ChargePoint Holdings Inc (CHPT) 2023 Q1 法說會逐字稿

Ladies and gentlemen, good afternoon. My name is Lisa, and I'll be your conference operator for today's call. At this time, I would like to welcome everyone to the ChargePoint First Quarter Fiscal 2024 Earnings Conference Call and Webcast. (Operator Instructions)

女士們，先生們，下午好。我叫麗莎，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 2024 財年第一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 first quarter fiscal 2024 earnings results. This 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. This afternoon, we issued our press release announcing results for the quarter ended April 30, 2023, which can also be found on our website.

下午好，感謝您參加今天的電話會議，討論 ChargePoint 2024 財年第一季度的收益結果。此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。今天下午，我們發布了新聞稿，公佈了截至 2023 年 4 月 30 日的季度業績，也可以在我們的網站上找到。

We'd like to remind you that during the conference call, management will be making forward-looking statements including our outlook for the second quarter of fiscal 2024. 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. For a more detailed description of certain factors that could cause actual results to differ, please refer to our Form 10-K filed with the SEC on April 3, 2023, and our earnings release posted today on our website and filed with the SEC on Form 8-K.

我們想提醒您，在電話會議期間，管理層將做出前瞻性陳述，包括我們對 2024 財年第二季度的展望。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。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 2023 年 4 月 3 日向美國證券交易委員會提交的 10-K 表格，以及我們今天在我們的網站上發布的收益發布，並以表格形式向美國證券交易委員會提交8-K。

Also, please note that we use certain non-GAAP financial measures on this call, which reconcile to GAAP in our earnings release and for certain historical periods in the investor presentation posted on the Investors section of our website.

此外，請注意，我們在此次電話會議上使用了某些非 GAAP 財務指標，這些指標在我們的收益發布中以及在我們網站投資者部分發布的投資者介紹中的某些歷史時期與 GAAP 一致。

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 all for joining us today. We delivered a strong first quarter. Revenue was at the high end of our guidance range at $130 million, and non-GAAP gross margin sequentially improved 2 points to 25%. To put these results into perspective, we achieved a 59% year-over-year growth rate in the first quarter and had the second largest quarter in ChargePoint's history. We did that while the EV installed base in North America and Europe are still in single digits and the EV market is only at the beginning of a decade's long growth cycle.

謝謝帕特里克，也感謝大家今天加入我們。我們在第一季度表現強勁。收入處於我們指導範圍的高端 1.3 億美元，非 GAAP 毛利率環比提高 2 個百分點至 25%。從這些結果來看，我們在第一季度實現了 59% 的同比增長率，並且是 ChargePoint 歷史上第二大季度。我們做到了這一點，而北美和歐洲的電動汽車安裝基數仍處於個位數，電動汽車市場僅處於十年長增長周期的開始。

We also achieved this growth in the midst of a challenging macroeconomic environment. Diversification across verticals and geographies continues to contribute resilience to our business. So while we saw less growth in North American commercial and residential than we would have liked due to what we believe is a delay in discretionary purchases, we continue to see overall growth and margin improvement.

我們也在充滿挑戰的宏觀經濟環境中實現了這一增長。跨垂直行業和地域的多元化繼續為我們的業務帶來彈性。因此，儘管由於我們認為可自由支配的購買延遲，我們看到北美商業和住宅的增長低於我們的預期，但我們繼續看到整體增長和利潤率改善。

Rex will address guidance for the second quarter. But just to give you a sense of the magnitude of the long-term opportunity ahead of us, the midpoint of that guidance would make Q2 the largest quarter in ChargePoint's history. You'll also hear Rex talk about non-GAAP adjusted EBITDA.

Rex 將解決第二季度的指導問題。但只是為了讓您了解我們面前的長期機會的重要性，該指導的中點將使第二季度成為 ChargePoint 歷史上最大的季度。您還會聽到 Rex 談論非 GAAP 調整後的 EBITDA。

To give some context, we use non-GAAP adjusted EBITDA as a key measure of the health of our business as we drive towards profitability. And as we disclosed in our proxy statement filed last week, this metric is 1 of the 2 components of our annual management bonus program.

為了提供一些背景信息，我們使用非 GAAP 調整後的 EBITDA 作為衡量我們業務健康狀況的關鍵指標，因為我們正在努力實現盈利。正如我們在上週提交的代理聲明中披露的那樣，該指標是我們年度管理獎金計劃的兩個組成部分之一。

Beneath the top line results, we're continually improving our operations and investing for future scale. We've consistently improved gross margins while recovering from supply chain issues, making meaningful changes to the cost of our products and optimizing our operations.

在最高業績的背後，我們正在不斷改進我們的運營並為未來的規模進行投資。我們一直在提高毛利率，同時從供應鏈問題中恢復過來，對我們的產品成本進行有意義的改變並優化我們的運營。

Also, as we scale, we're carefully managing our operating expenses while making the necessary investments in our support operations and internal business systems. We are committed to delivering dependable infrastructure to our customers, so drivers can find it, use it and depend on it everywhere.

此外，隨著我們規模的擴大，我們在對支持運營和內部業務系統進行必要投資的同時，謹慎地管理我們的運營費用。我們致力於為我們的客戶提供可靠的基礎設施，以便司機可以在任何地方找到、使用和依賴它。

Turning back to Q1. We saw 2 areas of particularly strong growth, Europe and fleet. For the first time in our history, Europe delivered over 20% of ChargePoint's quarterly revenue. Meanwhile, Q1 fleet billings more than doubled year-over-year despite supply limitations on vehicles entering the segment relative to demand and as a percentage of billings, fleet increased from Q4.

回到第一季度。我們看到 2 個增長特別強勁的領域，歐洲和船隊。在我們的歷史上，歐洲首次貢獻了 ChargePoint 季度收入的 20% 以上。與此同時，儘管進入該細分市場的車輛相對於需求存在供應限制，但第一季度的車隊出貨量同比增長了一倍多，而且從第四季度開始，車隊出貨量占出貨量的百分比有所增加。

We're encouraged to see continued resilience in these growth areas. Beyond the financials, we continue to focus on our products. We offer industry-leading hardware and software for nearly every fueling vertical. Our solutions help our customers deliver the kind of EV driver experience that will continue to accelerate EV adoption across North America and Europe. In brief, better charging infrastructure delivers a better driver experience, which drives more value across the entire EV ecosystem. The positive feedback loop for growth that benefits ChargePoint, our partners and EV drivers in the environment.

我們很高興看到這些增長領域的持續韌性。除了財務，我們繼續專注於我們的產品。我們為幾乎所有加油垂直行業提供行業領先的硬件和軟件。我們的解決方案幫助我們的客戶提供那種將繼續加速北美和歐洲採用電動汽車的電動汽車駕駛員體驗。簡而言之，更好的充電基礎設施可提供更好的駕駛體驗，從而在整個電動汽車生態系統中創造更多價值。增長的正反饋循環有利於 ChargePoint、我們的合作夥伴和環境中的 EV 司機。

We are betting on the continued changeover from fossil fuels to electric drive regardless of OEM or vertical. And as a result, we believe we are an index for the electrification of mobility.

我們押注從化石燃料到電力驅動的持續轉變，無論是 OEM 還是垂直行業。因此，我們相信我們是移動電氣化的指標。

Before handing off to Rex, let me update you on a few key statistics to give you a little more color on our continued growth. On the network side, we give drivers and ecosystem partners access to approximately 745,000 EV ports in North America and Europe. 243,000 of these are active ports under management on the ChargePoint network, up from 225,000 ports last quarter and we recently passed a milestone of over 500,000 roaming ports. These roaming ports are critical to delivering a world-class ecosystem to ChargePoint drivers, site host customers and strategic partners such as OEMs and fuel card providers.

在交給 Rex 之前，讓我向您更新一些關鍵統計數據，讓您對我們的持續增長有更多了解。在網絡方面，我們為司機和生態系統合作夥伴提供訪問北美和歐洲約 745,000 個 EV 端口的權限。其中 243,000 個是 ChargePoint 網絡管理下的活動端口，高於上一季度的 225,000 個端口，我們最近突破了超過 500,000 個漫遊端口的里程碑。這些漫遊端口對於為 ChargePoint 司機、站點託管客戶和戰略合作夥伴（如原始設備製造商和加油卡供應商）提供世界一流的生態系統至關重要。

Approximately 21,000 of the 243,000 ports on the ChargePoint network are DC fast charging, up from approximately 19,000 at the end of Q4 and approximately 1/3 of our overall ports are located in Europe. We count 76% of the 2022 Fortune 50 and 56% of the 2022 Fortune 500 as our customers. This reflects excellent penetration given our land and expand strategy, the stickiness of our solutions and our strong rebuy rates.

在 ChargePoint 網絡的 243,000 個端口中，大約有 21,000 個是直流快速充電，高於第四季度末的大約 19,000 個，我們大約 1/3 的端口位於歐洲。我們將 2022 年財富 50 強中的 76% 和 2022 年財富 500 強中的 56% 視為我們的客戶。鑑於我們的土地和擴張戰略、我們解決方案的粘性以及我們強大的再購買率，這反映了出色的滲透率。

From an environmental perspective, as of the end of the quarter, we estimate that our network now has fueled approximately 6.3 billion electric miles, avoiding approximately 252 million cumulative gallons of gasoline and over 1.25 million metric tons of greenhouse gas emissions. So when you put all that together, it shows that despite the current economic environment, ChargePoint growth continues. We made significant progress against our long-term road map, ensuring that ChargePoint scales ahead of this remarkable market opportunity.

