Tritium Dcfc Ltd (DCFC) 2023 Q4 法說會逐字稿

Good morning, and welcome to Tritium's 2023 Fiscal Year Earnings Conference Call.

早安，歡迎參加 Tritium 2023 財年財報電話會議。

(Operator Instructions)

（操作員說明）

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker to Cary Segall, Head of Investor Relations. Please go ahead.

請注意，今天的會議正在錄製中。現在我想將會議交給第一位發言人投資者關係主管卡里·西格爾 (Cary Segall)。請繼續。

Thank you, operator. Good morning or evening to everyone. We're glad you could join us today for Tritium's Full Fiscal Year 2023 Earnings Conference Call. On today's call are Chief Executive Officer, Jane Hunter; and Chief Financial Officer, Rob Topol.

謝謝你，接線生。大家早安或晚上好。我們很高興您今天能夠參加 Tritium 2023 財年全年財報電話會議。出席今天電話會議的有執行長 Jane Hunter；財務長 Rob Topol。

Tritium has issued its results in a press release that can be found on the Investors section of our website at tritiumcharging.com.

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。

As a reminder, our comments 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 cause actual results to differ materially from those predicted in the forward-looking statements.

提醒一下，我們對本次電話會議的評論包括前瞻性陳述，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，因此可能導致實際結果與前瞻性陳述中的預測有重大差異。

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 annual report on Form 20-F.

我們在本次電話會議中所做的任何前瞻性陳述均基於截至目前的假設，我們不承擔因新資訊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，包括我們的 20-F 表格年度報告。

During this call, we may also refer to certain non-GAAP financial measures, including EBITDA and adjusted EBITDA. These non-GAAP measures should be considered in addition to, and not as a substitute for or in isolation from GAAP results. More detailed information about these measures and a reconciliation to the most comparable U.S. GAAP measures is contained in the press release issued today, which is available in the Investors section of our website and was furnished on Form 20-F with the SEC.

在本次電話會議中，我們也可能提及某些非 GAAP 財務指標，包括 EBITDA 和調整後的 EBITDA。 這些非公認會計原則措施應作為公認會計原則結果的補充，而不是替代或孤立於公認會計原則結果。有關這些措施的更多詳細資訊以及與最具可比性的美國GAAP 措施的調節，請參閱今天發布的新聞稿，該新聞稿可在我們網站的投資者部分獲取，並以SEC 的20-F 表格形式提供。

A recording of this call will also be available on the Investor section of our company's website. With that, I am pleased to turn the call over to Jane Hunter, Tritium's Chief Executive Officer.

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。至此，我很高興將電話轉給 Tritium 執行長 Jane Hunter。

Thank you, Cary. Hello, everyone, and thank you for joining us. We're excited to be reporting on the fiscal year ending June 30 and Tritium's achievements over the first half of the 2023 calendar year. The highlights are record revenue that beat guidance for the first half of the calendar year, and material gross margin improvement year-over-year.

謝謝你，卡里。大家好，感謝您加入我們。我們很高興能夠報告截至 6 月 30 日的財年以及 Tritium 在 2023 日曆年上半年所取得的成就。亮點是創紀錄的收入超過了今年上半年的指引，以及毛利率年比大幅改善。

The Tennessee factory continues to scale successfully, with record unit production, and we've secured some exciting new strategic customer partnerships. Service revenue achieved record levels and highlights a growing source of recurring and high-margin business for the company. We've long held the belief that the virtuous asset cycle of hardware installations will resemble the razor blades to rise as analogy, where the charger becomes a multiyear source of recurring revenue throughout its 10-year operating life and beyond.

田納西州工廠繼續成功擴大規模，單位產量創歷史新高，我們已經建立了一些令人興奮的新策略客戶合作夥伴關係。服務收入達到了創紀錄的水平，凸顯了公司經常性和高利潤業務來源的不斷增長。我們長期以來一直堅信，硬體安裝的良性資產循環將類似於刮鬍刀刀片的崛起，充電器在其 10 年使用壽命及更長時間內成為多年經常性收入來源。

Working with our customers to upgrade their fleets to the latest model technology at the right time for their business is another beneficial aspect of Tritium's life cycle mindset. This vision is coming to fruition as we enter more service level agreements with our customers, with many under negotiation. We're also starting to see the very start of older fleets seeking charger upgrades to our modular technology, and we're both capturing revenue and saving expense via parts that can be reconditioned and recycled back into service, both in and out of warranty.

與我們的客戶合作，在適合其業務的適當時間將他們的車隊升級到最新的型號技術，這是 Tritium 生命週期概念的另一個有益方面。隨著我們與客戶簽訂更多服務等級協議（其中許多協議正在談判中），這一願景即將實現。我們也開始看到老舊車隊開始尋求將充電器升級到我們的模組化技術，我們透過可以修復和回收的零件（無論是在保固期內還是保固期外）既獲得了收入，又節省了費用。

We ended the production of our first generation of fast charges this year, and we're now building 2 key product lines, our RTM 50 and 75-kilowatt charges and our PKM 150-kilowatt charger.

我們今年結束了第一代快速充電樁的生產，目前正在建造 2 條主要產品線：RTM 50 和 75 千瓦充電樁以及 PKM 150 千瓦充電樁。

Both of these models are part of our modular scalable charging platform, which is achieving, on average, an improvement of 1.5 to 2 percentage points higher average uptime than our nonmodular technology, as we've modeled for this latest generation product suite.

這兩種型號都是我們模組化可擴展充電平台的一部分，與我們的非模組化技術相比，該平台的平均正常運行時間平均提高了1.5 至2 個百分點，正如我們為最新一代產品套件構建模的那樣。

This change has simplified manufacturing, field services and inventory and is contributing to us achieving record uptime across our global fleet, where we've sold over 13,000 DC fast chargers across 47 countries, mainly in the U.S., Europe and Australia and New Zealand. Of these, more than 13,000 fast charges, there are close to 5,000 charges on our remote service and support network, both in and out of warranty, which are providing us with rich telemetry data that we're working on with our partners at Palantir to monetize through our new MyTritium software platform, which we plan to launch before the end of the year.

這項變更簡化了製造、現場服務和庫存，並有助於我們在全球車隊中實現創紀錄的正常運行時間，我們已在47 個國家（主要是美國、歐洲以及澳洲和紐西蘭）銷售了超過13,000個直流快速充電器。其中，超過13,000 次快速充電，我們的遠端服務和支援網路上有近5,000 次充電，無論是保固期內還是保固期外，這些都為我們提供了豐富的遙測數據，我們正在與Palantir 的合作夥伴合作，透過我們計劃在今年底前推出的新 MyTritium 軟體平台獲利。

We continue to supply our valued customers, including bp, Shell and Nel, Revel and EV networks among many others, and we thank them for their ongoing trust in our products and for their partnership and support.

我們繼續為我們尊貴的客戶提供服務，包括 bp、Shell and Nel、Revel 和 EV 網路等，我們感謝他們對我們產品的持續信任以及合作與支持。

In the second half of 2023 and into 2024, we anticipate sharing details of new customer partnerships that we expect to add considerably to our sales order and pipeline. Overall, this was a great year for Tritium on a number of fronts, but I want to highlight today that the company is reporting revenue results that reflect the best fiscal and first half calendar year in Tritium's history.

在 2023 年下半年和 2024 年，我們預計將分享新客戶合作夥伴關係的詳細信息，我們預計這些合作夥伴關係將大大增加我們的銷售訂單和管道。總體而言，今年對 Tritium 來說在許多方面都是偉大的一年，但我今天想強調的是，該公司報告的收入結果反映了 Tritium 歷史上最好的財政年度和上半年日曆年。

Fiscal year 2023 revenue was $185 million, an increase of more than 115% over the previous fiscal year revenue of $86 million. We achieved record revenue of $112 million for the first half of the 2023 calendar year, an increase of more than 286% over the $29 million revenue from the first half of the 2022 calendar year, meaningfully exceeding the midpoint of the company's previously updated guidance for the calendar year published in May 2023.

2023財年營收為1.85億美元，較上一財年營收8,600萬美元成長超過115%。我們在 2023 年曆年度上半年實現了創紀錄的 1.12 億美元收入，比 2022 日曆年度上半年 2,900 萬美元的收入增長了 286% 以上，大大超過了公司之前更新的指導的中位數。發布的日曆年。

The company achieved a gross margin of 4% for the first half of the 2023 calendar year, a very significant improvement compared to a gross margin of negative 18% for the first half of the 2022 calendar year. This nearly 2,200 basis point improvement in the year-over-year period, reflects the successful ramp-up of our Tennessee factory, which was being fitted out and staffed from March through August of 2022.

該公司2023年曆年上半年的毛利率實現了4%，與2022日曆年上半年負18%的毛利率相比，有了非常顯著的改善。同比增長近 2,200 個基點，反映了我們田納西州工廠的成功擴張，該工廠於 2022 年 3 月至 8 月進行了設備和人員配備。

This margin improvement also reflects the price increases we've negotiated for our products to counter the inflationary impacts of COVID and the component and freight premiums that were headwinds during '21 and '22. The easing of supply chain disruption has materially improved our DIFOT or Delivery In Full On time, which was 92% on June 30. It's also significantly reduced the use of airfreight for finished goods, which dropped by 68% in the second half of the fiscal year compared to the first half.

這一利潤率的提高也反映了我們為應對新冠疫情的通膨影響而協商的產品價格上漲，以及 21 世紀和 22 世紀期間不利的零件和運費溢價。供應鏈中斷的緩解極大地改善了我們的 DIFOT（按時交貨），截至 6 月 30 日為 92%。半年相比。

We're very proud of these results, which we achieved despite the challenges of continued long lead times for semiconductors, though they're now reducing rising prices of raw materials, a tight labor market and the scale-up of our new factory in Tennessee.

我們對這些成果感到非常自豪，儘管面臨半導體交付週期持續較長的挑戰，但我們現在正在降低原材料價格上漲、勞動力市場緊張以及田納西州新工廠規模的擴大，我們仍然取得了這些成果。

Sales orders were $146 million for the fiscal year and $56 million for the 6-month period ending June 30. Order backlog was approximately $99 million on June 30. We have a strong sales pipeline, and we anticipate sales orders and the pipeline will grow in the second half of the calendar year, as customer forecasts for 2024 and 2025 installations are expected to translate into purchase orders, and some new large customers, both secured or in the final stage contract negotiations can be expected to place their orders.

