普拉格能源 (PLUG) 2023 Q1 法說會逐字稿

Greetings, everyone, and welcome to the Plug Power First Quarter Earnings Call. (Operator Instructions). As a reminder, please note, today's conference is being recorded Tuesday, May 9, 2023.

大家好，歡迎來到 Plug Power 第一季度財報電話會議。 （操作員說明）。提醒一下，請注意，今天的會議將於 2023 年 5 月 9 日星期二錄製。

It is now with pleasure that I turn today's conference over to Teal Hoyos, Senior Director of Marketing and Communications. Please go ahead.

現在，我很高興將今天的會議轉交給營銷和傳播高級總監 Teal Hoyos。請繼續。

Thank you. Welcome to the 2023 First Quarter Earnings Call.

謝謝。歡迎來到 2023 年第一季度財報電話會議。

This call will include forward-looking statements. These forward-looking statements contain projections of future results of operations or of our financial position or other forward-looking information. 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.

此次電話會議將包括前瞻性陳述。這些前瞻性陳述包含對未來經營業績或我們的財務狀況或其他前瞻性信息的預測。我們打算將這些前瞻性陳述納入 1933 年證券法第 27A 條和 1934 年證券交易法第 21E 條所載前瞻性陳述的安全港條款中。我們認為，重要的是傳達我們的對投資者的未來預期。

However, investors are cautioned not to unduly rely on forward-looking statements, and such statements should not be read or understood as a guarantee of future performance or results. Such statements are based upon the current expectations, estimates, forecasts and projections as well as the current beliefs and assumptions of management and are subject to significant risks and uncertainties and that could cause actual results or performance to differ materially from those discussed as various -- as a result of various factors, including, but not limited to the risks and uncertainties discussed under Item 1A Risk Factors in our annual report on Form 10-K for the fiscal year ending December 31, 2022. -- set quarterly reports on Form 10-Q and other reports we file from time to time with the SEC. These forward-looking statements speak only as of the date which the statements are made, and we do not undertake or intend to update any forward-looking statements after this call or as a result of new information.

然而，提醒投資者不要過分依賴前瞻性陳述，此類陳述不應被閱讀或理解為對未來業績或結果的保證。此類陳述基於當前的預期、估計、預測和預測以及管理層當前的信念和假設，並存在重大風險和不確定性，可能導致實際結果或業績與所討論的結果或業績存在重大差異——由於各種因素，包括但不限於我們在截至 2022 年 12 月 31 日的財政年度的 10-K 表格年度報告中的第 1A 項風險因素下討論的風險和不確定性。 -- 在 Form 10 上設置季度報告-Q 和我們不時向 SEC 提交的其他報告。這些前瞻性陳述僅在作出陳述之日發表，我們不承諾或打算在本次電話會議後或由於新信息而更新任何前瞻性陳述。

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

在這一點上，我想把電話轉給 Plug 的首席執行官安迪馬什。

Good morning. Thank you, everyone, for joining the call, and thank you, Teal.

早上好。謝謝大家加入電話會議，也謝謝你，Teal。

Before I begin the conference call, I want to talk about 2 items. One is that we had a filing this morning where we made a mistake with the date. It certainly got us excited here. We put 2024 instead of 2023. So if you're reacting to a Plug change the guidance for 2023 from $1.4 billion as our expected results we have it. So sorry for any confusion that may have caused. The second, I really like to share a video. Participants on the phone, you'll hear kind of a brief 3 minutes or 30 second periods of silence, while those on the webcast can sit back and enjoy the video. If you're on the phone, I suggest, clickinto the webcast, it's really worth watching. So if you can't -- if you miss it, it will be included in our archives for leader viewing. So Teal, let it roll.

在開始電話會議之前，我想談兩點。一是我們今天早上有一份文件，我們在日期上弄錯了。這當然讓我們興奮不已。我們將 2024 年而不是 2023 年放在一起。因此，如果您對 Plug 做出反應，請將 2023 年的指導從 14 億美元更改為我們的預期結果。對於可能造成的任何混亂，我們深表歉意。第二，我真的很喜歡分享視頻。電話中的參與者會聽到 3 分鐘或 30 秒的短暫靜音，而網絡廣播中的參與者可以坐下來欣賞視頻。如果您正在打電話，我建議您點擊進入網絡廣播，它真的值得一看。所以如果你不能——如果你錯過了它，它將被包含在我們的檔案中供領導查看。所以蒂爾，讓它滾動。

(presentation)

（推介會）

Thank you. I hope you enjoyed the video. Really, it showcases our Georgia plant, and you can find more detailed information on the status in the investor letter. Really to summarize, our plants already producing gases hydrogen for our customers, and we expected to achieve full production by the end of June. Although we always strive for greater speed, it's really worth noting, we accomplished what we've accomplished since issuing full notice to proceed under our EPC contract full production in just 48 weeks. This is a remarkable feat considering that conventional gas companies, and I was sitting at Syra, we'veo listening to one CEO talking about 6 years, they usually estimate 4 years of a project of this scale.

謝謝。我希望你喜歡這個視頻。真的，它展示了我們佐治亞州的工廠，您可以在投資者信中找到有關狀態的更多詳細信息。總而言之，我們的工廠已經為我們的客戶生產氫氣，我們預計將在 6 月底實現全面生產。儘管我們一直在努力爭取更快的速度，但確實值得注意的是，我們在短短 48 週內就完成了自發出全面通知以根據我們的 EPC 合同進行全面生產以來所取得的成就。考慮到傳統天然氣公司，這是一項了不起的壯舉，我當時坐在 Syra，我們聽過一位首席執行官談論 6 年，他們通常估計這種規模的項目需要 4 年。

Additionally, by the end of June, our Georgia plant, with the largest green hydrogen play in the world that utilizes electrolyzers. That's a significant achievement. We plan to commission more plants, Texas, New York and Louisiana this year. This year, our focus is really to execute. Our primary goal is to achieve revenue of $1.4 billion, and that's in 2023, which is supported by several activities, including learning the scale or 5-megawatt electrolyzer systems in partnerships with our fabricators, scaling our stationary products to facilitate 20 megawatts in shipments.

此外，到 6 月底，我們的佐治亞州工廠將擁有世界上最大的使用電解槽的綠色氫氣項目。這是一項重大成就。我們計劃今年在得克薩斯州、紐約州和路易斯安那州投產更多的工廠。今年，我們的重點是執行。我們的主要目標是在 2023 年實現 14 億美元的收入，這得到多項活動的支持，包括與我們的製造商合作學習規模或 5 兆瓦的電解槽系統，擴大我們的固定產品以促進 20 兆瓦的出貨量。

One of the real competitive advantage is the infrastructure we've established in Rochester and Vista, which enables us to support our business growth. And our customers really do recognize our ability to deliver our promises, thanks to the tools and facilities we possess. Our ability to construct green hydrogen plants is evident in Georgia, and we plan to further demonstrate this in Texas and New York, which will eliminate any doubts about our capabilities. I'm going to be walking Georgia today, I'm excited. These plans have garnered interest from both equity and debt investors. Moreover, Plug has a range of non-dilutive solutions that can eliminate the necessity for future equity investments at the present level based on the current business plan.

真正的競爭優勢之一是我們在羅徹斯特和維斯塔建立的基礎設施，這使我們能夠支持我們的業務增長。由於我們擁有的工具和設施，我們的客戶確實認識到我們兌現承諾的能力。我們建設綠色氫工廠的能力在佐治亞州是顯而易見的，我們計劃在德克薩斯州和紐約進一步展示這一點，這將消除對我們能力的任何懷疑。今天我要去佐治亞州散步，我很興奮。這些計劃引起了股票和債券投資者的興趣。此外，Plug 擁有一系列非稀釋性解決方案，可以根據當前業務計劃消除當前水平的未來股權投資的必要性。

And look, this year, we remain focused on government policies. This is an energy company, an energy and government policy go hand in hand, including the IRA and the European Renewable Energy Directive. Although these policies have been helpful, Plug has the opportunity to shape their development further. We have built this chart to show the lower and expected case for Plug-in 2023. In the expected case, Plug achieved $1.4 billion in revenue and $140 million in gross margin dollars. Look, there's really just a couple of key ingredients in meeting that goal. It's shipping our 275 megawatt electrolyzer systems, which we have orders for, as we learn to build them more efficiently in coordination with our 3 fabricators around the world.

看，今年，我們仍然關注政府政策。這是一家能源公司，能源和政府政策齊頭並進，包括 IRA 和歐洲可再生能源指令。儘管這些政策有所幫助，但 Plug 有機會進一步塑造其發展。我們製作此圖表以顯示 Plug-in 2023 的較低和預期情況。在預期情況下，Plug 實現了 14 億美元的收入和 1.4 億美元的毛利率。看，實現該目標實際上只有幾個關鍵因素。它正在運送我們的 275 兆瓦電解槽系統，我們已收到訂單，因為我們學會與世界各地的 3 家製造商合作更有效地建造它們。

We're close to closing out about 500 megawatts of a large electrolyzer plant system order, and there's many more behind that. And those opportunities, we recognize revenue on an ongoing basis. And selling 60x of liquefiers in the next 3 months. I'm sure Sanjay will be happy when the Q&A comes around and talk about that. Also should add, we have the opportunities beyond those listed above to achieve $1.4 billion. And all of these items do not come to pass, revenue would be about $1.2 billion and gross margin to be approximately $50 million, still an 80% increase in revenue for the year.

