Nuscale Power Corp (SMR) 2023 Q4 法說會逐字稿

Good afternoon, and welcome to NuScales's fourth quarter and full-year 2023 earnings results conference call. Today's call is being recorded. (Operator Instructions)

下午好，歡迎參加 NuScales 第四季和 2023 年全年財報電話會議。今天的通話正在錄音。（操作員說明）

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.

今天電話會議的重播將在 NuScale 網站 ir.nuscalepower.com 上提供和存取。網路重播將在財報電話會議後 30 天內提供。

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.

現在，我想將電話轉給投資者關係總監 Scott Kozak 致開幕詞。請繼續，科札克先生。

Thank you, operator. Welcome to Nuscale's fourth quarter and full-year 2023 earnings results conference call. With us today are John Hopkins, President and Chief Executive Officer; and Ramsey Hamady, Chief Financial Officer. On today's call, NuScale will provide an update on its business and discuss financial results. We will then open the phone lines for questions.

謝謝你，接線生。歡迎參加 Nuscale 第四季和 2023 年全年財報電話會議。今天與我們在一起的有總裁兼執行長約翰霍普金斯 (John Hopkins)；拉姆齊·哈馬迪（Ramsey Hamady），財務長。在今天的電話會議上，NuScale 將提供其業務最新情況並討論財務表現。然後我們將開通電話線路供提問。

This afternoon, we posted a set of supplemental slides on our Investor Relations website. As reflected in the Safe Harbor statements on slide 2, the information set forth in the presentation we discuss 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 10-K for our fiscal year 2023 and in our prior SEC filings.

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 上的安全港聲明所反映的那樣，我們在發言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當前對現有趨勢的看法，並受到各種風險和不確定性。您可以在我們向 SEC 提交的 2023 財年 10-K 表格以及先前向 SEC 提交的文件中找到有關可能導致此類差異的風險因素的討論。

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

我現在將把電話轉給 NuScale 總裁兼執行長約翰霍普金斯 (John Hopkins)。約翰？

Thank you Scott, and good afternoon, everyone. First, I'd like to thank our shareholders for their continued support and belief in the future success of NuScale. I also want to recognize our global strategic partners who have invested significant time and capital into our advanced design, supply chain, and delivery capabilities.

謝謝斯科特，大家下午好。首先，我要感謝我們的股東對 NuScale 未來成功的持續支持和信任。我還要感謝我們的全球策略合作夥伴，他們為我們的先進設計、供應鏈和交付能力投入了大量時間和資金。

In addition, I'd like to express how incredibly proud I am of each and every NuScale employee for their dedication, fortitude, and commitment to our values and mission. Together, I believe we have the capacity to improve and advance global power production to meet the future energy demands of our communities and businesses with clean, safe, and highly innovative small modular reactor nuclear technology.

此外，我想表達我對每位 NuScale 員工的奉獻精神、毅力以及對我們價值觀和使命的承諾感到無比自豪。我相信，我們有能力透過清潔、安全和高度創新的小型模組化反應器核技術來改善和推進全球電力生產，以滿足我們社區和企業未來的能源需求。

When Dr. Jose Reyes, NuScale's Founder and Chief Technology Officer, started his pioneering work developing SMR technology, few could have anticipated the growth in demand for sustainable baseload 24/7 carbon-free energy driven by power usage amongst data centers and AI, major industrial projects, transportation, and utility customers.

當 NuScale 創辦人兼技術長 Jose Reyes 博士開始開發 SMR 技術時，很少有人能預料到資料中心和人工智慧的用電推動了對可持續基本負載 24/7 無碳能源的需求成長。工業項目、交通運輸及公用事業客戶。

Today, as seen on slide 3, we have invested more than $1.8 billion to develop the sole small modular reactor, or SMR, nuclear technology approved by the US Nuclear Regulatory Commission, or NRC. No other technology developer, as we know, even has a design certification application under review. And this process requires several years and many hundreds of millions of dollars of investment.

今天，如幻燈片 3 所示，我們已投資超過 18 億美元來開發唯一的小型模組化反應器 (SMR)，即美國核管理委員會 (NRC) 批准的核子技術。據我們所知，沒有其他技術開發商的設計認證申請正在接受審查。而這個過程需要數年時間和數億美元的投資。

Looking ahead, our principal objective at NuScale is on transitioning from R&D to the commercialization of our proprietary technology. In this effort, we have engaged with our commercial partner, ENTRA1 Energy, to build a diverse global pipeline and deploy NuScale SMR-enabled plants worldwide. Additionally, with the investment and expertise of our strategic partners, we have derisked the manufacturing supply chain while maintaining scope for localization of certain supplies.

展望未來，我們 NuScale 的主要目標是將我們的專有技術從研發過渡到商業化。在這項努力中，我們與商業合作夥伴 ENTRA1 Energy 合作，建立多元化的全球管道，並在全球部署支援 NuScale SMR 的工廠。此外，憑藉著策略夥伴的投資和專業知識，我們消除了製造供應鏈的風險，同時保持了某些供應品的在地化範圍。

Moving to slide 4, last year, we made important progress on regulatory and manufacturing milestones. Let's start with the regulatory. In July 2023, NuScale Standard Design Approval application for a 77-megawatt upgrade design was accepted for review by the US Nuclear Regulatory Commission. The NRC frequently reviews power uprate applications, similar to our move from a 50-megawatt to a 77-megawatt design, but we expect the NRC's process to conclude within 24 months. There are no perceived challenges to the process or timeline.

