普拉格能源 (PLUG) 2024 Q2 法說會逐字稿

Hello and welcome to the Plug Power second-quarter 2024 earnings call and webcast.

大家好，歡迎參加 Plug Power 2024 年第二季財報電話會議和網路廣播。

At this time, all participants are in listen-only mode.

此時，所有參與者都處於只聽模式。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

It's now my pleasure to turn the call over to Meryl Fritz, Marketing and Communications Manager.

現在我很高興將電話轉給行銷和傳播經理 Meryl Fritz。

Please go ahead, Meryl.

請繼續，梅麗爾。

Thank you.

謝謝。

Welcome to the Plug Power Q2 earnings call.

歡迎參加 Plug Power 第二季財報電話會議。

This call will include forward-looking statements.

此次電話會議將包括前瞻性陳述。

These forward-looking statements include, among others, statements of expectations, beliefs, future plans and strategies, anticipated results from operations and developments, and other matters that are not historical facts.

這些前瞻性陳述包括但不限於預期、信念、未來計畫和策略、營運和發展的預期結果以及其他非歷史事實的陳述。

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.

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涵蓋。

We believe that it is important to communicate our future expectations to investors.

我們認為，向投資者傳達我們對未來的期望非常重要。

However, investors are cautioned to not unduly rely on forward-looking statements, and such statements should not be read or understood as a guarantee of future performance or results.

然而，投資者應注意不要過度依賴前瞻性陳述，此類陳述不應被解讀或理解為對未來績效或結果的保證。

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 that could cause actual results or performance to differ materially from those discussed 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, 2023, subsequent quarterly reports on Form 10-Q, and other reports we file from time to time with the Securities and Exchange Commission.

此類陳述基於當前的預期、估計、預測和推測以及管理層當前的信念和假設，並受到重大風險和不確定性的影響，這些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有重大差異。不確定性我們不時向美國證券交易委員會提交的報告。

These forward-looking statements speak only of day in 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.

這些前瞻性陳述僅涉及做出陳述的當天，我們不承諾或打算在本次電話會議後或因新資訊而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。

Thank you, Meryl.

謝謝你，梅麗爾。

And good morning, everyone, Thank you for joining us today.

大家早安，感謝您今天加入我們。

I'm here to share the progress and strategic developments Plug has achieved in the second quarter of 2024.

我在這裡分享 Plug 在 2024 年第二季度取得的進展和策略發展。

This quarter marks a crucial phase in Plug Power's journey as we continue to build our leadership position in the hydrogen economy for the long term, while remaining focused on operational improvements in the short term.

本季標誌著 Plug Power 發展歷程中的關鍵階段，我們將繼續鞏固在氫經濟領域的長期領導地位，同時繼續專注於短期營運改善。

I think this one is important.

我認為這一點很重要。

In the second quarter, we successfully reached the final commissioning stage of 55 megawatts of electrolyzers, representing an expected $70 million in revenue.

第二季度，我們成功進入了 55 兆瓦電解槽的最後調試階段，預計收入為 7,000 萬美元。

We weren't able to recognize much of that revenue, but much of that revenue has already been -- much of that future revenue we've already received the cash for.

我們無法確認其中大部分收入，但其中大部分收入已經確認——其中大部分未來收入我們已經收到了現金。

We're on track to deploy an additional 100 megawatts of electrolyzers by the end of the year, reinforcing our leadership position in the hydrogen industry and supporting the global shift towards renewable energy power sources.

我們預計在今年年底前額外部署 100 兆瓦的電解槽，以鞏固我們在氫產業的領導地位，並支持全球向再生能源的轉變。

This deployment reflects the growing customers' demand and our ability to deliver cutting-edge solutions.

此次部署反映了客戶不斷增長的需求以及我們提供尖端解決方案的能力。

Our partnership with Olin Corporation is progressing well with our new hydrogen plant in Louisiana expected to begin producing liquid hydrogen in the fourth quarter.

我們與 Olin Corporation 的合作進展順利，我們位於路易斯安那州的新氫工廠預計將於第四季開始生產液態氫。

Now this project really exemplifies our capacity to enhance hydrogen production capabilities and accelerate the adoption of clean energy solutions across various sectors.

現在，這個計畫確實體現了我們增強氫氣生產能力並加速各行業採用清潔能源解決方案的能力。

And from a future point of view, we've also secured 7.5 gigawatts in basic design and engineering package contracts and specifically 3 gigawatts with green ammonia in Australia.

從未來的角度來看，我們還在基本設計和工程包合約中獲得了 7.5 吉瓦的裝置容量，特別是在澳洲的 3 吉瓦綠色氨裝置容量。

This collaboration underscores our technology prowess and the ability to support sustainable projects worldwide.

此次合作凸顯了我們的技術實力和支持全球永續計畫的能力。

Our electrolyzer technology is among the best-performing products we've developed, offering really the company a competitive advantage.

我們的電解槽技術是我們開發的性能最佳的產品之一，真正為公司提供了競爭優勢。

Now look, the hydrogen fuel cell market really has not progressed as rapidly as we expected, but Plug remains committed to strengthening our leadership position and focusing on operational improvements.

現在看來，氫燃料電池市場確實沒有像我們預期的那樣發展得那麼快，但Plug仍然致力於加強我們的領導地位並專注於營運改善。

Market development, it's been slowed by government policy and ambiguity, impacting the timing of customer decision-making processes.

市場發展因政府政策和模糊性而放緩，影響了客戶決策過程的時間表。

Despite these challenges, we are confident that our strategic initiatives will ensure profitable growth as the market develops.

儘管面臨這些挑戰，我們相信我們的策略性舉措將確保隨著市場的發展而獲利成長。

Look, we see it happening now that government policies are maturing that will support increased adoption and market penetration of hydrogen.

看，我們現在看到這種情況正在發生，因為政府政策正在成熟，這將支持增加氫的採用和市場滲透。

For example, the electrolyzer market in Europe is -- you see the demand started.

例如，歐洲的電解槽市場－你會看到需求開始成長。

And the final investment decisions are coming along.

最終的投資決策即將推出。

When you're working on these final investment decisions for projects that are over billions of dollars, you have to do significant due diligence in engineering.

當您為價值超過數十億美元的專案做出最終投資決策時，您必須在工程方面進行大量的盡職調查。

And really, it's part of what our customers are doing today.

事實上，這也是我們客戶今天所做的事情的一部分。

And we're deeply involved with our basic design and engineering packages, which is a key component of their efforts.

我們深入參與了我們的基本設計和工程包，這是他們努力的關鍵組成部分。

We are actively engaging with partner to navigate this complexity and ensure the successful deployment of our solutions.

我們正在積極與合作夥伴合作，以應對這種複雜性並確保成功部署我們的解決方案。

Now if you really look at that 7.5 gigawatts, even if only one-quarter of the activity leads to revenue, that could exceed $1.5 billion of revenue over the time, highlighting the substantial potential of this market.

現在，如果你真正關注這 7.5 吉瓦，即使只有四分之一的活動帶來收入，隨著時間的推移，收入也可能超過 15 億美元，凸顯了這個市場的巨大潛力。

Look, I think this is no news to anyone, financially, we're committed to strengthening our cash management practices and ensure profitable growth.

看，我認為這對任何人來說都不是什麼新聞，在財務上，我們致力於加強現金管理實踐並確保獲利成長。

We have -- when we look at our expectations in raising prices, we've really exceeded our expectations.

當我們考慮提高價格的預期時，我們確實超出了我們的預期。

And I think it's due to our strong relationships and seamless integration into many of our customers' operations have proven to be beneficial, which makes them willing to accept the price increase.

我認為這是由於我們牢固的關係以及與許多客戶運營的無縫整合已被證明是有益的，這使他們願意接受價格上漲。

So we are laser-focused on cash management.

因此，我們專注於現金管理。

We're focused on profitable sales, operational efficiency and reducing operational expense.

我們專注於獲利銷售、營運效率和降低營運費用。

Now when I take a look back at those statements, it's one of the main reasons I've asked Dean to join us.

現在，當我回顧這些言論時，這是我邀請迪恩加入我們的主要原因之一。

I really want to highlight the appointment of Dean Fullerton as our COO.

我真的想強調任命 Dean Fullerton 為我們的營運長。

Look, he brings an exceptional track record from Amazon.

看，他帶來了亞馬遜卓越的業績記錄。

I've known Dean for almost a decade.

我認識迪恩已經快十年了。

He successfully led global engineering services and spearheaded hydrogen economy initiatives at Amazon.

他成功領導了全球工程服務，並在亞馬遜率先發起了氫經濟計畫。

His extensive expertise and leadership will be instrumental in advancing our operational efficiency, driving profitability, and executing our strategic goals.

他豐富的專業知識和領導能力將有助於提高我們的營運效率、提高獲利能力和執行我們的策略目標。

I'm confident that Dean's vision and experience will greatly benefit Plug as we continue to innovate and lead in the hydrogen economy.

我相信 Dean 的願景和經驗將使 Plug 受益匪淺，因為我們將繼續創新並引領氫經濟。

With that, I would like to give Dean a few minutes to share a few words and give a high-level view of his goals and plans for driving our success forward.

在此，我想給迪恩幾分鐘的時間來分享幾句話，並從高層次闡述他推動我們成功的目標和計劃。

Thank you, Andy.

謝謝你，安迪。

Thanks, everybody, for joining the call.

謝謝大家加入通話。

This is my week 2, but I came into this position eyes wide open and know the challenges that we're facing.

這是我的第二週，但我在擔任這個職位時睜大了眼睛，知道我們面臨的挑戰。

And the areas that I want to focus on mostly all focused around cost efficiency and cost out.

我想要關注的領域主要集中在成本效率和成本支出。

And several of the areas I plan to focus on are getting my arms around the cost by function.

我計劃重點關注的幾個領域是按功能控製成本。

I want to identify the opportunities to reduce costs and wring cost out.

我想找出降低成本和擠出成本的機會。

I want to assign owners to each of those initiatives and drive those to completion.

