ChargePoint Holdings Inc (CHPT) 2025 Q2 法說會逐字稿

(audio in progress) to the ChargePoint second-quarter fiscal 2025 earnings conference call and webcast.

（音訊正在進行中）ChargePoint 2025 財年第二季財報電話會議及網路廣播。

(Operator Instructions)

（操作員說明）

And I would now like to turn the call over to Patrick Hamer, ChargePoint's 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 ChargePoint's second-quarter fiscal 2025 earnings results.

下午好，感謝您參加今天的電話會議，討論 ChargePoint 2025 財年第二季的獲利結果。

This call is being webcast and can be accessed on the Investors section of our website at investors.chargepoint.com. With me on today's call are Rick Wilmer, our Chief Executive Officer; and Mansi Khetani, our Chief Financial Officer.

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

This afternoon, we issued our press release announcing results for the quarter ended July 31, 2024, which can be found on our website.

今天下午，我們發布了新聞稿，宣布截至 2024 年 7 月 31 日的季度業績，您可以在我們的網站上找到該業績。

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 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 財年第三季的展望。

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-Q filed with the SEC on June 6, 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6 月6 日向SEC 提交的10-Q 表格，以及今天在我們網站上發布並透過表格向SEC 提交的收益報告。

Also, please note that we use certain non-GAAP financial measures on this call.

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指標。

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.

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對某些歷史時期的情況進行了調整，以符合公認會計原則。

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。

Hello, everyone, and welcome to the ChargePoint second-quarter fiscal 2025 earnings call.

大家好，歡迎參加 ChargePoint 2025 財年第二季財報電話會議。

Today, I will provide business and market update, walk through key financial results for the quarter, and share the progress we have made across the four areas of focus.

今天，我將提供業務和市場最新動態，介紹本季的主要財務業績，並分享我們在四個重點領域的進展。

I will then give a chronological overview of our plan.

然後我將按時間順序概述我們的計劃。

I will begin with some news.

我將從一些新聞開始。

To improve our operational efficiency and right-size our business for market conditions, we have reduced our non-GAAP operating expense by an estimated $38 million on an annualized basis.

為了提高我們的營運效率並根據市場情況調整我們的業務規模，我們將非 GAAP 營運費用按年計算減少了約 3,800 萬美元。

We are reducing our headcount by approximately 15% and trimming non-personnel expenses in all areas of the company with the majority of reductions in sales and marketing.

我們將裁員約 15%，並削減公司所有領域的非人事開支，其中大部分是銷售和行銷的開支。

This is an offensive move.

這是一個進攻性的舉動。

These reductions will enable us to move faster by streamlining operations.

這些削減將使我們能夠透過簡化營運來加快行動速度。

For example, we are flattening the sales and marketing organization, increasing speed and focus and maximizing resources directly related to revenue generation.

例如，我們正在扁平化銷售和行銷組織，提高速度和重點，並最大限度地利用與創收直接相關的資源。

We have done this successfully in the past cutting almost $90 million of annualized non-GAAP OpEx from a high point of $89 million in Q2 of last year to $66 million in Q2 of this year, streamlining our resources while accelerating our product road map.

我們過去已經成功地做到了這一點，將年化非GAAP 營運支出從去年第二季的8,900 萬美元的高點削減到今年第二季的6,600 萬美元，從而精簡了我們的資源，同時加快了我們的產品路線圖。

All these changes enhance our core go-to-market and innovation capabilities to keep us dominant when the market returns.

所有這些變化都增強了我們的核心進入市場和創新能力，使我們在市場回歸時保持主導地位。

We are seeing green shoots already.

我們已經看到萌芽了。

Sales of passenger EVs have settled into a stable, predictable growth path, a clear sign of sustainable adoption.

乘用電動車的銷量已步入穩定、可預測的成長軌道，這是永續採用的明顯標誌。

In Q2, OEMs slashed US lease prices to clear the way for 2025 models.

第二季度，原始設備製造商大幅削減了美國的租賃價格，為 2025 年車型掃清道路。

These aggressive price cuts triggered a surge with sales jumping 23% over Q1 and climbing 11% year over year, putting many drivers behind the wheel of an electric vehicle for the first time.

這些大幅降價引發了銷量激增，第一季銷量猛增 23%，年增 11%，讓許多駕駛者第一次擁有了電動車。

When the 2025 models hit the market in the coming months, boasting superior specs and broader selection, EV momentum is only going to accelerate.

當 2025 年車型在未來幾個月內上市時，它們擁有卓越的規格和更廣泛的選擇，電動車的發展勢頭只會加速。

J.D. Power's latest data says that 24% of shoppers now are very likely to go electric for their next vehicle.

J.D. Power 的最新數據顯示，24% 的購物者現在很可能會購買電動車。

Plug-in hybrid sales were up 59% in the first half of the year, underscoring the critical role of charging infrastructure, which is a huge win for ChargePoint.

上半年插電式混合動力車銷量成長了 59%，凸顯了充電基礎設施的關鍵作用，這對 ChargePoint 來說是一個巨大的勝利。

Transitioning to the second quarter, we delivered as promised.

過渡到第二季度，我們如期交付了。

Q2 revenue was $109 million within our stated guidance range.

第二季營收為 1.09 億美元，在我們規定的指導範圍內。

Non-GAAP gross margins continued to improve for the third consecutive quarter coming in at 26% for Q2.

非 GAAP 毛利率連續第三個季度持續改善，第二季達到 26%。

This is the highest our gross margin has been in nearly three years, and we expect continued improvement as we transition manufacturing to lower-cost locations.

這是我們近三年來的最高毛利率，隨著我們將製造轉移到成本較低的地點，我們預計會繼續改善。

What kept us from the high side of Q2 guidance was fleet for a number of large deals pushed due to external factors, including delayed permitting, construction, and switchgear delivery.

導致我們第二季指引偏高的原因是，由於外部因素（包括延遲的許可、施工和開關設備交付）推動了許多大型交易。

However, we do expect improvement in this area as we are on pace to double our fleet opportunities this year.

然而，我們確實預計這一領域會有所改善，因為我們今年的機隊機會將增加一倍。

ChargePoint remains a platform of choice for all types of customers to build their businesses, including auto OEMs.

ChargePoint 仍然是所有類型客戶（包括汽車原始設備製造商）建立業務的首選平台。

Recent customer wins include our work with Porsche.

最近贏得的客戶包括我們與保時捷的合作。

We are building the Porsche Charging Services owner app on ChargePoint's platform.

我們正在 ChargePoint 平台上建立保時捷充電服務車主應用程式。

Our successful partnership with the Hyundai Motor Company has expanded from its namesake to the Genesis brand.