本財年的銷售訂單為1.46 億美元，截至6 月30 日的6 個月期間的銷售訂單為5,600 萬美元。售通路，我們預計銷售訂單和通路將在2020 年成長。將下訂單。

As a result of our current backlog and the strong revenue performance in the first half of this calendar year, we're reconfirming our revenue guidance in the range of $210 million to $225 million, and our gross margin guidance in the range of 10% to 12% for the 2023 calendar year.

由於我們目前的積壓和今年上半年強勁的收入表現，我們重新確認我們的營收指引在 2.1 億至 2.25 億美元之間，毛利率指引在 10% 至 10% 之間。

The company set a new production record for the fiscal year ended June 30, building 7,800 units compared with 3,700 units for the prior fiscal year. Additionally, the company set a new production record for the 6-month period ending June 30, building 5,100 units, compared with 2,700 units for the previous 6-month period.

該公司在截至 6 月 30 日的財年中創造了新的產量記錄，生產了 7,800 台，而上一財年的產量為 3,700 台。此外，該公司在截至 6 月 30 日的 6 個月期間創造了新的產量記錄，建造了 5,100 套單元，而前 6 個月期間的產量為 2,700 套。

We've seen an increasing trend of sales of our higher power PKM 150-kilowatt charger versus our RTM 50 and 75-kilowatt charger. The PKM150 has a higher average sales price and gross margin, but a slower takt time and a lower production rate. So we, therefore, expect to see less than 11,000 units built in the 2023 calendar year, while guidance on gross margin and revenue remains as previously published, due to this higher power product mix, along with the benefit of chargers with price increases now hitting our production lines.

我們發現，與 RTM 50 和 75 千瓦充電器相比，更高功率 PKM 150 千瓦充電器的銷售量呈現成長趨勢。 PKM150的平均銷售價格和毛利率較高，但節拍時間較慢，生產力較低。因此，我們預計 2023 年的產量將少於 11,000 台，而毛利率和收入指引仍與之前發布的一樣，因為這種更高功率的產品組合，以及充電器價格上漲帶來的好處我們的生產線。

We continue to believe that Tritium has the largest published production plans for DC fast chargers outside of China, and the largest planned production capacity onshore in North America.

我們仍然認為Tritium擁有中國以外最大的已公佈的直流快速充電器生產計劃，以及北美陸上最大的計劃產能。

Tritium's working capital and cash balance have been a topic of concern for our shareholders, as we seek greater liquidity in advance of our guided EBITDA positive status in 2024. The technology sector and the EV category, in particular, have been depressed across the United States capital markets, and global macroeconomic conditions continue to dampen equity capital activity in Australia.

Tritium 的營運資本和現金餘額一直是我們股東關心的話題，因為我們在 2024 年實現指導 EBITDA 積極狀態之前尋求更大的流動性。經濟狀況持續抑制澳洲的股權資本活動。

These headwinds have made it difficult for listed green tech companies to raise funds in the U.S. and in Australia. Despite this macroeconomic environment, in September 2023, following this reporting period, the company secured a financing commitment of up to $75 million, with an initial funding of $25 million. This is on top of the $40 million that we secured in May, from two of our existing large shareholders. The company intends to use the proceeds to invest in working capital to meet expected continued strong cost of demand in the 2024 calendar year.

這些不利因素使得綠色科技上市公司在美國和澳洲籌集資金變得困難。儘管存在這種宏觀經濟環境，但在本報告期結束後的 2023 年 9 月，該公司獲得了高達 7,500 萬美元的融資承諾，初始資金為 2,500 萬美元。這是我們在 5 月從兩位現有大股東那裡獲得的 4000 萬美元的基礎上的。該公司打算將所得款項用於投資營運資金，以滿足 2024 年預計持續強勁的需求成本。

Additionally, the company had inventory assets valued at $140 million at June 30, comprised of finished goods, raw materials and work in progress, compared to total inventory assets valued at $56 million for the same time frame in the prior fiscal year.

此外，截至 6 月 30 日，該公司的庫存資產價值為 1.4 億美元，包括製成品、原材料和在製品，而上一財年同期的庫存資產總額為 5,600 萬美元。

The company maintains a differentiated DC fast charger with a patented design, remaining the world's only fully liquid cooled IP65-rated fast-charging technology. Tritium's PKM 150-kilowatt charger also has a unique distributed architecture, compared to the distributed architecture of our competitors, allowing for site services and outages to impact only the charger being serviced or with a fault, rather than the entire charging site. Plus seamless 1-kilowatt incremental power sharing, also means there are no underutilized power modules.

該公司保持差異化的直流快速充電器的專利設計，是全球唯一的全液冷IP65級快速充電技術。與競爭對手的分散式架構相比，Tritium 的 PKM 150 千瓦充電器還具有獨特的分散式架構，允許站點服務和中斷僅影響正在維修或故障的充電器，而不是整個充電站點。再加上無縫的 1 千瓦增量電力共享，也意味著不存在未充分利用的電源模組。

Our technology road map sees us launching a Buy America and NEVI-compliant 400-kilowatt modular and scalable charger in 2024, which will be a fully liquid cooled and IP65-rated distributed charging system. We've already received a high level of interest from existing and potential customers to purchase units as soon as they become available in the second half of 2024.

我們的技術路線圖預計我們將在 2024 年推出符合 Buy America 和 NEVI 標準的 400 千瓦模組化可擴展充電器，這將是一個全液冷、IP65 級分散式充電系統。我們已經收到了現有客戶和潛在客戶的高度興趣，一旦這些單位在 2024 年下半年上市，他們就會立即購買。

This model will allow customers to add 250 miles of range to their EV in about 10 minutes, which we expect to appeal to public charging network operators as well as fleet and commercial customers. While many of our customers have an interest in this higher power category, we continue to see a sizable and growing demand for our current suite of modular scalable solutions, particularly our 150-kilowatt charger, which is rightsized for the charge curve of the majority of current EV batteries, while our RTM 50 and 75 is perfect for retail and urban top-up use cases.

該模型將允許客戶在大約 10 分鐘內將其電動車的續航里程增加 250 英里，我們預計這將吸引公共充電網路營運商以及車隊和商業客戶。雖然我們的許多客戶對這種更高功率的類別感興趣，但我們仍然看到對我們當前的模組化可擴展解決方案套件的巨大且不斷增長的需求，特別是我們的150 千瓦充電器，它針對大多數充電曲線進行了調整。

Customers pursuing installations of products requiring greater pull from the grid are facing increasing delays, costs and permitting challenges and the scalable 150-kilowatt charger is a right-sized solution for sites, allowing customers to start with fewer modules than increase their charger power levels when they increase their site power capacity and as driver utilization grows at their sites.

尋求安裝需要更大電網拉力的產品的客戶面臨著越來越多的延遲、成本和許可挑戰，可擴展的150 千瓦充電器是適合站點的尺寸合適的解決方案，允許客戶從更少的模組開始，而不是在增加充電器功率等級時使用。

Our product road map also includes the 50-kilowatt fleet product with 24 50-kilowatt wall units, running off the PKM400 rectifier unit on a DC bus architecture as well as a 1-megawatt charger for ferries, buses and trucks. We anticipate sharing more news on these efforts in 2024.

我們的產品路線圖還包括 50 千瓦車隊產品，配有 24 個 50 千瓦壁掛式單元，在直流總線架構上運行 PKM400 整流器單元，以及用於渡輪、巴士和卡車的 1 兆瓦充電器。我們預計在 2024 年分享更多有關這些努力的消息。

On sales, we've secured several new strategic customer partnerships over the fiscal year. More recently, including a major European utility, a U.S. headquartered company with a global fleet and a global automotive OEM. Additionally, we have some near-term major customer agreements in the final stages of contract negotiation. We look forward to announcing these partnerships in conjunction with the preferred timing of our valued customers.

在銷售方面，我們在本財年獲得了多個新的策略客戶合作夥伴關係。最近，包括一家主要的歐洲公用事業公司、一家總部位於美國、擁有全球車隊的公司和一家全球汽車原始設備製造商。此外，我們還有一些近期主要客戶協議處於合約談判的最後階段。我們期待在尊貴客戶的首選時機宣布這些合作關係。

We were very pleased to secure a large order from ChargeNet, the biggest network in New Zealand, to upgrade their hard-working fleet of RT 50-kilowatt chargers with our latest modular RTM 75-kilowatt charger. We're very proud of this partnership and the trust an existing customer places in Tritium's technology to upgrade their fleet. This sale will extend our longevity, brand and drive trust in the New Zealand market for many years to come.

我們非常高興從紐西蘭最大的網路 ChargeNet 獲得大筆訂單，用我們最新的模組化 RTM 75 千瓦充電器升級他們辛勤工作的 RT 50 千瓦充電器車隊。我們對這種合作關係以及現有客戶對 Tritium 技術升級其機隊的信任感到非常自豪。此次出售將延長我們的壽命、品牌並在未來許多年提高紐西蘭市場的信任度。

In July, we announced an order to supply all the chargers for the state of Hawaii's first round of national electric vehicle infrastructure funding, becoming the first charger manufacturer to secure an order through NEVI.

7月，我們宣佈為夏威夷州第一輪國家電動車基礎設施資金提供所有充電器的訂單，成為第一家透過NEVI獲得訂單的充電器製造商。

And we've since received a second order for PKM150 from the state of Hawaii, through their partnership with sustainability partners. We were very excited to win this state funding. Hawaii is the most isolated island community on the planet and a trailblazer in promoting sustainability.

此後，我們透過夏威夷州與永續發展合作夥伴的合作，收到了第二份 PKM150 訂單。我們非常高興能夠贏得這項國家資助。夏威夷是地球上最偏僻的島嶼社區，也是促進永續發展的先驅。

We started our sales campaign in the Middle East, which we see as a growing market opportunity for electrification, especially well-suited to Tritium's IP65-rated liquid cool chargers, due to the heat and dust, which placed significant load on air-filtered chargers.

我們在中東開始了我們的銷售活動，我們認為這是一個不斷增長的電氣化市場機會，特別適合 Tritium 的 IP65 級液冷充電器，因為熱量和灰塵給空氣過濾充電器帶來了巨大的負載。

In July, we hosted an important event at our Brisbane facility, as we welcomed the U.S. Secretary of State, Antony Blinken and U.S. Ambassador to Australia, Caroline Kennedy, to the company's headquarters to discuss the importance of bilateral economic partnerships between the U.S. and Australia, and we (technical difficulty) and Tritium.

