ChargePoint Holdings Inc (CHPT) 2025 Q4 法說會逐字稿

Ladies and gentlemen, good afternoon.

女士們、先生們，午安。

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

我叫帕姆，我將擔任今天電話會議的接線生。

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

現在，我歡迎大家參加 ChargePoint 2025 財年第四季財報電話會議和網路廣播。

(Operator Instructions)

（操作員指令）

I would now like to turn the call over to Nandan Amladi, ChargePoint's Vice President of Finance and Investor Relations.

現在，我想將電話轉給 ChargePoint 財務和投資者關係副總裁 Nandan Amladi。

Nandan, please go ahead.

南丹，請說。

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

下午好，感謝您參加今天的電話會議，討論 ChargePoint 2025 財年第四季的獲利結果。

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

本次電話會議將進行網路直播，您可透過我們網站 investors.chargepoint.com 的投資者關係部分存取。

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

今天與我一起參加電話會議的還有我們的執行長 Rick Wilmer；以及我們的財務長 Mansi Khetani。

This afternoon, we issued a press release announcing results for the quarter ended January 31, 2025, which can be found on our website.

今天下午，我們發布了一份新聞稿，宣布了截至 2025 年 1 月 31 日的季度業績，可在我們的網站上查閱。

We'd like to remind you that during the conference call, management will be making forward-looking statements, including our outlook for the first quarter of fiscal 2026.

我們想提醒您，在電話會議期間，管理階層將做出前瞻性陳述，包括我們對 2026 財年第一季的展望。

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，其中許多是我們無法控制的，並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.

這些前瞻性陳述自今日適用，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 December 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不同的某些因素的更詳細描述，請參閱我們於 2024 年 12 月 6 日向美國證券交易委員會提交的 10-Q 表，以及我們今天在我們網站上發布並以 8-K 表形式向美國證券交易委員會提交的收益報告。

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上使用了某些非 GAAP 財務指標，我們在收益報告中以及在我們網站的「投資者」部分發布的投資者介紹中的某些歷史時期中將這些指標與 GAAP 進行了協調。

And finally, we'll be posting a 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, let me turn the call over to Rick.

現在，讓我把電話轉給里克。

Thank you for joining ChargePoint's fourth quarter fiscal 2025 earnings call.

感謝您參加 ChargePoint 2025 財年第四季財報電話會議。

Today, I will walk through key financial results for the quarter, our recent business highlights, and discuss the anticipated shifts in the US policy as they pertain to ChargePoint.

今天，我將介紹本季的主要財務業績、我們最近的業務亮點，並討論與 ChargePoint 相關的美國政策預期變化。

We continue to execute on our mission for operational excellence in the fourth quarter and are pleased with the results.

我們將繼續執行第四季度卓越營運的使命，並對結果感到滿意。

We delivered significant sequential improvement in adjusted EBITDA as well as cash usage.

我們的調整後 EBITDA 和現金使用量實現了顯著的連續改善。

Revenue was $102 million, above the midpoint of our guidance range.

營收為 1.02 億美元，高於我們預期範圍的中點。

Subscription revenue increased 14% year on year to $38 million in Q4.

第四季訂閱營收年增 14% 至 3,800 萬美元。

Our gross margin increased to 30% on a non-GAAP basis.

根據非公認會計準則，我們的毛利率增加至 30%。

Q4 non-GAAP OpEx was $52 million, which is down 42% from our high point of $89 million in Q2 of fiscal year 2024.

第四季非 GAAP 營運支出為 5,200 萬美元，較 2024 財年第二季的高點 8,900 萬美元下降 42%。

Cash consumption reduced significantly compared to last quarter, and our ending cash balance was up by $5 million from the end of Q3.

與上一季相比，現金消耗大幅減少，我們的期末現金餘額較第三季末增加了 500 萬美元。

We have rationalized our cost structure, and we will continue to operate efficiently.

我們已經合理化了成本結構，並將繼續高效運作。

These improvements demonstrate significant progress toward our goal of achieving positive non-GAAP adjusted EBITDA for a quarter in fiscal 2026.

這些改進表明我們在實現 2026 財年季度非 GAAP 調整後 EBITDA 為正的目標方面取得了重大進展。

We finished the year with 342,000 charging ports managed by our software, of which 120,000 are in Europe and more than 33,000 are DC fast chargers.

截至今年年底，我們的軟體管理的充電埠總數為 342,000 個，其中 120,000 個位於歐洲，超過 33,000 個是直流快速充電器。

These ports drive our subscription revenue.

這些連接埠推動了我們的訂閱收入。

To demonstrate our scale between managed and roaming ports, we provide ChargePoint drivers with access to more than 1.2 million charging ports worldwide.

為了展示我們在託管和漫遊端口之間的規模，我們為 ChargePoint 駕駛員提供了全球超過 120 萬個充電埠的存取權限。

EV adoption continues despite recent narratives to the contrary.

儘管最近有相反的說法，但電動車的普及仍在繼續。

According to the research firm, Row Motion, 2024 was a record year for global EV sales volume with North America up 9%.

據研究公司 Row Motion 稱，2024 年將是全球電動車銷量創紀錄的一年，其中北美銷量將成長 9%。

The firm's January 2025 data reported North American sales up 22% year over year and Europe, including the UK, up 21%.

該公司 2025 年 1 月的數據顯示，北美銷售額年增 22%，包括英國在內的歐洲銷售額成長 21%。

EV sales were a natural leading indicator for our industry.

電動車銷量自然是我們產業的領先指標。

As more EVs hit the road, the more chargers are needed to fuel them.

隨著越來越多的電動車上路，需要更多的充電器來為它們充電。

Dozens of new EV models are expected to arrive this year, further expanding selection for consumers.

