Stem Inc (STEM) 2025 Q1 法說會逐字稿

Greetings and welcome to the Stem, Inc. first-quarter 2025 results conference call. (Operator Instructions) As a reminder this conference call is being recorded.

問候並歡迎參加 Stem, Inc. 2025 年第一季業績電話會議。（操作員指示）提醒一下，本次電話會議正在錄音。

It is now my pleasure to introduce Ted Durbin, Head of Investor Relations. Please go ahead.

現在我很高興介紹投資人關係主管泰德‧德賓 (Ted Durbin)。請繼續。

Thank you, operator. This is Ted Durbin, Head of Investor Relations at Stem.

謝謝您，接線生。我是 Stem 投資者關係主管 Ted Durbin。

Welcome to our first-quarter 2025 earnings call. Before we begin, please note that some of the statements we'll 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.

歡迎參加我們的 2025 年第一季財報電話會議。在我們開始之前，請注意我們今天所做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有重大差異。

We therefore refer you to our latest 10-Q, 10-K and other SEC filings, including the supplemental materials which can be found on our website. 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, which is on our website.

因此，我們請您參閱我們最新的 10-Q、10-K 和其他 SEC 文件，包括可在我們網站上找到的補充資料。我們今天的評論還包括非公認會計準則財務指標。更多詳細資訊以及與最直接可比較的 GAAP 財務指標的對帳可在我們網站上的收益報告中找到。

Arun Narayanan, CEO; and Doran Hole, CFO and EVP will start the call today with prepared remarks, and then we will take your questions.

執行長 Arun Narayanan；財務長兼執行副總裁 Doran Hole 將在今天的電話會議上以準備好的發言開始，然後我們將回答您的問題。

And now I'll turn the call over to Arun.

現在我將把電話轉給阿倫。

Thanks, Ted. Hello, everyone, and thank you all for joining us today. We made significant progress advancing our strategic priorities in the first quarter, with early success evident in our results. But before diving into these results and our outlook, I want to highlight important changes we have recently implemented in how we structure our business internally.

謝謝，泰德。大家好，感謝大家今天的參加。我們在第一季推進策略重點方面取得了重大進展，業績也初步顯現出成效。但在深入探討這些結果和我們的展望之前，我想先強調我們最近在內部業務結構方面實施的重要變化。

Since becoming CEO, a key priority has been implementing organizational adjustments to realize our strategic shift. We have transformed our operating model by establishing four distinct business units that clearly define how we organize and run our business.

自擔任執行長以來，一項重要任務就是實施組織調整，實現我們的策略轉變。我們透過建立四個不同的業務部門改變了我們的營運模式，明確規定了我們如何組織和經營業務。

Our four business units are: software; professional services; managed services; and OEM hardware. Each unit will have full P&L responsibility and accountability for their financial performance, including EBITDA and cash flow metrics. This new structure represents an intentional shift in how we manage our business, and we believe it will deliver multiple strategic benefits. It empowers our leaders to make efficient market responsive decisions about resource allocation and investment priorities.

我們的四個業務部門是：軟體；專業服務；託管服務；和 OEM 硬體。每個部門將對其財務績效（包括 EBITDA 和現金流指標）承擔全部損益責任和義務。這種新結構代表了我們管理業務方式的有意轉變，我們相信它將帶來多重策略利益。它使我們的領導者能夠就資源分配和投資重點做出有效的市場反應決策。

The new structure also enables more precise tracking of return on investment across our portfolio, allowing us to optimize capital deployment towards our highest growth opportunities. Additional details about these business units are available in our supplemental materials on the IR website.

新的結構也能讓我們更精確地追蹤整個投資組合的投資回報，讓我們能夠優化資本配置，以實現最高的成長機會。有關這些業務部門的更多詳細信息，請參閱 IR 網站上的補充資料。

I'd like to once again emphasize that while these business units guide our internal operations, they may differ from external reporting segments. We look forward to sharing more about these changes and their impact in the coming quarters. Directly related to these changes in how we organize and run our business, on April 9, we announced a targeted 27% reduction in force that we expect to result in $30 million of annual cash cost savings, including an expected $24 million cash benefit in 2025.

我想再次強調，雖然這些業務部門指導我們的內部運營，但它們可能與外部報告部門有所不同。我們期待在未來幾季分享更多有關這些變化及其影響的資訊。與我們組織和營運業務方式的這些變化直接相關的是，4 月 9 日，我們宣布了裁員 27% 的目標，預計這將帶來每年 3000 萬美元的現金成本節約，其中包括 2025 年預計的 2400 萬美元的現金收益。

These reductions were thoughtful and consistent with our software focused strategy, and will preserve our ability to grow software revenue. To that end, we maintain the full strength of our PowerTrack team, which is central to our near-term growth strategy. Our changes also preserve our ability to honor commitments to customers across all business areas.

