ChargePoint Holdings Inc (CHPT) 2024 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen. My name is [Bo] and I will be your conference operator for today. At this time, I would like to welcome everyone to the ChargePoint's Second Quarter Fiscal 2024 Earnings Conference Call and Webcast. (Operator Instructions)

女士們、先生們，下午好。我的名字是 [Bo]，我將擔任您今天的會議操作員。現在，我歡迎大家參加 ChargePoint 2024 財年第二季度收益電話會議和網絡廣播。 （操作員說明）

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

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

Good afternoon, and thank you for joining us on today's conference call to discuss ChargePoint's Second Quarter Fiscal 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 a press release announcing results for the quarter ended July 31, 2023, which can also be found on the Investors section of our website.

下午好，感謝您參加今天的電話會議，討論 ChargePoint 2024 年第二季度財報業績。本次電話會議正在進行網絡直播，您可以在我們網站的投資者部分訪問 Investors.chargepoint.com。與我一起參加今天電話會議的是我們的首席執行官 Pasquale Romano；以及我們的首席財務官雷克斯·傑克遜 (Rex Jackson)。今天下午，我們發布了新聞稿，公佈了截至 2023 年 7 月 31 日的季度業績，您也可以在我們網站的投資者部分找到該業績。

We'd like to remind you that during the conference call, management will be making forward-looking statements, including our outlook for our third quarter and full fiscal year 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.

我們想提醒您，在電話會議期間，管理層將做出前瞻性聲明，包括我們對第三季度和2024 年整個財年的展望。這些前瞻性聲明涉及風險和不確定性，其中許多風險和不確定性超出了我們的預期。我們的控制權可能會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 June 8, 2023, and our earnings release, which we posted today on our website as well as filed with the SEC on Form 8-K. Also, please note that we will use certain non-GAAP financial measures on this call, which we reconciled to GAAP in our earnings release and for a certain historical periods in the investor presentation posted on the Investors section of our website.

有關可能導致實際結果出現差異的某些因素的更詳細說明，請參閱我們於 2023 年 6 月 8 日向 SEC 提交的 10-Q 表格，以及我們今天在我們的網站上發布並提交的收益報告。向SEC 提交表格8-K。另請注意，我們將在本次電話會議中使用某些非公認會計準則財務指標，我們在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針對特定歷史時期的財務指標進行了調整。

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

最後，我們將在投資者關係網站的季度業績部分發布本次電話會議的記錄。有了這個，我會把它交給帕斯誇萊。

Thank you, Patrick, and thank you all for joining us today. Before we get to the results for the quarter, I'd like to address 4 key points that are likely top of mind. First, we've announced the strategic corporate reorganization that we've been working on for months with a goal of achieving higher operational efficiency as we scale while reducing our operating expenses by an estimated $30 million on an annualized basis.

謝謝帕特里克，也感謝大家今天加入我們。在我們公佈本季度的業績之前，我想先談談可能最重要的 4 個關鍵點。首先，我們宣布了幾個月來一直在進行的戰略性企業重組，目標是隨著規模的擴大實現更高的運營效率，同時每​​年減少約 3000 萬美元的運營費用。

As part of this reorganization, we have reduced our headcount by 10% and are reducing our nonpersonnel expenses as well. Second, we have taken an inventory impairment charge on our first-generation DC charging products. During the supply chain crisis, we saw assurance of supply versus cost and are now adjusting our stranded costs to current values given inventory levels. Third, let me address growth. We believe conversion of the world's vehicle fleet to EVs remains inevitable as does the need for infrastructure to charge them.

作為此次重組的一部分，我們將員工人數減少了 10%，並減少了非人事費用。其次，我們對第一代直流充電產品計提了庫存減值費用。在供應鏈危機期間，我們看到了供應保證與成本的關係，現在正在根據庫存水平將擱淺成本調整為當前值。第三，讓我談談增長。我們相信，全球車隊向電動汽車的轉變仍然是不可避免的，充電基礎設施的需求也是如此。

U.S. EV sales were up 48% year-over-year in Q2, a record for any quarter. And Europe is experiencing a similar pace of adoption. Correspondingly, usage of our existing chargers on our network is up significantly. In short, this puts utilization pressure on infrastructure, and we believe that will turn into demand for our products. Fourth, I'd like to underscore our continued commitment to positive adjusted EBITDA in Q4 of calendar 2024, and we believe we have sufficient cash reach to achieve that core objective.

第二季度美國電動汽車銷量同比增長 48%，創歷史新高。歐洲也正在經歷類似的採用速度。相應地，我們網絡上現有充電器的使用量顯著增加。簡而言之，這給基礎設施帶來了利用壓力，我們相信這將轉化為對我們產品的需求。第四，我想強調我們繼續致力於在 2024 年第四季度實現正調整 EBITDA，並且我們相信我們有足夠的現金來實現這一核心目標。

Moving on to Q2. We delivered revenue within our guidance range at $150 million, up 39% year-over-year and 16% sequentially, all done in an environment where many businesses are delaying discretionary spend. In the U.S., we continued delivering on several major projects we have mentioned during previous calls. We are finishing construction of the Volvo Starbucks project, a 1300-mile corridor from Seattle to Denver, connected by ChargePoint DC fast charging solutions at Starbucks locations along the route.

繼續第二季度。我們的收入達到了 1.5 億美元的指導範圍，同比增長 39%，環比增長 16%，所有這些都是在許多企業推遲可自由支配支出的環境下實現的。在美國，我們繼續交付我們在之前的電話會議中提到的幾個重大項目。我們正在完成沃爾沃星巴克項目的建設，這是一條從西雅圖到丹佛的 1300 英里走廊，由沿線星巴克門店的 ChargePoint DC 快速充電解決方案連接。

We also began shipping our charging stations for a much larger project is the Mercedes-Benz fast charging network, which we announced at CES in January. As Mercedes recently stated, the first of these 400-plus charging hubs will open in the fall. In Q2, we also delivered a large amount of product to the United States Postal Service with our partner, Rexel Energy Solutions, supporting the ongoing growth of our fleet business. Transit deployment scaled nicely in the quarter, including a project with the MTA in San Francisco, among others.

我們還開始為一個更大的項目運送充電站，即梅賽德斯-奔馳快速充電網絡，我們在一月份的 CES 上宣布了這一項目。正如梅賽德斯最近表示，這 400 多個充電中心中的第一個將於秋季開放。第二季度，我們還與合作夥伴 Rexel Energy Solutions 一起向美國郵政局交付了大量產品，支持我們車隊業務的持續增長。本季度交通部署規模擴大，其中包括與舊金山 MTA 合作的項目等。

We've now over 18 -- excuse me, 8,000 electric buses served by our charging management software and our telematics solutions. Just last week, we received a FedRAMP unique entity ID from the U.S. government, a designation achieved after a long process. This permits us to bid for tens of millions of dollars in potential U.S. government RFPs. I'd also like to reiterate our commentary on what is perceived as a major market development, adoption of the NACS connector.

現在，我們的充電管理軟件和遠程信息處理解決方案已為超過 18 輛——對不起，8,000 輛電動公交車提供服務。就在上週，我們收到了美國政府頒發的 FedRAMP 唯一實體 ID，這是經過漫長過程才獲得的指定。這使我們能夠在潛在的美國政府 RFP 中競標數千萬美元。我還想重申我們對 NACS 連接器的採用這一被視為主要市場發展的評論。

Seeing the market need to support this connector type, we began product development well ahead of the recent OEM announcements and are finalizing our NACS connector solutions to begin shipping in November. That being said, we remain committed to making sure our customers do not need to dedicate parking spaces to cars equipped with a specific connector type. Customers' existing investments in ChargePoint technology are protected and will remain so into the future beyond optional cost-effective upgrade program to NACS cables for their chargers. Our goal is to enable drivers to charge any vehicle anywhere at any time.

看到市場需要支持這種連接器類型，我們早在最近的 OEM 公告之前就開始了產品開發，並正在最終確定我們的 NACS 連接器解決方案，將於 11 月開始發貨。話雖如此，我們仍然致力於確保我們的客戶不需要將停車位專門用於配備特定連接器類型的汽車。客戶在 ChargePoint 技術上的現有投資受到保護，並且除了可選的經濟高效的充電器 NACS 電纜升級計劃之外，未來仍將如此。我們的目標是讓駕駛員能夠隨時隨地為任何車輛充電。

Turning to Europe. Our business continues to expand with a clear highlight being our collaboration with leasing companies. For those unfamiliar with the European car market, the majority of new vehicles sold are delivered as a leased company car benefit. During the quarter, we added Arval, part of the BNP Group, and a European leader in full-service vehicle leasing to the list of these companies that have chosen ChargePoint.

轉向歐洲。我們的業務不斷擴大，其中一個明顯的亮點是我們與租賃公司的合作。對於那些不熟悉歐洲汽車市場的人來說，大部分銷售的新車都是作為租賃公司汽車福利交付的。本季度，我們將 BNP 集團旗下的歐洲全方位服務車輛租賃領導者 Arval 添加到選擇 ChargePoint 的公司名單中。

With the same strategic lens through which we approach leasing company relationships, we also are fostering our partnerships with fuel card providers like WEX, UTI, Voyager and others. These customers are building substantial charging businesses based on ChargePoint software. Overall, our European revenue grew 78% year-over-year, and we have now surpassed 500,000 roaming ports for drivers there in addition to our own installations.