從環境角度來看，截至本季度末，我們估計我們的網絡現在已經提供了大約 63 億電英里，避免了大約 2.52 億加侖累計汽油和超過 125 萬公噸的溫室氣體排放。所以當你把所有這些放在一起時，它表明儘管當前的經濟環境，ChargePoint 的增長仍在繼續。我們在長期路線圖方面取得了重大進展，確保 ChargePoint 在這個非凡的市場機會之前進行擴展。

We're running a highly differentiated business that is not CapEx intensive. And as you'll hear from Rex, we're heading into the black while we turn the world green in the early innings of the EV transition. Rex, over to you for financials.

我們經營的是高度差異化的業務，不是資本支出密集型的。正如您從雷克斯那裡聽到的那樣，我們正在走向黑暗，而我們在電動汽車轉型的早期階段將世界變成了綠色。雷克斯，交給你財務。

Thanks, Pasquale. As reminders, please see our earnings release where we reconcile our non-GAAP results to GAAP and recall that we continue to report revenue along 3 lines: network charging systems, subscriptions and other.

謝謝，帕斯誇萊。提醒一下，請參閱我們的收益發布，其中我們將非 GAAP 結果與 GAAP 進行了核對，並記得我們繼續按 3 條線報告收入：網絡收費系統、訂閱和其他。

Network charging systems is our connected hardware. Subscriptions include our cloud services, connecting that hardware or insure warranties and our ChargePoint-as-a-service offerings where we bundle hardware, software and warranty coverage into recurring subscriptions. Other consists of professional services and certain nonmaterial revenue items.

網絡充電系統是我們連接的硬件。訂閱包括我們的雲服務，連接硬件或確保保修，以及我們的 ChargePoint 即服務產品，我們將硬件、軟件和保修範圍捆綁到定期訂閱中。其他包括專業服務和某些非物質收入項目。

As Pasquale indicated, we had a solid Q1 with revenue of $130 million, up 59% year-on-year and above the midpoint of our previously announced guidance range of $122 million to $132 million. Down seasonally as expected from Q4, Q1 was notably the company's second largest quarter ever and a good start for the year when compared to Q1 contributions over the past 2 years.

正如 Pasquale 所指出的那樣，我們的第一季度收入穩健，收入為 1.3 億美元，同比增長 59%，高於我們之前宣布的 1.22 億美元至 1.32 億美元指導範圍的中點。正如第四季度預期的季節性下降，與過去兩年的第一季度貢獻相比，第一季度明顯是公司有史以來第二大季度，也是今年的一個良好開端。

Network charging systems at $98 million was 76% of Q1 revenue, down from $122 million and 80% in Q4 due to typical seasonality. Q1 revenue from network charging systems grew 65% year-on-year.

由於典型的季節性，網絡充電系統為 9800 萬美元，佔第一季度收入的 76%，低於第四季度的 1.22 億美元和 80%。 Q1網絡充電系統收入同比增長65%。

Subscription revenue at $26 million was 20% of total revenue, up 49% year-on-year, up sequentially and again above the $100 million annual run rate we referenced in our last call. Our deferred revenue, which is future recurring subscription revenue from existing customer commitments and payments continues to grow, finishing the quarter at $205 million, up from $199 million at the end of Q4. We're especially encouraged to see this continued growth in our recurring revenues in the very early days of what we believe is a decades long EV adoption curve.

訂閱收入為 2600 萬美元，佔總收入的 20%，同比增長 49%，環比增長，再次高於我們在上次電話會議中提到的 1 億美元的年運行率。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 2.05 億美元，高於第四季度末的 1.99 億美元。我們特別高興地看到，在我們認為長達數十年的電動汽車採用曲線的早期階段，我們的經常性收入持續增長。

Other revenue at $5 million and 4% of total revenue, increased 20% year-on-year.

其他收入為 500 萬美元，佔總收入的 4%，同比增長 20%。

Turning to verticals. First quarter billings percentages were commercial 63%, fleet 24%, residential 11%, and other 2%, reflecting a particularly strong performance in fleet. Commercial grew 44% year-on-year, while fleet was up 129%. Residential grew at 13% year-on-year and maintained its generally consistent billings percentage.

轉向垂直領域。第一季度的賬單百分比為商業 63%、車隊 24%、住宅 11% 和其他 2%，反映了車隊的特別強勁表現。商用車同比增長 44%，機隊增長 129%。住宅同比增長 13%，並保持其總體一致的賬單百分比。

From a geographic perspective, Q1 revenue from North America was 79% and Europe was 21%. As Pasquale mentioned, Europe continues to outpace North America on a percentage basis, up 70% year-on-year.

從地域來看，Q1收入來自北美的佔比為79%，歐洲為21%。正如 Pasquale 所提到的，歐洲在百分比基礎上繼續超過北美，同比增長 70%。

Turning to gross margin. Non-GAAP for Q1 was 25%, up sequentially from Q4's to 23% and up 8 points from 17% in Q1 of last year. This improvement is primarily a combination of diminishing supply chain and logistics expense pressures, significant operational improvements and better scale. We continue our considerable investment in our driver and host support infrastructure because we believe support and reliability are critical differentiators for both drivers and our customers. We expect continued improvement in non-GAAP gross margin this year.

轉向毛利率。第一季度的非美國通用會計準則為 25%，從第四季度連續上升到 23%，比去年第一季度的 17% 上升了 8 個百分點。這種改進主要是供應鍊和物流費用壓力減少、運營顯著改進和規模擴大的結合。我們繼續對我們的驅動程序和主機支持基礎設施進行大量投資，因為我們相信支持和可靠性是驅動程序和我們客戶的關鍵差異化因素。我們預計今年非 GAAP 毛利率將繼續改善。

Non-GAAP operating expenses for Q1 were $85 million, a year-on-year increase of 2% and a sequential increase of 6%, primarily reflecting payroll taxes as well as annual compensation increases effective April 1.

第一季度的非美國通用會計準則運營費用為 8500 萬美元，同比增長 2%，環比增長 6%，主要反映工資稅以及自 4 月 1 日起生效的年度薪酬增長。

As we look out to the rest of 2023, we will manage expenses carefully and expect to deliver improvements in operating leverage.

展望 2023 年剩餘時間，我們將謹慎管理開支，並期望改善經營槓桿。

As you may recall, in calendar 2020, -- in 2021, our OpEx, which reflects significant forward investments in our business was at approximately 100% of our revenue. In 2022, we took that down to 53% for Q4 and 69% for the year. In Q1, we were at 66%, given revenue seasonality, but again, expect continued improvements this year, particularly in the second half.

您可能還記得，在 2020 年 - 2021 年，我們的運營支出反映了對我們業務的重大遠期投資，大約占我們收入的 100%。到 2022 年，我們將第四季度的這一比例降至 53%，全年降至 69%。考慮到收入的季節性，我們在第一季度為 66%，但同樣預計今年會繼續改善，尤其是在下半年。

Given this trajectory, I'd also like to expand on Pasquale's comments regarding non-GAAP adjusted EBITDA. We added this metric and the associated reconciliation today in our press release with the goal of better illustrating our path to profitability. To calculate adjusted EBITDA, we take our non-GAAP net income loss and add back interest, taxes and depreciation. The depreciation component is low, thanks to our business model.

鑑於這一軌跡，我還想擴展帕斯誇萊關於非 GAAP 調整後 EBITDA 的評論。我們今天在新聞稿中添加了這個指標和相關的對賬，目的是更好地說明我們的盈利之路。為計算調整後的 EBITDA，我們將非 GAAP 淨收入損失加回利息、稅金和折舊。由於我們的商業模式，折舊部分很低。

Using this metric, Q1 non-GAAP adjusted EBITDA was a loss of $49 million, a year-on-year improvement of 27%. We look to cut this loss further by approximately 2/3 by Q4 of this year.

使用該指標，第一季度非 GAAP 調整後 EBITDA 虧損 4900 萬美元，同比增長 27%。我們希望到今年第四季度將這一損失進一步減少約 2/3。

Looking at cash, we finished the quarter with $314 million, down from $400 million last quarter. As in prior quarters, the primary driver of our negative cash flow is operating loss. In Q1, we also managed to break free on a number of supply chain issues and move our inventory solidly from raw materials and (inaudible) or work in progress to finished goods, meaningfully increasing our inventory level, which helped us avoid leaving business on the table as we have been forced to do in recent quarters. This build helped us in Q1 and sets us up well for Q2 and for Q3.

看看現金，我們在本季度結束時的現金為 3.14 億美元，低於上一季度的 4 億美元。與前幾個季度一樣，我們負現金流的主要驅動因素是經營虧損。在第一季度，我們還設法擺脫了一些供應鏈問題，並將我們的庫存從原材料和（聽不清）或在製品轉移到成品，顯著提高了我們的庫存水平，這幫助我們避免了停工正如我們最近幾個季度被迫做的那樣。這個構建在第一季度幫助了我們，並為第二季度和第三季度做好了準備。

Inventory will vary as we look forward, but we expect it will grow with the business. We used our ATM very lightly in Q1, adding $18 million in cash through the program. We will evaluate use of the ATM on a quarter-by-quarter basis and also continue to assess non-dilutive liquidity options.

庫存會隨著我們的期待而變化，但我們預計它會隨著業務的增長而增長。我們在第一季度很少使用 ATM，通過該計劃增加了 1800 萬美元的現金。我們將按季度評估 ATM 的使用情況，並繼續評估非稀釋流動性選項。

To close on a couple of other key figures, stock-based compensation in Q1 was $24 million, consistent with the past 3 quarters. Our annual compensation cycle includes equity, so we expect our annual step-up in stock-based compensation in Q2 to be approximately $8 million and to be fairly constant for the ensuing 3 quarters. We had approximately 353 million shares outstanding as of April 30, 2023.

