Tritium Dcfc Ltd (DCFC) 2022 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the Tritium full fiscal year 2022 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 Tritium 2022 財年財報電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Michael Collins. Please go ahead.

我現在想把會議交給你今天的演講者邁克爾·柯林斯。請繼續。

Thank you, operator, and good afternoon to everyone. We're glad you could join us today for Tritium's full fiscal year 2022 earnings conference call. Delivering prepared remarks on today's call are Chief Executive Officer, Jane Hunter; and Chief Financial Officer, Michael Hipwood. Incoming CFO, Rob Topol, will also be available during the Q&A session.

謝謝接線員，大家下午好。我們很高興您今天能加入我們參加 Tritium 的 2022 財年完整財報電話會議。首席執行官簡·亨特 (Jane Hunter) 在今天的電話會議上發表了準備好的講話；和首席財務官邁克爾·希普伍德。即將上任的首席財務官 Rob Topol 也將在問答環節提供。

Tritium has issued its results in a press release that can be found on the Investors section of our website at tritiumcharging.com. As a reminder, our (technical difficulty) on this call include forward-looking statements, which are subject to various risks and uncertainties. Statements may be based on certain assumptions and thus could cover actual results to differ materially from those predicted in the forward-looking statements.

Tritium 已在新聞稿中發布了其結果，該新聞稿可在我們網站 tritiumcharging.com 的“投資者”部分找到。提醒一下，我們在本次電話會議上的（技術難度）包括前瞻性陳述，這些陳述受到各種風險和不確定性的影響。陳述可能基於某些假設，因此可能涵蓋與前瞻性陳述中預測的結果存在重大差異的實際結果。

Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events. Factors that could cause actual results to differ materially can be found in today's press release and other documents filed with the SEC by the company from time to time, including our forthcoming report on Form 20-F. A recording of this call will also be available on the Investors section of our company website.

我們在本次電話會議上所做的任何前瞻性陳述均基於截至今天的假設，我們不承擔因新信息或未來事件而更新這些陳述的義務。可能導致實際結果出現重大差異的因素可以在今天的新聞稿和公司不時向 SEC 提交的其他文件中找到，包括我們即將發布的 20-F 表格報告。本次電話會議的錄音也將在我們公司網站的投資者部分提供。

And with that, I am pleased to turn the call over to Jane Hunter, Tritium's Chief Executive Officer.

有了這個，我很高興將這個電話轉給 Tritium 的首席執行官 Jane Hunter。

Thank you, Michael. Good afternoon, everyone, and thank you for joining us for Tritium's first earnings call. I'll let Michael Hipwood run through the detailed financial results, but the headline is that today, Tritium is reporting revenue results that is like the best fiscal all calendar year in the company's history.

謝謝你，邁克爾。大家下午好，感謝您參加 Tritium 的第一次財報電話會議。我將讓 Michael Hipwood 詳細介紹財務結果，但標題是，今天，Tritium 報告的收入結果就像公司歷史上所有日曆年最好的財政年度一樣。

For the fiscal year ended June 30, 2022, revenue was $86 million, a 53% increase over the prior fiscal year. This result was better than we expected in an environment of supply chain constraints, cost inflation, and a tight labor market. We saw great enthusiasm for our products and a market where demand is outstripping supply for fast electric vehicle chargers. This resulted in record sales of $203 million, an increase of 232% over the prior fiscal year. At June 30, order backlog was a record $149 million.

截至 2022 年 6 月 30 日的財年，收入為 8600 萬美元，比上一財年增長 53%。在供應鏈受限、成本膨脹和勞動力市場緊張的環境下，這一結果好於我們的預期。我們看到了人們對我們的產品的極大熱情，以及對快速電動汽車充電器供不應求的市場。這導致銷售額達到創紀錄的 2.03 億美元，比上一財年增長 232%。截至 6 月 30 日，訂單積壓達到創紀錄的 1.49 億美元。

Tritium reports sales orders and backlog based on executed and contracted purchase orders. So those figures don't include potential volumes from memorandums of understanding or customer forecasts. It would be an understatement to say it's been an exciting year for Tritium. Since listing on the NASDAQ in January, the company has improved our business in a number of key areas.

Tritium 根據已執行和已簽訂的採購訂單報告銷售訂單和積壓訂單。因此，這些數字不包括來自諒解備忘錄或客戶預測的潛在數量。可以輕描淡寫地說今年對 Tritium 來說是令人興奮的一年。自 1 月份在納斯達克上市以來，公司在多個關鍵領域改善了我們的業務。

We've added several large new customers on global framework agreements. We've continued to innovate and expand our product line launching our 150-kilowatt PKM fast charger. We've added talented new executives to our team. And just a few weeks ago, we officially opened our Tennessee factory, which we expect to be a game changer for the business.

我們在全球框架協議中增加了幾家大型新客戶。我們不斷創新和擴展我們的產品線，推出我們的 150 千瓦 PKM 快速充電器。我們為我們的團隊增加了才華橫溢的新高管。就在幾週前，我們正式開設了我們的田納西工廠，我們希望這將改變公司的遊戲規則。

I'll expand on each of these topics, but suffice to say Tritium is moving at an accelerated pace as we focus on operational excellence, scale to meet demand, and position ourselves to take advantage of favorable legislation in the US and globally. Recently, many analysts have made the call that the tipping point for EV uptake had been reached as more than half of global car buyers sought electric vehicles for the first time. Tritium is very well placed to take advantage of this historic disruption to transportation. We're among a handful of companies with a comprehensive fast charger product suite, a globally diversified revenue base and factories in the Asia Pacific and the US. Our products remain technologically differentiated from our competitors and are successfully winning tenders on the strength of low total cost of ownership and high reliability.

我將擴展這些主題中的每一個，但我只想說 Tritium 正在加快步伐，因為我們專注於卓越運營、擴大規模以滿足需求，並將我們自己定位為利用美國和全球有利的立法。最近，許多分析師稱，隨著超過一半的全球購車者首次購買電動汽車，電動汽車的普及率已經達到臨界點。氚非常適合利用這種歷史性的交通中斷。我們是少數幾家擁有全面快速充電器產品套件、全球多元化收入基礎以及在亞太地區和美國設有工廠的公司之一。我們的產品在技術上與競爭對手保持差異化，並憑藉低總擁有成本和高可靠性成功贏得投標。

The success of our strategic positioning is evidenced by the strength of our new and existing customer base. Tritium's global framework agreements with BP, Shell, and global energy utility Enel, are confirmation of the strength of our brand and customer trust in our products. Tritium is presently working with a number of prospective new customers across a wide range of geographies and solutions, and we expect to maintain and grow what we consider to be amongst the highest-quality customer registry in the entire charging category.

新老客戶群的實力證明了我們戰略定位的成功。 Tritium 與 BP、殼牌和全球能源公用事業公司 Enel 簽訂的全球框架協議證實了我們的品牌實力和客戶對我們產品的信任。 Tritium 目前正在與廣泛的地區和解決方案中的許多潛在新客戶合作，我們希望保持和發展我們認為是整個充電類別中最高質量的客戶登記處之一。

Major global and oil gas companies are now preparing to sell driver's electricity from their fuel forecourts and beyond. BP's initial order of nearly 1,000 chargers for their gas stations in the UK, Australia and New Zealand demonstrates their aggressive global rollout strategy. We continue to progress our close partnerships with BP and Shell in support of their global electrification strategies.

主要的全球和石油天然氣公司現在正準備從他們的燃料前院及其他地方出售司機的電力。 BP 為其在英國、澳大利亞和新西蘭的加油站訂購的近 1,000 台充電器的初始訂單表明了其積極的全球推廣戰略。我們繼續推進與 BP 和殼牌的密切合作，以支持他們的全球電氣化戰略。

We've entered into agreements to supply our fast chargers to multiple new and existing customers in the US, Europe, the UK, Canada, South America, Thailand, Australia and New Zealand, with orders, which we'll see us deploy thousands of fast chargers across those markets. We have secured US purchase orders from Enel X, EV Charging Solutions, Nicola, Siemens, Blink, ChargeNet, Crews, and YZV, among others. Across Europe and the UK, we have orders from customers like BP, Motor Fuel Group, Ionity, OK, Shell, Aqua superPower, EON Charge, Liberty Charge, Iberdrola, and Osprey.

我們已簽訂協議，向美國、歐洲、英國、加拿大、南美、泰國、澳大利亞和新西蘭的多個新老客戶提供我們的快速充電器，我們將看到我們部署數千個這些市場的快速充電器。我們已獲得來自 Enel X、EV Charging Solutions、Nicola、Siemens、Blink、ChargeNet、Crews 和 YZV 等的美國採購訂單。在歐洲和英國，我們收到了來自 BP、Motor Fuel Group、Ionity、OK、Shell、Aqua superPower、EON Charge、Liberty Charge、Iberdrola 和 Osprey 等客戶的訂單。

We held a grand opening for the Tennessee factory last month, and we were honored to host dignitaries from the local state and federal governments as well as Australia's ambassador to the United States, and many valued customers, suppliers and stakeholders. The opening of our factory in Tennessee will bring multiple business benefits to Tritium. The factory will enable the company to increase our margins by reducing freight costs.

上個月，我們為田納西工廠舉行了盛大的開幕式，我們很榮幸地接待了來自當地州和聯邦政府的政要以及澳大利亞駐美國大使，以及許多尊貴的客戶、供應商和利益相關者。我們在田納西州的工廠開業將為 Tritium 帶來多重商業利益。該工廠將使公司能夠通過降低運費成本來增加我們的利潤。

From Tennessee, we'll be able to truck our chargers across North America. We also expect to reduce our use of air freight, with an expectation that we'll increasingly make use of sea freight to ship products to Europe from the East Coast ports of Savannah and Charleston at materially less expense and a reduced time at sea than sea freight from Brisbane to Europe.

從田納西州，我們將能夠將我們的充電器運送到整個北美。我們還希望減少對空運的使用，並期望我們將越來越多地利用海運將產品從東海岸的薩凡納和查爾斯頓港口運送到歐洲，而海上運輸的費用和時間比海上要少得多從布里斯班到歐洲的運費。

Over the past fiscal year, air freight to Europe from Australia has been as much as 12% of the sale price of a 75-kilowatt charger and 13% of the sale price of a 350-kilowatt charger. Time at sea from Brisbane to Amsterdam rose from six weeks to seven weeks pre-COVID to eight weeks, and congested ports further extended transit times. The expected time at sea from US East Coast ports to the Netherlands is 10 to 15 days.

在過去一個財政年度，從澳大利亞空運到歐洲的運費高達 75 千瓦充電器售價的 12% 和 350 千瓦充電器售價的 13%。從布里斯班到阿姆斯特丹的海上時間從 COVID 之前的六周到七週增加到八週，擁擠的港口進一步延長了運輸時間。從美國東海岸港口到荷蘭的預計海上時間為 10 至 15 天。

In addition to the added time, the cost of moving goods increased substantially in the fiscal year. Inbound and outbound freight costs for Tritium to and from Brisbane increased to 30% and 21% respectively. Importantly, as Michael will detail, we see this inflation repressures easing, and the new factory is in an optimal location in terms of proximity to suppliers and customers.

除了增加的時間外，本財年的貨物運輸成本也大幅增加。 Tritium 往返布里斯班的進出境運費分別增加到 30% 和 21%。重要的是，正如邁克爾將詳述的那樣，我們看到這種通脹壓力正在緩解，並且新工廠位於靠近供應商和客戶的最佳位置。

Building products in Tennessee will reduce our lead times for charging equipment for our US and European customers shortening our order-to-cash cycle and improving customer satisfaction. The Tennessee factory significantly increases our annual manufacturing capacity and associated revenue, supporting us to meet market demand and reduce backlog. We also expect to see improved margins through factory layout efficiencies, such as the co-located warehouse, a longer floor plate for more production line stages, which reduces complexity per stage and allows us to more rapidly onboard new staff, as well as separate end of line test base per production line. These greenfield factory benefits as well as the depth of the manufacturing talent base in the local region are already paying off with record tact time hit at the facility in its third week of production.

在田納西州製造產品將縮短我們為美國和歐洲客戶提供充電設備的交貨時間，從而縮短我們的訂單到現金周期並提高客戶滿意度。田納西工廠顯著提高了我們的年製造能力和相關收入，支持我們滿足市場需求並減少積壓。我們還希望通過工廠佈局效率提高利潤率，例如共址倉庫、用於更多生產線階段的更長地板，這降低了每個階段的複雜性，使我們能夠更快地入職新員工，以及獨立的終端每條生產線的生產線測試基地。這些新建工廠的好處以及當地製造人才基地的深度已經得到了回報，該工廠在生產的第三週就創下了創紀錄的節拍時間。

Our US factory enables Tritium to take advantage of billions of dollars of US federal government formula and grant funding, allocated to the rollout of public charging on American highways and alternate fuel corridors via the Bipartisan Infrastructure Law. We expect US demand for charging infrastructure to be further driven by the Inflation Reduction Act, tax credits for both EVs and EV chargers, and associated site installation costs. Tritium is one of a handful of manufacturers building locally who will be able to build by America-compliant chargers in 2023.