我想為每一項計劃分配負責人並推動它們完成。

My focus is going to be on building the green hydrogen plants, do it safely, on time, under budget with a high level of quality.

我的重點是建造綠色氫工廠，安全、準時、在預算範圍內、高品質地建造。

Another area of focus is going to be producing green hydrogen, again, on time and cost effectively, profitably, implementing systems at our customer sites, first of all, with a high level of safety and then a focus on on-time and making sure that we're doing that cost effectively and profitably with a high level of quality.

另一個重點領域是生產綠色氫氣，再次按時、經濟有效、有利可圖，在我們的客戶現場實施系統，首先具有高水平的安全性，然後注重準時並確保我們正在以高水平的品質做到這一點，成本效益高，利潤豐厚。

And then the last one area that I want to focus on is reducing our inventory.

我想關注的最後一個領域是減少我們的庫存。

Our inventory levels, as everyone knows, is too high, and we need to focus on getting that cost down as well, all of these with a focus on reaching profitability.

眾所周知，我們的庫存水準太高了，我們還需要集中精力降低成本，所有這些都以實現盈利為重點。

That's really my immediate focus in joining Plug, and I believe that we will achieve that.

這確實是我加入 Plug 的當務之急，我相信我們會實現這一目標。

Paul?

保羅？

Thanks, Andy.

謝謝，安迪。

A few comments from the finance team here.

這裡是財務團隊的一些評論。

The first half of Plug reflects a critical inflection point in the ongoing transformation of the company.

Plug 的上半年反映了公司正在進行的轉型中的關鍵轉折點。

As we've discussed, we've embarked on a journey a few years ago to significantly broaden our solutions in the hydrogen economy and vertically integrate on our hydrogen supply with the added ambition of doing it based on green hydrogen.

正如我們所討論的，我們幾年前就開始了一段旅程，以顯著拓寬我們在氫經濟方面的解決方案，並垂直整合我們的氫供應，並以綠色氫為基礎，實現這一目標。

Given multiple market dynamics, which have tempered growth in 2024, we have continued to nurture these offerings while doubling down on optimizing the operations and cash management.

鑑於多種市場動態會抑制 2024 年的成長，我們將繼續培育這些產品，同時加倍努力優化營運和現金管理。

In the first half of 2024, we scaled up numerous product offerings that have culminated into meaningful deployment in sales into the market and set the stage for continued sales expansion in the back half of '24 and '25 onwards, including a broad range of electrolyzer products, hydrogen storage and distribution solutions, and high-powered stationary systems to name a few.

2024 年上半年，我們擴大了眾多產品供應範圍，最終在市場銷售中進行了有意義的部署，並為 24 世紀下半年和 25 世紀以來的持續銷售擴張奠定了基礎，其中包括各種電解槽產品、氫氣儲存和分配解決方案以及高功率固定係統等。

We commissioned and have scaled up the first green hydrogen plant, which combined with the Tennessee facility we recommissioned, provides us 25 tonnes per day of capacity and close to half of our current annual hydrogen needs, which we have -- and we have made great progress on our third facility in Louisiana that will provide us an additional 15 tonnes per day by year-end.

我們投產並擴大了第一座綠色氫工廠的規模，該工廠與我們重新投產的田納西州工廠相結合，為我們提供每天25 噸的產能，接近我們目前年度氫需求的一半，我們已經實現了這一個目標，並且取得了巨大的成就我們位於路易斯安那州的第三個工廠取得進展，到年底將每天額外生產 15 噸。

We focused heavily on optimizing the workforce for the company.

我們專注於優化公司的員工隊伍。

Given the rapid growth over the recent years, we have added a lot of resources.

鑑於近年來的快速成長，我們增加了大量資源。

And this year, we have worked at optimizing that resource pool to maximize leverage.

今年，我們致力於優化資源池，以最大限度地發揮槓桿作用。

Since January 1, we've reduced the global workforce by over 15% through the Q1 restructuring and ongoing attrition where we've not backfilled.

自 1 月 1 日以來，透過第一季的重組和持續的裁員，我們已將全球員工人數減少了 15% 以上，但我們尚未回補員工。

We've adjusted pricing across many equipment, fuel, and service platforms, which the impact can be seen in our Q2 results, particularly for fuel and service.

我們調整了許多設備、燃料和服務平台的定價，其影響可以在我們第二季的業績中看到，特別是燃料和服務方面。

And these pricing impacts will be even greater as the year progresses as we get full periods under these structures and launch additional pricing measures.

隨著時間的推移，隨著我們在這些結構下度過完整的時期並推出額外的定價措施，這些定價影響將變得更大。

We've completed many rooftop consolidations and have additional warehouses and facilities.

我們已經完成了許多屋頂整合，並擁有額外的倉庫和設施。

We are in the process of consolidating to our two main manufacturing sites in Albany and Rochester, New York.

我們正在整合位於紐約州奧爾巴尼和羅徹斯特的兩個主要製造基地。

We've increased focus on asset leverage, particularly inventory.

我們更專注於資產槓桿，尤其是庫存。

We've made a lot of investment over the last two years to enable the successful launch of many new product offerings.

過去兩年我們進行了大量投資，以成功推出許多新產品。

And this year, the focus is on optimizing these resources, and we expect meaningful reduction in the second half as sales continue to ramp, which will provide a meaningful source of liquidity.

今年的重點是優化這些資源，我們預計下半年隨著銷售持續成長，將出現有意義的減少，這將提供有意義的流動性來源。

Another significant accomplishment in the first half is the remediation of the material weakness, which will be reflected in our second quarter 10-Q filing.

上半年的另一項重大成就是彌補了重大缺陷，這將反映在我們第二季的 10-Q 報告中。

Being a growing nascent new enterprise has made it challenging for the company to be sure we have the right processes and controls as we scale, and we have made significant investments in resources and systems to improve our controls and accounting processes, and this has enabled us to address the residual issues to resolve that material weakness.

作為一家成長中的新生企業，公司在規模擴大時確保擁有正確的流程和控制措施面臨著挑戰​​，我們在資源和系統方面進行了大量投資，以改善我們的控制和會計流程，這使我們能夠解決剩餘問題，解決這一重大弱點。

Looking at Q2, more specifically, we have made progress on our sales, cost down, and cash management initiatives.

更具體地說，我們在第二季度在銷售、降低成本和現金管理計劃方面取得了進展。

And I would highlight as an example, the level of electrolyzers deployed, which represents a clear inflection point on this ramping activity.

我想強調一個例子，電解槽的部署水平，這代表了這項活動的明顯拐點。

But these new nascent offerings with nuanced commercial contracts and products being used in much larger customer project deployments makes it challenging on the timing on revenue recognition.

但這些新的新生產品具有細緻入微的商業合約和用於更大的客戶專案部署的產品，這使得收入確認的時間安排面臨挑戰。

On a positive, as Andy mentioned, for the majority of the programs deployed where the revenue will be recognized in the second half, we've already delivered.

從積極的方面來看，正如安迪所提到的，對於大多數部署的計劃（將在下半年確認收入），我們已經交付了。

We've transferred the title and collected most of the cash via milestones.

我們已經轉移了所有權並透過里程碑收集了大部分現金。

So this is truly a factor of timing.

所以這確實是一個時間因素。

In addition, this large quantity of programs provides a substantial base of experience and insight to accelerate deployments based on learnings and the ability to constructively improve commercial terms to benefit the company financially and to enhance the accounting of these activities.

此外，如此大量的計劃提供了豐富的經驗和洞察力基礎，可以基於學習和建設性改進商業條款的能力加速部署，從而為公司帶來經濟利益並增強這些活動的會計。

Net cash used in operations, combined with CapEx, is down year over year 30% from lower CapEx and inventory reductions.

由於資本支出下降和庫存減少，營運中使用的淨現金與資本支出相結合，年減了 30%。

We expect the cash burn rate to improve even further over the second half as we continue to curtail CapEx and leverage working capital further with sales and margin growth.

我們預計下半年現金消耗率將進一步改善，因為我們將繼續削減資本支出並進一步利用營運資本來促進銷售和利潤率的成長。

Turning to the second half, we are laser focused on growing sales and margins and improving cash management.

談到下半年，我們將重點放在增加銷售和利潤以及改善現金管理。

Our strategy includes many initiatives such as expanding our hydrogen network with Louisiana and leveraging Georgia and Tennessee, while taking advantage of the PTC; driving more equipment sales given our expanded manufacturing capacity, which does not require more investment and provides the opportunity to readily source 3x to 4x our current volumes; continue driving down cost downs with further workforce optimization, completing targeted rooftop consolidations, driving additional leverage on our material vendors, and driving enhanced fuel network efficiency and service cost profiles; and leveraging recent price increases and yielding full annual benefits as these continue to expand.

我們的策略包括許多舉措，例如擴大我們與路易斯安那州的氫能網絡並利用喬治亞州和田納西州，同時利用 PTC；鑑於我們擴大的製造能力，推動更多的設備銷售，這不需要更多投資，並提供了輕鬆採購目前產量 3 至 4 倍的機會；透過進一步優化勞動力、完成有針對性的屋頂整合、提高對材料供應商的影響力以及提高燃料網路效率和服務成本狀況，持續降低成本；並利用最近的價格上漲並隨著這些不斷擴大而產生全部年度效益。

In terms of liquidity, I would share that we have a strong, effectively unlevered balance sheet that we can lean on for liquidity and provide opportunities from a number of different sources.

在流動性方面，我想說的是，我們擁有強大的、有效的無槓桿資產負債表，我們可以依靠它來獲取流動性，並提供來自多個不同來源的機會。

Our plan is to lean on the balance sheet for incremental capital needs in the near term.

我們的計劃是依賴資產負債表來滿足近期增量資本需求。

First, we have a substantial pool of restricted cash backing past project financings that releases quarterly at $200 million per year.

首先，我們有大量限制性現金支持過去的專案融資，每年每季釋放 2 億美元。

We've discussed at length the opportunity to leverage inventory reductions, and we're targeting an additional reduction of $200 million to $250 million by year end.