我們與現代汽車公司的成功合作關係已從其同名品牌擴展到 Genesis 品牌。

They join our roster of more than a dozen auto OEMs to have selected ChargePoint as the platform of choice to build their charging businesses.

他們加入了我們的十多家汽車原始設備製造商行列，選擇 ChargePoint 作為建立充電業務的首選平台。

In municipal transit, we now partner with Daimler Buses, who will integrate our software and telematics directly into Mercedes Benz-and-et cetera branded buses.

在市政交通方面，我們現在與戴姆勒巴士合作，將我們的軟體和遠端資訊處理直接整合到梅賽德斯奔馳等品牌的巴士中。

This many vehicle manufacturers choosing ChargePoint is a testament to our software platform leadership.

許多汽車製造商選擇 ChargePoint 證明了我們軟體平台的領先地位。

A particular bright spot is municipal transit fleets, but the OEMs and the fleet operators of these vehicles are customers building our business at multiple points in the ecosystem.

一個特別的亮點是市政交通車隊，但這些車輛的原始設備製造商和車隊營運商是在生態系統中多個點建立我們業務的客戶。

Lastly, here on few non-financial metrics of note.

最後，這裡有一些值得注意的非財務指標。

Our managed port count continues to grow now at approximately 315,000.

我們的託管連接埠數量目前持續成長，達到約 315,000 個。

DC port growth was nearly 10% for the quarter, up to nearly 30,000.

本季 DC 連接埠成長近 10%，達到近 30,000 個。

With roaming, we offer more than 1.1 million place to charge worldwide, up more than 10% in the last quarter thanks to great partnership work.

透過漫遊，我們在全球範圍內提供了超過 110 萬個收費地點，得益於出色的合作夥伴關係，上季度增長了 10% 以上。

Driver growth is critical to our growth, and we now have 1.2 million quarterly active users, up 20% from our 1 million milestone late last year.

驅動力成長對我們的成長至關重要，我們現在擁有 120 萬季度活躍用戶，比去年年底的 100 萬里程碑成長了 20%。

We now count of 76% of the Fortune 50 companies as customers.

目前，76% 的財富 50 強公司都是我們的客戶。

Now let me turn to our strategic cornerstones, which are our open modular software platform, our innovative approach to hardware development, and our commitment to world-class driver experiences and operational excellence.

現在讓我談談我們的策略基石，即我們的開放式模組化軟體平台、我們的創新硬體開發方法以及我們對世界一流駕駛員體驗和卓越營運的承諾。

In software, ChargePoint is at the forefront of EV charging innovation.

在軟體方面，ChargePoint 處於電動車充電創新的前沿。

We recently partnered with LG a leader in technology to bring their hardware onto our charging platform.

我們最近與技術領導者 LG 合作，將他們的硬體引入我們的充電平台。

This partnership aims to expand our reach into smart home solutions, solar integration, and battery storage, areas where LG excels.

此次合作旨在將我們的業務範圍擴大到智慧家庭解決方案、太陽能整合和電池儲存等 LG 擅長的領域。

By working together, we will not only strengthen our technology but also boost sales from both companies submitting ChargePoint as a key player in the growing EV market.

透過合作，我們不僅會加強我們的技術，還會提高兩家公司的銷售額，使 ChargePoint 成為不斷成長的電動車市場的關鍵參與者。

In hardware, this August we introduced Omni Port, a game-changing connector solution that works with both NAC S and CCS charging ports.

在硬體方面，今年 8 月，我們推出了 Omni Port，這是一種改變遊戲規則的連接器解決方案，可與 NAC S 和 CCS 充電埠配合使用。

Essential for millions of EVs that need a CCS port and the increasing number switching over to NAC S, Omni Port is designed for simplicity.

對於數百萬需要 CCS 連接埠的電動車以及越來越多的轉向 NAC S 的電動車來說，Omni Port 的設計非常簡單。

It automatically selects the right connector for your car through our app or lets you choose on-screen when paying by card.

它會透過我們的應用程式自動為您的汽車選擇正確的連接器，或讓您在用卡付款時在螢幕上進行選擇。

Available both AC and DC chargers, Omni Port developed in collaboration with our co-development partners will begin shipping later this year.

Omni Port 與我們的共同開發合作夥伴合作開發，可提供交流電和直流充電器，將於今年稍後開始出貨。

It ends the connector confusion for all who choose charge points, making Omni Port the go-to choice for station owners.

它結束了所有選擇充電點的人對連接器的困惑，使 Omni Port 成為充電站所有者的首選。

In Q2, we launched Europe's first payment terminal to meet the latest OCPI industry standards and comply with the recently instated EU regulations.

第二季度，我們推出了歐洲首個滿足最新 OCPI 行業標準並符合最近頒布的歐盟法規的支付終端。

This terminal leverages an open software architecture enabling it to work with over 50 mix of charging hardware.

該終端採用開放式軟體架構，使其能夠與 50 多種充電硬體混合使用。

Both our co-development partners, WNC and AcBel are actively working on products that we expect will launch next year.

我們的共同開發合作夥伴 WNC 和 AcBel 正在積極開發我們預計明年推出的產品。

Supporting the second phase of our strategic plan, exciting is the only word I can use to describe these future innovations.

支持我們戰略計劃的第二階段，令人興奮是我可以用來描述這些未來創新的唯一詞彙。

Driver experience remains central to our strategy.

駕駛員體驗仍然是我們策略的核心。

We're focused on making the charging experience as smooth as possible for drivers.

我們致力於為駕駛員提供盡可能順暢的充電體驗。

We have recently deployed AI technology to quickly diagnose and fix station issues.

我們最近部署了人工智慧技術來快速診斷和修復車站問題。

If the driver reports a hardware problem with our app, AI analyzes images to identify the issue, often without needing a site visit.

如果司機報告我們的應用程式出現硬體問題，人工智慧會分析影像來識別問題，通常不需要訪問現場。

This approach reduces downtime and ensures our stations are reliable, solving one of the biggest challenges in our industry.

這種方法減少了停機時間並確保我們的站點可靠，解決了我們行業中最大的挑戰之一。

Touching on the last area of strategic focus, operational excellence continues to deliver consistent and impactful improvements for ChargePoint.

談到策略重點的最後一個領域，卓越營運將繼續為 ChargePoint 帶來一致且有影響力的改進。

Proof points can be found in the Q2 results, such as our gross margin which delivered a third straight quarter of improvement.

證據可以在第二季的業績中找到，例如我們的毛利率連續第三個季度實現改善。

The margin growth has been consistent and healthy, thanks to our relentless focus on operational excellence with the adjustments to the business bearing fruit across operations, R&D, and product.