預計今年將有數十款新型電動車上市，進一步擴大消費者的選擇範圍。

These EVs boast features which were previously unavailable, and they are coming to market at price points closer to those of internal combustion vehicles.

這些電動車擁有以前無法獲得的功能，而且它們的市場價格更接近內燃機汽車。

We believe free market forces will drive organic EV adoption in the absence of subsidies.

我們相信，在沒有補貼的情況下，自由市場力量將推動電動車的有機普及。

Global automotive manufacturers, most recently Kia on February 27, have reconfirmed their commitment to EVs, whether they continue to invest in internal combustion or not.

全球汽車製造商（最近一次是 2 月 27 日的起亞）已重申了對電動車的承諾，無論他們是否繼續投資內燃機。

Many institutions across industries such as retail, hospitality, and logistics are fully committed to reducing their carbon footprint.

零售、酒店和物流等行業的許多機構都致力於減少其碳足跡。

EVs remain a major part of their plans to do so.

電動車仍然是其計劃的重要組成部分。

EV charging will remain the essential enabler of the transition to e-mobility.

電動車充電仍將是電動車轉型的重要推動因素。

Charging sessions on the ChargePoint network continued to grow sequentially with approximately 27 million sessions delivered in the fourth quarter.

ChargePoint 網路上的充電會話持續連續成長，第四季的充電會話數量約為 2,700 萬次。

In our 17-year history, the ChargePoint network has delivered more than 322 million sessions, of which almost 30% took place during the last fiscal year.

在我們 17 年的歷史中，ChargePoint 網路已完成了超過 3.22 億次會話，其中近 30% 發生在上一財年。

As I have said previously, we believe this demonstrates how existing EV charging infrastructure is under pressure.

正如我之前所說，我們認為這表明現有的電動車充電基礎設施面臨壓力。

Additional charging capacity is moving from a want to a need.

額外的充電容量正在從一種想要變成一種需求。

We are still seeing institutions procure charging as a marketing tactic to attract customers, a loyalty tactic to retain them or both.

我們仍然看到代理商將收費作為吸引客戶的行銷策略、留住客戶的忠誠度策略，或兩者兼而有之。

Charging infrastructure has lagged behind EV adoption and it needs to catch up.

充電基礎設施已經落後於電動車的普及，需要迎頭趕上。

We continue to make progress on our three-year business plan.

我們的三年商業計劃繼續取得進展。

To recap year one, we restructured, revised our product road map, set our leadership team in place, and put tremendous focus and effort into operational excellence.

回顧第一年，我們進行了重組，修改了產品路線圖，成立了領導團隊，並投入了巨大的精力和努力實現卓越營運。

As we often say internally, focus plus effort equals results.

正如我們內心常說的，專注加上努力就等於結果。

And that is becoming apparent in the results we are delivering.

從我們所取得的成果來看，這一點已經很明顯了。

We completed year one of our plant early and have a head start on year two.

我們提前完成了工廠第一年的建設，並提前開始了第二年的建設。

Year two of the plan prioritizes growth and innovation.

該計劃的第二年優先考慮成長和創新。

Our next-generation software and hardware products will deliver substantial innovation to the market, which in turn, we believe, will result in further growth.

我們的下一代軟體和硬體產品將為市場帶來實質的創新，我們相信這反過來將帶來進一步的成長。

A very well-received innovation as our recently announced anti-vandalism technology, one of the industry's biggest pain points is station vandalism, particularly the theft of charger cables.

我們最近宣布的防破壞技術是一項廣受好評的創新，業界最大的痛點之一是充電站遭到破壞，尤其是充電器電纜被盜。

To combat the issue, we have developed a cut-resistant cable and are offering it to the entire industry so we can collectively fight crime.

為了解決這個問題，我們開發了一種防切割電纜，並將其提供給整個行業，以便我們可以共同打擊犯罪。

This innovative approach to hardware development remains one of our four strategic cornerstones, and the hardware road map is not just limited to features and components.

這種創新的硬體開發方法仍然是我們四大策略基石之一，而且硬體路線圖不僅限於功能和組件。

The first of several planned product announcements for 2025 will take place soon.

2025 年計劃發布的幾款產品中的第一款即將發布。

Year three of the business plan will be reaping the benefits of this completely revamped product portfolio, which includes our next-generation software platform that will drive profitable growth.

該商業計劃的第三年將從這個完全改進的產品組合中獲益，其中包括將推動獲利成長的下一代軟體平台。

In terms of growth, like with innovation, there were tangible results in Q4.

在成長方面，就像創新一樣，第四季取得了切實的成果。

The biggest highlight was a collaboration with General Motors GM Energy division.

最大的亮點是與通用汽車GM能源部門的合作。

Together with ChargePoint customers, we plan to open a significant number of GM Energy-branded DC fast-charging locations this year.

我們計劃今年與 ChargePoint 客戶一起開設大量 GM Energy 品牌的直流快速充電站。

ChargePoint is uniquely placed to deliver this for GM, thanks to our market position and our relationships with the industry.

憑藉我們的市場地位和與行業的關係，ChargePoint 具有為通用汽車提供這項服務的獨特優勢。

The program is intended to offset upfront investment with an owner-operator subsidy.

該計劃旨在透過業主經營者補貼來抵消前期投資。

This enables our customers to reduce their ROI threshold and accelerates the growth of their network.

這使我們的客戶能夠降低他們的投資回報率門檻並加速他們的網路成長。

It will drive sales of ChargePoint solutions in parallel.

它將同時推動ChargePoint解決方案的銷售。

As proof of its appeal, we managed to open the first location within four weeks of finalizing the program.

為了證明其吸引力，我們在計劃完成後四周內就成功開設了第一家門市。

While there is much in the news regarding the uncertainty of US federal funding for DC fast-charging infrastructure, there is still funding available at the state and utility level.

