ChargePoint Holdings Inc (CHPT) 2022 Q4 法說會逐字稿

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

女士們先生們，下午好。我的名字是艾比，今天我將擔任您的電話會議接線員。在這個時候，我想歡迎大家參加 ChargePoint 2022 財年第四季度收益電話會議和網絡直播。 （操作員說明）

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

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

Good afternoon, and thank you for joining us on today's conference call to discuss ChargePoint's fourth quarter and full fiscal year 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. This afternoon, we issued our press release announcing results from fourth quarter and full fiscal 2022 ended January 31, 2022, which can be found on our website.

下午好，感謝您參加今天的電話會議，討論 ChargePoint 的第四季度和整個 2022 財年。本次電話會議正在網絡上播出，可以在我們網站的投資者部分訪問，網址為 Investors.chargepoint.com。今天與我通話的是我們的首席執行官 Pasquale Romano；和我們的首席財務官雷克斯傑克遜。今天下午，我們發布了新聞稿，公佈了截至 2022 年 1 月 31 日的第四季度和 2022 財年全年業績，可在我們的網站上找到。

We'd like to remind you that during the conference call, management will be making forward-looking statements, including our fiscal first quarter and full fiscal year 2023 outlook and our expected investments in growth initiatives. 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 December 15, 2021, and our earnings release posted today on our website and filed with the SEC on Form 8-K.

我們想提醒您，在電話會議期間，管理層將做出前瞻性陳述，包括我們的第一財季和 2023 財年全年展望以及我們對增長計劃的預期投資。這些前瞻性陳述涉及風險和不確定性，其中許多超出我們的控制範圍，可能導致實際結果與我們的預期存在重大差異。這些前瞻性陳述自今天起適用，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 12 月 15 日向 SEC 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形式向 SEC 提交的收益報告8-K。

Also, please note that we use certain non-GAAP financial measures on this call, which we reconcile to GAAP in our earnings release and for historical periods in the investor presentation posted on the investors website -- 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公認會計原則財務指標，我們在收益發布中和歷史時期在投資者網站上發布的投資者演示文稿中與公認會計原則進行了核對 - 我們網站的投資者部分。最後，我們將在我們的投資者關係網站的季度業績部分下發布我們的通話記錄。

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

有了這個，我會把它交給 Pasquale。

Thank you, Pat, and thank you all for joining us today. In my remarks, I'll provide an overview of our execution against our Q4 plan and some highlights from the full year that just closed, an update on our technology and business infrastructure and some commentary on how we see this year unfolding. And after that, I'll turn it over to Rex Jackson, our CFO, for a more detailed review of the quarter and the year that just closed and guidance for Q1 and the full year ahead.

謝謝你，帕特，謝謝大家今天加入我們。在我的講話中，我將概述我們對第四季度計劃的執行情況，以及剛剛結束的全年的一些亮點，我們技術和業務基礎設施的更新，以及我們如何看待今年的一些評論。在那之後，我將把它交給我們的首席財務官雷克斯傑克遜，以更詳細地回顧剛剛結束的季度和一年，以及第一季度和未來全年的指導。

The mission of ChargePoint has never been more important, and our opportunity has never been greater. And this marks our first full year operating as a public company, and it was a remarkable year on many fronts. The investments we made over nearly 15 years set us up to capture the demand we are seeing today across commercial fleet and residential verticals in both North America and Europe. And these results further cement ChargePoint as the equivalent of an index for the electrification mobility.

ChargePoint 的使命從未像現在這樣重要，我們的機會也從未像現在這樣大。這標誌著我們作為一家上市公司運營的第一個全年，在許多方面都是非凡的一年。我們近 15 年的投資使我們能夠滿足我們今天在北美和歐洲的商業車隊和住宅垂直領域看到的需求。這些結果進一步鞏固了 ChargePoint 作為帶電遷移率指數的等效物。

Our strong performance and record revenue throughout the year was fueled by growth in charging demand from accelerated EV adoption. EV volumes in North America and Europe were up over 70% in 2021 conservatively. In fact, all our verticals, commercial fleet and residential, were strong. We began the year with revenue guidance of $195 million to $205 million and repeatedly raised guidance, ending the year with over $242 million in revenue, a number that could have been higher if it weren't for supply chain constraints.

我們全年強勁的業績和創紀錄的收入受到加速採用電動汽車帶來的充電需求增長的推動。保守地說，2021 年北美和歐洲的電動汽車銷量增長了 70% 以上。事實上，我們所有的垂直領域，商業車隊和住宅，都很強大。我們年初的收入指引為 1.95 億美元至 2.05 億美元，並多次提高指引，到年底收入超過 2.42 億美元，如果不是供應鏈限制，這個數字可能會更高。

In the challenging supply chain environment in 2021, we chose to optimize for customer acquisition, leading us to prioritize assurance of supply rather than short-term gross margin preservation. And this had an impact of 3 percentage points of gross margin for the year and 4 percentage points for the quarter. Given that every commercial and fleet port we sell has attached recurring software subscription revenue and nearly every customer account represents a significant land-and-expand opportunity, this decision should have long-term positive implications for our revenue and our gross margin.

在 2021 年充滿挑戰的供應鏈環境中，我們選擇優化客戶獲取，導致我們優先考慮供應保證而不是短期毛利率保持。這對全年毛利率和本季度毛利率產生了 3 個百分點的影響。鑑於我們銷售的每個商業和船隊港口都附有經常性軟件訂閱收入，並且幾乎每個客戶賬戶都代表著重要的土地和擴張機會，這一決定應該對我們的收入和毛利率產生長期的積極影響。

Now let's talk about the product portfolio and infrastructure required to scale. We continue to invest heavily in our cloud-based software solution, and our software is designed to support the use cases wherever a driver needs to charge, and that includes residential, commercial and fleet settings. Our software also covers linkages between those settings. I'll give you an example. Let's say, a customer has primarily depot-based charging that occasionally also uses ChargePoint on route, that customer can manage those scenarios on a consolidated basis.

現在讓我們談談擴展所需的產品組合和基礎設施。我們繼續在基於雲的軟件解決方案上進行大量投資，我們的軟件旨在支持駕駛員需要充電的用例，包括住宅、商業和車隊設置。我們的軟件還涵蓋了這些設置之間的聯繫。我給你舉個例子。假設客戶主要使用基於站點的收費，偶爾也會在路線上使用 ChargePoint，該客戶可以在合併的基礎上管理這些場景。

And to give you some examples of the broad use case coverage our software facilitates, we support payment integration in a multitude of ways: energy management, charger deadline scheduling and many other features we continue to develop and improve for our fleet and site house customers and ChargePoint drivers. We have additionally strengthened our broad software offering through 2 acquisitions last year.

為了給您提供一些我們的軟件所促進的廣泛用例覆蓋範圍的示例，我們以多種方式支持支付集成：能源管理、充電器截止日期安排以及我們繼續為我們的車隊和現場房屋客戶開發和改進的許多其他功能，以及ChargePoint 驅動程序。通過去年的 2 次收購，我們還加強了我們廣泛的軟件產品。

We made a portfolio announcement last year as well, and we are in deployment now with customers and are ramping production throughout this year. And I'll remind you that our architecture is highly modularized. So configurations of the exact same hardware are leveraged across commercial fleet and residential verticals. The entire hardware portfolio has been designed in conjunction with our cloud-based charger control system, enabling ChargePoint to address a very broad set of customer requirements with the minimum number of platforms.

我們去年也發布了產品組合公告，我們現在正在與客戶一起部署，並在今年全年增加產量。我會提醒你，我們的架構是高度模塊化的。因此，在商業車隊和住宅垂直領域都使用了完全相同的硬件配置。整個硬件組合的設計與我們基於雲的充電器控制系統相結合，使 ChargePoint 能夠以最少的平台數量滿足非常廣泛的客戶要求。

The large number of integrations we continue to make with the tech and automotive ecosystems are becoming increasingly important as charging moves into the mainstream.

隨著充電成為主流，我們繼續與技術和汽車生態系統進行大量集成變得越來越重要。

Last year, we added to the list of in-vehicle and in-app integrations with partners, Android Auto, Mercedes, Polestar and Volvo. The investments we made long ago in establishing a strong distribution channel are paying dividends. Now some highlights from the quarter and the full year that indicate the scale we are delivering.

去年，我們添加了與合作夥伴 Android Auto、梅賽德斯、Polestar 和沃爾沃的車載和應用程序集成列表。我們很久以前在建立強大的分銷渠道方面所做的投資正在帶來回報。現在，本季度和全年的一些亮點表明了我們正在交付的規模。

Our Q4 revenue of $81 million marks a record quarter and above the high end of the guidance range we provided on December 7. We finished the quarter with over 174,000 network ports under management, an increase of 64% year-over-year. Within that, the European port count was approximately 51,000, and the global DC fast-charge port count was approximately 11,500.

我們第四季度的收入為 8100 萬美元，創下了創紀錄的季度記錄，高於我們在 12 月 7 日提供的指導範圍的高端。本季度末，我們管理的網絡端口超過 174,000 個，同比增長 64%。其中，歐洲端口數量約為 51,000 個，全球 DC 快速充電端口數量約為 11,500 個。

We're also approaching 300,000 roaming ports accessible to drivers using their ChargePoint account. So if you combine that with 174,000 ports that are directly on our network, our drivers have access to almost 475,000 ports globally.

我們還接近 300,000 個漫遊端口，供司機使用 ChargePoint 帳戶訪問。因此，如果您將其與直接在我們網絡上的 174,000 個端口相結合，我們的驅動程序可以訪問全球近 475,000 個端口。

The momentum in our commercial business, which includes everything from retail parking, fueling and convenience, et cetera, indicates that businesses of all types are preparing for the electric future. ChargePoint is proud to have over 50% of the Fortune 500 as its customers. And last year, we achieved over 89% year-on-year growth in our commercial business on a billings basis.

我們商業業務的發展勢頭，包括零售停車、加油和便利等方方面面，表明所有類型的企業都在為電動未來做準備。 ChargePoint 自豪地擁有超過 50% 的財富 500 強客戶作為其客戶。去年，我們的商業業務在比林斯基礎上實現了超過 89% 的同比增長。

In 2021, ChargePoint continued to lead across Europe with strategic acquisitions, commercial partnerships, significant roaming progress and expanded talent base and industry recognition. We made meaningful advances in Europe, and our market share accelerated with the successful acquisition of has·to·be.

