ChargePoint Holdings Inc (CHPT) 2021 Q3 法說會逐字稿

Ladies and gentlemen, good afternoon. My name is Hannah, and I will be your coordinator -- conference operator for today's call. At this time, I would like to welcome everyone to the ChargePoint Third Quarter Fiscal 2022 Earnings Conference Call and Webcast. (Operator Instructions).

女士們，先生們，下午好。我叫漢娜，我將擔任你們的協調員——今天電話會議的會議接線員。此時，我想歡迎大家參加 ChargePoint 2022 財年第三季度收益電話會議和網絡直播。 （操作員說明）。

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

我想把電話轉給 ChargePoint 資本市場和投資者關係副總裁 Patrick Hamer。帕特里克，請繼續。

Good afternoon, and thank you for joining us on today's conference call to discuss ChargePoint's third quarter of fiscal 2022. This call is being broadcast over the web and can be accessed on the Investors section of our website at investors.chargepoint.com. With me on today's call are Pasquale Romano, our Chief Executive Officer; and Rex Jackson, our Chief Financial Officer.

下午好，感謝您參加今天的電話會議，討論 ChargePoint 2022 財年第三季度的業績。此次電話會議正在網上播出，可在我們網站 investors.chargepoint.com 的投資者部分訪問。和我一起參加今天電話會議的有我們的首席執行官 Pasquale Romano；和我們的首席財務官 Rex Jackson。

This afternoon, we issued our press release announcing results for the third quarter of fiscal 2022 ended October 31, 2021, which can also be found on our website. We would like to remind you that during this conference call, management will be making forward-looking statements, including our fiscal fourth quarter and full year 2022 outlook and our expected investment in growth initiatives.

今天下午，我們發布了新聞稿，公佈了截至 2021 年 10 月 31 日的 2022 財年第三季度的業績，您也可以在我們的網站上找到這些業績。我們想提醒您，在本次電話會議期間，管理層將發表前瞻性陳述，包括我們的第四財季和 2022 年全年展望以及我們對增長計劃的預期投資。

These forward-looking statements involve risks and uncertainties, many of which are beyond our control and could cause actual results to differ materially from our expectations. These forward-looking statements apply as of today, and we undertake no obligation to update these statements after the call. 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 September 10, 2021, and our earnings release posted today on our website and filed with the SEC on Form 8-K.

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，可能導致實際結果與我們的預期存在重大差異。這些前瞻性陳述從今天起適用，我們不承擔在電話會議後更新這些陳述的義務。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 2021 年 9 月 10 日向美國證券交易委員會提交的 10-Q 表格，以及我們今天在我們的網站上發布並以表格 8 向美國證券交易委員會提交的收益報告-K。

Also, please note that we use certain non-GAAP financial measures on this call, which we reconcile to GAAP financial measures for the current quarter in our earnings release and for historical periods in the investor presentation posted on the Investors section of our website. And finally, we'll be posting the transcript of our 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，我們在收益發布中將其與當前季度的 GAAP 財務指標以及在我們網站投資者部分發布的投資者介紹中的歷史時期進行了核對。最後，我們將在“季度業績”部分下將我們的通話記錄發佈到我們的投資者關係網站。

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

然後，我將把它交給 Pasquale。

Thank you, Pat, and thank you all for joining us today. I'll provide a business update, including details of our strong Q3 execution against plan before turning it over to Rex for financials. As I have stated previously, our success is tied to the arrival of electric vehicles. And this quarter, we saw continued momentum in EV sales in both the passenger and fleet categories.

謝謝你，帕特，感謝大家今天加入我們。在將其移交給 Rex 進行財務分析之前，我將提供業務更新，包括我們對計劃的強大 Q3 執行的詳細信息。正如我之前所說，我們的成功與電動汽車的到來息息相關。本季度，我們看到乘用車和車隊類別的電動汽車銷量持續增長。

According to BloombergNEF, as many as 2.9 million electric vehicles are expected to be sold across North America and Europe this year, an increase of approximately 67% from 2020. And accordingly, we are seeing strong demand from auto dealers for charging infrastructure, an indicator that they are prepping for high-volume EVs sale.

據 BloombergNEF 報導，今年北美和歐洲的電動汽車銷量預計將達到 290 萬輛，比 2020 年增長約 67%。因此，我們看到汽車經銷商對充電基礎設施的強勁需求，這是一個指標他們正在為電動汽車的大批量銷售做準備。

Our strong financial performance throughout this year is the result of investments in a product and go-to-market strategy we have made over many years to be able to capture associated demand across commercial, fleet and residential verticals in both North America and Europe.

我們今年全年強勁的財務業績是我們多年來對產品和上市戰略進行投資的結果，以便能夠捕捉北美和歐洲商業、車隊和住宅垂直領域的相關需求。

Historically, our revenue has only been limited by a sufficient breadth and quantity of vehicle options available to consumers and fleets, and this further reinforces the ChargePoint as the equivalent of an index for the electrification of mobility. Our Q3 revenue of $65 million was at the high end of the guidance range we provided on September 1. This positions us to raise our expectations for the fourth quarter and full year despite what continues to be a dynamic supply chain environment.

從歷史上看，我們的收入僅受到消費者和車隊可用車輛選擇的足夠廣度和數量的限制，這進一步強化了 ChargePoint 作為移動電氣化指數的等價物。我們 6500 萬美元的第三季度收入處於我們 9 月 1 日提供的指導範圍的高端。這使我們能夠提高對第四季度和全年的預期，儘管供應鏈環境仍然充滿活力。

I'd like to call your attention to a number of indicators of the scale we are delivering. First, we added more commercial and fleet customers in Q3 than any other quarter in the company's history. It is clear that our customers are preparing for the future as evidenced by 89% year-on-year growth in our commercial business. We finished the quarter with approximately 163,000 network ports under management, inclusive of both acquisitions. Within that, the European port count was approximately 45,000. And globally, the DC fast charge port count was approximately 11,000.

我想提請您注意我們提供的規模的一些指標。首先，我們在第三季度增加了比公司歷史上任何其他季度都多的商業和車隊客戶。很明顯，我們的客戶正在為未來做準備，我們的商業業務同比增長 89% 就證明了這一點。本季度結束時，我們管理著大約 163,000 個網絡端口，包括兩次收購。其中，歐洲港口數量約為 45,000 個。在全球範圍內，直流快充端口數量約為 11,000 個。

We continue to work with the industry to enable drivers to roam across networks in North America and Europe. This quarter, we crossed through over 290,000 roaming ports accessible to drivers using their ChargePoint account in addition to the ports directly on our network.

我們繼續與業界合作，使司機能夠在北美和歐洲的網絡中漫遊。本季度，除了直接在我們網絡上的端口之外，我們還通過了 290,000 多個漫遊端口，司機可以使用他們的 ChargePoint 帳戶訪問這些端口。

Fleet billings in the quarter increased over 69% sequentially and over 198% year-on-year. I'll remind you, we acquired ViriCiti, a leading eBus and commercial vehicle management provider; and we also announced the expansion of our partnership with WEX, a leading fleet payment solutions company. The partnership will provide fleet customers ready access to the largest EV charging network for on-route charging needs and enable depot and at-home charging along with EV employee reimbursement.

本季度的機隊賬單環比增長超過 69%，同比增長超過 198%。我會提醒你，我們收購了 ViriCiti，這是一家領先的電動巴士和商用車輛管理提供商；我們還宣布擴大與領先的車隊支付解決方案公司 WEX 的合作夥伴關係。該合作夥伴關係將為車隊客戶提供隨時訪問最大的 EV 充電網絡的途徑，以滿足路上充電需求，並實現倉庫和家庭充電以及 EV 員工報銷。

Demand for our residential solutions continues to be robust. Residential billings for the third quarter were up 62% year-on-year and 50% from the last quarter. In Europe, we saw revenues up over 109% year-over-year. As a reminder, we closed the acquisition of has to be, an e-mobility provider with a leading charging software platform in the European market at the end of Q3.

對我們的住宅解決方案的需求持續強勁。第三季度的住宅賬單同比增長 62%，比上一季度增長 50%。在歐洲，我們的收入同比增長超過 109%。提醒一下，我們在第三季度末完成了對 has to be 的收購，這是一家在歐洲市場擁有領先充電軟件平台的電動汽車供應商。

Our established and growing channel, which provides unique leverage and efficiency, running proportionately with the balance of our business as well. And overall, the scale of our network is generating positive environmental impact with over 3.3 billion electric miles driven to date. By our estimates, drivers have avoided over 132 million gallons of gasoline and over 529,000 metric tons of greenhouse gas emissions.

我們建立並不斷發展的渠道提供了獨特的影響力和效率，並與我們的業務平衡成比例地運行。總體而言，我們的網絡規模正在產生積極的環境影響，迄今已行駛超過 33 億英里。據我們估計，司機已經避免了超過 1.32 億加侖的汽油和超過 529,000 公噸的溫室氣體排放。

Our mission requires world-class talent, and I'm pleased that ChargePoint continues to be a destination for top professionals. We ended the quarter with more than 1,300 employees, including the ChargePointers that joined us through the 2 recent acquisitions.

我們的使命需要世界一流的人才，我很高興 ChargePoint 繼續成為頂級專業人士的目的地。本季度結束時，我們擁有 1,300 多名員工，包括通過最近的 2 次收購加入我們的 ChargePointers。

And on the policy front, the passing of the Infrastructure Investment and Jobs Act includes up to $7.5 billion to accelerate the build-out of charging along highways and in our communities. This is the evidence that U.S. policy leaders are committed to an electric future. We are working with policymakers at the federal and state level to shape this. While other state and utility programs are in place now, this new stimulus will likely benefit significantly beginning in 2023.

在政策方面，基礎設施投資和就業法案的通過包括高達 75 億美元的資金，用於加速高速公路沿線和我們社區的充電建設。這是美國政策領導人致力於電動未來的證據。我們正在與聯邦和州一級的決策者合作來塑造這一點。雖然其他州和公用事業計劃現在已經到位，但這項新的刺激計劃可能會在 2023 年開始顯著受益。

Lastly, I would like to welcome former U.S. Secretary of Transportation and Labor, Elaine Chao to our Board of Directors. Her appointment brings depth from both public and private sectors and further strengthens the Board composition, which already includes leaders from technology, automotive and investor communities. Now I'll turn this over to Rex to discuss financials before we move to Q&A. Rex, over to you.

最後，我要歡迎美國前運輸和勞工部長 Elaine Chao 加入我們的董事會。她的任命帶來了公共和私營部門的深度，並進一步加強了董事會的組成，其中已經包括來自技術、汽車和投資者社區的領導者。現在，在我們進入問答環節之前，我將把這個交給雷克斯討論財務問題。雷克斯，交給你了。

Thanks, Pasquale, and good afternoon, everyone. First, my comments are non-GAAP where we principally exclude stock-based compensation, amortization of intangible assets and the effect of the valuation of our stock warrants. This quarter, we also exclude professional service fees related to acquisitions. For a reconciliation of these non-GAAP results to GAAP, please see our earnings release.

