Stem Inc (STEM) 2023 Q1 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Stem Inc. First Quarter 2023 Conference Call. (Operator Instructions) The conference being recorded. (Operator Instructions) I would now like to turn the conference over to Ted Durbin, Vice President, Investor Relations. Please go ahead.

謝謝你的支持。這是會議接線員。歡迎來到 Stem Inc. 2023 年第一季度電話會議。 （操作員說明）正在錄製的會議。 （操作員說明）我現在想將會議轉交給投資者關係副總裁 Ted Durbin。請繼續。

Thank you, operator. This is Ted Durbin, Head of Investor Relations at Stem. Welcome to our first quarter 2023 earnings call.

謝謝你，運營商。我是 Ted Durbin，Stem 投資者關係主管。歡迎來到我們 2023 年第一季度的財報電話會議。

Before we begin, please note that some of the statements we will be making today are forward-looking. These matters involve risks and uncertainties that could cause our results to differ materially from those projected in these statements. We, therefore, refer you to our latest 10-Q and our other SEC filings.

在我們開始之前，請注意我們今天將要發表的一些聲明是前瞻性的。這些事項涉及風險和不確定性，可能導致我們的結果與這些聲明中預測的結果存在重大差異。因此，我們建議您參考我們最新的 10-Q 和我們向美國證券交易委員會提交的其他文件。

Our comments today also include non-GAAP financial measures. Additional details and reconciliations to the most directly comparable GAAP financial measures can be found in our earnings release. We will be using a slide presentation today. Our earnings release and presentation are on the Investor Relations portion of our website at www.stem.com.

我們今天的評論還包括非 GAAP 財務措施。可以在我們的收益發布中找到與最直接可比的 GAAP 財務指標的更多詳細信息和對賬。我們今天將使用幻燈片演示。我們的收益發布和介紹位於我們網站 www.stem.com 的投資者關係部分。

John Carrington, our CEO; and Bill Bush, CFO, will start the call today with prepared remarks. Mike Carlson, Chief Operating Officer; and Prakesh Patel, Chief Strategy Officer, will also be available for the question-and-answer portion of the call.

我們的首席執行官約翰卡靈頓；首席財務官比爾·布什 (Bill Bush) 將在今天的電話會議上發表事先準備好的講話。邁克·卡爾森，首席運營官；首席戰略官 Prakesh Patel 也將出席電話的問答部分。

Now I'll turn the call over to John.

現在我會把電話轉給約翰。

Thank you, Ted, and thank you all for joining us on the call today. Beginning with Slide 3 and the agenda for the discussion today, I'll review our first quarter 2023 results and highlights, followed by an overview of our commercial execution and recent business updates.

謝謝你，泰德，感謝大家今天加入我們的電話會議。從幻燈片 3 和今天的討論議程開始，我將回顧我們 2023 年第一季度的業績和亮點，然後概述我們的商業執行和最近的業務更新。

I'll then review our continued technology leadership and Athena execution. And following my remarks, I'll turn the call over to Bill Bush, who will discuss our financial results in more detail and speak to our recent convertible note offering.

然後，我將回顧我們持續的技術領先地位和 Athena 執行力。在我發言之後，我將把電話轉給比爾布什，他將更詳細地討論我們的財務業績，並談到我們最近的可轉換票據發行。

Now let's turn to Slide 4. Today, we reported strong first quarter results, including revenue of $67 million, up 63% versus first quarter 2022, which was above the high end of our guidance range. We reported another all-time record in contracted backlog, now over $1.2 billion. Bookings were up 141% year-over-year at $364 million.

現在讓我們轉到幻燈片 4。今天，我們報告了強勁的第一季度業績，包括 6700 萬美元的收入，比 2022 年第一季度增長 63%，高於我們指導範圍的高端。我們的合同積壓訂單再創歷史新高，現已超過 12 億美元。預訂量同比增長 141%，達到 3.64 億美元。

Our core services revenue grew 14% sequentially and contracted annual recurring revenue, or CARR, is up 10% since the fourth quarter of 2022. And lastly, non-GAAP gross margin was 19%, in line with our full-year guidance. We see these strong metrics as indicators of demand for our differentiated solutions and services.

我們的核心服務收入環比增長 14%，合同年度經常性收入 (CARR) 自 2022 年第四季度以來增長 10%。最後，非 GAAP 毛利率為 19%，符合我們的全年指引。我們將這些強大的指標視為對我們差異化解決方案和服務的需求指標。

Looking to the right side of the page, I'm excited to announce that Wood Mackenzie recognized Stem as the Largest Storage Virtual Power Plant Operator in North America. We're also continuing to see momentum in the EV charging space, including a recent project with Sysco.

查看頁面右側，我很高興地宣布 Wood Mackenzie 認可 Stem 為北美最大的存儲虛擬電廠運營商。我們還繼續看到電動汽車充電領域的發展勢頭，包括最近與 Sysco 的一個項目。

Bottom line, we are reaffirming our full-year guidance, which includes revenue growth of 65% at the midpoint and reaching EBITDA positive in the second half of this year. Accelerating services growth will be the key factor that helps us achieve our goals this year and for years to come.

最重要的是，我們重申了我們的全年指引，其中包括中點收入增長 65% 並在今年下半年實現 EBITDA 正值。加速服務增長將是幫助我們實現今年和未來幾年目標的關鍵因素。

Moving to Slide 5 and our continued commercial execution. I'm happy to report that we're seeing growth in services revenue in both the solar and storage aspects of the business. Storage services revenue increased 22% sequentially, and solar services revenue was up 7% sequentially.

轉到幻燈片 5 和我們繼續的商業執行。我很高興地報告，我們看到業務的太陽能和存儲方面的服務收入都在增長。存儲服務收入環比增長 22%，太陽能服務收入環比增長 7%。

Both figures exclude Project Services. This is a new disclosure, which helps isolate the software in our revenue stack. Project Services revenue tends to be more variable and tied to project timing.

這兩個數字均不包括項目服務。這是一項新披露，有助於將軟件隔離在我們的收入堆棧中。項目服務收入往往更加可變，並且與項目時間相關。

We reported another new record for contracted backlog, which was up 120% year-over-year, driven by strong first quarter 2023 bookings. We expect bookings growth to continue through the year as customers are increasingly standardizing on the Athena platform.

在 2023 年第一季度強勁的預訂量的推動下，我們報告了合同積壓訂單的另一個新紀錄，同比增長 120%。隨著客戶在 Athena 平台上的標準化程度越來越高，我們預計今年的預訂量將持續增長。

We are currently pursuing several significant software-only and professional services deals that we expect may close later this year. If executed, these deals will have several benefits for the company.

我們目前正在尋求一些重要的純軟件和專業服務交易，我們預計這些交易可能會在今年晚些時候完成。如果執行，這些交易將為公司帶來多項好處。

First, they will generate higher-margin software and services revenue. Second, they will provide revenue sooner rather than waiting for system commissioning. And third, because there will be very little hardware involved, our growth in software and services will not tie up cash on our balance sheet.

首先，它們將產生更高利潤的軟件和服務收入。其次，他們將更快地提供收入，而不是等待系統調試。第三，因為涉及的硬件很少，我們在軟件和服務方面的增長不會佔用我們資產負債表上的現金。

CARR grew 10% sequentially and is up 39% year-over-year. This is another demonstration of the differentiation and strength of our software offering.

CARR 環比增長 10%，同比增長 39%。這是我們軟件產品的差異化和優勢的又一次展示。

Turning to Page 6. On the solar side of the business, we've seen some evidence of improvement in supply chain issues, labor shortages and related regulatory actions. We are seeing improvements in 2023 and expect an upturn in 2024 as these issues work towards a resolution.

翻到第 6 頁。在業務的太陽能方面，我們已經看到供應鏈問題、勞動力短缺和相關監管行動有所改善的一些證據。我們看到 2023 年有所改善，並預計 2024 年會出現好轉，因為這些問題正在努力解決。

Our solar services revenue increased 4% since the fourth quarter of 2022, and our backlog is up 58% year-over-year, showing that we have turned a corner after many setbacks the industry faced in 2022.

自 2022 年第四季度以來，我們的太陽能服務收入增長了 4%，我們的積壓訂單同比增長 58%，這表明我們在 2022 年該行業面臨的許多挫折之後已經轉危為安。

Solar AUM returned to growth this quarter, another sign of recovery in the sector. We are beginning to capture the cross-sell opportunities we have previously discussed from our legacy solar customers, and we are extending the solar offerings into Stem's distributed channel relationships.