由於我們對卓越營運的不懈關注以及業務調整在營運、研發和產品方面取得了成果，利潤率一直持續健康成長。

We tie all these pillars into our three-year plan.

我們將所有這些支柱納入我們的三年計劃。

Phase 1, wrapping up by January 31, 2025, is all about laying the foundation.

第一階段將於 2025 年 1 月 31 日結束，重點是奠定基礎。

We're finalizing our leadership team, revising our product road map, rightsizing, and ensuring operational excellence.

我們正在最終確定我們的領導團隊，修改我們的產品路線圖，調整規模，並確保卓越營運。

We are planning to hire a CRO with the search nearly complete, and we will be fully prepared to scale.

我們計劃聘請一名 CRO，搜尋工作已接近完成，我們將為擴大規模做好充分準備。

In fiscal 2026, we shift to focusing on aggressive growth, driven by the launch of next-gen software and hardware.

2026 財年，我們將重點轉向在下一代軟體和硬體推出的推動下實現積極成長。

Success here means steadily improving our adjusted EBITDA each quarter with refinements along the way.

這裡的成功意味著我們每季調整後的 EBITDA 都在穩步提高，並不斷改進。

We anticipate becoming adjusted EBITDA positive during the next fiscal year.

我們預計下一財年調整後的 EBITDA 將為正值。

In fiscal 2027, we're focused on maximizing the benefits of our operational excellence and an innovative product portfolio.

2027 財年，我們致力於最大限度地發揮卓越營運和創新產品組合的優勢。

The result, significant cash flow.

結果，產生了大量的現金流。

The plan is designed for scalable growth and long-term profitability.

該計劃旨在實現可擴展的成長和長期盈利能力。

When the market conditions improve, we will be ready to scale.

當市場狀況改善時，我們將準備好擴大規模。

And despite market conditions, we will continue to improve in the interim.

儘管市場狀況不佳，我們仍將在此期間繼續改進。

We remain the leader in EV charging.

我們仍然是電動車充電領域的領導者。

Last, but certainly not least, I would like to offer my thanks to our employees, both current and former, that helped us to get where we're at today.

最後但並非最不重要的一點是，我要向我們的現任和前任員工表示感謝，他們幫助我們取得了今天的成就。

Without them, neither ChargePoint nor our industry would be poised for the future success we expect.

沒有他們，ChargePoint 和我們的產業都無法取得我們預期的未來成功。

Thank you for your time, and I will now hand over the call to our CFO, Mansi.

感謝您抽出時間，我現在將把電話轉交給我們的財務長 Mansi。

Thanks, Rick.

謝謝，瑞克。

As a reminder, the numbers I will cover today are non-GAAP.

提醒一下，我今天要介紹的數字都是非公認的會計原則。

So please see our earnings release where we reconcile our non-GAAP results to GAAP.

因此，請參閱我們的收益報告，其中我們將非 GAAP 業績與 GAAP 業績進行了核對。

Revenue for the quarter was $109 million, consistent with our guidance range of $108 million to $118 million.

本季營收為 1.09 億美元，符合我們 1.08 億至 1.18 億美元的指導範圍。

This was 1% higher sequentially and 28% lower year on year due to lower hardware revenue.

由於硬體收入下降，季增 1%，年減 28%。

Network charging systems at $64 million accounted for 59% of second-quarter revenue.

網路收費系統營收為 6,400 萬美元，佔第二季營收的 59%。

This was down 2% sequentially and down 44% year on year.

環比下降 2%，年減 44%。

Subscription revenue at $36 million was 33% of total revenue, up 8% sequentially and up 21% year on year.

訂閱收入為 3,600 萬美元，佔總營收的 33%，較上季成長 8%，較去年同期成長 21%。

Other revenue at $8 million was 8% of total revenue, flat sequentially and up 39% year on year.

其他營收為 800 萬美元，佔總營收的 8%，與上一季持平，年增 39%。

Turning to verticals.

轉向垂直領域。

We report verticals from a billings perspective.

我們從比林斯的角度報告垂直行業。

Second-quarter billings percentages were commercial, 72%; fleet, 14%; residential, 10%; and other, 4%.

第二季商業營收佔比為 72%；機隊，14%；住宅，10%；其他，4%。

Commercial benefited from increased Navy-related shipments of our Express Plus DC fast charging products.

商業受益於我們的 Express Plus DC 快速充電產品與海軍相關的出貨量的增加。

Fleet saw continued pushout of large deals due to construction delays.

由於施工延誤，Fleet 的大型交易持續被推遲。

As a reminder, this is a delayed business that we will be able to capture in future quarters.

提醒一下，這是一項延遲的業務，我們將能夠在未來幾季抓住這項業務。

Our highly rated home products continued to be a bestseller even though Q2 saw a seasonal dip in billings.

儘管第二季的銷售額出現季節性下降，但我們好評如潮的家居產品仍然是暢銷品。

From geographic perspective, North America made up 80% of second-quarter revenue and Europe was at 20%, consistent with prior quarters.

從地理角度來看，北美佔第二季營收的 80%，歐洲佔 20%，與前幾季一致。

Turning to gross margins, non-GAAP gross margins for second quarter was 26%, up sequentially from 24% in Q1.

談到毛利率，第二季非 GAAP 毛利率為 26%，比第一季的 24% 上升。

Gross margin was up 23 percentage points as compared to Q2 last year, a quarter that was impacted by the inventory impairment charge.

受庫存減損費用影響，毛利率較去年第二季增加了 23 個百分點。

The sequential improvement was largely due to improved hardware margins resulting from ongoing reduction in replacement part costs lowering warranty expenses and improved subscription margins resulting from continued optimization of support costs as well as a larger mix of higher-margin subscription revenue with an overall revenue.

環比的改善主要是由於更換零件成本的不斷降低、保固費用的不斷降低而導致硬體利潤的提高，以及支持成本的持續優化以及高利潤訂閱收入與總收入的更大組合而導致的訂閱利潤的提高。

Non-GAAP operating expenses for Q2 were $66 million, a decrease of 25% from $89 million in Q2 last year and flat sequentially.

第二季非 GAAP 營運費用為 6,600 萬美元，比去年第二季的 8,900 萬美元下降 25%，與上一季持平。

Non-GAAP adjusted EBITDA loss for the second quarter was $34 million, a continued improvement as compared to a loss of $36 million in Q1 and a loss of $81 million in Q2 of last year, which included the inventory impairment charge.

第二季非 GAAP 調整後 EBITDA 虧損為 3,400 萬美元，與第一季虧損 3,600 萬美元和去年第二季虧損 8,100 萬美元相比，持續改善，其中包括庫存減損費用。

Stock-based compensation in the second quarter was $19 million, down from $22 million in the first quarter and [down] from $35 million year on year.