我們即將完成大約 500 兆瓦的大型電解廠系統訂單，後面還有更多訂單。而這些機會，我們會持續確認收入。並在接下來的 3 個月內銷售 60 倍的液化器。我相信當問答環節出現並討論這個問題時，Sanjay 會很高興。還應該補充的是，除了上面列出的那些，我們還有機會實現 14 億美元。如果所有這些項目都沒有實現，收入將約為 12 億美元，毛利率約為 5000 萬美元，全年收入仍增長 80%。

Finally, I'd like to highlight, this is really important. Our application business, when you look at that slide has very little variability since it's more established. During the early years of our application business, we did experience some of those challenges of predictabilities -- in some years, we exceeded and others, we missed our projections the methodology we just share gives us a high level -- very high level of comps in the range of outcomes in the next 7 months. To be clear, this is really important because it sometimes gets lost in the chatter.

最後，我想強調，這非常重要。當您查看該幻燈片時，我們的應用程序業務幾乎沒有變化，因為它更加成熟。在我們的應用程序業務的早期，我們確實經歷了一些可預測性的挑戰——在某些年裡，我們超越了其他人，我們錯過了我們的預測我們剛剛分享的方法給了我們一個高水平——非常高水平的 comps在未來 7 個月的結果範圍內。需要明確的是，這非常重要，因為它有時會在喋喋不休中消失。

Plug is a leading the way in terms of building actual products, real things every day and constructing plants. So the company is doing what we're doing in the field. Our Georgia plant is exceptional, and we're excited to showcase it to analysts in the coming months. The feedback we received from our customers have been overwhelmingly positive. When it comes to the application business, we have a remarkable stable business model compared to other companies in the fuel cell industry. This is due to our focus on pedestal customers.

Plug 在構建實際產品、日常事物和構建工廠方面處於領先地位。所以公司正在做我們在該領域正在做的事情。我們在佐治亞州的工廠非常出色，我們很高興能在未來幾個月向分析師展示它。我們從客戶那裡收到的反饋非常積極。在應用業務方面，與燃料電池行業的其他公司相比，我們擁有非常穩定的商業模式。這是因為我們專注於固定客戶。

Lastly, a range of energy products is unparalleled in the industry, and we're rapidly learning how to scale more efficiently than any of our competitors. But more important, our customers really like our products. Finally, I don't want to shy away from the facts. Once again, no one is building real products and building plants like Plug. It really separates us.

最後，一系列能源產品在業內無與倫比，我們正在迅速學習如何比任何競爭對手更有效地擴大規模。但更重要的是，我們的客戶真的很喜歡我們的產品。最後，我不想迴避事實。再一次，沒有人像 Plug 那樣製造真正的產品和建造工廠。它真的把我們分開了。

Paul, Sanjay and I are now available for your questions.

Paul、Sanjay 和我現在可以回答您的問題。

Thank you. We will now start the question-and-answer session. (Operator Instructions). One moment, please, for the first question and our first question comes from the line of Andrew Percoco of Morgan Stanley.

謝謝。我們現在開始問答環節。 （操作員說明）。請稍等一下，關於第一個問題，我們的第一個問題來自摩根士丹利的 Andrew Percoco。

So just first, I want to ask a question around the IRA and some of the treasury interpretations around hourly matching and deliverability and additionality. What might that mean for some of your first few plans that you're bringing online? But do you still think you'll qualify for the full $3 per kilogram? And what might that mean for your 2025 and 2028 green hydrogen ecosystem targets?

所以首先，我想問一個關於 IRA 的問題，以及財政部對每小時匹配、可交付性和額外性的一些解釋。對於您要上線的前幾個計劃，這可能意味著什麼？但是你仍然認為你有資格獲得每公斤 3 美元的全額補貼嗎？這對您的 2025 年和 2028 年綠色氫生態系統目標意味著什麼？

So drug to take a step back further than that. I've spent a lot of time, especially in the last 2 months in D.C., talking to folks in the administration. And remember, the primary purpose of the IRA is jobs, climate and that really and national security. And that really is driving the thinking of the folks in the administration. From my discussions, I believe that when you look at the European renewable energy directive that, that certainly has had a great deal of influence on those in DC, which interpret if you interpret that, you can see it's very, very favorable to the approach Plug things since important. Now when I look at it, I'll give you 2 examples where I think that resonates with administrators.

所以藥物退一步說。我花了很多時間，尤其是過去 2 個月在華盛頓與政府部門的人交談。請記住，IRA 的主要目的是就業、氣候以及國家安全。這確實推動了政府人員的思考。從我的討論中，我相信當你看歐洲可再生能源指令時，它肯定對華盛頓的那些人產生了很大的影響，如果你解釋它，你會發現它非常非常有利於這種方法塞東西自重要。現在，當我查看它時，我會給你 2 個我認為會引起管理員共鳴的例子。

In my house in Saratoga Springs, I buy power from Vermont Power. For Mindpower, every time I buy electricity is generating more renewable energy. It doesn't matter that the electrons that comes through my house come from NYSERDA that comes from national grid. That's really what's going on. That's -- fundamentally, Plug supports generating more renewables, Plug supports generating electrolyzers. And I believe from my discussions, that's in line ultimately what the administration will do.

在我位於薩拉託加斯普林斯的家中，我從 Vermont Power 購買電力。對於 Mindpower，我每次購買電力都會產生更多的可再生能源。通過我家的電子來自來自國家電網的 NYSERDA 並不重要。這真的是怎麼回事。那就是——從根本上說，Plug 支持產生更多的可再生能源，Plug 支持產生電解槽。我相信，從我的討論來看，這最終符合政府將要做的事情。

Great. That's some helpful context. And maybe just switching over to the OpEx trends in the quarter. I think, Paul, you had mentioned $125 million of OpEx per quarter is the right run rate for 2023. You came in a little bit above that in the first quarter. How should we think about that trending through the rest of the year? And do you still feel comfortable with your operating income guidance for 2023.

偉大的。這是一些有用的上下文。也許只是轉向本季度的運營支出趨勢。我想，保羅，你提到過每季度 1.25 億美元的運營支出是 2023 年的正確運行率。你在第一季度的數字略高於這個數字。我們應該如何看待今年餘下時間的趨勢？您仍然對 2023 年的營業收入指引感到滿意嗎？

Yes. So I think what we have been talking about was like in that 125, 130. But the biggest delta in the quarter had to do with our acquisitions. I mean they continue to do better than we expected. And as you can see, we had to accrue more of consideration in terms of the earn-out structures that we set up. Should they be successful that they would we'd only pay when and if that happens. So that's a high-class problem, and it was the primary delta for the quarter. But I think in the balance of the year, if you look at it, the $125 million to $130 million is the right run rate.

是的。所以我認為我們一直在談論的是 125、130。但本季度最大的增量與我們的收購有關。我的意思是他們繼續做得比我們預期的要好。正如你所看到的，我們必須在我們建立的盈利結構方面獲得更多的考慮。如果他們成功了，我們只會在發生這種情況時才付款。所以這是一個高級問題，它是本季度的主要增量。但我認為在今年的餘額中，如果你看一下，1.25 億美元到 1.3 億美元是正確的運行率。

One moment, please, for the next question. Sorry, our next question comes from the line of James West of Evercore ISI.

請稍等一下，請回答下一個問題。抱歉，我們的下一個問題來自 Evercore ISI 的 James West。

So Andy, I wanted to talk about hydrogen hubs for a minute. Given that we're really close to the commission that's going to buy the DOE on -- or make recommendations to the DOE and what's been submitted so far and the DOE should start allocating capital. I believe at some point in the fourth -late third or fourth quarter, and there'll be a big build-out, and we've got, of course, applications from Texas, California, from Los Angeles and then obviously, the Northeast, as you know full well, -- what role does plug play in that process? I know we have to establish production of green hydrogen and in market for hydrogen. I'd love to hear your thoughts on that.

所以安迪，我想談談氫樞紐一分鐘。鑑於我們真的很接近將購買 DOE 的委員會 - 或者向 DOE 提出建議以及到目前為止提交的內容，DOE 應該開始分配資金。我相信在第四季度末或第四季度的某個時候，將會有一個大的擴建，當然，我們已經收到來自德克薩斯州、加利福尼亞州、洛杉磯的申請，然後顯然是東北部，如您所知，- 插頭在該過程中扮演什麼角色？我知道我們必須建立綠色氫的生產和氫市場。我很想听聽你對此的看法。

So James -- and I have to watch because everybody keeps on reminding me, I'm covered by NDAs on the hydrogen... I can... Say that every site that you mentioned every hub Plug has been engaged in at different levels. And some of them, such as the New York Hub, our name has been mentioned publicly, West Virginia, the activity going on there with Center management. I would tell you that things like expansion of our hydrogen plants are engaged in many hubs. Leveraging our hydrogen plants or engaged in hubs. Our products, both our stationary, especially our stationery for peaker plants are involved in many hubs. So like you, I expect some money to start filtering out in November, December time frame. I really don't think real dollars start ramping to late '25 early '26. And my government affairs person sitting with me here, James, and he's shaking his head, yes. So that's in our risk...

