ChargePoint Holdings Inc (CHPT) 2024 Q1 法說會逐字稿

Ladies and gentlemen, good afternoon.

女士們、先生們，午安。

My name is Krista, and I'll be your conference operator for today's call.

我叫克里斯塔，我將擔任今天電話會議的會議接線生。

At this time, I would like to welcome everyone to the ChargePoint first quarter fiscal 2025 earnings conference call and webcast.

此時，我歡迎大家參加 ChargePoint 2025 財年第一季財報電話會議和網路廣播。

(Operator Instructions)

（操作員說明）

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

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

Patrick, please go ahead.

派崔克，請繼續。

Good afternoon, and thank you for joining us on today's conference call to discuss ChargePoints first quarter fiscal 2025 earnings results.

下午好，感謝您參加今天的電話會議，討論 ChargePoints 2025 財年第一季的獲利結果。

This call is being webcast and can be accessed on the Investors section of our website at investors.chargepoint.com.

本次電話會議正在進行網路直播，您可以在我們網站的投資者部分造訪 Investors.chargepoint.com。

With me on today's call are Rick Wilmer, our Chief Executive Officer; and Mansi Khetani, our Interim Chief Financial Officer.

與我一起參加今天電話會議的是我們的執行長 Rick Wilmer；以及我們的臨時財務長 Mansi Khetani。

This afternoon, we issued our press release announcing results for the quarter ended April 30, 2024, which can also be found on our website.

今天下午，我們發布了新聞稿，宣布截至 2024 年 4 月 30 日的季度業績，該新聞稿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 our second quarter of fiscal 2025.

我們想提醒您，在電話會議期間，管理階層將做出前瞻性聲明，包括我們對 2025 財年第二季的展望。

These forward-looking statements involve risks and uncertainties, many of which are beyond our control and could cause actual results to differ materially from our expectations.

這些前瞻性陳述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控制範圍，可能導致實際結果與我們的預期有重大差異。

These forward-looking statements apply as of today, and we undertake no obligation to update these statements after the call.

這些前瞻性陳述從今天起適用，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-K filed with the SEC on April 1, 2024 and our earnings release posted today on our website and filed with the SEC on Form 8-K.

有關可能導致實際結果差異的某些因素的更詳細說明，請參閱我們於2024 年4 月1 日向SEC 提交的10-K 表格以及今天在我們網站上發布並透過8 表格向SEC 提交的收益報告。

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

另請注意，我們在本次電話會議中使用了某些非公認會計準則財務衡量標準，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某些歷史時期的財務衡量標準與公認會計準則進行了協調。

And finally, we'll be posting the transcript of this call to our Investor Relations website under the Quarterly Results section.

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。

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

有了這個，我會把它交給瑞克。

Good afternoon, everyone, and thank you for taking the time to learn more about ChargePoint's first quarter fiscal 2025 results.

大家下午好，感謝您花時間了解更多有關 ChargePoint 2025 財年第一季業績的資訊。

Today, we are going to recap the first quarter's financials, some recent highlights and discuss the state of the market.

今天，我們將回顧第一季的財務狀況、近期的一些亮點並討論市場狀況。

We will update you on our four areas of strategic focus, key accomplishments and new partnerships we have formed.

我們將向您介紹我們的四個策略重點領域、主要成就以及我們已建立的新合作夥伴關係。

Our Interim CFO, Mansi Khetani will give Q2 guidance in her portion of the call.

我們的臨時財務長 Mansi Khetani 將在她的電話會議中提供第二季的指導。

I want to start by emphasizing that when we say we will do something, we fully intend to do it.

首先我想強調，當我們說我們要做某件事時，我們就完全打算這樣做。

My approach as CEO is to lead, by example, through clarity and accountability, provide regular updates and drive the organization to deliver on our commitments, not our intentions.

作為首席執行官，我的做法是透過明確性和問責制以身作則，提供定期更新並推動組織兌現我們的承諾，而不是我們的意圖。

That said here, the top line financial results for the first quarter.

這就是第一季的主要財務表現。

In Q1, we delivered what we targeted in our last earnings call.

在第一季度，我們實現了上次財報電話會議的目標。

ChargePoint revenue for the first quarter was $107 million, which is above the midpoint of our guidance range.

ChargePoint 第一季營收為 1.07 億美元，高於我們指引範圍的中位數。

Non-GAAP gross margin was up to 24%, and I am pleased that our non-GAAP operating expenses came in at $66 million, which is down $8.4 million from last quarter and a proof point of the financial prudence I discussed in the last earnings call.

非 GAAP 毛利率高達 24%，我很高興我們的非 GAAP 營運費用為 6600 萬美元，比上季度減少了 840 萬美元，這證明了我在上次財報中討論的財務審慎性稱呼。

Our cash management is a priority and for the second quarter in a row, we use significantly less cash than forecasted.

我們的現金管理是我們的首要任務，連續第二季我們使用的現金大大低於預期。

Our non-GAAP adjusted EBITDA loss for the quarter was down to $36 million, which is ahead of plan.

我們本季的非 GAAP 調整後 EBITDA 虧損降至 3,600 萬美元，超出了計劃。

And while these results were positive, they could have been better.

雖然這些結果是積極的，但它們本來可以更好。

There were two areas where we saw opportunity.

我們在兩個領域看到了機會。

First, we had eight years worth of deals postponed to later quarters, primarily because of construction and infrastructure delays.

首先，我們有八年的交易被推遲到後面幾個季度，主要是因為建設和基礎設施的延誤。

Second, our inventory was up 13% as we stand behind our valuable manufacturing partners and continued to support our commitments.

其次，我們的庫存成長了 13%，因為我們支持我們寶貴的製造合作夥伴並繼續支持我們的承諾。

We chose to take the inventory and be a reliable partner over working down the inventory balance.

我們選擇盤點庫存，並成為減少庫存餘額的可靠合作夥伴。

Our inventory continues to gradually normalize, which we expect will take the rest of the year.

我們的庫存繼續逐漸正常化，我們預計這將需要今年剩餘時間。

Regarding our goal of becoming adjusted EBITDA positive in Q4.

關於我們在第四季度實現調整後 EBITDA 為正值的目標。

As I said at the beginning of this call, we will drive the organization to deliver on this and our other goals.

正如我在本次電話會議開始時所說，我們將推動組織實現這一目標和我們的其他目標。

We have a clear plan to get there, and we exceeded our internal goal for Q1 EBITDA.

我們有一個明確的計劃來實現這一目標，並且我們超出了第一季 EBITDA 的內部目標。

Some key drivers are as follows, large deals that have been booked and will ship later this year.

一些關鍵驅動因素如下：已預訂並將於今年稍後發貨的大宗交易。

The deals will be announced by our customers at the time they find best for their respective businesses.

這些交易將由我們的客戶在他們認為最適合各自業務的時候宣布。

There are multiple initiatives underway that will have a positive impact on COGS, OpEx and margin rich top line contribution.

目前正在進行的多項措施將對銷貨成本、營運支出和利潤豐厚的營收貢獻產生正面影響。

These initiatives are specific and actionable and are embedded in our quarterly objectives.

這些舉措具體且可操作，並嵌入我們的季度目標中。

I will touch upon some of them in this call.

我將在這次電話會議中談到其中的一些內容。

As demonstrated in Q1, we will continue to reduce OpEx through operational rigor.

正如第一季所證明的，我們將繼續透過嚴格的營運來降低營運支出。

We know you rely heavily on our past performance is an indicator of our future results, but I must remind you that we are a new leadership team with a new strategy and a serious commitment to operational excellence.

我們知道您非常依賴我們過去的業績來衡量我們未來的業績，但我必須提醒您，我們是一個新的領導團隊，擁有新的策略，並認真致力於卓越營運。

As our Q1 results demonstrate, we are implementing positive changes that could not have been extrapolated based on our past results.

正如我們第一季的結果所表明的那樣，我們正在實施積極的改變，而這些改變是根據我們過去的結果無法推斷出來的。

Moving to the state of the market, it may feel like there's a lot to discuss this quarter and there has been a lot of media coverage in this sector, but the story remains the same.

談到市場狀況，本季可能會有很多值得討論的事情，並且該領域有很多媒體報道，但情況仍然是一樣的。

EV's are selling and people need the infrastructure to charge them.

電動車正在熱銷，人們需要基礎設施來為其充電。

Various factors cause micro movements within this macro trend line but the trend line continues upward.

各種因素導致此宏觀趨勢線內出現微觀波動，但趨勢線持續向上。

According to Bloomberg non tests the EV sales were up 13% compared to the first quarter of last year.