7 月，我們在布里斯班工廠舉辦了一場重要活動，歡迎美國國務卿安東尼·布林肯和美國駐澳大利亞大使卡羅琳·肯尼迪來到公司總部，討論美國和澳大利亞之間雙邊經濟夥伴關係的重要性，還有我們（技術難度）和氚。

We expect the sales of level agreements and remote monitoring services to grow significantly in the coming years due to a combination of a rapidly expanding installed base of chargers, increasing driver and government demand for high uptime for charging equipment and an evolving customer base, with more large customers.

我們預計，由於充電器安裝基礎迅速擴大、司機和政府對充電設備高正常運行時間的需求不斷增加以及不斷變化的客戶群，未來幾年水平協議和遠端監控服務的銷售額將顯著增長。客戶。

These service contracts will provide a guarantee of rapid response times to our customers and the driving public, and are expected to become a long-term source of recurring revenue for Tritium.

這些服務合約將為我們的客戶和駕駛大眾提供快速回應時間的保證，並有望成為 Tritium 的長期經常性收入來源。

Services revenue was $9.3 million for the fiscal year, an 86% increase from last year, with gross margin growing to 39%. Our commitment to product quality, spanning our hardware, software and service offerings is a key differentiator and competitive advantage for Tritium.

本財年服務收入為 930 萬美元，比去年增長 86%，毛利率增長至 39%。我們對產品品質的承諾（涵蓋硬體、軟體和服務）是 Tritium 的關鍵差異化因素和競爭優勢。

In recent months, we have been proud to see our EV charging customer, bp pulse, achieving over 97% uptime across their Tritium charger networks in Australia and New Zealand. U.K. customer, evyve, also recently published their achievement of 98% uptime across their fleet of 150 trillion fast chargers and the CEO of Australia's largest public fast charging network, EV Networks, advised me today, they're achieving 98% uptime per charger across their Tritium fleet.

近幾個月來，我們很自豪地看到我們的電動車充電客戶 bppulse 在澳洲和紐西蘭的 Tritium 充電器網路實現了超過 97% 的正常運行時間。英國客戶evyve 最近也公佈了他們在150 兆個快速充電器中實現了98% 正常運行時間的成就，而澳洲最大的公共快速充電網路EV Networks 的執行長今天告訴我，他們在整個系統中實現了每個充電器98% 的正常運行時間他們的氚艦隊。

These high uptime achievements are a major strategic objective for the business and a verification of our world-leading technology. Beyond those named customers, our global fleet data shows a growing number of customers across the fuel fleet and charging network segments, who are achieving between 97% and 99% uptime across their Tritium charger networks.

這些高正常運作時間的成就是我們業務的主要策略目標，也是對我們世界領先技術的驗證。除了這些指定客戶之外，我們的全球車隊數據顯示，燃料車隊和充電網路領域的客戶數量不斷增加，他們的 Tritium 充電器網路的正常運作時間在 97% 到 99% 之間。

We're very pleased to deliver these excellent revenue and margin results for our shareholders, and we intend to continue our operational execution to plan. As we look forward, we're excited about the potential growth of our services business, and the launch of our MyTritium software platform as well as the ongoing development at our PKM400 ultrafast liquid cool charger, and most importantly, about supporting our customers' charging requirements.

我們非常高興為我們的股東提供這些出色的收入和利潤結果，並且我們打算繼續按計劃執行營運。展望未來，我們對服務業務的潛在成長、MyTritium 軟體平台的推出以及 PKM400 超快液冷充電器的持續開發感到興奮，最重要的是，對支援客戶充電感到興奮要求。

We're extremely proud of the world-leading uptime we're achieving in comparison with our peers. And each one of our customers who reaches the 97% to 99% club, is of course for celebration across our team.

與同行相比，我們實現了世界領先的正常運行時間，對此我們感到非常自豪。當然，我們團隊的每一位達到 97% 至 99% 俱樂部的客戶都值得慶祝。

Finally, as the leader of this company, I want to thank the Tritium team for their incredible efforts and their dedication to our mission and to our customers. I and my leadership team, are very focused on increasing shareholder value. We think that gets done by meeting and exceeding our market guidance, and that's what we've done, despite the headwinds of 2 consecutive years of a capital-constrained market for a pre-profit business.

最後，作為這家公司的領導者，我要感謝 Tritium 團隊為我們的使命和客戶所做的令人難以置信的努力和奉獻。我和我的領導團隊非常注重增加股東價值。我們認為，透過達到並超越我們的市場指導來實現這一目標，這就是我們所做的，儘管連續兩年資本受限的市場對於盈利前業務來說存在阻力。

We're laser focused on becoming EBITDA positive, and we think these revenue and margin achievements were the right milestones to focus on, in order to attain that goal. We greatly appreciate your interest in Tritium. And with that, I'll turn the call over to our CFO, Rob Topol.

我們專注於實現 EBITDA 為正，我們認為這些收入和利潤成就是實現這一目標的正確里程碑。我們非常感謝您對 Tritium 的興趣。接下來，我會將電話轉給我們的財務長 Rob Topol。

Thank you, Jane. With record revenue and unit production and the new and exciting partnerships that Jane mentioned as well as the increasing charger uptime and reliability and the services revenue, achieving new heights and coming online as a source of recurring revenue, this fiscal year has been filled with milestone achievements.

謝謝你，簡。憑藉創紀錄的收入和單位產量以及簡提到的令人興奮的新合作夥伴關係，以及不斷增加的充電器正常運行時間和可靠性以及服務收入，達到新的高度並作為經常性收入來源上線，本財年充滿了里程碑成就。

As Jane mentioned, the company doubled revenue year-over-year, achieving record revenue of $185 million. Significant increases in production capacity throughout the fiscal year, including the first half of the 2023 calendar year, occurred as Tritium's Tennessee facility, scaled and enabled the company to convert its backlog into revenue and expand its gross margin as the benefits of operating leverage materialize.

正如 Jane 所提到的，該公司的營收年增率翻了一番，達到創紀錄的 1.85 億美元。隨著 Tritium 在田納西州的工廠規模擴大，整個財年（包括 2023 年曆年上半年）的產能大幅增加，使公司能夠將積壓訂單轉化為收入，並隨著營運槓桿效益的實現而擴大毛利率。

The company maintains an order backlog valued at approximately $99 million as of June 30. As a company, we're increasingly committed to delivering higher gross margins and are pleased with the progress being made on our path to profitability. The company reported gross margin of 4% for the 6-month period ended June 30, 2023, versus negative 18% for the comparative 6-month period, a significant improvement in just 12 months.

截至 6 月 30 日，該公司的積壓訂單價值約為 9,900 萬美元。該公司報告稱，截至2023 年6 月30 日的6 個月期間的毛利率為4%，而同期6 個月期間的毛利率為負18%，在短短12 個月內實現了顯著改善。

For the fiscal year 2023, gross margin was negative 2%, flat with prior fiscal year, as we incurred expenses in ramping up our production facility in Tennessee. The 4% margin achieved in the January through June 2022 period, was underpinned by the levers that Jane mentioned earlier, which include, among other things, a substantial reduction in freight costs, as a result of not having to ship U.S. and Europe bound chargers from Brisbane, a successful ramp of the Tennessee facility and focusing production on just 2 products that share 80% commonality of parts, our RTM and PKM charger models.

2023 財年，毛利率為負 2%，與上一財年持平，因為我們在擴大田納西州的生產設施方面產生了費用。 Jane 先前提到的槓桿在 2022 年 1 月至 6 月期間實現了 4% 的利潤率，其中包括由於無需運送前往美國和歐洲的充電器而大幅降低運費布里斯班是田納西州工廠的成功坡道，重點生產兩種產品，即我們的RTM 和PKM 充電器型號，這兩種產品的零件通用性達80%。

Further, we are currently in the process of rolling off backlog volumes executed in a lower price environment, in favor of 20% higher prices that went into effect in mid-2022, along with selling a more margin-friendly product mix and sourcing of multiple component suppliers to reduce build costs. Easing conditions across product supply chains during the fiscal year compared to the same period last year have also been noticeable with shortening delivery and lead times for certain key product inputs.

此外，我們目前正在減少在較低價格環境下執行的積壓訂單量，轉而支持 2022 年中期生效的價格上漲 20%，同時銷售利潤率更高的產品組合併採購多種產品組件供應商降低構建成本。與去年同期相比，本財年整個產品供應鏈的狀況也明顯放鬆，某些關鍵產品投入的交貨和交貨時間縮短了。

Finally, Tritium's recent investments in supply chain management, including data science and predictive analytics are yielding operational and production improvements. We're confident that these levers will continue to improve and support gross margin expansion through the balance of the year.

最後，Tritium 最近在供應鏈管理（包括數據科學和預測分析）方面的投資正在帶來營運和生產的改進。我們相信，這些槓桿將在今年餘下時間繼續改善並支持毛利率的擴張。

Total comprehensive loss for fiscal year 2023 was $118 million versus $122 million in fiscal year 2022. Although revenue more than doubled year-over-year, SG&A expenses were relatively flat, growing only 7% versus prior fiscal year. Going forward, we expect small increases in SG&A in line with inflation and wage growth.

2023 財年的綜合虧損總額為1.18 億美元，而2022 財年為1.22 億美元。 %。展望未來，我們預期 SG&A 的小幅成長將與通膨和薪資成長保持一致。

Understanding that improving our capital position is vital to achieving our ambitious growth trajectory, we're fortunate to have secured 2 new partnerships with companies, I believe in our business. This month, we have closed a $25 million financing commitment that can grow to $75 million. And in May, we announced that $40 million commitment. The proceeds will be used to fund working capital to continue to scale production volumes, further product development and grow service operations around the world.

我們認識到改善我們的資本狀況對於實現我們雄心勃勃的成長軌跡至關重要，因此我們很幸運與公司建立了兩家新的合作夥伴關係，我對我們的業務充滿信心。本月，我們已經完成了 2500 萬美元的融資承諾，可能會增加到 7500 萬美元。 5 月份，我們宣布了 4000 萬美元的承諾。所得款項將用於為營運資金提供資金，以繼續擴大產量、進一步開發產品並擴大全球服務業務。

Overall, we remain very excited about our business and the feedback we received from customers around our technology and the uptime it is achieving, and it's reassuring as EV adoption and government support are poised to grow exponentially over the next few years.