所以詹姆斯 - 我必須注意，因為每個人都在不斷提醒我，我被氫氣的保密協議所覆蓋......我可以......說你提到的每個中心插頭的每個站點都在不同級別進行.其中一些，例如紐約樞紐，我們的名字已被公開提及，西弗吉尼亞，中心管理層在那裡進行的活動。我會告訴你，像我們的氫工廠的擴建這樣的事情在許多樞紐中進行。利用我們的氫工廠或參與樞紐。我們的產品，包括我們的文具，尤其是我們用於 Peaker 植物的文具，涉及許多樞紐。所以像你一樣，我預計一些錢會在 11 月、12 月的時間框架內開始過濾掉。我真的不認為真正的美元會開始上升到 25 世紀末 26 年初。和我坐在一起的政府事務人員 James，他正在搖頭，是的。所以這是我們的風險......

Understood. Okay. Good. But as long as you'll be involved there. And then maybe a follow-up for me, not related to the hubs part. But your -- the start of Georgia is -- it got pushed now with going extremely well. What are the kind of key learnings that you guys have achieved from that startup that you think will make the start-ups of the additional facilities more efficient, faster to keep the time line in check?

明白了。好的。好的。但只要你參與其中。然後可能是我的後續行動，與中心部分無關。但是你的 - 佐治亞州的開始是 - 它現在進展得非常順利。你們從那家初創公司中學到了哪些關鍵知識，您認為這些知識將使額外設施的初創公司更有效率、更快地控制時間線？

We probably have 100 learnings, James.

詹姆斯，我們可能有 100 次學習。

I think the most important one, and you see that it's going on in Texas. In Texas, we've been able to sign an EPC contract where the EPC contractor won't sign up ahead of time for praise and performance. And that's, I think, a statement that what people have seen you know you can repeat. I think that when we look at scaling, we also -- this plant itself, we'll expand it to 30 tons. I don't think we'll be doing too much. It will be less than 50 tons per day just from a the costs, it kind of follows a typical cost curve that going from 15 to 30 probably only increases your construction cost by 40% and your overall cost by 40%.

我認為最重要的一個，你看得克薩斯州正在發生。在得克薩斯州，我們已經能夠簽署一份 EPC 合同，EPC 承包商不會為了表揚和表現而提前簽約。我認為，這就是人們所看到的你知道你可以重複的聲明。我認為，當我們考慮擴大規模時，我們也——這個工廠本身，我們將把它擴大到 30 噸。我不認為我們會做太多。僅從成本來看，每天將少於 50 噸，它遵循典型的成本曲線，即從 15 到 30 可能只會增加 40% 的建築成本和 40% 的總成本。

So I think we're much more focused on plant (inaudible) taxes and New York that are large. There could be some smaller plants that Golan where the infrastructure is really kind of much simpler. But I think that's really one of the key learnings we've had. That's -- but I probably could go on and on, but that's really the heart, I think, of what we found important. Sanjay, you want to add anything?

所以我認為我們更關注工廠（聽不清）稅和紐約。戈蘭可能有一些更小的工廠，那裡的基礎設施確實要簡單得多。但我認為這確實是我們學到的重要知識之一。那是——但我可能會繼續說下去，但我認為這確實是我們發現的重要內容的核心。 Sanjay，你想補充什麼嗎？

No, I agree with that. James, that's really it. I think we understood that scale has a tremendous benefit. And all the components you got to manage and think through it, right? And learnings of Georgia, as Andy said, is now allowing us to really go into a PC rather than time and material...

不，我同意這一點。詹姆斯，真的是這樣。我想我們明白規模有巨大的好處。以及您必須管理和思考的所有組件，對嗎？正如安迪所說，喬治亞的學習現在讓我們真正進入 PC 而不是時間和材料......

Our next question comes from the line of Manav Gupta of UBS.

我們的下一個問題來自瑞銀集團的 Manav Gupta。

I have 2 questions and they're kind of related. So I'm going to ask them right upfront. So your press release states something very interesting. It says that you are in final stages of negotiating large-scale project opportunities in U.S., Europe and Asia Pacific, representing potential backlogs of 1 gigawatt. So if we can get some more details on that? And second is on a March announcement, you won a contract to build a 100-megawatt electrolyzer with Uniper. As I understand, this was a competitive bidding process and you were selected versus your competitors. It kind of indicates you have a very good product out there. So if you could talk a little bit about the March 7 announcement with Uniper.

我有 2 個問題，它們有點相關。所以我要提前問他們。所以你的新聞稿說了一些非常有趣的事情。它說你們正處於談判美國、歐洲和亞太地區大型項目機會的最後階段，代表著 1 吉瓦的潛在積壓。那麼我們能否獲得更多詳細信息？其次是在 3 月份的公告中，您贏得了與 Uniper 建造 100 兆瓦電解槽的合同。據我了解，這是一個競爭性投標過程，您是在與競爭對手的競爭中被選中的。這有點表明你有一個非常好的產品。所以，如果你能和 Uniper 談一談 3 月 7 日的公告。

Go ahead, Sanjay.

去吧，桑傑。

Yes. Again, thank you for that question. First off, when we talk about this over a gigawatt of booking opportunity on the electrolyzer side of the house here in the near term, we're looking at 500-plus megawatt opportunity in Asia Pacific. We're looking at 500-plus megawatt opportunity here in North America. We're looking at another 100 megawatts of opportunity in Europe. So please stay tuned. Obviously, in some cases, we're in the contract negotiation. In some cases, we're actually having a lot of discussion about it. We certainly plan to actually close on 1, 2 or all 3 of them here over the course of the next 90 days. And that's really what we're referring to when we talk about that gigawatt plus of bookings outlook in the near term in our electrolyzer business...

是的。再次感謝你提出這個問題。首先，當我們在短期內談論這個房子電解槽一側的千兆瓦預訂機會時，我們正在尋找亞太地區 500 多兆瓦的機會。我們正在北美尋找 500 多兆瓦的機會。我們正在歐洲尋找另外 100 兆瓦的機會。所以請繼續關注。顯然，在某些情況下，我們正在進行合同談判。在某些情況下，我們實際上對此進行了很多討論。我們當然計劃在接下來的 90 天內在這里關閉 1 個、2 個或全部 3 個。當我們談論我們的電解槽業務近期的千兆瓦以上預訂前景時，這確實是我們所指的……

Any details on the per contract?

每份合同的任何細節？

Go ahead, Sanjay.

去吧，桑傑。

Yes. Again, I think -- look, one of the key things…

是的。再一次，我認為——看，關鍵的事情之一……

One of the key items Plug is really focused on customers, not competitors. And that when you look -- I think when people look and see that Plug knows how to scale, Plug knows how to engage with customers, Plug knows how to do projects. I think that separates us from our competition. And when we take customers, and we have been taking many customers through our Georgia plant to show them, it really provides us a significant differential advantage versus any of the other competitors.

Plug 的關鍵項目之一是真正專注於客戶，而不是競爭對手。當你看時——我認為當人們看到 Plug 知道如何擴展時，Plug 知道如何與客戶互動，Plug 知道如何做項目。我認為這將我們與競爭對手區分開來。當我們接受客戶時，我們一直在通過我們佐治亞州的工廠向他們展示許多客戶，這確實為我們提供了與任何其他競爭對手相比的顯著差異化優勢。

When you walk our factory in Rochester, you actually see people making electrolyzer stacks and MEAs. You can't really see that scale anywhere else. That's really why we win deals. But we're focused on -- well, this is a big market. We're focused on what we can provide, what we can offer, we don't get too worried about competition at the moment. We worry about us and our customers...

當您走進我們位於羅切斯特的工廠時，您實際上會看到人們在製造電解槽堆和 MEA。您在其他任何地方都看不到這種規模。這就是我們贏得交易的真正原因。但我們專注於——好吧，這是一個大市場。我們專注於我們能提供什麼，我們能提供什麼，我們目前不太擔心競爭。我們擔心我們和我們的客戶......

And our next question comes from the line of Greg Lewis of BTIG.

我們的下一個問題來自 BTIG 的 Greg Lewis。

Yes. Squeeze get me in here. So Andy, I guess, recently, you made that announcement around the Korean JV with SK with start-up in 2025. I was hoping maybe for some -- maybe for a little bit of color around the CapEx build of that. And then really kind of -- is this -- could we see incremental projects from this initial joint venture?