為了結束其他幾個關鍵數據，第一季度基於股票的薪酬為 2400 萬美元，與過去三個季度一致。我們的年度薪酬週期包括股權，因此我們預計第二季度基於股票的薪酬每年增加約 800 萬美元，並在隨後的三個季度保持相當穩定。截至 2023 年 4 月 30 日，我們擁有約 3.53 億股流通股。

Turning to guidance. For the second quarter of fiscal 2024, we expect revenue to be $148 million to $158 million, up 41% year-on-year at the midpoint. We are committed to being adjusted EBITDA positive in Q4 of calendar 2024 and remain committed to being cash flow positive by then as well.

轉向指導。對於 2024 財年第二季度，我們預計收入為 1.48 億美元至 1.58 億美元，按中點計算同比增長 41%。我們致力於在 2024 年第四季度調整後的 EBITDA 為正，並繼續致力於到那時現金流為正。

In summary, we've achieved the growth we expected to achieve despite significant headwinds. We continue our march to profitability, even while we invest in operational excellence at scale. Our differentiated business model is not CapEx-intensive and our adjusted EBITDA metric, which we consider to be a strong indicator of the overall health of our business gives us confidence in our trajectory.

總而言之，儘管遇到了很大的阻力，我們還是實現了預期的增長。我們繼續向盈利邁進，即使我們大規模投資於卓越運營。我們差異化的商業模式不是資本支出密集型的，我們認為調整後的 EBITDA 指標是我們業務整體健康狀況的有力指標，這讓我們對我們的發展軌跡充滿信心。

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

有了這個，我會把電話轉回接線員詢問問題。

(Operator Instructions) We'll take our first question from Gabe Daoud with Cowen.

（操作員說明）我們將與 Cowen 一起回答 Gabe Daoud 提出的第一個問題。

Maybe Pasquale, I just wanted to hit on the comment earlier in your prepared remarks just about some of the commercial and residential weakness that you guys noted. Just curious if you could give a bit more color on how that maybe snaps back as we progress through the rest of this year and maybe what's kind of embedded in your own internal forecast?

也許是 Pasquale，我只是想在您準備好的評論中就您提到的一些商業和住宅弱點發表評論。只是好奇您是否可以提供更多顏色，說明隨著我們今年剩餘時間的進展，這可能會如何快速恢復，也許您自己的內部預測中嵌入了什麼？

So Gabe, it's a very simple answer, actually. The beauty of this market is the utilization pressure sits there because EVs keep -- we keep converting the installed base from fossil fuel to electric vehicle. Businesses right now, all businesses, commercial businesses that have a discretionary need for charging for their employees or their customers can adjust timing to deal with the macroeconomic uncertainty.

Gabe，實際上這是一個非常簡單的答案。這個市場的美妙之處在於利用壓力存在，因為電動汽車保持 - 我們不斷將安裝基礎從化石燃料轉換為電動汽車。現在的企業，所有企業，對員工或客戶有酌情收費需求的商業企業都可以調整時間以應對宏觀經濟的不確定性。

So the need doesn't go away, but the optionality to delay addressing that need in some of our commercial customers exist. What I'll point you to, though, is something that we've commented on in previous earnings calls as we went through the pandemic. The mix in our business by vertical shifted pretty meaningfully during the pandemic because we went into an abrupt work-from-home situation and other areas of the business because we've been broadly placed across verticals and geos. Other places in the business picked up the slack. So we didn't have to deal with a massive discontinuity financially.

因此，需求並沒有消失，但我們的一些商業客戶可以選擇延遲滿足該需求。不過，我要指出的是我們在經歷大流行病時在之前的財報電話會議上評論過的內容。在大流行期間，我們垂直業務的組合發生了非常有意義的變化，因為我們突然進入了在家工作的情況，而業務的其他領域則因為我們廣泛分佈在垂直和地理區域。業務中的其他地方彌補了這一不足。所以我們不必在財務上處理大規模的中斷。

You're seeing that, I think, play out here again. So we still, I think, turned in very, very aggressive growth on a quarter-to-quarter basis, Q1 this year to Q1 last year, it's a healthy percentage step-up in the geo diversity, especially given that Europe is now 20% of the business and performing strong and fleet up 200% year-over-year similar -- Q1 to Q1.

你看到了，我想，再次在這裡玩。因此，我認為，從今年第一季度到去年第一季度，我們仍然實現了非常、非常積極的季度增長，這是地域多樣性的健康百分比提升，尤其是考慮到歐洲現在是 20 % 的業務和表現強勁，機隊同比增長 200% 相似——第一季度到第一季度。

It's just evidence that as the macroeconomic water balloon exerts its pressure on the different verticals, that we're diverse enough to take up the slack. So we're not in a position where we think the demand has gone away and its perished, we'll get it back as the macroeconomic situation clears up. I hope that answered it.

這只是證據表明，隨著宏觀經濟水球對不同垂直領域施加壓力，我們足夠多樣化以彌補不足。因此，我們並沒有認為需求已經消失並且已經消失，隨著宏觀經濟形勢的好轉，我們會把它找回來。我希望回答它。

Yes, that's great color. Maybe as a follow-up, just a -- maybe I'll ask just about the mix shift or just the billings and the price momentum that you reported in fleet in particular. Could you maybe just give us a bit more color on where exactly are you seeing that strong growth and strong demand within fleet? Is it less mile logistics? Is it I guess, on the light-duty vehicle side, just given how we're still vehicle-constrained on (inaudible) and heavy-duty. But just curious, I guess, what can you say on fleet? What's really driving the momentum there? And then is it also more fleet momentum in Europe versus the U.S.? Or is it fairly similar?

是的，那是很棒的顏色。也許作為後續行動，只是 - 也許我會問你特別是在艦隊中報告的混合轉變或只是賬單和價格勢頭。你能不能給我們更多的顏色，看看你究竟在哪裡看到車隊中的強勁增長和強勁需求？是少裡物流嗎？我猜，在輕型車輛方面，考慮到我們仍然受限於（聽不清）和重型車輛。但只是好奇，我想，你能在艦隊上說些什麼？是什麼真正推動了那裡的勢頭？那麼歐洲的船隊勢頭是否也比美國大？還是相當相似？

It's easier to go backwards with your follow-up question. It's pretty balanced between Europe and North America. Fleets, as I said in my prepared remarks, it's vehicle limited right now. If there were -- if OEMs were producing vehicles and quantities to match demand, you'd see faster penetration and conversion from fossil fuel to electric. It's actually well aligned with a softer macro, in that everyone is looking for cost savings, obviously, and these are meaningful -- these vehicles are meaningful components of the cost structures of the businesses that they serve.

用你的後續問題倒退更容易。它在歐洲和北美之間相當平衡。車隊，正如我在準備好的發言中所說，現在車輛有限。如果有——如果原始設備製造商生產車輛和數量以滿足需求，你會看到更快的滲透和從化石燃料到電力的轉換。它實際上與更溫和的宏觀經濟非常吻合，因為每個人都在尋求成本節約，顯然，這些是有意義的——這些工具是他們所服務的企業成本結構的重要組成部分。

And what that's done is it's slants it, as I mentioned, by the way, consistently in previous calls, it slants it to land, but not much expand within a customer. And so that's, I think, just a good indicator for things to come in the future when that starts on [coil] is complicated, given that there's a bit of a dependency there on vehicle OEMs producing things at scale.

正如我提到的那樣，所做的就是傾斜它，順便說一下，在之前的電話中，它一直傾斜著陸，但在客戶中沒有太大擴展。因此，我認為，這只是一個很好的指標，表明未來從 [線圈] 開始的事情很複雜，因為那裡對汽車原始設備製造商的大規模生產有一定的依賴性。

One of the bright spots that I mentioned before regarding fleet is transit because that's the most mature segment. And so we continue to see that segment do quite well, but there has been no general shift in mix between the quarters that's worth -- that's materially worth reporting.

我之前提到的關於機隊的亮點之一是運輸，因為這是最成熟的部分。因此，我們繼續看到該細分市場表現良好，但各季度之間的組合併沒有發生普遍變化——這在實質上值得報告。

We'll take our next question from Colin Rusch with Oppenheimer.

我們將與奧本海默一起接受 Colin Rusch 的下一個問題。

Can you talk a little bit about the dynamics in the U.S. commercial market? Can you give us a bit more detail on what's happening with commercial property owners as they work through cost of capital changes, rental rates and looking at upgrading amenities with the sales cycle looks like conversations you're having with folks around, when and kind of volume of deployments?

您能談談美國商業市場的動態嗎？您能否更詳細地介紹一下商業地產所有者在應對資本成本變化、租金率以及在銷售週期中升級便利設施時發生的情況，這就像您與周圍的人進行的對話一樣，時間和類型部署量？

Colin, the conversation is not any different now that it's been in the past. Commercial conversations tend to be a mixed bag of are you dealing with the tenant? Are you dealing with a property manager? Are you dealing with the landlord or are you dealing with all of the above in combination. So it really is situational, and that hasn't changed.

科林，現在的談話與過去沒有任何不同。商業對話往往是你在與租戶打交道嗎？你在和物業經理打交道嗎？您是在與房東打交道，還是在與上述所有人員打交道。所以這真的是情境性的，而且沒有改變。

You are seeing property developers and property managers take a more keen interest right now in charging as an amenity more broadly in their portfolio versus in hotspots driven more by tenant -- kind of tenant activities. But I think in general, because the dominant situation there is returned to office. And as you've seen in many statistics that have been reported, we're not -- we're moving through. We're moving back to a larger component of in office, but we certainly haven't snapped back all the way. So that's probably the biggest component in commercial shift is if people aren't driving to the office, the workplace charging component will continue to basically move down proportionately to effectively the utilization in the parking lot at office buildings.