總體而言，我們對我們的業務以及我們從客戶那裡收到的有關我們的技術及其所實現的正常運行時間的反饋仍然感到非常興奮，而且隨著電動車的採用和政府支持在未來幾年內呈指數級增長，這令人放心。

Finally, Tritium is announcing that it will move to the calendar year for fiscal year reporting in 2024. For the 6-month period ending December 31, 2023, Tritium will file a 6-month fiscal year, followed by a 12-month fiscal year commencing in January of 2024.

最後，Tritium 宣布將在 2024 年轉向日曆年度進行財年報告。年1 月開始。

(technical difficulty)

（技術難度）

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

謝謝你，羅布。至此，我們將開始提問。

(Operator Instructions)

（操作員說明）

And I show our first question comes from the line of Craig Irwin from ROTH MKM.

我表明我們的第一個問題來自 ROTH MKM 的 Craig Irwin。

And first, I should say, congratulations on the strong revenue result. It's nice to see the momentum there for the company. My first question is about the linearity of gross margins in the quarter or I should say, in the half. Maybe what I really wish we had was margins in the second half versus the first half of this half in the quarter. Can you maybe frame out for us, the progress that you made over the 26 weeks? How sustainable do you see this progress? And are we still looking at a very substantial gross margin improvement over the next number of months?

首先，我應該說，祝賀強勁的收入結果。很高興看到該公司的發展勢頭。我的第一個問題是關於本季毛利率的線性度，或者我應該說，半個季度毛利率的線性度。也許我真正希望我們在本季的下半場與上半場相比有利潤。您能為我們概述一下您在 26 週內的進展嗎？您認為這項進展的可持續性如何？我們是否仍希望在接下來的幾個月內實現毛利率的大幅改善？

Yes. Thank you, Craig, and thanks for the vote of support. Rob, I might let you take the gross margin question.

是的。謝謝你，克雷格，也謝謝你的支持票。羅布，我可以讓你回答毛利率問題。

Sure. Craig, so as we shared in the results, we had significant improvement over the 2 half years, which, when you look back at negative 18% from the second half of fiscal year '22 versus this fiscal year, obviously, what happened in between was the ramp-up of the Tennessee facility. So as we went into last fall, had some ramp and start-up chargers, chargers associated with bringing that factory up in line. And then as we came into this year and starting to see the production ramp month-over-month, that's where we started to see the gross margin grow positive, starting to see gross profit contributing to supporting operations to support the business.

當然。克雷格，正如我們分享的結果一樣，我們在過去的兩年裡取得了顯著的進步，當你回顧一下22 財年下半年與本財年的負18% 時，顯然，這之間發生的事情是田納西州工廠的擴建。因此，當我們進入去年秋天時，有一些斜坡和啟動充電器，這些充電器與使工廠保持一致相關。然後，當我們進入今年並開始看到產量逐月增加時，我們開始看到毛利率呈正增長，開始看到毛利有助於支持營運以支持業務。

And when you ask about the linearity, essentially, that's what we've seen from the start of probably last fall, after the first few assembly lines were put into Tennessee. We started to see a consistent growth in gross margin, which, again, we'll continue to see that.

當你問到線性度時，本質上，這就是我們從去年秋天開始，在田納西州投入第一條裝配線之後所看到的情況。我們開始看到毛利率持續成長，而且我們將繼續看到這種成長。

As we mentioned, the first half of the calendar year was 4%. So obviously, in achieving a guidance of 10% to 12%, we're expecting that rate to continue into the second half of the year. And so as we look forward, of course, we want to see that growth continue. We've targeted EBITDA positive in the first half of next year, which, of course, is going to require those margins to continue to grow, and we expect that based on the efficiencies we're seeing in production overhead as well as the reduced freight and also the pricing structure that I mentioned earlier in the call.

正如我們所提到的，今年上半年的成長率為 4%。顯然，在實現 10% 至 12% 的指導值的同時，我們預計這一速度將持續到今年下半年。因此，當我們展望未來時，我們當然希望看到這種成長繼續下去。我們的目標是在明年上半年實現 EBITDA 為正值，當然，這將要求這些利潤率繼續增長，並且我們預計，基於我們在生產費用方面看到的效率以及減少的成本運費以及我之前在電話中提到的定價結構。

So it was also really nice to see the $75 million financing commitment that you announced today. But the working capital has been a consumer of cash over the last few quarters. Specifically, inventories, it makes sense that you're going to be building inventories, you bring up Tennessee. But can you talk about the potential of liquidating this $140 million in inventory?

因此，很高興看到您今天宣布的 7500 萬美元融資承諾。但過去幾個季度，營運資金一直在消耗現金。具體來說，庫存，你要建立庫存是有道理的，你提到田納西州。但您能談談清算這 1.4 億美元庫存的潛力嗎？

Do some of those units that are in finished goods maybe have places and locations that they'll be going shortly? And is there any adjustment, maybe, on components or applicability of components to next-generation products that maybe is not yet appreciated by the Street?

一些成品單位是否可能有他們很快就會去的地方和地點？是否會對組件或組件對下一代產品的適用性進行任何調整，而華爾街可能尚未意識到這一點？

Yes. Let me start on that, and then I'll hand over to Rob on the inventory question, Craig, but look, the higher revenue year-on-year of about 115%, has obviously equated to higher inventory. Inventory went up slightly higher at 150% year-on-year on the fiscal, and that's partially driven by order demand and ramping for next year. It's also got increasing spare part sales in it and the holding of spares for both in and out of warranty services.

是的。讓我從這個開始，然後我將把庫存問題交給 ob，克雷格，但是你看，收入同比增長約 115%，顯然等同於更高的庫存。本財年庫存年增 150%，部分原因是訂單需求和明年的成長。它還增加了備件銷售以及保固期內和保固外服務的備件持有量。

We now have a larger field of fleet, requiring parts in and out of warranty. We've got some stock on hand for the first time. So we've always planned to build stock on hand, but supply was so constrained that we just could never hold it. But we actually now do have some stock on hand available, small amounts of that for customers who are ready to pick it up instantly. And we've also got higher build rates, which equals more finished goods, we have in stock in transit. But Rob, I'll let you put some color on that as well.

我們現在擁有更大的車隊，需要保固期內和保固期外的零件。我們第一次有一些庫存。所以我們一直在計劃增加庫存，但供應非常有限，我們根本無法持有。但實際上我們現在手邊確實有一些庫存，少量可供準備立即提貨的客戶使用。而且我們還獲得了更高的建造率，這意味著我們在運輸途中有更多的成品。但是羅布，我也會讓你對此做一些描述。

No. And Jane, I think you covered most of it. The ramp in raw materials was essentially set by the production forecast, looking at the inventory turns that we're capable of doing. And of course, staging inventory at 2 factory locations. What we do watch closely in inventory is the percentage of components that are tied to live BOM, so those that would be used by the RTM and PKM product lines. It's good that those two share 80% commonality in parts. But of course, as Jane mentioned, we do have inventory that's there to support legacy product lines.

不。原材料的成長基本上是由生產預測決定的，考慮的是我們能夠做到的庫存週轉率。當然，還有 2 個工廠地點存放庫存。我們在庫存中密切關注的是與即時 BOM 相關的組件的百分比，即將由 RTM 和 PKM 產品線使用的組件的百分比。值得慶幸的是，兩者在零件上有 80% 的共同點。但當然，正如簡所提到的，我們確實有庫存來支援傳統產品線。

We've recently moved from 6 product lines to 2. There will be some components there that will be a part of a long-term service business to support parts and support with customers as well as in finished goods, we do have a mix of both chargers on-hand for sale and available. We've not been able to actually hold stock for immediate order placement in the past, which is good that we have a little bit now that is there for immediate shipments.

我們最近從 6 條產品線增加到 2 條。供使用。過去，我們實際上無法持有庫存以供立即下訂單，這很好，因為我們現在有一點可以立即發貨。

But as Jane mentioned, there is a portion of finished goods. It's also in transit. So of course, from a revenue recognition standpoint, if there's goods, it's still in transit to a customer for a DAP in go term. Of course, those are still counted in there but we do watch it closely.

但正如簡所說，有一部分是成品。也在運輸途中。因此，當然，從收入確認的角度來看，如果有貨物，那麼在未來的 DAP 中，它仍然在運送給客戶的過程中。當然，這些仍然被計算在內，但我們確實會密切關注。

Again, it was a year of ramp. I do expect that inventory to probably improve a bit as far as a ratio to percentage of sales in the coming year. But as Jane said, since it was very hard to source components for a long period of time, the company aired more on being able to bring in that stock early, place long lead orders and have that and not be short in supporting the production lines.

又是一年。我確實預計，來年庫存佔銷售額的比例可能會有所改善。但正如 Jane 所說，由於在很長一段時間內很難採購零件，因此該公司更強調能夠儘早引入庫存、下長期訂單並擁有這些，並且不缺乏對生產線的支援。

And so our next question comes from the line of Noel Parks from Tuohy Brothers Investment Research.

因此，我們的下一個問題來自 Tuohy Brothers Investment Research 的 Noel Parks。

Just kind of a couple of things. I was intrigued by your mentioning that remote monitoring services were an area of expected growth on the service side. And it seems like it's an important, sort of natural next step. I just wondered if you could talk a bit about what that can do for you competitively? And also maybe what sort of lag from the time it's launched, do you think you could start seeing some significant revenue from it?

只是一些事情。我對您提到的遠端監控服務是服務方面預期成長的領域很感興趣。這似乎是一個重要的、自然的下一步。我只是想知道您能否談談這對您的競爭力有何幫助？也許距離它推出的時間有什麼樣的滯後，你認為你可以開始從中看到一些可觀的收入嗎？

Yes. We're very excited by that as a potential source of revenue. I have to say no and obviously, service level agreements are great as well. But remote monitoring really makes advantage of some of the stuff we already have, who are doing remote fixes, but can also do monitoring and use automated alerting from our new MyTritium modules, which will provide alerts to people who are watching the charger fleet and then speaking to our customers.

是的。我們對此作為潛在的收入來源感到非常興奮。我不得不說不，顯然，服務水平協議也很棒。但遠端監控確實利用了我們已有的一些東西，他們正在進行遠端修復，但也可以進行監控並使用我們新的 MyTritium 模組的自動警報，該模組將為正在觀察充電器車隊的人員提供警報，然後與我們的客戶交談。

Now what we found is that some customers were already doing that themselves. And so they started to reach out to us to say, well, you've probably got better economies of scale to do this than we do. And so we've got our first contract in place for remote monitoring services. And I actually just had a conversation last week with one of our very large customers, who's doing it themselves with the exact same question, saying, well, actually, I have one guy full time, who just does nothing but look at the chargers, but it makes sense to me because you have a team of people that a piece of the person could do that work more cost effectively.