這些削減是經過深思熟慮的，並且符合我們以軟體為中心的策略，並將保持我們增加軟體收入的能力。為此，我們保持了 PowerTrack 團隊的全部實力，這對我們的近期成長策略至關重要。我們的變革也保留了我們履行對所有業務領域客戶承諾的能力。

This restructuring was a critical step for us to execute on our three key priorities, which I laid out on our fourth quarter earnings call in early March: first, to grow our software revenue with a renewed focus on PowerTrack; second, to reduce our cost structure and drive profitability; and third, to revamp our software development. I'm pleased to say that we have made definitive progress on all 3 priorities.

這次重組是我們執行三大關鍵優先事項的關鍵一步，我在 3 月初的第四季度收益電話會議上提出了這三個優先事項：首先，重新關注 PowerTrack，以增加我們的軟體收入；第二，降低成本結構，提高盈利能力；第三，改進我們的軟體開發。我很高興地說，我們在所有三個優先事項上都取得了明確的進展。

Let's begin with an update on our refined strategy that is focused on growing software revenue. As I mentioned earlier this year, one of the key factors that drew me to Stem was PowerTrack's distinctive position and strong reputation in the market. PowerTrack is a market leader in the commercial and industrial or C&I segment of solar asset monitoring software.

讓我們先更新一下我們專注於增加軟體收入的完善策略。正如我今年早些時候提到的，吸引我選擇 Stem 的關鍵因素之一是 PowerTrack 在市場上的獨特地位和良好聲譽。PowerTrack 是太陽能資產監控軟體商業和工業或 C&I 領域的市場領導者。

During the first quarter, solar annual recurring revenue or ARR was up 10% sequentially and up 24% year-over-year. These results clearly demonstrate the tangible success we are having in growing our business to provide more scalable, recurring and profitable revenue streams.

第一季度，太陽能年度經常性收入或 ARR 環比成長 10%，年增 24%。這些結果清楚地表明了我們在發展業務以提供更具可擴展性、經常性和盈利能力的收入來源方面取得的實際成功。

We are continuing to invest in PowerTrack to be able to serve smaller utility scale customers, which to us generally means in the range of 20 to 100 megawatts. Utility scale deployments are much larger than C&I and our market share in this segment is modest, presenting significant growth opportunities. We are seeing momentum in utility scale with nearly triple the bookings in the first quarter compared to the same period last year. We are also investing to grow our software deployment presence in international markets. Managed services, including our storage software Athena also performed well in the first quarter.

我們將繼續投資 PowerTrack，以便能夠為小型公用事業規模的客戶提供服務，對我們來說，這通常意味著在 20 至 100 兆瓦的範圍內。公用事業規模的部署比商業與工業 (C&I) 規模大得多，而我們在這一領域的市場份額不大，因此蘊藏著巨大的成長機會。我們看到公用事業規模的成長勢頭，第一季的預訂量與去年同期相比增加了近三倍。我們也正在投資擴大我們在國際市場上的軟體部署影響力。包括我們的儲存軟體 Athena 在內的託管服務在第一季也表現良好。

We drove storage ARR higher by 4% sequentially and 31% over the same period last year. Our software continues to deliver substantial value and ROI to our customers who continue to face challenges in maximizing the value of their energy storage assets. Our strategic focus for storage is centered on software and services, particularly for brownfield opportunities that enable faster revenue conversion. Additionally, we are experiencing growing momentum in our professional services offering. A team of industry experts has established themselves as trusted advisors and thought leaders in the clean energy sector.

我們推動儲存 ARR 環比成長 4%，比去年同期成長 31%。我們的軟體繼續為那些在最大化其能源儲存資產價值方面繼續面臨挑戰的客戶提供巨大的價值和投資回報。我們的儲存策略重點是軟體和服務，特別是能夠實現更快收入轉換的棕地機會。此外，我們提供的專業服務也正在經歷成長動能。一支行業專家團隊已成為清潔能源領域值得信賴的顧問和思想領袖。

We are excited about this offering because these professional service engagements can, in turn, drive downstream business development opportunity for our software solutions. Now a discussion of our second focus area, cost savings and profitability. During the first quarter of 2025 we reached several significant profitability milestones. We delivered strong gross margins driven by robust growth across our high margin software services and edge device offerings. Additionally, we generated positive quarterly cash flow from operations for the first time in our history.

我們對此項服務感到非常興奮，因為這些專業服務反過來可以推動我們軟體解決方案的下游業務發展機會。現在討論我們的第二個重點領域，即成本節約和獲利能力。2025 年第一季度，我們實現了幾個重要的獲利里程碑。我們實現了強勁的毛利率，這得益於高利潤軟體服務和邊緣設備產品的強勁成長。此外，我們歷史上首次實現了季度營運現金流為正。

We believe this validates both our refined business model and strategic execution. Importantly, our first quarter results do not reflect the financial benefit we expect to realize from the organizational changes and cost savings we recently implemented. We expect to see improving profitability as we move through the year. Lastly, let's discuss our third priority, our software development revamp. We are focused on protecting and expanding PowerTrack success in the C&I market through continuous product refinement, investment in differentiating product capabilities and responding to customer feedback.

