Fluence Energy Inc (FLNC) 2022 Q2 法說會逐字稿

Good morning, and welcome to the Fluence Energy, Inc. Second Quarter 2022 Earnings Conference Call. My name is Brandon, and I'll be your operator for today. (Operator Instructions) I will now turn the call over to Lex May, and you may begin.

早上好，歡迎參加 Fluence Energy, Inc. 2022 年第二季度收益電話會議。我的名字是布蘭登，我將成為你今天的接線員。 （操作員說明）我現在將把電話轉給 Lex May，您可以開始了。

Thank you. Good morning, and welcome to Fluence Energy's Second Quarter 2022 Earnings Conference Call. A copy of our earnings presentation and press release 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.

謝謝你。早上好，歡迎參加 Fluence Energy 的 2022 年第二季度收益電話會議。我們在 fluenceenergy.com 網站的投資者關係部分發布了涵蓋財務業績的收益報告和新聞稿的副本以及支持性聲明和時間表，包括有關非公認會計原則財務措施的對賬和披露。

Joining me on this morning's call are Manuel Pérez Dubuc, our Chief Executive Officer; Dennis Fehr, our Chief Financial Officer; and Rebecca Boll, our Chief Product Officer; and Seyed Madaeni, our Chief Digital Officer.

和我一起參加今天上午電話會議的還有我們的首席執行官 Manuel Pérez Dubuc；我們的首席財務官 Dennis Fehr；我們的首席產品官 Rebecca Boll；和我們的首席數字官 Seyed Madaeni。

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. Many factors could cause actual results to differ materially.

在本次電話會議期間，Fluence 管理層可能會就與我們的業務和公司相關的各種非歷史事實的事項作出某些前瞻性陳述。此類陳述基於當前的預期和某些假設，因此受到某些風險和不確定性的影響。許多因素可能導致實際結果存在重大差異。

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

請參閱我們提交給美國證券交易委員會的文件，了解我們的前瞻性陳述以及有關可能影響我們未來業績的某些風險和不確定性的更多信息。請注意不要過分依賴這些前瞻性陳述，這些陳述僅在今天發表。此外，請注意，公司不承擔更新或修改前瞻性陳述以獲取新信息的義務。

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 Investor Relations website.

本次電話會議還將參考我們認為對評估我們的業務績效很重要的非公認會計原則措施。我們在投資者關係網站上的收益材料中提供了這些非公認會計原則措施與最具可比性公認會計原則措施的對賬。

Following our prepared comments, we will conduct a question-and-answer session with our team. (Operator Instructions) Thank you very much. I will now turn the call over to Manuel.

根據我們準備好的評論，我們將與我們的團隊進行問答環節。 （操作員說明）非常感謝。我現在將把電話轉給曼努埃爾。

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

謝謝你，萊克斯。我要熱烈歡迎參加今天電話會議的投資者、分析師和員工。

Let's begin on Slide 4 on the earnings presentation. Today, I will provide an update of our performance and macro environment. In summary, first, we continue to experience strong demand for our energy storage products and services. In addition, Fluence is well positioned to capitalize on Europe's growing desire for energy security and independency.

讓我們從收益演示文稿的幻燈片 4 開始。今天，我將提供我們的表現和宏觀環境的更新。總之，首先，我們對儲能產品和服務的需求持續強勁。此外，Fluence 可以很好地利用歐洲對能源安全和獨立日益增長的渴望。

Second, we achieved a record quarter for Fluence digital and acquired Nispera. Later in the call, our Chief Digital Officer, Seyed Madaeni, will provide more color on this acquisition. Third, we successfully raised prices on new contracts and roll out the new raw material index or RMI-based pricing to protect against raw material price volatility.

其次，我們為 Fluence digital 創造了創紀錄的季度並收購了 Nispera。在電話會議的後期，我們的首席數字官 Seyed Madaeni 將為此次收購提供更多色彩。第三，我們成功地提高了新合同的價格，並推出了新的原材料指數或基於 RMI 的定價，以防止原材料價格波動。

Fourth, we have been encountering headwinds in battery production that have resulted in force majeure in some customer contracts. At the same time, we are making progress on diversifying our battery suppliers, which is a key strategic objective for us. And fifth, we also have made progress in rolling out our Gen 6 technology but still need to tackle further cost improvements. Later in this call, Dennis Fehr, our Chief Financial Officer, will address our Q2 financial performance. As he will discuss, we now expect to be at the low end of our fiscal year 2022 revenue guidance range as the result of the headwinds I mentioned earlier.

第四，我們在電池生產方面遇到了逆風，導致一些客戶合同出現不可抗力。與此同時，我們在電池供應商多元化方面取得進展，這是我們的關鍵戰略目標。第五，我們在推出第 6 代技術方面也取得了進展，但仍需要進一步改善成本。在本次電話會議的稍後部分，我們的首席財務官 Dennis Fehr 將討論我們的第二季度財務業績。正如他將討論的那樣，由於我之前提到的逆風，我們現在預計將處於 2022 財年收入指導範圍的低端。

Turning to Slide 5. We had an excellent quarter of order intake across the business. We contracted 582 megawatts of energy storage during the second quarter, illustrating the continued strong and secular demand we are experiencing. We have been working closely with customers to reflect cost increases for batteries and raw materials in new contracts, and demand remain unwavering.

轉到幻燈片 5。我們在整個業務中獲得了出色的四分之一訂單。我們在第二季度簽約了 582 兆瓦的儲能，說明我們正在經歷的持續強勁和長期的需求。我們一直在與客戶密切合作，以反映新合同中電池和原材料成本的增加，需求依然堅定不移。

In our services business, we contracted 343 megawatts during the second quarter, illustrating an attachment rate of 58% in Q2, below our target of 70%. Many of the energy storage contract that we executed were with utility companies that tend to sign service contracts several months after contracting the storage equipment. We anticipate follow-on services contracts will be signed with these customers during the second half of this year, similar to our experience in fiscal year '21.

在我們的服務業務中，我們在第二季度收縮了 343 兆瓦，表明第二季度的附加率為 58%，低於我們 70% 的目標。我們執行的許多儲能合同都是與公用事業公司簽訂的，這些公司往往在簽訂儲能設備合同幾個月後簽訂服務合同。我們預計今年下半年將與這些客戶簽訂後續服務合同，類似於我們在 21 財年的經驗。

I'm pleased to note that Fluence IQ delivered a record quarter in terms of revenue and new contracts. During the quarter, we added 2.8 gigawatts of new digital contracts. And as of March 31, we have deployed or contracted 7.8 gigawatts assets under management. Importantly, this does not include the additional 8 gigawatts under management associated with our Nispera acquisition. The significant growth in Fluence IQ is ahead of our business plan. I would also like to point out that this quarter, we added our first pumped hydro contract for 1.2 gigawatts, representing a new asset class for Fluence IQ, which opens up new opportunities for Fluence leading application.

我很高興地註意到，Fluence IQ 在收入和新合同方面創造了創紀錄的季度。在本季度，我們增加了 2.8 吉瓦的新數字合同。截至 3 月 31 日，我們已部署或簽約管理 7.8 吉瓦的資產。重要的是，這不包括與我們收購 Nispera 相關的額外管理的 8 吉瓦。 Fluence IQ 的顯著增長超出了我們的業務計劃。我還想指出，本季度，我們增加了第一個 1.2 吉瓦的抽水蓄能水電合同，代表了 Fluence IQ 的新資產類別，這為 Fluence 領先的應用開闢了新的機會。

I would also like to make a few comments related to the U.S. Commerce Department's probe into solar, anti-circumvention and dumping. Although it is too early for us to speculate what actions could result from this probe, we know that during the first half of this fiscal year, approximately 30% of our overall product order intake was connected to greenfield U.S. solar plus storage projects.

我還想就美國商務部對太陽能、反規避和傾銷的調查發表一些評論。儘管現在推測這項調查可能會採取什麼行動還為時過早，但我們知道，在本財年上半年，我們大約 30% 的總產品訂單與新建的美國太陽能加儲能項目有關。

In regard to our backlog, let me clarify that we are not responsible for procuring solar panels. In the event that these are not available, it is still commercially beneficial to our customers to complete the energy store and installation piece to start any revenue on these assets. We currently have not seen an impact on product pipeline relating to this probe. However, we acknowledge this could change and could impact as much as 10% to 15% of our product pipeline, at least, with respect to timing. However, Fluence is a global company with diversified offerings across geographies and segments. For example, we expect to see increased demand from Europe that is not yet reflected in our product pipeline.

關於我們的積壓，讓我澄清一下，我們不負責採購太陽能電池板。如果這些不可用，對我們的客戶來說，完成能源存儲和安裝部分以開始這些資產的任何收入仍然具有商業利益。我們目前還沒有看到與該調查相關的產品管道受到影響。但是，我們承認這可能會發生變化，並且至少在時間方面可能會影響我們產品線的 10% 到 15%。然而，Fluence 是一家全球性公司，提供跨越地域和細分市場的多元化產品。例如，我們預計歐洲需求的增長尚未反映在我們的產品線中。

Turning to Slide 6. We are excited to continue growing on our business in Europe, especially as the need for energy independency and security becomes paramount. The recent geopolitical events in Europe have exacerbated the need for many European countries to reduce their dependency on foreign oil and natural gas.

轉到幻燈片 6。我們很高興繼續在歐洲發展我們的業務，尤其是在能源獨立和安全的需求變得至關重要的情況下。歐洲最近發生的地緣政治事件加劇了許多歐洲國家減少對外國石油和天然氣的依賴的需要。

And one of the key solutions to address this situation will be an increased use of renewables, which will require more energy storage. In fact, in early March, the European Commission launched their REPowerEU initiative that will accelerate the transition to renewables by calling for nearly a doubling of renewable asset additions from approximately 42 gigawatts to 78 gigawatts annually until 2030.

解決這種情況的關鍵解決方案之一是增加可再生能源的使用，這將需要更多的能源儲存。事實上，3 月初，歐盟委員會啟動了他們的 REPowerEU 計劃，該計劃將通過呼籲將可再生能源資產增加近一倍，從每年約 42 吉瓦增加到 78 吉瓦，直至 2030 年，從而加速向可再生能源的過渡。

As you can imagine, this increase in renewable asset generation will create more grid reliability and stability issues, thus necessitating additional energy storage. We have already seen increased interest from our customers in Europe from energy storage. As the market leader in Europe, Fluence is very well-positioned to capitalize on this emerging need, enable Europe to achieve its energy independency and security goals.

