森，派珀·桑德勒。

So Julian, I want to go back to the late-stage negotiations, $1.5 billion with $800 million that would ship in fiscal '25. Can you give us what those equivalent numbers -- those figures would have been entering the prior year. Or are you saying that there just wasn't a significant amount in late-stage negotiations at this time last year?

朱利安，我想回到後期談判，15 億美元和 8 億美元將在 25 財年交付。您能否告訴我們這些等效數字是多少——這些數字將進入上一年。還是你是說去年這個時候後期談判並沒有進行大量的談判？

I don't think that -- good question. Last year, we did not have this -- the amount -- the contracts were in late stages were significantly smaller than what we have this year. So we are --

我不這麼認為——這是個好問題。去年，我們沒有這個——後期階段的合約數量比今年要少得多。所以我們是——

Particularly, I think if you look at, as I mentioned, roughly half of that is in I don't think we have that at all.

特別是，我認為如果你看一下，正如我所提到的，大約有一半是我認為我們根本沒有的。

So that's significant. This is a much -- from that point of view, we're in a much better position than we were last year.

所以這很重要。從這個角度來看，我們的處境比去年好得多。

Got it. I appreciate the additional color there. And then just my final question is on the gross margin range of 10% to 15%. Can you just help us think through some factors that would push you towards the high-end guidance or the lower end of guidance?

知道了。我很欣賞那裡的額外顏色。我的最後一個問題是關於 10% 到 15% 的毛利率範圍。您能否幫助我們思考一些會推動您走向高端指導或低階指導的因素？

Our gross margin is a combination of execution, delivering things and commissioning and putting into reaching substantial completion and final completion at a lower cost point. That's what drives it. And that's what has been driving it this year. And I think that our ability to get to our -- the higher side of our range will depend very much on that.

我們的毛利率是執行、交付、調試和投入的結合，以較低的成本點實現實質完成和最終完成。這就是它的驅動力。這就是今年的推手。我認為我們達到更高水平的能力將在很大程度上取決於這一點。

What I think is a challenge for '25? I think is important for you to understand. We have new products that are coming on. We have GSP 2,000, the GSP 5,000. And we -- and so the combination of revenue for next year may be a little bit different. So we decided to go with a conservative and more conservative view on where we're going to end.

我認為 25 世紀的挑戰是什麼？我認為理解對你來說很重要。我們即將推出新產品。我們有普惠制2000，普惠制5000。我們——所以明年的收入組合可能會有點不同。因此，我們決定以保守和更保守的觀點來看待我們的結局。

But we are committed to doing this, and we have done -- I think our team has done a great job of testing our new products in our labs and putting them through all the things that could happen. So we believe we'll be able to do very, very well. But the reality is that there will be new products coming out in '25 that will make it slightly more challenging.

但我們致力於做到這一點，而且我們已經做到了——我認為我們的團隊在實驗室測試我們的新產品並使它們經歷所有可能發生的事情方面做得很好。所以我們相信我們能夠做得非常非常好。但現實情況是，25 年將會有新產品問世，這將使其更具挑戰性。

Chris Dendrinos, RBC Capital Markets.

Chris Dendrinos，加拿大皇家銀行資本市場部。

I wanted to kind of ask about pricing and you kind of highlighted the price trends and the change in lithium pricing has brought down the average selling prices. I guess with where you sit today and thinking about some of the competitors out there, the CATL and the LGs that are going direct to the consumer.

我想詢問有關定價的問題，您強調了價格趨勢，而鋰定價的變化降低了平均售價。我想你今天坐的位置，想想看一些直接面對消費者的競爭對手，CATL 和 LG。

I guess how much price competition are you seeing in terms of prices continue to move lower? Obviously, you guys highlighted a pretty solid backlog here, so you're able to compete, but just trying to get a sense of where price sits today and how that competitive environment is kind of shaping up for 2025?

我猜你看到價格競爭有多大，價格持續走低？顯然，你們強調了這裡有相當紮實的積壓，因此你們能夠競爭，但只是想了解目前的價格狀況以及 2025 年的競爭環境會如何形成？

Very good question. I mean we do see a very competitive market. As I said, the Chinese being more active reason that you mentioned, too. What is the big change, and I think that puts us in a very competitive point as the price of the CapEx part has come down.

非常好的問題。我的意思是我們確實看到了一個競爭非常激烈的市場。正如我所說，中國人更加活躍也是你提到的原因。什麼是重大變化，我認為隨著資本支出部分的價格下降，這使我們處於非常有競爭力的位置。

The relative value on the other parts, the EPC part. -- the commissioning, the logistics. They have the ability to provide reliability to meet the needs of customers faster. -- has become more relevant. If you're right, the Chinese might have some competitive advantage in some the CapEx option, maybe we meet it today, but they clearly don't have it on the other one.

