普拉格能源 (PLUG) 2020 Q1 法說會逐字稿

Greetings, and welcome to the Plug Power First Quarter 2020 Earnings Conference Call. (Operator Instructions)

您好，歡迎參加 Plug Power 2020 年第一季財報電話會議。 （操作員說明）

As a reminder, this conference is being recorded. It's now my pleasure to introduce your host, Teal Hoyos. Please go ahead, Teal.

提醒一下，本次會議正在錄製中。現在我很高興向大家介紹你們的主人，Teal Hoyos。請繼續，蒂爾。

Thank you. Good afternoon, and welcome to the Plug Power 2020 First Quarter Earnings Call. This call will include forward-looking statements. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We believe that it is important to communicate our future expectations to investors. However, investors are cautioned not to unduly rely on forward-looking statements because they involve risks and uncertainties, and actual results may differ materially from those discussed as a result of various factors, including, but not limited to, risks and uncertainties discussed under Item 1A, Risk Factors, in our annual report on Form 10-K for the fiscal year ending December 31, 2019, as well as other reports we file from time to time with the SEC.

謝謝。下午好，歡迎參加 Plug Power 2020 年第一季財報電話會議。此次電話會議將包括前瞻性陳述。我們希望這些前瞻性聲明受到 1933 年《證券法》第 27A 條和 1934 年《證券交易法》第 21E 條所載前瞻性陳述安全港條款的保護。我們認為，傳達我們的觀點非常重要。對投資者未來的期望。然而，投資者應注意不要過度依賴前瞻性陳述，因為它們涉及風險和不確定性，實際結果可能由於各種因素而與討論的結果存在重大差異，包括但不限於第1 項中討論的風險和不確定性。1A，風險因素，在我們截至 2019 年 12 月 31 日的財政年度的 10-K 表格年度報告以及我們不時向 SEC 提交的其他報告中。

These forward-looking statements speak only as of the day in which they were made, and we do not undertake or intend to update any forward-looking statements after this call.

這些前瞻性陳述僅代表作出之日的情況，我們不承擔或打算在本次電話會議後更新任何前瞻性陳述。

At this point, I would like to turn the call over to Plug Power's CEO, Andy Marsh.

現在，我想將電話轉給 Plug Power 的執行長 Andy Marsh。

Good afternoon, everyone, and thank you for joining the first quarter Plug Power conference call. Our shareholder letter issued today provides highlights for the quarter and our prospects for the coming year. Let me just start by reminding you of a few highlights in the letter. Like most organizations, we place the safety of our employees first. Our field technicians and manufacturing workers have been engaged supporting our essential customers every day. Our engineering administrators have become quite effective working from home. A recent survey of our employees indicate 98% were well informed about our safety measures and 95% agree with the steps we have taken as a management team. We have been ahead of the curve in protecting employees while serving our customers.

大家下午好，感謝您參加第一季 Plug Power 電話會議。我們今天發布的股東信提供了本季度的亮點以及我們對來年的前景。首先讓我提醒您這封信中的一些要點。與大多數組織一樣，我們將員工的安全放在第一位。我們的現場技術人員和製造工人每天都致力於為我們的重要客戶提供支援。我們的工程管理員在家工作變得非常有效率。最近對我們員工的一項調查表明，98% 的員工充分了解我們的安全措施，95% 的員工同意我們作為管理團隊所採取的步驟。我們在保護員工和服務客戶方面一直處於領先地位。

The work in supporting our essential customers in food retails and Internet sales has been stellar. Our business is essential in distributing retail food in the U.S. During the crisis, more than 30% of the food on people's table in the United States moved through Plug Power's products. We've also seen a seasonal increase for Internet retail customers. With this increased workload, we have been able to keep our uptime at our customer's site to well over 99%. This crisis has highlighted the value of our solution, what it brings to customers. And during the past quarter, we've seen unforeseen orders that accelerate deployments with some of these customers. This allows us to comfortably reiterate our guidance of $300 million in gross bookings for the year and $20 million in EBITDA. I also believe we are in a sector that will remain successful during and post this crisis. I and many others believe online shopping will accelerate as a result this experience, a segment our solutions brings the most value.

我們在食品零售和互聯網銷售方面為重要客戶提供支援的工作非常出色。我們的業務對於美國零售食品的分銷至關重要。在危機期間，美國人們餐桌上超過 30% 的食品都是透過 Plug Power 的產品運輸的。我們也看到網路零售客戶的季節性成長。隨著工作量的增加，我們能夠將客戶站點的正常運作時間保持在 99% 以上。這場危機凸顯了我們解決方案的價值以及它為客戶帶來的價值。在過去的季度中，我們看到了意外的訂單，這些訂單加速了其中一些客戶的部署。這使我們能夠放心地重申今年預訂總額 3 億美元和 EBITDA 2000 萬美元的指引。我還相信，我們所處的產業在這場危機期間和危機後仍將保持成功。我和其他許多人都相信，線上購物將加速這種體驗，這是我們的解決方案帶來最大價值的部分。

Also, we continue to execute on our 5-year plan. We've released a high-power 125-kilowatt stack, well positions Plug for on-road and large-scale backup power markets. Even during these unusual times, discussion and some testing continues. As you can imagine, we're quite excited about our plans as we execute on our hydrogen strategy, that was laid out at the Plug Power Symposium this past September.

此外，我們繼續執行我們的五年計劃。我們發布了高功率 125 千瓦電池堆，為公路和大規模備用電源市場提供了良好的定位。即使在這些不尋常的時期，討論和一些測試仍在繼續。正如您可以想像的那樣，當我們執行去年 9 月在 Plug Power 研討會上製定的氫戰略時，我們對我們的計劃感到非常興奮。

Today, we announced the pending transaction to acquire United Hydrogen. United Hydrogen operates a low-carbon 6.5-ton liquid hydrogen plant today that will soon be expanded to 10-ton. This represents 25% of our hydrogen usage by year-end and will support improvements in our hydrogen margins. We also have a letter of intent to acquire an electrolyzer company. We plan to build this business into one of the leading electrolyzer companies in the world. If you recall, only a few years ago, Plug took a massive MEA company that is now the largest manufacturers of MEAs in the world. We plan to do the same with this acquisition.