謝謝，Pasquale，大家下午好。首先，我的評論是非公認會計原則，我們主要排除基於股票的薪酬、無形資產攤銷和我們的認股權證估值的影響。本季度，我們還排除了與收購相關的專業服務費。如需將這些非 GAAP 結果與 GAAP 進行核對，請參閱我們的收益發布。

Second, after a quick review of our results, I will provide revenue estimates for Q4 and the full year. Third, consistent with our prior calls, and as you can see in our earnings release, we report revenue along 3 lines: network, charging systems, subscriptions and other. Network charging systems represents our hardware, all sold with our cloud services solutions.

其次，在快速回顧我們的結果後，我將提供第四季度和全年的收入預測。第三，與我們之前的電話一致，正如您在我們的收益發布中看到的那樣，我們按 3 條線報告收入：網絡、收費系統、訂閱和其他。網絡充電系統代表我們的硬件，所有這些都與我們的雲服務解決方案一起銷售。

Subscriptions include those cloud services for assure warranties, our ChargePoint as a service offerings where we bundle our solutions into a referral subscription and now software revenue from our ViriCiti and has to be acquisitions. Other consists of energy credits, professional services and certain nonmaterial revenue streams.

訂閱包括那些確保保修的雲服務，我們的 ChargePoint 即服務產品，我們將我們的解決方案捆綁到推薦訂閱中，現在我們的 ViriCiti 的軟件收入必須是收購。其他包括能源信貸、專業服務和某些非物質收入流。

Q2 revenue was $65 million, up 79% year-over-year at the high end of our previously announced guidance range of $60 million to $65 million and up 16% sequentially. We are very pleased with this performance despite a number of supply chain challenges and demand in the quarter we could not meet has given us a good start on Q4.

第二季度收入為 6500 萬美元，同比增長 79%，處於我們先前宣布的 6000 萬至 6500 萬美元指導範圍的高端，環比增長 16%。儘管我們無法滿足本季度的供應鏈挑戰和需求，但我們對這一業績感到非常滿意，這讓我們在第四季度有了一個良好的開端。

Network charging systems is $48 million or 73% of total revenue for the quarter consistent with Q2 and grew 111% year-over-year and 16% sequentially.

網絡充電系統收入為 4800 萬美元，佔本季度總收入的 73%，與第二季度一致，同比增長 111%，環比增長 16%。

Subscription revenue of $13 million was 21% of total revenue, up 24% year-on-year and 11% sequentially. As I mentioned last quarter, the delta in growth rates between network charging systems and subscription revenue is a function of 2 main factors: mix and time lag. In Q3, mix again favored DC network charging systems and home, which had a less lower ratio of subscription to network hardware revenue.

1300 萬美元的訂閱收入佔總收入的 21%，同比增長 24%，環比增長 11%。正如我在上個季度提到的，網絡收費系統和訂閱收入之間的增長率差異是兩個主要因素的函數：混合和時滯。在Q3，mix再次看好DC網絡充電系統和home，訂閱佔網絡硬件收入的比例較低。

Second, for most of our solutions, we began revenue for subscriptions at a fixed time after the associated hardware shipment to accommodate installations, yielding a time lag of at least a quarter. Our deferred revenue from subscriptions representing recurring revenue from existing customer commitments and payments grew nicely, finishing the quarter at over $120 million.

其次，對於我們的大多數解決方案，我們在相關硬件發貨以適應安裝後的固定時間開始訂閱收入，產生至少四分之一的時間滯後。我們來自訂閱的遞延收入代表來自現有客戶承諾和付款的經常性收入增長良好，本季度結束時超過 1.2 億美元。

Other revenue at $4 million and 6% of total revenue increased 37% year-on-year and 30% sequentially as driver activity and associated credits picked up during the quarter.

其他收入為 400 萬美元，佔總收入的 6%，同比增長 37%，環比增長 30%，因為本季度駕駛員活動和相關積分有所回升。

Turning to verticals. As you know, we look at verticals from a billings perspective, which approximates the revenue split. Billings by vertical for Q3, for commercial 69%, fleet 16%, residential 13% and other 2%, reflecting outperformance in both fleet and residential. We are very pleased to see strong growth. Total billings up 96% year-on-year and 25% sequentially. And in particular, commercial up 89% year-on-year in a COVID commuting environment.

轉向垂直領域。如您所知，我們從賬單的角度來看垂直領域，這近似於收入分配。第三季度的垂直賬單，商業 69%，車隊 16%，住宅 13% 和其他 2%，反映了車隊和住宅的出色表現。我們很高興看到強勁的增長。總賬單同比增長 96%，環比增長 25%。特別是在 COVID 通勤環境下，商業廣告同比增長 89%。

From a geographic perspective, Q3 revenue from North America was 89%, and Europe was 11%, representing a slight percentage gain in European contribution, driven by both organic growth and acquisition contribution. In the third quarter, our European business did over $7 million in total revenue, almost tripling from last year's third quarter and up 41% sequentially. Turning to gross margin. Non-GAAP gross margin for Q3 was 27%, a 4-point improvement over Q2, reflecting continued improvements in our cost of goods sold and positive margin contribution from our European acquisitions.

從地域角度來看，受有機增長和收購貢獻的推動，北美第三季度收入佔 89%，歐洲佔 11%，歐洲貢獻略有增長。第三季度，我們歐洲業務的總收入超過 700 萬美元，幾乎是去年第三季度的三倍，環比增長 41%。轉向毛利率。第三季度的非美國通用會計準則毛利率為 27%，比第二季度提高 4 個百分點，反映出我們的銷售成本持續改善以及我們歐洲收購的積極利潤貢獻。

We estimate elevated logistical costs and supply chain constraints cost us approximately 2% of additional network charging system margin. Non-GAAP operating expenses for Q3 were $63 million, a year-over-year increase of 61% and a sequential increase of 18%. Included in the quarter was an additional $2 million in operating expenses attributable to our two acquisitions. As we have said, we continue to invest heavily on product development, customer acquisitions, operations, scaling and other areas to drive our leadership position in this rapidly evolving and growing market.

我們估計物流成本上升和供應鏈限制使我們損失了大約 2% 的額外網絡充電系統利潤。第三季度非美國通用會計準則運營費用為 6300 萬美元，同比增長 61%，環比增長 18%。本季度還包括因我們的兩項收購而產生的額外 200 萬美元的運營費用。正如我們所說，我們繼續在產品開發、客戶獲取、運營、擴展和其他領域進行大量投資，以推動我們在這個快速發展和增長的市場中的領導地位。

Stock-based compensation in Q3 was at a normalized level of $16 million, down from $28 million in Q2. Of the $28 million of stock-based compensation in the second quarter, approximately $14 million was attributable to services performed prior to the second quarter and included grants to employees who joined the company during the preceding 12 months as well as incentive rewards to key personnel in both cases delayed while the company executed its SPAC transaction. In Q3, we did not have any such adjustments.

第三季度基於股票的薪酬處於 1600 萬美元的正常水平，低於第二季度的 2800 萬美元。在第二季度 2800 萬美元的股票薪酬中，約 1400 萬美元來自第二季度之前提供的服務，包括對前 12 個月內加入公司的員工的補助以及對關鍵人員的獎勵。在公司執行其 SPAC 交易時，這兩個案件都被推遲了。在第三季度，我們沒有進行任何此類調整。

With respect to contributions from our 2 European acquisitions, I mentioned in our September earnings call that we expect the Q4 revenue contribution of approximately $4 million and Q4 operating expenses of approximately $8 million to $10 million. This continues to be true. In Q3, the revenue contribution from the acquisitions was approximately $2 million, comprised of a hardware and other, reflecting the fact that we owned these assets for only a portion of Q3.

關於我們 2 項歐洲收購的貢獻，我在 9 月份的財報電話會議中提到，我們預計第四季度的收入貢獻約為 400 萬美元，第四季度的運營支出約為 800 萬至 1000 萬美元。這仍然是正確的。在第三季度，收購的收入貢獻約為 200 萬美元，包括硬件和其他，反映出我們僅在第三季度的一部分時間擁有這些資產。

Looking at cash, we finished the quarter with approximately $366 million, down from $618 million at the end of Q2, reflecting cash spent on operations and $210 million paid for acquisitions in the quarter. After giving the tax of the acquisition of has to be and ongoing employee issuances during the quarter, we have approximately 331 million shares outstanding.

看看現金，我們在本季度結束時的現金約為 3.66 億美元，低於第二季度末的 6.18 億美元，反映了本季度用於運營的現金和用於收購的 2.1 億美元。在對本季度的收購和正在進行的員工發行徵稅後，我們有大約 3.31 億股流通股。

Turning now to guidance. Demand for our solutions in Q3 continued to outstrip our expectations and production ramp. COVID keeps the markets guessing and employers continually have to adjust return to work plans. But with the strong third quarter, healthy backlog to start the fourth quarter and continuing broad pipeline build across all verticals, we are moving our Q4 and full year guidance up. For fiscal Q4, we expect total revenue of $73 million to $78 million at midpoint, an increase of 78% versus Q4 of last year and a sequential increase of over 16%. For the fiscal year, we're taking our revenue guidance up from $225 million to $235 million to $235 million to $240 million at the new midpoint, representing a 62% increase year-on-year. And with that, it concludes our prepared remarks, and we'll turn it over to Q&A.

現在轉向指導。第三季度對我們解決方案的需求繼續超出我們的預期和產量增長。 COVID 讓市場不斷猜測，雇主不得不不斷調整重返工作計劃。但隨著第三季度的強勁表現、第四季度開始的健康積壓以及所有垂直領域持續廣泛的管道建設，我們正在上調第四季度和全年的指導。對於第四財季，我們預計中點總收入為 7300 萬美元至 7800 萬美元，比去年第四季度增長 78%，環比增長超過 16%。對於本財年，我們將我們的收入指引從新的中點的 2.25 億美元提高到 2.35 億美元到 2.35 億美元到 2.4 億美元，同比增長 62%。至此，我們準備好的發言就結束了，我們將把它交給問答環節。

(Operator Instructions)

（操作員說明）

The first question is from the line of Shreyas Patil with Wolfe Research.

第一個問題來自 Shreyas Patil 與 Wolfe Research 的合作。

Just the first one, Pat, I think you had mentioned that you expect to see the federal stimulus to more meaningfully manifest in 2023. Is there a way to maybe frame what kind of funding these number -- this additional -- these additional dollars could support in terms of new chargers being added? And maybe also, if you can remind us what you're seeing at the moment in terms of funding from utilities in certain states towards charging?

只是第一個，帕特，我想你提到過你希望看到聯邦刺激措施在 2023 年更有意義地體現出來。有沒有一種方法可以確定這些數字——這個額外的——這些額外的美元可以提供什麼樣的資金？是否支持添加新充電器？也許，如果你能提醒我們你目前在某些州的公用事業公司為充電提供資金方面看到了什麼？

Thanks, Shreyas. Good to hear your voice. And so it's a complicated question. The federal infrastructure bill is -- much of the money, not all, but much of the money is going to flow through states and the states have to design their programs. That's why we're estimating that we won't see much of that in 2022. We may see some at the back half of the year, but it's hard to predict.