是的。擠讓我進來。所以安迪，我想，最近，你在 2025 年與 SK 的韓國合資企業周圍宣布了這一消息。我希望可能對某些人 - 也許是圍繞資本支出構建的一些色彩。然後真的有點——這是——我們能從這個最初的合資企業看到增量項目嗎？

Sure. So let -- Greg, we've been working with SK now for over 2 years and the JV was finalized last year at this time with the final IP agreement done on December 31 of 2022. And we're focused on our stationery products. And in the investor letter, I highlighted the fact that there will be a good deal of activity for the stationery products for areas where the grid doesn't exist today. But Korea because of the high electrical cost, our plans with SK, starting in '25, '26 is to build 400 megawatts of stationary products and then every year to 20,400 megawatts. That in itself, this factory, which between the both of us will probably be in the $150 million type range, $150 million to $200 million, which will be jointly split is really just the beginning of the deployment of the JV. We're already doing with the JV.

當然。所以讓——格雷格，我們已經與 SK 合作了 2 年多，合資公司於去年這個時候敲定，最終知識產權協議於 2022 年 12 月 31 日完成。我們專注於我們的文具產品。在投資者信中，我強調了一個事實，即在今天不存在電網的地區，文具產品將有大量活動。但是韓國因為電力成本高，我們跟SK的計劃，從'25、26'開始是建400兆瓦的固定產品，然後每年到20400兆瓦。就其本身而言，我們雙方之間的這家工廠可能在 1.5 億美元的範圍內，1.5 億至 2 億美元，將共同拆分，這實際上只是合資企業部署的開始。我們已經在與合資企業合作。

We're shipping cryogenic trailers this year from Plug. We're shipping ProGen modules for uses and buses in Korea, which we think ramps to over 1,000 units shortly. We're engaged in electrolyzer projects, and our first electrolyzer projects are being shipped. So on a wide range of basis, -- this is going to be a very, very powerful JV. Take a little bit of time, but we're together really accelerating. I think that if you went to the event, look, I was in Australia working on deals and our Chairman was nice enough to go for me, but our Chairman was with the President of South Korea. I think that says a lot about the relationship.

我們今年將從 Plug 運送低溫拖車。我們正在韓國運送 ProGen 模塊供使用和公交車使用，我們認為很快就會增加到 1,000 多個單位。我們從事電解槽項目，我們的第一個電解槽項目正在發貨。所以在廣泛的基礎上，--這將是一個非常非常強大的合資企業。花一點時間，但我們一起真的在加速。我想如果你去參加活動，看，我在澳大利亞處理交易，我們的主席非常好，可以為我去，但我們的主席和韓國總統在一起。我認為這充分說明了這種關係。

Okay. Great. And then I did want to touch a little on the green hydrogen, the network. Last week was the Advanced Clean Transportation Conference. Clearly, it seems not surprisingly, California is going to be really the epicenter of hydrogen demand in the U.S. It seems like for the foreseeable future. It just seems like a lot of money is going in there. A lot of vehicles on hydro going to be going there. As you think about the network and realizing that green electricity or green renewable power is key to servicing that. Should we be thinking about more hydrogen production plants in and around the California area versus where -- I get we have a diversified footprint in New York, Southeast, Texas, but just as it seems like there's just coming more demand from California or is really we're just going to be shipping a lot of product there?

好的。偉大的。然後我確實想稍微談談綠色氫，即網絡。上周是高級清潔交通會議。顯然，在可預見的未來，加利福尼亞州將真正成為美國氫氣需求的中心似乎並不奇怪。看起來那裡有很多錢。很多水電車輛都會去那裡。當您考慮網絡並意識到綠色電力或綠色可再生能源是為其提供服務的關鍵時。我們是否應該考慮在加利福尼亞地區及其周邊地區建立更多的氫氣生產廠，而不是——我知道我們在紐約、東南部、得克薩斯州都有多元化的足跡，但就像加利福尼亞州的需求越來越多，或者實際上我們只是要在那裡運送很多產品嗎？

I'm going to let Sanjay answer that, but I'm going to make one comment. It should not be overlooked Greg. The demand for hydrogen itself in applications like creating e-fuels like mixing with natural gas in the pipeline with industrial applications like ammonia, probably it will be nationwide and probably we ramp and be much larger than California. That being said, I'll let Sanjay talk about our California plan as well as other activities we have going on.

我打算讓 Sanjay 回答這個問題，但我要發表一個評論。格雷格不應被忽視。在製造電子燃料等應用中對氫本身的需求，例如在管道中與天然氣混合，以及氨等工業應用，可能會在全國范圍內出現，而且我們可能會比加利福尼亞大得多。話雖如此，我還是讓 Sanjay 談談我們的加州計劃以及我們正在進行的其他活動。

I mean, Greg, you're spot on, right? That is going to be where a lot of demand is going to come for some of the mobility applications and things like that. So this is how we're looking at it. One, we already do have a location that we have identified that we're going through all the permitting process going through PG&E, going through Calia, to move that project -- and one of the dynamics as you think about California is, while it's a demand center. You also have a very high price of electricity, and you also have a situation where the permitting actually ends up taking longer than many other states. So that's a bit of a dichotomy that you've got to deal with when you think about how many plants and how do you really build in California.

我的意思是，格雷格，你說對了，對吧？這將是對一些移動應用程序和類似東西的大量需求的地方。這就是我們的看法。第一，我們確實已經確定了一個地點，我們正在通過 PG&E、Calia 的所有許可程序來移動該項目——你對加利福尼亞的看法之一是，雖然它是一個需求中心。你的電價也非常高，而且你也有這樣一種情況，即許可實際上最終花費的時間比許多其他州要長。因此，當您考慮在加利福尼亞有多少工廠以及如何真正建造時，您必須處理這種二分法。

But having said that, we actually are looking at multiple projects, now I mean, multiple, okay, in the neighboring state to be able to support California. We're even looking at some of the opportunity that eventually might even end up making it all the way to California, even in the West Texas area because we've done that before. It really comes down to what is that lowest possible renewable electron we can get? What is that speaker cost of the hydrogen? And does it make sense to build a plant even look at delivery distance and ends up making it a lower cost as it gets into the California market, right? So neighboring states, even our projects in California and other locations is really how we plan to actually support as you rightfully pointed out, the meaningful demand that we see coming from the state of California.

但話雖如此，我們實際上正在研究多個項目，現在我的意思是，多個，好的，在鄰近的州，以便能夠支持加利福尼亞。我們甚至正在尋找一些機會，這些機會最終甚至可能會一路到達加利福尼亞，甚至在西德克薩斯地區，因為我們之前已經這樣做過。這真的歸結為我們可以獲得的最低可能的可再生電子是多少？氫揚聲器的成本是多少？建造工廠甚至考慮交貨距離並最終使其進入加利福尼亞市場時成本更低是否有意義，對嗎？因此，正如您正確指出的那樣，鄰近的州，甚至我們在加利福尼亞州和其他地方的項目實際上是我們計劃實際支持的方式，我們看到來自加利福尼亞州的有意義的需求。

And our next question comes from the line of Bill Peterson of JPMorgan.

我們的下一個問題來自摩根大通的比爾彼得森。

Andy and team, nice to speak with you on. I wanted to go to the guidance for the year, just to make sure I understand. I think you said it was largely Energy Solutions. But in the last quarter, you talked about 55% kind of mature business. I think 30-plus percent electrolyzer is $100 million stationery. I think the rest you call it fuel cryo and so forth with that 15%, which I think is around $200 million. So what is the difference? Where does it come in at $1.2 billion and where does it come in $1.4 billion? Is it electrolyzed primarily or fuel? If you could help us understand kind of what's changed in the guidance.

安迪和團隊，很高興與您交談。我想去指導那一年，只是為了確保我理解。我想你說過這主要是能源解決方案。但在上個季度，你談到了 55% 的成熟業務。我認為 30% 以上的電解槽是價值 1 億美元的文具。我想剩下的你稱之為燃料低溫等等，我認為這 15% 大約是 2 億美元。那麼區別是什麼呢？ 12 億美元從哪裡來，14 億美元從哪裡來？它主要是電解還是燃料？如果您能幫助我們了解指南中發生的變化。

So Bill, I -- what I've tried to -- I want to be really clear -- what I try to say is, look, our ability to predict obviously hasn't been perfect. So we spent lots and lots of time after last quarter, working through to make sure we enunciate to -- the Street where the risk is in the $1.4 billion. And if you look at -- and it's been filed, I think it's going to be refiled with 2023, Ger. If you look at the chart, I wrote Bill with the team here, kind of 4 key items. So one of it is we're shipping 275-megawatt electrolyzers containers this year. That's probably around, call that circa $100 million. Look, we have the orders for it. It's making sure if we spent a lot of time on execution there. And that's a big part of it.