今天，我們宣布了收購 United Hydrogen 的待決交易。 United Hydrogen 目前營運一座 6.5 噸低碳液氫工廠，很快將擴建至 10 噸。這占我們年底氫氣使用量的 25%，並將支持提高我們的氫氣利潤。我們還有一份收購電解槽公司的意向書。我們計劃將該業務打造成世界領先的電解槽公司之一。如果你還記得，就在幾年前，Plug 收購了一家大型 MEA 公司，該公司現在是世界上最大的 MEA 製造商。我們計劃對此次收購採取同樣的做法。

Finally, you may have seen that Generate Capital, our primary debt provider, has doubled our line of credit while simultaneously dropping our interest rates by 3.5%. This is a testimony that a debt provider that knows the company well in these incredibly difficult times recognize that Plug Power will continue to thrive and is willing to take these unusual success steps to support the continued growth of Plug Power. Paul and I are now more than happy to take your questions.

最後，您可能已經看到我們的主要債務提供者Generate Capital 將我們的信貸額度增加了一倍，同時將我們的利率降低了3.5%。這證明，在這個極其困難的時期，熟悉公司的債務提供者認識到 Plug Power 將繼續蓬勃發展，並願意採取這些不尋常的成功步驟來支持 Plug Power 的持續成長。保羅和我現在非常樂意回答您的問題。

(Operator Instructions) Our first question today is coming from Colin Rusch from Oppenheimer.

（操作員說明）今天我們的第一個問題來自奧本海默的 Colin Rusch。

Well done on the execution this quarter. So the first question is really about the guidance. Obviously, you guys had some pretty great -- pretty good visibility coming out of the fourth quarter into revenue this year. So I wanted to get an update on the mix of customers underlying that guidance, and the sort of visibility you have to support that from an order perspective at this point.

本季執行情況良好。所以第一個問題其實是關於指導的。顯然，你們對今年第四季的營收有相當好的了解。因此，我想了解該指南背後的客戶組合的最新信息，以及此時從訂單角度必須支援的可見性。

Sure, Colin. So at the moment, we have $290 million of the $300 million [in-house]. So we're very, very comfortable with the guidance. To give you a feel, usually, at this time, it's about 75% of what we expect. What we've seen since the last call is there has been somewhat a change, I'll say, in the mix. I mentioned that food retail and as well as Internet retail, that we have received new orders during the first quarter. While we see a slowdown, not a cancellation but a slowdown of deployment for some of our auto companies that we do business with, which is not surprising. So we have a great deal of visibility and a great deal of confidence in the numbers. And just when I look at the funnel to allow us to close the $10 million gap, the confidence level is, fair to say, extremely high.

當然，科林。因此，目前 3 億美元中我們有 2.9 億美元[內部]。所以我們對指導非常非常滿意。給大家感受一下，通常這個時候，大約是我們預期的75%左右。我想說，自從上次通話以來，我們看到混合方面發生了一些變化。我提到食品零售以及網路零售，我們在第一季收到了新訂單。雖然我們看到一些與我們有業務往來的汽車公司的部署速度放緩，但不是取消，而是部署放緩，這並不奇怪。因此，我們對這些數字有很大的了解和信心。當我看到漏斗圖讓我們能夠縮小 1000 萬美元的差距時，公平地說，信心水平非常高。

Perfect. And then looking at the balance sheet, it's good to see some additional liquidity there and flexibility. Obviously, you guys have a certain amount of restricted cash still on the book. Can you talk a little bit about your options for reducing that level of restricted cash? And how much progress you've made on moving that forward?

完美的。然後看看資產負債表，很高興看到那裡有一些額外的流動性和靈活性。顯然，你們帳上還有一定數量的受限現金。能否談談減少限制性現金水準的選擇？您在這方面取得了多少進展？

Sure, Colin. I'm going to let Paul take that question. Paul?

當然，科林。我將讓保羅回答這個問題。保羅？

Sure, Andy. And thanks, Colin. I think -- well, the good news is, as we've disclosed previously, we've signed into a much more robust and a better structure with one of the key customers that these program financings are associated with. And now we're already making significant progress in that we get 70%, 80% of the cash day 1 in those transactions.

當然，安迪。謝謝，科林。我認為——好消息是，正如我們之前所披露的那樣，我們已經與這些計劃融資相關的關鍵客戶之一簽署了一個更強大、更好的結構。現在我們已經取得了重大進展，我們在這些交易中獲得了第一天現金的 70%、80%。

There's still some of it that gets set aside that we kind of equate to the long-term service piece. But the majority of the proceeds are available to us day 1. And I think what you're going to see -- and even new customers that we're working with, we've got structures that we're using that are kind of like vendor financing programs where we're getting -- going to get the majority of that cash upfront, too. So I think you're definitely going to see that number come down over the near term. With the offset of that fact that there will be some incremental layers just as we do more programs. And since most of the customers, including those in the PPA program, continue to grow their scope, there will be some upward amounts. But in general, we're in a much better position today with these structures and continue to make progress on putting forth structures that get us the majority of the cash as we close these transactions.

仍然有一些被擱置，我們將其等同於長期服務。但大部分收益都可以在第一天提供給我們。我想你會看到什麼——甚至是我們正在合作的新客戶，我們正在使用的結構是一種就像我們正在進行的供應商融資計劃一樣，我們也將預先獲得大部分現金。所以我認為你肯定會在短期內看到這個數字下降。事實是，隨著我們做更多的程序，將會有一些增量層。由於大多數客戶（包括 PPA 計劃中的客戶）不斷擴大其範圍，因此金額將會增加。但總的來說，我們今天在這些結構上處於更好的位置，並且在建立結構方面繼續取得進展，這些結構使我們在完成這些交易時能夠獲得大部分現金。

Okay. That's helpful. And then the final one, obviously, you're not disclosing terms around these acquisitions, but just the fact that you're getting close. Can you give us a sense of order of magnitude and plans around financing those? Obviously, your public currency has had a pretty good run, but are you expecting to do this with all cash? Are you expecting to do it with all equity? Give us a sense of kind of your optionality and thought process at this point.

好的。這很有幫助。最後一個，顯然，你並沒有披露這些收購的條款，而只是披露你正在接近的事實。您能否讓我們了解一下融資的規模和計畫？顯然，您的公共貨幣運作得相當不錯，但您是否希望用所有現金來做到這一點？您是否期望以全部權益來做到這一點？讓我們了解您此時的選擇和思考過程。

So I think, Colin, it's fair to say that obviously, these transactions have not closed yet. But I think it's fair to say that it will be a combination of cash, shares as well as debt.

所以我認為，科林，可以公平地說，這些交易顯然還沒結束。但我認為可以公平地說，這將是現金、股票和債務的組合。

Our next question today is coming from Jeff Osborne from Cowen & Company.

今天我們的下一個問題來自 Cowen & Company 的 Jeff Osborne。

A couple of questions. One, in 2Q, Andy, I was just curious in the current quarter that we're in, were there any limitations around getting into customer sites, around setting up new distribution centers that we should be aware of? I know you're reiterating guidance for the year, but I wasn't sure if it's more back-end loaded because of social distancing.

