ChargePoint Holdings Inc (CHPT) 2022 Q3 法說會逐字稿

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

女士們，先生們，下午好。我叫 Beau，我將擔任今天電話會議的會議接線員。此時，我想歡迎大家參加 ChargePoint 2023 財年第三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.

我現在想把電話轉給 ChargePoint 的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 third quarter fiscal 2023 results. The call is being webcast and can be accessed on the Investors section of our website at investors.chargepoint.com. With me on today's call are Pasquale Romano, our Chief Executive Officer; and Rex Jackson, our Chief Financial Officer.

下午好，感謝您參加今天的電話會議，討論 ChargePoint 2023 財年第三季度的業績。該電話會議正在進行網絡直播，可在我們網站 investors.chargepoint.com 的“投資者”部分收聽。和我一起參加今天電話會議的有我們的首席執行官 Pasquale Romano；和我們的首席財務官 Rex Jackson。

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

今天下午，我們發布了新聞稿，宣布了本季度的業績，也可以在網站上找到。我們想提醒您，在電話會議期間，管理層將發表前瞻性陳述，包括我們的第四財季和整個 2023 財年展望。

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 the call.

這些前瞻性陳述涉及風險和不確定性，其中許多是我們無法控制的，可能導致實際結果與我們的預期存在重大差異。這些前瞻性陳述從今天起適用，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 September 8, 2022, and our earnings release posted today on our website and 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.

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 9 月 8 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的網站上發布並以表格形式向美國證券交易委員會提交的收益發布8-K。另外，請注意，我們在此次電話會議上使用了某些非 GAAP 財務指標，我們在我們的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介紹中與 GAAP 進行了核對。

And finally, we'll be posting the transcript of this call to our Investor Relations website under the Quarterly Results section. And with that, I'll turn it over to Pasquale.

最後，我們將在“季度業績”部分下將此次電話會議的記錄發佈到我們的投資者關係網站。然後，我將把它交給 Pasquale。

Thank you, Patrick, and thank you, everyone, for joining our eighth earnings call as a public company. We had another record quarter with strong growth yielding $125 million in revenue, at the low end of our guidance range, up 93% year-over-year and 16% sequentially. The difference between $125 million in revenue and our guidance midpoint was largely made up of production constraints on our most mature AC product as a result of supply-driven redesign.

謝謝帕特里克，也感謝大家參加我們作為上市公司的第八次財報電話會議。我們又迎來了一個創紀錄的季度，強勁增長產生了 1.25 億美元的收入，處於我們指導範圍的低端，同比增長 93%，環比增長 16%。 1.25 億美元的收入與我們的指導中點之間的差異主要是由於供應驅動的重新設計導致我們最成熟的 AC 產品的生產限制。

The delay in shipping this high-margin product held our margin improvement for the quarter to one point, and we have now shipped the shortfall and more in November. Demand again exceeded supply for the quarter, resulting in additional growth in backlog. We are on track to achieve our revenue target for the year, and Rex will provide more color on revenue and particularly on gross margin in his comments.

這種高利潤產品的延遲發貨使我們本季度的利潤率提高了一個百分點，我們現在已經在 11 月發貨了不足的部分，甚至更多。本季度需求再次超過供應，導致積壓訂單進一步增加。我們有望實現今年的收入目標，雷克斯將在他的評論中提供更多關於收入的顏色，特別是毛利率。

As we manage the revenue and gross margin challenges presented by supply chain constraints, logistics disruptions and new product introductions, I'd like to comment on operating expenses. As our OpEx this year shows, we've significantly slowed our operating expense trajectory.

在我們管理供應鏈限制、物流中斷和新產品推出帶來的收入和毛利率挑戰時，我想對運營費用發表評論。正如我們今年的運營支出所顯示的那樣，我們已經大大減緩了我們的運營支出軌跡。

We are managing OpEx as a key driver of turning cash flow positive in the fourth quarter of calendar 2024 and think we have made and are making the right choices and investing to achieve our market position. As we have commented previously, we have invested ahead of the market for many years, and our revenue growth has been and continues to be correlated with the availability of electric vehicles.

我們將 OpEx 管理為在 2024 日曆年第四季度將現金流轉為正數的關鍵驅動因素，並認為我們已經做出並正在做出正確的選擇和投資以實現我們的市場地位。正如我們之前評論的那樣，我們多年來一直領先於市場進行投資，我們的收入增長一直並將繼續與電動汽車的可用性相關。

With the continuing announcements by manufacturers of new EVs for consumers and fleets, we believe the global vehicle industry has passed the point of no return. Spending ahead of revenue has enabled us to engage across our key verticals in North America and increasingly in Europe. Our spending has enabled us to build out a broad product portfolio and core functions within the company to support those product lines in our geographies.

隨著製造商不斷發布面向消費者和車隊的新型電動汽車，我們相信全球汽車行業已經過了不歸路。支出先於收入使我們能夠在北美和越來越多的歐洲參與我們的主要垂直行業。我們的支出使我們能夠在公司內部建立廣泛的產品組合和核心職能，以支持我們所在地區的這些產品線。

And though we have the typical challenges ahead to scale rapidly, we expect to grow operating expenses opportunistically and thus to continue to show improved operating leverage as we've done this year. Focusing for a moment on R&D, ChargePoint believes a broad product portfolio is essential because you have to be everywhere drivers go to be relevant. We have achieved major recent releases of our highly modular Express Plus DC product line, which powers our global fleet and passenger car fast-charge solutions, and introduced the CP6000, our newest commercial and AC fleet product line, expanding our capabilities in the geographies we serve.

儘管我們面臨著快速擴大規模的典型挑戰，但我們預計會機會主義地增加運營費用，從而像我們今年所做的那樣繼續顯示出更高的運營槓桿。 ChargePoint 將重點放在研發上，認為廣泛的產品組合至關重要，因為您必須無處不在，司機才能與之相關。我們最近發布了高度模塊化的 Express Plus DC 產品線，為我們的全球車隊和乘用車快速充電解決方案提供動力，並推出了我們最新的商用和交流車隊產品線 CP6000，擴大了我們在我們所在地區的能力服務。

With these products in production, we expect to shift a higher percentage of R&D spend to evolutions of our platforms and to continue investments in our cloud software, which comprehensively drives our entire ecosystem for drivers, commercial station owners, fleets and the large array of ecosystem partners.

隨著這些產品投入生產，我們希望將更高比例的研發支出轉移到我們平台的發展上，並繼續投資我們的雲軟件，這將全面推動我們為司機、商業站所有者、車隊和大量生態系統提供的整個生態系統夥伴。

Given our pace of growth, we will, of course, continue our investments in sales and in our channel relationships, which combined give us industry-leading reach. A useful growth indicator in this area is the number of bookings in a quarter that exceed $1 million.

鑑於我們的增長速度，我們當然會繼續在銷售和渠道關係方面進行投資，這將使我們的影響力達到行業領先水平。該領域的一個有用的增長指標是一個季度超過 100 萬美元的預訂數量。

Last year, we averaged one booking over $1 million per quarter. This year, we have seen steady increases in the number of bookings exceeding $1 million within a quarter which is a reinforcing trend supporting our land and expand strategy. In the third quarter alone, we had 11 bookings to end customers of over $1 million.

去年，我們每個季度平均有一個訂單超過 100 萬美元。今年，我們看到一個季度內超過 100 萬美元的預訂數量穩步增長，這是支持我們土地和擴張戰略的強化趨勢。僅在第三季度，我們就有 11 筆終端客戶訂單超過 100 萬美元。

We continue to add customers at a rapid clip. Our consistent expansion within existing customers was over 65% of our billings for the quarter, consistent with historical trends. And we now count 80% of the 2021 Fortune 50 customers and [24%] of the 2021 Fortune 500.

我們繼續快速增加客戶。我們在現有客戶中的持續擴張占本季度賬單的 65% 以上，這與歷史趨勢一致。我們現在統計了 2021 年財富 50 強客戶的 80% 和 2021 年財富 500 強客戶的 [24%]。

Lastly, on investment in support of the remarkably increasing scale of the business, we will be adjusting spend proportions in favor of business systems, sales automation, customer life cycle management, support operations tools and installer and channel partner platforms. We believe that the breadth of our product lines backed by the right systems infrastructure are significant competitive advantages.

最後，在支持顯著增長的業務規模的投資方面，我們將調整支出比例，以支持業務系統、銷售自動化、客戶生命週期管理、支持運營工具以及安裝程序和渠道合作夥伴平台。我們相信，由正確的系統基礎架構支持的廣泛產品線是重要的競爭優勢。

In Rex's commentary, he will address billings by vertical, but I wanted to comment briefly on some of the progress in European fleet, 2 key enablers, we believe, critical to Charge Point's revenue growth outpacing North American consumer EV arrival rates. In Europe, we have been acutely supply constrained.

在 Rex 的評論中，他將按垂直方向解決賬單問題，但我想簡要評論一下歐洲機隊的一些進展，我們認為這 2 個關鍵推動因素對 Charge Point 的收入增長超過北美消費者 EV 到達率至關重要。在歐洲，我們一直受到嚴重的供應限制。

Until the introduction of the CP6000, we did not have our own AC for most countries. Despite the limitation, we have been winning logos at an impressive rate and are encouraged by the reception of the new solution. In fleet, the demand has been strong, but the market has been vehicle limited.

在推出 CP6000 之前，我們在大多數國家/地區都沒有自己的空調。儘管存在限制，但我們一直以令人印象深刻的速度贏得徽標，並且對新解決方案的接受感到鼓舞。在車隊方面，需求強勁，但市場車輛有限。

We are seeing impressive growth in fleet where vehicles are being delivered and in scenarios where customers are anticipating deliveries. For example, short-haul and last mile billings are up over 475% year-over-year and transit is up 180% year-on-year.