憑藉我們處理租賃公司關係的相同戰略視角，我們還正在培養與 WEX、UTI、Voyager 等加油卡提供商的合作夥伴關係。這些客戶正在基於 ChargePoint 軟件建立大量的充電業務。總體而言，我們在歐洲的收入同比增長了 78%，除了我們自己的安裝之外，我們現在已經為那裡的司機提供了超過 500,000 個漫遊端口。

Globally, we are progressing our fortified contract manufacturing strategy. We expect these changes to give us an increased capacity, an improved cost structure and reliable supply. Finally, to give you a snapshot of ChargePoint's global momentum, here are our latest network, customer and environmental statistics. We finished the quarter with over 225,000 active ports under management, including more than 22,000 DC fast ports.

在全球範圍內，我們正在推進強化合同製造戰略。我們預計這些變化將為我們帶來更大的產能、改善的成本結構和可靠的供應。最後，為了讓您大致了解 ChargePoint 的全球發展勢頭，以下是我們最新的網絡、客戶和環境統計數據。本季度結束時，我們管理著超過 225,000 個活動端口，其中包括超過 22,000 個 DC 快速端口。

Approximately 1/3 of our managed ports are in Europe, and we now provide drivers access to more than 532,000 roaming ports globally. We count 76% of the 2022 Fortune 50 and 57% of the 2022 Fortune 500 as our customers. From an environmental perspective, as of the end of the quarter, we estimate that our network has now fueled approximately 7 billion electric miles, avoiding approximately 280 million cumulative gallons of gasoline and over 1.4 million metric tons of greenhouse gas emissions.

我們大約 1/3 的託管端口位於歐洲，現在我們為司機提供全球超過 532,000 個漫遊端口的訪問權限。 2022 年財富 50 強中 76% 的客戶和 2022 年財富 500 強中 57% 的客戶都是我們的客戶。從環境角度來看，截至本季度末，我們估計我們的網絡現已為約 70 億英里的里程提供燃料，累計避免了約 2.8 億加侖的汽油和超過 140 萬噸的溫室氣體排放。

And before I hand it over to Rex, I just want to correct one thing that I may have misspoken. We finished the quarter with 255,000 active ports under management. I apologize for the mistake. Rex, over to you.

在我把它交給雷克斯之前，我只想糾正一件事，我可能說錯了。本季度結束時，我們管理著 255,000 個活躍端口。我為這個錯誤道歉。雷克斯，交給你了。

Thanks, Pasquale, and good afternoon, everyone. As a reminder, 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. Network charging systems refer to our connected hardware. Subscriptions include our cloud services connecting that hardware, ensure warranties and our ChargePoint -- sorry, connecting that hardware, assure 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.

謝謝帕斯卡萊，大家下午好。提醒一下，請參閱我們的收益發布，其中我們將非 GAAP 業績與 GAAP 進行了調整，並回想一下，我們繼續按照 3 條線報告收入：網絡收費系統、訂閱和其他。網絡收費系統是指我們連接的硬件。訂閱包括我們連接該硬件、確保保修的雲服務和我們的 ChargePoint（抱歉，連接該硬件、確保保修）以及我們的 ChargePoint 即服務產品，其中我們將硬件、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。

For Q2, revenue was $150 million, up 39% year-on-year and 16% sequentially, within our guidance range of $148 million to $158 million. Network charging systems at $115 million, was 76% of Q2 revenue, up 36% year-on-year. Subscription revenue at $30 million, was 20% of total revenue, up 48% year-on-year. Other revenue at $6 million and 4% of total revenue, increased 51% year-on-year.

第二季度收入為 1.5 億美元，同比增長 39%，環比增長 16%，處於我們 1.48 億至 1.58 億美元的指導範圍內。網絡收費系統收入為 1.15 億美元，佔第二季度收入的 76%，同比增長 36%。訂閱收入為3000萬美元，佔總收入的20%，同比增長48%。其他收入為 600 萬美元，佔總收入的 4%，同比增長 51%。

Our deferred revenue continues to grow. This is future recurring subscription revenue from existing customer commitments and payments and finished the quarter at $220 million, up from $205 million at the end of Q1. Turning to verticals. As you know, we report them from a billings perspective, which approximates the revenue split. Q2 billings percentages were commercial 75%; fleet 16%; residential 7%; and other 1%.

我們的遞延收入持續增長。這是來自現有客戶承諾和付款的未來經常性訂閱收入，本季度末為 2.2 億美元，高於第一季度末的 2.05 億美元。轉向垂直領域。如您所知，我們從賬單角度報告它們，這近似於收入分配。第二季度商業賬單百分比為 75%；機隊 16%；住宅 7%；和其他1%。

Commercial was healthy and fleet continued execution against large programs. Despite the smaller contribution to Q2 billings relative to 24% in Q1, fleet grew over 50% year-on-year. In residential, we saw demand building for our home products through dealer, retailer and utility programs. The shipments were slower than expected.

商業狀況良好，機隊繼續執行大型項目。儘管與第一季度的 24% 相比，第二季度的賬單貢獻較小，但機隊同比增長超過 50%。在住宅領域，我們看到經銷商、零售商和公用事業項目對我們的家居產品的需求不斷增加。發貨速度慢於預期。

From a geographic perspective, North America's Q2 revenue was 79% and Europe was 21%, consistent with our first quarter of this year. In the second quarter, Europe delivered $32 million in revenue, grew 78% year-on-year and sequentially increased 17%. Turning to gross margin. Non-GAAP gross margin for Q2 was 3%. As Pasquale indicated, this reflects a $28 million or 19 margin point impairment to cost of goods sold. This was taken to address supply chain-related higher component costs and supply overruns for our first-generation DC charging product.

從地域角度來看，北美第二季度收入為 79%，歐洲為 21%，與我們今年第一季度的情況一致。第二季度，歐洲實現收入 3200 萬美元，同比增長 78%，環比增長 17%。轉向毛利率。第二季度非 GAAP 毛利率為 3%。正如 Pasquale 所指出的，這反映了銷售成本的 2800 萬美元或 19 個利潤點減值。此舉是為了解決我們第一代直流充電產品與供應鏈相關的較高組件成本和供應過剩問題。

In addition to this quarter-end impairments, our non-GAAP gross margin for the quarter also included 3 points of headwind from selling this first-generation product at the pre-impairment cost structure. We see continued demand for this product. Non-GAAP operating expenses for Q2 were $89 million, a year-on-year increase of 11% and a sequential increase of 4%.

除了本季度末的減值之外，我們本季度的非 GAAP 毛利率還包括按減值前的成本結構銷售第一代產品所帶來的 3 個百分點的阻力。我們看到對該產品的持續需求。第二季度非 GAAP 運營費用為 8900 萬美元，同比增長 11%，環比增長 4%。

From an operating leverage perspective, this represents a 6-point improvement against the first quarter. For reasons Pasquale mentioned, today, we took actions reducing our operating expenses. I will speak to the implications when I give guidance shortly. Stock-based compensation in Q2 was $35 million, up from $24 million in Q1. We typically do our annual refresh grants in Q2, which explains the stair step.

從運營槓桿角度來看，這比第一季度提高了 6 個百分點。由於帕斯誇萊提到的原因，今天我們採取了減少運營費用的行動。當我很快提供指導時，我將談到其影響。第二季度的股票薪酬為 3500 萬美元，高於第一季度的 2400 萬美元。我們通常在第二季度進行年度更新補助，這解釋了階梯步驟。

Q2 non-GAAP adjusted EBITDA loss pre-impairment was $53 million. This was a 5% improvement year-on-year, but higher than our expectations due to revenue landing towards the low end of our range and a lower-than-expected gross margin. Our non-GAAP adjusted EBITDA inclusive of the impairment was a loss of $81 million, 44% higher than last year's second quarter. We continued to build inventory during the quarter.

第二季度非 GAAP 調整後 EBITDA 減值前損失為 5,300 萬美元。同比增長 5%，但高於我們的預期，因為收入跌至我們範圍的低端且毛利率低於預期。我們的非 GAAP 調整後 EBITDA（包含減值）為虧損 8100 萬美元，比去年第二季度高出 44%。本季度我們繼續建立庫存。

As mentioned last quarter, we are working through inventory associated with earlier supply commitments. We fished the quarter with $144 million in inventory, which is net of the Q2 impairment discussed earlier and up from $115 million at the end of Q1. We do not expect this level to increase significantly over the rest of this year. We are managing through these commitments and vectoring in on our turns goals.

正如上季度提到的，我們正在處理與早期供應承諾相關的庫存。我們本季度的庫存為 1.44 億美元，扣除了之前討論的第二季度減值，高於第一季度末的 1.15 億美元。我們預計這一水平在今年剩餘時間內不會大幅增加。我們正在履行這些承諾並努力實現我們的目標。

Looking at cash, we finished the quarter with $264 million in hand. This balance includes $38 million raised through our ATM program, which has generated a total of $105 million over the past 3 quarters. During Q2, we also entered into a $150 million revolving credit facility with 4 leading global banks. This facility is currently undrawn and provides nondilutive liquidity. It will be strategically deployed alongside our at-the-market program to maintain a strong balance sheet as we drive towards becoming cash flow positive next year. This is our capital plan. We had approximately 360 million shares outstanding as of July 31, 2023.