我們的美國工廠使 Tritium 能夠利用數十億美元的美國聯邦政府公式和撥款資金，通過兩黨基礎設施法分配給美國高速公路和替代燃料走廊的公共收費。我們預計美國對充電基礎設施的需求將進一步受到《通脹降低法案》、電動汽車和電動汽車充電器的稅收抵免以及相關的現場安裝成本的推動。 Tritium 是少數幾家能夠在 2023 年使用符合美國標準的充電器製造的製造商之一。

The factory was completed within the planned budget of $8 million. There will be additional investment as we add production lines over the coming year. We took possession of the property on March 1, and we're building our first chargers in July. Although this was an incredibly fast project from start to finish, we were six weeks behind our planned production ramp-up due to supply constraints and recruitment delays.

該工廠在 800 萬美元的計劃預算內完成。隨著我們在來年增加生產線，將會有額外的投資。我們於 3 月 1 日接管了這處房產，並在 7 月建造了我們的第一個充電器。儘管這是一個從頭到尾都非常快的項目，但由於供應限制和招聘延遲，我們比計劃的生產量落後了六週。

Tennessee enjoys near-record low unemployment across the state. To put this in perspective, July and August recorded unemployment rates in Tennessee of just 3.3% and 3.4% respectively, just marginally higher than the all-time low of 3.2% set earlier this year. While over the long term, this broader employment backdrop creates precisely the type of communities in which we want our employees to work and live, it did result in the longer-than-expected onboarding of our workforce.

田納西州在全州享有接近創紀錄的低失業率。從這個角度來看，7 月和 8 月田納西州的失業率分別僅為 3.3% 和 3.4%，僅略高於今年早些時候創下的 3.2% 的歷史低點。雖然從長遠來看，這種更廣泛的就業背景恰恰創造了我們希望我們的員工工作和生活的社區類型，但它確實導致我們員工的入職時間長於預期。

We are delighted to report though that we are now enjoying our targeted staffing levels in Tennessee and the workforce is committed and talented. We're very proud of the positive impact that our new factory has had on the local community, and we've certainly received a very warm welcome there.

儘管我們很高興地報告說，我們現在正在享受我們在田納西州的目標人員配備水平，而且員工隊伍是有奉獻精神和才華橫溢的。我們為我們的新工廠對當地社區產生的積極影響感到非常自豪，我們在那里當然受到了非常熱烈的歡迎。

Today, we've hired over 100 workers locally, and we're onboarding around 10 staff a week as our ramp-up continues. Although the six-week delay commensurately pushes six weeks of planned builds and the associated $45 million of revenue into the first quarter of calendar year 2023, to date, we have not lost any of those purchase orders. And we expect to continue to fulfil our order backlog as production capacity increases and order fulfilment accelerates through the rest of this calendar year.

今天，我們已經在當地僱傭了 100 多名員工，並且隨著我們的持續增長，我們每週將招募大約 10 名員工。儘管六週的延遲相應地將六週的計劃建造和相關的 4500 萬美元收入推遲到 2023 日曆年第一季度，但迄今為止，我們並沒有丟失任何這些採購訂單。隨著產能的增加和訂單履行在本日曆年剩餘時間內的加速，我們預計將繼續履行我們的訂單積壓。

As has been the plan, production capacity at Tennessee was designed and is expected to ramp up over the next 16 months. By the end of this calendar year, our Tennessee capacity is expected to be 6,000 units per year and by the calendar end of 2023, an expected 28,000 units per year. To put this in perspective relative to Tritium's legacy footprint, our existing Brisbane factory has a capacity of up to 5,000 charging units per year. So the scale-up is enormous.

按照計劃，田納西州的生產能力已設計完成，預計將在未來 16 個月內增加。到今年年底，我們田納西州的產能預計為每年 6,000 輛，到 2023 年底，預計為每年 28,000 輛。與 Tritium 的傳統足跡相比，我們現有的布里斯班工廠每年可生產多達 5,000 個充電裝置。所以規模擴大是巨大的。

Although Europe remained our largest region for revenue in the fiscal year, our investment in Tennessee is in anticipation of substantial increases in market demand for North America. It will also better position Tritium for the freight of products to Europe in terms of price, time on the ocean, and availability.

儘管歐洲仍然是我們本財年收入最大的地區，但我們在田納西州的投資預計北美市場需求將大幅增加。它還將在價格、海上時間和可用性方面更好地定位 Tritium 將產品運往歐洲。

The new factory will only build Tritium's latest generation chargers. For this year and next, that will be our modular, scalable RTM 50- and 75-kilowatt chargers and our PKM100 and 150-kilowatt chargers. These modular products are faster to build being designed for manufacturer and service with 80% parts commonality across product lines.

新工廠將只生產 Tritium 最新一代的充電器。今年和明年，這將是我們模塊化、可擴展的 RTM 50 和 75 千瓦充電器以及我們的 PKM100 和 150 千瓦充電器。這些模塊化產品的構建速度更快，專為製造商和服務而設計，具有 80% 的跨產品線零件通用性。

The modular design includes sale over modes and easy field serviceability designed to provide world-class reliability and uptime. We're now manufacturing and shipping our modular 150-kilowatt charger, which uses our innovative DC microgrid architecture, and which is planned to be NEVI and Buy America-compliant in 2023. This architecture provides the flexibility for the charging site and the chargers to have power levels increased at a later date as site utilization and increasing car battery capacity drive up power demand or as the site operator works with the local utility to increase their grid feed.

模塊化設計包括銷售模式和易於現場維修，旨在提供世界一流的可靠性和正常運行時間。我們現在正在製造和運輸我們的模塊化 150 千瓦充電器，該充電器使用我們創新的直流微電網架構，併計劃在 2023 年符合 NEVI 和 Buy America 標準。這種架構為充電站點和充電器提供了靈活性隨著站點利用率和汽車電池容量增加推動電力需求或站點運營商與當地公用事業公司合作以增加其電網饋電，電力水平會在以後增加。

Through this architecture, customers can lower their upfront capital investment and design their charging sites to be capable of scaling with their businesses. Our customers have embraced this architecture and model, and we have a significant backlog of orders for this new product. Our next-generation technology retains the best of Tritium's differentiated and patented designs, remaining the world's only fully liquid-cooled ingress protection 65-rated fast charging technology.

通過這種架構，客戶可以降低他們的前期資本投資，並設計他們的充電站，使其能夠隨著他們的業務擴展。我們的客戶已經接受了這種架構和模型，並且我們有大量積壓的新產品訂單。我們的下一代技術保留了 Tritium 差異化和專利設計的精華，是世界上唯一的全液冷入口保護 65 級快速充電技術。

Our technology roadmap sees us launching another Buy America and NEVI-compliant fast charger in late 2023, our (technical difficulty) modular and scalable charger, which is expected to be produced in large quantities in 2024. This model will allow customers to add 250 miles of range to their EV in about 10 minutes, which we expect to appeal not only to public charging network operators but also to fleet and commercial customers.

我們的技術路線圖顯示，我們將在 2023 年底推出另一款符合 Buy America 和 NEVI 標準的快速充電器，這是我們的（技術難度）模塊化和可擴展充電器，預計將在 2024 年大批量生產。該型號將允許客戶增加 250 英里在大約 10 分鐘內，他們的電動汽車的續航里程，我們預計這不僅會吸引公共充電網絡運營商，還會吸引車隊和商業客戶。

We're also pleased to report that we continue to progress our technology roadmap towards release of a 32-kilowatt DC wall unit that we expect to be particularly suitable for fleets and car park applications, as well as our 1-megawatt charger for trucks, ferries and buses. We anticipate sharing more news on this effort in 2023.

我們也很高興地報告，我們繼續推進我們的技術路線圖，以發布我們預計特別適用於車隊和停車場應用的 32 千瓦直流壁掛單元，以及我們的 1 兆瓦卡車充電器，渡輪和公共汽車。我們預計在 2023 年分享更多關於這項工作的新聞。

This fiscal year has been momentous for Tritium. As well as achieving record revenue, sales orders and backlog, we secured Shell as a customer in August, listed the company on the NASDAQ in January, joined President Biden at the White House in February, onboarded our new US general counsel, Michael Collins from onsemi in March, secured BP as a customer in April. The same month, we welcomed our new Chief People Officer, Keith Hutchison from the National Grid. We started building and shipping our new PKM150-kilowatt chargers. And we executed a lease and built a factory in Tennessee, which started assembling chargers in July.

本財年對 Tritium 來說意義重大。除了實現創紀錄的收入、銷售訂單和積壓訂單外，我們還於 8 月獲得了殼牌的客戶身份，1 月將該公司在納斯達克上市，2 月與拜登總統在白宮會面，並任命了我們新的美國總法律顧問邁克爾·柯林斯 (Michael Collins) onsemi 在 3 月，在 4 月獲得了 BP 的客戶身份。同月，我們迎來了來自國家電網的新任首席人力官 Keith Hutchison。我們開始製造和運輸我們新的 PKM150 千瓦充電器。我們簽訂了一份租約，在田納西州建立了一家工廠，並於 7 月開始組裝充電器。

Throughout those milestones, we've remained 100% focused on operational execution, making incremental and sustainable changes to the business, which are planned to further improve our margins and increase our revenue in the coming fiscal year. And we've remained focused on the prize of electrifying transportation, which remains our mission as it has been for Tritium throughout its 21-year history from its roots in solar racing.

在這些里程碑中，我們始終 100% 專注於運營執行，對業務進行漸進式和可持續的變革，計劃在下一財年進一步提高我們的利潤率並增加我們的收入。我們一直專注於交通電氣化這一獎項，這仍然是我們的使命，就像 Tritium 從太陽能競賽的根源在其 21 年的歷史中一樣。

And with that, I'll turn the call over to Michael Hipwood.

有了這個，我會把電話轉給 Michael Hipwood。

Thank you, Jane, and thanks to everyone for joining us. As Jane mentioned, Tritium's fiscal year ended June 30, 2022 results were the strongest in the company's history. The company achieved record results in sales orders, backlog, and revenue with a significant increase to year-over-year margin.

謝謝你，簡，也感謝大家加入我們。正如簡所提到的，氚公司截至 2022 年 6 月 30 日的財年業績是公司歷史上最強勁的。該公司在銷售訂單、積壓和收入方面取得了創紀錄的成績，同比利潤率顯著提高。

For the fiscal year 2022, the company recorded sales orders of $203 million, an increase of 232% over fiscal year 2021. Order backlog, as previously mentioned, was a record of $149 million. And revenue came in at $86 million, a 53% increase over the period ending June 30, 2021. This revenue is the highest in the company's history for both a fiscal and calendar year, driven by strong sales growth and improved operations in charger building times.

2022 財年，該公司的銷售訂單為 2.03 億美元，比 2021 財年增長 232%。如前所述，訂單積壓達到創紀錄的 1.49 億美元。收入為 8600 萬美元，比截至 2021 年 6 月 30 日的期間增長了 53%。這一收入是公司歷史上一個財政年度和日曆年的最高水平，這得益於強勁的銷售增長和充電器製造時間的改善運營.

Gross margin for fiscal year 2022 was negative 0.4%, which was a 300-basis-point improvement year on year. We were able to improve our margins despite the world documented global supply chain issues and worldwide increases in inflation, affecting companies across the manufacturing and electronics industries.

2022財年毛利率為負0.4%，同比提高300個基點。儘管全球供應鏈問題和全球通脹上升影響了製造業和電子行業的公司，但我們仍然能夠提高利潤率。

We began to see improvements in our margins as we progressed our planned path to profitability. This path to profitability is based on two pillars. First, scaling our production capacity; and second, design improvements to our product lineup that feature greatest standardization of components and design for manufacture. Of course, a discussion on profitability cannot be heard by any manufacturer today without an acknowledgment of the incredible dual headwinds from inflation and incremental costs from supply chain disruptions.

隨著我們計劃的盈利之路的推進，我們開始看到我們的利潤率有所提高。這條盈利之路基於兩個支柱。一是擴大產能；其次，對我們的產品系列進行設計改進，以實現組件和製造設計的最大標準化。當然，如果不承認通貨膨脹帶來的令人難以置信的雙重阻力和供應鏈中斷帶來的增量成本，今天任何製造商都無法聽到關於盈利能力的討論。

Inflation affected many components in the Tritium charger in the last fiscal year. In particular, the global chip shortage has driven printed circuit board assembly prices up significantly as well as materials for power conversion models. As an illustration, for our 75-kilowatt charger, semiconductor parts increased in price by 27% year over year, while modular parts prices increased by 24%. These parts alone make up 30% to 40% of components in a finished charger. These factors impact DC chargers more meaningfully than AC chargers due to the technological complexity of a DC fast charger.