有幾個問題。第一，在第二季度，安迪，我只是好奇在我們所處的當前季度，進入客戶站點、建立我們應該注意的新配送中心是否有任何限制？我知道您正在重申今年的指導，但我不確定是否由於社交距離而導致後端負載增加。

Actually, it's a good question, Jeff. And actually, the second and third quarters were busier than -- especially the third quarter, than we expected at the time. Luckily, if you start thinking about food distribution, Internet distribution, often these are in areas which are low-population sites and the challenges of social distancing aren't as difficult. Usually, they're located 60 to 100 miles outside major cities.

事實上，這是一個很好的問題，傑夫。實際上，第二季和第三季比我們當時的預期更加繁忙，尤其是第三季。幸運的是，如果你開始考慮食物分發、網路分發，通常這些都是在人口稀少的地區，社交距離的挑戰就沒那麼困難。通常，它們位於主要城市以外 60 到 100 英里的地方。

We're -- over the next 2 quarters, I bet it's 20 sites we're bringing on, Jeff. Many of those permits we've actually done virtual, where we've used FaceTimes and other elements working with the local authorities. So we haven't -- it's a really good question. It's one -- I've seen schedules move 2, 3 weeks out, but then I've seen activities move in.

Jeff，我敢打賭，在接下來的 2 個季度裡，我們將推出 20 個網站。其中許多授權實際上是透過虛擬方式完成的，我們使用了 FaceTimes 和與地方當局合作的其他元素。所以我們沒有——這是一個非常好的問題。其一——我曾看過行程延後了兩三週，但隨後我又看到活動提早了。

As I mentioned before, the auto companies, we had a couple of programs going on. We have one with Chrysler that will continue. And that obviously got pushed out a bit because of the crisis here. But I think geographically, where these sites are, in combination, you can do a lot of it. The social distancing and the discipline at these sites is probably not as challenging since we do a lot of these builds within Latham itself where we build them on scheds, Jeff, which really limits the level of work that has to be done on the site. So it is something that, especially in the early days of the crisis, I was really worried about. But it seems things are running relatively smooth.

正如我之前提到的，對於汽車公司，我們正在進行一些專案。我們與克萊斯勒的合作將持續下去。由於這裡的危機，這顯然被推遲了一些。但我認為從地理位置來說，這些網站在哪裡，結合起來，你可以做很多事情。這些站點的社交距離和紀律可能不那麼具有挑戰性，因為我們在萊瑟姆內部進行了很多此類構建，傑夫，我們按計劃構建它們，這確實限制了必須在站點上完成的工作水平。所以這是我非常擔心的事情，尤其是在危機初期。但事情似乎進展得比較順利。

That's great to hear. I just had 3 other ones. So I appreciate the detailed response, so you can certainly be briefer. So a couple of quick ones here. The commercial vehicle strategy, Lightning Systems, et cetera, do you see yourself in 3 years selling direct to like an emerging OEM such as them? Or do you want to be selling to a Tier 1 supplier? I'm just trying to think about how the model changes for you relative to -- directly to the end user, like an Amazon or a Walmart or a Home Depot?

聽到這個消息我很高興。我剛剛還有另外 3 個。所以我很欣賞你的詳細回复，所以你當然可以更簡短。所以這裡有幾個快速的。商用車策略、Lightning Systems 等，您認為自己會在 3 年內直接向像他們這樣的新興 OEM 銷售產品嗎？還是您想向一級供應商銷售產品？我只是想考慮一下相對於直接針對最終用戶（例如亞馬遜、沃爾瑪或家得寶）而言，該模型如何變化？

So I would -- we have a good relationship -- so I'll answer quick, Jeff. So the answer to both of them is yes. We see ourselves selling directly to OEMs, Tier 1s as well as selling to integrators. And one of the advantages of the relationships with people like Walmart and Amazon, for example, is that they're more than willing to introduce us to the Tier 1 OEMs and recommend us as well as their preferred integrators.

所以我會——我們有很好的關係——所以我會很快回答，傑夫。所以他們兩個的答案都是肯定的。我們認為自己直接向 OEM、一級供應商以及整合商銷售。例如，與沃爾瑪和亞馬遜等公司建立關係的優勢之一是，他們非常願意將我們介紹給一級原始設備製造商，並推薦我們以及他們首選的整合商。

Got it. That's helpful. And then on Generate, maybe this is out there in the 10-Q as that comes out. But can you talk about the metrics that they looked at to double the availability and obviously lower the rate? Is there any covenants that we need to be aware of around that facility itself?

知道了。這很有幫助。然後在「生成」上，也許這會出現在 10-Q 中。但是您能談談他們為了使可用性加倍並明顯降低速率而考慮的指標嗎？關於該設施本身，我們是否需要了解任何契約？

I'll let Paul take that one, Jeff. Paul?

我會讓保羅拿那個，傑夫。保羅？

Yes. Well, they have a formula that they -- the one -- we do have a covenant that looks in our ABL value of our assets, and they also have an advanced formula that gets our restricted cash pools. But to be honest, I mean, I think they're a unique fund because unlike a lot of vendors, we really don't have a lot of covenants and restrictions on our facility. They really get into understanding the enterprise and our pipeline and the markets and the products that we sell, and it's just basically the faith that they have in us and in what we're doing and the continued growth that we've continued to show and the growth of our overall portfolio. So they recognize that as we continue to grow this company, now passing into positive EBITDAs area and continue to grow from there, that we rightfully should be able to access a lower cost of capital structure. So this is part recognition of that as well as trying to make sure they're positioned to be a part of this ongoing opportunity, which we're excited to have them be a part of.

是的。嗯，他們有一個公式，他們——我們確實有一個契約，考慮我們資產的 ABL 價值，他們也有一個先進的公式來獲取我們的受限現金池。但說實話，我的意思是，我認為他們是一個獨特的基金，因為與許多供應商不同，我們的設施確實沒有太多契約和限制。他們真正了解了我們的企業、我們的管道、市場和我們銷售的產品，這基本上是他們對我們、我們正在做的事情以及我們不斷表現出的持續成長的信心，我們整體投資組合的成長。因此，他們認識到，隨著我們繼續發展這家公司，現在進入正的 EBITDA 領域並從那裡繼續成長，我們理所當然地應該能夠獲得較低的資本結構成本。因此，這是對這一點的部分認可，也是努力確保他們能夠成為這個持續機會的一部分，我們很高興讓他們成為其中的一部分。

Definitely makes sense. And my last question, probably for you, Andy. On the electrolyzer side, can you just talk about the technology itself? There's been a lot of developments in terms of multi-megawatt scale, a lot of price compression in that industry, debates around alkaline versus PEM. How can -- the other acquisitions you've done, I would sort of put in the camp of you bought a diamond in the rough on the cheap and then really integrated them well to become more vertically integrated and drive down costs. I don't get the sense that, that is what you're doing here, given that you're levering up and using cash and stock. So can you just talk about how you assessed the technology choices out there and future-proofing the cost curve because there's been a lot of developments in that sector in particular?