太陽能資產管理規模本季度恢復增長，這是該行業復甦的另一個跡象。我們開始抓住我們之前從傳統太陽能客戶那裡討論過的交叉銷售機會，並且我們正在將太陽能產品擴展到 Stem 的分佈式渠道關係中。

On the storage side, we continue to progress our high-margin e-mobility offering. We recently announced an exciting project with food distributor, Sysco, where we will integrate our Athena software into the Riverside EV Hub.

在存儲方面，我們繼續推進我們的高利潤電動汽車產品。我們最近宣布了一個與食品分銷商 Sysco 合作的激動人心的項目，我們將在該項目中將我們的 Athena 軟件集成到 Riverside EV Hub 中。

As Sysco noted, Athena is one of the key technologies integrating the charging infrastructure to optimize on-site energy assets, including solar and energy storage. This is also our first joint deployment with InCharge, a partnership we announced 3Q 2022.

正如 Sysco 指出的那樣，Athena 是整合充電基礎設施以優化現場能源資產（包括太陽能和儲能）的關鍵技術之一。這也是我們與 InCharge 的首次聯合部署，InCharge 是我們在 2022 年第三季度宣布的合作夥伴關係。

We continue to see strong growth in our core FTM markets. Developers are standardizing their projects on the Athena platform because of the differentiated economics we offer our customers. We will discuss the impact of our software on the success of these projects in subsequent slides.

我們繼續看到核心 FTM 市場的強勁增長。由於我們為客戶提供的差異化經濟，開發人員正在 Athena 平台上標準化他們的項目。我們將在後續幻燈片中討論我們的軟件對這些項目成功的影響。

Now turning to Slide 7. Supply chain is steadily improving. On the storage front, we have contracted hardware into 2024. We have begun to slow the growth of our purchasing activity as we position the business in line with long-term storage hardware revenue growth of 25% to 35%.

現在轉到幻燈片 7。供應鏈正在穩步改善。在存儲方面，我們已將硬件承包到 2024 年。我們已開始放慢採購活動的增長，因為我們將業務定位為與 25% 至 35% 的長期存儲硬件收入增長保持一致。

We continue to target 65% to 85% growth of our services in 2023 and future years. This is consistent with what we presented at our Investor and Analyst Day in September 2022. Our modular ESS solution, which is targeted for our largest partner projects, will lead to the company being less reliant on contracting significant hardware supply.

我們的目標是在 2023 年和未來幾年將我們的服務增長 65% 到 85%。這與我們在 2022 年 9 月的投資者和分析師日上展示的內容一致。我們的模塊化 ESS 解決方案針對我們最大的合作夥伴項目，將減少公司對承包大量硬件供應的依賴。

These customers are asking for sourcing flexibility, reduced working capital usage and enables us to drive additional software and services. Bill and I were in China meeting with the largest OEMs for nearly 2 weeks in March and plan on adding multiple Tier 1 hardware vendors.

這些客戶要求採購靈活性、減少營運資金使用並使我們能夠推動更多軟件和服務。比爾和我 3 月份在中國與最大的原始設備製造商會面了將近 2 週，併計劃增加多個一級硬件供應商。

As I mentioned on the previous slide, solar supply chain is improving. There have been solid installation growth amongst our solar BTM customers. Our FTM customers are still facing some supply chain constraints, which has caused revenue conversion in that segment to lag. But we are seeing strong bookings here as conditions are expected to improve.

正如我在上一張幻燈片中提到的，太陽能供應鏈正在改善。我們的太陽能 BTM 客戶的裝機量穩步增長。我們的 FTM 客戶仍然面臨一些供應鏈限制，這導致該領域的收入轉化滯後。但我們看到這裡的預訂量很大，因為情況預計會有所改善。

Turning to Slide 8 in our technology leadership, continued strong performance across markets. In ISO New England, we cleared 72% more megawatts in the most recent auction for forward capacity versus the prior auction. The auction cleared at $2.59 per kilowatt month across the region and expect to clear even more capacity in the next auction.

轉向我們技術領先地位的 Slide 8，在整個市場上繼續保持強勁表現。在 ISO 新英格蘭，與之前的拍賣相比，我們在最近的遠期容量拍賣中清除了 72% 的兆瓦。該地區的拍賣以每千瓦月 2.59 美元的價格清算，預計在下一次拍賣中將清算更多容量。

Athena continues to control leading market share of grid energy storage in that region, and this capacity will support the transition to clean energy for decades to come.

雅典娜繼續控制著該地區電網儲能的領先市場份額，這種能力將支持未來幾十年向清潔能源的過渡。

In California, site events were up 110% year-over-year and demand response calls were up 250% year-over-year. We are providing more support for the grid every year. Importantly, we saw no degradation in performance, despite this increased call activity.

在加利福尼亞州，現場活動同比增長 110%，需求響應電話同比增長 250%。我們每年都在為電網提供更多支持。重要的是，儘管呼叫活動有所增加，但我們沒有看到性能下降。

Internally, we continue to innovate and adapt Athena with the mission of being at the leading edge of development. We are leveraging AI-assisted coding to increase productivity and look forward to discussing the impact of these initiatives in subsequent quarters.

在內部，我們以處於發展前沿的使命繼續創新和改造 Athena。我們正在利用人工智能輔助編碼來提高生產力，並期待在隨後的幾個季度討論這些舉措的影響。

We are also investing in improving our day-ahead power forecasting capabilities to generate more value for our customers. Our AI-driven software benefits from a growing data advantage as well. We run approximately 8,000 simulations per month, which means Athena gets smarter and more accurate with real-world assets that drives better results for our customers.

我們還在投資改進日前的電力預測能力，為我們的客戶創造更多價值。我們的人工智能驅動軟件也受益於不斷增長的數據優勢。我們每月運行大約 8,000 次模擬，這意味著 Athena 變得更智能、更準確地使用真實世界的資產，從而為我們的客戶帶來更好的結果。

Lastly, Athena continues to be independently validated as the industry leader, most recently by Wood Mackenzie, which recognized Stem as the Largest Virtual Power Plant Operator in North America. Wood Mackenzie's VPP market report highlights Stem's 2.5 gigawatt hours of contracted storage assets under management across 14 different grid territories and the most among VPP operators.

最後，Athena 繼續被獨立驗證為行業領導者，最近由 Wood Mackenzie 確認，Stem 被認可為北美最大的虛擬電廠運營商。 Wood Mackenzie 的 VPP 市場報告重點介紹了 Stem 在 14 個不同電網地區管理的 2.5 吉瓦時合同儲能資產，在 VPP 運營商中是最多的。

Athena is at the heart of Stem's VPPs and provides granular actionable energy asset insights, coupled with automated intelligent dispatch capabilities that help maximize the value of renewable energy assets. Our record-setting and expanding storage software offerings are a testament to the value that Stem's premier technology and services delivered to our customers.

Athena 是 Stem 的 VPP 的核心，提供細粒度的可操作能源資產洞察力，以及有助於最大化可再生能源資產價值的自動化智能調度功能。我們創紀錄和不斷擴展的存儲軟件產品證明了 Stem 一流的技術和服務為我們的客戶提供的價值。

And now I'll turn the call over to Bill Bush, our Chief Financial Officer, on our financial and operating results.

現在，我將就我們的財務和經營業績向我們的首席財務官比爾·布什 (Bill Bush) 轉達電話。

Thanks, John. Starting on Page 10 with our results for the first quarter 2023. As John mentioned, we reported revenue of $67 million, which was a 63% increase versus the $41 million in first quarter 2022. First quarter revenue was above the top end of our guidance.

謝謝，約翰。從第 10 頁開始，我們公佈了 2023 年第一季度的業績。正如 John 所提到的，我們報告的收入為 6700 萬美元，比 2022 年第一季度的 4100 萬美元增長了 63%。第一季度收入高於我們指導的上限.

Most of the revenue growth this quarter came from storage sales, with growth of $5 million from solar sales. We recognized approximately $15 million of high-margin services revenue, representing 22% of total revenue for the quarter. Software Services revenue increased 14% sequentially.