我們詳細討論了利用庫存減少的機會，我們的目標是在年底再減少 2 億至 2.5 億美元。

Sales growth, price increases, improved mix, and continued cost downs will continue to improve operating cash flows.

銷售成長、價格上漲、產品組合改善以及成本持續下降將持續改善營運現金流。

Based on the new transfer rules, we are about two weeks away from closing our first significant ITC transfer with a well-known significant market participant.

根據新的轉讓規則，我們距離與知名重要市場參與者完成首次重大 ITC 轉讓還有大約兩週的時間。

This will yield around $31 million for the ITC associated with the liquefier at the Georgia plant.

這將為與喬治亞州工廠液化器相關的 ITC 帶來約 3,100 萬美元的收益。

And we've been pursuing varied debt facilities and are working with a party interested in equipment financing that we think can close in the next four weeks and it is targeting a large facility platform with a meaningful first draw.

我們一直在尋求各種債務融資，並正在與對設備融資感興趣的一方合作，我們認為該方可以在未來四個星期內完成，其目標是建立一個具有有意義的首次抽籤的大型融資平台。

And lastly, we're working closely with the DOE to finalize the $1.7 billion loan facility.

最後，我們正在與能源部密切合作，以最終確定 17 億美元的貸款安排。

We've made tremendous progress.

我們已經取得了巨大的進步。

We meet with them regularly and are meeting again in two weeks to continue their final due diligence and move the process along.

我們定期與他們會面，並在兩週後再次會面，以繼續他們的最終盡職調查並推動進程。

We're extremely clear on the actions and the processes to successfully close this facility.

我們非常清楚成功關閉該設施的行動和流程。

And equally important, the DOE are clear in their interest and support to get this closed quickly.

同樣重要的是，能源部明確表示有興趣並支持盡快完成此任務。

This facility is anticipated to provide immediate liquidity and enable us to accelerate the Texas green hydrogen facility buildout.

該設施預計將提供即時流動性，並使我們能夠加快德克薩斯州綠色氫設施的建設。

I'll now turn it back to Andy.

我現在把它轉回給安迪。

Great.

偉大的。

Thank you, Paul.

謝謝你，保羅。

Thank you, Dean.

謝謝你，迪恩。

And Kevin, we're ready for questions.

凱文，我們準備好回答問題了。

(Operator Instructions) James West, Evercore ISI.

（操作員說明）James West，Evercore ISI。

Hey, good morning.

嘿，早安。

Good morning, team.

早上好，團隊。

Good morning, Andy.

早安，安迪。

Good morning, James.

早安，詹姆斯。

So if I'm reading the financials correctly and your commentary correctly, it looks like there were some $50 million-ish of electrolyzers sales that were not recognized in revenue during the quarter despite being delivered.

因此，如果我正確地閱讀了財務數據和您的評論，那麼看起來有大約 5000 萬美元左右的電解槽銷售額儘管已交付，但在本季度並未在收入中得到確認。

And so I wanted to just, one, just confirm that that was the case because if that is the case, then you would be handling the -- our expectations on revenue.

所以我只是想，第一，確認情況確實如此，因為如果是這樣，那麼你將處理我們對收入的預期。

And then two, on the hydrogen fuel sales, the margin had a very significant improvement.

第二，在氫燃料銷售上，利潤率有了非常顯著的改善。

And of course, that's -- I think a lot of that's driven by the startup of your two and soon three facilities here producing green hydrogen for your own internal or your customer supply.

當然，我認為這很大程度上是由你們這裡的兩個以及很快三個設施的啟動推動的，這些設施為你們自己的內部或客戶供應生產綠色氫氣。

And what -- how should we think about those margins for hydrogen fuel as we kind of get into the second half of this year?

當我們進入今年下半年時，我們該如何考慮氫燃料的利潤率？

So two kind of questions, I guess, kind of around the quarter, a bit towards the back half of this year.

我想有兩類問題，大概是本季，或是今年下半年。

But I think they make up a pretty important inflection point or improvement here that we're going to see here in the second half.

但我認為它們構成了一個非常重要的轉折點或改進，我們將在下半年看到這一點。

So James, I'll let Paul take the first one, and I'll talk a little bit about the second one.

詹姆斯，我會讓保羅講第一個，我會談第二個。

I'm sure Paul can chirp in there too.

我相信保羅也能在那裡嘰嘰喳喳地說。

Yes.

是的。

And your math is right.

你的數學是正確的。

It's just over $50 million.

剛剛超過 5000 萬美元。

It's a meaningful number that reflects such a step function change in the deployment of electrolyzers and how big that activity is to launch that.

這是一個有意義的數字，反映了電解槽部署中的階躍函數變化以及啟動電解槽的活動有多大。

And yes, that will be -- that would have been part of the Q2 numbers and will be recognized in the second half.

是的，這將是第二季數據的一部分，並將在下半年得到認可。

I think one the important items there, Paul, is these systems are producing hydrogen, right?

保羅，我認為其中重要的一點是這些系統正在產生氫氣，對吧？

It's really -- we're really kind of on the back end of documentation and training process.

我們確實處於文件和培訓流程的後端。

And because of, I think, accounting rule, not to get too technical, is it 605?

我認為，因為會計規則，不要太技術化，是 605 嗎？

606, yes.

606，是的。

606.

606.

That from a contractual point of view, that's just a final step, but the level of activity and work that's required is pretty minimal.

從合約的角度來看，這只是最後一步，但所需的活動和工作水平非常低。

So it's a big deal.

所以這是一件大事。

And James, you're right about the hydrogen, but it's only really the start.

詹姆斯，你對氫的看法是正確的，但這只是一個開始。

We're beginning to see the impact of the price increases.

我們開始看到價格上漲的影響。

And some of the impact to Georgia and Tennessee -- since July here, Tennessee -- Georgia has been operating 93% of the time, which will have a significant -- and that's a really good number.

對喬治亞州和田納西州的一些影響 - 自 7 月以來，田納西州 - 喬治亞州 93% 的時間都在運行，這將產生重大影響 - 這是一個非常好的數字。

You have -- for example, the storm came through yesterday -- the other day, we turned the plant off for 24 hours to make sure employees were safe.

例如，昨天發生了暴風雨，前幾天我們關閉了工廠 24 小時，以確保員工的安全。

But I think you're going to see continuous improvement in margins driven by the price increases, and there's still a little bit more that you're going to see, coupled with the fact that you're going to have increased output out of Tennessee and Georgia.

但我認為你會看到價格上漲推動利潤率不斷提高，而且你還會看到更多，再加上田納西州的產量將會增加和喬治亞。

And then when St. Gabriel's come online, we're in a much, much better position.

然後，當聖蓋博上線時，我們的處境要好得多。

Okay.

好的。

Got it.

知道了。

That's perfect.

那很完美。

Thanks, guys.

謝謝，夥計們。

Thanks, James.

謝謝，詹姆斯。

Colin Rusch, Oppenheimer.

科林‧魯施，奧本海默。

Thanks so much, guys.

非常感謝，夥計們。

As you have seen the timeline adjust for some of the industry growth, can you talk a little bit about what's happening with your suppliers and the supply chain and whether any of those folks are backing away from some of the commitments that they've made to you?

正如您所看到的，時間表針對一些行業增長進行了調整，您能否談談您的供應商和供應鏈發生的情況，以及這些人中是否有人背棄了他們做出的一些承諾你？

Yes.

是的。

That's a good -- and Colin, I especially see the challenges more on the fuel cell side of the market.

這是一件好事——科林，我尤其看到了市場燃料電池的挑戰。

I think on the -- and it's not really with the suppliers backing away yet.

我認為供應商還沒有真正退出。

But look, this has been challenging for all suppliers.

但看，這對所有供應商來說都是一個挑戰。

I spent some time in Europe about two weeks ago and had some discussions with other people in this industry.

大約兩週前，我在歐洲待了一段時間，並與該行業的其他人進行了一些討論。

But on the electrolyzer side, it's -- this market is growing, expanding, and it's really geared towards more industrial applications.

但在電解槽方面，這個市場正在成長、擴大，而且它確實面向更多的工業應用。

You've heard me mention green ammonia, concrete, steel.

你聽我提過綠色氨、混凝土、鋼鐵。

I think on the fuel cell side, I think people believe it's coming.

我認為在燃料電池方面，人們相信它即將到來。

But just -- we're managing, for example, our stationary product to make sure the investments we're making, where we ultimately believe that's our dominant product in time, that we're just managing the speed of that activity as far as investments go.

但只是——例如，我們正在管理我們的固定產品，以確保我們正在進行的投資，我們最終相信這是我們及時的主導產品，我們只是在管理該活動的速度投資去。

Because we believe, in the 2030s, that's the revenue driver for Plug, both for fuel cells and hydrogen.

因為我們相信，到 2030 年代，這將是 Plug 的收入驅動因素，無論是燃料電池還是氫能。

So I haven't seen anyone say we're not going to do it.

所以我還沒看到有人說我們不會這樣做。

We're not engaged.

我們沒有訂婚。

I mean, three months ago, I was at a conference -- a hydrogen conference in Rotterdam, which had 6,000 folks, and every supplier wanted to talk to me.

我的意思是，三個月前，我參加了一個會議——在鹿特丹舉行的氫能會議，有 6,000 人參加，每個供應商都想與我交談。

I think everybody is a -- we're hoping that this would accelerate faster.

我認為每個人都希望這會加速得更快。

That being said, you look at that 7.5 gigawatts of basic design engineering work we're doing.

話雖如此，您看看我們正在做的 7.5 吉瓦的基本設計工程工作。

You look at -- I didn't mention much of the fuel cell business, but we can see, for example, our material handling business getting stronger in the second half of the year.

你看——我沒有太多提到燃料電池業務，但我們可以看到，例如，我們的物料搬運業務在下半年變得更加強勁。

So it's painful, Colin.

所以這很痛苦，科林。

And it's discussions you have to have.

這是你必須進行的討論。

But we have not -- I haven't had anybody come to me and say, we're going to increase prices.