2021 年，ChargePoint 通過戰略收購、商業合作夥伴關係、顯著的漫游進展以及擴大的人才基礎和行業認可度繼續在歐洲領先。我們在歐洲取得了有意義的進展，我們的市場份額隨著成功收購 has·to·be 而加速。

It was also a banner year on the fleet front. Fleets are electrifying and turning to ChargePoint for charging solutions as evidenced by the year-on-year billings increase of 132%. In addition to introducing industry's most comprehensive global electric fleet charging portfolio, we rounded out the portfolio with the successful acquisition of ViriCiti, landed signature account wins in last-mile delivery in transit. We expanded our partnership portfolio to include Element, Gatik, LeasePlan USA, WEX and Wheels Donlen. These partnerships span fleet management, financial technology services and leasing providers and represent an opportunity to provide charging solutions for well over 15 million vehicles as they electrify.

這也是艦隊戰線標誌性的一年。車隊正在電氣化並轉向 ChargePoint 的充電解決方案，同比增長 132% 就是證明。除了引入業界最全面的全球電動車隊充電產品組合外，我們還通過成功收購 ViriCiti 完善了該產品組合，在運輸中的最後一英里交付中獲得了登陸簽名帳戶。我們擴大了我們的合作夥伴組合，包括 Element、Gatik、LeasePlan USA、WEX 和 Wheels Donlen。這些合作夥伴關係涵蓋車隊管理、金融技術服務和租賃供應商，並代表了為超過 1500 萬輛電動汽車提供充電解決方案的機會。

Now turning to residential. Billings were up 40% -- 44% year-on-year. Years ago, we calculated that being in all verticals of charging would be a strategic advantage, and our strategy has long included enable charging where people spend time. Our 3 verticals came together in residential in a significant way in 2021. Having a residential solution that can be integrated with our commercial and fleet verticals continues to be an advantage, and here are some examples.

現在轉向住宅。賬單同比增長 40% - 44%。多年前，我們計算過，在充電的所有垂直領域都將是一項戰略優勢，我們的戰略長期以來一直包括在人們花費時間的地方實現充電。到 2021 年，我們的 3 個垂直領域在住宅領域以顯著的方式融合在一起。擁有可以與我們的商業和車隊垂直領域集成的住宅解決方案仍然是一個優勢，這裡有一些例子。

First, businesses that operate take-home fleets and companies who offer vehicles and fueling as an employee benefit are increasingly turning to ChargePoint to handle charging and the associated reimbursements. Second, as many continue to work from home, be that an apartment/condo, single-family home, et cetera, we saw corresponding demand from property owners and homeowners. Third, we continue to partner with a growing number of residential charging programs with utilities throughout North America as they seek expert help to plan for residential fueling demand today and through years to come. And we're also being recognized for our innovation with strong consumer ratings and continued recognition from leading publications.

首先，經營帶回家車隊的企業以及提供車輛和加油作為員工福利的公司越來越多地轉向 ChargePoint 處理充電和相關報銷。其次，隨著許多人繼續在家工作，無論是公寓/公寓、單戶住宅等，我們看到了業主和房主的相應需求。第三，我們繼續與越來越多的與北美公用事業公司合作的住宅充電計劃，因為他們尋求專家幫助來規劃當今和未來幾年的住宅燃料需求。我們的創新也因其強大的消費者評級和領先出版物的持續認可而獲得認可。

The scale of our network is generating positive environmental impact with over 3.6 billion electric miles driven to date. By our estimates, drivers have avoided over 145 million gallons of gasoline and over 608 metric tons of greenhouse gas emissions.

我們的網絡規模正在產生積極的環境影響，迄今為止已行駛超過 36 億英里。據我們估計，司機已經避免了超過 1.45 億加侖的汽油和超過 608 公噸的溫室氣體排放。

Now turning to fiscal 2023. We see a steeper revenue trajectory than previously forecast that we expect will continue for the foreseeable future. And I'll remind you that the transition from fossil fuels to electric drive will span multiple decades. For ChargePoint, we are forecasting growth rate acceleration from 65% last year to 96% this year.

現在轉向 2023 財年。我們看到的收入軌跡比以前預測的要陡峭，我們預計在可預見的未來將繼續。我會提醒你，從化石燃料到電力驅動的過渡將跨越數十年。對於 ChargePoint，我們預計增長率將從去年的 65% 加速到今年的 96%。

As I mention consistently, we continue to optimize for insurance of supply in this land-and-expand model that has recurring revenue attached to every hardware port sold. So any resulting margin impact last year or this year is not indicative of the long-term margin profile of the company. We expect increasing operating leverage this year and in the future and continue to expect that we will cross through cash flow breakeven even in -- cash flow breakeven in calendar 2024.

正如我一直提到的那樣，我們繼續優化這種土地和擴張模式的供應保險，該模式將經常性收入附加到每個出售的硬件端口。因此，去年或今年產生的任何利潤率影響並不代表公司的長期利潤率狀況。我們預計今年和未來的經營槓桿將增加，並繼續預計我們將在 2024 年實現現金流盈虧平衡——現金流盈虧平衡。

I would like to thank our customers, partners and employees for an exceptional year and their commitment to electric mobility. Our mission requires world-class talent, and I'm pleased that ChargePoint continues to be a destination for top professionals. We doubled our talent pool in the year. We ended the quarter with over 650 employees dedicated to R&D and technology-related functions. Our Board additions included Susan Heystee, former Verizon Telematics leader; and Elaine Chao, former Secretary of Transportation. And these adds further round out the Board, which includes leaders from technology, energy, auto and the investment community.

我要感謝我們的客戶、合作夥伴和員工在非凡的一年中以及他們對電動汽車的承諾。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。這一年，我們的人才庫翻了一番。在本季度末，我們擁有 650 多名致力於研發和技術相關職能的員工。我們的董事會成員包括前 Verizon Telematics 負責人 Susan Heystee；和前交通部長趙小蘭。這些人進一步完善了董事會，其中包括來自技術、能源、汽車和投資界的領導者。

In the U.S., the infrastructure investment in JOBS Act represents a tremendous opportunity for up to $7.5 billion to accelerate the build-out of charging along highways and in our communities. As we expected and have commented on previously, this new stimulus should substantively manifest in calendar year 2023, rolling for 5 years. In addition, there are other state and utility programs being formed and in place today, all of which indicate broad commitment to the electric future.

在美國，對 JOBS 法案的基礎設施投資代表了高達 75 億美元的巨大機會，可以加速高速公路沿線和社區的充電建設。正如我們之前預期和評論的那樣，這一新的刺激措施應在 2023 日曆年實質性體現，持續 5 年。此外，今天還有其他州和公用事業計劃正在形成和實施，所有這些都表明對電力未來的廣泛承諾。

In closing, our ability to achieve 65% revenue growth in fiscal 2022 illustrates the power of our strategy, business model and operating capability, and these capabilities give me tremendous confidence that we will continue to scale the business with even market growth forecasted to continue for the decades to come. We are delivering on our plan, exceeding revenue goals and executing across all our verticals in North America and Europe.

最後，我們在 2022 財年實現 65% 的收入增長的能力說明了我們的戰略、業務模式和運營能力的力量，這些能力讓我充滿信心，我們將繼續擴大業務規模，預計市場將持續增長未來的幾十年。我們正在實現我們的計劃，超越收入目標，並在北美和歐洲的所有垂直領域執行。

Now I'll turn this over to our CFO, Rex Jackson, to discuss financials before we move to Q&A, Rex, over to you.

現在我將把它交給我們的首席財務官 Rex Jackson，在我們轉到問答環節之前討論財務問題，Rex，交給你。

Thanks, Pasquale, and good afternoon, everyone. First, my comments are non-GAAP, where we principally exclude nonstock-based compensation, amortization of intangible assets, nonrecurring costs related to restructuring and acquisitions and the effect of the valuation of our stock warrants. Please see our earnings release for a reconciliation of these non-GAAP results to GAAP.

謝謝，Pasquale，大家下午好。首先，我的評論是非公認會計原則，我們主要排除非股票薪酬、無形資產攤銷、與重組和收購相關的非經常性成本以及我們的認股權證估值的影響。請參閱我們的收益發布，了解這些非 GAAP 結果與 GAAP 的對賬情況。

Second, after covering our Q4 full year results, I will guide on Q1 revenue. And for reasons I'll explain later, I'll guide on revenue, non-GAAP gross margin and non-GAAP operating expenses for the full year. Third, consistent with prior calls, we continue to report revenue along 3 lines: network charging systems, subscriptions and other. Network charging systems represents our connected hardware. Subscriptions include our cloud services; connecting that hardware; our Assure warranties; our ChargePoint-as-a-Service offerings, where we bundle our solutions into recurring subscriptions; and software revenue from our ViriCiti and has·to·be acquisitions. Other consists of energy credits, professional services and certain nonmaterial revenue items.

其次，在介紹了我們第四季度的全年業績之後，我將指導第一季度的收入。由於我稍後會解釋的原因，我將指導全年的收入、非 GAAP 毛利率和非 GAAP 運營費用。第三，與之前的電話一致，我們繼續報告三個方面的收入：網絡收費系統、訂閱和其他。網絡收費系統代表我們連接的硬件。訂閱包括我們的雲服務；連接該硬件；我們的保證；我們的 ChargePoint 即服務產品，我們將我們的解決方案捆綁到定期訂閱中；來自我們的 ViriCiti 和必須收購的軟件收入。其他包括能源信用、專業服務和某些非物質收入項目。

Moving to results. Q4 revenue was $81 million, up 90% year-on-year, above our previously announced guidance range of $73 million to $78 million and up 24% sequentially. We are particularly pleased with this performance given continuing supply chain challenges. We managed as well relative to our guidance commitments, but with demand significantly exceeding supply, our exiting Q4 backlog was significantly higher than any prior quarter in the company's history.

轉向結果。第四季度收入為 8100 萬美元，同比增長 90%，高於我們之前宣布的 7300 萬美元至 7800 萬美元的指導範圍，環比增長 24%。鑑於持續的供應鏈挑戰，我們對這一表現感到特別滿意。相對於我們的指導承諾，我們管理得很好，但由於需求大大超過供應，我們現有的第四季度積壓明顯高於公司歷史上任何一個季度。

Network charging systems at $59 million was 73% of Q4 revenue, consistent with Q3 and up 109% year-on-year and 25% sequentially. Subscription revenue at $17 million was 21% of total revenue and up 57% year-on-year and 28% sequentially. The sequential increase in subscription revenues reflects software activations of recent hardware shift as well as stronger take-up rates in Assure, our warranty product, as well as contributions from our acquisitions.

5900 萬美元的網絡收費系統佔第四季度收入的 73%，與第三季度一致，同比增長 109%，環比增長 25%。訂閱收入為 1700 萬美元，佔總收入的 21%，同比增長 57%，環比增長 28%。訂閱收入的連續增長反映了最近硬件轉變的軟件激活，以及我們的保修產品 Assure 的更高使用率，以及我們收購的貢獻。

Our deferred revenue from subscriptions representing future recurring revenue from existing customer commitments and payments continues to grow nicely, finishing the quarter at $147 million, up from $121 million at the end of Q3. Other revenue at $4 million and 5% of total revenue increased 38% year-on-year and was flat sequentially.