我們看到正在交付車輛的車隊以及在客戶期待交付的情況下的車隊數量出現了令人矚目的增長。例如，短途和最後一英里的費用同比增長超過 475%，而中轉費用同比增長 180%。

Our installed base of network ports under management grew to over $210,000, a year-over-year increase of 30% and sequential increase of 6%. Of those, over 65,000 are in Europe and over 16,700 are DC fast, an increase of more than 1,000 DC fast ports quarter-over-quarter. I'll remind you that port under management is one way to track progress in our commercial and fleet verticals as this represents the installed base generating an annual software subscription.

我們管理的網絡端口安裝基數增長到超過 210,000 美元，同比增長 30%，環比增長 6%。其中，超過 65,000 個在歐洲，超過 16,700 個是 DC 快速端口，環比增加了 1,000 多個 DC 快速端口。我會提醒您，受管理的港口是跟踪我們的商業和機隊垂直領域進展的一種方式，因為這代表了產生年度軟件訂閱的安裝基礎。

As a reminder, we do not include home chargers for single-family residences in our network port count, but we continue to see strong demand for residential. Complementing this, our roaming reach is now over 400,000 ports in North America and Europe.

提醒一下，我們的網絡端口數中不包括單戶住宅的家用充電器，但我們繼續看到對住宅的強勁需求。作為補充，我們的漫遊範圍現在已覆蓋北美和歐洲的 400,000 多個端口。

Combined, that's over 600,000 ports available through our platform. Rex will elaborate on guidance, but in short, the breadth and scale of our business model combined with accelerating driver demand for EVs has allowed us to narrow our annual revenue guidance range with a higher midpoint than we gave in March and reiterated at each quarterly call.

我們的平台總共提供超過 600,000 個端口。 Rex 將詳細說明指導意見，但簡而言之，我們商業模式的廣度和規模，加上司機對電動汽車的需求加速增長，使我們能夠縮小年度收入指導範圍，中點高於我們在 3 月份給出的中點，並在每個季度電話會議上重申.

This growth is despite persistent supply chain headwinds. While these headwinds continue, we are seeing signs of freight cost decline and component shortages concentrating. Looking at some of the environmental statistics that are so critical to all of us, we estimate that our network has now fueled approximately 5 billion electric miles to date.

儘管持續存在供應鏈逆風，但這種增長仍然存在。儘管這些逆風仍在繼續，但我們看到了運費下降和零部件短缺集中的跡象。查看一些對我們所有人都至關重要的環境統計數據，我們估計我們的網絡迄今已提供了大約 50 億英里的電力。

We estimate the drivers utilizing our network have avoided approximately 200 million cumulative gallons of gasoline and over 940,000 metric tons of greenhouse gas emissions. In conclusion, we continue to focus on execution. We strongly believe we have the right products and the right business model.

我們估計使用我們網絡的司機累計避免了大約 2 億加侖的汽油和超過 940,000 公噸的溫室氣體排放。總之，我們繼續專注於執行。我們堅信我們擁有正確的產品和正確的商業模式。

We are growing rapidly across our 3 verticals in 2 geographies, so we simply need to do everything bigger and better to maximize our opportunities and generate maximum returns for our shareholders. We believe that with each passing quarter, we add to the remarkable technology team, customer relationships, channel structure and other competitive advantages we have been building over the 15-year history of the company. Rex, take us through the financials.

我們在 2 個地區的 3 個垂直領域快速發展，因此我們只需要做更大更好的事情來最大化我們的機會並為我們的股東創造最大回報。我們相信，每過一個季度，我們都會為我們在公司 15 年曆史中建立起來的卓越技術團隊、客戶關係、渠道結構和其他競爭優勢增添更多力量。雷克斯，帶我們了解一下財務狀況。

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.

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、無形資產攤銷以及與重組和收購相關的非經常性成本。

Please see our earnings release for our non-GAAP to GAAP reconciliations. For Q3, revenue was $125 million, up 93% year-on-year, and 16% sequentially, at the low end of our guidance range of $125 million to $135 million. As Pat mentioned, the difference between our results and the midpoint of our guidance was largely due to shipments of AC units delayed beyond quarter close, all of which shipped in November.

請參閱我們的非 GAAP 與 GAAP 對賬的收益發布。第三季度收入為 1.25 億美元，同比增長 93%，環比增長 16%，處於我們 1.25 億美元至 1.35 億美元指導範圍的低端。正如 Pat 所提到的，我們的結果與我們的指導中點之間的差異主要是由於 AC 設備的發貨延遲到季度結束後，所有這些設備都在 11 月發貨。

As we have for multiple quarters running, we fundamentally ship what we could build and book more than we could ship. So we worked down a meaningful percentage of our existing backlog during the quarter, a good thing since much of our backlog was at older and thus lower pricing. Our ending backlog increased.

正如我們連續多個季度所做的那樣，我們從根本上運送了我們可以建造的東西，並且預訂的數量超過了我們可以運送的數量。因此，我們在本季度減少了相當大比例的現有積壓訂單，這是一件好事，因為我們的大部分積壓訂單都是較舊的，因此價格較低。我們的期末積壓增加了。

Network Charging Systems revenue at $98 million was 78% of Q3 revenue, up 105% year-on-year and 16% sequentially. Subscription revenue at $22 million was 17% of total revenue, up 62% year-on-year and 7% sequentially. Other revenue of $6 million and 5% of total revenue increased 47% year-on-year and 56% sequentially. Our deferred revenue, which is future recurring subscription revenue, principally from existing customer commitments and payments for our cloud software and assured warranty coverages, continues to grow, finishing the quarter at $175 million, up from $168 million at the end of Q2.

網絡充電系統收入為 9800 萬美元，佔第三季度收入的 78%，同比增長 105%，環比增長 16%。訂閱收入為 2200 萬美元，佔總收入的 17%，同比增長 62%，環比增長 7%。其他收入 600 萬美元，佔總收入的 5%，同比增長 47%，環比增長 56%。我們的遞延收入，即未來的經常性訂閱收入，主要來自現有客戶承諾和我們的雲軟件付款以及有保證的保修範圍，繼續增長，從第二季度末的 1.68 億美元增加到本季度末的 1.75 億美元。

Turning to verticals. As you know, we report them from a billings perspective, which approximate the revenue split. Q3 billings percentages were commercial 69%, fleet 18%, residential 12% and other 1%, representing a slight shift in favor of fleet. Residential contribution was strong, but on a percentage basis was impacted by supply shortages.

轉向垂直領域。如您所知，我們從賬單的角度報告它們，這近似於收入分配。第三季度的賬單百分比為商業 69%、機隊 18%、住宅 12% 和其他 1%，這表明有利於機隊的輕微轉變。住宅貢獻強勁，但按百分比計算受到供應短缺的影響。

From a geographic perspective, North America Q3 revenue was 86% and Europe was 14%. In the third quarter, Europe delivered $17 million in revenue and grew 145% year-over-year. Europe revenue was essentially flat sequentially due to product availability. But from a bookings and backlog perspective, Europe had a record quarter.

從地域來看，北美Q3營收佔比為86%，歐洲為14%。第三季度，歐洲實現了 1700 萬美元的收入，同比增長 145%。由於產品可用性，歐洲收入環比基本持平。但從預訂和積壓的角度來看，歐洲的季度創紀錄。

Turning to gross margin. Non-GAAP gross margin for Q3 was 20%, up 1 percentage point from Q2's 19%. ASPs in the quarter improved. We saw that half of the June price increase flow through in Q3 as we continue to work off backlog generated prior to the price increase. However, that impact was partially offset by $7 million or 5 points of purchase price variances and elevated logistics costs, the margin impact of a heavier DC mix due to AC supply shortages and $3 million or 2 points in product transition charges.

轉向毛利率。第三季度的非美國通用會計準則毛利率為 20%，比第二季度的 19% 高出 1 個百分點。本季度的平均售價有所改善。我們看到 6 月價格上漲的一半流向了第三季度，因為我們繼續處理價格上漲之前產生的積壓訂單。然而，這一影響被 700 萬美元或 5 個百分點的採購價格差異和物流成本上升、由於交流電供應短缺導致更嚴重的 DC 組合的利潤影響以及 300 萬美元或 2 個百分點的產品轉換費用所部分抵消。

Non-GAAP operating expenses for Q3 were $79 million, a year-on-year increase of 26% and down 1% from Q2. We are pleased to see OpEx as a percentage of revenue, dropped from over 100% in Q1 to 74% in the second quarter and to 63% in the third quarter. This progression is a critical component of the combination of revenue growth, margin expansion and OpEx leverage improvement necessary to reach our stated goal of generating free cash flow by the fourth quarter of calendar 2024.

第三季度非美國通用會計準則運營費用為 7900 萬美元，同比增長 26%，較第二季度下降 1%。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% 和第三季度的 63%。這一進展是收入增長、利潤率擴張和運營支出槓桿改善相結合的關鍵組成部分，這是實現我們在 2024 年第四季度之前產生自由現金流的既定目標所必需的。

We do not expect OpEx to drop in dollar terms as we go forward, but expect leverage to continue to improve, especially given that we have now released a number of core products that have taken years to develop. Stock-based compensation in Q3 was $26 million, essentially flat from Q2. Recall our stock-based compensation typically stair steps each Q2 due to the timing of annual grants to our employees.

我們預計 OpEx 不會隨著我們的前進以美元計算下降，但預計槓桿率將繼續提高，特別是考慮到我們現在已經發布了一些需要多年開發的核心產品。第三季度基於股票的薪酬為 2600 萬美元，與第二季度基本持平。回想一下，由於每年向員工發放補助金的時間安排，我們基於股票的薪酬通常在每個第二季度逐步增加。

Looking at cash, we finished the quarter with $398 million in cash and short-term investments. We had approximately 342 million shares outstanding as of October 31, 2022. Turning to guidance. For the fourth quarter of fiscal 2023, we expect revenue to be $160 million to $170 million, up 108% year-on-year and up 32% sequentially at the midpoint.