在上一財年，通貨膨脹影響了氚充電器中的許多組件。尤其是全球芯片短缺，推動了印刷電路板組裝價格以及電源轉換模型的材料價格大幅上漲。例如，對於我們的 75 千瓦充電器，半導體零件價格同比上漲 27%，而模塊化零件價格上漲 24%。僅這些部件就佔成品充電器組件的 30% 至 40%。由於直流快速充電器的技術複雜性，這些因素對直流充電器的影響比交流充電器更有意義。

Outbound freight costs from Brisbane also increased by 27% over the same period, further compressing margins. Nonetheless, we are already seeing the green shoots of relief in some of these pressures. We expect a combination of factors to result in a continued upward trajectory for our gross margin, particularly in 2023 and 2024.

布里斯班的出境運費同期也增加了 27%，進一步壓縮了利潤率。儘管如此，我們已經看到其中一些壓力的緩解萌芽。我們預計多種因素將導致我們的毛利率持續上升，尤其是在 2023 年和 2024 年。

These are: firstly, reduced input price pressures and improved component availability; second, price increases that we've either implemented or are currently negotiating with our customers; third, a material reduction in our freight costs as the bulk of our production shifts to Tennessee; and finally, a continued expansion in sales, production and revenue that will allow a high percentage of production overheads to be absorbed on a per charger basis.

它們是：首先，降低投入價格壓力和提高組件可用性；第二，我們已經實施或正在與客戶談判的價格上漲；第三，隨著我們的大部分生產轉移到田納西州，我們的運費成本大幅降低；最後，銷售、生產和收入的持續增長將使每個充電器能夠吸收高比例的生產間接費用。

SG&A expenses were $74.3 million over the fiscal year. $28 million of those costs were related to stock-based compensation to staff on the accomplishment of the listing of the company on the NASDAQ.

本財年的 SG&A 費用為 7430 萬美元。其中 2800 萬美元與公司在納斯達克上市後對員工的股票補償有關。

Going forward, we should see the SG&A base of $46 million increasing in line with the inflation and wage growth, now that the company is nearing the full complement of corporate staff, IT systems, professional advisors, and the necessary insurances for a global manufacturing business.

展望未來，我們應該會看到 4600 萬美元的 SG&A 基數隨著通貨膨脹和工資增長而增加，因為該公司的公司員工、IT 系統、專業顧問和全球製造業務的必要保險已經接近滿員.

We have previously discussed our CapEx light business model as a contributor to our long-term plan towards positive cash flow generation. Unlike other manufacturers, the cost to expand our production footprints and capacity is relatively modest, and our CapEx in 2022 was only $7 million. Going forward, we expect similar levels of CapEx, the majority of which would be committed to higher production capacity.

我們之前曾討論過我們的資本支出輕業務模式，作為我們實現正現金流產生的長期計劃的貢獻者。與其他製造商不同，我們擴大生產足跡和產能的成本相對適中，我們在 2022 年的資本支出僅為 700 萬美元。展望未來，我們預計資本支出水平相似，其中大部分將致力於提高產能。

Comprehensive loss for fiscal year 2022 was $120 million, which included $35 million in one-time, stock-based compensation, fringe benefit tax and listing costs, as well as investments in manufacturing capacity, sales and in field services. On September 6, 2022, Tritium announced that we had closed the refinancing of our existing $90 million credit facility held by our long-term financing partners, Cigna & Barings, entering into a new $150 million facility. In addition, we announced the closing of the $75 million committed equity facility with B. Riley.

2022 財年的綜合虧損為 1.2 億美元，其中包括 3500 萬美元的一次性股票薪酬、附加福利稅和上市成本，以及對製造能力、銷售和現場服務的投資。 2022 年 9 月 6 日，Tritium 宣布，我們已完成對我們的長期融資合作夥伴 Cigna & Barings 持有的現有 9000 萬美元信貸額度的再融資，進入一項新的 1.5 億美元信貸額度。此外，我們宣布與 B. Riley 完成 7500 萬美元的承諾股權融資。

Capital available to the company from these financings will be primarily used for working capital investments, particularly the purchase of long lead time components for our chargers and the material inventory ramp-up required to meet increased orders. Our overall outlook remains positive for the remainder of calendar year 2022.

公司可從這些融資中獲得的資金將主要用於營運資本投資，特別是為我們的充電器購買較長交貨時間的組件，以及為滿足增加的訂單而增加材料庫存。我們對 2022 年剩餘時間的總體前景保持樂觀。

With our Tennessee facility now online and ramping to capacity, a large and growing backlog, and measures we are taking to overcome various supply challenges in the global economy, we are confident in the strong drivers supporting our revenue and gross margin progress as we look towards 2023. In the near term, as a result of the six-week delay in production in Tennessee, we now expect revenue for calendar year 2022 to be approximately $125 million, with the six weeks of delayed revenue of approximately $45 million moving to the first quarter of calendar year 2023. This adjustment reflects a change in timing rather than a change in expectations of business performance.

隨著我們的田納西州工廠現已上線並正在增加產能，大量且不斷增長的積壓，以及我們為克服全球經濟中的各種供應挑戰而採取的措施，我們對支持我們的收入和毛利率進步的強大驅動力充滿信心，因為我們期待2023. 在短期內，由於田納西州的生產延遲六週，我們現在預計 2022 日曆年的收入約為 1.25 億美元，延遲六週的收入約為 4500 萬美元2023 日曆年的季度。這一調整反映了時間的變化，而不是業務績效預期的變化。

With that, I thank you all again for joining Tritium's first earning call. I will now turn the call back to Jane for closing remarks.

有了這個，我再次感謝大家加入 Tritium 的第一次收益電話會議。我現在將電話轉回給 Jane 以結束髮言。

Thank you, Michael. Before we open up the call for Q&A, I want to take a moment to thank the entire global Tritium team. Whether you've been working with us for years in Brisbane, Amsterdam, Los Angeles, the UK, Singapore, Denmark, or anywhere in the world, or you've only just joined the team in Tennessee, we appreciate all that you do every day to drive our company forward in our mission to electrify transportation. It was an incredible experience opening the Tennessee factory and meeting our wonderful new team there that just keeps growing every week.

謝謝你，邁克爾。在我們打開問答電話之前，我想花一點時間感謝整個全球 Tritium 團隊。無論您是在布里斯班、阿姆斯特丹、洛杉磯、英國、新加坡、丹麥或世界任何地方與我們合作多年，還是剛剛加入田納西州的團隊，我們都感謝您所做的一切推動我們公司在實現交通電氣化的使命中前進的日子。開設田納西工廠並在那裡結識我們每週都在不斷壯大的優秀新團隊，這是一次令人難以置信的經歷。

The skills and talent of that team will drive cross-jurisdictional knowledge share, and we expect our Brisbane team to be learning from the folk in Tennessee as much as our team at the new factory is learning from the old hands. This fiscal year has been a validation of Tritium's tenacity and vision for fast charging everywhere, for Tritium has held an unwavering belief that the world's transport fleet will electrify enabled by public fast charging everywhere. It's only in the last two years that that vision has become our shared future. And Tritium is in the driver's seat to deliver it.

該團隊的技能和才能將推動跨轄區的知識共享，我們希望我們的布里斯班團隊能夠向田納西州的人們學習，就像我們在新工廠的團隊正在向老手學習一樣。本財年驗證了 Tritium 對無處不在的快速充電的堅韌和願景，因為 Tritium 堅信世界的運輸車隊將通過無處不在的公共快速充電實現電氣化。直到最近兩年，這一願景才成為我們共同的未來。氚在駕駛座上提供它。

I'd like to conclude today's call by emphasizing how honored I am to lead Tritium during such a pivotal time in the company's history and at this historic moment for the electrification of global transport. Tritium's technology will help enable the rapid conversion of vehicles from combustion engines to electric motors, removing impediments concerning range, charge time, and the reliability of infrastructure. The rollout of fast charging is a vital part of the EV transition now underway, which will reduce global emissions and hasten the renewable energy transition, and Tritium is at the forefront of making that happen.

在結束今天的電話會議時，我想強調我非常榮幸能夠在公司歷史上如此關鍵的時刻以及在全球交通電氣化的這一歷史性時刻領導 Tritium。 Tritium 的技術將有助於實現車輛從內燃機到電動機的快速轉換，消除有關範圍、充電時間和基礎設施可靠性的障礙。快速充電的推出是目前正在進行的電動汽車轉型的重要組成部分，這將減少全球排放並加速可再生能源轉型，而氚處於實現這一目標的最前沿。

With that, we'll open the call to questions.

有了這個，我們將打開問題的電話。

(Operator Instructions) Steven Fox, Fox Advisors.

（操作員說明）Fox Advisors 的 Steven Fox。

Hi. Good afternoon. Thanks for taking my question and congrats on your first earnings release.

你好。下午好。感謝您提出我的問題，並祝賀您首次發布收益報告。

Hey, Steve.

嘿，史蒂夫。

So for first question, I was just curious. So based on the push out of revenues because of the timing with ramping the Tennessee plant, how do we start thinking about 2023 on top of this $45 million in revenues? Because you also have substantial orders on your books already, and then you also have a lot of customer announcements that I don't think are in the orders yet. So any range you could put on what kind of growth you think is reasonable to achieve in the -- for an environment as we look after next year. And then I have a follow-up.

所以對於第一個問題，我只是好奇。因此，由於田納西州工廠擴建的時機導致收入的減少，我們如何在這 4500 萬美元的收入之上開始考慮 2023 年？因為您的賬簿上也已經有大量訂單，然後您還有很多我認為還沒有在訂單中的客戶公告。因此，您可以將任何範圍放在您認為在我們明年照顧的環境中可以實現的合理增長。然後我有一個跟進。

Yeah. So we're very optimistic about the near- and immediate-term prospects for Tritium in 2023, given that we're recording fiscal years. I think importantly for today's release, we came in within 1% of planned revenue in the second half of FY22 and within 3% of plan for the full fiscal year 2022. So it's very good, very close to plan for the fiscal year.

是的。因此，鑑於我們正在記錄財政年度，我們對 2023 年氚的近期和近期前景非常樂觀。我認為對於今天的發布而言，重要的是，我們在 22 財年下半年的計劃收入和 2022 財年計劃的 3% 以內。所以它非常好，非常接近本財年的計劃。

Absolutely, we've talked about this six weeks delay in the factory at Tennessee in terms of what we had planned to build there. Talking about that delay, again, it's worth reiterating that that's a calendar year measure and we're reporting in fiscal years. So we are forecasting that six weeks of revenue plan for the first two quarters of fiscal year '23. That's the $45 million, we'll push into the third quarter of fiscal year '23.

當然，就我們計劃在那裡建造的東西而言，我們已經討論了田納西州工廠的這六周延遲。再次談到延遲，值得重申的是，這是一個日曆年的衡量標準，我們在財政年度進行報告。因此，我們預測 23 財年前兩個季度的六週收入計劃。那是 4500 萬美元，我們將推進到 23 財年的第三季度。

Our COO though is operating on a plan to try and catch those six weeks up within the fiscal year '23, Steve. So there may be no impact on an annualized basis, but we'll be able to provide an update on that at our next half-year release.

不過，我們的首席運營官正在製定一項計劃，試圖在 23 財年趕上這六週，史蒂夫。因此，按年計算可能沒有影響，但我們將能夠在下一個半年發佈時提供更新。

I think though, in terms of the delay, there was, as we mentioned, the component shortages, which had an impact on the end-of-line test equipment and the staff onboarding that didn't meet schedule. But we don't believe the $45 million of revenue that's going to shift to quarter three of financial year '23. It means that any of that revenue is lost because we don't need to make room for the shifted revenue. We expect to grow production capacity throughout 2023. And our objective and plan is not to be building at production capacity.

不過，我認為，就延遲而言，正如我們所提到的，組件短缺對生產線末端測試設備和未按計劃完成的員工入職產生了影響。但我們不相信 4500 萬美元的收入會轉移到 23 財年第三季度。這意味著任何收入都會丟失，因為我們不需要為轉移的收入騰出空間。我們預計將在 2023 年全年增加產能。我們的目標和計劃不是建立產能。

That's helpful. And then as a follow-up, I was just curious if you can provide a little bit more insight into the planning that goes on from here in Tennessee. It's still a substantial ramp in terms of your targets going towards the 28,000 or 30,000 units over the next 18 months or so. How do you manage that dance between because there's been issues already between labor components, shipments? What do you have to do to make sure that that's sort of a smooth and orderly ramp over the course of that time period? Thanks.

