STEM - Earnings call transcript Q1 2022

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Operator

Good afternoon. And welcome to the Stem, Inc. Q1 2022 Earnings Call. My name is Tamia, and I'll be your moderator for today. All lines will be muted during the presentation portion of the call, but there is an opportunity for questions-and-answers at the end. Instructions]. [Operator my the now Ted over to Durbin. pleasure is conference pass to It proceed. Please

Ted Durbin

This Head first Thank at Ted you, is operator. Durbin, call. we you earnings Stem, welcome of to XXXX our quarter and Relations Investor

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

Our also non-GAAP measures. financial comments include today

Additional GAAP details found earnings directly and reconciliations to the in financial most comparable release. be measures can our

will slide We presentation a using today. be

Technology call. Our www.stem.com. start of today Officer; with earnings Patel, portion Relations at Officer John will Investor and Carrington, the Chief the now, prepared remarks. be call our Chief to the And call of Larsh Bill the are release will I Strategy and Johnson, Prakesh CEO; question-and-answer on CFO, Bob website available turn portion over for of President our also the and AlsoEnergy; Schaefer, John. presentation will Bush,

John Carrington

Starting our I in an accomplishments with execution. Then managing call results review highlight and chain. will the managing agenda review XXXX we're I our the for our solid provide on progress first update X in market commercial current I quarter. will Thanks, Ted. how briefly in today. our will also of some and during quarter Slide the the key the uncertainty supply our regulatory

who and leverage. guidance on our results operating I XXXX through to then market the technology discuss enablement will and innovation. financial are Bill will discuss detail hand our provide accelerating more Finally, I call in color we how will

quarter range came we XX% million, above end high Slide reported quarter. of revenue versus guidance XXX% the additional And X% a our for XXXX to $XX the Turning of in all first quarter the our margin generated XXXX, finally, metrics. Today revenue a XX% X. was our non-GAAP services high and which software XXXX gross key guidance revenue. We GAAP and reaffirming full-year driven gross across margin are during by of margin we quarter first

bookings our year. seasonal strong another revenue triple performance a at gives bookings business, for largest. to quarter the new million, drove of $XXX The into is bookings company last same noted us which the are typically second in were quarter is XXXX, remainder year. backlog largest be million, our while First this record the that bookings this after in the visibility QX is $XXX excellent history nearly Should which the

right specific Moving highlights page. on on some the QX side of this

First, recurring revenue our and of face tiger of functions consolidate software on duty identify and and customer and the XXXX greater synergies. the selling anti-dumping standalone enables our product actions provides XX% announced The revenue such total This represent remains Commerce. and leverage market remaining teams our in integration including at AlsoEnergy projects contracted growing be track, storage resilient guidance. We as even believe are working the of of into cross storage business financial Department than strategy, certainty inquiry countervailing multiple midpoint execution. all hardware momentum our key of by more diversification across standalone roadmap, recently to opportunities, to the

XXXX. to XXXX of sell expect revenue second cross with We our half book the in projects first in impact

operational on have into to quarter a contract of secured for XXXX and opportunistically XXXX. have strong started focus hardware full driving also This continued execution first represents a we leverage. Lastly, and our requirements

Slide Moving is X, team commercial challenging to executed well. Despite environment. our a macro

the you solar some reduces see in great storage had standalone have of currently success on volatility We which industry. projects, the

and our the customer to benefits quarter of grow our in contracted the charted have base. million exit technology. organizations, our million and and PowerTrack of into XX% professional greater operations margins at two monetize services share for which remain software teams. our to I've we our the the and solar our storage track We management implemented grew to and CARR, or customers storage low domain our and penetration between CARR, selling price capture to our provides We lastly, commercial $XX are success. allow end successfully wallet from expertise $XX program a we million of will Recall enhance differentiation on we introducing And of between annual customers. continue opportunities. the to solutions more energy customer software. asset this complement excellent to revenue Both underscores cross further to of realize actions recurring as year overlap Stem This a only And offering. quarter adopt offerings and teams increases that within $XX combined the AlsoEnergy our us

of the Commerce X, of Department the Moving weeks Slide been investigation solar components anti-dumping last are Eastern to over on the renewable industry those duty certain the as in from from the South four cells opened has key after circumventing you're countries. impacted on countervailing inquiry and The energy modules that any to Solar our manage whether imports the solar working focuses other forums additional the position climate be imports into and tariffs several our orders do for To hundreds of U.S. aware, meeting Asian an We're we XXXXs engaging and Industries on people. And stakeholders. China. goals. impact with support of and mitigation and Energy an not customers to potential industry that is with supports to jobs timelines, Association communicate to to resilient project duty clear, integral

