ChargePoint Holdings Inc (CHPT) 2026 Q1 法說會逐字稿

Ladies and gentlemen, good afternoon. My name is Kate, and I'll be your conference operator for today. At this time, I would like to welcome everyone to the ChargePoint first quarter fiscal 2026 earnings conference call and webcast. (Operator Instructions)

女士們、先生們，午安。我叫凱特，今天我將擔任您的會議主持人。現在，我歡迎大家參加 ChargePoint 2026 財年第一季財報電話會議和網路廣播。（操作員指示）

I would now like to turn the call over to John Paul Canton, ChargePoint Vice President, Communications. JP, please go ahead.

現在我想將電話轉給 ChargePoint 通訊副總裁 John Paul Canton。JP，請繼續。

Good afternoon, and thank you for joining us on today's conference call to discuss ChargePoint's first quarter fiscal 2026 earnings results. This call is being webcast and can be accessed on the Investors section of our website at investors.chargepoint.com. With me on today's call are Rick Wilmer, our Chief Executive Officer; and Mansi Khetani, our Chief Financial Officer. This afternoon, we issued our press release announcing results for the quarter, which ended April 30, 2025, which may also be found on our website.

下午好，感謝您參加今天的電話會議，討論 ChargePoint 2026 財年第一季的收益結果。本次電話會議將進行網路直播，您可以透過我們網站 investors.chargepoint.com 的「投資者」板塊觀看。與我一起參加今天電話會議的還有我們的執行長 Rick Wilmer 和財務長 Mansi Khetani。今天下午，我們發布了新聞稿，宣布了截至 2025 年 4 月 30 日的季度業績，您也可以在我們的網站上找到該新聞稿。

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

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 財年第二季的展望。這些前瞻性陳述涉及風險和不確定性，其中許多是我們無法控制的，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. 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 March 28, 2025 and our earnings release, which posted today on our website and filed with the SEC on Form 8-K.

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。有關可能導致實際結果不同的某些因素的更詳細說明，請參閱我們於 2025 年 3 月 28 日向美國證券交易委員會提交的 10-K 表格以及我們的收益報告，該報告於今天發佈在我們的網站上並以 8-K 表格的形式向美國證券交易委員會提交。

Also, please note that we use certain non-GAAP financial measures on this call, which we reconciled to GAAP in our earnings release and for certain historical periods in the investor presentation posted on the Investors section of our website. And finally, we'll be posting a transcript of this call to our Investor Relations website under the quarterly results section.

另外，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「投資者」部分發布的投資者介紹中的某些歷史時期將這些指標與 GAAP 進行了協調。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。

Thank you. I will now turn the call over to our CEO, Rick Wilmer.

謝謝。現在我將電話轉給我們的執行長 Rick Wilmer。

Good afternoon, and welcome to ChargePoint's first quarter fiscal 2026 earnings call. Today, I will walk you through key results for the quarter, provide insights into recent market and policy developments and highlight the progress we've made on our two major priorities for the year, delivering innovation and driving growth. In addition, I'll cover two significant announcements that directly support these priorities and positively influence ChargePoint's path to achieving positive non-GAAP adjusted EBITDA in a quarter of this fiscal year.

下午好，歡迎參加 ChargePoint 2026 財年第一季財報電話會議。今天，我將向大家介紹本季的主要業績，提供對近期市場和政策發展的見解，並強調我們在今年的兩大重點工作——實現創新和推動成長——上取得的進展。此外，我將介紹兩項重要公告，它們直接支持這些優先事項並對 ChargePoint 在本財年的一個季度實現非 GAAP 調整後 EBITDA 產生積極影響。

Let's begin with our Q1 financial results. Revenue for the first quarter came in at $98 million, right within our guidance range. Non-GAAP gross margin continues to increase quarter-over-quarter, reaching a new high of 31%. Notably, our gas subscription gross margin climbed to a record 60%, underscoring the strength of our SaaS-focused business model.