您會看到房地產開發商和物業經理現在對在其投資組合中更廣泛地將收費作為一種便利設施表現出更濃厚的興趣，而不是在更多由租戶驅動的熱點 - 一種租戶活動。但我認為總的來說，因為那裡的主導情況是回歸辦公室。正如你在許多已報告的統計數據中看到的那樣，我們沒有——我們正在經歷。我們正在搬回辦公室的一個更大的組成部分，但我們當然還沒有完全恢復。因此，這可能是商業轉變的最大組成部分，如果人們不開車去辦公室，工作場所收費部分將繼續按比例繼續下降，以有效利用辦公樓停車場。

Doesn't mean that there isn't charging going in. It just goes in proportional to the number of days folks are in the office. What I also remind you is it's not -- if you go in 3 days or you go in 5, it generates the same amount of utilization pressure in the parking lot on the 3 days if they're synchronized. So there's a lot of puts and takes there. And I think as this continues, as -- and it gets confused by a lot of other things that are going on in the macro as well. It gets -- the complexity goes up. So we're -- we've got good visibility into it, and we're managing it closely.

並不意味著沒有充電。它只是與人們在辦公室的天數成正比。我還要提醒你的是，它不是——如果你在 3 天或 5 天內去，如果它們是同步的，它會在這 3 天產生相同的停車場利用率壓力。所以那裡有很多投入和投入。而且我認為隨著這種情況的繼續，它也會被宏觀中發生的許多其他事情所混淆。它得到 - 複雜性上升。所以我們 - 我們對它有很好的了解，並且我們正在密切管理它。

Excellent. That's super helpful. Then I've got 2 other things. Just looking for an update and then maybe a little bit disparate. Some of the permitting streamlining efforts that are going on at the state level and even at a national level. If you could just give us a sense of anything that you're tracking very closely there that could be meaningful for the business? And then also, the potential to consolidate some of these the non-fully network chargers, whether it's in the U.S. or Europe and how that opportunity is changing for your guidance near term?

出色的。這非常有幫助。然後我還有另外兩件事。只是在尋找更新，然後可能有點不同。一些允許在州一級甚至國家一級進行的精簡工作。您是否可以讓我們了解您正在密切跟踪的對業務有意義的任何事情？然後還有整合其中一些非完全網絡充電器的潛力，無論是在美國還是歐洲，以及這個機會在近期內如何改變你的指導？

It's easier to take that one backwards. If you look at consolidation of non-network chargers, there's a lot of programs, a lot of -- I mean not that our revenue is primarily subsidy dependent. But almost all or all I can think of anyway, subsidy programs have a requirement for the charger to be managed, connected to some sort of network and meet some set of requirements, either at the most basic level for reporting, but usually includes some energy management to give some benefit to the grid.

把那個倒過來更容易。如果你看一下非網絡充電器的整合，有很多項目，很多——我的意思不是我們的收入主要依賴補貼。但無論如何，幾乎所有或所有我能想到的，補貼計劃都要求對充電器進行管理，連接到某種網絡並滿足某些要求，無論是在最基本的報告級別，但通常包括一些能源管理給電網帶來一些好處。

So what you should think about there is a lot of the unmanaged chargers that are out there will likely get replaced with managed chargers because if they don't have the necessary communication and processing gear, it's easier to just tear them out. Most of the work, by the way, is in laying the electrical infrastructure leading up to the chargers. So that's a very cost-effective swap out. That's not something that we see as significant yet as a replacement cycle only because the market is scaling so quickly, the growth sort of swamps it, but I would expect that those things would change out over time.

所以你應該考慮的是，有很多非託管充電器可能會被託管充電器取代，因為如果它們沒有必要的通信和處理設備，就更容易將它們拆掉。順便說一句，大部分工作是鋪設通向充電器的電氣基礎設施。所以這是一個非常划算的換出。這並不是我們認為作為更換週期重要的事情，只是因為市場擴張如此之快，增長有點淹沒它，但我希望這些事情會隨著時間的推移而改變。

With respect to permitting, I just want to point you to a couple of things in the prepared remarks. If you look at the total ports on our network in terms of activated and under management, and that means they've not only gone through full installation but they've also gone through software activation. That means the customers decide how they want to use it, all that sort of stuff. And we went from 225,000 ports in Q4 to 243,000 ports and I won't -- you can read the remarks, but that was spread pretty uniformly between DC and AC.

關於許可，我只想在準備好的評論中指出幾件事。如果您查看我們網絡上已激活和正在管理的端口總數，這意味著它們不僅完成了完整安裝，而且還完成了軟件激活。這意味著客戶決定他們想如何使用它，諸如此類的事情。我們從第四季度的 225,000 個端口增加到 243,000 個端口，我不會——你可以閱讀評論，但這在 DC 和 AC 之間分佈得相當均勻。

What's interesting in that is the pipeline is already built into our numbers because that is not representative of the ports we sold last quarter. That's representative of the ports that we sold at some previous months or a set of months that have gone through the construction and installation process and the activation process, which is not an instantaneous thing in time. So this -- you're seeing in the port growth rate, the shadow of the permitting delays print through.

有趣的是，管道已經包含在我們的數字中，因為這並不代表我們上個季度出售的港口。這代表了我們在前幾個月或一組經歷了建設和安裝過程以及激活過程的月份中出售的端口，這不是即時的事情。所以這 - 你在港口增長率中看到，允許延遲打印的陰影。

Now for the big stuff, right? The big corridor fast charging programs, a lot of the big fleet transit programs. Yes, we see permitting delays continue to be a challenge for our customers. But again, that has been a challenge for our customers for a while. We absolutely would applaud any change in permit streamlining or utility interconnect streamlining because it will certainly help accelerate -- it will accelerate some of the customers' ability to add the necessary infrastructure. So headline, delays are built into our numbers, built into our guide, they're built into our numbers, they're built into everything that you're hearing from us. If we can make it go faster, it's upside.

現在是大事，對吧？大走廊快充方案，很多大車隊中轉方案。是的，我們認為允許延誤對我們的客戶來說仍然是一個挑戰。但同樣，一段時間以來，這對我們的客戶來說一直是一個挑戰。我們絕對會讚揚許可精簡或公用事業互連精簡方面的任何變化，因為它肯定會有助於加速——它將加速一些客戶添加必要基礎設施的能力。因此，標題是，延遲已內置在我們的數字中，內置在我們的指南中，它們內置在我們的數字中，它們內置在您從我們這裡聽到的一切中。如果我們能讓它走得更快，它就有好處。

(Operator Instructions) We will take our next question from James West with Evercore ISI.

（操作員說明）我們將與 Evercore ISI 一起接受 James West 的下一個問題。

(inaudible) I wanted to ask about the announcement out of Tesla and Ford a couple of days ago, their alignment, the opening of the Supercharger network and what your thoughts were around that? I mean, is it a nothingburger, is it something to be expected? Is it showing us that there's 2 Superchargers out there? What's the -- what's your take on that?

（聽不清）我想問一下幾天前特斯拉和福特的公告、它們的結盟、超級充電網絡的開放以及你對此有何看法？我的意思是，它是一個無足輕重的漢堡，是可以預料的嗎？它向我們展示那裡有 2 個增壓器嗎？什麼是 - 你對此有何看法？

I could have bet that one of you would have asked that question. So the shortest way, I think, to crystallize it in your mind is that Tesla has been an outsized player right now. They're still sitting around 70%-ish market share in the United States in terms of vehicles in the installed base. And that Supercharger network has been around since the beginning of the time that we're in revenue. And if it weren't for Teslas on the road, our customers would have no reason to buy a ChargePoint charger because they're the dominant car there up to now, and they're generating effectively the utilization pressure in the parking lots that are causing across vertical, across all our verticals, customers to want to buy our products and services.

我敢打賭你們中的一個人會問這個問題。因此，我認為，在你的腦海中具體化的最短方式是，特斯拉現在已經是一個超大的玩家。就已安裝的車輛數量而言，它們在美國的市場份額仍約為 70%。自從我們開始盈利以來，Supercharger 網絡就已經存在。如果不是 Teslas 在路上，我們的客戶就沒有理由購買 ChargePoint 充電器，因為它們是目前占主導地位的汽車，而且它們有效地產生了停車場的利用率壓力導致整個垂直領域，在我們所有的垂直領域，客戶想要購買我們的產品和服務。

So the net-net is the Supercharger network, whatever effect it's having is built into our numbers. Okay. Now with that said, our fast chargers in particular, because on the AC charger side, Tesla shipped with an AC adapter since the beginning of time, it's easy, it doesn't impair anything. So that's -- there's literally no impact there.

所以 net-net 是 Supercharger 網絡，無論它產生什麼影響都已內置到我們的數字中。好的。話雖如此，特別是我們的快速充電器，因為在交流充電器方面，特斯拉從一開始就附帶交流適配器，這很容易，不會損害任何東西。這就是 - 那裡幾乎沒有影響。

On the AC side -- I mean, on the DC side, our chargers have modular cables and modular holsters. So the ability for us to address, if the need arises, the ability in particular use cases to add a direct Tesla cable versus using an adapter like people use today, is possible. We're now spending time, obviously, thinking about innovative ways to not have to increase what is a very expensive element and extra cable on a charger to be able to get around some of those problems. So stay tuned, we'll be pretty innovative there.

在交流電方面——我的意思是，在直流電方面，我們的充電器有模塊化電纜和模塊化皮套。因此，如果需要，我們可以解決在特定用例中添加直接特斯拉電纜而不是像人們今天使用的那樣使用適配器的能力。顯然，我們現在正在花時間思考創新的方法，不必增加充電器上非常昂貴的元件和額外的電纜，就能解決其中的一些問題。所以請繼續關注，我們將在那裡非常創新。

But I wouldn't -- I don't read it as a bad thing for us long term at all.

但我不會——從長遠來看，我根本不認為這對我們來說是一件壞事。

We'll take our next question from Morgan Reid with Bank of America.

我們將接受來自美國銀行的 Morgan Reid 的下一個問題。

Nicely done on the growth drivers and fleet in Europe. Just curious if you can maybe elaborate on how we should think about that strength through the rest of the year. Just wanting to understand how those 2 segments in particular are expected to scale through the year hereafter some nice growth here in the first quarter.

