Nuscale Power Corp (SMR) 2023 Q1 法說會逐字稿

Good afternoon, and welcome to NuScale's First Quarter 2023 Earnings Results Conference Call. Today's call is being recorded. (Operator Instructions) Thank you. A replay of today's conference call 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 2023 年第一季度收益結果電話會議。今天的通話正在錄音中。 （操作員說明）謝謝。 NuScale 的網站 ir.nuscalepower.com 上將提供和訪問今天電話會議的重播。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，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 First Quarter 2023 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 of its business and discuss financial results. We will then open up the phone lines for questions. 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 and discussed during the course of our remarks 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-Q.

謝謝，運營商。歡迎來到 NuScale 2023 年第一季度收益結果電話會議。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。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，在我們的發言和隨後的問答環節中，演示文稿中所列和討論的信息包括前瞻性陳述，這些陳述反映了我們當前對現有趨勢的看法，並受各種風險和不確定性。您可以在我們的 S-1 表和 10-Q 表上的 SEC 文件中找到對我們風險因素的討論，這些風險因素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. I will discuss our recent progress across several operational and financial priorities. Then my colleague, NuScale's CFO, Chris Colbert, will provide a detailed update on our financial results and outlook.

謝謝斯科特，大家下午好。我將討論我們最近在幾個運營和財務優先事項方面取得的進展。然後，我的同事 NuScale 的首席財務官 Chris Colbert 將詳細介紹我們的財務業績和前景。

NuScale is growing and maturing as we continue to build momentum on our path towards commercialization. We are leading the charge as the only publicly traded pure-play company focused on zero carbon baseload power generation and next-generation nuclear technology that supports the critical emerging trends in clean energy and in energy security.

隨著我們繼續在商業化道路上建立勢頭，NuScale 正在成長和成熟。作為唯一一家專注於零碳基荷發電和支持清潔能源和能源安全關鍵新興趨勢的下一代核技術的公開上市的純業務公司，我們處於領先地位。

As highlighted on Slide 3, our market opportunity is fueled by dual drivers. First, the energy transition as power generation must increasingly be sourced from carbon-free sources, including renewables and nuclear rather than fossil fuels. Second, the growing market need for energy, which is massive and growing. According to a recent McKinsey study, demand for electricity is expected to triple by 2050 as the world shifts away from fossil fuels towards electrification. The resulting need for new low-carbon and zero-carbon generation will be unprecedented. McKinsey estimates that this energy transition could require an additional 400 to 800 gigawatts of new nuclear capacity, about 10% to 20% of the future global electricity demand, to meet the need for dispatchable power by 2050.

正如幻燈片 3 中強調的那樣，我們的市場機會是由雙重驅動因素推動的。首先，作為發電的能源轉型必須越來越多地來自無碳資源，包括可再生能源和核能，而不是化石燃料。其次，市場對能源的需求不斷增長，這是巨大的，而且還在不斷增長。根據麥肯錫最近的一項研究，隨著世界從化石燃料轉向電氣化，預計到 2050 年電力需求將增加兩倍。由此產生的對新的低碳和零碳發電的需求將是前所未有的。麥肯錫估計，這種能源轉型可能需要新增 400 至 800 吉瓦的新核電容量，約佔未來全球電力需求的 10% 至 20%，才能滿足到 2050 年對可調度電力的需求。

NuScale is preparing to help solve this need. We have numerous competitive advantages and are years ahead of our competitors in the small module or SMR industry. Not only are we the only SMR design certified by the U.S. Nuclear Regulatory Commission, or NRC, but we are also cost competitive, have an established manufacturing and fuel supply infrastructure, and are poised to begin manufacturing our NuScale power modules later this year.

NuScale 正準備幫助解決這一需求。我們擁有眾多競爭優勢，並且在小型模塊或 SMR 行業領先於我們的競爭對手數年。我們不僅是唯一獲得美國核管理委員會 (NRC) 認證的 SMR 設計，而且我們還具有成本競爭力，擁有成熟的製造和燃料供應基礎設施，並準備在今年晚些時候開始製造我們的 NuScale 電源模塊。

On Slide 4, we highlight the 5 2023 company objectives that we detailed on our previous earnings call. We made important progress on all 5 objectives during the first quarter and are confident we will achieve those goals this year as we demonstrate our continued advancement towards commercialization.