其他部分（EPC 部分）的相對價值。 ——調試、物流。他們有能力提供可靠性，更快滿足客戶的需求。 ——變得更加相關。如果你是對的，中國人可能在某些資本支出選項上有一些競爭優勢，也許我們今天就遇到了，但他們顯然在其他選項上沒有。

So that's how we win. We offer our customers a total cost of ownership that's better than what they can get from any of. And that's how we do it, and that will continue to work to deliver that. And that's how -- that's what's going to drive the success in this market. As I said, that is technology, it's innovation. It is looking at and really understanding the customer and helping them resolve their needs in a way more efficient than what the other people.

這就是我們獲勝的方式。我們為客戶提供的整體擁有成本比他們從任何其他管道獲得的都要好。這就是我們的做法，並將繼續努力實現這一目標。這就是推動這個市場成功的原因。正如我所說，這就是技術，就是創新。它專注並真正了解客戶，並幫助他們以比其他人更有效的方式解決他們的需求。

The one the Chinese clearly have an advantage of some of the more vertically integrated and they can do the things in China probably cheaper. But we -- they do not have an advantage in the other parts of the value chain. So we feel very, very, very confident that we're not only willing today that we will continue to win no matter how aggressive where the Chinese players play.

中國人顯然擁有一些垂直整合程度較高的優勢，他們可以在中國做事情，成本可能會更便宜。但我們——他們在價值鏈的其他部分沒有優勢。所以我們非常、非常、非常有信心，我們不僅願意今天，無論中國球員在哪裡打得多麼激進，我們都將繼續獲勝。

Got it. And then I guess maybe following up on the comments around playing in the value chain. I mean do you see an opportunity to maybe increase role you play in that value chain, whether it's taking on maybe more of the EPC role or something like that in the future? Or are you kind of comfortable with where you all sit today?

知道了。然後我想也許會跟進有關在價值鏈中發揮作用的評論。我的意思是，您是否認為有機會增加您在該價值鏈中扮演的角色，無論是在未來承擔更多的 EPC 角色還是類似的角色？或是您對今天大家的坐姿感到滿意嗎？

We do offer EPC to some of our customers with partners, and we continue doing. I don't see a reason why to sand that are not funded. When a customer needs it and we can offer them a good offer, we do it, if not, the finals on all solutions. So that won't change, I think.

我們確實與合作夥伴一起向一些客戶提供 EPC，並且我們會繼續這樣做。我不明白為什麼要打磨沒有資金的東西。當客戶需要並且我們可以為他們提供良好的報價時，我們就會這樣做，如果沒有，則所有解決方案都是最終的。所以我認為這不會改變。

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆蘭-史密斯，杰弗里斯。

This is Hanna on for Julien. I know I'm a little bit different. -- end out in Europe marketing the question and congrats on the quarter. So a similar question to others asked before. will it get you to the high end of the revenue guide versus the low end or slightly lower as we saw in full year '24.

這是朱利安的漢娜。我知道我有點不一樣。 - 在歐洲結束行銷問題並祝賀本季。所以之前也問過其他人類似的問題。它會讓你達到收入指南的高端還是低端，或者像我們在 24 年全年看到的那樣略低。

So does the low end assume some scenario mix of project delays and maybe risk to the IRA and domestic content. And I know the focus is on the midpoint, but I'm just trying to understand what scenarios are baked into that $600 million range in guidance.

因此，低端是否會假設專案延遲以及愛爾蘭共和軍和國內內容可能面臨的風險的某種情況組合。我知道重點是中點，但我只是想了解指導中的 6 億美元範圍包含哪些場景。

Great. Good point. Good question. The driver of our reality to mid the higher range or will be essentially capturing backlog that's what will drive it. If we can contract the back bring the orders in, we will be on the upper side of the range and hopefully even better. If we don't, we'll be closer to a midpoint.

偉大的。好點。好問題。我們的現實走向中高端的驅動力，或者本質上將是捕獲積壓的訂單，這才是推動它的因素。如果我們能夠收縮後場並帶來訂單，我們將處於範圍的上方，並希望甚至更好。如果我們不這樣做，我們將更接近中點。

So -- that's what I would say will be a big, big driver. And that's where we're working on, and we are dedicating all our teams are concentrated on that because that will define say, from here to March generally, when this can happen, so we have some time to do it, but that's our concentration.

所以——我想說這將是一個非常非常大的推動力。這就是我們正在努力的方向，我們致力於所有團隊都集中精力於此，因為這將定義從現在到三月，一般來說，什麼時候會發生這種情況，所以我們有一些時間來做這件事，但這就是我們的重點。

And just as a quick follow-up there. So is that -- am I reading this in correctly then that there is no real adjustment to any potential delays?