就現金而言，本季度末我們手頭有 2.64 億美元。該餘額包括通過我們的 ATM 計劃籌集的 3800 萬美元，該計劃在過去 3 個季度總計產生了 1.05 億美元。第二季度，我們還與 4 家全球領先銀行簽訂了 1.5 億美元的循環信貸額度。該融資目前尚未提取，並提供非稀釋性流動性。它將與我們的市場計劃一起進行戰略部署，以在我們明年實現正現金流的同時保持強勁的資產負債表。這是我們的資本計劃。截至 2023 年 7 月 31 日，我們擁有約 3.6 億股已發行股票。

Turning to guidance. For the third quarter of fiscal 2023, we expect revenue to be $150 million to $165 million, up 26% year-on-year and up 5% sequentially at the midpoint. For the full fiscal year, we are guiding to $605 million to $630 million, up 32% year-on-year at the midpoint. Regarding gross margin for the third quarter, we expect to be between 22% and 25% on a non-GAAP basis as we work through the inventory levels discussed earlier.

轉向指導。對於 2023 財年第三季度，我們預計收入為 1.5 億至 1.65 億美元，同比增長 26%，中值環比增長 5%。對於整個財年，我們的指導值為 6.05 億至 6.3 億美元，同比中值增長 32%。關於第三季度的毛利率，在我們研究之前討論的庫存水平時，我們預計按非公認會計準則計算，第三季度的毛利率將在 22% 至 25% 之間。

With the inventory issue behind us and aggressive programs for improving our cost structure on supply and manufacturing, we would expect to resume continued improvement in gross margin next year. Though we don't typically guide on operating expenses, given the reorganization we announced today, we want to help reset everyone on a new level for the remainder of this year.

隨著庫存問題的解決以及改善供應和製造成本結構的積極計劃，我們預計明年毛利率將恢復持續改善。儘管我們通常不會對運營費用提供指導，但考慮到我們今天宣布的重組，我們希望在今年剩餘時間內幫助每個人重新回到新的水平。

Therefore, we expect non-GAAP operating expenses to be $81 million to $84 million in Q3 and $79 million to $82 million in Q4. Finally, regarding our goal of reducing our non-GAAP adjusted EBITDA by 2/3 from our Q1 level this year of $49 million, we're being prudent in our revenue guidance while managing gross margin and operating expenses. Accordingly, we are targeting to have the Q1 adjusted EBITDA loss in Q4. And with that, I will turn it back to Pasquale for closing remarks.

因此，我們預計第三季度非公認會計準則運營費用為 8100 萬美元至 8400 萬美元，第四季度為 7900 萬美元至 8200 萬美元。最後，關於我們將今年第一季度 4900 萬美元的非 GAAP 調整後 EBITDA 減少 2/3 的目標，我們在管理毛利率和運營費用的同時對收入指引持謹慎態度。因此，我們的目標是在第四季度實現第一季度調整後 EBITDA 損失。接下來，我將把它轉回給帕斯誇萊做總結髮言。

Thanks, Rex. In summary, we delivered on our revenue guidance for the quarter and expanded operating leverage. We're the clear leader in EV charging infrastructure across 2 continents and recognize that to be successful. Our solutions need to be everywhere, easy to find, easy to use and highly reliable. ChargePoint is at the front of a long-term growth cycle. We are well positioned and well capitalized for the future, leaving us confident we will hit our goal of profitability on an adjusted EBITDA basis by the end of next year.

謝謝，雷克斯。總之，我們實現了本季度的收入指引並擴大了運營槓桿。我們是兩大洲電動汽車充電基礎設施領域無可爭議的領導者，並認識到這一點才能取得成功。我們的解決方案需要無處不在、易於查找、易於使用且高度可靠。 ChargePoint 正處於長期增長周期的前端。我們為未來做好了充分的準備和充足的資本，讓我們有信心在明年年底前實現調整後 EBITDA 的盈利目標。

Thank you for tuning in today. Operator, let's proceed to questions.

感謝您今天的收聽。接線員，我們繼續提問。

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

（操作員說明）今天下午我們將回答 Evercore ISI 的 James West 提出的第一個問題。

So Pat, you're going to be shipping the new products here in a couple of months. I know you had already started to do engineering work and things like that. Is it going to cause a change at all in kind of the ASP for your products, or is it a relatively minor kind of adjustment just to add next to the existing portfolio?

帕特，您將在幾個月內將新產品運送到這裡。我知道你已經開始從事工程工作和類似的事情了。它是否會導致您的產品的平均售價發生變化，或者只是在現有產品組合旁邊添加一個相對較小的調整？

It doesn't have an ASP effect.

它沒有ASP效果。

Okay. Okay. Got it. And then maybe for Rex. On the 3 points of headwind on the margin, is that -- I guess, what are the main drivers of that? I believe it's just the new -- getting ready for the new sales. But are those just this quarter issue? Do they go away in the next couple of quarters, or are they here for the rest of the fiscal year?

好的。好的。知道了。然後也許是雷克斯。關於邊緣的三個逆風，我猜，其主要驅動因素是什麼？我相信這只是新的——為新的銷售做好準備。但這些只是本季度的問題嗎？他們會在接下來的幾個季度離開，還是會在本財年剩餘的時間裡繼續存在？

So James, those should go away going forward. It was an in-quarter item. We only flagged it just because we did the impairments effective as of the end of the quarter, and therefore, it didn't affect any of the underlying margin for that product during the quarter. We just wanted people to understand what the impact was. But with the impairment, that goes away.

所以詹姆斯，這些應該在未來消失。這是一個季度項目。我們之所以標記它只是因為我們在本季度末進行了有效的減值，因此，它並沒有影響該產品在本季度的任何基本利潤率。我們只是想讓人們了解影響是什麼。但隨著損傷的發生，這種情況就消失了。

We go next now to Colin Rusch at Oppenheimer.

接下來我們請聽奧本海默的科林·魯施 (Colin Rusch)。

With the restructuring, can you talk about areas where you're going to focus some of those cuts? Or is it really just generally across the board? And then the follow-up question is really about the pathway to the cash flow breakeven, if you could walk us through that as a secondary question here.

通過重組，您能談談您將重點削減哪些領域嗎？或者說這真的只是普遍現象嗎？然後，後續問題實際上是關於現金流盈虧平衡的途徑，如果您可以在這裡將其作為次要問題引導我們解決的話。

I'll take the first part, Colin. So I want to -- I just want to make sure that something is well understood. We've been working on this restructuring for months, and it's quite distinct from many of the other financial parameters in the company. It does have some bearing on the back half of the year, but it's largely something we've done as we've continued to optimize how we execute internally. And I'll point out that over the last 8 quarters or so, operating expenses have been operating in a fairly tight band and we've been improving operating leverage over that period of time.

我會講第一部分，科林。所以我想——我只是想確保某些事情被很好地理解。我們已經為這次重組工作了幾個月，它與公司的許多其他財務參數截然不同。它確實對今年下半年產生了一些影響，但這很大程度上是我們在繼續優化內部執行方式時所做的事情。我要指出的是，在過去 8 個季度左右的時間裡，運營費用一直在相當緊張的範圍內運營，並且我們在此期間一直在提高運營槓桿。

And so to specifically answer your question, we made a restructuring a few weeks ago as Phase 1 of this, where we changed how we organize the go-to-market organizations with respect to North America and Europe due to scale just to improve our execution velocity and move some of the product portfolio organization closer to the regions to enable them to operate faster. Today, we added to that some restructuring with respect to how we are organized in the R&D operations and product management organizations. We did quite a bit of consolidation and reorganization in those areas. Again, from an execution perspective, it will improve our velocity.

因此，為了具體回答您的問題，我們在幾週前進行了重組，作為第一階段，我們根據規模改變了北美和歐洲市場進入組織的組織方式，只是為了提高我們的執行力速度並將一些產品組合組織移至更靠近區域的位置，以使它們能夠更快地運營。今天，我們對研發運營和產品管理組織的組織方式進行了一些重組。我們在這些領域做了相當多的整合和重組。同樣，從執行的角度來看，它將提高我們的速度。

And then we also did some things in other areas of the company across sales and marketing and G&A in addition to those where we did address reducing some of the OpEx on a go-forward basis. So, it's really a combination of all of the above. Hope that answers your question.

然後，除了我們確實解決了在未來的基礎上減少一些運營支出的問題之外，我們還在公司的其他領域做了一些事情，包括銷售、營銷和一般管理費用。所以，它實際上是上述所有內容的組合。希望這能回答你的問題。

That's super helpful. And then the follow-up question is really just what I asked. The pathway to get into the cash flow breakeven. It looks like kind of at midpoint, you're about $180 million in revenue for the fourth quarter, plus or minus. And so, thinking about a 30% to 35% growth rate, and -- would require substantial margin expansion. And so I just want to get a sense of how you guys see that path moving forward to getting into the 30% to 35% gross margin range.

這非常有幫助。然後後續的問題確實就是我問的。實現現金流盈虧平衡的途徑。看起來在中點，第四季度的收入約為 1.8 億美元（上下）。因此，考慮 30% 到 35% 的增長率，並且——將需要大幅擴張利潤率。所以我只是想了解一下你們如何看待毛利率進入 30% 到 35% 範圍的道路。

Yes. So, big work on the model. Bottom line is we've declared again today that we are bound and determined to get to that result by the -- by Q4 of next year. I think the reorganization we did today is an indication of our commitment to that target. If you run the numbers, yes, there needs to be some gross margin improvement. I think I alluded to that in my commentary. We've got some short-term things that we need to grind through from, call it, the supply chain hangover standpoint, which we will do. But again, I think we've shown consistently from an execution standpoint that we can generally hit our top line guidance, and we're bound and determined to hit that target in Q4.