我們相信這驗證了我們完善的商業模式和策略執行。重要的是，我們的第一季業績並未反映出我們期望從最近實施的組織變革和成本節約中獲得的財務收益。我們預計，隨著時間的推移，獲利能力將會不斷提高。最後，讓我們討論一下我們的第三個優先事項，即軟體開發改進。我們致力於透過不斷改進產品、投資差異化產品功能和回應客戶回饋來保護和擴大 PowerTrack 在 C&I 市場的成功。

We continue to develop our PowerTrack EMS software with the goal of entering new markets, such as when projects deploy standalone storage or co-located solar and storage installations. We are excited to soon bring to market software that brings the asset monitoring capabilities we have mastered in solar to both storage and hybrid assets. As part of our portfolio review, we have made the difficult decision to pause on further development of two products: PowerBidder Pro; and Asset Performance Management or APM.

我們繼續開發 PowerTrack EMS 軟體，目標是進入新市場，例如專案部署獨立儲存或共置太陽能和儲存裝置時。我們很高興很快將軟體推向市場，將我們在太陽能領域掌握的資產監控能力帶入儲存和混合資產。作為我們投資組合審查的一部分，我們做出了艱難的決定，暫停兩款產品的進一步開發：PowerBidder Pro；以及資產績效管理或APM。

Looking forward, our refined software roadmap emphasizes AI integration across our development process and product suite, positioning us to accelerate the delivery of innovative solutions to our customers. As mentioned in the previous call, we are aiming to bring a step change to developer productivity by using generative AI methods in our life cycle, and we will have updates in future earnings calls.

展望未來，我們完善的軟體路線圖強調在我們的開發流程和產品套件中整合人工智慧，使我們能夠加速向客戶提供創新解決方案。正如上次電話會議中所提到的，我們的目標是透過在生命週期中使用生成式人工智慧方法來顯著提高開發人員的生產力，我們將在未來的收益電話會議上發布更新資訊。

I would also like to address the current macro-environment. While the clean energy sector faces uncertainty due to evolving economic and regulatory policies, we are maintaining our upward momentum. Today, our booking space and pipeline development remain robust across our core offerings. Our software and service offerings are largely exempt from the current types of tariffs being considered. Some of our offerings, such as PowerTrack compatible edge computing devices, will face a limited tariff exposure.

我還想談談當前的宏觀環境。儘管清潔能源產業因不斷變化的經濟和監管政策而面臨不確定性，但我們仍保持著上升勢頭。如今，我們的核心產品預訂空間和通路開發依然強勁。我們的軟體和服務產品大部分不受目前正在考慮的關稅類型影響。我們的某些產品（例如與 PowerTrack 相容的邊緣運算設備）將面臨有限的關稅風險。

These generally pass through to our customers. On the OEM storage resales business, which forms a smaller portion of revenue, we will work with our suppliers and customers to negotiate tariff absorption or diversify to domestic suppliers. With all this in mind, we are pleased to reiterate our full year 2025 financial guidance across all metrics. Lastly, I want to welcome both Vasudevan Guruswamy and Krishna Shivram, who have joined our Board recently. They both bring significant energy industry, financial and technology expertise to the Board, and I am glad to have them with us.

這些通常會傳遞給我們的客戶。對於佔收入較小份額的 OEM 儲存轉售業務，我們將與供應商和客戶合作，協商關稅吸收或轉向國內供應商。考慮到所有這些，我們很高興重申我們對 2025 年全年所有指標的財務指導。最後，我要歡迎最近加入我們董事會的 Vasudevan Guruswamy 和 Krishna Shivram。他們都為董事會帶來了重要的能源產業、金融和技術專業知識，我很高興他們能加入我們。

With that, let me turn the call over to Doran.

說完這些，讓我把電話轉給多蘭。

Thanks, Arun. I'll start with a quick review of our first quarter 2025 financial performance. Overall, our quarterly results were in line with the expected cadence of our 2025 guidance that we announced on our last quarterly call. Total revenue was up 27% year over year, driven by strong growth across the business. Importantly, software revenue was up 17% versus Q1 2024 reflecting continued strong performance from PowerTrack and increased storage software activations.

謝謝，阿倫。我將首先快速回顧我們 2025 年第一季的財務表現。總體而言，我們的季度業績與我們在上次季度電話會議上宣布的 2025 年預期節奏一致。受整個業務強勁成長的推動，總營收年增 27%。重要的是，軟體收入與 2024 年第一季相比成長了 17%，這反映了 PowerTrack 持續強勁的表現以及儲存軟體活化量的增加。

We generated a record GAAP gross margin of 32% and our non-GAAP gross margin of 46% was close to an all-time high. The significant margin expansion versus prior year evidences the value of our refined strategy focused on higher margin software and services revenue while reducing our reliance on battery hardware resale.

我們的 GAAP 毛利率達到了創紀錄的 32%，非 GAAP 毛利率達到 46%，接近歷史最高水準。與前一年相比，利潤率的大幅成長證明了我們完善策略的價值，該策略專注於提高利潤率的軟體和服務收入，同時減少對電池硬體轉售的依賴。

Adjusted EBITDA for the quarter improved versus Q1 2024, not only driven by margin expansion but also by continued operating cost discipline. We generated $9 million of operating cash flow, which as Arun mentioned is the first quarter of positive operating cash flow. We think this milestone proves that the company is on the right strategic path.