As uncertainties the our slide project impacts. through was data and some key project to status. of this a details The like risks outlines manage Starting with operations developed with energy storage. is the And milestone confirm our our and evaluated who backlog by inquiry. potential full each to contracted customers the teams, focus team, across

impacted standalone from the at guidance of secured storage and projects have monitor be XXXX their We of come those we that For virtually revenue this are will projects. expect the of our panels, do closely not contracted XX% the Of over midpoint believe storage, remaining to total those project solar will year, solar we inquiry. customers and by projects revenue, estimate remaining all the status. plus recurring we

assess And Finally, South continues an with XXXX. our second announced, are to virtual as recently America, in international business completion launching the development markets. in we plant additional team half of the first power expected

expect Front uncertainty. larger On monitoring Meter or to the our scale circumvention asset utility we solar a from of business the side, impact

the greater behind We volumes. are meter international driving market deployments, addition uptake greater in to in

largely delays, not attached solar impacts project bounce decades, storage managed cancellations. expect our might though solar we to demand is to these by executive in for from timelines at Underlying cycles once volatility. and related resolved. regulatory to hampered Stem Importantly, business, back successfully uncertainty, the result strong. energy and sharply of near-term be teams And this issues industry and AlsoEnergy incredibly have action have in for we renewable The the it are through in several been expect active various project

our the through to we online. inquiry Starting developers believe revenue the on lead passed our of requirements all half the cause solar to delay supply in Note, lead financial this suppliers it and additional project remainder availability our provides projects. additional to requirements storage. hardware early commodity changes may execution. March, capacity believe could We've plus chain. delays. XXXX battery certainty strategy as our AD/CVD build in for We addition, supply we suppliers meet update bring our progress X goal anticipate diversification as supply of XXXX. on are freight lock and made received anticipation storage supply to costs our incoming to We of and market customer Please with inventory second XXXX, Slide energy and offers in In customers. price deflation, from an In battery greater turn may for into and to our

years. battery in We availability improve continue coming to to expect the

of As recent stimulate you the page. the A in for to XXXX supply on in the see customers, widen years. and availability will demand bottom gap additional WoodMackenzie following bodes new in forecast This open from for outstrip should well pricing graph our that and and which demand markets. analysis this

related the On because the are side, asset the project seeing projects performance large inquiry. scale of delays near-term to in solar DOC we some utility

have we also evaluate international profitability. cost to And near-term containment protect will measures and the BTM we focus our earlier, markets. additional mentioned As on placed

support On the permitting customers interconnection to continue and their teams our advance project process timelines. focus timelines, to our operations

We have a yet pre-COVID normalization seen not of timelines levels. these to

across in our are team Slide to business. moving The enables X, this scale capabilities investment platform. highlights our making operational through expansion we technology Now markets. growth development and talked leverage we designed across are and And quickly that quarter margin that about driving to software slide all last leverage the

customers, enter configure in markets minimal energy execute framework our development Stem. projects the to the will example, Athena strategies of an us This flexible new for As multiple allows software rapidly Bidder higher framework additional by customers trading market wholesale velocity to markets. allow with participation and

example, built multi Texas And development, York. plant opened powerful Similarly, we business. support activated team and provide fully support AlsoEnergy's significant that lastly, presence global into South are in built customer customers we market required. cost little India will engineering serve the ERCOT with Chile, America's and has through with first we and development new have we and access a New power to our capabilities software to For gigawatt the in now for Massachusetts, India. first capability software our systems in in code a resources low virtual integrated