是的。因此，在模型上要做大量工作。最重要的是，我們今天再次宣布，我們有義務並決心在明年第四季度之前實現這一結果。我認為我們今天進行的重組表明了我們對這一目標的承諾。如果你計算一下數字，是的，毛利率需要有所改善。我想我在評論中提到了這一點。我們有一些短期問題需要解決，從供應鏈宿醉的角度來看，我們將會這樣做。但我再次強調，從執行的角度來看，我們已經一致表明，我們總體上可以達到我們的頂線指引，並且我們有信心並決心在第四季度達到該目標。

We'll go next now to Matt Summerville at D.A. Davidson.

接下來我們將去 D.A. 的馬特·薩默維爾 (Matt Summerville)。戴維森。

A couple of questions. First, Pat, in your prepared remarks, you mentioned the qualification you received from the U.S. government. What's involved in that qualification? And what distinguishes your ability to compete on some of these deals versus others in the market?

有幾個問題。首先，帕特，在你準備好的發言中，你提到了你從美國政府獲得的資格。該資格涉及什麼？您在其中一些交易中的競爭能力與市場上其他交易的競爭能力有何不同？

Yes. So as a point of clarification that is, a, the FedRAMP is largely centered around the federal government's internal -- or controls requirements on software systems that are controlling assets that are sold to the federal government in certain agencies. It's one of their qualification programs. Receiving that ID is -- and being listed on the website basically is the milestone that effectively says we've been through all of the process at the federal government with respect to meeting the controls and audit requirements that they have across the board.

是的。因此，需要澄清的是，a，FedRAMP 主要圍繞聯邦政府的內部或對軟件系統的控制要求，這些軟件系統控制著某些機構出售給聯邦政府的資產。這是他們的資格計劃之一。收到該 ID 並在網站上列出基本上是一個里程碑，它有效地表明我們已經完成了聯邦政府的所有流程，以滿足他們全面的控制和審計要求。

So, think about it as controls, security, other things associated largely with software. And remember, for us, we always lead with those with a software-first approach, and that pulls through, obviously, the hardware that we have that works in conjunction with that software to deliver the entire solution.

因此，可以將其視為控制、安全以及主要與軟件相關的其他事物。請記住，對我們來說，我們始終以軟件優先的方法為主導，顯然，這會通過我們擁有的硬件與該軟件結合使用來提供整個解決方案。

Got it. And then just as a quick follow-up. I think you guys have been doing some belt tightening ahead of this formal cost out program. So when you think about it holistically, is that $30 million number actually higher in terms of OpEx takeouts? And when do you expect to hit that $30 million run rate? What would be the timing on that?

知道了。然後作為快速跟進。我想你們在這個正式的成本削減計劃之前已經開始勒緊褲腰帶了。那麼，當您從整體上考慮時，就運營支出而言，3000 萬美元的數字實際上是否更高？您預計什麼時候能夠達到 3000 萬美元的運行率？時間是什麼時候？

Yes. So the $30 million is an annualized number. We pulled the trigger today. Today is -- the reorg took effect today. What you'll see is, in Q3, you'll see some impact of that, hence my guidance for Q3 OpEx. The full impact of it will hit in Q4 because, obviously, today is September, whatever today is September 5 -- 6, thank you. So we don't get the full impact in Q3, we'll get the full impact in Q4. And then obviously, that's again that keeps on giving as we move into next year.

是的。所以3000萬美元是一個年化數字。今天我們扣動了扳機。今天是——重組於今天生效。您將看到的是，在第三季度，您會看到它的一些影響，因此我對第三季度運營支出的指導。其全面影響將在第四季度產生，因為顯然今天是 9 月，無論今天是 9 月 5 日至 6 日，謝謝。因此，我們不會在第三季度獲得全部影響，我們將在第四季度獲得全部影響。顯然，隨著我們進入明年，這又會繼續給予。

And I think the main thing that people should focus on, if you look at what we've been doing, I think we've been pretty responsible in terms of managing our operating expenses. We added some acceleration back in calendar '21. We leveled out in '22, had some acceleration beginning of the year, but recognized to hit some of the profitability targets that we put out, we need to ratchet back.

我認為人們應該關注的主要事情是，如果你看看我們一直在做的事情，我認為我們在管理運營費用方面非常負責。我們在 21 年日曆中添加了一些加速功能。我們在 22 年實現了平穩，今年年初有所加速，但我們認識到要實現我們提出的一些盈利目標，我們需要回落。

But we've actually done a great job, I think, of significantly expanding the top line while holding the operating expense level really constant net-net. And so we feel confident that we're going to get to our targets next year.

但我認為，我們實際上做得很好，顯著擴大了營收，同時保持了運營費用水平真正恆定的淨淨額。因此，我們對明年實現目標充滿信心。

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

接下來我們請聽美國銀行的 Alex Vrabel。

Maybe just a higher level one. I think you mentioned at the outset talking about sort of utilization on the infrastructure portends sort of more demand to come. I'm just curious, right, there's a lot of sort of noise out there about EV sitting on lots. I think fleet EVs are still relatively delayed or on backlog. You guys obviously have a broad scope and a broad view. So just curious how you would sort of paint the real picture from what you're seeing out there and how things have evolved sort of from the start of the year to today.

也許只是更高級別的。我認為您一開始就提到基礎設施的利用率預示著未來會有更多的需求。我只是很好奇，對吧，外界有很多關於電動汽車停產的噪音。我認為車隊電動汽車仍然相對延遲或處於積壓狀態。看來你們的視野很廣闊，視野也很開闊。所以只是好奇你會如何從你所看到的情況中描繪出真實的畫面，以及從年初到今天事情是如何演變的。

Yes. So let me take your two-part question kind of backwards. On the fleet side, definitely, vehicle limited, very consistent with the comments that I've made on previous earnings calls. So continuing to win customers just sets us up for an expand later when that starts to decompress. And from a customer base perspective, I think if you polled large fleet customers, they would express some frustration with respect to the availability of vehicles.

是的。因此，讓我倒退一下你的由兩部分組成的問題。在車隊方面，肯定是車輛有限，這與我在之前的財報電話會議上發表的評論非常一致。因此，繼續贏得客戶只會為我們在以後開始減壓時進行擴張做好準備。從客戶群的角度來看，我認為如果您對大型車隊客戶進行調查，他們會對車輛的可用性表示一些沮喪。

On the passenger car side, while there are some makes and models that aren't moving, I think what you're seeing is some price sensitivity in the consumer market with respect to the higher-priced side of the electric vehicle market in general, and probably the vehicle market overall, given where interest rates are.

在乘用車方面，雖然有一些品牌和型號沒有變化，但我認為您看到的是消費者市場相對於電動汽車市場的較高價格方面的一些價格敏感性，考慮到利率的情況，可能還會影響整個汽車市場。

And then what you're also seeing, frankly, is variable take-up with respect to the models introduced based on consumer preference. So not all cars are winners, regardless of their drivetrain technology. So some things will sit in an oversupply state. What you have is, I believe the number is in my prepared remarks, 48% Q2 to Q2 the prior year increase in electric vehicle sales.

坦率地說，您還看到，根據消費者偏好推出的型號的採用率存在差異。因此，無論動力傳動系統技術如何，並非所有汽車都是贏家。因此，有些東西將處於供過於求的狀態。我相信這個數字是在我準備好的發言中，去年第二季度到第二季度電動汽車銷量增長了 48%。

And that's, I think, the more indicative number. It's overall up. There are some hot spots and cold spots, but it's overall up. And I just think that's just the normal development of what is a very -- the vehicle market is not satisfied by 2 or 3 models. It's a very large model base that's required to cover everything. And again, not everything is going to win and also not everything is going to be aligned to the economic -- macroeconomic conditions out there for consumers.

我認為，這是更具指示性的數字。整體已經漲了雖然有一些熱點和冷點，但總體是上漲的。我只是認為這只是汽車市場的正常發展並不能滿足於 2 或 3 種車型。這是一個非常大的模型庫，需要涵蓋所有內容。再說一遍，並不是一切都會獲勝，也不是一切都會與消費者的經濟宏觀經濟狀況保持一致。

Got it. Super helpful. Just a quick clarification on the cash. I think you guys mentioned sufficient cases position to reach that EBITDA inflection later in '24. I'm just curious you guys now have the revolver on top of the ATM. Any thoughts about why you would use one or the other timing around sort of your capital sourcing strategy from now until that would be helpful.

知道了。超級有幫助。只是對現金進行快速澄清。我認為你們提到了足夠的案例位置，以在 24 年晚些時候達到 EBITDA 拐點。我只是好奇你們現在把左輪手槍放在自動取款機上。從現在到那時，任何關於為什麼您會在某種資本採購策略上使用一種或另一種時機的想法都會有所幫助。

Yes. I think it's sort of an either/or thing. It's not a preference for A or B. So I think what we've said previously is the ATM, we'd like to do that on a consistent low level basis to match very loosely our adjusted EBITDA loss as we progress into next year. That's not a fixed formula, but it is something that's aspirational. And then as far as the revolving credit facility, we'd draw that down when we need to. We have numbers in mind that we'd like to maintain on the balance sheet. And if we need to, we'll pull it down, but it does depend on how the ATM shakes out.

是的。我認為這是一個非此即彼的事情。這不是對A 或B 的偏好。所以我認為我們之前所說的是ATM，我們希望在持續的低水平基礎上做到這一點，以便隨著我們進入明年，我們調整後的EBITDA 損失非常寬鬆地匹配。這不是一個固定的公式，但它是一個令人嚮往的東西。然後就循環信貸安排而言，我們會在需要時提取。我們心中有一些數字，希望保留在資產負債表上。如果需要的話，我們會把它拉下來，但這確實取決於 ATM 機如何擺脫困境。

We'll next move to Bill Peterson, JPMorgan.