在幻燈片 4 中，我們重點介紹了我們在之前的財報電話會議上詳述的 5 個 2023 年公司目標。我們在第一季度在所有 5 個目標上都取得了重要進展，並且有信心在今年實現這些目標，因為我們展示了我們在商業化方面的持續進步。

Next, I will provide a business development update, starting with our 2 committed customers, and then I'll highlight a few developments in our customers' pipeline. As you could see on Slide 5, for the Carbon Free Power Project, or CFPP, we executed an order for long-lead materials and have transitioned to the NuScale Power Module fabrication process, which I'll speak about in greater detail in a few minutes. In addition, NuScale is working with our CFPP customer, Utah Associated Municipal Power Systems, or UAMPS, to finalize the combined license application, or COLA, which is on track to be submitted in early 2024. The COLA is both a construction permit and operating license used to emphasize part 52 as a single-step licensing process versus the older 2-step part 50. We're also developing a Class 2 cost estimate for this project.

接下來，我將提供業務發展更新，從我們的 2 個忠實客戶開始，然後我將重點介紹我們客戶管道中的一些發展。正如您在幻燈片 5 中看到的那樣，對於無碳電力項目或 CFPP，我們執行了長引線材料的訂單，並已過渡到 NuScale 電源模塊製造工藝，我將在後面的幾節中更詳細地討論這一點分鐘。此外，NuScale 正在與我們的 CFPP 客戶 Utah Associated Municipal Power Systems (UAMPS) 合作，最終確定合併許可證申請或 COLA，該申請有望在 2024 年初提交。COLA 既是施工許可證，也是運營許可證許可證用於強調第 52 部分是單步許可流程，而不是舊的兩步第 50 部分。我們還在為該項目制定 2 級成本估算。

As we have discussed, NuScale and UAMPS are targeting 80% subscription for the CFPP by year-end 2023. We are working closely with UAMPS on securing additional subscriptions and believe this can be generated through a combination of existing CFPP participants, increasing their subscription levels, UAMPS members who are not currently CFPP participants signing on to the project, and additional Western public power entities, investor-owned utilities and industrials. UAMPS' members and other public power entities in the Western U.S. are facing the rapid retirement of coal plants and the expense and the challenge of accessing natural gas. These issues highlight their need to add capacity and dispatchable load growth to complement renewable resources. The facts on the ground will be reflected in the integrated resource plans.

正如我們所討論的，NuScale 和 UAMPS 的目標是到 2023 年底 80% 的 CFPP 訂閱。我們正在與 UAMPS 密切合作以確保獲得更多訂閱，並且相信這可以通過現有 CFPP 參與者的組合來產生，提高他們的訂閱水平、目前未簽署該項目的 CFPP 參與者的 UAMPS 成員，以及其他西方公共電力實體、投資者擁有的公用事業和工業。 UAMPS 的成員和美國西部的其他公共電力實體正面臨燃煤電廠的快速退役以及獲取天然氣的費用和挑戰。這些問題凸顯了他們需要增加容量和可調度負載增長以補充可再生資源。實地情況將反映在綜合資源計劃中。

On Slide 6, with our second committed customer, Romania's RoPower, we are proceeding with Phase 1 front-end engineering and design, or FEED work. Activities completed during the first phase of the FEED work will define the major site and site-specific inputs for our VOYGR 6 power plant, which will be deployed on a site of a decommissioned coal-fired power plant. We are already in discussions on the next phase of the project and have begun engagement with local suppliers.

在幻燈片 6 中，與我們的第二個忠實客戶羅馬尼亞的 RoPower 一起，我們正在進行第一階段的前端工程和設計或 FEED 工作。在 FEED 工作的第一階段完成的活動將確定我們的 VOYGR 6 發電廠的主要場地和場地特定輸入，該發電廠將部署在一個退役的燃煤發電廠的場地上。我們已經在討論項目的下一階段，並開始與當地供應商接洽。

In addition to that work, the Romanian nuclear regulator, CNCAN or CNCAN, provided authorization to NuScale for safety-related design work to begin.

除了這項工作，羅馬尼亞核監管機構 CNCAN 或 CNCAN 還授權 NuScale 開始安全相關的設計工作。

Now on Slide 7, I'll spotlight our robust customer pipeline and provide a few highlights. Let's start in Poland. As you may recall, in 2022, NuScale signed a task order with KGHM, a global leader in copper and silver production, to deploy the first SMR in Poland. In April, KGHM applied to the Ministry of Climate Environment what is called a fundamental decision to build an SMR in Poland. A grant by the Ministry will underscore Poland's support for SMRs and pave the way for critical next steps in deployment, such as location selection and construction permitting.