根據彭博社的非測試數據，電動車銷量比去年第一季成長了 13%。

In fact, EV sales at 6 of the 10 best selling OEMs increased 50% or more in Q1.

事實上，第一季最暢銷的 10 家 OEM 廠商中有 6 家的電動車銷量增加了 50% 或更多。

As a reminder, also, OEMs are reducing projections for EV sales volumes, R&D continues at major global OEMs, including [Honda's] recent announcement to spend $65 billion electrifying their lineup over the next 10 years. [Per our] report from the International Energy Agency titled global EV outlook 2024, from 2022 to 2023 investment announcements in EV and battery manufacturing totaled almost $500 billion, of which 40% has been committed.

還需要提醒的是，原始設備製造商正在減少對電動車銷量的預測，全球主要原始設備製造商的研發仍在繼續，包括[本田]最近宣佈在未來10 年內斥資650 億美元對其產品線進行電氣化。 [根據我們的]國際能源總署題為《2024 年全球電動車展望》的報告，從 2022 年到 2023 年，電動車和電池製造領域的投資公告總額接近 5000 億美元，其中 40% 已承諾。

Finally, to give commentary about plug-in hybrid scaling faster than pure EVs, we view this as beneficial for ChargePoint.

最後，為了評論插電式混合動力車的擴展速度比純電動車更快，我們認為這對 ChargePoint 有利。

A plug-in hybrid as a natural stepping stone towards full EV and plug-in hybrids require charging.

插電式混合動力車作為純電動車的天然墊腳石，而插電式混合動力車則需要充電。

Plug-in hybrid buyers are perspective home charger buyers and their adoption is putting utilization pressure on commercial and public chargers.

插電式混合動力買家是有遠見的家用充電器買家，它們的採用給商業和公共充電器帶來了使用壓力。

We delivered nearly [4 million PHEV] charging sessions at workplaces in 2023.

2023 年，我們在工作場所提供了近 [400 萬次 PHEV] 充電會話。

If it has a plug it is supporting our business.

如果它有插頭，那就支持我們的業務。

The bulk of our customers and investors are reading summarizes the demand curve for electric vehicles, not demand for chargers against Q1 micro movements on the macro trend line, utilization pressure on the ChargePoint network, which we believe is a key indicator of charger demand and not vehicle demand has never been higher.

我們的大部分客戶和投資者正在閱讀的總結了電動車的需求曲線，而不是針對宏觀趨勢線上第一季微小變動的充電器需求、ChargePoint 網路的利用壓力，我們認為這是充電器需求的關鍵指標，而不是車輛需求從未如此高。

In Q1, we saw commercial utilization outpace new charger installation by more than 20%.

第一季度，我們看到商業利用率超過新充電器安裝量 20% 以上。

This has been building several quarters in a row, which indicates the need for incremental infrastructure to follow.

這已經連續幾個季度在建設，這表明需要隨之而來的增量基礎設施。

To communicate this pressure in terms of vehicle adoption.

透過車輛採用來傳達這種壓力。

In 2016, there were seven electric cars for each public charging point there are more than 20 EVs per public charging points.

2016年，每個公共充電點有7輛電動車，每個公共充電點有超過20輛電動車。

A new trend we are keeping an eye on is quite intriguing growing cyto sentiment that EV adoption has reached critical mass and they are putting in charging regardless of current or future EV sales phase.

我們正在關注的一個新趨勢是相當有趣的日益增長的細胞情緒，即電動車的採用已經達到了臨界規模，並且無論當前或未來的電動車銷售階段如何，他們都在充電。

In other words, we believe the correlation between passenger EV sales and charger demand is disconnecting.

換句話說，我們認為乘用車電動車銷售與充電器需求之間的相關性正在脫節。

We will continue to monitor this with interest.

我們將繼續饒有興趣地關注此事。

What has moved from a trend to the norm as hardware and software disaggregation among our largest existing and prospective customers is becoming clear that the industry leaders will supply world-class software to support an entire hardware plus software solution, regardless of who's supplies the hardware.

隨著我們最大的現有和潛在客戶之間的硬體和軟體分解，已經從一種趨勢轉變為常態，這一點越來越明顯：行業領導者將提供世界一流的軟體來支援整個硬體加軟體解決方案，無論誰提供硬體。

In North America and Europe, we see continued government support for infrastructure buildout, starting with the US national electric vehicle infrastructure program, results are going well for ChargePoint as of today and inclusive of the proposed award and California announced earlier this week, ChargePoint customers have been successful in winning more than 120 individual NEVI site awards totaling roughly [71 million] in grant opportunities.

在北美和歐洲，我們看到政府對基礎設施建設的持續支持，從美國國家電動車基礎設施計劃開始，截至今天，ChargePoint 的結果進展順利，包括擬議的獎勵，加州本週稍早宣布，ChargePoint客戶已成功贏得 120 多個單獨的 NEVI 站點獎項，總計約 [7,100 萬] 的資助機會。

As the enabler of EV charging for entities who deploy NEVI funding.

作為部署 NEVI 資金的實體的電動車充電推動者。

We support NEVI grid applications, but not necessarily named as the awardee by the state agency.

我們支援 NEVI 電網應用，但不一定被國家機構指定為獲獎者。

Today, about 30 state DOTs have issued competitive NEVI RFPs and around 20 states have announced for awards, but we continue to support our customers in pursuit of NEVI grants that haven't opened their programs yet as well as those that are on their second or third round of funding.

如今，大約30 個州的DOT 已發布了具有競爭力的NEVI RFP，大約20 個州已宣布授予獎項，但我們將繼續支持我們的客戶尋求尚未開放其計劃的NEVI 撥款以及那些正在第二次或第二次撥款的客戶。

In the EU of fear the government's alternative fuel infrastructure regulation went into effect on April 13, while not an incentive program a fear sets targets for EV charging deployment and will encourage wider EV adoption.

在歐盟，政府的替代燃料基礎設施法規於 4 月 13 日生效，雖然不是激勵計劃，但恐懼為電動車充電部署設定了目標，並將鼓勵更廣泛的電動車採用。

They will do so by setting standard requirements for charger, hardware and software functions across the entire European Union.

他們將透過為整個歐盟的充電器、硬體和軟體功能製定標準要求來實現這一目標。

Not only was ChargePoint prepared to ensure our charters are appear compliant.

ChargePoint 不僅做好了確保我們的包機看起來合規的準備。

We helped establish some of the parameters directly with the European Union.

我們直接與歐盟協助建立了一些參數。

Next step, I'd like to give you an update on our strategic priorities.

下一步，我想向您介紹我們戰略重點的最新情況。

As a reminder, last quarter, I introduced our new corporate strategy to you, which is summarized by the four cornerstones of prioritizing our open modular software platform, revamping our approach to hardware development, delivering world-class driver experience and operational excellence.

提醒一下，上個季度，我向您介紹了我們的新企業策略，該策略概括為優先考慮我們的開放式模組化軟體平台、改進我們的硬體開發方法、提供世界一流的駕駛員體驗和卓越運營的四個基石。

For each cornerstone I will now relay the demonstrable progress I promised last quarter. in terms of software it has been a busy quarter.

對於每一個基石，我現在將傳達我上季度承諾的明顯進展。就軟體而言，這是一個繁忙的季度。

We announced the latest enhancements to our fleet software platform, which include home charging reimbursement for company car drivers, commonly referred to as take-home fleets, transit vehicle preconditioning and a substantially enhanced DY that is currently in its pilot phase.

我們宣布了車隊軟體平台的最新增強功能，其中包括公司汽車司機的家庭充電報銷（通常稱為帶回家的車隊）、運輸車輛預處理以及目前處於試點階段的大幅增強的 DY。

Most importantly, we made great progress opening our software up to third party hardware in the USA.

最重要的是，我們在向美國的第三方硬體開放我們的軟體方面取得了巨大進展。

We had a good head start on this, thanks to our existing work in Europe.

由於我們在歐洲現有的工作，我們在這方面取得了良好的開端。

ChargePoint be energized software, which we sell in Europe to manage entire charging networks has provided industry leading experience managing mixed hardware.

我們在歐洲銷售的 ChargePoint 通電軟體用於管理整個充電網絡，提供了管理混合硬體的行業領先經驗。

Look for our first hardware OEM announcement in the coming weeks.

請期待我們在未來幾週內發布的第一個硬體 OEM 公告。

In Q4 of fiscal 2024, we received FedRAMP certification of our software, which as mentioned in our last earnings call enable us to sell to the US federal government.

在 2024 財年第四季度，我們的軟體獲得了 FedRAMP 認證，正如我們在上次財報電話會議中所提到的，這使我們能夠向美國聯邦政府出售產品。

I am pleased to say that this certification is paying off.