讓我們從第一季的財務表現開始。第一季的營收為 9,800 萬美元，正好在我們的預期範圍內。非公認會計準則毛利率持續較上季成長，達到31%的新高。值得注意的是，我們的天然氣訂購毛利率攀升至創紀錄的 60%，凸顯了我們以 SaaS 為中心的商業模式的實力。

We built momentum across the business in Q1. Our DC fast charging program with General Motors has been a success with the pace of site openings accelerating and over 500 additional ports signed off by GM for deployment. We extended multiple agreements with Mercedes Benz, reinforcing our long-term relationship. Our theft-resistant charging cable was met with strong market interest. It will go into production this summer for our own hardware models.

我們在第一季增強了整個業務的發展勢頭。我們與通用汽車合作的直流快速充電專案取得了成功，充電站開放速度不斷加快，通用汽車已批准部署 500 多個額外充電埠。我們與梅賽德斯奔馳延長了多項協議，加強了我們的長期合作關係。我們的防盜充電線受到了市場的強烈關注。它將於今年夏天投入生產，適用於我們自己的硬體模型。

be.ENERGISED, our software management solution for CPOs, is now actively managing over 700 charger models from over 85 different vendors of charging hardware. This is a testimonial to the scale of our third-party hardware integrations. In total, ChargePoint now has over 352,000 ports under management, of which more than 35,000 are DC fast chargers, and more than 122,000 are located in Europe. With our roaming partnerships, we enable access to more than 1.25 million charging ports globally.

be.ENERGISED 是我們為 CPO 提供的軟體管理解決方案，目前正在積極管理來自 85 多家不同充電硬體供應商的 700 多種充電器型號。這證明了我們的第三方硬體整合的規模。總體而言，ChargePoint 目前管理超過 352,000 個端口，其中超過 35,000 個為直流快速充電器，超過 122,000 個位於歐洲。透過我們的漫遊合作夥伴關係，我們可以存取全球超過 125 萬個充電埠。

Our business is proving to be resilient on the top line despite US macroeconomic conditions and market uncertainty as well as the bottom line through the cost and operational actions we took last year. Looking ahead regarding US tariffs on our products, we expect only a minimal increase in the cost of goods sold. We also expect cost reductions to exceed the impact of the current tariffs. Therefore, we still expect margin improvement later in the year. The limited impact reflects the swift and effective execution of our mitigation plan.

儘管美國宏觀經濟狀況和市場存在不確定性，但我們的業務在營收方面仍具有韌性，而透過去年我們採取的成本和營運措施，我們的獲利也具有韌性。展望美國對我們產品的關稅，我們預期商品銷售成本只會略有增加。我們也預計成本降低將超過當前關稅的影響。因此，我們仍然預計今年稍後利潤率將有所提高。有限的影響反映了我們緩解計劃的迅速和有效執行。

We see positive momentum on two fronts. One, EV adoption and two, utilization rates. EV adoption continues on a steady upward trajectory, a trend which has held for more than a year. Despite political turbulence dampening consumer and capital spending, North American EV sales were up 16% year-over-year for Q1 according to Rho Motion. In Europe, EV momentum rebounded strongly with the same data set reporting 22% EV sales growth year-over-year for Q1, a significant surge. The European green deal mandates all new cars sold there to be zero emission by 2035, reinforcing the trajectory of EV adoption.

我們看到兩個方面的正面動力。一是電動車的採用率，二是利用率。電動車的普及率持續穩定上升，這一趨勢已經持續了一年多。Rho Motion 的數據顯示，儘管政治動盪抑制了消費者和資本支出，但北美第一季電動車銷量年增 16%。在歐洲，電動車勢頭強勁反彈，同一組數據顯示第一季電動車銷量年增 22%，大幅成長。歐洲綠色協議規定，到 2035 年，所有在歐洲銷售的新車都必須實現零排放，強化了電動車的普及軌跡。

All of this forms a strong leading indicator for the charging industry. The trends we observed last quarter remain intact. The market is actively planning and inquiring, but widespread purchasing is being impacted by economic uncertainty. Inevitably, with more EVs on the road, existing infrastructure is under mounting pressure.