現在在幻燈片 7 上，我將重點介紹我們強大的客戶渠道並提供一些亮點。讓我們從波蘭開始吧。您可能還記得，2022 年，NuScale 與全球銅銀生產領導者 KGHM 簽署了一項任務訂單，在波蘭部署第一台 SMR。 4 月，KGHM 向氣候環境部申請了一項所謂的在波蘭建造 SMR 的基本決定。該部的撥款將強調波蘭對 SMR 的支持，並為部署的關鍵後續步驟鋪平道路，例如位置選擇和施工許可。

Moving now to Indonesia. In March, the U.S. Trade and Development Agency, or USTDA, awarded a grant to Indonesia Power for technical assistance in developing the country's first SMR. Indonesia Power had already selected NuScale's technology. And now with the USTDA's assistance, next steps will include a site selection plan, power plant and interconnection system design, preliminary environmental and social impact assessment, risk assessment, cost estimate and regulatory review. President Biden's partnership for global infrastructure investment support countries like Indonesia seeking reliable zero carbon baseload power.

現在搬到印度尼西亞。 3 月，美國貿易和發展署 (USTDA) 向印度尼西亞電力公司提供了一筆贈款，用於在開發該國第一座 SMR 方面提供技術援助。 Indonesia Power 已經選擇了NuScale 的技術。現在，在美國貿易發展署的協助下，下一步將包括選址計劃、發電廠和互連繫統設計、初步環境和社會影響評估、風險評估、成本估算和監管審查。拜登總統的全球基礎設施投資夥伴關係支持印度尼西亞等尋求可靠的零碳基本負荷電力的國家。

Finally, I also want to highlight the memorandum of understanding that we have signed recently with 2 partners in Korea, Doosan Enerbility and the Export-Import Bank of Korea. Not only will this strengthen our collaboration with these groups, it also supports NuScale's SMR deployment as we work together in areas such as marketing, technical support and development of a global supply chain.

最後，我還想強調一下我們最近與韓國的 2 個合作夥伴 Doosan Enerbility 和韓國進出口銀行簽署的諒解備忘錄。這不僅會加強我們與這些團體的合作，還會支持 NuScale 的 SMR 部署，因為我們在營銷、技術支持和全球供應鏈開發等領域開展合作。

Looking at the pipeline more broadly on Slide 8, we are pleased and confident with the breadth and scale of our opportunities. In the U.S., we're seeking a notable pickup in interest from potential customers of a better understanding impact of the Inflation Reduction Act. Repurposing coal plants and the production of hydrogen are of particular interest. Conversations are at various stages with investor-owned utilities, municipal utilities, tech companies, with data centers to support as well as groups involved in carbon capture initiatives. In addition, major industrial companies are looking to take advantage of the IRA as they seek 24/7 clean reliable energy and process heat for various applications. In terms of potential customer interest, the size of the pie is growing and diversified. This is really a continuation of a trend we have been seeing as new potential customers engage in existing relationships gain further traction. There's a lot of interest in providing color on these customer conversations.

在幻燈片 8 上更廣泛地查看管道，我們對我們機會的廣度和規模感到高興和自信。在美國，我們正在尋求顯著提高潛在客戶的興趣，以更好地了解《降低通貨膨脹法案》的影響。重新利用燃煤電廠和生產氫氣特別令人感興趣。與投資者擁有的公用事業、市政公用事業、科技公司、支持數據中心以及參與碳捕獲計劃的團體的對話處於不同階段。此外，主要工業公司正在尋求利用 IRA，因為他們為各種應用尋求 24/7 清潔可靠的能源和工藝熱。就潛在客戶利益而言，蛋糕的大小正在不斷擴大和多樣化。這確實是我們一直看到的趨勢的延續，因為參與現有關係的新潛在客戶獲得了進一步的吸引力。在這些客戶對話中提供顏色有很多興趣。

So turning to Slide 9, I'll talk through considerations that are resonating most prominently. This includes modularity beyond construction, meaning that NuScale power modules are modular in fabrication and in operation. Once installed, our multi-module plants can produce reliable clean electricity for the grid while allocating one or more modules to economically produce hydrogen or provide process heat for an assortment of industrial applications. This is a competitive differentiator for NuScale, especially when combined with shorter and staggered refueling outages between modules that further enable a high facility capacity factor. The result is a highly reliable and flexible source of carbon-free energy.