Stem the quarters. in significantly to We roadmaps help accelerate this product combined AlsoEnergy profile lower expect the and infrastructure cost coming a with

to seamless differentiation, measured the Their data Detailed on while create pane have with integration management. storage and slowing projects update you that with will over The organizations to operations on gates Stem momentum. long-term a turn glass in technology Next, taking as focus introducing vision commercial optimization driving to leverage of want combined is stage is key The asset we tiger-teams solar to customers the countries. a two over on I are X. with integration AlsoEnergy. collaboration. planning AlsoEnergy side single energy a The Slide synergies commercial, integrates not of Please XX customer is on or focused of experience. competitive bureaucracy XX platform across ensure approach for performance gigawatts process

Bush, turn cross capabilities Thank our Officer. Bill of this an technology to you. call with expect unmatched Chief over opportunities set substantial sell and Financial let's drive We to And now the edge.

Bill Bush

million, growth and FTM on came BTM $XX million from of quarter of million only of on XXX% was reported first about closed that March Page of first Thanks, $XX Most projects X, we saw the results hardware Starting on AlsoEnergy from the partner begin, which QX, XXXX. I for the versus financial XX $XX acquisition quarter addition sales the February storage our AlsoEnergy. and in AlsoEnergy results from revenue before with increase the XXXX. John. But February the the and remember results include we for

We services for also recognized year the quarter total first approximately $XX underscores and the million momentum of in the recognized The revenue, representing business. tremendous we of quarter. revenue software the margin entire the which our revenue for revenue in XXXX, exceeds of high XX%

the year year of margin revenue. or the gross XX% from XX% margin the higher was loss last mix services $X in of increase. last a and XX% the margin up year. due or million, percentage in GAAP software increase million, in quarter Non-GAAP $X.X basis, Our million $X.X last a non-GAAP quarter On to same versus increased first X% gross quarter and was slight revenues gross was versus XX% or

the refer software of appendix for share of greater reconciliation make have sold approximately particular, was in adjustments of and February. been is in of here Net figures. we would like substantially expect additional that for swing That a to large million have the those charge warrants year. loss we from was expenses And negatively the and impacts quarter as gross last comparability EBITDA a public personnel the outstanding the continue calculation impacted hiring, XXXX take financial year, of roadmap related pro would stock certain XX% loss advance result of to the from in forma of our by was costs supplemental a those technology first non-GAAP I associated note, benefited margin negative future. margin lastly, gross XX% additional the cost significant measures is loss services then out a of with the not reporting of guidance revenue. almost implemented to to with build million retired has for margin squarely negative in market One million we a allocations like Adjusted we margin the That higher Adjusting of $XX.X operating our opportunities. QX warrants, in expenses high $XX these in common quarter non-GAAP provided of million important teams into margin to and $X.X from operating in completely the line and the the $XX same slides. to XX% do changes, last costs related all and same versus last advantage quarter GAAP non-cash that investors adjusted Our versus the EBITDA of In XX%. we is including year. goods a included resulting expenses,

backlog ended a Slide bookings quarter quarter some revenue of from project Moving XX recognized quarter, as backlog the the offset the the believe to from of to XXXX basis XXXX. configurations. approximately of the and was into driver XXXX. doubled the new XX, December excellent remainder results We of from book on the $XXX and financial amendments our us than backlog period short first operating year-over-year, in $XXX our by medium-term backlog well The XX% as an largest The particularly the $XXX more on visibility of and first the million with increased the in quarter sequential during increase to in the adjustments XXXX. metrics million million gives

AUM by and in XXXX the again XX% gigawatt the of the first X.X sales execution of in a operating storage on business gigawatt strong increase from side side Our contracted grew first hours XXXX, the of of year-over-year that's hours quarter to quarter driven business. on and our the X.X the

the quarter the that we Athena drive customers at the software churn CARR underlies value. metric services growth this and and cash model the transition of ended $XX.X the We Contracted in IRR on to in revenue the predominantly one hardware or a projects. platform operating performance that which sell the impact revenue the business quarter provides to asset customers at solar annual growth of Athena XX.X opportunity for ended Our AUM side on $XXX focused metric sheet. the ended quarter margin their in cross the our customers additional cross revenue represents importance This software PowerTrack the network foundation look the those sales. on to gigawatts, a showcases opportunity, long-term We bring for high differentiated a million. monitoring PowerTrack strong to significant believe positively from with offer low of The recurring balance as million selling.