這一切都為充電產業形成了強有力的領先指標。我們上個季度觀察到的趨勢保持不變。市場正在積極規劃和詢價，但廣泛的購買力正受到經濟不確定性的影響。不可避免的是，隨著道路上電動車數量的增加，現有的基礎設施面臨越來越大的壓力。

A recent report by parent data concluded that many US cities are approaching maximum charge utilization during peak hours with five major markets past or approaching a staggering 40% utilization rate. This strain is a positive signal for our customers who monetize charging, but it is a growing concern for EV drivers facing long ways at occupied stations. We believe this will lead to the installation of more charters, and ChargePoint will be ready to capitalize on that demand.

母公司數據公司最近的一份報告顯示，美國許多城市在高峰時段的充電利用率已接近最大值，其中五個主要市場的利用率已達到或接近驚人的 40%。對於透過充電賺錢的客戶來說，這種壓力是一個積極的信號，但對於在擁擠的充電站面臨漫長路程的電動駕駛來說，這是一個日益嚴重的問題。我們相信這將導致更多包機的安裝，而 ChargePoint 將準備好利用這一需求。

Despite the growth to come, the market has recently seen attrition and the voluntary exit of major players, even Chinese competitors coming under the scrutiny of the federal government. These developments, while natural for a new industry at our stage, create a meaningful opportunity for ChargePoint to gain market share. We are not waiting for the growth to come to us. We are actively pursuing it. This brings me to the most exciting announcement of the year so far, our new partnership with Eaton, one of the world's largest intelligent power management companies.

儘管未來還會有成長，但市場最近出現了人員流失和主要參與者自願退出的情況，甚至中國競爭對手也受到了聯邦政府的審查。這些發展對於我們這個階段的新興產業來說是很自然的，但卻為 ChargePoint 獲得市場份額創造了有意義的機會。我們不會等待成長到來。我們正在積極追求它。這讓我想到了今年迄今為止最令人興奮的公告，即我們與全球最大的智慧電力管理公司之一伊頓建立了新的合作夥伴關係。

The cornerstone of this partnership is innovation, which will drive growth. Our goal is to make electrified transportation simple and economically a no-brainer. Charging deployment is increasingly complex with a significant portion of them requiring grid upgrades. So we are integrating charging and electrical equipment into a single solution, which addresses a major gap in the market. Together, ChargePoint and Eaton will deliver EV charging, electrical infrastructure, energy management and engineering services as the market's only end-to-end EV charging and power management solutions. These fully integrated solutions will get our customers up and running faster, simultaneously lowering their costs and are available for order now.

這項夥伴關係的基石是創新，創新將推動成長。我們的目標是讓電氣化交通變得簡單且經濟。充電部署日益複雜，其中很大一部分需要電網升級。因此，我們將充電和電氣設備整合到一個解決方案中，這解決了市場上的一個主要空白。ChargePoint 和伊頓將共同提供電動車充電、電力基礎設施、能源管理和工程服務，作為市場上唯一的端到端電動車充電和電源管理解決方案。這些完全整合的解決方案將使我們的客戶更快地啟動和運行，同時降低他們的成本，現在就可以訂購。

The next phase of partnership will offer codeveloped future technologies to further drive down costs, improve efficiency and advance bidirectional power flow technology to fully optimize capabilities. This will enable customers to use EVs as another distributed energy resource that they can integrate into their energy infrastructure to help power operations. The first innovations from this effort are set to be announced in September.