但我們沒有——沒有人來找我說，我們要提高價格。

We don't want to do business with you.

我們不想跟你做生意。

That really hasn't been the tenor.

這確實不是男高音。

That's incredibly helpful, Andy.

這非常有幫助，安迪。

And then just on the demand side for hydrogen, can you talk a little bit about the diversity of customers you're working with and the trend lines in terms of offtake sizes?

然後就氫氣的需求而言，您能否談談與您合作的客戶的多樣性以及承購規模的趨勢線？

It seems to me that there's some incremental diversity of industries that are taking the hydrogen and maybe starting with smaller deals and growing into larger deals.

在我看來，正在採用氫的行業有一些增量的多樣性，並且可能從小規模的交易開始，逐漸發展為更大的交易。

And that's it for me.

對我來說就是這樣。

Thanks.

謝謝。

Colin, I'll turn that to Sanjay.

科林，我會將其轉給桑傑。

Hey, Colin, how are you?

嘿，科林，你好嗎？

So again, on this question, right, as we've talked about in the past, our primary objective have been how do we drive the cost of hydrogen down for our existing customers, right, with the plants that are coming online, Georgia, Tennessee, Louisiana.

再次強調，在這個問題上，正如我們過去討論過的，我們的主要目標是如何透過即將上線的工廠（喬治亞州）降低現有客戶的氫氣成本，田納西州、路易斯安那州。

But once we get to that 40 tonnes of production, the way you should think about the cadence of how things will unfold is we will likely also work with some of the industrial gas customers from a swap perspective, those discussions are going on.

但一旦我們達到 40 噸的產量，你應該考慮事情將如何展開的節奏，我們可能還會從互換的角度與一些工業天然氣客戶合作，這些討論正在進行中。

As you said, they will start with a small volume but could grow into bigger.

正如您所說，它們將從較小的體積開始，但可能會變得更大。

Second piece of the opportunity we're seeing with some of the mobility applications, different folks talking about that, the numbers could actually grow and grow pretty substantially when you look a few years out.

我們在一些行動應用程式中看到的第二個機會，不同的人在談論這個，當你展望幾年後，這個數字實際上可能會增長，而且會大幅增長。

And that's really one of the things we're also trying to do, right, is how do you make sure the offtake agreements are going to get a lot more bankable so that you can also start to think about capital sourcing of financing the build of the new plants going forward.

這確實是我們也在努力做的事情之一，對吧，就是如何確保承購協議將變得更加可融資，以便您也可以開始考慮為建設融資的資金來源未來的新工廠。

So again, lots of discussion going on, lots of conversation happening from a prioritization standpoint, get costs down, do what we need to do for our existing customer, and do spot agreements with some that are in the need of hydrogen on a short term on an immediate basis and really start to structure a contract in a way where this becomes a lot more bankable deals.

因此，再次進行大量討論，從優先順序的角度進行大量對話，降低成本，為現有客戶做我們需要做的事情，並與一些短期需要氫氣的人達成現貨協議立即開始並真正開始構建合同，使交易變得更有利可圖。

And we're going to start to think about a lot of different sources of capital.

我們將開始考慮許多不同的資本來源。

Perfect.

完美的。

Thanks a lot, guys.

非常感謝，夥計們。

Thanks, Colin.

謝謝，科林。

Craig Irwin, Roth Capital Partners.

克雷格歐文，羅斯資本合夥人。

Hey, Andy.

嘿，安迪。

Thanks for taking the questions.

感謝您提出問題。

So I should start off by saying congrats on the PTC for Georgia.

首先，我應該對喬治亞州 PTC 表示祝賀。

It's a nice milestone to see the company collecting that very important subsidy.

看到該公司獲得這項非常重要的補貼是一個很好的里程碑。

So can you maybe talk about the -- or get precise about the level of PTC you're able to collect.

那麼您能否談談——或者準確地了解您能夠收集的 PTC 水平。

There has been uncertainty in the language.

語言中存在不確定性。

And then can you talk about other plants that are eligible for this or that you think should be eligible for this that are in construction on the drawing board?

然後您能否談談其他符合此條件的工廠，或者您認為應該有資格獲得此條件且正在規劃中的其他工廠？

How should this take shape?

這應該如何形成？

Yes.

是的。

Good question, Craig.

好問題，克雷格。

And let me -- I'm going to -- I'm probably going to say a little bit too much here, but let me kind of step back and say that for Georgia, we worked diligently to think through how one can leverage renewable energy credits, how we measure the electricity, how we measure the hydrogen coming out.

讓我——我要——我可能會在這裡說得有點太多，但讓我退一步說，對於佐治亞州，我們努力思考如何利用可再生能源能源信用，我們如何測量電力，我們如何測量產生的氫氣。

And we worked with consultants and lawyers and others to make sure with the present policy guidelines, which are more strict than anything anyone expects to come, that we would be able to receive the PTC.

我們與顧問、律師和其他人合作，確保按照目前的政策準則（比任何人預期的都要嚴格），我們能夠獲得 PTC。

And Paul, I think it amounts to about $2.60 a kilogram once you think about the cost.

Paul，考慮到成本，我認為每公斤大約為 2.60 美元。

And Sanjay and Paul are both shaking their heads in agreement, Craig.

克雷格，桑杰和保羅都搖頭表示同意。

So that's how we were able to do it.

這就是我們能夠做到的。

And look, for the second part of your question, I think it's really clear that the regulations on the three pillars are going to become much looser.

看，對於你問題的第二部分，我認為很明顯，對三大支柱的監管將變得更加寬鬆。

We won't be surprised if there's some announcement after the Democratic Convention and a further announcement after the election.

如果民主黨代表大會後有一些公告以及選舉後有進一步的公告，我們不會感到驚訝。

But you see people who were strong supporters of the three pillars like Heinrich in New Mexico, who's backed off significantly.

但你會看到像新墨西哥州的海因里希這樣的三大支柱的堅定支持者，他已經大幅退縮了。

And there's a lot of engagement between the Senate who really wrote the bill and the executive branch to make sure that Congressional intention is met in the regulations.

真正起草該法案的參議院與行政部門之間進行了大量的接觸，以確保法規符合國會的意圖。

And certainly, Chevron has helped in that evolution.

當然，雪佛龍在這一演變中做出了貢獻。

We're working really closely and making sure we understand in a very systematic fashion how -- and we're not -- I'm not going to say we're definitely sure, but how we bring Texas and New York in, for example, to make sure both of those facilities would be eligible for the PTC.

我們正在非常密切地合作，並確保我們以非常系統化的方式了解如何——我們不是——我不會說我們絕對確定，但我們如何將德克薩斯州和紐約納入其中，因為例如，確保這兩個設施都符合PTC 的資格。

I'm optimistic, but it is certainly evolving.

我很樂觀，但它確實在不斷發展。

Luckily, we've been able to engage with folks who are on the legal side, on the technology side that gives us a great deal of comfort that we'll figure it out.

幸運的是，我們能夠與法律方面、技術方面的人員接觸，這給了我們很大的安慰，我們會解決這個問題。

But the looser regulations -- I'm going to use the word looser.

但更寬鬆的規定——我將使用更寬鬆這個詞。

What I'm really saying is regulations that match the law will certainly help grow this economy, even hydrogen economy much quicker.

我真正想說的是，符合法律的法規肯定有助於經濟的發展，甚至是氫經濟的更快發展。

And that message is really coming strongly from senators to the executive branch today.

今天，這一訊息確實從參議員強烈地傳遞到了行政部門。

Thank you for that, Andy.

謝謝你，安迪。

So my second question is about the balance sheet, right?

所以我的第二個問題是關於資產負債表的，對吧？

So I know every day you think about how -- what can we do different?

所以我知道你每天都會思考我們可以做些什麼不一樣的事？

What can we do to lower costs?

我們可以做些什麼來降低成本？

But I know you also think about cash every day, right?

但我知道你每天也想著現金，對吧？

Cash has been something important for you to manage over the last couple of years, and you're doing a really good job at this point.

在過去的幾年裡，現金對你來說一直是重要的管理工具，而你目前做得非常好。

The $950 million in restricted cash in the balance sheet, that is coming off, as you said, this year.

正如您所說，今年資產負債表中 9.5 億美元的限制性現金即將消失。

Can you maybe talk about whether or not there might be a way to bring this off faster?

您能否談談是否有辦法更快實現這一目標？

Is this something that we're stuck waiting for the turnover of these PPAs that are underlying the commitment to keep this as restricted?

我們是否需要等待這些購電協議的成交，而這些購電協議是限制這項承諾的基礎？

Or do you have maybe a little more flexibility in there, hopefully, than what was originally calculated?

還是你希望比最初計算的結果有更多的彈性？

Thanks, Craig.

謝謝，克雷格。

It's a good question.

這是一個好問題。

And yes, it's something I think about 24 hours a day.

是的，這是我一天 24 小時都在思考的事情。

I spend a lot of time thinking about liquidity and how we can best source liquidity for the company.

我花了很多時間思考流動性以及如何最好地為公司獲取流動性。

And that certainly is a meaningful pool.

這當然是一個有意義的池子。

I mean, effectively, it's like a deferred receivable, right?

我的意思是，實際上，它就像遞延應收帳款，對吧？

And so we have leveraged that in the past.

所以我們過去就利用了這一點。

As you probably remember, it would generate capital as we factor -- effectively factored that receivable in the past.

您可能還記得，當我們保理時，它會產生資本——在過去有效地保理了應收帳款。

So that could be a solution as an example, as a potential opportunity, as well as -- I always say success begets success.

因此，這可以作為一個解決方案的例子，作為一個潛在的機會，以及──我總是說成功會帶來成功。

And so as we continue to grow and scale and we show improvement, certainly, one of the things that we'll do and probably won't be in the next quarter or maybe not before year-end but could be early next year as we show progress is to start approaching the institutions that hold that and say, do you really need that kind of coverage on your outstanding exposure.