本季度的大部分收入增長來自存儲銷售，太陽能銷售增長了 500 萬美元。我們確認了大約 1500 萬美元的高利潤服務收入，佔本季度總收入的 22%。軟件服務收入環比增長 14%。

Our GAAP gross margin was $1 million or 1% down from the 9% in the same quarter last year. Non-GAAP gross margin was $15 million, up from $6.5 million in the first quarter of last year due to higher revenues and the increased mix of software and services revenue.

我們的 GAAP 毛利率為 100 萬美元，比去年同期的 9% 下降了 1%。非 GAAP 毛利率為 1500 萬美元，高於去年第一季度的 650 萬美元，原因是收入增加以及軟件和服務收入組合增加。

On a percentage basis, non-GAAP gross margin was 19% in the quarter, up from 16% last year. The difference between our GAAP and non-GAAP gross margin this quarter includes approximately $10 million classified as constrained revenue. Our GAAP results reflect 100% of the cost of the battery and the cost of goods sold, but only a portion of the revenue for those certain contracts.

按百分比計算，本季度非美國通用會計準則毛利率為 19%，高於去年的 16%。本季度我們的 GAAP 毛利率與非 GAAP 毛利率之間的差異包括約 1000 萬美元的受限收入。我們的 GAAP 結果反映了 100% 的電池成本和銷售商品成本，但僅反映了這些特定合同的部分收入。

The constrained revenue represents the additional revenue we could realize, based on the price of a third-party commodity index forecast for lithium carbonate. We have capped our downside within the next floor and we may ultimately adjust revenue up or down, depending on the index.

受限收入代表我們可以實現的額外收入，基於碳酸鋰的第三方商品指數預測價格。我們已將下行空間限制在下一層，我們最終可能會根據指數向上或向下調整收入。

See our statements on non-GAAP measures in our earnings press release for discussions of adjustments to non-GAAP gross margin. Net loss was $45 million versus a net loss of $22 million in the same quarter last year. Lastly, adjusted EBITDA was a negative $14 million versus a negative $13 million in the same quarter last year.

有關非 GAAP 毛利率調整的討論，請參閱我們的收益新聞稿中關於非 GAAP 措施的聲明。淨虧損為 4500 萬美元，而去年同期為淨虧損 2200 萬美元。最後，調整後的 EBITDA 為負 1400 萬美元，而去年同期為負 1300 萬美元。

We are executing on our initiatives to drive operating leverage, including the expansion of the team in India, and we continue to drive down our cash OpEx as a percentage of revenue. We remain on track for full-year adjusted EBITDA guidance.

我們正在執行我們的舉措來提高運營槓桿，包括擴大在印度的團隊，我們繼續降低我們的現金運營支出佔收入的百分比。我們仍有望實現全年調整後的 EBITDA 指引。

Turning now to Slide 11 for a look at our operating metrics. Backlog more than doubled year-over-year and increased 28% on a sequential basis to $1.2 billion. The largest driver of the backlog increase was $364 million of bookings in the quarter.

現在轉到幻燈片 11 查看我們的運營指標。積壓訂單同比增長一倍以上，環比增長 28% 至 12 億美元。積壓增加的最大驅動因素是本季度 3.64 億美元的預訂。

End market customer demand remained strong with significant increase year-over-year in bookings, with increasing gross margins in both pipeline and backlog. We believe the backlog gives us good revenue and margin visibility in the short and medium term, that is for the back half of 2023 and into 2024.

終端市場客戶需求依然強勁，預訂量同比大幅增長，管道和積壓訂單的毛利率均有所提高。我們認為，積壓訂單在短期和中期為我們提供了良好的收入和利潤率可見性，即 2023 年下半年和 2024 年。

Our AUM on the storage side of our business grew from 3.1 gigawatt hours in the fourth quarter of 2022 to 3.5 gigawatt hours in the first quarter of 2023. That's a 13% sequential increase, driven by our strong commercial momentum.

我們在業務存儲方面的 AUM 從 2022 年第四季度的 3.1 吉瓦時增長到 2023 年第一季度的 3.5 吉瓦時。在我們強勁的商業勢頭的推動下，環比增長了 13%。

Our operating AUM in the solar asset performance monitoring side of our business ended the quarter at 25.6 gigawatts, up about 600 megawatts. The industry is beginning to recover, and the increase in AUM is evidence of this momentum. We've been successful in migrating customers from our legacy applications onto the core PowerTrack platform.

我們業務的太陽能資產性能監控方面的運營 AUM 在本季度結束時為 25.6 吉瓦，增加了約 600 兆瓦。該行業開始復蘇，AUM 的增加就是這種勢頭的證明。我們已經成功地將客戶從我們的遺留應用程序遷移到核心 PowerTrack 平台。

Turning to Slide 12. I want to walk through our recent Green Convertible Senior Note offering. On April 3, we issued $240 million of Green Convertible Senior Notes. The net proceeds from the offering were $234 million. $106 million of the proceeds went straight to the balance sheet as cash.

轉到幻燈片 12。我想介紹一下我們最近發行的綠色可轉換高級票據。 4 月 3 日，我們發行了 2.4 億美元的綠色可轉換優先票據。此次發行的淨收益為 2.34 億美元。 1.06 億美元的收益直接以現金形式進入資產負債表。

$100 million was used to repurchase and retire $163 million of principal of the 2028 convertible notes, which were trading at a deep discount. And $28 million were used to purchase capped calls to reduce potential equity dilution with a conversion price of $11.18 per share.

1 億美元用於回購和收回 2028 年可轉換票據的 1.63 億美元本金，這些票據以大幅折扣交易。 2800 萬美元用於購買上限看漲期權，以每股 11.18 美元的轉換價減少潛在的股權稀釋。

This convert put us in a stronger cash position and extends our debt maturity schedule. And importantly, it also puts us in a stronger position with the supply chain to improve hardware pricing and payment terms. The transaction also resulted in an overall decrease in net debt.

這種轉換使我們處於更強大的現金狀況並延長了我們的債務到期時間表。重要的是，它還使我們在供應鏈中處於更有利的地位，以改善硬件定價和付款條件。該交易還導致淨債務整體減少。

Turning to Slide 13 and our 2023 guidance. As John mentioned earlier, we are reaffirming our guidance for the full year 2023, and we are off to a great start. We are well positioned across all of our metrics for a successful year.

轉向幻燈片 13 和我們的 2023 年指南。正如約翰之前提到的，我們重申了我們對 2023 年全年的指導，我們有了一個良好的開端。我們在所有指標上都處於成功的一年。

We've had strong growth in software services for the quarter and expect a 75% service revenue growth this year, as previously discussed. We are also focused on converting backlog to revenue and continuing to improve our operating leverage while reducing working capital usage.

如前所述，本季度我們的軟件服務增長強勁，預計今年服務收入將增長 75%。我們還專注於將積壓訂單轉化為收入，並在減少營運資金使用的同時繼續提高我們的運營槓桿。

And with that, let me turn the call back to John for some closing remarks.

說到這裡，讓我把電話轉回給約翰，聽取一些結束語。

Thanks, Bill. Wrapping up on Slide 14 with our key takeaways. We closed the first quarter of 2023 with strong performance and momentum. Revenue was at the high end of guidance, and we set another record for backlog and CARR growth.

謝謝，比爾。用我們的關鍵要點結束幻燈片 14。我們以強勁的業績和勢頭結束了 2023 年第一季度。收入處於指導的高端，我們在積壓訂單和 CARR 增長方面再創新高。

We began the year in a strong position with double-digit quarterly growth in software and services, with large software deals in the pipeline, advancing our capital-light modular ESS offering, recent e-mobility, bookings validate differentiated Stem software value and our partnering strategy and finally, technology leadership with continued third-party validation.

今年年初，我們在軟件和服務方面取得了兩位數的季度增長，大型軟件交易正在進行中，推進了我們的輕資本模塊化 ESS 產品、最近的電動汽車、預訂驗證了差異化的 Stem 軟件價值和我們的合作夥伴關係戰略，最後是技術領先地位，持續進行第三方驗證。

We're in a great position to achieve our full year 2023 guidance and reaffirm full-year estimates. With that, I want to thank all of our stakeholders, our customers, channel partners, suppliers, shareholders and employees. And now let's open the line for questions, please.