下一階段的合作將提供共同開發的未來技術，以進一步降低成本、提高效率並推進雙向電力流技術以充分優化能力。這將使客戶能夠將電動車用作另一種分散式能源資源，並將其整合到他們的能源基礎設施中以幫助供電。此項努力的首批創新成果預計將於九月公佈。

So what does this do for ChargePoint's business? In addition to a compelling and highly differentiated offering, we now have access to Eaton's formidable go-to-market engine, which does nearly $25 billion in annual sales across more than 160 countries. We anticipate that the relationship will drive incremental revenue growth for ChargePoint. This partnership cements ChargePoint as the enabler of the entire EV ecosystem from the grid to the dashboard of the vehicle and everything in between.

那麼這對 ChargePoint 的業務有何影響？除了引人注目且高度差異化的產品之外，我們現在還可以使用伊頓強大的市場引擎，該引擎在 160 多個國家的年銷售額接近 250 億美元。我們預計這種關係將推動 ChargePoint 的營收成長。此次合作鞏固了 ChargePoint 作為整個電動車生態系統推動者的地位，從電網到車輛儀表板以及其間的一切。

Our second major announcement of the quarter once again aligned with our goal of delivering innovation was the announcement of our new AC hardware architecture. This is the first product line developed utilizing our lower-cost co-development structure, and it will enter the market at a highly competitive price point while still increasing our margins. This new architecture underpins a range of upcoming models that will roll out over the next year, serving home, commercial and fleet use cases. These products will represent a major portion of our hardware volume.

本季我們的第二個重大公告再次與我們提供創新的目標一致，那就是宣布我們新的 AC 硬體架構。這是我們利用低成本共同開發結構開發的第一個產品線，它將以極具競爭力的價格進入市場，同時仍能提高我們的利潤率。這種新架構將為明年推出的一系列車型奠定基礎，以滿足家庭、商業和車隊使用需求。這些產品將占我們硬體產量的很大一部分。

By bringing a generational leap in our technology to market at an affordable price point, we anticipate greater volume in the US, where we have the number one AC market share, and considerable market penetration in Europe, where we have not had a product in this category to date. The first charger, part of our European take-home fleet solution, is expected to begin production in July.

透過以可負擔的價格將我們技術的跨時代飛躍推向市場，我們預計在美國（我們在美國擁有第一大空調市場份額）的銷量將更大，並且在歐洲擁有相當大的市場滲透率（迄今為止我們在歐洲還沒有此類產品）。第一個充電器是我們歐洲家庭車隊解決方案的一部分，預計將於 7​​ 月開始生產。

Growth and innovation remain the year two priorities of our strategic plan, and we are making progress on both. We entered year two ahead of schedule, positioning us to realize the benefits of our streamlined cost structure and revitalized product portfolio in year three. Our partnership with Eaton unlocks immediate growth opportunities by combining our EV charging leadership with their complementary solutions and their commercial scale. Our new AC hardware architecture is the first of several high-impact innovations planned for this year, designed to expand market share drive volume and improve margins. Combined with our operational excellence, we are laying the groundwork for meaningful financial upside as the year moves on.

成長和創新仍然是我們策略計畫的第二年重點，我們在這兩方面都取得了進展。我們提前進入了第二年，這使我們能夠在第三年實現精簡的成本結構和振興的產品組合帶來的好處。我們與伊頓的合作透過將我們的電動車充電領導地位與他們的互補解決方案和商業規模相結合，釋放了直接的成長機會。我們的新 AC 硬體架構是今年計劃的幾項高影響力創新中的第一項，旨在擴大市場份額、推動銷售並提高利潤率。結合我們卓越的運營，我們正在為未來一年實現有意義的財務成長奠定基礎。

I will now turn the call over to our CFO, Mansi Khetani, to cover our financials in more detail.

現在，我將把電話轉給我們的財務長 Mansi Khetani，以更詳細地介紹我們的財務狀況。

Thanks, Rick. As a reminder, please see our earnings press release, where we reconcile our non-GAAP results to GAAP. Our principal exclusions are stock-based compensation, amortization of intangible assets and certain costs related to restructuring and acquisitions.