在歐洲的增長動力和機隊方面做得很好。只是好奇您是否可以詳細說明我們應該如何在今年餘下的時間裡考慮這種優勢。只是想了解這兩個細分市場在第一季度將如何在今年實現一些不錯的增長。

I would expect fleet to continue to be strong. These are very -- these are customers that are electrifying for hard business reasons. There's no discretion in electrification. That's competitive in the long term for fleets, for most fleets, and that in the long term drops our cost structure, and there's a long learning curve and optimization cycle, so they need to start it today to not have it be an impediment to their business in the long term.

我希望艦隊繼續強大。這些非常 - 這些客戶因艱難的商業原因而激動人心。電氣化沒有自由裁量權。從長遠來看，這對車隊、對大多數車隊來說都是有競爭力的，從長遠來看，這會降低我們的成本結構，而且學習曲線和優化週期很長，所以他們需要從今天開始，以免成為他們的障礙長期經營。

So we expect that segment regardless of the macroeconomic environment to be very strong on a go-forward basis.

因此，我們預計無論宏觀經濟環境如何，該細分市場在前進的基礎上都將非常強勁。

Europe is ahead of the U.S. currently in EV adoption. We expect it to continue to be strong. There is a more consistent policy mandate across all of Europe supporting the transition from electric drive to -- from fossil fuels to electric drive. Now correspondingly in the long term, we don't see any major difference between the U.S. and Europe. Remember, OEMs have to operate internationally. And supply chains and cost structures will shift favorably to EVs over the not-too-distant future. So I think it's an inevitable conclusion that in both markets, you'll see a conversion rate. But currently, Europe is for all the reasons I mentioned, going to continue to be, I think, very strong for the company. So we would expect that we would see strong growth from that subvertical or sub geo, I should say.

歐洲目前在電動汽車採用方面領先於美國。我們預計它會繼續保持強勁。整個歐洲都有更一致的政策授權，支持從電力驅動過渡到——從化石燃料到電力驅動。現在相應地，從長遠來看，我們看不到美國和歐洲之間有任何重大差異。請記住，原始設備製造商必須在國際範圍內運營。在不久的將來，供應鍊和成本結構將有利於電動汽車。所以我認為這是一個不可避免的結論，在這兩個市場中，你都會看到一個轉換率。但目前，出於我提到的所有原因，我認為歐洲將繼續對公司非常強大。因此，我應該說，我們預計我們會看到來自那個垂直或次地理的強勁增長。

Great. And then also, can you just talk about how we should think about the OpEx discipline through the year? I know you've all talked about kind of scaling operating leverage towards the EBITDA positive inflection later this year. Just curious if you can kind of help quantify the moving pieces there as you look to continue scaling the top line against still a very disciplined OpEx line?

偉大的。然後，您能否談談我們應該如何考慮全年的運營支出紀律？我知道你們都在談論今年晚些時候將經營槓桿擴大到 EBITDA 的積極變化。只是好奇您是否可以幫助量化那裡的移動部分，因為您希望繼續根據仍然非常嚴格的 OpEx 線擴展頂線？

Yes. So the short answer is we have a number in Q1 and we'd like to stay close to that number for each of the -- rest of the next 3 quarters of this year. Obviously, there'll be some variations last year. We were very consistent going out of the gate and staying close with it. So I think we're going to try to operate within a pretty tight range.

是的。所以簡短的回答是我們在第一季度有一個數字，我們希望在今年接下來的三個季度中的每個季度都保持接近這個數字。顯然，去年會有一些變化。我們非常一致地走出大門並與之保持密切聯繫。所以我認為我們將嘗試在一個非常狹窄的範圍內運作。

We'll take our next question from Matt Summerville with D.A. Davidson.

我們將接受 D.A. 的 Matt Summerville 的下一個問題。戴維森。

First, just a question on gross margins, up 200 bps sequentially. How should we expect that to kind of play out as we move through the year. Should we expect a similar kind of step function improvement quarter-on-quarter, something a bit more conservative to that? And what are the main levers to gross margin improvement as we sit here for the balance of your fiscal '24?

首先，只是一個關於毛利率的問題，連續上升 200 個基點。我們應該如何期待這一年的發展。我們是否應該期望每季度都有類似的階躍函數改進，一些更保守的東西？當我們坐在這裡討論你們 24 財年的餘額時，提高毛利率的主要槓桿是什麼？

Yes. So I think that, as we've said, we expect continued improvement. I don't think anyone here would say that 25% is a place that we should be, parking or electric vehicle. So it needs to go up. Whether it goes up 1 point or 2 or whatever quarter-on-quarter remains to be seen as very mix dependent. But I'm confident that we're going to head towards the numbers we've discussed before, towards the end of the year. I don't want to peg it to a number, but it's going to be better in Q4 than it is today. So expect it to continue to climb this year.

是的。所以我認為，正如我們所說，我們期望持續改進。我認為這裡沒有人會說 25% 是我們應該去的地方，停車場或電動車。所以它需要上升。無論是上升 1 點還是 2 點，或者任何季度環比，都將被視為非常依賴組合。但我相信我們將在年底前達到我們之前討論過的數字。我不想將它與一個數字掛鉤，但它在第四季度會比現在更好。因此，預計今年它會繼續攀升。

And then with respect to the comment you made, Rex, towards the end of your prepared remarks, do you think you can cut the EBITDA loss by roughly 2/3 between now and the fourth quarter. So say going from $49 million to, say, $16 million or thereabouts, is the entirety of that bridge just scale from the revenue growth you're expecting? Or are there actual cost and expense cuts that are contemplated in there?

然後關於你發表的評論，Rex，在你準備好的評論結束時，你認為你可以從現在到第四季度將 EBITDA 損失減少大約 2/3。所以說從 4900 萬美元到 1600 萬美元左右，整個橋樑是否只是根據您預期的收入增長進行擴展？還是其中考慮了實際的成本和費用削減？

It's actually all of the above. Clearly, grow the revenue line, which we would hope to do consistent with what we've done in prior years because you start in Q1 and you end up in Q4 and Q4 is a lot better than Q1. So clearly, that helps. We expect gross margin to improve during the year. That definitely helps a lot. And then if we are disciplined on OpEx and keep that in flattish territory, you can make the math work pretty quickly.

其實就是以上這些。顯然，增加收入線，我們希望這樣做與我們前幾年所做的一致，因為你從第一季度開始，最後在第四季度結束，而第四季度比第一季度好得多。很明顯，這有幫助。我們預計年內毛利率將有所改善。這絕對有很大幫助。然後，如果我們在 OpEx 上受到紀律處分並將其保持在平坦的區域，您可以很快地進行數學運算。

We'll take our next question from Mark Delaney with Goldman Sachs.

我們將接受高盛的馬克德萊尼的下一個問題。

I was hoping to better understand some of the supply chain dynamics. I guess in terms of the P&L impact and sticking to the gross margin theme first, you guys have been talking about how much of a headwind to gross margin supply chain was. I think at one point, it was like 900 basis points of a headwind. Where does that stand as of this most recent quarter in terms of the impact? And then more broadly on supply chain, if you could speak around how you see that progressing? And do you think supply chain holds you back in terms of hitting your shipment target for the balance of the year?

我希望更好地了解一些供應鏈動態。我想就損益影響和首先堅持毛利率主題而言，你們一直在談論毛利率供應鏈的逆風有多大。我認為在某一時刻，這就像逆風 900 個基點。就影響而言，最近一個季度的情況如何？然後更廣泛地在供應鏈上，您是否可以談談您如何看待這一進展？您是否認為供應鏈會阻礙您實現今年餘下時間的出貨目標？

Yes. So thanks for the question, Mark. So to start, the PPV/supply chain impact that we've been talking about is probably closer to 5 or 6 points per quarter. There was logistics, charges. We could take it up another quarter or 2, and then we have had a couple of write-offs that we did last year that impacted us. So I just want to frame the percentage points there. It's really closer to 5 or 6 that are specifically supply chain.

是的。謝謝你的問題，馬克。因此，首先，我們一直在談論的 PPV/供應鏈影響可能每季度接近 5 或 6 個百分點。有物流，收費。我們可以再考慮一個或兩個季度，然後我們進行了一些去年對我們產生影響的註銷。所以我只是想把百分比框在那裡。它實際上更接近 5 或 6 個專門針對供應鏈的。

No question that, that's gotten much, much better from a supply perspective. So we really snapped through this quarter, and I was glad to see. I think I actually said in prior calls, geez, I'd love to build some inventory, right? Because we've had to leave business on the table in prior quarters and backlog got out of whack everything else. So we're back to a nice rhythm now, I think, from a build perspective, there -- as you can imagine, there are some prior deals that we had to cut to get supply that's now sitting in inventory. So you won't see 100% of the supply chain impact disappear overnight. We have to obviously have to work that through, (inaudible) in inventory and sell that through.

毫無疑問，從供應的角度來看，情況已經好得多了。所以我們真的度過了這個季度，我很高興看到。我想我實際上在之前的電話中說過，哎呀，我很想建立一些庫存，對嗎？因為我們不得不在前幾個季度將業務擱置在桌面上，積壓的訂單已經擺脫了其他一切。所以我們現在回到了一個很好的節奏，我認為，從構建的角度來看，那裡 - 正如你可以想像的那樣，我們不得不削減一些先前的交易以獲得現在庫存的供應。因此，您不會看到 100% 的供應鏈影響在一夜之間消失。顯然，我們必須解決這個問題，（聽不清）庫存並將其出售。

But I would say from an operational perspective, logistics are pretty much back to normal, which is a real-time (inaudible) or you don't. And then the supply chain thing also back to a really good place. So once we work through any existing inventory that had those higher prices previously will be hitting our stride. So -- but I think it's fair to say that we are well past the worst of it.