我很高興地說，這項認證正在得到回報。

We booked seven figures of FedRAMP required revenue in our very first quarter, including a sizable deal with the US NEVI.

我們在第一季就預訂了七位數的 FedRAMP 所需收入，其中包括與美國 NEVI 的一筆相當大的交易。

Our new approach to the design and manufacturing hardware is also making a difference.

我們設計和製造硬體的新方法也產生了影響。

Last quarter we announced our partnership with AcBel Polytech, Incorporated for future hardware.

上季我們宣布與 AcBel Polytech, Incorporated 就未來硬體建立合作夥伴關係。

And in the first quarter, we began actively working on our first project together.

在第一季度，我們開始積極合作進行我們的第一個專案。

As a reminder, this relationship will bring our products to market faster and at higher margins.

提醒一下，這種關係將使我們的產品更快地推向市場並獲得更高的利潤。

We continue to develop this strategy.

我們將繼續發展這一戰略。

And today I am delighted to announce a second hardware co-development partnership.

今天，我很高興地宣佈建立第二個硬體聯合開發合作夥伴關係。

We have signed an agreement with strong new win, commonly known as WNC to work on a set of future hardware projects.

我們已經與 Strong New Win（俗稱 WNC）簽署了一項協議，致力於開發一系列未來的硬體專案。

And we look forward to a great working relationship with them.

我們期待與他們建立良好的工作關係。

To recap our latest hardware news, we showed our upcoming megawatt charging system at the recent ACT fleet exposition designed for trucking, marine and aviation applications.

為了回顧我們最新的硬體新聞，我們在最近的 ACT 車隊博覽會上展示了我們即將推出的兆瓦充電系統，該系統專為卡車運輸、海運和航空應用而設計。

This is the most powerful charger we will offer.

這是我們將提供的最強大的充電器。

Capable of 1.2 megawatts at launch and multi-megawatt charging in the medium term future.

發射時功率為 1.2 兆瓦，中期內充電功率可達數兆瓦。

To give an idea of how incredibly powerful this system is our launch spec system, we can power more than 1,000 residential homes through a single connector.

為了讓大家了解我們推出的規格系統有多強大，我們可以透過一個連接器為 1,000 多個住宅供電。

This upcoming connector protocol eliminates a key barrier to the electrification of large-scale trucking, which in turn has the potential to reduce or eliminate the [400 plus million] metric tons of greenhouse gases emitted by that segment.

這項即將推出的連接器協議消除了大規模卡車運輸電氣化的一個關鍵障礙，從而有可能減少或消除該領域排放的[400+百萬]噸溫室氣體。

As we have said before, what is good for our business is also good for the environment.

正如我們之前所說，對我們的業務有利的事情也對環境有利。

Our strategic decision to focus on a world-class driver experiences delivered a wonderful solution for our newest partnership.

我們專注於世界一流駕駛體驗的策略決策為我們最新的合作夥伴關係提供了絕佳的解決方案。

We have established a relationship with Airbnb to increase the availability of EV charging Airbnb listings across the USA.

我們與 Airbnb 建立了合作關係，以增加全美 Airbnb 電動車充電房源的可用性。

To accomplish this, we created a novel solution for Airbnb hosts encompassing the ChargePoint home flex residential charger installation software and support services.

為了實現這一目標，我們為 Airbnb 房東創建了一個新穎的解決方案，其中包括 ChargePoint home flex 住宅充電器安裝軟體和支援服務。

For drivers this will guarantee a charge where they are staying a critical need for EV drivers on a road trip and one not always accomplished at a hotel better yet world-class experience extends to the Airbnb host.

對於駕駛者而言，這將保證他們在公路旅行中滿足電動車駕駛者的關鍵需求時獲得費用，而在飯店中並不總是能實現更好但世界一流的體驗延伸到愛彼迎房東。

We make their adoption of charging as an amenity near seamless.

我們讓他們幾乎無縫地採用充電作為一種便利設施。

Once they answer three simple questions on our website, they have a quote, including installation costs and we can implement charging and as little as two weeks as a turnkey solution.

一旦他們在我們的網站上回答了三個簡單的問題，他們就會得到報價，包括安裝費用，我們可以實施收費，並且作為交鑰匙解決方案，只需兩週時間。

We are now exploring compelling use cases for this offering outside of the vacation rental industry, which is important for me to call out as one of those actionable margin-rich initiatives currently underway.

我們現在正在度假租賃行業之外探索該產品令人信服的用例，這對我來說很重要，因為它是目前正在進行的可操作的利潤豐富的舉措之一。

Operational excellence is our fourth cornerstone and the area in which our results have surpassed our internal expectations.

卓越營運是我們的第四個基石，也是我們的業績超越內部預期的領域。

We had a good quarter ahead of our plans for cash, gross margin, OpEx and adjusted EBITDA as a result.

因此，我們在現金、毛利率、營運支出和調整後 EBITDA 方面的表現都比我們的計劃提前了一個季度。

We remain discipline, factoring OpEx and margin impact into every decision we make.

我們保持紀律，將營運支出和利潤影響納入我們所做的每項決策中。

This requires a lot of restraint, but has enabled focus and delivered results.

這需要很大的克制，但可以集中註意力並取得成果。

The proof points above outline progress and deliverables under these four cornerstones of our strategy, which we will continue to do as the year progresses.

上述證據概述了我們策略的這四個基石下的進展和可交付成果，隨著時間的推移，我們將繼續這樣做。

Moving on to our latest non-financial metrics of note, this is another area of the business, which continually demonstrate scale in the quarter, we reached two amazing milestones.

轉向我們最新的值得注意的非財務指標，這是業務的另一個領域，該領域在本季度不斷展示規模，我們達到了兩個驚人的里程碑。

Most significantly, ChargePoint now offers drivers access to more than 8 million places to charge worldwide across public, private and roaming ports.

最重要的是，ChargePoint 現在讓駕駛者可以透過公共、私人和漫遊連接埠在全球超過 800 萬個地點充電。

For us this is a celebratory milestone, and equally impressive was the fact that this statistic grew approximately 10% in a single quarter.

對我們來說，這是一個值得慶祝的里程碑，同樣令人印象深刻的是，該統計數據在一個季度內增長了約 10%。

The other milestone reached in Q1 is that we now have now enabled more than [10 billion] electric miles for our drivers, which is approximately [3.5 million] cross-country trips from San Francisco to New York, our managed port count has grown to more than

第一季達到的另一個里程碑是，我們現在已經為我們的司機提供了超過[100 億] 電力里程，這相當於從舊金山到紐約的大約[350 萬] 次跨國旅行，我們管理的端口數量已增加到多於

[306,000].

[306,000]。

Of note, the number of DC fast charger ports under management grew more than 14% in Q1 alone for total or surpassing 27,000 fast chargers under management at the end of Q1.

值得注意的是，僅第一季管理的直流快速充電器連接埠數量就增加了14%以上，截至第一季末管理的快速充電器總數或超過27,000個。

These statistics should leave you with this key takeaway.

這些統計數據應該讓您得出這個關鍵結論。

EV adoption is continuing at an incremental phase and our network is scaling along with it as our network grows.

電動車的採用正在以增量階段持續進行，隨著我們的網路的發展，我們的網路也隨之擴展。

So do our subscription revenues.

我們的訂閱收入也是如此。

I'd like to thank you again for joining us today.

我要再次感謝您今天加入我們。

To summarize Q1 the results were positive and we will gain momentum as the year moves on.

總結第一季的結果是正面的，隨著時間的推移，我們將獲得動力。

If you look at our news and announcements so far in Q2, you will see that momentum is clearly building.

如果您查看我們第二季迄今為止的新聞和公告，您會發現這種勢頭正在明顯增強。

Before turning the call over to our CFO, Mansi, for the financial review, I would like to once again remind you that when we say we will do something we fully intend to do it.

在將電話轉交給我們的財務長曼西進行財務審查之前，我想再次提醒您，當我們說我們將做某事時，我們完全打算這樣做。

Hopefully, you agree that Q1 was an early proof point of this.

希望您同意 Q1 是這一點的早期證明。

Thank you for your time and ongoing support.

感謝您的時間和持續的支持。

Thanks, Rick.

謝謝，瑞克。

As a reminder, please see our earnings release where we reconcile our non-GAAP results to GAAP.

謹此提醒，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。

Our principal exclusion are stock-based compensation, amortization of intangible assets and certain costs related to restructuring and litigation.

我們的主要排除是股票薪酬、無形資產攤銷以及與重組和訴訟相關的某些成本。

We continue to report revenue along three lines, network charging systems, subscriptions and other.