可以想像，可再生資產發電量的增加將產生更多的電網可靠性和穩定性問題，因此需要額外的儲能。我們已經看到歐洲客戶對儲能的興趣越來越大。作為歐洲的市場領導者，Fluence 非常有能力利用這一新興需求，使歐洲能夠實現其能源獨立和安全目標。

Now turning to Slide 7. I would like to update you on the progress we have made in advancing our strategy. Through the planned addition of regional contract manufacturing locations in the U.S. and Europe, we will be protecting ourselves against logistic interruption and storing logistics costs. I am pleased to report that we have signed an agreement for our 8th U.S.-based contract manufacturing facility, and we expect to initiate production there towards the end of this calendar year.

現在轉到幻燈片 7。我想向您介紹我們在推進戰略方面取得的最新進展。通過計劃在美國和歐洲增加區域合同製造地點，我們將保護自己免受物流中斷和存儲物流成本的影響。我很高興地報告，我們已經簽署了我們在美國的第 8 家合同製造工廠的協議，我們預計將在本日曆年年底開始在那裡生產。

We are on track for starting our European-based facility in early calendar year 2023 and look forward to providing you with an update on our next call. As you may recall from our first quarter call, we announced a strategic joint venture with ReNew Power in India. We expect to have the agreement finalized in the coming weeks, and we'll begin ramping up operations in India accordingly.

我們有望在 2023 年初啟動我們在歐洲的工廠，並期待在我們的下一次電話會議上為您提供最新信息。您可能還記得我們第一季度的電話會議，我們宣布與 ReNew Power 在印度建立戰略合資企業。我們預計該協議將在未來幾週內敲定，我們將相應地開始擴大在印度的業務。

Additionally, I'm pleased to report that we successfully deployed a 2.75 megawatt C&I product for Google in April to provide them with emission-free battery backup power for their Belgium data center in St. Ghislain. We are proud to partner with Google for this first-of-its-kind product as they strive to become carbon-free by 2030.

此外，我很高興地報告，我們在 4 月成功為 Google 部署了 2.75 兆瓦的 C&I 產品，為他們位於聖吉斯蘭的比利時數據中心提供無排放的備用電池電源。我們很自豪能與 Google 合作開發這款首創的產品，因為他們力爭到 2030 年實現無碳化。

While the C&I segment represents a small portion of our overall mix, we are seeing increased demand for the data center [subsegment]. The backup power requirements of this subsegment are approximately 20 gigawatts worldwide. This commercial development represents a significant opportunity for Fluence as other major organizations increasingly replace fossil fuel power backup systems with emission-free battery backup solutions.

雖然 C&I 部門只占我們整體組合的一小部分，但我們看到對數據中心 [子部門] 的需求正在增加。該子部分的備用電源需求在全球範圍內約為 20 吉瓦。隨著其他主要組織越來越多地用無排放電池備用解決方案取代化石燃料備用系統，這一商業開發為 Fluence 帶來了重大機遇。

Turning to Slide 8. I would like to provide a brief update on some of the headwinds that we have been facing and the actions that we are taking to mitigate their impact. First, supply chain disruptions have affected us in a couple of areas. On the shipping and transportation front, we have seen shipping rates stabilize, providing better visibility on how to price new contracts. We still see global shipping capacity challenges and port congestions, but we are mitigating some of these impacts by shipping earlier where possible.

轉到幻燈片 8。我想簡要介紹一下我們一直面臨的一些不利因素以及我們為減輕其影響而採取的行動。首先，供應鏈中斷在幾個方面影響了我們。在航運和運輸方面，我們看到運費穩定，為新合同定價提供了更好的可見性。我們仍然看到全球航運能力挑戰和港口擁堵，但我們正在通過盡可能早的航運來減輕其中一些影響。

The supply of parity sales is another area that has been affected. As you may also recall, we have contractually secured 20 gigawatt hours of batteries from our suppliers, providing us adequate supply for our 2022, 2023 needs. However, the majority of the world's current battery supply come from China, which again underwent significant lockdowns to enforce their zero-COVID policy. These lockdowns are affecting suppliers' ability to produce and ship battery cells in a timely manner. Therefore, battery suppliers in China have recently declared force majeure to us and others in the industry.

平價銷售的供應是另一個受到影響的領域。您可能還記得，我們已通過合同從供應商那裡獲得 20 吉瓦時的電池，為我們 2022 年和 2023 年的需求提供充足的供應。然而，目前世界上大部分的電池供應來自中國，中國再次經歷了重大的封鎖以執行其零新冠病毒政策。這些封鎖正在影響供應商及時生產和運輸電池的能力。因此，中國的電池供應商最近向我們和業內其他人宣布了不可抗力。

Under our contracts, our suppliers' force majeure declaration allows to declare force majeure to several of our customers for whom we will not be able to meet contractual timelines. We expect this to protect us from possible timing-related charges under the affected contracts. While we do not know how long the current situation will last, we are working closely with our battery manufacturers, both in China and elsewhere. As part of our realization strategy, we have already been working to reduce our exposure to Chinese battery manufacturers by diversifying our supply regionally as well as by the number of suppliers.

根據我們的合同，我們的供應商的不可抗力聲明允許向我們無法滿足合同時間表的幾個客戶聲明不可抗力。我們希望這可以保護我們免受受影響合同下可能與時間相關的費用。雖然我們不知道目前的情況會持續多久，但我們正在與中國和其他地方的電池製造商密切合作。作為我們實現戰略的一部分，我們一直在努力通過在區域和供應商數量上實現供應多元化來減少對中國電池製造商的影響。

I'm pleased to report that non-China-made batteries will represent about 30% of our supply in 2023, and we expect this percentage to grow in 2024. We also have reduced our supplier concentration by increasing the overall number of battery suppliers. Second, as Dennis will address shortly, our second quarter results reflect good progress on reducing the one-off items that were previously associated with the compounding effects on COVID-19. We expect to continue reducing this impact as we progress through the second half of this year.

我很高興地報告，2023 年非中國製造的電池將占我們供應的 30% 左右，我們預計這一比例將在 2024 年增長。我們還通過增加電池供應商的總數來降低供應商集中度。其次，正如丹尼斯不久將談到的那樣，我們的第二季度業績反映了在減少以前與 COVID-19 的複合效應相關的一次性項目方面取得了良好進展。隨著我們在今年下半年的進展，我們預計將繼續減少這種影響。

Third, as I noted earlier, we have been moving to RMI-based pricing for new contracts to protect against the volatility we have seen in the cost of raw materials. So far, we have seen a broad acceptance by our partners to engage in finding optimal and creative solutions for all parties. Finally, we have made progress on installing and commissioning our Gen 6 product in the field. As we discussed on our previous call, we have experienced delays and additional costs associated with the rollout of our Gen 6 product over the past 6 months.

第三，正如我之前提到的，我們一直在為新合同轉向基於 RMI 的定價，以防止我們在原材料成本方面看到的波動。到目前為止，我們已經看到我們的合作夥伴廣泛接受為各方尋找最佳和創造性的解決方案。最後，我們在現場安裝和調試我們的第 6 代產品方面取得了進展。正如我們在之前的電話會議中所討論的，在過去 6 個月中，我們經歷了與推出第 6 代產品相關的延誤和額外成本。

During this time, we have documented lessons learned and conducted more training for our crews. Faulty or substandard components from some of our battery and inverter suppliers were one of the reasons for the delays, particularly at large installations. That is why we have assembled a new supplier quality control team. The team is working with our suppliers to ensure components operate at design, which will reduce the risk of delays at unforeseen costs.

在此期間，我們記錄了經驗教訓，並為我們的工作人員進行了更多培訓。我們的一些電池和逆變器供應商的故障或不合格組件是延遲的原因之一，尤其是在大型安裝中。這就是我們組建新的供應商質量控制團隊的原因。該團隊正在與我們的供應商合作，以確保組件按設計運行，這將降低因不可預見成本而出現延誤的風險。

As you can see on Slide 9, I'm pleased to report that we are now fully caught up on our Gen 6 installation schedule. We have successfully installed 10 Gen 6 systems since the beginning of this year with a combined power of about 420 megawatts. This includes several mega site installations such as Diablo and High Desert, both in California.

正如您在幻燈片 9 中看到的，我很高興地報告我們現在完全趕上了第 6 代安裝時間表。自今年年初以來，我們已成功安裝了 10 台 Gen 6 系統，總功率約為 420 兆瓦。這包括位於加利福尼亞的幾個大型站點裝置，例如暗黑破壞神和高沙漠。

Furthermore, many of this feature first-of-its-kind element such as the first energy storage co-located with geothermal generation or the first product that guarantees 150 millisecond response time. These are amazing accomplishment and showcase our ability to innovate and push the boundaries of what is possible.

此外，其中許多具有同類首創的元素，例如第一個與地熱發電位於同一地點的儲能係統或第一個保證 150 毫秒響應時間的產品。這些都是了不起的成就，展示了我們創新和突破可能性界限的能力。

I will now turn the call over to Seyed to provide a bit more color on the Nispera acquisition and its impact on Fluence IQ.

我現在將把電話轉給 Seyed，以提供更多關於 Nispera 收購及其對 Fluence IQ 的影響的色彩。

Thank you, Manuel. I'm pleased to have the opportunity to discuss this acquisition the first since our IPO last fall.

謝謝你，曼努埃爾。自去年秋天首次公開募股以來，我很高興有機會討論此次收購。

I'll begin on Slide 11. As Manuel mentioned, like Fluence IQ, Nispera is a SaaS company providing many key applications for customers looking to monitor, analyze and optimize the performance and value of their renewable energy assets. Nispera currently has 8 gigawatts under management. Their flagship offering is the Nispera Asset Performance Management Platform, or APM, which is sold to customers on a dollar per megawatt basis. This platform includes SaaS offerings such as digital twin and performance analysis and portfolio overviews.