這很有幫助。然後作為後續行動，我只是想知道您是否可以對田納西州的規劃提供更多的見解。就您在未來 18 個月左右達到 28,000 或 30,000 個單位的目標而言，這仍然是一個巨大的增長。由於勞動力組件和運輸之間已經存在問題，您如何管理這種舞蹈？你需要做些什麼來確保在這段時間裡這是一個平穩有序的斜坡？謝謝。

Yeah. The ramp, as you said, is still quite steep. So 6,000-unit capacity at Tennessee plus the 5,000 in Brisbane by the end of this calendar year. Then we have to get to 28,000 by the end of calendar year 2023. That involves additional spend in the vicinity of around $6 million over the course of the year. The most difficult and significant aspect of that is simply the end-of -line test units, which are the only area where we usually experience shortages because they do have semiconductors in them.

是的。正如你所說，坡道仍然很陡峭。因此，到今年年底，田納西州的產能將達到 6,000 輛，布里斯班的產能將達到 5,000 輛。然後，我們必須在 2023 年年底之前達到 28,000 個。這涉及在一年中增加約 600 萬美元的支出。其中最困難和最重要的方面就是下線測試單元，這是我們通常會遇到短缺的唯一領域，因為它們確實有半導體。

Now for that, Steve, we've got a couple of mitigations in place in that we do have some end-of-line test bays in Brisbane that could be shipped over and repurpose the same in Tennessee. So we have some fallbacks in case we have ongoing issues getting the end-of-line test equipment there. But otherwise, it's a relatively staggered ramp with an additional, I think, eight bays of end-of-line test equipment to go in. And then the rest of the tooling being very standard costs, tooling and equipment that comes in quite rapidly.

現在，史蒂夫，我們已經採取了一些緩解措施，因為我們確實在布里斯班有一些終端測試台，可以運過來並在田納西州重新利用它們。因此，我們有一些後備措施，以防我們在獲取終端測試設備時遇到問題。但除此之外，這是一個相對交錯的坡道，我認為需要額外的八個生產線末端測試設備托架。然後其餘的工具是非常標準的成本，工具和設備很快就會進入。

So we don't particularly expect that ramp to be an issue. The labor obviously is an ongoing issue. We just saw the numbers this morning in from Wilson County. And I believe they were as low as 2-point-something percent in that particular county where we're operating, as opposed to across the State of Tennessee where they're 3.4%, still very low unemployment rates.

因此，我們並不特別期望坡道會成為問題。勞動力顯然是一個持續存在的問題。我們今天早上剛從威爾遜縣看到了這些數字。而且我相信在我們開展業務的那個特定縣，失業率低至 2% 左右，而在田納西州，失業率為 3.4%，仍然非常低。

We do seem though now to have a great word of mouth happening. A lot of our staff know each other and are bringing each other into the business from automotive and other local electronics industries that we're formally operating there. We're operating out of a former Toshiba TV factory. And that seems to have really given us a great head of steam in terms of onboarding staff. And we are now onboarding them at the rates that we had hoped. So it's slow to start, but it seems to have gathered a head of steam.

我們現在似乎確實有一個很好的口碑發生。我們的許多員工相互認識，並正在將彼此從汽車和我們在那裡正式運營的其他本地電子行業帶入業務。我們在一家前東芝電視工廠運營。就入職員工而言，這似乎真的給了我們很大的動力。我們現在正在以我們希望的速度讓他們入職。所以它開始很慢，但它似乎已經聚集了一個蒸汽頭。

Matt Summerville, D.A. Davidson.

馬特薩默維爾，D.A.戴維森。

Hi, this is Will Jellison on for Matt Summerville today. I wanted to ask -- the first question about demand. You described pretty broad-based demand across a number of end use cases by the end of the fiscal year in June. As we sit here in September, where are you seeing some of the most compelling inbound interests? And how has that inbound interest evolved at all in response to some of the recent legislative moves made in the United States in particular?

嗨，我是 Will Jellison 今天為 Matt Summerville 主持的節目。我想問——關於需求的第一個問題。您描述了截至 6 月財政年度結束時許多最終用例的基礎廣泛的需求。當我們在 9 月坐在這裡時，您在哪裡看到了一些最引人注目的入境興趣？尤其是針對美國最近採取的一些立法舉措，這種入境興趣究竟是如何演變的？

Hi, Will. Yeah, thanks for the question. You're absolutely right. We are still seeing that demand is outstripping supply in this industry. And that has led to some reduction in pressures on price. So that customers have been relatively open to increases in pricing.

嗨，威爾。是的，謝謝你的提問。你是絕對正確的。我們仍然看到這個行業的需求超過供應。這導致價格壓力有所減輕。因此，客戶對價格上漲持相對開放的態度。

In terms of where we are seeing the demand and what we might be seeing from NEVI and the Inflation Reduction Act changes is that interestingly, we had to look at our top five customers by revenue for fiscal year '22, and there's a really good mix of segments. We've always been segment-agnostic. We sell into all of the various market segments that are buying.

就我們在哪裡看到需求以及我們可能從 NEVI 和《通貨膨脹減少法案》的變化中看到的變化而言，有趣的是，我們必須按 22 財年的收入來查看我們的前五名客戶，並且有一個非常好的組合段。我們一直與細分市場無關。我們向所有正在購買的各個細分市場銷售產品。

But in our top five customers, we've got two fuel companies -- so two global fuel companies; an energy company; a large American charge point operator; and Ionity, the largest public network operator in Europe, who spans both the CPO segment as well as the car manufacturer or the EV car manufacturer segment.

但是在我們的前五名客戶中，我們有兩家燃料公司——所以是兩家全球燃料公司；能源公司；美國一家大型充電點運營商； Ionity 是歐洲最大的公共網絡運營商，它既涵蓋 CPO 領域，也涵蓋汽車製造商或電動汽車製造商領域。

So I think if we look then across those a little more deeply, in terms of CPOs, we're seeing those large established charging networks, like Ionity, EV Charging Solutions, Loop, Blink -- in fuel, BP, Shell, Applegreen, Motor Fuels Group, Liberty Charge, Circle K. Then we've got a number of utilities, vehicle OEMs, and then the start of fleet operators like Nicola, Revel, Port of Oakland, Port of Long Beach. So there's a lot of demand coming from across different segments.

所以我認為，如果我們更深入地研究這些，就 CPO 而言，我們會看到那些大型成熟的充電網絡，如 Ionity、EV 充電解決方案、Loop、Blink——在燃料、BP、殼牌、Applegreen、 Motor Fuels Group、Liberty Charge、Circle K。然後我們有許多公用事業公司、車輛 OEM，然後是 Nicola、Revel、奧克蘭港、長灘港等車隊運營商的開端。所以有很多需求來自不同的細分市場。

I do think at the moment, we would probably say that fuel and utilities are the upcoming segments with fleet, not too far behind it, and then the very large established charge point operators. And demand really is outstripping supply. And you can see that from the amount of sales that we've got and the significant backlog that we are building. We'd love to get that backlog down to three to four months, which would be more normal.

我確實認為目前，我們可能會說燃料和公用事業是即將到來的擁有車隊的細分市場，緊隨其後，然後是非常大的成熟充電點運營商。需求確實超過了供應。您可以從我們的銷售量和我們正在建立的大量積壓中看到這一點。我們希望將積壓的工作量減少到三到四個月，這更正常。

And the only issue that there has been in reducing that backlog and just converting it straight away into revenue is simply the long lead time for parts because you need to be planning your builds about 12 months out now. So some parts, some of the semiconductors have had 60-week lead times. So those have had to be secured on the secondary market or you've had to find alternates or redesigns or even do away with part entirely so that you can continue your builds. So that's why there's a lag of some type between the large amount of sales at $203 million of sales versus revenue at $86 million.

減少積壓並將其直接轉化為收入的唯一問題是零件的交貨時間很長，因為您現在需要計劃大約 12 個月的構建。所以有些零件，有些半導體有 60 週的交貨期。因此，這些必須在二級市場上獲得保護，或者您必須找到替代品或重新設計，甚至完全取消部分，以便您可以繼續構建。這就是為什麼在 2.03 億美元的大量銷售額與 8600 萬美元的收入之間存在某種滯後的原因。

Great, thank you for that. And as a follow-up to that, Jane, how do you think about prioritizing the investment that you make specific to the chargers themselves, in terms of which chargers do you decide are most important to make and ship amidst the situation?

太好了，謝謝你。作為對此的跟進，簡，您如何考慮優先考慮您針對充電器本身進行的投資，就您認為在這種情況下製造和運輸哪些充電器最重要？

That's a question that we actually deal with on almost a day-to-day basis, Will. So we -- our new Chief Sales Officer, David Nicholl, has established a series of principles. And we try to stick to those principles because otherwise, you'll have -- whichever customer screams the loudest.

這是我們幾乎每天都會處理的問題，威爾。因此，我們——我們的新任首席銷售官 David Nicholl 制定了一系列原則。我們試圖堅持這些原則，因為否則，您將擁有 - 無論哪個客戶尖叫得最響亮。

And the overarching principle, of course, is always first order in, first order out. But then around that, when we are doing our longer-term planning, we are planning for high-margin builds to be prioritized because they obviously are very supportive for us. And of course, you have strategic customers. But the overarching principle is very much first order in, first order out because that does allow all of the customers to be treated fairly. And they're very accepting of that, as opposed to one customer being prioritized over another customer who perhaps came in later.

當然，首要原則始終是先入先出。但圍繞這一點，當我們進行長期規劃時，我們計劃優先考慮高利潤的構建，因為它們顯然對我們非常支持。當然，你有戰略客戶。但首要原則是先訂購，先訂購，因為這確實可以公平對待所有客戶。他們非常接受這一點，而不是一個客戶被優先於另一個可能後來進來的客戶。

Rob Wertheimer, Melius Research.

Rob Wertheimer，梅利烏斯研究部。

Hi, everybody. Congratulations on the report, and it's good to be able to catch up. My question is on gross margin. And you gave some commentary on some of the obvious pressures that we see in supply chain and with your -- I guess longer positions (technical difficulty). But are you able to give any more clarity on what gross margin you might have been targeting and whether there's pricing power at air to achieve whatever margin you choose to specify if the cost over just hadn't been there?

大家好你們好。恭喜上報，能趕上來真是太好了。我的問題是毛利率。您對我們在供應鏈中看到的一些明顯壓力以及您的一些明顯壓力發表了一些評論 - 我猜是更長的職位（技術難度）。但是，您能否更清楚地說明您的目標毛利率是多少，以及如果成本不存在，是否有定價權來實現您選擇指定的任何利潤率？

And I guess I'll just ask them all at once. It's just the same theme. Your pricing strategy, does that assume that costs fall again, or are you pricing for current costs and reaping the benefits if prices fall? Just balance of pricing power, targeted gross margin, what gross margin would have been without the overruns? Thank you.

我想我會立刻問他們。這只是同一個主題。您的定價策略是假設成本再次下降，還是您是否為當前成本定價並在價格下降時獲得收益？只是定價權的平衡，目標毛利率，如果沒有超支，毛利率會是多少？謝謝你。

Yeah. Thanks, Rob. So I think in terms of what we were targeting for gross margin, it's very product line and customer-dependent. So usually, lower gross margins targeted with large global customers that are buying orders of the vicinity of 1,000, then those that might be mid-tier with slightly smaller orders where we'll be targeting higher margins. The margins vary depending on whether it's a fast or an ultra-fast. So the 50- to 75-kilowatt will target quite different margins, and what we might target for the ultra-fast, where we often target a higher margin.

是的。謝謝，羅伯。所以我認為就我們的毛利率目標而言，它非常依賴於產品線和客戶。因此，通常情況下，較低的毛利率針對的是購買訂單接近 1,000 個的全球大型客戶，然後是那些可能是中等訂單且訂單略少的客戶，我們將瞄準更高的利潤率。利潤率取決於它是快速還是超快速。因此，50 到 75 千瓦的目標將是完全不同的利潤，以及我們可能針對超快速的目標，我們通常以更高的利潤為目標。

Overall, I would say that in any event, we're always targeting a minimum of a 20% margin and that's our baseline that we like to move from. And from there, they can go up as high as 35%, depending on the product that we're selling.

總的來說，我想說的是，無論如何，我們總是以至少 20% 的利潤率為目標，這是我們希望擺脫的基線。根據我們銷售的產品，從那裡開始，它們可以上漲高達 35%。

Now I do think your question is worthy of something of a slightly more detailed response though because margins are very, very important. And having achieved a margin that was just sub-zero, I did want to touch on the fact that in the first quarter of 2021, immediately prior to our merger announcement, obviously the PPI topped out at 4.1%, which was a good indicator of trend. But then we saw it move higher to 11.7% annualized inflation within a year.