of us As as industry into in with medium market of in and supply interim, deploy strategically hardware Consistent see margin this we cash you customers secure with recurring other and structures cash the purchases long-term. see cash quarter, utilization burn our chain for associated less storage our in expect systems. forecasts, our to will a coming additional evaluating the for high drive reduce greater we supply to revenue. also adoption In result, and energy activities storage XXXX the the are

for the reaffirming mentioned fast Slide our guidance start. XX, full-year are off to earlier, a John XXXX. to we as Turning We're

$X for year. quarter or high-end all million XX% positioned the revenue we the particularly this across successful $XX side, well million, but a guide, is of the above our our of are metrics On

XX% with margin the XX% quarter XX% line in Our range. the gross is for to

of Our bookings expectations. are provided our environment seen is line have biggest the our expenses since Department track and are Commerce with guidance operating the The on change we we in in our investigation.

earlier, markets mentioned the will of base our help on of our results. end potential diversity customer John some As impact buffer the in

John demand to commercial and business. the selling a However, proactive while potential refocused mentioned, in cost And strong. containment very scale our we as invest effort, to profitability synergistic take will and revenues remains fast and our process protect growing also people steps continuing the including

of the aren't effect we solar will in While up of the have Commerce XXXX expect any impacts in businesses potential investigation weaknesses known, yet Department in our attached XXXX. catch a

XXXX. versus XX. expect Slide expenses graph XXXX of operating we to to leverage strong XX% operating Turning revenue the This in highlights in XX% with dropping

We XXXX and hand maximize tools I software we're side, to expect all the of revenue points on our to read this the existing and personnel operating continue leverage using high streams. in margin on beyond, new focused right but sufficed won't will say

to India. midst discussion international We year. planning process, financial opportunities. organization aligning and and on is our innovation plan in are we additional of context details to the growth teams An newly plans of operating this as Analyst entire the these Day providing with our infrastructure later drive and of trends expect provide this market profitability. important in We our and in leverage additional acquired the We leverage a with forthcoming component forward process accelerating, look technical outlook, currently especially to long range velocity to

turn to remarks. closing some for me John Let call the back

John Carrington

beat Wrapping positioning performance, performance the we market up by on Bill. momentum, guidance for business strength with quarter year-over-year contracted revenue closed key first to achieve of million. executed the in Slide our financial of end diversity. takeaways exceptional of the XXX% driven growth. strong Thanks, rooted representing by to XX, offerings, financial us on full-year million, our software and this high $XXX we recurring is and Revenue bookings differentiated our of with $XX.X XX%. annual XXXX The quarter's metrics grew our customer We

in in and and financial pricing value our capabilities guidance leadership unique of standalone our We're the including execution. our and our market our believe storage customer is strategy, greater diversification reiterating full-year power. provides growing momentum certainty Additionally, highlighted technology into

see booking full-year traction closely the storage of requirements benefit is for this impacts and track expect have manage year. fixed the the joint on to AlsoEnergy We XXXX we energy monitor prices our from arising in potential of inquiry wins integration AD/CVD will any XXX% secured to continue for and The of and customers. solar, generating at hardware

finance would disclosures customer the In excited operating which recently additional colleagues software momentum website initiatives, public We and our closing, details. AlsoEnergy throughout at organization across expanding are AlsoEnergy. the to ESG leverage specific India. headcount I and acquired engineering we've about for the development, thank you to implemented support, Stem encourage we our and and Stem via reference addition, and infrastructure In and to by the want excited were

beyond. In addition growth continued competitive of or exceptional to our should the metrics, the has the quarter. balance our which our on please. to and positioning. another for commitments as and key of execution We line resulted well The exceeded of for that, all customers continue questions our this position on bullish be let's and year we to industry this deliver channel focus met open With partners, on

Operator

will begin we now Absolutely, session. the Instructions]. question-and-answer [Operator

comes Brian Lee Sachs. The first question Goldman from with

Your open. line is

Brian Lee

Hey with guys, guess start strong thanks the for on taking the that And to questions. kudos as context. I year. the