絕對有道理。我的最後一個問題可能是問你的，安迪。在電解槽方面，您能簡單談談科技本身嗎？在多兆瓦規模方面取得了許多進展，該行業的價格大幅壓縮，圍繞著鹼性與 PEM 的爭論。你所做的其他收購，我會認為你以便宜的價格購買了一顆毛坯鑽石，然後真正將它們很好地整合起來，以變得更加垂直整合並降低成本。我不明白，這就是你在這裡所做的事情，因為你正在提高槓桿率並使用現金和股票。那麼，您能否談談您如何評估現有的技術選擇以及面向未來的成本曲線，因為該領域尤其取得了許多發展？

Sure. So Jeff, when we took a look over my dozen year at Plug Power, I usually always start with what your customers want, and my leading customers, and we're doing some electrolyzer deployments this year. And when we look at that, our customers want to have a greener footprint. And that certainly was an opportunity when we looked at the cell products through our present channels.

當然。因此，傑夫，當我們回顧我在 Plug Power 的十多年時，我通常總是從您的客戶和我的主要客戶的需求開始，今年我們正在進行一些電解槽部署。當我們看到這一點時，我們的客戶希望擁有更環保的足跡。當我們透過現有管道查看細胞產品時，這無疑是一個機會。

We also took a step back and thought about what an electrolyzer really is. And it's a fuel cell essentially running in reverse. And if you take a look at the capabilities we have in MEA manufacturing, in system integration, it looks a lot like what we've got. And that we can help drive down the cost considerably using the buying power that we've developed. We believe that green hydrogen and the cost of electrolyzers will continue to go down. But because of our scale, we believe we are in a very strong position to be a leader. And look, the way I look at it also, that there's a huge opportunity, as you know, for electrolyzers globally, especially in Europe. The European Commission has announced plans between Europe and Africa to deploy over 80 gigawatts of electrolyzers by 2030. And I think with our fundamental cost advantage because of scale, because of our marketing reach with our sales teams, especially in the United States and Africa -- the United States and Europe, as well as our relationships with customers who want greener solutions, it looks like it's just a natural fit.

我們還退後一步思考電解槽到底是什麼。它是一種本質上反向運行的燃料電池。如果你看看我們在 MEA 製造和系統整合方面的能力，你會發現它看起來很像我們所擁有的。我們可以利用我們已經開發的購買力來幫助大幅降低成本。我們相信綠氫和電解槽的成本將繼續下降。但由於我們的規模，我們相信我們處於成為領導者的非常有利的地位。我也這麼看，如你所知，全球電解槽存在著巨大的機會，尤其是在歐洲。歐盟委員會已宣布計劃在2030 年在歐洲和非洲之間部署超過80 吉瓦的電解槽。我認為，由於規模、銷售團隊的營銷影響力（尤其是在美國和非洲），我們具有基本的成本優勢- - 美國和歐洲，以及我們與想要更環保解決方案的客戶的關係，看起來這是一個自然的契合。

Our next question is coming from Chris Van Horn from B. Riley FBR.

我們的下一個問題來自 B. Riley FBR 的 Chris Van Horn。

So I just want to touch on the 2024 targets. It seems like those are still intact. And I want to just get an update, do you still see kind of the similar breakout in terms of your market opportunity that you highlighted from commercial vehicles, et cetera? And then was acquisitions part of that plan? Or were these -- were the acquisitions that you're thinking about now kind of incremental to that?

我只想談談 2024 年的目標。看起來那些仍然完好無損。我想了解最新情況，您是否仍然看到您在商用車等領域強調的市場機會方面出現類似的突破？那麼收購是該計劃的一部分嗎？或者您現在正在考慮的這些收購是否是對這一目標的增量？

So the answer to that question, Chris, is when I look at -- let me go through these, there's a couple of questions there. When I look at the 2024 plan, I probably would almost bundle large-scale backup power with on-road vehicles, both of which use a similar technology. And between those segments, we identified about $0.25 billion by 2024. And probably my perspective at the moment is that large-scale backup power may be larger than I expected, and that on-road vehicles may be slightly lower than I expected, just because of the engagement we've been having and the speed of developments in those 2 areas. So that's kind of my view there.

克里斯，這個問題的答案是，當我看一下時，讓我回顧一下這些問題，其中有幾個問題。當我看到 2024 年的計劃時，我可能幾乎會將大規模備用電源與道路車輛捆綁在一起，兩者都使用類似的技術。在這些細分市場中，我們確定到2024 年約為2.5 億美元。也許我目前的觀點是，大規模備用電源可能比我預期的要大，而道路車輛可能會比我預期的略低，只是因為我們在這兩個領域的參與度和發展速度。這就是我的觀點。

When I look at the total commitment for 2024, part of the margin improvement built in was associated with having our own ability to generate hydrogen. So an acquisition like United and further deployments really help us more on margin side. I think -- as we talked about the electrolyzer market and as that develops, I think we'll probably be sharing updated targets throughout the year about what we think is possible.

當我審視 2024 年的總承諾時，部分利潤率改善與我們自己的氫氣生產能力有關。因此，像聯合航空這樣的收購和進一步的部署確實在利潤方面對我們有更多幫助。我認為，當我們談論電解槽市場並隨著其發展時，我認為我們可能會在全年分享我們認為可能的更新目標。

Great. Got it. And then part of your value proposition in our view is that you offer cost savings and, certainly, given the current environment, are you having more conversations around how you can be a cost saver for some of your customers? And have you kind of seen those increase over the past couple of weeks as we sort of start to emerge from these shutdowns?

偉大的。知道了。我們認為，您的價值主張的一部分是您提供成本節約，當然，考慮到當前的環境，您是否有更多關於如何為某些客戶節省成本的對話？在過去幾週，隨著我們開始擺脫這些停工，您是否看到了這些增加？

Chris, with the customers that I've been busiest with during the past 1.5 months, those added 4 new sites to my deployments this year to accelerate. And they did that if you take a look at food distribution. So some of these facilities are putting out 30% more food than they did even at the Christmas time period. And they really -- I think there is a recognition, without fuel cells and Plug Power's products, that really wouldn't have been possible.