但我想說，從運營的角度來看，物流幾乎恢復正常，這是實時的（聽不清）或者你沒有。然後供應鏈的事情也回到了一個非常好的地方。因此，一旦我們處理了之前價格較高的任何現有庫存，我們就會大踏步前進。所以——但我認為可以公平地說，我們已經度過了最糟糕的時期。

Our next question comes from Stephen Gengaro with Stifel.

我們的下一個問題來自 Stifel 的 Stephen Gengaro。

One thing for me, I wanted to get your read on NEVI funding kind of where we stand and what your thought process is on timing. But also you have insights into kind of where your customers are in the process as far as trying to secure funding?

對我來說，有一件事，我想讓你了解我們所處的 NEVI 資金，以及你對時機的思考過程。但你也對你的客戶在嘗試獲得資金的過程中所處的位置有深入的了解嗎？

Sure, Stephen. So just to give you some hard facts around NEVI. There are exactly 4 states where applications on NEVI proposals are due back within shortly. In general, a little over half the United States has programs that are effectively live where we're working applications and comments that I've made in the past have not changed and that we work across the board with our customer base where the customers are aligned well positionally with the position requirements, the location requirements within the NEVI program, as well as having the right amenity structure, giving a driver something to do that they would want to do while they're on a road trip.

當然，斯蒂芬。所以只是為了給你一些關於 NEVI 的確鑿事實。正好有 4 個州的 NEVI 提案申請將在短期內返回。總的來說，略多於一半的美國擁有在我們工作的地方有效運行的程序，我過去所做的應用程序和評論沒有改變，我們與客戶所在的客戶群全面合作在位置上與位置要求、NEVI 計劃中的位置要求以及具有正確的舒適結構很好地對齊，為駕駛員提供他們在公路旅行中想做的事情。

So combining those 2 things, we are orchestrating responses to the NEVI program. And sometimes, by the way, we're in multiple applications as a technology provider with different sets of folks from our customer base. That's generally how we approach it. So think of us as trying to put together the set of optimal sites to meet the state's requirements by looking into our customer base or potential customer base and trying to orchestrate that.

因此，結合這兩件事，我們正在協調對 NEVI 計劃的回應。順便說一句，有時，我們作為技術提供商與來自我們客戶群的不同人群一起參與多個應用程序。這通常是我們處理它的方式。因此，請將我們視為通過調查我們的客戶群或潛在客戶群並嘗試對其進行協調來嘗試將一組最佳站點組合在一起以滿足州的要求。

Okay. Great. That's helpful. And so would you expect like an inflection point when the funds are flowing or you think it will be kind of a more smooth just kind of realization of those revenues over time.

好的。偉大的。這很有幫助。因此，當資金流動時，你會期待一個拐點嗎，或者你認為隨著時間的推移，這些收入的實現會更加順利。

Yes. So Stephen, this is what I refer to as an all-whoosh-no-bang industry. If you think about what I just said there, right? It's all whoosh and no bang. So the timing of all of this stuff -- while you will see NEVI starting as we get into 2024 to start to build momentum, right? It's going to build along -- there's not going to be a sharp discontinuity where you're suddenly going to go vertical on something like that. Just this market just doesn't let you, state programs and how state programs are implemented, just doesn't let you look at the VW Appendix D programs that contributed to our revenue, and it contributed to it in a smoothly increasing way over that program. And we would expect NEVI, well, bigger in magnitude to have a similar impact.

是的。所以史蒂芬，這就是我所說的一個全速前進的行業。如果你想想我剛才說的話，對吧？全是嗖嗖聲，沒有砰的一聲。所以所有這些東西的時機——當我們進入 2024 年時你會看到 NEVI 開始建立勢頭，對吧？它會繼續發展——不會有突然的中斷，你會突然在類似的事情上垂直發展。只是這個市場不允許你，國家計劃和國家計劃的實施方式，只是不讓你看到為我們的收入做出貢獻的大眾附錄 D 計劃，並且它以平穩增長的方式為它做出了貢獻程序。我們預計 NEVI，嗯，規模更大，會產生類似的影響。

So I wouldn't expect some discontinuity out there in the future. The sun and moon and stars could align and that could happen. It's just not consistent with history.

所以我不希望將來出現一些不連續性。太陽、月亮和星星可以對齊，這可能會發生。只是不符合歷史。

We'll take our next question from Bill Peterson with JPMorgan.

我們將接受來自摩根大通的比爾彼得森的下一個問題。

Nice to see the gross margin improvement. Just I would like to clarify in terms of the guidance for this current quarter. It sounds like what you're saying in some of the trends you saw in the first quarter are to continue, but I just want to make sure, still continued relative strength in Europe and fleet, still some, I guess, discretionary slowdown in commercial and residential. Is that the right way to think about it? Or are there some other areas that are starting to unlock or I guess when does the commercial and residential start to unlock? Is it -- I mean we're kind of past the (inaudible), what are people, I guess, waiting on at this point from your vantage point?

很高興看到毛利率有所改善。我想就本季度的指導進行澄清。聽起來你在第一季度看到的一些趨勢中所說的將繼續下去，但我只想確定，歐洲和船隊的相對強勢仍然持續，我想，商業領域仍有一些酌情放緩和住宅。這是正確的思考方式嗎？還是有其他一些區域開始解鎖或者我猜商業和住宅什麼時候開始解鎖？是嗎——我的意思是我們有點過了（聽不清），我想，從你的角度來看，人們在等待什麼？

Yes, Bill, thanks for the question. First of all, in looking forward to Q2, we did not put parameters around that. But to your point, residential is a function of the sale of cars, right? So keep an eye on how fast EVs move from OEMs into the hands of consumers and that's a hard one to gauge, but it does look like the OEMs are catching up on their ability to deliver which is great.

是的，比爾，謝謝你的提問。首先，在期待第二季度時，我們沒有為此設置參數。但就您的觀點而言，住宅是汽車銷售的功能，對嗎？因此，請密切關注電動汽車從原始設備製造商轉移到消費者手中的速度有多快，這很難衡量，但看起來原始設備製造商正在趕上他們的交付能力，這很棒。

Commercial is tied to mostly the back to work, although there's a lot of new construction and other areas where it's just an imperative because this isn't a nice to have anymore. This is infrastructure you've got to put in. So as the commercial sector -- it's happier and less constrained. Obviously, I think that will be down back to the benefit of our business. Thank goodness in both -- in the commercial sector for our existing customers because they keep coming back. So they are a very, very nice underpinning for our existing revenue and what we're looking at in Q2.

商業主要與恢復工作有關，儘管有很多新建築和其他領域，這是當務之急，因為這不再是一件好事。這是你必須投入的基礎設施。所以作為商業部門——它更快樂，更少受限。顯然，我認為這將對我們的業務有利。謝天謝地——在商業領域為我們現有的客戶服務，因為他們不斷回來。因此，它們是我們現有收入和我們在第二季度看到的收入的非常非常好的基礎。

And then fleets, you didn't mention fleet, but fleets, a little harder to predict because it's -- it's funny on the front end, it tends to be smaller than you would expect. And then on the middle and the back end, it's bigger than you would expect in terms of per customer. So that could be a little (inaudible) but Q2 is just a blend of the stuff that we see. I don't know that it's going to be meaningfully or wildly inconsistent with the stuff we've seen in Q1.

然後是艦隊，你沒有提到艦隊，而是艦隊，有點難以預測，因為它在前端很有趣，它往往比你想像的要小。然後在中間和後端，就每個客戶而言，它比你預期的要大。所以這可能有點（聽不清），但第二季度只是我們看到的東西的混合體。我不知道它是否會與我們在第一季度看到的內容產生重大或嚴重的不一致。

Yes. Okay. That's a good leading to my second question. So you've given some good parameters that you do expect some gross margin, I guess, expansion kind of keep OpEx for any flattish. So that's really good to back into the 2/3 improvement on the fourth quarter. But I guess, holistically, if we think about third-party forecast, IHS has nearly 60% EV growth in the U.S. this year. I think it has above 60% EV growth in Europe for the calendar year. Your current quarter kind of 40%, 41% year-on-year growth. But is there any reason to think in the back half of the year that your -- at least your network systems, charging systems growth wouldn't be in that kind of range?

是的。好的。這很好地引出了我的第二個問題。所以你已經給出了一些你確實期望一些毛利率的好參數，我猜，擴張有點讓 OpEx 保持平穩。所以回到第四季度 2/3 的改進真的很好。但我想，從整體上看，如果我們考慮第三方預測，IHS 今年在美國的電動汽車增長將近 60%。我認為今年歐洲的 EV 增長率超過 60%。您當前的季度增長 40%，同比增長 41%。但是有沒有理由認為在今年下半年你的 - 至少你的網絡系統，收費系統的增長不會在那種範圍內？

Well, I wouldn't put that -- frankly, I haven't thought about it and exactly that those percentage terms. I do think that -- the one comment I made in my prepared remarks, to look at the shape of the year and our ability and then saying we think we can cut the adjusted EBITDA loss by approximately 2/3. It tells you we're thinking we're going to have a pretty bad second half, right? So I wouldn't express in percentage terms, but I would say we're obviously looking forward to a very strong second half, which is frankly what we've done in the last 2 years in a row.

好吧，我不會這麼說——坦率地說，我還沒有考慮過它，也沒有考慮過那些百分比條款。我確實認為——我在準備好的發言中發表的一個評論，看看今年的情況和我們的能力，然後說我們認為我們可以將調整後的 EBITDA 損失減少大約 2/3。它告訴你我們認為下半場會很糟糕，對吧？所以我不會用百分比來表達，但我會說我們顯然期待著非常強勁的下半年，坦率地說，這就是我們在過去兩年中連續所做的事情。

We'll take our next question from Alex Potter with Piper Sandler.

