Nuscale Power Corp (SMR) 2022 Q4 法說會逐字稿

Good afternoon, and welcome to NuScale's Fourth Quarter and Full Year 2022 Earnings Results Conference Call. Today's call is being recorded. (Operator Instructions) A replay of today's conference will be available and accessible on NuScale's website at ir.nuscalepower.com. The web replay will be available for 30 days following the earnings call. A telephone replay will also be available for 7 days through a registration link, also accessible on NuScale's website.

下午好，歡迎來到 NuScale 的第四季度和 2022 年全年收益結果電話會議。今天的通話正在錄音中。 （操作員說明）今天會議的重播將在 NuScale 的網站 ir.nuscalepower.com 上提供和訪問。網絡重播將在財報電話會議後的 30 天內提供。電話重播也將通過註冊鏈接提供 7 天，該鏈接也可在 NuScale 的網站上訪問。

At this time, for opening remarks, I would like to turn the call over to Scott Kozak, Director of Investor Relations. Please go ahead, Mr. Kozak.

在這個時候，關於開場白，我想把電話轉給投資者關係總監 Scott Kozak。請繼續，Kozak 先生。

Thanks, operator. Welcome to NuScale's Fourth Quarter and Full Year 2022 Earnings Results Conference Call. With us today are John Hopkins, President and Chief Executive Officer; and Chris Colbert, Chief Financial Officer. On today's call, NuScale will provide an update on its business and discuss financial results. We will then open up the phone lines for questions.

謝謝，運營商。歡迎來到 NuScale 的第四季度和 2022 年全年收益結果電話會議。今天和我們在一起的有總裁兼首席執行官約翰·霍普金斯 (John Hopkins)；和首席財務官 Chris Colbert。在今天的電話會議上，NuScale 將提供其業務的最新情況並討論財務結果。然後，我們將打開電話線進行提問。

This afternoon, we posted a set of supplemental slides on our Investor Relations website. As reflected in the safe harbor on Slide 2, the information set forth in the presentation discussed during the course of our rooms and the subsequent Q&A session includes forward-looking statements which reflect our current views of existing trends and are subject to a variety of risks and uncertainties. You can find a discussion of our risk factors, which could potentially contribute to such differences in our SEC filings on Form S-1 and Form 10-K.

今天下午，我們在投資者關係網站上發布了一組補充幻燈片。正如幻燈片 2 的安全港所反映的那樣，在我們的房間和隨後的問答環節中討論的演示文稿中所載的信息包括前瞻性陳述，這些陳述反映了我們目前對現有趨勢的看法，並受到各種風險的影響和不確定性。您可以在我們的 S-1 表和 10-K 表上的 SEC 文件中找到對我們風險因素的討論，這可能會導致此類差異。

I'll now turn the call over to John Hopkins, NuScale's President and Chief Executive Officer. John?

我現在將電話轉給 NuScale 的總裁兼首席執行官約翰霍普金斯。約翰？

Thank you, Scott, and good afternoon, everyone. 2022 was a year of increasing momentum at NuScale as we made important progress toward our mission of helping power the clean energy transition through the development of our safe, innovative and cost-competitive VOYGR SMR power plants. This momentum was evident in the fourth quarter as we delivered on our remaining 3 goals for the year, enabling us to accomplish all 5 of our 2022 milestones, as you can see on Slide 4 of our presentation.

謝謝斯科特，大家下午好。 2022 年是 NuScale 發展勢頭強勁的一年，因為我們在通過開發安全、創新和具有成本競爭力的 VOYGR SMR 發電廠來幫助推動清潔能源轉型的使命方面取得了重要進展。這種勢頭在第四季度很明顯，因為我們實現了今年剩下的 3 個目標，使我們能夠實現 2022 年的所有 5 個里程碑，正如您在我們演示文稿的幻燈片 4 中看到的那樣。

With this progress, we have the ability to deliver NuScale power modules in 2028 to the customer order. Let me walk you through these important development points. First, turning to Slide 5. In December, we secured our second committed customer, Romania's RoPower, with a signing of a contract for Phase I of front-end engineering and design or FEED work. Activities completed during the first phase of the FEED work will define the major site and specific inputs for our VOYGR 6 SMR power plant, which will be deployed at the Doicesti power station in Romania, formerly the site of a coal-fired power plant.

憑藉這一進展，我們有能力在 2028 年向客戶訂單交付 NuScale 電源模塊。讓我向您介紹這些重要的開發點。首先，轉到幻燈片 5。12 月，我們與第二個忠實客戶羅馬尼亞的 RoPower 簽訂了前端工程和設計或 FEED 工作的第一階段合同。在 FEED 工作的第一階段完成的活動將確定我們的 VOYGR 6 SMR 發電廠的主要地點和具體投入，該發電廠將部署在羅馬尼亞的 Doicesti 發電站，以前是燃煤發電廠的所在地。

As you may recall, President Biden touted our relationship with RoPower in his remarks at the G7 launch of the Partnership for Global Infrastructure and Investment, where the President committed to help raise $600 billion by 2027 for strategic investments critical to sustainable development and our shared global stability. President Biden noted that NuScale's first-of-its-kind SMR plant will help bring online zero emission [nuclear] energy to Europe faster, more cheaply and more efficiently. We couldn't agree more. At NuScale, we believe that our agreement with RoPower illustrates our VOYGR technology presents a safe, economic and scalable solution, not just for Romania, but as the President mentioned, the broader European region and beyond as countries seek to diversify their energy portfolios and meet climate goals.

