Allego NV (ALLG) 2023 Q3 法說會逐字稿

Hello, and welcome to the Allego Third Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note, this conference is being recorded. I would like now to turn the conference over to Rachel Richardson, Director of Investor Relations and Corporate Communications. Please go ahead.

您好，歡迎參加 Allego 2023 年第三季財報電話會議。 （操作員指示）請注意，本次會議正在錄音。現在，我想將會議交給投資者關係和企業傳播總監 Rachel Richardson。請繼續。

Good morning, everyone. I want to welcome you to Allego's earnings call for the 9 months ended September 30, 2023. Today's speakers are Mathieu Bonnet, Chief Executive Officer; and Ton Louwers, Chief Financial Officer.

大家早安。歡迎您參加 Allego 截至 2023 年 9 月 30 日的 9 個月收益電話會議。以及財務長Ton Louwers。

During today's call, we may make certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and assumptions, and as a result, are subject to risks and uncertainties. Many factors could cause actual events to differ materially from the forward-looking statements made on this call. For more information about these risks and uncertainties, please refer to the factors referenced in today's press release and the risk factors and other disclosures in the company's filings with the Securities and Exchange Commission. Readers are cautioned not to put any undue reliance on forward-looking statements, and the company specifically disclaims any obligation to update the forward-looking statements that may be discussed during this call, except as may be required by law.

在今天的電話會議中，我們可能會根據 1995 年私人證券訴訟改革法案做出某些前瞻性陳述。許多因素可能導致實際事件與本次電話會議中的前瞻性陳述有重大差異。有關這些風險和不確定性的更多信息，請參閱今天的新聞稿中提到的因素以及公司向美國證券交易委員會提交的文件中的風險因素和其他披露。請讀者不要過度依賴前瞻性陳述，本公司明確表示不承擔更新本次電話會議中可能討論的前瞻性陳述的任何義務，除非法律另有要求。

During our call today, we'll also reference certain non-IFRS financial information. We use non-IFRS measures in some of our financial discussions as we believe they provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We believe that the use of these non-IFRS financial measures provides an additional tool for investors to use in evaluating projected operating results and trends and in comparing our financial measures with other similar companies, many of which present similar non-IFRS financial measures to investors. The presentation of this non-IFRS financial information is not intended to be considered in isolation or as a substitute for or superior to the financial information prepared and presented in accordance with IFRS as issued by the IASB. Reconciliations of IFRS and non-IFRS measures as well as the description, limitations and rationale for using each measure can be found in our filings with the SEC.

在今天的電話會議中，我們也將參考某些非國際財務報告準則的財務資訊。在一些財務討論中，我們使用非國際財務報告準則指標，因為我們相信它們為管理層和投資者提供了有關我們的財務狀況和經營成果的某些財務和業務趨勢的有用資訊。我們相信，使用這些非國際財務報告準則財務指標為投資者提供了額外的工具，可用於評估預期的經營業績和趨勢，並將我們的財務指標與其他類似公司進行比較，其中許多公司向投資者提供了類似的非國際財務報告準則財務指標。本非國際財務報告準則財務資訊的呈現並非旨在被孤立地看待，也不旨在替代或優於根據國際會計準則理事會頒布的國際財務報告準則編制和呈現的財務資訊。在我們向美國證券交易委員會提交的文件中找到 IFRS 和非 IFRS 指標的對帳表以及使用每種指標的描述、限制和理由。

I'll now turn the call over to Mathieu Bonnet, CEO.

現在我將電話轉給執行長 Mathieu Bonnet。

Thank you, Rachel. Good morning, everyone, and welcome to our third quarter 2023 earnings call. I will begin with a brief overview of our results, followed by an update on some recent milestones before turning the call over to Ton for a closer look at the numbers.