因此，轉到幻燈片 9，我將討論引起最顯著共鳴的考慮因素。這包括構造以外的模塊化，這意味著 NuScale 電源模塊在製造和運行中都是模塊化的。安裝後，我們的多模塊工廠可以為電網生產可靠的清潔電力，同時分配一個或多個模塊以經濟地生產氫氣或為各種工業應用提供工藝熱。這是 NuScale 的一個競爭優勢，特別是當與模塊之間更短和交錯的加油中斷相結合時，進一步實現了高設施容量係數。結果是高度可靠和靈活的無碳能源。

Other attributes prominent in customer conversations are NuScale's black start and island mode capabilities. As a reminder, black start refers to the ability to start the plant out from cold conditions without external grid connections, a first of a kind in the nuclear industry. Island mode is the ability for a single NuScale power module to supply all the electrical needs so a VOYGR power plant can support a dedicated facility, like a data center in the event on the loss of the grid. Industrial companies who are seeking uninterrupted energy were also keen on our island mode capabilities.

客戶對話中突出的其他屬性是 NuScale 的黑啟動和孤島模式功能。提醒一下，黑啟動是指在沒有外部電網連接的情況下從寒冷條件下啟動工廠的能力，這在核工業中尚屬首創。孤島模式是單個 NuScale 電源模塊能夠滿足所有電力需求的能力，因此 VOYGR 發電廠可以支持專用設施，例如在電網丟失時的數據中心。尋求不間斷能源的工業公司也熱衷於我們的孤島模式能力。

One additional top-of-the-mind attribute is the NRC's approval of our methodology for determining the emergency planning zone, or EPZ, the NuScale VOYGR SMR power plants. The NRC approval enables that, in most instances, an EPZ that only extends to a site's boundary will be necessary for NuScale's VOYGR power plants as opposed to the 10-mile radius emergency planning zone used by every existing U.S. nuclear power plant. NuScale is the only design that has an NRC-approved methodology that supports this capability. This enhances the ability for NuScale SMR plants to be sited near process heat users or at a retired coal power plant sites where population densities may be higher. We can also utilize the retired coal plant infrastructure, including transmission lines and retain and employ a similar local workforce.

另一個最重要的屬性是 NRC 批准了我們確定應急規劃區或 EPZ 的方法，即 NuScale VOYGR SMR 發電廠。 NRC 的批准使得在大多數情況下，NuScale 的 VOYGR 發電廠需要一個只延伸到場地邊界的出口加工區，而不是美國現有的每個核電廠使用的 10 英里半徑應急規劃區。 NuScale 是唯一具有支持此功能的 NRC 批准方法的設計。這增強了 NuScale SMR 電廠位於過程用熱用戶附近或人口密度可能更高的退休燃煤電廠地點的能力。我們還可以利用退役的燃煤電廠基礎設施，包括輸電線路，並保留和僱用類似的當地勞動力。

Customers value NuScale's technology advantages. They appreciate the regulatory path we have chosen and recognize our multiyear head start in licensing. Our shift to manufacturing and customer delivery are other key differentiators compared with SMR competitors that are at a much earlier point in the regulatory and commercialization development.

客戶看重 NuScale 的技術優勢。他們讚賞我們選擇的監管路徑，並認可我們多年來在許可方面的領先地位。與處於監管和商業化發展早期的 SMR 競爭對手相比，我們向製造和客戶交付的轉變是其他關鍵差異化因素。

On Slide 10, we summarize other first quarter operational highlights. In March, the NRC began a technical review of NuScale's updated standard design approval, or SDA application. This review is a process through which we can attain NRC approval for a power upgrade to a 77-megawatt module that will support the capacities for a wider range of customers as well as improve facility economics. The design reflected in this application includes the same fundamental safety case and features approved by the NRC in 2020. The NRC will issue a review schedule once they docket the application. With our track record of regulatory approvals at the NRC, we are familiar with their process, and we expect to see the SDA application accepted for review this year.