因此，隨著我們繼續發展和擴大規模，我們會表現出進步，當然，這是我們會做的事情之一，可能不會在下個季度或年底之前做，但可能會在明年初，因為我們展示進展的方法是開始與持有該證書的機構聯繫，並詢問您是否真的需要對您的未償付風險進行此類承保。

So there's a lot of ways we can approach that, but it is an incredibly meaningful asset that we continue to think about how to best leverage and how can we access the liquidity off of that asset base.

因此，我們可以採取很多方法來實現這一目標，但這是一項非常有意義的資產，我們將繼續思考如何最好地利用槓桿以及如何從該資產基礎中獲取流動性。

Thank you.

謝謝。

Well, congrats on the operating progress.

嗯，恭喜你的營運進展。

I'll go ahead and hop back in the queue.

我會繼續並跳回到隊列中。

Thanks, Craig.

謝謝，克雷格。

Manav Gupta, UBS.

馬納夫古普塔，瑞銀集團。

Good morning, guys.

早安，夥計們。

I just wanted to focus on the revenue.

我只是想專注於收入。

Good morning, Manav.

早安，馬納夫。

Good morning, sir.

早上好，先生。

So the revenue guidance, $825 million to $925 million, trying to understand what could drive you towards the top end of that range.

因此，收入指引為 8.25 億美元至 9.25 億美元，試圖了解什麼可以推動您達到該範圍的上限。

In a good environment, what drives you towards the top end of that range?

在良好的環境中，是什麼驅使您走向該範圍的高端？

Sure.

當然。

I'm going to take a quick overview of this, and then I will let Paul add on.

我將對此進行快速概述，然後讓保羅補充。

I think that if you look at our business, I would say there's three items.

我認為如果你看看我們的業務，我會說有三項。

One is the electrolyzer business and making sure we commission and get the fulfillment of every item in the contract on time with some of the challenges we had here in the second quarter with the final i's and t's that we need to make sure that -- and Sanjay, I know, is laser focused on making it happen.

一是電解槽業務，確保我們按時調試並履行合約中的每個項目，應對我們在第二季度遇到的一些挑戰，以及我們需要確保的最終條件——以及我知道，桑傑正全力以赴地致力於實現此目標。

The orders are there.

命令就在那裡。

The products are being built.

產品正在建置中。

We feel very comfortable about that, but it's the recognition of revenue, which has been a -- we wanted to be cautious on because of what we experienced this quarter.

我們對此感到非常放心，但這是對收入的認可，由於我們本季經歷的情況，我們希望對此保持謹慎。

I think the second item, there's a one in zero world with our liquefiers.

我認為第二個項目是我們的液化器在零世界中的一個。

Sanjay has been -- I'm going to let him kind of add on to this after I get done.

桑傑一直在——我會讓他在我完成後補充這一點。

But in that one in zero world, that can swing things $50 million with one order.

但在那個零中世界裡，一張訂單就可以賺 5,000 萬美元。

That's -- there's some real good projects he's working on, but he sits back and wonders, is it third quarter?

那是——他正在做一些真正好的項目，但他坐下來想知道，現在是第三季嗎？

Is it fourth quarter?

是第四季嗎？

Is it first quarter?

是第一季嗎？

And the third item is that the demand of the material handling industry is stronger than reflected.

第三點是物料搬運產業的需求比反映的強。

But we've changed the business model on our customers by moving away from using the PPA and setting them up with leasing partners.

但我們改變了客戶的商業模式，不再使用購電協議，而是與租賃合作夥伴合作。

We've made some really good progress there, and we have customers who now are using their own third-party leasing partners.

我們在這方面取得了一些非常好的進展，我們的客戶現在正在使用自己的第三方租賃合作夥伴。

It's an industry where leasing is common.

這是租賃很常見的行業。

So I can tell you there's one customer where it's 300, 400 units in the auto industry, which is now using a third party to help finance the project.

所以我可以告訴你，汽車產業有一個客戶擁有 300、400 輛汽車，現在正在使用第三方來幫助為該專案融資。

How that evolves in -- evolves over the second half of the year, I'm looking at material handling.

下半年的情況如何發展，我正在研究物料搬運。

I think it's 165 to 175, and it could be over 200 if we're successful with that activity.

我認為是 165 到 175，如果我們成功開展這項活動，可能會超過 200。

Sanjay, would you like to add to that?

Sanjay，您想補充嗎？

I think, Andy, you summed it up very well.

我認為，安迪，你總結得很好。

But just, Manav, on the liquefier side, right, our industry position, we feel pretty good about based on all the customer feedback.

但是，馬納夫，在液化器方面，我們的行業地位，根據所有客戶回饋，我們感覺非常好。

As Andy said, right, what's really happening here is these are big-ticket items.

正如安迪所說，是的，這裡真正發生的是這些都是大件物品。

And we're very active in a lot of different areas, our 15-tonne liquefier to our 30-tonne liquefiers.

我們在許多不同領域都非常活躍，從 15 噸液化器到 30 噸液化器。

We believe we have one of the best energy efficiencies in the market.

我們相信我們擁有市場上最好的能源效率之一。

Our pricing seems pretty attractive.

我們的定價看起來相當有吸引力。

We also are actually deploying this liquefier even in our Texas plant.

實際上，我們甚至在德克薩斯州的工廠也部署了這種液化器。

So the learnings and the value, everything we can bring to the customer is bar none.

因此，我們能為客戶帶來的經驗和價值是無與倫比的。

Having said that, as Andy said, right, do they get to FID in Q3?

話雖如此，正如安迪所說，他們會在第三季度獲得最終投資決定嗎？

Does it end up becoming an opportunity in Q4?

它最終會成為第四季的機會嗎？

And there are some -- we've seen some of those FID get pushed to the right by a quarter or two, right?

還有一些——我們已經看到其中一些 FID 被向右推了四分之一或兩個，對嗎？

We do believe some could come home here in Q4.

我們確實相信有些人可能會在第四季回到這裡。

But if it doesn't, then it ends up becoming really a 2025 opportunity rather than a 2024 opportunity.

但如果沒有，那麼它最終將成為真正的 2025 年機會，而不是 2024 年機會。

And when you think about liquefier, Sanjay, it's really a North American event.

Sanjay，當你想到液化器時，這確實是北美的事件。

So far.

迄今為止。

Yes -- and so far, and clarity in the regulations.

是的——到目前為止，法規也很明確。

People want to do the projects, but they also don't want to leave money on the table.

人們想做這些項目，但他們也不想把錢留在桌上。

And that is -- so this final clarification of the regulations, I think, is really important to accelerate in the market. 100%, absolutely.

我認為，最終對法規的澄清對於加速市場發展非常重要。 100%，絕對。

Thank you, guys.

謝謝你們，夥計們。

I'll turn it over.

我會把它翻過來。

Bill Peterson, JPMorgan.

比爾彼得森，摩根大通。

Yes.

是的。

Hi.

你好。

Good morning, Andy and team.

早上好，安迪和團隊。

Good morning, Bill.

早安，比爾。

So first question I'd like to ask is about the sort of your core materials handling business.

所以我想問的第一個問題是關於你們的核心材料處理業務的類型。

We've seen revenues kind of come in light if we think about a first half '24 versus first half '23 or even the prior year.

如果我們考慮 24 年上半年與 23 年上半年甚至前一年的情況，我們會發現收入有所改善。

I know you talked about ASP uplift, maybe some recent management shifting on that.

我知道您談到了平均售價的提升，也許最近的一些管理層對此有所轉變。

But are customers hesitant to deploy more equipment now doing -- because of this, I don't know, price increase?

但客戶是否對部署更多設備猶豫不決——我不知道是因為價格上漲嗎？

Or is there concerns about the company given the going concern from earlier in the year?

或者考慮到今年稍早的持續經營，對該公司是否有擔憂？

Or is it really more of a matter of the market to just limited warehouse activity and things like that?

或者這實際上更多的是市場問題，只是限制倉庫活動和類似的事情？

And then just tied in, do we still see the seasonal uplift in the back half of the year?

然後，我們是否還能看到下半年的季節性上漲？

What contribution do you see in the back half?

您認為後半部有什麼貢獻？

And how should we think about growth in '25?

我們該如何看待 25 年的成長？

Yes.

是的。

So Bill, look, I'm not going to kid you that the price increases and the activities associated with the going concern certainly represented a shock to the system.

所以比爾，聽著，我不會騙你，價格上漲和與持續經營相關的活動肯定對系統造成了衝擊。

I have -- as many of you know, I'm at heart a believer in, you deal with the cards you have and think how you can get better.

我——正如你們很多人都知道的那樣，我從心底堅信，你要處理好你所擁有的牌，並思考如何才能變得更好。

But in many ways, it actually opened up the engagement with customers.

但在很多方面，它實際上開啟了與客戶的互動。

And it allowed us to start having the serious discussions about how to change the business model.

它讓我們開始認真討論如何改變商業模式。

And we have moved away from PPAs, which is good, which has impacted the initial growth of those customers because as I mentioned in the previous question, we've had to move to third-party providers of leasing for the customers, almost like dealerships in cars, but we've had to work through that with third-party providers who also had tax appetite.

我們已經放棄了購電協議，這很好，這影響了這些客戶的最初增長，因為正如我在上一個問題中提到的，我們不得不轉向為客戶提供租賃的第三方提供商，幾乎就像經銷商一樣在汽車領域，但我們必須與也有稅收胃口的第三方提供者合作解決這個問題。

We've made great progress there.

我們在那裡取得了很大進展。

We expect the second half of the material handling to be at least in the range of 1.75x to 2x higher than the first half of the year.

我們預計下半年的物料搬運量將比上半年高出至少 1.75 倍至 2 倍。

We spent a lot of time looking at those numbers and customers.

我們花了很多時間研究這些數字和客戶。

Over the past two, three weeks, Sanjay, I think we've had two to three new customers, some of them with rather large deployments.

在過去的兩三週裡，Sanjay，我認為我們已經有了兩到三個新客戶，其中一些客戶的部署規模相當大。

We think the growth rate for material handling in 2025 comes back to normal.