謝謝你，Rachel。大家早安，歡迎參加我們 2023 年第三季財報電話會議。我將首先簡要概述我們的結果，然後更新一些最近的里程碑，然後將電話轉給 Ton 仔細查看這些數字。

I want first to highlight the following. In the third quarter of 2023, our total revenue increased by 28.2% to EUR 28.6 million compared to EUR 22.3 million in the same period of 2022, driven by strong charging revenue growth. For the 9 months ended September 30, 2023, revenue was EUR 96.8 million, a 33% increase over the prior-year period of EUR 73 million. Our charging revenue increased 53% to EUR 22 million [compared to EUR 14.4 million] during the same period in 2022 due to increased charging sessions, better pricing sessions and utilization rates that grew 11.3% from Q3 2022 to Q3 2023. We also observed a 21% jump in the global number of charging sessions to EUR 2.6 million from EUR 2.2 million in the prior year period. Our strategy to shift from sales and service revenue to charging revenue is in full swing, and we are pleased with the results we are observing thus far.

我首先要強調以下幾點。 2023 年第三季度，在強勁的充電收入成長的推動下，我們的總收入較 2022 年同期的 2,230 萬歐元增長 28.2% 至 2,860 萬歐元。截至 2023 年 9 月 30 日的 9 個月，營收為 9,680 萬歐元，較去年同期的 7,300 萬歐元成長 33%。 2022 年同期，我們的充電收入增長了 53%，達到 2200 萬歐元 [而去年同期為 1440 萬歐元]，原因是充電次數增加、定價方式更優，並且利用率從 2022 年第三季度到 2023 年第三季度增長了 11.3% 我們還觀察到全球充電。我們從銷售和服務收入轉向充電收入的策略正在全面實施，我們對迄今為止觀察到的結果感到滿意。

I want to spend a minute discussing our utilization rates, which are a very important KPI to track the growth of our business. Last quarter, we began breaking out our utilization rate to show the strength of our major network and how new sites have an incremental ramp-up period as more drivers familiarize themselves with the new locations and ultrafast charging points, we see these rates steadily climb. But even with these delayed stabilization effect from new chargers, our global utilization rate has increased sharply compared with the same period in 2022, which highlights the premium site location selection process of our Alamo technology.

我想花一點時間討論一下我們的利用率，這是追蹤我們業務成長的一個非常重要的 KPI。上個季度，我們開始公佈利用率，以展示我們主要網路的實力，以及新站點如何經歷一個逐步的上升期，隨著越來越多的駕駛員熟悉新地點和超快速充電點，我們看到這些比率穩步上升。但即使新充電器帶來的這些延遲穩定效應，我們的全球利用率與 2022 年同期相比仍有大幅提升，這凸顯了我們的 Alamo 技術的優質站址選擇流程。

For the third quarter of 2023, our major charging network utilization rate was 15% for ultrafast charging ports installed before January 2023 compared with 12.1% for Q3 2022. While our new ultrafast charging ports installed in calendar 2023, had a utilization rate of 10.2% for the same period. I want to highlight as well something we are very excited about. For the first time, we reached over 1 million charging sessions in a single month, which occurred in October. During the last month, the global utilization rate was 13.4% for our ultrafast chargers with a major charger utilization rate of 16.3% and new charger utilization rate of 10.6%. Importantly, the new ultrafast charging points installed in 2023 represent 65.7% of the total number of ultrafast charging points operational as of Q3 2023. We are incredibly pleased with this milestone and it speaks to the strength of the network we are building and underpins the pace of our future growth plans with our ultrafast network.

2023 年第三季度，我們的主要充電網路利用率為 15%，用於 2023 年 1 月之前安裝的超快速充電端口，而 2022 年第三季度為 12.1%。我還想強調一下讓我們非常興奮的事情。我們首次在十月實現了單月充電次數超過 100 萬次的成績。上個月，我們的超快速充電器的全球利用率為 13.4%，其中主要充電器的利用率為 16.3%，新充電器的利用率為 10.6%。重要的是，2023 年安裝的新超快速充電站佔截至 2023 年第三季度運營的超快速充電站總數的 65.7%。