在現金方面，我們在本季度結束時擁有 3.98 億美元的現金和短期投資。截至 2022 年 10 月 31 日，我們擁有約 3.42 億股已發行股票。轉向指導。對於 2023 財年第四季度，我們預計收入為 1.6 億美元至 1.7 億美元，同比增長 108%，中點環比增長 32%。

This translates to annual revenue guidance of $475 million to $485 million, slightly above the midpoint we've had all year and doubling year-on-year. For the fourth quarter, we expect non-GAAP gross margin to again improve sequentially but for the year to be below the 22% to 26% range we previously targeted.

這意味著年收入指引為 4.75 億美元至 4.85 億美元，略高於我們全年的中點，並且同比翻了一番。對於第四季度，我們預計非 GAAP 毛利率將再次環比提高，但全年將低於我們之前設定的 22% 至 26% 的範圍。

With our continued focus on OpEx, we are lowering our annual guidance for non-GAAP operating expenses to $325 million to $335 million down from our prior guidance of the lower end of $350 million to $370 million. With that, I will turn the call back to the operator for questions.

隨著我們對運營支出的持續關注，我們將非 GAAP 運營費用的年度指導從之前的 3.5 億美元至 3.7 億美元的下限指導下調至 3.25 億美元至 3.35 億美元。有了這個，我會把電話轉回接線員詢問問題。

(Operator Instructions) And we'll take our first question this afternoon from James West of Evercore ISI.

（操作員說明）今天下午我們將從 Evercore ISI 的 James West 那裡回答我們的第一個問題。

Pat, on the fleet side of the business, which obviously is a huge opportunity, I know we're still a bit vehicle constrained, but every kind of quarter we get closer to that constraint coming down. Are you starting to see urgency building within your customer base as we get closer to this kind of unleashing of vehicles in the market?

帕特，在業務的車隊方面，這顯然是一個巨大的機會，我知道我們仍然有點車輛限制，但每一個季度我們都更接近這種限制。隨著我們越來越接近市場上這種車輛的釋放，您是否開始看到客戶群中的緊迫感？

Yes. I mean the urgency has been there. So I don't see a change in urgency because the -- I mean, I think there's been a lot of pent-up demand for vehicles because they just pencil. What you are seeing -- I'll just draw your attention to a couple of comments that I made, large growth rates year-on-year in both the kind of midsized logistics, short-haul vehicles because you're starting to see more supply come online.

是的。我的意思是緊迫感一直存在。所以我沒有看到緊迫性的變化，因為 - 我的意思是，我認為對車輛有很多被壓抑的需求，因為它們只是鉛筆。你所看到的——我只是提請你注意我發表的一些評論，中型物流和短途車輛的同比增長率都很高，因為你開始看到更多供應上線。

And then you're also seeing what is a disproportionately mature transit industry, so effectively buses, where because the -- there are plenty of manufacturers that have maturing products, products that have actually seen more than one generation. You're seeing that growth rate as well. We expect this to -- that trend to manifest the minute vehicle availability kind of percolates to all the other subverticals.

然後你還會看到什麼是不成比例的成熟運輸行業，如此有效的公共汽車，因為 - 有很多製造商擁有成熟的產品，實際上已經看到了不止一代的產品。你也看到了這種增長率。我們希望這一點——這種趨勢表明，微小的車輛可用性會滲透到所有其他的子垂直領域。

Okay. Okay. That's helpful. And then on the production constraints or logistics and supply chain constraints that you guys are still experiencing, are those easing at this point? Or are they similar to maybe last quarter?

好的。好的。這很有幫助。然後關於你們仍在經歷的生產限製或物流和供應鏈限制，這些限制在這一點上有所緩解嗎？或者它們是否與上個季度相似？

So I made -- I had some specific comments in my remarks on that. The components that are continuing to be on the problem list are narrowing. So the list is narrowing. And I made a similar comment in answer to a question, I believe, last earnings Q&A. And so that's continuing.

所以我做了 - 我在我的評論中有一些具體的評論。繼續出現在問題列表中的組件正在縮小。所以名單正在縮小。我相信在回答一個問題時也發表了類似的評論，我認為是上次收益問答。所以這還在繼續。

The freight and logistics, we got headlights into that, starting to normalize. And so that's moving in the right direction for sure. And just to kind of -- a little bit more color on kind of what held us up a bit this quarter on the revenue side, we made a supply-driven design update effectively of one of our AC platforms that was planned.

貨運和物流，我們對此有所了解，開始正常化。所以這肯定是在朝著正確的方向發展。只是有點 - 在本季度在收入方面阻礙我們的東西上有點更多的顏色，我們有效地對我們計劃的一個 AC 平台進行了供應驅動的設計更新。

And as a result of components coming in a bit late and a very complicated transition in what is a kind of mature product in the factory, just didn't get it all built in time. So we -- as Rex pointed out in his comments, I think I made it in mine as well, we cleared all that and shipped it. We just shipped it on the wrong side of the quarter boundary.

由於組件來得有點晚，而且工廠中一種成熟產品的過渡非常複雜，所以沒有及時全部建成。所以我們——正如雷克斯在他的評論中指出的那樣，我想我也做到了，我們清除了所有這些並發貨了。我們只是將它運送到四分之一邊界的錯誤一側。

So that's all stuff is all out, and we're continuing to build down the factory on that product..

所以所有的東西都用完了，我們將繼續在該產品上建造工廠..

(Operator Instructions) We'll go next now to Matt Summerville of D.A. Davidson.

（操作員說明）接下來我們將轉到 D.A. 的 Matt Summerville。戴維森。

A couple of questions. I want to put just a finer point on the supply chain side of things. In an unconstrained supply chain environment, what would revenue have looked like in Q3? And what could it look like in Q4?

幾個問題。我想在供應鏈方面提出一個更好的觀點。在不受約束的供應鏈環境中，第三季度的收入會是什麼樣子？第四季度會是什麼樣子？

That's a good question, one I can't directly answer, but we've been building backlog, as we said, at a rapid rate this year. I think the only thing to say is it would be substantially higher, but I just can't give that out. But anyway, the other thing I was thinking is -- and listening to the question from James West and how we're handling things, we have supply chain constraints, but our growth rate is fairly astounding.

這是一個很好的問題，我無法直接回答，但正如我們所說，今年我們一直在快速積壓工作。我認為唯一要說的是它會高得多，但我不能說出來。但無論如何，我在想的另一件事是 - 聽取 James West 的問題以及我們如何處理事情，我們有供應鏈限制，但我們的增長率相當驚人。

So I think we're banging through this pretty well. And then I would expect from a backlog burn off perspective next year for that to be a nice boost to -- or maybe a boost or a sustainer of growth rates, right? It will help us get -- keep the engine running. I don't know how fast we'll burn out, but I don't see it as being [blood-ish].

所以我認為我們很好地解決了這個問題。然後我希望明年從積壓的角度來看，這將是一個很好的推動——或者可能是推動或維持增長率，對吧？它將幫助我們——保持引擎運轉。我不知道我們會以多快的速度精疲力盡，但我不認為這是 [血腥]。

And then, to your point, Rex, in your prepared remarks, you called out $7 million in purchase price variance, $3 million in product transition costs. How much of that goes away -- outright goes away in Q4? How much lingers into Q4? And when will you be 100% -- when will you be receiving 100% of the benefit from the pricing actions you've taken? Will that be in Q4? Will that not be until Q1 of next year?

然後，就你的觀點而言，雷克斯，在你準備好的發言中，你提到了 700 萬美元的採購價格差異，300 萬美元的產品轉換成本。其中有多少消失了——在第四季度完全消失了？有多少留在第四季度？你什麼時候會是 100%——你什麼時候會從你採取的定價行動中獲得 100% 的收益？那會在第四季度嗎？會不會到明年Q1？

Yes. So if you're focused on the price increase, as we said, we've got about half of it in Q3. I would expect to get most of it -- most of the rest in Q4. It's really dependent on how fast we burn the backlog off and there are different components to backlog and some stuff will ship and some stuff won't. But I would expect us to be -- hit 100% by Q1.

是的。因此，如果你關注價格上漲，正如我們所說，我們在第三季度獲得了大約一半的價格上漲。我希望得到其中的大部分——其餘大部分在第四季度。這真的取決於我們燒掉積壓的速度有多快，積壓有不同的組件，有些東西會發貨，有些東西不會。但我希望我們能在第一季度達到 100%。

I'd be surprised if that didn't happen. And then in terms of the variances and whatnot, as Pat mentioned just a moment ago, the logistics side of the house is turning around pretty well. And I think logistics have pretty well normalized and look a lot like they should.

如果那沒有發生，我會感到驚訝。然後就差異和其他方面而言，正如帕特剛才提到的那樣，房子的物流方面正在好轉。而且我認為物流已經很好地正常化並且看起來很像他們應該的。

Going forward. So I would expect a benefit there. As far as the PPV, it's more isolated. It used to be pretty much across everything, and now it's more isolated components, and then I would see that coming down nicely over the next couple of quarters. Can't forecast when it goes away entirely, but I do think it would be on a downward trajectory, maybe not in Q4 because a lot of things are baked in, but certainly as we go into next year.

往前走。所以我希望那裡有好處。就 PPV 而言，它更加孤立。它過去幾乎涵蓋所有方面，現在它是更多孤立的組件，然後我會看到在接下來的幾個季度中它會很好地下降。無法預測它何時完全消失，但我確實認為它會處於下降軌道，也許不是在第四季度，因為很多事情都已經解決了，但肯定是在我們進入明年的時候。

And then one thing you should know. In terms of getting to 100% of price increases, make sure you understand where they apply. They apply mostly to North America -- hardware in North America. We did a price increase on software earlier last year. And it will -- if you're doing a model, it will apply -- when we get to 100%, it won't be 100% because we have contracts with major customers that won't let us do that everywhere. But the impact is certainly a meaningful and positive as we saw in Q3, and we expect to see in Q4.

