ChargePoint Holdings Inc (CHPT) 2023 Q2 法說會逐字稿

Ladies and gentlemen, good afternoon. My name is Emma, and I will be your conference operator for today's call. At this time, I would like to welcome everyone to the ChargePoint Second Quarter Fiscal 2023 Earnings Conference Call and Webcast. (Operator Instructions)

女士們先生們，下午好。我的名字是艾瑪，今天我將擔任您的電話會議接線員。在這個時候，我想歡迎大家參加 ChargePoint 2023 財年第二季度收益電話會議和網絡直播。 （操作員說明）

I would now like to turn the call over to Patrick Hamer, ChargePoint's Vice President of Capital Markets and Investor Relations. Patrick, please go ahead.

我現在想將電話轉給 ChargePoint 資本市場和投資者關係副總裁 Patrick Hamer。帕特里克，請繼續。

Good afternoon, and thank you for joining us on today's conference call to discuss ChargePoint's second quarter fiscal 2023 results. This call is being brought webcast and can be accessed on the Investors section of our website at investors.chargepoint.com.

下午好，感謝您參加今天的電話會議，討論 ChargePoint 2023 財年第二季度的業績。本次電話會議正在進行網絡直播，可在我們網站的投資者部分訪問，網址為investors.chargepoint.com。

With me on today's call are Pasquale Romano, our Chief Executive Officer; and Rex Jackson, our Chief Financial Officer.

今天與我通話的是我們的首席執行官 Pasquale Romano；和我們的首席財務官雷克斯傑克遜。

This afternoon, we issued a press release announcing results for the quarter, which can be found on our website. We'd like to remind you that during the conference call, management will make forward-looking statements, including our fiscal third quarter and full fiscal year 2023 outlook.

今天下午，我們發布了一份新聞稿，公佈了本季度的業績，可以在我們的網站上找到。我們想提醒您，在電話會議期間，管理層將做出前瞻性陳述，包括我們的第三財季和 2023 財年的完整展望。

These forward-looking statements involve risks and uncertainties, many of which are beyond our control and could cause actual results to differ materially from our expectations. These forward-looking statements apply as of today, and we undertake no obligation to update these statements after our call.

這些前瞻性陳述涉及風險和不確定性，其中許多超出我們的控制範圍，可能導致實際結果與我們的預期存在重大差異。這些前瞻性陳述自今天起適用，我們不承擔在電話會議後更新這些陳述的義務。

For a more detailed description of certain factors that could cause actual results to differ, please refer to our Form 10-Q filed with the SEC on June 7, 2022, and our earnings release posted today on our website filed with the SEC on Form 8-K. Also, please note that we use certain non-GAAP financial measures on this call. which we reconcile to GAAP in our earnings release and for historical periods and the investor presentation posted on the Investors section of our website. And finally, we'll be posting the transcript of this call to our Investor Relations website under the Quarterly Results section.

有關可能導致實際結果不同的某些因素的更詳細描述，請參閱我們於 2022 年 6 月 7 日向美國證券交易委員會提交的 10-Q 表格，以及我們今天在我們網站上以表格 8 向美國證券交易委員會提交的收益報告-K。另外，請注意，我們在本次電話會議上使用了某些非公認會計原則的財務指標。我們在收益發布和歷史時期以及在我們網站的“投資者”部分發布的投資者演示文稿中將其與 GAAP 進行了核對。最後，我們將把本次電話會議的文字記錄發佈到我們的投資者關係網站的季度業績部分。

And with that, I'll turn it over to Pasquale.

有了這個，我會把它交給 Pasquale。

Thank you, Patrick, and thank you all for 'joining. I am pleased to report another strong execution quarter as we posted Q2 revenue of $108 million, above the high end of the guidance provided on our Q1 call. Notably, Q2 is our first $100 million quarter, another major milestone in the company's 15-year history. According to BloombergNEF, combustion vehicle sales peaked in 2017. And as we've said before, improvement in historic attach rates, our growth closely tracks the arrival rate of vehicles.

謝謝你，帕特里克，謝謝大家的加入。我很高興地報告另一個強勁的執行季度，因為我們公佈的第二季度收入為 1.08 億美元，高於我們在第一季度電話會議上提供的指導的高端。值得注意的是，第二季度是我們第一個 1 億美元的季度，這是公司 15 年曆史上的另一個重要里程碑。根據 BloombergNEF 的數據，內燃機汽車的銷售在 2017 年達到頂峰。正如我們之前所說，歷史附加率的提高，我們的增長密切跟踪車輛的到達率。

As consumers embrace the transition to EVs at an accelerating rate, the future of this business is incredibly strong. Year-over-year revenue growth of 93% and sequential revenue growth of 33% continue to demonstrate the company's strength across verticals and geographies. We've improved gross margin from Q1 and realized the operating leverage as forecasted. The category continues to be affected by supply chain dislocations.

隨著消費者加速向電動汽車過渡，這項業務的未來非常強勁。 93% 的收入同比增長和 33% 的環比收入增長繼續證明了公司在垂直領域和地區的實力。我們從第一季度開始提高了毛利率，並實現了預期的經營槓桿。該類別繼續受到供應鏈錯位的影響。

As we covered in recent earnings calls, we continue to prioritize assurance of supply to support our land and expand strategy and strong upward growth trajectory. This means higher purchase price variances on source components and excess logistics costs.

正如我們在最近的財報電話會議中所涵蓋的那樣，我們繼續優先保證供應，以支持我們的土地和擴張戰略以及強勁的向上增長軌跡。這意味著源組件的採購價格差異更大，物流成本過高。

Despite the headwinds, our operations team worked tirelessly to deliver 19% non-GAAP gross margin in the second quarter, up 2 percentage points sequentially, while achieving impressive growth. Net, we are quite pleased with our performance in Q2, and Rex will provide more color on that in our outlook for the rest of the year.

儘管有逆風，我們的運營團隊仍孜孜不倦地工作，在第二季度實現了 19% 的非公認會計原則毛利率，環比增長 2 個百分點，同時實現了令人矚目的增長。 Net，我們對我們在第二季度的表現感到非常滿意，Rex 將在我們對今年剩餘時間的展望中提供更多的色彩。

Our installed base of network ports grew to approximately 200,000 and a year-over-year increase of 70% and sequential increase of 7%. Of those, over 60,000 are in Europe and over 15,000 are DC fast. And I'll remind you that ports under management is one way to track our progress in our commercial and fleet verticals as each of these ports generates an annual software subscription. As a reminder, we do not include home chargers for single-family residences in this count, where we also continue to see strong demand.

我們的網絡端口安裝基數增長至約 200,000 個，同比增長 70%，環比增長 7%。其中，超過 60,000 個在歐洲，超過 15,000 個在 DC 快速。我會提醒您，管理下的港口是跟踪我們在商業和船隊垂直領域進展的一種方式，因為這些港口中的每一個都會產生年度軟件訂閱。提醒一下，我們不包括單戶住宅的家用充電器，我們也繼續看到強勁的需求。

Complementing this, our roaming reach is now over 355,000 ports in North America and Europe. New customers in the quarter contributed approximately 1/3 of our Q2 billings and we now count 80% of the 2021 Fortune 50th customers and 53% of the 2021 Fortune 500 as customers. On our first quarter call, we discussed ramping manufacturing of new fleet and commercial AC and DC charging platforms. Customers are telling us that our solutions are meaningfully differentiated and comprehensive. And additionally, our customers rely on us for everything from upfront consultation and planning through build-out and ultimately, continued optimization of the infrastructure.

作為補充，我們的漫遊覆蓋範圍現已覆蓋北美和歐洲的 355,000 多個港口。本季度的新客戶貢獻了我們第二季度賬單的大約 1/3，我們現在將 80% 的 2021 年財富 50 強客戶和 53% 的 2021 年財富 500 強客戶視為客戶。在我們的第一季度電話會議上，我們討論了增加新車隊和商用交流和直流充電平台的製造。客戶告訴我們，我們的解決方案是有意義的差異化和全面的。此外，從前期諮詢和規劃到擴建以及最終持續優化基礎設施，我們的客戶都依賴我們。

Turning now to verticals. Commercial, which lagged from a rate of growth perspective during the pandemic accelerated in the quarter with the global business up 83% year-over-year and 45% sequentially. Regarding our partnership with Volvo and Starbucks, the first site went live in the quarter, an important step in reinventing the road trip. The commercial vertical in Europe was particularly strong, with billings up over 300% year-over-year and 24% sequentially. Fleet continues its growth with strong demand for management software, combined with our AC and DC charging solutions that balance charging costs with operational readiness for light to heavy-duty vehicles across depot, on route and take home charging.

現在轉向垂直領域。從大流行期間增長率的角度來看，商業在本季度加速，全球業務同比增長 83%，環比增長 45%。關於我們與沃爾沃和星巴克的合作夥伴關係，第一個站點在本季度上線，這是重塑公路旅行的重要一步。歐洲的商業垂直市場尤其強勁，銷售額同比增長 300% 以上，環比增長 24%。由於對管理軟件的強勁需求，Fleet 繼續增長，再加上我們的交流和直流充電解決方案，可平衡充電成本和運營準備情況，讓輕型到重型車輛跨站、在路上和帶回家充電。

In Q2, fleet billings grew 135% year-over-year and 23% sequentially following a strong first quarter. The vertical continues to be vehicle limited. Residential demand remains remarkably strong. Billings for residential were up over 125% from the second quarter of last year and a sequential increase of 11% versus the first quarter, the growth would have been significantly higher, if not for supply chain constraints.

在第二季度強勁的第一季度之後，車隊賬單同比增長 135%，環比增長 23%。垂直方向仍然受到車輛限制。住宅需求仍然非常強勁。住宅賬單比去年第二季度增長了 125% 以上，與第一季度相比環比增長了 11%，如果不是供應鏈限制，增長將明顯更高。

Turning to policy. Our business model sets us up well to operationalize the U.S. national electric vehicle infrastructure program Additionally, the Inflation Reduction Act was signed shortly after the close of the quarter, which includes stimulus for both vehicles and infrastructure across passenger and fleet categories. Our policy team remains engaged with federal and state agencies to help shape programs to ensure a healthy and self-sufficient charging industry. As discussed previously, we do not include these federal programs in our guidance or long-term views of turning cash flow positive. We have long said that what is good for business can be good for the planet too. Our network has fueled over 4.4 billion electric miles to date, and we estimate these drivers have avoided over 178 million cumulative gallons of gasoline and over 800,000 metric tons of greenhouse gas emissions.