Moving to sales and services. Revenue for the third quarter of 2023 was EUR 6.6 million compared to EUR 7.9 million [free of debt]. The decrease in services revenue was primarily the result of lower Carrefour project work. In the fourth quarter, we expect services revenue to be significantly higher as a result of 3 big projects. Overall, we saw growth across all our key metrics. Total energy sold for the 9 months of 2023 declined to more than 144.2 gigawatt hours on our own network, while the third quarter was 47.8 gigawatt hours compared to the prior year period of 37 gigawatt hour. Overall, I am quite pleased with our execution through this third quarter. We are continuing to expand rapidly our charging network with more than doubling our ultrafast charging points compared with the installed base end of Q3 2022. We minimized the cost of energy, which has a very important impact on margins and operational EBITDA. Our gross profit performance continues to improve significantly, particularly as our fast and ultrafast chargers become a larger mix of our charging portfolio. Lastly, it is now the fourth consecutive quarter we are positive operational EBITDA.

轉向銷售和服務。 2023 年第三季的營收為 660 萬歐元，而去年同期為 790 萬歐元（不含債務）。服務收入的減少主要是由於家樂福計畫工作減少。第四季度，我們預期服務收入將因三大項目而大幅成長。總體而言，我們所有關鍵指標均實現成長。 2023 年前 9 個月，我們自己的網路上售出的總能源下降至 144.2 千兆瓦時以上，而第三季為 47.8 千兆瓦時，而去年同期為 37 千兆瓦時。總的來說，我對我們第三季的業績非常滿意。我們將繼續快速擴展我們的充電網絡，與 2022 年第三季末的安裝基數相比，我們的超快速充電點增加了一倍以上。我們的毛利表現繼續大幅提高，特別是當我們的快速和超快速充電器成為我們充電產品組合中更大的組成部分時。最後，這是我們連續第四個季度實現正營運息稅折舊攤提前利潤。

Now I will turn to some of the recent commercial developments during the quarter. In October, we signed 2 new 10-year power purchase agreements, securing a steady supply of 100 gigawatt hours of energy annually. These long-term agreements not only offer a low stable energy price but also mark a key step in Allego's commitment to advancing sustainable mobility. As a pure player of charge point operator and as our own energy provider, we can leverage these PPAs to optimize competitively priced, local energy procured from renewable sources, which is then directly supplied to electric vehicles. The PPAs involve renewable energy from a nearly completed solar park, which is expected to be operational in January 2024 and a wind farm set to be completed in January 2025. I remind that we have developed an integrated ecosystem within the organization, encompassing energy procurement, monitoring and distribution, supported by our own demand and supply optimization software and platform. This unique framework provides us with greater control over the energy we deliver to our network.

現在我將談談本季的一些最新商業發展。 10月份，我們簽署了兩份新的10年期購電協議，確保每年100吉瓦時的穩定能源供應。這些長期協議不僅提供了低廉且穩定的能源價格，也標誌著 Allego 致力於推動永續交通的關鍵一步。作為純粹的充電點營運商和我們自己的能源供應商，我們可以利用這些 PPA 來優化從再生能源採購的具有競爭力的價格的本地能源，然後直接供應給電動車。 PPA 涉及的可再生能源來自一個即將竣工的太陽能園區，預計該園區將於 2024 年 1 月投入運營，以及一個風電場，預計於 2025 年 1 月竣工。這個獨特的框架使我們能夠更好地控制向網路輸送的能源。

We also established a strategic partnership with Go'on, a leading fueling company to enhance the accessibility of electric charging services for drivers in Denmark. This collaboration secured exclusive access to the fueling company to 168 stations across the country. Notably, the first 7 charging stations are projected to be operational between Q4 2023 and beginning of next year with the expectation of -- to commission an additional 60 stations by the end of 2024. We have been awarded an important contract for 48 locations in Germany with a program, Deutschlandnetz, with a deployment of 216 ultrafast chargers. Our operations throughout 16 European countries have seen substantial commercial activity with signed contracts and a backlog of 1,571 sites at the end of third quarter 2023.