我們處於實現 2023 年全年指導並重申全年估計的有利位置。藉此，我要感謝我們所有的利益相關者、我們的客戶、渠道合作夥伴、供應商、股東和員工。現在讓我們打開提問熱線。

(Operator Instructions) The first question comes from Andrew Percoco from Morgan Stanley.

（操作員說明）第一個問題來自摩根士丹利的 Andrew Percoco。

Sorry. His line dropped. So the next question comes from Brian Lee from Goldman Sachs.

對不起。他的電話線掉了。所以下一個問題來自高盛的 Brian Lee。

First one, maybe for you, John, you mentioned a couple of times during the prepared remarks and software-only opportunities that you have pretty good visibility into. Can you kind of level set us as to where your software-only mix is a day, whether you define it on a revenue basis or on a backlog basis?

第一個，也許對你來說，約翰，你在準備好的評論和純軟件機會中提到了幾次，你對這些機會有很好的了解。您能否讓我們了解您的純軟件組合一天的情況，無論您是根據收入還是積壓來定義它？

And then the ones that you have visibility into in the back half of the year, maybe just a sense of kind of scale of those opportunities, if they're FTM, BTM. And then also to the extent that clearly, they're going to be higher margin, given they are software only, is there any potential that they pull forward some of your profitability targets if those do hit as you're hoping to execute on?

然後是你在今年下半年看到的那些，如果它們是 FTM、BTM，也許只是對這些機會的一種規模感。然後在某種程度上，很明顯，考慮到它們只是軟件，它們的利潤率會更高，如果它們確實達到了您希望執行的目標，它們是否有可能提前實現您的一些盈利目標？

Yes. Thanks, Brian. A couple of things. I'd say, number one, that the software service-only deals are definitely on the uptake. We expect -- we see the pipeline growing significantly, but didn't announce any bookings this quarter. Obviously, when these deals are booked, we'll provide more details.

是的。謝謝，布萊恩。幾件事。我要說的是，第一，軟件服務交易肯定會被接受。我們預計 - 我們看到管道顯著增長，但本季度沒有宣布任何預訂。顯然，當這些交易被預訂時，我們將提供更多細節。

I would say, from a regional perspective, it's similar to our existing markets, the ERCOT, [CISOs]. And I would say that we baked into the backlog guidance, but not to revenue, for 2023. So we'll just see how the balance of the year plays out. Obviously, it will be enhanced margins as it relates to the hardware side, and it's what we've talked about quite a bit. It's directionally where we want to take the business.

我想說，從區域的角度來看，它類似於我們現有的市場，ERCOT，[CISO]。我想說的是，我們考慮到了 2023 年的積壓工作指導，但沒有考慮到收入。因此，我們將看看今年的餘額如何發揮作用。顯然，這將增加與硬件方面相關的利潤率，這就是我們已經討論過的話題。這是我們想要開展業務的方向。

And you heard in Bill's prepared remarks, the hardware piece, you're going to see us -- you'll see some decline in that, particularly around this modular ESS. And we really like that product as well because we'll see additional software services specifically around that as well. So I don't know if I capture anything? Was there anything else that I missed, Bill? I think we got it. Okay.

你在 Bill 準備好的發言中聽到了硬件部分，你會看到我們——你會看到這方面有所下降，特別是圍繞這個模塊化 ESS。我們也非常喜歡該產品，因為我們還將看到專門圍繞該產品提供的其他軟件服務。所以我不知道我是否捕捉到任何東西？比爾，還有什麼我錯過的嗎？我想我們明白了。好的。

That's helpful. And then maybe just one follow-up for Bill. I appreciate the additional color and overview of the capital raise and kind of the motivation behind it.

這很有幫助。然後也許只是比爾的一個後續行動。我很欣賞融資的額外色彩和概述以及其背後的動機。

Can you speak to maybe just in the environment we're in with some of your customers maybe not being the largest investment-grade-rated counterparties out there? Like what the general situation is as you've been talking to them over the past couple of months in the midst of all this banking turmoil, working capital payment term things?

您能否談談我們所處的環境，您的一些客戶可能不是那裡最大的投資級評級對手方？就像你在過去幾個月裡在所有這些銀行業動盪中與他們交談的一般情況一樣，營運資金支付期限的事情？

Anything that you see having to sort of shift a little bit and maybe how your new capital that you raised or maybe help see along on that front? Just trying to better understand the working capital ins and outs and how maybe some of the capital raise was also positioned to help you there.

您看到的任何事情都必須稍微改變一點，也許您籌集的新資金或可能幫助您在這方面取得進展？只是想更好地了解營運資金的來龍去脈，以及一些融資可能如何幫助你實現目標。

Yes. Thanks, Brian. Appreciate the question. So I think a couple of pieces there. Certainly, there's been well-documented turmoil in the, say, in the regional banking market, I think that it certainly looks like that's going to continue for a little bit. And that is a source of working capital loans and short-term loans for some of our customers.

是的。謝謝，布萊恩。感謝這個問題。所以我想那裡有幾件。當然，在區域銀行市場等方面存在有據可查的動盪，我認為這種情況肯定會持續一段時間。這是我們一些客戶的流動資金貸款和短期貸款的來源。

I think we're fortunate, in that our largest customers, which drive the biggest part of our businesses, tend to be backed by large institutional asset owners. Some of the names that we've mentioned in the past. And so I think that from that standpoint, those guys tend to be much better capitalized.

我認為我們很幸運，因為我們最大的客戶推動了我們業務的最大部分，往往得到大型機構資產所有者的支持。我們過去提到過的一些名字。所以我認為，從這個角度來看，這些人的資本往往要好得多。

So I think much like we talked about when we did the convert for us, that capital is really to help out, say, some of the partners that we work with that are smaller, but most of the business actually runs through the large industrial asset owners. So we feel fairly insulated from that.

所以我認為就像我們為我們進行轉換時所說的那樣，資本確實是為了幫助我們合作的一些規模較小的合作夥伴，但實際上大部分業務都貫穿於大型工業資產擁有者。所以我們覺得與此完全隔絕。

I'd say like $100 million to the balance sheet, obviously, we like that. But we have to be careful with that capital because it's not limitless in any way. And so we're taking a close look at where we are from a product standpoint and staying really close with our partners to make sure that we're advancing things in the way that we would expect.

我想對資產負債表說 1 億美元，顯然，我們喜歡這樣。但我們必須謹慎對待這筆資金，因為它在任何方面都不是無限的。因此，我們正在從產品的角度仔細審視我們所處的位置，並與我們的合作夥伴保持密切聯繫，以確保我們以我們期望的方式推進事情。

And so far, we haven't seen any significant issues. So as of this date, we have not used any of that capital yet.

到目前為止，我們還沒有看到任何重大問題。因此，截至目前，我們還沒有動用任何資金。

The next question comes from Andrew Percoco from Morgan Stanley.

下一個問題來自摩根士丹利的 Andrew Percoco。

Just wanted to start maybe on a comment that was made last quarter around operating AUM doubling this year out of the contract and into the operating bucket, just love to hear how that's trended this quarter. And any context you can provide in terms of how that might trend in the second quarter and throughout the remainder of the year?

只是想從上個季度關於今年運營 AUM 從合同中翻倍並進入運營桶的評論開始，我很想听聽本季度的趨勢。關於第二季度和今年餘下時間的趨勢如何，您可以提供任何背景信息嗎？

Yes. So thanks, Andrew, for the question. I appreciate that. So I think the numbers, in some ways, speak for themselves. I mean, we had a fairly interesting sequential increase in services revenue over the last quarter, that's definitely indicative of us being able to turn systems on the way that we expect.

是的。謝謝安德魯提出的問題。我很感激。所以我認為，在某些方面，這些數字不言自明。我的意思是，我們在上個季度的服務收入有一個相當有趣的連續增長，這絕對錶明我們能夠按照我們預期的方式打開系統。

We're on track for meeting that goal. And so we're happy with that. I think clearly, something we have to be monitored closely in terms of interconnection. Permitting those tend to be the two longest issues or let's say, the long poles in the tent.

我們正朝著實現這一目標邁進。所以我們對此很滿意。我想清楚了，我們必須在互連方面進行密切監控。允許這些往往是兩個最長的問題，或者說，帳篷裡的長桿。

So -- and most of that is probably going to happen in the second half of the year just because that's the kind of the more standard time frames associated with having projects come online.