轉向幻燈片 4，去年，我們在監管和製造里程碑方面取得了重要進展。我們先從監管開始。2023年7月，77兆瓦升級設計的NuScale標準設計核准申請被美國核能管理委員會接受審查。NRC 經常審查功率提升申請，類似於我們從 50 兆瓦設計轉向 77 兆瓦設計，但我們預計 NRC 的流程將在 24 個月內完成。流程或時間表沒有明顯的挑戰。

While the design is based on the same fundamental safety case and features approved by the NRC in 2020, we strongly believe the 77-megawatt NuScale power modules supports a wider range of customers.

雖然該設計基於 NRC 於 2020 年批准的相同基本安全案例和功能，但我們堅信 77 兆瓦 NuScale 電源模組可以支援更廣泛的客戶。

In addition, we have worked tirelessly to advance our manufacturing readiness. As you recall, we placed our first long-lead material order with Doosan Enebility to reduce in March of 2023. And last month, we visited Doosan at their world-class factory in Korea. There, we had the opportunity to witness the tremendous investments Doosan has made in advancing our production capabilities, including developing specialized technologies to manufacture forgings and other materials associated with the first NuScale power modules.

此外，我們也不懈地努力推進我們的製造準備工作。您還記得，我們​​於 2023 年 3 月向 Doosan Enebility 下了第一份長期材料訂單，以減少訂單。上個月，我們參觀了斗山在韓國的世界級工廠。在那裡，我們有機會見證斗山在提高生產能力方面所做的巨額投資，包括開發專門技術來製造與第一個 NuScale 功率模組相關的鍛造和其他材料。

The scale of their facilities is absolutely astounding, and we are grateful for their partnership. For all of us, it is thrilling to see NuScale technology come to life. Our Korean, Japanese, American, and other international supply chain relationships are true competitive advantages for NuScale, even more so when you consider that many of these partners are also strategic investors.

他們的設施規模絕對令人震驚，我們感謝他們的合作。對我們所有人來說，看到 NuScale 技術的誕生是令人興奮的。我們的韓國、日本、美國和其他國際供應鏈關係對 NuScale 來說是真正的競爭優勢，考慮到其中許多合作夥伴也是戰略投資者，更是如此。

For over 10 years, NuScale has been working directly and continuously with more than 23 uniquely capable suppliers to jointly progress our design for manufacturing readiness. These suppliers have provided unwavering support of our efforts. And as a result, NuScale supply chain is leading the industry in terms of manufacturing readiness.

十多年來，NuScale 一直與超過 23 家具有獨特能力的供應商直接、持續合作，共同推進我們的設計以實現製造準備。這些供應商為我們的努力提供了堅定的支持。因此，NuScale 供應鏈在製造準備度方面處於行業領先地位。

In addition to these operational milestones, we have continued to deepen our customer relationships and expand our pipeline, as you see on slide 5. First, I'll provide an update on RoPower.

除了這些營運里程碑之外，我們還繼續深化我們的客戶關係並擴大我們的管道，如幻燈片 5 所示。首先，我將提供有關 RoPower 的最新資訊。

In the near term, we are working to advance to phase two the front-end engineering design, or FEED work. NuScale will be providing engineering support services to Fluor Corporation in this effort. RoPower's partners, Nuclearelectrica SA and Nova Power & Gas, are experienced plant owners and operators in the nuclear space.

短期內，我們正在努力推動前端工程設計或 FEED 工作的第二階段。在此過程中，NuScale 將向福陸公司提供工程支援服務。RoPower 的合作夥伴 Nuclearelectrica SA 和 Nova Power & Gas 都是核領域經驗豐富的電廠所有者和營運商。

Additionally, both the Romanian and US governments are highly engaged in the process. As proposed, FEED phase two work will include site characterization and regulatory analysis and the development of a sites-pecific schedule and budget estimates for project execution. While NuScale contracted directly with RoPower to complete FEED phase one, NuScale is servings as subcontractor to Fluor Corporation for RoPower FEED phase two.

此外，羅馬尼亞和美國政府都高度參與這項進程。根據提議，FEED 第二階段工作將包括場地特徵和監管分析，以及製定專案執行的具體場地時間表和預算估算。雖然 NuScale 直接與 RoPower 簽訂合約來完成 FEED 第一階段，但 NuScale 是 Fl​​uor Corporation 的 RoPower FEED 第二階段的分包商。

Moving on to Standard Power, in October 2023, Standard Power announced their selection of NuScale's SMR technology, along with their need for a one-stop shop solution to develop and execute their projects. As you recall, Standard Power is a provider of Infrastructure-as-a-Service to advanced data processing companies.

接下來是 Standard Power，2023 年 10 月，Standard Power 宣布選擇 NuScale 的 SMR 技術，以及他們需要一站式解決方案來開發和執行其專案。您還記得嗎，Standard Power 是一家為先進資料處理公司提供基礎設施即服務的供應商。

As part of their responsibility, Standard Power are currently working to line up the initial phase of financing towards two SMR plants. Each will be powered by 12 NuScale power modules producing nearly 2 gigawatts of energy at sites in Ohio and Pennsylvania. A project this size has a significant amount of detail that's confirmed and structured before a project begins construction, and those discussions are ongoing. We'll keep our investors and partners updated on this progress.