第二季的股票薪酬為 1,900 萬美元，低於第一季的 2,200 萬美元，也低於去年同期的 3,500 萬美元。

In prior years, the second quarter has shown a step-up in stock-based comp due to an annual refresh of employee grants.

往年，由於員工補助金的年度更新，第二季的股票薪酬上升。

This quarter's net decrease represents the impact of prior restructuring events.

本季的淨減少反映了先前重組事件的影響。

Inventory balance increased slightly in the quarter as expected.

本季庫存餘額小幅增加，符合預期。

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

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 now expect this to decrease next year as we sell through the finished goods on hand.

現在，隨著我們出售現有的成品，我們預計明年這一數字將會減少。

This will release a significant amount of working capital and free up

這將釋放大量營運資金並釋放

(technical difficulty)

（技術難度）

Looking at cash, we ended the quarter with $244 million, significantly better than our internal plan due to continued focus on cash management.

就現金而言，由於我們繼續關注現金管理，本季末我們的現金餘額為 2.44 億美元，明顯優於我們的內部計劃。

Our $150 million revolving credit facility remains undrawn.

我們的 1.5 億美元循環信貸額度仍未動用。

We have no debt maturities until 2028, and we have existing capacity on our ATM.

我們的債務在 2028 年之前都沒有到期，而且我們的 ATM 上有現有容量。

Turning to guidance, for the third quarter of fiscal 2025, we expect revenue to be $85 million to $95 million.

談到指導，我們預計 2025 財年第三季的營收為 8,500 萬美元至 9,500 萬美元。

Given current industry headwinds, we are being prudent in our guidance.

考慮到目前的行業逆風，我們的指引持謹慎態度。

While Q2 revenue was down 28% compared to prior year, Q3 is expected to be 18% lower at the midpoint of our guidance range as compared to Q3 of last year.

雖然第二季營收比去年同期下降 28%，但與去年第三季相比，第三季營收預計將比我們指導範圍的中點下降 18%。

Looking ahead, we expect Q2 to be the bottom of the trough in terms of year-over-year growth, barring seasonality.

展望未來，我們預期第二季年增將觸底，排除季節性因素。

Though we don't typically guide on operating expenses, given the reorganization announced today, we wanted to help reset everyone to a new level for the remainder of this year.

儘管我們通常不會對營運費用提供指導，但考慮到今天宣布的重組，我們希望幫助每個人在今年剩餘時間內將其重新調整到新的水平。

With an annualized reduction of approximately $38 million of non-GAAP operating expenses, we expect non-GAAP operating expenses to be in the low $60 million in Q3 and to reduce further in Q4 when we will see the full-quarter impact of the reductions.

隨著非GAAP 營運費用的年化減少約3,800 萬美元，我們預計非GAAP 營運費用在第三季將降至6,000 萬美元，並在第四季度進一步減少，屆時我們將看到削減對整個季度的影響。

About 50% of the reductions are in sales and marketing, with the remainder split between R&D and G&A.

大約 50% 的削減來自銷售和行銷，其餘部分則分配給研發和一般管理費用。

We are streamlining functions and becoming more efficient across the company.

我們正在簡化整個公司的職能並提高效率。

We are focusing on leveraging the channel, eliminating redundancies with fewer people touching every deal while increasing the mix of quota-bearing reps.

我們專注於利用該管道，消除冗餘，減少接觸每筆交易的人員，同時增加配額代表的組合。

We are committed to be adjusted EBITDA positive.

我們致力於調整後的 EBITDA 為正值。

The fourth-quarter target previously laid out was dependent on modest revenue growth in a better macro backdrop.

先前製定的第四季度目標取決於更好的宏觀背景下的適度收入成長。

Despite the tough external environment, the steps we have taken to improve operational efficiencies will enable us to continue on the path to profitability by reducing our adjusted EBITDA loss sequentially, except for seasonally impacted quarters as we reach adjusted EBITDA positive during fiscal year 2026.

儘管外部環境嚴峻，但我們為提高營運效率而採取的措施將使我們能夠透過連續減少調整後EBITDA 損失，繼續走上盈利之路，但受季節性影響的季度除外，因為我們在2026 財年實現調整後EBITDA 為正值。

In summary, we believe Q2 was the [bottom] for revenue growth and EBITDA loss, and we have guided prudently to Q3.

總而言之，我們認為第二季度是收入成長和 EBITDA 損失的“底部”，我們對第三季度進行了審慎指導。

We continue to invest in all the right areas of the business.

我們繼續投資所有正確的業務領域。

And operationally, we put ourselves in a position to execute better and faster as the macro turns.

在營運方面，隨著宏觀情勢的轉變，我們能夠更好、更快地執行。

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。

Thank you.

謝謝。

And we will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員說明）

Colin Rusch, Oppenheimer.

科林‧魯施，奧本海默。

Thanks so much, guys, and appreciate the incremental detail you're offering here.

非常感謝，夥計們，並感謝你們在這裡提供的增量細節。

Could you talk a little bit about the target revenue level to reach that EBITDA breakeven and how you see the existing inventory working off and your ability to reduce working capital along the way towards that breakeven level?

您能否談談實現 EBITDA 損益平衡的目標收入水平，以及您如何看待現有庫存的運作以及在實現盈虧平衡水平的過程中減少營運資本的能力？

Yeah.

是的。

Hi, Colin, I'll take that question.

嗨，科林，我來回答這個問題。

So I'll start with the second part, which is the inventory level.

所以我將從第二部分開始，即庫存水準。

So based on our guide for Q3, based on the macro conditions that we were expecting to be a lot better in the second half, which we're clearly not seeing now, we believe that inventory levels will stay high for the rest of the year, basically around the same as we are right now.

因此，根據我們對第三季的指導，基於我們預計下半年會好得多的宏觀條件，但我們現在顯然沒有看到這一點，我們相信庫存水準將在今年剩餘時間內保持在高位，基本上和我們現在的情況差不多。

This is kind of the peak, but it should -- I don't see it coming down this year.

這是一種高峰，但它應該——我認為今年不會下降。

I believe that we should see some inventory balance coming down around Q1, Q2 -- around middle of next year as we sell through the inventory on hand.

我相信，隨著我們出售現有庫存，我們應該會在第一季、第二季左右（明年年中左右）看到一些庫存餘額下降。

On the second part of your question, which was related to the revenue level needed for adjusted EBITDA breakeven, which we've now guided or targeting to get to next year, so a few thoughts here.

關於你問題的第二部分，這與調整後的 EBITDA 盈虧平衡所需的收入水平有關，我們現在已經指導或目標是明年達到這一水平，所以這裡有一些想法。

So this year, as we mentioned, was about focusing on improving efficiency and operational excellence.