現在我們發現有些客戶已經自己這麼做了。所以他們開始聯繫我們說，好吧，你們可能比我們擁有更好的規模經濟來做到這一點。這樣我們就簽訂了第一份遠端監控服務合約。實際上，我上​​週剛剛與我們的一位非常大的客戶進行了一次對話，他自己也提出了完全相同的問題，他說，好吧，實際上，我有一個全職人員，他除了看充電器之外什麼也不做，但這對我來說很有意義，因為你有一個團隊，其中一部分人可以更有效地完成這項工作。

So I think we're going to see some great economies of scale, and we intend to roll that out quite vigorously as a new source of revenue for us that has really just kicked off now.

因此，我認為我們將看到一些巨大的規模經濟，我們打算大力推廣它，作為我們現在才剛開始的新收入來源。

Terrific. And at one point, sort of in discussing segments, I think you referred to fuel, fleet and charging network. And I was thinking, particularly, with the trend of higher-margin chargers in the mix, I guess, higher pricing -- that's higher margin. Just curious about maybe the dynamics of where each of those segments or how each of those segments in their sort of order books with you are contributing to those trends is one other in particular, looking to power up more quickly than expected. Anything about that would be great.

了不起。在某種程度上，在討論細分市場時，我認為您提到了燃料、車隊和充電網路。我特別在想，隨著高利潤充電器的趨勢，我想，更高的定價——這就是更高的利潤。只是好奇也許每個細分市場的動態，或者與您的訂單簿中的每個細分市場如何對這些趨勢做出貢獻，這是另一個特別的問題，希望比預期更快地啟動。任何與此相關的事情都會很棒。

Yes, in terms of both -- your thoughts about both volume and margin in each of those different segments?

是的，就這兩方面而言——您對每個不同細分市場的銷售和利潤有何看法？

Yes.

是的。

Yes. So yes, I think interestingly, what we see is fuel has a very mature procurement operation and a lot of buying power. And so they tend to be a large volume, lower margin customers. Fleet (technical difficulty) more reasonable margin customer, and then the charge point operators tend to be some of our most buoyant margin customers. Again, depending on their size and their buying power.

是的。所以，是的，我認為有趣的是，我們看到燃料擁有非常成熟的採購運作和很大的購買力。因此，他們往往是銷售量大、利潤率較低的客戶。車隊（技術難度）保證金客戶比較合理，然後充電點業者往往是我們保證金最活躍的一些客戶。同樣，取決於他們的規模和購買力。

Across volumes, though we see very significant volumes in fuel, noting though, of course, that's not always the way they identify themselves. So bp pulse will be very clear to say they are not a fuel customer, they are an EV charging customer and a pure-play EV company. And as opposed to certain other of our customers, who would identify as fuel such as, for example, Shell and Motor Fuel Group and Circle K and some of our other fuel customers, and I think from there, what we see is the CPRs tend to be orders in sort of the magnitude of maybe 100 to 250 charger orders, whereas you'd be aware that one of our very large orders that was published from bp was close to 1,000 chargers.

儘管我們看到燃料量非常大，但從數量上看，當然，這並不總是他們識別自己的方式。因此，BP Pulse將非常明確地表示，他們不是燃料客戶，他們是電動車充電客戶，也是純粹的電動車公司。與我們的某些其他客戶相反，他們將識別為燃料，例如殼牌汽車燃料集團和 Circle K 以及我們的一些其他燃料客戶，我認為從那裡，我們看到的是 CPR 傾向於訂單量可能為100 到250 個充電器訂單，而您會知道，我們從bp 發布的一個非常大的訂單接近1,000 個充電器。

So they are different sizes, and they're different. If we thought of them at a high level, I would say that with fuel, you're thinking about high-volume, lower-margin customers, with CPRs, you're thinking about smaller volume, but very good margin customers. And then with fleet, it's probably halfway in between the two.

所以它們的大小不同，而且也不同。如果我們從高層次考慮它們，我會說，對於燃料，你考慮的是大批量、低利潤的客戶，而對於 CPR，你考慮的是小批量、但利潤非常好的客戶。然後對於艦隊，它可能介於兩者之間。

And I show our next question comes from the line of Pavel Molchanov from Raymond James.

我表明我們的下一個問題來自雷蒙德·詹姆斯的帕維爾·莫爾恰諾夫。

When we talk about turning EBITDA positive in the first half of calendar 2024, what kind of topline and gross margin assumptions is that predicated on?

當我們談論 2024 年上半年將 EBITDA 轉為正值時，這是基於什麼樣的營收和毛利率假設？

Yes, shall I let you kick off on that, Rob?

是的，羅布，我可以讓你開始嗎？

Sure. Hey, Pavel. As we look forward, we've obviously not -- at this point, we're not setting 2024 revenue guidance. But clearly, when you look at the economics of the business, and you look at current operational expenditures, SG&A, and then the gross margin goals we have and what we see as mature gross margins for a hardware business like this, we believe that, that's achievable based on what we're seeing as far as product margins today, and as those improve with -- gross margin improves with the way we look at production overheads, freight and other associated costs.

當然。嘿，帕維爾。展望未來，我們顯然還沒有——目前，我們還沒有設定 2024 年的收入指引。但顯然，當你審視企業的經濟狀況，審視當前的營運支出、SG&A，然後是我們的毛利率目標以及我們所認為的像這樣的硬體業務的成熟毛利率時，我們相信，根據我們今天所看到的產品利潤率，這是可以實現的，並且隨著產品利潤率的提高，毛利率隨著我們看待生產費用、運費和其他相關成本的方式而提高。

And so we've targeted the first half of 2024, because we believe, based on the revenue growth rate that we're seeing historically from prior fiscal year and this fiscal year, and then looking at, as I mentioned, the flattening of our SG&A and operational costs, we've targeted that first half of 2024, because we believe that the margin growth timed with the SG&A and operational expenditures, basically has that crossover point in that period.

因此，我們的目標是2024 年上半年，因為我們相信，根據我們從上一財年和本財年歷史上看到的收入增長率，然後考慮到，正如我所提到的，我們的收入趨於平緩。

And so we do expect to provide another business update later this year. As a semiannual filer, we are trying to provide business updates in the quarters in between those filings, and we do expect that we'll provide more guidance, specifically on the revenue and margin expectations that tie to the EBITDA-positive guidance we've already set.

因此，我們確實希望在今年稍後提供另一次業務更新。作為半年度申報者，我們正在努力在這些申報之間的季度提供業務更新，我們確實希望我們將提供更多指導，特別是與我們已經提供的 EBITDA 積極指導相關的收入和利潤率預期已經設定了。

And so Pavel, we have a lot of levers we can play with there. So as we look at our forecast of sales orders for next year, we will rightsize our overhead and our SG&A to whatever we're forecasting to hit. So that's something that we're working on as we speak, which is what do the models look like and the forecast look like, and what we need to do and where do we move on overhead to get that right.

所以帕維爾，我們有很多可以利用的槓桿。因此，當我們查看明年的銷售訂單預測時，我們將根據我們預測的目標調整我們的管理費用和銷售、一般管理費用（SG&A）。因此，這就是我們現在正在研究的事情，即模型和預測是什麼樣子，以及我們需要做什麼以及我們應該在哪些方面進行改進才能做到這一點。

And so for example, we've recently consolidated the footprint of our Brisbane factory. We moved the London facility into the [Acme] Street facility. We had some headcount reduction there, and we've rightsized the overhead for what we're earning at that particular site and how many sales orders we've got. So we certainly have levers we can pull to make EBITDA positive occur at the right time next year.

例如，我們最近整合了布里斯班工廠的足跡。我們將倫敦工廠遷至 [Acme] 街工廠。我們在那裡減少了一些員工人數，並根據我們在該特定站點的收入和我們獲得的銷售訂單數量調整了管理費用。因此，我們當然可以利用槓桿，在明年的正確時間實現 EBITDA 為正值。

Okay. Speaking of pulling levers, so turning EBITDA positive, one good step, but you also have $10 million per quarter of interest expense that you need to service. What's the plan for getting that under control and actually starting to delever, pay down the debt?

好的。說到拉動槓桿，將 EBITDA 轉為正數是很好的一步，但您還需要支付每季 1000 萬美元的利息費用。控制局勢並實際開始去槓桿化、償還債務的計劃是什麼？

Yes. So first of all, I don't think the interest expense per month is that high. I can go back and confirm that amount. But we did have increased finance costs as we brought on additional capital, as we mentioned earlier, the $40 million facility as well as this most recent $75 million. So of course, that did bring up interest expense. Also, it maybe seems like quite a while ago, but of course, we did raise our senior debt facility at the early part of the fiscal year last year.

是的。所以首先，我認為每個月的利息支出並沒有那麼高。我可以回去確認那個金額。但我們確實增加了財務成本，因為我們引入了額外的資本，正如我們之前提到的，4000 萬美元的融資以及最近的 7500 萬美元。當然，這確實帶來了利息支出。此外，這似乎是很久以前的事了，但當然，我們確實在去年財年初期提高了我們的優先債務融資。

So obviously, putting that in place to support the working capital ramp. Obviously, a lot of that has gone towards inventory as we talked about earlier and then just supporting the operations of the business, as we start to improve gross profit and start to generate our own cash to support operations.

顯然，這是為了支持營運資金的增加。顯然，正如我們之前討論的那樣，其中很大一部分都用於庫存，然後只是支持業務運營，因為我們開始提高毛利並開始產生自己的現金來支持營運。

But in the servicing of that, we clearly have a plan to support that and as well as debt covenants that come into effect next year. And as we talked about a bit of the modeling of how we look at next year, of course, we put all of that into account, and looking at what we think is the necessary revenue product and hardware gross margins as well as the OpEx expenditures to support the interest payments, too.

但在服務方面，我們顯然有一個支持該計劃的計劃以及明年生效的債務契約。當然，當我們討論我們如何看待明年的一些模型時，我們將所有這些都考慮在內，並考慮了我們認為必要的收入產品和硬體毛利率以及營運支出也支持利息支付。

Of course, a company as a life cycle stage where we're at, it's typical to be bringing on the additional capital to support the ramp. We know that as we transition to higher gross margins, we start to have the ability to pay back those facilities. In some cases, we might see some of those convert to equity. It's not necessarily that they stay a long-term debt instrument on the balance sheet. And so we do look at some of those equitizing some of that as well as the ability to pay that down with cash generated from operations as we go into next year.