我們還與領先的加油公司 Go'on 建立了策略合作夥伴關係，以提高丹麥駕駛員獲得電動充電服務的便利性。此次合作確保了該加油公司獲得全國 168 個加油站的獨家使用權。值得注意的是，首批 7 個充電站預計將於 2023 年第四季度至明年年初投入運營，預計到 2024 年底將再投入使用 60 個充電站。我們在歐洲 16 個國家的業務已開展了大量商業活動，截至 2023 年第三季末，已簽訂合同，積壓站點數量達 1,571 個。

Moving to our outlook. As Ton will discuss in more detail, we are enhancing our 2023 guidance. We expect annual revenue in the range of EUR 180 million to EUR 185 million and operational EBITDA to be between EUR 30 million and EUR 35 million. We are narrowing our energy sold between 215 and 220 gigawatt hour. From a top line perspective, we will continue to benefit from the strong charging market in Europe, robust utilization rates and accelerating additional site deployments in the region with a single focus on fast and ultrafast charging. Utilization rates through the first 9 months of 2023 have been very solid, and we expect that trend to continue, giving us further confidence in our guidance as said, October marked the first time we have achieved 1 million charging sessions in a month.

轉向我們的展望。正如 Ton 將會詳細討論的那樣，我們正在加強 2023 年的指導。我們預計年收入在 1.8 億歐元至 1.85 億歐元之間，營業 EBITDA 在 3,000 萬歐元至 3,500 萬歐元之間。我們正在將售出的能源範圍縮小到215至220千兆瓦時。從營收角度來看，我們將繼續受益於歐洲強勁的充電市場、穩健的利用率以及該地區加速增加的站點部署，重點關注快速和超快速充電。 2023 年前 9 個月的利用率非常穩定，我們預計這一趨勢將持續下去，這使我們對我們的指導更有信心，正如所說，10 月份是我們首次在一個月內實現 100 萬次充電。

As we think about our profitability we have implemented several measures to accelerate our pathway to becoming free cash flow positive in the future. And we will see that's translated near term with significant operational EBITDA growth. We have executed on control energy input costs through our PPAs and meticulous resource oversight. We anticipate both margin expansion and growth and operational EBITDA going forward.

當我們考慮獲利能力時，我們已經實施了多項措施來加速我們未來實現自由現金流為正的進程。我們將看到，短期內這將帶來營運 EBITDA 的顯著成長。我們透過電力購買協議 (PPA) 和細緻的資源監督來控制能源投入成本。我們預計未來利潤率和營運 EBITDA 都將擴大和成長。

Before handing it over to Ton, I would like to highlight that we are operating from a position of strength, and we are focused on growing our charging network in a very strong market. Our charging network brings recurring revenues that will grow naturally with the buildup of our own public ultrafast charging network. The European market is strong and has already over 18% fully battery electric vehicle penetration in Q3 2023. The European EV fleet is to expand dramatically in the next 2 years from a base of 6.5 million EVs today to 12.6 million EVs in 2025 according to the EAMA, meaning a very robust need of more chargers already in the very short term. With that, I will turn it over to Ton for an overview of our financials. Ton?

在將其移交給 Ton 之前，我想強調的是，我們處於優勢地位，我們專注於在非常強大的市場中擴大我們的充電網路。我們的充電網路帶來的經常性收入將隨著我們自己的公共超快速充電網路的建立而自然增長。歐洲市場表現強勁，到 2023 年第三季度，純電動車普及率已超過 18%。說完這些，我會把話題轉交給 Ton，讓他概述我們的財務狀況。噸？

Thanks, Mathieu, and welcome, everyone. I will begin by summarizing our financial results for the 3 months ended September 30, 2023, followed by a review of our balance sheet and cash flow metrics before closing with our full year 2023 guidance.