作為其職責的一部分，標準電力目前正在努力為兩個 SMR 工廠提供第一階段的融資。每台都將由 12 個 NuScale 電源模組供電，在俄亥俄州和賓夕法尼亞州的工廠生產近 2 吉瓦的能源。這種規模的項目有大量細節在項目開始施工之前得到確認和構建，並且這些討論正在進行中。我們將隨時向投資者和合作夥伴通報此進展。

While we are moving full speed ahead with other opportunities in our business development pipeline, we remind our investors that given the scope and impact of these projects, discussions of details, deliberated and staged in their progression.

在我們全速推進業務發展管道中的其他機會的同時，我們提醒投資者，考慮到這些項目的範圍和影響，細節的討論是經過深思熟慮和分階段進行的。

Looking at the demand environment more broadly, the need for clean, reliable power is far outpacing new supply coming online. As you see on slide 6, electrification of the transportation, building, technology, and industrial segments is contributing to a so-called land grab as the electric power industry prepares for a tripling of US demand by 2050.

從更廣泛的需求環境來看，對清潔、可靠電力的需求遠遠超過了新上線的電力供應。正如您在幻燈片 6 中看到的那樣，隨著電力行業準備在 2050 年將美國需求增加兩倍，交通、建築、技術和工業領域的電氣化正在促成所謂的「土地爭奪」。

This comes in an even greater focus when you consider that the US is on track to close half of its coal-fired generation capacity by 2026, just 15 years after it reached its peak in 2011. The retirement of such baseload power largely replaced by renewables are making grids increasingly vulnerable to intermittency. Reinforcing and expanding the power grid remains an important opportunity for NuScale.

考慮到美國預計到 2026 年關閉一半的燃煤發電能力，距離 2011 年達到高峰僅 15 年，這一點就更受關注。此類基本負載電力的退役很大程度上被再生能源取代，使得電網越來越容易出現間歇性問題。加強和擴大電網仍然是 NuScale 的重要機會。

Drilling down deeper, I'd like to spotlight a fast-emerging opportunity in the technology sector. Simply put, each tech company in the world is investing heavily in hyperscale data processing infrastructure. Furthermore, these planned data centers are enormous energy consumers. Securing access to green 24/7 reliable power is critical for them to get site permitting and fulfill their clean energy commitments.

更深入研究，我想專注於技術領域快速出現的機會。簡而言之，世界上每家科技公司都在超大規模資料處理基礎架構上投入大量資金。此外，這些規劃中的資料中心是龐大的能源消耗者。確保獲得綠色 24/7 可靠電力對於他們獲得場地許可並履行其清潔能源承諾至關重要。

As you see on slide 7, data center electricity consumption is expected to triple between 2020 and 2030, which is astonishing. That increase alone is equivalent to the electricity used by 40 million US homes in a year, or almost a third of the total homes in America. NuScale is in discussions with major data center operators today. We see firsthand with significant interest in this group for dedicated, reliable clean power solutions.

正如您在幻燈片 7 中看到的那樣，資料中心的電力消耗預計在 2020 年至 2030 年間將增加兩倍，這是令人震驚的。光是這一增量就相當於 4,000 萬美國家庭一年的用電量，幾乎占美國家庭總數的三分之一。NuScale 今天正在與主要資料中心營運商進行討論。我們親眼目睹了團隊對專用、可靠的清潔能源解決方案的濃厚興趣。

Despite the growing demand, many potential customers are not necessarily interested in owning or operating their own nuclear power plants. That's where our partnership with ENTRA1 comes in. ENTRA1 will serve as a project developer and bring together the total package of our NuScale technology with their capabilities of construction, financing, operation, and ownership.

儘管需求不斷增長，但許多潛在客戶不一定對擁有或經營自己的核電廠感興趣。這就是我們與 ENTRA1 合作的意義所在。ENTRA1將作為專案開發商，將我們的NuScale技術的整套技術與其建造、融資、營運和所有權的能力結合起來。

This one-stop shop solution has opened the aperture for customers considering SMRs in their energy portfolios. Early conversations are very encouraging, and we believe this partnership has changed the commercial trajectory of NuScale.

這種一站式解決方案為考慮在其能源組合中使用小型模組化反應器的客戶打開了大門。早期的對話非常令人鼓舞，我們相信這種合作關係改變了 NuScale 的商業軌跡。

Next, I will discuss our prospects with industrial companies, including a specific emphasis on using processes to produce commercial-scale clean chemical production, which you see on slide 8. NuScale enjoys numerous decisive advantages relative to both SMR technology competitors as well as other energy sources related to safety, siting, off-grid capabilities and capacity factors and more.

接下來，我將與工業公司討論我們的前景，包括特別強調使用製程進行商業規模的清潔化學品生產，您可以在投影片 8 中看到。相對於 SMR 技術競爭對手以及與安全、選址、離網能力和容量因素等相關的其他能源，NuScale 享有眾多決定性優勢。

Continuing on slide 9, NuScale enables clean chemical production, providing a safe, clean, reliable baseload source of energy with a very small land footprint. Our Emergency Planning Zone allows us to collocate with production facilities. This positions us very favorably with speaking with prospective customers.

繼續投影片 9，NuScale 實現清潔化學品生產，以非常小的土地佔用提供安全、清潔、可靠的基本負荷能源。我們的應急計劃區使我們能夠與生產設施進行搭配。這使我們非常有利於與潛在客戶交談。

We are currently engaged with eight separate funded projects related to NuScale integrated energy systems for chemical production. In fact, next week, Dr. Reyes will be speaking at the World Petrochemical Conference in Houston. We are the only nuclear company to have received an invitation and reflects our leadership amongst this customer group.