當然，作為我們所處的生命週期階段的公司，通常需要引入額外的資本來支持成長。我們知道，隨著我們向更高的毛利率過渡，我們開始有能力償還這些貸款。在某些情況下，我們可能會看到其中一些轉換為股權。它們不一定是資產負債表上的長期債務工具。因此，我們確實會考慮其中的一些措施，以及在進入明年時用營運產生的現金支付這些費用的能力。

And I think it would be remiss of us not to say that we have a very close and supportive relationship with Cigna & Barings to our debt providers. We speak to them on a regular basis, and they could not have been more supportive of the business over multiple years now.

我認為，如果我們不說我們與 Cigna & Barings 對我們的債務提供者有著非常密切和支持的關係，那就是我們的失職。我們定期與他們交談，多年來他們對我們的業務給予了極大的支持。

And I show our next question comes from the line of Rob Wertheimer from Melius Research.

我將展示我們的下一個問題來自 Melius Research 的 Rob Wertheimer。

This is Justin Pellegrino on for Rob. We just wanted to understand the order progression in the first half and into the second half of the calendar year. Demand looks pretty good for the industry, and you guys are well positioned for U.S. production. But orders and backlog showed a bit of a deceleration in the first half. And I know you guys saw some orders come in post the period, but were you capacity-constrained at all in the first half? Were you pushing off the orders or orders' just kind of lumpy?

我是賈斯汀·佩萊格里諾（Justin Pellegrino），替補羅布（Rob）。我們只是想了解今年上半年和下半年的訂單進度。該行業的需求看起來相當不錯，而且你們已經為美國生產做好了準備。但上半年訂單和積壓訂單略有放緩。我知道你們看到了一些訂單，但上半年你們的產能是否受到限制？你是在延後訂單還是訂單有點不穩定？

Yes. That's -- it's a good question. And I think one I definitely wanted to address. So thanks for raising that one. What we've seen is that there was a series of very large orders placed in the end of fiscal year 2022, which was partly due to the supply constraints. So we had -- supply was outstripping with understripping demand, so demand was outstripping supply. When that occurred, a lot of very large orders were placed, almost 12 months' worth of stock, which those customers are still drawing down on and some of them are still not installed in the field. And in fact, we were still delivering some of those very large orders up until a quarter ago.

是的。這是一個好問題。我想我絕對想談談。謝謝你提出這個問題。我們看到的是，2022 財政年度結束時有一系列非常大的訂單，部分原因是供應限制。所以我們的情況是－供應超過而需求不足，所以需求超過供應。當這種情況發生時，下了很多非常大的訂單，幾乎相當於 12 個月的庫存，這些客戶仍在使用這些訂單，其中一些仍然沒有在現場安裝。事實上，直到一個季度前，我們仍在交付一些非常大的訂單。

And so that has changed now. As we've seen an easing of that constraint on supply, we're not going to see orders placed like that. We're seeing forecasts for 12 to 18 months. And then we're seeing quarterly orders in tranches of, say, 4 orders over the quarter to make up a year, or 6 orders to make up 18 months. And that's going to be quite different in terms of what we see in sales orders.

現在情況已經改變了。由於我們已經看到供應限制有所放鬆，因此我們不會看到這樣的訂單。我們看到了 12 至 18 個月的預測。然後我們會看到分批的季度訂單，例如，該季度有 4 個訂單組成一年，或 6 個訂單組成 18 個月。就我們在銷售訂單中看到的情況而言，這將有很大不同。

And so I think in the pipeline, we can expect large orders from those existing customers to start to be placed in this half of the calendar year for their 2024 and 2025 rollout, noting that we're going to see many of them shift to those quarterly purchase orders, now that supply constraints are eased. And there's also some large new customers we've been working with to secure and typically on 12-month sales cycle. So as we secure them, we'd expect them to place their orders over the coming 6 months.

因此，我認為，在籌備過程中，我們預計這些現有客戶將在今年下半年開始下達 2024 年和 2025 年推出的大訂單，並指出我們將看到其中許多客戶轉向這些客戶由於供應限制有所緩解，季度採購訂單增加。我們也一直在與一些大型新客戶合作，以確保其銷售週期通常為 12 個月。因此，當我們鎖定他們時，我們預計他們會在未來 6 個月內下訂單。

So I think it's really actually a feature of COVID and we'll see some normalization of orders. There's actually -- we won't share the numbers. But for some of those very large orders that (inaudible) there's still a large amount of site installation to be done, and until that's being rolled out, we won't see the next orders placed for those large customers. But they will come. And when they do come, they'll be large or there'll be 1 tranche of 4 ongoing large tranches.

所以我認為這實際上是新冠疫情的一個特點，我們會看到訂單的一些正常化。實際上——我們不會分享這些數字。但對於其中一些非常大的訂單（聽不清楚），仍然需要完成大量的現場安裝，並且在推出之前，我們不會看到為這些大客戶下的下一個訂單。但他們會來的。當它們真的到來時，它們將會很大，或者將有 4 批正在進行的大批次中的 1 批。

And I think you mentioned backlog as well. So the other question on backlog, it has decreased, but I think that's a good thing. This is a healthy amount of backlog now. It was too high before. And having $100 million of backlog is a good number, noting it, it gives us a 92% DIFOT, which is very important for follow-on sales.

我想你也提到了積壓。關於積壓的另一個問題是，它已經減少，但我認為這是一件好事。現在的積壓數量是合理的。之前太高了。 1 億美元的積壓訂單是一個不錯的數字，注意到這一點，它為我們提供了 92% 的 DIFOT，這對於後續銷售非常重要。

If our backlog is too high, we lose sales where customers go off to look for somebody else who's got stock available. So having a high delivery in full on-time spec allows us to sell more chargers. So I think that's probably about the right amount in terms of backlog.

如果我們的積壓量太高，我們就會失去銷售，因為客戶會去尋找其他有庫存的人。因此，按時交付高規格的產品使我們能夠銷售更多的充電器。所以我認為就積壓而言，這可能是合適的數量。

Fantastic. And then if we can sneak one in on uptime. You said the 97%, that seemed pretty positive. We're just curious, were you seeing on uptime from your competitors or other industry benchmarks and where you are relative to that and we'll get back in line.

極好的。然後我們是否可以偷偷地增加正常運作時間。你說的是97%，這看起來相當正面。我們只是好奇，您是否看到了競爭對手或其他行業基準的正常運行時間以及您與此的相對情況，我們將重新調整。

Yes. There has been, as you would know, very little published on uptime. So it seems to be something that's really something of an industry secret. We were really thrilled to start to see customers, who have got across the whole ecosystem that's necessary to achieve that level of uptime. It can't just be achieved by great hardware. You also have to deal with site installation, your grid feed, the quality of the grid feed, some upstream devices on the site, the communications at the site. Is there a local tower that can read from the modem? Are the SIM cards working with that local telco tower?

是的。如您所知，有關正常運作時間的出版物很少。所以這似乎確實是個行業秘密。我們非常高興開始看到客戶，他們已經了解了實現正常運行時間水平所必需的整個生態系統。它不能僅透過出色的硬體來實現。您還必須處理站點安裝、網格饋送、網格饋送的品質、站點上的一些上游設備以及站點上的通訊。是否有可以從調製解調器讀取資料的本地塔？ SIM 卡是否適用於當地電信塔？

So that ecosystem has to be understood by customers. And we're seeing this maturity of customers, who are managing to get up to 97% to 99% uptime. And in fact, some of them, who actually see it as quite normal.

因此，客戶必須理解該生態系統。我們看到了客戶的成熟度，他們正在設法獲得高達 97% 到 99% 的正常運行時間。事實上，他們中的一些人實際上認為這很正常。

So I had an interesting conversation with a fuel customer the other day, who said to me, we're quite unhappy with the first week or 2 of standing up the chargers. We have a few teething issues. We've got to get them up and running, and I was apologetic and saying, what can we do to help. And I said, how is it going after those first week or two? And he said, we're at 99% uptime. He just said it like was it just normal. He said and I said, "Wow, that's fantastic." That's amazing. But for him, in their mind, that was completely normal.

因此，有一天我與一位燃料客戶進行了一次有趣的對話，他對我說，我們對豎立充電器的第一週或第二週非常不滿意。我們有一些初期問題。我們必須讓它們啟動並運行，我很抱歉並說，我們能提供什麼幫助。我說，前一兩週後進展如何？他說，我們的正常運作時間達到了 99%。他只是這麼說，就像這很正常一樣。他說，我說：“哇，太棒了。”太棒了。但對他來說，在他們看來，這完全是正常的。

And so I think comparative to our peers, my understanding is that we are right at the top of our game. I believe there may be perhaps 1 charger manufacturer who could be ahead of us. So we might be at #2 globally, in terms of the achievements of very high uptimes across our fleets. And that's something that we've got really very significant focus on is reliability and uptime, because we think it's a key differentiator and a key selling point. And each customer we get into that 97% to 99% club becomes a reference customer for another customer who thinks, okay, well, if they can do it, I can do it, and I can work out how to do that.

因此，我認為與我們的同行相比，我的理解是我們處於遊戲的頂端。我相信也許有1家充電器製造商可以走在我們前面。因此，就我們機隊的高正常運作時間成就而言，我們可能位居全球第二。我們非常關注的是可靠性和正常運行時間，因為我們認為這是一個關鍵的差異化因素和一個關鍵的賣點。我們進入97% 到99% 俱樂部的每個客戶都會成為另一個客戶的參考客戶，他們認為，好吧，好吧，如果他們能做到，我也能做到，而且我可以找出如何做到這一點。

And I had an interesting conversation with somebody very (inaudible) a couple of weeks ago who said to me, well, we actually have telemetry data right across the field. So we're watching all sorts of different charger manufacturers across both Europe and North America. And he said, the uptime that we see is that in Europe, it's about 72% to 75%, and in North America, it's high 60%. And I said, we're achieving some numbers up in the high 99%, and he said, "Look, I want to compliment you on having one of the best chargers in the world."