所以比爾，我——我已經盡力——我想說得很清楚——我想說的是，看，我們的預測能力顯然並不完美。因此，我們在上個季度之後花了很多時間，努力確保我們向 - 風險在 14 億美元的街道表達。如果你看一下 - 它已經歸檔，我認為它會在 2023 年重新歸檔，Ger。如果你看一下圖表，我和這裡的團隊一起寫了比爾，大約有 4 個關鍵項目。所以其中之一是我們今年將運送 275 兆瓦的電解槽容器。這可能大約是 1 億美元左右。看，我們有訂單。它確保我們是否在執行上花費了大量時間。這是其中很大一部分。

If you look at another big difference, Bill, is associated with our electrolyzer plant and the electrolyzer plant, you probably can circle another $30 million in revenue. So between those 2, you 30 to 50, you're probably talking 3 quarters of the difference -- and then Sanjay has a lot of liquefiers -- he's looking to ship. They're looking to sell in late negotiations and that will get us to the 770. And also on this slide, I did highlight the fact that there's other opportunities in the works. -- that -- but that's really where it will all resides. If you look, for example, in the application business, our traditional business, the variation is really about $20 million from expected to the lower case. And that lower case, it really has to do with the timing of a couple of projects, whether they happen in the fourth quarter or first quarter. I want to do this chart because I wanted to make sure investors knew how all the numbers lined up. I hope that was helpful, Bill. Bill...

如果你看看另一個大的不同，比爾，與我們的電解槽工廠和電解槽工廠有關，你可能可以再增加 3000 萬美元的收入。所以在這 2 個之間，你 30 到 50，你可能說的是差異的四分之三——然後 Sanjay 有很多液化器——他希望出貨。他們希望在後期談判中出售，這將使我們獲得 770。而且在這張幻燈片上，我確實強調了一個事實，即作品中還有其他機會。 -- 那 -- 但那才是它真正所在的地方。例如，如果你看一下應用程序業務，我們的傳統業務，從預期到小寫的差異實際上約為 2000 萬美元。那個小寫字母確實與幾個項目的時間安排有關，無論它們發生在第四季度還是第一季度。我想製作這張圖表，因為我想確保投資者知道所有數字是如何排列的。我希望這對你有幫助，比爾。賬單...

Yes. Sorry about that. Sorry, you talked about -- sorry about that. You talked about raising additional potential -- potentially raising additional financing. You talked about the DOE loans and ABL and probably you mentioned more to come in the second half of the year. Is there a preferred means of raising, I guess, presuming you're looking at the most non-dilutive capital as possible. But what is the preferred means at doing this as you look at the second half of the year or into next year?

是的。對於那個很抱歉。抱歉，您談到了——對此感到抱歉。你談到了提高額外的潛力——可能會籌集額外的資金。您談到了 DOE 貸款和 ABL，您可能還提到了下半年的更多貸款。我想，假設您正在尋找盡可能不稀釋的資本，是否有一種首選的籌集方式。但是，當您展望下半年或明年時，這樣做的首選方式是什麼？

I'm going to take a step back. I'm going to hand it to the experts Sanjay here. We also may have people invest in the plants themselves, Bill. And we have lots of people who want to take a share, for example, in Georgia. Go ahead, Paul.

我要退後一步。我將把它交給這裡的專家 Sanjay。我們也可能讓人們自己投資工廠，比爾。我們有很多人想分一杯羹，例如在格魯吉亞。去吧，保羅。

Yes. And I think you touched on it. I mean, obviously, first and foremost, it's nondilutive. Second is cost of capital, third is flexible capital. But again, as Andy said, there's a lot of parties that are interested. And when you look at the breadth of what we're doing and the pace and the ambition we have to grow and invest in scale, it will probably be a combination of solutions as we continue to move forward. But the good news is we have an incredibly strong balance sheet that's basically unlevered and we've got this portfolio of plants unfolding that are a profitable portfolio to leverage up and recirculate that capital. It puts us in a great position of optionality, and that's when Andy occurred, we're working toward the second half, you're going to hear more and see more as we work through that in the months to come.

是的。我想你已經提到了。我的意思是，顯然，首先，它是非稀釋性的。二是資本成本，三是靈活資本。但同樣，正如安迪所說，有很多方面對此感興趣。當你看看我們正在做的事情的廣度以及我們必須擴大規模和投資規模的步伐和雄心時，隨著我們繼續前進，它可能是解決方案的組合。但好消息是，我們的資產負債表非常強勁，基本上沒有槓桿作用，而且我們已經展開了這些工廠組合，這是一個有利可圖的組合，可以提高槓桿率並使資本再循環。這讓我們處於一個很好的選擇位置，那是安迪出現的時候，我們正在為下半年努力，在接下來的幾個月裡，你會聽到更多，看到更多。

Thank you. Our next question comes from the line of Alex Kania of Wolf Research.

謝謝。我們的下一個問題來自 Wolf Research 的 Alex Kania。

Maybe I could take another run at the kind of the IRA guidance and maybe what that means. Do you think that -- or would you be able to characterize there a bit of a decent amount of pent-up demand or anything like that once you get the kind of guidance either way in terms of matching or additionality or something like that. So I'm just wondering if -- as you've talked about these incremental opportunities you're seeing over the next 90 days, how much of that would play into just getting resolution on the IRA rules. And even more beyond that, could you see kind of a ramp up in any kind of announcements just once we have that clarity.

也許我可以再試一次 IRA 指南，也許這意味著什麼。你認為 - 或者你是否能夠描述一些被壓抑的需求或類似的東西，一旦你在匹配或額外性或類似的東西方面獲得這種指導。所以我只是想知道，當你談到未來 90 天你看到的這些增量機會時，其中有多少會影響 IRA 規則的解決。更重要的是，一旦我們有了這種清晰度，你能看到任何類型的公告都有所增加嗎？

So Alex, I think clarity probably comes August, September, just to kind of frame it. And any time you have uncertainty, you have folks waiting. And if the policy is defined very similar to the European directive, I think they'll be able to live. And I think that food will be important because it will create more and more jobs and allow United States of scale, allow companies to export. I think that will be the outcome. If they're very, very restrictive, I still think there will be more activity -- but I think a lot of the focus for many companies will be more European focused than U.S. focused.

所以亞歷克斯，我認為清晰度可能會在 8 月、9 月到來，只是為了構建它。任何時候你有不確定性，你都有人在等。如果該政策的定義與歐洲指令非常相似，我認為他們將能夠生存。我認為食品很重要，因為它會創造越來越多的就業機會，讓美國擴大規模，讓公司出口。我認為這將是結果。如果他們非常非常嚴格，我仍然認為會有更多的活動——但我認為許多公司的重點將更多地集中在歐洲而不是美國。

So I think if the regulations are too tight, quite honestly, IRA would defeat its purpose. I don't think that's going to be the outcome. I know of a good deal. I have fortunate enough to know people in D.C. People are concerned about job. People are concerned about the economy. People are concerned about the climate. There's concern about America growing this industry and not handing it over to the Chinese, which quite honestly, is a big hot button. And I think when the regulation comes in, we're going to -- everybody is going to be -- who's sitting here at the table with me is going to be quite happy.

所以我認為，如果規定太嚴格，老實說，IRA 會達不到它的目的。我認為這不會是結果。我知道很多。我有幸認識華盛頓特區的人。人們關心工作。人們關心經濟。人們關心氣候。有人擔心美國發展這個行業而不是將其交給中國人，老實說，這是一個很大的熱點。而且我認為當法規出台時，我們將 - 每個人都會 - 和我一起坐在桌旁的人會非常高興。

Great. And then maybe just thinking about margins for the balance of the year, I guess. Certainly, gas prices have come down incrementally even since the previous earnings report. Is that kind of a decent incremental tailwind for numbers as kind of a kind of upside? Or have you seen any kind of offsets to maybe the momentum that we've seen on the gas side?

偉大的。然後可能只是考慮今年餘下時間的利潤率，我猜。當然，自上一份收益報告以來，天然氣價格已經逐步下降。這種對數字來說是一種不錯的增量順風是一種好處嗎？或者您是否看到了我們在天然氣方面看到的勢頭的任何抵消？

I'm going to let Sanjay take that one.

我要讓 Sanjay 拿那個。

Yes, Alex, you're right. I mean, I think, look, there is a quarter lag as we've always said, right? So you will start to see that benefit as we go into Q2, Q3 and Q4 this year. There is going to be some incremental benefit. And obviously, we're seeing a lot of time to ensure that the gas price being used by our supplier actually matches that with how we're looking at it as well, right? So the short answer to your question is, yes, that's an incremental benefit.

是的，亞歷克斯，你是對的。我的意思是，我認為，看，我們一直說有四分之一的滯後，對嗎？因此，當我們進入今年第二季度、第三季度和第四季度時，您將開始看到這種好處。將會有一些增量收益。顯然，我們有很多時間來確保供應商使用的天然氣價格與我們的看法相符，對吧？所以對你的問題的簡短回答是，是的，這是一個增量收益。

And our next question comes from the line of Ameet Thakkar of BMO Capital Markets.

我們的下一個問題來自 BMO Capital Markets 的 Ameet Thakkar。

Good morning. Can you hear me?