我們目前正在進行八個與用於化學生產的 NuScale 整合能源系統相關的獨立資助項目。事實上，下週，雷耶斯博士將在休士頓舉行的世界石化會議上發表演說。我們是唯一一家收到邀請的核電公司，這反映了我們在該客戶群中的領導地位。

Given rising demand for power and the tax credits available for advanced nuclear in the IRA, we anticipate adoption of our technology to accelerate. We continue to have constructive, highly positive, and ongoing dialogues with major utilities, industrial, and technology companies, as well as local and national governments in the US and globally.

鑑於對電力的需求不斷增長以及愛爾蘭共和軍可用於先進核能的稅收抵免，我們預計我們的技術的採用將會加速。我們繼續與主要公用事業公司、工業和技術公司以及美國和全球的地方和國家政府進行建設性、高度積極和持續的對話。

In summary, we have significant opportunities in front of us as we continue to build momentum, grow our business, and deliver on our commitments, and we are well positioned to capitalize in the year ahead.

總而言之，隨著我們繼續積蓄動力、發展業務並兌現我們的承諾，我們面臨著重大機遇，並且我們已做好充分準備在未來一年中充分利用。

Now I'll hand it over to Ramsey to provide our financial update. Ramsey?

現在我將把它交給拉姆齊來提供我們的最新財務資訊。拉姆齊？

Thank you, John, and hello, everyone. Our financial results will be available in our filings. So my focus will be on explaining major line items, our cost cutting efforts, and expectations. I'll start by discussing our fourth-quarter results found on slide 10 then touch on 2023 full year. All figures following are for Q4 2023, unless I say otherwise.

謝謝你，約翰，大家好。我們的財務業績將在我們的文件中提供。因此，我的重點將是解釋主要項目、我們的成本削減工作和期望。我將首先討論投影片 10 中的第四季業績，然後討論 2023 年全年。除非另有說明，以下所有數據均來自 2023 年第四季。

I will remind you that the NuScale revenue model consist of three sources: first, the sale and delivery of NuScale Power Modules and other equipment we have developed; second, licensing our technologies; and third, services.

我要提醒您的是，NuScale的收入模式由三個來源組成：第一，NuScale電源模組和我們開發的其他設備的銷售和交付；第二，NuScale電源模組和我們開發的其他設備的銷售和交付。第二，許可我們的技術；第三，服務。

In the early stage of a project, we generate services revenue by supporting several development activities such as siting, licensing, and front-end engineering and site design work, and project planning. Most of our revenue earned to date is from services for our customers and the licensing of our technology.

在專案的早期階段，我們透過支援選址、授權、前端工程和場地設計工作以及專案規劃等多項開發活動來產生服務收入。迄今為止，我們賺取的大部分收入來自為客戶提供的服務和技術許可。

During 2024, we anticipate advancing existing customers and adding new committed customers for our business development pipeline, which will improve cash generation and revenue. During this discussion, please keep in mind our fourth-quarter results were impacted by the mutual termination of the Carbon Free Power Project, or CFPP, announced by NuScale and the Utah Associated Municipal Power Systems, or UAMPS, in early November.

2024 年，我們預計將推進現有客戶並為我們的業務發展管道增加新的忠誠客戶，這將改善現金產生和收入。在本次討論中，請記住，我們第四季度的業績受到 NuScale 和猶他州聯合市政電力系統 (UAMPS) 於 11 月初宣布的無碳電力項目 (CFPP) 相互終止的影響。

As part of this termination, a release agreement was signed resulting in a payment of $49.8 million to CFPP. As I discuss our financial results, I'll highlight I'll highlight key items impacted by the termination of CFPP and detail our treatment of those items.

作為終止的一部分，簽署了一份釋放協議，並向 CFPP 支付了 4,980 萬美元。在討論我們的財務表現時，我將重點介紹受 CFPP 終止影響的關鍵項目，並詳細說明我們對這些項目的處理方式。

Revenue for the fourth quarter was $4.6 million. Research and development costs during the period was $37.8 million, slightly lower when compared to the same period in the prior year. However, this figure includes $11.4 million in additional expenses resulting from the termination of the CFPP-related development cost reimbursement agreement, or DCRA. Otherwise, fourth-quarter research and development costs will have decreased $11.6 million from the same period in the prior year, consistent with our plan to shift financial resources to commercialization as we pivot from our R&D phase.

第四季營收為 460 萬美元。期內研發費用為3,780萬美元，較上年同期略有下降。然而，這一數字包括因 CFPP 相關開發成本補償協議 (DCRA) 終止而產生的 1,140 萬美元額外費用。否則，第四季的研發成本將比去年同期減少 1,160 萬美元，這與我們從研發階段轉向財務資源轉向商業化的計畫一致。

Loss for the quarter of $56.4 million was larger than for the same period in the prior year due to the CFPP-related DCRA charge, partially offset by lower professional fees.

由於與 CFPP 相關的 DCRA 費用，本季虧損 5,640 萬美元，高於去年同期，但部分被較低的專業費用所抵消。

Following our payment to UAMPS under the release agreement, NuScale ended the fourth quarter with cash of $125.4 million and no debt. Approximately $5.1 million of that is restricted cash, of which $5 million is earmarked for demobilization costs related to CFPP. As we discussed on the third-quarter earnings call, the restricted cash under our letter of credit was in excess of our anticipated termination and demobilization expenses.