幾週前，我與某人（聽不清楚）進行了一次有趣的對話，他對我說，好吧，我們實際上擁有整個領域的遙測數據。因此，我們正在關注歐洲和北美的各種不同的充電器製造商。他說，我們看到的正常運作時間在歐洲約為 72% 至 75%，而在北美則高達 60%。我說，我們的一些數字達到了 99% 以上，他說，“聽著，我想稱讚你擁有世界上最好的充電器之一。”

So it is absolutely a differentiator. And when we do voice-of-the-customer activities, reliability is in the top 3 selection criteria for charging hardware for every customer you speak to.

所以它絕對是一個差異化因素。當我們進行客戶之聲活動時，可靠性是為您交談的每位客戶提供硬體充電的前 3 個選擇標準。

And I show our next question comes from the line of Christopher Souther from B. Riley.

我表明我們的下一個問題來自 B. Riley 的 Christopher Souther。

Maybe just on the reiterated guidance, it implies that it was pretty flat second half of the year from a revenue perspective. And typically, you've had kind of more seasonally strong second half.

也許僅就重申的指導而言，這意味著從收入角度來看，今年下半年的情況相當平淡。通常情況下，下半年會出現季節性較強的情況。

Is this a function of that unusually longer-term orders that you've been kind of working through? Is it stronger first half ramp up production and just earlier deliveries than you were expecting? Or is this capital supply constraints? Do you think that it's come in this kind of a bit different cadence for the year?

這是您一直在處理的異常長期訂單的結果嗎？上半年的產量提升和交貨時間是否比您預期的強？或者說這是資金供給的限制？您是否認為今年的節奏有點不同？

Yes. It's a little bit of a function, Christopher, of the fact that we had some holdover chargers, which were not recognized but were built in the last half of the calendar year 2022. And so some of those fell through into the first half of this calendar year. And that probably unnaturally increased the revenue and the builds in that particular quarter, but also the ramp-up that we see.

是的。克里斯托弗，事實上我們有一些保留充電器，這些充電器沒有被認可，但它們是在 2022 年下半年製造的。這可能不自然地增加了該特定季度的收入和建設，也增加了我們看到的成長。

So when we look at the first half, we broke production records in both May and June. So they were -- each of those was a production breaking -- a record-breaking month. Then in July, we built about half that amount, because we closed down for 2 weeks of stock-take. And similarly, in August, there's a lower month because of some of the activities that we have on foot in terms of manufacturing production optimization.

所以當我們看上半年時，我們在五月和六月都打破了生產記錄。所以他們——每一次都是突破——一個破紀錄的月份。然後在 7 月份，我們建造了大約一半的數量，因為我們關閉了兩週的庫存盤點。同樣，由於我們在製造生產優化方面開展了一些活動，因此八月份的月份較低。

And so I think we'll still do quite well in the second half, but those are probably the key levers as to why we have such a very high first half versus the second half. Did you have anything to add to that, Rob?

所以我認為我們在下半場仍然會做得很好，但這可能是我們上半場與下半場相比如此高的關鍵因素。羅布，您還有什麼要補充的嗎？

No, I think you covered it. As Jane said, the first half and Chris, you kind of hinted that we did see -- we were able to build more of our backlog than we initially expected. And as we set guidance in May, we had a great May and June in being able to do that with the production ramp in Tennessee. And so as we go to the second half of the year, we knew there'd be a couple of headwinds early on with the stock-take again, the factory is only running for a couple of weeks that month.

不，我想你已經涵蓋了。正如簡所說，上半場和克里斯，你暗示我們確實看到了——我們能夠建立比我們最初預期更多的積壓訂單。當我們在 5 月制定指導方針時，我們在 5 月和 6 月度過了愉快的時光，能夠透過田納西州的產量提升來實現這一目標。因此，當我們進入下半年時，我們知道庫存盤點初期會出現一些阻力，工廠只運行了幾週。

And as Jane said, in August, we talked about earlier that we're moving from 6 product lines to 2, so there is a little bit of relay out of the factory floor and reconfiguring to just support the RTM and PKM product lines, especially in the Brisbane facility.

正如 Jane 所說，在 8 月份，我們早些時候談到我們將從 6 條產品線轉移到 2 條，因此工廠車間需要進行一些中繼並重新配置以僅支援 RTM 和 PKM 產品線，特別是在布里斯本工廠。

So of course, we'd like to see second half growth. We just want to make sure that we see the strong ramp continue September through December, and we're expecting that. But yes, we just frankly just had a little bit better first half than we originally planned.

因此，我們當然希望看到下半年的成長。我們只是想確保 9 月至 12 月期間持續強勁成長，我們對此充滿期待。但是，是的，坦白說，我們上半場的表現比我們最初計劃的要好一些。

Well, there was a second low month, as you mentioned, of course, Rob, in August, where we closed the London facility subsumed everything into Brisbane and probably had 1.5 weeks downtime while we reconstructed the line there to do nothing but the future products, which was a big deal. I mean we've been building those 5 other product lines for close to a decade. So there was a very significant reconfiguration of the Brisbane factory across July, August.

好吧，正如你所提到的，當然，羅布，八月份是第二個低月，我們關閉了倫敦工廠，將所有東西都納入了布里斯班，並且可能有1.5 週的停機時間，而我們在那裡重建了生產線，除了未來的產品之外什麼都不做。我的意思是，近十年來我們一直在打造這 5 條其他產品線。因此，布里斯本工廠在七月和八月進行了一次非常重大的重新配置。

That's right.

這是正確的。

Okay. Yes. That's all helpful. And I certainly appreciate all the color on moving from more backlog-driven model to more of a flow model. Can you maybe just give us a sense of where the pipeline stands relative to a year ago? I was hoping we can get a sense of what customers are saying as far as 2024 plans. And if you could give us a sense, whether 2024 growth is a function of growth at the existing customers? Is it new customers? Is it NEVI starting to contribute, just kind of the growth drivers of the business for 2024?

好的。是的。這很有幫助。我當然很欣賞從積壓驅動的模型轉向流程模型的所有色彩。您能否讓我們了解一下與一年前相比，管道的情況？我希望我們能夠了解客戶對於 2024 年計畫的看法。您能否告訴我們，2024 年的成長是否是現有客戶成長的函數？是新客戶嗎？ NEVI 是否開始做出貢獻，成為 2024 年業務成長的動力？

Yes. There's some very good large orders in the pipeline. Obviously, you need to see them drop in and actually secure the purchase orders, but we have some very strategic customers where our purchase orders are imminent. So we have a very strategic CPO in Europe, who we're hoping to secure next week. They're going through their Board approval next week, and that will be a significant order on the back of that.

是的。有一些非常好的大訂單正在醞釀中。顯然，您需要看到他們前來並真正獲得採購訂單，但我們有一些非常具有戰略意義的客戶，我們的採購訂單即將到來。因此，我們在歐洲有一位非常具有戰略意義的首席產品官，我們希望下週能找到他。他們將於下週獲得董事會批准，這將是一項重要的命令。

As I mentioned, we've secured a large European energy company under GFA, so we're waiting to see what type of orders they'll pay -- buy under that particular order. And alongside that, there's our usual customers. So bp, Shell, we're looking to sell the PKM400 to iONITY if we're successful tendering with them. We're participating in a couple of very strategic tenders with American CPOs at the moment, two of those that are quite far advanced.

正如我所提到的，我們已經獲得了一家大型歐洲能源公司的建築面積，因此我們正在等待他們將支付哪種類型的訂單——根據該特定訂單進行購買。除此之外，還有我們的老客戶。因此，如果我們與 bp、殼牌成功投標，我們希望將 PKM400 出售給 iONITY。目前，我們正在與美國 CPO 一起參與幾項非常具有戰略意義的招標，其中兩項已經進展相當順利。

So some very near term, almost a kind of next week and others still going through a little bit more negotiation before we get there. So overall, we're very confident. But as you know, it's a little bit lumpy with these very large orders, you've got to secure the customer, get the purchase order in, and that's a little bit different than what I call our existing customer base who are facing it on forecast, they're sharing the forecasts with us, and they're really placing those forecasts either as a 1 of 4 in 4 tranches. But look, I'm very confident that it's a strong pipeline for the coming year.

因此，有些是近期的，幾乎是下週的，而有些則在我們到達那裡之前仍在進行更多的談判。所以總的來說，我們非常有信心。但如您所知，這些非常大的訂單有點混亂，您必須確保客戶安全，獲得採購訂單，這與我所說的我們面臨的現有客戶群有點不同。他們實際上將這些預測作為四分之四的第一部分。但看，我非常有信心它是來年的強大管道。

Excellent. And then maybe my last one here, just if you could kind of walk through, I guess, the implied mid-teen kind of gross margins in the second half, can you quantify some of the levers of improvement beyond that level for 2024? And just maybe update or remind us what you think kind of the target gross margins of this business is from kind of a hardware perspective?

出色的。然後，也許是我在這裡的最後一個問題，我想，如果您能大致了解一下下半年隱含的十幾歲左右的毛利率，您能否量化 2024 年超出該水平的一些改進槓桿？也許可以更新或提醒我們，從硬體角度來看，您認為該業務的目標毛利率是多少？

Yes. So I think Rob would have mentioned some of them before, but there's most definitely product mix. The ITMs have a slightly lower gross margin than the PKM150s. The 400s have a higher gross margin again. There's getting rid of the historical pre-inflation pricing, which we nearly come to an end of, which gives us that 10% to 20% price increase. There's the removal of those inflationary impacts. So we now have PPI clauses in our contracts, and we don't fix pricing for more than 12 to 18 months, before it can be renegotiated.

是的。所以我認為羅布之前會提到其中的一些，但絕對有產品組合。 ITM 的毛利率略低於 PKM150。 400系列的毛利率再次更高。我們擺脫了歷史上的通膨前定價，這一定價即將結束，這使我們的價格上漲了 10% 到 20%。這些通貨膨脹的影響就被消除了。因此，我們現在的合約中包含 PPI 條款，在重新協商之前，我們不會在超過 12 至 18 個月的時間內確定定價。

There is that 68% reduction in the use of air freight out. There's the freight out reductions from Tennessee, where the European orders, now going from Tennessee, which is cheaper than going from Brisbane, and we're tracking the U.S. orders. And then the Tennessee facility is really going to be able to achieve, I think, at least a sort of 5% to 7% cost reduction, simply based on some of the productivity improvements that they've got, some of the automation programs that they've got, reduced takt time, faster end-of-line test. So we'll see that play out as well as our BOM reductions, which are part of our project/which is a mixture of both design changes and also alternate some things working with the supply chain team.