早上好。你能聽到我嗎？

Yes, we can.

我們可以。

Okay. Great. Just real quick, I just wanted to kind of level set on CapEx since you will be bringing on a lot more production online. I think you guys had said about $1 billion for the year. It looks like the first quarter was a little bit less than that from a ratable standpoint. I just wanted to make sure that $1 billion number was kind of still the right number to think about for CapEx for the year?

好的。偉大的。真的很快，我只是想在資本支出上設定一個水平，因為你將在網上帶來更多的生產。我想你們說的是今年大約 10 億美元。從評級的角度來看，第一季度似乎略低於第一季度。我只是想確保 10 億美元的數字仍然是考慮今年資本支出的正確數字嗎？

Yes, that's our target. I think the good news is the big manufacturing plants are pretty close to done in terms of the spend. So the balance of it is predominantly, if not all, around the green hydrogen platforms. And as we -- so the answer is yes, that's our target and continue to advance that agenda.

是的，那是我們的目標。我認為好消息是大型製造工廠在支出方面已經接近完成。因此，它的平衡主要（如果不是全部）圍繞綠色氫平台。正如我們 - 所以答案是肯定的，這是我們的目標並繼續推進該議程。

Okay. Great. And then I think Andy had mentioned earlier that like the -- I guess, the big dollars under the DOE program wouldn't start flowing through until '25 or '26. So should we think about like some of the other options you're looking at in terms of kind of the ABLs or selling down equity in the individual plants is kind of like kind of a bridge until we get there? Or is that something you always contemplated...

好的。偉大的。然後我想安迪之前提到過，就像——我想，能源部計劃下的大筆資金要到 25 年或 26 年才會開始流出。那麼我們是否應該像您正在考慮的其他一些選擇一樣考慮 ABL 的種類，或者在我們到達那里之前出售個別工廠的股權有點像一座橋樑？或者這是你一直在考慮的事情......

Yes. I don't think -- and I'll let Paul comment. I don't equate the Hodgin hubs to our own plant being built out. They're really separate activities. And our view is that we want as much hydrogen is available as rapidly as possible as green as possible. And so having investors in plants like people who deal big oil wells, they do that. who are in that industry, == our business model is that we're going to be really, really big. We're going to do some of it with folks. We're going to do some of it independently. And we want to make sure we get the most attractive financial finance deals we can. But the -- there's really no correlation meet between the hubs and the loans.

是的。我不認為——我會讓保羅發表評論。我不會將 Hodgin 集線器等同於我們自己正在建造的工廠。它們是真正獨立的活動。我們的觀點是，我們希望盡可能快地獲得盡可能多的氫氣，盡可能綠色。因此，擁有像處理大型油井的人這樣的工廠投資者，他們就這樣做了。誰在那個行業，==我們的商業模式是我們將變得非常非常大。我們將與人們一起做一些事情。我們將獨立完成其中的一些工作。我們希望確保我們能夠獲得最具吸引力的金融交易。但是 - 中心和貸款之間確實沒有相關性。

You want to add, Paul?

你想補充，保羅？

Just to clarify, there's multiple things going on at the same time, right? So we're working the hub conversation processes with industry partners as well as the DOE. But apart from that and separate from that and specific to Plug, we're also working a conversation around a specific DOE loan that could very well fund this year. We talk about all of our capital options in the past that we're working. And you mentioned ABL and the DOE is 2 of them. There's multiple different capital sources. And with the strength of our balance sheet and the portfolio we're building, we've got lots of parties that are interested that will be this year activities, not '25 '26. So I just want to make sure that's truly clear.

澄清一下，有很多事情同時發生，對吧？因此，我們正在與行業合作夥伴以及能源部開展中心對話流程。但除此之外，與此分開並針對 Plug，我們還在圍繞一項特定的 DOE 貸款進行對話，該貸款今年可能會很好地提供資金。我們談論過去我們正在努力的所有資本選擇。你提到了 ABL，DOE 是其中的兩個。有多種不同的資金來源。憑藉我們資產負債表的實力和我們正在建立的投資組合，我們有很多對今年活動感興趣的各方，而不是 '25'26。所以我只想確保這真的很清楚。

Thank you. (Operator Instructions). Our next question comes from the line of Eric Stine of Craig Hallum.

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

Good morning, Eric.

早上好，埃里克。

Please lift your handset. We will proceed with the question-and-answer session. Our next question comes from the line of Colin Rusch of Oppenheimer.

請拿起聽筒。我們將繼續進行問答環節。我們的下一個問題來自奧本海默的 Colin Rusch。

Andy, as you guys are working through the potential ABL finance providers, can you talk a little bit about what sort of feedback you're getting on the operational metrics you need to meet and the duration you need to run these facilities before folks will close on one of these deals.

安迪，當你們正在與潛在的 ABL 融資提供商合作時，您能否談談您在需要滿足的運營指標方面獲得了什麼樣的反饋，以及在人們關閉之前運行這些設施所需的時間在這些交易之一。

Yes. The good news is scale matters. And when you look at how big our balance sheet is, it affords us that opportunity to leverage that up without meeting necessarily traditional metrics. Having said that, as we've publicly talked about, given the path that we're on, the trajectory on, we're strongly very confident that early next year, we're moving into positive operating cash flows, given the growth in margin trajectory. So we haven't had a lot of constraints put on us in terms of those traditional metrics because we have such a big balance sheet and such a big green hydrogen portfolio that for step back. And I think the real key for us is as we bridge that, leverage it into that next year, and then move into the post operating cash flow, that opens up, as you know, traditionally more -- significantly more institutional opportunities as we move. So, so far, so good and lots of lots of opportunities without having to worry too much about that in the short term.

是的。好消息是規模很重要。當您查看我們的資產負債表有多大時，它為我們提供了利用它的機會，而無需滿足必要的傳統指標。話雖如此，正如我們公開談論的那樣，鑑於我們所走的道路和軌跡，我們非常有信心明年初，我們將進入正運營現金流，因為增長保證金軌跡。因此，在這些傳統指標方面，我們並沒有受到太多限制，因為我們擁有如此龐大的資產負債表和如此龐大的綠色氫投資組合，可以退後一步。而且我認為對我們來說真正的關鍵是我們將其連接起來，利用它進入明年，然後進入運營後現金流，正如你所知，傳統上打開了更多 - 隨著我們的移動，更多的機構機會.所以，到目前為止，一切都很好，有很多機會，而不必在短期內為此擔心太多。

Okay. Okay. And then just from a working capital perspective, as you guys ramp up manufacturing, I just want to get a sense of what the working capital needs are going to be and how much finished goods are in that inventory number that you posted this quarter.

好的。好的。然後從營運資金的角度來看，當你們加快製造速度時，我只想了解一下營運資金的需求以及你們本季度發布的庫存數量中有多少成品。

Yes. So as we've talked publicly, we've specifically been ramping very quickly our electrolyzer in our stationery product platform. So the delta this quarter was specifically associated with that. We've talked about the fact that we're going to be doubling the production of our electrolyzer program in second quarter from the first quarter. And we're starting to ship our first stationary product, large-scale station products this quarter. So I think you're going to -- we will see that level out. And as we move to the balance of the year with the leverage we anticipate, we expect it actually to go down. So for the balance of the year, we don't actually expect on a hole that we're going to be relatively flat year-over-year, but not slightly down from a working capital standpoint.

是的。因此，正如我們公開談論的那樣，我們特別在我們的文具產品平台上非常快速地提升我們的電解槽。因此，本季度的增量與此特別相關。我們已經談到了這樣一個事實，即我們將在第二季度將電解槽項目的產量從第一季度翻一番。我們將在本季度開始運送我們的第一個固定產品，即大型固定產品。所以我認為你會 - 我們會看到這個水平。隨著我們以預期的槓桿率進入今年的餘額，我們預計它實際上會下降。因此，對於今年餘下的時間，我們實際上並不認為我們會同比持平，但從營運資本的角度來看不會略有下降。

Our next question comes from the line of Chris Dendrinos of RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Chris Dendrinos。

Paul, you kind of just mentioned. Paul, you just mentioned some positive free cash flow beginning maybe early next year, and I think you all have a target for ops breakeven later this year, maybe fourth quarter. So can you maybe talk about kind of the drivers of what takes you there, I guess, versus where you are today? I guess just pointing out some of the margins in nethean maybe the PPA area looked kind of particularly soft this quarter. So what gets you from where you are today to ops breakeven end of the year and then positive free cash flow next year.