轉向政策。我們的商業模式使我們能夠很好地實施美國國家電動汽車基礎設施計劃。此外，在本季度結束後不久簽署了《降低通脹法案》，其中包括對乘客和車隊類別的車輛和基礎設施的刺激措施。我們的政策團隊繼續與聯邦和州機構合作，幫助制定計劃，以確保健康和自給自足的充電行業。如前所述，我們沒有將這些聯邦計劃納入我們的指導或將現金流轉為正數的長期觀點。我們早就說過，對企業有益的東西也對地球有益。迄今為止，我們的網絡已經為超過 44 億英里的電動里程提供燃料，我們估計這些司機已經避免了超過 1.78 億加侖的累積汽油和超過 800,000 公噸的溫室氣體排放。

Now I'll turn this over to Rex to discuss financials before we move to Q&A. Rex, over to you.

現在，在我們進行問答之前，我將把它交給 Rex 來討論財務問題。雷克斯，交給你。

Thanks, Pasquale, and good afternoon, everyone. A quick reminder, as in previous calls, my comments are non-GAAP, where we principally exclude stock-based compensation, amortization of intangible assets and nonrecurring costs related to restructuring and acquisitions. Please see our earnings release for our non-GAAP to GAAP reconciliations.

謝謝，Pasquale，大家下午好。快速提醒一下，與之前的電話會議一樣，我的評論是非公認會計原則，我們主要排除基於股票的薪酬、無形資產的攤銷以及與重組和收購相關的非經常性成本。請參閱我們的非 GAAP 到 GAAP 對賬的收益發布。

For Q2, revenue was $108 million, up 93% year-on-year and 33% sequentially, above our previously announced guidance range of $96 million to $106 million. As we have for multiple quarters running, we fundamentally shifted what we could build. All verticals were strong from a demand standpoint with a healthy and welcome uptick in commercial AC business, but supply constraints across all products persisted.

第二季度的收入為 1.08 億美元，同比增長 93%，環比增長 33%，高於我們之前宣布的 9600 萬美元至 1.06 億美元的指導範圍。正如我們已經運行了多個季度一樣，我們從根本上改變了我們可以構建的內容。從需求的角度來看，所有垂直行業都表現強勁，商用空調業務出現健康且受歡迎的增長，但所有產品的供應限制依然存在。

As before, strong demand and supply constraints translated into higher backlog, that we worked down a meaningful percentage of our existing backlog during the quarter, our ending backlog grew 26% sequentially from Q1. Network charging systems at $84 million was 78% of Q2 revenue, up 106% year-on-year and 41% sequentially. Subscription revenue at $20 million was 19% of total revenue and up 68% year-on-year and 15% sequentially.

和以前一樣，強勁的需求和供應限制轉化為更高的積壓，我們在本季度減少了現有積壓的相當大比例，我們的期末積壓比第一季度環比增長 26%。 8400 萬美元的網絡收費系統佔第二季度收入的 78%，同比增長 106%，環比增長 41%。 2000 萬美元的訂閱收入佔總收入的 19%，同比增長 68%，環比增長 15%。

Other revenue was $4 million and 4% of total revenue increased 23% year-on-year, down 12% sequentially. As we've discussed before, subscription revenue growth is tied to the growth in sales of network charging systems. The percentage is heavily dependent upon mix, and Trails network charging systems growth by 1 to 2 quarters due to back-end loaded system shipments and the timing of subscription activation. Our deferred revenue, which is future recurring subscription revenue from existing customer commitments and payments continues to grow, finishing the quarter at $168 million, up from $157 million at the end of Q1.

其他收入為 400 萬美元，佔總收入的 4%，同比增長 23%，環比下降 12%。正如我們之前所討論的，訂閱收入的增長與網絡收費系統的銷售增長息息相關。該百分比在很大程度上取決於組合，由於後端加載的系統出貨量和訂閱激活的時間，Trails 網絡收費系統增長了 1 到 2 個季度。我們的遞延收入，即來自現有客戶承諾和付款的未來經常性訂閱收入繼續增長，本季度末達到 1.68 億美元，高於第一季度末的 1.57 億美元。

Turning to verticals. As you know, we report them from a billings perspective, which approximates the revenue split. Q2 billing percentages where commercial 72%, fleet 14%, residential 13% and other 1%. Commercial contribution recovered 5 points from last quarter as demand from retail and workplace customers improved, and our team work the supply chain constraints in this area well during the quarter. From a geographic perspective, North America Q2 revenue was 84%, and Europe was 16%. In the second quarter, Europe delivered $18 million in revenue and grew 254% year-over-year and 11% sequentially.

轉向垂直領域。如您所知，我們從帳單角度報告它們，這與收入分成近似。第二季度計費百分比，其中商業 72%、車隊 14%、住宅 13% 和其他 1%。隨著零售和工作場所客戶需求的改善，商業貢獻比上一季度恢復了 5 個百分點，我們的團隊在本季度很好地解決了該領域的供應鏈限制。從地域來看，北美 Q2 收入為 84%，歐洲為 16%。第二季度，歐洲實現了 1800 萬美元的收入，同比增長 254%，環比增長 11%。

Turning to gross margin. Non-GAAP gross margin for Q2 was 19%, which includes $7 million or 6 points of purchase price variance logistical costs associated with the supply chain. We expect continued technology-driven margin improvements for our newer products, lower purchase price variances and improving ASPs to drive recovery in the second half.

轉向毛利率。第二季度的非公認會計原則毛利率為 19%，其中包括 700 萬美元或 6 個與供應鏈相關的採購價格差異點的物流成本。我們預計，我們的新產品將繼續以技術驅動的利潤率提高，降低採購價格差異並提高平均售價，以推動下半年的複蘇。

Despite these challenges, however, we are encouraged at the improving gross margin fundamentals demonstrated in Q2. Non-GAAP operating expenses for Q1 were $80 million, a year-on-year increase of 50% and a sequential decrease of 5%. Excluding higher new product introduction costs in Q1, OpEx was sequentially essentially flat as we focus on delivering operating leverage and managing expenses against environmentally driven gross margin challenges.

然而，儘管存在這些挑戰，但我們對第二季度毛利率基本面的改善感到鼓舞。第一季度非美國通用會計準則運營費用為 8000 萬美元，同比增長 50%，環比下降 5%。剔除第一季度較高的新產品引入成本，OpEx 環比基本持平，因為我們專注於提供運營槓桿和管理費用以應對環境驅動的毛利率挑戰。

From an operating leverage perspective, we are pleased to see OpEx as a percentage of revenue drop from over 100% in Q1 to 74% in the second quarter. And with our guidance for the year, I'll mention momentarily, we expect a particularly strong finish on this metric, which is key to achieving our stated goal of free cash flow positive by the end of calendar 2024.

從運營槓桿的角度來看，我們很高興看到運營支出佔收入的百分比從第一季度的 100% 以上下降到第二季度的 74%。根據我們對今年的指導，我將暫時提到，我們預計該指標將取得特別強勁的成績，這是實現我們在 2024 年年底前實現自由現金流為正的既定目標的關鍵。

Stock-based compensation in Q2 was $26.4 million, up from $15.5 million in Q1. And as you may remember from last year, we typically do our annual refresh brands in Q2, so there is a stair step there. We would expect to level out in Q3 through Q1 of next year at approximately this Q2 expense level. Looking at cash, we finished the quarter with $472 million in cash and short-term investments. We had approximately 339 million shares outstanding as of July 31, 2022.

第二季度的股票薪酬為 2640 萬美元，高於第一季度的 1550 萬美元。您可能還記得去年的情況，我們通常在第二季度進行年度更新品牌，所以那裡有一個階梯。我們預計明年第三季度到第一季度的支出水平將大致保持在第二季度的水平。在現金方面，我們以 4.72 億美元的現金和短期投資結束了本季度。截至 2022 年 7 月 31 日，我們的流通股約為 3.39 億股。

Turning to guidance for the third quarter of fiscal 2023, we expect revenue to be $125 million to $135 million, up 100% year-on-year and up 20% sequentially at the midpoint. We are also confirming our annual revenue guidance of $450 million to $500 million. Annual non-GAAP gross margin guidance range of 22% to 26% and operating expense guidance of $350 million to $370 million.

轉向 2023 財年第三季度的指引，我們預計收入將在 1.25 億美元至 1.35 億美元之間，同比增長 100%，中點環比增長 20%。我們還確認了 4.5 億美元至 5 億美元的年收入指導。年度非公認會計原則毛利率指導範圍為 22% 至 26%，運營費用指導為 3.5 億美元至 3.7 億美元。

With that, I will turn the call back to the operator for questions.

有了這個，我會把電話轉回給接線員提問。

(Operator Instructions) Your first question comes from the line of Colin Rusch with Oppenheimer.

（操作員說明）您的第一個問題來自 Colin Rusch 和 Oppenheimer。

I'm going to jam 2 questions in here then on this first one. So first, if you guys could comment around any of the indications that any of the Nevi funds are starting to get prepared to come out, what you're seeing on that front? And then also indications or activity around commercial vehicle fleet preparations for infrastructure in North America? And then if I have a follow-up, I'll squeeze that in as well.

我將在這裡提出 2 個問題，然後在第一個問題上。所以首先，如果你們可以評論任何 Nevi 基金開始準備出來的跡象，你在這方面看到了什麼？然後還有關於北美基礎設施的商用車隊準備工作的跡像或活動？然後，如果我有後續行動，我也會把它擠進去。

Colin, happy to answer those 2 questions. We've been -- to take the first one, we've been very consistent on comments related to Nevi on earnings calls and other forms that we've presented in. As a company with the 15-year experience that we have in engaging in policy heavily things always take longer than you expect. And so we don't have any expectation that there will be any significant flow this year at all, anything material with respect to Nevi.

Colin，很高興回答這兩個問題。我們一直 - 拿第一個來說，我們在財報電話會議和我們提出的其他形式上與 Nevi 相關的評論一直非常一致。作為一家擁有 15 年參與經驗的公司在政策重重的情況下，事情總是比您預期的要長。因此，我們根本不期望今年會有任何重大流量，任何與 Nevi 相關的重要信息。

It's too hard to predict at this point what the state programs will actually manifest in the form of schedule and equipment in the ground. Next year and for the 4 years thereafter for the kind of 5-year program run duration.

在這一點上，很難預測國家計劃實際上會以時間表和地面設備的形式表現出來。明年和此後的 4 年，為 5 年計劃運行期限。

So the net of it is we treat it as upside. It's a great tailwind for that segment of the business that affects one vertical, one of our verticals, and we're in many verticals. And that's just in the passenger car class that's dealing with the -- driving beyond your battery range.