現在我確實認為你的問題值得稍微詳細一點的回答，因為邊距非常非常重要。在實現了低於零的利潤率之後，我確實想談一談這樣一個事實，即在 2021 年第一季度，就在我們宣布合併之前，PPI 顯然達到了 4.1%，這是一個很好的指標趨勢。但隨後我們看到它在一年內上漲至 11.7% 的年化通脹率。

Now supply chain challenges for us had three key impacts, which are fixable. Firstly was the high freight prices, which we talked about in our prepared remarks, and the need that we had to use air freight to counter those very long lead times. So customers who might have waited as long as a year for a product at the end of that, we had to air freight the product.

現在，我們面臨的供應鏈挑戰產生了三個可以解決的關鍵影響。首先是我們在準備好的評論中談到的高運費價格，以及我們必須使用空運來應對那些非常長的交貨時間的必要性。因此，可能等待一年之久才能獲得產品的客戶，我們不得不空運產品。

Secondly, there was that disruption of the free flow parts to the production lines, causing the stop-start builds and labor variances. And then of course, the need to source higher cost components on the secondary markets, particularly semiconductors.

其次，生產線的自由流動部件中斷，導致停工建設和勞動力差異。當然，還需要在二級市場上採購成本更高的組件，尤其是半導體。

And then lastly, those delays in builds, which significantly separated the delivery date from the order date, (technical difficulty) causing a lag in the price increases that we had put into place becoming effective. Those long lead time components, especially electronics and specifically semiconductors, delayed final builds. When you couple out with the freight and port delays, we were often fulfilling orders with product sale pricing that was negotiated 12 months before the input prices -- in certain cases, have gone up by 1,000 basis points or more.

最後，那些構建延遲，將交付日期與訂單日期明顯分開，（技術難度）導致我們實施的價格上漲延遲生效。那些交貨時間長的組件，尤其是電子產品，尤其是半導體，會延遲最終的生產。當您加上貨運和港口延誤時，我們經常以在輸入價格前 12 個月協商的產品銷售價格履行訂單——在某些情況下，已經上漲了 1,000 個基點或更多。

So simplistically, that lag between securing an order and fulfilling it when input prices climb dramatically does challenge your near-term margins as does any day where production is disrupted by parts shortages. But I think to emphasize in the face of that, we improved our gross margins year over year, and I think it is easy to imagine the kind of gross margin expansion we could have enjoyed if those challenges hadn't existed.

如此簡單地說，當投入價格急劇攀升時，獲得訂單和履行訂單之間的滯後確實會挑戰您的短期利潤，就像任何一天因零件短缺而中斷生產一樣。但我認為，面對這一點，我們要強調的是，我們的毛利率逐年提高，我認為很容易想像如果不存在這些挑戰，我們本可以享受什麼樣的毛利率擴張。

We have obviously detailed some of those increases that we experienced in categories like shipping and electronic componentry. And we don't expect to see the same level of inflation next year that we experienced in fiscal year '22. And we're expecting to see shortages ease over the course of calendar year '23.

我們顯然已經詳細說明了我們在運輸和電子元件等類別中經歷的一些增長。而且我們預計明年的通脹水平不會與 22 財年相同。我們預計在 23 日曆年期間短缺情況會有所緩解。

Then we do have the margin benefits of the capacity increase that's enabled by the Tennessee factory. As the volumes increase and we produce and sell more, that has this significant benefit to the bottom line and improves gross margins. And what we do find particularly promising is we just don't think we're going to have the same kind of input price pressure escalation in 2023. And we expect those shortages to ease. But demand for our products is going to grow, and average selling prices are not experiencing downward pressure.

然後，我們確實從田納西工廠實現的產能增加中獲得了利潤。隨著產量的增加以及我們生產和銷售的更多，這對底線有很大的好處並提高了毛利率。我們確實發現特別有希望的是，我們認為 2023 年不會出現同樣的投入價格壓力升級。我們預計這些短缺將會緩解。但對我們產品的需求將會增長，平均售價不會受到下行壓力。

So we definitely see the path to expanding profit margins, and I think there's some quite easy wins for us on aspects like freight and the scale that comes from Tennessee. And I think there was another aspect to your question, Rob, around pricing, I think.

所以我們肯定看到了擴大利潤率的道路，我認為在貨運和田納西州的規模等方面對我們來說很容易獲勝。我認為你的問題還有另一個方面，Rob，我認為是關於定價的。

Actually, I do, Jane. I think that was really comprehensive. But yeah, are you able to -- if costs do not sharply increase from here, has market price -- are you able to price to a level that will get to you the kind of gross margins that you desire, if you see what I mean? That was --

事實上，我願意，簡。我認為這真的很全面。但是，是的，如果成本沒有從這裡急劇增加，有市場價格，您是否能夠將價格定價到您想要的毛利率水平，如果您看到我意思是？那是——

Yeah, absolutely. And we've already started to see some of those kick in, in that we've introduced new pricing, particularly where we've negotiated new agreements, but also where we're amending pricing, which has come to an end of being fixed pricing. And already, we're starting to see the flow-through of some of those nice margins. We recently saw one as high as 40%, which we were all celebrating. So I think we're starting to see the green shoots of those improved margins with the increased pricing for sure.

是的，絕對的。而且我們已經開始看到其中一些開始生效，因為我們引入了新的定價，特別是在我們談判新協議的地方，以及我們正在修改定價的地方，這些定價已經結束價錢。而且，我們已經開始看到其中一些不錯的利潤的流動。我們最近看到一個高達 40% 的人，我們都在慶祝。因此，我認為隨著定價的提高，我們開始看到利潤率提高的萌芽。

Thomas Curran, Seaport Research.

海港研究中心的 Thomas Curran。

Good morning.

早上好。

Good morning, Tom.

早上好，湯姆。

Jane or Michael, if we were to return to Tritium's Analyst Day a year ago, you shared a revenue trajectory showing projections for calendar 2022 of $170 million, which you've addressed. And then for 2023 of $359 million. Excluding the $45 million of orders that have slid from calendar 2022 into calendar 2023 and acknowledging all of the macro challenges that are have arisen over the past year, do you still believe that a top line around that $360 million level is achievable, especially given the much better clarity and detail you have on how Tennessee should ramp over calendar 2023?

簡或邁克爾，如果我們回到一年前的 Tritium 分析師日，你們分享了一個收入軌跡，顯示 2022 年日曆的預測為 1.7 億美元，你們已經解決了這個問題。然後是 2023 年的 3.59 億美元。不包括從 2022 年滑入 2023 年的 4500 萬美元訂單，並承認過去一年出現的所有宏觀挑戰，您是否仍然認為可以實現 3.6 億美元水平的頂線，尤其是考慮到您對田納西州應如何在 2023 年日曆上實現更清晰和更詳細的了解？

Yeah, Tom. I'll let Michael touch on some of that. But as you pointed out, those were projections done back in 2021. So before we had listed -- and at this stage, they're not guidance or forecast. I think the capacity -- and you'd would be able to work that out, at 28,000 units times the average selling price, could absolutely achieve that type of revenue. As you mentioned, $359 million was what we'd showed for 2023 calendar year.

是的，湯姆。我會讓邁克爾談談其中的一些。但正如你所指出的，這些是在 2021 年完成的預測。所以在我們列出之前——在這個階段，它們不是指導或預測。我認為容量 - 你將能夠以平均售價的 28,000 單位計算出來，絕對可以實現這種類型的收入。正如你所提到的，我們在 2023 日曆年展示了 3.59 億美元。

The question though is the plan that we have in terms of scale, and that involves purchasing and putting in purchase orders for parts now about a year ahead of where you want to get to. And some of those were put in last year. And we're certainly planning to shoot for something quite significant in that vicinity, but we're not putting out guidance here, similar to what we've had with most of our peers -- EVgo, ChargePoint, Allego -- with such a market with so many different inflationary and impacts that we are seeing from aspects relating to supply chain and freight, and also such a growth market. We just don't feel that we're well served by putting out guidance at this stage for next year. But Michael, do you want to expand on that?

但問題是我們在規模方面的計劃，這涉及到現在大約比你想去的地方提前一年購買和下達零件採購訂單。其中一些是去年投入的。我們當然計劃在該附近拍攝一些非常重要的東西，但我們不會在這裡發布指導，類似於我們與大多數同行 - EVgo，ChargePoint，Allego - 有這樣的我們從供應鍊和貨運相關方面看到的具有如此多不同的通貨膨脹和影響的市場，以及這樣一個增長的市場。我們只是覺得在這個階段為明年提供指導對我們沒有好處。但是邁克爾，你想擴展一下嗎？

Yeah. Yeah, thanks so much again for the question. Yeah, just going back to the previous investor presentation. If we look back to the one that was outlined in the SPAC, so we needed to include that just like all SPAC mergers. We expected to, A, list a lot faster than what we did, and also that redemptions would have been not as bad as they were. So we're at peak redemptions.

是的。是的，再次感謝這個問題。是的，回到之前的投資者介紹。如果我們回顧一下 SPAC 中概述的內容，那麼我們需要像所有 SPAC 合併一樣將其包括在內。我們希望 A 上市的速度比我們做的快得多，而且贖回也不會像以前那麼糟糕。所以我們正處於贖回高峰期。

And all that did was, like Jane said, our business is on getting the parts in to meet demand, and a lot of them are long lead items. So we then quickly raised some capital after that and got on with that, but it was just delays. And I think that's the key there.

就像簡所說的那樣，我們所做的只是讓零件滿足需求，其中很多都是長期領先的產品。所以我們在那之後迅速籌集了一些資金並繼續進行下去，但這只是延遲。我認為這就是關鍵所在。

We aren't giving guidance going forward. But I think every analyst should be able to see from the amount of revenue that is from the six weeks delay that will move in. And everyone can extrapolate that math to have some idea of what we expect to be able to produce in 2023 and as revenue. So -- and we are doing our best to catch up in Tennessee. We just don't want to put that extra pressure on us for this year. So hopefully that's answered the question.

我們不會在未來提供指導。但我認為每個分析師都應該能夠從延遲六週的收入中看到將要搬進來的收入。每個人都可以推斷出這個數學，以了解我們預計在 2023 年能夠產生什麼，並且作為收入。所以——我們正在盡最大努力趕上田納西州。我們只是不想在今年給我們施加額外的壓力。所以希望這回答了這個問題。

I think Tom too, it might be helpful in terms of the forward view, we think capacity and the average selling price figures are useful. And perhaps I'll just give a bit more detail on those because they're in the Form 20-F, which we only just lodged, and you wouldn't have had a chance to delve into that.

我也認為湯姆，這可能對前瞻性觀點有所幫助，我們認為產能和平均售價數據很有用。也許我會提供更多細節，因為它們在我們剛剛提交的表格 20-F 中，您沒有機會深入研究。

We expect to finish the calendar year, as we said, with an annualized production capacity of 6,000 chargers, ending next calendar year with 28,000 charger annualized production capacity. In the last fiscal year, we sold 2,006 stand-alone chargers at an average selling price of $25,958. And we sold 216 sites of distributed chargers. That's two chargers, one power unit in a site at an average selling price of $123,162.

正如我們所說，我們預計在日曆年結束時，充電器的年產能為 6,000 台，到下個日曆年結束時，充電器的年產能為 28,000 台。在上一財年，我們以 25,958 美元的平均售價售出了 2,006 個獨立充電器。我們銷售了 216 個分佈式充電器站點。那是兩個充電器，一個站點中的一個電源單元，平均售價為 123,162 美元。

In fiscal year 2023, we do expect to sell more distributed chargers than we have in fiscal year '22. But we do expect to sell those at a lower average selling price because as we phase out our current 350-kilowatt charger and sell more of our new modular 150-kilowatt chargers, they'll be available also in lower power configurations at a lower average selling price. And our new 400-kilowatt charger won't be available until late in the calendar year. So we expect that to have little to no revenue flow through until 2024.

在 2023 財年，我們確實希望銷售比 22 財年更多的分佈式充電器。但我們確實希望以較低的平均售價出售這些產品，因為隨著我們逐步淘汰目前的 350 千瓦充電器並銷售更多我們的新型模塊化 150 千瓦充電器，它們也將以較低的平均功率提供更低的功率配置售價。我們新的 400 千瓦充電器要到日曆年晚些時候才能上市。因此，我們預計到 2024 年之前幾乎沒有收入流過。

And our revenue is not going to be linear, which is why we focus on annual targets. And nor do we expect to operate our facilities and production lines at 100% capacity, but we're building out the capacity for expectations in future periods, not just for tomorrow. So hopefully that's useful in terms of building a sound model to develop and assess the business, letting you form your own views on the impact of the global prevailing forces like inflation, foreign exchange volatility, any potential for a recession, the timing of those easing of supply chain constraints. And then also the benefits though to EV businesses in the States that flow from the Bipartisan Infrastructure Law and the Inflation Reduction Act and some of the German Government legislation that's been introduced that favors charge manufacturers.