因此，正如我們所提到的，今年的重點是提高效率和卓越營運。

And next year, we're focusing on returning to revenue growth.

明年，我們的重點是恢復收入成長。

So we've made significant changes to our cost structure, as you saw today, and we will continue to look for efficiencies to continue to bring OpEx down.

因此，正如您今天所看到的，我們對成本結構進行了重大改變，並且我們將繼續尋求效率以繼續降低營運支出。

That's one part.

這是一部分。

On the margins, we expect margin improvements to be realized next year as we start seeing the benefit of Asia manufacturing and improved subscription margins and as inventory will come down around the middle of next year.

在利潤方面，我們預計明年利潤率將實現改善，因為我們開始看到亞洲製造業的好處和訂閱利潤率的提高，並且庫存將在明年年中左右下降。

Now that said, we obviously need to see a moderate amount of revenue growth next year, which we think could be possible from a number of things, right?

話雖如此，我們顯然需要看到明年的收入適度成長，我們認為這可以從很多方面實現，對吧？

First, the deals pushing out from this year will materialize next year, and in many cases, they're even expanding.

首先，今年推出的交易將於明年實現，而且在許多情況下，它們甚至還在擴大。

Second, we see increase in opportunities, some of which are pretty large on the fleet side -- again, something that Rick had mentioned -- which typically take longer to close.

其次，我們看到機會增加，其中一些在機隊方面相當大——這也是里克提到的——通常需要更長的時間才能完成。

And the third would be we are seeing signs of gradual improvement in the overall macro, where we're seeing some green shoots.

第三，我們看到整體宏觀逐步改善的跡象，我們看到了一些萌芽。

And overall, subscription revenue will also continue to grow due to our larger installed base.

整體而言，由於我們的安裝基數較大，訂閱收入也將持續成長。

So based on these, we are targeting to see breakeven sometime during next year, but the exact timing of it will depend on actual revenue growth.

因此，基於這些，我們的目標是在明年某個時候實現損益平衡，但具體時間將取決於實際收入成長。

Okay, thanks so much.

好的，非常感謝。

I'll take a follow-up offline.

我會進行線下跟進。

But while I have you, on the technology side, obviously, there's an awful lot happening in terms of incremental improvement on batteries, move toward higher voltage and higher wattage on the chargers.

但是，就技術而言，顯然，在電池的漸進改進方面發生了很多事情，朝著更高電壓和更高瓦數的充電器邁進。

Can you talk a little bit about key areas of investment around the development?

您能否談談該開發案的關鍵投資領域？

You mentioned AI and your ability to optimize routes and a variety of other things, but how should we be thinking about the kind of one or two key priorities for you guys from a technology investment perspective?

您提到了人工智慧以及優化路線和其他各種事物的能力，但是從技術投資的角度來看，我們應該如何考慮你們的一兩個關鍵優先事項？

Yeah.

是的。

Hi, Colin.

嗨，科林。

This is Rick.

這是瑞克。

Good to talk to you.

很高興和你說話。

We've got two major areas of focus: simply put, software and hardware.

我們有兩個主要關注領域：簡單地說，軟體和硬體。

As we announced a couple of months ago, we hired a new Chief Development Officer for software, and he's really now coming up to speed and starting to refine our go-forward road map for software.

正如我們幾個月前宣布的那樣，我們聘請了一位新的軟體首席開發官，他現在確實正在加快步伐並開始完善我們的軟體前進路線圖。

And I really expect a lot of exciting innovation in that area.

我真的期待該領域出現許多令人興奮的創新。

And then on the hardware side, as we mentioned in the prepared remarks, we continue to work with our co-development partners, WNC and AcBel.

然後在硬體方面，正如我們在準備好的發言中提到的，我們繼續與我們的共同開發合作夥伴 WNC 和 AcBel 合作。

And as I again said in the prepared remarks, we've got some really exciting new hardware products coming out in the future.

正如我在準備好的演講中再次所說，我們未來將推出一些非常令人興奮的新硬體產品。

I can't wait to get those in the market.

我迫不及待地想在市場上買到它們。

So those are the two big areas of focus for us.

所以這些都是我們關注的兩大領域。

Stephen Gengaro, Stifel.

史蒂芬·根加羅，斯蒂菲爾。

Thanks.

謝謝。

Good afternoon, everybody.

大家下午好。

I guess two for me.

我猜對我來說有兩個。

But what I'd start with is, Rick, you were pretty -- you had some optimism around some green shoots in your prepared remarks.

但我首先要說的是，里克，你很漂亮——你在準備好的演講中對一些新芽抱有一些樂觀態度。

And I'm just curious when you sort of -- when you think about what you're seeing in the market right now and you think about kind of your expectations on the EBITDA side next year, when do you think we start to see kind of a revenue inflection point based on some of the positives you're seeing in the market right now?

我只是很好奇，當你思考現在市場上的情況以及明年對 EBITDA 方面的期望時，你認為我們什麼時候開始看到這種情況基於您目前在市場上看到的一些積極因素，收入拐點是什麼？

Hard to predict.

很難預測。

Again, the green shoots, I think, are very specific.

我認為，再次出現的萌芽是非常具體的。

And one is we've seen a number of current customers significantly expand their deployment plans by -- in some cases, in order of magnitude.

其中之一是，我們看到許多現有客戶顯著擴展了他們的部署計劃——在某些情況下，是按數量級擴展的。

In other cases, specifically in fleet, which we've talked about, we've seen the pipeline and the opportunities that are coming our way in fleet expand very significantly, doubled over last year.

在其他情況下，特別是在我們已經討論過的機隊中，我們已經看到機隊中的管道和機會顯著擴大，比去年翻了一番。

So that, again, feels like a pretty strong green shoot.

所以，這又像是個非常強的綠芽。

Third, we're seeing a trend now where we've got a number of deals.

第三，我們現在看到了一種趨勢，我們已經達成了許多交易。

This is by far more than one that were lost on an RFP 6 months, 12 months ago, where the competition has not been successful executing on their commitments and those deals have now come back to us.

這遠遠超過了 6 個月、12 個月前在 RFP 中丟失的情況，當時競爭對手未能成功履行其承諾，而這些交易現在又回到了我們手中。

So those are good examples of the green shoots we're seeing.

這些都是我們看到的萌芽的好例子。

I guess the fourth one would be, we continue to see the dislocation in workplace between the correlation of EV sales and charger adoption.

我想第四個是，我們繼續看到工作場所中電動車銷售與充電器採用之間的相關性錯位。

We've had specific examples of large workplace customers, for example, talking about very aggressive growth in the employees at their workplaces that are subscribing to their EV charging programs, and it appears to be growing faster.