謝謝，史瑞亞斯。很高興聽到你的聲音。所以這是一個複雜的問題。聯邦基礎設施法案——大部分資金，不是全部，但大部分資金將流經各州，各州必須設計自己的項目。這就是為什麼我們估計我們在 2022 年不會看到太多這樣的事情。我們可能會在今年下半年看到一些，但很難預測。

And in terms of how much money is going to flow actually in that year versus subsequent years is right now, it's too hard to call. I'm not trying to be evasive. It's just if you look at the -- I'll give you an example of the VW or Appendix D program, that was implemented in an analogous way. It was money that flowed from the federal government on the federal portion of the settlement away to all states but California, California had its own settlement carve-out. It has taken multiple years for that to roll through. Some states are quick to define a program, some are slower. So that's why it's challenging for us. And then the color of the program in terms of the -- exactly what the constraints are is going to influence the installation cost versus the equipment cost, et cetera. So really hard to call.

就那一年實際流出的資金與隨後幾年的資金流動量而言，現在很難預測。我不是想逃避。只是如果你看一下——我會給你一個 VW 或附錄 D 程序的例子，它是以類似的方式實現的。這筆錢從聯邦政府在和解的聯邦部分流向除加利福尼亞州以外的所有州，加利福尼亞州有自己的和解協議。這花了很多年才完成。有些州可以快速定義程序，有些則較慢。這就是為什麼它對我們來說具有挑戰性。然後是程序的顏色——究竟是什麼約束將影響安裝成本與設備成本等。所以真的很難打電話。

The sum total of the money, like I said, we don't expect to be next year. I also want to draw your attention to one other thing is that the budget reconciliation and other associated conversations about where the government is trying to generate stimulus in other areas for EV charging, that could have faster effect. But again, it's too hard to pin that down right now.

這筆錢的總額，就像我說的，我們預計明年不會。我還想提請您注意另一件事，即預算協調和其他有關政府試圖在其他領域刺激電動汽車充電的相關對話，這可能會產生更快的效果。但同樣，現在很難確定這一點。

In terms of your question with respect to utility funding effectively amounts, Rex, do you want to comment on that? I don't know if you have a current number?

關於你關於公用事業資金有效金額的問題，雷克斯，你想對此發表評論嗎？不知道你有沒有現成的號碼？

I actually do not have a current number. My apologies.

我實際上沒有當前號碼。我很抱歉。

Yes. So just to remind everyone, the -- that represents approved utility programs and then those programs roll out over multiple years, not all the funds are relevant to our revenue even in those programs. So in previous quarters, we've reported it's similar or analogous to a backlog number associated with kind of the sum total of approved utility programs that are running in the United States is not necessarily our backlog, but it's sort of analogous in that domain from the industry's view, and we don't have an update for you right now.

是的。所以提醒大家，代表批准的公用事業計劃，然後這些計劃會在多年內推出，即使在這些計劃中，並非所有資金都與我們的收入相關。因此，在前幾個季度，我們報告說它類似於或類似於與在美國運行的已批准實用程序的總和相關的積壓數量，不一定是我們的積壓，但它在該領域有點類似行業的觀點，我們現在沒有為您提供更新。

Yes. So Pat, I just want to make sure was it a question in terms of what the programs are out there that's available because that's how I heard the question as opposed to...

是的。所以帕特，我只是想確定這是一個關於可用程序的問題，因為這就是我聽到這個問題的方式，而不是......

Yes.

是的。

Yes. Because we have a billings number for utilities for us, but in terms of total programs, it's in the hundreds of millions of dollars. But in terms of the exact figure, it's hundreds of millions is a fair total.

是的。因為我們有一個公用事業賬單數字，但就總計劃而言，它是數億美元。但就確切數字而言，數億是一個合理的總數。

Okay. And then, Rex, just looking at an OpEx -- sorry, was there something as -- sorry? Okay. Looking at Opex, it was up modestly as a percent of revenue in Q3 versus Q2, but R&D was up more meaningfully. So wondering if you can just talk about some of the main priorities that are driving R&D spending. And then just how should we think about the magnitude of OpEx leverage, especially as we think about maybe the next few quarters or even into next year.

好的。然後，雷克斯，只是看看運營支出——抱歉，有什麼——抱歉嗎？好的。從 Opex 來看，與第二季度相比，第三季度它佔收入的百分比略有上升，但研發的上升幅度更大。所以想知道你是否可以談談推動研發支出的一些主要優先事項。然後我們應該如何考慮 OpEx 槓桿的大小，尤其是當我們考慮未來幾個季度甚至明年時。

Sure. So first of all, the OpEx number is a broad-based number because we're investing heavily in sales and marketing. Obviously, we're a newly public company. So we do need to deal with those things. But specifically [R&D], our priorities are some major product releases that we have coming out this year. As you may have seen, we had a big fleet announcement several months ago, and that's just a huge watershed event for the company. So there's enormous amount of energy going into that. We've got some very interesting things that we have in mind for Europe coming out shortly. There's a huge amount of energy that goes into what we see as one of our greatest differentiators, which is, of course, the software platform.

當然。因此，首先，OpEx 數字是一個基礎廣泛的數字，因為我們在銷售和營銷方面投入了大量資金。顯然，我們是一家新上市的公司。所以我們確實需要處理這些事情。但特別是 [R&D]，我們的優先事項是我們今年推出的一些主要產品版本。正如您可能已經看到的那樣，幾個月前我們發布了一個大型機隊公告，這對公司來說只是一個巨大的分水嶺事件。所以有大量的能量進入其中。我們有一些非常有趣的事情，我們很快就會想到歐洲。有大量的精力投入到我們認為是我們最大的差異化因素之一，當然是軟件平台。

So there's a big, big push right now. And obviously, since we play in all verticals in both North America and Europe, and we see that the time is now from an industry perspective, we're really putting our shoulder to it. So that aggressive strategy, we think will pay off and steady improvements in that ratio next year. I can't give you a number, obviously, because it's a little early yet, but I think we should see some steady leverage next year that I think you guys would be happy about.

所以現在有很大的推動力。顯然，由於我們在北美和歐洲的所有垂直領域開展業務，而且我們看到現在是從行業角度來看的時候了，我們真的在全力以赴。因此，我們認為這種積極的戰略將在明年獲得回報並穩步提高該比率。顯然，我不能給你一個數字，因為現在還為時過早，但我認為明年我們應該會看到一些穩定的槓桿作用，我認為你們會對此感到高興。

Okay. And then just last housekeeping for me. Could you give us a sense of the non-GAAP gross margin between network and software and service? I just wanted to confirm that.

好的。然後為我做最後一次家務管理。您能否讓我們了解一下網絡與軟件和服務之間的非 GAAP 毛利率？我只是想確認一下。

That's tough because on the subscription side, as you probably know, we do put our driver and house support into our subscription line. So that line tends to be in the 50s. Other bounces around depending on what the components are. So if you do the math, you can tell that the hardware, you get back into the hardware number by just looking at the overall math. Once you know one, you can solve the other.

這很難，因為在訂閱方面，您可能知道，我們確實將我們的司機和房屋支持納入我們的訂閱行。所以這條線往往在 50 年代。其他根據組件是什麼而反彈。因此，如果您進行數學運算，就可以知道硬件，只需查看整體數學運算即可返回硬件編號。一旦你知道了一個，你就可以解決另一個。

The next. The next question is from the line of Greg Wasikowski with Webber Research Advisory.

下一個。下一個問題來自韋伯研究諮詢公司的 Greg Wasikowski。

I wanted to ask about your targets for market share in Europe and just the pathway for reaching those, specifically, the balance between an organic versus an inorganic approach given the relatively more fragmented market over there. And just thinking through what does that do to the cash flow profile and/or tapping your own equity currency. Just wondering how you're thinking about the path of least resistance and while you're evaluating opportunities in Europe?

我想問一下你們在歐洲的市場份額目標以及實現這些目標的途徑，具體來說，考慮到那裡的市場相對分散，有機與無機方法之間的平衡。只需考慮一下這對現金流量狀況和/或利用您自己的股權貨幣有何影響。只是想知道您在評估歐洲的機會時如何考慮阻力最小的路徑？

That's a very good question. So first of all, market share target, is obviously as high as we can get them. So that's everyone's market share target in an industry. We've done pretty well in North America. And we've recently, over the last couple of years, made enormous progress in Europe, and we're not putting a ceiling on that. We've done 2 acquisitions in very different industries. One is targeted at extending consolidating customers as well as extending functionality in the fleet space that was [diversity] one that you saw and then has to be -- is in center of the commercial business in Europe. So they serve very different verticals.

這是一個很好的問題。所以首先，市場份額目標，顯然是我們能達到的最高。所以這是每個人在一個行業中的市場份額目標。我們在北美做得很好。最近，在過去的幾年裡，我們在歐洲取得了巨大的進步，我們並沒有為此設定上限。我們在非常不同的行業進行了兩次收購。一個目標是擴展合併客戶以及擴展機隊空間的功能，這是你看到的[多樣性]，然後必須是 - 是歐洲商業業務的中心。所以他們服務於非常不同的垂直領域。

And with respect to inorganic versus organic growth, we'll be intelligent that we obviously will evaluate opportunities as they present. But I don't think it's necessary to have an all inorganic strategy to gain market share. It's early innings in EV market in general, early enough, and we have strength that's broad-based with respect to our product portfolio position where -- and I'll remind you, we're in every vertical that we can think of in both continents. So there's a tremendous amount of leverage there that we have. And with that said, if there's an opportunity that presents itself like there has to be a diversity and they have team, and have tech and it has customers that are aligned with our business model, we'd certainly look at it, but we'd be various 2 players.

關於無機增長與有機增長，我們很聰明，我們顯然會在機會出現時對其進行評估。但我認為沒有必要採用全無機策略來獲得市場份額。總的來說，這是電動汽車市場的早期階段，足夠早，而且我們在產品組合定位方面擁有廣泛的實力——我會提醒你，我們在我們能想到的每一個垂直領域大洲。因此，我們擁有巨大的槓桿作用。話雖如此，如果有機會表現得像必須具有多樣性並且他們擁有團隊，擁有技術並且擁有與我們的業務模型一致的客戶，我們當然會考慮它，但我們' d 是不同的 2 名球員。

Perfect. That's very helpful. And then for my next one, more of a theoretical question around site owner's decisions between Level 2 and Level 3 charging, especially in places that's like shorter visit times, like grocery stores, malls, parks, et cetera. Early conversations we're having, I think there's some split opinions on what the preference may be for future EV drivers. You guys offer both solutions, obviously, but have more of a presence in L 2. So I'm just -- I'm curious, what are your conversations been like with new site owners deciding which route to go with? And if any existing level 2 customers are looking to expand, but with a DC solution?

完美的。這很有幫助。然後對於我的下一個問題，更多的是關於站點所有者在 2 級和 3 級收費之間的決定的理論問題，特別是在訪問時間較短的地方，如雜貨店、購物中心、公園等。我們正在進行的早期對話，我認為對於未來電動汽車司機的偏好可能存在一些分歧意見。顯然，你們提供了這兩種解決方案，但在 L 2 中有更多的存在。所以我只是 - 我很好奇，您與新網站所有者的對話如何決定採用哪條路線？如果現有的 2 級客戶希望通過 DC 解決方案進行擴展？

There's a lot of misinformation on this and too many folks have pattern matching on gasoline. So just one point by way of fact, it's not an opinion. When you sneak the switch to electric drive, a depot is not your primary fuel anymore, meaning you don't wait for the little yellow lights on, go drive somewhere, fuel up and go home. That doesn't happen, especially if you have access to charging either at home or work or both or street side parking. This is -- we've seen these driver patterns that kind of dominate how people behave. There are always corner cases where people -- certain percentages of the population don't inform, but they usually have outlier reasons for not conforming.