謝謝，里克。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 結果進行了協調。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。

Revenue for the first quarter was $98 million, within our guidance range. Network charging systems at 52 million accounted for 53% of first quarter revenue. This was almost flat sequentially despite Q1 typically experiencing a seasonal depth and was down 20% year-on-year. Subscription revenue at $38 million was 39% of total revenue, essentially flat sequentially, mostly due to fewer days in Q1, which in fact prorated revenue recognition, and up 14% year-on-year due to the recurring revenue generated from a higher installed base.

第一季的收入為 9800 萬美元，在我們的指導範圍內。網路收費系統營收為5,200萬美元，佔第一季營收的53%。儘管第一季通常會出現季節性低迷，但這一數字與上一季幾乎持平，且年減了 20%。訂閱收入為 3,800 萬美元，佔總收入的 39%，與上一季基本持平，主要是因為第一季的天數較少，實際上是按比例確認收入，而由於安裝基數較高而產生的經常性收入，訂閱收入同比增長 14%。

Other revenue at $8 million was 8% of total revenue, down 31% sequentially and down 8% year-on-year. Other includes various revenue items, which tend to be lumpy, and were significantly lower this quarter, primarily as a result of lower onetime project revenue, which is recognized based on completion rate.

其他收入為 800 萬美元，佔總收入的 8%，較上季下降 31%，較去年同期下降 8%。其他包括各種收入項目，這些收入項目往往比較分散，本季收入大幅下降，主要是由於一次性項目收入較低（根據完成率確認）。

Turning to verticals, which we report from a billings perspective. First quarter billings percentages were commercial 71%, fleet 13%, residential 12% and other 3%. From a geographic perspective, North America made up 85% of revenue and Europe was 15%. Europe was lower than normal due largely to weakness in Germany. This was partially made up in North America, which was slightly higher compared to last quarter, even though the first quarter is typically seasonally lower and despite significant macroeconomic headwinds.

轉向垂直行業，我們從帳單角度進行報告。第一季的營業額百分比為商業 71%、車隊 13%、住宅 12% 和其他 3%。從地域角度來看，北美佔營收的85%，歐洲佔15%。歐洲表現低於正常水平，主要是因為德國經濟疲軟。這在一定程度上由北美彌補了，儘管第一季通常屬於季節性低迷期，且面臨巨大的宏觀經濟逆風，但北美的銷售額與上一季相比仍略有增長。

Non-GAAP gross margin was 31%, improving by 1-percentage-point sequentially and up 7-percentage-points year-on-year. This is attributable to higher margins in both hardware and subscription as well as subscription revenue growing as a percentage of total revenue. Hardware gross margin increased sequentially despite the impact of incremental tariffs and freight incurred in Q1. Subscription margins reached a record high of 60% on a GAAP basis and were even higher on a non-GAAP basis due to economies of scale and continued optimization of support costs.

非美國通用會計準則毛利率為31%，較上一季增加1個百分點，較去年同期增加7個百分點。這是由於硬體和訂閱的利潤率均有所提高，而且訂閱收入佔總收入的百分比有所增長。儘管受到第一季增量關稅和運費的影響，硬體毛利率仍較上季成長。以 GAAP 計算，訂閱利潤率達到了創紀錄的 60%，而由於規模經濟和支援成本的持續優化，以非 GAAP 計算，訂閱利潤率甚至更高。

Based on currently available information, we expect the financial impact of tariffs on our COGS to remain minimal and expect gross margins to continue around the current range and to further improve later in the year. Non-GAAP operating expenses were $57 million, up 9% sequentially and down 15% year-on-year. As mentioned previously, this quarter's OpEx included the impact of annual raises and investments in certain key areas of the business. We will continue to manage OpEx closely.