謝謝，馬修，歡迎大家。我將首先總結我們截至 2023 年 9 月 30 日的 3 個月的財務業績，然後審查我們的資產負債表和現金流量指標，最後給出我們 2023 年全年的指引。

Starting with a summary of our results for the 3 months ended September 30, 2023. In the third quarter of 2023, total revenue increased notably by 28.2% to EUR 28.6 million compared to EUR 22.3 million in the same period of 2022, attributable to the strong expansion of charging revenue. Charging revenue increased to EUR 22 million compared to EUR 14.4 million, largely due to an increase in energy sold which was driven by an increase in charging sessions at both new and existing chargers. Charging sessions increased to EUR 2.6 million from EUR 2.2 million in the prior year period.

首先總結我們截至 2023 年 9 月 30 日的 3 個月的業績。充電收入從 1,440 萬歐元增加到 2,200 萬歐元，這主要是由於新舊充電器的充電次數增加而導致售出能源增加。充電樁使用費從去年同期的220萬歐元增加到260萬歐元。

Services revenue declined by EUR 1.3 million to EUR 6.6 million from EUR 7.9 million during the second quarter of 2022. This decline in service revenue was mainly caused by lower revenue from the Carrefour project, as we transition away from the build-out phase of the project and enter into the operating phase. In the fourth quarter, we expect service revenue to be significantly higher as a result of 3 projects, including Carrefour, and an unnamed leading auto manufacturer based in Germany.

2022 年第二季度，服務收入從 790 萬歐元下降 130 萬歐元至 660 萬歐元。第四季度，我們預計服務收入將因包括家樂福和一家未具名的德國領先汽車製造商在內的3個項目而大幅成長。

Gross profit increased to EUR 5.4 million in this period compared to a loss of EUR 4.6 million in the prior year period. This notable increase was driven by a reduction in energy prices, which was supported by a positive impact of secured power purchase agreements and higher prices levied on customers. General and administrative expenses were EUR 36.7 million compared to EUR 16 million in the third quarter of 2022, resulting from an increase in employee benefit expenses as well as legal, accounting and consulting fees. This increase is almost completely due to noncash share-based payment expenses.

本期間毛利增至 540 萬歐元，去年同期則虧損 460 萬歐元。這一顯著增長是由於能源價格下降所致，而能源價格下降又受到有保障的購電協議和對客戶徵收更高價格的正面影響。一般及行政費用為 3,670 萬歐元，而 2022 年第三季為 1,600 萬歐元，原因是員工福利費用以及法律、會計和諮詢費用增加。這一增長幾乎完全歸因於非現金股份支付費用。

Operational EBITDA improved by EUR 5.7 million to EUR 2.6 million for the third quarter of 2023 compared to a loss of EUR 3.1 million in the prior year period. This increase was driven by the improvement of gross profit, again, indicating that the SG&A cost level of the company is stable compared to prior period level. It is also the fourth quarter in a row that we generated a positive operational EBITDA showing the robustness of our business model.

2023 年第三季度，營業 EBITDA 成長 570 萬歐元，至 260 萬歐元，去年同期則虧損 310 萬歐元。這一成長主要得益於毛利的提高，再次顯示公司的銷售、一般及行政開支水準與前期水準相比保持穩定。這也是我們連續第四個季度實現正的營運 EBITDA，顯示出我們業務模式的穩健性。

Moving to finance income. Finance costs were EUR 9.9 million in the 3 months ended September 30, 2023, compared to EUR 4.4 million in the prior year period. This increase was attributable to fair value shifts in derivatives and warrant liabilities along with heightened interest expenses on senior debt from our 2022 refinancing. Net loss for the quarter was EUR 43.1 million, while net loss for the same period in 2022 was EUR 22.1 million. The increase in net loss was a result of a nonoperational noncash increase in SG&A cost, an increase in finance cost, partially offset by an increase in gross profit.