我們繼續從三方面報告收入：網路收費系統、訂閱和其他。

Network charging systems represents our connected hardware subscriptions include our cloud services, connecting that hardware, our assure warranties and our ChargePoint as a service offering where we bundle our full stack solution into recurring subscriptions.

網路充電系統代表我們的連接硬體訂閱，包括我們的雲端服務、連接該硬體、我們的保證保固和我們的 ChargePoint 即服務產品，我們將全端解決方案捆綁到定期訂閱中。

Other consist of professional services and certain nonmaterial revenue streams.

其他包括專業服務和某些非物質收入流。

Moving on to the results for the quarter, revenue was $107 million above the midpoint of our guidance range of $100 million to $110 million.

接下來看本季的業績，營收比我們指引範圍 1 億至 1.1 億美元的中點高出 1.07 億美元。

This was 8% lower than the fourth quarter, reflecting the expected seasonal slowdown and 18% lower year-on-year due to lower hardware revenue.

這比第四季下降了 8%，反映出預期的季節性放緩，並且由於硬體收入下降，比去年同期下降了 18%。

Network charging systems at $65 million accounted for 61% of first quarter revenue.

網路收費系統收入為 6,500 萬美元，佔第一季營收的 61%。

This was down 12% sequentially due to the impact of seasonality and down 34% year on year, in line with our expectations.

由於季節性影響，該數字環比下降 12%，年減 34%，符合我們的預期。

Subscription revenue at $33 million was 31% of total revenue, essentially flat sequentially and up 27% year on year.

訂閱營收為 3,300 萬美元，佔總營收的 31%，與上一季基本持平，但年增 27%。

Other revenue at $8 million was 8% of total revenue, flat sequentially and up 54% year on year.

其他收入為 800 萬美元，佔總營收的 8%，與上一季持平，年增 54%。

Turning to verticals, we had important verticals from a billings perspective, which approximate the revenue split.

談到垂直產業，從帳單角度來看，我們有重要的垂直產業，它近似於所得分配。

First quarter billings percentages were commercial 63%, fleet 20%, residential 15% and other 3% generally consistent with last quarter.

第一季的營業額百分比為商業 63%、車隊 20%、住宅 15% 和其他 3%，與上季基本一致。

And Rick mentioned, we continue to see projects pushed out in both commercial and fleet verticals as customers await site readiness and vehicle delivery.

里克提到，隨著客戶等待現場準備和車輛交付，我們繼續看到商業和車隊垂直領域推出的專案。

Our whole product continued to sell very well.

我們的整個產品繼續賣得很好。

And in the first quarter, a significant portion of our home units shipped when equipped with a next connector.

在第一季度，我們的大部分家用設備在配備下一個連接器時發貨。

From a geographic perspective, North America made up 81% of first-quarter revenue and Europe was at 19%.

從地理角度來看，北美佔第一季營收的 81%，歐洲佔 19%。

In the US we generated our first sales from the NEVI program.

在美國，我們透過 NEVI 計劃實現了第一筆銷售額。

Turning to gross margin.

轉向毛利率。

Non-GAAP gross margin for the first quarter was 24%, up sequentially from 22% in Q4.

第一季非 GAAP 毛利率為 24%，高於第四季的 22%。

Gross margin was down 1 percentage point year-on-year.

毛利率年減1個百分點。

The sequential improvement was largely due to improved subscription margins as well as a larger mix of subscription revenue within overall revenue, which is typical in a seasonally low Q1 with lower hardware sales.

環比的改善主要是由於訂閱利潤率的提高以及訂閱收入在總收入中的比例更大，這在硬體銷售較低的季節性低迷的第一季是典型的。

Non-GAAP operating expenses for Q1 were $66 million, a decrease of 22% from $85 million in Q1 last year and a decrease of 11% from $75 million in Q4, reflecting the full quarter impact of the January restructuring and our continued focus on cost management.

第一季的非GAAP 營運費用為6,600 萬美元，比去年第一季的8,500 萬美元下降22%，比第四季的7,500 萬美元下降11%，反映了1 月份重組對整個季度的影響以及我們對成本的持續關注管理。

Non-GAAP adjusted EBITDA loss for the first quarter was $36 million a significant improvement as compared to a loss of $45 million in the fourth quarter and a loss of $49 million in the first quarter of last year.

第一季非 GAAP 調整後 EBITDA 虧損為 3,600 萬美元，較第四季虧損 4,500 萬美元和去年第一季虧損 4,900 萬美元有顯著改善。

This improvement was achieved even with a lower revenue base due to gross margin improvement and reduction in operating expenses.

儘管由於毛利率提高和營運費用減少，收入基礎較低，但仍實現了這一改善。

Stock-based compensation in the first quarter was $22 million, down from $25 million in the fourth quarter and down $2 million year on year due to recent restructuring events.

由於最近的重組事件，第一季的股票薪酬為 2,200 萬美元，低於第四季的 2,500 萬美元，年比也減少了 200 萬美元。

Looking at cash and cash equivalents, we ended the quarter with $292 million, down from $358 million (sic - see press release, "$314 million") last quarter.

從現金和現金等價物來看，我們本季末的現金和現金等價物為 2.92 億美元，低於上季度的 3.58 億美元（原文如此 - 參見新聞稿，“3.14 億美元”）。

In addition to cash usage to cover adjusted EBITDA loss, cash consumption included a semi-annual interest payment on our convertible bond as well as severance charges associated with our January restructuring.

除了用於彌補調整後 EBITDA 損失的現金外，現金消耗還包括可轉換債券的半年利息支付以及與 1 月重組相關的遣散費。

I am pleased to relay as the $30 million of restricted cash as of April 30, 2024 is now unrestricted.

我很高興地傳達，截至 2024 年 4 月 30 日，3000 萬美元的受限現金現已不受限制。

This leaves only $400,000 restricted of our $292 million cash balance.

這使得我們 2.92 億美元的現金餘額只剩下 40 萬美元受到限制。

As Rick mentioned, inventory balance increased in the quarter as we started to bring up our Southeast Asia based partners.

正如里克所提到的，隨著我們開始培養東南亞合作夥伴，本季庫存餘額增加。

However, our inventory is primarily made up of finished goods and products that we are actively selling.

然而，我們的庫存主要由成品和我們正在積極銷售的產品組成。

We expect to bring this down in the second half of the year as we sell through the finished goods on hand.

我們預計，隨著我們銷售現有的成品，這一數字將在下半年下降。

Our deferred revenue continues to grow.

我們的遞延收入持續成長。

This represents payments for future revenue commitments from existing customers and finished the quarter at $235 million, up from $231 million at the end of Q4.

這代表現有客戶對未來收入承諾的支付，本季末的營收為 2.35 億美元，高於第四季末的 2.31 億美元。

Our $150 million revolving credit facility remains undrawn, and we have no debt maturities until 2028.

我們的 1.5 億美元循環信貸額度仍未動用，且在 2028 年之前我們沒有債務到期。

We did not issue any shares via the ATM during the quarter.

本季我們沒有透過 ATM 發行任何股票。

At the end of the first quarter, we had approximately 425 million shares outstanding.

截至第一季末，我們的流通股數約為 4.25 億股。

Turning to guidance for the second quarter of fiscal 2025, we expect revenue to be between $108 million to $118 million, down 25% year on year at the midpoint.

談到 2025 財年第二季的指引，我們預計營收將在 1.08 億美元至 1.18 億美元之間，中位數年減 25%。

As mentioned in the last call, we expect a larger portion of full year revenue to be generated in the second half.

正如上次電話會議中所提到的，我們預計全年收入的大部分將在下半年產生。

This is due to the following, normal seasonality of transactional business visibility into large orders booked across both commercial and fee verticals for the second half as well as signs of overall charging demand recovery driven by factors Rick alluded to earlier.

這是由於下半年商業和收費垂直領域預訂的大訂單交易業務可見性的正常季節性，以及瑞克之前提到的因素推動的整體充電需求復甦的跡象。

We continue to expect gradual improvement in gross margin as the year progresses as a result of continued cost-down efforts for hardware products and improvements in subscription margins due to operating efficiency of the support organization, combined with automation initiatives underway.

我們繼續預計，隨著時間的推移，由於硬體產品成本的持續降低以及支援組織的營運效率提高訂閱利潤率以及正在進行的自動化計劃，毛利率將逐步改善。

We expect non-GAAP operating expenses to remain relatively flat in the second quarter, but fall further in the second half of the year and we continue to focus on operational efficiency and other cost avoidance measures.