您可能還記得，拜登總統在 G7 全球基礎設施和投資夥伴關係啟動儀式上的講話中吹捧了我們與 RoPower 的關係，總統承諾到 2027 年幫助籌集 6000 億美元用於對可持續發展和我們共同的全球戰略投資至關重要的戰略投資穩定。拜登總統指出，NuScale 首創的 SMR 工廠將有助於更快、更便宜、更高效地將在線零排放 [核] 能源帶到歐洲。我們完全同意。在 NuScale，我們相信我們與 RoPower 的協議表明我們的 VOYGR 技術提供了一種安全、經濟和可擴展的解決方案，不僅適用於羅馬尼亞，而且正如總統所提到的，更廣泛的歐洲地區及其他國家尋求能源組合多樣化並滿足氣候目標。

Second, moving to Slide 6. We're also pleased to have completed the Standard Plant Design, which I'll refer to as the SPD, ahead of schedule. This important step will help our customers save time, engineering resources and support licensing efforts providing them with a template VOYGR power plant design that will serve as a starting point for an APC contractor site specific designs. The completed SPD also advances our overall commercial readiness, preparing us for facility construction, equipment procurement and manufacturing of long-lead major engineered plant equipment for the NuScale balance of plant. No other Western SMR developer has advanced this design work this far.

其次，轉到幻燈片 6。我們也很高興提前完成了標準工廠設計，我將其稱為 SPD。這一重要步驟將幫助我們的客戶節省時間、工程資源並支持許可工作，為他們提供模板 VOYGR 電廠設計，該模板將作為 APC 承包商站點特定設計的起點。完成的 SPD 還促進了我們的整體商業準備，使我們為 NuScale 工廠平衡的設施建設、設備採購和製造長周期主要工程工廠設備做好準備。到目前為止，還沒有其他西方 SMR 開發商將這項設計工作推進到這一步。

And third, we submitted our second standard design approval application to the U.S. Nuclear Regulatory Commission, or NRC for our VOYGR 6 SMR power plant. This is another indicator of our unparalleled design readiness. No one else in the industry has made the licensing progress that NuScale has achieved to date. The design of this new application features the same fundamental safety case of features approved by the NRC back in 2020, now with a power upgrade to a 77-megawatt module that will support the capacity needs for a wider range of customers as well as improved economics.

第三，我們向美國核管理委員會或 NRC 提交了我們的 VOYGR 6 SMR 發電廠的第二份標准設計批准申請。這是我們無與倫比的設計準備的另一個指標。 NuScale 迄今為止取得的許可進展，業內沒有其他人取得過。這個新應用的設計具有與 NRC 早在 2020 年就批准的功能相同的基本安全案例，現在功率升級到 77 兆瓦模塊，將支持更廣泛客戶的容量需求並提高經濟性.

The next step is for the NRC to accept the application for review, which I'll discuss in a moment as part of our plan for 2023. In addition to closing out our 5 goals for 2022 in the quarter, we made other steps readying in the NuScale power module for deployment. As you'll see on Slide 7, we announced an agreement with Framatome, an international leader in nuclear energy to design fuel handling equipment and fuel storage racks for our VOYGR SMR power plants. These are 2 important design components for the continued development of our plants.

下一步是讓 NRC 接受審查申請，我將在稍後討論它作為我們 2023 年計劃的一部分。除了在本季度完成 2022 年的 5 個目標外，我們還準備了其他步驟用於部署的 NuScale 電源模塊。正如您將在幻燈片 7 中看到的那樣，我們宣布與核能領域的國際領導者 Framatome 達成協議，為我們的 VOYGR SMR 發電廠設計燃料處理設備和燃料儲存架。這些是我們工廠持續發展的兩個重要設計組成部分。

This agreement also speaks to one of the many benefits of the NuScale design. Our technology uses existing and readily available fuel suppliers and supply chain infrastructure. We believe that many of our competitors who are not using light water reactor fuel in technology will have a longer and more challenging path ahead of them. NuScale also took actions in the quarter in line with our ongoing efforts to power the global energy transition.