我們將與 Piper Sandler 一起接受 Alex Potter 的下一個問題。

Perfect. I had a question, I guess, on customer satisfaction, uptime reliability. I know you've done a big focus for the company, those metrics maybe in the past weren't where you would want them to be. Just interested in knowing maybe what inning you're in, in terms of addressing that, both, I guess, qualitatively, but also to the extent possible to translate that into P&L impact growth would also be useful and interesting.

完美的。我想我有一個關於客戶滿意度、正常運行時間可靠性的問題。我知道你已經為公司做了很大的關注，這些指標在過去可能不是你想要的。只是想知道你在哪一局，就解決這個問題而言，我想，無論是定性的，還是盡可能將其轉化為損益影響增長也將是有用和有趣的。

A lot to -- a lot of angles on the answer to that question. First of all, I can't speak for other charging manufacturers, but we're very proud of the reliability of our systems and the uptime. We've had a variety of different packages for parts and labor warranty programs since the beginning of the company. We've encouraged customers to purchase those programs. We have a very high attach rate of those programs, as we've commented on that before.

很多 - 關於這個問題的答案有很多角度。首先，我不能代表其他充電製造商，但我們對我們系統的可靠性和正常運行時間感到非常自豪。自公司成立以來，我們已經為零件和人工保修計劃提供了各種不同的套餐。我們鼓勵客戶購買這些程序。正如我們之前評論過的那樣，我們對這些程序的附加率非常高。

All our chargers are connected to our network effectively. So we have good visibility as to general uptime on the network and whether the chargers are in a catastrophic state of failure or not. There are a few mechanical failures we cannot spot, but we have drivers that have a nice little mobile app in their pocket and boy, will they tell us when something is broken. They're a good canary in a coal mine from a network hygiene perspective. And with that said, we are doubling down now even harder on network hygiene.

我們所有的充電器都有效地連接到我們的網絡。因此，我們可以很好地了解網絡的正常運行時間以及充電器是否處於災難性故障狀態。有一些我們無法發現的機械故障，但我們有司機在他們的口袋裡有一個漂亮的小移動應用程序和男孩，他們會告訴我們什麼時候壞了。從網絡衛生的角度來看，它們是煤礦中的金絲雀。話雖如此，我們現在在網絡衛生方面更加努力。

We are -- because of inventory relief, we now can turn around spare parts very, very, very quickly, next business day in most cases. That was not true during the pandemic. There was some delay there because obviously, we were impacted and we had no -- we were hand-to-mouth on inventory. So I think that hurt the entire industry in terms of repair cycle delay, that has subsided now.

我們 - 由於庫存減少，在大多數情況下，我們現在可以在下一個工作日非常、非常、非常迅速地周轉備件。在大流行期間情況並非如此。那裡有一些延遲，因為很明顯，我們受到了影響，但我們沒有——我們在庫存上勉強應付。所以我認為，就維修週期延遲而言，這對整個行業造成了傷害，現在已經平息了。

We have completely revamped our support operations across the board, driver support, station-owner support, especially in fleet. We have a lot of new programs in fleet for parts and labor warranty, training of self-maintainers, forward stocking of spares, et cetera. So we think we're actually in quite good shape with respect to our ability to handle that. We're not going to get over confident. We're going to continue to watch it closely. And it is, as you've seen in my prepared remarks, multiple times now, it is a big rotation.

我們已經全面改進了我們的支持業務，司機支持，車站所有者支持，尤其是在車隊方面。我們在機隊中有很多新項目，包括零件和人工保修、自我維護人員培訓、備件前備庫存等。因此，我們認為就我們的處理能力而言，我們實際上處於非常好的狀態。我們不會過度自信。我們將繼續密切關注。正如你在我準備好的發言中看到的那樣，現在已經多次輪換了。

There was a question earlier that Rex took with respect to operating expense and operating expense focus areas and any focus area changes. And what we've consistently said over the last several earnings calls, is that we have lived inside what is a flattish envelope for operating expense, but we are not living inside a flattish operating expense with respect to our efforts on reliability, support operations, et cetera. So we are moving emphasis because we believe that, that is the biggest differentiator you can have right now. Is -- it has to be reliable, and we've commented also previously the construction of our products are not only from a hardware perspective, looked at from a software point of view inward.

Rex 早些時候提出了一個關於運營費用和運營費用重點領域以及任何重點領域變化的問題。在過去的幾次財報電話會議上，我們一直在說，我們一直生活在運營費用持平的範圍內，但就我們在可靠性、支持運營方面的努力而言，我們並沒有生活在持平的運營費用中，等等。所以我們正在轉移重點，因為我們相信，這是您現在可以擁有的最大差異化因素。是 - 它必須是可靠的，我們之前也評論過我們產品的構建不僅從硬件的角度來看，而且從軟件的角度向內看。

So they're designed for all the features that we think are great, but they're also designed to be repaired at an incredibly rapid rate and also to be able to support forward stocking of spare parts so that there can be effectively a minimum number of subcomponents we build all our charging infrastructure out of, so it can be very easy to support the repair cycle that will need to support to meet the uptime requirements of most of our customers. So huge investment on our side. Absolutely huge.

所以它們是為我們認為很棒的所有功能而設計的，但它們也被設計成以極快的速度進行維修，並且還能夠支持備件的預先庫存，這樣就可以有效地減少數量我們構建所有充電基礎設施的子組件，因此可以非常容易地支持維修週期，這將需要支持以滿足我們大多數客戶的正常運行時間要求。我們這邊投資這麼大。絕對巨大。

Our next question comes from Shreyas Patil with Wolfe Research.

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

You guys have talked about how there is more diversity amongst your verticals as it relates to your revenue. Is there anything to consider in that from a margin perspective? I think in the past, you've talked about the workplace charger business being the strongest, fleet was a little weaker due to higher DC fast charging mix. Just curious how we should think about that.

你們談到了垂直行業之間的多樣性如何與您的收入相關。從保證金的角度來看，有什麼需要考慮的嗎？我想在過去，你曾談到工作場所充電器業務是最強大的，由於更高的直流快速充電組合，車隊有點弱。只是好奇我們應該如何考慮。

Yes. So it's actually more product-specific as opposed to vertical specific but -- so single-family home is single-family home, right? And that has a margin. We've talked about that. It tends to be healthy, but not as strong as some of the DC products that we put into our commercial and fleet operations. Strongest margins are long-standing AC products, which we've recently upgraded to higher power and made some other improvements.

是的。所以它實際上更多的是特定於產品而不是特定於垂直的但是 - 所以單戶住宅是單戶住宅，對吧？這有一定的餘地。我們已經談過了。它往往是健康的，但不如我們投入商業和車隊運營的一些 DC 產品強大。利潤率最高的是長期存在的 AC 產品，我們最近將其升級到更高功率並進行了其他一些改進。

But -- so where AC goes, you get a better margin and that can be commercial or fleet. And then obviously, we put a lot of effort behind a very robust DC portfolio, which is everything from (inaudible) that fit in certain applications to what we call our Express Plus, which is modular architecture and the margins on those are getting -- are good and getting better. We actually had really good progress because the brand new products and you've launched at a lower number than you ultimately expect to do.

但是 - 所以無論 AC 去哪裡，你都會獲得更好的利潤，而且可以是商業或機隊。然後很明顯，我們在非常強大的 DC 產品組合背後付出了很多努力，從適合某些應用程序的（聽不清）到我們稱之為 Express Plus 的模塊化架構，這些產品的利潤率越來越高——都很好，而且越來越好。我們實際上取得了很好的進展，因為全新產品和您推出的數量低於您最終預期的數量。

So I wouldn't say it's by vertical, it's by product because all of our products -- our products go into both of the major verticals, commercial and fleet. So I hope that helps you. But it's -- so think of it more from a product perspective.

所以我不會說它是垂直的，它是產品，因為我們所有的產品——我們的產品都進入了主要的垂直領域，商業和機隊。所以我希望這對你有幫助。但它是 - 所以更多地從產品的角度來考慮它。

We'll take our next question from Brett Castelli with Morningstar.

我們將接受晨星公司 Brett Castelli 的下一個問題。

Just following up actually on that previous question. Rex, you mentioned the rollout of the new CP6000, I think, on the AC side. Can you just kind of talk about sort of the mix between that new product and the more legacy product that you're seeing today? And then also, can you touch on any margin differences between the new product versus the legacy?

實際上只是跟進上一個問題。雷克斯，你提到了新 CP6000 的推出，我想是在空調方面。你能談談新產品和你今天看到的更多傳統產品之間的某種混合嗎？然後，您能否談談新產品與傳統產品之間的利潤差異？

I'll talk about the space that is carved out for itself, so to speak, and Rex can address the margin question in particular. We brought out the 6k not to replace the 4k series. We brought it out as a high-end product. It has a lot of things that obviously roll down over time into lower-cost products but it's the flagship currently and it also -- for applications where it's needed, can provide more power per port and that is not necessary in most medium-duration parking scenarios. So it is not applicable necessarily to every single vertical, although it may have other features that make it applicable to other verticals because it has features across the board that are superior to the 4k product.

我將談論為自己開闢的空間，可以這麼說，Rex 可以特別解決保證金問題。我們推出 6k 並不是為了取代 4k 系列。我們把它作為高端產品推出。它有很多東西顯然會隨著時間的推移變成成本更低的產品，但它是目前的旗艦產品——對於需要它的應用程序，它可以為每個端口提供更多的功率，而這在大多數中等持續時間的停車中是不必要的場景。因此，它不一定適用於每個垂直領域，儘管它可能具有使其適用於其他垂直領域的其他功能，因為它具有優於 4k 產品的全面功能。

Without getting into too much detail on the mix because it's so vertical specific, what I will say is the fleet segment, if it goes with an AC more in a light commercial situation, is typically using the 6k or are more lightweight products for light commercial, it is not typically using the 4k product, although we do have some fleet scenarios that use that.