本季調整後的 EBITDA 與 2024 年第一季相比有所改善，這不僅得益於利潤率的擴大，還得益於持續的營運成本控制。我們產生了 900 萬美元的經營現金流，正如 Arun 所提到的，這是第一個經營現金流為正的季度。我們認為這項里程碑證明公司正走在正確的策略道路上。

Additionally, we generated just over $2 million in net cash during the quarter, growing our cash balance to $59 million at quarter end. We plan to remain disciplined with our dedication to cash conservation, margin improvement and working capital usage. Turning to our operating metrics. As we announced during our fourth quarter earnings call, we've introduced enhanced operating metrics that should provide stakeholders with better visibility into the key drivers of our financial results.

此外，本季我們產生的淨現金略高於 200 萬美元，季末的現金餘額增加至 5,900 萬美元。我們計劃繼續嚴格遵守現金保護、利潤率提高和營運資金利用的原則。轉向我們的營運指標。正如我們在第四季度收益電話會議上宣布的那樣，我們引入了增強的營運指標，以便利害關係人更好地了解我們財務表現的關鍵驅動因素。

During the first quarter of 2025, contracted backlog and CARR both increased sequentially, largely due to solar bookings. Total bookings were lower sequentially due to slight seasonality in this metric. We generally see heavier bookings in the second half of the year. We saw solid growth in solar ARR and AUM and in storage ARR versus the fourth quarter of last year. Storage AUM sequentially declined slightly because we removed the AUM associated with PowerBidder Pro, which we are deemphasizing as Arun discussed previously. Now on to guidance.

2025 年第一季度，合約積壓訂單和 CARR 均較上季增加，主要得益於太陽能訂單。由於該指標略有季節性，總預訂量較上季下降。我們通常會看到下半年的預訂量更大。與去年第四季相比，我們看到太陽能 ARR 和 AUM 以及儲存 ARR 均實現了穩健成長。儲存 AUM 連續略有下降，因為我們刪除了與 PowerBidder Pro 相關的 AUM，正如 Arun 之前所討論的那樣，我們正在淡化對 PowerBidder Pro 的重視。現在開始指導。

Today, we're pleased to reaffirm across all metrics, the 2025 guidance we announced last quarter. As Arun said, our revenue performance and expectations for 2025 remain solid despite recent economic policy changes and uncertainty. At this point, we see no discernible slowdown in deployments by our customers. Our backlog is solid and we have good visibility on ARR and revenue growth, thanks in part to our enhanced focus on driving the newly announced business units.

今天，我們很高興地重申上個季度宣布的 2025 年指導方針，涵蓋所有指標。正如阿倫所說，儘管最近經濟政策發生變化和不確定性，但我們的收入表現和對 2025 年的預期仍然穩健。目前，我們沒有發現客戶部署速度明顯放緩。我們的積壓訂單很充足，我們對 ARR 和營收成長有很好的了解，這部分歸功於我們更加重視推動新宣布的業務部門。

From a margin perspective, we expect to pass through any tariff related impacts to customers while preserving our target margins. Regarding our adjusted EBITDA and operating cash flow outlook, we are on track to meet our targets. Our recent cost optimization efforts, including the targeted workforce reduction, are expected to yield immediate and lasting financial benefits.

從利潤率的角度來看，我們預計任何與關稅相關的影響都將轉嫁給客戶，同時保持我們的目標利潤率。關於我們調整後的 EBITDA 和經營現金流前景，我們有望實現目標。我們最近的成本優化努力，包括有針對性的裁員，預計將帶來直接和持久的經濟效益。

These efforts are expected to generate $30 million in annual cash cost savings, with $24 million of that benefit realized this year. While our head count reduction was 27%, we expect to achieve dollar savings in the high 30% range, substantially exceeding our initial target of 20% that we talked about last quarter. And lastly, on liquidity, we believe our solid cash position provides us with sufficient runway to execute our business plans.

這些努力預計每年將節省 3,000 萬美元的現金成本，其中今年將實現 2,400 萬美元的收益。雖然我們的員工人數減少了 27%，但我們預計節省的資金將達到 30% 左右，大大超過我們上個季度談到的 20% 的初始目標。最後，關於流動性，我們相信我們穩固的現金狀況為我們執行業務計劃提供了足夠的空間。

As Arun discussed, in April we implemented a new business unit structure. As part of these changes, we plan to enhance our financial transparency through segment reporting. We think that this increased visibility will provide our investors with deeper insights into the value propositions and performance drivers across our different business lines. The organizational changes mark a significant milestone in Stem's evolution in support of the strategy shift announced last fall, positioning us to drive stronger financial discipline, accelerate smart decision making and ultimately deliver enhanced shareholder value through more focused execution. While we expect to provide insight to investors on the financial performance of these business units, the formal segmentation in our financial reports may differ slightly.