所以它的網是我們將其視為上行。對於影響一個垂直領域，我們的垂直領域之一的業務部門來說，這是一個很好的順風，我們在許多垂直領域。這只是在處理超出電池範圍的乘用車類別。

So again, we'll treat it completely as upside, and we'll be very conservative with respect to how we plan for that going into next year because life always has more imagination than we all do. On the second point with respect to fleet vehicles, we are seeing -- if you look at the transit category for bus, we are seeing that scale now because those are the most mature with respect to the number of OEMs that serve that segment with mature product. So transit is moving nicely.

因此，我們再次將其完全視為有利因素，並且對於如何計劃明年的計劃，我們將非常保守，因為生活總是比我們所有人都擁有更多的想像力。關於車隊車輛的第二點，我們看到 - 如果您查看公共汽車的運輸類別，我們現在看到了這種規模，因為就為該細分市場提供服務的 OEM 數量而言，這些是最成熟的產品。因此，公交運行良好。

Light commercial is -- has a lot of overlap with passenger vehicles and just there isn't a volume going into that segment just yet. And same thing with class kind of 4 through 8 vehicles and yard haulers that very, very, very, right now, vehicle limited, but we do expect next year that to start to ease back as OEMs start to hit their production ramps on vehicles.

輕型商用車與乘用車有很多重疊，只是目前還沒有進入該細分市場的數量。對於 4 到 8 級車輛和庭院搬運車來說，目前車輛數量有限，但我們確實預計明年隨著原始設備製造商開始在車輛上實現生產坡道，這種情況會開始放緩。

But again, we'll be relatively conservative with respect to that because until you see it, you don't want to bet on it. But for us on the fleet side, it's about the logo wins. It get the customers integrated. It's just as hard to get a 5 vehicle pilot off the ground as it is to get a 50 vehicle or a 500 vehicle pilot or deployment off the ground when it comes to software integration planning, et cetera. So we're laying all that groundwork now.

但同樣，我們在這方面會相對保守，因為在你看到它之前，你不想賭它。但對於我們在車隊方面來說，這是關於徽標的勝利。它使客戶得到整合。在軟件集成規劃等方面，讓 5 輛車的飛行員離開地面就像讓 50 輛車或 500 輛車的飛行員或部署離開地面一樣困難。所以我們現在正在奠定所有基礎。

Your next question comes from the line of Bill Peterson with JPMorgan.

您的下一個問題來自摩根大通的比爾·彼得森。

Yes. I was hoping you can help us understand what was better in the quarter, I guess, what you're able to deliver in excess of what you thought maybe at the beginning of the quarter. And then as it relates to the guidance, you are you seeing similar mix trends sort of the kind of lag, I think, on a sequential point of view in the second quarter, but how should we think about trends there, I guess, in terms of seasonality?

是的。我希望你能幫助我們了解本季度更好的地方，我猜，你能夠交付的東西超出了你在本季度開始時的想法。然後因為它與指導有關，你是否看到類似的混合趨勢有點滯後，我認為，從第二季度的連續角度來看，但我們應該如何考慮那裡的趨勢，我想，在季節性條件？

Bill, it's Rex. So in terms of what picked up in the quarter, as we said in our prepared remarks, we had a very nice performance from the commercial vertical that had a nice little recovery. It was the one part of the business that lagged the most relatively speaking, of course, during the pandemic. So a very, very welcome to see that coming back. And then we just had a very nice performance from the operations teams to bang in product out, to be honest with you. So it was no one thing. It wasn't like anything outperformed something else other than the one commercial thing I mentioned.

比爾，是雷克斯。因此，就本季度的回升而言，正如我們在準備好的評論中所說，我們在商業垂直領域的表現非常出色，並且略有復蘇。當然，在大流行期間，這是業務中相對滯後的部分。所以非常非常歡迎看到它回來。然後我們剛剛從運營團隊那裡獲得了非常出色的表現，可以很好地推出產品，老實說。所以這不是一回事。除了我提到的一件商業產品之外，它並沒有比其他任何東西都好。

And so we were able to outperform a little bit at the end of the quarter. But again, nothing systemic that I could describe for Q2. So if you look at Q3 and the guidance for the rest of the year, I think what we see there is we were able to grow from Q4 -- well, yes, a little bit from Q4 to Q1 and nicely from Q1 to Q2. Obviously, you can do the math for Q3 and Q4, good growth but not outlandish.

因此，我們能夠在本季度末表現略勝一籌。但同樣，我無法描述第二季度的系統性。因此，如果您查看第三季度和今年剩餘時間的指導，我認為我們看到的是我們能夠從第四季度增長——嗯，是的，從第四季度到第一季度略有增長，從第一季度到第二季度也很好。顯然，您可以計算第三季度和第四季度的數據，增長良好但並不奇怪。

And we think our teams and our supply chains are up to it just in terms of hitting those numbers. And clearly, we have a nice backlog of backing us up as well. So I think this is more of a -- it's more of a consistent C ball game right now until the external environment changes, where we just keep pushing the envelope, but any breakouts that we would expect would be a function of the external weather clearing up considerably from where it is today. So hopefully, that answers your question.

我們認為我們的團隊和我們的供應鏈僅在達到這些數字方面就可以做到。很明顯，我們也有很多支持我們的積壓工作。所以我認為這更像是一個 - 現在更像是一場持續的 C 球比賽，直到外部環境發生變化，我們只是不斷挑戰極限，但我們預期的任何突破都將是外部天氣晴朗的函數從今天的水平大幅上升。所以希望這能回答你的問題。

Yes, mostly. Except for the European seasonality. But I guess just the second...

是的，主要是。歐洲季節性除外。但我想只有第二個...

Hello. Go ahead.

你好。前進。

Yes, go ahead.

好，去吧。

I was just going to say from a seasonality perspective -- go ahead.

我只是從季節性的角度說 - 繼續。

Yes, please.

是的，請。

You first.

你先。

Okay, question you can answer Europe, too. So just nice to see the sequential improvement in margins and you reiteration or the full year your guidance hardware margins stepping up. I guess the software and services step down at least from a GAAP point of view, how should we think about the margin? I guess what was the reason for that? And how should we think about the margins in that segment going forward? I presume that's going to be a key factor in driving full year margins to the 22% to 26% range you talked about?

好的，你也可以回答歐洲的問題。所以很高興看到利潤率的連續提高，您重申或全年指導硬件利潤率提高。我想至少從公認會計原則的角度來看，軟件和服務會下降，我們應該如何考慮利潤率？我猜這是什麼原因？我們應該如何考慮該細分市場未來的利潤率？我認為這將是推動全年利潤率達到您所說的 22% 至 26% 範圍的關鍵因素？

And so you're being specific as to the software side of that?

所以你是具體到軟件方面的嗎？

Well, I mean, if you could break down how we get to the margin range you provided, that would be helpful. But I mean I'm trying to understand why the software stopped down as well in the second quarter.

好吧，我的意思是，如果您能詳細說明我們如何達到您提供的保證金範圍，那將很有幫助。但我的意思是我試圖理解為什麼該軟件在第二季度也停止了。

Yes. Okay. So the -- if you look at the quarter we just finished, going from 17% to 19%, you can imagine there's a lot of operational grinding it out that happen to provide those improvements. And it really comes from a broad base of things that we do. And there's everything from negotiating a given component supply to design again new components that have a lower cost profile.

是的。好的。所以 - 如果你看看我們剛剛完成的季度，從 17% 到 19%，你可以想像為了提供這些改進，需要進行大量的運營調整。它確實來自我們所做的廣泛的事情。從談判給定的組件供應到重新設計成本較低的新組件，應有盡有。

We obviously have new product introductions that are happening as we speak and being able to just continually work the process to bring down cost and therefore, gross margins up on the hardware side. is just something we do every day. And I think we've got a pretty good start here and coming off the 17% from last quarter.

顯然，我們正在推出新產品，並且能夠不斷地工作以降低成本，從而提高硬件方面的毛利率。只是我們每天都在做的事情。而且我認為我們在這裡有一個很好的開端，比上一季度下降了 17%。

From a software perspective, our subscription line obviously includes both software and our Assure warranty product. What most people don't know is that we put our call center costs against our subscription line, which is why the gross margin on that is less than what you would expect from a pure software or SaaS business. And I think they're -- I think the big thing there is going to be to scale because I think there's a baseline level, and it's not a low baseline, it's a high baseline.

從軟件的角度來看，我們的訂閱產品線顯然包括軟件和我們的 Assure 保修產品。大多數人不知道的是，我們將呼叫中心成本與訂閱線相比較，這就是為什麼其毛利率低於您對純軟件或 SaaS 業務的預期。而且我認為他們是——我認為擴大規模是一件大事，因為我認為有一個基線水平，這不是一個低基線，而是一個高基線。

There's a high bar that we want to accomplish from a driver host support perspective and obviously, from a warranty and field support perspective. So I would expect we're investing heavily there, and we'll continue to do that, but you'll see efficiency and scale gains for that over time as we go into next year.

從驅動程序主機支持的角度來看，顯然，從保修和現場支持的角度來看，我們希望達到一個很高的標準。因此，我預計我們將在那裡進行大量投資，並且我們將繼續這樣做，但是隨著時間的推移，隨著時間的推移，我們會看到效率和規模的增長。

And guys you can get back to the Europe -- sorry to interrupt you earlier.

你們可以回歐洲了——很抱歉早些時候打斷你們。

Yes. I thought you asked this question about seasonality. So Europe, Europe had a really good quarter this quarter. Sequential growth was not as big a number, but that's such a great quarter last quarter. So I think Europe is definitely gotten on the map here as part of the company's strategy, and we're executing beautifully in that area.

是的。我以為你問了這個關於季節性的問題。所以歐洲，歐洲本季度的表現非常好。連續增長並不是一個很大的數字，但上個季度這是一個非常棒的季度。因此，我認為作為公司戰略的一部分，歐洲肯定會在地圖上佔據一席之地，我們在該領域的表現非常出色。

And if you talk about seasonality more broadly, which I think you did mention, we had a nice Q4 to Q1 transition this year, first time ever that Q1 was higher. I can't speculate on what will happen this year, but Obviously, we've got a lot of momentum in the company. So I would hope that we could reproduce that, but I don't know yet.