儘管有關美國聯邦政府對華盛頓特區快速充電基礎設施資金的不確定性的新聞很多，但州和公用事業層面仍有資金可用。

In Q4, we completed six fast-charging corridors across the state of Colorado, doubling charger coverage on those roadways.

第四季度，我們在科羅拉多州完成了六條快速充電走廊，使這些道路的充電器覆蓋率增加了一倍。

We are also near completion of a series of fast-charging locations in New York State.

我們也即將完成紐約州一系列快速充電站的建造。

Neither of these large-scale projects is federally funded.

這兩個大型計畫均未獲得聯邦政府資助。

Despite operating in a turbulent macro environment, we believe the transition to electrified transportation is inevitable.

儘管宏觀環境動盪，我們仍相信向電氣化交通的轉變是不可避免的。

I will now touch on the policy direction of the new US administration and the possible implications for ChargePoint, beginning with tariffs.

現在，我將談談新美國政府的政策方向及其對 ChargePoint 可能產生的影響，首先是關稅。

Over the past two years, we have geographically diversified our manufacturing and warehousing relationships.

在過去的兩年裡，我們在地域上實現了製造和倉儲關係的多元化。

We manufacture globally and have the capability to increase production at any of these facilities, including those located in the United States.

我們在全球範圍內進行生產，並且有能力在任何一家工廠（包括位於美國的工廠）增加產量。

The proposed tariffs on raw materials are inconsequential relative to the total cost of manufacturing our products.

相對於製造我們產品的總成本而言，對原材料徵收的擬議關稅微不足道。

Regarding the future of the National Electric Vehicle Infrastructure program, which represents the US federal funding being pulled back, ChargePoint does not own and operate charging infrastructure.

至於國家電動車基礎設施計畫的未來，該計畫代表著美國聯邦政府資金被撤回，ChargePoint 並不擁有和營運充電基礎設施。

We do not sell electricity to drivers nor are we reliant on federal funding.

我們不向司機出售電力，也不依賴聯邦資金。

Overall, NEVI-related deals represented an insignificant portion of our revenue in 2024.

整體而言，NEVI 相關交易僅占我們 2024 年收入的一小部分。

Therefore, we do not anticipate these changes to have a material effect on our business going forward.

因此，我們預計這些變化不會對我們未來的業務產生重大影響。

In conclusion, ChargePoint is leading the EV-charging industry, retaining our significant market share.

總之，ChargePoint 引領電動車充電產業，維持了我們顯著的市場份額。

We have rationalized our cost structure to improve our financial performance for our shareholders.

我們已經合理化了成本結構，以提高股東的財務表現。

ChargePoint is the most diversified business in the EV-charging sector by use case and geography.

從用例和地理來看，ChargePoint 是電動車充電領域最多樣化的企業。

We have an expansive customer base across AC home, AC commercial, and DC high-speed charging, spanning both Europe and North America.

我們擁有廣泛的客戶群，涵蓋家用交流電、商用交流電和直流高速充電領域，遍及歐洲和北美。

Our dependence on federal projects is minimal, and everything is in place for growth this year.

我們對聯邦計畫的依賴很小，今年的一切都為成長做好了準備。

We are confident we can deliver.

我們有信心能夠實現這一目標。

I will now turn the call over to our CFO, Mansi Khetani.

現在我將電話轉給我們的財務長 Mansi Khetani。

Thanks, Rick.

謝謝，里克。

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

提醒一下，請參閱我們的收益新聞稿，其中我們將非 GAAP 結果與 GAAP 進行了協調。

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

我們的主要排除是股票薪酬、無形資產攤銷以及與重組和收購相關的某些成本。

We are very pleased with our Q4 results.

我們對第四季的業績非常滿意。

All the focus and effort we put into operational excellence throughout last year is bearing fruit, and our Q4 results were a proof point of that.

我們去年在卓越營運方面投入的所有精力和努力都已結出碩果，第四季的業績就是明證。

We delivered significant improvements to our gross margin profile and brought OpEx down to appropriate levels, which materially reduced adjusted EBITDA loss.

我們顯著改善了毛利率狀況，並將營運支出降至適當水平，從而大幅減少了調整後的 EBITDA 損失。

This reduction in adjusted EBITDA loss, combined with a reduction in inventory and better working capital management, resulted in significantly reduced cash usage for the quarter.

調整後 EBITDA 損失的減少，加上庫存的減少和營運資本管理的改善，導致本季的現金使用量大幅減少。

As we have mentioned before, we expect total cash usage to continue to be close to adjusted EBITDA loss or better as we sell through inventory.

正如我們之前提到的，我們預計，隨著庫存銷售，總現金使用量將繼續接近調整後的 EBITDA 損失或更好。

We saw this in Q4 and expect the trend to continue.

我們在第四季度看到了這一點，並預計這一趨勢將會持續下去。

Revenue for the fourth quarter was $102 million, above the midpoint of our guidance range, which was $95 million to $105 million.

第四季的營收為 1.02 億美元，高於我們預期範圍的中點，即 9,500 萬美元至 1.05 億美元。

Network charging systems at $53 million accounted for 52% of fourth quarter revenue.

網路收費系統收入為 5,300 萬美元，佔第四季營收的 52%。

This was flat sequentially and down 29% year on year.

與上一季持平，但年減 29%。

Looking ahead, we believe we will start seeing improvement in these year-on-year growth rates.

展望未來，我們相信我們將開始看到這些同比增長率的改善。

Subscription revenue at $38 million was 38% of total revenue, up 5% sequentially and up 14% year on year due to the recurring revenue generated from a higher installed base.

訂閱收入為 3,800 萬美元，佔總收入的 38%，比上一季增長 5%，比去年同期增長 14%，這得益於更高的安裝基數產生的經常性收入。

Other revenue at $11 million was 11% of total revenue, up 4% sequentially and up 33% year on year.