我們認為 2025 年物料搬運增速將恢復正常。

So it's been a challenging exercise, but it actually has taught us, in many ways, the meeting of our value proposition.

因此，這是一項具有挑戰性的工作，但它實際上在許多方面教會了我們如何滿足我們的價值主張。

I've had one of our larger customers tell us the value proposition breaks down at $11 a kilogram for hydrogen.

我們的一位大客戶告訴我們，氫的價值主張是每公斤 11 美元。

That's a real great data point because when you think about that $11, we're out there about $8.50 today.

這是一個非常好的數據點，因為當你想到 11 美元時，我們今天的價格約為 8.50 美元。

And that shows that there's value being created, and customers recognize it.

這表明價值正在被創造，並且客戶也認可它。

But look, there's a lot of discussions when you have those two big issues you mentioned.

但是，當你遇到你提到的這兩大問題時，就會有很多討論。

But I feel that we've really been able to overcome those challenges.

但我覺得我們確實能夠克服這些挑戰。

Thanks for the color, Andy.

謝謝你的顏色，安迪。

Thanks, Bill.

謝謝，比爾。

Dushyant Ailani, Jefferies.

杜希安特·艾拉尼，杰弗里斯。

Good morning.

早安.

Thank you for taking my questions.

感謝您回答我的問題。

Dean, congrats on the new role.

迪恩，恭喜你擔任新角色。

Maybe this is for you.

也許這適合你。

I know you've been there for two weeks now, and you have kind of talked about some of the areas of cost efficiency and cost outs.

我知道您已經在那裡待了兩週了，您已經談到了成本效率和成本支出的一些領域。

Maybe could you talk a little bit about what some of the low-hanging fruits are, where we could see that come from?

也許你能談談一些容易實現的成果是什麼，我們可以從哪裡看到它們？

And then secondly, how do you guys think about the margin cadence for the second half of '24?

其次，你們如何看待 24 年下半年的利潤節奏？

And I'll leave it there.

我會把它留在那裡。

Thank you.

謝謝。

So I'll let -- Dushyant, good morning.

所以我想要——Dushyant，早安。

I'll let -- did you say, Andy?

我會讓──你說的是嗎，安迪？

I'll let Paul take the second part of that, I'll let Dean take the first part.

我會讓保羅承擔第二部分，我會讓迪恩承擔第一部分。

Yes.

是的。

I think it's a little too early to provide any details on this call.

我認為現在提供有關此次電話會議的任何細節還為時過早。

But I've talked with Andy and many people a couple of months before joining.

但在加入之前幾個月，我已經與安迪和許多人進行了交談。

I've been aware of where the challenges are.

我已經意識到挑戰在哪裡。

And my first two weeks, I've been digging into that.

在我的前兩週，我一直在深入研究這個問題。

And as I mentioned, a lot of it is around manufacturing.

正如我所提到的，其中許多都與製造有關。

It's reducing our inventory.

它正在減少我們的庫存。

It's getting cost effective when it comes to producing green hydrogen and implementing our fuel cells and our systems in the field.

在生產綠氫以及在現場實施我們的燃料電池和系統時，它變得具有成本效益。

And that's really where my focus is going to be.

這確實是我的重點。

It's diving deep into those cost structures, identifying where we can wring those costs out and lower those costs and get to the point where we'll be profitable in each of these lines of businesses.

它正在深入研究這些成本結構，確定我們可以在哪些方面消除這些成本並降低這些成本，並達到我們在每項業務中都能獲利的程度。

And a lot of it is going to be around identifying those opportunities and the rigor and the discipline with managing through each of those projects and tracking those to the point of profitability.

其中很大一部分將圍繞識別這些機會以及嚴格性和紀律來管理每個項目並追蹤這些項目直至盈利。

This isn't going to happen immediately.

這不會立即發生。

But to your point, there's definitely low-hanging fruit in the short-term things we're going to focus on.

但就你的觀點而言，我們要專注的短期目標肯定是容易實現的。

And then there's obviously bigger monsters that are going to take a longer-term view of.

然後顯然還有更大的怪物需要更長遠的眼光。

Yes.

是的。

And I would just -- I guess, on the margin progression, as you guys have seen, historically, we've always had this phenomenon of the two-thirds, one-third, where there's two-thirds in the half of the sales in the second half.

我想，在利潤率成長方面，正如你們所看到的，從歷史上看，我們一直存在著這種三分之二、三分之一的現象，其中三分之二佔銷售額的一半在下半場。

That's certainly what we're seeing this year.

這肯定是我們今年所看到的。

That implies doubling the sales in the second half, and Plug has tremendous volume leverage opportunity.

這意味著下半年銷售額將翻倍，Plug 擁有龐大的銷售槓桿機會。

So that has a big impact for us in addition to the -- getting full-quarter benefits of all of these cost downs and price increases that we've been rolling out.

因此，除了從我們一直在推出的所有這些成本下降和價格上漲中獲得整個季度的收益之外，這對我們也產生了重大影響。

And on the fuel side, Andy talked about Georgia and Tennessee being up and getting a full-quarter impact of those as well as we've made real good strides on fuel efficiency measures, and that's really going to be impactful as well as we move through the balance of the year.

在燃料方面，安迪談到喬治亞州和田納西州正在崛起並受到整個季度的影響，我們在燃料效率措施方面取得了真正的長足進步，這確實會產生影響，我們也會採取行動通過年度餘額。

So you will see continued -- you'll see certainly positive and continued progress in Q3 and even more progress in Q4 as we move through the balance of the year.

因此，您將看到繼續 - 隨著我們度過今年的剩餘時間，您肯定會看到第三季度的積極和持續的進展，甚至第四季度的更多進展。

Thank you.

謝謝。

(Operator Instructions) Sherif Elmaghrabi, BTIG.

（操作員指令）Sherif Elmaghrabi，BTIG。

Hey, good morning, team.

嘿，早上好，團隊。

Thanks for taking my questions.

感謝您回答我的問題。

Good morning, Sherif.

早安，謝里夫。

Good morning, Andy.

早安，安迪。

So I've got a couple on Louisiana.

我在路易斯安那州有一對夫婦。

I guess, first off, can you tell us how hydrogen production is going to be divvied up there?

我想，首先，你能告訴我們氫氣生產將如何分配嗎？

Is it a straight 50-50 split between yourselves and Olin?

你和奧林是直接 50:50 平分嗎？

Yes, so I'm going to let Sanjay take this.

是的，所以我要讓 Sanjay 拿走這個。

Sanjay sits on the Board of the joint venture, so I'm going to let him handle that question.

桑傑 (Sanjay) 是合資企業的董事會成員，所以我將讓他來處理這個問題。

Yes, so Sherif, on that, it's obviously a 50-50 JV from an ownership standpoint, but Plug is responsible for marketing all that hydrogen, right?

是的，謝里夫，從所有權的角度來看，這顯然是一家 50-50 的合資企業，但 Plug 負責行銷所有氫氣，對吧？

So that's what would happen.

所以這就是會發生的事情。

We would actually consolidate as Plug, number one.

我們實際上會整合為插頭，第一。

Number two, we'll be responsible with marketing, pricing strategy, and everything else.

第二，我們將負責行銷、定價策略和其他一切。

So the access of that hydrogen between the partners, Plug will take a leading role in terms of how it gets priced, how it gets marketed and who it goes to.

因此，在合作夥伴之間獲取氫氣的過程中，Plug 將在氫氣的定價、行銷方式以及使用物件等方面發揮主導作用。

Okay.

好的。

That's helpful.

這很有幫助。

And then for my follow-up, do you need to further refine the output of the chlor-alkali process at Louisiana to produce 15 tonnes of liquid?

那麼我的後續問題是，您是否需要進一步改進路易斯安那州氯鹼製程的產量，以生產 15 噸液體？

And if so, is the margin benefit there -- what is the margin benefit there relative to your other projects?

如果是這樣，那麼那裡的邊際效益是否存在——相對於您的其他項目來說，那裡的邊際效益是多少？

Yes, sure.

是的，當然。

Keep in mind, right, we've already done something like this before with Olin, right?

請記住，對吧，我們之前已經和 Olin 做過類似的事情了，對吧？

We have an existing plant in Tennessee, so we know what exactly has to happen.

我們在田納西州有一家現有工廠，因此我們知道到底會發生什麼。

Even though we own 100% of Tennessee.

儘管我們擁有 100% 的田納西州。

Exactly.

確切地。

We own 100% of Tennessee.

我們擁有田納西州 100% 的股權。

So there is -- yes, you have to purify then you also have to increase the pressure based on what the pressure that hydrogen comes out from the Olin side.

所以，是的，你必須淨化，然後你還必須根據從奧林一側排出的氫氣的壓力來增加壓力。

Almost -- think of this like a pipeline coming into our liquefier, not a whole lot different than the PEM electrolyzer.

幾乎——可以將其想像為進入液化器的管道，與 PEM 電解器沒有太大不同。

It's a slightly different kind of an electrolysis process, right?

這是一種稍微不同的電解過程，對吧？

So yes, you have to purify that.

所以是的，你必須淨化它。

You have to increase the pressure as it goes into the liquefier.

當它進入液化器時，你必須增加壓力。

Look, the reason we're doing this partnership is because we both believe that economic value of them just selling the gaseous hydrogen versus Olin also getting into the liquid hydrogen market is a win-win situation for them.

聽著，我們建立這種合作關係的原因是因為我們都相信，他們只銷售氣態氫的經濟價值與 Olin 進入液態氫市場的經濟價值對他們來說是雙贏的。

We see this being a low-cost opportunity for us.

我們認為這對我們來說是一個低成本的機會。

So it's a win-win situation for us as well.

所以這對我們來說也是雙贏的局面。

And look, I'd rather not get into the specific of exactly what that cost looks like and everything else as we're continuing to also do the pricing negotiation, but similar to Tennessee.

聽著，我不想詳細說明成本和其他一切，因為我們還在繼續進行定價談判，但與田納西州類似。

And frankly, if anything, maybe even marginally better than the cost profile in Tennessee, we feel pretty good about what this is going to bring to the table for us from cost reduction as well as expanding the market opportunity for that hydrogen.