如果你更廣泛地談論季節性，我想你確實提到過，今年我們有一個很好的 Q4 到 Q1 的過渡，這是 Q1 有史以來第一次更高。我無法推測今年會發生什麼，但很明顯，我們在公司有很大的發展勢頭。所以我希望我們可以重現它，但我還不知道。

Your next question comes from the line of Stephen Gengaro with Stifel.

您的下一個問題來自 Stephen Gengaro 和 Stifel。

I was curious if you could talk a little bit about the advertising side and how it sort of fits into your portfolio, there's been some talk about it recently. I'm just curious how you think about that part of the business, sort of the opportunity there and how it kind of just basically fits into ChargePoint's overall product portfolio.

我很好奇你能否談談廣告方面以及它如何適合你的投資組合，最近有一些討論。我只是好奇您如何看待這部分業務，那裡的機會以及它如何基本上適合 ChargePoint 的整體產品組合。

Yes. So from us -- from our side, Stephen, we view it as a way for certain sub verticals inside of commercial, say, certain retailers, shopping malls, et cetera, to get started with EV charging. And it's one of many ways that they could engage or get started.

是的。因此，從我們的角度來看，斯蒂芬，我們將其視為商業內部某些子垂直行業（例如某些零售商、購物中心等）開始使用電動汽車充電的一種方式。這是他們可以參與或開始的眾多方式之一。

So we've developed some partnerships, you probably saw some recent announcements around that. And we really view it as not an AND or an OR or -- excuse me, an OR, it's very complementary from a get a site where advertising is going to throw off naturally any kind of revenue that is substantial enough to offset the cost of charging, which is a narrow set of applications.

所以我們已經建立了一些合作夥伴關係，你可能看到了一些最近的公告。我們真的認為它不是一個 AND 或一個 OR 或者 - 對不起，一個 OR，它與一個網站非常互補，在這個網站上，廣告會自然而然地產生任何足以抵消成本的收入。充電，這是一組狹窄的應用程序。

But within that narrow set, another hour in our engagement quiver. We look at it the same way we look at are charging as a service where we bundle the hardware into the subscription, some of the financing models we brought to the market. We just look at it as another optional engagement model that we have and get some very good partners on that side as well. So again, it's just -- I think about it as a broadening of the business. I don't think it will change numerically. Our needle on a go-forward basis. It doesn't change our forecast. It just gives our customers more options.

但在那個狹窄的範圍內，我們的訂婚顫抖了一個小時。我們看待它的方式與我們看待收費的方式相同，我們將硬件捆綁到訂閱中，我們將一些融資模式推向市場。我們只是將其視為我們擁有的另一種可選參與模式，並在這方面也獲得了一些非常好的合作夥伴。再說一次，這只是 - 我認為這是業務的擴展。我不認為它會在數字上改變。我們的針在前進的基礎上。它不會改變我們的預測。它只是為我們的客戶提供了更多選擇。

Is it something incorporated into your systems? Or is it sort of in tandem with your charges?

它是否包含在您的系統中？還是與您的收費有關？

Well, of course, there's always integration when you do stuff like this. But the 2 applications are very they're very separate in that respect. And the way that we built it is we don't have a fixed association between the device that's delivering ads and the number of charging ports.

好吧，當然，當你做這樣的事情時，總會有整合。但是這兩個應用程序在這方面非常獨立。我們構建它的方式是，我們在投放廣告的設備和充電端口的數量之間沒有固定的關聯。

We left that flexible for financial reasons because the advertising model is very different depending on the traffic at a site. So it's an engineered solution through some partnerships at a site that yields the best economic outcome for that site's local statistics, right? So the short answer to your question is, yes, there's integrations. And yes, it's very flexible.

出於財務原因，我們保留了這種靈活性，因為廣告模式因網站流量而異。所以這是一個通過在一個站點上建立一些合作夥伴關係的工程解決方案，可以為該站點的本地統計數據帶來最佳的經濟結果，對吧？所以對你的問題的簡短回答是，是的，有集成。是的，它非常靈活。

Your next question comes from the line of Gabe Daoud with Cowen.

您的下一個問題來自 Gabe Daoud 和 Cowen 的對話。

Thanks for all the prepared remarks so far. Guys, maybe just hoping -- just a quick clarification on Bill's question earlier just on the subs gross margin. So is there anything else going on that would drive the sequential decrease? Or is it just that a step-up in stock-based comp that you mentioned, Rex?

感謝到目前為止所有準備好的評論。伙計們，也許只是希望——只是對比爾早些時候關於潛艇毛利率的問題的快速澄清。那麼還有什麼其他事情會導致連續下降嗎？或者僅僅是你提到的基於股票的comp的升級，Rex？

So Gabe, that's a GAAP question, right?

所以 Gabe，這是一個 GAAP 問題，對吧？

That's right because on a GAAP basis, it looks like it declined about 600 basis points. So if it's just stock-based comp or anything else?

這是正確的，因為按照公認會計原則，它看起來下跌了大約 600 個基點。那麼，如果它只是基於股票的補償還是其他什麼？

The main differentiator is would be the stock-based comp, obviously, is a big one, right? But because that's mostly -- the comps line is not a big swinger, and then there's amortization of intangibles as well. So sorry, amortization as well. So -- but from a business standpoint, you should track it from a -- you should also look at it from a non-GAAP perspective because -- that's when we can get down to what we think are some of the fundamentals operationally of building, selling and making margin on the product.

主要區別在於基於股票的補償，顯然，這是一個很大的，對吧？但因為這主要是 - 補償線不是一個大搖擺人，然後還有無形資產的攤銷。很抱歉，攤銷也是如此。所以——但從業務的角度來看，你應該從——你也應該從非公認會計原則的角度來看待它，因為——那時我們可以深入了解我們認為構建的一些運營基礎，銷售產品並賺取利潤。

And there, what you see is us doing what we said we were going to do, which is marching up from the -- what we hope is the low of the 17% in Q1 and driving that number back up to something closer to the models that we've got out in the street. One thing I would tell you, if you look at the gross margin, we obviously have confirmed guidance for the year. My guess is that we're going to be shaded to the lower half of that at current revenue estimates. But -- that's something you should just keep an eye on.

在那裡，你看到的是我們正在按照我們所說的去做，這是從我們希望第一季度 17% 的低點開始上升，並將這個數字推回到更接近模型的水平我們已經在街上出去了。我要告訴你的一件事是，如果你看看毛利率，我們顯然已經確認了今年的指導。我的猜測是，按照目前的收入估計，我們將被遮蔽到下半部分。但是 - 這是你應該密切關注的事情。

Got it. That's helpful. And then maybe just -- you guys have obviously said a lot already on margin, but just curious if we could get a little more color on the specific levers that you highlighted previously and how those are progressing, I guess. So it would be the ASP increase. I think you also introduced a new power module on the CPE 250. So just curious how those 2 are progressing and if that's making the impact that you expected so far?

知道了。這很有幫助。然後也許只是 - 你們顯然已經在邊際上說了很多，但只是好奇我們是否可以在你之前強調的特定槓桿上獲得更多顏色，以及這些槓桿是如何進展的，我猜。所以這將是ASP的增加。我認為您還在 CPE 250 上引入了一個新的電源模塊。所以只是好奇這兩個模塊的進展情況，以及這是否產生了您迄今為止預期的影響？

Yes. So I'll start with ASPs. I think I'm pretty sure we covered this in the last call, we had 1 adjustment that we did very early in the calendar year and then we had another one that was occurring fairly late. I think it was in June. And so we haven't seen enormous impact on that in order do we actually expect to see norms impact on that in Q2.

是的。所以我將從 ASP 開始。我想我很確定我們在上次電話會議中討論了這個問題，我們在日曆年的早期進行了一次調整，然後我們又進行了一次相當晚的調整。我想那是在六月。因此，我們還沒有看到對此產生巨大影響，因此我們實際上是否希望在第二季度看到規範對其產生影響。

So -- and I've said this in my remarks, we do expect to see the improved ASPs kicking in, in Q3 across the product side. And that's mostly North America. That's not fundamentally a Europe thing. So I do have some good optimism that we'll get some benefits there.

所以 - 我已經在我的評論中說過這一點，我們確實希望看到改進的 ASP 在第三季度在整個產品方面開始發揮作用。這主要是北美。這根本不是歐洲的事情。所以我確實很樂觀，我們會在那裡獲得一些好處。

In terms of new products, you mentioned the power module. We do have a new power module version that is being produced and rolling out. That will provide not only performance benefits, but also cost benefits as it hits volume here in Q3 and Q4. So that's another contributor.

在新產品方面，您提到了電源模塊。我們確實有一個正在生產和推出的新電源模塊版本。這不僅會帶來性能優勢，還會帶來成本優勢，因為它會在第三季度和第四季度實現量產。所以這是另一個貢獻者。

And then as far as gross margin, generally, there's just the stuff we're doing across the board to work prices on existing components and then where necessary swap out components for either higher performance, lower costs or both.

然後就毛利率而言，一般來說，我們正在做的只是為現有組件定價，然後在必要時更換組件以獲得更高的性能、更低的成本或兩者兼而有之。

Your next question comes from the line of James West with Evercore.

您的下一個問題來自 James West 與 Evercore 的系列。

So I wanted to dig into fleet a little bit more. Obviously, you mentioned were vehicle limited at this point, but the vehicles are, they're coming. They're coming next year, and they're going to ramp pretty significantly, and that's going to be a big chunky piece of your business. So I guess how are you thinking about your supply chain, your contract manufacturers ramping or expanding your capacity to handle that what's going to be probably a pretty big surge in volumes.

所以我想深入研究一下艦隊。顯然，你提到的車輛在這一點上是有限的，但車輛是，他們來了。他們將於明年推出，並且會大幅增加，這將成為您業務的重要組成部分。所以我猜你是如何考慮你的供應鏈的，你的合同製造商正在增加或擴大你的能力來處理這可能是一個相當大的數量激增。

James, the increase in volume due to vehicles is it will still have a ramp profile to it. And remember, we use the same hardware platforms universally, we use the same commercially and fleet. There may be some configuration options that are a little bit different between the 2 markets. So first of all, we're always improving the sophistication of our supply chain and CM base, and that's an ongoing optimization process that we would be naturally running, one.

詹姆斯，由於車輛數量的增加，它仍然會有一個坡道輪廓。請記住，我們普遍使用相同的硬件平台，我們使用相同的商業和車隊。兩個市場之間可能有一些配置選項略有不同。因此，首先，我們一直在改進我們的供應鍊和 CM 基礎的複雜性，這是一個我們自然會運行的持續優化過程。

Two, I think we're reasonable forecasters as evidenced by a lot of the things that we've managed to forecast accurately since we've been a public company, you can look back at the records there.