根據目前可用的信息，我們預計關稅對我們的 COGS 的財務影響將保持很小，並且預計毛利率將繼續保持在當前範圍內，並在今年稍後進一步提高。非公認會計準則營運費用為 5,700 萬美元，季增 9%，年減 15%。如前所述，本季的營運支出包括年度加薪和某些關鍵業務領域的投資的影響。我們將繼續密切管理營運支出。

Non-GAAP adjusted EBITDA loss was $23 million. This compares with a loss of $17 million in the prior quarter and a loss of $36 million in the first quarter of last year. Stock-based compensation was $18 million up from $15 million in the prior quarter and down from $22 million year-on-year.

非公認會計準則調整後的 EBITDA 虧損為 2,300 萬美元。相較之下，上一季虧損 1,700 萬美元，去年第一季虧損 3,600 萬美元。股票薪酬為 1,800 萬美元，高於上一季的 1,500 萬美元，但低於去年同期的 2,200 萬美元。

Our inventory balance increased by $3 million to $212 million due to the impact of foreign exchange rates on inventory held by our international subsidiaries. However, we saw a decrease in inventory units across most products as we continue to sell through. We anticipate that inventory balance will reduce gradually throughout the year, helping to free up cash.

由於外匯匯率對我們國際子公司持有的庫存的影響，我們的庫存餘額增加了 300 萬美元，達到 2.12 億美元。然而，隨著銷售的繼續，我們發現大多數產品的庫存單位都有所減少。我們預計庫存餘額將在全年逐漸減少，有助於釋放現金。

Speaking of cash, we ended the quarter with $196 million in cash on hand. Q1 tends to be the quarter with highest cash usage due to the timing of large annual payments. We will continue to rigorously manage cash, and we have access to $150 million revolving credit facility, which remains undrawn. We have no debt maturities until 2028, and we have existing capacity on our ATM.

說到現金，本季末我們手上有 1.96 億美元現金。由於年度大額付款的時間，第一季往往是現金使用量最高的季度。我們將繼續嚴格管理現金，我們擁有 1.5 億美元的循環信貸額度，目前尚未提取。我們的債務在 2028 年之前沒有到期，並且我們的 ATM 機擁有現有的容量。

Turning to guidance. For the second quarter of fiscal 2026, we expect revenue to be $90 million to $100 million. We are guiding with caution due to the continued changes in the macro environment, including tariff uncertainty as well as our near-term focus on operationalizing our partnership with Eaton. While there is always a possibility of headwinds from deterioration in macro conditions, we expect revenue upside later in the year from the introduction of our new AC hardware that Rick outlined, better performance in Europe and growth from our new partnership with Eaton. We continue to focus on revenue growth, gross margin expansion and cost management to achieve our stated goal of being adjusted EBITDA positive in a quarter during fiscal 2026.

轉向指導。對於 2026 財年第二季度，我們預計營收將達到 9,000 萬至 1 億美元。由於宏觀環境的持續變化，包括關稅的不確定性以及我們近期專注於實施與伊頓的合作關係，因此我們採取謹慎的指導態度。雖然宏觀環境惡化總是有可能帶來不利影響，但我們預計，由於推出 Rick 概述的新型空調硬體、在歐洲表現更好以及與伊頓的新合作夥伴關係帶來增長，今年晚些時候我們的收入將會增加。我們將繼續專注於營收成長、毛利率擴大和成本管理，以實現我們既定的目標，即在 2026 財年的一個季度內實現調整後 EBITDA 為正。

We will now open the call for questions.

我們現在開始提問。

(Operator Instructions)

（操作員指示）

Colin Rusch, Oppenheimer.

奧本海默的科林·拉什。

Thanks so much guys. With this Eaton partnership and what you're seeing in terms of the market and the new AC product, can you talk a little bit about the pipeline of activity and how we should be thinking about a return to growth here on the top line for the new systems?