關於這一點有很多錯誤信息，太多人對汽油進行模式匹配。因此，事實上只有一點，這不是意見。當你偷偷切換到電力驅動時，倉庫不再是你的主要燃料，這意味著你不必等待小黃燈亮起，開車去某個地方，加油然後回家。這種情況不會發生，特別是如果您可以在家里或工作場所或兩者或路邊停車處充電。這是——我們已經看到這些驅動模式在某種程度上支配著人們的行為方式。總會有一些極端情況，人們——一定比例的人沒有告知，但他們通常有不合規的異常原因。

So it is not a speed gets faster, you put it in. In fact, it's actually matching the natural parking duration and how much energy is expected to be reloaded in that stay. So if you're going to the grocery store near your house, you're not trying to fill your tank or your battery. You're not trying to do that. You're trying to avail yourself of some convenience miles you may pick up as an amenity by a grocery store. Now if you pulled off a highway and you're on your way to a weekend holiday and you happen to pick a grocery store to stop at because it had a fast charger, you're doing that because you want to make a -- essentially a refueling stop. So they're very different use cases, and they get conflated.

所以它不是速度變快，你把它放進去。事實上，它實際上與自然停車時間和預計在該停留期間重新加載多少能量相匹配。因此，如果您要去您家附近的雜貨店，您並不是要給您的油箱或電池加滿油。你不是想那樣做。您正在嘗試利用一些便利里程，這些里程可能是您在雜貨店購買的便利設施。現在，如果你離開高速公路，在去週末度假的路上，你碰巧選擇了一家雜貨店停下來，因為它有一個快速充電器，你這樣做是因為你想做一個——本質上加油站所以它們是非常不同的用例，並且它們被混為一談。

The average shopper doesn't want to use a fast charger if they're in their local area. So it's -- and I'm not talking down one or the other, it's about matching it correctly. If you don't match it correctly, let's say you're at grocery store. If you don't match it correctly, you have a very expensive utilization mistake of the total construction cost and equipment cost versus the number of parking spaces and customers you can serve. So it's not a oops. It's a I got a real problem because I really made a massive mistake. Because you're going to -- if you plug-in around town and you're just topping up, you're -- a fast charger is such an expensive proposition for that use case and consume so much electrical capacity for that use case that you made a mistake.

如果他們在當地，一般購物者不想使用快速充電器。所以它是——我不是在貶低其中之一，而是關於正確匹配它。如果您沒有正確匹配，假設您在雜貨店。如果你沒有正確匹配它，你就會有一個非常昂貴的利用錯誤，即總建築成本和設備成本與你可以服務的停車位和客戶數量。所以這不是哎呀。這是我遇到了一個真正的問題，因為我真的犯了一個大錯誤。因為你要——如果你在城裡插電並且你只是在充電，你是——快速充電器對於那個用例來說是一個如此昂貴的提議，並且為那個用例消耗如此多的電容量你犯了一個錯誤。

But if you're well positioned to serve highway drivers as they're going out of their -- beyond their battery range, having a mix on your grocery store site between L2, for your local customers and fast for your long distance customers makes a whole lot of sense. So what we do is we consult with customers to try to help them understand how to allocate the right strength for the likely use cases that are going to present in that parking lot because the number of parking spaces you can electrify with the electrical capacity and the cost of one fast charger is pretty significant on the -- if you're primarily serving local clientele. So that's just some of the color. And it's so much different than putting gas stations up. It just there's no relationship to that legacy market at all.

但是，如果您能夠很好地為高速公路司機提供服務，因為他們超出了他們的電池範圍，那麼在 L2 之間的雜貨店網站上進行混合，為您的本地客戶提供服務，並為您的長途客戶提供快速服務。很有道理。因此，我們所做的是與客戶協商，試圖幫助他們了解如何為該停車場中可能出現的用例分配正確的強度，因為您可以通過電力和如果您主要為本地客戶服務，那麼一個快速充電器的成本非常高。所以這只是一些顏色。這與建立加油站有很大不同。只是與那個傳統市場根本沒有關係。

The next question is from the line of Colin Rusch with Oppenheimer.

下一個問題來自 Colin Rusch 與 Oppenheimer 的對話。

This is Brendan on for Colin. First one for me. Would you be able to give us a bit of color on early progress on acquisition integration in Europe? And maybe any insight on initial returns for cross-selling opportunities there?

這是科林的布倫丹。第一個給我。您能給我們介紹一下歐洲收購整合的早期進展嗎？也許對那裡的交叉銷售機會的初始回報有任何見解？

I mean I'll give you generalities because we're not coming up with typical specifics. But in both acquisitions, we're newer to the has·to·be one, frankly, than the ViriCiti one because it's earlier innings because that closed a couple of months past when the ViriCiti one did. But on both, we're making good progress on integration.

我的意思是我會給你概括性的，因為我們沒有提出典型的細節。但在這兩次收購中，坦率地說，我們比 ViriCiti 的收購要新，因為它是較早的一局，因為它在 ViriCiti 收購的幾個月後就關閉了。但在這兩個方面，我們在整合方面都取得了良好進展。

On the fleet side, we're already co-selling. And we're -- we have customers that, like I said, we've done some customer consolidation that we either had customers that have used ViriCiti for different functionality from

在機隊方面，我們已經在共同銷售。我們是 - 我們有客戶，就像我說的那樣，我們已經完成了一些客戶整合，我們要么有客戶使用 ViriCiti 來實現不同的功能

(technical difficulty)

（技術難度）

and had our charging solution and a ViriCiti vehicle solution and where that's the case, we're already moving the ball down the field to integrate the two solutions.

並擁有我們的充電解決方案和 ViriCiti 車輛解決方案，在這種情況下，我們已經著手整合這兩個解決方案。

With that said, it will take some time to get things integrated in an orderly way. We're in earlier innings with has·to·be where we've already got some customer activity going on, where 1 plus 1 is already equaling 3, where we can bring additional functionality either to their customer base or ours, vice versa. So we're already making nice progress there.

話雖如此，將事情以有序的方式整合起來還需要一些時間。我們在較早的階段已經有了一些客戶活動，1 加 1 已經等於 3，我們可以為他們的客戶群或我們的客戶群帶來額外的功能， 反之亦然。所以我們已經在那裡取得了不錯的進展。

Awesome. And then just secondly, on the supply chain and pricing, are you seeing the need to redesign products or particular subsystems in order to help the resilience of the supply chain? And how active have you guys been in terms of passing additional costs to customers?

驚人的。其次，在供應鍊和定價方面，您是否看到需要重新設計產品或特定子系統以幫助供應鏈的彈性？你們在將額外成本轉嫁給客戶方面有多積極？

Yes. So I was chuckling as you said that. We're incredibly proud of what our engineering and supply chain teams have had to do. As you've seen, we turned in upside results now over several quarters. And if you can imagine how hard that is in a supply chain-constrained environment because, obviously, we're laying forecast into our supply chain even in the normal circumstances with significant percentage of a year's worth of visibility because that's just what you need to do, especially as you're scaling.

是的。所以當你這麼說的時候我在咯咯地笑。我們為我們的工程和供應鏈團隊必須做的事情感到無比自豪。如您所見，我們現在在幾個季度內取得了上行業績。如果你能想像在供應鏈受限的環境中這有多難，因為很明顯，即使在正常情況下，我們也在我們的供應鏈中進行預測，一年的可見度佔很大比例，因為這正是你需要的做，尤其是當你擴展的時候。

So to then come up with upside when you get, obviously, surprise de-commits, which is happening everywhere in the industry, means that your organization is responding by rapid qualification of substitute components and rapid adjustment in software to enable that.

因此，當您顯然意外取消承諾時想出好處，這在行業中無處不在，這意味著您的組織正在通過快速鑑定替代組件和快速調整軟件來實現這一點。

So it is definitely happening inside of our organization. They are doing a tremendous job keeping things moving through our supply chain. And yes, it is having -- it is a drag. We could have put those resources in different places. Rex, I'll let you comment on the question on pass-through pricing.

所以它肯定發生在我們的組織內部。他們在保持供應鏈順暢運轉方面做得非常出色。是的，它有——這是一種拖累。我們本可以將這些資源放在不同的地方。雷克斯，我會讓你對傳遞定價的問題發表評論。

Yes, Brendan, a good question. So without getting into specifics, we definitely have a program in place for passing through some level of our increased logistics fees, which I referenced in my gross margin comments. And there may be some price adjustments in the not-too-distant future to take account of what's going on in the supply chain.

是的，布倫丹，這是個好問題。因此，無需詳細說明，我們肯定有一個計劃來通過一定程度的增加的物流費用，我在毛利率評論中提到了這一點。在不久的將來可能會進行一些價格調整，以考慮到供應鏈中發生的事情。

So we definitely have some business ahead. Nothing major reflected. It's mostly perspective.

所以我們肯定有一些未來的業務。沒有什麼大的反映。這主要是透視。

I'll also Colin (sic) [Brendan] remind you of 2 things. Rex, first of all, I believe in your prepared remarks, you commented that -- correct me if I'm wrong, it was about a 2-point -- supply chain issues resulted in about a 2-point penalty on gross margin relative to what we could have turned in. Verify that.

我還會 Colin (sic) [Brendan] 提醒您兩件事。雷克斯，首先，我相信你準備好的言論，你評論說——如果我錯了請糾正我，那是大約 2 分——供應鏈問題導致毛利率相對損失大約 2 分到我們本可以交出的東西。驗證。

Yes.

是的。

And so Colin (sic) [Brendan], we had that working against us. But we still turned in strong improvement in gross margin quarter-over-quarter and turned in results on the high side. So you can imagine internally what that took it to achieve.

所以 Colin (sic) [Brendan]，我們遇到了對我們不利的事情。但我們仍然實現了季度毛利率的強勁增長，並且業績偏高。所以你可以在內部想像它實現了什麼。

The next question is from the line of Gabe Daoud with Cowen.

下一個問題來自 Gabe Daoud 和 Cowen 的對話。

Maybe just kind of back to the supply chain. Can you give us a sense of how much visibility you have into fulfilling orders over the next several quarters? And maybe any thoughts around inventory that's on hand currently?

也許只是回到供應鏈。您能否告訴我們您在接下來的幾個季度中對履行訂單的可見度有多大？也許對目前手頭的庫存有什麼想法？

I'll let Rex comment on inventory. But in terms of visibility, it's not so much visibility but it's visibility in the supply chain that causes us -- and many other companies say the same thing -- grief in the quarter, it's unplanned de-commit, which happens, and we respond to that. Now there's a bit of -- there's not a bit -- there's quite a bit of preplanning going on there where we're scrambling to get multiple sources where possible on parts that we forecast as possibly being problematic.

我會讓 Rex 評論庫存。但就可見性而言，並不是可見性那麼高，而是供應鏈中的可見性導致我們——許多其他公司也這麼說——本季度的悲痛，這是計劃外的取消承諾，這種情況發生了，我們做出回應到那個。現在有一點 - 沒有一點 - 那裡正在進行相當多的預先計劃，我們正在爭先恐後地在我們預測可能有問題的零件上盡可能獲得多個來源。

But our communication to supply chain, the firm orders that we're placing into supply chain for product, et cetera are well out next year, well out into next year.