所以——其中大部分可能會在今年下半年發生，因為這是與項目上線相關的更標準的時間框架。

But I think that we expect to continue to see service and -- software and services revenue continue to increase, just like we have the last 3 quarters sequentially. And that's definitely reflective of us being able to bring systems online and increase the operating AUM.

但我認為我們希望繼續看到服務和 - 軟件和服務收入繼續增長，就像我們連續三個季度一樣。這絕對反映了我們能夠使系統聯機並增加運營 AUM。

Great. That's very helpful. And maybe just one quick follow-up on some commentary made earlier in the prepared remarks around supply chain management and talking through some of these Tier 1 battery suppliers that you may be adding.

偉大的。這很有幫助。也許只是對早些時候在有關供應鏈管理的準備好的評論中所做的一些評論的快速跟進，並通過您可能添加的一些一級電池供應商進行討論。

Can you just talk to maybe what you're thinking in terms of onshoring some of that supply chain? Any discussions that you're having here in the U.S. in terms of maybe being an anchor tenant for some of those suppliers?

你能談談你在外包某些供應鏈方面的想法嗎？您在美國就可能成為其中一些供應商的主要租戶進行過任何討論嗎？

Yes. That's definitely an area that Mike Carlson, who's with us here today, and I work quite closely on. It's definitely something that we are paying a lot of attention to. I think right now, most of our supply comes either from Tesla here in the U.S. or a number of different Chinese manufacturers.

是的。這絕對是今天與我們在一起的 Mike Carlson 和我密切合作的領域。這絕對是我們非常關注的事情。我認為現在，我們的大部分供應來自美國的特斯拉或許多不同的中國製造商。

And there's been a lot of announcements, and we've had a lot of, I would say, a substantive conversations with folks that are looking at bringing battery capacity into the states. We just haven't yet seen any groundbreakings.

已經發布了很多公告，我想說的是，我們與正在考慮將電池容量引入各州的人們進行了很多實質性對話。我們只是還沒有看到任何突破性的進展。

We're really kind of -- it hasn't proceeded, at least as we're aware of, much past conversations about doing things. But it's something that we're very interested in and certainly could be an important part of our total battery supply in the coming years.

我們真的有點 - 它沒有繼續，至少正如我們所知道的那樣，過去很多關於做事的對話。但這是我們非常感興趣的東西，並且肯定會在未來幾年成為我們總電池供應的重要組成部分。

I think the issue right now is that most of those plants are looking in kind of 2024, really late 2024 installations, which will probably mean batteries in kind of mid-2025. So it's definitely a conversation that we're having. But unfortunately, just yet, it's not a near-term issue.

我認為現在的問題是，這些工廠中的大多數都在尋找 2024 年的安裝時間，實際上是 2024 年末的安裝時間，這可能意味著電池將在 2025 年中期安裝。所以這絕對是我們正在進行的對話。但不幸的是，這還不是近期的問題。

The next question comes from Biju Perincheril from Susquehanna.

下一個問題來自 Susquehanna 的 Biju Perincheril。

Just a couple of questions around the index price contracts. Can you just give a little more color when is that system coming on? And also, how you're sort of mitigating your cost exposure there? And should we think of the possible outcome on -- is the $34 million that you referenced, is that sort of a floor price looked into that contract?

關於指數價格合約的幾個問題。您能否在該系統何時運行時提供更多顏色？而且，您如何減輕那裡的成本風險？我們是否應該考慮可能的結果——您提到的 3400 萬美元，是該合同的底價嗎？

Yes. Thanks, Biju, for the question. So a couple of points there. The contract will resolve itself in basically the measurement period in the middle of the first quarter of 2024 and would get reflected in the books of the company as of the end of 2023. So that all resolved this year.

是的。謝謝 Biju 的提問。所以有幾點。該合同將在 2024 年第一季度中期基本上在衡量期間自行解決，並將在 2023 年底反映在公司賬簿中。所以今年都解決了。

I think it's -- the way the contract is set up in terms of COGS from the standpoint of our books, we've recorded 100% of the cost of the material. So there's no variability when it comes to the cost. It Is all a revenue adjustment, depending on what happens with the index.

我認為這是——從我們賬簿的角度來看，合同是根據 COGS 制定的，我們已經記錄了 100% 的材料成本。因此，在成本方面沒有可變性。這完全是收入調整，具體取決於指數的變化。

The reason that we did it really was we wanted to make sure that we had certainty in terms of our ability to move the equipment off of our balance sheet, which is a primary focus of ours, and at the same time, preserve some ability, assuming that the index moves in the way that is currently being forecast that we wouldn't give up all of that upside. And so that's really the basics behind what we did.

我們這樣做的真正原因是我們想確保我們有能力將設備從資產負債表中移出，這是我們的主要關注點，同時保留一些能力，假設該指數按照目前預測的方式移動，我們不會放棄所有的上行空間。所以這真的是我們所做工作背後的基礎。

Okay. That's helpful. And then maybe a follow-up. Can you talk about the Athena platform and the trading portion of that in ERCOT 1 when that is going to be active? And how do you sort of expect your business to evolve in ERCOT 1 study active?

好的。這很有幫助。然後也許是後續行動。你能談談 Athena 平台和 ERCOT 1 中的交易部分嗎？您如何期望您的企業在 ERCOT 1 study active 中發展？

Yes. Biju, it's John Carrington. I expect that will be active this year. And as we've talked in the past, ERCOT is one of our largest front-of-the-meter markets.

是的。 Biju，是約翰·卡靈頓。我預計今年會很活躍。正如我們過去所說，ERCOT 是我們最大的儀表前端市場之一。

It's been a great market for us, particularly in light of some of the solar module delays that we saw earlier -- middle of last year and into the second half because most of those are stand-alone, if not all of those are stand-alone storage, [9 9] as we like to call them because there's a faster permitting cycle when it's sub-10 megawatts.

這對我們來說是一個很好的市場，特別是考慮到我們之前看到的一些太陽能組件延遲——去年年中和下半年，因為其中大部分都是獨立的，如果不是所有這些都是獨立的——單獨存儲，[9 9] 我們喜歡這樣稱呼它們，因為當它低於 10 兆瓦時，許可週期會更快。

So we'll continue to grow in that market. It's an exciting market for us. And again, the Athena platform will be up and running this year.

因此，我們將繼續在該市場增長。這對我們來說是一個令人興奮的市場。同樣，Athena 平台將於今年啟動並運行。

The next question comes from Julien Dumoulin-Smith from Bank of America.

下一個問題來自美國銀行的 Julien Dumoulin-Smith。

Just want to clarify on pro-serv. I see the disclosed quarterly dynamic. I wanted to talk about sort of how lumpy that is. And how you think about the seasonality of that? Again, I get that there's a certain level of just, "Hey, when the contract comes in or what it do," you're going to recognize it.

只是想澄清親服務。我看到了披露的季度動態。我想談談那是多麼的塊狀。你如何看待它的季節性？再一次，我知道有一定程度的公正，“嘿，當合同進來或它做什麼時，”你會認出它。

But can you talk a little bit about the seasonality? Obviously, the business overall has a pretty meaningful seasonality to it? And how should we expect it through the cadence of this year as you continue to ramp that business up?

但是你能談談季節性嗎？顯然，業務整體具有相當有意義的季節性嗎？隨著您繼續擴大該業務，我們應該如何期待今年的節奏？

Yes. Thanks, Julien, for the question. I think the seasonality is really going to track to the natural cycle of the construction projects themselves, which means that you're going to see a lot of projects looking for a summer start and then gearing back up again in the fall. And so I think we're going to see kind of where is -- like our standard business is much more back-end loaded.

是的。謝謝朱利安提出的問題。我認為季節性真的會追踪建築項目本身的自然週期，這意味著你會看到很多項目都在尋找夏季開工，然後在秋季重新啟動。因此，我認為我們將看到一些地方——就像我們的標準業務更多地加載後端一樣。

I think you're going to see, particularly over time as the AUM continues to increase, you're going to see more pro-serv in the first part of the year, let's say, call it, the first trimester and then the third trimester of the year. I think that's going to -- which really tracks the basic construction cycle, which is absolutely tied into what we're doing.