在我們根據發布協議向 UAMPS 付款後，NuScale 在第四季度結束時擁有 1.254 億美元現金，沒有債務。其中約 510 萬美元是限制性現金，其中 500 萬美元指定用於與 CFPP 相關的復員費用。正如我們在第三季財報電話會議上討論的那樣，我們信用證下的受限現金超出了我們預期的終止和復員費用。

For full-year 2023, we anticipate negative cash flow from operations range of $102 million to $140 million. Excluding expense on CFPP terminations, a one-time event, we would have ended the year with negative cash flow from operations of $133.5 million. Including the CFPP termination, we ended the year with negative cash flow from operations of $183.3 million.

2023 年全年，我們預計營運現金流為負，範圍為 1.02 億美元至 1.4 億美元。如果不包括 CFPP 終止這次一次性事件的費用，我們的營運現金流在這一年末將達到 1.335 億美元的負現金流。包括 CFPP 終止在內，我們年底的營運現金流為 1.833 億美元。

Looking ahead to 2024, NuScale is well-positioned for a next phase of growth as we commercialize our technology, which includes near-term deployment and manufacturing. We have built a strong foundation, including world-class research and development and a powerful global supply chain to support the advancement of our strategic and operational objectives in 2024 and beyond.

展望 2024 年，隨著我們的技術商業化（包括近期部署和製造），NuScale 已為下一階段的成長做好了充分準備。我們已經建立了堅實的基礎，包括世界一流的研發和強大的全球供應鏈，以支持我們在 2024 年及以後推進策略和營運目標。

In January, we executed a proactive plan to better position our company commercially, financially, and strategically. This included a proven production in our cost base, which will generate substantial annualized savings and create additional financial and commercial flexibility this year. As we work diligently to advance through the development stages of our current contracts and secure new ones, we will maintain our financial discipline and may selectively consider capital raising to sustain a conservative liquidity reserve.

一月份，我們執行了一項積極主動的計劃，以便在商業、財務和策略上更好地定位我們公司。這包括在我們的成本基礎上經過驗證的生產，這將產生大量的年度節省，並在今年創造額外的財務和商業靈活性。在我們努力推進現有合約的開發階段並獲得新合約的同時，我們將維持財務紀律，並可能有選擇地考慮籌集資金以維持保守的流動性儲備。

Before we go to Q&A, I want to note that NuScale filed an 8-K after market close today, which includes our earnings release, balance sheet, and income statement. Our 10-K will be filed Friday.

在我們進行問答之前，我想指出 NuScale 今天收盤後提交了 8-K，其中包括我們的收益報告、資產負債表和損益表。我們的 10-K 將於週五提交。

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

在此，我要再次感謝您今天的加入以及對 NuScale 的持續支持。我們現在就提問。操作員？

(Operator Instructions) Marc Bianchi, TD Cowen.

（操作員說明）Marc Bianchi，TD Cowen。

Hey. thanks. I guess first one, Ramsey, on the cash balance of $125 million. How do you see that progressing in first quarter and for 2024? And maybe you could talk to us about what could cause that outlook to be better or worse than what your base case might be.

嘿。謝謝。我猜第一個是拉姆齊，現金餘額為 1.25 億美元。您認為第一季和 2024 年的進展如何？也許您可以與我們討論什麼可能導致前景比您的基本情況更好或更差。

Hello Marc, I'd be happy to do that. I think from management board perspective, there are three main toggles to really focus on cash: one is revenue, one is cost savings, one is capital markets. I feel that we're entering 2024 with very solid footing in terms of our visibility to revenue-generating business. We started the year with a tremendous cost-cutting effort, which I think really aligned or optimized our sources more efficiently towards a commercialization process that we're embarking on.

你好，馬克，我很樂意這樣做。我認為從管理委員會的角度來看，真正關注現金有三個主要開關：一是收入，一是成本節約，一是資本市場。我認為，進入 2024 年，我們在創收業務的可見性方面已經有了非常堅實的基礎。今年伊始，我們就大力削減成本，我認為這確實更有效地調整或優化了我們的資源，以實現我們正在著手的商業化進程。

And finally, we have capital markets available to us. As disclosed, we have an ATM facility, that's something that we use very sparingly. And I think that really just a focus on revenue generation and expense reduction, prudent liquidity management is management's approach to 2024. And I think that puts us in a very good position towards end of the year.

最後，我們有可用的資本市場。如同所揭露的，我們有一個 ATM 設施，但我們很少使用它。我認為，管理層到 2024 年的方針實際上只是專注於創造收入和減少開支、審慎的流動性管理。我認為這使我們在年底時處於非常有利的位置。

Okay. Could you perhaps put some numbers around it, just so we can maybe understand the boundary of outcomes?

好的。您能否在其中添加一些數字，以便我們可以理解結果的邊界？

Sure, Marc. I haven't -- we've had this discussion before in the analyst community, where we have not provided guidance on numbers. And I think that as NuScale goes towards commercialization and starts to build a stable portfolio of revenue-producing contracts, those items and those ideas of forecasting cash and revenue numbers will become a little bit more clear as we progress the business.