我們預計第二季非公認會計準則營運費用將保持相對平穩，但下半年將進一步下降，我們將繼續關注營運效率和其他成本規避措施。

We are committed to be adjusted EBITDA positive in the fourth quarter of this year and plan to achieve that through a combination of accelerated top line growth gross margin improvements as well as operating expense reductions as we progress through the year.

我們致力於在今年第四季實現調整後的 EBITDA 為正值，並計劃透過加速營收成長、毛利率改善以及營運費用削減來實現這一目標。

We are well capitalized to achieve this goal.

我們有充足的資本來實現這一目標。

In summary, we are pleased with the improvement in our overall financial performance, especially the improvement in adjusted EBITDA loss, resulting from improved gross margin and reduced OpEx as well as overall cash management.

總之，我們對整體財務表現的改善感到滿意，尤其是由於毛利率提高、營運支出減少以及整體現金管理而導致調整後 EBITDA 損失的改善。

And we will continue to focus on these metrics as the year progresses.

隨著時間的推移，我們將繼續關注這些指標。

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

這樣，我會將電話轉回給接線生詢問問題。

(Operator Instructions) James West, Evercore ISI.

（操作員說明）James West，Evercore ISI。

Hey, good afternoon, Rick and Mansi.

嘿，下午好，瑞克和曼西。

Hi, James.

嗨，詹姆斯。

Hello.

你好。

Rick, maybe first question for me on the significant number of NEVI wins that you've had so far, which should turn into new grants and sales here was the expected time line for recognizing those sales I know there's been it's some delays and getting the NEVI program underway, which I recognize we all expected at the beginning as its government program and it had to go to the states, but how are you thinking about the rollout and the sales hit in your revenue?

里克，也許我的第一個問題是，到目前為止，您已經獲得了大量的NEVI 勝利，這應該會轉化為新的贈款和銷售，這是確認這些銷售的預期時間線，我知道有一些延遲，並得到了NEVI 計劃正在進行中，我認識到我們一開始都期望它是政府計劃，並且必須進入各州，但您如何看待該計劃的推出以及銷售對您收入的影響？

We'll see some this year for sure.

今年我們肯定會看到一些。

But we expect the bulk of it to be next year.

但我們預計大部分將在明年進行。

Okay.

好的。

Got it.

知道了。

And then you announced the new release, a new agreement, a joint development agreement with WNC in your prepared remarks.

然後你在準備好的演講中宣布了新版本、新協議、與 WNC 的聯合開發協議。

I know we had the [AcBel] Polytech announcement recently as well.

我知道我們最近也發布了 [AcBel] Polytech 公告。

Could you maybe unpack the what you're doing there, what the strategy is, how you're realigning your hardware development?

您能否解釋一下您在那裡所做的事情、戰略是什麼以及如何重新調整硬體開發？

We have a very robust hardware growth road map and a variety of new products that we're very excited to bring to market and adding more hardware development bandwidth to the overall effort is clearly beneficial to what we're trying to accomplish.

我們擁有非常強大的硬體成長路線圖和各種新產品，我們非常高興將它們推向市場，並且為整體工作增加更多的硬體開發頻寬顯然有利於我們想要實現的目標。

So we've added WNC as a second partner in addition to AcBel Polytech to increase that bandwidth.

因此，除了 AcBel Polytech 之外，我們還添加了 WNC 作為第二個合作夥伴，以增加頻寬。

And we have been each focused on certain areas of specialization that will allow us to bring some really exciting and compelling market products to market as we move into the future.

我們每個人都專注於某些專業領域，這將使我們能夠在邁向未來時將一些真正令人興奮和引人注目的市場產品推向市場。

Got it.

知道了。

Thanks, Rick.

謝謝，瑞克。

Colin Rusch, Oppenheimer.

科林‧魯施，奧本海默。

Thanks so much, guys.

非常感謝，夥計們。

If you look at some of these utilization rates moving higher and the pressure that you're building around the overall network, can you talk about what you're seeing as precursors to incremental?

如果您看到其中一些利用率不斷上升以及您在整個網路周圍建立的壓力，您能談談您所看到的增量前兆嗎？

Or is there incremental capacity build-out with your customers in particular geographies?

或者您的客戶在特定地區是否有增量產能建設？

Yeah, Colin, I think in addition to the increasing utilization pressure, as I mentioned in the prepared remarks, we're also seeing this location, especially in commercial charging between the sale of EVs and the demand for chargers.

是的，科林，我認為除了日益增加的利用壓力之外，正如我在準備好的評論中提到的那樣，我們還看到了這個位置，特別是在電動車銷售和充電器需求之間的商業充電方面。

I think in areas where there's reasonable EV penetration, you're seeing institutions that want people to come to their building, putting in chargers now because they know there's a critical mass of EV drivers out there that they need to attract to their business or their institution.

我認為，在電動車普及率合理的地區，你會看到一些機構希望人們來到他們的大樓，現在就安裝充電器，因為他們知道那裡有大量的電動車司機，他們需要吸引他們來他們的企業或他們的地方。

So you've got the utilization pressure going up.

因此，利用率壓力不斷上升。

You've got this recognition that if I don't have EV chargers in my parking lot to some people I care about aren't going to come to my business combined is what's starting to show some demand in the commercial market for chargers that may not directly correlate with EV sales.

您已經認識到，如果我的停車場沒有電動車充電器，那麼我關心的一些人就不會來我的企業，綜合起來，商業市場對充電器的一些需求可能會增加與電動車銷量沒有直接關係。

That's super helpful.

這非常有幫助。

And then thinking about inventory levels and what you've just added to the inventory, how should we be thinking about overall run rate on what you're going to be carrying and what this incremental inventory build?

然後考慮庫存水準以及您剛剛添加到庫存中的內容，我們應該如何考慮您將要攜帶的內容的總體運行率以及增量庫存的構建？

What it's complicated and there is it finished goods, how much is components?

複雜的是啥，有成品，零件多少錢？

How flexible is that inventory?

庫存的彈性如何？

And naturally we see that trend through the balance of the year?

我們自然會在今年餘下的時間裡看到這種趨勢？

Yeah, hi, Colin.

是的，嗨，科林。

So it's mostly finished goods in the inventory right now.

所以現在庫存大部分都是成品。

There's a little bit of raw material is some material and transit, but majority is finished goods and it is made up of products that we are actively selling all next gen products.

有一點原材料是一些材料和運輸，但大多數是成品，它由我們正在積極銷售的所有下一代產品組成。

We review inventory very, very religiously every quarter, and it's all live inventory actively selling products, in there right now.

我們每季都會非常非常認真地審查庫存，而且現在都是活躍銷售產品的即時庫存。

Okay.

好的。

I have a follow-up on that offline.

我在線下有一個後續行動。

Thanks so much, guys.

非常感謝，夥計們。

Bill Peterson, JPMorgan.

比爾彼得森，摩根大通。

Yeah, hi, good afternoon.

是的，嗨，下午好。

Thanks for taking the questions.

感謝您提出問題。

I'm wondering if you've received any incremental inbounds or demand from customers interested in tapping your fast product to (inaudible) search, so tested supercharges business, I shouldn't be too large a chunk of it, it seems like go, have you see the Houston at least the maintenance or the NEVI commercial programs in particular.

我想知道您是否收到了任何增量入站或來自有興趣利用您的快速產品進行（聽不清）搜索的客戶的需求，因此經過測試的增壓業務，我不應該在其中佔據太大的份額，看起來就像是，您是否至少看到了休士頓的維護工作，或者特別是 NEVI 的商業計劃？

Yeah.

是的。

Again, the Tesla changes that exactly what happened there so it has been reported on extensively, but I'm not sure if that how accurate it is always.

特斯拉再次改變了那裡發生的事情，因此它已經被廣泛報道，但我不確定它是否總是準確的。

So some of it's speculation.

所以有些是猜測。

But from our perspective, there's been some clear benefit as a result of those changes.

但從我們的角度來看，這些改變帶來了一些明顯的好處。

We've had access to some good talent that does become available, which is good for us.

我們已經獲得了一些確實可用的優秀人才，這對我們有好處。

And we've also seen some changes in the market in demand in certain areas apparently as a result of the test, the changes in were absolutely and we're capitalizing on those when they come up.

我們也看到某些領域的市場需求發生了一些變化，這顯然是測試的結果，這些變化是絕對的，當這些變化出現時，我們正在利用這些變化。

Great.

偉大的。

Thanks for that.

感謝那。

Obviously, you're saying your hardware agreements across the board.

顯然，您所說的是全面的硬體協定。

I'm wondering what your how would you characterize any obsolescence risks with their existing inventory?