該協議還說明了 NuScale 設計的眾多優勢之一。我們的技術使用現有且隨時可用的燃料供應商和供應鏈基礎設施。我們相信，我們的許多未在技術上使用輕水反應堆燃料的競爭對手將面臨更長、更具挑戰性的道路。 NuScale 在本季度還採取了一些行動，以配合我們為推動全球能源轉型所做的持續努力。

We are proud to join the Ukraine clean fuel for SMRs pilot, a project we became part of alongside Special Presidential Envoy for Climate, John Kerry, and Ukraine Energy Minister, Herman Halushchenko. This multinational consortium will carry out a first-of-a-kind pilot plant study to assess the production of ammonia and hydrogen from the SMRs using solid oxide electrolysis. Among other ranges, the project seeks to support food and energy security goals in Ukraine.

我們很自豪能加入烏克蘭的 SMR 清潔燃料試點項目，我們與總統氣候問題特使約翰·克里和烏克蘭能源部長赫爾曼·哈盧申科一起參與了該項目。這個跨國財團將進行首創的試點工廠研究，以評估使用固體氧化物電解從 SMR 中生產氨和氫的能力。除其他範圍外，該項目旨在支持烏克蘭的糧食和能源安全目標。

We also joined a research collaboration with Shell Global Services and others to develop and assess the use of a NuScale VOYGR SMR power plant and supporting clean hydrogen production. Our off-grid capability and site boundary, emergency planning zone or EPZ, which I'll discuss further, improves the ability to site our technology in close proximity to an industrial facility that is an end user of hydrogen, therefore, eliminating transportation costs. These 2 initiatives and features speak to the many potential industrial use cases of our SMR technology.

我們還加入了與 Shell Global Services 和其他公司的研究合作，以開發和評估 NuScale VOYGR SMR 發電廠的使用並支持清潔氫生產。我將進一步討論的離網能力和場地邊界、應急規劃區或 EPZ 提高了將我們的技術部署在靠近氫最終用戶的工業設施的能力，因此消除了運輸成本。這 2 項舉措和功能說明了我們 SMR 技術的許多潛在工業用例。

Finally, we also have become a signatory of the United Nations 24/7 carbon-free energy compact at COP27, and we urge all of you to consider joining the compact in advance of COP28 in Abu Dhabi. Indeed, our commitment to sustainability is fundamental of NuScale. We leveraged S&P Global sustainability once carbon service to calculate our 2022 emissions related to the climate change impact of Scope 1 direct natural gas emissions and Scope 2, indirect purchase electric emissions. The report is posted on our website and describes our nominal emission footprint, which is consistent with NuScale being a problem-solving technology company looking for a cleaner, brighter future.

最後，我們還在 COP27 上簽署了聯合國 24/7 無碳能源契約，我們敦促大家考慮在阿布扎比 COP28 之前加入該契約。事實上，我們對可持續發展的承諾是 NuScale 的基礎。我們利用 S&P Global sustainability once carbon service 來計算我們 2022 年與範圍 1 直接天然氣排放和範圍 2 間接購買電力排放的氣候變化影響相關的排放量。該報告發佈在我們的網站上，描述了我們的標稱排放足跡，這與 NuScale 是一家尋求更清潔、更光明未來的解決問題的技術公司是一致的。

Now before I hand the call over to Chris to walk through our financials, I want to speak about 2023 and lay out 5 new objectives for this year, which are on Slide 8. Similar to last year's milestones, these initiatives reflect our laser focus on both growing our business and ensuring readiness to deliver on our customer commitments.

現在，在我將電話交給 Chris 以了解我們的財務狀況之前，我想談談 2023 年並為今年制定 5 個新目標，這些目標在幻燈片 8 上。與去年的里程碑類似，這些舉措反映了我們對既發展我們的業務，又確保准備好兌現我們對客戶的承諾。

First, we are focused on securing our next 3 committed customers, further diversifying our customer base and building on momentum with a sign-in RoPower and an ongoing work with a carbon-free power project or CFPP. In fact, already this year, we have made important strides with the project as participants recently reaffirmed their continued support for the project in a project's recent Class III cost estimate. As we advance on a path toward planned deployment in 2029, we begin the detailed work necessary to develop a Class II cost estimate for the project to be completed later this year. The Department of Energy, or DOE, has been an important, consistent supporter of NuScale in the CFPP. Going forward, sufficient funding for the CFPP DOE award in fiscal year 2024 will be critical to maintain proposed schedules, as Chris also will discuss.

首先，我們專注於確保我們接下來的 3 個忠實客戶，進一步使我們的客戶群多樣化，並通過登錄 RoPower 和正在進行的無碳電力項目或 CFPP 建立勢頭。事實上，今年以來，我們已經在該項目上取得了重要進展，因為參與者最近在項目最近的 III 類成本估算中重申了他們對項目的持續支持。隨著我們朝著 2029 年計劃部署的方向前進，我們開始了必要的詳細工作，為將於今年晚些時候完成的項目制定 II 級成本估算。美國能源部 (DOE) 一直是 CFPP 中 NuScale 的重要且一貫的支持者。展望未來，在 2024 財年為 CFPP DOE 獎勵提供足夠的資金對於維持擬議的時間表至關重要，克里斯也將討論這一點。

Looking ahead, our business development opportunities on Slide 9. There is a growing demand across the globe for solutions that address climate change as well as support enhanced energy security and independence. Nuclear and NuScale's innovative SMR technology fits at the intersection of these 2 issues. These dynamics are driving our expanding customer pipeline, which is a robust, diverse and includes domestic and international partners across both the public and private sectors.