Chris，過去 1.5 個月裡我最忙的客戶是他們，他們今年在我的部署中增加了 4 個新網站以加速部署。如果你看看食品分配，他們就是這麼做的。因此，其中一些設施投放的食物甚至比聖誕節期間多出 30%。我認為他們確實認識到，如果沒有燃料電池和 Plug Power 的產品，這真的是不可能的。

Our next question today comes from Amit Dayal from H.C. Wainwright.

今天我們的下一個問題來自 H.C. 的 Amit Dayal。溫賴特。

Can you give us a time frame for when these 2 acquisitions that you are looking into potentially could close?

您能否給我們一個您正在考慮的這兩項收購可能完成的時間框架？

We would expect by the end of the second quarter, Amit. Yes, the end of the second quarter.

我們預計到第二季末，阿米特。是的，第二季末。

Understood. And just at a high level, Andy, if you could share what the margins in these businesses look like. I know you are indicating they're going to be accretive, but if you could give us any color on the margins in this business and how you can potentially improve those if they're not at scale yet.

明白了。安迪，請您從較高的層面上分享這些業務的利潤狀況。我知道你是在暗示它們將會增值，但是你能否給我們介紹一下這項業務的利潤率，以及如果它們還沒有達到規模，你可以如何改善這些利潤。

So one way to start thinking about United Hydrogen, at least during the near term, is to really be significant in improving the margins of our hydrogen business. If you remember, Amit, at the Plug Power Symposium, we outlined that we expect hydrogen margins by 2024 will achieve over 30%. And that's -- this will be an incremental step in helping to achieve those higher margins. Eventually, I'm sure we'll look at leveraging this capability to support other customers and other industries. The hardware business itself, we've demonstrated that if you look at this quarter's 35% and we expect margins in that range going forward.

因此，至少在短期內，開始考慮聯合氫能的一種方法是真正顯著提高我們氫能業務的利潤率。如果你還記得，阿米特，在 Plug Power 研討會上，我們概述了我們預計到 2024 年氫利潤率將達到 30% 以上。這將是幫助實現更高利潤的漸進步驟。最終，我確信我們會考慮利用這項功能來支援其他客戶和其他行業。硬體業務本身，我們已經證明，如果你看看本季的 35%，我們預計未來的利潤率會在這個範圍內。

Understood. And then just from a balance sheet perspective, if these acquisitions close and you expand those businesses or business lines, what kind of a balance sheet need will you have relative to the business model today?

明白了。然後，僅從資產負債表的角度來看，如果這些收購完成並且您擴展了這些業務或業務線，那麼相對於當今的業務模式，您將需要什麼樣的資產負債表？

I think that as I mentioned before, the present -- our present position well finances our current business in material handling. I think that in some of these areas, there will be partnerships, which we will leverage, especially in hydrogen, which could reduce capital needs. And so I think when you look at this first deal, this transaction deal with Generate Capital, it's an indication of some of our thought process about what the future balance sheet will look like.

我認為，正如我之前提到的，我們目前的狀況足以為我們目前的物料搬運業務提供充足的資金。我認為在其中一些領域，我們將利用合作夥伴關係，特別是在氫能領域，這可以減少資本需求。因此，我認為當你看到第一筆交易時，也就是與Generate Capital 進行的交易，它顯示了我們對未來資產負債表的一些思考過程。

And look, as the -- business continues to grow, and we're very, very ambitious, even beyond $1 billion. To grow requires capital, and the capital can come from a wide variety, partnerships, through debt and through the equity. And we'll be weighing each of them based on what we think maximizes the returns for the shareholders of Plug Power.

看，隨著業務不斷成長，我們非常非常雄心勃勃，甚至超過 10 億美元。成長需要資本，而資本可以來自各種形式，例如合夥企業、債務和股權。我們將根據我們認為能夠為普拉格能源股東帶來最大回報的因素來權衡每一項。

(Operator Instructions) Our next question is coming from Eric Stine from Craig-Hallum.

（操作員說明）我們的下一個問題來自 Craig-Hallum 的 Eric Stine。

We'll just sneak a few in here at the end. Just on the hydrogen piece, on the electrolyzers, just any thoughts on how you think that expands the marketability to address other customers that maybe in the past had not been economical. And I know in the past you had a partnership with HyGear a few years back, and we're looking to go down the reformer path as well. Curious if electrolyzers are kind of the new path there.

最後我們會偷偷溜進去一些。就氫部件、電解槽而言，您認為如何擴大適銷性以解決過去可能不經濟的其他客戶的任何想法。我知道幾年前您與 HyGear 建立了合作夥伴關係，我們也希望走上改革之路。很好奇電解器是否是那裡的新途徑。

Yes. I mean, look, Eric, as I mentioned before, I think one of our core strengths is that we listen to customers. And our customer base today, in many cases, have aggressive sustainability goals, i.e., someone like Amazon. And that we've taken this path because we've been encouraged to head in this direction. But we also see in this market opportunity to expand our reach not only in traditional markets, but places where they're looking to replace reformers today like in fertilizer manufacturing. We see huge opportunities for selling hydrogen. And we -- and so that kind of has been -- the first driver is my customers, do they want it? My second driver is there's a huge market opportunity as indicated by the reports you see being issued by people like Bloomberg, McKinsey and others about how big this market opportunity is long term.

是的。我的意思是，艾瑞克，正如我之前提到的，我認為我們的核心優勢之一是我們傾聽客戶的意見。在許多情況下，我們今天的客戶群都有積極的永續發展目標，例如像亞馬遜這樣的客戶。我們之所以選擇這條路，是因為我們被鼓勵朝這個方向前進。但我們也在這個市場中看到了擴大我們影響力的機會，不僅在傳統市場，而且在他們今天尋求取代改革者的地方，如化肥製造領域。我們看到了銷售氫氣的巨大機會。我們——所以一直以來——第一個驅動力是我的客戶，他們想要嗎？我的第二個驅動力是，存在著巨大的市場機會，正如您所看到的由彭博社、麥肯錫和其他人發布的關於這個市場機會有多大的長期報告所表明的那樣。

Got it. No, that's helpful. And with United...

知道了。不，這很有幫助。並與曼聯...

Yes. I should mention, Eric, the nice thing is United also has really been the first company in 20 years in the United States to deploy a successful liquefier. And if you start thinking about getting renewable behind-the-meter at $0.02 a kilowatt-hour and using the United liquefier technology, you have extremely low-cost hydrogen. And that's really is also driven -- we see that there's a marriage and mix between the 2.