正如 Arun 所討論的，我們在四月實施了新的業務部門結構。作為這些變化的一部分，我們計劃透過分部報告來提高我們的財務透明度。我們認為，這種知名度的提高將為我們的投資者提供對我們不同業務線的價值主張和業績驅動因素的更深入的洞察。此次組織變革標誌著 Stem 發展歷程中的一個重要里程碑，它支持了去年秋季宣布的策略轉變，使我們能夠加強財務紀律，加快智慧決策，並最終透過更有針對性的執行為股東創造更高的價值。雖然我們希望為投資者提供有關這些業務部門財務表現的見解，但我們財務報告中的正式細分可能略有不同。

Finally, we issued our definitive proxy statement last week and set our shareholder vote for June 4. As we mentioned last quarter, we have asked shareholders to approve a reverse stock split of our common stock. This reverse split is intended to allow us to regain compliance with New York Stock Exchange listing standards.

最後，我們上週發布了最終的代理聲明，並將股東投票日期定於 6 月 4 日。正如我們在上個季度提到的，我們已經要求股東批准對我們的普通股進行反向股票分割。此次反向分割旨在讓我們重新符合紐約證券交易所的上市標準。

Now I'll pass the call back over to Arun for closing remarks.

現在我將把電話轉回給阿倫，請他做最後發言。

Thanks, Doran. In closing, I want to directly address our team, our customers and our investors. First to our team. We have recently undergone significant organizational changes, including a difficult but necessary 27% reduction in our workforce. To those individuals who have departed Stem, we are grateful for your contributions.

謝謝，多蘭。最後，我想直接向我們的團隊、客戶和投資者發表演說。首先是我們的團隊。我們最近經歷了重大的組織變革，包括艱難但必要的27%的員工裁員。對於那些已經離開 Stem 的個人，我們感謝你們的貢獻。

To our current team members, I recognize this period of change creates uncertainty and challenges. Your resilience, professionalism and unwavering focus on customer success during these changes has been remarkable and is part of what attracted me to Stem in the first place. Second, to our customers, we remain committed to providing you with superior software and services that maximize the value of your storage and solar assets. We are doubling down on our commitment to enhance the features and functionality of our software products to deliver the insights and performance you need. Our financial position is getting stronger and we are all well-positioned to grow with you throughout the market cycles.

對於我們目前的團隊成員，我意識到這段變革時期帶來了不確定性和挑戰。在這些變化期間，你們的韌性、專業精神和對客戶成功的堅定關注令人印象深刻，這也是我最初加入 Stem 的原因之一。其次，對於我們的客戶，我們始終致力於為您提供卓越的軟體和服務，以最大限度地提高您的儲存和太陽能資產的價值。我們加倍致力於增強軟體產品的特性和功能，以提供您所需的洞察力和效能。我們的財務狀況日益增強，我們已做好準備，在整個市場週期中與您共同成長。

Lastly, to our investors, we are appreciative of your support and trust in the company and that you are standing with us. We are now better positioned for sustainable growth. We believe that our refined product focus on our core software and services along with our streamlined organization, strengthen our path to profitability. With our industry leading solutions and dedicated team, I remain confident in Stem's future. With that, operator, let's open the line for questions, please.

最後，對於我們的投資者，我們感謝您對公司的支持和信任，並感謝您與我們站在一起。我們現在更有能力實現永續成長。我們相信，我們對核心軟體和服務的精簡產品以及精簡的組織將加強我們的獲利之路。憑藉我們行業領先的解決方案和敬業的團隊，我對 Stem 的未來充滿信心。接線員，請允許我們打開提問熱線。

(Operator Instructions) Justin Clare, ROTH Capital Partners.

（操作員指示）賈斯汀·克萊爾（Justin Clare），ROTH Capital Partners。

I wanted to start off here just on the bookings environment and how that's evolving. So given the tariffs, just wondering how is your ability to secure new storage bookings for U.S. projects potentially being affected, and then just thinking through for customers that might not have batteries in the U.S. right now. Are your customers looking to contract whether it's for batteries that would be sourced domestically from Southeast Asia or even potentially from China?

我想從這裡開始討論預訂環境以及它是如何發展的。因此，考慮到關稅，我只是想知道您為美國專案獲得新儲存預訂的能力是否會受到任何影響，然後考慮目前可能在美國沒有電池的客戶。您的客戶是否希望簽訂合同，購買從東南亞國內採購的電池，甚至可能從中國採購的電池？

Just wondering if it's -- are people in kind of a wait and see mode or are you still seeing contracting in the current environment?

只是想知道——人們是否處於觀望模式，或者在當前環境下是否仍看到收縮？

Thanks, Justin. This is Doran. I'll try to take a stab at this one first, but I'll open by saying you -- I guess it's just a kind of a reminder as far as looking at the overall guidance for the year, the OEM hardware sales like the battery transactions, you're talking about, are not a significant component of the business going forward. So while we're continuing to have really active dialogues with the customers that we've got in our backlog and those who are close to PO, we're looking at all of the volatility and what the tariffs may end up looking like, et cetera, and we've been in direct contact with probably the 3 major OEM providers that we've been integrating with and spending quite a bit of time on what the tariffs will look like. However, when I look at our overall plan for the year, the cadence of those types of POs at this point in time is really impacting our outcomes, at least not at this stage.