例如，我們有大型工作場所客戶的具體例子，談論他們工作場所訂閱電動車充電計劃的員工的非常積極的增長，而且增長速度似乎更快。

Again, it's indicated through our utilization data specifically in workplace that also looks like a green shoot.

同樣，我們的利用率數據表明，特別是在工作場所，這也看起來像是一個萌芽。

So we are seeing some positive signs in these areas.

所以我們在這些領域看到了一些正面的跡象。

Great.

偉大的。

Thank you.

謝謝。

And then the other question was on the gross margin side.

另一個問題是毛利率方面。

I think you mentioned -- Mansi, you mentioned the Asia manufacturing on the product side, but then also better subscription margins.

我想你提到了——曼西，你提到了產品方面的亞洲製造，但也提到了更好的訂閱利潤。

What are a couple of -- is there a way to think about or to quantify the impact that could have on the gross margins that -- even if we assume just kind of modest revenue growth?

有哪些 - 有沒有辦法思考或量化可能對毛利率的影響 - 即使我們假設只是適度的收入成長？

What the manufacturing side -- how that helps the gross margin on the products and where should subscription margins get to in the next four to six quarters?

製造方面如何？

Yeah.

是的。

So specifically from the Asia manufacturing side, there are significant benefits to the hardware margins.

因此，特別是從亞洲製造業方面來看，硬體利潤率有顯著的優勢。

We're not able to quantify exactly, because we will be selling through existing inventory, which is at different levels for different products.

我們無法準確量化，因為我們將透過現有庫存進行銷售，不同產品的庫存水準不同。

And so we'll be introducing the Asia manufacturing product for the same, different level, different times.

因此，我們將在不同的時間、相同的水平上介紹亞洲製造的產品。

So there is a blend.

所以有一種混合。

So I would think that we would see a gradual improvement in gross margin through each of the quarters next year as we start leading through the inventory that we currently have.

因此，我認為，隨著我們開始領先目前的庫存，明年每季的毛利率都會逐漸改善。

And on the subscription side, you've seen us improved subscription margins pretty nicely over the last few quarters.

在訂閱方面，您已經看到我們在過去幾個季度中很好地提高了訂閱利潤。

This quarter (technical difficulty) on a non-GAAP basis were above 50%.

本季（技術難度）以非 GAAP 計算高於 50%。

So we're very excited about that.

所以我們對此感到非常興奮。

Most of that is coming from improvements in our support costs, which we have been able to get to by outsourcing to India.

其中大部分來自我們支持成本的改善，我們透過外包到印度來實現這一目標。

And most of our software team is now -- our support team, sorry, is now based out of our India offices.

抱歉，我們的大多數軟體團隊現在都駐紮在我們的印度辦事處。

And as we continue to see economies of scale, the top line on the subscription side increasing with costs remaining relatively flat, that should improve margins as well.

隨著我們繼續看到規模經濟，訂閱方面的收入不斷增加，而成本保持相對平穩，這也應該會提高利潤率。

The other comment I'll add to that is innovation continues to play a role in this as well.

我要補充的另一條評論是，創新也將繼續在這方面發揮作用。

The AI technology we recently released -- we call this picture to resolution -- has been having a surprising, very quick impact on station repair costs that are under warranty.

我們最近發布的人工智慧技術（我們稱之為解析度圖）對保固期內的車站維修成本產生了令人驚訝的、非常迅速的影響。

This reduces the need to do multiple truck rolls -- one, to go diagnose a problem and a second to go repair problem.

這減少了多次到府服務的需要──一是診斷問題，二是修復問題。

We've been very pleased with the early results.

我們對早期結果非常滿意。

And innovation like that continues to drive down cost of operations around the services side.

類似的創新持續降低服務方面的營運成本。

Bill Peterson, JPMorgan.

比爾彼得森，摩根大通。

Hi.

你好。

Good afternoon and thanks for taking the questions and the details thus far on the call.

下午好，感謝您在電話會議中提出問題並了解迄今為止的詳細資訊。

Wanted to double click on the third-quarter guidance.

想雙擊第三季指引。

Can you provide some additional context on the quarter-on-quarter decline?

您能否提供有關季度環比下降的更多背景資訊？

How much of this is related to competitive dynamics or pricing units, product mix, maybe policy uncertainty in the US and Europe?

其中有多少與競爭動態或定價單位、產品組合、也許是美國和歐洲的政策不確定性有關？

You also talked about pushouts.

您還談到了推出。

I think you even talked about that last quarter on the order of eight digits.

我想你甚至談到了上個季度的八位數。

Is that just further pushouts?

這只是進一步的推出嗎？

Or is this something new?

還是這是新事物？

And maybe other things like related to product changeover or maybe focus on software, anything to help us understand the quarter-on-quarter and year-on-year decline?

也許還有其他事情，例如與產品轉換相關的事情，或者可能關注軟體，有什麼可以幫助我們了解季度環比和同比下降的情況嗎？

Yeah, Bill, let me make a couple of comments, and then I'll hand it over to Mansi to add to it.

是的，比爾，讓我發表一些評論，然後我會將其交給曼西補充。

The one thing I'll tell you on the guide for this quarter is that we've really made a significant change to our sales and marketing organization that was part of this restructuring we announced today.

我要在本季度的指南中告訴您的一件事是，我們確實對我們的銷售和行銷組織進行了重大改變，這是我們今天宣布的重組的一部分。

We have flattened that organization increased the ratio of sellers to non-quota-carrying people.

我們已經扁平化了組織增加了賣家與非配額持有者的比例。

As we mentioned, we're expecting to close our CRO search here shortly.

正如我們所提到的，我們預計很快就會在這裡結束 CRO 搜尋。

So with this much disruption in the go-to-market organization, we are cautious about Q3, and that was one of the reasons we gave a more conservative guide.

因此，由於上市組織受到如此大的干擾，我們對第三季持謹慎態度，這也是我們給出更保守的指導的原因之一。

I'll let Mansi add some more color from a financial perspective.

我會讓曼西從財務角度添加更多色彩。

Yeah.

是的。

And just generally, as I've mentioned before, our guidance methodology does take into consideration the pushout of deals, the large deals.

一般來說，正如我之前提到的，我們的指導方法確實考慮了交易的推出，即大型交易。

We've seen it happen many times before.

我們以前已經見過很多次這種情況了。

So we do take it into consideration.

所以我們確實考慮到了這一點。

However, this quarter, we saw a higher magnitude of deals getting pushed out because of the uncertainty in the macro.

然而，本季度，由於宏觀經濟的不確定性，我們看到更多交易被取消。

There are multiple reasons: delayed permitting, extended construction timelines or just delayed buying decisions.

原因有很多：延遲許可、延長施工時間或只是延遲購買決定。

So we saw fleet revenue come in lower than we had expected.