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未來經常性收入繼續良好增長，本季度末達到 1.47 億美元，高於第三季度末的 1.21 億美元。其他收入為 400 萬美元，佔總收入的 5%，同比增長 38%，環比持平。

Turning to verticals. As you know, we look at them from a billings perspective, which approximates the revenue split. Q4 billings percentages were commercial, 74%; fleet, 14%; residential, 10%; and other, 2%, reflecting strong performance across all verticals despite supply chain challenges. Total billings for the quarter were up 95% year-on-year and 20% sequentially.

轉向垂直領域。如您所知，我們從賬單的角度來看待它們，這近似於收入分配。第四季度的賬單百分比是商業的，74%；車隊，14%；住宅，10%；和其他 2%，反映了儘管供應鏈面臨挑戰，但在所有垂直領域的強勁表現。本季度的總賬單同比增長 95%，環比增長 20%。

From a geographic perspective, Q4 revenue from North America was 88% and Europe was 12%, representing a slight shift to Europe driven by both organic growth and acquisition contributions. In the fourth quarter, Europe delivered $10 million in revenue, growing 184% year-on-year and 35% sequentially.

從地域來看，第四季度來自北美的收入為 88%，歐洲為 12%，在有機增長和收購貢獻的推動下略有轉向歐洲。第四季度，歐洲實現了 1000 萬美元的收入，同比增長 184%，環比增長 35%。

Turning to gross margin. Non-GAAP gross margin for Q4 was 24%. As Pasquale mentioned, we are focused on assurance of supply to land new customers and to expand with existing ones. While this places pressure on our gross margin, we believe this is the right and necessary strategy. Once we land a customer, they tend to grow with us over time and also provide ongoing subscription revenue. So it's very important to keep our focus on delivering product and locking customers in.

轉向毛利率。第四季度非美國通用會計準則毛利率為 24%。正如 Pasquale 提到的，我們專注於確保供應以吸引新客戶並擴大現有客戶。雖然這給我們的毛利率帶來壓力，但我們認為這是正確且必要的策略。一旦我們找到客戶，他們往往會隨著時間的推移與我們一起成長，並提供持續的訂閱收入。因此，將重點放在交付產品和鎖定客戶上非常重要。

We estimate higher purchase price variances and logistics costs represented approximately 4 margin points net of our efforts to pass-through costs where we can through higher prices and logistics fees. A key point to note, our prices are holding well so the key margin challenges are supply chain and mix.

我們估計更高的採購價格差異和物流成本代表大約 4 個邊際點，扣除我們通過更高的價格和物流費用轉嫁成本的努力。需要注意的一個關鍵點是，我們的價格保持良好，因此主要的利潤挑戰是供應鍊和組合。

Non-GAAP operating expenses for Q4 were $77 million, a year-on-year increase of 83% and a sequential increase of 23%. Stock-based compensation in Q4 was $15 million.

第四季度非美國通用會計準則運營費用為 7700 萬美元，同比增長 83%，環比增長 23%。第四季度的股票薪酬為 1500 萬美元。

Looking at cash, we finished the quarter with $316 million, down from $366 million at the end of Q3. We have approximately 335 million shares outstanding.

從現金來看，我們本季度末的收入為 3.16 億美元，低於第三季度末的 3.66 億美元。我們有大約 3.35 億股流通股。

Turning to the year. Annual revenue was $242 million, up 65% year-on-year, above our increased December guidance of $235 million to $240 million. Network charging systems at $174 million was 72% of total revenue for the year and an increase of 90% year-on-year. Subscription revenue at $54 million was 22% of total revenue and up 32% year-on-year. As we've mentioned previously, subscription revenue is delayed a quarter or more due to activations and heavily influenced by mix. This year, mix trended materially towards residential and fast-charge solutions, which on a percentage basis have lower software content.

轉過年。年收入為 2.42 億美元，同比增長 65%，高於我們在 12 月增加的 2.35 億美元至 2.4 億美元的指導。網絡收費系統為 1.74 億美元，佔全年總收入的 72%，同比增長 90%。訂閱收入為 5400 萬美元，佔總收入的 22%，同比增長 32%。正如我們之前提到的，訂閱收入由於激活而延遲了四分之一或更長時間，並且受到混合的嚴重影響。今年，混合趨勢主要是住宅和快速充電解決方案，按百分比計算，這些解決方案的軟件內容較低。

Quickly covering verticals for the year. Billings by vertical were commercial, 73%; fleet, 14%; residential, 11%; and other, 2%. As Pat mentioned, fleet billings increased 132% year-on-year as that market continues to accelerate and we display leadership. Total billings were up 81% year-on-year.

快速覆蓋全年的垂直領域。垂直的計費是商業的，73%；車隊，14%；住宅，11%；其他，2%。正如 Pat 提到的，隨著市場繼續加速發展，我們展示了領先地位，車隊賬單同比增長了 132%。總賬單同比增長 81%。

From a geographic perspective, full year revenue from North America was 90% and Europe was 10%. In fiscal 2022, our European business delivered $25 million in revenue, up 131% year-on-year. As we've said before, Europe is a key growth driver for us, and we are investing accordingly.

從地理角度來看，北美的全年收入為 90%，歐洲為 10%。在 2022 財年，我們的歐洲業務實現了 2500 萬美元的收入，同比增長 131%。正如我們之前所說，歐洲是我們的主要增長動力，我們正在相應地進行投資。

Turning to gross margin. Non-GAAP gross margin for the year was 24% for the reasons I mentioned earlier and up 1 point from the prior year. Total supply chain and logistics impact for the year was approximately 3 points. Non-GAAP operating expenses for the year were $240 million, a year-on-year increase of 62%. As you heard in Pasquale's remarks and now again in our guidance, we believe continued heavy investments is the right answer to pursue our product and sales goals.

轉向毛利率。由於我之前提到的原因，本年度的非公認會計原則毛利率為 24%，比上一年上升了 1 個百分點。全年供應鍊和物流的總影響約為 3 個百分點。全年非美國通用會計準則運營費用為 2.4 億美元，同比增長 62%。正如您在 Pasquale 的講話和我們的指導中所聽到的那樣，我們相信持續的大量投資是追求我們的產品和銷售目標的正確答案。

Turning to guidance. As many of you know, now that we're through our first year as a public company, I plan to move to only quarterly revenue guidance. However, given the strength in demand, movements in mix, continuing supply chain challenges and our conviction around OpEx investments, we think it is better to recenter everyone on what we see this year by giving annual guidance on multiple measures.

轉向指導。正如你們許多人所知，現在我們已經完成了作為上市公司的第一年，我計劃只採用季度收入指導。然而，鑑於需求的強勁、組合的變化、持續的供應鏈挑戰以及我們對運營支出投資的信念，我們認為最好通過對多項措施提供年度指導來重新關注我們今年所看到的情況。

Starting with the first quarter of fiscal '23. We expect revenue to be $72 million to $77 million, an increase year-on-year of 84% at the midpoint and seasonally slightly down after a strong fourth quarter. For the full year 2023 -- fiscal 2023, we expect revenue to be $450 million to $500 million, an increase year-over-year of 96% at the midpoint. This guidance reflects a number of factors benefiting ChargePoint, including, first, new customer yields from significant investments in our sales and marketing capacity in North America and Europe in calendar 2021 and going forward this year and a healthy customer rebuy rate, which has continued at 60% or better of our business.

從 23 財年第一季度開始。我們預計收入將在 7,200 萬美元至 7,700 萬美元之間，中點同比增長 84%，在經歷了強勁的第四季度後季節性略有下降。對於 2023 年全年——2023 財年，我們預計收入將在 4.5 億美元至 5 億美元之間，中點同比增長 96%。該指南反映了有利於 ChargePoint 的許多因素，包括首先，在 2021 日曆年和今年繼續對我們在北美和歐洲的銷售和營銷能力進行重大投資的新客戶收益，以及健康的客戶再購買率，這一直持續到我們業務的 60% 或以上。

Second, significant product releases this year as our investments in R&D, product and operations continue to move our industry-leading portfolio forward. Third, more OEM mandated investment in charging infrastructure at auto dealerships, an area where our broad connected and flexible solutions portfolio has served us well. Fourth, in fleet, we have seen triple the pipeline growth in medium and heavy trucks year-on-year, and our RFP activity continues to be robust.

其次，隨著我們在研發、產品和運營方面的投資繼續推動我們行業領先的產品組合向前發展，今年將發布重要的產品。第三，更多 OEM 要求對汽車經銷商的充電基礎設施進行投資，我們廣泛的互聯和靈活的解決方案組合在這一領域為我們提供了很好的服務。第四，在車隊方面，我們看到中型和重型卡車的管道同比增長三倍，我們的 RFP 活動繼續強勁。

Fifth, in residential, we expect more than 100% category growth with increasing sales to new drivers with new utility, auto and take-home fleet programs and as we expanded multifamily applications. And finally, continued growth in Europe and a full year of contributions from our recent acquisitions.

第五，在住宅方面，隨著新的公用事業、汽車和帶回家的車隊計劃以及我們擴大多戶家庭應用，我們預計新司機的銷售額將增加 100% 以上。最後，歐洲的持續增長以及我們最近收購的全年貢獻。

Looking at gross margin for the year. The planning for the challenges associated with mix, which was weighted towards lower-margin products last year and supply chain to continue slowing margin expansion. With those assumptions, we expect non-GAAP gross margin to be 22% to 26% for the whole year. Keep in mind this expectation reflects roughly 6 points of expected supply chain impact.

看看今年的毛利率。針對與混合相關挑戰的規劃，去年重點關注利潤率較低的產品和供應鏈，以繼續減緩利潤率擴張。基於這些假設，我們預計全年非 GAAP 毛利率為 22% 至 26%。請記住，這一預期反映了大約 6 個預期供應鏈影響點。

Turning to OpEx. As Pat and I have said, we are investing heavily across all functions to drive our market position and to take advantage of the enormous opportunities ahead. We expect non-GAAP OpEx to be between $350 million and $370 million for the year and show leverage on a percentage of revenue basis. And lastly, we remain committed to being cash flow-positive in calendar 2024.

轉向運營支出。正如帕特和我所說，我們正在對所有職能部門進行大量投資，以提升我們的市場地位並利用未來的巨大機遇。我們預計非 GAAP 當年的運營支出將在 3.5 億美元至 3.7 億美元之間，並顯示以收入百分比為基礎的槓桿作用。最後，我們仍然致力於在 2024 年實現正現金流。

With that, I'll turn the call back to the operator to take questions. Thank you.