Just guidance implied of cadence metrics. on the of key here questions of couple a kind around the by the trajectory the some

the gross pickup Q-on-Q. nice on non-GAAP, First you the margins, year-on-year well did as XX% as

process, thought You're keeping you quarter through kind off you of real margin us even solidly the here, XX% XX%. the no the pretty a here? implied expansion why on rest the low of year started to here walk for though year volume Can the even

Bill Bush

thanks, question. Hey, the I Brian. appreciate

I the of the XX%. mean, revenue respect the margins, one quarter typically thing year. we with to first the think it's are smallest the think in from quarter gross a to is full-year And standpoint, I is the I for true to guiding sure XX%

reflection where both standpoint. business. So at ended from up. been the of early with of lot little happy the work of But the that very I think great it's take for it's think the quarter on a a that a to guidance We another sides us doing we've too we're look

Brian Lee

year, these the got guess, view? think to the cost cause, the that several prudent? around, the don't it metrics the on mix expectations, margin -- on drivers of just it's But year. you it as in on what and lot a per are growth about around. I is some moving puts what a takes here is keep have Is Okay, would well, for good here quarters. jump key embedded of the like takes and it the the a margin you maybe to start se to as maybe conclusions, trajectory? well you I And puts know, early if I follow-up, are volume makes, next

Bill Bush

Well, software I higher. mean, certainly, to are be the thing going services drives margin the that

Yes, there's item talking in think been pretty obviously on I we've think that. the is the hardware. about I highest revenue consistent

of successfully lot a we've lot terms a place think, supply terms been through in pricing, there full-year. movement for which there's of pretty chain so getting the of And I -- in worked of in our supply choppiness,

we of this on So feel side are that going of, what, a I that a we'll we us be we're And I that from we standpoint, think as lot later think the think sure side, relatively very there's year. -- there'll going look what's that on at feeling minimal business, about year. the to we about But the where questions confident for solar with, comfortable the and think I'm on. impact for probably, that's have we

for as the think to ability the look highest. drive at And we so, the thing more is I the impact which margin us, full-year, our be important will to business, going most services the into

Brian Lee

like fair that from The for on. on. CARR uptick sounds CARR Last it was pass in came million metrics you're the year $XX.X of pretty much Okay, pretty, I'll me, AlsoEnergy, off it. well part in of key again, release, enough. the in the the that here of a it and How starting one nice one decent

then million as just at few quarters, low much not there. trying off similar QX? where of end implied get almost question, the in XX%. ramp over you're And XX% close year Thank the starting for to to $XX Maybe the to of you're mix end CARR next guidance XXXX already already So you. why here a of the at given to

Bill Bush

confident early, think into very look business, us, which in where the backlog, are of carefully number, $XX game kind something guidance, highlighted you the that, AlsoEnergy of think start that. feel a the to medium was the attributable great term call, think I we we the we And the bookings business. this reflected, I I doing terms for updating million from the more as But terms towards, about that's little metric in us the course, talked kind in I is inning a short same couple of think so year-end I business. of and and the Yes, we I mean, before think about performance in comments of run for we get let's of is a

stay So certainly about and as tuned that, for we'll up-to-date confident numbers. changing feel we keep you

Brian Lee

Okay, $XX so roughly numbers, have inorganic, correct? million if and $X growth organic CARR million the I

Bill Bush

bit Yes, the actually a legacy more that Stem than on little side.

Brian Lee

Okay. I'll take the math offline. Thank you, guys.

John Carrington

Thank, Brian.

Operator

Thank comes you. from Peters with The David question Please next proceed. Wolf Research.

David Peters

hey. afternoon, everybody. Yes, Good

on for on one just you is start me in back got originally to First strong the sales QX, it.