我想你會看到，特別是隨著時間的推移，隨著 AUM 的不斷增加，你會在今年上半年看到更多的專業服務，比方說，第一季度，然後是第三季度一年中的三個月。我認為這將真正追踪基本的建設週期，這與我們正在做的事情絕對相關。

And so I mean, the good news is that we've continued to see increases in our software services revenue. We had a nice quarter sequential growth again this quarter in the first quarter. And we expect to continue to see that.

所以我的意思是，好消息是我們的軟件服務收入繼續增長。我們在第一季度的本季度再次實現了良好的季度連續增長。我們希望繼續看到這一點。

I think the lumpiest part of the business, as it relates to the services line item in total, is going to be on the project services. I think that's one where, say, in the fourth quarter, you can see that we had some interesting revenues there.

我認為業務中最笨重的部分，因為它與服務項目相關，將在項目服務上。我認為這是一個地方，比如說，在第四季度，你可以看到我們在那裡有一些有趣的收入。

We had no revenues this quarter. We expect to see much more revenue on that line in the coming quarters. And that, I think, is going to be the lumpiest part of where we are, though.

我們本季度沒有收入。我們預計在未來幾個季度，這條線路的收入會增加很多。不過，我認為，這將是我們所處位置中最笨拙的部分。

Got it. And then within that 75% growth rate you guys just reaffirmed, how are you tracking within software versus kind of the broad services bucket, if you will, on this year, if you can break that out?

知道了。然後在你們剛剛重申的 75% 的增長率內，你們如何在軟件與廣泛的服務範圍內進行跟踪，如果你們願意，在今年，如果你們能打破它？

Yes, we're definitely tracking to the 75%. I think we're -- I think we have said multiple times that we expect to see that growth, which would get us into a high 80s, kind of low 90s total services revenue number, and we're on track to be able to do that. .

是的，我們肯定會追踪到 75%。我認為我們 - 我認為我們已經多次說過我們希望看到這種增長，這將使我們進入 80 年代的高水平，90 年代的低水平服務總收入數字，我們有望能夠去做。 .

The next question comes from Thomas Boyes from TD Cowen.

下一個問題來自 TD Cowen 的 Thomas Boyes。

Maybe first, I just wanted to kind of get your feelings on utilities scale solar market. As it recovers this year, we've seen some third-party data that suggested it's still recovering, but it's a bit more muted than when we had last spoken with the 4Q results.

也許首先，我只是想了解一下您對公用事業規模太陽能市場的看法。隨著今年的複蘇，我們看到一些第三方數據表明它仍在復蘇，但比我們上次談到第四季度結果時要溫和一些。

And so I was wondering if you could let me know how that kind of impacts the -- also Energy business, I think you're talking about maybe 20% to 40% growth in the solar part. And I was just wondering if that's still kind of the case?

所以我想知道你是否可以讓我知道這對能源業務有何影響，我想你說的是太陽能部分可能增長 20% 到 40%。我只是想知道情況是否仍然如此？

Yes, I'd say on the -- it's John Carrington, Thanks. I'd say on the AE side, as it relates to behind the meter, we're seeing solid momentum and strength there. On the front of the meter, there's very strong bookings, and we feel good about that aspect.

是的，我會說——是約翰·卡林頓，謝謝。我會說在 AE 方面，因為它與儀表後面有關，我們在那裡看到了堅實的勢頭和力量。在儀表的前面，有非常多的預訂，我們對這方面感覺很好。

Thomas, I'd say that there is a little bit of a revenue lag as projects have been delayed. We're not seeing cancellations incidentally. But there's still the ongoing permitting slowness and interconnection.

托馬斯，我想說的是，由於項目被推遲，收入有點滯後。我們不是偶然看到取消的。但是仍然存在持續的緩慢和互連。

But beyond that, we do -- as we said in the prepared remarks, we do feel good about solar in general, C&I certainly, from a recovery standpoint, is well underway. And again, from a utility standpoint, it's less than 20% of also Energy's overall business.

但除此之外，我們確實這樣做了——正如我們在準備好的發言中所說，我們確實對太陽能總體感覺良好，C&I 當然，從復甦的角度來看，正在順利進行。而且，從公用事業的角度來看，它還不到 Energy 整體業務的 20%。

That's helpful. And then just to follow up on the kind of the constrained revenue portion. Is this with a specific customer or more like a broader approach that we could see more of over time? Or is it just something in isolation?

這很有幫助。然後只是跟進受約束的收入部分的種類。這是針對特定客戶還是更像是我們可以隨著時間的推移看到更多的更廣泛的方法？或者它只是孤立的東西？

It's with a particular customer, and we don't expect to see this over time.

它與特定客戶有關，我們不希望隨著時間的推移看到這種情況。

Got it. And then just quick one last one in here, just on the software-only opportunities. Is all of this with kind of new projects? Or Is there anything in here where you're working on maybe some conquest wins, whether you're coming in and replacing an incumbent who has existing hardware in the field?

知道了。然後這裡只是最後一個，只是關於純軟件的機會。所有這些都是新項目嗎？或者這裡是否有任何您正在努力取得一些征服勝利的東西，無論您是要進來並更換在該領域擁有現有硬件的現任者？

No. Actually -- it's Mike Carlson. Actually, both. We obviously have got the greenfield new project development, but we're seeing a lot of opportunity on the retrofit side, either for underperforming assets or for increasingly new capabilities that we can put through the Athena platform.

不，實際上——是 Mike Carlson。其實兩者都有。我們顯然已經進行了綠地新項目開發，但我們在改造方面看到了很多機會，無論是針對錶現不佳的資產，還是針對我們可以通過 Athena 平台提供的越來越多的新功能。

The next question comes from Maheep Mandloi from Credit Suisse.

下一個問題來自瑞士信貸的 Maheep Mandloi。

Just on the guidance, you had a nice beat in Q1 on revenue. So just curious on the full-year revenue guidance, how should we think about the range here? And as you kind of go in and make a benefit from batteries in Asia or other places at attractive prices, could we see some upside to the revenue guidance yet?

就指導而言，您在第一季度的收入方面取得了不錯的成績。所以只是對全年收入指導感到好奇，我們應該如何考慮這裡的範圍？當你進入並以極具吸引力的價格從亞洲或其他地方的電池中獲益時，我們是否可以看到收入指引的一些上行空間？

Maheep, thanks for the question. I appreciate that. I think when we look at the, say, for the full-year number, midpoint of $600 million, I think we had a nice quarter. We beat the top end of the guide, which is important to be able to do that. But I think it's a little early to raise guidance at this point.

Maheep，謝謝你的提問。我很感激。我認為，當我們查看全年數字時，即 6 億美元的中點，我認為我們有一個不錯的季度。我們擊敗了指南的頂端，這對於能夠做到這一點很重要。但我認為現在提出指導還為時過早。

And then on the 75% growth rate for services, the -- is the growth similar in the solar and the storage businesses? Or are you seeing any difference in those this year?

然後就服務業 75% 的增長率而言，太陽能和儲能業務的增長是否相似？或者你看到今年有什麼不同嗎？

We haven't broken that out so far in terms of the growth rate. I mean I think the big question, honestly, for solar, which continues, is there's a forecasted rebound in the second half of the year, which we're starting to see the opportunity to be able to do that.

到目前為止，我們還沒有在增長率方面打破這一點。我的意思是，老實說，我認為太陽能的一個大問題是，今年下半年預計會出現反彈，我們開始看到有機會做到這一點。

You probably -- I don't know if you've got all the way through the deck, and you can see some of the growth in the revenue numbers for the solar business. So we're certainly optimistic. But I think at this point in time, in total dollars, most of the dollars are probably going to come from the storage side of the house.

你可能——我不知道你是否已經完全掌握了一切，你可以看到太陽能業務收入數字的一些增長。所以我們當然很樂觀。但我認為在這個時間點，就美元總額而言，大部分美元可能會來自房子的儲藏室。

And then just lastly on the EV charging opportunity here. Is any of that right now in the backlog? I'm just trying to understand the growth of when should we see that even bookings or revenues for you.

最後就是這裡的 EV 充電機會。現在有積壓的嗎？我只是想了解我們什麼時候應該看到您的預訂或收入的增長。

Yes, it's primarily in the backlog. The projects are to be installed, and we expect that in subsequent periods.

是的，它主要在積壓中。這些項目將要安裝，我們預計將在隨後的時期內安裝。

The next question comes from Justin Clare from ROTH MKM.