保羅，你剛才提到了。保羅，你剛剛提到了一些正的自由現金流可能從明年初開始，我認為你們都有一個目標，即在今年晚些時候實現運營收支平衡，也許是第四季度。那麼，我想，你能否談談將你帶到那裡的驅動因素，而不是你今天所處的位置？我想只是指出 nethean 的一些利潤率，也許本季度 PPA 領域看起來特別疲軟。那麼是什麼讓你從今天的位置到今年年底的收支平衡，然後是明年的正自由現金流。

Yes. I guess really, there's a number of things. But first and foremost, we do -- we make positive margin on equipment. And when you look at Q1 as an example, it's accretive. So every incremental dollar I sell of equipment is positive. The majority if not 90% of that growth is coming from equipment sales. So that, coupled with the fact that we're going to be ramping the leverage of those plants and those investments and scaling those new products will drive margin profile. So of the balance of the year at $1.2 billion, roughly $1 billion or so is going to be product and equipment sales. And when you look at the scaling margin, which we've traditionally hit in that 25% to 30% plus range, that gets you a pretty substantial step function change in margin and accretion. Second piece is fuel.

是的。我想真的，有很多事情。但首先，我們做到了——我們在設備上賺取了正利潤。當您以第一季度為例時，它是增值的。所以我賣出的每一美元設備都是正的。大部分（如果不是 90%）增長來自設備銷售。因此，再加上我們將提高這些工廠和這些投資的槓桿作用，並擴大這些新產品的規模，這將推動利潤率。因此，在今年 12 億美元的餘額中，大約 10 億美元左右將用於產品和設備銷售。當您查看我們傳統上在 25% 到 30% 以上的範圍內達到的縮放邊際時，這會讓您在邊際和增長方面發生相當大的階躍函數變化。第二塊是燃料。

We've talked a lot about the things that we're doing there in terms of turning on the green hydrogen plants, the abatement of the natural gas, working with our partners on the distribution networks and field logistics to drive efficiency. And we've talked publicly about ending the year on a breakeven run rate on fuel and moving into next year, quickly changing the paradigm. So those 2 are the sole biggest drivers. And then last -- second -- I guess, third to that, I would just say we continue to make big strides on service and reliability investments, and they have a very concentrated effort. However, that will be more and more smaller PPA and service will be a smaller percentage of what we do as we scale the growth and the curve that we're talking about. It's predominantly going to be product and fuel and more so product in that equation as we move forward for the balance of this year.

我們已經談了很多關於我們在那裡所做的事情，包括開啟綠色氫工廠、減少天然氣、與我們的合作夥伴在分銷網絡和現場物流方面合作以提高效率。我們已經公開討論過以燃料盈虧平衡運行率結束今年並進入明年，迅速改變範式。所以這兩個是唯一最大的驅動因素。然後是最後 - 第二 - 我想，第三，我只想說我們繼續在服務和可靠性投資方面取得重大進展，而且他們非常集中精力。然而，隨著我們擴大我們正在談論的增長和曲線，PPA 和服務將越來越小，我們所做的工作所佔的比例將越來越小。隨著我們在今年餘下的時間裡向前邁進，這將主要是產品和燃料，以及更多的產品。

Got it. And I guess maybe as my follow-up here.

知道了。我想也許是我在這裡的後續行動。

Saying, Chris. Paul, maybe you should mention PPA is down just because of the warrant charges.

說，克里斯。保羅，也許你應該提到 PPA 只是因為保證金費用而下降。

Yes, we have a lot of noncash charges. And so that's up year-over-year. It was $2 million or so in Q1 of '22 and was $14 million this year in Q1. So that's a noncash charge. It particularly affects PPA and fuel in terms of the association with the customer associated with it. And then on the whole, just so everybody has some context, we run at about $60 million to $70 million a quarter of noncash charges holistically. So that's why I feel I'm incredibly excited and confident about the growth, the margin leverage back with that noncash run rate that gives me confidence to get to those numbers as we move on into next year.

是的，我們有很多非現金費用。所以這是逐年增加的。 22 年第一季度為 200 萬美元左右，今年第一季度為 1400 萬美元。所以這是非現金費用。它特別影響 PPA 和燃料，因為它與與之相關的客戶相關聯。然後總的來說，為了讓每個人都有一些背景，我們整體上每季度的非現金費用約為 6000 萬至 7000 萬美元。所以這就是為什麼我覺得我對增長感到非常興奮和自信，利潤率槓桿與非現金運行率一起讓我有信心在我們進入明年時獲得這些數字。

Got it. Okay. And then I guess just as my follow-up here, reading kind of the front page of the shareholder letter here, it looks like you maybe added a qualified on the 200 TPD of build-out to maybe include under construction. So can you maybe talk about, a, I guess, is that true? Are you kind of delaying that a little bit? And then what are the drivers? I think you mentioned some ABL loan, the DOE loan coming in later this year. There's some treasury clarity coming the hub announcements earlier this year. So is that a function of just, I guess, timing? Or are you maybe slowing things down just to see how these, I guess, announcements coming that are coming is might impact your plans?

知道了。好的。然後我想就像我在這裡的後續行動一樣，在這裡閱讀股東信函的首頁，看起來你可能在 200 TPD 的擴建中添加了一個合格的，可能包括在建中。那麼你能不能談談，我想，這是真的嗎？你是不是有點拖延時間？那麼驅動因素是什麼？我想你提到了一些 ABL 貸款，DOE 貸款將於今年晚些時候發放。今年早些時候，有關樞紐的公告中有一些財務清晰度。那麼我猜這只是時間的功能嗎？或者你可能會放慢速度只是為了看看這些，我猜，即將到來的公告可能會影響你的計劃？

So Andy, let me. Yes. So Chris, no, we're not changing anything at all, right? I mean, if anything, we just wanted to actually try to provide more granularity after what we've learned from Georgia in terms of how long it takes to go from construction commissioning to full production, right? So there was no change in plans where -- as Andy said, right, we're not waiting for any particular things to materialize for us to continue down the path of getting to that 200 tons number. But all we try to do was look try to actually provide you guys with more granularity based on what we learned from Georgia, what does it take, construction, commissioning, full production, and that's really the tweak that we made there. Nothing more than that.

所以安迪，讓我。是的。所以克里斯，不，我們根本沒有改變任何東西，對吧？我的意思是，如果有的話，我們只是想在我們從格魯吉亞學到從施工調試到全面生產需要多長時間之後，真正嘗試提供更多的粒度，對吧？因此，計劃沒有變化——正如安迪所說，對，我們不會等待任何特定的事情成為現實，讓我們繼續朝著達到 200 噸的目標邁進。但我們所做的只是嘗試根據我們從佐治亞州學到的東西，實際為你們提供更多的粒度，需要什麼，建設，調試，全面生產，這確實是我們在那裡所做的調整。僅此而已。

Our next question comes from the line of Kashy Harrison of Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Kashy Harrison。

So I want to go back to the multiple financing options. Can you give us a sense of what milestones, if any, need to be met from a project perspective before you can get financing? And then should we be thinking about a transaction as a 2023 or 2024 catalyst?

所以我想回到多種融資選擇。在獲得融資之前，您能否從項目的角度告訴我們需要達到哪些里程碑（如果有的話）？那麼我們是否應該將交易視為 2023 年或 2024 年的催化劑？

Go say?

去說？

Yes. Maybe Paul, I can take this on the project side on hydrogen plant. So a couple of things, right? So as Paul talked about, our loan guarantee program, as Paul talked about, our ABL opportunity. And as we talked about project level financing, but here is really what we're looking at Kashy? First off, I think once our plant is running late for 12 months, then there is a stable cash flow that we can highlight to an underwriter, right?

是的。也許保羅，我可以在氫工廠的項目方面接受這個。所以有幾件事，對吧？正如保羅所說，我們的貸款擔保計劃，正如保羅所說，我們的 ABL 機會。當我們談到項目層面的融資時，我們真的在看 Kashy 嗎？首先，我認為一旦我們的工廠延遲運行 12 個月，我們就可以向承銷商強調穩定的現金流，對吧？

And once we can do that -- that allows us to really go even down the path of the debt market, thinking about what is that right debt service coverage ratio is going to be piece number one. Piece number two, now that these plants are coming online, we are also looking at how can you really sort of like ring fence the plant, if you were thinking about it from a PPA perspective to either a way to think about floor pricing on the hydrogen, which will also open up a lot of different kinds of financing solution to really support at of this plant, right? And I think that we -- I encourage everybody to think about this is really what happened in the solar and the wind space, right? When you actually had beginning of the solar in the wind industry, it was 100% equity financed. Then we have PTC and we had IPC that really led the financing market to open up in conjunction with also driving the cost of that capital down. So I think you're going to see something like that. We're in the hydrogen space as well, we're having, as Paul said, multiple different discussions with one of the sole purpose in mind what is the best and the lowest cost of capital to continue to drive the growth that we have ahead of us and substantial growth that's coming down the road. So that's how we're looking at it.