但是我們與供應鏈的溝通，我們在產品供應鏈中下達的確定訂單，等等，明年就會結束，明年就會結束。

Rex, you want to comment further?

Rex，你想進一步評論嗎？

Yes. From an inventory standpoint, as you know, Gabe, so [de-extensively is the end], so not all inventory sits on our books. Our inventory actually, like I said this last quarter, I keep wanting it to go up with the supply chain challenges but it actually slightly declined quarter-on-quarter here. But something I would just tell you, if we can build inventory going forward, we will. We just haven't done that yet.

是的。從庫存的角度來看，正如你所知，Gabe，所以 [de-extensively is the end]，所以並不是所有的庫存都在我們的賬簿上。我們的庫存實際上，就像我上個季度所說的那樣，我一直希望它能夠應對供應鏈挑戰，但實際上它在這裡的季度環比略有下降。但我只想告訴你，如果我們能在未來建立庫存，我們會的。我們只是還沒有這樣做。

And Gabe, that's not weakness, that's just continued upside materializing. And so that's. In our opinion, it's a happy problem. I wish we didn't have the supply chain constraints, but nonetheless, it's on the good side of the problem balance sheet.

加布，這不是弱點，只是持續上行。就是這樣。在我們看來，這是一個快樂的問題。我希望我們沒有供應鏈限制，但儘管如此，它在問題資產負債表的好的一面。

ANd Gabe, one other comment I'd make because it's kind of odd to have a CFO say, hey let's increase our inventory level. We have, obviously, a broad portfolio, but we have very minimal obsolescence risk. So if you're trying to ramp the business and you've got supply chain challenges that you're trying to meet, building inventories, as Pat says, it's a smart thing to do. So that's what we're trying to do.

加布，我要發表的另一條評論是因為讓首席財務官說，嘿，讓我們提高庫存水平有點奇怪。顯然，我們擁有廣泛的產品組合，但過時風險非常小。因此，如果您正在努力擴大業務，並且遇到供應鏈挑戰，您正試圖應對，建立庫存，正如帕特所說，這是一件明智的事情。這就是我們正在努力做的。

This is also, Gabe, where the modularity of the platform is -- and all the platforms that we ship is really coming into play because we have a lot -- we drive a very broad set of use cases on the hardware side of the product line with very few SKUs or very few internal parts that we have to make. It may show up as different orderable part numbers, but that's largely just configuration at the end. So It really has helped quite a bit. Architecturally, the product line is not without its challenges in a supply chain-constrained environment, but it's better than most.

Gabe，這也是平台的模塊化所在——我們發布的所有平台都真正發揮了作用，因為我們有很多——我們在產品的硬件方面驅動了非常廣泛的用例符合我們必須製造的非常少的 SKU 或非常少的內部零件。它可能顯示為不同的可訂購部件號，但這在很大程度上只是最後的配置。所以它真的幫了很多忙。在架構上，該產品線在供應鏈受限的環境中並非沒有挑戰，但它比大多數都好。

Got it. Very helpful color. And then maybe just as a follow-up. We kind of hit on the fleet side, just owing to the ViriCiti deal. But obviously kind of competition there particularly on the software side, just given the energy management needs, is it -- it's a more of a complex operation. And you saw the competition with another announcement today, BP making acquisition.

知道了。很有幫助的顏色。然後也許只是作為後續行動。由於與 ViriCiti 的交易，我們在艦隊方面受到了打擊。但顯然存在某種競爭，特別是在軟件方面，考慮到能源管理需求，是不是——這是一個更複雜的操作。你今天看到了另一個公告的競爭，BP 進行收購。

So could you maybe just conversations, whether it's here in the U.S. and Europe? And just generally, how demand is stemming from the fleet channel and how you expect that to progress over the next couple of quarters?

那麼，無論是在美國還是在歐洲，你能不能談談？總的來說，車隊渠道的需求是如何產生的，您預計未來幾個季度將如何發展？

Well, Gabe, fleet's really

好吧，加布，艦隊真的

(technical difficulty)

（技術難度）

of interest, just tremendous. I mean it's coming at us from all sides and again, in a good way. The comment though, I would say, in our opinion, we think we have the most wholesome, broad-based software solution in that space, especially with the addition of ViriCiti because now we've even moved up the food chain on the vehicle side. And remember, we're also a full-service provider with respect to the ability to have design, build consultancy and project management and help with utility infrastructure on the sites with respect to consultation there we -- complete functionality across the board.

興趣，真是太棒了。我的意思是它從四面八方一次又一次地以一種好的方式向我們襲來。不過，我想說的是，在我們看來，我們認為我們擁有該領域最健康、基礎最廣泛的軟件解決方案，尤其是在添加 ViriCiti 之後，因為現在我們甚至已經在車輛方面向上移動了食物鏈.請記住，我們也是一家全方位服務提供商，能夠提供設計、構建諮詢和項目管理，並在現場提供公用事業基礎設施方面的幫助，我們在那裡提供諮詢——全面的功能。

And then we're seeing a tremendous amount of cross-vertical leverage.

然後我們看到了大量的橫向槓桿作用。

I mentioned on a previous earnings call that one example of that is we're seeing a lot of fleets that have a take-home component to parking operations and refueling operations, well not refueling in the traditional sense, but with electricity, wanting to reimburse the contractor that is taking the vehicle home. This is especially prevalent in fleets that are trying to lighten their CapEx load or the real estate road. So because we're operating in those verticals naturally and especially in Europe, they've developed solutions for Lease Cos that are providing both company cars and leasing services to commercial fleets. We've really got a broad set of functionality. So we're a one-stop shop for much of that stuff. And we still -- as Rex mentioned on the R&D side, we're piling a tremendous amount of R&D into that on a continuous basis. So we're not stopping with the functionality that we have.

我在之前的一次財報電話會議上提到過，其中一個例子是我們看到很多車隊都有一個帶回家的停車操作和加油操作組件，不是傳統意義上的加油，而是用電，想要報銷將車輛開回家的承包商。這在試圖減輕資本支出負擔或房地產道路的車隊中尤為普遍。因此，由於我們自然而然地在這些垂直領域開展業務，尤其是在歐洲，他們為 Lease Cos 開發了解決方案，為商業車隊提供公司汽車和租賃服務。我們確實擁有廣泛的功能集。因此，我們是大部分此類產品的一站式商店。而且我們仍然 - 正如雷克斯在研發方面提到的那樣，我們正在持續不斷地投入大量研發。因此，我們不會停止使用我們擁有的功能。

The next question is from the line of Ryan Greenwald with Bank of America.

下一個問題來自美國銀行的 Ryan Greenwald。

So maybe first, one more on supply chain. Can you guys talk about this 200 bps impact from the elevated logistical costs? I think you guys quoted 300 bps last quarter. Can you just give a bit more color on the evolution of the bottlenecks quarter over quarter and any way to help frame the amount of demand in the pipeline that you guys weren't able to meet?

所以也許首先，供應鏈上還有一個。你們能談談物流成本上升帶來的 200 個基點的影響嗎？我想你們上個季度引用了 300 個基點。您能否就瓶頸逐個季度的演變提供更多的顏色，以及如何幫助確定你們無法滿足的管道中的需求量？

Yes, Ryan. So you definitely have the numbers correct. It was a 3-point swing last quarter, a 2-point swing this quarter. The heaviest component of that is actually, logistics, the big expedites fees, putting it on a plane versus putting it on a boat. And so that's the biggest driver there. And I think that, obviously, we're going to continue to battle that a bit as you look forward.

是的，瑞安。所以你的數字肯定是正確的。上節是三分球，本節是兩分球。其中最重的部分實際上是物流，大筆的加急費，把它放在飛機上而不是放在船上。所以這是最大的驅動力。而且我認為，很明顯，我們將在你期待的時候繼續戰鬥。

And so the second part of your question was?

所以你問題的第二部分是？

Any way to help frame the amount of demand in the pipeline that you guys weren't able to meet this quarter?

有什麼方法可以幫助確定你們本季度無法滿足的管道中的需求量？

My bad. So I would tell you that there was a positive spillover from Q3 to Q4. It was -- it wasn't massive. I hesitate to give you a number, but I would just tell you what's important is to understand that there was demand in the quarter. It was a big enough number that warranted mentioning it, and it set us up for a nice start here in Q4. But it wasn't a massive number, but it was a meaningful enough number that would push us well above the high end of the range.

我的錯。所以我會告訴你，從第三季度到第四季度有積極的溢出效應。它是——它並不大。我猶豫要不要給你一個數字，但我只想告訴你重要的是要了解本季度有需求。這是一個足夠大的數字，值得一提，它讓我們在第四季度有了一個良好的開端。但這不是一個很大的數字，但它是一個足夠有意義的數字，可以使我們遠遠超過該範圍的高端。

Got it. Appreciate that. And then in terms of the drivers revenue increase versus the plan you guys laid out last quarter, it sounds like momentum across the board but anything you can say in particular in terms of the contribution versus the prior forecast?

知道了。感謝。然後就司機收入增長與你們上個季度製定的計劃相比，這聽起來像是全面的勢頭，但你能說些什麼，特別是在貢獻與先前預測方面？

Is that a question, are you saying that our mix shifted at all quarter-on-quarter?

這是一個問題，你是說我們的組合在所有季度都發生了變化嗎？

In terms of the actual drivers of the revenue increase from last quarter, what you kind of saw shaking out better than planned in the last quarter?

就上個季度收入增長的實際驅動因素而言，您認為上個季度比計劃更好的變化是什麼？

It's -- as we said earlier -- as Pat said earlier, it is broad-based across the 3 verticals. The mix has been pretty consistent with Q2. So superb performance from home, even though that's not a big revenue number, relatively speaking, because it's a fairly inexpensive product relative to our other products. We've seen really good performance from our CPE 250 which is our DC products. And then we've seen we're placed okay relative to what we think we should be doing once we get out of COVID. But if you were to look at it on a mix perspective, it was actually quite consistent.

正如我們之前所說的那樣，正如 Pat 之前所說，它在 3 個垂直領域具有廣泛的基礎。這種組合與第二季度非常一致。如此出色的家庭表現，儘管相對而言這並不是一個很大的收入數字，因為相對於我們的其他產品而言，它是一種相當便宜的產品。我們已經從我們的 DC 產品 CPE 250 中看到了非常好的性能。然後我們已經看到，相對於我們認為擺脫 COVID 後我們應該做的事情，我們處於良好的位置。但如果你從混合的角度來看，它實際上是非常一致的。

As I said in my commentary, a small bump from our acquisitions in Europe. So it isn't like -- I wouldn't say there's anything that's moving left to right. It was very consistent with Q2. It's just bigger. New customer acquisition was super strong in the quarter. And then the distribution of what they buy, again, consistent. So it's just really good growth across the board.

正如我在評論中所說，我們在歐洲的收購帶來了一個小小的衝擊。所以它不像——我不會說有任何東西在從左向右移動。這與第二季度非常一致。它只是更大了。本季度的新客戶獲取非常強勁。然後他們購買的東西的分佈再次保持一致。因此，這真的是全面的良好增長。

The next question is from the line of James West with Evercore.