展望未來，我們在幻燈片 9 上的業務發展機會。全球對應對氣候變化以及支持增強能源安全和獨立性的解決方案的需求不斷增長。 Nuclear 和 NuScale 的創新 SMR 技術恰好解決了這兩個問題。這些動態正在推動我們不斷擴大的客戶渠道，這是一個強大、多樣化的客戶渠道，包括公共和私營部門的國內和國際合作夥伴。

We expect the Inflation Reduction Act or IRA to accelerate these trends in the U.S. as utilities, local governments and industrial companies better understand the benefits the act provides in the time lines they need to fully take advantage of the tax credits available. We believe the potential expiration of some IRA benefits as early as 2032 will increase demand for NuScale SMRs throughout 2023, which projects likely need to begin moving forward in earnest by 2024 to ensure they can maximize their benefits under the IRA.

我們預計《降低通貨膨脹法案》或 IRA 將加速美國的這些趨勢，因為公用事業、地方政府和工業公司更好地理解該法案在他們需要的時間線內提供的好處，以充分利用可用的稅收抵免。我們認為，某些 IRA 福利可能最早在 2032 年到期，這將增加整個 2023 年對 NuScale SMR 的需求，這些項目可能需要在 2024 年之前認真推進，以確保它們能夠在 IRA 下實現利益最大化。

NuScale's competitive positioning for new business drivers by IRA tax credits was bolstered in the fourth quarter when we received NRC approvals of our emergency planning zone methodology, enabling a significantly smaller site boundary zone in most locations. This approval not only underscores the unparalleled safety of our design but also significantly reduces planned ownership costs and enhances plant siting options from where power is needed the most. For example, our VOYGR SMR power plants can be installed at retired coal facilities near high population zones while other technologies may not. As I mentioned earlier, we are already seeing this benefit confirmed by RoPower who will site their first plant at a retired coal plant site. We're looking forward to sharing our progress on this front in the coming quarters.

NuScale 通過 IRA 稅收抵免在新業務驅動因素方面的競爭定位在第四季度得到了加強，當時我們收到了 NRC 對我們的應急規劃區方法的批准，從而在大多數地點實現了明顯更小的場地邊界區域。這一批准不僅強調了我們設計無與倫比的安全性，而且還顯著降低了計劃擁有成本，並增強了最需要電力的工廠選址選擇。例如，我們的 VOYGR SMR 發電廠可以安裝在人口稠密地區附近的退役煤炭設施中，而其他技術則不能。正如我之前提到的，我們已經看到 RoPower 證實了這一優勢，RoPower 將把他們的第一家電廠建在一個退役的燃煤電廠所在地。我們期待在未來幾個季度分享我們在這方面的進展。

For our second milestone in 2023, we'll continue to make progress on advancing the design for key components of our SMR technology. NuScale is maturing the design through approximately 90 equipment packages in a scope of supply. Significant focus areas for this year include the reactor building crane mechanical design, reactive vessel internals, plant protection system in both in equipment integrated design. The completion of these key component designs is critical to our timely transition to the manufacturing and procurement activities that will ensure the delivery of our product on schedule. We are indisputably ahead of peers in this critical respect.

對於 2023 年的第二個里程碑，我們將繼續在推進 SMR 技術關鍵部件的設計方面取得進展。 NuScale 正在通過供應範圍內的大約 90 個設備包來完善設計。今年的重要重點領域包括反應堆建築起重機機械設計、反應容器內部構件、設備集成設計中的植物保護系統。這些關鍵部件設計的完成對於我們及時過渡到製造和採購活動至關重要，這將確保我們的產品按時交付。在這一關鍵方面，我們無可爭議地領先於同行。

Our third goal for the year, as I mentioned earlier, we submitted our application for standard design approval for SDA to the NRC last year. In 2023, we expect to see the SDA application accepted for review by the NRC. This review is a process by which we can obtain NRC approval for upgraded 77-megawatt design. We are undertaking this effort because NRC approval represents, in our view, a thorough validation of a design in commercial readiness and will, therefore, enhance the commercial prospects of the NuScale VOYGR SMR.

我們今年的第三個目標，正如我之前提到的，我們去年向 NRC 提交了 SDA 標准設計批准申請。 2023 年，我們預計 SDA 申請將被 NRC 接受審查。通過此審核，我們可以獲得 NRC 對升級後的 77 兆瓦設計的批准。我們正在進行這項工作，因為在我們看來，NRC 批准代表了對商業準備設計的徹底驗證，因此將增強 NuScale VOYGR SMR 的商業前景。

Fourth, we plan to start manufacturing the reactor pressure vessels for our NuScale power modules. As recently announced, we placed our first long lead material order with our partner Doosan and their ability to produce forgings in materials essential in the manufacturing of first NuScale power modules. Commencing the manufacturing of key component marks a significant transition from singing to the execution of our product delivery, further differentiating NuScale from the competition as we are one of a few select SMR providers to have advanced in the manufacturing space. This is one of the more complex pieces of the NPM design. And the manufactured materials will mark important progress in fabricating this key element of our modules.