有了這個，我會把電話轉回接線員來回答問題。謝謝你。

(Operator Instructions) And we will take our first question from Shreyas Patil with Wolfe Research.

（操作員說明）我們將向 Wolfe Research 的 Shreyas Patil 提出第一個問題。

So maybe just picking up on the last point about -- as we think about the improvement in gross margin -- or we thinking about the gross margin guide from fiscal '22 to '23, you mentioned you are baking in about 6 points of supply chain headwinds. Number one, is that sort of based on what you're seeing right now? Are you seeing a tighter supply chain at the moment? Or is that something that you sort of -- you just want to put in some cushion on? And then number two, you mentioned unfavorable mix. So maybe if you could just speak a little bit more to that and how that's maybe having an impact.

所以也許只是在最後一點上——當我們考慮毛利率的提高時——或者我們考慮從 22 財年到 23 財年的毛利率指南，你提到你正在烘烤大約 6 個供應點連鎖逆風。第一，那是基於你現在所看到的嗎？您目前是否看到供應鏈更緊？或者那是你喜歡的東西——你只是想放在一些墊子上？然後第二個，你提到了不利的組合。因此，也許您可以多說一點，以及這可能會產生怎樣的影響。

Happy to, Shreyas. so in answer to the first part of your question, if you look at our gross margin assumption, you're right. Yes, there's a 6-point headwind that we're flagging. That's a function of, one, what we're seeing today; two, the fact that -- you heard the revenue guide, right? So it's one thing to meet your numbers. It's another thing to go to your suppliers and go, I appreciate you're struggling to get this to me. But now I need twice as much.

很高興，Shreyas。所以在回答你問題的第一部分時，如果你看看我們的毛利率假設，你是對的。是的，我們正在標記一個 6 點的逆風。這是我們今天所看到的一個功能；二，事實上——你聽說過收入指南，對吧？因此，滿足您的數字是一回事。去你的供應商那裡去是另一回事，我很感激你正在努力把這個交給我。但現在我需要兩倍。

So we -- it's very clear to us that it's going to be tough to get supply, and we're making that the primary goal of the company to obviously land and expand with customers. So we're going to run that hard. So I think that is the main determinant.

所以我們 - 我們很清楚，獲得供應將很困難，我們將其作為公司的主要目標，顯然是與客戶一起登陸和擴張。所以我們要努力運行。所以我認為這是主要的決定因素。

And then your second question was around mix. And I think we've been consistent in several calls now. If you look at our gross margins across verticals and solutions, that tend to be highest in the commercial area, followed by home and then followed by DC fast. And then when those things are bundled into fleet applications and combine with software, the whole game changes, and that's coming up as a very strong part of the business. So that's a little hard to predict. But the basic mix shift is if you go away from commercial and towards residential and corridor and urban fast-charge applications, it's going to keep the margin down a little bit.

然後你的第二個問題是關於混合的。而且我認為我們現在在幾個電話中一直保持一致。如果您查看我們在垂直領域和解決方案中的毛利率，商業領域往往最高，其次是家庭，然後是 DC 快速。然後，當這些東西被捆綁到車隊應用程序中並與軟件結合時，整個遊戲就會發生變化，這將成為業務中非常重要的一部分。所以這有點難以預測。但基本的混合轉變是，如果你從商業轉向住宅、走廊和城市快速充電應用，它將使利潤率下降一點。

And we will take our next question from Colin Rusch with Oppenheimer.

我們將回答 Colin Rusch 和 Oppenheimer 的下一個問題。

Could you talk about where the incremental OpEx investments are going and where you think the [second] really is on return on those things? Is a lot of that incremental investment going into R&D? Or is it more on the sales side?

您能否談談增量運營支出投資的去向以及您認為 [第二個] 真正是在這些事情上的回報？是否有很多增量投資用於研發？還是更多地在銷售方面？

Yes. So Colin, it's -- so we exit the year at a pretty nice clip, and I think we've been very, very consistent. If you look at sales and marketing, we are increasing our sales and marketing spend algorithmically from a capacity planning standpoint. And also, there's a big push this year in particular to get a broader coverage on the ground both here and in Europe. So we've got pretty good coverage in Europe, and we're adding countries, and then pretty good coverage here. But as the vehicles fill in, in the United States, you're going to want to be everywhere because a lot of people are going, hey, I need to get on the bandwagon and start making these investments. So meaningful investments in sales and marketing, consistent with the growth in the business with some leverage being shown.

是的。所以科林，這是 - 所以我們以一個非常好的剪輯結束了這一年，我認為我們一直非常非常一致。如果你看一下銷售和營銷，從容量規劃的角度來看，我們正在通過算法增加我們的銷售和營銷支出。此外，今年特別是大力推動在當地和歐洲進行更廣泛的覆蓋。所以我們在歐洲得到了很好的覆蓋，我們正在增加國家，然後在這裡得到很好的覆蓋。但是隨著車輛的填充，在美國，你會想要無處不在，因為很多人都在去，嘿，我需要跟上潮流並開始進行這些投資。如此有意義的銷售和營銷投資，與業務增長保持一致，並顯示出一些影響力。

R&D is, as we said, moving up, I do think as a percentage of revenue perspective, it's going to significantly taper off. But again, this year is a big year for new product introductions. As Pat alluded to, so we need to get that out. And then G&A grows at a much special rate because we've sort of taken the bullet when it comes to being a public company. So you shouldn't see a lot of expansion there.

正如我們所說，研發正在上升，我確實認為從收入的百分比來看，它將顯著減少。但同樣，今年是新產品推出的重要一年。正如帕特所暗示的，所以我們需要把它弄清楚。然後 G&A 以非常特殊的速度增長，因為在成為上市公司時，我們已經吃了一顆子彈。所以你不應該在那裡看到很多擴展。

Also one other thing that's in there, Colin, that most people wouldn't think of because, I'd be honest with you, I don't think of it every day, but it's really in there is there's a lot in R&D when you do new products. There's a lot of spend in terms of new product introduction, testing, destructive testing, et cetera. So we're burning through some product now to get these big releases done this year, but you could expect that to taper off next year.

還有一件事，科林，大多數人都不會想到，因為，老實說，我不是每天都在想它，但它真的在那裡，研發方面有很多你做新產品。在新產品推出、測試、破壞性測試等方面有大量支出。所以我們現在正在通過一些產品來完成今年的這些大版本，但你可以預期明年會逐漸減少。

We will take our next question from James West with Evercore ISI.

我們將向 James West 和 Evercore ISI 提出我們的下一個問題。

Well done.

做得好。

Thank you. Thanks, James.

謝謝你。謝謝，詹姆斯。

First question from me, maybe more philosophical somewhat, Pat, but your business -- I mean the acceleration here is pretty impressive, but it's also -- you're accelerating at scale, too, which comes with different challenges. And so how are you thinking about the operation? I know Rex just mentioned some of the moves on products and sales and marketing and things like that. But how are you thinking about, operationally, how the business needs to be run now that you're achieving the scale and achieving this massive acceleration in revenue at the same time?

我的第一個問題，也許更哲學一點，帕特，但你的業務——我的意思是這裡的加速非常令人印象深刻，但它也是——你也在大規模地加速，這帶來了不同的挑戰。那麼你是如何考慮手術的呢？我知道 Rex 剛剛提到了產品、銷售和營銷等方面的一些舉措。但是，在您實現規模並同時實現收入大幅增長的情況下，您如何在運營上考慮業務需要如何運營？

So James, there's -- it's almost a follow-on answer to the question that was just answered in that if you look at where we're deploying some of the OpEx increase, a big chunk of it is going to improving our internal business systems. We're relooking at our customer onboarding methodology, our station activation methodology. You're looking at a port activation rate in the ground, a channel support rate for our sales channel. I'll maintain that if you look at the numbers, still a very large percentage of our business goes through channel as designed because we feel that that's a big component of getting the coverage we need at a scale market. You see a very high transaction rate.

所以詹姆斯，這幾乎是對剛剛回答的問題的後續回答，如果你看看我們在哪裡部署了一些 OpEx 增長，其中很大一部分將用於改進我們的內部業務系統.我們正在重新審視我們的客戶入職方法，我們的站點激活方法。您正在查看地面的端口激活率，即我們銷售渠道的渠道支持率。我堅持認為，如果你看一下這些數字，我們仍然有很大一部分業務按照設計通過渠道進行，因為我們認為這是在大規模市場上獲得所需覆蓋的重要組成部分。您會看到非常高的交易率。

So the long -- very long answer to your question is we're investing everywhere. Operationally, we need to be invested. I'll also point out that from a manufacturing operations perspective, we have a deep bench here. We're continuing to invest and that supply chain situations keep us on our toes. So we're applying the appropriate resource level there. And as you've seen, we've been able to -- last year's growth relative to previous year was not insignificant, right? So even though this year's growth is nearly a double, last year's growth was 65%. So you're still looking at a good execution rate against a lot of headwinds, and that was the result of a massive investment in our operations team.

因此，對您的問題的長期 - 非常長的答案是我們正在到處投資。在運營上，我們需要投入。我還要指出，從製造運營的角度來看，我們這裡有一個很深的替補席。我們正在繼續投資，供應鏈狀況讓我們保持警惕。所以我們在那裡應用了適當的資源級別。正如你所看到的，我們已經能夠 - 去年相對於前一年的增長並非微不足道，對吧？因此，儘管今年的增長率幾乎翻了一番，但去年的增長率為 65%。所以你仍然在尋找一個很好的執行率來應對很多逆風，這是對我們運營團隊進行大量投資的結果。

Behind that operations team are multiple major contract manufacturers. So part of the scale that's been built into the strategy is to work deeply with our contract manufacturers, our supply chain partners, et cetera, to make sure that we've got appropriate infrastructure in place to deal with the scale. So it's just we're investing across the board, and it shows up in the OpEx.

該運營團隊的背後是多家主要的合同製造商。因此，戰略中包含的部分規模是與我們的合同製造商、我們的供應鏈合作夥伴等深入合作，以確保我們擁有適當的基礎設施來應對規模。所以這只是我們在全面投資，它出現在運營支出中。

And we will take our next question from Bill Peterson with JPMorgan.

我們將向摩根大通的比爾彼得森提出下一個問題。

Nice job on the sort of the execution. I wanted to talk about the fleet business and how they operate the opportunities are for the year. I guess, as you look at your offering, what do you see as your key differentiators? Or would it be in software or your ability to apply better cost of ownership? And I guess, how should we think about the business opportunities and the growth outlook, I guess, in Europe compared to the U.S.? Like you started easening the way, and how should we think about that opportunity for this year, in particular next year?