下一個問題來自 James West 與 Evercore 的對話。

You talked up fleet a considerable amount in your prepared remarks, particularly on the commercial side. I mean really massive year-over-year growth there. It's a very impressive. Are -- and you mentioned fleet's coming at you from all directions which is a good thing, of course.

你在準備好的發言中談到了相當多的艦隊，特別是在商業方面。我的意思是那裡確實有巨大的同比增長。這是一個非常令人印象深刻的。是 - 你提到艦隊從四面八方向你襲來，這當然是一件好事。

Is something changing with fleet? Is there an uptick in just overall demand or a tipping point that we've hit? Or are you taking more share? What do you think the evolution is here for fleet?

fleet 有什麼變化嗎？是整體需求有所上升還是我們已經達到了臨界點？還是你拿了更多的份額？您認為艦隊的演變是什麼？

I think -- I mean, I think it's pretty basic. What I would love to do is say, hey, we're taking -- I mean, I think we are gaining share. But there was, relative to a couple of years ago, no share to gain because there were limited vehicles. And when there aren't vehicles shipping and volume for manufacturers, and you're limited to pilot level program sizes, it just isn't that meaningful.

我認為 - 我的意思是，我認為這是非常基本的。我想做的是說，嘿，我們正在——我的意思是，我認為我們正在獲得份額。但是，與幾年前相比，由於車輛有限，因此沒有獲得任何份額。當製造商沒有車輛運輸和數量，並且您僅限於試點級別的程序規模時，它就沒有那麼有意義了。

And if you remember some of the comments I made in previous earnings calls, I pointed out that the revenue in fleet is not proportional to the opportunity that we've seized because as we develop pilots and cement our relationship with our fleet customers, obviously based on earning that trust, as they expand, they'll expand with us. So the rest -- and you have to do all the work to get to a pilot or a lot of the work. You have to integrate with a whole lot of their business systems. You have to have a lot of functionality. And they still are sticklers for reliability of service

如果你還記得我在之前的財報電話會議上發表的一些評論，我指出機隊的收入與我們抓住的機會不成正比，因為隨著我們培養飛行員並鞏固我們與機隊客戶的關係，顯然基於在贏得信任後，隨著他們的擴張，他們將與我們一起擴張。所以剩下的 - 你必須做所有的工作才能獲得飛行員或很多工作。您必須與他們的大量業務系統集成。你必須有很多功能。他們仍然堅持服務的可靠性

(technical difficulty)

（技術難度）

time, all those things. So the challenge is it's an incredible, from an OpEx perspective, relative to money returned in the period. It's certainly in the investment category, not the kind of run rate category, so to speak.

時間，所有這些。因此，從 OpEx 的角度來看，相對於該期間返還的資金而言，挑戰是令人難以置信的。可以這麼說，它肯定屬於投資類別，而不是那種運行率類別。

So that's what I think is most significant, is we are still flag-planting and we are doing a ton of work. And we -- if you look at the size of our business, the OpEx that we're able to deploy because of the size of our business, it is, in our opinion, a huge differentiation on a go-forward basis because we can afford, frankly, to do the work. We can afford that mode because we have a commercial business that's healthy.

所以我認為最重要的是，我們仍在插旗，我們正在做大量工作。而且我們 - 如果你看看我們的業務規模，我們能夠部署的運營支出，因為我們的業務規模，在我們看來，這是一個巨大的差異化基礎，因為我們可以坦率地說，負擔得起這項工作。我們可以負擔得起這種模式，因為我們擁有健康的商業業務。

Right, okay, got it. That makes a lot of sense. You had a comment on auto dealers as well and seeing strong demand for them as they prepare for the future here. So they're obviously getting the signals from the OEMs, and we all know about the models that are that are coming out and about to hit the next 12, 18 months. What are they telling you, maybe the dealers or even the OEMs, about when they may start to retire their ICE engines, their older models or their oil models?

好的，好的，知道了。這很有意義。您也對汽車經銷商發表了評論，看到他們在為未來做準備時對他們的強勁需求。所以他們顯然從原始設備製造商那裡得到了信號，我們都知道即將推出並即將在未來 12、18 個月上市的模型。他們告訴你什麼，也許是經銷商，甚至是原始設備製造商，關於他們什麼時候可以開始淘汰他們的內燃機發動機、他們的舊型號或他們的石油模型？

I think most -- any information that I know that isn't

我認為大多數——我所知道的任何信息都不是

(technical difficulty)

（技術難度）

I couldn't say because we'd be in violation of our NDAs with auto OEM partners. But if you just look at public announcements, if you -- if you look at public announcements in terms of flip-over points where the majority of auto manufacturers' lines will be electric. You're looking in Europe at brands shooting for somewhere between, depending on the brand, the 2025, I think that's a bit aggressive. But by 2030 or the early 2030s, you're seeing most commit to being substantively electrified.

我不能說，因為我們會違反與汽車 OEM 合作夥伴的保密協議。但是，如果你只看公告，如果你 - 如果你看大多數汽車製造商的生產線將是電動的翻轉點的公告。你在歐洲尋找介於兩者之間的品牌，具體取決於品牌，2025，我認為這有點激進。但到 2030 年或 2030 年代初期，您會看到大多數人致力於實現實質性電氣化。

And I think the dealers now to be able to get what is a production limited and popular vehicle, they need to put in the electrical -- they need to put in the charging infrastructure and the training and support for selling those types of vehicles before the OEMs will, en masse, give them the vehicle. So if you want to get the inventory, you got to make the investment in the dealer. And we're seeing the dealers respond to those OEM programs substantially, and we think that especially it's geographically broad-based. It is not in the usual hotspots for EV. It is geographically much more broad-based, not perfectly broad-based, but much more broad-based. That is a very good indicator that auto OEMs are communicating to dealers that get ready because stuff is coming.

而且我認為經銷商現在能夠獲得產量有限且受歡迎的車輛，他們需要投入電力 - 他們需要投入充電基礎設施以及培訓和支持以在銷售之前銷售這些類型的車輛原始設備製造商將集體為他們提供車輛。因此，如果你想獲得庫存，你必須對經銷商進行投資。我們看到經銷商對這些 OEM 計劃做出了實質性的回應，我們認為尤其是它在地理上的基礎廣泛。它不在電動汽車通常的熱點地區。它在地理上的基礎要廣泛得多，不是完全廣泛，而是更廣泛。這是一個很好的指標，表明汽車原始設備製造商正在與準備就緒的經銷商進行溝通，因為東西即將到來。

The next question is from the line of Bill Peterson with JPMorgan.

下一個問題來自摩根大通的比爾彼得森。

Nice job on the quarterly execution here. I had a question, you answered a prior question about the mix from the second to the third quarter. I guess based on your backlog and midway through the quarter, can you give us some directionality on how you see home versus commercial versus fleet? And I guess embedded in that, is there any sort of seasonality we should think about within that context?

這裡的季度執行工作做得很好。我有一個問題，你回答了一個關於第二季度到第三季度混合的問題。我想根據你的積壓和本季度中期，你能給我們一些關於你如何看待家庭、商業和機隊的方向嗎？而且我想嵌入其中，在這種情況下我們應該考慮任何類型的季節性嗎？

It's hard to say whether growth is going to eclipse seasonality or not and shift some of the usual trends around. It's just hard to say. Normally, we've seen seasonality in the business, relative more to construction cycles in Northern Hemisphere. We're only serving the Northern Hemisphere. So it normally has a deep winter construction cycle, slowdown in some areas. But you've got so much growth going on now. We don't -- it's hard to predict how that's going to get offset.

很難說增長是否會超過季節性並改變一些通常的趨勢。這很難說。通常情況下，我們已經看到業務的季節性，相對於北半球的建設週期。我們只服務於北半球。所以它通常有一個深冬的建設週期，在一些地區放緩。但是你現在有這麼多的增長。我們沒有——很難預測這將如何被抵消。

And so in terms of mix, I'll caution you on something. Revenue mix and unit volume mix are very different because of the wild price point differences between the residential business, inclusive of multifamily, and then the commercial and then the fleet business. The fleet business actually is split right down the middle, like commercial is mostly AC and [some DC]. And when you get to the kind of mid-tier vehicles and the heavy vehicles and now you've got a substantively all DC business and then their dwell time determines how shared that DC power conversion infrastructure could be.

所以在混合方面，我會提醒你一些事情。收入組合和單位銷量組合非常不同，因為住宅業務（包括多戶家庭）、商業和車隊業務之間存在巨大的價格差異。車隊業務實際上是從中間分開的，就像商業主要是 AC 和 [some DC]。當你接觸到那種中型車輛和重型車輛時，現在你已經擁有了幾乎所有的直流業務，然後它們的停留時間決定了直流電源轉換基礎設施的共享程度。

So what that bodes for is a very challenging segment in fleet to reconcile unit volume even within the segment or a vertical. It's very difficult to match unit volume to revenue, especially in early innings where averages have not stabilized.

因此，這預示著車隊中一個非常具有挑戰性的細分市場，即使在細分市場或垂直領域內也要協調單位體積。很難將單位銷量與收入相匹配，尤其是在平均水平尚未穩定的前幾局。

Overall, I believe, Rex correct me if I'm wrong, but I believe residential was 13% of our billings.

總的來說，我相信如果我錯了，雷克斯會糾正我，但我相信住宅占我們賬單的 13%。

That's right. That's right for the period.

這是正確的。這是正確的時期。

Yes. So that gives you an order of magnitude it's not revenue, it's billings, but you could determine what the correlation is there. That gives you an idea of order of magnitude of that one segment and relative to the rest of our business. And I can tell you that the unit volumes there to generate that percentage of business has to be quite high relative to, say, the unit volume in our commercial business.

是的。所以這給了你一個數量級，它不是收入，而是賬單，但你可以確定那裡的相關性。這讓您了解該細分市場相對於我們其他業務的數量級。我可以告訴你，相對於我們商業業務的單位數量，產生該百分比業務的單位數量必須相當高。

Okay. Yes, there's earlier question on the infrastructure, and I think you also spoke to it as well. We've actually seen here in the last few weeks the California Energy Commission as well as the California Air Resources Board announcing some pretty significant dollars over the next few years, $1.4 billion total, $1.1 billion in new money, which a big chunk of that is for charging infrastructure. Can you give us a feel for -- if you're already seeing some activity and how you should expect these types of announcements, which are fairly near term, frankly, relative to infrastructure bill on your business?

好的。是的，之前有關於基礎設施的問題，我想你也談到了它。事實上，過去幾週我們在這裡看到加州能源委員會和加州空氣資源委員會宣布了未來幾年的一些相當可觀的資金，總計 14 億美元，11 億美元的新資金，其中很大一部分用於充電基礎設施。您能否給我們一個感覺——如果您已經看到一些活動，以及您應該如何期待這些類型的公告，坦率地說，這些公告相對於您的業務的基礎設施法案來說是相當近期的？

So I mean we've got a lot of experience with the CEC. We've done quarter build programs with the CEC for years. So CEC moves relatively quickly, as you said, relative to other programs because it's not if you like get the federal infrastructure bill, the bulk of the money has to flow to states and then states have to design programs. So you've got this inherent 2-tier cascade where the CEC doesn't have that 2-tier cascade. It's a very large state. It already has a very large EV population that has been operating with significant EV programs for a lot of years.