我將從幻燈片 11 開始。正如 Manuel 所提到的，與 Fluence IQ 一樣，Nispera 是一家 SaaS 公司，為希望監控、分析和優化其可再生能源資產的性能和價值的客戶提供許多關鍵應用程序。 Nispera 目前管理著 8 吉瓦。他們的旗艦產品是 Nispera 資產績效管理平台 (APM)，以每兆瓦美元的價格出售給客戶。該平台包括 SaaS 產品，例如數字孿生和性能分析以及產品組合概述。

In addition to the APM platform, Nispera also offers 4 other applications or modules that can be added on to the APM for an additional cost at a similar dollar per megawatt price. These other applications are in the areas of predictive maintenance, portfolio management, O&M and forecasting. One of the distinguishing characteristics of Nispera is their extensive use of machine learning to drive value for their customers. They have embedded machine learning in their forecasting app and predictive maintenance app for both wind and solar and are actively working on new machine learning-enabled apps. This aligns well with Fluence IQ's bidding application, which also uses AI machine learning to drive value for our customers.

除了 APM 平台之外，Nispera 還提供 4 種其他應用程序或模塊，這些應用程序或模塊可以添加到 APM 上，但需要以每兆瓦類似美元的價格支付額外費用。這些其他應用程序位於預測性維護、投資組合管理、運維和預測領域。 Nispera 的顯著特徵之一是他們廣泛使用機器學習來為客戶創造價值。他們在風能和太陽能的預測應用程序和預測性維護應用程序中嵌入了機器學習，並且正在積極開發支持機器學習的新應用程序。這與 Fluence IQ 的投標應用程序非常吻合，該應用程序還使用人工智能機器學習來為我們的客戶創造價值。

As you may recall, the bidding app is currently Fluence IQ's flagship application. We are in the process of developing a dispatch app, manage app and invest app. And we intend to utilize Nispera's APM as a foundation for our manage app, which we expect will accelerate the time to deploy this application to the market. Not only does Nispera provide us with a solid foundation for our manage app, but it also expands our digital portfolio's geographic footprint.

您可能還記得，競價應用程序目前是 Fluence IQ 的旗艦應用程序。我們正在開發調度應用程序、管理應用程序和投資應用程序。我們打算利用 Nispera 的 APM 作為我們管理應用程序的基礎，我們預計這將加快將該應用程序部署到市場的時間。 Nispera 不僅為我們的管理應用程序提供了堅實的基礎，而且還擴大了我們數字產品組合的地理足跡。

As you can see on Slide 12, Nispera is in 25 countries, which provides us with a powerful cross-selling opportunity for our products and services. While our bidding app won't be immediately available in all of these countries, bringing on Nispera will help accelerate our entrance into additional markets around the world. From a financial standpoint, this transaction is on the smaller side. And we expect it to be EBITDA-accretive by the end of fiscal year 2024.

正如您在幻燈片 12 中看到的那樣，Nispera 遍布 25 個國家/地區，這為我們的產品和服務提供了強大的交叉銷售機會。雖然我們的競價應用程序不會立即在所有這些國家/地區推出，但引入 Nispera 將有助於加快我們進入全球其他市場的速度。從財務角度來看，這筆交易規模較小。我們預計到 2024 財年末它會增加 EBITDA。

So in summary, we are very excited about adding Nispera into our digital portfolio, which now has a combined 15 gigawatts contracted or under management and are encouraged by the tremendous growth we've experienced with our platform.

總而言之，我們對將 Nispera 添加到我們的數字產品組合中感到非常興奮，該產品組合現在已簽約或管理的總容量為 15 吉瓦，並且對我們在平台上所經歷的巨大增長感到鼓舞。

With that, I'll turn it over to Dennis.

有了這個，我會把它交給丹尼斯。

Thank you, Seyed, and good morning to everyone on the call. Looking at Slide 14. First, I will cover our second quarter financial performance, highlighting our record Q2 revenue, the progress we have made in reducing adverse impacts to margin and the strong cash collection and improved liquidity in the quarter. I will then discuss our revised outlook for revenue and gross profit going forward.

謝謝你，賽義德，大家早上好。看看幻燈片 14。首先，我將介紹我們第二季度的財務業績，重點介紹我們創紀錄的第二季度收入，我們在減少對利潤率的不利影響方面取得的進展，以及本季度強勁的現金回收和改善的流動性。然後，我將討論我們修訂後的收入和毛利潤展望。

Turning to Slide 15. As Manuel stated, in Q2, we had very strong new orders across all our business lines. More importantly, this success also shows the ability for the market to absorb price increases. I'd also like to highlight that in the first 6 months of this fiscal year, we have contracted more than 1.1 gigawatt of energy storage products, of which greater than 95% are with unrelated third parties.

轉到幻燈片 15。正如 Manuel 所說，在第二季度，我們所有業務線的新訂單都非常強勁。更重要的是，這一成功也顯示了市場吸收價格上漲的能力。我還想強調一下，在本財年的前 6 個月，我們已經簽約了超過 1.1 吉瓦的儲能產品，其中超過 95% 是與無關的第三方簽訂的。

As Manuel and Seyed mentioned, we are very encouraged by the demand we have seen on the digital side. In the first 6 months of this year, we have contracted more than 3 gigawatts, of which about 70% are with unrelated third parties. I'd also like to point out that our digital numbers, including our pipeline, do not include the acquisition of Nispera, which occurred in April.

正如 Manuel 和 Seyed 所提到的，我們對我們在數字方面看到的需求感到非常鼓舞。今年前 6 個月，我們已簽約超過 3 吉瓦，其中約 70% 是與無關的第三方簽訂的。我還想指出，我們的數字數據，包括我們的管道，不包括在 4 月份對 Nispera 的收購。

Turning to Slide 16. We delivered a record quarter in terms of revenue. The $343 million represents a 96% increase from Q1. As we disclosed on our prior call, about $100 million of this revenue was attributable to Q2 completion of installations previously shipped out from Q1, demonstrating our ability to deliver on our commitments to customers despite the longer time required to fulfill these contracts. In addition, about $60 million of our Q2 revenue was attributable to a higher percentage of completion of certain planned Q2 installations in Q2, which pulled forward revenue anticipated for Q3.

轉到幻燈片 16。就收入而言，我們實現了創紀錄的季度。 3.43 億美元比第一季度增長了 96%。正如我們在之前的電話會議中披露的那樣，其中約 1 億美元的收入是由於第二季度完成了之前從第一季度發貨的安裝，這表明我們有能力兌現對客戶的承諾，儘管履行這些合同需要更長的時間。此外，我們第二季度收入的約 6000 萬美元歸因於第二季度某些計劃的第二季度安裝的完成百分比較高，這推動了第三季度的預期收入。

Turning to Slide 17. In addition to the strong revenue recognition in Q2, we also made progress on our gross profit and gross margins on a GAAP basis. Our gross loss of $15 million improved approximately 72% from negative $53 million in Q1, driven mostly by a reduction in nonrecurring expenses. Our gross margin improved from negative 30% to negative 4%. Adjusted gross profit for Q2 exclude $3 million of nonrecurring expenses primarily related to the 2021 cargo loss incident. We delivered an adjusted gross loss of $11 million as compared to negative $8 million in Q1, while gross margin improved slightly to negative 3% from negative 5%.

轉到幻燈片 17。除了第二季度的強勁收入確認外，我們在 GAAP 基礎上的毛利潤和毛利率也取得了進展。我們 1500 萬美元的毛虧損比第一季度的負 5300 萬美元減少了約 72%，主要是由於非經常性費用的減少。我們的毛利率從負 30% 提高到負 4%。第二季度的調整後毛利潤不包括主要與 2021 年貨物損失事件相關的 300 萬美元的非經常性費用。與第一季度的負 800 萬美元相比，我們實現了 1100 萬美元的調整後毛虧損，而毛利率從負 5% 略微提高至負 3%。

Turning to Slide 18. We delivered adjusted EBITDA of negative $53 million as compared to negative $43 million in Q1. Adjusted EBITDA includes nonrecurring expenses adjustments mainly related to the 2021 cargo loss incident as well as $3 million for stock-based compensation adjustments Now looking at our cash position on Slide 19. I'm pleased to report total cash balance increased approximately $44 million to a total of $723 million. This increase in cash was due to strong collections from our customers, coupled with customer prepayments for certain contracts.

轉到幻燈片 18。我們實現了調整後的 EBITDA 為負 5300 萬美元，而第一季度為負 4300 萬美元。調整後的 EBITDA 包括主要與 2021 年貨物損失事件相關的非經常性費用調整以及基於股票的補償調整的 300 萬美元現在查看幻燈片 19 上的現金狀況。我很高興地報告總現金餘額增加了約 4400 萬美元至總計 7.23 億美元。現金的增加是由於我們客戶的大量收款，以及客戶對某些合同的預付款。

We continue to remain focused on our cash balance when we deploy our capital in line with our strategic framework. We expect that our cash balance will be up to $250 million lower at the end of this fiscal year, in part, due to expected working capital build in the second half of this year driven by revenue shifts towards the end of fiscal year 2022.

當我們根據我們的戰略框架部署資本時，我們將繼續專注於我們的現金餘額。我們預計，到本財年末，我們的現金餘額將減少多達 2.5 億美元，部分原因是由於到 2022 財年末的收入轉移，預計今年下半年的營運資金將增加。

Turning now to Slide 20. As Manuel mentioned, we source many of our batteries and components from China. Recently, the country has had significant outbreak of COVID-19 that has resulted in lockdowns across the country. We do have dedicated production lines with our battery manufacturing partners. However, these are currently running at reduced capacity. As a result, we are not receiving a number of batteries that we previously expected and contracted for. This, in turn, has affected our ability to produce some of our energy storage products that were previously scheduled for production in the coming months.

現在轉到幻燈片 20。正如 Manuel 所說，我們從中國採購了許多電池和組件。最近，該國爆發了嚴重的 COVID-19，導致全國范圍內的封鎖。我們確實與我們的電池製造合作夥伴有專門的生產線。然而，這些目前正在以減少的容量運行。因此，我們沒有收到我們之前預期和簽約的大量電池。這反過來又影響了我們生產一些之前計劃在未來幾個月內生產的儲能產品的能力。

As Manuel noted, in some cases, we have declared force majeure to our customers. At this time, we cannot provide a timeline for when force majeure will be relieved, but I can confirm,, we have not lost any contracts to date as a result. Based on these developments, we now see our full year revenue trending towards the low end of our guiding range of $1.1 billion to $1.3 billion. With respect to our outlook for the second half specifically, as I noted earlier, we pulled forward some of our Q3 revenue into Q2. As such, we expect our second half revenue to be significantly back-end weighted to Q4.