其他收入為 1,100 萬美元，佔總營收的 11%，較上季成長 4%，較去年同期成長 33%。

From a geographic perspective, North America made up 81% of fourth quarter revenue and Europe was 19%, consistent with recent quarters.

從地理角度來看，北美佔第四季營收的 81%，歐洲佔 19%，與最近幾季一致。

Non-GAAP gross margin was 30%, improving four percentage points sequentially and eight percentage points year on year.

非美國通用會計準則毛利率為 30%，較上一季增加 4 個百分點，較去年同期增加 8 個百分點。

This is attributable to higher hardware margins due to improved costs and higher subscription revenue.

這是由於成本改善和訂閱收入增加導致的硬體利潤率提高。

We expect margins to continue around this range going forward and further improve in the back half of the year subject to revenue mix.

我們預計未來利潤率將繼續保持在這個範圍內，並根據收入結構在下半年進一步改善。

Non-GAAP operating expenses were $52 million, down 11% sequentially from $59 million in the third quarter and down 30% from $75 million in the fourth quarter last year.

非公認會計準則下營運費用為 5,200 萬美元，較第三季的 5,900 萬美元環比下降 11%，較去年第四季的 7,500 萬美元下降 30%。

This OpEx level is now appropriate for our business needs.

此 OpEx 等級現在適合我們的業務需求。

However, we do expect a modest increase going forward due to annual salary increases and investments in certain key areas of the business.

然而，由於年度薪資成長和對某些關鍵業務領域的投資，我們預計未來將會有適度成長。

Non-GAAP adjusted EBITDA loss was $17 million, a fifth consecutive quarter of improvement.

非公認會計準則調整後 EBITDA 虧損為 1,700 萬美元，連續第五季改善。

This compares with a loss of $29 million in the third quarter and a loss of $45 million in the fourth quarter of last year.

相較之下，去年第三季虧損 2,900 萬美元，第四季虧損 4,500 萬美元。

Stock-based compensation was $15 million, down from $21 million in the third quarter and down from $25 million year on year.

股票薪酬為 1,500 萬美元，低於第三季的 2,100 萬美元，低於去年同期的 2,500 萬美元。

Our inventory balance decreased by $13 million to $209 million, the second consecutive reduction from an all-time high in the second quarter of fiscal year 2025.

我們的庫存餘額減少了 1,300 萬美元，至 2.09 億美元，這是自 2025 財年第二季的歷史最高水準以來第二次連續減少。

This reduction in inventory freed up cash and helped reduce our cash usage in the quarter.

庫存減少釋放了現金並有助於減少我們本季的現金使用。

As we have mentioned on prior calls, selling through existing inventory releases working capital and generates cash, which occurred this quarter, and we expect this to continue in the future.

正如我們在先前的電話會議中提到的那樣，透過現有庫存出售可以釋放營運資金並產生現金，這種情況在本季度發生，我們預計這種情況將在未來繼續下去。

We ended the quarter with $225 million in cash on hand, up $5 million sequentially.

本季結束時，我們的現金餘額為 2.25 億美元，比上一季增加 500 萬美元。

Our cash used for operating activities declined significantly to just $3 million during the quarter, down from $31 million in Q3.

我們用於經營活動的現金從第三季的 3,100 萬美元大幅下降至本季的僅 300 萬美元。

This was due to lower operating expenses, higher gross margin, reduced inventory, and other improvements to working capital.

這是由於營運費用降低、毛利率提高、庫存減少以及其他營運資本的改善。

Note that due to our capital-light business model, cash used for operations as shown on our statement of cash flows is very close to total cash consumption for the quarter.

請注意，由於我們採用輕資本業務模式，現金流量表上顯示的用於營運的現金非常接近本季的總現金消耗。

While we continue to rigorously manage cash, we have access to a $150 million revolving credit facility, which remains undrawn, we have no debt maturities until 2028, and we have existing capacity on our ATM.

在我們繼續嚴格管理現金的同時，我們擁有 1.5 億美元的循環信貸額度，該額度尚未提取，我們的債務到期日為 2028 年，而且我們的 ATM 機已有容量。

With respect to full fiscal year 2025 results, revenue was $417 million, non-GAAP gross margin was 26%, and non-GAAP operating expenses were $243 million.

就 2025 財年全年業績而言，營收為 4.17 億美元，非 GAAP 毛利率為 26%，非 GAAP 營運費用為 2.43 億美元。

From a geographic perspective, North America was 81% of full year revenue and Europe was 19%.

從地理來看，北美佔全年營收的81%，歐洲佔19%。

For additional full year fiscal 2025 results, see the press release issued earlier today.

有關 2025 財年全年業績的更多信息，請參閱今天早些時候發布的新聞稿。

Turning to guidance.

轉向指導。

For the first quarter of fiscal 2026, we expect revenue to be $95 million to $105 million.

對於 2026 財年第一季度，我們預計營收為 9,500 萬美元至 1.05 億美元。

This is almost in line with Q4 at the midpoint despite Q1 typically being a seasonally lower quarter.

儘管第一季通常是季節性較低的季度，但這幾乎與第四季度的中位數一致。

In conclusion, we believe Q4 was a pivotal quarter for us.

總之，我們認為第四季對我們來說是一個關鍵的季度。

Our results reflect the ongoing benefits of all the measures we took over the past year in terms of gross margin improvement and OpEx reductions, all of which improved adjusted EBITDA loss.

我們的業績反映了我們過去一年在提高毛利率和降低營運成本方面採取的所有措施的持續效益，這些措施均改善了調整後的 EBITDA 損失。

We are entering fiscal 2026 with streamlined operations, a significantly reduced cash burn profile, and a strong balance sheet.