而且我們的收入不會是線性的，這就是我們關注年度目標的原因。我們也不期望以 100% 的產能運營我們的設施和生產線，但我們正在為未來時期的預期建設產能，而不僅僅是為了明天。因此，希望這有助於建立一個完善的模型來發展和評估業務，讓您對全球主要力量的影響形成自己的看法，如通貨膨脹、外匯波動、任何衰退的可能性、放鬆的時機供應鏈約束。此外，兩黨基礎設施法和通貨膨脹降低法案以及德國政府出台的一些有利於充電製造商的立法也為美國的電動汽車企業帶來了好處。

Those metrics are very helpful. Thank you, Jane. I had not had a chance to dig into this [20] and come across those yet. And then first, how should we think about how much of backlog exiting a quarter for a year should translate into realized revenue over the subsequent 12 months? And then at this point, are you expecting to reach sustained positive EBITDA more likely before the end of fiscal 2023 or would that be fiscal 2024?

這些指標非常有用。謝謝你，簡。我還沒有機會深入研究這個 [20] 並遇到這些。然後首先，我們應該如何考慮一年中一個季度的積壓工作應該轉化為隨後 12 個月的實際收入？然後在這一點上，您是否預計在 2023 財年結束之前更有可能達到持續的正 EBITDA 還是到 2024 財年？

Yeah. So in terms of backlog reduction, where we'd like to land at the three to four months of backlog is more likely to occur toward the end of the calendar year 2023, so the first half of fiscal year 2024. By the end of fiscal year '23, so June 30 of next year, I think we'll still have a backlog, which is going to be more material than three to four months. I think it'll be closer to still six to seven months at that time.

是的。因此，就減少積壓而言，我們希望在 2023 日曆年年底時更可能發生在 3 到 4 個月的積壓，因此在 2024 財年上半年。到財年末'23 年，所以明年 6 月 30 日，我認為我們仍然會有積壓，這將比三到四個月更重要。我認為那時它會更接近六到七個月。

So it's going to be a gradual burn down over the course of the 2023 calendar year to get that backlog in order. And that's really going to be driven by securing of the semiconductor parts that we need more rapidly. And we are finding a slight easing in that, but the flip side of the easing is that most of them are being secured still on the secondary market where they're needed.

因此，在 2023 日曆年的過程中，將逐步消耗掉這些積壓的訂單。這將真正受到保護我們需要更快的半導體部件的推動。我們在這方面發現了輕微的寬鬆，但寬鬆的另一面是，它們中的大多數仍然在需要它們的二級市場上得到保障。

And so that can have an ongoing impact on your margins, but not nearly as material an impact as not being able to secure them. So securing them has a more minor impact; not being able to secure them has a significant impact.

因此，這可能會對您的利潤產生持續影響，但不會像無法確保利潤那樣產生重大影響。因此，保護它們的影響較小；無法保護它們會產生重大影響。

In terms of being EBITDA positive, and I think we had talked previously in the past about -- at the start of the year about being free cash flow positive by late 2023, early 2024 calendar years. And that was the types of timing that we were talking about. That will completely and utterly be influenced by scale.

就 EBITDA 為正而言，我認為我們之前曾在今年年初談到過，到 2023 年底，2024 年初的日曆年，自由現金流為正。這就是我們正在談論的時間類型。這將完全受到規模的影響。

So there was a delay, of course, in receiving the capital that we'd expected to receive at the list in terms of the high levels of redemptions that we had, which were 85%, 86%. That reduced capital, influenced our ability to secure sufficient inventory for a very large ramp-up. And so what that will do is it will mean that we won't become free cash flow positive until we reach sufficient scale.

因此，就我們擁有的高水平贖回（分別為 85%、86%）而言，在收到我們預期在名單上收到的資本方面當然存在延遲。這減少了資本，影響了我們確保足夠庫存以進行大規模生產的能力。因此，這將意味著在我們達到足夠規模之前，我們不會成為正的自由現金流。

And Michael, you might want to comment on that.

邁克爾，您可能想對此發表評論。

Yeah. So obviously, becoming free cash flow positive is reliant on certain volumes of revenue and certain gross margins. So I think Jane has painted a very good picture of where -- what we expect in the coming year and two to achieve that.

是的。顯然，成為正的自由現金流依賴於一定的收入和一定的毛利率。所以我認為簡已經描繪了一幅非常好的圖景——我們期望在未來一年和兩年內實現這一目標。

And yes, so once again, without giving guidance, I think there's sufficient strong headwinds to show that we are definitely on a path to profitability going forward. And like Jane said, it will be a slow burn down of the backlog in terms of months of backlog simply because we're seeing -- as you've seen the sales grow and our productivity. And it's just ramping up productivity to meet the growth in sales.

是的，所以再一次，在沒有提供指導的情況下，我認為有足夠強大的逆風表明我們肯定走在通往盈利的道路上。就像簡說的那樣，就積壓的幾個月而言，這將是積壓的緩慢燃燒，這僅僅是因為我們看到了——正如你看到的銷售增長和我們的生產力一樣。它只是提高生產力以滿足銷售額的增長。

Noel Parks, Tuohy Brothers.

諾埃爾·帕克斯，Tuohy 兄弟。

Hi. How are you?

你好。你好嗎？

Good. Thank you, Noel. How are you?

好的。謝謝你，諾埃爾。你好嗎？

Real good, thanks. Just had a couple of questions. I was wondering if you could talk about the progress in the PKM150 sales, thinking back to the formal launch of it. I'm just interested in how's the market reception been? What do you -- and the time took, the formal launch. And I just was curious maybe what -- if you could characterize what may be your largest order to date has been of that product line as far as number of units.

真好，謝謝。只是有幾個問題。我想知道您是否可以談談 PKM150 的銷售進度，回想一下它的正式發布。我只是對市場接收情況感興趣？你是什麼——以及正式發布所花費的時間。我只是很好奇也許是什麼 - 如果你能描述你迄今為止最大的訂單可能是該產品線的單位數量。

Yeah. So that's a good question, Noel. The PKM150 at a high level, I would say, has been incredibly well received by customers. It would make up a material amount of that backlog. The customers have been very receptive particularly to the DC bus architecture that it's built on, as well as to that ability to scale up. So we're already seeing some customers wanting to take the PK150 with less modules inside it, so they can add modules later and increase their site utilization availability as they get more drivers at the site.

是的。這是一個很好的問題，諾埃爾。我想說，高水平的 PKM150 受到客戶的好評。它將構成該積壓的實質性數量。客戶非常接受，特別是它所構建的直流總線架構，以及擴展能力。因此，我們已經看到一些客戶希望使用內部模塊更少的 PK150，以便他們可以在以後添加模塊並在站點獲得更多驅動程序時提高站點利用率。

So definitely had a very strong reception. And the ramp-up of that product for us is still on -- what I'd call new product ramp. So you start with levels like eight a month. It goes up to 10, it goes up to 40, it goes up to 60. So it's been a staggered ramp, and it does mean that it makes up a material amount of the backlog.

所以肯定受到了非常強烈的歡迎。對我們來說，該產品的升級仍在進行中——我稱之為新產品升級。所以你從一個月八級開始。它上升到 10，它上升到 40，它上升到 60。所以它是一個交錯的斜坡，這確實意味著它構成了積壓的實質性數量。

Michael, I don't know if you have any of those percentage figures of how much backlog is made up of the PKM versus some of the other product lines.

Michael，我不知道您是否有任何關於 PKM 與其他一些產品線的積壓數量的百分比數據。

Not [at tandem]. I might be able to get that during the call.

不是[串聯]。我可能會在通話期間得到它。

Yeah. But overall, I would say, Noel, very strong sales. It's going to be, I think, a very good product for us as part of the NEVI program. It's a product we expect to be both Buy America and NEVI-compliant over the course of 2023. So that will be our key NEVI product until we introduce our 400 late in 2023.

是的。但總的來說，我會說，Noel，銷售非常強勁。作為 NEVI 計劃的一部分，我認為這對我們來說將是一個非常好的產品。這是我們預計在 2023 年期間同時符合 Buy America 和 NEVI 標準的產品。因此，在我們在 2023 年末推出 400 之前，這將是我們的主要 NEVI 產品。

Okay. Great. Sorry.

好的。偉大的。對不起。

And I think you mentioned also the largest sale that we had seen of the PKM150. It's a little bit of a tricky question. We have obviously one of the biggest sales that we saw last year in the fiscal year was the 1,000 sale to BP. I believe one of the recent ones that we had was made up of around two-thirds of that being RTMs and about 200 of those being PKM150s.

而且我認為您還提到了我們所見過的 PKM150 的最大銷售量。這是一個有點棘手的問題。很明顯，我們去年在本財年看到的最大銷售額之一就是向 BP 出售了 1,000 輛。我相信我們最近的其中一個是由大約三分之二的 RTM 和大約 200 個 PKM150 組成的。

Michael, do any other large -- of the large PKM sales come to mind for you? And Michael, what would you say -- suggesting that PKM looks like it makes up about close coming up toward 20% of the backlog, Noel.

邁克爾，您是否想到了其他大型 PKM 銷售？邁克爾，你會說什麼 - 建議 PKM 看起來它彌補了接近 20% 的積壓，Noel。

Yeah. Sorry. 20% of the backlog.

是的。對不起。積壓的 20%。

Currently making up.

目前正在補。

Yeah. Sorry. What was the question? Sorry, I was looking --

是的。對不起。問題是什麼？對不起，我在找——

So just about any other very large sales or sort of single large sales that we've had of the PKM150. One that came to mind for me was the recent sale of 200 of them, but was there any others that you've got to hand?

因此，我們所擁有的 PKM150 幾乎所有其他非常大的銷售或單次大銷售。我想到的是最近賣出了 200 件，但你還有其他的嗎？

Pretty much all of our larger customers have put in orders for the PKMs, and then it's just their rollout. So some are purchasing 20 and then seeing how they go. And some others, like Jane said, are purchasing 100 or so. But to have that 20% of the backlog already is a very good indication seeing we've just started shipping them. So these are mainly putting in orders literally site unseen.

幾乎我們所有的大客戶都訂購了 PKM，然後就是他們的推出。所以有些人購買了 20 個，然後看看他們的表現如何。還有一些人，就像簡說的那樣，正在購買 100 個左右。但是已經有 20% 的積壓是一個很好的跡象，因為我們剛剛開始運送它們。所以這些主要是在字面上看不到的訂單。

Okay, great. I'm sorry.

好，太棒了。對不起。

I think Noel, too, it's worth mentioning that the -- Shell, who have previously been rolling out our PK175, which is a 350 with half the modules in it, have started to shift all of their orders across to PKM150s, and Shell obviously being one of our very large fuel customers.

我認為 Noel 也值得一提的是，Shell 之前一直在推出我們的 PK175，這是一款帶有一半模塊的 350，已經開始將所有訂單轉移到 PKM150，Shell 顯然是我們非常大的燃料客戶之一。

Well, great. And my second one is I just wondered if you could maybe take a step back and talk about the supply chain challenges. You talked about the four different or three or four different parts of that. Do you have a sense that the worst is over with supply chain at this point and like a light at the end of the tunnel-type situation? Or is it still kind of the visibility limited enough that it's really too early to say?

嗯，太好了。我的第二個問題是我只是想知道您是否可以退後一步談談供應鏈挑戰。你談到了其中的四個不同或三個或四個不同的部分。您是否有一種感覺，此時供應鏈最糟糕的情況已經結束，就像隧道式情況盡頭的一盞燈？或者它的能見度仍然有限，現在說還為時過早？

I don't think it's over. I think we do see the light at the end of the tunnel. So what we're seeing at the moment is that the market -- so semiconductors is still particularly tight, but you can get almost all of those semiconductors on the secondary market. So it's more -- it's becoming more of a margin impact than it was before where it was a line stoppage impact, which is much worse. So the line stoppage impacts have the bigger impact for us because your labor variances become very large. And of course, it just delays your builds.

我不認為一切都結束了。我認為我們確實看到了隧道盡頭的曙光。所以我們目前看到的是市場 - 所以半導體仍然特別緊張，但你可以在二級市場上獲得幾乎所有這些半導體。所以它更多 - 與之前的生產線停工影響相比，它對利潤的影響越來越大，這要糟糕得多。因此，生產線停工影響對我們的影響更大，因為您的勞動力差異變得非常大。當然，它只會延遲你的構建。

Whereas being able to buy them on the secondary market at a higher price is less of an issue for us. And actually, I was just on a lengthy call with our buyers yesterday in that semiconductor category. And we have line of sight on the key semiconductors that we need from now to year end, so September through December, with large numbers of those still coming from the secondary market.