由於它是如此垂直的特定性，因此無需詳細介紹組合，我要說的是機隊部分，如果它在輕型商業環境中更多地使用 AC，通常使用 6k 或更輕量級的產品用於輕型商業, 它通常不使用 4k 產品，儘管我們確實有一些車隊場景使用它。

So the uptick in fleet, in particular, there's some correlation there. And the 6k is the primary product we use in Europe. So from the commentary that I made -- the primary AC product, I should say, that we use in Europe. So the comments that I made regard to fleet and Europe strength and the corresponding strength in the 6k, those one pulls the other right? The fleet and the Europe business are more 6k dependent than they are 4k dependent. Rex, I'll let you take the margin question.

因此，機隊的增加尤其具有一定的相關性。 6k 是我們在歐洲使用的主要產品。因此，從我發表的評論來看——我應該說，我們在歐洲使用的主要交流產品。所以我對艦隊和歐洲實力以及 6k 中的相應實力所做的評論，一個拉另一個對嗎？車隊和歐洲業務對 6k 的依賴程度高於對 4k 的依賴程度。雷克斯，我會讓你回答保證金問題。

Yes. So from a margin perspective, the 6k, as Pat said, it's premium product, higher performance, better features, obviously, we're evolving the product portfolio in a positive way. It actually has similar margins in North America to the 4k. It's not all the way there yet but it's nice to be able to build a next-gen product and to preserve margin on that in the process. And then what's helping us in Europe, as you may recall, we on the AC side, because of local requirements, et cetera, we've had to leverage third-party hardware, and now we don't have to do that anymore because the 6k is a product that is legal and certifiable and works in both North America and Europe. So that's been a nice improvement from a margin perspective for us in Europe.

是的。因此，從利潤的角度來看，正如帕特所說，6k 是優質產品、更高的性能、更好的功能，顯然，我們正在以積極的方式發展產品組合。實際上，它在北美的利潤率與 4k 相似。它還沒有完全實現，但能夠構建下一代產品並在此過程中保持利潤率真是太好了。然後是什麼在歐洲幫助了我們，你可能還記得，我們在 AC 方面，由於當地要求等，我們不得不利用第三方硬件，現在我們不必再這樣做了，因為6k 是一種合法且可認證的產品，可在北美和歐洲使用。因此，從利潤率的角度來看，這對我們在歐洲來說是一個很好的改進。

Our next question comes from Itay Michaeli with Citi.

我們的下一個問題來自花旗的 Itay Michaeli。

Just 2 quick ones for me. First, I was hoping you could maybe comment roughly on what you're seeing on utilization of your charges, particularly among commercial customers. And I know not every customer is looking to maximize utilization per se, but curious what you're seeing there? And second, for Rex, just in terms of the inventory build in Q1, maybe how should we think about working capital at a high level the rest of the year?

對我來說只有 2 個快速的。首先，我希望您可以粗略地評論一下您所看到的費用使用情況，尤其是在商業客戶中。而且我知道並不是每個客戶都希望最大限度地提高利用率，但很好奇您在那裡看到了什麼？其次，對於 Rex，就第一季度的庫存建設而言，也許我們應該如何考慮今年餘下時間的高水平營運資金？

Two very different questions. I'll take the first, Rex, you take the second. In terms of utilization, our sales team obviously is -- sees utilization data as to our customers. It's a standard reporting feature in our network. And the utilization has to be measured in the context of the hours of operation at the site. I'll give you -- so it's hard to comment on utilization in the network as a whole and have that be meaningful because in any subvertical, the utilization is measured differently because it's measured during hours.

兩個截然不同的問題。我拿第一個，雷克斯，你拿第二個。在利用率方面，我們的銷售團隊顯然是——看到我們客戶的利用率數據。這是我們網絡中的標準報告功能。並且必鬚根據站點的運行時間來衡量利用率。我會給你 - 所以很難對整個網絡的利用率發表評論並且有意義，因為在任何子垂直中，利用率的衡量方式都不同，因為它是在幾個小時內衡量的。

And the easiest example to give you is a stadium. We have a lot of stadium customers. The stadium is only active when there's an event at that stadium. Measured on a utilization basis over a 24 hour, on a 365-day year basis, stadiums have horrible utilization unless there's an event and then they're 100% booked. So it all goes down to how you measure it. And utilization is very, very strong across the board. And if you want to see the best proxy for that, look at comments that we've made in the past about the rebuy rates.

最簡單的例子就是體育場。我們有很多體育場客戶。該體育場僅在該體育場有活動時才可用。以一年 365 天的 24 小時的利用率為基礎來衡量，體育場的利用率非常糟糕，除非有活動，然後它們被 100% 預訂。所以這一切都取決於你如何衡量它。全面的利用率非常非常高。如果你想看到最好的代理，看看我們過去對再購買率的評論。

The rebuy rate tends to be the majority of the revenue within a quarter because as Rex mentioned in an answer to one of his questions, the initial buy is smaller than you think it should be and the follow-on buys are bigger than you expect them to be. And that's because the customers start out with some experimentation, especially in the commercial segment where it's more discretionary. And then they see the utilization and let that drive the expansion.

重複購買率往往佔一個季度內收入的大部分，因為正如雷克斯在回答他的一個問題時提到的那樣，最初的購買量比你想像的要小，而後續購買量比你預期的要大成為。這是因為客戶從一些實驗開始，尤其是在更自由裁量權的商業領域。然後他們看到利用率並讓它推動擴展。

So because the rebuy rate is so strong, it's the best proxy you guys can use for, is the utilization on the network? Is it strong and is it growing?

所以因為複購率這麼高，這是你們可以使用的最好的代理，網絡上的利用率是多少？它是否強大並且正在增長？

Yes. And very quickly on the inventory working capital question. No question in Q1, our inventory popped up almost $50 million. In truth, that's actually a blessing not a curse because we went from a lot of long lead time items and a lot of stuff in raw materials to being able to kick things up and get some bills and we have low obsolescence risk on these products. So getting through that and having a blend to inventory of good finished goods that we can move and therefore, we have pretty back-end loaded quarters like most companies. And so knowing that you can ship, what you need to ship at the end of the quarter to meet demand is a really good thing.

是的。並且很快就庫存營運資金問題。毫無疑問，在第一季度，我們的庫存突然增加了近 5000 萬美元。事實上，這實際上是一種祝福而不是詛咒，因為我們從大量交貨時間長的物品和大量原材料轉變為能夠啟動並獲得一些賬單，而且我們對這些產品的過時風險很低。因此，通過這一點並混合我們可以移動的優質成品庫存，因此，我們像大多數公司一樣擁有漂亮的後端負載季度。所以知道你可以發貨，你需要在本季度末發貨以滿足需求是一件非常好的事情。

So I think the inventory will come down meaningfully on a percentage basis relative to revenue. If you look at like the size of the company, the question is bigger than it needed to be in Q1, but those the reasons because we're coming out of the supply chain issue. And then working capital generally, we bring in inventory down relative to that, that will help as the company grows. And so I actually think that, that part of the picture will definitely improve later this year.

因此，我認為庫存相對於收入的百分比將大幅下降。如果你看一下公司的規模，這個問題比第一季度需要的要大，但這些都是因為我們正在擺脫供應鏈問題。然後是一般的營運資金，我們相對於此降低了庫存，這將隨著公司的發展而提供幫助。所以我實際上認為，這部分情況肯定會在今年晚些時候有所改善。

We'll take our next question from Joseph Osha with Guggenheim Partners.

我們將接受古根海姆合作夥伴約瑟夫奧沙的下一個問題。

I just have one question. We talked a little bit about NEVI earlier. I'm wondering, given the timetable and the ambition of the CARB Advanced Clean Fleets rule, what your thoughts are about how that might begin to layer into your business?

我只有一個問題。我們之前談過一些關於 NEVI 的內容。我想知道，鑑於 CARB Advanced Clean Fleets 規則的時間表和雄心，您對如何開始將其融入您的業務有何想法？

I mean you saw the strength in the fleet business. And so also the fleet business is one of -- is interesting. California obviously usually leads the way in the United States with respect to innovation and policy and incentives. But because it's just good for business to electrify your fleet from a cost structure perspective, we're seeing a fleet business that's pretty pervasive across Europe and the United States and not necessarily hotspoted just in California.

我的意思是你看到了車隊業務的實力。因此，車隊業務也是其中之一——很有趣。在創新、政策和激勵措施方面，加州顯然通常在美國處於領先地位。但是，因為從成本結構的角度來看，為您的車隊電氣化對企業有好處，我們看到車隊業務在歐洲和美國非常普遍，不一定只在加利福尼亞州成為熱點。

And like any program, and this is very in line with the comments on NEVI, it doesn't hit you all at once, it tends to build. So it will contribute. It will contribute over time because it will drive vehicle electrification but again, I don't expect it to drive a [discount]. And remember, you need the vehicles to be able to have demand for the charging infrastructure and that's the biggest variable there.

和任何程序一樣，這與 NEVI 上的評論非常一致，它不會一下子擊中你，它傾向於構建。所以它會有所貢獻。它會隨著時間的推移做出貢獻，因為它將推動車輛電氣化，但同樣，我不希望它會帶來[折扣]。請記住，您需要車輛能夠對充電基礎設施有需求，這是那裡最大的變量。

You can have the incentive structure there, but it doesn't necessarily mean that the vehicles are going to follow in perfect order.

你可以在那裡擁有激勵結構，但這並不一定意味著車輛將以完美的順序跟隨。

Thank you, everyone. This concludes today's presentation. We appreciate your participation, and you may now disconnect.

謝謝大家。今天的演講到此結束。感謝您的參與，您現在可以斷開連接。