接下來我們將請摩根大通的比爾·彼得森 (Bill Peterson) 發言。

Yes. So if we think about your second half demand outlook, can you help us understand how the trends should look across residential, commercial, including workplace and fleet? I mean we saw here in the second quarter that commercial had some nice growth, while fleet and residential kind of took a step back. But how should we think about the trends amongst the segments in the second half?

是的。因此，如果我們考慮下半年的需求前景，您能否幫助我們了解住宅、商業（包括工作場所和車隊）的趨勢如何？我的意思是，我們在第二季度看到商業有一些不錯的增長，而車隊和住宅則有所回落。但我們該如何看待下半年各細分領域的趨勢呢？

Yes. I mean, a perfect kind of copy of the way to answer the previous question as backwards, start with the fleet one. The fleet side of our business is the fleet customers are inherently "lumpy" with respect to revenue. And so -- and that has a lot to do with not only vehicle availability but their own construction plans for their depots, et cetera. So, I would look at our fleet business on a more than one quarter trended basis, given the fact that you could get some quarter-to-quarter variance that overall isn't indicative of any specific market change in condition.

是的。我的意思是，這是一種完美的方式來回答上一個問題，從艦隊開始。我們業務的車隊方面是，車隊客戶的收入本質上是“不穩定的”。因此，這不僅與車輛的可用性有很大關係，還與他們自己的車庫建設計劃等有很大關係。因此，我會在超過一個季度的趨勢基礎上審視我們的車隊業務，因為您可能會得到一些季度與季度之間的差異，但總體而言並不表明任何特定的市場狀況變化。

The commercial side, with respect to growth, while you said there was nice growth there, which there was, the growth was not where utilization would say it should be. So you've got a little bit of a dislocation between where commercial buyers, general businesses effectively when we refer to commercial, are viewing the priority of investing in EV charging right now, given where their own businesses are and the difficult decisions that all businesses are making in general in the current environment.

商業方面，就增長而言，雖然你說那裡有不錯的增長，確實如此，但增長並未達到利用率所說的應有水平。因此，商業買家（當我們提到商業時實際上是一般企業）考慮到他們自己的企業所處的位置以及所有企業都面臨的艱難決定，他們現在看待投資電動汽車充電的優先事項之間存在一點錯位。在當前環境下總體上正在取得進展。

So while the growth that you commented on is good in commercial, it should have been better if it weren't for the overhang that exists. But the utilization pressure is there. So the response will come because the response has to come to that utilization pressure. And on home, it's going to go largely with vehicle sales. There's a bit of seasonality. We'll probably see some increased take-up in the back half of this year due to normal seasonal trends.

因此，雖然您所評論的商業增長良好，但如果不是存在懸而未決的情況，情況應該會更好。但利用壓力是存在的。因此，響應將會到來，因為響應必須針對利用率壓力。在國內，這將主要取決於汽車銷售。有一點季節性。由於正常的季節性趨勢，我們可能會在今年下半年看到一些增加的使用量。

Okay. And recently, the 7 OEMs announced that they'd like to build their own charging network. 30,000 chargers maybe around the summer of '24 starting. You also mentioned that you started your, I guess, Mercedes-Benz build-out, and they're one of the OEMs that's part of this. I guess, are there any particular implications of this charging network? Is this an opportunity for ChargePoint? I mean how would your relationship with Mercedes-Benz potentially benefit this program? Is this something that you're actively pursuing?

好的。最近，7家整車廠宣布要建立自己的充電網絡。大約從 24 年夏天開始，可能會有 30,000 個充電器。您還提到，您開始了梅賽德斯-奔馳的擴建，他們是其中的原始設備製造商之一。我想，這個充電網絡有什麼特別的含義嗎？這對 ChargePoint 來說是一個機會嗎？我的意思是，您與梅賽德斯-奔馳的關係將如何使該計劃受益？這是您正在積極追求的事情嗎？

So what I can say, being fairly close to all the OEMs that are involved in the broader set in general, is that they're sorting out amongst themselves how they want to organize and progress that business. To answer your question specifically regarding an opportunity, we view it as absolutely an opportunity for us. We're very proud of what we've done on the Mercedes-Benz project to date. You'll see that, as I said in the fall, Mercedes made an announcement with respect to when they expect sites to go live in the fall.

因此，我能說的是，與參與更廣泛領域的所有原始設備製造商相當接近的是，他們正在內部確定如何組織和推進該業務。為了具體回答您關於機會的問題，我們認為這對我們來說絕對是一個機會。我們對迄今為止在梅賽德斯-奔馳項目上所做的一切感到非常自豪。您會看到，正如我在秋天所說的那樣，梅賽德斯宣布了他們預計網站將於秋季上線的時間。

And we'll be eager to hear customer perception of that project. We've been working very hard at it. We hope that bodes well for us with respect to any opportunities that the auto consortium would bring to market. And frankly, I'll remind you that we've also done a lot more with auto OEMs historically. We've done a lot with state programs historically.

我們將渴望聽到客戶對該項目的看法。我們一直在努力。我們希望這對我們來說是個好兆頭，因為汽車聯盟將為市場帶來任何機會。坦率地說，我要提醒您，我們歷史上也與汽車原始設備製造商做了很多工作。歷史上我們在國家計劃方面做了很多工作。

We've done an awful lot of VW Appendix D statewide programs, where we built out corridors. I mentioned in my remarks that we did a project with Volvo and Starbucks, 1300-mile corridor from Seattle to Denver. So, we've got a lot of experience building these things out. And related to that, you saw us make some announcements relative to a double down on our investment with respect to uptime performance, bulletproof availability, et cetera.

我們已經完成了大量大眾汽車附錄 D 全州範圍的項目，其中我們建造了走廊。我在發言中提到，我們與沃爾沃和星巴克做了一個項目，從西雅圖到丹佛的1300英里走廊。因此，我們在構建這些東西方面擁有豐富的經驗。與此相關的是，您看到我們發布了一些有關在正常運行時間性能、防彈可用性等方面加大投資的公告。

We think that's just critical. It's critical for this phase of expansion for consumers. It's got to be reliable. It's got to be easy to find. It's got to be easy to use, and we're making actually quite large investments relative to where most of these corridor builds out especially in those areas. So we hope to be well ahead of the curve.

我們認為這很關鍵。對於消費者而言，這對於這一階段的擴張至關重要。它必須是可靠的。它一定很容易找到。它必須易於使用，而且相對於大多數走廊的建設地點，特別是在這些地區，我們實際上進行了相當大的投資。因此，我們希望能夠走在時代的前沿。

We'll go next now to Joseph Osha at Guggenheim.

接下來我們將去古根海姆的約瑟夫·奧沙。

I apologize, I'm in a car. Two questions. First, obviously, some of the intermediate-term challenges you're seeing presumably exist elsewhere in the business also. Is there any thought around opportunities for inorganic growth or consolidation? Or is that just not something you would ever think about? And then I do have a follow-up.

抱歉，我在車裡。兩個問題。首先，顯然，您所看到的一些中期挑戰可能也存在於業務的其他方面。是否考慮過無機增長或整合的機會？或者這只是你不會想到的事情？然後我確實有後續行動。

Well, frankly, if I told you we would ever enter a period where we wouldn't think about that, you'd probably question me because obviously, if we were to come across something that were to meet not only the financial parameters that we would outline -- guardrail deal, but also the customer acquisition parameters and the talent acquisition parameters, we would certainly do it. It's just that right now, managing the business, we have a very high bar with respect to achieving our profitability goals by the end of next year.

好吧，坦率地說，如果我告訴你我們將進入一個我們不會考慮這一點的時期，你可能會問我，因為顯然，如果我們遇到的東西不僅滿足我們的財務參數，會概述——護欄交易，還有客戶獲取參數和人才獲取參數，我們肯定會這樣做。只是目前，在管理業務方面，我們對於在明年年底之前實現盈利目標有一個非常高的標準。

We've doubled down on that on multiple earnings calls, and we are hell-bent to make that happen. So, as a test, with respect to any inorganic growth that would make sense potentially on a go-forward basis, it would have to not derail that.

我們在多次財報電話會議上加倍努力，並且決心實現這一目標。因此，作為一項測試，對於任何在未來可能有意義的無機增長，它都不能破壞這一點。

Okay. That makes sense. And then my second question, speaking to the NACS issue, obviously, you anticipated this. But I mean, the competitive landscape in NACS and wire extension, DC fast has evolved. So I'm just wondering, since the beginning of the year, has your thought around the sort of the optimum mix for ChargePoint in terms of L2 versus DC fast changed or evolved at all, or is it still just completely what it was.

好的。這就說得通了。然後我的第二個問題，談到 NACS 問題，顯然，你預料到了這一點。但我的意思是，NACS 和有線擴展、DC 快速的競爭格局已經演變。所以我只是想知道，自今年年初以來，您對 ChargePoint 在 L2 與 DC 方面的最佳組合的想法是否發生了快速變化或發展，或者仍然完全是原來的樣子。

Well, I think the question is a valid question to check in with us on, do you see any fundamental market driver that would change the proportion of DC versus AC? The NACS component of your question doesn't really change my answer. The NACS component is simply, it's a connector. It doesn't change functionality whatsoever. It's just -- the way we think about it is it's a different shape. It's something we have to contend with. And frankly, we've made an investment to make sure that we don't put our customers in a position where they have to dedicate some percentage of parking spaces to NACS and some percentage to CCS.