轉向融資收入。截至 2023 年 9 月 30 日的 3 個月的財務成本為 990 萬歐元，而去年同期為 440 萬歐元。這一增長歸因於衍生性商品和認股權證負債的公允價值變動，以及 2022 年再融資導致的優先債務利息支出增加。本季淨虧損為4,310萬歐元，2022年同期淨虧損為2,210萬歐元。淨虧損的增加是由於銷售、一般及行政開支的非經營性非現金增加以及財務成本的增加，但部分被毛利潤的增加所抵消。

Moving to our key balance sheet figures and the main movements. As of September 30, 2023, the company's cash and cash equivalents totaled EUR 28.8 million compared to EUR 83 million as of September 30, 2022. This decrease in cash is mainly due to a CapEx spend of EUR 48 million. PP&E was EUR 157.5 million in the third quarter of 2023 compared to EUR 134.7 million in the prior year period as we continue to invest in our ultrafast network throughout Europe. As of September 30, 2023, we had a secured backlog of 1,571 sites with an average term of 15 years and exclusivity on the sites. On October 3, 2023, we completed the exchange and redemption offer of all outstanding warrants, streamlining our capital structure. This is the final quarter in which the company is required to mark-to-market the warrants.

轉向我們的關鍵資產負債表數字和主要動向。截至 2023 年 9 月 30 日，該公司的現金和現金等價物總額為 2880 萬歐元，而截至 2022 年 9 月 30 日為 8300 萬歐元。由於我們繼續在整個歐洲投資超高速網絡，2023 年第三季的 PP&E 為 1.575 億歐元，而去年同期為 1.347 億歐元。截至 2023 年 9 月 30 日，我們已獲得 1,571 個站點的儲備訂單，平均期限為 15 年，並​​且這些站點享有獨家經營權。 2023年10月3日，我們完成了所有未償認股權證的交換及贖回要約，從而簡化了我們的資本結構。這是該公司需要對認股權證進行市價調整的最後一個季度。

Moving to our guidance. We are narrowing our guidance range for revenue and operational EBITDA. We expect to generate revenue between EUR 180 million and EUR 185 million, from our previous range of EUR 180 million to EUR 200 million. We are confident that the expected increase in charging revenue driven by our expanding network and seasonality coupled with a significant contribution from services in the quarter will leave us well positioned to meet these expectations.

轉向我們的指導。我們正在縮小收入和營運 EBITDA 的預期範圍。我們預計收入將從先前的 1.8 億歐元到 2 億歐元增加到 1.85 億歐元之間。我們相信，由於我們不斷擴大的網路和季節性因素，充電收入預計將會增加，再加上本季服務的重大貢獻，這將使我們有能力滿足這些預期。

We're also narrowing down our operational EBITDA to be between EUR 30 million and EUR 35 million. As the utilization rate continues to expand, reflecting market growth and with it, our company's expansion, we have confidence in achieving further enhancements to our gross profit in charging revenue and consequently, operational EBITDA. Total energy sold is anticipated to be between 215 and 220 gigawatt hours for the full year. Lastly, I'd like to highlight that we are still in the midst of our growth phase and closely adhering to our expansion plan and strategy. We expect our revenues and margins to not only stabilize, but also progress further as we continue to implement our strategy. And with that, I'd like to hand it back to Mathieu.

我們也將營業 EBITDA 範圍縮小至 3,000 萬歐元至 3,500 萬歐元之間。隨著利用率不斷擴大，反映了市場的成長以及我們公司的擴張，我們有信心進一步提高我們的充電收入毛利，從而提高營運 EBITDA。預計全年售出的總能源量將達到 215 至 220 吉瓦時。最後，我想強調的是，我們仍處於成長階段，並緊密遵循我們的擴張計劃和策略。我們預計，隨著我們繼續實施我們的策略，我們的收入和利潤率不僅會穩定，而且會進一步提高。最後，我想把發言權交還給 Mathieu。

Thank you, Ton. In summary, I am quite pleased with the continued progress throughout the third quarter and through the first 9 months of the year. Our positive momentum continues to gain traction as we accelerate the development of our network, a key component of our growth strategy. Throughout the quarter, we successfully enhanced our cost base and maintained robust profit margins. Our cutting-edge technologies enable us to efficiently handle an increasing number of sessions while bolstering our uptime.