第四，我們計劃開始為我們的 NuScale 動力模塊製造反應堆壓力容器。正如最近宣布的那樣，我們向我們的合作夥伴 Doosan 下了第一個長鉛材料訂單，他們有能力使用製造第一個 NuScale 電源模塊所必需的材料生產鍛件。開始關鍵部件的製造標誌著我們從唱歌到執行產品交付的重大轉變，進一步使 NuScale 與競爭對手區分開來，因為我們是少數在製造領域取得進步的精選 SMR 供應商之一。這是 NPM 設計中較為複雜的部分之一。製成的材料將標誌著我們模塊這一關鍵要素的製造取得了重要進展。

And finally, our fifth 2023 goal is to secure long-lead material orders for 10 additional NuScale power modules. We're aiming to have 16 NuScale power modules in operation by 2029 and have already made progress towards 6 of them with our order for the carbon-free power project. Our work to advance our design as well as expand our customer ecosystem, will be critical to ensuring we can meet these objectives.

最後，我們的第五個 2023 年目標是獲得 10 個額外 NuScale 電源模塊的長周期材料訂單。我們的目標是到 2029 年讓 16 個 NuScale 電源模塊投入運行，並且已經通過我們的無碳電力項目訂單取得了其中 6 個的進展。我們推進設計和擴大客戶生態系統的工作對於確保我們能夠實現這些目標至關重要。

Taking a step back, these 5 goals for 2023 and the progress we have committed to making against them will demonstrate our continued advancement towards commercialization and meeting the needs of our customers. We are excited about the year ahead and the tremendous opportunity in front of us. I'm confident that NuScale will continue to build off the progress we made in 2022. Now I will hand it over to Chris to provide our financial update for the quarter and the year as well as share some guidance for 2023.

退一步說，2023 年的這 5 個目標以及我們承諾實現的進展將證明我們在商業化和滿足客戶需求方面的持續進步。我們對未來的一年和擺在我們面前的巨大機遇感到興奮。我相信 NuScale 將繼續鞏固我們在 2022 年取得的進展。現在我將把它交給 Chris 來提供我們本季度和年度的財務更新，並分享一些對 2023 年的指導。

Thank you, John, and hello, everyone. Our financial results are available in our press release and filings so my focus will be our performance drivers. I'll start by discussing our fourth quarter results found on Slide 11 and touch on 2023 full year. All figures following our fourth quarter 2022 unless I state otherwise.

謝謝你，約翰，大家好。我們的財務結果可在我們的新聞稿和文件中找到，因此我的重點將放在我們的績效驅動因素上。我將首先討論我們在幻燈片 11 上找到的第四季度業績，並談到 2023 年全年。除非我另有說明，否則所有數據都是我們 2022 年第四季度之後的數據。

NuScale ended the year with a cash balance of approximately $268 million. As you would expect, most cash usage is related to operating expenses as we pivot into production and commercialization. R&D increased due to higher professional fees associated with standard plant design completion as well as the increased headcount to support ongoing licensing efforts. CapEx was minimal and again, mostly comprised of software and computer hardware to support R&D, which is consistent with our asset-light model. Offsetting expenses and CapEx was the Department of Energy cost sharing of revenue. Our revenue is limited but growing as we would expect with the company's current phase of development. As a reminder, at this stage in light of our partnerships, we mainly generate revenue by providing consulting services to customers.

NuScale 年底的現金餘額約為 2.68 億美元。正如您所料，隨著我們轉向生產和商業化，大部分現金使用都與運營費用有關。由於與標準工廠設計完成相關的專業費用增加以及為支持正在進行的許可工作而增加的員工人數，研發增加了。資本支出很少，而且主要由支持研發的軟件和計算機硬件組成，這與我們的輕資產模型一致。抵消費用和資本支出是能源部成本分攤的收入。我們的收入有限，但隨著我們對公司當前發展階段的預期而增長。提醒一下，鑑於我們的合作夥伴關係，現階段我們主要通過向客戶提供諮詢服務來產生收入。

Stepping back and looking at the full year, NuScale's [primed] with strong foundation both to transition our business into commercialization phase. When we went public last year, the company raised an additional $342 million. During the year, our cash position was augmented by the exercise of warrants and options that raised a further $29 million. Together, these actions strengthen NuScale's balance sheet and provided the business with considerable financial flexibility to support the advancement of our strategic and operational objectives in 2023 and beyond.