非常感謝大家。透過與伊頓的合作以及您在市場和新空調產品方面所看到的情況，您能否談談活動的管道以及我們應該如何考慮讓新系統的營收恢復成長？

Yes. Thanks, Colin. I think there's a variety of forces at play, some positive, some causing caution. Obviously, the macroeconomic conditions, tariffs and general uncertainty. We're seeing some customers get conservative with spending in cash. There's obviously uncertainty around policies supporting electrification and transportation, particularly in the US, which I think are also headwinds.

是的。謝謝，科林。我認為有多種因素在起作用，有些是積極的，有些則令人謹慎。顯然，宏觀經濟狀況、關稅等整體情況都存在不確定性。我們發現有些顧客在現金消費方面變得保守。支持電氣化和交通運輸的政策顯然存在不確定性，尤其是在美國，我認為這也是不利因素。

On the other hand, very excited about our partnership with Eaton. We fully expect that to drive incremental growth, and there's a lot of work to do this quarter, in particular, to operationalize this relationship. And we fully expect to hit our stride and have this, again, fully operationalized as we enter our fiscal Q3. So a variety of factors at play.

另一方面，我們對與伊頓的合作感到非常興奮。我們完全相信這將推動增​​量成長，本季還有很多工作要做，特別是要實現這種關係的運作。我們完全期望在進入財政第三季度時能夠取得進展並再次全面投入運作。因此有多種因素在起作用。

Okay. And then in terms of international expansion ex Europe, it's even able to help you guys get into some incremental geographies where you haven't been operating to date. And how should we think about the potential for the opportunity in Central South America, other parts of North America, where you're not maybe fully loaded? It seems like you've got pretty good coverage in the US and Canada, but maybe you're missing something. And then potentially places like Australia and others where you could see some incremental sales.

好的。然後就歐洲以外的國際擴張而言，它甚至能夠幫助你們進入一些迄今為止尚未開展業務的增量地區。我們該如何看待中南美洲、北美其他地區（你們可能還沒有完全實現）的機會潛力？看起來您在美國和加拿大的覆蓋範圍相當廣，但也許您錯過了一些東西。然後可能會在澳洲和其他地方看到一些增量銷售。

Yes. Eaton definitely has the capabilities to do that. At this point in time, we're focused on North America and Europe. We believe with the combined product portfolio, what we have to offer in Europe and North America, we've got plenty of TAM to address in those two geographies. But again, the possibility definitely exists to penetrate new geographies as we move forward in the partnership.

是的。伊頓絕對有能力做到這一點。目前，我們的重點是北美和歐洲。我們相信，透過合併產品組合，我們在歐洲和北美提供的產品能夠滿足這兩個地區的需求。但隨著我們合作的不斷推進，進入新地區的可能性肯定存在。

Thanks so much. And then just a final one on the cadence of the inventory reduction, Mansi. Should we be thinking about that as kind of low single-digit millions, mid-single-digit millions of inventory consumption on a quarterly basis? I just want to get a better sense of how to get that number on a trajectory basis and what's the right target for you guys in terms of kind of the right inventory that you want to be carrying on an ongoing basis.

非常感謝。最後再問一下庫存減少的節奏，曼西。我們是否應該將其視為每季低個位數數百萬、中個位數數百萬的庫存消耗量？我只是想更了解如何在軌跡基礎上獲得這個數字，以及就你們想要持續持有的正確庫存而言，正確的目標是什麼。

Yes. So obviously, there are a lot of factors. That inventory balance will depend on -- it depends on the mix of sell-through, the mix of production, et cetera. So what we can say right now is that we expect gradual reduction probably in the second quarter with a more meaningful reduction coming in the second half as we see revenue growth.

是的。顯然，有很多因素。庫存餘額將取決於——它取決於銷售組合、生產組合等等。因此，我們現在可以說的是，我們預計第二季可能會逐步減少，而隨著營收成長，下半年將出現更顯著的減少。

Okay, I'll hop back into queue. Thanks, guys.

好的，我重新回到隊列。謝謝大家。

Thank you.

謝謝。

(Operator Instructions) That's all the question for today. Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

（操作員指示）這就是今天的所有問題。女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。