我們即將進入 2026 財年，營運將精簡，現金消耗將大幅減少，資產負債表也將強勁。

Continuing on our fiscal 2025 trends, we will focus on operational excellence and execution to achieve our goal of being adjusted EBITDA-positive in a quarter during fiscal 2026.

延續我們 2025 財年的趨勢，我們將專注於卓越營運和執行，以實現 2026 財年一個季度調整後 EBITDA 為正的目標。

We will now open the call for questions.

我們現在開始回答問題。

(Operator Instructions) Colin Rusch, Oppenheimer.

（操作員指示）科林·拉什（Colin Rusch），奧本海默。

Can you talk about what the optimal working capital balance looks like for you guys?

可以談談你們的最佳營運資金平衡是什麼樣的嗎？

It looks like you probably have some inventories that you can draw down, but receivables and payables are probably around the right levels here.

看起來您可能有一些可以提取的庫存，但應收帳款和應付帳款可能處於正確的水平。

I just want to get a sense of getting that in mind.

我只是想了解這一點。

Yeah/ Hi, Colin.

是的/嗨，科林。

So typically, if you look at quarters before, last few years where we had this huge supply chain issue, where we started that -- right that started building up our inventory, if you look at quarters prior to that, we actually generate positive working capital.

因此，通常情況下，如果您回顧前幾季度，過去幾年我們遇到了巨大的供應鏈問題，我們是從那時開始建立庫存的，如果您回顧前幾季度，我們實際上產生了正營運資本。

And this is mostly because of the SaaS effect of our subscription revenue.

這主要是因為我們的訂閱收入的SaaS效應。

We get paid upfront for the entire portion of the contract value.

我們預先獲得了合約全部價值的付款。

And that's why the revenue balance is high, and that generates actually cash for us, which helps working capital in a significant way.

這就是為什麼收入餘額很高，並且實際上為我們產生了現金，這在很大程度上幫助了營運資金。

Going forward, though, I think it balances out with inventory needs, payables, et cetera.

不過，展望未來，我認為它會與庫存需求、應付款項等保持平衡。

But this is not a business that requires a significant amount of investment in working capital.

但這並不是需要大量營運資金投資的業務。

Great.

偉大的。

And then just a broader question, given the rationalization of a lot of the players in the space.

考慮到該領域許多參與者的合理化，這是一個更廣泛的問題。

Can you talk a little bit about the competitive landscape and how that's shifting and how you see potential share gains coming through the balance of this calendar year?

您能否談談競爭格局及其變化情況，以及您如何看待今年剩餘時間的潛在份額成長？

Yeah.

是的。

I think that, Colin, we're watching it very carefully.

科林，我認為我們正在密切關注此事。

Obviously, different players in the market, whether they're in North American or Europe and depending on how they play and how much they depend, for example, on government subsidies, are impacted in different ways.

顯然，市場中的不同參與者，無論他們在北美還是歐洲，取決於他們的運作方式以及他們對政府補貼的依賴程度，都會受到不同的影響。

We've all seen some participants go out of business, some other players exit the business.

我們都看到一些參與者破產，一些其他參與者退出該行業。

And we're, again, paying attention to it very carefully.

我們再次非常仔細地關注這一點。

Great.

偉大的。

Thanks so much.

非常感謝。

Mark Delaney, Goldman Sachs.

高盛的馬克·德萊尼。

Yes, good afternoon.

是的，下午好。

Thank you very much for taking my question.

非常感謝您回答我的問題。

Nice to see the margin progress.

很高興看到利潤率的提高。

Last quarter, you spoke about green shoots in demand as you consider factors like the scope of projects, the timing as to when your customers wanted to deploy incremental charging capacity.

上個季度，您談到了需求的復甦跡象，因為您考慮了專案範圍、客戶希望部署增量充電容量的時間等因素。

Could you give a bit more on you're seeing in terms of the project pipeline for this coming fiscal year and what that might mean for your revenue growth?

您能否詳細介紹一下您對下一財年專案的看法以及這對您的收入成長意味著什麼？

Yeah.

是的。

As we've discussed, this is the year where the two big themes are revenue growth and innovation, and we fully expect to capitalize on both.

正如我們所討論的，今年的兩大主題是收入成長和創新，我們充分期望充分利用這兩者。

In terms of demand, again, I alluded to this in the prepared remarks, but what we really believe is that improved vehicle selection, both the form factor of the vehicles and the price points of the vehicles are really going to help pick up demand.

至於需求，我再次在準備好的發言中提到了這一點，但我們真正相信的是，改進車輛選擇，包括車輛的外形和價格點，確實有助於提升需求。

We saw that in the growth numbers year over year.

我們看到，數字逐年增加。

And again, we really believe free market forces will win the day and are firmly convinced based on all kinds of data, including firsthand experience, that EVs are just superior to internal combustion vehicles.

再次強調，我們確實相信自由市場力量將取得勝利，根據包括第一手經驗在內的各種數據，我們堅信電動車優於內燃機汽車。

And we've now hit a 10% market penetration in a big portion of the US and most of Europe.

現在，我們在美國大部分地區和歐洲大部分地區的市場滲透率已達到 10%。

And at that level of penetration, you've now got enough EVs on the road that people that have not experienced them or seen them are now seeing friends drive them.

在這種滲透水平上，現在道路上已經有足夠的電動車，以至於那些沒有體驗過或見過電動車的人現在看到朋友駕駛這些電動車。

They're having an opportunity to try them themselves.

他們有機會親自嘗試。

And as people are getting experience the superiority of the product, they're just going to switch.

當人們逐漸感受到產品的優越性時，他們就會轉換產品。

So like we mentioned, we believe the move to EVs is inevitable.