是的。我應該要提到，艾瑞克，好的事情是聯合航空也確實是美國 20 年來第一家成功部署液化的公司。如果您開始考慮以每千瓦時 0.02 美元的價格獲得可再生能源並使用聯合液化器技術，那麼您將擁有成本極低的氫氣。這確實也是被驅動的──我們看到兩者之間存在著聯姻和混合。

Yes. No, that makes sense. I guess my follow-up was just on United. I mean, clearly, you've got very significant hydrogen demand plans out in the future, I mean -- so is it safe to assume that this is a first step because clearly, you've got designs on much bigger?

是的。不，這是有道理的。我想我的後續行動只是針對曼聯。我的意思是，很明顯，你在未來制定了非常重要的氫氣需求計劃，我的意思是——所以可以安全地假設這是第一步，因為很明顯，你有更大的設計？

They are. And Eric, it doesn't mean necessarily the next activity we do in this area we do by ourselves. We certainly would love to deal with a partner. And so we do see rather broad opportunities. That partner could be someone who's a customer today as well as an industrial gas company or someone who's new to this industry.

他們是。艾瑞克，這並不一定意味著我們在這個領域所做的下一個活動一定是我們自己做的。我們當然願意與合作夥伴打交道。所以我們確實看到了相當廣闊的機會。該合作夥伴可能是當今的客戶以及工業氣體公司或該行業的新手。

Got it. Okay. Maybe last one for me. I mean, obviously, you're showing that the business in the face of COVID is very resilient. You did call out, though, that it did have an impact on the service side in Q1. Maybe you can just talk about specific ways that it did impact the business. And do you think you have it handled? Is it something that's going to last for a little bit as long as we're in this current environment?

知道了。好的。也許對我來說是最後一張。我的意思是，顯然，你們的業務在面對新冠肺炎疫情時具有很強的彈性。不過，您確實指出，它確實對第一季的服務方面產生了影響。也許您可以只談論它對業務產生影響的具體方式。你認為你已經處理好了嗎？只要我們處於目前的環境中，這種情況就會持續一段時間嗎？

So Eric, when I look at it -- because of COVID, I've actually improved the uptime of my units dramatically. And I did make investments that if you look at the end of the fourth quarter, we had about 98% uptime at our customers' site. We've actually, at the moment, we're over 99.5%. And when you think about that difference, that's a big number, a big change. And that took an investment.

埃里克，當我看到這一點時，由於新冠疫情，我實際上極大地提高了設備的正常運行時間。我確實進行了投資，如果你看看第四季末，我們客戶網站的正常運作時間約為 98%。事實上，目前我們已經超過 99.5%。當你考慮到這種差異時，你會發現這是一個很大的數字，一個很大的變化。這需要投資。

And now I really -- when we look at it, we're really in maintenance mode as far as keeping that level as well as the fact that we continue to make improvements in the units themselves which we believe, ultimately, and we'll start really seeing, I think, the impact in the fourth quarter, really significant movement in our service margins.

現在我真的 - 當我們看到它時，我們確實處於維護模式，以保持該水平以及我們繼續對設備本身進行改進的事實，我們相信，最終，我們會我認為，我們開始真正看到第四季度的影響，我們的服務利潤率確實發生了重大變化。

Okay. But in terms of first quarter, I mean, was it a case of -- I mean you kind of mentioned that it's not an issue of increased costs due to access of facilities or any of that.

好的。但就第一季而言，我的意思是，這是否是一個案例——我的意思是你提到這不是由於使用設施或任何其他原因而導致成本增加的問題。

No. It really wasn't. Eric, it was really a cost associated with -- we really made sure every unit was up and running perfectly. And I think that delta improvements from 98% to 99.5% and having the fleet completely cleaned up was really where most of the costs came from. Now we're kind of in a steady-state mode.

不，事實並非如此。艾瑞克，這確實是一項相關成本——我們確實確保每個單元都完美啟動並運行。我認為，大部分成本來自於將達美航空從 98% 提高到 99.5%，以及徹底清理機隊。現在我們處於穩態模式。

Our next question today is coming from Jed Dorsheimer from Canaccord Genuity.

今天我們的下一個問題來自 Canaccord Genuity 的 Jed Dorsheimer。

A lot have been asked, but just a couple, if I could. The first, Andy, you touched on it a bit, but just wanted to dig in with the acquisition, particularly given the fact that you had already owned 30%, was it the concern that this would fall into the hands of another party or really a desire to scale the business in kind of the 1 plus 1 equals 3 the motivation for doing this?

問了很多，但如果可以的話，只提出幾個。第一個，安迪，你稍微提到了這一點，但只是想深入探討收購，特別是考慮到你已經擁有 30% 的股份，是擔心這會落入另一方手中還是真的想要以1 加1 等於3 的方式擴展業務，這樣做的動機是什麼？

Sure. Sure, Jed. I think since -- especially since the Plug Power Symposium, we've been really clear that we want to migrate more into the generation business, and that could have a dramatic impact on our margins for hydrogen. And the relationship with United has gone on -- has been for a number of years. And we thought it was time, 10 tons of hydrogen, as I mentioned, represents about 25% of our usage. And we're really looking to drive improvements in our hydrogen margins and leverage the relationships that we've built.

當然。當然，傑德。我認為，特別是自 Plug Power 研討會以來，我們非常明確地表示，我們希望更多地轉向發電業務，這可能會對我們的氫能利潤產生巨大影響。與曼聯的關係已經持續了很多年。我們認為是時候了，正如我所提到的，10 噸氫氣約占我們用量的 25%。我們確實希望推動氫利潤的提高，並利用我們已經建立的關係。

Got it. That's helpful. So with that, on the generation side, I mean, we've just seen that Daimler and Volvo announced strategic sort of 10-year partnership around hydrogen for trucking. I'm curious what this does to your TAM. I don't remember if you discussed that at the symposium, but it would seem like it would vastly expand that.

知道了。這很有幫助。因此，在發電方面，我的意思是，我們剛剛看到戴姆勒和沃爾沃宣布圍繞卡車運輸氫建立為期 10 年的戰略合作夥伴關係。我很好奇這對你的 TAM 有何影響。我不記得您是否在研討會上討論過這個問題，但它似乎會大大擴展這一點。

I mean I think if you take a bigger picture back, Jed, I think that's a statement of the vitality of this industry. That -- today, I was on a Reuters webinar with the leadership in Air Liquide, Hyundai and Plug representing the United States. I think that we believe that by 2050, 14% of U.S. energy and 18% of global energy is going to come from hydrogen. As you know, fuel cells, I think, are the vehicles of choice for on-road trucking. And I think Plug Power -- this TAM for Plug Power and the TAM for the industry, I think, will continue to expand each year. And we have a nice leadership position. The biggest user of liquid hydrogen in the world. Now we're becoming a significant generator of it. We're going to be making our own green hydrogen. So I think all of these are positive steps.