我想知道您如何描述現有庫存的過時風險？

I mean, are you seeing any signs that customers would prefer to wait for any newer hardware from your partners measure?

我的意思是，您是否看到任何跡象表明客戶更願意等待合作夥伴提供的任何更新的硬體？

Yeah, you offer attack the question is how are you planning to give her the high cost inventory in your existing product lines out of the newer products?

是的，你提出攻擊，問題是你打算如何為她提供現有產品線中較新產品的高成本庫存？

So I didn't catch the entire question clearly, Bill, but I'll do my best based on what I understood.

所以我沒有清楚地理解整個問題，比爾，但我會根據我的理解盡力而為。

So the level of inventory we have is something we will continue to work down as we move through the course of the year.

因此，隨著今年的進展，我們將繼續降低庫存水準。

We've got a lot of focus as we've mentioned multiple times, not only in this call but in prior calls around operational excellence.

正如我們多次提到的那樣，我們有很多重點，不僅在這次電話會議中，而且在之前關於卓越運營的電話會議中。

And one area of focus really is around managing inventory as Mansi mentioned.

正如曼西所提到的，重點領域之一確實是庫存管理。

So we've got, again, I think a very strong process in place now that we don't drive excess inventory what we're working through is inventory that we have on hand plus inventory, we've committed to take from our valuable manufacturing partners.

因此，我認為現在我們已經制定了一個非常強大的流程，我們不會增加過多的庫存，我們正在處理的是我們現有的庫存加上庫存，我們承諾從我們寶貴的庫存中獲取庫存。合作夥伴。

And we expect it to take the rest of the year to work through that and get down to what we would consider a normalized inventory in both our on our balance sheet as well as with our manufacturing partners.

我們預計將在今年剩餘的時間裡解決這個問題，並在我們的資產負債表以及我們的製造合作夥伴中達到我們所認為的標準化庫存。

Okay.

好的。

Thanks for taking us up and thank you.

感謝您接受我們並謝謝您。

Matt Summerville, D.A. Davidson.

馬特·薩默維爾，D.A.戴維森。

Thanks to that last point, the fact that this inventory normalization you're looking at is going to take the better part of this fiscal year, I would imagine there's some margin penalty associated with that.

由於最後一點，您所關注的庫存正常化將佔據本財年的大部分時間，我想這會帶來一些利潤損失。

So as I think about next year under quote a more normalized, no operational situation in that regard how much of an uplift should you get from not having to deal with these issues?

因此，當我想到明年在這方面會出現一個更正常化、沒有營運的情況時，您應該從不必處理這些問題中獲得多少提升？

And similarly, I like I've just maybe a little more color on how some of these new Asian manufacturing and development relationships are bearing fruit for you guys and when maybe we really start to see more concrete gross profit improvements.

同樣，我喜歡我可能對這些新的亞洲製造和開發關係如何為你們帶來成果以及我們何時真正開始看到更具體的毛利改善有更多的了解。

Your first question was very insightful, Matt.

你的第一個問題非常有見地，馬特。

Thanks for that.

感謝那。

And there's I don't know if I would call it a penalty on gross margin, but it's just that definitely we're deferring optimal gross margin or optimal product costs.

我不知道我是否會稱之為對毛利率的懲罰，但我們肯定會推遲最佳毛利率或最佳產品成本。

We're working through inventory on some product lines that was built at a higher cost basis than we would enjoy if we were building that inventory new today out of one of our Asian factor factories or even one of our existing factories because we continue to drive costs down on the materials that go into our products in addition to the overall cost of manufacturing that.

我們正在處理一些產品線的庫存，這些產品線的成本基礎高於我們今天從我們的亞洲工廠之一甚至現有工廠之一建造新庫存的成本，因為我們繼續推動除了製造產品的總成本之外，我們產品的材料成本也降低了。

So we expect, again, that inventory to be worked through by the end of the year.

因此，我們再次預計庫存將在今年年底前完成。

And at that point, we'll realize all the benefits of the cost-out efforts we've taken both on the materials that go into our products as well as the costs related to manufacturing of those products.

到那時，我們將意識到我們在產品材料以及與這些產品製造相關的成本方面所採取的成本節約措施所帶來的所有好處。

Specifically on our Asian manufacturing partners are both now AcBel Polytech as well as WNC are in production for us.

具體來說，我們的亞洲製造合作夥伴現在 AcBel Polytech 和 WNC 都在為我們生產。

And the benefit not only is the cost structure of Southeast Asia, where they're both located in manufacturing for us, but almost more importantly is the localized supply chain.

好處不僅在於東南亞的成本結構（它們都位於我們的製造業），更重要的是本地化的供應鏈。

We can now access in that part of the world.

我們現在可以訪問世界的那個部分。

Southeast Asia has been building high-technology products for almost 50 years now.

東南亞生產高科技產品已有近 50 年的歷史。

And the local suppliers there are very capable of building high quality, highly reliable parts at very cost effective prices.

當地供應商非常有能力以極具成本效益的價格製造高品質、高度可靠的零件。

If you look at some of our manufacturing we've done up to now outside of Asia.

如果你看看我們迄今為止在亞洲以外進行的一些製造活動。

Many of the parts that go to those factories come from Asia.

運往這些工廠的許多零件都來自亞洲。

So not only do we have a richer way to access the Southeast Asian supply chain capabilities.

因此，我們不僅擁有更豐富的方式來獲取東南亞供應鏈能力。

But we're also going to reduce lead time and minimize logistics costs because the parts are going to be much closer to the factories.

但我們還將減少交貨時間並最大限度地降低物流成本，因為零件將更靠近工廠。

Then -- thank you for that.

那麼——謝謝你。

And then just as a follow-up, I think you mentioned in your prepared remarks you had $10 million or more in revenue that basically pushed to the right due to resource constraints, I'll call that.

作為後續行動，我認為您在準備好的發言中提到您有 1000 萬美元或更多的收入，由於資源限制，我將其稱為“基本上向右推”。

And I guess I'm wondering if that constraint issues that something that is more acute in nature or more chronic, is that something that's going to get worse before it gets better.

我想我想知道這種限制是否會導致本質上更嚴重或更慢性的事情，是否會在好轉之前變得更糟。

If you can maybe just talk through that a little bit.

如果可以的話，也許可以稍微討論一下。

So it isn't resource constraints on behalf of charge point that it's resource.

因此，它是資源，並不代表充電點的資源限制。

I don't know if he characterizes frequent source constraints, but it's construction delays and delivery of other infrastructure equipment like transformers and switchgears to sites that are under construction.

我不知道他是否描述了頻繁的資源限制，但這是施工延誤以及將變壓器和開關設備等其他基礎設施設備交付到正在建造的工地。

That's largely what we see causing deals to move out from quarter to quarter are delays with site readiness and site construction.

我們認為導致交易逐季度推遲的主要原因是場地準備和場地建設的延遲。

Got it.

知道了。

Thanks.

謝謝。

Chris Pierce, Needham & Company.

克里斯皮爾斯，李約瑟公司。

Hey, good afternoon.

嘿，下午好。

What's the right way to think about subscription revenue being flat quarter over quarter after the step-up we saw in the fourth quarter?

在我們看到第四季度的成長之後，訂閱收入環比持平的正確方法是什麼？

Yeah, the reason for that was in Q4, we had a small adjustment in a short revenue, typical year-end adjustment, which did not reoccur in Q1.

是的，原因是在第四季度，我們在短期收入中進行了小幅調整，典型的年終調整，這種情況在第一季沒有再次發生。

So if you normalize for that, you would have seen a gradual improvement in line with the normal trend.

因此，如果您對此進行正常化，您會看到與正常趨勢一致的逐步改善。

Okay, perfect.

好的，完美。

Thank you for that.

謝謝你。

And then just following up on the last question, the eight figures of deals, is the right assumption that they would have hit this quarter and you still hit the midpoint of above the midpoint of your top line guidance?

然後，跟進最後一個問題，即八位數的交易，是否正確的假設是，這些交易將在本季度實現，而您仍然達到營收指導中點之上的中點？

Or is that just a general comment and they've slipped and they weren't necessarily in this quarter?

或者這只是一般性評論，他們已經下滑並且不一定在本季度？

Our phase hit this quarter, we would have been above range.

我們的階段在本季達到，我們本來會高於範圍。

But

但

--

--

(multiple speakers) in the range where they get in the original guidance or that's getting too deep.

（多個發言者）在他們在原始指導中獲得的範圍內或變得太深了。

Yeah, so we basically see some deal slippage every quarter.

是的，所以我們基本上每個季度都會看到一些交易下滑。

So we have a guidance methodology that takes into consideration all of that.