在執行方面做得很好。我想談談車隊業務以及他們如何經營今年的機會。我想，當您查看您的產品時，您認為您的主要差異化因素是什麼？還是在軟件或您應用更好的擁有成本的能力方面？我想，與美國相比，我們應該如何看待歐洲的商機和增長前景？就像您開始放寬道路一樣，我們應該如何看待今年，尤其是明年的機會？

So I just want to make sure I heard the question correctly, there was a little bit of background noise. You were referring to just the value prop around fleet is the first part of your question?

所以我只是想確保我正確地聽到了這個問題，有一點背景噪音。你指的只是圍繞艦隊的價值支柱是你問題的第一部分？

Yes. Really the focus on fleet and the value prop on -- pardon for the background noise.

是的。真正關注艦隊和價值支柱——請原諒背景噪音。

No. It's fine. So the easiest way to think about it is customers in general, especially fleet customers, don't want to be the integrator. They want their suppliers to be the integrator. And the -- I think one of the many reasons we're doing exceedingly well in that vertical is that we can help them design and lay out their depot. We can provide a very broad set of software functionality that they can integrate with their business systems seamlessly. And then we have a hardware portfolio that you saw us announce last year that is rolling out now to customers, and we'll be ramping that throughout the year. It really has been designed in conjunction with that software to work seamlessly.

不，還好。因此，考慮它的最簡單方法是一般客戶，尤其是車隊客戶，不想成為集成商。他們希望他們的供應商成為集成商。而且 - 我認為我們在垂直領域做得非常好的眾多原因之一是我們可以幫助他們設計和佈置他們的倉庫。我們可以提供一套非常廣泛的軟件功能，他們可以與他們的業務系統無縫集成。然後我們有一個硬件組合，你看到我們去年宣布現在正在向客戶推出，我們將在全年增加。它確實是與該軟件一起設計的，可以無縫工作。

And the entire -- as you -- I think part of your question was that on the TCO side. If you look at what we're providing in support services, the modularity that lends itself towards very easy spares maintenance on site for fleet, et cetera. It's just really the whole package, and we just take care of it all for our fleet customers.

整個——就像你一樣——我認為你的部分問題是關於 TCO 方面的問題。如果您查看我們在支持服務中提供的內容，就會發現模塊化使得車隊的現場備件維護非常容易，等等。這實際上是整個包裹，我們只是為我們的車隊客戶處理這一切。

So I'll stop there but -- because there's a lot more we could say, but I think you get the picture. If you could remind me of the second part of your question, I couldn't hear that.

所以我會停在那裡，但是——因為我們可以說的還有很多，但我想你明白了。如果你能提醒我你問題的第二部分，我聽不見。

Yes. Growth -- I was thinking about growth between Europe, is it going to be led by Europe or led by the U.S.? Or is there any even -- how to think about the growth opportunity relative to your full year guidance?

是的。增長——我在考慮歐洲之間的增長，是由歐洲領導還是由美國領導？或者有沒有什至——如何考慮相對於你的全年指導的增長機會？

I think we're -- as Rex mentioned in his remarks and I mentioned in mine, Europe is a big part of our future. And we believe that the first company to be able to achieve major market share in both North America and Europe will have a significant scale advantage. And if you think about many, many customers, especially on the fleet side but even on the commercial side, they're multinational. And when they integrate with their business systems, they want one partner for that.

我認為我們是——正如雷克斯在他的講話中提到的，我在我的講話中提到，歐洲是我們未來的重要組成部分。我們相信，第一家能夠在北美和歐洲都取得主要市場份額的公司將具有顯著的規模優勢。如果你考慮很多很多客戶，特別是在車隊方面，甚至在商業方面，他們都是跨國公司。當他們與業務系統集成時，他們需要一個合作夥伴。

So it's not only existential from, I think, being able to drive cost structure that's competitive, in fact, better than competitive. It will be best-in-class long term. If we can get to be a scale leader in both North America and the U.S. or North -- and Europe and then also, again, make sure that we can just cover a customer wherever they go.

因此，我認為，能夠推動具有競爭力的成本結構不僅是存在的，事實上，比競爭更好。從長遠來看，這將是一流的。如果我們能夠成為北美和美國或北部 - 以及歐洲的規模領導者，然後再次確保我們可以覆蓋任何地方的客戶。

And also, if you just remember from my remarks, the bleed-over from the other segments is significant. So fleet reinforces residential, residential reinforces fleet, commercial gets reinforced by both and vice versa. It really is working, this being in all the verticals really does provide us a big competitive differentiation. So again, on the growth side, we see it coming from everywhere.

而且，如果你只記得我的話，其他部分的流失是很重要的。因此，車隊加強了住宅，住宅加強了車隊，商業得到了兩者的加強，反之亦然。它確實有效，這在所有垂直領域確實為我們提供了巨大的競爭優勢。所以再一次，在增長方面，我們看到它來自世界各地。

And we will take our next question from Mark Delaney with Goldman Sachs.

我們將向高盛的馬克德萊尼提出下一個問題。

I was hoping to speak more on the subscription line. Even though the press release talks about that segment growing more slowly last year overall, the sequential pickup there was very good and the sequential growth rate was higher than, I think, total revenue overall. So maybe first, if you could comment on what led to that increase. I mean, I think you alluded to activation timing. So was that the driver of the pickup in subscription? And then as you're thinking about the guidance for this year, how should we think about subscription? And is it going to see any timing issues? Or should we expect to have stronger growth there this year?

我希望在訂閱線上多說一些。儘管新聞稿談到該細分市場去年整體增長較慢，但環比回升非常好，環比增長率高於我認為的整體總收入。所以也許首先，如果你能評論導致這種增長的原因。我的意思是，我認為您提到了激活時間。那是訂閱中皮卡的驅動程序嗎？然後當您考慮今年的指導時，我們應該如何考慮訂閱？它會出現任何時間問題嗎？還是我們應該期待今年那裡有更強勁的增長？

Yes. So the baseline observations that we've given before in terms of timing because, obviously, software, when it gets turned on, when the station gets turned on, in essence, and we have a time lag on that. So it's usually a quarter plus. And so I alluded to that on several occasions. And so that's a factor in terms of lag.

是的。因此，我們之前在時間方面給出的基線觀察，顯然是因為軟件，當它打開時，當站打開時，本質上，我們有一個時間滯後。所以通常是四分之一。所以我多次提到這一點。所以這是滯後的一個因素。

The pickup that you saw recently, certainly, our acquisitions didn't hurt substantially, not all, but almost substantially all of the revenue related to acquisitions flow into that line. And as you may recall, we closed one acquisition in, let's see, Q2, I think it was and then the other one late in Q3. So Q4 is the first quarter where we had both of them contributing at full volume. So that's a big help as well.

你最近看到的回升，當然，我們的收購併沒有實質性地受到傷害，不是全部，但幾乎所有與收購相關的收入都流入了這條線。您可能還記得，我們在第二季度完成了一項收購，讓我們看看，我認為是，然後在第三季度末完成另一項收購。所以第四季度是我們讓他們倆都全力投入的第一季度。所以這也是一個很大的幫助。

We also had a big push recently in terms of expanding our Assure warranty program to more and more customers because it's important for everything to be up and running all the time and look great, which is part of our value proposition. So we've been pushing that pretty hard. So I think those are the main contributors to how that line moves around.

我們最近還大力推動將我們的 Assure 保修計劃擴展到越來越多的客戶，因為讓一切始終正常運行並看起來很棒很重要，這是我們價值主張的一部分。所以我們一直在努力推動這一點。所以我認為這些是這條線如何移動的主要貢獻者。

We will take our next question from Matt Summerville with D.A. Davidson.

我們將回答馬特薩默維爾和 D.A. 的下一個問題。戴維森。

Couple of things. First, I want to think back to the time you issued your sort of SPAC projections. And I think for fiscal '23, you were talking about a number of sub-$350 million in revenue. So here today, talking about $450 million to $500 million, I mean, wow, that's a pretty big step-function improvement. And I guess I just want to put a finer point on what is really driving that upside versus the view you would have been expressing not all that long ago, really when you think about it. And I imagine there's a component of new customer funnel, rebuy rates, the ramp in subscriptions, all those good new products, all those things. But maybe just rank order of magnitude what's driving that. And then, Rex, if you wouldn't mind, what was the acquisition contribution to revenue in the quarter?

幾件事。首先，我想回想一下您發布 SPAC 預測的時間。而且我認為對於 23 財年，您所說的收入低於 3.5 億美元。所以今天在這裡，談到 4.5 億到 5 億美元，我的意思是，哇，這是一個相當大的階梯函數改進。而且我想我只是想更詳細地說明真正推動這種上漲的因素，而不是你不久前會表達的觀點，真的是當你想到它時。我想有一個新客戶漏斗的組成部分，再購買率，訂閱量的增加，所有這些好的新產品，所有這些東西。但也許只是驅動它的數量級。然後，雷克斯，如果你不介意的話，收購對本季度收入的貢獻是多少？

So I'll start. First of all, in no particular order, rebuy rates are about the same, virtually identical. That moves around a little bit, but it's always north of about 60%, somewhere between 60% and 70%, depending on the quarter. And that's just timing. So we're seeing strength from existing customers because it is an expand model with cars.

所以我要開始了。首先，沒有特別的順序，重買率大致相同，幾乎相同。這會稍微移動一點，但總是在大約 60% 以北，介於 60% 和 70% 之間，具體取決於季度。這只是時機。因此，我們從現有客戶那裡看到了實力，因為它是一種帶有汽車的擴展模型。

But the overarching answer to your question is vehicles. The more vehicles that are available to consumers, and you've seen in my remarks, Bloomberg New Energy Finance has increased their prognosis for auto sales in both North America and Europe. As those things flow in at higher rates, we naturally see higher revenue as a result. So the comment that I make consistently is we're broadly exposed to the EV industry. So we're sort of an index in that respect in that as more and more vehicles come into the commercial space, it drives our commercial customers to purchase more. It drives new commercial customers.

但您問題的總體答案是車輛。消費者可以使用的車輛越多，正如你在我的講話中看到的，彭博新能源財經提高了他們對北美和歐洲汽車銷售的預測。隨著這些東西以更高的速度流入，我們自然會看到更高的收入。所以我一貫的評論是我們廣泛接觸電動汽車行業。因此，我們在這方面是一個指數，因為隨著越來越多的車輛進入商業領域，它會推動我們的商業客戶購買更多。它推動了新的商業客戶。

You saw my stat on the Fortune 500 and our deep penetration into the Fortune 500 in North America. It works the same way in fleet. And frankly, fleet is just getting started. It's just getting out of the gate. The vehicle demands are certainly there. The vehicle OEMs are just starting to roll vehicles, and you don't have a full complement of vehicle there to cover everything. So watch that one over time because that's going to be a very exciting space for ChargePoint.