因此，我們看到機隊收入低於我們的預期。

And obviously, we're factoring in all of this information and knowledge that we've gained from Q2 into our Q3 guidance, which we believe is prudent given the uncertainty in the market.

顯然，我們將從第二季度獲得的所有資訊和知識納入第三季度指導，考慮到市場的不確定性，我們認為這是謹慎的。

But I would like to point out all of this is about timing of deals, meaning deals getting pushed out, it's not the size or the quantity of deals.

但我想指出，所有這些都與交易的時機有關，這意味著交易被推遲，而不是交易的規模或數量。

Okay.

好的。

Thanks for that.

謝謝你。

I wanted to kind of also ask about margins, but on the equipment side, obviously, you're improving margins.

我還想問一下利潤率，但在設備方面，顯然，你正在提高利潤率。

Some of this is related to mix.

其中一些與混合有關。

But how should we think about -- now you're one quarter on -- about the targets you have when the new charges from Asia are really sold in volume next year?

但是，現在已經是四分之一了，當來自亞洲的新產品明年真正批量銷售時，我們應該如何考慮您的目標？

Is there a way you can kind of help quantify the margin uplift for both sort of Level 2 and DC fast for these products?

有沒有一種方法可以幫助量化這些產品的 2 級和 DC 快速利潤提升？

Yeah.

是的。

I think it's going to be fairly significant, just the cost reduction we have on the existing product portfolio.

我認為這將是相當重要的，只是我們現有產品組合的成本降低了。

But the other thing that will begin to contribute next year and then in full force in fiscal '27 are new product introductions.

但明年開始發揮作用並在 27 財年全面發揮作用的另一件事是新產品的推出。

And when I get the question, Rick, what's a good charger?

當我被問到，Rick，什麼是好的充電器？

It's a very simple answer.

這是一個非常簡單的答案。

It's very reliable, very durable and low cost, and we are focused on improvements on all of those areas with our next-gen products.

它非常可靠、非常耐用且成本低廉，我們致力於透過下一代產品對所有這些領域進行改進。

And those, again -- we'll start to see the beginning of that impact next year and then really in full force in fiscal '27.

同樣，我們將在明年開始看到這種影響的開始，然後在 27 財年真正全面發揮作用。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

Hi.

你好。

A couple of questions, if I could.

如果可以的話，有幾個問題。

Just to understand the backdrop in which you guys think you're now operating.

只是為了了解你們認為你們現在所處的背景。

So first of all, in terms of any kind of revenue recovery, it seems a lot of it is hinging on fleet, but that's only 14% of billings today.

首先，就任何形式的收入復甦而言，似乎很大一部分都取決於機隊，但這僅佔目前營收的 14%。

Like can you give us a perspective on how big fleet can get to over the next couple of years?

您能否為我們介紹一下未來幾年機隊規模將達到多大？

And then secondly, when you say that EVs have sort of stabilized at predictable growth rates, is there any kind of sense for what that growth rate you think will be over the next couple of years (technical difficulty) hit all these objectives?

其次，當您說電動車已經穩定在可預測的成長率時，您認為未來幾年（技術難度）達到所有這些目標的成長率是否有任何意義？

Thanks.

謝謝。

Yeah, I can take the first part, which is where we expect fleet business to go.

是的，我可以選擇第一部分，這就是我們預期車隊業務的發展方向。

It's definitely going to be a pretty significant portion of our overall revenue.

這肯定會占我們總收入的很大一部分。

And don't know the exact timing, but it could -- we expect it to be about a third over a period of time.

我們不知道確切的時間，但有可能——我們預計在一段時間內約為三分之一。

We're seeing that based on the number of opportunities that are in the system right now.

我們根據系統中目前的機會數量看到了這一點。

Rick alluded to this earlier, we're already seeing twice the number of opportunities that we were seeing last year.

里克早些時候提到過這一點，我們已經看到的機會數量是去年的兩倍。

These just take a little bit longer to close.

這些只是需要更長的時間才能關閉。

So the business is there.

所以生意就在那裡。

The vehicles are coming.

車輛來了。

And so it will be a pretty significant portion of our overall revenue.

因此，這將占我們總收入的很大一部分。

In terms of passenger vehicles, again, I think we're starting to see positive signs from the market, mixed in with concerns from the auto OEMs as they evaluate their transition to full BEV and how they intersperse plug-in hybrids in the mix.

就乘用車而言，我認為我們再次開始看到市場的積極跡象，同時也夾雜著汽車原始設備製造商的擔憂，因為他們正在評估向純電動汽車的過渡以及如何在混合動力汽車中融入插電式混合動力汽車。

I think it varies from auto OEM to auto OEM.

我認為這對於不同的汽車原始設備製造商來說是不同的。

But as we mentioned in the prepared remarks, we've seen lease prices and pricing go down to clear out this model year and prepare for the next model year.

但正如我們在準備好的評論中提到的，我們已經看到租賃價格和定價下降，以清理本車型年並為下一個車型年做好準備。

The other thing that I believe, particularly is that improved selection and reduced cost of a vehicle and hopefully, with reduced interest rates and the affordability of car loans will all be a positive contribution to passenger EV adoption.

我特別相信的另一件事是，車輛選擇的改進和成本的降低，希望隨著利率的降低和汽車貸款的負擔能力的提高，都將對乘用電動車的採用做出積極貢獻。

I think the J.D. Power statistic we mentioned is pretty meaningful, where 24% of car buyers are now very likely to consider an EV for their next vehicle.

我認為我們提到的 J.D. Power 統計數據非常有意義，其中 24% 的購車者現在很可能考慮為他們的下一輛車購買電動車。

So again, we see those positive pieces of news mixed in with other news from auto OEMs where they're evaluating their transition to full BEV.

因此，我們再次看到這些積極的消息與汽車原始設備製造商的其他消息混合在一起，他們正在評估向純電動汽車的過渡。

Mark Delaney, Goldman Sachs.

馬克·德萊尼，高盛。

Yes.

是的。

Good afternoon.

午安.

Thank you very much for taking my questions.

非常感謝您回答我的問題。

First, hoping you could provide an update on customers looking to source charging hardware for multiple providers in North America, and to what extent you're seeing that influence revenue this fiscal year?

首先，希望您能夠提供有關尋求為北美多家提供商採購充電硬體的客戶的最新信息，以及您認為這在多大程度上影響了本財年的收入？

And could you speak about that both as a potential headwind to your hardware revenue but also as an opportunity to sell more software revenue?

您能否將其視為硬體收入的潛在阻力，同時也是銷售更多軟體收入的機會？

Yeah, that's a good question.