正如我們所提到的，我們相信向電動車的轉變是不可避免的。

It's going to happen regardless of whatever government programs support the growth of the industry or not.

無論政府計劃是否支持該行業的發展，這種現像都會發生。

With that said, we've got a lot of commercial institutions that are in parts of the world where there's a lot of EVs on the road, and they fully realize that if they don't offer EV charging, the people that they care about aren't going to come to their institution.

話雖如此，我們在世界上有很多商業機構，這些機構在道路上有大量電動車，他們充分意識到，如果他們不提供電動車充電服務，他們關心的人就不會來他們的機構。

So we're seeing strong demand continuing in commercial.

因此，我們看到商業領域需求持續強勁。

In the case of fleet, we're now starting to see real tangible data that's showing that fleet customers are actually lowering their cost of operations and exceeding, quite frankly, their expectations with an electrified fleet compared to an old internal combustion fleet.

就車隊而言，我們現在開始看到真實的有形數據，這些數據表明，與舊的內燃機車隊相比，車隊客戶實際上正在降低營運成本，坦白說，電氣化車隊超出了他們的預期。

So there's a lot of positive signs that are translating into business for us.

所以有很多積極的跡象表明這會為我們帶來業務。

That's very helpful.

這非常有幫助。

My other question was about the mix of business.

我的另一個問題是關於業務組合。

I think, typically, you disclose billings by vertical.

我認為，通常你會按垂直行業披露賬單。

Apologies if I missed it, but could you talk a little bit more around how the mix of the business has evolved, what it came in at during the fourth quarter and any go-forward commentary?

如果我錯過了，請原諒，但您能否再談談業務組合如何演變、第四季度的情況以及任何未來的評論？

And was that a factor in the gross margin pickup as well?

這也是毛利率上升的因素嗎？

Yeah.

是的。

So it makes us pretty similar to what we normally see.

所以它與我們通常看到的非常相似。

Commercial was 68%, fleet was 16%, residential was 12%, and the rest other was 4%.

商業佔68%，車隊佔16%，住宅佔12%，其餘其他佔4%。

Very similar to trends in the past, nothing different there.

與過去的趨勢非常相似，沒有什麼不同。

And the gross margin improvement was not really related to the mix here.

毛利率的提高實際上與這裡的組合沒有關係。

It was more related to better hardware margins and higher subscription revenue as a percentage of overall revenue.

這與更好的硬體利潤率和更高的訂閱收入佔總收入的百分比更相關。

Thank you.

謝謝。

Bill Peterson, JPMorgan.

摩根大通的比爾彼得森。

Hi, good afternoon this is is Mahima Kakani on for Bill Peterson.

大家下午好，我是 Mahima Kakani，代表 Bill Peterson 報道。

Can you maybe touch on how your current sell-in rates and sell-through rates are trending?

您能否談談目前的銷售率和銷售率趨勢如何？

And are distributors still taking on new product now or waiting in anticipation of policy certainty, and perhaps, improving EV demand trend?

經銷商現在是否仍在接受新產品，還是在等待政策確定性以及電動車需求趨勢的改善？

Again, this is a year of driving growth, and we see demand out there that needs to be fulfilled.

再一次，這是推動成長的一年，我們看到了需要滿足的需求。

So I don't think there's been any shift in that area that's been evident to us as a result of any administration policy changes.

因此，我認為，政府的政策改變並沒有為我們帶來任何明顯的改變。

In terms of the way the channel is working, it's business as usual.

就通路運作方式而言，一切照常。

I haven't seen any change as well in terms of the take rates or the sell-through rates of the channel.

我也沒有看到通路的接受率和銷售率有任何變化。

And now we've been in a place for a few quarters now where the channel inventory is normalized.

現在我們已經連續幾季處於通路庫存正常化的狀態。

So all that is operating well, and we continue to grow our channel program.

一切運作良好，我們將繼續擴大我們的通路計劃。

That's part of the overall plan to drive revenue growth this year.

這是今年推動收入成長總體計劃的一部分。

Got it.

知道了。

Thank you.

謝謝。

Can you also touch on if you expect any changes to your contract with the USPS given the GSA's recent move to remove chargers from its properties?

鑑於美國總務管理局 (GSA) 最近決定從其資產中移除充電器，您是否預計您與美國郵政服務公司 (USPS) 簽訂的合約將會發生任何變化？

So far, no news.

到現在為止，還沒有消息。

We're still moving forward with USPS deployments.

我們仍在推進 USPS 的部署。

But obviously, like everything that's affected by government policy changes, we're keeping a close eye on it.

但顯然，就像所有受政府政策變化影響的事物一樣，我們正在密切關注它。

Okay, thank you.

好的，謝謝。

Appreciate it.

非常感謝。

Stephen Gengaro, Stifel.

史蒂芬·根加羅（Stephen Gengaro），Stifel。

Thanks, good afternoon.

謝謝，下午好。

I think two for me, but I'll start with subscription margins, which were very strong.

我認為是兩個，但我先從訂閱利潤開始，因為訂閱利潤非常強勁。

There seems to be, the last three years, some seasonal strength in the fourth quarter.

過去三年，第四季似乎存在一些季節性強勁表現。

And I was wondering if that was coincidental or if there's a trend there for fourth quarter seasonality and just kind of how we should think about subscription margins going forward?

我想知道這是否是巧合，或者是否存在第四季度季節性趨勢，以及我們應該如何看待未來的訂閱利潤率？

Yeah.

是的。

So the benefit we get in the fourth quarter, Stephen, is that subscription revenues tend to be higher.

因此，史蒂芬，我們在第四季獲得的好處是訂閱收入往往會更高。

And obviously, the costs don't have to scale along with revenue.

顯然，成本不必隨著收入而增加。

So we always see a nice margin boost.