所以我的意思是我們在 CEC 方面有很多經驗。多年來，我們與 CEC 一起完成了季度建設計劃。因此，正如您所說，相對於其他計劃，CEC 的行動相對較快，因為如果您希望獲得聯邦基礎設施法案，那麼大部分資金必須流向各州，然後各州必須設計計劃。所以你有這個固有的 2 層級聯，而 CEC 沒有那個 2 層級聯。這是一個非常大的州。它已經擁有非常龐大的 EV 人口，並且多年來一直在開展重要的 EV 計劃。

So the -- how should we say, the relief pitchers are warmed up in the bullpen in California.

所以 - 我們應該怎麼說，救援投手在加利福尼亞的牛棚裡熱身。

And so it's hard to call how much of that is going to flow again to us. It's always hard to call a subsidy program, so I'm not going to venture a guess. And remember, all of the subsidy programs that are announced recently have not been contemplated in any of our previous commentary on go forward. It hasn't -- it was not in any of our models because we don't put something into a model until we can count on it. And we understand the policy has a life of its own, and so we don't count on stuff until we can actually count on stuff. So none of what you're seeing Rex talk about is contemplating any of that.

因此很難判斷其中有多少會再次流向我們。很難稱之為補貼計劃，所以我不想冒險猜測。請記住，我們之前關於前進的任何評論都沒有考慮最近宣布的所有補貼計劃。它沒有 - 它不在我們的任何模型中，因為在我們可以指望它之前我們不會將某些東西放入模型中。而且我們知道該政策有其自身的生命，因此在我們真正可以依靠東西之前我們不會依靠東西。所以你看到的 Rex 所說的都不是在考慮這些。

The next question is from the line of Tyler Bailey with Needham & Company.

下一個問題來自 Needham & Company 的 Tyler Bailey。

Just filling in for -- Vikram here. Just one last quick one for you related to supply chain, the mix for that last question. But I guess due to some of the supply chain issues you're seeing, is there any potential for a shift in mix to prioritize some of your hot margin segments?

只是填補 - Vikram 在這裡。最後一個與供應鏈相關的快速問題，最後一個問題的組合。但我想由於您所看到的一些供應鏈問題，是否有可能改變組合以優先考慮您的一些熱門利潤率細分市場？

We tend not to -- we don't financially engineer our margin, and the reason is a customer today is a customer for a very long time because of the rebuy nature of the business. So shaping is dangerous. We try to take all the business we can service. And obviously, inventory, inventory levels and lead times may impact our ability to win a deal in the future. Who knows? But so far so good and not having an impact things. But remember, a customer's initial buy is usually a fraction of their ongoing buys, and you have a lot of time over the life of that customer to mature and evolve the product they need buy today. So if they buy a product today that's under, say, supply chain pressure, well, you want that customer anyway because most of the products they're going to buy is going to be well passed when all of those clears.

我們傾向於不——我們不在財務上設計我們的利潤率，原因是今天的客戶是很長一段時間的客戶，因為業務的再購買性質。所以整形是危險的。我們盡量接管我們可以服務的所有業務。顯然，庫存、庫存水平和交貨時間可能會影響我們在未來贏得交易的能力。誰知道？但到目前為止一切順利，沒有產生任何影響。但請記住，客戶的初始購買通常是他們持續購買的一小部分，並且在該客戶的一生中，您有很多時間來成熟和發展他們今天需要購買的產品。因此，如果他們今天購買的產品處於供應鏈壓力之下，那麼無論如何你都想要那個客戶，因為當所有這些清除時，他們要購買的大多數產品都會順利通過。

I don't think there's a lot of big [gifts] that we could pass on exactly that we could or would want to engineer backward before. The fact that our mix has been fairly consistent Q2, Q3 and will probably be fairly consistent in Q4, it just means we -- and we have demand that's more than what we can meet. We're meeting demand as best as we can. So just leave it there.

我不認為有很多我們可以傳遞的大 [禮物] 正是我們以前可以或想要向後設計的。事實上，我們的組合在第二季度、第三季度相當一致，並且在第四季度可能會相當一致，這只是意味著我們——我們的需求超出了我們的能力範圍。我們正在盡最大努力滿足需求。所以就把它放在那裡。

That's helpful. And sorry, one last quick one. In terms of -- you mentioned the spillover, just curious, most of that residential is some of that spillover into Q4? Or is it just a mix across the board?

這很有幫助。抱歉，最後一個快速。就您提到的溢出而言，只是好奇，大部分住宅都是對第四季度的溢出？或者它只是全面的混合？

Certainly, some of it was residential and -- but it's fundamentally across the board. Just you were -- and by the way, I got the inventory coming back. We're effectively flat, but we're -- anyway, the difference is doesn't really matter, but we are chasing a very, very strong demand level across business, and we're meeting it as well as we can. So we don't have big, open holes anywhere, but we would expect that to continue at some level. But thus far, we're managing it and are seeing some of it breakout.

當然，其中一些是住宅 - 但它基本上是全面的。只是你 - 順便說一句，我得到了庫存回來。我們實際上持平，但我們 - 無論如何，差異並不重要，但我們正在追逐整個業務的非常非常強勁的需求水平，我們正在盡我們所能滿足它。所以我們在任何地方都沒有大的、開放的漏洞，但我們希望這種情況會在某種程度上繼續下去。但到目前為止，我們正在管理它並看到其中的一些突破。

If the question is from the vantage point of is there one product that's suffering undue levels of supply chain and the rest are clear build, no if that's where your question is coming from. That's not the case.

如果問題是從有利的角度出發的，是否有一種產品受到供應鏈水平不當的影響，而其餘產品則很清晰，如果那是您的問題的來源，則不是。事實並非如此。

The next question is from the line of Stephen Gengaro with Stifel.

下一個問題來自 Stifel 的 Stephen Gengaro。

Two things for me. First, when you look at your opportunity in Europe, any sense how we should think about sort of relative growth rates in Europe over the next couple of years versus the U.S. market?

對我來說有兩件事。首先，當你審視歐洲的機會時，我們應該如何考慮未來幾年歐洲相對於美國市場的相對增長率？

Relative growth rates of the market itself or our growth rate?

市場本身的相對增長率還是我們的增長率？

So your growth rates -- I think your growth rates relative to the market for sure. But also do you think the European business grows at about the same rate as your U.S. operations? Or do you think it's materially different based on sort of the maturity of the market and the product lines?

所以你的增長率——我認為你的增長率相對於市場是肯定的。但您也認為歐洲業務的增長速度與您在美國的業務增長速度大致相同嗎？或者您是否認為基於市場和產品線的成熟度，它有實質性的不同？

I don't think it's -- the product lines aren't substantively different between the 2 markets. There are some differences in some areas, but they're not substantively in the long term different. We've got some start-up conditions in our business in Europe that we haven't worked ourselves out of yet, but that's in process. So I actually think fundamentally, the early -- in the next few years, just because of the regulatory and the policy environment in Europe, you will -- you're likely to see higher percentages of electrification on new car sales than you will in the United States, and that will normalize out over time, I think, well before we hit significant percent penetration of EVs into the install rate.

我不認為這是 - 兩個市場之間的產品線沒有實質性差異。在某些方面存在一些差異，但從長遠來看它們並沒有實質性的不同。我們在歐洲的業務中有一些啟動條件，我們還沒有努力解決，但正在處理中。所以我實際上從根本上認為，早期 - 在未來幾年，僅僅因為歐洲的監管和政策環境，你會 - 你可能會看到新車銷售的電氣化百分比高於你在美國，我認為，隨著時間的推移，這將正常化，遠在我們實現電動汽車在安裝率中的顯著滲透率之前。

I'll remind you of an interesting stat that almost no one -- everyone says aha when I say it, but no one realizes it upfront. -- if 100% of EV of cars sold tomorrow were electric, it takes you over 20 years to replace the installed base in cars that are in North America and Europe. That's how big this market is. And so the next couple of years, where the -- I mean it's certain where a lot of the customers who want it, certainly where a lot of the market positions are made. But the volume continues to go up for a very, very long time to serve that installed base.

我會提醒你一個有趣的統計數據，幾乎沒有人——當我說出來時每個人都會說啊哈，但沒有人事先意識到這一點。 -- 如果明天售出的電動汽車 100% 是電動汽車，那麼您需要 20 多年的時間才能更換北美和歐洲汽車的安裝基礎。這個市場就這麼大。因此，在接下來的幾年裡，我的意思是肯定有很多客戶想要它，當然也有很多市場定位。但是在很長一段時間內，為了服務於這個已安裝的基礎，數量會繼續上升。

So we see the 2 markets as relatively similar, relatively on the margin, maybe differences, but relatively similar by the time you get to significant penetration into the installed base of vehicles out there. In terms of our business, we should acquire market share faster in Europe than we're acquiring market share in the U.S. because the market share is already so high in the U.S. And so by definition, we should be acquiring market share in Europe.

因此，我們認為這兩個市場相對相似，相對邊緣，可能存在差異，但當您顯著滲透到那裡的已安裝車輛基礎時，它們就相對相似了。就我們的業務而言，我們在歐洲獲得市場份額的速度應該比我們在美國獲得市場份額的速度更快，因為美國的市場份額已經很高。所以根據定義，我們應該在歐洲獲得市場份額。

I'll also point out something else. There is a higher percentage of ports under management in Europe by necessity because we are acquiring customers that already have some hardware in the ground that do not have our hardware on the other side of our software. It's a much higher percentage in the U.S. It's not 100%, but it's much higher in the U.S. And therefore, the average -- when you look at the ports under management and you try to equate that to revenue, it's a little bit lower in the early days in Europe because not 100% of the customers are on our hardware or not an equivalent percentage are on our hardware in Europe. Makes it a little harder in your chair to do the analysis.

我還要指出其他事情。在歐洲，有必要管理更高比例的港口，因為我們正在收購已經擁有一些硬件的客戶，而這些客戶在我們軟件的另一端沒有我們的硬件。它在美國的百分比要高得多。它不是 100%，但在美國要高得多。因此，平均水平——當你查看管理下的港口並試圖將其等同於收入時，它在美國要低一些在歐洲的早期，因為不是 100% 的客戶都在使用我們的硬件，或者在歐洲沒有同等比例的客戶在使用我們的硬件。讓你在椅子上做分析有點困難。

I understand that so I appreciate that comment. And then just the other quick one for me and you mentioned on the call the sort of the 1-quarter lag on the subscriptions just based on the time from installation. So that's been pretty steady, right? I mean that's a pretty steady number that we should think about as kind of a guidepost going forward?

我明白這一點，所以我很欣賞這個評論。然後對我來說是另一個快速的，你在電話中提到了基於安裝時間的訂閱延遲 1 個季度。所以這一直很穩定，對吧？我的意思是，這是一個相當穩定的數字，我們應該將其視為前進的路標嗎？

Rex?

雷克斯？

Yes, that's definitely true. So there's a one quarter lag. And then the other factor when you look at hardware -- sorry, network solutions versus our subscription revenue is you get a very different outcome on a percentage basis being on what you said, right? So if you're selling a home unit that has lower percentage software content than a commercial unit on a percentage basis and then in our DC line, the equipment itself is sufficiently expensive. But again, relative to that number, software is a smaller percentage. So mix can really bang the percentages for subscriptions around.