正如 Manuel 所說，在某些情況下，我們已向客戶宣布不可抗力。目前，我們無法提供解除不可抗力的時間表，但我可以確認，到目前為止，我們還沒有因此失去任何合同。基於這些發展，我們現在看到我們的全年收入趨向於我們指導範圍 11 億美元至 13 億美元的低端。關於我們對下半年的展望，正如我之前提到的，我們將第三季度的部分收入提前到第二季度。因此，我們預計我們下半年的收入將顯著後端加權到第四季度。

Turning to Slide 21. As you can see on the slide, historically, we would place products into service on slightly more than 12 months following receipt of the signed purchase order from our customers. Consistent with this, we typically would recognize more than 90% of expected revenues under the contract in the first 12 months. However, because of the increase in production and shipping-related cycle times, we are in a new operating environment. This new normal has us completing a contract and recognizing the majority of that revenue within 15 to 18 months on average as compared to 12 months previously.

轉到幻燈片 21。正如您在幻燈片上看到的那樣，從歷史上看，我們會在收到客戶簽署的採購訂單後 12 個月多一點的時間將產品投入使用。與此一致，我們通常會在前 12 個月內確認合同項下 90% 以上的預期收入。然而，由於生產和運輸相關週期時間的增加，我們處於一個新的運營環境中。這種新常態使我們平均在 15 到 18 個月內完成合同並確認大部分收入，而之前為 12 個月。

This elongated timing for revenue recognition reduces our expectation for revenue progression in fiscal year '23 and fiscal year '24 by 10% to 15% as we expect this new normal will continue for the foreseeable future. The rapid increase in inflation is another element of the new normal environment in which we are operating. As a result, we've made changes to our approach to achieving margin expansion. Also, we continue to expect significant margin improvement over the next few years. We have tempered our outlook with respect to timing and the degree of improvement.

由於我們預計這種新常態將在可預見的未來繼續存在，因此收入確認的延長時間使我們對 23 財年和 24 財年收入增長的預期降低了 10% 至 15%。通貨膨脹的迅速增加是我們經營的新常態環境的另一個因素。因此，我們改變了實現利潤率擴張的方法。此外，我們繼續預計未來幾年利潤率將顯著提高。我們已經調整了對時機和改進程度的展望。

As we look at Slide 22, on the left-hand side of the slide, we have illustrated the current situation. We are selling our products with expected positive gross profit margins. However, this expected margin is being eroded during the delivery and installation of our product. This is due to excess shipping costs, the compounding effects of COVID-19 and installation cost overruns.

當我們查看幻燈片左側的幻燈片 22 時，我們已經說明了當前的情況。我們以預期的正毛利率銷售我們的產品。然而，在我們產品的交付和安裝過程中，這一預期利潤正在被侵蝕。這是由於運輸成本過高、COVID-19 的複合效應和安裝成本超支所致。

We are now focused on 2 levers: first, to reduce the adverse impacts on margin during delivery and installation; and second, to increase the as-sold margin. The chart in the middle of the slide shows the trajectory of improvement with respect to the first of these 2 levers. During Q1, we incurred total impact of $53 million. In Q2, we reduced this adverse margin impact to $23 million. We are focused on further reducing this margin impact in the second half of this year to approximately $35 million to $40 million, this quarter-over-quarter improvement expected in Q3 and Q4.

我們現在專注於兩個槓桿：第一，減少交付和安裝過程中對利潤率的不利影響；第二，提高銷售利潤率。幻燈片中間的圖表顯示了這兩個槓桿中第一個的改進軌跡。在第一季度，我們產生了 5300 萬美元的總影響。在第二季度，我們將這種不利的利潤影響減少到 2300 萬美元。我們專注於在今年下半年將這種利潤率影響進一步降低至約 3500 萬至 4000 萬美元，預計第三季度和第四季度將出現環比改善。

Even with these improvements, however, we expect that for the full fiscal year, our gross profit on GAAP basis will be negative. The chart on the right illustrates our plan to expand the as-sold margins of our energy storage products during fiscal year '23 and fiscal year '24. The most significant driver is through pricing. In addition, we are moving to a regional contract manufacturing business model that will reduce our shipping expense, increasing the proportion of our revenue mix associated with higher margin segments such as transmission and data centers and launching our Gen 7 product in 2023. Through these actions, we believe we can achieve the required gross margins in the products business to achieve overall breakeven profitability in 2024.

然而，即使有了這些改進，我們預計在整個財年，我們基於公認會計原則的毛利潤將為負數。右圖說明了我們計劃在 '23 財年和 '24 財年擴大我們的儲能產品的銷售利潤率。最重要的驅動因素是定價。此外，我們正在轉向區域性合同製造業務模式，這將降低我們的運輸費用，增加與傳輸和數據中心等利潤率較高的細分市場相關的收入組合比例，並在 2023 年推出我們的 Gen 7 產品。通過這些行動，我們相信我們可以在產品業務中實現所需的毛利率，從而在 2024 年實現整體盈虧平衡。

In summary, we have faced many unexpected challenges over the past 6 months ranging from the macro environment to a homegrown issue. While we are focused on reducing adverse margin impact by improving our product delivery operations and have made significant strides in several key areas, we have had to reset our expectations for financial performance for the next 18 to 24 months.

總而言之，在過去的 6 個月裡，我們面臨著許多意想不到的挑戰，從宏觀環境到本土問題。雖然我們專注於通過改進產品交付運營來減少不利的利潤影響，並在幾個關鍵領域取得了重大進展，但我們不得不重新設定對未來 18 至 24 個月財務業績的預期。

Certainly, we have not lost sight of the bigger picture and favorable longer-term outlook for energy storage. However, as a management team, we are intensely focused on improving the here and now. We acknowledge that change will not happen overnight, yet we are fully committed to providing our shareholders with attractive returns. We continue to be bullish on the longer term and are excited about the prospects for our business.

當然，我們並沒有忽視儲能的大局和有利的長期前景。然而，作為一個管理團隊，我們非常專注於改善此時此地。我們承認變化不會在一夜之間發生，但我們完全致力於為股東提供有吸引力的回報。從長遠來看，我們繼續看好，並對我們的業務前景感到興奮。

This concludes my prepared remarks. At this time, I would like to turn the call back to Manuel.

我準備的發言到此結束。此時，我想將電話轉回給 Manuel。

Thank you, Dennis. In summary, we continue to see very strong demand for energy storage and have positioned Fluence to capitalize on new opportunities as the world continues to transition away from fossil fuels. We are executing our strategy of building the best-in-class ecosystem offering. We increased our engagement in attractive market segments such as transmission and data centers and continue to grow and expand our digital offerings. While we had made some progress on tackling the challenges, we acknowledge a lot still needs to be done.

謝謝你，丹尼斯。總之，我們繼續看到對儲能的非常強勁的需求，並且隨著世界繼續擺脫化石燃料的轉變，Fluence 可以利用新的機遇。我們正在執行構建一流生態系統產品的戰略。我們增加了對傳輸和數據中心等有吸引力的細分市場的參與，並繼續發展和擴展我們的數字產品。雖然我們在應對挑戰方面取得了一些進展，但我們承認仍有許多工作要做。

All in all, we are extremely encouraged by our future, and we'll continue to transform the way we power our role for a more sustainable future. I would like to extend my sincere gratitude to our employees around the world. Without you, none of this would be possible.

總而言之，我們對我們的未來感到非常鼓舞，我們將繼續改變我們為我們的角色提供動力的方式，以實現更可持續的未來。我要向我們在世界各地的員工表示誠摯的謝意。沒有你，這一切都不可能。

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

我的評論到此結束。接線員，我們現在可以回答問題了。

(Operator Instructions) And from JPMorgan, we have Mark Strouse.

（操作員說明）還有來自摩根大通的 Mark Strouse。

You mentioned you're adding some new battery suppliers. Can you just talk about where those suppliers might be located? And kind of if you think about it cumulatively, your supply base, how much of your battery supply today and kind of in the near future comes from China versus outside of China?

您提到您正在添加一些新的電池供應商。你能談談這些供應商可能位於哪裡嗎？如果你綜合考慮一下，你的供應基礎，你今天和不久的將來有多少電池供應來自中國而不是中國以外？

Yes. Mark, thank you for your question. First, yes, I mean, this is a strategy that we started some time ago. We already disclosed that we have this strategic alliance with Northvolt. So that is a key partner for us in the European market. And we will see and we expect to have probably by the end of this calendar year. So we're very excited about that partnership.

是的。馬克，謝謝你的提問。首先，是的，我的意思是，這是我們前段時間開始的策略。我們已經透露我們與 Northvolt 建立了戰略聯盟。因此，這是我們在歐洲市場的重要合作夥伴。我們將看到並且我們預計可能會在本日曆年年底之前看到。所以我們對這種夥伴關係感到非常興奮。

We're also talking to other battery -- large battery manufacturers in Asia and the ones that are building new facilities in the U.S. And the target is not having -- diversify ourselves by not having more than 30% of our overall demand just concentrated in one name. I don't know, Rebecca, if you want to add something?

我們也在與其他電池——亞洲的大型電池製造商以及在美國建造新設施的電池製造商進行交流，而目標不是——通過不將超過 30% 的總需求集中在一個名字。我不知道，麗貝卡，你想補充什麼嗎？

Yes. I would add that -- so we're on track to, by the end of this year, we'll have about a 30% mix that is not coming out of China, if that's your direct question. And then moving into 2024, we'll move that up probably closer to 50%. So some of the players that we're talking to are establishing manufacturing in North America. So that's our next big move -- is to also acquire batteries in this region.

是的。我要補充一點——所以我們有望在今年年底前實現大約 30% 的混合產品不是來自中國，如果這是你的直接問題的話。然後進入 2024 年，我們可能會將其提高到接近 50%。因此，我們正在與之交談的一些參與者正在北美建立製造。所以這是我們的下一個重大舉措——也是在該地區收購電池。

Okay. And then just as a quick follow-up. I appreciate the color on kind of the U.S. pipeline. So you mentioned 10% to 15% in the product pipeline in the U.S. How should we think about kind of setting the downside to your 2022 guidance in the event that there are disruptions from (inaudible)?