下一個問題來自 ROTH MKM 的 Justin Clare。

First off, I did want to follow up on just the structure of your battery hardware contracts. It sounds like in Q1, that was kind of a unique customer agreement.

首先，我確實想跟進一下你們電池硬件合同的結構。聽起來像是在第一季度，這是一種獨特的客戶協議。

But maybe more broadly, if you could just talk about how you're thinking about matching the cost structure for your hardware -- your battery hardware business with the pricing there? And how you're thinking about that, going forward?

但也許更廣泛地說，如果你能談談你如何考慮匹配硬件的成本結構——你的電池硬件業務與那裡的定價？你是怎麼想的，向前看？

Sure, Justin. This is Bill. I think you're correct in saying that the contract that we signed here in the first quarter was unique and not likely to be repeated.

當然，賈斯汀。這是比爾。我認為你說得對，我們在第一季度在這裡簽署的合同是獨一無二的，不太可能重複。

As far as this, say, the standard part of the business, which we continue to execute on, I mean that's going to be very common, basically matching -- cash matching payments to the particular vendors, meaning that typically, the way it works is you can make a deposit, depending on the vendor, anywhere from 10% to 30% of the purchase price when the purchase order is accepted.

就此而言，比如說，我們繼續執行的業務的標準部分，我的意思是這將非常普遍，基本上匹配 - 現金匹配支付給特定供應商，這意味著通常，它的運作方式當採購訂單被接受時，您是否可以存入購買價格的 10% 到 30% 的定金，具體取決於供應商。

And then depending on that vendor, your payments throughout the construction cycle and then paying in full generally when you receive (inaudible). And so I think that is going to be a pretty common way to do it.

然後根據該供應商，您在整個施工週期付款，然後通常在收到時全額付款（聽不清）。所以我認為這將是一種非常普遍的方式。

The contracts themselves, largely, and this is really a result of the changes in the lithium index of last year, most contracts that we're entering into, and I think our comment in the industry have some sort of lithium index associated with them. Most of them have a rolling index. So you're not seeing quite so much variation in any particular quarter.

合同本身，很大程度上，這實際上是去年鋰指數變化的結果，我們正在簽訂的大多數合同，我認為我們在行業中的評論與某種鋰指數相關。他們中的大多數都有滾動索引。因此，您在任何特定季度都看不到太多變化。

And I expect that, that will continue. And I think kind of in this kind of reduced index environment that we're in today, we'll see price declines. I mean those are starting to be talked about pretty openly in the marketplace, and we're certainly able to realize some of those and pass them on to our customers.

我希望這種情況會繼續下去。而且我認為在我們今天所處的這種指數減少的環境中，我們會看到價格下跌。我的意思是這些已經開始在市場上公開討論，我們當然能夠意識到其中的一些並將它們傳遞給我們的客戶。

Okay. Great. And then maybe just one more. On the storage hardware business, can you just talk about how the margins are evolving in the backlog?

好的。偉大的。然後也許只有一個。關於存儲硬件業務，您能否談談積壓訂單中的利潤率如何變化？

I think you've shifted your focus a bit to prioritize profitability. And then I think you're also moving potentially up in size in terms of the size of the projects in the FTM market. So how should we think about those factors? And just how the margin profile is evolving here?

我認為您已經將重點轉移到優先考慮盈利能力。然後我認為，就 FTM 市場的項目規模而言，你的規模也有可能擴大。那麼我們應該如何考慮這些因素呢？利潤率在這裡如何演變？

Yes. I think -- so again, this is Bill. The margin profile of the backlog, in general, is improving. So when you think about total contract value of the backlog, that has been sequentially increasing now for over 5 quarters.

是的。我想——再說一次，我是比爾。總的來說，積壓訂單的利潤率正在改善。因此，當您考慮積壓訂單的總合同價值時，現在已經連續增加了 5 個多季度。

So -- and that's really a focus. Part of it is certainly the modification of the way the commission plan works, where folks are getting compensated on gross margin rather than other factors. And so I think all of the things that we've done kind of operationally to focus on profitability are paying off from that standpoint.

所以 - 這確實是一個重點。部分原因當然是佣金計劃運作方式的改變，人們根據毛利率而不是其他因素獲得補償。因此，我認為我們在運營上所做的所有專注於盈利能力的事情都從這個角度來看得到了回報。

I think when you think about the backlog just for -- kind of from a contractual standpoint, I think for the most part, those are all contracted deals, either through capacity agreements that we've signed with manufacturers or for equipment that we have ordered outside of those capacity agreements. I think we're in pretty good shape from that standpoint. And I think you had another question there, and I've forgotten what it was. I apologize.

我認為當你考慮積壓訂單時 - 從合同的角度來看，我認為在大多數情況下，這些都是合同交易，通過我們與製造商簽署的產能協議或我們訂購的設備在這些容量協議之外。從這個角度來看，我認為我們的狀態非常好。我想你還有另一個問題，我忘了是什麼問題了。我道歉。

Well, I was just mentioning like is there -- are the larger FTM projects potentially lower margin than smaller ones? And if you're moving up to larger projects? Is there some potential downward pressure on margins?

好吧，我剛才提到的是 - 較大的 FTM 項目是否可能比較小的項目利潤率低？如果你要升級到更大的項目？利潤率是否存在潛在的下行壓力？

Yes. So sorry. So we are moving up in size. That's absolutely a true statement. I think what we are seeing though is, through our move, two things. One, as you move up, you tend to work with folks that are fully integrated developers, meaning they have their own procurement engines and so we're not necessarily going to be buying that equipment, which is really the -- so our response to that is the modular ESS.

是的。非常抱歉。所以我們正在擴大規模。這絕對是真實的陳述。我認為，通過我們的舉動，我們看到的是兩件事。第一，當你向上移動時，你傾向於與完全集成的開發人員一起工作，這意味著他們有自己的採購引擎，所以我們不一定要購買那種設備，這實際上是——所以我們對那就是模塊化的 ESS。

And so from that standpoint, on the largest projects, we're probably going to be buying as a percentage of the project less of what's going on there.

因此，從這個角度來看，在最大的項目中，我們可能會按項目的百分比購買，而不是那裡正在發生的事情。

And so I think for us, one of the things that we've tried to [telegraph] is through the bookings number, so you'll recall the midpoint of bookings for 2023, is $1.5 billion, that is a -- that's an increase from $1.1 billion, relatively low growth as you compare it to 2022, where we went from $400 million to $1.1 billion.

所以我認為對我們來說，我們試圖[電報]的一件事是通過預訂數量，所以你會記得 2023 年預訂的中點，是 15 億美元，這是一個 - 這是一個增長從 11 億美元開始，與 2022 年相比，增長相對較低，我們從 4 億美元增加到 11 億美元。

We don't expect to see that kind of growth. And in large part, that's because of the impact of the modular ESS that we're going to be booking deals like that, whereby we are not say, the purchaser of record, which has two benefits.

我們不希望看到這種增長。在很大程度上，這是由於模塊化 ESS 的影響，我們將進行這樣的預訂交易，我們不會說記錄在案的購買者，這有兩個好處。

One is I think we were able to do more services as a result -- because we're still providing those services in charge for them. And at the same time, we won't have the working capital flow that we would have had otherwise had we been buying that equipment.

一是我認為我們因此能夠提供更多服務——因為我們仍在為他們提供負責的服務。同時，如果我們購買該設備，我們將不會擁有營運資金流。

So I think that's -- when we think about the big projects, that's where we want to be. We want to be able to take those big shots of services across larger platforms. And I think that we're going to be able to do that through the -- the modular ESS program.

所以我認為那是 - 當我們考慮大型項目時，這就是我們想要的地方。我們希望能夠在更大的平台上拍攝這些重要的服務。我認為我們將能夠通過模塊化 ESS 程序來做到這一點。

The next question comes from Brett Castelli from Morningstar.

下一個問題來自 Morningstar 的 Brett Castelli。

Just picking up on that same topic, can you remind us just the timeline around the modular ESS? Sort of when that will be ready?

就同一主題而言，您能否提醒我們關於模塊化 ESS 的時間表？什麼時候準備好？

So this is Mike Carlson. We're putting proposals out in front of customers right now for those solutions. And we've got our first implementation underway. We're looking at it being complete and energized end of second quarter, beginning of third quarter.