因此，我們有一個考慮到所有這些的指導方法。

So we don't have ensure that we hit the range.

所以我們不能確保我們達到了範圍。

So we did build in some batting for that.

所以我們確實為此建立了一些擊球。

Okay, perfect.

好的，完美。

And then just one follow-up and one other question.

然後只有一個後續問題和另一個問題。

One last question.

最後一個問題。

The right way to think about it is ACT selling restaurants aren't building next-generation products right now.

正確的思考方式是，ACT 銷售餐廳目前並未生產下一代產品。

They're helping you build existing product at lower cost.

他們正在幫助您以更低的成本建立現有產品。

And that's why the inventory that you have is the inventory that you sell through this year would in theory without taking any charges against that.

這就是為什麼你擁有的庫存是你今年銷售的庫存，理論上不會產生任何費用。

That's the right way to think about it.

這是正確的思考方式。

Yeah.

是的。

Generally speaking, they're building current-generation products as we speak.

一般來說，正如我們所說，他們正在建立當前世代的產品。

There also, we're also co-developing next-gen products with them and in some cases, there's prototype builds underway now for those next gen products with the -- with both partners.

此外，我們也與他們共同開發下一代產品，在某些情況下，現在正在與雙方合作夥伴為這些下一代產品建立原型。

Okay.

好的。

Thank you.

謝謝。

Mark Delaney, Goldman Sachs.

馬克·德萊尼，高盛。

Yes.

是的。

Good afternoon.

午安.

Thanks for taking the questions.

感謝您提出問題。

But you mentioned you have some bigger programs you expect to ship for in the second half of this year.

但您提到您預計將在今年下半年推出一些更大的項目。

Can you give us a sense of how much revenue you expect these larger programs to amount to in terms of the pickup in revenue

您能否讓我們了解一下您預計這些大型專案在收入成長方面將帶來多少收入？

In January, as we had mentioned in my prepared remarks.

一月份，正如我們在我準備好的演講中提到的那樣。

This year, we're going to see a much more normal seasonality like we've seen in prior normal years with a majority of our revenue coming in the second half.

今年，我們將看到更正常的季節性，就像往年正常年份一樣，我們的大部分收入來自下半年。

And even as we start emerging from this macro and you slowdown in the first half, we believe that the second half will be even seasonally stronger than past years.

即使我們開始擺脫這一宏觀經濟，上半年經濟放緩，我們相信下半年的季節性將比過去幾年更強勁。

We have factored in a year where confident of the seasonality coming in because of these large deals that we're seeing in our pipeline in all of our verticals that we have read.

我們已經考慮到這一年對季節性的到來充滿信心，因為我們在我們讀到的所有垂直領域的管道中都看到了這些大型交易。

On the flip side, we are seeing large federal deals serious pushed out from the first half into the second half.

另一方面，我們看到大型聯邦交易從上半年嚴重延後到下半年。

EVs continues to be strong USPS deal done there.

電動車仍然是美國郵政在那裡完成的強勁交易。

On the commercial we're seeing some NEVI funded deals coming into the second half and workplaces picking up.

在廣告中，我們看到一些 NEVI 資助的交易進入下半年，工作場所也有所改善。

On the residential side, our residential product is doing well we just announced audio and video that will give us some push.

在住宅方面，我們的住宅產品表現良好，我們剛剛發布了音頻和視頻，這將為我們帶來一些推動。

So all of this is in the pipeline for the second half.

因此，所有這些都在下半年進行。

In addition, we have new products like the Pantograph that we've announced that's launching in the second half.

此外，我們還有新產品，例如我們宣布將於下半年推出的受電弓。

We're seeing good amount of pipeline buildup by that as well.

我們也看到了大量的管道建設。

Very helpful color.

非常有用的顏色。

Thanks very much, Mansi.

非常感謝，曼西。

And then my other question was on OpEx came down to $66 million on a non-GAAP basis this quarter.

然後我的另一個問題是關於本季營運支出（按非 GAAP 計算）降至 6,600 萬美元。

I think you said it could fall further, I believe on a dollar basis in the second half of the year.

我想你說過，以美元計算，下半年可能會進一步下跌。

So I was hoping to better understand where OpEx dollars could go to on an absolute basis in 2H.

因此，我希望更了解營運支出在 2H 的絕對基礎上會流向何處。

Thanks.

謝謝。

Yeah.

是的。

We're not specifically guiding to OpEx in the second half.

我們不會具體指導下半年的營運支出。

But I do expect that OpEx will come down from the Q1 levels of $66 billion.

但我確實預計營運支出將從第一季 660 億美元的水平下降。

I think Q2 will stay flattish as we have some mandatory raises in some regions, et cetera.

我認為第二季將保持平穩，因為我們在某些​​地區進行了一些強制加薪，等等。

So that will wash out the cost avoidance initiatives that we will have.

因此，這將消除我們將採取的成本規避措施。

But then in the second half, we have specific plans in mind, one being a reduction in NRE costs or nonrecurring engineering costs as we transition more and more engineering over to our Asia Partners.

但在下半年，我們有具體的計劃，其中之一是隨著我們將越來越多的工程轉移給我們的亞洲合作夥伴，減少 NRE 成本或一次性工程成本。

And in addition to that, we have a lot of different ways planned.

除此之外，我們還規劃了很多不同的方式。

Generally, what we saw in Q1 was, we're seeing fiscal discipline across the entire company, and this is showing amazing results.

總的來說，我們在第一季看到的是，整個公司都遵守財務紀律，這顯示出了驚人的結果。

So where we overachieved our plan in Q1.

所以我們在第一季超額完成了我們的計劃。

And so we're really confident that we'll achieve what we have planned for the second half.

因此，我們非常有信心實現下半年的計劃。

Thank you.

謝謝。

Steven Fox, Fox Advisors LLC.

史蒂文·福克斯，福克斯顧問有限責任公司。

Hi, good afternoon.

嗨，下午好。

Rick, I was wondering if you can go back over the rationale behind the deals being postponed thing.

里克，我想知道你是否可以回顧一下交易被推遲的背後的理由。

I think the question we're trying to get at is whether this is something that we should think of as an ongoing situation, even as your sales grow because of where we are in supply chains, worker availability, infrastructure or whether you think it eases or gets worse?

我認為我們想要解決的問題是，即使您的銷售額因我們在供應鏈、工人可用性、基礎設施中的位置而增長，或者您是否認為情況有所緩解，我們是否應該將這種情況視為持續存在的情況或變得更糟？

Any color on how how you approach that the construction backdrop in relative to your backlog, if a follow-up?

如果是後續工作，您如何處理相對於積壓的施工背景，有什麼顏色嗎？

Yeah.

是的。

Good question, Steven.

好問題，史蒂文。

I think as Mansi alluded to, we've got a buffer in place where we account for this every quarter and we're not planning for it to go down.

我認為正如曼西所提到的，我們已經建立了一個緩衝，我們每個季度都會對此進行核算，我們不打算讓它下降。

We are not aware of any reasons that would allow construction to accelerate or other infrastructure gear that these sites rely on to come down dramatically on it with their lead times.

我們不知道有任何原因會導致建設加速或這些站點所依賴的其他基礎設施設備的交付時間大幅縮短。

So we're holding our assumptions regarding deals that rollover from one quarter to the next fairly constant as we move through the year.

因此，隨著全年的推移，我們對從一個季度滾動到下一個季度的交易的假設保持相當穩定。

That's helpful commentary.

這是很有幫助的評論。

And then just on the beat in the quarter, I mean, outside of the inventories that it was already asked about.

然後就在本季的節拍上，我的意思是，除了已經被詢問的庫存之外。

It seems like you consistently outperformed across the metrics I don't know what you, is there some overarching theme you had attributed that to when you've given all the changes you made organizationally, et cetera, or is it just little singles and doubles [here and] there.

看起來你在各項指標上一直表現出色，我不知道你是什麼，當你在組織上做出所有改變時，是否有一些總體主題歸因於你，等等，或者只是小單打和雙打[這裡和那裡。

Thanks.

謝謝。

Easy to summarize it up under this big headline operational excellence, which is very easy to say, but it's a lot of work to do that.

很容易在卓越營運這一大標題下進行總結，這說起來很容易，但要做到這一點需要做很多工作。

And we've got nine different areas that we focus on specifically.

我們特別關註九個不同的領域。

And essentially what another way to talk about this is we have the right people talking about those nine different topics at the right frequency, making sure that we're making all the right decisions and managing our resources extremely efficiently.