嗯，我認為這個問題是一個值得向我們諮詢的有效問題，您是否認為任何基本的市場驅動因素會改變直流電與交流電的比例？你的問題中的 NACS 部分並沒有真正改變我的答案。 NACS 組件很簡單，它是一個連接器。它不會改變任何功能。只是——我們思考它的方式是它的形狀不同。這是我們必須應對的事情。坦率地說，我們進行了一項投資，以確保我們不會讓客戶陷入這樣的境地：他們必須將一定比例的停車位專用於 NACS，將一定比例的停車位專用於 CCS。

That would be complete failure because you'll never get that percentage right. And if you did get it right today, it will change over time. And so it will put an undue burden on essentially remodeling risk with respect to a charging site, which is not what you want to have happen in the early days of the market. So because that connector again doesn't change functionality whatsoever or change consumer behavior whatsoever, we see no fundamental split -- or shift, I should say, in what would an AC business moving to DC or back. It doesn't really affect anything.

那將是徹底的失敗，因為你永遠無法得到正確的百分比。如果你今天做對了，它會隨著時間的推移而改變。因此，這會給充電站的改造風險帶來不適當的負擔，這不是市場早期所希望發生的情況。因此，由於該連接器不會改變任何功能或改變消費者行為，因此我們認為交流電業務向直流電遷移或返回時不會出現根本性的分裂或轉變，我應該說。它並沒有真正影響任何事情。

We'll go next now to Stephen Gengaro at Stifel.

接下來我們請聽 Stifel 的 Stephen Gengaro。

Two things for me. The first maybe for Rex. When we think about your target of getting to EBITDA breakeven. I know this was asked a little bit earlier, but can you talk us through in a little more detail to maybe increase the comfort level on kind of what type of revenue growth you need? I mean, I guess, it's about mid-30s gross margins and kind of what has to happen on the operating cost side. I mean, we're just trying to get a kind of what's behind this path, to this number with a little more detail.

對我來說有兩件事。第一個可能是雷克斯。當我們考慮您實現 EBITDA 盈虧平衡的目標時。我知道這個問題很早就被問到了，但是您能否更詳細地向我們介紹一下，以便讓我們更加了解您需要哪種類型的收入增長？我的意思是，我猜，這大約是 30 多歲的毛利率，並且是運營成本方面必鬚髮生的事情。我的意思是，我們只是想了解這條道路背後的情況，以及這個數字的更多細節。

Sure. And by the way, it's not EBITDA breakeven, it's EBITDA positive, sorry.

當然。順便說一句，這不是 EBITDA 盈虧平衡，而是 EBITDA 正值，抱歉。

Okay.

好的。

I couldn't resist. Sorry, Stephen. There are -- but we're definitely thinking about the target. So I think the best way for you to progress on that is to do what we do, which is we obviously model things out. We clearly have a lot more visibility than you do from a pipeline and big deal perspective as we go into next year. But there's a certain revenue level associated with a certain gross margin level. You know we have the levers to control from an OpEx perspective, which obviously we demonstrated today.

我無法抗拒。對不起，斯蒂芬。有——但我們肯定正在考慮目標。所以我認為你在這方面取得進展的最好方法就是做我們所做的事情，這顯然是我們對事物進行建模。進入明年，從管道和大交易的角度來看，我們顯然比你們擁有更多的可見性。但一定的收入水平與一定的毛利率水平相關。您知道，從運營支出的角度來看，我們有控製手段，這顯然是我們今天所展示的。

It is -- there are a set of assumptions, I think, are realistic that are very doable by the end of next year. If for some reason, the industry slows down considerably, which we wouldn't expect, but just a thought experiment that could happen, yes, it's going to be a problem. But we think we're on the front end of a big wave, and we're going to move into continued growth next year. God forbid fleet vehicles should actually show up. Prayer is a good thing. Hopefully, that happens. And we'll have a strong year and the gross margin challenges that we've seen over the last quarter or so will be behind us. So I think it's That's all I'd say. I can't really guide you more to it. I think that would be inappropriate.

我認為，有一系列假設是現實的，到明年年底是非常可行的。如果由於某種原因，該行業大幅放緩，這是我們意想不到的，但這只是一個可能發生的思想實驗，是的，這將是一個問題。但我們認為我們正處於大浪潮的前端，明年我們將繼續增長。上帝保佑車隊的車輛不會真正出現。祈禱是一件好事。希望這會發生。我們將迎來強勁的一年，上個季度左右的毛利率挑戰將成為過去。所以我想這就是我要說的。我真的無法指導你更多。我認為那是不合適的。

Okay. Okay. And the other question -- and one of the things we get from investors a bit is when we think about NEVI funding, right, the -- what the brain goes to is like the owner operators. And -- so then, when we think about your exposure to NEVI funding, how that kind of impacts ChargePoint? What should we be looking for? Should it be certain customers of yours who are basically utilizing you to put their NEVI dollars to work? Like how should we think about exactly how ChargePoint gets the benefit from as leverage to the NEVI funding? And when do you think we start to see that in the numbers?

好的。好的。另一個問題——我們從投資者那裡得到的一點是，當我們考慮 NEVI 融資時，對吧——大腦會想到的是所有者經營者。那麼，當我們考慮您接受 NEVI 資金的情況時，這對 ChargePoint 有何影響？我們應該尋找什麼？是否應該是您的某些客戶基本上利用您將他們的 NEVI 資金投入使用？比如我們應該如何思考 ChargePoint 如何從 NEVI 資金的槓桿作用中獲益？您認為我們什麼時候開始在數字中看到這一點？

So there's -- I'll give you some hints as to how to process that. We are not directly an asset owner. In many cases, much like we did in the VW Appendix D days, the NEVI bids are structured at a very high level in a very similar vein. We may organize a collection of our customers to ultimately own and house the assets and continue to care for them on an ongoing basis and integrate them with their business. And in some cases, our name is on the particular NEVI proposal into a state.

所以，我會給你一些關於如何處理這個問題的提示。我們不是直接的資產所有者。在許多情況下，就像我們在大眾汽車附錄 D 時代所做的那樣，NEVI 投標的結構非常高，而且結構非常相似。我們可能會組織一批客戶最終擁有和安置資產，並繼續持續維護它們，並將它們與他們的業務整合起來。在某些情況下，我們的名字會出現在某個州的特定 NEVI 提案中。

In many cases, our name is not on the proposal and in also in many cases, there are multiple proposals from multiple parties that all are based on our technology because they've selected us as the technology partner for their bid. So when you look at the results from a -- when a state finally decides how they're going to allocate their funds across the different bidders, you have to double-click one step deeper into the awards to check because we may be the awardee on multiple, which has been the case even recently. There are 4 states that have decided how they want to allocate the Phase 1.

在許多情況下，我們的名字不會出現在提案中，而且在許多情況下，來自多方的多個提案都基於我們的技術，因為他們選擇我們作為其投標的技術合作夥伴。因此，當您查看結果時 - 當一個州最終決定如何在不同投標人之間分配資金時，您必須雙擊更深入的獎項進行檢查，因為我們可能是獲獎者甚至最近也是如此。有 4 個州已決定如何分配第一階段。

And in Pennsylvania, for example, we're named in one of them, but we're also the technology supplier for 12, right? So on the surface, it looks like we did do very well. But when you peel the onion one more layer, we did quite well. And just to give you a data point, and again, you've got only 4 states that made decisions, and this is only relevant to the first phase, we've got about 1/3 or so win rate there on the monies that have been appropriated by the state.

例如，在賓夕法尼亞州，我們被列入其中一項，但我們也是 12 項的技術供應商，對嗎？所以從表面上看，我們做得很好。但當你再把洋蔥剝一層時，我們就做得很好了。只是為了給你一個數據點，再說一次，你只有 4 個州做出了決定，這僅與第一階段相關，我們在那裡的資金上有大約 1/3 左右的勝率已被國家撥款。

So, the win rate, we think is pretty good. It's pretty consistent with what we've seen in other programs. And again, we're getting behind businesses that want to build their charging presence on ChargePoint. That's the way to think about us. Some of these companies even branded themselves with us as an ingredient brand. So in many cases, when they make announcements, they make announcements about their charging service because of the investments that they're making. That's a very -- I would do the same thing.

所以，我們認為勝率相當不錯。這與我們在其他程序中看到的非常一致。我們再次支持那些希望在 ChargePoint 上建立充電業務的企業。這就是思考我們的方式。其中一些公司甚至將我們作為原料品牌進行品牌宣傳。因此，在許多情況下，當他們發佈公告時，他們會因為正在進行的投資而發布有關其充電服務的公告。那是非常——我也會做同樣的事情。

We're very proud of the being kind of a leading-edge company making those investments. We are the technology behind a lot of businesses that they are building their charging business. And I think it's very easy to overlook that.

我們對成為進行這些投資的領先公司感到非常自豪。我們是許多正在建立充電業務的企業背後的技術。我認為人們很容易忽視這一點。

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

接下來我們將請教沃爾夫研究中心的施瑞亞斯·帕蒂爾 (Shreyas Patil)。

Maybe just following up on an earlier question. And if I were to rephrase it, so as you think about getting to positive EBITDA, do you need to see a reacceleration in the top line growth? And I ask because we've now seen 3 quarters of decelerating top line growth and the guidance for Q3 is to decelerate further. So just trying to think about that trajectory of revenue.

也許只是跟進之前的問題。如果我換句話來說，當您考慮實現正 EBITDA 時，您是否需要看到營收增長重新加速？我之所以這麼問，是因為我們現在已經看到收入增長已經連續三個季度放緩，而第三季度的指導將進一步放緩。所以只是想想想收入的軌跡。

Yes. So two things. One, to clarify, Shreyas, because I wasn't sure Stephen and I were 100% aligned on this. But pardon me he said -- is he talking full year, is he talking just Q4? Our target is to get there for the fourth quarter. We can do it sooner, obviously, that would be nice, but it is for the fourth quarter, it's not for the full year.