第二，我認為我們是合理的預測者，自從我們成為一家上市公司以來，我們已經設法準確預測了很多事情，你可以回顧那裡的記錄。

So we think we're well matched with respect to capacity. We -- just as a matter, of course, with the factories, we control the test infrastructure. We can scale that pretty much at will. And all our CM downstream, CM partners, they're not capacity limited with respect to the ability to dedicate more and more labor and CapEx to our manufacturing needs. So net-net, I don't see supply chain as the real limiting factor on fleet, I still see it being more vehicle limited.

因此，我們認為我們在容量方面非常匹配。我們——當然，我們通過工廠控制測試基礎設施。我們可以隨意擴展它。我們所有的 CM 下游、CM 合作夥伴，在將越來越多的勞動力和資本支出用於我們的製造需求的能力方面，他們的能力不受限制。所以 net-net，我不認為供應鍊是車隊的真正限制因素，我仍然認為它更多的是車輛限制。

Okay. Okay. And then when you're talking to your potential fleet customers where are they in their process of getting prepared for these deliveries?

好的。好的。然後，當您與潛在的車隊客戶交談時，他們在為這些交付做準備的過程中處於什麼位置？

Well, I mean it depends on -- I mean, obviously, the answer is it just depends on the customer. There are some customers that are already way up the learning curve. They've been piloting things and frankly, hiring people out of our industry, the utility industry, the vehicle industry, et cetera, to kind of get ready for this.

好吧，我的意思是這取決於——我的意思是，很明顯，答案是它只取決於客戶。有些客戶已經在學習曲線上。他們一直在試行，坦率地說，從我們的行業、公用事業行業、汽車行業等領域招聘人員，為此做好準備。

And then there are others that are a little bit more nascent in their understanding of things. So it's a spectrum. But again, I think we can stand in for customers that have a bit less aptitude because we have really fantastic consultative and design-build services very comprehensive software, really one-stop shopping.

還有一些人在他們對事物的理解上還比較幼稚。所以它是一個頻譜。但同樣，我認為我們可以代替能力稍差的客戶，因為我們擁有非常出色的諮詢和設計構建服務，非常全面的軟件，真正的一站式購物。

And for customers that are further up the learning curve, they want to be engaged more, we can certainly support that as well. So again, I think the real -- if I were in your shoes and modeling, I would be looking at the -- still at the vehicle curves. I think fleet much like -- or excuse me, our commercial business is going to be inextricably tied to vehicle penetration into the vertical.

對於學習曲線更上一層樓的客戶，他們希望更多地參與進來，我們當然也可以支持。再說一次，我認為真實的——如果我穿著你的鞋子和模特，我會看著——仍然在車輛曲線上。我認為車隊很像 - 或者對不起，我們的商業業務將與車輛滲透到垂直領域有著千絲萬縷的聯繫。

(Operator Instructions) Your next question today comes from the line of Craig Irwin with Roth Capital.

（操作員說明）您今天的下一個問題來自 Roth Capital 的 Craig Irwin。

So I was hoping you could give us a little bit more color maybe around the supply chain issues that are moving behind you. We obviously made some really good progress in the quarter. But are there discrete items that we can look at that should provide a direct uplift in the fiscal third and fourth quarters. And how do you feel about the longer-term trajectory recovering to some of the historic performance levels and targeted performance levels that were shared at the time of the SPAC merger?

所以我希望你能給我們更多的色彩，也許是圍繞你身後的供應鏈問題。我們顯然在本季度取得了一些非常好的進展。但是，是否有我們可以查看的離散項目應該在第三財季和第四財季直接提振。您如何看待恢復到 SPAC 合併時共享的一些歷史績效水平和目標績效水平的長期軌跡？

Craig, I think it's easier to answer it from the last question and then work back into the specifics. Environmentally, demand for electric vehicles exceed supply by a long margin. So if the macro environment -- and no one has a crystal ball on the macro environment. But if the macro environment for consumer goods, begins to hit some rough patches the vehicle demand is still going to be there on the electric vehicle side sufficient to basically consume the production capacity of most OEMs.

克雷格，我認為從最後一個問題回答它然後再回到細節上會更容易。在環境方面，電動汽車的需求遠遠超過供應。所以如果宏觀環境——沒有人對宏觀環境有水晶球。但如果消費品的宏觀環境開始出現一些波折，電動汽車方面的汽車需求仍將存在，足以基本消耗大多數原始設備製造商的產能。

So we should still see the growth. And as we still see the growth facing into a supply chain environment that will have less mouths to feed, we should see a continued improving trend there. What we're seeing actually in supply chain right now is there's still a bit of randomness associated with where the sticky factors are.

所以我們仍然應該看到增長。而且，由於我們仍然看到供應鏈環境面臨的增長將減少，我們應該看到那裡的持續改善趨勢。我們現在在供應鏈中實際看到的是，粘性因素的位置仍然存在一些隨機性。

But where it was much more broad-based a year ago, much more broad-based with respect to everything from sheet metal to plastic to electronic components. It is centering now. The pressure points are centering much more -- not exclusively, but much more around electronic components, and so we think that's actually pretty well aligned with the softening macro, but we don't want to be presumptuous.

但在一年前它的基礎更加廣泛，從鈑金到塑料再到電子元件的所有領域都更加廣泛。現在正中。壓力點更多地集中在電子元件上——不僅僅是，而是更多地圍繞電子元件，所以我們認為這實際上與軟化宏觀非常吻合，但我們不想冒昧。

So again, it's easier to plan for headwinds continuing. And then be pleasantly surprised when the headwinds aren't there because I don't think anyone has a perfect crystal ball as to one of all the subsides. But it is changing color a bit for sure. Hopefully, that's helpful.

因此，再次計劃逆風繼續更容易。然後當逆風不存在時會感到驚喜，因為我認為沒有人擁有完美的水晶球來解決所有消退中的一個問題。但它肯定會改變顏色。希望這會有所幫助。

That's hugely helpful. So if I could squeeze another one in, if possible. So headcount additions, right? You're investing and you're growing, can you maybe share with us the areas at your company that are a priority for growth on the head count, are we really focused on R&D or the bid teams? Are you looking for engineers, salesmen, what is the hiring focus at ChargePoint right now?

這非常有幫助。所以，如果可能的話，如果我能再擠一個。所以增加了員工人數，對吧？您正在投資並且正在成長，您能否與我們分享貴公司在員工人數方面的優先增長領域，我們是否真的專注於研發或投標團隊？您是否在尋找工程師、銷售人員，ChargePoint 現在的招聘重點是什麼？

I mean, the hiring -- it's still, as you said, we're managing operating expenses to slightly lower gross margin performance than our guidance range had at the beginning of the year outlined. And so we basically are shaping OpEx, but we're still growing, as you said, and still hiring pretty much across the board.

我的意思是，招聘——正如你所說，我們仍在管理運營費用，使其毛利率表現略低於我們在年初概述的指導範圍。所以我們基本上是在塑造 OpEx，但正如你所說，我們仍在增長，並且仍在全面招聘。

In terms of where the biggest scale pressures are in the company, you can think about our infrastructure as a company that's growing effectively 30% quarter-over-quarter, which most companies don't see in a couple of years. You can imagine what we're doing internally from a scale perspective, not only in operations, what support in laying in the infrastructure ahead of needs there. So really, a lot of the infrastructural positions in the company are really are really getting investment.

就公司面臨的最大規模壓力而言，您可以將我們的基礎設施視為一家公司，該公司的季度環比有效增長了 30%，這是大多數公司在幾年內都看不到的。您可以從規模的角度想像我們在內部做的事情，不僅在運營方面，在基礎設施的需求之前提供哪些支持。所以說真的，公司裡的很多基礎設施職位真的都在得到投資。

Another thing that we're doing is we're investing heavily in internal business systems and our internal business applications team. And the reason for that is what used to be something that we could handle in a less automated fashion with some manual steps as quickly when you're at our growth rate. Very quickly, eclipses what you can handle in like a quarter or two.

我們正在做的另一件事是我們在內部業務系統和我們的內部業務應用程序團隊上進行了大量投資。其原因是過去我們可以以自動化程度較低的方式處理的事情，當您處於我們的增長率時，我們可以通過一些手動步驟盡快處理。很快，你可以在一兩個季度內處理的事情就黯然失色了。

So what I -- the thing I tell our team here all the time is, "Objects in the rearview are closer than they appear". It's an interesting applicable line in that the close rate of issues -- of scale issues is unprecedented because you're growing so fast. So that's qualitatively how management here and literally every charge pointer thinks about where the investments need to go, so you can use that as a lens.

所以我 - 我一直在這裡告訴我們的團隊的事情是，“後視鏡中的物體比它們看起來更近”。這是一條有趣的適用路線，因為您的增長速度如此之快，因此問題的關閉率 - 規模問題是前所未有的。因此，這就是這裡的管理層以及每個收費指針如何考慮投資需要去哪裡的定性方式，因此您可以將其用作鏡頭。

With that said, we're still growing R&D, but we preloaded R&D growth over the -- in the last 15 years, it was pretty much a invest in R&D and sales and not a whole lot else before we were before we were public, just like most private companies do. And so now we're -- it's much more evenly weighted and much more heavily weighted in the long term towards things that are going to enable us to scale.

話雖如此，我們仍在增長研發，但我們在過去 15 年中預加載了研發增長，在我們上市之前，這幾乎是對研發和銷售的投資，而不是其他很多，就像大多數私營公司一樣。所以現在我們 - 從長遠來看，它的權重更加均勻，而且權重更大，以使我們能夠擴展。

Your next question comes from the line of Shreyas Patil with Wolfe Research.

您的下一個問題來自 Wolfe Research 的 Shreyas Patil。

I just wanted to ask just one on the -- what was the supply chain impact to margin in the quarter? And within that also, is there -- how should we think about what the revenue or the shipments could have been if not for the supply constraint? I guess what I'm trying to think through is the underlying growth the underlying level of demand that you're seeing and your ability to supply that demand in a more unconstrained environment.

我只想問一個問題——供應鏈對本季度利潤率的影響是什麼？此外，如果沒有供應限制，我們應該如何考慮收入或出貨量可能是多少？我想我正在努力思考的是潛在增長，您所看到的潛在需求水平以及您在更加不受約束的環境中供應該需求的能力。

Yes. Sure, Shreyas, this is Rex. So the impact we're quoting, it's about $7 million or 6 percentage points in the quarter of things that we would call purchase price variances or unusually adverse logistics costs, expediting costs as sort of things. So it's -- that's been reasonably consistent this year.