從本質上講，談論這個問題的另一種方式是，我們讓合適的人以正確的頻率討論這九個不同的主題，確保我們做出所有正確的決策並極其有效地管理我們的資源。

And again, we're really impressed with the results that our team produced in the first quarter and we know there's more opportunity left to be had, as Mansi alluded to, we expected to see that show up in the OpEx number as we move through into the second half of the year.

再說一遍，我們的團隊在第一季取得的成果給我們留下了深刻的印象，我們知道還有更多的機會，正如曼西所提到的，我們預計隨著我們的發展，這會出現在營運支出數字中進入下半年。

Great.

偉大的。

That's helpful.

這很有幫助。

Thank you.

謝謝。

Chris Dendrinos, RBC Capital Markets.

Chris Dendrinos，加拿大皇家銀行資本市場部。

Yeah, good evening, and thank you.

是的，晚上好，謝謝。

I [asked him] to kick off here.

我[請他]從這裡開始。

You highlighted some decent growth in the DC fast charger demand.

您強調了直流快速充電器需求的一些可觀增長。

I'm curious, are you seeing any pivot and in what customers are demanding?

我很好奇，您是否看到了任何關鍵點以及客戶的需求？

Is there any changes in, I guess, level 2 versus the DC fast charger product?

我猜，2 級充電器與直流快速充電器產品相比有什麼變化嗎？

No, I don't think we're seeing any dramatic changes between AC and DC. I think what we're seeing is new products like the Pantograph that Mansi mentioned now what our portfolio creating demand that wasn't there for us before on DC for the Ebus applications.

不，我認為我們沒有看到交流電和直流電之間有任何巨大的變化。我認為我們看到的是像 Mansi 現在提到的受電弓這樣的新產品，我們的產品組合創造了我們之前在 Ebus 應用的 DC 上不存在的需求。

Got it.

知道了。

Okay.

好的。

And then I mean, hate to beat this one to death a little bit here, but just going back to on the revenue cadence and some of the delays, and I guess, I think you mentioned the delays in product availability for -- I guess, EV availability for customers and then on site cropt on being ready on time.

然後我的意思是，我不想在這裡把這個打敗，但只是回到收入節奏和一些延遲，我想，我想你提到了產品可用性的延遲——我想，為客戶提供電動車可用性，然後在現場按時準備好。

I guess what gives you confidence that it's going to be there later this year in 2H?

我猜是什麼讓你有信心它會在今年晚些時候的 2H 中出現？

Do you have any, I guess, firming visibility to, I guess, the site being ready or the vehicle being delivered?

我想，您是否對已準備好的場地或正在交付的車輛有任何明確的了解？

So again, on the commercial side, we're starting to see this dislocation between vehicle delivery and the desire for our commercial customers to continue to expand or put chargers in their parking lot.

因此，在商業方面，我們開始看到車輛交付與商業客戶繼續擴大或在停車場放置充電器的願望之間的這種錯位。

And we don't see any reason for that trend to discontinue.

我們認為這種趨勢沒有任何理由停止。

Another way to put it is if you go to a local business in an area where there's reasonable EV penetration and not another EV was ever sold in that area.

另一種說法是，如果您去一個電動車普及率合理的地區的當地企業，並且該地區從未銷售過另一輛電動車。

They would still make sure they had enough chargers in their parking lot to attract the audience of people in that area.

他們仍然會確保停車場有足夠的充電器來吸引該地區的觀眾。

They care about that they want to come to that building.

他們關心的是他們想來那棟大樓。

So I think that's good news for us.

所以我認為這對我們來說是個好消息。

On the other hand, I think you're seeing some really exciting product offerings either announced or coming this year.

另一方面，我認為您會看到今年宣布或即將推出的一些非常令人興奮的產品。

On the passenger vehicle side, I've seen some really cool vehicles in our parking lot recently, just been come onto the market.

在乘用車方面，我最近在我們的停車場看到了一些非常酷的車輛，剛剛上市。

So I'm optimistic about that.

所以我對此持樂觀態度。

On the fleet vehicle side, I personally don't have any statistics on forecasted delivery for fleet vehicles, but anecdotally, for any of us that were at the ACT Expo in Las Vegas a couple of weeks ago, just the sheer breadth of selection and vehicles that are in production and available for fleets was very impressive.

在車隊車輛方面，我個人沒有任何關於車隊車輛預測交付的統計數據，但有趣的是，對於我們幾週前參加拉斯維加斯ACT 博覽會的任何人來說，只是選擇的範圍和範圍很廣。

So is based on that anecdotal observation, having personally been an act, I think it looks like the fleet deals vehicles are coming.

因此，根據軼事觀察，我個人認為車隊交易車輛即將到來。

Got it.

知道了。

Thank you.

謝謝。

Craig Irwin, ROTH MKM.

克雷格歐文，羅斯 MKM。

Good evening and thanks for taking my questions.

晚上好，感謝您提出我的問題。

So Rick, several times on this call, you've expressed confidence in the rebound in revenue, the rebound and outlook for second half.

所以，里克，您在這次電話會議上多次表達了對收入反彈、下半年的反彈和前景的信心。

And I commend the focus on achieving positive EBITDA before the end of the year.

我對今年年底前實現正 EBITDA 的關注表示讚賞。

But when we look at your guidance for the July quarter, the second fiscal quarter [$108 million to $118 million] at the midpoint, you're down 25% year over year, which is a deterioration from 18% contraction in the January quarter -- sorry, in the April quarter.

但是，當我們查看您對 7 月份季度（即第二財季中點）的指導意見時，您會發現同比下降了 25%，這比 1 月份季度收縮 18% 的情況有所惡化 - - 抱歉，在四月季度。

Can you maybe reconcile for us this modest deterioration as far as what you're giving us for an outlook versus what you've expected to come together in the back end of the year.

您能否為我們調和這種適度的惡化，以及您向我們提供的前景與您對今年年底的預期。

Is there a small piece that's maybe moving around on some of this political uncertainty or some of the customers recalibrating with Tesla exiting the market?

是否有一小部分可能會因政治不確定性而發生變化，或者一些客戶因特斯拉退出市場而重新調整？

Any color there would be helpful.

任何顏色都會有幫助。

Yeah, I can take that, Craig.

是的，我可以接受，克雷格。

So either in terms of guidance for Q2, well, we have been prudent in our guidance because the macro overhang still exist.

因此，無論是在第二季度的指導方面，我們的指導都是謹慎的，因為宏觀懸而未決的問題仍然存在。

In Q2 while we're seeing signs of the environment improving in our pipeline, build the RFP volume and RFP success rate internally within the business does give us confidence for the second half, but in Q2 versus seeing some of the overhang until we're doing the right thing by being prudent in the guidance.

在第二季度，雖然我們看到管道環境有所改善的跡象，但在業務內部建立RFP 數量和RFP 成功率確實給了我們下半年的信心，但在第二季度，我們看到了一些懸而未決的問題，直到我們謹慎指導，做正確的事。

Okay, excellent.

好的，非常好。

And then my follow-up question is regarding fleet specifically.

然後我的後續問題是專門關於機隊的。

So can you maybe give us color on whether or not utility work and site preparation?

那麼您能否告訴我們是否有公用事業工作和場地準備工作？

Is important and essential for you to recognize revenue.

對於您確認收入來說非常重要且必要。

If we see some of these very large fleet customers move forward with the expanding installations towards the end of the year, number of them have used ChargePoint in the past, will this potentially be a gating factor for you?

如果我們看到一些非常大的車隊客戶在年底前繼續擴大安裝，其中許多客戶過去曾使用過 ChargePoint，這對您來說可能是個限制因素嗎？

I [have] consider it a gating factor, it is a factor that dictates the timing of deployment and therefore revenue.

我認為這是一個門控因素，它決定了部署的時間，從而決定了收入。

There's no question that fleet customers that are undergoing significant construction training and time to delivery of the charging here with the completion of the site construction work.

毫無疑問，車隊客戶正在接受大量的施工培訓，隨著現場施工工作的完成，需要時間才能在這裡交付充電。

So we are, our revenue and our shipping is dictated by that to a certain extent.

所以我們的收入和運輸在某種程度上是由這一點決定的。

So that's the way it is in this industry and we work with that and we make our -- we build our forecasts on that factual information.

這就是這個行業的情況，我們與此合作，我們根據事實資訊做出我們的預測。

Thank you for that.

謝謝你。

Well, congratulations on the progress with the cost reductions.

好吧，恭喜成本降低的進展。

Thanks, Craig.

謝謝，克雷格。

That concludes our question-and-answer session.

我們的問答環節到此結束。

And with that, that does conclude today's conference call.

今天的電話會議到此結束。

Thank you for your participation, and you may now disconnect.

感謝您的參與，您現在可以斷開連接。