您看到了我在財富 500 強中的統計數據，以及我們對北美財富 500 強的深入滲透。它在艦隊中的工作方式相同。坦率地說，艦隊才剛剛起步。它只是走出大門。車輛需求肯定存在。汽車原始設備製造商剛剛開始推出汽車，而且您沒有完整的汽車來涵蓋所有內容。所以隨著時間的推移觀看那個，因為這對於 ChargePoint 來說將是一個非常令人興奮的空間。

And then residentially, people just need access to charging where they live. And so you're seeing very strong demand there as evidenced by all the numbers that Rex laid out for you.

然後在住宅上，人們只需要在他們居住的地方充電。因此，您看到那裡的需求非常強勁，Rex 為您列出的所有數字都證明了這一點。

Rex, I think there was a comment...

雷克斯，我想有人評論...

The follow-up question was what was the contribution from the European acquisitions. As we had forecasted, it's approximately $4 million in revenue. And then separately from an OpEx perspective, it's about $5 million, but we won't be breaking those out going forward. But I think that gives you a sense of scale.

後續問題是歐洲收購的貢獻是什麼。正如我們預測的那樣，它的收入約為 400 萬美元。然後從運營支出的角度來看，大約是 500 萬美元，但我們不會在未來打破這些。但我認為這會給你一種規模感。

I do want to point out one thing on that. Those are software acquisitions. So that revenue is flowing into the software subscription line. And as we've said many times, the growth rate, which is so fantastically high in new port adds, that hardware revenue associated with that is recognized in the period. So there's a difference in the rev rec, and so that drives the disparity there in the kind of cursory apparent contribution to revenue between the subscription line and the hardware line, but they're inextricably linked.

我確實想指出一件事。這些是軟件收購。因此，收入流入軟件訂閱線。正如我們多次說過的那樣，新端口的增長率非常高，與此相關的硬件收入在這一時期得到了認可。因此，rev rec 存在差異，因此在訂閱線和硬件線之間對收入的粗略明顯貢獻方面存在差異，但它們有著千絲萬縷的聯繫。

And we will take our next question from Ryan Greenwald with Bank of America.

我們將向美國銀行的 Ryan Greenwald 提出下一個問題。

Maybe just going back to the margins and operating expenses. I appreciate the additional color on how you're thinking about fiscal '23 here. Can you just talk a bit about how you're thinking about the operating leverage into the outer-years as you think about cash flow breakeven in calendar '24?

也許只是回到利潤率和運營費用上。我很欣賞您在這裡如何考慮 23 財年的額外顏色。當您考慮 24 年日曆中的現金流盈虧平衡時，您能否談談您如何看待未來幾年的經營槓桿？

Yes. So I think, Ryan, what you have to do is first calculation is what's the OpEx as a percent of revenue for this year versus last. So last year, it was pretty much 100%. We're going to get 20-some points of benefit. I think it's just 76%, if I'm not mistaken. So go from 99% to 76%, that's a big move in 1 year.

是的。所以我認為，Ryan，你要做的首先是計算今年與去年相比，運營支出佔收入的百分比是多少。所以去年，幾乎是100%。我們將獲得 20 多點的好處。如果我沒記錯的話，我認為只有 76%。所以從 99% 到 76%，這是 1 年內的一大進步。

And as I mentioned earlier, I think the R&D should taper off at a little bit faster rate than some -- and then sales and marketing, for example. Then G&A should be fairly stable. So if you think about our growth rate next year, and obviously, I'm not going to guide to out-years, but we're on the front end of this thing. One would think we're going to have a meaningful growth rate in the ensuing years as well, but there's no way that OpEx is going to keep pace for that because it doesn't mean to. That's where all the leverage kicks in.

正如我之前提到的，我認為研發應該以比某些更快的速度逐漸減少——然後是銷售和營銷，例如。那麼 G&A 應該是相當穩定的。因此，如果您考慮一下我們明年的增長率，顯然，我不會指導未來幾年，但我們處於這件事的前端。有人會認為我們在接下來的幾年中也會有一個有意義的增長率，但 OpEx 不可能跟上這一步伐，因為這並不意味著要跟上。這就是所有槓桿作用的地方。

So we take that 23 points this time. I'd like to do that 2 or 3 [more]. We do better than that next year and better than that the year after and continue to drive that down and cross over in '24, which is what we've suggested.

所以我們這次拿了 23 分。我想做 2 或 3 [更多]。我們比明年做得更好，比後年做得更好，並繼續將其降低並在 24 年跨越，這就是我們所建議的。

And we will take our next question from Craig Irwin with ROTH Capital Partners.

我們將接受 Craig Irwin 和 ROTH Capital Partners 的下一個問題。

I should, too, add my congratulations to your execution and how you've set up the company for some impressive growth this year.

我也應該祝賀您的執行以及您如何建立公司以實現今年的一些令人印象深刻的增長。

Thank you.

謝謝你。

So the first question I wanted to ask is really it's a simple one, right? Product portfolio. You guys have invested a lot of money, a lot of effort in being ready for some of these different opportunities. I guess the top of mind is maybe fleet. But there is still quite a lot of innovation going on in the EV charging market. There's sort of micro DC chargers, there's sort of the battery in a box, there's a few different permutations that seem to be getting good interest out there from potential customers. We've yet to see if these are going to sell in significant volumes. But can you tell us sort of what you see as top priorities for ChargePoint as far as product portfolio over the next year? Should we expect a similar tempo of introductions? Or is that tempo even likely to increase from here?

所以我想問的第一個問題真的很簡單，對吧？產品簡介。你們投入了很多錢，付出了很多努力來為這些不同的機會做好準備。我想最重要的可能是艦隊。但電動汽車充電市場仍有相當多的創新在進行。有一種微型直流充電器，有一種盒子裡的電池，有一些不同的排列似乎引起了潛在客戶的濃厚興趣。我們還沒有看到這些是否會大量銷售。但是，您能否告訴我們您認為 ChargePoint 明年產品組合的首要任務是什麼？我們應該期待類似的介紹節奏嗎？或者這種節奏甚至可能從這裡開始增加？

We're -- we don't -- we're constantly rolling product, especially on the software side, and we usually don't formally announce that unless it's through a partnership. So on the software side, you're seeing just a tremendous amount of continuous evolution there.

我們——我們沒有——我們一直在推出產品，尤其是在軟件方面，我們通常不會正式宣布這一點，除非是通過合作夥伴關係。所以在軟件方面，你會看到大量的持續進化。

Your question is centered more around the hardware side, so I'll flip to that. With respect to the fleet announcement that you saw last year, every bit of that product line applies as much to consumer passenger car charging in the wild as it does fleet. We build all our technology. So the platforms are applicable to a broad set of verticals as possible.

你的問題更多地集中在硬件方面，所以我會轉向那個。關於您去年看到的車隊公告，該產品線的每一點都適用於野外消費乘用車充電，就像它對車隊一樣。我們構建我們所有的技術。因此，這些平台盡可能適用於廣泛的垂直領域。

So with respect to different speeds and feeds of DC chargers, evolution of the architecture, et cetera, yes, that's -- it's either part of stuff that we've already announced or we have a deep pipeline behind that. Because we haven't announced that, obviously, I can't talk in more detail about that.

因此，關於直流充電器的不同速度和饋電、架構的演變等等，是的，這要么是我們已經宣布的東西的一部分，要么我們背後有很深的管道。因為我們還沒有宣布，很明顯，我不能更詳細地談論它。

Same on the AC charging side. So our coverage is really broad. With your specific question around battery, our belief is that battery at the site makes sense. And we tend to focus on site-level energy storage when it makes sense to augment a site. We can -- we do not integrate battery directly into our chargers. It's easy to accomplish the same fundamental application benefit when that's applicable and only in those scenarios by using it at a site level. It also makes it much easier to expand at the site level. So we don't integrate battery into our chargers.

在交流充電端也是如此。所以我們的覆蓋面非常廣泛。關於您關於電池的具體問題，我們認為現場的電池是有道理的。當增強站點有意義時，我們傾向於關注站點級能量存儲。我們可以——我們不會將電池直接集成到我們的充電器中。當它適用並且僅在那些場景中通過在站點級別使用它時，很容易實現相同的基本應用程序優勢。它還使得在站點級別進行擴展變得更加容易。所以我們不會將電池集成到我們的充電器中。

Thing that we're all looking at in the space. Hopefully, we have improved visibility on how and when exactly this is going to flow. But there's some optimism that some of the money starts flowing later on this calendar year, which have been almost certainly in your fiscal year. How much of the strong guidance that you issued today would you say is related to this anticipated funding flow? Or is that potentially incremental support for what we see as a very strong market?

我們都在太空中看到的東西。希望我們能夠更好地了解這將如何以及何時流動。但有些人樂觀地認為，一些資金將在本日曆年晚些時候開始流動，這幾乎可以肯定是在您的財政年度。你今天發布的強有力的指導有多少與預期的資金流有關？還是對我們認為非常強勁的市場提供潛在的增量支持？

So we have a deep policy team that's done tremendous work over the nearly 15-year history of the company. So we're very close to this. And I'll remind you of comments that we've made consistently over the last year. We said programs which are very ambitious, like the infrastructure bill, monies that are dedicated to our space, those ambitious programs take a while in our experience to operationalize. We have a pretty good feel for how long that takes. And so our expectation is very conservative. We don't really have an expectation of that hitting in our number this year. We do -- we would expect it to hit in subsequent years.

因此，我們有一個深厚的政策團隊，在公司近 15 年的歷史中做了大量工作。所以我們非常接近這一點。我會提醒您我們在過去一年中一直發表的評論。我們說過非常雄心勃勃的計劃，例如基礎設施法案，專門用於我們空間的資金，這些雄心勃勃的計劃需要一段時間才能在我們的經驗中實施。我們對這需要多長時間有很好的感覺。所以我們的期望是非常保守的。我們真的不期望今年的數字會達到這個數字。我們做到了——我們預計它會在接下來的幾年裡出現。

We need to see how the state programs -- the majority of that money is going to flow through the states and then states up to construct their programs. And we have to see how they're constructed to be able to really evaluate how it's going to impact us on a go-forward basis. But we've had very, very, very good track record as a company historically on large participation rates in programs like that. And we would expect that if things are constructed as things have been in the past that we would be able to participate in them significantly.

我們需要看看州計劃如何——大部分資金將流經各州，然後各州建立他們的計劃。我們必須看看它們是如何構建的，才能真正評估它將如何在前進的基礎上影響我們。但是，作為一家公司，我們在此類項目的參與率很高方面有著非常、非常、非常好的歷史記錄。我們預計，如果事情按照過去的方式構建，我們將能夠大量參與其中。

So again, nothing built into this year. To remind you, it's -- the money, as it's currently been discussed by the administration, rolls over 5 years. The first year it's a slightly smaller amount, but then it's roughly $1 billion a year over that 5-year period, it's a little smaller in the first year.