回過頭來看全年，NuScale 的 [primed] 擁有堅實的基礎，可以將我們的業務轉變為商業化階段。去年我們上市時，公司又籌集了 3.42 億美元。在這一年中，我們的現金頭寸因認股權證和期權的行使而進一步籌集了 2900 萬美元。這些行動共同加強了 NuScale 的資產負債表，並為企業提供了相當大的財務靈活性，以支持我們在 2023 年及以後實現戰略和運營目標。

On Slide 12, looking ahead, we provide insight on drivers for higher than previously anticipated cash use in 2023. Please keep in mind that the company with an asset-light model in the early stages of commercialization, like where NuScale is today, investment growth mainly through cost and expenses. We are building our business by investing in R&D, marketing and corporate infrastructure, even though it is not reflected as an asset on our balance sheet. So what we are talking about is investment.

在幻燈片 12 上，展望未來，我們提供了有關 2023 年現金使用高於先前預期的驅動因素的見解。請記住，在商業化的早期階段採用輕資產模式的公司，就像今天的 NuScale，投資增長主要是通過成本和費用。我們通過投資研發、營銷和企業基礎設施來建立我們的業務，即使它沒有反映在我們的資產負債表上。所以我們說的是投資。

Next, I will briefly describe the key factors driving our expectations for 2023. First, the DOE cost share program. The fiscal year 2022 appropriations available from NuScale are lower than anticipated. Consistent with our DOE award agreement, we have requested an amount in the fiscal year 2024 appropriation to make up for the shortfall in fiscal year 2023 and support our continued participation in the CFPP. As John mentioned, our funding plan rely on cost-share funding provided through a cooperative agreement with the DOE with funding that we have requested.

接下來，我將簡要描述推動我們對 2023 年預期的關鍵因素。首先，DOE 成本分攤計劃。 NuScale 提供的 2022 財年撥款低於預期。根據我們的 DOE 獎勵協議，我們已要求在 2024 財年撥款，以彌補 2023 財年的缺口，並支持我們繼續參與 CFPP。正如 John 所提到的，我們的資助計劃依賴於通過與 DOE 的合作協議提供的成本分攤資金，以及我們所要求的資金。

The second factor is a shifting out of payments to suppliers to fulfill our first customer order, refining the scope and payment terms with our suppliers and shipping out projected spending without impacting our first customer delivery schedule. Because we receive payments from customers for equipment and advance the current cost to procure equipment, we now anticipate a shift out in revenue, costs and associated margin to us on the CFPP. Essentially, we ended up with more favorable payment terms and schedules, which gets passed through to CFPP. We continue to believe that the typical plant economic model, including revenue and margins is valid. This update simply shifts out the CFPP spending profile.

第二個因素是將付款轉移給供應商以完成我們的第一個客戶訂單，與我們的供應商一起細化範圍和付款條件，並在不影響我們的第一個客戶交付時間表的情況下運送預計支出。由於我們收到客戶的設備付款並預付當前採購設備的成本，我們現在預計 CFPP 的收入、成本和相關利潤將轉移給我們。從本質上講，我們最終獲得了更優惠的付款條件和時間表，並將其傳遞給 CFPP。我們仍然相信典型的工廠經濟模型，包括收入和利潤率是有效的。此更新只是移出了 CFPP 支出概況。

The third factor is an increase in R&D spending to catch up on more deferred from 2022 to 2023, an increase in the cost of planned work and the increased work added to mitigate future execution risk. For 2023, this equates to an anticipated negative cash flow from operations range of $102 million to $142 million.

第三個因素是增加研發支出以趕上更多從 2022 年推遲到 2023 年的項目，計劃工作成本增加以及為降低未來執行風險而增加的工作。對於 2023 年，這相當於運營範圍內的預期負現金流為 1.02 億美元至 1.42 億美元。

Before I conclude, I also want to touch on the financial impact of higher inflation in the U.S. and around the world. For NuScale, the most immediate effect is upward pressure on our operating expenses. While unwelcome, we are managing this pressure and have adjusted our projections accordingly. The other challenge is the impact of inflation on the estimated cost of the VOYGR SMR power plants. As referenced earlier in regard to UAMPS from a financial perspective, we are staying on top of cost estimate changes, communicating these to existing customers and incorporating them to discussions with prospects.

在結束之前，我還想談一談美國和世界各地通貨膨脹率上升對金融的影響。對於 NuScale，最直接的影響是我們的運營費用面臨上行壓力。雖然不受歡迎，但我們正在應對這種壓力並相應地調整了我們的預測。另一個挑戰是通貨膨脹對 VOYGR SMR 發電廠估計成本的影響。正如前面提到的從財務角度來看 UAMPS，我們一直在關注成本估算的變化，將這些變化傳達給現有客戶，並將它們納入與潛在客戶的討論中。

Higher projected Levelized Cost of Electricity may impact the decision-making for some customers. But it's important to bear in mind that this is not happening in a vacuum nor is it a phenomenon unique to NuScale or the nuclear industry. Energy providers and customers in the U.S. and around the world are all experiencing the same pressure. NuScale is confident that our value equation will not be materially disrupted by inflationary forces, and that we will continue to see considerable demand for our modules. Overall, because of the capital we have raised and diligent stewardship of our financial position, we continue to be well positioned to navigate this dynamic environment, meet our near- and longer-term milestones and create value over time. Operator?