是的。所以有兩件事。第一，Shreyas 需要澄清一下，因為我不確定 Stephen 和我在這一點上是否 100% 一致。但請原諒我，他說——他是在談論全年，還是在談論第四季度？我們的目標是在第四季度實現這一目標。顯然，我們可以更快地做到這一點，那會很好，但這是第四季度的情況，而不是全年的情況。

Separately, from a revenue perspective, I think when you say acceleration, I think if we do sort of as well as we're doing now, you could be in the gun sight. So I don't think we need to see -- last year, we're at 94%, 96%, I forgot the exact number -- 94% year-on-year growth. This year, we're going to be in the mid, high end to the mid-30s.

另外，從收入的角度來看，我認為當你說加速時，我認為如果我們做得像現在一樣好，你可能會進入槍口。所以我認為我們不需要看到——去年，我們達到了 94%、96%，我忘記了確切的數字——同比增長 94%。今年，我們將處於 30 多歲的中高端。

If we can keep that going off of what should be a much bigger base as we exit the year, that's a good -- pretty good spot to be. I don't think we have to get back to a 60% growth rate. I don't think that's necessary.

如果我們能夠在今年結束時保持更大的基礎，那就是一個很好的——非常好的地方。我認為我們不必回到 60% 的增長率。我認為沒有必要。

Okay. That's very helpful. And then just if I -- I guess just to clarify. We -- if I adjust out the entire impact of the legacy DC charger, both the inventory charge and also the impact to margin ex that, it looks like gross margins would have been about 25% in the quarter. I just want to make sure I'm thinking about that right.

好的。這非常有幫助。然後，如果我——我想只是為了澄清一下。如果我調整掉傳統直流充電器的整體影響，包括庫存費用以及對利潤率的影響，看起來本季度的毛利率約為 25%。我只是想確保我的想法是正確的。

And then when I think about the Q3 guide, which would be implying flat to maybe down margin sequentially, just how would I think about that bridge, excluding the impact of this legacy DC charger?

然後，當我想到第三季度的指南時，這意味著利潤率將連續持平甚至下降，如果排除這種傳統直流充電器的影響，我會如何看待該橋？

Yes. So Shreyas, I think your view of Q2 is accurate. Obviously, with the charge, it was 3%. Without the charge, it's 22%. This is a 19-point hit. And then if you eliminated the headwind on the product because, obviously, we carry the old cost structure in the quarter, you'd be looking more like 25%, and that's consistent with what we did in Q1.

是的。所以 Shreyas，我認為你對第二季度的看法是準確的。顯然，加上收費，就是3%。不收費的話，是22%。這是19分的打擊。然後，如果你消除了產品上的不利因素，因為很明顯，我們在本季度採用了舊的成本結構，那麼你看起來更像是 25%，這與我們在第一季度所做的一致。

So that's -- when we talk about the underlying health of the business, I think that's where -- that's the explanation on that. As you look forward, we said -- we gave you a range on gross margin. And frankly -- and you've been with us for a while, we are a mix sensitive. I hate to admit that, but it's true. We have historically had more AC than DC, and that's at 50-50, and indeed maybe crossing over to DC, which is a lower-margin product for us.

所以，當我們談論業務的潛在健康狀況時，我認為這就是對此的解釋。當你展望未來時，我們說過——我們給了你一個毛利率範圍。坦率地說，您已經和我們在一起一段時間了，我們對混合敏感。我不願意承認這一點，但這是事實。從歷史上看，我們的交流電多於直流電，比例為 50-50，實際上可能會轉向直流電，這對我們來說是利潤較低的產品。

So I wouldn't have put a big range on -- meaningful range on Q3. And we got to bang through the product availability because we had a supply overrun, as we indicated in our prepared remarks. We need to bang through that until it makes it a little unpredictable because you're going to do that onsies, twosies, or you're going to cut a deal for 50 to 100, hard to say.

所以我不會在第三季度設定一個大的範圍——有意義的範圍。正如我們在準備好的評論中指出的那樣，我們必須解決產品的供應問題，因為我們的供應過剩。我們需要徹底解決這個問題，直到它變得有點不可預測，因為你會做連體衣、兩件套，或者你會以 50 到 100 的價格達成交易，這很難說。

So, I tried to leave that open. But as I said, I do think, as we look into next year and we clean through these issues in the next 6 months, we should have a clear line of sight to steadily improve the gross margin next year.

所以，我試圖保持開放。但正如我所說，我確實認為，當我們展望明年並在未來 6 個月內解決這些問題時，我們應該有一個清晰的視野，穩步提高明年的毛利率。

We'll go next now to Chris Pierce at Needham.

接下來我們將請教尼達姆的克里斯·皮爾斯。

You just talked about commercial customers, say, utilization was 20% and then that would leave them to order a new charger. Like where are we seeing it now? Like where can you kind of frame it at? Are they waiting to get to 30%? Or is it still TBD? And is there anything you can do to kind of incentivize them to move sooner rather than later?

您剛才談到了商業客戶，比如說，利用率為 20%，然後他們就會訂購新的充電器。就像我們現在在哪裡看到它一樣？比如你可以把它放在哪裡？他們是否在等待達到 30%？還是仍待定？你能做些什麼來激勵他們儘早行動嗎？

It depends on the segment. So if you look at the utilization, your numbers are pretty consistent with utilization thresholds for passenger car long haul trip fast charge. And that's just because humans are synchronized. So the times of day that fast charge sites tend to see congestion are synchronized and then there are broad swaths of the day that they're underutilized. So your numbers are generally correct for that segment.

這取決於細分市場。因此，如果您查看利用率，您的數字與乘用車長途旅行快速充電的利用率閾值非常一致。那隻是因為人類是同步的。因此，一天中快速充電站點出現擁堵的時間往往是同步的，並且一天中有很大一部分時間沒有得到充分利用。所以你的數字對於該部分來說通常是正確的。

If you look at -- I'll take workplace, for example. Workplace measured over the hours of operation of the workplace itself for days in office. Now we have to adjust that post-COVID for the synchronized days in office. We are seeing utilization rates adjusted for the session gap in time between -- if they're using our waitlist feature, one car leaving and the next car arriving to take over that charging point, we're seeing them approach effectively the theoretical max cap.

如果你看一下——我會以工作場所為例。工作場所是根據工作場所本身在辦公室的工作時間來衡量的。現在我們必須調整新冠疫情后的同步辦公時間。我們看到利用率根據時間間隔進行了調整——如果他們使用我們的候補名單功能，一輛車離開，下一輛車到達接管該充電點，我們會看到他們有效地接近理論最大上限。

So multiple of our largest workplace customers have come to us and said, can we think of a creative way of decompressing this because we effectively don't have discretionary spend capability on things that are noncore to their business to their customers. And so again, that's an indicator that we're kind of beyond the point of overutilization in a lot of commercial settings and on mass, what they're telling us is they're waiting for budget relief to be able to adjust that. So it really depends on the segment.

因此，我們的許多最大的工作場所客戶都來找我們說，我們能否想出一種創造性的方法來緩解這一壓力，因為我們實際上沒有可自由支配的支出能力，可以在對他們的客戶而言非核心業務的事情上進行支出。再說一遍，這表明我們在許多商業環境和大眾方面已經超出了過度利用的程度，他們告訴我們的是，他們正在等待預算減免，以便能夠調整這一點。所以這實際上取決於細分市場。

Okay. And just to clarify, are we talking about budget flush in the year-end or budget relief where you haven't gone that deep with them?

好的。澄清一下，我們是在談論年底的預算充裕還是您沒有深入研究的預算減免？

Yes. I mean I haven't personally had the conversation in specific detail, but my sense from talking to our sales force broadly is that it is less of a budget flush and more of a restricted spend policy on discretionary items within many companies that are kind of sitting here in a hesitant macroeconomic environment, deciding how they want to basically put assurances around their balance sheet.

是的。我的意思是，我個人並沒有進行過具體的談話，但從與我們的銷售人員廣泛交談中我的感覺是，這並不是預算充裕，而是許多公司內部對可自由支配項目的限制支出政策，這些政策是坐在猶豫不決的宏觀經濟環境中，決定如何從根本上為資產負債表提供保證。

Okay. Could we just go one deeper then? Is it right to think of that as California-based large tech companies? Is that the right way to think about it? And that's sort of an indicator of...

好的。那麼我們可以再深入一點嗎？將其視為總部位於加州的大型科技公司是否正確？這是正確的思考方式嗎？這在某種程度上是一個指標……

No.

不。

Okay.

好的。

No. It's -- I mean that's a component. I mean California being the state with the highest EV penetration is certainly going to be the poster child for impaction when it comes to most things associated with charging infrastructure, but other states have a similar profile. So it's -- I don't think it's related to a particular geography. It has more to do with how penetrated EVs are into the geography.

不，我的意思是這是一個組件。我的意思是，加州作為電動汽車普及率最高的州，在與充電基礎設施相關的大多數事情上肯定會成為受影響的典型，但其他州也有類似的情況。所以我不認為這與特定的地理位置有關。這更多地與電動汽車在地理上的滲透程度有關。

Okay. And then just last question for me. Rex just kind of highlighted the gross margin guidance in Q3 was around mixed AC to DC. That sort of assumes that these customers are going to hold your planning for them to still be at hold in the next 3 months. Is it the right way to think about it over the next 2 months or beyond?