我的意思是，傑德，如果你從更大的角度來看，我認為這就是這個行業活力的體現。今天，我參加了路透社的網路研討會，與會者包括代表美國的液化空氣集團、現代汽車和普拉格公司的領導階層。我認為，我們相信到 2050 年，美國 14% 的能源和全球 18% 的能源將來自氫。如您所知，我認為燃料電池是公路貨運的首選車輛。我認為 Plug Power——Plug Power 的 TAM 和行業的 TAM 將每年繼續擴大。我們擁有良好的領導地位。全球最大的液氫用戶。現在我們正在成為它的重要生成者。我們將製造自己的綠氫。所以我認為所有這些都是積極的步驟。

Great. And then I just have a question in the near term on execution. I know you had mentioned that this business is going to be accretive. It does look like the core Plug business that operational costs are running a bit higher. I'm wondering if that's sort of the -- if we should be viewing this as kind of a steady state for the business or whether or not Q1 was an anomaly.

偉大的。然後我有一個關於近期執行的問題。我知道您曾提到這項業務將會增值。看起來核心插頭業務的營運成本確實有點高。我想知道我們是否應該將其視為業務的穩定狀態，或者第一季是否異常。

Jed, I will let Paul take that question.

傑德，我會讓保羅回答這個問題。

Thanks, Andy. Yes, I think I would -- I think if you look at it sequentially from the back half of last year until now, it's relatively consistent. And I think from a run rate standpoint, that's in that range, in that 20% to 21% range is fair from an OpEx standpoint. It's a fair standard to use or estimate proxy. But I think as we continue to grow the overall top line both with organic and inorganic, you're going to see the continued leverage trends that you have been seeing and will continue to see as we go forward.

謝謝，安迪。是的，我想我會——我想如果你從去年下半年到現在依次看的話，它是相對一致的。我認為從運行率的角度來看，在這個範圍內，從營運支出的角度來看，20% 到 21% 的範圍是公平的。這是使用或估計代理的公平標準。但我認為，隨著我們繼續增長有機和無機的整體營收，您將看到您已經看到的持續槓桿趨勢，並且隨著我們的前進，您將繼續看到這一趨勢。

Our next question today is coming from Craig Irwin from ROTH Capital Partners.

今天我們的下一個問題來自羅斯資本合夥公司的克雷格歐文。

Andy, one thing that -- hope you guys are all well. One thing that I wanted to ask is the update on the pedestal customers, the plus or minus 3, 4 needed to get to your $700 million GenDrive forklift revenue by 2024. Have any of those customers maybe engaged with your current pedestal customers to observe the peak capacity that they've been able to demonstrate in this unusual environment? The e-commerce customer, obviously, is really benefiting with 10% more throughput. And then Walmart has said publicly that grocery demand is up 400% year-over-year. Has that drawn attention from some of these other pedestal customers? And are you maybe seeing that influence their decision process?

安迪，有一件事——希望你們一切都好。我想問的一件事是基礎客戶的最新情況，到 2024 年，您的 GenDrive 堆高機收入需要加或減 3、4。讓這些客戶中的任何一個可能與您當前的基礎客戶接觸，以觀察他們在這種不尋常的環境中能夠表現出的峰值能力？顯然，電子商務客戶確實受益於吞吐量增加 10%。隨後沃爾瑪公開表示雜貨需求年增 400%。這是否引起了其他一些基座客戶的注意？您是否認為這會影響他們的決策過程？

Craig, I think you actually are hitting on a good point. The customers we're engaging with, they were pedestal customers. And I'm thinking of one in Europe now, who is one of the main food delivery companies in France, who has only one site with us. And I was on the phone yesterday with our French sales team, and they were explaining that they are really looking at the value of that one site of having fuel cells. And that they'll have some rather aggressive expansion plans. I see the same going on in the United States with some of the 2 or 3 largest retail customers.

克雷格，我認為你確實說得很好。我們接觸的客戶都是固定客戶。我現在想到的是歐洲的一家公司，他是法國主要的食品配送公司之一，但我們在這家公司只有一個站點。昨天我和我們的法國銷售團隊通了電話，他們解釋說，他們確實正在考慮擁有燃料電池的這個地點的價值。他們將有一些相當激進的擴張計劃。我在美國的一些最大的兩三個零售客戶中也看到了同樣的情況。

So I think that, as I said before, I see that the success we've had in food retail is, I think, with our present customers, they've taken notice. I've told you that I've got 4 new sites for this year, which is really unusual because they're usually all kind of locked in before the year begins. And that I would just say, I remain rather bullish that over the next 6 to 9 months, we'll be able to announce the fourth pedestal customer.

因此，我認為，正如我之前所說，我認為我們在食品零售領域的成功是我們目前的客戶已經注意到的。我已經告訴過你，今年我有 4 個新網站，這確實很不尋常，因為它們通常在年初之前就被鎖定了。我只想說，我仍然相當樂觀地認為，在接下來的 6 到 9 個月內，我們將能夠宣布第四個基礎客戶。

Excellent, excellent. Then if I could ask a question about United Hydrogen, one of the things that really impacts the economics of their liquefaction facility is the fact that it's located on the site Olin Corporation uses for chlorine production, right, and hydrogen is a by-product there. United Hydrogen has a long-term supply agreement with Olin Corporation. But can you maybe describe for us your confidence that you would inherit the same positive economics with Olin? And can you share with us the duration of this agreement? Is this something that is a multi-decade agreement? Or is this something where we could look for a probable negotiation within the next single-digit number of years?

優秀，優秀。然後，如果我可以問有關 United Hydrogen 的問題，真正影響其液化設施經濟性的因素之一是，它位於奧林公司用於生產氯的場地上，對吧，氫氣是那裡的副產品。 United Hydrogen 與 Olin Corporation 簽訂了長期供應協議。但您能否向我們描述一下您對自己將繼承與奧林相同的積極經濟學的信心？您能否與我們分享一下該協議的期限？這是一個長達數十年的協議嗎？或者我們可以在接下來的個位數年內尋求可能的談判？

So the contract is assignable. And Craig, we've already spoken with Olin, and it's a multi-decade agreement.

所以合約是可以轉讓的。克雷格，我們已經與奧林談過了，這是一項長達數十年的協議。

Excellent. And then are there potential expansion opportunities with Olin, given that this is already a pretty constructive relationship?

出色的。鑑於這已經是一種相當有建設性的關係，與 Olin 之間是否存在潛在的擴展機會？

I'll just say, yes.

我只想說，是的。

Love it. Congratulations.

愛它。恭喜。

Thank you, Craig.

謝謝你，克雷格。

Yes. Congratulations on the strong quarter, Andy.

