Bloom Energy Corporation

Good evening, ladies and gentlemen. Thank you for attending today's Bloom Energy Q4 2022 earnings conference call. My name is Tia and I will be your moderator for today's call. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. If you would like to ask a question, please press star one on your telephone keypad. Please limit yourself to one question. Once you ask your question, please mute your mic. If you have a follow-up question, please queue up again. I would now like to pass the conference over to your host, Ed Blejo, Vice President of Investor Relations. Please proceed.

Thank you, and good afternoon, everybody. Thank you for joining us for Bloom Energy's fourth quarter 2022 earnings conference call. To supplement this conference call, we furnished our fourth quarter 2022 earnings press release with the SEC on Form 8K and have posted it. along with supplemental financial information that we will reference throughout this call to our investor relations website. During this conference call, both in our prepared remarks and in answers to your questions, we may make forward-looking statements that represent our expectations regarding future events and our future financial performance. These include statements about the company's business results, products, new market, strategy, financial position, liquidity, and full-year outlook for 2023. These statements are predictions based upon our expectations, estimates, and assumptions. However, as these statements deal with future events, they are subject to numerous known and unknown risks and uncertainties as discussed in detail in our documents filed with the SEC, including our most recently filed forms 10-K and 10-Q. We assume no obligation to revise any forward-looking statements made on today's call. During this call and in our fourth quarter 2022 earnings press release, we referred to GAAP and non-GAAP financial measures. The non-GAAP financial measures are not prepared in accordance with U.S. generally accepted accounting principles and are in addition to and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP. A reconciliation between the GAAP and non-GAAP financial measures is included in our fourth quarter 2022 earnings press release available in our investor relations website. Joining me on the call today are K.R. Schroeder, founder, chairman, and chief executive officer, and Greg Cameron, our chief financial officer. K.R. will begin with an overview of our business, then Greg will review the operating and financial highlights of the quarter, as well as the outlook for 2023. And after our prepared remarks, we will have time to take your questions. I will now turn the call over to K.R.

Thank you, Ed. Good day, everyone. Bloom Energy finished 2022 in a very strong position as our resilient and sustainable energy solutions experienced wider adoption and we were aided by good tailwinds. We expect this trend to continue in 2023 and beyond. Our revenues and gross margins, the records for the fourth quarter and for the full year, and we closed 2022 with a $10 billion backlog, the strongest order book in Bloom's history. We continue to innovate at a rapid pace to further strengthen our technology leadership and competitive advantage. In 2022, We demonstrated record-breaking efficiencies for hydrogen production using our electrolyzers and successfully lab tested our highly promising carbon capture technology. We released a combined heat and power offering that we are very excited about. This offering has wide-ranging applications, including in the European markets we are now entering and for industries that can use the heat. We successfully deployed our marine product on schedule. Bloom has also invested in operations and doubled our manufacturing capacity. I'm proud of our team for all we have accomplished in 2022. We are excited about 2023 and are looking forward to building on the momentum we have generated. We are establishing ourselves. as the energy company that offers our customers practical and purposeful solutions. We call it the power of and. When it comes to energy, we need security and sustainability, reliability and resiliency, affordability and availability. Simply put, when it comes to energy, a resource that is foundational to our well-being or should not be an option the bloom energy technology platform delivers on the power of and the future looks very bright for growing our electricity and hydrogen solutions both domestically and internationally we are very pleased with the quality and composition of our 10 billion dollar order book it offers predictability and visibility we have talked to you in the past about the issue of time to power. Utilities are not able to meet the growing need of commercial and industrial customers for additional power. Let me elaborate on this. Businesses are expanding and many are reshoring their operations. Digital transformation is driving steep growth in data center loads. Vehicles and appliances are being electrified. All these trends are causing a surge in energy demand. At the same time, geopolitics, climate concerns, and NIMBYism are making a very difficult global energy transition even harder. There is long-term policy uncertainty, permitting chaos, erroneous political decisions to shut down or not allow infrastructure growth based on unrealistic transition timelines, all of which have significantly stunted growth of energy supply. Many jurisdictions have turned to dirty and unreliable sources of energy to cope with the situation. California has spent billions of dollars on dirty diesel generators and antiquated power plants to keep the lights on during the summer. The Northeast is heating homes this winter with carbon-intensive heavy oil due to the lack of cleaner gas. And Europe has been forced to reopen coal power plants. we see this acute supply-demand mismatch globally. This imbalance has seriously threatened energy availability, security, and affordability. It has also compromised the health of people and businesses around the world. Furthermore, it has set the world back on its sustainability goals. The biannual EPA e-grid numbers came out last week, and they show that marginal and average CO2 emissions have gone up in the last couple years in many geographies. Additionally, the prolonged power outages experienced repeatedly in places like the U.S. Gulf states speak to the fragility of the grid. Commercial and industrial consumers of energy are alarmed by the lack of secure, affordable, and reliable energy options from their utilities. They are increasingly wanting to take control of their own energy destinies. Many of them are turning to Bloom for behind the meter solutions in these situations. It should be no surprise to you then that we have booked over 100 megawatts of orders from customers in the US to solve their time to power issue. Also, as Greg will cover in his remarks, we have made great progress operationally. We will leverage our technology advances increased manufacturing scale, and other efficiencies to drive improvements in our margin profile. The cost down program is a cornerstone value for Bloom and is part of our DNA. Lowering our cost of goods should enable us to enjoy both growth and profitability. Bloom is now a predictable growth company. We offer the world a unique, mature, and proven platform solution at scale, a solution that can be deployed today with a clear pathway to a net zero future. With that, let me turn it over to Greg to discuss our financial performance. Greg?