然後你應該知道一件事。在達到 100% 的價格上漲方面，請確保您了解它們的適用範圍。它們主要適用於北美——北美的硬件。去年早些時候，我們提高了軟件價格。它將——如果你正在做一個模型，它將適用——當我們達到 100% 時，它不會是 100%，因為我們與主要客戶簽訂了合同，不允許我們在任何地方都這樣做。但正如我們在第三季度看到的那樣，這種影響肯定是有意義的和積極的，我們預計會在第四季度看到。

We go next now to Bill Peterson of JPMorgan.

接下來是摩根大通的比爾彼得森。

I guess as we look into next year, thanks for the color on higher price in OpEx, but I guess, what opportunities are you expecting to show the most growth and, thus, where are you trying to prioritize your OpEx? I mean, if you could stack right between things like fleet or commercial work, some of the applications, where are you really focusing the resources as we look into next year?

我想當我們展望明年時，感謝 OpEx 價格上漲的顏色，但我想，你期望哪些機會顯示出最大的增長，因此，你試圖在哪裡優先考慮你的 OpEx？我的意思是，如果您可以在車隊或商業工作等某些應用程序之間堆疊，那麼在我們明年展望時，您真正將資源集中在哪裡？

It's -- I mean, we're continuing to focus in a balanced way across all the verticals, and we'll continue to do so. We're not going to overweight one. We'll make the necessary operating expansion on the sales and marketing side as kind of demand dictates essentially by subvertical. So it's just how historically we've performed.

這是 - 我的意思是，我們將繼續以平衡的方式關注所有垂直領域，我們將繼續這樣做。我們不會超重。我們將在銷售和營銷方面進行必要的運營擴展，因為這種需求基本上是由垂直方向決定的。所以這就是我們在歷史上的表現。

We haven't steered it unnaturally in any one given direction. I want to just make sure that we reinforce a point in -- that I was making in my prepared remarks, in that, when we decided to really escalate our spend rate relative to where the market was even before we went public, that was essentially to intersect with the growth models that we have put together for EV installed base effectively.

我們沒有不自然地將它引導到任何一個給定的方向。我只想確保我們強調一點——我在準備好的發言中提出的一點，當我們決定真正提高我們的支出率時，相對於我們上市前的市場水平，這基本上是與我們為 EV 安裝基礎有效整合的增長模型相交。

Where -- the reason that things have leveled off quite a bit with respect to OpEx expansion, and as Rex mentioned, it doesn't mean it's going to go down, it's just we're controlling that trajectory now, is because we've built out most of the functions substantively necessary to support the verticals and the geographies.

哪裡 - 在 OpEx 擴張方面事情已經趨於平穩的原因，正如 Rex 提到的那樣，這並不意味著它會下降，只是我們現在正在控制這個軌跡，因為我們已經建立了支持垂直和地域的大部分實質性功能。

There'll be continued investments as we flesh things out and as certain verticals unwind from vehicle shortages, but I don't expect us to unnaturally overweight anything and leave another vertical uncovered. It's just not how we've operated historically.

隨著我們充實事物以及某些垂直領域從車輛短缺中解脫出來，將會有持續的投資，但我不希望我們不自然地超重任何東西而留下另一個垂直領域。這不是我們歷史上的運作方式。

Okay. For my second question, I'd like to ask where service attach rates are trending, like where is it today? What has been the trend? Has it sustained as a percentage of installed base? Has it gone up? Obviously, there's a lot of new EV drivers out there, and that could also kind of create friction and service networks don't work properly, but what is the team doing to, I guess, to try to drive that higher as we look ahead?

好的。對於我的第二個問題，我想問一下服務附加率的趨勢在哪裡，比如今天在哪裡？趨勢如何？它是否持續佔安裝基數的百分比？漲了嗎？顯然，那裡有很多新的 EV 驅動程序，這也可能會產生摩擦，服務網絡無法正常工作，但我想團隊正在做什麼，以便在我們展望未來時嘗試將其推高？

I just want to clarify that when you're referring to -- you mean our Assure programs, our...

我只是想澄清一下，當你指的是——你指的是我們的保證計劃，我們的……

Assure programs, yes.

保證程序，是的。

Our maintenance -- Assure programs? Okay. Rex, why don't you take that, Rex?

我們的維護——保證計劃？好的。雷克斯，你為什麼不接受它，雷克斯？

Yes. So just to make sure I'm referring to the right thing certainly from a software perspective, which is one of the things we supply that with call service. Attach rates are always 100% out of the gate. And our renewal rates have been very solid and we've said on multiple calls that our loss rate there is extremely low. As far as our Assure Warranty program, we put a lot of energy into increasing the attach rates on that over the last couple of years. So they're healthy. They're not 100%, but they're very healthy, and they're not trending down. They're trending slightly up, and we would expect that to continue.

是的。因此，只是為了確保我從軟件的角度肯定指的是正確的東西，這是我們通過呼叫服務提供的東西之一。附加率總是 100%。我們的續約率一直非常穩定，我們在多次電話中表示我們的損失率極低。就我們的 Assure Warranty 計劃而言，我們在過去幾年中投入了大量精力來提高附加率。所以他們很健康。他們不是 100%，但他們非常健康，而且他們沒有下降的趨勢。它們呈小幅上升趨勢，我們預計這種趨勢會持續下去。

Big swinger on that is there are some customers who can't buy it because they want to self-serve and then obviously, we have to work successfully with our extensive channel network to drive Assure through that, and we're working on that steadily. But Assure is in a great place. And we haven't seen any downward trends on either.

重要的是有些客戶因為想要自助服務而無法購買它，然後顯然，我們必須與我們廣泛的渠道網絡成功合作以推動 Assure 度過難關，我們正在穩步努力.但是 Assure 的位置非常好。而且我們都沒有看到任何下降趨勢。

We go next now to Gabe Daoud at Cowen.

接下來我們去 Cowen 的 Gabe Daoud。

Pasquale, you talked about demand trends and you talked about fleet, particularly in Europe, but I'm just curious if you can maybe talk a little bit about commercial and within commercial, what's maybe -- what you're seeing there? What's the largest source of demand, I guess, at this point within that channel?

Pasquale，你談到了需求趨勢，你談到了機隊，特別是在歐洲，但我很好奇你是否可以談談商業和商業內部，也許 - 你在那裡看到了什麼？我想，此時該渠道內最大的需求來源是什麼？

And then also just mix -- so I just mix it on a product basis? Like is the -- should we expect over time that DC will continue to grow, particularly as the NEVI program kicks off? So I know there's a lot in there, but...

然後也只是混合——所以我只是在產品基礎上混合它？就像——我們是否應該期望 DC 隨著時間的推移繼續增長，特別是隨著 NEVI 計劃的啟動？所以我知道裡面有很多東西，但是...

Yes, there's a lot to unpack here, Gabe, but we'll -- let's see if we can take them in order. So the first one regarding hot or cold spots in commercial, I'll shorthand your question that way. We're not -- we've been serving literally every type of parking lot and every type of business since -- for the foreseeable history of the company.

是的，這裡有很多東西要打開，Gabe，但我們會——讓我們看看我們是否可以按順序處理它們。所以第一個關於商業熱點或冷點的問題，我將以這種方式簡述你的問題。在公司可預見的歷史中，我們並沒有——從那以後，我們一直在為每一種類型的停車場和每一種類型的業務提供服務。

And so there's no major hot or cold spots in that. As Rex has mentioned, I think on a few earnings calls, the workplace component, while it's there and continues to be vibrant is muted a little bit relative to what it would be if people were in the office 5 days a week, 100% of the previous workforce that was in office have returned to office.

因此，其中沒有主要的熱點或冷點。正如 Rex 所提到的，我認為在一些財報電話會議上，工作場所部分雖然存在並且繼續充滿活力，但相對於人們每週 5 天在辦公室 100%以前在職的工作人員已經返回辦公室。

That's largely offset by the growth rate of EVs in the installed base of cars. So we just kind of view that as a delay in workplace. And even relative to the previous answer that I gave to one of the questions today, it stresses why you have to be everywhere drivers go. You lose your network effect if you're not everywhere and in every parking lot that they may encounter a charger.

這在很大程度上被電動汽車在汽車安裝基礎中的增長率所抵消。所以我們只是將其視為工作場所的延遲。甚至相對於我今天對其中一個問題給出的先前回答，它強調了為什麼你必須隨處可見司機。如果您不在他們可能遇到充電器的任何地方和每個停車場，您就會失去網絡效應。

So we lose our network effect advantage to businesses if we were to see a focus on one subvertical versus another, that's why we don't do it. But most importantly, when we see unforeseen macro trends that will change traffic patterns and driving patterns, if you're in every vertical, you've been insulated from that. And that's -- you've seen us despite a lot of supply chain constraints, et cetera, effectively doubling the business.

因此，如果我們看到專注於一個垂直領域而不是另一個垂直領域，我們就會失去對企業的網絡效應優勢，這就是我們不這樣做的原因。但最重要的是，當我們看到無法預料的宏觀趨勢將改變交通模式和駕駛模式時，如果你在每個垂直領域，你就不會受到影響。那就是——你已經看到我們儘管有很多供應鏈限制，等等，但實際上使業務翻了一番。

And that is largely due to the fact that we're a bit insulated from mix shifts due to grant programs, things like that, because as things bubble up in one vertical and maybe bubble down in another, the put offsets the takes and you wind up having a fairly predictable steady and healthy growth rate.

這主要是由於這樣一個事實，即由於撥款計劃，我們有點不受混合轉變的影響，諸如此類，因為隨著事情在一個垂直方向上冒泡，而在另一個垂直方向上可能向下冒泡，看跌期權抵消了需求，你就風了有一個相當可預測的穩定和健康的增長率。

So that packs into the NEVI program. I want to make one comment. We don't see a mix shift in port count to DC. From an ASP perspective, it's so much higher on an ASP basis. That's why you see it outsized from a percent of revenue relative to the poor count percentage it represents. So if you look at the active ports under management, which is a reasonable view because we do represent a network that is virtually every use case driver might encounter publicly, you'll see a fairly steady port percentage of DC.