好的。然後是我的最後一個問題。雷克斯只是強調了第三季度的毛利率指導是混合交流到直流的。這種假設是假設這些客戶將保留您的計劃，以便他們在未來 3 個月內仍然保留。在接下來的兩個月或更長時間裡，這是思考這個問題的正確方法嗎？

Not quite. If you look at the percent of total ports. AC, DC, if you look at it on a technology basis and not on a segment basis, but you just look at DC ports, AC ports and then we always break home out because it is on a different kind of volumetric scale because it's much more one-to-one with vehicles where they're single-family residence anyway. The percentages haven't moved around that much in a long-term trend. The difference is the ASPs on the DC products have risen.

不完全的。如果您查看端口總數的百分比。交流、直流，如果你從技術的角度而不是從細分市場的角度來看待它，但你只看直流端口、交流端口，然後我們總是會分解，因為它具有不同的體積規模，因為它有很多無論如何，與車輛是一對一的，因為它們是單戶住宅。從長期趨勢來看，這些百分比並沒有發生太大變化。不同的是DC​​產品的平均售價有所上升。

And the reason the ASPs have risen is not because they're getting more expensive, is that the power levels that are being delivered on average per parking stall have gone up from early days. So the cents per watt delivered, if you want to reduce it to its most basic metric, although I would argue that that's not the only metric you should look at, that has clearly come down with efficiency. But the overall kilowatts delivered has gone up significantly with respect to that technology.

平均售價上漲的原因並不是因為它們變得更加昂貴，而是因為每個停車位平均提供的功率水平比早期有所提高。因此，如果您想將其降低到最基本的指標，那麼每瓦所提供的美分，儘管我認為這不是您應該考慮的唯一指標，但它顯然會隨著效率而下降。但相對於該技術，交付的總千瓦數已顯著增加。

So that causes a mix shift in dollar. And then if you look at the fleet business, which is growing quite nicely for us, it also in the early days, especially associated with transit and I made some comments with respect to transit, medium and heavy, et cetera, those are much more DC-heavy businesses. So when you add that mix in, that's what's behind Rex's comments on mix sensitivity.

這會導緻美元的混合變化。然後，如果你看看車隊業務，它對我們來說增長得相當好，它也在早期，特別是與運輸相關的業務，我對運輸、中型和重型運輸等發表了一些評論，這些更多DC密集型企業。因此，當您添加該混合時，這就是雷克斯對混合敏感性的評論背後的原因。

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

接下來我們請福克斯顧問公司的史蒂文·福克斯 (Steven Fox) 發言。

Just one big picture question for me. If we step back, I know you guys weren't providing guidance for the second half, but I mean you've implied that the revenues are lower than you would have thought 90 days ago. So can you sort of force rank why the disappointment in the top line? And then as a follow-up to that, can you talk about why you would think about a reacceleration in revenues for the next year? Because if I do the math, your revenues are decelerating to 10% to 20% sales growth, which obviously is not a bad number in this environment. But you're talking about getting back to like 30% for next year. So I'd love to understand like the biggest drivers of the down and then the back up.

對我來說這只是一個大問題。如果我們退後一步，我知道你們沒有提供下半年的指導，但我的意思是你們暗示收入低於 90 天前的預期。那麼您能否對營收令人失望的原因進行排序？作為後續行動，您能否談談為什麼您會考慮明年的收入重新加速？因為如果我算一下，你的收入將放緩至 10% 到 20% 的銷售增長，在這種環境下這顯然不是一個糟糕的數字。但你說的是明年恢復到 30% 左右。所以我很想了解下跌和回升的最大驅動因素。

Yes. So first of all, just to emphasize, Q2, we were within our guidance range, nice year-over-year growth. So strong performance there. 9% to 10% from a guidance perspective, I think we're doing pretty well. Looking forward to the second half, as I said in my prepared remarks, we wanted to be prudent in terms of our guide. We just implemented a reorganization. We had the impairment charge that we referenced.

是的。首先，要強調的是，第二季度，我們處於指導範圍內，同比增長良好。那裡的表現如此強勁。從指導的角度來看，9％到10％，我認為我們做得很好。展望下半年，正如我在準備好的發言中所說，我們希望在指導方面保持謹慎。我們剛剛進行了重組。我們有我們提到的減值費用。

Things are interesting and choppy in the real world out there. So we want people -- we want to say what we're going to do and then do it. So we're being very prudent from a Q3 perspective. Obviously, there's an implied number from a Q4 perspective, same prudence applies. Do we think next year will be better? As I said earlier, we're looking at mid-30s in terms of percentage year-over-year this year versus last year. And there's a reason to expect that that's going to decelerate next year.

現實世界中的事情很有趣，也很不穩定。所以我們需要人們——我們想說我們要做什麼，然後就去做。因此，從第三季度的角度來看，我們非常謹慎。顯然，從第四季度的角度來看，有一個隱含的數字，同樣的謹慎也適用。我們認為明年會更好嗎？正如我之前所說，我們今年與去年相比，關注的是 30 歲左右的百分比。我們有理由預計明年這一趨勢將會放緩。

It doesn't need to accelerate, as I said, in terms of getting to our Q4 goals. So I think we feel pretty good about where we are. Europe is performing beautifully. I made a nice conversation today about it. If I told you 2 years ago that this is what Europe would be doing today, would you believe me and people would be like, maybe not. So Europe is doing a really great job. We do need to get home strengthened again relative to what its performance was at 7%. It's usually 10% to 12%.

正如我所說，就實現我們的第四季度目標而言，它不需要加速。所以我認為我們對自己的處境感覺很好。歐洲表現出色。我今天就此進行了一次愉快的交談。如果我兩年前告訴你，這就是歐洲今天會做的事情，你會相信我和人們嗎？也許不會。所以歐洲做得非常出色。相對於 7% 的表現，我們確實需要再次加強主場實力。通常為 10% 至 12%。

So we see that picking up in Q3, Q4. People will need to get back to work. We do see pressure building on the infrastructure we have on the commercial side, not just workplace but everywhere else. And fleet is chunky. And as the vehicles show, I think that will be down to our benefit. So I remain very optimistic about next year. I can't put numbers on it. But I don't see us as talking about slowdowns and challenges. It's a prudent finish to the end of the year and a good outlook for next year, and we'll guide you when we get there.

所以我們看到第三季度、第四季度有所回升。人們需要重返工作崗位。我們確實看到商業方面的基礎設施面臨著越來越大的壓力，不僅是工作場所，而且是其他地方。而且艦隊很粗壯。正如車輛所顯示的那樣，我認為這將取決於我們的利益。所以我對明年仍然非常樂觀。我無法給出數字。但我不認為我們正在談論經濟放緩和挑戰。這是對今年年底的審慎收尾，也是對明年的美好展望，當我們到達那裡時，我們將為您提供指導。

And we'll go next now to Brett Castelli at Morningstar.

接下來我們請聽晨星公司的布雷特·卡斯泰利 (Brett Castelli)。

I just wanted to ask around the sales pipeline of larger fleet opportunities and what you're seeing there sort of deals like the USPS type of deal?

我只是想詢問大型機隊機會的銷售渠道以及您在 USPS 類型的交易中看到了什麼？

Yes, I mean, as I made comments earlier, I think in response to a question, there is certainly a pipeline of large deals. The -- as Rex put it, the prudence we're trying to apply to the color we give you on that is, frankly, until we see all the ducks in a row with respect to both vehicle availability and all of the construction accoutrements associated with the deal, we're being fairly conservative as to where we expect things to show up. We can thanks to the supply chain crisis not being upon us anymore whatsoever, we are not supply constrained.

是的，我的意思是，正如我之前發表的評論一樣，我認為在回答一個問題時，肯定存在大量交易。正如雷克斯所說，坦率地說，我們試圖謹慎地應用到我們為您提供的顏色上，直到我們看到所有的鴨子在車輛可用性和所有相關的施工裝備方面都排成一排。就這筆交易而言，我們對預期的結果持相當保守的態度。我們可以感謝供應鏈危機不再發生，我們不再受到供應限制。

So we'll have plenty of response runway as we see things firming up. So the summary is, yes, there's much bigger deals, much like USPS, et cetera, in the pipe, timing is hard to call. And so we are just being -- we are just trying to be measured with respect to that. Because as I said in my closing remarks, getting to that profitability number at the end of next year, it can't include wishful thinking on our part. It's got to include stuff that we have visibility into. So while we're pretty confident that, that fleet number is going to continue to surprise us all as a positive as a long-term trend, in the short term, call on the timing, just -- it's too dangerous.

因此，當我們看到事情變得穩定時，我們將有足夠的反應跑道。所以總結是，是的，還有更大的交易，就像美國郵政局等，正在醞釀之中，時機很難確定。所以我們只是——我們只是試圖在這方面進行衡量。因為正如我在結束語中所說，要在明年年底達到盈利數字，這不能包括我們的一廂情願。它必須包括我們可以看到的內容。因此，雖然我們非常有信心，但從長期趨勢來看，機隊數量將繼續讓我們所有人感到驚訝，但從短期來看，需要把握時機，只是——這太危險了。

And ladies and gentlemen, that will bring us to the conclusion of the ChargePoint Second Quarter Fiscal 2024 Earnings Conference Call. I'd like to thank you all so much for joining us this afternoon, and wish you all a great remainder of your day. Goodbye.

女士們先生們，ChargePoint 2024 財年第二季度收益電話會議即將結束。我非常感謝大家今天下午加入我們，並祝大家度過愉快的一天。再見。