So $X.X was extrapolate obviously we revenue to came that. there million sort a Again, of at QX? still understanding in I well you Or impacted in QX. in total think end? top of Should timing trending me above some hitting the least the in it's year towards revenues that early? But pulled

Bill Bush

that, that, David. say Appreciate the thanks first, for would question. I and

into to to us high we're for that, the going early too it's mid-range. or say think I the

the on All of based our numbers are mid-range.

from standpoint, I the XX% we is in standalone locked think the the I terms the the itself, think, of on press about XX% I talked mean, pretty we so, feel recurring release. in business and And revenue well that side in of pretty in. comfortable.

targeting saying, mid-range the a in we're comfortable at business feel or I we from going standpoint. for But to of with pretty at were end the where be. So very high terms much think going the metric be We're mid-range. we still to

of that throughout. you kind see also I think can

David Peters

Great.

conservative But the related was before Last DOCs from XX% 'XX to bookings your I ahead that. I just question bookings the it target. sounded other strong, The as this well you obviously, target side, like on had and investigation. could be for QX the heard certainly was, of look guys,

you this? a versus So any of talk has just in as BTM result could to there been thoughts And a there. at all maybe all updated shift FTM

John Carrington

Yes, here. John Carrington David,

On tripled same we did of front, the FTM, that's the quarter And million. $XXX again, mix and XXXX. XX% The XX% BTM. bookings is nearly

standpoint, From we're And quarter a XX% about the a X%. over XX% a and running record. XX-month might that's $X.X around the of you pipeline billion. little As the pipeline meter, recall, was with front of fourth

that. couple that So strong of about indicative like have it's really see and continued we acceleration. Texas California feel a very markets And of to

relates it the AD/CVD some to issues. As of

I revenues, of remarks Bill important that's gets contracted the fast what our point us fact to guidance. hardware XX% that around of is and most midpoint in the my highlighted, in this prepared just the which think is recurring revenue,

we I financial do think feel of both And the of the around to about that help and the So shareholders diversity And really the certainty the we've again, provide us really highlights committed street. our had believe year. will just into in good it continue markets. to focus it we diversity customers execution we've to

David Peters

gross words, were for last then are market are offsetting price to and you one, guys you to implementing something that PowerTrack, just in you flex power, pricing that just or mean, that Great you at increases. I if I the the could Thanks. margins, business. all, AlsoEnergy, mentioned able I we position? expect to guess incremental to you be other for initially the able highlighted given

John Carrington

the you great board Bob. turn over for David. Sure, It's have call, to And it Bob. I'll on to

So one. and that take go ahead

Robert Schaefer

appreciate question. I that Sure.

Bob it's Schaefer. So

really impact as what don't pricing We have expect So is, this power. we churn. see it's see we we've we going that negative a, received And feedback. no to further,

us about act really trusted technology customers. the We has leadership do allowed a advisors our that to we think this, So excited continue to and we're have as that, that. to

David Peters

Great, I'll on. Thanks. it pass

Operator

with The comes Osha Thank Joseph Guggenheim. from question you. next

open. is line Your

Joseph Osha

congratulations group performance. Great, couple great everybody. add to my the me Hello, questions. of A here. let And

work to about the be those may follow-up? going is management through this slightly because a went quite stuff payables just some It wondering just all prosaic some is And how pulled like inventories, have gets of as then see up we're working a fold it this capital a of as them? I'm seems is this high more that I money lot. more First, feel capital but also, there some year one. I in as of the you accounts? working you accounts, know you Or kind capital into working

John Carrington

for Yes, thanks, the Joe question there.

what terms as In I perhaps and is throughout the we at that growing. side working is capital, of quarter look think the Russia business of hardware happened

So and LGIA really that you it EV really you reflect those and opportunities. reflect changes the mentioned, growth

I situated quarter. really in the mean, with hardware of think we're I So to going it's make investment the amount throughout that

I So want that, about opportunities. I utilization these one talked that hardware of we in respect I lower though, the the to to expect things with we was think release long-term see mean,

purchases. So less I there's short-term look long-term some at really utilization think we be could that's is but that, increases for of capital hardware where there working

Joseph Osha

way with Okay, things [indiscernible]. so comfortable the cash the mean, I but working like are capital it seems because still and you're and forth. certainly levels of

John Carrington

we're very no, comfortable with that. Yes,

Joseph Osha

And is, at then on the security, next logistics if out did which you've great. other Obviously, we bookings touch DTM we there. lots is got the But and supply Okay. the mix of FTM there. just question considerations look

Just that taking wondering the how installation to bookings, lag to you're it feeling actually see your you you about ground? this long is in business, of how kind on the get stuff