在幻燈片 10 上，我們總結了第一季度的其他運營亮點。 3 月，NRC 開始對 NuScale 的更新標准設計批准或 SDA 申請進行技術審查。通過這次審查，我們可以獲得 NRC 批准，將功率升級到 77 兆瓦模塊，這將支持更廣泛客戶的容量並提高設施經濟性。此申請中反映的設計包括相同的基本安全案例和 NRC 在 2020 年批准的功能。NRC 將在收到申請後發布審查時間表。憑藉我們在 NRC 的監管批准記錄，我們熟悉他們的流程，我們預計今年 SDA 申請會被接受審查。

Now let's discuss customer material delivery. Back in March, we announced that we've placed our first long-lead material order with our partner, Doosan Enerbility. They will produce forgings in materials essential in the manufacturing of first NuScale power modules. Since that announcement, Doosan commenced forging production. Later this year, the manufacturing process begins where the forgings are welded and fabricated for their final dimensions. These are the first fabricated materials to the modules that we delivered to the CFPP plant. We are not aware of another North American SMR vendor that has progressed their technology to the manufacturing phase.

現在讓我們討論客戶材料交付。早在 3 月份，我們就宣布與我們的合作夥伴 Doosan Enerbility 簽訂了首個長周期材料訂單。他們將使用製造第一個 NuScale 電源模塊所必需的材料生產鍛件。自該公告發布以來，斗山開始了鍛造生產。今年晚些時候，製造過程開始，鍛件將按照最終尺寸進行焊接和製造。這些是我們交付給 CFPP 工廠的模塊的第一批製造材料。我們不知道還有哪家北美 SMR 供應商已將其技術推進到製造階段。

In addition, I am pleased to report that the Orion Register issued NuScale the highly regarded ISO 9001:2015 certification. This certification is an international standard that recognizes our quality management standards and controls are scalable and repeatable across the globe, further validating NuScale's technology to customers internationally.

此外，我很高興地報告，Orion Register 向 NuScale 頒發了備受推崇的 ISO 9001:2015 認證。該認證是一項國際標準，承認我們的質量管理標準和控制在全球範圍內可擴展和可重複，進一步向國際客戶驗證了 NuScale 的技術。

In summary, we're off to a great start in 2023. We have a significant opportunity in front of us as we continue to build momentum, grow our business and deliver on our commitments to our customers. Now I'll hand it over to Chris to provide a financial update for the quarter.

總而言之，我們在 2023 年有了一個良好的開端。隨著我們繼續建立勢頭、發展我們的業務並兌現我們對客戶的承諾，我們面前有一個重要的機會。現在我將把它交給 Chris 來提供本季度的財務更新。

Thank you, John, and hello, everyone. Our financial results are available in our press release and filings so my focus will be on NuScale's performance drivers. I'll start by discussing our first quarter results filed on Slide 11. All figures followed refer to NuScale's first quarter 2023 results, 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 NuScale 的績效驅動因素上。我將首先討論我們在幻燈片 11 上提交的第一季度業績。除非我另有說明，否則所有數據均指 NuScale 2023 年第一季度的業績。

NuScale ended the quarter with a cash balance of approximately $252 million. Consistent with past quarters, our primary use of cash is related to operating expenses as we continue our pivot into production and commercialization. Operating expenses were elevated in the quarter due to compensation costs associated with a growing headcount and minor shifts in project schedules. While the shifts impact quarterly results, they are not meaningful for our overall project time lines.

NuScale 在本季度末的現金餘額約為 2.52 億美元。與過去幾個季度一致，隨著我們繼續將重點轉向生產和商業化，我們現金的主要用途與運營費用有關。由於與員工人數增加和項目時間表的微小變化相關的補償成本，本季度的運營費用有所增加。雖然這些轉變會影響季度業績，但它們對我們的整體項目時間表沒有意義。

CapEx was minimal and again, primarily consists of software and computer hardware to support R&D, consistent with our asset-light model. Partially offsetting expenses in CapEx was the cost share earned from various federal agencies and revenue.

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，與我們的輕資產模型一致。從各個聯邦機構和收入中獲得的成本份額部分抵消了資本支出的支出。

As previously stated, the DOE's fiscal year 2023 appropriation is available for NuScale were lower than anticipated. Consistent with our DOE award agreement, we requested an amount for the fiscal year 2024 appropriation that would make up for the shortfall in fiscal year 2023. This funding is critical to support our continued participation in the CFPP. The DOE appropriations process is ongoing, but I can relay that our outreach to Capitol Hill is proactive and extensive. NuScale continues to receive strong bipartisan and bicameral support as well as backing from the Biden administration. We expect fiscal 2024 DOE cost share to be determined in the latter half of the year.