坦白說，如果有什麼不同的話，甚至可能比田納西州的成本狀況略好一些，我們對這將為我們帶來的成本降低以及擴大氫的市場機會感到非常滿意。

Anything you want to add, Andy?

安迪，你還有什麼要補充的嗎？

Yes, I would just say, it's just a picture in your head, Sherif.

是的，我只想說，這只是你腦海中的一幅畫面，謝里夫。

The hydrogen coming out is, as Sanjay mentioned, purified before it goes into liquefier, but that -- stream hydrogen and purification system essentially replaces the electrolyzer and rectifier and substations.

正如桑傑所提到的，排出的氫氣在進入液化器之前經過純化，但流氫和純化系統基本上取代了電解器、整流器和變電站。

And the rest of Louisiana is exactly a duplicate of Georgia.

路易斯安那州的其他地區完全是喬治亞州的複製品。

So it's a very straightforward -- it's just essentially doing that one block differently.

所以這非常簡單——本質上只是以不同的方式做這一個塊。

And I use the word differently, as Sanjay said, exactly how we do in Tennessee.

正如桑傑所說，我對這個詞的使用方式有所不同，這正是我們在田納西州的做法。

Exactly.

確切地。

Okay.

好的。

That's helpful.

這很有幫助。

Thank you both.

謝謝你們倆。

Chris Senyek, Wolfe Research.

克里斯森耶克，沃爾夫研究中心。

Hi, good morning.

嗨，早安。

Thank you for taking my questions.

感謝您回答我的問題。

Good morning, Chris.

早上好，克里斯。

Good morning, Andy.

早安，安迪。

I'll start with -- I saw at least one competitor announced capacity reservations agreements with electrolyzers developers developing the hydrogen hubs.

首先，我看到至少有一家競爭對手宣布與開發氫中心的電解槽開發商簽訂了產能預留協議。

Is that something you're also pursuing?

這也是你所追求的嗎？

And maybe any updates on your participation in the three hubs that have officially launched?

也許您對已正式啟動的三個中心的參與有任何更新嗎？

Thanks.

謝謝。

Okay.

好的。

I'll let you take the feedstock, and then I'll talk about the hubs.

我會讓你拿原料，然後我會談論輪轂。

So again, I think as a part of these 7 gigawatts of basic engineering design packet, right, we are starting to have conversations with the customer, some of these opportunities or multi-gigawatt opportunities, right?

所以，我再次認為，作為這 7 吉瓦基礎工程設計包的一部分，我們開始與客戶進行對話，其中一些機會或多吉瓦機會，對吧？

So it's a mega project for them.

所以這對他們來說是一個巨大的項目。

Obviously, it's a mega project for us.

顯然，這對我們來說是一個大型專案。

As Andy talked about it, even if we actually do one quarter, that is a substantial revenue opportunity.

正如安迪所說，即使我們真的做了一個季度，這也是一個巨大的收入機會。

But we're going to need to make sure that we're planning the capacity the right way, right?

但我們需要確保以正確的方式規劃容量，對嗎？

What does that reservation look like, what the cadence of staff production needs to look like?

預訂是什麼樣的，員工生產的節奏需要是什麼樣的？

And that's one area that as Dean talked about, him and I are going to be working very closely together to make sure that it's being planned properly.

正如迪恩所說，這是一個領域，他和我將密切合作，以確保規劃得當。

We're thinking to the reservation right.

我們正在考慮預訂權。

How do we manage that?

我們該如何處理呢？

It's a win-win for both parties.

這對雙方來說都是雙贏的。

Now there is some discussion going on that we're having with other customers that are not a part of this 7.5 gigawatt of basic engineering design packet, where they're talking about potentially doing a reservation as they are looking at mega opportunity in the European market.

現在，我們正在與不屬於這個 7.5 吉瓦基本工程設計套件的其他客戶進行一些討論，他們正在談論可能進行預訂，因為他們正在尋找歐洲的巨大機會市場。

So some of those discussions are happening as well.

因此，其中一些討論也在發生。

But one another thing we also try to be very, very careful about in this market is their projects and their projects, right?

但我們在這個市場上也嘗試非常非常小心的另一件事是他們的項目和他們的項目，對吧？

We're really trying to make sure we're aligning with the customer in terms of helping them with what we bring to the table, but also making sure that the projects are in fact going to eventually get to that final investment decision criteria.

我們確實在努力確保我們在幫助他們提供我們所提供的服務方面與客戶保持一致，但同時也確保專案實際上最終會達到最終的投資決策標準。

But there's a lot of things that has to happen.

但有很多事情必須發生。

Funding has to come in place.

資金必須到位。

So we do have some of those opportunities growing as well.

因此，我們確實也有一些成長的機會。

It could be pretty meaningful and substantial, and that is not a part of the 7.5 gigawatt of basic engineering design packet that we're talking about right now.

它可能非常有意義且實質性，但這不是我們現在正在討論的 7.5 吉瓦基礎工程設計包的一部分。

It will be incremental to that.

它將是增量的。

Yes.

是的。

On the hubs, first, I don't want to get ahead of hubs announcements as far as what they want to say about the details.

關於集線器，首先，我不想在集線器公告之前透露他們想要說的細節。

But as we've talked about before, every hub in the US, Plug is participating in, including the announcement of West Virginia, where they had details.

但正如我們之前談到的，Plug 正在參與美國的每個中心，包括西維吉尼亞州的公告，他們在那裡有詳細資訊。

So we're pleased that they're moving ahead.

因此，我們很高興他們正在取得進展。

I think, over the next year, there's -- even with the hubs, which have come to an agreement, there's still a great deal of planning and work to continue.

我認為，在接下來的一年裡，即使各中心已經達成協議，仍有大量的規劃和工作需要繼續進行。

And I can tell you there is a team at Plug on the business side that -- as well as the technical side that's working with the key decision-makers at all the hubs to make sure that they evolve and that -- look, we're at the table.

我可以告訴你，Plug 有一個業務方面的團隊，以及技術方面的團隊，他們正在與所有中心的關鍵決策者合作，以確保它們不斷發展——看，我們'重新回到餐桌上。

And that's a key item.

這是一個關鍵項目。

I think people have to realize, and I've said this before.

我認為人們必須意識到這一點，我之前已經說過了。

The PTC and the DOE loans are really the short-term vehicles for the US government to drive hydrogen production.

PTC 和 DOE 貸款實際上是美國政府推動氫生產的短期工具。

Long term, the hydrogen hubs across the United States are really important for building this industry.

從長遠來看，美國各地的氫中心對於建立這個產業確實非常重要。

And look, that's -- there's still lots of work to go on to really capture that vision.

你看，要真正實現這個願景，還有很多工作要做。

On top of that, there is a technology investment where Plug was a leading company in receiving grants from the DOE.

除此之外，還有一項技術投資，Plug 是美國能源部撥款的領先公司。

We're about 20%, 25% of that revenue or activity investment Plug is involved with, a lot of it associated with our plant in Rochester, where there's technology improvements for both electrolyzers and fuel cells built in.

Plug 參與的收入或活動投資中，我們大約有 20%、25%，其中許多與我們位於羅徹斯特的工廠有關，該工廠內建了電解槽和燃料電池的技術改進。

So those two won't be overnight, but they're really important for the US having -- from a national security point of view, from a jobs point of view, as well as for a clean climate point of view.

因此，這兩個目標不會一蹴而就，但它們對美國來說確實很重要——從國家安全的角度、就業的角度以及清潔氣候的角度來看。

Thanks.

謝謝。

And just for -- that's really helpful color.

只是因為——這確實是有用的顏色。

And just for a follow up, I think Dean touched on this, the high inventory levels as one of his priorities.

作為後續行動，我認為迪恩談到了這一點，即高庫存水準是他的首要任務之一。

But are you able to provide some context on what's in inventory broken out by product line?

但是您能否提供一些有關按產品線細分的庫存情況的背景資訊？

I think that -- Paul, I don't think we make that -- do we make that public?

我認為——保羅，我不認為我們會這樣做——我們會公開這一點嗎？

No.

不。

Yes.

是的。

But I think that probably -- I would just say probably a lot -- there's probably a lot to support our energy buildout this year.

但我認為可能——我只想說可能很多——可能有很多東西可以支持我們今年的能源建設。

And we do have goals that we can reduce that inventory down to about $700 million by year end, supporting all the product lines.

我們的目標是到年底將庫存減少至約 7 億美元，以支援所有產品線。

All right.

好的。

Fair enough.

很公平。

Thanks so much for your time.

非常感謝您抽出時間。

I'll turn it over.

我會把它翻過來。

Okay.

好的。

Thanks, Chris.

謝謝，克里斯。

Skye Landon, from Redburn Vertical.

斯凱·蘭登（Skye Landon），來自 Redburn Vertical。

Hi.

你好。

Thanks, guys.

謝謝，夥計們。

You mentioned that you're potentially expecting some news on the 45V rules after the Democratic convention and that you'd expect a further announcement after the election.

您提到您可能會在民主黨全國代表大會之後收到有關 45V 規則的一些消息，並且您將在選舉後收到進一步的公告。

I mean, I appreciate the timing, perhaps uncertain on this, but perhaps you could talk us through your current thinking on how quickly this could come through and if you still think it's a 2024 event?

我的意思是，我很欣賞這個時機，也許對此還不確定，但也許你可以告訴我們你目前的想法，這件事能多快完成，以及你是否仍然認為這是 2024 年的活動？

And then related to this, from your conversations with industry and customers, how quickly after the clarification on the rules do you expect to start seeing green hydrogen FID start flowing?

與此相關的是，從您與產業和客戶的對話來看，您預計在規則澄清後多久才能看到綠色氫FID開始流動？

And the second question -- sorry, Andy.

第二個問題──對不起，安迪。

And the second question then on OpEx costs, perhaps.

第二個問題也許是關於營運成本的。

Expectations will slightly be again in 2Q after they'll also be in 1Q.