謝謝你，Ton。總而言之，我對整個第三季以及今年前 9 個月的持續進展感到非常滿意。隨著我們加速網路建設（這是我們成長策略的關鍵組成部分），我們的積極勢頭繼續增強。整個季度，我們成功地提高了成本基礎並保持了強勁的利潤率。我們的尖端技術使我們能夠有效地處理越來越多的會話，同時延長我們的正常運行時間。

Last quarter, I highlighted the fact that the seamless charging experience demand is rising. Charge time will be indeed critical as our EV drivers want to be sure they can charge without any default. The sharp increase in our charging sessions shows that we have the technology and the people to offer the best experience to our customers. And here, I would like again to express my thanks to all the members of our Allego team for their unwavering commitment and hard work over the last quarter. With them, we are committed to the extensive rollout of our network, leveraging our substantial pipeline of sites. With that, operator, we are ready for questions.

上個季度，我強調了無縫充電體驗需求正在上升的事實。充電時間確實至關重要，因為我們的電動車駕駛希望確保他們能夠在沒有任何故障的情況下充電。充電次數的急劇增加表示我們擁有技術和人才，可以為客戶提供最佳體驗。在這裡，我要再次感謝 Allego 團隊的所有成員在過去一個季度的堅定承諾和辛勤工作。與他們一起，我們致力於廣泛部署我們的網絡，利用我們大量的網站管道。接線員，現在我們可以回答問題了。

(Operator Instructions) The first question comes from Matt Summerville of D.A. Davidson.

（操作員指示）第一個問題來自 D.A. 的 Matt Summerville。戴維森。

Maybe just talk -- I mean you've certainly had big fourth quarters in the past. But obviously, the guide for the year implies a really big kind of Q4. And you mentioned service revenue is going to be up pretty materially. Maybe if you can just put a little more detail behind that and then also comment on why the full year guide migrates to the lower end of the range? And then I have a follow up.

也許只是說說而已——我的意思是你過去的第四季確實表現得很好。但顯然，今年的指南暗示了第四季的真正規模。您提到服務收入將會大幅成長。也許您能更詳細地闡述這一點，然後評論為什麼全年指南會移至範圍的低端？然後我會進行後續跟進。

Yes, I'm going to take it. Matt, so regarding the fourth quarter, indeed, it will be a big push on service revenue. Actually, we have begun big projects, big like Carrefour in Germany and where the recognition and -- will be happening in this quarter. So the work has already begun, but it will be commissioned in this quarter. So that's the reason why. And it's a big [element], we will talk about once it is here. But that's the main reason. And we have another one, we are closing as well [E-Services] and as well with an OEM and it will be disclosed at that time. So that's really a question of timing. And again, we have already said that in the service revenue, it is not a linear exercise. So that's the reason why as last year, it was pulled back in the fourth quarter. That's one reason.

是的，我要接受它。馬特，就第四季而言，這確實將對服務收入產生巨大的推動作用。實際上，我們已經開始了大項目，例如德國的家樂福，這些項目將在本季度獲得認可。因此這項工作已經開始，但將在本季度投入使用。這就是為什麼。這是一個很大的[元素]，它出現之後我們就會討論。但這是主要原因。我們還有另外一個，我們也即將與[電子服務]和OEM達成合作，屆時將會披露。所以這實際上是一個時間問題。我們再次強調，我們已經說過，服務收入並不是線性成長。這就是為什麼像去年一樣，它在第四季度被拉回的原因。這是一個原因。

Regarding the big increase, and regarding your second question, actually, there is 2 things. First of all, there is -- regarding the Carrefour project, there are some delays. We wanted to have some charging stations more in the -- in 2023. So there will be an uptake of the project in 2024. That's mainly the reasons what we see that, that's the principal reason and the second reason as well is that some of our grid connection came a bit late during Q3. And so the charger will be installed on our own network in Q4. So that's the reason why we see the lower end of our energy linked with this installation a bit later on in this year. And so as well regarding the revenue and the EBITDA for the charging on network.