是的。恭喜安迪，這個季度表現強勁。

Thanks, Craig.

謝謝，克雷格。

Our next question today is coming from Ethan Ellison from Morgan Stanley.

今天我們的下一個問題來自摩根士丹利的伊森·艾里森。

This is Ethan on for Stephen Byrd. I just have a couple of higher level market sizing questions, sort of building off your comments around TAM. I guess in terms of the new greenfield warehouse and distribution center space, I think where Plug's value proposition may be the most compelling. How do you think about Plug's potential market share or the market share opportunity for fuel cells more generally in this part of the market going forward?

這是伊森（Ethan）替史蒂芬伯德（Stephen Byrd）發言。我只是有幾個更高級別的市場規模問題，有點類似於您對 TAM 的評論。我想就新的新建倉庫和配送中心空間而言，我認為 Plug 的價值主張可能是最引人注目的。您如何看待 Plug 的潛在市場份額，或者更廣泛地說燃料電池在這部分市場未來的市場份額機會？

Sure. So you are right. As one of my largest customers tell me, fuel cells are a no-brainer if you're building a new facility because you don't have to put the battery infrastructure in place. Hydrogen infrastructure cost is about on par, plus you get all the additional savings. But I think when you take a step back, a good deal of the work we do, a good probably 60% to 70% is actually associated with facilities that already exist. So when I think about the value proposition, a lot has to do with work, the more work you do, the stronger the value proposition, especially when you're talking brownfield facilities. So anywhere from, I would say, 30 to 35 trucks and up, if you work more than a shift and a half, Plug Power, in many instances can make a compelling value proposition. And so that's why when you start looking at our forecast for 2024, they're looking at doing approximately 20 -- shipping 25,000 units, that still represents a rather small percentage of the market. There's over 6 million forklift trucks out there. So we have a continual opportunity to grow this business well beyond what we've outlined at the Plug Power Symposium.

當然。所以你是對的。正如我最大的客戶之一告訴我的那樣，如果您要建造新設施，燃料電池是顯而易見的選擇，因為您不必安裝電池基礎設施。氫基礎設施成本大致相同，而且您還可以獲得所有額外的節省。但我認為，當你退後一步時，我們所做的大量工作（很可能有 60% 到 70%）實際上與已經存在的設施相關。因此，當我考慮價值主張時，很多事情都與工作有關，你做的工作越多，價值主張就越強，尤其是當你談論棕地設施時。因此，我想說，30 到 35 輛卡車及以上，如果您工作時間超過一個半班，Plug Power 在許多情況下都可以提出令人信服的價值主張。這就是為什麼當你開始查看我們對 2024 年的預測時，他們會考慮做大約 20 件——發貨 25,000 件，但這仍然只佔市場的一小部分。那裡有超過 600 萬輛叉車。因此，我們有持續的機會來發展這項業務，遠遠超出我們在 Plug Power 研討會上概述的範圍。

Great. Yes, that's really helpful. Maybe one follow-up and just another sort of longer-term growth question. In terms of those locations where there are, I think you said, 35 or more trucks working 1.5 or more shifts. Do you just have maybe some ballpark figures on what size of the market you think that is?

偉大的。是的，這確實很有幫助。也許是後續行動，也是另一個長期成長問題。就那些地點而言，我想您說過，有 35 輛或更多卡車以 1.5 或更多班次工作。您是否有一些關於您認為的市場規模的大概數字？

And then separately, just how do you think about the growth rate of that greenfield warehouse distribution center space longer term, whether it's a longer-term CAGR, maybe in terms of square footage or something? Or just how you think about that market evolving?

然後，您如何看待新倉庫配送中心空間的長期成長率，無論是長期複合年增長率，還是面積或其他方面？或者您如何看待該市場的發展？

I probably think maybe a little -- to answer your first question, there's about $3.5 million opportunities out there for fuel cells into those type of distribution centers and manufacturing facilities. I probably think more quite honestly about the transition to Internet sales. You have many of the larger retailers today trying to understand how they compete against the Amazons and Walmarts of the world. And the value proposition is so strong there. Whether it's new distribution or old distribution centers, I think we make a rather compelling argument. And I think that even -- I think you're going to see this as the world changes, and you see in traditional retail companies which are really struggling, I think many of those sites will end up -- and sales will end up being taken over by folks who are doing Internet retail sales and, boy, Plug solutions is a great solution for those opportunities.

我可能認為可能有一點 - 為了回答您的第一個問題，燃料電池有大約 350 萬美元的機會進入此類配送中心和製造設施。我可能更誠實地思考向網路銷售的轉變。如今，許多大型零售商都在試圖了解他們如何與世界各地的亞馬遜和沃爾瑪競爭。那裡的價值主張非常強烈。無論是新的配送中心還是舊的配送中心，我認為我們都提出了相當有說服力的論點。我認為，即使 - 我認為隨著世界的變化，你會看到這一點，你會看到傳統零售公司確實在苦苦掙扎，我認為許多網站最終都會消失 - 銷售額最終會下降由從事互聯網零售銷售的人員接管，Plug 解決方案是抓住這些機會的絕佳解決方案。

We reached the end of our question-and-answer session. Now I'd like to turn the floor back over to Andy for any further or closing comments.

我們的問答環節結束了。現在我想將發言權交還給安迪，以徵求進一步的意見或結束意見。

We want to thank everyone for taking the time today. I know this is a difficult time for many companies, and when I look at the work our employees have been doing to keep essential business and customers going and the growth opportunities their work has allowed for us in the future, combined with bringing on new teammates in Hydrogen, we strongly stand behind our goals for this year at $300 million in gross bookings, 20% -- $20 million EBITDA as well as the fact that we see our goals for 2024, and are continuing to take the steps to ensure that Plug Power will reach $1 billion in bookings, gross bookings, by 2024, $200 million in EBITDA and $170 million in operating income. So thank you for taking the time today and stay safe.

我們要感謝大家今天抽出時間。我知道這對許多公司來說都是一個困難時期，當我看到我們的員工為維持基本業務和客戶的運作所做的工作以及他們的工作為我們未來帶來的成長機會以及引進新隊友時在氫能方面，我們堅定支持今年的目標，總預訂量為3 億美元，EBITDA 為20% - 2000 萬美元，而且我們看到了2024 年的目標，並繼續採取措施確保Plug到2024 年，Power 的預訂量（總預訂量）將達到10 億美元，EBITDA 達2 億美元，營業收入達1.7 億美元。感謝您今天抽出時間並注意安全。

Thank you. That does conclude today's teleconference. You may disconnect your lines at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議到此結束。此時您可以斷開線路，度過美好的一天。我們感謝您今天的參與。