較高的預計平準化電力成本可能會影響某些客戶的決策。但重要的是要記住，這不是憑空發生的，也不是 NuScale 或核工業獨有的現象。美國和世界各地的能源供應商和客戶都面臨著同樣的壓力。 NuScale 相信我們的價值方程式不會因通貨膨脹的力量而受到實質性破壞，並且我們將繼續看到對我們模塊的大量需求。總的來說，由於我們籌集的資金和對我們財務狀況的勤奮管理，我們繼續處於有利地位，可以駕馭這個充滿活力的環境，實現我們的近期和長期里程碑，並隨著時間的推移創造價值。操作員？

(Operator Instructions) We'll take our first question today from Marc Bianchi, TD Cowen.

（操作員說明）今天我們將從 TD Cowen 的 Marc Bianchi 那裡回答我們的第一個問題。

I want to first ask about the cash update here and just trying to understand the moving pieces. Like how much of a DOE -- what were you expecting? And what are you getting? And kind of what gives you confidence that you're going to be able to recover that in '24?

我想先在這裡問一下現金更新，只是想了解一下動向。就像 DOE 有多少——你期待什麼？你得到了什麼？是什麼讓你有信心在 24 年恢復它？

Thank you, Marc. This is Chris Colbert, CFO. So we presented a range for cash flow from operations of $102 million to $142 million to bracket the range that we would expect from the DOE, getting what we request or not getting what we request from them. That's what brackets the range that we're seeing for them.

謝謝你，馬克。我是首席財務官 Chris Colbert。因此，我們提出了 1.02 億美元至 1.42 億美元的運營現金流範圍，以涵蓋我們對 DOE 的期望範圍，得到我們要求的或不得到我們要求的。這就是我們為他們看到的範圍。

In terms of the level of confidence, every year, we go through the same drill where there is a request put in. And then we work with our folks explaining what we use the money for in the past, what we would use it for in the future. And then we receive at the end of the year a budget request or an enacted budget. For example, last year, budget request was for $30 million. The final enacted budget was for $165 million. And that's been a very typical sort of evolution through the last several years, where there isn't very much correlation between the President's budget request and what gets enacted. So we'll continue to monitor this and work through it. And if we have a sense of confidence on how things are moving forward, we'll be certain to update folks. But right now, we're just working with what is the very first step in the process, which is the President's budget request.

就信心水平而言，每年我們都會進行相同的演習，其中有一個請求。然後我們與我們的人一起解釋我們過去用這筆錢做什麼，我們將用它做什麼未來。然後我們在年底收到預算申請或已製定的預算。例如，去年的預算申請是 3000 萬美元。最終制定的預算為 1.65 億美元。在過去的幾年裡，這是一種非常典型的演變，總統的預算要求與頒布的內容之間沒有太大的關聯。因此，我們將繼續監視並解決它。如果我們對事情的進展有信心，我們一定會更新人們的信息。但現在，我們只是在處理流程的第一步，即總統的預算申請。

Okay. Great. And the prior outlook was to be free cash flow positive in '24, I believe. Is that still the expectation because there's some other stuff going on here, right? The progress payment shifting around, inflation. I'm just wondering, in light of those, are you still anticipating free cash flow in '24?

好的。偉大的。我相信，之前的前景是 24 年的自由現金流為正。這仍然是期望，因為這裡發生了一些其他事情，對嗎？進度支付轉移，通貨膨脹。我只是想知道，鑑於這些，您是否仍然期待 24 年的自由現金流？

We haven't really forecasted out to 2024 at this point in time, but there's nothing for us to believe if we continue in the process we're on in terms of both the customers we have in hand and the customers we want to get in hand this year that, that objective could not be met. But that's something that will play out through the year, and we'll update it as we have a better understanding as to both how our markets are developing. And our first customers are moving forward through their process of engaging us on work to move forward with their plants.

目前我們還沒有真正預測到 2024 年，但如果我們繼續這個過程，就我們現有的客戶和我們想要獲得的客戶而言，我們沒有什麼可以相信的就今年而言，該目標無法實現。但這是全年都會發生的事情，我們會更新它，因為我們對我們的市場如何發展有了更好的了解。我們的第一批客戶正在通過他們與我們合作的過程向前推進，以推進他們的工廠。

Yes, okay. One thing that hasn't been discussed that kind of came up with UAMPS latest cost estimate and competitive test was that there was a 80% subscription requirement, I believe, put into the agreement there. So my read on that is basically the project needs to go from, say, 25% subscribed today to 80% by February of 2024 or you could be responsible for reimbursing UAMPS for the cost. Can you maybe talk about the update to the agreement there? And what level of confidence you have in being able to see the subscription levels up to that level?