關於大幅成長，以及關於你的第二個問題，其實有兩件事。首先，關於家樂福項目，存在一些延遲。我們希望在 2023 年建成更多的充電站。因此，充電器將在第四季度安裝在我們自己的網路上。這就是為什麼我們看到與該裝置相關的能源低端在今年稍後會下降的原因。網路充電的收入和 EBITDA 也是如此。

Got it. And then just as a follow-up. Obviously, over the course of '22, you pushed through some pretty substantial price increases, I think, in aggregate amounting to something like 40%. I'm curious as to how much of that is still sticking today and what degree of price fade you may be experiencing?

知道了。然後只是作為後續行動。顯然，在 22 年期間，你們推動了一些相當大幅度的價格上漲，我認為，總計上漲了約 40%。我很好奇，其中有多少今天仍然保留，以及您可能經歷的價格下跌程度？

We have -- actually, it was pretty much effective during H1 2023. And we went in order to increase our market share as well and that was a question last time from you, Matt, but this price -- non-price elasticity of market share. So we decided in H2, beginning of H2 to decrease the price in order to have a higher market share in terms of higher utilization rate. And that's, by the way, what we see now is very high one. And the breakdown of mature and new charger can help you to assess this. So we went through a decrease of the price as of July, it was around 15% globally on our network.

實際上，它在 2023 年上半年非常有效。因此，我們決定在下半年，也就是下半年開始時降低價格，以便在更高的利用率方面獲得更高的市場份額。順便說一句，我們現在看到的數字非常高。而成熟和新型充電器的故障可以幫助您評估這一點。因此，從 7 月開始，我們的價格有所下降，全球範圍內我們的網路價格下降了約 15%。

(Operator Instructions) This concludes the question-and-answer session. I would like to turn the conference back over to Mathieu Bonnet for any closing remarks.

（操作員指示）問答環節到此結束。我想將會議交還給 Mathieu Bonnet 來做結束語。

Thank you. As Concluding word here, I would like to highlight 2 points. The first one is that, we see a very strong market in Europe, and maybe it's a different in other regions, but we see EV is a strong market right now. We still have a lot of sales in EVs, with a higher penetration the year before prior period. And we can actually notice that with our growth in utilization rates, which is quite, I guess, impressive when we compare with last year and the figures of October, brings us confidence in the figures we have just given in regarding the guidance.

謝謝。最後，我想強調兩點。首先，我們看到歐洲市場非常強勁，其他地區的情況可能有所不同，但我們看到電動車目前是一個強勁的市場。我們的電動車銷量仍然很大，前年的滲透率更高。我們實際上可以注意到，隨著利用率的增長，與去年和十月的數據相比，這一增長相當令人印象深刻，這讓我們對剛剛給出的指導數據充滿信心。

The second point is that we have installed more charging ports. And in the future, in our own ultrafast network, we will add many more, and we will see this in Q4. And that's really the big push we are doing right now. That's the reason why we are lining up all the resources in order to increase this charging revenue. And you have seen in our figures of Q3 and it would be even more the case in Q4 that this own network is getting full speed ahead right now. So for me, that's a very important topic because with this recurring revenue, we have a company and that's the fourth quarter in a row where we reached a positive operational EBITDA. And with this recurring revenue of charging on our own network, it will be still and even more the case. With that, operator, I thank everybody.

第二點是我們安裝了更多的充電口。並且將來，在我們自己的超高速網路中添加更多內容，我們將在第四季度看到這一點。這確實是我們現在正在做的重大舉措。這就是我們調動一切資源增加充電收入的原因。正如您從我們第三季度的數據中看到的，而且在第四季度，這個網絡甚至會更加全速發展。所以對我來說，這是一個非常重要的主題，因為有了這些經常性收入，我們就有了一家公司，而且這是我們連續第四季度實現正的營運 EBITDA。而透過在我們自己的網路上收費這種經常性收入，這種情況仍將存在，甚至會更加嚴重。接線員，我謹此感謝大家。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。