好的。然後作為快速跟進。我很欣賞美國管道的顏色。因此，您提到了美國產品線的 10% 到 15%。如果（聽不清）出現干擾，我們應該如何考慮將您的 2022 年指導方針設定為不利因素？

Yes, Mark. I mean, you're referring just to the solar plus storage segment, right? And...

是的，馬克。我的意思是，您指的是太陽能加存儲領域，對嗎？和...

Yes.

是的。

Yes, I mean, it's too early. You want to say something?

是的，我的意思是，現在還為時過早。你想說點什麼？

No, I'm sorry. I was just confirming what you said. Yes.

不，我很抱歉。我只是在確認你說的話。是的。

Yes. Yes. Okay. Good. Yes, it is too early to tell what will be the results of the probe. We have seen a lot of the latest news emerging. Some of our customers, they are in a wait-and-see mode. They delaying a bit just waiting to see what is the final result. The others that -- they just [move in]. But as we mentioned, in many of those cases, even if you go ahead with the energy storage piece of the project, you can start making some money and generating revenue.

是的。是的。好的。好的。是的，現在說調查的結果還為時過早。我們已經看到了很多最新消息的出現。我們的一些客戶，他們處於觀望狀態。他們推遲了一點，只是等著看最終結果是什麼。其他人——他們只是[搬進來]。但正如我們所提到的，在許多情況下，即使您繼續進行項目的儲能部分，您也可以開始賺錢並產生收入。

So it makes sense in many of the markets to keep going ahead with the projects, at least on the energy storage side. We see that we can offset a lot of this 10% to 15%, which is -- it is important for us, but it's not that big. Is that we see a lot of demand from Asia and Europe, especially in Europe, when we know all the energy independency and self-reliance is becoming one of the main drivers of all the policies around the community. And that the REPowerEU, we just mentioned that it's going to more than double the renewable capacity that's going to be installed every year until 2030. So the market is very strong. And we see a lot of the policy makers really, really working on the energy independency and self-reliance.

因此，在許多市場上繼續推進這些項目是有意義的，至少在儲能方面是這樣。我們看到我們可以抵消這 10% 到 15% 的大部分，這對我們來說很重要，但沒那麼大。是我們看到來自亞洲和歐洲的大量需求，特別是在歐洲，當我們知道所有的能源獨立和自力更生正在成為社區所有政策的主要推動力之一時。我們剛剛提到的 REPowerEU 將使每年安裝的可再生能源容量增加一倍以上，直到 2030 年。所以市場非常強勁。我們看到很多政策制定者真的，真的致力於能源獨立和自力更生。

And Mark, this is Dennis speaking. Just in regards to guidance. So when we think about the revenue guidance, I just want to clarify that's fully based on backlog. So we're not depending on new bookings there.

馬克，這是丹尼斯在說話。只是關於指導。因此，當我們考慮收入指導時，我只想澄清這完全基於積壓。所以我們不依賴那裡的新預訂。

From Siebert Williams Shank, we have Chris Ellinghaus.

來自 Siebert Williams Shank，我們有 Chris Ellinghaus。

Dennis, you have this great slide on 22. I was going to ask you about as you've made some pretty significant progress on diversifying your supply chain, I'm a little bit surprised that the regionalization bar in terms of the margin step-up that you're looking for is a little smaller. Can you just sort of talk about that?

丹尼斯，你在 22 日有這張很棒的幻燈片。我正要問你，因為你在供應鏈多樣化方面取得了一些相當大的進展，我有點驚訝地發現區域化門檻在利潤率方面——你要找的起來要小一些。你能談談嗎？

And also, given that you've had some installation challenges, you don't seem to have anything in this chart that reflects improvement from installation. Can you just talk about those?

而且，鑑於您在安裝方面遇到了一些挑戰，您在此圖表中似乎沒有任何反映安裝改進的內容。你能談談這些嗎？

Yes, sure. Happy to do so. So on the regionalization side, we will see a full impact from regionalization if you have really the complete supply chain localized, that means batteries and our energy storage products manufacturing.

是的，當然。很高興這樣做。所以在區域化方面，如果你真的有完整的供應鏈本地化，我們將看到區域化的全面影響，這意味著電池和我們的儲能產品製造。

So as Manuel just talked before, one of the big next step is to bring also the battery supply chain into the U.S. But that's still a bit further out. So in that regard, we're really factoring in here the benefit from the regionalization of the products manufacturing in North America. And in EMEA, we have the full benefit based on our Northvolt partnership. So that's why this number may be in that range here.

因此，正如曼努埃爾之前所說，下一步的重要一步是將電池供應鏈也引入美國。但這仍然有點遠。因此，在這方面，我們確實在這裡考慮了北美產品製造區域化帶來的好處。在歐洲、中東和非洲，基於我們的 Northvolt 合作夥伴關係，我們獲得了全部利益。所以這就是為什麼這個數字可能在這個範圍內。

On the second question in regards to the installation cost. The installation cost reduction, we think that to be in the level 1 to reduce the adverse margin impact. And to say that's really the key item which we need to tackle now for the second half of the year and to further reduce there. So that's sitting over there if that makes sense.

關於安裝成本的第二個問題。安裝成本的降低，我們認為要在1級降低不利的利潤率影響。並且說這確實是我們現在需要在下半年解決並進一步減少的關鍵項目。所以如果有道理，那就坐在那裡。

Sure. And Manuel, you sort of touched on this a little bit about the energy security issue. Can you give us any color on who in particular is demonstrating interest? And can you kind of give us any sense of the increase in magnitude of interest that you're seeing, especially from Europe?

當然。曼努埃爾，你有點談到能源安全問題。你能給我們任何關於誰特別表現出興趣的顏色嗎？您能否告訴我們您所看到的興趣增加的幅度，尤其是來自歐洲的興趣？

Yes. Well, we already mentioned the significant amount of forecasted renewable deployments in Europe. We have seen and without going too much in the details, that we have seen very strong demand from the U.K. in Ireland. We have several projects there.

是的。好吧，我們已經提到了歐洲大量預測的可再生能源部署。我們已經看到並且沒有過多介紹細節，我們已經看到英國在愛爾蘭的需求非常強勁。我們在那裡有幾個項目。

The fact -- and we mentioned this in one of our communication to the market. In Ireland, they broke their own record of 98% renewable, clean energy during one weekend. That was a few months ago, and that was just possible with the energy storage high -- ultra-high speed response product.

事實——我們在與市場的一次溝通中提到了這一點。在愛爾蘭，他們在一個週末打破了自己的 98% 可再生清潔能源記錄。那是幾個月前的事了，這在儲能高——超高速響應產品的情況下是可能的。

It was for around 3 days. It was a great achievement. The previous record was around 60%. And they acknowledged -- I mean, the whole system operator, they acknowledged that it would have been absolutely impossible to reach such a level of consistency of clean energy in a market without the energy storage.

這是大約3天。這是一項偉大的成就。之前的記錄約為 60%。他們承認 - 我的意思是，整個系統運營商，他們承認，如果沒有儲能，在市場上達到如此一致的清潔能源水平是絕對不可能的。

So that is a product they already saw that. And what we've seen is that other markets are looking at that to say, "Well, if we really want to become carbon-free, we have to do the same." So that is -- they're looking at what is happening in that market. They will probably imitate the same, and they will start rolling out the same type of solutions.

所以這是他們已經看到的產品。我們看到的是，其他市場正在考慮這樣說，“好吧，如果我們真的想實現無碳化，我們也必須這樣做。”所以這就是 - 他們正在研究該市場正在發生的事情。他們可能會效仿，並且會開始推出相同類型的解決方案。

We see a great demand for our transmission product. We are the only company that are doing this transmission booster product that we started in Lithuania as a pilot, and now we already mentioned about the 200-megawatt contract that we got.

我們看到對我們的傳動產品的巨大需求。我們是唯一一家在立陶宛作為試點開始生產這種傳輸升壓器產品的公司，現在我們已經提到了我們獲得的 200 兆瓦合同。

We see that in, for example, in Germany. There's a large tender for moving energy from the north to the south, from the wind of the north to the south industrial area in the south of Germany. We're participating in that. So -- and we see very, very interesting demand for the transmission.

例如，我們在德國看到了這一點。有一個大型招標將能源從北方輸送到南方，從北風輸送到德國南部的南部工業區。我們正在參與其中。所以 - 我們看到對傳輸的非常非常有趣的需求。

Data centers in Belgium, I think that what we did with Google is fantastic. We all know that every single data center around the world has a diesel backup engine. And if we can replace that and replace the number of barrels of diesel and oil that is being burned during some of the unexpected events or may -- unexpected suspension of energy, interruption of energy, well, this is a fantastic product. So if we can also take advantage of that C&I customer and then we can expand that to other customers as well.

比利時的數據中心，我認為我們對 Google 所做的事情非常棒。我們都知道，世界各地的每個數據中心都有一個柴油備用引擎。如果我們可以替換它並替換在某些意外事件或可能發生的事件中燃燒的柴油和石油桶的數量 - 意外的能源中斷，能源中斷，那麼，這是一個了不起的產品。因此，如果我們也可以利用該 C&I 客戶，然後我們也可以將其擴展到其他客戶。

From Baird, we have George Gianarikas.

Baird 有 George Gianarikas。

First, you have a slide in your deck that talks about gaining market share. I'm curious as to whether you could help us paint a picture of what's happening out there with all the delays and projects and cell supply. What is the competitive dynamic like near term? And how do you see that evolving over the next couple of years?

首先，你的幻燈片中有一張關於獲得市場份額的幻燈片。我很好奇你是否可以幫助我們描繪出所有延誤、項目和電池供應的情況。近期的競爭動態如何？您如何看待未來幾年的發展？

Yes. Thank you very much, George, for your question. We mentioned in our previous call that -- and some of our presentations that our target is to be around 20% market share. We ended up, I would say, a little bit higher than that.

是的。非常感謝你，喬治，你的問題。我們在之前的電話會議中提到過——以及我們的一些演示文稿，我們的目標是佔據 20% 左右的市場份額。我們最終，我想說，比那高一點。

And I think that it has been a result of 2 things. One is that we have seen other competitors canceling or customers canceling contracts with our competitors. And also the lack -- the second element is the lack of availability of batteries.