而能夠以更高的價格在二級市場上購買它們對我們來說不是問題。實際上，我昨天剛剛與半導體類別的買家進行了長時間的通話。從現在到年底，我們一直在關注我們需要的關鍵半導體，所以從 9 月到 12 月，其中大部分仍然來自二級市場。

So I think what I would say I've seen change is that there were periods where you just couldn't get them. There just weren't enough in any market, whereas now we do seem to be able to source them on the secondary market. I think what we saw across the industry was that a lot of those secondary buyers bought them up from the manufacturers at a price increase and are benefiting from that now.

所以我想我會說我看到的變化是有些時期你無法得到它們。任何市場都不夠，而現在我們似乎確實能夠在二級市場上採購它們。我認為我們在整個行業中看到的是，許多二級買家以價格上漲從製造商那裡購買它們，現在正從中受益。

Got it. Okay, thanks so much.

知道了。好的，非常感謝。

Pleasure. Thanks, Noel.

樂趣。謝謝，諾埃爾。

Christopher Souther, B. Riley.

克里斯托弗·索瑟，B. Riley。

Hey. Thanks for taking my questions here. Maybe just on US versus Europe, can you walk through the mix of the annual revenue versus what it looks like in the backlog? I just wanted to get a sense of the piece of the shift there.

嘿。感謝您在這裡提出我的問題。也許就美國和歐洲而言，您能否了解一下年收入與積壓訂單中的情況？我只是想了解那裡的轉變。

Yeah. I'm always interested in that, Christopher, and we follow that very, very closely. We had a slight change. So I think last time we had publicly announced to the market, we actually had totally equal revenue between Europe and North America. It was 43%, 43% in each region.

是的。我一直對此感興趣，克里斯托弗，我們非常非常密切地關注這一點。我們有一點點改變。所以我認為上次我們向市場公開宣布，我們實際上在歐洲和北美之間的收入完全相等。為 43%，每個地區為 43%。

For the end of this fiscal year '22, there was a slight change. So we made 46% of our revenue from Europe and 39% from the Americas. That's mainly North America or a little bit in Canada or a little bit in South America, but the bulk of it in the United States. And then we made 15% from the Asia Pacific, mainly Australia and New Zealand.

在本財年 '22 結束時，發生了輕微變化。因此，我們 46% 的收入來自歐洲，39% 來自美洲。這主要是北美或加拿大的一點點或南美的一點點，但大部分在美國。然後我們從亞太地區賺了 15%，主要是澳大利亞和新西蘭。

So slight change in that we see a 7% pull ahead for us in Europe versus North America, which I think surprised all of us. And one of the ways we've been interpreting that is that we believe some of the US-based demand is awaiting the NEVI and Inflation Reduction Act funding to start to flow, and that we should see a significant pickup as those funding sources begin to flow because they saw material, whether that's a tax credit that you can get under the Inflation Reduction Act for the rollout and for the site installation. And in fact for maintenance or whether it's grant funding that you're seeking under the $5 billion worth of formula funding or the $2.5 billion of grants, I believe that it makes so much business sense for ChargePoint operators and businesses operating chargers to wait for that funding. So what we're expecting is we've seen perhaps a slight suppression and then we'll see a really huge uptick in demand.

如此微小的變化，我們看到歐洲與北美相比領先了 7%，我認為這讓我們所有人都感到驚訝。我們一直在解釋的一種方式是，我們認為一些基於美國的需求正在等待 NEVI 和通貨膨脹減少法案的資金開始流動，隨著這些資金來源的開始，我們應該會看到顯著的回升。流動是因為他們看到了材料，這是否是您可以根據《通貨膨脹減少法案》獲得的稅收抵免，用於推廣和現場安裝。事實上，對於維護，或者無論是您在價值 50 億美元的公式資金還是 25 億美元的贈款下尋求的贈款資金，我相信對於 ChargePoint 運營商和運營充電器的企業來說，等待它具有很大的商業意義資金。因此，我們所期待的是，我們可能已經看到了輕微的抑制，然後我們將看到需求真正大幅上升。

The other missing piece in that too, Christopher, is we haven't seen fuel take off yet at all to the extent that we've seen it take off in Europe. So I expect to see Shell and BP start their rollout plans in North America, which very much started in Europe. They have now started in Australia, New Zealand, and we'll expect fuel to start to open up in North America where it's been a minor channel.

克里斯托弗，另一個缺失的部分是我們還沒有看到燃料在歐洲起飛的程度。因此，我希望看到殼牌和英國石油公司在北美開始他們的推廣計劃，這主要是在歐洲開始的。它們現在已經在澳大利亞、新西蘭開始，我們預計燃料將開始在北美開放，因為它一直是一個小渠道。

Got it. So the order book from some of those key fuels really just mostly ex-US at this point? Is that a good way to think about?

知道了。那麼，這些關鍵燃料的訂單在這一點上真的大部分來自美國嗎？這是一個很好的思考方式嗎？

Yeah. The back orders are almost all Australian, New Zealand, UK, and Mainland Europe, with a lot in the UK and a fairly large amount in Mainland Europe. Interestingly, some quite large plans for both of them in the backlog are in Australia, New Zealand in the latest orders that we've received. So it seems to be moving across the globe. But we are now seeing some activity from Shell recharge in North America. And I think we'll start to see fuel rollout occur in North America that we haven't seen in the past.

是的。延期交貨的幾乎都是澳大利亞、新西蘭、英國和歐洲大陸，英國有很多，歐洲大陸也有相當多的。有趣的是，在我們收到的最新訂單中，積壓中的一些相當大的計劃都在澳大利亞、新西蘭。所以它似乎正在全球範圍內移動。但我們現在看到殼牌在北美充值的一些活動。而且我認為我們將開始在北美看到我們過去從未見過的燃料推出。

Got it. No, that's really helpful. And then maybe just to put a bow on the gross margin trajectory, appreciate all the color there. I just wanted to get a sense. You called out a couple specific areas, quite a few where there's room for improvements here. Maybe just on the shipping where you did quantify it, can you walk through what percent of the costs you think you can get that down to out of Tennessee, be it increased US mix plus improved economics to Europe? What would be a steady state expectation for how much that should cost versus the numbers you quoted?

知道了。不，這真的很有幫助。然後也許只是為了在毛利率軌跡上鞠躬，欣賞那裡的所有色彩。我只是想了解一下。你提到了幾個特定的領域，其中有很多地方還有改進的餘地。也許只是在您量化它的運輸上，您能否了解一下您認為可以從田納西州降低成本的百分比，無論是增加美國的組合加上改善歐洲的經濟嗎？與您引用的數字相比，應該花費多少的穩態預期是多少？

Yeah, I think --

是的，我認為——

And then any other ones you wanted to kind of quantify, I think, would certainly be helpful to people with some of the walks there toward the next year or so.

然後你想量化的任何其他的，我認為，肯定會對那些在明年左右步行的人有所幫助。

Yeah, absolutely. And over the past fiscal year, air freight to Europe from Australia, as I mentioned in our prepared remarks, has been as much as 12% of the sale price and 13% of the sale price of the 350. Those figures, when you translate them to gross margin and have still on particular chargers been as much as 9% to 10% impact on margin -- sometimes lower than that, but as high as that for those particularly heavy high volume chargers. So it could have an immediate impact of that significance where -- Michael, remind me of our preferred -- where we like to see freight as an overall percentage in gross margin.

是的，絕對的。正如我在準備好的評論中提到的那樣，在過去的財政年度中，從澳大利亞到歐洲的空運價格高達 350 售價的 12% 和 13%。這些數字，當你翻譯時它們對毛利率的影響，並且仍然對特定充電器產生高達 9% 到 10% 的利潤率影響——有時低於這一水平，但與那些特別重的大容量充電器的影響一樣高。因此，它可能會立即產生重大影響——邁克爾，提醒我我們的首選——我們希望將運費視為毛利率的總體百分比。

It would be relatively small. So when we are talking about from Tennessee and trucking in the US, across the North America, it's under $1,000 a charger, so -- and well under $1,000 a charger.

它會相對較小。因此，當我們談論來自田納西州和美國的卡車運輸時，在整個北美地區，每個充電器的價格低於 1,000 美元，因此 - 並且遠低於 1,000 美元。

So 2% to 3%, is that --?

所以 2% 到 3%，是嗎？

Yeah. That's about the range because we would still see freight to Europe from Tennessee, but no more than 2% or 3% of margin where it's --

是的。這就是這個範圍，因為我們仍然會看到從田納西州到歐洲的貨運，但不超過利潤率的 2% 或 3%——

And lower than that for trucking, Michael.

比卡車運輸要低，邁克爾。

Absolutely, yeah. As Jane said, it's a lot higher currently and from Brisbane. But as we ship the center of gravity to Tennessee and as more and more US customers come online, the gross margin will improve significantly due to freight alone.

絕對的，是的。正如簡所說，目前和布里斯班的價格要高得多。但隨著我們將重心運送到田納西州，並且隨著越來越多的美國客戶上線，毛利率將顯著提高，僅由於運費。

And it wouldn't be as high as that for sea freight from Australia across to Europe. Christopher, it would have been more like, say, 6% to 7%, but still a material impact, which is a really easy win. That's one of the easiest wins. So I think the two easy wins are price increases, which is probably the easiest way to improve your gross margin, followed by these very simple fixes to freight, both of which have a really material impact.

而且它不會像從澳大利亞到歐洲的海運那樣高。克里斯托弗，這可能更像是 6% 到 7%，但仍然是實質性的影響，這真的很容易獲勝。這是最簡單的勝利之一。所以我認為兩個簡單的勝利是價格上漲，這可能是提高毛利率的最簡單方法，其次是這些非常簡單的運費修復，兩者都有真正的實質性影響。

Pavel Molchanov, Raymond James.

帕維爾·莫爾查諾夫，雷蒙德·詹姆斯。

Thanks for taking the question. Let me zoom in on your home market. What's the latest on the electric car discount, the federal EV charging program, and anything else that the new labor government has decided to provide for the EV market?

感謝您提出問題。讓我放大你的國內市場。電動汽車折扣、聯邦電動汽車充電計劃以及新工黨政府決定為電動汽車市場提供的任何其他內容的最新情況是什麼？

Hi, Pavel. Yeah. In terms of Australia, we haven't seen -- well, we've seen -- in the rest of the world, in Europe and North America, we have seen some improvements as you've touched on under the labor government. And we recently attended the first inaugural National Electric Vehicle Forum, which had labor government and senior officials present there.

嗨，帕維爾。是的。就澳大利亞而言，我們還沒有看到——好吧，我們已經看到了——在世界其他地區，在歐洲和北美，我們已經看到了一些進步，正如你在工黨政府領導下所提到的那樣。我們最近參加了首屆全國電動汽車論壇，工黨政府和高級官員出席了該論壇。

One of the issues we do see with the program at the moment in terms of the ability to get a discount on an electric vehicle or a tax credit is that it's still in the vicinity of around the $3,500 mark, whether that's at the state or the federal level, and they can't be combined. And so that we see as quite low and not really enough in a market, which actually has very high pricing for vehicles.

我們目前確實在該計劃中看到的一個問題是，在獲得電動汽車折扣或稅收抵免的能力方面，它仍然在 3,500 美元左右，無論是在州還是在聯邦一級，它們不能合併。因此，我們認為在一個實際上對車輛定價非常高的市場中，價格非常低而且還不夠。

So because almost -- well, in fact, all Australian vehicles are imported. They're expensive. So you add a luxury vehicle tax to that, which occurs at, I believe around the AUD70,000 mark. Cars are really expensive in Australia. And AUD3,500 is not much of a defray on a car that actually starts at the cheapest EV being there -- formally was the MG at AUD40,000. There's a couple of cheaper Chinese cars being imported now from BYD, which I think sit just slightly below that. But electric vehicles are incredibly expensive in Australia. And AUD3,500 is not nearly enough to make a difference and bring them down towards price parity that you would see with some of the subsidies that you see in the United States.

所以因為幾乎 - 實際上，所有澳大利亞車輛都是進口的。它們很貴。因此，您為此添加了豪華車稅，我相信這在 70,000 澳元左右。澳洲的車真的很貴。對於一輛實際上以最便宜的電動汽車起步的汽車來說，3,500 澳元並不算多——正式的 MG 是 40,000 澳元。現在有幾輛從比亞迪進口的更便宜的中國汽車，我認為它略低於這一水平。但電動汽車在澳大利亞非常昂貴。而且 3,500 澳元還不足以產生影響，並將它們降低到與您在美國看到的一些補貼相同的價格水平。

And in fact, I mentioned this publicly at the panel that I sat on at that inaugural forum, which was to say that in the States, under the Inflation Reduction Act, you're getting $3,500; and then another $3,500 if the components are mined in the United States; and $3,500 if the battery's built in the United States, which is a $7,000 total. And I think in a country where cars are already cheaper than they are in Australia, that's the type of commensurate reduction in the purchase price that you want to see to make a difference because they sit completely and utterly outside the ability of an ordinary family to buy one of these cars.