就像快速跟進。那麼，我是否正確地理解了這一點，即沒有對任何潛在的延誤進行真正的調整？

No. When entering into these deals, there might be delays of weeks or over small delays. But generally, once we have Sunday backlogs there are, they're putting a significant amount. The sites are ready. It's -- the delays are minor.

不會。但一般來說，一旦我們週日出現積壓訂單，他們就會投入大量資金。網站已準備就緒。延遲很小。

If there are some transforming got led to a site, and it takes us a little longer to do hot commission. -- since of that sort that happened in projects geostat that I will say will be meaningful will affect our ability to deliver our commitments substantially or materially. Our objective, convert pipeline into backlog into order from now to March of next year. That's what we need to do.

如果有一些改造被引導到一個站點，我們需要更長的時間來進行熱委託。 ——因為在地質統計器專案中發生的這種情況，我想說的是，這將是有意義的，它將影響我們實質或實質地履行我們承諾的能力。我們的目標是從現在到明年三月將管道轉化為積壓訂單。這就是我們需要做的。

Ben Kallo, Baird.

本卡洛，貝爾德。

So just two lots of questions have been asked. But just on the order pattern, the question around the election. Could you just talk about how much the safe harboring is entering into discussions at this point?

所以只問了兩個問題。但僅就順序模式而言，圍繞著選舉的問題。您能否談談目前對安全港問題的討論有多少？

And then my second question is the talk around Chinese competition, I think there was a worry there that there would be Chinese companies coming in and saying, I shop in the United States. Have you seen any of that? Or do you think that gets stopped with the election?

然後我的第二個問題是關於中國競爭的討論，我認為有人擔心會有中國公司進來並說，我在美國購物。你見過這些嗎？或者你認為這種情況會隨著選舉而停止嗎？

The Chinese competition is a global phenomenon. So I'll answer, and then I will give it up to Ahmed for the first question. It's a global phenomenon. -- we see it globally. I say that it's less intense than in the US than outside of the US. It's less intense in the US if they come to US and put a factor here, they so come -- allowed to compete and maybe they'll do it.

中國的競爭是一個全球現象。所以我會回答，然後我會把第一個問題交給艾哈邁德。這是一個全球現象。 ——我們在全球範圍內看到這一點。我想說的是，與美國以外的地區相比，這種情況沒有美國那麼嚴重。在美國，情況不那麼激烈，如果他們來到美國並在這裡考慮一個因素，那麼他們就來了——被允許競爭，也許他們會這麼做。

I understood that to be your question. We believe that we compete with them irrespective of trade policy. We compete with any markets that are completely free like Chile, like Australia, like the UK. So if they were to come here and put a factory here in the US and get the advantage of some of the -- and I welcome them to do it, by the way, because I then bringing technology and jobs in the US is something that we chose entice.

我明白這是你的問題。我們相信，無論貿易政策如何，我們都會與他們競爭。我們與任何完全自由的市場競爭，例如智利、澳洲、英國。因此，如果他們來到這裡，在美國設立一家工廠，並獲得一些優勢——順便說一句，我歡迎他們這樣做，因為我可以將技術和就業機會帶到美國我們選擇了誘惑。

The level of competition will be no different from the level of competition we see today in markets where we are open, and we win projects all around. The first question, I will...

競爭的水平將與我們今天在開放的市場中看到的競爭水平沒有什麼不同，我們將贏得各地的項目。第一個問題，我會...

Your first question, I think, was on the customer behavior. And I think what we have seen since the election, I think we have not frankly seen any material change. And in terms of the impact, I think Julian already talked about, I mean, our backlog, US backlog, where we have roughly $1.6 billion of US backlog. There's very little impact of the tariff. So net-net, I don't think there's any material impact with what we have seen yesterday.

我認為你的第一個問題是關於客戶行為的。我認為自選舉以來我們所看到的情況，我認為我們坦率地沒有看到任何實質變化。就影響而言，我認為朱利安已經談到了我們的積壓，美國的積壓，我們在美國的積壓大約有 16 億美元。關稅的影響很小。所以，我認為我們昨天所看到的情況不會產生任何實質影響。

Thank you. I'd like to turn the call back over to Lex May for any closing remarks.

謝謝。我想將電話轉回給 Lex May，讓其發表結束語。

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

感謝您參加今天的電話會議。如果您有任何疑問，請隨時與我聯繫。我們期待在報告第一季業績時再次與您交談。祝你有美好的一天。

Thank you for your participation. This does include the program you may now disconnect.

感謝您的參與。這確實包括您現在可以斷開連接的程式。