如前所述，美國能源部 2023 財年可用於 NuScale 的撥款低於預期。根據我們的 DOE 撥款協議，我們要求為 2024 財年撥款，以彌補 2023 財年的缺口。這筆資金對於支持我們繼續參與 CFPP 至關重要。 DOE 撥款過程正在進行中，但我可以轉達，我們對國會山的外展是積極和廣泛的。 NuScale 繼續得到兩黨和兩院的大力支持以及拜登政府的支持。我們預計 2024 財年能源部成本份額將在下半年確定。

Revenue remains limited as expected, given the company's current phase of development. At this stage, we mainly generate revenue by providing consulting services to customers. As we pivot to manufacturing our modules, NuScale will receive payments from customers for equipment orders. As mentioned on our last call, the shifting of schedules within the CFPP will push out revenue in cost to later periods. With that said, our first customer delivery schedule remains unchanged. Essentially, we were able to obtain more favorable payment terms and schedules from our suppliers, which was passed through to the CFPP, thereby shifting out the CFPP spending profile. I would add that these types of shifts are normal, expected and can go in either direction. In fact, we saw a pull forward in revenue recognition from our RoPower project in the first quarter due to increased activities.

考慮到公司目前的發展階段，收入仍然像預期的那樣有限。現階段，我們主要通過向客戶提供諮詢服務來產生收入。當我們轉向製造我們的模塊時，NuScale 將收到客戶的設備訂單付款。正如我們在上次電話會議中提到的，CFPP 內時間表的轉變會將成本收入推向後期。話雖如此，我們的第一個客戶交付時間表保持不變。從本質上講，我們能夠從我們的供應商那裡獲得更優惠的付款條件和時間表，這些條款和時間表已傳遞給 CFPP，從而改變了 CFPP 支出狀況。我要補充的是，這些類型的轉變是正常的、預期的，並且可以朝任何一個方向發展。事實上，由於活動增加，我們在第一季度看到了我們 RoPower 項目的收入確認。

Before concluding, I want to reiterate that we continue to forecast cash flow from operations guidance in a range of negative $102 million to negative $142 million for the full year. 2023 is poised to be a year of progress and development for NuScale as we transition to manufacturing and customer delivery. We remain laser-focused on serving our existing customers while advancing our growing pipeline. More importantly, we remain positive about the financial health of the company. We continue to be well positioned to navigate in a dynamic environment, meet our near- and longer-term milestones and create value over time.

在結束之前，我想重申，我們繼續預測全年運營指導產生的現金流量在負 1.02 億美元至負 1.42 億美元之間。隨著我們向製造和客戶交付過渡，2023 年將成為 NuScale 進步和發展的一年。在推進我們不斷增長的管道的同時，我們仍然專注於為現有客戶提供服務。更重要的是，我們對公司的財務狀況保持樂觀。我們繼續處於有利地位，可以在動態環境中導航，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。

With that, I'd like to thank you again for joining us today and for your continued support of NuScale. We'll now take questions. Operator?

有了這個，我想再次感謝您今天加入我們以及您對 NuScale 的持續支持。我們現在開始提問。操作員？

Your first question is from the line of Shar Pourreza with Guggenheim Partners.

你的第一個問題來自 Shar Pourreza 與 Guggenheim Partners 的合作。

It's actually James for Shar. John, you had hit a little bit on it in your prepared remarks, but can we get a little more color on how the conversations are progressing with some of those entities to hit that committed subscription level in the CFPP?

實際上是 James for Shar。約翰，你在準備好的發言中提到了一點，但我們能否進一步了解與其中一些實體的對話進展情況，以達到 CFPP 中承諾的訂閱水平？

Yes. Actually, Shar, thanks for the question. It's going quite well. What we're looking at is members that can up their subscription from what they currently have. We're in discussions also with certain industrials that don't necessarily want to own a nuclear asset but they certainly want a 24/7 clean energy that will be awarded from our CFPP project. So we continue to work with the customer. And so far, the progress is looking pretty good.

是的。實際上，Shar，謝謝你提出這個問題。一切順利。我們正在尋找的是可以從他們目前擁有的訂閱中升級訂閱的成員。我們還在與某些不一定想要擁有核資產的工業企業進行討論，但他們肯定希望從我們的 CFPP 項目中獲得 24/7 的清潔能源。所以我們繼續與客戶合作。到目前為止，進展看起來相當不錯。

Okay. And do you expect to, I guess, update the Street on nuclear as they happen? Or more broadly, just what kind of visibility will we have on the process as it ramps up?