當然，馬克。我還沒有——我們之前在分析師社群進行過這樣的討論，但我們沒有提供有關數字的指導。我認為，隨著 NuScale 走向商業化並開始建立穩定的創收合約組合，隨著我們業務的進展，這些項目以及預測現金和收入數字的想法將變得更加清晰。

So, Marc, we haven't provided guidance for a reason, right? We're looking at a handful of contracts this year, and they will be pretty lumpy contracts. So until we get those, we will be in place and understand the timing of deliveries. So we're not going to give any guidance on numbers.

那麼，馬克，我們沒有提供指導是有原因的，對吧？今年我們正在考慮一些合同，它們將是相當不穩定的合約。因此，在我們收到這些資訊之前，我們將就位並了解交付時間。因此，我們不會提供任何有關數字的指導。

Got it. Okay. You mentioned the flexibility on capital raise at the ATM. Have you done anything here so far this year? I mean the stock has had quite a run here in the last couple of weeks.

知道了。好的。您提到了在 ATM 上籌集資金的靈活性。今年到目前為止，你在這裡做了什麼事嗎？我的意思是，該股在過去幾週內大幅上漲。

We will disclose in the 2023 financial the use of the ATM over 2023. I don't disclose what I've done in the current quarter. But I think it's pretty evident from our stock movement that management has treated the ATM with the utmost of care for our cash flows and our comments as well for our shareholders.

我們將在 2023 年財務中揭露 2023 年 ATM 的使用情況。我不會透露本季我做了什麼。但我認為，從我們的股票走勢中可以明顯看出，管理層在對待 ATM 機時非常關心我們的現金流、我們的評論以及我們的股東。

Okay, great. Maybe just one more if I could on just ENTRA1 Standard Power. Anything to update on that opportunity? And then if there isn't, maybe you could help us frame when we might expect an update there.

好的，太好了。如果我可以只使用 ENTRA1 標準電源，也許可以再多一個。關於這個機會有什麼需要更新的嗎？如果沒有，也許您可以幫助我們確定何時需要更新。

John, you want to take that question? John?

約翰，你想回答這個問題嗎？約翰？

My apologies. I get it. I was on mute. I'm sorry. No, Marc, as you recall in October, Standard Power announced that they selected NuScale as the technology of choice. We've been in discussions on a regular basis with them. It's a complicated process.

我很抱歉。我得到它。我當時處於靜音狀態。對不起。不，Marc，您還記得 10 月份，Standard Power 宣布他們選擇 NuScale 作為首選技術。我們一直與他們定期進行討論。這是一個複雜的過程。

They're looking at two facilities with about 2 gigawatts of carbon-free energy from us in a site in Ohio and a site in Pennsylvania. We've been in regular discussions as ENTRA1 progressing us along. So hopefully, here in the near term that we'll be able to say something, but we'll definitely keep you noticed as the thing proceeds. It's very much still in play.

他們正在考慮我們位於俄亥俄州和賓夕法尼亞州的兩個設施，提供約 2 吉瓦的無碳能源。隨著 ENTRA1 的不斷進步，我們一直在進行定期討論。因此，希望在不久的將來我們能夠說點什麼，但隨著事情的進展，我們一定會讓你們注意到的。它仍然在發揮作用。

Okay. Thank you. I'll turn it back.

好的。謝謝。我會把它轉回來。

(Operator Instructions) Leanne Hayden, Canaccord Genuity.

（操作員說明）Leanne Hayden，Canaccord Genuity。

Hi, everyone. Thanks so much for taking my questions. Just to start, curious to know how confident you guys are in your ability to scale manufacturing, just given that this is a pretty new technology, you're not very integrated. Just how confident are you that you can move from design to manufacturing?

大家好。非常感謝您回答我的問題。首先，我很想知道你們對規模化製造的能力有多大信心，鑑於這是一項相當新技術，你們還不是很整合。您對從設計轉向製造的信心有多大？

We're very -- one thing we've done is a lot of monies -- with the $1.8 billion that's been invested in NuScale, a lot of that monies was derisked in our module and actually scaling up and modeling to where -- a lot of it's off the shelf. And as we mentioned before, our fuel comes from traditional conventional fuel.

我們所做的一件事就是投入大量資金，在 NuScale 上投資了 18 億美元，其中許多資金都在我們的模組中消除了風險，並且實際上進行了擴展和建模，以達到以下目標：很多都是現成的。正如我們之前提到的，我們的燃料來自傳統的常規燃料。

Also, from a supply chain, we continue to build out, but I was just with -- this is John Hopkins, with the CEO of Doosan, as I mentioned during the script, that they made significant progress anticipating in the future of modules because as you know, our model is predicated not just to a one-off project.

此外，從供應鏈來看，我們繼續構建，但我只是——這是約翰·霍普金斯，斗山首席執行官，正如我在腳本中提到的，他們在模組的未來預期中取得了重大進展，因為如您所知，我們的模型不僅適用於一次性專案。

These are fungible assets. We're going to build them in a factory and ship them. And so right now, we're pretty confident we'll keep up the demand as it comes in. But we're also very cognizant. We're not going to overextend our capacity to execute, which is very key.

這些是可替代資產。我們將在工廠製造它們並運送它們。因此，現在我們非常有信心能夠滿足需求的成長。但我們也非常有認識。我們不會過度擴展我們的執行能力，這是非常關鍵的。

So with our strategic partners -- and the beauty of these strategic partners in Japan and Korea, in the US, not only the suppliers or OEMs, but they're also investors. So they've taken a holistic view not looking at a one-off, which affords us very competitive rates from that because the way we operate is that these suppliers recognize they have to be commercially viable. It is not given that work will come that way.