事實上，我在就職論壇上的座談會上公開提到了這一點，也就是說，在美國，根據《減少通貨膨脹法》，你將獲得 3,500 美元；如果這些組件是在美國開采的，則再支付 3,500 美元；如果電池是在美國製造的，則為 3,500 美元，總計 7,000 美元。而且我認為在一個汽車已經比澳大利亞便宜的國家，這就是你希望看到的相應降低購買價格的類型，因為它們完全超出了普通家庭的能力範圍。購買其中一輛。

So a typical Australian family often buying a Japanese car like a Mazda or a Toyota or a Subaru for -- in the vicinity of, say, $28,000 to $32,000. These are $10,000 more. So we are not seeing all that we need to see yet in Australia. We don't yet have a levy on dirty fuel. And so we are still seeing a lot of imports into Australia of cars, which still have effectively no restrictions on the types of fuel that they -- and emissions that they can bring.

因此，一個典型的澳大利亞家庭經常以 28,000 至 32,000 美元左右的價格購買馬自達、豐田或斯巴魯等日本汽車。這些要多出 10,000 美元。所以我們在澳大利亞還沒有看到我們需要看到的一切。我們還沒有對臟燃料徵稅。因此，我們仍然看到大量汽車進口到澳大利亞，這些汽車實際上對它們的燃料類型以及它們可以帶來的排放沒有任何限制。

And that means we're becoming something of a dumping ground for dirty vehicles, which is something that I do believe [a lot of the] government will start to look at. They've decided to have a discussion paper on it and that's the first time we've seen that open up. But Australia is still a long way behind North America and Europe. And I think the increase that we're starting to see an uptake in Australia is largely driven at the high end of the market. So Tesla Model 3 drivers are the most common car.

這意味著我們正在成為臟車的垃圾場，我相信[很多]政府會開始關注這一點。他們已經決定就此發表一份討論文件，這是我們第一次看到這種開放。但澳大利亞仍然遠遠落後於北美和歐洲。而且我認為我們開始看到澳大利亞的增長主要是由高端市場推動的。所以特斯拉Model 3司機是最常見的汽車。

Okay, that -- it's very interesting. A question about the competitive landscape. And because you sell geographically widely, you're in a great position to comment on this. There are plenty of Chinese manufacturers of charging equipment. To what extent are they trying to establish or succeeding in establishing a foothold outside of the domestic market in China itself?

好的，那 - 這很有趣。關於競爭格局的問題。而且由於您在地理上廣泛銷售，因此您可以對此發表評論。中國有很多充電設備製造商。他們在多大程度上試圖在中國本土市場之外建立或成功建立立足點？

Yeah, Pavel. We're starting to see Chinese manufacturers becoming competitors. So we have seen a handful in the UK of -- where we've seen CPOs purchase one European or even Tritium-built charger and one from China, and comparing the two. Interestingly, without naming names of that particular customer, last time I was over there speaking to them, they had not been happy with the performance of their Chinese chargers. And I'm not sure that they'll continue with them.

是的，帕維爾。我們開始看到中國製造商成為競爭對手。所以我們在英國看到了少數——我們看到 CPO 購買了一個歐洲甚至是氚製造的充電器和一個來自中國的充電器，並將兩者進行比較。有趣的是，沒有說出那個特定客戶的名字，上次我在那裡與他們交談時，他們對中國充電器的性能並不滿意。而且我不確定他們會繼續使用它們。

So where they're competing for drivers to come to their sites and a driver may not come back to your site then gives a whole lot of negative blogs about your site if the charger didn't work or was unreliable or was out of order, that I don't believe that that's currently worthwhile for our customers. So I think what we're going to need to see from the Chinese manufacturers for them to become truly competitive is higher uptime and reliability and better servicing. Because one of the things you are going to see with these DC fast chargers, because they're high-end power electronics and they break if you use them a lot.

因此，如果他們在爭奪司機來他們的網站，而司機可能不會回到你的網站，那麼如果充電器不工作、不可靠或出現故障，就會給出很多關於你網站的負面博客，我不認為這對我們的客戶來說是值得的。所以我認為我們需要從中國製造商那裡看到他們真正具有競爭力的是更高的正常運行時間和可靠性以及更好的服務。因為這些直流快速充電器是您將看到的一件事，因為它們是高端電力電子設備，如果您經常使用它們，它們會損壞。

So that's just like a car. The longer you drive it, the more likely you are to have an outage. So high utilization will lead to more outages -- is services are going to start to become the differentiator, not just mean time between failure. So it's no good to have a very reliable charger with good MTBF if you can't resolve the problem very rapidly.

所以這就像一輛汽車。駕駛時間越長，停電的可能性就越大。如此高的利用率將導致更多的中斷——服務將開始成為差異化因素，而不僅僅是平均故障間隔時間。因此，如果您不能很快解決問題，那麼擁有具有良好 MTBF 的非常可靠的充電器是沒有好處的。

So that's going to be the next area of maturation that we'll see in the industry is the need not just for free warranty with a reasonable amount of fixed time, but also a service agreement with fixed response and resolution times much like you see in data centers and medical imaging. And that just hasn't really occurred yet across the industry, but we will see it occur because fuel is used to it. And that's how fuel has always operated. They have SLAs on the forecourt. They have four-hour turnaround times for fixers. And we're going to see them pull the socks up at the industry, I think.

因此，這將是我們將在行業中看到的下一個成熟領域，不僅需要具有合理固定時間的免費保修，還需要具有固定響應和解決時間的服務協議，就像您在數據中心和醫學成像。這在整個行業還沒有真正發生，但我們會看到它發生，因為燃料已經習慣了。這就是燃料一直以來的運作方式。他們在前場有 SLA。他們有四個小時的維修時間。我認為，我們將看到他們在這個行業中脫穎而出。

Thank you. We're not showing any further questions in the queue. I would turn the call back over to our speakers for any closing remarks.

謝謝你。我們沒有在隊列中顯示任何進一步的問題。我會將電話轉回給我們的發言者，以聽取任何結束語。

Okay. In terms of wrapping up, I think what I would like to say is for the company overall, we're very -- we think it's very important to say that today's release, we're very pleased to have come in within 1% of planned revenue for the half that we've just reported and 3% for the full fiscal year. We are -- we do suffer some challenges over the next half, but we are very buoyant about fixing that particular six-week delay over the subsequent half of fiscal year 2023 before the June 30 in 2023. And that's what both myself and our CEO -- COO will be very focused on over the next half is getting that fixed.

好的。在總結方面，我想我想說的是對於整個公司來說，我們非常 - 我們認為非常重要的一點是，今天的發布，我們很高興能夠在 1% 以內我們剛剛報告的一半的計劃收入和整個財政年度的 3%。我們——我們在下半場確實會遇到一些挑戰，但我們非常樂於在 2023 年 6 月 30 日之前解決 2023 財年下半財年的特殊六周延遲問題。這就是我自己和我們的首席執行官的想法——首席運營官將在下半場非常專注於解決這個問題。

I think one topic that we didn't touch on was services and software. We should also note that although service and maintenance revenue does continue to be modest for Tritium, it improved from 4.6% of revenue in fiscal year '21 to 5.8% of revenue in fiscal year '22. And services and maintenance revenue increased by 92%, compared to a 51% in hardware revenue. Services and maintenance for us generated a 24% gross margin in fiscal year '22 from a negative gross margin in fiscal year '21.

我認為我們沒有涉及的一個主題是服務和軟件。我們還應該注意到，儘管 Tritium 的服務和維護收入確實仍然不高，但它從 21 財年佔收入的 4.6% 提高到 22 財年佔收入的 5.8%。服務和維護收入增長了 92%，而硬件收入增長了 51%。我們的服務和維護在 22 財年從 21 財年的負毛利率產生了 24% 的毛利率。

And we have spoken in the past about that boom echo effect of the hardware rollout generating ancillary revenue opportunities, and we continue to see that as a key strategy that we're developing. We've always said we believe our hardware's a Trojan horse for that broader level of customer relationship, and we continue to believe that high-quality hardware with -- comparative to other categories' lower margins is the ideal vehicle for growing a material services and software business.

我們過去曾談到硬件推出產生的輔助收入機會的繁榮迴聲效應，我們繼續將其視為我們正在製定的一項關鍵戰略。我們一直說，我們相信我們的硬件是更廣泛的客戶關係的特洛伊木馬，我們仍然相信，與其他類別相比利潤率較低的高質量硬件是發展物質服務和軟件業務。

Our fast chargers have a 10-year operating life. So there's typically this eight-year tail after the standard two-year free warranty period for paid services like spare parts, service agreements, preventative maintenance, and extended warranties. And then as the industry matures, we do see a material opportunity for service agreements to be in place from day one of operating a charger, not after the free warranty.

我們的快速充電器具有 10 年的使用壽命。因此，在備件、服務協議、預防性維護和延長保修等付費服務的標準兩年免費保修期之後，通常會有八年的拖尾。然後隨著行業的成熟，我們確實看到了從操作充電器的第一天開始服務協議的重大機會，而不是在免費保修之後。

Free warranties are reasonable efforts, no fixed resolution times. They're not going to be suitable in the future for businesses that want to operate high availability, public and commercial charging fleets. And of course, we do plan to use this lengthy 10-year period to sell software that brings benefits to our customers, operating our hardware like advertising modules, predictive analytics, diagnostics tools, fleet management software, and those APIs for backend integration.

免費保修是合理的努力，沒有固定的解決時間。它們將來不適合想要運營高可用性、公共和商業充電車隊的企業。當然，我們確實計劃利用這漫長的 10 年銷售軟件，為我們的客戶帶來利益，運營我們的硬件，如廣告模塊、預測分析、診斷工具、車隊管理軟件以及用於後端集成的 API。

And that's one of the reasons we've invested in Palantir. So we now have state-of-the-art data coming in and being sucked in across all of our platforms directly from the chargers and also from all of our services and systems like JIRA, NetSuite, Salesforce. And what that's going to allow us to do is really improve our predictive analytics and diagnostic tools.

這也是我們投資 Palantir 的原因之一。因此，我們現在擁有最先進的數據，並直接從充電器以及我們所有的服務和系統（如 JIRA、NetSuite、Salesforce 等）進入我們的所有平台。這將使我們能夠真正改進我們的預測分析和診斷工具。

And again, there's this boom echo effect -- the booms happening right now with the hardware. And we expect to see over time, greater revenue contributions from services, maintenance, and software. So that's a really key aspect of the business that I did want to touch on that I don't think we did touch on.

再一次，有這種繁榮的迴聲效應——硬件現在正在發生繁榮。我們預計隨著時間的推移，服務、維護和軟件會帶來更大的收入貢獻。所以這是我確實想觸及的業務的一個非常關鍵的方面，但我認為我們沒有觸及。

And the other thing I think I'd just like to wrap up with is Tritium is an investment for 2023, 2024 and beyond. This has always been the plan for fiscal year '22 was very much a setup year with our first year of trading as a publicly listed company. We had to put in the scale in Tennessee, and we're so pleased that we have. That was a great call. The infrastructure -- the Inflation Reduction Act and the Bipartisan Infrastructure Law have come in since we made that plan, and we've been able to work with our landlord to increase the ability to scale at that site.

我想我想總結的另一件事是氚是 2023 年、2024 年及以後的投資。這一直是 22 財年的計劃，這是我們作為上市公司交易的第一年非常重要的一年。我們不得不在田納西州投入規模，我們很高興我們做到了。這是一個很棒的電話。基礎設施——自我們制定該計劃以來，已經出台了《降低通貨膨脹法》和《兩黨基礎設施法》，我們已經能夠與我們的房東合作，以提高該地點的擴展能力。

So we have taken on a lease that starts more and has the ability to grow and grow and grow. So we don't actually have to pay for the space until we take up the space. And we can be Buy America-compliant ahead of many of our competitors and building in America at a time when the American market are expected to go absolutely gangbusters.

因此，我們接受了一份開始更多的租約，並且有能力不斷發展壯大。因此，在我們佔用空間之前，我們實際上不必為空間付費。而且我們可以在我們的許多競爭對手之前符合購買美國的要求，並在美國市場預計絕對會大放異彩的時候在美國建設。

So I think with that, we'll conclude the call.

所以我認為，我們將結束電話會議。

You can now disconnect. Everyone, have a great day.

您現在可以斷開連接。大家，有一個美好的一天。