繼第一季的預期之後，第二季的預期將再次略有回升。

Maybe you could run through the work that's been done here and talk about if there's any more cost to come out going forward?

也許您可以回顧這裡已經完成的工作，並討論未來是否還會有更多成本？

Thanks.

謝謝。

I'll let Paul handle the second part of that question, Skye.

我會讓保羅來處理這個問題的第二部分，斯凱。

I think where you will see potential changes after the convention probably has to do with the three pillars.

我認為大會結束後你會看到潛在的變化可能與三大支柱有關。

And I know you're well versed in the three pillars, Skye.

我知道你精通三大支柱，斯凱。

I think you'll see relaxation associated with additionality.

我想你會看到與額外性相關的放鬆。

And I think that nuclear power as well as hydropower and maybe states with renewable energy programs getting -- receiving relaxation on additionality.

我認為核電、水電以及可能還有再生能源計畫的國家都將在額外性方面放鬆。

I think when you look at post the election, you may see that the regulations associated with time matching will start looking more like Europe.

我認為，當您查看選舉後的情況時，您可能會發現與時間匹配相關的法規將開始看起來更像歐洲。

And I think the regionality issues will be slightly less restricted.

我認為區域性問題會受到稍微更少的限制。

And I think that's probably what will happen.

我認為這很可能會發生。

And when you look at it, obviously, I think we may have talked before the Chevron announcement, and I told you Chevron was going to have a dramatic impact, especially on those two other items.

當你看到它時，顯然，我認為我們可能在雪佛龍宣布之前就已經談過了，我告訴過你雪佛龍將產生巨大的影響，特別是在其他兩個項目上。

And I think you'll start seeing that.

我想你會開始看到這一點。

I think from a decision making for FID, I think many of these programs, it takes probably 18 months to get to FID.

我認為從 FID 的決策來看，我認為許多此類項目可能需要 18 個月才能達到 FID。

I think in many of the US programs, the companies -- I know some significant programs where work is being done.

我認為在美國的許多專案中，公司——我知道一些正在進行工作的重要專案。

But I think it's a year for the big projects, I mean, the gigawatt scale project after the announcement to get to where you're actually issuing POs.

但我認為今年是大型專案的一年，我的意思是，在宣布實際發布採購訂單後的千兆瓦級專案。

So I think that's probably the timeframe once -- and this is especially with the electrolyzers.

所以我認為這可能是一次的時間範圍——尤其是電解槽。

I think there may be smaller deployments, which will happen more rapidly than that.

我認為可能會有規模較小的部署，但部署速度會比這更快。

But when you're talking about investing $2 billion to $3 billion, it's going to take time.

但當你談論投資 20 億至 30 億美元時，這需要時間。

Paul?

保羅？

Yes.

是的。

And on the OpEx side, as you've made reference, I mean, we've been able to demonstrate that we've -- the benefits of our actions of curtailing and optimizing the workforce, some of the rooftop consolidations, obviously, are -- some of the -- most of the impact is in operations.

在營運支出方面，正如您所提到的，我的意思是，我們已經能夠證明，我們削減和優化勞動力的行動所帶來的好處，顯然，一些屋頂整合是——其中一些——大部分影響是在營運方面。

But there's certainly a piece of that that benefits the OpEx as well.

但其中肯定有一部分也有利於營運支出。

And I would tell you, as we move forward to the balance of the year, we're going to maintain our discipline and focus on making sure that we're -- where we can continue to optimize that we're doing that and that we're not investing in incremental costs in the near term on things that aren't benefitting in the short term.

我想告訴你們，隨著今年剩餘時間的到來，我們將保持我們的紀律，並專注於確保我們可以繼續優化我們正在做的事情和事情我們不會在短期內對短期內不會受益的事情進行增量成本投資。

So we're really being scrutinous in the things we're doing and trying to keep that curtailed and down, and we expect that to continue.

因此，我們確實正在仔細審查我們正在做的事情，並努力限制和減少這種情況，我們預計這種情況將繼續下去。

Great.

偉大的。

Thanks, Andy and Paul.

謝謝，安迪和保羅。

Thanks, Scott.

謝謝，斯科特。

Jordan Levy, Truist Securities.

喬丹·利維 (Jordan Levy)，Truist 證券公司。

Hi, all.

大家好。

It's Henry on for Jordan here.

亨利替補喬丹登場。

I appreciate you squeezing me in at the end.

我很感激你最後把我擠了進去。

Hi, Henry.

嗨，亨利。

Hi.

你好。

You touched briefly on this, Andy, before.

安迪，你之前曾簡單談到這一點。

I just want to get anything more you have on how production has gone at Georgia and Tennessee over the last quarter.

我只是想了解更多關於上個季度佐治亞州和田納西州生產情況的信息。

So any kind of big operational items or learnings that have come up that you plan to take away for future plans?

那麼，您計劃在未來的計劃中藉鑒哪些大型營運項目或經驗教訓？

Yes.

是的。

I think, Jordan, one of the big learnings -- and this is really important, and it has dramatically improved the efficiency of the plant.

我認為，喬丹，這是最大的教訓之一——這非常重要，它極大地提高了工廠的效率。

It's really controlling -- you have to remember, this is the first plant in the world that this has happened.

它確實具有控制性——你必須記住，這是世界上第一個發生這種情況的工廠。

It's controlling the interaction between the output of the electrolyzers with the liquefier.

它控制電解器輸出與液化器之間的相互作用。

We have seen from the month of May until today just a dramatic improvement that in our control loop -- and it's been great work by one of our engineers about making sure the output of the electrolyzers always is in sync with the production output of the liquefiers.

從五月到今天，我們看到我們的控制迴路取得了巨大的進步，我們的一位工程師在確保電解器的輸出始終與液化器的生產輸出同步方面付出了巨大的努力。

And if you put too much hydrogen in, you're going to be wasting hydrogen.

如果放入太多氫氣，就會浪費氫氣。

And that has been a learning that I think is uniquely position Plug as we fine tune that controller.

我認為，當我們微調控制器時，這是一個獨特的位置插頭的學習。

We've had some -- there's been -- the plant itself, I think, in -- was it May or June?

我想，我們有一些──有──植物本身，是在──五月還是六月？

Was it -- I think June was up 93% at that time.

是嗎——我認為 6 月當時上漲了 93%。

So we feel really good about that plant.

所以我們對這種植物感覺非常好。

And I think a lot of it has to do, as I mentioned -- so I mentioned the hurricane came through, where the rain came through that facility.

我認為這與許多因素有關，正如我所提到的，所以我提到颶風來了，雨水穿過了那個設施。

We had to shut everything down for a day, and that's just kind of -- and that's going to happen.

我們不得不把一切都關閉一天，這就是——而且這種情況將會發生。

But I think we're probably -- the fellow who built the plant, who came from one of the leading oil companies told me, it takes six months to burn in a plant, right?

但我認為我們可能 - 建造該工廠的人來自一家領先的石油公司，他告訴我，工廠需要六個月的時間才能燃燒，對嗎？

And I think we're about at the stage where that plant is burnt in right.

我認為我們正處於該植物被正確燒毀的階段。

Thanks for that.

謝謝你。

And then just a quick one on the balance sheet follow up.

然後是資產負債表上的快速跟進。

Can you just remind us again on the cadence for that restricted cash flow release, that $200 million annual?

您能否再次提醒我們釋放受限現金流（每年 2 億美元）的節奏？

Is there any seasonality that we should be aware of for that?

我們應該注意什麼季節性嗎？

There's some fluctuations, but I think using $50 million as a proxy is a pretty good estimate per quarter.

雖然存在一些波動，但我認為使用 5000 萬美元作為每季的替代值是一個相當不錯的估計。

Thank you all.

謝謝大家。

Thank you.

謝謝。

We've reached the end of our question-and-answer session.

我們的問答環節已經結束。

I'd like to turn the floor back over to Andy for any further or closing comments.

我想將發言權交還給安迪，以徵求進一步或結束評論的意見。

Thank you, Kevin.

謝謝你，凱文。

And I'd like to remind people the short term and the long term, and the short term is really driving this company to be operational, efficient, and profitable.

我想提醒人們短期和長期，短期確實推動這家公司營運、有效率和獲利。

But the long term is critical.

但長期來看至關重要。

And you look at the activities going on with the basic design engineering work.

您將看到基本設計工程工作中正在進行的活動。

You look at the activities in the deployments with electrolyzers.

您可以查看電解槽部署中的活動。

Nobody is doing what we're doing with PEM electrolyzers anywhere in the world.

世界上任何地方都沒有人使用 PEM 電解槽做我們所做的事情。

You look -- and I haven't spoken much about our stationary products.

你看——我並沒有過多談論我們的文具產品。

One of the leading data center operators came to me and said, we have visited 14 people who have talked about building stationary products.

一位領先的資料中心營運商來找我說，我們已經拜訪了 14 位談論過建造固定產品的人。

They tell us we're far ahead in the race.

他們告訴我們，我們在比賽中遙遙領先。

And Plug's goal is not only to be operational efficient and profitable but continue to grow at a rapid pace.

Plug 的目標不僅是提高營運效率和獲利能力，還要繼續快速成長。

And I believe, between our electrolyzers; I believe, between our ability to build hydrogen plants; and on top of that, our fuel cells, we continue to strive to make improvements and develop products, which are unique and will be valuable for the development of hydrogen economy.

我相信，在我們的電解槽之間；我相信，我們有能力建造氫工廠；除此之外，我們的燃料電池，我們繼續努力改進和開發產品，這些產品是獨一無二的，對氫經濟的發展有價值。

I look forward to talking to many of you at investor conferences as well as at the next earnings call.

我期待在投資者會議以及下一次財報電話會議上與你們中的許多人交談。

So thank you, everyone.

謝謝大家。

Thank you.

謝謝。

That does conclude today's teleconference and webcast.

今天的電話會議和網路廣播到此結束。

You may disconnect your line at this time and have a wonderful day.

此時您可以斷開線路並度過美好的一天。

We thank you for your participation today.

我們感謝您今天的參與。