再說一次，今年什麼都沒有。提醒您，這是 - 正如政府目前正在討論的那樣，這筆錢將滾動 5 年。第一年的數額略小，但在這 5 年期間每年大約為 10 億美元，第一年的數額略小一些。

We will take our next question from Stephen Gengaro with Stifel.

我們將與 Stifel 一起回答 Stephen Gengaro 的下一個問題。

The -- just curious. And I'm sort of trying to tie this a little bit into the gross margin trajectory you need to get into that 2024 cash flow. Talk about the mix, Rex, you've talked about this before, sort of the mix between commercial home and DC fast and the impact that has on margins. Has there been anything in the macro as far who the EV adoption rates and how that kind of affects where people charge? And I'm just sort of thinking about this from the standpoint of as the EV adoption cycle accelerates, there's probably more people who can charge at home. So I'm just sort of thinking about how that folds into your mix and margin assumptions.

——只是好奇。我試圖將其與您進入 2024 年現金流所需的毛利率軌跡聯繫起來。談論混合，雷克斯，你之前已經談到過這個，商業家庭和 DC 快速之間的混合以及對利潤率的影響。就電動汽車的採用率以及這種情況如何影響人們充電的地方而言，宏觀上有什麼東西嗎？我只是從電動汽車採用周期加速的角度來考慮這個問題，可能會有更多的人可以在家充電。所以我只是在想這如何融入你的混合和利潤假設。

That's a great question. And we've been committed from the beginning as a company to make sure that we have solutions so drivers can charge wherever they need to charge. And one of the most important aspects to recognize with EV charging is you don't have to go somewhere to go somewhere. And that's a very interesting value proposition if you're a consumer. It's an enhancement to your life.

這是一個很好的問題。作為一家公司，我們從一開始就致力於確保我們擁有解決方案，以便司機可以在需要充電的地方充電。電動汽車充電要認識到的最重要方面之一是您不必去某個地方就可以去某個地方。如果您是消費者，那將是一個非常有趣的價值主張。這是對你生活的一種提升。

So from our perspective, there may be some folks that purchase an EV that don't directly initially have available charging infrastructure where they live, but we're seeing very strong growth in our residential business. We're seeing that broad-based. We're seeing both single-family residents, we're seeing it in multifamily. If you look at our LeaseCo partnerships in Europe, that include a home reimbursement for fuel included with your car that's part of your compensation package, we're seeing tremendous growth there.

因此，從我們的角度來看，可能有些人購買的電動汽車最初並沒有直接在他們居住的地方擁有可用的充電基礎設施，但我們看到我們的住宅業務增長非常強勁。我們看到了廣泛的基礎。我們看到了單戶住宅，也看到了多戶住宅。如果您查看我們在歐洲的 LeaseCo 合作夥伴關係，其中包括您的汽車所包含的燃料的家庭報銷，這是您的補償方案的一部分，我們在那裡看到了巨大的增長。

In fact, we're making huge investments software-wise with our partners in Europe in that vertical, anticipating strong growth to continue there. So while some people may not have access at home, frankly, I think that will not be the dominant characteristic. I think most will at scale have some level of access, whether it be street side, multifamily or single-family residents.

事實上，我們正在與我們在歐洲的合作夥伴在該垂直領域進行大量軟件投資，預計該領域將繼續強勁增長。因此，坦率地說，雖然有些人可能無法在家中訪問，但我認為這不會是主要特徵。我認為大多數人都會有一定程度的訪問權限，無論是街邊、多戶住宅還是單戶住宅。

And we will take our next question from Steven Fox with Fox Advisors.

我們將接受 Steven Fox 和 Fox Advisors 的下一個問題。

I was wondering if you could just double-click a little bit more on the comment about the pipeline for fleet tripling as part of the sales targets for this year. I was just curious, how much of that is customer expansion versus changes in buying plans or site plans that you're seeing, like an expanded size of charging infrastructure by certain fleets to support different areas? How would you sort of describe why that pipeline is going up so much?

我想知道您是否可以在評論中雙擊更多關於將車隊增加三倍作為今年銷售目標的管道的評論。我只是好奇，其中有多少是客戶擴張與您看到的購買計劃或場地計劃的變化，例如某些車隊擴大充電基礎設施以支持不同地區的規模？你會如何描述為什麼這條管道會上漲這麼多？

Yes, happy to. So the main driver is, as Pat said earlier, people are starting to see vehicles coming. So passenger vehicles are on the way. And then there -- just talking to us about yesterday, I was talking about getting delivery of a substantial number of electric delivery vans. So you go, okay, so the vehicles are hitting the streets. What it really is, is people believing that this transition is coming. The vehicles will come, and they're getting ready for it because it's 100% an economic total cost of ownership game when it comes to a fleet operator because they -- it's a business, right? It's not a personal preference, emotional kind of thing.

是的，很高興。因此，正如帕特之前所說，主要驅動因素是人們開始看到車輛駛來。所以乘用車在路上。然後在那裡 - 剛剛和我們談論昨天，我正在談論交付大量電動送貨車。所以你去，好吧，所以車輛正在上街。事實上，人們相信這種轉變即將到來。車輛會來，他們正在為此做好準備，因為對於車隊運營商來說，這是 100% 的經濟總擁有成本遊戲，因為他們——這是一項業務，對嗎？這不是個人喜好，情感之類的東西。

So our RFP volume, which we've talked about in several calls, is enormous. It's an extremely vibrant and robust area for us. Our win rates are strong. And as Pat said earlier, there's a combination of everything you can imagine. Some people say, well, I want to buy software over here and hardware over there and this hardware over there and this service over there. And they're willing to integrate themselves. I think that's unfortunate side to do that because that's too hard to do.

因此，我們在多次電話會議中談到的 RFP 數量非常龐大。對我們來說，這是一個非常充滿活力和強大的領域。我們的勝率很高。正如帕特之前所說，你能想像到的一切都有。有人說，嗯，我想在這裡買軟件，那裡買硬件，那裡買硬件，那裡買服務。他們願意整合自己。我認為那是不幸的一面，因為那太難了。

But then there are a lot of people who are figuring out, what if I had a single-point solution and integrator like a ChargePoint. That would be the way to go. So I just think people are buying into exactly what Pat said, which is, I don't want to be the integrator. I believe that the total cost of ownership here is going to really drive my business. Let's go. And sure enough, vehicles are starting to hit the roads on that side, pickup trucks all the way up to -- the 18-wheelers aren't here yet, but up the stack. People know they got to get ready. So I think this is -- that part of the business is -- that part of the customer base has woken up.

但是有很多人在想，如果我有一個像 ChargePoint 這樣的單點解決方案和集成器會怎樣。那將是要走的路。所以我只是認為人們正在購買帕特所說的，也就是說，我不想成為集成商。我相信這裡的總擁有成本將真正推動我的業務。我們走吧。果然，車輛開始上路，皮卡車一直上到 - 18 輪車還沒有出現，但堆起來了。人們知道他們必須做好準備。所以我認為這是 - 業務的一部分 - 客戶群的一部分已經醒來。

And we will take our next question from David Kelley with Jefferies.

我們將回答大衛凱利和傑富瑞的下一個問題。

The auto dealer investment in charging infrastructure that's being mandated, can you talk a bit more about that opportunity, the mix of chargers that you expect to see there?

汽車經銷商對充電基礎設施的投資是強制性的，你能多談談這個機會，你希望在那裡看到的充電器組合嗎？

Sure. That's a subvertical that we've been in for a lot of years. And so we know it quite well. Dealerships, as they -- more and more of their inventory converts to electric, they have the normal care and feeding for their predelivery inspection and maintenance groups in the back of house, so to speak, where they deploy a variety of charging infrastructure, different speeds and feeds to suit the particular scenario.

當然。這是我們多年來一直從事的一個顛覆性領域。所以我們很清楚。經銷商，因為他們 - 越來越多的庫存轉換為電動，他們有正常的照顧和餵養他們在房子後面的預交付檢查和維護小組，可以說，他們部署了各種充電基礎設施，不同速度和飼料，以適應特定的情況。

They typically will have some form of charger and a service pay. It will tend to be either an AC charger or potentially a low-end DC charger in a service pay. You'll see the PDI facilities typically have a fast charger because the redelivery inspection doesn't take very long. So you'll see a medium capacity fast charger typically in those. And then out front, you'll see a combination of AC chargers and DC chargers. We see both, both for -- mostly for customer parking but occasionally for overflow at a dealership.

他們通常會有某種形式的充電器和服務費。它往往是交流充電器或可能是服務費中的低端直流充電器。您會看到 PDI 設施通常有一個快速充電器，因為重新交付檢查不需要很長時間。因此，您通常會在其中看到中等容量的快速充電器。然後在前面，您會看到交流充電器和直流充電器的組合。我們看到兩者，都是為了——主要是為了客戶停車，但偶爾是為了在經銷商處溢出。

And so the way we look at the segment is it's going to populate relatively quickly over the next -- this year and the next several years. They have to get ready to get the -- to be able to handle the inventory. So we expect it to be a robust segment for us. And eventually, it saturates. I think that's, frankly, years away right now. There's a lot of infrastructure to change over.

因此，我們看待該細分市場的方式是，它將在接下來的今年和未來幾年內相對快速地填充。他們必須準備好獲得 - 以便能夠處理庫存。因此，我們希望它對我們來說是一個強大的細分市場。最終，它會飽和。坦率地說，我認為那是幾年後的事了。有很多基礎設施需要改變。

And we will take our next question from Vikram Bagri with Needham and Company.

我們將與 Needham and Company 的 Vikram Bagri 一起回答我們的下一個問題。

Most of my questions have answered. I had sort of a housekeeping question. When I look at the port activation in fourth quarter, it seems like most of the growth came from Europe. One, can you talk about what kind of growth you're seeing? Which subsegment is the growth coming from? Your strategy for 2023, if you plan to enter new regions and markets within Europe and outside? And two, was there anything unusual why the old activation growth in the U.S. was not as strong -- outside of Europe was not as strong?

我的大部分問題都已經回答了。我有一個家政問題。當我查看第四季度的港口激活時，似乎大部分增長來自歐洲。一，你能談談你看到什麼樣的增長嗎？增長來自哪個細分市場？如果您計劃進入歐洲內外的新地區和市場，您的 2023 年戰略？第二，為什麼美國的舊激活增長沒有那麼強勁——歐洲以外的地區沒有那麼強勁，有什麼不尋常的地方嗎？

Yes. So a couple of things. So to keep one huge thing in mind, which is in our port count, we don't have residential at all. So we have a very robust residential business that we're proud of, but we don't count those in the activated port count states.