謝謝，賈斯汀。這是多蘭。我會先嘗試回答這個問題，但我首先要說的是——我想這只是一種提醒，就今年的整體指導而言，您所說的電池交易等 OEM 硬體銷售並不是未來業務的重要組成部分。因此，在我們繼續與積壓客戶和接近採購訂單的客戶進行積極對話的同時，我們也在關注所有的波動性以及關稅最終可能會是什麼樣子等等，並且我們已經與可能正在整合的 3 家主要 OEM 供應商進行了直接聯繫，並花費了相當多的時間來研究關稅的具體情況。然而，當我回顧我們今年的整體計劃時，我發現此時這些類型的採購訂單的節奏確實對我們的結果產生了影響，至少在現階段不會。

I don't think I can get into the nuances of particular countries or particular directions at this point. But of course, as you know, we deal with both domestic and Chinese players there.

我認為目前我還無法了解特定國家或特定方向的細微差別。但當然，如你所知，我們與國內和中國玩家都有交易。

I guess what I'm trying to get at is you may not be selling the hardware yourself, but if there's a limited supply of hardware, it might be a tougher environment for you to contract the software for storage projects. And so I guess I'm wondering if that's being affected, and then I guess it's possible it could be affected on the solar side as well, but maybe to a lesser extent. So maybe could you talk about that in regards to solar and storage?

我想我要說的是，您可能不會自己銷售硬件，但如果硬體供應有限，那麼您為儲存專案承包軟體的環境可能會更加艱難。所以我想知道這是否受到了影響，然後我猜它也可能會受到太陽能方面的影響，但程度可能較小。那麼，您能否就太陽能和儲存問題來談談這個問題？

I'll tackle both of those. So the plan for 2025 is largely driven by activations of things that we've already got in the kind of, call it, contracted backlog or in CARR, where our managed service offerings are just really dependent upon activations. These are projects that batteries are already [ indiscernible ] and they're going through the process of finalizing construction, commissioning, et cetera. And that's really what we're looking at for 2025 on the storage side for managed services. When you move into solar, we, as you intimate, have not noticed a real slowdown there in terms of our bookings.

我會解決這兩個問題。因此，2025 年的計劃很大程度上是由我們已經擁有的、所謂的合約積壓或 CARR 中的事物的激活所驅動的，其中我們的託管服務產品實際上依賴於激活。這些項目的電池已經[音訊不清晰]並且正在經歷最終建設、調試等過程。這確實是我們對 2025 年託管服務儲存的展望。當您進入太陽能領域時，正如您所暗示的，我們並沒有註意到我們的預訂量出現真正的放緩。

Bookings have continued to be strong. We are constantly out there talking to customers, as you know, and we're not really seeing a significant impact there. And as you know, the systems, first of all, software and services, doesn't really hit tariffs. But really, what we're talking about here is the pace of deployment. And the pace of deployment we haven't seen slow down at this point in time at this juncture.

預訂量持續強勁。如你所知，我們一直在與客戶溝通，但我們並沒有看到顯著的影響。如你所知，首先是系統、軟體和服務，實際上並不影響關稅。但實際上，我們在這裡談論的是部署的速度。目前，我們還沒有看到部署速度放緩。

Our customers are still developing new projects. They're still mapping out construction of new projects. And our edge device and software solution is something that comes kind of at construction time. It's a very small line item in the overall construction cost. And we feel very comfortable that if we do end up with some tariff impact, we'll be able to pass along those costs to our customers without much resistance.

我們的客戶仍在開發新項目。他們仍在規劃新項目的建設。我們的邊緣設備和軟體解決方案是在施工時出現的。在整個建築成本中，這只是很小的一部分。我們感到非常放心，如果最終確實受到一些關稅影響，我們將能夠毫無阻力地將這些成本轉嫁給我們的客戶。

Justin, this is Arun, thanks for the question. Can I just add one piece to it. I mean I would like you all to just maybe think about our software as something that adds value to our customers' operations. And there's always an opportunity for us to continue to sell additional value-added components into that customer account as well. So activations and deployments -- in new deployments is one dimension, but continued engagement with the same customer is perhaps another dimension to think about as well.

賈斯汀，我是阿倫，謝謝你的提問。我可以只加一塊嗎？我的意思是，我希望大家能夠將我們的軟體視為能夠為客戶的營運增加價值的東西。而且我們始終有機會繼續向該客戶銷售額外的增值組件。因此，啟動和部署－在新部署中是一個維度，但與同一客戶的持續互動也許也是需要考慮的另一個維度。

One more just on the comments that you made in the prepared remarks. It sounds like you expect improving profitability quarter-by-quarter this year. Just wondering if you can share a little bit about more what the drivers are. So are you anticipating primarily the improvement to come from the OpEx reductions that you've announced? Or do you see revenue growth or potential gross margin expansion as we move through the year?