是的，好的。 UAMPS 最新成本估算和競爭性測試尚未討論的一件事是，我相信，那裡的協議中有 80% 的訂閱要求。所以我讀到的基本上是項目需要從今天的 25% 到 2024 年 2 月的 80%，或者你可以負責償還 UAMPS 的費用。你能談談那裡的協議更新嗎？您對能夠看到達到該級別的訂閱級別有多大的信心？

So I think you got it very well, Marc, so good on reading the report and following through that. But what you stated is actively correct, that would go from 25% to 80%. We'd be liable for potentially reimbursement if they chose to terminate for failure to reach that point. In terms of our confidence of gain at that point, we are working with UAMPS in the carbon-free power project to bring in that additional subscription. And we'll be monitoring that throughout the year as we move forward with them.

所以我認為你理解得很好，馬克，非常善於閱讀報告並堅持到底。但是你所說的是積極正確的，那將從 25% 到 80%。如果他們選擇因未能達到這一點而終止，我們將承擔潛在的補償責任。就我們當時獲得收益的信心而言，我們正在與 UAMPS 合作開展無碳電力項目，以帶來額外的訂閱。隨著我們與他們一起前進，我們將全年監控這一點。

The news is that as you saw with them coming forward with 26 or 27 members voting to move forward with the project earlier this year at the $89 per megawatt hour price, that's very much indicative of a market that's changing and tightening in that area. And depending upon those factors going forward, we think that will continue in the Western region, particularly as coal plants continue to retire at a faster pace than expected, as we see people looking to get benefit from the Inflation Reduction Act we're making investments now as opposed to later on.

消息是，正如你所看到的那樣，今年早些時候有 26 或 27 名成員投票支持以每兆瓦時 89 美元的價格推進該項目，這在很大程度上表明該地區的市場正在發生變化和收緊。根據未來的這些因素，我們認為這種情況將在西部地區繼續存在，特別是隨著燃煤電廠繼續以比預期更快的速度退役，因為我們看到人們希望從我們正在投資的《降低通貨膨脹法案》中獲益現在而不是以後。

Is it more likely that the increased subscription comes from the existing members increasing their level? Or are there other parties that are more likely? I don't know if it's a power producer that would be looking to take a piece of the project or -- what are the likely candidates there?

增加的訂閱更有可能來自現有會員提高他們的級別嗎？或者還有其他更有可能的政黨？我不知道它是否是一家電力生產商想要參與該項目，或者 - 那裡可能的候選人是什麼？

All of the above. But to give you a data point, at one point, the U.S. members had signed on to 250 megawatts of electricity from the project, which could be a proxy of what they need. So they could do that at some point. We're also seeing interest from investor-owned utilities and increasingly, folks that have large energy needs and they need reliability are also interested in it, particularly data centers and the like moving forward. So those are all opportunities that we see that aperture opening, not narrowing and more people becoming interested in it.

上述所有的。但是給你一個數據點，在某一時刻，美國成員已經從該項目中籤署了 250 兆瓦的電力，這可能是他們需要的代理。所以他們可以在某個時候做到這一點。我們也看到了投資者擁有的公用事業公司的興趣，並且越來越多的人對能源需求很大並且需要可靠性也對此感興趣，尤其是數據中心等向前發展。所以這些都是我們看到光圈打開的機會，而不是縮小，更多的人對它感興趣。

At this time, everyone, there are no further questions. I'll hand the call back to NuScale CEO, John Hopkins, for any additional or closing remarks.

這個時候，各位，沒有再問的問題了。我會將電話轉回給 NuScale 首席執行官約翰霍普金斯，以徵求任何補充或結束評論。

Thank you, operator. We're the only SMR design certified by the U.S. Nuclear Regulatory Commission. NuScale is well positioned to commercialize and deliver clean energy at scale. NuScale technology is essential to powering the global energy transition. And we are at the forefront of that effort with our work to deliver safe, scalable and reliable carbon-free nuclear power. I could not be prouder of our team for delivering on each and every one of our important goals over the past year. And we appreciate the support of our investors and partners around the world who are enabling us to deliver on the opportunities ahead. I look forward to what we will accomplish together in 2023. I'd like to thank all of you for your interest in NuScale and for participating in our call today. Operator?

謝謝你，運營商。我們是唯一獲得美國核管理委員會認證的 SMR 設計。 NuScale 有能力大規模商業化和提供清潔能源。 NuScale 技術對於推動全球能源轉型至關重要。我們在提供安全、可擴展和可靠的無碳核電方面處於努力的最前沿。我為我們的團隊在過去一年中實現了我們的每一個重要目標而感到無比自豪。我們感謝世界各地的投資者和合作夥伴的支持，他們使我們能夠抓住未來的機遇。我期待著我們將在 2023 年共同取得的成就。我要感謝大家對 NuScale 的關注並參加我們今天的電話會議。操作員？

And once again, everyone, that does conclude today's conference. We would like to thank you all for your participation today. You may now disconnect.

再一次，各位，今天的會議到此結束。感謝大家今天的參與。您現在可以斷開連接。