我認為這是兩件事的結果。一是我們看到其他競爭對手取消或客戶取消與我們競爭對手的合同。還有缺乏——第二個因素是缺乏電池。

In some cases, it's not about the price. In some cases, it's about the supply that if you really can get enough batteries to move ahead with 1 or 2 projects in your pipeline. The fact that we secure extensive capacity, it helped us. So we haven't had any cancellations so far. And we're still delivering. With some delays, we're still delivering.

在某些情況下，這與價格無關。在某些情況下，如果您真的能夠獲得足夠的電池來推進您的管道中的 1 或 2 個項目，那麼這與供應有關。我們確保了廣泛的容量這一事實對我們有所幫助。所以到目前為止，我們還沒有任何取消。我們仍在交付。由於有些延遲，我們仍在交付。

So it speaks very highly about the quality of our contracts and counterparties. It's a very tight market. We don't know what's going to happen with the COVID situation in China, but we're still getting deliveries.

因此，它高度評價了我們的合同和交易對手的質量。這是一個非常緊張的市場。我們不知道中國的 COVID 情況會發生什麼，但我們仍在收到貨物。

There are 3 factories in China that are producing for us. So that also diversify a little bit the supply in our case. So we are not just relying on one factory, for example, in the Jiangsu province that it might be affected by the lockdowns.

在中國有 3 家工廠為我們生產。因此，在我們的案例中，這也使供應多樣化。因此，我們不僅僅依靠一家工廠，例如江蘇省的一家工廠，它可能會受到封鎖的影響。

May ask one follow-up to Dennis with regard to your Slide 22 and your gross margin projections for the next, it looks like, 2 years? Is that about a 1,000 basis point improvement that you're projecting over the next 2 years there? And also, you mentioned on the call that you expect breakeven in '24. I would assume that's with regards to EBITDA.

可能會就您的幻燈片 22 和您的下一個毛利率預測詢問丹尼斯的後續行動，看起來像 2 年？您預計在未來 2 年內會提高 1,000 個基點嗎？而且，您在電話會議上提到您希望在 24 年實現盈虧平衡。我認為這是關於 EBITDA 的。

That is correct. That's in regards to EBITDA. And certainly, if you sum up the numbers here, then you would somewhere be around 1,000 basis points as a total as outlined here. So that's the correct takeaway.

那是對的。這是關於 EBITDA 的。當然，如果您將這裡的數字加起來，那麼您將在某處大約 1,000 個基點作為此處概述的總數。所以這是正確的外賣。

From Goldman Sachs, we have Brian Lee.

來自高盛，我們有布賴恩·李。

Maybe, Dennis, just a follow-up to that. I was looking at the Slide 22 and trying to interpret some of the moving pieces here, 1,000 basis points. Can you kind of level set us? You're doing negative low single-digit gross margins. I think you had been talking about kind of getting to mid-single-digit positive gross margin exiting this year.

也許，丹尼斯，只是一個後續行動。我正在查看幻燈片 22 並試圖解釋這裡的一些移動部分，1000 個基點。你能設置我們的水平嗎？你正在做負的低個位數毛利率。我認為您一直在談論今年退出的中個位數的正毛利率。

Still -- is that still the baseline for exiting fiscal '22 and off of which we should be modeling that 1,000 basis points, i.e., you're talking about kind of mid-teens gross margin come fiscal '24 when you get to Gen 7 ramping?

仍然 - 這仍然是退出 22 財年的基準，我們應該在此基礎上建模 1,000 個基點，即，當您進入第 7 代時，您所說的是 24 財年的中期毛利率斜坡？

Yes. No, thanks for the question, Brian. And yes, let me clarify on that. So on the one side, for the remainder of the fiscal year, we're really focused on reducing this adverse margin impact and moving ourselves out of the negative gross profit zone.

是的。不，謝謝你的問題，布賴恩。是的，讓我澄清一下。因此，一方面，在本財年的剩餘時間裡，我們真正專注於減少這種不利的利潤率影響，並使自己擺脫負毛利區域。

So what you then see on the right side on the chart is basically based on the as-sold, which we had already over the last 12 months, 400 to 600 basis points. So that's really the starting point you can think about, which is then excluding adverse margin impact.

所以你在圖表右側看到的基本上是基於我們在過去 12 個月中已經售出的 400 到 600 個基點。所以這真的是你可以考慮的起點，然後排除不利的利潤影響。

So that's the one thing we need to tackle. No more adverse margin impact so that we are having that baseline start of 400 to 600 basis points. And then moving on top of that, these 4 steps with up to 300 basis points pricing and so on. So all that then comes together to a high single digits to low teens in the margin side of the products business.

所以這是我們需要解決的一件事。沒有更多不利的利潤率影響，因此我們的基線起點為 400 至 600 個基點。然後最重要的是，這 4 個步驟以高達 300 個基點的定價等等。因此，所有這些都在產品業務的利潤率方面達到了高個位數到低青少年。

Okay. That's super helpful. So something more like maybe, call it, 10% in fiscal '24 gross margin for just kind of using a midpoint. That's helpful.

好的。這非常有幫助。所以更像是，稱之為 24 財年毛利率的 10%，只是使用一個中點。這很有幫助。

And then I guess on -- I might have missed this, but you mentioned earlier in the call the pricing increases. Can you help quantify that a bit? And then when should we start to see those readout in terms of timing?

然後我猜——我可能錯過了這個，但你在電話會議的前面提到了價格上漲。你能幫我量化一下嗎？然後我們應該什麼時候開始看到這些讀數的時間？

And then maybe just lastly, it seems like the margins are going to get helped by pricing a lot and by some of these nonrecurring -- or sorry, yes, nonrecurring charges going away. But can you give us a sense of how much of your costs are kind of fully locked in for this outlook, this margin trajectory outlook? And then what percent is maybe still variable? I'm just trying to get a sense of what potential risk still lies in the margin view here?

然後也許就在最後，似乎通過定價和其中一些非經常性費用來幫助利潤率 - 或者抱歉，是的，非經常性費用消失。但是，您能否讓我們了解您的成本有多少完全鎖定在這種前景、這種利潤率軌跡前景中？然後百分之多少可能仍然是可變的？我只是想了解這裡的保證金視圖中仍然存在哪些潛在風險？

Yes. Thank you, Brian. First, we have been able to increase our prices between 15% to 25%. And the good news is that no cancellations after those price changes. That's one element of your question.

是的。謝謝你，布賴恩。首先，我們能夠將價格提高 15% 到 25%。好消息是這些價格變化後不會取消。這是你問題的一個要素。

The second is that, okay, what about those contracts that are already signed, and they're already in our backlog. And we're having a very honest and friendly conversation with customers around the world because this is a long-term relationship. And they want us to stay supplying and providing more and more applications to them. So we're having conversations with them.

第二個是，好的，那些已經簽署的合同呢？它們已經在我們的積壓中了。我們正在與世界各地的客戶進行非常誠實和友好的對話，因為這是一種長期的關係。他們希望我們繼續為他們提供和提供越來越多的應用程序。所以我們正在與他們進行對話。

In some cases, we are going back and try to come up with an agreement to increase some of those prices. And we have been successful in those -- in some of those conversations.

在某些情況下，我們會回去嘗試達成協議以提高其中一些價格。我們在這些方面取得了成功——在其中一些對話中。

And I think that the fact that we haven't had any cancellations so far, it speaks that even with the price increases, they still want to keep working with us. And they see us as a long-term partner.

而且我認為到目前為止我們還沒有取消任何取消的事實，這說明即使價格上漲，他們仍然希望繼續與我們合作。他們將我們視為長期合作夥伴。

And Brian, for the kind of margin expansion outlook, it's really key to go to the RMI-based pricing for us. So that means that having the same variability in our pricing to the customers as it may be happening to the underlying cost curve. So that's really the risk mitigation measure, which we have put in place there.

布賴恩，對於那種利潤率擴張前景，對我們來說，採用基於 RMI 的定價真的很關鍵。因此，這意味著我們對客戶的定價具有與潛在成本曲線相同的可變性。這就是我們在那裡實施的風險緩解措施。

From Bank of America, we have Julien Dumoulin-Smith.

在美國銀行，我們有 Julien Dumoulin-Smith。

So maybe just following on Brian's question here a moment ago, just to keep going here. On the back half of the year, how do you think about these timing-related issues just Chinese logistics improving?

所以也許只是在剛才關注Brian 的問題，只是為了繼續在這裡。下半年，您如何看待中國物流改善的這些與時間相關的問題？

Just you talk about being back half-weighted. It seems that maybe third quarter is still somewhat impacted by, I think, as you termed it, these nonrecurring items, be it logistics from China or otherwise. And it's really looking towards the fourth quarter exit run rate.

只是你說的是減重。我認為，正如您所說，似乎第三季度仍然受到這些非經常性項目的影響，無論是來自中國的物流還是其他。它真的在關注第四季度的退出運行率。

Can you try to tie that 10% margin, say, by '24 back to how you see that exit by '22? And also how much of an ongoing impact you see in the third quarter here from some of these transient items?

您能否嘗試將 10% 的保證金（例如，到 24 年）與您對 22 年退出時的看法聯繫起來？您還從這些臨時項目中看到第三季度的持續影響有多大？

Right. So let me first talk about on the revenue side, Julien, before I go to the margin side. On the revenue side, keep in mind that we pulled forward some of the revenue from the third quarter into the second quarter. And then of course, now it's also the topics about the China lockdowns and the production topics there. So that means that's pushing revenue from the third quarter into the fourth quarter.

正確的。所以讓我先談談收入方面，朱利安，然後再談邊際方面。在收入方面，請記住，我們將第三季度的部分收入提前到了第二季度。當然，現在也是關於中國封鎖和那裡的生產話題的話題。這意味著這將把第三季度的收入推到第四季度。

So that's really driving the back-end weighting of the revenue in the second half year. And then on the margin side, really, we are focused here on pushing to reduce the adverse margin impact in the second half of the year. But overall, we expect that the GAAP gross profit will still stay negative in the second half and for the full fiscal year and then pushing towards low and mid-single digits in '23 and from there going into the high singles in the fiscal year '24.

因此，這確實推動了下半年收入的後端權重。然後在利潤率方面，實際上，我們在這裡專注於推動減少下半年的不利利潤率影響。但總體而言，我們預計 GAAP 毛利潤在下半年和整個財年仍將保持負數，然後在 23 年向中低個位數推進，並從那裡進入本財年的高單數。 24.