這樣就可以打包到 NEVI 程序中。我想發表一個評論。我們沒有看到端口數量向 DC 的混合轉移。從 ASP 的角度來看，它在 ASP 的基礎上要高得多。這就是為什麼你會看到它佔收入的百分比相對於它所代表的不良計數百分比而言過大。因此，如果您查看管理下的活動端口，這是一個合理的視圖，因為我們確實代表了一個幾乎每個用例驅動程序都可能公開遇到的網絡，您會看到相當穩定的 DC 端口百分比。

Now specifically with NEVI, you may see some pull forward there. You may see some. I'll remind you that in the inner years, because it is a 5-year program, in the inner years, that will be a bigger percentage of the overall DC requirement in the United States. But in the outer years, that -- because the amount of grant money per quarter there is constant, but the market will be so much bigger, it will get more diluted.

現在特別是 NEVI，你可能會看到一些推動力。你可能會看到一些。我會提醒你，在內部年份，因為它是一個 5 年計劃，在內部年份，這將占美國整體 DC 要求的更大百分比。但在過去的幾年裡，因為每季度的贈款金額是不變的，但市場會大得多，它會被稀釋得更多。

It will still do its job, but it will get more diluted. I'll also remind you that we're operating in 2 geographies, and that phenomenon does not exist in Europe. And then as fleet unwinds, from a vehicle supply perspective, that will start to build. And one of the biggest shortages in vehicle supply on fleet is light commercial fleet. And as light commercial fleet starts to come up the chain, that will move around ASPs a bit in the fleet segment.

它仍將發揮作用，但會被稀釋得更多。我還要提醒您，我們在兩個地區開展業務，歐洲不存在這種現象。然後隨著車隊的放鬆，從車輛供應的角度來看，這將開始建立。車隊車輛供應的最大短缺之一是輕型商用車隊。隨著輕型商業船隊開始上鍊，這將在船隊部分圍繞 ASP 進行一些調整。

Right now, fleet is very heavily DC-oriented because so much of it is transit and midsized trucking, et cetera. So hard to call the fleet impact on this whole thing. But again, the DC mix is much more of an ASP ratio problem -- or not a problem but phenomena than it is a port count shift or a demand shift. And I'll remind you that regardless of port, there's a recurring software license attached to it.

目前，車隊在很大程度上是面向 DC 的，因為其中大部分是運輸和中型卡車運輸等。很難說艦隊對這整件事有影響。但同樣，DC 組合更多的是 ASP 比率問題——或者不是問題而是現象，而不是端口數量變化或需求變化。我會提醒您，無論端口如何，都附有一個循環軟件許可證。

Yes. Got it. Got it. Okay. That's really helpful. Sorry, again, for all the multiple questions and then one. But I'll just quickly follow up with one last one on the supply chain front. Could you just talk about the -- what some of the component shortages are at this point?

是的。知道了。知道了。好的。這真的很有幫助。再次抱歉，所有的多個問題，然後是一個。但我會很快跟進供應鏈方面的最後一個問題。你能談談——目前有哪些組件短缺嗎？

I know last year it was maybe more of a whack a mole. Maybe this year, it's just more of a chip issue. And so just any color on that? And then if you look into your crystal ball, like when do you think this all kind of eases?

我知道去年這可能更像是一場內奸。也許今年，更多的只是芯片問題。那麼上面有什麼顏色嗎？然後，如果你看著你的水晶球，比如你認為這一切會在什麼時候變得輕鬆？

One of the -- Gabe, one of the things I've learned over my career is using a crystal ball is probably not a great way to run a business when something is driving the financials as hard as supply chain is. So I can't -- life has more imagination than we do. So I don't know what the hell is going to happen in the macro that could potentially stop the recovery that's happening in the -- on the supply chain side, but something could happen that's unforeseen.

其中之一——加布，我在職業生涯中學到的一件事是，當某些事情像供應鏈一樣艱難地推動財務時，使用水晶球可能不是經營企業的好方法。所以我不能——生活比我們有更多的想像力。所以我不知道宏觀上到底會發生什麼，可能會阻止供應鏈方面正在發生的複蘇，但可能會發生一些無法預料的事情。

So it's just too difficult to call. We are seeing, as we've reported now for several quarters, the concentration on the material side that is concentrated largely in ICs. In the long term, if, and it's a big if, the macro starts to significantly pull back demand for consumer electronics that use common ICs that would be prevalent in chargers, we would see that segment of the IC shortages clear up substantially.

所以打電話太難了。正如我們幾個季度以來所報告的那樣，我們看到材料方面的集中度主要集中在 IC 中。從長遠來看，如果宏觀開始顯著拉回對使用充電器中普遍使用的普通 IC 的消費電子產品的需求，而且這是一個很大的問題，我們將看到這部分 IC 短缺問題大幅消除。

We do see some of that now. hard to call how long it's going to take to fully kind of fully relieve itself there. And then in the long term, we expect that power semiconductors will likely continue to be in demand because they're used across the energy transition. So we're going to have to be very strategic with respect to power semis and how we manage that in our supply chain.

我們現在確實看到了其中的一些。很難說要花多長時間才能完全放鬆。然後從長遠來看，我們預計功率半導體可能會繼續供不應求，因為它們用於整個能源轉型。因此，我們必須在功率半導體以及我們如何在供應鏈中管理它方面非常具有戰略意義。

And obviously, because I just said that, you know that that's something that our supply chain team is working on continuously. That's nothing new. That's known in the industry for quite a long time. So that's sort of how it naturally funnels down. But again, anything can happen in the macro as we all know.

顯然，因為我剛剛說過，你知道這是我們供應鏈團隊一直在努力的事情。這不是什麼新鮮事。這在業界早已為人所知。所以這就是它自然而然地漏斗的方式。但同樣，眾所周知，宏觀上任何事情都可能發生。

So we are trying to be exceedingly careful. I think we've done a good job really building a lot of products and supporting the growth of the company and what is the situation I've never seen before in my entire 30-some-odd year career of building products. So we're welcoming a relaxation of these trends.

所以我們正在努力非常小心。我認為我們確實做得很好，構建了很多產品並支持公司的發展，這是我在整個 30 多年的產品構建職業生涯中從未見過的情況。因此，我們歡迎放鬆這些趨勢。

We go next now to Colin Rusch of Oppenheimer.

接下來我們去奧本海默的 Colin Rusch。

Given the diversity of requirements across geographies, could you talk a little bit about what you're seeing on the standard development side and the potential to move increasingly towards standard hardware with dynamically configurable software from a single SKU potentially?

考慮到不同地區的需求多樣性，您能否談談您在標准開發方面看到的情況，以及越來越多地轉向標準硬件並可能從單個 SKU 動態配置軟件的潛力？

Yes. I mean, look, the fast charge product line that we've been kind of grooming and expanding, that is a product line -- it shifts everywhere now. It may -- because everything has been designed to be a fairly Lego-block whether we have a European standard cable or a U.S. standard cable attached doesn't change the fundamental electronics of the core or the software. The software just wakes up and understands what it's in and what country it's in.

是的。我的意思是，看，我們一直在梳理和擴展的快速充電產品線，這是一條產品線——它現在到處都在轉移。它可能——因為一切都被設計成一個相當樂高積木塊，無論我們有歐洲標準電纜還是美國標準電纜，都不會改變核心或軟件的基本電子學。該軟件剛剛醒來並了解它在什麼地方以及它在哪個國家。

And it just does the right stuff and then make sure that everything is set up in accordance with all the local guidelines and local standards. The hardware remains configurable in that dimension. We launched the CP6000 that's up and running and in manufacturing and shipping now.

它只是做正確的事情，然後確保一切都按照所有當地指南和當地標准進行設置。硬件在那個維度上仍然是可配置的。我們推出的 CP6000 現已啟動並運行，並且正在製造和運輸中。

And that one there is a global AC platform, so it can do the entire power range as well as single or 3 phase. It does all the metering required for the entire world that we can see from a meter standards perspective, and we're systematically going through all the incremental certification processes to cover the globe there.

那個有一個全球交流平台，因此它可以處理整個功率範圍以及單相或三相。從儀表標準的角度來看，它完成了整個世界所需的所有計量，我們正在系統地完成所有增量認證流程以覆蓋全球。

We haven't gotten through 100% of everything in every corner of the markets that we serve, but we're making steady progress and that will wrap up in the not-too-distant future. So it is possible to build something. I'll point to a specific example. It's completely modular with respect to whether it's socketed or cable attached. Some European countries require socketed in some scenarios where the driver brings their own cable. You can dynamically change the unit from socket to cable attached, and you can meet all of the shuttered or not socket requirements all over Europe with the same platform.

我們還沒有在我們所服務的市場的每個角落都做到 100%，但我們正在穩步取得進展，這將在不久的將來結束。所以有可能建造一些東西。我會指出一個具體的例子。無論是插座式還是電纜連接，它都是完全模塊化的。一些歐洲國家在司機自帶電纜的某些情況下需要插接。您可以動態地將設備從插座更改為連接的電纜，並且可以使用同一平台滿足整個歐洲的所有帶百葉窗或無插座的要求。

So again, from a manufacturing velocity standpoint and ability to deal with demand, instantaneous kind of mix issues, which always happen, like the long-term trends we can predict pretty well. But instantaneously within a quarter, especially as you get close to the end, you could get deals that come in that move things around locally really quickly. It's nice having the ability to have a product that is built that way because you can satisfy demand from what is a manageable number of subassemblies and inventory. So that's why we do it that way.

因此，再次從製造速度的角度和處理需求的能力來看，瞬時混合問題總是會發生，就像我們可以很好地預測的長期趨勢一樣。但在一個季度內，尤其是當你接近尾聲時，你可以獲得交易，從而真正快速地在本地移動事物。能夠擁有以這種方式構建的產品真是太好了，因為您可以通過可管理數量的子組件和庫存來滿足需求。所以這就是我們這樣做的原因。

Perfect. That's super helpful. And then I guess the second question is really around the advantages of slowing some of the growth. You guys have done a very admirable job of growing the team as actively as you have. But with some of that growth slowing and the ability to have a more cohesive integrated team, can you talk about some of the efficiencies you're expecting to get and what you're seeing from a culture perspective as you start to see this group be a little bit closer and get some incremental leverage from an operating perspective?