好的。我想，您是否希望在核能發生時更新街道？或者更廣泛地說，隨著流程的加快，我們將對流程有什麼樣的可見性？

No, we will continue to update as it goes forward. And like I said, we're -- excuse me. I got a chest cold here. No, we'll continue to update, obviously, as we continue to progress.

不，我們將繼續更新。就像我說的，我們 - 對不起。我在這裡感冒了。不，我們會繼續更新，顯然，隨著我們的不斷進步。

(Operator Instructions) Your next question comes from the line of Marc Bianchi with TD Cowen.

（操作員說明）您的下一個問題來自 Marc Bianchi 與 TD Cowen 的合作。

I guess, I think it was Chris who mentioned some of the vendors working with you on CFPP to sort of adjust the time lines there a little bit to align with their time line. I guess does that help from the vendors also potentially lower the cost estimate below the $89 per megawatt hour that was the latest update?

我想，我認為是 Chris 提到了一些與您在 CFPP 上合作的供應商，以便稍微調整那裡的時間線以與他們的時間線保持一致。我想供應商的幫助是否也有可能將成本估算降低到最新更新的每兆瓦時 89 美元以下？

Marc, this is John. In fact, 2 weeks ago, I was in both Japan and Korea speaking with our strategic partners. And what we continue to talk about is any ways they and we collectively can continue to drive cost down. As you know, with inflation and interest rates being what they are, these suppliers have taken a very holistic view. They're not looking at this as a one-off project. And so their intent is to continue to drive competitiveness as much as possible.

馬克，這是約翰。事實上，兩週前，我在日本和韓國與我們的戰略合作夥伴進行了交談。我們繼續談論的是他們和我們可以共同繼續降低成本的任何方式。如您所知，鑑於通貨膨脹和利率，這些供應商採取了非常全面的觀點。他們並沒有將此視為一次性項目。因此，他們的意圖是繼續盡可能地提高競爭力。

In Korea, I got to tell you the fact that we're actually pouring steel and in the process of delivering -- or going to be delivering our first forging there in Doosan Enerbility is extremely excited. We're excited about it. And same thing goes across the board with Samsung C&T. Everybody we meet with understands that cost of schedule is crucial to the success of our projects. So they're willing to sharpen their pencils as much as they can.

在韓國，我得告訴你一個事實，我們實際上正在澆鑄鋼材，並且正在交付——或者說將要交付我們在 Doosan Enerbility 的第一批鍛造件，這讓我們非常興奮。我們對此感到興奮。同樣的事情也發生在三星 C&T 身上。我們遇到的每個人都明白，進度成本對於我們項目的成功至關重要。所以他們願意盡可能多地削鉛筆。

Okay. Maybe more broadly on costs. If I look at some of the stuff that's in the budget for UAMPS and CFPP project, there's like a $9 billion number that they have for the cost estimate for that. And I don't know how representative that might be of a first-of-a-kind cost. But maybe you could talk about sort of where you see overnight first-of-a-kind cost? And how many how many copies you need to deliver to get that down to whatever your nth-of-a-kind target is going to be?

好的。也許更廣泛地考慮成本。如果我看一下 UAMPS 和 CFPP 項目預算中的一些內容，他們的成本估算大約有 90 億美元。而且我不知道這對首創成本的代表性有多大。但也許你可以談談你在一夜之間看到的首創成本？您需要交付多少副本才能將其降低到您的第 n 個同類目標？

Yes, collectively, Marc, we're just now entering into the Class 2 estimate. So working with Fluor Corporation, plus our suppliers, as I stated earlier, every efforts begin to drive that cost as low as possible. We're starting to see, on the supply side, things are starting to free up a little bit. But with inflation, with the interest rates we're faced with, we will continue to focus on. Right now, we feel very comfortable with that $89 megawatt hour. And hopefully, we'll be able to, as we go through the Class 2 estimate, reduce it further down. Chris, do you have anything to add?

是的，Marc，我們剛剛進入 2 級估算。因此，正如我之前所說，與 Fluor Corporation 以及我們的供應商合作，盡一切努力開始盡可能降低成本。我們開始看到，在供應方面，情況開始有所緩解。但隨著通貨膨脹，隨著我們面臨的利率，我們將繼續關注。現在，我們對 89 美元的兆瓦時感到非常滿意。希望我們能夠在進行 2 級估算時進一步降低它。克里斯，你有什麼要補充的嗎？

I think you covered it, John. Thanks.