關於您在準備好的發言中提出的意見，我還有一點想說。聽起來您預計今年獲利能力將逐季提高。我只是想知道您是否可以分享一些有關驅動程式的資訊。那麼，您是否主要預期業績改善將來自於您宣布的營運支出削減？或者您認為隨著我們度過這一年，收入將會增加，或者潛在的毛利率會擴大？

Okay. Just take a stab at it before I hand over to Doran as well. There are dimensions to it as well. One is the nature of revenue and the fact that the cyclicality pushes the revenue towards the second half of the year is one piece that affects operational profitability quarter-by-quarter. But then the other piece, obviously, is the way we are looking at managing our operating expenses as well as opportunities that we continue to look at in that space beyond the reduction in force and trying to bring efficiency to everything that we do.

好的。在我將其交給多蘭之前，請嘗試一下。它也有幾個維度。一是收入的性質，週期性將收入推向下半年的事實是影響逐季度營運獲利能力的一個因素。但另一方面，顯然是我們管理營運費用的方式，以及除了裁員之外我們繼續在該領域尋找的機會，並試圖提高我們所做的一切的效率。

Justin, it's Doran. I would only add that, that ability to really hone in on margins and operating expenses on a business unit by business unit basis is now much more clear for us going forward with the four business units.

賈斯汀，我是多蘭。我只想補充一點，現在，我們能夠更清楚地了解四個業務部門未來發展的真正情況，即逐一業務部門地精確控制利潤率和營運費用。

Thomas Boyes, TD Cowen.

托馬斯·博伊斯 (Thomas Boyes)，TD Cowen。

Maybe the first one just on the brownfield opportunity that you highlighted in the prepared remarks, it's kind of a way to sidestep interconnection, congestion and things that have been plaguing me, the energy sector at large. Are there specific geographies that you're targeting first? Or I mean I'm trying to get a better understanding of maybe the size of that opportunity.

也許第一個只是關於您在準備好的發言中強調的棕地機會，這是一種避免互連、擁堵以及困擾我和整個能源行業的問題的方法。您首先瞄準的是哪些特定地區？或者我的意思是我正試著更了解這個機會的規模。

So this is Doran. I'll tell you, geographically speaking, I think that we've got some core geographies where we operated our managed service platform. And as you've seen our assets under management continue to grow, what we're seeing is a lot of opportunities for the market shifting and changing providers in those particular cases. There's not a single geography where that is jumping out as being attractive. I think it's a little bit more broad-based, but it is very much connected to the geographies where we are already operating.

這就是多蘭。我會告訴你，從地理位置上來說，我認為我們有一些核心地理位置，我們在那裡經營我們的託管服務平台。如您所見，我們管理的資產持續成長，我們看到在特定情況下市場轉變和供應商更換帶來了許多機會。沒有哪一個地區能展現出這種吸引力。我認為它的基礎更為廣泛，但它與我們目前運營的地區密切相關。

Managed services as a business line requires you to, one, like a company to step up and stand up a platform, a rock, the services, individuals who need to be actually working the software tools in order to actually bring value to the customers and the more volume we have running through in terms of megawatt hours, gigawatt hours, the more profitable that business line is going to become. And those brownfield opportunities, therefore, really do present a good opportunity for us. And we are -- we don't have anything in particular to announce today, but we are pursuing a number of situations in that area.

託管服務作為一條業務線，首先需要您像一家公司一樣，站穩腳跟，搭建一個平台、一塊基石、提供服務，需要個人實際操作軟體工具，以便真正為客戶帶來價值，我們運行的兆瓦時、千兆瓦時的電量越多，該業務線的盈利能力就越強。因此，這些棕地機會確實為我們提供了良好的機會。我們今天沒有什麼特別的消息要宣布，但我們正在關注該領域的一些情況。

Just one other dimension on it is, managed services and brownfields is one thing. If you look at PowerTrack and the ability to deploy into PowerTrack, there are remarks that we have made, maybe to think about it in 3 groups. One group is the C&I group or the C&I segment, which is growing and our dominating market share in that space, what we can do in the utility scale space as we bring PowerTrack EMS online as well as the ability to grow internationally into other markets as well, sort of helps us look at an overall picture.

另一個面向是，託管服務和棕地是一回事。如果您查看 PowerTrack 和部署到 PowerTrack 的能力，您會發現我們已經提出了一些意見，也許可以分成 3 組來考慮。其中一個群體是 C&I 群體或 C&I 部門，該群體正在成長，我們在該領域佔據主導地位，隨著我們將 PowerTrack EMS 上線，我們可以在公用事業規模領域做些什麼，以及我們有能力向國際其他市場發展，這有助於我們看清整體情況。

Understood. Appreciate that. Maybe my follow-up or my second question is just could you speak to the nature of the PowerBidder Pro contracts, the kind of the removal from assets under management? Was this from customers where since you discontinued active development for the product that they elected not to continue? And then I just wanted to better understand maybe the rationale for deemphasizing that product.