Got it. Yes. So I'm just -- and can you talk a little bit more about how this force majeure is sort of cascading through to your customers and sort of the LDs, right? So just ultimately, how does that impact your margins there on that side again? How does that flow through the income statement in kind of a similar way from your suppliers?

知道了。是的。所以我只是 - 你能多談談這種不可抗力是如何影響到你的客戶和一些 LD 的，對嗎？因此，最終，這將如何再次影響您在那邊的利潤率？您的供應商如何以類似的方式在損益表中流動？

Yes. Julien, yes, first is that on the force majeure, it has been that in some cases, our battery manufacturers, they issue the force majeure, and then what we're doing is just doing the same. We are translating that force majeure event to our customers.

是的。朱利安，是的，首先是不可抗力，在某些情況下，我們的電池製造商會發出不可抗力，然後我們正在做的只是做同樣的事情。我們正在將不可抗力事件傳達給我們的客戶。

That just had happened so far in 3 -- with 3 customers in 3 contracts. So it's not, I would say, across the board. And the fact that it has been a reduction in the supply from China but not an interruption, which is very good news. And I mentioned about that we -- that they are producing for us in 3 different location storage. It help us to also diversify that the lockdowns are not affecting every single factory, manufacturing facility in China. So that is an important element. I don't know, Dennis, you want to add?

到目前為止，這僅發生在 3 份合同中，3 份合同中有 3 名客戶。所以我想說，這不是全面的。事實上，中國的供應減少了，但沒有中斷，這是一個非常好的消息。我提到過我們——他們在 3 個不同的存儲位置為我們生產。它還幫助我們實現多樣化，即封鎖不會影響中國的每一家工廠和製造設施。所以這是一個重要的因素。我不知道，丹尼斯，你想補充嗎？

Yes, really like, Julien, to the question of the P&L side. I mean at the end, the force majeure is there to protect and just a contractual basis for not having liquidated damages. So our expectation is to not see that in the P&L for that battery production reason.

是的，Julien 非常喜歡損益方面的問題。我的意思是最後，不可抗力是為了保護，並且只是沒有違約賠償金的合同基礎。因此，我們的期望是不會因為電池生產原因而在損益表中看到這一點。

Yes. Julien, I would add also that -- and this speaks very highly about our teams and the engineering teams and the commissioning teams around the world that we put in operation 10 projects already, and it's -- and we also -- we closed the gap that we had delays in the last quarter last year. We had delays in the first quarter this year. So we caught up everything.

是的。朱利安，我還要補充一點——這高度評價了我們的團隊、工程團隊和世界各地的調試團隊，我們已經投入了 10 個項目，而且我們也縮小了差距我們在去年最後一個季度出現了延誤。我們在今年第一季度出現了延誤。所以我們趕上了一切。

So now that's -- it's a tremendous effort given all the headwinds. So it's -- I really want to thank the teams are working so hard to make that happen. So that -- it means that our technology is working. We're fixing the issues, and we're moving ahead. So that's a very good news.

所以現在這是 - 考慮到所有不利因素，這是一項巨大的努力。所以它 - 我真的要感謝團隊正在努力實現這一目標。所以——這意味著我們的技術正在發揮作用。我們正在解決問題，我們正在繼續前進。所以這是一個非常好的消息。

From Wolfe Research, we have David Peters.

我們有來自 Wolfe Research 的 David Peters。

Just curious on the Nispera acquisition. You said you expect that to be EBITDA-accretive in '24. But I was just curious if you can give us a sense of sort of the revenue contribution, if any, in '22 and then into '23. Any sense on like the revenue per megawatt for that 8 gigawatts that they have under contract?

只是對 Nispera 的收購感到好奇。您說您希望這將在 24 年增加 EBITDA。但我只是好奇你能否讓我們了解一下 22 年和 23 年的收入貢獻（如果有的話）。對他們簽訂的 8 吉瓦的每兆瓦收入有何意義？

Let me go first on the revenue on the modeling side and then maybe have Seyed say a bit more on the second part of that question. Think about it for us when we -- just taking 1 step back here, not going into specific numbers here.

讓我先談談模特方面的收入，然後讓 Seyed 就該問題的第二部分多說一點。當我們在這里為我們考慮一下 - 只是退後一步，而不是在這裡討論具體數字。

This acquisition, as Seyed outlined in his part of the remarks, it was really to solidify our path towards the manage app and to secure basically the existing business plan, which we put out as part of the IPO process and modeling. On that regard, this EBITDA-accretive, it's really kind of that contribution of the business, but I really want to also clarify that at the end, this acquisition is there to secure the business plan, which we have already put forward. And that's what we are focused on is to make sure with this acquisition. And then please, Seyed, maybe additional thoughts from your side.

正如 Seyed 在他的部分評論中所概述的那樣，這次收購確實是為了鞏固我們通向管理應用程序的道路，並基本上確保現有的業務計劃，這是我們作為 IPO 流程和建模的一部分推出的。在這方面，這種 EBITDA 增值，確實是業務的貢獻，但我真的想最後澄清一下，這次收購是為了確保我們已經提出的業務計劃。這就是我們關注的重點是確保這次收購。然後拜託，賽義德，也許你身邊的其他想法。

Sure. Thank you. Great question. So Nispera, the reason we're super excited about it, as Dennis mentioned, it really pulls forward our plan to execute on our digital strategy, which is to really pull forward a couple of applications, including the manage application. So Nispera is spot on in that regard, and it really fits our 3 main criteria that we've been talking about throughout these calls, which is technology agnosticism, portfolio optimization and really having an overview of predictive analytics.

當然。謝謝你。好問題。所以 Nispera，正如丹尼斯所說，我們對此感到非常興奮的原因是，它確實推動了我們執行數字戰略的計劃，即真正推動幾個應用程序，包括管理應用程序。所以 Nispera 在這方面是正確的，它確實符合我們在整個電話會議中一直在討論的 3 個主要標準，即技術不可知論、投資組合優化以及對預測分析的真正概述。

What's really also important and exciting about Nispera is the scalability of the product. As you know, with Fluence IQ's bidding application, we're expanding markets one by one. And we're really dealing with the intricacies and complexities of wholesale market, which is totally our kind of a strength that we bring to the table.

Nispera 真正重要和令人興奮的是產品的可擴展性。如您所知，通過 Fluence IQ 的競價應用，我們正在一一拓展市場。我們真的在處理錯綜複雜的批發市場，這完全是我們帶來的一種優勢。

But within Nispera, given the scalability of the product, it's one product globally. We have a strong presence now in EMEA, Americas and APAC with this product. And we continue to grow it. In terms of if there's questions around particular ASPs, we've talked about the ASPs for Fluence IQ. We've given the range on Nispera, may fall on the lower end of that range, but the volume and the throughput and the scalability is really a strong factor.

但在 Nispera 內部，考慮到產品的可擴展性，它是一種全球性的產品。我們現在憑藉這款產品在 EMEA、美洲和亞太地區擁有強大的影響力。我們繼續發展它。關於是否有關於特定 ASP 的問題，我們已經討論了 Fluence IQ 的 ASP。我們已經給出了 Nispera 的範圍，可能會落在該範圍的下限，但容量、吞吐量和可擴展性確實是一個重要因素。

Perfect. And then the other question I just had was just on the elongated revenue recognition timeline. You guys are calling this the new normal. Just curious if you could specifically dive into what's driving this? Is it shipping? Is it battery availability that you've talked to? And then, I mean, do you see a path to potentially get back to that initial timeline that you guys initially pointed to?

完美的。然後我剛剛提出的另一個問題是關於延長的收入確認時間表。你們稱之為新常態。只是好奇您是否可以專門深入研究導致這種情況的原因？是運費嗎？你談過電池的可用性嗎？然後，我的意思是，你是否看到了一條可能回到你們最初指出的初始時間線的路徑？

Yes, no, thanks for that clarifying question there. In general, it's really the broader topics, what we see in the supply chain. I mean, it's not really related to just one component. But then overall, we are seeing that supply chains having their difficulties from component sides to the shipping side, what you're mentioning.

是的，不，感謝那裡的澄清問題。總的來說，這真的是更廣泛的主題，我們在供應鏈中看到的。我的意思是，它與一個組件並沒有真正的關係。但總的來說，我們看到供應鏈從組件端到運輸端都遇到了困難，正如你所提到的。

So that's really -- we are factoring that in to the way how we contract with our customers and is there a way back? Yes, absolutely. But we just wanted to make sure that there's an understanding that this is not a near-term thing. I mean, if you look out what's happening globally around supply chain, it just doesn't look like it's going to swing. So therefore, we wanted to provide this clarification. And could it become better? Yes, again absolutely.

所以那是真的 - 我們正在考慮我們與客戶簽訂合同的方式，有沒有回頭路？是的，一點沒錯。但我們只是想確保人們理解這不是近期的事情。我的意思是，如果你看看全球供應鏈正在發生什麼，它看起來並不會搖擺不定。因此，我們希望提供此說明。它會變得更好嗎？是的，再次絕對。

Yes. And David, we mentioned this in our previous earnings call. Remember that the shipping times, they change it from the pre-COVID times of -- from Asia to the West Coast of the U.S. They changed it from 8 days to 3 weeks. So that is something that's still there. The port congestions are still there. So as we -- and this is just 2 factors, and there are others about components availability and a little bit of higher-than-normal faulty rates on some of the equipment that we're receiving. And those are also as a result of everything that we're seeing happening.

是的。大衛，我們在之前的財報電話會議中提到了這一點。請記住，運輸時間是從 COVID 之前的時間——從亞洲到美國西海岸，他們從 8 天改為 3 週。所以那是仍然存在的東西。港口擁堵依然存在。因此，對於我們來說，這只是兩個因素，還有其他因素與組件可用性以及我們收到的某些設備的故障率高於正常水平有關。這些也是我們所看到的一切的結果。

And this is not just our industry, it's in every single industry. So yes, I -- personally, I have no doubt that the world will get back to normal, and those challenges will be solved and mitigated. But it's a matter of how much time it will take the different supply chains and the realignment that we're seeing around the world from the globalization into a regionalization.