John Carrington

Important a as opposed significant business, are the mean, this, I problems changes the to business. to change that really we've Yes, run is through extent to we've that permitting is in the to interconnection note about any and I of the a think it haven't part we've getting where through we of port. modification there the more that, costing, the side customers. or and seen in pass talked into logistics,

side. It's problem affected had those not has think see So the where I project COVID in the higher costs, that delays our we we the been to hardware extent that P&L. issues related those to not get ability But were of on more for that that's really part been us. that is the were much the of any

Joseph Osha

Okay, a at you materials that in some one, talked of bookings, put then composition And thanks. you've we if look the of out past. the just final

about of maybe breakdown, looks current talked us quarter You've hardware kind service breakdown? a vis-à-vis color can to what some this as number booking you that give like

John Carrington

the course, component. holding software. of participation does even we've Yes, include traditionally with said, it's XX:XX that really And hardware, what market not

Joseph Osha

Great, very okay. much. you All right, thank

John Carrington

Joe. Thanks,

Robert Schaefer

you. Thank

Operator

with Thank Castelli Brett next Morningstar. is from you. The question

is Your open. line

Brett Castelli

thanks time. Hi, for the

solar between if that on and storage First I break storage question you pipeline. more plus opportunities can curious standalone was FTM maybe opportunities? the out was

Bill Bush

or I'm the say hear, bookings? do sorry, I the backlog couldn't you

Brett Castelli

the mix backlog plus The versus just storage FTM curious, business, standalone the for a solar pipeline between of storage?

Bill Bush

haven't. we Yes,

for question. So the thanks first,

broken the still and of I XX:XX, in We that is in the haven't that that way. say what to I bookings FTM really BTM standpoint. out would offer the specifically backlog, terms are would

and I given associated prepared which remarks the I think of uncertainty a John the comfort side, mentioned for lot our a in pipeline, what storage standalone really giving us with the in issue. is year the is significant there's AD/CVD of potential amount

the as predominantly me, at And so as that is at look to excuse pipe, the be storage. look going you you I standalone backlog, think that

Brett Castelli

at year, Okay, maybe the that's you there new this not or Thanks. chemistries things Are chemistries? technologies? helpful. And of changes in the of do than new changing but term or then curious all more pursuing hardware in expect terms terms storage on side you say medium any

John Carrington

on is chemistry. we top I'll that start jump about Johnson can Brett, really of both what's operate platforms and storage Larsh Yes, would that, I compelling any in, say

talked from ion, duration top perspective right variety others, lithium obviously on a suppliers. long of So the put could to we or that. battery We of top a of

you you One the into with of in on us the don't get other still seen attach, it's more jump things have solar ion ion so focused when LFP, why you've but really duration, longer-term longer we're might I warranty, thoughts lithium because particularly missed. lithium want that that is Larsh,

Larsh Johnson

some different And been our suppliers lot expansion of that storage, making duration right of front. working progress use how with I Yes, of at a because long now, certainly still the in think they fit different number that commercial are the we with storage evaluating but point, in position and are driving contact on the chemistries. cases we're continuously we've of industry, this see a into

the But still I so that use we'll of think a the certainly ones the lithium have next work. by within And underwritten outside ion and case, is And then chemistries to the be within long to think portfolio, it be of seen as other I duration make looking solution. storage remains that year. which bankability evolves specific with that going the are all to

all So quite that. we're promising. I of watching And it's think

we'll I tuned, So stay think.

Brett Castelli

I'll do, Thank pass on. you. We'll

John Carrington

Thanks.

Operator

will Carrington conference back pass Instructions] for portion [Operator I now of to This concludes you. the the remarks. Thank call. Q&A John closing the

John Carrington

driving on to you thank and margins. and growing revenues earnings meeting on And strong key joining quarter with us customers first to on XXXX beating forward of or our software excellence, you. Thank call. call again. execution everyone focus to for pleased thank operational speaking with want earnings And we I our metrics. delighting our continue all differentiation, quarter We look you during our will and second We're

Operator

QX you call. participation. your the concludes Thank earnings Stem, This Inc. for XXXX

disconnect You lines. your now may

Stem (STEM) 6 May 222022 Q1 Earnings call transcript