因此我們總是看到利潤率大幅提升。

However, this -- we expect this to continue, actually even improve to next year, because we're going to continue to see economies of scale as our subscription revenue keeps growing.

然而，我們預計這種情況將會持續下去，甚至會改善到明年，因為隨著訂閱收入的不斷增長，我們將繼續看到規模經濟。

We've mentioned in the past, we're investing in automation on that side of the business and we're expanding in low-cost regions.

我們過去曾提到過，我們正在投資該業務的自動化，並正在向低成本地區擴張。

The other comment I'll make is that a major element of cost of goods sold on the subscription side or cloud hosting fees.

我要說的另一個評論是，訂閱方面銷售的商品成本的一個主要因素是雲端託管費用。

And as Mansi mentioned, we've got the economy of scale now, where we're able to negotiate some of those costs down.

正如曼西所提到的，我們現在已經擁有規模經濟，我們可以透過協商降低部分成本。

And in addition, we're moving into a hybrid cloud environment where we've got more than one source for cloud services, which gives us additional leverage to drive cost of goods sold down on the revenue side.

此外，我們正在轉向混合雲環境，該環境中我們擁有多個雲端服務來源，這為我們提供了額外的槓桿，可以從收入方面降低銷售成本。

Great.

偉大的。

Thank you.

謝謝。

And my follow-up.

還有我的後續行動。

I was dropped off before, I apologize if you answered this.

我之前被送走了，如果你回答了這個問題，我很抱歉。

But anything on the supply chain for chargers and the tariff issues and how that could impact demand from your customers?

但是充電器的供應鏈和關稅問題以及這些會對客戶需求產生什麼影響呢？

So as we mentioned in the prepared remarks, luckily for us, we diversified our manufacturing footprint substantially over the last 1.5 years.

因此，正如我們在準備好的評論中所提到的那樣，幸運的是，我們在過去 1.5 年中大幅實現了製造足跡的多元化。

We've got factories in multiple countries now, including the US.

我們現在在包括美國在內的多個國家設有工廠。

So based on everything that's announced thus far and put into play, and even to some extent, things that have been rumored to put into play, our analysis shows that we should not have a major impact on our supply chain, and therefore, COGS as a result of tariffs.

因此，根據迄今為止宣布和實施的所有措施，甚至在某種程度上，根據傳聞將要實施的措施，我們的分析表明，關稅不應該對我們的供應鏈產生重大影響，因此也不應該對銷貨成本產生重大影響。

Great.

偉大的。

Thank you.

謝謝。

(Operator Instructions) Would you like to wait for a few seconds, just in case?

（操作員指示）您是否願意等待幾秒鐘，以防萬一？

Yeah, someone just queued back up.

是的，剛剛有人重新排隊了。

Mark Delaney, Goldman Sachs.

高盛的馬克·德萊尼。

Yeah, thanks for taking the follow up questions.

是的，感謝您回答後續問題。

One I was hoping to better understand is what you're seeing in terms of the decoupling between hardware and subscription revenue.

我希望更好地理解您所看到的硬體和訂閱收入之間的脫鉤。

I know that created some potential opportunity for you on the software side, also, perhaps could be a headwind as well.

我知道這在軟體方面為您創造了一些潛在的機會，但也可能成為阻力。

So if you could elaborate on what you've been seeing, especially in the North America market with that dynamic.

因此，如果您可以詳細說明您所看到的情況，尤其是北美市場的這種動態。

Yeah.

是的。

Mark, that trend continues.

馬克，這種趨勢還在持續。

We've now, I believe, have literally over 100 -- well over 100 different non-ChargePoint hardware models that we manage with our software.

我相信，現在我們已經擁有超過 100 種——遠遠超過 100 種不同的非 ChargePoint 硬體型號，我們可以用我們的軟體進行管理。

And we're seeing that trend of a bifurcation of a software buying decision and a hardware buying decision to continue.

我們看到軟體購買決策和硬體購買決策分歧的趨勢仍在持續。

And we believe with our leading-edge software solutions, that puts us in a great position to continue to drive software subscription revenue that may be disassociated to some extent with our hardware sales, again, because we can manage all kinds of third-party hardware with our software.

我們相信，憑藉我們領先的軟體解決方案，我們將處於有利地位，繼續推動軟體訂閱收入，而這種收入可能在某種程度上與我們的硬體銷售脫鉤，因為我們可以用我們的軟體管理各種第三方硬體。

And we're watching that trend continue.

我們正在觀察這一趨勢的持續。

Very helpful.

非常有幫助。

Another topic I was hoping to follow up on was around permitting.

我希望跟進的另一個主題是關於許可。

I think there have been some challenges with permitting that have led to some pushouts.

我認為許可方面存在一些挑戰，導致了一些延遲。

I don't know if you've seen any progress from that perspective that you can speak to.

我不知道從這個角度來看您是否看到了任何可以談論的進展。

No.

不。

No substantial progress.

沒有實質的進展。

It's kind of steady state, where you'll see some deals that you expected to close in the quarter get moved either because of permitting delays, grid upgrades, available grid infrastructure equipment.

這是一種穩定狀態，你會看到一些你預計在本季度完成的交易因為許可延遲、電網升級、可用的電網基礎設施設備而改變。

And that has -- I think the trend has kind of stayed consistent there, where it hasn't really improved or deteriorated compared to the way it's been in the last couple of quarters.

我認為這種趨勢一直保持一致，與過去幾季相比，既沒有改善也沒有惡化。

Okay.

好的。

And sorry, one last one for me.

抱歉，這是我最後一次問這個問題了。

Maybe talk about the mix of hardware business going forward.

也許可以討論一下未來的硬體業務組合。

Mansi, you talked about pretty flattish gross margins in a comp in the second half subject to mix.