我想你涵蓋了它，約翰。謝謝。

Chris, the first quarter cash from operations was a $43 million use. I know you've got the guidance out there of $100 million to $140 million use for the year. But just curious, is there any thoughts on besides the DOE money coming in later this year, potentially big things that could move cash up or down? And do you see it more likely at the high end or the low end of the guidance range just given how first quarter shaped up?

克里斯，第一季度運營現金使用了 4300 萬美元。我知道你已經得到了今年使用 1 億到 1.4 億美元的指導。但只是好奇，除了今年晚些時候的 DOE 資金外，是否還有其他想法可以使現金上漲或下跌？考慮到第一季度的情況，你認為它更有可能出現在指導範圍的高端還是低端？

Yes. So really, in terms of the guidance we gave for a range that was driven primarily by the variability in the DOE funding that could come to us from the fiscal year '24 appropriation, which would come in the last quarter of the year. So everything else we're seeing, there's probably some shifting between quarters. But overall, the cash flows and the schedule we have are still pretty good so that the overall guidance we have of that range of $102 million to $142 million cash use is still operative for us. And there's no reason for us at this point to change that. But rest assured that if information comes to light where we can either solidify or need to update, we will certainly do that. But as of right now, we're still comfortable with that range.

是的。因此，實際上，就我們給出的範圍的指導而言，該範圍主要是由 DOE 資金的可變性驅動的，這些資金可能來自 24 財年的撥款，這將在今年的最後一個季度到來。因此，我們所看到的其他一切，可能會在季度之間發生一些變化。但總的來說，我們的現金流量和時間表仍然相當不錯，因此我們對 1.02 億美元至 1.42 億美元現金使用範圍的總體指導仍然對我們有效。我們目前沒有理由改變這一點。但請放心，如果我們可以鞏固或需要更新的信息曝光，我們一定會這樣做。但截至目前，我們仍然對這個範圍感到滿意。

Okay. Great. I just got one more, and I don't know what you guys can say on it, but Fluor, the other day on their call, had mentioned kind of in discussions or working with their strategic investor to kind of get their position down to their minority target, I think, by the end of the year, which seems like a pretty aggressive time line, but I would suspect that you guys might be involved in some of those conversations with investors. So if there's any color you're able to add on that, it would be appreciated.

好的。偉大的。我又得到了一個，我不知道你們能對此說些什麼，但是 Fluor 前幾天在他們的電話會議上提到了在討論中或與他們的戰略投資者合作以將他們的立場降低到他們的少數目標，我認為，到今年年底，這似乎是一個非常激進的時間表，但我懷疑你們可能會參與其中一些與投資者的對話。因此，如果您可以添加任何顏色，我們將不勝感激。

Yes, Marc, I don't know with our NDAs in place and with what Fluor's doing in their transaction, there's really not much we can say actually.

是的，馬克，我不知道我們的 NDA 是否到位，也不知道 Fluor 在他們的交易中做了什麼，實際上我們真的沒什麼可說的。

That concludes our Q&A session. I will now turn the call back to Mr. John Hopkins for closing remarks.

我們的問答環節到此結束。我現在將把電話轉回給約翰霍普金斯先生作結束語。

Thank you, operator. Again, with the only SMR design certified by the U.S. Nuclear Regulatory Commission, with 2 secured customers and a robust business development pipeline, NuScale is well positioned to commercialize and deliver clean energy at scale. If the technology is essential to powering the global energy transition, and we are at the forefront of that effort with our ability to deliver safe, scalable and reliable carbon-free nuclear power. As I stated earlier, we're off to a good start in '23 with progress on all fronts, and I look forward to what we can accomplish together throughout the remainder of the year. Again, I'd like to thank all of you for your interest in NuScale and for participating on our call today. Thank you.

謝謝你，運營商。同樣，憑藉唯一獲得美國核管理委員會認證的 SMR 設計、2 個安全客戶和強大的業務開發渠道，NuScale 完全有能力大規模商業化和提供清潔能源。如果該技術對於推動全球能源轉型至關重要，而我們憑藉提供安全、可擴展和可靠的無碳核電的能力處於這一努力的最前沿。正如我之前所說，我們在 23 年有了一個良好的開端，在各個方面都取得了進展，我期待著我們在今年餘下的時間里共同取得的成就。再次，我要感謝大家對 NuScale 的興趣並參加我們今天的電話會議。謝謝。

Ladies and gentlemen, this concludes today's conference call. You may now...

女士們，先生們，今天的電話會議到此結束。你現在可能...