完美的。這非常有幫助。然後我想第二個問題實際上是圍繞減緩一些增長的優勢。你們在發展團隊方面做得非常出色，就像你們一樣積極。但是隨著增長的放緩以及擁有更具凝聚力的綜合團隊的能力，您能否談談您期望獲得的一些效率以及當您開始看到這個團隊成為更接近一點並從運營的角度獲得一些增量影響力？

I think there's 2 big things to highlight that may or may not come to mind immediately when people listen to your question. We had to go through 2 acquisitions and integrate them. And I couldn't be happier with how the teams have come together in both those acquisitions. They're fully integrated. Many of the folks that came in from the acquisitions have senior positions within technical and other and sales leadership within ChargePoint.

我認為有兩件大事需要強調，當人們聽到您的問題時，可能會或可能不會立即想到。我們必須經歷 2 次收購併整合它們。我對團隊在這兩次收購中的合作方式感到非常高興。它們完全集成。許多通過收購而來的人在 ChargePoint 的技術和其他以及銷售領導層中擔任高級職位。

So it was a really great add from a talent perspective. And we've kind of culturally all -- we've learned a lot from those folks, and they've, I think, learned a lot from us. And together, I think we're better than we were before all 3 of those companies came together on the technical side and on the sales side.

所以從人才的角度來看，這是一個非常好的補充。我們在文化上有點——我們從那些人那裡學到了很多東西，我認為他們也從我們那裡學到了很多東西。而且，我認為我們比這 3 家公司在技術方面和銷售方面走到一起之前更好。

So we're really happy with that. I think the bigger impact is how many people we've added since COVID because that forced us into a remote environment like any other company for so many years. And if you look at how many -- if you look at the historical headcount of the company, kind of pre-COVID then you -- we were still private, right, and going public and now being public for nearly 2 years, it'll be 2 years in March, most of our workforce -- not most, but a substantial percentage of our workforce that has been hired since COVID have not had the benefit of a great amount of personal interaction just because it's been constrained.

所以我們對此非常滿意。我認為更大的影響是自 COVID 以來我們增加了多少人，因為多年來這迫使我們像其他任何公司一樣進入遠程環境。如果你看看有多少——如果你看看公司的歷史員工人數，有點像 COVID 之前——我們仍然是私有的，對，並且正在上市，現在已經上市將近 2 年了，它'到 3 月將是 2 年，我們的大部分員工——不是大多數，而是我們自 COVID 以來僱用的員工中的很大一部分，僅僅因為它受到了限制，就沒有從大量的人際互動中受益。

Now that's coming back and we're doing a lot of things to make sure we actively get people collaborating and being very careful by the way, to make sure that we embrace the flexibility that today's workforce sort of demands. So we're trying to make sure that we don't culturally slow down the integration, but that we also don't throw cold water on people's expectations of slightly more flexible work environment.

現在又回來了，我們正在做很多事情來確保我們積極地讓人們合作並且順便非常小心，以確保我們接受當今勞動力所需的靈活性。因此，我們正在努力確保我們不會在文化上放慢整合速度，但我們也不會向人們對稍微靈活一點的工作環境的期望潑冷水。

So I think we've managed it incredibly well. Feedback we've gotten is people are adapting and they're coming back together now since the restrictions have lifted. So culturally, it's gelling really well. We're also looking internally because of all the shift to now we know what this looks like at scale.

所以我認為我們做得非常好。我們得到的反饋是，人們正在適應，自從限制解除後，他們現在又聚在一起了。所以在文化上，它的凝聚力非常好。我們也在內部尋找，因為現在我們知道這在規模上是什麼樣子的所有轉變。

So now we know what to invest in from customer onboarding tools and automation, sales force automation, business process, reengineering internally to support what -- you think you know what it's going to look like and then you really know what it's going to look like when it's upon you. So there's a ton of that stuff going on cross-functionally inside the company.

所以現在我們知道從客戶入職工具和自動化、銷售人員自動化、業務流程、內部重新設計來支持什麼——你認為你知道它會是什麼樣子然後你真的知道它會是什麼樣子當它在你身上時。所以公司內部有很多跨職能的事情。

And I think it's going about as well as it can, which doesn't mean it's going bad. It's going actually quite well. It will take time to come to complete fruition because we're also trying to run a business while we're doing that, but I'm very happy with how the team has come together.

而且我認為它會盡可能好，但這並不意味著它會變壞。它實際上進行得很好。完成成果需要時間，因為我們在這樣做的同時也在嘗試經營業務，但我對團隊如何走到一起感到非常滿意。

(Operator Instructions).

（操作員說明）。

We'll go next now to Craig Irwin at ROTH Capital.

接下來我們將請到 ROTH Capital 的 Craig Irwin。

Pasquale, I share your preference for performance indicators over fortune telling with a crystal ball. And that being said, you have the largest business development team in the industry and have a very interesting way of managing that team making them compete for resources.

Pasquale，我同意你對績效指標的偏好，而不是用水晶球算命。話雖這麼說，您擁有業內最大的業務開發團隊，並且有一種非常有趣的方式來管理該團隊，使他們爭奪資源。

Can you maybe update us -- you were appropriately conservative on the funding from the infrastructure bill and said that this is really going to be a '23 benefit. Can you maybe update us on what you see as a potential time line for different states to disperse that money in a meaningful way? And is there anything else maybe that you're more optimistic about in the short to medium term that might have a bigger impact on the overall levels of market activity?

你能否更新我們的情況——你對基礎設施法案的資金持適當的保守態度，並表示這真的將成為 23 世紀的一項福利。您能否向我們更新您認為不同州以有意義的方式分配這筆錢的潛在時間表？在短期到中期，還有什麼你可能更樂觀的，可能會對市場活動的整體水平產生更大的影響嗎？

Well, I mean, I don't think we have a shortage of market activity. And I'm not trying to be glib, the -- and with respect to NEVI, I'm not disappointed. As you mentioned, we've been very consistent. We didn't expect anything to happen before 2023. And if you want to update, as you asked, I expect something to happen in the front half of the year, but not a lot.

嗯，我的意思是，我認為我們不缺乏市場活動。我並不是想變得油嘴滑舌，關於 NEVI，我並不感到失望。正如你提到的，我們一直非常一致。我們沒想到 2023 年之前會發生任何事情。如果你想更新，就像你問的那樣，我預計上半年會發生一些事情，但不會很多。

There will be some things that happen in the front half of the year for sure on NEVI, and it will grow. It won't be a cliff, but it will grow through the year. And I think you'll start to see quite a bit of activity in the back half of the year in 2023, and that if things continue on the current trend. I mean, that's our current visibility.

NEVI肯定會在上半年發生一些事情，並且會增長。它不會是一個懸崖，但它會在一年中不斷增長。而且我認為你會在 2023 年下半年開始看到相當多的活動，而且如果事情繼續目前的趨勢。我的意思是，這是我們目前的知名度。

I'll also point out that we don't engineer things like that into our models specifically as we're managing the company because we look to be conservative with respect to the dynamics that can happen in sort of programs like that now. Maybe you're dealing with governments and it just moves at the pace of government.

我還要指出的是，在我們管理公司時，我們不會專門將類似的東西設計到我們的模型中，因為我們看起來對現在這樣的程序中可能發生的動態持保守態度。也許你正在與政府打交道，它只是按照政府的步伐前進。

And so if you're in our position and you're betting on something on an optimistic side or you're betting on something at all until it materializes, it really undermines your ability to be predictable as a public company. It's a bit reckless. So when we start to see it ramp and we start to see what our win rate will be, we'll be able to make further comments.

因此，如果你處於我們的位置，並且你在樂觀方面押注某事，或者你一直在押注某事，直到它成為現實，這真的會削弱你作為一家上市公司的可預測能力。有點魯莽。因此，當我們開始看到它上升並開始看到我們的獲勝率時，我們將能夠做出進一步的評論。

We'll go next now to Alex Vrabel at Bank of America.

接下來我們將請美國銀行的 Alex Vrabel 發言。

Just one other one for me. And I'm just curious if you can comment, I know it's relatively fresh. But just on this e-RINs news that came out today, just curious if you can kind of clarify how you guys are positioned around that, what you expect. I know the details are very, very fresh. But just curious, how you can offer at this point.

對我來說只有另外一個。我很好奇你是否可以發表評論，我知道它比較新鮮。但就今天發布的這條 e-RINs 新聞而言，我只是想知道你們是否可以澄清一下你們是如何定位的，你們的期望是什麼。我知道細節非常非常新鮮。但只是好奇，此時您如何提供。

So I haven't had a chance, given that we've been a bit preoccupied with the goings on of this call today to really circle with our clean fuels program people here to get a full impact statement. But what I can say is that the current LCFS program credit that we take advantage of or the proportions that we can take advantage of that we share with certain customers, that's in the other line, on the revenue line. And where e-RINs will show up for us will be in that line if we can take advantage -- in the scenarios where we can take advantage of it. I'll remind you that we are not a station owner in general.

所以我沒有機會，因為我們有點全神貫注於今天這個電話會議的進展，以便真正與我們的清潔燃料計劃人員進行交流，以獲得完整的影響聲明。但我能說的是，我們利用的當前 LCFS 計劃信貸或我們可以利用的比例與某些客戶分享，這是在另一條線上，在收入線上。如果我們可以利用，那麼 e-RIN 將出現在我們可以利用的場景中。我會提醒您，我們不是一般的站長。

There are occasions we are, but it's not material or our business model. And so we have to analyze the scenarios and where that -- where those credits go, whether -- what percentage are going to go to us, what that will look like in the long term. And how much we'll administer on behalf of our customers, but largely benefit our station on our customers. So too early to give you a full answer. But if you look at the other line, you'll get a pretty good indicator of what LCFS has done.