這不僅是我們的行業，每個行業都如此。所以是的，我——就個人而言，我毫不懷疑世界將恢復正常，這些挑戰將得到解決和緩解。但問題在於，不同的供應鏈以及我們在世界各地看到的從全球化到區域化的重新調整需要多長時間。

The other element that might help, it is that if we are going to see a reduction in the demand, well, this current imbalance, it will essentially change, and it can change really fast. I don't know what you're seeing on the overall macroeconomic environment. But if we see as a small slowdown in economic activity, we will see a kind of a reduction in demand that it will certainly help in that regard.

另一個可能有幫助的因素是，如果我們要看到需求減少，那麼，目前的不平衡，它會從根本上改變，而且會改變得非常快。我不知道你對整體宏觀經濟環境的看法。但是，如果我們看到經濟活動出現小幅放緩，我們就會看到需求減少，這在這方面肯定會有所幫助。

From Tuohy Brothers, we have Craig Shere.

來自 Tuohy Brothers，我們有 Craig Shere。

The gross margin improvement sequentially was certainly nice to see. And then, of course, you've got ongoing price increases you're rolling out. But the G&A, excluding stock-based comp, seemed to stairstep pretty hard in the quarter, and that weighed on the total adjusted EBITDA. What should we expect for ongoing trends in that G&A ex stock-based comp? And how volatile can that be quarter-to-quarter?

毛利率的連續提高當然很高興看到。然後，當然，您正在推出持續的價格上漲。但不包括基於股票的補償的 G&A 在本季度似乎步履蹣跚，這對調整後的 EBITDA 總額造成了壓力。對於 G&A ex 股票組合的持續趨勢，我們應該期待什麼？季度到季度的波動性有多大？

Yes. No, thanks for the question. So on the G&A side, I mean, on the one side, we ramped up the revenue, almost doubled the revenue compared to the previous quarter. And when you think about full year guidance compared to last year, there's almost also a doubling in that number there but less than doubling.

是的。不，謝謝你的問題。所以在 G&A 方面，我的意思是，一方面，我們增加了收入，與上一季度相比，收入幾乎翻了一番。當您考慮與去年相比的全年指導時，該數字幾乎也翻了一番，但不到一倍。

In that regard, we are pulling the G&A in line with the growth increase, and we have been really pushing on the organization expansion in the first quarter as well as in the second quarter. But we feel now that we have kind of also reached a level of organizational strength, which kind of gears up to that level of volume.

在這方面，我們正在根據增長增長拉動 G&A，並且我們一直在第一季度和第二季度真正推動組織擴張。但我們現在覺得我們也達到了一定程度的組織實力，這種能力可以達到那種水平。

So therefore, we are not expecting a similar kind of increase on the G&A side in the third and the fourth quarter. A bit still in the third quarter with additional people added, certainly maybe it's still a little bit higher, but definitely not in that step increase level as you have seen it over the last 2 quarters.

因此，我們預計第三季度和第四季度的 G&A 方面不會出現類似的增長。在第三季度還有一點點增加了額外的人，當然可能它仍然有點高，但絕對不是你在過去兩個季度看到的那樣一步增加的水平。

So we're getting close to a relatively steady state rate, say, the third quarter G&A can last you into, say, next fiscal year as a run rate?

所以我們正在接近一個相對穩定的狀態利率，比如說，第三季度的 G&A 可以持續到下一個財政年度嗎？

I mean, maybe if you take it, if you think about it on a percentage of revenue, I think that's a better comparison because consider that we are still on a growth trajectory also throughout fiscal year '23. But certainly, overall, much more focused at this stage on profitability.

我的意思是，如果你接受它，如果你考慮收入的百分比，我認為這是一個更好的比較，因為考慮到我們在整個 23 財年仍然處於增長軌跡。但可以肯定的是，總體而言，現階段更關注盈利能力。

And it's very clear for us that we are focusing on moving towards a breakeven point. But that still means that if we are having top line growth, we still need to scale the organization accordingly, but definitely not in that sense to further increase in terms of a percent of revenue. And that should actually should come down over the next couple of quarters. So maybe in short, absolutely, it may still increase. On a percentage basis, it will decrease.

對我們來說很清楚，我們正專注於走向盈虧平衡點。但這仍然意味著，如果我們有收入增長，我們仍然需要相應地擴大組織規模，但絕對不是在這個意義上進一步增加收入百分比。這實際上應該在接下來的幾個季度中下降。所以也許簡而言之，絕對地，它可能仍然會增加。按百分比計算，它將減少。

From Raymond James, we have Pavel Molchanov.

來自雷蒙德詹姆斯，我們有帕維爾莫爾查諾夫。

You referenced REPowerEU. In that context, have you noticed any increase in incoming calls, customer activity since the time the war started?

您引用了 REPowerEU。在這種情況下，您是否注意到自戰爭開始以來來電和客戶活動有所增加？

Yes. I mean, first, thank you very much, Pavel. Yes, there's no doubt about it. I mean, there's a very strong interest. We are the market leaders in Europe, and that's good. We are the market leaders, not just in volume. We are the market leaders also in applications. And they see what is happening in Ireland, what we have done in Portugal, what we've achieved in Belgium, the Lithuania case that -- our participation in Germany. So our brand is there, top of mind.

是的。我的意思是，首先，非常感謝你，帕維爾。是的，毫無疑問。我的意思是，有一種非常強烈的興趣。我們是歐洲的市場領導者，這很好。我們是市場領導者，而不僅僅是數量。我們也是應用領域的市場領導者。他們看到了愛爾蘭正在發生的事情，我們在葡萄牙所做的事情，我們在比利時取得的成就，立陶宛的案例——我們在德國的參與。所以我們的品牌在那裡，最重要的是。

The solutions are there, and the interest is very, very high. I mean, if you just talk to every single country, every single customer is really thinking about how the European community can really assure that they can keep growing and operating as an economic ecosystem in a much better position in terms of energy, independency and self-reliance.

解決方案就在那裡，人們的興趣非常非常高。我的意思是，如果你只與每一個國家交談，每一個客戶都在真正思考歐洲共同體如何才能真正確保他們能夠作為一個經濟生態系統繼續增長和運作，在能源、獨立性和自我方面處於更好的位置-依賴。

And we are demonstrating every one of them that with energy storage and our software and controls and the quality of our response time, they can make that happen. And we all can make that happen.

我們正在向每個人展示，通過儲能、我們的軟件和控制以及我們響應時間的質量，他們可以實現這一目標。我們都可以做到這一點。

Yes. Understood. And are there any additional logistics issues in terms of installing or delivering your product to Europe that have been affected by the war as far as increased costs, anything along those lines?

是的。明白了。在安裝或將您的產品運送到歐洲方面是否存在任何其他物流問題，這些問題受到戰爭的影響，以及成本增加，有什麼類似的嗎？

No, nothing that is really significant. There might be some components, I mean, [I saw] raw materials that used to come from Russia, and they are not available anymore. But nothing material. And in terms of the localization in Europe, Rebecca, you want to mention about our contract manufacturing process in Europe, how that's going and then the relationship with Northvolt, which is very exciting about how we're going to be localizing and codesigning with Northvolt, our offerings in Europe?

不，沒有什麼是真正重要的。可能有一些組件，我的意思是，[我看到]曾經來自俄羅斯的原材料，現在已經買不到了。但沒有什麼實質性的。關於歐洲的本地化，Rebecca，你想談談我們在歐洲的合同製造流程，這是如何進行的，然後是與 Northvolt 的關係，這對於我們將如何與 Northvolt 進行本地化和協同設計非常令人興奮，我們在歐洲的產品？

Sure, very quickly. So more than a year ago, we announced our partnership with Northvolt. We have engineering teams that work together to design the product.

當然，很快。因此，一年多前，我們宣布與 Northvolt 建立合作夥伴關係。我們有工程團隊共同設計產品。

The product is at a very near state of readiness to launch for a complete sale. And we actually do have our sales teams in Europe talking to customers about our Gen 6 solution with Northvolt as a key part of it. So we're at that stage where we're engaging customers in it.

該產品處於非常接近準備推出完整銷售的狀態。實際上，我們確實讓我們在歐洲的銷售團隊與客戶討論了我們的第 6 代解決方案，其中 Northvolt 是其中的關鍵部分。所以我們正處於讓客戶參與其中的階段。

Part of the plan there is to manufacture it in Europe as well. And that manufacturer has also been selected, and we're working on the specs of how that product will get designed and created in that factory. In early 2023, that manufacturing will come to fruition. So all great progress there to have that footprint in Europe.

該計劃的一部分也是在歐洲製造。該製造商也已被選中，我們正在研究如何在該工廠設計和製造該產品的規格。到 2023 年初，該製造將取得成果。因此，在歐洲取得這一足蹟的所有重大進展。

Got it.

知道了。

And Pavel, let me take the opportunity to also to mention we are building a magnificent ecosystem. I mean, we're right now combining all our 3 business lines. We have 20 gigawatts. And this is a platform that is with the acquisition of Nispera, where the new applications that are coming with the services, the data-driven services, the value that we're creating for our customers and the value of the platform is significant.

還有 Pavel，讓我藉此機會還提到我們正在建立一個宏偉的生態系統。我的意思是，我們現在正在合併我們所有的 3 條業務線。我們有 20 吉瓦。這是一個與 Nispera 一起收購的平台，其中的新應用程序與服務、數據驅動的服務、我們為客戶創造的價值以及平台的價值是顯著的。

And we keep expanding the ecosystem. And it's -- overall, I see that the customers are really appreciating how much we are helping them and how much value we're creating for them.

我們不斷擴大生態系統。總的來說，我看到客戶真的很感激我們為他們提供了多少幫助以及我們為他們創造了多少價值。

We will now turn it back to Lex May for closing comments.

我們現在將其轉回 Lex May 以結束評論。

Thank you, everyone, for your participation on today's call. If you have further questions, please feel free to contact me. We look forward to talking with you again when we report our third quarter results. Have a good day.

謝謝大家參與今天的電話會議。如果您還有其他問題，請隨時與我聯繫。我們期待在報告第三季度業績時再次與您交談。祝你有美好的一天。

Thank you. Ladies and gentlemen, this concludes today's conference. Thank you for joining. You may now disconnect.

謝謝你。女士們，先生們，今天的會議到此結束。感謝您的加入。您現在可以斷開連接。