明白了。非常感謝。也許我的後續問題或第二個問題是，您能否談談 PowerBidder Pro 合約的性質，即從管理資產中移除的類型？這是來自客戶的嗎？自從您停止了產品的積極開發後，他們就選擇不再繼續了？然後我只是想更好地理解淡化該產品的理由。

Is it just -- it's difficult to differentiate market participation software. It's competitive and maybe not worth the time and attention. Just interested for your thoughts there.

只是——很難區分市場參與軟體。競爭很激烈，也許不值得花時間和精力。只是對你的想法感興趣。

Thomas, this is Arun. You've mentioned many of the contributing factors in your question itself. As we look at our software strategy, we want to make investments based on the overall growth potential and our ability to execute and actually deliver that growth on a period-by-period basis. So looking at all of those factors, we think it's best for us to focus on PowerTrack and associated offerings, and that's what we're doing.

湯瑪斯，這是阿倫。您在問題本身中已經提到了許多促成因素。當我們審視我們的軟體策略時，我們希望根據整體成長潛力以及我們逐期執行和實際實現成長的能力進行投資。因此，綜合考慮所有這些因素，我們認為最好將重點放在 PowerTrack 和相關產品上，而這正是我們正在做的事情。

And this is Doran. I'll just add from a financial metric perspective, as you're looking at the numbers, you'll probably notice a slight decrease in the assets under management on the storage side. The PowerBidder Pro contracts are fairly low ASP. And therefore, we actually -- we continue to increase our ARR despite the fact that we actually pulled those systems out. So that also speaks to some of what Arun was talking about there.

這是多蘭。我只想從財務指標的角度補充一點，當您查看這些數字時，您可能會注意到儲存方面的管理資產略有減少。PowerBidder Pro 合約的平均售價相當低。因此，儘管我們實際上已經撤出了這些系統，但我們仍在繼續增加我們的 ARR。這也說明了阿倫在那裡談論的一些內容。

Dylan Nassano, Wolfe Research.

迪倫·納薩諾，沃爾夫研究中心。

I just want to start with the cost reductions that were announced during the quarter. Can you just clarify to what extent were those reductions already contemplated when you originally issued 2025 guidance?

我只是想從本季宣布的成本削減開始。您能否澄清一下，當您最初發布 2025 年指導方針時，這些削減措施在多大程度上已經考慮到了？

Sure. This is Doran. I'll just start with -- the quick comparison is that what we talked about in the last call was a 20% reduction in run rate end of '24 OpEx that we were mapping out. What we actually did was quite a bit higher than that as a result of the ultimate decisions that we made to realign the business units and realign our staffing accordingly. So while we talked about 27% by head count, the dollar reduction there was closer to high 30s percentage.

當然。這是多蘭。我首先要簡單比較一下，我們在上次電話會議中談到的是我們計劃的 24 年末營運支出運行率降低 20%。由於我們最終決定重新調整業務部門並相應地重新調整人員，因此我們實際完成的業績要高得多。因此，雖然我們談論的是員工人數減少 27%，但美元減少的比例接近 30%。

And when you kind of compare that to the 20% before, clearly, we've gone above and beyond. That's purely financial look.

如果將其與之前的 20% 進行比較，顯然我們已經超越了。這純粹是從財務角度來看的。

And then for my follow-up, just looking at gross margins for the quarter, I mean, obviously, some outperformance relative to guidance. Can you just give a little more color around specifically what kind of drove that this quarter? Was it revenue mix between hardware and software? Or how should we think about gross margin trending through the rest of the year?

然後，對於我的後續問題，僅看一下本季度的毛利率，顯然，相對於指導而言，有一些優異的表現。您能否更詳細地介紹本季的具體驅動因素？這是硬體和軟體的收入組合嗎？或者我們應該如何看待今年剩餘時間的毛利率趨勢？

So I think we've talked about guidance -- this is Doran. We talked about guidance in terms of what our gross margin will look like. Obviously, Q1, we came in above the non-GAAP gross margin range that we've got for the year. I think we're, of course, making some conservatism in there to ensure that we respond to the nature of today's macroenvironment. But at the same time, the straight answer is product mix.

所以我認為我們已經討論過指導了——這是多蘭。我們討論了毛利率的指引。顯然，第一季我們的非公認會計準則毛利率超過了全年的水平。我認為，我們當然會採取一些保守措施，以確保我們能夠應對當今宏觀環境的本質。但同時，直接的答案是產品組合。

So less OEM hardware in the mix, higher software and edge device with higher margins. And that's the change in strategy. That's the change in business model, and that's the way we expect to see things moving forward.

因此，OEM 硬體的混合度較低，而軟體和邊緣設備的混合度較高，利潤率較高。這就是戰略的改變。這就是商業模式的改變，也是我們期望看到事情向前發展的方式。

I would go back to what we are focused on. We're focused on selling those higher-margin offerings and that's what you're seeing is the result in the earnings reports.

我想回到我們關注的重點。我們專注於銷售那些利潤率較高的產品，這就是您在收益報告中看到的結果。

Thank you. There are no further questions at this time. This does conclude today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。目前沒有其他問題。今天的會議到此結束。現在您可以斷開線路。感謝您的參與。