有些時候我們是，但這不是物質或我們的商業模式。因此，我們必須分析情景以及那些 - 這些信用去向的地方，是否 - 有多少百分比會流向我們，從長遠來看會是什麼樣子。以及我們將代表我們的客戶管理多少，但在很大程度上使我們的站對我們的客戶有利。給你一個完整的答案還為時過早。但如果您查看另一行，您將很好地了解 LCFS 所做的工作。

We'll go next now to Steven Fox of Fox Advisors.

接下來我們將請 Fox Advisors 的 Steven Fox 發言。

Just had a couple of quick questions on gross margins. One, you mentioned how your -- some of your backlog is still on old pricing versus new pricing. What's the difference in sort of the expected margin on the backlog that's sort of more favorable versus less favorable?

只是有幾個關於毛利率的快速問題。第一，你提到你的 - 你的一些積壓仍然是舊定價與新定價。積壓訂單的預期利潤率有何不同？

And then I just want to make sure I'm clear on the gross margins going forward. With the full year guidance, are you implying that the gross margins for Q4 might be down from Q3 or just that you're going to be below the full year guidance?

然後我只想確保我清楚未來的毛利率。有了全年指導，您是在暗示第四季度的毛利率可能低於第三季度，還是您將低於全年指導？

Yes. So let me take the second one first. The -- what we expect to have happen is continued sequential improvement. So if you look at the year so far, we've gone 17, 19, 20. And so for Q4, we think we will improve on 20 given mix and the other things that we have to wrestle with on PPP and that sort of thing, it's getting hard to put ranges on it.

是的。所以讓我先說第二個。 - 我們期望發生的是持續的連續改進。所以如果你看看今年到目前為止，我們已經走了 17、19、20。所以對於第四季度，我們認為我們將改進 20 給定的組合以及我們必須在 PPP 上努力解決的其他事情等等東西，它越來越難把它放在範圍內。

But we definitely see that going up in Q4. But we did want to let people know, being transparent, that the 22 to 26, which we thought we could get to is not mathematically likely, so we're taking that off the table. We do expect to get better Q3 to Q4.

但我們肯定會在第四季度看到這種情況。但我們確實想讓人們知道，透明的是，我們認為我們可以達到的 22 到 26 在數學上是不可能的，所以我們把它從桌面上拿掉了。我們確實希望第三季度到第四季度會更好。

And then as far as the backlog is concerned, we burn off a significant amount of backlog every quarter, so it's reloading. So we did our price increases in June. And as you can imagine, that takes a while to work through the system in terms of you've got a bunch of quotes out there and now you have to go when you're doing new quotes and you put the new pricing in, so it takes a while for that to go through the system.

然後就積壓而言，我們每個季度都會燒掉大量積壓，所以它正在重新加載。所以我們在 6 月份進行了價格上漲。就像你想像的那樣，這需要一段時間才能完成整個系統，因為你有一堆報價，現在你必須在做新報價和輸入新定價時離開，所以它需要一段時間才能通過系統。

It only applies to hardware in North America, keep that in mind. And so we're rolling through with older commitments. And as I said earlier, I think we'll probably bang through the older pricing over the next couple of quarters before Q1, so that will be fully on the new pricing. In terms of how the margins improve there, we haven't given out a figure on what the price increase level was, but it was significant, right? And so it will have a very, very nice impact on margins when we roll that through increasingly through the next 6 months.

它僅適用於北美的硬件，請記住這一點。因此，我們正在履行較早的承諾。正如我之前所說，我認為我們可能會在第一季度之前的接下來的幾個季度中突破舊定價，因此這將完全基於新定價。關於那裡的利潤率如何提高，我們還沒有給出價格上漲水平的數字，但它很重要，對吧？因此，當我們在接下來的 6 個月中越來越多地將其滾動時，它將對利潤率產生非常非常好的影響。

We go next now to Maheep Mandloi at Credit Suisse.

接下來我們去瑞士信貸的 Maheep Mandloi。

Just clarifying the previous comment, you talked about transitioning to new pricing over the next 6 months or the next 2 quarters by Q2 of next fiscal year. And second question, just on OpEx. How should we think about that you were able to reduce it a little bit for this year. Going forward, should we expect somewhat flattish at these levels or, obviously, slower growth than revenue growth, but how should we -- just any clarifications or clarity on that would be appreciated.

只是澄清之前的評論，你談到在接下來的 6 個月或下一個財政年度第二季度的接下來的兩個季度內過渡到新的定價。第二個問題，就 OpEx 而言。我們應該如何考慮您今年能夠減少一點。展望未來，我們是否應該預期在這些水平上有些持平，或者顯然，增長速度低於收入增長，但我們應該如何——只要對此做出任何澄清或澄清，我們將不勝感激。

Yes. So on the pricing front, again, if you think about -- if you announce a price increase, you got to get it out of the channel, you got to get it out to sales. It impacts only new deals that are not already quoted. Then you have to get those deals closed. As you know, we've been building backlog all year. So then you got to cycle it through your backlog. So it takes -- you do a June price increase, it fully see that roll through, you're looking at 9 months at a minimum, just the way it works, right?

是的。因此，在定價方面，再次，如果你考慮 - 如果你宣布提價，你必須將其從渠道中取出，你必須將其用於銷售。它僅影響尚未報價的新交易。然後你必須完成這些交易。如您所知，我們全年都在積壓工作。所以你必須通過你的積壓來循環它。所以它需要——你在 6 月提價，它完全看到了這一點，你至少要看 9 個月，就像它的運作方式一樣，對吧？

Good news is we're 4 months through. And so we're well underway, and we did see some nice impact from that in the third quarter. But I think we just have to be patient there as that works its way through the system over the next several months. And then as far as operating expense trajectory is concerned, I think if you look at our OpEx for Qs 1, 2 and 3 on a non-GAAP basis, which I would encourage you to do, even though we all love GAAP. You'll get to see the actual trajectory of the company. And it's been very steady this year, and that's very purposeful. There's some -- the nice thing as we look forward, our new product introduction expenses that hit OpEx will be -- many of which were in this past year will be substantially reduced. We're going to be intelligent on hiring. But as I said in my prepared remarks, I do think OpEx will go up but I think it's going to go up in a very, very measured way in the near term and a substantially reduced rate relative to our revenue increase.

好消息是我們已經 4 個月了。所以我們進展順利，我們確實在第三季度看到了一些不錯的影響。但我認為我們只需要耐心等待，因為在接下來的幾個月裡，它會在整個系統中發揮作用。然後就運營費用軌跡而言，我認為如果你在非 GAAP 的基礎上查看我們的 Qs 1、2 和 3 的 OpEx，我會鼓勵你這樣做，即使我們都喜歡 GAAP。你會看到公司的實際軌跡。今年一直非常穩定，這是非常有目的的。有一些 - 正如我們期待的那樣，我們的新產品推出費用會影響 OpEx 的好事 - 其中許多是在過去一年中將大幅減少。我們將在招聘時變得聰明。但正如我在準備好的發言中所說，我確實認為 OpEx 會上升，但我認為它在短期內會以非常、非常有節制的方式上升，並且相對於我們的收入增長會大幅降低。

And then frankly, if you were to look back 2 years from now, 2 years ago, what was the OpEx rate of increase percentage-wise, nobody expects us to be below that. So the rate of increase is going to go down.

然後坦率地說，如果你回顧 2 年後，2 年前，OpEx 的百分比增長率是多少，沒有人期望我們低於那個。所以增長率會下降。

We'll go next now to Shreyas Patil at Wolfe Research.

接下來我們將介紹 Wolfe Research 的 Shreyas Patil。

I just wanted to maybe come back to the margin and just as we're thinking about the prior guide, I think -- it was indicating somewhere around 25% or 26% for the back half. It sounds like it's going to be more like in the low 20s now. I understand some of that is related to some of the ongoing supply chain issues. But maybe can you help us reconcile the pieces there that's kind of resulting in the margin softness?

我只是想也許回到邊緣，就像我們正在考慮之前的指南一樣，我認為 - 它表明後半部分約為 25% 或 26%。聽起來現在更像是在 20 多歲左右。我知道其中一些與一些持續的供應鏈問題有關。但也許你能幫助我們調和那些導致利潤率疲軟的部分嗎？

Yes. So number -- if you go through our last 2 calls and this one, what you'll see is the PPV/logistics side of the house, when we had some separate charges this quarter. And then we had -- twice we've had stuff not get out of the dock from an AC, which is a higher-margin product perspective. So there have been 6 to 8, even 9 points in each quarter that doesn't have anything to do with our business model. It doesn't have anything to do with the product, doesn't have anything to do -- well, maybe a little bit with mix but not really.

是的。所以數字 - 如果你通過我們最後的 2 個電話和這個電話，你會看到房子的 PPV/物流方面，當我們本季度有一些單獨的費用時。然後我們 - 兩次我們有東西沒有從 AC 中取出，這是一個更高利潤的產品角度。所以每個季度有 6 到 8，甚至 9 個點與我們的商業模式沒有任何關係。它與產品沒有任何關係，沒有任何關係——好吧，也許與混合有一點關係，但不是真的。

It's sort of points lost on the shop floor. And so our thoughts on trying to recover to get to our annual guidance coming out of Q2 and guiding to the low end of that range was dependent upon some of that stuff cleared up. And as luck would have it, as we said, Q3 was another quarter where we just couldn't get enough product out, especially from an AC perspective.

這是在車間丟失的點數。因此，我們關於試圖恢復以達到我們從第二季度出來的年度指導並指導該範圍的低端的想法取決於一些已經清理的東西。幸運的是，正如我們所說，第三季度是我們無法推出足夠產品的另一個季度，尤其是從 AC 的角度來看。

So when we look at that going forward, it's a pretty simple question of when the external environment eases so that we get those points back, that's a pretty easy fix. Then we have -- I think we've announced our new Head of Operations. We're attacking the op side of the house, both from a scaling perspective and a cost reduction perspective with a vengeance. So I think there's cause to look forward with gross margin go, I see how this can improve. So we know the recipe. We've just got to get it out of the kitchen.