Mansi，您談到了下半年公司毛利率相當平穩，但要受到各種因素的影響。

So I don't know if you could elaborate on what you're contemplating there and just what we should be watching for in terms of mix dynamics, that would be helpful.

所以我不知道您是否可以詳細說明您正在考慮什麼，以及我們在混合動態方面應該關注什麼，這將會很有幫助。

And what might be a headwind?

什麼可能成為逆風？

Yeah.

是的。

Yeah.

是的。

So what I meant in terms of mix was if mix significantly in one direction or the other, that might impact it.

所以，我對混合的意思是，如果在一個方向或另一個方向上進行顯著混合，可能會對其產生影響。

So I just wanted to qualify my commentary, if there is no mix shift expected.

因此，如果沒有預期的混合轉變，我只是想限定我的評論。

It's been pretty consistent actually over the last four, five quarters.

事實上，過去四、五個季度以來，情況一直相當穩定。

But as I mentioned, we will benefit -- or improvement in margin in the second half of the year more than what we already have seen in Q4, mostly because of improvements in hardware margins, Q2 product coming from our Asian manufacturer and subscription margins with economies of scale.

但正如我所提到的，我們將受益——或者說，下半年的利潤率將比第四季度的利潤率提高更多，這主要是因為硬體利潤率的提高、來自亞洲製造商的第二季度產品以及規模經濟的訂閱利潤率。

Got it.

知道了。

Thank you.

謝謝。

Craig Irwin, ROTH Capital Partners.

克雷格歐文（Craig Irwin），羅仕證券資本合夥公司（ROTH Capital Partners）。

First thing I wanted to ask is back to office.

我想問的第一件事就是回辦公室。

This is something that impacts the historically very important customer base for ChargePoint.

這對 ChargePoint 歷史上非常重要的客戶群產生了影響。

All the technology companies, particularly on the West Coast, they put in charging for their employees.

所有科技公司，特別是西岸的科技公司，都會向員工收取費用。

Are you seeing back to office play out as a little bit of a tailwind for you guys?

您是否覺得重返辦公室對您來說是一種順風？

I know historically, it's been a high-margin mix.

我知道，從歷史上看，這是一個高利潤的組合。

Is that something that could potentially benefit you over the next year or two?

這是否會在未來一兩年內為您帶來潛在的利益？

Good question, Craig.

克雷格，你問得好。

I think in general, when we think about the commercial segment, one easy way to subsegment it is into retail and nonretail.

我認為一般來說，當我們考慮商業領域時，將其細分為零售和非零售的簡單方法。

Workplace, schools, universities, sliders, et cetera, all fall into the nonretail side of that category.

工作場所、學校、大學、滑塊等都屬於該類別的非零售方面。

And we continue to see strong growth there.

我們繼續看到那裡強勁的成長。

I think in the workplace particularly, we see people continue to have pressure on their chargers and employees getting dissatisfied when they arrive at work, they can't find a place to charge.

我認為，特別是在工作場所，我們看到人們的充電器不斷承受壓力，員工到達工作地點時感到不滿意，因為他們找不到充電的地方。

So we see continued growth there.

因此我們看到那裡持續增長。

Hard to say if it's actually directly correlated with return to office.

很難說這是否與重返辦公室有直接關係。

But overall, both in the retail and nonretail segment of commercial, we're seeing growth.

但總體而言，無論是在商業零售領域還是非零售領域，我們都看到了成長。

Understood.

明白了。

So then, Mansi, your team has done a really good job squeezing the balance sheet for cash.

那麼，曼西，你的團隊在壓縮資產負債表現金方面做得非常出色。

Can you maybe talk about opportunities in inventories and prepaid as far as potential contributions to cash flow over the course of your fiscal '26?

您能否談談庫存和預付款在 26 財年對現金流的潛在貢獻機會？

Yeah.

是的。

So we will continue to see inventory coming down as we saw over the last two quarters.

因此，我們將繼續看到庫存下降，就像過去兩個季度所看到的那樣。

And as that happens, as you rightly pointed out, this will release working capital.

正如您正確指出的那樣，當這種情況發生時，這將釋放營運資金。

It adds to our cash balance.

它增加了我們的現金餘額。

We will continue to see that Payable deposits, all that stuff, is kind of stable.

我們將繼續看到應付存款以及所有這些東西都保持穩定。

There will be a little bit of movement here and there, nothing major.

這裡或那裡會發生一些小動作，但不會有什麼大事。

But the two main things that will drive cash are, one, inventory and the other one is reduction in adjusted EBITDA loss.

但推動現金的兩個主要因素是：一是庫存，二是調整後 EBITDA 損失的減少。

And as that keeps improving through the year, the amount of overall cash needed will decline.

隨著全年情況不斷改善，所需現金總量將會下降。

Due to our capitalized business model, we have very minimal CapEx requirements.

由於我們資本化的商業模式，我們的資本支出要求非常低。

So our cash flow from operations is a very close proxy for total cash consumption.

因此，我們的經營活動現金流與總現金消耗非常接近。

You saw that this quarter, cash usage from operations was just $3 million versus $31 million last quarter.

您會看到，本季的經營活動現金使用量僅為 300 萬美元，而上一季為 3,100 萬美元。

That's why our cash position was so strong.

這就是我們的現金狀況如此強勁的原因。

But as inventory keeps going down over the next few quarters, we'll keep seeing a positive impact on cash.

但隨著未來幾季庫存持續下降，我們將繼續看到對現金的正面影響。

Understood.

明白了。

Thank you.

謝謝。

Thanks again for taking my questions.

再次感謝您回答我的問題。

(Operator Instructions) There are no more questions at this time.

（操作員指示）現在沒有其他問題。

Ladies and gentlemen, that concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you all for joining.

感謝大家的加入。

You may now disconnect

現在您可以斷開連接