是的。當然，Shreyas，這是雷克斯。因此，我們引用的影響，大約是 700 萬美元或 6 個百分點，我們稱之為採購價格差異或異常不利的物流成本，加速成本之類的事情。所以它 - 今年相當一致。

We had a 6 to 9 points in Q1, 2 different issues of 6 and 3, by the way. And then this quarter, we get at 6%. So the question is -- the second part of the question is where do we see that going? Obviously, as I mentioned earlier, we're going to be working on that. One of the things that you should note, we did have a -- there was -- so product transition costs also that we had some NPI issues in Q1. In Q2, we had some product -- new product introduction transition costs, tic gross margin. So it -- we do think fundamentally, there could have been some additional upside there.

順便說一句，我們在第一季度有 6 到 9 分，2 個不同的問題，6 和 3。然後本季度，我們達到 6%。所以問題是-- 問題的第二部分是我們認為這將走向何方？顯然，正如我之前提到的，我們將努力解決這個問題。您應該注意的一件事是，我們確實有 - 有 - 所以產品轉換成本也讓我們在第一季度遇到了一些 NPI 問題。在第二季度，我們有一些產品——新產品引入過渡成本、tic 毛利率。所以它 - 我們確實認為從根本上來說，那裡可能會有一些額外的好處。

So I think what's going to happen is growth into Q3 and Q4, some easing of the supply chain issues that we see will help us drive gross margin. And then on the kind of the would've, could've, should've question of what could revenue have been with -- we have a very large backlog. We've not actually given a number to that, but it went up 30-plus percent, I think, in Q1, and then it went up another 26% in Q2. So you can imagine if we could literally just build anything and everything and ship everything, we would have a substantially higher number on the top line. There's a question about that. I can't give you a number, but it would be materially different.

所以我認為將要發生的是第三季度和第四季度的增長，我們看到的供應鏈問題的一些緩解將有助於我們提高毛利率。然後關於那種本來可以，應該，應該有什麼問題的收入可能是什麼 - 我們有一個非常大的積壓。我們實際上並沒有給出具體數字，但我認為它在第一季度上漲了 30% 以上，然後在第二季度又上漲了 26%。所以你可以想像，如果我們真的可以建造任何東西並運送所有東西，那麼我們的收入就會大大增加。有一個關於那個的問題。我不能給你一個數字，但它會在本質上有所不同。

Okay. And then just if I could squeeze one in, just it looked like -- I look overall like pretty good improvement in terms of OpEx leverage from Q1 to Q2 but even versus Q4. And especially sales and marketing look like you got some improvement there.

好的。然後，如果我可以擠進去，它看起來像 - 從第一季度到第二季度，我看起來總體上在運營支出槓桿方面有相當不錯的改善，但與第四季度相比也是如此。尤其是銷售和營銷看起來你在那裡得到了一些改進。

I'm just wondering how you think about what were some of the drivers of kind of improvement in OpEx? And then obviously, the guidance is assuming there's continued improvement in the back half. But just at a high level, how you're thinking about the main drivers that will support continued OpEx leverage even into next year and then obviously, towards that free cash flow breakeven target?

我只是想知道您如何看待運營支出改善的一些驅動因素？然後顯然，指導假設後半部分持續改善。但就高水平而言，您如何看待將支持持續運營支出槓桿甚至到明年的主要驅動因素，然後顯然是實現自由現金流盈虧平衡目標？

Yes. So I think -- so first of all, just to baseline, Q1 was in the mid-80s, Q2 was about 80. The main delta there is some of the NPI costs that I mentioned earlier. So if you look Q1 to Q2, it's effectively flat. 70% of our operating expenses are people. So we obviously didn't take anybody else because we're too fast to even consider that. But we did have slightly slower hiring because one of the things that we're looking at is trying to do the balance between the gross margin being where we want it to be versus OpEx and then managing losses with the target of being cash flow positive in 2024.

是的。所以我認為——首先，就基線而言，第一季度是在 80 年代中期，第二季度大約是 80。主要的增量是我之前提到的一些 NPI 成本。因此，如果您查看 Q1 到 Q2，它實際上是持平的。我們 70% 的運營費用是人力。所以我們顯然沒有選擇其他人，因為我們太快了，甚至無法考慮這一點。但我們的招聘速度確實稍慢，因為我們正在考慮的一件事是試圖在毛利率與運營支出之間取得平衡，然後以現金流為正為目標來管理虧損2024 年。

So we've been doing some of that down turning over the last 2 months. So I think the leverage is going to be significant as we go through Q3, Q4 and into next year because you've got a complete differential in growth rate between the top line sequentially and operating expenses sequentially. I mean there's just a complete disconnect there.

所以在過去的兩個月裡，我們一直在做一些向下的轉變。因此，我認為隨著我們第三季度、第四季度和明年的發展，槓桿作用將非常顯著，因為您的收入按順序與運營費用之間的增長率完全不同。我的意思是那裡完全斷開了。

So it's going to keep getting much, much better from a leverage perspective. I don't actually see the number itself going down, but I see the rate of increase trailing very much the rate of increase that the top line is going to be giving us.

因此，從槓桿的角度來看，它會變得越來越好。我實際上並沒有看到這個數字本身在下降，但我看到增長率遠遠落後於頂線將給我們的增長率。

Your next question comes from the line of Matt Summerville with D.A. Davidson.

你的下一個問題來自馬特薩默維爾與 D.A.戴維森。

I just want to put a finer point on the 600 basis points worth of hit, how much of a solve will pricing end up being? In other words, how much do pricing alone close that gap? And then I was hoping Pasquale could maybe comment briefly on just overall thoughts on California's law mandated 100% EVs by the middle of the next decade. There's a bunch of other states that typically follow California. How does that inform or potentially change or accelerate your go-forward strategy?

我只是想在 600 個基點的打擊值上加一個點，定價最終會解決多少問題？換句話說，單單定價能在多大程度上縮小這一差距？然後我希望 Pasquale 可以簡要評論一下加州法律規定在未來十年中期實現 100% 電動汽車的總體想法。還有許多其他州通常效仿加利福尼亞。這如何影響或可能改變或加速您的前進戰略？

I don't think -- a great question. I don't think it changes our forward strategy at all. And the reason is most -- virtually all auto OEMs sell globally. And if you look at what's already been put in place with respect to ban on internal combustion vehicles, 2035 is about the centroid and the number that's already been put in place in a lot of different places around the planet, especially in Europe.

我不認為 - 一個很好的問題。我認為它根本不會改變我們的前進戰略。原因是大多數——幾乎所有汽車原始設備製造商都在全球銷售。如果你看看已經實施的關於禁止內燃機汽車的規定，2035 年是關於質心和已經在地球上許多不同地方實施的數字，尤其是在歐洲。

And it's impossible to maintain R&D on the internal combustion side and the battery electric side because the platforms are to optimize them, they're substantially different in the end.

並且不可能在內燃機端和電池電動端保持研發，因為平台是為了優化它們，最終它們有很大的不同。

So the net of it is I really support what California has done in terms of aligning with a lot of the bands that have already been put in place. But I don't think it materially changes. I don't think it really materially changes the adoption rate of electric vehicles. You've already got, by the way, consumers, when you look at all the consumer studies, right? Consumer demand for electric vehicles exceed supply. And auto OEMs are going to have to refit their entire manufacturing infrastructure to come up to curve to meet the demand and ultimately only ship electric vehicles.

所以它的本質是我真的支持加利福尼亞在與許多已經到位的樂隊保持一致方面所做的事情。但我不認為它有實質性的改變。我認為它不會真正改變電動汽車的採用率。順便說一句，當您查看所有消費者研究時，您已經有了消費者，對吧？消費者對電動汽車的需求超過供給。汽車原始設備製造商將不得不改造他們的整個製造基礎設施，以適應需求並最終只運送電動汽車。

I've got an interesting one for you that I've commented on when I've gotten this question in other forums outside of our earnings call. And then any stated ban is a good thing because it begins to put residual value pressure on an ICE vehicle. And I don't think that will have much effect now, but I think in 1 or 2 buying cycles of vehicles it will accelerate the early retirement of vehicles when the supply is there from an auto OEM perspective when they've worked all their supply chain transformations out.

當我在財報電話會議之外的其他論壇上收到這個問題時，我為您提供了一個有趣的問題。然後任何明確的禁令都是一件好事，因為它開始對 ICE 車輛施加殘值壓力。而且我認為現在不會產生太大影響，但我認為在車輛的 1 或 2 個購買週期內，當從汽車 OEM 的角度來看，當他們已經完成所有供應時，當供應存在時，它會加速車輛的提前退役鍊式改造。

So I like that the date's certain dangling out there because I think it's just -- it's batting cleanup, so to speak, on the conversion to electric vehicles. I'm going to turn the PPV versus ASP question back to Rex since he was commenting previously on margin, I'll let him take that one. Rex?

所以我喜歡這個日期肯定懸在那裡，因為我認為它只是 - 可以說是在向電動汽車的轉換進行擊球清理。我將把 PPV 與 ASP 的問題轉回給 Rex，因為他之前在邊際上發表過評論，我會讓他接受那個。雷克斯？

Yes. So very quickly, the 600 points basis points is about 2/3 PPV and about 1/3 logistics costs. And as I said earlier, those -- they've been -- they have definitely been running hot now for several quarters in a row. We do see those coming down. Hard to put a time frame on that, but the external market does seem to be improving a bit. And as Pat said, as opposed to having this broad based, it's a problem everywhere.

是的。所以很快，600 個基點大約是 2/3 PPV 和大約 1/3 的物流成本。正如我之前所說，那些 - 他們已經 - 他們現在已經連續幾個季度一直很熱。我們確實看到那些下降。很難為此設定時間框架，但外部市場似乎確實有所改善。正如帕特所說，與擁有如此廣泛的基礎相反，這是一個無處不在的問題。

The problems are getting more focused and narrower, which I actually think is a positive sign. And then on the other piece of your question, I think where you were going is, do you think that we can get that 6 points to go away or at least be covered by ASP changes. I do think our ASPs are going to move northward nicely given the price increases that we've done, and those are in full effect now for Q3 and Q4. So as you can imagine, you announced them in June, but they don't really take effect until you get to Q3, Q4.