是的。所以有幾件事。所以要記住一件大事，那就是我們的港口數量，我們根本沒有住宅。所以我們有一個非常強大的住宅業務，我們引以為豪，但我們不計算那些處於激活港口計數州的業務。

The main reason why you would think it -- why you say it's moved a little more slowly is the mix shift in our business over the past 3 or 4 quarters has been a little less commercial workplace, retail hospitality on the AC side, a little bit more on the DC side, which is a variety of applications. A DC port is 10x-plus the cost of an AC port. So obviously, that's a great revenue perspective. But from a port count perspective, it's a slower-growth thing.

你會這麼想的主要原因——為什麼你說它移動得慢一點是因為我們的業務在過去 3 或 4 個季度的混合轉變已經少了一點商業工作場所，AC 方面的零售款待，一點在 DC 方面多一點，這是各種應用程序。 DC 端口是 AC 端口成本的 10 倍以上。很明顯，這是一個很好的收入前景。但從港口數量的角度來看，這是一個增長較慢的事情。

And then keep in mind that activated ports supports under management. So as we add ports in Europe, for example, we just did that by virtue of an acquisition -- yes, through an acquisition. There are ports we add that are not the ones necessarily that we sold because we will sell software without hardware but not hardware without software. So there is -- so that can skew things a little bit towards Europe.

然後請記住，激活的端口支持管理。因此，例如，當我們在歐洲增加港口時，我們只是通過收購來做到這一點 - 是的，通過收購。我們添加的端口不一定是我們銷售的端口，因為我們將銷售沒有硬件的軟件，而不是沒有軟件的硬件。所以有 - 所以這可能會使事情有點偏向歐洲。

And then the question, of course, is activation, right? So we may have a bang-up quarter, which we just did, shipping a lot of product. But if you -- like most people have a fairly back-end-loaded quarter because we do -- things accelerate through the 3 months of a given quarter. Most of what we ship in Q4 doesn't get turned on that quarter because it's got to get there. They got to put in the ground. They got to turn it on. They got to go through the activation process, activate software and everything else. So that's why you'll see a 1-quarter delay on a big chunk of what we sell versus what we activate.

然後問題當然是激活，對嗎？所以我們可能會有一個爆炸性的季度，我們剛剛做了，運送了很多產品。但是，如果你——像大多數人一樣，因為我們有一個相當後端負載的季度——事情會在給定季度的 3 個月內加速。我們在第四季度發布的大部分產品都沒有在那個季度啟用，因為它必須到達那裡。他們必須投入地下。他們必須打開它。他們必須經歷激活過程，激活軟件和其他一切。這就是為什麼你會看到我們銷售的大部分產品與我們激活的產品相比延遲了 1 個季度。

And we will take our next question from Kashy Harrison with Piper Sandler.

我們將回答 Kashy Harrison 和 Piper Sandler 的下一個問題。

Congrats on the revenue and OpEx leverage and guidance.

祝賀收入和運營支出槓桿和指導。

Thank you.

謝謝你。

So I would like to dig into gross margins for a second, if that's okay. You indicated that margins -- gross margins are taking a little bit of a hit entering calendar '22 just given the acceleration in growth, land and expand strategy, and securing supply. Presumably, your growth rate is going to be quite prolific entering calendar '23 just given what's implied in the second half of your guidance here. And so I was wondering if maybe you could walk us through some of the initiatives you're taking to drive gross margin expansion as you think about calendar '23, '24. And then in addition, if you could just maybe share some color on how to think about subscription gross margins, how to think about that moving forward.

所以我想深入研究一下毛利率，如果可以的話。您表示，考慮到增長、土地和擴張戰略以及確保供應的加速，進入 22 年日曆的毛利率受到了一些打擊。據推測，您的增長率將在進入日曆 '23 時非常多產，只是考慮到您在此處指導的後半部分所暗示的內容。因此，我想知道您是否可以向我們介紹您在考慮 23 年和 24 年日曆時為推動毛利率擴張而採取的一些舉措。此外，如果您可以分享一些關於如何考慮訂閱毛利率，如何考慮向前發展的看法。

Yes. So I think the question is what are the things that could go well as we look out into '23 and '24 from a gross margin perspective. I'd start off by saying that we've had 3 or 4 quarters of some of the hardest work I've seen anybody do it in ever. How we've managed to eke out even a point improvement for last year to me is quite remarkable. But again, we've been struggling with mix. And then insurance and supply in the face of a very, very high growth rate is really, really hard. And then it's also really hard when you're introducing new products, which we're definitely doing this year. And going to CN and go, look, I not only need to know if you can supply this, but I don't need very much with them in week 1 and I need more in week 2 and more in week 3. And you start ramping up yet another product that starts off not at scale. It's -- that's a headwind. That's very much a headwind.

是的。所以我認為問題是，當我們從毛利率的角度來看 23 和 24 年時，哪些事情會進展順利。我首先要說的是，我們已經完成了 3 到 4 個季度的一些我見過的任何人做過的最艱苦的工作。對我來說，我們如何設法使去年的分數提高了一點，這非常了不起。但同樣，我們一直在努力解決混合問題。然後面對非常非常高的增長率，保險和供應真的非常困難。然後，當您推出新產品時，這也非常困難，我們今年肯定會這樣做。去CN然後去，看，我不僅需要知道你是否能提供這個，而且我在第一周不需要太多，我在第二週需要更多，在第三週需要更多。然後你開始增加另一種開始時不是大規模的產品。這是 - 這是一個逆風。這非常不利。

Having said that, as the supply chain things ease, I do think there's a whole documented internal set of cost reductions by products that we will roll through as quickly as we can once we get past the assurance of supply issue. I think we've got some favorable things happening in the subscription line from an acquisition perspective, from a growth in our core business perspective. And then there's a lot of things we're doing because from a cost perspective there because, as you know or as I hope you know, our support organization lives in that line. So there's a lot of leverage and automation and other improvements, I think, we can get there.

話雖如此，隨著供應鏈的緩解，我確實認為有一套完整的內部記錄的產品成本降低，一旦我們通過供應問題的保證，我們將盡快推出。我認為從收購的角度來看，從我們核心業務的增長來看，我們在訂閱線中發生了一些有利的事情。然後我們正在做很多事情，因為從成本的角度來看，正如你所知或我希望你知道的那樣，我們的支持組織就在這條線上。所以有很多槓桿作用和自動化以及其他改進，我認為，我們可以做到。

One other thing, we used to have a very, very healthy gross margin in our other line because there was some components there that were heavily dependent on overall utilization. So when people start driving -- stop driving to work, that took -- that takes a bit of a bullet. So we do get back to work in the near term, and that part of the P&L turns back on as well. I think you'll see a good performance there.

另一件事是，我們過去在另一條線上有非常非常健康的毛利率，因為那裡有一些組件嚴重依賴於整體利用率。因此，當人們開始開車時——停止開車上班，這需要——需要一點子彈。因此，我們確實會在短期內恢復工作，而損益表的那部分也會重新啟動。我想你會在那裡看到很好的表現。

And then honestly, if the weather clears and we can get that 6 points I referenced in my script back, life is good. So it's real so -- but keep in mind, what I hope I implied, if not said literally in the call, we haven't assumed in our planning that anything materially changes from a go back to work, COVID, et cetera, standpoint. We've looked at the world as we know it today. And like -- we don't know when that switches, but we're going to -- we're not going to pick a date and set up our forecast in our P&L based on a date. So improvement in the external environment can only help us.

然後老實說，如果天氣晴朗，我們能把我在劇本中提到的 6 點拿回來，生活是美好的。所以這是真的 - 但請記住，我希望我暗示的內容，如果不是在電話中直接說的話，我們在計劃中並沒有假設從重新開始工作、COVID 等觀點來看任何重大變化.我們已經看到了我們今天所知道的世界。就像 - 我們不知道什麼時候會改變，但我們會 - 我們不會選擇一個日期並根據日期在損益表中設置我們的預測。所以外部環境的改善只能幫助我們。

And ladies and gentlemen, that concludes our question-and-answer session. I will now turn the call back to Pasquale for closing remarks.

女士們，先生們，我們的問答環節到此結束。我現在將電話轉回 Pasquale 以發表結束語。

Well, just -- we'll wrap up this call, which is pretty much on our anniversary as a public company by thanking you all for just a tremendous amount of great earnings call questions over the last year. We're really happy where we are and the progress that we've made. It's been quite exhilarating here as a company.

好吧，只是 - 我們將結束這次電話會議，這幾乎是我們作為一家上市公司的周年紀念日，感謝大家在過去一年中提出的大量重要的收益電話問題。我們真的很高興我們所處的位置以及我們取得的進展。作為一家公司，這裡非常令人振奮。

I want to thank all the ChargePointers out there. I know many of them are listening. It's been a great journey for everyone on our first year as a public company again. And on a go-forward basis, exciting times to come. You're really seeing us at the beginning of a very, very, very long multi-decade growth cycle. I can't emphasize that enough. This is not normal circumstances for most markets. Most markets don't have a growth curve nearly as steep nor do they have a period of growth that lasts as many years as this home will likely have.

我要感謝所有的 ChargePointers。我知道他們中的許多人都在聽。在我們作為上市公司的第一年，這對每個人來說都是一段美好的旅程。在前進的基礎上，激動人心的時刻即將到來。你真的看到我們正處於一個非常、非常、非常漫長的數十年增長周期的開始。我怎麼強調都不過分。對於大多數市場來說，這不是正常情況。大多數市場的增長曲線都沒有那麼陡峭，也沒有像這座房子那樣持續多年的增長期。

And we're -- as I tell folks here all the time, we're plus or minus at 1% penetration, depending on whether you're talking about North America or Europe into the fleet of vehicles out there, less so for fleets; for consumer passenger cars, plus or minus 1% or so. So a company like this can turn in these results at that level. For how early we are in penetration, we have enormous -- absolutely enormous expectations for what this looks like in just a very few years.

而且我們 - 正如我一直在這裡告訴人們的那樣，我們在 1% 的滲透率上是正負的，這取決於你是在談論北美還是歐洲進入那裡的車隊，對於車隊來說則更少;對於消費乘用車，正負1%左右。因此，像這樣的公司可以在該級別上交這些結果。對於我們的滲透有多早，我們對這在短短幾年內的樣子有著巨大的——絕對是巨大的期望。

So thank you very much, and we will see you next time.

所以非常感謝你，我們下次再見。

Ladies and gentlemen, this concludes today's conference call. We thank you for your participation. You may now disconnect. Goodbye.

女士們，先生們，今天的電話會議到此結束。我們感謝您的參與。您現在可以斷開連接。再見。