因此，當我們展望未來時，這是一個非常簡單的問題，即外部環境何時緩解，以便我們重新獲得這些積分，這是一個非常簡單的解決方案。然後我們 - 我想我們已經宣布了新的運營主管。我們正在從擴展的角度和降低成本的角度進行報復性攻擊。所以我認為有理由期待毛利率的增長，我看到這會如何改善。所以我們知道配方。我們必須把它從廚房裡拿出來。

We'll go next now to David Kelley of Jefferies.

接下來我們將請 Jefferies 的 David Kelley 發言。

This is Gavin Kennedy on for David Kelley. One of your competitors called out installation issues with DC fast chargers, which stemmed from both labor shortages and transformer supply chain constraints. Is that something that your team has seen? And if so, any thoughts on the magnitude and timetable of that disruption?

這是大衛凱利的加文肯尼迪。您的一位競爭對手提出了直流快速充電器的安裝問題，這是由於勞動力短缺和變壓器供應鏈限製造成的。這是你的團隊看到的嗎？如果是這樣，對這種破壞的程度和時間表有什麼想法嗎？

Whatever you do in construction, especially when it involves electrical upgrades, things take -- you're into construction permitting and utility interconnect, so things take a while. But I'll point you. The easiest way I can kind of help you understand it from our perspective anyway, is we added over 1,000 DC fast charger ports to our active ports under management count.

無論您在施工中做什麼，尤其是當它涉及電氣升級時，事情都會發生——您需要進行施工許可和公用事業互連，所以事情需要一段時間。但我會指出你。無論如何，我可以幫助您從我們的角度理解它的最簡單方法是，我們在管理計數的活動端口中添加了 1,000 多個直流快速充電器端口。

Now that means those products have been -- that were sold through in the past, went through site design, construction, permitting, all the usual stuff, utility, interconnect, and were activated. But it gives you a flavor for the fact that if you have a pipeline, a proper pipeline, the delays essentially pipeline away. So -- and the delays aren't there everywhere.

現在這意味著那些產品已經——過去銷售過，經過場地設計、施工、許可、所有常見的東西、公用事業、互連，並被激活。但它給你一個事實的味道，如果你有一個管道，一個合適的管道，延遲基本上是通過管道消失的。所以 - 延遲並非無處不在。

They're there for certain -- literally certain physical locations where the electrical -- the utility infrastructure at those particular locations may require an upgrade to deal with the power levels that are required for that use case at that site. So we do see some hotspots. But again, the business is very broad here. And we have a continuous engagement pipeline that's feeding the top of the funnel.

他們在那裡 - 確切地說是某些物理位置，其中電氣 - 這些特定位置的公用事業基礎設施可能需要升級以處理該站點該用例所需的功率水平。所以我們確實看到了一些熱點。但同樣，這裡的業務非常廣泛。我們有一個持續的參與管道，可以為漏斗的頂部提供食物。

So in this quarter alone, you're seeing that 1,000 come out, which is a pretty big number. So I just think as long as you're feeding the top of the funnel, a business like ours, and also because of our diversity of the verticals we're in and geographies, it's a bit more muted for us.

所以僅在這個季度，你就會看到 1,000 人出來了，這是一個相當大的數字。所以我只是認為，只要你在漏斗的頂端，像我們這樣的企業，而且由於我們所處的垂直領域和地理位置的多樣性，它對我們來說就更安靜了。

We'll take our next question now from Itay Michaeli at Citi.

我們現在將從花旗的 Itay Michaeli 那裡回答下一個問題。

Just one quick question on the subscription gross margin. I think it kind of came in at below 40% in the quarter, kind of flat from last quarter. How should we think about that going forward? Is there any price increases being implemented there? Just kind of curious on the puts and takes in the quarter and the forward outlook.

關於訂閱毛利率的一個簡單問題。我認為該季度的佔比低於 40%，與上一季度持平。我們應該如何考慮未來的發展？那裡有漲價嗎？只是對本季度和前瞻性的看跌期權感到好奇。

So I'm so mired in non-GAAP, I have -- I got surprised by the question. It's a fair question from a GAAP perspective. But -- so on a non-GAAP basis, our subscription margin actually moved up nicely in Q3 to the extent that it's -- if you go to GAAP, obviously, we're growing with the team. We're investing heavily, frankly, doing some pre-investing in that space.

所以我對非 GAAP 非常著迷，我對這個問題感到驚訝。從 GAAP 的角度來看，這是一個公平的問題。但是 - 所以在非 GAAP 的基礎上，我們的訂閱利潤率實際上在第三季度上升得很好 - 如果你去 GAAP，顯然，我們正在與團隊一起成長。坦率地說，我們正在大量投資，在該領域進行一些預投資。

Just because we see good customer support. It's a huge differentiator for the company and the way you win. So obviously, those people live in that line item and the costs are allocated accordingly. So by the way, but net-net, our subscription gross margin went North, and frankly, we're putting a lot of energy to make sure that continues.

僅僅因為我們看到了良好的客戶支持。這對公司和您獲勝的方式來說是一個巨大的差異化因素。很明顯，那些人生活在那個項目中，並且相應地分配了成本。因此，順便說一句，但淨淨，我們的訂閱毛利率已經下降，坦率地說，我們正在投入大量精力來確保這種情況繼續下去。

We go next now to Mark Delaney of Goldman Sachs.

接下來我們請高盛的馬克·德萊尼發言。

When you think about the pricing and what that means for margins, do you think you need to do another round of price increases in order to reach your longer-term margin targets? Or do you feel with the pricing you've already done and potential for some of these other impacts to perhaps (inaudible) supply chain that you can -- you get the (inaudible) done or are you going to be doing another round of some things?

當您考慮定價以及這對利潤率意味著什麼時，您認為您是否需要進行另一輪價格上漲以實現您的長期利潤率目標？或者您是否覺得您已經完成的定價以及這些其他影響可能對（聽不清）供應鏈產生的一些影響，您可以 - 您完成了（聽不清）或者您打算進行另一輪的一些事物？

Sorry, I didn't catch the tail end of the question due to the reception, but on the basic question of are we anticipating further price increases, I think the answer to that is TBD with a shading in the direction of not in the near term because we just did -- we did one early last calendar year and then we did another one that was larger, but North America hardware solution specific in June. And we're seeing the impact of that begin to roll through.

抱歉，由於接待我沒有聽清問題的尾聲，但關於我們是否預計價格會進一步上漲的基本問題，我認為答案是待定，陰影方向不在近期術語，因為我們剛剛做了——我們在上個日曆年年初做了一個，然後我們在 6 月份做了另一個更大但針對北美硬件解決方案的問題。我們正在看到這種影響開始顯現。

We've seen about half of it in Q3. We'd like to see the rest of it in Q4 and Q1. And so we think that will have a beneficial impact on our gross margins. And then beyond that, we've got a lot of operational improvements that we're doing is the PPV and logistic situations ease. I think we can get where we need to be through more traditional means, right, just improving our costs and improving our expenses, et cetera, versus going for further price increases.

我們在第三季度看到了大約一半。我們希望在第四季度和第一季度看到它的其餘部分。因此，我們認為這將對我們的毛利率產生有利影響。除此之外，我們還有很多運營改進，我們正在做的是 PPV 和後勤情況的簡化。我認為我們可以通過更傳統的方式到達我們需要的地方，對，只是提高我們的成本和支出等等，而不是進一步提高價格。

We do -- like most software companies, we do have an automatic increase situation on software. So there is a built in escalator there. But in terms of broad-based price increases, I don't see one on the table in the near term.

我們確實 - 像大多數軟件公司一樣，我們確實有軟件自動增加的情況。所以那裡有一個內置的自動扶梯。但就廣泛的價格上漲而言，我認為短期內不會出現價格上漲。

And that concludes our question-and-answer session this afternoon. Mr. Romano, I'll hand things back to you for any closing comments.

今天下午的問答環節到此結束。羅馬諾先生，我會把事情交還給你，以徵求任何結束意見。

Well, I just wanted to say, first of all, thank you for everyone for the thoughtful questions. I appreciate it very much. I want to reiterate my usual thanks for our team here at ChargePoint that had to work very, very hard to pull off the quarterly results. I know they're all very proud of their accomplishments and are looking forward to not only wrapping the year up in Q4 but to the road ahead in 2023 for us, I think it's really, as I said in my remarks, the number of nascent models across the board in both passenger cars and the fleet segment really -- it's a really stark difference than it has been even a year ago in terms of availability.

好吧，我只想說，首先，感謝大家提出的深思熟慮的問題。我非常感激。我想重申我對我們在 ChargePoint 的團隊的一貫感謝，他們必須非常、非常努力地工作才能取得季度業績。我知道他們都為自己的成就感到非常自豪，並且不僅期待在第四季度結束這一年，而且期待我們在 2023 年前進的道路，我認為這真的是，正如我在發言中所說的那樣，新生的數量乘用車和車隊領域的全線車型確實 - 就可用性而言，這與一年前相比確實存在明顯差異。

And as those things reach some reasonable level of manufacturing maturity, I think you'll -- we'll all be very pleasantly surprised with the pace of adoption and -- relative to the installed base in this market. So we're very, very excited about the future. And again, thank you all. We will see you at our last earnings call of the year next time, and we'll sign off for now.

隨著這些東西達到某種合理的製造成熟度水平，我認為你會 - 我們都會對採用的速度和 - 相對於這個市場的安裝基礎感到非常驚喜。所以我們對未來非常非常興奮。再次感謝大家。下次我們將在今年最後一次財報電話會議上與您見面，我們將暫時退出。

Thank you, Mr. Romano. Ladies and gentlemen, that will conclude ChargePoint's Third Quarter Fiscal 2023 Earnings Conference Call. We'd like to thank you all so much for joining us and wish you all a great evening. Goodbye.

謝謝你，羅馬諾先生。女士們，先生們，ChargePoint 2023 財年第三季度收益電話會議將結束。非常感謝大家的加入，祝大家度過一個愉快的夜晚。再見。