問題變得更加集中和狹窄，我實際上認為這是一個積極的信號。然後關於你的問題的另一部分，我認為你要去的地方是，你認為我們可以得到 6 分，或者至少被 ASP 更改覆蓋。鑑於我們已經完成的價格上漲，我確實認為我們的 ASP 將會很好地向北移動，而這些現在在第三季度和第四季度完全生效。所以你可以想像，你在 6 月份宣布了它們，但直到第三季度、第四季度它們才真正生效。

And so I think that will be a nice follow-up. And then I think the other things as the environment improves, will naturally decline. So I'd like to think that as those 2 things converge over the next 6 months that we'd actually be in a substantially better place, we'll more than cover that. Let's just say that.

所以我認為這將是一個很好的後續行動。然後我覺得其他的東西隨著環境的改善，自然會下降。所以我想認為，隨著這兩件事在接下來的 6 個月內融合在一起，我們實際上會處於一個更好的位置，我們將不僅僅涵蓋這一點。我們就這麼說吧。

Your next question comes from the line of Kashy Harrison with Piper Sandler.

您的下一個問題來自 Kashy Harrison 和 Piper Sandler。

Just 2 quick ones for me. Pasquale, just at a -- and apologies if you mentioned this, but just at a big picture level, can you talk about how you're thinking about the impact of the Inflation Reduction Act across just across your business in light of your discussion around demand above supply capacity. And then, Rex, could you maybe clarify for us, do you expect to be at the bottom end of the guidance range for OpEx? And that's it for me.

對我來說只有 2 個快速的。 Pasquale，如果你提到這一點，我很抱歉，但只是在大局層面，你能談談你如何考慮根據你的討論，你是如何考慮《通貨膨脹減少法案》對整個企業的影響的嗎？需求大於供給能力。然後，雷克斯，您能否為我們澄清一下，您是否希望處於運營支出指導範圍的底部？對我來說就是這樣。

So thank you for the question. I'll take the first one. Rex will take the second. The Inflation Reduction Act here's what we like about it a lot. We don't dislike anything about it is the headline. What we like about it is that it has reasonably balanced incentives for both commercial and fleet vehicles as well as the associated infrastructure. So it's very key for us from a policy shaping perspective to see policies that look at the whole picture in totality and don't create effectively demand hotspots or incentive hotspot, so to speak.

所以謝謝你的問題。我會拿第一個。雷克斯將獲得第二名。這裡的通貨膨脹減少法案是我們非常喜歡它的地方。我們不喜歡任何關於它的標題。我們喜歡它的是，它對商用和車隊車輛以及相關的基礎設施都有合理平衡的激勵措施。因此，從政策塑造的角度來看，從整體上看政策，不能有效地創造需求熱點或激勵熱點，對我們來說非常關鍵。

And this one looks like it tried to address that in reasonable balance, and it's always tough to do that in something as large as that as a bill like that. So kudos to the authors. The -- in terms of impact to the business, the fine print on the usability of the tax credits given the customers unique situations tax-wise, is always the wrinkle with a tax credit based incentive or for that portion of what's in IRA.

而這個看起來它試圖以合理的平衡來解決這個問題，而且在像這樣的法案這樣大的事情上總是很難做到這一點。所以向作者致敬。 - 就對業務的影響而言，考慮到客戶在稅收方面的獨特情況，稅收抵免可用性的細則始終是基於稅收抵免的激勵措施或愛爾蘭共和軍中的那部分內容的皺紋。

So it's hard to call. But again, because we are probably over the next couple of years, still going to be supply limited on vehicles relative to demand in both fleet and passenger cars. I don't necessarily think the infrastructure pressure and the subsequent demand on our business will change a whole lot. But it does, I think, on the margin, get the smaller companies off the blocks because there is a little grease to the skids there, right?

所以很難打電話。但同樣，因為我們可能在未來幾年內，相對於車隊和乘用車的需求，車輛的供應仍然會受到限制。我不一定認為基礎設施壓力和隨後對我們業務的需求會發生很大變化。但我認為，它確實可以讓小公司擺脫困境，因為那裡的滑道上有一點油脂，對吧？

If you look at the quotes that I made in my prepared remarks with respect to the Fortune 50 versus as you move down through the Fortune 500, the penetration rate gets lower, you're upwards of 80% at the top of that range, and it gets -- it's still substantial. It's still better than 50%, but it starts to move down. And as you trickle into the diffuse mass of businesses out there, having some incentive may get them off the blocks a little bit faster. But I don't think it -- frankly, I don't think it would move our forecast substantively.

如果你看看我在準備好的評論中關於財富 50 強的報價，而不是隨著你從財富 500 強中向下移動，滲透率會降低，你在該範圍的頂部超過 80%，並且它得到 - 它仍然很重要。它仍然好於 50%，但它開始下降。當你涉足分散的企業群時，有一些激勵可能會讓他們更快地擺脫困境。但我不這麼認為——坦率地說，我認為這不會實質性地改變我們的預測。

Let me take that second. Yes, on that second piece around operating expenses, I'd say 2 things. One, as I said earlier, on the gross margin side, if you do the math for Q3, Q4 against guidance, you would probably ascertain that we're looking at shading towards the lower half of that range on gross margin. And as a result, we're going to be responsible from a data cash flow positive perspective. And so we are feathering back our operating expense estimates. So I would expect to be in the lower half of that range as well.

讓我抓住那一秒鐘。是的，關於運營費用的第二部分，我想說兩件事。一，正如我之前所說，在毛利率方面，如果您根據指導對第三季度、第四季度進行數學計算，您可能會確定我們正在考慮毛利率範圍的下半部分。因此，我們將從數據現金流積極的角度負責。因此，我們正在縮減我們的運營費用估計。因此，我預計也會處於該範圍的下半部分。

Your next question comes from the line of Ryan Greenwald with Bank of America.

您的下一個問題來自美國銀行的 Ryan Greenwald。

Thanks for update. Just to dive a little deeper on the advertising network partnership discussed a bit earlier. Any incremental color you guys can provide around what monetization looks like and how revenue and costs from the partnership will ultimately be shared?

感謝更新。只是為了更深入地了解之前討論過的廣告網絡合作夥伴關係。你們可以提供任何關於貨幣化是什麼樣子以及最終將如何分享合作夥伴關係的收入和成本的增量顏色嗎？

Without the partners on the line. I don't want to venture any commentary there. I'm not being evasive. It's just from a confidentiality perspective, I just -- it's a -- it's something I just don't want to comment on right now. But you can probably infer what the monetization looks like we're on our end.

沒有夥伴就行了。我不想在那裡冒險發表任何評論。我不是在迴避。這只是從保密的角度來看，我只是 - 這是一個 - 這是我現在不想評論的事情。但是您可能可以推斷出我們的盈利方式是什麼樣的。

What I can tell you about how we're looking at it is we're not trying directly to monetize the advertising, so to speak, we're what the model does is it supports one of a couple of buying options from us to provide the infrastructure. So from a charge point perspective, it will look like we sold or used our Charging as a Service program into a particular customer, right? And the way that the revenue monetization works on the advertising is through the partners to offset that cost and provide a profit. So we're not trying to basically monetize the advertising direct.

關於我們如何看待它，我可以告訴你的是，我們並沒有試圖直接通過廣告獲利，可以說，我們的模型所做的是它支持我們提供的幾個購買選項之一基礎設施。所以從充電點的角度來看，看起來我們向特定客戶銷售或使用了我們的充電即服務計劃，對嗎？廣告收入貨幣化的方式是通過合作夥伴抵消成本並提供利潤。所以我們並沒有試圖通過廣告直接獲利。

Understood. That's helpful. And then on IRA, you alluded a bit to the qualification nuances for the tax credits. At this point, have you seen any customers kind of look to pause any second half solutions previously planned for some clarity and for the credit to ultimately take effect?

明白了。這很有幫助。然後在 IRA 上，您提到了稅收抵免的資格細微差別。在這一點上，您是否看到任何客戶希望暫停之前計劃的任何下半年解決方案，以使信用最終生效？

Yes. I've gotten no alarm bells from our sales force of any significance that there's any stall in the marketplace from an IRA perspective. I'm sure there's an account here or there that may do that. But in the law of large numbers, it's not changing our forecast, and I'm certainly not seeing anything broad brush.

是的。從愛爾蘭共和軍的角度來看，我們的銷售人員沒有從我們的銷售人員那裡得到任何重要的警鐘，即市場上有任何攤位。我確定這里或那裡有一個帳戶可以做到這一點。但在大數定律中，它並沒有改變我們的預測，而且我當然沒有看到任何籠統的東西。

Your next question comes from the line of Steven Fox Subex with Fox Advisors.

您的下一個問題來自 Fox Advisors 的 Steven Fox Subex。

Just 1 for me, please. You mentioned the commercial uptick related to recovering from the lag from COVID. I was just curious now that you've had a recent positive trend there, how you're thinking about inflection points on the commercial side, how some of the post COVID conversations are going with like hotels or Starbucks or office managers, et cetera? Any kind of comments on the new normal there would be helpful.

請給我1個。您提到了與從 COVID 的滯後中恢復相關的商業增長。我現在只是好奇你最近在那裡有一個積極的趨勢，你是如何考慮商業方面的拐點的，一些 COVID 後的對話是如何與酒店、星巴克或辦公室經理等進行的？對新常態的任何評論都會有所幫助。

This is what I call an all whoosh, no bang industry because it's so broad. So I would not expect commercial to have a massive dislocation in a quarter. just the business just -- it's got too much inertia, it just doesn't work that way. What we are seeing is it's just unprecedented. The level of engagement from a broad base of sub-verticals in the commercial space, everything from parking operators, commercial real estate operators hospitality operators, retailers across the board, everyone's got the wake-up call now. for sure, and it's definitely broad-based.

這就是我所說的一個萬能的、沒有爆炸性的行業，因為它是如此廣泛。因此，我不認為商業廣告會在一個季度內出現大規模錯位。只是業務——它有太多的慣性，它只是不能那樣工作。我們所看到的是這是前所未有的。從停車場運營商、商業房地產運營商、酒店運營商、零售商等各個領域的商業空間廣泛參與的水平，每個人現在都得到了警鐘。肯定的，而且它絕對是廣泛的。

So all the things that we're investing in for scale is specialization of our sales force, specialization of our channel, specialization of our sales enablement materials and our support capabilities to enable each one of those verticals to get the best possible counsel from us on how to approach charging in their parking lot. So I think you'll -- you're seeing it in our growth rate, right? You're seeing -- you're kind of seeing the evidence of it in our growth. And remember, that lags right? Our growth rate that we report on is a very lagging indicator, a leading indicator into the sales force is just a tremendous level of interest across the board.