是的，這絕對是真的。所以有四分之一的滯後。然後，當您查看硬件時的另一個因素 - 抱歉，網絡解決方案與我們的訂閱收入相比，您會根據您所說的百分比得出非常不同的結果，對嗎？因此，如果您銷售的家用設備的軟件內容百分比低於商業設備，然後在我們的 DC 線路中，設備本身就足夠昂貴了。但同樣，相對於這個數字，軟件所佔的比例較小。所以 mix 真的可以提高訂閱的百分比。

Next question is from the line of David Kelley with Jefferies.

下一個問題來自 David Kelley 與 Jefferies 的合作。

Maybe if you could talk a bit about the visibility to workplace ramp. And your customers' propensity for rebuys at the moment. Just curious how that is trending recently given COVID continues to factor into corporate planning here into 2022.

也許你可以談談工作場所坡道的可見性。以及您的客戶目前的重複購買傾向。鑑於 COVID 繼續將公司規劃納入到 2022 年的企業規劃中，只是好奇最近的趨勢如何。

I'd actually really enjoy your insights into when we'll be returning to work for -- I'm kidding. Rex, if you were to -- well, the jest there is around it's a difficult -- it's a difficult-to-predict environment for us in terms of return to work. So what we're doing. But what I'll point out is that the growth rate in the overall industry, just the sheer volume of cars that have entered the market, while workplace is certainly not on a total -- on a proportional basis hasn't returned to its previous levels because there's not as much utilization pressure at work, there are so many more cars where we're still seeing relatively decent numbers there.

我真的很喜歡你對我們何時恢復工作的見解——我在開玩笑。雷克斯，如果你要 - 好吧，周圍的笑話很困難 - 就重返工作而言，這對我們來說是一個難以預測的環境。所以我們在做什麼。但我要指出的是，整個行業的增長率，只是進入市場的汽車的絕對數量，而工作場所肯定不是總數——比例基礎上還沒有恢復到以前的水平水平，因為工作中沒有那麼大的利用率壓力，有更多的汽車我們仍然看到相對不錯的數字。

Because there are sections of the country where there are different types of workplaces that have different criticality with their jobs or different policies internally with respect to how they want to take on the more -- the larger administrative burden of having people in the office more often. So you're seeing those hotspots everywhere. So it's not 0, it's not 0 when it gets to the new normal, whatever that is, well, your guess is as good as mine. Rex, do you want to comment on the other question?

因為在這個國家的某些地區，不同類型的工作場所對他們的工作有不同的重要性，或者在他們想要如何承擔更多的內部政策方面有不同的政策——讓人們更頻繁地在辦公室工作的更大的行政負擔.所以你到處都能看到這些熱點。所以它不是 0，當它達到新常態時它不是 0，不管是什麼，好吧，你的猜測和我的一樣好。 Rex，你想對另一個問題發表評論嗎？

So the only thing I would add is if you look at our Q4 guide, the assumption that's built into that is the workplace doesn't come back in Q4 in a big way because if you look at all the things that are going on out there, we even got updates today, it's really hard to think that people are going to be back to the office by the end of January. Yes. So what was -- so my mix go to that as well. So we think our current mix is going to continue to Q4. Hence, the numbers at which we think look great as far as guidance are concerned. We're really looking to workplace coming back in full force next year. We're not forecasting that's going to happen yet, but that would be a very, very good impact on our business. We hope that happens, but we're sort of staying the course now in terms of how we're looking to the near-term future.

因此，我唯一要補充的是，如果您查看我們的第四季度指南，其中內置的假設是工作場所不會在第四季度大幅恢復，因為如果您查看那裡發生的所有事情，我們今天甚至得到了更新，真的很難想像人們會在 1 月底之前回到辦公室。是的。那是什麼 - 所以我的混音也是如此。所以我們認為我們目前的組合將持續到第四季度。因此，就指導而言，我們認為看起來不錯的數字。我們真的很期待工作場所明年全面回歸。我們還沒有預測這會發生，但這將對我們的業務產生非常非常好的影響。我們希望這種情況發生，但就我們如何展望近期的未來而言，我們現在有點堅持到底。

Philosophically, yes, philosophically, whenever there is doubt, we take a conservative stance on how we think about it because that's safe. And as Rex said, we'll build as much inventory as humanly possible because right now, it's not possible to overbuild, it's just not. Especially without limited scrap risk and obsolescence risk. So we'll build as much inventory as possible should things come out on the positive side, either be an early onset of stimulus money or early retreat of COVID, what-have-you. If we get surprised to the upside, awesome. But we're not going to engineer our company around expectations given variables we don't control on the rosy side of that equation.

從哲學上講，是的，從哲學上講，每當有疑問時，我們都會對我們的想法採取保守的立場，因為那是安全的。正如雷克斯所說，我們將盡可能多地建立庫存，因為現在不可能過度建設，只是不可能。特別是沒有有限的報廢風險和過時風險。因此，如果事情出現積極的一面，我們將建立盡可能多的庫存，無論是刺激資金的早期啟動還是 COVID 的早期撤退，你有什麼。如果我們對上行感到驚訝，那就太棒了。但我們不會圍繞我們無法控制的變量的預期來設計我們的公司。

Okay, got it. And for the record, my guess of return to work is not very good. So I won't get it. But maybe as a quick follow-up, just on the utilization point, I mean maybe this is a bit of an oversimplification but kind of viewing it as pull model as it relates to workplace demand, are you seeing any shift to more of a push model in the sense that a lot of companies are certainly focused on ESG metrics, sustainability where maybe there's some offsetting impact where there -- the demand is going up regardless of kind of what the utilization is at the moment?

好，知道了。鄭重聲明，我對重返工作崗位的猜測不是很好。所以我不會得到它。但也許作為一個快速跟進，就利用點而言，我的意思是這可能有點過於簡單化但有點將其視為拉動模型，因為它與工作場所需求相關，你是否看到任何轉向更多的推動從某種意義上說，許多公司肯定關注 ESG 指標、可持續性，其中可能存在一些抵消影響的模型——無論目前的利用率如何，需求都在上升？

So what that would -- I'm sure there's some of that, frankly, because all companies are turning their attention to making sure that they have the right posture with respect to supporting electrified transportation, which supports the climate goals we all have. So there's certainly an element of that.

那會怎樣——坦率地說，我敢肯定其中有一些，因為所有公司都將注意力轉向確保他們在支持電氣化交通方面採取正確的態度，這支持我們所有人的氣候目標。所以肯定有一個因素。

What I'll point out which I think it significant is that early buys from a company just moving into electric vehicle charging tend to be small. It's their rebuys based on their run rate experience that tend to be large. So customers trying to plant an ESG flag, I doubt, are moving the needle significantly in our workplace business, but I bet you it's in there. I just can't quantify it. Rex, do you have any better commentary?

我要指出的是，我認為重要的是，剛進入電動汽車充電領域的公司的早期購買量往往很小。這是他們基於他們的運行率經驗的再購買往往很大。因此，我懷疑，試圖插上 ESG 旗幟的客戶正在對我們的工作場所業務產生重大影響，但我敢打賭，它就在那裡。我只是無法量化它。 Rex，你有更好的評論嗎？

I don't. I think there's -- it's hard to call the build ahead because we're so close to the wave's going to hit us any time and is hitting us now. So I think people are recognizing well this is an undeniable trend and they should get ready for it. So I would call it preparation as opposed to early. It's just a smart time to move.

我不。我認為 - 很難稱之為提前構建，因為我們非常接近隨時會襲擊我們並且現在正在襲擊我們的浪潮。所以我認為人們已經很好地認識到這是一個不可否認的趨勢，他們應該為此做好準備。所以我稱之為準備而不是早期。現在正是搬家的好時機。

And yes, what's also happening, I'll point this out, is there is actually construction happening during COVID because it's an opportune time to do construction and remodeling of office space because it's unoccupied or lightly occupied. So for that, we're not seeing any slowdown at all. In fact, we're seeing that being relatively strong on the construction side.

是的，我還要指出的是，在 COVID 期間實際上正在施工，因為現在是建造和改造辦公空間的好時機，因為它沒有被佔用或被佔用很少。因此，為此，我們根本沒有看到任何放緩。事實上，我們看到在建築方面相對強大。

That concludes the question-and-answer session. I will now turn the call back over to Pasquale Romano for closing remarks.

問答環節到此結束。我現在將把電話轉回給 Pasquale Romano 作結束語。

So first of all, I want to thank everyone for their questions, and I want to welcome all the new folks that have asked questions that haven't participated in our earnings call, interactively before to the family. Really great to have you all. Wonderful questions today.

所以首先，我要感謝大家提出的問題，我想歡迎所有提出問題但沒有參加過我們的收益電話會議的新朋友，之前以互動方式來到這個家庭。真的很高興有你們。今天的精彩問題。

And I want to just sum up again, as I said in last quarter's remarks. I really want to thank the ChargePoint team. I think you've heard a lot of commentary around how much work it's been for this team to manage to the upside in what has been a dynamic environment with respect to supply chain and, frankly, the market materializing to the upside, which has been a wonderful thing for our employees. We also have -- well on our way now of integrating 2 stellar teams from 2 acquisitions into the family of ChargePointers. So I want to thank the ChargePoint team. I know a lot of them listen to these calls. So thanks guys for doing all the good work that you do.

正如我在上一季度的發言中所說，我想再次總結一下。我真的要感謝 ChargePoint 團隊。我想你已經聽過很多關於這個團隊在供應鏈方面的動態環境中努力向上發展的工作量的評論，坦率地說，市場正在向上發展，這一直是對我們的員工來說是一件很棒的事情。我們也有 - 現在正在將來自 2 次收購的 2 個一流團隊整合到 ChargePointers 家族中。所以我要感謝 ChargePoint 團隊。我知道他們中的很多人都在聽這些電話。因此，感謝你們所做的所有出色工作。

And we're very, very, very excited about what the future holds for all of us collectively as an industry and our company and our investors. We think it's just a tremendously bright picture there. We're really buoyed by the broad-based support that we've seen in our -- in the market for all verticals here, all verticals. And then you've got the car showing up, and we've always said that we're sort of analogous to an index to the electrification and mobility because as cars come, we've been so attached to cars like EV trucks, et cetera, heavy-duty vehicles. So as they continue to materialize, we see that really fueling some great growth ahead.

我們對我們所有人作為一個行業、我們的公司和我們的投資者的未來感到非常、非常、非常興奮。我們認為這只是一幅非常明亮的畫面。我們在我們的所有垂直市場中看到的廣泛支持真的讓我們感到鼓舞，所有垂直市場。然後你就會看到汽車，我們一直說我們有點類似於電氣化和機動性的指數，因為隨著汽車的出現，我們對電動卡車等汽車如此依戀，等等等等，重型車輛。因此，隨著它們繼續實現，我們看到這確實推動了未來的巨大增長。

So thank you all again. We look forward to hosting you in the quarter. Thank you, and have a wonderful holiday.

再次感謝大家。我們期待在本季度接待您。謝謝，祝您假期愉快。

That concludes today's conference call. Thank you for your participation. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開線路。