這是邁克·卡爾森。我們現在正在向客戶提出這些解決方案的建議。我們已經開始了我們的第一個實施。我們期待它在第二季度末、第三季度初完成並充滿活力。

And then as we continue to bring on more to the Athena certified platform, we'll just continue to increase that modular solution availability throughout the year.

然後，隨著我們繼續為 Athena 認證平台帶來更多功能，我們將在全年繼續增加模塊化解決方案的可用性。

Okay. And then on software pricing, just any comments there, either on the storage side or the solar side? Are you kind of holding pacing flat or raising pricing on the software side?

好的。然後是關於軟件定價，是否有任何評論，無論是在存儲方面還是在太陽能方面？在軟件方面，您是保持節奏平穩還是提高價格？

Well, this is John. We announced a double-digit price increase last year with solar monitoring side of our business, and that was a very successful zero customer attrition. At this point, we're standing firm, and we'll update everybody as if that changes.

嗯，這是約翰。去年，我們宣佈在我們業務的太陽能監控方面實現兩位數的價格上漲，這是非常成功的零客戶流失。在這一點上，我們堅定不移，我們會像情況發生變化一樣向所有人更新。

The next question comes from Abhi Sinha from Northland Capital.

下一個問題來自 Northland Capital 的 Abhi Sinha。

Just a couple of questions here. Last time, you attributed like several reasons for the lag in revenue, whether it's like supply chain, interconnection, permitting delays, cost of mission and import restrictions.

這裡只有幾個問題。上次，您將收入滯後的幾個原因歸因於供應鏈、互連、允許延遲、任務成本和進口限制。

I know you talked about supply chain issues being -- seeing some kind of relief there. But I'm trying to understand how -- what to take on permitting delays, cost inflation, import restrictions. What are you seeing there?

我知道你談到了供應鏈問題——在那裡看到了某種緩解。但我正試圖了解如何——在允許延誤、成本膨脹、進口限制方面採取什麼措施。你在那裡看到什麼？

Yes. So thanks, Abhi, for the question. This is Bill. We're definitely -- so splitting the business in two. Solar, I think it's still kind of working through some of the well [vacated] issues around the [weaker] situation. And now you probably saw that the CRA passed the other day.

是的。謝謝 Abhi 提出的問題。這是比爾。我們肯定 - 所以將業務一分為二。 Solar，我認為它仍在努力解決圍繞[較弱]情況的一些[騰空]問題。現在你可能看到 CRA 前幾天通過了。

And so there's a little bit of a, say -- and it looks like Biden will probably detail that, but don't want to get into political prognostication business. But that certainly is a little bit of kind of some sand in the gears on the solar side of the business.

所以有一點，比如說——看起來拜登可能會詳細說明，但不想涉足政治預測業務。但這肯定是業務太陽能方面齒輪中的一些沙子。

It is getting better, we think. We're seeing -- and we're, of course, not a primary purchaser of solar, whether it be panels, inverters or racks. But certainly, the information that we're getting back from our customers that seems to be kind of breaking free there. So we're -- and I think you can see that by some of the second sequential growth on the solar side of the business. And so we're happy with that.

我們認為，情況正在好轉。我們看到——當然，我們不是太陽能的主要購買者，無論是面板、逆變器還是機架。但可以肯定的是，我們從客戶那裡得到的信息似乎在那裡有所突破。所以我們 - 我認為你可以通過業務太陽能方面的一些第二個連續增長看到這一點。所以我們對此很滿意。

Storage, I think, continues to be good from the supply chain standpoint. I think you're definitely seeing new capacity with lower prices come into the marketplace, that's definitely a positive.

我認為，從供應鏈的角度來看，存儲仍然很好。我認為您肯定會看到價格更低的新產能進入市場，這絕對是積極的。

And I think one of the areas that we continue to see issues in the marketplace is interconnection. I think -- and we've talked about that extensively over time. That's just not a problem. It's going to get solved overnight.

我認為我們在市場上繼續看到問題的領域之一是互連。我認為——隨著時間的推移，我們已經廣泛討論了這一點。那不是問題。一夜之間就能解決。

The Qs are -- the good news is that the end demand or end market demand is increasing substantially for the business, which you can see reflected in the bookings number. I mean that's almost -- we booked almost, in this quarter, $364 million as much as we did in 2021. So we're really happy with that performance.

Qs - 好消息是終端需求或終端市場需求對企業來說正在大幅增加，你可以在預訂數量中看到這一點。我的意思是，這幾乎——我們在本季度預訂了 3.64 億美元，幾乎與 2021 年一樣多。所以我們對這種表現非常滿意。

But that also means that that's a lot of -- because obviously, others are growing rapidly as well. That means that there's a lot of interconnection applications being filed. And so that's a problem that has to be solved over time. It's a combination of simplifying the applications themselves and hiring at the local utility level.

但這也意味著很多——因為顯然，其他人也在快速增長。這意味著有很多互連申請被提交。所以這是一個必須隨著時間的推移解決的問題。它結合了簡化應用程序本身和在當地公用事業級別招聘。

So we continue to monitor that closely. We're definitely seeing some speeding up, particularly in our primary markets in ERCOT and in New England ISO, but it's definitely something that has not been solved just yet.

因此，我們將繼續密切關注這一點。我們肯定會看到一些加速，特別是在我們在 ERCOT 和新英格蘭 ISO 的主要市場，但這絕對是尚未解決的問題。

Got it. And can you talk a little bit about the progress you have made so far with the partnership with ChargePoint? I mean I know revenues -- I mean, when do you see revenues coming up? And any operational or execution hiccups that you have seen so far?

知道了。您能談談迄今為止與 ChargePoint 的合作取得的進展嗎？我的意思是我知道收入——我的意思是，你什麼時候看到收入增加？到目前為止，您遇到過任何操作或執行問題嗎？

Yes. This is Prakesh. I think across the board, our EV partnerships are starting to bear fruit. We're seeing growth in our pipeline of opportunities. We announced this first deployment with the ABV and charge partnership at Sysco.

是的。這是普拉克什。我認為總體而言，我們的電動汽車合作夥伴關係開始取得成果。我們看到了機會管道的增長。我們在 Sysco 宣布了與 ABV 和充電合作夥伴關係的首次部署。

On the ChargePoint partnership specifically, the initial focus is deploying the nevi funds for deployment of EV infrastructure. So we'll talk about customer wins as those roll through, but the pipeline continues to look strong and the economics are fairly compelling. So we're optimistic there.

具體而言，在 ChargePoint 合作夥伴關係中，最初的重點是部署用於部署電動汽車基礎設施的 nevi 基金。因此，隨著客戶的不斷湧現，我們將討論贏得客戶的問題，但管道看起來仍然很強勁，經濟效益也相當引人注目。所以我們對此很樂觀。

Yes, to unpack Sysco a little bit more, it's pretty exciting in the sense that they've announced that they're going to electrify over 2,800 trucks by 2030. And this whole fleet electrification trend is something that we've seen in other customers. But it's significant and growing.

是的，進一步了解 Sysco，從他們宣佈到 2030 年他們將對 2,800 多輛卡車進行電氣化的意義上來說，這是非常令人興奮的。我們在其他客戶中看到了整個車隊的電氣化趨勢.但它意義重大，而且還在不斷增長。

And again, we feel like the partnerships that we have are very compelling because when you think about the charging side of the meter, if you will, they don't understand behind the meter as well as we do. That's really where Stem began its target market.

再一次，我們覺得我們擁有的合作夥伴關係非常引人注目，因為當你考慮電錶的充電端時，如果你願意的話，他們並不像我們那樣了解電錶背後的情況。這確實是 Stem 開始其目標市場的地方。

And so we have that domain expertise. So the combination is natural. And to Prakesh's point, the nevi funds really will open this and, we think, accelerate growth significantly.

因此，我們擁有該領域的專業知識。所以組合是自然的。對於 Prakesh 的觀點，nevi 基金真的會打開這個，我們認為，會顯著加速增長。

This concludes the question-and-answer session. I would like to turn the conference back over to John Carrington for closing remarks.

問答環節到此結束。我想將會議轉回給 John Carrington 作閉幕詞。

Great. I want to thank everyone for joining us on our first quarter [second quarter] call.

偉大的。我要感謝大家加入我們的第一季度 [第二季度] 電話會議。

This concludes today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

今天的電話會議到此結束。您可以斷開線路。感謝您的參與，祝您度過愉快的一天。