因此，我們為擴大規模而進行的所有投資都是銷售隊伍的專業化、渠道的專業化、銷售支持材料的專業化以及我們的支持能力，以使每個垂直行業都能從我們那裡獲得最好的建議如何在他們的停車場進行充電。所以我認為你會 - 你會在我們的增長率中看到它，對吧？你看到了——你在我們的成長中看到了它的證據。請記住，這是滯後的嗎？我們報告的增長率是一個非常滯後的指標，銷售隊伍的領先指標只是一個巨大的利益水平。

Your next question comes from the line of Christopher Souther with B. Riley.

您的下一個問題來自 Christopher Souther 與 B. Riley 的對話。

Just real quick, you talked about increases in hardware fees really in U.S.-based. I'm curious why we're not also increasing in Europe as well. Maybe just talk a little bit about the market dynamics there. And then how should we think about kind of software pricing over time kind of more broadly as the fleet piece continue to pick up here in gain steel as well as the residential side, kind of just strategy around pricing for the software there?

很快，你談到了美國硬件費用的增加。我很好奇為什麼我們在歐洲也沒有增加。也許只是談談那裡的市場動態。然後我們應該如何考慮隨著時間的推移更廣泛的軟件定價，因為機隊繼續在這裡獲得鋼鐵以及住宅方面，一種圍繞軟件定價的策略？

Chris, would you remind repeating the question, you've got a pretty muddy line.

克里斯，你能提醒我重複一下這個問題嗎，你有一條很模糊的線。

Oh, sorry about that. Yes, on hardware ASPs, you talked about the increases being really U.S.-based. I'm curious why we're not also increasing in Europe as well. And then maybe just a little bit about the market dynamics driving that? And then on the software pricing, can you talk a little bit about how that should grow over time or decline over time with fleet being a bigger piece and residential also kind of popping in?

哦，對不起。是的，在硬件 ASP 上，您談到了真正基於美國的增長。我很好奇為什麼我們在歐洲也沒有增加。然後也許只是一點點關於推動這一點的市場動態？然後關於軟件定價，你能談談隨著時間的推移應該如何增長或隨著時間的推移而下降嗎？

I heard you loud and clear that time. Thanks for repeating the question. So on the hardware front -- yes, no worries. From a hardware ASP perspective, in North America, obviously, we've got a very -- a great market position here. So there's some elasticity as possible in North America. When you go to Europe, we're a relatively recent entrant into that market. It's highly fragmented, as you know. There's a lot of competition over there.

那時我聽到你的聲音響亮而清晰。感謝您重複這個問題。所以在硬件方面——是的，不用擔心。從硬件 ASP 的角度來看，很明顯，在北美，我們擁有非常非常好的市場地位。所以在北美有一些彈性。當你去歐洲時，我們是相對較新進入該市場的人。如您所知，它高度分散。那裡有很多競爭。

And so we're busily for lack of a better term, we're training -- educating or training the market to understand the full value of a fully integrated network solution that ChargePoint provides it, we believe is superior to what other people are doing. But there's work to do there, to be honest, to be able to educate the market and bring the overall level of price more in line with what we're accustomed to seeing here. So then from a software perspective, we did do an adjustment from -- to our selling prices here back in February.

因此，我們正忙於缺乏更好的術語，我們正在培訓——教育或培訓市場以了解 ChargePoint 提供的完全集成網絡解決方案的全部價值，我們相信它優於其他人正在做的事情.但老實說，還有工作要做，以便能夠教育市場並使整體價格水平更符合我們在這裡看到的習慣。因此，從軟件的角度來看，我們確實在 2 月份對我們的銷售價格進行了調整。

And then we have what you would expect from any software company, which is annual escalators that we have in place on most of our contracts. And so you would expect to see that creep up over time just because that's what software companies do, and it's a cost of living kind of thing. And then what's going to be very interesting to see. And I would love to forecast just worry, but I can't. But with the overall level of software content in the fleet space is going to be a meaningful adder to us certainly, from a dollars perspective, the rest of the business that we're going to be doing with fleet is going to be a big enough number that I don't know where the percentage will shake out, but I know that the dollar content there is going to be attractive.

然後，我們擁有您對任何軟件公司的期望，這是我們在大多數合同中都有的年度自動扶梯。所以你會期望看到隨著時間的推移，這只是因為軟件公司就是這樣做的，而且這是一種生活成本。然後會很有趣。我很想預測只是擔心，但我不能。但是，隨著車隊空間中軟件內容的整體水平肯定會對我們產生有意義的影響，從美元的角度來看，我們將與車隊開展的其他業務將足夠大這個數字我不知道百分比會從哪裡消失，但我知道那裡的美元含量會很有吸引力。

Your next question comes from the line of Itay Michaeli with Citi.

您的下一個問題來自 Itay Michaeli 與 Citi 的對話。

Just 2 quick ones for me. First, a point of clarification, Rex. For the lower end of the guidance for the gross margin, I just want to make sure that revenue is not included in that was just for the gross margin side. And then on the bridge from the first half to second half, gross margin. Any sense of how much the pricing element that you've spoken about on the call, how much of that accounts for that incremental gross margin step up?

對我來說只有 2 個快速的。首先，澄清一點，雷克斯。對於毛利率指導的下限，我只是想確保收入不包括在僅針對毛利率方面。再上橋從上半年到下半年，毛利率。知道您在電話會議上談到了多少定價元素，其中有多少是毛利率增加的原因？

Yes. So first clarification, my commentary on gross margin and OpEx was specific to gross margin and OpEx and there's no shading on the revenue line at all. So I'm very confident that we've got the Q3 guide and the annual guide there in our gun sites. Obviously, the main limiter there is just the ability to build. So hopefully, that clarifies that. And then from a first half, second half perspective, again, I think gross margin is going to be a combination of things that will improve the trajectory there. And it's, again, everything from the price increases kicking in can't hurt.

是的。所以首先澄清一下，我對毛利率和運營支出的評論是針對毛利率和運營支出的，收入線上根本沒有陰影。因此，我非常有信心在我們的槍支站點中獲得第三季度指南和年度指南。顯然，這裡的主要限制器只是構建能力。因此，希望這可以澄清這一點。然後從上半年、下半年的角度來看，我認為毛利率將是改善那裡發展軌蹟的綜合因素。再一次，從價格上漲開始的一切都不會受到傷害。

And so obviously, that would be very helpful. There's a lot of work we're doing with our CMs, and it's everything from what they charge us to do what they do, but they charge us to get a shift and then, of course, what we're paying for parts. So I think we'll fundamentally improve incrementally there just by getting better in operations, I think you may have seen we hired Rick Wilmer, who is a gentleman to join us and focus heavily, particularly on that operations from supply chain side of things.

很明顯，這將非常有幫助。我們正在與我們的 CM 一起做很多工作，從他們向我們收取的費用到他們所做的一切，但他們向我們收取了換班費，當然還有我們為零件支付的費用。所以我認為只要在運營方面做得更好，我們就會從根本上逐步改善，我想你可能已經看到我們聘請了一位紳士 Rick Wilmer 加入我們並重點關注，特別是從供應鏈方面的運營。

So we're very optimistic there. And then we have a very strong R&D team that does a nice job of doing things like. We had an original power module. Now we have a new version of the power module, and it has it's better, faster, cheaper, which, of course, you're not supposed to be below, but that's definitely what is. So I think it's the combination of all those things is why we believe that the gross margin is headed back where it needs to be.

所以我們對此非常樂觀。然後我們有一個非常強大的研發團隊，他們在做類似的事情方面做得很好。我們有一個原始的電源模塊。現在我們有了一個新版本的電源模塊，它更好、更快、更便宜，當然，你不應該低於，但這絕對是。所以我認為這是所有這些事情的結合，這就是為什麼我們認為毛利率會回到它需要的地方。

This concludes today's Q&A session. Patrick Hamer, I turn the call back over to you.

今天的問答環節到此結束。帕特里克哈默，我把電話轉給你。

Thank you, Emma, and I'll pass it back to Pasquale Romano, our CEO and President.

謝謝你，Emma，我會把它轉給我們的首席執行官兼總裁 Pasquale Romano。

Well, first of all, when you cross through your first $100 million revenue quarter, there's a long list of people to thank it really internally for a 15-year-old company and a lot of people that have worked tirelessly to get to this point, I have to say thank you. So to all the charge pointers out there that have been really pushing it to scale, as I mentioned in one of the answers the quarter-over-quarter growth here is an enviable multiyear growth rate for most companies.

嗯，首先，當你度過第一個 1 億美元的收入季度時，有很多人要在內部真正感謝這家擁有 15 年曆史的公司，還有很多人為達到這一點而不懈努力，我不得不說謝謝。因此，對於所有真正推動它擴大規模的收費指標，正如我在其中一個答案中提到的那樣，這裡的季度環比增長對於大多數公司來說是令人羨慕的多年增長率。

And the team here feels that, and they've risen to the occasion, and we're really proud of what they're doing. And we're making the necessary investments, obviously, to give them an even broader foundation to stand on. So thank you to all the charge pointers out there that are listening. And then I want to thank our customers and our partners. Our customers make this all happen for us, and they trust us, and that's an honor to be trusted by so many companies. and to have to could come through for them, especially under very demanding times.

這裡的團隊感受到了這一點，他們已經挺身而出，我們為他們所做的事情感到非常自豪。顯然，我們正在進行必要的投資，為他們提供更廣泛的立足點。因此，感謝所有正在傾聽的充電指針。然後我要感謝我們的客戶和合作夥伴。我們的客戶為我們完成了這一切，他們信任我們，能被這麼多公司信任是一種榮幸。並且必須為他們度過難關，尤其是在非常艱難的時期。

So again, a large thanks to the ecosystem out there that makes this place go. And thank you very much to everyone that listened in, ask questions. I'm glad we had quite a bit of time. We had 45 minutes for Q&A, so it was very robust, and we have a lot of a lot of analysts that are putting a lot of time into modeling the company. So we really appreciate that. very much, and we'll talk to you next quarter.

再次，非常感謝使這個地方發展起來的生態系統。非常感謝所有聆聽並提出問題的人。我很高興我們有很多時間。我們有 45 分鐘的問答時間，所以非常有活力，而且我們有很多分析師投入了大量時間來為公司建模。所以我們真的很感激。非常好，我們下個季度再和你談談。

This ends today's conference call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝您的出席。您現在可以斷開連接。