因此，我們的策略夥伴——以及日本、韓國、美國的這些策略夥伴，不僅是供應商或原始設備製造商，而且他們也是投資者。因此，他們採取了全面的觀點，而不是一次性的，這為我們提供了非常有競爭力的價格，因為我們的運作方式是這些供應商認識到他們必須具有商業可行性。工作不一定會這樣發生。

So I was just with the CEO of Doosan, my team were just out in Japan, and we stay in regular contact. And we continue to build our supply chain out, both locally within the US and international.

所以我剛剛和斗山執行長在一起，我的團隊剛剛在日本，我們保持著定期聯繫。我們繼續在美國本地和國際範圍內建立我們的供應鏈。

Okay. Got it. Great. Thank you for that. When can we expect an additional project announcement? And in your opinion, if you have any visibility, what are the likely markets that we should expect that announcement and whether it's international or data center related or its coal to nuclear reprocessing or chemical production? What do you expect to see?

好的。知道了。偉大的。謝謝你。我們什麼時候可以期待額外的專案公告？在您看來，如果您有任何可見性，我們應該期待該公告的可能市場是什麼？它是國際或資料中心相關的，還是煤炭與核後處理或化學生產相關的？您希望看到什麼？

Well, let me just say, this time last year, we talked -- it was all about coal refurbishment working with utilities that they quickly became more process-oriented where industrials are looking at clean energy for process heat or hydrogen ammonia. And now there's the big push on energy consumption for data centers and AI.

好吧，我只想說，去年的這個時候，我們談到了與公用事業公司合作的煤炭翻新，他們很快就變得更加以流程為導向，工業企業正在尋找清潔能源來生產工藝熱或氫氨。現在資料中心和人工智慧的能源消耗出現了巨大的成長。

Where I think near term, we could come from is the project we mentioned in RoPower. I'm hopeful that in April, we pretty much -- the Fluor is the prime on this with the subcontractors. Fluor is operated under a limited notice to proceed. We're in the final negotiations of our limited notice to proceed as well as our technology licensing agreement.

我認為近期我們可以藉鏡 RoPower 中提到的項目。我希望在四月份，我們幾乎——福陸公司在這方面與分包商處於領先地位。福陸的運作是在有限通知下進行的。我們正在就有限通知以及技術許可協議進行最後的談判。

So the timeline right now, hopefully, is by early April, we'll be doing a signing ceremony to kick off this project. So that one could be first out of shoot, or again, as I said before, I don't want to set an early expectation, but our project with Standard Power still continues to proceed.

所以現在的時間表，希望是在四月初，我們將舉行一個簽字儀式來啟動這個計畫。因此，一個可能是第一個退出拍攝的，或者再次，正如我之前所說，我不想設定早期的期望，但我們與標準電源的項目仍在繼續進行。

And then I will say I've never seen anything like it, this whole data center AI with some of the Tier 1 alphas in that industry, they need energy. And we're in discussions with not only Tier 1, but others. So timing is everything, but we're just seeing the market continue to build.

然後我會說我從來沒有見過這樣的事情，整個資料中心人工智慧以及該行業的一些一級阿爾法，他們需要能源。我們不僅正在與一級機構進行討論，還與其他機構進行討論。因此，時機就是一切，但我們只是看到市場繼續發展。

Okay. All right. Great. And then just last one for me, how should we be thinking about OpEx moving forward, especially given the recent headcount reduction?

好的。好的。偉大的。最後一個問題是，我們應該如何考慮營運支出的發展，特別是考慮到最近的員工人數減少？

If you think of the headcount reduction, what we did, we went from predominantly research and development over the years, which get us to the Nuclear Regulatory Commission licensing process and also helped us -- not only helped us, but allowed us to do all the modeling and the scaling up of our equipment. Now we're going into the commercialization and deployment, which some of it requires different skillsets.

如果你想到裁員，我們所做的事情，多年來我們從主要從事研究和開發，這讓我們進入了核管理委員會的許可程序，也幫助了我們——不僅幫助了我們，而且讓我們能夠做所有的事情我們設備的建模和放大。現在我們正在進入商業化和部署，其中一些需要不同的技能。

So what we are assured of, and what our customers have asked us, do you have the capacity to execute? And that's what the bottom line is. So we didn't -- we're not in a position that we're not -- we don't have those people to execute these initial projects. So I'm pretty secure we're not going to have a problem in that area.

那麼我們所保證的、客戶所要求的，你們有能力執行嗎？這就是底線。所以我們沒有——我們沒有處於這樣的位置——我們沒有那些人來執行這些初始項目。所以我非常確定我們在該領域不會遇到問題。

John, I may add to that idea is that as we went through this cost reduction exercise, what we did also was rightsize some of the general administrative costs within the company. And I think what you'll see is that as we start to generate revenues, we'll have less of that SG&A overhead and looking at a high rate of profitability. That's really what we're going for with that type of idea.

約翰，我想補充一點的是，在我們進行成本削減活動的同時，我們也調整了公司內部的一些一般管理成本。我認為你會看到的是，當我們開始產生收入時，我們的銷售管理費用和行政管理費用將會減少，並且利潤率會很高。這確實是我們想要實現的想法。

And when we mentioned the RIF, the reduction in force, as John had said, that we've maintained, I think, the core DNA of the intellectual capacity of the company. That was a very well-calibrated, very well-planned action. And so our OpEx, even today, remains very low. And I think we remain very nimble in our ability to scale as revenues come up, manage our margin, and really have a view towards cash.