一旦我們能夠做到這一點——這讓我們能夠真正走上債務市場的道路，思考什麼是正確的償債覆蓋率將成為第一。第二點，既然這些工廠即將上線，我們也在研究如何才能真正像圍欄一樣圍欄工廠，如果你是從 PPA 的角度考慮它，或者是考慮底價的一種方式氫，這也將開闢很多不同種類的融資解決方案來真正支持這個工廠，對吧？而且我認為我們 - 我鼓勵大家思考這真的是在太陽能和風空間中發生的事情，對嗎？當你真正在風能行業開始太陽能時，它是 100% 的股權融資。然後我們有 PTC 和 IPC，它們真正引領了融資市場的開放，同時也降低了該資本的成本。所以我認為你會看到類似的東西。我們也在氫氣領域，正如保羅所說，我們正在進行多次不同的討論，唯一的目的之一是什麼是最好和最低的資本成本，以繼續推動我們未來的增長我們和即將到來的實質性增長。這就是我們看待它的方式。

Thanks Sanjay. And then maybe a question for Paul. Can you refresh us on what's the driver behind the high restricted cash balance on the balance sheet and whether you would expect a release to unrestricted cash in coming quarters or years?

謝謝桑傑。然後也許有一個問題要問保羅。您能否向我們介紹一下資產負債表上高限制現金餘額背後的驅動因素是什麼，以及您是否希望在未來幾個季度或幾年內釋放不受限制的現金？

Yes. So a lot of long-term follow remember, but for a lot of the equipment deals that we do in the material island space, we do -- we monetize the benefits of the banks for those programs. And so a lot of times, we have to post cash to back those deals. We've actually been successful in getting customers -- the biggest customer we have, as an example, who signs into or eye water commitments, and we get 70%, 80% of the cash upfront. And so what you're looking at now is the layers that are adding are kind of the balance of that residual. The good news is we are starting to see the benefits of the new RA on the ITC front.

是的。所以很多長期追隨者記得，但對於我們在物質島空間進行的許多設備交易，我們確實 - 我們將銀行為這些項目帶來的收益貨幣化。所以很多時候，我們不得不用現金來支持這些交易。我們實際上已經成功地吸引了客戶——例如，我們擁有的最大客戶，他們簽署或註視著水承諾，我們預付了 70%、80% 的現金。所以你現在看到的是正在添加的層是該殘差的一種平衡。好消息是我們開始看到新 RA 在 ITC 方面的好處。

So we've actually closed our first 40% deal. This quarter, we're targeting our first 50% ITC deal. -- that really yields 2 benefits. One, that we get more value on the project. And then secondly, we paid the bank less, right, because they give us the majority of those tax benefits and the deal structure. So we're moving from $0.70 to $0.80 on the dollar. In some cases, $0.50 on the dollar of a payback on the deal structures. And so -- and now that we don't have any debt, all of that cash releases to us. So -- and we probably about 20%, 25% per year that it's released in to us, we can use to fund our current operations as well as our near-term operations. I expect that to change. As we just talked earlier, as we continue to work through and move towards positive cash flows. I think you'll see more and more of that scale down and get released and move towards more traditional institutional financing in the near term.

所以我們實際上已經完成了第一筆 40% 的交易。本季度，我們的目標是第一筆 50% 的 ITC 交易。 -- 這確實產生了 2 個好處。第一，我們從項目中獲得更多價值。其次，我們付給銀行的錢少了，對吧，因為他們給了我們大部分的稅收優惠和交易結構。所以我們從 0.70 美元漲到 0.80 美元。在某些情況下，交易結構的投資回報為 0.50 美元。所以——現在我們沒有任何債務，所有這些現金都釋放給了我們。所以——我們可能每年向我們釋放大約 20%、25% 的資金，我們可以用它來資助我們當前的運營以及我們的近期運營。我希望這會改變。正如我們剛才所說，隨著我們繼續努力並朝著正現金流邁進。我認為你會看到越來越多的規模縮小並在短期內獲得釋放並轉向更傳統的機構融資。

Our next question comes from the line of Sam Burwell of Jefferies & Company.

我們的下一個問題來自 Jefferies & Company 的 Sam Burwell。

We unpack something on Slide 4, the financial projections on the expected case and a lower case. It looks like there's a $200 million delta on the revenue line, $90 million delta on the gross margin line. So that implies like a 45% incremental margin, let's say, is that the margin that's associated with the key items that you call out on the right, namely the electrolyzer containers, the liquefiers and then, I guess, the larger electrolyzer plant? Or am I thinking about that incorrectly?

我們在幻燈片 4 上展開一些內容，即預期案例和小寫案例的財務預測。看起來收入線上有 2 億美元的增量，毛利率線上有 9000 萬美元的增量。所以這意味著 45% 的增量利潤率，比方說，是與你在右邊提到的關鍵項目相關的利潤率，即電解槽容器、液化器，然後，我想，更大的電解槽廠？還是我想錯了？

I would think about those on the right on a variable basis, somewhere around 40% gross margin. And the rest of it is associated with the same inefficiencies in our operations.

我會在可變的基礎上考慮右邊的那些，大約 40% 的毛利率。其餘部分與我們運營中同樣的低效率有關。

Okay. Understood. That's certainly helpful. And then one last one on financing. I mean, is there any way you can quantify like the difference in cost of capital between the DOE project financing and maybe the ABLs. I know -- I think you guys at least had called out low single digits, but that was a few Fed rate hikes to go. So is the DOE loan going to be something that costs the overnight risk-free rate? Is it a spread to that? Is it below that because the DOE wants to subsidize green hydrogen?

好的。明白了。這當然很有幫助。然後是關於融資的最後一個。我的意思是，有沒有什麼方法可以量化 DOE 項目融資和 ABL 之間的資金成本差異。我知道 - 我認為你們至少已經提出了低個位數，但那是美聯儲加息的幾次。那麼，DOE 貸款是否會以隔夜無風險利率為代價？這是對那個的傳播嗎？低於那個是因為美國能源部想要補貼綠色氫嗎？

Yes. So I mean, nothing is done until it's done. And so it's hard to give you an exact answer, but I would tell you, high single digit is not out of the question, if not mid-single digit in that range.

是的。所以我的意思是，在完成之前什麼都做不了。所以很難給你一個確切的答案，但我會告訴你，高個位數不是不可能的，如果不是那個範圍內的中個位數的話。

I would also add, Paul, the ABL and the project financing are really 2 separate act, right?

我還要補充一點，保羅，ABL 和項目融資真的是兩個獨立的行為，對吧？

Yes. And they're not necessarily exclusive, right? So -- and it could be -- certainly could be both.

是的。而且它們不一定是排他性的，對吧？所以——它可能是——當然可以兩者兼而有之。

And our final question comes from the line of Brett Caselli of MorningStar.

我們的最後一個問題來自 MorningStar 的 Brett Caselli。

Thanks, Andy. I'll leave it at one just in the interest of time. With respect to the 2023 guidance and the 60 tons per day of liquefaction in there, is that all third-party sales? Or is any of that for Plug sort of internal use? I just wanted to clarify...

謝謝，安迪。為了節省時間，我會把它留在一個。關於 2023 年的指導和那裡每天 60 噸的液化，這都是第三方銷售嗎？還是其中任何一種供內部使用？我只是想澄清...

It's all third party. Sanjay, do you want to add to that?

都是第三方的。桑傑，你想補充嗎？

No, absolutely. And it's all third-party breadth, and we have multiple live discussions as we speak right now.

不，絕對。這都是第三方的廣度，我們現在進行了多次現場討論。

Anything else, Brett?

還有別的嗎，布雷特？

No.

不。

So I do appreciate everyone joining our call this morning. I would like to take a step back and remind everybody that we expect to do $1.4 billion in 2023. And I hope you clearly see the road maps and where we have challenges and opportunities. I also -- I hope folks watch that video and what's the Baker plant manager again to talk about what we've built in Georgia.

所以我非常感謝大家今天早上加入我們的電話會議。我想退後一步，提醒大家，我們預計到 2023 年將達到 14 億美元。我希望你們清楚地看到路線圖以及我們面臨挑戰和機遇的地方。我也 - 我希望人們觀看該視頻，貝克工廠經理再次談論我們在佐治亞州建造的東西。

There's the reason that Wall Street Journal has gone to Georgia to see that plant because they had nowhere else to go. There's a reason the economist went to Georgia to see that plant because there's nowhere else to go. We are doing real things today, whether its building electrolyzers, whether it's building large-scale stationary projects, let me tell you, that's an amazing project and product and we only talked about briefly. We've built factories, we scale. We're ready for this explosion in the hydrogen economy. So I want to thank you for listening today. And this year is our execution year and a huge inflection point for the company. Thank you, everyone.

華爾街日報之所以去佐治亞州看那家工廠，是因為他們無處可去。這位經濟學家去佐治亞州看那家工廠是有原因的，因為沒有其他地方可去。我們今天正在做真實的事情，無論是建造電解槽，還是建造大型固定項目，讓我告訴你，這是一個了不起的項目和產品，我們只是簡單地談了談。我們建了工廠，我們擴大了規模。我們已經準備好迎接氫經濟的爆炸式增長。所以我要感謝你今天的聆聽。今年是我們的執行年，也是公司的一個巨大轉折點。謝謝大家。

And that does conclude today's presentation. We do thank you for your participation and ask that you please disconnect your lines. Have a great rest of the day, everyone.

這確實結束了今天的演講。我們非常感謝您的參與，並請您斷開線路。祝大家今天休息愉快。