空運的使用量減少了 68%。從田納西州出發的運費減少了，歐洲的訂單現在從田納西州出發，比從布里斯班出發便宜，我們正在追蹤美國的訂單。我認為，田納西州的工廠真的能夠實現至少 5% 到 7% 的成本降低，這僅僅是基於他們所獲得的一些生產力的提高，以及一些自動化程序他們縮短了節拍時間，加快了生產線末端測試的速度。因此，我們將看到這一點以及 BOM 減少的結果，這是我們專案的一部分/它是設計變更的混合體，也與供應鏈團隊合作進行了一些替代方案。

So those are the kind of the main levers. And of course, scale is the other good lever. Rob knows the numbers where we breakeven, and that's different depending on how much overhead we carry. So if we decide that we're going to cut overhead and SG&A, in order to get to EBITDA positive faster, because that's the right amount against the pipeline and the sales orders, then we'll take that path. And if we're just scaling, we'll continue to carry the overhead that we're currently carrying at the moment.

這些就是主要的槓桿。當然，規模是另一個好的槓桿。羅布知道我們損益平衡的數字，這取決於我們承擔的管理費用有多少。因此，如果我們決定削減管理費用和 SG&A，以便更快地實現 EBITDA 為正值，因為這是針對管道和銷售訂單的正確金額，那麼我們就會採取這種方式。如果我們只是擴大規模，我們將繼續承擔目前的管理費用。

But look, overall, I would say we're confident we're going to see those gross margin improvements continue to play out, but we have to take sensible decisions. So based on your -- size of your orders, you've got to rightsize the SG&A to the size of the orders, and those are hard decisions, but they are decisions that we're willing to take.

但總的來說，我想說，我們有信心看到毛利率的改善繼續發揮作用，但我們必須做出明智的決定。因此，根據您的訂單規模，您必須根據訂單規模調整 SG&A，這些都是艱難的決定，但我們願意做出這些決定。

Yes. I'll just make it even more specific, Chris. I mean, to be clear, the biggest driver of gross margin improvement in the second half of this calendar year is the pricing and mix. So what happened over the last 6 months was essentially the shift of ramping Tennessee production, as Jane said, moving to a very different freight model and logistics model because of the geographic location and where customers are located. But we're now seeing, moving into the fresh sales orders based on current pricing structure as well as richer PKM mix. So that's where we expect to see a real improvement in gross margin.

是的。我會讓它更具體，克里斯。我的意思是，需要明確的是，今年下半年毛利率改善的最大驅動力是定價和產品組合。因此，正如簡所說，過去 6 個月發生的事情本質上是田納西州產量的轉變，由於地理位置和客戶所在的位置，轉向了非常不同的貨運模式和物流模式。但我們現在看到，正在轉向基於當前定價結構以及更豐富的 PKM 組合的新銷售訂單。因此，這就是我們期望看到毛利率真正改善的地方。

The other thing, though, Christopher, to consider, is that the gross margin would have been slightly suppressed and skewed by the very large order of nearly 1,000 RTM 50s by bp, which we've been building right up until very recently. That's our very inexpensive and lowest priced product and it has a lower gross margin. So you would expect that to sort of suppress gross margin until we complete building that deal.

不過，克里斯托弗，要考慮的另一件事是，毛利率可能會因 bp 近 1,000 個 RTM 50 的大訂單而受到輕微抑制和扭曲，直到最近我們才一直在建立這個訂單。這是我們非常便宜且價格最低的產品，而且毛利率較低。因此，在我們完成這筆交易之前，您可能會認為這會抑制毛利率。

So we have time for one more question. And our last question in the queue comes from the line of Thomas Curran from Seaport Research Partners.

所以我們還有時間再問一個問題。我們隊列中的最後一個問題來自 Seaport Research Partners 的 Thomas Curran。

I'll make this quick so I give us time to hop off this call and on to our call together post call. Just could you give us an idea for the second half of calendar '23? And then to the extent you know it for calendar '24, what's the expected CapEx and then any other known cash outflow obligations?

我會盡快完成這個任務，以便我們有時間結束這通通話，然後繼續通話後的通話。您能為我們提供 23 年下半年日曆的想法嗎？然後，就您所知，24 日曆年的預期資本支出是多少，以及其他已知的現金流出義務是多少？

Yes. CapEx requirements, and I can let Rob talk to this, but they remain very modest. So CapEx was $7.95 million for the fiscal year 2023. In terms of the factory ramp-up, we have already sunk the cost of the most expensive item, which is the end-of-line test equipment. So we've gone out on board all of the end-of-line test equipment we need to ramp to 2024. So that's already been spent within that $7.95 million. And our 20th state, say, CapEx requirements remain modest. So in the case of Tennessee, we've built out the facility, it's lightweight investment in the tooling and equipment, always our most expensive equipment is that end-of-line test equipment. And the majority of that cost is already some consent-ready to go. So I think we'll find a modest CapEx expense for next year. Rob, do you have anything to contribute?

是的。資本支出要求，我可以讓 Rob 談談這一點，但他們仍然非常謙虛。因此，2023 財年的資本支出為 795 萬美元。因此，我們已經配備了 2024 年所需的所有生產線末端測試設備。比如說，我們的第 20 個州的資本支出要求仍然適中。因此，就田納西州而言，我們建造了設施，這是對工具和設備的輕量級投資，我們最昂貴的設備始終是生產線末端測試設備。而且大部分成本已經在一些同意書上準備好了。因此，我認為明年我們會發現適度的資本支出。羅布，你有什麼可以貢獻的嗎？

No, that's right. We spent about $8 million last year. It was about flat with prior fiscal year, as Jane said, we've done most of the larger fit up in the Tennessee factory. It's now just expansion of additional assembly equipment and utilizing the test equipment purchase.

不，沒錯。去年我們花了大約800萬美元。正如簡所說，與上一財年持平，我們在田納西州工廠完成了大部分較大的裝修工作。現在只是擴大額外的組裝設備並利用購買的測試設備。

No other significant cash outflows planned, obviously, as we start to generate more gross profit, back to Pavel's question, clearly starting to pay down liabilities across the company. That would be a primary focus to improve the balance sheet. But nothing else that's anticipated as a large capital expenditure or large cash outflow besides just normal support of business operations, Tom.

顯然，沒有其他重大現金流出計劃，因為我們開始產生更多的毛利，回到帕維爾的問題，顯然開始償還整個公司的負債。這將是改善資產負債表的主要重點。但湯姆，除了對業務運營的正常支持之外，預計不會有大量資本支出或大量現金流出。

Great. And then I'll just squeeze in one follow-up. Given the changes occurring in the nature of how your customers are placing their orders, that we've discussed over the course of the call, Chris kind of described it as a shift from more of a backlog to a flow-driven model. Entering calendar 2024, how much of -- what will be your calendar 2024 revenue guidance, would you expect to then be covered by backlog exiting calendar '23?

偉大的。然後我會擠進一篇後續文章。鑑於我們在通話過程中討論過的客戶下訂單方式的性質發生的變化，克里斯將其描述為從積壓模式轉變為流程驅動模式的轉變。進入 2024 年日曆，您預計 2024 年日曆收入指導的多少會被退出日曆 '23 的積壓訂單所覆蓋？

You mean backlog holding [ovens] that we've built in the last quarter and then that gets pushed a little bit like last year?

您的意思是我們在上個季度建造的積壓[烤箱]，然後像去年一樣被推後了？

Yes. Just as you exit calendar '23, given this change that's occurring, with customers moving more to a tranche of pros rather than big awards. Whatever your revenue guidance ends up being for calendar '24, what percentage of that would you expect to be covered by your backlog entering the year?

是的。正如您退出日曆 '23 一樣，考慮到正在發生的這種變化，客戶更多地轉向專業人士而不是大獎。無論您對 24 日曆年的收入指導最終是多少，您預計進入這一年的積壓訂單將佔其中的百分比是多少？

Yes. I think that's a great question because we could expect it to be slightly lower in that. Previously, we had a 12-month PO or even an 18-month PO single order, where it was all secured and noncancelable orders, whereas now we can be more confident, I think, in the forecast, a number of the forecasts are actually in letters of intent.

是的。我認為這是一個很好的問題，因為我們預計它會稍微低一些。以前我們有12個月的PO甚至18個月的PO單單，都是有擔保的不可取消的訂單，而現在我們可以更有信心，我認為在預測中，很多預測實際上是在意向書中。

So there laid out in an LOI. But until we actually secure the order, we don't actually have it as a secured purchase order, which is the way that we've usually being able to report, which is secured or purchase orders noncancelable. And so I think we may see that change in the coming 6 to 12 months versus those very large orders, which provided us with very significant backlogs.

因此制定了意向書。但在我們真正獲得訂單之前，我們實際上並沒有將其作為擔保採購訂單，這是我們通常能夠報告的方式，即擔保訂單或不可取消的採購訂單。因此，我認為我們可能會在未來 6 到 12 個月內看到與那些非常大的訂單相比的變化，這些訂單給我們帶來了非常大量的積壓。

Thank you. That concludes our Q&A session. At this time, I would like to turn the call back over to Jane Hunter for closing remarks.

謝謝。我們的問答環節到此結束。此時，我想將電話轉回給簡·亨特（Jane Hunter）進行總結發言。

Thanks, Dylan. Thank you, Rob. All right. So at this stage, I'd like to conclude today's call by emphasizing how very proud I am of what Tritium's accomplished in this past year. I am honored to lead such a great company and team, and to be at the forefront of this very exciting technology and energy transition, which brings health and environmental benefits to the planet.

謝謝，迪倫。謝謝你，羅布。好的。因此，在這個階段，我想透過強調我對 Tritium 在過去一年所取得的成就感到非常自豪來結束今天的電話會議。我很榮幸能夠領導這樣一家偉大的公司和團隊，並站在這項令人興奮的技術和能源轉型的最前沿，為地球帶來健康和環境效益。

We think that Tritium, our customers, our suppliers and our shareholders win by having the best charging products and software and by building the world's best service network. Delivering on those goals is going to drive significant revenue and margin growth.

我們認為，Tritium、我們的客戶、我們的供應商和我們的股東透過擁有最好的充電產品和軟體以及建立世界上最好的服務網絡而獲勝。實現這些目標將推動收入和利潤的大幅成長。

Thank you to everyone who joined us today and for your interest in Tritium. Thanks so much. Goodbye.

感謝今天加入我們的所有人以及您對 Tritium 的興趣。非常感謝。再見。

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。