當我們提到 RIF 時，正如約翰所說，我們保留了公司智力能力的核心 DNA。這是一場精心策劃、精心策劃的行動。因此，即使在今天，我們的營運支出仍然非常低。我認為，隨著收入的增加，我們的擴張能力、管理利潤以及真正對現金有看法的能力仍然非常靈活。

Okay. That makes sense. That's all for me. Thank you, guys.

好的。這就說得通了。這就是我的全部。感謝你們。

Ryan Pfingst, B. Riley Securities.

Ryan Pfingst，B. Riley 證券公司。

Hey, guys, thanks for taking my questions. The first one, looks like nuclear has been getting a lot of federal support in the news lately between the Atomic Energy Advancement Act and budget requests not only for '24, but for '25. Can you talk about how some of those initiatives that you've seen could impact NuScale and potential customers in the US?

嘿，夥計們，謝謝你回答我的問題。第一個，最近在《原子能進步法案》和 24 年以及 25 年的預算請求之間的新聞中，核能似乎得到了很多聯邦政府的支持。您能否談談您所看到的一些舉措會對 NuScale 和美國的潛在客戶產生怎樣的影響？

Absolutely. In fact, great question. We have both my COO and my General Counsel were on the Hill this week. There's a bill advancing in Congress that would allocate about $800 million through a competitive cost share award for not more than two SMR deployments in the US, also an additional $100 million for SMR manufacturing that can be deployed no later than 2030.

絕對地。事實上，這是一個很好的問題。我的營運長和總法律顧問本週都來到了國會。國會正在推進一項法案，該法案將透過競爭性成本分攤獎勵的方式撥款約8 億美元，用於在美國部署不超過兩個SMR，另外還額外撥款1 億美元用於不晚於2030 年部署的SMR 製造。

We're anticipating if it hasn't already been approved, to be approved. So the US government stays very strong behind this industry. And we also still continue to have very strong advocacy for the Department of State on international markets.

我們預計如果尚未獲得批准，將會獲得批准。因此，美國政府對這個產業保持著強而有力的支持。我們仍然繼續在國際市場上大力支持國務院。

Got it. That's helpful. And that kind of leads into my second question internationally. Last week, FuelCell Energy talked about its participation in a private public partnership related to ammonia production in Ukraine, where NuScale is expected to potentially supply the SMR. So I think the project was announced over a year ago, but their comments made it seem like its progressing. Is there anything to share from NuScale's end on that one?

知道了。這很有幫助。這引出了我在國際上的第二個問題。上週，FuelCell Energy 談到了其參與與烏克蘭氨生產相關的私人公共合作夥伴關係，預計 NuScale 可能會向烏克蘭供應 SMR。所以我認為這個項目是一年多前宣布的，但他們的評論讓它看起來像是在取得進展。NuScale 對此有什麼可以分享的嗎？

Yeah. That came about during COP27 at Sharm el-Sheikh, Egypt if you recall, I was on stage, it's John Hopkins with Secretary Kerry. And he announced that the US is going to assist Ukraine in deploying an American technology NuScale for the ammonia hydrogen production, nominally ammonia. And we're still in discussions.

是的。這是在埃及沙姆沙伊赫舉行的 COP27 期間發生的事情，如果你還記得的話，我在台上，約翰霍普金斯和克里國務卿。他也宣布，美國將協助烏克蘭部署美國技術 NuScale 來生產氨氫（名義上是氨）。我們仍在討論中。

Unfortunately, until the situation hits to the point that we can actually execute and the bombs stops falling, but we are still in negotiations with that consortium. It's amazing because you can well imagine the power requirements that's going to be required in the Ukraine at such a time that when we're allowed to get in. So does that help?

不幸的是，直到情況達到我們可以實際執行並且炸彈停止落下的地步，但我們仍在與該財團進行談判。這是令人驚奇的，因為你可以想像當我們被允許進入烏克蘭時，烏克蘭將需要什麼樣的電力需求。那麼這有幫助嗎？

Yeah, makes sense. Appreciate that color. I'll turn it back. Thanks, guys.

是的，有道理。欣賞那個顏色。我會把它轉回來。多謝你們。

We have no further questions in our queue at this time. I will now turn the call back over to John Hopkins for closing remarks.

目前我們的隊列中沒有其他問題。我現在將把電話轉回給約翰·霍普金斯，讓其致閉幕詞。

Yeah. Thank you very much. I just believe NuScale is still very well positioned as the first mover in the SMR space, and we're poised to commercialize and deliver clean energy at scale. Nuclear technology, we believe, is absolutely essential to powering the global energy transition. We also strongly believe we continue to be at the forefront of that effort with our work to deliver safe, scalable, and reliable carbon-free nuclear power.

是的。非常感謝。我只是相信 NuScale 作為 SMR 領域的先行者仍然處於非常有利的地位，並且我們已做好大規模商業化和提供清潔能源的準備。我們相信，核子技術對於推動全球能源轉型絕對至關重要。我們也堅信，我們將繼續走在這項努力的最前沿，致力於提供安全、可擴展和可靠的無碳核電。

And I want to thank everybody on the call today, and more to come. Thank you very much.

我要感謝今天參加電話會議的所有人，以及更多的感謝。非常感謝。

This concludes today's conference call. Thank you for your participation, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。