是的，這是一個好問題。

I think we're in the early stages of this, but it's clearly going to happen.

我認為我們還處於早期階段，但這顯然將會發生。

I think in North America, you've seen an indication from the largest of the large customers to want a multisource hardware.

我認為在北美，您已經看到最大的大客戶想要多源硬體的跡象。

That's largely been an intent so far as opposed to actual action.

到目前為止，這很大程度上只是一種意圖，而不是實際行動。

But one thing I will tell you is that our investments in our support organization, all the innovation we've done around network uptime has really created some differentiation for us.

但我要告訴你的一件事是，我們對支持組織的投資，我們圍繞網路正常運作時間所做的所有創新確實為我們創造了一些差異化。

And we're seeing some of those customers, while they may express an intent to multisource, still gravitate towards our solution just because of the reliability we've been able to provide in their networks.

我們看到其中一些客戶雖然可能表達了多源的意圖，但仍然傾向於我們的解決方案，只是因為我們能夠在他們的網絡中提供可靠性。

In Europe, it's different where the market is much further ahead.

在歐洲，情況有所不同，那裡的市場遙遙領先。

In Europe, what we're seeing is a lot of brownfield opportunities now, which really drive software.

在歐洲，我們現在看到了很多棕地機會，這確實推動了軟體的發展。

So we've got multiple examples of customers that have a large installed base of non-ChargePoint hardware.

因此，我們有多個擁有大量非 ChargePoint 硬體安裝基礎的客戶範例。

They want to standardize on a software platform to manage that entire infrastructure of both our existing hardware and new.

他們希望在軟體平台上實現標準化，以管理我們現有硬體和新硬體的整個基礎設施。

And in those cases, we're obviously selling software without hardware for the installed brownfield and then having the opportunity to also sell new hardware as they expand their networks.

在這些情況下，我們顯然是在為已安裝的棕地銷售沒有硬體的軟體，然後在他們擴展網路時也有機會銷售新硬體。

That's helpful, Rick.

這很有幫助，瑞克。

My other question was around utilization rates.

我的另一個問題是關於利用率。

Last quarter, the company mentioned that utilization rates were rising with the continued growth in the number of EVs on the road as well as the lower shipments the company in the second half of this fiscal year.

上季度，該公司提到，隨著道路上電動車數量的持續增長以及公司本財年下半年出貨量的下降，利用率正在上升。

I would think those utilization rates are rising further.

我認為這些利用率正在進一步上升。

Maybe you can give more color around where utilization rates stand?

也許您可以對利用率的情況進行更多說明？

And is there any specific level you think would trigger additional charging investments from customers?

您認為是否有任何具體程度會引發客戶額外的收費投資？

Thank you.

謝謝。

Yeah, they're still continuing to increase.

是的，他們還在繼續增加。

And it's now, at least -- again, back to the green shoots starting to pull through some demand.

現在至少又回到了萌芽狀態，開始滿足一些需求。

Again, I've had specific customer conversations where they have told me that their employees can't find a place to charge at work, and they're starting to, again, invest in expanding their network.

我再次與特定的客戶進行了交談，他們告訴我，他們的員工找不到工作地點充電，而他們又開始投資擴大他們的網路。

So that number goes up, and it now looks like it's hit a point where at least it's beginning to start to pull through demand for expansion opportunities with our -- especially our existing workplace customers.

所以這個數字上升了，現在看來已經達到了一個點，至少開始滿足我們——尤其是我們現有的工作場所客戶——對擴張機會的需求。

The other trend we're beginning to see is in hospitality, where it looks to me like some of the larger brands are starting to get serious about a brand standard for their entire chain as opposed to letting their franchise owners do what they want to do with charging at their individual hotels.

我們開始看到的另一個趨勢是酒店業，在我看來，一些較大的品牌開始認真對待整個連鎖店的品牌標準，而不是讓特許經營權所有者做他們想做的事在各自的酒店充電。

So again, I think utilization pressure is starting to show some green shoots of pull-through demand for expansion business.

因此，我再次認為，利用壓力開始顯現出擴張業務拉動需求的一些萌芽。

Again, with some, I think, maturity in the hospitality market, that can pull through some demand as well.

我認為，隨著飯店市場的成熟，這也可以拉動一些需求。

(Operator Instructions)

（操作員說明）

Chris Dendrinos, RBC Capital Markets.

Chris Dendrinos，加拿大皇家銀行資本市場部。

Yeah.

是的。

Good evening and thank you.

晚上好，謝謝。

I apologize; I'm sitting in an airport.

我道歉；我坐在機場裡。

So hopefully, no announcements come in.

所以希望不會有任何公告。

But just one for me.

但對我來說只有一件。

You mentioned competition and you saw, I guess, maybe one of your competitors unable to deliver and then the customers coming back to you.

你提到了競爭，我想你看到，也許你的競爭對手之一無法交付，然後客戶又回到你身邊。

I guess maybe can you just expand on the competitive landscape right now?

我想也許你現在可以擴大競爭格局嗎？

I'm curious how it's evolved over the past year, if you've seen competitors exit the market.

我很好奇過去一年它是如何演變的，是否看到競爭對手退出市場。

Obviously, we've seen Tesla change some things up.

顯然，我們已經看到特斯拉改變了一些事情。

But any kind of color, I guess, maybe across home, fleet, and general commercial, how that's kind of evolved.

但我想，任何一種顏色，可能會跨越家庭、車隊和一般商業，這是如何演變的。

Thanks.

謝謝。

Yeah.

是的。

Hi, Chris.

嗨，克里斯。

Good to hear your voice.

很高興聽到你的聲音。

It hasn't changed a lot in terms of the level of competition we're facing.

就我們面臨的競爭水平而言，它並沒有太大變化。

The factor I mentioned earlier where we're seeing deals come back to us that we had lost on RFP, that's more than one example.

我之前提到的一個因素是，我們看到我們在 RFP 上失去的交易又回到了我們身邊，這不僅僅是一個例子。

There are a number of examples where that has happened, and they are fairly significant opportunities in all cases.

有很多這樣的例子，而且在所有情況下都是相當重要的機會。

By vertical, I think you're seeing -- companies come and go in all three areas, whether it's home, workplace or commercial or fleet.

我想你看到的垂直領域——公司在這三個領域來來去去，無論是家庭、工作場所、商業還是車隊。

But again, the overall level of competition appears to be fairly consistent but some of the names are changing.

但同樣，競爭的整體水平似乎相當一致，但一些名稱正在改變。

Ladies and gentlemen, this concludes our question-and-answer session as well as today's conference call.

女士們先生們，我們的問答環節以及今天的電話會議到此結束。

We thank you for your participation, and you may now disconnect.

我們感謝您的參與，您現在可以斷開連接。